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, 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 November 6, 2012, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter and fiscal year ended September 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: November 6, 2012
EXHIBIT INDEX
| EXHIBIT NO. |
DESCRIPTION | |
| 99.1 | Amdocs Limited Press Release dated November 6, 2012. | |
Exhibit 99.1
|
|
Amdocs Limited Reports Quarterly Revenue of $822 Million, Up 1.2% YoY
Delivers Record Diluted non-GAAP EPS of $2.71 for Fiscal 2012, up 16%
YoY, and Diluted GAAP EPS of $2.31
Key highlights:
| • | The board of directors has authorized a share repurchase plan allowing the repurchase of up to $500 million of ordinary shares at the company’s discretion; this plan has no expiration date and is in addition to the current authorization program, which, as of September 30, 2012, provided up to $203 million of remaining repurchase authority through February 2013; the board of directors also approved $0.13 per share quarterly cash dividend to be paid on January 18, 2013 |
| • | Fourth fiscal quarter revenue of $822 million, compared to the $815-$835 million guidance range. Foreign currency movements negatively affected revenue by approximately $1 million relative to the third fiscal quarter of 2012 |
| • | Fourth fiscal quarter non-GAAP operating income of $137 million; non-GAAP operating margin of 16.6%; GAAP operating income of $114 million |
| • | Fourth fiscal quarter diluted non-GAAP EPS of $0.70, compared to the $0.66-$0.72 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 $0.60 for the fourth fiscal quarter, compared to the $0.54-$0.62 guidance range |
| • | Free cash flow of $109 million for the fourth fiscal quarter |
| • | Twelve-month backlog of $2.79 billion at the end of the fourth fiscal quarter, up $30 million from the end of the third fiscal quarter of 2012 |
| • | Repurchased $106 million of ordinary shares during the fourth fiscal quarter |
| • | First quarter fiscal 2013 guidance: Expected revenue of approximately $810-$840 million and diluted non-GAAP EPS of $0.68-$0.74, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.06-$0.07 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.56-$0.64 |
| • | Fiscal 2013 guidance: Expected revenue growth of 2-5% and non-GAAP diluted earnings per share growth of roughly 5-8%, including the impact of anticipated share repurchase activity over the course of the fiscal year |
ST. LOUIS – November 6, 2012 – Amdocs Limited (NYSE: DOX) today reported that for its fiscal quarter ended September 30, 2012, revenue was $822.1 million, up 1.6% sequentially from the third fiscal quarter of 2012 and up 1.2% as compared to last year’s fourth fiscal quarter. Net income on a non-GAAP basis was $115.7 million, or $0.70 per diluted share, compared to non-GAAP net income of $111.2 million, or $0.62 per diluted share, in the fourth 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 $17.7 million, net of related tax effects, in the fourth quarter of fiscal 2012 and excludes such amortization 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. The Company’s GAAP net income for the fourth quarter of fiscal 2012 was $98.0 million, or $0.60 per diluted share, compared to GAAP net income of $87.4 million, or $0.49 per diluted share, in the prior year’s fourth fiscal quarter.
“We concluded fiscal 2012 with another strong quarter, reflecting ongoing stabilization at AT&T, double-digit growth in our emerging markets and consistent operating margin execution. Underscoring our commitment to returning excess cash, we repurchased an additional $106 million of our ordinary shares in the fourth fiscal quarter, and, as of September 30, 2012, we had acquired a total of 25% of our shares that were outstanding in April 2010. Overall, as a result of good new sales execution, a stable operating margin and our repurchase activity, we grew non-GAAP diluted earnings per share by 16% in fiscal 2012,” said Eli Gelman, chief executive officer of Amdocs Management Limited.
Gelman continued, “North American demand trends improved in the fourth quarter, with the region returning to sequential growth. We believe that announced M&A activity among operators in North America may drive long-term opportunity for Amdocs; however, it also adds some uncertainty to our 2013 outlook as consummation of such deals remains subject to contingencies. Emerging markets continued to be a source of strength for year-over-year
growth and we expect this trend to continue in 2013. We also achieved stable activity levels in Europe in the fourth quarter to cap a strong fiscal 2012 in the region, although we remain aware of the challenging economic conditions heading in to 2013.”
