Amdocs Limited (NASDAQ: DOX) today reported operating results for
the three months ended March 31, 2019.
“We are pleased to report a strong performance for our second
fiscal quarter, which included record revenue, solid profitability
and diluted non-GAAP earnings per share in line with the high-end
of our guidance. Additionally, our quarterly cash collection was
healthy as we continued to meet key delivery milestones related to
the many transformation projects we are progressing for our
customers. As such, we remain on-track to achieve our normalized
free cash flow target of approximately $600 million for the full
fiscal year 2019, which equates to a conversion rate of
approximately 100% relative to our expected non-GAAP net income.”
said Shuky Sheffer, president and chief executive officer of Amdocs
Management Limited.
Sheffer continued, “At the core of Amdocs’ market leadership and
future growth is our ability to continuously innovate and bring new
offerings to market. Along these lines, we recently launched our
Open 5G suite at Mobile World Congress, which offers service
providers an end-to-end solution to rapidly deploy, automate and
monetize smart and agile 5G networks. Our approach to 5G was
recently recognized by Light Reading, which last week selected
Amdocs as the company with the “Most Innovative 5G Strategy” to
tackle the unique business and operational challenges that 5G
service providers will face. Moreover, we believe we have the core
competency to execute at 5G, as demonstrated by today’s
announcement that KT Corporation in South Korea recently launched
one of the world’s first 5G commercial services that is supported
by Amdocs’ Service Monetization solution.”
Sheffer concluded, “Looking towards our fiscal second half, we
are encouraged by our record 12-month backlog which reflects the
high win rate we are seeing across business lines such as Pay TV,
media and managed services. Additionally, we see an attractive
pipeline of opportunities ahead of us, which further supports our
confidence in the near term outlook. With these factors in mind, we
now expect to deliver diluted non-GAAP earnings per share growth in
the range of 4.5% to 8.5% for the full fiscal year 2019, which
represents an increase of approximately 150 basis points over our
previous guidance.”
Revenue
Revenue for the second fiscal quarter ended March 31, 2019 was
$1,020 million, up $7.6 million sequentially from the first fiscal
quarter of 2019 and up 2.8% as reported and 4.8% in constant
currency as compared to last year’s second fiscal quarter. Revenue
for the second fiscal quarter of 2019 includes a positive impact
from foreign currency movements of approximately $2 million
relative to the first quarter of fiscal 2019. Revenue was slightly
above the midpoint of Amdocs’ guidance, adjusting for the positive
impact of approximately $4 million of foreign currency movements
relative to guidance.
Net Income and Earnings Per Share
The Company's GAAP net income for the second quarter of fiscal
2019 was $124.3 million, or $0.90 per diluted share, compared to
GAAP net income of $101.7 million, or $0.70 per diluted share, in
the prior fiscal year’s second quarter. Net income on a non-GAAP
basis was $147.0 million, or $1.06 per diluted share, compared to
non-GAAP net income of $137.4 million, or $0.95 per diluted share,
in the second quarter of fiscal 2018. Non-GAAP net income excludes
amortization of purchased intangible assets and other
acquisition-related costs, changes in certain acquisitions related
liabilities measured at fair value, and equity-based compensation
expenses, net of related tax effects, in the second quarter of
fiscal 2019. For further details of reconciliation of selected
financial metrics from GAAP to Non-GAAP, please refer to the tables
below.Returning Cash to Shareholders
- Quarterly Cash Dividend Program: On May 14,
2019, the Board approved the Company’s next quarterly cash dividend
payment of $0.285 per share and set June 28, 2019 as the record
date for determining the shareholders entitled to receive the
dividend, which will be payable on July 19, 2019.
- Share Repurchase Activity: Repurchased $120
million of ordinary shares during the second quarter of fiscal
2019.
Twelve-month Backlog
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 $3.39 billion at the end of the second quarter of
fiscal 2019, up $20 million from the end of the prior quarter.
