Amdocs Ltd (DOX) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Amdocs' Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Matt Smith, Head of Investor Relations. Please go ahead, sir.

感謝您的耐心等待，歡迎參加 Amdocs 2025 年第四季財報電話會議。（操作說明）提醒各位，今天的節目正在錄製中。現在，我謹向大家介紹今天節目的主持人，投資人關係主管馬特史密斯。請繼續，先生。

Thanks, operator. Before we begin, I need to call your attention to our disclaimer statement on Slide 2 of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks and uncertainties, including as described in Amdocs' SEC filings and that we will discuss certain financial information that's 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.

謝謝接線生。在開始之前，我需要提請大家注意簡報第 2 頁的免責聲明。聲明指出，我們今天的一些評論可能是前瞻性陳述，並受到風險和不確定性的影響，包括 Amdocs 向美國證券交易委員會提交的文件中所述的風險和不確定性，並且我們將討論一些不符合公認會計原則 (GAAP) 的財務資訊。有關我們使用非公認會計準則財務指標的更多信息，包括這些指標的調節表，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。

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 you can find on the Investor Relations section of our website. And as always, a copy of today's prepared remarks will be posted immediately following the conclusion of this call.

今天與我一起參加電話會議的有 Amdocs Management Limited 總裁兼執行長 Shuky Sheffer；以及財務長兼營運長 Tamar Rapaport-Dagim。為了配合今天的財報電話會議，我們準備了一份演示文稿，您可以在我們網站的投資者關係部分找到它。與往常一樣，今天的發言稿將在本次通話結束後立即發布。

On today's agenda, Shuky will recap our business and financial achievements for the fourth quarter and full fiscal year 2025, and we'll update you on our strategic progress, including our continued sales momentum in cloud and recent commercial developments in generative AI and data services. Shuky will finish by previewing our financial outlook for the full fiscal year 2026, after which Tamar will provide additional details on our Q4 financial performance and our forward guidance.

在今天的議程中，Shuky 將回顧我們 2025 財年第四季和全年的業務和財務成就，並向您介紹我們的策略進展，包括我們在雲端領域的持續銷售勢頭以及最近在生成式人工智慧和數據服務方面的商業發展。Shuky 將最後展望我們對 2026 財年的財務前景，之後 Tamar 將提供有關我們第四季度財務業績和未來指引的更多細節。

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 about $600 million to reflect the phaseout of certain low-margin noncore business activities, which was substantially already ceased in the first quarter of fiscal 2025.

正如我們之前溝通的那樣，Shuky 和 ​​Tamar 將按備考基準比較某些財務指標，即對 2024 財年的收入進行約 6 億美元的調整，以反映某些低利潤率的非核心業務活動的逐步淘汰，而這些活動已在 2025 財年第一季基本停止。

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

接下來，我將把麥克風交給舒基。

Thank you, Matt, and everyone joining us on the call today. Starting on Slide 6. I want to express my sincere appreciation to our global team as we close out another year of important progress. Your dedication and commitment have driven solid financial results, consistent with our guidance, and you did it while executing our strategy to support our telco customers with cutting-edge cloud, digital and AI-based solutions.

謝謝馬特，也謝謝今天所有參加電話會議的朋友。從第6張投影片開始。在又一年取得重要進展之際，我要向我們的全球團隊表達我由衷的感謝。你們的奉獻和投入帶來了穩健的財務業績，與我們的預期一致，同時你們也執行了我們的策略，為我們的電信客戶提供尖端的雲端、數位和人工智慧解決方案。

To briefly recap fiscal 2025, revenue grew up by 3.1% in a pro forma constant currency, which adjusts for our decision a year ago to phase out certain low-margin noncore business activities to sharpen Amdocs' strategic focus while also resulting in a stronger business visibility.

簡要回顧 2025 財年，以固定匯率計算，收入增長了 3.1%，這反映了我們一年前決定逐步取消某些低利潤率的非核心業務活動，以加強 Amdocs 的戰略重點，同時也提高了業務可見性。

Among the many highlights, we delivered double-digit growth in cloud, which contributes over 30% of total revenue this year. Share of revenue for long-term managed services reached a record 66%, further supporting Amdocs's already strong business resilience. Profitability improved by 300 basis points, including 60 basis points from ongoing business transformation and efficiency gains. And we maintain our commitment to technology, innovation and product leadership, tailoring our investments to serve our customer key business imperative.

在眾多亮點中，我們在雲端業務方面實現了兩位數的成長，今年雲端業務貢獻了超過 30% 的總收入。長期管理服務的收入份額達到創紀錄的 66%，進一步鞏固了 Amdocs 已經非常強大的業務韌性。獲利能力提高了 300 個基點，其中 60 個基點來自持續的業務轉型和效率提升。我們將繼續致力於技術、創新和產品領先地位，並根據客戶的關鍵業務需求調整我們的投資。

These include B2B modernization, next-gen monetization, fiber networks and of course, generative AI, where this year, I'm proud to say we made a successful transition from proof-of-concept trials to winning actual generative AI-related deals. Overall, we delivered non-GAAP diluted earnings per share growth of 8.5% in fiscal 2025 and achieved our target to deliver double-digit expected total shareholder return, including our dividend yield.

這些領域包括 B2B 現代化、下一代貨幣化、光纖網絡，當然還有生成式人工智慧。今年，我很自豪地說，我們成功地從概念驗證試驗過渡到贏得實際的生成式人工智慧相關交易。總體而言，我們在 2025 財年實現了非 GAAP 稀釋後每股收益成長 8.5%，並實現了兩位數預期總股東回報（包括股息殖利率）的目標。

Now let's take a close look at our fourth quarter performance, beginning with the financial on Slide 7. Revenue of $1.15 billion was above the midpoint of guidance and up 2.8% from a year ago in pro forma constant currency. Profitability improved by 20 basis points sequentially. Non-GAAP diluted earnings per share was $1.83, slightly above the guidance midpoint, and we finished the quarter with 12-month backlog of $4.19 billion, up $40 million sequentially and 3.2% from a year ago.

現在讓我們仔細看看我們第四季的業績，首先來看第 7 頁的財務數據。營收達 11.5 億美元，高於預期中位數，以固定匯率計算比去年同期成長 2.8%。獲利能力季增20個基點。非GAAP稀釋後每股收益為1.83美元，略高於預期中位數；本季末，12個月積壓訂單為41.9億美元，季增4000萬美元，年增3.2%。

Growth in 12 months backlog was driven by strong sales momentum this quarter, contribute to our overall long-term book of business. As Slide 8 shows, pipeline to deal conversion was well balanced across our key operating regions and strategic domains, showcasing Amdocs' proven ability to scale our customer activities by continuously delivering fresh innovation over time.

過去 12 個月的積壓訂單成長得益於本季強勁的銷售勢頭，這為我們的整體長期業務成長做出了貢獻。如投影片 8 所示，我們主要營運區域和策略領域的銷售管道到交易轉換率都保持了良好的平衡，這充分展現了 Amdocs 透過不斷推出創新產品來擴展客戶業務的成熟能力。

In cloud, we signed a multiyear managed services SaaS agreement with AT&T to deliver entitlement server capabilities via our eSIM cloud platform, and we won new cloud modernization and migration awards at Lumen Technologies in the US and TELUS in Canada. We expected our recent momentum in generative AI domain with -- we extended our recent momentum in generative AI domain with an exciting new award at Telefonica Germany, and we expanded our international footprint with new monetization and digital modernization awards at BT-EE in the U.K., Altice SFR in France, Telia in Finland, KT in South Korea and Claro Brazil.

在雲端領域，我們與 AT&T 簽署了一項多年期的託管服務 SaaS 協議，透過我們的 eSIM 雲端平台提供授權伺服器功能；此外，我們還在美國 Lumen Technologies 和加拿大 TELUS 贏得了新的雲端現代化和遷移獎項。我們期望在生成式人工智慧領域取得近期的良好勢頭——我們憑藉在德國 Telefonica 獲得的一項激動人心的新獎項，進一步鞏固了我們在生成式人工智慧領域的良好勢頭；此外，我們還通過在英國 BT-EE、法國 Altice SFR、芬蘭 Telia、韓國 KT 和巴西 Claro 獲得的新的貨幣化和數位現代化，擴大了我們的國際獎項影響力。

Several deals this quarter were struck among under long-term managed services agreements, further deepening our customer relationship. This includes an exciting landmark multiyear strategic agreement with PLDT in the Philippines, which expands our long-term-standing managed service engagement to accelerate its IT modernization and streamline business processes through AI and generative AI capabilities. Rounding on operational highlights, Amdocs is engaged in the execution of complex mission-critical transformation projects, closely working with our customers as key partners. Q4 was another quarter of consistent execution in which we achieved important project milestone at AT&T, Comcast, Bell Canada, BT Everything Everywhere, Vodafone and Vodafone 3, PLDT and e& UAE. I'm also proud to say that Amdocs ensured smooth customer operation during the high-volume launch on Apple's iPhone 17 in September.

