EX-99.2 3 d408364dex992.htm EX-99.2

Exhibit 99.2 Fiscal Q4 2022 Earnings Presentation November 8, 2022 Shuky Sheffer President & CEO Tamar Rapaport-Dagim CFO & COO

The information contained herein in this presentation or delivered or to be delivered to you during this presentation does not constitute an offer, expressed or implied, or a recommendation to do any transaction in Amdocs Limited securities or in any securities of its affiliates or subsidiaries. This presentation and the comments made by members of Amdocs management in conjunction with it include information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macro-economic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other global or regional events such as the COVID-19 pandemic, as well as the current inflationary environment, and the effects of these conditions on the company’s clients’ businesses and levels of business activity, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2021 filed on December 9, 2021, and our Form 6-K furnished for the first quarter of fiscal 2022 on February 14, 2022, for the second quarter of fiscal 2022 on May 24, 2022, and for the third quarter of fiscal 2022 on August 15, 2022. This presentation includes non-GAAP financial measures, including non-GAAP operating margin, free cash flow, normalized free cash flow, revenue on a constant currency basis, non-GAAP net income and non-GAAP earnings per share. Free cash flow equals cash generated by operating activities less net capital expenditures and other. Normalized free cash flow, a measure of our operating performance, is further adjusted to exclude net capital expenditures related to the new campus development, payments for non-recurring and unusual charges (such as capital gains tax to be paid in relation to the divestiture of OpenMarket), and payments of acquisition related liabilities. 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. Please refer to the appendix for a reconciliation of these metrics to the most comparable GAAP provision. This presentation also includes pro forma metrics which exclude the financial impact of OpenMarket (divested on December 31, 2020) from fiscal year 2021. Please also review the information contained in Amdocs’ press release dated November 8, 2022 with respect to earnings for fiscal Q4 2022. The press release contains additional information regarding Amdocs’ outlook for fiscal year 2023 and certain non-GAAP metrics and their reconciliations. Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 2

Today’s Speakers Shuky Tamar Sheffer Rapaport-Dagim President & Chief Financial Officer & Chief Executive Officer Chief Operating Officer IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 20 2022 22 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 3

Earnings call agenda Strategy & Business Performance Update 1 Shuky Sheffer, President & Chief Executive Officer Financial Review & FY2023 Outlook 2 Tamar Rapaport-Dagim, Chief Financial Officer & Chief Operating Officer Q&A 3 Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 4

President & Chief Executive Officer Strategy and Business Performance Update IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 20 2022 22 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 5

FY22: landmark year for the company We delivered accelerated and profitable growth while playing a major role in serving the mission-critical needs and strategic requirements of the global communications and media industry None of this would have been possible without the dedication and commitment of our globally diverse and talented employees IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 20 2022 22 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 6 6

Record annual financial performance Strong fiscal 2022 financial performance with solid Q4 results, in line with our guidance, despite FX headwinds throughout the quarter (3) (3) 12-month backlog Non-GAAP EPS Revenue Free cash flow Record $4,577m Record $3.97B Record $5.30 $665m 102% earning to (1)(2) (1)(3) Up 10.3% YoY Up 7.6% YoY Up 12.1% YoY cash conversion Consistent with the Reflecting healthy Supported by >100% returned to high-end of our outlook sales momentum Accelerated shareholders via share Hi (1)(2) of 6-10% provided and profitable repurchases and at the start of the year growth dividends 1. Pro forma. excludes the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 3. Non-GAAP. See reconciliation tables in appendix IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 20 2022 22 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 7 7

FY22 Operational Highlights (1)(2) Growth in all 3 Technological Unrivalled execution operating regions leadership Record year in North America: Record R&D spend (i) Progressing on major transformation >30 accounts on latest CES 20+ suite projects Rapid cadence Microservices based (ii) Extended activities with many customers Cloud native, cloud agnostic FY 2020 FY 2021 FY 2022 Recognized by industry analysts Major project go-lives in Q4 Further expanded in Europe and Added capabilities though strategic M&A RoW; won strategic awards Strengthened cloud consulting expertise Longstanding Customers New Enterprise B2B and B2C Digital Migration to catalog transformation Amdocs CES Expanded digital experience capabilities Assurance capabilities to Digital network automation Transformation transformation portfolio; expected to close by end of FY Q1 1. Pro forma. excludes the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 8

