GlobeNewswire Inc | Aug 4, 2021 04:01PM EDT

August 04, 2021

Quarterly Revenue of $1.07 Billion, Above Midpoint of GuidanceRecord 12-Month Backlog of $3.59 Billion on a Pro Forma(2)Basis, up 10.8% YoY On-Track for Revenue Growth Acceleration in Fiscal 2021Raises Outlook for Earnings per Share Growth in Fiscal 2021

Third Quarter Fiscal 2021 Highlights

-- Revenue of $1,066 million, above the midpoint of the $1,040-$1,080 million guidance range including a positive impact from foreign currency movements of approximately $5 million compared to our guidance assumptions -- Record managed services revenue of $651 million, equivalent to approximately 61% of total revenue -- GAAP diluted EPS of $1.14, above the $0.91-$0.99 guidance range, primarily due to a lower GAAP effective tax rate than anticipated in quarterly guidance -- Non-GAAP diluted EPS of $1.35, above the $1.14-$1.20 guidance range, primarily due to a lower non-GAAP effective tax rate than anticipated in quarterly guidance -- GAAP operating income of $155 million; GAAP operating margin of 14.5% -- Non-GAAP operating income of $188 million; non-GAAP operating margin of 17.6% -- Quarterly free cash flow of $140 million, comprised of cash flow from operations of $190 million, less $50 million in net capital expenditures and other(1) -- Normalized free cash flow of $179 million(1) -- Twelve-month backlog of $3.59 billion up approximately $50 million sequentially; on a pro forma(2) basis, record twelve-month backlog, up 10.8% as compared to last years third fiscal quarter -- The board of directors approved a quarterly cash dividend of $0.36 per share to be paid on October 29, 2021

ST. LOUIS, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Amdocs Limited (NASDAQ: DOX) today reported operating results for the three months ended June 30, 2021.

Our strong third quarter performance reflects the strategic initiatives we have executed this year to accelerate Amdocs long-term growth. Revenue was up 9.4% from a year ago on a pro forma(2) constant currency(3) basis and was led by a growing scope of activities as our customers accelerate multi-year investments focused around 5G modernization and the cloud. At the operating level, profitability remained above the high-end of our target range as we balanced operational excellence with accelerated R&D investments, and we generated robust free cash flow of which we returned a majority to shareholders through share repurchases and our quarterly dividend program, said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.

Sheffer continued, During Q3, we strengthened our European footprint as our customers progressed digital modernization initiatives to support improved customer experience, better operating efficiency and multiplay convergence strategies. We entered into a multi-year managed transformation agreement with Three UK, a subsidiary of CK Hutchison Holdings, that expands the two companies collaboration in the business-to-business domain to the consumer sector to provide subscribers with next-generation digital experiences and 5G services. Additionally, Vodafone Group selected Amdocs to provide next-generation inventory and OSS capabilities to support mobile, fixed and cable offerings in Germany, Romania, and Czech Republic, and we expanded our agreement with Vodafone Spain to modernize its CRM systems in readiness for 5G and the cloud era.

Sheffer concluded, We enter the fourth fiscal quarter with record 12-month backlog on a pro forma (2) basis, up 10.8% from a year ago. Additionally, we expect to sustain strong sales momentum by monetizing our market-leading offerings which we believe are well-aligned with our customers needs for digital modernization, 5G, cloud migration, and next-generation OSS platforms. Overall, we are raising our outlook for earnings per share growth in fiscal 2021 and we remain on track to deliver full year revenue growth acceleration on a proforma basis.

Revenue

Revenue for the third fiscal quarter ended June 30, 2021 was $1,066 million, which was up $17 million as reported from the second fiscal quarter of 2021. Revenue was up 3.9% as reported and up 1.9% in constant currency(3) as compared to last years third fiscal quarter. On a pro forma basis in constant currency(3), revenue was up 9.4% compared to last year. Revenue for the third fiscal quarter of 2021 includes a positive impact from foreign currency movements of approximately $3 million relative to the second quarter of fiscal 2021. Revenue was above the midpoint of Amdocs guidance, and included positive impact from foreign currency movements of approximately $5 million compared to our guidance assumptions. Revenue for the third fiscal quarter of 2021 includes record managed services revenue of $651 million, up 7.6% as compared to last years third fiscal quarter and equivalent to approximately 61% of total revenue.

