EX-99.2 3 d906101dex992.htm EX-99.2

Exhibit 99.2 Amdocs Limited NASDAQ: DOX Fiscal Q4 2024 Earnings Presentation November 12, 2024 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 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. This presentation includes 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 and years. 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 macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events, as well as the current inflationary environment, and the effects of these conditions on the Company’s customers’ businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company’s customers. 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, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company’s offerings and operations, 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, 2023, filed on December 13, 2023, and our Form 6-K furnished for the first quarter of fiscal 2024 on February 20, 2024, the second quarter of fiscal 2024 on May 20, 2024, and for the third quarter of fiscal 2024 on August 19, 2024. This presentation includes non-GAAP financial measures, including non-GAAP operating margin, free cash flow, revenue on a constant currency basis, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited, and non-GAAP earnings per share. Free cash flow equals cash generated by operating activities less net capital expenditures and other. While in prior years Amdocs used 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, Amdocs is no longer reporting normalized free cash flow. Normalized free cash flow is not comparable to free cash flow. 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 12, 2024 with respect to earnings for fiscal Q4 2024. The press release contains additional information regarding Amdocs’ outlook for fiscal year 2025 and certain non-GAAP metrics and their reconciliations. Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 2

Earnings call agenda 1 Strategy & business performance update Shuky Sheffer, President & Chief Executive Officer 2 Financial review & outlook Tamar Rapaport-Dagim, Chief Financial Officer & Chief Operating Officer 3 Q&A Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 3 3 3

Today’s speakers President & Chief Executive Officer Chief Financial Officer & Chief Operating Officer Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 4 4

President & Chief Executive Officer Strategy and business performance update 5

Fiscal 2024, Another Important Year For Amdocs Thanks to our amazing people for delivering value with innovative products & services Important wins, expanding Double-digit growth in cloud, market presence now ~25% of revenue Another record year in Accelerated managed services profitability Returned over 100% of free cash Extended industry-leading flow to shareholders position in GenAI Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 6

FY24: Record Annual Revenue, Continued Profitable Growth & Margin Improvement Non-GAAP Non-GAAP 12-month (1) Revenue operating (2) EPS backlog (2) margin 18.4% $6.44 $5,005m $4.06B (1) (3) (2) Up 2.7% YoY +60bps YoY Up 2.5% YoY Up 9.0% YoY Record total revenue Cloud Improved profitability as In line with mid-point of On a pro-forma basis, as ~25% of revenue, growing operational efficiencies updated FY24 outlook we reinforce our business double-digits benefits realized visibility and focus 1. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 2. Non-GAAP. See reconciliation tables in appendix 3. Pro forma excludes the financial impact resulting from the phase out of certain business activities in the current fiscal year period and comparable fiscal year period Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 7 7

Q4 Key Highlights Strong sales momentum Important win at T-Mobile Maintained high managed in cloud services renewal rate Next-gen monetization platform Tier 1 operator Southeast Asia Italy Japan New pillar, part ofMulti- year digital transformation program Rapid adoption of Progressing GenAI Continued successful track Amdocs SaaS industry leadership record of project deployments connectX platform Major deployments: UAE * Poland UK Bulgaria Philippines South Africa Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs * referenced last quarter as a leading global operator 8 8

Strategic Growth Framework Designed to provide the market-leading innovation our customers need Accelerate the journey to the cloud Digitally transform the customer experience for consumer and B2B Monetize the future market potential of next-generation networks Deliver dynamic connected experiences by streamlining and automating complex network ecosystems Simplify and accelerate the adoption of Generative AI 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 2024 24 – – 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 9 9

Progress in Strategic Domains - Cloud Strong Accelerate the journey to the cloud partnerships Selected projects Business value Business platform modernization and cloud Faster, high-quality, and next-generation services Italy migration under 5-year agreement and customer experience, enhance operational efficiency, and reduce costs Modernize and migrate core systems to the Enable greater cost control, increased cloud under business transformation and efficiency and improved business capabilities InfraNet managed services agreement Japan Our strong book of business and healthy pipeline of opportunities supports another year of double-digit cloud growth in FY25 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 2024 24 – – 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 10 10

