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 August, 2012
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 August 1, 2012, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended June 30, 2012. 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/ Elizabeth W. Grausam McDermon |
| Elizabeth W. Grausam McDermon |
| Secretary and Authorized Signatory |
Date: August 1, 2012
EXHIBIT INDEX
| EXHIBIT |
DESCRIPTION | |
| 99.1 | Amdocs Limited Press Release dated August 1, 2012. | |
Exhibit 99.1
| PRESS RELEASE |
|
Amdocs Limited Reports Quarterly Revenue of $809 Million, Up 0.9% YoY
Raises Expected FY2012 non-GAAP EPS growth to 14-16% YoY from 12-14%
Key recent highlights:
| • | Third fiscal quarter revenue of $809 million, compared to the $805-$825 million guidance range. Foreign currency movements negatively affected revenue by approximately $5 million sequentially relative to the second fiscal quarter of 2012 |
| • | Third fiscal quarter non-GAAP operating income of $134 million; non-GAAP operating margin of 16.6%; GAAP operating income of $110 million |
| • | Third fiscal quarter diluted non-GAAP EPS of $0.70, compared to the $0.64-$0.70 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 $0.59 for the third fiscal quarter, compared to the $0.52-$0.60 guidance range |
| • | Free cash flow of $108 million for the third fiscal quarter |
| • | Twelve-month backlog of $2.76 billion at the end of the third fiscal quarter, up $35 million from the end of the second fiscal quarter of 2012 |
| • | Repurchased $122 million of ordinary shares during the third fiscal quarter |
| • | Shareholders approved institution of $0.13 per share quarterly cash dividend program, to commence in October 2012 |
| • | Fourth quarter fiscal 2012 guidance: Expected revenue of approximately $815-$835 million and diluted non-GAAP EPS of $0.66-$0.72, 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 $0.54-$0.62 |
| • | Revised fiscal year 2012 guidance: 14-16% non-GAAP EPS growth expected in fiscal 2012, raised from previous expectation of 12-14%. Expected revenue growth of 3-3.5% on a constant currency basis, compared to 3-4% previously. Expected reported revenue growth of 2-2.5% includes the effects of higher than anticipated negative foreign currency fluctuations |
ST. LOUIS – August 1, 2012 – Amdocs Limited (NYSE: DOX) today reported that for its third fiscal quarter ended June 30, 2012, revenue was $808.8 million, flat from the second fiscal quarter of 2012 and up 0.9% as compared to last year’s third fiscal quarter. Net income on a non-GAAP basis was $118.4 million, or $0.70 per diluted share, compared to non-GAAP net income of $113.3 million, or $0.61 per diluted share, in the third quarter of fiscal 2011. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expenses of $19.6 million, net of related tax effects, in the third quarter of fiscal 2012 and excludes such amortization and other acquisition related costs and equity-based compensation expenses of $21.5 million, net of related tax effects, in the third quarter of fiscal 2011. The Company’s GAAP net income for the third quarter of fiscal 2012 was $98.7 million, or $0.59 per diluted share, compared to GAAP net income of $91.8 million, or $0.50 per diluted share, in the prior year’s third fiscal quarter.
“Demonstrating our confidence in the future success of Amdocs and our commitment to delivering a compelling total return to our shareholders, we continued to execute on our share repurchase plan during the third fiscal quarter and will initiate our first quarterly dividend in the coming months. Additionally, we have increased our non-GAAP earnings per-share guidance to 14-16% growth for the full fiscal year of 2012 from 12-14% previously. This guidance captures operating performance consistent with our prior expectations and the benefit of share repurchase activity completed to date,” said Eli Gelman, chief executive officer of Amdocs Management Limited.
Gelman continued, “Our third fiscal quarter results reflect on-going momentum in the emerging markets and managed services, steady business activity in Europe, tempered spending in North America, and greater currency headwinds. Overall, this led to revenue performance roughly in-line with the midpoint of our expectations, excluding the impact of currency fluctuations. In the emerging markets, we continue to see solid momentum across Southeast Asia and Latin America with both new and existing customers. In Latin America, we signed our first managed services engagement. In Europe, we gained some additional traction in managed services during the third quarter. North American results were consistent with our expectations and reflect stable activity with AT&T compared to the previous quarter.”
