-- Revenues are $11.0 billion, a 1% decrease in
U.S. dollars and a 1.3% increase in local currency, including a
reduction of approximately 2 percentage points from a decline in
revenues from reimbursable travel costs --
-- EPS are $1.90, compared with $1.93 for the
third quarter last year --
-- Operating income is $1.71 billion, with
operating margin of 15.6%, an expansion of 10 basis points --
-- New bookings are $11.0 billion, an increase
of 4% in U.S. dollars and 6% in local currency, with consulting
bookings of $6.2 billion and outsourcing bookings of $4.8 billion
--
-- Cash balance is $6.4 billion at May 31,
2020, an increase of $1.0 billion from the end of the second
quarter --
-- Company declares quarterly cash dividend of
$0.80 per share, up 10% from the equivalent quarterly rate last
year --
-- Accenture updates business outlook for
fiscal 2020, including narrowing its range for full-year revenue
growth to 3.5-4.5% in local currency from 3-6% previously, and its
range for EPS to $7.57-$7.70 from $7.48-$7.70 previously; and
raising its range for free cash flow to $5.8-$6.3 billion from
$5.5-$6.0 billion --
Accenture (NYSE: ACN) reported financial results for the third
quarter of fiscal 2020, ended May 31, 2020, with revenues of $11.0
billion, a decrease of 1% in U.S. dollars and an increase of 1.3%
in local currency over the same period last year. Revenue growth
for the quarter was reduced approximately 2 percentage points by a
decline in revenues from reimbursable travel costs.
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Accenture Q3 FY20 Earnings Infographic
(Graphic: Business Wire)
Diluted earnings per share were $1.90, compared with $1.93 for
the third quarter last year.
Operating income was $1.71 billion, compared with $1.72 billion
for the same period last year, and operating margin was 15.6%, an
expansion of 10 basis points.
New bookings for the quarter were $11.0 billion, with consulting
bookings of $6.2 billion and outsourcing bookings of $4.8
billion.
Julie Sweet, Accenture’s chief executive officer, said, “In
times of crisis, our laser focus on creating value for our clients,
our ability to deliver mission-critical services for the world’s
leading companies, and our unwavering commitment to our people and
to living our core values inside and outside Accenture make a
difference. I am proud of how we helped ensure the business
continuity of our clients, while prioritizing the health and
well-being of our people, and continued to deliver on our
commitments to our shareholders. We delivered third-quarter
financial results that aligned with our expectations, including
revenue growth in the top end of our guided range as well as strong
profitability and free cash flow, while continuing to invest in our
business and our people.”
Financial Review
Revenues for the third quarter of fiscal 2020 were $11.0
billion, compared with $11.1 billion for the third quarter of
fiscal 2019, a decrease of 1% in U.S. dollars and a 1.3% increase
in local currency. Revenues for the quarter reflect a
foreign-exchange impact of approximately negative 2.5%, compared
with the negative 1.5% impact we had previously assumed. Adjusting
for the actual foreign-exchange impact, the company’s guided range
for quarterly revenues was approximately $10.65 billion to $11.05
billion. Accenture’s third quarter fiscal 2020 revenues were in the
top end of this adjusted range.
- Consulting revenues for the quarter were $6.0 billion, a
decrease of 4% in U.S. dollars and 2% in local currency compared
with the third quarter of fiscal 2019, including a reduction of
approximately 3 percentage points from a decline in revenues from
reimbursable travel costs.
- Outsourcing revenues were $5.0 billion, an increase of 3% in
U.S. dollars and 5% in local currency compared with the third
quarter of fiscal 2019.
Diluted EPS for the quarter were $1.90 compared with $1.93 for
the third quarter last year. The $0.03 decrease in EPS
reflects:
- a $0.01 increase from a lower share count;
offset by
- a $0.01 decrease from lower revenue and operating results;
- a $0.02 decrease from higher non-operating expense; and
- a $0.01 decrease from higher income attributable to
noncontrolling interests.
Gross margin (gross profit as a percentage of revenues) for the
quarter was 32.1%, compared with 31.8% for the third quarter last
year. Selling, general and administrative (SG&A) expenses for
the quarter were $1.82 billion, or 16.5% of revenues, compared with
$1.81 billion, or 16.3% of revenues, for the third quarter last
year.
