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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 |
Connectivity Revenue Increases 65% Year-over-Year
Total US Revenue Grows 6% Year-over-Year
Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service company, today announced financial results for its second quarter ended September 30, 2015.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151104006536/en/
Financial Highlights
Segment Results
Marketing Services and Audience Solutions
Connectivity
Non-GAAP results exclude items including non-cash compensation, purchased intangible asset amortization, and separation and transformation costs. A reconciliation between GAAP and non-GAAP results is attached to this release.
“Connectivity had another impressive quarter highlighted by strong revenue growth, new customer additions and the launch of LiveRamp Customer Link™,” said Acxiom CEO Scott Howe. “At the same time, our Marketing Services and Audience Solutions businesses had a number of key wins during the quarter, including several large renewals.”
Business Highlights
Financial Outlook
Acxiom’s guidance excludes the impact of unusual items, non-cash compensation and acquired intangible asset amortization. Acxiom reconfirms the following estimates for fiscal 2016:
Conference Call
Acxiom will hold a conference call at 4:00 p.m. CST today to further discuss this information. Interested parties are invited to listen to the call, which will be broadcast via the Internet at investors.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 7,000+ global clients. For more information about Acxiom, visit Acxiom.com.
Forward-Looking Statements
This release and today’s conference call contains 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 divisions 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 current and 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, 2015, which was filed with the Securities and Exchange Commission on May 27, 2015.
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.
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ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings (loss) per share) For the Three Months Ended September 30, $ % 2015 2014 Variance Variance Revenues 207,345 204,248 3,097 1.5 % Cost of revenue 121,312 122,845 (1,533 ) (1.2 %) Gross profit 86,033 81,403 4,630 5.7 % % Gross margin 41.5 % 39.9 % Operating expenses: Research and development 19,078 19,798 (720 ) (3.6 %) Sales and marketing 34,259 28,842 5,417 18.8 % General and administrative 31,519 38,373 (6,854 ) (17.9 %) Gains, losses and other items, net 3,233 833 2,400 288.1 % Total operating expenses 88,089 87,846 243 0.3 % Loss from operations (2,056 ) (6,443 ) 4,387 68.1 % % Margin -1.0 % -3.2 % Other income (expense): Interest expense (1,956 ) (1,821 ) (135 ) (7.4 %) Other, net 59 (163 ) 222 136.2 %Total other expense
(1,897 ) (1,984 ) 87 4.4 % Loss from continuing operations before income taxes (3,953 ) (8,427 ) 4,474 53.1 % Income taxes (2,608 ) (1,326 ) (1,282 ) (96.7 %) Net loss from continuing operations (1,345 ) (7,101 ) 5,756 81.1 % Earnings from discontinued operations, net of tax 12,068 5,557 6,511 117.2 % Net earnings (loss) 10,723 (1,544 ) 12,267 794.5 % Basic earnings (loss) per share: Net loss from continuing operations (0.02 ) (0.09 ) 0.07 81.3 % Net earnings from discontinued operations 0.15 0.07 0.08 114.8 % Net earnings (loss) 0.14 (0.02 ) 0.16 787.0 % Diluted earnings (loss) per share: Net loss from continuing operations (0.02 ) (0.09 ) 0.07 81.3 % Net earnings from discontinued operations 0.15 0.07 0.08 114.8 % Net earnings (loss) 0.14 (0.02 ) 0.16 787.0 % Some earnings (loss) per share amounts may not add due to rounding ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings (loss) per share) For the Six Months Ended September 30, $ % 2015 2014 Variance Variance Revenues 404,240 390,931 13,309 3.4 % Cost of revenue 239,021 235,935 3,086 1.3 % Gross profit 165,219 