-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GIOWbyG90xVPT8wO/F7egDmdQRYFTItvtFAYv8gWqgxiCaL2QuGHw7lnz2thw3sh dx2IwBAgjBFNEcnziVw0nA== 0000950123-06-013356.txt : 20061102 0000950123-06-013356.hdr.sgml : 20061102 20061101191445 ACCESSION NUMBER: 0000950123-06-013356 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061102 FILED AS OF DATE: 20061102 DATE AS OF CHANGE: 20061101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMDOCS LTD CENTRAL INDEX KEY: 0001062579 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14840 FILM NUMBER: 061180348 BUSINESS ADDRESS: STREET 1: SUITE 5, TOWER HILL HOUSE LE BORDAGE STREET 2: ST PETER PORT CITY: ISLAND OF GUERNSEY STATE: X0 ZIP: GY1 3QT BUSINESS PHONE: 011-44-1481-728444 MAIL ADDRESS: STREET 1: SUITE 5, TOWER HILL HOUSE LE BORDAGE STREET 2: ST PETER PORT CITY: ISLAND OF GUERNSEY STATE: X0 ZIP: GY1 3QT 6-K 1 y26549e6vk.txt 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2006 Commission File Number 1-14840 AMDOCS LIMITED Suite 5, Tower Hill House Le Bordage St. Peter Port, Island of Guernsey, GY1 3QT Channel Islands Amdocs, Inc. 1390 Timberlake Manor Parkway, Chesterfield, Missouri 63017 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. FORM 20-F X FORM 40-F ----- ----- Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934. YES NO X ----- ----- On November 1, 2006, Amdocs Limited ("Amdocs") issued a press release announcing financial results for the quarter ended September 30, 2006. A copy of the press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K. The information in this Form 6-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. 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. AMDOCS LIMITED /s/ Thomas G. O'Brien ---------------------------------------- Thomas G. O'Brien Treasurer and Secretary Authorized U.S. Representative Date: November 2, 2006 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Amdocs Limited Press Release dated November 1, 2006.
EX-99.1 2 y26549exv99w1.txt PRESS RELEASE AMDOCS LIMITED CLOSES STRONG FISCAL 2006 WITH REVENUE OF $2.48 BILLION; REPORTS RECORD REVENUE OF $665 MILLION FOR THE FOURTH QUARTER AMDOCS REPORTS 28% GROWTH IN QUARTERLY DILUTED NON-GAAP EARNINGS PER SHARE TO $0.50; DILUTED GAAP EARNINGS PER SHARE OF $0.35 Key highlights: - - 2006 revenue grew 22% to $2.48 billion. Diluted non-GAAP EPS grew 28%; diluted GAAP EPS grew 10% - - Fourth quarter revenue grew 16% to $665 million - - 28% increase in fourth quarter diluted non-GAAP EPS, excluding acquisition-related costs and equity-based compensation expense, net of related tax effects, to $0.50 - - Diluted GAAP EPS of $0.35 for the quarter - - Free cash flow of $101 million for the quarter - - Completed acquisition of Cramer Systems Group Ltd., positioning Amdocs as the leader in the fast-growing OSS market - - First quarter fiscal 2007 guidance: Expected revenue of approximately $690 million and diluted non-GAAP EPS of $0.50, excluding acquisition-related costs and approximately $0.05-$0.06 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.39-$0.40 - - Updated fiscal 2007 guidance: Expected revenue of approximately $2.89-$2.97 billion and diluted non-GAAP EPS of $2.08-$2.16, which exclude acquisition-related costs and approximately $0.22-$0.26 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $1.62-$1.74 ST. LOUIS, MO - NOVEMBER 1, 2006 - Amdocs Limited (NYSE: DOX) today reported that for the quarter ended September 30, 2006, revenue was $665.4 million, an increase of 16.1% from last year's fourth quarter. Net income on a non-GAAP basis was $109.5 million, or $0.50 per diluted share (excluding acquisition-related costs, which include amortization of purchased intangible assets and the write-off of in-process research and development, and excluding equity-based compensation expense, net of related tax effects, of $33.5 million), compared to non-GAAP net income of $83.9 million, or $0.39 per diluted share, in the fourth quarter of fiscal 2005 (excluding acquisition-related costs, which include amortization of purchased intangible assets, in-process research and development write-off and other, and excluding restructuring charges, net of related tax effects, of $16.1 