-- Revenues are $11.8 billion, an increase of
4% in U.S. dollars and 2% in local currency, more than $200 million
above the company’s guided range, including a reduction of
approximately 2 percentage points from a decline in revenues from
reimbursable travel costs --
-- GAAP EPS are $2.32, an 11% increase from
$2.09 for the first quarter last year, including gains on an
investment of $0.15 and $0.08, respectively; excluding these gains,
adjusted EPS of $2.17 are up 8% from $2.01 in the first quarter
last year --
-- Operating income increases 7% to $1.89
billion, with operating margin of 16.1%, an expansion of 50 basis
points --
-- New bookings are $12.9 billion, a 25%
increase from the first quarter last year, with consulting bookings
of $6.6 billion and outsourcing bookings of $6.3 billion --
-- Company declares quarterly cash dividend of
$0.88 per share, up 10% from a year ago --
-- Accenture raises business outlook for fiscal
2021; now expects full-year revenue growth of 4% to 6% in local
currency; GAAP EPS of $8.17 to $8.40; adjusted EPS of $8.02 to
$8.25; and free cash flow of $6.0 billion to $6.5 billion --
Seventh paragraph, first sentence of release should read:
Revenues for the first quarter of fiscal 2021 were $11.76
billion... (instead of Revenues for the first quarter of fiscal
2020 were $11.76 billion...).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201217005184/en/
Q1 FY21 Earnings Infographic (Graphic:
Business Wire)
The updated release reads:
ACCENTURE REPORTS VERY STRONG FIRST-QUARTER
RESULTS AND RAISES BUSINESS OUTLOOK FOR FISCAL 2021
-- Revenues are $11.8 billion, an increase of
4% in U.S. dollars and 2% in local currency, more than $200 million
above the company’s guided range, including a reduction of
approximately 2 percentage points from a decline in revenues from
reimbursable travel costs --
-- GAAP EPS are $2.32, an 11% increase from
$2.09 for the first quarter last year, including gains on an
investment of $0.15 and $0.08, respectively; excluding these gains,
adjusted EPS of $2.17 are up 8% from $2.01 in the first quarter
last year --
-- Operating income increases 7% to $1.89
billion, with operating margin of 16.1%, an expansion of 50 basis
points --
-- New bookings are $12.9 billion, a 25%
increase from the first quarter last year, with consulting bookings
of $6.6 billion and outsourcing bookings of $6.3 billion --
-- Company declares quarterly cash dividend of
$0.88 per share, up 10% from a year ago --
-- Accenture raises business outlook for fiscal
2021; now expects full-year revenue growth of 4% to 6% in local
currency; GAAP EPS of $8.17 to $8.40; adjusted EPS of $8.02 to
$8.25; and free cash flow of $6.0 billion to $6.5 billion --
Accenture (NYSE: ACN) reported financial results for the first
quarter of fiscal 2021, ended Nov. 30, 2020, with revenues of $11.8
billion, an increase of 4% in U.S. dollars and 2% in local currency
over the same period last year. Revenue growth for the quarter was
reduced approximately 2 percentage points by a decline in revenues
from reimbursable travel costs.
GAAP diluted earnings per share were $2.32, an 11% increase from
$2.09 for the first quarter last year, including gains on an
investment of $0.15 and $0.08, respectively. On an adjusted basis,
EPS of $2.17 increased 8% from $2.01 for the first quarter last
year.
Operating income was $1.89 billion, a 7% increase over the same
period last year, and operating margin was 16.1%, an expansion of
50 basis points.
New bookings for the quarter were $12.9 billion, with consulting
bookings of $6.6 billion and outsourcing bookings of $6.3
billion.
Julie Sweet, Accenture’s chief executive officer, said, “I am
pleased that we delivered first-quarter revenues above our
expectations, with broad-based improvement across industries and
geographic markets, reflecting the relevance of our services, the
strength of our growth strategy and the advantages of our scale in
digital, cloud and security. New bookings, profitability and free
cash flow were all very strong, and we again returned substantial
cash to shareholders while continuing to invest in our business and
our people.
