Record Quarterly Revenue of
$980M
Amdocs Limited (NASDAQ:DOX) today reported operating results for
the three and twelve months ended September 30, 2017.
“We are pleased to deliver solid operating results in Q4, which
included another quarter of record revenue and sequential growth
across North America, Europe and Rest of World. At the same time,
we maintained stable operating profitability as we successfully
balanced project delivery with the launch of innovative product
offerings in areas such as artificial intelligence and network
functions virtualization. Overall, our fourth quarter wrapped up a
successful fiscal 2017 for Amdocs in which we delivered full year
non-GAAP diluted earnings per share growth of 6.4% and free cash
flow generation of more than $500 million,” said Eli Gelman,
president and chief executive officer of Amdocs Management
Limited.
Gelman continued, “We sustained our high win rate in Q4 as we
secured several modernization awards and increased our footprint
with highly strategic customers. Earlier in the quarter, we were
proud to announce that Altice USA has selected Amdocs to help
accelerate the migration of key support systems to a single
platform that will simplify and modernize its technology and
improve the customer experience it provides. We were also delighted
to enter a long-term services contract with Bharti Airtel, India’s
largest telecommunications service provider, under which Amdocs
will act as Airtel’s strategic partner to deploy machine learning
and advanced artificial intelligence capabilities and to deliver a
world class experience to its customers.”
Gelman concluded, “Looking ahead, we expect to deliver full year
non-GAAP diluted earnings per share growth of 4.0% to 8.0% and
revenue growth of 0% to 4.0% in fiscal 2018. This outlook reflects
the visibility provided by our record 12-month backlog, and
incorporates our strong momentum in the North American Pay TV
market, tempered by some slowdown in AT&T’s discretionary
spending plans as we discussed last quarter. Additionally, we
remain committed to the proactive and disciplined return of capital
to shareholders. In support of this, our Board has today authorized
an additional shareholder repurchase plan of $800 million, and
agreed to raise the quarterly dividend payment by nearly 14% to 25
cents per share, subject to shareholders approval at the annual
meeting in January 2018.”
Revenue
Revenue for the fourth fiscal quarter ended September 30, 2017
was $979.7 million, up 1.3% or $13.0 million sequentially from the
third fiscal quarter of 2017 and up 4.2% as compared to last year’s
fourth fiscal quarter. Revenue for the fourth fiscal quarter of
2017 includes a positive impact from foreign currency movements of
approximately $9 million relative to the third quarter of fiscal
2017. Revenue was slightly below the midpoint of Amdocs’ guidance,
excluding foreign currency movements.
For the fiscal year ended September 30, 2017, revenue increased
by 4.0% to $3.9 billion.
Net Income and Earnings Per Share
The Company's GAAP net income for the fourth quarter of fiscal
2017 was $107.2 million, or $0.73 per diluted share, compared to
GAAP net income of $95.7 million, or $0.64 per diluted share, in
the prior fiscal year’s fourth quarter. Net income on a non-GAAP
basis was $137.4 million, or $0.94 per diluted share, compared to
non-GAAP net income of $132.4 million, or $0.89 per diluted share,
in the fourth quarter of fiscal 2016.
The Company's GAAP net income in fiscal 2017 was $436.8 million,
or $2.96 per diluted share, compared to GAAP net income of $409.3
million, or $2.71 per diluted share, in fiscal 2016. Fiscal 2017
net income on a non-GAAP basis was $560.6 million, or $3.80 per
diluted share, compared to non-GAAP net income of $540.1 million,
or $3.57 per diluted share, in fiscal 2016.
Returning Cash to Shareholders
- Quarterly Cash Dividend Program: On November
8, 2017, the Board approved the Company’s next quarterly cash
dividend payment of $0.22 per share and set December 29, 2017 as
the record date for determining the shareholders entitled to
receive the dividend, which will be payable on January 19, 2018.
