Third Quarter Results for Fiscal 2019

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Third Quarter Results for Fiscal 2019

Record Quarterly Revenue of $1.02 Billion

Raises Fiscal 2019 GAAP Diluted EPS Growth Outlook to 37.0%-41.0% YoY

Raises Fiscal 2019 Non-GAAP Diluted EPS Growth Outlook to 6.2%-7.8% YoY

Acquires TTS Wireless to Further Expand 5G Capabilities

Third Quarter Fiscal 2019 Highlights

  • Revenue of $1,025 million, at the midpoint of the $1,005-$1,045 million guidance range
  • GAAP diluted EPS of $0.96, above the $0.82-$0.90 guidance range including the benefit of a lower GAAP effective tax rate
  • Non-GAAP diluted EPS of $1.19, above the $1.08-$1.14 guidance range including the benefit of a lower non-GAAP effective tax rate
  • GAAP operating income of $142 million; GAAP operating margin of 13.9%
  • Non-GAAP operating income of $177 million; non-GAAP operating margin of 17.3%
  • Quarterly free cash flow of $129 million, comprised of cash flow from operations of $165 million, less $36 million in net capital expenditures and other; normalized free cash flow of $143 million (1)
  • Twelve-month backlog of $3.40 billion, up $10 million sequentially
  • The board of directors approved a quarterly cash dividend of $0.285 per share to be paid on October 25, 2019

ST. LOUIS, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Amdocs Limited (NASDAQ: DOX) today reported operating results for the three months ended June 30, 2019.

“We are pleased to report solid Q3 results which included record revenue, stable profitability, healthy free cash flow and our best-ever quarter in managed services. Among the Q3 regional highlights, we announced today that Amdocs is enabling the operation of Comcast’s Xfinity Mobile service under a multi-year managed services agreement, and have been chosen by Charter to support the growth of its Spectrum Mobile business. Over in Europe, we signed an additional multi-year managed services agreement with Sky Italia to support its move into fixed broadband and won a new deal to provide our Amdocs NFV solution for SES, a leading global satellite provider. Meanwhile in Rest of World, we extended our managed service arrangement with Vodafone Idea in India for several more years and signed a significant managed transformation agreement with XL Axiata in Indonesia to automate and digitize their operations,” said Shuky Sheffer, president and chief executive -officer of Amdocs Management Limited.

Sheffer continued, “Highlighting our commitment to be the leading independent provider of network services for 5G and the new generation of open cloud networks, we are today excited to announce the acquisition of TTS Wireless. With its field-proven 5G network planning and optimization experience, we believe TTS Wireless will immediately expand our customer footprint at leading American operators. Additionally, we believe TTS Wireless’ highly-skilled network engineering team will enhance Amdocs’ Open 5G portfolio, helping us to execute on our strategy of providing an end-to-end 5G solution that can accelerate and simplify the deployment and monetization of open and smart 5G networks for our customers.

Sheffer concluded, “We are pleased with our operational and financial execution for the fiscal year to date, and we enter our fourth quarter with strong sales momentum as we continue to bring the innovative solutions that our customers need to modernize, automate and digitize their business. Taking everything into consideration, we are on-track to meet our full year targets for constant currency revenue growth and normalized free cash flow. Moreover, we now expect to deliver diluted non-GAAP earnings per share growth in the range of 6.2% to 7.8% for the full fiscal year 2019, the midpoint of which represents an increase of approximately 50 basis points over our previous guidance.”

Revenue

Revenue for the third fiscal quarter ended June 30, 2019 was $1,025 million, up $5 million sequentially from the second fiscal quarter of 2019 and up 2.2% as reported and 3.4% in constant currency as compared to last year’s third fiscal quarter. Revenue for the third fiscal quarter of 2019 includes a negative impact from foreign currency movements of approximately $3 million relative to the second quarter of fiscal 2019. Revenue was slightly above the midpoint of Amdocs’ guidance, adjusting for the negative impact of approximately $1 million of foreign currency movements relative to guidance.