Operating income for the quarter was $1.71 billion, or 15.6% of
revenues, compared with $1.72 billion, or 15.5% of revenues, for
the third quarter of fiscal 2019.
The company’s effective tax rate for the quarter was 25.5%,
compared with 25.6% for the third quarter last year.
Net income for the quarter was $1.25 billion, compared with
$1.27 billion for the third quarter last year.
Operating cash flow for the quarter was $2.74 billion and
property and equipment additions were $150 million. Free cash flow,
defined as operating cash flow net of property and equipment
additions, was $2.59 billion for the quarter. For the same period
last year, operating cash flow was $2.12 billion; property and
equipment additions were $140 million; and free cash flow was $1.98
billion.
Days services outstanding, or DSOs, were 41 days at May 31,
2020, compared with 40 days at Aug. 31, 2019 and 39 days at May 31,
2019.
Accenture’s total cash balance at May 31, 2020 was $6.4 billion,
compared with $5.4 billion at Feb. 29, 2020 and $6.1 billion at
Aug. 31, 2019.
New Bookings
New bookings for the third quarter were $11.0 billion, an
increase of 4% in U.S. dollars and 6% in local currency from the
third quarter last year.
- Consulting new bookings were $6.2 billion, or 56% of total new
bookings.
- Outsourcing new bookings were $4.8 billion, or 44% of total new
bookings.
Revenues by Geographic Market
Revenues by geographic market were as follows:
- North America: $5.24 billion, compared with $5.15 billion for
the third quarter of fiscal 2019, an increase of 2% in both U.S.
dollars and local currency.
- Europe: $3.57 billion, compared with $3.77 billion for the
third quarter of fiscal 2019, a decrease of 5% in U.S. dollars and
2% in local currency.
- Growth Markets: $2.18 billion, compared with $2.18 billion for
the third quarter of fiscal 2019, flat in U.S. dollars and an
increase of 5% in local currency.
Revenues by Industry Group
Revenues by industry group were as follows:
- Communications, Media & Technology: $2.20 billion, compared
with $2.25 billion for the third quarter of fiscal 2019, a decrease
of 2% in U.S. dollars and flat in local currency.
- Financial Services: $2.14 billion, compared with $2.20 billion
for the third quarter of fiscal 2019, a decrease of 3% in U.S.
dollars and flat in local currency.
- Health & Public Service: $2.02 billion, compared with $1.82
billion for the third quarter of fiscal 2019, an increase of 11% in
U.S. dollars and 12% in local currency.
- Products: $3.00 billion, compared with $3.08 billion for the
third quarter of fiscal 2019, a decrease of 3% in U.S. dollars and
1% in local currency.
- Resources: $1.64 billion, compared with $1.75 billion for the
third quarter of fiscal 2019, a decrease of 6% in U.S. dollars and
3% in local currency.
Returning Cash to
Shareholders
Accenture continues to return cash to shareholders through cash
dividends and share repurchases.
Dividend
As previously disclosed, the company has moved from a
semi-annual to a quarterly schedule for dividend payments in fiscal
2020. On May 15, 2020, a quarterly cash dividend of $0.80 per share
was paid to shareholders of record at the close of business on Apr.
16, 2020. These cash dividend payments totaled $509 million,
bringing dividend payments for the year to date to $1.53
billion.
Accenture plc has declared another quarterly cash dividend of
$0.80 per share for shareholders of record at the close of business
on July 16, 2020. This dividend is payable on Aug. 14, 2020.
In fiscal 2019, the company paid semi-annual cash dividends of
$1.46 per share, equivalent to quarterly payments of $0.73 per
share. The quarterly dividend of $0.80 per share this year
represents a 10% increase over the equivalent quarterly rate in
fiscal 2019.
Share Repurchase Activity
During the third quarter of fiscal 2020, Accenture repurchased
or redeemed 3.7 million shares, including 3.5 million shares
repurchased in the open market, for a total of $627 million. This
brings Accenture’s total share repurchases and redemptions for the
first three quarters of fiscal 2020 to 12.2 million shares,
including 9.5 million shares repurchased in the open market, for a
total of $2.33 billion.