The Board also approved an increase in the Company’s quarterly cash
dividend payment to $0.25 per share, which is anticipated to be
paid in April 2018, provided that the increase is approved by
shareholders at the January 2018 annual general meeting of
shareholders.
- Share Repurchase Activity: Repurchased $90
million of ordinary shares during the fourth quarter of fiscal
2017. The board of directors has approved a share repurchase plan
authorizing the repurchase of up to $800 million of ordinary shares
at the company’s discretion; this plan has no expiration date and
is in addition to the current authorization, which, as of September
30, 2017, provided for up to $256 million of remaining repurchase
authority.
Twelve-month Backlog
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 $3.25 billion at the end of the fourth quarter of
fiscal 2017, up $30 million from the end of the prior quarter.
First Quarter Fiscal 2018
Outlook
- Revenue of approximately $960-$1,000 million, including an
immaterial sequential impact from foreign currency fluctuations as
compared to the fourth quarter of fiscal 2017
- Diluted GAAP EPS of approximately $0.66-$0.74
- Diluted non-GAAP EPS of approximately $0.94-$1.00, excluding
amortization of purchased intangible assets and other
acquisition-related costs and approximately $0.09-$0.10 per share
of equity-based compensation expense, net of related tax
effects.
Full Year Fiscal 2018
Outlook
- Expects revenue growth of 0.0%-4.0% year-over-year as
reported
- Expects revenue growth of (1.0%)-3.0% year-over-year on a
constant currency basis
- GAAP diluted earnings per share growth of roughly 3.0-9.0%
year-over-year
- Non-GAAP diluted earnings per share growth of roughly 4.0%-8.0%
year-over-year, excluding amortization of purchased intangible
assets and other acquisition-related costs and approximately
$0.28-$0.32 per share of equity-based compensation expense, net of
related tax effects
Our first fiscal quarter 2018 and full year fiscal 2018 outlook
takes into consideration the company’s expectations regarding macro
and industry specific risks and various uncertainties and certain
assumptions that we will discuss on our earnings conference call.
However, Amdocs notes market dynamics continue to shift rapidly and
that it cannot predict all possible outcomes, including those
resulting from AT&T’s proposed merger with Time Warner, or from
other current and potential customer consolidation activity in
North America.
Conference Call Details
Amdocs will host a conference call on November 8, 2017 at 5:00
p.m. Eastern Time to discuss the Company's fourth fiscal quarter
and fiscal year 2017 results. 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
94145412. 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 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 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, 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.
Supporting Resources
- Keep up with Amdocs news by visiting the company’s website
- Subscribe to Amdocs’ RSS Feed and follow us on Twitter,
Facebook, LinkedIn and YouTube
About Amdocs
Amdocs is a leading software and services provider to the
world’s most successful communications and media companies. As our
customers reinvent themselves, we enable their digital and network
transformation through innovative solutions, delivery expertise and
intelligent operations. Amdocs and its 25,000 employees serve
customers in over 85 countries. Listed on the NASDAQ Global Select
Market, Amdocs had revenue of $3.9 billion in fiscal
2017.
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, 2016 filed on December 12, 2016 and our Form
6-K furnished for the first quarter of fiscal 2017 on February 13,
2017, for the second quarter of fiscal 2017 on May 22, 2017 and for
the third quarter of fiscal 2017 on August 14,
2017.
