Amdocs Limited (DOX) 2026 Q3 法說會逐字稿

Thank you for standing by and welcome to the Amdocs third-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位稍候，歡迎參加 Amdocs 2026 會計年度第三季財報電話會議。(接線員指示) 提醒各位，今天的節目將會錄音。

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

現在，我想介紹今天節目的主持人：投資人關係主管 Matthew Smith。先生，請開始。

Thanks, Jonathan. Thank you, operator. Before we begin, I need to call your attention to our disclaimer statement on slide 2 of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks, uncertainties, and other important factors, including as described in Amdocs’ SEC filings, and that we will discuss certain financial information that is not prepared in accordance with GAAP.

謝謝你，Jonathan。謝謝，接線員。在開始之前，我需要請各位注意簡報第 2 頁的免責聲明。其中指出，我們今天的部分評論可能屬於前瞻性陳述，並受風險、不確定性及其他重要因素影響（包括 Amdocs 的 SEC 申報文件中所述）；同時，我們也將討論部分非依 GAAP 編製的財務資訊。

For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today’s earnings release, which will also be furnished with the SEC on Form 6-K.

關於我們使用非 GAAP 財務衡量指標的更多資訊（包括這些衡量指標的調節表），請參閱今天的財報新聞稿；該新聞稿也將以 Form 6-K 形式提交至 SEC。

Participating on the call with me today are Shimie Hortig, President and Chief Executive Officer of Amdocs Management Limited; and Tal Rozenfeld, Chief Financial Officer.

今天與我一同參與電話會議的有：Amdocs Management Limited 總裁兼執行長 Shimie Hortig，以及財務長 Tal Rozenfeld。

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.

為支援今天的財報電話會議，我們提供了一份簡報，可在我們網站的投資人關係專區找到；此外，一如往常，今天的事先準備講稿也將在本次電話會議結束後立即上傳。

On today’s agenda, Shimie will recap our financial achievements for the third fiscal quarter 2026 and full year outlook, after which he will present the future strategy for Amdocs in the agentic era. Tal will then provide additional details on our third quarter financial performance, and guidance for the full fiscal year 2026.

今天的議程如下：Shimie 將回顧 2026 會計年度第三季的財務成果與全年展望，之後他將介紹 Amdocs 在 agentic 時代的未來策略。接著 Tal 將提供第三季財務表現的更多細節，以及 2026 會計年度全年的財測指引。

And with that, I’ll turn it over to Shimie.

那麼，接下來交給 Shimie。

Yeah. Thank you, Matt. Good afternoon to everyone joining Amdocs’ fiscal third quarter 2026 earnings call. I’m pleased to join you today from our Amdocs New Jersey offices and provide an update on the significant progress we’ve made on our strategy, as well as the meaningful commercial wins from the past few months.

好的。謝謝你，Matt。各位下午好，歡迎參加 Amdocs 2026 會計年度第三季財報電話會議。我很高興今天從 Amdocs 新澤西辦公室與各位連線，向大家更新我們在策略上取得的重大進展，以及過去幾個月的重要商業斬獲。

Today, I’d like to focus most of my remarks on Amdocs’ strategy and provide you with more color and insight on our long-term direction. Before that, let me briefly review our solid financial and operating performance for the third fiscal quarter.

今天我想把大部分時間聚焦在 Amdocs 的策略上，並為各位提供更多關於我們長期方向的背景與洞見。在此之前，我先簡要回顧我們在本會計年度第三季穩健的財務與營運表現。

It's shown on slide 7. Q3 revenue of $1.175 billion and non-GAAP diluted earnings per share of $1.84, were consistent with the midpoint of guidance. Non-GAAP operating margin improved by 20 basis points from a year ago as we balanced our growth investments with intentional strategic efforts to reshape our cost structure and drive efficiency. Managed services delivered a record quarter, accounting for 67% of total revenue, and we closed the quarter with twelve-month backlog of $4.26 billion, up 2.7% from a year ago.

相關內容顯示在第 7 頁投影片。第三季營收為 11.75 億美元，非 GAAP 稀釋後每股盈餘為 1.84 美元，與財測區間中點一致。在我們於成長投資與有意識的策略性措施（重塑成本結構並提升效率）之間取得平衡之下，非 GAAP 營業利益率較去年同期提升 20 個基點。託管服務創下單季新高，占總營收 67%；季度末的 12 個月在手訂單（backlog）為 42.6 億美元，較去年同期成長 2.7%。

With these results, I'm happy to say that we are reiterating the midpoint of a full fiscal 2026 financial outlook, including revenue growth of 3% in constant currency, and non-GAAP diluted EPS growth of 6%. Additionally, we are on track to generate free cash flow of roughly $720 million, before restructuring payment in fiscal 2026, consistent with the midpoint of our target range.

基於這些成果，我很高興地表示，我們重申 2026 會計年度全年財務展望的中點，包括以固定匯率計算的營收成長 3%，以及非 GAAP 稀釋後 EPS 成長 6%。此外，我們也按計畫在 2026 會計年度（重整付款前）產生約 7.2 億美元的自由現金流，與我們目標區間的中點一致。

Being on our strong financial performance, I'm proud to share an important moment in our agentic journey. We signed a new large scale multi-EU partnership with Liberty Latin America to manage and transform the entire end-to-end IT ecosystem. This is a true flagship engagement and a major proof point of our agentic transformation strategy, which I will cover in more detail shortly.

在我們強勁的財務表現基礎上，我很自豪地分享我們 agentic 旅程中的一個重要時刻。我們與 Liberty Latin America 簽署了一項新的大型多 EU 合作夥伴關係，以管理並轉型整個端到端 IT 生態系。這是一項真正的旗艦級合作，也是我們 agentic 轉型策略的重要驗證點；我稍後會更詳細說明。

Additionally, we continued to see good sales momentum across our core products and services with wins at many of the world’s leading providers, including Lumen, TELUS in Canada, Three Scandinavia, Telefonica Vivo in Brazil, PLDT and Optage in Japan.

