Acxiom® Corporation (Nasdaq: ACXM), a global leader in
interactive marketing, today announced financial results for the
fourth quarter and fiscal year ended March 31, 2010. Acxiom will
hold a conference call at 10:00 a.m. CDT today to further discuss
this information. Interested parties are invited to listen to the
call, which will be broadcast via the Internet at
www.acxiom.com.
John Meyer, Acxiom’s chief executive officer and president,
said, “Our performance in the fourth quarter demonstrates that we
continue to manage the business effectively in this economic
environment. We experienced our third consecutive quarterly
increase in revenue, operating income and operating cash flow.
These results stem from the superb job Acxiom professionals do
serving our clients and bringing value, while remaining focused on
efficiency in our execution.”
Meyer continued, “We had a strong finish to our fiscal 2010. Our
operating income in the second half of the fiscal year was a
significant improvement over the first half and better reflected
our traditional seasonal pattern. While we anticipate improvement
in the economic outlook, we also expect a continued return to our
seasonal revenue and operating income patterns, where the first
quarter is less than the fourth quarter.”
Fourth Quarter 2010 Highlights:
- Revenue of $288.3 million
in the current quarter, compared to $288.1 million, excluding an
Information Products pass-through contract (approximately $7.4
million), in the fourth quarter a year ago. GAAP revenue, including
the pass-through revenue in the prior-year quarter, was $295.5
million. This contract was modified in the fourth quarter of fiscal
2009, and the company no longer recognizes pass-through revenue
from this contract.
- Income from operations of
$35.2 million in the current-year fourth quarter, compared to
income from operations of $41.6 million in the fourth quarter last
year. Income from operations included unusual gain items of $1.8
million in the current year and $1.7 million in the prior
year.
- Earnings per diluted
share of $0.21 in the fourth quarter of fiscal 2010, compared
to earnings per diluted share of $0.29 in the fourth quarter of
fiscal 2009. The results included $0.02 and $0.04 in unusual items
in the current and prior periods, respectively. Excluding the
effect of the unusual items, diluted earnings per share would have
been $0.19 in the current year and $0.25 in the prior-year
period.
- Operating cash flow of
$87.9 million compared to $74.7 million in the fourth quarter a
year ago.
- Free cash flow available to
equity of $43.1 million, compared to $38.4 million in the
fourth quarter a year ago. Free cash flow available to equity is a
non-GAAP financial measure; a reconciliation to the comparable GAAP
measure, operating cash flow, is attached to this news
release.
Fiscal Year 2010 Highlights:
- Revenue of $1.099 billion
in fiscal 2010, compared to $1.205 billion, excluding an
Information Products pass-through contract (approximately $71.3
million), in the prior year. GAAP revenue, including the
pass-through revenue, in the prior year was $1.277 billion. This
contract was modified in the fourth quarter of fiscal 2009, and the
company no longer recognizes pass-through revenue from this
contract.
- Income from operations of
$98.8 million in fiscal year 2010, compared to income from
operations of $92.9 million last year. The prior-year income from
operations included $38.6 million in unusual loss items. Before the
effect of the unusual loss items, income from operations for the
prior year would have been $131.4 million.
- Earnings per diluted
share of $0.56 for the current year compared to earnings per
diluted share of $0.48 in fiscal 2009. The prior-year results
included $0.28 in unusual loss items. Excluding the effect of the
unusual items, diluted earnings per share in the prior year were
$0.76.
- Operating cash flow of
$239.3 million for the fiscal year, compared to $268.8 million a
year ago.
- Free cash flow available to
equity of $108.3 million for the fiscal year, compared to
$147.1 million a year ago. Free cash flow available to equity is a
non-GAAP financial measure; a reconciliation to the comparable GAAP
measure, operating cash flow, is attached to this news
release.
Operational Highlights:
- Information Services:
Revenue for the quarter was $221.6 million, compared to $218.9
million in the fourth quarter of the previous year. For the 12
months ended March 31, 2010, revenue was $849.4 million, compared
to $920.3 million in the previous year. Income from operations for
the quarter was $27.6 million, compared to $32.9 million in the
fourth quarter of fiscal 2009. For the 12 months just ended, income
from operations was $91.0 million, compared to $117.4 million in
the previous 12-month period.
