You are on page 1of 88

Company Name: FactSet Research Systems Inc.

Form Type: 10-K


Filed On: 10/31/2011

Income Statement

Years Ended August 31,


Revenues

2,009
$622,023.00

2,010
$641,059.00

2,011
$726,510.00

Operating expenses
Cost of services
Selling, general and administrative

209,364
201,629

206,550
212,875

244,623
243,552

Total operating expenses

410,993

419,425

488,175

Operating income
Other income

211,030
1,092

221,634
547

238,335
623

Income before income taxes


Provision for income taxes

212,122
67,172

222,181
71,970

238,958
67,912

$144,950.00

$150,211.00

$171,046.00

$3.07
$2.97

$3.22
$3.13

$3.72
$3.61

47,158
48,789

46,698
48,004

45,953
47,355

Net income
Basic earnings per common share
Diluted earnings per common share
Weighted average common shares (Basic)
Weighted average common shares (Diluted)

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Income Statement

(in thousands, except per share data)


Revenues
Cost of services
Selling, general and administrative
Operating income
Other income
Income before income taxes
Provision for income taxes
Net income
Diluted earnings per common share
Weighted average common shares (diluted)
Cash dividends declared per common share

2007
$475,801

155,091
155,091
53,309
109,567
$2.14
51,284
$0.36

Years Ended August 31,


2008
2009
2010
$575,519
$622,023
$641,059
209,364
206,550
201,629
212,875
183,887
211,030
221,634
1,092
547
183,887
212,122
222,181
64,030
67,172
71,970
125,017
144,950
150,211
$2.50
$2.97
$3.13
50,080
48,789
48,004
$0.60
$0.76
$0.86

Professionals Using FactSet


Client Count

42,800
2,110

2011
$726,510
244,623
243,552
238,335
623
238,958
67,912
171,046
$3.61
47,355
$1.00
48,100
2,237
$15.10
$1.26

Consolidated Balance Sheet Data


(in thousands)
Cash, cash equivalents and investments
Accounts receivable, net of reserves
Goodwill and intangible assets, net
Total assets
Non-current liabilities
Total stockholders' equity

2007
$186,222.00
59,579
182,976
523,750
23,789
$409,311.00

2008
$143,018.00
74,859
246,113
587,274
29,177
$465,471.00

August 31,
2009
$216,320.00
62,854
227,705
633,952
33,760
$500,829.00

2010
$195,741.00
59,693
274,170
644,608
32,926
$502,406.00

2011
$181,685.00
75,004
274,575
657,440
32,829
$515,188.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Income Statement

Page(s)
Consolidated Financial Statements:
Management's Statement of Responsibility for Financial Statements

49

Management's Report on Internal Control over Financial Reporting


Report of Independent Registered Public Accounting Firm
Consolidated Statements of Income for the years ended August 31,
2011, 2010 and 2009
Consolidated Statements of Financial Condition at August 31, 2011
and 2010
Consolidated Statements of Cash Flows for the years ended August
31, 2011, 2010 and 2009
Consolidated Statements of Changes in Stockholders' Equity for the
years ended August 31, 2011, 2010 and 2009
Notes to the Consolidated Financial Statements

49
50

Financial Statement Schedule:


Schedule II - Valuation and Qualifying Accounts

51
52
53
54
55

85

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Income Statement

Years Ended August 31,


Revenues

2,011

2,010

2,009

$726,510.00

$641,059.00

$622,023.00

Operating expenses
Cost of services
Selling, general and administrative

244,623
243,552

206,550
212,875

209,364
201,629

Total operating expenses

488,175

419,425

410,993

Operating income
Other income

238,335
623

221,634
547

211,030
1,092

Income before income taxes


Provision for income taxes

238,958
67,912

222,181
71,970

212,122
67,172

$171,046.00

$150,211.00

$144,950.00

$3.72
$3.61

$3.22
$3.13

$3.07
$2.97

45,953
47,355

46,698
48,004

47,158
48,789

Net income
Basic earnings per common share
Diluted earnings per common share
Weighted average common shares (Basic)
Weighted average common shares (Diluted)

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Cash Flow

Years Ended August 31,


CASH FLOWS FROM OPERATING ACTIVITIES
Net income
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation and amortization
Stock-based compensation expense
Deferred income taxes
Gain on sale of assets
Tax benefits from share-based payment arrangements
Changes in assets and liabilities, net of effects of acquisition
Accounts receivable, net of reserves
Accounts payable and accrued expenses
Accrued compensation
Deferred fees
Taxes payable, net of prepaid taxes
Prepaid expenses and other assets
Deferred rent and other non-current liabilities
Other working capital accounts, net
Net cash provided by operating activities

2,011

2,010

2,009

$171,046.00

$150,211.00

$144,950.00

36,847
25,773
($1,806.00)
($22.00)
($18,331.00)

37,343
14,065
($5,827.00)
($80.00)
($24,492.00)

34,337
13,623
($4,318.00)
($101.00)
($4,374.00)

