Form 8-K Accenture plc For: Dec 18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________�
Form 8-K
CURRENT REPORT
Pursuant to Section�13 OR 15(d) of the
Securities Exchange Act of 1934
�____________________
Date of Report (Date of earliest event reported): December 18, 2014
Accenture plc
(Exact name of Registrant as specified in its charter)
�
Ireland | 001-34448 | 98-0627530 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
1 Grand Canal Square,
Grand Canal Harbour,
Dublin 2, Ireland
(Address of principal executive offices)
Registrants telephone number, including area code: (353)�(1)�646-2000
Not Applicable
(Former name or former address, if changed since last report)
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):
� | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
� | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
� | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
� | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item�2.02 Results of Operations and Financial Condition
On December 18, 2014, Accenture plc ( Accenture ) issued a news release announcing financial results for its first quarter of fiscal year 2015, which fiscal quarter ended on November 30, 2014.
A copy of the news release is attached hereto as Exhibit�99. All information in the news release is furnished but not filed.
Non-GAAP Financial Information
In the attached news release Accenture discloses the following non-GAAP financial measures:
" | Free cash flow (defined as operating cash flow net of property and equipment additions). Accentures management believes that this information provides meaningful additional information regarding the companys liquidity. |
" | Percentage changes in revenues before reimbursements ( net revenues ) on a local currency basis. Financial results in local currency are calculated by restating current period activity into U.S. dollars using the comparable prior year periods foreign currency exchange rates. This approach is used for all results where the functional currency is not the U.S. dollar. Accentures management believes that information regarding changes in its net revenues that excludes the effect of fluctuations in foreign currency exchange rates facilitates meaningful comparison of its net revenues before reimbursements. |
Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the news release. While Accentures management believes that this non-GAAP financial information is useful in evaluating Accentures 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.
Item�9.01 Financial Statements and Exhibits
(d)�Exhibits
99 | News Release of Accenture, dated December 18, 2014 | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
�
Date: December 18, 2014 | ACCENTURE PLC | ||
By: | � | /s/ Julie Spellman Sweet�������� | |
Name: | � | Julie Spellman Sweet | |
Title: | � | General Counsel, Secretary & Chief Compliance Officer | |
EXHIBIT INDEX
Exhibit No. | Description |
99 | News Release of Accenture, dated December 18, 2014 |
Exhibit 99
Accenture Reports Strong First-Quarter Fiscal 2015 Results
Revenues increase 7% in U.S. dollars and 10% in local currency to $7.9�billion
����
EPS up 12%, to $1.29
Operating income increases 9%, to $1.19 billion, with operating margin of 15.0%, an
expansion of 20 basis points
New bookings are $7.7�billion, with consulting bookings of $3.9�billion
and outsourcing bookings of $3.8�billion
Accenture raises outlook for full-year revenue growth to 5-8% in local currency; updates
outlook for full-year EPS to range of $4.66 to $4.80, reflecting updated revenue guidance and
companys revised foreign-exchange assumption of negative 5% compared to its previous assumption of negative 2%
NEW YORK; Dec. 18, 2014 Accenture (NYSE: ACN) reported financial results for the first quarter of fiscal 2015, ended Nov. 30, 2014, with record net revenues of $7.9�billion, an increase of 7�percent in U.S. dollars and 10 percent in local currency over the same period last year. Diluted earnings per share were $1.29, an increase of $0.14, or 12�percent, over the same period last year.
Operating income was $1.19 billion, an increase of 9 percent over the same period last year, and operating margin was 15.0�percent, a year-over-year expansion of 20 basis points.
New bookings for the quarter were $7.7 billion, with consulting bookings of $3.9�billion and outsourcing bookings of $3.8�billion.
Pierre Nanterme, Accentures chairman and CEO, said, We delivered an excellent first quarter. I am particularly pleased with our 10�percent local-currency revenue growth, including strong growth in both consulting and outsourcing, as well as double-digit growth in four of our five operating groups.� We expanded operating margin 20 basis points and delivered outstanding earnings per share of $1.29a 12�percent increasewhile returning $1.3�billion in cash to our shareholders. Based on our first-quarter results, we are raising our business outlook for revenues for the full fiscal year.
