6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2019

Commission File Number 1-14840

 

 

AMDOCS LIMITED

 

 

Hirzel House, Smith Street,

St. Peter Port, Island of Guernsey, GY1 2NG

Amdocs, Inc.

1390 Timberlake Manor Parkway, Chesterfield, Missouri 63017

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

FORM 20-F ☒            FORM 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

YES ☐            NO ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-               

 

 

 


On February 5, 2019, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended December 31, 2018. A copy of the press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.

The information in this Form 6-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

AMDOCS LIMITED

By:

 

/s/ Matthew E. Smith

  Matthew E. Smith
  Secretary and Authorized Signatory

Date: February 5, 2019


EXHIBIT INDEX

 

EXHIBIT
NO.

  

DESCRIPTION

99.1    Amdocs Limited Press Release dated February 5, 2019.
EX-99.1

Exhibit 99.1

 

LOGO

Amdocs Limited Reports First Quarter Fiscal 2019 Results

Record Quarterly Revenue of Over $1 Billion

Positives Sales Momentum, Including New Awards With Altice USA,

PJSC VimpelCom & Globe Telecom

First Quarter Fiscal 2019 Highlights

 

   

Revenue of $1,012 million, slightly above the midpoint of the $990-$1,030 million guidance range including a negative impact from foreign currency movements of approximately $4 million relative to the fourth quarter of fiscal 2018 and also relative to our first quarter guidance

 

   

GAAP diluted EPS of $0.72, above the midpoint of the $0.67-$0.75 guidance range

 

   

Non-GAAP diluted EPS of $0.98, at the midpoint of the $0.95-$1.01 guidance range

 

   

GAAP operating income of $133 million; GAAP operating margin of 13.2%

 

   

Non-GAAP operating income of $175 million; non-GAAP operating margin of 17.3%

 

   

Quarterly free cash flow of $72 million, comprised of cash flow from operations of $110 million, less $37 million in net capital expenditures and other, and normalized free cash flow of $136 million, excluding non-recurring payments of $55 million incurred to settle a previously disclosed long-running legal dispute, payments for previously expensed restructuring charges of $7 million and net capital expenditures related to the new campus development of $2 million

 

   

Twelve-month backlog of $3.37 billion, up $10 million sequentially

 

   

The board of directors approved a quarterly cash dividend at the new increased rate of $0.285 per share, as approved at the January 2019 annual general meeting of shareholders, to be paid on April 19, 2019


ST. LOUIS – February 5, 2019 – Amdocs Limited (NASDAQ: DOX) today reported operating results for the three months ended December 31, 2018.

“We are pleased to report a solid start to the fiscal year, with first quarter revenue above the midpoint of our guidance. North America grew year-over-year as we supported the digital modernization requirements of many of our communications, Pay TV and media customers, while Europe delivered another solid quarter adjusting for foreign currency headwinds. At the operating level, we delivered another quarter of stable profitability which reflects such factors as our highly recurring revenue stream, the scalability of our global delivery model and our constant drive to improve efficiency,” said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.

Sheffer continued, “During Q1, we won several new deals that demonstrate the execution of our strategy, our market leadership and extend our penetration across regions. We signed a multi-year agreement to accelerate Altice USA’s digital and mobile offerings, while in Europe we won a significant digital modernization project and managed services agreement with PJSC VimpelCom in Russia, and a new managed transformation deal with a Tier-1 service provider in Spain. Over in Rest of World, we signed a 5-year digital transformation and cloud migration deal with a leading Southeast Asian content and consumer provider. We also made exciting progress with Globe Telecom in the Philippines which has selected our Network Functions Virtualization solution to automate the operations and management of its Networks-as-a-Service offering for enterprise customers.”

Sheffer concluded, “Winning and delivering transformation projects requires the breadth of innovative solutions and track-record of execution that we believe can only be met with our unique capabilities and business model. Moreover, such projects provide important footholds in the market which over time translate to long-lasting customer relationships, ongoing service revenues and a base for future growth. Overall, we believe our market position is strong as we enter our second fiscal quarter, the outlook for which is supported by the visibility of our record 12-month backlog”.


