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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 three charts showing Net OCF, OCF before working capital, Net Change in Working Capital, and Unbilled Receivables as a % of Revenue.",
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      "text": "Investors should pay attention to trends in Amdocs' working capital spend given that a material share of Company revenue is accounted for using the percentage-of-completion method.",
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      "text": "Management's decision to begin to draw from its cash pile in FY 2015 was in part forced upon it by poor cash flow. We observe that, despite consistent acquisition-driven top-line growth, cash flow has generally contracted since FY 2015...",
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