and a multi-year managed services agreement with a leading South American provider, which will leverage Amdoc's full BOSS stack supported by AI-driven application management, operation services and software factory expertise. Moving to the balance sheet and cash flow highlights, VSO of 78 days increased by two days from a year ago and five days sequentially. Unbuilt receivable net of deferred revenue increased by $98 million versus a year ago and by $68 million sequentially in Q3, aggregating the short-term and long-term balances. As a reminder, the net difference between unbuilt receivables and deferred revenue fluctuate from quarter to quarter in line with normal business activities as well as our progress on multi-year engagement. As mentioned, Free cash flow before restructuring payment was $193 million in Q3. Highlighting strong free cash flow for the year so far, we've already achieved nearly 75% of our fiscal 2026 target. Including restructuring payment of $21 million, reported free cash flow was $172 million in the quarter. Overall, we ended Q3 with a healthy cash balance of approximately $206 million and aggregate borrowing of roughly $930 million, including our $650 million senior note maturing in June 2030 and short-term financing arrangement of $280 million. As of June 30, 2026, there was a $200 million outstanding note under the Commercial Paper Program, and $520 million remains available on the revolving credit facility. Overall, we have ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth. Switching to capital allocation, this quarter we will purchase $143 million of our shares leaving us with $560 million of remainder repurchase authority as of June 30, 2026. We paid cash dividend of $60 million in the third fiscal quarter. Looking to fiscal 2026, we are on track to generate free cash flow of between $710 to $730 million, not including payments we expect to make under our current restructuring program. Our free cash flow equates to a conversion rate of roughly 90% relative to expected non-GAAP net income. Regarding our capital allocation for this year, we expect to return the majority of our free cash flow to shareholders. Moving on, 12 months backlog was $4.26 billion at the end of Q3, up 2.7% from a year ago, but down $20 million sequentially. We continue to believe 12 months backlog remains a good leading indicator of our business and forward visibility. Now, turning to our revenue outlook, we are continuing to closely monitor the prevailing level of macroeconomics, geopolitical, Business and Operational Uncertainty, including our customers' spending behavior in the current business environment. The fourth quarter of fiscal year 2026 financial guidance reflects what we consider to be the most likely outcomes based on the information we have today, but we cannot predict all possible scenarios. For the full fiscal year 2026, we expect revenue growth within a tighter range of between 3.2 and 4%, as reported, the midpoint of which is unchanged as compared with our prior outlook of 2.6 to 4.6%. Our guidance assumes foreign currency tailwinds of roughly 0.6%, consistent with our previous assumption. Consistent with our prior guidance, we expect that roughly half of the expected growth in fiscal 2026 will be inorganic in nature. On a constant currency basis, we expect revenue growth within a tighter range of between 2.6% and 3.4% for the full fiscal year, the 3% midpoint of which is also unchanged as compared with our previous guidance. As to the fourth fiscal quarter, we expect revenue between $1.175 to $1.215 billion. Moving down the income statement, we are on track to deliver non-GAAP operating margin within our target range of 21.3 to 21.9% in fiscal 2026. The midpoint of which is roughly 20 basis points higher than the prior year of 21.4%. As we discussed last quarter, our profitability outlook reflects a decision to accelerate our investment in GenAI and our agentic operating system, AOS, including R&D, sales and marketing, balanced by our internal transformation initiative to become an agentic-first organization. We continue to expect our non-GAAP effective tax rate to be within an annual target range of 16 to 90% for the full fiscal year 2026. Tying everything together, we now expect non-GAAP diluted earnings per share growth within a tightened range 5.5 to 6.5% in fiscal year 2026, the 6% midpoint of which is unchanged. With that, back to you, Shimie.

Thank you, Tal. And with that, we're ready to take your questions. Operator?

Certainly. Ladies and gentlemen, as a reminder, if you do have a question at this time, please press star 1-1 on your telephone. Our first question for today comes from the line of Timothy Horan from Oppenheimer. Your question, please.

Hi, guys. Congratulations. Hey, Tim. Thanks, guys. The elephant in the room really is agentic AI, how you deploy both internally to improve your productivity and service offerings and your customers. It seems like it could be really, really impactful for both internal and for your customers. Could you give us a rough sense of the next few years, what type of productivity improvements or service quality improvements you can do both internally and what can you do for your customers? Do you think you can improve productivity 10%, 30%? Just a high-level sense of what you're seeing now.

Yeah. Thank you, Tim. So as I explained when I described the strategy, the four-pillar strategy, The main growth pillar that we see going forward for Amdocs is around the agentic transformation that we are planning to partner with our customers and to lead them in this journey over the next several years. We see that there is a huge opportunity to unlock the potential of, as you mentioned, of the agentic capabilities and fundamentally change the way they run and operate their IT. and for example, we just announced the Liberty Latin America strategic engagement. In this engagement, Liberty Latam is basically giving Amdocs the entire IT operations and partnering with us so we can transform their entire IT, leveraging our AOS and to deliver major business benefits and significant cost savings for our customers throughout this year. So definitely to your question, we believe that we can bring a significant reduction in cost for our customers throughout this transformation. And the key to do that is mainly by expanding the scope of responsibility that Amdus will have. because the main benefits are coming from an end-to-end processes, end-to-end agentic processes, end-to-end operational processes, which is exactly what we're going to do with Liberty Latam. So I believe there's definitely a potential to improve the cost structure of our customers. The same goes for us internally, and that's the fourth pillar of the strategy. We believe that this agentic transformation, by implementing internally everything that we also are partnering with our customers, the agentic SDLC, the agentic operation, changing the way of working and so on, will also provide us with efficiencies within the company. At this stage, we are balancing between the efficiencies that we know that we can gain internally with the investment that we are doing in order to build the airways and the future agentic offering of the company. We're also monitoring very carefully the cost of the technology and the cost of the token, which is somehow unknown right now for the future. So somehow between the three forces, We believe that over time, we will definitely see Amdocs much more profitable going forward in the next several years.

