filings.toolsItem 6. Selected Financial Data
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Item 6. Selected 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, 2017, 2016 and 2015 and the selected Consolidated Statement of Financial Condition data as of December 31, 2017 and 2016 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, 2017, 2016 and 2015 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, 2014 and 2013 and the selected Consolidated Statement of Financial Condition data as of December 31, 2015, 2014 and 2013 are derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K.
The selected financial information presented below may not be indicative of our future performance.
| Years Ended | ||||||||||||||||||||
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| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2017 | 2016 | 2015 (1) | 2014 (2) | 2013 (4) | ||||||||||||||||
| (in thousands, except operating margin and per share data) | ||||||||||||||||||||
| Operating revenues | $ | 1,274,172 | $ | 1,150,669 | $ | 1,075,013 | $ | 996,680 | $ | 913,364 | ||||||||||
| Total operating expenses | 694,984 | 662,565 | 671,115 | 659,514 | 573,033 | |||||||||||||||
| Operating income | 579,188 | 488,104 | 403,898 | 337,166 | 340,331 | |||||||||||||||
| Other expense (income), net | 112,289 | 102,166 | 54,344 | 28,828 | 27,503 | |||||||||||||||
| Provision for income taxes | 162,927 | 125,083 | 119,516 | 109,396 | 112,918 | |||||||||||||||
| Income from continuing operations, net of income taxes | 303,972 | 260,855 | 230,038 | 198,942 | 199,910 | |||||||||||||||
| Income (loss) from discontinued operations, net of income taxes | — | — | (6,390 | ) | 85,171 | (3) | 22,647 | |||||||||||||
| Net income | $ | 303,972 | $ | 260,855 | $ | 223,648 | $ | 284,113 | $ | 222,557 | ||||||||||
| Operating margin | 45.5 | % | 42.4 | % | 37.6 | % | 33.8 | % | 37.3 | % | ||||||||||
| Basic earnings per share: | ||||||||||||||||||||
| Earnings per basic common share from continuing operations | $ | 3.36 | $ | 2.72 | $ | 2.11 | $ | 1.72 | $ | 1.66 | ||||||||||
| Earnings per basic common share from discontinued operations | — | — | (0.06 | ) | 0.73 | 0.19 | ||||||||||||||
| Earnings per basic common share | $ | 3.36 | $ | 2.72 | $ | 2.05 | $ | 2.45 | $ | 1.85 | ||||||||||
| Diluted earnings per share: | ||||||||||||||||||||
| Earnings per diluted common share from continuing operations | $ | 3.31 | $ | 2.70 | $ | 2.09 | $ | 1.70 | $ | 1.64 | ||||||||||
| Earnings per diluted common share from discontinued operations | — | — | (0.06 | ) | 0.73 | 0.19 | ||||||||||||||
| Earnings per diluted common share | $ | 3.31 | $ | 2.70 | $ | 2.03 | $ | 2.43 | $ | 1.83 | ||||||||||
| Weighted average shares outstanding used in computing earnings per share | ||||||||||||||||||||
| Basic | 90,336 | 95,986 | 109,124 | 115,737 | 120,100 | |||||||||||||||
| Diluted | 91,914 | 96,540 | 109,926 | 116,706 | 121,074 | |||||||||||||||
| Dividends declared per common share | $ | 1.32 | $ | 1.00 | $ | 0.80 | $ | 0.18 | $ | — |
| As of or For the | ||||||||||||||||||||
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| Years Ended | ||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2017 | 2016 | 2015 (1) | 2014 (2) | 2013 (4) | ||||||||||||||||
| Cash and cash equivalents | $ | 889,502 | $ | 791,834 | $ | 777,706 | $ | 508,799 | $ | 358,434 | ||||||||||
| Accounts receivable (net of allowances) | $ | 327,597 | $ | 221,504 | $ | 208,239 | $ | 178,717 | $ | 169,490 | ||||||||||
| Goodwill and intangibles, net of accumulated amortization | $ | 1,882,457 | $ | 1,903,490 | $ | 1,957,111 | $ | 1,998,532 | $ | 2,408,871 | ||||||||||
| Total assets | $ | 3,275,668 | $ | 3,082,578 | $ | 3,146,987 | $ | 2,882,533 | $ | 3,129,286 | ||||||||||
| Deferred revenue | $ | 374,365 | $ | 334,358 | $ | 317,552 | $ | 310,775 | $ | 319,735 | ||||||||||
| Current maturities of long-term debt | $ | — | $ | — | $ | — | $ | — | $ | 18,301 | ||||||||||
| Long-term debt, net of current maturities | $ | 2,078,093 | $ | 2,075,201 | $ | 1,579,404 | $ | 788,358 | $ | 782,652 | ||||||||||
| Total shareholders' equity | $ | 401,012 | $ | 317,605 | $ | 901,487 | $ | 1,432,833 | $ | 1,564,347 |
| (1) | Includes the impact of the Insignis business (“Insignis”) from the October 16, 2015 acquisition date, which was not material. Deferred taxes have been presented in accordance with new accounting guidance prospectively beginning on December 31, 2015. Prior periods have not been retrospectively restated to match this presentation. |
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| (2) | Includes the results of GMI Ratings from the August 11, 2014 acquisition date, the impact of which was not material. |
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| (3) | Includes the net gain resulting from the disposition of ISS, the impact of which was not material. |
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| (4) | Includes the results of Investor Force Holdings, Inc. (“InvestorForce”) from the January 29, 2013 acquisition date, the impact of which was not material. |
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