Amdocs (DOX) has introduced its next-generation configure-price-quote software, Amdocs CPQ Pro. The solution will enable communications service providers (CSPs) to offer advanced enterprise services for all business types by leveraging generative artificial intelligence (AI) capabilities.The CPQ Pro leverages Amdocs' advanced amAIz AI platform, uniting carrier-grade architecture with open-source technology and large language models. Launched in June 2023, the amAlz AI platform offers ready-to-use cases to C ...

FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Amdocs Limited (NASDAQ:DOX) Q4 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Company Participants Matthew Smith - Head, Investor Relations Shuky Sheffer - President & Chief Executive Officer Tamar Rapaport-Dagim - Chief Financial Officer & Chief Operating Officer Conference Call Participants Ashwin Shirvaikar - Citigroup Inc. Tal Liani - BofA Securities Operator Thank you for standing by, and welcome to Amdocs Fourth Quarter Fiscal '23 Conference Call. [Operator Instructions] As a reminder, toda ...

[Fiscal 2023 Performance Overview](index=1&type=section&id=Fiscal%202023%20Performance%20Overview) Amdocs achieved record fiscal year 2023 performance with significant revenue growth, increased non-GAAP diluted EPS, strong free cash flow, and a record twelve-month backlog, driven by modernization projects and cloud activities [Full Year Fiscal 2023 Highlights](index=1&type=section&id=Full%20Year%20Fiscal%202023%20Highlights) For the full fiscal year 2023, Amdocs achieved record revenue of $4.89 billion, marking a 6.8% year-over-year increase as reported and 7.7% in constant currency. Non-GAAP diluted EPS grew by 11.5% to $5.91, accompanied by strong free cash flow of $698 million and a record twelve-month backlog of $4.15 billion Fiscal Year 2023 Key Financial Metrics | Metric | Value | YoY Growth | | :--- | :--- | :--- | | Revenue | $4,888 million | 6.8% | | Revenue (Constant Currency) | - | 7.7% | | GAAP Diluted EPS | $4.49 | 1.1% | | Non-GAAP Diluted EPS | $5.91 | 11.5% | | Free Cash Flow | $698 million | - | | Share Repurchases | $490 million | - | | 12-Month Backlog | $4.15 billion | 4.5% | - The company reported record performance in key segments and regions, including: - Record managed services revenue of **$2,857 million**, constituting approximately **58%** of total revenue - Record revenue from North America (**$3,307 million**) and Europe (**$703 million**)[2](index=2&type=chunk) [Fourth Quarter Fiscal 2023 Highlights](index=2&type=section&id=Fourth%20Quarter%20Fiscal%202023%20Highlights) In the fourth quarter of fiscal 2023, Amdocs posted record revenue of $1.24 billion, a 6.5% year-over-year increase, exceeding the midpoint of guidance. Non-GAAP diluted EPS was $1.42, also above the guidance midpoint. The company announced a 10% increase in its quarterly cash dividend and a change in the Chairman of the Board Q4 Fiscal 2023 Key Financial Metrics | Metric | Value | YoY Change | Guidance | | :--- | :--- | :--- | :--- | | Revenue | $1,243 million | +6.5% | $1,220 - $1,260M | | GAAP Diluted EPS | $0.86 | - | $0.67 - $0.81 | | Non-GAAP Diluted EPS | $1.42 | - | $1.38 - $1.44 | | GAAP Operating Margin | 11.2% | -350 bps | - | | Non-GAAP Operating Margin | 17.8% | +20 bps | - | - The Board of Directors approved a **10%** increase in the quarterly cash dividend from **$0.435** to **$0.479** per share, expected to be first paid in April 2024, subject to shareholder approval[4](index=4&type=chunk) - Effective November 7, 2023, Mr. Eli Gelman was appointed as the new Chairman of the Board, succeeding Mr. Rob Minicucci, who stepped down but remains a director[4](index=4&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) Management attributed the strong fiscal 2023 performance to supporting customers' multi-year modernization journeys, including digital transformation, cloud migration, and 5G monetization. Cloud activities revenue grew at a double-digit rate, exceeding 20% of total revenue. Looking ahead to fiscal 2024, the company expects continued growth driven by modernization projects and accelerated profitability, despite headwinds from reduced spending on legacy systems - Growth in FY2023 was driven by supporting customers' digital modernization, network automation, cloud migration, and the deployment of 5G and fiber networks[5](index=5&type=chunk) - Revenue from cloud activities grew at a **double-digit rate** in fiscal 2023, surpassing **20%** of total revenue for the first time[5](index=5&type=chunk) - The company is advancing its Generative-AI leadership by embedding telco-specific use cases across its CES suite, leveraging its Microsoft partnership and Amdocs amAIz framework[5](index=5&type=chunk) - For fiscal 2024, revenue growth is expected to be impacted by service providers prioritizing modernization programs over investments in legacy systems, but the company still anticipates **double-digit cloud revenue growth** and accelerated profitability improvement[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Results](index=4&type=section&id=Financial%20Results) Amdocs reported strong financial results for fiscal year 2023 and Q4, with significant revenue growth, increased non-GAAP diluted EPS, strategic capital allocation through acquisitions and shareholder returns, and a record twelve-month backlog [Revenue](index=4&type=section&id=Revenue) For the fourth quarter of fiscal 2023, revenue was $1.243 billion, a 6.5% increase as reported. For the full fiscal year, revenue reached $4.888 billion, up 6.8% as reported and 7.7% on a constant currency basis. Both quarterly and full-year results were within or above guidance ranges Q4 & Full Year Fiscal 2023 Revenue Performance | Period | Revenue (in millions) | YoY Growth (As Reported) | YoY Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | **Q4 2023** | $1,243 | 6.5% | 6.3% | | **FY 2023** | $4,888 | 6.8% | 7.7% | - Foreign currency movements had an unfavorable impact of approximately **$2 million** in Q4 2023 relative to Q3 2023, and an unfavorable impact of approximately **0.9%** for the full fiscal year 2023[8](index=8&type=chunk) [Net Income and Earnings Per Share](index=5&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share) For fiscal year 2023, GAAP diluted EPS was $4.49, while Non-GAAP diluted EPS was $5.91, an 11.5% increase year-over-year. In