Contact: Matthew Smith Head of Investor
Relations Amdocs 314-212-8328 E-mail: dox_info@amdocs.com
|
AMDOCS LIMITED |
|
Consolidated Statements of
Income |
(In thousands, except per share
data) |
|
|
|
|
|
|
|
Three months ended |
|
Fiscal year ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
979,724 |
|
|
$ |
940,656 |
|
$ |
3,867,155 |
|
|
$ |
3,718,229 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
636,445 |
|
|
|
611,107 |
|
|
2,507,656 |
|
|
|
2,408,040 |
Research
and development |
|
|
64,686 |
|
|
|
61,043 |
|
|
259,097 |
|
|
|
252,292 |
Selling,
general and administrative |
|
|
120,237 |
|
|
|
117,030 |
|
|
472,778 |
|
|
|
464,883 |
Amortization of purchased intangible assets and other |
|
|
26,309 |
|
|
|
32,979 |
|
|
110,291 |
|
|
|
109,873 |
|
|
|
847,677 |
|
|
|
822,159 |
|
|
3,349,822 |
|
|
|
3,235,088 |
Operating income |
|
|
132,047 |
|
|
|
118,497 |
|
|
517,333 |
|
|
|
483,141 |
|
|
|
|
|
|
|
|
|
Interest and other
(expense) income, net |
|
|
(2,342 |
) |
|
|
649 |
|
|
(4,421 |
) |
|
|
1,557 |
Income before income
taxes |
|
|
129,705 |
|
|
|
119,146 |
|
|
512,912 |
|
|
|
484,698 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
22,496 |
|
|
|
23,437 |
|
|
76,086 |
|
|
|
75,367 |
Net income |
|
$ |
107,209 |
|
|
$ |
95,709 |
|
$ |
436,826 |
|
|
$ |
409,331 |
Basic earnings per
share |
|
$ |
0.74 |
|
|
$ |
0.65 |
|
$ |
2.99 |
|
|
$ |
2.74 |
Diluted earnings per
share |
|
$ |
0.73 |
|
|
$ |
0.64 |
|
$ |
2.96 |
|
|
$ |
2.71 |
Basic weighted average
number of shares outstanding |
|
|
144,764 |
|
|
|
147,281 |
|
|
146,017 |
|
|
|
149,168 |
Diluted weighted
average number of shares outstanding |
|
|
146,141 |
|
|
|
148,984 |
|
|
147,431 |
|
|
|
151,176 |
Cash dividends declared
per share |
|
$ |
0.220 |
|
|
$ |
0.195 |
|
$ |
0.855 |
|
|
$ |
0.755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Selected Financial Metrics |
(In thousands, except per share
data) |
|
|
|
|
|
|
|
Three months ended |
|
Fiscal year ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
979,724 |
|
$ |
940,656 |
|
$ |
3,867,155 |
|
$ |
3,718,229 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
|
168,197 |
|
|
161,078 |
|
|
665,472 |
|
|
635,714 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
137,419 |
|
|
132,360 |
|
|
560,590 |
|
|
540,116 |
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per share |
|
$ |
0.94 |
|
$ |
0.89 |
|
$ |
3.80 |
|
$ |
3.57 |
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of shares outstanding |
|
|
146,141 |
|
|
148,984 |
|
|
147,431 |
|
|
151,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
(In thousands) |
|
|
|
Three months endedSeptember
30, 2017 |
|
|
Reconciliation items |
|
|
|
GAAP |
Amortization ofpurchasedintangible assetsand
other |
Equity basedcompensationexpense |
Tax effect
|
Non-GAAP |
Operating
expenses: |
|
|
|
|
|
Cost of
revenue |
$ |
636,445 |
$ |
- |
|
$ |
(4,481 |
) |
$ |
- |
|
$ |
631,964 |
Research
and development |
|
64,686 |
|
- |
|
|
(822 |
) |
|
- |
|
|
63,864 |
Selling,
general and administrative |
|
