Amdocs Limited (NASDAQ: DOX), a leading provider of software and
services to communications and media companies, today reported
operating results for the three months ended December 31, 2021.
“We have made a great start to fiscal year 2022. Record revenue
was up 10.6% on a pro forma(2) constant currency(3) basis from a
year ago, driven by our best-ever quarter in North America. Our
strategy to deliver market-leading innovation designed to meet the
industry’s need for digital modernization, 5G monetization, journey
to the cloud and network automation is continuously gaining
traction. Strong first quarter sales momentum included notable
awards with long-standing customers and several new logos which
altogether translated to record twelve-month backlog of $3.83
billion, up 9.7% from a year ago. Additionally, we are pleased to
announce the acquisition of DevOpsGroup, a boutique UK-based cloud
company which complements the high-end expertise of Amdocs’ Sourced
Group by bringing specialist engineering, consultancy and training
services for enterprises implementing cloud and DevOps,” said
Shuky Sheffer, president and chief executive officer of Amdocs
Management Limited.
“Amdocs is well-known for exceptional project delivery and we
demonstrated this in Q1 with another record number of deployment
milestones achieved for our customers. Quarterly invoicing levels
and cash collections were healthy, which supported a robust level
of free cash flow generation. Demonstrating our confidence in the
future success of Amdocs, we also accelerated our buyback activity
on a sequential basis in Q1,” said Tamar Rapaport-Dagim, chief
financial officer & chief operating officer of Amdocs
Management Limited.
Sheffer concluded, “Encouraged by our strong momentum, we
believe revenue growth is tracking at the higher-end of our 6.0% to
10.0% guidance range for the full year fiscal 2022 on a pro
forma(2), constant currency(3) basis, while delivering healthy
operating profitability and strong cash flow generation.
Furthermore, we are also projecting annual revenue growth of 6.0%
to 10% constant currency(3) in fiscal years 2023 and 2024. Our
confidence in this long-term outlook is founded on our market
leading position and the durability of Amdocs’ unique business
model. Moreover, we have growing visibility to a large and
expanding pipeline of opportunities that we are strategically well
positioned to monetize by bringing cutting edge technology and
impeccable execution to address our customer’s needs.”
Revenue
(All comparisons are against the prior year period)
|
In Millions |
|
Three months ended |
|
December 31, 2021 |
|
Actual |
PreviousGuidance |
Revenue |
$1,105 |
$1,080- $1,120 |
Revenue growth, as
reported(a) |
1.7% |
|
Pro forma(2) revenue growth,
constant currency(3) |
10.6% |
|
- Revenue for the
first fiscal quarter of 2022 was above the midpoint of Amdocs’
guidance, despite an unfavorable impact from foreign currency
movements of approximately $2 million compared to our guidance
assumptions
- Revenue for the
first fiscal quarter of 2022 includes an unfavorable impact from
foreign currency movements of approximately $4 million relative to
the fourth quarter of fiscal 2021
Net Income
and Earnings Per Share |
|
|
In thousands, except per share data |
|
|
Three months ended |
|
|
December 31, |
|
|
2021(a) |
|
2020 |
GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
133,602 |
|
$ |
299,632 |
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
1.07 |
|
$ |
2.28 |
|
|
|
|
|
|
|
Non-GAAP
Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
150,135 |
|
$ |
152,972 |
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
1.20 |
|
$ |
1.16 |
- Non-GAAP net income
excludes amortization of purchased intangible assets and other
acquisition-related costs, changes in certain acquisition related
liabilities measured at fair value, equity-based compensation
expenses, gain from divestiture of OpenMarket and other, net of
related tax effects, in all the periods presented
- In the first quarter
of 2022 and 2021, the GAAP net income includes a gain from
divestiture of OpenMarket, net of related tax effects, at the
amount of $0.06 and $1.42 per share, respectively, which is
excluded from the Non-GAAP net income
For further details of the reconciliation of selected financial
metrics from GAAP to Non-GAAP, please refer to the tables
below.