Accenture’s total remaining share repurchase authority at May
31, 2020 was approximately $1.9 billion.
At May 31, 2020, Accenture had approximately 637 million total
shares outstanding.
Business Outlook
The coronavirus (COVID-19) crisis has created a significant
amount of volatility, uncertainty and economic disruption.
Accenture’s fourth-quarter and full-year 2020 business outlook
reflects its assumptions, as of today, regarding the continued
effect of the coronavirus pandemic. The extent to which this
continues to impact Accenture’s business, operations, and financial
results, including the duration and magnitude of such impact, will
depend on numerous evolving factors that are difficult to
accurately predict, including those discussed in the Risk Factors
set forth in Accenture’s Annual Report on Form 10-K and
third-quarter Form 10-Q filings with the U.S. Securities and
Exchange Commission.
Fourth Quarter Fiscal 2020
Accenture expects revenues for the fourth quarter of fiscal 2020
to be in the range of $10.6 billion to $11.0 billion, or negative
3% to positive 1% growth in local currency, reflecting the
company’s assumption of a negative 1% foreign-exchange impact
compared with the fourth quarter of fiscal 2019.
Fiscal Year 2020
Accenture’s business outlook for the full 2020 fiscal year
continues to assume that the foreign-exchange impact on its results
in U.S. dollars will be negative 1.5% compared with fiscal
2019.
For fiscal 2020, the company now expects revenue growth to be in
the range of 3.5% to 4.5% in local currency, compared with 3% to 6%
previously.
Accenture now expects operating margin for the full fiscal year
to be 14.7%, an expansion of 10 basis points from fiscal 2019. The
company previously expected operating margin to expand 10 to 20
basis points.
The company now expects its annual effective tax rate to be in
the range of 23.5% to 24.5%, compared with 23.5% to 25.5%
previously.
The company now expects diluted EPS to be in the range of $7.57
to $7.70, compared with $7.48 to $7.70 previously.
For fiscal 2020, the company now expects operating cash flow to
be in the range of $6.45 billion to $6.95 billion, compared with
$6.15 billion to $6.65 billion previously; continues to expect
property and equipment additions to be $650 million; and now
expects free cash flow to be in the range of $5.8 billion to $6.3
billion, compared with $5.5 billion to $6.0 billion previously.
Conference Call and Webcast
Details
Accenture will host a conference call at 8:00 a.m. EDT today to
discuss its third-quarter financial results. To participate, please
dial +1 (877) 692-8955 [+1 (234) 720-6979 outside the United
States, Puerto Rico and Canada] and enter access code 1418740
approximately 15 minutes before the scheduled start of the call.
The conference call will also be accessible live on the Investor
Relations section of the Accenture Web site at
www.accenture.com.
A replay of the conference call will be available online at
www.accenture.com beginning at 11:00 a.m. EDT today, June 25, and
continuing until Thursday, Sept. 24, 2020. The replay will also be
available via telephone by dialing +1 (866) 207-1041 [+1 (402)
970-0847 outside the United States, Puerto Rico and Canada] and
entering access code 6918830 from 11:00 a.m. EDT today, June 25,
through Thursday, Sept. 24, 2020.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services in strategy and consulting,
interactive, technology and operations, with digital capabilities
across all of these services. We combine unmatched experience and
specialized capabilities across more than 40 industries — powered
by the world’s largest network of Advanced Technology and
Intelligent Operations centers. With 513,000 people serving clients
in more than 120 countries, Accenture brings continuous innovation
to help clients improve their performance and create lasting value
across their enterprises. Visit us at www.accenture.com.
Non-GAAP Financial
Information
This news release includes certain non-GAAP financial
information as defined by Securities and Exchange Commission
Regulation G. Pursuant to the requirements of this regulation,
reconciliations of this non-GAAP financial information to
Accenture’s financial statements as prepared under generally
accepted accounting principles (GAAP) are included in this press
release. Financial results “in local currency” are calculated by
restating current-period activity into U.S. dollars using the
comparable prior-year period’s foreign-currency exchange rates.
