Record Quarterly Revenue of
$966M
Amdocs Limited (NASDAQ:DOX) today reported operating results for
the three months ended March 31, 2017.
“We are pleased with our performance in the second fiscal
quarter, during which we maintained our relentless focus on
execution to produce record revenue and stable profitability.
Indeed, we successfully delivered on dozens of transformation
project milestones during Q2, a key highlight of which was the
go-live of a single real-time convergent charging system for KT
Corporation, South Korea’s largest quad-play service provider. At
the same time, we continued to see healthy rates of service
renewals among long-standing Amdocs and former Comverse customers,
which we believe demonstrates the unique combination of
industry-leading innovation and dependability we have consistently
brought to service providers over the years,” said Eli Gelman,
president and chief executive officer of Amdocs Management
Limited.
Gelman continued, “Regarding our strategic growth engines, we
have made important additional progress in network functions
virtualization (NFV), an area in which Amdocs is one of the first
technology companies to invest and lead. Earlier in Q2, Linux
Foundation announced the creation of the Open Network Automation
Platform (ONAP), a majority of which is based on open ECOMP code
that Amdocs co-developed in collaboration with AT&T. Moreover,
we believe ONAP is fast becoming the de facto standard for NFV
which will help to accelerate industry adoption by communication
service providers. Along these lines, we are today excited to
report that Amdocs has been selected by Bell Canada as the
strategic partner to co-develop its Network Service Orchestrator
(NSO) platform and to help integrate ONAP components into Bell’s
NSO platform. This partnership supports Bell Canada’s focus on
leading broadband service innovation and reducing time to market
for new virtual enterprise services.”
Gelman concluded, “We enter the second fiscal half with a
demonstrated ability to bring customer value through the strength
of our unique business model. With the visibility provided by our
record 12-month backlog we are on-track to meet our financial
targets for the full fiscal year. These include free cash flow
generation of approximately $500 million, a majority of which we
still plan to return to shareholders in fiscal 2017 while retaining
capacity for M&A as opportunities arise.”
Revenue
Revenue for the second fiscal quarter ended March 31, 2017 was
$966.0 million, up 1.2% or $11.3 million sequentially from the
first fiscal quarter of 2017 and up 4.3% as compared to last year’s
second fiscal quarter. Revenue for the second fiscal quarter of
2017 includes a positive impact from foreign currency movements of
approximately $3 million relative to the first quarter of fiscal
2017. Revenue was at the midpoint of Amdocs’ guidance, excluding
foreign currency movements.
Net Income and Earnings Per Share
The Company's GAAP net income for the second quarter of fiscal
2017 was $112.6 million, or $0.76 per diluted share, compared to
GAAP net income of $107.7 million, or $0.71 per diluted share, in
the prior fiscal year’s second quarter. Net income on a non-GAAP
basis was $139.2 million, or $0.94 per diluted share, compared to
non-GAAP net income of $140.2 million, or $0.92 per diluted share,
in the second quarter of fiscal 2016.
Returning Cash to Shareholders
- Quarterly Cash Dividend Program: On May 9,
2017, the Board approved the Company’s next quarterly cash dividend
payment of $0.22 per share and set June 30, 2017 as the record date
for determining the shareholders entitled to receive the dividend,
which will be payable on July 14, 2017.
- Share Repurchase Activity: Repurchased $80
million of ordinary shares during the second quarter of fiscal
2017.
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 $3.21 billion at the end of the second quarter of
fiscal 2017, up $30 million from the end of the prior quarter.