Gelman concluded, “In North America, we are delighted to announce today that Sprint has agreed to expand and extend its managed services relationship with Amdocs through 2021, including the addition of its Virgin Mobile-branded subscribers to the Amdocs platform. This agreement brings us good long-term visibility with one of our largest customers and we believe represents a true ‘win-win’ outcome for both Sprint and Amdocs. Similarly, agreements with new and existing customers, such as Globe in the Philippines, TIM Brasil in Latin America and, just announced today, VimpelCom in Russia, should provide for further growth in the emerging markets in fiscal 2013. While the year ahead carries macroeconomic and industry specific risks, we believe we are competitively well positioned to achieve sustained growth in 2013.”
Financial Discussion of Fourth Fiscal Quarter Results
Free cash flow was $109 million for the quarter, comprised of cash flow from operations of $152 million less $43 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 $2.79 billion at the end of the fourth quarter of fiscal 2012.
Fiscal Year 2012 Results
For the fiscal year ended September 30, 2012, revenue increased by 2.2% to $3.2 billion. Fiscal 2012 net income on a non-GAAP basis was $460.0 million, or $2.71 per diluted share (excluding amortization of purchased intangible assets and other acquisition related costs, gain on sale of investment and equity-based compensation expenses of $68.6 million, net of related tax effects), compared to non-GAAP net income of $434.6 million, or $2.33 per diluted share, in fiscal 2011 (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). The Company’s GAAP net income in fiscal 2012 was $391.4 million, or $2.31 per diluted share, compared to GAAP net income of $346.7 million, or $1.86 per diluted share, in fiscal 2011.
Financial Outlook
Amdocs expects that revenue for the first quarter of fiscal 2013 will be approximately $810-$840 million. Diluted earnings per share on a non-GAAP basis for the first fiscal quarter are expected to be $0.68-$0.74, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.06-$0.07 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 $0.56-$0.64.
Quarterly Cash Dividend Program
On November 6, 2012, the Board approved the quarterly cash dividend payment and set December 31, 2012 as the record date for determining the shareholders entitled to receive the dividend, which is payable on January 18, 2013.
Conference Call Details
Amdocs will host a conference call on November 6, 2012 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 income (expense), net, non-GAAP income taxes, non-GAAP net income, and non-GAAP diluted earnings per share growth. These non-GAAP measures exclude the following items:
| • | amortization of purchased intangible assets and other acquisition related costs; |
| • | 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 diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.
For its internal budgeting process and in monitoring the results of the business, Amdocs’ management uses financial statements that do not include amortization of purchased intangible assets and other acquisition related costs, 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 income (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 over $3.2 billion in fiscal 2012, Amdocs and its approximately 20,000 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, for the second quarter of fiscal 2012 on May 15, 2012, and for the third quarter of fiscal 2012 on August 16, 2012.
Contact:
Elizabeth W. Grausam McDermon
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 | Twelve months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue: |
||||||||||||||||
| License |
$ | 23,966 | $ | 31,543 | $ | 120,443 | $ | 119,237 | ||||||||
| Service |
798,162 | 780,660 | 3,126,460 | 3,058,491 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 822,128 | 812,203 | 3,246,903 | 3,177,728 | |||||||||||||
| Operating expenses: |
||||||||||||||||
| Cost of license |
541 | 1,099 | 3,523 | 2,627 | ||||||||||||
| Cost of service |
528,998 | 524,251 | 2,081,945 | 2,066,740 | ||||||||||||
| Research and development |
61,548 | 58,944 | 242,063 | 221,886 | ||||||||||||
| Selling, general and administrative |
104,814 | 103,729 | 424,671 | 409,465 | ||||||||||||
| Amortization of purchased intangible assets and other |
12,726 | 19,628 | 52,229 | 72,646 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 708,627 | 707,651 | 2,804,431 | 2,773,364 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
113,501 | 104,552 | 442,472 | 404,364 | ||||||||||||
| Interest and other income (expense), net |
116 | (5,405 | ) | (948 | ) | (8,657 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
113,617 | 99,147 | 441,524 | 395,707 | ||||||||||||
| Income taxes |
