Amdocs Ltd at Wells Fargo TMT Summit Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Great. And so I think a good pivot point from that is just in terms of the business model. I think Amdocs has a pretty unique business model in terms of the software and services combination. Can you tell me a little bit about that business model?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : That's great. And I guess with that vertical focus, I'm curious. When you go out there and look at the telecommunications providers that aren't using Amdocs, what's the alternative?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah, that's great. When we think about, I guess, if we were to bifurcate the business, there are two customers that make up a big chunk of the business. I think, it's around 50% of the business. And then there's a lot of customers that make up the other half. When we think about, I guess, the growth drivers or the differences between those two types of customers, I guess, first, what are the differences in the growth drivers? And then second is, does that change over time? Do those smaller customers, can they look a lot more similar to those larger customers?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Great. Okay. And so if we switch gears a little bit and talk about just the overall growth drivers of the business. One of them is cloud. I'm curious, cloud, I think it's 30% of the business, growing double digits. How should we think about how you guys define what a cloud customer is?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : And let's start there, and then I'll have a follow-up on that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 18, 2025 / 10:15PM, DOX.OQ - Amdocs Ltd at Wells Fargo TMT Summit

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : All right. You stole my second question. It's going to be what ending of cloud are we in. But that's great. And so I guess like the second addendum to that is similar to cloud, your earlier stages on the curve with AI. So AI has been a big focus for the company lately. I guess let's start on the product side. Tell me a little bit about amAIz that's live now, and you have some new things coming next year. So talk to me a little bit about the product side.

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : That's great. So when we think about -- you mentioned some of the ROI that customers are seeing with some of these pilots, and so when we think about how that translates to your revenue, how should we think about the uplift from a customer that's now starting to use a lot of the AI technology that you're providing?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah, now that brings up an interesting question, which is, internally. I think a lot of the margin efficiency has been utilizing AI internally. So what things are you guys doing internally on the AI front? How have you seen that impact your own cost structure, and how does that inform how you go to market with your own products?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : And how, I guess on that front, I'm curious, like I think there's been a lot of conversation around the limits of what the current state of generative AI can do at certain pieces. And so I'm curious, when you guys were thinking about productizing this, what did you find was working really well? And you talked a little bit about the data advantage that you guys have. You guys have a lot of access to the telecommunications data that runs through your own system. So I guess the combination of a couple of things is how does that data shape some of the products and how does the limitations you've seen so far, the things that it's really good at, and things that it's not so good at, inform also the product?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah, that's helpful. I'm curious, when we think about the underlying technology stack. You messaged next year as a bit of an investment year on the AI front. And I'm curious, like, how do you balance, like, oh, I'm going to use XYZ models off the shelf versus we're going to fine-tune a lot of

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah, that's great. And you mentioned it a little bit earlier, but just as it comes to the NVIDIA partnership, can you talk a little bit about the partnerships you have with some of the others in the technology ecosystem?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah. And ROI has been an interesting thing to measure with AI. So it seems like you guys have a pretty defined, I guess --

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : So do customers, like are they -- we mentioned a little bit about the monetization element. But I also think one thing that's interesting is the pricing model that you guys have. You guys have priced on outcomes, right? I feel like that's novel to a lot of other software players. So I'm curious what informed that in the first place? And how do you think that helps you today?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah. If you figure it out, let me know. Because that's one topic that has obviously been big across both software and services. And I think you mentioned BPO and you're not them, right?

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : I guess from an economic standpoint, I could imagine that there's probably some friction on that type of model when we talk about outcome-based pricing versus billable hours, especially if I'm using AI internally to deliver some of these solutions, I could imagine the economics are good. So do you think it's the kind of thing where if we look three to five years out, it's going to benefit the margin profile much more than we could really comprehend right now? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 18, 2025 / 10:15PM, DOX.OQ - Amdocs Ltd at Wells Fargo TMT Summit

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Yeah. So we've talked a lot about cloud, a lot about AI. Some of the other, I guess, product advancements. So eSIM is one, big eSIM and AT&T deal last quarter. Talk to me a little bit about what's exciting about that and when you think about just how that could evolve.

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Too many.

Question: Richard Poland - Wells Fargo Securities LLC - Analyst : Awesome. Well, that's probably a good place to wrap it up. So Anthony, thank you for your time today.