“We also created Accenture Cloud First to help clients
accelerate their move to the cloud and took exciting actions to
launch our new purpose and brand as well as new sustainability and
diversity goals — living our commitments as a responsible business
and trusted partner.”
Financial Review
Revenues for the first quarter of fiscal 2021 were $11.76
billion, compared with $11.36 billion for the first quarter of
fiscal 2020, an increase of 4% in U.S. dollars and 2% in local
currency, including a reduction of approximately 2 percentage
points from a decline in revenues from reimbursable travel costs.
Revenues were more than $200 million above the company’s guided
range of $11.15 billion to $11.55 billion. The foreign-exchange
impact for the quarter was approximately positive 1.5%, consistent
with the assumption provided in the company’s fourth-quarter
earnings release.
- Consulting revenues for the quarter were $6.33 billion, a
decrease of 1% in U.S. dollars and 2% in local currency compared
with the first quarter of fiscal 2020, including a reduction of
approximately 3 percentage points from a decline in revenues from
reimbursable travel costs.
- Outsourcing revenues were $5.43 billion, an increase of 9% in
U.S. dollars and 8% in local currency compared with the first
quarter of fiscal 2020.
GAAP diluted EPS for the quarter were $2.32, an 11% increase
from $2.09 for the first quarter last year, including pre-tax gains
on an investment of $120 million, or $0.15 per share, and $60
million, or $0.08 per share, respectively. Excluding these gains,
adjusted EPS for the first quarter of fiscal 2021 were $2.17, an 8%
increase from $2.01 for the first quarter last year. The $0.16
increase in EPS on an adjusted basis reflects:
- a $0.14 increase from higher revenue and operating
results;
- a $0.01 increase from a lower effective tax rate; and
- a $0.01 increase from a lower share count.
Gross margin (gross profit as a percentage of revenues) for the
quarter was 33.1%, compared with 32.1% for the first quarter last
year. Selling, general and administrative (SG&A) expenses for
the quarter were $2.01 billion, or 17.1% of revenues, compared with
$1.88 billion, or 16.6% of revenues, for the first quarter last
year.
Operating income for the quarter increased 7%, to $1.89 billion,
or 16.1% of revenues, compared with $1.77 billion, or 15.6% of
revenues, for the first quarter of fiscal 2020.
The company’s effective tax rate for the quarter was 23.4%,
compared with 23.6% for the first quarter last year. Excluding the
investment gains and the related tax expense of $23 million and $10
million, respectively, the effective tax rate for the first quarter
of fiscal 2021 was 23.7%, compared with 23.9% for the first quarter
last year.
Net income for the quarter was $1.52 billion, compared with
$1.38 billion for the first quarter last year. Excluding after-tax
investment gains of $97 million and $50 million, respectively, net
income for the first quarter of fiscal 2021 was $1.43 billion,
compared with $1.32 billion for the first quarter last year.
Operating cash flow for the quarter was $1.60 billion, and
property and equipment additions were $93 million. Free cash flow,
defined as operating cash flow net of property and equipment
additions, was $1.51 billion. For the same period last year,
operating cash flow was $787 million; property and equipment
additions were $95 million; and free cash flow was $692
million.
Days services outstanding, or DSOs, were 38 days at Nov. 30,
2020, compared with 35 days at Aug. 31, 2020 and 43 days at Nov.
30, 2019.
Accenture’s total cash balance at Nov. 30, 2020 was $8.6
billion, compared with $8.4 billion at Aug. 31, 2020.
New Bookings
New bookings for the first quarter were $12.9 billion, a 25%
increase from the first quarter last year.
- Consulting new bookings were $6.6 billion, or 51% of total new
bookings.
