-- Revenues increase 5% in U.S. dollars and
12% in local currency to $7.5 billion --
-- EPS up 5%, to $1.08 --
-- Operating income increases 7%, to $1.02
billion, with operating margin of 13.6%, an expansion of 30 basis
points --
-- New bookings are $9.4 billion, with
consulting bookings of $4.2 billion and outsourcing bookings
of $5.1 billion --
-- Company declares semi-annual cash
dividend of $1.02 per share --
-- Accenture raises outlook for full-year
revenue growth to 8-10% in local currency; updates other business
outlook metrics for full fiscal year, including foreign-exchange
assumption --
Accenture (NYSE:ACN) reported financial results for the second
quarter of fiscal 2015, ended Feb. 28, 2015, with net revenues of
$7.5 billion, an increase of 5 percent in U.S. dollars
and 12 percent in local currency over the same period last year.
Diluted earnings per share were $1.08, an increase of $0.05, or
5 percent, over the same period last year.
Operating income was $1.02 billion, an increase of 7 percent
over the same period last year, and operating margin was
13.6 percent, a year-over-year expansion of 30 basis
points.
New bookings for the quarter were $9.4 billion, with consulting
bookings of $4.2 billion and outsourcing bookings of
$5.1 billion.
Pierre Nanterme, Accenture’s chairman and CEO, said, “We are
extremely pleased with our very strong financial results for the
second quarter and first half of fiscal 2015. Our revenue growth of
12 percent in the second quarter was again broad-based across the
different dimensions of our business, and we gained significant
market share. We delivered excellent new bookings of
$9.4 billion, demonstrating that our services continue to be
highly relevant to our clients. Based on our continued momentum and
very strong performance in the first half, we are raising our
business outlook for revenues for the full fiscal year.
“Our growth strategy and the focused investments we have made
across our business are clearly differentiating Accenture in the
marketplace—particularly in digital, where we delivered revenue
growth of more than 20 percent in local currency in the first half
of the fiscal year. We continue to invest to further differentiate
our capabilities and to enhance our competitiveness. We remain
confident in our ability to continue driving sustainable,
profitable growth and delivering value for our clients and
shareholders.”
Financial Review
Revenues before reimbursements (“net revenues”) for the second
quarter of fiscal 2015 were $7.49 billion, compared with
$7.13 billion for the second quarter of fiscal 2014, an
increase of 5 percent in U.S. dollars and 12 percent in
local currency. Net revenues for the quarter reflect a
foreign-exchange impact of negative 6.5 percent, compared with the
negative 5 percent we had previously assumed. Adjusting for
the actual foreign-exchange impact of negative 6.5 percent in
the quarter, the company’s guided range for quarterly net revenues
was $7.15 billion to $7.40 billion. Accenture’s second
quarter fiscal 2015 net revenues were $90 million above this
adjusted range.
- Consulting net revenues for the quarter
were $3.84 billion, an increase of 4 percent in U.S. dollars and 11
percent in local currency compared with the second quarter of
fiscal 2014.
- Outsourcing net revenues were
$3.65 billion, an increase of 6 percent in U.S. dollars
and 13 percent in local currency over the second quarter of
fiscal 2014.
Diluted EPS for the quarter were $1.08, compared with $1.03 for
the second quarter last year. The $0.05 increase in EPS
reflects:
- $0.08 from higher revenue and
operating results; and
- $0.02 from a lower share count;
partially offset by
- $0.02 from lower non-operating income;
and
- $0.03 from a higher effective tax
rate.
Gross margin (gross profit as a percentage of net revenues) for
the quarter was 29.9 percent, compared with 31.3 percent for
the second quarter last year. Selling, general and administrative
(SG&A) expenses for the quarter were $1.22 billion, or
16.3 percent of net revenues, compared with $1.28 billion, or
17.9 percent of net revenues, for the second quarter last
year.
Operating income for the quarter increased 7 percent, to $1.02
billion, or 13.6 percent of net revenues, compared with $951
million, or 13.3 percent of net revenues, for the second
quarter of fiscal 2014.
The company’s effective tax rate for the quarter was
26.0 percent, compared with 24.0 percent for the second
quarter last year.
Net income for the quarter was $743 million, compared with
$722 million for the second quarter last year, a 3 percent
increase.
