Prepared Remarks: Q2 2023 Amdocs Earnings Conference Call

AMDOCS Q2 2023 CONFERENCE CALL SCRIPT - FINAL

May 10, 2023

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 second quarter fiscal 2023 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 fiscal year 2023, after which Tamar will provide additional details on our second quarter financial performance and forward guidance.

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

Slide 5: Shuky Sheffer

Shuky Sheffer, Chief Executive Officer

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

Slide 6: Solid Quarter With Significant Achievements

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I am pleased with our second fiscal quarter performance as we progressed our strategy to deliver the next-generation,cloud-based software, and services that global communications service providers need to unlock the potential of 5G and broadband networks, data-driven intelligence, and improved customer experience for the consumer and B2B.

This quarter we:

• Deepenedour relationships and expanded our footprint with existing customers
• Added fournew customer logos
• Sustained a high rate of successful project deployments
• Delivered a recordquarter in managed services
• Expandedour strategic partnership with Microsoft
• Signedan M&A agreement to enhance the execution of our network strategy, and
• Launched CES23, our most advanced Customer Experience Suite yet, bringing fresh innovation across BSS, OSS and network while sharpening our focus on the B2B domain

These achievements would not be possible without the amazing passion, agility, and collaborative spirit of our talented people, to whom I would like to say thanks for their consistent quarterly execution while also demonstrating the strategic vision necessary to drive Amdocs forward over the long-term.

Slide 7: Q2 Financial Highlights: Record Revenue, Continued Sales Momentum and Ongoing Margin Improvement

Reviewing the financial highlights on slide 7:

• Record revenue of $1.22 billion was above the midpoint of guidance and up 8.2% year-over-year in constant currency
• On the bottom-line,non-GAAP diluted earnings per share of $1.47 was consistent with the midpoint of guidance as we delivered ongoing margin improvement and strong free cash flow generation in the quarter
• Twelve-monthbacklog was a record-high $4.11 billion, up roughly 7% from a year ago in constant currency

Slide 8: Second Fiscal Quarter Operational Highlights

Turning to the operational highlights on slide 8, we delivered continued sales momentum in Q2 which included a significant new digital modernization award at T- Mobile USA.

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• Deal activity was strong in Europe, which as we have said before is a region of significant growth potential for Amdocs. Our multi-year investments to diversify and increase market share in Europe are bearing fruit, as reflected by record revenue and the award of several significant deals, including digital modernization programs at two new logos this quarter.
• Similarly, Rest of World continues to present attractive opportunities for Amdocs, such as the new cloud engagement announced today with PLDT in the Philippines
• Managed services also had a great second quarter, which included record revenue and newly expanded agreements with Globe, also in the Philippines, and a major operator in western Europe.
• In media, Amdocs Vubiquity demonstrated continued growth as a trusted provider to the world's leading streaming services, signing a new agreement which expands its decade-long relationship with Virgin Media UK.

1. Additionally:
2. • Hispasat, a Spanish satellite communications operator and new logo, chose Vubiquity to bring digital content to its customers in Argentina and the broader Latin America, while
   • Juice, which is part of Vubiquity, was selected as a Preferred Fulfillment Vendor under Amazon Prime Video's Fulfillment Vendor Program.

From an execution perspective, we maintained a high rate of successful project deployments in Q2, achieving major milestones at many of the world's largest service providers.

For instance, Amdocs played an important role in the recent launch of AT&T'sfixed wireless access offering, "Internet Air", in select markets, which is running on the new cloud native digital platform we are delivering under the BSSe technology modernization and simplification program with this customer.

This quarter, we also took severalstrategic steps to strengthen our market-leading position and long-term growth profile.

• First, we expanded our strategic partnership with Microsoft to bring a new AI-poweredCustomer Engagement Platform which combines Amdocs' market-leading Commerce and Care suite with Microsoft Cloud portfolio to create what we believe is the most compelling telco-specific offering in the market.

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• 1. Amdocs and Microsoft have already begun to execute a joint go-to- market strategy to bring this platform to service providers worldwide, and we can already report encouragingsigns of customer interest and expanding pipeline of opportunity in both consumer and B2B.
• Second, we sharpened our focus on the growth potential of B2B with the launch of CES23 which includes enhanced capabilities specifically developed to help service providers meet the increasingly complex demands of their B2B customers.
• Third, we are today delighted to announce our intention to acquire the service assurance business of TEOCO for approximately $90 million cash. Amdocs and TEOCO already partner on some opportunities, and we expect this move to enhancethe execution of our network automation strategy by providing service providers with a unique end-to-end service orchestration offering, assuring the quality of service and enabling the delivery of next-generation customer experiences.

Slide 9: Progress in Strategic Domains (1/4)

Now, let me update you on our strategic progress as we continued delivering market-leading innovation designed to help service providers:

• Accelerate the journey to the cloud
• Create seamless digital experiences by transforming IT operations for consumer and B2B
• Launch and monetize new 5G services, and
• Deliver dynamic connected experiences with real-time, automated networks

Starting with cloud on slide 9, service providers are still in the early stages of maximizing the value potential of the cloud, and for most it will be a gradual journey over several years before they fully realize expected benefits such as improved service agility, scalability, innovation, security and customer experience.

• I'm happy to share that more and more of Amdocs' new deals are cloud related, and that a growing number of operators see Amdocs as the primary technology partner to support their core system cloud strategies.
• • The value of Amdocs' cloud-native product suite is already proven in the cloud, and we have the capability to support the optionality of hybridenvironments for customers.
  • Amdocs also removes complexity for operators by delivering an end-to-end, fully accountable migration path which begins with strategic planning and stretches to cloud-native product deployment and cloud managed services,

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while leveraging our intimate partnerships with Azure, AWS and Google Cloud.

I am delighted to report that PLDTand its wireless subsidiary, Smart, are developing a multi-year strategic partnership with Amdocs to accelerate their cloud journey. By bringing our comprehensive suite of cloud services, Amdocs will leverage cloud infrastructure to efficiently migrate business-critical systems and applications to the cloud while also integrating cloud-based applications with the rest of PLDT and Smart's hybrid IT infrastructure.

Among other recent cloud wins:

• Amdocs was selected by a Tier 1 central European operator to support and enable its journey to the cloud for critical BSS applications for affiliates in multiple countries, and
• We expanded our managed services relationship with a major Western European provider to migrate and operate non-Amdocs applications on the cloud.
• We believe such deal momentum reflects the market's growing recognition of our unique cloud-domain expertise, and we look forward to supporting these and other customers as they continue their multi-year cloud journeys in respect to their core systems.

Slide 10: Progress in Strategic Domains (2/4)

Moving to slide 10, service providers continue down a path of digital modernization to grow revenue, reduce cost and improve experience for consumer and B2B customers.

• I am delighted to report that we expanded our role in digital transformation at T-Mobile where Amdocs Commerce & Care suite, together with Amdocs Monetization suite, will power insightful and transparent experiences across all channels for T-Mobile's consumer and B2B subscribers.
• Amdocs was also selected by a majorEastern European operator to create and deploy a new customer engagement platform designed to drive customer loyalty and retention and bolster its social media presence, while a secondEastern European service provider chose Amdocs to modernize its IT infrastructure in a strategic, wide-ranging digital transformation project that will enable a harmonized, frictionless customer experience across multiple channels and touchpoints.

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