Transcripts
Amdocs Limited's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q2 FY2026 Earnings Call — Q2 FY2026
First full quarter under new CEO Shimie Hortig: the GenAI-native strategy and AOS commercialization, plus the CFO succession, against a steady-model backdrop. · Open the full transcript →
The new CEO's pivot: AOS, a GenAI-native operating system for telco, moves from launch to early commercial deals.
Shimie Hortig (President & CEO): At Mobile World Congress last quarter, we oficially launched AOS, Amdocs' GenAI-native operating system purpose built for telco. So far, we have received excellent feedback from the market
p. 7 · Read in context →
The leading indicator and the demand behind it: 12-month backlog $4.28B, with expansions at AT&T Cricket, Vodafone Spain and KT.
Shimie Hortig (President & CEO): Overall, we closed the quarter with a 12-month backlog of $4.28 billion up $30 million sequentially and 2.6% from a year ago. Beyond the already mentioned AOS wins, this quarter we secured several significant deals which demonstrate wide ranging demand for our products and services.
And the confidence customers have in Amdocs. slide 13 highlights many of these deal wins but here are a few examples. In AT&T Cricket Wireless, we signed an expanded multi year extension of our managed services agreement including dealer onboarding modernization to enhance partner experience and drive faster market expansion. In Vodafone Spain, We secured a 5-year agreement covering CRM and OSS modernization alongside long term support and enhancement services. And in South Korea, KT, has extended its multi year agreement with Amdocs to upgrade, modernize, and operate its charging system empowering faster service rollout, and advanced 5G monetization.
p. 8 · Read in context →
A second leadership change lands the same quarter: the long-serving CFO announces her retirement.
Tamar Rapaport-Dagim (CFO & COO, retiring): Thank you, Shimie, for your kind words, and hello to everybody on the call today. Amdocs indeed has been a family to me. But as Shimie said, I have decided to retire and finally take some time for myself.
p. 11 · Read in context →
Why the model is resilient: managed services held ~65% of revenue with high renewal rates.
Tamar Rapaport-Dagim (CFO & COO): managed services revenue of $759 million was up 1.6% from the prior year in the second fiscal quarter. As a share of total revenue, managed services accounted for roughly 65%, consistent with the last several quarters. Renewal rates remain typically high during Q2, underpinning our business resiliency as we signed expanded multiyear engagements, with multiple customers.
p. 12 · Read in context →
Pressed by Liani on what a sub-100-day CEO changes, Hortig frames the thesis as closing a gap between AI's potential and telco adoption.
Shimie Hortig (President & CEO); Tal Liani (Bank of America): As you know, as of today, there is a major gap between the technology and the potential and the actual adoption that we see among our customers in general in enterprise software and customers around the world. So we believe that Amdocs, with our deep knowledge on this industry, with our capability to transform organization to move through technological shifts position us as the best partner that can take them to this future.
p. 16 · Read in context →
Q1 FY2026 Earnings Call — Q1 FY2026
The pivotal call: CEO succession announced, a renewed T-Mobile mega-relationship, the Matrix acquisition, and the AOS platform unveiled. · Open the full transcript →
The quarter's headline win: a new multiyear T-Mobile agreement spanning managed services, development and AI.
Shuky Sheffer (President & CEO): First, I am proud to announce that we signed a new multiyear agreement with T-Mobile that includes managed services, software development, and AI innovation. Under the new agreement, T-Mobile and Amdocs will collaborate to support T-Mobile's growth strategy and business objectives.
p. 6 · Read in context →
How Amdocs buys growth: the $197M Matrix deal consolidates billing/charging and adds a tier-one customer base.
Shuky Sheffer (President & CEO): Additionally, I'm excited to report that we closed the acquisition of Matrix Software for $197 million in cash at the end of Q1. Based in California, Matrix is a strategic consolidation move which complements and extends our leading market position around the core of billing, monetization, and charging solutions. […] These customers include major tier-one service providers such as Verizon, Telus, Telefonica, Swisscom, Three, Virgin Media O2, and Telstra, as well as a growing list of many smaller field operators and MVNOs.
p. 7 · Read in context →
The succession is announced: Sheffer to retire March 31, 2026, with an internal successor stepping up.
Shuky Sheffer (President & CEO); Shimie Hortig (incoming President & CEO): This planned succession reflects the depth of talent within Amdocs' management team and ensures continuity in our strategic direction. […] I'm excited to lead Amdocs into the next chapter. During my career at Amdocs across different leadership roles, I've come to appreciate what makes Amdocs a leader: our people and culture, our customer trust, and our technology innovation. As we look ahead, Amdocs is well-positioned to combine emerging technologies with deep domain expertise to drive value to customers and shareholders.
p. 12 · Read in context →
Q4 & Full-Year FY2025 Earnings Call — Q4 FY2025
Sheffer's last full-year framing: the recurring managed-services model at record scale, cloud maturing as the first growth engine, and the deliberate GenAI investment bet. · Open the full transcript →
The strategy inflection: Amdocs accelerates GenAI spend and fast-tracks a 'cognitive core' platform on top of MAGE.
Shuky Sheffer (President & CEO): To fully capture this potential for Amdocs and for our customers, we are accelerating our generative AI investment, which we expect will open new pathways for future growth across our entire customer base irrespective of the BSS/OSS version. This includes fast-tracking the development of what we call a cognitive core, a nextgeneration platform built on the solid foundation of Amdocs MAGE.
p. 8 · Read in context →
Sizing the opportunity and the caveat: a ~$60B serviceable market, watched against macro/spending uncertainty.
