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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acxiom Holdngs (delisted) | NASDAQ:ACXM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.48 | 48.34 | 51.50 | 0 | 01:00:00 |
Strong Quarter For Acxiom Audience Operating System®
Tightens Full Year Guidance
Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service Company, today announced financial results for its second quarter ended September 30, 2014.
Second Quarter Financial Highlights
Total revenue was down 3 percent compared to the second quarter of fiscal 2014 as a result of expected IT Infrastructure Management declines.
GAAP operating income and diluted earnings per share were down due to expenses associated with business separation and transformation activities, non-cash compensation and acquired intangible asset amortization, as well as declines in IT Infrastructure Management.
Non-GAAP operating income and diluted earnings per share were down as a result of the declines in the IT Infrastructure Management business.
Our non-GAAP results exclude unusual items, non-cash compensation and acquired intangible asset amortization. A reconciliation between GAAP and non-GAAP results is attached to this release.
The Company tightens its full year revenue and earnings per share guidance.
“While we remain hard at work rebuilding our U.S. Marketing and Data Services pipeline, we are excited that AOS adoption continues to accelerate,” said Acxiom CEO Scott Howe. “The second quarter was our best quarter to date. We signed 15 new AOS agreements during the quarter and gross media spend through the platform was up over 30 percent sequentially. With the addition of LiveRamp, our partner network expanded substantially. Advertisers can now connect their data to over 120 marketing applications.”
Second Quarter Business Highlights
Financial Outlook
Our guidance includes the impact of the LiveRamp acquisition but excludes the impact of unusual items, non-cash compensation and acquired intangible asset amortization. Acxiom’s estimates for fiscal 2015 are as follows:
Conference Call
Acxiom will hold a conference call at 3:30 p.m. CT today to further discuss this information. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com. A slide presentation will be referenced during the call and can be accessed here.
About Acxiom
Acxiom is an enterprise data, analytics and software-as-a-service Company that uniquely fuses trust, experience and scale to fuel data-driven results. For over 40 years, Acxiom has been an innovator in harnessing the most important sources and uses of data to strengthen connections between people, businesses and their partners. Utilizing a channel and media neutral approach, we leverage cutting-edge, data-oriented products and services to maximize customer value. Every week, Acxiom powers more than a trillion transactions that enable better living for people and better results for our clients. For more information about Acxiom, visit Acxiom.com.
Forward-Looking Statements
This release and today’s conference call may contain forward-looking statements including, without limitation, statements regarding expected levels of revenue and earnings per share. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The following are factors, among others, that could cause actual results to differ materially from these forward-looking statements: the possibility that the expected revenue from the LiveRamp transaction may not be realized within the expected timeframe; the possibility that certain contracts may not generate the anticipated revenue or profitability or may not be closed within the anticipated time frames; the possibility that significant customers may experience extreme, severe economic difficulty or otherwise reduce or cancel the amount of business they do with us; the possibility that we will not successfully complete customer contract requirements on time or meet the service levels specified in the contracts, which may result in contract penalties or lost revenue; the possibility that data suppliers might withdraw data from us, leading to our inability to provide certain products and services to our clients; the possibility that we may not be able to attract, retain or motivate qualified technical, sales and leadership associates, or that we may lose key associates; the possibility that we may not be able to adequately adapt to rapidly changing computing environments, technologies and marketing practices; the possibility that we will not be able to continue to receive credit upon satisfactory terms and conditions; the possibility that negative changes in economic conditions in general or other conditions might lead to a reduction in demand for our products and services; the possibility that there will be changes in consumer or business information industries and markets that negatively impact the company; the possibility that the historical seasonality of our business may change; the possibility that we will not be able to achieve anticipated cost reductions and avoid unanticipated costs; the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the possibility that unusual charges may be incurred; the possibility that changes in accounting pronouncements may occur and may impact these forward-looking statements; the possibility that we may encounter difficulties when entering new markets or industries; the possibility that we could experience loss of data center capacity or interruption of telecommunication links; the possibility that new laws may be enacted which limit our ability to provide services to our clients and/or which limit the use of data; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption “Item 1A, RISK FACTORS” in our Annual Report on Form 10-K for the year ended March 31, 2014, which was filed with the Securities and Exchange Commission on May 28, 2014.
