Amdocs Limited (NASDAQ: DOX), a leading provider of software and
services to communications and media companies, today reported
operating results for the three months ended June 30, 2022.
“Our solid third quarter operating performance reflects strong
demand for Amdocs’ products and services across our core strategic
growth pillars of 5G monetization, cloud adoption, digital
modernization, and network automation. Record revenue of $1.16
billion was up 8.8%, or 10.8% from a year ago after adjusting for
foreign currency(3) headwinds. In addition to strong execution, our
sales momentum was again robust this quarter. Among the notable
wins, we secured a multi-year deal to accelerate Vodafone Germany’s
digital transformation, and we ended Q3 with record 12-month
backlog of $3.95 billion, up 10% from a year ago. To expand our
SaaS-based cloud network and service assurance offering, we also
announced the planned acquisition of MYCOM OSI, a strategic growth
move that builds on our other recent successful acquisitions in the
network and cloud space,” said Shuky Sheffer, president and chief
executive officer of Amdocs Management Limited.
“We have delivered consistent profitability as we balanced
accelerated R&D investments, foreign currency headwinds and a
competitive labor market with disciplined project deployment and
continued focus on operational excellence. Additionally, we
delivered another record quarter in managed services, for which
customer renewal rates have historically averaged nearly 100% over
time. A prime example is a recent five-year managed services
extension with AT&T’s Cricket Wireless, where we have expanded
our relationship to leverage our latest cloud-native technologies,
including incident management and next-generation digital catalog”,
said Tamar Rapaport-Dagim, chief financial officer & chief
operating officer of Amdocs Management Limited.
Sheffer concluded, “While we are closely monitoring the
uncertain global macroeconomic environment, we are confident in our
unique business model that includes mission critical products and
services, highly recurring revenue streams and long-term customer
engagements. More than ever, we believe Amdocs is positioned as a
highly relevant and trusted partner to our customers, who require
market-leading innovation to enable revenue growth, cost reduction
and efficiency improvement in the 5G and cloud era. We remain
on-track to deliver accelerated revenue growth of roughly 10% on a
pro forma(2), constant currency(3) basis for the full year fiscal
2022, our visibility to which is supported by our record 12-month
backlog and the rich pipeline of opportunity ahead.”
Revenue
(All comparisons are against the prior year period)
|
In Millions
|
|
Three months ended
|
|
June 30, 2022
|
|
Actual
|
PreviousGuidance
|
Revenue
|
$
|
1,160
|
|
$1,140-$1,180
|
Revenue growth, as reported
|
|
8.8
|
%
|
|
Revenue growth, constant currency(3)
|
|
10.8
|
%
|
|
|
|
|
|
|
- Revenue for the
third fiscal quarter of 2022 was at the midpoint of Amdocs’
guidance, despite unfavorable foreign currency movements of roughly
$7 million compared to our guidance assumptions and relative to the
second quarter of fiscal 2022
Net Income and Earnings Per Share
|
|
In thousands, except per share
data
|
|
|
Three months ended
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2021
|
GAAP Measures
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
128,466
|
|
$
|
146,150
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
1.04
|
|
$
|
1.14
|
|
|
|
|
|
Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
156,520
|
|
|
173,283
|
Diluted earnings per share
|
|
$
|
1.27
|
|
$
|
1.35
|
|
|
|
|
|
|
|
- Non-GAAP net income
excludes amortization of purchased intangible assets and other
acquisition-related costs, changes in certain acquisition related
liabilities measured at fair value, equity-based compensation
expenses, and other, net of related tax effects, in all the periods
presented
For further details of the reconciliation of selected financial
metrics from GAAP to Non-GAAP, please refer to the tables
below.
Capital Allocation: Returning Cash to
Shareholders
- Quarterly Cash Dividend Program: On August3,
2022, the Board approved the Company’s next quarterly cash dividend
payment of $0.395 per share and set September30, 2022 as the record
date for determining the shareholders entitled to receive the
dividend, which will be payable on October28, 2022
- Share Repurchase Activity: Repurchased $100
million of ordinary shares during the third quarter of fiscal
2022
Twelve-month
BacklogTwelve-month backlog was a record
$3.95 billion at the end of the third quarter of fiscal 2022, up
approximately 10% as compared to last year’s third fiscal quarter.
Twelve-month backlog includes anticipated revenue related to
contracts, estimated revenue from managed services contracts,
letters of intent, maintenance and estimated on-going support
activities.
