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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported): May 14, 2014
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ACXIOM CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE
(State or Other Jurisdiction of Incorporation)
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0-13163
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71-0581897
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(Commission File Number)
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(IRS Employer Identification No.)
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601 E. Third St., Little Rock, Arkansas
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72201
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(Address of Principal Executive Offices)
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(Zip Code)
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501-342-1000
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(Registrant’s Telephone Number, Including Area Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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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):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
On May 14, 2014, Acxiom Corporation (the “Company”) issued a press release announcing the results of its financial performance for the fourth quarter and fiscal year ended March 31, 2014. The Company will hold a conference call at 4:00 p.m. CT today to discuss this information further. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
The Company’s press release and other communications from time to time include certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements.
The attached press release includes non-GAAP measures of (i) income from operations and diluted earnings per share attributable to Acxiom shareholders excluding unusual items and (ii) free cash flow available to equity. Operating income excluding unusual items and diluted earnings per share attributable to Acxiom shareholders excluding unusual items represent income from the Company’s operations less one-time expenses related to impairment of goodwill and other assets, gains, losses and other items, the impact of business separation and transformation expenses recorded in selling, general and administrative expense, and the impact of an investment gain recorded in other income. The Company’s management believes that these non-GAAP measures are meaningful since they represent the recurring income from the Company’s operations before one-time items, which are not a recurring part of the Company’s ordinary course operations. The non-GAAP measures are reconciled to the corresponding GAAP measures of income from operations and diluted earnings per share attributable to Acxiom shareholders in a schedule to the press release.
The attached press release also includes a non-GAAP measure of earnings per diluted share attributable to Acxiom shareholders excluding unusual items and also excluding non-cash stock compensation expenses. The Company’s management intends to report this non-GAAP measure in the future and therefore has provided the corresponding non-GAAP measure for fiscal 2014 for comparison purposes. The Company’s management believes that this non-GAAP measure is meaningful since it represents the recurring income from the Company’s operations before one-time items and without regard to non-cash stock compensation expenses, and is therefore useful in comparison to other companies who report similar measures. The non-GAAP measure for fiscal 2014 is reconciled to the corresponding GAAP measure of diluted earnings per share attributable to Acxiom shareholders in a schedule to the press release.
Free cash flow available to equity is defined as operating cash flow less cash used by investing activities (excluding the impact of cash paid in acquisitions), less required payments of debt. The Company’s management believes that this measure of free cash flow available to equity is meaningful since it represents the amount of money available for the Company’s discretionary spending after funding all required obligations including scheduled debt payments, and it therefore provides a useful measure of liquidity for assessing the amount of cash available for general corporate and strategic purposes. Free cash flow available to equity is reconciled to operating cash flow, the nearest comparable GAAP measure, in a schedule to the press release.
The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as substitutes for measures of financial performance or liquidity prepared in accordance with GAAP.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are furnished herewith:
Exhibit
Number
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Description
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99.1
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Press Release of the Company dated May 14, 2014
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SIGNATURE
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 hereunto duly authorized.
Dated: May 14, 2014
ACXIOM CORPORATION
By: /s/ Jerry C. Jones
Name: Jerry C. Jones
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Title:
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Chief Ethics and Legal Officer & Executive Vice President
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EXHIBIT INDEX
Exhibit
Number
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Description
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99.1
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Press Release of the Company dated May 14, 2014
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For more information, contact:
Lauren Russi
Acxiom Investor Relations
(650) 372-2242
investor.relations@acxiom.com
EACXM
ACXIOM ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS
Agrees to Acquire LiveRamp
Exceeds EPS Guidance for the Year
LITTLE ROCK, Ark. – May 14, 2014 Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service company, today announced financial results for its fourth quarter and fiscal year ended March 31, 2014.
Fourth Quarter Fiscal 2014
Total revenue for the fourth quarter was $277 million, roughly flat compared to the fourth quarter of fiscal 2013. Loss from operations for the quarter was $15 million compared to income from operations of $20 million for the prior-year period. Excluding non-cash impairment charges and other unusual items, operating income was $32 million, up 43 percent from $22 million for the same period last year. Net loss per diluted share attributable to Acxiom stockholders was $0.38. Excluding non-cash impairment charges and other unusual items, diluted earnings per share were $0.24, up 26 percent from $0.19 a year ago.
Operating cash flow was $44 million for the fourth quarter compared to $74 million for the same period a year ago. Free cash flow to equity decreased to $15 million for the quarter, compared to $42 million for the prior-year period. Free cash flow to equity is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure, operating cash flow, is attached. Also attached is a schedule outlining the impact of unusual items on the current and prior year results.
Fiscal Year 2014
Total revenue for the fiscal year ended March 31, 2014, was $1,098 million, compared to $1,099 million in fiscal 2013. Earnings per diluted share attributable to Acxiom stockholders were $0.12. Excluding non-cash impairment charges and other unusual items, diluted earnings per share were $0.86, up 13 percent from $0.76 in the prior year.
Operating cash flow increased 10 percent to $165 million during the year compared to $150 million in fiscal 2013. Free cash flow available to equity was $76 million, up 36 percent from $56 million in the prior year. Both operating cash flow and free cash flow to equity were up as a result of improvements in working capital.
The company recorded non-cash impairment charges of approximately $29 million in the fourth quarter in connection with the write-down of the carrying value of goodwill and other long-lived assets associated with its European operations.
“Fiscal 2014 was a year of innovation and transformation,” said Acxiom CEO Scott Howe. “We successfully launched our Audience Operating System™ and Aboutthedata.com™. We tightened our operating focus through the separation of our business units and the exit of our analog paper survey business in Europe. And today, we announced our proposed acquisition of LiveRamp, a leading solution for connecting customer data across marketing applications. Looking ahead to 2015, our focus will be on growing our AOS™ user base, while continuing to innovate and invest in our product portfolio.”
Agreement to Acquire LiveRamp:
Acxiom today announced that it has entered into a definitive agreement to acquire privately held LiveRamp, a leading service for onboarding customer data into digital marketing applications, for approximately $310 million in cash. Please refer to the press release issued today for additional details.
Fourth Quarter Highlights:
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Acxiom announced a partnership with comScore Inc., a global leader in measuring the digital world and preferred source of digital business analytics, to provide marketers with increased audience reach and media spend ROI across multiple channels. The combination will enable marketers to immediately verify the results of audiences reached by their campaigns, and use those results to quickly optimize current and future campaigns.
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The company announced a strategic partnership with Marketo Inc., a leading provider of marketing software. The partnership is designed to help marketers utilize advanced data insights to tailor marketing content and offers throughout a customer’s interactions and relationship with a brand.
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Acxiom signed seven new AOS agreements during the quarter with customers in several key industries including: Financial Services, Retail and Automotive. In addition, Acxiom now has nearly 40 customers utilizing its Data Safe Haven™ and has begun to onboard client data from its partnership with Starcom MediaVest Group.
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Acxiom won 15 awards from the 2014 Internet Advertising Competition (IAC) for its work with current top-tier customers including Skype, Rodale and Sony, among others.
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Subsequent to quarter end, Acxiom announced a partnership with SHIFT, a leading marketing software company for social advertisers. The integration of AOS into SHIFT’s Open Marketing Cloud will provide marketers with enhanced insight and the ability to achieve optimal campaign results.
