Amdocs Ltd (DOX) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to the first-quarter 2025 Amdocs earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持。歡迎參加 2025 年第一季 Amdocs 收益電話會議。(操作員指示)提醒一下，今天的節目正在錄製。

And now, I'd like to introduce your host for today's program, Matt Smith, Head of Investor Relations. Please go ahead, sir.

現在，我想介紹今天節目的主持人、投資者關係主管 Matt Smith。先生，請繼續。

Thank you, Jonathan. 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 and including, as described in Amdocs' SEC filings and that we will discuss certain financial information that is not prepared in accordance with GAAP.

謝謝你，喬納森。在我們開始之前，我需要提請您注意簡報第二張投影片上的免責聲明。它指出，我們今天的一些評論可能是前瞻性陳述，並受風險和不確定性的影響，包括 Amdocs 的 SEC 文件中所述，並且我們將討論某些未按照 GAAP 編制的財務資訊。

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.

有關我們使用非公認會計準則財務指標的更多信息，包括這些指標的對帳表，請參閱今天的收益報告，該報告也將以 6-K 表格的形式提交給美國證券交易委員會 (SEC)。

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.

今天與我一起參加電話會議的還有 Amdocs Management Limited 總裁兼執行長 Shuky Sheffer；以及財務與營運長 Tamar Rapaport-Dagim。

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 hosted immediately following the conclusion of this call.

為了支持今天的財報電話會議，我們提供了一份演示文稿，可以在我們網站的投資者關係部分找到。和往常一樣，今天的準備好的發言的副本也將在本次電話會議結束後立即發送。

On today's agenda, Shuky will recap our business and financial achievements for the first quarter and full fiscal year 2025 and will update you on the continued progress we've made executing against our strategic growth framework, including Gen AI and our continued sales momentum in cloud. Shuky will finish by discussing our financial outlook for the full year fiscal '25, after which Tamar will provide additional details on our first quarter financial performance and our forward guidance.

在今天的議程中，Shuky 將回顧我們 2025 年第一季和全年的業務和財務成就，並向您介紹我們在策略成長框架（包括 Gen AI 和我們在雲端運算領域的持續銷售勢頭）執行方面取得的持續進展。Shuky 最後將討論我們 25 財年全年的財務前景，之後 Tamar 將提供有關我們第一季財務業績和前瞻性指引的更多詳細資訊。

And as we've communicated previously, Shuky and Tamar will also compare certain financial metrics on a pro forma basis, which adjusts prior fiscal year 2024 revenue by approximately $600 million to reflect the phaseout of certain low-margin non-core business activities which was substantially already ceased in the first quarter of fiscal '25.

正如我們之前所溝通的那樣，Shuky 和 ​​Tamar 還將在形式上比較某些財務指標，這將對 2024 財年的收入進行約 6 億美元的調整，以反映某些低利潤非核心業務活動的逐步淘汰，這些活動在 25 財年第一季已基本停止。

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

現在，我將把話題交給 Shuky。

Thanks, Matt, and everyone, on joining us on the call today. Thanks to the commitment and dedication of Amdocs employees around the world, fiscal 2025 got off to a solid start as we continue to deliver the cloud digital Gen AI-based solution that service provider needs to grow revenue, improve efficiency, and drive immersive next-generation customer experiences in the agentic area for millions of consumer and business enterprises every day.

感謝馬特和大家今天參加我們的電話會議。由於全球 Amdocs 員工的承諾和奉獻，2025 財年取得了良好的開端，我們將繼續提供服務提供者所需的基於雲端數位 Gen AI 的解決方案，以增加收入、提高效率並在代理領域為數百萬消費者和商業企業提供身臨其境的下一代客戶體驗。

Reviewing the financial highlights on slide 6. First-quarter revenue was $1.11 billion, slightly above the midpoint of guidance adjusting for negative foreign currency movements, which are more than we anticipated. Profitability jumped by 310 basis points year over year and 250 basis points sequentially, reflecting the phaseout of certain noncore low-margin business activities and our ongoing initiatives to derive efficiency gains.

回顧第 6 張投影片上的財務重點。第一季營收為 11.1 億美元，略高於調整外匯不利變動後的預期中位數，超出我們的預期。獲利能力較上年同期成長了 310 個基點，較上一季度成長了 250 個基點，這反映了我們逐步淘汰某些非核心低利潤業務活動以及我們為提高效率而採取的持續舉措。

Non-GAAP earnings per share was $1.66, exceeding the midpoint of guidance. And we closed Q1 with a healthy 12 months backlog of $4.14 billion an acceleration of roughly $80 million sequentially and an increase of approximately 2.7% from a year ago on a pro forma basis.

非公認會計準則每股收益為 1.66 美元，超過預期中位數。我們在第一季結束時，12 個月的積壓訂單量達到 41.4 億美元，比上一季增加約 8,000 萬美元，比去年同期成長約 2.7%。

Our 12 months backlog position reflects, among others, several key wins this quarter, as highlighted on slide 7. In North America, we expanded our activities with AT&T in data and intelligence and increased support for AT&T Cricket. We are also leading the billing system consolidation at Bell Canada and recently began collaborating with DreamWorks Automation.

如投影片 7 所示，我們的 12 個月積壓訂單狀況反映了本季的幾個關鍵勝利。在北美，我們擴大了與AT&T在數據和情報領域的合作，並加強了對AT&T Cricket的支持。我們也領導加拿大貝爾公司的計費系統整合，並最近開始與夢工廠自動化公司合作。

On the international front, we saw continued sales momentum in cloud. Adding to the five-year modernization and BSS migration deal we announced with Vodafone Italy last quarter, we recently secured a new cloud office agreement with VodafoneZiggo in Netherlands and the modernization and cloud migration award at [CT Montenegro] at Deutsche Telekom subsidiary.

在國際方面，我們看到雲端運算的銷售動能持續。除上個季度我們與義大利沃達豐宣布的五年現代化和 BSS 遷移協議外，我們最近還與荷蘭的 VodafoneZiggo 達成了新的雲端辦公室協議，並獲得了德國電信子公司 [CT Montenegro] 的現代化和雲端遷移獎。

From the standpoint of execution, we are supporting a large number of customer projects, including some of the largest transformation globally. Demonstrating our best-in-class deployment capabilities, we continue progressing major transformation of customers like AT&T, T-Mobile, Bell, Rogers, Comcast, Telefonica Chile during Q1 and supported successful platform launches for M1 in Singapore and Optus in Australia.

從執行的角度來看，我們正在支援大量客戶項目，其中包括一些全球最大的轉型項目。透過展現我們一流的部署能力，我們在第一季持續推進 AT&T、T-Mobile、Bell、Rogers、Comcast、Telefonica Chile 等客戶的重大轉型，並支援新加坡 M1 和澳洲 Optus 成功推出平台。

I am also proud of our managed service operation, which deliver flawless mission-critical support for customer over the peak retail volume periods of Black Friday and the holiday season. To remind you, Managed Services supports a high level of business visibility for Amdocs, reflecting the combination of multiyear customer engagements, recurring revenue streams, and a renewal rate of close to 100% over time.

我也為我們的託管服務營運感到自豪，它在黑色星期五和假期季節的零售量高峰期為客戶提供完美的關鍵任務支援。提醒您，託管服務支援 Amdocs 的高水準業務可見性，反映了多年的客戶合作、經常性收入流以及接近 100% 的續約率的結合。

Along these lines, we have recently extended our managed service agreement with Comcast Xfinity Mobile, Comcast business, and Claro Chile, as Tamar will reference in the remarks.