($15,311.00)
188
($7,882.00)
3,219
20,387
($6,597.00)
($676.00)
301

3,883
($1,308.00)
7,440
($7,759.00)
35,781
281
($359.00)
1,901

12,005
3,081
4,212
($526.00)
1,547
($3,163.00)
3,209
3,288

207,136

211,080

207,770

CASH FLOWS FROM INVESTING ACTIVITIES


Acquisition of business, net of cash acquired
Proceeds from sales of investments
Purchases of property, equipment and leasehold improvements, net
of proceeds from dispositions

($55,180.00)
-

25,260

($29,343.00)

($20,768.00)

($24,040.00)

Net cash (used in) provided by investing activities

($29,343.00)

($75,948.00)

1,220

CASH FLOWS FROM FINANCING ACTIVITIES


Dividend payments
Repurchase of common stock
Proceeds from employee stock plans
Tax benefits from share-based payment arrangements

($43,949.00)
($216,584.00)
43,079
18,331

($38,494.00)
($192,816.00)
55,250
24,492

($34,770.00)
($103,827.00)
23,804
4,374

Net cash used in financing activities

($199,123.00)

($151,568.00)

($110,419.00)

7,274

($4,143.00)

($237.00)

Effect of exchange rate changes on cash and cash equivalents

Net (decrease) increase in cash and cash equivalents


Cash and cash equivalents at beginning of year

($14,056.00)
195,741

($20,579.00)
216,320

98,334
117,986

Cash and cash equivalents at end of year

$181,685.00

$195,741.00

$216,320.00

Supplemental Disclosure of Cash Flow Information


Cash paid during the year for income taxes

$36,869.00

$38,450.00

$64,536.00

Supplemental Disclosure of Non-Cash Transactions


Dividends declared, not paid

$12,165.00

$10,586.00

$9,348.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Balance Sheet

Designation of Derivatives
Derivatives designated as hedging instruments

Derivatives not designated as hedging instruments

Balance Sheet Location


Assets: Foreign Currency Forward Contracts
Other current assets
Liabilities: Foreign Currency Forward Contracts
Accounts payable and accrued expenses
Deferred rent and other non-current liabilities

Aug 31, 2011

Aug 31, 2010

$897.00

$879.00

$-

($1,027.00)
($193.00)

Total liabilities

$-

($1,220.00)

None

$-

$-

$897.00

($341.00)

Net Derivative Assets (Liabilities)

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Income Statement

Receivable reserveand billing adjustments*


2,011
2,010
2,009

Balance at Beginning of Year

Charged to Expense/ Against Revenue


$1,862.00
$1,712.00
$1,681.00

$1,748.00
$2,903.00
$2,488.00

Write-offs, Net of Recoveries

Balance at End of Year


$1,655.00
$2,753.00
$2,457.00

$1,955.00
$1,862.00
$1,712.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

(in thousands)Years Ended August 31,


U.S
% of revenues
Europe
Asia Pacific
International
% of revenues
Consolidated

2011

2010

2009

$497,564.00
68.50%
$178,693.00
50,253

$435,351.00
67.90%
$161,649.00
44,059

$423,926.00
68.20%
$156,610.00
41,487

$228,946.00
31.50%
$726,510.00

$205,708.00
32.10%
$641,059.00

$198,097.00
31.80%
$622,023.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Name of Officer
Philip A. Hadley
Peter G. Walsh
Michael D. Frankenfield
Maurizio Nicolelli
Kieran M. Kennedy

Age

Office Held with the Company


49 Chairman of the Board of Directors, Chief Executive Officer
46 Executive Vice President, Chief Operating Officer
46 Executive Vice President, Director of Global Sales
Senior Vice President, Director of Finance and Principal Financial
43 Officer
46 Senior Vice President, Director of Global Sales Operations

Officer Since
2,000
2,005
2,001
2,009
2,002

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


2,012
2,013
2,014
2,015
2,016
Thereafter
Total

Minimum Lease Payments


$25,897.00
25,119
20,484
17,602
13,975
46,683
$149,760.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

FIRST

SECOND

THIRD

FOURTH

2,011
High
Low

$90.82
$74.17

$108.32
$89.77

$112.40
$96.49

$111.00
$78.25

2,010
High
Low

$74.63
$54.55

$76.76
$61.15

$77.64
$66.19

$78.83
$64.89

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Declaration Date
August 11, 2011
May 9, 2011
February 9, 2011
November 10, 2010

Dividends Per Share of Common Stock


$0.27
$0.27
$0.23
$0.23

Type
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)

Record Date
August 31, 2011
May 31, 2011
February 28, 2011
November 30, 2010

Total Amount (in thousands)

sands)
$12,165.00
$12,374.00
$10,612.00
$10,660.00

Payment Date
September 20, 2011
June 21, 2011
March 15, 2011
December 21, 2010

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Period
June 2011
July 2011
August 2011

