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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 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
(Amendment No. 1)
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 2012
OR
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ----- to -----
|
Part I. Financial Information | Page No. | |||
Item 1. Financial Statements | ||||
Condensed Consolidated Balance Sheets
as of December 31, 2012 and March 31, 2012 (Unaudited)
|
3 | |||
Condensed Consolidated Statements of Operations
for the Three Months ended December 31, 2012
and 2011 (Unaudited)
|
4 | |||
Condensed Consolidated Statements of Operations
for the Nine Months ended December 31, 2012 and 2011 (Unaudited)
|
5
|
|||
Condensed Consolidated Statements of Comprehensive Income
for the Three Months ended December 31, 2012 and 2011 (Unaudited)
|
6
|
|||
Condensed Consolidated Statements of Comprehensive Income
for the Nine Months ended December 31, 2012 and 2011 (Unaudited)
|
7
|
|||
Condensed Consolidated Statement of Stockholders’ Equity
for the Nine Months ended December 31, 2012 (Unaudited)
|
8
|
|||
Condensed Consolidated Statements of Cash Flows
for the Nine Months ended December 31, 2012 and 2011 (Unaudited)
|
9-10
|
|||
Notes to Condensed Consolidated Financial Statements | 11-22 | |||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23-33 | ||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 34 | ||
Item 4. | Controls and Procedures | 34 | ||
Part II. Other Information | ||||
Item 1. | Legal Proceedings | 35 | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 35 | ||
Item 6. | Exhibits | 36 | ||
Signature | 37 | |||
Exhibit Index | 38 |
December 31,
2012
|
March 31, 2012
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 186,220 | $ | 229,648 | ||||
Trade accounts receivable, net
|
182,457 | 169,446 | ||||||
Deferred income taxes
|
15,082 | 15,107 | ||||||
Other current assets
|
52,750 | 57,804 | ||||||
Total current assets
|
436,509 | 472,005 | ||||||
Property and equipment, net of accumulated depreciation and amortization
|
231,774 | 253,373 | ||||||
Software, net of accumulated amortization
|
19,491 | 13,211 | ||||||
Goodwill
|
382,704 | 382,285 | ||||||
Purchased software licenses, net of accumulated amortization
|
21,583 | 25,294 | ||||||
Deferred costs, net
|
47,211 | 61,977 | ||||||
Data acquisition costs, net
|
11,540 | 15,009 | ||||||
Other assets, net
|
2,831 | 3,697 | ||||||
$ | 1,153,643 | $ | 1,226,851 | |||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current installments of long-term debt
|
$ | 19,814 | $ | 26,336 | ||||
Trade accounts payable
|
19,873 | 31,030 | ||||||
Accrued expenses
|
||||||||
Payroll
|
47,041 | 54,839 | ||||||
Other
|
73,696 | 77,062 | ||||||
Deferred revenue
|
47,389 | 59,949 | ||||||
Income taxes payable
|
3,229 | 16,400 | ||||||
Total current liabilities
|
211,042 | 265,616 | ||||||
Long-term debt
|
240,774 | 251,886 | ||||||
Deferred income taxes
|
86,614 | 93,039 | ||||||
Other liabilities
|
4,178 | 4,455 | ||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
12,108 | 12,003 | ||||||
Additional paid-in capital
|
877,619 | 860,165 | ||||||
Retained earnings
|
580,728 | 536,359 | ||||||
Accumulated other comprehensive income
|
14,714 | 13,601 | ||||||
Treasury stock, at cost
|
(873,893 | ) | (810,381 | ) | ||||
Total Acxiom stockholders' equity
|
611,276 | 611,747 | ||||||
Noncontrolling interest
|
(241 | ) | 108 | |||||
Total equity
|
611,035 | 611,855 | ||||||
$ | 1,153,643 | $ | 1,226,851 | |||||
See accompanying notes to condensed consolidated financial statements.