154,996 10,223 6.6 % % Gross margin 40.9 % 39.6 % Operating expenses: Research and development 39,089 36,148 2,941 8.1 % Sales and marketing 63,753 55,342 8,411 15.2 % General and administrative 63,262 75,074 (11,812 ) (15.7 %) Gains, losses and other items, net 4,040 7,961 (3,921 ) (49.3 %) Total operating expenses 170,144 174,525 (4,381 ) (2.5 %) Loss from operations (4,925 ) (19,529 ) 14,604 74.8 % % Margin -1.2 % -5.0 % Other income (expense): Interest expense (3,841 ) (3,769 ) (72 ) (1.9 %) Other, net 363 (269 ) 632 234.9 % Total other expense (3,478 ) (4,038 ) 560 13.9 % Loss from continuing operations before income taxes (8,403 ) (23,567 ) 15,164 64.3 % Income taxes (1,876 ) (5,725 ) 3,849 67.2 % Net loss from continuing operations (6,527 ) (17,842 ) 11,315 63.4 % Earnings from discontinued operations, net of tax 16,211 8,694 7,517 86.5 % Net earnings (loss) 9,684 (9,148 ) 18,832 205.9 % Basic earnings (loss) per share: Net loss from continuing operations (0.08 ) (0.23 ) 0.15 63.9 % Net earnings from discontinued operations 0.21 0.11 0.10 84.2 % Net earnings (loss) 0.12 (0.12 ) 0.24 204.6 % Diluted earnings (loss) per share: Net loss from continuing operations (0.08 ) (0.23 ) 0.15 63.9 % Net earnings from discontinued operations 0.21 0.11 0.10 84.2 % Net earnings (loss) 0.12 (0.12 ) 0.24 202.7 % Some earnings (loss) per share amounts may not add due to rounding ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP EPS (Unaudited) (Dollars in thousands, except earnings (loss) per share) For the Three Months Ended For the Six Months Ended September 30, September 30, 2015 2014 2015 2014 Loss from continuing operations before income taxes (3,953 ) (8,427 ) (8,403 ) (23,567 ) Income taxes (2,608 ) (1,326 ) (1,876 ) (5,725 ) Net loss from continuing operations (1,345 ) (7,101 ) (6,527 ) (17,842 ) Earnings from discontinued operations, net of tax 12,068 5,557 16,211 8,694 Net earnings (loss) 10,723 (1,544 ) 9,684 (9,148 ) Earnings (loss) per share: Basic 0.14 (0.02 ) 0.12 (0.12 ) Diluted 0.14 (0.02 ) 0.12 (0.12 ) Excluded items: Purchased intangible asset amortization (cost of revenue) 3,754 3,827 7,508 3,890 Non-cash stock compensation (cost of revenue and operating expenses) 7,360 7,725 15,483 11,650 Restructuring charges and other adjustments (gains, losses, and other) 3,233 833 4,040 7,961 Separation and transformation costs (general and administrative) 6,098 8,291 9,512 18,829 Accelerated amortization (cost of revenue) 78 - 1,520 - Total excluded items, continuing operations 20,523 20,676 38,063 42,330Earnings from continuing operations before income taxes and excluding items
16,570 12,249 29,660 18,763 Income taxes 5,163 4,757 10,795 7,274 Non-GAAP net earnings 11,407 7,492 18,865 11,489 Non-GAAP earnings per share: Basic 0.15 0.10 0.24 0.15 Diluted 0.14 0.10 0.24 0.15 Basic weighted average shares 77,960 77,123 77,939 76,978 Diluted weighted average shares 79,310 78,307 79,332 78,324 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS (LOSS) PER SHARE (Unaudited) (In thousands, except earnings (loss) per share) For the Three Months Ended September 30, September 30, 2015 2014 Basic loss per share from continuing operations: Numerator - net loss (1,345 ) (7,101 ) Denominator - weighted-average shares outstanding 77,960 77,123 Basic loss per share (0.02 ) (0.09 ) Diluted loss per share from continuing operations: Numerator - net loss (1,345 ) (7,101 ) Denominator - weighted-average shares outstanding 77,960 77,123 Diluted loss per share (0.02 ) (0.09 ) Basic earnings per share from discontinued operations: Numerator - net earnings 12,068 5,557 Denominator - weighted-average shares outstanding 77,960 77,123 Basic earnings per share 0.15 0.07 Diluted earnings per share from discontinued operations: Numerator - net earnings 12,068 5,557 Denominator - weighted-average shares outstanding 77,960 77,123 Dilutive effect of common stock options, warrants and restricted stock - - 77,960 77,123 Diluted