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 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2016

Commission File Number 1-14840

 

 

AMDOCS LIMITED

Hirzel House, Smith Street,

St. Peter Port, Island of Guernsey, GY1 2NG

 

 

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

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             

 

 

 

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On July 26, 2016, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended June 30, 2016. 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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: July 26, 2016

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EXHIBIT INDEX

 

EXHIBIT NO.		DESCRIPTION
99.1		Amdocs Limited Press Release dated July 26, 2016.

Exhibit 99.1

 

Amdocs Limited Reports Record Quarterly Revenue of $930M, at the Midpoint of Guidance on a Constant Currency Basis

Reiterates FY16 Non-GAAP Diluted EPS Growth Towards the Midpoint of the Previously Guided Range of 3.5%-7.5% YoY

Key highlights:

 

•

Third fiscal quarter revenue of $930 million, at the midpoint of the $910-$950 million guidance range. As we anticipated, foreign currency movements positively affected revenue by approximately $5 million relative to the second quarter of fiscal 2016

 

•

Diluted GAAP EPS of $0.70 for the third fiscal quarter, in line with the high-end of the $0.63-$0.71 guidance range

 

•

Third fiscal quarter diluted non-GAAP EPS of $0.90, at the high-end of the $0.84-$0.90 guidance range (non-GAAP EPS excludes amortization of purchased intangible assets and other acquisition-related costs, and equity-based compensation expense, net of related tax effects)

 

•

Third fiscal quarter GAAP operating income of $125 million; non-GAAP operating income of $160 million; non-GAAP operating margin of 17.2%

 

•

Free cash flow of $117 million for the third fiscal quarter

 

•

Repurchased $123 million of ordinary shares during the third fiscal quarter

 

•

Twelve-month backlog of $3.11 billion at the end of the third fiscal quarter, up $10 million from the end of the second quarter of fiscal 2016

 

•

The board of directors approved a $0.195 per share quarterly cash dividend to be paid on October 21, 2016

 

•

Fourth quarter fiscal 2016 guidance: Expected revenue of approximately $920-$960 million. Expected diluted GAAP EPS of approximately $0.66-$0.74. Expected diluted non-GAAP EPS of approximately $0.85-$0.91 (which excludes 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)

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•

Full year fiscal 2016 guidance: Reiterates fiscal 2016 non-GAAP diluted earnings per share growth towards the midpoint of the guidance range of 3.5-7.5% year-over-year, including the impact of share repurchase activity anticipated over the course of the fiscal year. Reiterates fiscal 2016 revenue growth, on a constant currency basis, slightly below the midpoint of the guidance range of 2.0-6.0% year-over-year, and reported revenue growth slightly below the midpoint of the guidance range of 0.5-4.5% year-over-year, including a negative impact from foreign currency movements of approximately 1.5% year-over-year

ST. LOUIS – July 26, 2016 – Amdocs Limited (NASDAQ: DOX) today reported that for its third fiscal quarter ended June 30, 2016, revenue was $930.1 million, up 0.5% or $4.2 million sequentially from the second fiscal quarter of 2016 and up 2.4% as compared to last year’s third fiscal quarter. Revenue for the third fiscal quarter of 2016 includes a positive impact from foreign currency movements of approximately $5 million relative to the second quarter of fiscal 2016. The Company’s GAAP net income for the third quarter of fiscal 2016 was $105.1 million, or $0.70 per diluted share, compared to GAAP net income of $107.8 million, or $0.69 per diluted share, in the prior fiscal year’s third quarter. Net income on a non-GAAP basis was $135.6 million, or $0.90 per diluted share, compared to non-GAAP net income of $131.2 million, or $0.84 per diluted share, in the third quarter of fiscal 2015. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs and equity-based compensation expenses of $30.5 million, net of related tax effects, in the third quarter of fiscal 2016, and excludes such amortization and other acquisition-related costs and equity-based compensation expenses of $23.4 million, net of related tax effects, in the third quarter of fiscal 2015.

“We are pleased with our third fiscal quarter performance, which included ongoing signs of stabilization in North America, robust profitability and diluted earnings per share consistent with the high end of our expectations. Additionally, we maintained our high win rate across business lines and geographies in Q3. Demonstrating our strengthening relationship with the Singtel group, we signed a four-year services framework agreement with Globe

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Telecom, designed to accelerate innovation through strategic consulting and ongoing IT improvements. We also continued to strengthen our market position in Europe where Vodafone Germany selected Amdocs for digital transformation of its sales channels across mobile, fixed, cable TV and Internet lines of business,” said Eli Gelman, president and chief executive officer of Amdocs Management Limited.