- Outsourcing new bookings were $6.3 billion, or 49% of total new
bookings.
Revenues by Geographic Market
Revenues by geographic market were as follows:
- North America: $5.48 billion, an increase of 4% in both U.S.
dollars and local currency compared with the first quarter of
fiscal 2020.
- Europe: $3.97 billion, an increase of 5% in U.S. dollars and a
decrease of 1% in local currency compared with the first quarter of
fiscal 2020.
- Growth Markets: $2.31 billion, an increase of 1% in U.S.
dollars and 3% in local currency compared with the first quarter of
fiscal 2020.
Revenues by Industry Group
Revenues by industry group were as follows:
- Communications, Media & Technology: $2.33 billion, an
increase of 4% in U.S. dollars and 3% in local currency compared
with the first quarter of fiscal 2020.
- Financial Services: $2.35 billion, an increase of 7% in U.S.
dollars and 5% in local currency compared with the first quarter of
fiscal 2020.
- Health & Public Service: $2.21 billion, an increase of 12%
in U.S. dollars and 11% in local currency compared with the first
quarter of fiscal 2020.
- Products: $3.21 billion, flat in U.S. dollars and a decrease of
3% in local currency compared with the first quarter of fiscal
2020.
- Resources: $1.66 billion, a decrease of 4% in U.S. dollars and
5% in local currency compared with the first quarter of fiscal
2020.
Returning Cash to
Shareholders
Accenture continues to return cash to shareholders through cash
dividends and share repurchases.
Dividend
On Nov. 13, 2020, a quarterly cash dividend of $0.88 per share
was paid to shareholders of record at the close of business on Oct.
13, 2020. These cash dividend payments totaled $558 million.
Accenture plc has declared another quarterly cash dividend of
$0.88 per share for shareholders of record at the close of business
on Jan. 14, 2021. This dividend, which is payable on Feb. 12,
represents a 10% increase over the quarterly dividend rate of $0.80
per share in fiscal 2020.
Share Repurchase Activity
During the first quarter of fiscal 2021, Accenture repurchased
or redeemed 3.3 million shares for a total of $769 million,
including approximately 2.9 million shares repurchased in the open
market.
Accenture’s total remaining share repurchase authority at Nov.
30, 2020 was approximately $5.7 billion.
At Nov. 30, 2020, Accenture had approximately 634 million total
shares outstanding.
Business Outlook
The coronavirus (COVID-19) crisis has created a significant
amount of volatility, uncertainty and economic disruption.
Accenture’s second-quarter and full-year 2021 business outlook
reflects its assumptions, as of today, regarding the continued
effect of the coronavirus pandemic. The extent to which this
continues to impact Accenture’s business, operations, and financial
results, including the duration and magnitude of such impact, will
depend on numerous evolving factors that are difficult to
accurately predict, including those discussed in the Risk Factors
set forth in Accenture’s filings with the U.S. Securities and
Exchange Commission.
Second Quarter Fiscal 2021
Accenture expects revenues for the second quarter of fiscal 2021
to be in the range of $11.55 billion to $11.95 billion, 1% to 4%
growth in local currency, reflecting the company’s assumption of a
positive 3% foreign-exchange impact compared with the second
quarter of fiscal 2020.
Fiscal Year 2021
Accenture’s business outlook for the full 2021 fiscal year now
assumes that the foreign-exchange impact on its results in U.S.
dollars will be positive 3% compared with fiscal 2020; the previous
foreign-exchange assumption was positive 2%.
For fiscal 2021, the company now expects revenue growth to be in
the range of 4% to 6% in local currency, compared with 2% to 5%
previously, including a reduction of approximately 1 percentage
point from a decline in revenues from reimbursable travel
costs.
Accenture continues to expect operating margin for the full
fiscal year to be in the range of 14.8% to 15.0%, an expansion of
10 to 30 basis points from fiscal 2020.
The company continues to expect its annual effective tax rate to
be in the range of 23.0% to 25.0%.
