Acxiom� Corporation (Nasdaq: ACXM) today announced financial
results for the third quarter of fiscal 2007 ended December 31,
2006. Acxiom will hold a conference call at 4:30 p.m. CST today to
discuss this information further. Interested parties are invited to
listen to the call, which will be broadcast via the Internet at
www.acxiom.com. Third-quarter earnings per diluted share of $.31
included a $.02 benefit related to a lower-than-expected income tax
rate and a $.01 expense related to organizational changes in
Europe. Third-quarter earnings were equal to the $.31 per diluted
share reported in the same quarter a year ago. Operating income for
the quarter decreased 3 percent to $51.3 million. Third-quarter
revenue totaled $352.8 million, an increase of 2 percent over the
same quarter last year. �Our earnings continue to improve on a
sequential basis but are not in line with our expectations due to
slower than expected revenue growth,� Company Leader Charles D.
Morgan said. �We continue to execute our company-wide initiatives
to create more value for our clients and drive more rapid revenue
growth. We expect to see more from those efforts over the next
several quarters.� Details of Acxiom�s third-quarter performance
include: Revenue of $352.8 million, up 2 percent from $347.4
million in the third quarter a year ago. Declines in revenue in the
traditional IT outsourcing business and from one large client
undergoing a merger negatively impacted the growth rate by 4
percentage points for the quarter and 5 percentage points
year-to-date. Income from operations of $51.3 million, a 3 percent
decrease compared to $52.7 million in the third quarter last year.
Diluted earnings per share of $.31, equal to the third quarter of
fiscal 2006. Operating cash flow of $62.7 million and free cash
flow available to equity of $12.6 million. Free cash flow available
to equity is a non-GAAP financial measure, and a reconciliation to
the comparable GAAP measure, operating cash flow, is attached to
this press release. Gross margin of 28.4 percent compared to 31.4
percent in the same quarter last year. Computer, communications and
other equipment expense equaling 20.2 percent of revenue compared
to 21.2 percent of revenue in the third quarter of fiscal 2006.
Interest expense in the quarter was $14.9 million compared with
$8.6 million in the same quarter a year ago. The increase reflects
the $600 million term loan completed in September 2006. Proceeds
from the term loan were used to retire debt and buy back
approximately 11 million shares of Acxiom stock. �While our overall
revenue growth number for the quarter was disappointing, there are
several areas of our business that turned in encouraging
performances � including our digital and risk businesses and our
direct-to-market U.S. data business,� Morgan said. �We also showed
strong growth in several key industries � including auto and
insurance, which were both up 10 percent, year over year. We have
continued to make investments to support future revenue growth, as
evidenced by our recent acquisition of Equitec, which brings us
strong marketing and merchandizing optimization expertise in the
retail industry.� Morgan noted that General Motors awarded
significant new business to Acxiom in the quarter and that the
company has also recently completed new contracts with JPMorgan
Chase & Co.; The Container Store; Colonial Penn� Life Insurance
Company; and Sears Holdings. He also reported that Acxiom has been
awarded significant business from a large European corporation in a
deal pursued in partnership with EMC and Accenture. Outlook The
Company�s expectations are communicated in the Financial Road Map,
which includes a chart summarizing the one-year and long-term goals
as well as an explanation of the assumptions and definitions that
accompany these goals. Acxiom�s current Financial Road Map reflects
the Company�s revised expectations for fiscal year 2007, and the
long-term goals reflect expected performance in fiscal 2010. Acxiom
anticipates fiscal 2007 earnings per diluted share between $0.92
and $0.97. This range is based on revising the income tax rate from
39 percent to 37 percent as a result of Congress� extension of the
Research and Experimentation tax credit and doesn�t reflect any
European restructuring charges that may be incurred during the
fourth quarter. These financial projections are based on the
assumptions and limitations set forth in the Financial Road Map.
These projections are forward looking, and actual results may
differ materially. These projections may be impacted by mergers,
acquisitions, divestitures or other business combinations that may
be completed in the future as well as the other factors set forth
below. About Acxiom Acxiom Corporation (Nasdaq: ACXM) integrates
data, services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world. The core components of Acxiom�s
innovative solutions are Customer Data Integration (CDI)
technology, data, database services, IT outsourcing, consulting and
analytics, and privacy leadership. Founded in 1969, Acxiom is
headquartered in Little Rock, Arkansas, with locations throughout
the United States and Europe, and in Australia, China and Canada.
