Amdocs Ltd (DOX) 2025 Q2 法說會逐字稿

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

感謝您的支持，歡迎參加 Amdocs 2025 年第二季財報電話會議。（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. Before we begin, I need to call your attention to our disclaimer statement on slide 2 of the presentation. I note that some of our comments today may be forward-looking statements and are subject to risks and uncertainties, including as described in Amdocs's 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.

謝謝。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。我注意到，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。有關我們使用非公認會計準則 (non-GAAP) 財務指標的更多資訊（包括這些指標的對帳），請參閱今天的收益報告，該報告也將以 6-K 表格形式提交給美國證券交易委員會 (SEC)。

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. 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.

今天與我一起參加電話會議的發言人是 Amdocs Management Limited 總裁兼執行長 Shuky Sheffer；以及財務與營運長 Tamar Rapaport-Dagim。為了支持今天的收益電話會議，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稿副本也將在本次電話會議結束後立即發布。

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

在今天的議程中，Shuky 將回顧我們第二季度的業務和財務成就，我們將向您通報我們在執行策略成長框架方面取得的持續進展，包括 GenAI 和我們在雲端運算領域的持續銷售勢頭。Shuky 將最後討論我們對 2025 財年全年的財務展望，之後 Tamar 將提供有關我們第二季度財務業績和前瞻性指引的更多詳細信息。

As we communicated previously, Shuky and Tamar will compare certain financial metrics on a pro forma basis, which adjusts prior fiscal year 2024 revenue by approximately $600 million to reflect the end of certain low-margin noncore business activities, which were substantially already ceased in the first quarter of fiscal 2025.

正如我們之前所溝通的，Shuky 和 ​​Tamar 將在備考基礎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結束，這些活動在 2025 財年第一季已基本停止。

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

說完這些，我將把話題交給 Shuky。

Thank you, Matt, and everyone joining us on the call today. Starting on slide 6. I'm pleased to report good results for our fiscal second quarter, credit for which belongs to Amdocs global base of employees while executing our strategy to deliver the next-gen cloud, digital and AI best solution our customer needs to ensure amazing experiences and seamless connectivity for billions of people each day.

謝謝馬特以及今天參加我們電話會議的所有人。從第 6 張投影片開始。我很高興地報告我們第二財季的良好業績，這要歸功於 Amdocs 全球員工的共同努力，他們正在執行我們的策略，為客戶提供所需的下一代雲端、數位和人工智慧最佳解決方案，確保數十億人每天獲得出色的體驗和無縫連接。

And now, the second-quarter financial highlights. Revenue of $1.13 billion was above the midpoint of our guidance and increased by 4% from a year ago in pro forma constant currency. Profitability improved by 10 basis points sequentially, reflecting ongoing internal efficiency gains.

現在，我們來看看第二季的財務亮點。11.3 億美元的營收高於我們預期的中位數，以預測固定匯率計算，較去年同期成長 4%。獲利能力季增 10 個基點，反映出內部效率的持續提升。

We generated robust free cash flow of $181 million, excluding restructuring-related payments supported by healthy customer cash collection, and non-GAAP earnings per share was $1.78, above the guidance range, primarily due to lower-than-expected non-GAAP effective tax rate in the quarter.

我們產生了 1.81 億美元的強勁自由現金流（不包括由健康客戶現金收款支持的重組相關付款），非 GAAP 每股收益為 1.78 美元，高於指導範圍，這主要歸因於本季度非 GAAP 有效稅率低於預期。

Additionally, we closed the second quarter with a 12-month backlog of $4.17 billion, up by 3.5% pro forma from a year ago.

此外，我們第二季的 12 個月積壓訂單量為 41.7 億美元，比去年同期成長 3.5%。

The healthy increase in 12-month backlog was supported by a strong pipeline to deal conversion as shown on slide 7. Among the highlights, we're strengthening our relationship with AT&T Cricket Wireless through payment solutions, dealer commission and expedited services.

如投影片 7 所示，12 個月積壓訂單的健康成長得益於強勁的管道到交易的轉換。其中的亮點是，我們透過支付解決方案、經銷商佣金和加急服務加強了與 AT&T Cricket Wireless 的關係。

Consumer Cellular, a new logo for Amdocs in the US, has selected our ConnectX SaaS solution to introduce new digital brands, and we benefited from a healthy customer demand for our fiber, deployment orchestration, and digital infrastructure management offerings.

Consumer Cellular 是 Amdocs 在美國的新標識，它選擇了我們的 ConnectX SaaS 解決方案來推出新的數位品牌，並且我們受益於客戶對我們的光纖、部署編排和數位基礎設施管理產品的健康需求。

Strong sales momentum in cloud also continued this quarter. We are working with Microsoft to migrate Amdocs and non-Amdocs application to the Microsoft Azure platform for a leading Tier 1 European operator. And in Philippines, we signed an agreement to support the next phase of PLDT's cloud monetization project. As to our project execution this quarter, we successfully achieved a high number of major milestones for many of our world's largest operators.

本季雲端運算的銷售動能也延續強勁。我們正在與微軟合作，為歐洲領先的一級運營商將 Amdocs 和非 Amdocs 應用程式遷移到 Microsoft Azure 平台。在菲律賓，我們簽署了一項協議，以支持PLDT雲端貨幣化計畫的下一階段。就本季的專案執行而言，我們成功地為許多全球最大的營運商實現了許多重要的里程碑。

At AT&T, we are progressing the mainframe to cloud migration using the Amdocs agentic migration power deal, which entails migration application and operational ecosystem to operate on the cloud.

