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  "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",
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  "pageNumber": 84,
  "pageCount": 128,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "Uses red arrows to visually link borrowing/repayment events to cash balance changes.",
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      "kind": "callout",
      "text": "Beginning in Q4 FY 10, Amdocs' cash position was inflated by up to $200-250M in Q4 of each fiscal year, only to fall by a similar amount in the following Q1. This artificially improved Amdocs' apparent year-end cash position and obfuscated the effect of M&A on its balance sheet.",
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      "kind": "callout",
      "text": "Beginning in Q4 FY 10, Amdocs' cash position was inflated by up to $200-250M in Q4 of each fiscal year, only to fall by a similar amount in the following Q1.",
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      "toolName": "Visual emphasis",
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      "text": "Cash and Equivalents: $200-250M",
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      "text": "It's important to emphasize the impact of management's short-term borrowing on Amdocs' statements: through most of the last decade, the Company's year-end cash balance has been artificially inflated by borrowing behavior which has no apparent strategic purpose, given that the borrowed cash is returned within just weeks.",
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      "text": "Three-part table showing Short-Term Borrowing, Spending on Acquisitions, and Cash Position over FY10-FY13.",
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      "kind": "title",
      "text": "Short-Term Borrowing Inflates Year-End (Or Mid-Year) Cash Position",
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