Annual Subscription Value ("ASV")
ASV advanced $5.0 million organically during the quarter. ASV totaled $847 million at November 30, 2012, up 7.0% organically over the prior year. Of this total, 81% is derived from buy-side clients and the remainder is from the sell-side firms who perform M&A advisory work and equity research. ASV at any given point in time represents the forward-looking revenues for the next 12 months from all services currently being supplied to clients.
Financial Highlights – First Quarter of Fiscal 2013
- ASV from U.S. operations was $578 million and $269 million was related to international operations.
- U.S. revenues were $143.9 million, up 7.0% from the year ago quarter.
- Non-U.S. revenues rose 8.3% to $67.2 million as compared to the same period in fiscal 2012.
- Operating margin was 33.7% for the quarter, down 40 basis points due to the acquisition of StreetAccount.
- Quarterly free cash flow was $44.5 million.
- Cash and investments totaled $225.2 million at November 30, 2012.
- The effective tax rate for the first quarter was 30.4% as compared to 32.1% a year ago.
Operational Highlights – First Quarter of Fiscal 2013
- Client count was 2,401 at November 30 th, a net increase of 9 clients and the 12 th consecutive quarter of net client growth.
- Annual client retention was greater than 95% of ASV and 92% when expressed as a percentage of clients.
- Users increased by 105 over the past three months and totaled 49,605 professionals at November 30 th. Additions from buy-side clients were partially offset by a decline from the sell-side.
- Employee count was 6,020 at November 30 th, up 10% over last year and an increase of 285 employees in the first quarter.
- Capital expenditures were $6.1 million.
- A regular quarterly dividend of $13.7 million or $0.31 per share was paid on December 18, 2012 to common stockholders of record as of November 30, 2012.
- The Company repurchased 270,000 shares for $25.4 million during the first quarter. At November 30, 2012, $164.3 million remains authorized for future repurchases.
- Common shares outstanding were 44.3 million at November 30, 2012.
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