Expects Fiscal 2016 Revenue Growth of 2.0-6.0%
YoY in Constant Currency and 1.0-5.0% YoY as Reported
Quarterly Cash Dividend to be Raised From $0.17
to $0.195 Per Share, Subject to Shareholder Approval at Annual
Meeting, February 2016
Key highlights:
- Fourth fiscal quarter revenue of $927 million, within the
$915-$955 million guidance range. Revenue was slightly above the
midpoint of expectations, excluding foreign currency movements.
Foreign currency movements negatively affected revenue by
approximately $9 million relative to the third quarter of fiscal
2015
- Fourth fiscal quarter diluted non-GAAP EPS of $0.84, in line
with the high-end of the $0.79-$0.85 guidance range, excluding
amortization of purchased intangible assets and other
acquisition-related costs, nonrecurring restructuring charges
associated with the acquisition of the Comverse BSS assets, and
equity-based compensation expense, net of related tax effects
- Fourth fiscal quarter non-GAAP operating income of $157
million; non-GAAP operating margin of 16.9%; GAAP operating income
of $110 million
- Diluted GAAP EPS of $0.59 for the fourth fiscal quarter, in
line with the high-end of the $0.49-$0.59 guidance range
- Strong free cash flow of $180 million for the fourth fiscal
quarter
- Repurchased $182 million of ordinary shares during the fourth
fiscal quarter
- Twelve-month backlog of $3.08 billion at the end of the fourth
fiscal quarter, up $70 million from the end of the third quarter of
fiscal 2015
- The board of directors approved a $0.17 per share quarterly
cash dividend to be paid on January 15, 2016, and, subject to
shareholders' approval at the February 2016 annual general meeting
of shareholders, an increase in the quarterly cash dividend to
$0.195 per share, anticipated to be paid in April 2016
- First quarter fiscal 2016 guidance: Expected revenue of
approximately $905-$945 million. Expected diluted non-GAAP EPS of
approximately $0.82-$0.88, excluding amortization of purchased
intangible assets and other acquisition-related costs, and
approximately $0.09-$0.10 per share of equity-based compensation
expense, net of related tax effects. Expected diluted GAAP EPS of
approximately $0.59-$0.67
- Fiscal 2016 guidance: Expected revenue growth of 2.0-6.0% in
constant currency and 1.0-5.0% as reported, including a negative
impact from foreign currency movements of approximately 1%, and
non-GAAP diluted earnings per share growth of roughly 3.5-7.5%,
including the impact of anticipated share repurchase activity over
the course of the fiscal year
Amdocs Limited (NASDAQ:DOX) today reported that for its fourth
fiscal quarter ended September 30, 2015, revenue was $926.8
million, up 2.1% sequentially from the third fiscal quarter of 2015
and up 2.9% as compared to last year's fourth fiscal quarter.
Fourth fiscal quarter revenue includes a negative impact from
foreign currency movements of approximately $9 million relative to
the third quarter of fiscal 2015. Net income on a non-GAAP basis
was $130.4 million, or $0.84 per diluted share, compared to
non-GAAP net income of $124.3 million, or $0.78 per diluted share,
in the fourth quarter of fiscal 2014. Non-GAAP net income excludes
amortization of purchased intangible assets and other
acquisition-related costs, nonrecurring restructuring charges
associated with the acquisition of the Comverse BSS assets and
equity-based compensation expenses of $39.2 million, net of related
tax effects, in the fourth quarter of fiscal 2015 and excludes such
amortization and other acquisition-related costs, changes in fair
value of certain acquisition-related liabilities and equity-based
compensation expenses of $23.8 million, net of related tax effects,
in the fourth quarter of fiscal 2014. The Company's GAAP net income
for the fourth quarter of fiscal 2015 was $91.1 million, or $0.59
per diluted share, compared to GAAP net income of $100.5 million,
or $0.63 per diluted share, in the prior fiscal year's fourth
quarter.
