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Fourth Quarter Results for Fiscal 2019
Nov 12, 2019
Record Quarterly Revenue of
Expects Fiscal 2020 Revenue Growth of 2.0%-6.0% YoY in Constant Currency
Signs Strategic Multi-Year Managed Services Agreement with
Quarterly Cash Dividend to be Raised From
Fourth Quarter Fiscal 2019 Highlights
- Revenue of
$1,030 million , at the midpoint of the$1,015-$1,055 million guidance range, adjusting for a negative impact from foreign currency movements of approximately$5 million compared to our guidance assumptions - GAAP diluted EPS of
$0.90 , above the$0.81-$0.89 guidance range - Non-GAAP diluted EPS of
$1.08 , above the midpoint of the$1.04-$1.10 guidance range - GAAP operating income of
$144 million ; GAAP operating margin of 14.0% - Non-GAAP operating income of
$178 million ; non-GAAP operating margin of 17.3% - Quarterly free cash flow of
$179 million , comprised of cash flow from operations of$214 million , less$34 million in net capital expenditures and other; normalized free cash flow of$190 million (1) - Twelve-month backlog of
$3.49 billion , up$90 million sequentially and up 3.9% as compared to last year’s fourth fiscal quarter - The board of directors approved a quarterly cash dividend of
$0.285 per share to be paid onJanuary 24, 2020 - The board of directors also approved a 15% increase in the Company’s quarterly cash dividend payment from
$0.285 per share to$0.3275 per share, anticipated to be first paid inApril 2020 , subject to shareholder approval at theJanuary 2020 annual meeting - The board of directors has approved a share repurchase plan authorizing the repurchase of up to
$800 million of ordinary shares at the company’s discretion; this plan has no expiration date and is in addition to the current authorization, which, as ofSeptember 30, 2019 , provided for up to$239 million of remaining repurchase authority
(1) Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding).
“We are pleased to report a strong finish to our fiscal year 2019. Q4 revenue was in line with the midpoint of our guidance on a constant currency basis and was driven by stable trends in
Sheffer continued, “Today, we are excited to announce a multi-year agreement that extends our collaboration with
Sheffer concluded, “We begin fiscal 2020 with record 12-month backlog, which is up roughly 4% from a year ago, and we have further improved our strong visibility in the first quarter with the signing of a large IT transformation project at Vodafone Germany. Overall, we expect to deliver full year non-GAAP diluted earnings per share growth of 3.0% to 7.0% in fiscal 2020. Moreover, we plan to further enhance the total return we provide to shareholders by raising our quarterly dividend for the seventh consecutive year, subject to shareholders approval at the annual meeting in January 2020”.
Revenue
Revenue for the fourth fiscal quarter ended
Revenue for the fiscal year ended
Net Income and Earnings Per Share
The Company's GAAP net income for the fourth quarter of fiscal 2019 was
The Company's GAAP net income in fiscal 2019 was
For further details of reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below.
Returning Cash to Shareholders
- Quarterly Cash Dividend Program: On
November 12, 2019 , the Board approved the Company’s next quarterly cash dividend payment of$0.285 per share and setDecember 31, 2019 as the record date for determining the shareholders entitled to receive the dividend, which will be payable onJanuary 24, 2020 . The Board also approved a 15% increase in the Company’s quarterly cash dividend payment to$0.3275 per share, which is anticipated to be first paid inApril 2020 , provided that the increase is approved by shareholders at theJanuary 2020 annual general meeting of shareholders. - Share Repurchase Activity: Repurchased
$90 million of ordinary shares during the fourth quarter of fiscal 2019. The board of directors has approved a share repurchase plan authorizing the repurchase of up to$800 million of ordinary shares at the company’s discretion; this plan has no expiration date and is in addition to the current authorization, which, as ofSeptember 30, 2019 , provided for up to$239 million of remaining repurchase authority.