本季我們與多家公司達成了多項長期管理服務協議，進一步加深了與客戶的關係。這其中包括與菲律賓 PLDT 達成的一項令人興奮的里程碑式多年戰略協議，該協議擴展了我們長期的管理服務合作，以加速其 IT 現代化，並透過人工智慧和生成式人工智慧能力簡化業務流程。回顧營運亮點，Amdocs 致力於執行複雜的關鍵任務轉型項目，與我們的客戶緊密合作，視他們為關鍵合作夥伴。第四季我們繼續保持穩定的執行力，在 AT&T、Comcast、Bell Canada、BT Everything Everywhere、Vodafone 和 Vodafone 3、PLDT 以及 e& UAE 等專案中取得了重要的里程碑式進展。我也很自豪地說，Amdocs 在 9 月蘋果 iPhone 17 大批量上市期間確保了客戶操作的順利進行。

Now turning to Slide 9. I would like to provide some additional color with respect to our growth strategy, which is designed to deliver the (inaudible) product and services our customer needs to, accelerate the journey to the cloud, maximize the value of generative AI and data across our customer footprint, digitalize customer experiences for consumer and B2B, monetize next-generation network investments and streamline and automate complex network ecosystems.

現在請看第9張投影片。我想就我們的成長策略補充一些細節，該策略旨在提供客戶所需的（聽不清楚）產品和服務，加速向雲端遷移，最大限度地發揮生成式人工智慧和數據在我們客戶範圍內的價值，實現消費者和 B2B 客戶體驗的數位化，實現下一代網路投資的貨幣化，並簡化和自動化複雜的網路生態系統。

Beginning with cloud on Slide 10. Demand for our cloud-native solution and proven ability to accelerate public, private and hybrid cloud migration remains strong as we continue our strategy of moving mission-critical system, workloads and applications that enable innovation, agility and cost savings for all our customers.

從第 10 張投影片上的雲端開始。我們雲端原生解決方案的需求以及加速公有雲、私有雲和混合雲遷移的成熟能力依然強勁，我們將繼續推進關鍵任務系統、工作負載和應用程式的遷移策略，從而為所有客戶帶來創新、敏捷性和成本節約。

In the US, Lumen Technologies selected Amdocs to support its cloud transformation, moving mission-critical BSS application to Google Cloud to strengthen its digital foundation. TELUS in Canada expanded its multiyear managed service agreement with Amdocs to migrate on-premise wireless monetization operation to Google Cloud, enabling the faster launch of new consumer and enterprise offerings, improve customer experience and reliability and reduce operational costs. And Bell Canada, in collaboration with Amdocs is migrating existing system to the cloud to enhance scalability, resiliency and achieve operational efficiencies.

在美國，Lumen Technologies 選擇 Amdocs 來支援其雲端轉型，將關鍵業務系統 (BSS) 應用程式遷移到 Google Cloud，以加強其數位化基礎。加拿大電信公司 (TELUS) 擴大了與 Amdocs 的多年管理服務協議，將本地無線貨幣化營運遷移到 Google Cloud，從而能夠更快地推出新的消費者和企業產品，改善客戶體驗和可靠性，並降低營運成本。貝爾加拿大公司與 Amdocs 合作，將現有系統遷移到雲端，以增強可擴展性、彈性並提高營運效率。

Our SaaS-based platforms, including Amdocs eSIM, Amdocs Market One and Amdocs ConnectX are also contributing to growth with rising customer adoption. To provide a few examples, we signed a multiyear managed services SaaS agreement with AT&T to deliver entitlement server capabilities via our eSIM cloud platform. This continued to expand our eSIM SaaS platform momentum, adding over 100 million devices to it. Additionally, Amdocs ConnectX has already more than 15 customers, including consumer cellular and PLDT, who are deploying the generative AI native platform to quickly launch existing new digital brands.

我們的 SaaS 平台，包括 Amdocs eSIM、Amdocs Market One 和 Amdocs ConnectX，也隨著客戶採用率的提高而促進了成長。舉例來說，我們與 AT&T 簽署了一份多年期的 SaaS 管理服務協議，透過我們的 eSIM 雲端平台提供授權伺服器功能。這進一步擴大了我們的 eSIM SaaS 平台的發展勢頭，為其增加了超過 1 億台設備。此外，Amdocs ConnectX 已經擁有超過 15 家客戶，包括 Consumer Cellular 和 PLDT，他們正在部署生成式 AI 原生平台，以快速推出現有的新數位品牌。

Adding to the list, I'm pleased to announce that Orange Belgium has selected Amdocs to lead key modernization initiative on their prepaid stack, leveraging our ConnectX platform. This project includes real-time charging and next-generation scalable architecture designed to support their needs. It will drive efficiency while transforming the user experiences with modern digital-first journeys that will redefine engagement for Orange Belgium prepaid subscribers.

此外，我很高興地宣布，Orange Belgium 已選擇 Amdocs 來領導其預付費系統的關鍵現代化計劃，該計劃將利用我們的 ConnectX 平台。該項目包括即時充電和下一代可擴展架構，旨在滿足他們的需求。它將提高效率，同時透過現代化的數位化優先流程改變用戶體驗，重新定義 Orange Belgium 預付費用戶的參與度。

Looking forward, cloud will remain a primary focus for Amdocs, as we continue to support our global telco customer base, many of which are only just getting started on their multiyear cloud journeys.

展望未來，雲端運算仍將是 Amdocs 的主要關注點，我們將繼續支援我們的全球電信客戶群，其中許多客戶才剛開始他們的多年雲端運算之旅。

Now let's talk about generative AI and data on Slide 11. Following the generative AI-related deals we recently announced with e& UAE, Altice Optimum and Consumer Cellular, I'm excited to report that Telefonica Germany, one of the country's largest quad-play service providers, has selected Amdocs to extend its billing platform for both consumer and enterprise services.

現在讓我們來談談第 11 張投影片中的生成式人工智慧和數據。繼我們最近與 e& UAE、Altice Optimum 和 Consumer Cellular 宣布的與生成式 AI 相關的交易之後，我很高興地宣布，德國最大的四合一服務提供商之一 Telefonica Germany 已選擇 Amdocs 來擴展其面向消費者和企業服務的計費平台。

As part of this expanded multiyear collaboration agreement, Telefonica Germany will deploy new generative AI use cases, leveraging Amdocs' amAIz Sales Agent to enable the efficient promotion of new products and to automate the upsell of personalized offers to drive higher ARPU. This award with Telefonica Germany is another proof point that shows that we are starting to see trial POC conversion to actual generative AI projects, and we are excited about the initial results we are seeing.

作為這項擴大後的多年合作協議的一部分，德國電信將部署新的生成式人工智慧用例，利用 Amdocs 的 amAIz 銷售代理來高效推廣新產品，並自動追加銷售個人化優惠，從而提高每用戶平均收入 (ARPU)。與德國電信公司 (Telefonica Germany) 的這項合作再次證明，我們開始看到試驗性概念驗證 (POC) 轉化為實際的生成式人工智慧 (AI) 項目，我們對目前看到的初步成果感到非常興奮。

For example, one of the first service provider to integrate generative AI was e& UAE, a customer which is already achieving double-digit improvement in Net Promoter Scores after deploying amAIz agents. Such progress reflect Amdocs' core telco platform and data services expertise built on our vectorized amAIz platform, which we have deployed in collaboration with NVIDIA and other generative AI leaders. Moreover, I believe our recent success demonstrating the pivotal role Amdocs is playing as an IT player in helping accelerate generative AI adoption in telecom industry.

例如，e& UAE 是第一批整合生成式人工智慧的服務供應商之一，該公司在部署 amAIz 代理程式後，淨推薦值 (NPS) 已實現兩位數的提升。這項進展體現了 Amdocs 的核心電信平台和資料服務專業知識，這些專業知識建立在我們與 NVIDIA 和其他生成式人工智慧領導者合作部署的向量化 amAIz 平台之上。此外，我認為我們最近的成功證明了 Amdocs 作為 IT​​ 企業在幫助電信業加速採用生成式人工智慧方面發揮的關鍵作用。

In addition to cloud and generative AI, we secured important wins in the strategic domain this quarter as highlighted on Slide 12. As previously announced, we finalized a significant 10-year digital modernization and managed service agreement with BT-EE in the U.K. to deliver a modern B2C mobile platform for its prepaid and postpaid segments.

除了雲端運算和生成式人工智慧之外，本季我們在策略領域也取得了重要勝利，如幻燈片 12 所示。正如先前宣布的那樣，我們與英國 BT-EE 最終達成了一項重要的 10 年數位現代化和管理服務協議，為其預付費和後付費用戶提供現代化的 B2C 行動平台。

We signed a multiyear strategic agreement with Telia Finland to build its next-generation digital BSS enhanced and with advanced AI capabilities. And AT&T Mexico closed a new digital program with Amdocs to enhance self-service experiences, expanding its digital selling capabilities.