"We concluded fiscal 2015 with another solid quarter. Revenue
was slightly above the mid-point of our expectations after
adjusting for the negative impact of foreign currencies, and the
quarter included another record contribution in our Rest-of-World
markets where we delivered growth of 27% for the full year. As we
previously anticipated, uncertainty resulting from customer
consolidation activity continued to impact our performance in North
America but we remained focused on providing value to our customers
while maintaining strict operational execution across the various
dimensions of our business. Additionally, our free cash flow
was robust and we delivered on our commitment to accelerate our
share repurchase activity in the fourth fiscal quarter. Overall, we
grew non-GAAP diluted earnings per share by 7% in fiscal 2015,
which is consistent with the high-end of our guidance issued at the
start of the year," said Eli Gelman, president and chief executive
officer of Amdocs Management Limited.
Gelman continued, "Our win rate was strong across all regions in
fiscal 2015 and included several significant new awards in the
fourth quarter. We are delighted to announce today that Vodafone UK
has selected Amdocs for a major four-year managed BSS/OSS
transformation project in support of its enterprise business.
Additionally, KT Corporation in Korea has selected Amdocs under a
multi-year services agreement for a strategic charging
transformation project to consolidate and modernize charging
operations across its quad-play lines of business, and Singtel has
selected Amdocs for a digital transformation project targeted to
deliver a new online care and commerce platform in its key markets
of Singapore and Australia. Finally, in North America, we extended
our existing managed services arrangement with Bell Canada for five
years through 2022 and signed a new agreement with Rogers
Communications to service multiple lines of business for three
years through 2018."
Gelman concluded, "Looking into fiscal 2016, we expect to
deliver non-GAAP earnings per share growth of 3.5% to
7.5%. This outlook takes into consideration many macro and
industry specific risks and unknowns, including uncertainties
related to AT&T's discretionary spending plans, although we
cannot predict all possible outcomes. Additionally, we are pleased
to announce that our Board has approved an increase in the
quarterly cash dividend for the third consecutive year to a new
rate of $0.195 per share. The decision reaffirms our commitment to
enhance long-term shareholder value, and will represent an
improvement of nearly 15% over the current dividend rate if
approved by shareholders at the annual meeting in February
2016."
Financial Discussion of Fourth Fiscal Quarter
Results
Free cash flow was $180 million for the quarter, comprised of
cash flow from operations of $207 million less $27 million in net
capital expenditures and other.
Twelve-month backlog, which includes anticipated revenue related
to contracts, estimated revenue from managed services contracts,
letters of intent, maintenance and estimated on-going support
activities, was $3.08 billion at the end of the fourth quarter of
fiscal 2015, up $70 million sequentially.
Fiscal Year 2015 Results
For the fiscal year ended September 30, 2015, revenue increased
by 2.2% to $3.6 billion. Fiscal 2015 net income on a non-GAAP basis
was $529.7 million, or $3.38 per diluted share (excluding
amortization of purchased intangible assets and other
acquisition-related costs, nonrecurring restructuring charges
associated with the acquisition of the Comverse BSS assets, changes
in fair value of certain acquisition-related liabilities and
equity-based compensation expenses of $83.5 million, net of related
tax effects), compared to non-GAAP net income of $509.6 million, or
$3.16 per diluted share, in fiscal 2014 (excluding amortization of
purchased intangible assets and other acquisition-related costs,
changes in fair value of certain acquisition-related liabilities
and equity-based compensation expenses of $87.5 million, net of
related tax effects). The Company's GAAP net income in fiscal 2015
was $446.2 million, or $2.85 per diluted share, compared to GAAP
net income of $422.1 million, or $2.62 per diluted share, in fiscal
2014.
Financial Outlook
Amdocs expects that revenue for the first quarter of fiscal 2016
will be approximately $905-$945 million. This outlook takes into
consideration our expectations regarding macro and industry
specific risks and various uncertainties resulting from current and
potential customer consolidation activity in North America.
However, we remind you that we cannot predict all possible
outcomes.
