UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2013
Commission File Number 1-14840
AMDOCS LIMITED
Suite 5, Tower Hill House Le Bordage
St. Peter Port, Island of Guernsey, GY1 3QT
Amdocs, Inc.
1390 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
FORM 20-F x FORM 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934. YES ¨ NO x
On April 30, 2013, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended March 31, 2013. A copy of the press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.
The information in this Form 6-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMDOCS LIMITED |
| /s/ Elizabeth W. McDermon |
| Elizabeth W. McDermon |
| Secretary and Authorized Signatory |
Date: April 30, 2013
EXHIBIT INDEX
| EXHIBIT NO. |
DESCRIPTION | |
| 99.1 | Amdocs Limited Press Release dated April 30, 2013. | |
Exhibit 99.1
| PRESS RELEASE |
|
Amdocs Limited Reports Record Quarterly Revenue of $833M, Up 3.0% YoY
Delivers Quarterly Diluted Non-GAAP EPS of $0.73, Up 9% YoY
Quarterly Diluted GAAP EPS of $0.64, Up 7% YoY
Key highlights:
| • | Second fiscal quarter revenue of $833 million, within the $820-$850 million guidance range. Foreign currency movements negatively affected revenue by approximately $2 million relative to the first quarter of fiscal 2013 |
| • | Second fiscal quarter non-GAAP operating income of $140 million; non-GAAP operating margin of 16.8%; GAAP operating income of $123 million |
| • | Second fiscal quarter diluted non-GAAP EPS of $0.73, compared to the $0.69-$0.75 guidance range, excluding amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expense, net of related tax effects |
| • | Diluted GAAP EPS of $0.64 for the second fiscal quarter, compared to the $0.58-$0.66 guidance range |
| • | Free cash flow of $91 million for the second fiscal quarter |
| • | Twelve-month backlog of $2.81 billion at the end of the second fiscal quarter, up $10 million from the end of the first quarter of fiscal 2013 |
| • | Repurchased $109 million of ordinary shares during the second fiscal quarter |
| • | The board of directors approved a $0.13 per share quarterly cash dividend to be paid on July 19, 2013 |
| • | Third quarter fiscal 2013 guidance: Expected revenue of approximately $825-$855 million and diluted non-GAAP EPS of $0.70-$0.76, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05-$0.06 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.60-$0.68 |
ST. LOUIS – April 30, 2013 – Amdocs Limited (NYSE: DOX) today reported that for its fiscal quarter ended March 31, 2013, revenue was $832.9 million, up 0.8% sequentially from the first fiscal quarter of 2013 and up 3.0% as compared to last year’s second fiscal quarter. Net income on a non-GAAP basis was $119.3 million, or $0.73 per diluted share, compared to non-GAAP net income of $114.7 million, or $0.67 per diluted share, in the second quarter of fiscal 2012. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expenses of $14.4 million, net of related tax effects, in the second quarter of fiscal 2013 and excludes such amortization and other acquisition related costs, gain on sale of investment and equity-based compensation expenses of $12.8 million, net of related tax effects, in the second quarter of fiscal 2012. The Company’s GAAP net income for the second quarter of fiscal 2013 was $104.9 million, or $0.64 per diluted share, compared to GAAP net income of $101.9 million, or $0.60 per diluted share, in the prior fiscal year’s second quarter.
“We followed-up our strong start to fiscal 2013 by delivering record revenues in the second fiscal quarter. We achieved year-on-year improvement in North America for the second consecutive quarter, driven by AT&T and other key customers. This compensated for currency headwinds, the effects of macroeconomic uncertainty, and longer decision making cycles in Europe. Operating margin remained comfortably within our targeted range, and, with the contribution from our continued share repurchase activity, we delivered non-GAAP earnings per share growth of 9% year-on-year in the second fiscal quarter” said Eli Gelman, chief executive officer of Amdocs Management Limited.
Gelman continued, “During the quarter, we continued to sign new business and achieve key milestones with new and existing customers. For example, we have achieved the first of several important delivery milestones under the pivotal managed transformation with Globe Telecom. Additionally, in the second fiscal quarter we reached key production milestones in the modernization of both US Cellular and Vodafone Netherland’s Business Support Systems. In Broadband, Cable & Satellite, Amdocs has expanded its Comcast relationship to provide managed services for Comcast’s Operational Support Systems, in addition to its billing systems.”