Net Income and Earnings Per Share

The Company's GAAP net income for the third quarter of fiscal 2019 was $131.4 million, or $0.96 per diluted share, compared to GAAP net income of $91.5 million, or $0.64 per diluted share, in the prior fiscal year’s third quarter. Net income on a non-GAAP basis was $163.1 million, or $1.19 per diluted share, compared to non-GAAP net income of $147.5 million, or $1.03 per diluted share, in the third quarter of fiscal 2018. 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, other, net of related tax effects, in the third quarter of fiscal 2019. 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 August 7, 2019, the Board approved the Company’s next quarterly cash dividend payment of $0.285 per share and set September 30, 2019 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on October 25, 2019.
  • Share Repurchase Activity: Repurchased $89 million of ordinary shares during the third quarter of fiscal 2019.

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 $3.40 billion at the end of the third quarter of fiscal 2019, up $10 million from the end of the prior quarter.

Fourth Quarter Fiscal 2019 Outlook

  • Revenue of approximately $1,015-$1,055 million, assuming approximately $2 million sequential positive impact from foreign currency fluctuations as compared to the third quarter of fiscal 2019, and a partial quarter revenue contribution from the acquisition of TTS Wireless which closed earlier this week
  • GAAP diluted EPS of approximately $0.81-$0.89. The impact of the acquisition of TTS Wireless on GAAP diluted EPS will not be known until after Amdocs completes the purchase price allocation
  • Non-GAAP diluted EPS of approximately $1.04-$1.10, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, and approximately $0.05-$0.07 per share of equity-based compensation expense, net of related tax effects. The impact of the acquisition of TTS Wireless on Amdocs’ non-GAAP diluted earnings per share is expected to be neutral in the fourth quarter of fiscal 2019

Full Year Fiscal 2019 Outlook

  • Expects revenue growth of 2.4%-3.4% year-over-year as reported compared with 1.8%-3.8% year-over-year previously
  • Expects revenue growth of 3.6%-4.6% year-over-year on a constant currency basis, the midpoint of which is slightly higher compared with 3.0%-5.0% year-over-year previously
  • Full year fiscal 2019 revenue guidance incorporates an expected negative impact from foreign currency fluctuations of about 1.2% year-over-year, consistent with our previous expectation
  • Expects GAAP diluted earnings per share growth of roughly 37.0%-41.0% year-over-year compared with 33.0%-41.0% year-over-year previously. The impact of the acquisition of TTS Wireless on GAAP diluted EPS will not be known until after Amdocs completes the purchase price allocation
  • Expects non-GAAP diluted earnings per share growth of roughly 6.2%-7.8% year-over-year compared with 4.5%-8.5% year-over-year previously, excluding amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, approximately $0.24-$0.26 per share of equity-based compensation expense and other, net of related tax effects. The impact of the acquisition of TTS Wireless on Amdocs’ non-GAAP diluted earnings per share is expected to be neutral in fiscal year 2019, and neutral in the first full year after closing thereafter
  • Reiterates free cash flow guidance of approximately $500 million, comprised of cash flow from operations, less net capital expenditures and other, and normalized free cash flow of approximately $600 million

Our fourth 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.

Appointment of Board Member
Amdocs is pleased to announce the appointment of John A. MacDonald to the company’s board of directors, effective August 5, 2019, and subject to re-election at Amdocs’ next annual general meeting on Friday, January 31, 2020.  For more information, please visit the Investor Relations section of Amdocs’ website at www.amdocs.com.

Conference Call Details
Amdocs will host a conference call on August 7, 2019 at 5:00 p.m. Eastern Time to discuss the Company's third quarter of fiscal 2019 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 5692979. 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 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. 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 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 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, 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 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, interest and other expenses, net, 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.

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, 2018 filed on December 10, 2018 and our Form 6-K furnished for the first quarter of fiscal 2019 on February 19, 2019 and for the second quarter of fiscal 2019 on May 28, 2019.

