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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses a 'reconciling inconsistencies' table to show that despite individual line item differences, the final 'Net cash provided by operating activities' remains identical, which the author flags as suspicious.",
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      "kind": "callout",
      "text": "This appears suspiciously convenient to us. If these inconsistencies represent honestly misreported numbers which were ultimately revised on the 20-F, it is extremely unlikely that the independent discrepancies would offset exactly. We are concerned that these changes could be the product of accounting manipulation.",
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      "text": "This appears suspiciously convenient to us. If these inconsistencies represent honestly misreported numbers which were ultimately revised on the 20-F, it is extremely unlikely that the independent discrepancies would offset exactly.",
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      "text": "Q4 FY 2018 6-K and FY 2018 20-F cash flow statement snippets",
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      "text": "Oddly, despite the discrepancies between multiple unrelated accounts, the items in both cash flow statements sum to the same quantity of operating cash flow. In other words, the inconsistencies between unrelated accounts across both cash flow statements sum to exactly zero.",
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      "text": "At best an error, at worst more evidence of financial control issues around Capex and PP&E reveled by inaccurate depreciation expense. We note that the respective full-year cash flow statements on its most recent Q4 6-K press release and 20-F show a number of discrepancies which were never explained by management.",
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      "text": "More Evidence of Capex And PP&E Accounting Problems Indicated By Depreciation Discrepancy",
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