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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 10-Q
|
| | |
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the quarterly period ended | May 31, 2019 |
OR
|
| |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from to |
Commission File Number: 001-34448
Accenture plc
(Exact name of registrant as specified in its charter)
|
| |
Ireland | 98-0627530 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1 Grand Canal Square,
Grand Canal Harbour,
Dublin 2, Ireland
(Address of principal executive offices)
(353) (1) 646-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A ordinary shares, par value $0.0000225 per share | ACN | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | |
Large accelerated filer þ | Accelerated filer ¨ | Non-accelerated filer ¨ |
Smaller reporting company ¨ | Emerging growth company ¨ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ
The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of June 13, 2019 was 671,999,633 (which number includes 34,858,446 issued shares held by the registrant). The number of shares of the registrant’s Class X ordinary shares, par value $0.0000225 per share, outstanding as of June 13, 2019 was 637,146.
ACCENTURE PLC
INDEX
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ACCENTURE PLC
CONSOLIDATED BALANCE SHEETS
May 31, 2019 and August 31, 2018
(In thousands of U.S. dollars, except share and per share amounts) |
| | | | | | | |
| May 31, 2019 | | August 31, 2018 |
| (Unaudited) | | |
ASSETS | | | |
CURRENT ASSETS: | | | |
Cash and cash equivalents | $ | 4,769,158 |
| | $ | 5,061,360 |
|
Short-term investments | 3,338 |
| | 3,192 |
|
Receivables and contract assets | 8,134,147 |
| | 7,496,368 |
|
Other current assets | 1,235,017 |
| | 1,024,639 |
|
Total current assets | 14,141,660 |
| | 13,585,559 |
|
NON-CURRENT ASSETS: | | | |
Contract assets | 19,739 |
| | 23,036 |
|
Investments | 235,286 |
| | 215,532 |
|
Property and equipment, net | 1,341,548 |
| | 1,264,020 |
|
Goodwill | 6,078,816 |
| | 5,383,012 |
|
Deferred contract costs | 685,605 |
| | 705,124 |
|
Deferred income taxes, net | 4,222,011 |
| | 2,086,807 |
|
Other non-current assets | 1,431,695 |
| | 1,185,993 |
|
Total non-current assets | 14,014,700 |
| | 10,863,524 |
|
TOTAL ASSETS | $ | 28,156,360 |
| | $ | 24,449,083 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
CURRENT LIABILITIES: | | | |
Current portion of long-term debt and bank borrowings | $ | 4,137 |
| | $ | 5,337 |
|
Accounts payable | 1,562,995 |
| | 1,348,802 |
|
Deferred revenues | 3,255,784 |
| | 2,837,682 |
|
Accrued payroll and related benefits | 4,461,985 |
| | 4,569,172 |
|
Income taxes payable | 512,820 |
| | 497,885 |
|
Other accrued liabilities | 754,266 |
| | 892,873 |
|
Total current liabilities | 10,551,987 |
| | 10,151,751 |
|
NON-CURRENT LIABILITIES: | | | |
Long-term debt | 19,855 |
| | 19,676 |
|
Deferred revenues | 571,769 |
| | 618,124 |
|
Retirement obligation | 1,419,191 |
| | 1,410,656 |
|
Deferred income taxes, net | 149,196 |
| | 125,729 |
|
Income taxes payable | 875,850 |
| | 956,836 |
|
Other non-current liabilities | 425,554 |
| | 441,723 |
|
Total non-current liabilities | 3,461,415 |
| | 3,572,744 |
|
COMMITMENTS AND CONTINGENCIES |
| |
|
SHAREHOLDERS’ EQUITY: | | | |
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of May 31, 2019 and August 31, 2018 | 57 |
| | 57 |
|
