Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2021 Amdocs earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Matthew Smith, Head of Investor Relations. Please go ahead. Thank you, operator. 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. 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 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. 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, the duration and severity of the COVID-19 pandemic and its impact on the global economy, 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, 2020, filed on December 14, 2020. Amdocs 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 Shuky Sheffer, President and Chief Executive Officer of Amdocs Management Limited, and Tamar Rapaport-Dagim, Joint Chief Financial and Operating Officer. Finally, a copy of today's prepared remarks will be posted on the investor relations section of Amdocs' website following the conclusion of this call. With that, I'll turn it over to Shuky. Thank you, Matt. Good afternoon to everyone joining us on today's call. I would like to preface today remarks by referring to the previously announced divestiture of OpenMarket, which we successfully completed on December 31st. My comment on this call will therefore refer to certain financial metrics on a pro forma basis, where applicable, in order to provide you with a sense of the underlying business trends, excluding the financial impacts of OpenMarket. I am pleased to report a strong quarter to start our fiscal year 2021. Among the highlights, we delivered a record high revenue, which was up 4.3% year-over-year as reported, and above the midpoint of our guidance, even without the benefit of foreign currency movements. With our best ever quarter in North America and Europe, we maintain a high win rate, including significant new multi-year strategic partnership agreement with T-Mobile USA, and we generate a robust normalized free cash flow of $385 million for the quarter. During Q1, we focused on accelerating our growth by monetizing the strategic engines we've built to meet our customer requirements for digital modernization, 5G, the journey to the cloud, a next-generation OSS platform that accelerates innovative 5G network service in the cloud era. I'm happy to report that we are seeing some encouraging signs of market traction as we execute on our strategy. Our Q1 sales momentum was strong, as reflected in our pro forma 12 months backlog, which grew by a record amount of approximately $150 million sequentially and 5.6% year-over-year. The mix of the new awards was also well-balanced across our product portfolio, and include also several new wins for Openet 5G charging and policy solutions. Let me provide you some color regarding our regional performance during Q1. Beginning with North America, we delivered a record quarter as ramped up customer activities to support their strategic investment in next-generation 5G customer experience solution. We delivered on the cloud. At AT&T, for instance, we are accelerating a program to modernize the consumer mobility domain by including the deployment of 5G monetization solution leveraging Openet capabilities, as we announced last quarter. As I mentioned in opening remarks, we are today delighted to announce that Amdocs has been selected to modernize and accelerate T-Mobile digital transformation and journey to the cloud by signing a new multi-year agreement, which further strengths our long-term strategic partnership. As part of the engagement, T-Mobile will implement the amdocsONE product portfolio to support next-generation communication and media services for its consumer and business customer. Additionally, Amdocs will provide extended next-generation hybrid cloud operation in the form of a multi-year managed services engagement for T-Mobile digital platform, covering automation and operation, and continued support for T-Mobile as it navigates through a complex integration process. A milestone after the Q1 highlights, Charter selected Amdocs for a multi-year managed services agreement in support of its Spectrum Mobile business. Additionally, a pay TV provider has chosen our cloud-based monetization platform to support enterprise and wholesale services in its next-generation 5G network. To summarize North America, we are pleased with our Q1 sales momentum, which we believe reflects the strength of our next-generation 5G customer experience solution and our ability to accelerate our customer journey to the cloud. Moving to Europe, we delivered a second straight quarter of record revenue. During Q1, we continued to win new logos such as WINDTRE, one of the largest mobile operators in Italy, which has chosen to deploy Amdocs Optima to the public cloud to provide a modern 5G-ready monetization platform for its post-paid consumer and its enterprise customer across all line of business. An emerging theme in the communication industry is the shift from physical to software-based eSIM cards. This trend has been accelerated by the global pandemic and is translating to growing demand for the Amdocs cloud-based eSIM platform, which has already been adopted by Telefónica in Brazil and Chile, and which is recently chosen