Net Income and Earnings Per Share

The Company's GAAP net income for the third quarter of fiscal 2021 was $146.2 million, or $1.14 per diluted share, compared to GAAP net income of $120.4 million, or $0.90 per diluted share, in the prior fiscal years third quarter. Net income on a non-GAAP basis was $173.3 million, or $1.35 per diluted share, compared to non-GAAP net income of $143.2 million, or $1.07 per diluted share, in the third quarter of fiscal 2020. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, equity-based compensation expenses, and other, net of related tax effects, in the third quarter of fiscal 2021 as well as in the third quarter of fiscal 2020.

For further details of reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below.

Returning Cash to Shareholders

-- Quarterly Cash Dividend Program: On August 4, 2021, the Board approved the Companys next quarterly cash dividend payment of $0.36 per share and set September 30, 2021 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on October 29, 2021 -- Share Repurchase Activity: Repurchased $90 million of ordinary shares during the third quarter of fiscal 2021

Twelve-month BacklogTwelve-month backlog, which includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities, was $3.59 billion at the end of the third quarter of fiscal 2021. On a pro forma(2) basis, twelve-month backlog was up approximately 10.8% as compared to last years third fiscal quarter.

Fourth Quarter Fiscal 2021 Outlook

-- Revenue of approximately $1,065-$1,105 million, assuming approximately $1 million sequential negative impact from foreign currency fluctuations as compared to the third quarter of fiscal 2021 -- GAAP diluted EPS of approximately $0.91-$0.99 -- Non-GAAP diluted EPS of approximately $1.13-$1.19, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, and approximately $0.08-$0.10 per share of equity-based compensation expense, net of related tax effects

Full Year Fiscal 2021 Outlook

-- Full year fiscal 2021 revenue guidance reflects the divestiture of OpenMarket as of December 31, 2020 and incorporates an expected positive impact from foreign currency fluctuations of approximately 1.0% year-over-year, consistent with the previous outlook -- Expects revenue growth of 2.3%-3.3% year-over-year on a reported basis as compared with 1.0%-4.0% year-over-year previously -- Expects pro forma(2) revenue growth of 6.3%-7.3% year-over-year on a constant currency(3) basis as compared with 5.0%-8.0% year-over-year on a constant currency(3) basis previously -- Expects revenue growth of 1.3%-2.3% year-over-year on a constant currency(3) basis as compared with 0.0%-3.0% year-over-year previously -- Expects GAAP diluted earnings per share growth of roughly 42.0%-44.0% year-over-year, including gain, net of tax, from divestiture of OpenMarket, as compared with 39.0%-44.0% year-over-year previously -- Expects non-GAAP diluted earnings per share growth of roughly 7.6%-9.0% year-over-year as compared with 6.0%-9.0% year-over-year previously, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, approximately $0.35-$0.37 per share of equity-based compensation expense, and gain from divestiture of OpenMarket, net of related tax effects -- Expects pro forma(2) non-GAAP diluted earnings per share growth of roughly 9.1%-10.5% year-over-year as compared with 7.5%-10.5% year-over-year previously, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, approximately $0.35-$0.37 per share of equity-based compensation expense, and gain from divestiture of OpenMarket, net of related tax effects -- Expects free cash flow of approximately $650 million, comprised of cash flow from operations, less net capital expenditures and other, as compared with $620 million previously -- Reiterates expected normalized free cash flow of approximately $820 million; normalized free cash flow excludes expected capital expenditure of $110 million related to the new campus development in Israel, $40 million of capital gains tax in relation to the divestiture of OpenMarket, and other items

Our fourth fiscal quarter 2021 and full year fiscal 2021 outlook takes into consideration the Companys current expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, we note that market dynamics continue to shift rapidly and we cannot predict all possible outcomes, including those resulting from the COVID-19 pandemic, which has created, and continues to create, a significant amount of uncertainty, or from current and potential customer consolidation or their other strategic corporate activities.