the fourth quarter, GAAP diluted EPS was $0.86, and Non-GAAP diluted EPS was $1.42. The difference between GAAP and Non-GAAP figures is primarily due to restructuring charges, amortization of intangibles, and equity-based compensation FY 2023 vs FY 2022 Earnings Per Share | Metric | FY 2023 | FY 2022 | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Net Income (attributable) | $540.7M | $549.5M | -1.6% | | GAAP Diluted EPS | $4.49 | $4.44 | +1.1% | | Non-GAAP Net Income (attributable) | $712.2M | $655.1M | +8.7% | | Non-GAAP Diluted EPS | $5.91 | $5.30 | +11.5% | Q4 2023 vs Q4 2022 Earnings Per Share | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | GAAP Diluted EPS | $0.86 | $1.05 | | Non-GAAP Diluted EPS | $1.42 | $1.29 | [Capital Allocation](index=5&type=section&id=Capital%20Allocation) Amdocs actively managed its capital through acquisitions, dividends, and share repurchases. The company completed the acquisition of Procom Consulting and Astadia. It also announced a 10% dividend increase and repurchased $155 million of its shares in the fourth quarter - **M&A Activity:** - Completed the acquisition of Procom Consulting for ~**$37 million** - Completed the acquisition of Astadia for ~**$75 million** in cash[10](index=10&type=chunk) - **Shareholder Returns:** - The Board approved a **10%** increase in the quarterly cash dividend to **$0.479** per share, effective April 2024 - Repurchased **$155 million** of ordinary shares during Q4 fiscal 2023[10](index=10&type=chunk) [Twelve-month Backlog](index=6&type=section&id=Twelve-month%20Backlog) The company's twelve-month backlog reached a record $4.15 billion at the end of the fourth quarter of fiscal 2023. This represents a 4.5% increase compared to the same period last year, indicating solid future revenue visibility - The twelve-month backlog was a record **$4.15 billion** at the end of Q4 2023[11](index=11&type=chunk) - This represents an increase of approximately **4.5%** compared to the fourth fiscal quarter of the prior year[11](index=11&type=chunk) [Fiscal 2024 Outlook](index=6&type=section&id=Fiscal%202024%20Outlook) Amdocs provides its financial outlook for fiscal year 2024, projecting continued revenue and EPS growth, along with strong free cash flow, while considering ongoing macroeconomic and geopolitical risks [First Quarter Fiscal 2024 Outlook](index=6&type=section&id=First%20Quarter%20Fiscal%202024%20Outlook) For the first quarter of fiscal 2024, Amdocs projects revenue to be between $1.225 billion and $1.265 billion. GAAP diluted EPS is expected to be in the range of $1.18 to $1.26, with Non-GAAP diluted EPS projected between $1.53 and $1.59 Q1 Fiscal 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $1,225M - $1,265M | | GAAP Diluted EPS | $1.18 - $1.26 | | Non-GAAP Diluted EPS | $1.53 - $1.59 | [Full Year Fiscal 2024 Outlook](index=6&type=section&id=Full%20Year%20Fiscal%202024%20Outlook) Amdocs anticipates revenue growth of 1.0% to 5.0% for the full fiscal year 2024. The company expects strong double-digit growth in GAAP diluted EPS (11.0% to 18.0%) and high single-to-low double-digit growth in Non-GAAP diluted EPS (8.0% to 12.0%). Free cash flow is projected to be approximately $750 million Full Year Fiscal 2024 Guidance | Metric | YoY Growth Guidance | | :--- | :--- | | Revenue Growth (As Reported) | 1.0% - 5.0% | | Revenue Growth (Constant Currency) | 1.2% - 5.2% | | GAAP Diluted EPS Growth | 11.0% - 18.0% | | Non-GAAP Diluted EPS Growth | 8.0% - 12.0% | | Free Cash Flow | ~$750 million | - The company anticipates Non-GAAP operating margin to be within a range of **18.1% to 18.7%** for the full year[16](index=16&type=chunk) - The outlook considers ongoing macroeconomic and geopolitical risks, including the conflict in Israel and the inflationary environment[15](index=15&type=chunk) [Financial Statements](index=13&type=section&id=Financial%20Statements) The financial statements provide a detailed overview of Amdocs' fiscal year 2023 performance, including consolidated statements of income, balance sheets, and cash flows, alongside supplementary geographical and backlog data [Consolidated Statements of Income](index=13&type=section&id=Consolidated%20Statements%20of%20Income) For the fiscal year ended September 30, 2023, Amdocs reported total revenues of $4.888 billion, up from $4.577 billion in 2022. Operating income was $654 million, slightly down from $665 million in the prior year, primarily due to $70.9 million in restructuring charges. Net income attributable to Amdocs Limited was $540.7 million Fiscal Year 2023 Income Statement Highlights (in thousands) | Line Item | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Revenue | $4,887,550 | $4,576,697 | | Total Operating Expenses | $4,233,560 | $3,911,900 | | Operating Income | $653,990 | $664,797 | | Income Before Income Taxes | $636,361 | $648,406 | | Net Income Attributable to Amdocs | $540,709 | $549,501 | [Condensed Consolidated Balance Sheets](index=17&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, Amdocs had total assets of $6.43 billion, a slight increase from $6.39 billion in the prior year. Cash and short-term investments stood at $742.5 million. Total shareholders' equity increased marginally to $3.52 billion Balance Sheet Highlights (as of Sep 30, in thousands) | Account | 2023 | 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash & Short-term Investments | $742,531 | $817,980 | | Total Current Assets | $1,911,630 | $2,003,147 | | Goodwill and other intangible assets, net | $2,930,580 | $2,841,137 | | Total Assets | $6,425,653 | $6,390,393 | | **Liabilities & Equity** | | | | Total Current Liabilities | $1,353,375 | $1,252,680 | | Long-term Debt, net | $645,696 | $645,117 | | Total Amdocs Limited Shareholders' Equity | $3,523,759 | $3,517,769 | | Total Liabilities and Equity | $6,425,653 | $6,390,393 | [Consolidated Statements of Cash Flows](index=18&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For fiscal year 2023, net cash provided by operating activities was $822.6 million. After accounting for investing and financing activities, including $489.5 million in share repurchases and $199.5 million in dividend payments, the company saw a net decrease in cash and cash equivalents of $53.3 million Fiscal Year 2023 Cash Flow Summary (in thousands) | Activity | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $822,630 | $756,719 | | Net Cash Used in Investing Activities | ($224,497) | ($262,501) | | Net Cash Used in Financing Activities | ($651,430) | ($629,905) | | Net Decrease in Cash | ($53,297) | ($135,687) | | Cash at End of Year | $520,080 | $573,377 | [Supplementary Financial Information](index=19&type=section&id=Supplementary%20Financial%20Information) Revenue from North America remained the largest contributor, showing consistent sequential growth throughout fiscal 2023. Managed services revenue was relatively stable quarterly, totaling $2.857 billion for the year. The 12-month backlog demonstrated steady sequential growth, ending the year at a record $4.15 billion Quarterly Revenue by Geography (in millions) | Region | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | | North America | $834.4 | $830.9 | $829.0 | $812.7 | $794.4 | | Europe | $175.5 | $187.3 | $171.7 | $168.7 | $146.4 | | Rest of the World | $232.6 | $217.8 | $222.6 | $204.3 | $225.7 | | **Total Revenue** | **$1,242.6** | **$1,236.0** | **$1,223.3** | **$1,185.7** | **$1,166.5** | 12-Month Backlog Trend (in millions) | As of | Backlog | | :--- | :--- | | Sep 30, 2023 | $4,150 | | Jun 30, 2023 | $4,140 | | Mar 31, 2023 | $4,110 | | Dec 31, 2022 | $4,090 | | Sep 30, 2022 | $3,970 | [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains the company's use of non-GAAP financial measures, detailing the adjustments made to GAAP results and providing comprehensive reconciliations for enhanced financial analysis [Explanation of Non-GAAP Measures](index=8&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Amdocs uses non-GAAP financial measures to provide investors with additional insight into its financial and business trends. These measures exclude items such as amortization of purchased intangibles, restructuring charges, equity-based compensation, and related tax effects. Management uses these adjusted figures for internal budgeting and performance monitoring - Non-GAAP measures exclude specific items to provide a clearer view of operational performance. Key exclusions include: - Amortization of purchased intangible assets - Restructuring charges - Equity-based compensation expense - Changes in certain acquisition-related liabilities[19](index=19&type=chunk) - The company believes these measures are useful for investors as they align with how management evaluates the business and are often used by peers for comparison[21](index=21&type=chunk)[22](index=22&type=chunk) [GAAP to Non-GAAP Reconciliation](index=15&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) The report provides detailed tables reconciling GAAP results to non-GAAP results for both the fourth quarter and the full fiscal years 2023 and 2022. For fiscal year 2023, the largest adjustments to operating income were for equity-based compensation ($89.7 million), restructuring charges ($70.9 million), and amortization of purchased intangibles ($57.2 million) FY 2023 GAAP to Non-GAAP Operating Income Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP Operating Income** | **$653,990** | | Amortization of purchased intangible assets | $57,156 | | Equity-based compensation expense | $89,698 | | Changes in certain acquisition liabilities | ($3,143) | | Restructuring charges | $70,901 | | **Non-GAAP Operating Income** | **$868,602** |

Amdocs Limited (NASDAQ:DOX) Q3 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Matthew Smith - Head, Investor Relations Shuky Sheffer - President & Chief Executive Officer Tamar Rapaport-Dagim - Chief Financial Officer & Chief Operating Officer Conference Call Participants Tavy Rosner - Barclays Timothy Horan - Oppenheimer Ashwin Shirvaikar - Citigroup Operator Good day, and thank you for standing by. Welcome to the Third Quarter 2023 Amdocs Earnings Conference Call. [Operator ...

[Q3 FY2023 Earnings Release Overview](index=1&type=section&id=Amdocs%20Limited%20Reports%20Third%20Quarter%20Fiscal%202023%20Results) This section overviews Amdocs' Q3 FY2023 earnings, highlighting record revenue, backlog, improved profitability, and strategic developments [Q3 FY2023 Performance Highlights](index=1&type=section&id=Third%20Quarter%20Fiscal%202023%20Highlights) Amdocs achieved record **$1.24 billion** revenue and **$4.14 billion** 12-month backlog, demonstrating improved profitability and strategic progress with amAIz AI and a new **$1.1 billion** share repurchase program Q3 FY2023 Key Financial Metrics | Metric | Value | YoY Growth | Note | | :--- | :--- | :--- | :--- | | Revenue | $1.24 Billion | 6.5% | Record quarterly revenue | | 12-Month Backlog | $4.14 Billion | ~5% | Record backlog | | GAAP Diluted EPS | $1.32 | - | Above guidance of $1.16-$1.26 | | Non-GAAP Diluted EPS | $1.57 | - | Above guidance of $1.45-$1.51 | | GAAP Operating Margin | 14.8% | +20 bps | - | | Non-GAAP Operating Margin | 17.8% | +20 bps | - | - Record revenue was driven by strong performance in North America (**$831 million**, up **5.4%**) and Europe (**$187 million**, up **28.2%**), with managed services hitting a record of **$720 million**, constituting about **58%** of total revenue[2](index=2&type=chunk) - The company launched Amdocs amAIz, an enterprise-grade Generative AI framework for communications service providers[2](index=2&type=chunk)[4](index=4&type=chunk) - A new share repurchase program of **$1.1 billion** was authorized, adding to the existing authorization[2](index=2&type=chunk)[10](index=10&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted strong execution in digital modernization, 5G, cloud, and network automation, noting record performance and new cloud deals, but acknowledged economic uncertainty impacting full-year revenue growth - CEO Shuky Sheffer emphasized the company's strategy focused on core growth pillars: digital modernization, 5G monetization, cloud, and network automation, highlighted by new cloud deals with two North American Tier 1 operators[4](index=4&type=chunk) - CFO & COO Tamar Rapaport-Dagim pointed to superb execution, with a high number of project milestones achieved, such as the migration of over **80 million** prepaid subscribers for XL Axiata in Indonesia[5](index=5&type=chunk) - Profitability improvement was attributed to a focus on cost leadership, including the implementation of automation and other sophisticated tools[5](index=5&type=chunk) - Despite a large opportunity pipeline, management