|
For the Three Months ended
December 31
|
||||||||
2012
|
2011
|
|||||||
Revenues
|
$ | 273,102 | $ | 280,893 | ||||
Operating costs and expenses:
|
||||||||
Cost of revenue
|
209,027 | 213,925 | ||||||
Selling, general and administrative
|
37,303 | 36,318 | ||||||
Impairment of goodwill and other intangibles
|
- | 17,803 | ||||||
Gains, losses and other items, net
|
(126 | ) | (2,671 | ) | ||||
Total operating costs and expenses
|
246,204 | 265,375 | ||||||
Income from operations
|
26,898 | 15,518 | ||||||
Other expense:
|
||||||||
Interest expense
|
(3,178 | ) | (3,883 | ) | ||||
Other, net
|
565 | (98 | ) | |||||
Total other expense
|
(2,613 | ) | (3,981 | ) | ||||
Earnings from continuing operations before income taxes
|
24,285 | 11,537 | ||||||
Income taxes
|
9,836 | 9,700 | ||||||
Net earnings from continuing operations
|
$ | 14,449 | $ | 1,837 | ||||
Earnings from discontinued operations, net of tax
|
- | 814 | ||||||
Net earnings
|
$ | 14,449 | $ | 2,651 | ||||
Less: Net loss attributable to noncontrolling interest
|
(76 | ) | (5,279 | ) | ||||
Net earnings attributable to Acxiom
|
$ | 14,525 | $ | 7,930 | ||||
Basic earnings per share:
|
||||||||
Net earnings from continuing operations
|
$ | 0.19 | $ | 0.02 | ||||
Net earnings from discontinued operations
|
- | 0.01 | ||||||
Net earnings
|
$ | 0.19 | $ | 0.03 | ||||
Net earnings attributable to Acxiom stockholders
|
$ | 0.20 | $ | 0.10 | ||||
Diluted earnings per share:
|
||||||||
Net earnings from continuing operations
|
$ | 0.19 | $ | 0.02 | ||||
Net earnings from discontinued operations
|
- | 0.01 | ||||||
Net earnings
|
$ | 0.19 | $ | 0.03 | ||||
Net earnings attributable to Acxiom stockholders
|
$ | 0.19 | $ | 0.10 | ||||
See accompanying notes to condensed consolidated financial statements.
|
For the Nine Months ended
December 31
|
||||||||
2012
|
2011
|
|||||||
Revenues
|
$ | 822,228 | $ | 843,369 | ||||
Operating costs and expenses:
|
||||||||
Cost of revenue
|
628,239 | 649,701 | ||||||
Selling, general and administrative
|
111,393 | 112,554 | ||||||
Impairment of goodwill and other intangibles
|
- | 17,803 | ||||||
Gains, losses and other items, net
|
66 | 38 | ||||||
Total operating costs and expenses
|
739,698 | 780,096 | ||||||
Income from operations
|
82,530 | 63,273 | ||||||
Other expense:
|
||||||||
Interest expense
|
(9,735 | ) | (14,057 | ) | ||||
Other, net
|
(36 | ) | (1,150 | ) | ||||
Total other expense
|
(9,771 | ) | (15,207 | ) | ||||
Earnings from continuing operations before income taxes
|
72,759 | 48,066 | ||||||
Income taxes
|
28,739 | 25,291 | ||||||
Net earnings from continuing operations
|
$ | 44,020 | $ | 22,775 | ||||
Earnings from discontinued operations, net of tax
|
- | 2,868 | ||||||
Net earnings
|
$ | 44,020 | $ | 25,643 | ||||
Less: Net loss attributable to noncontrolling interest
|
(349 | ) | (5,554 | ) | ||||
Net earnings attributable to Acxiom
|
$ | 44,369 | $ | 31,197 | ||||
Basic earnings per share:
|
||||||||
Net earnings from continuing operations
|
$ | 0.59 | $ | 0.28 | ||||
Net earnings from discontinued operations
|
- | 0.04 | ||||||
Net earnings
|
$ | 0.59 | $ | 0.32 | ||||
Net earnings attributable to Acxiom stockholders
|
$ | 0.59 | $ | 0.39 | ||||
Diluted earnings per share:
|
||||||||
Net earnings from continuing operations
|
$ | 0.57 | $ | 0.28 | ||||
Net earnings from discontinued operations
|
- | 0.04 | ||||||
Net earnings
|
$ | 0.57 | $ | 0.32 | ||||
Net earnings attributable to Acxiom stockholders
|
$ | 0.58 | $ | 0.39 | ||||
See accompanying notes to condensed consolidated financial statements.
|
For the Three Months ended
December 31
|
||||||||
2012
|
2011
|
|||||||
Net earnings
|
$ | 14,449 | $ | 2,651 | ||||
Other comprehensive income:
|
||||||||
Change in foreign currency translation adjustment
|
862 | 1,528 | ||||||
Unrealized gain on interest rate swap
|
200 | 494 | ||||||
Other comprehensive income
|
1,062 | 2,022 | ||||||
Comprehensive income
|
15,511 | 4,673 | ||||||
Less: Comprehensive loss attributable to noncontrolling interest
|
(76 | ) | (5,279 | ) | ||||
Comprehensive income attributable to Acxiom stockholders
|
$ | 15,587 | $ | 9,952 | ||||
See accompanying notes to condensed consolidated financial statements.