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   Nine months ended
    June 30,   June 30,
    2019   2018   2019   2018
                 
Revenue   $ 1,024,704     $ 1,002,198     $ 3,056,416     $ 2,972,249  
                 
Operating expenses:                
Cost of revenue     664,862       650,569       1,986,043       1,940,353  
Research and development     68,376       72,729       203,827       205,832  
Selling, general and administrative     125,088       116,396       367,411       355,263  
Amortization of purchased intangible assets and other     24,058       26,929       73,543       81,256  
Restructuring charges     -       30,057       -       30,057  
      882,384       896,680       2,630,824       2,612,761  
Operating income     142,320       105,518       425,592       359,488  
                 
Interest and other expense, net     3,959       3,212       4,303       3,330  
Income before income taxes     138,361       102,306       421,289       356,158  
                 
Income taxes     6,913       10,776       63,870       46,028  
Net income   $ 131,448     $ 91,530     $ 357,419     $ 310,130  
Basic earnings per share   $ 0.96     $
0.64     $ 2.59    
$
2.17  
Diluted earnings per share   $ 0.96     $ 0.64     $ 2.58     $ 2.15  
Basic weighted average number of shares outstanding     136,541       141,972       138,126       142,982  
Diluted weighted average number of shares outstanding     137,082       143,196       138,769       144,320  
Cash dividends declared per share   $ 0.285     $ 0.250     $ 0.820     $ 0.720  


AMDOCS LIMITED

Selected Financial Metrics
(In thousands, except per share data)

    Three months ended   Nine months ended
    June 30,   June 30,
      2019       2018       2019       2018  
                 
Revenue   $ 1,024,704     $ 1,002,198     $ 3,056,416     $ 2,972,249  
                 
Non-GAAP operating income     177,289       173,590       529,900       514,414  
                 
Non-GAAP net income     163,126       147,547       447,952       439,363  
                 
Non-GAAP diluted earnings per share   $ 1.19     $ 1.03     $ 3.23     $ 3.04  
                 
Diluted weighted average number of shares outstanding     137,082       143,196       138,769       144,320  


Free Cash Flows and Normalized Free Cash Flow

(In thousands)

    Three months ended   Nine months ended
    June 30,   June 30,
      2019       2018       2019       2018  
                 
Net Cash Provided by Operating Activities   $ 164,473     $ 163,571     $ 442,752     $ 441,900  
                 
Purchases of property and equipment, net (*)     (35,833 )     (35,127 )     (93,761 )     (197,253 )
                 
Other     -       (213 )     -       (323 )
                 
Free Cash Flow     128,640       128,231       348,991       244,324  
                 
Payments for legal dispute settlement     -       -       55,000       -  
                 
Payments for previously expensed restructuring charges
    3,455       -       14,394       -  
                                 
Net capital expenditures related to the new campus development (*)     3,410       980       (2,206 )     95,011  
                 
Payments of acquisition related liabilities     7,667       -       7,667       -  
                 
Normalized Free Cash Flow   $ 143,172     $ 129,211     $ 423,846     $ 339,335  

(*) 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 $9,676 relating to the refund of betterment levy for the nine months ended 30 June 2019 and proceeds from sale of property and equipment of $11 and $74, $57 and $113, for the three and nine months ended 30 June 2019 and 2018, respectively.

 

AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
 (In thousands)

    Three months ended
June 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 $ 664,862 $ -   $ (5,080 ) $ (2,076 ) $ -   $ -   $ 657,706
Research and development   68,376   -     (608 )   -     -     -     67,768
Selling, general and administrative   125,088   -     (3,147 )   -     -     -     121,941
Amortization of purchased intangible assets and other   24,058   (24,058 )   -     -     -     -     -
Total operating expenses   882,384   (24,058 )   (8,835 )   (2,076 )   -     -     847,415
               
Operating income   142,320   24,058     8,835     2,076     -     -     177,289
               
Interest and other expense, net   3,959   -     -     -     (2,025 )   -     1,934
               
