DOX
$60.51
Amdocs Ltd Ord
$.89
1.49%
Earnings Details
4th Quarter September 2018
Thursday, November 8, 2018 4:01:00 PM
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Summary

Amdocs Ltd Ord Misses

Amdocs Ltd Ord (DOX) reported 4th Quarter September 2018 earnings of $0.97 per share on revenue of $1.0 billion. The consensus earnings estimate was $0.99 per share on revenue of $1.0 billion. The Earnings Whisper number was $0.99 per share. Revenue grew 2.3% on a year-over-year basis.

The company said it expects first quarter earnings of $0.95 to $1.01 per share on revenue of $990.0 million to $1.03 billion. The current consensus earnings estimate is $0.97 per share on revenue of $1.02 billion for the quarter ending December 31, 2018.

Amdocs Ltd is a provider of software products and services to the communications, media and entertainment industry. It provides software and services solutions in North America and Europe.

Results
Reported Earnings
$0.97
Earnings Whisper
$0.99
Consensus Estimate
$0.99
Reported Revenue
$1.00 Bil
Revenue Estimate
$1.00 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Amdocs Limited Reports Fourth Quarter Fiscal 2018 Results

 Record Quarterly Revenue of $1 Billion

Expects Fiscal 2019 Revenue Growth of 2.0%-6.0% YoY in Constant Currency

Quarterly Cash Dividend to be Raised From $0.25 to $0.285 Per Share 

Fourth Quarter Fiscal 2018 Highlights

  • Revenue of $1 billion, slightly above the midpoint of the $980-$1,020 million guidance range including a negative impact from foreign currency movements of approximately $5 million relative to the third quarter of fiscal 2018. Revenue guidance had included a negative sequential impact from foreign currency fluctuations of approximately $5 million as compared to the third quarter of fiscal 2018
  • GAAP diluted EPS of $0.31, below the $0.71-$0.79 guidance range, primarily due to a non-recurring charge of $0.36 per diluted share incurred to settle a previously disclosed long-running legal dispute, and changes in certain acquisitions related liabilities measured at fair value of $0.06 per diluted share, net of tax effect
  • Non-GAAP diluted EPS of $0.99, above the midpoint of the $0.95-$1.01 guidance range
  • GAAP operating income of $69 million; GAAP operating margin of 6.9%
  • Non-GAAP operating income of $173 million; non-GAAP operating margin of 17.2%
  • Normalized quarterly free cash flow of $89 million, comprised of cash flow from operations of $115 million, less $34 million in net capital expenditures and other, and excluding payments of non-recurring charges and the multi-year development of the new campus in total amount of $8 million
  • Normalized full year free cash flow of $428 million, comprised of cash flow from operations of $557 million, less $232 million in net capital expenditures and other, and excluding payments of non-recurring charges and the multi-year development of the new campus in total amount of $103 million
  • Twelve-month backlog of $3.36 billion, up $30 million sequentially
  • Quarterly cash dividend of $0.25 per share, to be paid on January 18, 2019
  • The board of directors also approved an increase in the Company’s quarterly cash dividend payment from $0.25 per share to $0.285 per share, anticipated to be paid in April 2019, subject to shareholder approval at the January 2019 annual meeting

ST. LOUIS, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Amdocs Limited (NASDAQ: DOX) today reported operating results for the three months ended September 30, 2018.

“We are pleased to report solid results in our fourth fiscal quarter. Revenue was slightly above the midpoint of our guidance and reflected normal customer fluctuations in North America, continued growth in Rest of World and our best quarter in more than a decade in Europe. At the operating level, our profitability was stable as we focused on consistent project execution and delivery. Overall, we wrapped up fiscal 2018 with full year non-GAAP diluted earnings per share growth of 6.1%, which is in line with the midpoint of the guidance range of 4.0% to 8.0% that we issued last November,” said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.

Sheffer continued, “Our sales momentum remained healthy in Q4 as we continued to penetrate new customers and new geographies with significant project and managed services awards. Among the highlights, we won our first ever transformation award with TIM, the largest communications provider in Italy, that further expands our customer footprint in this key European market. We also strengthened our position at PLDT in the Philippines where we signed a six-year managed IT infrastructure deal that adds to the seven-year, $300 million managed transformation agreement that we signed only earlier this year”. 

