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 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

AMDOCS LIMITED

Suite 5, Tower Hill House Le Bordage
St. Peter Port, Island of Guernsey, GY1 3QT

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 þ            FORM 40-F o

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): o

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): o

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 o            NO þ

 

 

     On April 22, 2010, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended March 31, 2010. 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.

Date: April 22, 2010

EXHIBIT INDEX

EXHIBIT NO.		DESCRIPTION
99.1		Amdocs Limited Press Release dated April 22, 2010.

Exhibit 99.1

Amdocs Limited Reports Quarterly Revenue of $744 Million, up 4.6% YoY
$700 Million Share Repurchase Program Authorized

Key highlights:

	•		Second fiscal quarter revenue of $744 million, compared to the $730-$750 million guidance range. Foreign currency movements negatively impacted revenue by approximately $6 million relative to the Company’s expectations when it issued guidance on January 20, 2010
	•		Second quarter non-GAAP operating income of $135 million; non-GAAP operating margin of 18.2%; GAAP operating income of $103 million
	•		Second quarter diluted non-GAAP EPS of $0.56, excluding amortization of purchased intangible assets and other acquisition related costs, impairment on investment in a subsidiary, and equity-based compensation expense, net of related tax effects, compared to the $0.52-$0.56 guidance range
	•		Diluted GAAP EPS of $0.33 for the second quarter, lower than the $0.40-$0.45 guidance range due to a $0.10 one-time charge resulting from the impairment of the Company’s investment in Longshine
	•		Free cash flow of $148 million for the second quarter
	•		Twelve-month backlog of $2.46 billion at the end of the second quarter, up $35 million from the end of the first quarter of 2010
	•		Third fiscal quarter of 2010 guidance: Expected revenue of approximately $750-$765 million and diluted non-GAAP EPS of $0.55-$0.58, excluding acquisition-related costs and approximately $0.04-$0.05 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.41-$0.46
	•		The board of directors has authorized a share repurchase plan allowing the repurchase of up to $700 million of ordinary shares over the next twelve months

St. Louis, MO — April 22, 2010 — Amdocs Limited (NYSE: DOX) today reported that for its second fiscal quarter of 2010 ended March 31, 2010, revenue was $744.0 million, up 2.6%

sequentially from the first fiscal quarter of 2010 and up 4.6% as compared to last year’s second fiscal quarter. Net income on a non-GAAP basis was $116.9 million, or $0.56 per diluted share, compared to non-GAAP net income of $104.9 million, or $0.50 per diluted share, in the second quarter of fiscal 2009. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition related costs, impairment on investment in a subsidiary and equity-based compensation expense of $48.3 million, net of related tax effects, in the second quarter of fiscal 2010 and excludes such amortization, and equity-based compensation expense of $24.2 million, net of related tax effects, in the second quarter of fiscal 2009. The Company’s GAAP net income for the second quarter of fiscal 2010 was $68.6 million, or $0.33 per diluted share, compared to GAAP net income of $80.6 million, or $0.39 per diluted share, in the prior year’s second quarter.

“We are very pleased with our performance in the second fiscal quarter, and we believe our results and outlook are evidence of our competitive advantages which are, in turn, driving improved new project activity globally and continued strength in managed services and cable/satellite. Our CES 8 product launch has begun to resonate in the market and is now providing Amdocs an incremental tailwind for demand for our products and services, compounding on the effects of improving economic conditions,” said Dov Baharav, chief executive officer of Amdocs Management Limited.

Baharav continued, “Additionally, in our ongoing effort to align the business with the greatest opportunities in the market and augment our core strategies through focused corporate development actions, we made several important decisions recently. First, we acquired MX Telecom to continue building our presence in mobile payments and expand the OpenMarket footprint outside of the US. Second, we just signed an agreement this week to acquire Streamezzo, a mobile internet application development platform, to broaden our solutions in digital services delivery, and we expect to close the transaction during the third quarter, subject to customary closing conditions. Last, we believe we have better aligned our strategy to the specific needs of Chinese service providers by divesting a majority stake in Longshine.”

Baharav concluded, “As a result of the trends we are observing in the business, we believe we can achieve at least the 1-2% sequential quarterly revenue growth (in constant currency) we had previously planned for throughout the remainder of fiscal 2010. Additionally, our

Board has authorized a $700 million share repurchase program given the strength of our capital position and our confidence in the long-term growth opportunities for Amdocs.”

