FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a
global financial digital platform and enterprise solutions
provider, today announced results for its first fiscal 2024 quarter
ended November 30, 2023.
First Quarter Fiscal 2024
Highlights
- GAAP revenue increased 7.4%, or $37.4 million,
to $542.2 million for the first quarter of fiscal 2024 compared
with $504.8 million in the prior year period. Organic(1) revenue
grew 7.2% year over year to $541.4 million during the first quarter
of fiscal 2024. The increase was primarily due to higher Wealth
sales and increased sales of data.
- Annual Subscription Value (ASV) plus
professional services was $2,184.6 million at November 30,
2023, compared with $2,039.0 million at November 30, 2022.
Organic ASV plus professional services was $2,185.0 million at
November 30, 2023, up 7.1% or $145.3 million year over
year.
- Organic ASV plus professional services
increased $14.3 million over the last three months. Please see the
“ASV + Professional Services” section of this press release for
details.
- GAAP operating margin increased to 34.9%
compared with 34.1% for the prior year, primarily due to a decrease
in professional fees, personnel and facilities costs partially
offset by higher technology related expenses. Adjusted operating
margin decreased to 37.6% compared with 38.3% in the prior year
period driven by higher technology expenses partially offset by
lower facilities expenses, professional services and travel and
entertainment expenses.
- GAAP diluted earnings per share (EPS)
increased 9.1% to $3.84 compared with $3.52 for the same period in
fiscal 2023, due to higher revenue and margin expansion partially
offset by a higher tax rate. Adjusted diluted EPS increased 3.3% to
$4.12 compared with $3.99 for the prior year period, driven by
revenue growth partially offset by margin compression and a higher
tax rate.
- EBITDA increased to $219.0 million, up 9.3%
for the first quarter of fiscal 2024 compared with $200.4 million
for the same period in fiscal 2023.
- The Company’s effective tax rate for the first
quarter of fiscal 2024 increased to 15.2% compared with 13.4% for
the three months ended November 30, 2022, primarily due to a
lower tax benefit from stock option exercises and restricted stock
vesting. The reminder of the increase was due to higher pre-tax
income and a higher foreign tax rate, partially offset by foreign
tax credits.
"In an environment of continued macroeconomic
uncertainty, I remain confident in the health of our business and
our strategy, and I am optimistic about our ability to grow our
business," said Phil Snow, FactSet CEO. "We are harnessing the
power of generative AI to transform our products while expanding
the breadth of data and analytics on our open platform."
(1) References to "organic" figures in this
press release exclude the current year impact of acquisitions and
dispositions completed within the past twelve months and the
current year impact from changes in foreign currency. For year to
date comparisons, organic revenues excludes current year revenues
that were incurred prior to the the first anniversary date of an
acquisition.
Key Financial Measures*
(Condensed and Unaudited) |
Three Months Ended |
|
|
November 30, |
|
(In
thousands, except per share data) |
|
2023 |
|
|
2022 |
|
Change |
Revenues |
$ |
542,216 |
|
$ |
504,815 |
|
7.4 |
% |
Organic revenues |
$ |
541,393 |
|
$ |
504,815 |
|
7.2 |
% |
Operating income |
$ |
189,040 |
|
$ |
171,895 |
|
10.0 |
% |
Adjusted operating income |
$ |
203,965 |
|
$ |
193,402 |
|
5.5 |
% |
Operating margin |
|
34.9 |
% |
|
34.1 |
% |
81bps |
|
Adjusted operating margin |
|
37.6 |
% |
|
38.3 |
% |
(69bps) |
|
Net income |
$ |
148,555 |
|
$ |
136,798 |
|
8.6 |
% |
Adjusted net income |
$ |
159,127 |
|
$ |
155,171 |
|
2.5 |
% |
EBITDA |
$ |
219,002 |
|
$ |
200,419 |
|
9.3 |
% |
Diluted EPS |
$ |
3.84 |
|
$ |
3.52 |
|
9.1 |
% |
Adjusted diluted EPS |
$ |
4.12 |
|
$ |
3.99 |
|
3.3 |
% |
* See reconciliation of U.S. GAAP to adjusted key financial
measures in the back of this press release.