For more information, visit www.acxiom.com. This release and
today�s conference call contain forward-looking statements that are
subject to certain risks and uncertainties that could cause actual
results to differ materially. Such statements may include but are
not necessarily limited to the following: that we expect that our
emphasis on revenue growth will lead to increased rates of revenue
growth, that we expect that continued focus on expense controls
will lead to continued improvement in operating margins, that the
projected revenue, operating margin, return on assets and return on
invested capital, operating cash flow and free cash flow,
borrowings, dividends and other metrics referred to in the
Financial Road Map attached to this release will be within the
estimated ranges; that the Company has identified categories of
opportunity that provide upside to the ranges of the Financial Road
Map, that the estimations of revenue, earnings, cash flow, growth
rates, restructuring charges and expense reductions will be within
the estimated ranges; and that the business pipeline and our
anticipated cost structure will allow us to continue to meet or
exceed revenue, cash flow and other projections. The following are
important factors, among others, that could cause actual results to
differ materially from these forward-looking statements: The
possibility that certain contracts may not be closed, or may not be
closed within the anticipated time frames; the possibility that
clients may attempt to reduce the amount of business they do with
the Company; the possibility that in the event that a change of
control of the Company was sought that certain of the clients of
the Company would invoke certain provisions in their contracts
resulting in a decline in the revenue and profit of the Company;
the possibility that certain contracts may not generate the
anticipated revenue or profitability; the possibility that negative
changes in economic or other conditions might lead to a reduction
in demand for our products and services; the possibility of an
economic slowdown or that economic conditions in general will not
be as expected; the possibility that the historical seasonality of
our business may change; the possibility that significant customers
may experience extreme, severe economic difficulty; the possibility
that the integration of acquired businesses may not be as
successful as planned; the possibility that the fair value of
certain of our assets may not be equal to the carrying value of
those assets now or in future time periods; the possibility that
sales cycles may lengthen; the possibility that we may not be able
to attract and retain qualified technical and leadership
associates, or that we may lose key associates to other
organizations; the possibility that we won�t be able to properly
motivate our sales force or other associates; the possibility that
we won�t be able to achieve cost reductions and avoid unanticipated
costs; the possibility that we won�t be able to continue to receive
credit upon satisfactory terms and conditions; the possibility that
competent, competitive products, technologies or services will be
introduced into the marketplace by other companies; the possibility
that we may be subjected to pricing pressure due to market
conditions and/or competitive products and services; the
possibility that there will be changes in consumer or business
information industries and markets that negatively impact the
Company; the possibility that changes in accounting pronouncements
may occur and may impact these projections; the possibility that we
won�t be able to protect proprietary information and technology or
to obtain necessary licenses on commercially reasonable terms; the
possibility that we may encounter difficulties when entering new
markets or industries; the possibility that there will be changes
in the legislative, accounting, regulatory and consumer
environments affecting our business, including but not limited to
litigation, legislation, regulations and customs relating to our
ability to collect, manage, aggregate and use data; the possibility
that data suppliers might withdraw data from us, leading to our
inability to provide certain products and services; the possibility
that we may enter into short-term contracts which would affect the
predictability of our revenues; the possibility that the amount of
ad hoc, volume-based and project work will not be as expected; the
possibility that we may experience a loss of data center capacity
or interruption of telecommunication links or power sources; the
possibility that we may experience failures or breaches of our
network and data security systems, leading to potential adverse
publicity, negative customer reaction, or liability to third
parties; the possibility that postal rates may increase, thereby
leading to reduced volumes of business; the possibility that our
clients may cancel or modify their agreements with us; the
possibility that we will not successfully complete customer
contract requirements on time or meet the service levels specified
in the contracts, which may result in contract penalties or lost
revenue; the possibility that we experience processing errors which
result in credits to customers, re-performance of services or
payment of damages to customers; the possibility that the services
of the United States Postal Service, their global counterparts and
other delivery systems may be disrupted; and the possibility that
we may be affected by other competitive factors. With respect to
the Financial Road Map, all of the above factors apply, along with
the following which were assumptions made in creating the Financial
Road Map: that the U.S. and global economies will continue to
improve at a moderate pace; that global growth will continue to be
strong and that globalization trends will continue to grow at an
increasing pace; that Acxiom�s computer, communications and other
equipment expenses will continue to fall as a percentage of
revenue; that the Customer Information Infrastructure (CII)