Accenture’s management believes providing investors with this
information gives additional insights into Accenture’s results of
operations. While Accenture’s management believes that the non-GAAP
financial measures herein are useful in evaluating Accenture’s
operations, this information should be considered as supplemental
in nature and not as a substitute for the related financial
information prepared in accordance with GAAP. Accenture provides
full-year revenue guidance on a local-currency basis and not in
U.S. dollars because the impact of foreign exchange rate
fluctuations could vary significantly from the company’s stated
assumptions.
Forward-Looking
Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “positioned,”
“outlook” and similar expressions are used to identify these
forward-looking statements. These statements involve a number of
risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied. For a
discussion of risks and actions taken in response to the
coronavirus (COVID-19) pandemic, see “Our results of operations
have been significantly adversely affected and could in the future
be materially adversely impacted by the COVID-19 pandemic” under
Item 1A, “Risk Factors” in Accenture plc’s Quarterly Report on Form
10-Q for the quarterly period ended May 31, 2020. Many of the
following risks, uncertainties and other factors identified below
are, and will be, amplified by the COVID-19 pandemic. These risks
include, without limitation, risks that: Accenture’s results of
operations have been significantly adversely affected and could in
the future be materially adversely impacted by the COVID-19
pandemic; Accenture’s results of operations could be adversely
affected by volatile, negative or uncertain economic and political
conditions and the effects of these conditions on the company’s
clients’ businesses and levels of business activity; Accenture’s
business depends on generating and maintaining ongoing, profitable
client demand for the company’s services and solutions including
through the adaptation and expansion of its services and solutions
in response to ongoing changes in technology and offerings, and a
significant reduction in such demand or an inability to respond to
the evolving technological environment could materially affect the
company’s results of operations; if Accenture is unable to keep its
supply of skills and resources in balance with client demand around
the world and attract and retain professionals with strong
leadership skills, the company’s business, the utilization rate of
the company’s professionals and the company’s results of operations
may be materially adversely affected; Accenture could face legal,
reputational and financial risks if the company fails to protect
client and/or company data from security breaches or cyberattacks;
the markets in which Accenture operates are highly competitive, and
Accenture might not be able to compete effectively; changes in
Accenture’s level of taxes, as well as audits, investigations and
tax proceedings, or changes in tax laws or in their interpretation
or enforcement, could have a material adverse effect on the
company’s effective tax rate, results of operations, cash flows and
financial condition; Accenture’s profitability could materially
suffer if the company is unable to obtain favorable pricing for its
services and solutions, if the company is unable to remain
competitive, if its cost-management strategies are unsuccessful or
if it experiences delivery inefficiencies; Accenture’s results of
operations could be materially adversely affected by fluctuations
in foreign currency exchange rates; as a result of Accenture’s
geographically diverse operations and its growth strategy to
continue to expand in its key markets around the world, the company
is more susceptible to certain risks; Accenture’s business could be
materially adversely affected if the company incurs legal
liability; Accenture’s work with government clients exposes the
company to additional risks inherent in the government contracting
environment; if Accenture is unable to manage the organizational
challenges associated with its size, the company might be unable to
achieve its business objectives; Accenture’s ability to attract and
retain business and employees may depend on its reputation in the
marketplace; if Accenture does not successfully manage and develop
its relationships with key alliance partners or fails to anticipate
and establish new alliances in new technologies, the company’s
results of operations could be adversely affected; Accenture might
not be successful at acquiring, investing in or integrating
businesses, entering into joint ventures or divesting businesses;
if Accenture is unable to protect or enforce its intellectual
property rights or if Accenture’s services or solutions infringe
upon the intellectual property rights of others or the company
loses its ability to utilize the intellectual property of others,
its business could be adversely affected; Accenture’s results of
operations and share price could be adversely affected if it is
unable to maintain effective internal controls; changes to
accounting standards or in the estimates and assumptions Accenture
makes in connection with the preparation of its consolidated
financial statements could adversely affect its financial results;
many of Accenture’s contracts include fees subject to the
attainment of targets or specific service levels, which could
increase the variability of the company’s revenues and impact its
margins; Accenture might be unable to access additional capital on
favorable terms or at all and if the company raises equity capital,
it may dilute its shareholders’ ownership interest in the company;
Accenture may be subject to criticism and negative publicity
related to its incorporation in Ireland; as well as the risks,
uncertainties and other factors discussed under the “Risk Factors”
heading in Accenture plc’s most recent Annual Report on Form 10-K,
Quarterly Report on Form 10-Q and other documents filed with or
furnished to the Securities and Exchange Commission. Statements in
this news release speak only as of the date they were made, and
Accenture undertakes no duty to update any forward-looking
statements made in this news release or to conform such statements
to actual results or changes in Accenture’s expectations.
