2017 Q1 Form 10-Q Financial Statement

#000156459017008974 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $301.2M $278.8M
YoY Change 8.03% 6.11%
Cost Of Revenue $67.46M $63.17M
YoY Change 6.79% -9.63%
Gross Profit $233.7M $215.7M
YoY Change 8.39% 11.82%
Gross Profit Margin 77.6% 77.34%
Selling, General & Admin $63.95M $63.58M
YoY Change 0.59% -12.26%
% of Gross Profit 27.36% 29.48%
Research & Development $18.97M $18.93M
YoY Change 0.22% -18.38%
% of Gross Profit 8.12% 8.78%
Depreciation & Amortization $8.838M $8.168M
YoY Change 8.2% 13.33%
% of Gross Profit 3.78% 3.79%
Operating Expenses $82.92M $82.51M
YoY Change 0.5% -13.74%
Operating Profit $130.7M $113.1M
YoY Change 15.55% 27.49%
Interest Expense $29.02M $22.90M
YoY Change 26.72% 106.19%
% of Operating Profit 22.2% 20.24%
Other Income/Expense, Net -$29.11M -$22.36M
YoY Change 30.15% 101.8%
Pretax Income $101.6M $90.78M
YoY Change 11.95% 16.89%
Income Tax $28.67M $30.41M
% Of Pretax Income 28.22% 33.5%
Net Earnings $72.95M $60.37M
YoY Change 20.85% 37.74%
Net Earnings / Revenue 24.22% 21.65%
Basic Earnings Per Share $0.80 $0.61
Diluted Earnings Per Share $0.80 $0.60
COMMON SHARES
Basic Shares Outstanding 90.71M 99.43M
Diluted Shares Outstanding 91.62M 100.0M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $697.0M $445.0M
YoY Change 56.63% -17.26%
Cash & Equivalents $697.0M $445.0M
Short-Term Investments
Other Short-Term Assets $29.40M $58.60M
YoY Change -49.83% -11.35%
Inventory
Prepaid Expenses
Receivables $262.3M $260.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $988.7M $763.8M
YoY Change 29.44% -3.15%
LONG-TERM ASSETS
Property, Plant & Equipment $93.16M $96.01M
YoY Change -2.97% -1.53%
Goodwill $1.556B $1.564B
YoY Change -0.49% 0.15%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.08M $18.26M
YoY Change -0.98% -40.96%
Total Long-Term Assets $2.016B $2.068B
YoY Change -2.48% -1.9%
TOTAL ASSETS
Total Short-Term Assets $988.7M $763.8M
Total Long-Term Assets $2.016B $2.068B
Total Assets $3.005B $2.832B
YoY Change 6.13% -2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.138M $1.514M
YoY Change -24.83% 32.92%
Accrued Expenses $112.8M $61.89M
YoY Change 82.27% -4.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $496.3M $468.5M
YoY Change 5.94% 3.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.076B $1.580B
YoY Change 31.39% 97.5%
Other Long-Term Liabilities $62.20M $61.55M
YoY Change 1.06% 17.74%
Total Long-Term Liabilities $2.138B $1.642B
YoY Change 30.25% 92.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $496.3M $468.5M
Total Long-Term Liabilities $2.138B $1.642B
Total Liabilities $2.726B $2.216B
YoY Change 23.03% 53.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.197B
YoY Change 14.4%
Common Stock $1.197B
YoY Change 15.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.742B
YoY Change 191.02%
Treasury Stock Shares 32.25M shares
Shareholders Equity $278.8M $615.7M
YoY Change
Total Liabilities & Shareholders Equity $3.005B $2.832B
YoY Change 6.13% -2.24%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $72.95M $60.37M
YoY Change 20.85% 37.74%
Depreciation, Depletion And Amortization $8.838M $8.168M
YoY Change 8.2% 13.33%
Cash From Operating Activities $37.02M $36.89M
YoY Change 0.35% -44.68%
INVESTING ACTIVITIES
Capital Expenditures $7.322M $3.135M
YoY Change 133.56% -36.46%
Acquisitions $60.00K
YoY Change
Other Investing Activities -$100.0K
YoY Change
Cash From Investing Activities -$9.629M -$5.520M
YoY Change 74.44% -12.66%
FINANCING ACTIVITIES
Cash Dividend Paid $25.50M $21.89M
YoY Change 16.5% 7.24%
Common Stock Issuance & Retirement, Net $100.4M $346.7M
YoY Change -71.05% 3249.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -125.2M -366.2M
YoY Change -65.8% 1249.37%
NET CHANGE
Cash From Operating Activities 37.02M 36.89M
Cash From Investing Activities -9.629M -5.520M
Cash From Financing Activities -125.2M -366.2M
Net Change In Cash -97.84M -334.8M
YoY Change -70.78% -1107.61%
FREE CASH FLOW
Cash From Operating Activities $37.02M $36.89M
Capital Expenditures $7.322M $3.135M
Free Cash Flow $29.69M $33.75M
YoY Change -12.03% -45.34%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:4.54%;">Concentrations</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">BlackRock, Inc. accounted for 10.3% of the Company&#8217;s consolidated operating revenues for the three months ended March&#160;31, 2017 while no single customer represented 10.0% or more of the Company&#8217;s consolidated operating revenues for the three months ended March&#160;31, 2016. For the three months ended March&#160;31, 2017 and 2016, BlackRock, Inc. accounted for 18.6% and 17.0% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of revenues within the Analytics and All Other segments for the three months ended March&#160;31, 2017 and 2016.</p></div>
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The 2014 Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “Amendment”) to the 2014 Revolving Credit Agreement (the 2014 Revolving Credit Agreement as so amended, the “Revolving Credit Agreement”). The Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term.
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0.282
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.335
CY2017Q1 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
3500000
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.035
CY2017Q1 us-gaap Significant Change In Unrecognized Tax Benefits Nature Of Event
SignificantChangeInUnrecognizedTaxBenefitsNatureOfEvent
It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months.
CY2017Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Not Possible
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeNotPossible
At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2017Q1 msci Operating Segment Profitability
OperatingSegmentProfitability
150691000
CY2016Q1 msci Operating Segment Profitability
OperatingSegmentProfitability
133149000
CY2017Q1 us-gaap Noncurrent Assets
NoncurrentAssets
1988716000
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1999075000

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