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 671,836,371 and 663,327,677 shares issued as of May 31, 2019 and August 31, 2018, respectively | 15 |
| | 15 |
|
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 637,146 and 655,521 shares issued and outstanding as of May 31, 2019 and August 31, 2018, respectively | — |
| | — |
|
Restricted share units | 1,195,983 |
| | 1,234,623 |
|
Additional paid-in capital | 6,059,471 |
| | 4,870,764 |
|
Treasury shares, at cost: Ordinary, 40,000 shares as of May 31, 2019 and August 31, 2018; Class A ordinary, 34,640,120 and 24,293,199 shares as of May 31, 2019 and August 31, 2018, respectively | (3,761,010 | ) | | (2,116,948 | ) |
Retained earnings | 11,709,317 |
| | 7,952,413 |
|
Accumulated other comprehensive loss | (1,466,509 | ) | | (1,576,171 | ) |
Total Accenture plc shareholders’ equity | 13,737,324 |
| | 10,364,753 |
|
Noncontrolling interests | 405,634 |
| | 359,835 |
|
Total shareholders’ equity | 14,142,958 |
| | 10,724,588 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 28,156,360 |
| | $ | 24,449,083 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED INCOME STATEMENTS
For the Three and Nine Months Ended May 31, 2019 and 2018
(In thousands of U.S. dollars, except share and per share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| May 31, 2019 | | May 31, 2018 | | May 31, 2019 | | May 31, 2018 |
REVENUES: | | | | | | | |
Revenues | $ | 11,099,688 |
| | $ | 10,694,996 |
| | $ | 32,159,363 |
| | $ | 30,488,547 |
|
OPERATING EXPENSES: | | | | | | | |
Cost of services | 7,571,390 |
| | 7,362,981 |
| | 22,279,291 |
| | 21,232,839 |
|
Sales and marketing | 1,184,164 |
| | 1,106,543 |
| | 3,274,216 |
| | 3,106,562 |
|
General and administrative costs | 626,191 |
| | 590,597 |
| | 1,872,275 |
| | 1,720,051 |
|
Total operating expenses | 9,381,745 |
| | 9,060,121 |
| | 27,425,782 |
| | 26,059,452 |
|
OPERATING INCOME | 1,717,943 |
| | 1,634,875 |
| | 4,733,581 |
| | 4,429,095 |
|
Interest income | 21,402 |
| | 12,687 |
| | 60,114 |
| | 33,582 |
|
Interest expense | (5,348 | ) | | (5,839 | ) | | (15,472 | ) | | (14,386 | ) |
Other income (expense), net | (29,690 | ) | | (29,165 | ) | | (87,178 | ) | | (96,812 | ) |
INCOME BEFORE INCOME TAXES | 1,704,307 |
| | 1,612,558 |
| | 4,691,045 |
| | 4,351,479 |
|
Provision for income taxes | 435,658 |
| | 554,417 |
| | 990,352 |
| | 1,185,256 |
|
NET INCOME | 1,268,649 |
| | 1,058,141 |
| | 3,700,693 |
| | 3,166,223 |
|
Net income attributable to noncontrolling interests in Accenture Holdings plc and Accenture Canada Holdings Inc. | (1,676 | ) | | (6,997 | ) | | (5,213 | ) | | (93,531 | ) |
Net income attributable to noncontrolling interests – other | (17,457 | ) | | (8,124 | ) | | (46,795 | ) | | (42,309 | ) |
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC | $ | 1,249,516 |
| | $ | 1,043,020 |
| | $ | 3,648,685 |
| | $ | 3,030,383 |
|
Weighted average Class A ordinary shares: | | | | | | | |
Basic | 637,831,341 |
| | 639,217,344 |
| | 638,439,707 |
| | 624,365,464 |
|
Diluted | 649,297,717 |
| | 654,600,026 |
| | 650,144,931 |
| | 655,739,568 |
|
Earnings per Class A ordinary share: | | | | | | | |
Basic | $ | 1.96 |
| | $ | 1.63 |
| | $ | 5.72 |
| | $ | 4.85 |
|
Diluted | $ | 1.93 |
| | $ | 1.60 |
| | $ | 5.62 |
| | $ | 4.76 |
|
Cash dividends per share | $ | 1.46 |
| | $ | 1.33 |
| | $ | 2.92 |
| | $ | 2.66 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three and Nine Months Ended May 31, 2019 and 2018