"We remain vigilant about evolving market
conditions as we direct investment toward our most competitive
offerings, including AI," said Linda Huber, FactSet CFO. "Also, we
are updating our organic ASV guidance for fiscal 2024. We now
expect that our organic ASV growth will be in the range of $110
million to $150 million for fiscal 2024, reduced from our previous
guidance of $130 million to $175 million, representing ASV growth
of 6% at the midpoint."
Annual Subscription Value (ASV) +
Professional Services
ASV at any given point in time represents the
forward-looking revenues for the next twelve months from all
subscription services currently supplied to clients. Professional
services are revenues derived from project-based consulting and
implementation.
ASV plus professional services was $2,184.6
million at November 30, 2023, compared with $2,039.0 million
at November 30, 2022. Organic ASV plus professional services
was $2,185.0 million at November 30, 2023, up $145.3 million
from the prior year, for a growth rate of 7.1%. Organic ASV plus
professional services increased $14.3 million over the last three
months.
Buy-side and sell-side organic ASV growth rates
for the first quarter of fiscal 2024 were 7.2% and 7.6%,
respectively. Buy-side clients, including asset managers, wealth
managers, asset owners, hedge funds, partners, and corporate
clients, accounted for 82% of organic ASV. The remaining organic
ASV came from sell-side firms, including broker-dealers, banking
and advisory, private equity and venture capital firms.
Supplementary tables covering organic buy-side and sell-side ASV
growth rates may be found on the last page of this press
release.
Segment Revenues and ASV
ASV from the Americas region was $1,395.0
million compared with ASV in the prior year period of $1,293.1
million. Organic ASV increased 7.9% to $1,395.1 million. Americas
revenues for the quarter increased to $348.3 million compared with
$323.4 million in the first quarter of last year. The Americas
region's organic revenues growth rate was 7.7%.
ASV from the EMEA region was $552.4 million
compared with ASV in the prior year period of $522.0 million.
Organic ASV increased 5.4% to $552.2 million. EMEA revenues were
$139.6 million compared with $130.7 million in the first quarter of
fiscal 2023. The EMEA region's organic revenues growth rate was
6.1%.
ASV from the Asia Pacific region was $215.0
million compared with ASV in the prior year period of $201.0
million. Organic ASV increased 8.0% to $215.5 million. Asia Pacific
revenues were $54.3 million compared with $50.7 million in the
first quarter of fiscal 2023. The Asia Pacific region's organic
revenues growth rate was 7.5%.
Segment ASV does not include professional
services, which totaled $22.2 million at November 30, 2023
Operational Highlights – First Quarter
Fiscal 2024
- Client count as of November 30, 2023 was 7,945, a net
increase of 24 clients in the past three months, driven by an
increase in private equity/venture capital, corporates and wealth
management clients. The count includes clients with ASV of $10,000
and more.
- User count increased by 17,111 to 207,083 in the past three
months, driven by an increase in wealth management users.
- Annual ASV retention was greater than 95%. When expressed as a
percentage of clients, annual retention was 90%.
- Employee count was 12,515 as of November 30, 2023, up 7.6%
over the last twelve months, with the increase primarily in
FactSet's Centers of Excellence. Growth was driven by an increase
in the content, product, and technology organizations. 68% of
FactSet employees are located in the Centers of Excellence.
- Net cash provided by operating activities increased to $155.1
million compared with $106.6 million for the first quarter of
fiscal 2023, primarily due to an increase in cash collections in
the current year. Quarterly free cash flow increased to $138.7
million compared with $88.7 million a year ago, an increase of
56.4%, driven by an increase in net cash provided by operating
activities.
- A quarterly dividend of $37.3 million, or $0.98 per share, will
be paid on December 21, 2023, to holders of record of
FactSet’s common stock at the close of business on
November 30, 2023.
- FactSet has published its AI Blueprint, a plan to develop
workflows that responsibly deploy AI solutions to clients.
- FactSet Mercury, launched last week, is an innovative large
language model-based knowledge agent to power digital workflows and
to enhance fact-based decision making for junior bankers.
- FactSet Mercury is part of FactSet Explorer, a program that
enables clients to gain early access to GenAI-powered "beta"
products and to contribute to their development.
- FactSet previously launched AI-enhanced transcript summaries
and StreetAccount news summaries.
