Prepared Remarks: Q3 2023 Amdocs Earnings Conference Call

AMDOCS Q3 2023 CONFERENCE CALL SCRIPT - FINAL

August 2, 2023

5:00 pm

Matthew Smith, Head of Investor Relations

Slide 2: Disclaimer

Thank you, operator. Before we begin, I need to call your attention to our disclaimer statement on slide 2 of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks and uncertainties, including as described in Amdocs' SEC filings, and that we will discuss certain financial information that is not prepared in accordance with GAAP. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's earnings release, which will also be furnished with the SEC on Form 6-K.

Slide 3: Today's Speakers

Participating on the call with me today are Shuky Sheffer, President and Chief Executive Officer of Amdocs Management Limited and Tamar Rapaport-Dagim, Chief Financial and Operating Officer.

Slide 4: Earnings Call Agenda

To support today's earnings call we are providing a presentation which can be found on the Investor Relations section of our website, and, as always, a copy of today's prepared remarks will also be posted immediately following the conclusion of this call.

On today's agenda, Shuky will recap our business and financial achievements for the third quarter fiscal 2023 and will update you on the continued progress we have made executing against our strategic growth framework, including the vast opportunity of the rapidly emerging field of Generative AI.

Shuky will finish by commenting on our financial outlook for the full fiscal year 2023, after which Tamar will provide additional details on our third quarter financial performance and forward guidance and elaborate on our continued commitment to ESG.

And with that, I'll turn it over to Shuky.

Slide 5: Shuky Sheffer

Shuky Sheffer, Chief Executive Officer

Thanks, Matt, and good afternoon to everyone joining us on the call today.

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Slide 6: Solid Q3 Financial Performance: Record Revenue & Ongoing Margin Expansion

I'd like to begin by thanking our global base of talented employees for their hard work and incredible contributions towards another solid financial and operating performance in our third fiscal quarter, as we continued to execute against our core growth pillars of digital modernization, 5G monetization, cloud, and network automation.

As you can see from the financial highlights on slide 6.

• Record revenue of $1.24 billion was slightly above the midpoint of guidance on a reported basis and was up 6.9% from a year ago in constant currency
• Non-GAAPoperating margin increased by 20 basis points from a year ago as we continued to realize the benefits of operational efficiency initiatives in our business
• On the bottom-line,non-GAAP diluted earnings per share of $1.57 was above the guidance range, mainly due to a lower than anticipated non-GAAP effective tax rate in the quarter
• Twelve-monthbacklog was a record-high $4.14 billion, up roughly 5% from a year ago despite some impact from a challenging macro and industry environment.

Slide 7: Third Fiscal Quarter Operational Highlights

Among the third quarter operational highlights, I am encouraged to report continued cloud-related sales momentum, as shown on slide 7. Following last quarter's wins with PLDT and two leading European operators, Amdocs was recently selected to support the cloud-strategies of Bell and TELUS in Canada, and Claro in Brazil.

• Additionally, we won new awards and deepened relationships with Verizon and Dish in North America, M1 and Telkomsel in Southeast Asia, and many others around the world as we focused on driving greater adoption of our broad product offering and capturing more share of wallet at our customers.
• Significant long-term growth potential also exists in managed services, which delivered another record quarter driven by expanded activities with long-standing customers like Globe in the Philippines, and contributions from new first-time logos signed earlier. Additionally, I am pleased to report growing signs of demand for our next-gen cloud operations as the latest, future-ready component of our managed services offering.

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• I'd also like to highlight media, where Amdocs Vubiquity extended its position as a trusted provider to the world's leading streaming services during Q3.
  o We continued to work closely with Disney to execute on their content strategy globally as we expand our engagement with them.
  o Amdocs' Vubiquity has also been selected by Lionsgate to support the technical enhancement of its iconic 18,000-plus film and TV title library, by performing quality assessment and content editing using industry leading automation, in addition to which Vubiquity's content and catalog services were recently chosen to support streaming services for Watch Brasil and VIDAA TV in the US.

Superb execution was another highlight of Q3 as we achieved a very high number of project milestones in support of digital transformation journeys at customers like AT&T, T-Mobile,Vodafone, and Three UK.

• Demonstrating Amdocs' capabilities, we recently surpassed the migration of more than 80 million prepaid subscribers to our newest highly robust and scalable system for XL Axiata in Indonesia.