Fourth Quarter
Fiscal 2022
Outlook
|
In millions, except per share data
|
|
Q4 2022
|
Revenue
|
$1,145-$1,185
|
GAAP diluted EPS
|
$0.98-$1.06
|
Non-GAAP diluted EPS
|
$1.26-$1.32
|
- Fourth quarter
revenue guidance assumes approximately $4 million sequential
unfavorable impact from foreign currency fluctuations as compared
to the third quarter of fiscal 2022
- Fourth quarter
non-GAAP diluted EPS guidance excludes amortization of purchased
intangible assets and other acquisition-related costs, changes in
certain acquisitions related liabilities measured at fair value,
and approximately $0.12-$0.14per share of equity-based compensation
expense and other, net of related tax effects
Full Year Fiscal
2022 Outlook
|
FY 2022, year-over-year growth
|
|
Current Guidance
|
Previous Guidance
|
Revenue growth, as reported
|
6.2%-7.2%
|
5.2%-7.2%
|
Pro forma(2) revenue growth, constant currency(3)
|
9.6%-10.6%
|
8.0%-10.0%
|
|
|
|
|
|
|
GAAP diluted EPS growth
|
(18.0) %-(16.5)%
|
(20.5) %-(17.0)%
|
Adjusted GAAP diluted EPS growth(4)
|
11.0%-13.5%
|
7.5%-12.5%
|
Non-GAAP diluted EPS growth
|
9.6%-10.9%
|
7.3%-10.3%
|
Pro forma(2) non-GAAP diluted EPS growth
|
11.2%-12.5%
|
9.0%-12.0%
|
|
|
|
|
FY 2022, in millions
|
|
Current Guidance
|
Previous Guidance
|
Free cash flow(1)
|
~$520
|
~$500
|
Normalized free cash flow(1)
|
~$650
|
~$650
|
- Full year fiscal
2022 revenue guidance incorporates an expected unfavorable impact
from foreign currency fluctuations of approximately 1.2%
year-over-year as compared with an unfavorable impact of about 0.8%
year-over-year previously
- Non-GAAP diluted
earnings per share growth, and pro forma(2) non-GAAP diluted
earnings per share growth, excludes amortization of purchased
intangible assets and other acquisition-related costs, changes in
certain acquisitions related liabilities measured at fair value,
approximately $0.45-$0.47 per share of equity-based compensation
expense, gain from divestiture of OpenMarket and other, net of
related tax effects. Adjusted GAAP diluted earnings per share(4)
growth, excludes gain from divestiture of OpenMarket, net of
related tax effects
- Non-GAAP effective
tax rate is anticipated to be within a range of 13.0% to 17.0% for
the full year fiscal 2022
- Free cash flow(1) is
comprised of cash flow from operations, less net capital
expenditures and other
- Normalized free cash
flow excludes expected capital expenditure of $110 million related
to the new campus development in Israel, and other items
Three Year Fiscal 2022-2024
Outlook
- In addition to our
full year fiscal 2022 revenue guidance, we project revenue growth
of 6% to 10% year-over-year on a constant currency(3) basis in each
of fiscal years 2023 and 2024
- Projecting revenue
growth on an as reported basis in each of fiscal years 2023 and
2024 is not possible without unreasonable efforts given the
uncertain impact of foreign exchange rates and acquisition activity
which cannot be reasonably predicted at this time
Our fourth fiscal quarter 2022 and full year fiscal 2022, 2023
and 2024 forward looking projections take into consideration the
Company’s current expectations regarding macro and industry
specific risks and various uncertainties and certain assumptions
that we will discuss on our earnings conference call. However, we
note that market dynamics continue to shift rapidly and we cannot
predict all possible outcomes, including those resulting from the
prevailing level of macroeconomic, business and operational
uncertainty and the COVID-19 pandemic, which have created, and
continues to create, a significant amount of uncertainty, or from
current and potential customer consolidation or their other
strategic corporate activities.
Conference Call and
Earnings Webcast
Presentation Details Amdocs will
host a conference call and earnings webcast presentation on August
3, 2022 at 5:00 p.m. Eastern Time to discuss the Company's third
quarter of fiscal 2022 results.
To participate in the call, please register here to receive the
dial-in numbers and unique access PIN. The conference call and
webcast will also be carried live on the Internet and may be
accessed via the Amdocs website at https://investors.amdocs.com.