Progress in Strategic Domains - Monetization of Next Generation Networks Monetize the future market potential of next-generation networks Selected projects Business value Real time monetization solution, new Enables customers the freedom to define their buying pillar part of multi-year digital experience while delivering complete business flexibility transformation program on a single all-inclusive platform New next-generation fiber solution introduced Unlocks significant savings and additional monetization Transformation of mobile and fixed-line potential and enabling enhanced customer experience B2C billing systems Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 11

Progress in Strategic Domains – Digital Modernization Digitally transform the customer experience for consumer and B2B Strong traction in our SaaS next-gen platforms Amdocs’ cloud-native Adding to the growing list of customers A Poland ‘telco in a box’ SaaS platform Brazil Enables quick launch of new digital brands and services Vietnam US South Africa SaaS-based Bill Experience Adding to the growing list of customers B including tier 1 customer in North Global leader in Enables streamline billing commercial America experience and enhances payments customer satisfaction 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 2024 24 – – 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

Progress in Strategic Domains - Network Automation Deliver dynamic connected experiences by streamlining and automating complex network ecosystems Selected project Business value Leading US provider of Next-generation fiber rollout Accelerate sales, enhance agility, and realize fiber optic internet new monetization opportunities services Introduced Next-Generation Fiber Offering to Accelerate and streamline fiber deployment 30% faster deployments 10%+ reduction of cabling Significant reduction in network times for fiber rollouts and trenching management costs Best-in-class, award-winning offerings 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 2024 24 – – 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

Progress in strategic domains – GenAI An industry leader in helping service providers unlock the transformative potential of Gen AI CES24 - New Copilots amAIz expands with more Platform updates to utilized at customers data & AI platform agent capabilities Simplifying GenAI adoption with our industry- leading platform & robust, end-to-end data & AI services Bill Customer Inquiry Care Spectrum Knowledge Management Management Philippines UAE * Data intelligence DataONE amAIz platform 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 2024 24 – – 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 14 14 * referenced last quarter as a leading global operator

Sharpening Focus on Strategic Priorities in FY25 Reinforce level of business visibility Focus on strategic Increase share of highly recurring priorities long-term managed services agreements phasing out of several low-margin, non-core business activities Sharpen our focus on higher-margin strategic priorities like cloud, next-gen monetization platforms and Gen AI IIn nf for orm ma at tiion on Se Sec cu ur riit ty y L Le evel vel 3 0 – – P Hu igh blilc y . s© e n 20 sit24 ive. – © Pr op 2024 rie t– a P ry rop & rCon ietarfy id & enCon tial Ifn id for en m tia at l ion Infor of m A am tion doc of s Amdocs 15 15 15

FY25 Outlook A B 1%-4.5% earning-to-cash flow YoY growth (1,2) conversion Revenue Adjusting for the phase out of several low- Free cash margin, non-core business activities Expect to return majority flow of free cash flow to Double-digit cloud shareholders in year ahead revenue growth in FY25 C D 21.1% - 21.7% 6.5%-10.5% % margin YoY growth Non-GAAP Non-GAAP Expect to deliver accelerated YoY Positions us to deliver double-digit (3) (3) EBIT profitability improvement, EPS expected total shareholder leveraging our platform, technology and (3) returns in fiscal 2025 IP-based innovation We are positioned to deliver double-digit expected total (4) th shareholder returns for the 5 straight year in FY 2025 3. Non-GAAP. See reconciliation tables in appendix 1. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 2. For comparison purposes, pro forma adjusts fiscal 2024 revenue by approximately $600 million to reflect the 4. Expected total shareholder return assumes Non-GAAP EPS growth plus dividend yield (based on fiscal year end closing share price); FY2025E end of certain low margin, non-core business activities which substantially already ceased in the first quarter assumed midpoint of pro forma non-GAAP EPS outlook, and dividend yield of fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook based on proposed new quarterly rate of $0.527 as of share price on 11/11/24 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 16 16