Appointment of Board Member Amdocs is pleased to announce the appointment of Sarah Ruth Davis to the companys board of directors, effective August 2, 2021, and subject to re-election at Amdocs next annual general meeting on Friday, January 28, 2022. For more information, please visit the Investor Relations section of Amdocs website at https://investors.amdocs.com/board-directors

Conference Call Details Amdocs will host a conference call on August 4, 2021 at 5:00 p.m. Eastern Time to discuss the Company's third quarter of fiscal 2021 results. To participate, please dial +1 (844) 513-7152, or +1 (508) 637-5600 outside the United States, approximately 15 minutes before the call and enter passcode 3478186. The call will also be carried live on the Internet via the Amdocs website, www.amdocs.com.

Non-GAAP Financial MeasuresThis release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow and normalized free cash flow, revenue on a constant currency(3) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth. These other non-GAAP measures exclude the following items:

-- amortization of purchased intangible assets and other acquisition-related costs; -- changes in certain acquisition-related liabilities measured at fair value; -- non-recurring and unusual charges or benefits (such as a gain from divestiture of OpenMarket); -- equity-based compensation expense; -- other; and -- tax effects related to the above.

Free cash flow equals cash generated by operating activities less net capital expenditures and other. Normalized free cash flow, a measure of our operating performance, is further adjusted to exclude net capital expenditures related to the new campus development, payments for non-recurring and unusual charges (such as capital gains tax in relation to the divestiture of OpenMarket), and payments of acquisition related liabilities. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs results of operations in conjunction with the corresponding GAAP measures.

Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow and normalized free cash flow, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

For its internal budgeting process and in monitoring the results of the business, Amdocs management uses financial statements that do not include amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition-related liabilities measured at fair value, non-recurring and unusual charges or benefits, equity-based compensation expense, other and related tax effects. Amdocs management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.

Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, interest and other expenses, net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

Supporting Resources

-- Keep up with Amdocs news by visiting the Companys website -- Subscribe to Amdocs RSS Feed and follow us on Twitter, Facebook, LinkedIn and YouTube

About AmdocsAmdocs purpose is to enrich lives and progress society, using creativity and technology to build a better connected world. Amdocs and its 27,000 employees partner with the leading players in the communications and media industry, enabling next-generation experiences in 85 countries. Our cloud-native, open and dynamic portfolio of digital solutions, platforms and services brings greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform and take their business to the cloud. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.2 billion in fiscal 2020.

For more information, visit Amdocs at www.amdocs.com.

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs growth and business results in future quarters. 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, the duration and severity of the COVID-19 pandemic, and its impact on the global economy, Amdocs ability to grow in the business markets that it serves, Amdocs ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2020 filed on December 14, 2020 and our Form 6-K furnished for the first quarter of fiscal 2021 on February 16, 2021 and for the second quarter of fiscal 2021 on May 24, 2021.

Contact Matthew SmithHead of Investor RelationsAmdocs314-212-8328E-mail: dox_info@amdocs.com

(1) Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding).(2) Pro forma growth rate excludes the financial impact of OpenMarket (which was divested on December 31, 2020) from the current fiscal year and comparable fiscal year(3) Revenue on a constant currency basis assumes that the exchange rates in the current period were unchanged from the prior period

AMDOCS LIMITED

Consolidated Statements of Income (In thousands, except per share data)