With respect to the provision of products or services outside our primary base of operations in the United States, all of the above factors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale, competition, culture, laws and regulations.
We undertake no obligation to update the information contained in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
To automatically receive Acxiom Corporation financial news by email, please visit www.acxiom.com and subscribe to email alerts.
ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended September 30, $ % 2014 2013 Variance Variance Revenue: Marketing and data services 204,248 200,952 3,296 1.6 % IT Infrastructure management services 55,789 66,825 (11,036 ) (16.5 %) Total revenue 260,037 267,777 (7,740 ) (2.9 %) Operating costs and expenses: Cost of revenue 205,318 199,107 6,211 3.1 % Selling, general and administrative 50,483 42,859 7,624 17.8 % Gains, losses and other items, net 929 6,584 (5,655 ) (85.9 %) Total operating costs and expenses 256,730 248,550 8,180 3.3 % Income from operations 3,307 19,227 (15,920 ) (82.8 %)% Margin
1.3 % 7.2 % Other income (expense): Interest expense (2,395 ) (2,980 ) 585 19.6 % Other, net (115 ) (350 ) 235 (67.1 %) Total other income (expense) (2,510 ) (3,330 ) 820 24.6 % Earnings from continuing operations before income taxes 797 15,897 (15,100 ) (95.0 %) Income taxes 2,293 6,459 (4,166 ) (64.5 %) Net earnings (loss) from continuing operations (1,496 ) 9,438 (10,934 ) (115.9 %) Earnings from discontinued operations, net of tax (48 ) 426 (474 ) (111.3 %) Net earnings (loss) (1,544 ) 9,864 (11,408 ) (115.7 %) Less: Net earnings attributable to noncontrolling interest - 25 (25 ) 100.0 % Net earnings (loss) attributable to Acxiom (1,544 ) 9,839 (11,383 ) (115.7 %) Basic earnings (loss) per share: Net earnings (loss) from continuing operations (0.02 ) 0.13 (0.15 ) (115.4 %) Earnings (loss) from discontinued operations - 0.01 (0.01 ) 0.0 % Net earnings (loss) (0.02 ) 0.13 (0.15 ) (115.4 %) Net earnings (loss) attributable to Acxiom stockholders (0.02 ) 0.13 (0.15 ) (115.4 %) Diluted earnings (loss) per share: Net earnings (loss) from continuing operations (0.02 ) 0.12 (0.14 ) (116.7 %) Earnings (loss) from discontinued operations - 0.01 (0.01 ) 0.0 % Net earnings (loss) (0.02 ) 0.13 (0.15 ) (115.4 %) Net earnings (loss) attributable to Acxiom stockholders (0.02 ) 0.13 (0.15 ) (115.4 %) ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Six Months Ended September 30, $ % 2014 2013 Variance Variance Revenue: Marketing and data services 390,931 388,745 2,186 0.6 % IT Infrastructure management services 111,321 136,210 (24,889 ) (18.3 %) Total revenue 502,252 524,955 (22,703 ) (4.3 %) Operating costs and expenses: Cost of revenue 397,621 395,212 2,409 0.6 % Selling, general and administrative 97,421 80,474 16,947 21.1 % Gains, losses and other items, net 8,381 6,584 1,797 27.3 % Total operating costs and expenses 503,423 482,270 21,153 4.4 % Income (loss) from operations (1,171 ) 42,685 (43,856 ) (102.7 %) % Margin -0.2 % 8.1 % Other income (expense): Interest expense (4,966 ) (5,999 ) 1,033 17.2 % Other, net (528 ) (246 ) (282 ) (114.6 %) Total other income (expense) (5,494 ) (6,245 ) 751 12.0 % Earnings (loss) from continuing operations before income taxes (6,665 ) 36,440 (43,105 ) (118.3 %) Income taxes 903 14,499 (13,596 ) (93.8 %) Net earnings (loss) from continuing operations (7,568 ) 21,941 (29,509 ) (134.5 %) Earnings (loss) from discontinued operations, net of tax (1,580 ) 1,018 (2,598 ) (255.2 %) Net earnings (loss) (9,148 ) 22,959 (32,107 ) (139.8 %) Less: Net