Chief Financial Officer & Chief Operating Officer Financial review & outlook 17

Q4 2024 Revenue vs. Guidance Q4 2024 Results Q4 FY2024 $ Millions Revenue slightly above guidance midpoint, adjusting for positive $3M Q4 Revenue currency impact Financial $1,264 million (1) +1.7% YoY, +2.1% constant currency $1,260 $1,264 Highlights Slightly above guidance midpoint ($1,240M - $1,280M) Record revenue, +1.7% YoY as reported Original Q4F24 Q4F24A (1) (2) and +2.1% YoY constant currency Q4 Non-GAAP Operating Margin Guidance (midpoint) 18.7%, +90bps YoY Record revenue in North America, up +0.8% QoQ and +0.2% YoY +10 bps QoQ Q4 2024 Revenue by Region $ Millions Europe up ~5% YoY and QoQ, as new Q4 GAAP Diluted EPS project activity ramps-up Rest of World $0.76 including a restructuring Rest of World up ~5% YoY ~$245 charge of 64 cents, without which EPS was at the higher end of ~19% Highest operating profitability in years, North guidance ($1.34 - $1.42) reflecting operational excellence and America cumulative benefits of automation, AI, Gen Europe ~15% ~$836 ~66% AI, and other sophisticated tools (2) ~$184 Q4 Non-GAAP Diluted EPS $1.70 at guidance midpoint 1. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period ($1.67 - $1.73) 2. Non-GAAP. See reconciliation tables in appendix Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 18 18 Confidential Information of Amdocs

Revenue Growth (2) Full Year Y/Y% growth constant currency (1) (2) Strong double-digit growth in FY2021 & FY2022 are pro forma constant currency Cloud, equating to roughly Fiscal 2024 10.3% 25% of total revenue +2.7% - in line with 7.7% 7.0% guidance midpoint Highlights Year-over-year growth and 2.7% record revenue across all operating regions: Record revenue of $5B, +2.4% YoY as reported and +2.7% YoY • North America: +0.6% YoY FY2021 FY2022 FY2023 FY2024 (1) • Europe: +3.3% YoY constant currency • Rest of World: +8.6% YoY Achieved accelerated (3) Non-GAAP EPS Y/Y % Growth profitability improvement target: 2 of top 10 customers are (1) FY2021 & FY2022 are pro forma (2) new logos added in last 10 +9.0% - in line with non-GAAP operating margin guidance midpoint years, highlighting ongoing 18.4%, +60 bps YoY in FY2024 12.1% 11.5% business diversification and 9.8% international market traction 9.0% (2) Record non-GAAP diluted EPS: $6.44, +9.0% YoY Number of countries with over $40M annual revenue has almost doubled in the 1. Constant currency. Assumes exchange rates in the last decade FY2021 FY2022 FY2023 FY2024 current period were unchanged from the prior period 2. Non-GAAP. See reconciliation tables in appendix Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 19 19 Confidential Information of Amdocs

Managed Services Revenue: Fiscal Year Leading Indicators $ Billions 58% of FY 2024 revenue & Business Model Managed services arrangements support $2,905 $2,857 business model resiliency with highly Visibility recurring revenue streams, multi-year engagements and high renewal rates, and may also include large-scale digital Managed Services transformation projects FY2023 FY2024 ~58% of total revenue in FY 2024 Migration to Azure under an extended 5-year agreement, delivering faster, high-quality, next-gen services, enhancing efficiency, and reducing costs Expanded relationship to modernize and migrate core systems to the cloud, enabling greater cost control, increased efficiency and improved capabilities managed services Close to contract renewals 100% Extended managed services agreement for billing platform through 2032, enhancing operational efficiency and delivering more streamlined services Tier 1 Southeast Asia Signed an expanded multi-year engagement Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 20 20 Confidential Information of Amdocs