沿著這些思路，我們最近延長了與 Comcast Xfinity Mobile、Comcast business 和 Claro Chile 的託管服務協議，Tamar 將在評論中提及這一點。

Moving to slide 8. Let me provide some recent example regarding our multi-pillar growth strategy which is designed to provide our customer with the market-leading innovation and technology they need to accelerate the journey to the cloud, digitally transform the customer experience for consumer and B2B, monetize the future market potential of next-generation networks, and deliver dynamic connected experiences by streamlining automation, complex network systems, and to simplify and accelerate the adoption of Generative AI.

移至幻燈片 8。讓我提供一些有關我們多支柱成長策略的最新例子，該策略旨在為我們的客戶提供他們所需的市場領先的創新和技術，以加速向雲端的旅程，以數位方式轉變消費者和 B2B 的客戶體驗，將下一代網路的未來市場潛力貨幣化，並透過簡化自動化和複雜的網路系統提供動態連接體驗，並簡化和下一代生成網路的未來市場潛力加速採用人工智慧的採用。

Beginning on slide 9. Cloud continues to drive strong sales momentum as the market increasingly recognize Amdocs' unique ability to support complex multiyear cloud journeys. For instance, in VodafoneZiggo in the Netherlands, we are providing cloud operations services and FinOps as an extension to the modernization of the cloud migration project we announced last year.

從第 9 張投影片開始。隨著市場越來越認識到 Amdocs 支持複雜的多年雲端旅程的獨特能力，雲端繼續推動強勁的銷售勢頭。例如，在荷蘭的 VodafoneZiggo，我們提供雲端營運服務和 FinOps，作為我們去年宣布的雲端遷移專案現代化的延伸。

Amdocs has also been selected by CT Montenegro, a Deutsche Telekom subsidiary, to upgrade and migrate to the cloud in its existing end of charging ordering and CRM system. We believe cloud will remain important growth engine for Amdocs in the foreseeable future, as the most service providers are yet to fully adopt the cloud and many more are still in the evaluation stage of the journey. Overall, we are on track to deliver double-digit growth in cloud again this year, supported by our market unique position, strong end-to-end cloud offering and rich pipeline of opportunities.

Amdocs 也被德國電信子公司 CT Montenegro 選中，將其現有的收費訂購和 CRM 系統升級並遷移到雲端。我們相信，雲端運算在可預見的未來仍將是 Amdocs 的重要成長引擎，因為大多數服務供應商尚未完全採用雲端運算，還有更多的服務供應商仍處於評估階段。整體而言，由於我們獨特的市場地位、強大的端到端雲端產品和豐富的機遇，我們今年的雲端運算業務有望再次實現兩位數的成長。

Moving to slide 10, supporting the digital modernization requirements of our customer remains an important growth engine for Amdocs as demonstrated of many recent awards. In Canada, Amdocs is working closely with Public Mobile, one of TELUS Mobility brands, to enhance the digital experience of their self-service application.

第 10 頁，支援客戶的數位現代化需求仍然是 Amdocs 的重要成長引擎，正如最近獲得的許多獎項所證明的那樣。在加拿大，Amdocs 正與 TELUS Mobility 品牌之一的 Public Mobile 密切合作，以增強其自助服務應用程式的數位體驗。

Optus, one of Australia's largest telecommunication providers, has enhanced its enterprise customer experiences by offering a more agile and responsive way to engage and support customers through the deployment of Amdocs' customer experience suite.

澳洲最大的電信供應商之一 Optus 透過部署 Amdocs 客戶體驗套件，以更靈活、更敏捷的方式吸引和支援客戶，從而增強了其企業客戶體驗。

AT&T Mexico extended its agreement with Amdocs for the MarketONE platform, expanding capabilities to include a new marketplace that will accelerate OTT resell, demonstrating continued trust in Amdocs ability to drive modernization and monetization.

AT&T 墨西哥公司延長了與 Amdocs 的 MarketONE 平台協議，擴展了功能以包括一個可加速 OTT 轉售的新市場，表明了對 Amdocs 推動現代化和貨幣化能力的持續信任。

I'm also pleased to announce that DreamWorks Animation is collaborating with Amdocs on an advanced platform that we streamline production workflows, ease complexities efficiency, manage hundreds of thousands of digital assets, enabling DreamWorks Animation to better meet the demand of its production pipeline.

我也很高興地宣布，夢工廠動畫正在與 Amdocs 合作開發一個先進的平台，以簡化生產工作流程、降低複雜性、提高效率、管理數十萬種數位資產，使夢工廠動畫能夠更好地滿足其生產流程的需求。

Additionally, we remain delighted by the rapid adoption of connectX, our cloud-based telco-in-the-box solution, powered by AWS. To enable digital experiences in its MVNE and MVNO services, connectX was recently chosen by Systegra, a Nigerian service provider, this deal adds to connectX existing customers such as AT&T and Rizz Wireless in the US, Winity in Brazil, and Melon Digital in South Africa.

此外，我們對由 AWS 提供支援的基於雲端的電信即用解決方案 connectX 的快速普及感到非常高興。為了在其 MVNE 和 MVNO 服務中實現數位體驗，connectX 最近被尼日利亞服務供應商 Systegra 選中，這筆交易增加了 connectX 現有客戶，例如美國的 AT&T 和 Rizz Wireless、巴西的 Winity 和南非的 Melon Digital。

Turning to monetization on slide 11, Amdocs is delivering cutting-edge technology to have service providers monetize next-generation network investment, including wireless for stand-alone fixed wireless access and fiber. In Canada, I am pleased to report that Amdocs is collaborating with Bell to unify their billing system into a single cohesive platform.

談到第 11 張投影片上的貨幣化，Amdocs 正在提供尖端技術，讓服務供應商將下一代網路投資貨幣化，包括獨立固定無線存取和光纖的無線技術。在加拿大，我很高興地報告，Amdocs 正在與 Bell 合作，將他們的計費系統統一為單一的統一平台。

We also extended our collaboration with Odido, one of Netherlands' largest telecom providers. Under this long-term agreement, Amdocs will transform this customer charging system into a fully converged and cloud-based charging solution, enabling Odido to rapidly introduce new and innovative services to their end users.

我們也擴大了與荷蘭最大的電信供應商之一 Odido 的合作。根據這項長期協議，Amdocs 將把該客戶收費系統轉變為完全融合的基於雲端的收費解決方案，使 Odido 能夠快速向其最終用戶推出新的創新服務。

These awards add to our existing lead of modernization projects, including our previously announced five-year deal to transform the mobile and fixed line of B2C billing system of Altice SFR, one of France's leading telecom provider.

這些獎項擴大了我們在現代化項目方面的領先地位，其中包括我們先前宣布的為期五年的協議，該協議將改造法國領先的電信供應商之一 Altice SFR 的 B2C 計費系統的移動和固定線路。

Moving to network automation on slide 12. Amdocs is supporting the design and build out of fiber network investment in the US and globally with our next-generation fiber offering. This includes ProCom Consulting and other expertise we have acquired to grow our capabilities and strengthen relationships with existing and emerging fiber customers alike.

前往第 12 張投影片上的網路自動化。Amdocs 正在透過我們的新一代光纖產品支援美國和全球光纖網路投資的設計和建置。這包括 ProCom 諮詢和我們獲得的其他專業知識，以提升我們的能力並加強與現有和新興光纖客戶的關係。

Last quarter, we said a leading provider of fiber optic Internet services in the US has chosen Amdocs to effectively manage and streamline complex fiber rollouts. As an example of our growing recognition in the market, Brightspeed, US-based fiber broadband telecom provider, has selected Amdocs resource manager to operate its network inventory, improving their processes.

上個季度，我們表示美國一家領先的光纖網路服務供應商選擇了 Amdocs 來有效管理和簡化複雜的光纖鋪設。作為我們在市場上認可度不斷提高的一個例子，美國光纖寬頻電信供應商 Brightspeed 選擇了 Amdocs 資源管理器來運作其網路庫存，從而改進了他們的流程。

As an additional highlight, Amdocs successfully completed the lab certification of Sapphire Rapids for vRAN enabling Verizon to increase capacity and reduce compute power consumption during rollout.