Diluted earnings per share on a non-GAAP basis for the first
fiscal quarter is expected to be $0.82-$0.88, excluding
amortization of purchased intangible assets and other
acquisition-related costs, and approximately $0.09-$0.10 per share
of equity-based compensation expense, net of related tax effects.
Amdocs estimates GAAP diluted earnings per share for the first
fiscal quarter will be $0.59-$0.67.
Quarterly Cash Dividend Program
On November 10, 2015, the Board approved the Company's next
quarterly cash dividend payment of $0.17 per share and set December
31, 2015 as the record date for determining the shareholders
entitled to receive the dividend, which will be payable on January
15, 2016. The Board also approved an increase in the Company's
quarterly cash dividend payment to $0.195 per share, which is
anticipated to be paid in April 2016, provided that the increase is
approved by shareholders at the February 2016 annual general
meeting of shareholders.
Conference Call Details
Amdocs will host a conference call on November 10, 2015 at 5:00
p.m. Eastern Time to discuss the Company's fourth fiscal quarter
and fiscal year-end results. To participate, please dial +1 (330)
863-3318, or +1 (855) 870-4313 outside the United States,
approximately 15 minutes before the call and enter passcode
48248949. The call will also be carried live on the Internet via
the Amdocs website, www.amdocs.com.
Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and
other non-GAAP financial measures, including free cash flow,
non-GAAP cost of revenue, non-GAAP research and development,
non-GAAP selling, general and administrative, non-GAAP operating
income, non-GAAP operating margin, non-GAAP interest and other
expense, net, non-GAAP income taxes, non-GAAP net income and
non-GAAP diluted earnings per share growth. These non-GAAP measures
exclude the following items:
- amortization of purchased intangible assets and other
acquisition-related costs;
- changes in fair value of certain acquisition-related
liabilities;
- nonrecurring restructuring charges associated with the Comverse
acquisition;
- equity-based compensation expense; and
- tax effects related to the above.
These non-GAAP financial measures are not in accordance with, or
an alternative for, generally accepted accounting principles and
may be different from non-GAAP financial measures used by other
companies. In addition, these non-GAAP financial measures are not
based on any comprehensive set of accounting rules or principles.
Amdocs believes that non-GAAP financial measures have limitations
in that they do not reflect all of the amounts associated with
Amdocs' results of operations as determined in accordance with GAAP
and that these measures should only be used to evaluate Amdocs'
results of operations in conjunction with the corresponding GAAP
measures.
Amdocs believes that the presentation of non-GAAP diluted
earnings per share and other financial measures, including free
cash flow, non-GAAP cost of revenue, non-GAAP research and
development, non-GAAP selling, general and administrative, non-GAAP
operating income, non-GAAP operating margin, non-GAAP interest and
other expense, net, non-GAAP income taxes, non-GAAP net income and
non-GAAP diluted earnings per share growth when shown in
conjunction with the corresponding GAAP measures, provides useful
information to investors and management regarding financial and
business trends relating to its financial condition and results of
operations, as well as the net amount of cash generated by its
business operations after taking into account capital spending
required to maintain or expand the business.
For its internal budgeting process and in monitoring the results
of the business, Amdocs' management uses financial statements that
do not include amortization of purchased intangible assets and
other acquisition-related costs, nonrecurring restructuring charges
associated with the acquisition of the Comverse BSS assets, changes
in fair value of certain acquisition-related liabilities,
equity-based compensation expense and related tax effects. Amdocs'
management also uses the foregoing non-GAAP financial measures, in
addition to the corresponding GAAP measures, in reviewing the
financial results of Amdocs. In addition, Amdocs believes that
significant groups of investors exclude these items in reviewing
its results and those of its competitors, because the amounts of
the items between companies can vary greatly depending on the
assumptions used by an individual company in determining the
amounts of the items.
Amdocs further believes that, where the adjustments used in
calculating non-GAAP diluted earnings per share are based on
specific, identified amounts that impact different line items in
the Consolidated Statements of Income (including cost of revenue,
research and development, selling, general and administrative,
operating income, interest and other expense, net, income taxes and
net income), it is useful to investors to understand how these
specific line items in the Consolidated Statements of Income are
affected by these adjustments. Please refer to the Reconciliation
of Selected Financial Metrics from GAAP to Non-GAAP tables
below.
