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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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      "text": "We suspect that the Company may be treating its campus-related spending as, in part, a \"black box\" capex item into which it can funnel more capitalized costs under investors’ noses.",
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      "text": "FY 2018 20-F ($50M), FY 2018 20-F ($97.8M), FY 2018 20-F ($96M), Q4 2018 6-K ($103M).",
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      "text": "With evidence that the business is under pressure, we find it odd that Amdocs is investing $350M in a fancy new HQ. We suspect that the Company may be treating its campus-related spending as, in part, a “black box” capex item...",
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      "text": "FCF was $113M in Q1. This was comprised of cash flow from operations of approximately $165M, less $52M in net capex and other, of which $13M related to the multi-year development of our new campus in Israel. — Tamar Rapaport-Dagim, CFO, Amdocs",
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      "text": "1) It is possible the $50m is referred to as net of the $47m NCI investment, which would total $97m",
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      "text": "Q1-Q4 FY 2018 Earnings Call data showing $13M, $81M, $0, and $8M respectively.",
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      "text": "Inconsistent Capex Accounting For Israeli Campus: Is It Just A Black Box For Cost Capitalization?",
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