(1) DSO’s FY 2024 Free cash flow bridge Balance Sheet 74 days FCF includes ~$75M +5 days YoY and unchanged QoQ restructuring payments DSO’s may fluctuate from quarter to quarter & Cash Flow ~$724 ~$105 The sequential quarter change in unbilled receivables net of deferred revenue was * $49 million in Q4, aggregating the short- $619 term and long-term balances (1) FY 2024 free cash flow of $694 The net difference between unbilled receivables million before ~$75 million of and deferred revenue fluctuates from quarter to Operating Cash Net capex & Other Reported FCF restructuring payments quarter, in line with normal business activities as well Flow as progress on significant multi-year transformation *Figures may not sum due to rounding programs we are currently running in North (1) America. FY 2024 reported free cash flow of Cash, Credit Facility & Debt Position $619 million including restructuring $ Millions, as of September 30, 2024 Liquidity: Cash + Credit Facility payments $1.0 billion Ample liquidity to support ongoing Credit business needs while retaining the Ample liquidity including available Facility $500 capacity to fund future strategic $500M revolving credit facility growth investments $650 Cash Baa1 BBB ~$514 Moody’s S&P 1. Non-GAAP. See reconciliation tables in appendix 2. $650M senior note, maturing June 2030 (2) Committed to maintaining our $0 Liquidity Debt Investment grade credit rating Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 21 21 Confidential Information of Amdocs

Dividend Growth Q4 2024 Cash Returned to Shareholders $ Millions Board authorized new quarterly dividend Disciplined Capital payment: Dividends, 52.7 cents, +10% Allocation $55 12th consecutive annual dividend increase (1) Expects FY 2025 free cash flow (FCF) of New payment subject to shareholder approval between $710-$730M before Share at Amdocs annual meeting in January 2025, repurchases, restructuring payments, equating to >90% with first payment anticipated in April 2025 $120 cash conversion ~$0.5B of aggregate share repurchase authorization available as of September 30, 2024 (2) 6.8% free cash flow yield FCF: Five-year historical trend and FY2025E outlook (1)(3)(4)(5)(6)(7) Expects to return the majority of free cash 140% 102% 101% >90% flow to shareholders in FY2025 93% (1)(3)(5)(6) 88% % FCF / (1) Non-GAAP Net Income FY2025E 112% 104% 100% 99% guidance: 96% (1)(3)(5)(6) % of FCF Returned to return 1. Non-GAAP. See appendix tables for reconciliation of FCF Shareholders 2. Yield = expected reported free cash flow of $720M, the mid point of FY2025 majority guidance, as a percentage of Amdocs’ market capitalization as of 11/12/2024 3. FCF in FY2020, FY2021 and FY2022 is presented on a normalized basis, which mainly excludes net capital expenditures related to the new campus development; normalized FCF disclosure is not applicable as of FY2023 onward $869 (1)(3)(5)(6)(7) 4. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/2/2021 FCF ($M) $718 $720 $694 $665 and 11/8/2022 for reconciliation of normalized FCF in FY2020, FY2021 and FY2022 $527 5. FY2023 excludes $20M non-recurring restructuring payments 6. FY2024 excludes $75M non-recurring restructuring payments 7. FY2025 assumes midpoint of $710-$730M guidance range, before non-recurring FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E restructuring payments (Guidance) (1)(3) Information Security Level 2 – Sensitive. © 2024 – Proprietary & Normalized Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 22 22 Confidential Information of Amdocs

