e6vk
 
 
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
For the month of November, 2011
Commission File Number 1-14840
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  X         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    X   
 
 


 

     On November 8, 2011, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter and fiscal year ended September 30, 2011. 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
 
 
  /s/ Thomas G. O'Brien    
  Thomas G. O’Brien   
Date: November 8, 2011  Treasurer and Secretary Authorized U.S. Representative   

 


 

         
EXHIBIT INDEX
         
Exhibit No.   Description
  99.1    
Amdocs Limited Press Release dated November 8, 2011.

 

exv99w1
Exhibit 99.1
 
     
P R E S S   R E L E A S E  
Amdocs Limited Reports Quarterly Revenue of $812 Million, Up 6.6% YoY
Expects Fiscal 2012 non-GAAP EPS growth of at least 10-12%
Key highlights:
    Fourth fiscal quarter revenue of $812 million, compared to the $800-$815 million guidance range. The acquisition of Bridgewater Systems Corporation positively affected revenue by approximately $7 million which was not reflected in the company’s guidance. Additionally, foreign currency movements negatively affected revenue by approximately $4 million sequentially relative to the third fiscal quarter of 2011
    Fourth fiscal quarter non-GAAP operating income of $134 million; non-GAAP operating margin of 16.5%; GAAP operating income of $105 million
    Fourth fiscal quarter diluted non-GAAP EPS of $0.62, compared to the $0.58-$0.64 guidance range, excluding amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expense, net of related tax effects
    Diluted GAAP EPS of $0.49 for the fourth fiscal quarter, compared to the $0.46-$0.54 guidance range
    Free cash flow of $118 million for the fourth fiscal quarter
    Twelve-month backlog of $2.67 billion at the end of the fourth fiscal quarter, up $50 million from the end of the third fiscal quarter of 2011
    Repurchased $192 million of ordinary shares during the fourth fiscal quarter
    First quarter fiscal 2012 guidance: Expected revenue of approximately $805-$825 million and diluted non-GAAP EPS of $0.61-$0.67, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05-$0.06 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.49-$0.57
    Fiscal 2012 guidance: Expected non-GAAP earnings per share growth of at least 10-12% and revenue growth of approximately 5-6% in fiscal 2012 compared to fiscal 2011

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ST. LOUIS — November 8, 2011 — Amdocs Limited (NYSE: DOX) today reported that for its fourth fiscal quarter ended September 30, 2011, revenue was $812.2 million, up 1.3% sequentially from the third fiscal quarter of 2011 and up 6.6% as compared to last year’s fourth fiscal quarter. Net income on a non-GAAP basis was $111.2 million, or $0.62 per diluted share, compared to non-GAAP net income of $122.4 million, or $0.62 per diluted share, in the fourth quarter of fiscal 2010. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expenses of $23.8 million, net of related tax effects, in the fourth quarter of fiscal 2011 and excludes such amortization and equity-based compensation expenses of $27.6 million, net of related tax effects, in the fourth quarter of fiscal 2010. The Company’s GAAP net income for the fourth quarter of fiscal 2011 was $87.4 million, or $0.49 per diluted share, compared to GAAP net income of $94.7 million, or $0.48 per diluted share, in the prior year’s fourth fiscal quarter.
“We concluded fiscal 2011 with strong execution, on-going deal momentum in the emerging markets and continued progress in revitalizing our European business. In North America, we continued to see solid demand in 2011 and further extended our market leadership with key competitive wins. Additionally, our profitability improved throughout the year as the investment decisions we made at the beginning of 2011 yielded results,” said Eli Gelman, chief executive officer of Amdocs Management Limited.
Gelman continued, “Looking ahead to fiscal 2012, we are embarking on many new, industry-leading projects at several of the world’s largest operators. Our focused strategy of empowering service providers to support compelling customer experiences while concurrently improving their ability to monetize new data services is resonating in the market. The acquisition of Bridgewater Systems, which closed in the fourth fiscal quarter, further solidifies our position as a leader in driving the data experience. We are, however, approaching the new fiscal year with some level of caution as the macroeconomic outlook remains uncertain, particularly in Europe.”
Gelman concluded, “During the fourth fiscal quarter, we more aggressively executed on our buyback program. Since resuming the program in April 2010, we have now repurchased $1

