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TheStreet Open House

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

Stocks in this article: ACN

Operating income for the full fiscal year was $3.87 billion, or 13.9 percent of net revenues, compared with $3.47 billion, or 13.6 percent of net revenues, for fiscal 2011, an expansion of 30 basis points.

Accenture’s annual effective tax rate for fiscal 2012 was 27.6 percent, compared with 27.3 percent for fiscal 2011, in line with the company’s guided range of 27 percent to 28 percent.

Net income for the full fiscal year was $2.82 billion, compared with $2.55  billion for fiscal 2011, an increase of 11 percent.

For the full 2012 fiscal year, operating cash flow was $4.26 billion and property and equipment additions were $372  million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $3.88 billion, exceeding the company’s previously guided range of $3.2 billion to $3.5 billion, principally due to record-low days services outstanding of 27 days as of Aug. 31, 2012. For the prior fiscal year, ended Aug. 31, 2011, operating cash flow was $3.44 billion, property and equipment additions were $404 million, and free cash flow was $3.04 billion.

Utilization for the full 2012 fiscal year was 87 percent, compared with 86 percent for fiscal 2011. Attrition for the full 2012 fiscal year was 12 percent, compared with 14 percent for fiscal 2011.

New Bookings

New bookings for the full fiscal year were $32.2 billion, an increase of 12 percent in U.S. dollars and 15 percent in local currency over fiscal 2011.

  • Consulting new bookings were $16.6 billion, an increase of 8 percent in U.S. dollars and 10 percent in local currency over fiscal 2011. Consulting represented 52 percent of new bookings in fiscal 2012.
  • Outsourcing new bookings were $15.6 billion, an increase of 16 percent in U.S. dollars and 20 percent in local currency compared with fiscal 2011. Outsourcing represented 48 percent of new bookings in fiscal 2012.

Net Revenues by Operating Group

All of Accenture’s operating groups grew revenues in both U.S. dollars and local currency in fiscal 2012 compared with fiscal 2011. Net revenues by operating group for the full fiscal year were as follows:

  • Communications, Media & Technology: $5.9 billion, compared with $5.4 billion for fiscal 2011, an increase of 9 percent in U.S. dollars and 11 percent in local currency.
  • Financial Services: $5.8 billion, compared with $5.4 billion for fiscal 2011, an increase of 9 percent in U.S. dollars and 11 percent in local currency.
  • Health & Public Service: $4.3 billion, compared with $3.9 billion for fiscal 2011, an increase of 10 percent in U.S. dollars and 11 percent in local currency.
  • Products: $6.6 billion, compared with $5.9 billion for fiscal 2011, an increase of 11 percent in U.S. dollars and 13 percent in local currency.
  • Resources: $5.3 billion, compared with $4.9 billion for fiscal 2011, an increase of 8 percent in U.S. dollars and 10 percent in local currency.

Net Revenues by Geographic Region

All of Accenture’s geographic regions grew revenues in both U.S. dollars and local currency in fiscal 2012 compared with fiscal 2011. Net revenues by geographic region for the full fiscal year were as follows:

  • Americas: $12.5 billion, compared with $11.3 billion for fiscal 2011, an increase of 11 percent in U.S. dollars and 13 percent in local currency.
  • Europe, Middle East and Africa (EMEA): $11.3 billion, compared with $10.9 billion for fiscal 2011, an increase of 4 percent in U.S. dollars and 8 percent in local currency.
  • Asia Pacific: $4.0 billion, compared with $3.4 billion for fiscal 2011, an increase of 20 percent in U.S. dollars and 18 percent in local currency.

Returning Cash to Shareholders

Accenture continues to return cash to shareholders through cash dividends and share repurchases. In fiscal 2012, the company returned more than $3 billion to shareholders, including $951 million in cash dividends and $2.1 billion in share repurchases.

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