Gelman continued, “As we discussed last quarter, AT&T has selected Amdocs as a leading partner to build key components of the Domain 2.0 software program, and we have followed this today by announcing more details regarding our involvement in this highly strategic initiative. Amdocs is uniquely positioned as the integration partner for AT&T’s Enhanced Control, Orchestration, Management and Policy architecture program, more commonly referred to as ECOMP. ECOMP is designed to be the highly sophisticated engine that will operationalize and commercialize network function virtualization services, and is the cornerstone of AT&T’s plan to virtualize 75% of their network by 2020. Additionally, Amdocs will have the right to market the entire solution globally, offering an end-to-end suite of functions and service capabilities to provide support in the industry for the ECOMP platform.”

Gelman concluded, “We enter our fourth fiscal quarter encouraged by our sales momentum and record backlog although we remain cognizant of the many moving parts affecting our outlook. These include the ongoing challenges of the global macroeconomic and industry environment in which we operate. We are laser-focused on our execution and profitability and we are committed to returning roughly 100% of our free cash flow to shareholders over the second half of fiscal 2016. Taking all these factors into consideration, we are reiterating our expectation for diluted non-GAAP earnings per share growth towards the midpoint of our previously guided range of 3.5% to 7.5% for the full fiscal year.”

Financial Discussion of Third Fiscal Quarter Results

Free cash flow was $117 million for the third quarter of fiscal 2016, comprised of cash flow from operations of $151 million, less $34 million in net capital expenditures and other.

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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 $3.11 billion at the end of the third quarter of fiscal 2016, up $10 million from the end of the prior quarter.

Financial Outlook

Amdocs expects that revenue for the fourth quarter of fiscal 2016 will be approximately $920-$960 million. Embedded within this guidance is an immaterial sequential impact from foreign currency fluctuations as compared to the third quarter of fiscal 2016. This outlook takes into consideration the company’s expectations regarding macro and industry specific risks and various uncertainties resulting from current and potential customer consolidation activity in North America. However, Amdocs notes that it cannot predict all possible outcomes.

Amdocs estimates GAAP diluted earnings per share for the fourth fiscal quarter of 2016 will be $0.66-$0.74. Diluted earnings per share on a non-GAAP basis for the fourth quarter of fiscal 2016 is expected to be $0.85-$0.91, 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.

Quarterly Cash Dividend Program

On July 26, 2016, the Board approved the Company’s next quarterly cash dividend payment of $0.195 per share and set September 30, 2016 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on October 21, 2016.

Conference Call Details

Amdocs will host a conference call on July 26, 2016 at 5:00 p.m. Eastern Time to discuss the Company’s third quarter of fiscal 2016. To participate, please dial +1 (844) 513-7152, or +1 (508) 637-5600 outside the United States, approximately 15 minutes before the call and enter passcode 36218070. The call will also be carried live on the Internet via the Amdocs website, www.amdocs.com.

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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 revenue, 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 effective tax rate, 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;

 

•

changes in fair value of certain acquisition-related liabilities;

 

•

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 revenue, 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 effective tax rate, 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.

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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, changes in fair value of certain acquisition-related liabilities, 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 revenue, 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

Amdocs is the market leader in customer experience software solutions and services for the world’s largest communications, entertainment and media service providers. For more than 30 years, Amdocs solutions, which include BSS, OSS, network control, optimization and network functions virtualization, coupled with professional and managed services, have accelerated business value for its customers by simplifying business complexity, reducing costs and delivering a world-class customer experience.

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The Amdocs portfolio enables service providers to capture the world of digital immediacy by operating across digital dimensions to engage customers with personalized, omni-channel experiences; creating a diversified business to capture new revenue streams; becoming data empowered to make business and operational decisions based on insight-based and predictive analytics; and achieving service agility to accelerate the fast rollout of new technologies and hybrid network services.

Amdocs and its 24,000 employees serve customers in over 90 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $3.6 billion in fiscal 2015.

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, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2015 filed on December 10, 2015 and our Form 6-K furnished for the first quarter of fiscal 2016 on February 16, 2016 and for the second quarter of fiscal 2016 on May 17, 2016.

