{
  "docId": "019dd923-622c-750b-8b98-9727cc72301c",
  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 61,
  "pageCount": 128,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a primary source document (TASE filing) to challenge the company's financial disclosures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/61",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-61",
  "components": [
    {
      "bbox": {
        "h": 0.38,
        "w": 0.44,
        "x": 0.52,
        "y": 0.43
      },
      "kind": "callout",
      "text": "Electra signed an agreement For the construction of an office campus for the Amdocs Israel company in Israel, the activities of Amdocs Israel's employees will be concentrated in the center. The campus will include 4 offices, development areas and 3 underground floors. The total expected consideration in respect of the execution of these projects is NIS 330 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3b1b5e1-6f33-4439-9323-70fbbee53d54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "What is accounting for the other $160m of estimated costs to hit the $350m total cost forecast?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9023-315f746ee81f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.42,
        "x": 0.08,
        "y": 0.38
      },
      "kind": "image",
      "text": "TASE filing document",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d80db36-a4b9-4cf6-823f-30cebe6f5f35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "capital expenditure: $160m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9023-380cfd4bc393",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "As further evidence to suggest capital expenditure inflation, we note that Amdocs construction partner Electra Group made a filing on TASE that indicated the four offices and development of three underground floors would cost NIS 300m or approximately US$ 90 million. Amdocs has already incurred approximately $100m for the land and development in FY 2018. What is accounting for the other $160m of estimated costs to hit the $350m total cost forecast?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cb5189e-1b28-4575-993e-0b72ba1463f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Electra signed an agreement For the construction of an office campus for the Amdocs Israel company in Israel, the activities of Amdocs Israel's employees will be concentrated in the center. The campus will include 4 offices, development areas and 3 underground floors. The total expected consideration in respect of the execution of these projects is NIS 330 million” — Google Translate (from TASE filing)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9023-357e65c615b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: TASE filing Jan 14, 2019",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4510ad71-2bce-4b55-b348-ed0de313b337",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Did Amdocs Construction Partner Clarifies The Capex, And Still Leaves A Big Hole To Fill",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edf638c1-b66b-4c86-9fe3-44731ff32f7b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b705fd8e-a3fe-4010-b4c7-a832e8c91903",
      "evidence": "The slide explicitly uses external filings to expose a contradiction in company financial reporting.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 70,
      "from": 60,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "c60b7124-3faa-41ca-843c-f889942d0e7a",
      "evidence": "The deck presents a thorough analysis of Amdocs' financial performance and management practices to support the hypothesis",
      "position": 3,
      "objective": "Is the hypothesis of a 25-50% downside risk in DOX stock supported?",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.8,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}