|
For the Nine Months ended
December 31
|
||||||||
2012
|
2011
|
|||||||
Net earnings
|
$ | 44,020 | $ | 25,643 | ||||
Other comprehensive income (loss):
|
||||||||
Change in foreign currency translation adjustment
|
1,046 | (4,190 | ) | |||||
Unrealized gain on interest rate swap
|
67 | 194 | ||||||
Other comprehensive income (loss)
|
1,113 | (3,996 | ) | |||||
Comprehensive income
|
45,133 | 21,647 | ||||||
Less: Comprehensive loss attributable to noncontrolling interest
|
(349 | ) | (5,554 | ) | ||||
Comprehensive income attributable to Acxiom stockholders
|
$ | 45,482 | $ | 27,201 | ||||
See accompanying notes to condensed consolidated financial statements.
|
Accumulated
|
|||||||||||||||||||||||
Common Stock
|
Additional
|
other
|
Treasury Stock
|
||||||||||||||||||||
Number
|
paid-in
|
Retained
|
comprehensive
|
Number
|
Noncontrolling
|
Total
|
|||||||||||||||||
of shares
|
Amount
|
Capital
|
earnings
|
income
|
of shares
|
Amount
|
Interest
|
Equity
|
|||||||||||||||
Balances at March 31, 2012
|
120,027,013
|
$12,003
|
$ 860,165
|
$ 536,359
|
$13,601
|
(43,213,027)
|
$(810,381)
|
$ 108
|
$611,855
|
||||||||||||||
Employee stock awards, benefit plans and other issuances
|
590,028
|
59
|
8,594
|
-
|
-
|
(56,600)
|
(790)
|
-
|
7,863
|
||||||||||||||
Restricted stock units vested
|
464,688
|
46
|
(46)
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Non-cash share-based compensation
|
-
|
-
|
8,906
|
-
|
-
|
-
|
-
|
-
|
8,906
|
||||||||||||||
Acquisition of treasury stock
|
-
|
-
|
-
|
-
|
-
|
(4,059,090)
|
(62,722)
|
-
|
(62,722)
|
||||||||||||||
Comprehensive income:
|
|||||||||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
1,046
|
-
|
-
|
-
|
1,046
|
||||||||||||||
Unrealized loss on interest rate swap
|
-
|
-
|
-
|
-
|
67
|
-
|
-
|
-
|
67
|
||||||||||||||
Net earnings (loss)
|
-
|
-
|
-
|
44,369
|
-
|
-
|
-
|
(349)
|
44,020
|
||||||||||||||
Balances at December 31, 2012
|
121,081,729
|
$12,108
|
$ 877,619
|
$ 580,728
|
$14,714
|
(47,328,717)
|
$(873,893)
|
$ (241)
|
$611,035
|
||||||||||||||
|
See accompanying notes to condensed consolidated financial statements
|
For the Nine Months ended
December 31
|
||||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$ | 44,020 | $ | 25,643 | ||||
Adjustments to reconcile net earnings to net cash from 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 share-based compensation expense
|
8,906 | 6,910 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
(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 development costs
|
(13,190 | ) | (3,167 | ) | ||||
Capital expenditures
|
(21,976 | ) | (39,147 | ) | ||||
Payments received for investments
|
- | 370 | ||||||
Data acquisition costs
|
(6,464 | ) | (8,549 | ) | ||||
Net cash paid in acquisitions
|
- | (255 | ) | |||||
Net cash used in investing activities
|
(41,630 | ) | (51,791 | ) | ||||
Cash flows from financing activities:
|
||||||||
Payments of debt
|
(19,790 | ) | (145,768 | ) | ||||
Acquisition liability payment
|
- | (326 | ) | |||||
Acquisition of treasury stock
|
(65,356 | ) | (42,827 | ) | ||||
Sale of common stock
|
7,863 | 7,318 | ||||||
Contingent consideration paid for prior acquisitions
|
(287 | ) | - | |||||
Net cash used in 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 | ||||
For the Nine Months ended
December 31
|
||||||||
2012
|
2011
|
|||||||
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 | ||||||
Prepayments of debt
|
- | 125,000 | ||||||
Other debt payments
|
6,842 | 7,081 | ||||||
Non-cash investing and financing activities:
|
||||||||
Acquisition of property and equipment under capital leases and installment payment arrangements
|
2,157 | 8,733 | ||||||
See accompanying notes to condensed consolidated financial statements.