The company now expects GAAP diluted EPS to be in the range of
$8.17 to $8.40, compared with $7.80 to $8.10 previously. Excluding
gains on an investment of $0.15 in fiscal 2021 and $0.43 in fiscal
2020, the company expects adjusted fiscal 2021 EPS to be in the
range of $8.02 to $8.25, an increase of 8% to 11% over adjusted
fiscal 2020 EPS of $7.46.
For fiscal 2021, the company now expects operating cash flow to
be in the range of $6.65 billion to $7.15 billion, compared with
$6.35 billion to $6.85 billion previously; continues to expect
property and equipment additions to be $650 million; and now
expects free cash flow to be in the range of $6.0 billion to $6.5
billion, compared with $5.7 billion to $6.2 billion previously.
Conference Call and Webcast
Details
Accenture will host a conference call at 8:00 a.m. EST today to
discuss its first-quarter financial results. To participate, please
dial +1 (877) 692-8955 [+1 (234) 720-6979 outside the United
States, Puerto Rico and Canada] and enter access code 9555790
approximately 15 minutes before the scheduled start of the call.
The conference call will also be accessible live on the Investor
Relations section of the Accenture Web site at
www.accenture.com.
A replay of the conference call will be available online at
www.accenture.com beginning at 11:00 a.m. EST today, Dec. 17, and
continuing until Thursday, Mar. 18, 2021. The replay will also be
available via telephone by dialing +1 (866) 207-1041 [+1 (402)
970-0847 outside the United States, Puerto Rico and Canada] and
entering access code 8556330 from 11:00 a.m. EST today, Dec. 17,
through Thursday, Mar. 18, 2021.
About Accenture
Accenture is a global professional services company with leading
capabilities in digital, cloud and security. Combining unmatched
experience and specialized skills across more than 40 industries,
we offer Strategy and Consulting, Interactive, Technology and
Operations services—all powered by the world’s largest network of
Advanced Technology and Intelligent Operations centers. Our 514,000
people deliver on the promise of technology and human ingenuity
every day, serving clients in more than 120 countries. We embrace
the power of change to create value and shared success for our
clients, people, shareholders, partners and communities. Visit us
at www.accenture.com.
Non-GAAP Financial
Information
This news release includes certain non-GAAP financial
information as defined by Securities and Exchange Commission
Regulation G. Pursuant to the requirements of this regulation,
reconciliations of this non-GAAP financial information to
Accenture’s financial statements as prepared under generally
accepted accounting principles (GAAP) are included in this press
release. Financial results “in local currency” are calculated by
restating current-period activity into U.S. dollars using the
comparable prior-year period’s foreign-currency exchange rates.
Accenture’s management believes providing investors with this
information gives additional insights into Accenture’s results of
operations. While Accenture’s management believes that the non-GAAP
financial measures herein are useful in evaluating Accenture’s
operations, this information should be considered as supplemental
in nature and not as a substitute for the related financial
information prepared in accordance with GAAP. Accenture provides
full-year revenue guidance on a local-currency basis and not in
U.S. dollars because the impact of foreign exchange rate
fluctuations could vary significantly from the company’s stated
assumptions.