此外，我們也持續在核心產品與服務上看到良好的銷售動能，並在多家全球領先的服務供應商取得勝利，包括 Lumen、加拿大的 TELUS、Three Scandinavia、巴西的 Telefonica Vivo、PLDT，以及日本的 Optage。

At the same time, we remained focused on delivering consistent operational execution in Q3, successfully achieving a high number of milestones in support of project activities for customers such as AT&T, T-Mobile, Optimum, TELUS, Bell, A1 Austria, Globe Telecom, and Telkom South Africa.

同時，我們在第三季仍專注於穩定的營運執行，成功達成大量里程碑，以支援 AT&T、T-Mobile、Optimum、TELUS、Bell、A1 Austria、Globe Telecom 以及南非 Telkom 等客戶的專案活動。

To elaborate on a few of them, at T-Mobile, we’ve made significant progress with the large US Cellular integration project and we are on schedule to complete it. For A1 Austria, we completed a billing, charging and catalog transformation deployment following a multi-year transformation. At Globe in the Philippines, we completed a major modernization of their network policy to support cloud native 5G.

舉其中幾項說明：在 T-Mobile，我們在大型 US Cellular 整合專案上取得顯著進展，並按計畫如期完成。對於 A1 Austria，我們在多年轉型後完成了計費、計價與產品目錄（catalog）轉型的部署。在菲律賓的 Globe，我們完成了其網路政策（network policy）的重大現代化，以支援雲原生 5G。

Now, let me provide an update on Amdocs’ strategy. So over the last few months, we’ve continued to advance our strategy and I’d like to share more details about our plans to lead Amdocs forward. Last quarter, I shared my excitement about the agentic era, and the long-term opportunity this presents to help our industry and customers fundamentally transform their IT and network domains. Our vision is to be the primary partner of choice to accelerate this agentic transformation and unlock its value for our customers.

接下來，我想更新 Amdocs 的策略。在過去幾個月，我們持續推進策略，我也希望分享更多細節，說明我們帶領 Amdocs 向前邁進的計畫。上個季度，我分享了我對 agentic 時代的期待，以及這為我們協助產業與客戶從根本上轉型其 IT 與網路領域所帶來的長期機會。我們的願景是成為首選的主要合作夥伴，加速這場 agentic 轉型，並為客戶釋放其價值。

Today I want to introduce our new four-pillar growth strategy, as shown on slide.

今天我想介紹我們新的四大支柱成長策略，如投影片所示。

Pillar one, and the core of our strategy, is aOS, the Agentic Telco Operating System, designed to fundamentally transform the way our customers operate their business. Pillar two is new vertical expansion, where we plan to leverage our deep engineering pedigree, combined with our transformation expertise, to accelerate agentic modernization in another industry. Pillar three is emerging growth horizons, where we intend to capture and solve emerging needs driven by the GenAI revolution in our customer base and beyond. And pillar four relates to the Internal Transformation of Amdocs to become an agentic-first organization as a key enabler to support our future growth.

第一支柱，也是我們策略的核心，是 aOS（Agentic Telco Operating System，agentic 電信作業系統），旨在從根本上改變客戶營運其業務的方式。第二支柱是新的垂直領域擴張；我們計畫運用深厚的工程底蘊，結合轉型專業，加速另一個產業的 agentic 現代化。第三支柱是新興成長視野；我們打算掌握並解決由 GenAI 革命所驅動、在我們客戶群及其以外所浮現的新需求。第四支柱則與 Amdocs 的內部轉型相關：成為以 agentic 優先（agentic-first）的組織，作為支援未來成長的關鍵推動力。

Let me take some time to discuss each of these pillars in more detail. Starting with Pillar one, aOS, the Amdocs Agentic Telco Operating System. In this pillar, our mission is to accelerate the transformation of each and every one of our customers to the agentic era in a risk mitigated and cost-conscious manner.

讓我花一些時間更詳細地討論這些支柱的每一項。先從第一支柱 aOS，也就是 Amdocs 的代理式電信營運作業系統（Agentic Telco Operating System）開始。在這一支柱中，我們的使命是以風險可控且具成本意識的方式，加速我們每一位客戶邁向代理式時代的轉型。

In so doing, we will enable our customers to unlock the value of the agentic era by simplifying complexity, reimagining end-to-end workflows, accelerating the launch of new offerings from months to hours, and significantly reducing their cost structures

透過這麼做，我們將協助客戶藉由簡化複雜性、重新構想端到端工作流程、將新產品/新方案的推出從數月縮短至數小時，並大幅降低其成本結構，來釋放代理式時代的價值

To that end, we are bringing to market aOS, Amdocs’ Agentic Telco Operating System, which we’ve designed to be the leading technological framework for enabling our customers to be successful in their agentic journey. This framework includes all the components and capabilities needed for our customers to agentify their business and IT operations. We plan to continuously enhance this framework and its capabilities to lead our customers to a fully agentic and autonomous future. We firmly believe that now is the time for our customers to embark on this journey. We also understand that each customer has a different starting point and our role as the market leader is to design a tailored roadmap for each of them.