Operating cash flow for the quarter was $301 million, and
property and equipment additions were $82 million. Free cash
flow, defined as operating cash flow net of property and equipment
additions, was $220 million. For the same period last year,
operating cash flow was $292 million; property and equipment
additions were $76 million; and free cash flow was
$216 million.
Days services outstanding, or DSOs, were 35 days at Feb. 28,
2015, compared with 36 days at Aug. 31, 2014 and 33 days at Feb.
28, 2014.
Accenture’s total cash balance at Feb. 28, 2015 was
$4.1 billion, compared with $4.9 billion at Aug. 31,
2014.
Utilization for the quarter was 91 percent, compared with
91 percent for the first quarter of fiscal 2015.
Attrition for the second quarter of fiscal 2015 was
14 percent, compared with 13 percent for the first quarter of
fiscal 2015 and 12 percent for the second quarter of fiscal
2014.
New Bookings
New bookings for the second quarter were $9.4 billion and
reflect a negative 6 percent foreign-currency impact compared
with new bookings in the second quarter last year.
- Consulting new bookings were
$4.2 billion, or 45 percent of total new bookings.
- Outsourcing new bookings were
$5.1 billion, or 55 percent of total new bookings.
Net Revenues by Operating Group
Net revenues by operating group were as follows:
- Communications, Media & Technology:
$1.52 billion, compared with $1.41 billion for the second
quarter of fiscal 2014, an increase of 8 percent in U.S.
dollars and 15 percent in local currency.
- Financial Services: $1.59 billion,
compared with $1.56 billion for the second quarter of fiscal
2014, an increase of 2 percent in U.S. dollars and
9 percent in local currency.
- Health & Public Service: $1.32
billion, compared with $1.18 billion for the second quarter of
fiscal 2014, an increase of 12 percent in U.S. dollars and
15 percent in local currency.
- Products: $1.85 billion, compared
with $1.75 billion for the second quarter of fiscal 2014, an
increase of 6 percent in U.S. dollars and 13 percent in local
currency.
- Resources: $1.21 billion, compared
with $1.22 billion for the second quarter of fiscal 2014, a
decrease of 1 percent in U.S. dollars and an increase of
6 percent in local currency.
Net Revenues by Geographic Region*
Net revenues by geographic region* for the second quarter of
fiscal 2015 were as follows:
- North America: $3.41 billion,
compared with $3.03 billion for the second quarter of fiscal
2014, an increase of 13 percent in both U.S. dollars and local
currency.
- Europe: $2.66 billion, compared with
$2.72 billion for the second quarter of fiscal 2014, a
decrease of 2 percent in U.S. dollars and an increase of 9
percent in local currency.
- Growth Markets: $1.42 billion,
compared with $1.38 billion for the second quarter of fiscal 2014,
an increase of 3 percent in U.S. dollars and 12 percent
in local currency.
*Beginning in fiscal 2015, the company is
reporting its geographic regions as follows: North America (the
United States and Canada); Europe; and Growth Markets (Asia
Pacific, Latin America, Africa, the Middle East, Russia and
Turkey). Previously, the company’s three geographic regions were
the Americas; EMEA (Europe, the Middle East and Africa); and Asia
Pacific.
Returning Cash to
Shareholders
Accenture continues to return cash to shareholders through cash
dividends and share repurchases.
Dividend
Accenture plc has declared a semi-annual cash dividend of $1.02
per share on Accenture plc Class A ordinary shares for shareholders
of record at the close of business on April 10, 2015, and Accenture
SCA will declare a semi-annual cash dividend of $1.02 per share on
Accenture SCA Class I common shares for shareholders of record at
the close of business on April 7, 2015. These dividends are both
payable on May 15, 2015.
Combined with the semi-annual cash dividend of $1.02 per share
paid on Nov. 17, 2014, this will bring the total dividend payments
for the fiscal year to $2.04 per share, for total projected cash
dividend payments of approximately $1.35 billion.
Share Repurchase Activity
During the second quarter of fiscal 2015, Accenture repurchased
or redeemed 6.8 million shares for a total of $601 million,
including approximately 5.0 million shares repurchased in the open
market.
Accenture’s total remaining share repurchase authority at Feb.