另一個亮點是，Amdocs 成功完成了 Sapphire Rapids 的 vRAN 實驗室認證，使 Verizon 能夠在推出期間增加容量並降低運算功耗。

Turning to slide 13. Amdocs is laser focused on helping service provider to unlock the transformative potential of Generative AI. To start, Amdocs recently introduced additional copilot capabilities for B2B customer care and commerce in our latest CS quarterly releases.

翻到第 13 張投影片。Amdocs 專注於幫助服務提供者釋放生成式人工智慧的變革潛力。首先，Amdocs 最近在我們最新的 CS 季度版本中引入了針對 B2B 客戶服務和商務的額外副駕駛功能。

We've also unveiled enhanced Generative AI capabilities in the amAIz platform, featuring Gen AI agents to support next level customer engagement and agentic capabilities across scales and sales domain.

我們還在 amAIz 平台上推出了增強的生成式 AI 功能，其中包括生成式 AI 代理，以支援跨規模和銷售領域的更高級別的客戶參與和代理功能。

To further expand our position as a leader in data, AI, and Generative AI, we recently completed the acquisition of Profinit, a data science engineering and intelligence company based in Czech Republic. This acquisition is an important building block in our offering, practically our data and Gen AI services capabilities, helping us to address the rapidly growing demand for data and AI and Gen AI services in telecom and beyond.

為了進一步擴大我們在數據、人工智慧和生成人工智慧領域的領先地位，我們最近完成了對位於捷克共和國的數據科學工程和智慧公司 Profinit 的收購。此次收購是我們產品的重要組成部分，實際上是我們的數據和通用人工智慧服務能力，有助於我們滿足電信及其他領域對數據、人工智慧和通用人工智慧服務快速成長的需求。

As to our sales progress, in Etisalat in the UAE is a flagship customer of our amAIz platform, and we continue to work with them to expand their use cases and deploy them to better support the customer, including in billing care, knowledge management, and more.

至於我們的銷售進展，阿聯酋的 Etisalat 是我們 amAIz 平台的旗艦客戶，我們將繼續與他們合作，擴大他們的使用案例並部署它們以更好地支援客戶，包括帳單護理、知識管理等。

Similarly, AT&T, we are supporting as a long-standing partner to create improved experiences for the customer is leveraging our generative capabilities to improve customer care. Amdocs has historically provided data and AI services to many of our customers, including T-Mobile and Globe Telecom in the Philippines.

同樣，作為長期合作夥伴，我們正在支持 AT&T 為客戶創造更好的體驗，並利用我們的生成能力來改善客戶服務。Amdocs 一直以來都為我們的許多客戶提供資料和 AI 服務，包括菲律賓的 T-Mobile 和 Globe Telecom。

The adoption of Generative AI has created a new wave of demand for data-related services spending data readiness to bespoke Gen AI use cases development to proof of concept. This quarter, we successfully exited more than 10 generative POCs at global provider, thereby adding to our expanding pipeline of deal opportunities.

生成式人工智慧的採用引發了對資料相關服務的新一輪需求，這些服務包括資料準備、客製化生成式人工智慧用例開發和概念驗證。本季度，我們成功地在全球供應商處退出了 10 多個生成性 POC，從而增加了我們不斷擴大的交易機會。

Finally, we have launched our generative AI experience center in Dallas, together with NVIDIA and Microsoft to showcase and reimagine what's possible for our customers. This facility will allow us to host and our global customer and showcase the leading capabilities that can transform the businesses.

最後，我們與 NVIDIA 和微軟合作在達拉斯推出了我們的生成式 AI 體驗中心，向客戶展示和重新構想我們的潛力。該設施將使我們能夠接待我們的全球客戶並展示可以改變業務的領先能力。

Turning to slide 14. Let me say a few words about the operating environment which has remained challenging and mostly unchanged over the last several quarters. To begin, we remain extremely confident in our relatively relative business model, including Managed Services, which support highly recurring revenue streams and strong level of business visibility under a multiyear customer engagements.

翻到第 14 張投影片。我想講一下經營環境。過去幾個季度，經營環境依然充滿挑戰，而且基本上沒有改變。首先，我們對我們相對相關的業務模式仍然非常有信心，包括託管服務，它在多年的客戶合作下支援高度經常性的收入流和強大的業務可見性。

Additionally, we believe we retain an ample room to improve our long-term revenue growth within our large addressable market of nearly $60 billion in size. I am also excited by the reach and encouraging deal pipeline in front of us.

此外，我們相信，在我們近 600 億美元的巨大潛在市場中，我們仍有足夠的空間來提高我們的長期收入成長。我也對我們面前的影響力和令人鼓舞的交易管道感到興奮。

This pipeline includes several large and mature business opportunities, which we are working hard to accelerate and convert to formal awards by leveraging our pedigree of innovation, telco-specific Gen AI solution, consistent track record execution, mission-critical operation expertise, and an unrivaled ability to support our customer growth, efficiency, and industry consolidation strategies as a standard IT partner.

該管道包括幾個大型且成熟的商業機會，我們正在努力利用我們的創新血統、電信特定的 Gen AI 解決方案、一致的業績記錄執行、關鍵任務運營專業知識以及作為標準 IT 合作夥伴支持客戶增長、效率和行業整合戰略的無與倫比的能力，加速這些機會並轉化為正式獎項。

Wrapping everything together on slide 15. We are reiterating the mid of our fiscal 2025 revenue growth guidance of between 1% and to 4.5% on a pro forma, constant currency basis, which included another year of double-digit growth in the cloud.

將所有內容匯總到投影片 15 上。我們重申 2025 財年中期營收成長預期，即按預測和固定匯率計算，成長 1% 至 4.5% 之間，其中包括雲端運算業務又一年的兩位數成長。

We are also on track to deliver double-digit expected total shareholder return for the fifth year running in fiscal 2025, assuming the midpoint of our non-GAAP diluted earnings per share outlook of between 6.5% to 10.5% plus our dividend yield.

假設我們的非 GAAP 攤薄每股收益預期中間值在 6.5% 至 10.5% 之間加上我們的股息收益率，我們還有望在 2025 財年連續第五年實現兩位數的預期股東總回報率。

With that, let me turn the call to Tamar for her remarks.

現在，請塔瑪爾發表意見。

Thank you, Shuky, and hello, everyone. Thank you for joining us. Before I begin in today's comments, I will compare certain financial metrics on a pro forma basis, which adjusts prior fiscal year 2024 revenue by approximately $600 million to reflect the phase-out of certain low-margin, noncore business activities, which were substantially already seized in the first quarter of fiscal 2025.

謝謝你，Shuky，大家好。感謝您加入我們。在我開始今天的評論之前，我將在形式上比較某些財務指標，該指標將 2024 財年的收入調整約 6 億美元，以反映某些低利潤、非核心業務活動的逐步淘汰，這些活動在 2025 財年第一季已經基本被查封。

To further assist your modeling, the regional mix of this revenue was similar to the overall company and it contributed roughly $150 million per quarter. Now, echoing Shuky's sentiments, I'm pleased with our solid financial results for the first fiscal quarter as detailed on slide 17.

為了進一步協助您的建模，該收入的區域結構與公司整體相似，每季貢獻約 1.5 億美元。現在，與 Shuky 的觀點一致，我對第一財季的穩健財務表現感到滿意，如第 17 頁所示。

Q1 revenue of approximately $1.11 billion was up 1.7% year over year in pro forma constant currency, and was slightly higher than the midpoint of our guidance after adjusting for negative foreign currency movements of approximately $6 million compared to our guidance assumptions.