loss attributable to noncontrolling interest - (60 ) 60 100.0 % Net earnings (loss) attributable to Acxiom (9,148 ) 23,019 (32,167 ) (139.7 %) Basic earnings (loss) per share: Net earnings (loss) from continuing operations (0.10 ) 0.30 (0.40 ) (133.3 %) Earnings (loss) from discontinued operations (0.02 ) 0.01 (0.03 ) (300.0 %) Net earnings (loss) (0.12 ) 0.31 (0.43 ) (138.7 %) Net earnings (loss) attributable to Acxiom stockholders (0.12 ) 0.31 (0.43 ) (138.7 %) Diluted earnings (loss) per share: Net earnings (loss) from continuing operations (0.10 ) 0.29 (0.39 ) (134.5 %) Earnings (loss) from discontinued operations (0.02 ) 0.01 (0.03 ) (300.0 %) Net earnings (loss) (0.12 ) 0.30 (0.42 ) (140.0 %) Net earnings (loss) attributable to Acxiom stockholders (0.12 ) 0.30 (0.42 ) (140.0 %) ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP EPS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended For the Six Months Ended September 30, September 30, 2014 2013 2014 2013 Earnings (loss) from continuing operations before income taxes 797 15,897 (6,665 ) 36,440 Income taxes 2,293 6,459 903 14,499 Net earnings (loss) from continuing operations (1,496 ) 9,438 (7,568 ) 21,941 Earnings (loss) from discontinued operations, net of tax (48 ) 426 (1,580 ) 1,018 Net earnings (loss) (1,544 ) 9,864 (9,148 ) 22,959 Less: Net earnings (loss) attributable to noncontrolling interest - 25 - (60 ) Net earnings (loss) attributable to Acxiom (1,544 ) 9,839 (9,148 ) 23,019 Earnings (loss) per share attributable to Acxiom stockholders: Basic (0.02 ) 0.13 (0.12 ) 0.31 Diluted (0.02 ) 0.13 (0.12 ) 0.30 Unusual items: Legal settlement accruals - 3,200 - 3,200 Purchased intangible asset amortization 3,802 96 3,884 210 Live Ramp acquisition costs 40 - 820 - Non-cash stock compensation 7,867 3,708 11,956 6,889 Restructuring charges and other adjustments 889 3,384 7,561 3,384 Separation and transformation costs 9,291 2,186 21,328 2,186 Total unusual items, continuing operations 21,889 12,574 45,549 15,869Earnings from continuing operations before income taxes and excluding unusual items
22,686 28,471 38,884 52,309 Income taxes 8,734 11,246 14,970 20,348 Non-GAAP earnings from continuing operations 13,952 17,225 23,914 31,961 Earnings from discontinued operations, net of tax - - - - Non-GAAP net earnings 13,952 17,225 23,914 31,961 Less: Net loss attributable to noncontrolling interest - 25 - 60 Non-GAAP Net earnings attributable to Acxiom 13,952 17,200 23,914 31,901 Non-GAAP earnings per share attributable to Acxiom stockholders: Basic 0.18 0.23 0.31 0.43 Diluted 0.18 0.23 0.31 0.42 Basic weighted average shares 77,123 73,778 76,978 73,728 Diluted weighted average shares 78,307 76,036 78,324 75,764 ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended For the Six Months Ended September 30, September 30, 2014 2013 2014 2013 Income (loss) from operations 3,307 19,227 (1,171 ) 42,685 Unusual items 21,889 12,574 45,549 15,869 Income (loss) from operations before unusual items 25,196 31,801 44,378 58,554 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Three Months Ended September 30, September 30, 2014 2013 Basic earnings (loss) per share from continuing operations: Numerator - net earnings (loss) (1,496 ) 9,438 Denominator - weighted-average shares outstanding 77,123 73,778 Basic earnings (loss) per share (0.02 ) 0.13 Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (1,544 ) 9,839 Denominator - weighted-average shares outstanding 77,123 73,778 Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders (0.02 ) 0.13 Diluted earnings (loss) per share from continuing operations: Numerator - net earnings (loss) (1,496 ) 9,438 Denominator - weighted-average shares outstanding 77,123 73,778 Dilutive effect of common stock options, warrants and restricted stock - 2,258 77,123 76,036 Diluted earnings (loss) per share from continuing operations (0.02 ) 0.12 Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (1,544 ) 9,839 Denominator - weighted-average shares outstanding 77,123 73,778 Dilutive effect of common stock options, warrants, and restricted stock - 2,258 77,123 76,036 Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders (0.02 ) 0.13 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Six Months Ended September 30, September 30, 2014 2013 Basic earnings (loss) per share from continuing operations: Numerator - net earnings (loss) (7,568 ) 21,941 Denominator - weighted-average shares outstanding 76,978 73,728 Basic earnings (loss) per share (0.10 ) 0.30 Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (9,148 ) 23,019 Denominator - weighted-average shares outstanding 76,978 73,728 Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders (0.12 ) 0.31 Diluted earnings (loss) per share from continuing operations: Numerator - net earnings (loss) (7,568 ) 21,941 Denominator - weighted-average shares outstanding 76,978 73,728 Dilutive effect of common stock options, warrants and restricted stock - 2,036 76,978 75,764 Diluted earnings (loss) per share from continuing operations (0.10 ) 0.29 Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (9,148 ) 23,019 Denominator - weighted-average shares outstanding 76,978 73,728 Dilutive effect of common stock options, warrants, and restricted stock - 2,036 76,978 75,764 Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders (0.12 ) 0.30 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, September 30,Revenue:
2014 2013 Marketing and data services 204,248 200,952 IT Infrastructure management services 55,789 66,825 Total revenue 260,037 267,777Income from continuing operations:
Marketing and data services 9,397 16,030 IT Infrastructure management services 4,130 11,967 Corporate (10,220 ) (8,770 ) Total income (loss) from continuing operations 3,307 19,227Margin:
Marketing and data services 4.6 % 8.0 % IT Infrastructure management services 7.4 % 17.9 % Total margin 1.3 % 7.2 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, September 30, Revenue: 2014 2013 Marketing and data services 390,931 388,745 IT Infrastructure management services 111,321 136,210 Total revenue 502,252 524,955 Income from continuing operations: Marketing and data services 19,669 28,727 IT Infrastructure management services 8,869 22,728 Corporate (29,709 ) (8,770 ) Total income (loss) from continuing operations (1,171 ) 42,685 Margin: Marketing and data services 5.0 % 7.4 % IT Infrastructure management services 8.0 % 16.7 % Total margin -0.2 % 8.1 % ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended For the Six Months Ended September 30, September 30, 2014 2013 20142013
Marketing and data services income from operations 9,397 16,030 19,669 28,727 Unusual items: Purchased intangible asset amortization 3,802 96 3,884 210 Non-cash stock compensation 7,285 2,825 10,369 5,250 Marketing and data services income from operations before unusual items 20,484 18,951 33,922 34,187 Margin 10.0 % 9.4 % 8.7 % 8.8 % IT infrastructure management services income from operations 4,130 11,967 8,869 22,728 Unusual items: Purchased intangible asset amortization - - - - Non-cash stock compensation 582 883 1,587 1,639 IT infrastructure management services income from operations before unusual items 4,712 12,850 10,456 24,367 Margin 8.4 % 19.2 % 9.4 % 17.9 % ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) September 30, March 31, $ % 2014 2014 Variance VarianceAssets