Gelman concluded, “Our free cash flow continues to be strong and we remain focused on efficiently allocating our cash over the long-term. Looking toward the second half of fiscal
2013, we will continue to monitor macroeconomic and industry conditions closely, which include the uncertainty arising from announced M&A activity among operators in North America and macroeconomic pressures, especially in Europe. Based on our current market outlook, we believe that we can perform within the fiscal year 2013 guidance ranges furnished at the beginning of the year and provide an attractive total return to our shareholders.”
Financial Discussion of Second Fiscal Quarter Results
Free cash flow was $91 million for the quarter, comprised of cash flow from operations of $120 million less $29 million in net capital expenditures and other.
Twelve-month backlog, which includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities, was $2.81 billion at the end of the second quarter of fiscal 2013.
Financial Outlook
Amdocs expects that revenue for the third quarter of fiscal 2013 will be approximately $825-$855 million. Diluted earnings per share on a non-GAAP basis for the third fiscal quarter are expected to be $0.70-$0.76, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05-$0.06 per share of equity-based compensation expense, net of related tax effects. Amdocs estimates GAAP diluted earnings per share for the third fiscal quarter will be $0.60-$0.68.
Quarterly Cash Dividend Program
On April 30, 2013, the Board approved the Company’s next quarterly cash dividend payment and set June 28, 2013 as the record date for determining the shareholders entitled to receive the dividend, which is payable on July 19, 2013.
Conference Call Details
Amdocs will host a conference call on April 30, 2013 at 5:00 p.m. Eastern Time to discuss the Company’s second fiscal quarter results. The call will be carried live on the Internet via the Amdocs website, www.amdocs.com.
Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other (expense) income, net, non-GAAP income taxes and non-GAAP net income. These non-GAAP measures exclude the following items:
| • | amortization of purchased intangible assets and other acquisition related costs; |
| • | gain on sale of investment; |
| • | equity-based compensation expense; and |
| • | tax effects related to the above. |
These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures.
Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other (expense) income, net, non-GAAP income taxes and non-GAAP net income 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, gain on sale of investment, 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 service, research and development, selling, general and administrative, operating income, interest and other (expense) income, net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.
About Amdocs
For 30 years, Amdocs has ensured service providers’ success and embraced their biggest challenges. To win in the connected world, service providers rely on Amdocs to simplify the customer experience, harness the data explosion, stay ahead with new services and improve operational efficiency. The global company uniquely combines a market-leading BSS, OSS and network control product portfolio with value-driven professional services and managed services operations. With revenue of $3.2 billion in fiscal 2012, Amdocs and its approximately 20,000 employees serve customers in more than 60 countries.
Amdocs: Embrace Challenge, Experience Success.
For more information, visit Amdocs at www.amdocs.com.
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company’s filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2012 filed on December 11, 2012 and our Form 6-K furnished for the first quarter of fiscal 2013 on February 12, 2013.