第一季營收約 11.1 億美元，以預測固定匯率計算年增 1.7%，在調整與我們的指導假設相比約 600 萬美元的負面外匯變動後，略高於我們的指引中位數。

Reflecting the phase out of certain business activities, reported revenue declined by 10.9% from a year ago. Revenue from recently completed acquisitions, including Profinit, was immaterial this quarter as Profinit closed at the end of December.

由於某些業務活動的逐步取消，報告收入較去年同期下降了 10.9%。由於 Profinit 於 12 月底關閉，因此本季來自最近完成的收購（包括 Profinit）的收入並不重要。

On a regional basis, North America and rest of the world delivered year-over-year growth in a pro forma constant currency basis. Europe was weaker, mainly reflecting timing differences between natural roll-off of completed projects and the gradual ramp-up of new dealer awards. So we expect Europe to go back to growth next quarter.

從地區來看，北美和世界其他地區按預測固定匯率計算均實現了同比增長。歐洲表現較弱，主要反映出已完工工程自然展開與新經銷商獎勵逐步增加之間的時間差異。因此我們預計歐洲下個季度將恢復成長。

Shifting down the income statement, we are proud to report a significant jump in profitability this quarter. Non-GAAP operating margin of 21.2% was up 310 basis points year over year, and 250 basis points sequentially, primarily reflecting the end of low-margin business activities and the ongoing benefit of our operating improvement initiatives.

在損益表中，我們很自豪地報告本季獲利能力大幅提升。非公認會計準則營業利潤率為 21.2%，比去年同期成長 310 個基點，比上一季成長 250 個基點，主要反映了低利潤率業務活動的結束以及我們營運改善措施的持續效益。

Interest and other expenses amounted to roughly $0.4 million in the first quarter, reflecting a gain on the sale of an equity investment, mainly offset by adverse foreign currency movements. As a reminder, our foreign currency hedging program is designed to protect our profitability and free cash flow generation as long as it is cost effective to hedge.

第一季的利息和其他費用約為 40 萬美元，反映了出售股權投資的收益，但主要被不利的外匯變動所抵消。提醒一下，我們的外匯對沖計劃旨在保護我們的獲利能力和自由現金流產生，只要對沖具有成本效益。

On the bottom line, non-GAAP diluted EPS of $1.66 was $0.02 above the midpoint of guidance. It included a non-GAAP effective tax rate of 19.6% which, as we expected, was this quarter above our annual target range of 15% to 17%. Diluted GAAP EPS was $1.33 for the first fiscal quarter, above our guidance range of $1.2 to $1.29.

底線來看，非 GAAP 稀釋每股收益為 1.66 美元，比預期中位數高出 0.02 美元。其中包括 19.6% 的非 GAAP 有效稅率，正如我們預期的那樣，本季高於我們 15% 至 17% 的年度目標範圍。第一財季稀釋 GAAP EPS 為 1.33 美元，高於我們的預期範圍 1.2 美元至 1.29 美元。

Turning to slide 18. Revenue from Managed Services was $729 million in the first fiscal quarter, up 0.9% from a year ago. Reflecting the phase out of certain business activities, Managed Services increased to roughly 66% of total revenue in Q1, thus, improving our level of business visibility and resilience.

翻到第 18 張投影片。第一財季託管服務營收為 7.29 億美元，較去年同期成長 0.9%。由於某些業務活動的逐步淘汰，託管服務在第一季佔總收入的比重增加到約 66%，從而提高了我們的業務可見度和彈性。

During Q1, we continued to sign new Managed Services agreements, including the multiyear cloud Ops deal with VodafoneZiggo in the Netherlands, which Shuky referenced earlier, while also maintaining our historical renewal rate of close to 100% with existing Managed Services customers. As an example, Amdocs renewed the development in Managed Services engagement across Comcast Xfinity Mobile and Comcast Business. We also recently extended our Managed Services engagement with CLARO in Chile.

在第一季度，我們繼續簽署新的託管服務協議，包括與荷蘭 VodafoneZiggo 簽署的多年期雲端營運協議（Shuky 之前提到），同時也與現有託管服務客戶保持了接近 100% 的歷史續約率。例如，Amdocs 重新開發了與 Comcast Xfinity Mobile 和 Comcast Business 之間的託管服務合作。我們最近也擴大了與智利 CLARO 的託管服務合作。

Turning to balance sheet and cash flow highlights on slide 19, DSO of 81 days increased by six days year over year and seven days sequentially, reflecting normal fluctuations in business activity. The sequential increase in unbilled receivables, net of deferred revenue was $33 million in Q1, aggregating both short-term and long-term balances.

我們來看第 19 頁的資產負債表和現金流亮點，DSO 為 81 天，比去年同期增加 6 天，季增 7 天，反映了商業活動的正常波動。第一季未開立應收帳款扣除遞延收入後較上季增加 3,300 萬美元，包括短期和長期餘額。

As a reminder, the net difference between unbilled receivables and deferred revenue fluctuates from quarter to quarter, in line with normal business activities, as well as our progress on significant multiyear transformation programs we are currently running in North America. This quarter's increase is primarily attributable to the ramp-up and execution of our mainframe to cloud deal in AT&T, which we announced last May.

提醒一下，未開立發票應收帳款和遞延收入之間的淨差額每季都會波動，與正常的業務活動以及我們目前在北美實施的重大多年轉型計劃的進展一致。本季的成長主要歸因於我們去年 5 月宣布的與 AT&T 大型主機到雲端交易的加強和執行。

Reflecting strong execution, free cash flow before restructuring payments was $101 million in Q1. Including the restructuring payments of $23 million, reported free cash flow was $78 million. Overall, we ended Q1 with a healthy cash balance of approximately $349 million and aggregate borrowings of roughly $650 million providing ample liquidity to support our ongoing business needs, while retaining the capacity to fund our future strategic growth.

得益於強勁的執行力，第一季重組支付前的自由現金流為 1.01 億美元。如果包括 2,300 萬美元的重組付款，報告的自由現金流為 7,800 萬美元。總體而言，我們在第一季結束時擁有約 3.49 億美元的健康現金餘額和約 6.5 億美元的總借款，這為我們持續的業務需求提供了充足的流動性，同時保留了為我們未來的戰略增長提供資金的能力。

Turning to capital allocation on slide 20. We repurchased $144 million of our shares in the first quarter and paid cash dividends of $54 million. Overall, we returned a total of $198 million to shareholders on share repurchases and dividends in Q1.

轉向第 20 張投影片上的資本配置。我們在第一季回購了價值 1.44 億美元的股票，並支付了 5,400 萬美元的現金股利。總體而言，我們在第一季透過股票回購和股息向股東返還了總計 1.98 億美元。

Looking ahead, we are reiterating our free cash flow target of between $710 million to $730 million in fiscal 2025, and which is before payments under our current restructuring program. Our annual free cash flow outlook equates to a conversion rate of more than 90% relative to expected non-GAAP net income and translates to a healthy free cash flow yield of roughly 7% relative to Amdocs current market capitalization. Additionally, we remind you that free cash flow in the second fiscal quarter is typically lower due to the timing of annual bonus payments.

展望未來，我們重申 2025 財年的自由現金流目標，即 7.1 億美元至 7.3 億美元之間，這還未扣除我們目前重組計畫下的付款。我們對年度自由現金流的預期相當於相對於預期非 GAAP 淨收入的 90% 以上的轉換率，並轉化為相對於 Amdocs 目前市值約 7% 的健康自由現金流收益率。此外，我們提醒您，由於年度獎金支付的時間，第二財季的自由現金流通常較低。

Regarding our capital allocations in fiscal year 2025, we expect to return the majority of our free cash flow to shareholders.