Our very strong results demonstrate that we are executing a growth strategy that is highly relevant for our clients. We continue to invest in capabilities, solutions and talent to further differentiate Accenture in the marketplace and improve our competitiveness. We remain very well-positioned to continue gaining market share and driving profitable growth. �
Financial Review
Revenues before reimbursements ( net revenues ) for the first quarter of fiscal 2015 were $7.90�billion, compared with $7.36�billion for the first quarter of fiscal 2014, an increase of 7�percent in U.S. dollars and 10�percent in local currency.� Net revenues for the quarter reflect a foreign-exchange impact of approximately negative 3 percent, compared with the negative
2�percent we had previously assumed.� Adjusting for the actual foreign-exchange impact of approximately negative 3 percent in the quarter, the companys guided range for quarterly net revenues would have been $7.495�billion to $7.745�billion.� Accentures first quarter fiscal 2015 net revenues were above this adjusted range.�
� | Consulting net revenues for the quarter were $4.09 billion, an increase of 4 percent in U.S. dollars and 7 percent in local currency compared with the first quarter of fiscal 2014. |
� | Outsourcing net revenues were $3.80�billion, an increase of 11�percent in U.S. dollars and 14�percent in local currency over the first quarter of fiscal 2014. |
Diluted EPS for the quarter were $1.29, compared with $1.15 for the first quarter last year. The $0.14 increase in EPS reflects:
� | $0.10�from higher revenue and operating results; |
� | $0.03 from a lower share count; and |
� | $0.01 from higher non-operating income. |
Gross margin (gross profit as a percentage of net revenues) for the quarter was 32.2 percent, compared with 33.3�percent for the first quarter last year. Selling, general and administrative (SG&A) expenses for the quarter were $1.35�billion, or 17.1 percent of net revenues, compared with $1.38�billion, or 18.7�percent of net revenues, for the first quarter last year.
Operating income for the quarter increased 9 percent, to $1.19 billion, or 15.0�percent of net revenues, compared with $1.09 billion, or 14.8�percent of net revenues, for the first quarter of fiscal 2014.
The companys effective tax rate for the quarter was 25.1�percent, consistent with the first quarter last year.
Net income for the quarter was $892�million, compared with $812�million for the first quarter last year, a 10 percent increase.
Operating cash flow for the quarter was $873�million, and property and equipment additions were $52�million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $821�million. For the same period last year, operating cash flow was $181�million; property and equipment additions were $59�million; and free cash flow was $122�million.
Days services outstanding, or DSOs, were 37 days at Nov. 30, 2014, compared with 36 days at Aug. 31, 2014 and 34 days at Nov. 30, 2013.
Accentures total cash balance at Nov. 30, 2014 was $4.5�billion, compared with $4.9�billion at Aug. 31, 2014.
Utilization for the quarter was 91�percent, compared with 88�percent for the fourth quarter of fiscal 2014 and 87 percent for the first quarter of fiscal 2014. Approximately 3 percentage points of the increase are due to a change in the companys methodology for calculating utilization to include all billable employees.
Attrition for the first quarter of fiscal 2015 was 13�percent, compared with 15 percent for the fourth quarter of fiscal 2014 and 11�percent for the first quarter of fiscal 2014.
New Bookings
New bookings for the first quarter were $7.7�billion and reflect a negative 3�percent foreign-currency impact compared with new bookings in the first quarter last year.
� | Consulting new bookings were $3.9�billion, or 51�percent of total new bookings. |
� | Outsourcing new bookings were $3.8�billion, or 49�percent of total new bookings. |
Net Revenues by Operating Group
Net revenues by operating group were as follows:
� | Communications, Media & Technology: $1.58�billion, compared with $1.41�billion for the first quarter of fiscal 2014, an increase of 12�percent in U.S. dollars and 15�percent in local currency. |
� | Financial Services: $1.72�billion, compared with $1.60�billion for the first quarter of fiscal 2014, an increase of 7�percent in U.S. dollars and 11�percent in local currency. |
� | Health & Public Service: $1.37 billion, compared with $1.23�billion for the first quarter of fiscal 2014, an increase of 11�percent in U.S. dollars and 13�percent in local currency. |
� | Products: $1.93�billion, compared with $1.80�billion for the first quarter of fiscal 2014, an increase of 7�percent in U.S. dollars and 10 percent in local currency. |
� | Resources: $1.30�billion, compared with $1.32�billion for the first quarter of fiscal 2014, a decrease of 1 percent in U.S. dollars and an increase of 2�percent in local currency. |
Net Revenues by Geographic Region*
Net revenues by geographic region* for the first quarter of fiscal 2015 were as follows:
� | North America: $3.44�billion, compared with $3.09�billion for the first quarter of fiscal 2014, an increase of 11�percent in U.S. dollars and 12�percent in local currency. |
� | Europe: $2.91 billion, compared with $2.76�billion for the first quarter of fiscal 2014, an increase of 5�percent in U.S. dollars and 9 percent in local currency. |
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� | Growth Markets: $1.55�billion, compared with $1.50 billion for the first quarter of fiscal 2014, an increase of 3�percent in U.S. dollars and 9�percent in local currency. |
*Beginning in fiscal 2015, the company is reporting its geographic regions as follows: North America (the United States and Canada); Europe; and Growth Markets (Asia Pacific, Latin America, Africa, the Middle East, Russia and Turkey). Previously, the companys three geographic regions were the Americas; EMEA (Europe, the Middle East and Africa); and Asia Pacific.