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
First Quarter Fiscal 2020 Outlook
- Revenue of approximately
$1,015-$1,055 million , assuming approximately$1 million sequential negative impact from foreign currency fluctuations as compared to the fourth quarter of fiscal 2019, including a full quarter revenue contribution from the acquisition ofTTS Wireless which closed in early August - GAAP diluted EPS of approximately
$0.79-$0.87 . The impact of the acquisition ofTTS Wireless on GAAP diluted EPS will not be known until afterAmdocs completes the purchase price allocation - Non-GAAP diluted EPS of approximately
$1.02-$1.08 , excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, and approximately$0.06-$0.08 per share of equity-based compensation expense, net of related tax effects. The impact of the acquisition ofTTS Wireless on Amdocs’ non-GAAP diluted earnings per share is expected to be neutral in the first quarter of fiscal 2020
Full Year Fiscal 2020 Outlook
- Revenue growth of 1.5%-5.5% year-over-year as reported
- Revenue growth of 2.0%-6.0% year-over-year on a constant currency basis
- Full year fiscal 2020 revenue guidance incorporates just over 1% of growth from the acquisition of
TTS Wireless , and an expected negative impact from foreign currency fluctuations of about 0.5% year-over-year - GAAP diluted earnings per share growth of roughly 5.0%-12.0% year-over-year. The impact of the acquisition of
TTS Wireless on GAAP diluted EPS will not be known until afterAmdocs completes the purchase price allocation - 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
$0.24-$0.32 per share of equity-based compensation expense, net of related tax effects. The impact of the acquisition ofTTS Wireless on Amdocs’ non-GAAP diluted earnings per share is expected to be neutral in fiscal year 2020 - Free cash flow of approximately
$350 million , comprised of cash flow from operations, less net capital expenditures and other, and normalized free cash flow of approximately$480 million
Our first fiscal quarter 2020 and full year fiscal 2020 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,
Conference Call Details
Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow and normalized 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 interest and other expenses, net, 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;
- other; and
- tax effects related to the above.
Free cash flow equals cash generated by operating activities less net capital expenditures and other, and normalized free cash flow is adjusted to exclude net capital expenditures related to the new campus development, payments for previously expensed restructuring charges, payments for legal dispute settlement, and payments of acquisition related liabilities. 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.
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, changes in certain acquisition-related liabilities measured at fair value, non-recurring and unusual charges, equity-based compensation expense, other 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
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About
For more information, visit
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.
Contact:
Head of Investor Relations
314-212-8328
E-mail: dox_info@amdocs.com
Consolidated Statements of Income
(in thousands, except per share data)
Three months ended | Fiscal year ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenue | $ | 1,030,253 | $ | 1,002,588 | $ | 4,086,669 | $ | 3,974,837 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of revenue | 667,129 | 654,923 | 2,653,172 | 2,595,276 | ||||||||||||