Total number of shares


Average price paid per share
170,000
415,000
305,000
890,000

$100.13
$97.34
$85.95
$93.97

Total number of shares purchased as Maximum number of shares (or approximate dollar value) of sh
170,000
415,000
305,000
890,000

approximate dollar value) of shares that


$209,092.00
$168,697.00
$142,481.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

FactSet Research Systems Inc


S&P 500 Index
NYSE Composite Index
Dow Jones U.S. Financial Services Index

For the Years Ended August 31,


2,011
2,010
$199.00
$93.00
$90.00
$39.00

2,009
$167.00
$80.00
$80.00
$39.00

2,008
$125.00
$78.00
$79.00
$45.00

2,007
$142.00
$98.00
$100.00
$62.00

2,006
$136.00
$113.00
$114.00
$99.00

$100.00
$100.00
$100.00
$100.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

(in thousands, except per share data) Years Ended August 31,
Revenues
Cost of services
Selling, general and administrative
Operating income
Net income
Diluted earnings per common share
Diluted weighted average common shares

2011

2010
$726,510.00
244,623
243,552
238,335
$171,046.00
$3.61
47,355

$641,059.00
206,550
212,875
221,634
$150,211.00
$3.13
48,004

Change
13.30%
18.40%
14.40%
7.50%
13.90%
15.30%

2010

2009
$641,059.00
206,550
212,875
221,634
$150,211.00
$3.13
48,004

9
$622,023.00
209,364
201,629
211,030
$144,950.00
$2.97
48,789

Change
3.10%
(1.3 )%
5.60%
5.00%
3.60%
5.40%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

(in thousands)Years Ended August 31,


U.S
% of revenues
Europe
Asia Pacific
International
% of revenues
Consolidated

2011

2010

2009

$497,564.00
68.50%
$178,693.00
50,253

$435,351.00
67.90%
$161,649.00
44,059

$423,926.00
68.20%
$156,610.00
41,487

$228,946.00
31.50%
$726,510.00

$205,708.00
32.10%
$641,059.00

$198,097.00
31.80%
$622,023.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

(in thousands)Years Ended August 31,


Cost of services
Selling, general and administrative
Total operating expenses
Operating income
Operating Margin

2011

2010

2009

$244,623.00
243,552

$206,550.00
212,875

$209,364.00
201,629

$488,175.00 *
$238,335.00
32.8 %*

$419,425.00
$221,634.00
34.60%

$410,993.00
$211,030.00
33.90%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

(in thousands)Years Ended August 31,


U.S
Europe
Asia Pacific
Consolidated

2011

2010

2009

$135,327.00
79,637
23,371

$124,976.00
72,239
24,419

$126,190.00
60,132
24,708

$238,335.00

$221,634.00

$211,030.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

(in thousands, except per share data) Years Ended August 31,
Other income
Provision for income taxes*
Net income
Diluted earnings per common share
Effective Tax Rate*

2011

2010
$623.00
$67,912.00
$171,046.00
$3.61
28.40%

2009
$547.00
$71,970.00
$150,211.00
$3.13
32.40%

$1,092.00
$67,172.00
$144,950.00
$2.97
31.70%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Net cash provided by operating activities
Capital expenditures (1)
Free cash flow (2)
Net cash (used in) provided by investing activities
Net cash used in financing activities
Cash and cash equivalents at end of year (August 31)

2011

2010

2009

$207,136.00
($29,343.00)

$211,080.00
($20,768.00)

$207,770.00
($24,040.00)

$177,793.00
($29,343.00)
($199,123.00)
$181,685.00

$190,312.00
($75,948.00)
($151,568.00)
$195,741.00

$183,730.00
$1,220.00
($110,419.00)
$216,320.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Payments due by period


2,012
Note payable
Operating leases (1)
Purchase obligations (2)
Deferred rent and other non-current liabilities
Total by period
Non-current taxes payable and deferred taxes (3)
Total contractual obligations

$25,897
46,437
21,913
$94,247.00

2013-2014

2015-2016
$45,603
1,212
$46,815.00

2017 and thereafter


$31,577
160
$31,737.00

$46,683
$46,683.00

Total
$149,760
47,809
21,913
$219,482.00
10,916
$230,398.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Declaration Date
August 11, 2011
May 9, 2011
February 9, 2011
November 10, 2010
August 10, 2010
May 14, 2010
February 9, 2010
November 10, 2009

Dividends Per Share of Common Stock


$0.27
$0.27
$0.23
$0.23
$0.23
$0.23
$0.20
$0.20

Type
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)

Record Date
August, 31 2011
May 31, 2011
February 28, 2011
November 30, 2010
August 31, 2010
May 28, 2010
February 26, 2010
November 30, 2009

Total $ Amount (in thousands)

usands)
$12,165.00
$12,374.00
$10,612.00
$10,660.00
$10,586.00
$10,655.00
$9,329.00
$9,423.00

Payment Date
September 20, 2011
June 21, 2011
March 15, 2011
December 21, 2010
September 21, 2010
June 15, 2010
March 16, 2010
December 15, 2009