So you think this will be very, very impactful for your customers, like transformational, like, you know, yeah, we're trying to get a sense of how transformational you think this can be for your customers and for yourself. I mean, can you reduce expenses internally substantially and automate your own internal operations? And where are you in your own process?

Yeah. So internally, yes, we're making good progress. Again, we are using some of these efficiencies right now to invest in the future and to support the strategy. But long term, we believe it's going to bring us more efficiency. In terms of our customers, it all depends on the appetite of the customers. but yes customers that will be willing to go all in and to partner with us and to help them to transform their entire IT operations for example Liberty Latam Latin America that went all the way they will definitely see significant significant service other customers will partner with us in a smaller scale because they are not ready at this point to to take a broader move but we believe that over time you will find us partnering with 200 customers all over the world and for each and every one of them we're going to tailor a specific transformational program and we'll take them and help them to leverage the potential of Jenny Hai for sure.

Yeah, that's really encouraging and for Liberty Are they going to be spending a lot more with you than they were previously? And do you have a sense on the return on investor capital they'll be seeing for this?

Yeah, again, without going through specific details about specific customers, but it's a major expansion of what we did before with Liberty Latam. We had a very small footprint. This is a significant expansion of our partnership with Liberty Latam.

That's really helpful. And just lastly, on the other two pillars, Can you just maybe, are there any new industries you're thinking of entering? And secondly, I know you highlighted new growth opportunities within the existing industry. Can you just elaborate on that a little bit more, examples for both things?

Yeah, sure. So as I mentioned before, we believe that what we do right now in telecommunication and this deep understanding on how to transform and to do agentic transformation of Michigan Crypto Systems is something that we can help also additional verticals to support them. We gain a lot of experience transforming the industry, and I think it's going to be very relevant. If you augment it with the new offering that we are coming right now, AOS, and tell it it could definitely help accelerate this transformation in other verticals, so this is where our head is right now, and this is part of our strategy for the future. The other thing that we see that there are many and that Gen AI is generating completely new needs and challenges that were never there before. And we see it when we talk to our customers about their journey and we see it when we do it internally and implementing the same tools internally with Amdocs. There are new challenges and new opportunities that we have the capability to solve. And what we plan to do is some of them that we are solving right now for our customers to incubate and scale them, and it could be potential growth engines for the company going forward, which we didn't have these opportunities before. So there are some specific ideas and specific challenges that we are serving right now for customers that we believe that over time has the potential to become growth engines for the company.

Thank you. Once again, if you have a question at this time, please press star 11 on your telephone. Our next question comes from the line of Devin Ah from KeyBank Capital Markets. Your question, please.

Hey, Shimie. Hey, Tal. Thanks for taking my question. Kind of a multi-part question to start. You know, it's great to see the new AOS win that you have secured in the quarter. Maybe for the customers that are still hesitant on moving to AOS today or customers that are still in pilot, what are... The top reasons or constraints that are preventing them from adopting AOS? And if you could also touch on your internal sales efforts, how are you enabling your sales team to convert more customers from pilots into commercial agreements?

Thank you for the question. First, we're very happy with the progress that we've seen. Remember, we launched AOS in the beginning of March. We're in August, five months after that. We already have 10 engagements with customers. Some of them small, of course, but 10 engagements already with customers, which is a great momentum. And on top of it, I think the best proof point right now and the biggest, obviously, achievement of AOS right now is this partnership with Liberty Latin America. We could have not taken this challenge to transform the entire IT of Liberty Latin America without the AOS capabilities. So I think first and foremost, we are very happy with the progress so far. I think it's just a matter of time. To your question, what is slowing us right now, the customers, it's just a matter of time. Everyone is experimenting. Once they see the technology, they see what we can bring them, they're getting excited, they're getting into production, they see the impact, and then the discussion is evolving to something more significant than the initial engagement that we had. and I can tell you that we're having some other meaningful discussions with customers as we speak. So we believe that the small engagement that started a few months ago will soon and over time evolve to something more meaningful. It's just a matter of time.

Okay, got it. No, that's helpful. And then maybe just a quick follow-up. Could you provide maybe more context on on the sequential downtick in backlog. And does the backlog figure include some of the new AOS deals you have announced and also the big win at Liberty Latin in the quarter?

Yeah, so overall, you know, the backlog is a snapshot in a certain point of time. So some fluctuation always happens. The large deal with Liberty Latin America is partially included in these numbers already. but overall we see a good healthy pipeline right now especially around the EOS offering.

Just to add, the backlog grew year over year by 2.7% so we are still growing our backlog year over year.

Understood. Yeah, thanks for taking my questions here.

Thank you. Thank you. And as a reminder, if you do have a question at this time, please press star 11 on your telephone. And this does conclude the question and answer session of today's program. I'd like to hand the program back to Matt for any further remarks.

Thanks, John, and thanks very much for everyone joining the call. If you do have any other questions, please reach out to us here in the IR team. With that, have a great evening.

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.