Returning Cash to Shareholders
Accenture continues to return cash to shareholders through cash dividends and share repurchases.
Dividend
����
On Nov. 17, 2014, a semi-annual cash dividend of $1.02 per share was paid to Accenture plc Class A ordinary shareholders of record at the close of business on Oct. 17, 2014 and to Accenture SCA Class I common shareholders of record at the close of business on Oct. 14, 2014. These cash dividend payments totaled $679�million. This dividend represents an increase of $0.09�per share, or 10 percent, over the companys previous semi-annual dividend, declared in March.
Share Repurchase Activity
During the first quarter of fiscal 2015, Accenture repurchased or redeemed 8.4�million shares for a total of $670 million, including approximately 7.1 million shares repurchased in the open market.
Accentures total remaining share repurchase authority at Nov. 30, 2014 was approximately $4.1�billion.
At Nov. 30, 2014, Accenture had approximately 664�million total shares outstanding, including 627�million Accenture plc Class A ordinary shares and 37�million Accenture SCA Class I common shares and Accenture Canada Holdings Inc. exchangeable shares.
Business Outlook
Second Quarter Fiscal 2015
Accenture expects net revenues for the second quarter of fiscal 2015 to be in the range of $7.25�billion to $7.50�billion. This range assumes a foreign-exchange impact of negative�5�percent compared with the second quarter of fiscal 2014.
Full Fiscal Year 2015
Accentures business outlook for the full 2015 fiscal year now assumes a foreign-exchange impact of negative�5�percent compared with fiscal 2014; the previous foreign-exchange assumption was negative 2 percent.
For fiscal 2015, the company has raised its outlook for net revenue growth in local currency to be in the range of 5�percent to 8�percent, compared with 4 percent to 7 percent previously. Accenture now expects diluted EPS to be in the range of $4.66 to $4.80, compared with the companys previously guided range of $4.74 to $4.88, reflecting the positive impact of its increased revenue outlook, which is more than offset by the negative impact of its revised foreign-exchange assumption.
Accenture continues to expect operating margin for the full fiscal year to be in the range of 14.4�percent to 14.6 percent, an expansion of 10 to 30 basis points from fiscal 2014.
For fiscal 2015, the company continues to expect operating cash flow to be in the range of $3.95�billion to $4.25�billion; property and equipment additions to be $450�million; and free cash flow to be in the range of $3.5�billion to $3.8�billion.
The company continues to expect to return at least $3.8�billion to its shareholders in fiscal 2015 through dividends and share repurchases.
The company continues to expect its annual effective tax rate to be in the range of 26.0�percent to 27.0�percent.
Accenture continues to target new bookings for fiscal 2015 in the range of $34�billion to $36�billion.
Conference Call and Webcast Details
Accenture will host a conference call at 8:00 a.m. EST today to discuss its first-quarter financial results. To participate, please dial +1 (800) 230-1059 [+1 (612) 234-9959 outside the United States, Puerto Rico and Canada] 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 www.accenture.com.
A replay of the conference call will be available online at www.accenture.com beginning at 10:30�a.m. EST today, Thursday, Dec. 18, and continuing until Thursday, Mar. 26, 2015. A podcast of the conference call will be available online at www.accenture.com beginning approximately 24 hours after the call and continuing until Thursday, Mar. 26, 2015. The replay will also be available via telephone by dialing +1 (800) 475-6701 [+1 (320) 365-3844 outside the United States, Puerto Rico and Canada] and entering access code 345557 from 10:30�a.m. EST Thursday, Dec. 18 through Thursday, Mar. 26, 2015.
