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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": "The slide uses a 'Spruce Point Adj. EPS' calculation to challenge the company's reported earnings quality.",
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      "text": "When we adjust for Amdocs' questionable one-off tax benefits, the Company's effective tax rate grows from its observed level of ~15% to a more realistic ~26%. EPS falls by ~15% after we apply our adjustments.",
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      "text": "When we adjust for Amdocs' questionable one-off tax benefits, the Company's effective tax rate grows from its observed level of ~15% to a more realistic ~26%. EPS falls by ~15% after we apply our adjustments.",
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      "text": "(1) Expiration of the periods set forth in statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions (2) In light of a non-taxable internal capital gain",
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