為此，我們推出 aOS——Amdocs 的代理式電信營運作業系統，我們將其設計為領先的技術框架，以協助客戶在其代理式旅程中取得成功。此框架包含客戶將其業務與 IT 營運「代理化」所需的所有元件與能力。我們計畫持續強化此框架及其能力，引領客戶邁向完全代理式且自主化的未來。我們堅信，現在正是客戶啟動這段旅程的時機。我們也理解每位客戶的起點各不相同，而作為市場領導者，我們的角色是為每一位客戶設計量身打造的路線圖。

Given our deep industry expertise, engineering heritage, transformational capabilities, and outcome-based model, we believe our customers will trust us as their primary partner on this journey. Along these lines, let me share more details about the significant large-scale agreement we’ve signed with Liberty Latin America. In this 10-year strategic engagement, Liberty Latin America is trusting Amdocs to manage and transform its end-to-end IT ecosystem, leveraging aOS, Amdocs’ Agentic Telco Operating System.

憑藉我們深厚的產業專業、工程傳承、轉型能力以及以成果為導向的模式，我們相信客戶會信任我們，並在這段旅程中將我們視為其主要合作夥伴。基於此，讓我分享我們與 Liberty Latin America 簽署之重大大型協議的更多細節。在這項為期 10 年的策略性合作中，Liberty Latin America 信任 Amdocs，將運用 aOS（Amdocs 的代理式電信營運作業系統）來管理並轉型其端到端 IT 生態系。

This engagement moves beyond traditional IT operations into an AI-driven operating model designed to accelerate time to market, increase product innovation, enhance customer, and employee experience, and deliver significant cost savings. This deal is also a meaningful expansion of Amdocs’ footprint in the CALA region and is a major demonstration of our ability to handle highly complex mission critical operations across multiple markets. Beyond this flagship agreement with Liberty Latin America, aOS is gaining encouraging market traction.

此合作已超越傳統 IT 營運，進入以 AI 驅動的營運模式，旨在加速上市時程、提升產品創新、強化客戶與員工體驗，並帶來顯著的成本節省。這筆交易也有意義地擴大了 Amdocs 在 CALA 地區的版圖，並有力展現我們在多個市場中處理高度複雜、關鍵任務營運的能力。除與 Liberty Latin America 的這項旗艦協議之外，aOS 也正獲得令人鼓舞的市場動能。

As highlighted last quarter, AT&T Cricket, Lumen, EchoStar, Bell, and PLDT were among the first to adopt aoS which is already in production and delivering value for several of them. More recently, Verizon, TELUS, Sunrise Switzerland, Three Scandinavia, and a Tier 1 provider in Asia Pacific have signed initial commercial aOS deals. To provide some color, TELUS in Canada, has seen encouraging early results of a customer digital twin engagement, demonstrating the power of aOS to deliver personalized experiences across customer service and sales interactions. As another example, Amdocs is partnering with Verizon on an Agentic AI initiative to automate RF design workflows, with the program in active development.

如上季所強調，AT&T Cricket、Lumen、EchoStar、Bell 與 PLDT 是最早採用 aOS 的業者之一；aOS 已投入生產環境，並為其中數家帶來價值。近期，Verizon、TELUS、Sunrise Switzerland、Three Scandinavia，以及亞太地區一家 Tier 1 供應商已簽署初步的 aOS 商業合約。補充一些背景，加拿大的 TELUS 在「客戶數位分身」合作案中已看到令人鼓舞的早期成果，展現 aOS 在客服與銷售互動中提供個人化體驗的能力。再舉一例，Amdocs 正與 Verizon 合作一項代理式 AI 計畫，以自動化 RF 設計工作流程，目前該計畫正積極開發中。

This reflects the broader industry shift toward AI-driven network operations and showcases Verizon’s continued investment in AI and Network Quality. We believe that these initial engagements are a great indication of the aOS capabilities we are bringing to market, and we expect they will evolve into larger and more meaningful journeys on which Amdocs will become the primary partner of our customers for their agentic transformation.

這反映出整體產業正轉向以 AI 驅動的網路營運，也展現 Verizon 持續在 AI 與網路品質上的投資。我們相信，這些初期合作充分顯示我們推向市場的 aOS 能力；並預期它們將演進為更大型、更具意義的旅程，在其中 Amdocs 將成為客戶進行代理式轉型的主要合作夥伴。

Turning to pillar two, we believe that our proven track record of successfully executing major core system transformations, coupled with our agentic offering, are especially relevant in other high volume, mission critical and strictly regulated industries where complexity presents a major challenge for core systems transformation. We are therefore evaluating the potential to expand our addressable market by targeting an additional vertical, positioning ourselves as a new market entrant with our disruptive agentic approach.

談到第二支柱，我們相信，我們在成功執行重大核心系統轉型方面的既有實績，加上我們的代理式產品/方案，在其他高交易量、關鍵任務且高度監管的產業中同樣特別相關；在這些產業裡，複雜性對核心系統轉型構成重大挑戰。因此，我們正在評估透過鎖定另一個垂直領域來擴大可服務市場（TAM）的可能性，並以我們具顛覆性的代理式方法，將自身定位為新的市場進入者。

Moving to pillar three of our strategy, the emerging growth horizons. As we work closely with our telco customers, it is apparent that the GenAI revolution is creating a clear demand to solve technological gaps and needs that didn’t exist before. We therefore see the potential to be the first to market with disruptive technologies designed to address these issues and expand our offering. As we scan through these potential opportunities, we plan to incubate and scale the ones with the greatest potential to become future new growth drivers for Amdocs.

接著談我們策略的第三支柱：新興成長視野。在我們與電信客戶密切合作的過程中，很明顯地，GenAI 革命正在帶來明確需求，以解決過去不存在的技術缺口與新需求。因此，我們看見以顛覆性技術率先上市的潛力，藉此解決這些問題並擴展我們的產品/方案。在檢視這些潛在機會時，我們計畫孵化並擴大最有潛力者，使其成為 Amdocs 未來新的成長驅動力。

Finishing up with pillar four, we are accelerating our internal transformation to make Amdocs an agentic-first company with the right foundation to support our future growth. To that end, we are implementing agentic capabilities across software development, service delivery, and operations. We already see this maturing with high levels of employee adoption.