Third Quarter Fiscal 2019
Outlook
- Revenue of approximately $1,005-$1,045 million, assuming
approximately $2 million sequential negative impact from foreign
currency fluctuations as compared to the second quarter of fiscal
2019
- GAAP diluted EPS of approximately $0.82-$0.90
- Non-GAAP diluted EPS of approximately $1.08-$1.14, excluding
amortization of purchased intangible assets and other
acquisition-related costs, changes in certain acquisitions related
liabilities measured at fair value, and approximately $0.05-$0.07
per share of equity-based compensation expense, net of related tax
effects.
Full Year Fiscal 2019
Outlook
- Expects revenue growth of 1.8%-3.8% year-over-year as reported
compared with 0.5%-4.5% year-over-year previously
- Expects revenue growth of 3.0%-5.0% year-over-year on a
constant currency basis, the midpoint of which is unchanged
compared with 2.0%-6.0% year-over-year previously
- Full year fiscal 2019 revenue guidance incorporates an expected
negative impact from foreign currency fluctuations of about 1.2%
year-over-year compared with a negative impact of about 1.5%
year-over-year previously
- Expects GAAP diluted earnings per share growth of roughly
33.0%-41.0% year-over-year compared with 29.0%-38.0% year-over-year
previously
- Expects non-GAAP diluted earnings per share growth of roughly
4.5%-8.5% year-over-year compared with 3.0%-7.0% year-over-year
previously, excluding amortization of purchased intangible assets
and other acquisition-related costs, changes in certain
acquisitions related liabilities measured at fair value, and
approximately $0.24-$0.28 per share of equity-based compensation
expense, net of related tax effects
- Reiterates free cash flow guidance of approximately $500
million, comprised of cash flow from operations, less net capital
expenditures and other, and normalized free cash flow of
approximately $600 million
Our third fiscal quarter 2019 and full year fiscal 2019 outlook
takes into consideration the Company’s expectations regarding macro
and industry specific risks and various uncertainties and certain
assumptions that we will discuss on our earnings conference call.
However, Amdocs notes market dynamics continue to shift rapidly and
that it cannot predict all possible outcomes, including those
resulting from T-Mobile’s proposed merger with Sprint, or from
other current and potential customer consolidation activity.
Conference Call Details
Amdocs will host a conference call on May 14, 2019 at 5:00 p.m.
Eastern Time to discuss the Company's second quarter of fiscal 2019
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 6089107. 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 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 income taxes, non-GAAP
effective tax rate, 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 certain acquisition-related liabilities measured at
fair value;
- non-recurring and unusual charges;
- equity-based compensation expense; and
- tax effects related to the above.
Free cash flow equals cash generated by operating activities
less net capital expenditures and other, and normalized free cash
flow is adjusted to exclude net capital expenditures related to the
new campus development, payments for previously expensed
restructuring charges and a legal dispute settlement. 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 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, 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, 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 Amdocs
Amdocs is a leading software and services provider to
communications and media companies of all sizes, accelerating the
industry’s dynamic and continuous digital transformation. With a
rich set of innovative solutions, long-term business relationships
with 350 communications and media providers, and technology and
distribution ties to 600 content creators, Amdocs delivers business
improvements to drive growth. Amdocs and its 25,000 employees serve
customers in over 85 countries. Listed on the NASDAQ Global Select
Market, Amdocs had revenue of $4.0 billion in fiscal 2018.
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, 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, 2018 filed on December 10, 2018 and our Form
6-K furnished for the first quarter of fiscal 2019 on February 19,
2019.