我們與芬蘭電信公司簽署了一項多年戰略協議，旨在建立其下一代數位BSS系統，該系統具有增強的先進人工智慧功能。AT&T墨西哥公司與Amdocs公司達成了一項新的數位計劃，旨在增強自助服務體驗，並擴大其數位銷售能力。

Here in the US, we signed a multiyear software and IT service agreement with Fidium, a next-generation American fiber Internet and network service provider and a new logo for which Amdocs will modernize and manage its IT operation while supporting its broader digital transformation strategy. Elsewhere in the US, a leading Tier 2 operator selected Amdocs for additional five-year renewal of their BSS ecosystem.

在美國，我們與下一代美國光纖互聯網和網路服務供應商 Fidium 簽署了一項多年軟體和 IT 服務協議，Amdocs 將為 Fidium 實現 IT 營運現代化和管理，同時支援其更廣泛的數位轉型策略。在美國其他地區，一家領先的二級營運商選擇 Amdocs 為其 BSS 生態系統續約五年合約。

Service providers are also adopting next-generation monetization solution to support their wireless and fiber infrastructure elements. Amdocs recently signed an expanded multiyear billing transformation agreement with Altice, France's SFR to consolidate multiple billing operation to a unified cloud-ready platform. And we signed a new agreement with South Korea's telecom operator, KT, to upgrade and modernize its charging system to accelerate time to market and to boost operational efficiency.

服務供應商也正在採用下一代貨幣化解決方案來支援其無線和光纖基礎設施。Amdocs 最近與法國 SFR 公司 Altice 簽署了一項擴大的多年計費轉型協議，旨在將多個計費業務整合到統一的雲端就緒平台。我們與韓國電信營運商 KT 簽署了一項新協議，對其計費系統進行升級和現代化改造，以加快產品上市速度並提高營運效率。

This quarter was also -- we also expanded our activities with the two largest operators in Brazil. First, Amdocs entered an agreement with Claro Brazil to implement a real-time billing platform designed to enable full-scale converge across its multiple line of business. Claro also extended its multiyear service contract with Amdocs.

本季度，我們也擴大了與巴西兩家最大業者的業務往來。首先，Amdocs 與 Claro Brazil 達成協議，實施即時計費平台，旨在實現其多個業務線的全面整合。Claro 也與 Amdocs 續簽了多年服務合約。

Second, in the network domain, we signed a modernization agreement with Telefonica Vivo to provide a future-ready foundation for ongoing operation by deploying our latest OSS products. Further underlying Amdocs expertise and growth potential in the network domain, we have expanded our managed services agreement with Globe in the Philippines to include network strategy and planning, mobile access engineering and optimization to enhance service quality and operational agility. Additionally, we delivered a successful go-live of Amdocs advanced network inventory platform for Vodafone Ireland and continue to expand our network activities with Vodafone Greece.

其次，在網路領域，我們與 Telefonica Vivo 簽署了現代化協議，透過部署我們最新的 OSS 產品，為持續營運提供面向未來的基礎。進一步發揮 Amdocs 在網路領域的專業知識和成長潛力，我們擴大了與菲律賓 Globe 的管理服務協議，將網路策略和規劃、行動存取工程和優化納入其中，以提高服務品質和營運靈活性。此外，我們已成功為 Vodafone Ireland 上線 Amdocs 先進的網路庫存平台，並繼續與 Vodafone Greece 擴大我們的網路業務。

Before discussing our fiscal 2026 outlook, I wanted to circle back on generative AI to share our thoughts with respect to our strategy and investment plans as presented on Slide 14. Over the past couple of years, we've shared our belief that generative AI holds immense potential to transform the telecom industry. We've been working closely with our customers to deliver tangible improvement in critical areas such as customer care and network operation while building out generative AI capabilities in our amAIz platform.

在討論我們 2026 財年的展望之前，我想再回顧一下生成式人工智慧，並分享我們在第 14 張投影片中提出的策略和投資計畫方面的想法。過去幾年，我們一直堅信生成式人工智慧具有改變電信產業的巨大潛力。我們一直與客戶緊密合作，在客戶服務和網路營運等關鍵領域取得實際改進，同時在我們的 amAIz 平台中建立生成式人工智慧功能。

As the technology matures, the industry advance and we see the progression from POCs to production, we believe there is now the potential to unlock even greater opportunities to enhance experiences, agility and efficiency. To fully capture this potential for Amdocs and for our customers, we are accelerating our generative AI investment, which we expect will open new pathway for future growth across our entire customer base, irrespective of their BSS or SS version. This included fast tracking the development of what we call a Cognitive Core, a next-generation platform built on the solid foundation of Amdocs amAIz.

隨著技術的成熟和行業的進步，我們看到了從概念驗證到生產的轉變，我們相信現在有潛力釋放更大的機會來增強體驗、敏捷性和效率。為了充分發揮 Amdocs 和我們客戶的潛力，我們正在加速對生成式 AI 的投資，我們預計這將為我們所有客戶群的未來成長開闢新的道路，無論他們的 BSS 或 SS 版本如何。這其中包括加快開發我們稱為認知核心的下一代平台，該平台建立在 Amdocs amAIz 的堅實基礎上。

It integrates advanced generative AI capabilities such as agent-to-agent MCP technologies, our vectorized telecom expertise and the enablement of agentic services. In the coming quarters, we'll share more about our vision for AI-powered telecom operating system. For our customers, this investment in generative AI may represent a substantial shift in how they will adopt future software and services. Notably, we believe it promises to simplify and accelerate their digital transformation and journey to the cloud delivered under our outcome-based model.

它整合了先進的生成式人工智慧功能，例如代理到代理 MCP 技術、我們的向量化電信專業知識以及代理服務的啟用。在接下來的幾個季度裡，我們將分享更多關於我們人工智慧驅動的電信作業系統願景的資訊。對我們的客戶而言，這項對生成式人工智慧的投資可能代表著他們未來採用軟體和服務方式的重大轉變。值得注意的是，我們相信它有望簡化和加速他們的數位轉型和向雲端遷移的進程，而這一切都將根據我們基於結果的模式來實現。

Overall, with focused and intentional investment, we expect Cognitive Core to emerge as a long-term growth engine for Amdocs by enabling us to better serve our full spectrum of customers from those running current platform seeking cost-effective line of business modernization to top-tier innovators already modernizing on Amdocs' next-gen platform to lead with future-ready digital experiences.

總而言之，透過有針對性且有計劃的投資，我們期望 Cognitive Core 能夠成為 Amdocs 的長期成長引擎，使我們能夠更好地服務於我們所有的客戶，從那些正在運行當前平台並尋求經濟高效的業務線現代化改造的客戶，到已經在 Amdocs 的下一代平台上進行現代化改造以引領未來數位體驗的創新者。

Now let me comment on the current operating environment and our outlook for fiscal year 2026. We are entering fiscal 2026 with a healthy 12-month backlog visibility and a strong overall book of long-term business supported by a recent win momentum. With our unique tech-led and outcome-based accountability model, Amdocs is strongly positioned within our serviceable addressable market of nearly $60 billion to monetize a rich pipeline of opportunities across cloud, digital network and generative AI and data. That said, we are closely watching for any impact of the uncertain global macroeconomic environment on us and our customers' demand and spending behavior.

現在讓我談談目前的經營環境以及我們對 2026 財年的展望。我們帶著健康的 12 個月訂單儲備可見性進入 2026 財年，並且得益於近期取得的成功勢頭，我們擁有強勁的長期業務整體儲備。憑藉我們獨特的技術主導和結果導向的問責模式，Amdocs 在近 600 億美元的可服務目標市場中佔據了強大的地位，能夠將雲端、數位網路、生成式人工智慧和數據領域的豐富機會轉化為收益。儘管如此，我們仍將密切關注不確定的全球宏觀經濟環境對我們以及客戶的需求和消費行為可能產生的任何影響。

Tying everything together with our outlook on fiscal -- on Slide 16. We expect revenue growth in the range of 1.7% to 5.7% as reported and 1.0% to 5.0% in constant currency for the full year fiscal 2026. As to our profitability, we expect a non-GAAP operating margin to increase by roughly 20 basis points year-over-year at the midpoint on our target range as we balance our strategic long-term growth investment with the benefits of ongoing cost and efficiency gains across the business.

將所有內容與我們對財政的展望聯繫起來—請參閱第 16 頁幻燈片。我們預計 2026 財年全年，以報告匯率計算的營收成長率介於 1.7% 至 5.7% 之間，以固定匯率計算的營收成長率介於 1.0% 至 5.0% 之間。至於我們的獲利能力，我們預期非GAAP營業利潤率將年增約20個基點（在我們目標範圍的中點），因為我們將平衡策略性長期成長投資與業務中持續的成本和效率提升所帶來的收益。

All up, we expect to deliver a non-GAAP diluted earnings per share growth of between 4% to 8% in fiscal 2026, the midpoint of which equates to an expected total shareholder return in the high single digits, including our dividend.

