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

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2018

Commission File Number 1-14840

 

 

AMDOCS LIMITED

 

 

Hirzel House, Smith Street,

St. Peter Port, Island of Guernsey, GY1 2NG

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  ☒             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  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_________

 

 

 


On July 31, 2018, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended June 30, 2018. 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
By:  

/s/ Matthew E. Smith

  Matthew E. Smith
  Secretary and Authorized Signatory

Date: July 31, 2018


EXHIBIT INDEX

 

EXHIBIT
NO.

  

DESCRIPTION

99.1    Amdocs Limited Press Release dated July 31, 2018.


Exhibit 99.1

 

LOGO

Amdocs Limited Reports Third Quarter Fiscal 2018 Results

Record Quarterly Revenue Exceeding $1B for First Time

Expects Fiscal 2018 GAAP Diluted EPS Growth Outlook of (3.0)%-0.0% YoY

Expects Fiscal 2018 Non-GAAP Diluted EPS Growth Outlook of 5.0%-7.0% YoY

Third Quarter Fiscal 2018 Highlights

 

   

Revenue of $1 billion, at the midpoint of the $990-$1,030 million guidance range adjusting for the negative impact from foreign currency movements of approximately $9 million relative to the second quarter of fiscal 2018. Revenue guidance had included a minimal sequential impact from foreign currency fluctuations

 

   

GAAP diluted EPS of $0.64, below the $0.71-$0.81 guidance range due to nonrecurring restructuring charges, net of tax effects

 

   

Non-GAAP diluted EPS of $1.03, at the midpoint of the $1.00-$1.06 guidance range

 

   

GAAP operating income of $106 million; GAAP operating margin of 10.5%

 

   

Non-GAAP operating income of $174 million; non-GAAP operating margin of 17.3%

 

   

Free cash flow of $128 million, comprised of cash flow from operations of $164 million, less $36 million in net capital expenditures and other

 

   

Twelve-month backlog of $3.33 billion, up $10 million sequentially

 

   

Quarterly cash dividend of $0.25 per share, to be paid on October 19, 2018

ST. LOUIS – July 31, 2018 – Amdocs Limited (NASDAQ: DOX) today reported operating results for the three months ended June 30, 2018.

“We are pleased to report a solid performance in our third fiscal quarter. Revenue exceeded $1 billion for the first time in our history and was in line with the midpoint of our guidance adjusting for currency. On a regional basis, North America showed some early signs of stabilization while Europe and Rest of World delivered solid year-over-year growth that reflected the benefit of recent customer awards and our continued focus on project delivery and execution,” said Eli Gelman, president and chief executive officer of Amdocs Management Limited.


Gelman continued, “Q3 included positive developments relating to Network Functions Virtualization (NFV). First, we are today excited to announce that Amdocs is supporting the commercial availability of Comcast’s software-defined wide area networking (SD-WAN) service for enterprise businesses which leverages Amdocs’ leading NFV portfolio of orchestration, fulfillment and automation capabilities. Second, Telstra has partnered with Amdocs to implement a next generation OSS platform for its B2B line of business that will enable Telstra’s network domains to evolve toward virtualization while minimizing the impact to its existing support systems.”

Gelman concluded, “We enter the fourth fiscal quarter encouraged by our recent win rate, which remains strong and well balanced across our various business lines, recent acquisitions and operating regions. Naturally, we continue to monitor the many moving parts affecting our outlook, but with our record 12-month backlog and focus on execution we are on-track to deliver diluted non-GAAP earnings per share growth in the mid-to-high single digit range for the seventh consecutive year.”

Revenue

Revenue for the third fiscal quarter ended June 30, 2018 was $1.0 billion, up 1.0% or $9.9 million sequentially from the second fiscal quarter of 2018 and up 3.7% as compared to last year’s third fiscal quarter. Revenue for the third fiscal quarter of 2018 includes a negative impact from foreign currency movements of approximately $9 million relative to the second quarter of fiscal 2018. Revenue was at the midpoint of Amdocs’ guidance, excluding the negative impact of foreign currency movements.


