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Form 8-K Accenture plc For: Jun 23

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June 23, 2022 6:53 AM EDT

Exhibit 99

Accenture Reports Very Strong Third-Quarter Results

-- Revenues are $16.2 billion, an increase of 22% in U.S. dollars and 27% in local currency --

-- Operating income increases 23% to $2.6 billion, with operating margin of 16.1%, an expansion of 10 basis points --

-- New bookings are $17.0 billion, the company’s second-highest ever, a 10% increase in U.S. dollars and 15% in local currency --

-- EPS are $2.79, a 16% increase including a $0.15 or 6% negative impact related to the disposition of Russia business --

-- Company declares quarterly cash dividend of $0.97 per share, up 10% from a year ago --

-- Accenture updates business outlook for fiscal 2022; raises full-year revenue growth to 25.5% to 26.5% in local currency; continues to expect operating margin of 15.2% and free cash flow of $8.0 billion to $8.5 billion; updates EPS to $10.61 to $10.70; and now expects foreign-exchange impact of negative 4.5% --


NEW YORK; June 23, 2022 — Accenture (NYSE: ACN) reported financial results for the third quarter of fiscal 2022, ended May 31, 2022, with revenues of $16.2 billion, an increase of 22% in U.S. dollars and 27% in local currency over the same period last year.

Operating income was $2.6 billion, a 23% increase over the same period last year, and operating margin was 16.1%, an expansion of 10 basis points.

New bookings for the quarter were $17.0 billion, a 10% increase in U.S. dollars and 15% in local currency from the third quarter last year, with consulting bookings of $9.1 billion and outsourcing bookings of $7.8 billion.

Diluted earnings per share were $2.79, a 16% increase from $2.40 for the third quarter last year, and include a $96 million, or $0.15 per share, charge related to the disposition of the company’s business in Russia.

Julie Sweet, Accenture’s Chair & CEO, said, “Our very strong financial results for the third quarter reflect continued broad-based demand across markets, services, and industries, and the continued recognition of the outstanding talent of our 710,000 people. We continue to gain significant market share, and our services have never been more relevant as our clients turn to us as the trusted partner for the solutions they need to accelerate growth and become more resilient and efficient.”

Financial Review

Revenues for the third quarter of fiscal 2022 were $16.16 billion, compared with $13.26 billion for the third quarter of fiscal 2021, an increase of 22% in U.S. dollars and 27% in local currency. Revenues for the quarter reflect a foreign-exchange impact of approximately negative 5%, compared with the negative 4% impact previously assumed. Adjusting for the actual foreign-exchange impact, the company’s guided range for quarterly revenues was approximately $15.55


billion to $16.0 billion. Accenture’s third-quarter fiscal 2022 revenues were approximately $160 million above this adjusted range.

▪Consulting revenues for the quarter were $9.03 billion, an increase of 24% in U.S. dollars and 30% in local currency compared with the third quarter of fiscal 2021.

▪Outsourcing revenues were $7.13 billion, an increase of 19% in U.S. dollars and 23% in local currency compared with the third quarter of fiscal 2021.

Diluted EPS for the quarter were $2.79, a 16% increase from $2.40 for the third quarter last year. The $0.39 increase in EPS reflects:

▪a $0.56 increase from higher revenue and operating results;
▪a $0.02 increase from lower share count; and
▪a $0.01 increase from lower interest and other non-operating expense;

partially offset by

▪a $0.15 decrease from the loss on the disposition of the company’s business in Russia;
▪a $0.04 decrease from a higher effective tax rate; and
▪a $0.01 decrease from higher non-controlling interest.

Gross margin (gross profit as a percentage of revenues) for the quarter was 32.9%, compared with 33.2% for the third quarter last year. Selling, general and administrative (SG&A) expenses for the quarter were $2.71 billion, or 16.8% of revenues, compared with $2.29 billion, or 17.2% of revenues, for the third quarter last year.

Operating income for the quarter increased 23%, to $2.60 billion, or 16.1% of revenues, compared with $2.12 billion, or 16.0% of revenues, for the third quarter of fiscal 2021.

The company’s effective tax rate for the quarter was 27.1%, compared with 25.0% for the third quarter of last year.

Net income for the quarter was $1.82 billion, a 16% increase from $1.57 billion for the third quarter last year.

Operating cash flow for the quarter was $3.06 billion, and property and equipment additions were $195 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $2.87 billion. For the same period last year, operating cash flow was $2.40 billion; property and equipment additions were $158 million; and free cash flow was $2.24 billion.