最後談第四支柱：我們正加速內部轉型，讓 Amdocs 成為以代理式為先（agentic-first）的公司，並建立支撐未來成長的正確基礎。為此，我們正在軟體開發、服務交付與營運各面向導入代理式能力。我們已看到員工採用率很高，且這些能力正逐步成熟。

What makes our story unique is that we’re transforming internally with the same technology we deliver to customers. We are our own customer zero and believe that running our operations on agentic AI, while delivering it commercially at scale will provide the essential foundation to being an agentic-first organization.

我們故事的獨特之處在於：我們以同樣交付給客戶的技術來進行內部轉型。我們是自己的第零號客戶（customer zero），並相信以代理式 AI 來運行我們的營運，同時以商業模式大規模交付，將為成為以代理式為先的組織提供關鍵基礎。

To bring it all together, the agentic revolution presents an exciting opportunity for Amdocs, and I believe we have the right strategy to seize the moment with our agentic operating system, aOS. Our flagship deal with Liberty Latin America is an important proof point to show that we can tailor specific agentic journeys for telco customers, lead large-scale agentic transformations, and expand our addressable market.

綜合而言，代理式革命為 Amdocs 帶來令人振奮的機會，而我相信我們具備正確的策略，能透過我們的代理式作業系統 aOS 把握此一時刻。我們與 Liberty Latin America 的旗艦交易是一個重要的佐證，顯示我們能為電信客戶量身打造特定的代理式旅程、主導大規模代理式轉型，並擴大我們的可服務市場。

Our systems transformation expertise, coupled with Amdocs’ agentic offerings, present potential opportunities to expand beyond telco to other verticals and grasp the opportunity of emerging horizons. Although, we understand we are dealing with a constantly evolving landscape that could present uncertainties, we believe we have the right leadership, talent, and skills necessary to quickly adapt and drive us forward.

我們的系統轉型專業結合 Amdocs 的代理式產品/方案，帶來了從電信延伸至其他垂直領域、並掌握新興視野機會的潛在可能。儘管我們理解所面對的是一個持續演進、可能帶來不確定性的環境，我們相信我們具備正確的領導力、人才與技能，能快速調整並推動我們向前。

With that let me hand it over to Tal for his financial review. Go ahead Tal.

接下來我把時間交給 Tal 進行財務回顧。Tal，請。

Thank you, Shimie and good afternoon everyone. Thank you for joining us. To echo Shimie’s remarks, we’re pleased with our solid financial performance for the third fiscal quarter.

謝謝你，Shimie，各位下午好。感謝各位加入我們。呼應 Shimie 的發言，我們對第三財季穩健的財務表現感到滿意。

Q3 revenue was approximately $1.175 billion, up 2.7% year over year as reported, and in line with the midpoint of our guidance, with a negligible impact from foreign currency movements versus our guidance assumptions. In constant currency, revenue was up 2.2% from a year ago. Moving down the income statement, non-GAAP operating margin was 21.6%, up 20 basis points year over year, and 10 basis points sequentially, as we continued to balance our agentic growth investments with internal cost and efficiency gains.

第三季營收約為11.75億美元，按報告口徑年增2.7%，符合我們指引區間的中點；相較於我們指引假設，外匯波動帶來的影響可忽略不計。以固定匯率計算，營收較去年同期成長2.2%。往下看損益表，非GAAP營業利益率為21.6%，較去年同期提升20個基點，較前一季提升10個基點；我們持續在推動代理式（agentic）成長投資與內部成本及效率改善之間取得平衡。

As a reminder, our non-GAAP operating margin may fluctuate slightly on a quarter-to-quarter basis. Interest and other expenses amounted to roughly $14 million in Q3, consistent with the prior quarter. On the bottom-line, non-GAAP diluted EPS of $1.84 was in line with the guidance midpoint. Diluted GAAP EPS of $0.59 was below the guidance range of $1.39 to $1.47. This was due to a restructuring charge of roughly $0.91 per share resulting from the acceleration of our internal transformation and our strategy to become an agentic-first organization as Shimie discussed a moment ago.

提醒一下，我們的非GAAP營業利益率可能會在各季之間略有波動。第三季利息及其他費用約為1,400萬美元，與前一季一致。在獲利端，非GAAP稀釋每股盈餘（EPS）為1.84美元，符合指引中點。GAAP稀釋每股盈餘為0.59美元，低於指引區間1.39至1.47美元。這主要是因為我們加速內部轉型、並推動成為以代理式（agentic）優先的組織（如Shimie稍早所述）而產生的重組費用，約相當於每股0.91美元。

Adjusting for this charge, GAAP diluted EPS would have been above the guidance range. I’d also like to highlight that we generated free cash flow of $193 million before restructuring payments in Q3. This was driven by healthy earnings to cash conversion in the period, demonstrating that the core business is performing well, as we continue to consistently execute for our customers.

若剔除此項費用，GAAP稀釋每股盈餘將高於指引區間。我也想強調，第三季在重組付款之前，我們產生了1.93億美元的自由現金流。這主要來自本期健康的獲利轉現能力，顯示核心業務表現良好；我們也持續穩定地為客戶交付成果。

As a measure of our visibility and business resilience, managed services delivered record revenue of $791 million in Q3, up 2.5% from the prior year. Managed services accounted for roughly 67% of total revenue in Q3, and renewal rates remained consistently high as we continued to expand our engagements under multi-year agreements.

作為我們能見度與業務韌性的衡量指標，受管服務（managed services）在第三季創下7.91億美元的歷史新高營收，較去年同期成長2.5%。第三季受管服務約占總營收的67%；隨著我們持續在多年期合約下擴大合作範圍，續約率仍維持一貫的高水準。

In the US, a premier provider of digital television entertainment has signed an agreement with Amdocs to execute a strategic billing migration program. By leveraging Amdocs' agentic operating system and AI-driven migration capabilities, the provider is modernizing its billing environment to streamline operations, improve efficiency and support long-term business growth, while further strengthening its strategic relationship with Amdocs.

