Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following selected financial data has been derived from FactSet’s consolidated financial statements. This financial data should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.

Consolidated Statements of Income Data

	For the year ended August 31,
(in thousands, except per share data)	2017			2016			2015			2014		2013
Revenues	$	1,221,179		$	1,127,092		$	1,006,768		$	920,335	$	858,112
Operating income	$	352,135	(1)	$	349,676	(4)	$	331,918	(7)	$	302,219	$	269,419	(10)
Provision for income taxes	$	86,053		$	122,178		$	92,703		$	91,921	$	72,273
Net income	$	258,259	(2)	$	338,815	(5)	$	241,051	(8)	$	211,543	$	198,637	(11)
Diluted earnings per common share	$	6.51	(3)	$	8.19	(6)	$	5.71	(9)	$	4.92	$	4.45	(12)
Weighted average common shares (diluted)		39,642			41,365			42,235			42,970		44,624
Cash dividends declared per common share	$	2.12		$	1.88		$	1.66		$	1.48	$	1.32

Consolidated Balance Sheet Data

	As of August 31,
(in thousands)	2017		2016		2015		2014		2013
Cash and cash equivalents	$	194,731	$	228,407	$	158,914	$	116,378	$	196,627
Accounts receivable, net of reserves	$	148,331	$	97,797	$	95,064	$	90,354	$	73,290
Goodwill and intangible assets, net	$	881,103	$	546,076	$	348,339	$	327,463	$	280,796
Total assets	$	1,413,315	$	1,019,161	$	736,671	$	663,212	$	690,197
Non-current liabilities	$	652,485	$	343,570	$	65,307	$	24,839	$	30,165
Total stockholders’ equity	$	559,691	$	517,381	$	531,584	$	511,082	$	541,779

(1)	Operating income in fiscal 2017 includes pre-tax charges of $5.6 million related to modifications of certain share-based compensation grants $5.0 million related to restructuring actions initiated by the Company and $7.4 million of other non-recurring expenses related primarily to the BISAM and FactSet Digital Solutions acquisitions.

(2)	Fiscal 2017 net income includes $4.2 million (after-tax) related to modifications of certain share-based compensation grants, $3.7 million (after-tax) related to restructuring actions initiated by the Company and $5.5 million (after-tax) of other non-recurring expenses related primarily to the BISAM and FactSet Digital Solutions acquisitions. Fiscal 2017 net income also includes a loss of $0.9 million (after-tax) from the final working capital adjustment related to sale of FactSet’s Market Metrics business in the fourth quarter of fiscal 2016. These charges were offset by income tax benefits of $1.9 million related primarily to finalizing prior year tax returns and other discrete items.

(3)	Diluted EPS for fiscal 2017 includes a $0.11 decrease in diluted EPS from the modifications of certain share-based compensation grants, a $0.09 decrease from the restructuring actions, a $0.13 decrease from the other non-recurring items related primarily to the BISAM and FactSet Digital Solutions acquisitions and $0.02 decrease from the working capital adjustment, partially offset by a $0.05 increase in diluted EPS from the income tax benefits.

(4)	Operating income in fiscal 2016 includes pre-tax charges of $4.6 million related primarily to legal matters, $2.8 million from restructuring actions initiated by the Company and $1.8 million related to a change in the vesting of performance-based equity options.

(5)	Fiscal 2016 net income includes $3.3 million (after-tax) of non-recurring items related primarily to legal matters, $2.0 million (after-tax) from restructuring actions initiated by the Company, $1.2 million (after-tax) related to a change in the vesting of performance-based equity instruments, income tax benefits of $10.5 million primarily from the permanent reenactment of the U.S. Federal R&D Tax Credit, finalizing the fiscal 2015 tax returns and other discrete items and a gain of $81.7 million (after-tax) related to the sale of FactSet’s Market Metrics business in July 2016.

(6)	Diluted EPS for fiscal 2016 includes the net effect of a $2.01 increase in diluted EPS from the gain on sale and a $0.25 increase in diluted EPS from the income tax benefits, partially offset by a $0.08 decrease from the non-recurring items related primarily to legal matters, a $0.05 decrease from the restructuring actions and a $0.03 decrease from a change in the vesting of performance-based equity instruments.

(7)	Operating income in fiscal 2015 includes pre-tax charges of $3.0 million related to the vesting of performance-based equity instruments and $3.2 million primarily from changes in the senior leadership responsible for the Company’s sales force.

(8)	Fiscal 2015 net income includes $2.1 million (after-tax) of incremental expenses related to the vesting of performance-based equity instruments, $2.2 million (after-tax) related to the changes in the senior leadership responsible for the Company’s sales force and income tax benefits of $8.8 million primarily from the reenactment of the U.S. Federal R&D Tax Credit in December 2014, finalizing the fiscal 2014 tax returns and other discrete items.

(9)	Diluted EPS for fiscal 2015 includes the net effect of a $0.21 increase in diluted EPS from the income tax benefits partially offset by a $0.05 decrease from the vesting of performance-based equity instruments and a $0.05 decrease from the changes in the senior leadership responsible for the Company’s sales force.

(10)	Operating income for fiscal 2013 includes pre-tax charges totaling $18.3 million related to the vesting of performance-based stock options granted in connection with the acquisitions of Market Metrics and StreetAccount.

(11)	Fiscal 2013 net income includes $12.9 million (after-tax) of incremental expenses related to the vesting of performance-based stock options granted in connection with the acquisitions of Market Metrics and StreetAccount and income tax benefits of $7.2 million primarily from the reenactment of the U.S. Federal R&D Tax Credit in January 2013, and finalizing the fiscal 2012 tax returns.

(12)	Diluted EPS for fiscal 2013 includes the net effect of a $0.29 decrease from the vesting of performance-based options, partially offset by a $0.16 increase in diluted EPS from the income tax benefits.

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