Gelman concluded, “During the quarter, we signed several key strategic wins. In our broadband, cable and satellite group, we extended our long-term agreement with DIRECTV, the largest satellite company in North America, for an additional 5 years and expanded the scope of our activities with this key customer. We won additional business in the North American pre-paid wireless market which is a growing segment for communications service providers. In the emerging markets, we announced an agreement with TIM Brasil that marks our first BSS and OSS managed services win in Latin America as well as our first ever OSS managed services agreement. We have built a solid relationship with TIM Brasil over the years, including serving its wireless, wireline and, most recently, residential broadband operations, which are now all captured under this managed services engagement. Additionally, in Europe we won an important new managed services deal with a large wireless service provider during the third quarter.”
Financial Discussion of Third Fiscal Quarter Results
Free cash flow was $108 million for the quarter, comprised of cash flow from operations of $138 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 $2.76 billion at the end of the third quarter of fiscal 2012, up $35 million from the end of the second fiscal quarter of 2012.
Financial Outlook
Amdocs expects that revenue for the fourth quarter of fiscal 2012 will be approximately $815-$835 million. Diluted earnings per share on a non-GAAP basis for the fourth fiscal quarter are expected to be $0.66-$0.72, 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 fourth fiscal quarter will be $0.54-$0.62.
Quarterly Cash Dividend Program
On July 31, 2012, at a special shareholders meeting, the Company’s shareholders approved the institution of a quarterly cash dividend program at the quarterly rate of $0.13 per share. On August 1, 2012, the Board approved the first dividend payment and set September 30, 2012 as the record date for determining the shareholders entitled to receive the dividend, which is payable on October 19, 2012.
Conference Call Details
Amdocs will host a conference call on August 1, 2012 at 5:00 p.m. Eastern Time to discuss the Company’s third fiscal quarter results and its business outlook. 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, net, non-GAAP income taxes, non-GAAP net income, and non-GAAP earnings per share growth. These non-GAAP measures exclude the following items:
| • | amortization of purchased intangible assets and other acquisition related costs; |
| • | gain on sale of investment; |
| • | equity-based compensation expense; and |
| • | tax effects related to the above. |
These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures.
Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes, non-GAAP net income, and non-GAAP earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.
For its internal budgeting process and in monitoring the results of the business, Amdocs’ management uses financial statements that do not include amortization of purchased intangible assets and other acquisition related costs, gain on sale of investment, equity-based compensation expense and related tax effects. Amdocs’ management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.
Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of service, research and development, selling, general and administrative, operating income, interest and other expense, 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
For 30 years, Amdocs has ensured service providers’ success and embraced their biggest challenges. To win in the connected world, service providers rely on Amdocs to simplify the customer experience, harness the data explosion, stay ahead with new services and improve operational efficiency. The global company uniquely combines a market-leading BSS, OSS and network control product portfolio with value-driven professional services and managed services operations. With revenue of $3.2 billion in fiscal 2011, Amdocs and its over 19,000 employees serve customers in more than 60 countries.
Amdocs: Embrace Challenge, Experience Success.
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, 2011 filed on December 8, 2011 and our Form 6-K furnished for the first quarter of fiscal 2012 on February 14, 2012 and for the second quarter of fiscal 2012 on May 15, 2012.
