Successfully Launches Acxiom Audience Operating
System™
Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and
software-as-a-service company, today announced financial results
for its second quarter ended September 30, 2013.
Revenue was $276 million, down slightly compared to $277 million
for the prior-year period. Income from operations decreased to $20
million in the current quarter, compared to $30 million in the
prior year. Excluding unusual items, operating income for the
quarter decreased 7 percent to $28 million as compared to $30
million in the prior year. Marketing and Data Services revenue
increased 1 percent to $201 million in the quarter, compared to
$199 million; IT Infrastructure Management revenue decreased 5
percent to $67 million in the current quarter compared to $70
million. Earnings per diluted share attributable to Acxiom
stockholders were $0.13 in the current quarter compared to $0.21 in
the prior-year quarter. Excluding unusual items, diluted earnings
per share of $0.20 decreased slightly as compared to $0.21.
Operating cash flow was $170 million for the trailing twelve
months, down 4 percent compared to $176 million for the comparable
period a year ago. Free cash flow to equity was $69 million for the
trailing twelve-month period, compared to $159 million for the
comparable period. Free cash flow to equity for the prior-year
trailing twelve-month period included $73 million in proceeds from
the sale of the company’s background screening business. Free cash
flow to equity is a non-GAAP financial measure. A reconciliation to
the comparable GAAP measure, operating cash flow, is attached.
A schedule is attached to this release outlining the impact of
the unusual items on the current and prior-year results.
“We are at an inflection point and starting the next chapter in
our journey,” said Acxiom CEO Scott Howe. “We are a new company.
Over the past two years we have worked to build a better business
and to drive innovation. While it’s early, we are pleased with our
launch of the Acxiom Audience Operating System and the resulting
customer reaction and support.”
Second Quarter Highlights:
- The company launched the Acxiom AOS™
during AdWeek in New York City on September 24. The AOS
presents marketers with a comprehensive view of their audiences and
allows one-to-one marketing capabilities at scale across all
channels and devices.
- Acxiom launched a new consumer
portal. AboutTheData.com™ is the first online consumer
portal which allows individuals to view and update marketing data
that Acxiom’s clients use for digital marketing.
- The company expects over the next 6
to 12 months to reduce its annual cost base by roughly $20 to $30
million. These reductions will not impact the company’s ongoing
investment in the Audience Operating System or the continued
investment in innovation.
- Acxiom repurchased approximately
900,000 shares for $22.7 million during the quarter. Since
inception of the share repurchase program in August 2011, the
company has repurchased 12 million shares, or approximately 14.6
percent of the outstanding common stock, for $179 million. The
company’s total share repurchase authorization is $200
million.
- Acxiom announced a $600 million
refinancing. Subsequent to the end of the quarter, Acxiom
announced a refinancing of its credit facilities, consisting of a
$300 million term loan and a $300 million undrawn revolving credit
facility both maturing in October 2018. The proceeds of the term
loan were used to repay the company’s existing $215 million term
loan and for other general corporate purposes.
Segment Results:
- Marketing and Data Services:
Revenue for the second quarter increased slightly to $201 million,
as compared to $199 million for the same period a year ago. U.S.
revenue of $173 million increased 2 percent compared to $170
million in the prior period. Income from operations for the second
quarter was $16 million, compared to $22 million in the prior
period. Operating margin was 8 percent, compared to 11 percent in
the previous year.
- IT Infrastructure Management:
Revenue for the second quarter decreased 5 percent to $67 million,
compared to $70 million for the same period a year ago. Income from
operations for the quarter was $12 million compared to $9 million
in the comparable period. Operating margin was approximately 18
percent, compared to 12 percent.
- Other Services: Revenue was $8
million, slightly down as compared to $9 million in the prior-year
period. Operating margin was approximately 3 percent compared to a
loss in the prior period.
Financial Guidance
The following projections are forward looking and are subject to
certain risks and uncertainties that could cause actual results to
differ materially as detailed in the Forward-Looking Statements
section of this press release. Our guidance excludes unusual items.