在 AT&T，我們正在利用 Amdocs 代理遷移電源協定來推進大型主機向雲端的遷移，這需要遷移應用程式和營運生態系統以在雲端上運行。

We also reached a notable milestone in Japan, a strategic market for Amdocs, where we delivered an advanced cloud-native platform to enable NTT Infranet to modernize and migrate its IT operation system to the cloud. This achievement continues our momentum in Japan, where we are now supporting three flagship customers, including JCOM and Paramount in addition to NTT Infranet.

我們也在日本（Amdocs 的策略市場）取得了顯著的里程碑，我們在日本提供了先進的雲端原生平台，使 NTT Infranet 能夠實現其 IT 營運系統的現代化並將其遷移到雲端。這項成就延續了我們在日本的發展勢頭，目前我們在日本為三家旗艦客戶提供支持，除了 NTT Infranet 之外，還包括 JCOM 和 Paramount。

Rounding out the operational highlights, we delivered another record quarter in Managed Services, which contributes roughly two-thirds of total revenue. Renewal rate also remained very high in Q2 as we signed new multi-managed services agreements that expands Amdocs' scope of activities with Telia Norway, PLDT, and M1 in Singapore.

總結營運亮點，我們在託管服務方面再創紀錄，貢獻了約三分之二的總收入。由於我們與挪威 Telia、PLDT 和新加坡 M1 簽署了新的多管理服務協議，擴大了 Amdocs 的業務範圍，因此第二季的續約率也維持了很高的水準。

Moving now to slide 8. Let me address our multi-pillar growth strategy, which is designed to provide our customers with the innovation and cutting-edge technology they need to accelerate the journey to the cloud. Digital, the customer experience for consumer and B2B, monitor investment in next-generation networks, streamline automated complex network ecosystem, and simplify and accelerate the adoption of generative AI.

現在轉到投影片 8。讓我來談談我們的多支柱成長策略，該策略旨在為我們的客戶提供加速雲端運算之旅所需的創新和尖端技術。數位化、針對消費者和 B2B 的客戶體驗、監控下一代網路的投資、簡化自動化的複雜網路生態系統，並簡化和加速生成性人工智慧的採用。

Beginning with cloud on slide 9. Q2 was another strong quarter of sales momentum and best-in-class project execution. Working with our strategic partner, Microsoft, I'm excited to announce that Amdocs was selected to play a critical role in facilitating the migration of both Amdocs and non-Amdocs application to the Microsoft Azure platform for a Tier 1 European service provider.

從第 9 張投影片上的雲開始。第二季度是銷售勢頭強勁且專案執行一流的一個季度。透過與我們的策略合作夥伴微軟合作，我很高興地宣布，Amdocs 被選中在幫助歐洲一級服務供應商將 Amdocs 和非 Amdocs 應用程式遷移到 Microsoft Azure 平台方面發揮關鍵作用。

Under the Microsoft umbrella, Amdocs is handing the delivery of number of work stream pivotal to the operator strategic transition to the cloud fare architecture, which will enhance performance, accelerate innovation, and improve operational efficiency across its markets.

在微軟的保護下，Amdocs 負責交付對營運商向雲端計費架構策略轉型至關重要的大量工作流程，這將提高效能、加速創新並改善其整個市場的營運效率。

Amdocs already successfully completed the first phase of its cloud modernization project for a leading Philippines services provider, PLDT, and its wireless subsidiary, Smart, migrating PLDT business-critical system and legacy application to AWS. We also signed a new agreement to upgrade and migrate PLDT's data platform and additional core system in the next phase.

Amdocs 已成功完成了菲律賓領先服務供應商 PLDT 及其無線子公司 Smart 的雲端現代化專案的第一階段，將 PLDT 業務關鍵型系統和遺留應用程式移轉到 AWS。我們還簽署了一項新協議，將在下一階段升級和遷移PLDT的資料平台和其他核心系統。

Additionally, Telstra in Australia has engaged Amdocs to consult its segment-specific Amdocs service order management solution to a single cloud platform servicing all segments, which will provide the operator with a faster time to market for new services, greater business agility, and improve customer satisfaction.

此外，澳洲電信 (Telstra) 已聘請 Amdocs 諮詢其針對特定細分市場的 Amdocs 服務訂單管理解決方案，並將其整合到為所有細分市場提供服務的單一雲端平台上，這將有助於該營運商更快地推出新服務、提高業務靈活性並提升客戶滿意度。

I believe our ability to win deals and execute projects in the cloud is a testament to our expertise and end-to-end cloud offering. Moreover, we remain on track to deliver another year of double-digit growth in cloud-related revenue in fiscal 2025.

我相信我們在雲端贏得交易和執行專案的能力證明了我們的專業知識和端到端雲端產品。此外，我們仍有望在 2025 財年實現雲端相關營收的再次兩位數成長。

Moving to digital transformation on slide 10. I'm delighted to announce that Consumer Cellular, a US wireless provider has become the latest in a growing list of customers to select the Amdocs ConnectX cloud-native SaaS platform to support the launch of innovation new digital brands, innovative new digital brands.

第 10 張投影片介紹數位轉型。我很高興地宣布，美國無線供應商 Consumer Cellular 已成為越來越多選擇 Amdocs ConnectX 雲端原生 SaaS 平台來支援推出創新新數位品牌的客戶中的最新一家。

As a new client of Amdocs, we look forward to partnering with Consumer Cellular to help them rapidly create and deploy new plans, achieve operational excellence, and boost customer satisfaction for the roughly 4 million subscribers.

作為 Amdocs 的新客戶，我們期待與 Consumer Cellular 合作，幫助他們快速創建和部署新計劃，實現卓越運營，並提高約 400 萬用戶的客戶滿意度。

Amdocs MarketONE, a SaaS-based and scalable platform that enables service providers to rapidly monetize OTT and digital consumer service experiences is also generating healthy customer demand. MarketONE was recently selected by CK Hutchison to create participating group companies such as Three Ireland and Wind Tre in Italy, with the ability to grow the digital ecosystem, capture new revenue streams, and deliver enhanced customer experiences.