Capital Allocation: M&A
Investments & Returning Cash to
Shareholders
- M&A Activity: As previously announced, on
October 1, 2021, Amdocs completed the acquisition of Roam Digital,
a digital consultancy agency in Southeast Asia Pacific, for a net
consideration of $28 million in cash; on November 15, 2021, Amdocs
completed the acquisition of DevOps Group, a cloud consultancy
agency in Europe, for a net consideration of $26 million
- Quarterly Cash Dividend
Program: On February 1, 2022, the Board
approved the Company’s next quarterly cash dividend payment at the
new increased rate of $0.395 per share, as approved at the January
2022 annual general meeting of shareholders and set March 31, 2022
as the record date for determining the shareholders entitled to
receive the dividend, which will be payable on April29, 2022
- Share Repurchase Activity: Repurchased $171
million of ordinary shares during the first quarter of fiscal
2022
Twelve-month
BacklogTwelve-month backlog was a record
$3.83 billion at the end of the first quarter of fiscal 2022, up
approximately 9.7% as compared to last year’s first fiscal quarter.
Twelve-month backlog includes anticipated revenue related to
contracts, estimated revenue from managed services contracts,
letters of intent, maintenance and estimated on-going support
activities.
Second Quarter
Fiscal 2022
Outlook
|
In millions, except per share data |
|
Q2 2022 |
Revenue |
$1,110-$1,150 |
GAAP diluted EPS |
$0.96-$1.04 |
Non-GAAP diluted EPS |
$1.22-$1.28 |
- Second quarter
revenue guidance assumes approximately $2 million sequential
unfavorable impact from foreign currency fluctuations as compared
to the first quarter of fiscal 2022
- Second quarter
non-GAAP diluted EPS guidance excludes amortization of purchased
intangible assets and other acquisition-related costs, changes in
certain acquisitions related liabilities measured at fair value,
and approximately $0.11-$0.13 per share of equity-based
compensation expense, net of related tax effects
Full Year Fiscal
2022 Outlook
|
FY 2022, year-over-year growth |
|
Current Guidance |
Previous Guidance |
Revenue growth, as reported |
3.4%-7.4% |
3.7%-7.7% |
Pro forma(2) revenue growth,
constant currency(3) |
6.0%-10.0% |
6.0%-10.0% |
|
|
|
|
|
|
GAAP diluted EPS growth |
(23.0) % -(17.5)% |
(23.0) % -(17.5)% |
Adjusted GAAP diluted EPS
growth(4) |
6.0%-13.0% |
6.0%-13.0% |
Non-GAAP diluted EPS growth |
6.3%-10.3% |
6.3%-10.3% |
Pro forma(2) non-GAAP diluted EPS
growth |
8.0%-12.0% |
8.0%-12.0% |
|
|
|
|
FY 2022, in millions |
|
Current Guidance |
Previous Guidance |
Free cash flow(1) |
~$500 |
~$500 |
Normalized free cash flow(1) |
~$650 |
~$650 |
- Full year fiscal
2022 revenue guidance incorporates an expected unfavorable impact
from foreign currency fluctuations of approximately 0.6%
year-over-year as compared with an unfavorable impact of about 0.3%
year-over-year previously
- Non-GAAP diluted
earnings per share growth, and pro forma(2) non-GAAP diluted
earnings per share growth, excludes amortization of purchased
intangible assets and other acquisition-related costs, changes in
certain acquisitions related liabilities measured at fair value,
approximately $0.46-$0.52 per share of equity-based compensation
expense, gain from divestiture of OpenMarket and other, net of
related tax effects. Adjusted GAAP diluted earnings per share
growth, excludes gain from divestiture of OpenMarket, net of
related tax effects
- Free cash flow(1) is
comprised of cash flow from operations, less net capital
expenditures and other
- Normalized free cash
flow excludes expected capital expenditure of $131 million related
to the new campus development in Israel, and other items
Three Year Fiscal
2022-2024 Outlook
- In addition to our
full year fiscal 2022 revenue guidance, we project revenue growth
of 6.0% to 10% year-over-year on a constant currency(3) basis in
each of fiscal years 2023 and 2024
- Projecting revenue
growth on an as reported basis in each of fiscal years 2023 and
2024 is not possible without unreasonable efforts given the
uncertain impact of foreign exchange rates which cannot be
reasonably predicted at this time
Our second fiscal quarter 2022 and full year fiscal 2022, 2023
and 2024 forward looking projections take into consideration the
Company’s current expectations regarding macro and industry
specific risks and various uncertainties and certain assumptions
that we will discuss on our earnings conference call. However, we
note that market dynamics continue to shift rapidly and we cannot
predict all possible outcomes, including those resulting from the
COVID-19 pandemic, including its novel strains, which has created,
and continues to create, a significant amount of uncertainty, or
from current and potential customer consolidation or their other
strategic corporate activities.