“Looking at the year ahead, the visibility of our record 12-month backlog points to an improved rate of revenue growth as we enable and support the continuous digital, media and network transformations of our customers. Taking everything in to consideration, we expect non-GAAP diluted earnings per share growth in the range of 3.0% to 7.0% in fiscal 2019. Moreover, we plan to further improve the total return we provide to shareholders by raising our quarterly dividend payment by 14% to 28.5 cents per share, subject to shareholders approval at the annual meeting in January 2019.”

Revenue

Revenue for the fourth fiscal quarter ended September 30, 2018 was $1.0 billion, up $0.4 million sequentially from the third fiscal quarter of 2018 and up 2.3% as compared to last year’s fourth fiscal quarter. Revenue for the fourth fiscal quarter of 2018 includes a negative impact from foreign currency movements of approximately $5 million relative to the third quarter of fiscal 2018.

For the fiscal year ended September 30, 2018, revenue increased by 2.8% to $4.0 billion.

Net Income and Earnings Per Share

The Company's GAAP net income for the fourth quarter of fiscal 2018 was $44.3 million, or $0.31 per diluted share, compared to GAAP net income of $107.2 million, or $0.73 per diluted share, in the prior fiscal year’s fourth quarter. GAAP net income for the fourth quarter of fiscal 2018 includes a non-recurring charge of a loss of $0.36 per diluted share, net of tax effect incurred to settle a previously disclosed long-running legal dispute. Net income on a non-GAAP basis was $140.2 million, or $0.99 per diluted share, compared to non-GAAP net income of $137.4 million, or $0.94 per diluted share, in the fourth quarter of fiscal 2017. 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 of $12.9 million, and non-recurring charges of a loss incurred to settle a previously disclosed long-running legal dispute, net of related tax effects, in the fourth quarter of fiscal 2018.

The Company's GAAP net income in fiscal 2018 was $354.4 million, or $2.47 per diluted share, compared to GAAP net income of $436.8 million, or $2.96 per diluted share, in fiscal 2017. Fiscal 2018 net income on a non-GAAP basis was $579.6 million, or $4.03 per diluted share, compared to non-GAAP net income of $560.6 million, or $3.80 per diluted share, in fiscal 2017.

Returning Cash to Shareholders

  • Quarterly Cash Dividend Program: On November 8, 2018, the Board approved the Company’s next quarterly cash dividend payment of $0.25 per share and set December 31, 2018 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on January 18, 2019. The Board also approved an increase in the Company’s quarterly cash dividend payment to $0.285 per share, which is anticipated to be paid in April 2019, provided that the increase is approved by shareholders at the January 2019 annual general meeting of shareholders.
  • Share Repurchase Activity: Repurchased $90 million of ordinary shares during the fourth quarter of fiscal 2018.

Twelve-month Backlog
Twelve-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 $3.36 billion at the end of the fourth quarter of fiscal 2018, up $30 million from the end of the prior quarter.

First Quarter Fiscal 2019 Outlook

  • Revenue of approximately $990-$1,030 million, assuming an immaterial sequential impact from foreign currency fluctuations as compared to the fourth quarter of fiscal 2018
  • GAAP diluted EPS of approximately $0.67-$0.75
  • Non-GAAP diluted EPS of approximately $0.95-$1.01, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, and approximately $0.09-$0.11 per share of equity-based compensation expense, net of related tax effects Expected non-GAAP effective tax rate above the high-end of the annual target range of 13%-17% in the first quarter fiscal 2019

Full Year Fiscal 2019 Outlook

  • Revenue growth of 1.0%-5.0% year-over-year
  • Revenue growth of 2.0%-6.0% year-over-year on a constant currency basis
  • Full year fiscal 2019 revenue guidance incorporates an expected negative impact from foreign currency fluctuations of about 1.0% year-over-year
  • GAAP diluted earnings per share growth of roughly 29.0%-38.0% year-over-year
  • Non-GAAP diluted earnings per share growth of roughly 3.0%-7.0% year-over-year, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value,  and approximately $0.22-$0.30 per share of equity-based compensation expense, net of related tax effects

Our first fiscal quarter 2019 and full year fiscal 2019 outlook takes into consideration the Company’s expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, Amdocs notes market dynamics continue to shift rapidly and that it cannot predict all possible outcomes, including those resulting from T-Mobile’s proposed merger with Sprint, or from other current and potential customer consolidation activity.

