x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Bermuda |
98-0341111 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Page | ||||
| Part I. |
||||
| Item 1. |
||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| Item 2. |
11 | |||
| Item 3. |
23 | |||
| Item 4. |
24 | |||
| Part II. |
||||
| Item 1. |
25 | |||
| Item 6. |
25 | |||
| 26 | ||||
| August 31, 2002 |
November 30, 2002 |
|||||||
| (Unaudited) |
||||||||
| ASSETS |
||||||||
| CURRENT ASSETS: |
||||||||
| Cash and cash equivalents |
$ |
1,316,976 |
|
$ |
1,473,643 |
| ||
| Restricted cash |
|
79,445 |
|
|
14,656 |
| ||
| Receivables from clients, net |
|
1,330,642 |
|
|
1,377,302 |
| ||
| Unbilled services |
|
774,214 |
|
|
905,921 |
| ||
| Due from related parties |
|
39,488 |
|
|
7,572 |
| ||
| Deferred income taxes, net |
|
189,976 |
|
|
185,549 |
| ||
| Other current assets |
|
330,347 |
|
|
310,508 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
4,061,088 |
|
|
4,275,151 |
| ||
| |
|
|
|
|
| |||
| NON-CURRENT ASSETS: |
||||||||
| Unbilled services |
|
106,162 |
|
|
131,459 |
| ||
| Investments |
|
76,017 |
|
|
46,874 |
| ||
| Property and equipment, net |
|
716,504 |
|
|
658,122 |
| ||
| Goodwill |
|
167,603 |
|
|
169,328 |
| ||
| Deferred income taxes, net |
|
283,969 |
|
|
299,063 |
| ||
| Other non-current assets |
|
67,605 |
|
|
68,019 |
| ||
| |
|
|
|
|
| |||
| Total non-current assets |
|
1,417,860 |
|
|
1,372,865 |
| ||
| |
|
|
|
|
| |||
| TOTAL ASSETS |
$ |
5,478,948 |
|
$ |
5,648,016 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
| CURRENT LIABILITIES: |
||||||||
| Short-term bank borrowings |
$ |
57,922 |
|
$ |
55,326 |
| ||
| Current portion of long-term debt |
|
5,177 |
|
|
2,141 |
| ||
| Accounts payable |
|
450,208 |
|
|
378,815 |
| ||
| Deferred revenue |
|
543,917 |
|
|
538,634 |
| ||
| Accrued payroll and related benefits |
|
1,139,887 |
|
|
1,072,633 |
| ||
| Income taxes payable |
|
459,836 |
|
|
677,679 |
| ||
| Deferred income taxes, net |
|
18,884 |
|
|
18,741 |
| ||
| Other accrued liabilities |
|
651,231 |
|
|
454,552 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
3,327,062 |
|
|
3,198,521 |
| ||
| |
|
|
|
|
| |||
| NON-CURRENT LIABILITIES: |
||||||||
| Long-term debt |
|
3,428 |
|
|
4,215 |
| ||
| Retirement obligation |
|
382,180 |
|
|
397,723 |
| ||
| Deferred income taxes, net |
|
16,674 |
|
|
16,556 |
| ||
| Other non-current liabilities |
|
791,582 |
|
|
774,443 |
| ||
| |
|
|
|
|
| |||
| Total non-current liabilities |
|
1,193,864 |
|
|
1,192,937 |
| ||
| |
|
|
|
|
| |||
| MINORITY INTEREST |
|
519,396 |
|
|
673,998 |
| ||
| |
|
|
|
|
| |||
| SHAREHOLDERS EQUITY: |
||||||||
| Preferred shares, 2,000,000,000 shares authorized, 0 shares issued and outstanding |
|
|
|
|
|
| ||
| Class A common shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 433,695,621 issued as of August
31, 2002 and 440,237,875 issued as of November 30, 2002 |
|
10 |
|
|
10 |
| ||
| Class X common shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 524,094,456 shares issued and
outstanding as of August 31, 2002 and November 30, 2002 |
|
13 |
|
|
13 |
| ||
| Restricted share units (related to Class A common shares), 58,265,829 units issued and outstanding as of August 31, 2002
and 58,174,671 units issued and outstanding as of November 30, 2002 |
