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Dienstag, 01.11.2016 21:11 von PR Newswire | Aufrufe: 41

The Advisory Board Company Reports Third Quarter Results

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PR Newswire

WASHINGTON, Nov. 1, 2016

WASHINGTON, Nov. 1, 2016 /PRNewswire/ -- The Advisory Board Company (NASDAQ: ABCO), a leading provider of research, technology, and consulting to health care organizations and educational institutions, today announced financial results for the third quarter and nine-month period ended September 30, 2016.

"We delivered a solid quarter across a number of important performance metrics," said Robert Musslewhite, Chairman and Chief Executive Officer of The Advisory Board Company, "and we continued to make important improvements to the operations and organization of our business in accordance with the strategy we outlined at the beginning of the year. We were especially pleased to have recorded over $1.25 billion in documented value delivered to our members, putting us on track to exceed our annual target of $1.5 billion. While our revenue came in at the low end of our guidance range, importantly, our scalable business model and capital deployment continue to drive profit growth faster than revenue on a year-to-date basis.

"Our Company's research, technology, and consulting expertise is a true market differentiator, which is more important than ever as our members are facing a tremendous amount of complexity and will continue to need our help with a range of critical, strategic decisions. We continue to focus on ensuring that The Advisory Board Company is set up well to capitalize on these opportunities," Mr. Musslewhite concluded.

Third Quarter Financial Review

(In millions, except per share amounts)

3Q-16

ARIVA.DE Börsen-Geflüster

Kurse

The Advisory Board Company

0,00%

3Q-15

% Change ^a

Revenue

$ 200.5

(0.0)%

Net income

37.5 ^b

0.7

Earnings per diluted share (EPS)

0.93

0.02

Adjusted EBITDA (non-GAAP)

41.0

43.7

(6.2)%

Adjusted EPS (non-GAAP)

$ 0.28

$ 0.33

(15.2)

Weighted average shares-diluted

40.5

42.8

(5.4)%

a)	nm – not meaningful
b)	Includes a $34.7 million gain from equity method investments from the sale of Evolent Health common stock in the period.

Revenue was $200.5 million for the quarter ended September 30, 2016, compared to $200.5 million for the same quarter a year ago. Net income was $37.5 million, or $0.93 per diluted share, for the third quarter of 2016, compared to net income of $0.7 million, or $0.02 per diluted share, for the third quarter of 2015.

Contract value increased 3.4% to $786.2 million as of September 30, 2016, compared to $760.3 million as of September 30, 2015.

Adjusted EBITDA was $41.0 million for the third quarter of 2016, compared to $43.7 million for the third quarter of 2015. Adjusted EPS was $0.28 for the third quarter of 2016, compared to $0.33 for the third quarter last year.

Nine-Month Financial Review

(In millions, except per share amounts)	First Nine Months 2016	First Nine Months 2015	% Change
Revenue	$ 599.6	$ 563.4	6.4%
Net income (loss)	55.4	(13.7)	nm
Earnings (loss) per diluted share (EPS)	1.35	(0.33)	nm
Adjusted revenue (non-GAAP)	599.6	575.9 ^c	4.1%
Adjusted EBITDA (non-GAAP)	136.1	128.2	6.2
Adjusted EPS (non-GAAP)	$ 1.21	$ 1.02	18.6
Weighted average shares-diluted	41.0	42.4 ^d	(2.2)%

c)	Reflects the effect on revenue of fair value adjustments to acquired deferred revenue.
d)	For non-GAAP purposes, the Company has net income and, therefore, used adjusted diluted shares in its calculation of adjusted EPS.

Revenue increased 6.4% to $599.6 million for the nine-month period ended September 30, 2016, compared to $563.4 million for the same period in 2015. Net income was $55.4 million, or $1.35 per diluted share, for the nine-month period ended September 30, 2016, compared to a net loss of $13.7 million, or a loss of $0.33 per diluted share, for the same period in 2015.

Adjusted revenue of $575.9 million for the nine-month period in 2015 reflects the effect on revenue of fair value adjustments to acquired deferred revenue. Adjusted EBITDA was $136.1 million for the first nine months of 2016, compared with $128.2 million for the same period in 2015. Adjusted EPS was $1.21 for the nine-month period ended September 30, 2016, compared to $1.02 for the same period of 2015.

Balance Sheet and Capital Deployment

The Company's balance sheet at September 30, 2016 included $529.0 million in total debt, excluding $55.1 million in cash and cash equivalents. This equates to a leverage ratio of approximately 2.9, compared to 3.2 at December 31, 2015.

During the three months ended September 30, 2016, the Company sold approximately 20% of its equity holdings in Evolent Health for $48.6 million in cash. The Company also repurchased 211,011 shares of its own common stock during the three-month period at a total cost of $8.0 million. Since the beginning of 2015, the Company has repurchased approximately 3.0 million shares of its common stock. As of September 30, 2016, the Company had $36.5 million remaining on its share repurchase authorization.

2016 Financial Guidance

The Company updated its financial guidance for calendar year 2016, as follows:

(In millions, except per share amounts)

CY-16

CY-15

Y-Y %

Guidance

Actual

Change

Revenue

$ 817.0 - 819.0

$ 780.8

4.6 - 4.9%

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