Three months ended Nine months ended June 30, June 30, 2021^(a) 2020 2021^(a) 2020 Revenue $ 1,066,254 $ 1,026,201 $ 3,201,331 $ 3,116,091 Operating expenses:Cost of 689,370 681,725 2,103,601 2,052,007revenueResearch and 80,794 70,093 231,617 206,199developmentSelling,general and 122,401 109,612 361,240 352,187administrativeAmortizationof purchasedintangible 18,770 17,240 60,510 57,878assets andother 911,335 878,670 2,756,968 2,668,271Operating 154,919 147,531 444,363 447,820income Interest andother income 334 (2,417) (9,698) (5,059)(expense), netGain from sale - - 226,410 -of a businessIncome before 155,253 145,114 661,075 442,761income taxes Income taxes 9,103 24,707 96,226 79,384Net income $ 146,150 $ 120,407 $ 564,849 $ 363,377Basic earnings $ $ $ $ per share 1.15 0.90 4.37 2.71Diluted earnings per $ 1.14 $ 0.90 $ 4.34 $ 2.70shareBasic weightedaverage number 127,172 133,150 129,362 134,013of sharesoutstandingDilutedweightedaverage number 128,050 133,593 130,115 134,758ofsharesoutstandingCash dividends declared per $ 0.36 $ 0.3275 $ 1.0475 $ 0.94share

AMDOCS LIMITEDSelected Financial Metrics(In thousands, except per share data)

Three months ended Nine months ended June 30, June 30, 2021^(a) 2020 2021^(a) 2020 Revenue $ 1,066,254 $ 1,026,201 $ 3,201,331 $ 3,116,091 Non-GAAPoperating 187,606 175,476 560,470 533,940income Non-GAAP 173,283 143,198 474,350 433,042net income Non-GAAPdiluted earnings $ 1.35 $ 1.07 $ 3.65 $ 3.21pershare Dilutedweightedaverage 128,050 133,593 130,115 134,758number ofsharesoutstanding

Free Cash Flows and Normalized Free Cash Flow(In thousands)

Three months ended Nine months ended June 30, June 30, 2021 2020 2021 2020 Net Cash Provided by Operating $ 189,873 $ 186,680 $ 726,094 $ 453,456Activities^(a) Purchases ofproperty and (50,255) (41,250) (149,565) (145,955)equipment, net ^(c) Free Cash Flow 139,618 145,430 576,529 307,501 Tax payment on sale 13,597 - 38,787 -of business^(b) Payments ofacquisition related - 7,667 13,234 9,417liabilities Payments forpreviously expensed - 284 - 1,929restructuringcharges Net capitalexpenditures relatedto 25,324 15,460 67,879 46,752the new campusdevelopment Normalized Free Cash $ $ $ $ Flow 178,539 168,841 696,429 365,599

(a) Since January 1, 2021, OpenMarket results are not included in the Consolidated Statements of Income given its divestiture.(b) Tax payment related to capital gain from divesture of OpenMarket, which was completed on December 31, 2020.(c) The amounts under "Purchase of property and equipment, net include proceeds from sale of property and equipment of $233 and $133 for the nine months ended June 30, 2021 and 2020, respectively.

AMDOCS LIMITEDReconciliation of Selected Financial Metrics from GAAP to Non-GAAP(In thousands)

Three months ended June 30, 2021^(a) Reconciliation items Changes in Amortization certain of purchased Equity based acquisitions Other Tax GAAP intangible compensation related effect Non-GAAP assets and expense liabilities other measured at fair valueOperating expenses:Cost of revenue $ 689,370 $ $ (6,020) $ 74 $ - $ - $ 683,424Research and 80,794 - (1,032) - - - 79,762developmentSelling, generaland 122,401 - (6,939) - - - 115,462administrativeAmortization ofpurchasedintangible 18,770 (18,770) - - - - -assets andotherTotal operating 911,335 (18,770) (13,991) 74 - - 878,648expenses Operating income 154,919 18,770 13,991 (74) - - 187,606 Interest andotherincome 334 - - - (1,510) - (1,176)(expense), net Income taxes 9,103 - - - - 4,044 13,147