(In thousands of U.S. dollars)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| May 31, 2019 | | May 31, 2018 | | May 31, 2019 | | May 31, 2018 |
NET INCOME | $ | 1,268,649 |
| | $ | 1,058,141 |
| | $ | 3,700,693 |
| | $ | 3,166,223 |
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | | | | | | | |
Foreign currency translation | (102,620 | ) | | (230,997 | ) | | (69,592 | ) | | (136,706 | ) |
Defined benefit plans | 5,890 |
| | (2,683 | ) | | 32,881 |
| | 11,436 |
|
Cash flow hedges | 96,382 |
| | (43,801 | ) | | 148,036 |
| | (124,795 | ) |
Investments | (1,148 | ) | | 46 |
| | (1,663 | ) | | 1,148 |
|
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC | (1,496 | ) | | (277,435 | ) | | 109,662 |
| | (248,917 | ) |
Other comprehensive income (loss) attributable to noncontrolling interests | (4,188 | ) | | (5,926 | ) | | (4,859 | ) | | 340 |
|
COMPREHENSIVE INCOME | $ | 1,262,965 |
| | $ | 774,780 |
| | $ | 3,805,496 |
| | $ | 2,917,646 |
|
|
|
| |
|
| | | | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC | $ | 1,248,020 |
| | $ | 765,585 |
| | $ | 3,758,347 |
| | $ | 2,781,466 |
|
Comprehensive income attributable to noncontrolling interests | 14,945 |
| | 9,195 |
| | 47,149 |
| | 136,180 |
|
COMPREHENSIVE INCOME | $ | 1,262,965 |
| | $ | 774,780 |
| | $ | 3,805,496 |
| | $ | 2,917,646 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED SHAREHOLDERS’ EQUITY STATEMENT
For the Three Months Ended May 31, 2019
(In thousands of U.S. dollars and share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | Class A Ordinary Shares | | Class X Ordinary Shares | | Restricted Share Units | | Additional Paid-in Capital | | Treasury Shares | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Accenture plc Shareholders’ Equity | | Noncontrolling Interests | | Total Shareholders’ Equity |
| $ | | No. Shares | | $ | | No. Shares | | $ | | No. Shares | | | | $ | | No. Shares | | | | | |
Balance as of February 28, 2019 | $ | 57 |
| | 40 |
| | $ | 15 |
| | 670,313 |
| | $ | — |
| | 651 |
| | $ | 954,613 |
| | $ | 5,783,062 |
| | $ | (3,357,665 | ) | | (32,439 | ) | | $ | 11,421,964 |
| | $ | (1,465,013 | ) | | $ | 13,337,033 |
| | $ | 391,512 |
| | $ | 13,728,545 |
|
Net income | | | | | | | | | | | | | | | | | | | | | 1,249,516 |
| | | | 1,249,516 |
| | 19,133 |
| | 1,268,649 |
|
Other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (1,496 | ) | | (1,496 | ) | | (4,188 | ) | | (5,684 | ) |
Purchases of Class A shares | | | | | | | | | | | | | | | 568 |
| | (485,625 | ) | | (2,792 | ) | | | | | | (485,057 | ) | | (568 | ) | | (485,625 | ) |
Share-based compensation expense | | | | | | | | | | | | | 226,158 |
| | 37,516 |
| | | | | | | | | | 263,674 |
| | | | 263,674 |
|
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares | | | | | | | | | | | (14 | ) | | | | (2,829 | ) | | | | | | | | | | (2,829 | ) | | | | (2,829 | ) |
Issuances of Class A shares for employee share programs | | | | | | | 1,523 |
| | | | | | (16,437 | ) | | 242,228 |
| | 82,280 |
| | 551 |
| | (249 | ) | | | | 307,822 |
| | 355 |
| | 308,177 |
|
Dividends | | | | | | | | | | | | | 31,649 |
| | | | | | | | (961,914 | ) | | | | (930,265 | ) | | (1,250 | ) | | (931,515 | ) |
Other, net | | | | | | | | | | | | | | | (1,074 | ) | | | | | | | | | | (1,074 | ) | | 640 |
| | (434 | ) |
Balance as of May 31, 2019 | $ | 57 |
| | 40 |
| | $ | 15 |
| | 671,836 |
