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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Includes a snippet from a 20-F filing and a table comparing Q1/Q2 2018 financial data.",
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      "text": "Why did management revise the details of the Union loan as reported in Q2?",
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      "text": "We also observe that Amdocs shows glaring inconsistencies in its accounting for the Union loan between its balance sheet and cash flow statement. Although its JV with Union is discussed as a 50/50 venture, Amdocs has received cash inflows greater than the balance sheet value of the non-controlling interest. We find it particularly odd that, in Q2, management adjusted both the Q1 cash inflow and the balance sheet value of the NCI.",
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      "text": "At best, the inconsistencies in Amdocs' accounting for the campus-related capex and the Union loan reveal remarkable sloppiness by management. At worst, they could suggest dishonest accounting designed to hide borrowing and spending behavior.",
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      "text": "Union Loan Impact On FY 2018 Amdocs Financial Statements",
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      "text": "Further Inconsistencies In Campus-Related Accounting",
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