28, 2015 was approximately $3.7 billion.
At Feb. 28, 2015, Accenture had approximately 663 million
total shares outstanding, including 626 million Accenture plc
Class A ordinary shares and 37 million Accenture SCA Class I
common shares and Accenture Canada Holdings Inc. exchangeable
shares.
Business Outlook
Third Quarter Fiscal 2015
Accenture expects net revenues for the third quarter of fiscal
2015 to be in the range of $7.35 billion to
$7.60 billion. This range assumes a foreign-exchange impact of
negative 11 percent compared with the third quarter of
fiscal 2014.
Full Fiscal Year 2015
Accenture’s business outlook for the full 2015 fiscal year now
assumes a foreign-exchange impact of negative 8 percent
compared with fiscal 2014; the previous foreign-exchange assumption
was negative 5 percent.
For fiscal 2015, the company has raised its outlook for net
revenue growth in local currency to be in the range of
8 percent to 10 percent, compared with 5 percent to 8
percent previously.
In May 2015, the company will record a non-cash settlement
charge of approximately $60 million, pre-tax, as a result of a
current offer to former employees to receive a voluntary one-time,
lump-sum cash payment from the company’s U.S. pension plan. The
payment will settle the company’s pension obligations to those
former employees who participate. This settlement charge will
reduce the company’s fiscal 2015 GAAP EPS by approximately $0.05
and its full-year GAAP operating margin by approximately 20 basis
points.
Accenture now expects diluted GAAP EPS to be in the range of
$4.61 to $4.71, including the positive impact of its increased
revenue outlook, which is offset by the negative impact of its
revised foreign-exchange assumption, as well as the negative impact
of the settlement charge. Excluding the settlement charge, adjusted
EPS is expected to be in the range of $4.66 to $4.76. The company’s
previously guided range for EPS was $4.66 to $4.80.
Accenture now expects GAAP operating margin for the full fiscal
year to be in the range of 14.2 percent to 14.4 percent,
compared with its previously guided range of 14.4 percent to
14.6 percent. Excluding the settlement charge, operating
margin for the full fiscal year is expected to be in the range of
14.4 percent to 14.6 percent, an expansion of 10 to 30 basis points
from fiscal 2014—consistent with the company’s previous
expectation.
Reflecting its revised foreign-exchange assumption, the company
now expects operating cash flow for fiscal 2015 to be in the range
of $3.85 billion to $4.15 billion, compared with
$3.95 billion to $4.25 billion previously; continues to expect
property and equipment additions to be $450 million; and now
expects free cash flow to be in the range of $3.4 billion to
$3.7 billion, compared with $3.5 billion to $3.8 billion
previously.
The company continues to expect to return at least
$3.8 billion to its shareholders in fiscal 2015 through
dividends and share repurchases.
The company continues to expect its annual effective tax rate to
be in the range of 26.0 percent to 27.0 percent.
Accenture is now targeting new bookings for fiscal 2015 in the
range of $33 billion to $35 billion, compared with $34
billion to $36 billion previously, reflecting its revised
foreign-exchange assumption.
Conference Call and Webcast
Details
Accenture will host a conference call at 8:00 a.m. EDT today to
discuss its second-quarter financial results. To participate,
please dial +1 (800) 230-1059 [+1 (612) 332-0107 outside the United
States, Puerto Rico and Canada] approximately 15 minutes before the
scheduled start of the call. The conference call will also be
accessible live on the Investor Relations section of the Accenture
Web site at www.accenture.com.
A replay of the conference call will be available online at
www.accenture.com beginning at 10:30 a.m. EDT today, Thursday,
Mar. 26, and continuing until Thursday, June 25, 2015. A podcast of
the conference call will be available online at www.accenture.com
beginning approximately 24 hours after the call and continuing
until Thursday, June 25, 2015. The replay will also be available
via telephone by dialing +1 (800) 475-6701 [+1 (320) 365-3844
outside the United States, Puerto Rico and Canada] and entering
access code 353090 from 10:30 a.m. EDT Thursday, Mar. 26
through Thursday, June 25, 2015.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 323,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is www.accenture.com.