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Segment Results:
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Marketing and Data Services: Revenue for the fourth quarter was $210 million, up from $203 million for the same period a year ago. U.S. revenue increased 5 percent to $181 million in the current quarter compared to $173 million for the fourth quarter of last year. Income from operations for the fourth quarter was $27 million, up 31 percent from $21 million for the prior-year period. Operating margin improved to 13 percent compared to 10 percent for the fourth quarter of last year.
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IT Infrastructure Management: Revenue for the fourth quarter decreased as expected by 10 percent to $59 million compared to $65 million for the same period a year ago. Income from operations for the recent quarter was $4 million compared to $2 million for the prior-year period. Operating margin was approximately 6 percent, up from 4 percent for the fourth quarter of last year.
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Other Services: Revenue for the fourth quarter was $9 million, down slightly compared to the prior year. Operating margin improved to approximately 7 percent compared to a loss for the fourth quarter of last year.
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Financial Guidance
The following projections are forward-looking and are subject to certain risks and uncertainties that could cause actual results to differ materially as detailed in the Forward-Looking Statements section of this press release. Our guidance includes the impact of our proposed acquisition of LiveRamp, but excludes the impact of unusual items, acquisition related expenses and non-cash stock compensation expense. Acxiom’s estimates for fiscal 2015 are as follows:
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We expect revenue for the fiscal year to be down by roughly five percent. The decline in revenue is due to the impact of lost IT Infrastructure Management customers and the exit of our analog paper survey business in Europe.
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Earnings per diluted share attributable to Acxiom stockholders are expected to be in the range of $0.75 to $0.85. The decline in earnings per share is primarily driven by lost IT Infrastructure Management customers, and to a lesser extent, dilution from the acquisition of LiveRamp and expenses related to the global expansion of AOS. The comparable measure for fiscal 2014 is $0.97. A reconciliation to the comparable GAAP earnings per share measure is attached.
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Conference Call
Acxiom will hold a conference call at 4:00 p.m. CDT today to further discuss this information. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com. A slide presentation will be referenced during the call and can be accessed here.
About Acxiom
Acxiom is an enterprise data, analytics and software-as-a-service company that uniquely fuses trust, experience and scale to fuel data-driven results. For over 40 years, Acxiom has been an innovator in harnessing the most important sources and uses of data to strengthen connections between people, businesses and their partners. Utilizing a channel and media neutral approach, we leverage cutting-edge, data-oriented products and services to maximize customer value. Every week, Acxiom powers more than a trillion transactions that enable better living for people and better results for our 7,000+ global clients. For more information about Acxiom, visit Acxiom.com.
Forward-Looking Statements
This release and today’s conference call may contain forward-looking statements including, without limitation, statements regarding expected levels of revenue and earnings per share for fiscal 2015, statements concerning the proposed acquisition of LiveRamp, statements concerning areas of focus and statements regarding new customers and new product launches and capabilities. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The following are factors, among others, that could cause actual results to differ materially from these forward-looking statements: the possibility that the LiveRamp transaction may not close or may not close within the expected timeframe, the possibility that the expected revenue from the LiveRamp transaction may not be realized within the expected timeframe, the possibility that certain contracts may not generate the anticipated revenue or profitability or may not be closed within the anticipated time frames; the possibility that significant customers may experience extreme, severe economic difficulty or otherwise reduce the amount of business they do with us; the possibility that we will not successfully complete customer contract requirements on time or meet the service levels specified in the contracts, which may result in contract penalties or lost revenue; the possibility that data suppliers might withdraw data from us, leading to our inability to provide certain products and services to our clients; the possibility that we may not be able to attract, retain or motivate qualified technical, sales and leadership associates, or that we may lose key associates; the possibility that we may not be able to adequately adapt to rapidly changing computing environments, technologies and marketing practices; the possibility that we will not be able to continue to receive credit upon satisfactory terms and conditions; the possibility that negative changes in economic conditions in general or other conditions might lead to a reduction in demand for our products and services; the possibility that there will be changes in consumer or business information industries and markets that negatively impact the company; the possibility that the historical seasonality of our business may change; the possibility that we will not be able to achieve anticipated cost reductions and avoid unanticipated costs; the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the possibility that unusual charges may be incurred; the possibility that changes in accounting pronouncements may occur and may impact these forward-looking statements; the possibility that we may encounter difficulties when entering new markets or industries; the possibility that we could experience loss of data center capacity or interruption of telecommunication links; the possibility that new laws may be enacted which limit our ability to provide services to our clients and/or which limit the use of data; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption “Item 1A, RISK FACTORS” in our Annual Report on Form 10-K for the year ended March 31, 2013, which was filed with the Securities and Exchange Commission on May 29, 2013.
With respect to the provision of products or services outside our primary base of operations in the United States, all of the above factors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale, competition, culture, laws and regulations.
We undertake no obligation to update the information contained in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
