Fourth Quarter Revenue Grows 9%
Year-over-Year
Revenue Increases in Each Segment
Full Year Connectivity Revenue Exceeds $100
Million
Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and
software-as-a-service company, today announced financial results
for its fourth quarter and fiscal year ended March 31, 2016.
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View the full release here:
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Fourth Quarter Financial Highlights
- Revenue: Total revenue was $225
million, up 9% compared to the fourth quarter of last year driven
by growth in each segment. Excluding an unfavorable currency impact
of approximately $1 million, revenue was up 10%. US revenue of $205
million was up 11% year-over-year. International revenue of $20
million increased 2% on a constant currency basis.
- Operating Income (Loss): GAAP
operating loss from continuing operations improved to $8 million
compared to a loss of $11 million in the prior year. Non-GAAP
operating income from continuing operations declined 7% to
approximately $20 million.
- Earnings (Loss) per Share: GAAP
loss per share from continuing operations was $0.02 compared to a
loss per share of $0.12 in the prior year. Non-GAAP diluted
earnings per share from continuing operations were $0.18, up from
$0.17 a year ago.
- Operating Cash Flow: Operating
cash flow from continuing operations was $43 million, up 47% from
$29 million last year.
- Free Cash Flow to Equity: Free
cash flow to equity was $17 million, up from $2 million in the
prior year.
Fiscal Year Financial Highlights
- Revenue: Total revenue was $850
million, up 6% compared to fiscal 2015. Excluding an unfavorable
currency impact of approximately $8 million, revenue was up 7%. US
revenue of $770 million increased 9% year-over-year. International
revenue of $80 million was down 8% on a constant currency basis.
Connectivity revenue of $102 million increased 86%
year-over-year.
- Operating Income (Loss): GAAP
operating loss from continuing operations improved to $13 million
compared to a loss of $33 million in the prior year. Non-GAAP
operating income from continuing operations improved 16% to
approximately $76 million.
- Earnings (Loss) per Share: GAAP
loss per share from continuing operations was $0.11 compared to a
loss per share of $0.34 in the prior year. Non-GAAP diluted
earnings per share from continuing operations were $0.59, up from
$0.49 a year ago.
Fourth Quarter Segment Results
Marketing Services
- Revenue was $113 million, up 3%
compared to the fourth quarter of last year. US revenue of $104
million was up 4% year-over-year.
- Gross margin improved from 33% to
35%.
- Operating income was $19 million, up 7%
compared to the prior year.
Audience Solutions
- Revenue was $80 million, up 4% compared
to the prior year period. US revenue of $71 million was up 6%
year-over-year.
- Gross margin improved from 55% to
58%.
- Operating income was $30 million, down
3% compared to the prior year.
Connectivity
- Revenue was $31 million, up 62%
compared to the fourth quarter of last year. Connectivity exited
the quarter with an $110 million annualized revenue run-rate.
- Gross margin improved from 43% to
63%.
- Operating loss improved by $6 million
to nearly break-even.
A detailed discussion of our non-GAAP financial measures is
included at the bottom of this release, and a reconciliation
between GAAP and non-GAAP results is attached.
"Our strong fourth quarter performance capped off a year of
solid execution across each of our businesses," said Acxiom
CEO Scott Howe. "In fiscal 2016, we extended our leadership in data
connectivity with the launch of LiveRamp Customer Link™ and
expansion of data onboarding to the UK and France. At the same
time, Marketing Services and Audience Solutions had a number of key
customer and partner wins. We enter fiscal 2017 from a position of
strength, propelled by our recent progress and momentum."
Recent Business Highlights
- LiveRamp™ launched its data
onboarding service in the United Kingdom and France to meet
rapidly growing demand from clients and partners. Global and local
brands can now use LiveRamp to activate offline first and
third-party data across their marketing stack.
- Connectivity added more than 15 new
customers during the quarter and added over 40 new partner
integrations. Marketers can now onboard and activate their data
across a growing network of more than 300 marketing platforms and
data providers.
- Marketing Services announced the
Acxiom Marketing Analytics Environment™, a privacy-safe,
closed-loop marketing analytics solution that allows clients to
quickly leverage the power of data science and analytics to drive
improved customer experiences and higher return on investment.
- Acxiom was awarded the prestigious
Innovation Partner Award by Citigroup Inc. in recognition of
its high level of service and performance. Acxiom was among five
companies recognized at this year’s Citi Supplier Awards
event.
- Debora Beachner Tomlin was named to
the Acxiom Board of Directors. Ms. Tomlin is a proven and
respected marketing executive with a deep understanding of the
value of data-driven marketing. She currently serves as chief
marketing and distribution officer for CSAA Insurance Group. Prior
to CSAA, Ms. Tomlin held several senior leadership positions at
Capital One Bank.
- Acxiom repurchased 731,000 shares
for approximately $15 million during the quarter. Since
inception of the share repurchase program in August 2011, Acxiom
has repurchased 15.5 million shares for $255 million.
Financial Outlook
Acxiom’s guidance excludes the impact of non-cash compensation,
purchased intangible asset amortization, restructuring charges and
separation and transformation costs.
For fiscal 2017, Acxiom expects to report:
- Revenue in the range of $870 million
to $890 million
- Non-GAAP diluted earnings per share
in the range of $0.55 to slightly higher
Conference Call
Acxiom will hold a conference call at 4:00 p.m. CT today to
further discuss this information. Interested parties are invited to
listen to the call which will be broadcast via the Internet at
investors.acxiom.com. A slide presentation will be referenced
during the call and can be accessed here.
About Acxiom
Acxiom is an enterprise data, analytics and
software-as-a-service company that uniquely fuses trust, experience
and scale to fuel data-driven results. For over 45 years, Acxiom
has been an innovator in harnessing the most important sources and
uses of data to strengthen connections between people, businesses
and their partners. Utilizing a channel and media neutral approach,
we leverage cutting-edge, data-oriented products and services to
maximize customer value. Every week, Acxiom powers more than a
trillion transactions that enable better living for people and
better results for our 7,000+ global clients. For more information
about Acxiom, visit Acxiom.com.