Forward-Looking
Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “positioned,”
“outlook” and similar expressions are used to identify these
forward-looking statements. These statements involve a number of
risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied. Many
of the following risks, uncertainties and other factors identified
below are, and will be, amplified by the COVID-19 pandemic. These
risks include, without limitation, risks that: Accenture’s results
of operations have been significantly adversely affected and could
in the future be materially adversely impacted by the COVID-19
pandemic; Accenture’s results of operations have been, and may in
the future be, adversely affected by volatile, negative or
uncertain economic and political conditions and the effects of
these conditions on the company’s clients’ businesses and levels of
business activity; Accenture’s business depends on generating and
maintaining ongoing, profitable client demand for the company’s
services and solutions including through the adaptation and
expansion of its services and solutions in response to ongoing
changes in technology and offerings, and a significant reduction in
such demand or an inability to respond to the evolving
technological environment could materially affect the company’s
results of operations; if Accenture is unable to keep its supply of
skills and resources in balance with client demand around the world
and attract and retain professionals with strong leadership skills,
the company’s business, the utilization rate of the company’s
professionals and the company’s results of operations may be
materially adversely affected; Accenture could face legal,
reputational and financial risks if the company fails to protect
client and/or company data from security incidents or cyberattacks;
the markets in which Accenture operates are highly competitive, and
Accenture might not be able to compete effectively; Accenture’s
profitability could materially suffer if the company is unable to
obtain favorable pricing for its services and solutions, if the
company is unable to remain competitive, if its cost-management
strategies are unsuccessful or if it experiences delivery
inefficiencies or fail to satisfy certain agreed-upon targets or
specific service levels; changes in Accenture’s level of taxes, as
well as audits, investigations and tax proceedings, or changes in
tax laws or in their interpretation or enforcement, could have a
material adverse effect on the company’s effective tax rate,
results of operations, cash flows and financial condition;
Accenture’s ability to attract and retain business and employees
may depend on its reputation in the marketplace; as a result of
Accenture’s geographically diverse operations and its growth
strategy to continue to expand in its key markets around the world,
the company is more susceptible to certain risks; Accenture’s
business could be materially adversely affected if the company
incurs legal liability; Accenture’s work with government clients
exposes the company to additional risks inherent in the government
contracting environment; Accenture’s results of operations could be
materially adversely affected by fluctuations in foreign currency
exchange rates; if Accenture is unable to manage the organizational
challenges associated with its size, the company might be unable to
achieve its business objectives; if Accenture does not successfully
manage and develop its relationships with key alliance partners or
fails to anticipate and establish new alliances in new
technologies, the company’s results of operations could be
adversely affected; Accenture might not be successful at acquiring,
investing in or integrating businesses, entering into joint
ventures or divesting businesses; if Accenture is unable to protect
or enforce its intellectual property rights or if Accenture’s
services or solutions infringe upon the intellectual property
rights of others or the company loses its ability to utilize the
intellectual property of others, its business could be adversely
affected; Accenture’s results of operations and share price could
be adversely affected if it is unable to maintain effective
internal controls; changes to accounting standards or in the
estimates and assumptions Accenture makes in connection with the
preparation of its consolidated financial statements could
adversely affect its financial results; Accenture might be unable
to access additional capital on favorable terms or at all and if
the company raises equity capital, it may dilute its shareholders’
ownership interest in the company; Accenture may be subject to
criticism and negative publicity related to its incorporation in
Ireland; as well as the risks, uncertainties and other factors
discussed under the “Risk Factors” heading in Accenture plc’s most
recent Annual Report on Form 10-K and other documents filed with or
furnished to the Securities and Exchange Commission. Statements in
this news release speak only as of the date they were made, and
Accenture undertakes no duty to update any forward-looking
statements made in this news release or to conform such statements
to actual results or changes in Accenture’s expectations.
Accenture plc
Consolidated Income Statements
(In thousands of U.S. dollars, except
share and per share amounts)
(Unaudited)
Three Months Ended
November 30, 2020
% of
Revenues
November 30, 2019
% of
Revenues
REVENUES:
Revenues
$
11,762,185
100.0
%
$
11,358,958
100.0
%
OPERATING EXPENSES:
Cost of services
7,863,889
66.9
%
7,711,199
67.9
%
Sales and marketing
1,227,176
10.4
%
1,191,123
10.5
%
General and administrative costs
780,451
6.6
%
689,373
6.1
%
Total operating expenses
9,871,516
9,591,695
OPERATING INCOME
1,890,669
16.1
%
1,767,263
15.6
%
Interest income
10,685
27,419
Interest expense
(8,854)
(5,474)
Other income (expense), net
94,367
11,439
INCOME BEFORE INCOME TAXES
1,986,867
16.9
%
1,800,647
15.9
%
Income tax expense
464,810
425,479
NET INCOME
1,522,057
12.9
%
1,375,168
12.1
%
Net income attributable to noncontrolling
interest in Accenture Canada Holdings Inc.