acknowledged that economic uncertainty is causing customers to prioritize and carefully evaluate investments, slightly impacting the full-year outlook[7](index=7&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) This section details Amdocs' Q3 FY2023 financial results, including revenue, net income, EPS, backlog, and cash flow [Revenue](index=3&type=section&id=Revenue) Amdocs reported Q3 FY2023 revenue of **$1,236 million**, exceeding guidance midpoint with **6.5%** reported growth and **6.9%** constant currency growth YoY Q3 FY2023 Revenue Performance | Metric | Actual | Guidance | | :--- | :--- | :--- | | Revenue | $1,236 million | $1,215 - $1,255 million | | Revenue Growth (as reported) | 6.5% | - | | Revenue Growth (constant currency) | 6.9% | - | - Revenue for Q3 FY2023 included a positive impact from foreign currency movements of approximately **$5 million** compared to guidance assumptions[8](index=8&type=chunk) [Net Income and Earnings Per Share](index=4&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share) GAAP diluted EPS rose to **$1.32** and Non-GAAP diluted EPS to **$1.57** in Q3, both exceeding guidance due to a lower effective tax rate Q3 Net Income and EPS (GAAP vs. Non-GAAP) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | **GAAP Measures** | | | | Net Income | $160.1M | $128.5M | | Diluted EPS | $1.32 | $1.04 | | **Non-GAAP Measures** | | | | Non-GAAP Net Income | $189.6M | $156.5M | | Non-GAAP Diluted EPS | $1.57 | $1.27 | - Non-GAAP net income excludes items such as amortization of purchased intangible assets, acquisition-related costs, and equity-based compensation expenses[9](index=9&type=chunk) [Backlog and Cash Flow](index=2&type=section&id=Backlog%20and%20Cash%20Flow) Amdocs achieved a record **$4.14 billion** twelve-month backlog, up **5%** YoY, indicating strong future revenue, alongside **$144 million** in free cash flow - Twelve-month backlog reached a record **$4.14 billion** at the end of Q3 FY2023, an increase of approximately **5%** compared to the same period last year[11](index=11&type=chunk) - Generated free cash flow of **$144 million** in Q3, comprised of **$173 million** in cash flow from operations less **$29 million** in net capital expenditures[6](index=6&type=chunk) [Capital Allocation](index=4&type=section&id=Capital%20Allocation) This section details Amdocs' capital allocation strategies, including shareholder returns via dividends and share repurchases, and M&A activities [Shareholder Returns and M&A](index=4&type=section&id=Shareholder%20Returns%20and%20M%26A) Amdocs approved a **$0.435** per share quarterly dividend and a new **$1.1 billion** share repurchase plan, while completing the acquisition of TEOCO's service assurance business - The Board approved a quarterly cash dividend of **$0.435** per share, payable on October 27, 2023[10](index=10&type=chunk) - Repurchased **$129 million** of ordinary shares during the third fiscal quarter, with a new share repurchase plan authorizing up to **$1.1 billion** approved, bringing the total remaining authority to **$1.26 billion**[6](index=6&type=chunk)[10](index=10&type=chunk) - Completed the acquisition of TEOCO's service assurance business on June 30, 2023, for a net consideration of approximately **$90 million**[6](index=6&type=chunk)[10](index=10&type=chunk) [Business Outlook](index=5&type=section&id=Business%20Outlook) This section outlines Amdocs' financial guidance for Q4 and full-year fiscal 2023, covering revenue and EPS projections [Fourth Quarter Fiscal 2023 Outlook](index=5&type=section&id=Fourth%20Quarter%20Fiscal%202023%20Outlook) Amdocs projects Q4 FY2023 revenue between **$1,220 million** and **$1,260 million**, with GAAP diluted EPS of **$0.67-$0.81** and Non-GAAP diluted EPS of **$1.38-$1.44** Q4 FY2023 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $1,220M - $1,260M | | GAAP Diluted EPS | $0.67 - $0.81 | | Non-GAAP Diluted EPS | $1.38 - $1.44 | [Full Year Fiscal 2023 Outlook](index=5&type=section&id=Full%20Year%20Fiscal%202023%20Outlook) Amdocs updated full-year FY2023 guidance, projecting constant currency revenue growth of **7.2%-8.0%**, Non-GAAP diluted EPS growth of **11.0%-12.0%**, and **$700 million** in free cash flow Full Year FY2023 Guidance Update | Metric (YoY Growth) | Current Guidance | Previous Guidance | | :--- | :--- | :--- | | Revenue Growth (as reported) | 6.3% - 7.1% | 6.0% - 8.0% | | Revenue Growth (constant currency) | 7.2% - 8.0% | 7.0% - 9.0% | | GAAP Diluted EPS Growth | (3.0)% - 0.0% | 3.0% - 10.0% | | Non-GAAP Diluted EPS Growth | 11.0% - 12.0% | 9.0% - 13.0% | - Free cash flow guidance for the full fiscal year remains unchanged at approximately **$700 million**[13](index=13&type=chunk) - The full-year guidance incorporates an expected unfavorable foreign currency impact of approximately **0.9%** and an immaterial contribution from the TEOCO acquisition[16](index=16&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) This section provides Amdocs' consolidated financial statements, encompassing income statements, balance sheets, cash flow statements, and GAAP to Non-GAAP reconciliations [Consolidated Statements of Income](index=11&type=section&id=Consolidated%20Statements%20of%20Income) For Q3 2023, total revenues were **$1,236 million** with net income of **$160.1 million**, while nine-month revenues reached **$3,645 million** with **$440.3 million** net income Income Statement Highlights (Three Months Ended June 30) | (In thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $1,235,962 | $1,160,290 | | Operating Income | $182,714 | $169,314 | | Net Income | $160,115 | $128,466 | | Diluted EPS | $1.32 | $1.04 | [Condensed Consolidated Balance Sheets](index=15&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, Amdocs reported total assets of **$6.54 billion**, total equity of **$3.65 billion**, and cash and cash equivalents of **$517.7 million** Balance Sheet Summary (As of June 30, 2023) | (In thousands) | June 30, 2023 | Sept 30, 2022 | | :--- | :--- | :--- | | Total Current Assets | $2,095,835 | $2,003,147 | | Total Assets | $6,539,342 | $6,390,393 | | Total Current Liabilities | $1,401,346 | $1,252,680 | | Total Equity | $3,652,276 | $3,560,278 | [Consolidated Statements of Cash Flows](index=16&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended June 30, 2023, net cash from operations was **$550.3 