earnings per share 0.15 0.07 Diluted earnings (loss) per share: Numerator - net earnings (loss) 10,723 (1,544 ) Denominator - weighted-average shares outstanding 77,960 77,123 Dilutive effect of common stock options, warrants, and restricted stock - - 77,960 77,123 Diluted earnings (loss) per share 0.14 (0.02 ) ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS (LOSS) PER SHARE (Unaudited) (In thousands, except earnings (loss) per share) For the Six Months Ended September 30, September 30, 2015 2014 Basic loss per share from continuing operations: Numerator - net loss (6,527 ) (17,842 ) Denominator - weighted-average shares outstanding 77,939 76,978 Basic loss per share (0.08 ) (0.23 ) Diluted loss per share from continuing operations: Numerator - net loss (6,527 ) (17,842 ) Denominator - weighted-average shares outstanding 77,939 76,978 Diluted loss per share (0.08 ) (0.23 ) Basic earnings per share from discontinued operations: Numerator - net earnings 16,211 8,694 Denominator - weighted-average shares outstanding 77,939 76,978 Basic earnings per share 0.21 0.11 Diluted earnings per share from discontinued operations: Numerator - net earnings 16,211 8,694 Denominator - weighted-average shares outstanding 77,939 76,978 Dilutive effect of common stock options, warrants and restricted stock - - 77,939 76,978 Diluted earnings per share 0.21 0.11 Diluted loss per share: Numerator - net earnings (loss) 9,684 (9,148 ) Denominator - weighted-average shares outstanding 77,939 76,978 Dilutive effect of common stock options, warrants, and restricted stock - - 77,939 76,978 Diluted earnings (loss) per share 0.12 (0.12 ) ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT-GAAP (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2015 September 30, 2014 Marketing Services Marketing Services & Audience Solutions Connectivity Corporate Total & Audience Solutions Connectivity Corporate Total Revenues 185,101 22,244 - 207,345 190,776 13,472 - 204,248 Gross profit (loss) 76,030 10,081 (78 ) 86,033 82,652 (1,249 ) - 81,403 % Gross margin 41.1 % 45.3 % n/a 41.5 % 43.3 % -9.3 % n/a 39.9 % Operating income (loss) 41,586 (10,192 ) (33,450 ) (2,056 ) 52,302 (20,277 ) (38,468 ) (6,443 ) % margin 22.5 % -45.8 % n/a -1.0 % 27.4 % -150.5 % n/a -3.2 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT-GAAP (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, 2015 September 30, 2014 Marketing Services Marketing Services & Audience Solutions Connectivity Corporate Total & Audience Solutions Connectivity Corporate Total Revenues 361,377 42,863 - 404,240 373,125 17,806 - 390,931 Gross profit (loss) 148,049 18,690 (1,520 ) 165,219 159,876 (4,880 ) - 154,996 % Gross margin 41.0 % 43.6 % n/a 40.9 % 42.8 % -27.4 % n/a 39.6 % Operating income (loss) 79,873 (18,217 ) (66,581 ) (4,925 ) 98,523 (34,538 ) (83,514 ) (19,529 ) % margin 22.1 % -42.5 % n/a -1.2 % 26.4 % -194.0 % n/a -5.0 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT-NON-GAAP (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2015 September 30, 2014 Marketing Services Marketing Services & Audience Solutions Connectivity Corporate Total & Audience Solutions Connectivity Corporate Total Revenues 185,101 22,244 - 207,345 190,776 13,472 - 204,248 Gross profit 76,404 13,810 - 90,214 83,043 2,503 - 85,546 % Gross margin 41.3 % 62.1 % n/a 43.5 % 43.5 % 18.6 % n/a 41.9 % Operating income (loss) 42,696 (664 ) (23,565 ) 18,467 53,556 (11,702 ) (27,621 ) 14,233 % margin 23.1 % -3.0 % n/a 8.9 % 28.1 % -86.9 % n/a 7.0 % ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2015 September 30, 2014 Marketing Services Marketing Services & Audience Solutions Connectivity Corporate Total & Audience Solutions Connectivity Corporate Total Gross profit (loss) 76,030 10,081 (78 ) 86,033 82,652 (1,249 ) - 81,403 Purchased intangible asset amortization 25 3,729 - 3,754 75 3,752 - 3,827 Non-cash stock compensation 347 - - 347 316 - - 316 Accelerated amortization - - 78 78 - - - - Restructuring charges and other adjustments 2 - - 2 - - - - Gross profit (loss) before excluded items 76,404 13,810 - 90,214 83,043 2,503 - 85,546 Operating income (loss) 41,586 (10,192 ) (33,450 ) (2,056 ) 52,302 (20,277 ) (38,468 ) (6,443 ) Purchased intangible asset amortization 25 3,729 - 3,754 75 3,752 - 3,827 Non-cash stock compensation 1,053 5,625 682 7,360 804 5,560 1,361 7,725 Restructuring charges and other adjustments 32 174 3,027 3,233 375 (737 ) 1,195 833 Separation and transformation costs - - 6,098 6,098 - - 8,291 8,291 Accelerated amortization - - 78 78 - - - - Operating income (loss) before excluded items 42,696 (664 ) (23,565 ) 18,467 53,556 (11,702 ) (27,621 ) 14,233 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT-NON-GAAP (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, 2015 September 30, 2014 Marketing Services Marketing Services & Audience Solutions Connectivity Corporate Total & Audience Solutions Connectivity Corporate Total Revenues 361,377 42,863 - 404,240 373,125 17,806 - 390,931 Gross profit (loss) 148,877 26,148 - 175,025 160,602 (1,096 ) - 159,506 % Gross margin 41.2 % 61.0 % n/a 43.3 % 43.0 % -6.2 % n/a 40.8 % Operating income (loss) 82,949 (837 ) (48,974 ) 33,138 100,826 (25,554 ) (52,471 ) 22,801 % margin 23.0 % -2.0 % n/a 8.2 % 27.0 % -143.5 % n/a 5.8 % ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, 2015 September 30, 2014 Marketing Services Marketing Services & Audience Solutions Connectivity Corporate Total & Audience Solutions Connectivity Corporate Total Gross profit (loss) 148,049 18,690 (1,520 ) 165,219 159,876 (4,880 ) - 154,996 Purchased intangible asset amortization 50 7,458 - 7,508 106 3,784 - 3,890 Non-cash stock compensation 776 - - 776 620 - - 620 Accelerated amortization - - 1,520 1,520 - - - - Restructuring charges and other adjustments 2 - - 2 - - - - Gross profit (loss) before excluded items 148,877 26,148 - 175,025 160,602 (1,096 ) - 159,506 Operating income (loss) 79,873 (18,217 ) (66,581 ) (4,925 ) 98,523 (34,538 ) (83,514 ) (19,529 ) Purchased intangible asset amortization 50 7,458 - 7,508 106 3,784 - 3,890 Non-cash stock compensation 2,967 9,748 2,768 15,483 1,811 5,937 3,902 11,650 Restructuring charges and other adjustments 59 174 3,807 4,040 386 (737 ) 8,312 7,961 Separation and transformation costs - - 9,512 9,512 - - 18,829 18,829 Accelerated amortization - - 1,520 1,520 - - - - Operating income (loss) before excluded items 82,949 (837 ) (48,974 ) 33,138 100,826 (25,554 ) (52,471 ) 22,801 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) September 30, March 31, $ % 2015 2015 Variance VarianceAssets
Current assets: Cash and cash equivalents 180,945 141,010 39,935 28.3 % Trade accounts receivable, net 135,894 126,896 8,998 7.1 % Deferred income taxes 15,511 25,610 (10,099 ) (39.4 %) Refundable income taxes 5,097 5,239 (142 ) (2.7 %) Restricted cash held in escrow 130 31,000 (30,870 ) (99.6 %) Other current assets 37,807 34,975 2,832 8.1 % Assets of discontinued operations 2,000 172,284 (170,284 ) (98.8 %) Total current assets 377,384 537,014 (159,630 ) (29.7 %) Property and equipment 509,573 505,721 3,852 0.8 % Less - accumulated depreciation and amortization 333,405 329,467 3,938 1.2 % Property and equipment, net 176,168 176,254 (86 ) (0.0 %) Software, net of accumulated amortization 59,975 68,962 (8,987 ) (13.0 %) Goodwill 495,843 497,362 (1,519 ) (0.3 %) Purchased software licenses, net of accumulated amortization 13,037 9,551 3,486 36.5 % Other assets, net 30,214 33,281 (3,067 ) (9.2 %) 1,152,621 1,322,424 (169,803 ) (12.8 %)Liabilities and Stockholders’ Equity
Current liabilities: Current installments of long-term debt 32,205 32,232 (27 ) (0.1 %) Trade accounts payable 40,798 30,094 10,704 35.6 % Accrued payroll and related expenses 32,684 36,659 (3,975 ) (10.8 %) Other accrued expenses 46,019 62,754 (16,735 ) (26.7 %) Acquisition escrow payable 130 31,000 (30,870 ) (99.6 %) Deferred revenue 36,051 33,620 2,431 7.2 % Liabilities of discontinued operations 2,436 57,433 (54,997 ) (95.8 %) Total current liabilities 190,323 283,792 (93,469 ) (32.9 %) Long-term debt 176,744 247,855 (71,111 ) (28.7 %) Deferred income taxes 70,875 80,675 (9,800 ) (12.1 %) Other liabilities 10,703 6,845 3,858 56.4 %Stockholders’ equity:
Common stock 12,957 12,794 163 1.3 % Additional paid-in capital 1,059,087 1,034,526 24,561 2.4 % Retained earnings 601,482 591,798 9,684 1.6 % Accumulated other comprehensive income 7,669 9,413 (1,744 ) (18.5 %) Treasury stock, at cost (977,219 ) (945,274 ) (31,945 ) (3.4 %)Total stockholders’ equity
703,976 703,257 719 0.1 % 1,152,621 1,322,424 (169,803 ) (12.8 %) ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2015 2014 Cash flows from operating activities: Net earnings (loss) 10,723 (1,544 ) Earnings from discontinued operations, net of tax (12,068 ) (5,557 ) Non-cash operating activities: Depreciation and amortization 20,635 18,257 Loss (gain) on disposal or impairment of assets (57 ) 47 Impairment of goodwill and other 706 - Deferred income taxes 1,806 (4,179 ) Non-cash stock compensation expense 7,360 7,725 Changes in operating assets and liabilities: Accounts receivable (1,244 ) (848 ) Other assets (2,007 ) 1,778 Deferred costs (398 ) - Accounts payable and other liabilities (6,806 ) 967 Deferred revenue 2,707 (2,321 ) Net cash provided by (used in) operating activities 21,357 14,325 Cash flows from investing activities: Capitalized software (3,936 ) (5,608 ) Capital expenditures (10,244 ) (15,362 ) Data acquisition costs (281 ) (468 ) Net cash paid in acquisitions - (265,672 ) Net cash used in investing activities (14,461 ) (287,110 ) Cash flows from financing activities: Payments of debt (63,039 ) (4,839 ) Sale of common stock, net of stock acquired for withholding taxes 2,033 (1,813 ) Income tax impact of stock options, warrants and restricted stock (475 ) - Acquisition of treasury stock (12,310 ) (9,868 ) Net cash used in financing activities (73,791 ) (16,520 ) Cash flows from discontinued operations: From operating activities (1,938 ) 11,547 From investing activities 127,315 (4,034 ) From financing activities (53 ) (517 ) Net cash provided by discontinued operations 125,324 6,996 Effect of exchange rate changes on cash (676 ) (801 ) Net change in cash and cash equivalents 57,753 (283,110 ) Cash and cash equivalents at beginning of period 123,192 392,918 Cash and cash equivalents at end of period 180,945 109,808 Supplemental cash flow information: Cash paid during the period for: Interest 2,152 2,516 Income taxes 6,310 59 Payments on capital leases and installment payment arrangements 53 1,084 Other debt payments, excluding line of credit 8,039 4,272 Prepayment of debt 55,000 - ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, 2015 2014 Cash flows from operating activities: Net earnings (loss) 9,684 (9,148 ) Earnings from discontinued operations, net of tax (16,211 ) (8,694 ) Non-cash operating activities: Depreciation and amortization 42,410 34,177 Loss (gain) on disposal or impairment of assets 184 (207 ) Impairment of goodwill and other 706 - Deferred income taxes 284 (6,022 ) Non-cash stock compensation expense 15,483 11,650 Changes in operating assets and liabilities: Accounts receivable (9,281 ) 10,551 Other assets (1,198 ) 5,368 Deferred costs (823 ) (211 ) Accounts payable and other liabilities (10,336 ) (28,090 ) Deferred revenue 2,452 (10,505 ) Net cash provided by (used in) operating activities 33,354 (1,131 ) Cash flows from investing activities: Capitalized software (6,733 ) (10,577 ) Capital expenditures (23,120 ) (32,140 ) Data acquisition costs (711 ) (1,103 ) Net cash paid in acquisitions - (265,672 ) Net cash used in investing activities (30,564 ) (309,492 ) Cash flows from financing activities: Payments of debt (71,138 ) (9,756 ) Sale of common stock, net of stock acquired for withholding taxes 4,102 (2,487 ) Income tax impact of stock options, warrants and