總而言之，我們預計 2026 財年非 GAAP 稀釋後每股收益將成長 4% 至 8%，其中數值相當於預期股東總回報將達到較高的個位數，其中包括我們的股息。

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

接下來，我將把電話交給塔瑪爾，請她發言。

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 year fiscal year '24 revenue by approximately $600 million to reflect the phaseout of certain low-margin noncore business activities, which were substantially already ceased 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，舒基，大家好。感謝您的參與。在開始今天的評論之前，我將按備考基準比較某些財務指標，即對上一財年（2024 財年）的收入進行約 6 億美元的調整，以反映某些低利潤率的非核心業務活動的逐步淘汰，這些活動已在 2025 財年第一季基本停止。為了進一步幫助您進行建模，該收入的區域組成與公司整體情況相似，並且每季貢獻約 1.5 億美元。

To begin, I'm pleased with our solid financial performance for the fourth fiscal quarter as detailed on Slide 18. Q4 revenue of approximately $1.15 billion was up 2.8% year-over-year in pro forma constant currency. Revenue exceeded the midpoint of our guidance with no impact from foreign currency movements as compared to our guidance assumptions. Reflecting the phaseout of certain business activities, reported revenue declined by 9% from a year ago.

首先，我對我們第四財季穩健的財務表現感到滿意，詳情請見第 18 頁投影片。第四季營收約 11.5 億美元，以固定匯率計算年增 2.8%。與我們的預期假設相比，收入超過了預期的中位數，且未受到外匯波動的影響。受某些業務活動逐步淘汰的影響，報告收入比去年同期下降了 9%。

On a regional basis, North America improved more than 2% sequentially, posting its strongest quarter of the fiscal year. Europe declined, reflecting normal business fluctuations following a record quarter in the previous quarter. Rest of the world was slightly lower on a sequential basis, reflecting mixed trends. With our strong sales momentum, we have clear visibility to continued growth in Rest of the World, but quarterly trends may fluctuate given the project orientation of our customer activities in this region.

從區域來看，北美地區季增超過 2%，創下本財年最佳季度業績。歐洲經濟下滑，反映出上一季創紀錄成長後正常的商業波動。世界其他地區的環比略有下降，反映出各種不同的趨勢。憑藉強勁的銷售勢頭，我們對世界其他地區的持續成長前景有清晰的預期，但考慮到該地區客戶活動的專案導向性，季度趨勢可能會出現波動。

Shifting down the income statement. Non-GAAP operating margin of 21.6% improved by 290 basis points from a year ago, driven by the announced phaseout of low-margin noncore business activities and the benefit of ongoing efficiency gains within our operations. Non-GAAP operating margin improved by 20 basis points sequentially. Interest and other expenses amounted to roughly $10.3 million in Q4.

將損益表中的對應部分向下調整。非GAAP營業利潤率為21.6%，比上年同期提高了290個基點，主要得益於宣布逐步淘汰低利潤率的非核心業務活動以及我們營運中持續提高的效率。非GAAP營業利益率季增20個基點。第四季利息和其他支出總計約 1,030 萬美元。

On the bottom line, non-GAAP diluted EPS of $1.83 was slightly above the midpoint of guidance. Diluted GAAP EPS of $0.88 included a restructuring charge of $0.60 per share, resulting from certain transformational actions we have taken to optimize our workforce allocation, technology mix, infrastructure, workspace and other resources as we prepare to accelerate the internal adoption of generative AI in fiscal 2026. Excluding this restructuring charge, diluted GAAP was at the high end of the $1.41 to $1.49 guidance range.

最終，非GAAP稀釋後每股收益為1.83美元，略高於預期中位數。稀釋後的 GAAP 每股收益為 0.88 美元，其中包括每股 0.60 美元的重組費用，這是由於我們採取了一些轉型措施來優化我們的員工配置、技術組合、基礎設施、工作空間和其他資源，以便為在 2026 財年加速內部採用生成式人工智慧做好準備。不計入這筆重組費用，稀釋後的GAAP業績處於1.41美元至1.49美元指導範圍的高端。

To quickly summarize our full year 2025 financial performance, results were consistent with the original guidance we provided a year ago, as shown on Slide 19. Revenue was up 3.1% in pro forma constant currency, above the midpoint of guidance. On the bottom line, we delivered non-GAAP diluted earnings per share growth of 8.5% in fiscal year 2025, consistent with the midpoint of guidance and driven by sustained revenue growth, a 300 basis points improvement in non-GAAP operating profitability and the benefits of our share repurchase activity.

簡而言之，我們 2025 年全年的財務表現與我們一年前提供的原始指導一致，如幻燈片 19 所示。以固定匯率計算，營收成長 3.1%，高於預期中位數。總而言之，我們在 2025 財年實現了非 GAAP 稀釋後每股收益增長 8.5%，與預期中位數一致，這主要得益於持續的收入增長、非 GAAP 營業利潤率提高 300 個基點以及股票回購活動帶來的收益。

Turning to Slide 20. This year, we delivered double-digit growth in cloud, which exceeded 30% of overall revenue as compared with roughly 25% in the prior year. Further highlighting the ongoing diversification of our business and growing traction in international markets, half of our top 12 customers are international customers, two of which are new logos added in the last 10 years, as Slide 20 shows. Additionally, we continue to expand our footprint with long-standing customers and new logos in North America.

翻到第20張投影片。今年，我們在雲端業務方面實現了兩位數的成長，佔總收入的 30% 以上，而前一年這一比例約為 25%。如投影片 20 所示，為了進一步凸顯我們業務的持續多元化和國際市場的成長勢頭，我們前 12 位客戶中有一半是國際客戶，其中兩位是過去 10 年新增的客戶。此外，我們持續擴大在北美的商業版圖，服務長期客戶並拓展新客戶。

A great example is Charter, with which we had limited business a decade ago, but is now one of our top 10 customers. Over the years, we have also added new logos in North America, such as Consumer Cellular and Fidium in fiscal 2025.

Charter 就是一個很好的例子，十年前我們與它的業務往來有限，但現在它已成為我們十大客戶之一。多年來，我們也在北美地區新增了一些標誌，例如 2025 財年新增的 Consumer Cellular 和 Fidium。

Turning to Slide 21. Managed Services revenue was a record $3 billion in fiscal 2025, up 3.1% from a year ago. Managed Services as a share of overall revenue also reached a new high of 66% in fiscal 2025, further strengthening our business resilience as we maintained high renewal rates and expanded our customer activities under long-term agreements. As Shuky alluded to earlier, several of our key deals signed in the fourth quarter were struck under multiyear managed services engagements, the most significant being our landmark agreement with PLDT from the Philippines, for which Amdocs will manage its complete IT services requirements, covering architecture, implementation, operations and performance outcomes with end-to-end accountability.

翻到第21張幻燈片。2025 財年，託管服務收入創下 30 億美元的紀錄，比上年增長 3.1%。2025 財年，託管服務佔總收入的比例也達到了 66% 的新高，這進一步增強了我們的業務韌性，因為我們維持了較高的續約率，並在長期協議下擴大了客戶活動。正如 Shuky 先前提到的，我們在第四季度簽署的幾項重要交易都是在多年期管理服務合作協議下達成的，其中最重要的是我們與菲律賓 PLDT 達成的里程碑式協議，Amdocs 將管理其全部 IT 服務需求，涵蓋架構、實施、營運和績效成果，並承擔端到端的責任。

Additionally, we expanded our managed services agreements with Globe in the Philippines to include network operations and TELUS in Canada to cover the migration of its wireless monetization operations to Google Cloud. Managed Services can also be a spearhead to winning new customer logos, such was the case with Fidium in the US for which Amdocs will serve as the primary and exclusive partner to maintain and operate its ID fiber operation across multiple applications while supporting its IT transformation as a preferred development partner.

此外，我們擴大了與菲律賓 Globe 的託管服務協議，將網路營運納入其中；同時擴大了與加拿大 TELUS 的託管服務協議，將其無線貨幣化業務遷移到 Google Cloud。託管服務也可以成為贏得新客戶的先鋒，例如美國的 Fidium 公司就是如此，Amdocs 將作為其主要和獨家合作夥伴，維護和運營其跨多個應用程序的 ID 光纖業務，同時作為首選開發合作夥伴支持其 IT 轉型。

Moving to the balance sheet and cash flow highlights on Slide 22. DSO of 74 days was down by two days sequentially and unchanged year-over-year, reflecting normal fluctuations in the business activity. Unbilled receivables net of deferred revenue rose by $62 million sequentially in Q4 and was relatively flat compared to a year ago, aggregating both the short-term and long-term balances. 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 multiyear transformation programs.