Acxiom’s estimates for fiscal 2014 are as follows:
- We now expect revenue for the fiscal
year to be down slightly as compared to $1.099 billion in fiscal
2013. The slight revenue decrease is driven principally by an
expected decline in IT Infrastructure Management.
- We continue to expect earnings per
diluted share attributable to Acxiom shareholders to be roughly
flat.
Conference Call
Acxiom will hold a conference call at 4:00 p.m. CST 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. A slide presentation will be referenced during the
call and can be accessed here.
Web Link to Financials
You may link to http://www.acxiom.com/FY14_Q2_Financials for the
detailed financial information we typically attach to our earnings
releases.
About Acxiom
Acxiom is an enterprise data, analytics and
software-as-a-service company that uniquely fuses trust, experience
and scale to fuel data-driven results. For over 40 years, Acxiom
has been an innovator in harnessing the most important sources and
uses of data to strengthen connections between people, businesses
and their partners. Utilizing a channel and media neutral approach,
we leverage cutting-edge, data-oriented products and services to
maximize customer value. Every week, Acxiom powers more than a
trillion transactions that enable better living for people and
better results for our 7,000+ global clients. 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 expected levels of revenue and earnings per
share for fiscal 2014, statements regarding cost base reductions,
and statements regarding future investments, new customers and new
product launches and capabilities. 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
data suppliers might withdraw data from us, leading to our
inability to provide certain products and services to our clients,
which could lead to decreases in our operating results; 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; the possibility that we may not be able to
adequately adapt to rapidly changing computing environments,
technologies and marketing practices; 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
unusual charges may be incurred; 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; the
possibility that we could experience loss of data center capacity
or interruption of telecommunication links; the possibility that
new laws may be enacted which limit our ability to provide services
to our clients and/or which limit the use of data; 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 reports 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, 2013, which
was filed with the Securities and Exchange Commission on May 29,
2013.
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.
To automatically receive Acxiom Corporation financial news by
email, please visit www.acxiom.com and subscribe to email
alerts.
ACXIOM
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (Dollars in thousands, except earnings per share)
For the Three Months Ended September 30, $ % 2013
2012 Variance Variance Revenue: Marketing and
data services 200,952 198,602 2,350 1.2 % IT Infrastructure
management services 66,825 70,061 (3,236 ) (4.6 %) Other services
8,494 8,804 (310 ) (3.5 %) Total revenue 276,271
277,467 (1,196 ) (0.4 %) Operating costs and expenses: Cost
of revenue 207,394 209,164 (1,770 ) (0.8 %) Selling, general and
administrative 42,859 38,063 4,796 12.6 % Gains, losses and other
items, net 6,387 32 6,355 19859.4 % Total
operating costs and expenses 256,640 247,259 9,381
3.8 % Income from operations 19,631 30,208
(10,577 ) (35.0 %) %
Margin 7.1 % 10.9