Conference Call and
Earnings Webcast
Presentation Details Amdocs will
host a conference call and earnings webcast presentation on
February 1, 2022 at 5:00 p.m. Eastern Time to discuss the Company's
first quarter of fiscal 2022 results. To participate, please dial
+1 (844) 513-7152, or +1 (508) 637-5600 outside the United States,
approximately 15 minutes before the call and enter passcode
1787597. The conference call and webcast will also be carried live
on the Internet and may be accessed via the Amdocs website at
https://investors.amdocs.com. Presentation slides will be available
shortly before the webcast.Non-GAAP Financial
Measures This release includes non-GAAP diluted earnings
per share and other non-GAAP financial measures, including free
cash flow and normalized free cash flow, revenue on a constant
currency(3) basis, 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 expenses, net, non-GAAP income taxes, non-GAAP effective tax
rate, non-GAAP net income and non-GAAP diluted earnings per share
growth. These other non-GAAP measures exclude the following items:
- amortization of purchased intangible assets and other
acquisition-related costs;
- changes in certain acquisition-related liabilities measured at
fair value;
- non-recurring and unusual charges or benefits (such as a gain
from divestiture of OpenMarket);
- equity-based compensation expense;
- other; and
- tax effects related to the above.
Free cash flow equals cash generated by operating activities
less net capital expenditures and other. Normalized free cash flow,
a measure of our operating performance, is further adjusted to
exclude net capital expenditures related to the new campus
development, payments for non-recurring and unusual charges (such
as capital gains tax in relation to the divestiture of OpenMarket),
and payments of acquisition related liabilities. 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 and normalized 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 expenses, net, non-GAAP income
taxes, non-GAAP effective tax rate, non-GAAP net income and
non-GAAP diluted earnings per share growth when shown in
conjunction with the corresponding GAAP measures, provides useful
information to investors and management regarding financial and
business trends relating to its financial condition and results of
operations, as well as the net amount of cash generated by its
business operations after taking into account capital spending
required to maintain or expand the business.
For its internal budgeting process and in monitoring the results
of the business, Amdocs’ management uses financial statements that
do not include amortization of purchased intangible assets and
other acquisition-related costs,changes in certain
acquisition-related liabilities measured at fair value,
non-recurring and unusual charges or benefits, equity-based
compensation expense, other 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 expenses, 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.
Supporting Resources
- Keep up with Amdocs news by visiting the Company’s website
- Subscribe to Amdocs’ RSS Feed and follow us on Twitter,
Facebook, LinkedIn and YouTube
About AmdocsAmdocs helps those who build the
future to make it amazing. With our market-leading portfolio of
software products and services, we unlock our customers’ innovative
potential, empowering them to provide next-generation communication
and media experiences for both the individual end user and large
enterprise customers. Our 29,000 employees around the globe are
here to accelerate service providers’ migration to the cloud,
enable them to differentiate in the 5G era, and digitalize and
automate their operations. Listed on the NASDAQ Global Select
Market, Amdocs had revenue of $4.3 billion in fiscal 2021.