關於我們 2025 財年的資本配置，我們預計將大部分自由現金流回饋給股東。

Moving to slide 21, 12 months backlog was $4.14 billion at the end of Q1, an acceleration of $80 million sequentially and up 2.7% from a year ago on a pro forma basis. To provide you with additional data point given the significant foreign currency movements impacting this quarter, 12 months backlog was up 3.5% from a year ago on a pro forma constant currency basis, supporting our expectation for an acceleration in quarterly year-over-year revenue growth on pro forma constant currency basis from Q2.

轉到第 21 頁，第一季末的 12 個月積壓訂單為 41.4 億美元，比上一季增加 8,000 萬美元，比去年同期成長 2.7%。鑑於本季受到重大外匯波動的影響，為了給您額外的數據點，按預測固定匯率計算，12 個月的積壓訂單比去年同期增長了 3.5%，支持了我們對從第二季度開始按預測固定匯率計算的季度同比收入增長加速的預期。

Following the phaseout of certain business activities, we expect 12 months backlog to represent roughly 90% of forward-looking revenue, further underscoring the importance of this metric as a leading indicator of our business.

在某些業務活動逐步淘汰之後，我們預計 12 個月的積壓訂單將佔前瞻性收入的約 90%，進一步強調了該指標作為我們業務領先指標的重要性。

Now, turning to our revenue outlook on slide 22. We are continuing to closely monitor the prevailing level of macroeconomic, geopolitical business, and operational certainty, which remains elevated in the current business environment. That's the second quarter and full fiscal year 2025 financial guidance reflects what we consider to be the most likely outcomes based on the information we have today, but we cannot predict all possible scenarios.

現在，讓我們來看看第 22 頁的收入展望。我們將繼續密切關注宏觀經濟、地緣政治業務和營運確定性的現行水平，在當前的商業環境中，這些水平仍然很高。這是第二季和整個 2025 財年的財務指引，反映了我們根據今天掌握的資訊認為最可能的結果，但我們無法預測所有可能的情況。

Beginning with the top line, we are reiterating our guidance for revenue growth of between 1% and 4.5% on a pro forma constant currency basis for the full fiscal year 2025. including another year of double-digit growth in cloud.

從營收開始，我們重申對 2025 財年全年營收成長預期，以預測的固定匯率基礎計算，成長率在 1% 至 4.5% 之間，其中雲端運算業務將再實現兩位數成長。

As a reminder, our annual guidance already assumes revenue contribution from inorganic deal activity this year, some of which we already completed in Q1. After the second fiscal quarter, we expect revenue of between $1.105 billion to $1.145 billion, the midpoint of which equates to a healthy acceleration of roughly $15 million sequentially. This is despite an assumed negative sequential impact of roughly $3 million from foreign currency fluctuations, as compared with the rates prevailing at the end of our first fiscal quarter 2025 on December 31.

提醒一下，我們的年度指引已經假設今年無機交易活動將帶來收入貢獻，其中一些我們已經在第一季完成。第二財季結束後，我們預計營收將在 11.05 億美元至 11.45 億美元之間，中間值相當於環比健康成長約 1500 萬美元。儘管與 2025 財年第一季末（12 月 31 日）的匯率相比，外匯波動預計將產生約 300 萬美元的負面連續影響，但情況仍然如此。

Moving down the income statement. We are on track to produce non-GAAP operating margins within our guidance range of 21.2% to 21.7% in fiscal 2025. The midpoint of which equates to a substantial increase of roughly 300 basis points as compared with the prior fiscal year.

降低損益表。我們預計在 2025 財年實現非 GAAP 營業利潤率達到 21.2％至 21.7％的預期範圍。其中間點與上一財年相比大幅增加了約300個基點。

The midpoint of our full-year margin outlook assumes roughly 230 basis points of improvement from phaseout of business activities and another 60 to 70 basis points resulting from our continued focus on operational excellence, automation and the gradual implementation of generative AI.

我們全年利潤率預期的中間點假設，由於業務活動的逐步終止，利潤率將提高約 230 個基點，而由於我們繼續專注於卓越營運、自動化和生成式人工智慧的逐步實施，利潤率將提高另外 60 到 70 個基點。

Below the operating line, foreign currency fluctuations and hedging costs are expected to impact non-GAAP net interest and other expense by roughly several million dollars on a quarterly basis. We expect our non-GAAP effective tax rate for fiscal 2025 to be within an annual target range of 15% to 17% for the full fiscal year 2025, and for Q2, specifically within this annual range.

在營業線以下，預計外幣波動和對沖成本將對非公認會計準則淨利息和其他支出產生每季約數百萬美元的影響。我們預計，2025 財年的非 GAAP 有效稅率將在 15% 至 17% 的年度目標範圍內，而第二季的具體稅率將在此年度範圍內。

Bringing everything together on slide 24, we are positioned to deliver non-GAAP diluted earnings per share growth of 6.5% to 10.5% in fiscal 2025, the midpoint of which supports the fifth consecutive year of double-digit expected total shareholders' return when including a dividend yield of more than 2%.

綜合第 24 頁的所有內容，我們計劃在 2025 財年實現非 GAAP 攤薄每股收益增長 6.5% 至 10.5%，其中點支持連續第五年實現兩位數的預期股東總回報率（包括超過 2% 的股息收益率）。

Before turning it back to Shuky, I'm proud to announce that Amdocs has been included in the 2024 S&P Dow Jones Sustainability Index North America for the sixth year in a row. With over 3,500 companies reviewed globally, we believe this achievement underscores our efforts and focus on principles of ESG and the continual integration of sustainability throughout our organization.

在將話題轉回 Shuky 之前，我很自豪地宣布，Amdocs 已連續第六年被納入 2024 年標準普爾道瓊斯永續發展北美指數。我們已經對全球超過 3,500 家公司進行了評估，我們相信這項成就凸顯了我們在整個組織內對 ESG 原則和永續性持續融合的努力和關注。

We are proud to stand among the best-in-class in our industry. And on behalf of Shuky and myself, we'd like to thank our dedicated employees for the way they support our customers and our communities each day.

我們很榮幸能夠躋身業界領先行列。我謹代表 Shuky 和我本人，感謝我們敬業的員工每天為我們的客戶和社區提供的支持。

With that, back to you, Shuky.

說完這些，回到你身上，Shuky。

Thanks, Tamar. With our fiscal 2025 off to a solid start, we are reiterating the full-year revenue guidance based on our healthy 12-month backlog position and they reach an encouraging pipeline of opportunities ahead of us. We are also on track to deliver for ongoing margin improvement and robust earnings to cash conversion, further supporting our commitment to deliver another year of double-digit expected total shareholder return.

謝謝，塔瑪爾。隨著我們 2025 財年的良好開端，我們根據健康的 12 個月積壓訂單狀況重申全年收入指引，並且我們面前還有令人鼓舞的機會。我們也有望實現持續的利潤率改善和強勁的盈利向現金轉換，進一步支持我們明年實現兩位數預期股東總回報的承諾。

With that, we are happy to take your questions.

我們很樂意回答您的問題。

George Notter, Jefferies.

喬治·諾特（George Notter），傑富瑞（Jefferies）。

Hi, guys. Thank you very much. I wanted to ask, Shuky, you were talking about, I think at different points in your monologue, the pipeline of projects that are significant that are out there. Is there something changing in the marketplace that's driving that pipeline? And could you talk about the genre of customers or types of projects that you're seeing? Any more details on that would be great. Thanks.

嗨，大家好。非常感謝。我想問一下，舒基，我想在你的獨白的不同階段中，你談到了目前存在的重要專案管道。市場上是否發生了一些變化，從而推動了這個管道的發展？您能談談您所看到的客戶類型或專案類型嗎？如果能提供更多詳細資訊就更好了。謝謝。

Yeah. I'm not sure that we can declare now that there is a change in the market, but the reality is that the pipeline is very rich, mature deals, and this is across all geographies and the different growth engine domain of Amdocs.

