filings.toolsItem 6. Selected Consolidated Financial Data
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Item 6. Selected Consolidated Financial Data
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Our selected consolidated financial data for the periods presented should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto beginning on page F-1 of this Annual Report on Form 10-K.
The selected Consolidated Statement of Income data for the years ended December 31, 2014, 2013 and 2012 and the selected Consolidated Statement of Financial Condition data as of December 31, 2014 and 2013 are derived from our audited consolidated financial statements beginning on page F-1 of this Annual Report on Form 10-K. Our consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 have been audited and reported upon by an independent registered public accounting firm in each period. The selected Consolidated Statement of Income data for the years ended December 31, 2011 and November 30, 2010 and for the one month ended December 31, 2010 and the selected Consolidated Statement of Financial Condition data as of December 31, 2012, 2011 and 2010 and November 30, 2010 are derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K.
The presentation and numbers below have been adjusted to reflect the disposition of ISS and CFRA and the revision related to certain income tax amounts. See Note 1, “Introduction and Basis of Presentation_—Organization_ and —Revision” of the Notes to the Consolidated Financial Statements included herein for further information.
The selected financial information presented below may not be indicative of our future performance.
| As of or for the | ||||||||||||||||||||||||
| Years Ended | One Month Ended | |||||||||||||||||||||||
| December 31, 2014 (1) | December 31, 2013 (2) | December 31, 2012 (3) | December 31, 2011 | November 30, 2010(4) | December 31, 2010 | |||||||||||||||||||
| (in thousands, except operating margin and per share data) | ||||||||||||||||||||||||
| Operating revenues | $ | 996,680 | $ | 913,364 | $ | 826,990 | $ | 781,355 | $ | 604,307 | $ | 61,841 | ||||||||||||
| Total operating expenses | 659,514 | 573,033 | 508,755 | 484,193 | 406,629 | 38,993 | ||||||||||||||||||
| Operating income | 337,166 | 340,331 | 318,235 | 297,162 | 197,678 | 22,848 | ||||||||||||||||||
| Other expense (income), net | 28,828 | 27,503 | 57,434 | 59,592 | 51,341 | 5,758 | ||||||||||||||||||
| Provision for income taxes | 109,396 | 112,918 | 96,010 | 78,634 | 58,492 | 5,238 | ||||||||||||||||||
| Income from continuing operations | 198,942 | 199,910 | 164,791 | 158,936 | 87,845 | 11,852 | ||||||||||||||||||
| Income from discontinued operations, net of income taxes | 85,171 | 22,647 | 19,447 | 14,518 | 4,325 | 1,972 | ||||||||||||||||||
| Net income | $ | 284,113 | $ | 222,557 | $ | 184,238 | $ | 173,454 | $ | 92,170 | $ | 13,824 | ||||||||||||
| Operating margin | 33.8 | % | 37.3 | % | 38.5 | % | 38.0 | % | 32.7 | % | 36.9 | % | ||||||||||||
| Earnings per basic common share from continuing operations | $ | 1.72 | $ | 1.66 | $ | 1.34 | $ | 1.31 | $ | 0.78 | $ | 0.10 | ||||||||||||
| Earnings per basic common share from discontinued operations | 0.73 | 0.19 | 0.16 | 0.12 | 0.04 | 0.01 | ||||||||||||||||||
| Earnings per basic common share | $ | 2.45 | $ | 1.85 | $ | 1.50 | $ | 1.43 | $ | 0.82 | $ | 0.11 | ||||||||||||
| Earnings per diluted common share from continuing operations | $ | 1.70 | $ | 1.64 | $ | 1.32 | $ | 1.29 | $ | 0.77 | $ | 0.10 | ||||||||||||
| Earnings per diluted common share from discontinued operations | 0.73 | 0.19 | 0.16 | 0.12 | 0.04 | 0.01 | ||||||||||||||||||
| Earnings per diluted common share | $ | 2.43 | $ | 1.83 | $ | 1.48 | $ | 1.41 | $ | 0.81 | $ | 0.11 | ||||||||||||
| Weighted average shares outstanding used in computing earnings per share | ||||||||||||||||||||||||
| Basic | 115,737 | 120,100 | 122,023 | 120,717 | 112,074 | 119,943 | ||||||||||||||||||
| Diluted | 116,706 | 121,074 | 123,204 | 122,276 | 113,357 | 121,803 | ||||||||||||||||||
Table of Contents
| As of or for the | ||||||||||||||||||||||||
| Years Ended | One Month Ended | |||||||||||||||||||||||
| December 31, 2014 (1) | December 31, 2013 (2) | December 31, 2012 (3) | December 31, 2011 | November 30, 2010(4) | December 31, 2010 | |||||||||||||||||||
| (in thousands, except operating margin and per share data) | ||||||||||||||||||||||||
| Dividends declared per common share | $ | 0.18 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Cash and cash equivalents | $ | 508,799 | $ | 358,434 | $ | 183,309 | $ | 252,211 | $ | 226,575 | $ | 269,423 | ||||||||||||
| Short-term investments | $ | — | $ | — | $ | 70,898 | $ | 140,490 | $ | 73,891 | $ | 72,817 | ||||||||||||
| Accounts receivable (net of allowances) | $ | 178,717 | $ | 169,490 | $ | 153,557 | $ | 180,566 | $ | 147,662 | $ | 137,988 | ||||||||||||
| Goodwill and intangible assets, net of accumulated amortization | $ | 1,998,532 | $ | 2,408,871 | $ | 2,438,827 | $ | 2,367,809 | $ | 2,437,264 | $ | 2,431,700 | ||||||||||||
| Total assets | $ | 2,894,175 | $ | 3,136,115 | $ | 3,021,953 | $ | 3,095,310 | $ | 3,025,480 | $ | 3,059,795 | ||||||||||||
| Deferred revenue | $ | 310,775 | $ | 319,735 | $ | 308,022 | $ | 289,217 | $ | 271,300 | $ | 268,807 | ||||||||||||
| Current maturities of long-term debt | $ | — | $ | 19,772 | $ | 43,093 | $ | 10,339 | $ | 54,916 | $ | 54,932 | ||||||||||||
| Long-term debt, net of current maturities | $ | 800,000 | $ | 788,010 | $ | 811,623 | $ | 1,066,548 | $ | 1,207,881 | $ | 1,207,966 | ||||||||||||
| Total shareholders’ equity | $ | 1,432,833 | $ | 1,564,347 | $ | 1,413,950 | $ | 1,294,151 | $ | 1,068,836 | $ | 1,090,889 | ||||||||||||
| (1) | Includes the results of GMI Ratings from the August 11, 2014 acquisition date. |
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| (2) | Includes the results of InvestorForce from the January 29, 2013 acquisition date. |
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| (3) | Includes the results of IPD from the November 30, 2012 acquisition date. |
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| (4) | Includes the results of RiskMetrics and Measurisk from the June 1, 2010 and July 30, 2010 acquisition dates, respectively. |
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Table of Contents
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