在美國，一家頂尖的數位電視娛樂服務供應商已與Amdocs簽署協議，執行一項策略性計費系統遷移計畫。透過運用Amdocs的代理式作業系統與AI驅動的遷移能力，該供應商正將其計費環境現代化，以精簡營運、提升效率並支持長期業務成長，同時進一步強化其與Amdocs的策略合作關係。

In Brazil, Telefónica’s Vivo expanded its collaboration with Amdocs by extending its managed services agreement to support its customer growth and OSS modernization with Amdocs Customer Experience Suite. Additionally, we signed a multi-year managed services agreement with a leading South American provider which will leverage Amdocs' full BSS/OSS stack supported by AI-driven application management, operations services and software factory expertise

在巴西，Telefónica旗下Vivo透過延長其受管服務協議，擴大與Amdocs的合作，以支援其客戶成長，並以Amdocs Customer Experience Suite推動OSS現代化。此外，我們與一家南美領先供應商簽署多年期受管服務協議，將運用Amdocs完整的BSS/OSS堆疊，並由AI驅動的應用管理、營運服務以及軟體工廠專業能力提供支援

Moving to the balance sheet and cash flow highlights, DSO of 78 days increased by two days from a year ago and five days sequentially. Unbilled receivables net of deferred revenue increased by $98 million versus a year ago, and by $68 million sequentially in Q3, aggregating 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 multi-year engagements.

接著看資產負債表與現金流重點，DSO為78天，較去年同期增加2天，較前一季增加5天。未開立帳單應收款項扣除遞延收入後的淨額，較去年同期增加9,800萬美元，並在第三季較前一季增加6,800萬美元（合計短期與長期餘額）。提醒一下，未開立帳單應收款項與遞延收入之間的淨差額會隨季度波動，與正常業務活動以及我們在多年期合作案上的進度一致。

As mentioned, free cash flow before restructuring payments was $193 million in Q3. Highlighting strong free cash flow for the year so far, we’ve already achieved nearly 75% of our fiscal 2026 target. Including restructuring payments of $21 million, reported free cash flow was $172 million in the quarter.

如前所述，第三季在重組付款之前的自由現金流為1.93億美元。凸顯今年迄今強勁的自由現金流表現，我們已達成2026會計年度目標的近75%。包含2,100萬美元的重組付款後，本季報告自由現金流為1.72億美元。

Overall, we ended Q3 with a healthy cash balance of approximately $206 million, and aggregate borrowings of roughly $930 million, including our $650 million senior note maturing in June 2030, and short-term financing arrangements of $280 million.

整體而言，我們在第三季末的現金餘額約為2.06億美元，總借款約為9.30億美元，其中包括將於2030年6月到期的6.50億美元優先票據，以及2.80億美元的短期融資安排。

As of June 30, 2026, there was $200 million outstanding notes under the commercial paper program, and $520 million remains available on the revolving credit facility. Overall, we have ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth.

截至2026年6月30日，商業本票計畫下尚有2.00億美元票據未償還，循環信用額度尚可動用5.20億美元。整體而言，我們具備充足流動性以支應持續的業務需求，同時保有資金能力以支持未來的策略性成長。

Switching to capital allocation, this quarter we repurchased $143 million of our shares, leaving us with up to $560 million of remaining repurchase authority as of June 30, 2026. We paid cash dividends of $60 million in the third fiscal quarter.

在資本配置方面，本季我們回購了1.43億美元的股票；截至2026年6月30日，剩餘可回購授權額度最高為5.60億美元。我們在第三個會計季度支付了6,000萬美元的現金股利。

Looking to fiscal 2026, we are on track to generate free cash flow of between $710 million to $730 million, not including payments we expect to make under our current restructuring program. Our free cash flow outlook equates to a conversion rate of roughly 90% relative to expected non-GAAP net income. Regarding our capital allocations for this year, we expect to return the majority of our free cash flow to shareholders.

展望2026會計年度，我們預期可產生7.10億至7.30億美元的自由現金流，不包含我們預計在現行重組計畫下支付的款項。我們的自由現金流展望相當於相對於預期非GAAP淨利約90%的轉換率。就今年的資本配置而言，我們預期將把大部分自由現金流回饋給股東。

Moving on, 12-month backlog was $4.26 billion at the end of Q3, up 2.7% from a year ago but down $20 million sequentially. We continue to believe 12-month backlog remains a good leading indicator of our business and forward visibility.

接著，第三季末的12個月在手訂單（backlog）為42.6億美元，較去年同期成長2.7%，但較前一季減少2,000萬美元。我們仍認為，12個月在手訂單是衡量我們業務與前瞻能見度的良好領先指標。

Now, turning to our revenue outlook we are continuing to closely monitor the prevailing level of macro-economic, geopolitical, business, and operational uncertainty, including our customers’ spending behavior in the current business environment. The fourth quarter and full fiscal year 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.

現在轉向營收展望，我們持續密切關注當前宏觀經濟、地緣政治、商業與營運不確定性的整體程度，包括客戶在現行商業環境下的支出行為。2026會計年度第四季與全年財務指引反映了我們基於目前掌握資訊所認為最可能的結果，但我們無法預測所有可能情境。

For the full fiscal year 2026, we expect revenue growth within a tighter range of between 3.2% and 4.0% as reported, the midpoint of which is unchanged as compared with our prior outlook of 2.6% to 4.6%. Our guidance assumes foreign currency tailwinds of roughly 0.6%, consistent with our previous assumption. Consistent with our prior guidance, we expect that roughly half of the expected growth in fiscal 2026 will be inorganic in nature.