Contact:
Elizabeth W. Grausam McDermon
Vice President, Corporate Strategy and Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com
# # #
AMDOCS LIMITED
Consolidated Statements of Income
(in thousands, except per share data)
| Three months ended March 31, |
Six months
ended March 31, |
|||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue: |
||||||||||||||||
| License |
$ | 21,901 | $ | 26,238 | $ | 40,817 | $ | 62,034 | ||||||||
| Service |
811,037 | 782,690 | 1,618,480 | 1,553,904 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 832,938 | 808,928 | 1,659,297 | 1,615,938 | |||||||||||||
| Operating expenses: |
||||||||||||||||
| Cost of license |
642 | 995 | 1,278 | 1,926 | ||||||||||||
| Cost of service |
538,094 | 517,549 | 1,073,107 | 1,033,730 | ||||||||||||
| Research and development |
60,059 | 60,350 | 119,419 | 121,657 | ||||||||||||
| Selling, general and administrative |
102,683 | 106,842 | 210,143 | 213,179 | ||||||||||||
| Amortization of purchased intangible assets and other |
8,605 | 13,320 | 19,838 | 26,526 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 710,083 | 699,056 | 1,423,785 | 1,397,018 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
122,855 | 109,872 | 235,512 | 218,920 | ||||||||||||
| Interest and other (expense) income, net |
(1,757 | ) | 5,286 | (1,865 | ) | 1,673 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
121,098 | 115,158 | 233,647 | 220,593 | ||||||||||||
| Income taxes |
16,186 | 13,288 | 29,720 | 25,992 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 104,912 | $ | 101,870 | $ | 203,927 | $ | 194,601 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic earnings per share |
$ | 0.65 | $ | 0.60 | $ | 1.26 | $ | 1.14 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted earnings per share |
$ | 0.64 | $ | 0.60 | $ | 1.25 | $ | 1.13 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic weighted average number of shares outstanding |
160,955 | 169,739 | 161,569 | 171,231 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted weighted average number of shares outstanding |
162,884 | 170,971 | 163,239 | 172,397 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash dividends declared per share |
$ | 0.13 | $ | — | $ | 0.26 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
AMDOCS LIMITED
Selected Financial Metrics
(in thousands, except per share data)
| Three months ended March 31, |
Six months
ended March 31, |
|||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue |
$ | 832,938 | $ | 808,928 | $ | 1,659,297 | $ | 1,615,938 | ||||||||
| Non-GAAP operating income |
140,169 | 134,312 | 277,384 | 267,119 | ||||||||||||
| Non-GAAP net income |
119,300 | 114,703 | 238,724 | 225,957 | ||||||||||||
| Non-GAAP diluted earnings per share |
$ | 0.73 | $ | 0.67 | $ | 1.46 | $ | 1.31 | ||||||||
| Diluted weighted average number of shares outstanding |
162,884 | 170,971 | 163,239 | 172,397 | ||||||||||||
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
| Three months ended March 31, 2013 |
||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Tax effect | Non-GAAP | ||||||||||||||||
| Operating expenses: |
||||||||||||||||||||
| Cost of license |
$ | 642 | $ | — | $ | — | $ | — | $ | 642 | ||||||||||
| Cost of service |
538,094 | — | (4,470 | ) | — | 533,624 | ||||||||||||||
| Research and development |
60,059 | — | (975 | ) | — | 59,084 | ||||||||||||||
| Selling, general and administrative |
102,683 | — | (3,264 | ) | — | 99,419 | ||||||||||||||
| Amortization of purchased intangible assets and other |
8,605 | (8,605 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
710,083 | (8,605 | ) | (8,709 | ) | — | 692,769 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
122,855 | 8,605 | 8,709 | — | 140,169 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income taxes |
16,186 | — | — | 2,926 | 19,112 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 104,912 | $ | 8,605 | $ | 8,709 | $ | (2,926 | ) | $ | 119,300 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Three months ended March 31, 2012 |
||||||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Gain on sale of investment |
Tax effect | Non-GAAP | |||||||||||||||||||
| Operating expenses: |
||||||||||||||||||||||||
| Cost of license |
$ | 995 | $ | — | $ | — | $ | — | $ | — | $ | 995 | ||||||||||||
| Cost of service |
517,549 | — | (5,763 | ) | — | — | 511,786 | |||||||||||||||||
| Research and development |
60,350 | — | (1,172 | ) | — | — | 59,178 | |||||||||||||||||
| Selling, general and administrative |
106,842 | — | (4,185 | ) | — | — | 102,657 | |||||||||||||||||
| Amortization of purchased intangible assets and other |
13,320 | (13,320 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
699,056 | (13,320 | ) | (11,120 | ) | — | — | 674,616 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Operating income |
