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  "authorName": "Ben Axler",
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  "notes": "Uses red arrows and callout boxes to highlight specific discrepancies in financial reporting terminology.",
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      "kind": "callout",
      "text": "Management wants us to ignore the full $100M in campus-related capex in FCF calculations. Seems generous...",
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      "kind": "callout",
      "text": "Q4 FY 2017 Earnings Call: \"This investment, if consummated, will be financed from internal cash resources\"",
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      "text": "Interesting that they removed the term \"loan\" from the NCI-related inflow...",
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      "text": "Didn't management say it would finance the campus internally?",
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      "kind": "paragraph",
      "text": "Despite a majority of its workforce and customers not being in Israel, on Sept 2017, Amdocs announced plans to construct a new campus in Israel and that the costs “are not expected to have a material impact on Amdocs’ cash position or operating results.”",
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      "text": "The $48M from Union effectively represents a discreet loan which management was able to secure without having to lever up its balance sheet in a more transparent way.",
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      "text": "\"So I should see in your modeling - we expect to generate FCF of roughly $400M in FY 2018, taking into account incremental capital expenditure up to $100M associated with the multiyear development of our new campuses in Israel. Normalizing for this capital expenditure, we expect FCF of roughly $500M in FY 2018.... This investment, if consummated, will be financed from internal cash resources\" — Tamar Rapaport-Dagim, CFO, Amdocs",
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      "text": "Q1 FY 2018 6-K (Published Feb 12, 2018) showing 'Investment by noncontrolling interests' of 48,123",
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      "text": "Q1 FY 2018 6-K (Published Jan 31, 2018) showing 'Proceeds from issuance of shares and loan received related to non-controlling interests' of 48,123",
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      "kind": "title",
      "text": "Curious Land Deal And Financing Cover-Up For A New Israeli Campus",
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