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Name | Symbol | Market | Type |
---|---|---|---|
Xtrackers California Municipal Bonds ETF | NASDAQ:CA | NASDAQ | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0306 | -0.12% | 24.8153 | 12.42 | 27.01 | 0 | 21:31:32 |
Delaware
|
13-2857434
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
|
|
520 Madison Avenue,
New York, New York
|
10022
|
(Address of principal executive offices)
|
(Zip Code)
|
(Check one:)
|
|
|
|
Large accelerated filer
|
þ
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
Title of Class
|
|
Shares Outstanding
|
Common Stock
|
|
as of July 21, 2016
|
par value $0.10 per share
|
|
418,948,659
|
|
|
Page
|
PART I.
|
|
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Item 1.
|
||
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Item 2.
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Item 3.
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Item 4.
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||
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PART II.
|
|
|
|
|
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Item 1.
|
||
|
|
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Item 1A.
|
||
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Item 2.
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||
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Item 3.
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||
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Item 4.
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||
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Item 5.
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||
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Item 6.
|
||
|
|
|
|
|
June 30,
2016 |
|
March 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,776
|
|
|
$
|
2,812
|
|
Trade accounts receivable, net
|
430
|
|
|
625
|
|
||
Other current assets
|
144
|
|
|
124
|
|
||
Total current assets
|
$
|
3,350
|
|
|
$
|
3,561
|
|
Property and equipment, net of accumulated depreciation of $830 and $832, respectively
|
$
|
229
|
|
|
$
|
242
|
|
Goodwill
|
6,084
|
|
|
6,086
|
|
||
Capitalized software and other intangible assets, net
|
725
|
|
|
795
|
|
||
Deferred income taxes
|
405
|
|
|
407
|
|
||
Other noncurrent assets, net
|
114
|
|
|
113
|
|
||
Total assets
|
$
|
10,907
|
|
|
$
|
11,204
|
|
Liabilities and stockholders’ equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
4
|
|
|
$
|
6
|
|
Accounts payable
|
78
|
|
|
77
|
|
||
Accrued salaries, wages and commissions
|
141
|
|
|
205
|
|
||
Accrued expenses and other current liabilities
|
337
|
|
|
352
|
|
||
Deferred revenue (billed or collected)
|
2,027
|
|
|
2,197
|
|
||
Taxes payable, other than income taxes payable
|
29
|
|
|
55
|
|
||
Federal, state and foreign income taxes payable
|
22
|
|
|
2
|
|
||
Total current liabilities
|
$
|
2,638
|
|
|
$
|
2,894
|
|
Long-term debt, net of current portion
|
$
|
1,946
|
|
|
$
|
1,947
|
|
Federal, state and foreign income taxes payable
|
145
|
|
|
148
|
|
||
Deferred income taxes
|
2
|
|
|
3
|
|
||
Deferred revenue (billed or collected)
|
654
|
|
|
737
|
|
||
Other noncurrent liabilities
|
95
|
|
|
97
|
|
||
Total liabilities
|
$
|
5,480
|
|
|
$
|
5,826
|
|
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, no par value, 10,000,000 shares authorized; No shares issued and outstanding
|
$
|
—
|
|
|
$
|
—
|
|
Common stock, $0.10 par value, 1,100,000,000 shares authorized; 589,695,081 and 589,695,081 shares issued; 414,125,562 and 412,596,452 shares outstanding, respectively
|
59
|
|
|
59
|
|
||
Additional paid-in capital
|
3,628
|
|
|
3,664
|
|
||
Retained earnings
|
6,666
|
|
|
6,575
|
|
||
Accumulated other comprehensive loss
|
(445
|
)
|
|
(416
|
)
|
||
Treasury stock, at cost, 175,569,519 and 177,098,629 shares, respectively
|
(4,481
|
)
|
|
(4,504
|
)
|
||
Total stockholders’ equity
|
$
|
5,427
|
|
|
$
|
5,378
|
|
Total liabilities and stockholders’ equity
|
$
|
10,907
|
|
|
$
|
11,204
|
|
|
For the Three
Months Ended June 30, |
||||||
|
2016
|
|
2015
|
||||
Revenue:
|
|
|
|
||||
Subscription and maintenance
|
$
|
826
|
|
|
$
|
836
|
|
Professional services
|
77
|
|
|
79
|
|
||
Software fees and other
|
96
|
|
|
62
|
|
||
Total revenue
|
$
|
999
|
|
|
$
|
977
|
|
Expenses:
|
|
|
|
||||
Costs of licensing and maintenance
|
$
|
68
|
|
|
$
|
66
|
|
Cost of professional services
|
75
|
|
|
71
|
|
||
Amortization of capitalized software costs
|
66
|
|
|
60
|
|
||
Selling and marketing
|
242
|
|
|
226
|
|
||
General and administrative
|
88
|
|
|
90
|
|
||
Product development and enhancements
|
148
|
|
|
136
|
|
||
Depreciation and amortization of other intangible assets
|
20
|
|
|
27
|
|
||
Other expenses (gains), net
