Expects Fiscal 2018 GAAP Diluted EPS
Growth Outlook of 0.0%-6.0% YoY
Amdocs Limited (NASDAQ:DOX) today reported operating results for
the three months ended March 31, 2018.
“We are pleased to report solid results for our second fiscal
quarter which included double-digit growth in Europe and record
revenue in Rest of World. Our operating profitability was stable
and we grew our 12-month backlog to another new high. Additionally,
we extended our technology leadership with the launch of AmdocsOne
at Mobile World Congress and we utilized our cash to close on the
acquisitions of Vubiquity, as well as UXP Systems, a leader in User
Lifecycle Management solutions,” said Eli Gelman, president and
chief executive officer of Amdocs Management Limited.
Gelman continued, “Rest of World was a highlight of the quarter
as we focused on project execution and securing new awards. In
Southeast Asia, we commenced the ramp-up of the seven-year project
and managed services agreement we signed with PLDT earlier in Q2.
Additionally, we made an important step in Africa where we were
selected to provide our revenue assurance capabilities to
Safaricom, a major mobile network operator in Kenya with nearly 30
million subscribers.”
Gelman concluded, “We enter Q3 on-track to deliver a stronger
second half, although we are of course monitoring the many moving
parts affecting our outlook, including those resulting from
consolidation activity currently in progress across our main
operating regions. Additionally, we are focused on our execution
and profitability, which combined with expected normalized free
cash flow generation of approximately $500 million for the full
year, leaves us well positioned to deliver diluted non-GAAP
earnings per share growth in the range of 4% to 8% in fiscal
2018.”
Revenue
- Revenue for the second fiscal quarter ended March 31, 2018 was
$992.3 million, up 1.5% or $14.6 million sequentially from the
first fiscal quarter of 2018 and up 2.7% as compared to last year’s
second fiscal quarter. Revenue for the second fiscal quarter of
2018 includes a positive impact from foreign currency movements of
approximately $5 million relative to the first quarter of fiscal
2018 and contributions from M&A consummated in the second
fiscal quarter.
Net Income and Earnings Per Share
The Company's GAAP net income for the second quarter of fiscal
2018 was $101.7 million, or $0.70 per diluted share, compared to
GAAP net income of $112.6 million, or $0.76 per diluted share, in
the prior fiscal year’s second quarter. Net income on a non-GAAP
basis was $137.4 million, or $0.95 per diluted share, compared to
non-GAAP net income of $139.2 million, or $0.94 per diluted share,
in the second quarter of fiscal 2017.
Returning Cash to Shareholders
- Quarterly Cash Dividend Program: On May 10,
2018, the Board approved the Company’s next quarterly cash dividend
payment of $0.25 per share and set June 29, 2018 as the record date
for determining the shareholders entitled to receive the dividend,
which will be payable on July 20, 2018.
- Share Repurchase Activity: Repurchased $120
million of ordinary shares during the second quarter of fiscal
2018.
Twelve-month BacklogTwelve-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 $3.32
billion at the end of the second quarter of fiscal 2018, up $60
million from the end of the prior quarter.
Third Quarter Fiscal 2018
Outlook
- Revenue of approximately $990-$1,030 million, including an
immaterial sequential impact from foreign currency fluctuations as
compared to the second quarter of fiscal 2018. Third quarter fiscal
2018 guidance incorporates full quarter contributions from recently
closed acquisitions
- Diluted GAAP EPS of approximately $0.71-$0.81. The impact on
diluted GAAP EPS of the acquisition of Vubiquity and UXP Systems is
subject to finalization of the purchase price allocation and of the
anticipated acquisition-related expenses related to operating
adjustments, restructuring charges and other acquisition-related
costs.
- Diluted non-GAAP EPS of approximately $1.00-$1.06, excluding
amortization of purchased intangible assets and other
acquisition-related costs and approximately $0.05-$0.07 per share
of equity-based compensation expense, net of related tax effects.