% Other expense: Interest expense (2,980 ) (3,317 ) 337 10.2
% Other, net (350 ) (54 ) (296 ) (548.1 %) Total other
expense (3,330 ) (3,371 ) 41 1.2 % Earnings before income
taxes 16,301 26,837 (10,536 ) (39.3 %) Income taxes 6,437
10,465 (4,028 ) (38.5 %) Net earnings 9,864
16,372 (6,508 ) (39.8 %) Less: Net gain (loss) attributable
to noncontrolling interest 25 (139 ) 164 118.0 % Net
earnings attributable to Acxiom 9,839 16,511 (6,672 )
(40.4 %) Basic earnings per share: Net earnings 0.13
0.22 (0.09 ) (40.9 %) Net earnings attributable to Acxiom
stockholders 0.13 0.22 (0.09 ) (40.9 %)
Diluted earnings per share: Net earnings 0.13 0.21
(0.08 ) (38.1 %) Net earnings attributable to Acxiom stockholders
0.13 0.21 (0.08 ) (38.1 %)
ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except earnings per share) For
the Six Months Ended September 30, $ % 2013 2012 Variance Variance
Revenue: Marketing and data services 388,745 391,084 (2,339
) (0.6 %) IT Infrastructure management services 136,210 140,351
(4,141 ) (3.0 %) Other services 17,509 17,691 (182 )
(1.0 %) Total revenue 542,464 549,126 (6,662 ) (1.2 %)
Operating costs and expenses: Cost of revenue 411,900 418,475
(6,575 ) (1.6 %) Selling, general and administrative 80,474 74,827
5,647 7.5 % Gains, losses and other items, net 6,387 192
6,195 3226.6 % Total operating costs and expenses
498,761 493,494 5,267 1.1 % Income from
operations 43,703 55,632 (11,929 ) (21.4 %) %
Margin 8.1 % 10.1 % Other
expense: Interest expense (5,999 ) (6,557 ) 558 8.5 % Other, net
(246 ) (601 ) 355 59.1 % Total other expense (6,245 ) (7,158
) 913 12.8 % Earnings before income taxes 37,458 48,474
(11,016 ) (22.7 %) Income taxes 14,499 18,903
(4,404 ) (23.3 %) Net earnings 22,959 29,571 (6,612 ) (22.4
%) Less: Net loss attributable to noncontrolling interest
(60 ) (273 ) 213 78.0 % Net earnings attributable to Acxiom
23,019 29,844 (6,825 ) (22.9 %) Basic earnings
per share: Net earnings 0.31 0.39 (0.08 ) (20.5 %)
Net earnings attributable to Acxiom stockholders 0.31 0.39
(0.08 ) (20.5 %) Diluted earnings per share:
Net earnings 0.30 0.38 (0.08 ) (21.1 %) Net earnings
attributable to Acxiom stockholders 0.30 0.38 (0.08 )
(21.1 %)
ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO
NON-GAAP EPS (Unaudited) (Dollars in thousands, except earnings per
share) For the Three Months Ended For the Six Months Ended
September 30, September 30, 2013 2012 2013 2012
Earnings before income taxes 16,301 26,837 37,458 48,474
Income taxes 6,437 10,465 14,499 18,903
Net earnings 9,864 16,372 22,959 29,571 Less: Net gain
(loss) attributable to noncontrolling interest 25 (139 ) (60 ) (273
) Net earnings attributable to Acxiom 9,839 16,511
23,019 29,844 Earnings per share attributable
to Acxiom stockholders: Basic 0.13 0.22 0.31
0.39 Diluted 0.13 0.21 0.30 0.38
Unusual items: Business separation expenses 2,186 - 2,186 -
Legal settlement accruals 3,200 - 3,200 - Restructuring charges and
other adjustments 3,187 32 3,187 192
Total unusual items 8,573 32 8,573 192
Earnings before income taxes and excluding unusual items 24,874
26,869 46,031 48,666 Income taxes 9,823 10,477 17,885
18,978 Non-GAAP net earnings 15,051 16,392
28,146 29,688 Less: Net gain (loss) attributable to
noncontrolling interest 25 (139 ) (60 ) (273 ) Non-GAAP net
earnings attributable to Acxiom 15,026 16,531 28,206
29,961 Non-GAAP earnings per share attributable to
Acxiom stockholders: Basic 0.20 0.22 0.38 0.40
Diluted 0.20 0.21 0.37 0.39
Diluted weighted average shares 76,036 77,025 75,764
77,541
ACXIOM CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS
(Unaudited) (Dollars in thousands, except earnings per share)