About Amdocs
Amdocs is the market-leader in customer experience software
solutions and services for the world's largest communications,
entertainment and media service providers. Our portfolio
powers The New World of Customer Experience™, where a wide array of
innovative and personalized services are delivered seamlessly to
end users, regardless of device or network.
For more than 30 years, Amdocs solutions, which include
BSS, OSS, network control and optimization, coupled with our
professional and managed services, have accelerated business value
for our customers by streamlining complex operating environments,
reducing costs and speeding time to market for new products and
services.
Amdocs and our more than 24,000 employees serve customers in
over 90 countries. Listed on the NASDAQ Global Select Market,
Amdocs had revenue of $3.6 billion in fiscal 2015.
Amdocs: Embrace Challenge, Experience Success.
For more information, visit Amdocs at www.amdocs.com.
This press release includes information that constitutes
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements about Amdocs' growth and business results in
future quarters. Although we believe the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will be
obtained or that any deviations will not be material. Such
statements involve risks and uncertainties that may cause future
results to differ from those anticipated. These risks include, but
are not limited to, the effects of general economic conditions,
Amdocs' ability to grow in the business markets that it serves,
Amdocs' ability to successfully integrate acquired businesses,
adverse effects of market competition, rapid technological shifts
that may render the Company's products and services obsolete,
potential loss of a major customer, our ability to develop
long-term relationships with our customers, and risks associated
with operating businesses in the international market. Amdocs may
elect to update these forward-looking statements at some point in
the future; however, the Company specifically disclaims any
obligation to do so. These and other risks are discussed at greater
length in the Company's filings with the Securities and Exchange
Commission, including in our Annual Report on Form 20-F for the
fiscal year ended September 30, 2014 filed on December 8, 2014 and
our Forms 6-K furnished for the first quarter of fiscal 2015 on
February 9, 2015, for the second quarter of fiscal 2015 on May 11,
2015 and for the third quarter of fiscal 2015 on August 10,
2015.
|
AMDOCS
LIMITED |
|
Consolidated Statements
of Income |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three months
ended |
Fiscal year
ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
Revenue |
$926,776 |
$900,261 |
$3,643,538 |
$3,563,637 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of revenue |
603,105 |
581,601 |
2,349,488 |
2,306,892 |
Research and development |
65,900 |
67,604 |
254,944 |
257,896 |
Selling, general and administrative |
111,191 |
110,056 |
440,085 |
445,134 |
Amortization of purchased intangible
assets and other |
23,880 |
14,893 |
70,073 |
58,067 |
Restructuring charges |
13,000 |
-- |
13,000 |
-- |
|
817,076 |
774,154 |
3,127,590 |
3,067,989 |
Operating income |
109,700 |
126,107 |
515,948 |
495,648 |
|
|
|
|
|
Interest and other expense, net |
1,375 |
2,038 |
2,544 |
6,098 |
Income before income taxes |
108,325 |
124,069 |
513,404 |
