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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, DC 20549
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FORM 8-K
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CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported): November 4, 2015
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ACXIOM CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE
(State or Other Jurisdiction of Incorporation)
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0-13163
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71-0581897
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(Commission File Number)
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(IRS Employer Identification No.)
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P.O. Box 8190, 601 E. Third Street,
Little Rock, Arkansas
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72203-8190
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(Address of Principal Executive Offices)
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(Zip Code)
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501-342-1000
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(Registrant’s Telephone Number, Including Area Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit
Number
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Description
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99.1
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Press Release of the Company dated November 4, 2015
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Title:
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Chief Ethics and Legal Officer & Executive Vice President
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Exhibit
Number
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Description
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99.1
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Press Release of the Company dated November 4, 2015
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·
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Revenue: Total revenue was $207 million, up approximately 2% compared to the second quarter of last year. US revenue of $189 million was up 6% year-over-year.
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·
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Operating Income (Loss): GAAP operating loss from continuing operations was $2 million compared to a loss of $6 million in the prior year. Non-GAAP operating income from continuing operations improved 30% to approximately $18 million compared to $14 million a year ago.
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·
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Earnings (Loss) per Share: GAAP loss per share from continuing operations was $0.02 compared to a net loss of $0.09 in the prior year. Non-GAAP diluted earnings per share from continuing operations were $0.14, up 40% from $0.10 a year ago.
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·
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Operating Cash Flow: Operating cash flow from continuing operations was $21 million, up from $14 million a year ago.
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·
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Free Cash Flow to Equity: Free cash flow to equity improved $11 million to negative $1 million. This measure excludes cash flows related to the IT Infrastructure Management divestiture.
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·
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Revenue was $185 million, down 3% compared to the second quarter of last year. Excluding a negative currency impact of approximately $3 million, total Marketing Services and Audience Solutions revenue was down 2%. US revenue of $168 million was up 2% year-over-year.
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·
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Non-GAAP gross margin decreased from 44% to 41%.
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·
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Non-GAAP operating income was $43 million compared to $54 million in the prior year.
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·
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The declines were primarily driven by International results. In addition, operating income was impacted by continued investment in the US.
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·
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Revenue was $22 million, up approximately 65% compared to the second quarter of last year, driven by continued onboarding momentum. Connectivity exited the quarter with a $90 million revenue run-rate.
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·
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Non-GAAP gross margin improved from 19% to 62%.
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·
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Non-GAAP operating loss improved by approximately $11 million to a loss of roughly $1 million, driven by growth in subscriptions and royalties.
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·
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LiveRamp™ added 40 new customers during the quarter and added over 30 new partner integrations. Marketers can now onboard and distribute their data to a growing network of more than 250 marketing platforms and data providers.
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·
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Connectivity powered $82 million of gross media spend in the second quarter, up 122% year-over-year. On a trailing twelve-month basis, Connectivity powered $268 million of gross media spend, up 167% over the comparable period.
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·
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LiveRamp announced the launch of Customer Link, a new software-as-a-service product that connects campaign and sales data across channels and devices, solving the linking challenge that prevents marketers from creating a unified view of customer activity. Customer Link extends LiveRamp’s suite of open connectivity services.
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·
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Acxiom repurchased approximately 607,000 shares for $12 million during the quarter. Since inception of the share repurchase program in August 2011, Acxiom has repurchased 14.3 million shares for $230 million.
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·
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Revenue from continuing operations in the range of $815 million to $840 million
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·
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Non-GAAP diluted earnings per share from continuing operations in the range of $0.45 to $0.50
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ACXIOM CORPORATION AND SUBSIDIARIES
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||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||
(Unaudited)
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||||||||||||||||
(Dollars in thousands, except earnings (loss) per share)
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||||||||||||||||
For the Three Months Ended
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||||||||||||||||
September 30,
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||||||||||||||||
$ | % | |||||||||||||||
2015
|
2014
|
Variance
|
Variance
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|||||||||||||
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:
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||||||||||||||||
Research and development
|
19,078 | 19,798 | (720 | ) | (3.6 | %) | ||||||||||
Sales and marketing
|
34,259 | 28,842 | 5,417 | 18.8 | % | |||||||||||
General and administrative
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31,519 | 38,373 | (6,854 | ) | (17.9 | %) | ||||||||||
Gains, losses and other items, net
|
3,233 | 833 | 2,400 | 288.1 | % | |||||||||||
Total operating expenses
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88,089 | 87,846 | 243 | 0.3 | % | |||||||||||
Loss from operations
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(2,056 | ) | (6,443 | ) | 4,387 | 68.1 | % | |||||||||
% Margin
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-1.0 | % | -3.2 | % | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
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(1,956 | ) | (1,821 | ) | (135 | ) | (7.4 | %) | ||||||||
Other, net
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59 | (163 | ) | 222 | 136.2 | % | ||||||||||
Total other expense
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(1,897 | ) | (1,984 | ) | 87 | 4.4 | % | |||||||||
