-----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, SNIB19fi3J6RDUhGWvmQN+6qntAufhPL29jt8al/w20qyNO2+5mgrEWoywPGDxBY hIz+jQLbRqJJztnLp92Lyw== 0000950123-07-014626.txt : 20071101 0000950123-07-014626.hdr.sgml : 20071101 20071031194622 ACCESSION NUMBER: 0000950123-07-014626 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071031 FILED AS OF DATE: 20071101 DATE AS OF CHANGE: 20071031 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: 071204152 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 y41689e6vk.txt FORM 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 October, 2007. 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 October 31, 2007, Amdocs Limited ("Amdocs") issued a press release announcing financial results for the quarter and fiscal year ended September 30, 2007. 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: October 31, 2007 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Amdocs Limited Press Release dated October 31, 2007. EX-99.1 2 y41689exv99w1.txt EX-99.1: PRESS RELEASE EXHIBIT 99.1 PRESS RELEASE AMDOCS - -------------------------------------------------------------------------------- AMDOCS LIMITED REPORTS RECORD ANNUAL AND QUARTERLY REVENUE AMDOCS REPORTS GROWTH IN QUARTERLY DILUTED NON-GAAP EARNINGS PER SHARE TO $0.54; DILUTED GAAP EARNINGS PER SHARE OF $0.43 Key highlights: - Fourth quarter revenue increased 9% to $727 million, in line with guidance - 8% increase in fourth quarter diluted non-GAAP EPS, excluding acquisition-related costs and equity-based compensation expense, net of related tax effects, to $0.54, in line with guidance - Diluted GAAP EPS of $0.43 for the quarter - Free cash flow of $68 million for the quarter - Fiscal 2007 revenue of $2.84 billion; diluted non-GAAP earnings per share of $2.14; diluted GAAP earnings per share of $1.65 - First quarter fiscal 2008 guidance: Expected revenue of approximately $735-$745 million and diluted non-GAAP EPS of $0.55-$0.57, 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 $0.43-$0.46 - Fiscal 2008 guidance: Expected revenue of approximately $3.05--$3.15 billion and diluted non-GAAP EPS of $2.29-$2.39, excluding acquisition-related costs and approximately $0.20-$0.23 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $1.82-$1.95 ST. LOUIS, MO -- OCTOBER 31, 2007 -- Amdocs Limited (NYSE: DOX) today reported that for the quarter ended September 30, 2007, revenue was $726.7 million, an increase of 9.2% from last year's fourth quarter. Net income on a non-GAAP basis was $120.7 million, or $0.54 per diluted share (excluding acquisition-related costs, which include amortization of purchased intangible assets, and excluding equity-based compensation expense, net of related tax effects, of $24.5 million), compared to non-GAAP net income of $109.5 million, or $0.50 per diluted share, in the fourth quarter of fiscal 2006 (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 $33.6 million). The Company's GAAP net income was $96.2 million, or $0.43 per diluted share, compared to GAAP net income of $76.0 million, or $0.35 per diluted share, in the fourth quarter of fiscal 2006. Free cash flow for the quarter was $68.1 million, comprised of cash flow from operations of $107.2 million less $39.1 million in net capital expenditures and other. "Our solid growth in this quarter is a continuation of the success that we have had in fiscal 2007," said Dov Baharav, chief executive officer of Amdocs Management Limited. "During the year, we expanded our relationship with many of our key customers and delivered for them the customer experience systems that they need in order to succeed in a highly competitive market. Our real-life experience in this market, our ability to cope with complexity and our track record of successful delivery set us apart from the competition. Armed with the best products and a full range of services, we believe that Amdocs is well positioned for growth in fiscal 2008. We are seeing good demand in the market for our offerings, and based on specific opportunities that we are pursuing today, we expect to accelerate our growth rate during fiscal 2008 as the year progresses." Amdocs had numerous wins across lines of business and geographies in the fourth quarter. Among those are two managed services projects including modernization and consolidation of systems, a transformation project including business process consulting, modernization and implementation for a leading provider of quadruple-play services in Europe, a new project supporting one of the largest wireless providers in Latin America, and several cable wins including a new logo in Europe. For the fiscal year ended September 30, 2007, revenue increased by 14.4% to $2.84 billion. Fiscal 2007 net income on a non-GAAP basis was $473.9 million, or $2.14 per diluted share (excluding acquisition-related costs, which include amortization of purchased intangible assets, in-process research and development write-off and other, restructuring charges, and equity-based compensation expense, net of related tax effects, of $108.9 million), compared to non-GAAP net income of $401.2 million, or $1.85 per diluted share, in fiscal 2006 (excluding acquisition-related costs, which include amortization of purchased intangible assets, in-process research and development write-off and equity-based compensation expense, net