Interactive Data Corporation (NYSE: IDC) today reported its
financial results for the fourth quarter and full year ended
December 31, 2007. Interactive Data�s fourth-quarter 2007 revenue
of $182.1 million grew 13.0% over $161.1 million in the fourth
quarter of 2006. The Company reported net income for the fourth
quarter of 2007 of $31.9 million, or $0.33 per diluted share, a
28.7% increase from $24.8 million, or $0.26 per diluted share, in
the same quarter last year. �We reported very strong fourth-quarter
2007 revenue growth due to outstanding results at our Pricing and
Reference Data business and sustained expansion at our Real-Time
Services business,� stated Stuart Clark, Interactive Data�s
president and chief executive officer. �Overall, our organic
revenue growth in the fourth quarter of 2007 was 9.1%. New sales
were robust in the fourth quarter of 2007 and renewal rates across
our institutionally focused businesses remained at approximately
95%. As a result, we move into 2008 with good momentum for our
broad range of evaluated pricing services, reference data,
real-time datafeeds and managed solutions.� Clark continued, �Our
fourth-quarter results represent a strong finish to a highly
successful 2007. We generated a revenue increase of 12.6% for the
full year largely as a result of accelerated organic growth within
our Pricing and Reference Data, and Real-Time Services businesses.
Our 2007 organic revenue growth rate of 8.8% was our highest level
of annual organic revenue growth in many years. Our net income
growth of 34.9% in 2007 reflects improved operating profitability,
higher interest income and a significant decrease in our effective
annual tax rate. Our progress and accomplishments in key areas of
our business during the past year helped us generate our record
results, elevated our visibility in the marketplace, and positioned
us to better meet the enterprise needs of our customers for
mission-critical, specialist financial data, analytics and related
solutions.� Andrew Hajducky, Interactive Data�s executive vice
president and chief financial officer, commented, �Strong operating
results in our business translated into another year of significant
cash generation, enabling us to end the year with $278.9 million in
cash, cash equivalents and marketable securities, and no debt. Our
solid financial foundation has enabled us to take meaningful action
to increase shareholder returns in 2008. We paid approximately $47
million associated with our special dividend of $0.50 per share in
late January 2008, have announced a 20% increase in our regular
quarterly dividend to $0.15 per share and expanded our stock
buyback program by an additional two million shares.� Clark
concluded, �In a dynamic marketplace highlighted by significant
consolidation activity among large financial information vendors,
Interactive Data�s standing in the industry has continued to grow
with customers worldwide. We believe that the steps we took during
the past year to unify the management structure of our two largest
businesses will play an important role in enabling us to accelerate
innovation, move faster and more decisively to address near-term
customer needs, and further expand upon our position as a trusted
industry leader. As we look ahead, we remain confident in our
strategic direction and in our ability to bring compelling value to
our customers and other key stakeholders.� Other Fourth-quarter and
Recent Operating and Financial Highlights Effects of Foreign
Exchange: Interactive Data's fourth-quarter 2007 revenue was
positively impacted by $4.3 million due to the effects of foreign
exchange. Fourth-quarter 2007 revenue before the effects of foreign
exchange grew by $16.6 million, or 10.3%, over the comparable
period in 2006. Total costs and expenses of $137.1 million in the
fourth quarter of 2007 were negatively impacted by $3.5 million due
to the effects of foreign exchange. Fourth-quarter 2007 total costs
and expenses before the effects of foreign exchange increased by
$9.9 million, or 8.0%, over the fourth quarter of 2006.
Institutional Services Segment: Interactive Data Pricing and
Reference Data reported fourth-quarter 2007 revenue of $114.3
million, a 15.8% increase over the prior year�s fourth quarter (or
an increase of 13.7% before the effects of foreign exchange).