Research and development | 70,109 | 70,783 | 273,936 | 276,615 | ||||||||||||
Selling, general and administrative | 125,046 | 125,830 | 492,457 | 481,093 | ||||||||||||
Amortization of purchased intangible assets and other | 23,815 | 27,233 | 97,358 | 108,489 | ||||||||||||
Non-recurring charges | - | 55,000 | - | 85,057 | ||||||||||||
886,099 | 933,769 | 3,516,923 | 3,546,530 | |||||||||||||
Operating income | 144,154 | 68,819 | 569,746 | 428,307 | ||||||||||||
Interest and other income (expense), net | 2,444 | (3,436 | ) | (1,859 | ) | (6,766 | ) | |||||||||
Income before income taxes | 146,598 | 65,383 | 567,887 | 421,541 | ||||||||||||
Income taxes | 24,571 | 21,117 | 88,441 | 67,145 | ||||||||||||
Net income | $ | 122,027 | $ | 44,266 | $ | 479,446 | $ | 354,396 | ||||||||
Basic earnings per share | $ | 0.90 | $ | 0.31 | $ | 3.49 | $ | 2.49 | ||||||||
Diluted earnings per share | $ | 0.90 | $ | 0.31 | $ | 3.47 | $ | 2.47 | ||||||||
Basic weighted average number of shares outstanding | 135,317 | 140,760 | 137,418 | 142,422 | ||||||||||||
Diluted weighted average number of shares outstanding | 136,151 | 141,872 | 138,108 | 143,703 | ||||||||||||
Cash dividends declared per share | $ | 0.285 | $ | 0.250 | $ | 1.105 | $ | 0.970 | ||||||||
Selected Financial Metrics
(In thousands, except per share data)
Three months ended | Fiscal year ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Revenue | $ | 1,030,253 | $ | 1,002,588 | $ | 4,086,669 | $ | 3,974,837 | ||||
Non-GAAP operating income | 177,989 | 172,606 | 707,889 | 687,020 | ||||||||
Non-GAAP net income | 147,137 | 140,230 | 595,089 | 579,593 | ||||||||
Non-GAAP diluted earnings per share | $ | 1.08 | $ | 0.99 | $ | 4.31 | $ | 4.03 | ||||
Diluted weighted average number of shares outstanding | 136,151 | 141,872 | 138,108 | 143,703 | ||||||||
Free Cash Flows and Normalized Free Cash Flow
(In thousands)
Three months ended | Fiscal year ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net Cash Provided by Operating Activities | $ | 213,625 | $ | 115,349 | $ | 656,377 | $ | 557,249 | ||||||||
Purchases of property and equipment, net (*) | (34,325 | ) | (33,893 | ) | (128,086 | ) | (231,146 | ) | ||||||||
Other | - | (135 | ) | - | (458 | ) | ||||||||||
Free Cash Flow | 179,300 | 81,321 | 528,291 | 325,645 | ||||||||||||
Payments for legal dispute settlement | - | - | 55,000 | - | ||||||||||||
Payments for previously expensed restructuring charges | 1,233 | 6,500 | 15,627 | 6,500 | ||||||||||||
Net capital expenditures related to the new campus development (*) | 9,101 | 1,218 | 6,895 | 96,229 | ||||||||||||
Payments of acquisition related liabilities | - | - | 7,667 | - | ||||||||||||
Normalized Free Cash Flow | $ | 189,634 | $ | 89,039 | $ | 613,480 | $ | 428,374 |
(*) The amounts under "Purchase of property and equipment, net”, and the amounts under “Net capital expenditures related to the new campus development” include proceeds of
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(In thousands)
Three months ended September 30, 2019 |
||||||||||||||||||||
Reconciliation items | ||||||||||||||||||||
GAAP | Amortization of purchased intangible assets and other |
Equity-based compensation expense |
Changes in certain acquisition related liabilities measured at fair value |
Other | Tax effect |
Non- GAAP |
||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of revenue | $ | 667,129 | $ | - | $ | (4,618 | ) | $ | (2,036 | ) | $ | - | $ | - | $ | 660,475 | ||||
Research and development |
70,109 | - | (757 | ) | - | - | - | 69,352 | ||||||||||||
Selling, general and administrative |