of related tax effects, of $82.6 million). The Company's GAAP net income in fiscal 2007 was $364.9 million, or $1.65 per diluted share, compared to GAAP net income of $318.6 million, or $1.48 per diluted share, in fiscal 2006. FINANCIAL OUTLOOK Amdocs expects that revenue for the first quarter of fiscal 2008 will be approximately $735-$745 million. Diluted earnings per share on a non-GAAP basis for the first quarter are expected to be $0.55-$0.57, 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 $0.43-$0.46. Fiscal 2008 guidance: Expected revenue of approximately $3.05-$3.15 billion and diluted non-GAAP EPS of $2.29-$2.39, excluding acquisition-related costs and approximately $0.20-$0.23 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $1.82-$1.95. Amdocs will host a conference call on October 31, 2007 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 and other; - 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 and other, 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 is the market leader in customer experience systems innovation, enabling world-leading service providers to deliver an integrated, innovative and the intentional customer experience(TM) -- at every point of service. Amdocs provides solutions that deliver customer experience excellence, combining the software, service and expertise to help its customers execute their strategies and achieve service, operational and financial excellence. A global company with revenue of $2.84 billion in fiscal 2007, 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 for the fiscal year ended September 30, 2006 and in our quarterly Form 6-K furnished on February 6, May 11 and August 6, 2007. 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, -------------------------- -------------------------- 2007 2006 2007 2006 ---------- ---------- ---------- ---------- Revenue: License $ 46,266 $ 31,113 $ 159,357 $ 116,285 Service 680,423 634,332 2,676,816 2,363,765 ---------- ---------- ---------- ---------- 726,689 665,445 2,836,173 2,480,050 Operating expenses: Cost of license 869 1,030 3,914 4,003 Cost of service 461,692 414,813 1,792,468 1,579,823 Research and development 55,515 55,368 230,444 186,760 Selling, general and administrative 95,299 86,708 370,194 313,997 Amortization of purchased intangible assets 19,174 14,022 74,959 37,610 Restructuring charges, in-process research and development and other (1) -- 17,310 6,761 25,725 ---------- ---------- ---------- ---------- 632,549 589,251 2,478,740 2,147,918 ---------- ---------- ---------- ---------- Operating income 94,140 76,194 357,433 332,132 Interest income and other, net 13,638 8,082 50,566 41,741 ---------- ---------- ---------- ---------- Income before income taxes 107,778 84,276 407,999 373,873 Income taxes 11,535 8,321 43,062 55,237 ---------- ---------- ---------- ---------- Net income $ 96,243 $ 75,955 $ 364,937 $ 318,636 ========== ========== ========== ========== Basic earnings per share $ 0.46 $ 0.37 $ 1.76 $ 1.57 ========== ========== ========== ========== Diluted earnings per share (2) $ 0.43 $ 0.35 $ 1.65 $ 1.48 ========== ========== ========== ========== Basic weighted average number of shares outstanding 209,371 205,330 207,846 203,194 ========== ========== ========== ========== Diluted weighted average number of shares outstanding 224,033 221,236 223,256 218,534 ========== ========== ========== ==========
(1) Restructuring charges, in-process research and development and other for the twelve months ended September 30, 2007 include the following: restructuring charges of $6,011, in-process research and development of $2,666 offset by other acquisition related income of $1,916. Restructuring charges, in-process research and development and other for the three and twelve months ended September 30, 2006 include in-process research and development of $17,310 and $25,725, respectively. (2) To reflect the impact of assumed conversion of the convertible notes, $985 and $3,940, representing interest expense and amortization of issuance costs, were added back to net income for the three and twelve months ended September 30, 2007, respectively, and $985 and $3,948 were added back to net income for the three and twelve months ended September 30, 2006, 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, -------------------------- -------------------------- 2007 2006 2007 2006 ---------- ---------- ---------- ---------- Revenue $ 726,689 $ 665,445 $2,836,173 $2,480,050 Non-GAAP operating income 126,931 121,756 492,740 441,645 Non-GAAP net income 120,708 109,533 473,871 401,211 Non-GAAP diluted earnings per share (1) $ 0.54 $ 0.50 $ 2.14 $ 1.85 Diluted weighted average number of shares outstanding 224,033 221,236 223,256 218,534
