Amdocs provides software and services to telecom and media companies, helping them manage billing and monetization, customer experience, and network operations. In practical terms, Amdocs builds and runs the systems behind phone bills, customer sign-ups, and service management for roughly 400 customers globally, predominantly large telecom operators. Its customer list includes AT&T, T-Mobile, Verizon, Comcast, Vodafone, Telefónica, and Telstra, among others. North America accounts for roughly 66% of revenue, with Europe at ~16% and the rest of the world at ~19%. Amdocs' business breaks down into two contract types: project-based work, where Amdocs implements or modernizes a customer's IT systems; and managed services (~66% of revenue), where Amdocs operates those systems under multi-year recurring contracts with renewal rates approaching 100%. This creates a self-reinforcing model — implementing mission-critical systems leads naturally to long-term managed services contracts, which in turn provide a platform to sell new modules and transformation projects. Amdocs' primary growth drivers are cloud migration, where Amdocs moves telecom operators' BSS/OSS systems to the cloud (over 30% of revenue, growing double-digits), and GenAI, where Amdocs is commercializing its amAIz platform with telecom-specific AI agents for customer care, billing, and network operations. Amdocs supplements organic growth with bolt-on M&A and is expanding geographically in Europe and emerging markets.