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IHS Inc. Reports First Quarter 2013 Results

IHS Inc. (NYSE: IHS), the leading global source of information and analytics, today reported results for the first quarter ended February 28, 2013.

  • Revenue of $383 million, up 12 percent from the prior-year period
  • Organic revenue growth rate of five percent overall, including eight percent for subscription-based business
  • Adjusted EBITDA of $118 million, or 30.9 percent of revenue
  • Non-GAAP earnings per diluted share (adjusted EPS) of $0.86, up 12 percent from the prior-year period
  • Adjusted free cash flow of $112 million, up 47 percent from the prior-year period

Adjusted EBITDA, adjusted EPS, and adjusted free cash flow are non-GAAP financial measures used by management to measure operating performance. These terms are defined elsewhere in this release. Please see schedules appearing later in this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

First Quarter 2013 Financial Performance

    Three Months Ended   Change
(in thousands, except percentages and per share data) February 28, 2013   February 29, 2012 $   %
Revenue $ 382,525 $ 342,743 $ 39,782 12 %
 
Net income $ 24,671 $ 23,475 $ 1,196 5 %
Adjusted EBITDA $ 118,194 $ 103,633 $ 14,561 14 %
 
GAAP EPS $ 0.37 $ 0.35 $ 0.02 6 %
Adjusted EPS $ 0.86 $ 0.77 $ 0.09 12 %
 
Cash flow from operations $ 131,686 $ 32,983 $ 98,703 299 %
Adjusted free cash flow $ 112,319 $ 76,427 $ 35,892 47 %
 

“The first quarter was a solid start to 2013 and a continuation of our steady performance amid a challenging macroeconomic environment,” said Jerre Stead, IHS chairman and chief executive officer. “We are achieving key milestones with regard to our infrastructure initiatives while at the same time investing significantly to capture our full commercial potential. We expect to exit 2013 better positioned than ever to deliver sustainable, profitable long-term growth.”

First Quarter 2013 Revenue Performance

First quarter 2013 revenue increased 12 percent compared to the first quarter of 2012. The components of its growth are described below.

    Increase in Total Revenue
Organic   Acquisitive   Foreign Currency
2013 vs. 2012 5% 7%
 

The subscription-based business continued its growth trend, growing eight percent organically from the prior-year period, which represents the 11th consecutive quarter with subscription-based organic revenue growth of seven percent or higher.

    Three Months Ended   Absolute   Organic
(in thousands, except percentages) February 28, 2013   February 29, 2012 % change % change
Subscription revenue $ 307,727 $ 273,390 13 % 8 %
Non-subscription revenue 74,798   69,353   8 % (8 )%
Total revenue $ 382,525   $ 342,743   12 % 5 %
 

First Quarter 2013 Segment Performance

IHS continued to perform well amid difficult economic conditions, as follows:

  • Americas. First quarter revenue for the Americas increased $22 million, or 11 percent, to $229 million. First quarter adjusted EBITDA for the Americas increased $14 million, or 18 percent, to $94 million. First quarter operating income for the Americas increased $11 million, or 21 percent, to $62 million.
  • EMEA. First quarter revenue for EMEA increased $10 million, or 10 percent, to $109 million. First quarter adjusted EBITDA for EMEA decreased $1 million, or four percent, to $24 million. First quarter operating income for EMEA decreased $5 million, or 24 percent, to $16 million, due in part to a loss on sale of assets.
  • APAC. First quarter revenue for APAC increased $7 million, or 21 percent, to $44 million. First quarter adjusted EBITDA for APAC increased $2 million, or 23 percent, to $10 million. First quarter operating income for APAC increased $2 million, or 22 percent, to $10 million.

Outlook (forward-looking statement)

For the year ending November 30, 2013, IHS reaffirms and expects:

  • All-in revenue in a range of $1.640 billion to $1.710 billion, including an overall organic growth rate expected to be between 5-7 percent at the midpoint;
  • All-in adjusted EBITDA in a range of $540 million to $582 million; and
  • Adjusted EPS between $4.23 and $4.43 per diluted share.

