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Share Name | Share Symbol | Market | Type |
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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 |
Acxiom® Corporation (Nasdaq: ACXM), a recognized leader in marketing services and technology, today announced financial results for its third quarter ended December 31, 2012.
Revenue from continuing operations was $273 million, down 3 percent compared to $281 million for the prior-year period. Income from continuing operations increased 73 percent to $27 million in the current quarter, compared to $16 million in the prior year. Excluding unusual items, operating income for the quarter decreased 13 percent as compared to $31 million in the prior year. Marketing and data services revenue increased slightly to $190 million, compared to $187 million; U.S. marketing and data services revenue increased 4 percent to $160 million, compared to $155 million. As expected, IT infrastructure management revenue decreased 9 percent to $70 million in the current quarter compared to $77 million. Earnings per diluted share attributable to Acxiom stockholders were up 90 percent in the current quarter to $0.19, compared to diluted earnings per share in the prior-year quarter of $0.10. Diluted earnings per share decreased 14 percent as compared to $0.22, excluding unusual items in the prior-year quarter.
Operating cash flow was $132 million for the trailing twelve months, compared to $215 million for the comparable period a year ago. Free cash flow to equity increased slightly to $117 million for the trailing twelve months, compared to $115 million for the comparable period. Free cash flow to equity for the trailing twelve months included $73 million in proceeds from the sale of the company’s background screening business. Both operating cash flow and free cash flow to equity were down as a result of higher working capital and increased tax payments. Free cash flow available to equity is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure, operating cash flow, is attached.
“Revenue from our top 100 U.S. marketing and data services customers was up over 7 percent this quarter and up over 9 percent year to date,” said Acxiom CEO Scott Howe. “While we are pleased with this performance, we also recognize we have work to do in order to further expand our client base and reignite growth with our small and mid-tier customers.”
Third Quarter Highlights:
Segment Results:
Financial Guidance
The following projections are forward looking and are subject to certain risks and uncertainties that could cause actual results to differ materially as detailed in the Forward Looking Statements section of this press release. Our guidance does not take into account any unusual charges. Acxiom’s estimates for fiscal 2013 are as follows:
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 www.acxiom.com. A slide presentation will be referenced during the call and can be accessed here.
Web Link to Financials
You may link to http://www.acxiom.com/FY13_Q3_Financials for the detailed financial information we typically attach to our earnings releases.
About Acxiom
Acxiom is a recognized leader in marketing services and technology that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Acxiom leverages over 40 years of experience in data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific, and South America. 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 from continuing operations and earnings per share as well as statements regarding new product launches. 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 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 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, which could lead to decreases in our operating results; 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 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, 2012, which was filed with the Securities and Exchange Commission on May 25, 2012.
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.
ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended December 31, $ % 2012 2011 Variance Variance Revenue: Marketing and data services 190,138 187,461 2,677 1.4 % IT Infrastructure management services 69,916 77,173 (7,257 ) (9.4 %) Other services 13,048 16,259 (3,211 ) (19.7 %) Total revenue 273,102 280,893 (7,791 ) (2.8 %) Operating costs and expenses: Cost of revenue 209,027 213,925 4,898 2.3 % Selling, general and administrative 37,303 36,318 (985 ) (2.7 %) Impairment of goodwill and other intangibles - 17,803 17,803 100.0 % Gains, losses and other items, net (126 ) (2,671 ) 2,545 95.3 % Total operating costs and expenses 246,204 265,375 19,171 7.2 % Income from operations 26,898 15,518 11,380 73.3 % % Margin 9.8 % 5.5 % Other income (expense): Interest expense (3,178 ) (3,883 ) 705 18.2 % Other, net 565 (98 ) 663 676.5 % Total other income (expense) (2,613 ) (3,981 ) 1,368 34.4 % Earnings from continuing operations before income taxes 24,285 11,537 12,748 110.5 % Income taxes 9,836 9,700 (136 ) (1.4 %) Net earnings from continuing operations 14,449 1,837 12,612 686.6 % Earnings from discontinued operations, net of tax - 814 (814 ) (100.0 %) Net earnings 14,449 2,651 11,798 445.0 % Less: Net loss attributable to noncontrolling interest (76 ) (5,279 ) 5,203 98.6 % Net earnings attributable to Acxiom 14,525 7,930 6,595 83.2 % Basic earnings per share: Net earnings from continuing operations 0.19 0.02 0.17 850.0 % Earnings from discontinued operations 0.00 0.01 (0.01 ) (100.0 %) Net earnings 0.19 0.03 0.16 533.3 % Net earnings attributable to Acxiom stockholders 0.20 0.10 0.10 100.0 % Diluted earnings per share: Net earnings from continuing operations 0.19 0.02 0.17 850.0 % Earnings from discontinued operations 0.00 0.01 (0.01 ) (100.0 %) Net earnings 0.19 0.03 0.16 533.3 % Net earnings attributable to Acxiom stockholders 0.19 0.10 0.09 90.0 % ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Nine Months Ended December 31, $ % 2012 2011 Variance Variance Revenue: Marketing and data services 570,286 568,314 1,972 0.3 % IT Infrastructure management services 210,267 223,935 (13,668 ) (6.1 %) Other services 41,675 51,120 (9,445 ) (18.5 %) Total revenue 822,228 843,369 (21,141 ) (2.5 %) Operating costs and expenses: Cost of revenue 628,239 649,701 21,462 3.3 % Selling, general and administrative 111,393 112,554 1,161 1.0 % Impairment of goodwill and other intangibles - 17,803 17,803 100.0 % Gains, losses and other items, net 66 38 (28 ) (73.7 %) Total operating costs and expenses 739,698 780,096 40,398 5.2 % Income from operations 82,530 63,273 19,257 30.4 % % Margin 10.0 % 7.5 % Other income (expense): Interest expense (9,735 ) (14,057 ) 4,322 30.7 % Other, net (36 ) (1,150 ) 1,114 96.9 % Total other income (expense) (9,771 ) (15,207 ) 5,436 35.7 % Earnings from continuing operations before income taxes 72,759 48,066 24,693 51.4 % Income taxes 28,739 25,291 (3,448 ) (13.6 %) Net earnings from continuing operations 44,020 22,775 21,245 93.3 % Earnings from discontinued operations, net of tax - 2,868 (2,868 ) (100.0 %) Net earnings 44,020 25,643 18,377 71.7 % Less: Net loss attributable to noncontrolling interest (349 ) (5,554 ) 5,205 93.7 % Net earnings attributable to Acxiom 44,369 31,197 13,172 42.2 % Basic earnings per share: Net earnings from continuing operations 0.59 0.28 0.31 110.7 % Earnings from discontinued operations 0.00 0.04 (0.04 ) (100.0 %) Net earnings 0.59 0.32 0.27 84.4 % Net earnings attributable to Acxiom stockholders 0.59 0.39 0.20 51.3 % Diluted earnings per share: Net earnings from continuing operations 0.57 0.28 0.29 103.6 % Earnings from discontinued operations 0.00 0.04 (0.04 ) (100.0 %) Net earnings 0.57 0.32 0.25 78.1 % Net earnings attributable to Acxiom stockholders 0.58 0.39 0.19 48.7 % 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 Nine Months Ended December 31, December 31, 2012 2011 2012 2011 Earnings from continuing operations before income taxes 24,285 11,537 72,759 48,066 Income taxes 9,836 9,700 28,739 25,291 Net earnings from continuing operations 14,449 1,837 44,020 22,775 