Expected non-GAAP effective tax rate around the low-end of the
annual target range of 13%-17% in the third quarter fiscal
2018
Full Year Fiscal 2018 Outlook
- Expects revenue growth of 2.3%-4.3% year-over-year as reported
compared with previous guidance of 0.0%-4.0% year-over-year
- Expects revenue growth of 1.3%-3.3% year-over-year on a
constant currency basis compared with previous guidance of
(1.0%)-3.0% year-over-year
- Full year fiscal 2018 revenue guidance incorporates an
incremental revenue contribution of more than 1% from Vubiquity on
both a constant currency and reported basis, and an expected
positive impact from foreign currency fluctuations of about 1%
year-over-year
- Expects GAAP diluted earnings per share growth of roughly
0.0%-6.0% year-over-year. The impact on diluted GAAP EPS of the
acquisition of Vubiquity and UXP Systems is subject to finalization
of the purchase price allocation and of the anticipated expenses
related to operating adjustments, restructuring charges and other
acquisition-related costs
- Reiterates 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 $0.26-$0.29 per share of equity-based compensation
expense, net of related tax effects. Expected non-GAAP effective
tax rate to remain within the same target range of 13%-17% for the
full year fiscal 2018
- The impact of recent acquisitions on Amdocs’ diluted non-GAAP
earnings per share (excluding amortization of purchased intangible
assets, restructuring charges, other acquisition-related costs and
equity based compensation expense, net of related tax effects) is
expected to be neutral in fiscal year 2018, and accretive
thereafter
Our third 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,
T-Mobile’s proposed merger with Sprint, or from other current and
potential customer consolidation activity in North
America.
Conference Call Details Amdocs will host a
conference call on May 10, 2018 at 5:00 p.m. Eastern Time to
discuss the Company's second quarter of fiscal 2018 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 4175387. 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;
- nonrecurring restructuring charges;
- 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 AmdocsAmdocs 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, 2017 filed on December 11, 2017 and our Form
6-K furnished for the first quarter of fiscal 2018 on February 12,
2018.
Contact: Matthew SmithHead of Investor
RelationsAmdocs 314-212-8328 E-mail: dox_info@amdocs.com
|
|
AMDOCS LIMITED |
|
Consolidated Statements of
Income |
(in thousands, except per share
data) |
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
992,340 |
|
$ |
966,009 |
|
$ |
1,970,051 |
|
$ |
1,920,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
646,587 |
|
|
621,737 |
|
|
1,289,784 |
|
|
1,242,571 |
Research
and development |
|
|
64,926 |
|
|
67,303 |
|
|
133,103 |
|
|
127,293 |
Selling,
general and administrative |
|
|
120,199 |
|
|
114,465 |
|
|
238,867 |
|
|
238,544 |
Amortization of purchased intangible assets and other |
|
|
28,801 |
|
|
28,723 |
|
|
54,327 |
|
|
56,954 |
|
|
|
860,513 |
|
|
832,228 |
|
|
1,716,081 |
|
|
1,665,362 |
Operating income |
|
|
131,827 |
|
|
133,781 |
|
|
253,970 |
|
|
255,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
expense, net |
|
|
239 |
|
|
468 |
|
|
118 |
|
|
3,231 |
Income before income
taxes |
|
|
131,588 |
|
|
133,313 |
|
|
253,852 |
|
|
252,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
