Acxiom® Corporation (Nasdaq: ACXM), a global leader in
interactive marketing, today announced financial results for the
third quarter of fiscal year 2010 ended December 31, 2009. Acxiom
will hold a conference call at 10:00 a.m. CST today to further
discuss this information. Interested parties are invited to listen
to the call, which will be broadcast via the Internet at
www.acxiom.com.
John Meyer, Acxiom’s chief executive officer and president,
said, “We stated last quarter that we expected operating income
performance in the second half of the year to improve over the
first half. Based on our third-quarter performance and historical
seasonality patterns for fourth-quarter performance, we still
expect to see significant improvement in operating income in the
second half of the fiscal year.”
Meyer continued, “Despite another challenging period for us
versus the prior-year quarter, we have seen a stabilization in
client spending which, combined with aggressive sales initiatives,
has led to increased sequential revenue for the second consecutive
quarter. Our continued focus on cost management positively impacted
both our operating income and operating margins. These initiatives,
aided by management of our working capital, contributed to another
strong quarter of operating cash flow.”
Third Quarter 2010 Highlights:
- Earnings per diluted
share of $0.18 in the third quarter of fiscal 2010, compared to
loss per diluted share of $0.15 in the third quarter of fiscal
2009. The prior year results included $0.36 in unusual items.
Excluding the effect of the unusual items, diluted earnings per
share in the prior-year period were $0.21.
- Income from operations of
$29.9 million in the current-year third quarter, compared to loss
from operations of $8.6 million in the third quarter last year. The
prior-year loss from operations included $43.2 million in unusual
loss items. Before the effect of the unusual loss items income from
operations for the prior-year third quarter would have been $34.6
million.
- Revenue of $283.8 million
in the current quarter, compared to $301.0 million, excluding an
Information Products pass-through contract (approximately $20.1
million), in the third quarter a year ago. GAAP revenue, including
the pass-through revenue in the prior quarter, was $321.1 million.
This contract was modified in the fourth quarter of fiscal 2009,
and the company no longer recognizes pass-through revenue from this
contract.
- Operating cash flow of
$74.5 million compared to $78.9 million in the third quarter a year
ago.
- Free cash flow available to
equity of $49.0 million, compared to $46.8 million in the third
quarter a year ago. Free cash flow available to equity is a
non-GAAP financial measure; a reconciliation to the comparable GAAP
measure, operating cash flow, is attached to this news
release.
Operational Highlights:
- Information Services:
Revenue for the quarter was $218.3 million, compared to $231.1
million in the third quarter of the previous year. Income from
operations for the quarter was $27.6 million, compared to $30.4
million in the third quarter of fiscal 2009.
- Information Products:
Revenue for the quarter was $65.5 million, compared with $69.9
million, excluding the pass-through revenue of approximately $20.1
million from the Information Products contract referenced above, in
the third quarter a year ago. GAAP revenue, including the
pass-through revenue in the prior quarter, was $90.0 million. This
contract was modified in the fourth quarter of fiscal 2009, and the
company no longer recognizes pass-through revenue from this
contract. Income from operations for the quarter was $2.8 million,
compared to income from operations of $4.2 million in the third
quarter of the previous year.
Income from operations includes expenses that had previously been
included in corporate and other expenses. The Company now allocates
selling, general and administrative expenses previously included in
corporate and other expenses to the two operating segments,
Information Services and Information Products. Prior-year results
have been reclassified to reflect the change.
Fiscal Year 2010 Year-To-Date Highlights:
- Earnings per diluted
share of $0.35 for the current year nine-month period compared
to earnings per diluted share of $0.19 in the comparable nine-month
period last year. Excluding unusual loss items of $0.33, diluted
earnings per share for the nine-month period of fiscal 2009 were
$0.52.
- Income from operations of
$63.6 million for the first nine months of fiscal year 2010,
compared to $51.3 million in the comparable nine-month period of
fiscal 2009. Income from operations for the prior year, excluding
unusual loss items of $40.3 million, was $91.5 million.
- Revenue of $810.9 million
in the current nine-month period, compared to $917.2 million,
excluding revenue from an Information Products pass-through
contract of approximately $63.8 million in the prior year. GAAP
revenue, including the pass-through revenues in the prior year, was
$981.1 million. This contract was modified in the fourth quarter of
fiscal 2009, and the company no longer recognizes pass-through
revenue from this contract.