Non-GAAP Financial Measures
The Company’s press release includes (i) non-GAAP earnings from
operations and non-GAAP earnings per share, both excluding items,
and (ii) free cash flow available to equity, which is also a
non-GAAP measure. Non-GAAP earnings from operations and non-GAAP
earnings per share excluding items represent loss from the
Company’s continuing operations less expenses related to gains,
losses and other items, impairment of goodwill and other assets,
separation and transformation expenses recorded in general and
administrative expense, purchased intangible asset and accelerated
software amortization recorded in cost of revenue, non-cash stock
compensation recorded in both cost of revenue and operating
expenses, and accelerated amortization recorded in cost of revenue.
The Company’s management believes that these non-GAAP measures are
meaningful since they represent the recurring income from the
Company’s continuing operations before excluded unusual items,
which are not indicative of the Company’s ordinary course of
operations, and before purchased intangible asset amortization and
non-cash stock compensation, which are recurring non-cash expenses.
Management also believes these measures are useful in comparison to
other companies who report similar measures. The non-GAAP measures
are reconciled to the corresponding GAAP measures of income (loss)
from operations and earnings (loss) per share in schedules to the
press release.
Free cash flow available to equity is defined as operating cash
flow less cash used by investing activities (excluding the impact
of cash paid in acquisitions), less required payments of debt, and
excluding the impact of discontinued operations. The Company’s
management believes that this measure of free cash flow available
to equity is meaningful since it represents the amount of money
available from continuing operations for the Company’s
discretionary spending after funding all required obligations
including scheduled debt payments, and it therefore provides a
useful measure of liquidity for assessing the amount of cash
available for general corporate and strategic purposes. Free cash
flow available to equity is reconciled to operating cash flow, the
nearest comparable GAAP measure, in a schedule attached to the
press release.
Adjusted EBITDA is defined as net income or loss from continuing
operations before other expense, income taxes, depreciation and
amortization, equity in net income of affiliates, restructuring
charges, goodwill and intangible asset impairment charges,
stock-based compensation expense, gains, losses and other items,
impairment of goodwill and other assets, separation and
transformation expenses recorded in general and administrative
expense, purchased intangible asset and accelerated software
amortization recorded in cost of revenue, non-cash stock
compensation recorded in both cost of revenue and operating
expenses, and accelerated amortization recorded in cost of revenue.
We use Adjusted EBITDA to measure our performance from period to
period both at the consolidated level as well as within our
operating segments and to compare our results to those of our
competitors. The Company believes that its inclusion of Adjusted
EBITDA provides useful supplementary information to and facilitates
analysis by investors in evaluating the Company’s performance and
trends. Adjusted EBITDA is reconciled to Net loss from continuing
operations, the nearest comparable GAAP measure, in a schedule
attached to the press release.
The non-GAAP financial measures used by the Company may not be
comparable to similarly titled measures used by other companies and
should not be considered in isolation or as substitutes for
measures of financial performance or liquidity prepared in
accordance with GAAP.
Forward-Looking Statements
This release and today’s conference call contains
forward-looking statements including, without limitation,
statements regarding expected levels of revenue and earnings per
share. Such forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially. The following are factors, among others, that could
cause actual results to differ materially from these
forward-looking statements: the possibility that the expected
revenue from the divisions may not be realized within the expected
timeframe; the possibility that certain contracts may not generate
the anticipated revenue or profitability or may not be closed
within the anticipated time frames; the possibility that
significant customers may experience extreme, severe economic
difficulty or otherwise reduce or cancel the amount of business
they do 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 data suppliers
might withdraw data from us, leading to our inability to provide
certain products and services to our clients; the possibility that
we may not be able to attract, retain or motivate qualified
technical, sales and leadership associates, or that we may lose key
associates; the possibility that we may not be able to adequately
adapt to rapidly changing computing environments, technologies and
marketing practices; the possibility that we will not be able to
continue to receive credit upon satisfactory terms and conditions;
the possibility that negative changes in economic conditions in
general or other conditions might lead to a reduction in demand for
our 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 the
historical seasonality of our business may change; the possibility
that we will not be able to achieve anticipated cost reductions and
avoid unanticipated costs; 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
unusual charges may be incurred; the possibility that changes in
accounting pronouncements may occur and may impact these
forward-looking statements; the possibility that we may encounter
difficulties when entering new markets or industries; the
possibility that we could experience loss of data center capacity
or interruption of telecommunication links; the possibility that
new laws may be enacted which limit our ability to provide services
to our clients and/or which limit the use of data; and other risks
and uncertainties, including those detailed from time to time in
our current and periodic reports filed with the Securities and
Exchange Commission, including our current reports on Form 8-K,
quarterly reports on Form 10-Q and annual reports on Form 10-K,
particularly the discussion under the caption “Item 1A. RISK
FACTORS” in our Annual Report on Form 10-K for the year ended March
31, 2015, which was filed with the Securities and Exchange
Commission on May 27, 2015.
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.
We undertake no obligation to update the information contained
in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
To automatically receive Acxiom Corporation financial news by
email, please visit www.acxiom.com and subscribe to email
alerts.