The above outlook assumes no further currency movements, acquisitions, divestitures, pension mark-to-market adjustments or unanticipated events. See discussion of non-GAAP financial measures at the end of this release.

As previously announced, IHS will hold a conference call to discuss first quarter 2013 results on March 21, 2013, at 8:00 a.m. EDT. The conference call will be simultaneously webcast on the company's website: www.ihs.com.

Use of Non-GAAP Financial Measures

Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader's understanding of our financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures, such as adjusted EBITDA and adjusted earnings per diluted share, are provided within the schedules attached to this release.

EBITDA is defined as net income plus or minus net interest plus income taxes, depreciation and amortization. Adjusted EBITDA further excludes (i) non-cash items (e.g., stock-based compensation expense and non-cash pension and post-retirement expense) and (ii) items that management does not consider to be useful in assessing our operating performance (e.g., acquisition-related costs, restructuring charges, income or loss from discontinued operations, and gain or loss on sale of assets). Adjusted earnings per diluted share exclude similar items as adjusted EBITDA. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.

Management uses these non-GAAP measures in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews feature the adjusted EBITDA and adjusted earnings per diluted share metrics. Management also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. EBITDA, adjusted EBITDA, and adjusted earnings per diluted share are also used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. For example, a measure similar to adjusted EBITDA is required by the lenders under our term loan and revolving credit agreement.

Because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly-titled measures of other companies. However, these measures can still be useful in evaluating our performance against our peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, excluding the effects of interest income and expense moderates the impact of a company's capital structure on its performance.

All of the items included in the reconciliation from net income to adjusted EBITDA are either (i) non-cash items (e.g., depreciation and amortization, stock-based compensation, non-cash pension and post-retirement expense) or (ii) items that we do not consider to be useful in assessing our operating performance (e.g., income taxes, acquisition-related costs, restructuring charges, income or loss from discontinued operations, and gain or loss on sale of assets). In the case of the non-cash items, management believes that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

IHS Forward-Looking Statements:

This release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expect," "anticipate," "believe," "intend," "estimate," "plan" and similar expressions. Although IHS and its management believe that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties-many of which are difficult to predict and generally beyond the control of IHS-that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified by IHS from time to time in its public filings. Other than as required by applicable law, IHS does not undertake any obligation to update or revise any forward-looking information or statements. Please consult our public filings at www.sec.gov or www.ihs.com.

About IHS Inc. (www.ihs.com)

IHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today’s business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs more than 6,000 people in 31 countries around the world.

IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners.

© 2013 IHS Inc. All rights reserved.

   

IHS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per-share amounts)

 
As of As of
February 28, 2013 November 30, 2012
(Unaudited) (Audited)
Assets
Current assets:
Cash and cash equivalents $ 318,697 $ 345,008
Accounts receivable, net 412,974 372,117
Income tax receivable 15,458 20,464
Deferred subscription costs 52,594 47,065
Deferred income taxes 46,370 55,084
Other 29,979   24,145  
Total current assets 876,072   863,883  
Non-current assets:
Property and equipment, net 173,867 163,013
Intangible assets, net 540,646 554,552
Goodwill 1,969,289 1,959,223
Other 8,075   8,540  
Total non-current assets 2,691,877   2,685,328  
Total assets $ 3,567,949   $ 3,549,211  
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt $ 169,511 $ 170,102
Accounts payable 53,167 52,079
Accrued compensation 34,776 50,497
Accrued royalties 35,432 33,637
Other accrued expenses 57,160 55,304
Deferred revenue 628,411   515,318  
Total current liabilities 978,457 876,937
Long-term debt 882,723 890,922
Accrued pension and postretirement liability 21,280 30,027
Deferred income taxes 118,980 139,235
Other liabilities 27,602 27,732
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.01 par value per share, 160,000,000 shares authorized, 67,621,367 shares issued, and 65,732,911 and 65,577,530 shares outstanding at February 28, 2013 and November 30, 2012, respectively 676 676
Additional paid-in capital 655,296 681,409
Treasury stock, at cost: 1,888,456 and 2,043,837 shares at February 28, 2013 and November 30, 2012, respectively (149,858 ) (139,821 )
Retained earnings 1,113,458 1,088,787
Accumulated other comprehensive loss (80,665 ) (46,693 )
Total stockholders’ equity 1,538,907   1,584,358  
Total liabilities and stockholders’ equity $ 3,567,949   $ 3,549,211  
 

