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Q4 2015 Earnings Call Transcript Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT DOX - Q4 2015 Amdocs Ltd Earnings Call EVENT DATE/TIME: NOVEMBER 10, 2015 / 10:00PM GMT OVERVIEW: DOX reported 4Q15 revenue of $927m and non-GAAP diluted EPS of $0.84. Expects FY16 reported total revenue growth to be roughly 1-5% YoverY, 1Q16 revenue to be $905-945m and 1Q16 non-GAAP diluted EPS to be $0.82-0.88. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 NOVEMBER 10, 2015 / 10:00PM, DOX - Q4 2015 Amdocs Ltd Earnings Call CORPORATE PARTICIPANTS Matt Smith Amdocs Management Limited - Head of IR Eli Gelman Amdocs Management Limited - President & CEO Tamar Rapaport-Dagim Amdocs Management Limited - CFO CONFERENCE CALL PARTICIPANTS Ashwin Shirvaikar Citigroup - Analyst S.K.Prasad Borra Goldman Sachs - Analyst Mark Sue RBC Capital Markets - Analyst Tom Roderick Stifel Nicolaus - Analyst Shaul Eyal Oppenheimer & Co. - Analyst Will Power Robert W. Baird & Company, Inc. - Analyst Sterling Auty JPMorgan - Analyst PRESENTATION Operator Good day, ladies and gentlemen, and welcome to the Amdocs Management Limited Q4 2015 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to introduce your host for today's conference, Mr. Matt Smith, Head of Investor Relations. Sir, please begin. Matt Smith - Amdocs Management Limited - Head of IR Thank you, Vince. Before we begin, I would like to point out that during this call, we will discuss certain financial information that is not prepared in accordance with GAAP. The Company's management uses this financial information in its internal analysis in order to exclude the effects of acquisitions and other significant items that may have a disproportionate effect in a particular period. Accordingly, management believes that isolating the effects of such events enables management and investors to consistently analyze the critical components and results of operations of the Company's business and to have a more meaningful comparison to prior periods. 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. Also, this call includes information that constitutes forward-looking statements. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions and such other risks as discussed in our earnings release today and at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2014, filed on December 8, 2014, our Form 6-K furnished for the first quarter of FY15 on February 9, 2015, our Form 6-K furnished for the second fiscal quarter of FY15 on May 11, 2015, and for the third fiscal quarter of FY15, on August 10, 2015. Amdocs 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 NOVEMBER 10, 2015 / 10:00PM, DOX - Q4 2015 Amdocs Ltd Earnings Call may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. Participating on the call with me today are Eli Gelman, President and Chief Executive Officer of Amdocs Management Limited, and Tamar Rapaport-Dagim, Chief Financial Officer. And with that, I'll turn it over to Eli. Eli Gelman - Amdocs Management Limited - President & CEO Thank you, Matt, and good afternoon to anyone joining us on the call today. FY15 was a good year for Amdocs, with continued progress across our various growth initiatives. We maintained a very strong win rate, securing several major transformation projects across the globe. We strengthened our market leading portfolio with the release of CES9.3, and brought additional functionality such as big data analytics, net op functioning utilization and mobile financial services, and we executed the acquisition of Comverse BSS assets, which significantly enlarged our customer base. Overall, we closed FY15 with record backlog and non-GAAP earnings per share growth of 7%, consistent with the high end of our projections at the beginning of the year. Our free cash flow was exceptionally strong and we delivered on our commitment to accelerate our share repurchase activity in the fourth quarter. Furthermore, we achieved these results despite challenging market conditions in North America and more than expected volatility of foreign currency. Now, let me provide some color on our regional activity in FY15, with the emphasis on our fourth quarter performance. Beginning with North America, market consolidation activity affected our ability to predict and execute as planned in FY15, but we used this year to strengthen longstanding customer relationships by leveraging the value proposition of our unique business model. During quarter 4, we extended an existing managed services agreement with Bell Canada for an additional five years, through 2022. We also signed a new three-year service agreement with Rogers Communication in Canada to simplify its operations and increase efficiencies across multiple lines of business. This new arrangement followed the five-year managed services arrangement that we entered with US Cellular earlier in the year and provide a solid base off which we can bring additional products and services and operational benefits for those customers in the future. In Europe, foreign currency movements negatively impacted revenue; however, we expanded our business with market leading service providers, such as Vodafone, which in the fourth quarter selected Amdocs for a major four-year managed BSS/OSS transformation project for its UK enterprise business. We believe that this award demonstrates our advanced position addressing this unique market need in the highly complex and increasingly important enterprise customer sector. Moreover, this win follows the recent delivery of a complex OSS consolidation project for Vodafone Netherlands and is the further evidence of our growing value to this highly strategic customer. In rest of the world, we delivered strong double digit growth and record revenue in FY15. Our strategy to serve the world's largest and most influential service providers has resulted in sustained win momentum over the last few years. In the fourth quarter specifically, we won several deals. In Southeast Asia, Singtel selected Amdocs to deliver a single platform for online care and commerce for its market in Singapore and Australia, which adds to the major BSS transformation project we announced a year ago. In Latin America, a major carrier has implemented Amdocs mobile network optimization solution to improve its customer network experience, thereby highlighting our ability to drive additional customer value with our new offering. We are also pleased that KT Corporation, previously known at Korea Telecom, has selected Amdocs on their new multi-year service agreement for strategic charging projection transformation project to consolidate and modernize charging operations across its quad play line of business. Moving to FY16, let me shed some more light in the various market dynamics we expect across regions, so you will have a better understanding of the environment in which we operate. Beginning with North America, we remain affected by the slower pace of certain discretionary programs at AT&T. As we discussed with you last quarter, we already see some new initiatives developing for which we believe we are best positioned to bring value and service to AT&T over the long term. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 NOVEMBER 10, 2015 / 10:00PM, DOX - Q4 2015 Amdocs Ltd Earnings Call Having said that, new discretionary projects can take time to come to fruition. A good example of this is AT&T Mexico, where we were recently selected to deliver a new business platform to support AT&T investments in Iusacell and Nextel Mexico. These investments are a fundamental component of AT&T expansion in Mexico, where its strategy is to replicate the same 4G-LTE experience it provides in the United States. Regarding AT&T plans for DIRECTV and
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