• Revenue of $1.14 Billion, down 8.4% YoY as Reported and up 3.5% YoY in Pro Forma(1) Constant Currency(2)
• 12-Month Backlog of $4.15 Billion, up 3.0% YoY on a Pro Forma (1) Basis
• Expects Fiscal 2025 Revenue Outlook of (10.0)%-(9.0)% YoY as Reported and 2.4%-3.4% YoY in Pro Forma(1) Constant Currency (2)
• Reiterates Fiscal 2025 Target for Double-Digit Total Shareholder Returns (3)
• Third Quarter Fiscal 2025 Highlights

(All comparisons are against the prior year)

• Revenue of $1,144 million, down 8.4% as reported due to the phase out of certain business activities, and up 3.5% in pro forma(1) constant currency(2); revenue was above the midpoint of the $1,110-$1,150 million guidance range, even after adjusting for a positive impact from foreign currency movements of approximately $9 million compared to our guidance assumptions
• Record revenue of $189 million in Europe, up 7.7% as compared to last year's third quarter
• Record managed services revenue of $771 million, equivalent to approximately 67% of total revenue and up 4.1% as compared to last year's third quarter
• GAAP diluted EPS of $1.39, above the guidance range of $1.30-$1.38
• Non-GAAP diluted EPS of $1.72, above the midpoint of the guidance range of $1.68-$1.74
• GAAP operating income of $202 million; GAAP operating margin of 17.7%, up 360 basis points as compared to last year's third fiscal quarter, reflecting the phase out of certain non-core business activities, restructuring charges recorded in last year's third quarter, and a continued focus on operational excellence; GAAP operating margin was up 20 basis points sequentially
• Non-GAAP operating income of $245 million; non-GAAP operating margin of 21.4%, up 280 basis points as compared to last year's third fiscal quarter, reflecting the phase out of certain non-core business activities and a continued focus on operational excellence, and up 10 basis points sequentially
• Free cash flow of $212 million, comprised of cash flow from operations of $241 million, less $29 million in net capital expenditures(4), including $19 million of restructuring payments
• Repurchased $135 million of ordinary shares during the third fiscal quarter
• Twelve-month backlog of $4.15 billion, up 3.0%(1) as compared to last year's third fiscal quarter adjusting for the phase out of certain business activities; twelve-month backlog was down by approximately $20 million sequentially

_{(1) For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and the full fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook
(2) Revenue on a constant currency basis assumes exchange rates in the current period were unchanged from the prior period
(3) Expected total shareholder return assumes midpoint of fiscal year 2025 non-GAAP EPS growth outlook, plus dividend yield
(4) Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding)}

Jersey City, New Jersey – Amdocs Limited (NASDAQ:DOX), a leading provider of software and services to communications and media companies, today reported operating results for the three months ended June 30, 2025.

"Amdocs achieved solid financial results and important business milestones in Q3 as we continued to support the strategic business imperatives of our customers with our innovative cloud, digital and AI-based solutions. Revenue of $1.14 billion exceeded the midpoint of our guidance, led by sequential growth in all regions and a record quarter in Europe where we continue to strengthen our customer partnerships. In the UK, BT has recently awarded Amdocs a digital transformation project, starting date to be finalized, that will enhance their consumer customer experience as part of a multi-year managed services engagement. Amdocs has also been selected by Elisa in Finland for a digital B2B modernization on Google Cloud. Additionally, we are encouraged to have won several strategic GenAI-related deals, providing Amdocs with a foundation on which to showcase our value and to gradually scale in this emerging domain. These deals include a leading service provider in the US which has signed an expanded multi-year agreement to transform its billing, commerce, and order management through GenAI powered solutions," said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.

"With our unique delivery capabilities, we achieved a near record number of project milestones this quarter, including a successful cloud migration for Bell Canada and the go-live of a B2B platform deployment for Optus in Australia. We also achieved another record performance in managed services, which contributed $771 million, or roughly 67%, to total revenue in Q3. Demonstrating our proven ability to deliver consistent customer value, renewal rates in managed services remain high, evidenced by the expanded multi-year agreement we have signed, including modernization, with a leading US service provider, and the recent award with BT in the UK," said Tamar Rapaport-Dagim, chief financial officer & chief operating officer of Amdocs Management Limited.

Sheffer concluded, "Entering Q4, we are encouraged by a rich pipeline of opportunities across our large, serviceable addressable market. Our 12-month backlog is healthy, and we expect to meet our double-digit growth target in cloud this year. That said, we are closely watching for any impacts of the uncertain macroeconomic environment on us and our customers' spending behavior. Overall, for the full fiscal year 2025, we now expect slightly better revenue growth of roughly 2.9% in pro forma constant currency, assuming the midpoint of our improved range. We are also on track to deliver double-digit expected total shareholder returns(3) for the fifth consecutive year, supported by enhanced profitability and robust earnings to cash conversion."