Non-GAAP Financial
Information
This news release includes certain non-GAAP financial
information as defined by Securities and Exchange Commission
Regulation G. Pursuant to the requirements of this regulation,
reconciliations of this non-GAAP financial information to
Accenture’s financial statements as prepared under generally
accepted accounting principles (GAAP) are included in this press
release. Financial results “in local currency” are calculated by
restating current-period activity into U.S. dollars using the
comparable prior-year period’s foreign-currency exchange rates.
Accenture’s management believes providing investors with this
information gives additional insights into Accenture’s results of
operations. While Accenture’s management believes that the non-GAAP
financial measures herein are useful in evaluating Accenture’s
operations, this information should be considered as supplemental
in nature and not as a substitute for the related financial
information prepared in accordance with GAAP.
Forward-Looking
Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “positioned,”
“outlook” and similar expressions are used to identify these
forward-looking statements. These statements involve a number of
risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied. These
include, without limitation, risks that: the company’s results of
operations could be adversely affected by volatile, negative or
uncertain economic conditions and the effects of these conditions
on the company’s clients’ businesses and levels of business
activity; the company’s business depends on generating and
maintaining ongoing, profitable client demand for the company’s
services and solutions, and a significant reduction in such demand
could materially affect the company’s results of operations; if the
company is unable to keep its supply of skills and resources in
balance with client demand around the world and attract and retain
professionals with strong leadership skills, the company’s
business, the utilization rate of the company’s professionals and
the company’s results of operations may be materially adversely
affected; the markets in which the company competes are highly
competitive, and the company might not be able to compete
effectively; the company could have liability or the company’s
reputation could be damaged if the company fails to protect client
and/or company data or information systems as obligated by law or
contract or if the company’s information systems are breached; the
company’s results of operations and ability to grow could be
materially negatively affected if the company cannot adapt and
expand its services and solutions in response to ongoing changes in
technology and offerings by new entrants; the company’s results of
operations could materially suffer if the company is not able to
obtain sufficient pricing to enable it to meet its profitability
expectations; if the company does not accurately anticipate the
cost, risk and complexity of performing its work or if the third
parties upon whom it relies do not meet their commitments, then the
company’s contracts could have delivery inefficiencies and be less
profitable than expected or unprofitable; the company’s results of
operations could be materially adversely affected by fluctuations
in foreign currency exchange rates; the company’s profitability
could suffer if its cost-management strategies are unsuccessful,
and the company may not be able to improve its profitability
through improvements to cost-management to the degree it has done
in the past; the company’s business could be materially adversely
affected if the company incurs legal liability; the company’s work
with government clients exposes the company to additional risks
inherent in the government contracting environment; the company
might not be successful at identifying, acquiring or integrating
businesses or entering into joint ventures; the company’s Global
Delivery Network is increasingly concentrated in India and the
Philippines, which may expose it to operational risks; changes in
the company’s level of taxes, as well as audits, investigations and
tax proceedings, or changes in the company’s treatment as an Irish
company, could have a material adverse effect on the company’s
results of operations and financial condition; as a result of the
company’s geographically diverse operations and its growth strategy
to continue geographic expansion, the company is more susceptible
to certain risks; adverse changes to the company’s relationships
with key alliance partners or in the business of its key alliance
partners could adversely affect the company’s results of
operations; the company’s services or solutions could infringe upon
the intellectual property rights of others or the company might
lose its ability to utilize the intellectual property of others; if
the company is unable to protect its intellectual property rights
from unauthorized use or infringement by third parties, its
business could be adversely affected; the company’s ability to
attract and retain business and employees may depend on its
reputation in the marketplace; many of the company’s contracts
include payments that link some of its fees to the attainment of
performance or business targets and/or require the company to meet
specific service levels, which could increase the variability of
the company’s revenues and impact its margins; if the company is
unable to collect its receivables or unbilled services, the
company’s results of operations, financial condition and cash flows
could be adversely affected; if the company is unable to manage the
organizational challenges associated with its size, the company
might be unable to achieve its business objectives; the company’s
share price and results of operations could fluctuate and be
difficult to predict; the company’s results of operations and share
price could be adversely affected if it is unable to maintain
effective internal controls; any changes to the estimates and
assumptions that the company makes in connection with the
preparation of its consolidated financial statements could
adversely affect its financial results; the company may be subject
to criticism and negative publicity related to its incorporation in
Ireland; as well as the risks, uncertainties and other factors
discussed under the “Risk Factors” heading in Accenture plc’s most
recent annual report on Form 10-K and other documents filed with or
furnished to the Securities and Exchange Commission. Statements in
this news release speak only as of the date they were made, and
Accenture undertakes no duty to update any forward-looking
statements made in this news release or to conform such statements
to actual results or changes in Accenture’s expectations.