Amdocs MarketONE 是一個基於 SaaS 的可擴展平台，它使服務提供者能夠快速將 OTT 和數位消費者服務體驗貨幣化，同時也產生了健康的客戶需求。MarketONE 最近被長江和記實業選中，在義大利創建 Three Ireland 和 Wind Tre 等參與集團公司，以擴大數位生態系統、獲得新的收入來源並提供增強的客戶體驗。

Another of our SaaS platform, Amdocs eSIM Cloud, was recently ranked number one in the global eSIM orchestration landscape for the third-year running by counterpoint resource. The accelerated adoption of eSIM globally is creating opportunities for Amdocs.

我們的另一個 SaaS 平台 Amdocs eSIM Cloud 最近被 Counterpoint Resource 連續第三年評為全球 eSIM 編排領域第一名。eSIM在全球的加速普及為Amdocs創造了機會。

For instance, Amdocs working with Telcel, the largest mobile operator in Mexico and a subsidiary of América Móvil, to bring innovative eSIM technology to millions of else users.

例如，Amdocs 與墨西哥最大的行動營運商兼 América Móvil 的子公司 Telcel 合作，為數百萬其他用戶帶來創新的 eSIM 技術。

Turning to slide 11. Amdocs continue to be recognized as the global market leader in overall monetization platforms. Illustrating our domain strength, Comcast has renewed its multiyear commitment to Amdocs bill experience as the bill presented platform for its residential and business customers. And we recently modernized A1 Bulgaria's convert charging platform to reduce billing processing times and speed up customer-facing interaction.

翻到第 11 張投影片。Amdocs 繼續被公認為整體貨幣化平台的全球市場領導者。為了展現我們的領域實力，康卡斯特重申了對 Amdocs 帳單體驗的多年承諾，因為該帳單為其住宅和商業客戶提供了平台。我們最近對 A1 Bulgaria 的轉換收費平台進行了現代化改造，以減少計費處理時間並加快面向客戶的互動。

In Latin America, we signed agreement with Movistar El Salvador for full BSS modernization to enhance its current prepaid platform. And Amdocs was recently selected by Botswana Telecommunication to modernize its convert charging and billing platform.

在拉丁美洲，我們與 Movistar El Salvador 簽署了協議，對 BSS 進行全面現代化改造，以增強其當前的預付費平台。波札那電信最近選擇 Amdocs 來對其轉換收費和計費平台進行現代化改造。

Moving to network automation on slide 12. Amdocs has extended its network policy platform agreement at Claro Brasil for multiple consumer line of business, and we have secured a multiyear extension of our OSS engagement with Costa Rica's Grupo ICE reinforcing our long-standing collaboration and commitment.

前往第 12 張投影片上的網路自動化。Amdocs 已將其與 Claro Brasil 的網路策略平台協議延長至多個消費者業務線，並且我們已與哥斯達黎加的 Grupo ICE 延長多年的 OSS 合作，以加強我們長期的合作和承諾。

I also would like to highlight recent milestones at PLDT in Philippines, where we partnered with Microsoft to deliver the successful go-live of the Amdocs Customer Engagement Platform. This enterprise B2B platform was seamlessly integrated with Amdocs' Intelligent Network Suite to connect customer service needs directly to the underlying network performance in an automated end-to-end manner.

我還想強調菲律賓 PLDT 最近取得的里程碑，我們與微軟合作，成功上線了 Amdocs 客戶參與平台。該企業 B2B 平台與 Amdocs 的智慧網路套件無縫集成，以自動化的端到端方式將客戶服務需求直接連接到底層網路效能。

Beyond wireless, Amdocs is well-positioned to meet strong demand for fiber deployment, orchestration, and data infrastructure management as global service provider accelerated their fiber expansion investment to launch converged broadband and mobile services offering.

除了無線領域之外，隨著全球服務供應商加快光纖擴展投資以推出融合寬頻和行動服務產品，Amdocs 還能夠滿足對光纖部署、編排和資料基礎設施管理的強勁需求。

Turning to slide 13 and 14. Amdocs top strategic priority is to access the telco industry's adoption of GenAI. Our critical role was recently recognized at NVIDIA GTC event during CEO, Jensen Huang's keynote address, when Amdocs was spotlighted as the key partner in driving the next wave of AI innovation in telecom.

翻到幻燈片 13 和 14。Amdocs 的首要策略重點是了解電信業對 GenAI 的採用。我們的關鍵作用最近在 NVIDIA GTC 活動上得到了首席執行官黃仁勳的主題演講的認可，當時 Amdocs 被重點關注為推動電信領域下一波 AI 創新的關鍵合作夥伴。

This quarter, we continue to evolve the Amdocs amAIz platform in close collaboration with NVIDIA and other GenAI partners. As part of the newly introduced amAIz platform offerings, we launched our innovative network agents supporting both network design and deployment as well as network operation. This age and leverage our deeper access and mobile network design and deployment expertise, coupled with NVIDIA's AI enterprise NVIDIA Omniverse, digital twin capabilities, and Amazon SageMaker to support accelerated network design, planning and deployment, network troubleshooting, and failing.