(1,700)
(1,741)
Net income attributable to noncontrolling
interests – other (1)
(20,081)
(16,459)
NET INCOME ATTRIBUTABLE TO ACCENTURE
PLC
$
1,500,276
12.8
%
$
1,356,968
11.9
%
CALCULATION OF EARNINGS PER
SHARE:
Net income attributable to Accenture
plc
$
1,500,276
$
1,356,968
Net income attributable to noncontrolling
interest in Accenture Canada Holdings Inc. (2)
1,700
1,741
Net income for diluted earnings per
share calculation
$
1,501,976
$
1,358,709
EARNINGS PER SHARE:
Basic
$
2.37
$
2.13
Diluted
$
2.32
$
2.09
WEIGHTED AVERAGE SHARES:
Basic
634,271,482
635,722,309
Diluted
646,879,735
649,389,444
Cash dividends per share
$
0.88
$
0.80
(1)
Comprised primarily of noncontrolling
interest attributable to the noncontrolling shareholders of
Avanade, Inc.
(2)
Diluted earnings per share assumes the
exchange of all Accenture Canada Holdings Inc. exchangeable shares
for Accenture plc Class A ordinary shares on a one-for-one basis.
The income effect does not take into account “Net income
attributable to noncontrolling interests — other,” since those
shares are not redeemable or exchangeable for Accenture plc Class A
ordinary shares.
Accenture plc
Summary of Revenues
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
Percent
Increase
(Decrease)
U.S. Dollars
Percent
Increase
(Decrease)
Local
Currency
November 30, 2020
November 30, 2019
GEOGRAPHIC MARKETS
North America
$
5,480,963
$
5,287,812
4
%
4
%
Europe
3,967,408
3,789,657
5
(1
)
Growth Markets
2,313,814
2,281,489
1
3
Total Revenues
$
11,762,185
$
11,358,958
4
%
2
%
INDUSTRY GROUPS (1)
Communications, Media & Technology
$
2,333,645
$
2,245,470
4
%
3
%
Financial Services
2,346,291
2,190,107
7
5
Health & Public Service
2,211,889
1,969,214
12
11
Products
3,206,125
3,220,015
—
(3
)
Resources
1,664,235
1,734,152
(4
)
(5
)
Total Revenues
$
11,762,185
$
11,358,958
4
%
2
%
TYPE OF WORK
Consulting
$
6,332,572
$
6,377,251
(1
)%
(2
)%
Outsourcing
5,429,613
4,981,707
9
8
Total Revenues
$
11,762,185
$
11,358,958
4
%
2
%
(1)
Effective September 1, 2020, we revised
the reporting of our industry groups to include amounts previously
reported in Other. Prior period amounts have been reclassified to
conform with the current period presentation.