是的。我不確定我們現在是否可以宣布市場發生了變化，但實際情況是，通路非常豐富，交易成熟，而且遍布所有地區和 Amdocs 不同的成長引擎領域。

And I think that we are now putting a lot of effort to close this deal, translate into deals in a way that we can close them, and start to ramp up and recognize revenue this year. But we do -- but we are encouraged by the pipeline and the fact that it's not limited to one geography and it's across all the areas we are operating.

我認為我們現在正在付出很多努力來達成這筆交易，以我們能夠達成的方式轉化為交易，並在今年開始增加和確認收入。但是我們確實有——我們對這個管道感到鼓舞，而且它不僅限於一個地區，而且遍布我們運營的所有地區。

If I go back to the fall, I think in talking with you guys, you were talking a bit more about how it was getting hard to close deals and get customers to commit and get projects moving. It sounds like there's been a change in the environment. I guess, I'm just pushing back here.

如果我回顧秋天，我想在與你們交談時，你們更多地談論了達成交易、讓客戶承諾並推動專案變得越來越困難。聽起來環境已經改變了。我想，我只是在這裡反擊。

I'm wondering what's changed that's just driving that improvement? Or is that something that indeed is not the case? Like what can you tell us there? Thanks.

我想知道到底是什麼改變推動了這種改善？或者事實確實並非如此？您能告訴我們什麼呢？謝謝。

I think we -- I can answer this question better in the next quarter. But definitely, the pipeline is very encouraging.

我認為我們——我可以在下個季度更好地回答這個問題。但毫無疑問，這項管道非常令人鼓舞。

Thank you.

謝謝。

Tim Horan, Oppenheimer.

提姆霍蘭、奧本海默。

Just back on the pipeline question. Are you seeing an improvement in spending on some of the legacy projects that had kind of slowed down a lot last year? Or is it more on the cloud side where that's kind of accelerating? Yeah.

回到管道問題。您是否看到一些去年支出放緩很多的遺留項目支出有所改善？還是說更多的是在雲端，並且正在加速發展？是的。

No, it's more on the new stuff. It's cloud, or sales projects, BSS transformation, digital modernization. So it's not on the legacy. It's much more on the new stuff.

不，更多的是新東西。它是雲，或銷售項目、BSS 轉型、數位現代化。因此，這與遺產無關。它涉及更多新內容。

Do you think the legacy might kick back in at some point or is everyone's pretty committed to the new stuff?

您是否認為遺產可能會在某個時候重新出現，或者每個人都非常熱衷於新事物？

Just to remind you that when we said legacy at the time, we talked about the level of enhancements of existing systems in the same customers that are investing in transformation and building the next gen with us. So we are not counting on the fact that they will start accelerating investment in the current system of record, while they're building the future system, right? We prefer and we always said that, that they invest in their future with us.

只是提醒您，當我們當時說遺留下來時，我們談論的是與我們一起投資轉型和構建下一代系統的同一客戶現有系統的增強水平。因此，我們並不指望他們在建立未來系統的同時，會開始加速對目前記錄系統的投資，對嗎？我們更希望他們與我們一起投資他們的未來，我們也一直這麼說。

So our focus is on selling the new stuff, bringing all the great offerings we have and the innovation we are investing into our R&D and bringing that to the table when we have the dialogue with customers. This is where the focus is, and this is where we want to see the conversion of this pipeline to additional deals.

因此，我們的重點是銷售新產品，帶來我們所有的優質產品和我們正在投資的創新，並將其帶到我們的研發中，並在與客戶對話時提出。這就是重點所在，這也是我們希望看到這個管道轉化為更多交易的地方。

But to your question, the pipeline is by far for all the new stuff.

但對於你的問題，目前為止，所有新東西的管道都是如此。

And you mentioned, I think, 10 proof of concept projects for AI. Can you give a little maybe more update? I guess, Shuky, what do you personally think AI could do for the carriers? Can it materially lower their expenses over time and improve quality and maybe drive some new revenues and what's it kind of take to implement it?

我認為您提到了 10 個 AI 概念驗證項目。您能否提供更多最新消息？我想問一下，Shuky，您個人認為 AI 能為航空公司做些什麼呢？它能否隨著時間的推移大幅降低他們的開支、提高質量，甚至帶來一些新的收入，以及實現它需要什麼條件？

So what we see right now is acceleration more in the foundation, meaning, as we discussed this before and shared it with you, in order to make the best use of Generative AI technology, you need to make sure that we have the right data in place. So we see more activities in this domain in a large customer, preparing all the data for all the generative use cases.

因此，我們現在看到的是基礎方面的加速，這意味著，正如我們之前討論過並與大家分享的那樣，為了充分利用生成式人工智慧技術，你需要確保我們擁有正確的數據。因此，我們看到大客戶在這個領域的活動更多，為所有生成用例準備所有資料。

Generative use cases, I mean, we see different, it's related to care to commerce, upsell. So we are trying -- I said we are trialing with our customers. And we hope we'll see a more closure of new deals in the next quarters.

產生用例，我的意思是，我們看到不同，它與商業關懷、追加銷售有關。所以我們正在嘗試——我說我們正在與我們的客戶一起試驗。我們希望在接下來的幾個季度看到更多新交易的達成。

Tal Liani, Bank of America.

美國銀行的塔爾·利阿尼 (Tal Liani)。

My question is about general growth, and it's more specifics about breaking down the growth. When I look at your numbers, and I tried to take kind of a bird's eye view 1.7% growth on a like-to-like is good, but it's just not that this kind of the momentum we would like to see.

我的問題是關於整體成長，更具體地說是關於細分成長。當我看到您的數字時，我試圖從總體上看，1.7% 的同比增長率是好的，但這並不是我們希望看到的勢頭。

And the question is, first of all, if I break it down and I try to understand, okay, cloud contributed and what happened with service providers, what happened to big customers versus smaller customers, can you break down this 1.7% to better understand what are the components of it so that we can link it to the future?

問題是，首先，如果我把它分解開來，並試著去理解，好吧，雲端運算的貢獻以及服務提供者發生了什麼，大客戶和小客戶發生了什麼，你能否將這 1.7% 分解開來，以更好地了解它的組成部分，以便我們可以將它與未來聯繫起來？

In the future, the question about the future is what could change such that your growth could be on a sustainable basis at a higher level? And what are the things that you're working on today that could change the growth trajectory? Because 2% is kind of the low average. It's not even the midpoint average of the company --

在未來，關於未來的問題是，什麼改變可以讓你們的成長在更高水準上實現永續發展？您目前正在進行的哪些工作可能會改變成長軌跡？因為 2% 是一個較低的平均值。這甚至不是公司的中間平均值--

So, Tal, it's a great point. And if you think about Q1, specifically, the growth in pro forma constant currency was 1.7%, but we are already indicating through different leading indicators.

所以，塔爾，這是一個很好的觀點。如果你看一下第一季度，具體來說，以不變匯率計算的成長是 1.7%，但我們已經透過不同的領先指標表明了這一點。

For example, the 12-month backlog, and this is why it was important for us to give the color on the real growth of the 12-month backlog being 3.5% because this is indeed leading to the fact we can start seeing acceleration of the growth.

例如，12 個月的積壓訂單，這就是為什麼我們必須說明 12 個月積壓訂單的實際成長率為 3.5%，因為這確實導致我們開始看到成長加速。

And if you look at the midpoint that we're guiding for with $15 million sequentially up. But if I'm adding back the currency impact, it's more like $20 million up or close to $20 million up. So you can definitely see the beginning of an acceleration of that growth to 3%-point-something.