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 and years. 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, the duration and severity of the COVID-19 pandemic, and
its impact on the global economy, Amdocs’ ability to grow in the
business markets that it serves, Amdocs’ ability to successfully
integrate acquired businesses, adverse effects of market
competition, rapid technological shifts that may render the
Company's products and services obsolete, potential loss of a major
customer, our ability to develop long-term relationships with our
customers, and risks associated with operating businesses in the
international market. Amdocs may elect to update these
forward-looking statements at some point in the future; however,
Amdocs specifically disclaims any obligation to do so. These and
other risks are discussed at greater length in Amdocs’ filings with
the Securities and Exchange Commission, including in our Annual
Report on Form 20-F for the fiscal year ended September 30, 2021
filed on December 9, 2021.
Contact: Matthew SmithHead of Investor
RelationsAmdocs314-212-8328E-mail: dox_info@amdocs.com
(1) Please refer to the Selected Financial Metrics tables below
(figures may not sum because of rounding).(2) Pro forma growth rate
excludes the financial impact of OpenMarket (which was divested on
December 31, 2020) from fiscal year 2021(3) Revenue on a constant
currency basis assumes exchange rates in the current period were
unchanged from the prior period(4) Adjusted GAAP excludes the gain
from the sale of OpenMarket, which was divested on December 31,
2020, from the current and comparable fiscal years
AMDOCS LIMITED |
|
Consolidated Statements of Income (In
thousands, except per share data) |
|
|
|
Three months ended |
|
|
December 31, |
|
|
2021(a) |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,104,632 |
|
|
$ |
1,086,343 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of revenue |
|
|
716,718 |
|
|
|
728,716 |
|
Research and development |
|
|
81,945 |
|
|
|
75,669 |
|
Selling, general and administrative |
|
|
128,076 |
|
|
|
121,888 |
|
Amortization of purchased intangible assets and other |
|
|
17,747 |
|
|
|
19,870 |
|
|
|
|
944,486 |
|
|
|
946,143 |
|
Operating income |
|
|
160,146 |
|
|
|
140,200 |
|
|
|
|
|
|
Interest and other expense,
net |
|
|
(2,562 |
) |
|
|
(6,490 |
) |
Gain from sale of a
business |
|
|
10,000 |
|
|
|
226,410 |
|
Income
before income taxes |
|
|
167,584 |
|
|
|
360,120 |
|
|
|
|
|
|
Income
taxes |
|
|
33,982 |
|
|
|
60,488 |
|
Net
income |
|
$ |
133,602 |
|
|
$ |
299,632 |
|
Basic
earnings per share |
|
$ |
1.07 |
|
|
$ |
2.29 |
|
Diluted
earnings per share |
|
$ |
1.07 |
|
|
$ |
2.28 |
|
Basic
weighted average number of shares outstanding |
|
|
124,502 |
|
|
|
131,125 |
|
Diluted
weighted average number of shares outstanding |
|
|
125,304 |
|
|
|
131,582 |
|
Cash dividends declared per
share |
|
$ |
0.36 |
|
|
$ |
0.3275 |
|
AMDOCS LIMITEDSelected Financial
Metrics(In thousands, except per share data) |
|
|
Three months ended |
|
|
December 31, |
|
|
2021(a) |
|
2020 |
|
|
|
|
|
|
|
Revenue |
|
$ |
1,104,632 |
|
$ |
1,086,343 |
|
|
|
|
|
|
|
Non-GAAP operating income |
|
|
193,607 |
|
|
187,981 |
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
150,135 |
|
|
152,972 |
|
|
|
|
|
|
|
Non-GAAP diluted earnings per
share |
|
$ |
1.20 |
|
$ |
1.16 |
|
|
|
|
|
|
|
Diluted weighted average
number of shares outstanding |
|
|
125,304 |
|
|
131,582 |
Free Cash Flows and Normalized Free Cash Flow(In
thousands) |
|
|
Three months ended |
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities(a) |
|
$ |
204,118 |
|
|
$ |
416,485 |
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment, net(b) |
|
|
(57,225 |
) |
|
|
(50,065 |
) |
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
|
146,893 |
|
|
|
366,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net capital expenditures
related to the new campus development |
|
|
29,307 |
|
|
|
18,334 |
|
|
|
|
|
|
|
|
|
|
Payment of acquisition related
liability |
|
|
9,479 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Normalized Free Cash Flow |
|
$ |
185,679 |
|
|
$ |
384,754 |
|
|
|
|
|
|
|
|
|
|
(a) Since January 1, 2021, OpenMarket results are not included
in the Consolidated Statements of Income given its divestiture.(b)
The amounts under "Purchase of property and equipment, net”,
include proceeds from sale of property and equipment of $269 and
$53 for the three months ended 31 December 2021 and 2020,
respectively.