ACXIOM CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS
OF OPERATIONS(Unaudited)(Dollars in thousands, except earnings
(loss) per share) For the Three Months
EndedMarch 31, 2016 2015 $Variance %Variance Revenues
224,655 205,734 18,921 9.2 % Cost of revenue 123,626
127,708 (4,082 ) (3.2 %) Gross profit 101,029 78,026 23,003
29.5 %
% Gross margin 45.0 % 37.9
% Operating expenses: Research and development 16,758
19,080 (2,322 ) (12.2 %) Sales and marketing 45,842 31,084 14,758
47.5 % General and administrative 35,330 27,469 7,861 28.6 %
Impairment of goodwill and other 6,100 - 6,100 - Gains, losses and
other items, net 4,763 11,258 (6,495 ) (57.7 %) Total
operating expenses 108,793 88,891 19,902 22.4 %
Loss from operations (7,764 ) (10,865 ) 3,101 28.5 % %
Margin -3.5 % -5.3 % Other
expense: Interest expense (1,880 ) (1,898 ) 18 0.9 % Other, net
(214 ) (757 ) 543 71.7 % Total other expense (2,094 ) (2,655 ) 561
21.1 % Loss from continuing operations before income taxes
(9,858 ) (13,520 ) 3,662 27.1 % Income taxes (8,176 ) (4,483
) (3,693 ) (82.4 %) Net loss from continuing operations
(1,682 ) (9,037 ) 7,355 81.4 % Earnings from discontinued
operations, net of tax 111 2,998 (2,887 ) (96.3 %)
Net loss (1,571 ) (6,039 ) 4,468 74.0 % Basic
earnings (loss) per share: Continuing operations (0.02 ) (0.12 )
0.09 81.2 % Discontinued operations 0.00 0.04 (0.04 )
(96.3 %) Net loss (0.02 ) (0.08 ) 0.06 73.8 % Diluted
earnings (loss) per share: Continuing operations (0.02 ) (0.12 )
0.09 81.2 % Discontinued operations 0.00 0.04 (0.04 )
(96.3 %) Net loss (0.02 ) (0.08 ) 0.06 73.8 % ACXIOM
CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(Dollars in thousands, except earnings (loss)
per share) For the Twelve Months
EndedMarch 31, 2016 2015 $Variance %Variance Revenues
850,088 804,911 45,177 5.6 % Cost of revenue 488,382
494,037 (5,655 ) (1.1 %) Gross profit 361,706 310,874 50,832
16.4 %
% Gross margin 42.5 % 38.6
% Operating expenses: Research and development 74,247
74,201 46 0.1 % Sales and marketing 146,176 116,494 29,682 25.5 %
General and administrative 135,385 130,263 5,122 3.9 % Impairment
of goodwill and other 6,829 - 6,829 - Gains, losses and other
items, net 12,132 22,600 (10,468 ) (46.3 %) Total
operating expenses 374,769 343,558 31,211 9.1 %
Loss from operations (13,063 ) (32,684 ) 19,621 60.0 % %
Margin -1.5 % -4.1 % Other
income (expense): Interest expense (7,669 ) (7,672 ) 3 0.0 % Other,
net 452 (991 ) 1,443 145.6 % Total other expense (7,217 )
(8,663 ) 1,446 16.7 % Loss from continuing operations before
income taxes (20,280 ) (41,347 ) 21,067 51.0 % Income taxes
(11,632 ) (14,805 ) 3,173 21.4 % Net loss from continuing
operations (8,648 ) (26,542 ) 17,894 67.4 % Earnings from
discontinued operations, net of tax 15,351 15,511
(160 ) (1.0 %) Net earnings (loss) 6,703 (11,031 )
17,734 160.8 % Basic earnings (loss) per share: Continuing
operations (0.11 ) (0.34 ) 0.23 67.6 % Discontinued operations 0.20
0.20 (0.00 ) (1.7 %) Net earnings (loss) 0.09
(0.14 ) 0.23 160.4 % Diluted earnings (loss) per
share: Continuing operations (0.11 ) (0.34 ) 0.23 67.6 %
Discontinued operations 0.20 0.20 (0.00 ) (1.7 %) Net
earnings (loss) 0.09 (0.14 ) 0.23 160.4 % ACXIOM
CORPORATION AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP
EPS(Unaudited)(Dollars in thousands, except earnings (loss) per
share) For the Three Months EndedMarch
31, For the Twelve Months EndedMarch 31, 2016 2015 2016 2015
Loss from continuing operations before income taxes (9,858 )
(13,520 ) (20,280 ) (41,347 ) Income taxes (8,176 ) (4,483 )
(11,632 ) (14,805 ) Net loss from continuing operations
(1,682 ) (9,037 ) (8,648 ) (26,542 ) Earnings from
discontinued operations, net of tax 111 2,998 15,351
15,511 Net earnings (loss) (1,571 ) (6,039 )
6,703 (11,031 ) Earnings (loss) per share:
Basic (0.02 ) (0.08 ) 0.09 (0.14 ) Diluted (0.02 )
(0.08 ) 0.09 (0.14 ) Excluded items: Purchased
intangible asset amortization (cost of revenue) 4,204 3,781 15,466
11,454 Non-cash stock compensation (cost of revenue and operating
expenses) 7,934 8,216 31,463 28,316 Impairment of goodwill and
other 6,100 - 6,829 - Restructuring charges and other adjustments
(gains, losses, and other) 4,763 11,258 12,132 22,600 Separation
and transformation costs (general and administrative) 4,686 5,023
20,826 31,269 Accelerated amortization (cost of revenue) 252
4,316 1,850 4,316 Total excluded items,
continuing operations 27,939 32,594 88,566
97,955
Earnings from continuing operations before
income taxes and excluding items
18,081 19,074 68,286 56,608 Income taxes 4,262 5,324
21,456 18,353 Non-GAAP net earnings
13,819 13,750 46,830 38,255
Non-GAAP earnings per share: Basic 0.18 0.18
0.60 0.50 Diluted 0.18 0.17 0.59
0.49 Basic weighted average shares 76,753
77,427 77,616 77,106 Diluted
weighted average shares 78,386 79,027 79,099
78,494 ACXIOM CORPORATION AND SUBSIDIARIESCALCULATION