- Information Products:
Revenue for the quarter was $66.8 million, compared with $69.2
million, excluding the pass-through revenue of approximately $7.4
million from the Information Products contract referenced above, in
the fourth quarter a year ago. GAAP revenue, including the
pass-through revenue, in the prior quarter was $76.6 million. For
the 12 months ended March 31, 2010, revenue was $249.8, compared to
$285.0 million, excluding the pass-through revenue of approximately
$71.3 million from the Information Products contract referenced
above. GAAP revenue, including the pass-through revenue, in the
prior year was $356.3 million. Income from operations for the
quarter was $5.8 million, compared to income from operations of
$7.0 million in the fourth quarter of the previous year. For the 12
months just ended, income from operations was $6.9 million,
compared to $14.0 million in the previous 12-month period.
Income from operations includes expenses
that had previously been included in corporate and other expenses.
The company now allocates selling, general and administrative
expenses previously included in corporate and other expenses to the
two operating segments, Information Services and Information
Products. Prior-year results have been reclassified to reflect the
change.
Investor Day
Acxiom will host an investor day on June 2 where company
management will discuss operations and prospects. The event will be
held at the Hyatt Regency Boston and will be web cast. Further
information will be made available on our website at
www.acxiom.com.
Web Link to Financials
You may link to http://www.acxiom.com/FY10_Q4_Financials for the
detailed financial information we typically attach to our earnings
releases.
About Acxiom
Acxiom is a recognized leader in marketing technology and
services that enable marketers to successfully manage audiences,
personalize consumer experiences and create profitable customer
relationships. Our superior industry-focused, consultative approach
combines consumer data and analytics, databases, data integration
and consulting solutions for personalized, multichannel marketing
strategies. Acxiom leverages over 40 years of experience of data
management to deliver high-performance, highly secure, reliable
information management services. Founded in 1969, Acxiom is
headquartered in Little Rock, Arkansas, USA, and serves clients
around the world from locations in the United States, Europe,
Asia-Pacific and the Middle East. For more information about
Acxiom, visit Acxiom.com.
Forward Looking Statements
This release and today’s conference call may contain
forward-looking statements including, without limitation,
statements regarding an improvement in the economic outlook, and a
continued return to our historical seasonal revenue and operating
income patterns. Such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially. The following are factors, among others, that
could cause actual results to differ materially from these
forward-looking statements: the possibility that certain contracts
may not generate the anticipated revenue or profitability or may
not be closed within the anticipated time frames; the possibility
that significant customers may experience extreme, severe economic
difficulty or otherwise reduce the amount of business they do with
us; the possibility that we will not successfully complete customer
contract requirements on time or meet the service levels specified
in the contracts, which may result in contract penalties or lost
revenue; the possibility that we may not be able to attract, retain
or motivate qualified technical, sales and leadership associates,
or that we may lose key associates to other organizations; the
possibility that we will not be able to continue to receive credit
upon satisfactory terms and conditions; the possibility that
negative changes in economic conditions in general or other
conditions might lead to a reduction in demand for our products and
services; the possibility that there will be changes in consumer or
business information industries and markets that negatively impact
the company; the possibility that the historical seasonality of our
business may change; the possibility that we will not be able to
achieve cost reductions and avoid unanticipated costs; the
possibility that the fair value of certain of our assets may not be
equal to the carrying value of those assets now or in future time
periods; the possibility that changes in accounting pronouncements
may occur and may impact these forward-looking statements; the
possibility that we may encounter difficulties when entering new
markets or industries; and other risks and uncertainties, including
those detailed from time to time in our periodic reports filed with
the Securities and Exchange Commission, including our current
reports on Form 8-K, quarterly reports on Form 10-Q and annual
report on Form 10-K, particularly the discussion under the caption
“Item 1A, RISK FACTORS” in our Annual Report on Form 10-K for the
year ended March 31, 2009, which was filed with the Securities and
Exchange Commission on May 29, 2009.