|
||||||||
For the quarter ended
December 31
|
For the nine months ended
December 31
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Basic earnings per share:
|
||||||||||||||||
Net earnings from continuing operations
|
$ | 14,449 | $ | 1,837 | $ | 44,020 | $ | 22,775 | ||||||||
Net earnings from discontinued operations
|
- | 814 | - | 2,868 | ||||||||||||
Net earnings
|
$ | 14,449 | $ | 2,651 | $ | 44,020 | $ | 25,643 | ||||||||
Net loss attributable to noncontrolling interest
|
(76 | ) | (5,279 | ) | (349 | ) | (5,554 | ) | ||||||||
Net earnings attributable to Acxiom
|
$ | 14,525 | $ | 7,930 | $ | 44,369 | $ | 31,197 | ||||||||
Basic weighted-average shares outstanding
|
74,103 | 78,189 | 75,195 | 80,039 | ||||||||||||
Basic earnings per share:
|
||||||||||||||||
Continuing operations
|
$ | 0.19 | $ | 0.02 | $ | 0.59 | $ | 0.28 | ||||||||
Discontinued operations
|
- | $ | 0.01 | - | $ | 0.04 | ||||||||||
Net earnings
|
$ | 0.19 | $ | 0.03 | $ | 0.59 | $ | 0.32 | ||||||||
Net loss attributable to noncontrolling interest
|
- | $ | (0.07 | ) | - | $ | (0.07 | ) | ||||||||
Net earnings attributable to Acxiom
|
$ | 0.20 | $ | 0.10 | $ | 0.59 | $ | 0.39 | ||||||||
Diluted earnings per share:
|
||||||||||||||||
Basic weighted-average shares outstanding
|
74,103 | 78,189 | 75,195 | 80,039 | ||||||||||||
Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method
|
1,775 | 831 | 1,792 | 838 | ||||||||||||
Diluted weighted-average shares outstanding
|
75,878 | 79,020 | 76,987 | 80,877 | ||||||||||||
Diluted earnings per share:
|
||||||||||||||||
Continuing operations
|
$ | 0.19 | $ | 0.02 | $ | 0.57 | $ | 0.28 | ||||||||
Discontinued operations
|
- | $ | 0.01 | - | $ | 0.04 | ||||||||||
Net earnings
|
$ | 0.19 | $ | 0.03 | $ | 0.57 | $ | 0.32 | ||||||||
Net loss attributable to noncontrolling interest
|
- | $ | (0.07 | ) | - | $ | (0.07 | ) | ||||||||
Net earnings attributable to Acxiom
|
$ | 0.19 | $ | 0.10 | $ | 0.58 | $ | 0.39 | ||||||||
Number
of shares
|
Weighted-average exercise price
per share
|
Weighted-average remaining contractual term (in years)
|
Aggregate intrinsic value
(in thousands)
|
|||||||||||||
Outstanding at March 31, 2012
|
8,322,077 | $ | 20.91 | |||||||||||||
Granted
|
497,409 | $ | 13.31 | |||||||||||||
Exercised
|
(243,026 | ) | $ | 13.14 | $ | 1,050 | ||||||||||
Forfeited or cancelled
|
(207,993 | ) | $ | 18.66 | ||||||||||||
Outstanding at December 31, 2012
|
8,368,467 | $ | 20.74 | 3.87 | $ | 13,207 | ||||||||||
Exercisable at December 31, 2012
|
7,125,099 | $ | 22.00 | 2.98 | $ | 8,248 |
Options outstanding
|
Options exercisable
|
||||||||||||||||||
Range of
exercise price
per share
|
Options
outstanding
|
Weighted- average remaining contractual life
|
Weighted-average
exercise price
per share
|
Options
exercisable
|
Weighted-average
exercise price
per share
|
||||||||||||||
$ | 6.32 - $ 9.62 | 100,640 |
5.43 years
|
$ | 8.68 | 73,640 | $ | 8.60 | |||||||||||
$ | 10.22 - $ 15.00 | 2,379,967 |
6.60 years
|
$ | 13.02 | 1,186,743 | $ | 12.53 | |||||||||||
$ | 15.10 - $ 19.82 | 1,789,933 |
3.28 years
|
$ | 16.72 | 1,766,789 | $ | 16.70 | |||||||||||
$ | 20.12 - $ 25.00 | 2,093,895 |
3.33 years
|
$ | 22.92 | 2,093,895 | $ | 22.92 | |||||||||||
$ | 25.98 - $ 29.30 | 1,095,987 |
1.68 years
|
$ | 26.69 | 1,095,987 | $ | 26.69 | |||||||||||
$ | 30.93 - $ 39.12 | 668,512 |
1.46 years
|
$ | 35.81 | 668,512 | $ | 35.81 | |||||||||||
$ | 40.88 - $ 62.06 | 239,533 |
1.81 years
|
$ | 44.07 | 239,533 | $ | 44.07 | |||||||||||