- Operating cash flow of
$151.4 million in the current fiscal year nine-month period
compared to $194.2 million in the prior year nine-month
period.
- Free cash flow available to
equity of $65.2 million for the nine months ended December 31,
2009. For the nine-month period ended December 31, 2008 free cash
flow available to equity was $108.7 million, including unusual and
one-time items of $26.8 million, including $24.2 million in
proceeds received from the sale of company-owned real estate. Free
cash flow available to equity is a non-GAAP financial measure;
reconciliation to the comparable GAAP measure, operating cash flow,
is attached to this news release.
Web Link to Financials
You may link to http://www.acxiom.com/FY10_Q3_Financials for the
detailed financial information we typically attach to our earnings
releases.
About Acxiom
A global leader in interactive marketing services and
infrastructure management, Acxiom connects clients with their
customers through deep customer insight, powering effective and
profitable marketing initiatives and business decisions. Our
consultative approach spans multiple industries and incorporates
decades of experience in consumer data and analytics, information
technology, data integration and consulting solutions for effective
marketing across digital, Internet, email, mobile and direct mail
channels. Our secure, high-performance technology services deliver
consistent value and reliability. Founded in 1969, Acxiom is
headquartered in Little Rock, Ark., and serves clients around the
world from locations in the United States, Europe, Middle East and
Asia-Pacific. For more information about Acxiom, visit
www.acxiom.com.
Forward Looking Statements
This release and today’s conference call may contain
forward-looking statements including, without limitation,
statements regarding the anticipated improvements in operating
income in the second half of our fiscal year. 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 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 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
we may not be able to attract, retain or motivate qualified
technical, sales and leadership associates, or that we may lose key
associates to other organizations; 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 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
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; and other
risks and uncertainties, including those detailed from time to time
in our 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 report 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, 2009, which
was filed with the Securities and Exchange Commission on May 29,
2009.
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.
ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings
per share) For the Three Months Ended December
31, $ % 2009 2008
Variance Variance Revenue: Services 218,340 231,077 (12,737
) (5.5 %) Products 65,467 89,979 (24,512 ) (27.2 %)
Total revenue 283,807 321,056 (37,249 ) (11.6 %) Operating
costs and expenses: Cost of revenue Services 163,206 173,433 10,227
5.9 % Products 46,727 70,487 23,760 33.7 % Total cost
of revenue 209,933 243,920 33,987 13.9 % Services gross
margin 25.3 % 24.9 % Products gross margin 28.6 % 21.7 % Total
gross margin 26.0 % 24.0 % Selling, general and
administrative 43,477 42,560 (917 ) (2.2 %) Gains, losses and other
items, net 538 43,175 42,637 98.8 % Total
operating costs and expenses 253,948 329,655 75,707
23.0 % Income from operations 29,859 (8,599 ) 38,458
447.2 % Other income (expense): Interest expense (5,687 )
(8,105 ) 2,418 29.8 % Other, net 198 140 58 41.4 %