就2026會計年度全年而言，我們預期按報告口徑的營收成長將落在較窄的區間3.2%至4.0%；其中點與先前2.6%至4.6%的展望相比維持不變。我們的指引假設外匯帶來約0.6%的順風，與先前假設一致。與先前指引一致，我們預期2026會計年度預期成長約有一半將屬於非有機（inorganic）成長。

On a constant currency basis, we expect revenue growth within a tighter range of between 2.6% and 3.4% for the full fiscal year, the 3% midpoint of which is also unchanged as compared with our previous guidance. As to the fourth fiscal quarter, we expect revenue of between $1.175 billion to $1.215 billion.

以固定匯率計算，我們預期全年營收成長將落在較窄的區間2.6%至3.4%；其中點3%亦與先前指引相比維持不變。至於第四個會計季度，我們預期營收介於11.75億至12.15億美元之間。

Moving down the income statement, we are on track to deliver non-GAAP operating margins within our 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 of 21.4%. As we discussed last quarter, our profitability outlook reflects a decision to accelerate our investments in GenAI and our agentic operating system, aOS, including R&D, sales, and marketing, balanced by our internal transformation initiatives to become an agenticfirst organization.

沿著損益表往下看，我們正按計畫在 2026 會計年度交付落在目標區間 21.3% 至 21.9% 的非 GAAP 營業利益率；其中點約較前一年度的 21.4% 高出約 20 個基點。如同我們上季所討論的，我們的獲利展望反映了我們決定加速在 GenAI 與我們的代理式作業系統 aOS 上的投資（包含研發、銷售與行銷），並以我們的內部轉型計畫作為平衡，讓我們成為一家以代理式為先（agentic-first）的組織。

We continue to expect our non-GAAP effective tax rate to be within an annual target range of 16% to 19% for the full fiscal year 2026. Tying everything together, we now expect non-GAAP diluted earnings per share growth within a tightened range of 5.5% to 6.5% in fiscal 2026, the 6% midpoint of which is unchanged.

我們仍預期 2026 會計年度全年的非 GAAP 有效稅率將落在年度目標區間 16% 至 19%。綜合以上，我們目前預期 2026 會計年度非 GAAP 稀釋後每股盈餘成長將落在收斂後的 5.5% 至 6.5% 區間；其中點 6% 維持不變。

With that, back to you, Shimie

那麼，交回給你，Shimie。

Thank you, Tal. And with that, we are happy to take your questions. Operator?

謝謝你，Tal。接下來，我們很樂意回答各位的提問。接線員？

(Operator Instructions) Timothy Horan, Oppenheimer.

(接線員指示) Oppenheimer 的 Timothy Horan。

Hi, guys, congratulations.

嗨，各位，恭喜。

Thank you.

謝謝。

Thanks guys, The elephant in the room really is agentic AI, how you deploy it both internally to improve your productivity and service offerings and and your customers. Can you give us a -- it seems like it could be really impactful for both internal and for your customers.

謝謝各位。房間裡真正的大象其實是代理式 AI：你們如何在內部部署它以提升生產力與服務供給，同時也用在你們的客戶身上。你們能否給我們一個——看起來它對內部與客戶都可能非常有影響。

Could you give us a rough sense of the next few years, what type of productivity improvements or service quality improvements you can do both, internally? And what can you do for your customers? Do you think you can improve productivity 10%, 30%, just a high level sense of what you're seeing now?

你們能否大致說明未來幾年，在內部你們可以做到哪些生產力提升或服務品質提升？以及對客戶你們能做些什麼？你們認為生產力可以提升 10%、30% 嗎？就高層次分享一下你們目前看到的情況？

Yeah. Thank you, Tim. So as I explained when I described the strategy, the four-pillar strategy, the main growth pillar that we see going forward for Amdocs is around the agentic transformation that we are planning to partner with our customers and to lead them in this journey over the next several years. We see that there is a huge opportunity to unlock the potential of, as you mentioned, of the agenetic capabilities and fundamentally change the way they run and operate their IT.

是的。謝謝你，Tim。如同我在說明策略、也就是四大支柱策略時所解釋的，我們看到 Amdocs 未來主要的成長支柱，將圍繞在我們規劃與客戶合作、並在未來幾年帶領他們走過這段旅程的代理式轉型。我們看到有一個巨大的機會可以釋放——如你所提到的——代理式能力的潛力，並從根本上改變他們運行與管理 IT 的方式。

And for example, we just announced the Liberty Latin America strategic engagement and disengagement. Liberty LATAM is basically giving Amdocs the entire IT operations. And partnering with us so we can transform their entire IT, leveraging our aOS, and to deliver major business benefits and significant cost savings for our customers throughout this year.

例如，我們剛宣布與 Liberty Latin America 的策略性合作與交接。Liberty LATAM 基本上把整個 IT 營運交由 Amdocs 負責。並與我們合作，讓我們運用 aOS 來轉型其整體 IT，並在今年為客戶帶來重大的商業效益與顯著的成本節省。

So definitely to your question, we believe that we can bring a significant reduction in costs for our customers throughout this transformation. And the main -- the key to that is mainly by expanding the scope of responsibility that Amdocs will have. Because the main benefits are coming from an end-to-end processes agentic processes, end-to-end operational forces, which is exactly what we're going to do with Liberty LATAM. So I believe there's definitely a potential to improve the cost structure of our customers.

因此，針對你的問題，我們確實相信在這次轉型過程中，能為客戶帶來顯著的成本降低。而其中的主要——關鍵在於，主要是透過擴大 Amdocs 將承擔的責任範疇。因為主要效益來自端到端流程的代理式流程、端到端的營運力量，而這正是我們將與 Liberty LATAM 一起做到的。所以我相信，確實有潛力改善客戶的成本結構。

The same goes for us internally, that's the four pillar of the strategy. We believe that this agentic transformation, by implementing internally everything that we are also partnering with our customers, the [agentic SDOC, the agentic corporation], and changing the way of work and so on will also provide us with efficiencies within the company.