by Cellcom Israel to be deployed on Microsoft Azure for its commercial launch of eSIM-enabled devices like smartwatches, cellular phone, laptops, tablets, and more. We are also delighted to be growing our presence in Russia, where projekt202, our digital experience group, has been selected by MTS as a consultancy partner in its plans to take its customer ecosystem and retail experience to the next level and to help identify new business revenue stream and opportunities. Amdocs Media offering also continuing to gain traction. In Eastern Europe, we've strengthened its footprint at A1 Telekom Austria Group by renewing its multi-year partnership with A1 Bulgaria to provide transaction-based offerings for premium studio content, as well as end-to-end content management, which includes marketing, localization, and processing services. Regarding the outlook of Europe, we are focused on our project execution and on winning new business opportunities that will further expand our regional customer footprint for the longer term. Turning to the rest of the world, Q1 revenue improved on a sequential basis. Among the highlights of the quarter, we continued to strengthen our relationship with longstanding strategic customer across the region. A good example is the Telefónica Group, where we recently expanded our existing multi-year services agreement with Movistar Perú to modernize and accelerate its wire and corporate enterprise transformation. Additionally, we signed a multi-year extension and expansion of our managed services agreement with Telefónica Movistar Chile to include the launch of our cloud-based digital eSIM solution, which I mentioned before. To round out my regional comments, I am pleased with our Q1 performance. Excluding OpenMarket, we are on track to deliver a full year growth on a pro forma basis in each of the three geographical regions in which we operate in fiscal 2021. Although, we remind you that sequential trends may fluctuate across regions due to foreign currency movement and sizing and timing of our project activities and other factors. Our confidence in the outlook is supported by our recent sales momentum and our ability to monetize the strategic engines of growth we've built to support our customer needs for digital modernization to enhance customer experience, 5G, the journey to the cloud, and a next-generation OSS platform that accelerate innovative 5G network services in the cloud era. We are seeing strong interest in Openet's 5G charging and policy solution, which naturally complements the multi-play capabilities of our charging platform and 5G monetization and order handling offerings. The integration of these technologies has strengthened our market offering and helped us to win new awards with AT&T and several other service provider in the past months. These awards include one of America's largest prepaid, no-contract wireless provider, which has recently selected Amdocs Openet 5G policy management system running on AWS Cloud to enable management and control of 5G and all other wireless services. Over in Europe, we've expanded our partnership with A1 Telekom Austria Group with a multi-year deal to provide digital monetization using Openet 5G charging and policy products and services. At Globe Telecom in the Philippines, we have successfully implemented the Amdocs Openet solution on AWS Cloud to support GOMO, Globe's fully digital telecom brand. Overall, we are pleased with Openet's recent progress and its proven ability to support the future charging and policy needs of the world service provider as they accelerate the 5G investments. To wrap up, I'm pleased with the strong start we've made to the fiscal year, especially amid the great uncertainty regarding the spread and severity of the COVID-19 pandemic, which continues to adversely affect the global economic outlook. We remain on track to deliver accelerated growth in fiscal 2021 on a pro forma basis, consistent with our previous guidance. We continue to expect a stronger H2 as we execute on our strategy and ramp up recent customer awards. Our confidence in the outlook is supported by the visibility of our backlog, our proven ability to execute, the accountability we provide to our customer, and our focus strategy, which we believe is aligned with the needs of the market. With our commitment to profitability and disciplined use of cash, we remain well-placed to deliver total shareholder return of almost 10% in fiscal 2021, including a slightly improved outlook for pro forma non-GAAP earnings per share growth of 7.5% at the midpoint of our new guidance range plus our dividend yield. Finally, I would like to take a moment to thank our employees for supporting our social responsibilities and related activities, including our mission to derive connectivity and digital inclusion in the many communities in which we operate worldwide. Throughout the global pandemic, people's ability to interact, access services, learn, and work has been essential. Our focus on enabling digital inclusion runs across our offerings, but also extends to our communities, from internet connectivity and accessibility to digital literacy and advanced skill training. For example, we are