restricted stock (552 ) (9,868 ) Acquisition of treasury stock (27,261 ) - Net cash used in financing activities (94,849 ) (22,111 ) Cash flows from discontinued operations: From operating activities 9,715 28,857 From investing activities 122,831 (3,330 ) From financing activities (206 ) (1,102 ) Net cash provided by discontinued operations 132,340 24,425 Effect of exchange rate changes on cash (346 ) (469 ) Net change in cash and cash equivalents 39,935 (308,778 ) Cash and cash equivalents at beginning of period 141,010 418,586 Cash and cash equivalents at end of period 180,945 109,808 Supplemental cash flow information: Cash paid during the period for: Interest 4,337 5,391 Income taxes 5,266 356 Payments on capital leases and installment payment arrangements 269 2,319 Other debt payments, excluding line of credit 16,075 8,539 Prepayment of debt 55,000 - ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in thousands) 06/30/14 09/30/14 12/31/14 03/31/15 YTD FY2015 06/30/15 09/30/15 YTD FY2016 Net cash provided by operating activities - continuing operations (15,456 ) 14,325 32,890 29,372 61,131 11,997 21,357 33,354 Less: Capitalized software (4,969 ) (5,608 ) (4,408 ) (3,602 ) (18,587 ) (2,797 ) (3,936 ) (6,733 ) Capital expenditures (16,778 ) (15,362 ) (10,212 ) (14,600 ) (56,952 ) (12,876 ) (10,244 ) (23,120 ) Data acquisition costs (635 ) (468 ) (394 ) (374 ) (1,871 ) (430 ) (281 ) (711 ) Payments on capital leases and installment payment arrangements (650 ) (567 ) (471 ) (315 ) (2,003 ) (63 ) - (63 ) Other required debt payments (4,267 ) (4,272 ) (8,027 ) (8,032 ) (24,598 ) (8,036 ) (8,039 ) (16,075 ) Total (42,755 ) (11,952 ) 9,378 2,449 (42,880 ) (12,205 ) (1,143 ) (13,348 ) ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS-GAAP (Unaudited) (Dollars in thousands, except earnings per share) Q2 FY16 to Q2 FY15 06/30/14 09/30/14 12/31/14 03/31/15 YTD FY2015 06/30/15 09/30/15 YTD FY2016 % $ Revenues 186,683 204,248 208,246 205,734 804,911 196,895 207,345 404,240 1.5 % 3,097 Cost of revenue 113,090 122,845 123,290 123,712 482,937 117,709 121,312 239,021 -1.2 % (1,533 ) Gross profit 73,593 81,403 84,956 82,022 321,974 79,186 86,033 165,219 5.7 % 4,630 % Gross margin 39.4 % 39.9 % 40.8 % 39.9 % 40.0 % 40.2 % 41.5 % 40.9 % Operating expenses Research and development 16,350 19,798 18,973 19,080 74,201 20,011 19,078 39,089 -3.6 % (720 ) Sales and marketing 26,500 28,842 30,997 32,319 118,658 29,494 34,259 63,753 18.8 % 5,417 General and administrative 36,701 38,373 33,895 30,230 139,199 31,743 31,519 63,262 -17.9 % (6,854 ) Gains, losses and other items, net 7,128 833 3,381 11,258 22,600 807 3,233 4,040 288.1 % 2,400 Total operating expenses 86,679 87,846 87,246 92,887 354,658 82,055 88,089 170,144 0.3 % 243 Loss from operations (13,086 ) (6,443 ) (2,290 ) (10,865 ) (32,684 ) (2,869 ) (2,056 ) (4,925 ) 68.1 % 4,387 % Margin -7.0 % -3.2 % -1.1 % -5.3 % -4.1 % -1.5 % -1.0 % -1.2 % Other income (expense) Interest expense (1,948 ) (1,821 ) (2,005 ) (1,898 ) (7,672 ) (1,885 ) (1,956 ) (3,841 ) -7.4 % (135 ) Other, net (106 ) (163 ) 35 (757 ) (991 ) 304 59 363 136.2 % 222 Total other expense (2,054 ) (1,984 ) (1,970 ) (2,655 ) (8,663 ) (1,581 ) (1,897 ) (3,478 ) 4.4 % 87 Loss from continuing operations before income taxes (15,140 ) (8,427 ) (4,260 ) (13,520 ) (41,347 ) (4,450 ) (3,953 ) (8,403 ) 53.1 % 4,474 Income taxes (4,399 ) (1,326 ) (4,597 ) (4,483 ) (14,805 ) 732 (2,608 ) (1,876 ) -96.7 % (1,282 ) Net earnings (loss) from continuing operations (10,741 ) (7,101 ) 337 (9,037 ) (26,542 ) (5,182 ) (1,345 ) (6,527 ) 81.1 % 5,756 Earnings from discontinued operations, net of tax 3,137 5,557 3,819 2,998 15,511 4,143 12,068 16,211 117.2 % 6,511 Net earnings (loss) (7,604 ) (1,544 ) 4,156 (6,039 ) (11,031 ) (1,039 ) 10,723 9,684 794.5 % 12,267 Diluted earnings (loss) per share (0.10 ) (0.02 ) 0.05 (0.08 ) (0.14 ) (0.01 ) 0.14 0.12 775.3 % 0.16 ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS-NON GAAP (Unaudited) (Dollars in thousands, except earnings per share) Q2 FY16 to Q2 FY15 06/30/14 09/30/14 12/31/14 03/31/15 YTD FY2015 06/30/15 09/30/15 YTD FY2016 % $ Revenues 186,683 204,248 208,246 205,734 804,911 196,895 207,345 404,240 1.5 % 3,097 Cost of revenue 112,723 118,702 119,136 115,243 465,804 112,084 117,131 229,215 -1.3 % (1,571 ) Gross profit 73,960 85,546 89,110 90,491 339,107 84,811 90,214 175,025 5.5 % 4,668 % Gross margin 39.6 % 41.9 % 42.8 % 44.0 % 42.1 % 43.1 % 43.5 % 43.3 % Operating expenses Research and development 15,911 16,529 15,559 15,956 63,955 16,384 15,400 31,784 -6.8 % (1,129 ) Sales and marketing 25,854 27,040 28,941 30,150 111,985 28,170 32,945 61,115 21.8 % 5,905 General and administrative 23,627 27,744 23,869 22,656 97,896 25,586 23,402 48,988 -15.7 % (4,342 ) Gains, losses and other items, net - - - - - - - - - - Total operating expenses 65,392 71,313 68,369 68,762 273,836 70,140 71,747 141,887 0.6 % 434 Income from operations 8,568 14,233 20,741 21,729 65,271 14,671 18,467 33,138 29.7 % 4,234 % Margin 4.6 % 7.0 % 10.0 % 10.6 % 8.1 % 7.5 % 8.9 % 8.2 % Other income (expense) Interest expense (1,948 ) (1,821 ) (2,005 ) (1,898 ) (7,672 ) (1,885 ) (1,956 ) (3,841 ) -7.4 % (135 ) Other, net (106 ) (163 ) 35 (757 ) (991 ) 304 59 363 136.2 % 222 Total other expense (2,054 ) (1,984 ) (1,970 ) (2,655 ) (8,663 ) (1,581 ) (1,897 ) (3,478 ) 4.4 % 87 Earnings from continuing operations before income taxes 6,514 12,249 18,771 19,074 56,608 13,090 16,570 29,660 35.3 % 4,321 Income taxes 2,517 4,757 5,755 5,324 18,353 5,632 5,163 10,795 8.5 % 406 Net earnings from continuing operations 3,997 7,492 13,016 13,750 38,255 7,458 11,407 18,865 52.3 % 3,915 Earnings from discontinued operations, net of tax - - - - - - - - - - Net earnings 3,997 7,492 13,016 13,750 38,255 7,458 11,407 18,865 52.3 % 3,915 Diluted earnings per share 0.05 0.10 0.17 0.17 0.49 0.09 0.14 0.24 50.3 % 0.05 ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP EPS (Unaudited) (Dollars in thousands, except earnings per share) 06/30/14 09/30/14 12/31/14 03/31/15 FY2015 06/30/15 09/30/15 YTD FY2016 Loss from continuing operations before income taxes (15,140 ) (8,427 ) (4,260 ) (13,520 ) (41,347 ) (4,450 ) (3,953 ) (8,403 ) Income taxes (4,399 ) (1,326 ) (4,597 ) (4,483 ) (14,805 ) 732 (2,608 ) (1,876 ) Net earnings (loss) from continuing operations (10,741 ) (7,101 ) 337 (9,037 ) (26,542 ) (5,182 ) (1,345 ) (6,527 ) Earnings loss from discontinued operations, net of tax 3,137 5,557 3,819 2,998 15,511 4,143 12,068 16,211 Net earnings (loss) (7,604 ) (1,544 ) 4,156 (6,039 ) (11,031 ) (1,039 ) 10,723 9,684 Earnings (loss) per share: Basic (0.10 ) (0.02 ) 0.05 (0.08 ) (0.14 ) (0.01 ) 0.14 0.12 Diluted (0.10 ) (0.02 ) 0.05 (0.08 ) (0.14 ) (0.01 ) 0.14 0.12 Unusual items: Purchased intangible asset amortization (cost of revenue) 63 3,827 3,783 3,781 11,454 3,754 3,754 7,508 Non-cash stock compensation (cost of revenue and operating expenses) 3,925 7,725 8,450 8,216 28,316 8,123 7,360 15,483 Restructuring charges and other adjustments (gains, losses, and other) 7,128 833 3,381 11,258 22,600 807 3,233 4,040 Separation and transformation costs (general and administrative) 10,538 8,291 7,417 5,023 31,269 3,414 6,098 9,512 Accelerated amortization (cost of revenue) - - - 4,316 4,316 1,442 78 1,520 Total unusual items, continuing operations 21,654 20,676 23,031 32,594 97,955 17,540 20,523 38,063Earnings from continuing operations before income taxes and excluding unusual items