Loss from continuing operations before income taxes
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(3,953 | ) | (8,427 | ) | 4,474 | 53.1 | % | |||||||||
Income taxes
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(2,608 | ) | (1,326 | ) | (1,282 | ) | (96.7 | %) | ||||||||
Net loss from continuing operations
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(1,345 | ) | (7,101 | ) | 5,756 | 81.1 | % | |||||||||
Earnings from discontinued operations, net of tax
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12,068 | 5,557 | 6,511 | 117.2 | % | |||||||||||
Net earnings (loss)
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10,723 | (1,544 | ) | 12,267 | 794.5 | % | ||||||||||
Basic earnings (loss) per share:
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||||||||||||||||
Net loss from continuing operations
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(0.02 | ) | (0.09 | ) | 0.07 | 81.3 | % | |||||||||
Net earnings from discontinued operations
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0.15 | 0.07 | 0.08 | 114.8 | % | |||||||||||
Net earnings (loss)
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0.14 | (0.02 | ) | 0.16 | 787.0 | % | ||||||||||
Diluted earnings (loss) per share:
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||||||||||||||||
Net loss from continuing operations
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(0.02 | ) | (0.09 | ) | 0.07 | 81.3 | % | |||||||||
Net earnings from discontinued operations
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0.15 | 0.07 | 0.08 | 114.8 | % | |||||||||||
Net earnings (loss)
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0.14 | (0.02 | ) | 0.16 | 787.0 | % | ||||||||||
Some earnings (loss) per share amounts may not add due to rounding
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||||||||||||||||
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||||||||||||||||
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||||||||||||||||
ACXIOM CORPORATION AND SUBSIDIARIES
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||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||
(Unaudited)
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||||||||||||||||
(Dollars in thousands, except earnings (loss) per share)
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||||||||||||||||
For the Six Months Ended
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||||||||||||||||
September 30,
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||||||||||||||||
$ | % | |||||||||||||||
2015
|
2014
|
Variance
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Variance
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|||||||||||||
Revenues
|
404,240 | 390,931 | 13,309 | 3.4 | % | |||||||||||
Cost of revenue
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239,021 | 235,935 | 3,086 | 1.3 | % | |||||||||||
Gross profit
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165,219 | 154,996 | 10,223 | 6.6 | % | |||||||||||
% Gross margin
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40.9 | % | 39.6 | % | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development
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39,089 | 36,148 | 2,941 | 8.1 | % | |||||||||||
Sales and marketing
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63,753 | 55,342 | 8,411 | 15.2 | % | |||||||||||
General and administrative
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63,262 | 75,074 | (11,812 | ) | (15.7 | %) | ||||||||||
Gains, losses and other items, net
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4,040 | 7,961 | (3,921 | ) | (49.3 | %) | ||||||||||
Total operating expenses
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170,144 | 174,525 | (4,381 | ) | (2.5 | %) | ||||||||||
Loss from operations
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(4,925 | ) | (19,529 | ) | 14,604 | 74.8 | % | |||||||||
% Margin
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-1.2 | % | -5.0 | % | ||||||||||||
Other income (expense):
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||||||||||||||||
Interest expense
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(3,841 | ) | (3,769 | ) | (72 | ) | (1.9 | %) | ||||||||
Other, net
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363 | (269 | ) | 632 | 234.9 | % | ||||||||||
Total other expense
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(3,478 | ) | (4,038 | ) | 560 | 13.9 | % | |||||||||
Loss from continuing operations before income taxes
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(8,403 | ) | (23,567 | ) | 15,164 | 64.3 | % | |||||||||
Income taxes
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(1,876 | ) | (5,725 | ) | 3,849 | 67.2 | % | |||||||||
Net loss from continuing operations
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(6,527 | ) | (17,842 | ) | 11,315 | 63.4 | % | |||||||||
Earnings from discontinued operations, net of tax
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16,211 | 8,694 | 7,517 | 86.5 | % | |||||||||||
Net earnings (loss)
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9,684 | (9,148 | ) | 18,832 | 205.9 | % | ||||||||||
Basic earnings (loss) per share:
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||||||||||||||||
Net loss from continuing operations
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(0.08 | ) | (0.23 | ) | 0.15 | 63.9 | % | |||||||||
Net earnings from discontinued operations
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0.21 | 0.11 | 0.10 | 84.2 | % | |||||||||||
Net earnings (loss)
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0.12 | (0.12 | ) | 0.24 | 204.6 | % | ||||||||||
Diluted earnings (loss) per share:
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||||||||||||||||
Net loss from continuing operations
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(0.08 | ) | (0.23 | ) | 0.15 | 63.9 | % | |||||||||
Net earnings from discontinued operations
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0.21 | 0.11 | 0.10 | 84.2 | % | |||||||||||
Net earnings (loss)
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0.12 | (0.12 | ) | 0.24 | 202.7 | % | ||||||||||
Some earnings (loss) per share amounts may not add due to rounding
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||||||||||||||||
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||||||||||||||||
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||||||||||||||||
ACXIOM CORPORATION AND SUBSIDIARIES
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RECONCILIATION OF GAAP TO NON-GAAP EPS
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||||||||||||||||
(Unaudited)
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||||||||||||||||
(Dollars in thousands, except earnings (loss) per share)
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||||||||||||||||
For the Three Months Ended
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For the Six Months Ended
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|||||||||||||||
September 30,
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September 30,
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|||||||||||||||
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:
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||||||||||||||||
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)
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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 | 42,330 | ||||||||||||
Earnings 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)
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||||||||
For the Three Months Ended
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||||||||
September 30,
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September 30,
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|||||||
2015
|
2014
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|||||||
Basic loss per share from continuing operations:
|
||||||||
Numerator - net loss
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(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
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- | - | ||||||
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,
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|||||||
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
|
Variance
|
|||||||||||||
Assets
|
||||||||||||||||
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 | ) | ||||||||||||||||||
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 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
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 | 38,063 | ||||||||||||||||||||||||
Earnings 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 | % | ||||||||||||||||||||||||
1 Year Acxiom Chart |
1 Month Acxiom Chart |
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