Reiterates FY16 Non-GAAP Diluted EPS
Growth Outlook of 3.5%-7.5% YoY
Amdocs Limited (NASDAQ:DOX) today reported that for its
second fiscal quarter ended March 31, 2016, revenue was $925.9
million, up 0.5% or $4.4 million sequentially from the first fiscal
quarter of 2016 and up 2.6% as compared to last year’s second
fiscal quarter. Revenue for the second fiscal quarter of 2016
includes a negative impact from foreign currency movements of
approximately $1 million relative to the first quarter of fiscal
2016. Net income on a non-GAAP basis was $140.2 million, or $0.92
per diluted share, compared to non-GAAP net income of $128.6
million, or $0.82 per diluted share, in the second 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 $32.4 million, net of related
tax effects, in the second quarter of fiscal 2016, and excludes
such amortization and other acquisition-related costs, changes in
fair value of certain acquisition-related liabilities and
equity-based compensation expenses of $12.4 million, net of related
tax effects, in the second quarter of fiscal 2015. The Company's
GAAP net income for the second quarter of fiscal 2016 was $107.7
million, or $0.71 per diluted share, compared to GAAP net income of
$116.3 million, or $0.74 per diluted share, in the prior fiscal
year’s second quarter.
“We are pleased to report solid results for the second fiscal
quarter, which included revenue at the midpoint of our guidance on
a constant currency basis, encouraging signs of stabilization in
North America, and sustained growth in Europe. During the quarter,
we launched Amdocs CES 10, a major new product stack release
specifically designed to accelerate service providers’ transition
from traditional to digital business models. At the same time, we
delivered non-GAAP operating margins at the high-end of our
long-term target range of 16.2% to 17.2%. This performance is in
line with our guidance from the start of the fiscal year and
reflects our focus on maintaining consistent execution as we deploy
a record number of transformation projects worldwide,” said Eli
Gelman, president and chief executive officer of Amdocs Management
Limited.
Gelman continued, “Our managed services capabilities continue to
gain acceptance with leading service providers in Europe and Rest
of World. In March, Three Ireland announced a five-year managed
services contract with Amdocs to support its IT digital
transformation across all lines of business. Additionally, Amdocs
has been selected to assume responsibility for Vodafone India’s
postpaid billing systems under a five-year managed services model
which we believe demonstrates our growing strategic relationship
with the Vodafone group. Our service offerings are also resonating
with former Comverse customers. For instance, Botswana
Telecommunications has awarded Amdocs a five-year managed services
contract for business support systems modernization, while Sky
Italia has upgraded its billing system to the latest Amdocs Kenan
release and assigned Amdocs end-to-end responsibility of the
program with a multi-year maintenance contract.”
Gelman concluded, “Along the lines we discussed last quarter,
our outlook includes a stronger contribution from AT&T in the
second half of the year and continued business momentum with former
Comverse customers. Nevertheless, our forecast reflects many moving
parts and unknowns, including those resulting from consolidation
activity among wireless and Pay TV operators. With these factors in
mind, we expect to deliver revenue growth for the full fiscal year
2016 slightly below the midpoint of our guidance range of 2% to 6%
on a constant currency basis. Additionally, we are on track to meet
our full year target for non-GAAP earnings per share growth of 3.5%
to 7.5% and our cash balance is healthy as a result of robust free
cash flow generation and recent stock option exercises. We
therefore plan to increase the capital we return to
shareholders to roughly 100% of free cash flow through the second
half of fiscal 2016, which we believe we can do while retaining
significant capacity to execute M&A as another vehicle to
support our strategy.”
Financial Discussion of Second Fiscal Quarter
ResultsFree cash flow was $91 million for the second
quarter of fiscal 2016, comprised of cash flow from operations of
$118 million, less $27 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 $3.10 billion at the end of the second quarter of
fiscal 2016, up $10 million from the end of the prior quarter.
Financial OutlookAmdocs expects that revenue
for the third quarter of fiscal 2016 will be approximately
$910-$950 million. Embedded within this guidance is a positive
sequential impact of approximately $5 million from foreign currency
fluctuations as compared to the second 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.
Diluted earnings per share on a non-GAAP basis for the third
quarter of fiscal 2016 is expected to be $0.84-$0.90, excluding
amortization of purchased intangible assets and other
acquisition-related costs and approximately $0.05-$0.06 per share
of equity-based compensation expense, net of related tax effects.
