2024 Q3 Form 20-F Financial Statement

#000095017024137381 Filed on December 17, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $1.264B $1.250B $1.246B
YoY Change 1.72% 1.14% 1.84%
Cost Of Revenue $810.0M $802.0M
YoY Change 0.74% 0.82%
Gross Profit $440.1M $443.9M
YoY Change 1.88% 3.75%
Gross Profit Margin 35.21% 35.63%
Selling, General & Admin $144.0M $147.6M
YoY Change 0.17% 2.99%
% of Gross Profit 32.73% 33.26%
Research & Development $90.37M $91.15M
YoY Change -1.95% 2.11%
% of Gross Profit 20.53% 20.54%
Depreciation & Amortization $45.89M $51.99M
YoY Change 1.24% 23.74%
% of Gross Profit 10.43% 11.71%
Operating Expenses $249.5M $255.0M
YoY Change 0.11% 3.84%
Operating Profit $112.7M $190.6M $188.9M
YoY Change -18.9% 4.31% 3.63%
Interest Expense -$6.872M -$11.65M
YoY Change 55.44% 296.53%
% of Operating Profit -3.61% -6.17%
Other Income/Expense, Net
YoY Change
Pretax Income $169.0M $144.1M
YoY Change -5.21% -19.66%
Income Tax $28.00M $24.66M
% Of Pretax Income 16.57% 17.11%
Net Earnings $86.44M $137.6M $116.2M
YoY Change -15.26% -12.16% -20.94%
Net Earnings / Revenue 6.84% 11.01% 9.33%
Basic Earnings Per Share $0.76 $1.22 $1.02
Diluted Earnings Per Share $0.76 $1.21 $1.01
COMMON SHARES
Basic Shares Outstanding 112.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $514.3M $502.2M $544.4M
YoY Change -30.73% -33.0% -36.82%
Cash & Equivalents $346.1M $318.0M $342.9M
Short-Term Investments $168.2M $184.2M $201.4M
Other Short-Term Assets $242.8M $223.2M
YoY Change -10.14% -11.4%
Inventory
Prepaid Expenses
Receivables $1.028B $1.019B $1.039B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.771B $1.764B $1.807B
YoY Change -7.35% -15.84% -14.16%
LONG-TERM ASSETS
Property, Plant & Equipment $755.6M $921.0M $928.9M
YoY Change -4.47% -1.27% -2.7%
Goodwill $2.845B
YoY Change 3.49%
Intangibles $160.7M
YoY Change -11.46%
Long-Term Investments
YoY Change
Other Assets $704.5M $691.7M $644.9M
YoY Change 11.54% 12.78% 6.37%
Total Long-Term Assets $4.615B $4.632B $4.598B
YoY Change 2.24% 4.25% 5.47%
TOTAL ASSETS
Total Short-Term Assets $1.771B $1.764B $1.807B
Total Long-Term Assets $4.615B $4.632B $4.598B
Total Assets $6.386B $6.396B $6.405B
YoY Change -0.61% -2.19% -0.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $305.9M $338.2M $312.0M
YoY Change 4.29% 15.41% 46.93%
Accrued Expenses $770.0M $757.8M
YoY Change 25.08% 38.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.471B $1.422B $1.369B
YoY Change 8.68% 1.49% 3.36%
LONG-TERM LIABILITIES
Long-Term Debt $646.3M $646.1M $646.0M
YoY Change 0.09% 0.09% 0.09%
Other Long-Term Liabilities $468.4M $588.7M $598.4M
YoY Change -3.5% -0.25% -0.93%
Total Long-Term Liabilities $1.115B $1.235B $1.244B
YoY Change -1.45% -0.07% -0.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.471B $1.422B $1.369B
Total Long-Term Liabilities $1.115B $1.235B $1.244B
Total Liabilities $2.887B $2.892B $2.860B
YoY Change 0.99% -1.34% -0.62%
SHAREHOLDERS EQUITY
Retained Earnings $6.828B
YoY Change 4.25%
Common Stock $4.598M
YoY Change 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.784B
YoY Change 7.8%
Treasury Stock Shares
Shareholders Equity $3.457B $3.504B $3.544B
YoY Change
Total Liabilities & Shareholders Equity $6.386B $6.396B $6.405B
YoY Change -0.61% -2.19% -0.92%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $86.44M $137.6M $116.2M
YoY Change -15.26% -12.16% -20.94%
Depreciation, Depletion And Amortization $45.89M $51.99M
YoY Change 1.24% 23.74%
Cash From Operating Activities $191.5M $132.7M
YoY Change 10.96% -54.95%
INVESTING ACTIVITIES
Capital Expenditures $16.34M $19.60M
YoY Change -43.63% -44.18%
Acquisitions
YoY Change
Other Investing Activities $23.25M $2.427M
YoY Change -129.41% -50.14%
Cash From Investing Activities $6.916M -$17.18M
YoY Change -106.4% -43.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$166.3M -$103.8M
YoY Change 41.27% 21.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -223.3M -155.5M
YoY Change 31.17% 16.88%
NET CHANGE
Cash From Operating Activities 191.5M 132.7M
Cash From Investing Activities 6.916M -17.18M
Cash From Financing Activities -223.3M -155.5M
Net Change In Cash -24.93M -39.97M
YoY Change -76.43% -130.46%
FREE CASH FLOW
Cash From Operating Activities $191.5M $132.7M
Capital Expenditures $16.34M $19.60M
Free Cash Flow $175.1M $113.1M
YoY Change 21.98% -56.41%

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CY2024 dox Tax Benefit Expenses For Available For Sale
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CY2022 dox Tax Benefit Expenses For Available For Sale
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CY2023 us-gaap Profit Loss
ProfitLoss
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CY2022 us-gaap Profit Loss
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DepreciationAmortizationAndImpairment
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DepreciationAmortizationAndImpairment
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CY2022 us-gaap Amortization Of Financing Costs
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GainLossOnSaleOfBusiness
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CY2022 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
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CY2024 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1532000
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2024 dox Increase Decrease In Lease Assets And Liabilities
IncreaseDecreaseInLeaseAssetsAndLiabilities
6485000
CY2023 dox Increase Decrease In Lease Assets And Liabilities
IncreaseDecreaseInLeaseAssetsAndLiabilities
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IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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IncreaseDecreaseInDeferredRevenue
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CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2024 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-47241000
CY2023 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-11596000
CY2022 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
15648000
CY2024 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-17123000
CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
56017000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
58967000
CY2024 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
822630000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
756719000
CY2024 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
105495000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
124362000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
227219000
CY2024 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
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CY2023 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
25984000
CY2022 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
21948000
CY2024 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
9061000
CY2023 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
0
CY2022 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
34275000
CY2024 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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CY2023 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
121818000
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
24430000
CY2024 dox Net Cash Received From Sale Of Business
NetCashReceivedFromSaleOfBusiness
0
CY2023 dox Net Cash Received From Sale Of Business
NetCashReceivedFromSaleOfBusiness