Net Income and Earnings Per Share

The Company’s GAAP net income for the third quarter of fiscal 2018 was $91.5 million, or $0.64 per diluted share, compared to GAAP net income of $119.3 million, or $0.81 per diluted share, in the prior fiscal year’s third quarter. Net income on a non-GAAP basis was $147.5 million, or $1.03 per diluted share, compared to non-GAAP net income of $150.4 million, or $1.02 per diluted share, in the third quarter of fiscal 2017. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs, nonrecurring restructuring charges primarily associated with recently completed acquisitions and internal business realignment actions in North America, and equity-based compensation expenses of $10.5 million, net of tax effects, in the third quarter of fiscal 2018.

Returning Cash to Shareholders

 

   

Quarterly Cash Dividend Program: On July 31, 2018, the Board approved the Company’s next quarterly cash dividend payment of $0.25 per share and set September 28, 2018 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on October 19, 2018.

 

   

Share Repurchase Activity: Repurchased $90 million of ordinary shares during the third quarter of fiscal 2018.

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 $3.33 billion at the end of the third quarter of fiscal 2018, up $10 million from the end of the prior quarter.

Fourth Quarter Fiscal 2018 Outlook

 

   

Revenue of approximately $980-$1,020 million, including a negative sequential impact from foreign currency fluctuations of approximately $5 million as compared to the third quarter of fiscal 2018

 

   

Diluted GAAP EPS of approximately $0.71-$0.79. The impact on diluted GAAP EPS of the acquisitions during fiscal year 2018 is subject to finalization of the purchase price allocation and other acquisition-related costs.

 

   

Diluted non-GAAP EPS of approximately $0.95-$1.01, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05-$0.07 per share of equity-based compensation expense, net of tax effects. Expected non-GAAP effective tax rate above the high-end of the annual target range of 13%-17% in the fourth quarter fiscal 2018


Full Year Fiscal 2018 Outlook

 

   

Revenue growth of 2.2%-3.2% year-over-year as reported compared with previous guidance of 2.3%-4.3% year-over-year

 

   

Revenue growth of 1.7%-2.7% year-over-year on a constant currency basis compared with previous guidance of 1.3%-3.3% year-over-year

 

   

Full year fiscal 2018 revenue guidance incorporates an expected positive impact from foreign currency fluctuations of about 0.5% year-over-year, compared with previous guidance for a positive impact of about 1.0%

 

   

Expects GAAP diluted earnings per share growth of roughly (3.0)%-0.0% year-over-year compared with previous guidance of 0.0%-6.0%, primarily due to nonrecurring restructuring charges primarily associated with recently completed acquisitions and internal business realignment actions in North America. The impact on diluted GAAP EPS of acquisition activity in fiscal year 2018 is subject to finalization of the purchase price allocation and other acquisition-related costs

 

   

Non-GAAP diluted earnings per share growth of roughly 5.0%-7.0% year-over-year compared with previous guidance of 4.0%-8.0%. Non-GAAP diluted earnings per share excludes amortization of purchased intangible assets and other acquisition-related costs, nonrecurring restructuring charges primarily associated with recently completed acquisitions and internal business realignment actions in North America, and approximately $0.26-$0.28 per share of equity-based compensation expense, net of tax effects. Expected non-GAAP effective tax rate to remain within the same target range of 13%-17% for the full year fiscal 2018


Our fourth fiscal quarter 2018 and full year fiscal 2018 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 in North America.

Conference Call Details

Amdocs will host a conference call on July 31, 2018 at 5:00 p.m. Eastern Time to discuss the Company’s third quarter of fiscal 2018 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 8127189. 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, 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 fair value of certain acquisition-related liabilities;

 

   

nonrecurring restructuring charges;

 

   

equity-based compensation expense; and

 

   

tax effects.

