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MICROS Systems' CEO Discusses F3Q12 Results - Earnings Call Transcript

Cash now stands at $863.5 million. Last quarter we were at $785 million. And Cindy will explain the additional balance sheet numbers.

Cynthia Russo

Thanks, Tom. The highlights for the balance sheet for the quarter are as follows. Cash on hand at March 31, 2012 was a record $863.5 million, an increase of 10% or $78.5 million since our quarterly release. Year-to-date MICROS has generated $131. 6 million from operating activity while receiving $29.7 million from the net maturities of investments. These reserves are primarily located in our European region were planned to mature as part of our global cash strategy to fund an acquisition. More to come on that shortly from Tom.

During the nine months period, MICROS capitalized $5.9 million in internally developed software cost, while capital expenditures totaled $13.4 million, predominantly to fund the expansion of our global data center. Additional cash for our pilots this year included an adverse impact of foreign exchange amounting to $32.9 million and the repurchase of $53.7 million in common stock. During the third quarter we purchased a total of 102,000 shares at an average price of $51.6 per share. Thus far in fiscal 2012, the company has repurchased 1.2 million shares, leaving an additional 1.75 million available for purchase.

The company’s cash split by segment remains steady at U.S. 42%, international 58%. Days sales outstanding at quarter end were 67.4 days. As you recall our third quarter is typically our highest from a DSO perspective as international biannual maintenances selling and domestic calendar year invoicing occurred simultaneously in January. Domestic DSOs were 44 days, while international DSOs were 86.6 days. The inventory balance of $36.7 million is a nominal decrease of $600,000 or 160 basis points over the December period.

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