Current assets: Cash and cash equivalents 109,810 418,586 (308,776 ) (73.8 %) Trade accounts receivable, net 156,500 160,718 (4,218 ) (2.6 %) Deferred income taxes 18,090 12,870 5,220 40.6 % Refundable income taxes 5,128 11,535 (6,407 ) (55.5 %) Restricted cash held in escrow 31,000 - 31,000 100.0 % Other current assets 57,373 54,484 2,889 5.3 % Assets of discontinued operations 952 7,332 (6,380 ) (87.0 %) Total current assets 378,853 665,525 (286,672 ) (43.1 %) Property and equipment 859,574 852,236 7,338 0.9 % Less - accumulated depreciation and amortization 637,764 635,330 2,434 0.4 % Property and equipment, net 221,810 216,906 4,904 2.3 % Software, net of accumulated amortization 79,768 39,425 40,343 102.3 % Goodwill 573,468 358,384 215,084 60.0 % Purchased software licenses, net of accumulated amortization 16,114 18,584 (2,470 ) (13.3 %) Other assets, net 45,215 24,477 20,738 84.7 % 1,315,228 1,323,301 (8,073 ) (0.6 %)Liabilities and Stockholders' Equity
Current liabilities: Current installments of long-term debt 34,118 28,567 5,551 19.4 % Trade accounts payable 50,112 36,179 13,933 38.5 % Accrued payroll and related expenses 31,956 62,182 (30,226 ) (48.6 %) Other accrued expenses 67,229 70,412 (3,183 ) (4.5 %) Acquisition escrow payable 31,000 - 31,000 (100.0 %) Deferred revenue 35,678 47,638 (11,960 ) (25.1 %) Income taxes - 241 (241 ) (100.0 %) Liabilities of discontinued operations 1,671 4,250 (2,579 ) (60.7 %) Total current liabilities 251,764 249,469 2,295 0.9 % Long-term debt 270,869 289,043 (18,174 ) (6.3 %) Deferred income taxes 101,424 90,226 11,198 12.4 % Other liabilities 12,689 11,706 983 8.4 % Stockholders' equity: Common stock 12,707 12,584 123 1.0 % Additional paid-in capital 1,005,443 981,985 23,458 2.4 % Retained earnings 593,681 602,829 (9,148 ) (1.5 %) Accumulated other comprehensive income 11,856 13,662 (1,806 ) (13.2 %) Treasury stock, at cost (945,205 ) (928,203 ) (17,002 ) (1.8 %) Total stockholders' equity 678,482 682,857 (4,375 ) (0.6 %) 1,315,228 1,323,301 (8,073 ) (0.6 %) ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2014 2013 Cash flows from operating activities: Net earnings (loss) (1,544 ) 9,864 Earnings from discontinued operations, net of tax 48 (426 ) Non-cash operating activities: Depreciation and amortization 28,162 25,193 Deferred income taxes (4,179 ) 60 Non-cash stock compensation expense 7,867 3,708 Changes in operating assets and liabilities: Accounts receivable (3,874 ) (7,058 ) Other assets 744 (736 ) Accounts payable and other liabilities 4,480 8,952 Deferred revenue (5,912 ) 2,698 Net cash provided by operating activities 25,792 42,255 Cash flows from investing activities: Capitalized software (5,608 ) (7,660 ) Capital expenditures (19,396 ) (9,130 ) Data acquisition costs (468 ) (913 ) Net cash paid in acquisitions (265,672 ) - Net cash provided (used) by investing activities (291,144 ) (17,703 ) Cash flows from financing activities: Payments of debt (5,356 ) (4,343 ) Sale of common stock, net of stock acquired for withholding taxes (1,813 ) 12,804 Acquisition of treasury stock (9,868 ) (22,698 ) Net cash used by financing activities (17,037 ) (14,237 ) Cash flows from discontinued operations: From operating activities 82 (1,734 ) From investing activities - (139 ) Net cash provided by discontinued operations 82 (1,873 ) Effect of exchange rate changes on cash (801 ) 544 Net change in cash and cash equivalents (283,108 ) 8,986 Cash and