|
—
|
|
|
(3
|
)
|
||
Total expenses before interest and income taxes
|
$
|
707
|
|
|
$
|
673
|
|
Income from continuing operations before interest and income taxes
|
$
|
292
|
|
|
$
|
304
|
|
Interest expense, net
|
15
|
|
|
9
|
|
||
Income from continuing operations before income taxes
|
$
|
277
|
|
|
$
|
295
|
|
Income tax expense
|
79
|
|
|
88
|
|
||
Income from continuing operations
|
$
|
198
|
|
|
$
|
207
|
|
Income from discontinued operations, net of income taxes
|
—
|
|
|
5
|
|
||
Net income
|
$
|
198
|
|
|
$
|
212
|
|
|
|
|
|
||||
Basic income per common share:
|
|
|
|
||||
Income from continuing operations
|
$
|
0.47
|
|
|
$
|
0.47
|
|
Income from discontinued operations
|
—
|
|
|
0.01
|
|
||
Net income
|
$
|
0.47
|
|
|
$
|
0.48
|
|
Basic weighted average shares used in computation
|
414
|
|
|
436
|
|
||
|
|
|
|
||||
Diluted income per common share:
|
|
|
|
||||
Income from continuing operations
|
$
|
0.47
|
|
|
$
|
0.47
|
|
Income from discontinued operations
|
—
|
|
|
0.01
|
|
||
Net income
|
$
|
0.47
|
|
|
$
|
0.48
|
|
Diluted weighted average shares used in computation
|
415
|
|
|
438
|
|
|
For the Three
Months Ended June 30, |
||||||
|
2016
|
|
2015
|
||||
Net income
|
$
|
198
|
|
|
$
|
212
|
|
Other comprehensive (loss) income:
|
|
|
|
||||
Foreign currency translation adjustments
|
(29
|
)
|
|
32
|
|
||
Total other comprehensive (loss) income
|
$
|
(29
|
)
|
|
$
|
32
|
|
Comprehensive income
|
$
|
169
|
|
|
$
|
244
|
|
|
For the Three
Months Ended June 30, |
||||||
|
2016
|
|
2015
|
||||
Operating activities from continuing operations:
|
|
|
|
||||
Net income
|
$
|
198
|
|
|
$
|
212
|
|
Income from discontinued operations
|
—
|
|
|
(5
|
)
|
||
Income from continuing operations
|
$
|
198
|
|
|
$
|
207
|
|
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
86
|
|
|
87
|
|
||
Deferred income taxes
|
3
|
|
|
(10
|
)
|
||
Provision for bad debts
|
1
|
|
|
1
|
|
||
Share-based compensation expense
|
29
|
|
|
22
|
|
||
Other non-cash items
|
1
|
|
|
—
|
|
||
Foreign currency transaction (gains) losses
|
(2
|
)
|
|
3
|
|
||
Changes in other operating assets and liabilities, net of effect of acquisitions:
|
|
|
|
||||
Decrease in trade accounts receivable
|
193
|
|
|
228
|
|
||
Decrease in deferred revenue
|
(245
|
)
|
|
(239
|
)
|
||
(Decrease) increase in taxes payable, net
|
(41
|
)
|
|
27
|
|
||
Increase (decrease) in accounts payable, accrued expenses and other
|
8
|
|
|
(33
|
)
|
||
Decrease in accrued salaries, wages and commissions
|
(65
|
)
|
|
(83
|
)
|
||
Changes in other operating assets and liabilities
|
(5
|
)
|
|
(22
|
)
|
||
Net cash provided by operating activities - continuing operations
|
$
|
161
|
|
|
$
|
188
|
|
Investing activities from continuing operations:
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired, and purchased software
|
$
|
(1
|
)
|
|
$
|
(37
|
)
|
Purchases of property and equipment
|
(8
|
)
|
|
(13
|
)
|
||
Net cash used in investing activities - continuing operations
|
$
|
(9
|
)
|
|
$
|
(50
|
)
|
Financing activities from continuing operations:
|
|
|
|
||||
Dividends paid
|
$
|
(107
|
)
|
|
$
|
(110
|
)
|
Purchases of common stock
|
(50
|
)
|
|
(50
|
)
|
||
Notional pooling borrowings
|
190
|
|
|
1,760
|
|
||
Notional pooling repayments
|
(186
|
)
|
|
(1,776
|
)
|
||
Debt repayments
|
(4
|
)
|
|
(5
|
)
|
||
Exercise of common stock options
|
13
|
|
|
4
|
|
||
Other financing activities
|
—
|
|
|
(23
|
)
|
||
Net cash used in financing activities - continuing operations
|
$
|
(144
|
)
|
|
$
|
(200
|
)
|
Effect of exchange rate changes on cash
|
$
|
(44
|
)
|
|
$
|
69
|
|
Net change in cash and cash equivalents - continuing operations
|
$
|
(36
|
)
|
|
$
|
7
|
|
Cash provided by operating activities - discontinued operations
|
$
|
—
|
|
|
$
|
5
|
|
Net effect of discontinued operations on cash and cash equivalents
|
$
|
—
|
|
|
$
|
5
|
|
(Decrease) increase in cash and cash equivalents
|
$
|
(36
|
)
|
|
$
|
12
|
|
Cash and cash equivalents at beginning of period
|
$
|
2,812
|
|
|
$
|
2,804
|
|
Cash and cash equivalents at end of period
|
$
|
2,776
|
|
|
$
|
2,816
|
|
(dollars in millions)
|
Rally
|
|
Other Fiscal Year 2016 Acquisitions
|
|
Estimated
Useful Life
|
||||
Finite-lived intangible assets
(1)
|
$
|
78
|
|
|
$
|
14
|
|
|
1-15 years
|
Purchased software
|
178
|
|
|
96
|
|
|
5-7 years
|
||
Goodwill
|
257
|
|
|
59
|
|
|
Indefinite
|
||
Deferred tax liabilities, net
|
(45
|
)
|
|
(24
|
)
|
|
—
|
||
Other assets net of other liabilities assumed
(2)
|
51
|
|
|
2
|
|
|
—
|
||
Purchase price
|
$
|
519
|
|
|
$
|
147
|
|
|
|
(1)
|
Includes customer relationships and trade names.
|
(2)
|
Includes approximately
$13 million
of cash acquired and approximately
$48 million
of short-term investments acquired relating to Rally.