109,872 | 13,320 | 11,120 | — | — | 134,312 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other (expense) income, net |
5,286 | — | — | (6,270 | ) | — | (984 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income taxes |
13,288 | — | — | — | 5,337 | 18,625 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net income |
$ | 101,870 | $ | 13,320 | $ | 11,120 | $ | (6,270 | ) | $ | (5,337 | ) | $ | 114,703 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(in thousands)
| Six months ended March 31, 2013 |
||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Tax effect | Non-GAAP | ||||||||||||||||
| Operating expenses: |
||||||||||||||||||||
| Cost of license |
$ | 1,278 | $ | — | $ | — | $ | — | $ | 1,278 | ||||||||||
| Cost of service |
1,073,107 | — | (9,503 | ) | — | 1,063,604 | ||||||||||||||
| Research and development |
119,419 | — | (2,000 | ) | — | 117,419 | ||||||||||||||
| Selling, general and administrative |
210,143 | — | (10,531 | ) | — | 199,612 | ||||||||||||||
| Amortization of purchased intangible assets and other |
19,838 | (19,838 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
1,423,785 | (19,838 | ) | (22,034 | ) | — | 1,381,913 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
235,512 | 19,838 | 22,034 | — | 277,384 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income taxes |
29,720 | — | — | 7,075 | 36,795 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 203,927 | $ | 19,838 | $ | 22,034 | $ | (7,075 | ) | $ | 238,724 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Six months ended March 31, 2012 |
||||||||||||||||||||||||
| Reconciliation items | ||||||||||||||||||||||||
| GAAP | Amortization of purchased intangible assets and other |
Equity based compensation expense |
Gain on sale of investment |
Tax effect | Non-GAAP | |||||||||||||||||||
| Operating expenses: |
||||||||||||||||||||||||
| Cost of license |
$ | 1,926 | $ | — | $ | — | $ | — | $ | — | $ | 1,926 | ||||||||||||
| Cost of service |
1,033,730 | — | (11,366 | ) | — | — | 1,022,364 | |||||||||||||||||
| Research and development |
121,657 | — | (2,213 | ) | — | — | 119,444 | |||||||||||||||||
| Selling, general and administrative |
213,179 | — | (8,094 | ) | — | — | 205,085 | |||||||||||||||||
| Amortization of purchased intangible assets and other |
26,526 | (26,526 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
1,397,018 | (26,526 | ) | (21,673 | ) | — | — | 1,348,819 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Operating income |
218,920 | 26,526 | 21,673 | — | — | 267,119 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other (expense) income, net |
1,673 | — | — | (6,270 | ) | — | (4,597 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income taxes |
25,992 | — | — | — | 10,573 | 36,565 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net income |
$ | 194,601 | $ | 26,526 | $ | 21,673 | $ | (6,270 | ) | $ | (10,573 | ) | $ | 225,957 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)
| As of | ||||||||
| March 31, 2013 |
September 30, 2012 |
|||||||
| ASSETS |
||||||||
| Current assets |
||||||||
| Cash, cash equivalents and short-term interest-bearing investments |
$ | 978,157 | $ | 1,118,177 | ||||
| Accounts receivable, net, including unbilled of $124,415 and $130,697, respectively |
669,531 | 687,223 | ||||||
| Deferred income taxes and taxes receivable |
123,428 | 109,282 | ||||||
| Prepaid expenses and other current assets |
166,347 | 126,388 | ||||||
|
|
|
|
|
|||||
| Total current assets |
1,937,463 | 2,041,070 | ||||||
| Equipment and leasehold improvements, net |
268,962 | 277,907 | ||||||
| Goodwill and other intangible assets, net |
1,862,805 | 1,883,064 | ||||||
| Other noncurrent assets |
424,447 | 443,182 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 4,493,677 | $ | 4,645,223 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
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| Accounts payable, accruals and other |
$ | 587,551 | $ | 690,823 | ||||
| Short-term financing arrangements |
— | 200,000 | ||||||
| Deferred revenue |
160,681 | 145,184 | ||||||
| Deferred income taxes and taxes payable |
33,126 | 29,551 | ||||||
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| Total current liabilities |
781,358 | 1,065,558 | ||||||
| Other noncurrent liabilities |
562,747 | 546,463 | ||||||
| Shareholders’ equity |
3,149,572 | 3,033,202 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 4,493,677 | $ | 4,645,223 | ||||
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AMDOCS LIMITED
Consolidated Statements of Cash Flows
(in thousands)
| Six months ended March 31, | ||||||||
| 2013 | 2012 | |||||||
| Cash Flow from Operating Activities: |
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| Net income |
$ | 203,927 | $ | 194,601 | ||||