15,596 | 11,768 | 50,153 | 49,042 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 98,021 | $ | 87,379 | $ | 391,371 | $ | 346,665 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic earnings per share |
$ | 0.60 | $ | 0.49 | $ | 2.33 | $ | 1.87 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted earnings per share |
$ | 0.60 | $ | 0.49 | $ | 2.31 | $ | 1.86 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic weighted average number of shares outstanding |
163,468 | 178,232 | 168,275 | 185,213 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted weighted average number of shares outstanding |
164,689 | 179,378 | 169,437 | 186,559 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash dividends declared per share |
$ | 0.13 | $ | — | $ | 0.13 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)
| Three months ended | Twelve months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue |
$ | 822,128 | $ | 812,203 | $ | 3,246,903 | $ | 3,177,728 | ||||||||
| Non-GAAP operating income |
136,673 | 133,883 | 538,130 | 513,641 | ||||||||||||
| Non-GAAP net income |
115,684 | 111,187 | 459,998 | 434,580 | ||||||||||||
| Non-GAAP diluted earnings per share |
$ | 0.70 | $ | 0.62 | $ | 2.71 | $ | 2.33 | ||||||||
| Diluted weighted average number of shares outstanding |
164,689 | 179,378 | 169,437 | 186,559 | ||||||||||||
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
| Three months ended September 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 |
$ | 541 | $ | — | $ | — | $ | — | $ | 541 | ||||||||||
| Cost of service |
528,998 | — | (5,265 | ) | — | 523,733 | ||||||||||||||
| Research and development |
61,548 | — | (1,039 | ) | — | 60,509 | ||||||||||||||
| Selling, general and administrative |
104,814 | — | (4,142 | ) | — | 100,672 | ||||||||||||||
| Amortization of purchased intangible assets and other |
12,726 | (12,726 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
708,627 | (12,726 | ) | (10,446 | ) | — | 685,455 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
113,501 | 12,726 | 10,446 | — | 136,673 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income taxes |
15,596 | — | — | 5,509 | 21,105 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 98,021 | $ | 12,726 | $ | 10,446 | $ | (5,509 | ) | $ | 115,684 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Three months ended September 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 |
$ | 1,099 | $ | — | $ | — | $ | — | $ | 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 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
| Twelve months ended September 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 |
$ | 3,523 | $ | — | $ | — | $ | — | $ | — | $ | 3,523 | ||||||||||||
| Cost of service |
2,081,945 | — | (22,641 | ) | — | — | 2,059,304 | |||||||||||||||||
| Research and development |
242,063 | — | (4,320 | ) | — | — | 237,743 | |||||||||||||||||
| Selling, general and administrative |
424,671 | — | (16,468 | ) | — | — | 408,203 | |||||||||||||||||
| Amortization of purchased intangible assets and other |
52,229 | (52,229 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
2,804,431 | (52,229 | ) | (43,429 | ) | — | — | 2,708,773 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Operating income |
442,472 | 52,229 | 43,429 | — | — | 538,130 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other expense, net |
948 | — | — | 6,270 | — | 7,218 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income taxes |
50,153 | — | — | — | 20,761 | 70,914 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net income |
$ | 391,371 | $ | 52,229 | $ | 43,429 | $ | (6,270 | ) | $ | (20,761 | ) | $ | 459,998 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Twelve months ended September 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 |
$ | 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 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)
| As of | ||||||||
| September 30, 2012 |
September 30, 2011 |
|||||||
| ASSETS |
||||||||
| Current assets |
||||||||
| Cash, cash equivalents and short-term interest-bearing investments |
$ | 1,118,177 | $ | 1,173,470 | ||||
| Accounts receivable, net, including unbilled of $130,697 and $72,048, respectively |
687,223 | 565,853 | ||||||
| Deferred income taxes and taxes receivable |
109,282 | 112,656 | ||||||
| Prepaid expenses and other current assets |
126,388 | 127,341 | ||||||
|
|
|
|
|
|||||
| Total current assets |
2,041,070 | 1,979,320 | ||||||
| Equipment and leasehold improvements, net |
277,907 | 258,402 | ||||||
| Goodwill and other intangible assets, net |
1,883,064 | 1,933,154 | ||||||
| Other noncurrent assets |
443,182 | 465,696 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 4,645,223 | $ | 4,636,572 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current liabilities |
||||||||
| Accounts payable, accruals and other |
$ | 690,823 | $ | 594,603 | ||||
| Short-term financing arrangements |
200,000 | 250,000 | ||||||
| Deferred revenue |