489,550 |
|
|
|
|
|
Income taxes |
17,195 |
23,566 |
67,241 |
67,428 |
Net income |
$91,130 |
$100,503 |
$446,163 |
$422,122 |
Basic earnings per share |
$0.60 |
$0.64 |
$2.89 |
$2.65 |
Diluted earnings per share |
$0.59 |
$0.63 |
$2.85 |
$2.62 |
Basic weighted average number of shares
outstanding |
152,601 |
157,346 |
154,423 |
159,012 |
Diluted weighted average number of shares
outstanding |
155,201 |
159,667 |
156,809 |
161,366 |
Cash dividends declared per share |
$0.170 |
$0.155 |
$0.665 |
$0.595 |
|
AMDOCS
LIMITED |
Selected Financial
Metrics |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three months
ended |
Fiscal year
ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
Revenue |
$926,776 |
$900,261 |
$3,643,538 |
$3,563,637 |
|
|
|
|
|
Non-GAAP operating income |
156,917 |
151,558 |
618,675 |
598,293 |
|
|
|
|
|
Non-GAAP net income |
130,353 |
124,269 |
529,700 |
509,602 |
|
|
|
|
|
Non-GAAP diluted earnings per
share |
$0.84 |
$0.78 |
$3.38 |
$3.16 |
|
|
|
|
|
Diluted weighted average number of shares
outstanding |
155,201 |
159,667 |
156,809 |
161,366 |
|
AMDOCS
LIMITED |
Reconciliation of
Selected Financial Metrics from GAAP to Non-GAAP |
(in
thousands) |
|
|
|
|
|
|
|
|
Three months
ended |
|
September 30,
2015 |
|
|
Reconciliation
items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Restructuring charges |
Tax effect |
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
Cost of revenue |
$603,105 |
$ -- |
$(3,854) |
$ -- |
$ -- |
$599,251 |
Research and development |
65,900 |
-- |
(830) |
-- |
-- |
65,070 |
Selling, general and administrative |
111,191 |
-- |
(5,653) |
-- |
-- |
105,538 |
Amortization of purchased intangible
assets and other |
23,880 |
(23,880) |
-- |
-- |
-- |
-- |
Restructuring charges |
13,000 |
-- |
-- |
(13,000) |
-- |
-- |
Total operating expenses |
817,076 |
(23,880) |
(10,337) |
(13,000) |
-- |
769,859 |
|
|
|
|
|
|
|
Operating income |
109,700 |
23,880 |
10,337 |
13,000 |
-- |
156,917 |
|
|
|
|
|
|
|
Income taxes |
17,195 |
-- |
-- |
-- |
7,994 |
25,189 |
|
|
|
|
|
|
|
Net income |
$91,130 |
$23,880 |
$10,337 |
$13,000 |
$(7,994) |
$130,353 |
|
|
|
|
|
|
|
|
Three months
ended |
|
September 30,
2014 |
|
|
Reconciliation
items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in fair value of certain acquisition- related
liabilities |
Tax effect |
Non-GAAP |
|
Operating expenses: |
|
|
|
|
|
|
Cost of revenue |
$581,601 |
$ -- |
$(4,276) |
$ -- |
$ -- |
$577,325 |
Research and development |
67,604 |
-- |
(914) |
-- |
-- |
66,690 |
Selling, general and administrative |
110,056 |
-- |
(5,368) |
-- |
-- |
104,688 |
Amortization of purchased
intangible assets and other |
14,893 |
(14,893) |
-- |
-- |
-- |
-- |
Total operating expenses |
774,154 |
(14,893) |
(10,558) |
-- |
-- |
748,703 |
|
|
|
|
|
|
|
Operating income |
126,107 |
14,893 |
10,558 |
-- |
-- |
151,558 |
|
|
|
|
|
|
|
Interest and other expense, net |
2,038 |
-- |
-- |
(3,921) |
-- |
(1,883) |
|
|
|
|
|
|
|
Income taxes |
23,566 |
-- |
-- |
-- |
5,606 |
29,172 |
|
|
|
|
|
|
|
Net income |
$100,503 |
$14,893 |
$10,558 |
$3,921 |
$(5,606) |
$124,269 |
|
AMDOCS
LIMITED |
Reconciliation of
Selected Financial Metrics from GAAP to Non-GAAP |
(in
thousands) |
|
|
|
|
|
|
|
|
|
Fiscal year
ended |
|
September 30,
2015 |
|
|
Reconciliation
items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Restructuring charges |