Committed to making a positive impact 1 example out of dozens CSR activities Corporate social responsibility is tightly interwoven with our Enable the rollout of Winity’s 4G and 5G networks across remote strategic business focus communities in Brazil at Amdocs and bringing connectivity to more will continue to be so than 600 small municipalities in fiscal 2023 and beyond to help close the gap in the digital divide IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 20 2022 22 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 9

Progress in Strategic Domains Enable our customers to drive growth, improve cost-efficiency and provide an amazing experience to consumers and enterprises business value wins Migrate Amdocs systems from Enable quick adoption of latest 5G innovations, provide Cloud on-premises to the cloud flexibility & capacity growth, facilitating new business models as Mexico AT&T Mexico’s network evolves Move Amdocs services and End to end cloud applications to Rogers' private Provide flexibility & capacity growth platforms and services cloud Implement Amdocs’ AI and Unlock business insights for improved customer experience Digital transformation Data Platform on the cloud Creating seamless digital Reduce costs & deliver faster time to market for new services, BSS and cloud-native OSS Hispanoamerica modules on the public cloud advanced digital capabilities & an improved customer experience experiences by transforming (Argentina, Chile, Peru) IT operations Modernize BSS and OSS Improve time-to-market for new products and services while infrastructure with a cloud- increasing efficiency by digitizing and streamlining processes native platform Deployment of CatalogONE, Designed to rapidly create and launch new 5G service offerings 5G monetization cloud-native platform 2 tier-one operators Enable rapid time to market and the monetization of innovative new Monetization of new 5G services Amdocs Charging in North America services and use cases across standalone 5G networks and beyond Managed services Optimize experience for SES’s customers Network automation (O3b mPOWER satellite constellation) (Multi-orbit satellites operator) Delivering dynamic connected experiences with real-time, Build a private network for the Enable secure adoption of latest 5G innovations Brazilian government automated networks Preferred Fulfillment Partner of the Year award Media Digital content agreement for Provide subscribers with personalized content experiences Positive customer FiberTV viewers Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 10 momentum at Vubiquity

FY23 Outlook: Expect revenue growth in line with (1) our 6%-10% long term target While Amdocs and our global customers are not immune to macroeconomic cycles, we are confident in our unique and relatively resilient business model: Highly recurring revenue Rich pipeline of Supporting mission- with multi-year opportunities as a key critical systems engagements technology enabler As trusted long-term partner, we remain committed to helping our customers address the complex Improved macro-economic situation; Accelerated Increased customer cost reduction efficiency We bring highly relevant capabilities experience in digital, cloud and automation 1. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 2022 2022 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 11 11

FY23 Outlook: Expect revenue growth in all operating regions with improved profitability and robust cash flow generation A B YoY growth % margin Non-GAAP Consistent with our long-term guidance (1) − Revenue EBIT Driven by growth across all operating − (2) compared to FY22 Margin regions with Europe and Rest of World accelerate as recent awards continue to ramp-up C D earning to cash flow YoY growth Free cash Non-GAAP , in line with Driven by growth and improved (2) (2) profitability flow EPS historical performance Majority of which we plan to return to shareholders We are positioned to deliver double-digit expected total (3) shareholder returns for the third straight year in 2023 1. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 2. Non-GAAP. See reconciliation tables in appendix IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 20 2022 22 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 12 12 3. Expected total shareholder return assumes Non-GAAP EPS growth plus dividend yield (based on fiscal year end closing share price); FY2023E assumed midpoint of pro forma non-GAAP EPS outlook, and dividend yield based on proposed new quarterly rate of $0.435 as of share price on 11/8/22