OF EARNINGS (LOSS) PER SHARE(Unaudited)(In thousands, except
earnings (loss) per share) For the Three Months Ended
March 31,2016 March 31,2015 Basic loss per share from
continuing operations: Numerator - net loss (1,682 ) (9,037 )
Denominator - weighted-average shares outstanding 76,753
77,427 Basic loss per share (0.02 ) (0.12 )
Diluted loss per share from continuing operations: Numerator - net
loss (1,682 ) (9,037 ) Denominator - weighted-average shares
outstanding 76,753 77,427 Diluted loss per share
(0.02 ) (0.12 ) Basic earnings per share from discontinued
operations: Numerator - net earnings 111 2,998 Denominator -
weighted-average shares outstanding 76,753 77,427
Basic earnings per share 0.00 0.04 Diluted
earnings per share from discontinued operations: Numerator - net
earnings 111 2,998 Denominator - weighted-average shares
outstanding 76,753 77,427 Diluted earnings per
share 0.00 0.04 Basic loss per share:
Numerator - net loss (1,571 ) (6,039 ) Denominator -
weighted-average shares outstanding 76,753 77,427
Basic loss per share (0.02 ) (0.08 ) Diluted loss per share:
Numerator - net loss (1,571 ) (6,039 ) Denominator -
weighted-average shares outstanding 76,753 77,427
Diluted loss per share (0.02 ) (0.08 ) ACXIOM
CORPORATION AND SUBSIDIARIESCALCULATION OF EARNINGS (LOSS) PER
SHARE(Unaudited)(In thousands, except earnings (loss) per share)
For the Twelve Months Ended March 31,2016
March 31,2015 Basic loss per share from continuing
operations: Numerator - net loss (8,648 ) (26,542 )
Denominator - weighted-average shares outstanding 77,616
77,106 Basic loss per share (0.11 ) (0.34 ) Diluted
loss per share from continuing operations: Numerator - net loss
(8,648 ) (26,542 ) Denominator - weighted-average shares
outstanding 77,616 77,106 Diluted loss per share
(0.11 ) (0.34 ) Basic earnings per share from discontinued
operations: Numerator - net earnings 15,351 15,511
Denominator - weighted-average shares outstanding 77,616
77,106 Basic earnings per share 0.20 0.20
Diluted earnings per share from discontinued operations:
Numerator - net earnings 15,351 15,511 Denominator -
weighted-average shares outstanding 77,616 77,106
Diluted earnings per share 0.20 0.20 Basic
loss per share: Numerator - net earnings (loss) 6,703 (11,031 )
Denominator - weighted-average shares outstanding 77,616
77,106 Diluted earnings (loss) per share 0.09
(0.14 ) Diluted loss per share: Numerator - net earnings
(loss) 6,703 (11,031 ) Denominator - weighted-average shares
outstanding 77,616 77,106 Diluted earnings (loss) per
share 0.09 (0.14 ) ACXIOM CORPORATION AND
SUBSIDIARIESRESULTS BY SEGMENT(Unaudited)(Dollars in thousands)
For the Three Months EndedMarch 31,
2016 2015 $Variance %Variance Revenues Marketing
Services 113,342 109,662 3,680 3.4 % Audience Solutions 80,128
76,816 3,312 4.3 % Connectivity 31,185 19,256 11,929
61.9 % Total operating segment revenues 224,655 205,734 18,921 9.2
% Gross profit Marketing Services 40,117 36,120 3,997 11.1 %
Audience Solutions 46,457 42,141 4,316 10.2 % Connectivity 19,617
8,234 11,383 138.2 % Total operating segment gross
profit 106,191 86,495 19,696 22.8 % Gross profit margin %
Marketing Services 35.4 % 32.9 % Audience Solutions 58.0 % 54.9 %
Connectivity 62.9 % 42.8 % Total operating segment gross margin
47.3 % 42.0 % Income (loss) from operations Marketing
Services 19,301 17,984 1,317 7.3 % Audience Solutions 29,598 30,594
(996 ) (3.3 %) Connectivity (424 ) (6,026 ) 5,602 93.0 % Total
operating segment income from operations 48,475 42,552 5,923 13.9 %
Operating income (loss) margin % Marketing Services 17.0 %
16.4 % Audience Solutions 36.9 % 39.8 % Connectivity (1.4 %) (31.3
%) Total operating segment operating margin 21.6 % 20.7 %
ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT
(Unaudited) (Dollars in thousands)
For the Twelve Months Ended March 31, $
% 2016 2015 Variance Variance Revenues Marketing Services
449,772 446,103 3,669 0.8 % Audience Solutions 297,846 303,836
(5,990 ) (2.0 %) Connectivity 102,470 54,972 47,498
86.4 %
Total operating segment revenues
850,088 804,911 45,177 5.6 % Gross profit Marketing Services
152,258 156,395 (4,137 ) (2.6 %) Audience Solutions 167,715 158,386
9,329 5.9 % Connectivity 61,199 13,322 47,877 359.4 %
Total operating segment gross profit 381,172 328,103 53,069 16.2 %
Gross profit margin % Marketing Services 33.9 % 35.1 %
Audience Solutions 56.3 % 52.1 % Connectivity 59.7 % 24.2 %
Total operating segment gross margin
44.8 % 40.8 % Income (loss) from operations Marketing
Services 74,371 81,247 (6,876 ) (8.5 %) Audience Solutions 109,598
115,078 (5,480 ) (4.8 %) Connectivity (3,298 ) (40,069 ) 36,771
91.8 % Total operating segment income from operations 180,671
156,256 24,415 15.6 % Operating income (loss) margin %
Marketing Services 16.5 % 18.2 % Audience Solutions 36.8 % 37.9 %
Connectivity (3.2 %) (72.9 %)
Total operating segment operating
margin
21.3 % 19.4 %
ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF
SEGMENT RESULTS (Unaudited) (Dollars in thousands) For the
Three Months Ended For the Twelve Months Ended March 31, March 31,
2016 2015 2016 2015 Total operating segment gross profit
106,191 86,495 381,172 328,103 Less: Purchased intangible
asset amortization 4,204 3,781 15,466 11,454 Non-cash stock
compensation 706 372 2,150 1,459 Accelerated amortization 252
4,316 1,850 4,316 Gross profit
101,029 78,026 361,706 310,874
Total operating segment income from operations 48,475 42,552
180,671 156,256 Less: Corporate expenses 28,300 20,823
105,168 90,985 Purchased intangible asset amortization 4,204 3,781
15,466 11,454 Non-cash stock compensation 7,934 8,216 31,463 28,316
Impairment of goodwill and other 6,100 - 6,829 - Restructuring
charges and other adjustments 4,763 11,258 12,132 22,600 Separation
and transformation costs 4,686 5,023 20,826 31,269 Accelerated
amortization 252 4,316 1,850 4,316
Loss from operations (7,764 ) (10,865 ) (13,063 ) (32,684 )
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)
March 31,
March 31, $ % 2016 2015 Variance Variance
Assets
Current assets: Cash and cash equivalents 189,629 141,010 48,619
34.5 % Trade accounts receivable, net 138,650 126,896 11,754 9.3 %
Refundable income taxes 9,834 5,239 4,595 87.7 % Restricted cash
held in escrow - 31,000 (31,000 ) (100.0 %) Other current assets
37,897 34,975 2,922 8.4 % Assets of discontinued operations -
172,284 (172,284 ) (100.0 %) Total current
assets 376,010 511,404 (135,394 ) (26.5 %)
Property and equipment 528,675 505,721 22,954 4.5 % Less -
accumulated depreciation and amortization 345,632 329,467
16,165 4.9 % Property and equipment, net 183,043
176,254 6,789 3.9 % Software, net of
accumulated amortization 55,735 68,962 (13,227 ) (19.2 %) Goodwill
492,745 497,362 (4,617 ) (0.9 %) Purchased software licenses, net
of accumulated amortization 10,116 9,551 565 5.9 % Deferred income
taxes 6,885 381 6,504 1707.1 % Other assets, net 25,315
30,173 (4,858 ) (16.1 %) 1,149,849 1,294,087
(144,238 ) (11.1 %)
Liabilities and
Stockholders' Equity
Current liabilities: Current installments of long-term debt 32,243
32,232 11 0.0 % Trade accounts payable 37,717 30,094 7,623 25.3 %
Accrued payroll and related expenses 61,309 36,659 24,650 67.2 %
Other accrued expenses 48,254 62,754 (14,500 ) (23.1 %) Acquisition
escrow payable - 31,000 (31,000 ) (100.0 %) Deferred revenue 44,477
33,620 10,857 32.3 % Liabilities of discontinued operations -
57,433 (57,433 ) (100.0 %) Total current
liabilities 224,000 283,792 (59,792 ) (21.1 %)
Long-term debt 157,897 244,753 (86,856 ) (35.5 %) Deferred
income taxes 53,964 55,440 (1,476 ) (2.7 %) Other
liabilities 15,020 6,845 8,175 119.4 % Stockholders' equity:
Common stock 13,039 12,794 245 1.9 % Additional paid-in capital
1,082,220 1,034,526 47,694 4.6 % Retained earnings 598,501 591,798
6,703 1.1 % Accumulated other comprehensive income 8,590 9,413 (823
) (8.7 %) Treasury stock, at cost (1,003,382 ) (945,274 ) (58,108 )
(6.1 %) Total stockholders' equity 698,968 703,257
(4,289 ) (0.6 %) 1,149,849 1,294,087 (144,238
) (11.1 %) ACXIOM
CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) (Dollars in thousands) For the Three
Months Ended March 31, 2016 2015 Cash flows from
operating activities: Net loss (1,571 ) (6,039 ) Earnings from
discontinued operations, net of tax (111 ) (2,998 ) Non-cash
operating activities: Depreciation and amortization 22,242 25,760
Loss on disposal or impairment of assets - 1,975 Impairment of
goodwill and other 6,100 - Deferred income taxes (4,266 ) (2,945 )
Non-cash stock compensation expense 7,934 8,216 Changes in
operating assets and liabilities: Accounts receivable 2,224 (5,829
) Other assets (13,531 ) 11,774 Accounts payable and other
liabilities 22,370 (1,450 ) Deferred revenue 1,879 908
Net cash provided by operating activities 43,270
29,372 Cash flows from investing activities: Capitalized
software (4,520 ) (3,602 ) Capital expenditures (13,601 ) (14,600 )
Data acquisition costs (418 ) (374 ) Net cash used in investing
activities (18,539 ) (18,576 ) Cash flows from financing
activities: Payments of debt (8,048 ) (8,347 ) Sale of common
stock, net of stock acquired for withholding taxes 4,074 5,846
Excess tax benefits from share-based compensation 1,529 4,645
Acquisition of treasury stock (15,229 ) - Net cash used in
financing activities (17,674 ) 2,144 Cash flows from
discontinued operations: From operating activities (3,954 ) 5,080
From investing activities - (3,004 ) From financing activities -
(259 ) Net cash provided by (used in) discontinued
operations (3,954 ) 1,817 Effect of exchange rate changes on
cash 136 (638 ) Net change in cash and cash
equivalents 3,239 14,119 Cash and cash equivalents at beginning of
period 186,390 126,891 Cash and cash equivalents at
end of period 189,629 141,010
Supplemental