Changes in fair value of certain acquisition- related
liabilities |
Tax effect |
Non-GAAP |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of revenue |
$2,349,488 |
$ -- |
$(15,621) |
$ -- |
$24,906 |
$ -- |
$2,358,773 |
Research and development |
254,944 |
-- |
(3,400) |
-- |
-- |
-- |
251,544 |
Selling, general and administrative |
440,085 |
-- |
(25,539) |
-- |
-- |
-- |
414,546 |
Amortization of purchased intangible
assets and other |
70,073 |
(70,073) |
-- |
-- |
-- |
-- |
-- |
Restructuring charges |
13,000 |
-- |
-- |
(13,000) |
-- |
-- |
-- |
Total operating expenses |
3,127,590 |
(70,073) |
(44,560) |
(13,000) |
24,906 |
-- |
3,024,863 |
|
|
|
|
|
|
|
|
Operating income |
515,948 |
70,073 |
44,560 |
13,000 |
(24,906) |
-- |
618,675 |
Interest and other expense, net |
2,544 |
-- |
-- |
-- |
3,921 |
-- |
6,465 |
|
|
|
|
|
|
|
|
Income taxes |
67,241 |
-- |
-- |
-- |
-- |
15,269 |
82,510 |
|
|
|
|
|
|
|
|
Net income |
$446,163 |
$70,073 |
$44,560 |
$13,000 |
$(28,827) |
$(15,269) |
$529,700 |
|
|
|
Fiscal year
ended |
|
September 30,
2014 |
|
|
Reconciliation
items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in fair value of certain acquisition- related
liabilities |
Tax effect |
Non-GAAP |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Cost of revenue |
$2,306,892 |
$ -- |
$(17,496) |
$ -- |
$ -- |
$2,289,396 |
Research and development |
257,896 |
-- |
(3,599) |
-- |
-- |
254,297 |
Selling, general and administrative |
445,134 |
-- |
(23,483) |
-- |
-- |
421,651 |
Amortization of purchased intangible
assets and other |
58,067 |
(58,067) |
-- |
-- |
-- |
-- |
Total operating expenses |
3,067,989 |
(58,067) |
(44,578) |
-- |
-- |
2,965,344 |
|
|
|
|
|
|
|
Operating income |
495,648 |
58,067 |
44,578 |
-- |
-- |
598,293 |
|
|
|
|
|
|
|
Interest and other expense, net |
6,098 |
-- |
-- |
(3,921) |
-- |
2,177 |
|
|
|
|
|
|
|
Income taxes |
67,428 |
-- |
-- |
-- |
19,086 |
86,514 |
|
|
|
|
|
|
|
Net income |
$422,122 |
$58,067 |
$44,578 |
$3,921 |
$(19,086) |
$509,602 |
|
AMDOCS
LIMITED |
Condensed Consolidated
Balance Sheets |
(in
thousands) |
|
|
|
|
As
of |
|
September 30,
2015 |
September 30,
2014 |
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
Cash, cash equivalents and short-term
interest-bearing investments |
$1,354,012 |
$1,424,465 |
Accounts receivable, net, including unbilled
of $80,197 and $134,523, respectively |
714,784 |
715,837 |
Deferred income taxes and taxes
receivable |
193,207 |
148,346 |
Prepaid expenses and other current
assets |
116,159 |
135,326 |
Total current assets |
2,378,162 |
2,423,974 |
|
|
|
Equipment and leasehold improvements,
net |
309,320 |
288,956 |
Goodwill and other intangible assets,
net |
2,301,610 |
2,106,452 |
Other noncurrent assets |
335,560 |
365,895 |
Total assets |
$5,324,652 |
$5,185,277 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
Current liabilities |
|
|
Accounts payable, accruals and other |
$871,555 |
$785,548 |
Short-term financing arrangements |
220,000 |
210,000 |
Deferred revenue |
198,470 |
156,743 |
Deferred income taxes and taxes payable |
73,478 |
48,456 |
Total current liabilities |
1,363,503 |
1,200,747 |
Other noncurrent liabilities |
554,307 |
588,694 |
Shareholders' equity |
3,406,842 |
3,395,836 |
Total liabilities and shareholders'
equity |
$5,324,652 |
$5,185,277 |
|
AMDOCS
LIMITED |
Consolidated Statements
of Cash Flows |
(in
thousands) |
|
|
|
|