Revenue

Revenue for the first fiscal quarter ended December 31, 2018 was $1,012 million, up $9.5 million sequentially from the fourth fiscal quarter of 2018 and up 3.5% as compared to last year’s first fiscal quarter. Revenue for the first fiscal quarter of 2019 includes a negative impact from foreign currency movements of approximately $4 million relative to the fourth quarter of fiscal 2018 and versus guidance.

Net Income and Earnings Per Share

The Company’s GAAP net income for the first quarter of fiscal 2019 was $101.7 million, or $0.72 per diluted share, compared to GAAP net income of $116.9 million, or $0.80 per diluted share, in the prior fiscal year’s first quarter. Net income on a non-GAAP basis was $137.8 million, or $0.98 per diluted share, compared to non-GAAP net income of $154.5 million, or $1.06 per diluted share, in the first 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, and equity-based compensation expenses of $12.1 million, net of related tax effects, in the first quarter of fiscal 2019.

Returning Cash to Shareholders

 

   

Quarterly Cash Dividend Program: On February 5, 2019, the Board approved the Company’s next quarterly cash dividend payment of $0.285 per share and set March 29, 2019 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on April 19, 2019.

 

   

Share Repurchase Activity: Repurchased $99 million of ordinary shares during the first 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 $3.37 billion at the end of the first quarter of fiscal 2019, up $10 million from the end of the prior quarter.


Second Quarter Fiscal 2019 Outlook

 

   

Revenue of approximately $995-$1,035 million, assuming an immaterial sequential impact from foreign currency fluctuations as compared to the first quarter of fiscal 2019

 

   

GAAP diluted EPS of approximately $0.75-$0.83

 

   

Non-GAAP diluted EPS of approximately $1.00-$1.06, 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.

Full Year Fiscal 2019 Outlook

 

   

Expects revenue growth of 0.5%-4.5% year-over-year on a reported basis as compared with 1.0%-5.0% year-over-year previously

 

   

Reiterates revenue growth of 2.0%-6.0% year-over-year on a constant currency basis

 

   

Full year fiscal 2019 revenue guidance incorporates an expected negative impact from foreign currency fluctuations of about 1.5% year-over-year as compared with a negative impact of about 1.0% year-over-year previously

 

   

Reiterates GAAP diluted earnings per share growth of roughly 29.0%-38.0% year-over-year

 

   

Reiterates 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 $0.22-$0.28 per share of equity-based compensation expense, net of related tax effects

Our second 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.


Conference Call Details

Amdocs will host a conference call on February 5, 2019 at 5:00 p.m. Eastern Time to discuss the Company’s first 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 1697728. 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, 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 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; and

 

   

tax effects related to the above.

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, 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 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 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, 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

 

   

Keep up with Amdocs news by visiting the Company’s website

 

   

Subscribe to Amdocs’ RSS Feed and follow us on Twitter, Facebook, LinkedIn and YouTube

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.

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.

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  
     December 31,  
     2018      2017  

Revenue

   $ 1,012,055      $ 977,711  

Operating expenses:

     

Cost of revenue

     662,568        643,197  

Research and development

     68,686        68,177  

Selling, general and administrative

     121,860        118,668  

Amortization of purchased intangible assets and other

     25,844        25,526  
  

 

 

    

 

 

 
     878,958        855,568  
  

 

 

    

 

 

 

Operating income

     133,097        122,143  

Interest and other income, net

     1,522        121  
  

 

 

    

 

 

 

Income before income taxes

     134,619        122,264  

Income taxes

     32,927        5,391  
  

 

 

    

 

 

 

Net income

   $ 101,692      $ 116,873  
  

 

 

    

 

 

 

Basic earnings per share

   $ 0.73      $ 0.81  
  

 

 

    

 

 

 

Diluted earnings per share

   $ 0.72      $ 0.80  
  

 