Presentation slides will be available shortly before the
webcast.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, revenue on a constant currency(3) basis, 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 interest and other expenses, net,
non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net
income and non-GAAP diluted earnings per share growth. These other
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 or benefits (such as a gain
from divestiture of OpenMarket);
- equity-based compensation expense;
- other; and
- tax effects related to the above.
Free cash flow equals cash generated by operating activities
less net capital expenditures and other. Normalized free cash flow,
a measure of our operating performance, is further adjusted to
exclude net capital expenditures related to the new campus
development, payments for non-recurring and unusual charges (such
as capital gains tax in relation to the divestiture of OpenMarket),
and payments of acquisition related liabilities. 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 interest and other expenses, net, 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 or benefits, equity-based
compensation expense, other 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, interest and other expenses, 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.
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 AmdocsAmdocs helps those who build the
future to make it amazing. With our market-leading portfolio of
software products and services, we unlock our customers’ innovative
potential, empowering them to provide next-generation communication
and media experiences for both the individual end user and large
enterprise customers. Our 31,000 employees around the globe are
here to accelerate service providers’ migration to the cloud,
enable them to differentiate in the 5G era, and digitalize and
automate their operations. Listed on the NASDAQ Global Select
Market, Amdocs had revenue of $4.3 billion in fiscal 2021.
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 and years. 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, the duration and severity of the COVID-19 pandemic, and
its impact on the global economy, 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, 2021
filed on December 9, 2021 and our Form 6-K furnished for the first
quarter of fiscal 2022 on February 14, 2022 and for the second
quarter of fiscal 2022 on May 24, 2022.
Contact: Matthew SmithHead of Investor
RelationsAmdocs314-212-8328E-mail: dox_info@amdocs.com
AMDOCS
LIMITEDConsolidated Statements of
Income(In thousands, except per share
data)
|
|
Three months ended
|
|
Nine months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2022
|
|
|
|
2021
|
|
|
2022
|
|
|
2021(a)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,160,290
|
|
|
$
|
1,066,254
|
|
$
|
3,410,193
|
|
|
$
|
3,201,331
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
748,214
|
|
|
|
689,370
|
|
|
2,206,189
|
|
|
|
2,103,601
|
|
Research and development
|
|
|
89,479
|
|
|
|
80,794
|
|
|
258,488
|
|
|
|
231,617
|
|
Selling, general and administrative
|
|
|
136,110
|
|
|
|
122,401
|
|
|
399,168
|
|
|
|
361,240
|
|
Amortization of purchased intangible assets and other
|
|
|
17,173
|
|
|
|
18,770
|
|
|
53,237
|
|
|
|
60,510
|
|
|
|
|
990,976
|
|
|
|
911,335
|
|
|
2,917,082
|
|
|
|
2,756,968
|
|
Operating income
|
|
|
169,314
|
|
|
|
154,919
|
|
|
493,111
|
|
|
|
444,363
|
|
|
|
|
|
|
|
|
|
|
Interest and other (expense) income, net
|
|
|
(7,811
|
)
|
|
|
334
|
|
|
(18,992
|
)
|
|
|
(9,698
|
)
|
Gain from sale of a business
|
|
|
-
|
|
|
|
-
|
|
|
10,000
|
|
|
|
226,410
|
|
Income before income taxes
|
|
|
161,503
|
|
|
|
155,253
|
|
|
484,119
|
|
|
|
661,075
