Factset Research Systems Inc. Q3 FY2024 results: revenue $553 million, up 4.3% on the year

Factset Research Systems Inc. (FDS) reported revenue of $553 million for Q3 FY2024, the quarter ended 31 May 2024, up 4.3% on the same quarter a year earlier. Net income was $158 million, up 17.4% on the year, and diluted earnings per share $4.09. The figures are the company's own, from the 10-Q it filed with the SEC on 3 July 2024.

Revenue$553 millionup 4.3%

Net income$158 millionup 17.4%

Diluted EPS$4.09

QuarterQ3 FY2024ended 31 May 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	553	546	n/a	n/a
Cost of revenue	247	255	n/a	n/a
Gross profit	306	291	n/a	n/a
Gross margin	55.3%	53.3%	n/a
Selling, general and administrative	103	109	n/a	n/a
Operating income	202	182	n/a	n/a
Operating margin	36.6%	33.3%	n/a
Interest expense	16.9	16.6	n/a	n/a
Pre-tax income	191	169	n/a	n/a
Income tax	32.4	27.7	n/a	n/a
Effective tax rate	17.0%	16.4%	n/a
Net income	158	141	n/a	n/a
Net margin	28.6%	25.8%	n/a
Diluted EPS	$4.09	$3.65	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	238	144	n/a	n/a
Capital expenditure	21.3	21.9	n/a	n/a
Free cash flow	217	122	n/a	n/a
Free cash flow margin	39.2%	22.3%	n/a
Depreciation and amortisation	32.5	31.6	n/a	n/a
Share-based compensation	15.7	16.7	n/a	n/a
Buybacks	59.8	52.3	n/a	n/a
Dividends paid	37.2	37.1	n/a	n/a
Dividend per share	$1.04	$0.98	n/a	n/a
Diluted shares, weighted	39m	39m	n/a	n/a
Shares outstanding at period end	38m	38m	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	4,040	3,991	n/a	n/a
Cash and equivalents	453	382	n/a	n/a
Receivables	240	272	n/a	n/a
Goodwill	1,005	1,004	n/a	n/a
Long-term debt	1,428	1,489	n/a	n/a
Borrowings, as the company tags them	1,438	1,500	n/a	n/a
Operating lease liabilities	184	186	n/a	n/a
Shareholders' equity	1,890	1,802	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	536	542	546	553	562	569	571	586	597	608	611	623
Cost of revenue	264	252	255	247	258	259	270	281	289	288	297	312
Gross profit	272	291	291	306	304	310	301	305	308	320	314	311
Gross margin	51%	54%	53%	55%	54%	54%	53%	52%	52%	53%	51%	50%
SG&A	131	101	109	103	173	119	116	111	131	128	129	144
Operating income	116	189	182	202	128	191	185	194	177	192	185	166
Operating margin	22%	35%	33%	37%	23%	34%	33%	33%	30%	32%	30%	27%
Interest expense	16.7	16.7	16.6	16.9	15.5	14.4	13.9	15.1	12.9	13.4	13.1	13.8
Pre-tax income	107	175	169	191	117	180	172	180	189	190	161	154
Tax rate	39%	15%	16%	17%	24%	17%	16%	17%	19%	20%	17%	18%
Net income	65.1	149	141	158	89.5	150	145	149	154	153	133	127
Net margin	12%	27%	26%	29%	16%	26%	25%	25%	26%	25%	22%	20%
Diluted EPS	$1.68	$3.84	$3.65	$4.09	$2.33	$3.89	$3.76	$3.87	$4.03	$4.06	$3.59	$3.50
Operating cash flow	156	155	144	238	163	86.4	174	254	212	121	212	285
Capital expenditure	n/a	16.5	21.9	21.3	26.0	25.9	23.7	25.2	34.0	30.8	26.0	30.5
Free cash flow	n/a	139	122	217	137	60.5	150	229	178	90.4	186	254
Buybacks	110	59.9	52.3	59.8	63.3	48.8	64.4	80.7	107	140	163	203
Dividends paid	37.2	37.1	37.1	37.2	39.4	39.2	39.6	39.5	41.6	41.4	41.0	40.3
Shares outstanding	38m	38m	38m	38m	38m	38m	38m	38m	38m	37m	37m	36m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* 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. 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.

Source

10-Q for the period ended 31 May 2024, filed 3 July 2024, accession 0001013237-24-000084: the filing on EDGAR. All of Factset Research Systems Inc.'s filings: EDGAR company page.

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