ACCENTURE PLC
CONSOLIDATED INCOME STATEMENTS (In
thousands of U.S. dollars, except share and per share amounts)
(Unaudited) Three Months Ended February 28,
Six Months Ended February 28, 2015 %
of Net Revenues 2014 % of Net
Revenues 2015 % of Net Revenues
2014 % of Net Revenues REVENUES:
Revenues before reimbursements (“Net revenues”) $ 7,493,329 100 % $
7,130,667 100 % $ 15,389,044 100 % $ 14,489,416 100 %
Reimbursements 438,261 436,816
885,803 877,763
Revenues 7,931,590
7,567,483 16,274,847 15,367,179
OPERATING EXPENSES: Cost of
services: Cost of services before reimbursable expenses 5,252,690
70.1 % 4,900,525 68.7 % 10,609,115 68.9 % 9,809,927 67.7 %
Reimbursable expenses 438,261 436,816
885,803 877,763 Cost of services
5,690,951 5,337,341 11,494,918 10,687,690 Sales and marketing
798,644 10.7 % 837,255 11.7 % 1,706,218 11.1 % 1,765,465 12.2 %
General and administrative costs 420,962 5.6 % 441,605 6.2 %
864,969 5.6 % 889,658 6.1 % Reorganization benefits, net -
- - - - - (18,015 ) (0.1
%) Total operating expenses 6,910,557
6,616,201 14,066,105 13,324,798
OPERATING INCOME 1,021,033 13.6 % 951,282 13.3 % 2,208,742
14.4 % 2,042,381 14.1 % Interest income 9,340 7,960 19,439 14,716
Interest expense (3,905 ) (4,348 ) (6,716 ) (8,006 ) Other expense,
net (21,508 ) (4,766 ) (24,487 )
(15,386 )
INCOME BEFORE INCOME TAXES 1,004,960 13.4 %
950,128 13.3 % 2,196,978 14.3 % 2,033,705 14.0 % Provision for
income taxes 261,768 227,797
561,544 499,728
NET INCOME 743,192 9.9
% 722,331 10.1 % 1,635,434 10.6 % 1,533,977 10.6 % Net income
attributable to noncontrolling interests in Accenture SCA and
Accenture Canada Holdings Inc. (41,053 ) (42,849 ) (91,689 )
(91,947 ) Net income attributable to noncontrolling interests –
other (1) (11,413 ) (8,182 ) (21,489 )
(18,884 )
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC $ 690,726
9.2 % $ 671,300 9.4 % $ 1,522,256 9.9 % $
1,423,146 9.8 %
CALCULATION OF EARNINGS PER SHARE:
Net income attributable to Accenture plc $ 690,726 $ 671,300 $
1,522,256 $ 1,423,146 Net income attributable to noncontrolling
interests in Accenture SCA and Accenture Canada Holdings Inc. (2)
41,053 42,849 91,689
91,947 Net income for diluted earnings per share
calculation $ 731,779 $ 714,149 $ 1,613,945 $
1,515,093
EARNINGS PER SHARE: -Basic $ 1.10 $ 1.06 $
2.42 $ 2.24 -Diluted (3) $ 1.08 $ 1.03 $ 2.37 $ 2.18
WEIGHTED
AVERAGE SHARES: -Basic 628,254,759 635,929,351 628,338,365
636,314,554 -Diluted (3) 679,165,137 693,846,206 680,752,956
696,091,177 Cash dividends per share $ - $ - $ 1.02 $ 0.93
(1) Comprised primarily of noncontrolling interest attributable to
the noncontrolling shareholders of Avanade, Inc. (2) Diluted
earnings per share assumes the redemption of all Accenture SCA
Class I common shares owned by holders of noncontrolling interests
and the exchange of all Accenture Canada Holdings Inc. exchangeable
shares for Accenture plc Class A ordinary shares on a one-for-one
basis. The income effect does not take into account “Net income
attributable to noncontrolling interests — other,” since those
shares are not redeemable or exchangeable for Accenture plc Class A
ordinary shares. (3) Diluted weighted average Accenture plc Class A
ordinary shares for the three and six months ended February 28,
2014 have been restated to reflect the impact of the issuance of
additional restricted share units to holders of restricted share
units in connection with the payments of cash dividends during the
first quarter of fiscal 2015 and the third quarter of fiscal 2014.