Total other income (expense) (5,489 ) (7,965 ) 2,476 31.1 %
Earnings (loss) before income taxes 24,370 (16,564 ) 40,934
247.1 % Income taxes 10,212 (5,115 ) (15,327 ) (299.6
%) Net earnings (loss) 14,158 (11,449 ) 25,607 223.7 %
Less: Net earnings (loss) attributable to noncontrolling
interest (104 ) - (104 ) - Net earnings (loss)
attributable to Acxiom 14,262 (11,449 ) 25,711 224.6 %
Earnings (loss) per share: Basic 0.18 (0.15 )
0.33 220.0 % Diluted 0.18 (0.15 ) 0.33 220.0 %
Earnings (loss) per share attributable to Acxiom stockholders:
Basic 0.18 (0.15 ) 0.33 220.0 % Diluted 0.18
(0.15 ) 0.33 220.0 % ACXIOM CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except earnings per share)
For the Nine Months Ended December 31,
$ % 2009 2008 Variance Variance
Revenue: Services 627,879 701,377 (73,498 ) (10.5 %) Products
183,014 279,687 (96,673 ) (34.6 %) Total revenue
810,893 981,064 (170,171 ) (17.3 %) Operating costs and
expenses: Cost of revenue Services 488,574 533,280 44,706 8.4 %
Products 138,775 225,242 86,467 38.4 % Total cost of
revenue 627,349 758,522 131,173 17.3 % Services gross margin
22.2 % 24.0 % Products gross margin 24.2 % 19.5 % Total gross
margin 22.6 % 22.7 % Selling, general and administrative
119,084 131,030 11,946 9.1 % Gains, losses and other items, net 858
40,260 39,402 97.9 % Total operating costs and
expenses 747,291 929,812 182,521 19.6 % Income
from operations 63,602 51,252 12,350 24.1 %
Other income (expense): Interest expense (16,615 ) (26,155 ) 9,540
36.5 % Other, net 303 1,786 (1,483 ) (83.0 %)
Total other income (expense) (16,312 ) (24,369 ) 8,057 33.1 %
Earnings before income taxes 47,290 26,883 20,407 75.9 %
Income taxes 19,493 11,829 (7,664 ) (64.8 %)
Net earnings 27,797 15,054 12,743 84.6 % Less: Net
earnings attributable to noncontrolling interest (104 ) -
(104 ) - Net earnings attributable to Acxiom 27,901
15,054 12,847 85.3 % Earnings per share: Basic
0.35 0.19 0.16 84.2 % Diluted 0.35 0.19
0.16 84.2 % Earnings per share attributable to Acxiom
stockholders: Basic 0.35 0.19 0.16 84.2 %
Diluted 0.35 0.19 0.16 84.2 % ACXIOM
CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE
(Unaudited) (In thousands, except earnings per share)
For the Three Months Ended December 31,
December 31, 2009 2008 Basic earnings per share:
Numerator - net earnings (loss) 14,158 (11,449 ) Denominator
- weighted-average shares outstanding 79,068 78,086
Basic earnings (loss) per share 0.18 (0.15 ) Diluted
earnings per share: Numerator - net earnings (loss) 14,158
(11,449 ) Denominator - weighted-average shares outstanding
79,068 78,086 Dilutive effect of common stock options,
warrants and restricted stock 802 - 79,870 78,086
Diluted earnings (loss) per share 0.18 (0.15 )
Basic earnings per share attributable
to Acxiom stockholders: Numerator - net earnings (loss)
attributable to Acxiom 14,262 (11,449 ) Denominator -
weighted-average shares outstanding 79,068 78,086
Basic earnings (loss) per share attributable to Acxiom stockholders
0.18 (0.15 ) Diluted earnings per share attributable to
Acxiom stockholders: Numerator - net earnings (loss)
attributable to Acxiom 14,262 (11,449 ) Denominator -
weighted-average shares outstanding 79,068 78,086 Dilutive
effect of common stock options, warrants and restricted stock 802 -
79,870 78,086 Diluted earnings (loss)
per share attributable to Acxiom stockholders 0.18 (0.15 )
ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER
SHARE (Unaudited) (In thousands, except earnings per share)
For the Nine Months Ended December 31,
December 31, 2009 2008 Basic earnings per share:
Numerator - net earnings 27,797 15,054 Denominator -