|
|
June 30,
2016 |
|
March 31,
2016 |
||||
|
(in millions)
|
||||||
Accounts receivable – billed
|
$
|
390
|
|
|
$
|
566
|
|
Accounts receivable – unbilled
|
41
|
|
|
55
|
|
||
Other receivables
|
8
|
|
|
13
|
|
||
Less: Allowances
|
(9
|
)
|
|
(9
|
)
|
||
Trade accounts receivable, net
|
$
|
430
|
|
|
$
|
625
|
|
|
At June 30, 2016
|
||||||||||||||||||
|
Gross
Amortizable
Assets
|
|
Less: Fully
Amortized
Assets
|
|
Remaining
Amortizable
Assets
|
|
Accumulated
Amortization
on Remaining
Amortizable
Assets
|
|
Net
Assets
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Purchased software products
|
$
|
5,991
|
|
|
$
|
4,889
|
|
|
$
|
1,102
|
|
|
$
|
571
|
|
|
$
|
531
|
|
Internally developed software products
|
1,467
|
|
|
1,030
|
|
|
437
|
|
|
335
|
|
|
102
|
|
|||||
Other intangible assets
|
927
|
|
|
762
|
|
|
165
|
|
|
73
|
|
|
92
|
|
|||||
Total capitalized software and other intangible assets
|
$
|
8,385
|
|
|
$
|
6,681
|
|
|
$
|
1,704
|
|
|
$
|
979
|
|
|
$
|
725
|
|
|
At March 31, 2016
|
||||||||||||||||||
|
Gross
Amortizable
Assets
|
|
Less: Fully
Amortized
Assets
|
|
Remaining
Amortizable
Assets
|
|
Accumulated
Amortization
on Remaining
Amortizable
Assets
|
|
Net
Assets
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Purchased software products
|
$
|
5,990
|
|
|
$
|
4,865
|
|
|
$
|
1,125
|
|
|
$
|
552
|
|
|
$
|
573
|
|
Internally developed software products
|
1,467
|
|
|
1,009
|
|
|
458
|
|
|
333
|
|
|
125
|
|
|||||
Other intangible assets
|
927
|
|
|
728
|
|
|
199
|
|
|
102
|
|
|
97
|
|
|||||
Total capitalized software and other intangible assets
|
$
|
8,384
|
|
|
$
|
6,602
|
|
|
$
|
1,782
|
|
|
$
|
987
|
|
|
$
|
795
|
|
|
Year Ended March 31,
|
||||||||||||||||||
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Purchased software products
|
$
|
156
|
|
|
$
|
147
|
|
|
$
|
107
|
|
|
$
|
82
|
|
|
$
|
40
|
|
Internally developed software products
|
79
|
|
|
36
|
|
|
9
|
|
|
1
|
|
|
—
|
|
|||||
Other intangible assets
|
16
|
|
|
8
|
|
|
7
|
|
|
6
|
|
|
6
|
|
|||||
Total
|
$
|
251
|
|
|
$
|
191
|
|
|
$
|
123
|
|
|
$
|
89
|
|
|
$
|
46
|
|
(in millions)
|
Mainframe Solutions
|
|
Enterprise Solutions
|
|
Services
|
|
Total
|
||||||||
Balance at March 31, 2016
|
$
|
4,178
|
|
|
$
|
1,827
|
|
|
$
|
81
|
|
|
$
|
6,086
|
|
Foreign currency translation adjustment
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Balance at June 30, 2016
|
$
|
4,178
|
|
|
$
|
1,825
|
|
|
$
|
81
|
|
|
$
|
6,084
|
|
|
June 30,
2016 |
|
March 31,
2016 |
||||
|
(in millions)
|
||||||
Current:
|
|
|
|
||||
Subscription and maintenance
|
$
|
1,826
|
|
|
$
|
1,990
|
|
Professional services
|
124
|
|
|
116
|
|
||
Software fees and other
|
77
|
|
|
91
|
|
||
Total deferred revenue (billed or collected) – current
|
$
|
2,027
|
|
|
$
|
2,197
|
|
Noncurrent:
|
|
|
|
||||
Subscription and maintenance
|
$
|
631
|
|
|
$
|
712
|
|
Professional services
|
20
|
|
|
21
|
|
||
Software fees and other
|
3
|
|
|
4
|
|
||
Total deferred revenue (billed or collected) – noncurrent
|
$
|
654
|
|
|
$
|
737
|
|
Total deferred revenue (billed or collected)
|
$
|
2,681
|
|
|
$
|
2,934
|
|
|
Amount of Net (Gain)/Loss Recognized in the Condensed Consolidated Statements of Operations
|
||||||
|
Three Months Ended
June 30, |
||||||
(in millions)
|
2016
|
|
2015
|
||||
Other expenses (gains), net – foreign currency contracts
|
$
|
3
|
|
|
$
|
11
|
|
|
At June 30, 2016
|
|
At March 31, 2016
|
||||||||||||||||||||
|
Fair Value
Measurement Using
Input Types
|
|
Estimated
Fair
Value
|
|
Fair Value
Measurement Using
Input Types
|
|
Estimated
Fair
Value
|
||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
(1)
|
$
|
530
|
|
|
$
|
—
|
|
|
$
|
530
|
|
|
$
|
617
|
|
|
$
|
—
|
|
|
$
|
617
|
|
Foreign exchange derivatives
(2)
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||
Total assets
|
$
|
530
|
|
|
$
|
14
|
|
|
$
|
544
|
|
|
$
|
617
|
|
|
$
|
2
|
|
|
$
|
619
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange derivatives
(2)
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
(1)
|
The Company’s investments in money market funds are classified as “Cash and cash equivalents” in its Condensed Consolidated Balance Sheets.
|
(2)
|
Refer to Note F, “Derivatives” for additional information.
|
|
At June 30, 2016
|
|
At March 31, 2016
|
||||||||||||
(in millions)
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Total debt
(1)
|
$
|
1,950
|
|
|
$
|
2,069
|
|
|
$
|
1,953
|
|
|
$
|
2,058
|
|
Facility exit reserve
(2)
|
$
|
15
|
|
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
17
|
|
(1)
|
Estimated fair value of total debt is based on quoted prices for similar liabilities for which significant inputs are observable except for certain long-term lease obligations, for which fair value approximates carrying value (Level 2).
|
(2)
|
Estimated fair value for the facility exit reserve is determined using the Company’s incremental borrowing rate at
June 30, 2016
and
March 31, 2016
. At
June 30, 2016
and
March 31, 2016
, the facility exit reserve included approximately
$4 million
and
$4 million
, respectively, in “Accrued expenses and other current liabilities” and approximately
$11 million
and
$12 million
, respectively, in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets (Level 3).