million). The Company's GAAP net income was $76.0 million, or $0.35 per diluted share, compared to GAAP net income of $67.8 million, or $0.32 per diluted share, in the fourth quarter of fiscal 2005. Free cash flow for the quarter was $100.8 million, comprised of cash flow from operations of $129.0 million less $26.6 million in net capital expenditures and less $1.6 million in other items. "The strong market that we saw in 2006 was a result of the transformation that service providers are undergoing," said Dov Baharav, chief executive officer of Amdocs Management Limited. "We see strong demand as our customers cope with competition, consolidation and convergence; our customers continue to introduce IP-based services to capture new revenue streams. Amdocs expanded its offering this year with the acquisitions of Qpass in the content area and Cramer in OSS. Amdocs is the leading vendor in our market because we offer end-to-end solutions that address service providers' needs." Baharav continued "Our record revenue in the fourth quarter and in fiscal 2006 was driven by a strong market and by the actions we took to capitalize on this market. Amdocs record of successful execution is built on product innovation and service excellence, making us the choice of leading service providers around the world. Our achievements this year position Amdocs for a strong fiscal 2007." During the fourth quarter, Amdocs new business included ten key wins, across geographies and lines of business. With Bell Canada the Company signed an extension of its managed services agreement through 2012. Amdocs will work with Bell Canada to improve its competitiveness and help it introduce new next-generation services. In the broadband cable and satellite market, Amdocs is enjoying momentum with deals to extend the managed services agreement and provide additional services to DIRECTV, and to add software functionality for another customer. For a new customer, Amdocs will provide billing and mediation capabilities. Two customers in Europe have chosen Amdocs for projects related to OSS and product catalog. The Company also noted that for the fiscal year ended September 30, 2006, revenue increased by 21.7% to $2.48 billion. Fiscal 2006 net income on a non-GAAP basis was $401.2 million, or $1.85 per diluted share (excluding acquisition-related costs, which include amortization of purchased intangible assets and the write-off of in-process research and development, and excluding equity-based compensation expense, net of related tax effects, of $82.6 million), compared to non-GAAP net income of $311.0 million, or $1.45 per diluted share, in fiscal 2005 (excluding acquisition-related costs, which include amortization of purchased intangible assets, in-process research and development write-off and other, and excluding restructuring charges, net of related tax effects, of $22.4 million). The Company's GAAP net income in fiscal 2006 was $318.6 million, or $1.48 per diluted share, compared to GAAP net income of $288.6 million, or $1.35 per diluted share, in fiscal 2005. FINANCIAL OUTLOOK Amdocs expects that revenue for the first quarter of fiscal 2007 will be approximately $690 million. Diluted earnings per share on a non-GAAP basis for the first quarter are expected to be $0.50, excluding acquisition-related costs and the impact of approximately $0.05-$0.06 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.39-$0.40. Updated fiscal 2007 guidance: Expected revenue of approximately $2.89-$2.97 billion and diluted non-GAAP EPS of $2.08-$2.16, which excludes acquisition-related costs and approximately $0.22-$0.26 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $1.62-$1.74. Amdocs will host a conference call on November 1, 2006 at 5 p.m. Eastern Time to discuss the Company's fourth quarter results. The call will be carried live on the Internet via www.InvestorCalendar.com and the Amdocs website, www.amdocs.com. NON-GAAP FINANCIAL MEASURES This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP income taxes and non-GAAP net income. These non-GAAP measures exclude the following items: - amortization of purchased intangible assets; - in-process research and development write-off; - restructuring charges; - equity-based compensation expense; and - tax effects related to the above. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs' results of operations in conjunction with the corresponding GAAP measures. Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP income taxes and non-GAAP net income, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business. For its internal budgeting process and in monitoring the results of the business, Amdocs' management uses financial statements that do not include amortization of purchased intangible assets, in-process research and development write-off, restructuring charges, equity-based compensation expense, and related tax effects. Amdocs' management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these non-cash expenses in reviewing its results and those of its competitors, because the amounts of the expenses between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the expenses. Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of service, research and development, selling, general and administrative, operating income, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below. ABOUT AMDOCS Amdocs combines innovative software and services with deep business knowledge to accelerate implementation of integrated customer management by the world's leading service providers. By delivering a comprehensive portfolio of software and services that spans the customer lifecycle, Amdocs enables service companies to deliver an intentional customer experienceTM, which results in stronger, more profitable customer relationships. Service providers also benefit from a rapid return on investment, lower total cost of ownership and improved operational efficiencies. A global company with revenue of $2.48 billion in fiscal 2006, Amdocs has over 16,000 employees and serves customers in more than 50 countries around the world. For more information, visit Amdocs at www.amdocs.com. This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs ability to grow in the business markets that it serves, Amdocs ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F, filed on December 28, 2005 and our quarterly 6-K furnished on February 15, May 15, and August 15, 2006. CONTACT: Thomas G. O'Brien Treasurer and Vice President of Investor Relations Amdocs Limited 314-212-8328 E-mail: dox_info@amdocs.com AMDOCS LIMITED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------- ----------------------- 2006(1) 2005 2006(2) 2005 -------- -------- ---------- ---------- Revenue: License $ 31,113 $ 25,135 $ 116,285 $ 100,044 Service 634,332 548,183 2,363,765 1,938,577 -------- -------- ---------- ---------- 665,445 573,318 2,480,050 2,038,621 Operating expenses: Cost of license 1,030 805 4,003 4,083 Cost of service 414,813 362,085 1,579,823 1,291,572 Research and development 55,368 46,890 186,760 144,457 Selling, general and administrative 86,708 66,066 313,997 232,066 Amortization of purchased intangible assets 14,022 7,481 37,610 15,356 Restructuring charges, in-process research and development and other acquisition related costs 17,310 12,595 25,725 12,595 -------- -------- ---------- ---------- 589,251 495,922 2,147,918 1,700,129 -------- -------- ---------- ---------- Operating income 76,194 77,396 332,132 338,492 Interest income and other, net 8,082 7,359 41,741 22,303 -------- -------- ---------- ---------- Income before income taxes 84,276 84,755 373,873 360,795 Income taxes 8,321 16,956 55,237 72,159 -------- -------- ---------- ---------- Net income $ 75,955 $ 67,799 $ 318,636 $ 288,636 ======== ======== ========== ========== Basic earnings per share $ 0.37 $ 0.34 $ 1.57 $ 1.44 ======== ======== ========== ========== Diluted earnings per share(3) $ 0.35 $ 0.32 $ 1.48 $ 1.35 ======== ======== ========== ========== Basic weighted average number of shares outstanding 205,330 199,749 203,194 201,023 ======== ======== ========== ========== Diluted weighted average number of shares outstanding 221,236 215,822 218,534 217,162 ======== ======== ========== ==========