For the Three Months Ended For the Six Months Ended
September 30, September 30, 2013 2012 2013 2012 Income from
operations 19,631 30,208 43,703 55,632 Unusual items 8,573
32 8,573 192 Income from operations before unusual items
28,204 30,240 52,276 55,824
ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS
PER SHARE (Unaudited) (In thousands, except earnings per share)
For the Three Months Ended September 30,
September 30, 2013 2012 Basic earnings per share: Numerator
- net earnings 9,864 16,372 Denominator - weighted-average shares
outstanding 73,778 75,009 Basic earnings per share 0.13 0.22
Basic earnings per share - net earnings attributable to Acxiom
stockholders: Numerator - net earnings attributable to Acxiom 9,839
16,511 Denominator - weighted-average shares outstanding 73,778
75,009 Basic earnings per share - net earnings attributable to
Acxiom stockholders 0.13 0.22 Diluted earnings per share:
Numerator - net earnings 9,864 16,372 Denominator -
weighted-average shares outstanding 73,778 75,009 Dilutive effect
of common stock options, warrants and restricted stock 2,258 2,016
76,036 77,025 Diluted earnings per share 0.13 0.21
Diluted earnings per share - net earnings attributable to Acxiom
stockholders: Numerator - net earnings attributable to Acxiom 9,839
16,511 Denominator - weighted-average shares outstanding 73,778
75,009 Dilutive effect of common stock options, warrants, and
restricted stock 2,258 2,016 76,036 77,025 Diluted earnings
per share - net earnings attributable to Acxiom stockholders 0.13
0.21 ACXIOM CORPORATION AND
SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In
thousands, except earnings per share) For the Six
Months Ended September 30, September 30, 2013 2012
Basic earnings per share: Numerator - net earnings 22,959 29,571
Denominator - weighted-average shares outstanding 73,728 75,741
Basic earnings per share 0.31 0.39 Basic earnings per share
- net earnings attributable to Acxiom stockholders: Numerator - net
earnings attributable to Acxiom 23,019 29,844 Denominator -
weighted-average shares outstanding 73,728 75,741 Basic earnings
per share - net earnings attributable to Acxiom stockholders 0.31
0.39 Diluted earnings per share: Numerator - net earnings
22,959 29,571 Denominator - weighted-average shares outstanding
73,728 75,741 Dilutive effect of common stock options, warrants and
restricted stock 2,036 1,800 75,764 77,541 Diluted earnings
per share from continuing operations 0.30 0.38 Diluted
earnings per share - net earnings attributable to Acxiom
stockholders: Numerator - net earnings attributable to Acxiom
23,019 29,844 Denominator - weighted-average shares outstanding
73,728 75,741 Dilutive effect of common stock options, warrants,
and restricted stock 2,036 1,800 75,764 77,541
Diluted earnings per share - net earnings
attributable to Acxiom stockholders
0.30 0.38 ACXIOM
CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands) For the Three Months Ended
September 30, September 30,
Revenue: 2013 2012
Marketing and data services 200,952 198,602 IT Infrastructure
management services 66,825 70,061 Other services 8,494 8,804
Total revenue 276,271 277,467
Income from operations: Marketing and data
services 16,014 22,262 IT Infrastructure management services 11,967
8,520 Other services 223 (542 ) Corporate (8,573 ) (32 )
Total income from operations 19,631 30,208
Margin: Marketing and data services 8.0 % 11.2 % IT
Infrastructure management services 17.9 % 12.2 % Other services 2.6
% -6.2 % Total margin 7.1 % 10.9 %
ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY
SEGMENT (Unaudited) (Dollars in thousands) For the
Six Months Ended September 30, September 30,
Revenue:
2013 2012 Marketing and data services 388,745 391,084 IT
Infrastructure management services 136,210 140,351 Other services
17,509 17,691 Total revenue 542,464
549,126
Income from operations:
Marketing and data services 28,671 40,965 IT Infrastructure
management services 22,728 17,351 Other services 877 (2,492 )
Corporate (8,573 ) (192 ) Total income from operations
43,703 55,632
Margin: Marketing
and data services 7.4 % 10.5 % IT Infrastructure management
services 16.7 % 12.4 % Other services 5.0 % -14.1 % Total
margin 8.1 % 10.1 %
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)
September 30, March 31, $ % 2013 2013 Variance Variance
Assets
Current assets: Cash and cash equivalents 216,616 222,974 (6,358 )
(2.9 %) Trade accounts receivable, net 167,979 159,882 8,097 5.1 %
Deferred income taxes 13,944 13,496 448 3.3 % Refundable income
taxes 1,881 5,809 (3,928 ) (67.6 %) Other current assets 60,052
58,935 1,117 1.9 % Total current assets
460,472 461,096 (624 ) (0.1 %) Property and equipment
839,828 822,439 17,389 2.1 % Less - accumulated depreciation and
amortization 617,492 591,687 25,805 4.4 %
Property and equipment, net 222,336 230,752 (8,416 )
(3.6 %) Software, net of accumulated amortization 34,385
24,471 9,914 40.5 % Goodwill 380,963 381,129 (166 ) (0.0 %)
Purchased software licenses, net of accumulated amortization 21,795
23,604 (1,809 ) (7.7 %) Deferred costs, net 32,834 42,971 (10,137 )
(23.6 %) Data acquisition costs 8,607 10,631 (2,024 ) (19.0 %)
Other assets, net 12,819 13,052 (233 ) (1.8 %)
1,174,211 1,187,706 (13,495 ) (1.1 %)
Liabilities and
Stockholders' Equity
Current liabilities: Current installments of long-term debt 13,560
16,105 (2,545 ) (15.8 %) Trade accounts payable 28,628 35,786
(7,158 ) (20.0 %) Accrued payroll and related expenses 37,803
62,390 (24,587 ) (39.4 %) Other accrued expenses 77,822 68,270
9,552 14.0 % Deferred revenue 47,401 41,388 6,013 14.5 % Income
taxes 567 637 (70 ) (11.0 %) Total current
liabilities 205,781 224,576 (18,795 ) (8.4 %)
Long-term debt 230,713 237,400 (6,687 ) (2.8 %) Deferred
income taxes 94,634 94,918 (284 ) (0.3 %) Other liabilities
12,814 11,444 1,370 12.0 % Stockholders' equity: Common
stock 12,295 12,134 161 1.3 % Additional paid-in capital 912,446
885,184 27,262 3.1 % Retained earnings 616,985 593,966 23,019 3.9 %
Accumulated other comprehensive income 12,754 11,423 1,331 11.7 %
Treasury stock, at cost (923,771 ) (882,959 ) (40,812 ) (4.6 %)
Total Acxiom stockholders' equity 630,709 619,748 10,961 1.8 %
Noncontrolling interest (440 ) (380 ) (60 ) (15.8 %) Total
equity 630,269 619,368 10,901 1.8 % 1,174,211
1,187,706 (13,495 ) (1.1 %)
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)
For the Three Months Ended September 30, 2013 2012
Cash flows from operating activities: Net earnings 9,864 16,372
Non-cash operating activities: Depreciation and amortization 25,334
29,236 Loss on disposal or impairment of assets - 1 Deferred income
taxes 60 (2,063 ) Non-cash stock compensation expense 3,709 3,150
Changes in operating assets and liabilities: Accounts receivable
(7,004 ) 6,551 Other assets (733 ) (3,339 ) Deferred costs - (627 )
Accounts payable and other liabilities 6,641 (4,668 ) Deferred
revenue 2,650 (5,378 ) Net cash provided by operating
activities 40,521 39,235 Cash flows from investing
activities: Capitalized software (7,660 ) (4,074 ) Capital
expenditures (9,269 ) (8,178 ) Data acquisition costs (913 ) (1,396
) Net cash used by investing activities (17,842 ) (13,648 ) Cash