|
Declaration Date
|
|
Dividend Per Share
|
|
Record Date
|
|
Total Amount
|
|
Payment Date
|
May 4, 2016
|
|
$0.255
|
|
May 26, 2016
|
|
$107
|
|
June 14, 2016
|
Declaration Date
|
|
Dividend Per Share
|
|
Record Date
|
|
Total Amount
|
|
Payment Date
|
May 5, 2015
|
|
$0.25
|
|
May 28, 2015
|
|
$110
|
|
June 16, 2015
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions, except per share amounts)
|
||||||
Basic income from continuing operations per common share:
|
|
|
|
||||
Income from continuing operations
|
$
|
198
|
|
|
$
|
207
|
|
Less: Income from continuing operations allocable to participating securities
|
(2
|
)
|
|
(2
|
)
|
||
Income from continuing operations allocable to common shares
|
$
|
196
|
|
|
$
|
205
|
|
Weighted average common shares outstanding
|
414
|
|
|
436
|
|
||
Basic income from continuing operations per common share
|
$
|
0.47
|
|
|
$
|
0.47
|
|
|
|
|
|
||||
Diluted income from continuing operations per common share:
|
|
|
|
||||
Income from continuing operations
|
$
|
198
|
|
|
$
|
207
|
|
Less: Income from continuing operations allocable to participating securities
|
(2
|
)
|
|
(2
|
)
|
||
Income from continuing operations allocable to common shares
|
$
|
196
|
|
|
$
|
205
|
|
Weighted average shares outstanding and common share equivalents:
|
|
|
|
||||
Weighted average common shares outstanding
|
414
|
|
|
436
|
|
||
Weighted average effect of share-based payment awards
|
1
|
|
|
2
|
|
||
Denominator in calculation of diluted income per share
|
415
|
|
|
438
|
|
||
Diluted income from continuing operations per common share
|
$
|
0.47
|
|
|
$
|
0.47
|
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Costs of licensing and maintenance
|
$
|
2
|
|
|
$
|
2
|
|
Cost of professional services
|
1
|
|
|
1
|
|
||
Selling and marketing
|
10
|
|
|
8
|
|
||
General and administrative
|
11
|
|
|
7
|
|
||
Product development and enhancements
|
5
|
|
|
4
|
|
||
Share-based compensation expense before tax
|
$
|
29
|
|
|
$
|
22
|
|
Income tax benefit
|
(10
|
)
|
|
(7
|
)
|
||
Net share-based compensation expense
|
$
|
19
|
|
|
$
|
15
|
|
|
Unrecognized Share-Based Compensation Costs
|
|
Weighted Average Period Expected to be Recognized
|
||
|
(in millions)
|
|
(in years)
|
||
Stock option awards
|
$
|
7
|
|
|
2.3
|
Restricted stock units
|
27
|
|
|
2.3
|
|
Restricted stock awards
|
102
|
|
|
2.3
|
|
Performance share units
|
45
|
|
|
2.9
|
|
Total unrecognized share-based compensation costs
|
$
|
181
|
|
|
2.5
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Weighted average fair value
|
$
|
4.40
|
|
|
$
|
4.69
|
|
Dividend yield
|
3.58
|
%
|
|
3.37
|
%
|
||
Expected volatility factor
(1)
|
23
|
%
|
|
23
|
%
|
||
Risk-free interest rate
(2)
|
1.5
|
%
|
|
1.9
|
%
|
||
Expected life (in years)
(3)
|
6.0
|
|
|
6.0
|
|
(1)
|
Expected volatility is measured using historical daily price changes of the Company’s common stock over the respective expected term of the options and the implied volatility derived from the market prices of the Company’s traded options.
|
(2)
|
The risk-free rate for periods within the contractual term of the stock options is based on the U.S. Treasury yield curve in effect at the time of grant.
|
(3)
|
The expected life is the number of years the Company estimates that options will be outstanding prior to exercise.
The Company’s computation of expected life was determined based on the simplified method (the average of the vesting period and option term).
|
|
|
|
|
RSAs
|
|
RSUs
|
||||
Incentive Plans for Fiscal Years
|
|
Performance Period
|
|
Shares
(in millions)
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
(in millions)
|
|
Weighted Average Grant Date Fair Value
|
2016
|
|
1 year
|
|
0.6
|
|
$31.53
|
|
0.1
|
|
$30.53
|
2015
|
|
1 year
|
|
0.5
|
|
$31.41
|
|
0.1
|
|
$30.42
|
Incentive Plans
for Fiscal Years
|
|
Performance Period
|
|
Shares of Common Stock
(in millions)
|
|
Weighted Average Grant Date Fair Value
|
2014
|
|
3 years
|
|
0.3
|
|
$31.53
|
2013
|
|
3 years
|
|
0.1
|
|
$31.41
|
|
|
|
|
RSAs
|
|
RSUs
|
||||
Incentive Plans for Fiscal Years
|
|
Performance Period
|
|
Shares
(in millions)
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
(in millions)
|
|
Weighted Average Grant Date Fair Value
|
2016
|
|
1 year
|
|
0.3
|
|
$31.53
|
|
0.1
|
|
$28.52
|
2015
|
|
1 year
|
|
0.2
|
|
$30.45
|
|
0.1
|
|
$27.50
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
|
(shares in millions)
|
||||||
RSAs:
|
|
|
|
||||
Shares
|
2.9
|
|
|
2.7
|
|
||
Weighted average grant date fair value
(1)
|
$
|
31.53
|
|
|
$
|
30.65
|
|
RSUs:
|
|
|
|
||||
Shares
|
1.0
|
|
|
0.8
|
|
||
Weighted average grant date fair value
(2)
|
$
|
30.10
|
|
|
$
|
28.90
|
|
(1)
|
The fair value is based on the quoted market value of the Company’s common stock on the grant date.
|
(2)
|
The fair value is based on the quoted market value of the Company’s common stock on the grant date reduced by the present value of dividends expected to be paid on the Company’s common stock prior to vesting of the RSUs, which is calculated using a risk-free interest rate.
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Total borrowings outstanding at beginning of period
(1)
|
$
|
139
|
|
|
$
|
138
|
|
Borrowings
|
190
|
|
|
1,760
|
|
||
Repayments
|
(186
|
)
|
|
(1,776
|
)
|
||
Foreign exchange effect
|
(5
|
)
|
|
17
|
|
||
Total borrowings outstanding at end of period
(1)
|
$
|
138
|
|
|
$
|
139
|
|
(1)
|
Included in “Accrued expenses and other current liabilities” in the Company’s Condensed Consolidated Balance Sheets.
|
Three Months Ended June 30, 2016
|
Mainframe
Solutions
|
|
Enterprise
Solutions
|
|
Services
|
|
Total
|
||||||||
(dollars in millions)
|
|||||||||||||||
Revenue
|
$
|
551
|
|
|
$
|
371
|
|
|
$
|
77
|
|
|
$
|
999
|
|
Expenses
|
208
|
|
|
324
|
|
|
75
|
|
|
607
|
|
||||
Segment profit
|
$
|
343
|
|
|
$
|
47
|
|
|
$
|
2
|
|
|
$
|
392
|
|
Segment operating margin
|
62
|
%
|
|
13
|
%
|
|
3
|
%
|
|
39
|
%
|
||||
Depreciation
|
$
|
9
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
15
|
|
(1)
|
Other expenses, net consists of costs associated with certain foreign exchange derivative hedging gains and losses, and other miscellaneous costs.
|
Three Months Ended June 30, 2015
|
Mainframe
Solutions
|
|
Enterprise
Solutions
|
|
Services
|
|
Total
|
||||||||
(dollars in millions)
|
|||||||||||||||
Revenue
|
$
|
560
|
|
|
$
|
338
|
|
|
$
|
79
|
|
|
$
|
977
|
|
Expenses
|
211
|
|
|
290
|
|
|
71
|
|
|
572
|
|
||||
Segment profit
|
$
|
349
|
|
|
$
|
48
|
|
|
$
|
8
|
|
|
$
|
405
|
|
Segment operating margin
|
62
|
%
|
|
14
|
%
|
|
10
|
%
|
|
41
|
%
|
||||
Depreciation
|
$
|
9
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
16
|
|
(1)
|
Other expenses, net consists of costs associated with certain foreign exchange derivative hedging gains and losses, and other miscellaneous costs.