(1) To reflect the impact of assumed conversion of the convertible notes, $985 and $3,940, representing interest expense and amortization of issuance costs, were added back to net income for the three and twelve months ended September 30, 2007, respectively, and $985 and $3,948 were added back to net income for the three and twelve months ended September 30, 2006, 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, 2007 ------------------------------------------------------------------------------- RECONCILIATION ITEMS ---------------------------------------------- AMORTIZATION EQUITY BASED GAAP OF PURCHASED COMPENSATION TAX INTANGIBLE EXPENSE EFFECT NON-GAAP ASSETS ------------ ------------ ------------ ------------ ------------ Operating expenses: Cost of license $ 869 $ -- $ -- $ -- $ 869 Cost of service 461,692 -- (6,504) -- 455,188 Research and development 55,515 -- (1,475) -- 54,040 Selling, general and administrative 95,299 -- (5,638) -- 89,661 Amortization of purchased intangible assets 19,174 (19,174) -- -- -- ------------------------------------------------------------------------------- Total operating expenses 632,549 (19,174) (13,617) -- 599,758 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Operating income 94,140 19,174 13,617 -- 126,931 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Income taxes 11,535 -- -- 8,326 19,861 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Net income $ 96,243 $ 19,174 $ 13,617 $ (8,326) $ 120,708 -------------------------------------------------------------------------------
THREE MONTHS ENDED SEPTEMBER 30, 2006 ------------------------------------------------------------------------------------------------- RECONCILIATION ITEMS --------------------------------------------------------------- AMORTIZATION EQUITY GAAP OF PURCHASED IN-PROCESS BASED TAX INTANGIBLE RESEARCH AND COMPENSATION EFFECT NON-GAAP ASSETS DEVELOPMENT EXPENSE ------------ ------------ ------------ ------------ ------------ ------------ 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 -------------------------------------------------------------------------------------------------
AMDOCS LIMITED RECONCILIATION OF SELECTED FINANCIAL METRICS FROM GAAP TO NON-GAAP (IN THOUSANDS)
TWELVE MONTHS ENDED SEPTEMBER 30, 2007 ------------------------------------------------------------------------------------------------ RECONCILIATION ITEMS ------------------------------------------------------------ RESTRUCTURING CHARGES, AMORTIZATION IN-PROCESS EQUITY GAAP OF PURCHASED RESEARCH AND BASED TAX NON-GAAP INTANGIBLE DEVELOPMENT COMPENSATION EFFECT ASSETS AND OTHER EXPENSE ------------------------------------------------------------------------------------------------ Operating expenses: Cost of license $ 3,914 $ -- $ -- $ -- $ -- $ 3,914 Cost of service 1,792,468 -- -- (25,418) -- 1,767,050 Research and development 230,444 -- -- (6,574) -- 223,870 Selling, general and administrative 370,194 -- -- (21,595) -- 348,599 Amortization of purchased intangible assets 74,959 (74,959) -- -- -- -- Restructuring charges, in-process research and development and other 6,761 -- (6,761) -- -- -- ------------------------------------------------------------------------------------------------ Total operating expenses 2,478,740 (74,959) (6,761) (53,587) -- 2,343,433 ------------------------------------------------------------------------------------------------ Operating income 357,433 74,959 6,761 53,587 -- 492,740 ------------------------------------------------------------------------------------------------ Income taxes 43,062 -- -- -- 26,373 69,435 ------------------------------------------------------------------------------------------------ Net income $ 364,937 $ 74,959 $ 6,761 $ 53,587 $ (26,373) $ 473,871 ------------------------------------------------------------------------------------------------
AMDOCS LIMITED RECONCILIATION OF SELECTED FINANCIAL METRICS FROM GAAP TO NON-GAAP (IN THOUSANDS)
TWELVE MONTHS ENDED SEPTEMBER 30, 2006 ------------------------------------------------------------------------------------------------ RECONCILIATION ITEMS -------------------------------------------------------------- GAAP AMORTIZATION EQUITY OF PURCHASED IN-PROCESS BASED TAX NON-GAAP INTANGIBLE RESEARCH AND COMPENSATION EFFECT ASSETS DEVELOPMENT EXPENSE ------------------------------------------------------------------------------------------------ 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 ------------------------------------------------------------------------------------------------
AMDOCS LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
AS OF -------------------------------- SEPTEMBER 30, SEPTEMBER 30, 2007 2006 ------------ ------------ ASSETS Current assets Cash, cash equivalents and short-term interest-bearing investments $ 1,179,280 $ 979,381 Accounts receivable, net, including unbilled of $63,441 and $54,117 respectively 493,418 425,805 Deferred income taxes and taxes receivable 117,623 136,044 Prepaid expenses and other current assets 98,746 97,476 ------------ ------------ Total current assets 1,889,067 1,638,706 Equipment, vehicles and leasehold improvements, net 283,839 220,290 Goodwill and other intangible assets, net 1,792,588 1,809,322 Other noncurrent assets 379,105 294,510 ------------ ------------ Total assets $ 4,344,599 $ 3,962,828 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accruals $ 592,937 $ 597,107 Short-term portion of capital lease obligations and other financing arrangements 2,055 1,963 Deferred revenue 173,775 253,376 Deferred income taxes and taxes payable 205,960 179,241 ------------ ------------ Total current liabilities 974,727 1,031,687 0.50% Convertible notes 450,000 450,000 Noncurrent liabilities and other 319,629 326,976 Shareholders' equity 2,600,243 2,154,165 ------------ ------------ Total liabilities and shareholders' equity $ 4,344,599 $ 3,962,828 ============ ============
-----END PRIVACY-ENHANCED MESSAGE-----