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

VestingPercentage
0.00%
20.00%
60.00%
100.00%

Total Unamortized Stock-based Compensation Expense at August 31, 2011 One-time Adjustment*
$$2,268.00
$6,804.00
$11,340.00

Average Remaining Quarterly Expense to be Reco


($760.00)
$$1,520.00
$3,040.00

xpense to be Recognized
$$136.00
$408.00
$680.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,
2011
CURRENT ASSETS
Cash and cash equivalents
Accounts receivable, net of reserves of $1,955 and $1,862 at August
31, 2011 and 2010, respectively
Deferred taxes
Prepaid expenses and other current assets
Total current assets
LONG-TERM ASSETS
Property, equipment and leasehold improvements, at cost
Less accumulated depreciation and amortization
Property, equipment and leasehold improvements, net
Goodwill
Intangible assets, net
Deferred taxes
Other assets
TOTAL ASSETS
CURRENT LIABILITIES
Accounts payable and accrued expenses
Accrued compensation
Deferred fees
Taxes payable
Dividends payable
Total current liabilities
NON-CURRENT LIABILITIES
Deferred taxes
Taxes payable
Deferred rent and other non-current liabilities
TOTAL LIABILITIES
Commitments and contingencies (See Note 16)
STOCKHOLDERS' EQUITY

2010
$181,685.00

$195,741.00

75,004
4,008
12,473

59,693
2,812
6,899

273,170

265,145

173,990
($92,370.00)

160,952
($81,457.00)

81,620

79,495

228,265
46,310
20,166
7,909

221,991
52,179
19,601
6,197

$657,440.00

$644,608.00

$24,603.00
41,536
28,252
2,867
12,165

$23,976.00
48,607
25,034
1,073
10,586

109,423

109,276

3,712
7,204
21,913

3,731
7,346
21,849

$142,252.00

$142,202.00

Preferred stock, $.01 par value, 10,000,000 shares authorized, none


issued
Common stock, $.01 par value, 100,000,000 shares authorized,
61,427,391 and 60,142,905 shares issued; 45,055,219 and
46,024,137 shares outstanding at August 31, 2011 and 2010,
respectively
Additional paid-in capital
Treasury stock, at cost 16,372,172 and 14,118,768 shares at August
31, 2011 and 2010, respectively
Retained earnings
Accumulated other comprehensive loss
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$-

$-

614
432,538

601
344,144

($824,382.00)
912,078
($5,660.00)

($607,798.00)
786,844
($21,385.00)

515,188

502,406

$657,440.00

$644,608.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


COMMON STOCK
Balance, beginning of year
Common stock issued for employee stock plans

2011

2010

2009

$601.00
13

$581.00
20

$571.00
10

$614.00

$601.00

$581.00

ADDITIONAL PAID-IN CAPITAL


Balance, beginning of year
Common stock issued for employee stock plans
Stock-based compensation expense
Tax benefits from share-based payment arrangements

$344,144.00
44,290
25,773
18,331

$248,840.00
56,747
14,065
24,492

$206,585.00
24,258
13,623
4,374

Balance, end of year

$432,538.00

$344,144.00

$248,840.00

TREASURY STOCK
Balance, beginning of year
Repurchase of common stock

($607,798.00)
($216,584.00)

($414,995.00)
($192,803.00)

($311,248.00)
($103,747.00)

Balance, end of year

($824,382.00)

($607,798.00)

($414,995.00)

RETAINED EARNINGS
Balance, beginning of year
Net income
Dividends

$786,844.00
171,046
($45,812.00)

$676,626.00
150,211
($39,993.00)

$567,381.00
144,950
($35,705.00)

Balance, end of year

$912,078.00

$786,844.00

$676,626.00

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME


Balance, beginning of year
Foreign currency translation adjustments
Net unrealized loss on investments, net of tax
Net unrealized gain (loss) on cash flow hedges, net of tax

($21,385.00)
14,897
828

($10,223.00)
($10,073.00)
($1,089.00)

$2,182.00
($13,390.00)
($72.00)
1,057

($5,660.00)

($21,385.00)

($10,223.00)

$502,406.00
171,046
44,303
25,773
18,331
($216,584.00)

$500,829.00
150,211
56,767
14,065
24,492
($192,803.00)

$465,471.00
144,950
24,268
13,623
4,374
($103,747.00)

Balance, end of year

Balance, end of year


TOTAL STOCKHOLDERS' EQUITY
Balance, beginning of year
Net income
Common stock issued for employee stock plans
Stock-based compensation expense
Tax benefits from share-based payment arrangements
Repurchase of common stock

Foreign currency translation adjustments


Net unrealized loss on investments, net of tax
Net unrealized gain (loss) on cash flow hedges, net of tax
Dividends

14,897
828
($45,812.00)

($10,073.00)
($1,089.00)
($39,993.00)

($13,390.00)
($72.00)
1,057
($35,705.00)