Amdocs estimates GAAP diluted earnings per share for the third
fiscal quarter of 2016 will be $0.63-$0.71.
Quarterly Cash Dividend ProgramOn May 4, 2016,
the Board approved the Company’s next quarterly cash dividend
payment of $0.195 per share and set June 30, 2016 as the record
date for determining the shareholders entitled to receive the
dividend, which will be payable on July 15, 2016.
Conference Call DetailsAmdocs will host a
conference call on May 4, 2016 at 5:00 p.m. Eastern Time to discuss
the Company's second quarter of fiscal 2016. To participate, please
dial +1 (855) 870-4313, or +1 (330) 863-3318 outside the United
States, approximately 15 minutes before the call and enter passcode
81097784. The call will also 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
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.
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 AmdocsAmdocs 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.
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.
|
AMDOCS LIMITED |
|
|
|
|
|
Consolidated Statements of Income |
(in thousands, except per share data) |
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
925,935 |
|
|
$ |
902,578 |
|
|
$ |
1,847,440 |
|
|
$ |
1,808,865 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
600,116 |
|
|
|
580,571 |
|
|
|
1,195,684 |
|
|
|
1,154,017 |
|
Research and
development |
|
|
63,711 |
|
|
|
62,805 |
|
|
|
126,198 |
|
|
|
126,446 |
|
Selling,
general and administrative |
|
|
114,474 |
|
|
|
107,186 |
|
|
|
234,022 |
|
|
|
220,766 |
|
Amortization
of purchased intangible assets and other |
|
|
27,487 |
|
|
|
14,016 |
|
|
|
51,854 |
|
|
|
28,115 |
|
|
|
|
805,788 |
|
|
|
764,578 |
|
|
|
1,607,758 |
|
|
|
1,529,344 |
|
Operating income |
|
|
120,147 |
|
|
|
138,000 |
|
|
|
239,682 |
|
|
|
279,521 |
|
|
|
|
|
|
|
|
|
|
Interest and other income
(expense), net |
|
|
1,460 |
|
|
|
(1,669 |
) |
|
|
(205 |
) |
|
|
(125 |
) |
Income before income
taxes |
|
|
121,607 |
|
|
|
136,331 |
|
|
|
239,477 |
|
|
|
279,396 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
13,887 |
|
|
|
20,070 |
|
|
|
30,915 |
|
|
|
32,145 |
|
Net income |
|
$ |
107,720 |
|
|
$ |
116,261 |
|
|
$ |
208,562 |
|
|
$ |
247,251 |
|
Basic earnings per
share |
|
$ |
0.72 |
|
|
$ |
0.75 |
|
|
$ |
1.39 |
|
|
$ |
1.59 |
|
Diluted earnings per
share |
|
$ |
0.71 |
|
|
$ |
0.74 |
|
|
$ |
1.37 |
|
|
$ |
1.57 |
|
Basic weighted average
number of shares outstanding |
|
|
149,924 |
|
|
|
155,106 |
|
|
|
150,279 |
|
|
|
155,506 |
|
Diluted weighted average
number of shares outstanding |
|
|
151,948 |
|
|
|
157,357 |
|
|
|
152,502 |
|
|
|
157,738 |
|
Cash dividends declared
per share |
|
$ |
0.195 |
|
|
$ |
0.170 |
|
|
$ |
0.365 |
|
|
$ |
0.325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
|
|
|
|
|
Selected Financial Metrics |
(in thousands, except per share data) |
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
March
31, |
|
March 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
925,935 |
|
|
$ |
902,578 |
|
|
$ |
1,847,440 |
|
|
$ |
1,808,865 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
|
157,950 |
|
|
|
153,491 |
|
|
|
314,822 |
|
|
|
306,453 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
