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IHS Inc. Reports Second Quarter 2013 Results

IHS Inc. (NYSE: IHS), the leading global source of information and analytics, today reported results for the second quarter ended May 31, 2013.

  • Revenue of $418 million, up eight percent from the prior-year period
  • Organic revenue growth rate of three percent overall, including six percent for subscription-based business
  • Adjusted EBITDA of $130 million, or 31.1 percent of revenue
  • Adjusted earnings per diluted share (adjusted EPS) of $1.04, up seven percent from the prior-year period
  • Free cash flow of $219 million year-to-date, up 49 percent from the prior-year period

Adjusted EBITDA, adjusted EPS, and free cash flow are non-GAAP financial measures used by management to measure operating performance. These terms are defined elsewhere in this release. Please see schedules appearing later in this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

Second Quarter and Year-to-Date 2013 Financial Performance

  Three months ended May 31,   Change   Six months ended May 31,   Change
(in thousands, except percentages and per share data) 2013   2012 $   % 2013   2012 $   %
Revenue $ 418,143 $ 387,159 $ 30,984 8 % $ 800,668 $ 729,902 $ 70,766 10 %
 
Net income $ 42,890 $ 44,191 $ (1,301 ) (3 )% $ 67,561 $ 67,666 $ (105 ) %
Adjusted EBITDA $ 130,156 $ 120,086 $ 10,070 8 % $ 248,350 $ 223,719 $ 24,631 11 %
 
GAAP EPS $ 0.65 $ 0.66 $ (0.01 ) (2 )% $ 1.01 $ 1.02 $ (0.01 ) (1 )%
Adjusted EPS $ 1.04 $ 0.97 $ 0.07 7 % $ 1.90 $ 1.73 $ 0.17 10 %
 
Cash flow from operations $ 129,480 $ 145,191 $ (15,711 ) (11 )% $ 261,166 $ 178,174 $ 82,992 47 %
Free cash flow $ 106,411 $ 127,073 $ (20,662 ) (16 )% $ 218,730 $ 146,500 $ 72,230 49 %
 

“We achieved our second quarter adjusted earnings per share target in spite of difficult global economic headwinds, and our margins continued to expand despite the adverse impact from recent acquisitions and certain discrete items, which has us trending lower in some of our guidance ranges,” said Scott Key, IHS president and chief executive officer. “In addition, we realized strong growth in free cash flow for the first half of 2013 for this key performance metric and driver of shareholder value creation.”

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