connecting four schools in Kenya to the internet, giving the opportunity to more than 7,000 children to use this window to the world collaboration with Safaricom Foundation. In addition to donating thousands of computers to under-represented population, many of our employees are also teaching different population how to access the internet, providing tailor-made digital skills training, and helping future generation to become more employable in the tech sector. We are committed to the journey towards digital inclusion. We will continue to serve societies where they need us the most. With that, let me turn the call to Tamar for remarks. Thank you, Shuky. Since we completed the divestiture of OpenMarket on December 31st, 2020, our reported numbers for the income statement and cash flows in the Q1 of fiscal 2021 still include OpenMarket, but the reported balance sheet as of December 31st, 2020, and the 12-months backlog metric already exclude OpenMarket. In order to provide you with a sense of underlying business trends, my comments today will refer to certain financial metrics on a pro forma basis, which exclude the financial impact of OpenMarket from the current fiscal year and comparable fiscal year periods. First fiscal quarter revenue of $1,086,000,000 was above the midpoint of our guidance range of $1,055,000,000 to $1,095,000,000, both on a reported and constant currency basis. Revenue includes a positive impact from foreign currency fluctuations of approximately $5 million relative to the fourth fiscal quarter of 2020, and $6 million relative to guidance. On a year-over-year basis, our Q1 revenue grew by 4.3% as reported and 3.7% on constant currency. Our first fiscal quarter non-GAAP operating margin was 17.3%, above the midpoint of our long-term target range of 16.5%-17.5%, and slightly better on a sequential and year-ago basis. Non-GAAP operating margin was consistent with our guidance that we will protect profitability despite the COVID-19-related challenges. Below the operating line, non-GAAP net interest and other expense was $5.3 million in Q1, the mix of which includes interest expense related to our short-term borrowings and 10-year bond, and the impact of foreign currency fluctuations. For forward-looking purposes, we expect that foreign currency fluctuations will continue to impact on non-GAAP net interest and other expense line in the range of a few million dollars on a quarterly basis. Diluted non-GAAP EPS was $1.16 in Q1, above the high end of our guidance range of $1.09-$1.15. Our non-GAAP effective tax rate was 16.3% in the first fiscal quarter, consistent with our annual target range of 13%-17%. Diluted GAAP EPS was $2.28 for the first fiscal quarter, well above the high end of our guidance range of $0.85-$0.93, due to a net gain of $1.42 per diluted share realized on the divestiture of OpenMarket, which was not included in the original guidance for the quarter. Free cash flow was $366 million in Q1. This was comprised of cash flow from operations of approximately $416 million, less $50 million in net capital expenditures and other. Free cash flow reflected a healthy level of cash collections with our customers and included the benefit of the new multi-year strategic agreement we signed with T-Mobile during the first fiscal quarter. Normalized free cash flow was $385 million in the first fiscal quarter. Please refer to the reconciliation table provided in our Q1 earnings release for an explanation of the difference between normalized and reported free cash flow in the quarter and for past periods. DSO of 78 days decreased by 10 days year-over-year and increased by three days as compared to prior fiscal quarter. We remind you that DSOs may fluctuate from quarter to quarter. As of December 31st, total deferred revenue exceeded total unbilled receivables by $140 million. This reflects a substantial increase in the total deferred revenue of $224 million as compared to the fourth fiscal quarter of 2020, slightly offset by an increase in total unbilled receivables of $10 million. The increase in total deferred revenue is primarily related to the new T-Mobile agreement, as well as many other new activities signed during Q1. Changes in unbilled receivable and total deferred revenue are primarily due to a timing of contract-specific milestones. Moving forward, you should expect these items to fluctuate from quarter to quarter in line with normal business activities. Moving on, our 12-month backlog was $3.49 billion at the end of first fiscal quarter and reflects already the exclusion of OpenMarket following its divestiture as of December 31st. On a pro forma basis, excluding the financial impact of OpenMarket, our 12-month backlog had a record increase of approximately $150 million sequentially from the end of the prior quarter and was up roughly 5.6% year-over-year. As a reminder, we believe our 12-month backlog continues to serve as a good leading indicator of our forward-looking revenue. I am pleased to report another record quarter for managed services agreements, which comprised roughly 57% of total revenue. This performance reflects high renewal rates, the adoption of our managed transformation model, and continued expansion