With respect to the provision of products or services outside
our primary base of operations in the United States, all of the
above factors apply, along with the difficulty of doing business in
numerous sovereign jurisdictions due to differences in scale,
competition, culture, laws and regulations.
We undertake no obligation to update the information contained
in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except earnings per share)
For the Three Months Ended March 31, $ % 2010
2009 Variance Variance Revenue: Services 221,553
218,885 2,668 1.2 % Products 66,789 76,624 (9,835 )
(12.8 %) Total revenue 288,342 295,509 (7,167 ) (2.4 %)
Operating costs and expenses: Cost of revenue Services 166,085
161,060 (5,025 ) (3.1 %) Products 45,835 55,604 9,769
17.6 % Total cost of revenue 211,920 216,664 4,744 2.2 %
Services gross margin 25.0 % 26.4 % Products gross margin 31.4 %
27.4 % Total gross margin 26.5 % 26.7 % Selling, general and
administrative 43,013 38,930 (4,083 ) (10.5 %) Gains, losses and
other items, net (1,802 ) (1,694 ) 108 6.4 % Total operating
costs and expenses 253,131 253,900 769 0.3 %
Income from operations 35,211 41,609 (6,398 ) (15.4
%) Other income (expense): Interest expense (5,865 ) (6,441
) 576 8.9 % Other, net 122 163 (41 ) (25.2 %)
Total other income (expense) (5,743 ) (6,278 ) 535 8.5 %
Earnings (loss) before income taxes 29,468 35,331 (5,863 ) (16.6 %)
Income taxes 13,106 12,881 (225 ) (1.7 %)
Net earnings (loss) 16,362 22,450 (6,088 ) (27.1 %)
Less: Net earnings (loss) attributable to noncontrolling interest
(286 ) - (286 ) - Net earnings (loss) attributable to
Acxiom 16,648 22,450 (5,802 ) (25.8 %)
Earnings (loss) per share: Basic 0.21 0.29
(0.08 ) (27.6 %) Diluted 0.20 0.29 (0.09 )
(31.0 %) Earnings (loss) per share attributable to Acxiom
stockholders: Basic 0.21 0.29 (0.08 ) (27.6 %)
Diluted 0.21 0.29 (0.08 ) (27.6 %)
ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except earnings per share)
For the Twelve Months Ended March 31, $ % 2010 2009
Variance Variance Revenue: Services 849,432 920,262
(70,830 ) (7.7 %) Products 249,803 356,311 (106,508 )
(29.9 %) Total revenue 1,099,235 1,276,573 (177,338 ) (13.9 %)
Operating costs and expenses: Cost of revenue Services
654,659 694,340 39,681 5.7 % Products 184,610 280,846
96,236 34.3 % Total cost of revenue 839,269 975,186 135,917 13.9 %
Services gross margin 22.9 % 24.5 % Products gross margin
26.1 % 21.2 % Total gross margin 23.6 % 23.6 % Selling,
general and administrative 162,097 169,960 7,863 4.6 % Gains,
losses and other items, net (944 ) 38,566 39,510 102.4 %
Total operating costs and expenses 1,000,422
1,183,712 183,290 15.5 % Income from operations
98,813 92,861 5,952 6.4 % Other income
(expense): Interest expense (22,480 ) (32,596 ) 10,116 31.0 %
Other, net 425 1,949 (1,524 ) (78.2 %) Total
other income (expense) (22,055 ) (30,647 ) 8,592 28.0 %
Earnings before income taxes 76,758 62,214 14,544 23.4 %
Income taxes 32,599 24,710 (7,889 ) (31.9 %)
Net earnings 44,159 37,504 6,655 17.7 % Less: Net earnings
attributable to noncontrolling interest (390 ) - (390 ) -
Net earnings attributable to Acxiom 44,549 37,504
7,045 18.8 % Earnings per share: Basic 0.56
0.48 0.08 16.7 % Diluted 0.55 0.48
0.07 14.6 %
Earnings per share attributable to
Acxiom stockholders:
Basic 0.56 0.48 0.08 16.7 % Diluted