Shuky Sheffer (President & CEO): With our unique tech-led and outcome-based accountability model, Amdocs is strongly positioned within our serviceable addressable market of nearly $60 billion to monetize the rich pipeline of opportunities across cloud, data network, and generative AI and data. That said, we are closely watching for any impact of the uncertain global macroeconomic environment on us and our customers' demand and spending behavior.
p. 9 · Read in context →
Land-and-expand plus recurring revenue: Charter grew into a top-10 account and managed services hit a record $3B, 66% of revenue.
Tamar Rapaport-Dagim (CFO & COO): A great example is Charter, with which we had limited business a decade ago but is now one of our top 10 customers. […] managed services revenue was a record $3 billion in fiscal 2025, up 3.1% from a year ago. Managed services as a share of overall revenue also reached a new high of 66% in fiscal 2025, further strengthening our business resilience as we maintained high renewal rates and expanded our customer activities under long-term agreements.
p. 11 · Read in context →
The growth-ceiling question, answered: cloud is now ~30% of revenue; breaking above 3% needs GenAI as a second engine.
Tal Liani (Bank of America); Shuky Sheffer (President & CEO): when you look out you say where you want to position the company, the CEO, a few years down the road, do you think that what you're doing today and your activity in cloud and your activity in GenAI could it change the growth profile of the company? Meaning, can you grow sustainably above the current three to 4% going into new markets and new times. […] The answer will be shorter than the question, but I think in the last couple of years, the main growth engine for Amdocs was the cloud. And in order for us to break this 3% and to go to a mid-single digit that we would like to be, we need more than one growth engine. As big as it is, you know, it's become already 30%. So, we really believe that the investments we do in this unique offering we are going to have more than one significant engine like cloud, and we believe that what we develop right now in GenAI would be another one.
p. 21 · Read in context →
Q4 & Full-Year FY2021 Earnings Call — Q4 FY2021
The clearest baseline of how the business works: backlog as a leading indicator, the recurring managed-services model, near-100% cash conversion, and the 5G/cloud demand thesis. · Open the full transcript →
The starting point: 7% constant-currency growth and a record $3.7B 12-month backlog four-plus years before the leadership handoff.
Shuky Sheffer (President & CEO): We delivered excellent pro forma revenue growth of 7% in constant currency in fiscal year 2021, driven by healthy customer activity across North America, Europe and rest of the world. Our sales momentum continued through the fourth quarter which ended up with a record 12-month backlog of $3.7 billion, up 10.5% from a year ago on a pro forma basis.
p. 6 · Read in context →
How to read Amdocs: the 12-month backlog runs ~80% of forward revenue, and managed services (~59%) supply the recurring base.
Tamar Rapaport-Dagim (CFO & COO): 12-month backlog has traditionally serves as a good leading indicator of our business, having consistently averaged around 80% of forward-looking 12 months revenue over the years. Q4 was also a healthy quarter for Managed Services, where revenue grew from a year ago, equating to roughly 59% of total revenue. Our multiyear managed services engagements underpin the resiliency of our business with recurring revenue streams, high renewal rates and expanded activities with existing customers, including into next-gen cloud operations.
p. 10 · Read in context →
The unit-economics anchor: over time, expect earnings to convert to cash roughly at par (~100%).
Maxwell Osnowitz (Stifel); Tamar Rapaport-Dagim (CFO & COO): So unfortunately, I have not found yet the patent to convert over time, more cash than earnings. And seriously, I think that over time, you should expect us to convert at par, meaning 100%.
p. 16 · Read in context →
Is the demand durable or COVID catch-up? Management ties it to multiyear 5G/cloud transformations in 'early innings'.
Tal Liani (Bank of America); Shuky Sheffer (President & CEO): The growth acceleration we're seeing this year, we're seeing growth acceleration across companies who sell to carriers and cloud and I want to understand the longevity, the sustainability of the growth acceleration, meaning can you discuss whether this is – these are just projects that maybe were on hold during COVID or anything that was delayed and now being deployed versus projects who are starting on long-term cyclings you have done and translate into long-term growth? […] Definitely, these megatrends are here to stay for several years. And by the way, all these projects are like a multiyear projects. I mean to transform companies in the size of T-Mobile, AT&T, Vodafone, it takes years.
p. 17 · Read in context →
More calls
Q3 FY2025 Earnings Call — Q3 FY2025 · 22 pages · The last pre-succession quarter under Sheffer, tracking the ramp of GenAI proof-of-concepts toward commercial deals. · Open →
Q2 FY2025 Earnings Call — Q2 FY2025 · 21 pages · Mid-year FY2025 detail on managed-services renewals and the phase-out of low-margin non-core activity that lifted margins. · Open →
Q1 FY2025 Earnings Call — Q1 FY2025 · 24 pages · Where the FY2025 guidance framework and early GenAI/cloud momentum were first laid out. · Open →
Q4 & Full-Year FY2024 Earnings Call — Q4 FY2024 · 29 pages · The FY2024 wrap and original FY2025 targets, plus the reshaping toward higher-margin core business. · Open →
Q3 FY2023 Earnings Call — Q3 FY2023 · 24 pages · Early framing of the generative-AI opportunity and the MAGE/data platform in the telco context. · Open →
Q1 FY2022 Earnings Call — Q1 FY2022 · 31 pages · A clean early-window explanation of the cloud/5G transformation cycle and the managed-services mix. · Open →
Q3 FY2021 Earnings Call — Q3 FY2021 · 30 pages · The earliest call in the set, on the post-pandemic acceleration and the 5G/cloud/digital growth pillars. · Open →