FactSet, a global financial digital platform and enterprise solutions provider, has reported its results for the first quarter of fiscal 2025. The company's GAAP revenues for the quarter were $568.7 million, marking a 4.9% increase from the same period in 2024. The organic Annual Subscription Value (ASV) also demonstrated growth, reaching $2,258.8 million, up 4.5% year over year.
The GAAP operating margin for the first quarter of fiscal 2025 was 33.6%, down approximately 120 basis points from the prior year. However, the adjusted operating margin remained consistent with the prior year at 37.6%. FactSet's GAAP diluted earnings per share (EPS) increased by 1.3% to $3.89, while the adjusted diluted EPS saw a more significant rise of 6.1% to $4.37 compared to the prior year.
Net cash provided by operating activities was reported at $86.4 million for the first quarter of fiscal 2025. However, free cash flow decreased to $60.5 million, a 56.4% decrease from the prior year period, primarily due to lower net cash provided by operating activities and an increase in capital expenditures.
The company's GAAP effective tax rate for the first quarter of fiscal 2025 increased to 16.5% compared to 15.2% for the same period in fiscal 2024, primarily due to the revaluation of a deferred tax asset associated with a foreign tax rate change.
FactSet's ASV at November 30, 2024, was $2,265.9 million, compared with $2,159.4 million at the same time in 2023. The organic ASV increased by $98.1 million, or 4.5% year over year.
The company's client count as of November 30, 2024, was 8,249, representing a net increase of 32 clients over the past three months. FactSet's user count also saw an increase, reaching 218,267, primarily driven by growth in wealth management users.
FactSet's operational highlights for the first quarter of fiscal 2025 include the announcement of a quarterly dividend of $39.6 million, or $1.04 per share, being paid on December 19, 2024. The company also highlighted the acquisition of Irwin, an investor relations and capital markets solution, as well as the joint initiative with J.P. Morgan Securities Services to deliver performance, reporting, and portfolio analytics solutions through J.P. Morgan's fusion data management platform.
As of November 30, 2024, FactSet had repurchased 104,475 shares of its common stock for $48.8 million. The company's share repurchase program still had $251.2 million available for further repurchases.
FactSet reaffirmed its outlook for fiscal 2025, originally provided on September 21, 2024. Today the company's shares have moved 3.6% to a price of $489.92. For the full picture, make sure to review FactSet Research Systems's 8-K report.