Contact: Matthew Smith Head of Investor
Relations Amdocs 314-212-8328 E-mail: dox_info@amdocs.com
(1) Please refer to the Selected Financial Metrics tables
below
AMDOCS LIMITED
Consolidated Statements of
Income (in thousands, except per share
data)
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,019,657 |
|
$ |
992,340 |
|
$ |
2,031,712 |
|
$ |
1,970,051 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
658,613 |
|
|
646,587 |
|
|
1,321,181 |
|
|
1,289,784 |
Research and development |
|
|
66,765 |
|
|
64,926 |
|
|
135,451 |
|
|
133,103 |
Selling, general and administrative |
|
|
120,463 |
|
|
120,199 |
|
|
242,323 |
|
|
238,867 |
Amortization of purchased intangible assets and other |
|
|
23,641 |
|
|
28,801 |
|
|
49,485 |
|
|
54,327 |
|
|
|
869,482 |
|
|
860,513 |
|
|
1,748,440 |
|
|
1,716,081 |
Operating income |
|
|
150,175 |
|
|
131,827 |
|
|
283,272 |
|
|
253,970 |
|
|
|
|
|
|
|
|
|
Interest and other expense,
net |
|
|
1,866 |
|
|
239 |
|
|
344 |
|
|
118 |
Income before income
taxes |
|
|
148,309 |
|
|
131,588 |
|
|
282,928 |
|
|
253,852 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
24,030 |
|
|
29,861 |
|
|
56,957 |
|
|
35,252 |
Net income |
|
$ |
124,279 |
|
$ |
101,727 |
|
$ |
225,971 |
|
$ |
218,600 |
Basic earnings per share |
|
$ |
0.90 |
|
$ |
0.71 |
|
$ |
1.63 |
|
$ |
1.52 |
Diluted earnings per
share |
|
$ |
0.90 |
|
$ |
0.70 |
|
$ |
1.62 |
|
$ |
1.51 |
Basic weighted average number
of shares outstanding |
|
|
138,183 |
|
|
143,030 |
|
|
138,918 |
|
|
143,487 |
Diluted weighted average
number of shares outstanding |
|
|
138,698 |
|
|
144,390 |
|
|
139,612 |
|
|
144,882 |
Cash dividends declared per
share |
|
$ |
0.285 |
|
$ |
0.250 |
|
$ |
0.535 |
|
$ |
0.470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITEDSelected
Financial Metrics(In thousands, except per share
data)
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,019,657 |
|
$ |
992,340 |
|
$ |
2,031,712 |
|
$ |
1,970,051 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating income |
|
|
177,762 |
|
|
171,760 |
|
|
352,611 |
|
|
340,824 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
147,008 |
|
|
137,350 |
|
|
284,826 |
|
|
291,816 |
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per
share |
|
$ |
1.06 |
|
$ |
0.95 |
|
$ |
2.04 |
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
Diluted weighted average
number of shares outstanding |
|
|
138,698 |
|
|
144,390 |
|
|
139,612 |
|
|
144,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flows and Normalized Free Cash
Flow(In thousands)
|
|
Three months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
$ |
168,629 |
|
|
$ |
113,728 |
|
|
$ |
278,279 |
|
|
$ |
278,329 |
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment, net (*) |
|
|
(20,650 |
) |
|
|
(110,347 |
) |
|
|
(57,928 |
) |
|
|
(162,126 |
) |
|
|
|
|
|
|
|
|
|
Other |
|
|
- |
|
|
|
(110 |
) |
|
|
- |
|
|
|
(110 |
) |
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
|
147,979 |
|
|
|
3,271 |
|
|
|
220,351 |
|
|
|
116,093 |
|
|
|
|
|
|
|
|
|
|
Payments for legal dispute
settlement |
|
|
- |
|
|
|
- |
|
|
|
55,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Payments for previously
expensed restructuring charges |
|
|
4,314 |
|
|
|
- |
|
|
|
10,939 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net capital expenditures
related to the new campus development (*) |
|
|
(7,670 |
) |
|
|
81,213 |
|
|
|
(5,616 |
) |
|
|
94,031 |
|
|
|
|
|
|
|
|
|
|
Normalized Free Cash Flow |
|
$ |
144,623 |
|
|
$ |
84,484 |
|
|
$ |
280,674 |
|
|
$ |
210,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) The amounts under "Purchase of property and
equipment, net”, and the amounts under “Net capital expenditures
related to the new campus development” include proceeds of $9,676
relating to the refund of betterment levy for the three and six
months ended 31 March 2019 and proceeds from sale of property and
equipment of $32 and $63, $54 and $56, for the three and six months
ended 31 March 2019 and 2018, respectively.