Excluding the $2.1 million contribution from the recently acquired
Xcitek market data business, intercompany eliminations resulting
from the Xcitek acquisition and the effects of foreign exchange,
fourth-quarter 2007 revenue increased 11.7% over the same period
last year. The growth of this business during the fourth quarter of
2007 was driven primarily by increased demand across its global
customer base for evaluated pricing and reference data services and
higher usage fees. The fourth quarter of 2007 was highlighted by
ongoing adoption of the Company�s Basket Calculation ServiceSM for
intraday indicative valuations of equity and fixed income exchange
traded funds. In the fourth-quarter of 2007, North American
revenue, including the contribution of Xcitek, increased 13.7% over
the fourth quarter of 2006. Fourth-quarter 2007 European revenue
increased by 22.5% (or increased by 14.5% before the effects of
foreign exchange) from the fourth quarter of last year. Interactive
Data Pricing and Reference Data�s Asia-Pacific fourth-quarter 2007
revenue increased 22.3% (or increased 8.1% before the effects of
foreign exchange) compared with the prior year�s fourth quarter.
Interactive Data Real-Time Services generated fourth-quarter 2007
revenue of $37.5 million, an increase of 15.0% over the same
quarter last year (or an increase of 8.4% before the effects of
foreign exchange) due to another quarter of solid growth within its
two core product areas of real-time datafeeds and managed
solutions. During the fourth quarter of 2007, this business
continued to expand its business with both existing and new
institutional customers. In January 2008, this business went live
with its new London-based real-time processing facility to improve
latency for its customers in Europe. Interactive Data Fixed Income
Analytics reported revenue for the fourth quarter of 2007 of $8.1
million, which decreased slightly from the prior year�s fourth
quarter. Cancellations, the majority of which resulted from client
consolidation activities, offset new sales and increased business
with existing customers. During the fourth quarter of 2007, this
business completed 8 new BondEdge� installations and advanced
development of its next-generation BondEdge platform. Active Trader
Services Segment: eSignal�s fourth-quarter 2007 revenue of $22.1
million increased 2.7% from the same quarter last year (or an
increase of 1.9% before the effects of foreign exchange). This
increase primarily reflects modest growth in the eSignal direct
subscriber base. eSignal ended 2007 with more than 63,500 direct
subscription terminals. eSignal�s highlights in the fourth quarter
of 2007 included enhancing its FutureSource and eSignal offerings,
and launching an upgraded version of its Quote.com financial
portal. Full-Year 2007 Results For the full year ended December 31,
2007, Interactive Data reported revenue of $689.6 million versus
$612.4 million in 2006, an increase of $77.2 million, or 12.6%.
Foreign exchange contributed $16.5 million to full-year 2007
revenue. Total costs and expenses increased $46.2 million, or 9.9%,
to $514.0 million in 2007. Net income in 2007 increased 34.9% to
$126.0 million, or $1.30 per diluted share, from $93.4 million, or
$0.98 per diluted share, in 2006. The effective tax rate for 2007
was 31.8% compared with 38.1% for 2006, a decrease of 6.3
percentage points primarily due to favorable changes in German tax
rates (1.3 percentage points), the impact of an R&D tax credit
initiative spanning both 2006 and 2007 (1.3 percentage points), the
release of certain tax reserves associated with the expiration of
the statute of limitations in various tax jurisdictions (0.7
percentage points), interest expense deduction in Germany spanning
both 2006 and 2007 (1.3 percentage points), and other items (1.7
percentage points). Cash Position, Stock Buyback Activities, and
Quarterly Cash Dividend: As of December 31, 2007, Interactive Data
had no outstanding debt and had cash, cash equivalents and
marketable securities of $278.9 million. During the fourth quarter
of 2007, Interactive Data spent $4.2 million to repurchase 140,200
shares of common stock at an average purchase price of $30.17 per
share. In December 2007, Interactive Data�s Board of Directors
authorized the expansion of the existing stock buyback program by
an additional two million shares. Entering 2008, 2,770,900 shares
remained available for repurchase under the existing buyback
program. During the fourth quarter of 2007, Interactive Data spent
$11.8 million to pay its fourth consecutive quarterly cash dividend
of $0.125 per share to stockholders. In December 2007, Interactive
Data�s Board of Directors declared a special dividend of $0.50 per
share, which was paid on January 24, 2008 to stockholders of record
on January 4, 2008. The Company's Board of Directors also approved
a 20 percent increase in the regular quarterly cash dividend to
$0.15 per share, commencing with the dividend that will be paid on
March 31, 2008 to stockholders of record on March 3, 2008. 2008
Outlook Our outlook for 2008 is as follows: -- 2008 revenue growth
over 2007 on a percentage basis is expected to be in the range of
7% to 9%. -- Income from operations is expected to grow in the
range of 9% to 11%. -- Our 2008 effective tax rate is expected to
be in the range of 36% to 38%. -- As a result of the anticipated
increase in the 2008 effective tax rate, net income growth in 2008
on a percentage basis is expected to be in the range of 3% to 6%.
