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CEB INC - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

CEB INC (ISIN: US1251341061, WKN: A14TC7) Kursdatum: 12.05.2017 Kurs: 78,750 USD
Beschreibung Daten
Symbol CEB
Marktkapitalisierung 2.526.851.328,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Sonstige
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2000-09-18 - 2:1 |
Internet
Letztes Bilanz Update 01.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 12.05.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
24,17 19,71 2,10% -2,45 -12,38 -72,92 2,66 -14,45

Firmenbeschreibung

 

 

Note 21. Quarterly Financial Data (unaudited)

Unaudited summarized quarterly financial data was as follows (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

2015 Quarter Ended

 

 

 

 

 

 

 

 

 

March 31

 

 

 

 

 

June 30

 

 

 

 

 

September 30

 

 

 

 

 

December 31

 

 

 

 

 

Revenue

 

 

 

$

 

221,599

 

 

 

 

 

$

 

231,964

 

 

 

 

 

$

 

231,936

 

 

 

 

 

$

 

242,935

 

 

 

 

 

Total costs and expenses

 

 

 

 

 

191,629

 

 

 

 

 

 

 

193,126

 

 

 

 

 

 

 

188,498

 

 

 

 

 

 

 

216,019

 

 

 

 

 

Operating profit

 

 

 

 

 

29,970

 

 

 

 

 

 

 

38,838

 

 

 

 

 

 

 

43,438

 

 

 

 

 

 

 

26,916

 

 

 

 

 

Income before provision for income taxes

 

 

 

 

 

31,257

 

 

 

 

 

 

 

23,916

 

 

 

 

 

 

 

40,918

 

 

 

 

 

 

 

21,441

 

 

 

 

 

Net income

 

 

 

 

 

19,090

 

 

 

 

 

 

 

23,212

 

 

 

 

 

 

 

31,969

 

 

 

 

 

 

 

18,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

0.57

 

 

 

 

 

 

 

0.69

 

 

 

 

 

 

 

0.96

 

 

 

 

 

 

 

0.55

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

0.56

 

 

 

 

 

 

 

0.69

 

 

 

 

 

 

 

0.95

 

 

 

 

 

 

 

0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 Quarter Ended

 

 

 

 

 

 

 

 

 

March 31

 

 

 

 

 

June 30

 

 

 

 

Firmenstrategie

 

 

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

RevenueRecognitionPolicyTextBlock

 

 

Revenue Recognition

Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed and determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectability is reasonably assured. Certain fees are billed on an installment basis.

When service offerings include multiple deliverables that qualify as separate units of accounting, the Company allocates arrangement consideration at the inception of the contract period to all deliverables based on the relative selling price method in accordance with the selling price hierarchy, which includes vendor specific objective evidence (“VSOE”) if available; third-party evidence (“TPE”) if VSOE is not available; or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available.

 

 

 

·

 

VSOE. The Company determines VSOE based on established pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Company limits its assessment of VSOE for each element to either the price charged when the same element is sold separately, or the price established by management having the relevant authority to do so for an element not yet sold separately.

 

 

 

·

 

TPE. When VSOE cannot be established, the Company applies judgment with respect to whether a selling price can be established based on TPE, which is determined based on competitor prices for similar offerings when sold separately. Generally, CEB services contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitors’ selling prices are for similar offerings on a stand-alone basis. As a result, the Company generally has not been able to establish selling price based on TPE.

 

 

 

·

 

BESP. When unable to establish a selling price using VSOE or TPE, BESP is used. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. BESP is determined by considering multiple factors including, but not limited to, prices charged for similar offerings, market conditions, competitive landscape, and pricing practices. BESP is the measure used to allocate arrangement consideration for the majority of multiple deliverables.

The CEB segment generates the majority of its revenue from four primary service offerings: executive memberships, professional services, executive education, and services provided to the US government and its agencies by PDRI. Revenue is recognized as follows:

 

 

 

·

 

Executive memberships revenue is primarily recognized on a ratable basis over the contract period, which is typically twelve months. In general, the majority of the deliverables within the Company’s memberships are consistently available throughout the contract period. Revenue recognition begins on the first day of the contract period. The fees receivable and the related deferred revenue are recorded upon the commencement of the contract period or collection of fees, if earlier. In some instances, a membership may include a service that is available only once, or on a limited basis, during the contract period. These services are separated from the remainder of the membership and arrangement consideration is allocated based principally on BESP. The consideration allocated to services available only once or on a limited basis is recognized as revenue upon the earlier of the delivery of the service or the completion of the contract period, provided that all other criteria for recognition have been met. The arrangement consideration allocated to the remainder of the membership services continues to be recognized ratably.

 

 

 

·

 

Professional services revenue in the Human Resources sector is generally recognized ratably from the date services begin, which is primarily after the design of the service outputs, through the completion of the services. Professional services in the Sales sector is generally comprised of multiple element arrangements whereby arrangement consideration is allocated based principally on BESP and revenue for each unit of accounting is generally recognized as services are completed.