|
848,218 |
|
|
846,810 |
| ||
| Additional paid-in capital |
|
1,397,828 |
|
|
1,447,560 |
| ||
| Treasury shares, at cost, 13,726,885 and 12,624,992 shares at August 31, 2002 and November 30, 2002,
respectively |
|
(315,486 |
) |
|
(286,168 |
) | ||
| Treasury shares owned by Accenture Ltd Share Employee Compensation Trust, at cost, 12,562,300 and 16,611,600 shares at
August 31, 2002 and November 30, 2002, respectively |
|
(221,110 |
) |
|
(285,976 |
) | ||
| Retained deficit |
|
(1,190,415 |
) |
|
(1,061,837 |
) | ||
| Accumulated other comprehensive loss |
|
(80,432 |
) |
|
(77,852 |
) | ||
| |
|
|
|
|
| |||
| Total shareholders equity |
|
438,626 |
|
|
582,560 |
| ||
| |
|
|
|
|
| |||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
|
$5,478,948 |
|
|
$5,648,016 |
| ||
| |
|
|
|
|
| |||
| 2001 |
2002 |
|||||||
| REVENUES: |
||||||||
| Revenues before reimbursements |
$ |
2,988,630 |
|
$ |
2,929,958 |
| ||
| Reimbursements |
|
352,692 |
|
|
397,489 |
| ||
| |
|
|
|
|
| |||
| Revenues |
|
3,341,322 |
|
|
3,327,447 |
| ||
| OPERATING EXPENSES: |
||||||||
| Cost of services: |
||||||||
| Cost of services before reimbursable expenses |
|
1,806,181 |
|
|
1,774,197 |
| ||
| Reimbursable expenses |
|
352,692 |
|
|
397,489 |
| ||
| |
|
|
|
|
| |||
| Cost of services |
|
2,158,873 |
|
|
2,171,686 |
| ||
| Sales and marketing |
|
360,235 |
|
|
355,833 |
| ||
| General and administrative costs |
|
407,957 |
|
|
370,731 |
| ||
| |
|
|
|
|
| |||
| Total operating expenses |
|
2,927,065 |
|
|
2,898,250 |
| ||
| |
|
|
|
|
| |||
| OPERATING INCOME |
|
414,257 |
|
|
429,197 |
| ||
| Gain (loss) on investments, net |
|
(94,737 |
) |
|
3,805 |
| ||
| Interest income |
|
14,785 |
|
|
9,093 |
| ||
| Interest expense |
|
(9,770 |
) |
|
(6,536 |
) | ||
| Other income (expense) |
|
(7,933 |
) |
|
(1,775 |
) | ||
| Equity in gains (losses) of affiliates |
|
6,201 |
|
|
(530 |
) | ||
| |
|
|
|
|
| |||
| INCOME BEFORE TAXES |
|
322,803 |
|
|
433,254 |
| ||
| Provision for taxes |
|
122,665 |
|
|
164,637 |
| ||
| |
|
|
|
|
| |||
| INCOME BEFORE MINORITY INTEREST |
|
200,138 |
|
|
268,617 |
| ||
| Minority interest |
|
(118,462 |
) |
|
(141,746 |
) | ||
| |
|
|
|
|
| |||
| NET INCOME |
$ |
81,676 |
|
$ |
126,871 |
| ||
| |
|
|
|
|
| |||
| Weighted Average Class A Common Shares: |
||||||||
| Basic |
|
410,488,771 |
|
|
468,119,491 |
| ||
| Diluted |
|
1,014,448,500 |
|
|
1,000,572,365 |
| ||
| Earnings Per Class A Common Share: |
||||||||
| Basic |
$ |
0.20 |
|
$ |
0.27 |
| ||
| Diluted |
$ |
0.20 |
|
$ |
0.27 |
| ||
| Class A Common Shares |
Class X Common Shares |
Restricted Share
Units Common Shares |
Additional Paid-in Capital |
Treasury Shares |
Treasury Shares SECT |
Reatined Earnings (Deficit) |
Accumulated Other Compre- hensive
Income (Loss) |
|||||||||||||||||||||||||||||||||||||||||||
| Preferred shares |
$ |
No. Shares |
$ |
No. Shares |
$ |
No. Shares |
$ |
No. Shares |
$ |
No. Shares |
Total |
|||||||||||||||||||||||||||||||||||||||
| Balance at August 31, 2002 |
$ |
|
$ |
10 |
433,696 |
$ |
13 |
524,094 |
$ |
848,218 |
|
58,266 |
|
$ |
1,397,828 |
|
$ |
(315,486 |
) |
(13,727 |
) |
$ |
(221,110 |
) |
(12,562 |
) |
$ |
(1,190,415 |
) |
$ |
(80,432 |
) |
$ |
438,626 |
| |||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||||||||||||||||||||