cash equivalents at beginning of period 392,918 207,630 Cash and cash equivalents at end of period 109,810 216,616 Supplemental cash flow information: Cash paid during the period for: Interest 2,516 2,975 Income taxes 59 9,924 Payments on capital leases and installment payment arrangements 1,084 2,339 Other debt payments, excluding line of credit 4,272 2,004 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, 2014 2013 Cash flows from operating activities: Net earnings (loss) (9,148 ) 22,959 Loss (earnings) from discontinued operations, net of tax 1,580 (1,018 ) Non-cash operating activities: Depreciation and amortization 55,686 50,241 Deferred income taxes (6,022 ) (528 ) Non-cash stock compensation expense 11,956 6,889 Changes in operating assets and liabilities: Accounts receivable 8,608 (4,842 ) Other assets 3,480 7 Deferred costs (1,383 ) - Accounts payable and other liabilities (24,542 ) (18,874 ) Deferred revenue (12,556 ) 3,929 Net cash provided by operating activities 27,659 58,763 Cash flows from investing activities: Capitalized software (10,577 ) (13,614 ) Capital expenditures (38,397 ) (18,042 ) Data acquisition costs (1,103 ) (2,874 ) Net cash paid in acquisitions (265,672 ) - Net cash provided (used) by investing activities (315,749 ) (34,530 ) Cash flows from financing activities: Payments of debt (10,858 ) (9,233 ) Sale of common stock, net of stock acquired for withholding taxes (2,487 ) 18,559 Acquisition of treasury stock (9,868 ) (38,837 ) Net cash used by financing activities (23,213 ) (29,511 ) Cash flows from discontinued operations: From operating activities 69 (1,393 ) From investing activities 2,927 (147 ) Net cash provided by discontinued operations 2,996 (1,540 ) Effect of exchange rate changes on cash (469 ) 460 Net change in cash and cash equivalents (308,776 ) (6,358 ) Cash and cash equivalents at beginning of period 418,586 430,604 Cash and cash equivalents at end of period 109,810 424,246Supplemental cash flow information:
Cash paid during the period for: Interest 5,391 5,986 Income taxes 356 11,008 Payments on capital leases and installment payment arrangements 2,319 5,239 Other debt payments, excluding line of credit 8,539 3,994 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in thousands) 06/30/13 09/30/13 12/31/13 03/31/14 YTD FY2014 06/30/14 09/30/14 YTD FY2015 TTM 9/30/13 TTM 9/30/14 Net cash provided by operating activities - continuing operations 16,508 42,255 63,791 40,687 163,241 1,867 25,792 27,659 168,694 132,137 Net cash provided by operating activities - discontinued operations 341 (1,734 ) (19 ) 3,147 1,735 (13 ) 82 69 1,440 3,197 Less: Payments for investments - - 3,633 190 3,823 - - - - 3,823 Capitalized software (5,954 ) (7,660 ) (5,495 ) (5,408 ) (24,517 ) (4,969 ) (5,608 ) (10,577 ) (25,746 ) (21,480 ) Capital expenditures (8,912 ) (9,130 ) (6,681 ) (14,409 ) (39,132 ) (19,001 ) (19,396 ) (38,397 ) (44,553 ) (59,487 ) Data acquisition costs (1,961 ) (913 ) (1,786 ) (3,085 ) (7,745 ) (635 ) (468 ) (1,103 ) (7,746 ) (5,974 ) Discontinued operations investing activities (8 ) (139 ) (19 ) - (166 ) 2,927 - 2,927 (411 ) 2,908 Payments on capital leases and installment payment arrangements (2,900 ) (2,339 ) (1,675 ) (1,465 ) (8,379 ) (1,235 ) (1,084 ) (2,319 ) (14,317 ) (5,459 ) Other required debt payments (1,990 ) (2,004 ) (4,259 ) (4,263 ) (12,516 ) (4,267 ) (4,272 ) (8,539 ) (8,249 ) (17,061 ) Total (4,876 ) 18,336 47,490 15,394 76,344 (25,326 ) (4,954 ) (30,280 ) 69,112 32,604 ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) Q2 FY15 to Q2 FY14 06/30/13 09/30/13 12/31/13 03/31/14 YTD FY2014 