of activities within existing customers. To clarify, OpenMarket business was not classified as managed services, and therefore, its exit will not impact moving forward our revenue from managed services. Our cash balance at the end of the first fiscal quarter was approximately $1.5 billion, including aggregate borrowings of roughly $750 million and gross proceeds of roughly $300 million realized from the divestiture of OpenMarket. Given our plans to use the majority of OpenMarket consideration for accelerated share buyback in the next several months, we expect our cash balance to be lower at the end of fiscal Q2. We remain comfortable with our balance sheet and believe that we have ample liquidity to support our ongoing business needs while retaining the capacity to fund strategic growth investments as and when the right opportunities arise. Additionally, we are committed to maintaining our investment-grade rating. Now turning to the outlook, the prevailing level of macroeconomic and business uncertainty surrounding the magnitude and duration of COVID-19 pandemic remains elevated. The midpoint of our revenue guidance reflects what we consider to be the most likely outcome based on the information we have today, but we cannot predict all possible scenarios, and we remind you that our outlook may be impacted materially as our customers continue to evaluate their strategic business priorities and future pace of investment. We expect revenue for the second fiscal quarter of 2021 to be within a range of $1.15 billion-$1.55 billion. Our Q2 revenue guidance anticipates a positive sequential impact of approximately $4 million from foreign currency fluctuations. Regarding the full fiscal year 2021, we expect pro forma revenue growth of approximately 3.5%-7.5% year-over-year on a constant currency basis, adjusting for OpenMarket. This outlook is in line with our previous guidance for expected pro forma revenue growth on a constant currency basis. On a reported basis, we are adjusting our full year fiscal 2021 revenue outlook to reflect the divestiture of OpenMarket as of December 31st, meaning that OpenMarket is included in the first fiscal quarter numbers only. We therefore expect reported full-year revenue growth in the range of -0.3% to +3.7% year-over-year, as compared with our previous range of 4%-8% year-over-year. The adjusted revenue outlook on a reported basis anticipates a positive impact from foreign currency fluctuations of approximately 1.2% year-over-year, as compared to a positive impact of 0.5% previously. As a reminder, our initial outlook at the beginning of fiscal 2021 had anticipated revenue growth of 3.5%-7.5% on a constant currency basis, including a full-year contribution from OpenMarket. Additionally, we expect the ramp-up of customer activity to contribute an acceleration in the rate of year-over-year revenue growth on a pro forma basis in the fiscal H2. Moreover, we expect all three geographical regions to deliver pro forma revenue growth in the full year of fiscal 2021. As a final point of further help in your modeling, we remind you that we originally planned for OpenMarket fiscal 2021 annual revenues in the range of approximately $300 million, which represented more or less the same growth year-over-year to the rest of the company. OpenMarket generated roughly 75% of its revenues from North America, with Europe accounting for the balance. Regarding profitability, we now anticipate quarterly non-GAAP operating margins to track roughly in line with high ends of the annual target range of 16.5%-17.5%. This improvement relative to the levels of the past several quarters reflects the benefit of ongoing cost and efficiency improvements and the divestiture of OpenMarket, for which operating margins were below the corporate average, tracking in the low double digits. We remain focused on protecting our profitability while maintaining strong execution during the ongoing pandemic and increasing R&D investments to support our customers and future growth strategy. We expect the second fiscal quarter diluted non-GAAP EPS to be in the range of $1.09 to $1.15. Our second fiscal quarter non-GAAP EPS guidance incorporates an expected average diluted share count of roughly 132 million shares. We excluded the impact of incremental future share buyback activity during the second fiscal quarter, as the level of activity will depend on market conditions. Regarding the full-year fiscal 2021 outlook, we expect non-GAAP diluted earnings per share growth of 5.5%-9.5% on a pro forma basis, which is slightly better than the original pro forma guidance of 5%-9% we provided for the year. On a reported basis, we expect to deliver full-year diluted non-GAAP EPS growth of 4%-8% year-over-year. This outlook includes the impact of OpenMarket for the Q1 only and compares with our previous outlook of 5%-9% year-over-year, which still included OpenMarket for the full year of fiscal 2021. We expect our non-GAAP effective tax rate to be within our annual target range of 13%-17% for the full fiscal year 2021. I am pleased to report we are raising our outlook for normalized free cash flow for the year 2021 to approximately $800 million, compared to $620 million