Earnings release
Page 1
(1) Revenue on a constant currency basis assumes exchange rates in the current period were unchanged from the prior period (2) Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding) (3) Expected total shareholder return assumes midpoint of fiscal year 2026 non-GAAP EPS growth outlook, plus dividend yield Amdocs Limited Reports First Quarter Fiscal 2026 Results Revenue of $1.16 Billion, up 4.1% YoY as Reported and up 3.5% YoY in Constant Currency(1) T-Mobile USA, Inc. Enters into a Strategic Multi-Year Agreement with Amdocs to Support Its Customer Experience and Operational Excellence Journey Amdocs Introduces aOS: An Agentic Operating System for Telecommunications Expects Fiscal 2026 Revenue Growth Outlook of 1.5%-5.5% YoY as Reported Reiterates Fiscal 2026 Revenue Growth Outlook of 1.0%-5.0% YoY in Constant Currency(1) First Quarter Fiscal 2026 Highlights (All comparisons are against the prior year) • Revenue of $1,156 million, up 4.1% as reported and up 3.5% in constant currency(1); revenue was above the midpoint of the $1,135-$1,175 million guidance range even with unfavorable foreign currency movements of roughly $3 million compared to our guidance assumptions • Revenue of $182 million in Europe, up 17.1% as compared to last year’s first quarter • Managed services revenue of $746 million, equivalent to approximately 65% of total revenue and up 2.3% as compared to last year’s first quarter • GAAP diluted EPS of $1.45, above the $1.36-$1.44 guidance range, primarily due to a lower than anticipated GAAP effective tax rate • Non-GAAP diluted EPS of $1.81, above the guidance range of $1.73-$1.79, primarily due to a lower than anticipated non-GAAP effective tax rate • GAAP operating income of $207 million; GAAP operating margin of 17.9%, up 640 basis points sequentially, mainly due to lower restructuring charges, and unchanged compared to last year’s first quarter
Page 2
• Non-GAAP operating income of $250 million; non-GAAP operating margin of 21.6%, up 40 basis points as compared to last year’s first fiscal quarter and unchanged sequentially • Free cash flow of $188 million, comprised of cash flow from operations of $220 million, less $32 million in net capital expenditures(2), including $49 million of restructuring payments; reiterates full year fiscal 2026 free cash outlook of $710 million to $730 million, excluding restructuring payments • Repurchased $146 million of ordinary shares during the first fiscal quarter • Twelve-month backlog of $4.25 billion, up approximately $60 million sequentially and up 2.7% as compared to last year’s first fiscal quarter JERSEY CITY, NJ – February 3, 2026 – Amdocs Limited (NASDAQ: DOX), a leading provider of software and services to communications and media companies, today reported operating results for the three months ended December 31, 2025. “First quarter financial results were consistent with our guidance as we continue to focus on our primary goal of reaccelerating Amdocs’ long-term growth and extending our position as a market leader for the generative AI era. I am proud to announce that Amdocs has extended our long-term relationship with T-Mobile under a new multi-year agreement which includes managed services, software development, and AI innovation. In addition, we signed an expanded multi-year engagement at Vodafone Germany, added two new western European logos, and closed the acquisition of Matrixx Software as a strategic consolidation move which complements and expands our activities at Verizon, Telus, Telefonica, Swisscom, Three, Virgin Media O2, Telstra and other customers. As to generative AI, our accelerated development roadmap is progressing as planned with today’s announcement of aOS, an agentic operating system purpose-built for telecommunications which we expect can provide a new long-term growth engine for Amdocs,” said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited. “Our first quarter profitability improved significantly from a year ago and was unchanged sequentially as we balanced internal efficiency gains with accelerated generative AI
Page 3