cash flow information: Cash paid (received) during the period
for: Interest 1,925 2,473 Income taxes 96 (4,383 ) Payments on
capital leases and installment payment arrangements - 574 Other
debt payments, excluding line of credit 8,048 8,032
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands) For the Twelve Months Ended March 31,
2016 2015 Cash flows from operating
activities: Net earnings (loss) 6,703 (11,031 ) Earnings from
discontinued operations, net of tax (15,351 ) (15,511 ) Non-cash
operating activities: Depreciation and amortization 85,463 80,447
Loss on disposal or impairment of assets 232 1,700 Impairment of
goodwill and other 6,829 - Deferred income taxes (9,122 ) (4,965 )
Non-cash stock compensation expense 31,463 28,316 Changes in
operating assets and liabilities: Accounts receivable (13,014 )
3,744 Other assets (16,174 ) 12,867 Accounts payable and other
liabilities 25,529 (28,129 ) Deferred revenue 11,084 (6,307
) Net cash provided by operating activities 113,642 61,131
Cash flows from investing activities: Capitalized software
(14,880 ) (18,587 ) Capital expenditures (47,423 ) (56,952 ) Data
acquisition costs (1,553 ) (1,871 ) Net cash paid in acquisitions
(5,386 ) (265,672 ) Net cash used in investing activities (69,242 )
(343,082 ) Cash flows from financing activities: Payments of debt
(87,231 ) (26,601 ) Sale of common stock, net of stock acquired for
withholding taxes 10,417 5,039 Excess tax benefits from share-based
compensation 3,551 4,645 Acquisition of treasury stock (52,764 )
(9,868 ) Net cash used in financing activities (126,027 ) (26,785 )
Cash flows from discontinued operations: From operating activities
6,323 43,853 From investing activities 124,506 (9,254 ) From
financing activities (206 ) (1,820 ) Net cash provided by
discontinued operations 130,623 32,779 Effect of
exchange rate changes on cash (377 ) (1,619 ) Net change in
cash and cash equivalents 48,619 (277,576 ) Cash and cash
equivalents at beginning of period 141,010 418,586
Cash and cash equivalents at end of period 189,629 141,010
Supplemental cash flow information: Cash paid
(received) during the period for: Interest 8,145 8,673 Income taxes
6,100 (3,845 ) Payments on capital leases and installment payment
arrangements 269 3,823 Other debt payments, excluding line of
credit 32,168 24,598 Prepayment of debt 55,000 -
ACXIOM
CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW
AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW
(Unaudited) (Dollars in thousands)
06/30/14 09/30/14 12/31/14 03/31/15 YTD
FY2015 06/30/15 09/30/15 12/31/15 03/31/16
YTD FY2016 Net cash provided by operating activities
- continuing operations (15,456 ) 14,325 32,890 29,372 61,131
11,997 21,357 37,018 43,270 113,642 Less: Capitalized
software (4,969 ) (5,608 ) (4,408 ) (3,602 ) (18,587 ) (2,797 )
(3,936 ) (3,627 ) (4,520 ) (14,880 ) Capital expenditures (16,778 )
(15,362 ) (10,212 ) (14,600 ) (56,952 ) (12,876 ) (10,244 ) (10,702
) (13,601 ) (47,423 ) Data acquisition costs (635 ) (468 ) (394 )
(374 ) (1,871 ) (430 ) (281 ) (424 ) (418 ) (1,553 ) Payments on
capital leases and installment payment arrangements (650 ) (567 )
(471 ) (315 ) (2,003 ) (63 ) - - - (63 ) Other required debt
payments (4,267 ) (4,272 ) (8,027 ) (8,032 )
(24,598 ) (8,036 ) (8,039 ) (8,045 )
(8,048 ) (32,168 ) Total (42,755 ) (11,952 )
9,378 2,449 (42,880 ) (12,205 )
(1,143 ) 14,220 16,683
17,555
ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS-GAAP (Unaudited)
(Dollars in thousands, except earnings (loss) per share)
Q4 FY16 to Q4 FY15 06/30/14
09/30/14 12/31/14 03/31/15 YTD FY2015 06/30/15
09/30/15 12/31/15 03/31/16 YTD FY2016 %
$ Revenues 186,683 204,248 208,246 205,734 804,911 196,895
207,345 221,193 224,655 850,088 9.2 % 18,921 Cost of revenue
115,564 124,958 125,807
127,708 494,037 117,709 121,312
125,735 123,626 488,382
-3.2 % (4,082 ) Gross profit 71,119 79,290 82,439 78,026
310,874 79,186 86,033 95,458 101,029 361,706 29.5 % 23,003
%
Gross margin 38.1 % 38.8 %
39.6 % 37.9 % 38.6 %
40.2 % 41.5 % 43.2 %
45.0 % 42.5 % Operating expenses
Research and development 16,350 19,798 18,973 19,080 74,201 20,011
19,078 18,400 16,758 74,247 -12.2 % (2,322 ) Sales and marketing
26,265 28,591 30,554 31,084 116,494 29,494 34,259 36,581 45,842
146,176 47.5 % 14,758 General and administrative 34,462 36,511
31,821 27,469 130,263 31,743 31,519 36,793 35,330 135,385 28.6 %
7,861 Impairment of goodwill and other - - - - - - 729 - 6,100
6,829 - 6,100 Gains, losses and other items, net 7,128
833 3,381 11,258
22,600 807 2,504 4,058
4,763 12,132 -57.7 % (6,495 ) Total
operating expenses 84,205 85,733 84,729 88,891 343,558 82,055
88,089 95,832 108,793 374,769 22.4 % 19,902 Loss from
operations (13,086 ) (6,443 ) (2,290 ) (10,865 ) (32,684 ) (2,869 )
(2,056 ) (374 ) (7,764 ) (13,063 ) 28.5 % 3,101
% Margin
-7.0 % -3.2 % -1.1 %
-5.3 % -4.1 % -1.5 %
-1.0 % -0.2 % -3.5 %
-1.5 % Other income (expense) Interest expense (1,948
