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ADVISORY BOARD COMPANY - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

THE ADVISORY BOARD COMPANY (ISIN: US00762W1071, WKN: 794379) Kursdatum: 21.07.2017 Kurs: 57,200 USD
Beschreibung Daten
Symbol ABCO
Marktkapitalisierung 2.337.821.184,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Sonstige
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2012-06-19 - 2:1 |
Internet
Letztes Bilanz Update 16.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
36,78 20,77 0,00% 4,47 25,38 25,65 2,91 4,52

Firmenbeschreibung

Quarterly financial data (unaudited)As described in Note 2, "Summary of significant accounting policies," the Company revised certain items in the consolidated financial statements for certain quarters within the year ended December 31, 2015 and within the nine months ended December 31, 2014 to correct for errors attributable to timing of contingent revenue recognition, software cost capitalization and related amortization, and income tax adjustments. The impact of the errors in the prior periods was not material to the Company in any of those periods; however, an adjustment to correct the aggregate amount of the prior period errors would have been material to the Company’s current year statement of income. The Company has applied the guidance for accounting changes and error correction and has corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included in this report. The Company has concluded that the errors are not material to any of the previously reported interim financial statements. Nevertheless, the affected interim financial statements will be revised when reissued in future periodic filings with the Securities and Exchange Commission.Unaudited summarized financial data by quarter for the year ended December 31, 2015 and the nine months ended December 31, 2014 are as follows (in thousands, except per share amounts). Three Months Ended December 31, 2015Income statement: Revenue204,951Operating income(86,542)Income before provision for income taxes and equity in loss of unconsolidated entities(95,549)Net income attributable to common stockholders(101,793)Earnings per share: Net income attributable to common stockholders per share — basic(2.43)Net income attributable to common stockholders per share — diluted(2.43)  Three Months Ended September 30, 2015 As reported Adjustments As adjustedIncome statement:     Revenue200,238 254 200,492Cost of services, excluding depreciation and amortization101,373 (11) 101,362Depreciation and amortization18,494 15 18,509Operating income18,901 250 19,151Income before provision for income taxes and equity in loss of unconsolidated entities12,301 250 12,551Provision for income taxes(7,156) (1,434) (8,590)Net income before allocation to noncontrolling interest1,856 (1,184) 672Net income attributable to common stockholders1,856 (1,184) 672Earnings per share:     Net income attributable to common stockholders per share — basic0.04 (0.02) 0.02Net income attributable to common stockholders per share — diluted0.04 (0.02) 0.02Comprehensive loss(276) (1,184) (1,460)       Nine Months Ended September 30, 2015 As reported Adjustments As adjustedStatement of cash flows:     Net loss before allocation to noncontrolling interest(13,117) (617) (13,734)Depreciation and amortization55,067 (784) 54,283Prepaid expenses and other current assets7,978 (382) 7,596Deferred revenue57,172 1,297 58,469Net cash provided by operating activities108,044 (487) 107,557Purchases of property and equipment(39,985) 487 (39,498)Net cash used in investing activities(777,935) 487 (777,448) Three Months Ended June 30, 2015 As reported Adjustments As adjustedIncome statement:     

Firmenstrategie

Basis of presentation and consolidationThe consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company uses the equity method to account for equity investments in instances in which it owns common stock or securities deemed to be in-substance common stock and has the ability to exercise significant influence, but not control, over the investee and for all investments in partnerships or limited liability companies where the investee maintains separate capital accounts for each investor. Investments in which the Company holds securities that are not in-substance common stock, or holds common stock or in-substance common stock but has little or no influence over the investee are accounted for using the cost method. All significant intercompany transactions and balances have been eliminated.

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Revenue recognition

Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed or determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectibility is reasonably assured. Fees are generally billable when a letter of agreement is signed by the member, and fees receivable during the subsequent twelve-month period and related deferred revenue are recorded upon the commencement of the membership or collection of fees, if earlier. In many of the Company’s higher priced programs and membership agreements with terms that are greater than one year, fees may be billed on an installment basis. In certain multi-year arrangements, the member has the ability to cancel the arrangement within a defined notice period without penalty.