This did not result in a change to previously reported Diluted
earnings per share.
ACCENTURE PLC
SUMMARY OF REVENUES (In
thousands of U.S. dollars) (Unaudited)
Percent
Increase
Percent
Increase
Three Months Ended February 28,
(Decrease)
Local
2015 2014
U.S. dollars
Currency
OPERATING GROUPS Communications, Media & Technology $
1,516,785 $ 1,408,616 8 % 15 % Financial Services 1,589,535
1,563,655 2 9 Health & Public Service 1,319,917 1,183,728 12 15
Products 1,850,953 1,745,515 6 13 Resources 1,211,826 1,224,897 (1
) 6 Other 4,313 4,256 n/m n/m
TOTAL Net
Revenues 7,493,329 7,130,667 5 % 12 % Reimbursements
438,261 436,816 — TOTAL REVENUES $ 7,931,590 $ 7,567,483 5 %
GEOGRAPHY North America $ 3,411,899 $ 3,030,524 13 % 13 %
Europe 2,659,643 2,717,214 (2 ) 9 Growth Markets 1,421,787
1,382,929 3 12
TOTAL Net Revenues $ 7,493,329 $
7,130,667 5 % 12 %
TYPE OF WORK Consulting $ 3,839,172 $
3,696,916 4 % 11 % Outsourcing 3,654,157 3,433,751 6
13
TOTAL Net Revenues $ 7,493,329 $ 7,130,667 5 % 12 %
Percent
Increase
Percent
Increase
Six Months Ended February 28,
(Decrease)
Local
2015 2014
U.S. dollars
Currency
OPERATING GROUPS Communications, Media & Technology $
3,097,822 $ 2,819,599 10 % 15 % Financial Services 3,305,762
3,161,621 5 10 Health & Public Service 2,688,359 2,413,802 11
14 Products 3,781,284 3,546,577 7 11 Resources 2,507,307 2,539,904
(1 ) 4 Other 8,510 7,913 n/m n/m
TOTAL Net
Revenues 15,389,044 14,489,416 6 % 11 % Reimbursements
885,803 877,763 1 TOTAL REVENUES $ 16,274,847 $ 15,367,179 6
%
GEOGRAPHY North America $ 6,850,379 $ 6,123,182 12 % 13 %
Europe 5,564,785 5,478,778 2 9 Growth Markets 2,973,880
2,887,456 3 10
TOTAL Net Revenues $ 15,389,044 $
14,489,416 6 % 11 %
TYPE OF WORK Consulting $ 7,932,065 $
7,634,583 4 % 9 % Outsourcing 7,456,979 6,854,833 9
13
TOTAL Net Revenues $ 15,389,044 $ 14,489,416 6 % 11 %
__________________ n/m = not meaningful
ACCENTURE PLC
OPERATING INCOME BY OPERATING GROUP (In thousands
of U.S. dollars) (Unaudited) Three Months
Ended February 28, 2015 2014
OperatingIncome
OperatingMargin
OperatingIncome
OperatingMargin
Increase(Decrease)
Communications, Media & Technology $ 201,661 13 % $ 181,815 13
% $ 19,846 Financial Services 228,161 14 209,138 13 19,023 Health
& Public Service 163,830 12 145,614 12 18,216 Products 271,826
15 205,526 12 66,300 Resources 155,555 13 209,189 17
(53,634 )
Total $ 1,021,033 13.6 % $ 951,282 13.3 % $
69,751
Six Months Ended February 28,
2015 2014
OperatingIncome
OperatingMargin
OperatingIncome
OperatingMargin
Increase(Decrease)
Communications, Media & Technology $ 390,418 13 % $ 335,183 12
% $ 55,235 Financial Services 525,743 16 472,706 15 53,037 Health
& Public Service 365,633 14 324,919 13 40,714 Products 561,558
15 452,913 13 108,645 Resources 365,390 15 456,660 18
(91,270 )
Total $ 2,208,742 14.4 % $ 2,042,381 14.1 %
$ 166,361
ACCENTURE PLC
CONSOLIDATED BALANCE SHEETS (In thousands of U.S.