To automatically receive Acxiom Corporation financial news by email, please visit www.acxiom.com and subscribe to email alerts.
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ACXIOM CORPORATION AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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(Dollars in thousands, except earnings per share)
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For the Three Months Ended
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March 31,
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$ |
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% |
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2014
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2013
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Variance
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Variance
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Revenue:
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Marketing and data services
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209,746 |
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202,510 |
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7,236 |
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3.6 |
% |
IT Infrastructure management services
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58,816 |
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65,202 |
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(6,386 |
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(9.8 |
%) |
Other services
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8,646 |
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9,419 |
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(773 |
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(8.2 |
%) |
Total revenue
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277,208 |
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277,131 |
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77 |
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0.0 |
% |
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Operating costs and expenses:
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Cost of revenue
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207,002 |
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213,317 |
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6,315 |
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3.0 |
% |
Selling, general and administrative
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45,519 |
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41,681 |
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(3,838 |
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(9.2 |
%) |
Impairment of goodwill and other
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28,834 |
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- |
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(28,834 |
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(100.0 |
%) |
Gains, losses and other items, net
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11,052 |
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1,944 |
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(9,108 |
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(468.5 |
%) |
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Total operating costs and expenses
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292,407 |
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256,942 |
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(35,465 |
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(13.8 |
%) |
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Income (loss) from operations
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(15,199 |
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20,189 |
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(35,388 |
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(175.3 |
%) |
% Margin
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-5.5 |
% |
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7.3 |
% |
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Other income (expense):
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Interest expense
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(2,558 |
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(2,959 |
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401 |
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13.6 |
% |
Other, net
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579 |
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188 |
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391 |
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208.0 |
% |
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Total other income (expense)
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(1,979 |
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(2,771 |
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792 |
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28.6 |
% |
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Earnings (loss) before income taxes
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(17,178 |
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17,418 |
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(34,596 |
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(198.6 |
%) |
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Income taxes
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12,045 |
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4,319 |
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(7,726 |
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(178.9 |
%) |
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Net earnings (loss)
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(29,223 |
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13,099 |
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(42,322 |
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(323.1 |
%) |
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Less: Net loss attributable to noncontrolling interest
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- |
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(139 |
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139 |
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100.0 |
% |
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Net earnings (loss) attributable to Acxiom
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(29,223 |
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13,238 |
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(42,461 |
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(320.8 |
%) |
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Basic earnings (loss) per share:
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Net earnings (loss)
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(0.38 |
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0.18 |
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(0.56 |
) |
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(311.1 |
%) |