| Reconciliation of net income to net cash provided by operating activities: |
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| Depreciation and amortization |
73,623 | 79,873 | ||||||
| Equity-based compensation expense |
22,034 | 21,673 | ||||||
| Deferred income taxes |
2,879 | (8,283 | ) | |||||
| Excess tax benefit from equity-based compensation |
(257 | ) | (127 | ) | ||||
| Gain on sale of investment |
— | (6,270 | ) | |||||
| Loss from short-term interest-bearing investments |
1,680 | 895 | ||||||
| Net changes in operating assets and liabilities: |
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| Accounts receivable |
30,051 | (36,831 | ) | |||||
| Prepaid expenses and other current assets |
(26,919 | ) | (18,626 | ) | ||||
| Other noncurrent assets |
3,741 | (1,299 | ) | |||||
| Accounts payable, accrued expenses and accrued personnel |
(72,007 | ) | 8,972 | |||||
| Deferred revenue |
8,456 | (27,129 | ) | |||||
| Income taxes payable |
(597 | ) | 13,888 | |||||
| Other noncurrent liabilities |
18,923 | 3,145 | ||||||
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| Net cash provided by operating activities |
265,534 | 224,482 | ||||||
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| Cash Flow from Investing Activities: |
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| Payments for purchase of equipment and leasehold improvements, net |
(58,366 | ) | (50,204 | ) | ||||
| Proceeds from sale of short-term interest-bearing investments |
144,612 | 210,703 | ||||||
| Purchase of short-term interest-bearing investments |
(223,077 | ) | (192,857 | ) | ||||
| Cash received from sale of investment |
— | 6,270 | ||||||
| Other |
(3,599 | ) | (4,429 | ) | ||||
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| Net cash used in investing activities |
(140,430 | ) | (30,517 | ) | ||||
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| Cash Flow from Financing Activities: |
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| Payments under financing arrangements |
(200,000 | ) | (250,000 | ) | ||||
| Repurchase of shares |
(212,512 | ) | (256,545 | ) | ||||
| Proceeds from employee stock options exercised |
112,849 | 53,715 | ||||||
| Payments of dividends |
(42,152 | ) | — | |||||
| Payments under capital lease and other |
(659 | ) | (248 | ) | ||||
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| Net cash used in financing activities |
(342,474 | ) | (453,078 | ) | ||||
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| Net decrease in cash and cash equivalents |
(217,370 | ) | (259,113 | ) | ||||
| Cash and cash equivalents at beginning of period |
879,158 | 831,371 | ||||||
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| Cash and cash equivalents at end of period |
$ | 661,788 | $ | 572,258 | ||||
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AMDOCS LIMITED
Supplementary Information
(in millions)
| Three months ended | ||||||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
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| North America |
$ | 601.3 | $ | 593.6 | $ | 570.4 | $ | 558.7 | $ | 563.2 | ||||||||||
| Europe |
99.3 | 99.2 | 113.1 | 106.5 | 111.8 | |||||||||||||||
| Rest of World |
132.3 | 133.6 | 138.6 | 143.6 | 133.9 | |||||||||||||||
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| Total Revenue |
$ | 832.9 | $ | 826.4 | $ | 822.1 | $ | 808.8 | $ | 808.9 | ||||||||||
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| Three months ended | ||||||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
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| Emerging Markets Revenue |
$ | 98.1 | $ | 98.2 | $ | 99.9 | $ | 101.7 | $ | 89.4 | ||||||||||
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| Three months ended | ||||||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
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| Managed Services Revenue |
$ | 439.8 | $ | 429.8 | $ | 423.7 | $ | 426.8 | $ | 414.4 | ||||||||||
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| Three months ended | ||||||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
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| Customer Experience Systems |
$ | 789.3 | $ | 783.8 | $ | 783.1 | $ | 766.2 | $ | 758.9 | ||||||||||
| Directory |
43.6 | 42.6 | 39.0 | 42.6 | 50.0 | |||||||||||||||
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| Total Revenue |
$ | 832.9 | $ | 826.4 | $ | 822.1 | $ | 808.8 | $ | 808.9 | ||||||||||
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| As of | ||||||||||||||||||||
| March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
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| 12-Month Backlog |
$ | 2,810 | $ | 2,800 | $ | 2,790 | $ | 2,760 | $ | 2,725 | ||||||||||
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# # #