AMDOCS
LIMITED
Reconciliation of Selected Financial
Metrics from GAAP to Non-GAAP (In
thousands)
|
Three months endedMarch 31,
2019 |
|
|
Reconciliation items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in certain acquisitions related liabilities
measured at fair value |
Tax effect |
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
Cost of revenue |
$ |
658,613 |
$ |
- |
|
$ |
(5,330 |
) |
$ |
5,668 |
|
$ |
- |
|
$ |
658,951 |
Research and development |
|
66,765 |
|
- |
|
|
(584 |
) |
|
- |
|
|
- |
|
|
66,181 |
Selling, general and administrative |
|
120,463 |
|
- |
|
|
(3,700 |
) |
|
- |
|
|
- |
|
|
116,763 |
Amortization of purchased intangible assets and other |
|
23,641 |
|
(23,641 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating expenses |
|
869,482 |
|
(23,641 |
) |
|
(9,614 |
) |
|
5,668 |
|
|
- |
|
|
841,895 |
|
|
|
|
|
|
|
Operating income |
|
150,175 |
|
23,641 |
|
|
9,614 |
|
|
(5,668 |
) |
|
- |
|
|
177,762 |
|
|
|
|
|
|
|
Income taxes |
|
24,030 |
|
- |
|
|
- |
|
|
- |
|
|
4,858 |
|
|
28,888 |
|
|
|
|
|
|
|
Net income |
$ |
124,279 |
$ |
23,641 |
|
$ |
9,614 |
|
$ |
(5,668 |
) |
$ |
(4,858 |
) |
$ |
147,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
2018 |
|
|
Reconciliation items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in certain acquisitions related liabilities
measured at fair value |
Tax effect
|
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
Cost of revenue |
$ |
646,587 |
$ |
- |
|
$ |
(4,727 |
) |
$ |
(574 |
) |
$ |
- |
|
$ |
641,286 |
Research and development |
|
64,926 |
|
- |
|
|
(769 |
) |
|
- |
|
|
- |
|
|
64,157 |
Selling, general and administrative |
|
120,199 |
|
- |
|
|
(5,062 |
) |
|
- |
|
|
- |
|
|
115,137 |
Amortization of purchased intangible assets and other |
|
28,801 |
|
(28,801 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating expenses |
|
860,513 |
|
(28,801 |
) |
|
(10,558 |
) |
|
(574 |
) |
|
- |
|
|
820,580 |
|
|
|
|
|
|
|
Operating income |
|
131,827 |
|
28,801 |
|
|
10,558 |
|
|
574 |
|
|
- |
|
|
171,760 |
|
|
|
|
|
|
|
Income taxes |
|
29,861 |
|
- |
|
|
- |
|
|
- |
|
|
4,310 |
|
|
34,171 |
|
|
|
|
|
|
|
Net income |
$ |
101,727 |
$ |
28,801 |
|
$ |
|
|
|
10,558 |
|
$ |
574 |
|
$ |
(4,310 |
) |
$ |
137,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS
LIMITED
Reconciliation of Selected Financial
Metrics from GAAP to Non-GAAP (In
thousands)
|
Six months ended March 31,
2019 |
|
|
Reconciliation items |
|
|
|
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes incertain acquisitions related
liabilities measured at fair value |
Tax effect
|
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
Cost of revenue |
$ |
1,321,181 |
$ |
- |
|
$ |
(10,181 |
) |
$ |
1,877 |
|
$ |
- |
|
$ |
1,312,877 |
Research and development |
|
135,451 |
|
- |
|
|
(1,349 |
) |
|
- |
|
|
- |
|
|
134,102 |
Selling, general and administrative |
|
242,323 |
|
- |
|
|
(10,201 |
) |
|
- |
|
|
- |
|
|
232,122 |
Amortization of purchased intangible assets and other |
|
49,485 |
|
(49,485 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating expenses |
|
1,748,440 |
|
(49,485 |
) |
|
(21,731 |
) |
|
(1,877 |
) |
|
- |
|
|
1,679,101 |
|
|
|
|
|
|
|
Operating income |
|
283,272 |
|
49,485 |
|
|
21,731 |
|
|
1,877 |
|
|
- |
|
|
352,611 |
|