8,368,467 |
3.87 years
|
$ | 20.74 | 7,125,099 | $ | 22.00 |
Number
of shares
|
Weighted average fair value per
share at grant date
(in thousands)
|
Weighted-average remaining contractual term (in years)
|
||||||||||
Outstanding at March 31, 2012
|
1,175,161 | $ | 13.40 | 2.21 | ||||||||
Granted
|
650,251 | $ | 13.89 | |||||||||
Vested
|
(464,688 | ) | $ | 12.63 | ||||||||
Forfeited or cancelled
|
(166,588 | ) | $ | 13.97 | ||||||||
Outstanding at December 31, 2012
|
1,194,136 | $ | 13.89 | 2.46 |
Number
of shares
|
Weighted average fair value per
share at grant date
(in thousands)
|
Weighted-average remaining contractual term (in years)
|
||||||||||
Outstanding at March 31, 2012
|
511,864 | $ | 10.91 | 2.31 | ||||||||
Granted
|
384,563 | $ | 13.50 | |||||||||
Outstanding at December 31, 2012
|
896,427 | $ | 12.02 | 1.81 |
For the quarter ended
December 31, 2011
|
For the nine months ended
December 31, 2011
|
|||||||
Revenues
|
$ | 12,324 | $ | 38,816 | ||||
Earnings from discontinued operations before income taxes
|
$ | 1,356 | $ | 4,778 | ||||
Income taxes
|
542 | 1,910 | ||||||
Income from discontinued operations, net of tax
|
$ | 814 | $ | 2,868 | ||||
December 31,
2012
|
March 31,
2012
|
|||||||
Prepaid expenses
|
$ | 38,822 | $ | 43,768 | ||||
Assets of non-qualified retirement plan
|
13,394 | 13,344 | ||||||
Other miscellaneous assets
|
534 | 692 | ||||||
Other current assets
|
$ | 52,750 | $ | 57,804 |
December 31,
2012
|
March 31,
2012
|
|||||||
Acquired intangible assets, net
|
$ | 665 | $ | 1,525 | ||||
Other miscellaneous noncurrent assets
|
2,166 | 2,172 | ||||||
Other assets
|
$ | 2,831 | $ | 3,697 |
(dollars in thousands)
|
Marketing and data services
|
IT Infrastructure management
|
Other services
|
Total
|
||||||||||||
Balance at March 31, 2012
|
$ | 306,077 | $ | 71,508 | $ | 4,700 | $ | 382,285 | ||||||||
Change in foreign currency translation adjustment
|
364 | - | 55 | 419 | ||||||||||||
Balance at December 31, 2012
|
$ | 306,441 | $ | 71,508 | $ | 4,755 | $ | 382,704 |
December 31,
2012
|
March 31,
2012
|
|||||||
Term loan credit agreement
|
$ | 219,500 | $ | 224,000 | ||||
Capital leases and installment payment obligations on land, buildings and equipment payable in monthly payments of principal plus interest at rates ranging from approximately 3% to 8%; remaining terms up to ten years
|
24,935 | 35,726 | ||||||
Other debt and long-term liabilities
|
16,153 | 18,496 | ||||||
Total long-term debt and capital leases
|
260,588 | 278,222 | ||||||
Less current installments
|
19,814 | 26,336 | ||||||
Long-term debt, excluding current installments
|
$ | 240,774 | $ | 251,886 |
For the quarter ended
December 31
|
For the nine months ended
December 31
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenue:
|
||||||||||||||||
Marketing and data services
|
$ | 190,138 | $ | 187,461 | $ | 570,286 | $ | 568,314 | ||||||||
IT Infrastructure management
|
69,916 | 77,173 | 210,267 | 223,935 | ||||||||||||
Other services
|
13,048 | 16,259 | 41,675 | 51,120 | ||||||||||||
Total revenue
|
$ | 273,102 | $ | 280,893 | $ | 822,228 | $ | 843,369 | ||||||||
Income (loss) from operations:
|
||||||||||||||||
Marketing and data services
|
$ | 17,971 | $ | 21,388 | $ | 59,277 | $ | 65,726 | ||||||||
IT Infrastructure management
|
9,622 | 9,795 | 26,973 | 19,133 | ||||||||||||
Other services
|
(821 | ) | (533 | ) | (3,654 | ) | (3,745 | ) | ||||||||
Corporate
|
126 | (15,132 | ) | (66 | ) | (17,841 | ) | |||||||||