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 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, nonrecurring restructuring charges primarily associated with internal business realignment actions in North America, changes in fair value of certain acquisition-related liabilities, equity-based compensation expense and 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 $3.9 billion in fiscal 2017. For more information, visit Amdocs at www.amdocs.com.

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, 2017 filed on December 11, 2017 and our Form 6-K furnished for the first quarter of fiscal 2018 on February 12, 2018 and for the second quarter of fiscal 2018 on May 21, 2018.

Contact:

Matthew Smith

Head of 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      Nine months ended  
     June 30,      June 30,  
     2018     2017      2018     2017  

Revenue

   $ 1,002,198     $ 966,695      $ 2,972,249     $ 2,887,431  

Operating expenses:

         

Cost of revenue

     650,569       628,640        1,940,353       1,871,211  

Research and development

     72,729       67,118        205,832       194,411  

Selling, general and administrative

     116,396       113,997        355,263       352,541  

Amortization of purchased intangible assets and other

     26,929       27,028        81,256       83,982  

Restructuring charges

     30,057       —          30,057       —    
  

 

 

   

 

 

    

 

 

   

 

 

 
     896,680       836,783        2,612,761       2,502,145  
  

 

 

   

 

 

    

 

 

   

 

 

 

Operating income

     105,518       129,912        359,488       385,286  

Interest and other (expense) income, net

     (3,212     1,152        (3,330     (2,079
  

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

     102,306       131,064        356,158       383,207  

Income taxes

     10,776       11,800        46,028       53,590  
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income

   $ 91,530     $ 119,264      $ 310,130     $ 329,617  
  

 

 

   

 

 

    

 

 

   

 

 

 

Basic earnings per share

   $ 0.64     $ 0.82      $ 2.17     $ 2.25  
  

 

 

   

 

 

    

 

 

   

 

 

 

Diluted earnings per share

   $ 0.64     $ 0.81      $ 2.15     $ 2.23  
  

 

 

   

 

 

    

 

 

   

 

 

 

Basic weighted average number of shares outstanding

     141,972       145,904        142,982       146,439  
  

 

 

   

 

 

    

 

 

   

 

 

 

Diluted weighted average number of shares outstanding

     143,196       147,259        144,320       147,865  
  

 

 

   

 

 

    

 

 

   

 

 

 

Cash dividends declared per share

   $ 0.250     $ 0.220      $ 0.720     $ 0.635  
  

 

 

   

 

 

    

 

 

   

 

 

 


AMDOCS LIMITED

Selected Financial Metrics

(in thousands, except per share data)

 

     Three months ended      Nine months ended  
     June 30,      June 30,  
     2018      2017      2018      2017  

Revenue

   $ 1,002,198      $ 966,695      $ 2,972,249      $ 2,887,431  

Non-GAAP operating income

     173,590        167,193        514,414        497,275  

Non-GAAP net income

     147,547        150,440        439,363        423,171  

Non-GAAP diluted earnings per share

   $ 1.03      $ 1.02      $ 3.04      $ 2.86  

Diluted weighted average number of shares outstanding

     143,196        147,259        144,320        147,865  


AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(in thousands)

 

     Three months ended
June 30, 2018
 
            Reconciliation items        
     GAAP      Amortization
of purchased
intangible
assets and
other
    Equity based
compensation
expense
    Changes in
fair value
of certain
acquisition-
related
liabilities
    Restructuring
charges
    Tax effect     Non-GAAP  

Operating expenses:

               

Cost of revenue

   $ 650,569        —       $ (5,074   $ (572   $ —       $ —       $ 644,923  

Research and development

     72,729        —         (1,071     —         —         —         71,658  

Selling, general and administrative

     116,396        —         (4,369     —         —         —         112,027  

Amortization of purchased intangible assets and other

     26,929        (26,929     —         —         —         —         —    

Restructuring charges

     30,057        —         —         —         (30,057     —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     896,680        (26,929     (10,514     (572     (30,057     —         828,608  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     105,518        26,929       10,514       572       30,057       —         173,590  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