Earnings from discontinued operations, net of tax - 814 - 2,868 Net earnings 14,449 2,651 44,020 25,643 Less: Net earnings (loss) attributable to noncontrolling interest (76 ) (5,279 ) (349 ) (5,554 ) Net earnings attributable to Acxiom 14,525 7,930 44,369 31,197 Earnings per share attributable to Acxiom stockholders: Basic 0.20 0.10 0.59 0.39 Diluted 0.19 0.10 0.58 0.39 Unusual items: MENA disposal - - - 2,512 Impairment of goodwill and other intangibles - 17,803 - 17,803 Adjustment of earnout liability - (2,598 ) - (2,598 ) Other adjustments (126 ) (73 ) 66 124 Total unusual items (126 ) 15,132 66 17,841 Earnings from continuing operations before income taxes and excluding unusual items 24,159 26,669 72,825 65,907 Income taxes 9,760 10,649 28,764 26,341 Non-GAAP earnings from continuing operations 14,399 16,020 44,061 39,566 Earnings from discontinued operations, net of tax - 814 - 2,868 Non-GAAP net earnings 14,399 16,834 44,061 42,434 Less: Net earnings (loss) attributable to noncontrolling interest (76 ) (231 ) (349 ) (1,371 ) Non-GAAP Net earnings attributable to Acxiom 14,475 17,065 44,410 43,805 Non-GAAP earnings per share attributable to Acxiom stockholders: Basic 0.20 0.22 0.59 0.55 Diluted 0.19 0.22 0.58 0.54 Diluted weighted average shares 75,878 79,020 76,987 80,877 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 Nine Months Ended December 31, December 31, 2012 2011 2012 2011 Income from operations 26,898 15,518 82,530 63,273 Unusual items (126 ) 15,132 66 17,841 Income from operations before unusual items 26,772 30,650 82,596 81,114 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Three Months Ended December 31, December 31, 2012 2011 Basic earnings per share from continuing operations: Numerator - net earnings 14,449 1,837 Denominator - weighted-average shares outstanding 74,103 78,189 Basic earnings per share 0.19 0.02 Basic earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 14,525 7,930 Denominator - weighted-average shares outstanding 74,103 78,189 Basic earnings per share - net earnings attributable to Acxiom stockholders 0.20 0.10 Diluted earnings per share from continuing operations: Numerator - net earnings 14,449 1,837 Denominator - weighted-average shares outstanding 74,103 78,189 Dilutive effect of common stock options, warrants and restricted stock 1,775 831 75,878 79,020 Diluted earnings per share from continuing operations 0.19 0.02 Diluted earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 14,525 7,930 Denominator - weighted-average shares outstanding 74,103 78,189 Dilutive effect of common stock options, warrants, and restricted stock 1,775 831 75,878 79,020 Diluted earnings per share - net earnings attributable to Acxiom stockholders 0.19 0.10 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Nine Months Ended December 31, December 31, 2012 2011 Basic earnings per share from continuing operations: Numerator - net earnings 44,020 22,775 Denominator - weighted-average shares outstanding 75,195 80,039 Basic earnings per share 0.59 0.28 Basic earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 44,369 31,197 Denominator - weighted-average shares outstanding 75,195 80,039 Basic earnings per share - net earnings attributable to Acxiom stockholders 0.59 0.39 Diluted earnings per share from continuing operations: Numerator - net earnings 44,020 22,775 Denominator - weighted-average shares outstanding 75,195 80,039 Dilutive effect of common stock options, warrants and restricted stock 1,792 838 76,987 80,877 Diluted earnings per share from continuing operations 0.57 0.28 Diluted earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 44,369 31,197 Denominator - weighted-average shares outstanding 75,195 80,039 Dilutive effect of common stock options, warrants, and restricted stock 1,792 838 76,987 80,877 Diluted earnings per share - net earnings attributable to Acxiom stockholders 0.58 0.39 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, December 31, Revenue: 2012 2011 Marketing and data services 190,138 187,461 IT Infrastructure management services 