Income taxes   6,913   -     -     -     -     5,316     12,229
               
Net income $ 131,448 $ 24,058   $ 8,835   $ 2,076   $ 2,025   $ (5,316 ) $ 163,126
             
             
    Three months ended
June 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 Restructuring charges Tax effect Non-GAAP
Operating expenses:              
Cost of revenue $ 650,569 $ -   $ (5,074 ) $ (572 ) $ -   $ -   $ 644,923
Research and development   72,729   -     (1,071 )   -     -     -     71,658
Selling, general and administrative   116,396   -     (4,369 )   -     -     -     112,027
Amortization of purchased intangible assets and other   26,929   (26,929 )   -     -     -     -     -
Restructuring charges   30,057   -     -     -     (30,057 )   -     -
Total operating expenses   896,680   (26,929 )   (10,514 )   (572 )   (30,057 )   -     828,608
               
Operating income   105,518   26,929     10,514     572     30,057     -     173,590
               
Income taxes   10,776   -     -     -     -     12,055     22,831
                                       
Net income $ 91,530 $ 26,929   $ 10,514   $ 572   $ 30,057   $ (12,055 ) $ 147,547

 
AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
 (In thousands)

  Nine months ended
June 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 $ 1,986,043 $ -   $ (15,261 ) $ (199 ) $ -   $ -   $ 1,970,583
Research and development   203,827   -     (1,957 )   -     -     -     201,870
Selling, general and administrative   367,411   -     (13,348 )   -     -     -     354,063
Amortization of purchased intangible assets and other   73,543   (73,543 )   -     -     -     -     -
Total operating
 expenses
  2,630,824   (73,543 )   (30,566 )   (199 )   -     -     2,526,516
               
Operating income   425,592   73,543     30,566     199     -     -     529,900
               
Interest and other expense, net   4,303   -     -     -     (2,025 )   -     2,278
               
Income taxes   63,870   -     -     -     -     15,800     79,670
               
Net income $ 357,419 $ 73,543   $ 30,566   $ 199   $ 2,025   $ (15,800 ) $ 447,952
               
               
  Nine months ended
June 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 Restructuring charges Tax effect Non-GAAP
Operating expenses:              
Cost of revenue $ 1,940,353 $ -   $ (14,502 ) $ (9,033 ) $ -   $ -   $ 1,916,818
Research and development   205,832   -     (2,664 )   -     -     -     203,168
Selling, general and administrative   355,263   -     (17,414 )   -     -     -     337,849
Amortization of purchased intangible assets and other   81,256   (81,256 )   -     -     -     -     -
Restructuring charges   30,057   -     -     -     (30,057 )   -     -
Total operating expenses   2,612,761   (81,256 )   (34,580 )   (9,033 )   (30,057 )   -     2,457,835
               
Operating income   359,488   81,256     34,580     9,033     30,057     -     514,414
               
Income taxes   46,028   -     -     -     -     25,693     71,721
                                       
Net income $ 310,130 $ 81,256   $ 34,580   $ 9,033   $ 30,057   $ (25,693 ) $ 439,363

AMDOCS LIMITED
Condensed Consolidated Balance Sheets
 (In thousands)

    As of
    June 30,
2019
  September 30,
2018
         
ASSETS        
         
Current assets        
Cash, cash equivalents and short-term interest-bearing investments   $ 457,707     $ 519,216  
Accounts receivable, net, including unbilled of $206,285 and $263,997, respectively     952,891       971,502  
Prepaid expenses and other current assets     235,644       229,999  
Total current assets     1,646,242       1,720,717  
         
Property and equipment, net     492,718       496,585  
Goodwill and other intangible assets, net     2,648,395       2,710,144  
Other noncurrent assets     447,264       420,369  
Total assets   $ 5,234,619     $ 5,347,815  
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
         