|
|
|
|
|
|
Income taxes |
|
56,957 |
|
- |
|
|
- |
|
|
- |
|
|
10,484 |
|
|
67,441 |
|
|
|
|
|
|
|
Net income |
$ |
225,971 |
$ |
49,485 |
|
$ |
21,731 |
|
$ |
1,877 |
|
$ |
(10,484 |
) |
$ |
284,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended March 31,
2018 |
|
|
Reconciliation items |
|
|
GAAP |
Amortization of purchased intangible assets and
other |
Equity based compensation expense |
Changes in certain acquisitions related liabilities
measured at fair value |
Tax effect |
One-time tax benefit relating tothe new U.S. tax
legislation |
Non-GAAP |
Operating expenses: |
|
|
|
|
|
|
|
Cost of revenue |
$ |
1,289,784 |
$ |
- |
|
$ |
(9,425 |
) |
$ |
(8,464 |
) |
$ |
- |
|
$ |
- |
|
$ |
1,271,895 |
Research and development |
|
133,103 |
|
- |
|
|
(1,593 |
) |
|
- |
|
|
- |
|
|
- |
|
|
131,510 |
Selling, general and administrative |
|
238,867 |
|
- |
|
|
(13,045 |
) |
|
- |
|
|
- |
|
|
- |
|
|
225,822 |
Amortization of purchased intangible assets and other |
|
54,327 |
|
(54,327 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total operating expenses |
|
1,716,081 |
|
(54,327 |
) |
|
(24,063 |
) |
|
(8,464 |
) |
|
- |
|
|
- |
|
|
1,629,227 |
|
|
|
|
|
|
|
|
Operating income |
|
253,970 |
|
54,327 |
|
|
24,063 |
|
|
8,464 |
|
|
- |
|
|
- |
|
|
340,824 |
|
|
|
|
|
|
|
|
Income taxes |
|
35,252 |
|
- |
|
|
- |
|
|
- |
|
|
10,688 |
|
|
2,950 |
|
|
48,890 |
|
|
|
|
|
|
|
|
Net income |
$ |
218,600 |
$ |
54,327 |
|
$ |
|
24,063 |
|
$ |
8,464 |
|
$ |
(10,688 |
) |
$ |
(2,950 |
) |
$ |
291,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITEDCondensed
Consolidated Balance Sheets (In
thousands)
|
|
As of |
|
|
March 31,2019 |
|
September 30,2018 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash, cash
equivalents and short-term interest-bearing investments |
|
$ |
449,696 |
|
$ |
519,216 |
Accounts receivable, net,
including unbilled of $193,926 and $263,997, respectively |
|
|
958,854 |
|
|
971,502 |
Prepaid expenses and other
current assets |
|
|
230,140 |
|
|
229,999 |
Total current assets |
|
|
1,638,690 |
|
|
1,720,717 |
|
|
|
|
|
Property and equipment, net |
|
|
487,407 |
|
|
496,585 |
Goodwill and other intangible
assets, net |
|
|
2,671,558 |
|
|
2,710,144 |
Other noncurrent assets |
|
|
436,059 |
|
|
420,369 |
Total assets |
|
$ |
5,233,714 |
|
$ |
5,347,815 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable, accruals and
other |
|
$ |
1,061,922 |
|
$ |
1,162,543 |
Deferred revenue |
|
|
151,717 |
|
|
132,414 |
Total current liabilities |
|
|
1,213,639 |
|
|
1,294,957 |
Other noncurrent liabilities |
|
|
527,288 |
|
|
560,816 |
Total Amdocs Limited
Shareholders’ equity |
|
|
3,450,434 |
|
|
3,448,879 |
Noncontrolling interests |
|
|
42,353 |
|
|
43,163 |
Total equity |
|
|
3,492,787 |
|
|
3,492,042 |
Total liabilities and equity |
|
$ |
5,233,714 |
|
$ |
5,347,815 |
|
|
|
|
|
|
|
AMDOCS
LIMITEDConsolidated Statements of Cash
Flows(In thousands)
|
|
Six months ended March
31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Cash Flow from Operating
Activities: |
|
|
|
|
Net
income |
|
$ |
225,971 |
|
|
$ |
218,600 |
|
Reconciliation of net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
101,853 |
|
|
|
102,900 |
|
Equity-based compensation expense |
|
|
21,731 |
|
|
|
24,063 |
|