本季度，我們繼續與 NVIDIA 和其他 GenAI 合作夥伴密切合作，以改進 Amdocs amAIz 平台。作為新推出的 amAIz 平台產品的一部分，我們推出了創新的網路代理，支援網路設計和部署以及網路營運。這個時代，我們利用更深層的存取和行動網路設計和部署專業知識，再加上 NVIDIA 的 AI 企業 NVIDIA Omniverse、數位孿生功能和 Amazon SageMaker，以支援加速網路設計、規劃和部署、網路故障排除和故障。

Additionally, we launched Amdocs AI factory, which is designed to help service providers monetize surging enterprise customer demand for air-driven infrastructure, such as GPU as a Service, LLM, and vertical and tailed application, enabling them to unlock significant new revenue streams.

此外，我們還推出了 Amdocs AI 工廠，旨在幫助服務供應商將企業客戶對空氣驅動基礎設施（如 GPU 即服務、LLM 以及垂直和尾部應用程式）不斷增長的需求轉化為現實，使他們能夠開闢重要的新收入來源。

The offering marries Amdocs amAIz platform, agentic experiences and monetization suite with NVIDIA and Dell to provide the full ecosystem of capabilities needed to create innovative new services.

該產品將 Amdocs amAIz 平台、代理體驗和貨幣化套件與 NVIDIA 和戴爾結合，提供創建創新新服務所需的完整功能生態系統。

As to our commercial progress, we are running multiple POCs in several of our flagship customers, many of which are in the relatively mature stage and producing highly compelling results. Adding to the expanding pipeline of opportunity, Amdocs is naturally well-positioned to meet the new wave of demand for the data-related services needed to support GenAI adoption. Amdocs is already playing an expanded role in supporting GenAI-related data requirements for several customers such as AT&T and Globe in the Philippines.

至於我們的商業進展，我們正在幾家旗艦客戶中運行多個 POC，其中許多都處於相對成熟階段並產生了非常引人注目的結果。除了不斷擴大的機會管道之外，Amdocs 自然也處於有利地位，可以滿足支援 GenAI 採用所需的資料相關服務的新一波需求。Amdocs 已經在為菲律賓的 AT&T 和 Globe 等多家客戶提供 GenAI 相關數據需求支援方面發揮著越來越重要的作用。

As another example, Amdocs will support a Tier 1 operator in Canada, which launched a unified customer profile as part of the data and A strategy, creating a single integrated view of each customer across worldwide operations.

再例如，Amdocs 將支援加拿大的一級營運商，該營運商推出了統一的客戶檔案，作為資料和 A 策略的一部分，為全球營運中的每個客戶建立單一的整合視圖。

Now, to address the current operating environment on slide 15. The level of global macroeconomic uncertainty has clearly rise in the recent months, but we believe Amdocs is relatively well-positioned to navigate the present environment due to our unique business model. As especially in software and service provider to the global communication and media industry, Amdocs is currently directly affected by the announced tariffs.

現在，我們來討論第 15 張投影片上的當前營運環境。近幾個月來，全球宏觀經濟的不確定性水平明顯上升，但我們相信，憑藉我們獨特的商業模式，Amdocs 相對有能力應對當前環境。作為全球通訊和媒體產業的軟體和服務供應商，Amdocs 目前直接受到已宣布的關稅的影響。

Across our service addressable market of nearly $60 billion, we continue to see rich and encouraging pipeline, which we are working hard to convert to new deals by leveraging our technology leadership, project and operational expertise, and our proven ability to support customer industry consolidation initiatives. Having said that, no company is completely immune to operating environment, and we are, of course, closely monitoring any indirect impact of macro conditions on us and our customer spending behavior.

在我們近 600 億美元的服務目標市場中，我們繼續看到豐富且令人鼓舞的管道，我們正在努力利用我們的技術領導力、專案和營運專業知識以及我們支援客戶行業整合計劃的成熟能力將其轉化為新交易。話雖如此，沒有一家公司能夠完全免受經營環境的影響，當然，我們也在密切關注宏觀環境對我們和客戶支出行為的任何間接影響。

Bringing it all together, considering our strong first-half performance and our current level of visibility provided by our 12 months backlog, we are reiterating the midpoint of fiscal 2025 pro forma revenue growth outlook of 2.7% in constant currency, albeit within a tightened range of 1.7% to 3.7%.

綜合考慮所有因素，考慮到我們上半年的強勁表現以及我們 12 個月積壓訂單所提供的當前可見度，我們重申 2025 財年預計收入增長中點為 2.7%（按固定匯率計算），儘管在 1.7% 至 3.7% 的窄幅範圍內。

We are also on track to achieve our target of double-digit expected total share return for the fifth consecutive year, supported by significantly improved profitability and a robust earnings to cash conversion.

在獲利能力大幅提升和獲利現金轉換強勁的支持下，我們預計將連續第五年實現預期總股票回報率達到兩位數的目標。

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

說完這些，請允許我將電話轉給塔瑪爾，請她發表評論。

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. 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.

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，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 2025 財年第一季已基本停止。為了進一步協助您的建模，該收入的區域結構與整個公司相似，每季貢獻約 1.5 億美元。

Now, picking up on Shuky's earlier comments, we delivered a good set of results for the second fiscal quarter as detailed on slide 18. Q2 revenue of approximately $1.13 billion, was up 4% year over year in pro forma constant currency and were above the midpoint of our guidance despite negative foreign currency movement of approximately $2 million compared to our guidance assumptions.

現在，回顧 Shuky 先前的評論，我們在第二財季取得了一系列良好的業績，如第 18 頁幻燈片所述。第二季營收約 11.3 億美元，以預測固定匯率計算年增 4%，儘管與我們的指導假設相比，外匯波動約為 200 萬美元，但仍高於我們所指導的中點。

We are pleased with the stronger pace of growth in Q2 and which reflects robust sales, the ramp-up of previously signed engagements, and recent acquisitions. Reflecting the phaseout of certain business activities, reported revenue declined by 9.4% from a year ago.