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
33,037
|
|
|
|
9,103
|
|
|
63,554
|
|
|
|
96,226
|
|
Net income
|
|
$
|
128,466
|
|
|
$
|
146,150
|
|
$
|
420,565
|
|
|
$
|
564,849
|
|
Basic earnings per share
|
|
$
|
1.05
|
|
|
$
|
1.15
|
|
$
|
3.41
|
|
|
$
|
4.37
|
|
Diluted earnings per share
|
|
$
|
1.04
|
|
|
$
|
1.14
|
|
$
|
3.39
|
|
|
$
|
4.34
|
|
Basic weighted average number of shares outstanding
|
|
|
122,319
|
|
|
|
127,172
|
|
|
123,271
|
|
|
|
129,362
|
|
Diluted weighted average number of shares outstanding
|
|
|
123,153
|
|
|
|
128,050
|
|
|
124,098
|
|
|
|
130,115
|
|
Cash dividends declared per share
|
|
$
|
0.395
|
|
|
$
|
0.36
|
|
$
|
1.15
|
|
|
$
|
1.0475
|
|
AMDOCS
LIMITEDSelected Financial
Metrics(In thousands, except per share
data)
|
|
Three months ended
|
|
Nine months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021(a)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,160,290
|
|
$
|
1,066,254
|
|
$
|
3,410,193
|
|
$
|
3,201,331
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
204,325
|
|
|
187,606
|
|
|
599,557
|
|
|
560,470
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
156,520
|
|
|
173,283
|
|
|
497,599
|
|
|
474,350
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share
|
|
$
|
1.27
|
|
$
|
1.35
|
|
$
|
4.01
|
|
$
|
3.65
|
|
|
|
|
|
|
|
|
|
Diluted weighted average number of shares outstanding
|
|
|
123,153
|
|
|
128,050
|
|
|
124,098
|
|
|
130,115
|
Free Cash Flows and Normalized Free Cash
Flow(In thousands)
|
|
Three months ended
|
|
Nine months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2022
|
|
|
|
2021
|
|
|
|
2022
|
|
|
2021(a)
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
|
|
$
|
166,826
|
|
|
$
|
189,873
|
|
|
$
|
539,800
|
|
|
$
|
726,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment, net (c)
|
|
|
(40,904)
|
|
|
|
(50,255)
|
|
|
|
(145,400)
|
|
|
|
(149,565)
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
125,922
|
|
|
|
139,618
|
|
|
|
394,400
|
|
|
|
576,529
|
|
|
|
|
|
|
|
|
|
|
Tax payment on sale of business(b)
|
|
|
-
|
|
|
|
13,597
|
|
|
|
3,193
|
|
|
|
38,787
|
|
|
|
|
|
|
|
|
|
|
Payments of acquisition related liabilities
|
|
|
-
|
|
|
|
-
|
|
|
|
14,350
|
|
|
|
13,234
|
|
|
|
|
|
|
|
|
|
|
Net capital expenditures related to the new campus
development
|
|
|
18,260
|
|
|
|
25,324
|
|
|
|
77,676
|
|
|
|
67,879
|
|
|
|
|
|
|
|
|
|
|
Normalized Free Cash Flow
|
|
$
|
144,182
|
|
|
$
|
178,539
|
|
|
$
|
489,619
|
|
|
$
|
696,429
|
|
(a) Since January 1, 2021, OpenMarket results
are not included in the Consolidated Statements of Income given its
divestiture. (b) Tax payment related to capital gain from
divestiture of OpenMarket, which was completed on December 31,
2020.(c) The amounts under "Purchase of property and equipment,
net" include proceeds from sale of property and equipment of $521
and $233 for the nine months ended June 30, 2022 and 2021,
respectively.
AMDOCS
LIMITEDReconciliation of Selected Financial
Metrics from GAAP to Non-GAAP
(In
thousands)
|
Three months ended June
30,
2022
|
|
|
|
|
|
Reconciliation items
|
|
|
|
|
|
GAAP
|
Amortization of purchased intangible assets and
other
|
Equity based compensation expense
|
Changes in certain acquisitions related liabilities
measured at fair value
|
Other
|
Tax effect
|
Non-GAAP
|
Operating expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
748,214
|
|
$
|
-
|
|
$
|
(8,523
|
)
|
$
|
284
|
|
$
|
-
|
|
$
|
-
|
|
$
|
739,975
|
|
Research and development
|
|
89,479
|
|
|
|
(1,495
|
)
|
|
|
|
|
87,984
|
|
Selling, general and administrative
|
|
136,110
|
|
|
|
(8,104
|
)
|
|
|
|
|
128,006
|
|
Amortization of purchased intangible assets and other
|
|
17,173
|
|
|
(17,173
|
)
|
|
|
|
|
|
-
|
|
Total operating expenses
|
|
990,976
|
|
|