140,165 |
|
|
|
128,647 |
|
|
|
272,185 |
|
|
|
268,132 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per share |
|
$ |
0.92 |
|
|
$ |
0.82 |
|
|
$ |
1.78 |
|
|
$ |
1.70 |
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average number of shares outstanding |
|
|
151,948 |
|
|
|
157,357 |
|
|
|
152,502 |
|
|
|
157,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
(in
thousands) |
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, 2016 |
|
Reconciliation
items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Tax effect |
Non-GAAP |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
600,116 |
|
$ |
- |
|
$ |
(4,917 |
) |
$ |
- |
|
$ |
595,199 |
|
|
Research and |
|
63,711 |
|
|
- |
|
|
(1,018 |
) |
|
- |
|
|
62,693 |
|
|
development |
Selling, general and |
|
114,474 |
|
|
- |
|
|
(4,381 |
) |
|
- |
|
|
110,093 |
|
|
administrative |
Amortization of |
|
27,487 |
|
|
(27,487 |
) |
|
- |
|
|
- |
|
|
- |
|
|
purchased intangible assets and other |
Total
operating expenses |
|
805,788 |
|
|
(27,487 |
) |
|
(10,316 |
) |
|
- |
|
|
767,985 |
|
|
|
|
|
|
|
|
|
Operating
income |
|
120,147 |
|
|
27,487 |
|
|
10,316 |
|
|
- |
|
|
157,950 |
|
|
|
|
|
|
|
|
|
Income
taxes |
|
13,887 |
|
|
- |
|
|
- |
|
|
5,358 |
|
|
19,245 |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
107,720 |
|
$ |
27,487 |
|
$ |
10,316 |
|
$ |
(5,358 |
) |
$ |
140,165 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
March 31, 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 |
$ |
580,571 |
|
$ |
- |
|
$ |
(3,737 |
) |
$ |
8,350 |
|
$ |
- |
|
$ |
585,184 |
|
|
Research and |
|
62,805 |
|
|
- |
|
|
(817 |
) |
|
- |
|
|
- |
|
61,988 |
|
|
development |
|
|
Selling, general and |
|
107,186 |
|
|
- |
|
|
(5,271 |
) |
|
- |
|
|
- |
|
101,915 |
|
|
administrative |
|
|
Amortization of |
|
14,016 |
|
|
(14,016 |
) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
purchased intangible assets and
other |
|
|
Total operating
expenses |
|
764,578 |
|
|
(14,016 |
) |
|
(9,825 |
) |
|
8,350 |
|
|
- |
|
|
749,087 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
138,000 |
|
|
14,016 |
|
|
9,825 |
|
|
(8,350 |
) |
|
- |
|
|
153,491 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
20,070 |
|
|
- |
|
|
- |
|
|
- |
|
|
3,105 |
|
|
23,175 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
116,261 |
|
$ |
14,016 |
|
$ |
9,825 |
|
$ |
(8,350 |
) |
($ |
3,105 |
) |
$ |
128,647 |
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
|
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
March 31, 2016 |
|
|
Reconciliation items |
|
|
GAAP |
Amortization of purchased intangible
assets and other |
Equity based compensation
expense |
Tax effect |
Non-GAAP |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of revenue |
$ |
1,195,684 |
|
$ |
- |
|
|
$ |
(9,041 |
) |
$ |
- |
|
$ |
1,186,643 |
|
|
Research and |
126,198 |
|
|
- |
|
|
|
(1,860 |
) |
- |
|
124,338 |
|
development |
|
|
|
|
Selling, general and |
234,022 |
|
|
- |
|
|
|
(12,385 |
) |
- |
|
221,637 |
|
administrative |
|
|
|
|
Amortization of |
51,854 |
|
|
(51,854 |
) |
|
|
- |
|
- |
|
- |
|
purchased intangible assets and
other |
|
|
|
|
Total operating
