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Accenture Reports Fourth-Quarter And Full-Year Fiscal 2012 Results, With Record Annual Revenues, EPS, Operating Margin, Free Cash Flow And New Bookings

The company’s effective tax rate for the fourth quarter was 32.8 percent, compared with 27.0 percent for the fourth quarter of fiscal 2011. The higher rate in the fourth quarter of fiscal 2012 was primarily due to an increase in reserves and a change in the geographic mix of income.

Net income for the fourth quarter was $636 million, compared with $683 million for the same period of fiscal 2011, a decrease of 7 percent, due to the higher tax rate compared with the fourth quarter of fiscal 2011.

Operating cash flow for the fourth quarter was $1.71 billion, and property and equipment additions were $115 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $1.59 billion. For the same period of fiscal 2011, operating cash flow was $1.38 billion, property and equipment additions were $137 million, and free cash flow was $1.24 billion.

Days services outstanding, or DSOs, were 27 days at Aug. 31, 2012, compared with 30 days at Aug. 31, 2011.

Accenture’s total cash balance at Aug. 31, 2012 was $6.6 billion, compared with $5.7 billion at Aug. 31, 2011.

Utilization for the fourth quarter of fiscal 2012 was 87 percent, compared with 87 percent for the third quarter of fiscal 2012 and 85 percent for the fourth quarter of fiscal 2011. Attrition for the fourth quarter of fiscal 2012 was 12 percent, compared with 13 percent for the third quarter of fiscal 2012 and 14 percent for the fourth quarter of fiscal 2011.

New Bookings

New bookings for the fourth quarter were $9.2 billion and reflect a negative 9 percent foreign-currency impact compared with new bookings in the fourth quarter of fiscal 2011.

  • Consulting new bookings were $4.3 billion, or 46 percent of total new bookings.
  • Outsourcing new bookings were $4.9 billion, or 54 percent of total new bookings.

Net Revenues by Operating Group

Net revenues by operating group for the fourth quarter were as follows:

  • Communications, Media & Technology: $1.38 billion, compared with $1.43 billion for the fourth quarter of fiscal 2011, a decrease of 3 percent in U.S. dollars and an increase of 4 percent in local currency.
  • Financial Services: $1.48 billion, compared with $1.37 billion for the fourth quarter of fiscal 2011, an increase of 8 percent in U.S. dollars and 16 percent in local currency.
  • Health & Public Service: $1.06 billion, compared with $994 million for the fourth quarter of fiscal 2011, an increase of 6 percent in U.S. dollars and 10 percent in local currency.
  • Products: $1.61 billion, compared with $1.59 billion for the fourth quarter of fiscal 2011, an increase of 1 percent in U.S. dollars and 8 percent in local currency.
  • Resources: $1.30 billion, compared with $1.30 billion for the fourth quarter of fiscal 2011, consistent in U.S. dollars and an increase of 7 percent in local currency.

Net Revenues by Geographic Region

Net revenues by geographic region for the fourth quarter were as follows:

  • Americas: $3.2 billion, compared with $3.0 billion for the fourth quarter of fiscal 2011, an increase of 5 percent in U.S. dollars and 8 percent in local currency.
  • Europe, Middle East and Africa (EMEA): $2.6 billion, compared with $2.7 billion for the fourth quarter of fiscal 2011, a decrease of 4 percent in U.S. dollars and an increase of 8 percent in local currency.
  • Asia Pacific: $1.1 billion, compared with $957 million for the fourth quarter of fiscal 2011, an increase of 11 percent in U.S. dollars and 14 percent in local currency.

Full Year Fiscal 2012

Net revenues for the full 2012 fiscal year were $27.9 billion, compared with $25.5 billion for fiscal 2011, an increase of 9 percent in U.S. dollars and 11 percent in local currency. Net revenues for fiscal 2012 reflect a foreign-exchange impact of negative 2 percent compared with fiscal 2011.

  • Consulting net revenues were $15.6 billion, an increase of 4 percent in U.S. dollars and 6 percent in local currency compared with fiscal 2011.
  • Outsourcing net revenues were $12.3 billion, an increase of 16 percent in U.S. dollars and 19 percent in local currency compared with fiscal 2011.

Diluted EPS for the full 2012 fiscal year were $3.84, compared with $3.39 for fiscal 2011, an increase of 13 percent. The $0.45 increase in EPS reflects:

  • $0.40 from higher revenue and operating results, including the impact of foreign exchange; and
  • $0.08 from a lower share count;

partially offset by

  • $0.02 from a higher effective tax rate; and
  • $0.01 from lower non-operating income.

Gross margin (gross profit as a percentage of net revenues) for fiscal 2012 was 32.3 percent, compared with 32.9 percent for fiscal 2011. Selling, general and administrative (SG&A) expenses for the full fiscal year were $5.11 billion, or 18.4 percent of net revenues, compared with $4.91 billion, or approximately 19.2 percent of net revenues, for fiscal 2011.

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