接下來是第 22 頁的資產負債表和現金流量表要點。DSO 為 74 天，環比下降 2 天，與去年同期持平，反映了業務活動的正常波動。第四季未開立應收帳款淨額（扣除遞延收入）季增 6,200 萬美元，與去年同期相比基本持平，短期及長期餘額合計如此。需要提醒的是，未開立發票應收帳款與遞延收入之間的淨差額會隨著正常的業務活動以及我們多年轉型計畫的進展而逐季度波動。

Driven by a strong fourth quarter, free cash flow before restructuring payments was $735 million in fiscal 2025 and above our guidance range of $710 million to $730 million. Including restructuring payments of $90 million, reported free cash flow was $645 million for the year. Overall, we finished fiscal 2025 with a healthy cash balance of approximately $325 million and an available $500 million revolving credit facility, providing ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth.

受第四季強勁業績的推動，2025 財年重組付款前的自由現金流為 7.35 億美元，高於我們先前 7.1 億美元至 7.3 億美元的預期範圍。包括9,000萬美元的重組付款在內，該公司本年度報告的自由現金流為6.45億美元。總體而言，我們在 2025 財年結束時擁有約 3.25 億美元的健康現金餘額和 5 億美元的可用循環信貸額度，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。

Switching to capital allocation on Slide 23. This quarter, we repurchased $136 million of our shares. We had up to $1 billion of remaining repurchase authority as of September 30, 2025. We paid cash dividends of $58 million in the fourth fiscal quarter. Looking to fiscal 2026, we expect free cash flow of between $710 million to $730 million, not including additional payments we expect to make under our current restructuring program.

第 23 頁轉至資本配置。本季度，我們回購了價值 1.36 億美元的股票。截至 2025 年 9 月 30 日，我們還有高達 10 億美元的剩餘回購授權。我們在第四財季支付了5800萬美元的現金股利。展望 2026 財年，我們預計自由現金流將在 7.1 億美元至 7.3 億美元之間，這還不包括我們預計根據目前的重組計劃支付的額外款項。

Our free cash flow outlook equates to a conversion rate of roughly 90% relative to expected non-GAAP net income and translates to a healthy free cash flow yield of roughly 8% relative to Amdocs' current market capitalization. Regarding our capital allocations for the coming year, we expect to return the majority of our free cash flow to shareholders. This includes dividends for which we are pleased to announce a proposed 8% increase in our quarterly cash payment to a new rate of $0.569 per share, subject to shareholders' approval at the Annual Meeting in January 2026.

我們的自由現金流預期相當於相對於預期非GAAP淨收入約90%的轉換率，且相對於Amdocs目前的市值，可獲得約8%的健康自由現金流收益率。關於我們來年的資本配置，我們預計將把大部分自由現金流還給股東。這其中包括股息，我們很高興地宣布，我們擬將季度現金支付提高 8%，達到每股 0.569 美元的新水平，但需經股東在 2026 年 1 月的年度股東大會上批准。

Moving to Slide 24. 12-month backlog was $4.19 billion at the end of Q4, up 3.2% from a year ago. We expect 12-month backlog to represent roughly 90% of our forward-looking revenue, further underscoring the importance of this metric as a leading indicator of our business.

切換到第 24 張投影片。截至第四季末，12 個月的積壓訂單為 41.9 億美元，比上年同期成長 3.2%。我們預計未來 12 個月的積壓訂單將占我們預期收入的約 90%，這進一步凸顯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 25. We are continuing to closely monitor the prevailing level of macroeconomic, geopolitical, business and operational uncertainty in the current business environment. The first quarter and the full year fiscal 2026 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.

現在就來看看第 25 頁的收入展望。我們將繼續密切關注當前商業環境中宏觀經濟、地緣政治、商業和營運方面的不確定性。2026 財年第一季和全年財務預期反映了我們根據目前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。

For the full fiscal year 2026, we expect revenue growth of between 1.7% and 5.7% as reported and between 1% to 5% in constant currency. We expect our strong sales momentum in fiscal 2025 to contribute to fiscal year 2026 revenue growth, and we assume a stronger second half to the fiscal year as we ramp up activities on recently secured deals. On the other hand, our fiscal year 2026 revenue guidance assume a revenue decline at T-Mobile due to reduced discretionary spending. Our annual guidance also incorporates some contribution from inorganic deal activity. As for the first fiscal quarter, we expect revenue between $1.135 billion to $1.175 billion.

對於整個 2026 財年，我們預計按報告匯率計算的收入增長率在 1.7% 至 5.7% 之間，按固定匯率計算的收入增長率在 1% 至 5% 之間。我們預計 2025 財年強勁的銷售動能將有助於 2026 財年的營收成長，並且隨著我們加大力度推進最近達成的交易，我們預計下半年的業績將更加強勁。另一方面，我們對 2026 財年的收入預期假設 T-Mobile 的收入會因可自由支配支出的減少而下降。我們的年度績效指引也包含了來自非內生性併購活動的部分貢獻。對於第一財季，我們預計營收將在 11.35 億美元至 11.75 億美元之間。

Moving down the income statement, we expect non-GAAP operating margins within a new and improved target range of 21.3% to 21.9% in fiscal 2026, the midpoint of which is roughly 20 basis points higher than the prior year. Our profitability outlook reflects an intentional decision to accelerate our R&D, sales and marketing investments with respect to generative AI and next-generation Cognitive Core platform while balancing this with ongoing cost and efficiency gains resulting from our continued focus on operational excellence, automation and the internal deployment of generative AI-based tools across our business. Our margin outlook excludes additional restructuring charges we may take.

從損益表來看，我們預期 2026 財年非 GAAP 營業利益率將達到 21.3% 至 21.9% 的新目標範圍，其中數值比前一年高出約 20 個基點。我們的獲利前景反映了我們有意加快在生成式人工智慧和下一代認知核心平台方面的研發、銷售和行銷投資的決定，同時兼顧持續的成本和效率提升，這得益於我們持續專注於卓越營運、自動化以及在整個業務中內部部署基於生成式人工智慧的工具。我們的利潤率預期不包括我們可能承擔的額外重組費用。

Wrapping everything together on Slide 27, we expect to deliver non-GAAP diluted earnings per share growth of 4% to 8% in fiscal 2026. This outlook assumes pressure from below-the-line items in the year ahead. We anticipate a moderate increase in our non-GAAP effective tax rate to a rate for fiscal year 2026 of between 16% to 19%, primarily driven by a combination of regulatory changes, including the implementation of the Pillar 2 global minimum tax and other evolving international tax requirements. In the first fiscal quarter of 2026, our non-GAAP effective tax rate is expected to be above the annual range.

綜上所述，在第 27 頁，我們預期 2026 財年非 GAAP 稀釋後每股盈餘將成長 4% 至 8%。這項預測假設未來一年線下專案將面臨壓力。我們預計，到 2026 財年，我們的非 GAAP 有效稅率將適度上升至 16% 至 19%，這主要是由於一系列監管變化所致，包括實施第二支柱全球最低稅和其他不斷變化的國際稅收要求。預計在 2026 年第一財季，我們的非 GAAP 實際稅率將高於年度範圍。

Additionally, we anticipate higher finance costs this year, resulting from a reduced cash balance and funding of our strategic long-term growth plans. Overall, we expect to deliver high single-digit expected total shareholders' return in fiscal 2026, assuming the 6% midpoint of our non-GAAP diluted EPS growth outlook plus our dividend yield of roughly 2.7% based on the new dividend payment we announced today.

此外，由於現金餘額減少以及為我們的長期策略成長計畫提供資金，我們預計今年的財務成本將會更高。總體而言，我們預計在 2026 財年實現接近兩位數的預期股東總回報率，假設我們非 GAAP 稀釋後每股收益增長預期中值為 6%，加上我們今天宣布的新股息支付方案帶來的約 2.7% 的股息收益率。

With that, back to you, Shuky.

那麼，把鏡頭交還給你，舒基。

Thank you, Tamar. I'm pleased with our solid financial performance and continued strategic progress in fiscal 2025, and I'm excited by our technological leadership and potential to open new growth opportunities by accelerating our generative AI investment in the year ahead.

謝謝你，塔瑪爾。我對我們在 2025 財年穩健的財務業績和持續的戰略進展感到滿意，並且對我們在技術上的領先地位以及通過在未來一年加快對生成式人工智能的投資來開闢新的增長機會的潛力感到興奮。

With that, we are happy to take your questions.

那麼，我們很樂意回答您的問題。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks, guys. Shuky, you've had a lot more experience with AI at this point. Can you just talk about maybe qualitatively how impactful you think it will be to the telecom industry? And how much can you think improve productivity over time and generate kind of new services? And related to that, I guess the same thing internally, how much can it improve your own productivity internally? I realize you are reinvesting a lot of that productivity in R&D and in investing for longer-term growth?

謝謝各位。Shuky，你現在在人工智慧方面已經累積了更多經驗。您能否從定性的角度談談您認為它將對電信業產生多大的影響？您認為隨著時間的推移，生產力能提高多少，以及能創造出多少新型服務？與此相關的是，我認為從內部來看，它能在多大程度上提高你自身的內部生產力？我知道你們將許多生產力再投資於研發和長期成長？

Thank you, Tim. We are evolving our offering in the in the GenAI domain. Internally, as you mentioned, we are using more and more generative AI capabilities in the software development life cycle and operation. And this is improving gradually, and we see more and more, I would say, benefits. It's not just to cost, to quality, to speed, many items that we see using this technology.