Revenue

(All comparisons are against the prior year period)

• Revenue for the third fiscal quarter of 2025 was above the midpoint of Amdocs' guidance, even after adjusting for a positive impact from foreign currency movements of approximately $9 million relative to our guidance assumptions
• Revenue for the third fiscal quarter includes a positive impact from foreign currency movements of approximately $6 million relative to the third quarter of fiscal 2024 and a positive impact from foreign currency movements of approximately $13 million relative to the second quarter of fiscal 2025

Net Income and Earnings Per Share

• Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition related liabilities measured at fair value, equity-based compensation expenses, restructuring charges, and other, net of related tax effects. For further details of the reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below.

Capital Allocation

• Quarterly Cash Dividend Program: On August 6, 2025, the Board approved the Company's next quarterly cash dividend payment of $0.527 per share, and set September 30, 2025 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on October 31, 2025
• Share Repurchase Activity: Repurchased $135 million of ordinary shares during the third quarter of fiscal 2025

Twelve-month Backlog
Twelve-month backlog was $4.15 billion at the end of the third quarter of fiscal 2025. On a pro forma(1) basis, adjusting the comparable period for the phase out of certain business activities, twelve-month backlog was up approximately 3.0% as compared to last year's third fiscal quarter. Twelve-month backlog includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities.

• Fourth quarter revenue guidance assumes a positive $4 million sequential impact from foreign currency fluctuations as compared to the third quarter of fiscal 2025
• Fourth quarter non-GAAP diluted EPS guidance excludes primarily equity-based compensation expense of approximately $0.21-$0.23 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.12 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects
• GAAP diluted EPS guidance does not include the impact of future restructuring charges

• Revenue growth on a pro forma(1), constant currency(2) basis adjusts fiscal 2024 revenue by approximately $600 million to reflect the end of several low-margin, non-core business activities, including certain low-margin software and hardware partner activities, Vubiquity's transactional video on demand business and non-core subscription services; these activities substantially already ceased in the first quarter of fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook
• Full year fiscal 2025 revenue guidance incorporates an expected negative impact from foreign currency fluctuations of approximately 0.1% year-over-year, as compared with a negative impact of approximately 0.5% year-over-year previously, and includes some inorganic contribution
• Non-GAAP diluted earnings per share growth excludes primarily equity-based compensation expense of approximately $0.84-$0.86 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.47 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects
• GAAP diluted EPS guidance does not include the impact of future restructuring charges
• Non-GAAP operating margin is anticipated to be within a range of 21.1% to 21.7% for the full year fiscal 2025
• Non-GAAP operating margin is comprised of GAAP operating margin, excluding amortization of purchased intangible assets and other, equity-based compensation expense, restructuring charges, and changes in certain acquisitions related liabilities measured at fair value
• Non-GAAP effective tax rate is anticipated to be within a range of 15% to 17% for the full year fiscal 2025
• Reiterates full year fiscal 2025 free cash flow(4) outlook of $710 million to $730 million; free cash flow(4) is comprised of cash flow from operations, less net capital expenditures, and excludes payments related to restructuring charges

The forward-looking statements regarding our fourth fiscal quarter 2025 and full year fiscal 2025 guidance take into consideration the Company's current expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, we note that market dynamics continue to shift rapidly and we cannot predict all possible outcomes, including those resulting from certain geopolitical events, the current inflationary environment, changes to trade policies including tariffs and trade restrictions and the resulting impact on economic activities (as our outlook assumes current economic conditions do not deteriorate significantly due to trade policy or other macro factors), global or regional events, and the prevailing level of macro-economic, business and operational uncertainty, which have created, and continue to create, a significant amount of uncertainty, or from current and potential customer consolidation or their other strategic corporate activities.

Conference Call and Earnings Webcast Presentation Details
Amdocs will host a conference call and earnings webcast presentation on August 6, 2025 at 5:00 p.m. Eastern Time to discuss the Company's third quarter of fiscal 2025 results. To participate in the call, please register here to receive the dial-in numbers and unique access PIN. The conference call and webcast will also be carried live on the Internet and may be accessed via the Amdocs website at https://investors.amdocs.com. Presentation slides will be available shortly before the webcast.

Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, revenue on a constant currency(2) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth. These other non-GAAP measures exclude the following items:

• 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 the above.

Free cash flow equals cash generated by operating activities less net capital expenditures. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs' results of operations in conjunction with the corresponding GAAP measures.

Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow(4), revenue on a constant currency(2) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

For its internal budgeting process and in monitoring the results of the business, Amdocs' management uses financial statements that do not include 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 related tax effects. Amdocs' management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.

Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, interest and other expenses, net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.