) (1,821 ) (2,005 ) (1,898 ) (7,672 ) (1,885 ) (1,956 ) (1,948 )
(1,880 ) (7,669 ) 0.9 % 18 Other, net (106 ) (163 )
35 (757 ) (991 ) 304 59
303 (214 ) 452 71.7 % 543 Total
other expense (2,054 ) (1,984 ) (1,970 ) (2,655 ) (8,663 ) (1,581 )
(1,897 ) (1,645 ) (2,094 ) (7,217 ) 21.1 % 561 Loss from
continuing operations before income taxes (15,140 ) (8,427 ) (4,260
) (13,520 ) (41,347 ) (4,450 ) (3,953 ) (2,019 ) (9,858 ) (20,280 )
27.1 % 3,662 Income taxes (4,399 ) (1,326 ) (4,597 )
(4,483 ) (14,805 ) 732 (2,608 )
(1,580 ) (8,176 ) (11,632 ) -82.4 % (3,693 )
Net earnings (loss) from continuing operations (10,741 ) (7,101 )
337 (9,037 ) (26,542 ) (5,182 ) (1,345 ) (439 ) (1,682 ) (8,648 )
81.4 % 7,355 Earnings (loss) from discontinued operations,
net of tax 3,137 5,557 3,819
2,998 15,511 4,143 12,068
(971 ) 111 15,351 -96.3 %
(2,887 ) Net earnings (loss) (7,604 ) (1,544 ) 4,156 (6,039
) (11,031 ) (1,039 ) 10,723 (1,410 ) (1,571 ) 6,703 74.0 % 4,468
Diluted earnings (loss) per share (0.10 ) (0.02 )
0.05 (0.08 ) (0.14 ) (0.01 )
0.14 (0.02 ) (0.02 ) 0.09 73.8 %
0.06 Diluted earnings (loss) per share continuing operations
(0.14 ) (0.09 ) 0.00 (0.12 )
(0.34 ) (0.07 ) (0.02 ) (0.01 ) (0.02 )
(0.11 ) 81.2 % 0.09 Some earnings (loss) per share amounts
may not add due to rounding ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS-NON GAAP
(Unaudited) (Dollars in thousands, except earnings per share)
Q4 FY16 to Q4 FY15
06/30/14 09/30/14 12/31/14 03/31/15 YTD
FY2015 06/30/15 09/30/15 12/31/15 03/31/16
YTD FY2016 % $ Revenues 186,683 204,248 208,246 205,734
804,911 196,895 207,345 221,193 224,655 850,088 9.2 % 18,921
Cost of revenue 115,197 120,771 121,601
119,239 476,808 112,084
117,131 121,237 118,464
468,916 -0.7 % (775 ) Gross profit 71,486 83,477
86,645 86,495 328,103 84,811 90,214 99,956 106,191 381,172 22.8 %
19,696
% Gross margin
38.3 % 40.9 % 41.6 %
42.0 % 40.8 % 43.1 %
43.5 % 45.2 % 47.3 %
44.8 % Operating expenses Research and
development 15,911 16,529 15,559 15,956 63,955 16,384 15,400 15,647
14,716 62,147 -7.8 % (1,240 ) Sales and marketing 25,619 26,789
28,498 28,915 109,821 28,170 32,945 34,664 43,792 139,571 51.4 %
14,877 General and administrative 21,388 25,926 21,847 19,895
89,056 25,586 23,402 27,455 27,508 103,951 38.3 % 7,613 Gains,
losses and other items, net - - -
- - - -
- - - - - Total operating
expenses 62,918 69,244 65,904 64,766 262,832 70,140 71,747 77,766
86,016 305,669 32.8 % 21,250 Income from operations 8,568
14,233 20,741 21,729 65,271 14,671 18,467 22,190 20,176 75,503 -7.1
% (1,553 )
% Margin 4.6 % 7.0 %
10.0 % 10.6 % 8.1 %
7.5 % 8.9 % 10.0 %
9.0 % 8.9 % Other income (expense)
Interest expense (1,948 ) (1,821 ) (2,005 ) (1,898 ) (7,672 )
(1,885 ) (1,956 ) (1,948 ) (1,880 ) (7,669 ) 0.9 % 18 Other, net
(106 ) (163 ) 35 (757 ) (991 )
304 59 303 (214 )
452 71.7 % 543 Total other expense (2,054 ) (1,984 ) (1,970
) (2,655 ) (8,663 ) (1,581 ) (1,897 ) (1,645 ) (2,094 ) (7,217 )
21.1 % 561 Earnings from continuing operations before income
taxes 6,514 12,249 18,771 19,074 56,608 13,090 16,570 20,545 18,082
68,286 -5.2 % (992 ) Income taxes 2,517 4,757
5,755 5,324 18,353 5,632
5,163 6,399 4,262
21,456 -19.9 % (1,062 ) Net earnings from
continuing operations 3,997 7,492 13,016 13,750 38,255 7,458 11,407
14,146 13,820 46,830 0.5 % 70 Earnings from discontinued
operations, net of tax - - -
- - - - -
- - - - Net earnings
3,997 7,492 13,016 13,750 38,255 7,458 11,407 14,146 13,820 46,830
0.5 % 70 Diluted earnings per share 0.05 0.10
0.17 0.17 0.49
0.09 0.14 0.18 0.18
0.59 5.9 % 0.01 ACXIOM
CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited) (Dollars in thousands, except earnings (loss) per
share)
06/30/14 09/30/14
12/31/14 03/31/15 FY2015 06/30/15
09/30/15 12/31/15 03/31/16 YTD FY2016
Loss from continuing operations before income taxes (15,140
) (8,427 ) (4,260 ) (13,520 ) (41,347 ) (4,450 ) (3,953 ) (2,019 )
(9,858 ) (20,280 ) Income taxes (4,399 ) (1,326 )
(4,597 ) (4,483 ) (14,805 ) 732
(2,608 ) (1,580 ) (8,176 ) (11,632 )
Net earnings (loss) from continuing operations (10,741 ) (7,101 )
337 (9,037 ) (26,542 ) (5,182 ) (1,345 ) (439 ) (1,682 ) (8,648 )
Earnings (loss) from discontinued operations, net of tax
3,137 5,557 3,819 2,998
15,511 4,143 12,068
(971 ) 111 15,351 Net
earnings (loss) (7,604 ) (1,544 ) 4,156
(6,039 ) (11,031 ) (1,039 ) 10,723
(1,410 ) (1,571 ) 6,703 Earnings (loss)
per share: Basic (0.10 ) (0.02 ) 0.05
(0.08 ) (0.14 ) (0.01 ) 0.14
(0.02 ) (0.02 ) 0.09 Diluted (0.10 )
(0.02 ) 0.05 (0.08 ) (0.14 )
(0.01 ) 0.14 (0.02 ) (0.02 )
0.09 Unusual items: Purchased intangible asset
amortization (cost of revenue) 63 3,827 3,783 3,781 11,454 3,754
3,754 3,754 4,204 15,466 Non-cash stock compensation (cost of
revenue and operating expenses) 3,925 7,725 8,450 8,216 28,316
8,123 7,360 8,046 7,934 31,463 Impairment of goodwill and other - -
- - - - 729 - 6,100 6,829 Restructuring charges and other