-- Capital expenditures in 2008 are expected to be in the range of
$45 million to $47 million with investments mainly focused on
scaling the Company's real-time datafeed and managed solutions
infrastructures. Conference Call Information Interactive Data
Corporation's management will conduct a conference call on
Thursday, February 21, 2008 at 11:00 a.m. Eastern Time to discuss
the fourth-quarter and full-year 2007 results, related financial
and statistical information, and additional business matters. The
dial-in number for the conference call is (706) 679-4631 and the
related access code is 31148775. A live webcast of the conference
call, along with related slides, will be broadcast on the investor
relations section of the Company�s Web site at
www.interactivedata.com and through www.streetevents.com. To
listen, please register and download audio software at the site at
least 15 minutes prior to the call. For those who cannot listen to
the live broadcast, a replay of the call will be available from
February 21 at 2:00 p.m. until Thursday, March 6, 2008 at 2:00
p.m., and it can be accessed by dialing (706) 645-9291 or (800)
642-1687, using access code 31148775. A replay of the call, the
related slides and other financial and statistical information
presented on the conference call will also be available on the
investor relations section of the Company�s Web site at
www.interactivedata.com after the call is completed. The
information on the Web site is not incorporated by reference into
this press release. Non-GAAP Information In an effort to provide
investors with additional information regarding our results on a
generally accepted accounting principles (GAAP) basis, we also
disclose the following non-GAAP information, which management
believes provides the following useful information to investors:
Management refers to growth rates at constant foreign currency
exchange rates so that business results can be viewed without the
impact of changing foreign currency exchange rates, thereby
facilitating period-to-period comparisons of our underlying
business. Generally, when the U.S. dollar either strengthens or
weakens against other currencies, the growth at constant currency
rates will be higher or lower than growth reported at actual
exchange rates. Management includes information regarding organic
revenue growth, which excludes the contribution of businesses
recently acquired, related intercompany eliminations and the
effects of foreign currency exchange rates because management
believes that facilitating period-to-period comparisons of our
organic revenue growth on a constant dollar basis better reflects
actual trends. As part of determining organic growth, management
refers to revenue for our Interactive Data Pricing and Reference
Data, Interactive Data Real-Time Services, Interactive Data Fixed
Income Analytics, and eSignal businesses. Management uses such
information for evaluating its business, and for forecasting and
planning purposes. In addition, since we have historically reported
revenue for these businesses to the investment community as part of
our reports on Form 10-K and Form 10-Q, we believe that continuing
to offer such information provides consistency in our financial
reporting. Management includes information regarding core total
costs and expenses which excludes total costs and expenses
associated with businesses recently acquired, and the effects of
foreign exchange because management believes changes in our core
total costs and expenses on a constant dollar basis better reflect
actual trends in the core businesses. Management includes
information regarding core operating profit, which excludes revenue
and costs and expenses associated with recently acquired
businesses, intercompany eliminations and the effects of foreign
exchange because management believes changes in our core operating
profit on a constant dollar basis better reflect actual trends in
the core businesses. The above measures are non-GAAP financial
measures and should not be considered in isolation from (and are
not intended to represent an alternative measure of) revenue, total
costs and expenses, earnings or cash flows provided by operating
activities, each as determined in accordance with GAAP. In
