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  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses two tables to demonstrate a discrepancy between historical asset sale reporting and recent periods where gains are reported as zero.",
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      "text": "Spruce Point Estimate (...but, if management is conducting hidden asset sales, could it be hiding gains in operating income?)",
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      "text": "We estimate that, with proceeds from asset sales deflating reported capex, Amdocs' free cash flow has been overstated by between $5M and $30M on an annual basis since FY 2016.",
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