ACCENTURE PLC
CONSOLIDATED CASH FLOWS
STATEMENTS
(In thousands of U.S.
dollars)
(Unaudited)
Three Months Ended
Nine Months Ended
May 31, 2020
% of Revenues
May 31, 2019
% of Revenues
May 31, 2020
% of Revenues
May 31, 2019
% of Revenues
REVENUES:
Revenues
$
10,991,305
100.0
%
$
11,099,688
100.0
%
$
33,491,768
100.0
%
$
32,159,363
100.0
%
OPERATING EXPENSES:
Cost of services
7,462,617
67.9
%
7,571,390
68.2
%
22,956,150
68.5
%
22,279,291
69.3
%
Sales and marketing
1,118,204
10.2
%
1,184,164
10.7
%
3,471,980
10.4
%
3,274,216
10.2
%
General and administrative costs
697,751
6.3
%
626,191
5.6
%
2,094,697
6.3
%
1,872,275
5.8
%
Total operating expenses
9,278,572
9,381,745
28,522,827
27,425,782
OPERATING INCOME
1,712,733
15.6
%
1,717,943
15.5
%
4,968,941
14.8
%
4,733,581
14.7
%
Interest income
12,671
21,402
61,476
60,114
Interest expense
(4,961
)
(5,348
)
(19,002
)
(15,472
)
Other income (expense), net
(39,670
)
(29,690
)
(20,439
)
(87,178
)
INCOME BEFORE INCOME TAXES
1,680,773
15.3
%
1,704,307
15.4
%
4,990,976
14.9
%
4,691,045
14.6
%
Income tax expense
428,134
435,658
1,111,087
990,352
NET INCOME
1,252,639
11.4
%
1,268,649
11.4
%
3,879,889
11.6
%
3,700,693
11.5
%
Net income attributable to noncontrolling
interest in Accenture Canada Holdings Inc.
(1,518
)
(1,676
)
(4,791
)
(5,213
)
Net income attributable to noncontrolling
interests – other (1)
(22,919
)
(17,457
)
(55,188
)
(46,795
)
NET INCOME ATTRIBUTABLE TO ACCENTURE
PLC
$
1,228,202
11.2
%
$
1,249,516
11.3
%
$
3,819,910
11.4
%
$
3,648,685
11.3
%
CALCULATION OF EARNINGS PER
SHARE:
Net income attributable to Accenture
plc
$
1,228,202
$
1,249,516
$
3,819,910
$
3,648,685
Net income attributable to noncontrolling
interest in Accenture Canada Holdings Inc. (2)
1,518
1,676
4,791
5,213
Net income for diluted earnings per share
calculation
$
1,229,720
$
1,251,192
$
3,824,701
$
3,653,898
EARNINGS PER SHARE:
-Basic
$
1.93
$
1.96
$
6.00
$
5.72
-Diluted
$
1.90
$
1.93
$
5.90
$
5.62
WEIGHTED AVERAGE SHARES:
-Basic
636,146,240
637,831,341
636,445,172
638,439,707
-Diluted
645,607,914
649,297,717
648,025,669
650,144,931
Cash dividends per share
$
0.80
$
1.46
$
2.40
$
2.92
_________
- Comprised primarily of noncontrolling interest attributable to
the noncontrolling shareholders of Avanade, Inc.
- Diluted earnings per share assumes the exchange of all
Accenture Canada Holdings Inc. exchangeable shares for Accenture
plc Class A ordinary shares on a one-for-one basis. The income
effect does not take into account “Net income attributable to
noncontrolling interests — other,” since those shares are not
redeemable or exchangeable for Accenture plc Class A ordinary
shares.