Days services outstanding, or DSOs, were 44 days at May 31, 2022, compared with 38 days at Aug. 31, 2021 and 36 days at May 31, 2021.

Accenture’s total cash balance at May 31, 2022 was $6.70 billion, compared with $8.17 billion at Aug. 31, 2021.



New Bookings

New bookings for the third quarter were $17.0 billion, an increase of 10% in U.S. dollars and 15% in local currency from the third quarter last year.

▪Consulting new bookings were $9.1 billion, or 54% of total new bookings.

▪Outsourcing new bookings were $7.8 billion, or 46% of total new bookings.


Revenues by Geographic Market

Revenues by geographic market were as follows:

▪North America: $7.61 billion, an increase of 23% in both U.S. dollars and in local currency compared with the third quarter of fiscal 2021.

▪Europe: $5.35 billion, an increase of 20% in U.S. dollars and 30% in local currency compared with the third quarter of fiscal 2021.

▪Growth Markets: $3.19 billion, an increase of 22% in U.S. dollars and 30% in local currency compared with the third quarter of fiscal 2021.


Revenues by Industry Group

Revenues by industry group were as follows:

▪Communications, Media & Technology: $3.43 billion, an increase of 27% in U.S. dollars and 31% in local currency compared with the third quarter of fiscal 2021.

▪Financial Services: $3.08 billion, an increase of 19% in U.S. dollars and 24% in local currency compared with the third quarter of fiscal 2021.

▪Health & Public Service: $2.92 billion, an increase of 16% in U.S. dollars and 19% in local currency compared with the third quarter of fiscal 2021.

▪Products: $4.60 billion, an increase of 25% in U.S. dollars and 31% in local currency compared with the third quarter of fiscal 2021.

▪Resources: $2.13 billion, an increase of 21% in U.S. dollars and 26% in local currency compared with the third quarter of fiscal 2021.

Returning Cash to Shareholders

Accenture continues to return cash to shareholders through cash dividends and share repurchases.




Dividend

On May 13, 2022, a quarterly cash dividend of $0.97 per share was paid to shareholders of record at the close of business on April 14, 2022. These cash dividend payments totaled $614 million, bringing dividend payments for the year to date to $1.84 billion.

Accenture plc has declared another quarterly cash dividend of $0.97 per share for shareholders of record at the close of business on July 14, 2022. This dividend, which is payable on Aug. 15, represents a 10% increase over the quarterly dividend rate of $0.88 per share in fiscal 2021.

Share Repurchase Activity

During the third quarter of fiscal 2022, Accenture repurchased or redeemed 3.1 million shares for a total of $972 million, including approximately 2.9 million shares repurchased in the open market. This brings Accenture’s total share repurchases and redemptions for the first three quarters of fiscal 2022 to 10.1 million shares for a total of $3.51 billion, including approximately 7.7 million shares repurchased in the open market.

Accenture’s total remaining share repurchase authority at May 31, 2022 was approximately $3.7 billion.

At May 31, 2022, Accenture had approximately 633 million total shares outstanding.

Business Outlook

Fourth Quarter Fiscal 2022

Accenture expects revenues for the fourth quarter of fiscal 2022 to be in the range of $15.0 billion to $15.5 billion, 20% to 24% growth in local currency, reflecting the company’s assumption of a negative 8% foreign-exchange impact compared with the fourth quarter of fiscal 2021.

Fiscal Year 2022
 
Accenture’s business outlook for the full 2022 fiscal year now assumes that the foreign-exchange impact on its results in U.S. dollars will be approximately negative 4.5% compared with fiscal 2021; the company previously expected a negative 3% foreign-exchange impact.  

For fiscal 2022, the company now expects revenue growth to be in the range of 25.5% to 26.5% in local currency, compared with 24% to 26% previously.
 
Accenture continues to expect operating margin for the full fiscal year to be 15.2%, an expansion of 10 basis points from fiscal 2021.

The company now expects its annual effective tax rate to be in the range of 23.5% to 24.5%, compared with 23% to 25% previously. 
 



The company now expects diluted EPS to be in the range of $10.61 to $10.70, an increase of 21% to 22% over adjusted FY21 diluted EPS of $8.80—which exclude gains on an investment of $0.36 from FY21 GAAP diluted EPS of $9.16. The company previously expected fiscal 2022 diluted EPS to be in the range of $10.61 to $10.81.

