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Accenture Reports Second-Quarter Fiscal 2013 Results

Stocks in this article: ACN

Operating income for the second quarter was $1.16 billion, or 16.5 percent of net revenues, compared with $889 million, or 13.1 percent of net revenues, for the second quarter of fiscal 2012. Excluding the $224 million reorganization benefit, operating income for the second quarter of fiscal 2013 was $940 million, or 13.3 percent of net revenues, a 20-basis-point expansion from the second quarter of fiscal 2012.

The company’s effective tax rate for the quarter was negative 0.5 percent, including the benefit from final determinations of prior-year U.S. federal tax liabilities. The effective tax rate was also impacted by the reorganization benefit, which increased income before income taxes without any increase in income tax expense. Excluding these benefits, the effective tax rate for the second quarter of fiscal 2013 was 24.8 percent, compared with 20.5 percent for the second quarter last year.

Net income for the quarter was $1.19 billion, compared with $714 million for the second quarter last year, and includes the favorable impact of both the $224 million reorganization benefit and $243 million from final determinations of prior-year tax liabilities.

Operating cash flow for the quarter was $634 million, and property and equipment additions were $90 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $544 million. For the same period last year, operating cash flow was $858 million; property and equipment additions were $85 million; and free cash flow was $772 million.

Days services outstanding, or DSOs, were 31 days, compared with 27 days at Aug. 31, 2012 and 29 days at Feb. 29, 2012.

Accenture’s total cash balance at Feb. 28, 2013 was $5.6 billion, compared with $6.6 billion at Aug. 31, 2012.

Utilization for the quarter was 88 percent, compared with 88 percent for the first quarter of fiscal 2013 and 87 percent for the second quarter of fiscal 2012. Attrition for the second quarter of fiscal 2013 was 11 percent, compared with 11 percent for the first quarter of fiscal 2013 and 12 percent for the second quarter of fiscal 2012.

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