Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
(a) Market Information, Holders and Dividends
Market Information – Our common stock is listed on the NYSE and NASDAQ under the symbol FDS. The following table sets forth, for each fiscal period indicated, the high and low sales prices per share of our common stock as reported on the NYSE:
First Second Third Fourth
2020
High $ 289.98 $ 310.25 $ 307.97 $ 363.64
Low $ 233.09 $ 275.12 $ 195.22 $ 279.01
2019
High $ 237.29 $ 237.95 $ 284.32 $ 305.38
Low $ 210.11 $ 188.31 $ 228.43 $ 266.06
Holders of Record – As of October 22, 2020, we had approximately 2,604 holders of record of our common stock. However, because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders. The closing price of our common stock on October 22, 2020, was $327.97 per share as reported on the NYSE.
Dividends - During fiscal years 2020 and 2019, our Board of Directors declared the following dividends on our common stock:
Year Ended Dividends per
Share of
Common Stock Record Date Total $ Amount
(in thousands)
Payment Date
Fiscal 2020
First Quarter $ 0.72 November 29, 2019 $ 27,291 December 19, 2019
Second Quarter $ 0.72 February 28, 2020 $ 27,251 March 19, 2020
Third Quarter $ 0.77 May 29, 2020 $ 29,189 June 18, 2020
Fourth Quarter $ 0.77 August 31, 2020 $ 29,283 September 17, 2020
Fiscal 2019
First Quarter $ 0.64 November 30, 2018 $ 24,372 December 18, 2018
Second Quarter $ 0.64 February 28, 2019 $ 24,385 March 19, 2019
Third Quarter $ 0.72 May 31, 2019 $ 27,506 June 18, 2019
Fourth Quarter $ 0.72 August 30, 2019 $ 27,445 September 19, 2019
Future dividend payments will depend on our earnings, capital requirements, financial condition and other factors considered relevant by us, and is subject to final determination by our Board of Directors.
(b) Recent Sales of Unregistered Securities
There were no sales of unregistered equity securities during fiscal 2020.
(c) Issuer Purchases of Equity Securities
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The following table provides a month-to-month summary of the share repurchase activity under our current share repurchase program during the three months ended August 31, 2020:
(in thousands, except per share data)
Period Total number
of shares
purchased (1)
Average
price paid per
share Total number of shares purchased as part of
publicly announced plans or programs Maximum number of shares
(or approximate dollar value) that may yet be
purchased under the plans or programs (2)
June 2020 2,940 $ 328.47 — $ 287,616
July 2020 47,428 $ 344.03 46,480 $ 271,616
August 2020 37,295 $ 355.76 35,468 $ 258,995
87,663 81,948
(1) Includes 81,948 shares purchased under the existing share repurchase program, as well as 5,715 shares repurchased from employees to cover their cost of taxes due upon the vesting or exercise of stock-based awards.
(2) Repurchases may be made from time to time in the open market and privately negotiated transactions, subject to market conditions. No minimum number of shares to be repurchased has been fixed. There is no timeframe to complete the share repurchase program and it is expected that share repurchases will be paid using existing and future cash generated by operations.
Securities Authorized for Issuance under Equity Compensation Plans – refer to Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters of this Annual Report on Form 10-K.
Stock Performance Graph
The annual changes for the five-year period shown in the graph below assume $100 had been invested in our common stock, the Standard & Poor’s 500 Index, the NYSE Composite Index, the Dow Jones U.S. Financial Services Index, and the S&P 500 Financial Exchange and Data Index on August 31, 2015, or the origination date of each respective index. We are adding the S&P 500 Financial Exchange and Data Index as a comparison peer group this year, in lieu of the NYSE Composite Index, as we believe it is reflective of the stock performance of other companies that provide services similar to ours and will provide a more meaningful comparison of our stock performance to investors. The NYSE Composite Index is shown below for comparison purposes in the transitional year.
The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 31, 2020. Stockholder returns over the indicated period are based on historical data and should not be considered indicative of future stockholder returns.