- FactSet continues to expand its multi-asset class coverage via
a strategic investment in Accelex, which works in the private
assets portfolio monitoring space. Accelex, with whom FactSet
previous announced a partnership, offers automated document
extraction for private market investments.
Share Repurchase Program
FactSet repurchased 135,950 shares of its common
stock for $59.9 million at an average price of $440.67 during the
first quarter under the Company’s share repurchase program. As of
November 30, 2023, $240.1 million remained available for share
repurchases under this program.
Annual Business Outlook
FactSet is updating its outlook for fiscal 2024.
The following forward-looking statements reflect FactSet's
expectations as of today's date. Given the risk factors,
uncertainties, and assumptions discussed below, actual results may
differ materially. FactSet does not intend to update its
forward-looking statements prior to its next quarterly results
announcement.
Fiscal 2024 Expectations (with reference to
previous guidance)
- Organic ASV plus professional services is expected to grow in
the range of $110 million to $150 million during fiscal 2024
(reduced from $130 million to $175 million). This represents ASV
growth of 6% at the midpoint.
- GAAP revenues are expected to be in the range of $2,200 million
to $2,210 million (down from $2,210 million to $2,230
million).
- GAAP operating margin is expected to be in the range of 32.5%
to 33.0% (down from 33.1% to 33.5%).
- Adjusted operating margin is expected to be in the range of
36.3% to 36.7% (unchanged).
- FactSet's annual effective tax rate is expected to be in the
range of 16.5% to 17.5% (down from 17% - 18%).
- GAAP diluted EPS is expected to be in the range of $13.95 to
$14.35 (down from $14.20 - $14.70).
- Adjusted diluted EPS is expected to be in the range of $15.60
to $16.00 (down from $15.65 - $16.15).
As part of FactSet's continuing focus on cost
optimization, the Company expects to take a $10 to 15 million
charge during the second quarter of fiscal 2024. Cost reduction
items will include both variable costs and personnel-related
costs.
Adjusted operating margin and adjusted diluted
EPS guidance do not include certain effects of any non-recurring
benefits or charges that may arise in fiscal 2024. Please see the
back of this press release for a reconciliation of GAAP to adjusted
metrics.
Conference Call
First Quarter 2024 Conference Call Details
Date: |
Tuesday, December 19, 2023 |
Time: |
11:00 a.m. Eastern Time |
Participant Registration: |
FactSet Q1 2024 Earnings Call
Registration |
|
|
Please register for the conference call using the above link
before the call start time. The conference call platform will
register your name and organization and provide dial-in numbers and
a unique access pin. The conference call will have a live Q&A
session.
A replay will be available on the Company’s investor relations
website after 1:00 p.m. Eastern Time on December 19, 2023, through
December 19, 2024. The earnings call transcript will be available
via FactSet CallStreet.
Forward-looking Statements
This news release contains forward-looking
statements based on management's current expectations, estimates,
forecasts and projections about industries in which FactSet
operates and the beliefs and assumptions of management. All
statements that address expectations, guidance, outlook or
projections about the future, including statements about the
Company's strategy for growth, product development, revenues,
future financial results, anticipated growth, market position,
subscriptions, expected expenditures, trends in FactSet’s business
and financial results, are forward-looking statements.
Forward-looking statements may be identified by words like
"expects," "believes," "anticipates," "plans," "intends,"
"estimates," "projects," "should," "indicates," "continues," "may"
and similar expressions. These statements are not guarantees of
future performance and involve a number of risks, uncertainties and
assumptions. Many factors, including those discussed more fully
elsewhere in this release and in FactSet's filings with the
Securities and Exchange Commission, particularly its latest annual
report on Form 10-K and quarterly reports on Form 10-Q, as well as
others, could cause results to differ materially from those stated.
Forward-looking statements speak only as of the date they are made,
and FactSet assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially
from those anticipated in forward-looking statements and future
results could differ materially from historical performance.
About Non-GAAP Financial
Measures
Financial measures in accordance with U.S. GAAP
including revenues, operating income and margin, net income,
diluted earnings per share and cash provided by operating
activities have been adjusted.