investments. Earnings-to-cash conversion was strong, reflecting consistent execution under the many milestone and outcome-based projects and managed services engagements we are supporting for our customers. Over the busy holiday period, we provided best-in-class mission critical operations support for our customers. We also maintained very high managed services renewal rates, signing expanded multi-year engagements with T-Mobile, Vodafone Germany and other customers which together strengthen our business resiliency, said Tamar Rapaport-Dagim, chief financial officer & chief operating officer of Amdocs Management Limited. Sheffer concluded, “Across our serviceable addressable market of roughly $60 billion, many growth opportunities exist by expanding our value proposition with current customers, diversifying in new geographies and by addressing emerging domains such as Generative AI, cloud migration and fiber rollout. With our deep telco domain expertise and tech-led, outcomes-based business model, we are strongly positioned to monetize a rich deal pipeline. That said, we continue to monitor our customers’ demand and spending behavior within the global macroeconomic environment. Overall, we are reiterating our fiscal 2026 revenue growth outlook of 1.0% to 5.0% in constant currency(1), putting us on-track to achieve our target of high single-digit expected total shareholder returns(3) for the year.” Revenue • Revenue for the first fiscal quarter of 2026 was slightly above the midpoint of Amdocs’ guidance (All comparisons are against the prior year period) In millions Three months ended December 31, 2025 Actual Guidance Revenue $1,156 $1,135 - $1,175 Revenue Growth, as reported 4.1% Revenue Growth, constant currency (1) 3.5%
Page 4
• Revenue for the first fiscal quarter includes a positive impact from foreign currency movements of approximately $7 million relative to the first quarter of fiscal 2025 and a negative impact from foreign currency movements of approximately $3 million relative to the fourth quarter of fiscal 2025 and compared to our guidance assumptions Net Income and Earnings Per Share ` In thousands, except per share data Three months ended December 31, 2025 2024 GAAP Measures Net Income $158,454 $151,852 Net Income attributable to Amdocs Limited $157,566 $151,133 Diluted earnings per share $1.45 $1.33 Non-GAAP Measures Non-GAAP Net Income $197,131 $188,877 Non-GAAP Net Income attributable to Amdocs Limited $196,243 $188,158 Non-GAAP Diluted earnings per share $1.81 $1.66 • Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition related liabilities measured at fair value, equity-based compensation expenses, restructuring charges, and other, net of related tax effects. For further details of the reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below. Capital Allocation • M&A Activity: On December 23, 2025, Amdocs completed the acquisition of Matrixx, a privately owned company specializing in Charging & Rating solutions for global communication service providers, for a net consideration of approximately $197 million
Page 5
• Quarterly Cash Dividend Program: On February 3, 2026, the Board approved the Company's next quarterly cash dividend payment at the new increased rate of $0.569 per share, as approved at the January 2026 annual general meeting of shareholders and set March 31, 2026 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on April 24, 2026 • Share Repurchase Activity: Repurchased $146 million of ordinary shares during the first quarter of fiscal 2026 Twelve-month Backlog Twelve-month backlog was $4.25 billion at the end of the first quarter of fiscal 2026, up approximately 2.7% as compared to last year’s first fiscal quarter. Twelve-month backlog includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities. Second Quarter Fiscal 2026 Outlook In millions, except per share data Q2 - 2026 Revenue $1,150-$1,190 GAAP Diluted earnings per share $1.22-$1.30 Non-GAAP Diluted earnings per share $1.73-$1.79 • Second quarter revenue guidance assumes a positive $1 million sequential impact from foreign currency fluctuations as compared to the first quarter of fiscal 2026 • Second quarter non-GAAP diluted EPS guidance excludes primarily equity-based compensation expense of approximately $0.33-$0.35 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.15 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects • GAAP diluted EPS guidance does not include the impact of future restructuring charges
Page 6