IHS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per-share amounts)
(Unaudited)

 
Three Months Ended
February 28, 2013   February 29, 2012
Revenue:
Products $ 341,478 $ 297,981
Services 41,047   44,762  
Total revenue 382,525 342,743
Operating expenses:
Cost of revenue:
Products 140,285 124,822
Services 19,790   21,768  
Total cost of revenue (includes stock-based compensation expense of $1,682 and $1,317 for the three months ended February 28, 2013 and February 29, 2012, respectively) 160,075 146,590
Selling, general and administrative (includes stock-based compensation expense of $38,080 and $32,603 for the three months ended February 28, 2013 and February 29, 2012, respectively) 142,229 125,176
Depreciation and amortization 32,479 26,301
Restructuring charges 4,788 7,485
Acquisition-related costs 1,895 867
Net periodic pension and postretirement expense 2,240 2,000
Other expense (income), net 2,419   (736 )
Total operating expenses 346,125   307,683  
Operating income 36,400 35,060
Interest income 344 172
Interest expense (6,120 ) (4,894 )
Non-operating expense, net (5,776 ) (4,722 )
Income from continuing operations before income taxes 30,624 30,338
Provision for income taxes (5,953 ) (6,863 )
Net income $ 24,671   $ 23,475  
 
Basic earnings per share 0.37   $ 0.36  
Weighted average shares used in computing basic earnings per share 65,790   65,515  
 
Diluted earnings per share $ 0.37   $ 0.35  
Weighted average shares used in computing diluted earnings per share 66,701   66,451  
 

IHS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
Three Months Ended
February 28, 2013   February 29, 2012
Operating activities:
Net income $ 24,671 $ 23,475
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization 32,479 26,301
Stock-based compensation expense 39,762 33,920
Impairment of assets 1,629
Excess tax benefit from stock-based compensation (11,345 ) (9,934 )
Net periodic pension and postretirement expense 2,240 2,000
Pension and postretirement contributions (10,933 ) (65,883 )
Deferred income taxes (15,534 ) 8,566
Change in assets and liabilities:
Accounts receivable, net (33,696 ) (30,220 )
Other current assets (12,978 ) (13,214 )
Accounts payable (6,485 ) 4,290
Accrued expenses (8,930 ) (22,279 )
Income tax payable 16,063 (6,024 )
Deferred revenue 116,157 81,672
Other liabilities (1,414 ) 313  
Net cash provided by operating activities 131,686   32,983  
Investing activities:
Capital expenditures on property and equipment (19,367 ) (13,556 )
Acquisitions of businesses, net of cash acquired (38,448 )
Change in other assets (846 ) (242 )
Settlements of forward contracts (776 ) (2,207 )
Net cash used in investing activities (59,437 ) (16,005 )
Financing activities:
Proceeds from borrowings 45,000 85,000
Repayment of borrowings (53,786 ) (20,447 )
Excess tax benefit from stock-based compensation 11,345 9,934
Repurchases of common stock (81,900 ) (28,436 )
Net cash provided by (used in) financing activities (79,341 ) 46,051  
Foreign exchange impact on cash balance (19,219 ) (1,128 )
Net increase (decrease) in cash and cash equivalents (26,311 ) 61,901
Cash and cash equivalents at the beginning of the period 345,008   234,685  
Cash and cash equivalents at the end of the period $ 318,697   $ 296,586  
 

IHS INC.
SUPPLEMENTAL REVENUE DISCLOSURE
(In thousands, except for percentages)
(Unaudited)

     
Three Months Ended Absolute Organic
February 28, 2013   February 29, 2012 % change % change
Revenue by segment:
Americas revenue $ 229,166 $ 206,920 11 % 3 %
EMEA revenue 109,471 99,409 10 % 4 %
APAC revenue 43,888   36,414   21 % 15 %
Total revenue $ 382,525   $ 342,743   12 % 5 %
 