AMDOCS LIMITEDReconciliation of Selected Financial Metrics
from GAAP to Non-GAAP (In thousands) |
|
|
Three months ended December 31,
2021(a) |
|
|
Reconciliation items |
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in certain acquisitions related liabilities
measured at fair value |
Gain from sale of a business
|
Other |
Taxeffect |
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
716,718 |
|
$ |
- |
|
$ |
(7,147 |
) |
$ |
1,027 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
710,598 |
|
Research and development |
|
81,945 |
|
|
- |
|
|
(1,223 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
80,722 |
|
Selling, general and administrative |
|
128,076 |
|
|
- |
|
|
(8,371 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
119,705 |
|
Amortization of purchased intangible assets
and other |
|
17,747 |
|
|
(17,747 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
operating expenses |
|
944,486 |
|
|
(17,747 |
) |
|
(16,741 |
) |
|
1,027 |
|
|
- |
|
|
- |
|
|
- |
|
|
911,025 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
160,146 |
|
|
17,747 |
|
|
16,741 |
|
|
(1,027 |
) |
|
- |
|
|
- |
|
|
- |
|
|
193,607 |
|
|
|
|
|
|
|
|
|
|
Interest and other expense,
net |
|
(2,562 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,605 |
) |
|
- |
|
|
(6,167 |
) |
|
|
|
|
|
|
|
|
|
Gain from sale of a
business |
|
10,000 |
|
|
- |
|
|
- |
|
|
- |
|
|
(10,000 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
33,982 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,323 |
|
|
37,305 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
133,602 |
|
$ |
17,747 |
|
$ |
16,741 |
|
$ |
(1,027 |
) |
$ |
(10,000 |
) |
$ |
(3,605 |
) |
$ |
(3,323 |
) |
$ |
150,135 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
2020 |
|
|
Reconciliation items |
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in certain acquisitions related liabilities
measured at fair value |
Gain from sale of a business
|
Other |
Taxeffect
|
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
728,716 |
|
$ |
- |
|
$ |
(4,941 |
) |
$ |
(15,334 |
) |
$ |
- |
|
$ |
- |
$ |
- |
|
$ |
708,441 |
|
Research and development |
|
75,669 |
|
|
- |
|
|
(832 |
) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
74,837 |
|
Selling, general and administrative |
|
121,888 |
|
|
- |
|
|
(6,804 |
) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
115,084 |
|
Amortization of purchased intangible assets and
other |
|
19,870 |
|
|
(19,870 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
Total
operating expenses |
|
946,143 |
|
|
(19,870 |
) |
|
(12,577 |
) |
|
(15,334 |
) |
|
- |
|
|
- |
|
- |
|
|
898,362 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
140,200 |
|
|
19,870 |
|
|
12,577 |
|
|
15,334 |
|
|
- |
|
|
- |
|
- |
|
|
187,981 |
|
|
|
|
|
|
|
|
|
|
Interest and other expense,
net |
|
(6,490 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,199 |