flows from financing activities: Payments of debt (4,343 ) (6,682 )
Sale of common stock 12,804 3,974 Acquisition of treasury stock
(22,698 ) (14,003 ) Net cash used by financing activities (14,237 )
(16,711 ) Effect of exchange rate changes on cash 544 246
Net change in cash and cash equivalents 8,986 9,122
Cash and cash equivalents at beginning of period 207,630
179,282 Cash and cash equivalents at end of period 216,616
188,404
Supplemental cash flow
information: Cash paid during the period for: Interest 2,975
3,277 Income taxes 9,924 19,971 Payments on capital leases and
installment payment arrangements 2,339 4,384 Other debt payments
2,004 2,298 ACXIOM CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Dollars in thousands) For the Six Months Ended
September 30, 2013 2012 Cash flows from operating
activities: Net earnings 22,959 29,571 Non-cash operating
activities: Depreciation and amortization 50,519 60,231 Loss on
disposal or impairment of assets - 25 Deferred income taxes (528 )
(3,466 ) Non-cash stock compensation expense 6,889 5,803 Changes in
operating assets and liabilities: Accounts receivable (5,864 )
1,942 Other assets 145 (4,736 ) Deferred costs - (1,274 ) Accounts
payable and other liabilities (20,667 ) (38,132 ) Deferred revenue
3,917 (12,596 ) Net cash provided by operating activities
57,370 37,368 Cash flows from investing activities:
Capitalized software (13,614 ) (7,747 ) Capital expenditures
(18,189 ) (11,716 ) Data acquisition costs (2,874 ) (3,698 ) Net
cash used by investing activities (34,677 ) (23,161 ) Cash flows
from financing activities: Payments of debt (9,233 ) (13,538 ) Sale
of common stock 18,559 5,735 Acquisition of treasury stock (38,837
) (47,100 ) Contingent consideration paid for prior acquisitions -
(287 ) Net cash used by financing activities (29,511 )
(55,190 ) Effect of exchange rate changes on cash 460 (261 )
Net change in cash and cash equivalents (6,358 ) (41,244 )
Cash and cash equivalents at beginning of period 222,974
229,648 Cash and cash equivalents at end of period 216,616
188,404
Supplemental cash flow
information: Cash paid during the period for: Interest 5,986
6,500 Income taxes 11,008 36,134 Payments on capital leases and
installment payment arrangements 5,239 8,946 Other debt payments
3,994 4,592 Noncash investing and financing activities:
Acquisition of property and equipment
under capital lease and installment payment arrangements
- 2,157
ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND
RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in
thousands)
06/30/12 09/30/12 12/31/12 03/31/13
YTD FY2013 06/30/13 09/30/13 YTD FY2014 TTM
9/30/12 TTM 9/30/13 Net cash provided (used) by
operating activities (1,867 ) 39,235 38,543 74,221 150,132 16,849
40,521 57,370 176,351 170,134 Less: Disposition of
operations - - - - - - - - 73,468 - Capitalized software (3,673 )
(4,074 ) (5,443 ) (6,689 ) (19,879 ) (5,954 ) (7,660 ) (13,614 )
(11,489 ) (25,746 ) Capital expenditures (3,538 ) (8,178 ) (10,260
) (16,515 ) (38,491 ) (8,920 ) (9,269 ) (18,189 ) (38,596 ) (44,964
) Data acquisition costs (2,302 ) (1,396 ) (2,766 ) (2,106 ) (8,570
) (1,961 ) (913 ) (2,874 ) (11,460 ) (7,746 ) Payments on capital
leases and installment payment arrangements (4,562 ) (4,384 )
(4,002 ) (3,566 ) (16,514 ) (2,900 ) (2,339 ) (5,239 ) (18,299 )
(12,807 ) Other required debt payments (2,294 ) (2,298 ) (2,250 )
(3,515 ) (10,357 ) (1,990 ) (2,004 ) (3,994 ) (11,340 ) (9,759 )
Total (18,236 ) 18,905 13,822 41,830
56,321 (4,876 ) 18,336 13,460 158,635
69,112
CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (Dollars in thousands, except earnings per