謝謝你，提姆。我們正在不斷改進我們在 GenAI 領域的產品和服務。正如您所提到的，我們在內部正在軟體開發生命週期和營運中越來越多地使用生成式人工智慧功能。這種情況正在逐步改善，可以說，我們看到了越來越多的益處。這項技術的應用不僅體現在成本、品質和速度上，我們看到很多產品都在使用這項技術。

From the offering perspective to customers, the initial offering that we have and which we are deploying and now successfully converting POCs to actual deals was more, I would say, add-ons on top system, some agents in the call center for care and for commerce and things like these type of capabilities, which now we are doing with many customers we mentioned and are pretty successful.

從為客戶提供的產品角度來看，我們最初的產品，也就是我們正在部署並成功將概念驗證轉化為實際交易的產品，更多的是在現有系統上添加一些附加功能，例如呼叫中心的一些客服人員、商務人員等等，這些功能我們現在正在與許多我們提到的客戶合作，並且非常成功。

The next, I would say, GenAI capabilities is what we discussed today, what we call Cognitive Core. The idea is to add a layer on the top of our BSS systems or the different one that we are supporting today and actually create a new model that can support agentic activity, agent to agent and actually completely disrupt and change the way we are running this operation today.

接下來，我想說，GenAI 的功能就是我們今天要討論的，我們稱之為認知核心。我們的想法是在我們的 BSS 系統或我們今天支援的不同系統之上添加一個層，並創建一個可以支援代理活動、代理與代理之間交互的新模型，從而徹底顛覆和改變我們今天運行此操作的方式。

Part of the investment that we discussed that we are going to accelerate this year is to build this layer. I think it's going to be -- it will take some time to deploy it. We believe it's going to be extremely exciting and give completely new capabilities to our customers in the agentic area. And we definitely believe that this will be another very important growth engine for Amdocs for the years to come.

我們討論過，今年我們將加快投資，其中一部分就是建造這一層。我認為部署它需要一些時間。我們相信這將非常令人興奮，並為我們的客戶在代理商領域帶來全新的能力。我們堅信，這將成為 Amdocs 未來幾年另一個非常重要的成長引擎。

And do you have a rough idea when that will hit the market?

您大概知道這款產品什麼時候上市嗎？

Mid '26.

26 年中期。

Thank you very much.

非常感謝。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hi, guys. Thanks very much. I guess I wanted to just probe the decision to kind of reallocate more capital into the business from an R&D perspective. I heard certainly what you said about building more agentic capability. I guess I'm just looking for sort of the puts and takes, right? You're implementing AI internally. You've been on a path of generating 60 or 70 basis points of efficiency each year.

嗨，大家好。非常感謝。我想探究一下從研發角度來看，將更多資金重新分配到公司業務中的決定。我當然聽到了您關於增強自主能力的演講。我猜我只是想了解一下買賣雙方的情況，對吧？你們正在內部實施人工智慧。你一直走在每年提高效率 60 或 70 個基點的道路上。

The coming year, it's going to be more like 20 basis points. Is that the amount of the investment, that incremental 50 or so basis points. Is that the right way to look at it? And -- or are there some other kind of growth factors we should look at?

明年，這個數字可能會更接近20個基點。那是投資金額嗎？也就是那增加的 50 個基點左右。這樣看待這個問題是否正確？或者，還有其他類型的成長因素值得我們關注嗎？

Yes. Most of the margin story here is this intentional decision to invest more into this opportunity that we see as an exciting one. So at the same time, as you said, that we are continuing to enjoy the productivity gains. We do want to reinvest in making sure we are capturing this growth opportunity. It's not just R&D.

是的。這裡的大部分利潤故事都源自於我們有意加大對這個我們認為令人興奮的機會的投資。同時，如你所說，我們也持續享受生產力提升帶來的好處。我們希望繼續投資，確保把握這項成長機會。這不僅僅是研發。

It's also in the sales and marketing aspects, the go-to-market, how we are going to support and accelerate our coverage of the different opportunities in the pipeline. So I would say it's both.

這也涉及銷售和行銷方面，市場推廣，以及我們將如何支持和加速我們對各種潛在機會的覆蓋。所以我認為兩者都是。

And definitely, we would like to see that keeping and accelerating the momentum we think we can bring on that aspect. We talked in the last two quarters about the fact that we are moving from proof of concept and feasibility to actual commercial deals. We continue to see that with the examples of Telefonica Germany we mentioned now and etisalat is much more mature and adding more and more use cases. PLDT as part of a large mega deal that we just signed is going to include adoption of our amAIz platform. So we are continuing to see more and more commercial pickup on that aspect and think that there's a great opportunity there.

當然，我們希望保持並加快我們在這一方面所能取得的勢頭。在過去的兩個季度裡，我們一直在討論我們正在從概念驗證和可行性研究過渡到實際的商業交易。我們從剛才提到的德國電信的例子可以看出這一點，而阿聯酋電信則更加成熟，並且不斷增加應用案例。作為我們剛剛簽署的一項大型超級協議的一部分，PLDT 將採用我們的 amAIz 平台。因此，我們看到越來越多的企業開始關注這一領域，並認為這方面蘊藏著巨大的商機。

Got it. Okay. And then also, I just wanted to ask about your conversations with customers. Obviously, the company prices its contracts, its businesses on outcomes, not billable hours times rate model. I get that.

知道了。好的。另外，我還想問問你與客戶的溝通狀況。顯然，該公司是根據結果來定價合約和開展業務的，而不是根據計費工時乘以費率的模式。我明白了。

But I assume your customers do expect that you're using AI internally to improve efficiency. And I'm wondering if there's some expectation from customers to get better pricing or contract prices from you guys as part of that realization. I'd like to hear more about how those conversations are going. And at the moment of contracting with customers, are you seeing that pricing impact or pressure roll down on to Amdocs or not?

但我認為您的客戶確實希望您在內部使用人工智慧來提高效率。我想知道，客戶是否期望你們能提供更優惠的價格或合約價格，這是客戶意識到這一點後做出的決定。我想了解一下這些對話的進展。在與客戶簽訂合約的當下，您是否看到這種價格影響或壓力傳遞到 Amdocs 上？

So this is not new. I mean, yes, now I think the most discussed item is generative AI, but this -- we have the situation pretty much in every renewal situation. Over then, we changed technology, we moved to the cloud. So technology is evolving. Definitely, there is discussion like this with GenAI.

所以這並不是什麼新鮮事。我的意思是，沒錯，現在討論最多的項目是生成式人工智慧，但是——這種情況幾乎在每一次更新換代中都會出現。後來，我們改變了技術，我們遷移到了雲端。科技不斷發展。確實，GenAI領域也存在類似的討論。

What we are trying to do, obviously, is, a, our business model is, for the most part, as you mentioned, is outcome-based. So this is helping a bit. And I think what is more important that whenever we renew or sign a new agreement, we are doing a lot of effort very successfully to completely change the scope of the agreement by adding transformation to the cloud, generative AI capabilities and other automation and other products that we have.

很顯然，我們正在努力做的是，正如您所提到的，我們的商業模式在很大程度上是以結果為導向的。這樣多少有點幫助。我認為更重要的是，每當我們續約或簽署新協議時，我們都會付出巨大的努力，並透過將雲端轉型、生成式人工智慧能力以及我們擁有的其他自動化產品等方式，成功地徹底改變協議的範圍。

So yes, there is pressure. Customers expect to see savings. But as you mentioned, because we are not in a rate cut type of relationship as part of this discussion, on one hand, we show the customer efficiencies; on the other hand, we're expanding the scope of our activities. We're adding new products and new services and GenAI capabilities. So between the two, I think we are doing a pretty good job in minimizing the impact.

所以，是的，壓力是存在的。顧客希望看到節省。但正如您所提到的，由於我們這次討論並非以降價為目的，一方面，我們向客戶展示了效率；另一方面，我們正在擴大業務範圍。我們正在增加新產品、新服務和 GenAI 功能。所以我覺得，綜合這兩方面來看，我們在最大程度地減少影響方面做得相當不錯。

And just to add on that, George, our offering is very rich. And typically, what happens is as we get into these dialogues with customers looking on their own on total cost of ownership, how they want to achieve this kind of savings or what benefits they're looking for in terms of improving customer experience and other pain points they have. So engaging in this dialogue, we have a lot of tools to go into this -- to go back to Shuky's point of mentioning additional scope.

喬治，我還要補充一點，我們的產品非常豐富。通常情況下，當我們與客戶進行對話時，他們會自行考慮整體擁有成本，了解他們希望如何實現這種節省，或者在改善客戶體驗和其他痛點方面，他們希望獲得哪些好處。因此，參與這場對話，我們有很多工具可以深入探討——回到舒基提到的額外範圍這一點。

So we can take a bigger wallet share of what they need to invest in and give them the benefits that they're looking for. So it's not just a dialogue on, "Okay, what do we do for you right now and how are we pricing it moving forward?" It's a whole different dialogue that is emerging. And we've seen this quarter a lot of Managed Services expansion and extensions, and that has been part of this discussions. And as you can see, we're expanding the 12 months backlog beyond that. I feel very good about the fact that it's expanding our book of business beyond the 12 months that we are including in the backlog.