FactSet uses these adjusted financial measures
both in presenting its results to stockholders and the investment
community and in its internal evaluation and management of the
business. The Company believes that these adjusted financial
measures and the information they provide are useful to investors
because they permit investors to view the Company’s performance
using the same tools that management uses to gauge progress in
achieving its goals. Investors may benefit from referring to these
adjusted financial measures in assessing the Company’s performance
and when planning, forecasting and analyzing future periods and may
also facilitate comparisons to its historical performance. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Organic revenues excludes the effects of
acquisitions and dispositions completed in the last twelve months
and foreign currency movements in all periods presented. Adjusted
operating income and margin, adjusted net income, and adjusted
diluted earnings per share exclude acquisition-related intangible
asset amortization and non-recurring items. EBITDA excludes
interest expense, provision for income taxes and depreciation and
amortization expense. The Company believes that these adjusted
financial measures help to fully reflect the underlying economic
performance of FactSet.
Cash flows provided by operating activities has
been reduced by purchases of property, equipment, leasehold
improvements and capitalized internal-use software to report
non-GAAP free cash flow. FactSet uses this financial measure both
in presenting its results to stockholders and the investment
community and in the Company’s internal evaluation and management
of the business. Management believes that this financial measure is
useful to investors because it permits investors to view the
Company’s performance using the same metric that management uses to
gauge progress in achieving its goals and is an indication of cash
flow that may be available to fund further investments in future
growth initiatives.
About FactSet
FactSet (NYSE:FDS | NASDAQ:FDS) helps the
financial community to see more, think bigger, and work better. Our
digital platform and enterprise solutions deliver financial data,
analytics, and open technology to nearly 8,000 global clients,
including over 207,000 individual users. Clients across the
buy-side and sell-side as well as wealth managers, private equity
firms, and corporations achieve more every day with our
comprehensive and connected content, flexible next-generation
workflow solutions, and client-centric specialized support. As a
member of the S&P 500, we are committed to sustainable growth
and have been recognized amongst the Best Places to Work in 2023 by
Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more
at www.factset.com and follow us on Twitter and LinkedIn.
FactSet Investor Relations Contact:Ali van
Nes+1.203.810.2273avannes@factset.com
Media ContactMegan
Kovach+1.512.736.2795megan.kovach@factset.com
Consolidated Statements
of Income (Unaudited) |
|
|
Three Months Ended |
|
November 30, |
(In thousands, except per share data) |
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
542,216 |
|
|
$ |
504,815 |
|
Operating expenses |
|
|
|
Cost of services |
|
251,621 |
|
|
|
227,042 |
|
Selling, general and administrative |
|
100,711 |
|
|
|
105,596 |
|
Asset impairments |
|
844 |
|
|
|
282 |
|
Total operating expenses |
|
353,176 |
|
|
|
332,920 |
|
|
|
|
|
Operating income |
|
189,040 |
|
|
|
171,895 |
|
|
|
|
|
Other income (expense), net |
|
|
|
Interest income |
|
3,012 |
|
|
|
2,205 |
|
Interest expense |
|
(16,738 |
) |
|
|
(16,537 |
) |
Other income (expense), net |
|
(118 |
) |
|
|
322 |
|
Total other income (expense),
net |
|
(13,844 |
) |
|
|
(14,010 |
) |
|
|
|
|
Income before income
taxes |
|
175,196 |
|
|
|
157,885 |
|
|
|
|
|
Provision for income taxes |
|
26,641 |
|
|
|
21,087 |
|
Net income |
$ |
148,555 |
|
|
$ |
136,798 |
|
|
|
|
|
Basic earnings per common
share |
$ |
3.91 |
|
|
$ |
3.59 |
|
Diluted earnings per common
share |
$ |
3.84 |
|
|
$ |
3.52 |
|
|
|
|
|
Basic weighted average common
shares |
|
38,016 |
|
|
|
38,122 |
|
Diluted weighted average common
shares |
|
38,643 |
|
|
|
38,914 |
|
Consolidated
Balance Sheets (Unaudited) |
|
|
|
|
|
|
|
(In thousands) |
November 30, 2023 |
August 31, 2023 |
ASSETS |
|
|
Cash and cash equivalents |
$ |
411,855 |
$ |
425,444 |
Investments |
|
32,072 |
|
32,210 |