120,237 |
|
- |
|
|
(4,538 |
) |
|
- |
|
|
115,699 |
Amortization of purchased intangible assets and other |
|
26,309 |
|
(26,309 |
) |
|
- |
|
|
- |
|
|
- |
Total operating
expenses |
|
847,677 |
|
(26,309 |
) |
|
(9,841 |
) |
|
- |
|
|
811,527 |
|
|
|
|
|
|
Operating income |
|
132,047 |
|
26,309 |
|
|
9,841 |
|
|
- |
|
|
168,197 |
|
|
|
|
|
|
Income taxes |
|
22,496 |
|
- |
|
|
- |
|
|
5,940 |
|
|
28,436 |
|
|
|
|
|
|
Net income |
$ |
107,209 |
$ |
26,309 |
|
$ |
9,841 |
|
$ |
(5,940 |
) |
$ |
137,419 |
|
|
|
|
|
|
|
|
|
Three months endedSeptember
30, 2016 |
|
|
Reconciliation items |
|
|
|
GAAP |
Amortization ofpurchasedintangible assetsand
other |
Equity basedcompensationexpense |
Tax effect |
Non-GAAP |
Operating
expenses: |
|
|
|
|
|
Cost of
revenue |
$ |
611,107 |
$ |
- |
|
$ |
(4,802 |
) |
$ |
- |
|
$ |
606,305 |
Research
and development |
|
61,043 |
|
- |
|
|
(929 |
) |
|
- |
|
|
60,114 |
Selling,
general and administrative |
|
117,030 |
|
- |
|
|
(3,871 |
) |
|
- |
|
|
113,159 |
Amortization of purchased intangible assets and other |
|
32,979 |
|
(32,979 |
) |
|
- |
|
|
- |
|
|
- |
Total operating
expenses |
|
822,159 |
|
(32,979 |
) |
|
(9,602 |
) |
|
- |
|
|
779,578 |
|
|
|
|
|
|
Operating income |
|
118,497 |
|
32,979 |
|
|
9,602 |
|
|
- |
|
|
161,078 |
|
|
|
|
|
|
Income taxes |
|
23,437 |
|
- |
|
|
- |
|
|
5,930 |
|
|
29,367 |
|
|
|
|
|
|
Net income |
$ |
95,709 |
$ |
32,979 |
|
$ |
9,602 |
|
$ |
(5,930 |
) |
$ |
132,360 |
|
|
|
|
|
|
|
AMDOCS LIMITED |
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
(In thousands) |
|
|
|
Fiscal year endedSeptember
30, 2017 |
|
|
Reconciliation items |
|
|
|
GAAP |
Amortization ofpurchasedintangible assetsand
other |
Equity basedcompensationexpense |
Changes in fairvalue of
certainacquisition-related liabilities |
Tax effect |
Non-GAAP |
Operating
expenses: |
|
|
|
|
|
|
Cost of
revenue |
$ |
2,507,656 |
$ |
- |
|
$ |
(19,215 |
) |
$ |
6,691 |
|
$ |
- |
|
$ |
2,495,132 |
Research
and development |
|
259,097 |
|
- |
|
|
(3,536 |
) |
|
- |
|
|
- |
|
255,561 |
Selling,
general and administrative |
|
472,778 |
|
- |
|
|
(21,788 |
) |
|
- |
|
|
- |
|
450,990 |
Amortization of purchased intangible assets and other |
|
110,291 |
|
(110,291 |
) |
|
- |
|
|
- |
|
|
- |
|
- |
Total operating
expenses |
|
3,349,822 |
|
(110,291 |
) |
|
(44,539 |
) |
|
6,691 |
|
|
- |
|
3,201,683 |
|
|
|
|
|
|
|
Operating income |
|
517,333 |
|
110,291 |
|
|
44,539 |
|
|
(6,691 |
) |
|
- |
|
665,472 |
|
|
|
|
|
|
|
Income taxes |
|
76,086 |
|
- |
|
|
- |
|
|
- |
|
|
24,375 |
|
100,461 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
436,826 |
$ |
110,291 |
|
$ |
44,539 |
|
$ |
(6,691 |
) |
$ |
(24,375 |
) |
$ |
560,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year endedSeptember
30, 2016 |
|
|
Reconciliation items |
|
|
|
GAAP |
Amortization ofpurchasedintangible assetsand
other |
Equity basedcompensationexpense |
Tax effect |
Non-GAAP |
Operating
expenses: |
|
|
|
|
|
Cost of
revenue |
$ |
2,408,040 |
$ |
- |
|
$ |
(18,249 |
) |
$ |
- |
|
$ |
2,389,791 |