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billion of our ordinary shares as of September 30, 2011, or approximately 17% of our shares outstanding. We expect the combination of a solid fundamental outlook for the business of 5-6% revenue growth along with our previously executed share repurchase activity to drive at least 10-12% non-GAAP earnings per share growth for Amdocs in fiscal 2012.”
Financial Discussion of Fourth Fiscal Quarter Results
Free cash flow was $118 million for the quarter, comprised of cash flow from operations of $148 million less $30 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 $2.67 billion at the end of the fourth quarter of fiscal 2011.
Fiscal Year 2011 Results
For the fiscal year ended September 30, 2011, revenue increased by 6.5% to $3.2 billion. Fiscal 2011 net income on a non-GAAP basis was $434.6 million, or $2.33 per diluted share (excluding amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expenses of $87.9 million, net of related tax effects), compared to non-GAAP net income of $471.7 million, or $2.31 per diluted share, in fiscal 2010 (excluding amortization of purchased intangible assets and other acquisition related costs, equity-based compensation expenses and loss from divestiture of a subsidiary of $127.8 million, net of related tax effects). The Company’s GAAP net income in fiscal 2011 was $346.7 million, or $1.86 per diluted share, compared to GAAP net income of $343.9 million, or $1.69 per diluted share, in fiscal 2010.
Financial Outlook
Amdocs expects that revenue for the first quarter of fiscal 2012 will be approximately $805-$825 million. Diluted earnings per share on a non-GAAP basis for the first fiscal quarter are expected to be $0.61-$0.67, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05-$0.06 per share of equity-based compensation expense, net of related tax effects. Amdocs estimates GAAP diluted earnings per share for the first fiscal quarter will be $0.49-$0.57.

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For the fiscal year 2012 compared to fiscal year 2011, Amdocs anticipates at least 10-12% non-GAAP earnings per share growth and revenue growth of 5-6%.
Conference Call Details
Amdocs will host a conference call on November 8, 2011 at 5:00 p.m. Eastern Time to discuss the Company’s fourth fiscal 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 interest and other (expense) income, net, 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;
    equity-based compensation expense;
    loss from divestiture of a subsidiary; 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 service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other (expense) income, net, non-GAAP income taxes and non-GAAP net income, when shown in conjunction with the corresponding

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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, equity-based compensation expense, loss from divesture of a subsidiary 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, interest and other (expense), income 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.
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 approximately $3.2 billion in fiscal 2011, Amdocs has over

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19,000 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, 2010 filed on December 7, 2010 and in our quarterly 6-K filed on February 8, 2011, May 11, 2011 and August 8, 2011.
Contact:
Elizabeth W. Grausam
Vice President, Corporate Strategy and Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com
# # #

6


 

AMDOCS LIMITED
Consolidated Statements of Income
(in thousands, except per share data)
                                 
    Three months ended     Twelve months ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
Revenue:
                               
License
  $ 31,543     $ 25,276     $ 119,237     $ 100,967  
Service
    780,660       736,918       3,058,491       2,883,256  
 
                       
 
    812,203       762,194       3,177,728       2,984,223  
Operating expenses:
                               
Cost of license
    1,099       375       2,627       2,021  
Cost of service
    524,251       485,916       2,066,740       1,903,645  
Research and development
    58,944       54,287       221,886       207,836  
Selling, general and administrative
    103,729       96,531       409,465       373,585  
Amortization of purchased intangible assets and other
    19,628       22,197       72,646       86,703  
 
                       
 
    707,651       659,306       2,773,364       2,573,790  
 
                       
Operating income
    104,552       102,888       404,364       410,433  
Interest and other (expense) income, net
    (5,405 )     2,109       (8,657 )     (25,135 )
 
                       
Income before income taxes
    99,147       104,997       395,707       385,298  
Income taxes
    11,768       10,259       49,042       41,392  
 
                       
Net income
  $ 87,379     $ 94,738     $ 346,665     $ 343,906  
 
                       
Basic earnings per share
  $ 0.49     $ 0.49     $ 1.87     $ 1.70  
 
                       
Diluted earnings per share
  $ 0.49     $ 0.48     $ 1.86     $ 1.69  
 
                       
Basic weighted average number of shares outstanding
    178,232       195,189       185,213       202,584  
 
                       
Diluted weighted average number of shares outstanding
    179,378       196,487       186,559       204,076  
 
                       

7


 

AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)
                                 
    Three months ended     Twelve months ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
Revenue
  $ 812,203     $ 762,194     $ 3,177,728     $ 2,984,223  
Non-GAAP operating income
    133,883       137,212       513,641       541,591  
Non-GAAP net income
    111,187       122,351       434,580       471,708  
Non-GAAP diluted earnings per share
  $ 0.62     $ 0.62     $ 2.33     $ 2.31  
Diluted weighted average number of shares outstanding
    179,378       196,487       186,559       204,076  

8


 

AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
                                         
    Three months ended  
    September 30, 2011  
            Reconciliation items        
    GAAP     Amortization of     Equity based     Tax effect     Non-GAAP  
            purchased     compensation                  
            intangible assets     expense                  
            and other                          
Operating expenses:
                                       