Third Quarter fiscal 2017 Outlook
- Revenue of approximately $945-$985 million, including an
immaterial sequential impact from foreign currency fluctuations as
compared to the second quarter of fiscal 2017
- Diluted GAAP EPS of approximately $0.69-$0.77
- Diluted non-GAAP EPS of approximately $0.93-$0.99, excluding
amortization of purchased intangible assets and other
acquisition-related costs and approximately $0.06-$0.07 per share
of equity-based compensation expense, net of related tax
effects
Full Year Fiscal 2017
Outlook
- Expects revenue growth of 3.5-5.5% year-over-year on a constant
currency basis compared with previous guidance of 2.5-6.5%
year-over-year
- Expects revenue growth of 3.0-5.0% year-over-year as reported,
including an anticipated negative impact from foreign currency
movements of approximately 0.5% year-over-year and compared with
previous guidance of 1.5-5.5% year-over-year, which included an
anticipated negative impact from foreign currency movements of
approximately 1.0% year-over-year
- GAAP diluted earnings per share growth of roughly 5.0-11.0%
year-over-year
- Non-GAAP diluted earnings per share growth of roughly 4.5-8.5%
year-over-year
Our third fiscal quarter 2017 and full year fiscal 2017 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 May 9, 2017 at 5:00 p.m.
Eastern Time to discuss the Company's second quarter of fiscal 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 98211383. 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
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 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
- Learn more about
https://www.amdocs.com/open-network/nfv-powered-by-ecomp
- 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 $3.7 billion in fiscal 2016.
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.
AMDOCS LIMITED |
Consolidated Statements of
Income |
(in thousands, except per share
data) |
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
Revenue |
|
$ |
966,009 |
|
|
$ |
925,935 |
|
$ |
1,920,736 |
|
|
$ |
1,847,440 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
621,737 |
|
|
|
600,116 |
|
|
1,242,571 |
|
|
|
1,195,684 |
|
Research
and development |
|
|
67,303 |
|
|
|
63,711 |
|
|
127,293 |
|
|
|
126,198 |
|
Selling,
general and administrative |
|
|
114,465 |
|
|
|
114,474 |
|
|
238,544 |
|
|
|
234,022 |
|
Amortization of purchased intangible assets and other |
|
|
28,723 |
|
|
|
27,487 |
|
|
56,954 |
|
|
|
51,854 |
|
|
|
|
832,228 |
|
|
|
805,788 |
|
|
1,665,362 |
|
|
|
1,607,758 |
|
Operating income |
|
|
133,781 |
|
|
|
120,147 |
|
|
255,374 |
|
|
|
239,682 |
|
|
|
|
|
|
|
|
|
|
Interest and other
(expense) income, net |
|
|
(468 |
) |
|
|
1,460 |
|
|
(3,231 |
) |
|
|
(205 |
) |
Income before income
taxes |
|
|
133,313 |
|
|
|
121,607 |
|
|
252,143 |
|
|
|
239,477 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
20,753 |
|
|
|
13,887 |
|
|
41,790 |
|
|
|
30,915 |
|
Net income |
|
$ |
112,560 |
|
|
$ |
107,720 |
|
$ |
210,353 |
|
|
$ |
208,562 |
|
Basic earnings per
share |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
$ |
1.43 |
|
|
$ |
1.39 |
|
Diluted earnings per
share |
|
$ |
0.76 |
|
|
$ |
0.71 |
|
$ |
1.42 |
|
|
$ |
1.37 |
|
Basic weighted average
number of shares outstanding |
|
|
146,595 |
|
|
|
149,924 |
|
|
146,706 |
|
|
|
150,279 |
|
Diluted weighted
average number of shares outstanding |
|
|
147,954 |
|
|
|
151,948 |
|
|
148,168 |
|
|
|
152,502 |
|
Cash dividends declared
per share |
|
$ |
0.220 |
|
|
$ |
0.195 |
|
$ |
0.415 |
|