Research
and development |
|
252,292 |
|
- |
|
|
(3,742 |
) |
|
- |
|
|
248,550 |
Selling,
general and administrative |
|
464,883 |
|
- |
|
|
(20,709 |
) |
|
- |
|
|
444,174 |
Amortization of purchased intangible assets and other |
|
109,873 |
|
(109,873 |
) |
|
- |
|
|
- |
|
|
- |
Total operating
expenses |
|
3,235,088 |
|
(109,873 |
) |
|
(42,700 |
) |
|
- |
|
|
3,082,515 |
|
|
|
|
|
|
Operating income |
|
483,141 |
|
109,873 |
|
|
42,700 |
|
|
- |
|
|
635,714 |
|
|
|
|
|
|
Income taxes |
|
75,367 |
|
- |
|
|
- |
|
|
21,788 |
|
|
97,155 |
|
|
|
|
|
|
Net income |
$ |
409,331 |
$ |
109,873 |
|
$ |
42,700 |
|
$ |
(21,788 |
) |
$ |
540,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Condensed Consolidated Balance
Sheets |
(In thousands) |
|
|
|
|
As of |
|
|
September 30,2017 |
|
September 30,2016 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash, cash equivalents
and short-term interest-bearing investments |
|
$ |
979,608 |
|
$ |
1,095,723 |
Accounts receivable,
net, including unbilled of $229,695 and $134,122, respectively |
|
|
865,068 |
|
|
818,531 |
Prepaid expenses and
other current assets |
|
|
203,810 |
|
|
186,137 |
Total
current assets |
|
|
2,048,486 |
|
|
2,100,391 |
|
|
|
|
|
Equipment and leasehold
improvements, net |
|
|
355,685 |
|
|
331,728 |
Goodwill and other
intangible assets, net |
|
|
2,398,535 |
|
|
2,493,166 |
Other noncurrent
assets |
|
|
476,674 |
|
|
406,070 |
Total assets |
|
$ |
5,279,380 |
|
$ |
5,331,355 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable,
accruals and other |
|
$ |
1,059,855 |
|
$ |
992,679 |
Short-term financing
arrangements |
|
|
- |
|
|
200,000 |
Deferred revenue |
|
|
113,091 |
|
|
173,331 |
Total
current liabilities |
|
|
1,172,946 |
|
|
1,366,010 |
Other noncurrent
liabilities |
|
|
532,364 |
|
|
511,784 |
Shareholders’
equity |
|
|
3,574,070 |
|
|
3,453,561 |
Total liabilities and
shareholders’ equity |
|
$ |
5,279,380 |
|
$ |
5,331,355 |
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Consolidated Statements of Cash
Flows |
(In thousands) |
|
|
|
|
|
Fiscal year ended September 30, |
|
|
2017 |
|
2016 |
|
|
|
|
|
Cash Flow from
Operating Activities: |
|
|
|
|
Net income |
|
$ |
436,826 |
|
|
$ |
409,331 |
|
Reconciliation of net
income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
214,885 |
|
|
|
211,791 |
|
Equity-based compensation expense |
|
|
44,539 |
|
|
|
42,700 |
|
Deferred
income taxes |
|
|
6,551 |
|
|
|
(2,315 |
) |
Excess
tax benefit from equity-based compensation |
|
|
(4,666 |
) |
|
|
(6,913 |
) |
Loss from
short-term interest-bearing investments |
|
|
9 |
|
|
|
407 |
|
Net changes in
operating assets and liabilities, net of amounts acquired: |
|
|
|
|
Accounts
receivable |
|
|
(41,075 |
) |
|
|
(70,859 |
) |
Prepaid
expenses and other current assets |
|
|
11,002 |
|
|
|
(11,164 |
) |
Other
noncurrent assets |
|
|
(52,667 |
) |
|
|
2,587 |
|
Accounts
payable, accrued expenses and accrued personnel |
|
|
72,049 |
|
|
|
59,982 |
|
Deferred
revenue |
|
|
(50,230 |
) |
|
|
(49,828 |
) |