ACCENTURE PLC
SUMMARY OF REVENUES
(In thousands of U.S.
dollars)
(Unaudited)
Percent Increase (Decrease)
U.S. Dollars
Percent Increase (Decrease)
Local Currency
Three Months Ended
May 31, 2020
May 31, 2019 (2)
GEOGRAPHIC MARKETS (1)
North America
$
5,239,275
$
5,147,948
2%
2%
Europe
3,574,995
3,773,835
(5)
(2)
Growth Markets
2,177,035
2,177,905
—
5
Total
$
10,991,305
$
11,099,688
(1)%
1%
INDUSTRY GROUPS (1)
Communications, Media & Technology
$
2,197,152
$
2,253,136
(2)%
—
Financial Services
2,137,850
2,196,595
(3)
—
Health & Public Service
2,015,874
1,819,775
11
12%
Products
2,998,903
3,077,227
(3)
(1)
Resources
1,636,606
1,747,977
(6)
(3)
Other
4,920
4,978
n/m
n/m
Total
$
10,991,305
$
11,099,688
(1)%
1%
TYPE OF WORK
Consulting
$
5,997,894
$
6,236,630
(4)%
(2)%
Outsourcing
4,993,411
4,863,058
3
5
Total
$
10,991,305
$
11,099,688
(1)%
1%
Percent Increase (Decrease)
U.S. Dollars
Percent Increase (Decrease)
Local Currency
Nine Months Ended
May 31, 2020
May 31, 2019 (2)
GEOGRAPHIC MARKETS (1)
North America
$
15,784,518
$
14,758,046
7%
7%
Europe
10,993,277
11,125,999
(1)
2
Growth Markets
6,713,973
6,275,318
7
10
Total
$
33,491,768
$
32,159,363
4%
6%
INDUSTRY GROUPS (1)
Communications, Media & Technology
$
6,681,968
$
6,533,319
2%
4%
Financial Services
6,414,211
6,369,477
1
3
Health & Public Service
5,932,693
5,283,364
12
13
Products
9,376,984
8,912,588
5
7
Resources
5,071,450
5,040,143
1
3
Other
14,462
20,472
n/m
n/m
Total
$
33,491,768
$
32,159,363
4%
6%
TYPE OF WORK
Consulting
$
18,546,448
$
17,990,967
3%
5%
Outsourcing
14,945,320
14,168,396
5
7
Total
$
33,491,768
$
32,159,363
4%
6%
_________
- Effective March 1, 2020 we began managing our business under a
new growth model through our three geographic markets, which became
our reportable segments in the third quarter of fiscal 2020.
- Effective September 1, 2019 we revised the reporting of our
geographic markets for the movement of one country from Growth
Markets to Europe. Prior period amounts have been reclassified to
conform with the current period presentation.
ACCENTURE PLC
OPERATING INCOME BY GEOGRAPHIC
MARKET
(In thousands of U.S.
dollars)
(Unaudited)
Three Months Ended
May 31, 2020
May 31, 2019
Operating Income
Operating Margin
Operating Income
Operating Margin
Increase (Decrease)
GEOGRAPHIC MARKETS (1)
North America
$
720,997
14%
$
881,557
17%
$
(160,560
)
Europe
535,463
15
551,665
15
(16,202
)
Growth Markets
456,273
21
284,721
13
171,552
Total
$
1,712,733
15.6%
$
1,717,943
15.5%
$
(5,210
)
Nine Months Ended
May 31, 2020
May 31, 2019
Operating Income
Operating Margin
Operating Income
Operating Margin
Increase (Decrease)
GEOGRAPHIC MARKETS (1)
North America
$
2,281,648
14%
$
2,266,963
15%
$
14,685
Europe
1,477,338
13
1,596,776
14
(119,438
)
Growth Markets
1,209,955
18
869,842
14
340,113
Total
$
4,968,941
14.8%
$
4,733,581
14.7%
$
235,360
_________
- Effective March 1, 2020 we began managing our business under a
new growth model through our three geographic markets, which became
our reportable segments in the third quarter of fiscal 2020. As a
result of these changes, Accenture began reporting Operating income
by geographic market, rather than industry group, in the third
quarter of fiscal 2020.