About Accenture
�
Accenture is a global management consulting, technology services and outsourcing company, with approximately 319,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the worlds most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.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 Accentures 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 periods foreign-currency exchange rates. Accentures management believes providing investors with this information gives additional insights into Accentures results of operations. While Accentures management believes that the non-GAAP financial measures herein are useful in evaluating Accentures 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.
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 include, without limitation, risks that: the companys results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on the companys clients businesses and levels of business activity; the companys business depends on generating and maintaining ongoing, profitable client demand for the companys services and solutions, and a significant reduction in such demand could materially affect the companys results of operations; if the company is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the companys business, the utilization rate of the companys professionals and the companys results of operations may be materially adversely affected; the markets in which the company competes are highly competitive, and the company might not be able to compete effectively; the company could have liability or the companys reputation could be damaged if the company fails to protect client and/or company data or information systems as obligated by law or contract or if the companys information systems are breached; the companys results of operations and ability to grow could be materially negatively affected if the company cannot adapt and expand its services and solutions in response to ongoing changes in technology and offerings by new entrants; the companys results of operations could materially suffer if the company is not able to obtain sufficient pricing to enable it to meet its profitability expectations; if the company
does not accurately anticipate the cost, risk and complexity of performing its work or if the third parties upon whom it relies do not meet their commitments, then the companys contracts could have delivery inefficiencies and be less profitable than expected or unprofitable; the companys results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; the companys profitability could suffer if its cost-management strategies are unsuccessful, and the company may not be able to improve its profitability through improvements to cost-management to the degree it has done in the past; the companys business could be materially adversely affected if the company incurs legal liability; the companys work with government clients exposes the company to additional risks inherent in the government contracting environment; the company might not be successful at identifying, acquiring or integrating businesses or entering into joint ventures; the companys Global Delivery Network is increasingly concentrated in India and the Philippines, which may expose it to operational risks; changes in the companys level of taxes, as well as audits, investigations and tax proceedings, or changes in the companys treatment as an Irish company, could have a material adverse effect on the companys results of operations and financial condition; as a result of the companys geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; adverse changes to the companys relationships with key alliance partners or in the business of its key alliance partners could adversely affect the companys results of operations; the companys services or solutions could infringe upon the intellectual property rights of others or the company might lose its ability to utilize the intellectual property of others; if the company is unable to protect its intellectual property rights from unauthorized use or infringement by third parties, its business could be adversely affected; the companys ability to attract and retain business and employees may depend on its reputation in the marketplace; many of the companys contracts include payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the companys revenues and impact its margins; if the company is unable to collect its receivables or unbilled services, the companys results of operations, financial condition and cash flows could be adversely affected; if the company is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; the companys share price and results of operations could fluctuate and be difficult to predict; the companys results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; any changes to the estimates and assumptions that the company makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; the company 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 plcs 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 Accentures expectations.