我們對第二季更強勁的成長速度感到滿意，這反映了強勁的銷售、先前簽署的協議的增加以及最近的收購。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 9.4%。

On a regional basis, North America was slightly up sequentially and up 1.4% from a year ago in pro forma constant currency. As anticipated, Europe rebounded from the weakness of the prior quarter, benefiting from the ramp-up of new deal activities and a contribution from the previously completed acquisition of Profinit. In Southeast Asia, healthy customer activity was offset by mix trends in Latin America, resulting in sequential decline in rest of the world.

從地區來看，北美地區較上季略有成長，以預測固定匯率計算較去年同期成長 1.4%。正如預期的那樣，歐洲擺脫了上一季的疲軟態勢，受益於新交易活動的增加以及先前完成的對 Profinit 的收購。在東南亞，健康的客戶活動被拉丁美洲的混合趨勢所抵消，導致世界其他地區環比下滑。

Shifting down the income statement. Non-GAAP operating margin of 21.3% improved by 10 basis points sequentially, supported by the ongoing adoption of automation, AI, and other sophisticated tools within our operations. Compared with the year ago, non-GAAP operating margin jumped by 290 basis points, primarily reflecting the end of the low-margin business activities and efficiency gains. Interest and other expenses amounted to roughly $8.5 million in the second quarter.

下移損益表。非公認會計準則營業利潤率為 21.3%，環比增長 10 個基點，這得益於我們營運中不斷採用自動化、人工智慧和其他先進工具。與去年同期相比，非公認會計準則營業利潤率躍升了 290 個基點，主要反映了低利潤率業務活動的結束和效率的提高。第二季利息和其他支出約為 850 萬美元。

On the bottom line, non-GAAP diluted EPS of $1.78 was above our guidance range. This was primarily a result of a lower non-GAAP effective tax rate in the quarter, which included a tax benefit that materialized earlier than planned in the year. Similarly, diluted GAAP EPS of $1.45 was also above our guidance range due to a lower-than-expected effective GAAP tax rate in the second quarter.

總體而言，非 GAAP 稀釋每股收益為 1.78 美元，高於我們的預期範圍。這主要是由於本季非公認會計準則有效稅率較低，其中包括比今年計劃更早實現的稅收優惠。同樣，由於第二季有效 GAAP 稅率低於預期，稀釋 GAAP EPS 為 1.45 美元，也高於我們的指導範圍。

Turning to slide 19. Revenue from Managed Services was a record $747 million in the second fiscal quarter, up 3.7% from a year ago. Revenue for multiyear Managed Services engagements accounted for 66% of total revenue in Q2, supporting our visibility and underscoring the importance of many services as a key measure of business resiliency for Amdocs.

翻到第 19 張投影片。第二財季託管服務收入達到創紀錄的 7.47 億美元，比去年同期成長 3.7%。多年託管服務項目的收入佔第二季總收入的 66%，這支持了我們的知名度，並強調了多項服務作為 Amdocs 業務彈性關鍵指標的重要性。

Our renewal rates for Managed Services engagements have historically approached 100% and typically include an expansion in our scope of activities. To provide a few recent examples, we are extending our long-term strategic relationship with Telia Norway through 2030 to deliver enhanced managed services. This continued collaboration will improve Telia Norway's operational efficiency empowering them to offer more streamlined and effective services to their customers.

我們的託管服務協議續約率歷來接近 100%，並且通常包括我們活動範圍的擴大。舉幾個最近的例子，我們將與 Telia Norway 延長長期策略合作關係至 2030 年，以提供增強的託管服務。此次持續合作將提高 Telia Norway 的營運效率，使他們能夠為客戶提供更簡化、更有效的服務。

We are also expanding our managed services and PLDT with our current long-term engagement to cover non-Amdocs applications. And we recently extended the multiyear managed services agreement with M1 Limited in Singapore to manage this customer's new cloud-native charging platform.

我們也正在透過目前的長期合作擴展我們的託管服務和 PLDT，以覆蓋非 Amdocs 應用程式。我們最近與新加坡 M1 Limited 延長了多年託管服務協議，以管理該客戶新的雲端原生充電平台。

Turning to the balance sheet and cash flow highlights on slide 20. DSO of 77 days fell four days sequentially and rose by one day year over year, reflecting normal fluctuations in business activity. Unbilled receivables net of deferred revenue declined by $25 million sequentially in Q2, aggregating both the short-term and long-term balances.

前往投影片 20 上的資產負債表和現金流量重點。DSO 為 77 天，比上一季減少 4 天，比去年同期增加 1 天，反映出商業活動的正常波動。第二季度，扣除遞延收入後的未開立應收帳款季減 2,500 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.

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，這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畫的進展一致。

Reflecting strong execution, free cash flow before restructuring payments was $181 million in Q2. Including restructuring payments of $25 million, reported free cash flow was $156 million. As expected, Q2 free cash flow was affected by the payment of our annual bonuses for the prior fiscal year the timing of which occurred as it normally does in the second fiscal quarter.

反映出強勁的執行力，第二季重組支付前的自由現金流為 1.81 億美元。包括 2500 萬美元的重組付款在內，報告的自由現金流為 1.56 億美元。正如預期的那樣，第二季度的自由現金流受到了我們上一財年年度獎金支付的影響，其支付時間通常在第二財季。

Overall, we ended Q2 with a healthy cash balance of approximately $324 million and bond borrowing of roughly $650 million, providing ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth.