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2015 2016 2017 2018 2019 2020
FactSet Research Systems Inc. $ 100 $ 113 $ 100 $ 145 $ 172 $ 222
S&P 500 Index $ 100 $ 110 $ 125 $ 147 $ 148 $ 177
NYSE Composite Index $ 100 $ 106 $ 117 $ 128 $ 125 $ 128
Dow Jones U.S. Financial Services Index $ 100 $ 101 $ 127 $ 154 $ 148 $ 143
S&P 500 Financial Exchanges and Data $ 100 $ 119 $ 155 $ 191 $ 222
The information contained in the above graph shall not be deemed to be soliciting material or filed or incorporated by reference in future filings with the SEC, or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, except to the extent that FactSet specifically incorporates it by reference into a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data has been derived from our Consolidated Financial Statements. This financial data should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Dat a, of this Annual Report on Form 10-K.
Consolidated Statements of Income Data
For the year ended August 31,
(in thousands, except per share data) 2020 2019 2018 2017 2016
Revenue $ 1,494,111 $ 1,435,351 $ 1,350,145 $ 1,221,179 $ 1,127,092
Operating income $ 439,660 $ 438,035 $ 366,204 $ 352,135 $ 349,676
Provision for income taxes $ 54,196 $ 69,175 $ 84,753 $ 86,053 $ 122,178
Net income $ 372,938 $ 352,790 $ 267,085 $ 258,259 $ 338,815
Diluted earnings per common share $ 9.65 $ 9.08 $ 6.78 $ 6.51 $ 8.19
Diluted weighted average common shares 38,646 38,873 39,377 39,642 41,365
Cash dividends declared per common share $ 2.98 $ 2.72 $ 2.40 $ 2.12 $ 1.88
Consolidated Balance Sheets Data
As of August 31,
(in thousands) 2020 2019 2018 2017 2016
Cash and cash equivalents $ 585,605 $ 359,799 $ 208,623 $ 194,731 $ 228,407
Accounts receivable, net of reserves $ 155,011 $ 146,309 $ 156,639 $ 148,331 $ 97,797
Goodwill and intangible assets, net $ 830,798 $ 810,177 $ 850,768 $ 881,103 $ 546,076
Total assets $ 2,083,388 $ 1,560,130 $ 1,419,447 $ 1,413,315 $ 1,019,161
Non-current liabilities $ 910,720 $ 668,951 $ 672,413 $ 652,485 $ 343,570
Total stockholders’ equity $ 896,375 $ 672,256 $ 525,900 $ 559,691 $ 517,381
The items described below (pre-tax) represent a significant impact to the presentation and comparability of our selected financial data.
• During fiscal 2020, the Company recorded a $16.5 million impairment charge to reflect the estimated fair value of an investment in a company, expenses of $14.8 million related to professional fees associated with infrastructure upgrades and our ongoing multi-year investment plan, and $4.3 million of facilities costs. The facilities costs related to duplicate rent associated with the build-out of the new Norwalk, Connecticut headquarters while we still occupied our then-current Norwalk, Connecticut headquarters.
• During fiscal 2019, the Company recorded $5.0 million in non-core transaction related revenue. The Company also recorded expenses of $4.3 million in severance costs and $8.7 million related to other corporate actions including stock-based compensation acceleration, professional fees related to infrastructure upgrade activities, and a one-time adjustment related to data costs and occupancy costs.
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• During fiscal 2018, the Company recorded expenses of $17.4 million in restructuring actions, $4.7 million related to other corporate actions, including stock-based compensation acceleration, and $4.9 million in legal matters.
• During fiscal 2017, the Company recorded expenses of $5.6 million related to modifications of certain share-based compensation grants, $5.0 million related to restructuring actions and $7.4 million in acquisition-related expenses.
• During fiscal 2016, the Company recorded expenses of $4.6 million related primarily to legal matters, $2.8 million from restructuring actions and $1.8 million related to a change in the vesting of performance-based equity options.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.