Contact:
Elizabeth W. Grausam
Vice President, Corporate Strategy and 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 June 30, |
Nine months
ended June 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue: |
||||||||||||||||
| License |
$ | 34,443 | $ | 29,093 | $ | 96,477 | $ | 87,694 | ||||||||
| Service |
774,394 | 772,316 | 2,328,298 | 2,277,831 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 808,837 | 801,409 | 2,424,775 | 2,365,525 | |||||||||||||
| Operating expenses: |
||||||||||||||||
| Cost of license |
1,056 | 630 | 2,982 | 1,528 | ||||||||||||
| Cost of service |
519,217 | 521,113 | 1,552,947 | 1,542,489 | ||||||||||||
| Research and development |
58,858 | 54,414 | 180,515 | 162,942 | ||||||||||||
| Selling, general and administrative |
106,678 | 102,315 | 319,857 | 305,736 | ||||||||||||
| Amortization of purchased intangible assets and other |
12,977 | 17,265 | 39,503 | 53,018 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 698,786 | 695,737 | 2,095,804 | 2,065,713 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
110,051 | 105,672 | 328,971 | 299,812 | ||||||||||||
| Interest and other expense, net |
2,737 | 184 | 1,064 | 3,252 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
107,314 | 105,488 | 327,907 | 296,560 | ||||||||||||
| Income taxes |
8,565 | 13,703 | 34,557 | 37,274 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 98,749 | $ | 91,785 | $ | 293,350 | $ | 259,286 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic earnings per share |
$ | 0.59 | $ | 0.50 | $ | 1.73 | $ | 1.38 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted earnings per share |
$ | 0.59 | $ | 0.50 | $ | 1.72 | $ | 1.37 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic weighted average number of shares outstanding |
167,194 | 183,273 | 169,890 | 187,566 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted weighted average number of shares outstanding |
168,290 | 184,682 | 171,033 | 188,973 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)
| Three months ended June 30, |
Nine months
ended June 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue |
$ | 808,837 | $ | 801,409 | $ | 2,424,775 | $ | 2,365,525 | ||||||||
| Non-GAAP operating income |
134,338 | 131,709 | 401,457 | 379,758 | ||||||||||||
| Non-GAAP net income |
118,357 | 113,303 | 344,314 | 323,393 | ||||||||||||
| Non-GAAP diluted earnings per share |
$ | 0.70 | $ | 0.61 | $ | 2.01 | $ | 1.71 | ||||||||
| Diluted weighted average number of shares outstanding |
168,290 | 184,682 | 171,033 | 188,973 | ||||||||||||
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
| Three months ended June 30, 2012 |
||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Tax effect | Non-GAAP | ||||||||||||||||
| Operating expenses: |
||||||||||||||||||||
| Cost of license |
$ | 1,056 | $ | — | $ | — | $ | — | $ | 1,056 | ||||||||||
| Cost of service |
519,217 | — | (6,010 | ) | — | 513,207 | ||||||||||||||
| Research and development |
58,858 | — | (1,068 | ) | — | 57,790 | ||||||||||||||
| Selling, general and administrative |
106,678 | — | (4,232 | ) | — | 102,446 | ||||||||||||||
| Amortization of purchased intangible assets and other |
12,977 | (12,977 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
698,786 | (12,977 | ) | (11,310 | ) | — | 674,499 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
110,051 | 12,977 | 11,310 | — | 134,338 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income taxes |
8,565 | — | — | 4,679 | 13,244 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 98,749 | $ | 12,977 | $ | 11,310 | $ | (4,679 | ) | $ | 118,357 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Three months ended June 30, 2011 |
||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Tax effect | Non-GAAP | ||||||||||||||||
| Operating expenses: |
||||||||||||||||||||
| Cost of license |
$ | 630 | $ | — | $ | — | $ | — | $ | 630 | ||||||||||
| Cost of service |
521,113 | — | (3,783 | ) | — | 517,330 | ||||||||||||||
| Research and development |
54,414 | — | (821 | ) | — | 53,593 | ||||||||||||||
| Selling, general and administrative |
102,315 | — | (4,168 | ) | — | 98,147 | ||||||||||||||
| Amortization of purchased intangible assets and other |
17,265 | (17,265 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