總體而言，我們在第二季結束時擁有約 3.24 億美元的健康現金餘額和約 6.5 億美元的債券借款，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 21. This quarter, we repurchased $135 million of our own shares under our current authorization, of which there was roughly $258 million remaining as of March 31, 2025. Reflecting our confidence in the future success of Amdocs and the company's ability to generate cash, our Board has today authorized a new share repurchase plan of $1 billion with no stated expiration date. Between the two authorizations, we have up to $1.26 billion of remaining repurchase authority as of now. As of March 31, sorry.

轉向第 21 張投影片上的資本配置。本季度，我們根據現有授權回購了價值 1.35 億美元的自有股票，截至 2025 年 3 月 31 日，剩餘價值約為 2.58 億美元。董事會今天批准了一項新的 10 億美元股票回購計劃，且未規定截止日期，這反映了我們對 Amdocs 未來成功和公司創造現金能力的信心。在這兩次授權之間，我們目前擁有高達 12.6 億美元的剩餘回購權。截至 3 月 31 日，抱歉。

Additionally, we paid cash dividends of $54 million in the second fiscal quarter. Looking ahead, we are reiterating our free cash flow target of between $710 million to $730 million in fiscal 2025, which is before restructuring payments.

此外，我們在第二財季支付了 5,400 萬美元的現金股利。展望未來，我們重申 2025 財年的自由現金流目標，即重組支付之前的自由現金流在 7.1 億美元至 7.3 億美元之間。

Given the previously mentioned seasonality relating to the timing of second-quarter bonus payments with roughly 40% of fiscal year 2025 free cash flow target already achieved in the first fiscal half of the year, we are well on track to deliver our annual free cash flow target.

鑑於前面提到的與第二季度獎金支付時間有關的季節性，2025 財年自由現金流目標的約 40% 已在今年上半年實現，我們預計將實現年度自由現金流目標。

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

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。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 22. 12-month backlog was $4.17 billion at the end of Q2, up 3.5% pro forma from a year ago and $30 million sequentially. We expect 12-month backlog to represent roughly 90% of forward-looking revenue, further underscoring the importance of this metric as a leading indicator of our business.

轉到投影片 22。第二季末，12 個月積壓訂單為 41.7 億美元，比去年同期成長 3.5%，比上一季成長 3,000 萬美元。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 23. We are continuing to closely monitor the prevailing level of macroeconomic geopolitical business and operational uncertainty in the current business environment. The third-quarter and full-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 23 張投影片上的收入展望。我們將繼續密切關注當前商業環境中宏觀經濟地緣政治業務和營運不確定性的普遍水平。2025 年第三季和全年財務指引反映了我們根據目前掌握的資訊認為最可能出現的結果，但我們無法預測所有可能的情況。

On a pro forma constant currency basis, we are reiterating the 2.7% midpoint of our fiscal 2025 revenue growth outlook, which we have tightened to a range of 1.7% to 3.7% year over year as compared to 1% to 4.5% previously.

以備考固定匯率計算，我們重申 2025 財年營收成長預期的中點為 2.7%，該預期已從先前的 1% 至 4.5% 收窄至 1.7% 至 3.7% 的範圍。

As a reminder, our annual guidance includes another year of double-digit growth in cloud and some contribution from inorganic deal activity this year.

提醒一下，我們的年度指引包括雲端運算領域今年再實現兩位數成長，以及今年無機交易活動的一些貢獻。

As to the third fiscal quarter, we expect revenue between $1.11 billion to $1.15 billion, which assumes a positive sequential impact of roughly from foreign currency fluctuations as compared to second quarter of fiscal '25.

至於第三財季，我們預期營收在 11.1 億美元至 11.5 億美元之間，假設與 25 財年第二季相比，外匯波動將產生大致正面的連續影響。

Moving down the income statement. We are on track to produce non-GAAP operating margins within our guidance range of 21.1% 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. As previously stated, the midpoint of our full-year margin outlook assumes roughly 230 basis points improvement from phased out business activities and another 60 to 70 basis points resulting from our continued focus on operational excellence, automation, and gradual implementation of GenAI.

降低損益表。我們預計在 2025 財年實現非 GAAP 營業利潤率達到我們預期的 21.1% 至 21.7% 的範圍，其中點相當於與上一財年相比大幅增加約 300 個基點。如前所述，我們全年利潤率預期的中點假設透過逐步取消業務活動將提高約 230 個基點，並透過我們繼續專注於卓越營運、自動化和 GenAI 的逐步實施將再提高 60 至 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. As indicated at the beginning of the year, 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.

在營業線以下，預計外匯波動和對沖成本將對非公認會計準則淨利息和其他支出每季產生約數百萬美元的影響。正如年初所指出的，我們預計 2025 財年的非 GAAP 有效稅率將在 2025 財年全年 15% 至 17% 的年度目標範圍內。

Bringing everything together on slide 25, we are reiterating our non-GAAP diluted earnings per share growth outlook of 6.5% to 10.5% in fiscal 2025. Considering our strong first-half earnings per share performance and the midpoint of our Q3 EPS guidance, we expect that by the end of Q3, we will have achieved roughly three quarters of our full-year target for non-GAAP diluted EPS growth.

綜合第 25 張投影片中的所有內容，我們重申 2025 財年非 GAAP 稀釋每股盈餘成長預期，即 6.5% 至 10.5%。考慮到我們上半年強勁的每股盈餘表現和第三季每股盈餘指引的中點，我們預計到第三季末，我們將實現非 GAAP 稀釋每股盈餘成長全年目標的約四分之三。

Overall, we are on track to deliver double-digit expected total shareholders' returns for a fifth consecutive year in 2025, including our dividend yield of more than 2%.

總體而言，我們預計在 2025 年連續第五年實現兩位數的預期股東總回報率，其中包括超過 2% 的股息收益率。

With that, back to you, Shuky.