share)
Q2 FY14 to Q2 FY13
06/30/12 09/30/12 12/31/12 03/31/13 YTD
FY2013 06/30/13 09/30/13 YTD FY2014 % $
Revenue: Marketing and data services 192,482 198,602 195,146
202,510 788,740 187,793 200,952 388,745 1.2 % 2,350 IT
Infrastructure management services 70,290 70,061 69,916 65,202
275,469 69,385 66,825 136,210 -4.6 % (3,236 ) Other services 8,887
8,804 8,040 9,419
35,150 9,015 8,494 17,509
-3.5 % (310 ) Total revenue 271,659 277,467
273,102 277,131 1,099,359 266,193 276,271 542,464 -0.4 % (1,196 )
Operating costs and expenses: Cost of revenue 209,311
209,164 208,848 213,317 840,640 204,506 207,394 411,900 -0.8 %
(1,770 ) Selling, general and administrative 36,764 38,063 37,482
41,681 153,990 37,615 42,859 80,474 12.6 % 4,796 Gains, losses and
other items, net 160 32 (126 )
1,944 2,010 - 6,387
6,387 19859.4 % 6,355
Total operating costs and expenses 246,235 247,259 246,204 256,942
996,640 242,121 256,640 498,761 3.8 % 9,381 Income from
operations 25,424 30,208 26,898 20,189 102,719 24,072 19,631 43,703
-35.0 % (10,577 )
% Margin 9.4 % 10.9
% 9.8 % 7.3 % 9.3
% 9.0 % 7.1 % 8.1
% Other expense Interest expense (3,240 ) (3,317 ) (3,178 )
(2,959 ) (12,694 ) (3,019 ) (2,980 ) (5,999 ) 10.2 % 337 Other, net
(547 ) (54 ) 565 188 152
104 (350 ) (246 ) -548.1 %
(296 ) Total other expense (3,787 ) (3,371 ) (2,613 ) (2,771
) (12,542 ) (2,915 ) (3,330 ) (6,245 ) 1.2 % 41 Earnings
before income taxes 21,637 26,837 24,285 17,418 90,177 21,157
16,301 37,458 -39.3 % (10,536 ) Income taxes 8,438
10,465 9,836 4,319 33,058
8,062 6,437 14,499
-38.5 % (4,028 ) Net earnings 13,199
16,372 14,449 13,099
57,119 13,095 9,864 22,959
-39.8 % (6,508 )
Less: Net gain (loss) attributable to
noncontrolling interest
(134 ) (139 ) (76 ) (139 ) (488 ) (85 )
25 (60 ) 118.0 % 164
Net earnings attributable to Acxiom 13,333
16,511 14,525 13,238
57,607 13,180 9,839 23,019
-40.4 % (6,672 )
Diluted earnings per share - net earnings
attributable to Acxiom stockholders
0.17 0.21 0.19 0.18
0.75 0.17 0.13
0.30 -38.1 % (0.08 ) ACXIOM CORPORATION
AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in
thousands)
Q2
FY14 to Q2 FY13 06/30/12 09/30/12 12/31/12
03/31/13 YTD FY2013 06/30/13 09/30/13 YTD
FY2014 % $ Revenue: Marketing and data
services 192,482 198,602 195,146 202,510 788,740 187,793 200,952
388,745 1 % 2,350 IT Infrastructure management services 70,290
70,061 69,916 65,202 275,469 69,385 66,825 136,210 -5 % (3,236 )
Other services 8,887 8,804 8,040
9,419 35,150 9,015 8,494
17,509 -4 % (310 ) Total revenue
271,659 277,467 273,102
277,131 1,099,359 266,193
276,271 542,464 0 % (1,196 )
Marketing and data services 18,703 22,262 18,186 20,866
80,017 12,657 16,014 28,671 -28 % (6,248 ) IT Infrastructure
management services 8,831 8,520 9,622 2,357 29,330 10,761 11,967
22,728 40 % 3,447 Other services (1,950 ) (542 ) (1,036 ) (1,090 )
(4,618 ) 654 223 877 141 % 765 Corporate (160 ) (32 )
126 (1,944 ) (2,010 ) - (8,573 )
(8,573 ) -26691 % (8,541 ) Total income from
operations 25,424 30,208 26,898
20,189 102,719 24,072
19,631 43,703 -35 % (10,577 )
Margin: Marketing and data services 9.7 % 11.2 % 9.3 % 10.3
% 10.1 % 6.7 % 8.0 % 7.4 % IT Infrastructure management services
12.6 % 12.2 % 13.8 % 3.6 % 10.6 % 15.5 % 17.9 % 16.7 % Other
services -21.9 % -6.2 % -12.9 % -11.6 % -13.1 % 7.3 % 2.6 % 5.0 %
Total 9.4 % 10.9 % 9.8 % 7.3 % 9.3 % 9.0 % 7.1 % 8.1 %
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20131106006527/en/
Acxiom Investor RelationsKatharine Boyce,
501-342-1321investor.relations@acxiom.comEACXM
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