0.56 0.48 0.08 16.7 %
ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF
EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per
share) For the Three Months
Ended March 31, March 31, 2010 2009 Basic earnings
per share: Numerator - net earnings (loss) 16,362 22,450
Denominator - weighted-average shares outstanding 79,245
78,362 Basic earnings (loss) per share 0.21 0.29
Diluted earnings per share: Numerator - net earnings (loss)
16,362 22,450 Denominator - weighted-average shares
outstanding 79,245 78,362 Dilutive effect of common stock
options, warrants and restricted stock 1,395 297 80,640
78,659 Diluted earnings (loss) per share 0.20 0.29
Basic earnings per share attributable
to Acxiom stockholders: Numerator - net earnings (loss)
attributable to Acxiom 16,648 22,450 Denominator -
weighted-average shares outstanding 79,245 78,362 Basic
earnings (loss) per share attributable to Acxiom stockholders 0.21
0.29 Diluted earnings per share attributable to Acxiom
stockholders: Numerator - net earnings (loss) attributable
to Acxiom 16,648 22,450 Denominator - weighted-average
shares outstanding 79,245 78,362 Dilutive effect of common
stock options, warrants and restricted stock 1,395 297
80,640 78,659 Diluted earnings (loss) per share attributable
to Acxiom stockholders 0.21 0.29
ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS
PER SHARE (Unaudited) (In thousands, except earnings per share)
For the Twelve Months Ended
March 31, March 31, 2010 2009 Basic earnings per
share: Numerator - net earnings 44,159 37,504
Denominator - weighted-average shares outstanding 78,974 77,892
Basic earnings per share 0.56 0.48 Diluted earnings
per share: Numerator - net earnings 44,159 37,504
Denominator - weighted-average shares outstanding 78,974 77,892
Dilutive effect of common stock options, warrants and
restricted stock 751 333 79,725 78,225 Diluted
earnings per share 0.55 0.48
Basic earnings per share attributable to Acxiom stockholders:
Numerator - net earnings attributable to Acxiom 44,549
37,504 Denominator - weighted-average shares outstanding
78,974 77,892 Basic earnings per share attributable to
Acxiom stockholders 0.56 0.48 Diluted earnings per share
attributable to Acxiom stockholders: Numerator - net
earnings attributable to Acxiom 44,549 37,504 Denominator -
weighted-average shares outstanding 78,974 77,892 Dilutive
effect of common stock options, warrants and restricted stock 751
333 79,725 78,225 Diluted earnings per share
attributable to Acxiom stockholders 0.56 0.48
ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY
SEGMENT (Unaudited) (Dollars in thousands)
For the Three Months Ended March 31, March 31,
Revenue: 2010 2009 Information services 221,553
218,885 Information products 66,789 76,624
Total revenue 288,342 295,509
Income
from operations: Information services 27,639 32,873
Information products 5,770 7,042 Other 1,802 1,694
Total income from operations 35,211 41,609
Margin: Information services 12.5 % 15.0 %
Information products 8.6 % 9.2 % Total margin 12.2 % 14.1 %
ACXIOM CORPORATION AND
SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)
For the Twelve Months Ended
March 31, March 31,
Revenue: 2010 2009 Information
services 849,432 920,262 Information products 249,803
356,311 Total revenue 1,099,235 1,276,573
Income from operations:
Information services 91,013 117,397 Information products 6,856
14,030 Other 944 (38,566 ) Total income from
operations 98,813 92,861
Margin:
Information services 10.7 % 12.8 % Information products 2.7 % 3.9 %
Total margin 9.0 % 7.3 %
ACXIOM CORPORATION AND SUBSIDIARIES PRODUCTS REVENUE AND
COST OF PRODUCTS SUPPLEMENTAL SCHEDULE (Unaudited) (Dollars in
thousands) For the Three Months
Ended March 31, March 31, $ % 2010 2009 Variance
Variance Products 66,789 69,167 (2,378 ) (3.4 %) Passthrough
data - 7,457 (7,457 ) (100.0 %) Total products
revenue 66,789 76,624 (9,835 ) (12.8 %)
Cost of products revenue: Products 45,835 48,147 2,312 4.8 %
Passthrough data - 7,457 7,457 100.0 % Total
cost of products 45,835 55,604 9,769 17.6 %
Margin: Products 31.4 % 30.4 % Passthrough data - 0.0
% Total products 31.4 % 27.4 %
ACXIOM CORPORATION AND SUBSIDIARIES PRODUCTS REVENUE AND
COST OF PRODUCTS SUPPLEMENTAL SCHEDULE (Unaudited) (Dollars in
thousands) For the Twelve Months
Ended March 31, March 31, $ % 2010 2009 Variance
Variance Products 249,803 285,005 (35,202 ) (12.4 %)
Passthrough data - 71,306 (71,306 ) (100.0 %)
Total products revenue 249,803 356,311 (106,508 )
(29.9 %) Cost of products revenue: Products 184,610
209,540 24,930 11.9 % Passthrough data - 71,306
71,306 100.0 % Total cost of products 184,610 280,846
96,236 34.3 %
Margin: Products 26.1 %
26.5 % Passthrough data - 0.0 % Total products 26.1 % 21.2 %
ACXIOM CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands) March 31, March
31, $ % 2010 2009 Variance Variance
Assets
Current assets: Cash and cash equivalents 224,104 177,166 46,938
26.5 % Trade accounts receivable, net 168,522 184,814 (16,292 )
(8.8 %) Refundable income taxes - 4,028 (4,028 ) (100.0 %) Deferred
income taxes 11,874 45,641 (33,767 ) (74.0 %) Other current assets
54,205 46,873 7,332 15.6 % Total current
assets 458,705 458,522 183 0.0 % Property and
equipment 824,084 745,999 78,085 10.5 % Less - accumulated
depreciation and amortization 587,245 531,410 55,835
10.5 % Property and equipment, net 236,839 214,589
22,250 10.4 % Software, net of accumulated
amortization 38,845 52,798 (13,953 ) (26.4 %) Goodwill 470,261
454,944 15,317 3.4 % Purchased software licenses, net of
accumulated amortization 51,356 65,341 (13,985 ) (21.4 %) Deferred
costs, net 68,914 70,343 (1,429 ) (2.0 %) Data acquisition costs
21,931 31,317 (9,386 ) (30.0 %) Other assets, net 16,569
18,938 (2,369 ) (12.5 %) 1,363,420 1,366,792
(3,372 ) (0.2 %)
Liabilities and Stockholders'
Equity Current liabilities: Current installments of
long-term debt 42,106 40,967 1,139 2.8 % Trade accounts payable
42,774 27,701 15,073 54.4 % Accrued payroll and related expenses
36,517 44,823 (8,306 ) (18.5 %) Other accrued expenses 75,632
86,072 (10,440 ) (12.1 %) Deferred revenue 55,567 54,991 576 1.0 %
Income taxes 2,460 - 2,460 - Total current
liabilities 255,056 254,554 502 0.2 %
Long-term debt 458,629 537,272 (78,643 ) (14.6 %) Deferred
income taxes 61,284 62,231 (947 ) (1.5 %) Other liabilities
9,954 9,321 633 6.8 % Stockholders' equity: Common stock
11,662 11,576 86 0.7 % Additional paid-in capital 814,929 800,094
14,835 1.9 % Retained earnings 482,243 437,694 44,549 10.2 %
Accumulated other comprehensive income 4,167 (6,238 ) 10,405 (166.8
%) Treasury stock, at cost (738,601 ) (739,712 ) 1,111 (0.2 %)