Conference Call Details
Amdocs will host a conference call on November 8, 2018 at 5:00 p.m. Eastern Time to discuss the Company's fourth quarter of fiscal 2018 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 4072429. The call will also be carried live on the Internet via the Amdocs website, www.amdocs.com.

Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including 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 income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth. These 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;
  • equity-based compensation expense; and
  • tax effects related to the above.

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, 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 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, nonrecurring restructuring charges, nonrecurring and unusual charges related to a loss incurred to settle a previously disclosed long-running legal dispute, changes in certain acquisition-related liabilities measured at fair value, equity-based compensation expense 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, 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

About Amdocs
Amdocs is a leading software and services provider to communications and media companies of all sizes, accelerating the industry’s dynamic and continuous digital transformation. With a rich set of innovative solutions, long-term business relationships with 350 communications and media providers, and technology and distribution ties to 600 content creators, Amdocs delivers business improvements to drive growth. Amdocs and its 25,000 employees serve customers in over 85 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.0 billion in fiscal 2018. For more information, visit Amdocs at www.amdocs.com.

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, 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, 2017 filed on December 11, 2017 and our Form 6-K furnished for the first quarter of fiscal 2018 on February 12, 2018, the second quarter of fiscal 2018 on May 21, 2018 and for the third quarter of fiscal 2018 on August 15, 2018.

Contact:
Matthew Smith
Head of Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com


 

AMDOCS LIMITED
Consolidated Statements of Income
(in thousands, except per share data)

  Three months ended  Fiscal year ended
  September 30,   September 30,
   2018   2017   2018   2017 
         
Revenue $1,002,588  $979,724  $3,974,837  $3,867,155 
         
Operating expenses:        
Cost of revenue  654,923   636,445   2,595,276   2,507,656 
Research and development  70,783   64,686   276,615   259,097 
Selling, general and administrative  125,830   120,237   481,093   472,778 
Amortization of purchased intangible assets and other  27,233   26,309   108,489   110,291 
Non-recurring charges  55,000   -   85,057   - 
   933,769   847,677   3,546,530   3,349,822 
Operating income  68,819   132,047   428,307   517,333 
         
Interest and other (expense) income, net  (3,436)  (2,342)  (6,766)  (4,421)
Income before income taxes  65,383   129,705   421,541   512,912 
         
Income taxes  21,117   22,496   67,145   76,086 
Net income $44,266  $107,209  $354,396  $436,826 
Basic earnings per share $0.31  $0.74  $2.49  $2.99 
Diluted earnings per share $0.31  $0.73  $2.47  $2.96 
Basic weighted average number of shares outstanding  140,760   144,764   142,422   146,017 
Diluted weighted average number of shares outstanding  141,872   146,141   143,703   147,431 
Cash dividends declared per share $0.250  $0.220  $0.970  $0.855 
                 
                 

AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)

  Three months ended  Fiscal year ended
  September 30, September 30,
   2018  2017  2018  2017
         
Revenue $1,002,588 $979,724 $3,974,837 $3,867,155
         
Non-GAAP operating income  172,606  168,197  687,020  665,472
         
Non-GAAP net income  140,230  137,419  579,593  560,590
         
Non-GAAP diluted earnings per share $0.99 $0.94 $4.03 $3.80
         
Diluted weighted average number of shares outstanding  141,872  146,141  143,703  147,431
             
             

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)

 Three months ended
September 30, 2018
  Reconciliation items 
 GAAPAmortization of purchased intangible assets and otherEquity based compensation expenseChanges in certain acquisitions related liabilities measured at fair valueNon-recurring chargesTax effect

 
Non-GAAP
Operating expenses:       