這樣我們就能從他們的投資需求中獲得更大的份額，並提供他們所尋求的好處。所以，這不僅僅是關於「好的，我們現在能為你做什麼，以及我們未來如何定價？」的對話。一種截然不同的對話正在興起。本季我們看到託管服務方面有很多擴張和擴展，這也是我們討論的一部分。正如你所看到的，我們將積壓的 12 個月的工作量擴大到了更多。令我非常高興的是，它將我們的業務範圍擴大到了我們目前計入積壓訂單的 12 個月之外。

So I think the method works. We can bring them that value while giving them the TCR reduction they're looking for and looking how to bring more and more of our offering to support their needs.

所以我認為這個方法是有效的。我們可以為他們帶來這種價值，同時滿足他們所尋求的 TCR 降低需求，並思考如何提供更多產品和服務來滿足他們的需求。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi, guys. I have like five questions. So stop me when I'm going through too much.

嗨，大家好。我還有五個問題。所以，當我承受太多的時候，請阻止我。

Cash flow is down next year. Why is it? And then I have -- I'm not asking the question in any order. Maybe I'll ask two at a time. But also the growth, if I take your midpoint on a constant currency basis, the growth is not showing much acceleration from this year.

明年現金流將下降。為什麼會這樣呢？然後我——我提問的順序不限。或許我會一次問兩個。但即便如此，如果我以你提到的中間值（以固定匯率計算）來衡量，今年的成長速度也沒有明顯加快。

It's actually below -- slightly below Street expectations. What are the puts and takes in the growth because you also made the disclosure that T-Mobile is going to be down in 2026. So can you kind of elaborate on the good parts and the parts that are maybe more flattish and declining? I thought after some discontinuation of businesses, growth should somewhat accelerate from where we are or where we were?

實際上低於——略低於華爾街的預期。鑑於您也透露 T-Mobile 將於 2026 年倒閉，那麼成長過程中有哪些利弊權衡呢？那麼，您能否詳細說明一下好的方面以及可能比較平緩和下滑的方面？我原以為在一些企業倒閉後，成長速度應該會比我們目前的水平或之前的水平有所加快？

Thanks, Tal. So I'll address the cash flow first. We ended the adjusted cash flow for 2025 of $735 million, but we started the year with exactly the same guidance range that we are starting now, $710 million to $730 million. We want to be appropriately conservative. So I don't see that as a cash flow decline.

謝謝，塔爾。那我先來說說現金流問題。我們最終確定 2025 年的調整後現金流為 7.35 億美元，但我們年初的指導範圍與現在完全相同，為 7.1 億美元至 7.3 億美元。我們希望採取適當的保守態度。所以我不認為這是現金流下降。

We are more or less at the same level.

我們程度差不多。

When we are looking into the question into the revenue growth, as you rightfully articulated, we are seeing, on the one hand, an amazing sales quarter, finishing 2025. Very happy about the deals we've signed. A lot of that momentum on the sales will contribute more into the second half of the year as it's naturally taking us more time to ramp up deals that we are capturing. So that's why we said that within the fiscal year '26, we will see a stronger second half growth. At the same time we see this positive aspect, we do see the pressure of lower discretionary spending in T-Mobile, and this is why we feel we want to be absolutely transparent about the decline we expect there.

正如您所正確闡述的那樣，當我們研究收入成長問題時，我們看到，一方面，2025 年末的銷售季度非常出色。我們對我們簽署的協議非常滿意。銷售方面的許多勢頭將在下半年得到更大的發揮，因為我們自然需要更多時間來鞏固我們正在達成的交易。所以這就是為什麼我們說，在 2026 財年，我們將看到下半年更強勁的成長。同時，我們看到了這個正面因素，但也看到了 T-Mobile 可支配支出減少帶來的壓力，因此我們希望對預期中的下滑情況保持絕對透明。

It is a major customer.

它是我們的重要客戶。

I just want to give some context. T-Mobile has been a long-term relationship for us. We are supporting their billing activities across all their key brands, Magenta, MetroPCS, now UScellular. And this is obviously a core activity of what we do for them, and we are very focused on continuing to bring value. But at the same time, we need to acknowledge the fact that they are reducing some discretionary spend.

我只是想提供一些背景資訊。我們與T-Mobile一直保持著長期的合作關係。我們正在為他們所有主要品牌（Magenta、MetroPCS，現在的 UScellular）的計費活動提供支援。這顯然是我們為他們所做的核心活動之一，我們非常注重繼續為他們創造價值。但同時，我們也需要承認，他們正在減少一些可自由支配的支出。

So yes, there are positives, there are some negatives. But I believe that overall, looking on the sales activity and how strong we finished 2025, we feel good about our future.

所以，既有正面的一面，也有一些負面的一面。但我相信，總體而言，從銷售活動以及我們在 2025 年的強勁表現來看，我們對未來充滿信心。

Tamar, can you elaborate on your top 10 customers? That's number one. This is kind of -- you normally give this time of the year, you give the disclosure in the K, if you have the data. And then just on T-Mobile, they announced they made a disclosure that they are starting to transfer customers to a new billing system, and they made a few days ago.

Tamar，可以詳細介紹一下你的前十大客戶嗎？這是第一點。這有點像——通常在這個時間，如果你有數據，你會在 K 文件中披露。然後，就在 T-Mobile 方面，他們宣布，他們正在開始將客戶轉移到新的計費系統，而他們幾天前就宣布了這一消息。

And the question is, is this kind of an end of a project? That's why revenues are going to be down? And is this normal for big transformational projects that at the end, you start to see a decline? When you say discretionary spending, it looks like things are being pushed out. And I'm wondering if it's really things that are being pushed out or being deprioritized versus the big contract that is basically done?

問題是，這是否意味著一個專案的結束？這就是收入會下降的原因嗎？大型轉型專案到了後期下滑現象，這是正常現象嗎？說到可自由支配支出，看起來好像很多東西都被延後了。我想知道，被擱置或被降低優先順序的，究竟是一些小事，還是基本上已經完成的大合約？

So Tal, to the point on the top customers, we are typically giving this information in our annual report that is coming out in December, and we'll do the same this year. I will just say that, as I mentioned on the prepared remarks, we are happy to see the customer diversification evolving in a positive way with more customers entering, I would say, the high thresholds of our business, including many international names that we've added, including relationship that a long time ago, were relatively small like Charter and are now a top customer.

所以，Tal，關於最重要的客戶，我們通常會在 12 月發布的年度報告中提供這些信息，今年我們也會這樣做。我只想說，正如我在準備好的發言稿中提到的，我們很高興看到客戶多元化朝著積極的方向發展，越來越多的客戶進入了我們業務的高門檻，其中包括我們新增的許多國際知名客戶，以及像Charter這樣很久以前規模相對較小，現在已成為我們頂級客戶的企業。

And we -- when we look into our relationship with T-Mobile, we cannot comment on the specific project or specific program plans, et cetera, on a single customer basis. But I can definitely tell you that we've taken all the reasonable assumptions in terms of the outcomes that we are seeing with relations to us into the guidance that we've given. So more to come, of course, in terms of what we can release moving forward. But I feel that we have taken everything we know as of today into the guidance.

而且，當我們審視與 T-Mobile 的關係時，我們無法就單一客戶的具體項目或具體計劃等發表評論。但我可以肯定地告訴你們，我們已經將所有合理的假設，包括我們目前所看到的各種結果，都納入了我們提供的指導意見中。當然，未來我們還會發布更多內容。但我認為，我們已經將目前我們所掌握的所有資訊都納入了指導方針中。

Got it. Last question. I promised you five questions. So last question. You -- in the last year, you implemented AI in order to save -- to improve margins in order to reduce costs, and you've done it very successfully.

知道了。最後一個問題。我答應過你問五個問題。最後一個問題。在過去一年裡，你們實施了人工智慧以節省成本、提高利潤率，從而降低成本，而且你們做得非常成功。

And now you are talking about increased costs. Tell us about the margin trajectory, meaning on one hand, you are reducing expenses. On the other hand, you are spending more. What drives the increase in spend? And how soon could it translate into accelerated growth?

現在你們又在談論成本增加的問題了。請介紹一下利潤率的變化趨勢，也就是說，一方面，你們正在降低成本。另一方面，你的花費也更多了。什麼因素推動了支出成長？那麼，它多久才能轉化為加速成長呢？

Tal -- by the way, congratulations on the award, if we speak. The best way to tell it, if we did not have all the tools of capabilities we developed with generative AI in our software development life cycle, all the engineering activities in the company, including operation, in a year like this that we accelerate investment in developing our next generation, I would say, GenAI capabilities around the core system, you could see even a situation there is some pressure on the margin.