Chief Financial Officer & Chief Operating Officer Financial Update & Outlook IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 0 0 – – P Pu ub blliic c. . © © 2022 2022 – – P Pr rop opr riie et ta ar ry y & & Con Conf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 13 13

Q4 2022 Results Q4 2022 Revenue vs. Guidance $ Millions Q4 Revenue Despite $9M foreign currency $1,167 million headwind vs guidance (2) +7.3% YoY, +9.5% constant currency Slightly above guidance midpoint $1,167 $1,165 ($1,145M - $1,185M) (3) Q4 Non-GAAP Operating Margin Original Q4F22 Q4F22A Guidance (midpoint) 17.6%, +10bps YoY Above midpoint of annual target revenue, +7.3% YoY as reported range of 17.2% - 17.8%, and (2) Q4 2022 Revenue by Region and YoY constant currency stable QoQ $ Millions quarter in North America Q4 GAAP Diluted EPS non-GAAP operating margin $1.05 Rest of World while accelerating R&D investments ~$226 Higher-end of guidance ($0.98 - $1.06) North Europe America ~$146 (3) ~$794 Q4 Non-GAAP Diluted EPS 1. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. $1.29 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Midpoint of guidance 3. Non-GAAP. See reconciliation tables in appendix ($1.26 - $1.32) Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 14 14 Confidential Information of Amdocs

Revenue Growth (2) Very strong growth in Y/Y% growth constant currency North America, both at (1) (2) FY2021 & FY2022 are pro forma constant currency top two customers and 10.3% the broader region Initial guidance 7.0% midpoint (1)(2) Europe grew on ~8% YoY ramp-up of new project activities (1)(2) (1)(2) FY2021 FY2022 revenue, +6.7% YoY as reported and Growth in Southeast Asia (1) (2) pro forma constant currency and Latin America (3) non-GAAP operating margin: (3) Non-GAAP EPS Y/Y % Growth (1) FY2021 & FY2022 are pro forma 6 of top 10 customers (3) 12.1% non-GAAP diluted EPS: Initial located outside North (1) 9.8% pro forma guidance America in FY2022 midpoint ~10% YoY Number of countries with over $40M annual 1. Pro forma metrics exclude the financial impact of OpenMarket (which was divested revenue has almost on December 31, 2020) from fiscal year 2021. FY2021 FY2022 2. Constant currency. Assumes exchange rates in the current period were doubled in the last unchanged from the prior period decade 3. Non-GAAP. See reconciliation tables in appendix Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 15 15 Confidential Information of Amdocs

12-Month Backlog Record Quarterly 12-Month Backlog in Q4F22 12-month backlog growth has accelerated $ Billions $3.97 $3.95 year-over-year over the past several quarters $3.89 $3.83 Record-high level as of $3.69 September 30, 2022 (1)~ +7.6% (1) YoY $3.59 ~ +7.6% YoY, +$20M QoQ (1) (1) Q3F21 Q4F21 Q1F22 Q2F22 Q3F22 Q4F22 Leading Indicator 12-month backlog includes: • Anticipated revenue related to contracts • Estimated revenue from managed services contracts 12-month backlog • Letters of intent typically covers ~80% of • Maintenance forward 12-month revenue• Estimated ongoing support activities Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 16 16 Confidential Information of Amdocs

Managed Services Revenue: Q4 2022 $ Millions Managed services arrangements support Managed Services business model $715 resiliency with highly $638 recurring revenue streams, multi-year ~ +12% engagements and YoY high renewal rates, and may also include ~ +12.1% YoY large-scale digital Q4F21 Q4F22 ~61% of total revenue transformation projects Expanded managed services agreement, providing ongoing support for Charter’s growth of Spectrum mobile. Multi-year agreement to deploy new BSS and cloud-native OSS modules on public cloud in managed Close to Argentina, Chile and Peru services contract renewals 100% Multi-year agreement provides anomaly detection, monitoring, diagnostics, and remediation across SES’s new satellite communications system. Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 17 17 Confidential Information of Amdocs