Total Acxiom stockholders' equity 574,400 503,414 70,986 (2 )
Noncontrolling interest 4,097 - 4,097 - Total
equity 578,497 503,414 75,083 14.9 % 1,363,420
1,366,792 (3,372 ) (0.2 %)
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in
thousands) For the Three Months Ended
March 31,
2010 2009 Cash flows from operating activities: Net
earnings 16,362 22,450 Non-cash operating activities: Depreciation
and amortization 42,652 44,387 Loss on disposal or impairment of
assets, net 7 4 Deferred income taxes 9,710 11,354 Non-cash stock
compensation expense 2,502 2,302 Changes in operating assets and
liabilities: Accounts receivable 10,290 25,477 Other assets (9,742
) (1,528 ) Deferred costs (4,908 ) (1,757 ) Accounts payable and
other liabilities 22,999 (25,784 ) Deferred revenue (1,968 ) (2,253
) Net cash provided by operating activities 87,904 74,652
Cash flows from investing activities: Sale of assets - -
Capitalized software (1,596 ) (3,238 ) Capital expenditures (26,536
) (12,266 ) Data acquisition costs (4,577 ) (7,607 ) Payment for
investments (1,000 ) 3 Net cash paid in acquisitions - (500
) Net cash used by investing activities (33,709 ) (23,608 ) Cash
flows from financing activities: Payments of debt (32,079 ) (13,076
) Fees for debt refinancing - - Sale of common stock 2,911 2,502
Tax impact of stock options exercised (683 ) (81 ) Acquisition of
treasury stock - (1,101 ) Noncontrolling interests equity
contributions - - Net cash used by financing
activities (29,851 ) (11,756 ) Effect of exchange rate changes on
cash (822 ) (197 ) Net increase in cash and cash equivalents
23,522 39,091 Cash and cash equivalents at beginning of period
200,582 138,075 Cash and cash equivalents at end of
period 224,104 177,166
Supplemental cash
flow information: Cash paid (received) during the period for:
Interest 4,530 8,670 Income taxes 901 (160 ) Payments on capital
leases and installment payment arrangements 7,090 7,673 Payments on
software and data license liabilities 1,392 3,330 Other debt
payments, excluding line of credit 3,597 2,073 Prepayment of debt
20,000 - Noncash investing and financing activities:
Acquisition of property and
equipment under capital lease and installment payment
arrangements
5,946 3,148 Software licenses and maintenance acquired under
software obligation 1,560 8,409
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in
thousands) For the Twelve Months Ended
March 31,
2010 2009 Cash flows from operating activities: Net
earnings 44,159 37,504 Non-cash operating activities: Depreciation
and amortization 167,564 198,684 Loss on disposal or impairment of
assets, net 417 22,658 Deferred income taxes 32,810 16,423 Non-cash
stock compensation expense 10,790 10,342 Changes in operating
assets and liabilities: Accounts receivable 10,295 16,100 Other
assets 2,171 12,347 Deferred costs (20,289 ) (4,743 ) Accounts
payable and other liabilities (8,215 ) (32,006 ) Deferred revenue
(420 ) (8,468 ) Net cash provided by operating activities 239,282
268,841 Cash flows from investing activities: Sale of
assets 1,058 24,174 Capitalized software (8,257 ) (16,239 ) Capital
expenditures (57,908 ) (31,449 ) Cash collected from sale and
license of software - 2,000 Data acquisition costs (18,808 )
(30,561 ) Payment from (for) investments (2,000 ) 2,599 Net cash