(1) The three months ended September 30, 2006 include equity-based compensation pre-tax expense of $14,230, which was classified as follows: $5,805 to Cost of service, $1,670 to Research and development and $6,755 to Selling, general and administrative. (2) The twelve months ended September 30, 2006 include equity-based compensation pre-tax expense of $46,178, which was classified as follows: $18,042 to Cost of service, $4,711 to Research and development and $23,425 to Selling, general and administrative. (3) To reflect the impact of assumed conversion of the convertible notes, $985 and $3,948, representing interest expense and amortization of issuance costs, were added back to net income for the three and twelve months ended September 30, 2006, respectively, and $984 and $3,939 were added back to net income for the three and twelve months ended September 30, 2005, respectively, for the purpose of computing diluted earnings per share AMDOCS LIMITED SELECTED FINANCIAL METRICS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------- ----------------------- 2006 2005 2006 2005 -------- -------- ---------- ---------- Revenue $665,445 $573,318 $2,480,050 $2,038,621 Non-GAAP operating income 121,756 97,472 441,645 366,443 Non-GAAP net income 109,533 83,865 401,211 310,997 Non-GAAP diluted earnings per share (1) $ 0.50 $ 0.39 $ 1.85 $ 1.45 Diluted weighted average number of shares outstanding 221,236 215,822 218,534 217,162
(1) To reflect the impact of assumed conversion of the convertible notes, $985 and $3,948, representing interest expense and amortization of issuance costs, were added back to net income for the three and twelve months ended September 30, 2006, respectively, and $984 and $3,939 were added back to net income for the three and twelve months ended September 30, 2005, respectively, for the purpose of computing diluted earnings per share AMDOCS LIMITED RECONCILIATION OF SELECTED FINANCIAL METRICS FROM GAAP TO NON-GAAP (IN THOUSANDS)
THREE MONTHS ENDED SEPTEMBER 30, 2006 ----------------------------------------------------------------------------- RECONCILIATION ITEMS ------------------------------------------------------- AMORTIZATION OF PURCHASED IN-PROCESS EQUITY BASED INTANGIBLE RESEARCH AND COMPENSATION GAAP ASSETS DEVELOPMENT EXPENSE TAX EFFECT NON-GAAP -------- ------------ ------------ ------------ ---------- -------- Operating expenses: Cost of license $ 1,030 $ -- $ -- $ -- $ -- $ 1,030 Cost of service 414,813 -- -- (5,805) -- 409,008 Research and development 55,368 -- -- (1,670) -- 53,698 Selling, general and administrative 86,708 -- -- (6,755) -- 79,953 Amortization of purchased intangible assets 14,022 (14,022) -- -- -- -- In-process research and development 17,310 -- (17,310) -- -- -- -------- -------- -------- -------- -------- -------- Total operating expenses 589,251 (14,022) (17,310) (14,230) -- 543,689 -------- -------- -------- -------- -------- -------- Operating income 76,194 14,022 17,310 14,230 -- 121,756 -------- -------- -------- -------- -------- -------- Income taxes 8,321 -- -- -- 11,984 20,305 -------- -------- -------- -------- -------- -------- Net income $ 75,955 $ 14,022 $ 17,310 $ 14,230 $(11,984) $109,533 -------- -------- -------- -------- -------- --------
THREE MONTHS ENDED SEPTEMBER 30, 2005 ------------------------------------------------------------------- RECONCILIATION ITEMS --------------------------------------------- RESTRUCTURING CHARGES, IN-PROCESS AMORTIZATION RESEARCH AND OF PURCHASED DEVELOPMENT AND INTANGIBLE OTHER ACQUISITION GAAP ASSETS RELATED COSTS TAX EFFECT NON-GAAP -------- ------------ ----------------- ---------- -------- Operating expenses: Cost of license $ 805 $ -- $ -- $ -- $ 805 Cost of service 362,085 -- -- -- 362,085 Research and development 46,890 -- -- -- 46,890 Selling, general and administrative 66,066 -- -- -- 66,066 Amortization of purchased intangible assets 7,481 (7,481) -- -- -- Restructuring charges, in-process research and development and other acquisition related costs 12,595 -- (12,595) -- -- -------- ------- -------- ------- -------- Total operating expenses 495,922 (7,481) (12,595) -- 475,846 -------- ------- -------- ------- -------- Operating income 77,396 7,481 12,595 -- 97,472 -------- ------- -------- ------- -------- Income taxes 16,956 -- -- 4,010 20,966 -------- ------- -------- ------- -------- Net income $ 67,799 $ 7,481 $ 12,595 $(4,010) $ 83,865 -------- ------- -------- ------- --------