(17,173
|
)
|
|
(18,122
|
)
|
|
284
|
|
|
|
-
|
|
|
955,965
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
169,314
|
|
|
17,173
|
|
|
18,122
|
|
|
(284
|
)
|
|
|
|
204,325
|
|
|
|
|
|
|
|
|
|
Interest and other expense, net
|
|
(7,811
|
)
|
|
|
|
|
500
|
|
|
|
(7,311
|
)
|
|
|
|
|
|
|
|
|
Income taxes
|
|
33,037
|
|
|
|
|
|
|
7,457
|
|
|
40,494
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
128,466
|
|
$
|
17,173
|
|
$
|
18,122
|
|
$
|
(284
|
)
|
$
|
500
|
|
$
|
(7,457
|
)
|
$
|
156,520
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
2021
|
|
|
|
|
|
Reconciliation items
|
|
|
|
|
|
GAAP
|
Amortization of purchased intangible assets and
other
|
Equity based compensation expense
|
Changes in certain acquisitions related liabilities
measured at fair value
|
Other
|
Tax effect
|
Non-GAAP
|
Operating expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
689,370
|
|
$
|
-
|
|
$
|
(6,020
|
)
|
$
|
74
|
|
$
|
-
|
|
$
|
-
|
|
$
|
683,424
|
|
Research and development
|
|
80,794
|
|
|
-
|
|
|
(1,032
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
79,762
|
|
Selling, general and administrative
|
|
122,401
|
|
|
-
|
|
|
(6,939
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
115,462
|
|
Amortization of purchased intangible assets and other
|
|
18,770
|
|
|
(18,770
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total operating expenses
|
|
911,335
|
|
|
(18,770
|
)
|
|
(13,991
|
)
|
|
74
|
|
|
-
|
|
|
-
|
|
|
878,648
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
154,919
|
|
|
18,770
|
|
|
13,991
|
|
|
(74
|
)
|
|
-
|
|
|
-
|
|
|
187,606
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net
|
|
334
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,510
|
)
|
|
-
|
|
|
(1,176
|
)
|
|
|
|
|
|
|
|
|
Income taxes
|
|
9,103
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,044
|
|
|
13,147
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
146,150
|
|
$
|
18,770
|
|
$
|
13,991
|
|
$
|
(74
|
)
|
$
|
(1,510
|
)
|
$
|
(4,044
|
)
|
$
|
173,283
|
|
|
|
|
|
|
|
|
|
AMDOCS
LIMITEDReconciliation of Selected Financial
Metrics from GAAP to Non-GAAP (In
thousands)
|
Nine months
endedJune
30,
2022
|
|
Reconciliation items |
|
GAAP
|
Amortizationof purchased intangible
assets and other
|
Equity based compensation expense
|
Changes in certain acquisitions related liabilities
measured at fair value
|
Gain from sale of a business
|
Other
|
Tax effect
|
Non-GAAP
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
2,206,189
|
|
$
|
-
|
|
$
|
(23,740
|
)
|
$
|
(509
|
)
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,181,940
|
|
Research and development
|
|
258,488
|
|
|
|
(4,093
|
)
|
|
|
|
|
|
254,395
|
|
Selling, general and administrative
|
|
399,168
|
|
|
|
(24,867
|
)
|
|
|
|
|
|
374,301
|
|
Amortization of purchased intangible assets and other
|
|
53,237
|
|
|
(53,237
|
)
|
|
|
|
|
|
|
-
|
|
Total operating expenses
|
|
2,917,082
|
|
|
(53,237
|
)
|
|
(52,700
|
)
|
|
(509
|
)
|
|
-
|
|
|
|
-
|
|
|
2,810,636
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
493,111
|
|
|
53,237
|
|
|
52,700
|
|
|
509
|
|
|
-
|
|
|
|
|
599,557
|
|
|
|
|
|
|
|
|
|
|
Interest and other expense, net
|
|
(18,992
|
)
|
|
|
|
|
|
(2,005
|
)
|
|
|
(20,997
|
)
|
|
|
|
|
|
|
|
|
|
Gain from sale of a business
|
|
10,000
|
|
|
|
|
|
(10,000
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
63,554
|
|
|
|
|
|
|
|
17,407
|
|
|
80,961
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
420,565
|
|
$
|
53,237
|
|
$
|
52,700
|
|
$
|
509
|
|
$
|
(10,000
|
)
|
$
|
(2,005
|
)
|
$
|
(17,407
|
)
|
$
|
497,599
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
June 30, 2021(a)
|
|
|
Reconciliation items
|
|
GAAP
|
Amortization of purchased intangible assets and
other
|