29,861 |
|
|
20,753 |
|
|
35,252 |
|
|
41,790 |
Net income |
|
$ |
101,727 |
|
$ |
112,560 |
|
$ |
218,600 |
|
$ |
210,353 |
Basic earnings per
share |
|
$ |
0.71 |
|
$ |
0.77 |
|
$ |
1.52 |
|
$ |
1.43 |
Diluted earnings per
share |
|
$ |
0.70 |
|
$ |
0.76 |
|
$ |
1.51 |
|
$ |
1.42 |
Basic weighted average
number of shares outstanding |
|
|
143,030 |
|
|
146,595 |
|
|
143,487 |
|
|
146,706 |
Diluted weighted
average number of shares outstanding |
|
|
144,390 |
|
|
147,954 |
|
|
144,882 |
|
|
148,168 |
Cash dividends declared
per share |
|
$ |
0.250 |
|
$ |
0.220 |
|
$ |
0.470 |
|
$ |
0.415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Selected Financial Metrics |
(in thousands, except per share
data) |
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
992,340 |
|
$ |
966,009 |
|
$ |
1,970,051 |
|
$ |
1,920,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
|
171,760 |
|
|
165,997 |
|
|
340,824 |
|
|
330,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
137,350 |
|
|
139,164 |
|
|
291,816 |
|
|
272,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per share |
|
$ |
0.95 |
|
$ |
0.94 |
|
$ |
2.01 |
|
$ |
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of shares outstanding |
|
|
144,390 |
|
|
147,954 |
|
|
144,882 |
|
|
148,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
(in thousands) |
|
|
|
|
Three months ended
March 31, 2018 |
|
|
|
|
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 |
$ |
646,587 |
$ |
- |
|
$ |
(4,727 |
) |
$ |
(574 |
) |
$ |
- |
|
$ |
641,286 |
Research
and development |
|
64,926 |
|
- |
|
|
(769 |
) |
|
- |
|
|
- |
|
|
64,157 |
Selling,
general and administrative |
|
120,199 |
|
- |
|
|
(5,062 |
) |
|
- |
|
|
- |
|
|
115,137 |
Amortization of purchased intangible assets and
other |
|
28,801 |
|
(28,801 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating
expenses |
|
860,513 |
|
(28,801 |
) |
|
(10,558 |
) |
|
(574 |
) |
|
- |
|
|
820,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
131,827 |
|
28,801 |
|
|
10,558 |
|
|
574 |
|
|
- |
|
|
171,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
29,861 |
|
- |
|
|
- |
|
|
- |
|
|
4,310 |
|
|
34,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
101,727 |
$ |
28,801 |
|
$ |
10,558 |
|
$ |
574 |
|
$ |
(4,310 |
) |
$ |
137,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2017 |
|
|
|
|
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 |
$ |
621,737 |
$ |
- |
|
$ |
(4,973 |
) |
$ |
6,691 |
|
$ |
- |
|
$ |
623,455 |
Research
and development |
|
67,303 |
|
- |
|
|
(901 |
) |
|
- |
|
|
- |
|
|
66,402 |
Selling,
general and administrative |
|
114,465 |
|
- |
|
|
(4,310 |
) |
|
- |
|
|
- |
|
|
110,155 |
Amortization of purchased intangible assets and
other |
|
28,723 |
|
(28,723 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating
expenses |
|
832,228 |
|
(28,723 |
) |
|
(10,184 |
) |
|
6,691 |
|
|
- |
|
|
800,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
133,781 |
|
28,723 |
|
|
10,184 |
|
|
(6,691 |
) |
|
- |
|
|
165,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
20,753 |
|
- |
|
|
- |
|
|
- |
|
|
5,612 |
|
|
26,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
112,560 |
$ |
28,723 |
|
$ |
10,184 |
|
$ |
(6,691 |
) |
$ |
(5,612 |
) |
$ |
139,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
(in thousands) |
|
|
|
|
Six months endedMarch 31,
2018 |
|
|
|
|
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 |
One-time tax benefit relating to the new U.S.
