Factset Research Systems (FDS) FY2022 results: revenue $1.8 billion, up 15.9% on the year

Factset Research Systems Inc. (FDS) reported revenue of $1.8 billion for fiscal 2022, the year ended 31 August 2022, up 15.9% on the year before. Net income was $397 million, down 0.7%, and diluted earnings per share $10.25. The figures are the company's own, from the 10-K it filed with the SEC on 21 October 2022.

Revenue

$1.8 billion

+15.9% on the year

FY2015FY2022

Operating margin

25.8%

29.8% a year earlier

FY2015FY2022

Net income

$397 million

-0.7% on the year

FY2015FY2022

Diluted EPS

$10.25

-1.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,844	1,591	1,494	+15.9%
Cost of revenue	871	786	695	+10.8%
Gross profit	973	805	799	+20.8%
Gross margin	52.8%	50.6%	53.5%
Research and development	255	250	224	+2.0%
Selling, general and administrative	433	331	343	+30.8%
Operating income	475	474	440	+0.3%
Operating margin	25.8%	29.8%	29.4%
Interest expense	35.7	8.1	12.9	+342.6%
Pre-tax income	444	468	427	-5.1%
Income tax	46.7	68.0	54.2	-31.4%
Effective tax rate	10.5%	14.5%	12.7%
Net income	397	400	373	-0.7%
Net margin	21.5%	25.1%	25.0%
Diluted EPS	$10.25	$10.36	$9.65	-1.1%

$ million except per share.

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	FY2022	FY2021	FY2020	On the year
Operating cash flow	538	555	506	-3.1%
Capital expenditure	51.2	61.3	77.6	-16.6%
Free cash flow	487	494	428	-1.4%
Free cash flow margin	26.4%	31.0%	28.7%
Cash from investing	-2,034	-136	-73.6
Cash from financing	1,339	-323	-218
Depreciation and amortisation	86.7	64.5	57.6	+34.4%
Share-based compensation	56.0	45.1	36.6	+24.3%
Buybacks	18.6	265	200	-93.0%
Dividends paid	126	118	110	+6.8%
Diluted shares, weighted	39m	39m	39m	+0.4%
Shares outstanding at period end	38m	38m	38m	+1.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,331	1,016	896	+31.0%
Debt	1,982	575	574	+245.0%
Operating lease liabilities	209	260	272	-19.8%
Other liabilities	492	374	340	+31.5%
Total liabilities and equity	4,014	2,225	2,083	+80.4%
Fixed assets	80.8	131	133	-38.5%
Goodwill	966	754	710	+28.1%
Intangible assets	1,896	135	121	+1,304.5%
Investments	33.2	36.0	19.6	-7.7%
Cash and equivalents	503	682	586	-26.2%
Receivables	204	151	155	+35.0%
Other assets	331	335	359	-1.3%
Total assets	4,014	2,225	2,083	+80.4%

10-K for the year ended 31 August 2022, filed 21 October 2022: the filing.