###
Contact:
Roxanne Taylor
Accenture
+1 (917) 452-5106
ACCENTURE PLC
CONSOLIDATED INCOME STATEMENTS
(In thousands of U.S. dollars, except share and per share amounts)
(Unaudited)
� | Three Months Ended November 30, | |||||||||||||
� | 2014 | % of Net Revenues | 2013 | % of Net Revenues | ||||||||||
REVENUES: | ||||||||||||||
Revenues before reimbursements ( Net revenues ) | $ | 7,895,715 | 100 | % | $ | 7,358,749 | 100 | �% | ||||||
Reimbursements | 447,542 | 440,947 | ||||||||||||
Revenues | 8,343,257 | 7,799,696 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||
Cost of services: | ||||||||||||||
Cost of services before reimbursable expenses | 5,356,425 | 67.8 | % | 4,909,402 | 66.7 | �% | ||||||||
Reimbursable expenses | 447,542 | 440,947 | ||||||||||||
Cost of services | 5,803,967 | 5,350,349 | ||||||||||||
Sales and marketing | 907,574 | 11.5 | % | 928,210 | 12.6 | �% | ||||||||
General and administrative costs | 444,007 | 5.6 | % | 448,053 | 6.1 | �% | ||||||||
Reorganization benefits, net | % | (18,015 | ) | (0.2 | )% | |||||||||
Total operating expenses | 7,155,548 | 6,708,597 | ||||||||||||
OPERATING INCOME | 1,187,709 | 15.0 | % | 1,091,099 | 14.8 | �% | ||||||||
Interest income | 10,099 | 6,756 | ||||||||||||
Interest expense | (2,811 | ) | (3,658 | ) | ||||||||||
Other expense, net | (2,979 | ) | (10,620 | ) | ||||||||||
INCOME BEFORE INCOME TAXES | 1,192,018 | 15.1 | % | 1,083,577 | 14.7 | �% | ||||||||
Provision for income taxes | 299,776 | 271,931 | ||||||||||||
NET INCOME | 892,242 | 11.3 | % | 811,646 | 11.0 | �% | ||||||||
Net income attributable to noncontrolling interests in Accenture SCA and Accenture Canada Holdings Inc. | (50,636 | ) | (49,098 | ) | ||||||||||
Net income attributable to noncontrolling interests other (1) | (10,076 | ) | (10,702 | ) | ||||||||||
NET�INCOME�ATTRIBUTABLE�TO ACCENTURE�PLC | $ | 831,530 | 10.5 | % | $ | 751,846 | 10.2 | �% | ||||||
CALCULATION OF EARNINGS PER SHARE: | ||||||||||||||
Net income attributable to Accenture plc | $ | 831,530 | $ | 751,846 | ||||||||||
Net income attributable to noncontrolling interests in Accenture SCA and Accenture Canada Holdings Inc. (2) | 50,636 | 49,098 | ||||||||||||
Net income for diluted earnings per share calculation | $ | 882,166 | $ | 800,944 | ||||||||||
EARNINGS PER SHARE: | ||||||||||||||
�-Basic | $ | 1.32 | $ | 1.18 | ||||||||||
�-Diluted (3) | $ | 1.29 | $ | 1.15 | ||||||||||
WEIGHTED AVERAGE SHARES: | ||||||||||||||
�-Basic | 628,439,218 | 636,695,545 | ||||||||||||
�-Diluted (3) | 682,333,149 | 698,503,895 | ||||||||||||
Cash dividends per share | $ | 1.02 | $ | 0.93 | ||||||||||
_______________
(1) | Comprised primarily of noncontrolling interest attributable to the noncontrolling shareholders of Avanade, Inc. |
(2) | Diluted earnings per share assumes the redemption of all Accenture SCA Class I common shares owned by holders of noncontrolling interests and the exchange of all Accenture Canada Holdings Inc. exchangeable shares for Accenture plc Class�A ordinary shares on a one-for-one basis. |
(3) | Diluted weighted average Accenture plc Class�A ordinary shares and earnings per share amounts in fiscal 2014 have been restated to reflect additional restricted share units issued to holders of restricted share units in connection with the fiscal 2015 payment of cash dividends. |
ACCENTURE PLC
SUMMARY OF REVENUES
(In thousands of U.S. dollars)
(Unaudited)
�� | Percent Increase Local Currency | |||||||||||
Percent Increase (Decrease) U.S. dollars | ||||||||||||
Three Months Ended November 30, | ||||||||||||
�� | 2014 | 2013 | ||||||||||
OPERATING GROUPS | ||||||||||||
Communications, Media�& Technology | $ | 1,581,037 | $ | 1,410,983 | 12% | 15% | ||||||
Financial Services | 1,716,227 | 1,597,966 | 7 | 11 | ||||||||
Health�& Public Service | 1,368,442 | 1,230,074 | 11 | 13 | ||||||||
Products | 1,930,331 | 1,801,062 | 7 | 10 | ||||||||
Resources | 1,295,481 | 1,315,007 | (1) | 2 | ||||||||
Other | 4,197 | 3,657 | n/m | n/m | ||||||||
TOTAL Net Revenues | 7,895,715 | 7,358,749 | 7% | 10% | ||||||||
Reimbursements | 447,542 | 440,947 | 1 | |||||||||
