e6vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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.
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AMDOCS LIMITED
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/s/ Thomas G. O'Brien
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Thomas G. OBrien |
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| Date: November 8, 2011 |
Treasurer and Secretary
Authorized U.S. Representative |
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EXHIBIT INDEX
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| Exhibit No. |
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Description |
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99.1 |
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Amdocs Limited Press Release dated November 8, 2011. |
exv99w1
Exhibit 99.1
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| P R E S S R E L E A S E |
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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:
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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 companys guidance.
Additionally, foreign currency movements negatively affected revenue by approximately $4
million sequentially relative to the third fiscal quarter of 2011 |
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Fourth fiscal quarter non-GAAP operating income of $134 million; non-GAAP operating
margin of 16.5%; GAAP operating income of $105 million |
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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 |
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Diluted GAAP EPS of $0.49 for the fourth fiscal quarter, compared to the $0.46-$0.54
guidance range |
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Free cash flow of $118 million for the fourth fiscal quarter |
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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 |
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Repurchased $192 million of ordinary shares during the fourth fiscal quarter |
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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 |
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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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1
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 years 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
Companys 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 years 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 worlds 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
2
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
Companys 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.
3
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
Companys 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:
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amortization of purchased intangible assets and other acquisition related costs; |
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equity-based compensation expense; |
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loss from divestiture of a subsidiary; and |
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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
4
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
5
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 Companys 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 Companys
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)
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Three months ended |
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Twelve months ended |
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September 30, |
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September 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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Revenue: |
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License |
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$ |
31,543 |
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$ |
25,276 |
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$ |
119,237 |
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$ |
100,967 |
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Service |
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780,660 |
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|
736,918 |
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|
3,058,491 |
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2,883,256 |
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812,203 |
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762,194 |
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3,177,728 |
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2,984,223 |
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Operating expenses: |
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Cost of license |
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1,099 |
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375 |
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2,627 |
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2,021 |
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Cost of service |
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524,251 |
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485,916 |
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2,066,740 |
|
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1,903,645 |
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Research and development |
|
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58,944 |
|
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54,287 |
|
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221,886 |
|
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207,836 |
|
Selling, general and administrative |
|
|
103,729 |
|
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|
96,531 |
|
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|
409,465 |
|
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|
373,585 |
|
Amortization of purchased intangible
assets and other |
|
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19,628 |
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22,197 |
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72,646 |
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86,703 |
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707,651 |
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659,306 |
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2,773,364 |
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2,573,790 |
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Operating income |
|
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104,552 |
|
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102,888 |
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|
404,364 |
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|
410,433 |
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Interest and other (expense) income, net |
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(5,405 |
) |
|
|
2,109 |
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(8,657 |
) |
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(25,135 |
) |
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Income before income taxes |
|
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99,147 |
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104,997 |
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395,707 |
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385,298 |
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Income taxes |
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|
11,768 |
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|
10,259 |
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49,042 |
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41,392 |
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Net income |
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$ |
87,379 |
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$ |
94,738 |
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$ |
346,665 |
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$ |
343,906 |
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Basic earnings per share |
|
$ |
0.49 |
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$ |
0.49 |
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$ |
1.87 |
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$ |
1.70 |
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|
Diluted earnings per share |
|
$ |
0.49 |
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$ |
0.48 |
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$ |
1.86 |
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$ |
1.69 |
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|
Basic weighted average number of shares
outstanding |
|
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178,232 |
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195,189 |
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185,213 |
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202,584 |
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Diluted weighted average number of
shares outstanding |
|
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179,378 |
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|
196,487 |
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|
186,559 |
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|
204,076 |
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7
AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)
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Three months ended |
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Twelve months ended |
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September 30, |
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September 30, |
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2011 |
|
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2010 |
|
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2011 |
|
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2010 |
|
Revenue |
|
$ |
812,203 |
|
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$ |
762,194 |
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|
$ |
3,177,728 |
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$ |
2,984,223 |
|
Non-GAAP operating income |
|
|
133,883 |
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|
137,212 |
|
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|
513,641 |
|
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|
541,591 |
|
Non-GAAP net income |
|
|
111,187 |
|
|
|
122,351 |
|
|
|
434,580 |
|
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|
471,708 |
|
Non-GAAP diluted
earnings per share |
|
$ |
0.62 |
|
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$ |
0.62 |
|
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$ |
2.33 |
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$ |
2.31 |
|
Diluted weighted average
number of shares
outstanding |
|
|
179,378 |
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196,487 |
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186,559 |
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|
204,076 |
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8
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
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Three months ended |
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September 30, 2011 |
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Reconciliation items |
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GAAP |
|
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Amortization of |
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Equity based |
|
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Tax effect |
|
|
Non-GAAP |
|
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purchased |
|
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compensation |
|
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intangible assets |
|
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expense |
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and other |
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Operating expenses: |
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|
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|
|
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Cost of license |
|
$ |
1,099 |
|
|
$ |
|
|
|
$ |
|
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|
$ |
|
|
|
$ |
1,099 |
|
Cost of service |
|
|
524,251 |
|
|
|
|
|
|
|
(4,718 |
) |
|
|
|
|
|
|
519,533 |
|
Research and
development |
|
|
58,944 |
|
|
|
|
|
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|
(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 |
|
|
|
|
|
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|
133,883 |
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|
|
|
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|
Income taxes |
|
|
11,768 |
|
|
|
|
|
|
|
|
|
|
|
5,523 |
|
|
|
17,291 |
|
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|
|
|
|
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Net income |
|
$ |
87,379 |
|
|
$ |
19,628 |
|
|
$ |
9,703 |
|
|
$ |
(5,523 |
) |
|
$ |
111,187 |
|
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| |
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Three months ended |
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| |
|
September 30, 2010 |
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Reconciliation items |
|
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|
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GAAP |
|
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Amortization of |
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Equity based |
|
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Tax effect |
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Non-GAAP |
|
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purchased |
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compensation |
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|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
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 |
|
|
|
|
|
|
|
|
11
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