好了，回到你這裡，Shuky。

Thanks, Tamar. I am pleased with our performance in the first two quarters, and we are entering the second half with a strong backlog position and reach pipeline of opportunities. With the market-leading offering and proven ability to execute, we believe we are well-positioned to achieve our targets for the full fiscal year, while we, of course, monitoring the current macro environment closely.

謝謝，塔瑪爾。我對我們前兩個季度的表現感到滿意，我們將以強勁的積壓訂單和大量機會進入下半年。憑藉著市場領先的產品和經過驗證的執行能力，我們相信我們有能力實現整個財年的目標，當然，我們也密切關注當前的宏觀環境。

With that, we are happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Timothy Horan, Oppenheimer.

（操作員指示）蒂莫西·霍蘭，奧本海默。

Can we focus on AI a minute? Is it -- are you starting to see material contributions to revenue growth from AI or improvements to the product? And how are you kind of working with NVIDIA on AI at this point? Any more color on that collaboration?

我們能集中討論一下人工智慧嗎？您是否開始看到人工智慧對收入成長或產品改進的實質貢獻？您目前與 NVIDIA 在 AI 領域的合作情況如何？關於這次合作還有更多細節嗎？

And then related to that, it sounds like cloud growth is accelerating, is that true? And is AI helping that growth? Or is it go-to-market or other improvements in the product there?

與此相關，聽起來雲端運算的成長正在加速，這是真的嗎？人工智慧是否有助於這種成長？還是產品進入市場或進行其他改進？

Tim, good to hear you. I think that what we see in GenAI, I think all along, we said that in order to -- we connect strongly GenAI activities with data because the only way to get the benefit of GenAI is to sell the data. And this is, to some degree, what you mention is some overlap on the cloud because definitely, when we move the data to the new platform, whether it's Microsoft, AWS, or others, definitely, it's also on the cloud.

提姆，很高興聽到你的消息。我認為我們在 GenAI 中看到的，我認為一直以來，我們都在說為了——我們將 GenAI 活動與數據緊密聯繫起來，因為獲得 GenAI 利益的唯一方法是出售數據。在某種程度上，這就是您提到的雲端上的一些重疊，因為當我們將資料移至新平台時，無論是微軟、AWS 還是其他平台，它肯定也在雲端。

We see a lot of activity that support GenAI in the data domain, which we see some expanded activities in the domain, which obviously contribute to revenue growth. And in the use cases, I would say we see good signs of POC that are maturing to real deals. I think it will be more evident in the future quarters. But overall, we see good progress.

我們看到數據領域有很多支持 GenAI 的活動，我們看到該領域的一些擴展活動，這顯然有助於收入成長。在用例中，我想說我們看到了 POC 正在成熟為真實交易的良好跡象。我認為這在未來幾季會更加明顯。但總體而言，我們看到了良好的進展。

Regarding NVIDIA, we are obviously collaborating with NVIDIA in many domains. I think what -- the progress that we've done this quarter beyond what we discussed before, how we can support call centers and monetization and upsell use cases. I think that the progress we've done this quarter was mainly in the network domain, so now we are having -- actually, we built our network automation and domain this quarter, building on NVIDIA tools. So I think this was the progress regarding NVIDIA on top of what we've done with them already before.

關於 NVIDIA，我們顯然在許多領域與 NVIDIA 合作。我認為，本季度我們取得的進展超出了我們之前討論的範圍，我們如何支援呼叫中心、貨幣化和追加銷售案例。我認為我們本季的進展主要在網路領域，所以現在我們——實際上，我們本季基於 NVIDIA 工具建立了我們的網路自動化和領域。所以我認為這是在我們之前與 NVIDIA 合作的基礎上取得的進展。

Very helpful. And Tamar, a quick follow-up. Great improvement to the margins here. Are you using AI to improve your own productivity much? And is there -- can you kind of continue the pace of margin improvements going forward for a few years?

非常有幫助。還有塔瑪爾，快速跟進。這裡的利潤率有了很大的改善。您是否正在使用人工智慧來提高自己的生產力？並且，您能否在未來幾年繼續保持利潤率成長的步伐？

So Tim, let me take this. When we talk about GenAI, there are three pillars in Amdocs that I think that we are actively working. One is the offering, building on our amAIz platform and developing AI factory, different use cases and data to support the GenAI. This is one.

那麼提姆，就讓我來接手這個。當我們談論 GenAI 時，我認為我們正在積極致力於 Amdocs 中的三大支柱。一是提供、建構我們的 amAIz 平台並開發 AI 工廠、不同的用例和數據來支援 GenAI。這是一個。

The other one is all our products today are GenAI enabled. So when you take our products, they are coming with GenAI capabilities.

另一個是，我們今天的所有產品都支援 GenAI。因此，當您使用我們的產品時，它們具備 GenAI 功能。

And the third element is more how we are going to get the efficiencies in our software development life cycle in operation using GenAI tools. We see a lot of progress and definitely -- when we look at the -- remember, we talked before a lot of automation that we've done historically to support our efficiency and productivity.

第三個要素是我們如何使用 GenAI 工具來提高軟體開發生命週期的效率。我們看到了很多進步，而且，當我們看到時，請記住，我們之前討論過很多我們歷史上做過的自動化工作，以支持我們的效率和生產力。

The next wave of improvement is coming by using this new tool. We are starting to deploy it across our social development life cycle and an operation, and we're starting to see good results.

透過使用這個新工具，下一波改進即將到來。我們開始將其部署到我們的社會發展生命週期和營運中，並且開始看到良好的結果。

(Operator Instructions) Shlomo Rosenbaum, Stifel.

（操作員指示）Shlomo Rosenbaum，Stifel。

Thank you. Shuky, can you just talk a little bit about the customer spending behavior, what you saw this quarter versus what you saw last quarter? And we're into May already. There's obviously more risk and concern out there, but are your clients changing anything or is it really kind of the same?