Net earnings (loss) attributable to Acxiom stockholders
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(0.38 |
) |
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0.18 |
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(0.56 |
) |
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(311.1 |
%) |
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Diluted earnings (loss) per share:
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Net earnings (loss)
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(0.38 |
) |
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0.17 |
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(0.55 |
) |
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(323.5 |
%) |
Net earnings (loss) attributable to Acxiom stockholders
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(0.38 |
) |
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0.18 |
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(0.56 |
) |
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(311.1 |
%) |
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ACXIOM CORPORATION AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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(Dollars in thousands, except earnings per share)
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For the Twelve Months Ended
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March 31,
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$ |
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% |
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2014
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2013
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Variance
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Variance
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Revenue:
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Marketing and data services
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805,153 |
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788,740 |
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16,413 |
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2.1 |
% |
IT Infrastructure management services
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257,125 |
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275,469 |
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(18,344 |
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(6.7 |
%) |
Other services
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35,267 |
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35,150 |
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117 |
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0.3 |
% |
Total revenue
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1,097,545 |
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1,099,359 |
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(1,814 |
) |
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(0.2 |
%) |
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Operating costs and expenses:
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Cost of revenue
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828,955 |
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840,640 |
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11,685 |
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1.4 |
% |
Selling, general and administrative
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169,376 |
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153,990 |
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(15,386 |
) |
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(10.0 |
%) |
Impairment of goodwill and other
|
|
|
28,834 |
|
|
|
- |
|
|
|
(28,834 |
) |
|
|
(100.0 |
%) |
Gains, losses and other items, net
|
|
|
22,096 |
|
|
|
2,010 |
|
|
|
(20,086 |
) |
|
|
(999.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
1,049,261 |
|
|
|
996,640 |
|
|
|
(52,621 |
) |
|
|
(5.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
48,284 |
|
|
|
102,719 |
|
|
|
(54,435 |
) |
|
|
(53.0 |
%) |
% Margin
|
|
|
4.4 |
% |
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(11,671 |
) |
|
|
(12,694 |
) |
|
|
1,023 |
|
|
|
8.1 |
% |
Other, net
|
|
|
1,817 |
|
|
|
152 |
|
|
|
1,665 |
|
|
|
1095.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense)
|
|
|
(9,854 |
) |
|
|
(12,542 |
) |
|
|
2,688 |
|
|
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
38,430 |
|
|
|
90,177 |
|
|
|
(51,747 |
) |
|
|
(57.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
29,627 |
|
|
|
33,058 |
|
|
|
3,431 |
|
|
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
8,803 |
|
|
|
57,119 |
|
|
|
(48,316 |
) |
|
|
(84.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to noncontrolling interest
|
|
|
(60 |
) |
|
|
(488 |
) |
|
|
428 |
|
|
|
87.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Acxiom
|
|
|
8,863 |
|
|
|
57,607 |
|
|
|
(48,744 |
) |
|
|
(84.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
0.12 |
|
|
|
0.76 |
|
|
|
(0.64 |
) |
|
|
(84.2 |
%) |
Net earnings attributable to Acxiom stockholders
|
|
|
0.12 |
|
|
|
0.77 |
|
|
|
(0.65 |
) |
|
|
(84.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
0.11 |
|
|
|
0.75 |
|
|
|
(0.64 |
) |
|
|
(85.3 |
%) |
Net earnings attributable to Acxiom stockholders
|
|
|
0.12 |
|
|
|
0.75 |
|
|
|
(0.63 |
) |
|
|
(84.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
RECONCILIATION OF GAAP TO NON-GAAP EPS
|
|
(Unaudited)
|
|
(Dollars in thousands, except earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
|
|
(17,178 |
) |
|
|
17,418 |
|
|
|
38,430 |
|
|
|
90,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
12,045 |
|
|
|
4,319 |
|
|
|
29,627 |
|
|
|
33,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
|
(29,223 |
) |
|
|
13,099 |
|
|
|
8,803 |
|
|
|
57,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to noncontrolling interest
|
|
|
- |
|
|
|
(139 |
) |
|
|
(60 |
) |
|
|
(488 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Acxiom
|
|
|
(29,223 |
) |
|
|
13,238 |
|
|
|
8,863 |
|
|
|
57,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.38 |
) |
|
|
0.18 |
|
|
|
0.12 |
|
|
|
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
(0.38 |
) |
|
|
0.18 |
|
|
|
0.12 |
|
|
|
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unusual items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business separation and transformation expenses
|
|
|
6,924 |
|
|
|
- |
|
|
|
14,007 |
|
|
|
- |
|
Legal settlement accruals
|
|
|
- |
|
|
|
- |
|
|
|
4,200 |
|
|
|
- |
|
Restructuring charges and other adjustments
|
|
|
11,052 |
|
|
|
1,944 |
|
|
|
17,896 |
|
|
|
2,010 |
|
Gain on investment
|
|
|
- |
|
|
|
- |
|
|
|
(2,567 |
) |
|
|
- |
|
Impairment of goodwill and other
|
|
|
28,834 |
|
|
|
- |
|
|
|
28,834 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unusual items, continuing operations
|
|
|
46,810 |
|
|
|
1,944 |
|
|
|
62,370 |
|
|
|
2,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and excluding unusual items
|
|
|
29,632 |
|
|
|
19,362 |
|
|
|
100,800 |
|
|
|
92,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
11,113 |
|
|
|
5,398 |
|
|
|
34,688 |
|
|