如果你看一下我們指導的中點，你會發現其連續成長了 1500 萬美元。但如果我加上貨幣影響，那麼它更像是增加了 2,000 萬美元或接近 2,000 萬美元。因此，你絕對可以看到成長率開始加速至 3% 左右。

You're right that overall midpoint for the year is 2.7%. But if you look on the trend during the year, how we are seeing it, we are seeing -- starting to see the pickup. And this pickup and acceleration in the growth that we should see through the quarter is coming from these new things. The ramp-up of new deals that we won as well as expectation more in the second half of the year, of course, to continue and close more deals. So with 90% visibility that the backlog presents, yes, a lot of that, we know exactly how it's going to happen.

您說得對，今年的總體中點是 2.7%。但如果你觀察今年的趨勢，我們是如何看待它的，我們看到——開始看到回升。我們在本季應該會看到成長的回升和加速，而這些正是來自這些新事物。我們贏得的新交易不斷增加，當然，我們也期待下半年能繼續完成更多的交易。因此，透過對積壓工作 90% 的可見性，是的，我們確切地知道它將如何發生。

And it's a matter of converting the deals we already have in hand, executing on them and recognizing revenue. And some of that will come from additional conversion from the strong pipeline into new deals and executing on them.

這是關於轉換我們手中已有的交易、執行交易並確認收入的問題。其中一部分將來自於將強大的管道轉化為新交易並執行這些交易。

Cloud continues to perform very nicely. We feel very good about the ability to continue with double-digit growth in cloud. So that momentum is there. And as we said before, we believe that we will start seeing some pickup from all those great POCs and great, I'd say, early deals with customers, also starting to see some G&A activities.

雲端運算持續表現優異。我們對雲端運算持續保持兩位數成長的能力感到非常滿意。因此這種勢頭是存在的。正如我們之前所說的，我們相信我們將開始看到從所有這些出色的 POC 和與客戶的早期交易中獲得一些回報，同時也開始看到一些 G&A 活動。

I don't think that's going to be a huge number in 2025, but definitely, they start contributing to revenue growth as well.

我認為到 2025 年這個數字還不會很大，但毫無疑問，它們也會開始促進收入成長。

Great. Thanks so much. The second question I have is about just to understand your large customer exposure. So you spoke about implementation of the deal that you wanted, AT&T. As much as you can provide numbers kind or trends within your big customers, can you talk about any concentration you had in the past?

偉大的。非常感謝。我的第二個問題只是想了解你們的龐大客戶曝光率。所以你談到了你想要的交易的實施，AT&T。雖然您可以提供大客戶的數位類型或趨勢，但您能談談過去的重點嗎？

And any projects that are ending projects that are starting kind of -- if I focus on the big customers that you have and that represent -- I don't remember the current number, it used to be about 60% of revenues, what are the trends within that group, the group of giant service providers?

任何即將結束的項目，或即將開始的項目——如果我關注您擁有的和代表的大客戶——我不記得現在的數字了，它曾經約佔收入的 60%，這個群體，也就是大型服務提供者群體中的趨勢是什麼？

First of all, we definitely see across our large customers, different buying centers. I just want to remind that. It's not one monolithic contract that drives the business. We are active, for example, in AT&T across multiple activities, modernizing their next-generation consumer stack, building new capabilities around Cricket, doing stuff in AT&T Mexico. So the list goes on.

首先，我們確實在我們的大客戶中看到了不同的採購中心。我只是想提醒這一點。推動業務發展的並不是單一的合約。例如，我們積極參與 AT&T 的多項活動，對他們的下一代消費者堆疊進行現代化改造，圍繞 Cricket 建立新的功能，並在 AT&T 墨西哥開展業務。類似這樣的清單還有很多。

So it's more diversified than just a name. Of course, eventually AT&T is a big name. But for us, it means many activities with different decision-makers different buying centers there.

因此，它比僅僅一個名字更加多樣化。當然，AT&T 最終會成為一個大品牌。但對我們來說，這意味著要與不同的決策者、不同的採購中心進行許多活動。

I want to add that beyond our top two customers with whom we are building significant new transformations and seeing the activity. We are continuing to push forward on moving into new geographies, new names.

我想補充一點，除了我們的前兩個客戶之外，我們正在與他們一起建立重大的新轉型並看到相關活動。我們正繼續努力朝著新的地域、新的名稱邁進。

We mentioned last quarter, for example, a significant win with NTT in Japan. That's a new country in which we are building our business. It's a very big market. But for us, it's a new market. So we're continuing to look beyond North America, how we're expanding geographically.

例如，我們在上個季度提到過，與日本 NTT 合作取得了重大勝利。那是一個新的國家，我們正在其中拓展業務。這是一個非常大的市場。但對我們來說，這是一個新市場。因此，我們將繼續放眼北美以外，探索如何在地理上擴張。

Now, back to North America, beyond the fact that we have two large customers, we are continuing to penetrate and expand relationship with other significant big names. For example, Charter, that we continue to see the momentum with. And we feel there is opportunity to grow within North America.

現在回到北美，除了我們擁有兩個大客戶之外，我們還在繼續滲透和擴大與其他重要大公司的合作關係。例如，我們繼續看到憲章的勢頭。我們覺得北美有發展的機會。

We mentioned in the prepared remarks a new consolidation project of the billing activities of Bell Canada. Bell Canada is a meaningful customer. And we are very proud to be the ones that are consolidating for them, the different platforms.

我們在準備好的評論中提到了加拿大貝爾公司計費活動的一項新的合併項目。貝爾加拿大公司是我們的重要客戶。我們非常自豪能夠為他們整合不同的平台。

So definitely, the list goes beyond just the two largest names that we continue to work very, very nicely with in expanding the type of business that we have with customers. And to remind you, we are also continuing to look into ways to expand our Managed Services portfolio, while having nearly 100% renewal with existing customers we serve under Managed Services.

因此，毫無疑問，名單不僅限於這兩家最大的公司，我們將繼續與這兩家公司進行非常非常好的合作，以擴大我們與客戶的業務類型。需要提醒您的是，我們也持續研究擴大託管服務組合的方法，同時與我們透過託管服務服務的現有客戶幾乎 100% 進行續約。

We continue to push forward in adding more and more customers into this offering, which I think is really important, because that brings us an edge in terms of both providing them the value proposition; the full accountability of Amdocs, of not only providing new innovation and deploying it, but then supporting them in ongoing IT operations and cloud Ops, which is another good example of how we expanded in Vodafone Netherlands. For example, after completing a successful transformation into the cloud, now moving and expanding with Managed Services into cloud ops.

我們將繼續努力吸引更多客戶加入這項產品，我認為這非常重要，因為這為我們提供了優勢，既可以為他們提供價值主張； Amdocs 的全面責任不僅在於提供新的創新並加以部署，還在於支持他們進行持續的 IT 運營和雲端運營，這是我們在沃達豐荷蘭擴張的另一個很好的例子。例如，在成功完成向雲端的轉型之後，現在透過託管服務遷移並擴展到雲端操作。

Just to give you some flavor of how we are thinking about expanding our existing customer base, as well as moving forward, with more new logos such as entity in Japan. But back to two large names, yes. We have been working for many years with those two large customers and continue to see opportunities to support them in their new needs.

只是為了讓您了解我們如何考慮擴大現有客戶群，以及如何向前發展，推出更多新標誌，例如日本的實體。但回到兩個大牌，是的。我們已經與這兩家大客戶合作多年，並繼續尋找機會來支持他們的新需求。

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

Hi, thank you very much. Shuky, I just want to ask you again about the growth in the backlog, and it seems great that we have kind of a leading indicator that something is stepping up. But it's a backlog. We're kind of stripping out some of the exited business, I believe.

