Amdocs Limited announced consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported revenues of $977,711,000 against $954,727,000 a year ago. Operating income was $122,143,000 against $121,593,000 a year ago. Income before income taxes was $122,264,000 against $118,830,000 a year ago. Net income was $116,873,000 against $97,793,000 a year ago. Diluted earnings per share were $0.80 against $0.66 a year ago. Non-GAAP operating income was $169,064,000 against $164,085,000 a year ago. Non-GAAP net income was $154,466,000 against $133,567,000 a year ago. Non-GAAP diluted earnings per share were $1.06 against $0.90 a year ago. Net cash provided by operating activities was $164,601,000 against $168,028,000 a year ago. Payments for purchase of equipment were $51,779,000 against $41,736,000 a year ago. Free cash flow was $127 million.

For the second quarter of fiscal 2018, the company expects revenue to be in the range of $960 million to $1,000 million, including an immaterial sequential impact from foreign currency fluctuations as compared to the first quarter of fiscal 2018. Diluted GAAP EPS of approximately $0.65 to $0.73. Diluted non-GAAP EPS of approximately $0.91 to $0.97, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05 to $0.07 per share of equity-based compensation expense, net of related tax effects. Expected non-GAAP effective tax rate to be above the high-end of the annual target range of 13% to 17% in the second quarter fiscal 2018.

For the fiscal 2018, the company reiterated its revenue growth of 0.0% to 4.0% year-over-year as reported and negative 1.0% to 3.0% year-over-year on a constant currency basis. Reiterated GAAP diluted earnings per share growth of roughly 3.0% to 9.0% year-over-year. Reiterated Non-GAAP diluted earnings per share growth of roughly 4.0% to 8.0% year-over-year, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.25 to $0.29 per share of equity-based compensation expense, net of related tax effects. Expected non-GAAP effective tax rate to remain within the same target range of 13% to 17% for the full year fiscal 2018.