     10,776        —         —         —         —         12,055       22,831  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 91,530      $ 26,929     $ 10,514     $ 572     $ 30,057     $ (12,055   $ 147,547  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Three months ended
June 30, 2017
 
            Reconciliation items        
     GAAP      Amortization of purchased
intangible assets and other
    Equity based
compensation expense
    Tax effect     Non-GAAP  

Operating expenses:

           

Cost of revenue

   $ 628,640      $ —       $ (4,763   $ —       $ 623,877  

Research and development

     67,118        —         (914     —         66,204  

Selling, general and administrative

     113,997        —         (4,576     —         109,421  

Amortization of purchased intangible assets and other

     27,028        (27,028     —         —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     836,783        (27,028     (10,253     —         799,502  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     129,912        27,028       10,253       —         167,193  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

     11,800        —         —         6,105       17,905  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 119,264      $ 27,028     $ 10,253     $ (6,105   $ 150,440  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 


AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(in thousands)

 

     Nine months ended
June 30, 2018
 
            Reconciliation items        
     GAAP      Amortization
of purchased
intangible
assets and
other
    Equity based
compensation
expense
    Changes in fair
value of certain
acquisition-
related liabilities
    Restructuring
charges
    Tax effect     Non-GAAP  

Operating expenses:

               

Cost of revenue

   $ 1,940,353      $ —       $ (14,502   $ (9,033   $ —       $ —       $ 1,916,818  

Research and development

     205,832        —         (2,664     —         —         —         203,168  

Selling, general and administrative

     355,263        —         (17,414     —         —         —         337,849  

Amortization of purchased intangible assets and other

     81,256        (81,256     —         —         —         —         —    

Restructuring charges

     30,057        —         —         —         (30,057     —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     2,612,761        (81,256     (34,580     (9,033     (30,057     —         2,457,835  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     359,488        81,256       34,580       9,033       30,057       —         514,414  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

     46,028        —         —         —         —         25,693       71,721  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 310,130      $ 81,256     $ 34,580     $ 9,033     $ 30,057     $ (25,693   $ 439,363  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Nine months ended
June 30, 2017
 
            Reconciliation items        
     GAAP      Amortization of
purchased intangible
assets and other
    Equity based
compensation
expense
    Changes in fair
value of certain
acquisition-
related liabilities
    Tax effect     Non-GAAP  

Operating expenses:

             

Cost of revenue

   $ 1,871,211      $ —       $ (14,734   $ 6,691     $ —       $ 1,863,168  

Research and development

     194,411        —         (2,714     —         —         191,697  

Selling, general and administrative

     352,541        —         (17,250     —         —         335,291  

Amortization of purchased intangible assets and other

     83,982        (83,982     —         —         —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     2,502,145        (83,982     (34,698     6,691       —         2,390,156  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     385,286        83,982       34,698       (6,691     —         497,275  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

     53,590        —         —         —         18,435       72,025  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 329,617      $ 83,982     $ 34,698     $ (6,691   $ (18,435   $ 423,171  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


AMDOCS LIMITED

Condensed Consolidated Balance Sheets

(in thousands)

 

     As of  
     June 30,
2018
     September 30,
2017
 

ASSETS

     

Current assets

     

Cash, cash equivalents and short-term interest-bearing investments

   $ 561,041      $ 979,608  

Accounts receivable, net, including unbilled of $248,938 and $229,695, respectively

     982,213        865,068  

Prepaid expenses and other current assets

     236,988        203,810  
  

 

 

    

 

 

 

Total current assets

     1,780,242        2,048,486  

Property and equipment, net

     476,126        355,685  

Goodwill and other intangible assets, net

     2,751,266        2,398,535  

Other noncurrent assets

     435,834        476,674  
  

 

 

    

 

 

 

Total assets

   $ 5,443,468      $ 5,279,380  
  

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities

     

Accounts payable, accruals and other

   $ 1,176,102      $ 1,059,855  

Deferred revenue

     142,655        113,091  
  

 