adjustments (gains, losses, and other) 7,128 833 3,381 11,258
22,600 807 2,504 4,058 4,763 12,132 Separation and transformation
costs (general and administrative) 10,538 8,291 7,417 5,023 31,269
3,414 6,098 6,628 4,686 20,826 Accelerated amortization (cost of
revenue) - - - 4,316
4,316 1,442 78 78
252 1,850 Total unusual
items, continuing operations 21,654 20,676
23,031 32,594 97,955
17,540 20,523 22,564
27,939 88,566
Earnings from continuing operations before
income taxes and excluding unusual items
6,514 12,249 18,771 19,074 56,608 13,090 16,570 20,545 18,081
68,286 Income taxes 2,517 4,757
5,755 5,324 18,353 5,632
5,163 6,399 4,262
21,456 Non-GAAP net earnings 3,997
7,492 13,016 13,750
38,255 7,458 11,407 14,146
13,819 46,830 Non-GAAP
earnings per share: Basic 0.05 0.10
0.17 0.18 0.50 0.10
0.15 0.18 0.18
0.60 Diluted 0.05 0.10
0.17 0.17 0.49 0.09
0.14 0.18 0.18
0.59 Basic weighted average shares 76,833
77,123 77,039 77,427
77,106 77,918 77,960
77,831 76,753 77,616
Diluted weighted average shares 78,341 78,307
78,302 79,027 78,494
79,352 79,310 79,346
78,386 79,099 Some earnings
(loss) per share amounts may not add due to rounding
ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands)
Q4
FY16 to Q4 FY15 06/30/14 09/30/14 12/31/14
03/31/15 YTD FY2015 06/30/15 09/30/15 12/31/15
03/31/16 YTD FY2016 % $ Revenues:
Marketing services 109,288 112,750 114,403 109,662 446,103 107,726
112,979 115,725 113,342 449,772 3.4 % 3,680 Audience Solutions
73,061 78,026 75,933 76,816 303,836 68,550 72,122 77,046 80,128
297,846 4.3 % 3,312 Connectivity 4,334 13,472
17,910 19,256 54,972
20,619 22,244 28,422
31,185 102,470 61.9 % 11,929 Total
operating segment revenues 186,683 204,248
208,246 205,734 804,911
196,895 207,345 221,193
224,655 850,088 9.2 % 18,921 Gross
profit: Marketing services 39,408 39,295 41,572 36,120
156,395 36,034 37,545 38,561 40,117 152,257 11.1 % 3,997 Audience
Solutions 35,605 41,425 39,215 42,141 158,386 36,824 39,170 45,265
46,457 167,716 10.2 % 4,316 Connectivity (3,527 ) 2,757
5,858 8,234 13,322
11,953 13,499 16,130
19,617 61,199 138.2 % 11,383 Total
operating segment gross profit 71,486 83,477
86,645 86,495 328,103
84,811 90,214 99,956
106,191 381,172 22.8 % 19,696 Gross
margin: Marketing services 36.1 % 34.9 % 36.3 % 32.9 % 35.1
% 33.4 % 33.2 % 33.3 % 35.4 % 33.9 % Audience Solutions 48.7 % 53.1
% 51.6 % 54.9 % 52.1 % 53.7 % 54.3 % 58.8 % 58.0 % 56.3 %
Connectivity -81.4 % 20.5 % 32.7 % 42.8 % 24.2 % 58.0 % 60.7 % 56.8
% 62.9 % 59.7 % Total operating segment gross margin 38.3 %
40.9 % 41.6 % 42.0 % 40.8 % 43.1 % 43.5 % 45.2 % 47.3 % 44.8 %
Income (loss) from continuing operations: Marketing
services 20,828 20,576 21,859 17,984 81,247 16,853 17,908 20,309
19,301 74,371 7.3 % 1,317 Audience Solutions 24,190 31,375 28,919
30,594 115,078 24,087 25,190 30,723 29,598 109,598 -3.3 % (996 )
Connectivity (14,089 ) (12,152 ) (7,802 )
(6,026 ) (40,069 ) (791 ) (1,068 ) (1,015 )
(424 ) (3,298 ) 93.0 % 5,602 Total operating
segment income from operations 30,929 39,799
42,976 42,552 156,256
40,149 42,030 50,017
48,475 180,671 13.9 % 5,923 Margin:
Marketing services 19.1 % 18.2 % 19.1 % 16.4 % 18.2 % 15.6 %
15.9 % 17.5 % 17.0 % 16.5 % Audience Solutions 33.1 % 40.2 % 38.1 %
39.8 % 37.9 % 35.1 % 34.9 % 39.9 % 36.9 % 36.8 % Connectivity
-325.1 % -90.2 % -43.6 % -31.3 % -72.9 % -3.8 % -4.8 % -3.6 % -1.4
% -3.2 % Total operating segment operating margin 16.6 %
19.5 % 20.6 % 20.7 % 19.4 % 20.4 % 20.3 % 22.6 % 21.6 % 21.3 %
Some totals may not add due to rounding.
ACXIOM
CORPORATION AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
(Dollars in thousands)
For the Three Months Ended For the Twelve Months Ended March
31, March 31, 2016 2015 2016 2015 Net loss from
continuing operations (1,682 ) (9,037 ) (8,648 ) (26,542 )
Income taxes (8,176 ) (4,483 ) (11,632 ) (14,805 ) Other
expense (2,094 ) (2,655 ) (7,217 ) (8,663 ) Loss from
operations (7,764 ) (10,865 ) (13,063 ) (32,684 )
Depreciation and amortization 22,242 25,760 85,463 80,447 Less:
Deferred interest amortization 306 248 1,206
1,009 Adjusted depreciation and amortization 21,936
25,512 84,257 79,438 EBITDA 14,172
14,647 71,194 46,754 Other
adjustments: Non-cash stock compensation (cost of revenue and
operating expenses) 7,934 8,216 31,463 28,316 Impairment of
goodwill and other 6,100 - 6,829 - Restructuring charges and other
adjustments (gains, losses, and other) 4,763 11,258 12,132 22,600
Separation and transformation costs (general and administrative)
4,686 5,023 20,826 31,269 Other
adjustments 23,483 24,497 71,250 82,185
Adjusted EBITDA 37,655 39,144 142,444
128,939
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version on businesswire.com: http://www.businesswire.com/news/home/20160517006631/en/
Acxiom Investor RelationsLauren Dillard,
650-372-2242investor.relations@acxiom.comEACXM
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