Income from operations
|
$ | 26,898 | $ | 15,518 | $ | 82,530 | $ | 63,273 | ||||||||
Associate-related reserves
|
Ongoing
contract costs
|
Total
|
||||||||||
Balance at March 31, 2012
|
$ | 9,597 | $ | 11,049 | $ | 20,646 | ||||||
Payments
|
(6,414 | ) | (1,572 | ) | (7,986 | ) | ||||||
Charges and adjustments
|
(221 | ) | 171 | (50 | ) | |||||||
Balance at December 31, 2012
|
$ | 2,962 | $ | 9,648 | $ | 12,610 | ||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Other current assets
|
$ | 13,394 | $ | - | $ | - | $ | 13,394 | ||||||||
Total assets
|
$ | 13,394 | $ | - | $ | - | $ | 13,394 | ||||||||
Liabilities:
|
||||||||||||||||
Other current liabilities
|
$ | 13,394 | $ | - | $ | - | $ | 13,394 | ||||||||
Other liabilities
|
- | 996 | - | 996 | ||||||||||||
Total liabilities
|
$ | 13,394 | $ | 996 | $ | - | $ | 14,390 |
·
|
Revenue of $273.1 million, a 2.8% decrease from $280.9 million in the same quarter a year ago.
|
·
|
Total operating expenses of $246.2 million, a 7.2% decrease from $265.4 million in the same quarter a year ago. The prior-year quarter included $15.1 million in impairment charges and adjustments related to the Brazil operations.
|
·
|
Income from operations of $26.9 million, representing a 9.8% operating margin, compared to $15.5 million, a 5.5% operating margin, in the same quarter a year ago.
|
·
|
Pre-tax earnings from continuing operations of $24.3 million, compared to $11.5 million in the same quarter a year ago.
|
·
|
Diluted earnings per share attributable to Acxiom stockholders of $0.19 compared to $0.10 in the same quarter a year ago. The Brazil impairment charges and adjustments in the prior quarter reduced diluted earnings per share attributable to Acxiom stockholders by $0.12.
|
·
|
Operating cash flow was $38.5 million compared to $82.5 million in the same quarter a year ago.
|
·
|
The Company paid $18.3 million to acquire common shares as part of a common stock repurchase program.
|
For the quarter ended
December 31
|
For the nine months ended
December 31
|
|||||||||||||||||||||||
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
|||||||||||||||||||
Revenues
|
$ | 273.1 | $ | 280.9 | (3 | %) | $ | 822.2 | $ | 843.4 | (3 | %) | ||||||||||||
Total operating costs and expenses
|
246.2 | 265.4 | (7 | %) | 739.7 | 780.1 | (5 | %) | ||||||||||||||||
Income from operations
|
$ | 26.9 | $ | 15.5 | 73 | % | $ | 82.5 | $ | 63.3 | 30 | % | ||||||||||||
Diluted earnings per share attributable to Acxiom stockholders
|
$ | 0.19 | $ | 0.10 | 90 | % | $ | 0.58 | $ | 0.39 | 49 | % |
For the quarter ended
December 31
|
For the nine months ended
December 31
|
|||||||||||||||||||||||
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
|||||||||||||||||||
Marketing and data services
|
$ | 190.1 | $ | 187.5 | 1 | % | $ | 570.3 | $ | 568.3 | 0 | % | ||||||||||||
IT Infrastructure management services
|
69.9 | 77.2 | (9 | %) | 210.3 | 223.9 | (6 | %) | ||||||||||||||||
Other services
|
13.1 | 16.2 | (20 | %) | 41.6 | 51.2 | (19 | %) | ||||||||||||||||
Total revenue
|
$ | 273.1 | $ | 280.9 | (3 | %) | $ | 822.2 | $ | 843.4 | (3 | %) |
For the quarter ended
December 31
|
For the nine months ended
December 31
|
|||||||||||||||||||||||
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
|||||||||||||||||||
Cost of revenue
|
$ | 209.0 | $ | 213.9 | (2 | %) | $ | 628.2 | $ | 649.7 | (3 | %) | ||||||||||||
Selling, general and administrative
|
37.3 | 36.4 | 3 | % | 111.4 | 112.6 | (1 | %) | ||||||||||||||||