Fiscal year ended
September 30, |
|
2015 |
2014 |
|
|
|
Cash Flow from Operating
Activities: |
|
|
Net income |
$446,163 |
$422,122 |
Reconciliation of net income to net cash
provided by operating activities: |
|
|
Depreciation and amortization |
174,795 |
162,772 |
Equity-based compensation expense |
44,560 |
44,578 |
Deferred income taxes |
(26,887) |
(6,510) |
Excess tax benefit from equity-based
compensation |
(5,949) |
(3,925) |
Loss from short-term interest-bearing
investments |
476 |
1,023 |
Net changes in operating assets and
liabilities, net of amounts acquired: |
|
|
Accounts receivable |
39,829 |
5,540 |
Prepaid expenses and other current
assets |
22,690 |
(1,769) |
Other noncurrent assets |
7,406 |
7,434 |
Accounts payable, accrued expenses and
accrued personnel |
63,894 |
73,949 |
Deferred revenue |
2,434 |
(1,967) |
Income taxes payable |
23,474 |
1,106 |
Other noncurrent liabilities |
(20,263) |
4,905 |
Net cash provided by operating
activities |
772,622 |
709,258 |
|
|
|
Cash Flow from Investing
Activities: |
|
|
Payments for purchase of equipment and
leasehold improvements, net |
(120,503) |
(111,569) |
Proceeds from sale of short-term
interest-bearing investments |
252,818 |
379,484 |
Purchase of short-term interest-bearing
investments |
(250,184) |
(389,800) |
Net cash paid for acquisitions |
(263,193) |
(180,540) |
Other |
1,408 |
3,872 |
Net cash used in investing activities |
(379,654) |
(298,553) |
|
|
|
Cash Flow from Financing
Activities: |
|
|
Borrowings under financing arrangements |
220,000 |
210,000 |
Payments under financing arrangements |
(210,000) |
(200,000) |
Repurchase of shares |
(454,020) |
(372,014) |
Proceeds from employee stock options
exercised |
78,206 |
128,125 |
Payments of dividends |
(100,790) |
(90,939) |
Excess tax benefit from equity-based
compensation |
5,949 |
3,925 |
Other |
(9) |
(725) |
Net cash used in financing activities |
(460,664) |
(321,628) |
|
|
|
Net (decrease) increase in cash and cash
equivalents |
(67,696) |
89,077 |
Cash and cash equivalents at beginning of
period |
1,103,269 |
1,014,192 |
Cash and cash equivalents at end of
period |
$1,035,573 |
$1,103,269 |
|
AMDOCS
LIMITED |
Supplementary
Information |
(in
millions) |
|
|
|
|
|
|
|
|
|
Three months
ended |
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
2015 |
2015 |
2015 |
2014 |
2014 |
North America |
$626.6 |
$623.1 |
$646.7 |
$659.1 |
$662.7 |
Europe |
115.3 |
102.3 |
97.6 |
106.9 |
105.3 |
Rest of World |
184.9 |
182.5 |
158.3 |
140.3 |
132.3 |
Total Revenue |
$926.8 |
$907.9 |
$902.6 |
$906.3 |
$900.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
2015 |
2015 |
2015 |
2014 |
2014 |
Managed Services Revenue |
$466.6 |
$460.6 |
$448.8 |
$467.1 |
$436.4 |
|
|
|
|
|
|
|
|
|
Three months
ended |
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
2015 |
2015 |
2015 |
2014 |
2014 |
Customer Experience |
|
|
|
|
|
Solutions |
$899.4 |
$883.7 |
$877.1 |
$882.4 |
$871.5 |
Directory |
27.4 |
24.2 |
25.5 |
23.9 |
28.8 |
Total Revenue |
$926.8 |
$907.9 |
$902.6 |
$906.3 |
$900.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of |
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
2015 |
2015 |
2015 |
2014 |
2014 |
12-Month Backlog |
$3,080 |
$3,010 |
$3,000 |
$3,030 |
$3,000 |
CONTACT: Matthew Smith
Head of Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com
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