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Contact:

Matthew Smith

Head of Investor Relations

Amdocs

314-212-8328

E-mail: dox_info@amdocs.com

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AMDOCS LIMITED

Consolidated Statements of Income

(in thousands, except per share data)

 

		Three months ended								Nine months ended
		June 30,								June 30,
		2016				2015				2016				2015
Revenue		$	930,133			$	907,897			$	2,777,573			$	2,716,762
Operating expenses:
Cost of revenue			601,249				592,366				1,796,933				1,746,383
Research and development			65,051				62,598				191,249				189,044
Selling, general and administrative			113,831				108,128				347,853				328,894
Amortization of purchased intangible assets and other			25,040				18,078				76,894				46,193
			805,171				781,170				2,412,929				2,310,514
Operating income			124,962				126,727				364,644				406,248
Interest and other income (expense), net			1,113				(1,044	)			908				(1,169	)
Income before income taxes			126,075				125,683				365,552				405,079
Income taxes			21,015				17,901				51,930				50,046
Net income		$	105,060			$	107,782			$	313,622			$	355,033
Basic earnings per share		$	0.71			$	0.70			$	2.09			$	2.29
Diluted earnings per share		$	0.70			$	0.69			$	2.06			$	2.26
Basic weighted average number of shares outstanding			148,844				154,101				149,802				155,037
Diluted weighted average number of shares outstanding			150,726				156,581				151,912				157,352
Cash dividends declared per share		$	0.195			$	0.170			$	0.560			$	0.495

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AMDOCS LIMITED

Selected Financial Metrics

(in thousands, except per share data)

 

		Three months ended								Nine months ended
		June 30,								June 30,
		2016				2015				2016				2015
Revenue		$	930,133			$	907,897			$	2,777,573			$	2,716,762
Non-GAAP operating income			159,814				155,305				474,636				461,758
Non-GAAP net income			135,571				131,215				407,756				399,347
Non-GAAP diluted earnings per share		$	0.90			$	0.84			$	2.68			$	2.54
Diluted weighted average number of shares outstanding			150,726				156,581				151,912				157,352

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AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(in thousands)

 

		Three months ended June 30, 2016
						Reconciliation items
		GAAP				Amortization of purchased intangible assets and other				Equity based compensation expense				Tax effect				Non-GAAP
Operating expenses:
Cost of revenue		$	601,249			$	—			$	(4,406	)		$	—			$	596,843
Research and development			65,051				—				(953	)			—				64,098
Selling, general and administrative			113,831				—				(4,453	)			—				109,378
Amortization of purchased intangible assets and other			25,040				(25,040	)			—				—				—
Total operating expenses			805,171				(25,040	)			(9,812	)			—				770,319
Operating income			124,962				25,040				9,812				—				159,814
Income taxes			21,015				—				—				4,341				25,356
Net income		$	105,060			$	25,040			$	9,812			$	(4,341	)		$	135,571

 

		Three months ended June 30, 2015
						Reconciliation items
		GAAP				Amortization of purchased intangible assets and other				Equity based compensation expense				Tax effect				Non-GAAP
Operating expenses:
Cost of revenue		$	592,366			$	—			$	(3,786	)		$	—			$	588,580
Research and development			62,598				—				(816	)			—				61,782
Selling, general and administrative			108,128				—				(5,898	)			—				102,230
Amortization of purchased intangible assets and other			18,078				(18,078	)			—				—				—
Total operating expenses			781,170				(18,078	)			(10,500	)			—				752,592
Operating income			126,727				18,078				10,500				—				155,305
Income taxes			17,901				—				—				5,145				23,046
Net income		$	107,782			$	18,078			$	10,500			$	(5,145	)		$	131,215

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AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(in thousands)

 

		Nine months ended June 30, 2016
						Reconciliation items
		GAAP				Amortization of purchased intangible assets and other				Equity based compensation expense				Tax effect				Non-GAAP
Operating expenses:
Cost of revenue		$	1,796,933			$	—			$	(13,447	)		$	—			$	1,783,486
Research and development			191,249				—				(2,813	)			—				188,436
Selling, general and administrative			347,853				—				(16,838	)			—				331,015
Amortization of purchased intangible assets and other			76,894				(76,894	)			—				—				—
Total operating expenses			2,412,929				(76,894	)			(33,098	)			—				2,302,937
Operating income			364,644				76,894				33,098				—				474,636
Income taxes			51,930				—				—				15,858				67,788
Net income		$	313,622			$	76,894			$	33,098			$	(15,858	)		$	407,756

 

		Nine months ended June 30, 2015
						Reconciliation items
		GAAP				Amortization of purchased intangible assets and other				Equity based compensation expense				Changes in fair value of certain acquisition- related liabilities				Tax effect				Non-GAAP
Operating expenses:
Cost of revenue		$	1,746,383			$	—			$	(11,767	)		$	24,906			$	—			$	1,759,522
Research and development			189,044				—				(2,570	)			—				—				186,474
Selling, general and administrative			328,894				—				(19,886	)			—				—				309,008
Amortization of purchased intangible assets and other			46,193				(46,193	)			—				—				—				—
Total operating expenses			2,310,514				(46,193	)			(34,223	)			24,906				—				2,255,004
Operating income			406,248				46,193				34,223				(24,906	)			—				461,758
Interest and other expense, net			1,169				—				—				3,921				—				5,090
Income taxes			50,046				—				—				—				7,275				57,321
Net income		$	355,033			$	46,193			$	34,223			$	(28,827	)		$	(7,275	)		$	399,347