previously. The new outlook is equivalent to approximately 8% of Amdocs' current market capitalization and represents a conversion rate of roughly 130% relative to expectations for non-GAAP net income. As a reminder, we expect free cash flow to convert at a rate more on par with our expected non-GAAP net income over the long term. Along similar lines, we are raising our outlook for reported free cash flow for fiscal year 2021 to approximately $600 million as compared to roughly $470 million previously. Our reported free cash flow outlook anticipates expenditures of roughly $140 million in relation to the development of our new campus in Israel, $40 million of capital gains tax to be paid in relation to the divestiture of OpenMarket, and other items. As previously stated, we expect fiscal 2021 to be the peak year of capital expenditure for the new campus. The gap between expected free cash flow on normalized and reported basis has widened, primarily due to the tax to be paid on the capital gains of OpenMarket. We remind you that free cash flow in the second fiscal quarter is typically lower due to the timing of annual bonus payments. During the first fiscal quarter, we repurchased $90 million of our ordinary shares under our current authorization. Regarding our capital allocation plans for the rest of fiscal 2021, we expect to return cash to shareholders in the form of our regular quarterly dividend and share repurchases at levels roughly similar to that of fiscal Q1, subject to factors such as the status of COVID-19 pandemic, outlook for M&A, financial markets, and prevailing industry conditions. In addition to our regular quarterly share repurchases, we also plan to return the majority of the net profits from OpenMarket to shareholders by way of our share repurchase program over the course of the next several months. As of December 31st, we had roughly $588 million of authorized capacity for share repurchases, with no stated expiration date, which we will execute at the company's discretion going forward. Overall, we are on track to deliver accelerated pro forma revenue growth, improved profitability, and better-than-expected free cash flow in fiscal 2021. The combination of which supports an outlook for total shareholders' return of nearly 10%, including the 7.5% midpoint of our pro forma non-GAAP EPS growth guidance, plus our dividend yield. As a final comment, I am proud to say that Amdocs has been recognized once again for its commitment to sustainability and corporate responsibility by earning a place on the prestigious S&P Dow Jones Sustainability Index for North America for the second consecutive year. I would like to join Shuky in acknowledging our employees for their dedication, commitment to best practices, and ability to work together with our partners and customers, without which this achievement would not have been possible. With that, we can turn it back to the operator, and we're happy to take your questions. Thank you. As a reminder, to ask a question, you'll need to press star one on your telephone. To withdraw your question, press the pound key. Please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from Ashwin Shirvaikar with Citi. You may proceed with your question. Oh, hi, Shuky. Hi, Tamar. Hi. Good quarter. Congratulations. Thank you. I want to start off maybe with a question on T-Mobile. First, it's great that we stepped beyond any contractual uncertainty that might have existed there due to the merger. Does the new contract supersede the separate contracts that you had before? Is it basically incremental functionality? Is there a move to eventually convert the full relationship to a managed services deal, just like on the Sprint side? Any thoughts on the evolution of this relationship? Hi, Ashwin. The contract covers many activities. As you mentioned, and rightfully so, we had managed services in Sprint, we have managed services in Metro under T-Mobile, and we had other managed services activities also on the Magenta brand. The overall contract or agreement is comprised for transformation to the new Amdocs platform, both consumer and business. It also includes managed services in the new form of cloud operation and a lot of activities that should support the complex integration that T-Mobile and Sprint are going to execute. Overall, I believe that you can see some pickup in the activity during probably the next couple of years. We believe that there is a lot of activities for us to support T-Mobile in many activities that they do. Overall, we are very positive of this agreement, and we believe it definitely can protect our activity and actually enhance our activity with the strategic relationship that we form, which is translated to this new agreement. Got it. The other question, actually a couple of clarifications. You had good cash flow in the quarter. I did not fully understand why there should be a benefit from the T-Mobile contract signing. Did they prepay you for services? If so, can you size that impact? The clarification is on the net proceeds from OpenMarket for buyback. I know you don't normally put buyback in your forward expectation, but since you explicitly said in this case that you'll use it for