 

    

 

 

 

Basic weighted average number of shares outstanding

     139,639        143,915  
  

 

 

    

 

 

 

Diluted weighted average number of shares outstanding

     140,511        145,346  
  

 

 

    

 

 

 

Cash dividends declared per share

   $ 0.250      $ 0.220  
  

 

 

    

 

 

 


AMDOCS LIMITED

Selected Financial Metrics

(In thousands, except per share data)

 

     Three months ended  
     December 31,  
     2018      2017  

Revenue

   $ 1,012,055      $ 977,711  

Non-GAAP operating income

     174,849        169,064  

Non-GAAP net income

     137,818        154,466  

Non-GAAP diluted earnings per share

   $ 0.98      $ 1.06  

Diluted weighted average number of shares outstanding

     140,511        145,346  

Normalized Free Cash Flows

(In thousands)

 

     Three months ended  
     December 31,  
     2018     2017  

Net Cash Provided by Operating Activities

   $ 109,650     $ 164,601  

Purchases of property and equipment, net (*)

     (37,278     (51,779
  

 

 

   

 

 

 

Free Cash Flow

     72,372       112,822  

Payments for Legal Dispute Settlement

     55,000       —    

Payments for Previously Expensed Restructuring Charges

     6,625       —    

Net capital expenditures related to the new campus development

     2,054       12,818  
  

 

 

   

 

 

 

Normalized Free Cash Flow

     136,051       125,640  
  

 

 

   

 

 

 

(*) The amounts under “Purchase of property and equipment, net”, include proceeds from sale of property and equipment of $31 and $2 for the three months ended 31 December 2018 and 2017, respectively.


AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(In thousands)

 

     Three months ended December 31, 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
    Tax
effect
    Non-GAAP  

Operating expenses:

             

Cost of revenue

   $ 662,568      $ —       $ (4,851   $ (3,791   $ —       $ 653,926  

Research and development

     68,686        —         (765     —         —         67,921  

Selling, general and administrative

     121,860        —         (6,501     —         —         115,359  

Amortization of purchased intangible assets and other

     25,844        (25,844     —         —         —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     878,958        (25,844     (12,117     (3,791     —         837,206  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     133,097        25,844       12,117       3,791       —         174,849  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

     32,927        —         —         —         5,626       38,553  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 101,692      $ 25,844     $ 12,117     $ 3,791     $ (5,626   $ 137,818  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Three months ended December 31, 2017  
            Reconciliation items        
     GAAP      Amortization
of purchased
intangible
assets and
other
    Equity based
compensation
expense
    Changes in certain
acquisitions
related liabilities
measured at fair
value
    Tax
effect
    One-time
tax benefit
relating to
the new
U.S. tax
legislation
    Non-GAAP  

Operating expenses:

               

Cost of revenue

   $ 643,197      $ —       $ (4,698   $ (7,890   $ —       $ —       $ 630,609  

Research and development

     68,177        —         (824     —         —         —         67,353  

Selling, general and administrative

     118,668        —         (7,983     —         —         —         110,685  

Amortization of purchased intangible assets and other

     25,526        (25,526     —         —         —         —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     855,568        (25,526     (13,505     (7,890     —         —         808,647  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     122,143        25,526       13,505       7,890       —         —         169,064  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

     5,391        —         —         —         6,078       3,250       14,719  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 116,873      $ 25,526     $ 13,505     $ 7,890     $ (6,078   $ (3,250   $ 154,466  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


AMDOCS LIMITED

Condensed Consolidated Balance Sheets

(In thousands)

 

     As of  
     December 31,
2018
     September 30,
2018
 

ASSETS

     

Current assets

     

Cash, cash equivalents and short-term interest-bearing investments

   $ 458,650      $ 519,216  

Accounts receivable, net, including unbilled of $246,409 and $263,997, respectively

     1,008,748        971,502  

Prepaid expenses and other current assets

     213,996        229,999  
  

 

 

    

 

 

 