Equity based compensation expense
|
Changes in certain acquisitions related liabilities
measured at fair value
|
Gain from sale of a business
|
Other
|
Tax effect
|
Non-GAAP
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
2,103,601
|
|
$
|
-
|
|
$
|
(16,543
|
)
|
$
|
(15,654
|
)
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,071,404
|
|
Research and development
|
|
231,617
|
|
|
-
|
|
|
(2,876
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
228,741
|
|
Selling, general and administrative
|
|
361,240
|
|
|
-
|
|
|
(20,524
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
340,716
|
|
Amortization of purchased intangible assets and other
|
|
60,510
|
|
|
(60,510
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total operating expenses
|
|
2,756,968
|
|
|
(60,510
|
)
|
|
(39,943
|
)
|
|
(15,654
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,640,861
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
444,363
|
|
|
60,510
|
|
|
39,943
|
|
|
15,654
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
560,470
|
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net
|
|
(9,698
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(686
|
)
|
|
-
|
|
|
(10,384
|
)
|
|
|
|
|
|
|
|
|
|
Gain from sale of a business
|
|
226,410
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(226,410
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
96,226
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(20,490
|
)
|
|
75,736
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
564,849
|
|
$
|
60,510
|
|
$
|
39,943
|
|
$
|
15,654
|
|
$
|
(226,410
|
)
|
$
|
(686
|
)
|
$
|
20,490
|
|
$
|
474,350
|
|
|
|
|
|
|
|
|
|
|
AMDOCS LIMITEDCondensed
Consolidated Balance Sheets (In
thousands)
|
As of
|
|
|
June
30,
2022
|
|
September 30, 2021
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
597,761
|
|
|
$ |
709,064
|
|
Short-term interest-bearing investments
|
|
|
252,512
|
|
|
256,527
|
|
Accounts receivable, net, including unbilled of $137,411 and
$162,278, respectively
|
|
|
1,039,983
|
|
|
866,819
|
|
Prepaid expenses and other current assets
|
|
|
226,027
|
|
|
235,089
|
|
Total current assets
|
|
|
2,116,283
|
|
|
2,067,499
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
747,782
|
|
|
698,768
|
|
Lease assets
|
|
|
207,885
|
|
|
233,162
|
|
Goodwill and other intangible assets, net
|
|
|
2,866,914
|
|
|
2,881,676
|
|
Other noncurrent assets
|
|
|
563,188
|
|
|
630,669
|
|
Total assets
|
|
$ |
6,502,052
|
|
|
$ |
6,511,774
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable, accruals and other
|
|
$
|
990,255
|
|
|
$ |
1,007,777
|
|
Lease liabilities
|
|
|
49,255
|
|
|
58,714
|
|
Deferred revenue
|
|
|
294,809
|
|
|
237,374
|
|
Total current liabilities
|
|
|
1,334,319
|
|
|
1,303,865
|
|
Lease liabilities
|
|
|
165,669
|
|
|
177,906
|
|
Long-term debt, net of unamortized debt issuance costs
|
|
|
644,974
|
|
|
644,553
|
|
Other noncurrent liabilities
|
|
|
783,877
|
|
|
750,266
|
|
Total Amdocs Limited Shareholders’ equity
|
|
|
3,530,704
|
|
|
3,592,675
|
|
Noncontrolling interests
|
|
|
42,509
|
|
|
42,509
|
|
Total equity
|
|
|
3,573,213
|
|
|
3,635,184
|
|
Total liabilities and equity
|
|
$ |
6,502,052
|
|
|
$ |
6,511,774
|
|
AMDOCS
LIMITEDConsolidated Statements of Cash
Flows(In thousands)
|
|
Nine months ended June 30,
|
|
|
|
2022
|
|
|
2021(a)
|
|
|
|
|
|
Cash Flow from Operating Activities:
|
|
|
|
|
Net income
|
|
$
|
420,565
|
|
|
$
|
564,849
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation, amortization and impairment
|
|
|
174,712
|
|
|
|
157,024
|
|
Amortization of debt issuance costs
|
|
|
421
|
|
|
|
409
|
|
Equity-based compensation expense
|
|
|
52,700
|
|
|
|
39,943
|
|
Gain from sale of a business
|
|
|
(10,000
|
)
|
|
|
(226,410
|
)
|