Balance, end of year

$515,188.00

$502,406.00

$500,829.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

August 31, 2011


Assets
Corporate money market funds
Derivative instruments
Total assets measured at fair value
Liabilities
Derivative instruments
Total liabilities measured at fair value

Fair Value Measurements at Reporting Date Using


Level 1
Level 2

Level 3

Total

$161,168.00
-

$897

$-

$161,168.00
897

$161,168.00

$897.00

$-

$162,065.00

$-

$-

$-

$-

$-

$-

$-

$-

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

August 31, 2010


Assets
Corporate money market funds
Derivative instruments
Total assets measured at fair value
Liabilities
Derivative instruments
Total liabilities measured at fair value

Fair Value Measurements at Reporting Date Using


Level 1
Level 2

Level 3

Total

$172,218.00
-

$879

$-

$172,218.00
879

$172,218.00

$879.00

$-

$173,097.00

$-

$1,220.00

$-

$1,220.00

$-

$1,220.00

$-

$1,220.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

August 31, 2011


Cash equivalents
Other current assets (derivative assets)
Total assets measured at fair value
Accounts payable and accrued liabilities (derivative liabilities)
Deferred rent and other non-current liabilities (derivative liabilities)
Total liabilities measured at fair value

Fair Value Measurements at Reporting Date Using


Level 1
Level 2
Level 3
$161,168.00
$897

Total
$-

$161,168.00
897

$161,168.00
$-

$897.00
$-

$$-

$162,065.00
$-

$-

$-

$-

$-

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Amortized Cost

Gross Unrealized Gain

Fair Value

Cash on hand
Corporate money market funds

$20,517.00
161,168

$-

$20,517.00
161,168

Total cash and cash equivalents

$181,685.00

$-

$181,685.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Amortized Cost

Gross Unrealized Gain

Fair Value

Cash on hand
Corporate money market funds

$23,523.00
172,218

$-

$23,523.00
172,218

Total cash and cash equivalents

$195,741.00

$-

$195,741.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Currency Hedged (Buy/Sell)


Euro / U.S. Dollar
British Pound Sterling / U.S. Dollar
Japanese Yen / U.S. Dollar
Total

Gross Notional Value


Aug 31, 2011
$8,422.00
196

Fair Value Asset (Liability)


Aug 31, 2011
$42,367.00
$916.00
30,978
($19.00)

$8,618.00

$73,345.00

Aug 31, 2010

$897.00

Aug 31, 2010

010
($1,220.00)
879
($341.00)

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Derivatives in Cash Flow Hedging Relationships


Foreign currency forward contracts

Gain (Loss) Recognized in AOCLI on Derivatives


(Effective Portion)
2,011
2,010
$5,010.00
($287.00)

Location of Gain Reclassified from AOCLI into Income (Effective


Portion)
SG&A

Gain Reclassified from AOCLI to Income (Effective


Portion)
2,011
2,010
$4,182.00
$802.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Beginning balance, net of tax


Changes in fair value
Realized gain reclassified to earnings
Ending balance, net of tax

Twelve Months Ended August 31,


2,011
($238.00)
5,010
($4,182.00)
$590.00

2,010
$851.00
($287.00)
($802.00)
($238.00)

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Year Ended August 31, 2011


Revenues from clients
Segment operating profit
Total assets
Depreciation and amortization
Stock-based compensation
Capital expenditures

U.S

Year Ended August 31, 2010


Revenues from clients
Segment operating profit
Total assets
Depreciation and amortization
Stock-based compensation
Capital expenditures

U.S

Year Ended August 31, 2009


Revenues from clients
Segment operating profit
Total assets
Depreciation and amortization
Stock-based compensation
Capital expenditures

U.S

Europe
$497,564.00
135,327
353,205
27,463
23,091
20,588

Asia Pacific
$178,693.00
79,637
274,139
6,092
2,364
2,770

Europe
$435,351.00
124,976
401,684
28,866
12,471
13,890

Asia Pacific
$161,649.00
72,239
216,171
6,466
1,424
684

Europe
$423,926.00
126,190
410,420
26,992
12,067
19,144

Total
$50,253.00
23,371
30,096
3,292
318
5,985
Total
$44,059.00
24,419
26,753
2,011
170
6,194

Asia Pacific
$156,610.00
60,132
203,551
6,750
1,394
2,772

$726,510.00
238,335
657,440
36,847
25,773
29,343

$641,059.00
221,634
644,608
37,343
14,065
20,768
Total

$41,487.00
24,708
19,981
595
162
2,124

$622,023.00
211,030
633,952
34,337
13,623
24,040

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Revenues*
United States
United Kingdom
All other European countries
Asia Pacific
Total revenues

2011

2010

2009

$497,564.00
104,698
73,995
50,253

$435,351.00
94,749
66,900
44,059

$423,926.00
91,811
64,799
41,487

$726,510.00

$641,059.00

$622,023.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,
Long-lived Assets**
United States
United Kingdom
All other European countries
India
Philippines
All other Asia Pacific countries
Total long-lived assets