grid-based environment will continue to be implemented successfully
over the next 3-4 years and that the new CII infrastructure will
continue to provide increasing operational efficiencies; that the
acquisitions of companies operating primarily outside of the United
States will be successfully integrated and that significant
efficiencies will be realized from this integration; relating to
operating cash flow and free cash flow, that sufficient operating
and capital lease arrangements will continue to be available to the
Company to provide for the financing of most of its computer
equipment and that software suppliers will continue to provide
financing arrangements for most of the software purchases; relating
to revolving credit line balance, that free cash flow will meet
expectations and that the Company will use free cash flow to pay
down bank debt, buy back stock and fund dividends; relating to
annual dividends, that the Board of Directors will continue to
approve quarterly dividends and will vote to increase dividends
over time; relating to diluted shares, that the Company will meet
its cash flow expectations and that potential dilution created
through the issuance of equity instruments will be mitigated by
continued stock repurchases in accordance with the Company�s stock
repurchase program. With respect to the provision of products or
services outside our primary base of operations in the United
States, all of the above factors apply, along with the difficulty
of doing business in numerous sovereign jurisdictions due to
differences in scale, competition, culture, laws and regulations.
Other factors are detailed from time to time in our periodic
reports and registration statements filed with the United States
Securities and Exchange Commission. We believe that we have the
product and technology offerings, facilities, associates and
competitive and financial resources for continued business success,
but future revenues, costs, margins and profits are all influenced
by a number of factors, including those discussed above, all of
which are inherently difficult to forecast. We undertake no
obligation to update the information contained in this press
release, including the Financial Road Map or any other
forward-looking statement. Acxiom is a registered trademark of
Acxiom Corporation. � ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in
thousands, except earnings per share) � � For the Three Months
Ended December 31, $ % 2006� 2005� Variance Variance � Revenue:
Services 265,798� 263,266� 2,532� 1.0% Data 87,043� 84,165� 2,878�
3.4% Total revenue 352,841� 347,431� 5,410� 1.6% � Operating costs
and expenses: Cost of revenue Services 199,704� 189,502� 10,202�
5.4% Data 53,004� 48,799� 4,205� 8.6% Total cost of revenue
252,708� 238,301� 14,407� 6.0% � Services gross margin 24.9% 28.0%
Data gross margin 39.1% 42.0% Total gross margin 28.4% 31.4% �
Selling, general and administrative 49,065� 57,625� (8,560) (14.9%)
Gains, losses and other items, net (225) (1,202) 977� 0.0% � Total
operating costs and expenses 301,548� 294,724� 6,824� 2.3% � Income
from operations 51,293� 52,707� (1,414) (2.7%) � Other income
(expense): Interest expense (14,911) (8,635) (6,276) 72.7% Other,
net 1,157� (71) 1,228� (1729.6%) � Total other income (expense)
(13,754) (8,706) (5,048) 58.0% � Earnings before income taxes
37,539� 44,001� (6,462) (14.7%) � Income taxes 12,594� 16,720�
(4,126) (24.7%) � Net earnings 24,945� 27,281� (2,336) (8.6%) �
Earnings per share: � Basic 0.32� 0.32� 0.00� 0.0% � Diluted 0.31�
0.31� 0.00� 0.0% � ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except
earnings per share) � � For the Nine Months Ended December 31, $ %
2006� 2005� Variance Variance � Revenue: Services 793,789� 754,958�
38,831� 5.1% Data 244,076� 233,267� 10,809� 4.6% Total revenue
1,037,865� 988,225� 49,640� 5.0% � Operating costs and expenses:
Cost of revenue Services 597,161� 575,734� 21,427� 3.7% Data
153,638� 149,808� 3,830� 2.6% Total cost of revenue 750,799�
725,542� 25,257� 3.5% � Services gross margin 24.8% 23.7% Data
gross margin 37.1% 35.8% Total gross margin 27.7% 26.6% � Selling,
general and administrative 157,818� 166,227� (8,409) (5.1%) Gains,
losses and other items, net (225) 9,960� (10,185) 0.0% � Total
operating costs and expenses 908,392� 901,729� 6,663� 0.7% � Income
from operations 129,473� 86,496� 42,977� 49.7% � Other income
(expense): Interest expense (31,630) (21,213) (10,417) 49.1% Other,
net 4,489� 1,870� 2,619� 140.1% � Total other income (expense)
(27,141) (19,343) (7,798) 40.3% � Earnings before income taxes
102,332� 67,153� 35,179� 52.4% � Income taxes 37,863� 26,084�
11,779� 45.2% � Net earnings 64,469� 41,069� 23,400� 57.0% �
Earnings per share: � Basic 0.77� 0.47� 0.30� 63.8% � Diluted 0.75�
0.45� 0.30� 66.7% � ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in
thousands, except earnings per share) � � For the Three Months
Ended � December 31, September 30, $ % 2006� 2006� Variance
Variance � Revenue: Services 265,798� 266,099� (301) (0.1%) Data
87,043� 82,220� 4,823� 5.9% Total revenue 352,841� 348,319� 4,522�
1.3% � Operating costs and expenses: Cost of revenue Services
199,704� 201,384� (1,680) (0.8%) Data 53,004� 51,062� 1,942� 3.8%
Total cost of revenue 252,708� 252,446� 262� 0.1% � Services gross
margin 24.9% 24.3% Data gross margin 39.1% 37.9% Total gross margin
28.4% 27.5% � Selling, general and administrative 49,065� 54,008�
(4,943) (9.2%) Gains, losses and other items, net (225) -� (225)
0.0% � Total operating costs and expenses 301,548� 306,454� (4,906)
(1.6%) � Income from operations 51,293� 41,865� 9,428� 22.5% �
Other income (expense): Interest expense (14,911) (8,950) (5,961)
66.6% Other, net 1,157� 2,685� (1,528) (56.9%) � Total other income
(expense) (13,754) (6,265) (7,489) 119.5% � Earnings before income
taxes 37,539� 35,600� 1,939� 5.4% � Income taxes 12,594� 13,884�
(1,290) (9.3%) � Net earnings 24,945� 21,716� 3,229� 14.9% �
Earnings per share: � Basic 0.32� 0.25� 0.07� 28.0% � Diluted 0.31�
0.25� 0.06� 24.0% � ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION
OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings
per share) � � For the Three Months Ended � December 31, December
31, September 30, 2006� 2005� 2006� � Basic earnings per share: �
Numerator - net earnings 24,945� 27,281� 21,716� � Denominator -
weighted-average shares outstanding 77,717� 85,203� 86,000� � Basic
earnings per share 0.32� 0.32� 0.25� � Diluted earnings per share:
� Numerator - net earnings � Net earnings 24,945� 27,281� 21,716� �
Denominator: � Weighted-average shares outstanding 77,717� 85,203�
86,000� � Dilutive effect of common stock options, warrants and
restricted stock 2,238� 2,723� 2,203� � 79,955� 87,926� 88,203� �
Diluted earnings per share 0.31� 0.31� 0.25� � ACXIOM CORPORATION
AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In
thousands, except earnings per share) � � For the Nine Months Ended
December 31, � 2006� 2005� � Basic earnings per share: � Numerator
- net earnings 64,469� 41,069� � Denominator - weighted-average
shares outstanding 83,957� 87,748� � Basic earnings per share 0.77�
0.47� � Diluted earnings per share: � Numerator - net earnings �
Net earnings 64,469� 41,069� � Denominator: � Weighted-average
shares outstanding 83,957� 87,748� � Dilutive effect of common
stock options, warrants and restricted stock 2,237� 2,691� �
86,194� 90,439� � Diluted earnings per share 0.75� 0.45� � ACXIOM
CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands) � � For the Three Months Ended � December
31, December 31, September 30, Revenue: 2006� 2005� 2006� � US
services & data 298,978� 300,086� 300,204� International
services & data 53,863� 47,345� 48,115� � Total revenue
352,841� 347,431� 348,319� � US supplemental information: Services
& data excluding IT mgmt 211,312� 210,455� 211,447� IT
management services 87,666� 89,631� 88,757� 298,978� 300,086�
300,204� � International supplemental information: Services &
data excluding IT mgmt 53,863� 47,345� 48,115� � � Income from
operations: � US services & data 46,832� 47,766� 40,090�
International services & data 4,236� 3,739� 1,775� Corporate
& other 225� 1,202� -� � Total income from operations 51,293�
52,707� 41,865� � Margin: � US services & data 15.7% 15.9%
13.4% International services & data 7.9% 7.9% 3.7% � Total
margin 14.5% 15.2% 12.0% � ACXIOM CORPORATION AND SUBSIDIARIES
RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) � � For the
Nine Months Ended December 31, � Revenue: 2006� 2005� � US services
& data 890,601� 851,846� International services & data
147,264� 136,379� � Total revenue 1,037,865� 988,225� � US
supplemental information: Services & data excluding IT mgmt
624,001� 589,653� IT management services 266,600� 262,193� 890,601�
851,846� � International supplemental information: Services &
data excluding IT mgmt 147,264� 136,379� � � Income from
operations: � US services & data 122,872� 95,129� International
services & data 6,376� 1,327� Corporate & other 225�
(9,960) � Total income from operations 129,473� 86,496� � Margin: �
US services & data 13.8% 11.2% International services &
data 4.3% 1.0% � Total margin 12.5% 8.8% � ACXIOM CORPORATION AND
SUBSIDIARIES DATA REVENUE AND COST OF DATA SUPPLEMENTAL SCHEDULE
(Unaudited) (Dollars in thousands) � � For the Three Months Ended �
December 31, December 31, $ % September 30, $ % 2006� 2005�
Variance Variance 2006� Variance Variance � Data 68,520� 66,054�
2,466� 3.7% 62,654� 5,866� 9.4% Passthrough data 18,523� 18,111�
412� 2.3% 19,566� (1,043) (5.3%) � Total data revenue 87,043�
84,165� 2,878� 3.4% 82,220� 4,823� 5.9% � � Cost of data revenue:
Data 34,481� 30,688� 3,793� 12.4% 31,496� 2,985� 9.5% Passthrough
data 18,523� 18,111� 412� 2.3% 19,566� (1,043) (5.3%) � Total cost
of data 53,004� 48,799� 4,205� 8.6% 51,062� 1,942� 3.8% � Margin: �
Data 49.7% 53.5% 49.7% Passthrough data 0.0% 0.0% 0.0% Total data
39.1% 42.0% 37.9% � ACXIOM CORPORATION AND SUBSIDIARIES DATA
REVENUE AND COST OF DATA SUPPLEMENTAL SCHEDULE (Unaudited) (Dollars
in thousands) � � For the Nine Months Ended December 31, $ % 2006�
2005� Variance Variance � Data 185,704� 177,454� 8,250� 4.6%
Passthrough data 58,372� 55,813� 2,559� 4.6% � Total data revenue
244,076� 233,267� 10,809� 4.6% � � Cost of data revenue: Data
95,266� 93,995� 1,271� 1.4% Passthrough data 58,372� 55,813� 2,559�
4.6% � Total cost of data 153,638� 149,808� 3,830� 2.6% � Margin: �
Data 48.7% 47.0% Passthrough data 0.0% 0.0% Total data 37.1% 35.8%
� ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) (Dollars in thousands) � December 31,
March 31, $ % 2006� 2006� Variance Variance Assets Current assets:
Cash and cash equivalents 88,014� 7,705� 80,309� 1042.3% Trade
accounts receivable, net 276,061� 261,624� 14,437� 5.5% Deferred
income taxes 24,452� 24,587� (135) (0.5%) Other current assets
53,437� 44,937� 8,500� 18.9% � Total current assets 441,964�
338,853� 103,111� 30.4% � Property and equipment 713,235� 662,948�
50,287� 7.6% Less - accumulated depreciation and amortization
397,261� 329,177� 68,084� 20.7% � Property and equipment, net
315,974� 333,771� (17,797) (5.3%) � Software, net of accumulated
amortization 40,319� 45,509� (5,190) (11.4%) Goodwill 500,639�
472,401� 28,238� 6.0% Purchased software licenses, net of
accumulated amortization 149,982� 155,518� (5,536) (3.6%) Unbilled
and notes receivable, excluding current portions 17,466� 19,139�
(1,673) (8.7%) Deferred costs, net 130,016� 112,817� 17,199� 15.2%
Data acquisition costs 35,241� 40,828� (5,587) (13.7%) Other
assets, net 19,504� 21,662� (2,158) (10.0%) � 1,651,105� 1,540,498�
110,607� 7.2% � Liabilities and Stockholders' Equity Current
liabilities: Current installments of long-term obligations 100,801�
93,518� 7,283� 7.8% Trade accounts payable 41,343� 44,144� (2,801)
(6.3%) Accrued payroll and related expenses 28,318� 32,139� (3,821)
(11.9%) Other accrued expenses 79,166� 81,428� (2,262) (2.8%)
Deferred revenue 99,606� 123,916� (24,310) (19.6%) Income taxes
7,055� 4,845� 2,210� 45.6% � Total current liabilities 356,289�
379,990� (23,701) (6.2%) � Long-term obligations: Long-term debt
and capital leases, net of current installments 688,381� 353,692�
334,689� 94.6% Software and data licenses, net of current
installments 20,353� 22,723� (2,370) (10.4%) � Total long-term
obligations 708,734� 376,415� 332,319� 88.3% � � Deferred income
taxes 77,043� 77,916� (873) (1.1%) � Commitments and contingencies
� Stockholders' equity: Common stock 11,103� 10,946� 157� 1.4%
Additional paid-in capital 709,983� 677,026� 32,957� 4.9% Unearned
stock-based compensation -� (1,941) 1,941� (100.0%) Retained
earnings 461,276� 410,278� 50,998� 12.4% Accumulated other
comprehensive income 15,670� 2,205� 13,465� 610.7% Treasury stock,
at cost (688,993) (392,337) (296,656) 75.6% � Total stockholders'
equity 509,039� 706,177� (197,138) (27.9%) � 1,651,105� 1,540,498�
110,607� 7.2% � ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in
thousands) � For the Three Months Ended � December 31, � � � 2006�
� 2005� � Cash flows from operating activities: Net earnings
24,945� 27,281� Non-cash operating activities: Depreciation and
amortization 54,396� 59,712� Loss (gain) on disposal or impairment
of assets, net 187� (524) Deferred income taxes (553) 4,386�
Non-cash stock compensation expense 1,555� 346� Changes in
operating assets and liabilities: Accounts receivable (8,933)
(8,552) Other assets (769) (6,587) Accounts payable and other
liabilities 979� 4,161� Deferred revenue (9,148) 15,191� Net cash
provided by operating activities 62,659� 95,414� Cash flows from
investing activities: Disposition of operations -� 3,315� Sale of
assets -� 1,510� Capitalized software (6,798) (5,204) Capital
expenditures (2,518) (401) Cash collected from the sale and license
of software -� 20,000� Deferral of costs (16,149) (19,603) Payments
received from investments -� 2,093� Net cash paid in acquisitions
(14,400) (2,983) Net cash used by investing activities (39,865)
(1,273) Cash flows from financing activities: Proceeds from debt
(513) 31,833� Payments of debt (25,817) (125,264) Dividends paid
(4,663) (4,259) Sale of common stock 8,896� 10,058� Acquisition of
treasury stock (6,001) (2,430) Tax benefit of stock options
exercised 1,237� -� Net cash used by financing activities (26,861)
(90,062) Effect of exchange rate changes on cash 249� (135) � Net
increase (decrease) in cash and cash equivalents (3,818) 3,944�
Cash and cash equivalents at beginning of period 91,832� 5,962�
Cash and cash equivalents at end of period 88,014� 9,906� �
Supplemental cash flow information: Cash paid (received) during the
period for: Interest 14,813� 7,932� Income taxes 8,196� 1,070�
Payments on capital leases and installment payment arrangements
16,700� 17,994� Payments on software and data license liabilities
6,000� 7,344� Other debt payments, excluding line of credit 3,117�
1,715� Noncash investing and financing activities: Acquisition of
property and equipment under capital lease and installment payment
arrangements 10,427� 14,804� Construction and other financing
4,511� 402� Issuance of common stock for acquisition 3,610� -� �
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) � For
the Nine Months Ended � December 31, � � � 2006� � 2005� � Cash
flows from operating activities: Net earnings 64,469� 41,069�
Non-cash operating activities: Depreciation and amortization
170,379� 172,350� Gain on disposal or impairment of assets, net
(1,483) (1,451) Deferred income taxes (975) 12,401� Non-cash stock
compensation expense 2,699� 968� Changes in operating assets and
liabilities: Accounts receivable (15,768) (13,838) Other assets
(2,159) (21,747) Accounts payable and other liabilities (7,844)
2,790� Deferred revenue (25,900) 9,133� Net cash provided by
operating activities 183,418� 201,675� Cash flows from investing
activities: Disposition of operations -� 4,844� Sale of assets -�
5,123� Capitalized software (19,443) (16,686) Capital expenditures
(5,995) (6,355) Cash collected from the sale and license of
software 10,000� 20,000� Deferral of costs (49,595) (54,498)
Payments received from investments 2,708� 2,855� Net cash paid in
acquisitions (14,400) (144,509) Net cash used by investing
activities (76,725) (189,226) Cash flows from financing activities:
Proceeds from debt 649,756� 423,122� Payments of debt (393,742)
(216,041) Dividends paid (13,471) (13,068) Sale of common stock
25,801� 31,609� Acquisition of treasury stock (299,301) (231,865)
Tax benefit of stock options exercised 4,081� -� Net cash used by
financing activities (26,876) (6,243) Effect of exchange rate
changes on cash 492� (485) � Net increase in cash and cash
equivalents 80,309� 5,721� Cash and cash equivalents at beginning
of period 7,705� 4,185� Cash and cash equivalents at end of period
88,014� 9,906� � Supplemental cash flow information: Cash paid
(received) during the period for: Interest 31,375� 18,405� Income
taxes 31,027� (376) Payments on capital leases and installment
payment arrangements 57,556� 53,890� Payments on software and data
license liabilities 21,151� 23,610� Other debt payments, excluding
line of credit 6,632� 5,506� Noncash investing and financing
activities: Issuance of options for acquisition -� 7,541� Software
licenses and maintenance acquired under software obligation 15,266�
8,380� Acquisition of property and equipment under capital lease
and installment payment arrangements 44,454� 70,377� Construction
and other financing 18,167� 7,200� Issuance of common stock for
acquisition 3,610� -� � ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND
RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in
thousands) � � � � � � � � � 06/30/05� 09/30/05� 12/31/05�
03/31/06� FY2006 06/30/06� 09/30/06� 12/31/06� YTD FY2007 � Net
cash provided by operating activities 61,476� 44,785� 95,414�
74,158� 275,833� 56,350� 64,409� 62,659� 183,418� Less: Tax benefit
of stock options and warrants -� -� -� (19,097) (19,097) -� -� -�
-� � Subtotal 61,476� 44,785� 95,414� 55,061� 256,736� 56,350�
64,409� 62,659� 183,418� � Plus: Proceeds received from the