695,737 | (17,265 | ) | (8,772 | ) | — | 669,700 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
105,672 | 17,265 | 8,772 | — | 131,709 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income taxes |
13,703 | — | — | 4,519 | 18,222 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 91,785 | $ | 17,265 | $ | 8,772 | $ | (4,519 | ) | $ | 113,303 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
| Nine months ended June 30, 2012 |
||||||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Gain on sale
of investment |
Tax effect | Non-GAAP | |||||||||||||||||||
| Operating expenses: |
||||||||||||||||||||||||
| Cost of license |
$ | 2,982 | $ | — | $ | — | $ | — | $ | — | $ | 2,982 | ||||||||||||
| Cost of service |
1,552,947 | — | (17,376 | ) | — | — | 1,535,571 | |||||||||||||||||
| Research and development |
180,515 | — | (3,281 | ) | — | — | 177,234 | |||||||||||||||||
| Selling, general and administrative |
319,857 | — | (12,326 | ) | — | — | 307,531 | |||||||||||||||||
| Amortization of purchased intangible assets and other |
39,503 | (39,503 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
2,095,804 | (39,503 | ) | (32,983 | ) | — | — | 2,023,318 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Operating income |
328,971 | 39,503 | 32,983 | — | — | 401,457 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other expense, net |
1,064 | — | — | 6,270 | — | 7,334 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income taxes |
34,557 | — | — | — | 15,252 | 49,809 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net income |
$ | 293,350 | $ | 39,503 | $ | 32,983 | $ | (6,270 | ) | $ | (15,252 | ) | $ | 344,314 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Nine months ended June 30, 2011 |
||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Tax effect | Non-GAAP | ||||||||||||||||
| Operating expenses: |
||||||||||||||||||||
| Cost of license |
$ | 1,528 | $ | — | $ | — | $ | — | $ | 1,528 | ||||||||||
| Cost of service |
1,542,489 | — | (9,923 | ) | — | 1,532,566 | ||||||||||||||
| Research and development |
162,942 | — | (1,987 | ) | — | 160,955 | ||||||||||||||
| Selling, general and administrative |
305,736 | — | (15,018 | ) | — | 290,718 | ||||||||||||||
| Amortization of purchased intangible assets and other |
53,018 | (53,018 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
2,065,713 | (53,018 | ) | (26,928 | ) | — | 1,985,767 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
299,812 | 53,018 | 26,928 | — | 379,758 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income taxes |
37,274 | — | — | 15,839 | 53,113 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 259,286 | $ | 53,018 | $ | 26,928 | $ | (15,839 | ) | $ | 323,393 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)
| As of | ||||||||
| June 30, 2012 |
September 30, 2011 |
|||||||
| ASSETS |
||||||||
| Current assets |
||||||||
| Cash, cash equivalents and short-term interest-bearing investments |
$ | 894,111 | $ | 1,173,470 | ||||
| Accounts receivable, net, including unbilled of $128,080 and $72,048, respectively |
676,568 | 565,853 | ||||||
| Deferred income taxes and taxes receivable |
110,551 | 112,656 | ||||||
| Prepaid expenses and other current assets |
137,449 | 127,341 | ||||||
|
|
|
|
|
|||||
| Total current assets |
1,818,679 | 1,979,320 | ||||||
| Equipment and leasehold improvements, net |
261,885 | 258,402 | ||||||
| Goodwill and other intangible assets, net |
1,896,093 | 1,933,154 | ||||||
| Other noncurrent assets |
463,261 | 465,696 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 4,439,918 | $ | 4,636,572 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current liabilities |
||||||||
| Accounts payable, accruals and other |
$ | 660,759 | $ | 594,603 | ||||
| Short-term financing arrangements |
— | 250,000 | ||||||
| Deferred revenue |
180,496 | 151,423 | ||||||
| Deferred income taxes and taxes payable |
30,338 | 15,180 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
871,593 | 1,011,206 | ||||||
| Other noncurrent liabilities |
554,461 | 602,065 | ||||||
| Shareholders’ equity |
3,013,864 | 3,023,301 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 4,439,918 | $ | 4,636,572 | ||||
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|
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AMDOCS LIMITED
Consolidated Statements of Cash Flows
(in thousands)