|
- |
|
|
(5,291 |
) |
|
|
|
|
|
|
|
|
|
Gain from sale of a
business |
|
226,410 |
|
|
- |
|
|
- |
|
|
- |
|
|
(226,410 |
) |
|
- |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
60,488 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
(30,770 |
) |
|
29,718 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
299,632 |
|
$ |
19,870 |
|
$ |
12,577 |
|
$ |
15,334 |
|
$ |
(226,410 |
) |
$ |
1,199 |
$ |
30,770 |
|
$ |
152,972 |
|
AMDOCS LIMITEDCondensed Consolidated
Balance Sheets (In thousands) |
|
|
|
As of |
|
|
December 31, 2021 |
|
September 30, 2021 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
586,490 |
|
$ |
709,064 |
Short-term interest-bearing
investments |
|
|
282,347 |
|
|
256,527 |
Accounts
receivable, net, including unbilled of $146,994 and $162,278,
respectively |
|
|
953,970 |
|
|
866,819 |
Prepaid
expenses and other current assets |
|
|
255,984 |
|
|
235,089 |
Total current assets |
|
|
2,078,791 |
|
|
2,067,499 |
|
|
|
|
|
Property
and equipment, net |
|
|
708,834 |
|
|
698,768 |
Lease
assets |
|
|
228,960 |
|
|
233,162 |
Goodwill
and other intangible assets, net |
|
|
2,925,988 |
|
|
2,881,676 |
Other
noncurrent assets |
|
|
612,904 |
|
|
630,669 |
Total
assets |
|
$ |
6,555,477 |
|
$ |
6,511,774 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts
payable, accruals and other |
|
$ |
994,981 |
|
$ |
1,007,777 |
Lease
liabilities |
|
|
59,333 |
|
|
58,714 |
Deferred
revenue |
|
|
334,687 |
|
|
237,374 |
Total current liabilities |
|
|
1,389,001 |
|
|
1,303,865 |
Lease
liabilities |
|
|
175,093 |
|
|
177,906 |
Long-term debt, net of unamortized debt issuance costs |
|
|
644,694 |
|
|
644,553 |
Other
noncurrent liabilities |
|
|
769,883 |
|
|
750,266 |
Total
Amdocs Limited Shareholders’ equity |
|
|
3,534,297 |
|
|
3,592,675 |
Noncontrolling interests |
|
|
42,509 |
|
|
42,509 |
Total
equity |
|
|
3,576,806 |
|
|
3,635,184 |
Total
liabilities and equity |
|
$ |
6,555,477 |
|
$ |
6,511,774 |
AMDOCS LIMITEDConsolidated Statements of
Cash Flows(In thousands) |
|
|
|
Three months ended December
31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
Cash Flow from
Operating Activities: |
|
|
|
|
Net income(a) |
|
$ |
133,602 |
|
|
$ |
299,632 |
|
Reconciliation of net income
to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
50,876 |
|
|
|
51,706 |
|
Amortization of debt issuance costs |
|
|
141 |
|
|
|
137 |
|
Equity-based compensation expense |
|
|
16,741 |
|
|
|
12,577 |
|
Gain from sale of a business |
|
|
(10,000 |
) |
|
|
(226,410 |
) |
Deferred income taxes |
|
|
4,143 |
|
|
|
(25,892 |
) |
Loss (Gain) from short-term interest-bearing investments |
|
|
647 |
|
|
|
(369 |
) |
Net changes in operating
assets and liabilities, net of amounts acquired: |
|
|
|
|
Accounts receivable, net |
|
|
(84,458 |
) |
|
|
(140,817 |
) |
Prepaid expenses and other current assets |
|
|
(15,696 |
) |
|
|
911 |
|
