Good day, everyone, and welcome to the Amdocs Third Quarter 2012 Earnings Release Conference. Today's call is being recorded and webcasted. At this time, I’d like to turn the call over to Liz Grausam, Vice President of Investor Relations for Amdocs. Please go ahead. Liz Grausam
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Also, 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 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, 2011, filed on December 8, 2011and our Form 6-Ks furnished for the first quarter of fiscal 2012 on February 14, 2012 and for the second quarter fiscal 2012 on May 15, 2012. 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 today are Eli Gelman, President and Chief Executive Officer of Amdocs Management Ltd; and Tamar Rapaport Dagim, Chief Financial Officer. Following our prepared comments, we’ll open the call to Q&A. Now I’ll turn the call over to Eli. Eli Gelman Thank you, Liz and good afternoon to anyone joining us on the call today. Our third quarter results were consistent with our expectations across revenue, margins and earnings. And we have continued to focus on delivering total return to our shareholders for the multiple levels that our business model and market position provide. These levels include, strong send execution, ongoing operation improvement and the benefits of our share repurchase program. The combination of these three factors have allowed us to generate consistent earnings upside this year. Moreover, we are delivering these upside even in the face of more challenging 2012, revenue conditions especially at AT&T compared to our expectations at the beginning of the fiscal year. As a result we are once again excited to increase our fiscal 2012 non-GAAP EPS growth guidance to the range of 14 to 16% from 12 to 14% previously.
As we are getting closer to the end of fiscal year 2012, we believe we have a lot to be proud of here at Amdocs. Into the third quarter, we continue to observe seven similar global conditions as we have throughout the year. Let me elaborate on that.The emerging markets remain strong for Amdocs. We see some more proof points that our strong relationship model, finisher penetration, strong execution and then follow-on expansion and extension, is working well also in the emerging markets. As an example to this, this quarter we signed our first managed services contract in Latin America with TIM Brasil. We are excited by this achievement that it also marks our first managed services contract to include OSS. TIM Brasil has been long-term customer across wireless and wireline. More recently, we have seen acceleration of activity with TIM Brasil associated with their launch of their (inaudible). And now additionally, with the managed services, the TIM Brasil deal coupled with the managed services deal announced last quarter in the Philippines with Globe demonstrate our unique combination of product, professional services, and managed services, is becoming well accepted in the emerging markets. In Europe, Amdocs has performed quite well against tough macro trends in 2012. We continue to project nice growth from Europe this fiscal year. Although, we closely monitor this potential implications of the bleak economic outlook on our customers, we believe the [market picture] opens both opportunities and challenges for us. As an example of it, an opportunity this quarter we signed an important new managed services deal with large wireless service provider in Europe. Providing the value proposition of managed services in less certain economic conditions. On the other hand, we expect decision cycle to be longer in Europe as budgets remains are the intense scrutiny.
In North America, our outlook at AT&T stabilize in the third quarter. We have begun to win new business with AT&T albeit at a moderate pace. And the overall market level, we believe that the AT&T mobile bill cancellation is broadly affecting the mood of the wireless industry in North America.Read the rest of this transcript for free on seekingalpha.com