addition, the above measures may not be comparable to similarly
titled measures reported by other companies. Forward-looking and
Cautionary Statements This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and federal securities
laws, and is subject to the safe-harbor created by such Act and
laws. Forward-looking statements include all statements that are
not historical statements and include our statements discussing our
goals, beliefs, strategies, objectives, plans, future financial
conditions, results of operations and cash flows or projections,
our statements about accelerating innovation, strengthening and
expanding strategic customer relationships, and responding
decisively to emerging market opportunities, as well as our
statements appearing under the heading "Outlook." These statements
are subject to known and unknown risks, uncertainties, assumptions
and other factors that may cause actual results to be materially
different from those contemplated by the forward-looking
statements. Such factors include, but are not limited to: (i) the
presence of competitors with greater financial resources than ours
and their strategic response to our services and offerings; (ii)
the impact of cost-containment pressures across the industries we
serve; (iii) a decline in activity levels in the securities
markets; (iv) the possibility of a prolonged outage or other major
unexpected operational difficulty at any of our key facilities; (v)
our ability to maintain relationships with our key suppliers and
providers of market data; (vi) our ability to maintain our
relationships with service bureaus and custodian banks; (vii)
consolidation of financial services companies, both within an
industry and across industries; (viii) new offerings by competitors
or new technologies that could cause our offerings or services to
become less competitive or obsolete, or we may not be able to
develop new or enhanced services or offerings; (ix) our ability to
negotiate and enter into strategic acquisitions or alliances on
favorable terms, if at all; (x) our ability to realize the
anticipated benefits from any strategic acquisitions or alliances
that we enter into; (xi) we are subject to regulatory oversight and
we provide services to financial institutions that are subject to
significant regulatory oversight, and any investigation of us or
our customers relating to our services could be expensive, time
consuming and harm our reputation; (xii) new legislation of changes
in government or quasi-government rules, regulations, directives or
standards may materially adversely affect our business; (xiii)
certain of our subsidiaries are subject to complex regulations and
licensing requirements; (xiv) the risks of doing business
internationally; (xv) our ability to attract and retain key
personnel; and (xvi) the ability of our majority shareholder to
exert influence over our affairs, including the ability to approve
or disapprove any corporate actions submitted to a vote of our
stockholders; and other factors identified in our most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission. We undertake no
obligation to update these forward-looking statements. About
Interactive Data Corporation Interactive Data Corporation (NYSE:
IDC) is a leading global provider of financial market data,
analytics and related services to financial institutions, active
traders and individual investors. The Company's businesses supply
real-time market data, time-sensitive pricing, evaluations and
reference data for millions of securities traded around the world,
including hard-to-value instruments. Many of the world's best-known
financial service and software companies subscribe to the Company's
services in support of their trading, analysis, portfolio
management and valuation activities. Through its businesses,
Interactive Data Pricing and Reference Data, Interactive Data
Real-Time Services, Interactive Data Fixed Income Analytics, and
eSignal, the Company has approximately 2,300 employees in offices
located throughout North America, Europe, Asia and Australia. The
Company is headquartered in Bedford, Mass. Pearson plc (NYSE: PSO;
LSE: PSON), an international media company, whose businesses
include the Financial Times Group, Pearson Education, and the