(2) DSO’s Q4 2022 Free cash flow bridge Reported FCF vs. Normalized FCF, $ Millions 74 days +1 days YoY and -8 days QoQ $217 $82 DSO’s may fluctuate from quarter to quarter $176 $135 Deferred revenue > unbilled $41 -$7 million YoY Deferred revenue: -$23M YoY Unbilled receivables: -$16M YoY Items fluctuate from quarter to quarter in line with normal business activities. Cashflow Net capex Reported FCF Israel Normalized from Campus & FCF Operations Other (2) Normalized free cash flow of *Figures may not sum due to rounding in FY2022, guidance of $650 million Cash, Credit Facility & Debt Position Liquidity: Cash + Credit Facility $ Millions, as of September 30, 2022 $1.3 billion liquidity to support ongoing business needs while retaining the Credit $500 Facility Ample liquidity including available capacity to fund future strategic $500M revolving credit facility growth investments ~$818 Cash $650 Baa2 BBB Moody’s S&P 1. $650M senior note, maturing June 2030 Remain committed to maintaining 2. Non-GAAP. See reconciliation tables in appendix (1) $0 Liquidity Debt our Investment grade credit rating Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 18 18 Confidential Information of Amdocs

Q4 2022 Cash Returned to Shareholders Dividend Growth $ Millions Board authorized new quarterly dividend payment: Dividends, $48 43.5 cents, +10% New payment subject to shareholder Share approval at Amdocs annual meeting in repurchases, January 2023 $108 As of September 30, roughly $0.5B of share repurchase authorization capacity remained (1) free cash flow (FCF) (1) outlook of in FY2023, equating to Normalized FCF : Three-year historical trend and FY2023E outlook ~100% cash conversion 140% 102% 100% (1) 88% (2) % Normalized FCF / free cash flow yield 100% (1) Non-GAAP Net Income FY2023E 104% 100% Expects to return the of free 99% guidance: % of Normalized FCF cash flow to shareholders in FY2023 return Returned to Shareholders majority $869 (1) Normalized FCF ($M) $700 $665 $527 1. Non-GAAP. See appendix tables for reconciliation of normalized FCF 2. Yield = expected reported free cash flow of $700M in FY2023 as a (3) percentage of Amdocs’ market capitalization as of November 8, 2022 FY2020 FY2021 FY2022 FY2023E 3. Expected FY2023 FCF on a reported basis; normalized FCF disclosure to be (Guidance) discontinued Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 19 19 Confidential Information of Amdocs

Revenue Growth (4) YoY% Growth Constant Currency (1) (4) FY21 and FY22 revenue is pro forma constant currency 10.0% 10.3% Expect midpoint of 7.0% ~6%-10% YoY guidance 4.1% 6.0% 2.4% (1)(4) (4) (1)(4) (4) Revenue growth of in FY2023E, FY2019 FY2020 FY2021 FY2022 FY2023E (5) including from MYCOM OSI Non-GAAP operating margin target to (3) Total Shareholder Return new and improved range of (2) Non-GAAP Diluted EPS Growth YoY % + Dividend Yield (1) FY21 and FY22 non-GAAP EPS growth is presented pro forma Targeting expected total ~12%* 14.1% shareholder returns for the year running 11.7% 12.0% Expect midpoint of 8.6% 12.1% 1. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. ~8%-12% YoY 9.8% 5.3% guidance 2. Non-GAAP. See reconciliation tables in appendix 8.0% 6.9% 3. Expected total shareholder return assumes Non-GAAP EPS growth plus 3.0% dividend yield (based on fiscal year end closing share price); FY2023E assumed midpoint of pro forma non-GAAP EPS outlook, and dividend yield based on proposed new quarterly rate of $0.435 as of share price on 3.0% ~2.0% 1.9% 1.7% 2.0% 2.3% 11/8/22 (1) (1) 4. Constant currency. Assumes exchange rates in the current period were FY2019 FY2020 FY2021 FY2022 FY2023E unchanged from the prior period Non-GAAP Diluted EPS Growth Dividend Yield Total Shareholder Return 5. Subject to certain regulatory approvals the acquisition is expected to close before the end of the first quarter fiscal 2023 Information Security Level 0– Public© 2022 – Proprietary & *Non-GAAP EPS growth of 10%, plus ~2% dividend yield Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 20 20 Confidential Information of Amdocs