|
34,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings
|
|
|
18,519 |
|
|
|
13,964 |
|
|
|
66,112 |
|
|
|
58,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to noncontrolling interest
|
|
|
- |
|
|
|
(139 |
) |
|
|
(60 |
) |
|
|
(488 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net earnings attributable to Acxiom
|
|
|
18,519 |
|
|
|
14,103 |
|
|
|
66,172 |
|
|
|
58,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per share attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.24 |
|
|
|
0.19 |
|
|
|
0.89 |
|
|
|
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
0.24 |
|
|
|
0.19 |
|
|
|
0.86 |
|
|
|
0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares
|
|
|
78,450 |
|
|
|
75,027 |
|
|
|
76,954 |
|
|
|
76,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS
|
|
(Unaudited)
|
|
(Dollars in thousands, except earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
(15,199 |
) |
|
|
20,189 |
|
|
|
48,284 |
|
|
|
102,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unusual items
|
|
|
46,810 |
|
|
|
1,944 |
|
|
|
64,937 |
|
|
|
2,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before unusual items
|
|
|
31,611 |
|
|
|
22,133 |
|
|
|
113,221 |
|
|
|
104,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
CALCULATION OF EARNINGS PER SHARE
|
|
(Unaudited)
|
|
(In thousands, except earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share:
|
|
|
|
|
|
|
Numerator - net earnings (loss)
|
|
|
(29,223 |
) |
|
|
13,099 |
|
Denominator - weighted-average shares outstanding
|
|
|
76,293 |
|
|
|
73,670 |
|
Basic earnings (loss) per share
|
|
|
(0.38 |
) |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
Numerator - net earnings (loss) attributable to Acxiom
|
|
|
(28,757 |
) |
|
|
13,238 |
|
Denominator - weighted-average shares outstanding
|
|
|
76,293 |
|
|
|
73,670 |
|
Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders
|
|
|
(0.38 |
) |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
|
Numerator - net earnings (loss)
|
|
|
(29,223 |
) |
|
|
13,099 |
|
Denominator - weighted-average shares outstanding
|
|
|
76,293 |
|
|
|
73,670 |
|
Dilutive effect of common stock options, warrants and restricted stock
|
|
|
- |
|
|
|
1,357 |
|
|
|
|
76,293 |
|
|
|
75,027 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share
|
|
|
(0.38 |
) |
|
|
0.17 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
Numerator - net earnings (loss) attributable to Acxiom
|
|
|
(28,757 |
) |
|
|
13,238 |
|
Denominator - weighted-average shares outstanding
|
|
|
76,293 |
|
|
|
73,670 |
|
Dilutive effect of common stock options, warrants, and restricted stock
|
|
|
- |
|
|
|
1,357 |
|
|
|
|
76,293 |
|
|
|
75,027 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders
|
|
|
(0.38 |
) |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
CALCULATION OF EARNINGS PER SHARE
|
|
(Unaudited)
|
|
(In thousands, except earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
Numerator - net earnings
|
|
|
8,803 |
|
|
|
57,119 |
|
Denominator - weighted-average shares outstanding
|
|
|
74,690 |
|
|
|
74,814 |
|
Basic earnings per share
|
|
|
0.12 |
|
|
|
0.76 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share - net earnings attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
Numerator - net earnings attributable to Acxiom
|
|
|
8,863 |
|
|
|
57,607 |
|
Denominator - weighted-average shares outstanding
|
|
|
74,690 |
|
|
|
74,814 |
|
Basic earnings per share - net earnings attributable to Acxiom stockholders
|
|
|
0.12 |
|
|
|
0.77 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
Numerator - net earnings
|
|
|
8,803 |
|
|
|
57,119 |
|
Denominator - weighted-average shares outstanding
|
|
|
74,690 |
|
|
|
74,814 |
|
Dilutive effect of common stock options, warrants and restricted stock
|
|
|
2,264 |
|
|
|
1,683 |
|
|
|
|
76,954 |
|
|
|
76,497 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share from continuing operations
|
|
|
0.11 |
|
|
|
0.75 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share - net earnings attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
Numerator - net earnings attributable to Acxiom
|
|
|
8,863 |
|
|
|
57,607 |
|
Denominator - weighted-average shares outstanding
|
|
|
74,690 |
|
|
|
74,814 |
|
Dilutive effect of common stock options, warrants, and restricted stock
|
|
|
2,264 |
|
|
|
1,683 |
|
|
|
|
76,954 |
|
|
|
76,497 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share - net earnings attributable to Acxiom stockholders
|
|
|
0.12 |
|
|
|
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
RESULTS BY SEGMENT
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
Revenue:
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
209,746 |
|
|
|
202,510 |
|
IT Infrastructure management services
|
|
|
58,816 |
|
|
|
65,202 |
|
Other services
|
|
|
8,646 |
|
|
|
9,419 |
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
277,208 |
|
|
|
277,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
27,244 |
|
|
|
20,866 |
|
IT Infrastructure management services
|
|
|
3,803 |
|
|
|
2,357 |
|
Other services
|
|
|
564 |
|
|
|
(1,090 |
) |
Corporate
|
|
|
(46,810 |
) |
|
|
(1,944 |
) |
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
|
(15,199 |
) |
|
|
20,189 |
|
|
|
|
|
|
|
|
|
|
Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
13.0 |
% |
|
|
10.3 |
% |
IT Infrastructure management services
|
|
|
6.5 |
% |
|
|
3.6 |
% |
Other services
|
|
|
6.5 |
% |
|
|
-11.6 |
% |
|
|
|
|
|
|
|
|
|
Total margin
|
|
|
-5.5 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
RESULTS BY SEGMENT
|
(Unaudited)
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
Revenue:
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
805,153
|
|
788,740
|
IT Infrastructure management services
|
|
257,125
|
|
275,469
|
Other services
|
|
|
|
35,267
|
|
35,150
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
1,097,545
|
|
1,099,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
78,433
|
|
80,017
|
IT Infrastructure management services
|
|
32,847
|
|
29,330
|
Other services
|
|
|
|
1,941
|
|
(4,618)
|
Corporate
|
|
|
|
|
(64,937)
|
|
(2,010)
|
|
|
|
|
|
|
|
|
Total income from operations
|
|
|
48,284
|
|
102,719
|
|
|
|
|
|
|
|
|
Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
9.7%
|
|
10.1%
|
IT Infrastructure management services
|
|
12.8%
|
|
10.6%
|
Other services
|
|
|
|
5.5%
|
|
-13.1%
|
|
|
|
|
|
|
|
|
Total margin
|
|
|
|
4.4%
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
$ |
|
|
|
% |
|
|
|
2014
|
|
|
2013
|
|
|
Variance
|
|
|
Variance
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
418,586 |
|
|
|
222,974 |
|
|
|
195,612 |
|
|
|
87.7 |
% |
Trade accounts receivable, net
|
|
|
167,169 |
|
|
|
159,882 |
|
|
|
7,287 |
|
|
|
4.6 |
% |
Deferred income taxes
|
|
|
12,870 |
|
|
|
13,496 |
|
|
|
(626 |
) |
|
|
(4.6 |
%) |
Refundable income taxes
|
|
|
11,535 |
|
|
|
5,809 |
|
|
|
5,726 |
|
|
|
98.6 |
% |
Other current assets
|
|
|
55,365 |
|
|
|
58,935 |
|
|
|
(3,570 |
) |
|
|
(6.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
665,525 |
|
|
|
461,096 |
|
|
|
204,429 |
|
|
|
44.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
852,236 |
|
|
|
822,439 |
|
|
|