| | $ | — |
| | 637 |
| | $ | 1,195,983 |
| | $ | 6,059,471 |
| | $ | (3,761,010 | ) | | (34,680 | ) | | $ | 11,709,317 |
| | $ | (1,466,509 | ) | | $ | 13,737,324 |
| | $ | 405,634 |
| | $ | 14,142,958 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED SHAREHOLDERS’ EQUITY STATEMENT
For the Three Months Ended May 31, 2018
(In thousands of U.S. dollars and share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | Class A Ordinary Shares | | Class X Ordinary Shares | | Restricted Share Units | | Additional Paid-in Capital | | Treasury Shares | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Accenture plc Shareholders’ Equity | | Noncontrolling Interests | | Total Shareholders’ Equity |
| $ | | No. Shares | | $ | | No. Shares | | $ | | No. Shares | | | | $ | | No. Shares | | | | | |
Balance as of February 28, 2018 | $ | 57 |
| | 40 |
| | $ | 14 |
| | 646,634 |
| | $ | — |
| | 19,719 |
| | $ | 884,982 |
| | $ | 4,266,838 |
| | $ | (2,552,028 | ) | | (28,913 | ) | | $ | 8,149,090 |
| | $ | (1,066,266 | ) | | $ | 9,682,687 |
| | $ | 755,739 |
| | $ | 10,438,426 |
|
Net income | | | | | | | | | | | | | | | | | | | | | 1,043,020 |
| | | | 1,043,020 |
| | 15,121 |
| | 1,058,141 |
|
Other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (277,435 | ) | | (277,435 | ) | | (5,926 | ) | | (283,361 | ) |
Purchases of Class A ordinary shares | | | | | | | | | | | | | | | 965 |
| | (719,873 | ) | | (4,687 | ) | | | | | | (718,908 | ) | | (965 | ) | | (719,873 | ) |
Share-based compensation expense | | | | | | | | | | | | | 211,739 |
| | 34,161 |
| | | | | | | | | | 245,900 |
| | | | 245,900 |
|
Purchases/redemptions of Accenture Holdings plc ordinary shares, Accenture Canada Holdings Inc. exchangeable shares and Class X ordinary shares | | | | | | | | | | | | | | | (312 | ) | | | | | | | | | | (312 | ) | | | | (312 | ) |
Issuances of Class A ordinary shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Employee share programs | | | | | | | 1,674 |
| | | | | | (15,157 | ) | | 227,497 |
| | 70,889 |
| | 587 |
| | | | | | 283,229 |
| | 376 |
| | 283,605 |
|
Upon redemption of Accenture Holdings plc ordinary shares | | | | | 1 |
| | 25,554 |
| | | | (19,054 | ) | | | | 404,911 |
| | | | | | | | | | 404,912 |
| | (404,912 | ) | | |
Dividends | | | | | | | | | | | | | 29,387 |
| | | | | | | | (883,218 | ) | | | | (853,831 | ) | | (1,279 | ) | | (855,110 | ) |
Other, net | | | | | | | | | | | | | | | 125 |
| | | | | | (12,062 | ) | | | | (11,937 | ) | | (2,743 | ) | | (14,680 | ) |
Balance as of May 31, 2018 | $ | 57 |
| | 40 |
| | $ | 15 |
| | 673,862 |
| | $ | — |
| | 665 |
| | $ | 1,110,951 |
| | $ | 4,934,185 |
| | $ | (3,201,012 | ) | | (33,013 | ) | | $ | 8,296,830 |
| | $ | (1,343,701 | ) | | $ | 9,797,325 |
| | $ | 355,411 |
| | $ | 10,152,736 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED SHAREHOLDERS’ EQUITY STATEMENT
For the Nine Months Ended May 31, 2019
(In thousands of U.S. dollars and share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | Class A Ordinary Shares | | Class X Ordinary Shares | | Restricted Share Units | | Additional Paid-in Capital | | Treasury Shares | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Accenture plc Shareholders’ Equity | | Noncontrolling Interests | | Total Shareholders’ Equity |
| $ | | No. Shares | | $ | | No. Shares | | $ | | No. Shares | | | | $ | | No. Shares | | | | | |
Balance as of August 31, 2018 | $ | 57 |