Full Year Fiscal 2026 Outlook FY 2026 - Year-over -Year growth Current guidance Previous guidance Revenue Growth, as reported 1.5%-5.5% 1.7%-5.7% Revenue Growth, constant currency (1) 1.0%-5.0% 1.0%-5.0% GAAP Diluted earnings per share 10.0%-17.0% 13.5%-20.5% Non-GAAP Diluted earnings per share 4.0%-8.0% 4.0%-8.0% FY 2026, in millions Current guidance Previous guidance Free Cash Flow (2) $710-$730 $710-$730 • Full year fiscal 2026 revenue guidance incorporates an expected positive impact from foreign currency fluctuations of approximately 0.5% year-over-year compared with a positive impact of 0.7% year-over-year previously, and includes some inorganic contribution, including the acquisition of Matrixx Software which was already contemplated in the full year revenue guidance • GAAP diluted EPS guidance does not include the impact of future restructuring charges • Non-GAAP diluted earnings per share growth excludes primarily equity-based compensation expense of approximately $0.98-$1.04 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.55 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects • Non-GAAP operating margin is anticipated to be within a range of 21.3% to 21.9% for the full year fiscal 2026 • Non-GAAP operating margin is comprised of GAAP operating margin, excluding amortization of purchased intangible assets and other, equity-based compensation
Page 7
expense, restructuring charges, and changes in certain acquisitions related liabilities measured at fair value • Non-GAAP effective tax rate is anticipated to be within a range of 16% to 19% for the full year fiscal 2026 • Reiterates full year fiscal 2026 free cash flow(2) of $710 million to $730 million, excluding payments related to restructuring charges; free cash flow(2) is comprised of cash flow from operations, less net capital expenditures The forward-looking statements regarding our second fiscal quarter 2026 and full year fiscal 2026 guidance take into consideration the Company’s 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 certain geopolitical events, the current inflationary environment, changes to trade policies including tariffs and trade restrictions and the resulting impact on economic activities (as our outlook assumes current economic conditions do not deteriorate significantly due to trade policy or other macro factors), global or regional events, and the prevailing level of macro-economic, business and operational uncertainty, which have created, and continue to create, a significant amount of uncertainty, or from current and potential customer consolidation or their other strategic corporate activities. Conference Call and Earnings Webcast Presentation Details Amdocs will host a conference call and earnings webcast presentation on February 3, 2026 at 5:00 p.m. Eastern Time to discuss the Company's first quarter of fiscal 2026 results. To participate in the call, please register here to receive the dial-in numbers and unique access PIN. The conference call and webcast will also be carried live on the Internet and may be accessed via the Amdocs website at https://investors.amdocs.com. Presentation slides will be available shortly before the webcast. Non-GAAP Financial Measures This release includes non-GAAP diluted earnings per share and other non-GAAP financial
Page 8
measures, including free cash flow(2), revenue on a constant currency(1) 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, non-GAAP net income attributable to Amdocs Limited 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; • restructuring and unusual charges or benefits; • equity-based compensation expense; • other; and • tax effects related to the above. Free cash flow(2) equals cash generated by operating activities less net capital expenditures. 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(2), revenue on a constant currency(1) 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, non-GAAP net income attributable to Amdocs Limited and
Page 9
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, restructuring 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 Company’s website • Subscribe to Amdocs’ RSS Feed and follow us on Twitter, Facebook, LinkedIn and YouTube
Page 10
