Prepared Remarks: Q4 2022 Amdocs Earnings Conference Call

AMDOCS Q4 2022 CONFERENCE CALL SCRIPT

November 8, 2022

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 fourth quarter and full year fiscal 2022 and will update you on the continued progress we have made executing against our strategic growth framework.

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

As a reminder, our comments today will refer to certain financial metrics on a pro forma basis where applicable to provide you with a sense of the underlying business trends excluding the financial impact of OpenMarket, which we divested on December 31st, 2020.

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

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Slide 5: Shuky Sheffer

Shuky Sheffer, Chief Executive Officer

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

Slide 6: A Huge Thank You to our Employees

Let me begin by saying how extremely proud I am of Amdocs' achievements in fiscal 2022, which in many respects was a landmark year for the company.

With our industry-leading portfolio of technology and services, and global reach, we delivered on our objective to sustain accelerated and profitable revenue growth, and we did so while playing a major role in serving the mission critical needs and strategic requirements of the global communications and media industry, which has without question become even more the backbone of society post the global pandemic.

Of course, none of this would be possible without the dedication and commitment of our global and diverse base of more than 30,000 talented employees, to whom I wish to extend my huge gratitude for making fiscal 2022 an amazing year by providing market-leadinginnovation and exceptional service to our customers.

Slide 7: Record Annual Financial Performance

Turning to slide 7, we wrapped up a strong fiscal 2022 financial performance with solid Q4 results that were in line with our guidance, despite persistent foreign currency headwinds and inflationary pressures throughout the quarter.

Recapping the full year highlights:

• Record revenue of approximately $4.57 billion increased 10.3% on a pro forma constant currency basis and was consistent with the high-end of our outlook for 6% to 10% growth as provided at the start of the fiscal year.
• Reflecting healthy sales momentum, we finished fiscal 2022 with record-high 12-month backlog of $3.97 billion, up approximately 8% from a year ago, and
• We achieved record non-GAAP diluted earnings per share of $5.30, up 12.1% on a pro forma basis as we delivered on our targets for accelerated and profitable topline growth.
• To further add, our earnings to cash conversion exceeded 100% in fiscal 2022, resulting in better-than-expected normalized free cash flow of $665 million, of which we returned more than 100% to shareholders via share repurchases and dividends.

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Slide 8: FY2022 Operational Highlights

To provide additional color in respect to Amdocs' full year financial performance, all three of our core operating regions grew revenue on a pro forma constant currency basis in fiscal 2022, as shown on slide 8.

This broad-based growth across geographies demonstrates that our strategy to bring product and services innovation across 5G monetization, cloud, network automation and digital is highly relevant and well aligned with the needs of our customers worldwide.

• For instance, North America delivered a record year, driven by 5G and cloud transformation projects. In addition to AT&T and T-Mobile, revenue grew across the broader North American region as we continued to expand activities with many customers such as Comcast, Charter, Dish, Verizon, Bell Canada, and Rogers.
• Our efforts to further expand in Europe and Rest of World were also apparent in fiscal 2022. We won important strategic awards with longstanding customers like Vodafone, A1 Telekom, Globe, PLDT, and XL Axiata, and new logoslike PPF Group, Vodacom, and Azercell, which altogether demonstrate Amdocs' impressive global reach.

Fiscal 2022 was also a year in which we solidified our unrivalled reputation for execution.

• Driven by our consistent focus on operational excellence, we achieved a record number of project milestone deployments in the fourth quarter and full year fiscal 2022, including major go-lives in Q4 at Verizon, Three UK, Vivo and XL Axiata to name a few.

As to our growth investments, we accelerated R&D in fiscal 2022 to further extend our technological leadership, as recognized by various industry analysts throughout the year. Moreover, we now have dozens of accounts using the latest versions of our cloud- native CES suite, which I believe is a testament to the rapid cadence and industry- leading capabilities of our platform.

Additionally, we remain committed to M&A as a lever to accelerate our growth strategy by augmenting our R&D investments.