$ 146,150 $ 18,770 $ 13,991 $ (74) $ $ $ 173,283Net income (1,510) (4,044)

Three months ended June 30, 2020 Reconciliation item Changes in Amortization certain of Equity based acquisitions Tax GAAP purchased compensation related effect Non-GAAP intangible expense liabilities assets and measured other at fair valueOperating expenses:Cost of $ 681,725 $ - $ (4,985) $ 356 $ - $ 677,096revenueResearch and 70,093 - (711) - - 69,382developmentSelling,general and 109,612 - (5,365) - - 104,247

administrativeAmortizationof

purchased 17,240 (17,240) - - - -intangible assetsand otherTotaloperating 878,670 (17,240) (11,061) 356 - 850,725expenses Operating 147,531 17,240 11,061 (356) - 175,476income Income taxes 24,707 - - - 5,154 29,861 Net income $ 120,407 $ 17,240 $ 11,061 $ (356) $ (5,154) $ 143,198

AMDOCS LIMITEDReconciliation of Selected Financial Metrics from GAAP to Non-GAAP(In thousands)

Nine months ended June 30, 2021^(a) Reconciliation items Changes in Amortization certain Gain from of Equity based acquisitions sale of a Other Tax GAAP purchased compensation related business effect Non-GAAP intangible expense liabilities assets and measured other at fair valueOperating expenses:Cost of revenue $ 2,103,601 $ - $ (16,543) $ (15,654) $ - $ - $ - $ 2,071,404Research and 231,617 - (2,876) - - - - 228,741developmentSelling, generaland 361,240 - (20,524) - - - - 340,716administrativeAmortization ofpurchasedintangible 60,510 (60,510) - - - - - -assetsand otherTotal operating 2,756,968 (60,510) (39,943) (15,654) - - - 2,640,861expenses Operating income 444,363 60,510 39,943 15,654 - - - 560,470 Interest andother income (9,698) - - - - (686) - (10,384)(expense), net Gain from sale 226,410 - - - (226,410) - - -of a business Income taxes 96,226 - - - - - (20,490) 75,736 Net income $ 564,849 $ 60,510 $ 39,943 $ 15,654 $ (226,410) $ (686) $ 20,490 $ 474,350

Nine months ended June 30, 2020 Reconciliation items Amortization of Equity based Changes in certain Tax GAAP purchased compensation acquisitions related effect Non-GAAP intangible expense liabilities measured assets and at fair value otherOperating expenses:Cost of $ $ - $ $ $ - $ revenue 2,052,007 (15,024) 4,328 2,041,311Research and 206,199 - (2,237) - - 203,962developmentSelling,generaland 352,187 - (15,309) - - 336,878

administrativeAmortizationof purchased 57,878 (57,878) - - - -intangibleassets and otherTotaloperating 2,668,271 (57,878) (32,570) 4,328 - 2,582,151expenses Operating 447,820 57,878 32,570 (4,328) - 533,940income Income taxes 79,384 - - - 16,455 95,839 Net income $ 363,377 $ 57,878 $ 32,570 $ (4,328) $ $ 433,042 (16,455)

AMDOCS LIMITEDCondensed Consolidated Balance Sheets(In thousands)

As of June 30, September 2021 30, 2020 ASSETS Current assets Cash and cash equivalents $ 853,301 $ 983,188Short-term interest-bearing investments 193,353 752Accounts receivable, net, including unbilled of 925,118 861,033$177,166 and $175,548, respectivelyPrepaid expenses and other current assets 213,387 229,604 Total current assets 2,185,159 2,074,577 Property and equipment, net 654,111 607,951Lease assets 253,322 295,494Goodwill and other intangible assets, net 2,898,365 2,874,979Other noncurrent assets 576,544 488,620Total assets $ 6,567,501 $ 6,341,621 LIABILITIES AND SHAREHOLDERS? EQUITY Current liabilities Accounts payable, accruals and other $ 996,785 $ 930,259Short-term financing arrangement - 100,000Lease liabilities 58,031 59,100Deferred revenue 220,389 126,841 Total current liabilities 1,275,205 1,216,200Lease liabilities 195,844 230,076Long-term debt, net of unamortized debt issuance 644,414 644,023costsOther noncurrent liabilities 778,290 586,167Total Amdocs Limited Shareholders? equity 3,631,239 3,622,646Noncontrolling interests 42,509 42,509Total equity 3,673,748 3,665,155Total liabilities and equity $ 6,567,501 $ 6,341,621