Slide 8: Generative AI is a Company Priority

Moving to slide 8, I'd like to highlight a very important strategic priority to establishAmdocs as the telecom industry's leader in the rapidly emerging field of Generative AI.

• Earlier in Q3, we announced the launch of Amdocs amAIz, a cutting-edge enterprise-grade Generative AI framework which creates a foundation for global service providers to benefit from the immense potential of the Gen AI era
• Amdocs amAIz combines our carrier-grade architecture and telco-specificexpertise, with OpenAI and the industry's most advanced open-source technology and large-language models. The framework also empowers service providers to deploy generative AI use cases across the telecom ecosystem, from customer experience to network provisioning for consumer and enterprise customers.
• The Amdocs amAIz framework follows the expansion of our strategic partnership with Microsoft earlier this year and marks an important step towards capitalizing on market-leading generative AI capabilities, such as those resulting from this partnership.

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• Amdocs has also launched a company-wide program to accelerate the ways in which Gen AI can be harnessed internally to drive organizational agility, operational efficiency, and cost reduction. Spanning the software development lifecycle, our managed services activities and many corporate functions, the program has so far identified more than 80 Gen AI use cases, many of which are already in progress.

Slide 9: Progress in Strategic Domains (1/4)

Now, let me provide you with a progress update in respect to our strategic growth pillars which have driven a major expansion of our addressable market by ensuring we bring market-leading innovation to help our customers:

• • Accelerate the journey to the cloud
  • Create seamless digital experiences by transforming IT systems and operations for consumer and B2B
  • Launch and monetize new 5G services, and
  • Deliver dynamic connected experiences with real-time,automated networks
• Starting on slide 9 with cloud, the value potential of which service providers are still in the early stages of maximizing. For most, the cloud will be a multi-year journey that will require the proven capabilities of Amdocs, including our cloud-native product suite and our ability to simplify complexity by delivering an end-to-end, fully accountable migration path.
• As highlighted earlier, we signed cloud deals with multiple Tier 1 operators in the Americas this quarter.

1. First, Amdocs is supporting Bell Canada's digital transformation by moving on-premise, essential applications to the cloud.

1. Second, Amdocs is collaborating with TELUS in Canada to move on-premise applications to Google Cloud, helping TELUS be more flexible and cost efficient and unlock new business models.

1. Third, at CLARO Brazil we're moving on-premise infrastructure to the cloud, unlocking new opportunities in the consumer and enterprise market, and improving cost-effectiveness

1. Overall, we are pleased with the recent sales momentum in our cloud business, which we believe reflects the combination of our unique industry expertise, and our strategic cloud partnerships.

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Slide 10: Progress in Strategic Domains (2/4)

Moving to slide 10, service providers continue down a path of digital modernization to grow revenue, reduce cost and improve experience for consumer and B2B customers.

• • Marking a significant milestone in Vodafone Spain's multi-year digital transformation journey, Amdocs recently completed the successful modernization of customer engagement software for this operator, providing it with improved system stability, security, and performance while enabling the delivery of new and exciting services to Vodafone Spain's customers.
• Among other highlights this quarter:
• • Amdocs signed an agreement with Dish for a new SaaS-based billing presentment for Boost Infinite subscribers, providing an enhanced experience.
  • We successfully upgraded Swiss operator Sunrise's monetization capabilities, enabling them to sell and deliver a wide range of innovative products to their customers.
  • In South Africa, we strengthened our partnership with Melon Digital, a digitally-led mobile virtual network enabler, which has selected Amdocs' eSIM Cloud platform to provide its customers worldwide with eSIM capabilities on their primary and secondary devices
  • And in Southeast Asia, Amdocs successfully implemented an IoT connectivity management platform at Telkomsel in Indonesia, thereby enabling this operator to increase business agility and quickly launch new IoT services for consumer and enterprise customers.

Slide 11: Progress in Strategic Domains (3/4)

Turning to 5G monetization on slide 11, Amdocs continues to provide global service providers with the next generation solutions they will need to monetize and unlock the future market potential of true 5G standalone networks as they rollout over the next few years.

5G Fixed Wireless is one of the most powerful use cases to emerge from 5G, and we can now say T-Mobile selected Amdocs' Home Operating System to simplify internet and device management, and to automate customer support for its 5G home internet customers.

Additionally, we recently delivered a 5G-ready,next-generation charging solution for a major European operator to enable enhanced agility and time to market for innovative new products and services.

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