2011

2010

2009

$60,092.00
6,863
4,075
4,453
4,181
1,956

$62,275.00
7,457
2,283
3,283
2,413
1,784

$72,558.00
9,066
3,424
771
957
1,603

$81,620.00

$79,495.00

$88,379.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

U.S
Balance at August 31, 2009
Goodwill acquired during the period
Foreign currency translations
Balance at August 31, 2010
Goodwill acquired during the period
Foreign currency translations
Balance at August 31, 2011

Europe

Asia Pacific

Total

$99,696.00

$78,140.00

$3,519.00

$181,355.00

46,130
-

($5,862.00)

368

46,130
($5,494.00)

$145,826.00

$72,278.00

$3,887.00

$221,991.00

5,894

380

6,274

$145,826.00

$78,172.00

$4,267.00

$228,265.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31, 2011


Data content
Client relationships
Software technology
Non-compete agreements
Trade names
Total

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

$52,438.00
21,088
19,093
1,750
572

$16,849.00
12,782
18,222
437
341

$35,589.00
8,306
871
1,313
231

$94,941.00

$48,631.00

$46,310.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Data content
Client relationships
Non-compete agreements
Trade name
Total

Weighted Average Amortization


Acquisition Cost
5.0 years
9.0 years
5.0 years
3.0 years
6.6 years

$8,070.00
6,990
1,750
380
$17,190.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Fiscal Year
2,012
2,013
2,014
2,015
2,016
Thereafter
Total

Estimated Amortization Expense


$7,431.00
5,919
4,839
4,126
2,634
21,361
$46,310.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,
Leasehold improvements
Computers and related equipment
Furniture and fixtures
Subtotal
Less accumulated depreciation and amortization
Property, equipment and leasehold improvements, net

2011

2010
$83,478.00
65,934
24,578

$75,453.00
63,958
21,541

$173,990.00
($92,370.00)

$160,952.00
($81,457.00)

$81,620.00

$79,495.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Balance, beginning of year
Common stock issued for employee stock plans
Repurchase of common stock
Balance, end of year

2011

2010

2009

46,024
1,283
($2,252.00)

46,740
2,068
($2,784.00)

47,969
956
($2,185.00)

45,055

46,024

46,740

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Basic EPS
Income available to common stockholders
Diluted EPS
Dilutive effect of stock options and restricted stock
Income available to common stockholders plus assumed
conversions

Net Income (Numerator)


2,011
$171,046.00

$171,046.00

2,010

Weighted Average Common Shares


2,011
2,010

2,009
$150,211.00

$150,211.00

$144,950.00

$144,950.00

45,953

46,698

1,402

1,306

47,355

48,004

n Shares
2,009

Per Share Amount


2,011
47,158

2,010

2,009

$3.72

$3.22

$3.07

$3.61

$3.13

$2.97

1,631

48,789

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Declaration Date
August 11, 2011
May 9, 2011
February 9, 2011
November 10, 2010
August 10, 2010
May 14, 2010
February 9, 2010
November 10, 2009

Dividends Per Share of Common Stock


$0.27
$0.27
$0.23
$0.23
$0.23
$0.23
$0.20
$0.20

Type
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)
Regular (cash)

Record Date
August, 31 2011
May 31, 2011
February 28, 2011
November 30, 2010
August 31, 2010
May 28, 2010
February 26, 2010
November 30, 2009

Total $ Amount (in thousands)

usands)
$12,165.00
$12,374.00
$10,612.00
$10,660.00
$10,586.00
$10,655.00
$9,329.00
$9,423.00

Payment Date
September 20, 2011
June 21, 2011
March 15, 2011
December 21, 2010
September 21, 2010
June 15, 2010
March 16, 2010
December 15, 2009

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Net income
Other comprehensive income, net of tax:
Net unrealized loss on investments
Net unrealized gain (loss) on cash flow hedges
Foreign currency translation adjustments
Comprehensive Income

2011

2010

2009

$171,046.00

$150,211.00

$144,950.00

828
14,897

($1,089.00)
($10,073.00)

($72.00)
1,057
($13,390.00)

$186,771.00

$139,049.00

$132,545.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,

2011

2010

2009

Accumulated unrealized gain (loss) on cash flow hedges, net of tax


Accumulated foreign currency translation adjustments

$590.00
($6,250.00)

($238.00)
($21,147.00)

$851.00
($11,074.00)

Total accumulated other comprehensive (loss)

($5,660.00)

($21,385.00)

($10,223.00)

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,
Outstanding at fiscal year end
Exercisable at fiscal year end

2011
Number of Shares Weighted Average Exercise Price Per Share
6,132
2,643

2010
Number of Shares
$57.28
6,451
$38.99

3,331

Weighted Average Exercise Price Per Share

2009
Number of Shares Weighted Average Exercise Price Per Share
$47.73
7,553

$39.51

$34.49

$28.78

4,554

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Range of ExercisePrices Per Share