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
United States
|
$
|
637
|
|
|
$
|
619
|
|
EMEA
(1)
|
225
|
|
|
221
|
|
||
Other
|
137
|
|
|
137
|
|
||
Total revenue
|
$
|
999
|
|
|
$
|
977
|
|
(1)
|
Consists of Europe, the Middle East and Africa.
|
•
|
Agile Management
enables customers to more effectively plan and manage the software development process and the business of IT service delivery. Our solutions enable customers to improve delivery time on large projects, reduce costs and optimize resources.
|
•
|
DevOps
is adjacent to Agile Management and comprises a range of solutions that allow customers to efficiently deliver and manage applications and IT infrastructure. With our portfolio of solutions, customers can reduce the delivery time of new applications, increase the frequency of new releases and dramatically improve quality.
|
•
|
Security
includes a comprehensive set of solutions to address the growing concern across all enterprises and organizations regarding external and internal threats to their environments and the critical data they contain. Our identity-centric security portfolio allows customers to manage identities and regulate access from the device to the data center, providing a complete, end-to-end, and multi-channel security solution.
|
•
|
Application Development
solutions help enable agile development processes, modernize applications and enable collaboration across the mobile to mainframe teams.
|
•
|
Databases and Database Management
solutions help customers manage the growth and increasing complexity of data and allow them to address their ever-evolving data management needs and enable web and mobile access of data.
|
•
|
Security & Compliance
solutions manage risk and ensure regulatory compliance across the enterprise with modern tools. Our solutions reduce risk from unauthorized access, secure mainframe assets, monitor instances that affect compliance and discover sensitive data. Our solutions secure data at rest and in motion, across the enterprise.
|
•
|
Systems and Operations Management
portfolio provides customers with a unified view of their z Systems performance, including their applications, middleware, networks, systems, storage and data.
|
•
|
Drive organic innovation.
Our product development strategy is built around key growth areas, where we are focused on innovating and delivering differentiated products and solutions across both distributed and mainframe. A key element of our organic innovation approach is the broad adoption of the Agile methodology to govern our software development process, which we believe will improve our product development time-to-market, quality and relevance, and support our customer success initiatives.
|
•
|
Incubate technology for next generation products.
We are researching and dedicating resources to the development of emerging technologies that are logical extensions of our core areas of focus. We are working on opportunities in areas such as containers, data analytics, big data and open source, some of which may become enhancements or extensions of our current product portfolio and others may evolve to new product categories.
|
•
|
Pursue new business models and expanded routes to market.
While our traditional on-premise software delivery remains core to many enterprise customers, we see cloud-based and try-and-buy models as increasingly attractive for our customers.
|
•
|
Expand relationships with our global customer base and address opportunities with new and underserved customers.
We are focused on maintaining and expanding the strong relationships with our established customer base, and will proactively target growth with other potential customers that we do not currently serve. In parallel, we are seeking to broaden our customer base to new buyers in geographic regions we have underserved. The emerging roles of Chief Information Security Officers and Chief Development Officers align with the shifts we are driving across our portfolio to meet the needs of speed and agility.
|
•
|
Execute strategic and disciplined technology acquisitions.
We intend to supplement our organic innovation efforts with key technology acquisitions that are within or adjacent to our core areas of focus. We conduct a thorough acquisition process, which includes build vs. buy analysis and opportunity identification, detailed business case modeling, rigorous due diligence and extensive integration, to fully realize the value of our acquisitions.
|
•
|
Total revenue
increased
$22 million
primarily as a result of an increase in software fees and other revenue, partially offset by a decrease in subscription and maintenance revenue. For the first quarter of fiscal 2017, total revenue includes revenue of
$35 million
from our fiscal 2016 acquisitions of Rally Software Development Corp. (Rally) and Xceedium, Inc. (Xceedium), primarily reflected within software fees and other revenue.
|
•
|
We expect revenue for fiscal 2017 to be consistent or increase slightly compared with fiscal 2016.
|
•
|
Total bookings
increased
by more than 100% primarily due to the replacement and extension of a large system integrator transaction that was scheduled to expire in fiscal 2018, as well as an increase in other mainframe solutions renewals that were not associated with this transaction. The large system integrator transaction provides an incremental contract value in excess of $475 million and extends the term of the replaced agreement for an additional five years.
|
•
|
Renewal bookings increased by more than 130%, of which the aforementioned large system integrator transaction contributed a percentage in the mid-90s.
|
•
|
Total new product sales increased by a percentage in the low-50s, of which the aforementioned large system integrator transaction contributed a percentage in the high-40s.
|
•
|
Mainframe solutions new product sales increased by more than 150%, of which the aforementioned large system integrator transaction contributed slightly above 100%.
|
•
|
Enterprise solutions new product sales increased by a percentage in the low-20s, of which the aforementioned large system integrator transaction contributed a percentage in the high-20s.
|
•
|
We expect fiscal 2017 renewals to increase by a percentage in the high teens primarily due to the aforementioned large system integrator transaction.
|
•
|
Operating expenses
increased
primarily due to operational costs associated with our Rally and Xceedium acquisitions that occurred in the second quarter of fiscal 2016.
|
•
|
We anticipate a fiscal
2017
effective tax rate between
28%
and
29%
.
|
•
|
Diluted income per common share from continuing operations was
$0.47
, which was consistent compared with the year-ago period as a result of an increase in expenses, primarily due to operational costs associated with our Rally and Xceedium acquisitions, offset by an increase in revenue and a decrease in weighted average common shares outstanding.
|
•
|
Mainframe Solutions revenue
decreased
primarily due to insufficient revenue from prior period new sales to offset the decline in revenue contribution from renewals. Mainframe Solutions operating margin was consistent compared with the year-ago period.
|
•
|
Enterprise Solutions revenue
increased
primarily due to the additional revenue associated with our Rally and Xceedium acquisitions. Enterprise Solutions operating margin was generally consistent compared with the year-ago period.
|
•
|
Services revenue
decreased
primarily due a decline in professional services engagements from prior periods. Operating margin for Services declined as a result of a decrease in revenue and an increase in personnel-related costs associated with our Rally acquisition.
|
•
|
Net cash provided by operating activities from continuing operations was
$161 million
, representing a
decrease
of
$27 million
. Net cash provided by operating activities
decreased
compared with the year-ago period primarily due to the increase in income tax payments of
$45 million
, partially offset by the decrease in vendor disbursements and payroll of
$19 million
.