Cost of license
  $ 1,099     $     $     $     $ 1,099  
Cost of service
    524,251             (4,718 )           519,533  
Research and development
    58,944             (714 )           58,230  
Selling, general and administrative
    103,729             (4,271 )           99,458  
Amortization of purchased intangible assets and other
    19,628       (19,628 )                  
 
                             
Total operating expenses
    707,651       (19,628 )     (9,703 )           678,320  
 
                             
Operating income
    104,552       19,628       9,703             133,883  
 
                             
Income taxes
    11,768                   5,523       17,291  
 
                             
Net income
  $ 87,379     $ 19,628     $ 9,703     $ (5,523 )   $ 111,187  
 
                             
                                         
    Three months ended  
    September 30, 2010  
            Reconciliation items        
    GAAP     Amortization of     Equity based     Tax effect     Non-GAAP  
            purchased     compensation                  
            intangible assets     expense                  
            and other                          
Operating expenses:
                                       
Cost of license
  $ 375     $     $     $     $ 375  
Cost of service
    485,916             (5,438 )           480,478  
Research and development
    54,287             (1,064 )           53,223  
Selling, general and administrative
    96,531             (5,625 )           90,906  
Amortization of purchased intangible assets and other
    22,197       (22,197 )                  
 
                             
Total operating expenses
    659,306       (22,197 )     (12,127 )           624,982  
 
                             
Operating income
    102,888       22,197       12,127             137,212  
 
                             
Income taxes
    10,259                   6,711       16,970  
 
                             
Net income
  $ 94,738     $ 22,197     $ 12,127     $ (6,711 )   $ 122,351  
 
                             

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AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
                                         
    Twelve months ended  
    September 30, 2011  
            Reconciliation items        
    GAAP     Amortization of     Equity based     Tax effect     Non-GAAP  
            purchased     compensation                  
            intangible assets     expense                  
            and other                          
Operating expenses:
                                       
Cost of license
  $ 2,627     $     $     $     $ 2,627  
Cost of service
    2,066,740             (14,641 )           2,052,099  
Research and development
    221,886             (2,701 )           219,185  
Selling, general and administrative
    409,465             (19,289 )           390,176  
Amortization of purchased intangible assets and other
    72,646       (72,646 )                  
 
                             
Total operating expenses
    2,773,364       (72,646 )     (36,631 )           2,664,087  
 
                             
Operating income
    404,364       72,646       36,631             513,641  
 
                             
Income taxes
    49,042                   21,362       70,404  
 
                             
Net income
  $ 346,665     $ 72,646     $ 36,631     $ (21,362 )   $ 434,580  
 
                             
                                                 
    Twelve months ended  
    September 30, 2010  
            Reconciliation items        
    GAAP     Amortization of
purchased
    Equity based     Loss from     Tax effect     Non-GAAP  
            intangible assets     compensation     divestiture of a                  
            and other     expense     subsidiary                  
Operating expenses:
                                               
Cost of license
  $ 2,021     $     $     $     $     $ 2,021  
Cost of service
    1,903,645             (20,061 )                 1,883,584  
Research and development
    207,836             (4,218 )                 203,618  
Selling, general and administrative
    373,585             (20,176 )                 353,409  
Amortization of purchased intangible assets and other
    86,703       (86,703 )                        
 
                                   
Total operating expenses
    2,573,790       (86,703 )     (44,455 )                 2,442,632  
 
                                   
Operating income
    410,433       86,703       44,455                   541,591  
 
                                   
Interest and other (expense) income, net
    (25,135 )                 23,399             (1,736 )
Income taxes
    41,392                         26,755       68,147  
 
                                   
Net income
  $ 343,906     $ 86,703     $ 44,455     $ 23,399     $ (26,755 )   $ 471,708  
 
                                   

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AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)
                 
    As of  
    September 30, 2011     September 30, 2010  
ASSETS
               
Current assets Cash, cash equivalents and short-term interest-bearing investments
  $ 1,173,470     $ 1,433,299  
Accounts receivable, net, including unbilled of $72,048 and $62,246, respectively
    565,853       580,000  
Deferred income taxes and taxes receivable
    112,656       126,083  
Prepaid expenses and other current assets
    127,341       112,417  
 
           
Total current assets
    1,979,320       2,251,799  
Equipment and leasehold improvements, net
    258,402       258,273  
Goodwill and other intangible assets, net
    1,933,154       1,856,178  
Other noncurrent assets
    465,696       454,354  
 
           
Total assets
  $ 4,636,572     $ 4,820,604  
 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current liabilities Accounts payable, accruals and other
  $ 594,603     $ 621,549  
Short-term financing arrangements
    250,000       200,000  
Deferred revenue
    151,423       184,481  
Deferred income taxes and taxes payable
    15,180       18,117  
 