Sharpening Focus on Strategic Priorities in FY25 Activities we are phasing out: Certain low-margin software and hardware partner activities ✓ Phase out of some on-premise software and hardware infrastructure ✓ Other legacy-type activities ✓ More focus on cloud-related infrastructure, and Gen AI partner infrastructure Vubiquity on demand business ✓ Decreasing demand for transactional video Non-core subscription services Expect substantially improved profitability in FY25 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Information Security Level 3 – Highly sensitive. © 2024 – Proprietary & Confidential Information of Amdocs 23 23

12-Month Backlog Leading Indicators & Business Model Visibility Up YoY on a pro- 12-month backlog +2.5% YoY and (1) (1) +$30M QoQ on a pro forma basis as forma basis of September 30, 2024, (1) 12-month backlog represents ~90% of 12-month backlog includes: expected FY 2025 revenue, higher Anticipated revenue related to contracts than historical average of ~80% (1) Estimated revenue from managed services contracts Letters of intent Maintenance 1. Pro forma excludes financial impact of phasing out certain business Estimated ongoing support activities activities in the current fiscal year period and comparable fiscal year period Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 24 24 Confidential Information of Amdocs

FY2025 Revenue Growth (3) YoY% Growth Constant Currency Revenue Growth Outlook (1) Pro forma revenue adjustment for phasing out certain business activities is 10.3% estimated at roughly $600 million, taking 4.5% 7.7% Expect 2.7% FY 2024 as the baseline 7.0% guidance midpoint Expects FY2025 revenue growth of 1%- (1) 2.7% 4.5% YoY on a pro forma constant 2.4% 1% (3) currency basis, including some non- (2)(3) (3) (3) (3) (3) (1) (2)(3) organic contribution FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Cloud positioned for another year of double-digit growth in FY2025E “Overall, we expect revenue growth of between 1% and 4.5% on a pro forma, constant currency basis in fiscal 2025, which does not include revenue from the 1. For comparison purposes, pro forma adjusts fiscal 2024 revenue by activities we are phasing out. The forecast growth rate midpoint is similar to the approximately $600 million to reflect the end of certain low margin, non- prior fiscal year, includes some inorganic contribution, and incorporates another core business activities which substantially already ceased in the first quarter of fiscal 2025 and are not included in the full year fiscal 2025 revenue year of double-digit growth in cloud” outlook 2. Pro forma metrics exclude the financial impact of OpenMarket (which was – Tamar Rapaport Dagim, Q4 FY 2024 Earnings Call, November 12, 2024 divested on December 31, 2020) from fiscal year 2021. 3. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 25 25 Confidential Information of Amdocs

(1) (2) Annual Non-GAAP Operating Margin: FY2018 – FY2025E Enhanced $ Millions (1) FY2025E Non-GAAP Operating margin Profitability target range: 21.1%-21.7% 21.7% Improvement 21.1% (1) FY2025 non-GAAP operating margin +300 bps YoY in new and improved target range of at guidance 21.1%-21.7%, up 300 bps YoY at midpoint midpoint 18.7% Operational excellence, automation and 18.1% gradual implementation of Gen AI, will 18.4% 17.8% 17.5% support ongoing margin expansion of 17.8% 17.2% 17.6% 17.5% about 60-70 bps in FY 2025, assuming the 17.3% 17.3% 17.2% 16.5% midpoint of guidance Phase out of certain business activities expected to drive roughly 230 bps of improvement “Assuming the midpoint of our new fiscal 2025 guidance, we believe our focus on operational excellence, automation and the gradual implementation of Gen AI, will support ongoing FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E margin expansion of about 60 to 70 basis points, similar to the size of margin improvement we 1. Non-GAAP. See reconciliation tables in appendix generated in fiscal 2024. The rest of the margin expansion in fiscal 2025 will result from the Guidance Range Non-GAAP Operating Margin 2. Refer to https://investors.amdocs.com/ and earnings reports issued phasing out of non-core, low-margin business activities” on 11/8/2018, 11/12/19, 11/10/20, 11/2/2021, 11/8/2022, 11/7/2023 and 11/12/2024 for reconciliation of non-GAAP operating margin – Tamar Rapaport Dagim, Q4 FY 2024 Earnings Call, November 12, 2024 in FY2018, FY2019, FY2020, FY2021, FY2022, FY2023 and FY2024 Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 26 26 Confidential Information of Amdocs