million**, with **$169.1 million** used in investing and **$436.9 million** in financing activities Cash Flow Summary (Nine Months Ended June 30, 2023) | (In thousands) | 2023 | | :--- | :--- | | Net cash provided by operating activities | $550,259 | | Net cash used in investing activities | ($169,115) | | Net cash used in financing activities | ($436,864) | | Net decrease in cash and cash equivalents | ($55,720) | [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Detailed reconciliations show Q3 2023 GAAP operating income of **$182.7 million** adjusted for items like amortization and equity-based compensation to reach Non-GAAP operating income of **$220.2 million** Q3 2023 GAAP to Non-GAAP Operating Income Reconciliation | (In thousands) | Amount | | :--- | :--- | | GAAP Operating Income | $182,714 | | Amortization of purchased intangible assets | $13,302 | | Equity based compensation expense | $24,054 | | Other adjustments | $152 | | **Non-GAAP Operating Income** | **$220,222** | [Supplementary Information](index=17&type=section&id=Supplementary%20Information) Supplementary data details Q3 2023 revenue by geography, with North America at **$830.9 million**, managed services at **$719.8 million**, and a growing **$4.14 billion** 12-month backlog Q3 2023 Revenue by Geography (In millions) | Region | Q3 2023 Revenue | | :--- | :--- | | North America | $830.9 | | Europe | $187.3 | | Rest of the World | $217.8 | | **Total Revenue** | **$1,236.0** | - Managed Services Revenue for Q3 2023 was **$719.8 million**, remaining stable compared to the previous quarter[46](index=46&type=chunk) - The 12-month backlog has steadily increased from **$3,950 million** in June 2022 to **$4,140 million** in June 2023[46](index=46&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 2023 Commission File Number 1-14840 AMDOCS LIMITED Hirzel House, Smith Street, St. Peter Port, Island of Guernsey, GY1 2NG Amdocs, Inc. 625 Maryville Centre Drive, Suite 200 Saint Louis, Missouri 63141 (Address of principal executive offices) Indicate by check mark whether the registrant file ...

Amdocs Limited (NASDAQ:DOX) Q2 2023 Earnings Conference Call May 10, 2023 5:00 PM ET Company Participants Matthew Smith - Head, Investor Relations Shuky Sheffer - President & Chief Executive Officer Tamar Rapaport-Dagim - Chief Financial Officer & Chief Operating Officer Conference Call Participants Ashwin Shirvaikar - Citi Edward Yang - Oppenheimer Operator Good day and thank you for standing by. Welcome to 2023 Amdocs Earnings Conference Call. At this time, all participants are in a listen-only mode. Afte ...

Financial Highlights - Record revenue of $1.22 billion, up 8.2% year-over-year on a constant currency basis[9, 27] - Non-GAAP operating margin of 17.8%, a 20 basis points increase year-over-year[9, 107] - Non-GAAP EPS of $1.47, in line with guidance midpoint[9, 107] - Reiterating FY23 free cash flow generation of $700 million and approximately 100% conversion rate[106] Strategic Achievements - Entered into an agreement to acquire the service assurance business of TEOCO for approximately $90 million[6, 13] - Launched CES23, an advanced suite bringing innovation across BSS, OSS, and network automation[23, 28] - Four new customer logo wins[6] Business Performance - 12-month backlog reached a record $4.11 billion, up approximately 7% year-over-year on a constant currency basis[9, 125] - Managed services revenue increased by approximately 8.4% year-over-year[128] - Strong deal activity in Europe, increasing market share[12] Financial Outlook - Tightening FY2023 revenue growth outlook to approximately 7%-9% year-over-year on a constant currency basis[88, 133] - Reiterating FY2023 non-GAAP EPS growth outlook of approximately 9%-13% year-over-year[133, 149]

[Executive Summary & Q2 Fiscal 2023 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%20Fiscal%202023%20Highlights) The company reported record Q2 FY23 revenue, advanced strategic initiatives, and delivered strong financial metrics [Q2 Fiscal 2023 Performance Overview](index=1&type=section&id=Q2%20Fiscal%202023%20Performance%20Overview) Amdocs achieved record quarterly revenue of $1.22 billion, an 8.2% YoY constant currency increase driven by strong regional performance Q2 FY23 Performance | Metric | Q2 FY23 Actual | YoY Change (as reported) | YoY Change (constant currency) | | :--- | :--- | :--- | :--- | | Total Revenue | $1,223 million | 6.8% | 8.2% | | North America Revenue | $829 million | 7.4% | | | Europe Revenue | $172 million | 16.6% | | | Managed Services Revenue | $719 million | | | - Managed services revenue reached a record **$719 million**, accounting for approximately **59% of total revenue**[1](index=1&type=chunk) [Strategic Developments](index=2&type=section&id=Strategic%20Developments) The company advanced its strategy through new client deals, an expanded Microsoft partnership, and a key acquisition - Secured new deals including key awards with T-Mobile in the US, two new logos in Eastern Europe, and a significant cloud-migration engagement with PLDT in the Philippines[3](index=3&type=chunk) - Expanded Microsoft partnership to introduce a new **AI-powered Customer Engagement Platform**[3](index=3&type=chunk) - Launched **CES23**, the most advanced Customer Experience Suite, to sharpen focus on B2B growth potential[3](index=3&type=chunk) - Signed a definitive agreement on May 10, 2023, to acquire TEOCO's service assurance business for approximately **$90 million in cash**, enhancing network automation strategy[3](index=3&type=chunk)[4](index=4&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) The company reported strong EPS within guidance, robust free cash flow, and a record twelve-month backlog Earnings Per Share | Metric | Q2 FY23 Actual | Guidance Range | | :--- | :--- | :--- | | GAAP Diluted EPS | $1.23 | $1.18-$1.26 | | Non-GAAP Diluted EPS | $1.47 | $1.44-$1.50 | | GAAP Operating Margin | 14.9% | | | Non-GAAP Operating Margin | 17.8% | | Cash Flow and Backlog | Metric | Q2 FY23 Actual | YoY Change | | :--- | :--- | :--- | | Free Cash Flow | $259 million | | | Twelve-Month Backlog | $4.11 billion | 5.7% | | Share Repurchases | $106 million | | - GAAP operating margin increased by **220 basis points sequentially** and **60 basis points YoY**, primarily due to restructuring charges[1](index=1&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted strong quarterly performance, strategic progress, and a positive outlook for key technology cycles [CEO Statement](index=2&type=section&id=CEO%20Statement) The CEO highlighted record revenue driven by strong regional growth, cloud-related wins, and strategic progress in 5G, AI, and B2B - Record revenue of **$1.22 billion**, up **8.2% in constant currency**, driven by best-ever quarters in North America and Europe[3](index=3&type=chunk) - Continued sales momentum with multiple cloud-related wins and new deals, including T-Mobile, two new Eastern European logos, and a cloud-migration engagement with PLDT[3](index=3&type=chunk) - Expanded Microsoft partnership for an **AI-powered Customer Engagement Platform** and launched **CES23** to focus on B2B growth[3](index=3&type=chunk) - Signed a definitive agreement to acquire TEOCO's service assurance business to enhance network automation strategy[3](index=3&type=chunk) [CFO Statement](index=3&type=section&id=CFO%20Statement) The CFO noted strong execution with high project deployment rates, improved profitability, and robust free cash flow - Maintained a high rate of project deployments in Q2, achieving major milestones with large service providers[5](index=5&type=chunk) - Profitability improved sequentially and year-over-year, driven by **ongoing efficiency gains**[5](index=5&type=chunk) - Very strong free cash flow generation, supported by healthy cash collections from customers[5](index=5&type=chunk) - Renewed several managed services agreements, including an extended multiyear partnership with Globe in the Philippines and an expanded cloud-related engagement with a major Western European operator[5](index=5&type=chunk) [Strategic Outlook](index=3&type=section&id=Strategic%20Outlook) Amdocs is well-positioned at the core of a multi-year technology investment cycle and reiterates its FY23 revenue growth outlook - Amdocs is positioned at the heart of a multi-year, technology-driven investment cycle centered around **5G, network automation, digital modernization, and cloud**[6](index=6&type=chunk) - Amdocs' role as a trusted partner is crucial in helping service providers improve consumer and B2B experience, accelerate cost reduction, and increase efficiency amidst shifting market dynamics[6](index=6&type=chunk) - Reiterates fiscal 2023 constant currency revenue growth within a tighter range of **7% to 9%**, while maintaining improved profitability and robust earnings to cash conversion[6](index=6&type=chunk) [Q2 Fiscal 2023 Financial Results](index=3&type=section&id=Q2%20Fiscal%202023%20Financial%20Results) The company details its Q2 FY23 revenue performance, net income, and earnings per share against guidance and prior periods [Revenue Performance](index=3&type=section&id=Revenue%20Performance) Q2 FY23 revenue of $1,223 million surpassed the midpoint of guidance, with 8.2% YoY growth in constant currency Q2 FY23 Revenue | Metric | Three months ended March 31, 2023 (Actual) | Guidance Range | | :--- | :--- | :--- | | Revenue | $1,223 million | $1,200 - $1,240 million | | Revenue Growth (as reported) | 6.8% | | | Revenue Growth (constant currency) | 8.2% | | - Revenue for Q2 FY23 was at the midpoint of Amdocs' guidance, even after adjusting for a positive foreign currency impact of approximately **$3 million** compared to guidance assumptions[10](index=10&type=chunk) - Q2 FY23 revenue included a positive impact from foreign currency movements of approximately **$7 million** relative to Q1 FY23[10](index=10&type=chunk) [Net Income and Earnings Per Share](index=4&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share) GAAP diluted EPS was $1.23 and Non-GAAP diluted EPS was $1.47 for Q2 FY23 Q2 FY23 Net Income and EPS | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | | :--- | :--- | :--- | | GAAP Net Income attributable to Amdocs Limited | $149,603 thousand | $158,497 thousand | | GAAP Diluted EPS | $1.23 | $1.28 | | Non-GAAP Net Income attributable to Amdocs Limited | $178,592 thousand | $190,944 thousand | | Non-GAAP Diluted EPS | $1.47 | $1.54 | - Non-GAAP net income excludes amortization of purchased intangible assets, acquisition-related costs, changes in acquisition liabilities, equity-based compensation, and other, net of related tax effects[8](index=8&type=chunk) [Capital Allocation & Backlog](index=4&type=section&id=Capital%20Allocation%20%26%20Backlog) The company details its shareholder return activities and reports a record twelve-month backlog [Shareholder Returns](index=4&type=section&id=Shareholder%20Returns) Amdocs continued its commitment to shareholder returns via quarterly dividends and share repurchases totaling $106 million - The Board approved a quarterly cash dividend payment of **$0.435 per share**, payable on July 28, 2023, to shareholders of record on June 30, 2023[11](index=11&type=chunk) - Repurchased **$106 million** of ordinary shares during the second fiscal quarter of 2023[11](index=11&type=chunk) [Twelve-Month Backlog](index=5&type=section&id=Twelve-Month%20Backlog) The twelve-month backlog reached a record $4.11 billion at the end of Q2 FY23, a 5.7% year-over-year increase Backlog | Metric | As of March 31, 2023 | YoY Change | | :--- | :--- | :--- | | Twelve-Month Backlog | $4.11 billion | 5.7% | - The backlog comprises anticipated revenue from contracts, estimated revenue from managed services contracts, letters of intent, maintenance, and estimated ongoing support activities[12](index=12&type=chunk) [Financial Outlook](index=5&type=section&id=Financial%20Outlook) Amdocs provides its financial guidance for the third quarter and reiterates its outlook for the full fiscal year 2023 [Third Quarter Fiscal 2023 Outlook](index=5&type=section&id=Third%20Quarter%20Fiscal%202023%20Outlook) For Q3 FY23, Amdocs projects revenue between $1,215 million and $1,255 million and Non-GAAP diluted EPS between $1.45 and $1.51 Q3 2023 Guidance | Metric | Q3 2023 Guidance Range | | :--- | :--- | | Revenue | $1,215-$1,255 million | | GAAP Diluted EPS | $1.16-$1.26 | | Non-GAAP Diluted EPS | $1.45-$1.51 | - Third quarter revenue guidance assumes immaterial sequential impact from foreign currency fluctuations compared to Q2 FY23[15](index=15&type=chunk) - Non-GAAP diluted EPS guidance excludes equity-based compensation expense of approximately **$0.15-$0.17 per share** and amortization of purchased intangible assets and