145,184 | 151,423 | ||||||
| Deferred income taxes and taxes payable |
29,551 | 15,180 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
1,065,558 | 1,011,206 | ||||||
| Other noncurrent liabilities |
546,463 | 602,065 | ||||||
| Shareholders’ equity |
3,033,202 | 3,023,301 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 4,645,223 | $ | 4,636,572 | ||||
|
|
|
|
|
|||||
AMDOCS LIMITED
Consolidated Statements of Cash Flows
(in thousands)
| Year ended September 30, | ||||||||
| 2012 | 2011 | |||||||
| Cash Flow from Operating Activities: |
||||||||
| Net income |
$ | 391,371 | $ | 346,665 | ||||
| Reconciliation of net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
159,614 | 181,477 | ||||||
| Equity-based compensation expense |
43,429 | 36,631 | ||||||
| Deferred income taxes |
(4,857 | ) | 1,252 | |||||
| Excess tax benefit from equity-based compensation |
(181 | ) | (178 | ) | ||||
| Gain on sale of investments |
(9,172 | ) | — | |||||
| Loss from short-term interest-bearing investments |
3,041 | 1,386 | ||||||
| Net changes in operating assets and liabilities, net of amounts acquired: |
||||||||
| Accounts receivable, net |
(106,551 | ) | 38,062 | |||||
| Prepaid expenses and other current assets |
1,601 | (10,741 | ) | |||||
| Other noncurrent assets |
19,734 | (15,807 | ) | |||||
| Accounts payable, accrued expenses and accrued personnel |
60,200 | (46,976 | ) | |||||
| Deferred revenue |
(55,811 | ) | (34,444 | ) | ||||
| Income taxes payable, net |
14,305 | 27,289 | ||||||
| Other noncurrent liabilities |
(2,654 | ) | 10,876 | |||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
514,069 | 535,492 | ||||||
|
|
|
|
|
|||||
| Cash Flow from Investing Activities: |
||||||||
| Payments for purchase of equipment and leasehold improvements, net |
(122,053 | ) | (109,779 | ) | ||||
| Proceeds from sale of short-term interest-bearing investments |
440,145 | 591,147 | ||||||
| Purchase of short-term interest-bearing investments |
(337,989 | ) | (521,999 | ) | ||||
| Net cash paid for acquisitions |
— | (162,964 | ) | |||||
| Cash received from sale of investments |
11,172 | — | ||||||
| Other |
(8,564 | ) | (18,076 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(17,289 | ) | (221,671 | ) | ||||
|
|
|
|
|
|||||
| Cash Flow from Financing Activities: |
||||||||
| Borrowings under financing arrangements |
200,000 | 250,000 | ||||||
| Payments under financing arrangements |
(250,000 | ) | (200,000 | ) | ||||
| Repurchase of shares |
(484,608 | ) | (624,241 | ) | ||||
| Proceeds from employee stock options exercised |
86,674 | 56,474 | ||||||
| Payments under capital lease, short-term financing arrangements and other |
(1,059 | ) | (878 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in financing activities |
(448,993 | ) | (518,645 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
47,787 | (204,824 | ) | |||||
| Cash and cash equivalents at beginning of period |
831,371 | 1,036,195 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | 879,158 | $ | 831,371 | ||||
|
|
|
|
|
|||||
AMDOCS LIMITED
Supplementary Information
(in millions)
| Three months ended | ||||||||||||||||||||
| September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
||||||||||||||||
| North America |
$ | 570.4 | $ | 558.7 | $ | 563.2 | $ | 573.8 | $ | 585.1 | ||||||||||
| Europe |
113.1 | 106.5 | 111.8 | 110.3 | 102.0 | |||||||||||||||
| Rest of World |
138.6 | 143.6 | 133.9 | 122.9 | 125.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Revenue |
$ | 822.1 | $ | 808.8 | $ | 808.9 | $ | 807.0 | $ | 812.2 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Three months ended | ||||||||||||||||||||
| September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
||||||||||||||||
| Emerging Markets Revenue |
$ | 99.9 | $ | 101.7 | $ | 89.4 | $ | 82.5 | $ | 79.5 | ||||||||||
| Three months ended | ||||||||||||||||||||
| September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
||||||||||||||||
| Managed Services Revenue |
$ | 423.7 | $ | 426.8 | $ | 414.4 | $ | 419.7 | $ | 384.8 | ||||||||||
| Three months ended | ||||||||||||||||||||
| September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
||||||||||||||||
| Customer Experience Systems |
$ | 783.1 | $ | 766.2 | $ | 758.9 | $ | 758.0 | $ | 764.6 | ||||||||||
| Directory |
39.0 | 42.6 | 50.0 | 49.0 | 47.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Revenue |
$ | 822.1 | $ | 808.8 | $ | 808.9 | $ | 807.0 | $ | 812.2 | ||||||||||
|
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|
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|
|
|
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|||||||||||
| As of | ||||||||||||||||||||
| September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
||||||||||||||||
| 12-Month Backlog |
$ | 2,790 | $ | 2,760 | $ | 2,725 | $ | 2,690 | $ | 2,670 | ||||||||||
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# # #