Revenue by transaction type:
Subscription revenue $ 307,727 $ 273,390 13 % 8 %
Non-subscription revenue 74,798   69,353   8 % (8 )%
Total revenue $ 382,525   $ 342,743   12 % 5 %
 
Revenue by information domain:
Energy revenue $ 175,471 $ 159,054
Product Lifecycle (PLC) revenue 132,714 110,729
Security revenue 28,019 27,221
Environment revenue 25,281 22,139
Macroeconomic Forecasting and Intersection revenue 21,040   23,600  
Total revenue $ 382,525   $ 342,743  
 

IHS INC.
RECONCILIATION OF CONSOLIDATED NON-GAAP FINANCIAL MEASUREMENTS TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(In thousands, except for per-share amounts)
(Unaudited)

 
Three Months Ended
February 28, 2013   February 29, 2012
Net income $ 24,671 $ 23,475
Interest income (344 ) (172 )
Interest expense 6,120 4,894
Income tax provision 5,953 6,863
Depreciation 9,880 8,132
Amortization 22,599   18,169  
EBITDA $ 68,879 $ 61,361
Stock-based compensation expense 39,762 33,920
Restructuring charges 4,788 7,485
Acquisition-related costs 1,895 867
Impairment of assets 1,629
Loss on sale of assets 1,241    
Adjusted EBITDA $ 118,194   $ 103,633  
 
Three Months Ended
February 28, 2013 February 29, 2012
Earnings per diluted share $ 0.37 $ 0.35
Stock-based compensation expense 0.39 0.33
Restructuring charges 0.05 0.07
Acquisition-related costs 0.02 0.01
Impairment of assets 0.02
Loss on sale of assets 0.01    
Adjusted earnings per diluted share $ 0.86   $ 0.77  
Note: Amounts may not sum due to rounding
 
 
Three Months Ended
February 28, 2013 February 29, 2012
Net cash provided by operating activities $ 131,686 $ 32,983
Capital expenditures on property and equipment (19,367 ) (13,556 )
Free cash flow $ 112,319 $ 19,427
Pension deficit funding   57,000  
Adjusted free cash flow $ 112,319   $ 76,427  
 

IHS INC.
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASUREMENTS TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(In thousands)
(Unaudited)

 
Three months ended February 28, 2013
Americas   EMEA   APAC   Shared Services   Total
Operating income $ 62,133 $ 15,986 $ 9,749 $ (51,468 ) $ 36,400
Adjustments:
Stock-based compensation expense 39,762 39,762
Depreciation and amortization 24,284 5,917 461 1,817 32,479
Restructuring charges 3,896 947 (55 ) 4,788
Acquisition-related costs 1,895 1,895
Impairment of assets 1,629 1,629
Loss on sale of assets   1,241       1,241
Adjusted EBITDA $ 93,837   $ 24,091   $ 10,155   $ (9,889 ) $ 118,194
 
Three months ended February 29, 2012
Americas EMEA APAC Shared Services Total
Operating income $ 51,304 $ 20,897 $ 7,995 $ (45,136 ) $ 35,060
Adjustments:
Stock-based compensation expense 33,920 33,920
Depreciation and amortization 20,537 3,834 51 1,879 26,301
Restructuring charges 6,999 255 231 7,485
Acquisition-related costs 867         867
Adjusted EBITDA $ 79,707   $ 24,986   $ 8,277   $ (9,337 ) $ 103,633
 

IHS INC.
SUPPLEMENTAL INFORMATION
(In thousands)
(Unaudited)

   
Three months ended February 28, 2013 Three months ended February 29, 2012
Pre-tax   After tax Pre-tax   After tax
Stock-based compensation expense $ 39,762 $ 26,044 $ 33,920 $ 21,838
Restructuring charges $ 4,788 $ 3,149 $ 7,485 $ 4,808
Acquisition-related costs $ 1,895 $ 1,528 $ 867 $ 867
Impairment of assets $ 1,629 $ 1,010 $ $
Loss on sale of assets $ 1,241 $ 827 $ $
 

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