tax legislation |
Non-GAAP |
Operating
expenses: |
|
|
|
|
|
|
|
Cost of
revenue |
$ |
1,289,784 |
$ |
- |
|
$ |
(9,425 |
) |
$ |
(8,464 |
) |
$ |
- |
|
$ |
- |
|
$ |
1,271,895 |
Research
and development |
|
133,103 |
|
- |
|
|
(1,593 |
) |
|
- |
|
|
|
|
|
- |
|
|
131,510 |
Selling,
general and administrative |
|
238,867 |
|
- |
|
|
(13,045 |
) |
|
- |
|
|
|
|
|
- |
|
|
225,822 |
Amortization of purchased intangible assets and
other |
|
54,327 |
|
(54,327 |
) |
|
- |
|
|
- |
|
|
|
|
|
- |
|
|
- |
Total operating
expenses |
|
1,716,081 |
|
(54,327 |
) |
|
(24,063 |
) |
|
(8,464 |
) |
|
|
|
|
- |
|
|
1,629,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
253,970 |
|
54,327 |
|
|
24,063 |
|
|
8,464 |
|
|
|
|
|
- |
|
|
340,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
35,252 |
|
- |
|
|
- |
|
|
- |
|
|
10,688 |
|
|
2,950 |
|
|
48,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
218,600 |
$ |
54,327 |
|
$ |
24,063 |
|
$ |
8,464 |
|
$ |
(10,688 |
) |
$ |
(2,950 |
) |
$ |
291,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended March
31, 2017 |
|
|
|
|
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 |
$ |
1,242,571 |
$ |
- |
|
$ |
(9,971 |
) |
$ |
6,691 |
|
$ |
- |
|
$ |
1,239,291 |
Research
and development |
|
127,293 |
|
- |
|
|
(1,800 |
) |
|
- |
|
|
- |
|
|
125,493 |
Selling,
general and administrative |
|
238,544 |
|
- |
|
|
(12,674 |
) |
|
- |
|
|
- |
|
|
225,870 |
Amortization of purchased intangible assets
and other |
|
56,954 |
|
(56,954 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating
expenses |
|
1,665,362 |
|
(56,954 |
) |
|
(24,445 |
) |
|
6,691 |
|
|
- |
|
|
1,590,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
255,374 |
|
56,954 |
|
|
24,445 |
|
|
(6,691 |
) |
|
- |
|
|
330,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
41,790 |
|
- |
|
|
- |
|
|
- |
|
|
12,330 |
|
|
54,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
210,353 |
$ |
56,954 |
|
$ |
24,445 |
|
$ |
(6,691 |
) |
$ |
(12,330 |
) |
$ |
272,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Condensed Consolidated Balance
Sheets |
(in thousands) |
|
|
As of |
|
|
March 31, 2018 |
|
September 30, 2017 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash, cash equivalents
and short-term interest-bearing investments |
|
$ |
666,843 |
|
$ |
979,608 |
Accounts receivable,
net, including unbilled of $249,377 and $229,695, respectively |
|
|
972,279 |
|
|
865,068 |
Prepaid expenses and
other current assets |
|
|
221,825 |
|
|
203,810 |
Total
current assets |
|
|
1,860,947 |
|
|
2,048,486 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
471,818 |
|
|
355,685 |
Goodwill and other
intangible assets, net |
|
|
2,780,956 |
|
|
2,398,535 |
Other noncurrent
assets |
|
|
465,270 |
|
|
476,674 |
Total assets |
|
$ |
5,578,991 |
|
$ |
5,279,380 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable,
accruals and other |
|
$ |
1,141,799 |
|
$ |
1,059,855 |
Short-term financing
arrangements |
|
|
120,000 |
|
|
- |
Deferred revenue |
|
|
128,556 |
|
|
113,091 |
Total
current liabilities |
|
|
1,390,355 |
|
|
1,172,946 |
Other noncurrent
liabilities |
|
|
582,419 |
|
|
532,364 |
Total Amdocs Limited
Shareholders’ equity |
|
|
3,563,054 |
|
|
3,574,070 |
Noncontrolling
interests |
|
|
43,163 |
|
|
- |
Total equity |
|
$ |
3,606,217 |
|
$ |
3,574,070 |
Total liabilities and
equity |
|
$ |
5,578,991 |
|
$ |
5,279,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
Six months ended March 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Cash Flow from
Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
218,600 |
|
|
$ |
210,353 |
|
Reconciliation of net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
102,900 |
|
|
|
109,038 |
|