buyback, are you putting that in your EPS? Ashwin, on the first point, the collection this quarter has been very strong in general. The T-Mobile agreement also contributed, by the fact that there was some payment related already to this new agreement. Milestone. Given some initial milestone in this multi-year agreement. I have to say, I was pleased with collections in general, not just related to T-Mobile. As to the second question on the buyback, you are absolutely right that we are expecting to take the majority of the net consideration from the OpenM arket sale and put it into play in the next several months in buyback. We just don't want to get into technicality of including this already in the Q2 EPS guidance. Within the overall year guidance of earning per share, it is expected. Actually, just given how it works and the fact that any buyback is impacting EPS through weighted average share count, anyway, most of the impact of this activity will be in play in the second fiscal half of the year. Understood. Thank you. Congratulations again. Thanks, Ashwin. Thank you. Thank you. Our next question comes from Tom Roderick with Stifel. You may proceed with your question. If your line is on mute, please unmute, Tom. There we go. Let's try that again. Hi, Shuky, hi, Tamar. Thanks for taking my question. Congratulations on a nice start to the year. I'd love to go a little step further, not just on T-Mobile, but more broadly on what you're seeing with 5G adoption of net new services and how carriers are thinking about that. You have a little bit of visibility into it in the North American market and what your customers are thinking, talking about. How is that translating into demand for Amdocs, demand for net new services? Shuky, can you give a little bit of an offset in terms of how that impacts the historical NFV vision? Would love to hear if that's eating into that at all, or if it's purely complementary. Thanks. NFV, actually, it's an older term. It evolved today to next-generation networks, actually, in which we have a lot of activity and pretty much aligned with our next generation OSS offering. Back to your 5G question. All our customers in North America are now building the next-generation 5G platform, both for consumer and both for business, B2B. Our offering actually addresses the whole variety of systems that need to support this. From the ordering system, from catalog, from charging and rating and order monetization activity, and also in the network domain. Everything basically is on the cloud. I think that if you look at our strategy, which actually to support the 5G offering on the cloud, it's very much aligned with ongoing in North America, which is leading the world in 5G adoption. I think that we are with the right time, with the right offering, and every one of our customer right now in North America investing in 5G. Let me just add another point on that, is that in the other market, in the other side of the world, which is South Korea, definitely leading the way on 5G as well. We've also been very successful both with KT Corporation and a more recent win with the LG U+, gaining a lot of experience and good references from these wins as well. Yeah. Back to your NFV comment. Now we see a lot of demand for our network offering. As I said today, it's called next generation OSS, is the orchestration, service design and creation, everything cloud native. I think that now that the 5G network offers so much capabilities for monetization, the integration between our BSS and OSS system is very relevant. Wonderful. Really helpful. Tamar, this is probably still a little bit early and in flux given the world is changing so much right now. As you put together, as you complete a new campus, a beautiful new campus, and in the middle of all that, the world is changing with respect to where employees can sit and the advancements of virtual and work from home environment. Does any of what we've seen in the last year change the way you think about the long-term margin structure and where your employees sit? Do you expect that everyone will sort of be back in the office by the end of this year whenever the time is right? In general, we believe that working from the office provides a lot of advantages that are missing when everybody is at home. Naturally, we believe, and felt the same before COVID, that some kind of flexibility of a hybrid environment is advisable and good for employees in creating the good balance. To remind you, in January of 2020, before we all knew COVID is coming up, we actually moved to work one day a week from home globally. Now, with all the learnings and experiences, of course, with this recent year enforced on us with the pandemic, we realized that there is an opportunity to build a hybrid model where we give flexibilities to employees to work some days from home, but naturally want them to come back to the office. Now, relative to timing, that depends on each country and each region, sometimes even specifically per city, what's the overall situation? Because of course, we are keeping as the first priority the health and safety of our employees. I cannot commit relative to timing when we are going back to this new normal