For fiscal 2022, the company continues to expect operating cash flow to be in the range of $8.7 billion to $9.2 billion; continues to expect property and equipment additions to be $700 million; and continues to expect free cash flow to be in the range of $8.0 billion to $8.5 billion. 

The company continues to expect to return at least $6.5 billion in cash to shareholders through dividends and share repurchases.


360° Value Reporting
Accenture’s goal is to create 360° value for our clients, people, shareholders, partners, and communities. To enhance transparency and provide a comprehensive view for all stakeholders, we have combined our financial and environmental, social and governance (ESG) reporting into a digital-first experience. To access our goals, progress and performance, please visit the Accenture 360° Value Reporting Experience (Accenture.com/reportingexperience).

Conference Call and Webcast Details

Accenture will host a conference call at 8:00 a.m. EDT today to discuss its third-quarter financial results. To participate, please dial +1 (877) 692-8955 [+1 (234) 720-6979 outside the United States, Puerto Rico and Canada] and enter access code 6450548 approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture Web site at accenture.com.

A replay of the conference call will be available online at accenture.com beginning at 11:00 a.m. EDT today, June 23, and continuing through Wednesday, Sept. 21, 2022. The replay will also be available via telephone by dialing +1 (866) 207-1041 [+1 (402) 970-0847 outside the United States, Puerto Rico and Canada] and entering access code 6873244 from 11:00 a.m. EDT Thursday, June 23 through Wednesday, Sept. 21, 2022.

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services and Accenture Song—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 710,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.
 

Non-GAAP Financial Information
This news release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to Accenture’s financial statements as prepared under generally accepted accounting principles (GAAP) are included in this press release. Financial results “in local currency” are calculated by restating current-period activity into U.S. dollars using the comparable prior-year period’s foreign-currency exchange rates. Accenture’s management believes providing investors with this information gives additional insights into Accenture’s results of operations. While Accenture’s management believes that the non-GAAP financial measures herein are useful in evaluating Accenture’s operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information


prepared in accordance with GAAP. Accenture provides full-year revenue guidance on a local-currency basis and not in U.S. dollars because the impact of foreign exchange rate fluctuations could vary significantly from the company’s stated assumptions.

Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions, including the invasion of Ukraine by Russia, the related sanctions and other measures that have been and continue to be imposed in response to this conflict, as well as the current inflationary environment, and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to match people and skills with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; the COVID-19 pandemic has impacted Accenture’s business and operations, and the extent to which it will continue to do so and its impact on the company’s future financial results are uncertain; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

###
Contacts:

Stacey Jones
Accenture Media Relations
+1 (917) 452-6561
stacey.jones@accenture.com

Angie Park
Accenture Investor Relations
+1 (703) 947-2401
angie.park@accenture.com


Accenture plc
Consolidated Income Statements
(In thousands of U.S. dollars, except share and per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2022% of RevenuesMay 31, 2021% of RevenuesMay 31, 2022% of RevenuesMay 31, 2021% of Revenues
REVENUES:
Revenues $16,158,803 100.0 %$13,263,795 100.0 %$46,170,649 100.0 %$37,114,105 100.0 %
OPERATING EXPENSES:
Cost of services 10,844,069 67.1 %8,859,411 66.8 %31,415,167 68.0 %25,216,193 67.9 %
Sales and marketing 1,660,919 10.3 %1,406,606 10.6 %4,530,158 9.8 %3,773,268 10.2 %
General and administrative costs 1,050,697 6.5 %879,122 6.6 %3,126,332 6.8 %2,461,804 6.6 %
Total operating expenses13,555,685 11,145,139 39,071,657 31,451,265 
OPERATING INCOME2,603,118 16.1 %2,118,656 16.0 %7,098,992 15.4 %5,662,840 15.3 %
Interest income8,727 4,551 22,046 23,643 
Interest expense(12,050)(28,739)(34,449)(46,515)
Other income (expense), net (8,877)(467)(39,089)203,343 
Loss on disposition of Russia business(96,294)— (96,294)— 
INCOME BEFORE INCOME TAXES2,494,624 15.4 %2,094,001 15.8 %6,951,206 15.1 %5,843,311 15.7 %
Income tax expense675,308 524,429 1,654,631 1,290,189 
NET INCOME1,819,316 11.3 %1,569,572 11.8 %5,296,575 11.5 %4,553,122 12.3 %
Net income attributable to noncontrolling interest in Accenture Canada Holdings Inc.(1,902)(1,699)(5,578)(5,001)
Net income attributable to noncontrolling interests – other (1)(31,339)(18,447)(78,956)(57,560)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,786,075 11.1 %$1,549,426 11.7 %$5,212,041 11.3 %$4,490,561 12.1 %
CALCULATION OF EARNINGS PER SHARE:
Net income attributable to Accenture plc$1,786,075 $1,549,426 $5,212,041 $4,490,561 
Net income attributable to noncontrolling interest in Accenture Canada Holdings Inc. (2)1,902 1,699 5,578 5,001 
Net income for diluted earnings per share calculation$1,787,977 $1,551,125 $5,217,619 $4,495,562 
EARNINGS PER SHARE:
Basic$2.82 $2.44 $8.23 $7.07 
Diluted$2.79 $2.40 $8.11 $6.96 
WEIGHTED AVERAGE SHARES:
Basic632,749,442 635,203,753 632,969,487 635,151,632 
Diluted641,004,741 645,454,021 643,692,440 646,244,001 
Cash dividends per share$0.97 $0.88 $2.91 $2.64 
(1)Comprised primarily of noncontrolling interest attributable to the noncontrolling shareholders of Avanade, Inc.
(2)Diluted earnings per share assumes the exchange of all Accenture Canada Holdings Inc. exchangeable shares for Accenture plc Class A ordinary shares on a one-for-one basis. The income effect does not take into account “Net income attributable to noncontrolling interests — other,” since those shares are not redeemable or exchangeable for Accenture plc Class A ordinary shares.