Income
taxes payable |
|
|
(15,145 |
) |
|
|
10,112 |
|
Other
noncurrent liabilities |
|
|
14,034 |
|
|
|
24,403 |
|
Net cash provided by
operating activities |
|
|
636,112 |
|
|
|
620,234 |
|
|
|
|
|
|
Cash Flow from
Investing Activities: |
|
|
|
|
Payments for purchase
of equipment and leasehold improvements, net |
|
|
(133,392 |
) |
|
|
(130,086 |
) |
Proceeds from sale of
short-term interest-bearing investments |
|
|
278,066 |
|
|
|
361,960 |
|
Purchase of short-term
interest-bearing investments |
|
|
(281,983 |
) |
|
|
(370,742 |
) |
Net cash paid for
acquisitions |
|
|
(18,064 |
) |
|
|
(283,450 |
) |
Other |
|
|
(29,940 |
) |
|
|
(18,533 |
) |
Net cash used in
investing activities |
|
|
(185,313 |
) |
|
|
(440,851 |
) |
|
|
|
|
|
Cash
Flow from Financing Activities: |
|
|
|
|
Borrowings under
financing arrangements |
|
|
200,000 |
|
|
|
200,000 |
|
Payments under
financing arrangements |
|
|
(400,000 |
) |
|
|
(220,000 |
) |
Repurchase of
shares |
|
|
(340,597 |
) |
|
|
(413,422 |
) |
Proceeds from employee
stock options exercised |
|
|
87,586 |
|
|
|
89,600 |
|
Payments of
dividends |
|
|
(121,503 |
) |
|
|
(109,304 |
) |
Excess tax benefit from
equity-based compensation and other |
|
|
4,666 |
|
|
|
6,830 |
|
Net cash used in
financing activities |
|
|
(569,848 |
) |
|
|
(446,296 |
) |
|
|
|
|
|
Net decrease in cash
and cash equivalents |
|
|
(119,049 |
) |
|
|
(266,913 |
) |
Cash and cash
equivalents at beginning of period |
|
|
768,660 |
|
|
|
1,035,573 |
|
Cash and cash
equivalents at end of period |
|
$ |
649,611 |
|
|
$ |
768,660 |
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Supplementary Information |
(In millions) |
|
|
|
|
|
Three months ended |
|
|
September 30,
2017 |
|
June 30, 2017 |
|
March
31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
North America |
|
$ |
644.1 |
|
$ |
637.9 |
|
$ |
636.3 |
|
$ |
628.0 |
|
$ |
626.2 |
Europe |
|
|
129.8 |
|
|
125.2 |
|
|
115.4 |
|
|
118.5 |
|
|
118.9 |
Rest of the World |
|
|
205.8 |
|
|
203.6 |
|
|
214.3 |
|
|
208.2 |
|
|
195.6 |
Total Revenue |
|
$ |
979.7 |
|
$ |
966.7 |
|
$ |
966.0 |
|
$ |
954.7 |
|
$ |
940.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
September 30,
2017 |
|
June 30, 2017 |
|
March
31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
Managed Services
Revenue |
|
$ |
503.8 |
|
$ |
496.3 |
|
$ |
511.1 |
|
$ |
494.2 |
|
$ |
478.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
September 30,
2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
Customer Experience
Systems |
|
$ |
967.7 |
|
$ |
954.8 |
|
$ |
948.6 |
|
$ |
937.9 |
|
$ |
924.9 |
Directory |
|
|
12.0 |
|
|
11.9 |
|
|
17.4 |
|
|
16.8 |
|
|
15.8 |
Total Revenue |
|
$ |
979.7 |
|
$ |
966.7 |
|
$ |
966.0 |
|
$ |
954.7 |
|
$ |
940.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30,
2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
12-Month Backlog |
|
$ |
3,250 |
|
$ |
3,220 |
|
$ |
3,210 |
|
$ |
3,180 |
|
$ |
3,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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