$14.97 - $29.99
$30.00 - $49.99
$50.00 - $66.45
$66.46 - $79.99
$80.00 - $103.30

Number
1,121
1,058
1,285
1,689
979
6,132

Outstanding
Weighted Average Remaining Years Weighted Average Exercise Price Per Share
2.3
2.9
4.0
5.4
6.5
4.3

$23.93
$40.69
$62.84
$66.91
$89.50
$57.28

Aggregate Intrinsic Value


$71,721.00
$49,968.00
$32,208.00
$35,437.00
($1,560.00)
$187,774.00

Exercisable
Number Exercisable Weighted Average Exercise Price Per Share
1,121
891
618
13
2,643

Aggregate Intrinsic Value


$23.93
$41.33
$62.34
$66.56
$$38.99

Value
$71,721.00
$41,483.00
$15,795.00
$278.00
$$129,277.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Number

Weighted Average Exercise Price Per Share

Balance at August 31, 2008


Granted - non performance-based
Granted - non-employee Directors grant
Exercised
Forfeited*

8,916
330
69
($797.00)
($965.00)

$40.11
36.0
42.1
22.2
58.3

Balance at August 31, 2009


Granted - non performance-based
Granted - performance-based
Granted - non-employee Directors grant
Exercised
Forfeited**

7,553
329
1,721
19
($1,980.00)
($1,191.00)

$39.51
63.4
66.9
66.8
25.8
64.5

Balance at August 31, 2010


Granted - non performance-based
Granted - performance-based
Granted - non-employee Directors grant
Exercised
Forfeited

6,451
91
892
15
($1,209.00)
($108.00)

$47.73
89.5
89.4
95.1
32.1
66.6

6,132

$57.28

Balance at August 31, 2011

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

VestingPercentage
0.00%
20.00%
60.00%
100.00%

Total Unamortized Stock-based Compensation Expense at August 31, 2011 One-time Adjustment*
$$2,268.00
$6,804.00
$11,340.00

Average Remaining Quarterly Expense to be Reco


($760.00)
$$1,520.00
$3,040.00

xpense to be Recognized
$$136.00
$408.00
$680.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Number

Weighted Average Grant Date Fair Value Per Award

Balance at August 31, 2009


Granted (restricted stock and stock units)
Vested
Canceled/forfeited

267
($6.00)

$$61.67
$$62.85

Balance at August 31, 2010


Granted (restricted stock and stock units)
Vested
Canceled/forfeited

261
154
($8.00)

$61.65
$87.55
$$69.41

407

$71.31

Balance at August 31, 2011

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Balance at August 31, 2008


Adoption of the 2008 Non-Employee Plan
Granted - non performance-based options
Granted - non-employee Directors grant
Restricted stock awards granted*
Share-based awards canceled/forfeited

Share-based Awards Available for


3,489
($330.00)
965

Balance at August 31, 2009


Granted - non performance-based options
Granted - performance-based options
Granted - non-employee Directors grant
Restricted stock awards granted*
Share-based awards canceled/forfeited
Share-based awards expired**

4,124
($329.00)
($1,721.00)
($667.00)
1,204
($395.00)

181
($19.00)
-

2,216

162

4,000
($91.00)
($892.00)
($386.00)
130

($15.00)
-

4,977

147

Balance at August 31, 2010


Amendment to the 2004 Stock Option and Award Plan to increase
the number of shares available for issuance***
Granted - non performance-based options
Granted - performance-based options
Granted - non-employee Directors grant
Restricted stock awards granted*
Share-based awards canceled/forfeited
Balance at August 31, 2011

Share-based Awards Available for


250
($69.00)
-

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

2011

2010

Stock-based compensation
Tax impact of stock-based compensation

$25,773.00 *
($7,990.00)

Stock-based compensation, net of tax

$17,783.00

2009
$14,065.00
($4,627.00)

$13,623.00
($4,550.00)

$9,438.00

$9,073.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

2011
Term structure of risk-free interest rate
Expected life
Term structure of volatility
Dividend yield
Weighted average estimated fair value
Weighted average exercise price
Fair value as a percentage of exercise price

2010
0.18% - 1.88%
4.0 - 6.5 years
23% - 35%
1.25%
$24.78
$89.39
27.70%

2009
0.15% - 3.30%
4.0 - 6.7 years
27% - 36%
1.51%
$20.22
$66.35
30.50%

0.89% - 3.09%
5.0 - 5.4 years
33% - 38%
2.01%
$9.39
$36.00
26.10%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Risk-free interest rate


Expected life
Expected volatility
Dividend yield

2.13%
5.43 years
31.10%
1.18%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Risk-free interest rate


Expected life
Expected volatility
Dividend yield

2.54%
5.43 years
35.40%
1.42%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Risk-free interest rate


Expected life
Expected volatility
Dividend yield

1.45%
5.51 years
35.20%
1.70%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