Accenture plc
Summary of Revenues
(In thousands of U.S. dollars)
(Unaudited)
Three Months EndedPercent
Increase
U.S.
Dollars		Percent
Increase
Local
Currency
May 31, 2022May 31, 2021
GEOGRAPHIC MARKETS
North America$7,613,629 $6,199,583 23 %23 %
Europe5,350,360 4,452,360 20 30 
Growth Markets3,194,814 2,611,852 22 30 
Total Revenues$16,158,803 $13,263,795 22 %27 %
INDUSTRY GROUPS
Communications, Media & Technology$3,427,232 $2,704,260 27 %31 %
Financial Services3,079,418 2,597,532 19 24 
Health & Public Service2,917,028 2,519,591 16 19 
Products4,601,473 3,673,963 25 31 
Resources2,133,652 1,768,449 21 26 
Total Revenues$16,158,803 $13,263,795 22 %27 %
TYPE OF WORK
Consulting$9,032,484 $7,260,428 24 %30 %
Outsourcing7,126,319 6,003,367 19 23 
Total Revenues$16,158,803 $13,263,795 22 %27 %
Nine Months EndedPercent
Increase
U.S.
Dollars		Percent
Increase
Local
Currency
  May 31, 2022May 31, 2021
GEOGRAPHIC MARKETS
North America$21,597,880 $17,312,514 25 %25 %
Europe15,460,313 12,449,811 24 30 
Growth Markets9,112,456 7,351,780 24 30 
Total Revenues$46,170,649 $37,114,105 24 %27 %
INDUSTRY GROUPS
Communications, Media & Technology$9,703,579 $7,518,074 29 %32 %
Financial Services8,869,296 7,321,378 21 25 
Health & Public Service8,333,915 6,993,381 19 21 
Products13,212,255 10,220,982 29 33 
Resources6,051,604 5,060,290 20 23 
Total Revenues$46,170,649 $37,114,105 24 %27 %
TYPE OF WORK
Consulting$25,747,095 $20,032,392 29 %32 %
Outsourcing20,423,554 17,081,713 20 22 
Total Revenues$46,170,649 $37,114,105 24 %27 %








Accenture plc
Operating Income by Geographic Market
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
  May 31, 2022May 31, 2021
Operating
Income		Operating
Margin		Operating
Income		Operating
Margin		Increase
North America$1,379,828 18 %$1,128,352 18 %$251,476 
Europe693,512 13 607,858 14 85,654 
Growth Markets529,778 17 382,446 15 147,332 
Total Operating Income$2,603,118 16.1 %$2,118,656 16.0 %$484,462 

Nine Months Ended
  May 31, 2022May 31, 2021
Operating
Income		Operating
Margin		Operating
Income		Operating
Margin		Increase
North America$3,715,155 17 %$2,789,305 16 %$925,850 
Europe1,969,997 13 1,740,221 14 229,776 
Growth Markets1,413,840 16 1,133,314 15 280,526 
Total Operating Income$7,098,992 15.4 %$5,662,840 15.3 %$1,436,152 





