6,514 12,249 18,771 19,074 56,608 13,090 16,570 29,660 Income taxes 2,517 4,757 5,755 5,324 18,353 5,632 5,163 10,795 Non-GAAP net earnings 3,997 7,492 13,016 13,750 38,255 7,458 11,407 18,865 Non-GAAP earnings per share: Basic 0.05 0.10 0.17 0.18 0.50 0.10 0.15 0.24 Diluted 0.05 0.10 0.17 0.17 0.49 0.09 0.14 0.24 Basic weighted average shares 76,833 77,123 77,039 77,427 77,106 77,918 77,918 77,918 Diluted weighted average shares 78,341 78,307 78,302 79,027 78,494 79,352 79,352 79,352 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT-GAAP (Unaudited) (Dollars in thousands) Q2 FY16 to Q2 FY15 06/30/14 09/30/14 12/31/14 03/31/15 YTD FY2015 06/30/15 09/30/15 YTD FY2016 % $ Revenues: Marketing services and audience solutions 182,349 190,776 190,336 186,478 749,939 176,276 185,101 361,377 -3.0 % (5,675 ) Connectivity 4,334 13,472 17,910 19,256 54,972 20,619 22,244 42,863 65.1 % 8,772 Total revenues 186,683 204,248 208,246 205,734 804,911 196,895 207,345 404,240 1.5 % 3,097 Gross profit from continuing operations: Marketing services and audience solutions 77,224 82,652 82,991 81,937 324,804 72,019 76,030 148,049 -8.0 % (6,622 ) Connectivity (3,631 ) (1,249 ) 1,964 4,400 1,484 8,609 10,081 18,690 907.1 % 11,330 Corporate - - - (4,315 ) (4,315 ) (1,442 ) (78 ) (1,520 ) n/a (78 ) Total gross profit from continuing operations 73,593 81,403 84,955 82,022 321,973 79,186 86,033 165,219 5.7 % 4,630 Gross margin: Marketing services and audience solutions 42.3 % 43.3 % 43.6 % 43.9 % 43.3 % 40.9 % 41.1 % 41.0 % Connectivity -83.8 % -9.3 % 11.0 % 22.9 % 2.7 % 41.8 % 45.3 % 43.6 % Total 39.4 % 39.9 % 40.8 % 39.9 % 40.0 % 40.2 % 41.5 % 40.9 % Income (loss) from continuing operations: Marketing services and audience solutions 46,221 52,302 51,268 48,065 197,856 38,287 41,586 79,873 -20.5 % (10,716 ) Connectivity (14,261 ) (20,277 ) (16,876 ) (17,444 ) (68,858 ) (8,025 ) (10,192 ) (18,217 ) 49.7 % 10,085 Corporate (45,046 ) (38,468 ) (36,682 ) (41,486 ) (161,682 ) (33,131 ) (33,450 ) (66,581 ) 13.0 % 5,018 Total loss from continuing operations (13,086 ) (6,443 ) (2,290 ) (10,865 ) (32,684 ) (2,869 ) (2,056 ) (4,925 ) 68.1 % 4,387 Margin: Marketing services and audience solutions 25.3 % 27.4 % 26.9 % 25.8 % 26.4 % 21.7 % 22.5 % 22.1 % Connectivity -329.0 % -150.5 % -94.2 % -90.6 % -125.3 % -38.9 % -45.8 % -42.5 % Total -7.0 % -3.2 % -1.1 % -5.3 % -4.1 % -1.5 % -1.0 % -1.2 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT - NON GAAP (Unaudited) (Dollars in thousands) Q2 FY16 to Q2 FY15 06/30/14 09/30/14 12/31/14 03/31/15 YTD FY2015 06/30/15 09/30/15 YTD FY2016 % $ Revenues: Marketing services and audience solutions 182,349 190,776 190,336 186,478 749,939 176,276 185,101 361,377 -3.0 % (5,675 ) Connectivity 4,334 13,472 17,910 19,256 54,972 20,619 22,244 42,863 65.1 % 8,772 Total revenues 186,683 204,248 208,246 205,734 804,911 196,895 207,345 404,240 1.5 % 3,097 Gross profit from continuing operations: Marketing services and audience solutions 77,559 83,043 83,411 82,355 326,368 72,473 76,404 148,877 -8.0 % (6,639 ) Connectivity (3,599 ) 2,503 5,699 8,136 12,739 12,338 13,810 26,148 451.7 % 11,307 Corporate - - - - - - - - n/a 0 Total income from continuing operations 73,960 85,546 89,110 90,491 339,107 84,811 90,214 175,025 5.5 % 4,668 Gross margin: Marketing services and audience solutions 42.5 % 43.5 % 43.8 % 44.2 % 43.5 % 41.1 % 41.3 % 41.2 % Connectivity -83.0 % 18.6 % 31.8 % 42.3 % 23.2 % 59.8 % 62.1 % 61.0 % Total 39.6 % 41.9 % 42.8 % 44.0 % 42.1 % 43.1 % 43.5 % 43.3 % Income from continuing operations: Marketing services and audience solutions 47,270 53,556 52,445 50,803 204,074 40,253 42,696 82,949 -20.3 % (10,860 ) Connectivity (13,852 ) (11,702 ) (7,391 ) (5,809 ) (38,754 ) (173 ) (664 ) (837 ) 94.3 % 11,038 Corporate (24,850 ) (27,621 ) (24,313 ) (23,265 ) (100,049 ) (25,409 ) (23,565 ) (48,974 ) 14.7 % 4,056 Total income from continuing operations 8,568 14,233 20,741 21,729 65,271 14,671 18,467 33,138 29.7 % 4,234 Margin: Marketing services and audience solutions 25.9 % 28.1 % 27.6 % 27.2 % 27.2 % 22.8 % 23.1 % 23.0 % Connectivity -319.6 % -86.9 % -41.3 % -30.2 % -70.5 % -0.8 % -3.0 % -2.0 % Total 4.6 % 7.0 % 10.0 % 10.6 % 8.1 % 7.5 % 8.9 % 8.2 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006536/en/
Acxiom CorporationLauren Dillard, 650-372-2242Investor Relationsinvestor.relations@acxiom.comEACXM
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