謝謝。Shuky，您能否簡單談談顧客的消費行為，本季與上季有何不同？我們已經進入五月了。顯然，存在更多的風險和擔憂，但您的客戶是否發生了任何變化，還是情況真的保持不變？

And then I have another follow-up.

然後我還有另一個後續問題。

I would say we don't see any change right now in our customer spending behavior. And I think they were cautious before because of different macro that we discussed before. But we did not see yet any change in the spending behavior following what we experienced in the last three, four months.

我想說的是，我們目前沒有看到客戶消費行為有任何改變。我認為他們之前很謹慎，因為我們之前討論的宏觀情況不同。但與過去三、四個月的經驗相比，我們尚未看到消費行為有任何改變。

Okay. Great. And then maybe for Tamar. The AR after several quarters of going up, has seen a couple of quarters of going down. It looks like you're hitting milestones and unbuild are going down. Should we think about this as something that was kind of lumpy that you needed to go past or is this something where there's a certain range that you expect to operate within, and these are just kind of the fluctuations within that range. In other words, did you have a lot of projects that were unusual that you had the milestones kind of in front of you when you got past them, or is this the normal cadence of bouncing around?

好的。偉大的。然後也許對塔瑪來說也是如此。AR 在連續幾季上漲之後，又經歷了幾個季度的下降。看起來您正在達到里程碑並且未建成的項目正在減少。我們是否應該將其視為需要克服的某種不平整的東西，或者這是您期望在一定範圍內運作的東西，而這些只是該範圍內的波動。換句話說，您是否有很多不尋常的項目，當您完成這些項目時，里程碑就在您面前，還是這是正常的節奏？

I was just -- the cadence is bouncing around because it's a combination eventually is a portfolio of different projects. But as I mentioned in the prepared remarks that we are running very large transformations in North America.

我只是——節奏在不斷變化，因為它最終是不同項目的組合。但正如我在準備好的發言中提到的那樣，我們正在北美進行非常大的轉型。

Of course, we have project transformation all over the world. But sizing-wise, when we are thinking about what's happening specifically and build AR deferred position, and I'm usually looking at the net difference because sometimes the customer may be in an unbilled position and then two quarters later, in it we felt because eventually, it's the gap between how we -- what's the pace of recognition versus in busting.

當然，我們在世界各地都有專案轉型。但從規模上看，當我們思考具體發生的情況並建立應收帳款遞延頭寸時，我通常會查看淨差額，因為有時客戶可能處於未開票狀態，然後在兩個季度後，我們感覺到，因為最終，這是我們之間的差距 - 確認的速度與破產的速度是多少。

So I don't think we can say that, oh, now it was a peak level of milestones, and we issued invoices and necessarily now the only way is down. It may bounce around.

所以我認為我們不能說，哦，現在這是一個里程碑的巔峰水平，我們開具了發票，現在唯一的出路就是下降。它可能會反彈。

I think the good news is in everyone -- in any one of these customers, in any one of these projects, we are making progress. We are reaping the inverting milestones. Once we do, we collect the money to the cycle works.

我認為對每個人來說都是好消息——對任何一個客戶、對任何一個專案來說，我們都在取得進展。我們正在收穫逆轉的里程碑。一旦我們這樣做了，我們就會把錢收集到自行車廠。

And I think that looking forward, as we are going after additional significant deals that are in the pipeline, of course, that will be good news, right? I mean, if we get to win additional deals, and then they have the cycle of their own. But too early to tell exactly what will be the mix of these moving elements. And that's why we don't guide for these balances. It's very hard to predict exactly in every quarter all the moving elements.

我認為，展望未來，隨著我們正在推進更多重大交易，這當然會是個好消息，對吧？我的意思是，如果我們贏得更多交易，那麼他們就有自己的週期。但目前還無法確切地說出這些活動元素的組合形式。這就是我們不指導這些平衡的原因。很難準確預測每個季度的所有變動因素。

Okay. If you don't mind me squeeze in one more in. Just following up on the one kind of question from previously. There's a lot of POCs on the AI offerings, and we've been talking about that for the last few quarters. Is there anything large that has hit in terms of contracting yet, or we still kind of waiting for the really big -- few big referenceable clients to kind of start the cascading.

好的。如果你不介意的話我再擠一點進去。只是繼續之前提出的問題。關於人工智慧產品有很多 POC，過去幾季我們一直在討論這個問題。在合約方面，是否已經出現了什麼重大影響，或者我們仍在等待真正大的——少數可參考的大客戶開始採取連鎖行動。

Hi, Shlomo. I think that for me, data-related activities to support GenAI, we do see good progress, as I said before. And I cannot mention, but we have at least a couple of customers that are doing very good progress also from the commercial side, but I cannot name them yet.

你好，什洛莫。我認為，對我來說，支持 GenAI 的數據相關活動確實取得了良好的進展，正如我之前所說。我無法提及，但我們至少有幾個客戶在商業方面也取得了非常好的進展，但我還不能透露他們的名字。

Are they referenceable for other clients and others? I understand you want to talk to us about it, but if someone else called, are they ones that are far enough that they could someone could talk to.

它們對其他客戶和其他人有參考價值嗎？我明白您想和我們討論此事，但如果是其他人打來的電話，他們是否離我們夠遠，可以和我們通話？

Yes.

是的。

(Operator Instructions) And 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.

（操作員指示）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)，以便他發表進一步的評論。

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

謝謝接線生，也謝謝大家今晚的參加。如果您有任何其他問題，請聯絡我們的 IR 小組。祝您有個美好的夜晚。

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，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。