塔爾——順便說一句，如果我們在說話的話，恭喜你獲獎。最好的解釋是，如果我們沒有在軟體開發生命週期中利用生成式人工智慧開發的所有工具和能力，公司的所有工程活動（包括營運）今年加速投資開發下一代（我稱之為）核心系統周圍的生成式人工智慧能力，你甚至可以看到利潤空間面臨一些壓力。

The reason that we are able, on one hand to accelerate the investment in GenAI and still to generate maybe a moderate but still 20 basis points of increasing the margin is because we have all these capabilities that we develop and continue to see progress of actually doing everything much faster and better and with higher quality.

一方面，我們能夠加快對 GenAI 的投資，另一方面，我們仍然能夠實現利潤率適度增長 20 個基點，這是因為我們擁有所有這些能力，我們正在開發這些能力，並且不斷看到我們在更快、更好、更高品質地完成所有事情方面取得進展。

Got it. So if I take a step back for investors that are long term and looking at Amdocs as a kind of safe, relatively low-risk investment for the long term. The question that I'm asking is you've had tremendous success in the last one or two years with big projects with big customers, you are doing great in cloud. You're doing good. We start to see signs of GenAI.

知道了。所以，如果我退一步來看，對於那些著眼於長期投資的投資者來說，Amdocs 是一種安全、風險相對較低的長期投資選擇。我想問的問題是，在過去一兩年裡，你們在與大客戶的大型專案中取得了巨大的成功，你們在雲端運算領域做得非常出色。你做得很好。我們開始看到人工智慧時代的跡象。

But the growth is still the same in a sense that even before you decided to discontinue some operations, you were growing between 3% to 4%. Now the guidance is for the same growth, maybe it accelerates second half, but we're still in the same neighborhood of growth.

但從某種意義上說，成長仍然保持不變，因為即使在你決定停止一些業務之前，你的成長率也達到了 3% 到 4%。現在的預期是維持同樣的成長速度，也許下半年會加快，但我們仍然處於同樣的成長區間。

The question is, if you look out, without giving us guidance for growth, like specific guidance, but when you look out and you say where you want to position the company as a CEO a few years down the road, do you think that what you're doing today and your activity in cloud and your activity in GenAI, could it change the growth profile of the company? Meaning can you grow sustainably above the current 3% to 4% going into new markets and new TAMs? So sorry, it's a long-winded question, but I'm just trying to understand kind of the longer term, what you have in mind, the longer-term goals for the company in terms of growth.

問題是，如果你展望未來，不給我們具體的成長指導，而是作為執行長展望幾年後你想把公司定位在哪裡，你認為你今天在雲端運算和 GenAI 領域的活動，能否改變公司的成長前景？也就是說，你能否在新市場和新的潛在市場中，高於目前 3% 至 4% 的永續成長？非常抱歉，這個問題有點長，但我只是想了解貴公司在長期發展上的目標，也就是你們的長期發展規劃。

I think the answer will be shorter than the question. But I think in the last couple of years, the main growth engine for Amdocs was the cloud. In order for us to break this 3% and to go to a mid-single digit that we would like to be, we need more than one growth engine as big as it is, it's become already 30%. So we really believe that with the investments we do and with unique offering, we are going to have more than one significant growth engine like cloud, and we believe that what we develop right now in GenAI will be another one. And the answer to your question, I think in the mid, we established two, three growth engines, then we can be there, and this is our intention.

我認為答案會比問題本身更短。但我認為在過去幾年裡，Amdocs 的主要成長引擎是雲端運算。為了突破 3% 的瓶頸，達到我們想要的個位數中段成長率，我們需要不只一個像現在這樣龐大的成長引擎，它已經達到了 30%。因此，我們堅信，憑藉我們的投資和獨特的產品，我們將擁有不止一個像雲端運算一樣重要的成長引擎，而且我們相信，我們現在在 GenAI 中開發的技術將成為另一個重要的成長引擎。至於你的問題，我認為，到了中期，如果我們建立了兩個、三個成長引擎，我們就能達到目標，這就是我們的目標。

Got it. Great. Thank you.

知道了。偉大的。謝謝。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

This is Adam, on for Shlomo. What is the organic constant currency growth implied in the guidance for fiscal 1Q '26 and full year '26? There's some commentary around some contribution from inorganic deal activity. If you could talk about that, please.

這是亞當，他正在為所羅門代班。2026 財年第一季及全年業績指引中隱含的有機固定匯率成長率是多少？有一些評論指出，非有機併購活動可能帶來一些貢獻。如果您能談談這件事就太好了。

We expect to have roughly half coming from inorganic. When we started 2025 as well, we talked about some inorganic contribution and eventually, it was less than half of the growth. So we leave some flexibility for that, of course. And if you look back on the -- just on the type of deals we signed even this quarter in Q4, we already see direct relation to past acquisitions and the benefit it's bringing. So we feel this is a very important way for us to capture strategic growth opportunities, whether it's fiber -- some of those small deals that we've done in 2025 was around the fiber growth opportunity as an example.

我們預計其中大約一半來自無機物。當我們開始展望 2025 年時，我們也討論了一些非有機成長的貢獻，但最終，這部分成長不到總成長的一半。當然，我們也會留出一些彈性。回顧一下——僅僅是我們本季（第四季）簽署的交易類型，我們已經看到了與過去收購及其帶來的好處之間的直接聯繫。因此，我們認為這是我們抓住策略成長機會的一個非常重要的方式，無論是光纖——例如，我們在 2025 年完成的一些小交易就是圍繞光纖成長機會展開的。

So we want that lever to stay open and contribute to the company.

所以我們希望這個槓桿保持開放，並為公司做出貢獻。

Okay. And the change in AI spend, where are you seeing customers put their budgets and capital? And how does that match up to the areas where you're stepping up investments in GenAI?

好的。人工智慧支出方面發生了哪些變化？您認為客戶會將預算和資金投入哪些方面？那這與你們正在加大對 GenAI 領域投資的領域有何關聯呢？

So far, most of the investment we're building agents and use cases to support, as I said, to improve activities in the call center, both for our digital application, both for commerce and care. What we've built right now -- and by the way, the other thing we talked about is actually GenAI is all about data, so how to prepare the data to be available in real time to support the agents.

正如我所說，到目前為止，我們的大部分投資都用於建立代理商和用例，以支援改進呼叫中心的活動，包括我們的數位應用程式、商務和護理。我們現在建立的東西——順便說一句，我們討論的另一件事實際上是 GenAI 的核心是數據，所以是如何準備數據以即時支援代理。

What we are talking right now, it's a completely different scale. It's meaning that we are going to augment our core billing systems or core monetization system with the cognitive core layer that will, as I said, will allow agent to agent and all the capabilities of agentic options. This is a different scale of capabilities, which is relevant for every Amdocs customer everywhere. So we believe that from a scale perspective, it's much bigger from what we've done so far.

我們現在討論的，是一個完全不同的層次。這意味著我們將用認知核心層來增強我們的核心計費系統或核心貨幣化系統，正如我所說，這將允許代理之間進行通信，並具備代理選項的所有功能。這是不同規模的能力，與 Amdocs 的每位全球客戶都息息相關。因此，我們認為從規模上看，它比我們迄今為止所做的要大得多。

Okay. And there was some commentary about some pressure from below-the-line items just on the modeling side. What areas specifically you're referring to and what's driving that?

好的。還有一些評論指出，在模特兒行業，來自線下項目的壓力不容忽視。您具體指的是哪些地區？造成這種情況的原因是什麼？

Referring specifically to tax rates as we see more regulatory changes around the world, like the Pillar 2 minimum tax as well as other countries that are putting some new regulations. We elevated the effective tax rate range from 15% to 17%, to 16% to 19%. So that would be one point. And the other one is financing costs. As we are starting the year in the lower cash balance and continue to have plans to invest in some strategic growth areas, we will see some higher finance expense costs.

具體來說，考慮到世界各地監管政策的變化，例如第二支柱最低稅以及其他一些國家正在發布一些新規定，稅率問題尤其突出。我們將實際稅率範圍從 15% 至 17% 提高到 16% 至 19%。這是一點。另一個成本是融資成本。由於年初現金餘額較低，並且我們計劃繼續投資於一些策略性成長領域，因此我們將面臨更高的財務費用。

So that's what we refer to as items below the operating income line.

這就是我們所說的營業收入線以下的項目。

Yes. Thank you. Thanks.

是的。謝謝。謝謝。

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.

今天的問答環節到此結束。我想把發言權交還給馬特史密斯，讓他再補充一些內容。

Okay. Thanks, operator. Thanks, everyone, for joining the call tonight. If you've got any additional questions, please call the IR group here. And with that, have a great evening. Thanks a lot.

好的。謝謝接線生。感謝各位今晚參加電話會議。如果您還有其他問題，請致電此處的投資者關係小組。祝您有個美好的夜晚。多謝。

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，感謝你們參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。