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Amdocs Limited Reports Quarterly Revenue of $801 Million, Up 6.4% YoY

ST. LOUIS July 27, 2011

Key highlights:

  • Bruce Anderson Robert Minicucci October 1, 2011
  • $801 million $790-$805 million $5 million
  • $132 million $106 million
  • $0.61 $0.57-$0.63
  • $0.50 $0.45-$0.53
  • $125 million
  • $2.62 billion $30 million
  • $800-$815 million $0.58-$0.64 $0.04-$0.05 $0.46-$0.54
  • $157 million

June 30, 2011 $801.4 million $113.3 million $0.61 $119.4 million $0.58 $21.5 million $27.1 million $91.8 million $0.50 $92.3 million $0.45

Europe Asia Latin America Europe Eli Gelman

April 2010 $821 million

Gelman said, “During the third quarter we signed a definitive agreement to acquire Bridgewater Systems Corporation which, when closed, will mark an additional step forward in our strategy to redefine the ways in which service providers can monetize data services. Service providers today need to find more advanced and innovative methods to fairly charge for the value and usage of data. The combination of Amdocs and Bridgewater will enable service providers to support virtually any pricing strategy for data services, based on the combination of advanced customer models coupled with network level information.  We look forward to closing the deal by the end of the current quarter and officially welcoming the Bridgewater team to Amdocs.”

Bruce Anderson Rob Minicucci

Financial Discussion of Third Fiscal Quarter Results

$125 million $150 million $25 million

$2.62 billion

Financial Outlook

$800-$815 million $0.58-$0.64 $0.04-$0.05 $0.46-$0.54

Conference Call Details

July 27, 2011 5:00 p.m. Eastern Time 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, 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;
  • equity-based compensation expense;
  • loss from divestiture of a subsidiary; 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, 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, 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 non-cash expenses in reviewing its results and those of its competitors, because the amounts of the expenses between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the expenses.

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, 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

$3.0 billion www.amdocs.com

September 30, 2010 December 7, 2010 February 8, 2011 May 11, 2011

AMDOCS LIMITED

Consolidated Statements of Income

(in thousands, except per share data)

Three months ended

Nine months ended

June 30,

June 30,

2011

2010

2011

2010

Revenue:

License

$   29,093

$   25,592

$   87,694

$    75,691

Service

772,316

727,657

2,277,831

2,146,338

801,409

753,249

2,365,525

2,222,029

Operating expenses:

Cost of license

630

459

1,528

1,646

Cost of service

521,113

480,074

1,542,489

1,417,729

Research and development

54,414

52,253

162,942

153,549

Selling, general and administrative

102,315

93,446

305,736

277,054

Amortization of purchased intangible assets and other

17,265

21,748

53,018

64,506

695,737

647,980

2,065,713

1,914,484

Operating income

105,672

105,269

299,812

307,545

Interest and other expense, net

184

3,768

3,252

27,244

Income before income taxes

105,488

101,501

296,560

280,301

Income taxes

13,703

9,236

37,274

31,133

Net income

$   91,785

$   92,265

$  259,286

$  249,168

Basic earnings per share

$       0.50

$       0.45

$        1.38

$        1.21

Diluted earnings per share

$       0.50

$       0.45

$        1.37

$        1.21

Basic weighted average number of shares outstanding

183,273

203,786

187,566

205,078

Diluted weighted average number of shares outstanding

184,682

205,471

188,973

206,606

AMDOCS LIMITED

Selected Financial Metrics

(in thousands, except per share data)

Three months ended

Nine months ended

June 30,

June 30,

2011

2010

2011

2010

Revenue

$  801,409

$  753,249

$  2,365,525

$  2,222,029

Non-GAAP operating income

131,709

137,774

379,758

404,379

Non-GAAP net income

113,303

119,360

323,393

349,357

Non-GAAP diluted earnings per share

$        0.61

$        0.58

$           1.71

$           1.69

Diluted weighted average number of shares outstanding

184,682

205,471

188,973

206,606

AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(in th ousands)

Three months ended

June 30, 2011

Reconciliation items

GAAP

Amortization of
purchased
intangible assets
and other

Equity based
compensation
expense

Tax effect

Non-GAAP

Operating expenses:

Cost of license

$      630

$          –

$          –

$         –

$        630

Cost of service

521,113

(3,783)

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