| Nine months ended June 30, | ||||||||
| 2012 | 2011 | |||||||
| Cash Flow from Operating Activities: |
||||||||
| Net income |
$ | 293,350 | $ | 259,286 | ||||
| Reconciliation of net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
119,261 | 138,219 | ||||||
| Equity-based compensation expense |
32,983 | 26,928 | ||||||
| Deferred income taxes |
(13,587 | ) | 11,171 | |||||
| Excess tax benefit from equity-based compensation |
(140 | ) | (158 | ) | ||||
| Gain on sale of investments |
(9,172 | ) | — | |||||
| Loss from short-term interest-bearing investments |
2,403 | 1,423 | ||||||
| Net changes in operating assets and liabilities, net of amounts acquired: |
||||||||
| Accounts receivable |
(101,302 | ) | (2,763 | ) | ||||
| Prepaid expenses and other current assets |
(11,222 | ) | (6,373 | ) | ||||
| Other noncurrent assets |
21,559 | (33,747 | ) | |||||
| Accounts payable, accrued expenses and accrued personnel |
41,501 | (48,957 | ) | |||||
| Deferred revenue |
(19,415 | ) | 6,314 | |||||
| Income taxes payable |
11,053 | 12,711 | ||||||
| Other noncurrent liabilities |
(5,259 | ) | 23,797 | |||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
362,013 | 387,851 | ||||||
|
|
|
|
|
|||||
| Cash Flow from Investing Activities: |
||||||||
| Payments for purchase of equipment and leasehold improvements, net |
(79,223 | ) | (80,048 | ) | ||||
| Proceeds from sale of short-term interest-bearing investments |
288,334 | 506,986 | ||||||
| Purchase of short-term interest-bearing investments |
(257,958 | ) | (440,083 | ) | ||||
| Cash received from sale of investments |
11,172 | — | ||||||
| Other |
(6,237 | ) | (22,907 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(43,912 | ) | (36,052 | ) | ||||
|
|
|
|
|
|||||
| Cash Flow from Financing Activities: |
||||||||
| Payments under financing arrangements |
(250,000 | ) | (200,000 | ) | ||||
| Repurchase of shares |
(378,404 | ) | (431,770 | ) | ||||
| Proceeds from employee stock options exercised |
63,085 | 49,696 | ||||||
| Payments under capital lease, short-term financing arrangements and other |
(383 | ) | (748 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in financing activities |
(565,702 | ) | (582,822 | ) | ||||
|
|
|
|
|
|||||
| Net decrease in cash and cash equivalents |
(247,601 | ) | (231,023 | ) | ||||
| Cash and cash equivalents at beginning of period |
831,371 | 1,036,195 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | 583,770 | $ | 805,172 | ||||
|
|
|
|
|
|||||
AMDOCS LIMITED
Supplementary Information
(in millions)
| Three months ended | ||||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
||||||||||||||||
| North America |
$ | 558.7 | $ | 563.2 | $ | 573.8 | $ | 585.1 | $ | 584.9 | ||||||||||
| Europe |
106.5 | 111.8 | 110.3 | 102.0 | 105.5 | |||||||||||||||
| Rest of World |
143.6 | 133.9 | 122.9 | 125.1 | 111.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Revenue |
$ | 808.8 | $ | 808.9 | $ | 807.0 | $ | 812.2 | $ | 801.4 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Three months ended | ||||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
||||||||||||||||
| Emerging Markets Revenue |
$ | 101.7 | $ | 89.4 | $ | 82.5 | $ | 79.5 | $ | 73.2 | ||||||||||
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|
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|
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|
|
|
|||||||||||
| Three months ended | ||||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
||||||||||||||||
| Managed Services Revenue |
$ | 426.8 | $ | 414.4 | $ | 419.7 | $ | 384.8 | $ | 384.2 | ||||||||||
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|
|||||||||||
| Three months ended | ||||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
||||||||||||||||
| Customer Experience Systems |
$ | 766.2 | $ | 758.9 | $ | 758.0 | $ | 764.6 | $ | 751.1 | ||||||||||
| Directory |
42.6 | 50.0 | 49.0 | 47.6 | 50.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Revenue |
$ | 808.8 | $ | 808.9 | $ | 807.0 | $ | 812.2 | $ | 801.4 | ||||||||||
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| As of | ||||||||||||||||||||
| June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
||||||||||||||||
| 12-Month Backlog |
$ | 2,760 | $ | 2,725 | $ | 2,690 | $ | 2,670 | $ | 2,620 | ||||||||||
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# # #