weighted-average shares outstanding 78,883 77,735 Basic
earnings per share 0.35 0.19 Diluted earnings per share:
Numerator - net earnings 27,797 15,054 Denominator -
weighted-average shares outstanding 78,883 77,735 Dilutive
effect of common stock options, warrants and restricted stock 537
345 79,420 78,080 Diluted earnings per share 0.35
0.19 Basic earnings per share
attributable to Acxiom stockholders: Numerator - net
earnings attributable to Acxiom 27,901 15,054 Denominator -
weighted-average shares outstanding 78,883 77,735 Basic
earnings per share attributable to Acxiom stockholders 0.35 0.19
Diluted earnings per share attributable to Acxiom
stockholders: Numerator - net earnings attributable to
Acxiom 27,901 15,054 Denominator - weighted-average shares
outstanding 78,883 77,735 Dilutive effect of common stock
options, warrants and restricted stock 537 345 79,420 78,080
Diluted earnings per share attributable to Acxiom
stockholders 0.35 0.19 ACXIOM
CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands) For the Three Months Ended
December 31, December 31,
Revenue: 2009 2008
Information services 218,340 231,077 Information products 65,467
89,979 Total revenue 283,807 321,056
Income from operations:
Information services 27,565 30,358 Information products 2,832 4,218
Other (538 ) (43,175 ) Total income from operations 29,859
(8,599 )
Margin: Information services
12.6 % 13.1 % Information products 4.3 % 4.7 % Total margin
10.5 % -2.7 % ACXIOM CORPORATION AND
SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)
For the Nine Months Ended December 31, December 31,
Revenue: 2009 2008 Information services 627,879
701,377 Information products 183,014 279,687
Total revenue 810,893 981,064
Income
from operations: Information services 63,374 84,524
Information products 1,086 6,988 Other (858 ) (40,260 )
Total income from operations 63,602 51,252
Margin: Information services 10.1 % 12.1 %
Information products 0.6 % 2.5 % Total margin 7.8 % 5.2 %
ACXIOM
CORPORATION AND SUBSIDIARIES PRODUCTS REVENUE AND COST OF PRODUCTS
SUPPLEMENTAL SCHEDULE (Unaudited) (Dollars in thousands) For
the Three Months Ended December 31, December 31, $ % 2009
2008 Variance Variance Products 65,467 69,892 (4,425 ) (6.3
%) Passthrough data - 20,087 (20,087 ) (100.0 %)
Total products revenue 65,467 89,979 (24,512 )
(27.2 %) Cost of products revenue: Products 46,727
50,400 3,673 7.3 % Passthrough data - 20,087 20,087
100.0 % Total cost of products 46,727 70,487
23,760 33.7 %
Margin: Products 28.6 % 27.9 %
Passthrough data - 0.0 % Total products 28.6 % 21.7 %
ACXIOM CORPORATION AND
SUBSIDIARIES PRODUCTS REVENUE AND COST OF PRODUCTS SUPPLEMENTAL
SCHEDULE (Unaudited) (Dollars in thousands) For the Nine
Months Ended December 31, December 31, $ % 2009 2008
Variance Variance Products 183,014 215,838 (32,824 ) (15.2
%) Passthrough data - 63,849 (63,849 ) (100.0 %)
Total products revenue 183,014 279,687 (96,673
) (34.6 %) Cost of products revenue: Products 138,775
161,393 22,618 14.0 % Passthrough data - 63,849
63,849 100.0 % Total cost of products 138,775 225,242
86,467 38.4 %
Margin: Products 24.2 %
25.2 % Passthrough data - 0.0 % Total products 24.2 % 19.5 %
ACXIOM CORPORATION
AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands) December 31, March 31, $ % 2009 2009
Variance Variance
Assets
Current assets: Cash and cash equivalents 200,582 177,166 23,416
13.2 % Trade accounts receivable, net 180,546 184,814 (4,268 ) (2.3
%) Refundable income taxes - 4,579 (4,579 ) (100.0 %) Deferred
income taxes 45,481 45,641 (160 ) (0.4 %) Other current assets
46,042 46,873 (831 ) (1.8 %) Total current
assets 472,651 459,073 13,578 3.0 % Property