69,916 77,173 Other services 13,048 16,259 Total revenue 273,102 280,893 Income from continuing operations: Marketing and data services 17,971 21,388 IT Infrastructure management services 9,622 9,795 Other services (821 ) (533 ) Corporate 126 (15,132 ) Total income from continuing operations 26,898 15,518 Margin: Marketing and data services 9.5 % 11.4 % IT Infrastructure management services 13.8 % 12.7 % Other services -6.3 % -3.3 % Total margin 9.8 % 5.5 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Nine Months Ended December 31, December 31, Revenue: 2012 2011 Marketing and data services 570,286 568,314 IT Infrastructure management services 210,267 223,935 Other services 41,675 51,120 Total revenue 822,228 843,369 Income from operations: Marketing and data services 59,277 65,726 IT Infrastructure management services 26,973 19,133 Other services (3,654 ) (3,745 ) Corporate (66 ) (17,841 ) Total income from operations 82,530 63,273 Margin: Marketing and data services 10.4 % 11.6 % IT Infrastructure management services 12.8 % 8.5 % Other services -8.8 % -7.3 % Total margin 10.0 % 7.5 % ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) December 31, March 31, $ % 2012 2012 Variance VarianceAssets
Current assets: Cash and cash equivalents 186,220 229,648 (43,428 ) (18.9 %) Trade accounts receivable, net 182,457 169,446 13,011 7.7 % Deferred income taxes 15,082 15,107 (25 ) (0.2 %) Other current assets 52,750 57,804 (5,054 ) 100.0 % Total current assets 436,509 472,005 (35,496 ) (7.5 %) Property and equipment 811,416 913,073 (101,657 ) (11.1 %) Less - accumulated depreciation and amortization 579,642 659,700 (80,058 ) (12.1 %) Property and equipment, net 231,774 253,373 (21,599 ) (8.5 %) Software, net of accumulated amortization 19,491 13,211 6,280 47.5 % Goodwill 382,704 382,285 419 0.1 % Purchased software licenses, net of accumulated amortization 21,583 25,294 (3,711 ) (14.7 %) Deferred costs, net 47,211 61,977 (14,766 ) (23.8 %) Data acquisition costs 11,540 15,009 (3,469 ) (23.1 %) Other assets, net 2,831 3,697 (866 ) (23.4 %) 1,153,643 1,226,851 (73,208 ) (6.0 %)Liabilities and Stockholders’ Equity
Current liabilities: Current installments of long-term debt 19,814 26,336 6,522 24.8 % Trade accounts payable 19,873 31,030 11,157 36.0 % Accrued payroll and related expenses 47,041 54,839 7,798 14.2 % Other accrued expenses 73,696 77,062 3,366 4.4 % Deferred revenue 47,389 59,949 12,560 21.0 % Income taxes 3,229 16,400 13,171 80.3 % Total current liabilities 211,042 265,616 54,574 20.5 % Long-term debt 240,774 251,886 11,112 4.4 % Deferred income taxes 86,614 93,039 6,425 6.9 % Other liabilities 4,178 4,455 277 6.2 %Stockholders’ equity:
Common stock 12,108 12,003 105 0.9 % Additional paid-in capital 877,619 860,165 17,454 2.0 % Retained earnings 580,728 536,359 44,369 8.3 % Accumulated other comprehensive income 14,714 13,601 1,113 8.2 % Treasury stock, at cost (873,893 ) (810,381 ) (63,512 ) 7.8 %Total Acxiom stockholders’ equity
611,276 611,747 (471 ) (0.1 %) Noncontrolling interest (241 ) 108 (349 ) (323.1 %) Total equity 611,035 611,855 (820 ) (0.1 %) 1,153,643 1,226,851 (73,208 ) (6.0 %) ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, 2012 2011 Cash flows from operating activities: Net earnings 14,449 2,651 Non-cash operating activities: Depreciation and amortization 29,363 32,986 Gain on disposal or impairment of assets - (2,710 ) Impairment of goodwill and other intangibles - 17,803 Deferred income taxes (2,962 ) 1,404 Non-cash stock compensation expense 3,103 1,710 Changes in operating assets and liabilities: Accounts receivable (15,867 ) 6,913 Other assets 5,492 4,390 Deferred costs (326 ) (1,048 ) Accounts payable and other liabilities 5,525 1,320 Deferred revenue (234 ) 17,121 Net cash provided by operating activities 38,543 82,540 Cash flows from investing activities: Capitalized software (5,443 ) (1,647 ) Capital expenditures (10,260 ) (14,436 ) Data acquisition costs (2,766 ) (3,999 ) Payments received from investments - 370 Net cash used by investing activities (18,469 ) (19,712 ) Cash flows from financing activities: Payments of debt (6,252 ) (31,993 ) Sale of common stock 2,128 4,500 Acquisition of treasury stock (18,256 ) (8,727 ) Net cash used by financing activities (22,380 ) (36,220 ) Effect of exchange rate changes on cash 122 142 Net change in cash and cash equivalents (2,184 ) 26,750 Cash and cash equivalents at beginning of period 188,404 119,113 Cash and cash equivalents at end of period 186,220 145,863 Supplemental cash flow information: Cash paid during the period for: Interest 3,178 4,160 Income taxes 12,104 9,784 Payments on capital leases and installment payment arrangements 4,002 4,709 Payments on software and data license liabilities 78 125 Other debt payments, excluding line of credit 2,172 2,159 Prepayment of debt - 25,000 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
- 4,042 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Nine Months Ended December 31, 2012 2011 Cash flows from operating activities: Net earnings 44,020 25,643 Non-cash operating activities: Depreciation and amortization 89,594 103,240 Loss on disposal or impairment of assets 25 183 Impairment of goodwill and other intangibles - 17,803 Deferred income taxes (6,428 ) 2,539 Non-cash stock compensation expense 8,906 6,910 Changes in operating assets and liabilities: Accounts receivable (13,925 ) (2,763 ) Other assets 756 (202 ) Deferred costs (1,600 ) (1,879 ) Accounts payable and other liabilities (32,607 ) 7,391 Deferred revenue (12,830 ) 14,143 Net cash provided by operating activities 75,911 173,008 Cash flows from investing activities: Disposition of operations - (1,043 ) Capitalized software (13,190 ) (3,167 ) Capital expenditures (21,976 ) (39,147 ) Data acquisition costs (6,464 ) (8,549 ) Payments from investments - 370 Net cash paid in acquisitions - (255 ) Net cash used by investing activities (41,630 ) (51,791 ) Cash flows from financing activities: Payments of debt (19,790 ) (145,768 ) Sale of common stock 7,863 7,318 Acquisition of treasury stock (65,356 ) (42,827 ) Contingent consideration paid for prior acquisitions (287 ) (326 ) Net cash used by financing activities (77,570 ) (181,603 ) Effect of exchange rate changes on cash (139 ) (724 ) Net change in cash and cash equivalents (43,428 ) (61,110 ) Cash and cash equivalents at beginning of period 229,648 206,973 Cash and cash equivalents at end of period 186,220 145,863 Supplemental cash flow information: Cash paid during the period for: Interest 9,678 15,491 Income taxes 48,268 15,171 Payments on capital leases and installment payment arrangements 12,948 13,687 Payments on software and data license liabilities 337 616 Other debt payments, excluding line of credit 6,505 6,465 Prepayment of debt - 125,000 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
2,157 8,733 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in thousands) 06/30/11 09/30/11 12/31/11 03/31/12 FY2012 06/30/12 09/30/12 12/31/12 YTD FY2013 TTM 12/31/11 TTM 12/31/12 Net cash provided (used) by operating activities 32,754 57,714 82,540 56,443 229,451 (1,867 ) 39,235 38,543 75,911 215,043 132,354 Less: Disposition of operations - (1,043 ) - 73,468 72,425 - - - - (1,043 ) 73,468 Capitalized software (529 ) (991 ) (1,647 ) (2,095 ) (5,262 ) (3,673 ) (4,074 ) (5,443 ) (13,190 ) (4,130 ) (15,285 ) Capital expenditures (12,577 ) (12,134 ) (14,436 ) (12,444 ) (51,591 ) (3,538 ) (8,178 ) (10,260 ) (21,976 ) (51,360 ) (34,420 ) Data acquisition costs (2,776 ) (1,774 ) (3,999 ) (3,763 ) (12,312 ) (2,302 ) (1,396 ) (2,766 ) (6,464 ) (11,199 ) (10,227 ) Payments on capital leases and installment payment arrangements (4,794 ) (4,184 ) (4,709 ) (4,644 ) (18,331 ) (4,562 ) (4,384 ) (4,002 ) (12,948 ) (18,939 ) (17,592 ) Payments on software and data license liabilities (367 ) (124 ) (125 ) (2,300 ) (2,916 ) (129 ) (130 ) (78 ) (337 ) (4,755 ) (2,637 ) Other required debt payments (2,151 ) (2,155 ) (2,159 ) (2,164 ) (8,629 ) (2,165 ) (2,168 ) (2,172 ) (6,505 ) (8,619 ) (8,669 ) Total 9,560 35,309 55,465 102,501 202,835 (18,236 ) 18,905 13,822 14,491 