對我們內部也是如此，這是策略的第四個支柱。我們相信，這項代理式轉型——在內部導入我們也正與客戶合作的所有內容，[代理式 SDOC、代理式企業]，並改變工作方式等等——也將為公司帶來效率提升。

At this stage, we are balancing between the efficiencies that we know that we can gain internally with the investment that we are doing in order to build the airways and the future agentic offering of the company. We are also monitoring very carefully, the cost of the technology and the cost of the token, which is somehow unknown right now for the future. So somehow between these three forces, we believe that, over time, we will definitely see much more profitable going forward in the next several years.

在現階段，我們正在平衡：一方面是我們知道可在內部取得的效率，另一方面是我們為了打造公司未來的基礎建設與代理式產品所進行的投資。我們也非常謹慎地監控技術成本與 token 成本，而這在未來某種程度上仍是未知數。因此，在這三股力量之間，我們相信隨著時間推進，未來幾年我們的獲利能力將會明顯提升。

So do you think this will be very impactful for your customers, like transformational, like -- yeah, we're trying to get a sense of how transformational you think this can be for your customers and for yourself. I mean, can you reduce expenses internally substantially and automate your own internal operations, and when -- where are you in that own, in your own process?

所以你認為這對你們的客戶會非常有影響、像是具轉型性那樣——是的，我們想了解你認為這對客戶以及對你們自己會有多大的轉型效果。我的意思是，你們能否在內部大幅降低費用並自動化你們自己的內部營運？以及——你們目前在自身流程中進展到哪一步？

Yeah. So internally, yes, we're making good progress again, we're using some of these efficiencies right now to invest in the future and to support the strategy. But long-term, we believe it's going to bring us more efficiency. In terms of our customers, it all depends on the appetite of the customers. But yes, customers that will be willing to go all in and to partner with us and to help them to transform their entire IT operations.

是的。就內部而言，是的，我們進展良好；同樣地，我們目前正把其中一部分效率用來投資未來並支援策略。但長期來看，我們相信它會帶來更高的效率。至於客戶端，則完全取決於客戶的意願。但沒錯，願意全力投入、與我們合作，並讓我們協助其轉型整體 IT 營運的客戶——

For example, Liberty LATAM, Latin America that went all the way. They will definitely see significant significant service. Other customers will partner with us in a smaller scale because they are not ready at this point to take a bolder move. But we believe that over time, you will find us partnering with 200 customers all over the world, and for each and every one of them, we're going to tailor-specific transformational program. And we take them and help them to leverage the potential of GenAI.

例如 Liberty LATAM，也就是拉丁美洲的 Liberty，他們是一路走到底的。他們肯定會看到顯著、顯著的服務（提升）。其他客戶則會以較小規模與我們合作，因為他們目前尚未準備好採取更大膽的行動。但我們相信，隨著時間推進，你會看到我們與全球 200 家客戶合作；而對其中每一家，我們都會量身打造特定的轉型計畫。我們會帶著他們、協助他們運用 GenAI 的潛力。

Yeah, and that's really encouraging. And for Liberty, are they going to be spending a lot more with you than they were previously? And do you have a sense on the return on investor capital they'll be seeing for this?

是的，這真的很令人鼓舞。那對 Liberty 而言，他們接下來在你們這邊的支出會比以前多很多嗎？以及你們是否對他們在這件事上的投資資本報酬率有概念？

Yeah. Again, without going into specific details about specific customers, but it's a major expansion of what we did before with Liberty LATAM, we had a very small footprint, this is a significant expansion of our partnership with Liberty LATAM.

是的。同樣地，在不談特定客戶細節的前提下，這相較於我們過去與 Liberty LATAM 的合作，是一次重大的擴張；我們先前的合作規模很小，而這次是與 Liberty LATAM 夥伴關係的顯著擴大。

That really helpful. And just lastly, on the other two pillars, can you just maybe -- are there any new industries you're thinking of entering? And secondly, I know there's you highlighted new growth opportunities within the existing industry. Could you just elaborate on that a little bit more examples for both things?

這真的很有幫助。最後再問一下，關於另外兩個支柱，你能否談談——你們是否在考慮進入任何新的產業？其次，我知道你們也強調在既有產業內的新成長機會。你能否就這兩點各自再多舉一些例子、再多說明一下？

Yeah, sure. So as I mentioned before, we believe that what we do right now in telecommunication And this deep understanding on how to transform, to do a genetic transformation of Michigan Critical Systems is something that we can help also additional verticals to support them. We gain a lot of experience transforming the industry, and I think it's going to be very relevant.

好的，當然。如我先前提到的，我們相信我們目前在電信領域所做的事情，以及我們對如何進行轉型、對密西根關鍵系統（Michigan Critical Systems）進行基因式轉型的深刻理解，也能協助更多垂直產業並支持他們。我們在推動產業轉型方面累積了大量經驗，我認為這將非常相關且適用。

If you augment it with the new offering that we're coming right now, aOS, and tell it could definitely help accelerate this transformation in other vertical, so this is where our head is right now, and this is part of our strategy for the future.

如果再結合我們目前推出的新產品 aOS，我可以說它絕對能協助加速其他垂直產業的轉型；這就是我們目前的思考方向，也是我們未來策略的一部分。

The other thing that we see is that there are many -- GenAI is generating completely new needs and challenges that were never there before. And we see it when we talk to our customers about their journey, and we see it when we do it internally and implementing the same tools internally with Amdocs. There are new challenges and new opportunities that we have the capability to solve.