Current liabilities        
Accounts payable, accruals and other   $ 1,067,065     $ 1,162,543  
Deferred revenue     115,963       132,414  
Total current liabilities     1,183,028       1,294,957  
Other noncurrent liabilities     523,906       560,816  
Total Amdocs Limited Shareholders’ equity     3,485,332       3,448,879  
Noncontrolling interests     42,353       43,163  
Total equity     3,527,685       3,492,042  
Total liabilities and equity   $ 5,234,619     $ 5,347,815  



AMDOCS LIMITED
Consolidated Statements of Cash Flows
(In thousands)

    Nine months ended
 June 30,
      2019       2018  
         
Cash Flow from Operating Activities:        
Net income   $ 357,419     $ 310,130  
Reconciliation of net income to net cash provided by operating activities:        
Depreciation and amortization     155,258       157,421  
Equity-based compensation expense     30,566       34,580  
Deferred income taxes     (9,455 )     7,947  
Loss from short-term interest-bearing investments     538       1,324  
Net changes in operating assets and liabilities, net of amounts acquired:        
Accounts receivable, net     22,721       (81,690 )
Prepaid expenses and other current assets     4,655       (21,796 )
Other noncurrent assets     3,370       2,006  
Accounts payable, accrued expenses and accrued personnel     (79,232 )     42,374  
Deferred revenue     (36,192 )     21,221  
Income taxes payable, net     (4,605 )     (15,428 )
Other noncurrent liabilities     (2,291 )     (16,189 )
Net cash provided by operating activities     442,752       441,900  
         
Cash Flow from Investing Activities:        
Purchases of property and equipment, net (*)     (93,761 )     (197,253 )
Proceeds from sale of short-term interest-bearing investments     51,473       302,949  
Purchase of short-term interest-bearing investments     -       (76,037 )
Net cash paid for acquisitions     (8,782 )     (352,599 )
Other     1,116       (2,414 )
Net cash used in investing activities     (49,954 )     (325,354 )
         
Cash Flow from Financing Activities:        
Borrowings under financing arrangements     -       120,000  
Payments under financing arrangements     -       (120,000 )
Repurchase of shares     (308,036 )     (329,593 )
Proceeds from employee stock options exercised     25,706       76,236  
Payments of dividends     (108,886 )     (98,929 )
Investment by noncontrolling interests, net     (4,776 )     47,013  
Payment of contingent consideration from a business acquisition     (7,470 )     -  
Other     (331 )     (323 )
Net cash used in financing activities     (403,793 )     (305,596 )
         
Net decrease in cash and cash equivalents     (10,995 )     (189,050 )
Cash and cash equivalents at beginning of period     418,783       649,611  
Cash and cash equivalents at end of period   $ 407,788     $ 460,561  

 

(*) The amounts under "Purchase of property and equipment, net”, include proceeds of $9,676 relating to the refund of betterment levy for the nine months ended June 30, 2019 and proceeds from sale of property and equipment of $74 and $113, for the nine months ended June 30, 2019 and 2018, respectively.


AMDOCS LIMITED

Supplementary Information
 (In millions)

    Three months ended
    June 30,
 2019
  March 31,
 2019
  December 31,
2018
  September 30,
2018
  June 30,
2018
North America   $ 643.9   $ 634.2   $ 660.5   $ 638.2   $ 644.8
Europe     145.5     151.0     146.1     150.6     139.3
Rest of the World     235.3     234.5     205.5     213.8     218.1
Total Revenue   $ 1,024.7   $ 1,019.7   $ 1,012.1   $ 1,002.6   $ 1,002.2


    Three months ended
    June 30,
 2019
  March 31,
 2019
  December 31,
2018
  September 30,
2018
  June 30,
2018
Managed Services Revenue   $ 578.1   $ 559.5   $ 525.5   $ 508.9   $ 515.0


    As of
    June 30,
 2019
  March 31,
 2019
  December 31,
2018
  September 30,
2018
  June 30,
2018
12-Month Backlog   $ 3,400   $ 3,390   $ 3,370   $ 3,360   $ 3,330

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