Amdocs Limited (DOX) Q1 2023 Earnings Call Transcript

For the period ending December 31, 2022

January 31, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by and welcome to Amdocs First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.

And now I'd to introduce your host for today's program Mr. Matthew Smith, Head of Investor Relations. Please go ahead sir.

Matthew Smith

Thank you, John. Before we begin, I need to call your attention to our disclaimer statement on slide two of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks and uncertainties including as described in Amdocs' SEC filings and that we will discuss certain financial information that is not prepared in accordance with GAAP.

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.

Participating on the call with me today are Shuky Sheffer, President and Chief Executive Officer of Amdocs Management Limited; and Tamar Rapaport-Dagim, Chief Financial and Operating Officer.

To support today's earnings call, we are providing a presentation, which can be found on the Investor Relations section of our website. And as always, a copy of today's prepared remarks will be also posted immediately following the conclusion of this call.

On today's agenda, Shuky will recap our business and financial achievements for the first quarter fiscal 2023 and we'll update you on the continued progress we have made executing against our strategic growth framework.

Shuky will finish by commenting on our financial outlook for the full year fiscal 2023, after which Tamar will provide additional details on our first quarter financial performance and forward guidance.

And with that, I'll turn it over to Shuky.

Shuky Sheffer

Thanks Matt and good afternoon to everyone joining us on the call today. Starting on slide six, I am pleased to report strong first quarter results, sincere thanks for which go to our incredible people around the world who everyday work to support our customers’ multi-year journey toward digital modernization, 5G monetization, cloud migration, and network automation.

Q1 revenue was a record $1.19 billion, up 9.5% year-over-year in constant currency and above the midpoint of our guidance. 12-month backlog of $4.09 billion was also a record high, up approximately 7% from a year ago on continued sales momentum, and we delivered non-GAAP diluted earnings per share of $1.45, which was above the guidance range, primarily due to better profitability on a higher revenue base and a lower-than-expected non-GAAP effective tax rate.