125,046 | - | (2,609 | ) | - | - | - | 122,437 | ||||||||||||
Amortization of purchased intangible assets and other |
23,815 | (23,815 | ) | - | - | - | - | - | ||||||||||||
Total operating expenses |
886,099 | (23,815 | ) | (7,984 | ) | (2,036 | ) | - | - | 852,264 | ||||||||||
Operating income | 144,154 | 23,815 | 7,984 | 2,036 | - | - | 177,989 | |||||||||||||
Interest and other income (expense), net | 2,444 | - | - | - | (4,964 | ) | - | (2,520 | ) | |||||||||||
Income taxes | 24,571 | - | - | - | - | 3,761 | 28,332 | |||||||||||||
Net income | $ | 122,027 | $ | 23,815 | $ | 7,984 | $ | 2,036 | $ | (4,964 | ) | $ | (3,761 | ) | $ | 147,137 | ||||
Three months ended September 30, 2018 |
||||||||||||||||||||
Reconciliation items | ||||||||||||||||||||
GAAP | Amortization of purchased intangible assets and other |
Equity-based compensation expense |
Changes in certain acquisitions related liabilities measured at fair value |
Non-recurring charges |
Tax 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 | |||||
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(In thousands)
Fiscal year ended September 30, 2019 |
|||||||||||||||||||||
Reconciliation items | |||||||||||||||||||||
GAAP | Amortization of purchased intangible assets and other |
Equity-based compensation expense |
Changes in certain acquisitions related liabilities measured at fair value |
Other |
Tax effect |
Non- GAAP |
|||||||||||||||
Operating expenses: | |||||||||||||||||||||
Cost of revenue | $ | 2,653,172 | $ | - | $ | (19,879 | ) | $ | (2,235 | ) | $ | - | $ | - | $ | 2,631,058 | |||||
Research and development |
273,936 | - | (2,714 | ) | - | - | - | 271,222 | |||||||||||||
Selling, general and administrative |
492,457 | - | (15,957 | ) | - | - | - | 476,500 | |||||||||||||
Amortization of purchased intangible assets and other |
97,358 | (97,358 | ) | - | - | - | - | - | |||||||||||||
Total operating expenses |
3,516,923 | (97,358 | ) | (38,550 | ) | (2,235 | ) | - | - | 3,378,780 | |||||||||||
Operating income | 569,746 | 97,358 | 38,550 | 2,235 | - | - | 707,889 | ||||||||||||||
Interest and other income (expense), net | (1,859 | ) | - | - | - | (2,939 | ) | - | (4,798 | ) | |||||||||||
Income taxes | 88,441 | - | - | - | - | 19,561 | 108,002 | ||||||||||||||
Net income | $ | 479,446 | $ | 97,358 | $ | 38,550 | $ | 2,235 | $ | (2,939 | ) | $ | (19,561 | ) | $ | 595,089 | |||||
Fiscal year ended September 30, 2018 |
|||||||||||||||||||||
Reconciliation items | |||||||||||||||||||||
GAAP | Amortization of purchased intangible assets and other |
Equity-based compensation expense |
Changes in certain acquisitions related liabilities measured at fair value |
Non- recurring charges |
Tax 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 | ||||||
Condensed Consolidated Balance Sheets
(In thousands)
As of | ||||||
September 30, 2019 |
September 30, 2018 |
|||||
ASSETS | ||||||
Current assets | ||||||
Cash, cash equivalents and short-term interest-bearing investments | $ | 471,632 | $ | 519,216 | ||
Accounts receivable, net, including unbilled of $227,061 and $263,997, respectively | 987,858 | 971,502 | ||||
Prepaid expenses and other current assets | 216,084 | 229,999 | ||||
Total current assets | 1,675,574 | 1,720,717 | ||||
Property and equipment, net | 525,314 | 496,585 | ||||
Goodwill and other intangible assets, net | 2,667,997 | 2,710,144 | ||||
Other noncurrent assets | 423,941 | 420,369 | ||||
Total assets | $ | 5,292,826 | $ | 5,347,815 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities | ||||||
Accounts payable, accruals and other | $ | 1,089,748 | $ | 1,162,543 | ||
Deferred revenue | 118,182 | 132,414 | ||||