2011
Risk-free interest rate
Expected life
Expected volatility
Dividend yield

2010
0.10%
3 months
11.90%
1.04%

2009
0.12%
3 months
13.80%
1.33%

0.31%
3 months
24.60%
1.72%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


U.S. operations
Non-U.S. operations
Total provision for income taxes

2011

2010

2009

$58,125.00
9,787

$62,554.00
9,416

$63,650.00
3,522

$67,912.00 *

$71,970.00 **

$67,172.00 ***

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Current:
U.S. federal
U.S. state and local
Non-U.S
Total current taxes

2011

2010

2009

$53,925.00
4,833
10,728

$63,712.00
4,839
10,151

$60,547.00
6,383
4,570

$69,486.00

$78,702.00

$71,500.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Deferred:
U.S. federal
U.S. state and local
Non-U.S

$606.00
27
941

$5,718.00
279
735

$3,050.00
230
1,048

Total deferred taxes

$1,574.00

$6,732.00

$4,328.00

$67,912.00

$71,970.00

$67,172.00

Total tax provision

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Income before income taxes
Provision for income taxes
Effective tax rate

2011

2010

2009

$238,958.00
$67,912.00

$222,181.00
$71,970.00

$212,122.00
$67,172.00

28.40%

32.40%

31.70%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


Tax at federal U.S. statutory tax rate
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit
Foreign income at other than U.S. rates
Domestic production activities (Section 199) deduction
Income tax benefit from R&D tax credits
Income tax benefits from foreign tax credits
Other, net
Effective tax rate

2011
35.00%

2010
35.00%

2009
35.00%

2.2
($1.70)
($2.10)
($4.90)
($0.70)
0.6

2.1
($1.80)
($1.90)
($0.60)
($0.50)
0.1

2.7
($1.00)
($1.60)
($2.20)
($1.30)
0.1

28.40%

32.40%

31.70%

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,
Deferred tax assets
Current
Receivable reserve
Deferred rent
Other

2011

2010

$736.00
3,272
-

($700.00)
3,397
115

$4,008.00

$2,812.00

Depreciation on property, equipment and leasehold improvements


Deferred rent
Stock-based compensation
Purchased intangible assets, including acquired technology
Other

$2,437.00
2,793
18,096
($4,549.00)
1,389

$5,078.00
2,788
13,087
($3,293.00)
1,941

Net non-current deferred taxes

$20,166.00

$19,601.00

Total deferred tax assets

$24,174.00

$22,413.00

Net current deferred taxes


Non-current

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

At August 31,
Deferred tax liabilities (non-current)
Purchased intangible assets, including acquired technology
Total deferred tax liabilities (non-current)

2011

2010
$3,712.00

$3,731.00

$3,712.00

$3,731.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Unrecognized income tax benefits at August 31, 2009


Additions based on tax positions related to the current year
Additions for tax positions of prior years (includes $0.5 million for the
payment of interest)
Lapse of statue of limitations
Reductions from settlements with taxing authorities

$6,437.00
1,301

Unrecognized income tax benefits at August 31, 2010


Additions based on tax positions related to the current year
Additions for tax positions of prior years (includes $0.4 million for the
payment of interest)
Lapse of statue of limitations
Reductions from settlements with taxing authorities

$7,346.00
1,258

Unrecognized income tax benefits at August 31, 2011

469
($861.00)
-

1,493
($964.00)
($1,929.00)
$7,204.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Years Ended August 31,


2,012
2,013
2,014
2,015
2,016
Thereafter
Total

Minimum Lease Payments


$25,897.00
25,119
20,484
17,602
13,975
46,683
$149,760.00

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

2011
Revenues
Cost of services
Selling, general and administrative
Operating income
Net income
Diluted earnings per common share
Weighted average common shares (diluted)

First Quarter

2,010
Revenues
Cost of services
Selling, general and administrative
Operating income
Net income
Diluted earnings per common share
Weighted average common shares (diluted)

First Quarter

Second Quarter
$173,289.00
56,785
57,075
59,429
41,601
$0.88
47,487

Third Quarter
$177,635.00
60,137
59,405
58,093
45,254
$0.95
47,427

Second Quarter
$155,243.00
50,407
50,789
54,047
36,143
$0.74
48,876

Fourth Quarter
$183,647.00
62,224
59,600
61,823
43,311
$0.92
47,154

Third Quarter
$157,281.00
50,870
51,938
54,473
36,119
$0.75
48,066

Fourth Quarter
$160,301.00
51,355
53,262
55,684
38,658
$0.81
47,725

ter
$191,939.00
65,477
67,472
58,990
40,880
$0.88
46,595

ter
$168,234.00
53,918
56,886
57,430
39,291
$0.83
47,280

Company Name: FactSet Research Systems Inc.


Form Type: 10-K
Filed On: 10/31/2011

Agreed:
/s/ HOWARDE. WILLIE
Howard E. Willie

September 20, 1999


Date

/s/ PETERG. WALSH


Peter G. Walsh

September 20, 1999


Date