29,797 |
|
|
|
3.6 |
% |
Less - accumulated depreciation and amortization
|
|
|
635,330 |
|
|
|
591,687 |
|
|
|
43,643 |
|
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
216,906 |
|
|
|
230,752 |
|
|
|
(13,846 |
) |
|
|
(6.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software, net of accumulated amortization
|
|
|
39,425 |
|
|
|
24,471 |
|
|
|
14,954 |
|
|
|
61.1 |
% |
Goodwill
|
|
|
358,384 |
|
|
|
381,129 |
|
|
|
(22,745 |
) |
|
|
(6.0 |
%) |
Purchased software licenses, net of accumulated amortization
|
|
|
18,584 |
|
|
|
23,604 |
|
|
|
(5,020 |
) |
|
|
(21.3 |
%) |
Deferred costs, net
|
|
|
16,143 |
|
|
|
42,971 |
|
|
|
(26,828 |
) |
|
|
(62.4 |
%) |
Data acquisition costs
|
|
|
4,502 |
|
|
|
10,631 |
|
|
|
(6,129 |
) |
|
|
(57.7 |
%) |
Other assets, net
|
|
|
3,832 |
|
|
|
13,052 |
|
|
|
(9,220 |
) |
|
|
(70.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,323,301 |
|
|
|
1,187,706 |
|
|
|
135,595 |
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current installments of long-term debt
|
|
|
28,567 |
|
|
|
16,105 |
|
|
|
(12,462 |
) |
|
|
(77.4 |
%) |
Trade accounts payable
|
|
|
36,183 |
|
|
|
35,786 |
|
|
|
(397 |
) |
|
|
(1.1 |
%) |
Accrued payroll and related expenses
|
|
|
63,972 |
|
|
|
62,390 |
|
|
|
(1,582 |
) |
|
|
(2.5 |
%) |
Other accrued expenses
|
|
|
72,762 |
|
|
|
68,270 |
|
|
|
(4,492 |
) |
|
|
(6.6 |
%) |
Deferred revenue
|
|
|
47,744 |
|
|
|
41,388 |
|
|
|
(6,356 |
) |
|
|
(15.4 |
%) |
Income taxes
|
|
|
241 |
|
|
|
637 |
|
|
|
396 |
|
|
|
62.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
249,469 |
|
|
|
224,576 |
|
|
|
(24,893 |
) |
|
|
(11.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
289,043 |
|
|
|
237,400 |
|
|
|
(51,643 |
) |
|
|
(21.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
90,226 |
|
|
|
94,918 |
|
|
|
4,692 |
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
11,706 |
|
|
|
11,444 |
|
|
|
(262 |
) |
|
|
(2.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
12,584 |
|
|
|
12,134 |
|
|
|
450 |
|
|
|
3.7 |
% |
Additional paid-in capital
|
|
|
981,985 |
|
|
|
885,184 |
|
|
|
96,801 |
|
|
|
10.9 |
% |
Retained earnings
|
|
|
602,829 |
|
|
|
593,966 |
|
|
|
8,863 |
|
|
|
1.5 |
% |
Accumulated other comprehensive income
|
|
|
13,662 |
|
|
|
11,423 |
|
|
|
2,239 |
|
|
|
19.6 |
% |
Treasury stock, at cost
|
|
|
(928,203 |
) |
|
|
(882,959 |
) |
|
|
(45,244 |
) |
|
|
(5.1 |
%) |
Total Acxiom stockholders' equity
|
|
|
682,857 |
|
|
|
619,748 |
|
|
|
63,109 |
|
|
|
10.2 |
% |
Noncontrolling interest
|
|
|
- |
|
|
|
(380 |
) |
|
|
380 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
682,857 |
|
|
|
619,368 |
|
|
|
63,489 |
|
|
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,323,301 |
|
|
|
1,187,706 |
|
|
|
135,595 |
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net earnings (loss)
|
|
|
(29,223 |
) |
|
|
13,099 |
|
Non-cash operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
26,879 |
|
|
|
26,614 |
|
Loss (Gain) on disposal or impairment of assets
|
|
|
(9 |
) |
|
|
- |
|
Impairment of goodwill and other
|
|
|
28,804 |
|
|
|
- |
|
Deferred income taxes
|
|
|
5,763 |
|
|
|
2,850 |
|
Non-cash stock compensation expense
|
|
|
3,581 |
|
|
|
3,096 |
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
6,202 |
|
|
|
20,603 |
|
Other assets
|
|
|
(7,920 |
) |
|
|
(9,941 |
) |
Deferred costs
|
|
|
(417 |
) |
|
|
36 |
|
Accounts payable and other liabilities
|
|
|
12,763 |
|
|
|
23,719 |
|
Deferred revenue
|
|
|
(2,589 |
) |
|
|
(5,855 |
) |
Net cash provided by operating activities
|
|
|
43,834 |
|
|
|
74,221 |
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Disposal of operations
|
|
|
- |
|
|
|
- |
|
Capitalized software
|
|
|
(5,408 |
) |
|
|
(6,689 |
) |
Capital expenditures
|
|
|
(14,409 |
) |
|
|
(16,515 |
) |
Data acquisition costs
|
|
|
(3,085 |
) |
|
|
(2,106 |
) |
Payments received from investments
|
|
|
190 |
|
|
|
- |
|
Net cash paid in acquisitions
|
|
|
(500 |
) |
|
|
- |
|
Net cash used by investing activities
|
|
|
(23,212 |
) |
|
|
(25,310 |
) |
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Payments of debt
|
|
|
(5,728 |
) |
|
|
(7,081 |
) |
Sale of common stock
|
|
|
11,384 |
|
|
|
4,094 |
|
Tax impact of stock options, warrants, and restricted stock
|
|
|
11,295 |
|
|
|
357 |
|
Acquisition of treasury stock
|
|
|
- |
|
|
|
(9,023 |
) |
Net cash provided (used) by financing activities
|
|
|
16,951 |
|
|
|
(11,653 |
) |
Effect of exchange rate changes on cash
|
|
|
105 |
|
|
|
(504 |
) |
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
37,678 |
|
|
|
36,754 |
|
Cash and cash equivalents at beginning of period
|
|
|
380,908 |
|
|
|
186,220 |
|
Cash and cash equivalents at end of period
|
|
|
418,586 |
|
|
|
222,974 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
Interest
|
|
|
2,495 |
|
|
|
3,031 |
|
Income taxes
|
|
|
5,928 |
|
|
|
9,196 |
|
Payments on capital leases and installment payment arrangements
|
|
|
1,465 |
|
|
|
3,566 |
|
Payments on software and data license liabilities
|
|
|
- |
|
|
|
1,432 |
|
Other debt payments, excluding line of credit
|
|
|
4,263 |
|
|
|
2,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net earnings
|
|
|
8,803 |
|
|
|
57,119 |
|
Non-cash operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
103,006 |
|
|
|
116,208 |
|
Loss (gain) on disposal or impairment of assets
|
|
|
(2,576 |
) |
|
|
25 |
|
Loss on early extinguishment of debt
|
|
|
664 |
|
|
|
- |
|
Impairment of goodwill and other
|
|
|
28,804 |
|
|
|
- |
|
Deferred income taxes
|
|
|
2,097 |
|
|
|
(3,578 |
) |
Non-cash stock compensation expense
|
|
|
13,925 |
|
|
|
12,002 |
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
7,733 |
|
|
|
6,678 |
|
Other assets
|
|
|
(1,129 |
) |
|
|
(9,185 |
) |
Deferred costs
|
|
|
(506 |
) |
|
|
(1,564 |
) |
Accounts payable and other liabilities
|
|
|
210 |
|
|
|
(8,888 |
) |
Deferred revenue
|
|
|
3,945 |
|
|
|
(18,685 |
) |
Net cash provided by operating activities
|
|
|
164,976 |
|
|
|
150,132 |
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Capitalized software
|
|
|
(24,517 |
) |
|
|
(19,879 |
) |
Capital expenditures
|
|
|
(39,298 |
) |
|
|
(38,491 |
) |
Data acquisition costs
|
|
|
(7,745 |
) |
|
|
(8,570 |
) |
Payments from investments
|
|
|
3,823 |
|
|
|
- |
|
Net cash paid in acquisitions
|
|
|
(500 |
) |
|
|
- |
|
Net cash used by investing activities
|
|
|
(68,237 |
) |
|
|
(66,940 |
) |
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
300,000 |
|
|
|
- |
|
Payments of debt
|
|
|
(235,895 |
) |
|
|
(26,871 |
) |
Fees for debt refinancing
|
|
|
(4,370 |
) |
|
|
- |
|
Sale of common stock
|
|
|
80,490 |
|
|
|
11,957 |
|
Tax impact of stock options, warrants, and restricted stock
|
|
|
11,295 |
|
|
|
357 |
|
Acquisition of treasury stock
|
|
|
(52,663 |
) |
|
|
(74,378 |
) |
Acquisition of NCI
|
|
|
(600 |
) |
|
|
- |
|
Contingent consideration paid for prior acquisitions
|
|
|
- |
|
|
|
(288 |
) |
Net cash provided (used) by financing activities
|
|
|
98,257 |
|
|
|
(89,223 |
) |
Effect of exchange rate changes on cash
|
|
|
616 |
|
|
|
(643 |
) |
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
195,612 |
|
|
|
(6,674 |
) |
Cash and cash equivalents at beginning of period