About Amdocs Amdocs helps the world’s leading communications and media companies deliver exceptional customer experiences through reliable, efficient, and secure operations at scale. We provide software products and services that embed intelligence into how work runs across business, IT, and network domains – delivering measurable outcomes in customer experience, network performance, cloud modernization, and revenue growth. With our talented people, and more than 40 years of experience running mission-critical systems around the globe, Amdocs runs billions of transactions daily. Our technology is relied on every day, connecting people worldwide and advancing a more inclusive, connected world. Together, we help those who shape the future to make it amazing. Amdocs is listed on the NASDAQ Global Select Market (NASDAQ: DOX) and reported revenue of $4.53 billion in fiscal 2025. For more information, visit 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 and years. 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 macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company’s customers’ businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company’s customers. 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, security incidents, including
Page 11
breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company’s offerings and operations, 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, 2025, filed on December 15, 2025. . Contact: Matthew Smith Head of Investor Relations Amdocs 314-212-8328 E-mail: dox_info@amdocs.com
Page 12
AMDOCS LIMITED Consolidated Statements of Income (In thousands, except per share data) Three months ended December 31, 2025 2024 Revenue $ 1,155,939 $ 1,110,055 Operating expenses: Cost of revenue 727,723 682,259 Research and development 81,978 84,333 Selling, general and administrative 113,721 122,087 Amortization of purchased intangible assets and other 14,534 15,759 Restructuring charges 11,301 6,783 949,257 911,221 Operating income 206,682 198,834 Interest and other expense, net (11,265 ) (6,409 ) Income before income taxes 195,417 192,425 Income taxes 36,963 40,573 Net income $ 158,454 $ 151,852 Net income attributable to noncontrolling interests 888 719 Net income attributable to Amdocs Limited $ 157,566 $ 151,133 Basic earnings per share attributable to Amdocs Limited $ 1.46 $ 1.34 Diluted earnings per share attributable to Amdocs Limited $ 1.45 $ 1.33 Cash dividends declared per ordinary share $ 0.527 $ 0.479 Basic weighted average number of shares outstanding 107,977 112,745 Diluted weighted average number of shares outstanding 108,512 113,439
Page 13
AMDOCS LIMITED Selected Financial Metrics (In thousands, except per share data) Three months ended December 31, 2025 2024 Revenue $ 1,155,939 $ 1,110,055 Non-GAAP operating income 249,939 235,398 Non-GAAP net income 197,131 188,877 Non-GAAP net income attributable to Amdocs Limited 196,243 188,158 Non-GAAP diluted earnings per share $ 1.81 $ 1.66 Diluted weighted average number of shares outstanding 108,512 113,439 Free Cash Flows (In thousands) Three months ended December 31, 2025 2024 Net Cash Provided by Operating Activities $ 220,182 $ 105,555 Purchase of property and equipment, net (a) (32,239 ) (27,355 ) Free Cash Flow $ 187,943 $ 78,200 (a) The amounts under "Purchase of property and equipment, net”, include immaterial proceeds from sale of property and equipment for all periods presented.
Page 14
AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (In thousands) Three Months Ended December 31, 2025 GAAP Amortization of purchased intangible assets and other Equity based compensat ion expense Changes in certain acquisitio ns related liabilities measured at fair value Restructuri ng charges Other Tax effect Non-GAAP Operating expenses: Cost of revenue $ 727,723 $ - $ (11,373 ) $ (359 ) $ - $ - $ - $ 715,991 Research and development 81,978 (1,859 ) 80,119 Selling, general and administrative 113,721 (10,858 ) 7,027 109,890 Amortization of purchased intangible assets and other 14,534 (14,534 ) - Restructuring charges 11,301 (11,301 ) - Total operating expenses 949,257 (14,534 ) (24,090 ) 6,668 (11,301 ) - - 906,000 Operating income 206,682 14,534 24,090 (6,668 ) 11,301 - - 249,939 Interest and other expense, net (11,265 ) 1,573 (9,692 ) Income taxes 36,963 6,153 43,116 Net income 158,454 14,534 24,090 (6,668 ) 11,301 1,573 (6,153 ) 197,131 Net income attributable to noncontrolling interests 888 888 Net income attributable to Amdocs Limited $ 157,566 $ 14,534 $ 24,090 $ (6,668 ) $ 11,301 $ 1,573 $ (6,153 ) $ 196,243 Three Months Ended December 31, 2024 GAAP Amortization of purchased intangible assets and other Equity based compensat ion expense Changes in certain acquisitio ns related liabilities measured at fair value Restructuri ng charges Other Tax effect Non-GAAP Operating expenses: Cost of revenue $ 682,259 $ - $ (13,250 ) $ - $ - $ - $ - $ 669,009 Research and