Equity-based compensation expense |
|
|
24,063 |
|
|
|
24,445 |
|
Deferred
income taxes |
|
|
(3,584 |
) |
|
|
16,889 |
|
Excess
tax benefit from equity-based compensation |
|
|
- |
|
|
|
(2,929 |
) |
loss
(Gain) from short-term interest-bearing investments |
|
|
1,195 |
|
|
|
(17 |
) |
Net changes in
operating assets and liabilities, net of amounts acquired: |
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
|
(77,359 |
) |
|
|
(25,092 |
) |
Prepaid
expenses and other current assets |
|
|
(9,509 |
) |
|
|
(10,926 |
) |
Other
noncurrent assets |
|
|
(10,606 |
) |
|
|
(42,294 |
) |
Accounts
payable, accrued expenses and accrued personnel |
|
|
23,103 |
|
|
|
25,101 |
|
Deferred
revenue |
|
|
8,600 |
|
|
|
(19,932 |
) |
Income
taxes payable, net |
|
|
8,675 |
|
|
|
(8,813 |
) |
Other
noncurrent liabilities |
|
|
(7,749 |
) |
|
|
(469 |
) |
Net cash provided by
operating activities |
|
|
278,329 |
|
|
|
275,354 |
|
|
|
|
|
|
|
|
|
|
Cash Flow from
Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
|
(162,126 |
) |
|
|
(69,906 |
) |
Proceeds from sale of
short-term interest-bearing investments |
|
|
207,738 |
|
|
|
144,920 |
|
Purchase of short-term
interest-bearing investments |
|
|
(76,037 |
) |
|
|
(145,737 |
) |
Net cash paid for
acquisitions |
|
|
(352,599 |
) |
|
|
- |
|
Other |
|
|
(3,446 |
) |
|
|
1,671 |
|
Net cash used in
investing activities |
|
|
(386,470 |
) |
|
|
(69,052 |
) |
|
|
|
|
|
|
|
|
|
Cash
Flow from Financing Activities: |
|
|
|
|
|
|
|
|
Borrowings under
financing arrangements |
|
|
120,000 |
|
|
|
200,000 |
|
Payments under
financing arrangements |
|
|
- |
|
|
|
(200,000 |
) |
Repurchase of
shares |
|
|
(239,779 |
) |
|
|
(160,232 |
) |
Investment by
noncontrolling interest, net |
|
|
47,013 |
|
|
|
- |
|
Proceeds from employee
stock options exercised |
|
|
65,631 |
|
|
|
62,368 |
|
Payments of
dividends |
|
|
(63,294 |
) |
|
|
(57,299 |
) |
Excess tax benefit from
equity-based compensation and other |
|
|
(110 |
) |
|
|
2,929 |
|
Net cash used in
financing activities |
|
|
(70,539 |
) |
|
|
(152,234 |
) |
|
|
|
|
|
|
|
|
|
Net (decrease) increase
in cash and cash equivalents |
|
|
(178,680 |
) |
|
|
54,068 |
|
Cash and cash
equivalents at beginning of period |
|
|
649,611 |
|
|
|
768,660 |
|
Cash and cash
equivalents at end of period |
|
$ |
470,931 |
|
|
$ |
822,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Supplementary Information |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March
31, 2018 |
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March
31, 2017 |
North America |
|
$ |
624.2 |
|
$ |
643.0 |
|
$ |
644.1 |
|
$ |
637.9 |
|
$ |
636.3 |
Europe |
|
|
148.6 |
|
|
133.7 |
|
|
129.8 |
|
|
125.2 |
|
|
115.4 |
Rest of World |
|
|
219.5 |
|
|
201.0 |
|
|
205.8 |
|
|
203.6 |
|
|
214.3 |
Total Revenue |
|
$ |
992.3 |
|
$ |
977.7 |
|
$ |
979.7 |
|
$ |
966.7 |
|
$ |
966.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March
31, 2018 |
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March
31, 2017 |
Managed Services
Revenue |
|
$ |
508.9 |
|
$ |
518.7 |
|
$ |
503.8 |
|
$ |
496.3 |
|
$ |
511.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, 2018 |
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
Customer Experience
Solutions |
|
$ |
980.7 |
|
$ |
965.9 |
|
$ |
967.7 |
|
$ |
954.8 |
|
$ |
948.6 |
Directory |
|
|
11.6 |
|
|
11.8 |
|
|
12.0 |
|
|
11.9 |
|
|
17.4 |
Total Revenue |
|
$ |
992.3 |
|
$ |
977.7 |
|
$ |
979.7 |
|
$ |
966.7 |
|
$ |
966.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
March 31, 2018 |
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
12-Month Backlog |
|
$ |
3,320 |
|
$ |
3,260 |
|
$ |
3,250 |
|
$ |
3,220 |
|
$ |
3,210 |
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