|
|
First Quarter
Comparison Fiscal
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Change
|
|
Percentage Change
|
|||||||
|
(dollars in millions)
|
|
|
|||||||||||
Total revenue
|
$
|
999
|
|
|
$
|
977
|
|
|
$
|
22
|
|
|
2
|
%
|
Income from continuing operations
|
$
|
198
|
|
|
$
|
207
|
|
|
$
|
(9
|
)
|
|
(4
|
)%
|
Net cash provided by operating activities - continuing operations
|
$
|
161
|
|
|
$
|
188
|
|
|
$
|
(27
|
)
|
|
(14
|
)%
|
Total bookings
|
$
|
1,353
|
|
|
$
|
662
|
|
|
$
|
691
|
|
|
104
|
%
|
Subscription and maintenance bookings
|
$
|
1,173
|
|
|
$
|
525
|
|
|
$
|
648
|
|
|
123
|
%
|
Weighted average subscription and maintenance license
agreement duration in years
|
4.93
|
|
|
3.45
|
|
|
1.48
|
|
|
43
|
%
|
|
June 30, 2016
|
|
March 31, 2016
|
|
Change
From
Year End
|
|
June 30, 2015
|
|
Change
From Prior
Year Quarter
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
2,776
|
|
|
$
|
2,812
|
|
|
$
|
(36
|
)
|
|
$
|
2,816
|
|
|
$
|
(40
|
)
|
Total debt
(1)
|
$
|
1,950
|
|
|
$
|
1,953
|
|
|
$
|
(3
|
)
|
|
$
|
1,252
|
|
|
$
|
698
|
|
Total expected future cash collections
from committed contracts
(2)
|
$
|
4,900
|
|
|
$
|
4,520
|
|
|
$
|
380
|
|
|
$
|
3,950
|
|
|
$
|
950
|
|
Total revenue backlog
(2)
|
$
|
7,151
|
|
|
$
|
6,829
|
|
|
$
|
322
|
|
|
$
|
6,278
|
|
|
$
|
873
|
|
Total current revenue backlog
(2)
|
$
|
3,031
|
|
|
$
|
3,113
|
|
|
$
|
(82
|
)
|
|
$
|
3,042
|
|
|
$
|
(11
|
)
|
(1)
|
Total debt at June 30, 2015 has been adjusted to reflect the adoption of Accounting Standards Update No. 2015-03,
Simplifying the Presentation of Debt Issuance Costs
(Topic 835). Refer to Note 1, “Significant Accounting Policies” of our 2016 Form 10-K for additional information.
|
(2)
|
Refer to the discussion in the “Liquidity and Capital Resources” section of this MD&A for additional information on expected future cash collections from committed contracts and revenue backlog.
|
|
First Quarter Comparison Fiscal 2017 Versus Fiscal 2016
|
|||||||||||||||||||
|
|
|
|
|
Dollar Change
|
|
Percentage Change
|
|
Percentage of
Total Revenue
|
|||||||||||
|
2017
|
|
2016
|
|
2017 / 2016
|
|
2017 / 2016
|
|
2017
|
|
2016
|
|||||||||
|
(dollars in millions)
|
|
|
|
|
|
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Subscription and maintenance
|
$
|
826
|
|
|
$
|
836
|
|
|
$
|
(10
|
)
|
|
(1
|
)%
|
|
83
|
%
|
|
86
|
%
|
Professional services
|
77
|
|
|
79
|
|
|
(2
|
)
|
|
(3
|
)
|
|
8
|
|
|
8
|
|
|||
Software fees and other
|
96
|
|
|
62
|
|
|
34
|
|
|
55
|
|
|
9
|
|
|
6
|
|
|||
Total revenue
|
$
|
999
|
|
|
$
|
977
|
|
|
$
|
22
|
|
|
2
|
%
|
|
100
|
%
|
|
100
|
%
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Costs of licensing and maintenance
|
$
|
68
|
|
|
$
|
66
|
|
|
$
|
2
|
|
|
3
|
%
|
|
7
|
%
|
|
7
|
%
|
Cost of professional services
|
75
|
|
|
71
|
|
|
4
|
|
|
6
|
|
|
8
|
|
|
7
|
|
|||
Amortization of capitalized software costs
|
66
|
|
|
60
|
|
|
6
|
|
|
10
|
|
|
7
|
|
|
6
|
|
|||
Selling and marketing
|
242
|
|
|
226
|
|
|
16
|
|
|
7
|
|
|
24
|
|
|
23
|
|
|||
General and administrative
|
88
|
|
|
90
|
|
|
(2
|
)
|
|
(2
|
)
|
|
9
|
|
|
9
|
|
|||
Product development and enhancements
|
148
|
|
|
136
|
|
|
12
|
|
|
9
|
|
|
15
|
|
|
14
|
|
|||
Depreciation and amortization of other intangible assets
|
20
|
|
|
27
|
|
|
(7
|
)
|
|
(26
|
)
|
|
2
|
|
|
3
|
|
|||
Other expenses (gains), net
|
—
|
|
|
(3
|
)
|
|
3
|
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|||
Total expenses before interest and income taxes
|
$
|
707
|
|
|
$
|
673
|
|
|
$
|
34
|
|
|
5
|
%
|
|
71
|
%
|
|
69
|
%
|
Income from continuing operations before interest and income taxes
|
$
|
292
|
|
|
$
|
304
|
|
|
$
|
(12
|
)
|
|
(4
|
)%
|
|
29
|
%
|
|
31
|
%
|
Interest expense, net
|
15
|
|
|
9
|
|
|
6
|
|
|
67
|
|
|
2
|
|
|
1
|
|
|||
Income from continuing operations before income taxes
|
$
|
277
|
|
|
$
|
295
|
|
|
$
|
(18
|
)
|
|
(6
|
)%
|
|
28
|
%
|
|
30
|
%
|
Income tax expense
|
79
|
|
|
88
|
|
|
(9
|
)
|
|
(10
|
)
|
|
8
|
|
|
9
|
|
|||
Income from continuing operations
|
$
|
198
|
|
|
$
|
207
|
|
|
$
|
(9
|
)
|
|
(4
|
)%
|
|
20
|
%
|
|
21
|
%
|
|
First Quarter Comparison Fiscal 2017 Versus Fiscal 2016
|
|||||||||||||||||||
|
2017
|
|
Percentage of Total Revenue
|
|
2016
|
|
Percentage of Total Revenue
|
|
Dollar
Change
|
|
Percentage
Change
|
|||||||||
|
(dollars in millions)
|
|||||||||||||||||||
United States
|
$
|
637
|
|
|
64
|
%
|
|
$
|
619
|
|
|
63
|
%
|
|
$
|
18
|
|
|
3
|
%
|
International
|
362
|
|
|
36
|
|
|
358
|
|
|
37
|
|
|
4
|
|
|
1
|
|
|||
Total Revenue
|
$
|
999
|
|
|
100
|
%
|
|
$
|
977
|
|
|
100
|
%
|
|
$
|
22
|
|
|
2
|
%
|
|
First Quarter
Fiscal 2017 |
|
First Quarter
Fiscal 2016 |
||||
|
(dollars in millions)
|
||||||
Legal settlements
|
$
|
—
|
|
|
$
|
(17
|
)
|
Losses from foreign exchange derivative contracts
|
3
|
|
|
11
|
|
||
(Gains) losses from foreign exchange rate fluctuations