Total current liabilities | 1,207,930 | 1,294,957 | ||||
Other noncurrent liabilities | 542,430 | 560,816 | ||||
Total Amdocs Limited Shareholders’ equity | 3,499,957 | 3,448,879 | ||||
Noncontrolling interests | 42,509 | 43,163 | ||||
Total equity | 3,542,466 | 3,492,042 | ||||
Total liabilities and equity | $ | 5,292,826 | $ | 5,347,815 | ||
Consolidated Statements of Cash Flows
(In thousands)
Fiscal year ended September 30, |
||||||||
2019 | 2018 | |||||||
Cash Flow from Operating Activities: | ||||||||
Net income | $ | 479,446 | $ | 354,396 | ||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 205,772 | 211,224 | ||||||
Equity-based compensation expense | 38,550 | 47,476 | ||||||
Deferred income taxes | (13,950 | ) | 25,098 | |||||
Loss from short-term interest-bearing investments | 737 | 1,324 | ||||||
Net changes in operating assets and liabilities, net of amounts acquired: | ||||||||
Accounts receivable, net | 6,589 | (66,451 | ) | |||||
Prepaid expenses and other current assets | 25,907 | (18,736 | ) | |||||
Other noncurrent assets | (1,635 | ) | 9,674 | |||||
Accounts payable, accrued expenses and accrued personnel | (60,042 | ) | 25,348 | |||||
Deferred revenue | (37,855 | ) | 7,650 | |||||
Income taxes payable, net | 6,025 | (31,036 | ) | |||||
Other noncurrent liabilities | 6,833 | (8,718 | ) | |||||
Net cash provided by operating activities | 656,377 | 557,249 | ||||||
Cash Flow from Investing Activities: | ||||||||
Purchases of property and equipment, net (*) | (128,086 | ) | (231,146 | ) | ||||
Proceeds from sale of short-term interest-bearing investments | 101,287 | 303,090 | ||||||
Purchase of short-term interest-bearing investments | - | (76,037 | ) | |||||
Net cash paid for acquisitions | (60,572 | ) | (355,142 | ) | ||||
Other | 615 | (3,157 | ) | |||||
Net cash used in investing activities | (86,756 | ) | (362,392 | ) | ||||
Cash Flow from Financing Activities: | ||||||||
Borrowings under financing arrangements | - | 120,000 | ||||||
Payments under financing arrangements | - | (120,000 | ) | |||||
Repurchase of shares | (398,057 | ) | (419,228 | ) | ||||
Proceeds from employee stock options exercised | 41,483 | 81,280 | ||||||
Payments of dividends | (147,616 | ) | (134,292 | ) | ||||
Investment by noncontrolling interests, net | (4,776 | ) | 47,013 | |||||
Payment of contingent consideration from a business acquisition | (7,470 | ) | - | |||||
Other | (336 | ) | (458 | ) | ||||
Net cash used in financing activities | (516,772 | ) | (425,685 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 52,849 | (230,828 | ) | |||||
Cash and cash equivalents at beginning of period | 418,783 | 649,611 | ||||||
Cash and cash equivalents at end of period | $ | 471,632 | $ | 418,873 | ||||
(*) The amounts under "Purchase of property and equipment, net”, include proceeds of
Supplementary Information
(In millions)
Three months ended | |||||||||||||||
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
|||||||||||
North America | $ | 644.2 | $ | 643.9 | $ | 634.2 | $ | 660.5 | $ | 638.2 | |||||
Europe | 156.1 | 145.5 | 151.0 | 146.1 | 150.6 | ||||||||||
Rest of the World | 230.0 | 235.3 | 234.5 | 205.5 | 213.8 | ||||||||||
Total Revenue | $ | 1,030.3 | $ | 1,024.7 | $ | 1,019.7 | $ | 1,012.1 | $ | 1,002.6 | |||||
Three months ended | |||||||||||||||
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
|||||||||||
Managed Services Revenue | $ | 583.3 | $ | 578.1 | $ | 559.5 | $ | 525.5 | $ | 508.9 | |||||
As of | |||||||||||||||
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
|||||||||||
12-Month Backlog | $ | 3,490 | $ | 3,400 | $ | 3,390 | $ | 3,370 | $ | 3,360 | |||||