|
|
|
222,974 |
|
|
|
229,648 |
|
Cash and cash equivalents at end of period
|
|
|
418,586 |
|
|
|
222,974 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
Interest
|
|
|
11,762 |
|
|
|
12,709 |
|
Income taxes
|
|
|
21,702 |
|
|
|
57,464 |
|
Payments on capital leases and installment payment arrangements
|
|
|
8,379 |
|
|
|
16,514 |
|
Payments on software and data license liabilities
|
|
|
- |
|
|
|
1,769 |
|
Other debt payments, excluding line of credit
|
|
|
12,516 |
|
|
|
8,588 |
|
Prepayment of debt
|
|
|
215,000 |
|
|
|
- |
|
Noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment under capital lease
|
|
|
|
|
|
|
|
|
and installment payment arrangements
|
|
|
- |
|
|
|
2,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY
|
AND RECONCILIATION TO OPERATING CASH FLOW
|
(Unaudited)
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/12
|
09/30/12
|
12/31/12
|
03/31/13
|
YTD FY2013
|
|
06/30/13
|
09/30/13
|
12/31/13
|
03/31/14
|
YTD FY2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by operating activities
|
(1,867)
|
39,235
|
38,543
|
74,221
|
150,132
|
|
16,849
|
40,521
|
63,772
|
43,834
|
164,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for investments
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
3,633
|
190
|
3,823
|
|
Capitalized software
|
(3,673)
|
(4,074)
|
(5,443)
|
(6,689)
|
(19,879)
|
|
(5,954)
|
(7,660)
|
(5,495)
|
(5,408)
|
(24,517)
|
|
Capital expenditures
|
(3,538)
|
(8,178)
|
(10,260)
|
(16,515)
|
(38,491)
|
|
(8,920)
|
(9,269)
|
(6,700)
|
(14,409)
|
(39,298)
|
|
Data acquisition costs
|
(2,302)
|
(1,396)
|
(2,766)
|
(2,106)
|
(8,570)
|
|
(1,961)
|
(913)
|
(1,786)
|
(3,085)
|
(7,745)
|
|
Payments on capital leases and installment payment arrangements
|
(4,562)
|
(4,384)
|
(4,002)
|
(3,566)
|
(16,514)
|
|
(2,900)
|
(2,339)
|
(1,675)
|
(1,465)
|
(8,379)
|
|
Other required debt payments
|
(2,294)
|
(2,298)
|
(2,250)
|
(3,515)
|
(10,357)
|
|
(1,990)
|
(2,004)
|
(4,259)
|
(4,263)
|
(12,516)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
(18,236)
|
18,905
|
13,822
|
41,830
|
56,321
|
|
(4,876)
|
18,336
|
47,490
|
15,394
|
76,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(Dollars in thousands, except earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FY14 to Q4 FY13
|
|
|
|
06/30/12
|
|
|
09/30/12
|
|
|
12/31/12
|
|
|
03/31/13
|
|
|
YTD FY2013
|
|
|
06/30/13
|
|
|
09/30/13
|
|
|
12/31/13
|
|
|
03/31/14
|
|
|
YTD FY2014
|
|
|
%
|
|
|
|
$ |
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
192,482 |
|
|
|
198,602 |
|
|
|
195,146 |
|
|
|
202,510 |
|
|
|
788,740 |
|
|
|
187,793 |
|
|
|
200,952 |
|
|
|
206,662 |
|
|
|
209,746 |
|
|
|
805,153 |
|
|
|
3.6 |
% |
|
|
7,236 |
|
IT Infrastructure management services
|
|
|
70,290 |
|
|
|
70,061 |
|
|
|
69,916 |
|
|
|
65,202 |
|
|
|
275,469 |
|
|
|
69,385 |
|
|
|
66,825 |
|
|
|
62,099 |
|
|
|
58,816 |
|
|
|
257,125 |
|
|
|
-9.8 |
% |
|
|
(6,386 |
) |
Other services
|
|
|
8,887 |
|
|
|
8,804 |
|
|
|
8,040 |
|
|
|
9,419 |
|
|
|
35,150 |
|
|
|
9,015 |
|
|
|
8,494 |
|
|
|
9,112 |
|
|
|
8,646 |
|
|
|
35,267 |
|
|
|
-8.2 |
% |
|
|
(773 |
) |
Total revenue
|
|
|
271,659 |
|
|
|
277,467 |
|
|
|
273,102 |
|
|
|
277,131 |
|
|
|
1,099,359 |
|
|
|
266,193 |
|
|
|
276,271 |
|
|
|
277,873 |
|
|
|
277,208 |
|
|
|
1,097,545 |
|
|
|
0.0 |
% |
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
209,311 |
|
|
|
209,164 |
|
|
|
208,848 |
|
|
|
213,317 |
|
|
|
840,640 |
|
|
|
204,506 |
|
|
|
207,394 |
|
|
|
210,053 |
|
|
|
207,002 |
|
|
|
828,955 |
|
|
|
-3.0 |
% |
|
|
(6,315 |
) |
Selling, general and administrative
|
|
|
36,764 |
|
|
|
38,063 |
|
|
|
37,482 |
|
|
|
41,681 |
|
|
|
153,990 |
|
|
|
37,615 |
|
|
|
42,859 |
|
|
|
43,383 |
|
|
|
45,519 |
|
|
|
169,376 |
|
|
|
9.2 |
% |
|
|
3,838 |
|
Impairement of goodwill and other
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,834 |
|
|
|
28,834 |
|
|
|
-100.0 |
% |
|
|
28,834 |
|
Gains, losses and other items, net
|
|
|
160 |
|
|
|
32 |
|
|
|
(126 |
) |
|
|
1,944 |
|
|
|
2,010 |
|
|
|
- |
|
|
|
6,387 |
|
|
|
4,657 |
|
|
|
11,052 |
|
|
|
22,096 |
|
|
|
468.5 |
% |
|
|
9,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
246,235 |
|
|
|
247,259 |
|
|
|
246,204 |
|
|
|
256,942 |
|
|
|
996,640 |
|
|
|
242,121 |
|
|
|
256,640 |
|
|
|
258,093 |
|
|
|
292,407 |
|
|
|
1,049,261 |
|
|
|
13.8 |
% |
|
|
35,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
25,424 |
|
|
|
30,208 |
|
|
|
26,898 |
|
|
|
20,189 |
|
|
|
102,719 |
|
|
|
24,072 |
|
|
|
19,631 |
|
|
|
19,780 |
|
|
|
(15,199 |
) |
|
|
48,284 |
|
|
|
-175.3 |
% |
|
|
(35,388 |
) |
% Margin
|
|
|
9.4 |
% |
|
|
10.9 |
% |
|
|
9.8 |
% |
|
|
7.3 |
% |
|
|
9.3 |
% |
|
|
9.0 |
% |
|
|
7.1 |
% |
|
|
7.1 |
% |
|
|
-5.5 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(3,240 |
) |
|
|
(3,317 |
) |
|
|
(3,178 |
) |
|
|
(2,959 |
) |
|
|
(12,694 |
) |
|
|
(3,019 |
) |
|
|
(2,980 |
) |
|
|
(3,114 |
) |
|
|
(2,558 |
) |
|
|
(11,671 |
) |
|
|
-13.6 |
% |
|
|
401 |
|
Other, net
|
|
|
(547 |
) |
|
|
(54 |
) |
|
|
565 |
|
|
|
188 |
|
|
|
152 |
|
|
|
104 |
|
|
|
(350 |
) |
|
|
1,484 |
|
|
|
579 |
|
|
|
1,817 |
|
|
|
208.0 |
% |
|
|
391 |
|
Total other expense
|
|
|
(3,787 |
) |
|
|
(3,371 |
) |
|
|
(2,613 |
) |
|
|
(2,771 |
) |
|
|
(12,542 |
) |
|
|
(2,915 |
) |
|
|
(3,330 |
) |
|
|
(1,630 |
) |
|
|
(1,979 |
) |
|
|
(9,854 |
) |
|
|
28.6 |
% |
|
|
792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
|
|
21,637 |
|
|
|
26,837 |
|
|
|
24,285 |
|
|
|
17,418 |
|
|
|
90,177 |
|
|
|
21,157 |
|
|
|
16,301 |
|
|
|
18,150 |
|
|
|
(17,178 |
) |
|
|
38,430 |
|
|
|
-198.6 |
% |
|
|
(34,596 |
) |
Income taxes
|
|
|
8,438 |
|
|
|
10,465 |
|
|
|
9,836 |
|
|
|
4,319 |
|
|
|
33,058 |
|
|
|
8,062 |
|
|
|
6,437 |
|
|
|
3,083 |
|
|
|
12,045 |
|
|
|
29,627 |
|
|
|
178.9 |
% |
|
|
7,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
|
13,199 |
|
|
|
16,372 |
|
|
|
14,449 |
|
|
|
13,099 |
|
|
|
57,119 |
|
|
|
13,095 |
|
|
|
9,864 |
|
|
|
15,067 |
|
|
|
(29,223 |
) |
|
|
8,803 |
|
|
|
-323.1 |
% |
|
|
(42,322 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net gain (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to noncontrolling interest
|
|
|
(134 |
) |
|
|
(139 |
) |
|
|
(76 |
) |
|
|
(139 |
) |
|
|
(488 |
) |
|
|
(85 |
) |
|
|
25 |
|
|
|
- |
|
|
|
- |
|
|
|
(60 |
) |
|
|
100.0 |
% |
|
|
139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Acxiom
|
|
|
13,333 |
|
|
|
16,511 |
|
|
|
14,525 |
|
|
|
13,238 |
|
|
|
57,607 |
|
|
|
13,180 |
|
|
|
9,839 |
|
|
|
15,067 |
|
|
|
(29,223 |
) |
|
|
8,863 |
|
|
|
-320.8 |
% |
|
|
(42,461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.17 |
|
|
|
0.21 |
|
|
|
0.19 |
|
|
|
0.18 |
|
|
|
0.75 |
|
|
|
0.17 |
|
|
|
0.13 |
|
|
|
0.19 |
|
|
|
(0.38 |
) |
|
|
0.12 |
|
|
|
-311.1 |
% |
|
|
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
RESULTS BY SEGMENT
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FY14 to Q4 FY13
|
|
|
|
06/30/12
|
|
|
09/30/12
|
|
|
12/31/12
|
|
|
03/31/13
|
|
|
YTD FY2013
|
|
|
06/30/13
|
|
|
09/30/13
|
|
|
12/31/13
|
|
|
03/31/14
|
|
|
YTD FY2014
|
|
|
%
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
192,482 |
|
|
|
198,602 |
|
|
|
195,146 |
|
|
|
202,510 |
|
|
|
788,740 |
|
|
|