|
(3
|
)
|
|
4
|
|
||
Other miscellaneous items
|
—
|
|
|
(1
|
)
|
||
Total
|
$
|
—
|
|
|
$
|
(3
|
)
|
Mainframe Solutions
|
First Quarter
Fiscal 2017 |
|
First Quarter
Fiscal 2016 |
||||
|
(dollars in millions)
|
||||||
Revenue
|
$
|
551
|
|
|
$
|
560
|
|
Expenses
|
208
|
|
|
211
|
|
||
Segment profit
|
$
|
343
|
|
|
$
|
349
|
|
Segment operating margin
|
62
|
%
|
|
62
|
%
|
Enterprise Solutions
|
First Quarter
Fiscal 2017 |
|
First Quarter
Fiscal 2016 |
||||
|
(dollars in millions)
|
||||||
Revenue
|
$
|
371
|
|
|
$
|
338
|
|
Expenses
|
324
|
|
|
290
|
|
||
Segment profit
|
$
|
47
|
|
|
$
|
48
|
|
Segment operating margin
|
13
|
%
|
|
14
|
%
|
Services
|
First Quarter
Fiscal 2017 |
|
First Quarter
Fiscal 2016 |
||||
|
(dollars in millions)
|
||||||
Revenue
|
$
|
77
|
|
|
$
|
79
|
|
Expenses
|
75
|
|
|
71
|
|
||
Segment profit
|
$
|
2
|
|
|
$
|
8
|
|
Segment operating margin
|
3
|
%
|
|
10
|
%
|
•
|
Renewal Yield:
For the
first
quarter of fiscal
2017
, our percentage renewal yield was in the low 90% range.
|
•
|
License Agreements over $10 million:
During the
first
quarter of fiscal
2017
, we executed a total of
14
license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of
$910 million
, including the aforementioned large system integrator transaction. During the
first
quarter of fiscal
2016
, we executed a total of
six
license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of
$214 million
. The increase in value was primarily due to the aforementioned large system integrator transaction.
|
•
|
Annualized Subscription and Maintenance Bookings and Weighted Average Subscription and Maintenance License Agreement Duration in Years:
Annualized subscription and maintenance bookings
increased
from
$152 million
in the
first
quarter of fiscal
2016
to
$238 million
in the
first
quarter of fiscal
2017
. The weighted average subscription and maintenance license agreement duration in years
increased
from
3.45
in the
first
quarter of fiscal
2016
to
4.93
in the
first
quarter of fiscal
2017
. These increases were primarily due to the aforementioned large system integrator transaction. Although each contract is subject to terms negotiated by the respective parties, we do not expect the weighted average subscription and maintenance agreement duration in years to change materially from historical levels for end-user contracts.
|
•
|
Full Year Fiscal 2017 Outlook:
We expect fiscal 2017 renewals to increase by a percentage in the high teens compared with fiscal 2016 primarily due to the aforementioned large system integrator transaction executed in the first quarter of fiscal 2017.
|
•
|
The aforementioned large system integrator transaction contributed a percentage in the high-40s to total new product sales growth. The increase in total new product sales excluding the aforementioned large system integrator transaction was primarily due to mainframe solutions new product sales.
|
•
|
Our Rally and Xceedium acquisitions contributed a percentage in the high-20s to total new product sales growth. The increase in total new product sales excluding these acquisitions was primarily due to mainframe solutions new product sales.
|
•
|
Within Total New Product Sales:
|
◦
|
Mainframe Solutions New Product Sales:
For the
first
quarter of fiscal
2017
,
mainframe solutions new product sales increased by more than 150% compared with the year-ago period. The aforementioned large system integrator transaction contributed slightly above 100% to mainframe solutions new product sales growth. Overall, we expect our Mainframe Solutions revenue to decline by a percentage in the low single digits over the medium term, which we believe is in line with the mainframe market.
|
◦
|
Enterprise Solutions New Product Sales:
For the
first
quarter of fiscal
2017
,
enterprise solutions new product sales increased by a percentage in the low-20s compared with the year-ago period driven primarily by new product sales from our Xceedium acquisition, which were a large part of the aforementioned large system integrator transaction.
|
▪
|
The aforementioned large system integrator transaction contributed a percentage in the high-20s to enterprise solutions new product sales growth. Enterprise Solutions new product sales performance was negatively affected by certain products that are more mature and not growing. However, these products positively affect segment operating margin as well as cash flow from operations. This decrease was partially offset by an increase in new product sales from our Rally and Xceedium acquisitions.
|
▪
|
Our Rally and Xceedium acquisitions contributed a percentage in the mid-30s to enterprise solutions new product sales growth. Enterprise Solutions new product sales performance was negatively affected by certain products that are more mature and not growing as noted above.