TOTAL REVENUES | $ | 8,343,257 | $ | 7,799,696 | 7% | |||||||
GEOGRAPHY | ||||||||||||
North America | $ | 3,438,480 | $ | 3,092,658 | 11% | 12% | ||||||
Europe | 2,905,142 | 2,761,564 | 5 | 9 | ||||||||
Growth Markets | 1,552,093 | 1,504,527 | 3 | 9 | ||||||||
TOTAL Net Revenues | $ | 7,895,715 | $ | 7,358,749 | 7% | 10% | ||||||
TYPE OF WORK | ||||||||||||
Consulting | $ | 4,092,893 | $ | 3,937,667 | 4% | 7% | ||||||
Outsourcing | 3,802,822 | 3,421,082 | 11 | 14 | ||||||||
TOTAL Net Revenues | $ | 7,895,715 | $ | 7,358,749 | 7% | 10% | ||||||
_________
n/m = not meaningful
OPERATING INCOME BY OPERATING GROUP
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended November 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Operating Income | Operating Margin | Operating Income | Operating Margin | Increase (Decrease) | |||||||||||
Communications, Media�& Technology | $ | 188,757 | 12% | $ | 153,368 | 11% | $ | 35,389 | |||||||
Financial Services | 297,582 | 17 | 263,568 | 16 | 34,014 | ||||||||||
Health�& Public Service | 201,803 | 15 | 179,305 | 15 | 22,498 | ||||||||||
Products | 289,732 | 15 | 247,387 | 14 | 42,345 | ||||||||||
Resources | 209,835 | 16 | 247,471 | 19 | (37,636 | ) | |||||||||
Total | $ | 1,187,709 | 15.0% | $ | 1,091,099 | 14.8% | $ | 96,610 | |||||||
ACCENTURE PLC
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
�
November�30, 2014 | August�31, 2014 | |||||||
� | (Unaudited) | � | ||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 4,472,347 | $ | 4,921,305 | ||||
Short-term investments | 2,459 | 2,602 | ||||||
Receivables from clients, net | 3,779,792 | 3,859,567 | ||||||
Unbilled services, net | 1,874,936 | 1,803,767 | ||||||
Other current assets | 1,446,711 | 1,317,201 | ||||||
Total current assets | 11,576,245 | 11,904,442 | ||||||
NON-CURRENT ASSETS: | ||||||||
Unbilled services, net | 32,464 | 28,039 | ||||||
Investments | 60,321 | 66,783 | ||||||
Property and equipment, net | 740,496 | 793,444 | ||||||
Other non-current assets | 5,220,507 | 5,137,744 | ||||||
Total non-current assets | 6,053,788 | 6,026,010 | ||||||
TOTAL ASSETS | $ | 17,630,033 | $ | 17,930,452 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Current portion of long-term debt and bank borrowings | $ | 4 | $ | 330 | ||||
Accounts payable | 947,270 | 1,064,228 | ||||||
Deferred revenues | 2,170,743 | 2,348,034 | ||||||
Accrued payroll and related benefits | 3,677,331 | 3,380,748 | ||||||
Other accrued liabilities | 1,342,055 | 1,364,739 | ||||||
Total current liabilities | 8,137,403 | 8,158,079 | ||||||
NON-CURRENT LIABILITIES: | ||||||||
Long-term debt | 26,786 | 26,403 | ||||||
Other non-current liabilities | 3,449,480 | 3,460,633 | ||||||
Total non-current liabilities | 3,476,266 | 3,487,036 | ||||||
TOTAL ACCENTURE PLC SHAREHOLDERS EQUITY | 5,481,501 | 5,732,035 | ||||||
NONCONTROLLING INTERESTS | 534,863 | 553,302 | ||||||
TOTAL SHAREHOLDERS EQUITY | 6,016,364 | 6,285,337 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $ | 17,630,033 | $ | 17,930,452 | ||||
ACCENTURE PLC
CONSOLIDATED CASH FLOWS STATEMENTS
(In thousands of U.S. dollars)
(Unaudited)
� | Three Months Ended November 30, | |||||||
� | 2014 | 2013 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 892,242 | $ | 811,646 | ||||
Depreciation, amortization and asset impairments | 166,519 | 145,327 | ||||||
Reorganization benefits, net | (18,015 | ) | ||||||
Share-based compensation expense | 128,915 | 126,906 | ||||||
Change in assets and liabilities/other, net | (314,776 | ) | (884,631 | ) | ||||
Net cash provided by operating activities | 872,900 | 181,233 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property and equipment | (51,858 | ) | (58,959 | ) | ||||
Purchases of businesses and investments, net of cash acquired | (38,641 | ) | (137,387 | ) | ||||
Other investing, net | 1,286 | 794 | ||||||
Net cash used in investing activities | (89,213 | ) | (195,552 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from issuance of ordinary shares | 196,022 | 180,233 | ||||||
Purchases of shares | (670,167 | ) | (721,514 | ) | ||||
Cash dividends paid | (678,736 | ) | (630,234 | ) | ||||
Other financing, net | 26,004 | 32,999 | ||||||
Net cash used in financing activities | (1,126,877 | ) | (1,138,516 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (105,768 | ) | 48,148 | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (448,958 | ) | (1,104,687 | ) | ||||
CASH AND CASH EQUIVALENTS, beginning of period | 4,921,305 | 5,631,885 | ||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 4,472,347 | $ | 4,527,198 | ||||