AMDOCS LIMITEDConsolidated Statements of Cash Flows(In thousands)

Nine months ended June 30, 2021 2020 Cash Flow fromOperating Activities:Net income^(a) $ $ 564,849 363,377Reconciliationof net income tonet cash provided byoperatingactivities:

Depreciation and 157,024 144,715amortization

Amortization of 409 9debt issuancecosts

Equity-based 39,943 32,570compensationexpense Gain fromsale of a (226,410) -business Deferred (64,882) 43,916income taxes Loss fromshort-term 1,006 -interest-bearinginvestmentsNet changes inoperating assetsand liabilities, net of amountsacquired: Accounts (121,653) receivable, net 18,522 Prepaidexpenses and (434) (12,603)other currentassets Othernoncurrent (19,387) (14,110)assets Leaseassets and 6,724 (9,869)liabilities, net Accountspayable, accruedexpenses and 110,982 (98,670)accruedpersonnel Deferred 205,915 917revenue Incometaxes payable, 44,711 (13,752)net Othernoncurrent 27,297 (1,566)liabilitiesNet cashprovided by 726,094 453,456operatingactivities Cash Flow fromInvesting Activities:Purchase ofproperty and (149,565) (145,955)equipment, net ^(c)Proceeds fromsale ofshort-term 14,333 -interest-bearinginvestmentsPurchase ofshort-term (208,626) -interest-bearinginvestmentsNet cash paidfor business andintangible (111,932) (29,258)assetsacquisitionsNet cashreceived from 288,990 -sale of abusinessOther (332) (5,290)Net cash used ininvesting (167,132) (180,503)activities Cash Flow fromFinancing Activities:Borrowings underfinancing - 450,000arrangementsPayments underfinancing (100,000) (350,000)arrangementsProceeds fromissuance of - 645,685debt, netRepurchase of (539,969) (270,062)sharesProceeds fromemployee stock 84,474 95,979optionsexercisesPayments of (131,892) (120,493)dividendsPayment ofcontingentconsideration (1,462) (1,411)from a businessacquisitionOther - (240)Net cash (usedin) provided by (688,849) 449,458financingactivities Net (decrease)increase in cash (129,887) 722,411and cashequivalentsCash and cashequivalents at 983,188 471,632beginning ofperiodCash and cash equivalents at $ 853,301 $ 1,194,043end of period

AMDOCS LIMITEDSupplementary Information(In millions)

Three months ended June 30, March 31, December 31, September 30, June 30, 2021^(a) 2021^(a) 2020 2020 2020North $ 686.1 $ 679.1 $ 703.4 $ 681.6 $ 685.9AmericaEurope 155.7 148.8 171.6 165.3 145.4Rest ofthe 224.5 220.8 211.3 206.0 194.9WorldTotal $ 1,066.3 $ 1,048.7 $ 1,086.3 $ 1,052.9 $ 1,026.2Revenue

Three months ended June March 31, December 31, September 30, June 30, 30, 2021 2020 2020 2020 2021Managed Services $ 650.5 $ 634.6 $ 623.7 $ 610.5 $ 604.5Revenue

As of June 30, March 31, December 31, September June 30, 2021^(d) 2021^(d) 2020^(d) 30, 2020 202012-Month $ 3,590 $ 3,540 $ 3,490 $ 3,620 $ 3,480Backlog

(d) Excludes OpenMarket