other acquisition-related costs of approximately **$0.08 per share**[15](index=15&type=chunk) [Full Year Fiscal 2023 Outlook](index=5&type=section&id=Full%20Year%20Fiscal%202023%20Outlook) Amdocs reiterated its full-year FY23 outlook, tightening revenue growth to 7.0%-9.0% in constant currency and maintaining its free cash flow target FY 2023 Guidance | Metric | FY 2023 Current Guidance | FY 2023 Previous Guidance | | :--- | :--- | :--- | | Revenue growth (as reported) | 6.0%-8.0% | 5.0%-9.0% | | Revenue growth (constant currency) | 7.0%-9.0% | 6.0%-10.0% | | GAAP diluted EPS growth | 3.0%-10.0% | 3.0%-10.0% | | Non-GAAP diluted EPS growth | 9.0%-13.0% | 9.0%-13.0% | | Free Cash Flow | ~$700 million | ~$700 million | - Full year fiscal 2023 revenue guidance incorporates an expected unfavorable impact from foreign currency fluctuations of approximately **1% year-over-year**, consistent with previous expectations[18](index=18&type=chunk) - Non-GAAP diluted EPS growth excludes various items including equity-based compensation expense of approximately **$0.58-$0.63 per share** and restructuring charges of approximately **$0.15 per share**[18](index=18&type=chunk) - Non-GAAP effective tax rate is anticipated to be within a range of **13.0% to 17.0%** for the full year fiscal 2023[18](index=18&type=chunk) [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) This section defines the non-GAAP financial measures used by Amdocs and explains management's rationale for their use [Definition and Exclusions](index=7&type=section&id=Definition%20and%20Exclusions) Non-GAAP measures exclude items like amortization, acquisition costs, restructuring charges, and equity-based compensation to provide additional performance insights - Non-GAAP measures exclude amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition-related liabilities measured at fair value, restructuring and unusual charges or benefits, equity-based compensation expense, other, and tax effects related to these items[21](index=21&type=chunk)[23](index=23&type=chunk) - Free cash flow is defined as cash generated by operating activities less net capital expenditures and other[22](index=22&type=chunk) - Normalized free cash flow, no longer applicable since Q1 2023, previously adjusted for capital expenditures related to new campus development, payments for non-recurring charges, and acquisition-related liabilities[22](index=22&type=chunk)[38](index=38&type=chunk) [Management's Rationale](index=7&type=section&id=Management's%20Rationale) Management believes non-GAAP measures offer useful information regarding financial trends and are used for internal budgeting and monitoring - Non-GAAP measures provide useful information to investors and management regarding financial and business trends, as well as the net cash generated after capital spending[24](index=24&type=chunk) - Amdocs' management uses non-GAAP financial statements for internal budgeting and monitoring, excluding items like amortization of purchased intangibles, acquisition-related liabilities, restructuring charges, and equity-based compensation[25](index=25&type=chunk) - Significant groups of investors exclude these items when reviewing results, as their amounts can vary greatly depending on company-specific assumptions[25](index=25&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statements of income, balance sheets, and cash flows for the reporting period [Consolidated Statements of Income](index=11&type=section&id=Consolidated%20Statements%20of%20Income) The income statement details revenues, expenses, and net income for the three and six months ended March 31, 2023 Statements of Income (in thousands, except per share data) | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | Six months ended March 31, 2023 | Six months ended March 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,223,304 | $1,145,271 | $2,409,024 | $2,249,903 | | Operating income | $182,277 | $163,651 | $332,351 | $323,797 | | Net income attributable to Amdocs Limited | $149,603 | $158,497 | $279,270 | $292,099 | | Diluted earnings per share | $1.23 | $1.28 | $2.30 | $2.34 | | Cash dividends declared per ordinary share | $0.435 | $0.395 | $0.830 | $0.755 | [Selected Financial Metrics (Non-GAAP)](index=12&type=section&id=Selected%20Financial%20Metrics%20(Non-GAAP)) This section presents key non-GAAP metrics, showing non-GAAP diluted EPS of $1.47 for Q2 FY23 and $2.92 for the six-month period Non-GAAP Metrics (in thousands, except per share data) | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | Six months ended March 31, 2023 | Six months ended March 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,223,304 | $1,145,271 | $2,409,024 | $2,249,903 | | Non-GAAP operating income | $217,737 | $201,625 | $427,275 | $395,232 | | Non-GAAP net income attributable to Amdocs Limited | $178,592 | $190,944 | $354,929 | $341,079 | | Non-GAAP diluted earnings per share | $1.47 | $1.54 | $2.92 | $2.74 | [Free Cash Flows](index=12&type=section&id=Free%20Cash%20Flows) Amdocs reported strong free cash flow of $259.4 million for the quarter and $308.9 million for the six months ended March 31, 2023 Free Cash Flow (in thousands) | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | Six months ended March 31, 2023 | Six months ended March 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $294,476 | $168,856 | $377,702 | $372,974 | | Purchases of property and equipment, net | $(35,119) | $(47,271) | $(68,822) | $(104,496) | | Free Cash Flow | $259,357 | $121,585 | $308,880 | $268,478 | - **Normalized Free Cash Flow** is no longer applicable since Q1 2023[38](index=38&type=chunk) [Condensed Consolidated Balance Sheets](index=15&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets increased to $6.46 billion as of March 31, 2023 Balance Sheet Highlights (in thousands) | Metric | As of March 31, 2023 | As of September 30, 2022 | | :--- | :--- | :--- | | Total current assets | $2,104,936 | $2,003,147 | | Total assets | $6,464,170 | $6,390,393 | | Total current liabilities | $1,324,897 | $1,252,680 | | Total Amdocs Limited Shareholders' equity | $3,586,141 | $3,517,769 | | Total liabilities and equity | $6,464,170 | $6,390,393 | - Cash and cash equivalents increased to **$623.4 million** as of March 31, 2023, from $573.4 million as of September 30, 2022[44](index=44&type=chunk) [Consolidated Statements