Accounts receivable, net of reserves of $9,328 at November 30, 2023
and $7,769 at August 31, 2023 |
|
245,318 |
|
237,665 |
Prepaid taxes |
|
25,678 |
|
24,206 |
Prepaid expenses and other current assets |
|
50,848 |
|
50,610 |
Total current assets |
|
765,771 |
|
770,135 |
|
|
|
Property, equipment and leasehold improvements, net |
|
83,168 |
|
86,107 |
Goodwill |
|
1,005,269 |
|
1,004,736 |
Intangible assets, net |
|
1,848,051 |
|
1,859,202 |
Deferred taxes |
|
23,839 |
|
27,229 |
Lease right-of-use assets, net |
|
138,262 |
|
141,837 |
Other assets |
|
86,866 |
|
73,676 |
TOTAL ASSETS |
$ |
3,951,226 |
$ |
3,962,922 |
|
|
|
LIABILITIES |
|
|
Accounts payable and accrued expenses |
$ |
150,191 |
$ |
121,816 |
Current lease liabilities |
|
28,834 |
|
28,839 |
Accrued compensation |
|
52,407 |
|
112,892 |
Deferred revenues |
|
150,152 |
|
152,430 |
Current taxes payable |
|
37,003 |
|
31,009 |
Dividends payable |
|
37,299 |
|
37,265 |
Total current liabilities |
|
455,886 |
|
484,251 |
|
|
|
Long-term debt |
|
1,551,134 |
|
1,612,700 |
Deferred taxes |
|
9,326 |
|
6,737 |
Deferred revenues, non-current |
|
3,470 |
|
3,734 |
Taxes payable |
|
31,256 |
|
30,344 |
Long-term lease liabilities |
|
192,647 |
|
198,382 |
Other liabilities |
|
6,767 |
|
6,844 |
TOTAL LIABILITIES |
$ |
2,250,486 |
$ |
2,342,992 |
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
$ |
1,700,740 |
$ |
1,619,930 |
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
3,951,226 |
$ |
3,962,922 |
Consolidated
Statements of Cash Flows (Unaudited) |
|
|
Three Months Ended |
|
November 30, |
(In thousands) |
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
Net income |
$ |
148,555 |
|
$ |
136,798 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
Depreciation and amortization |
|
27,068 |
|
|
25,997 |
|
Amortization of lease right-of-use assets |
|
7,618 |
|
|
9,697 |
|
Stock-based compensation expense |
|
14,310 |
|
|
12,175 |
|
Deferred income taxes |
|
6,703 |
|
|
(745 |
) |
Asset impairments |
|
844 |
|
|
282 |
|
Changes in assets and
liabilities, net of effects of acquisitions |
|
|
Accounts receivable, net of reserves |
|
(9,758 |
) |
|
(23,647 |
) |
Accounts payable and accrued expenses |
|
31,284 |
|
|
18,744 |
|
Accrued compensation |
|
(60,348 |
) |
|
(66,796 |
) |
Deferred revenues |
|
(2,542 |
) |
|
(290 |
) |
Taxes payable, net of prepaid taxes |
|
5,341 |
|
|
6,995 |
|
Lease liabilities, net |
|
(9,783 |
) |
|
(11,237 |
) |
Other, net |
|
(4,148 |
) |
|
(1,337 |
) |
Net cash provided by operating activities |
|
155,144 |
|
|
106,636 |
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
Purchases of property, equipment,
leasehold improvements and capitalized internal-use software |
|
(16,466 |
) |
|
(17,960 |
) |
Purchases of investments |
|
(8,753 |
) |
|
(9,892 |
) |
Net cash provided by (used in) investing
activities |
|
(25,219 |
) |
|
(27,852 |
) |
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
Repayments of debt |
|
(62,500 |
) |
|
(125,000 |
) |
Dividend payments |
|
(37,053 |
) |
|
(33,665 |
) |
Proceeds from employee stock
plans |
|
28,404 |
|
|
23,423 |
|
Repurchases of common stock |
|
(59,910 |
) |
|
— |
|
Other financing activities |
|
(13,505 |
) |
|
(10,990 |
) |
Net cash provided by (used in) financing
activities |
|
(144,564 |
) |
|
(146,232 |
) |
|
|
|
Effect of exchange rate changes
on cash and cash equivalents |
|
1,050 |
|
|
1,317 |
|
Net increase (decrease) in cash
and cash equivalents |
|
(13,589 |
) |
|
(66,131 |
) |
Cash and cash equivalents at
beginning of period |
|
425,444 |
|
|
503,273 |
|
Cash and cash equivalents at end of period |
$ |
411,855 |
|
$ |
437,142 |
|
Reconciliation of U.S. GAAP Results to Adjusted
Financial Measures
Financial measures in accordance with U.S. GAAP,
including revenues, operating income and margin, net income,
diluted EPS and cash provided by operating activities, have been
adjusted below. FactSet uses these adjusted financial measures both
in presenting its results to stockholders and the investment
community and in its internal evaluation and management of the
business. The Company believes that these adjusted financial
measures and the information they provide are useful to investors
because they permit investors to view the Company’s performance
using the same tools that management uses to gauge progress in
achieving its goals. Adjusted measures may also facilitate
comparisons to FactSet’s historical performance.