situation. Connecting it back to your point about the campus, we've built a lot of flexibilities in the design and thinking in this campus in terms of sitting layout, in terms of how much we can sublease to others, because naturally, we built a campus that is there to stay for decades, not just for the next year or two. We thought about all those things, and given the different learnings in the last year, we've added, of course, different points of consideration to how we are thinking about sitting layouts and things like that. I think the fact that we actually going to own the campus gives us much more flexibility to decide how much space we use versus sublease, vis-à-vis the current situation where we are a tenant ourselves. Fantastic. Really good. I appreciate it. Thank you, guys. Thanks, Tom. Thank you. Our next question comes from Shaul Eyal with Oppenheimer. You may proceed with your question. Thank you. Good afternoon, Shuky, Tamar, and Matt. Congrats on the ongoing healthy execution. My first question is exactly also on T-Mobile, on that expansion. When you look at the number of subscribers that you've addressed several years ago, when you compare that, maybe even contrast that with the recent expansion, is there a significant number of subscribers addition under the currently expanded engagement? Shaul, I don't think the thing here is the number of subscribers. It's more the depth of the adoption of our next-gen product portfolio and the fact that we are going to support a wider footprint in cloud ops and managed services rather than counting subscribers. The agreement is taking us to the next level, both in terms of this footprint as well as positioning us for further growth given the strategic relationship that is now in force with this agreement. Got it. This is fair enough. I have an additional question. Now that OpenMarket is fully divested, can you talk to us about the OpenMarket contribution that you've had during fiscal 2020? I know you might have alluded to it being about one-time revenue, give or take, but wanted to see if you could provide us with slightly more color about it now that you have it in the rear mirror. Yeah. As we said, we were expecting roughly $300 million, which is 1x of the consideration that we received in 2021, and it was going more or less like the rest of the company. If you take it back to 2020 now, we're roughly $280 million. When we look now on carving it out, I think it's very, of course, kind of natural that we try to get more color around what the pro forma numbers look like so people can understand the underlying business direction, which is very positive. Every quarter during 2021, since the reported numbers will be apples and oranges, we will continue to give pro forma color for people to understand the real trend that is going on. I hope that's going to be helpful. Got it. Awesome. Thank you so much. Congrats again. Thank you. Thanks, Shaul. Thank you. Our next question comes from Jackson Ader with JP Morgan. You may proceed with your question. Excellent. Thanks for taking my questions, guys. The first one is on Openet. A few charging 5G wins announced in the last couple of quarters, and I'm just curious, were these deals in the Openet pipeline prior to the acquisition announcement or being closed, or are these actually brand-new deals that Amdocs has kind of sourced alongside Openet? I think it's pretty much almost half and half. Half of the deals were actually started, the sales cycle started when Openet still was a standalone company, but many deals were added when they will join Amdocs. We're able to take them to a lot of customer worldwide. I can tell you that now, actually, the pickup that we see all of this quarter and for the rest of the year is coming from a new pipeline that did not exist in the Openet standalone pipeline. Okay. Just another follow-up on the T-Mobile announcement. You guys have talked a lot in the past about the idea that Amdocs and the amdocsONE platform and different things that you can do being layered on top of maybe some legacy systems, and then ripping and replacing those legacy systems is on to come in the next quarters or years down the pipe. Is that a similar way that we should be thinking about this particular partnership? No. The idea is to take the full amdocsONE platform, build it, and then slowly migrate all the consumer and the B2B customer of T-Mobile to this new platform. Okay. Like it. Thank you. Thank you. Our next question comes from Will Power with Baird. You may proceed with your question. Okay, great. Thanks. Yeah. Congratulations on the results. I guess, first question pertains principally to AT&T, I guess maybe to a degree to T-Mobile, but we just had a very big spectrum auction in the U.S., and I'd love to get your perspective on how you would assess any potential risks from slower spending as that comes together and the carriers, particularly AT&T, figures out how and when to deploy that spectrum, versus the medium and longer term opportunities for you all around network planning with that spectrum, 5G opportunities, et cetera. Any early thoughts as to how that could impact the AT&T opportunity? Actually, I think it is the opposite. It