The Company’s membership programs generally include more than one deliverable. Deliverables are determined based upon the availability and delivery method of the services and may include: best practices research; executive education curricula; cloud-based content, databases, and calculators; performance or benchmarking reports; diagnostic tools; interactive advisory support; and performance technology software. Access to such deliverables is generally available on an unlimited basis over the membership period. When an agreement contains multiple deliverables, the Company reviews the deliverables to determine if they qualify as separate units of accounting. In order for deliverables in a multiple-deliverable arrangement to be treated as separate units of accounting, the deliverables must have standalone value upon delivery, and delivery or performance of undelivered items in an arrangement with a general right of return must be probable. If the Company determines that there are separate units of accounting, arrangement consideration at the inception of the membership period is allocated to all deliverables based on the relative selling price method in accordance with the selling price hierarchy. Because of the unique nature of the Company’s products, neither vendor specific objective evidence nor third-party evidence is available. Therefore, the Company utilizes best estimate of selling price to allocate arrangement consideration in multiple element arrangements.

In general, the deliverables in membership programs do not qualify as separate units of accounting. These deliverables are consistently available throughout the membership period, and, as a result, the consideration is recognized ratably over the membership period. When a service offering includes a combination of unlimited and limited service offerings, revenue is recognized over the appropriate service period, either ratably, if the service is consistently available, or, if the service is not consistently available, upon the earlier of the delivery of the service or the completion of the membership period, provided that all other criteria for recognition have been met.

Certain membership programs incorporate hosted performance technology software. In many of these agreements, members are charged set-up fees in addition to subscription fees for access to the hosted cloud-based software and related membership services. Both set-up fees and subscription fees are recognized ratably over the term of the membership agreement, which is generally three years, and is consistent with the pattern of the delivery of services under these arrangements. Upon launch of a new program that incorporates software, all program revenue is deferred until the program is generally available for release to the Company’s membership, and then recognized ratably over the remainder of the contract term of each agreement.

Certain arrangements include performance-based fees that are contingent upon the member realizing a benefit over a defined period. These performance-based fees are recognized at the end of the measurement period when the benefit is realized by the member. The Company has not recognized any revenue that is at risk due to future performance contingencies.

The Company also performs professional services sold under separate agreements that include consulting and management services. These agreements are either fixed fee or time-and-materials arrangements. For fixed fee arrangements, the Company recognizes professional services revenues using the proportional performance method based on effort expended. The Company recognizes professional services revenues for time-and-materials arrangements as services are rendered based on contractual rates.

For arrangements in which a customer purchases multiple membership programs or purchases a membership program together with consulting and management services, each program and professional services arrangement is generally considered a separate unit of accounting, and arrangement consideration is allocated based on the Company’s best estimate of selling price. The Company develops its best estimate of selling price by considering pricing practices, margin, competition, and geographies in which the Company offers its products and services.

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Segment and geographic areas

Operating segments are defined as components of an enterprise for which separate financial information is available and regularly evaluated by the chief operating decision maker, who is the chief executive officer, in deciding how to allocate resources and assessing performance. Under this definition, the Company has one operating segment as of December 31, 2015. Over the past few years, the Company has completed several acquisitions. These acquisitions have allowed the Company to expand its existing offerings and enhance membership services. The Company’s business operates in one operating segment because the Company’s chief operating decision maker evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.

Substantially all of the Company’s identifiable assets are located in the United States. The following table sets forth revenue information for each geographic area for the year ended December 31, 2015, the nine months ended December 31, 2014, and the fiscal year ended March 31, 2014 (in thousands):

 

 
Year Ended December 31,
 
Nine Months Ended December 31,
 
Year Ended March 31,
 
2015
 
2014
 
2014
United States
$
749,880

 
$
417,194

 
$
503,044

Other countries
18,468

 
16,808

 
16,385

Total revenue
$
768,348

 
$
434,002

 
$
519,429

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Earnings per share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average common shares outstanding during the period. Diluted earnings per share (“diluted EPS”) is computed by dividing net income attributable to common stockholders by the number of weighted average common shares increased by the dilutive effects of potential common shares outstanding during the period. The number of potential common shares outstanding is determined in accordance with the treasury stock method, using the Company’s prevailing tax rates. Certain potential common share equivalents were not included in the computation because their effect was anti-dilutive.