and equipment 797,029 745,999 51,030 6.8 % Less - accumulated
depreciation and amortization 576,050 531,410 44,640
8.4 % Property and equipment, net 220,979 214,589
6,390 3.0 % Software, net of accumulated amortization
43,077 52,798 (9,721 ) (18.4 %) Goodwill 474,597 454,944 19,653 4.3
% Purchased software licenses, net of accumulated amortization
51,499 65,341 (13,842 ) (21.2 %) Deferred costs, net 71,512 70,343
1,169 1.7 % Data acquisition costs 24,871 31,317 (6,446 ) (20.6 %)
Other assets, net 18,366 18,938 (572 ) (3.0 %)
1,377,552 1,367,343 10,209 0.7 %
Liabilities and Stockholders' Equity
Current liabilities: Current installments of long-term debt 41,485
40,967 518 1.3 % Trade accounts payable 23,575 27,701 (4,126 )
(14.9 %) Accrued payroll and related expenses 28,105 44,823 (16,718
) (37.3 %) Other accrued expenses 85,769 86,072 (303 ) (0.4 %)
Deferred revenue 57,426 54,991 2,435 4.4 % Income taxes 121
- 121 - Total current liabilities 236,481
254,554 (18,073 ) (7.1 %) Long-term debt 483,846
537,272 (53,426 ) (9.9 %) Deferred income taxes 79,505
58,526 20,979 35.8 % Other liabilities 10,588 9,321 1,267
13.6 % Stockholders' equity: Common stock 11,625 11,576 49
0.4 % Additional paid-in capital 810,236 800,094 10,142 1.3 %
Retained earnings 469,851 441,950 27,901 6.3 % Accumulated other
comprehensive income 9,638 (6,238 ) 15,876 (254.5 %) Treasury
stock, at cost (738,601 ) (739,712 ) 1,111 (0.2 %) Total Acxiom
stockholders' equity 562,749 507,670 55,079 (2 ) Noncontrolling
interest 4,383 - 4,383 - Total equity 567,132
507,670 59,462 11.7 % 1,377,552
1,367,343 10,209 0.7 % ACXIOM
CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) (Dollars in thousands) For the Three
Months Ended December 31, 2009 2008
Cash flows from operating activities: Net earnings (loss)
14,158 (11,449 ) Non-cash operating activities: Depreciation and
amortization 43,170 49,677 Loss on disposal or impairment of
assets, net 403 25,896 Deferred income taxes 14,381 (2,784 )
Non-cash stock compensation expense 2,638 1,807 Changes in
operating assets and liabilities: Accounts receivable 1,814 1,958
Other assets 8,452 (6,940 ) Deferred costs (12,037 ) (918 )
Accounts payable and other liabilities (6,109 ) 21,107 Deferred
revenue 7,639 559 Net cash provided by operating
activities 74,509 78,913 Cash flows from investing
activities: Sale of assets 1,058 - Capitalized software (1,846 )
(3,872 ) Capital expenditures (9,479 ) (6,232 ) Data acquisition
costs (5,450 ) (7,825 ) Payment for investments (1,000 ) - Net cash
paid in acquisitions (3,785 ) (2,700 ) Net cash used by investing
activities (20,502 ) (20,629 ) Cash flows from financing
activities: Payments of debt (17,316 ) (14,193 ) Fees for debt
refinancing (4,563 ) - Sale of common stock 351 2,447 Tax benefit
of stock options exercised - - Acquisition of treasury stock - (655
) Noncontrolling interests equity contributions 457 -
Net cash used by financing activities (21,071 ) (12,401 ) Effect of
exchange rate changes on cash 12 (1,178 ) Net
increase in cash and cash equivalents 32,948 44,705 Cash and cash
equivalents at beginning of period 167,634 93,370
Cash and cash equivalents at end of period 200,582 138,075
Supplemental cash flow information: Cash paid
(received) during the period for: Interest 6,221 8,047 Income taxes
(4,190 ) 2,901 Payments on capital leases and installment payment
arrangements 7,309 9,033 Payments on software and data license
liabilities 416 3,099 Other debt payments, excluding line of credit
2,091 2,061 Prepayment of debt 7,500 - Noncash investing and
financing activities: Acquisition of property and equipment under
capital lease and installment payment arrangements 7,860 2,233