• During fiscal 2022, we accelerated the post-merger integration of DevOpsGroup to strengthen our cloud consulting expertise, and we acquired Roam Digital to expand our digital experience capabilities.

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• We also initiated a move to add service assurance to our network automation portfolio with the planned acquisition of MYCOM OSI, which subject to certain regulatory approvals, we expect to close before the end of fiscal Q1.

Slide 9: Committed to Making a Positive Impact

Turning to slide 9, let me also say a quick word about Amdocs's approach to corporate social responsibility which is tightly interwoven with Amdocs' business strategy.

Since Amdocs is crucial to empowering our increasingly connected world, I believe we have an obligation to provide sustainable products that help our customers to advance the interests of the environment while also taking responsibility to enable digital inclusion wherever we can.

A great example is our work with Winity Telecom, which is rolling-out 4G and 5G networks across remote communities in Brazil, bringing connectivity to more than 600 small municipalities and public schools to help close the gap in the digital divide.

Slide 10: Progress in Strategic Domains

Now, let me update you on our framework for strategic growth, the key pillars of which are shown on slide 10.

As a reminder, our growth strategy is clear and simple: enable our customers to drive growth, improve cost-efficiency and provide an amazing experience to consumers and enterprises by bringing market-leadinginnovation in respect to:

1. End-to-endcloud platforms and services

1. Creating seamless digital experiences by transforming IT operations o Monetizing new 5G services, and
   o Delivering dynamic connected experiences with real-time,automated networks

During Q4, we made additional progress executing against each of these growth pillars.

Beginning with cloud:

• I am delighted to announced that AT&T Mexicohas selected us to migrate its Amdocs systems from on-premises to the cloud.
• This five-year agreement will enable AT&T Mexicoto quickly adopt the latest 5G innovations, facilitate new business models and allow unmatched flexibility and capacity by ensuring the right IT service infrastructure to support its network evolution and growing business needs.

Additionally, I am proud to say that Amdocs is working with Rogers to move existing Amdocs services and applications to Rogers' private cloud.

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Moving next to digital transformation, we have expanded our work with T-Mobileas they implemented Amdocs' AI and Data Platform on the cloud to unlock business insights for an improved customer experience.

• Additionally, we signed a multi-year strategic managed services agreement with Telefonica Hispanoamerica to deploy new BSS and cloud-native OSS modules on the public cloud for Telefonica's entities in Argentina, Chile and Peru, enabling cost reduction, faster time to market for new services, advanced digital capabilities and an improved customer experience.
• I am also happy to announce our first digital transformation engagement with Azercell, an Azerbaijan-based operator. Amdocs will modernize Azercell's BSS and OSS infrastructure with a cloud-native platform to improve time-to-market for new products and services while increasing efficiency by digitizing and streamlining processes.

Moving on to 5G monetization, at Verizon we recently went into production with Amdocs' CatalogONE, our cloud-native platform designed to rapidly create and launch new 5G service offerings.

Earlier in Q4, we also launched our next-generation Amdocs Charging, which combines the industry-leading charging and BSS capabilities of both Amdocs and Openet to support rapid time to market and the monetization of innovative new services across standalone 5G networks and beyond. Leading service providers, including two tier-one operators in North America, are already using Amdocs Charging, and we are busy working with many others as they explore ways to make a return on their 5G investments.

To learn more about the significant market potential of future 5G use cases, we invite you to join us for a webinar on December 12 where we will share global perspectives and insights highlighting 5G's growing contribution to innovative services, the potential economic impact across industries, as well as real-world examples Illustrating Amdocs' critical role in bringing 5G to life.

Switching to network automation, we have continued to broaden and strengthen our relationship with SES, a leading operator of multi-orbit satellites to deliver enhanced forms of connectivity. Amdocs recently signed an important new managed services agreement with SES under which we will provide anomaly detection, monitoring, diagnostics, and remediation across SES's new satellite communications system.

• Amdocs is also seeing increased customer demand for private enterprise networks as society becomes more reliant on ubiquitous connectivity. As an example, Amdocs is now working with EAF, a new Brazilian communications service provider, to build a private network for the Brazilian government.

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