paid in acquisitions (3,428 ) (15,903 ) Net cash used by investing
activities (89,343 ) (65,379 ) Cash flows from financing
activities: Payments of debt (104,521 ) (86,772 ) Fees for debt
refinancing (4,564 ) - Dividends paid - (9,312 ) Sale of common
stock 5,926 10,866 Tax impact of stock options exercised (683 ) 34
Acquisition of treasury stock (307 ) (1,756 ) Noncontrolling
interests equity contributions 457 - Net cash used by
financing activities (103,692 ) (86,940 ) Effect of exchange rate
changes on cash 691 (2,017 ) Net increase in cash and
cash equivalents 46,938 114,505 Cash and cash equivalents at
beginning of period 177,166 62,661 Cash and cash
equivalents at end of period 224,104 177,166
Supplemental cash flow information: Cash paid (received)
during the period for: Interest 21,337 33,138 Income taxes (7,549 )
(3,189 ) Payments on capital leases and installment payment
arrangements 29,697 40,789 Payments on software and data license
liabilities 7,526 23,217 Other debt payments, excluding line of
credit 9,798 8,266 Prepayment of debt 57,500 14,500 Noncash
investing and financing activities:
Acquisition of property and
equipment under capital lease and installment payment
arrangements
24,193 11,040 Software licenses and maintenance acquired under
software obligation 2,171 9,955
ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH
FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW
(Unaudited) (Dollars in thousands)
06/30/08
09/30/08 12/31/08 03/31/09
FY2009 06/30/09 09/30/09
12/31/09 03/31/10 FY2010 Net
cash provided by operating activities 28,473 86,803 78,913 74,652
268,841 16,166 60,703 74,509 87,904 239,282 Plus: Sale of
assets - 24,174 - - 24,174 - - 1,058 - 1,058 Payments received from
investments 2,494 102 - 3 2,599 - - - - - Less: Capitalized
software (5,011 ) (4,118 ) (3,872 ) (3,238 ) (16,239 ) (2,384 )
(2,431 ) (1,846 ) (1,596 ) (8,257 ) Capital expenditures (5,706 )
(7,245 ) (6,232 ) (12,266 ) (31,449 ) (7,431 ) (14,462 ) (9,479 )
(26,536 ) (57,908 ) Data acquisition costs (8,622 ) (6,507 ) (7,825
) (7,607 ) (30,561 ) (5,777 ) (3,004 ) (5,450 ) (4,577 ) (18,808 )
Payments on capital leases and installment payment arrangements
(12,879 ) (11,204 ) (9,033 ) (7,673 ) (40,789 ) (7,794 ) (7,504 )
(7,309 ) (7,090 ) (29,697 ) Payments on software and data license
liabilities (8,368 ) (8,420 ) (3,099 ) (3,330 ) (23,217 ) (3,878 )
(1,840 ) (416 ) (1,392 ) (7,526 ) Other required debt payments
(2,057 ) (2,073 ) (2,061 )
(2,073 ) (8,264 ) (2,052 )
(2,058 ) (2,091 ) (3,597 )
(9,798 ) Subtotal (11,676 ) 71,512 46,791 38,468
145,095 (13,150 ) 29,404 48,976 43,116 108,346 Plus: Tax
benefit of stock options and warrants 60 55
- (81 ) 34
- - -
- Subtotal (11,616
) 71,567 46,791 38,387 145,129 (13,150 ) 29,404 48,976 43,116
108,346 Plus: Cash collected from sale of software 2,000
- -
- 2,000 - -
- -
Total (9,616 ) 71,567
46,791 38,387 147,129
(13,150 ) 29,404 48,976
43,116 108,346
ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except earnings per share)
Q4 FY09 to Q4 FY10 06/30/08 09/30/08
12/31/08 03/31/09 FY2009 06/30/09
09/30/09 12/31/09
03/31/10 FY2010 % $ Revenue: Services
236,695 233,605 231,077 218,885 920,262 199,326 210,213 218,340
221,553 849,432 1.2 % 2,668 Products 94,378
95,330 89,979 76,624
356,311 56,655 60,892
65,467 66,789