| | 40 |
| | $ | 15 |
| | 663,328 |
| | $ | — |
| | 656 |
| | $ | 1,234,623 |
| | $ | 4,870,764 |
| | $ | (2,116,948 | ) | | (24,333 | ) | | $ | 7,952,413 |
| | $ | (1,576,171 | ) | | $ | 10,364,753 |
| | $ | 359,835 |
| | $ | 10,724,588 |
|
Cumulative effect adjustment | | | | | | | | | | | | | | | | | | | | | 2,134,818 |
| | | | 2,134,818 |
| | 3,158 |
| | 2,137,976 |
|
Net income | | | | | | | | | | | | | | | | | | | | | 3,648,685 |
| | | | 3,648,685 |
| | 52,008 |
| | 3,700,693 |
|
Other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | 109,662 |
| | 109,662 |
| | (4,859 | ) | | 104,803 |
|
Purchases of Class A shares | | | | | | | | | | | | | | | 2,841 |
| | (2,268,189 | ) | | (14,316 | ) | | | | | | (2,265,348 | ) | | (2,841 | ) | | (2,268,189 | ) |
Share-based compensation expense | | | | | | | | | | | | | 787,633 |
| | 69,319 |
| | | | | | | | | | 856,952 |
| | | | 856,952 |
|
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares | | | | | | | | | | | (19 | ) | | | | (16,399 | ) | | | | | | | | | | (16,399 | ) | | | | (16,399 | ) |
Issuances of Class A shares for employee share programs | | | | | | | 8,508 |
| | | | | | (884,308 | ) | | 1,134,959 |
| | 624,127 |
| | 3,969 |
| | (121,250 | ) | | | | 753,528 |
| | 926 |
| | 754,454 |
|
Dividends | | | | | | | | | | | | | 58,035 |
| | | | | | | | (1,919,760 | ) | | | | (1,861,725 | ) | | (2,628 | ) | | (1,864,353 | ) |
Other, net | | | | | | | | | | | | | | | (2,013 | ) | | | | | | 14,411 |
| | | | 12,398 |
| | 35 |
| | 12,433 |
|
Balance as of May 31, 2019 | $ | 57 |
| | 40 |
| | $ | 15 |
| | 671,836 |
| | $ | — |
| | 637 |
| | $ | 1,195,983 |
| | $ | 6,059,471 |
| | $ | (3,761,010 | ) | | (34,680 | ) | | $ | 11,709,317 |
| | $ | (1,466,509 | ) | | $ | 13,737,324 |
| | $ | 405,634 |
| | $ | 14,142,958 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED SHAREHOLDERS’ EQUITY STATEMENT
For the Nine Months Ended May 31, 2018
(In thousands of U.S. dollars and share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | Class A Ordinary Shares | | Class X Ordinary Shares | | Restricted Share Units | | Additional Paid-in Capital | | Treasury Shares | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Accenture plc Shareholders’ Equity | | Noncontrolling Interests | | Total Shareholders’ Equity |
| $ | | No. Shares | | $ | | No. Shares | | $ | | No. Shares | | | | $ | | No. Shares | | | | | |
Balance as of August 31, 2017 | $ | 57 |
| | 40 |
| | $ | 14 |
| | 638,966 |
| | $ | — |
| | 20,531 |
| | $ | 1,095,026 |
| | $ | 3,516,399 |
| | $ | (1,649,090 | ) | | (23,449 | ) | | $ | 7,081,855 |
| | $ | (1,094,784 | ) | | $ | 8,949,477 |
| | $ | 760,723 |
| | $ | 9,710,200 |
|
Net income | | | | | | | | | | | | | | | | | | | | | 3,030,383 |
| | | | 3,030,383 |
| | 135,840 |
| | 3,166,223 |
|
Other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | (248,917 | ) | | (248,917 | ) | | 340 |
| | (248,577 | ) |
Purchases of Class A ordinary shares | | | | | | | | | | | | | | | 49,029 |
| | (2,004,114 | ) | | (13,337 | ) | | | | | | (1,955,085 | ) | | (49,029 | ) | | (2,004,114 | ) |
Share-based compensation expense | | | | | | | | | | | | | 688,719 |
| | 63,107 |
| | | | | | | | | | 751,826 |
| | | | 751,826 |
|
Purchases/redemptions of Accenture Holdings plc ordinary shares, Accenture Canada Holdings Inc. exchangeable shares and Class X ordinary shares | | | | | | | | | | | (812 | ) | | | | (78,318 | ) | | | | | | | | | | (78,318 | ) | | (4,838 | ) | | (83,156 | ) |