Cost of revenue
$654,923$- $(3,752)

$


      (8,658


)
$- $- $642,513
Research and development 70,783 -  (813) -  -  -  69,970
Selling, general and administrative 125,830 -  (8,331) -  -  -  117,499
Amortization of purchased intangible assets and other 27,233 (27,233) -  -  -  -  -
Non-recurring charges 55,000 -  -  -  (55,000) -  -
Total operating expenses 933,769 (27,233) (12,896) (8,658) (55,000) -  829,982
        
Operating income 68,819 27,233  12,896  8,658  55,000  -  172,606
        
Income taxes 21,117 -  -  -  -  7,822  28,940
        
Net income$44,266$27,233 $12,896 $8,658 $55,000 $(7,822)$140,230
                    


 Three months ended
September 30, 2017
  Reconciliation items 
 GAAPAmortization of
purchased intangible
assets and other
Equity based
compensation expense
Tax effect

 
Non-GAAP
Operating expenses:     


Cost of revenue
$636,445$- $(4,481)$- $631,964
Research and development 64,686 -  (822) -  63,864
Selling, general and administrative 120,237 -  (4,538) -  115,699
Amortization of purchased intangible assets and other 26,309 (26,309) -  -  -
Total operating expenses 847,677 (26,309) (9,841) -  811,527
      
Operating income 132,047 26,309  9,841  -  168,197
      
Income taxes 22,496 -  -  5,940  28,436
      
Net income$107,209$26,309 $9,841 $(5,940)$137,419
              
              

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)

 Fiscal year ended
September 30, 2018
  Reconciliation items 
 GAAPAmortization of
purchased intangible
assets and other
Equity based compensation expenseChanges in certain acquisitions related liabilities measured at fair valueNon-recurring chargesTax effect

 
Non-GAAP
Operating expenses:       
Cost of revenue$2,595,276$- $(18,253)$(17,692)$- $- $2,559,331
Research and development 276,615 -  (3,477) -  -  -  273,138
Selling, general and administrative 481,093 -  (25,746) -  -  -  455,347
Amortization of purchased intangible assets and other 108,489 (108,489) -  -  -  -  -
Non-recurring charges 85,057 -  -  -  

(85,057


)
 -  -
Total operating expenses 3,546,530 (108,489) (47,476) (17,692) 

(85,057


)
 -  3,287,816
        
Operating income 428,307 108,489  47,476  17,692  85,057  -  687,020
        
Income taxes 67,145 -  -  -  -  33,517  100,662
        
Net income$354,396$108,489 $47,476 $17,692 $85,057 $(33,517)$579,593
                    


 Fiscal year ended
September 30, 2017
  Reconciliation items 
 GAAPAmortization of
purchased intangible
assets and other
Equity based compensation expenseChanges in certain acquisitions related liabilities measured at fair valueTax effect

 
Non-GAAP
Operating expenses:      
 

Cost of revenue
$ 2,507,656$     - $   (19,215)$     6,691 $    - $2,495,132 
Research and development 259,097 -  (3,536) -  -  255,561
Selling, general and administrative 472,778 -  (21,788) -  -  450,990
Amortization of purchased intangible assets and other 110,291 (110,291) -  -  -  -
Total operating expenses 3,349,822 (110,291) (44,539) 6,691  -    3,201,683
       
Operating income 517,333 110,291  44,539  (6,691) -  665,472
       
Income taxes 76,086 -  -  -  24,375  100,461
       
Net income$  436,826$     110,291 $       44,539 $    (6,691)$    (24,375)$560,590
                 

AMDOCS LIMITED
Condensed Consolidated Balance Sheets
 (in thousands)

 As of
  September 302018 September 30, 2017
     
ASSETS    
     
Current assets    
Cash, cash equivalents and short-term interest-bearing investments $   519,216 $   979,608
Accounts receivable, net, including unbilled of $263,997 and $229,695, respectively  971,502  865,068
Prepaid expenses and other current assets  229,999  203,810
  Total current assets  1,720,717  2,048,486
     