06/30/14 09/30/14 YTD FY2015 % $ Revenue: Marketing and data services 187,793 200,952 206,662 209,746 805,153 186,683 204,248 390,931 1.6 % 3,296 IT Infrastructure management services 69,385 66,825 62,099 58,816 257,125 55,532 55,789 111,321 -16.5 % (11,036 ) Total revenue 257,178 267,777 268,761 268,562 1,062,278 242,215 260,037 502,252 -2.9 % (7,740 ) Operating costs and expenses: Cost of revenue 196,105 199,107 201,430 198,920 795,562 192,303 205,318 397,621 3.1 % 6,211 Selling, general and administrative 37,615 42,859 43,383 45,519 169,376 46,938 50,483 97,421 17.8 % 7,624 Impairment of goodwill and other - - - 24,953 24,953 - - 0 0.0 % - Gains, losses and other items, net - 6,584 4,657 10,673 21,914 7,452 929 8,381 -85.9 % (5,655 ) Total operating costs and expenses 233,720 248,550 249,470 280,065 1,011,805 246,693 256,730 503,423 3.3 % 8,180 Income (loss) from operations 23,458 19,227 19,291 (11,503 ) 50,473 (4,478 ) 3,307 (1,171 ) -82.8 % (15,920 ) % Margin 9.1 % 7.2 % 7.2 % -4.3 % 4.8 % -1.8 % 1.3 % -0.2 % Other expense Interest expense (3,019 ) (2,980 ) (3,114 ) (2,558 ) (11,671 ) (2,571 ) (2,395 ) (4,966 ) 19.6 % 585 Other, net 104 (350 ) 1,484 579 1,817 (413 ) (115 ) (528 ) 67.1 % 235 Total other expense (2,915 ) (3,330 ) (1,630 ) (1,979 ) (9,854 ) (2,984 ) (2,510 ) (5,494 ) -24.6 % 820 Earnings (loss) from continuing operations before income taxes 20,543 15,897 17,661 (13,482 ) 40,619 (7,462 ) 797 (6,665 ) -95.0 % (15,100 ) Income taxes 8,040 6,459 3,083 12,045 29,627(1,390
) 2,293 903 -64.5 % (4,166 ) Net earnings (loss) from continuing operations 12,503 9,438 14,578 (25,527 ) 10,992 (6,072 ) (1,496 ) (7,568 ) -115.9 % (10,934 ) Earnings (loss) from discontinued operations, net of tax 592 426 489 (3,696 ) (2,189 ) (1,532 ) (48 ) (1,580 ) -111.3 % (474 ) Net earnings (loss) 13,095 9,864 15,067 (29,223 ) 8,803 (7,604 ) (1,544 ) (9,148 ) -115.7 % (11,408 ) Less: Net gain (loss) attributable to noncontrolling interest (85 ) 25 - - (60 ) - - - -100.0 % (25 ) Net earnings (loss) attributable to Acxiom 13,180 9,839 15,067 (29,223 ) 8,863 (7,604 ) (1,544 ) (9,148 ) -115.7 % (11,383 ) Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders 0.17 0.13 0.19 (0.38 ) 0.12 (0.10 ) (0.02 ) (0.12 ) -115.4 % (0.15 ) ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) Q2 FY15 to Q2 FY14 06/30/13 09/30/13 12/31/13 03/31/14 YTD FY2014 06/30/14 09/30/14 YTD FY2015 % $ Revenue: Marketing and data services 187,793 200,952 206,662 209,746 805,153 186,683 204,248 390,931 2 % 3,296 IT Infrastructure management services 69,385 66,825 62,099 58,816 257,125 55,532 55,789 111,321 -17 % (11,036 ) Total revenue 257,178 267,777 268,761 268,562 1,062,278 242,215 260,037 502,252 -3 % (7,740 ) Income from continuing operations: Marketing and data services 12,697 16,030 22,529 27,244 78,500 10,272 9,397 19,669 -41 % (6,633 ) IT Infrastructure management services 10,761 11,967 6,316 3,803 32,847 4,739 4,130 8,869 -65 % (7,837 ) Corporate - (8,770 ) (9,554 ) (42,550 ) (60,874 ) (19,489 ) (10,220 ) (29,709 ) 17 % (1,450 ) Total income (loss) from continuing operations 23,458 19,227 19,291 (11,503 ) 50,473 (4,478 ) 3,307 (1,171 ) -83 % (15,920 ) Margin: Marketing and data services 6.8 % 8.0 % 10.9 % 13.0 % 9.7 % 5.5 % 4.6 % 5.0 % IT Infrastructure management services 15.5 % 17.9 % 10.2 % 6.5 % 12.8 % 8.5 % 7.4 % 8.0 % Total 9.1 % 7.2 % 7.2 % -4.3 % 4.8 % -1.8 % 1.3 % -0.2 %
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Acxiom CorporationInvestor Relations:Lauren Dillard, 650-372-2242investor.relations@acxiom.comEACXM
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