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands) For the Nine Months Ended
December 31, 2009 2008 Cash flows from
operating activities: Net earnings 27,797 15,054 Non-cash operating
activities: Depreciation and amortization 124,912 154,297 Loss on
disposal or impairment of assets, net 410 22,654 Deferred income
taxes 23,100 5,069 Non-cash stock compensation expense 8,288 8,040
Changes in operating assets and liabilities: Accounts receivable 5
(9,377 ) Other assets 11,913 13,875 Deferred costs (15,381 ) (2,986
) Accounts payable and other liabilities (31,214 ) (6,222 )
Deferred revenue 1,548 (6,215 ) Net cash provided by
operating activities 151,378 194,189 Cash flows from
investing activities: Sale of assets 1,058 24,174 Capitalized
software (6,661 ) (13,001 ) Capital expenditures (31,372 ) (19,183
) Cash collected from sale and license of software - 2,000 Data
acquisition costs (14,231 ) (22,954 ) Payment from (for)
investments (1,000 ) 2,596 Net cash paid in acquisitions (3,428 )
(15,403 ) Net cash used by investing activities (55,634 ) (41,771 )
Cash flows from financing activities: Payments of debt (72,442 )
(73,694 ) Fees for debt refinancing (4,563 ) - Dividends paid -
(9,312 ) Sale of common stock 3,014 8,362 Tax benefit of stock
options exercised - 115 Acquisition of treasury stock (307 ) (655 )
Noncontrolling interests equity contributions 457 -
Net cash used by financing activities (73,841 ) (75,184 ) Effect of
exchange rate changes on cash 1,513 (1,820 ) Net
increase in cash and cash equivalents 23,416 75,414 Cash and cash
equivalents at beginning of period 177,166 62,661
Cash and cash equivalents at end of period 200,582 138,075
Supplemental cash flow information: Cash paid
(received) during the period for: Interest 16,807 24,468 Income
taxes (8,450 ) (3,029 ) Payments on capital leases and installment
payment arrangements 22,607 33,116 Payments on software and data
license liabilities 6,134 19,887 Other debt payments, excluding
line of credit 6,201 6,191 Prepayment of debt 37,500 14,500 Noncash
investing and financing activities: Acquisition of property and
equipment under capital lease and installment payment arrangements
18,247 7,892 Software licenses and maintenance acquired under
software obligation 611 1,546
ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND
RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in
thousands) 06/30/08 09/30/08
12/31/08 03/31/09 FY2009
06/30/09 09/30/09 12/31/09
FY2010 Net cash provided by operating activities
28,473 86,803 78,913 74,652 268,841 16,166 60,703 74,509 151,378
Plus: Sale of assets - 24,174 - - 24,174 - - 1,058 1,058
Payments received from investments 2,494 102 - 3 2,599 - - - -
Less: Capitalized software (5,011 ) (4,118 ) (3,872 ) (3,238
) (16,239 ) (2,384 ) (2,431 ) (1,846 ) (6,661 ) Capital
expenditures (5,706 ) (7,245 ) (6,232 ) (12,266 ) (31,449 ) (7,431
) (14,462 ) (9,479 ) (31,372 ) Data acquisition costs (8,622 )
(6,507 ) (7,825 ) (7,607 ) (30,561 ) (5,777 ) (3,004 ) (5,450 )
(14,231 ) Payments on capital leases and installment payment
arrangements (12,879 ) (11,204 ) (9,033 ) (7,673 ) (40,789 ) (7,794
) (7,504 ) (7,309 ) (22,607 ) Payments on software and data license
liabilities (8,368 ) (8,420 ) (3,099 ) (3,330 ) (23,217 ) (3,878 )
(1,840 ) (416 ) (6,134 ) Other required debt payments (2,057 )
(2,073 ) (2,061 ) (2,073
) (8,264 ) (2,052 ) (2,058 )
(2,091 ) (6,201 ) Subtotal (11,676 )
71,512 46,791 38,468 145,095 (13,150 ) 29,404 48,976 65,230
Plus: Tax benefit of stock options and warrants 60
55 - (81 )
34 - - -
- Subtotal (11,616 ) 71,567
46,791 38,387 145,129 (13,150 ) 29,404 48,976 65,230 Plus:
Cash collected from sale of software 2,000 -
- -
2,000 - - -
- Total (9,616 ) 71,567
46,791 38,387
147,129 (13,150 ) 29,404
48,976 65,230
ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (Dollars in thousands, except earnings per
share)
Q3 FY09 to Q3 FY10
06/30/08 09/30/08 12/31/08
03/31/09 FY2009 06/30/09
09/30/09 12/31/09 FY2010 %
$ Revenue: Services 236,695 233,605 231,077 218,885 920,262
199,326 210,213 218,340 627,879 -5.5 % (12,737 ) Products 94,378
95,330 89,979
76,624 356,311 56,655
60,892 65,467
183,014 -27.2 % (24,512 ) Total
revenue 331,073 328,935 321,056 295,509 1,276,573 255,981 271,105
283,807 810,893 -11.6 % (37,249 ) Operating costs and
expenses: Cost of revenue Services 178,861 180,986 173,433 161,060
694,340 159,576 165,792 163,206 488,574 5.9 % 10,227 Products
77,717 77,038 70,487
55,604 280,846
45,919 46,129 46,727
138,775 33.7 % 23,760
Total cost of revenue 256,578 258,024 243,920 216,664
975,186 205,495 211,921 209,933 627,349 13.9 % 33,987
Selling, general and administrative 49,482 38,988 42,560 38,930
169,960 37,643 37,964 43,477 119,084 -2.2 % (917 ) Gains, losses
and other items, net (545 ) (2,370 )
43,175 (1,694 ) 38,566
347 (27 ) 538
858 98.8 % 42,637 Total
operating costs and expenses 305,515 294,642 329,655 253,900
1,183,712 243,485 249,858 253,948 747,291 23.0 % 75,707
Income (loss) from operations 25,558 34,293 (8,599 ) 41,609 92,861
12,496 21,247 29,859 63,602 447.2 % 38,458
% Margin
7.7 % 10.4 % -2.7 %
14.1 % 7.3 % 4.9 %
7.8 % 10.5 % 7.8 % Other
income (expense) Interest expense (9,459 ) (8,591 ) (8,105 ) (6,441
) (32,596 ) (5,505 ) (5,423 ) (5,687 ) (16,615 ) 29.8 % 2,418
Other, net 1,359 287 140
163 1,949 (118 )
223 198 303
41.4 % 58 Total other income (expense)
(8,100 ) (8,304 ) (7,965 ) (6,278 ) (30,647 ) (5,623 ) (5,200 )
(5,489 ) (16,312 ) 31.1 % 2,476 Earnings (loss) before
income taxes 17,458 25,989 (16,564 ) 35,331 62,214 6,873 16,047
24,370 47,290 247.1 % 40,934 Income taxes 6,808
10,136 (5,115 ) 12,881
24,710 2,679 6,602
10,212 19,493
-299.6 % (15,327 ) Net earnings (loss) 10,650
15,853 (11,449 ) 22,450 37,504 4,194 9,445 14,158 27,797 223.7 %
25,607 Less: Net earnings (loss) attributable to
noncontrolling interest - -
- - - -
- (104 )
(104 ) - (104 ) Net earnings (loss)
attributable to Acxiom 10,650 15,853
(11,449 ) 22,450
37,504 4,194 9,445
14,262 27,901 224.6 %
25,711 Diluted earnings (loss) per share
attributable to Acxiom shareholders 0.14 0.20
(0.15 ) 0.29
0.48 0.05 0.12
0.18 0.35 220.0 %
0.33 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY
SEGMENT (Unaudited) (Dollars in thousands)
Q3 FY09 to Q3 FY10 06/30/08
09/30/08 12/31/08 03/31/09
FY2009 06/30/09 09/30/09
12/31/09 FY2010 % $ Revenue:
Services 236,695 233,605 231,077 218,885 920,262 199,326 210,213
218,340 627,879 -5.5 % (12,737 ) Products 94,378
95,330 89,979
76,624 356,311 56,655
60,892 65,467
183,014 -27.2 % (24,512 ) Total revenue
331,073 328,935 321,056
295,509 1,276,573
255,981 271,105 283,807
810,893 -11.6 % (37,249 )
Income from operations: Services 25,639 28,527 30,358
32,873 117,397 15,838 19,971 27,565 63,374 -9.2 % (2,793 ) Products
(626 ) 3,396 4,218 7,042 14,030 (2,995 ) 1,249 2,832 1,086 -32.9 %
(1,386 ) Other 545 2,370
(43,175 ) 1,694 (38,566 ) (347 )
27 (538 ) (858 )
98.8 % 42,637 Total income (loss) from
operations 25,558 34,293
(8,599 ) 41,609 92,861
12,496 21,247 29,859
63,602 447.2 % 38,458
Margin: Services 10.8 % 12.2 % 13.1 % 15.0 %
12.8 % 7.9 % 9.5 % 12.6 % 10.1 % Products -0.7 % 3.6 % 4.7 % 9.2 %
3.9 % -5.3 % 2.1 % 4.3 % 0.6 % Total 7.7 % 10.4 % -2.7 %
14.1 % 7.3 % 4.9 % 7.8 % 10.5 % 7.8 %
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