|
$ |
0.365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Selected Financial Metrics |
(in thousands, except per share
data) |
|
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
966,009 |
|
$ |
925,935 |
|
$ |
1,920,736 |
|
$ |
1,847,440 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
|
165,997 |
|
|
157,950 |
|
|
330,082 |
|
|
314,822 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
139,164 |
|
|
140,165 |
|
|
272,731 |
|
|
272,185 |
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per share |
|
$ |
0.94 |
|
$ |
0.92 |
|
$ |
1.84 |
|
$ |
1.78 |
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of shares outstanding |
|
|
147,954 |
|
|
151,948 |
|
|
148,168 |
|
|
152,502 |
AMDOCS LIMITED |
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
(in
thousands) |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
development |
|
|
63,711 |
|
- |
|
|
|
(1,018 |
) |
|
|
- |
|
|
|
62,693 |
|
Selling,
general and |
|
|
|
|
|
|
|
|
|
|
administrative |
|
|
114,474 |
|
- |
|
|
|
(4,381 |
) |
|
|
- |
|
|
|
110,093 |
|
Amortization of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
purchased
intangible |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
and other |
|
|
27,487 |
|
(27,487 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
|
Reconciliation of Selected Financial Metrics
from GAAP to Non-GAAP |
|
(in
thousands) |
|
|
|
|
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 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
development |
|
126,198 |
|
- |
|
|
|
(1,860 |
) |
|
|
- |
|
|
|
124,338 |
|
Selling,
general and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative |
|
234,022 |
|
- |
|
|
|
(12,385 |
) |
|
|
- |
|
|
|
221,637 |
|
Amortization of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
purchased
intangible |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
and other |
|
51,854 |
|
(51,854 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Condensed Consolidated Balance
Sheets |
(in thousands) |
|
|
|
As of |
|
|
March 31, 2017 |
|
September 30, 2016 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash, cash equivalents
and short-term interest-bearing investments |
|
$ |
1,149,454 |
|
$ |
1,095,723 |
Accounts receivable,
net, including unbilled of $150,934 and $134,122, respectively |
|
|
844,631 |
|
|
818,531 |
Prepaid expenses and
other current assets |
|
|
223,838 |
|
|
186,137 |
Total
current assets |
|
|
2,217,923 |
|
|
2,100,391 |
|
|
|
|
|
Equipment and leasehold
improvements, net |
|
|
331,523 |
|
|
331,728 |
Goodwill and other
intangible assets, net |
|
|
2,423,886 |
|
|
2,493,166 |
Other noncurrent
assets |
|
|
442,633 |
|
|
406,070 |
Total assets |
|
$ |
5,415,965 |
|
$ |
5,331,355 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable,
accruals and other |
|
$ |
1,001,456 |
|
$ |
992,679 |
Short-term financing
arrangements |
|
|
200,000 |
|
|
200,000 |
Deferred revenue |
|
|
149,537 |
|
|
173,331 |
Total
current liabilities |
|
|
1,350,993 |
|
|
1,366,010 |
Other noncurrent
liabilities |
|
|
512,056 |
|
|
511,784 |
Shareholders’
equity |
|
|
3,552,916 |
|
|
3,453,561 |
Total liabilities and
shareholders’ equity |
|
$ |
5,415,965 |
|
$ |
5,331,355 |
|
|
|
|
|
|
|
AMDOCS LIMITED |
Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
Six months ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
Cash Flow from
Operating Activities: |
|
|
|
|
Net income |
|
$ |
210,353 |
|
|
$ |
208,562 |
|
Reconciliation of net income to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
