8-KEarnings & ResultsExhibits & Filings

Accenture plc 8-K Report, Financial Results (Mar 27, 2014)

Filed March 27, 2014For Securities:ACN

Summary

Accenture plc (ACN) filed an 8-K on March 26, 2014, to announce its second quarter fiscal year 2014 financial results, which concluded on February 28, 2014. The filing primarily references a press release, which provides details on the company's financial performance and includes several non-GAAP financial measures. Investors should note that the press release, attached as an exhibit, is furnished and not filed, meaning it's for informational purposes and not subject to SEC liability rules. The non-GAAP measures disclosed are intended to provide additional insights into Accenture's operational performance and liquidity. These include free cash flow (operating cash flow less capital expenditures), net revenue growth excluding foreign currency fluctuations, and earnings per share, operating income, operating margin, and effective tax rate adjusted for specific one-time items. These adjustments relate to prior-year reorganization benefits and a U.S. federal tax liability settlement, which management believes obscure underlying operational trends. Reconciliations to GAAP figures are provided within the press release.

Key Highlights

  • 1Accenture announced its second quarter fiscal year 2014 financial results for the quarter ended February 28, 2014.
  • 2The 8-K filing includes a press release (Exhibit 99) containing the detailed financial results and commentary.
  • 3The press release, being furnished and not filed, offers supplemental information without SEC liability.
  • 4Accenture disclosed non-GAAP financial measures including free cash flow, local currency net revenue growth, and adjusted EPS, operating income, and margins.
  • 5Non-GAAP adjustments exclude prior-year reorganization benefits and U.S. federal tax liability settlements to highlight core operating performance.
  • 6Management believes these non-GAAP measures provide meaningful insights into the company's liquidity and operational trends.
  • 7Reconciliations of non-GAAP measures to their most directly comparable GAAP measures are available within the press release.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce Accenture's financial results for its second quarter of fiscal year 2014, which ended on February 28, 2014. It also includes a press release with further details on these results and related financial information.

Accenture is reporting several non-GAAP measures, including free cash flow (operating cash flow minus capital expenditures), net revenue changes in local currency (excluding foreign exchange impact), and adjusted earnings per share, operating income, operating margin, and effective tax rate. These adjustments exclude specific one-time items from prior fiscal years, such as reorganization benefits and tax settlements.

Accenture's management believes that these non-GAAP financial measures offer a more meaningful view of the company's ongoing operational performance and liquidity. By excluding the impact of foreign currency fluctuations and significant one-time charges or benefits from prior periods, management aims to facilitate a clearer comparison of its core business performance over time.

The detailed financial results and the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures are provided within the press release attached as Exhibit 99 to this 8-K filing. Investors should refer to that press release for comprehensive details.