           
Total current liabilities
    1,011,206       1,024,147  
Other noncurrent liabilities
    602,065       567,077  
Shareholders’ equity
    3,023,301       3,229,380  
 
           
Total liabilities and shareholders’ equity
  $ 4,636,572     $ 4,820,604  
 
           

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AMDOCS LIMITED
Consolidated Statements of Cash Flows
(in thousands)
                 
    Year ended September 30,  
    2011     2010  
Cash Flow from Operating Activities:
               
Net income
  $ 346,665     $ 343,906  
Reconciliation of net income to net cash provided by operating activities:
               
Depreciation and amortization
    181,477       195,940  
Loss from divestiture of a subsidiary
          23,399  
Equity-based compensation expense
    36,631       44,455  
Deferred income taxes
    1,252       (19,137 )
Excess tax benefit from equity-based compensation
    (178 )     (126 )
Loss (gain) from short-term interest-bearing investments
    1,386       (1,284 )
Net changes in operating assets and liabilities, net of amounts acquired:
               
Accounts receivable, net
    38,062       (131,387 )
Prepaid expenses and other current assets
    (10,741 )     9,009  
Other noncurrent assets
    (15,807 )     (35,948 )
Accounts payable, accrued expenses and accrued personnel
    (46,976 )     187,652  
Deferred revenue
    (34,444 )     33,927  
Income taxes payable
    27,289       20,272  
Other noncurrent liabilities
    10,876       14,520  
 
           
Net cash provided by operating activities
    535,492       685,198  
 
           
Cash Flow from Investing Activities:
               
Payments for purchase of equipment and leasehold improvements, net
    (109,779 )     (86,945 )
Proceeds from sale of short-term interest-bearing investments
    591,147       1,503,231  
Purchase of short-term interest-bearing investments
    (521,999 )     (1,449,494 )
Net cash paid for acquisitions
    (162,964 )     (200,307 )
Net cash received from divestiture of a subsidiary
          20,275  
Other
    (18,076 )     1,734  
 
           
Net cash used in investing activities
    (221,671 )     (211,506 )
 
           
Cash Flow from Financing Activities:
               
Borrowings under financing arrangements
    250,000       200,000  
Payments under financing arrangements
    (200,000 )      
Repurchase of shares
    (624,241 )     (389,287 )
Proceeds from employee stock options exercised
    56,474       23,644  
Payments under capital lease, short-term financing arrangements and other
    (878 )     (616 )
 
           
Net cash used in financing activities
    (518,645 )     (166,259 )
 
           
Net (decrease) increase in cash and cash equivalents
    (204,824 )     307,433  
Cash and cash equivalents at beginning of year
    1,036,195       728,762  
 
           
Cash and cash equivalents at end of year
  $ 831,371     $ 1,036,195  
 
           

12


 

AMDOCS LIMITED
Supplementary Information
(in millions)
                                         
    Three months ended  
    September 30,     June 30,     March 31,              
    2011     2011     2011     December 31, 2010     September 30, 2010  
North America
  $ 585.1     $ 584.9     $ 598.4     $ 564.6     $ 569.7  
Europe
    102.0       105.5       97.2       98.4       91.0  
Rest of World
    125.1       111.0       93.3       112.2       101.5  
 
                             
Total Revenue
  $ 812.2     $ 801.4     $ 788.9     $ 775.2     $ 762.2  
 
                             
                                         
    Three months ended  
    September 30,     June 30,     March 31,              
    2011     2011     2011     December 31, 2010     September 30, 2010  
Emerging Markets Revenue
  $ 79.5     $ 73.2     $ 52.1     $ 67.8     $ 69.5  
                                         
    Three months ended  
    September 30,     June 30,     March 31,              
    2011     2011     2011     December 31, 2010     September 30, 2010  
Managed Services Revenue
  $ 384.8     $ 384.2     $ 382.6     $ 371.2     $ 355.5  
                                         
    Three months ended  
    September 30,     June 30,     March 31,              
    2011     2011     2011     December 31, 2010     September 30, 2010  
Customer Experience Systems
  $ 764.6     $ 751.1     $ 737.2     $ 725.4     $ 714.9  
Directory
    47.6       50.3       51.7       49.8       47.3  
 
                             
Total Revenue
  $ 812.2     $ 801.4     $ 788.9     $ 775.2     $ 762.2  
 
                             
                                         
    As of  
    September 30,     June 30,     March 31,              
    2011     2011     2011     December 31, 2010     September 30, 2010  
12-Month Backlog
  $ 2,670     $ 2,620     $ 2,590     $ 2,560     $ 2,525  
 
                             
# # #

13