Financial Discussion of Second Fiscal Quarter Results

Free cash flow was $148 million for the quarter, comprised of cash flow from operations of $165 million less approximately $17 million in net capital expenditures and other.

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 $2.46 billion at the end of the second quarter of fiscal 2010.

Financial Outlook

Amdocs expects that revenue for the third quarter of fiscal 2010 will be approximately $750-$765 million. Amdocs expects diluted earnings per share on a non-GAAP basis for the third quarter to be $0.55-$0.58, excluding acquisition-related costs and approximately $0.04-$0.05 per share of equity-based compensation expense, net of related tax effects. Amdocs estimates GAAP diluted earnings per share for the third quarter will be $0.41-$0.46.

Share Repurchase Plan

Amdocs Limited’s board of directors has authorized a share repurchase plan allowing the repurchase of up to $700 million of its outstanding ordinary shares over the next twelve months. The authorization permits Amdocs to purchase its ordinary shares in open market or privately negotiated transactions at times and prices considered appropriate by the Company.

About Streamezzo

Streamezzo is a provider of a development platform for the creation and the deployment of Rich Mobile Internet Applications across multiple mobile operating systems and devices. Streamezzo’s Rich Mobile Internet Applications, such as Mobile TV, Music store, and StoreFront, provide attractive revenue opportunities for mobile operators, content providers, and application developers.

Conference Call Details

Amdocs will host a conference call on April 22, 2010 at 5 p.m. Eastern Time to discuss the Company’s second quarter results. The call will 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 service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes and non-GAAP net income. These non-GAAP measures exclude the following items:

	•		amortization of purchased intangible assets and other acquisition related costs;
	•		in-process research and development write-off;
	•		restructuring charges;
	•		equity-based compensation expense; and
	•		impairment on investment in a subsidiary;
	•		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 service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes and non-GAAP net income, 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, in-process research and development write-off, restructuring 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 non-cash expenses in reviewing its results and those of its competitors, because the amounts of the expenses between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the expenses.

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 service, 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.

About Amdocs

Amdocs is the market leader in customer experience systems innovation. The company combines business and operational support systems, service delivery platforms, proven services, and deep industry expertise to enable service providers and their customers to do more in the connected world. Amdocs’ offerings help service providers explore new business models, differentiate through personalized customer experiences, and streamline operations. A global company with revenue of $2.86 billion in fiscal 2009, Amdocs has approximately

18,000 employees and serves customers in more than 60 countries worldwide. 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, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company’s filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2009 filed on December 7, 2009 and in our quarterly 6-K filed February 8, 2010.

Contact:
Elizabeth W. Grausam
Vice President 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								Six months ended
		March 31,								March 31,
		2010				2009				2010				2009
Revenue:
License		$	25,949			$	37,203			$	50,099			$	81,804
Service			718,020				673,881				1,418,681				1,383,119
			743,969				711,084				1,468,780				1,464,923
Operating expenses:
Cost of license			745				569				1,187				1,560
Cost of service			475,440				455,997				937,655				940,048
Research and development			51,190				52,750				101,296				108,979
Selling, general and administrative			92,028				84,308				183,608				174,573
Amortization of purchased intangible assets and other			21,439				21,501				42,758				41,755
Restructuring charges and in-process research and development			—				—				—				20,780
			640,842				615,125				1,266,504				1,287,695
Operating income			103,127				95,959				202,276				177,228
Interest expense and other, net			22,761				5,763				23,476				3,528
Income before income taxes			80,366				90,196				178,800				173,700
Income taxes			11,816				9,566				21,897				18,823
Net income		$	68,550			$	80,630			$	156,903			$	154,877
Basic earnings per share		$	0.33			$	0.40	*		$	0.76			$	0.76	*
Diluted earnings per share		$	0.33			$	0.39	*		$	0.76			$	0.74	*
Basic weighted average number of shares outstanding			206,025				203,827	*			205,724				203,701	*
Diluted weighted average number of shares outstanding			207,691				210,645	*			207,174				211,857	*

AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)