of Cash Flows](index=16&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statement details cash movements from operating, investing, and financing activities for the six-month period Cash Flow Highlights (in thousands) | Metric | Six months ended March 31, 2023 | Six months ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $377,702 | $372,974 | | Net cash used in investing activities | $(61,055) | $(143,084) | | Net cash used in financing activities | $(266,620) | $(345,898) | | Net increase (decrease) in cash and cash equivalents | $50,027 | $(116,008) | | Cash and cash equivalents at end of period | $623,404 | $593,056 | - Repurchase of shares amounted to **$205.6 million** for the six months ended March 31, 2023[46](index=46&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=13&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides a detailed reconciliation of GAAP to Non-GAAP financial metrics for the reported periods [Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP](index=13&type=section&id=Reconciliation%20of%20Selected%20Financial%20Metrics%20from%20GAAP%20to%20Non-GAAP) Adjustments for items like amortization and equity-based compensation bridge the gap between GAAP and non-GAAP operating income and net income **Three Months Ended March 31, 2023 (Operating Income Reconciliation):** | Metric | GAAP | Amortization of purchased intangible assets and other | Equity based compensation expense | Changes in certain acquisitions related liabilities measured at fair value | Tax effect | Non-GAAP | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating income | $182,277 | $12,940 | $21,361 | $1,159 | $0 | $217,737 | **Six Months Ended March 31, 2023 (Operating Income Reconciliation):** | Metric | GAAP | Amortization of purchased intangible assets and other | Equity based compensation expense | Changes in certain acquisitions related liabilities measured at fair value | Restructuring charges | Tax effect | Non-GAAP | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating income | $332,351 | $28,253 | $40,851 | $1,284 | $24,536 | $0 | $427,275 | - The reconciliation details the specific impact of adjustments on various line items in the Consolidated Statements of Income, including cost of revenue, research and development, selling, general and administrative, and income taxes[26](index=26&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) [Supplementary Information](index=17&type=section&id=Supplementary%20Information) This section provides supplementary data including revenue by geography and trends in managed services and backlog [Revenue by Geography](index=17&type=section&id=Revenue%20by%20Geography) North America and Europe continue to be key growth regions, with revenues of $829.0 million and $171.7 million respectively in Q2 FY23 Revenue by Geography (in millions) | Region | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | | North America | $829.0 | $812.7 | $794.4 | $788.0 | $772.2 | | Europe | $171.7 | $168.7 | $146.4 | $146.1 | $147.2 | | Rest of the World | $222.6 | $204.3 | $225.7 | $226.2 | $225.9 | | Total Revenue | $1,223.3 | $1,185.7 | $1,166.5 | $1,160.3 | $1,145.3 | [Managed Services Revenue](index=17&type=section&id=Managed%20Services%20Revenue) Managed Services revenue continued its growth trajectory, reaching $718.9 million in Q2 FY23 Managed Services Revenue (in millions) | Metric | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | | Managed Services Revenue | $718.9 | $699.8 | $714.6 | $717.9 | $663.4 | [12-Month Backlog Trend](index=17&type=section&id=12-Month%20Backlog%20Trend) The 12-month backlog shows a consistent upward trend, reaching a record $4,110 million as of March 31, 2023 12-Month Backlog (in millions) | Metric | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | | 12-Month Backlog | $4,110 | $4,090 | $3,970 | $3,950 | $3,890 | [Additional Information](index=7&type=section&id=Additional%20Information) This section includes company information, conference call details, forward-looking statements, and contact information [About Amdocs](index=9&type=section&id=About%20Amdocs) Amdocs is a leading provider of software and services to communications and media companies, with $4.58 billion in revenue in fiscal 2022 - Amdocs provides market-leading software products and services to communications and media companies[27](index=27&type=chunk) - The company has **31,000 employees** globally and focuses on accelerating service providers' migration to the cloud, enabling 5G differentiation, and digitalizing and automating operations[27](index=27&type=chunk) - Amdocs had revenue of **$4.58 billion** in fiscal 2022[27](index=27&type=chunk) [Conference Call and Earnings Webcast Presentation Details](index=7&type=section&id=Conference%20Call%20and%20Earnings%20Webcast%20Presentation%20Details) Amdocs hosted a conference call on May 10, 2023, to discuss its Q2 FY23 results - A conference call and earnings webcast presentation was held on **May 10, 2023**, at 5:00 p.m. Eastern Time[19](index=19&type=chunk) - Participants could register to receive dial-in numbers and a unique access PIN, or access the live webcast via the Amdocs website[20](index=20&type=chunk) [Forward-Looking Statements](index=10&type=section&id=Forward-Looking%20Statements) This release contains forward-looking statements that involve risks and uncertainties related to macroeconomic conditions, competition, and other factors - Forward-looking statements are subject to risks and uncertainties, including general macro-economic conditions, geopolitical events, inflationary environment, and their effects on clients' businesses[30](index=30&type=chunk) - Other risks include Amdocs' ability to grow in its markets, integrate acquired businesses, adverse effects of market competition, rapid technological shifts, potential loss of major customers, and risks associated with international operations[30](index=30&type=chunk) - Amdocs disclaims any obligation to update these forward-looking statements, which are discussed in greater length in its SEC filings[30](index=30&type=chunk) [Contact Information](index=10&type=section&id=Contact%20Information) Contact information for Amdocs' Head of Investor Relations is provided for inquiries - Contact: Matthew Smith, Head of Investor Relations, Amdocs. Phone: 314-212-8328, Email: dox_info@amdocs.com[31](index=31&type=chunk)