development 84,333 (2,271 ) 82,062 Selling, general and administrative 122,087 (10,999 ) 12,498 123,586 Amortization of purchased intangible assets and other 15,759 (15,759 ) - Restructuring charges 6,783 (6,783 ) - Total operating expenses 911,221 (15,759 ) (26,520 ) 12,498 (6,783 ) - - 874,657 Operating income 198,834 15,759 26,520 (12,498 ) 6,783 - - 235,398 Interest and other expense, net (6,409 ) 6,048 (361 ) Income taxes 40,573 5,587 46,160 Net income 151,852 15,759 26,520 (12,498 ) 6,783 6,048 (5,587 ) 188,877 Net income attributable to noncontrolling interests 719 719 Net income attributable to Amdocs Limited $ 151,133 $ 15,759 $ 26,520 $ (12,498 ) $ 6,783 $ 6,048 $ (5,587 ) $ 188,158
Page 15
AMDOCS LIMITED Condensed Consolidated Balance Sheets (In thousands) As of December 31, 2025 September 30, 2025 ASSETS Current assets: Cash and cash equivalents $ 247,875 $ 324,999 Accounts receivable, net, including unbilled 962,780 935,751 Prepaid expenses and other current assets 333,224 331,387 Total current assets 1,543,879 1,592,137 Property and equipment, net 744,706 768,557 Lease assets 179,081 182,088 Goodwill and other intangible assets, net 3,247,622 3,046,962 Other noncurrent assets 628,794 660,086 Total assets $ 6,344,082 $ 6,249,830 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable, accruals and other $ 1,167,772 $ 1,201,206 Short-term financing arrangements 130,000 - Lease liabilities 37,808 38,725 Deferred revenue 125,209 118,861 Total current liabilities 1,460,789 1,358,792 Lease liabilities 137,495 140,776 Long-term debt, net of unamortized debt issuance costs 647,058 646,901 Other noncurrent liabilities 633,620 632,681 Total Amdocs Limited Shareholders’ equity 3,423,005 3,429,453 Noncontrolling interests 42,115 41,227 Total equity 3,465,120 3,470,680 Total liabilities and equity $ 6,344,082 $ 6,249,830
Page 16
AMDOCS LIMITED Consolidated Statements of Cash Flows (In thousands) Three months ended December 31, 2025 2024 Cash Flow from Operating Activities: Net income $ 158,454 $ 151,852 Reconciliation of net income to net cash provided by operating activities: Depreciation, amortization and impairment 50,736 46,968 Amortization of debt issuance cost 157 151 Equity-based compensation expense 24,090 26,520 Deferred income taxes 15,152 1,651 Loss from short-term interest-bearing investments — 662 Net changes in operating assets and liabilities, net of amounts acquired: Accounts receivable, net (14,547 ) 2,417 Prepaid expenses and other current assets 18,816 (14,787 ) Other noncurrent assets 17,597 (7,925 ) Lease assets and liabilities, net (1,190 ) (2,329 ) Accounts payable, accrued expenses and accrued personnel (19,383 ) (50,837 ) Deferred revenue 6,516 867 Income taxes payable, net (9,327 ) (5,129 ) Other noncurrent liabilities (26,889 ) (44,526 ) Net cash provided by operating activities $ 220,182 $ 105,555 Cash Flow from Investing Activities: Purchase of property and equipment, net (a) (32,239 ) (27,355 ) Proceeds from sale of short-term interest-bearing investments — 33,362 Net cash paid for business acquisitions (194,489 ) (57,083 ) Net Cash from equity investments and other 1,846 16,347 Net cash used in investing activities $ (224,882 ) $ (34,729 ) Cash Flow from Financing Activities: Repurchase of shares (146,168 ) (144,483 ) Proceeds from employee stock option exercises 1,700 4,408 Payments of dividends (57,156 ) (54,081 ) Distribution to noncontrolling interests — (1,323 ) Borrowings under financing arrangements 130,000 — Payment of contingent consideration and deferred payment of business acquisitions (800 ) (7,599 ) Net cash used in financing activities $ (72,424 ) $ (203,078 ) Net decrease in cash and cash equivalents (77,124 ) (132,252 ) Cash and cash equivalents at beginning of period 324,999 346,085 Cash and cash equivalents at end of period $ 247,875 $ 213,833
Page 17
AMDOCS LIMITED Supplementary Information (In millions) Three months ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 North America $ 764.7 $ 762.4 $ 745.4 $ 738.3 $ 737.4 Europe 181.7 179.8 189.4 180.7 155.2 Rest of the World 209.5 208.0 209.6 209.2 217.4 Total Revenue $ 1,155.9 $ 1,150.2 $ 1,144.4 $ 1,128.2 $ 1,110.1 Three months ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Managed Services Revenue $ 745.9 $ 748.3 $ 771.5 $ 747.1 $ 728.9 as of December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 12-Month Backlog $ 4,250 $ 4,190 $ 4,150 $ 4,170 $ 4,140 # # #