Property and equipment, net  496,585  355,685
Goodwill and other intangible assets, net  2,710,144  2,398,535
Other noncurrent assets  420,369  476,674
Total assets $  5,347,815 $  5,279,380
     
LIABILITIES AND SHAREHOLDERS’ EQUITY    
     
Current liabilities    
Accounts payable, accruals and other 1,162,543
 1,059,855
Deferred revenue  132,414  113,091
  Total current liabilities  1,294,957  1,172,946
Other noncurrent liabilities  560,816  532,364
Total Amdocs Limited Shareholders’ equity  3,448,879  3,574,070
Noncontrolling interests  43,163  -
Total equity $  3,492,042 $  3,574,070
Total liabilities and equity $  5,347,815 $  5,279,380

AMDOCS LIMITED
Consolidated Statements of Cash Flows
(in thousands)

  Fiscal year ended September 30,
   2018   2017 
     
Cash Flow from Operating Activities:    
Net income $  354,396  $  436,826 
Reconciliation of net income to net cash provided by operating activities:    
  Depreciation and amortization  207,394   214,885 
  Equity-based compensation expense  47,476   44,539 
  Deferred income taxes  21,398   6,551 
Excess tax benefit from equity-based compensation  -   (4,666)
  Loss from short-term interest-bearing investments  1,324   9 
Net changes in operating assets and liabilities, net of amounts acquired:    
  Accounts receivable  (67,198)  (41,075)
  Prepaid expenses and other current assets  (18,736)  11,002 
  Other noncurrent assets  9,674   (52,667)
  Accounts payable, accrued expenses and accrued personnel  25,348   72,049 
  Deferred revenue  7,650   (50,230)
  Income taxes payable  (22,759)  (15,145)
  Other noncurrent liabilities  (8,718)  14,034 
Net cash provided by operating activities  557,249   636,112 
     
Cash Flow from Investing Activities:    
Purchase of property and equipment  (231,146)  (133,392)
Proceeds from sale of short-term interest-bearing investments  303,090   278,066 
Purchase of short-term interest-bearing investments  (76,037)  (281,983)
Net cash paid for acquisitions  (355,142)  (18,064)
Other  (3,157)  (29,940)
Net cash used in investing activities  (362,392)  (185,313)
     
Cash Flow from Financing Activities:    
Borrowings under financing arrangements  120,000   200,000 
Payments under financing arrangements  (120,000)  (400,000)
Repurchase of shares  (419,228)  (340,597)
Proceeds from employee stock options exercised  81,280   87,586 
Payments of dividends  (134,292)  (121,503)
Investment by noncontrolling interests, net  47,013   
Excess tax benefit from equity-based compensation and other  -   4,666 
Other  (458)  - 
Net cash used in financing activities  (425,685)  (569,848)
     
Net decrease in cash and cash equivalents  (230,828)  (119,049)
Cash and cash equivalents at beginning of period  649,611   768,660 
Cash and cash equivalents at end of period $  418,783  $  649,611 
         

AMDOCS LIMITED
Supplementary Information
 (in millions)

  Three months ended
  September 30,
2018
 June 30,
2018
 March 31,
 2018
 December 31,
2017
 September 30,
2017
North America $638.2 $644.8 $624.2 $643.0 $644.1
Europe  150.6  139.3  148.6  133.7  129.8
Rest of the World  213.8  218.1  219.5  201.0  205.8
Total Revenue $1,002.6 $1,002.2 $992.3 $977.7 $979.7


  Three months ended
  September 30,
2018
 June 30,
2018
 March 31,
 2018
 December 31,
2017
 September 30,
2017
Managed Services Revenue $508.9 $515.0 $508.9 $518.7 $503.8


  Three months ended
  September 30,
2018
 June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
Customer Experience Systems $992.5 $ 991.0 $980.7 $965.9 $ 967.7
Directory  10.1  11.2  11.6  11.8  12.0
Total Revenue $1,002.6 $1,002.2 $992.3 $977.7 $979.7


  As of
  September 30,
2018
 June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
12-Month Backlog $3,360 $3,330 $3,320 $3,260 $3,250

amdocs-206-x-45.jpg

Source: Amdocs Management LTD