AMDOCS LIMITED RECONCILIATION OF SELECTED FINANCIAL METRICS FROM GAAP TO NON-GAAP (IN THOUSANDS)
TWELVE MONTHS ENDED SEPTEMBER 30, 2006 --------------------------------------------------------------------------------- RECONCILIATION ITEMS ------------------------------------------------------- AMORTIZATION OF PURCHASED IN-PROCESS EQUITY BASED INTANGIBLE RESEARCH AND COMPENSATION GAAP ASSETS DEVELOPMENT EXPENSE TAX EFFECT NON-GAAP ---------- ------------ ------------ ------------ ---------- ---------- Operating expenses: Cost of license $ 4,003 $ -- $ -- $ -- $ -- $ 4,003 Cost of service 1,579,823 -- -- (18,042) -- 1,561,781 Research and development 186,760 -- -- (4,711) -- 182,049 Selling, general and administrative 313,997 -- -- (23,425) -- 290,572 Amortization of purchased intangible assets 37,610 (37,610) -- -- -- -- In-process research and development 25,725 -- (25,725) -- -- -- ---------- -------- -------- -------- ---------- ---------- Total operating expenses 2,147,918 (37,610) (25,725) (46,178) -- 2,038,405 ---------- -------- -------- -------- ---------- ---------- Operating income 332,132 37,610 25,725 46,178 -- 441,645 ---------- -------- -------- -------- ---------- ---------- Income taxes 55,237 -- -- -- 26,938 82,175 ---------- -------- -------- -------- ---------- ---------- Net income $ 318,636 $ 37,610 $ 25,725 $ 46,178 $ (26,938) $ 401,211 ---------- -------- -------- -------- ---------- ----------
TWELVE MONTHS ENDED SEPTEMBER 30, 2005 -------------------------------------------------------------------------------- RECONCILIATION ITEMS ------------------------------------------------------ RESTRUCTURING CHARGES, IN-PROCESS RESEARCH AND AMORTIZATION DEVELOPMENT AND OTHER OF PURCHASED ACQUISITION RELATED GAAP INTANGIBLE ASSETS COSTS TAX EFFECT NON-GAAP ---------- ----------------- --------------------- ---------- ---------- Operating expenses: Cost of license $ 4,083 $ -- $ -- $ -- $ 4,083 Cost of service 1,291,572 -- -- -- 1,291,572 Research and development 144,457 -- -- -- 144,457 Selling, general and administrative 232,066 -- -- -- 232,066 Amortization of purchased intangible assets 15,356 (15,356) -- -- -- Restructuring charges, in-process research and development and other acquisition related costs 12,595 -- (12,595) -- -- ---------- -------- -------- ------- ---------- Total operating expenses 1,700,129 (15,356) (12,595) -- 1,672,178 ---------- -------- -------- ------- ---------- Operating income 338,492 15,356 12,595 -- 366,443 ---------- -------- -------- ------- ---------- Income taxes 72,159 -- -- 5,590 77,749 ---------- -------- -------- ------- ---------- Net income $ 288,636 $ 15,356 $ 12,595 $(5,590) $ 310,997 ---------- -------- -------- ------- ----------
AMDOCS LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
AS OF -------------------------- SEPTEMBER SEPTEMBER 30, 30, 2006 2005 ---------- ------------- ASSETS Current assets Cash, cash equivalents and short-term interest- bearing investments $ 979,381 $1,145,563 Accounts receivable, net, including unbilled of $54,117 and $28,994 respectively 425,805 304,237 Deferred income taxes and taxes receivable 136,044 101,162 Prepaid expenses and other current assets 97,476 76,780 ---------- ---------- Total current assets 1,638,706 1,627,742 Equipment, vehicles and leasehold improvements, net 220,290 181,812 Goodwill and other intangible assets, net 1,809,322 1,129,258 Other noncurrent assets 294,510 263,656 ---------- ---------- Total assets $3,962,828 $3,202,468 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accruals $ 597,107 $ 462,276 Short-term portion of capital lease obligations and other financing arrangements 1,963 8,480 Deferred revenue 253,376 216,770 Deferred income taxes and taxes payable 179,241 171,377 ---------- ---------- Total current liabilities 1,031,687 858,903 0.50% Convertible notes 450,000 450,000 Noncurrent liabilities and other 326,976 237,113 Shareholders' equity 2,154,165 1,656,452 ---------- ---------- Total liabilities and shareholders' equity $3,962,828 $3,202,468 ========== ==========
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