disposition of operations -� 1,529� 3,315� -� 4,844� -� -� -� -�
Proceeds received from the disposition of assets -� 3,613� 1,510�
-� 5,123� -� -� -� -� Payments received from investments 721� 41�
2,093� 905� 3,760� 783� 1,925� -� 2,708� Less: Capitalized software
(5,673) (5,809) (5,204) (5,217) (21,903) (5,719) (6,926) (6,798)
(19,443) Capital expenditures (2,929) (3,025) (401) (493) (6,848)
(217) (3,260) (2,518) (5,995) Deferral of costs (16,192) (18,703)
(19,603) (15,956) (70,454) (16,887) (16,559) (16,149) (49,595)
Payments on capital leases and installment payment arrangements
(19,929) (15,967) (17,994) (18,342) (72,232) (18,905) (21,951)
(16,700) (57,556) Payments on software and data license liabilities
(10,938) (5,328) (7,344) (5,459) (29,069) (7,847) (7,304) (6,000)
(21,151) Other required debt payments (1,357) (2,434) (1,715)
(3,796) (9,302) (1,711) (1,804) (3,117) (6,632) � Subtotal 5,179�
(1,298) 50,071� 6,703� 60,655� 5,847� 8,530� 11,377� 25,754� �
Plus: Tax benefit of stock options and warrants -� -� -� 19,097�
19,097� 1,079� 1,765� 1,237� 4,081� � Subtotal 5,179� (1,298)
50,071� 25,800� 79,752� 6,926� 10,295� 12,614� 29,835� � Plus: Cash
collected from sale of software -� -� 20,000� -� 20,000� 5,000�
5,000� -� 10,000� � Total 5,179� (1,298) 70,071� 25,800� 99,752�
11,926� 15,295� 12,614� 39,835� � ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except earnings per share) � � � � � � � � �
Q3 FY06 to Q3 FY07 Q2 FY07 to Q3 FY07 06/30/05� 09/30/05� 12/31/05�
03/31/06� FY2006 06/30/06� 09/30/06� 12/31/06� % $ % $ Revenue:
Services 238,499� 253,193� 263,266� 257,591� 1,012,549� 261,892�
266,099� 265,798� 1.0% 2,532� -0.1% (301) Data 71,772� 77,330�
84,165� 86,752� 320,019� 74,813� 82,220� 87,043� 3.4% 2,878� 5.9%
4,823� Total revenue 310,271� 330,523� 347,431� 344,343� 1,332,568�
336,705� 348,319� 352,841� 1.6% 5,410� 1.3% 4,522� � Operating
costs and expenses: Cost of revenue Services 194,349� 191,883�
189,502� 196,428� 772,162� 196,073� 201,384� 199,704� 5.4% 10,202�
-0.8% (1,680) Data 48,885� 52,124� 48,799� 52,142� 201,950� 49,572�
51,062� 53,004� 8.6% 4,205� 3.8% 1,942� Total cost of revenue
243,234� 244,007� 238,301� 248,570� 974,112� 245,645� 252,446�
252,708� 6.0% 14,407� 0.1% 262� � � Selling, general and
administrative 53,700� 54,902� 57,625� 51,642� 217,869� 54,745�
54,008� 49,065� -14.9% (8,560) -9.2% (4,943) Gains, losses and
other items, net (1,637) 12,799� (1,202) (456) 9,504� 0� 0� (225)
-81.3% 977� 0.0% (225) � Total operating costs and expenses
295,297� 311,708� 294,724� 299,756� 1,201,485� 300,390� 306,454�
301,548� 2.3% 6,824� -1.6% (4,906) � Income from operations 14,974�
18,815� 52,707� 44,587� 131,083� 36,315� 41,865� 51,293� -2.7%
(1,414) 22.5% 9,428� % Margin 4.8% 5.7% 15.2% 12.9% 9.8% 10.8%
12.0% 14.5% Other income (expense) Interest expense (5,162) (7,416)
(8,635) (7,531) (28,744) (7,769) (8,950) (14,911) 72.7% (6,276)
66.6% (5,961) Other, net 891� 1,050� (71) 135� 2,005� 647� 2,685�
1,157� -1729.6% 1,228� -56.9% (1,528) Total other income (expense)
(4,271) (6,366) (8,706) (7,396) (26,739) (7,122) (6,265) (13,754)
58.0% (5,048) 119.5% (7,489) � Earnings before income taxes 10,703�
12,449� 44,001� 37,191� 104,344� 29,193� 35,600� 37,539� -14.7%
(6,462) 5.4% 1,939� Income taxes 4,064� 5,300� 16,720� 14,132�
40,216� 11,385� 13,884� 12,594� -24.7% (4,126) -9.3% (1,290) � Net
earnings 6,639� 7,149� 27,281� 23,059� 64,128� 17,808� 21,716�
24,945� -8.6% (2,336) 14.9% 3,229� � � Diluted earnings (loss) per
share 0.07� 0.08� 0.31� 0.26� 0.71� 0.20� 0.25� 0.31� 0.0% 0.00�
24.0% 0.06� � ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS - INTERNAL FORMAT (Unaudited) (Dollars in
thousands, except earnings per share) � � � � � � � � � � Q3 FY06
to Q3 FY07 Q2 FY07 to Q3 FY07 06/30/05� 09/30/05� 12/31/05�
03/31/06� FY2006 06/30/06� 09/30/06� 12/31/06� % $ % $ � Revenue
310,271� 330,523� 347,431� 344,343� 1,332,568� 336,705� 348,319�
352,841� 1.6% 5,410� 1.3% 4,522� � Operating costs and expenses: �
Salaries and benefits 126,264� 127,325� 129,888� 132,579� 516,056�
135,917� 139,557� 139,724� 7.6% 9,836� 0.1% 167� � Computer,
communications and other equipment 77,647� 76,250� 73,614� 71,730�
299,241� 73,119� 72,685� 71,132� -3.4% (2,482) -2.1% (1,553) � Data
costs 41,831� 44,752� 42,021� 44,593� 173,197� 43,372� 44,196�
43,761� 4.1% 1,740� -1.0% (435) � Other operating costs and
expenses 51,192� 50,582� 50,403� 51,310� 203,487� 47,982� 50,016�
47,156� -6.4% (3,247) -5.7% (2,860) � Gains, losses and other
items, net (1,637) 12,799� (1,202) (456) 9,504� -� -� (225) -81.3%
977� 0.0% (225) � Total operating costs and expenses 295,297�
311,708� 294,724� 299,756� 1,201,485� 300,390� 306,454� 301,548�
2.3% 6,824� -1.6% (4,906) � Income (loss) from operations 14,974�
18,815� 52,707� 44,587� 131,083� 36,315� 41,865� 51,293� -2.7%
(1,414) 22.5% 9,428� Operating Margin 4.8% 5.7% 15.2% 12.9% 9.8%
10.8% 12.0% 14.5% Other income (expense): Interest expense (5,162)
(7,416) (8,635) (7,531) (28,744) (7,769) (8,950) (14,911) 72.7%
(6,276) 66.6% (5,961) Other, net 891� 1,050� (71) 135� 2,005� 647�
2,685� 1,157� -1729.6% 1,228� -56.9% (1,528) � (4,271) (6,366)
(8,706) (7,396) (26,739) (7,122) (6,265) (13,754) 58.0% (5,048)
119.5% (7,489) � Earnings (loss) before income taxes 10,703�
12,449� 44,001� 37,191� 104,344� 29,193� 35,600� 37,539� -14.7%
(6,462) 5.4% 1,939� � Income taxes 4,064� 5,300� 16,720� 14,132�
40,216� 11,385� 13,884� 12,594� -24.7% (4,126) -9.3% (1,290) � Net
earnings (loss) 6,639� 7,149� 27,281� 23,059� 64,128� 17,808�
21,716� 24,945� -8.6% (2,336) 14.9% 3,229� � Diluted earnings
(loss) per share 0.07� 0.08� 0.31� 0.26� 0.71� 0.20� 0.25� 0.31�
0.0% 0.00� 24.0% 0.06� � ACXIOM CORPORATION AND SUBSIDIARIES MARGIN
ANALYSIS (Unaudited) � � � � � � � � � � Q3 FY06 to Q3 FY07 Q2 FY07
to Q3 FY07 06/30/05� 09/30/05� 12/31/05� 03/31/06� FY2006 06/30/06�
09/30/06� 12/31/06� % $ % $ � Gross profit 67,037� 86,516� 109,130�
95,773� 358,456� 91,060� 95,873� 100,133� -8.2% (8,997) 4.4% 4,260�
Gross margin 21.6% 26.2% 31.4% 27.8% 26.9% 27.0% 27.5% 28.4% �
Operating margin 4.8% 5.7% 15.2% 12.9% 9.8% 10.8% 12.0% 14.5% �
Services gross profit 44,150� 61,310� 73,764� 61,163� 240,387�
65,819� 64,715� 66,094� -10.4% (7,670) 2.1% 1,379� Services gross
margin 18.5% 24.2% 28.0% 23.7% 23.7% 25.1% 24.3% 24.9% � Data gross
profit 22,887� 25,206� 35,366� 34,610� 118,069� 25,241� 31,158�
34,039� -3.8% (1,327) 9.2% 2,881� Data gross margin 31.9% 32.6%
42.0% 39.9% 36.9% 33.7% 37.9% 39.1% � ACXIOM CORPORATION AND
SUBSIDIARIES EXPENSE TREND ANALYSIS (Unaudited) � � � � � � � � � �
� 06/30/05� 09/30/05� 12/31/05� 03/31/06� FY2006 06/30/06�
09/30/06� 12/31/06� YTD FY2007 � Salaries and benefits % of revenue
40.7% 38.5% 37.4% 38.5% 38.7% 40.4% 40.1% 39.6% 40.0% � Computer,
communications and other equipment % of revenue 25.0% 23.1% 21.2%
20.8% 22.5% 21.7% 20.9% 20.2% 20.9% � Data costs % of revenue 13.5%
13.5% 12.1% 13.0% 13.0% 12.9% 12.7% 12.4% 12.7% � Other operating
costs and expenses % of revenue 16.5% 15.3% 14.5% 14.9% 15.3% 14.3%
14.4% 13.4% 14.0% � Total operating costs and expenses % of revenue
95.2% 94.3% 84.8% 87.1% 90.2% 89.2% 88.0% 85.5% 87.5% � SG&A %
of revenue 17.3% 16.6% 16.6% 15.0% 16.3% 16.3% 15.5% 13.9% 15.2% �
ACXIOM CORPORATION � Financial Road Map (as of December 31, 2006) �
� � � � Actual Actual Actual Target Long-Term Goals Years Ending
March 31, Fiscal 2006 Q3 Fiscal 2007 YTD Fiscal 2007 Fiscal 2007
Fiscal 2010 � U.S. Revenue Growth 13.6% -0.4% 4.5% 4% to 5% 8% to
11% (CAGR) U.S. Revenue $1,148 million $299 million $891 million
$1,195 to $1,205 mil -� � International Revenue Growth -13.0% 13.8%
8.0% 5% to 8% 5% to 8% (CAGR) International Revenue $185 million
$54 million $147 million $195 to $200 mil -� � U.S. Operating
Margin 11.6% 15.7% 13.8% 13% to 14% 16% to 18% Adjusted U.S.
Operating Margin 12.4%2 � International Operating Margin -1.1% 7.9%
4.3% 4% to 5% 12% to 15% Adjusted International Operating Margin
2.5%2 � Return on Assets 1 8.5% 10.9% 10.9% 10% to 11% 14% to 17%
Adjusted Return on Assets 1 9.5%2 � Return on Invested Capital 1
11.4%2 13.2% 13.2% 12% to 13% 16% to 19% � Operating Cash Flow $276
million $63 million $183 million $245 to $255 mil $320 to $360 mil
� Free Cash Flow to Equity $100 million $13 million $40 million $50
to $60 mil $140 to $160 mil � Revolving Credit Line Balance $252
million $0 million $0 million < $250 mil < $250 mil �
Dividends Per Share $0.20� $0.06� $0.16� $0.22� $0.24 to $0.28 � �
1 ROA and ROIC are calculated on a trailing 4 quarters basis. 2
Results exclude unusual charges of $9.1 million for U.S. and $6.7
million for International in the quarter ended September 30, 2005.
These charges are excluded when calculating performance compared to
the Road Map since they were not considered in setting the Road Map
target. All other time periods are as reported for GAAP. �
Reconciliation of Non-GAAP Measurements (Dollars in thousands) � �
� � � � � � � Actual Actual Actual Target Long-Term Goals Years
Ending March 31, Fiscal 2006 Q3 Fiscal 2007 YTD Fiscal 2007 Fiscal
2007 Fiscal 2010 � � U.S. Operating Margin � U.S. Revenue
1,147,641� 298,978� 890,601� � U.S. Operating Income 133,072�
47,057� 123,097� U.S. Operating Income Margin 11.6% 15.7% 13.8% �
Gains, losses and nonrecurring items, net 6,147� 0� 0� ValueAct
Defense 2,216� 0� 0� Lawsuit Expenses 761� 0� 0� Adjusted U.S.
Operating Income (1) 142,196� 47,057� 123,097� Adjusted U.S.
Operating Income Margin (1) 12.4% 15.7% 13.8% � International
Operating Margin � International Revenue 184,927� 53,863� 147,264�
� International Operating Income (1,991) 4,236� 6,376�
International Operating Income Margin -1.1% 7.9% 4.3% � Gains,
losses and nonrecurring items, net 6,652� 0� 0� Adjusted
International Operating Income (1) 4,661� 4,236� 6,376� Adjusted
International Operating Income Margin (1) 2.5% 7.9% 4.3% � � � � �
� � � � � � � � � � � � � � � � Free Cash Flow to Equity Low � High
Low � High � Net cash provided by operating activities 275,833�
62,659� 183,418� 245,000� 255,000� 320,000� 360,000� � Plus:
Proceeds received from disposition of assets 5,123� 0� 0� 0� 0� 0�
0� Proceeds received from disposition of operations 4,844� 0� 0� 0�
0� 0� 0� Cash received from investments 3,760� 0� 2,708� 3,000�
3,000� 0� 0� Tax benefit of stock option and warrant exercise 0�
1,237� 4,081� 5,000� 5,000� 10,000� 10,000� Proceeds received from
sale of software 20,000� 0� 10,000� 10,000� 10,000� 0� 0� 33,727�
1,237� 16,789� 18,000� 18,000� 10,000� 10,000� � Less: Capitalized
software (21,903) (6,798) (19,443) (26,000) (26,000) (20,000)
(25,000) Capital expenditures (6,848) (2,518) (5,995) (9,000)
(9,000) (10,000) (10,000) Deferral of costs (70,454) (16,149)
(49,595) (66,000) (66,000) (65,000) (75,000) Capital lease and
installment payments (72,232) (16,700) (57,556) (75,000) (75,000)
(65,000) (70,000) Software and data license liability payments
(29,069) (6,000) (21,151) (27,000) (27,000) (25,000) (25,000) Other
debt payments (9,302) (3,117) (6,632) (10,000) (10,000) (5,000)
(5,000) (209,808) (51,282) (160,372) (213,000) (213,000) (190,000)
(210,000) � � � � � � � Free cash flow to equity 99,752� 12,614�
39,835� 50,000� to 60,000� 140,000� to 160,000� � � Free cash flow
to equity as defined by the Company may not be comparable to
similarly titled measures reported by other companies. Management
of the Company has included free cash flow to equity in this
Financial Road Map representing the amount of money available for
the Company's discretionary spending. Management believes that it
provides investors with a useful alternative measure of liquidity
by allowing an assessment of the amount of cash available for
general corporate and strategic purposes after funding operating
activities and capital expenditures, capitalized software expenses,
deferred costs and required debt repayments. The above table
reconciles free cash flow to equity to cash provided by operating
activities, the nearest comparable GAAP measure. � � Notes 1
Results exclude unusual charges of $9.1 million for U.S. and $6.7
million for International in the quarter ended September 30, 2005.