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AMDOCS LIMITED

Condensed Consolidated Balance Sheets

(in thousands)

 

		As of
		June 30, 2016				September 30, 2015
ASSETS
Current assets
Cash, cash equivalents and short-term interest-bearing investments		$	1,124,938			$	1,354,012
Accounts receivable, net, including unbilled of $111,866 and $80,197, respectively			738,063				714,784
Deferred income taxes			—				150,733
Prepaid expenses and other current assets			188,837				158,633
Total current assets			2,051,838				2,378,162
Equipment and leasehold improvements, net			308,799				309,320
Goodwill and other intangible assets, net			2,251,191				2,301,610
Other noncurrent assets			385,931				335,560
Total assets		$	4,997,759			$	5,324,652
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable, accruals and other		$	939,610			$	945,033
Short-term financing arrangements			—				220,000
Deferred revenue			152,513				198,470
Total current liabilities			1,092,123				1,363,503
Other noncurrent liabilities			471,853				554,307
Shareholders’ equity			3,433,783				3,406,842
Total liabilities and shareholders’ equity		$	4,997,759			$	5,324,652

 

Due to the early adoption of Accounting Standard Update 2015-17, starting the first quarter of fiscal year 2016, all deferred tax assets and liabilities are classified as noncurrent on the balance sheet. Prior balance sheets were not retrospectively adjusted.

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AMDOCS LIMITED

Consolidated Statements of Cash Flows

(in thousands)

 

		Nine months ended June 30,
		2016				2015
Cash Flow from Operating Activities:
Net income		$	313,622			$	355,033
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization			159,792				123,136
Equity-based compensation expense			33,098				34,223
Deferred income taxes			(14,254	)			(22,797	)
Excess tax benefit from equity-based compensation			(5,682	)			(4,040	)
Loss from short-term interest-bearing investments			294				275
Net changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			(4,163	)			(22,081	)
Prepaid expenses and other current assets			(21,423	)			12,612
Other noncurrent assets			11,070				1,310
Accounts payable, accrued expenses and accrued personnel			37,261				78,395
Deferred revenue			(68,749	)			6,597
Income taxes payable			12,263				18,498
Other noncurrent liabilities			14,397				(15,314	)
Net cash provided by operating activities			467,526				565,847
Cash Flow from Investing Activities:
Payments for purchase of equipment and leasehold improvements, net			(101,372	)			(91,501	)
Proceeds from sale of short-term interest-bearing investments			264,357				180,758
Purchase of short-term interest-bearing investments			(269,143	)			(184,724	)
Net cash paid for acquisitions			(24,993	)			(8,099	)
Other			(20,109	)			931
Net cash used in investing activities			(151,260	)			(102,635	)
Cash Flow from Financing Activities:
Payments under financing arrangements			(220,000	)			(210,000	)
Repurchase of shares			(323,751	)			(272,211	)
Proceeds from employee stock options exercised			67,890				62,951
Payments of dividends			(80,468	)			(74,663	)
Excess tax benefit from equity-based compensation			5,682				4,040
Other			(5	)			(7	)
Net cash used in financing activities			(550,652	)			(489,890	)
Net decrease in cash and cash equivalents			(234,386	)			(26,678	)
Cash and cash equivalents at beginning of period			1,035,573				1,103,269
Cash and cash equivalents at end of period		$	801,187			$	1,076,591

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AMDOCS LIMITED

Supplementary Information

(in millions)

 

		Three months ended
		June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015
North America		$	591.8			$	586.4			$	576.7			$	626.6			$	623.1
Europe			126.3				139.2				128.9				115.3				102.3
Rest of the World			212.0				200.3				215.9				184.9				182.5
Total Revenue		$	930.1			$	925.9			$	921.5			$	926.8			$	907.9

 

		Three months ended
		June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015
Managed Services Revenue		$	479.2			$	501.1			$	487.6			$	466.6			$	460.6

 

		Three months ended
		June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015
Customer Experience Systems		$	908.1			$	902.3			$	894.4			$	899.4			$	883.7
Directory			22.0				23.6				27.1				27.4				24.2
Total Revenue		$	930.1			$	925.9			$	921.5			$	926.8			$	907.9

 

		As of
		June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015
12-Month Backlog		$	3,110			$	3,100			$	3,090			$	3,080			$	3,010

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