Revenues
The table below provides a reconciliation of revenues to organic
revenues.
(Unaudited) |
Three Months Ended |
|
|
November 30, |
|
(In
thousands) |
|
2023 |
|
|
2022 |
Change |
Revenues |
$ |
542,216 |
|
$ |
504,815 |
7.4 |
% |
Acquired revenues (a) |
|
(174 |
) |
|
— |
|
Currency impact (b) |
|
(649 |
) |
|
— |
|
Organic revenues |
$ |
541,393 |
|
$ |
504,815 |
7.2 |
% |
(a) Removes acquisition-related revenues recognized during the
first quarter of fiscal 2024 in which the comparable prior year
period predated the acquisition.
(b) The current year impact from foreign currency movements.
Non-GAAP Financial Measures
The table below provides a reconciliation of operating income,
operating margin, net income and diluted EPS to adjusted operating
income, adjusted operating margin, adjusted net income, EBITDA and
adjusted diluted EPS.
|
Three Months Ended |
|
|
November 30, |
|
(dollar
amounts in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
% Change |
Operating income |
$ |
189,040 |
|
$ |
171,895 |
|
10.0 |
% |
Intangible asset
amortization |
|
17,344 |
|
|
18,008 |
|
|
Restructuring / severance |
|
(2,419 |
) |
|
— |
|
|
Business acquisition /
integration costs(1) |
|
— |
|
|
3,499 |
|
|
Adjusted operating income |
$ |
203,965 |
|
$ |
193,402 |
|
5.5 |
% |
Operating margin |
|
34.9 |
% |
|
34.1 |
% |
81bps |
|
Adjusted operating margin(2) |
|
37.6 |
% |
|
38.3 |
% |
(69bps) |
|
Net income |
$ |
148,555 |
|
$ |
136,798 |
|
8.6 |
% |
Intangible asset
amortization |
|
12,368 |
|
|
15,577 |
|
|
Restructuring / severance |
|
(1,725 |
) |
|
— |
|
|
Business acquisition /
integration costs(1) |
|
— |
|
|
3,026 |
|
|
Income tax items |
|
(71 |
) |
|
(230 |
) |
|
Adjusted net income(3) |
$ |
159,127 |
|
$ |
155,171 |
|
2.5 |
% |
Net income |
|
148,555 |
|
|
136,798 |
|
8.6 |
% |
Interest expense |
|
16,738 |
|
|
16,537 |
|
|
Income taxes |
|
26,641 |
|
|
21,087 |
|
|
Depreciation and amortization
expense |
|
27,068 |
|
|
25,997 |
|
|
EBITDA |
$ |
219,002 |
|
$ |
200,419 |
|
9.3 |
% |
Diluted EPS |
$ |
3.84 |
|
$ |
3.52 |
|
9.1 |
% |
Intangible asset
amortization |
|
0.32 |
|
|
0.40 |
|
|
Restructuring / severance |
|
(0.04 |
) |
|
— |
|
|
Business acquisition /
integration costs(1) |
|
— |
|
|
0.08 |
|
|
Income tax items |
|
0.00 |
|
|
(0.01 |
) |
|
Adjusted Diluted EPS(3) |
$ |
4.12 |
|
$ |
3.99 |
|
3.3 |
% |
Weighted average common shares (Diluted) |
|
38,643 |
|
|
38,914 |
|
|
(1) Related to acquisition and integration costs
of the CUSIP Global Services acquisition.