Other noncurrent assets |
|
|
(11,835 |
) |
|
|
(13,984 |
) |
Lease assets and liabilities, net |
|
|
2,030 |
|
|
|
11,225 |
|
Accounts payable, accrued expenses and accrued personnel |
|
|
(3,053 |
) |
|
|
155,891 |
|
Deferred revenue |
|
|
86,049 |
|
|
|
219,057 |
|
Income taxes payable, net |
|
|
16,802 |
|
|
|
61,318 |
|
Other noncurrent liabilities |
|
|
18,129 |
|
|
|
11,503 |
|
Net cash provided by operating
activities |
|
|
204,118 |
|
|
|
416,485 |
|
|
|
|
|
|
Cash Flow from
Investing Activities: |
|
|
|
|
Purchase of property and
equipment, net(b) |
|
|
(57,225 |
) |
|
|
(50,065 |
) |
Proceeds from sale of
short-term interest-bearing investments |
|
|
5,242 |
|
|
|
1,291 |
|
Purchase of short-term
interest-bearing investments |
|
|
(34,275 |
) |
|
|
(176,234 |
) |
Net cash paid for business and
intangible assets acquisitions |
|
|
(23,885 |
) |
|
|
(9,897 |
) |
Net cash received from sale of
a business |
|
|
- |
|
|
|
290,789 |
|
Other |
|
|
(548 |
) |
|
|
1,407 |
|
Net cash (used in) provided by
investing activities |
|
|
(110,691 |
) |
|
|
57,291 |
|
|
|
|
|
|
Cash Flow from
Financing Activities: |
|
|
|
|
Repurchase of shares |
|
|
(170,904 |
) |
|
|
(90,022 |
) |
Proceeds from employee stock
options exercises |
|
|
6,012 |
|
|
|
12,711 |
|
Payments of dividends |
|
|
(44,956 |
) |
|
|
(43,084 |
) |
Payment of contingent
consideration from a business acquisition |
|
|
(6,153 |
) |
|
|
- |
|
Net cash used in financing
activities |
|
|
(216,001 |
) |
|
|
(120,395 |
) |
|
|
|
|
|
Net (decrease) increase in
cash and cash equivalents |
|
|
(122,574 |
) |
|
|
353,381 |
|
Cash and cash equivalents at
beginning of period |
|
|
709,064 |
|
|
|
983,188 |
|
Cash and cash equivalents at
end of period |
|
$ |
586,490 |
|
|
$ |
1,336,569 |
|
AMDOCS LIMITEDSupplementary
Information (In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
December 31, 2021(a) |
|
September 30,
2021(a) |
|
June 30,
2021(a) |
|
March 31,
2021(a) |
|
December 31, 2020 |
North America |
|
$ |
745.5 |
|
$ |
722.8 |
|
$ |
686.1 |
|
$ |
679.1 |
|
$ |
703.4 |
Europe |
|
|
142.5 |
|
|
146.8 |
|
|
155.7 |
|
|
148.8 |
|
|
171.6 |
Rest of the World |
|
|
216.6 |
|
|
217.7 |
|
|
224.5 |
|
|
220.8 |
|
|
211.3 |
Total Revenue |
|
$ |
1,104.6 |
|
$ |
1,087.3 |
|
$ |
1,066.3 |
|
$ |
1,048.7 |
|
$ |
1,086.3 |
|
|
Three months ended |
|
|
December 31, 2021 |
|
September 30,2021 |
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
Managed Services Revenue |
|
$ |
659.7 |
|
$ |
637.5 |
|
$ |
650.5 |
|
$ |
634.6 |
|
$ |
623.7 |
|
|
As of |
|
|
December 31, 2021(c) |
|
September 30,
2021(c) |
|
June 30,
2021(c) |
|
March 31,
2021(c) |
|
December 31, 2020(c) |
12-Month Backlog |
|
$ |
3,830 |
|
$ |
3,690 |
|
$ |
3,590 |
|
$ |
3,540 |
|
$ |
3,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Excludes OpenMarket, which we divested on December 31,
2020
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