0
CY2022 dox Net Cash Received From Sale Of Business
NetCashReceivedFromSaleOfBusiness
-10000000
CY2024 us-gaap Payments For Proceeds From Other Investing Activities
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PaymentsForProceedsFromOtherInvestingActivities
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
8525000
CY2024 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2024 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
489524000
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
508472000
CY2024 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26949000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
48681000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
82924000
CY2024 us-gaap Payments Of Dividends
PaymentsOfDividends
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CY2023 us-gaap Payments Of Dividends
PaymentsOfDividends
199460000
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
186073000
CY2024 dox Distribution To Noncontrolling Interests
DistributionToNoncontrollingInterests
4096000
CY2023 dox Distribution To Noncontrolling Interests
DistributionToNoncontrollingInterests
1589000
CY2022 dox Distribution To Noncontrolling Interests
DistributionToNoncontrollingInterests
0
CY2024 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
18782000
CY2023 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
9538000
CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
18284000
CY2024 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-651430000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-629905000
CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-173995000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-53297000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-135687000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
520080000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
573377000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
709064000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
346085000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
520080000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
573377000
CY2024 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
187513000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
156386000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
80419000
CY2024 us-gaap Interest Paid Net
InterestPaidNet
35396000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
19427000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
16741000
CY2024 us-gaap Nature Of Operations
NatureOfOperations
<p id="fin315842_8" style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1 — Nature of Entity</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Amdocs Limited (the “Company”) is a leading provider of software and services to communications, entertainment and media service providers of all sizes throughout the world. The Company and its consolidated subsidiaries operate in </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> segment and design, develop, market, support, implement and operate its open and modular cloud portfolio.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is a Guernsey limited company, which directly or indirectly holds numerous subsidiaries around the world, the vast majority of which are wholly-owned. The majority of the Company’s customers are in North America, Europe, Asia-Pacific and the Latin America region. The Company’s main development facilities are located in Brazil, Canada, Cyprus, India, Ireland, Israel, Mexico, the Philippines, the United Kingdom and the United States.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:2.267%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-left:2.253%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassifications</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">From time to time, certain immaterial amounts in prior year financial statements may be reclassified to conform to the current year presentation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024 us-gaap Property Plant And Equipment Dispositions
PropertyPlantAndEquipmentDispositions
straight-line method
CY2024 dox Immaterial Impairment Of Long Lived Assets
ImmaterialImpairmentOfLongLivedAssets
There was an immaterial impairment of long-lived assets in fiscal years 2024 , 2023
CY2023 dox Immaterial Impairment Of Long Lived Assets
ImmaterialImpairmentOfLongLivedAssets
There was an immaterial impairment of long-lived assets in fiscal years 2024 , 2023
CY2022 dox Immaterial Impairment Of Long Lived Assets
ImmaterialImpairmentOfLongLivedAssets
There was an immaterial impairment of long-lived assets in fiscal years 2024 , 2023
CY2024 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:2.253%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, short-term interest-bearing investments, trade receivables and unbilled receivable. Cash and cash equivalents are maintained with several financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple financial institutions and monitoring the risk profiles of these counterparties. The Company has conservative investment policy guidelines under which it invests its excess cash primarily in highly liquid U.S. dollar-denominated securities. The Company’s revenue is generated primarily in North America. To a lesser extent, revenue is generated in Europe and the rest of the world. Most of the Company’s revenue is generated from customers who are among the largest communications and media companies in the world (or are owned by them). The Company’s business is subject to the effects of general global economic conditions and market conditions in the communications industry. The Company performs ongoing credit analyses of its customer base and generally does not require collateral.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company evaluates accounts receivable and unbilled receivables to determine if they ultimately will be collected. Judgments and estimates are involved in performing this evaluation, which are based on factors that may affect a customer’s ability to pay, such as past experience, credit quality of the customer, age of the receivable balance and current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The allowance for doubtful accounts is for expected credit losses resulting from accounts receivable and unbilled receivables for which their collection is not reasonably probable. The allowance for doubtful accounts as of September 30, 2024 and 2023, was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">32,638</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">19,801</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively. As of September 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer with accounts receivable balances of more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">accounts receivable, amounting to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">25</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. As of September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customers with accounts receivable balances of more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total accounts receivable, aggregating to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">34</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, please see Note 22.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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