249,803 -12.8 % (9,835 ) Total
revenue 331,073 328,935 321,056 295,509 1,276,573 255,981 271,105
283,807 288,342 1,099,235 -2.4 % (7,167 ) Operating costs
and expenses: Cost of revenue Services 178,861 180,986 173,433
161,060 694,340 159,576 165,792 163,206 166,085 654,659 -3.1 %
(5,025 ) Products 77,717 77,038
70,487 55,604 280,846
45,919 46,129
46,727 45,835 184,610
17.6 % 9,769 Total cost of revenue
256,578 258,024 243,920 216,664 975,186 205,495 211,921 209,933
211,920 839,269 2.2 % 4,744 Selling, general and
administrative 49,482 38,988 42,560 38,930 169,960 37,643 37,964
43,477 43,013 162,097 -10.5 % (4,083 ) Gains, losses and other
items, net (545 ) (2,370 ) 43,175
(1,694 ) 38,566 347
(27 ) 538 (1,802 )
(944 ) 6.4 % (108 ) Total
operating costs and expenses 305,515 294,642 329,655 253,900
1,183,712 243,485 249,858 253,948 253,131 1,000,422 0.3 % 769
Income (loss) from operations 25,558 34,293 (8,599 ) 41,609
92,861 12,496 21,247 29,859 35,211 98,813 -15.4 % (6,398 )
%
Margin 7.7 % 10.4 % -2.7
% 14.1 % 7.3 % 4.9
% 7.8 % 10.5 % 12.2
% 9.0 % Other income (expense) Interest
expense (9,459 ) (8,591 ) (8,105 ) (6,441 ) (32,596 ) (5,505 )
(5,423 ) (5,687 ) (5,865 ) (22,480 ) 8.9 % 576 Other, net 1,359
287 140
163 1,949 (118 ) 223
198 122
425 -25.2 % (41 ) Total other income
(expense) (8,100 ) (8,304 ) (7,965 ) (6,278 ) (30,647 ) (5,623 )
(5,200 ) (5,489 ) (5,743 ) (22,055 ) 8.5 % (535 ) Earnings
(loss) before income taxes 17,458 25,989 (16,564 ) 35,331 62,214
6,873 16,047 24,370 29,468 76,758 -16.6 % (5,863 ) Income taxes
6,808 10,136 (5,115 )
12,881 24,710 2,679
6,602 10,212
13,106 32,599 -1.7 %
(225 ) Net earnings (loss) 10,650 15,853 (11,449 )
22,450 37,504 4,194 9,445 14,158 16,362 44,159 -27.1 % (6,088 )
Less: Net earnings (loss)
attributable to noncontrolling interest
- - -
- - - -
(104 ) (286 ) (390 ) 0.0
% (286 ) Net earnings (loss) attributable to
Acxiom 10,650 15,853
(11,449 ) 22,450 37,504 4,194
9,445 14,262
16,648 44,549 -25.8 %
(5,802 )
Diluted earnings (loss) per share
attributable to Acxiom shareholders
0.14 0.20 (0.15 )
0.29 0.48 0.05
0.12 0.18 0.21
0.56 -27.6 % (0.08 )
ACXIOM CORPORATION AND
SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)
Q4 FY09 to Q4 FY10
06/30/08 09/30/08 12/31/08
03/31/09 FY2009 06/30/09
09/30/09 12/31/09 03/31/10
FY2010 % $ Revenue: Services 236,695
233,605 231,077 218,885 920,262 199,326 210,213 218,340 221,553
849,432 1.2 % 2,668 Products 94,378 95,330
89,979 76,624
356,311 56,655 60,892
65,467 66,789
249,803 -12.8 % (9,835 )
Total revenue 331,073 328,935
321,056 295,509
1,276,573 255,981 271,105
283,807 288,342
1,099,235 -2.4 % (7,167 ) Income from
operations: Services 25,639 28,527 30,358 32,873 117,397
15,838 19,971 27,565 27,639 91,013 -15.9 % (5,234 ) Products (626 )
3,396 4,218 7,042 14,030 (2,995 ) 1,249 2,832 5,770 6,856 -18.1 %
(1,272 ) Other 545 2,370
(43,175 ) 1,694 (38,566 ) (347 )
27 (538 ) 1,802
944 6.4 % 108
Total income (loss) from operations 25,558
34,293 (8,599 ) 41,609
92,861 12,496
21,247 29,859 35,211
98,813 -15.4 % (6,398 )
Margin: Services 10.8 % 12.2 % 13.1 % 15.0 % 12.8 %
7.9 % 9.5 % 12.6 % 12.5 % 10.7 % Products -0.7 % 3.6 % 4.7 % 9.2 %
3.9 % -5.3 % 2.1 % 4.3 % 8.6 % 2.7 % Total 7.7 % 10.4 % -2.7
% 14.1 % 7.3 % 4.9 % 7.8 % 10.5 % 12.2 % 9.0 %
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