dollars) February 28, 2015 August 31, 2014
(Unaudited) ASSETS CURRENT ASSETS: Cash and
cash equivalents $ 4,061,400 $ 4,921,305 Short-term investments
2,619 2,602 Receivables from clients, net 3,688,052 3,859,567
Unbilled services, net 1,738,126 1,803,767 Other current assets
1,517,611 1,317,201 Total current assets
11,007,808 11,904,442
NON-CURRENT ASSETS: Unbilled
services, net 23,628 28,039 Investments 50,130 66,783 Property and
equipment, net 725,917 793,444 Other non-current assets
5,184,082 5,137,744 Total non-current assets
5,983,757 6,026,010
TOTAL ASSETS $ 16,991,565 $
17,930,452
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT
LIABILITIES: Current portion of long-term debt and bank
borrowings $ 191 $ 330 Accounts payable 984,539 1,064,228 Deferred
revenues 2,297,747 2,348,034 Accrued payroll and related benefits
2,959,795 3,380,748 Other accrued liabilities 1,251,714
1,364,739 Total current liabilities 7,493,986
8,158,079
NON-CURRENT LIABILITIES: Long-term debt 27,033
26,403 Other non-current liabilities 2,920,903
3,460,633 Total non-current liabilities 2,947,936
3,487,036
TOTAL ACCENTURE PLC SHAREHOLDERS’ EQUITY 5,990,851
5,732,035
NONCONTROLLING INTERESTS 558,792
553,302
TOTAL SHAREHOLDERS’ EQUITY 6,549,643
6,285,337
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $
16,991,565 $ 17,930,452
ACCENTURE PLC
CONSOLIDATED CASH FLOWS STATEMENTS
(In thousands of U.S. dollars) (Unaudited)
Three Months Ended February 28, Six Months Ended February
28, 2015 2014
2015 2014 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income $ 743,192 $ 722,331 $
1,635,434 $ 1,533,977 Depreciation, amortization and asset
impairments 152,236 149,140 318,755 294,467 Reorganization
benefits, net - - - (18,015 ) Share-based compensation expense
207,200 206,780 336,115 333,686 Change in assets and
liabilities/other, net (801,341 ) (785,871 )
(1,116,117 ) (1,670,502 ) Net cash provided by operating
activities 301,287 292,380
1,174,187 473,613
CASH FLOWS FROM INVESTING
ACTIVITIES: Purchases of property and equipment (81,568 )
(76,167 ) (133,426 ) (135,126 ) Purchases of businesses and
investments, net of cash acquired (80,821 ) (472,202 ) (119,462 )
(609,589 ) Other investing, net 655 710
1,941 1,504 Net cash used in investing
activities (161,734 ) (547,659 ) (250,947 )
(743,211 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares 113,165 112,587 309,187
292,820 Purchases of shares (600,631 ) (739,238 ) (1,270,798 )
(1,460,752 ) Cash dividends paid - - (678,736 ) (630,234 ) Other
financing, net 23,064 50,572
49,068 83,571 Net cash used in financing
activities (464,402 ) (576,079 ) (1,591,279 ) (1,714,595 ) Effect
of exchange rate changes on cash and cash equivalents
(86,098 ) (15,566 ) (191,866 ) 32,582
NET DECREASE IN CASH AND CASH EQUIVALENTS (410,947 )
(846,924 ) (859,905 ) (1,951,611 )
CASH AND CASH
EQUIVALENTS, beginning of period 4,472,347
4,527,198 4,921,305 5,631,885
CASH AND CASH EQUIVALENTS, end of period $ 4,061,400
$ 3,680,274 $ 4,061,400 $ 3,680,274
AccentureRoxanne Taylor,
+1-917-452-5106roxanne.taylor@accenture.com
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