(3)(4) Total Shareholder Return Targeting double-digit (2) Non-GAAP Diluted EPS Growth YoY % + Dividend Yield (1) expected total FY21 and FY22 non-GAAP EPS growth is presented pro forma (3) shareholder returns th for the 5th year running 5 consecutive year of double-digit expected total shareholder returns* in FY2025 in FY2025E 14.1% 13.6% 11.7% 11.3% 10.8%* 12.1% (2) 11.5% Expects non-GAAP EPS growth of 10.5% Expects 9.8% 6.5%-10.5% in FY2025E 9.0% 8.5% guidance 5.3% 6.5% midpoint 3.0% 1. Pro forma metrics exclude the financial impact of OpenMarket 2.4% 2.3% 2.3% 2.1% 2.0% 1.9% (which was divested on December 31, 2020) from fiscal year 2021. (1) (1) 2. Non-GAAP. See reconciliation tables in appendix FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E 3. Expected total shareholder return assumes Non-GAAP EPS growth plus dividend yield (based on fiscal year end closing share price); Non-GAAP Diluted EPS Growth Dividend Yield Total Shareholder Return FY2025E assumed 8.5% midpoint of non-GAAP EPS outlook, and dividend yield based on quarterly rate of $0.527 as of share price on 11/12/24 (2) *Non-GAAP EPS growth of 8.5%, plus ~2.3% dividend yield 4. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/10/2020, 11/2/2021, 11/8/2022, 11/7/2023 and 11/12/2024 for non-GAAP reconciliation in FY2019, FY2020, FY2021, FY2022, FY2023 and FY2024 Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 27 27 Confidential Information of Amdocs

Q&A Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 28 28 28

Appendix Outlook & Reconciliation Tables Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 29 29 29

Q1 Fiscal 2025 Outlook Q1 & FY2025 Revenue $1,095 - $1,135 million Outlook $1.20 - $1.29 GAAP EPS (1) Non-GAAP EPS $1.61 - $1.67 Share Count 114 million Positioned to deliver double- Effective Tax Rate Above high-end of annual target range of 15.0% - 17.0% (1) Non-GAAP digit expected total shareholder returns for the fifth Full Year Fiscal 2025 Outlook year running Revenue growth (10.9)% - (7.7%)% As reported Revenue growth 1% - 4.5% (2) (3) Pro forma Constant currency GAAP EPS growth 25.0% - 33.0% (1) Non-GAAP EPS growth 6.5% - 10.5% 1. Non-GAAP. See reconciliation tables in appendix. Free cash flow outlook is before expected restructuring payments Operating Margin 21.1% - 21.7% 2. For comparison purposes, pro forma adjusts fiscal 2024 revenue by (1) Non-GAAP approximately $600 million to reflect the end of certain low margin, non-core business activities which substantially already Effective Tax Rate ceased in the first quarter of fiscal 2025 and are not included in 15.0% - 17.0% (1) the full year fiscal 2025 revenue outlook Non-GAAP 3. Constant currency. Assumes exchange rates in the current period (1) were unchanged from the prior period Free cash flow $710-$730 million Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 30 30 Confidential Information of Amdocs

Reconciliation Tables (a) The amounts under Purchase of property and equipment, net” include immaterial proceeds from sale of property and equipment for the fiscal years ended September 30, 2024 and 2023, respectively. Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 31 31 Confidential Information of Amdocs

Reconciliation Tables Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 32 32 Confidential Information of Amdocs

Reconciliation Tables Information Security Level 2 – Sensitive. © 2024 – Proprietary & Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 33 33 Confidential Information of Amdocs

Thank you!