(2) Adjusted operating margin is calculated as
Adjusted operating income divided by Revenues.
(3) For purposes of calculating Adjusted net
income and Adjusted diluted earnings per share, all adjustments for
the three months ended November 30, 2023 and November 30,
2022 were taxed at an adjusted tax rate of 28.7% and 13.5%,
respectively.
Business Outlook Operating Margin, Net
Income and Diluted EPS
(Unaudited) |
|
|
Figures may not foot
due to rounding |
Annual Fiscal 2024 Guidance |
(In millions, except per share
data) |
Low end of range |
High end of range |
Revenues |
$ |
2,200 |
|
$ |
2,210 |
|
Operating income |
$ |
715 |
|
$ |
729 |
|
Operating margin |
|
32.5 |
% |
|
33.0 |
% |
Intangible asset
amortization |
|
84 |
|
|
82 |
|
Adjusted operating income |
$ |
799 |
|
$ |
811 |
|
Adjusted operating margin(a) |
|
36.3 |
% |
|
36.7 |
% |
|
|
|
Net income |
$ |
540 |
|
$ |
556 |
|
Intangible asset
amortization |
|
70 |
|
|
68 |
|
Discrete tax items |
|
(6 |
) |
|
(5 |
) |
Adjusted net income |
$ |
604 |
|
$ |
618 |
|
|
|
|
Diluted earnings per common
share |
$ |
13.95 |
|
$ |
14.35 |
|
Intangible asset
amortization |
|
1.81 |
|
|
1.75 |
|
Discrete tax items |
|
(0.16 |
) |
|
(0.13 |
) |
Adjusted diluted earnings per common share |
$ |
15.60 |
|
$ |
16.00 |
|
(a) Adjusted operating margin is calculated as
Adjusted operating income divided by Revenues.
Free Cash Flow
(Unaudited) |
Three Months Ended |
|
|
November 30, |
|
(In
thousands) |
|
2023 |
|
|
2022 |
|
Change |
Net Cash Provided for Operating Activities |
$ |
155,144 |
|
$ |
106,636 |
|
|
Less: purchases of property,
equipment, leasehold improvements and capitalized internal-use
software |
|
(16,466 |
) |
|
(17,960 |
) |
|
Free Cash Flow |
$ |
138,678 |
|
$ |
88,676 |
|
56.4 |
% |
Supplementary Schedules of Historical ASV by Client
Type
The following table presents the percentages and
growth rates of organic ASV by client type, excluding the impact of
currency movements, and may be useful to facilitate historical
comparisons. Organic ASV excludes acquisitions and dispositions
completed within the last twelve months and the effects of foreign
currency movements. The numbers below do not include professional
services or issuer fees.
|
Q1'24 |
Q4'23 |
Q3'23 |
Q2'23 |
Q1'23 |
Q4'22 |
Q3'22 |
Q2'22 |
% of ASV from buy-side clients |
82.0% |
81.8% |
82.1% |
82.8% |
82.8% |
82.9% |
83.7% |
83.6% |
% of ASV from sell-side
clients |
18.0% |
18.2% |
17.9% |
17.2% |
17.2% |
17.1% |
16.3% |
16.4% |
|
|
|
|
|
|
|
|
|
ASV Growth rate from buy-side
clients |
7.2% |
6.9% |
7.3% |
8.1% |
8.0% |
8.5% |
9.6% |
8.4% |
ASV Growth rate from sell-side
clients |
7.6% |
9.3% |
12.3% |
15.8% |
14.4% |
13.8% |
12.9% |
12.6% |
The following table presents the calculation of organic ASV plus
professional services. (Details may not sum to total due to
rounding)
(In
millions) |
Q1'24 |
As reported ASV plus Professional Services (a) |
$ |
2,184.6 |
|
Currency impact (b) |
|
0.4 |
|
Organic ASV plus Professional
Services |
$ |
2,185.0 |
|
Organic ASV plus Professional
Services growth rate |
|
7.1 |
% |
(a) Includes $22.2 million in
professional services as of November 30, 2023.
(b) The impact of foreign
currency movements.
FactSet Research Systems (NYSE:FDS)
過去 株価チャート
から 4 2024 まで 5 2024
FactSet Research Systems (NYSE:FDS)
過去 株価チャート
から 5 2023 まで 5 2024