ACCENTURE PLC
CONSOLIDATED BALANCE
SHEETS
(In thousands of U.S.
dollars)
May 31, 2020
August 31, 2019
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
6,442,261
$
6,126,853
Short-term investments
3,676
3,313
Receivables and contract assets
8,345,601
8,095,071
Other current assets
1,354,698
1,225,364
Total current assets
16,146,236
15,450,601
NON-CURRENT ASSETS:
Contract assets
52,701
71,002
Investments
270,984
240,313
Property and equipment, net
1,445,183
1,391,166
Lease assets
3,222,787
—
Goodwill
7,334,594
6,205,550
Other non-current assets
6,584,834
6,431,248
Total non-current assets
18,911,083
14,339,279
TOTAL ASSETS
$
35,057,319
$
29,789,880
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank
borrowings
$
8,697
$
6,411
Accounts payable
1,405,977
1,646,641
Deferred revenues
3,536,521
3,188,835
Accrued payroll and related benefits
4,426,829
4,890,542
Lease liabilities
738,642
—
Other accrued liabilities
1,711,615
1,329,467
Total current liabilities
11,828,281
11,061,896
NON-CURRENT LIABILITIES:
Long-term debt
60,342
16,247
Lease liabilities
2,704,540
—
Other non-current liabilities
3,980,511
3,884,046
Total non-current liabilities
6,745,393
3,900,293
TOTAL ACCENTURE PLC SHAREHOLDERS’
EQUITY
16,014,606
14,409,008
NONCONTROLLING INTERESTS
469,039
418,683
TOTAL SHAREHOLDERS’ EQUITY
16,483,645
14,827,691
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
35,057,319
$
29,789,880
ACCENTURE PLC
CONSOLIDATED CASH FLOWS
STATEMENTS
(In thousands of U.S.
dollars)
(Unaudited)
Three Months Ended
Nine Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
1,252,639
$
1,268,649
$
3,879,889
$
3,700,693
Depreciation, amortization and other
444,660
221,309
1,286,234
652,592
Share-based compensation expense
290,866
263,674
938,100
856,952
Change in assets and liabilities/other,
net
753,301
369,910
(1,045,205
)
(699,537
)
Net cash provided by (used in) operating
activities
2,741,466
2,123,542
5,059,018
4,510,700
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(149,981
)
(140,261
)
(410,414
)
(357,749
)
Purchases of businesses and investments,
net of cash acquired
(742,062
)
(540,833
)
(1,326,366
)
(1,055,915
)
Proceeds from the sale of businesses and
investments
5,686
26,106
84,886
27,915
Other investing, net
1,362
(177
)
3,717
6,041
Net cash provided by (used in) investing
activities
(884,995
)
(655,165
)
(1,648,177
)
(1,379,708
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of ordinary
shares
349,165
308,176
849,565
754,453
Purchases of shares
(626,688
)
(488,453
)
(2,325,955
)
(2,284,587
)
Cash dividends paid
(508,913
)
(931,515
)
(1,528,532
)
(1,864,353
)
Other financing, net
(11,614
)
(10,270
)
(30,628
)
(21,666
)
Net cash provided by (used in) financing
activities
(798,050
)
(1,122,062
)
(3,035,550
)
(3,416,153
)
Effect of exchange rate changes on cash
and cash equivalents
(52,616
)
(42,046
)
(59,883
)
(7,041
)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
1,005,805
304,269
315,408
(292,202
)
CASH AND CASH EQUIVALENTS,
beginning of period
5,436,456
4,464,889
6,126,853
5,061,360
CASH AND CASH EQUIVALENTS, end of
period
$
6,442,261
$
4,769,158
$
6,442,261
$
4,769,158
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200625005172/en/
Stacey Jones Accenture Media Relations +1 (917) 452-6561
stacey.jones@accenture.com Angie Park Accenture Investor Relations
+1 (703) 947-2401 angie.park@accenture.com
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