Financial Performance and Growth
First quarter revenue was $1.11 billion, slightly above the midpoint of guidance. Profitability jumped by 310 basis points year-over-year and 250 basis points sequentially. Non-GAAP earnings per share was $1.66, exceeding the midpoint of guidance. 12-month backlog increased by approximately 2.7% from a year ago on a pro forma basis.
Expansion in Cloud and Managed Services
Amdocs expanded activities in North America with AT&T and internationally with VodafoneZiggo and CT Montenegro, securing new deals in cloud operations and modernization. Managed services revenue was $729 million, and the company maintained a renewal rate of close to 100%.
Strategic Initiatives in Generative AI
Amdocs introduced additional copilot capabilities and unveiled enhanced generative AI capabilities. They completed the acquisition of PROFINET, enhancing their data and GenAI services capabilities.
Recognition in Sustainability
Amdocs was included in the 2024 S&P Dow Jones Sustainability Index North America for the sixth year in a row, highlighting their focus on ESG principles.