These charges are excluded when calculating performance compared to
the Road Map since they were not considered in setting the Road Map
target. All other time periods are as reported for GAAP. �
Reconciliation of Non-GAAP Measurements (Dollars in thousands) � �
� � � � � � � � � � � � � � � � � Actual Actual Actual Target
Long-Term Goals Fiscal 2006 Q3 Fiscal 2007 YTD Fiscal 2007 Fiscal
2007 Fiscal 2010 � � � � � � � � � � � � � � � � � � � � ROA ROIC
ROA ROIC Return on Assets (ROA) and Return on Invested Capital
(ROIC) ROA Adjusted ROA ROIC ROA ROIC ROA ROIC Low � High Low �
High Low � High Low � High � Numerator: Income from operations (3)
131,083� 131,083� 131,083� 174,060� 174,060� 174,060� 174,060�
163,200� 178,700� 163,200� 178,700� 268,600� 337,600� 268,600�
337,600� Unusual Charges, Net (1) 15,776� 15,776� 0� 0� 0� 0� 0� 0�
0� 0� Add implied interest on operating leases � � 11,696� �
10,369� � 10,369� � � � 10,400� � 10,400� � � � 9,000� � 9,000�
131,083� 146,859� 158,554� 174,060� 184,429� 174,060� 184,429�
163,200� � 178,700� 173,600� � 189,100� 268,600� � 337,600�
277,600� � 346,600� � Denominator: Average total assets 1,549,933�
1,549,933� 1,549,933� 1,592,493� 1,592,493� 1,592,493� 1,592,493�
1,622,400� 1,627,800� 1,622,400� 1,627,800� 1,860,000� 1,960,000�
1,860,000� 1,960,000� Less average cash (2) (8,616) (47,929)
(47,929) (71,700) (74,200) (10,000) (10,000) Less average
non-interest bearing current liabilities (288,063) (271,317)
(271,317) (263,400) (266,400) (261,000) (285,000) Plus average
present value of operating leases � � 135,190� � 128,525� �
128,525� � � � 128,600� � 128,600� � � � 114,000� � 114,000� �
1,549,933� 1,549,933� 1,388,444� 1,592,493� 1,401,773� 1,592,493�
1,401,773� 1,622,400� � 1,627,800� 1,415,900� � 1,415,800�
1,860,000� � 1,960,000� 1,703,000� � 1,779,000� � Return on
invested capital 8.5% 9.5% 11.4% 10.9% 13.2% 10.9% 13.2% 10% to 11%
12% to 13% 14% to 17% 16% to 19% � Notes 1. Results exclude unusual
charges of $9.1 million for U.S. and $6.7 million for International
in the quarter ended September 30, 2005. These charges are excluded
when calculating performance compared to the Road Map since they
were not considered in setting the Road Map target. All other time
periods are as reported for GAAP. 2. Future cash balances above
$10.0 million are assumed to be invested at money market rates and
are excluded from this operating cash adjustment. 3. Trailing four
quarters. � � Return on Invested Capital (ROIC) as defined by the
Company, may not be comparable to similarly titled measures
reported by other companies. Management of the Company has included
ROIC in this Financial Road Map because it measures the capital
efficiency of our business. ROIC does not consider whether the
business is financed with debt or equity; rather ROIC calculates a
return on all capital invested in the business. The above table
reconciles ROIC to a ROA calculation using GAAP numbers. The
Company uses ROIC in a number of ways, including pricing analysis,
capital expenditure evaluation, and merger and acquisition
valuation. � � General Road Map Definitions � 1. Revenue Growth is
defined as the percentage growth compared to the previous
corresponding fiscal year or comparable period. 2. Operating Margin
is defined as the income from operations as a percentage of
revenue. 3. Operating Cash Flow is as shown on the Company's cash
flow statement. 4. Free Cash Flow to Equity is defined as cash flow
from operating activities plus or minus cash flow from investing
activities (excluding net cash paid for acquisitions), less
required payments of debt (total debt payments excluding payments
on the line of credit). 5. Revolving Credit Line Balance is defined
as actual funds borrowed under the Company�s revolving line of
credit facility at the end of the period. 6. Dividends Per Share is
defined as the sum of the dividends for that period. 7. Return on
Assets (ROA) is defined as income from operations divided by
average total assets for the trailing four quarters. 8. Return on
Invested Capital (ROIC) is defined as trailing four quarters income
from operations adjusted for the implied interest expense included
in operating leases divided by the trailing four quarters' average
invested capital. The implied interest adjustment for operating
leases is calculated by multiplying the average quarterly balances
of the present value of operating leases [(beginning balance +
ending balance)/2] x an 8% implied interest rate on the leases.
Average invested capital is defined as the trailing four-quarter
average of the ending quarterly balances for total assets less
operating cash, less non-interest bearing liabilities (current
liabilities less the current portion of long-term debt), plus the
present value of operating leases.
Acxiom (NASDAQ:ACXM)
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