Deferred income taxes |
|
|
4,395 |
|
|
|
(3,584 |
) |
Loss from short-term interest-bearing investments |
|
|
513 |
|
|
|
1,195 |
|
Net changes in operating assets and liabilities, net
of amounts acquired: |
|
|
|
|
Accounts receivable, net |
|
|
14,806 |
|
|
|
(77,359 |
) |
Prepaid expenses and other current assets |
|
|
8,758 |
|
|
|
(9,509 |
) |
Other noncurrent assets |
|
|
359 |
|
|
|
(10,606 |
) |
Accounts payable, accrued expenses and accrued personnel |
|
|
(84,922 |
) |
|
|
23,103 |
|
Deferred revenue |
|
|
(1,107 |
) |
|
|
8,600 |
|
Income taxes payable, net |
|
|
(6,640 |
) |
|
|
8,675 |
|
Other noncurrent liabilities |
|
|
(7,438 |
) |
|
|
(7,749 |
) |
Net cash provided by operating activities |
|
|
278,279 |
|
|
|
278,329 |
|
|
|
|
|
|
Cash Flow from Investing
Activities: |
|
|
|
|
Purchases of property and equipment, net (*) |
|
|
(57,928 |
) |
|
|
(162,126 |
) |
Proceeds from sale of short-term interest-bearing
investments |
|
|
50,609 |
|
|
|
207,738 |
|
Purchase of short-term interest-bearing
investments |
|
|
- |
|
|
|
(76,037 |
) |
Net cash paid for acquisitions |
|
|
(8,331 |
) |
|
|
(352,599 |
) |
Other |
|
|
398 |
|
|
|
(3,446 |
) |
Net cash used in investing activities |
|
|
(15,252 |
) |
|
|
(386,470 |
) |
|
|
|
|
|
Cash Flow from Financing
Activities: |
|
|
|
|
Borrowings under financing arrangements |
|
|
- |
|
|
|
120,000 |
|
Repurchase of shares |
|
|
(219,214 |
) |
|
|
(239,779 |
) |
Proceeds from employee stock options exercised |
|
|
11,499 |
|
|
|
65,631 |
|
Payments of dividends |
|
|
(69,801 |
) |
|
|
(63,294 |
) |
Investment by noncontrolling interests, net |
|
|
(4,776 |
) |
|
|
47,013 |
|
Other |
|
|
(323 |
) |
|
|
(110 |
) |
Net cash used in financing activities |
|
|
(282,615 |
) |
|
|
(70,539 |
) |
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(19,588 |
) |
|
|
(178,680 |
) |
Cash and cash equivalents at beginning of period |
|
|
418,783 |
|
|
|
649,611 |
|
Cash and cash equivalents at end of period |
|
$ |
399,195 |
|
|
$ |
470,931 |
|
|
|
|
|
|
|
|
|
|
(*) The amounts under "Purchase of property and equipment, net”,
include proceeds of $9,676 relating to the refund of betterment
levy for the six months ended 31 March 2019 and proceeds from sale
of property and equipment of $63 and $56, for the six months ended
31 March 2019 and 2018, respectively.
AMDOCS
LIMITEDSupplementary
Information (In millions)
|
|
Three months ended |
|
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
North
America |
|
$ |
634.2 |
|
$ |
660.5 |
|
$ |
638.2 |
|
$ |
644.8 |
|
$ |
624.2 |
Europe |
|
|
151.0 |
|
|
146.1 |
|
|
150.6 |
|
|
139.3 |
|
|
148.6 |
Rest of the World |
|
|
234.5 |
|
|
205.5 |
|
|
213.8 |
|
|
218.1 |
|
|
219.5 |
Total Revenue |
|
$ |
1,019.7 |
|
$ |
1,012.1 |
|
$ |
1,002.6 |
|
$ |
1,002.2 |
|
$ |
992.3 |
|
|
Three months ended |
|
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
Managed
Services Revenue |
|
$ |
559.5 |
|
$ |
525.5 |
|
$ |
508.9 |
|
$ |
515.0 |
|
$ |
508.9 |
|
|
As of |
|
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
12-Month Backlog |
|
$ |
3,390 |
|
$ |
3,370 |
|
$ |
3,360 |
|
$ |
3,330 |
|
$ |
3,320 |
Amdocs (NASDAQ:DOX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Amdocs (NASDAQ:DOX)
Historical Stock Chart
From Jul 2023 to Jul 2024