Issuances of Class A ordinary shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Employee share programs | | | | | | | 8,990 |
| | | | | | (729,020 | ) | | 997,725 |
| | 452,192 |
| | 3,773 |
| | (68,656 | ) | | | | 652,241 |
| | 14,589 |
| | 666,830 |
|
Upon redemption of Accenture Holdings plc ordinary shares | | | | | 1 |
| | 25,906 |
| | | | (19,054 | ) | | | | 408,652 |
| | | | | | | | | | 408,653 |
| | (408,653 | ) | | — |
|
Dividends | | | | | | | | | | | | | 56,226 |
| | | | | | | | (1,727,298 | ) | | | | (1,671,072 | ) | | (37,652 | ) | | (1,708,724 | ) |
Other, net | | | | | | | | | | | | | | | (22,409 | ) | | | | | | (19,454 | ) | | | | (41,863 | ) | | (55,909 | ) | | (97,772 | ) |
Balance as of May 31, 2018 | $ | 57 |
| | 40 |
| | $ | 15 |
| | 673,862 |
| | $ | — |
| | 665 |
| | $ | 1,110,951 |
| | $ | 4,934,185 |
| | $ | (3,201,012 | ) | | (33,013 | ) | | $ | 8,296,830 |
| | $ | (1,343,701 | ) | | $ | 9,797,325 |
| | $ | 355,411 |
| | $ | 10,152,736 |
|
The accompanying Notes are an integral part of these Consolidated Financial Statements.
ACCENTURE PLC
CONSOLIDATED CASH FLOWS STATEMENTS
For the Nine Months Ended May 31, 2019 and 2018
(In thousands of U.S. dollars)
(Unaudited)
|
| | | | | | | |
| May 31, 2019 | | May 31, 2018 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income | $ | 3,700,693 |
| | $ | 3,166,223 |
|
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities — | | | |
Depreciation, amortization and asset impairments | 652,592 |
| | 691,686 |
|
Share-based compensation expense | 856,952 |
| | 751,826 |
|
Deferred income taxes, net | (47,130 | ) | | (75,985 | ) |
Other, net | (85,725 | ) | | 44,135 |
|
Change in assets and liabilities, net of acquisitions — | | | |
Receivables and contract assets, current and non-current | (493,733 | ) | | (652,315 | ) |
Other current and non-current assets | (373,142 | ) | | (241,979 | ) |
Accounts payable | 94,144 |
| | (132,607 | ) |
Deferred revenues, current and non-current | 342,633 |
| | 85,853 |
|
Accrued payroll and related benefits | (67,970 | ) | | 7,469 |
|
Income taxes payable, current and non-current | (52,518 | ) | | 100,939 |
|
Other current and non-current liabilities | (16,096 | ) | | 172,188 |
|
Net cash provided by (used in) operating activities | 4,510,700 |
| | 3,917,433 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Purchases of property and equipment | (357,749 | ) | | (439,804 | ) |
Purchases of businesses and investments, net of cash acquired | (1,055,915 | ) | | (456,402 | ) |
Proceeds from sales of businesses and investments, net of cash transferred | 27,915 |
| | 14,325 |
|
Other investing, net | 6,041 |
| | 7,245 |
|
Net cash provided by (used in) investing activities | (1,379,708 | ) | | (874,636 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Proceeds from issuance of ordinary shares | 754,453 |
| | 666,830 |
|
Purchases of shares | (2,284,587 | ) | | (2,087,270 | ) |
Proceeds from (repayments of) long-term debt, net | (983 | ) | | (456 | ) |
Cash dividends paid | (1,864,353 | ) | | (1,708,724 | ) |
Other, net | (20,683 | ) | | (47,792 | ) |
Net cash provided by (used in) financing activities | (3,416,153 | ) | | (3,177,412 | ) |
Effect of exchange rate changes on cash and cash equivalents | (7,041 | ) | | (63,400 | ) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (292,202 | ) | | (198,015 | ) |
|