 

 

 

·

 

Executive education revenue is recognized as services are completed. The service offering generally includes one or more classroom-based training or presentation events. If more than one delivery date is evident, arrangement consideration is allocated on a pro-rata basis and revenue is recognized on the delivery date of each event.

 

 

 

·

 

PDRI’s primary customer is the US government and its agencies. Additionally, PDRI is expanding into the commercial market and is a subcontractor to other companies supporting the US government. Agreements with customers are: fixed firm price (“FFP”), time and material (“T&M”), license or FFP level of effort. Revenue from FFP projects is recognized based on costs incurred compared to estimated costs at completion, resulting in percentage complete of the total contract value. Revenue on T&M projects is recognized based on total number of hours by labor category and negotiated contract rate plus any additional other direct costs. Revenue for licenses or subscriptions of IT products or platforms is recognized proportionately over the license period. For FFP level of effort projects, revenue is based on negotiated fixed rates of labor or deliverables, not to exceed the total contract FFP value. When customer orders represent multiple element arrangements, consideration is allocated to the units of accounting based on BESP.

The CEB Talent Assessment segment generates the majority of its revenue from the sale of access to its cloud based assessment platforms. Access to the platforms is either sold as a subscription basis or for a set number of assessments. CEB Talent Assessment segment also provides consulting services including fully outsourced assessment services. The CEB Talent Assessment segment allocates arrangement consideration to the appropriate units of accounting based on BESP when sales to customers qualify as multiple element arrangements. Revenue is recognized as follows:

 

 

 

·

 

Revenue from subscription contracts is recognized on a ratable basis over the contract period, which is typically twelve months. Revenue from agreements with a specified number of assessments is recognized upon usage, irrespective of whether the units are billed in advance or arrears.

 

 

 

·

 

Consulting arrangements generally include a measured amount of consulting effort to be performed. Revenue is recognized on a proportional performance basis based upon the level of effort completed through the end of each accounting period.

 

 

 

·

 

Training revenue is recognized upon delivery.

 

 

 

·

 

Outsourced assessment revenue from assessment projects is recognized as services are completed.

SegmentReportingDisclosureTextBlock

 

 

Note 20. Segments and Geographic Areas

Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker of an enterprise. The Company has two reportable segments, CEB and CEB Talent Assessment. The Company’s segment profit measures are Operating profit (loss) and Adjusted EBITDA.

Information for the Company’s reportable segments was as follows (in thousands):

 

EarningsPerSharePolicyTextBlock

 

 

Earnings per Share

Basic earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the period increased by the dilutive effect of potential common shares outstanding during the period. The number of potential common shares outstanding has been determined in accordance with the treasury stock method to the extent they are dilutive. Common share equivalents consist of common shares issuable upon the exercise of outstanding share-based compensation awards. A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands):

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

 

2015

 

 

 

 

 

2014

 

 

 

 

 

2013

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CEB segment

 

 

 

$

 

731,834

 

 

 

 

 

$

 

701,573

 

 

 

 

 

$

 

634,302

 

 

 

CEB Talent Assessment segment

 

 

 

 

 

196,600

 

 

 

 

 

 

 

207,401

 

 

 

 

 

 

 

185,751

 

 

 

Total revenue

 

 

 

$

 

928,434

 

 

 

 

 

$

 

908,974

 

 

 

 

 

$

 

820,053

 

 

 

Adjusted revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CEB segment

 

 

 

$

 

732,972

 

 

 

 

 

$

 

705,110

 

 

 

 

 

$

 

634,302

 

 

 

CEB Talent Assessment segment

 

 

 

 

 

198,951

 

 

 

 

 

 

 

209,870

 

 

 

 

 

 

 

195,665

 

 

 

Total Adjusted revenue

 

 

 

$

 

931,923

 

 

 

 

 

$

 

914,980

 

 

 

 

 

$

 

829,967

 

 

 

Operating profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CEB segment

 

 

 

$

 

147,210

 

 

 

 

 

$

 

98,108

 

 

 

 

 

$

 

103,322

 

 

 

CEB Talent Assessment segment

 

 

 

 

 

(8,048

 

)

 

 

 

 

 

(4,463

 

)

 

 

 

 

 

(12,609

 

)

 

Total operating profit

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

 

2015

 

 

 

 

 

2014

 

 

 

 

 

2013

 

 

 

Basic weighted average shares outstanding

 

 

 

 

 

33,367

 

 

 

 

 

 

 

33,666

 

 

 

 

 

 

 

33,543

 

 

 

Effect of dilutive shares outstanding

 

 

 

 

 

305

 

 

 

 

 

 

 

373

 

 

 

 

 

 

 

400

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

33,672

 

 

 

 

 

 

 

34,039

 

 

 

 

 

 

 

33,943

 

 

 

In 2013, 0.4 million shares related to share-based compensation awards were excluded from the calculation of the effect of dilutive shares outstanding shown above because their impact would be anti-dilutive.