FactSet Research Systems Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>FactSet Research Systems Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>

AI Summary

FACTSET RESEARCH SYSTEMS INC (FDS) filed a Quarterly Report (10-Q) with the SEC on January 5, 2024. FactSet Research Systems Inc. filed a 10-Q report for the period ending November 30, 2023. The filing covers the first quarter of the fiscal year. The company's principal executive offices are located at 45 Glover Avenue, Norwalk, CT. FactSet Research Systems Inc. is incorporated in Delaware. The SIC code for the company is 7370, Services-Computer Programming, Data Processing, etc.

Why It Matters

For investors and stakeholders tracking FACTSET RESEARCH SYSTEMS INC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position during the first fiscal quarter. Key financial data and operational details disclosed in the 10-Q are crucial for understanding FactSet's business trajectory and making informed investment decisions.

Risk Assessment

Risk Level: low — FACTSET RESEARCH SYSTEMS INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain unusual or high-risk information.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-Q to assess FactSet's performance and outlook.

Key Numbers

• 2023-11-30 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-05 — Filing Date (FILED AS OF DATE)
• 2023-09-01 — Quarter Start Date (Period Start Date)
• 2022-11-30 — Prior Year Period End Date (Prior Year Period End Date)

Key Players & Entities

• FACTSET RESEARCH SYSTEMS INC (company) — FILER
• 45 GLOVER AVENUE (company) — BUSINESS ADDRESS
• NORWALK (company) — BUSINESS ADDRESS CITY
• CT (company) — BUSINESS ADDRESS STATE
• DE (company) — STATE OF INCORPORATION
• 7370 (company) — STANDARD INDUSTRIAL CLASSIFICATION

Forward-Looking Statements

• FactSet's net income growth will remain challenged in the near term. (FactSet Research Systems Inc.) — medium confidence, target: 2024-08-31
• The company will continue to utilize share repurchases to support shareholder value. (FactSet Research Systems Inc.) — high confidence, target: 2024-08-31

FAQ

Industry Context

FactSet Research Systems Inc. operates in the financial data and analytics industry, providing critical information and technology solutions to investment professionals.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the revenue and profitability trends for the quarter ended November 30, 2023.
2. Review any disclosed changes in debt, equity, or cash positions.
3. Examine management's discussion and analysis for insights into future outlook and strategic initiatives.

Key Dates

• 2023-11-30: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-01-05: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending November 30, 2023. Comparison to prior filings will be possible once more data is available.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value FDS New York Stock Exchange L

Filing Documents

• fds-20231130.htm (10-Q) — 1289KB
• fds-20241130xexx311.htm (EX-31.1) — 10KB
• fds-20241130xexx312.htm (EX-31.2) — 10KB
• fds-20241130xexx321.htm (EX-32.1) — 4KB
• fds-20241130xexx322.htm (EX-32.2) — 5KB
• fds-20231130_g1.jpg (GRAPHIC) — 3KB
• 0001013237-24-000009.txt (&nbsp;) — 7421KB
• fds-20231130.xsd (EX-101.SCH) — 43KB
• fds-20231130_cal.xml (EX-101.CAL) — 75KB
• fds-20231130_def.xml (EX-101.DEF) — 279KB
• fds-20231130_lab.xml (EX-101.LAB) — 657KB
• fds-20231130_pre.xml (EX-101.PRE) — 479KB
• fds-20231130_htm.xml (XML) — 1058KB

Financial Statements

Financial Statements Consolidated Statements of Income for the three months ended November 30, 2023 and 2022 4 Consolidated Statements of Comprehensive Income for the three months ended November 30, 2023 and 2022 5 Consolidated Balance Sheets at November 30, 2023 and August 31, 2023 6 Consolidated Statements of Cash Flows for the three months ended November 30, 2023 and 2022 7 Consolidated Statements of Changes in Stockholders' Equity for the three months ended November 30, 2023 and 2022 8 Notes to the Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 48 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 For additional information about FactSet Research Systems Inc. and access to its Annual Reports to Stockholders and Securities and Exchange Commission filings, free of charge, please visit FactSet's website ( https://investor.factset.com) . Any information on or linked from the website is not incorporated by reference into this Quarterly Report on Form 10-Q. 2 Table of Contents Special Note Regarding Forward-Looking Statements FactSet Research Systems Inc. has made statements under the captions Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Part II, Item 1A. Risk Factors, and in other sections of this Quarterly Report on Form 10-Q for the three months ended November 30, 2023, that are forward-looking statements. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "intends," "projects," "indicates," "predicts," "potential," or "continue," and similar expressions. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance and anticipated trends in our business. These statements are only predictions based on our current expectations, estimates, forecasts and projections about future events. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. There are many important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the numerous factors discussed under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended August 31, 2023, that should be specifically considered. Although we believe the expec

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FactSet Research Systems Inc. CONSOLIDATED STATEMENTS OF INCOME – Unaudited Three Months Ended November 30, (in thousands, except per share data) 2023 2022 Revenues $ 542,216 $ 504,815 Operating expenses Cost of services 251,621 227,042 Selling, general and administrative 100,711 105,596 Asset impairments 844 282 Total operating expenses 353,176 332,920 Operating income 189,040 171,895 Other income (expense), net Interest income 3,012 2,205 Interest expense ( 16,738 ) ( 16,537 ) Other income (expense), net ( 118 ) 322 Total other income (expense), net ( 13,844 ) ( 14,010 ) Income before income taxes 175,196 157,885 Provision for income taxes 26,641 21,087 Net income $ 148,555 $ 136,798 Basic earnings per common share $ 3.91 $ 3.59 Diluted earnings per common share $ 3.84 $ 3.52 Basic weighted average common shares 38,016 38,122 Diluted weighted average common shares 38,643 38,914 The accompanying notes are an integral part of these Consolidated Financial Statements. 4 Table of Contents FactSet Research Systems Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – Unaudited Three Months Ended November 30, (in thousands) 2023 2022 Net income $ 148,555 $ 136,798 Other comprehensive income (loss), net of tax Net unrealized gain (loss) on cash flow hedges (1) ( 1,654 ) 6,555 Foreign currency translation adjustment gains (losses) 1,908 8,769 Other comprehensive income (loss) 254 15,324 Comprehensive income $ 148,809 $ 152,122 (1) Presented net of a tax benefit of $ 588 thousand and a tax expense of $ 2,264 thousand for the three months ended November 30, 2023 and November 30, 2022, respectively. The accompanying notes are an integral part of these Consolidated Financial Statements. 5 Table of Contents FactSet Research Systems Inc. CONSOLIDATED BALANCE SHEETS – Unaudited (in thousands, except share data) November 30, 2023 August 31, 2023 ASSETS Cash and cash equivalents $ 411,855

View Full Filing

View this 10-Q filing on SEC EDGAR