Company Overview

Amdocs Limited, through its subsidiaries, provides software and services to communications, entertainment, and media service providers worldwide. It designs, develops, operates, implements, supports, and markets its open and modular cloud portfolio. Founded in 1982 and headquartered in Saint Louis, Missouri, Amdocs is listed on the NASDAQ Global Select Market.

Amdocs helps those who build the future to make it amazing. With its market-leading portfolio of software products and services, Amdocs unlocks its customers' innovative potential, empowering them to provide next-generation communication and media experiences for both individual end users and large enterprise customers.

The company operates globally with approximately 29,060 employees as of September 12, 2025, and maintains a strong position in the telecommunications software and services sector. As of recent data, Amdocs Limited has a market capitalization of $9.39 billion, which saw a decrease of -1.87% over the last week.

Key Services and Products

Amdocs offers a comprehensive range of solutions to communications and media service providers:

- Cloud and Digital Transformation: The company provides CES24, a set of embedded GenAI-driven assistants powered by the amAIz platform, designed to empower service providers to transform their business. It also offers the Amdocs Subscription Marketplace, a software-as-a-service-based platform.

- Professional Services: This includes consulting, experience design, data services, cloud services, network services, delivery, quality engineering, operations, systems integration, and content services for various platforms and technologies. Maintenance, enhancement design and development, and operational support services are also provided.

- Network Solutions: Amdocs offers network deployment and optimization services, as well as managed services, incorporating AI tools, predictive analytics, and robotic process automation.

- Quality and Data Services: The company provides quality engineering, mobile network services, data intelligence, cloud services, and professional services.

Financial Performance

#### Fiscal Year 2024 Results

Amdocs reported record Fiscal Year 2024 Revenue of $5.00 Billion, representing a 2.4% year-over-year increase as reported and 2.7% year-over-year in constant currency. In fiscal 2024, Amdocs's revenue was $5.00 billion, an increase of 2.40% compared to the previous year's $4.89 billion. Earnings for the period were $493.20 million, a decrease of -8.79%.

Key financial highlights for fiscal 2024 include:

- Cloud Revenue: Accounted for roughly 25% of total revenue in fiscal 2024.

- 12-Month Backlog: Stood at $4.06 billion at the end of Q4 FY24, up 2.5% year-over-year on a pro forma basis.

- Dividend Yield: Amdocs Limited's dividend yield was 2.14% in 2024, with a payout ratio reaching 44.09%.

#### Fiscal Year 2025 Outlook

- Revenue Growth Outlook: Projected to be between 1% to 4.5% in constant currency on a pro forma basis for Fiscal Year 2025.

- Non-GAAP Operating Margin Outlook: Expected to range from 21.1% to 21.7% for Fiscal Year 2025.

- Non-GAAP EPS Growth Outlook: Projected to grow between 6.5% to 10.5% for Fiscal Year 2025.

The 12-month backlog of $4.15 billion at the end of the third quarter of fiscal 2025 indicates continued business momentum.

Strategic Focus Areas

#### Cloud and AI Leadership

Amdocs has expanded activities with new and existing customers, achieved double-digit growth in cloud services, and further extended its industry-leading position in generative AI. Strong adoption of cloud, AI, and next-generation telecom solutions is expanding Amdocs' growth opportunities and strengthening revenue stability through recurring, high-visibility contracts.

The company is making significant progress in Generative AI, where Amdocs believes it is already established as the industry's most dominant technology enabler.

#### Market Position and Competitive Advantages

Amdocs' leadership in SaaS, automation, and integrated BSS/OSS offerings is driving margin improvement and creating a robust pipeline for future growth. Entering fiscal 2025, Amdocs holds a unique competitive position, strong 12-month backlog visibility, and a high win rate. The company is well-positioned to monetize a healthy pipeline of market opportunities while navigating a continuously challenging demand environment.

Stock Performance and Metrics

Amdocs (DOX) reached its all-time high on June 30, 2023, with the price of $99.75 USD. Its all-time low was $5.85 USD, recorded on October 7, 2002. DOX stock exhibits approximately 1.14% volatility and has a beta coefficient of 0.60.

Recent performance indicates that DOX underperformed the US IT industry, which returned 18.9% over the past year. Relative to the broader US Market (which returned 19.9% over the past year), DOX also underperformed. However, DOX has not experienced significant price volatility in the past 3 months compared to the US market.

Business Transformation Initiatives

The company has been streamlining operations through strategic business optimization. Amdocs is phasing out several low-margin, non-core business activities, which is expected to impact reported revenue for fiscal 2025. Adjusting for this phase-out, the company anticipates pro forma revenue growth between 1% to 4.5% in constant currency for fiscal 2025, alongside another year of double-digit growth in cloud services.

Future Outlook

Looking ahead, Amdocs sees a rich pipeline of opportunities to help customers modernize for cloud-based 5G, fixed wireless access, and fiber networks, enhancing digital consumer and B2B experiences. The company anticipates significantly higher operating profitability and robust earnings to cash conversion, underpinning the delivery of double-digit expected total shareholder returns for the fifth consecutive year, including its dividend yield.

Amdocs continues to focus on emerging technologies and market expansion while maintaining its leadership position in the communications software and services industry. Demand remains stable, with strong interest in cloud services and managed services renewals. While some legacy systems face headwinds, the cloud growth engine is performing well, and the company is optimistic about its ability to capture emerging opportunities.