Impairment of goodwill and other intangibles
|
- | 17.8 | (100 | %) | - | 17.8 | (100 | %) | ||||||||||||||||
Gains, losses and other items, net,
|
(0.1 | ) | (2.7 | ) | 95 | % | 0.1 | - | - | |||||||||||||||
Total operations costs and expenses
|
$ | 246.2 | $ | 265.4 | (7 | %) | $ | 739.7 | $ | 780.1 | (5 | %) |
For the quarter ended
December 31
|
For the nine months ended
December 31
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Operating profit and profit margin:
|
||||||||||||||||
Marketing and data services
|
$ | 17,971 | $ | 21,388 | $ | 59,277 | $ | 65,726 | ||||||||
9.5 | % | 11.4 | % | 10.4 | % | 11.6 | % | |||||||||
IT Infrastructure management services
|
$ | 9,622 | $ | 9,795 | $ | 26,973 | $ | 19,133 | ||||||||
13.8 | % | 12.7 | % | 12.8 | % | 8.5 | % | |||||||||
Other services
|
$ | (821 | ) | $ | (533 | ) | $ | (3,654 | ) | $ | (3,745 | ) | ||||
(6.3 | %) | (3.3 | %) | (8.8 | %) | (7.3 | %) | |||||||||
Corporate
|
$ | 126 | $ | (15,132 | ) | $ | (66 | ) | $ | (17,841 | ) | |||||
Total operating profit
|
$ | 26,898 | $ | 15,518 | $ | 82,530 | $ | 63,273 | ||||||||
Total operating profit margin
|
9.8 | % | 5.5 | % | 10.0 | % | 7.5 | % |
December 31,
2012
|
March 31,
2012
|
|||||||
Numerator – trade accounts receivable, net
|
$ | 182,457 | $ | 169,446 | ||||
Denominator:
|
||||||||
Quarter revenue
|
273,102 | 287,255 | ||||||
Number of days in quarter
|
92 | 91 | ||||||
Average daily revenue
|
$ | 2,969 | $ | 3,157 | ||||
Days sales outstanding
|
61 | 54 |
For the years ending March 31
|
||||||||||||||||||||||||||||
2013
|
2014
|
2015
|
2016
|
2017
|
Thereafter
|
Total
|
||||||||||||||||||||||
Term loan
|
$ | 1,500 | $ | 6,000 | $ | 212,000 | $ | - | $ | - | $ | - | $ | 219,500 | ||||||||||||||
Capital lease and installment payment obligations
|
3,563 | 8,409 | 3,944 | 926 | 1,001 | 7,092 | 24,935 | |||||||||||||||||||||
Other long-term debt
|
2,108 | 1,607 | 1,663 | 7,323 | 582 | 2,870 | 16,153 | |||||||||||||||||||||
Total long-term obligations
|
7,171 | 16,016 | 217,607 | 8,249 | 1,583 | 9,962 | 260,588 | |||||||||||||||||||||
Operating lease payments
|
5,794 | 22,434 | 17,140 | 13,977 | 13,122 | 44,613 | 117,080 | |||||||||||||||||||||
Total contractual cash obligations
|
$ | 12,965 | $ | 38,450 | $ | 234,747 | $ | 22,226 | $ | 14,705 | $ | 54,575 | $ | 377,668 |
For the years ending March 31
|
||||||||||||||||||||||||||||
2013
|
2014
|
2015
|
2016
|
2017
|
Thereafter
|
Total
|
||||||||||||||||||||||
Total purchase commitments
|
$ | 28,884 | $ | 47,745 | $ | 42,344 | $ | 25,863 | $ | 15,991 | $ | 2,488 | $ | 163,315 |
Loan guarantee
|
$ | 1,084 | ||
Lease guarantee
|
2,134 | |||
Outstanding letters of credit
|
2,238 | |||
Surety bonds
|
388 |
·
|
statements regarding the impact of the American Taxpayer Relief Act of 2012;
|
·
|
statements regarding plans to accelerate investment in product development in fiscal 2013 and beyond;
|
·
|
management beliefs that increased product investment will drive revenue growth in 2014 and beyond;
|
·
|
management’s expectations about the macro economy;
|
·
|
statements of the plans and objectives of management for future operations;
|
·
|
statements of future economic performance, including, but not limited to, those statements contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations;
|
·
|
statements containing any assumptions underlying or relating to any of the above statements; and
|
·
|
statements containing a projection or estimate.