means that our customer, all of them, are fully focused on 5G deployment. In order to deploy 5G, definitely need spectrum to build the network, but they must upgrade all their BSS system, their charging and policy system. I think it's another evidence that all the North America carriers are committed to the 5G journey, and I think it's actually good news for us because it means that while they are upgrading the network, they must also upgrade the IT system, the BSS systems, policy charging, and everything that touches 5G. Okay. Yeah, that makes sense. All right. I also just wanted to ask, Tamar, really nice growth and backlog. Any other color you're able to share that? How much of that, perhaps, was related to T-Mobile versus, I don't know, other factors you might call out? T-Mobile was a significant number, but definitely, if you look on just even the wins we could announce, not to mention many others that we were not able to mention by name, it was a very strong signing quarter. I'm very pleased with many, first of all, new logos. We mentioned, for example, WINDTRE, one of the largest operators in Italy. In Italy. We've been speaking for a while about our success in Italy. A country just several years ago, we didn't have any business in, and then we signed Vodafone Italy, and then Telecom Italia, and then Sky Italia, and now WINDTRE. We are very happy about the momentum. North America, we gave a couple of examples. Charter, we gave an indication that we signed another important deal in North America with the pay TV player that is moving into 5G. We signed another prepaid customer with the 5G policy. Really, it's been a great quarter. Yes, T-Mobile contributed definitely, but many other deals. Okay. Thank you. Thanks. Thank you. As a reminder, to ask a question, you'll need to press star one on your telephone. Our next question comes from Tavy Rosner with Barclays. You may proceed with your question. Hi, this is Chris Reimer on for Tavy. Thank you for taking my question. Just looking at managed services and last year being a record year and the strong performance this quarter, what would you say were the driving forces behind customers who choose the managed services? I think the driving force is that actually, managed services is evolving. The new name is cloud operation or cloud managed services operation. That in all the new deals, and T-Mobile is a good example, the deal have many aspects and many pillars. One of them is the deployment of a new transformation to our new amdocsONE platform, but to operate the new cloud environment in the cloud managed services operation. I think that the same value that we're able to prove in the managed services, which was on premise, we can even have a bigger value in the cloud operation. I think giving the full accountability that we have, that always was the main differentiator for us in the managed services, we see the same phenomenon, the same differentiation in the cloud managed service operation, this is why we expect this to continue to grow. Okay. Can you talk about the traction you're seeing for Amdocs Media and some of the content services you provide? When we look on the media space, to remind you, when we enter this adjacent market, we saw a three-pronged strategy. One was to take the media business we acquired and broaden it internationally. The beachhead there at the time in our acquisition strategy was Vubiquity, mainly focused back then in North America, and we've had major success in taking it to many new logos in Europe, in Latin America, in APAC, et cetera. The second layer was the convergence that is happening between connectivity and entertainment. We've seen many communication service providers adding entertainment services, whether through M&A or launching over-the-top brands. We've seen the success there. The third layer, which is the slower to evolve from our point of view, is to penetrate the larger media companies as they go directly to consumers. We are seeing this phenomenon these days happening with the big guys, but we're also targeting mid-size media companies as they are moving forward and providing direct customer experience as they're launching their brand to consumers. We are hoping to see that part evolving as well from our point of view. Now, COVID has put obviously some challenges on everyone producing content these days, given there is more difficulty in launching new productions and new content into the market. We believe that this will be obviously overcome as soon as the pandemic is over, and more new content will be launched into the market, which is always positive for the media business. Mm-hmm. Okay. Thank you. That's very helpful. Thank you. Thank you. I'm not showing any further questions at this time. I would now like to turn the call back over to Matthew Smith for any further remarks. Yeah. Thank you very much, everyone, for joining our call this evening and for your interest in Amdocs. We look forward to hearing from you in the coming days. If you do have any additional questions, please call us in the investor relations group. With that, have a great evening, and we'll finish the call. Thanks. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.