|
(in millions)
|
June 30,
2016 |
|
March 31,
2016 |
|
June 30,
2015 |
||||||
Billings backlog:
|
|
|
|
|
|
||||||
Amounts to be billed – current
|
$
|
1,805
|
|
|
$
|
1,818
|
|
|
$
|
1,820
|
|
Amounts to be billed – noncurrent
|
2,665
|
|
|
2,077
|
|
|
1,698
|
|
|||
Total billings backlog
|
$
|
4,470
|
|
|
$
|
3,895
|
|
|
$
|
3,518
|
|
|
|
|
|
|
|
||||||
Revenue backlog:
|
|
|
|
|
|
||||||
Revenue to be recognized within the next 12 months – current
|
$
|
3,031
|
|
|
$
|
3,113
|
|
|
$
|
3,042
|
|
Revenue to be recognized beyond the next 12 months – noncurrent
|
4,120
|
|
|
3,716
|
|
|
3,236
|
|
|||
Total revenue backlog
|
$
|
7,151
|
|
|
$
|
6,829
|
|
|
$
|
6,278
|
|
|
|
|
|
|
|
||||||
Deferred revenue (billed or collected)
|
$
|
2,681
|
|
|
$
|
2,934
|
|
|
$
|
2,760
|
|
Total billings backlog
|
4,470
|
|
|
3,895
|
|
|
3,518
|
|
|||
Total revenue backlog
|
$
|
7,151
|
|
|
$
|
6,829
|
|
|
$
|
6,278
|
|
(in millions)
|
June 30,
2016 |
|
March 31,
2016 |
|
June 30,
2015 |
||||||
Expected future cash collections:
|
|
|
|
|
|
||||||
Total billings backlog
|
$
|
4,470
|
|
|
$
|
3,895
|
|
|
$
|
3,518
|
|
Trade accounts receivable, net
|
430
|
|
|
625
|
|
|
432
|
|
|||
Total expected future cash collections
|
$
|
4,900
|
|
|
$
|
4,520
|
|
|
$
|
3,950
|
|
|
First Quarter of Fiscal
|
|
Change
|
||||||||
|
2017
|
|
2016
|
|
2017 / 2016
|
||||||
|
(in millions)
|
||||||||||
Cash collections from billings
(1)
|
$
|
1,002
|
|
|
$
|
1,012
|
|
|
$
|
(10
|
)
|
Vendor disbursements and payroll
(1)
|
(758
|
)
|
|
(777
|
)
|
|
19
|
|
|||
Income tax payments, net
|
(62
|
)
|
|
(17
|
)
|
|
(45
|
)
|
|||
Other disbursements, net
(2)
|
(21
|
)
|
|
(30
|
)
|
|
9
|
|
|||
Net cash provided by operating activities - continuing operations
|
$
|
161
|
|
|
$
|
188
|
|
|
$
|
(27
|
)
|
(1)
|
Amounts include value added taxes and sales taxes.
|
(2)
|
For the
first
quarter of fiscal
2017
, amount includes payments associated with the Fiscal 2014 Plan of $1 million, interest, prior period restructuring plans and miscellaneous receipts and disbursements. For the
first
quarter of fiscal
2016
, amount includes payments associated with the Fiscal 2014 Plan of $3 million, interest, prior period restructuring plans and miscellaneous receipts and disbursements.
|
|
June 30, 2016
|
|
March 31, 2016
|
||||
|
(in millions)
|
||||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
5.375% Senior Notes due December 2019
|
750
|
|
|
750
|
|
||
3.600% Senior Notes due August 2020
|
400
|
|
|
400
|
|
||
2.875% Senior Notes due August 2018
|
250
|
|
|
250
|
|
||
4.500% Senior Notes due August 2023
|
250
|
|
|
250
|
|
||
Term Loan due April 2022
|
300
|
|
|
300
|
|
||
Other indebtedness, primarily capital leases
|
11
|
|
|
15
|
|
||
Unamortized debt issuance costs
|
(8
|
)
|
|
(8
|
)
|
||
Unamortized discount for Senior Notes
|
(3
|
)
|
|
(4
|
)
|
||
Total debt outstanding
|
$
|
1,950
|
|
|
$
|
1,953
|
|
Less the current portion
|
(4
|
)
|
|
(6
|
)
|
||
Total long-term debt portion
|
$
|
1,946
|
|
|
$
|
1,947
|
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Total borrowings outstanding at beginning of period
(1)
|
$
|
139
|
|
|
$
|
138
|
|
Borrowings
|
190
|
|
|
1,760
|
|
||
Repayments
|
(186
|
)
|
|
(1,776
|
)
|
||
Foreign exchange effect
|
(5
|
)
|
|
17
|
|
||
Total borrowings outstanding at end of period
(1)
|
$
|
138
|
|
|
$
|
139
|
|
(1)
|
Included in “Accrued expenses and other current liabilities” in our Condensed Consolidated Balance Sheets.
|
Period
|
|
Total Number
of Shares
Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced Plans
or Programs
|
|
Approximate
Dollar Value of
Shares that
May Yet Be
Purchased Under
the Plans
or Programs
|
||||||
|
|
(in thousands, except average price paid per share)
|
||||||||||||
April 1, 2016 - April 30, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
750,000
|
|
May 1, 2016 - May 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
750,000
|
|
June 1, 2016 - June 30, 2016
|
|
1,569
|
|
|
$
|
31.86
|
|
|
1,569
|
|
|
$
|
700,000
|
|
Total
|
|
1,569
|
|
|
|
|
1,569
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Filed or Furnished Herewith
|
3.1
|
|
Restated Certificate of Incorporation.
|
|
8-K
|
|
3.3
|
|
3/9/06
|
|
|
3.2
|
|
By-Laws of the Company, as amended.
|
|
10-K
|
|
3.2
|
|
5/8/15
|
|
|
10.1*
|
|
Letter dated June 30, 2015 from the Company to Ayman Sayed regarding terms of employment.
|
|
|
|
|
|
|
|
X
|
12
|
|
Statement of Ratios of Earnings to Fixed Charges.
|
|
|
|
|
|
|
|
X
|
15
|
|
Accountants’ Acknowledgment Letter.
|
|
|
|
|
|
|
|
X
|
31.1
|
|
Certification of the Principal Executive Officer pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
X
|
31.2
|
|
Certification of the Principal Financial Officer pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
X
|
32†
|
|
Certification pursuant to §906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
X
|
101
|
|
The following financial statements from CA, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, formatted in XBRL (eXtensible Business Reporting Language):
|
|
|
|
|
|
|
|
X
|
|
|
(i) Condensed Consolidated Balance Sheets - June 30, 2016 (Unaudited) and March 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
(ii) Unaudited Condensed Consolidated Statements of Operations - Three Months Ended June 30, 2016 and 2015.
|
|
|
|
|
|
|
|
|
|
|
(iii) Unaudited Condensed Consolidated Statements of Comprehensive Income - Three Months Ended June 30, 2016 and 2015.
|
|
|
|
|
|
|
|
|
|
|
(iv) Unaudited Condensed Consolidated Statements of Cash Flows - Three Months Ended June 30, 2016 and 2015.
|
|
|
|
|
|
|
|
|
|
|
(v) Notes to Condensed Consolidated Financial Statements - June 30, 2016.
|
|
|
|
|
|
|
|
|
*
|
Management contract or compensatory plan or arrangement.
|
†
|
Furnished herewith.
|
CA, INC.
|
|
|
|
By:
|
/s/ Michael P. Gregoire
|
|
Michael P. Gregoire
|
|
Chief Executive Officer
|
|
|
By:
|
/s/ Kieran J. McGrath
|
|
Kieran J. McGrath
|
|
Senior Vice President and interim Chief Financial Officer
|
1 Year Xtrackers California Mun... Chart |
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