|
·
|
the risk factors described in Part I, “Item 1A. Risk Factors” included in the Company’s 2012 Annual Report and those described from time to time in our future reports filed with the SEC;
|
·
|
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 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 our business;
|
·
|
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 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 will limit our ability to provide services to our clients and/or which limit the use of data; and
|
·
|
general and global negative economic conditions.
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
(b)
|
Changes in Internal Control over Financial Reporting
|
Item 1.
|
Legal Proceedings
|
Period
|
Total Number
of Shares Purchased
|
Average Price Paid
Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Plans or Programs
|
||||||||||||
10/1/12 – 10/31/12
|
0 | n/a | 0 | $ | 34,610,507 | |||||||||||
11/1/12 – 11/30/12
|
891,374 | 17.39 | 891,374 | 19,108,980 | ||||||||||||
12/1/12 – 12/31/12
|
0 | n/a | 0 | 19,108,980 | ||||||||||||
Total
|
891,374 | 17.39 | 891,374 | $ | 19,108,980 |
31.1
|
Certification of Chief Executive Officer and President (principal executive officer) pursuant
to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant
to Sections 302 and 404 of the
Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Chief Financial Officer and Executive Vice President (principal financial and
accounting officer) pursuant to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to
Sections 302 and 404 of the
Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of Chief Executive Officer and President (principal executive officer) pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Chief Financial Officer and Executive Vice President (principal financial and
accounting officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act
of 2002
|
101
|
The following financial information from our Quarterly Report on Form 10-Q for the quarter
ended December 31, 2012, formatted in XBRL: (i) Condensed Consolidated Balance Sheets
at December 31, 2012, and
March 31, 2012, (ii) Condensed Consolidated Statements of
Operations for the three months ended December 31, 2012 and 2011, (iii) Condensed
Consolidated Statements of Operations for the nine months
ended December 31, 2012
and 2011, (iv) Condensed Consolidated Statements of Comprehensive Income for the three
months ended December 31, 2012 and 2011, (v) Condensed Consolidated Statements of
Comprehensive Income for the nine months ended December 31, 2012 and 2011,
(vi) Condensed Consolidated Statement of Stockholders’ Equity for the nine months ended
December 31, 2012, (vii) Condensed
Consolidated Statements of Cash Flows for the nine
months ended December 31, 2012 and 2011, and (viii) the Notes to Condensed Consolidated
Financial Statements, tagged in detail.
|
Exhibit Number
|
Description
|
|
31.1
|
Certification of Chief Executive Officer and President (principal executive officer) pursuant
to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to Sections 302 and 404 of the
Sarbanes-Oxley Act of
2002
|
|
31.2
|
Certification of Chief Financial Officer and Executive Vice President (principal financial
and accounting officer) pursuant to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to
Sections 302 and 404
of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Certification of Chief Executive Officer and President (principal executive officer) pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Certification of Chief Financial Officer and Executive Vice President (principal financial and
accounting officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-
Oxley Act of 2002
|
|
101
|
The following financial information from our Quarterly Report on Form 10-Q for the quarter
ended
December 31, 2012, formatted in XBRL: (i) Condensed Consolidated Balance Sheets
at December 31,
2012, and March 31, 2012, (ii) Condensed Consolidated Statements
of Operations for the three months ended December 31, 2012 and 2011, (iii) Condensed
Consolidated Statements of Operations for
the nine months ended December 31, 2012
and 2011, (iv) Condensed Consolidated Statements of Comprehensive Income for the three
months ended December 31, 2012 and 2011, (v) Condensed
Consolidated Statements of
Comprehensive Income for the nine months ended December 31, 2012 and 2011,
(vi) Condensed Consolidated Statement of Stockholders’ Equity for the nine months
ended
December 31, 2012, (vii) Condensed Consolidated Statements of Cash Flows for the nine
months ended December 31, 2012 and 2011, and (viii) the Notes to Condensed Consolidated
Financial
Statements, tagged in detail.
|
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