另外，我們看到的是，GenAI 正在產生許多以前從未出現過的全新需求與挑戰。我們在與客戶討論他們的旅程時看得到；我們在 Amdocs 內部導入相同工具、在內部實作時也看得到。有新的挑戰與新的機會，而我們有能力去解決。

And what we have to incubate and scale them, and it could be potential growth engines for the company going forward, which we didn't have these opportunities before. So there are some specific ideas and specific challenges that we are solving right now for customers that we believe that over time has the potential to become growth engines for the company.

而我們需要把這些想法孵化並規模化，它們可能成為公司未來的成長引擎，這些機會在以前並不存在。因此，我們目前正在為客戶解決一些具體的想法與具體的挑戰；我們相信，隨著時間推進，這些有潛力成為公司的成長引擎。

(Operator Instructions) Devin Au, KeyBanc Capital Markets.

（接線員指示）Devin Au，KeyBanc Capital Markets。

Hey, Shimie, hey, Tal. Thanks for taking my question, kind of a multi-part question to start. It's great to see the new aOS wins that you have secured in the quarter. Maybe for the customers that are still hesitant on moving to aOS today or customers that are still in Pilot, what are the top reasons or constraints that are preventing them from adopting aOS? And if you could also touch on your internal sales efforts, how are you enabling your sales team to convert more customers from Pilots into commercial agreements?

嗨，Shimie，嗨，Tal。謝謝讓我提問，我先問一個多段式的問題。很高興看到你們本季拿下新的 aOS 案例。對於目前仍對轉移到 aOS 感到猶豫的客戶，或仍在試點（Pilot）階段的客戶，阻礙他們採用 aOS 的主要原因或限制是什麼？另外也想請你談談你們內部的銷售推動：你們如何賦能銷售團隊，把更多客戶從試點轉換為商業合約？

Hey, yeah, thank you for the question. First of all, very happy with the progress that we have seen. Remember, we launched the aOS in the beginning of March, we are in August. Five months after that, we already have 10 engagement with customers. Some of them small, of course, but 10 engagements already with customers, which is a great, great momentum.

嗨，是的，謝謝你的問題。首先，我們對目前看到的進展非常滿意。請記得，我們在 3 月初推出 aOS，現在是 8 月。五個月之後，我們已經與客戶有 10 個合作案（engagement）。其中有些當然規模較小，但已經有 10 個客戶合作案，這是非常、非常強的動能。

And on top of it, I think the best proof point right now and the biggest achievement of aOS right now is this partnership with Liberty Latin America. We could have not taken this challenge to transform the entire IT of Liberty Latin America without the aOS capabilities.

此外，我認為目前最好的佐證、也是 aOS 目前最大的成就，就是與 Liberty Latin America 的合作夥伴關係。如果沒有 aOS 的能力，我們不可能承接將 Liberty Latin America 的整體 IT 全面轉型這項挑戰。

So, I think first and foremost, we are very happy with the progress so far. I think it's just ahead of time to your question what is slowing us right now, the customers or what is -- it's just a matter of time. Everyone is experimenting, once they see the technology, they see what we can bring them, they're getting excited, they're getting into production, they see the impact, and then the discussion evolving to something more significant than the initial engagement that we had.

所以，首先我們對目前為止的進展非常滿意。至於你問到現在是什麼在放慢我們、客戶端或是什麼——我覺得只是時間問題。大家都在做實驗；一旦他們看到這項技術、看到我們能帶來什麼，他們就會感到興奮、開始進入正式上線（production）、看到影響，然後討論就會從我們最初的合作範圍，演進到更具規模與意義的內容。

And I can tell you that having some other meaningful discussion with customers as we speak. So we believe that a small engagement that started a few months ago will soon and over time evolve to something more meaningful. It's just a matter of time.

我也可以告訴你，我們此刻正與其他客戶進行一些有意義的討論。因此我們相信，幾個月前開始的小型合作案，很快並且隨著時間推進，會演變成更具意義的合作。這只是時間問題。

Okay, got it. No, that's helpful. And then maybe just a quick follow-up, could you provide any more context on the sequential downtick in backlog? And does the backlog figure includes some of the new aOS deals you have announced? And also the big win at Liberty Latin in the quarter?

好的，了解。不，這很有幫助。再快速追問一下，你能否就積壓訂單（backlog）連續（環比）下滑提供更多背景？另外，這個 backlog 數字是否包含你們宣布的一些新的 aOS 交易？以及本季在 Liberty Latin 的那筆大單？

Yeah, so overall, the backlog is a snapshot in a certain point of time. So some fluctuation always happen. The large deal with Liberty Latin America is partially included in these numbers already. But overall, we see a good, healthy pipeline right now, especially around the offering.

好的，整體而言，backlog 是某個時間點的快照。因此一定會有一些波動。與 Liberty Latin America 的大型交易，已經有一部分納入這些數字之中。但整體來看，我們目前看到良好且健康的案源管線（pipeline），特別是圍繞這項產品方案。

And just to add, the backlog grew year over year by 2.7%. So we're still growing our backlog year over year.

補充一下，backlog 年增 2.7%。所以我們的 backlog 仍然是年對年在成長。

Understood, yeah. Thanks for taking my questions here.

了解，是的。謝謝回答我的問題。

Thank you.

謝謝。

(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 for any further remarks.

（接線員指示）今天節目的問答環節到此結束。我想把節目交回給 Matt，請他做進一步的結語。

Thanks, Jon. And thanks very much for everyone joining this call. If you do have any other questions, please reach out to us here in the IR team. With that, have a great evening.

謝謝你，Jon。也非常感謝各位參與這通電話會議。如果你們還有任何其他問題，請與我們投資人關係（IR）團隊聯繫。那麼，祝各位晚安。

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

感謝各位女士先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。