Accenture plc
Operating Income by Geographic
Market
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
November 30, 2020
November 30, 2019
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
Increase
(Decrease)
North America
$
888,809
16
%
$
828,407
16
%
$
60,402
Europe
629,430
16
558,951
15
70,479
Growth Markets
372,430
16
379,905
17
(7,475)
Total
$
1,890,669
16.1
%
$
1,767,263
15.6
%
$
123,406
Accenture plc
Reconciliation of Net Income and
Diluted Earnings Per Share, as Reported (GAAP), to Net Income and
Diluted Earnings Per Share, as Adjusted (NON-GAAP)
(In thousands of U.S. dollars, except per
share amounts)
(Unaudited)
Three Months Ended
November 30, 2020
November 30, 2019
As Reported
(GAAP)
Investment
Gains (1)
Adjusted
(Non-GAAP)
As Reported
(GAAP)
Investment
Gains (1)
Adjusted
(Non-GAAP)
Income before income taxes
$
1,986,867
$
(119,700)
$
1,867,167
$
1,800,647
$
(60,492)
$
1,740,155
Income tax expense
464,810
(22,906)
441,904
425,479
(10,183)
415,296
Net Income
$
1,522,057
$
(96,794)
$
1,425,263
$
1,375,168
$
(50,309)
$
1,324,859
Effective tax rate
23.4
%
23.7
%
23.6
%
23.9
%
Diluted earnings per share
$
2.32
$
(0.15)
$
2.17
$
2.09
$
(0.08)
$
2.01
(1)
Represents gains related to our investment
in Duck Creek Technologies.
Accenture plc
Consolidated Balance Sheets
(In thousands of U.S. dollars)
November 30, 2020
August 31, 2020
ASSETS
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents
$
8,594,003
$
8,415,330
Short-term investments
83,148
94,309
Receivables and contract assets
8,547,711
7,846,892
Other current assets
1,401,232
1,393,225
Total current assets
18,626,094
17,749,756
NON-CURRENT ASSETS:
Contract assets
44,517
43,257
Investments
298,906
324,514
Property and equipment, net
1,506,825
1,545,568
Lease assets
3,100,120
3,183,346
Goodwill
8,127,411
7,709,820
Other non-current assets
6,564,438
6,522,332
Total non-current assets
19,642,217
19,328,837
TOTAL ASSETS
$
38,268,311
$
37,078,593
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank
borrowings
$
8,925
$
7,820
Accounts payable
1,513,442
1,349,874
Deferred revenues
3,524,781
3,636,741
Accrued payroll and related benefits
5,179,301
5,083,950
Lease liabilities
732,878
756,057
Other accrued liabilities
1,859,772
1,828,148
Total current liabilities
12,819,099
12,662,590
NON-CURRENT LIABILITIES:
Long-term debt
59,881
54,052
Lease liabilities
2,627,185
2,667,584
Other non-current liabilities
4,335,930
4,195,194
Total non-current liabilities
7,022,996
6,916,830
Total Accenture plc shareholders’
equity
17,906,501
17,000,536
Noncontrolling interests
519,715
498,637
Total shareholders’ equity
18,426,216
17,499,173
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
38,268,311
$
37,078,593
Accenture plc
Consolidated Cash Flows
Statements
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
November 30, 2020
November 30, 2019
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
1,522,057
$
1,375,168
Depreciation, amortization and other
468,200
399,458
Share-based compensation expense
311,321
274,929
Change in assets and liabilities/other,
net
(698,733)
(1,262,644)
Net cash provided by (used in)
operating activities
1,602,845
786,911
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(93,115)
(95,063)
Purchases of businesses and investments,
net of cash acquired
(503,843)
(109,848)
Proceeds from the sale of businesses and
investments
149,002
39,200
Other investing, net
1,549
(182)
Net cash provided by (used in)
investing activities
(446,407)
(165,893)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of ordinary
shares
338,891
300,400
Purchases of shares
(768,895)
(729,211)
Cash dividends paid
(558,052)
(508,381)
Other financing, net
(11,395)
(11,032)
Net cash provided by (used in)
financing activities
(999,451)
(948,224)
Effect of exchange rate changes on cash
and cash equivalents
21,686
10,890
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
178,673
(316,316)
CASH AND CASH EQUIVALENTS,
beginning of period
8,415,330
6,126,853
CASH AND CASH EQUIVALENTS, end of
period
$
8,594,003
$
5,810,537
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201217005184/en/
Stacey Jones Accenture Media Relations +1 (917) 452-6561
stacey.jones@accenture.com
Angie Park Accenture Investor Relations +1 (703) 947-2401
angie.park@accenture.com
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