 

    

 

 

 

Total current liabilities

     1,318,757        1,172,946  

Other noncurrent liabilities

     561,842        532,364  

Total Amdocs Limited Shareholders’ equity

     3,519,706        3,574,070  

Noncontrolling interests

     43,163        —    

Total equity

   $ 3,562,869      $ 3,574,070  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 5,443,468      $ 5,279,380  
  

 

 

    

 

 

 


AMDOCS LIMITED

Consolidated Statements of Cash Flows

(in thousands)

 

     Nine months ended
June 30,
 
     2018     2017  

Cash Flow from Operating Activities:

    

Net income

   $ 310,130     $ 329,617  

Reconciliation of net income to net cash provided by operating activities:

    

Depreciation and amortization

     157,421       163,533  

Equity-based compensation expense

     34,580       34,698  

Deferred income taxes

     7,947       7,201  

Excess tax benefit from equity-based compensation

     —         (3,716

Loss (gain) from short-term interest-bearing investments

     1,324       (144

Net changes in operating assets and liabilities, net of amounts acquired:

    

Accounts receivable

     (81,690     (73,033

Prepaid expenses and other current assets

     (21,796     (1,258

Other noncurrent assets

     2,006       (60,949

Accounts payable, accrued expenses and accrued personnel

     42,374       75,178  

Deferred revenue

     21,221       (38,817

Income taxes payable

     (15,428     (7,726

Other noncurrent liabilities

     (16,189     12,520  
  

 

 

   

 

 

 

Net cash provided by operating activities

     441,900       437,104  
  

 

 

   

 

 

 

Cash Flow from Investing Activities:

    

Purchase of property and equipment

     (197,253     (98,565

Proceeds from sale of short-term interest-bearing investments

     302,949       218,395  

Purchase of short-term interest-bearing investments

     (76,037     (218,772

Net cash paid for acquisitions

     (352,599     —    

Other

     (2,414     (10,022
  

 

 

   

 

 

 

Net cash used in investing activities

     (325,354     (108,964
  

 

 

   

 

 

 

Cash Flow from Financing Activities:

    

Borrowings under financing arrangements

     200,000       200,000  

Payments under financing arrangements

     (200,000     (400,000

Repurchase of shares

     (329,593     (250,231

Proceeds from employee stock options exercised

     76,236       75,763  

Payments of dividends

     (98,929     (89,522

Investment by noncontrolling interests, net

     47,013       —    

Excess tax benefit from equity-based compensation and other

     —         3,716  

Other

     (323     —    
  

 

 

   

 

 

 

Net cash used in financing activities

     (305,596     (460,274
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (189,050     (132,134

Cash and cash equivalents at beginning of period

     649,611       768,660  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 460,561     $ 636,526  
  

 

 

   

 

 

 


AMDOCS LIMITED

Supplementary Information

(in millions)

 

     Three months ended  
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
     June 30,
2017
 

North America

   $ 644.8      $ 624.2      $ 643.0      $ 644.1      $ 637.9  

Europe

     139.3        148.6        133.7        129.8        125.2  

Rest of the World

     218.1        219.5        201.0        205.8        203.6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Revenue

   $ 1,002.2      $ 992.3      $ 977.7      $ 979.7      $ 966.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     Three months ended  
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
     June 30,
2017
 

Managed Services Revenue

   $ 515.0      $ 508.9      $ 518.7      $ 503.8      $ 496.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     Three months ended  
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
     June 30,
2017
 

Customer Experience Systems

   $ 991.0      $ 980.7      $ 965.9      $ 967.7      $ 954.8  

Directory

     11.2        11.6        11.8        12.0        11.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Revenue

   $ 1,002.2      $ 992.3      $ 977.7      $ 979.7      $ 966.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of  
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
     June 30,
2017
 

12-Month Backlog

   $ 3,330      $ 3,320      $ 3,260      $ 3,250      $ 3,220  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

# # #