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FactSet Research Systems Inc. (FDS+0.36%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports revenues of $568.7 million, a 4.9% increase compared to the same period last year. This growth was driven by a 4.7% increase in organic revenues, a 0.1% increase from acquisition-related revenues, and a 0.1% increase due to foreign currency exchange rate fluctuations.
Operating expenses for the quarter were $377.3 million, up 6.8% from the previous year. Cost of services increased by 2.8% to $258.8 million, while selling, general, and administrative expenses rose by 16.7% to $118.6 million.
Operating income for the quarter was $191.3 million, a 1.2% increase from the prior year. The company's operating margin decreased to 33.6% from 34.9% in the previous year.
Net income for the quarter was $150.0 million, up from $148.6 million the previous year. Diluted earnings per common share were $3.89, compared to $3.84 in the prior year.
FactSet's annual subscription value (ASV) was reported at $2,265.9 million as of November 30, 2024, with organic ASV increasing by 4.5% to $2,258.8 million.
The company returned $88.0 million to shareholders through share repurchases and dividends during the quarter.
FactSet completed the acquisition of Platform Group Limited (Irwin) for $123.2 million, net of cash acquired, to expand its capabilities in investor relations and capital markets.
Cash and cash equivalents at the end of the period were $289.2 million, down from $423.0 million at the beginning of the quarter. Net cash provided by operating activities was $86.4 million.
The company noted a material weakness in its internal control over financial reporting related to IT general controls, which it is in the process of remediating.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FactSet Research Systems Inc. quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.