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FactSet Research Systems Reports Results For The First Quarter Of Fiscal 2013

Stocks in this article: FDS

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.

Business Outlook

The following forward-looking statements reflect FactSet's expectations as of December 18, 2012. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. The Company does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.

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