187,793 |
|
|
|
200,952 |
|
|
|
206,662 |
|
|
|
209,746 |
|
|
|
805,153 |
|
|
|
4 |
% |
|
|
7,236 |
|
IT Infrastructure management services
|
|
|
70,290 |
|
|
|
70,061 |
|
|
|
69,916 |
|
|
|
65,202 |
|
|
|
275,469 |
|
|
|
69,385 |
|
|
|
66,825 |
|
|
|
62,099 |
|
|
|
58,816 |
|
|
|
257,125 |
|
|
|
-10 |
% |
|
|
(6,386 |
) |
Other services
|
|
|
8,887 |
|
|
|
8,804 |
|
|
|
8,040 |
|
|
|
9,419 |
|
|
|
35,150 |
|
|
|
9,015 |
|
|
|
8,494 |
|
|
|
9,112 |
|
|
|
8,646 |
|
|
|
35,267 |
|
|
|
-8 |
% |
|
|
(773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
271,659 |
|
|
|
277,467 |
|
|
|
273,102 |
|
|
|
277,131 |
|
|
|
1,099,359 |
|
|
|
266,193 |
|
|
|
276,271 |
|
|
|
277,873 |
|
|
|
277,208 |
|
|
|
1,097,545 |
|
|
|
0 |
% |
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
18,703 |
|
|
|
22,262 |
|
|
|
18,186 |
|
|
|
20,866 |
|
|
|
80,017 |
|
|
|
12,657 |
|
|
|
16,014 |
|
|
|
22,518 |
|
|
|
27,244 |
|
|
|
78,433 |
|
|
|
31 |
% |
|
|
6,378 |
|
IT Infrastructure management services
|
|
|
8,831 |
|
|
|
8,520 |
|
|
|
9,622 |
|
|
|
2,357 |
|
|
|
29,330 |
|
|
|
10,761 |
|
|
|
11,967 |
|
|
|
6,316 |
|
|
|
3,803 |
|
|
|
32,847 |
|
|
|
61 |
% |
|
|
1,446 |
|
Other services
|
|
|
(1,950 |
) |
|
|
(542 |
) |
|
|
(1,036 |
) |
|
|
(1,090 |
) |
|
|
(4,618 |
) |
|
|
654 |
|
|
|
223 |
|
|
|
500 |
|
|
|
564 |
|
|
|
1,941 |
|
|
|
152 |
% |
|
|
1,654 |
|
Corporate
|
|
|
(160 |
) |
|
|
(32 |
) |
|
|
126 |
|
|
|
(1,944 |
) |
|
|
(2,010 |
) |
|
|
- |
|
|
|
(8,573 |
) |
|
|
(9,554 |
) |
|
|
(46,810 |
) |
|
|
(64,937 |
) |
|
|
-2308 |
% |
|
|
(44,866 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
|
25,424 |
|
|
|
30,208 |
|
|
|
26,898 |
|
|
|
20,189 |
|
|
|
102,719 |
|
|
|
24,072 |
|
|
|
19,631 |
|
|
|
19,780 |
|
|
|
(15,199 |
) |
|
|
48,284 |
|
|
|
-175 |
% |
|
|
(35,388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and data services
|
|
|
9.7 |
% |
|
|
11.2 |
% |
|
|
9.3 |
% |
|
|
10.3 |
% |
|
|
10.1 |
% |
|
|
6.7 |
% |
|
|
8.0 |
% |
|
|
10.9 |
% |
|
|
13.0 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|
|
|
IT Infrastructure management services
|
|
|
12.6 |
% |
|
|
12.2 |
% |
|
|
13.8 |
% |
|
|
3.6 |
% |
|
|
10.6 |
% |
|
|
15.5 |
% |
|
|
17.9 |
% |
|
|
10.2 |
% |
|
|
6.5 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
Other services
|
|
|
-21.9 |
% |
|
|
-6.2 |
% |
|
|
-12.9 |
% |
|
|
-11.6 |
% |
|
|
-13.1 |
% |
|
|
7.3 |
% |
|
|
2.6 |
% |
|
|
5.5 |
% |
|
|
6.5 |
% |
|
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
9.4 |
% |
|
|
10.9 |
% |
|
|
9.8 |
% |
|
|
7.3 |
% |
|
|
9.3 |
% |
|
|
9.0 |
% |
|
|
7.1 |
% |
|
|
7.1 |
% |
|
|
-5.5 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES
|
|
RECONCILIATION OF NON-GAAP MEASURE OF EARNINGS PER SHARE EXCLUDING STOCK COMPENSATION
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/12
|
|
|
09/30/12
|
|
|
12/31/12
|
|
|
03/31/13
|
|
|
FY2013
|
|
|
06/30/13
|
|
|
09/30/13
|
|
|
12/31/13
|
|
|
03/31/14
|
|
|
FY2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
|
|
21,637 |
|
|
|
26,837 |
|
|
|
24,285 |
|
|
|
17,418 |
|
|
|
90,177 |
|
|
|
21,157 |
|
|
|
16,301 |
|
|
|
18,150 |
|
|
|
(17,178 |
) |
|
|
38,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
8,438 |
|
|
|
10,465 |
|
|
|
9,836 |
|
|
|
4,319 |
|
|
|
33,058 |
|
|
|
8,062 |
|
|
|
6,437 |
|
|
|
3,083 |
|
|
|
12,045 |
|
|
|
29,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
|
13,199 |
|
|
|
16,372 |
|
|
|
14,449 |
|
|
|
13,099 |
|
|
|
57,119 |
|
|
|
13,095 |
|
|
|
9,864 |
|
|
|
15,067 |
|
|
|
(29,223 |
) |
|
|
8,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to noncontrolling interest
|
|
|
(134 |
) |
|
|
(139 |
) |
|
|
(76 |
) |
|
|
(139 |
) |
|
|
(488 |
) |
|
|
(85 |
) |
|
|
25 |
|
|
|
- |
|
|
|
- |
|
|
|
(60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Acxiom
|
|
|
13,333 |
|
|
|
16,511 |
|
|
|
14,525 |
|
|
|
13,238 |
|
|
|
57,607 |
|
|
|
13,180 |
|
|
|
9,839 |
|
|
|
15,067 |
|
|
|
(29,223 |
) |
|
|
8,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.17 |
|
|
|
0.21 |
|
|
|
0.19 |
|
|
|
0.18 |
|
|
|
0.77 |
|
|
|
0.18 |
|
|
|
0.13 |
|
|
|
0.20 |
|
|
|
(0.38 |
) |
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
0.17 |
|
|
|
0.21 |
|
|
|
0.19 |
|
|
|
0.18 |
|
|
|
0.75 |
|
|
|
0.17 |
|
|
|
0.13 |
|
|
|
0.19 |
|
|
|
(0.38 |
) |
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluded items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business separation and transformation expenses
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,186 |
|
|
|
4,897 |
|
|
|
6,924 |
|
|
|
14,007 |
|
Legal settlement accruals
|
|
|
160 |
|
|
|
32 |
|
|
|
(126 |
) |
|
|
1,944 |
|
|
|
2,010 |
|
|
|
- |
|
|
|
3,200 |
|
|
|
1,000 |
|
|
|
- |
|
|
|
4,200 |
|
Restructuring charges and other adjustments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,187 |
|
|
|
3,657 |
|
|
|
11,052 |
|
|
|
17,896 |
|
Gain on investment
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,567 |
) |
|
|
- |
|
|
|
(2,567 |
) |
Impairment of goodwill and other
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,834 |
|
|
|
28,834 |
|
Non-cash stock compensation expense
|
|
|
2,653 |
|
|
|
3,150 |
|
|
|
3,103 |
|
|
|
3,096 |
|
|
|
12,002 |
|
|
|
3,180 |
|
|
|
3,709 |
|
|
|
3,455 |
|
|
|
3,581 |
|
|
|
13,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total excluded items
|
|
|
2,813 |
|
|
|
3,182 |
|
|
|
2,977 |
|
|
|
5,040 |
|
|
|
14,012 |
|
|
|
3,180 |
|
|
|
12,282 |
|
|
|
10,442 |
|
|
|
50,391 |
|
|
|
76,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings before income taxes
|
|
|
24,450 |
|
|
|
30,019 |
|
|
|
27,262 |
|
|
|
22,458 |
|
|
|
104,189 |
|
|
|
24,337 |
|
|
|
28,583 |
|
|
|
28,592 |
|
|
|
33,213 |
|
|
|
114,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
9,535 |
|
|
|
11,706 |
|
|
|
11,012 |
|
|
|
6,583 |
|
|
|
38,836 |
|
|
|
9,274 |
|
|
|
11,288 |
|
|
|
6,979 |
|
|
|
12,474 |
|
|
|
40,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings
|
|
|
14,915 |
|
|
|
18,313 |
|
|
|
16,250 |
|
|
|
15,875 |
|
|
|
65,353 |
|
|
|
15,063 |
|
|
|
17,295 |
|
|
|
21,613 |
|
|
|
20,739 |
|
|
|
74,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to noncontrolling interest
|
|
|
(134 |
) |
|
|
(139 |
) |
|
|
(76 |
) |
|
|
(139 |
) |
|
|
(488 |
) |
|
|
(85 |
) |
|
|
25 |
|
|
|
- |
|
|
|
- |
|
|
|
(60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net earnings attributable to Acxiom
|
|
|
15,049 |
|
|
|
18,452 |
|
|
|
16,326 |
|
|
|
16,014 |
|
|
|
65,841 |
|
|
|
15,148 |
|
|
|
17,270 |
|
|
|
21,613 |
|
|
|
20,739 |
|
|
|
74,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per share attributable to Acxiom stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.20 |
|
|
|
0.25 |
|
|
|
0.22 |
|
|
|
0.22 |
|
|
|
0.88 |
|
|
|
0.21 |
|
|
|
0.23 |
|
|
|
0.29 |
|
|
|
0.27 |
|
|
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
0.19 |
|
|
|
0.24 |
|
|
|
0.22 |
|
|
|
0.21 |
|
|
|
0.86 |
|
|
|
0.20 |
|
|
|
0.23 |
|
|
|
0.28 |
|
|
|
0.26 |
|
|
|
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares
|
|
|
78,057 |
|
|
|
77,025 |
|
|
|
75,878 |
|
|
|
75,027 |
|
|
|
76,497 |
|
|
|
75,491 |
|
|
|
76,036 |
|
|
|
77,839 |
|
|
|
78,450 |
|
|
|
76,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
Von Jul 2023 bis Jul 2024