expenses |
|
1,607,758 |
|
|
(51,854 |
) |
|
|
(23,286 |
) |
|
- |
|
|
1,532,618 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
239,682 |
|
|
51,854 |
|
|
|
23,286 |
|
|
- |
|
|
314,822 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
30,915 |
|
|
- |
|
|
|
- |
|
|
11,517 |
|
|
42,432 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
208,562 |
|
$ |
51,854 |
|
|
$ |
23,286 |
|
$ |
(11,517 |
) |
$ |
272,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
March 31, 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 |
$ |
1,154,017 |
|
$ |
- |
|
$ |
(7,981 |
) |
$ |
24,906 |
|
$ |
- |
|
$ |
1,170,942 |
|
|
Research and |
126,446 |
|
|
- |
|
|
(1,754 |
) |
- |
|
- |
|
124,692 |
|
development |
|
|
|
|
Selling, general and |
220,766 |
|
|
- |
|
|
(13,988 |
) |
- |
|
- |
|
206,778 |
|
administrative |
|
|
|
|
Amortization of |
28,115 |
|
|
(28,115 |
) |
|
- |
|
- |
|
- |
|
- |
|
|
purchased intangible assets and
other |
|
|
|
|
|
Total operating
expenses |
|
1,529,344 |
|
|
(28,115 |
) |
|
(23,723 |
) |
|
24,906 |
|
|
- |
|
|
1,502,412 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
279,521 |
|
|
28,115 |
|
|
23,723 |
|
|
(24,906 |
) |
|
- |
|
|
306,453 |
|
|
|
|
|
|
|
|
|
|
Interest and other |
125 |
|
- |
|
- |
|
3,921 |
|
- |
|
4,046 |
|
|
expense,
net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
32,145 |
|
|
- |
|
|
- |
|
|
- |
|
|
2,130 |
|
|
34,275 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
247,251 |
|
$ |
28,115 |
|
$ |
23,723 |
|
$ |
(28,827 |
) |
$ |
(2,130 |
) |
$ |
268,132 |
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Condensed Consolidated Balance Sheets |
(in thousands) |
|
|
|
As of |
|
|
March 31, 2016 |
|
September 30, 2015 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash, cash equivalents and short-term
interest-bearing investments |
|
$ |
1,150,085 |
|
|
$ |
1,354,012 |
|
Accounts receivable, net,
including unbilled of $92,812 and $80,197, respectively |
|
|
755,381 |
|
|
|
714,784 |
|
Deferred income taxes |
|
|
- |
|
|
|
150,733 |
|
Prepaid expenses and other
current assets |
|
|
202,144 |
|
|
|
158,633 |
|
Total
current assets |
|
|
2,107,610 |
|
|
|
2,378,162 |
|
|
|
|
|
|
Equipment and leasehold
improvements, net |
|
|
311,723 |
|
|
|
309,320 |
|
Goodwill and other
intangible assets, net |
|
|
2,269,272 |
|
|
|
2,301,610 |
|
Other noncurrent
assets |
|
|
402,922 |
|
|
|
335,560 |
|
Total assets |
|
$ |
5,091,527 |
|
|
$ |
5,324,652 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable, accruals
and other |
|
$ |
936,417 |
|
|
$ |
945,033 |
|
Short-term financing
arrangements |
|
|
- |
|
|
|
220,000 |
|
Deferred revenue |
|
|
205,786 |
|
|
|
198,470 |
|
Total
current liabilities |
|
|
1,142,203 |
|
|
|
1,363,503 |
|
Other noncurrent
liabilities |
|
|
474,341 |
|
|
|
554,307 |
|
Shareholders’ equity |
|
|
3,474,983 |
|
|
|
3,406,842 |
|
Total liabilities and
shareholders’ equity |
|
$ |
5,091,527 |
|
|
$ |
5,324,652 |
|
|
|
|
|
|
|
|
|
|
____________ |
|
|
|
|
|
|
|
|
Due to the
early adoption of Accounting Standard Update 2015-17, starting the
first quarter of fiscal 2016, all deferred tax assets and
liabilities are classified as noncurrent on the balance sheet.