你好，非常感謝。Shuky，我只是想再次問你關於積壓訂單成長的情況，我們有一個領先指標表明某些事情正在加速，這很好。但這是一個積壓問題。我相信，我們正在剝離一些已經退出的業務。

And is there anything unusual that we should think about this backlog? The way to think about the backlog after you're exiting some of the business? Is there any more pronounced seasonality in any of it?

對於這個積壓問題，我們是否應該思考一些不尋常的事情？退出部分業務後，如何處理積壓工作？其中是否存在更明顯的季節性？

And then just the step up in backlog, were there some particular types of contracts that drove the growth sequentially, moving it up $80 million? Or just is there any more color you can give into the growth in this backlog?

然後只是積壓訂單的增加，是否有一些特定類型的合約推動了連續的成長，使其增加了 8000 萬美元？或者您能提供更多關於積壓訂單增長情況的資訊嗎？

Thanks, Shlomo, for the question. I'll try to give some additional color there. We don't have typically seasonality on a regular basis in the backlog.

謝謝 Shlomo 提出這個問題。我將嘗試在那裡添加一些額外的顏色。我們的積壓訂單通常不會定期出現季節性變化。

Specifically, this quarter, the $80 million sequentially. First of all, it's comparing apples to apples. So both of this is on a pro forma basis after the phase out activity. So it's comparing to apples to apples in terms of the sets of numbers.

具體來說，本季環比成長 8,000 萬美元。首先，這是同類的比較。因此，這兩項都是在逐步淘汰活動之後的形式上。因此，從數位集的角度來看，這是同類的比較。

When we look on the composition of the increase in backlog, it's a combination of several new deals of the fact that we are enjoying now in the 12-month backlog, a full year already of dimension to cloud deal of AT&T that we are ramping up on execution. And before that, it was just lower than the full 12 months. And the fact that we have some contribution to backlog coming from profile, the recent acquisition.

當我們查看積壓訂單增加的組成時，這是幾項新交易的組合，事實上，我們目前享有 12 個月的積壓訂單，而 AT&T 的雲端運算交易已經是全年的規模，我們正在加緊執行。而在此之前，這一數字略低於全年水準。事實上，我們的積壓訂單有一些來自最近的收購的貢獻。

So I would say, taking all of that into consideration, I'm very happy with the composition that we see in there. And also broad-based in terms of the geographies that contributed to the backlog, which is always great to have.

所以我想說，考慮到所有這些因素，我對我們在那裡看到的構圖感到非常滿意。而且從導致積壓的地域來看，也是廣泛的，這總是件好事。

And the [$80 million] does not -- luckily, we have some headwinds.

而這 8000 萬美元並沒有——幸運的是，我們遇到了一些阻力。

[$80 million] is after a headwind from currencies. That's why we are saying the constant currency pro forma number is 3.5% rather than the 2.7%, that is unfortunately absorbing that currency impact. So if you want to compare to the 2.7% midpoint of growth on revenue, 3.5% obviously being higher is a sign of acceleration.

[8000 萬美元] 面臨貨幣逆風。這就是為什麼我們說恆定貨幣預測數字是 3.5％而不是 2.7％，不幸的是，這吸收了貨幣影響。因此，如果您想與收入成長的中間點 2.7% 進行比較，3.5% 顯然更高，這是加速的標誌。

Okay. And just on the acquisition, the Profinit acquisition. As we're looking at the organic growth in the business, if you factor in both the currency and the Profinit, would the midpoint of the revenue guidance be going down if you did not have that acquisition? And how much is that acquisition adding to the backlog, so we can kind of look at things a little bit on an apples-to-apples basis?

好的。剛才談到收購，即 Profinit 收購。當我們專注於業務的有機成長時，如果同時考慮貨幣和利潤，如果沒有進行那次收購，收入預期的中點會下降嗎？這次收購會對積壓訂單造成多大影響，以便我們可以從同類比較的角度來看問題？

So as we said in the beginning of the year, we factored regi into the initial guidance for the year, some acquisition. And this is part of kind of fulfilling on that promise. So I just want to emphasize, it's not incremental to what we thought in the beginning of the year. It's actually now putting a name to the plant.

正如我們在年初所說的那樣，我們將 regi 和一些收購考慮在內，作為年度初步指導的一部分。這也是履行這項承諾的一部分。所以我只想強調一下，這與我們年初所想的相比並沒有太大的變化。現在實際上正在為該植物命名。

And in terms of the contribution to the backlog, it was part of the contribution. I don't think it's such a big part of it. Less, I would say -- probably less than half is coming from the impact of the M&A and the rest is organic.

就對積壓的貢獻而言，這是貢獻的一部分。我不認為這佔了多大比例。我想說，較少——可能不到一半來自併購的影響，其餘的都是有機的。

Okay. And then if I can squeeze in one more. Just on the AI side, there's a lot of POCs and what do you think is the gating factor to kind of landing a big deal? Is it the readiness on the client side? Is it getting more comfortable with what's offered? Is it proving out enough return on investment, given the risk in terms of changing some their ways that they operate? Can you just talk a little bit about that?

好的。然後如果我能再擠一點的話。光是在人工智慧方面，就有很多 POC，您認為達成大交易的限制因素是什麼？客戶端是否已準備就緒？它對所提供的服務是否更滿意？考慮到改變部分營運方式的風險，這是否能證明有足夠的投資回報？你能稍微談論一下這個嗎？

It depends. I mean, first of all, as I said, we see some acceleration in the data domain. By the way, this was the rationale also of the acquisition of Profinit. Because preparing the data in a way that can support general use cases, this is a lot of work. So here, we see a lot of progress. We mentioned that we do a lot of it in AT&T and other large customers.

這取決於。我的意思是，首先，正如我所說，我們看到數據領域的一些加速。順便說一句，這也是收購 Profinit 的理由。因為以可以支援一般用例的方式準備數據，所以這項工作非常繁重。在這裡，我們看到了很多進展。我們提到，我們為 AT&T 和其他大客戶做了很多這樣的工作。

The adoption, I mean, some of it, there was a lot of activities in the call center. Sometimes call center are unionized. So it's not as simple to -- I think it's starting to get the maturity level that you can put a tool like this and know that it works 100% accurate because you start to -- when you put it in the hands of customer care representatives to make sure that it's effective. It works very precise.

我的意思是，其中一些是採用的，呼叫中心有很多活動。有時呼叫中心也會成立工會。所以這並不那麼簡單——我認為它開始達到成熟的水平，你可以使用這樣的工具，並且知道它 100% 準確地工作，因為你開始——當你把它交到客戶服務代表手中時，確保它是有效的。它的工作非常精確。

So we start to feel some maturity and we believe we will see some acceleration in signing deals. The deals that we already signed, we see that they are expanding. For example, we mentioned etisalat. We started with a couple of use cases; it becomes a much more broader deal than that. So we see there, whenever we are lending a deal, it's working well and we see some acceleration.

因此，我們開始感受到一些成熟，我們相信我們將看到簽署協議的速度加快。我們看到，已經簽署的協議正在不斷擴大。例如，我們提到了 etisalat。我們從幾個用例開始；這將成為一個範圍更為廣泛的協定。因此我們看到，每當我們進行貸款交易時，它都運作良好，並且我們看到一些加速。

Okay. Thank you.

好的。謝謝。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Matt Smith for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目交還給馬特史密斯 (Matt Smith)，以便他做出進一步的評論。

Thanks, Jonathan, and thanks, everyone, for joining us this evening. If you do have any additional questions, just reach out to us here in the IR group. And with that, have a great night. Thanks a lot.

謝謝喬納森，也謝謝大家今晚加入我們。如果您還有其他問題，請聯絡我們的 IR 小組。最後，祝大家有個愉快的夜晚。多謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。再會。