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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses a 'Spruce Point Adjusted EBIT' calculation to demonstrate the impact of accounting adjustments on bottom-line EPS.",
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      "text": "If we adjust Amdocs' EPS for its percentage-of-completion items and 75% of newly-capitalized software, on the assumption that 75% of the change in the unamortized software account represents capitalized costs – we observe that Amdocs EPS could have been overstated by up to 15% if the observed percentage-of-completion items represent improperly pulled-forward sales.",
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      "text": "If we adjust Amdocs' EPS for its percentage-of-completion items and 75% of newly-capitalized software, on the assumption that 75% of the change in the unamortized software account represents capitalized costs – we observe that Amdocs EPS could have been overstated by up to 15% if the observed percentage-of-completion items represent improperly pulled-forward sales. Instead, if we adjust only for potentially improperly-capitalized software costs, EPS could still be overstated by 5%.",
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      "text": "1) Estimated based on 75% of the change in capitalized software in PP&E\n2) Estimated revenue contribution multiplied by annual gross margin\n3) Ignores impact of restructuring",
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      "text": "Financial adjustment table showing Reported Sales, EBIT, and EPS adjustments for FY 2016, FY 2017, and FY 2018.",
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      "text": "EPS Assessment With Comprehensive Adjustments",
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