Interactive Data Corp. (IDC, Financial) filed Quarterly Report for the period ended 2011-09-30.
. Interactive Data Corp. had an annual average earning growth of 11.7% over the past 10 years. GuruFocus rated Interactive Data Corp. the business predictability rank of 2-star.
During the three months ended September 30, 2011, selling, general and administrative expenses decreased by $8.6 million, or 11.9%, to $63.9 million compared with the combined three months ended September 30, 2010. The change in foreign exchange rates increased selling, general, and administrative expenses by $1.4 million. Excluding the impact of foreign exchange, selling, general and administrative expenses decreased by $10.0 million or 13.8%. The period-over-period decrease in expense is primarily related to decreases in personnel expenses largely associated with accelerated stock-based compensation resulting from the Merger in the combined three months ended September 30, 2010. Selling, general, and administrative expenses as a percentage of revenue was 29.3% in the three months ended September 30, 2011 compared with 36.6% for the combined three months ended September 30, 2010.
During the nine months ended September 30, 2011, total revenue increased by $56.9 million, or 9.7%, to $645.7 million compared with the combined nine months ended September 30, 2010. The change in foreign exchange rates increased total revenue by $12.7 million in the nine months ended September 30, 2011 and the purchase price allocation adjustment to deferred revenue decreased total revenue by $0.9 million in the nine months ended September 30, 2011 and $2.3 million in the combined nine months ended September 30, 2010. Excluding the impact of foreign exchange and the purchase price allocation adjustment to deferred revenue, total revenue increased by $42.8 million, or 7.2% to $633.9 million. The impact of foreign exchange is primarily related to continued weakness of the US dollar against the British Pound Sterling and the Euro. Refer to Note 2, Merger to our financial statements in Item 1 for additional information.
Revenue for the Pricing and Reference Data business increased by $35.2 million, or 9.2%, to $415.7 million in the nine months ended June 30, 2011 compared with the combined nine months ended September 30, 2010. The change in foreign exchange rates increased total revenue by $6.6 million in the nine months ended September 30, 2011 and the purchase price allocation adjustment to deferred revenue decreased revenue by $0.6 million and $1.5 million in the nine months ended September 30, 2011 and the combined nine months ended September 30, 2010, respectively. Excluding the impact of foreign exchange and the purchase price allocation adjustment to deferred revenue, Pricing and Reference Data revenue increased by $27.7 million, or 7.3%, primarily due to growth in the United States and Europe stemming from new sales to existing customers and, to a lesser extent, new customers combined with high retention levels, favorable usage-related revenue trends, and the impact of annual price increases.
Cost of services expenses increased by $9.7 million or 4.6%, to $219.0 million during the nine months ended September 30, 2011 compared with the combined nine months ended September 30, 2010. The change in foreign exchange rates increased cost of services expense by $4.7 million. Excluding the impact of foreign exchange, cost of services expenses increased by $5.0 million, or 2.4% primarily based on increases in hardware maintenance expense of $3.8 million, consulting expense of $1.1 million and communications costs totaling approximately $5.0 million. Those increases were offset by an approximate $4.6 million decrease in non-recurring personnel expenses largely related to accelerated stock-based compensation expense resulting from the Merger in the combined nine months ended September 30, 2010. Cost of services expense as a percentage of revenue was 33.9% in the nine months ended September 30, 2011 compared with 35.6% in the combined nine months ended September 30, 2010.
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. Interactive Data Corp. had an annual average earning growth of 11.7% over the past 10 years. GuruFocus rated Interactive Data Corp. the business predictability rank of 2-star.
Highlight of Business Operations:
Cost of services expenses decreased by $2.5 million or 3.3%, to $72.1 million during the three months ended September 30, 2011 compared with the combined three months ended September 30, 2010. The change in foreign exchange rates increased cost of services expense by $1.7 million. Excluding the impact of foreign exchange, cost of services expenses decreased by $4.2 million, or 5.6% primarily based on a decrease in personnel expenses of approximately $4.0 million largely associated with accelerated stock-based compensation expense resulting from the Merger, not recurring in the three months ended September 30, 2011. This was partially offset by an increase in communications and data acquisition costs totaling approximately $1.4 million. Cost of services expense as a percentage of revenue was 33.1% in the three months ended September 30, 2011 compared with 37.7% in the combined three months ended September 30, 2010.During the three months ended September 30, 2011, selling, general and administrative expenses decreased by $8.6 million, or 11.9%, to $63.9 million compared with the combined three months ended September 30, 2010. The change in foreign exchange rates increased selling, general, and administrative expenses by $1.4 million. Excluding the impact of foreign exchange, selling, general and administrative expenses decreased by $10.0 million or 13.8%. The period-over-period decrease in expense is primarily related to decreases in personnel expenses largely associated with accelerated stock-based compensation resulting from the Merger in the combined three months ended September 30, 2010. Selling, general, and administrative expenses as a percentage of revenue was 29.3% in the three months ended September 30, 2011 compared with 36.6% for the combined three months ended September 30, 2010.
During the nine months ended September 30, 2011, total revenue increased by $56.9 million, or 9.7%, to $645.7 million compared with the combined nine months ended September 30, 2010. The change in foreign exchange rates increased total revenue by $12.7 million in the nine months ended September 30, 2011 and the purchase price allocation adjustment to deferred revenue decreased total revenue by $0.9 million in the nine months ended September 30, 2011 and $2.3 million in the combined nine months ended September 30, 2010. Excluding the impact of foreign exchange and the purchase price allocation adjustment to deferred revenue, total revenue increased by $42.8 million, or 7.2% to $633.9 million. The impact of foreign exchange is primarily related to continued weakness of the US dollar against the British Pound Sterling and the Euro. Refer to Note 2, Merger to our financial statements in Item 1 for additional information.
Revenue for the Pricing and Reference Data business increased by $35.2 million, or 9.2%, to $415.7 million in the nine months ended June 30, 2011 compared with the combined nine months ended September 30, 2010. The change in foreign exchange rates increased total revenue by $6.6 million in the nine months ended September 30, 2011 and the purchase price allocation adjustment to deferred revenue decreased revenue by $0.6 million and $1.5 million in the nine months ended September 30, 2011 and the combined nine months ended September 30, 2010, respectively. Excluding the impact of foreign exchange and the purchase price allocation adjustment to deferred revenue, Pricing and Reference Data revenue increased by $27.7 million, or 7.3%, primarily due to growth in the United States and Europe stemming from new sales to existing customers and, to a lesser extent, new customers combined with high retention levels, favorable usage-related revenue trends, and the impact of annual price increases.
Cost of services expenses increased by $9.7 million or 4.6%, to $219.0 million during the nine months ended September 30, 2011 compared with the combined nine months ended September 30, 2010. The change in foreign exchange rates increased cost of services expense by $4.7 million. Excluding the impact of foreign exchange, cost of services expenses increased by $5.0 million, or 2.4% primarily based on increases in hardware maintenance expense of $3.8 million, consulting expense of $1.1 million and communications costs totaling approximately $5.0 million. Those increases were offset by an approximate $4.6 million decrease in non-recurring personnel expenses largely related to accelerated stock-based compensation expense resulting from the Merger in the combined nine months ended September 30, 2010. Cost of services expense as a percentage of revenue was 33.9% in the nine months ended September 30, 2011 compared with 35.6% in the combined nine months ended September 30, 2010.
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