Deferred income taxes
|
|
|
(20,442
|
)
|
|
|
(64,882
|
)
|
Loss from short-term interest-bearing investments
|
|
|
2,028
|
|
|
|
1,006
|
|
Net changes in operating assets and liabilities, net of amounts
acquired:
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(157,557
|
)
|
|
|
(121,653
|
)
|
Prepaid expenses and other current assets
|
|
|
3,534
|
|
|
|
(434
|
)
|
Other noncurrent assets
|
|
|
27,918
|
|
|
|
(19,387
|
)
|
Lease assets and liabilities, net
|
|
|
3,603
|
|
|
|
6,724
|
|
Accounts payable, accrued expenses and accrued personnel
|
|
|
(63,804
|
)
|
|
|
110,982
|
|
Deferred revenue
|
|
|
28,465
|
|
|
|
205,915
|
|
Income taxes payable, net
|
|
|
19,903
|
|
|
|
44,711
|
|
Other noncurrent liabilities
|
|
|
57,754
|
|
|
|
27,297
|
|
Net cash provided by operating activities
|
|
|
539,800
|
|
|
|
726,094
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of property and equipment, net (c)
|
|
|
(145,400
|
)
|
|
|
(149,565
|
)
|
Proceeds from sale of short-term interest-bearing
investments
|
|
|
20,043
|
|
|
|
14,333
|
|
Purchase of short-term interest-bearing investments
|
|
|
(34,275
|
)
|
|
|
(208,626
|
)
|
Net cash paid for business and intangible assets
acquisitions
|
|
|
(24,430
|
)
|
|
|
(111,932
|
)
|
Net cash received from sale of a business
|
|
|
10,000
|
|
|
|
288,990
|
|
Other
|
|
|
(5,030
|
)
|
|
|
(332
|
)
|
Net cash used in investing activities
|
|
|
(179,092
|
)
|
|
|
(167,132
|
)
|
|
|
|
|
|
Cash Flow from Financing Activities:
|
|
|
|
|
Payments under financing arrangements
|
|
|
-
|
|
|
|
(100,000
|
)
|
Repurchase of shares
|
|
|
(400,922
|
)
|
|
|
(539,969
|
)
|
Proceeds from employee stock options exercises
|
|
|
72,957
|
|
|
|
84,474
|
|
Payments of dividends
|
|
|
(137,893
|
)
|
|
|
(131,892
|
)
|
Payment of contingent consideration from a business
acquisition
|
|
|
(6,153
|
)
|
|
|
(1,462
|
)
|
Net cash used in financing activities
|
|
|
(472,011
|
)
|
|
|
(688,849
|
)
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(111,303
|
)
|
|
|
(129,887
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
709,064
|
|
|
|
983,188
|
|
Cash and cash equivalents at end of period
|
|
$
|
597,761
|
|
|
$
|
853,301
|
|
AMDOCS
LIMITEDSupplementary Information
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
2022 |
|
2022 |
2021 |
|
2021 |
|
2021 |
North America |
|
$ |
788.0 |
|
$ |
772.2 |
|
$ |
745.5 |
|
$ |
722.8 |
|
$ |
686.1 |
Europe |
|
|
146.1 |
|
|
147.2 |
|
|
142.5 |
|
|
146.8 |
|
|
155.7 |
Rest
of the World |
|
|
226.2 |
|
|
225.9 |
|
|
216.6 |
|
|
217.7 |
|
|
224.5 |
Total
Revenue |
|
$ |
1,160.3 |
|
$ |
1,145.3 |
|
$ |
1,104.6 |
|
$ |
1,087.3 |
|
$ |
1,066.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
2022 |
|
2022 |
2021 |
|
2021 |
|
2021 |
Managed
Services Revenue |
|
$ |
717.9 |
|
$ |
663.4 |
|
$ |
659.7 |
|
$ |
637.5 |
|
$ |
650.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
2022 |
|
2022 |
2021 |
|
2021 |
|
2021 |
12-Month Backlog |
|
$ |
3,950 |
|
$ |
3,890 |
|
$ |
3,830 |
|
$ |
3,690 |
|
$ |
3,590 |
(1) Please refer to the Selected Financial Metrics tables below
(figures may not sum because of rounding).
(2) Pro forma growth rate excludes the financial impact of
OpenMarket (which was divested on December 31, 2020) from fiscal
year 2021
(3) Revenue on a constant currency basis assumes exchange rates
in the current period were unchanged from the prior period
(4) Adjusted GAAP excludes the gain from the sale of OpenMarket,
which was divested on December 31, 2020, from the current and
comparable fiscal years; fiscal 2022 GAAP diluted EPS growth
outlook is (18.0)%-(16.5)% on a non-adjusted basis
Grafico Azioni Amdocs (NASDAQ:DOX)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Amdocs (NASDAQ:DOX)
Storico
Da Mag 2023 a Mag 2024