Total current assets

     1,681,394        1,720,717  

Property and equipment, net

     486,662        496,585  

Goodwill and other intangible assets, net

     2,690,050        2,710,144  

Other noncurrent assets

     437,923        420,369  
  

 

 

    

 

 

 

Total assets

   $ 5,296,029      $ 5,347,815  
  

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities

     

Accounts payable, accruals and other

   $ 1,135,277      $ 1,162,543  

Deferred revenue

     138,420        132,414  
  

 

 

    

 

 

 

Total current liabilities

     1,273,697        1,294,957  

Other noncurrent liabilities

     523,172        560,816  

Total Amdocs Limited Shareholders’ equity

     3,452,031        3,448,879  

Noncontrolling interests

     47,129        43,163  
  

 

 

    

 

 

 

Total equity

     3,499,160        3,492,042  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 5,296,029      $ 5,347,815  
  

 

 

    

 

 

 


AMDOCS LIMITED

Consolidated Statements of Cash Flows

(In thousands)

 

     Three months ended
December 31,
 
     2018     2017  

Cash Flow from Operating Activities:

    

Net income

   $ 101,692     $ 116,873  

Reconciliation of net income to net cash provided by operating activities:

    

Depreciation and amortization

     51,477       49,237  

Equity-based compensation expense

     12,117       13,505  

Deferred income taxes

     (4,505     (9,245

Gain from short-term interest-bearing investments

     (30     (142

Net changes in operating assets and liabilities, net of amounts acquired:

    

Accounts receivable, net

     (26,406     (68,797

Prepaid expenses and other current assets

     20,174       2,067  

Other noncurrent assets

     2,552       (4,804

Accounts payable, accrued expenses and accrued personnel

     (50,332     70,632  

Deferred revenue

     (11,922     (2,944

Income taxes payable, net

     23,887       598  

Other noncurrent liabilities

     (9,054     (2,379
  

 

 

   

 

 

 

Net cash provided by operating activities

     109,650       164,601  
  

 

 

   

 

 

 

Cash Flow from Investing Activities:

    

Purchases of property and equipment, net (*)

     (37,278     (51,779

Proceeds from sale of short-term interest-bearing investments

     860       56,698  

Purchase of short-term interest-bearing investments

     —         (52,648

Net cash paid for acquisitions

     (8,331     (53,948

Other

     857       707  
  

 

 

   

 

 

 

Net cash used in investing activities

     (43,892     (100,970
  

 

 

   

 

 

 

Cash Flow from Financing Activities:

    

Repurchase of shares

     (99,182     (119,898

Proceeds from employee stock options exercised

     8,379       31,053  

Payments of dividends

     (35,046     (31,736

Investment by noncontrolling interests, net

     —         48,123  

Other

     (35     —    
  

 

 

   

 

 

 

Net cash used in financing activities

     (125,884     (72,458
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (60,126     (8,827

Cash and cash equivalents at beginning of period

     418,783       649,611  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 358,657     $ 640,784  
  

 

 

   

 

 

 

 

 

(*) The amounts under “Purchase of property and equipment, net”, include proceeds from sale of property and equipment of $31 and $2, for the three months ended 31 December 2018 and 2017, respectively.


AMDOCS LIMITED

Supplementary Information

(In millions)

 

     Three months ended  
     December 31,
2018
     September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
 

North America

   $ 660.5      $ 638.2      $ 644.8      $ 624.2      $ 643.0  

Europe

     146.1        150.6        139.3        148.6        133.7  

Rest of the World

     205.5        213.8        218.1        219.5        201.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Revenue

   $ 1,012.1      $ 1,002.6      $ 1,002.2      $ 992.3      $ 977.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     Three months ended  
     December 31,
2018
     September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
 

Managed Services Revenue

   $ 525.5      $ 508.9      $ 515.0      $ 508.9      $ 518.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of  
     December 31,
2018
     September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
 

12-Month Backlog

   $ 3,370      $ 3,360      $ 3,330      $ 3,320      $ 3,260  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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