114,998 116,992 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) Q3 FY13 to Q3 FY12 06/30/11 09/30/11 12/31/11 03/31/12 FY2012 06/30/12 09/30/12 12/31/12 YTD FY2013 % $ Revenue: Marketing and data services 184,996 195,857 187,461 203,400 771,714 185,739 194,409 190,138 570,286 1.4 % 2,677 IT Infrastructure management services 73,050 73,712 77,173 67,590 291,525 70,290 70,061 69,916 210,267 -9.4 % (7,257 ) Other services 17,998 16,863 16,259 16,265 67,385 15,630 12,997 13,048 41,675 -19.7 % (3,211 ) Total revenue 276,044 286,432 280,893 287,255 1,130,624 271,659 277,467 273,102 822,228 -2.8 % (7,791 ) Operating costs and expenses: Cost of revenue 218,289 217,487 213,925 213,788 863,489 209,326 209,886 209,027 628,239 -2.3 % (4,898 ) Selling, general and administrative 36,807 39,429 36,318 38,577 151,131 36,749 37,341 37,303 111,393 2.7 % 985 Impairment of goodwill and other intangibles - - 17,803 - 17,803 - - - - (17,803 ) Gains, losses and other items, net 244 2,465 (2,671 ) 12,600 12,638 160 32 (126 ) 66 -95.3 % 2,545 Total operating costs and expenses 255,340 259,381 265,375 264,965 1,045,061 246,235 247,259 246,204 739,698 -7.2 % (19,171 ) Income from operations 20,704 27,051 15,518 22,290 85,563 25,424 30,208 26,898 82,530 73.3 % 11,380 % Margin 7.5 % 9.4 % 5.5 % 7.8 % 7.6 % 9.4 % 10.9 % 9.8 % 10.0 % Other expense Interest expense (5,455 ) (4,719 ) (3,883 ) (3,391 ) (17,448 ) (3,240 ) (3,317 ) (3,178 ) (9,735 ) 18.2 % 705 Other, net (87 ) (965 ) (98 ) (219 ) (1,369 ) (547 ) (54 ) 565 (36 ) 676.5 % 663 Total other expense (5,542 ) (5,684 ) (3,981 ) (3,610 ) (18,817 ) (3,787 ) (3,371 ) (2,613 ) (9,771 ) 34.4 % 1,368 Earnings from continuing operations before income taxes 15,162 21,367 11,537 18,680 66,746 21,637 26,837 24,285 72,759 110.5 % 12,748 Income taxes 6,063 9,528 9,700 3,838 29,129 8,438 10,465 9,836 28,739 1.4 % 136 Net earnings from continuing operations 9,099 11,839 1,837 14,842 37,617 13,199 16,372 14,449 44,020 686.6 % 12,612 Earnings from discontinued operations, net of tax 916 1,138 814 31,031 33,899 - - - - -100.0 % (814 ) Net earnings 10,015 12,977 2,651 45,873 71,516 13,199 16,372 14,449 44,020 445.0 % 11,798Less: Net earnings (loss) attributable to noncontrolling interest
(960 ) 685 (5,279 ) (193 ) (5,747 ) (134 ) (139 ) (76 ) (349 ) -98.6 % 5,203 Net earnings attributable to Acxiom 10,975 12,292 7,930 46,066 77,263 13,333 16,511 14,525 44,369 83.2 % 6,595Diluted earnings per share - net earnings attributable to Acxiom stockholders
0.13 0.15 0.10 0.58 0.96 0.17 0.21 0.19 0.58 90.0 % 0.09 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) Q3 FY13 to Q3 FY12 06/30/11 09/30/11 12/31/11 03/31/12 FY2012 06/30/12 09/30/12 12/31/12 YTD FY2013 % $ Revenue: Marketing and data services 184,996 195,857 187,461 203,400 771,714 185,739 194,409 190,138 570,286 1 % 2,677 IT Infrastructure management services 73,050 73,712 77,173 67,590 291,525 70,290 70,061 69,916 210,267 -9 % (7,257 ) Other services 17,998 16,863 16,259 16,265 67,385 15,630 12,997 13,048 41,675 -20 % (3,211 ) Total revenue 276,044 286,432 280,893 287,255 1,130,624 271,659 277,467 273,102 822,228 -3 % (7,791 ) Income (loss) from operations: Marketing and data services 17,260 27,078 21,388 30,094 95,820 17,975 23,331 17,971 59,277 -16 % (3,417 ) IT Infrastructure management services 4,247 5,091 9,795 5,855 24,988 8,831 8,520 9,622 26,973 -2 % (173 ) Other services (559 ) (2,653 ) (533 ) (1,059 ) (4,804 ) (1,222 ) (1,611 ) (821 ) (3,654 ) 54 % (288 ) Corporate (244 ) (2,465 ) (15,132 ) (12,600 ) (30,441 ) (160 ) (32 ) 126 (66 ) -101 % 15,258 Total income from operations 20,704 27,051 15,518 22,290 85,563 25,424 30,208 26,898 82,530 73 % 11,380 Margin: Marketing and data services 9.3 % 13.8 % 11.4 % 14.8 % 12.4 % 9.7 % 12.0 % 9.5 % 10.4 % IT Infrastructure management services 5.8 % 6.9 % 12.7 % 8.7 % 8.6 % 12.6 % 12.2 % 13.8 % 12.8 % Other services -3.1 % -15.7 % -3.3 % -6.5 % -7.1 % -7.8 % -12.4 % -6.3 % -8.8 % Total 7.5 % 9.4 % 5.5 % 7.8 % 7.6 % 9.4 % 10.9 % 9.8 % 10.0 %
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