		Three months ended								Six months ended
		March 31,								March 31,
		2010				2009				2010				2009
Revenue		$	743,969			$	711,084			$	1,468,780			$	1,464,923
Non-GAAP operating income			135,284				127,977				266,605				263,697
Non-GAAP net income			116,870				104,875				229,997				221,125
Non-GAAP diluted earnings per share		$	0.56			$	0.50	*		$	1.11			$	1.05	*
Diluted weighted average number of shares outstanding			207,691				210,645	*			207,174				211,857	*

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)

										Three months ended
										March 31, 2010
						Reconciliation items
						Amortization
						of purchased								Impairment on
						intangible				Equity based				investment
						assets and				compensation				in a								Non-
		GAAP				other				expense				subsidiary				Tax effect				GAAP
Operating expenses:
Cost of license		$	745			$	—			$	—			$	—			$	—			$	745
Cost of service			475,440				—				(4,967	)			—				—				470,473
Research and development			51,190				—				(1,004	)			—				—				50,186
Selling, general and administrative			92,028				—				(4,747	)			—				—				87,281
Amortization of purchased intangible assets and other			21,439				(21,439	)			—				—				—				—
Total operating expenses			640,842				(21,439	)			(10,718	)			—				—				608,685
Operating income			103,127				21,439				10,718				—				—				135,284
Interest expense and other, net			22,761				—				—				(21,800	)			—				961
Income taxes			11,816				—				—				—				5,637				17,453
Net income		$	68,550			$	21,439			$	10,718			$	21,800			$	(5,637	)		$	116,870

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)

		Three months ended
		March 31, 2009
						Reconciliation items
						Amortization of				Equity based
						purchased				compensation
		GAAP				intangible assets				expense				Tax effect				Non-GAAP
Operating expenses:
Cost of license		$	569			$	—			$	—			$	—			$	569
Cost of service			455,997				—				(4,950	)			—				451,047
Research and development			52,750				—				(977	)			—				51,773
Selling, general and administrative			84,308				—				(4,590	)			—				79,718
Amortization of purchased intangible assets and other			21,501				(21,501	)			—				—				—
Total operating expenses			615,125				(21,501	)			(10,517	)			—				583,107
Operating income			95,959				21,501				10,517				—				127,977
Income taxes			9,566				—				—				7,773				17,339
Net income		$	80,630			$	21,501			$	10,517			$	(7,773	)		$	104,875

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)

		Six months ended
		March 31, 2010
						Reconciliation items
						Amortization of								Impairment on
						purchased				Equity based				investment
						intangible assets				compensation				in a
		GAAP				and other				expense				subsidiary				Tax effect				Non-GAAP
Operating expenses:
Cost of license		$	1,187			$	—			$	—			$	—			$	—			$	1,187
Cost of service			937,655				—				(9,752	)			—				—				927,903
Research and development			101,296				—				(2,137	)			—				—				99,159
Selling, general and administrative			183,608				—				(9,682	)			—				—				173,926
Amortization of purchased intangible assets and other			42,758				(42,758	)			—				—				—				—
Total operating expenses			1,266,504				(42,758	)			(21,571	)			—				—				1,202,175
Operating income			202,276				42,758				21,571				—				—				266,605
Interest expense and other, net			23,476				—				—				(21,800	)			—				1,676
Income taxes			21,897				—				—				—				13,035				34,932
Net income		$	156,903			$	42,758			$	21,571			$	21,800			$	(13,035	)		$	229,997

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)

		Six months ended
		March 31, 2009
						Reconciliation items
										Restructuring
						Amortization of				charges and in-				Equity based
						purchased				process research				compensation
		GAAP				intangible assets				and development				expense				Tax effect				Non-GAAP
Operating expenses:
Cost of license		$	1,560			$	—			$	—			$	—			$	—			$	1,560
Cost of service			940,048				—				—				(10,661	)			—				929,387
Research and development			108,979				—				—				(2,039	)			—				106,940
Selling, general and administrative			174,573				—				—				(11,234	)			—				163,339
Amortization of purchased intangible assets and other			41,755				(41,755	)			—				—				—				—
Restructuring charges and in-process research and development			20,780				—				(20,780	)			—				—				—
Total operating expenses			1,287,695				(41,755	)			(20,780	)			(23,934	)			—				1,201,226
Operating income			177,228				41,755				20,780				23,934				—				263,697
Income taxes			18,823				—				—				—				20,221				39,044
Net income		$	154,877			$	41,755			$	20,780			$	23,934			$	(20,221	)		$	221,125

AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)

		As of
		March 31,				September 30,
		2010				2009
ASSETS
Current assets
Cash, cash equivalents and short-term interest-bearing investments		$	1,361,499			$	1,173,041
Accounts receivable, net, including unbilled of $38,807and $21,749, respectively			484,764				454,965
Deferred income taxes and taxes receivable			118,794				117,848
Prepaid expenses and other current assets			90,317				126,704
Total current assets			2,055,374				1,872,558
Equipment and leasehold improvements, net			254,180				279,659
Goodwill and other intangible assets, net			1,883,765				1,766,761
Other noncurrent assets			433,614				409,439
Total assets		$	4,626,933			$	4,328,417
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable, accruals and other		$	463,457			$	415,371
Deferred revenue			189,489				186,158
Deferred income taxes and taxes payable			13,507				9,338
Total current liabilities			666,453				610,867
Noncurrent liabilities and other			557,085				504,497
Shareholders’ equity			3,403,395				3,213,053
Total liabilities and shareholders’ equity		$	4,626,933			$	4,328,417

AMDOCS LIMITED
Consolidated Statements of Cash Flows
(in thousands)

		Six months ended March 31,
		2010				2009
Cash Flow from Operating Activities:
Net income		$	156,903			$	154,877
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization			97,524				98,491
Impairment on investment in a subsidiary			21,800				—
In-process research and development			—				5,640
Loss on sale of equipment			148				—
Equity-based compensation expense			21,571				23,934
Deferred income taxes			(4,312	)			11,258
Gain on repurchase of convertible notes			—				(2,185	)
Excess tax benefit from equity-based compensation			(98	)			(2	)
(Gain) loss from short-term interest-bearing investments			(427	)			4,991
Net changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			(12,355	)			67,244
Prepaid expenses and other current assets			28,485				5,905
Other noncurrent assets			(26,540	)			21,725
Accounts payable, accrued expenses and accrued personnel			34,846				(61,315	)
Deferred revenue			30,586				(49,005	)
Income taxes payable			2,571				(15,932	)
Other noncurrent liabilities			7,373				(44,027	)
Net cash provided by operating activities			358,075				221,599
Cash Flow from Investing Activities:
Payments for purchase of equipment , net			(40,074	)			(47,478	)
Proceeds from sale of short-term interest-bearing investments			747,201				323,234
Purchase of short-term interest-bearing investments			(871,945	)			(376,579	)
Net cash paid for acquisitions			(149,685	)			(61,855	)
Net cash used in investing activities			(314,503	)			(162,678	)
Cash Flow from Financing Activities:
Borrowing under long-term financing arrangements			—				450,000
Redemption and repurchase of convertible notes			—				(446,795	)
Repurchase of shares			—				(20,014	)
Proceeds from employee stock options exercised			17,325				1,797
Payments under capital lease and short-term financing arrangements			(223	)			(410	)
Excess tax benefit from equity-based compensation			98				2
Net cash provided by (used in) financing activities			17,200				(15,420	)
Net increase in cash and cash equivalents			60,772				43,501
Cash and cash equivalents at beginning of period			728,762				718,850
Cash and cash equivalents at end of period		$	789,534			$	762,351

AMDOCS LIMITED
Supplementary Information
(in millions)

		Three months ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2010				2009				2009				2009				2009
North America		$	572.4			$	547.6			$	528.0			$	527.7			$	539.8
Europe			92.1				89.5				93.0				84.4				105.0
Rest of World			79.5				87.7				86.4				78.2				66.3
Total Revenue		$	744.0			$	724.8			$	707.4			$	690.3			$	711.1

		Three months ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2010				2009				2009				2009				2009
Customer Experience Systems		$	689.0			$	678.4			$	668.6			$	647.9			$	668.0
Directory			55.0				46.4				38.8				42.4				43.1
Total Revenue		$	744.0			$	724.8			$	707.4			$	690.3			$	711.1

		As of
		March 31,				December 31,				September 30,				June 30,				March 31,
		2010				2009				2009				2009				2009
12-Month Backlog		$	2,460			$	2,425			$	2,385			$	2,370			$	2,370

# # #