Factset Research Systems (FDS) Q4 FY2021 earnings: revenue $412 million, up 7.4% on the year

Factset Research Systems Inc. (FDS) reported revenue of $412 million for Q4 FY2021, the quarter ended 31 August 2021, up 7.4% on the same quarter a year earlier. Net income was $101 million, up 13.5% on the year, and diluted earnings per share $2.62. The figures are the company's own, from the 10-K it filed with the SEC on 22 October 2021.

Revenue

$412 million

+7.4% on the year · +3.1% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

28.9%

25.7% a year earlier

Q1 FY2020Q4 FY2021

Net income

$101 million

+13.5% on the year · +0.4% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.62

+14.4% on the year · -0.0% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	412	400	384	+3.1%	+7.4%
Cost of revenue	n/a	205	184
Gross profit	n/a	194	200
Gross margin	n/a	48.6%	52.1%
Selling, general and administrative	95.2	76.6	101	+24.3%	-6.2%
Operating income	119	118	98.6	+1.3%	+20.9%
Operating margin	28.9%	29.5%	25.7%
Interest expense	2.1	2.0	2.0	+5.0%	+5.0%
Pre-tax income	118	114	96.1	+3.6%	+23.2%
Income tax	17.4	13.6	7.1	+27.8%	+146.0%
Effective tax rate	14.7%	11.9%	7.3%
Net income	101	101	89.1	+0.4%	+13.5%
Net margin	24.5%	25.2%	23.2%
Diluted EPS	$2.62	$2.62	$2.29	-0.0%	+14.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	185	140	159	+31.8%	+16.0%
Capital expenditure	13.9	18.7	14.7	-25.4%	-5.6%
Free cash flow	171	122	145	+40.6%	+18.2%
Free cash flow margin	41.5%	30.4%	37.7%
Cash from investing	-47.6	-18.7	-12.2
Cash from financing	-108	-68.1	-29.4
Depreciation and amortisation	n/a	n/a	16.3
Share-based compensation	11.7	11.0	8.3	+6.8%	+42.1%
Buybacks	92.5	57.6	28.6	+60.7%	+223.2%
Dividends paid	30.8	29.0	29.0	+6.3%	+6.1%
Diluted shares, weighted	39m	38m	39m	+0.2%	-1.0%
Shares outstanding at period end	38m	38m	38m	-0.4%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	1,016	1,031	896	-1.4%	+13.4%
Debt	575	574	574	+0.0%	+0.0%
Operating lease liabilities	260	272	272	-4.5%	-4.5%
Other liabilities	374	341	340	+9.8%	+9.9%
Total liabilities and equity	2,225	2,218	2,083	+0.3%	+6.8%
Fixed assets	131	136	133	-3.3%	-1.3%
Goodwill	754	750	710	+0.6%	+6.3%
Intangible assets	135	131	121	+3.4%	+11.5%
Investments	36.0	18.4	19.6	+96.0%	+83.9%
Cash and equivalents	682	658	586	+3.6%	+16.4%
Receivables	151	161	155	-6.1%	-2.5%
Other assets	335	364	359	-8.0%	-6.7%
Total assets	2,225	2,218	2,083	+0.3%	+6.8%

Questions

What was Factset Research Systems' revenue in Q4 FY2021?

Factset Research Systems (FDS) reported revenue of $412 million for Q4 FY2021, the quarter ended 31 August 2021, up 7.4% on the same quarter a year earlier.

How much did Factset Research Systems earn in Q4 FY2021?

Net income for Q4 FY2021 was $101 million, up 13.5% on the year, and diluted earnings per share $2.62.

When did Factset Research Systems report Q4 FY2021 results?

Factset Research Systems filed its 10-K for the year that ended with the quarter on 22 October 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	425	431	489	499	505	515	530	536	542	546	553	562	569	571	586	597	608	611	623	635
Cost of revenue	207	199	223	242	227	241	242	264	252	255	247	258	259	270	281	289	288	297	312	326
Gross profit	218	232	266	257	278	274	288	272	291	291	306	304	310	301	305	308	320	314	311	308
Gross margin	51%	54%	54%	52%	55%	53%	54%	51%	54%	53%	55%	54%	54%	53%	52%	52%	53%	51%	50%	49%
SG&A	91.2	98.1	120	124	106	105	116	131	102	109	103	173	119	116	111	131	128	129	144	152
Operating income	123	123	97.3	132	172	169	172	116	189	182	202	128	191	185	194	177	192	185	166	157
Operating margin	29%	29%	20%	26%	34%	33%	32%	22%	35%	33%	37%	23%	34%	33%	33%	30%	32%	30%	27%	25%
Interest expense	1.9	1.9	16.2	15.7	16.5	16.7	16.4	16.7	16.7	16.6	16.9	15.5	14.4	13.9	15.1	12.9	13.4	13.1	13.8	14.4
Pre-tax income	120	122	85.3	116	158	157	162	107	175	169	191	117	180	172	180	189	190	161	154	144
Tax rate	10%	10%	12%	10%	13%	16%	17%	39%	15%	16%	17%	24%	17%	16%	17%	19%	20%	17%	18%	16%
Net income	108	110	74.9	104	137	132	135	65.1	149	141	158	89.5	150	145	149	154	153	133	127	121
Net margin	25%	26%	15%	21%	27%	26%	25%	12%	27%	26%	29%	16%	26%	25%	25%	26%	25%	22%	20%	19%
Diluted EPS	$2.79	$2.84	$1.93	$2.69	$3.52	$3.38	$3.46	$1.68	$3.84	$3.65	$4.09	$2.32	$3.89	$3.76	$3.87	$4.03	$4.06	$3.59	$3.50	$3.41
Operating cash flow	72.9	122	192	151	107	165	219	156	155	144	238	163	86.4	174	254	212	121	212	285	205
Capital expenditure	8.6	12.0	15.4	15.2	18.0	17.5	26.0	n/a	16.5	21.9	21.3	26.0	25.9	23.7	25.2	34.0	30.8	26.0	30.5	27.4
Free cash flow	64.3	110	177	136	88.7	147	193	n/a	139	122	217	137	60.5	150	229	178	90.4	186	254	177
Buybacks	18.6	0.0	0.0	0.0	0.0	0.0	67.1	110	59.9	52.3	59.8	63.3	48.8	64.4	80.7	107	140	163	203	138
Dividends paid	30.7	30.8	30.9	33.6	33.7	33.8	33.9	37.2	37.1	37.1	37.2	39.4	39.2	39.6	39.5	41.6	41.4	41.0	40.3	41.5
Shares outstanding	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	37m	37m	36m	35m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 August 2021, filed 22 October 2021: the filing.