Q&A Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 21 21

Q1 Fiscal 2023 Outlook $1,155 - $1,195 million Revenue GAAP EPS $1.00 - $1.08 (1) Non-GAAP EPS $1.29 - $1.35 Share Count 122 million Above high-end of annual Effective Tax Rate (1) Non-GAAP target range of 13%-17% Full Year Fiscal 2023 Outlook Firmly positioned to deliver Revenue growth 4.0% - 8.0% double-digit total As reported shareholder returns for the Revenue growth 6.0% - 10.0% (2) Constant currency third year running GAAP EPS growth 3.0% - 10.0% (1) Non-GAAP EPS growth 8.0% - 12.0% Operating Margin 1. Non-GAAP. See reconciliation tables in appendix 17.5%-18.1% (1) Non-GAAP 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Effective Tax Rate 13.0%-17.0% (1) Non-GAAP (1) Free cash flow $700 million Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 23 23 Confidential Information of Amdocs

Appendix Reconciliation Tables Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 24 24

AMDOCS LIMITED Selected Financial Metrics (In thousands, except per share data) Three months ended Fiscal year ended September 30, September 30, (a) 2022 2021 2022 2021 Revenue $ 1,166,504 $ 1,087,309 $ 4,576,697 $ 4,288,640 Non-GAAP operating income 205,337 190,195 804,894 750,665 Non-GAAP net income 157,548 147,470 655,147 621,820 Non-GAAP diluted earnings per share $ 1.29 $ 1.16 $ 5.30 $ 4.81 Diluted weighted average number of shares outstanding 122,320 126,820 123,650 129,284 Free Cash Flows and Normalized Free Cash Flow (In thousands) Three months ended Fiscal year ended September 30, September 30, (a) 2022 2021 2022 2021 Net Cash Provided by Operating Activities $ 216,919 $ 199,713 $ 756,719 $ 925,807 Purchases of property and (c) (81,819) (60,873) (227,219) (210,438) equipment, net Free Cash Flow 135,100 138,840 529,500 715,369 a) Since January 1, 2021, OpenMarket results are not included in the Consolidated Statements of Income given its divestiture. b) Tax payment related to capital gain from divesture of OpenMarket, (b) Tax payment on sale of business - 809 3,193 39,596 which was completed on December 31, 2020. c) The amounts under Purchase of property and equipment, net” include proceeds from sale of property and equipment of $521 and $328 for the Payments of acquisition related Fiscal years ended September 30, 2022 and 2021, respectively. liabilities 1,925 - 16,275 13,234 Net capital expenditures related to the new campus development 38,683 32,801 116,359 100,680 Normalized Free Cash Flow $ 175,708 $ 172,450 $ 665,327 $ 868,879 Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 25 25 Confidential Information of Amdocs

AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (In thousands) Three months ended September 30, 2022 Reconciliation items GAAP Amortization Equity based Changes in Non-GAAP Other Tax of purchased compensation certain effect intangible expense acquisitions assets and related liabilities other measured at fair value Operating expenses: Cost of revenue $ 751,358 $ - $ (8,356) $ 3,294 $ - $ - $ 746,296 Research and development 96,218 (1,538) 94,680 Selling, general and administrative 129,404 (9,213) 120,191 Amortization of purchased intangible assets and other 17,838 (17,838) - Total operating expenses 994,818 (17,838) (19,107) 3,294 - - 961,167 Operating income 171,686 17,838 19,107 (3,294) 205,337 Interest and other expense, net (7,399) 400 (6,999) Income taxes 5,439 35,351 40,790 Net income $ 128,936 $ 17,838 $ 19,107 $ (3,294) $ 400 $ (5,439) $ 157,548 Three months ended September 30, 2021 Reconciliation items GAAP Amortization Equity based Changes in Non-GAAP Other Tax of purchased compensation certain effect intangible expense acquisitions assets and related liabilities other measured at fair value Operating expenses: Cost of revenue $ 707,366 $ - $ (6,148) $ (3,285) $ - $ - $ 697,933 Research and a) Since January 1, 2021, OpenMarket results are not included in the development 81,324 - (1,145) - - - 80,179 Selling, general and Consolidated Statements of Income given its divestiture. administrative 126,015 - (7,013) - - - 119,002 b) Tax payment related to capital gain from divesture of OpenMarket, Amortization of purchased intangible which was completed on December 31, 2020. assets and other 18,274 (18,274) - - - - - c) The amounts under Purchase of property and equipment, net” include Total operating expenses 932,979 (18,274) (14,306) (3,285) - - 897,114 proceeds from sale of property and equipment of $521 and $328 for the Fiscal years ended September 30, 2022 and 2021, respectively. Operating income 154,330 18,274 14,306 3,285 - - 190,195 Interest and other expense, net (1,099) - - - (4,360) - (5,459) Income taxes 29,706 - - - - 7,560 37,266 Net income $ 123,525 $ 18,274 $ 14,306 $ 3,285 $ (4,360) $ (7,560) $ 147,470 Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 26 26 Confidential Information of Amdocs

AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (In thousands) Fiscal year ended September 30, 2022 Reconciliation items GAAP Amortization of Equity based Changes in certain Non-GAAP Gain from Other Tax purchased compensation acquisitions related sale of a effect intangible expense liabilities measured at business assets and other fair value Operating expenses: Cost of revenue $ - $ 2,957,547 $ - $ (32,096) $ 2,785 $ - $ - $ 2,928,236 Research and development 354,706 349,075 (5,631) Selling, general and administrative 528,572 (34,080) 494,492 Amortization of purchased intangible - 71,075 (71,075) assets and other Total operating expenses 3,911,900 (71,075) (71,807) 2,785 - - 3,771,803 Operating income 664,797 71,075 71,807 (2,785) - 804,894 Interest and other expense, net (26,391) (1,605) (27,996) Gain from sale of a business 10,000 (10,000) - Income taxes 98,905 22,846 121,751 Net income $ (10,000) $ (1,605) $ (22,846) $ 549,501 $ 71,075 $ 71,807 $ (2,785) $ 655,147 Fiscal year ended (a) September 30, 2021 Reconciliation items GAAP Amortization of Equity based Changes in certain Non-GAAP Gain from Other Tax purchased compensation acquisitions related sale of a effect intangible expense liabilities measured at business assets and other fair value Operating expenses: Cost of revenue $ 2,810,967 $ - $ (22,691) $ (18,939) $ - $ - $ - $ 2,769,337 Research and development 312,941 - (4,021) - - - - 308,920 Selling, general and 487,255 - (27,537) - - - - 459,718 administrative a) Since January 1, 2021, OpenMarket results are not included in the Amortization of Consolidated Statements of Income given its divestiture. purchased intangible assets and other 78,784 (78,784) - - - - - - b) Tax payment related to capital gain from divesture of OpenMarket, Total operating 3,689,947 (78,784) (54,249) (18,939) - - - 3,537,975 which was completed on December 31, 2020. expenses c) The amounts under Purchase of property and equipment, net” include Operating income 598,693 78,784 54,249 18,939 - - - 750,665 proceeds from sale of property and equipment of $521 and $328 for the Fiscal years ended September 30, 2022 and 2021, respectively. Interest and other (10,797) - - - - (5,046) - (15,843) expense, net Gain from sale of a 226,410 - - - (226,410) - - - business Income taxes 125,932 - - - - - (12,930) 113,002 Net income $ 688,374 $ 78,784 $ 54,249 $ 18,939 $ (226,410) $ (5,046) $ 12,930 $ 621,820 Information Security Level 0– Public© 2022 – Proprietary & Information Security Level 0 – Public. © 2022 – Proprietary & Confidential Information of Amdocs 27 27 Confidential Information of Amdocs