Prior balance sheets were not retrospectively adjusted. |
|
AMDOCS
LIMITED |
Consolidated
Statements of Cash Flows |
(in
thousands) |
|
|
|
|
|
Six months ended March 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Cash Flow from Operating
Activities: |
|
|
|
|
Net income |
|
$ |
208,562 |
|
|
$ |
247,251 |
|
Reconciliation of net income to net cash provided
by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
104,225 |
|
|
|
83,303 |
|
Equity-based compensation
expense |
|
|
23,286 |
|
|
|
23,723 |
|
Deferred income taxes |
|
|
(7,614 |
) |
|
|
(27,260 |
) |
Excess tax benefit from
equity-based compensation |
|
|
(5,248 |
) |
|
|
(3,628 |
) |
Loss from short-term
interest-bearing investments |
|
|
445 |
|
|
|
283 |
|
Net changes in operating assets and liabilities,
net of amounts acquired: |
|
|
|
|
Accounts receivable |
|
|
(23,061 |
) |
|
|
(14,623 |
) |
Prepaid expenses and other current
assets |
|
|
(28,684 |
) |
|
|
3,522 |
|
Other noncurrent assets |
|
|
3,352 |
|
|
|
14,898 |
|
Accounts payable, accrued expenses
and accrued personnel |
|
|
27,784 |
|
|
|
8,428 |
|
Deferred revenue |
|
|
(3,023 |
) |
|
|
18,762 |
|
Income taxes payable |
|
|
2,416 |
|
|
|
18,363 |
|
Other noncurrent liabilities |
|
|
14,233 |
|
|
|
(29,388 |
) |
Net cash provided by operating activities |
|
|
316,673 |
|
|
|
343,634 |
|
|
|
|
|
|
Cash Flow from Investing
Activities: |
|
|
|
|
Payments for purchase of equipment and leasehold
improvements, net |
|
|
(67,289 |
) |
|
|
(59,334 |
) |
Proceeds from sale of short-term interest-bearing
investments |
|
|
191,648 |
|
|
|
123,073 |
|
Purchase of short-term interest-bearing
investments |
|
|
(199,988 |
) |
|
|
(121,585 |
) |
Net cash paid for acquisitions |
|
|
(24,993 |
) |
|
|
(8,099 |
) |
Other |
|
|
(20,602 |
) |
|
|
509 |
|
Net cash used in investing activities |
|
|
(121,224 |
) |
|
|
(65,436 |
) |
|
|
|
|
|
Cash Flow from Financing
Activities: |
|
|
|
|
Payments under financing arrangements |
|
|
(220,000 |
) |
|
|
(210,000 |
) |
Repurchase of shares |
|
|
(200,608 |
) |
|
|
(212,195 |
) |
Proceeds from employee stock options
exercised |
|
|
59,060 |
|
|
|
58,116 |
|
Payments of dividends |
|
|
(51,262 |
) |
|
|
(48,377 |
) |
Excess tax benefit from equity-based
compensation |
|
|
5,248 |
|
|
|
3,628 |
|
Other |
|
|
(4 |
) |
|
|
(5 |
) |
Net cash used in financing activities |
|
|
(407,566 |
) |
|
|
(408,833 |
) |
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(212,117 |
) |
|
|
(130,635 |
) |
Cash and cash equivalents at beginning of
period |
|
|
1,035,573 |
|
|
|
1,103,269 |
|
Cash and cash equivalents at end of period |
|
$ |
823,456 |
|
|
$ |
972,634 |
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Supplementary Information |
(in
millions) |
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
North America |
|
$ |
586.4 |
|
|
$ |
576.7 |
|
|
$ |
626.6 |
|
|
$ |
623.1 |
|
|
$ |
646.7 |
|
|
Europe |
|
|
139.2 |
|
|
|
128.9 |
|
|
|
115.3 |
|
|
|
102.3 |
|
|
|
97.6 |
|
|
Rest of the World |
|
|
200.3 |
|
|
|
215.9 |
|
|
|
184.9 |
|
|
|
182.5 |
|
|
|
158.3 |
|
|
Total Revenue |
|
$ |
925.9 |
|
|
$ |
921.5 |
|
|
$ |
926.8 |
|
|
$ |
907.9 |
|
|
$ |
902.6 |
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
Managed Services
Revenue |
|
$ |
501.1 |
|
|
$ |
487.6 |
|
|
$ |
466.6 |
|
|
$ |
460.6 |
|
|
$ |
448.8 |
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
Customer
Experience |
|
$ |
902.3 |
|
|
$ |
894.4 |
|
|
$ |
899.4 |
|
|
$ |
883.7 |
|
|
$ |
877.1 |
|
|
Systems |
|
Directory |
|
|
23.6 |
|
|
|
27.1 |
|
|
|
27.4 |
|
|
|
24.2 |
|
|
|
25.5 |
|
|
Total Revenue |
|
$ |
925.9 |
|
|
$ |
921.5 |
|
|
$ |
926.8 |
|
|
$ |
907.9 |
|
|
$ |
902.6 |
|
|
|
|
|
|
As of |
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
12-Month Backlog |
|
$ |
3,100 |
|
|
$ |
3,090 |
|
|
$ |
3,080 |
|
|
$ |
3,010 |
|
|
$ |
3,000 |
|
|
Contact:
Matthew Smith
Head of Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com
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