Penguin Group, is Interactive Data Corporation's majority
stockholder. For more information about Interactive Data
Corporation and its businesses, please visit
www.interactivedata.com. INTERACTIVE DATA CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except per share data) � � � Three
Months Ended � Twelve Months Ended December 31, December 31, 2007 �
2006 � Change 2007 � 2006 � Change � � � � REVENUE $ 182,080 $
161,138 13.0 % $ 689,610 $ 612,403 12.6 % � COSTS & EXPENSES
Cost of services 59,259 50,926 16.4 % 223,987 198,538 12.8 %
Selling, general & administrative 64,747 60,612 6.8 % 240,520
221,787 8.4 % Depreciation 6,402 5,757 11.2 % 23,110 21,925 5.4 %
Amortization � 6,708 � � 6,453 � 4.0 % � 26,373 � � 25,588 � 3.1 %
Total costs & expenses � 137,116 � � 123,748 � 10.8 % � 513,990
� � 467,838 � 9.9 % � INCOME FROM OPERATIONS 44,964 37,390 20.3 %
175,620 144,565 21.5 % � Other income, net � 2,693 � � 2,118 � 27.1
% � 9,025 � � 6,366 � 41.8 % INCOME BEFORE INCOME TAXES 47,657
39,508 20.6 % 184,645 150,931 22.3 % Income tax expense � 15,773 �
� 14,727 � 7.1 % � 58,662 � � 57,569 � 1.9 % NET INCOME $ 31,884 �
$ 24,781 � 28.7 % $ 125,983 � $ 93,362 � 34.9 % � NET INCOME PER
SHARE: Basic $ 0.34 $ 0.27 25.9 % $ 1.34 $ 1.00 34.0 % Diluted $
0.33 $ 0.26 26.9 % $ 1.30 $ 0.98 32.7 % Cash dividends declared per
common share(a) $ 0.775 $ 0.80 -3.1 % $ 1.15 $ 0.80 43.8 % �
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 94,233 93,179 1.1
% 94,038 93,240 0.9 % Diluted 97,563 95,748 1.9 % 97,060 95,600 1.5
% � � (a) Of the $0.775 in cash dividends declared per common share
for the three months ended December 31, 2007, $0.125 per share was
paid during that period. $0.50 per common share was paid on January
24, 2008 to stockholders of record on January 4, 2008 and $0.15 per
common share will be paid on March 31, 2008 to stockholders of
record on March 3, 2008. INTERACTIVE DATA CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) �
� December 31, � December 31, 2007 � 2006 ASSETS (Unaudited) �
Current Assets: Cash and cash equivalents $ 205,470 $ 152,449
Marketable securities 73,465 43,296 Accounts receivable, net
112,432 103,041 Prepaid expenses and other current assets 18,523
13,840 Deferred income taxes � 5,276 � � � 3,164 � Total current
assets � 415,166 � � � 315,790 � Property and equipment, net 93,832
81,988 Goodwill 554,842 536,049 Other intangible assets, net
159,869 168,969 Other assets � 4,517 � � � 1,008 � Total Assets $
1,228,226 � � $ 1,103,804 � � LIABILITIES AND STOCKHOLDERS' EQUITY
� Current Liabilities: Accounts payable, trade $ 24,405 $ 25,787
Accrued liabilities 84,706 75,053 Payable to affiliates 732 5,156
Income taxes payable 16,065 17,042 Deferred revenue 30,524 27,343
Dividends payable � 61,331 � � � - � Total current liabilities �
217,763 � � � 150,381 � Income taxes payable 7,667 - Deferred tax
liabilities 29,785 35,773 Other liabilities � 9,487 � � � 6,065 �
Total Liabilities � 264,702 � � � 192,219 � � Stockholders' Equity:
Preferred stock - - Common stock 1,015 993 Additional paid-in
capital 941,265 887,071 Treasury stock, at cost (137,506 ) (105,690
) Accumulated earnings 113,595 96,230 Accumulated other
comprehensive income � 45,155 � � � 32,981 � Total Stockholders'
Equity � 963,524 � � � 911,585 � Total Liabilities and
Stockholders' Equity $ 1,228,226 � � $ 1,103,804 � INTERACTIVE DATA
CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) (In thousands) � � Twelve Months Ended
December 31, 2007 � 2006 � Cash flows provided by (used in)
operating activities: � � Net income $ 125,983 $ 93,362 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 49,483 47,513 Excess tax
benefits from stock based compensation (4,171 ) (1,640 ) Deferred
income taxes (8,869 ) (4,473 ) Amortization of discounts and
premiums on marketable securities, net 590 243 Stock-based
compensation 13,364 15,368 Provision for doubtful accounts (74 )
(1,001 ) Loss on dispositions of fixed assets 2,332 910 Changes in
operating assets and liabilities, net � 5,924 � � � 23,283 � NET
CASH PROVIDED BY OPERATING ACTIVITIES 184,562 173,565 � Cash flows
used in investing activities: � � Purchase of fixed assets (36,809
) (38,999 ) Acquisition of business (24,473 ) (33,244 ) Purchase
and maturities of marketable securities, net � (30,723 ) � �
(18,520 ) NET CASH USED IN INVESTING ACTIVITIES (92,005 ) (90,763 )
� Cash flows provided by (used in) financing activities: � �
Purchase of treasury stock (31,816 ) (31,103 ) Proceeds from
exercise of stock options and employee stock purchase plan 31,413
19,027 Excess tax benefits from stock based compensation 4,171
1,640 Common stock cash dividends paid � (47,072 ) � � (74,581 )
NET CASH USED IN FINANCING ACTIVITIES (43,304 ) (85,017 ) � �
Effect of exchange rate on cash � 3,768 � � � 7,296 � NET INCREASE
IN CASH AND CASH EQUIVALENTS 53,021 5,081 CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD � 152,449 � � � 147,368 � � CASH AND CASH
EQUIVALENTS AT END OF PERIOD $ 205,470 � � $ 152,449 �
RECONCILIATION OF NON-GAAP MEASURES � � Revenue Before Effects of
Foreign Exchange, Acquisition-Related Revenue and Intercompany
Eliminations Resulting from Acquisitions (Unaudited) (In thousands)
� � Three Months Ended � Twelve Months Ended December 31, December
31, 2007 � 2006 � Change 2007 � 2006 � Change Revenue � � � �
Institutional Services: Pricing and Reference Data $ 114,252 $
98,682 15.8 % $ 429,420 $ 377,896 13.6 % Real-Time Services 37,547
32,644 15.0 % 139,385 120,061 16.1 % Fixed Income Analytics � 8,136
� � � 8,242 � � -1.3 % � 32,442 � � � 32,459 � � -0.1 %
Institutional Services total 159,935 139,568 14.6 % 601,247 530,416
13.4 % � Active Trader Services: eSignal � 22,145 � � � 21,570 � �
2.7 % � 88,363 � � � 81,987 � � 7.8 % Active Trader Services total
22,145 21,570 2.7 % 88,363 81,987 7.8 % � Total revenue 182,080
161,138 13.0 % 689,610 612,403 12.6 % � Effects of foreign exchange
Institutional Services: Pricing and Reference Data (2,020 ) - -
(8,700 ) - - Real-Time Services (2,150 ) - - (7,135 ) - - Fixed
Income Analytics � (5 ) � � - � � - � � (27 ) � � - � � - �
Institutional Services total (4,175 ) - - (15,862 ) - - � Active
Trader Services: eSignal � (155 ) � � - � � - � � (590 ) � � - � �
- � Active Trader Services total (155 ) - - (590 ) - - � Total
effects of foreign exchange (4,330 ) - - (16,452 ) - - � � Non-GAAP
revenue before effects of foreign exchange 177,750 161,138 10.3 %
673,158 612,403 9.9 % � Revenue � Quote.com - - - (3,177 ) (805 )
294.6 % Revenue � Xcitek Market Data � (2,115 ) � � - � � - � �
(5,299 ) � � - � � - � � � Non-GAAP revenue before effects of
foreign exchange and acquisition-related revenue 175,635 161,138
9.0 % 664,682 611,598 8.7 % � Intercompany eliminations resulting
from Quote.com acquisition - - - - (288 ) - Intercompany
eliminations resulting from Xcitek Market Data acquisition � - � �
� (84 ) � - � � - � � � (158 ) � - � � Non-GAAP revenue before
above factors $ 175,635 � � $ 161,054 � � 9.1 % $ 664,682 � � $
611,152 � � 8.8 % RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(CONTINUED) � Total Costs and Expenses Before Effects of
Acquisitions, and Effects of Foreign Exchange (Unaudited) (In
thousands) � � Three Months Ended � Twelve Months Ended December
31, December 31, 2007 � 2006 � Change 2007 � 2006 � Change � � � �
Total costs & expenses $ 137,116 $ 123,748 10.8 % $ 513,990 $
467,838 9.9 % � Effects of foreign exchange � (3,492 ) � � - � - �
� (13,052 ) � � - � � - � � Total costs & expenses before the
effects of foreign exchange 133,624 123,748 8.0 % 500,938 467,838
7.1 % � Total costs & expenses � Quote.com - - - (1,703 ) (528
) 222.5 % � Total costs & expenses � Xcitek Market Data �
(1,416 ) � � - � - � � (4,026 ) � � - � � - � � Non-GAAP total
costs & expenses before above factors $ 132,208 � � $ 123,748 �
6.8 % $ 495,209 � � $ 467,310 � � 6.0 % RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (CONTINUED) � Income from Operations Before
Effects of Foreign Exchange, Acquisitions and Related Intercompany
Eliminations (Unaudited) (In thousands) � � Three Months Ended �
Twelve Months Ended December 31, December 31, 2007 � 2006 � Change
2007 � 2006 � Change � � � � Non-GAAP revenue before above factors
$ 175,635 $ 161,054 9.1 % $ 664,682 $ 611,152 8.8 % � Non-GAAP
total costs and expenses before above factors � 132,208 � � 123,748
� 6.8 % � 495,209 � � 467,310 � 6.0 % � Non-GAAP operating profit
from core businesses $ 43,427 � $ 37,306 � 16.4 % $ 169,473 � $
143,842 � 17.8 %
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