109,038 |
|
|
|
104,225 |
|
Equity-based compensation expense |
|
|
24,445 |
|
|
|
23,286 |
|
Deferred
income taxes |
|
|
16,889 |
|
|
|
(7,614 |
) |
Excess
tax benefit from equity-based compensation |
|
|
(2,929 |
) |
|
|
(5,248 |
) |
(Gain)
loss from short-term interest-bearing investments |
|
|
(17 |
) |
|
|
445 |
|
Net changes in
operating assets and liabilities, net of amounts acquired: |
|
|
|
|
Accounts
receivable |
|
|
(25,092 |
) |
|
|
(23,061 |
) |
Prepaid
expenses and other current assets |
|
|
(10,926 |
) |
|
|
(28,684 |
) |
Other
noncurrent assets |
|
|
(42,294 |
) |
|
|
3,352 |
|
Accounts
payable, accrued expenses and accrued personnel |
|
|
25,101 |
|
|
|
27,784 |
|
Deferred
revenue |
|
|
(19,932 |
) |
|
|
(3,023 |
) |
Income
taxes payable |
|
|
(8,813 |
) |
|
|
2,416 |
|
Other
noncurrent liabilities |
|
|
(469 |
) |
|
|
14,233 |
|
Net cash provided by
operating activities |
|
|
275,354 |
|
|
|
316,673 |
|
|
|
|
|
|
Cash Flow from
Investing Activities: |
|
|
|
|
Payments for purchase
of equipment and leasehold improvements, net |
|
|
(69,906 |
) |
|
|
(67,289 |
) |
Proceeds from sale of
short-term interest-bearing investments |
|
|
144,920 |
|
|
|
191,648 |
|
Purchase of short-term
interest-bearing investments |
|
|
(145,737 |
) |
|
|
(199,988 |
) |
Net cash paid for
acquisitions |
|
|
- |
|
|
|
(24,993 |
) |
Other |
|
|
1,671 |
|
|
|
(20,602 |
) |
Net cash used in
investing activities |
|
|
(69,052 |
) |
|
|
(121,224 |
) |
|
|
|
|
|
Cash
Flow from Financing Activities: |
|
|
|
|
Borrowings under
financing arrangements |
|
|
200,000 |
|
|
|
- |
|
Payments under
financing arrangements |
|
|
(200,000 |
) |
|
|
(220,000 |
) |
Repurchase of
shares |
|
|
(160,232 |
) |
|
|
(200,608 |
) |
Proceeds from employee
stock options exercised |
|
|
62,368 |
|
|
|
59,060 |
|
Payments of
dividends |
|
|
(57,299 |
) |
|
|
(51,262 |
) |
Excess tax benefit from
equity-based compensation and other |
|
|
2,929 |
|
|
|
5,244 |
|
Net cash used in
financing activities |
|
|
(152,234 |
) |
|
|
(407,566 |
) |
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
|
|
54,068 |
|
|
|
(212,117 |
) |
Cash and cash
equivalents at beginning of period |
|
|
768,660 |
|
|
|
1,035,573 |
|
Cash and cash
equivalents at end of period |
|
$ |
822,728 |
|
|
$ |
823,456 |
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITED |
Supplementary Information |
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
North America |
|
$ |
636.3 |
|
$ |
628.0 |
|
$ |
626.2 |
|
$ |
591.8 |
|
$ |
586.4 |
Europe |
|
|
115.4 |
|
|
118.5 |
|
|
118.9 |
|
|
126.3 |
|
|
139.2 |
Rest of the World |
|
|
214.3 |
|
|
208.2 |
|
|
195.6 |
|
|
212.0 |
|
|
200.3 |
Total Revenue |
|
$ |
966.0 |
|
$ |
954.7 |
|
$ |
940.7 |
|
$ |
930.1 |
|
$ |
925.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
Managed Services
Revenue |
|
$ |
511.1 |
|
$ |
494.2 |
|
$ |
478.5 |
|
$ |
479.2 |
|
$ |
501.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
Customer
Experience |
|
$ |
948.6 |
|
$ |
937.9 |
|
$ |
924.9 |
|
$ |
908.1 |
|
$ |
902.3 |
Systems |
|
|
|
|
|
|
|
|
|
|
Directory |
|
|
17.4 |
|
|
16.8 |
|
|
15.8 |
|
|
22.0 |
|
|
23.6 |
Total Revenue |
|
$ |
966.0 |
|
$ |
954.7 |
|
$ |
940.7 |
|
$ |
930.1 |
|
$ |
925.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
12-Month Backlog |
|
$ |
3,210 |
|
$ |
3,180 |
|
$ |
3,170 |
|
$ |
3,110 |
|
$ |
3,100 |
|
|
|
|
|
|
|
|
|
|
|
Contact:
Matthew Smith
Head of Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com
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