Accenture plc
Reconciliation of Net Income and Diluted Earnings Per Share, as Reported (GAAP), to Net Income and Diluted Earnings Per Share, as Adjusted (Non-GAAP)
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)

Nine Months Ended
May 31, 2022May 31, 2021
As Reported (GAAP)As Reported (GAAP)Investment Gains (1)Adjusted (Non-GAAP)
Income before income taxes$6,951,206 $5,843,311 $(271,009)$5,572,302 
Income tax expense1,654,631 1,290,189 (41,440)1,248,749 
Net Income$5,296,575 $4,553,122 $(229,569)$4,323,553 
Effective tax rate23.8 %22.1 %22.4 %
Diluted earnings per share
$8.11 $6.96 $(0.36)$6.60 
Amounts in table may not total due to rounding.
(1) Represents gains related to our investment in Duck Creek Technologies.



Accenture plc
Consolidated Balance Sheets
(In thousands of U.S. dollars)

 May 31, 2022August 31, 2021
ASSETS(Unaudited) 
CURRENT ASSETS:
Cash and cash equivalents$6,703,568 $8,168,174 
Short-term investments4,322 4,294 
Receivables and contract assets12,219,074 9,728,212 
Other current assets2,080,776 1,765,831 
Total current assets21,007,740 19,666,511 
NON-CURRENT ASSETS:
Contract assets35,714 38,334 
Investments331,503 329,526 
Property and equipment, net1,665,478 1,639,105 
Lease assets3,178,636 3,182,519 
Goodwill12,499,443 11,125,861 
Other non-current assets7,376,684 7,193,987 
Total non-current assets25,087,458 23,509,332 
TOTAL ASSETS$46,095,198 $43,175,843 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$8,768 $12,080 
Accounts payable2,384,352 2,274,057 
Deferred revenues4,561,147 4,229,177 
Accrued payroll and related benefits7,047,124 6,747,853 
Lease liabilities733,805 744,164 
Other accrued liabilities1,827,396 1,701,536 
Total current liabilities16,562,592 15,708,867 
NON-CURRENT LIABILITIES:
Long-term debt51,546 53,473 
Lease liabilities2,694,489 2,696,917 
Other non-current liabilities4,774,848 4,619,472 
Total non-current liabilities7,520,883 7,369,862 
Total Accenture plc shareholders’ equity21,389,094 19,529,454 
Noncontrolling interests622,629 567,660 
Total shareholders’ equity22,011,723 20,097,114 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$46,095,198 $43,175,843 




Accenture plc
Consolidated Cash Flows Statements
(In thousands of U.S. dollars)
(Unaudited)
 Three Months EndedNine Months Ended
May 31, 2022May 31, 2021May 31, 2022May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,819,316 $1,569,572 $5,296,575 $4,553,122 
Depreciation, amortization and other524,186 478,986 1,553,311 1,404,961 
Share-based compensation expense407,257 331,038 1,319,555 1,067,251 
Change in assets and liabilities/other, net313,896 21,554 (2,418,422)(486,618)
Net cash provided by (used in) operating activities3,064,655 2,401,150 5,751,019 6,538,716 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(194,616)(158,212)(540,947)(343,837)
Purchases of businesses and investments, net of cash acquired(363,614)(429,237)(2,212,388)(1,544,412)
Proceeds from the sale of businesses and investments, net of cash transferred(111,660)(314)(108,099)409,828 
Other investing, net2,936 15,075 9,397 19,971 
Net cash provided by (used in) investing activities(666,954)(572,688)(2,852,037)(1,458,450)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares497,974 392,478 1,199,851 939,564 
Purchases of shares(972,171)(834,995)(3,510,891)(2,788,476)
Cash dividends paid(613,785)(559,070)(1,843,576)(1,678,164)
Other financing, net(15,457)(10,781)(54,998)(31,476)
Net cash provided by (used in) financing activities(1,103,439)(1,012,368)(4,209,614)(3,558,552)
Effect of exchange rate changes on cash and cash equivalents(56,810)26,708 (153,974)72,336 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS1,237,452 842,802 (1,464,606)1,594,050 
CASH AND CASH EQUIVALENTS, beginning of period
5,466,116 9,166,578 8,168,174 8,415,330 
CASH AND CASH EQUIVALENTS, end of period
$6,703,568 $10,009,380 $6,703,568 $10,009,380 



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