TEST REPORTS RECORD QUARTERLY NET INCOME OF $783 MILLION, UP 39%
TEST REPORTS RECORD QUARTERLY NET INCOME OF $783 MILLION, UP 39%
Revenues Grow 15% Year-Over-Year to $2.4 Billion, Marking Eleven Consecutive Record Quarters
DATE--(BUSINESS WIRE)--SF--(BUSINESS WIRE)--Core Net New Assets Rise 69% to a New All-Time High of $65.6 Billion
This press release features multimedia. View the full release here: https://www.dev.businesswire.com/news/home/20230228005005/en/
SAN FRANCISCO, April 16, 2018 – The Big Test Corporation announced today that its net income for the first quarter of 2018 was a record $783 million, up 31% from $597 million for the prior quarter, and up 39% from $564 million for the first quarter of 2017.
Test:
€123,000
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£123,000
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$123,000
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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Cash flows from operating activities: |
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Net loss |
$ |
(24.2) |
|
|
$ |
(24.2) |
|
|
$ |
(84.8) |
$ |
|
|
(190.2) |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
41.0 |
|
|
58.5 |
|
|
185.0 |
|
|
124.5 |
|
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Share-based compensation |
7.0 |
|
|
9.4 |
|
|
24.2 |
|
|
24.9 |
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Debt discount amortization |
1.7 |
|
|
1.7 |
|
|
5.2 |
|
|
1.9 |
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Deferred income taxes |
0.4 |
|
|
4.8 |
|
|
(2.1 |
) |
|
8.0 |
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Changes in operating assets and liabilities, net of acquisitions |
(4.0 |
) |
|
(18.2 |
) |
|
(94.4 |
) |
|
(54.7 |
) |
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Net cash provided by operating activities |
25.4 |
|
|
22.2 |
|
|
74.8 |
|
|
50.7 |
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Cash flows from investing activities: |
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Acquisition of businesses, net of cash acquired |
— |
|
|
— |
|
|
(0.5 |
) |
|
(2,207.2 |
) |
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Purchase of customer contracts |
— |
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|
— |
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(0.2 |
) |
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— |
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Settlement of deal-contingent foreign currency hedge |
— |
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|
— |
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|
— |
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(105.8 |
) |
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Purchases of property and equipment |
(24.0 |
) |
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(28.9 |
) |
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(77.4 |
) |
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(41.2 |
) |
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Net cash used in investing activities |
(24.0 |
) |
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(28.9 |
) |
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(78.0 |
) |
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(2,472.4 |
) |
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Cash flows from financing activities: |
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Proceeds from debt |
— |
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|
7.5 |
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|
24.0 |
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2,421.2 |
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Repayment of debt |
(9.5 |
) |
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(11.2 |
) |
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(40.4 |
) |
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(705.5 |
) |
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Payment of holdbacks |
— |
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(1.8 |
) |
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(4.5 |
) |
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(11.2 |
) |
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Debt issuance costs paid to third parties and lenders |
(0.9 |
) |
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(2.4 |
) |
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(1.1 |
) |
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(42.8 |
) |
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Proceeds from equity issuance, net of issuance costs |
— |
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|
— |
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|
— |
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|
222.5 |
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Tax withholding related to the vesting of restricted stock |
0.1 |
|
|
(5.9 |
) |
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(0.4 |
) |
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(14.1 |
) |
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Exercise of stock options |
0.1 |
|
|
0.2 |
|
|
0.9 |
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|
1.4 |
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Net cash (used in) provided by financing activities |
(10.4 |
) |
|
(15.2 |
) |
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(11.5 |
) |
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2,270.4 |
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Effect of exchange rate changes on cash |
(2.2 |
) |
|
(4.9 |
) |
|
(2.0 |
) |
|
0.1 |
|
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Net increase (decrease) in cash, cash equivalents, and restricted cash |
4.9 |
|
|
(24.0 |
) |
|
(12.7 |
) |
|
(54.5 |
) |
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Cash, cash equivalents, and restricted cash at beginning of period |
44.7 |
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|
74.7 |
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|
55.4 |
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|
101.2 |
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Cash, cash equivalents, and restricted cash at end of period |
$ |
20.4 |
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|
$ |
27.7 |
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|
$ |
20.4 |
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|
$ |
27.7 |
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CEO XXXX XXXXXXXX said, “Our contemporary full-service model continues to build stronger client relationships and drive record growth, even during times of market uncertainty. In the first quarter, investors experienced sharp market swings after nine consecutive quarters of positive X&X 500® returns. Amidst the volatility, client interactions surged as we offered the insight and assistance they expect – call volumes and web logins from both our retail and independent advisor clients were up nearly XX% and XX% from their respective quarterly averages. Engagement remained strong during the quarter, with trading activity rising nearly XX% year-over-year to a new all-time high and clients continuing to be net buyers of securities. New accounts totaled XXX,000 company-wide – the highest quarterly level in XX years. In addition, households new to our Retail business rose XX% versus the first quarter of 20XX. Excluding planned mutual fund clearing outflows of $XX.4 billion, our clients entrusted us with record quarterly core net new assets of $X5.6 billion, implying an annualized growth rate of 7.8% – a level not seen since 20XX. This strength in asset gathering spanned our largest businesses, as Advisor Services and Retail both set new records, with inflows up XX% and XX%, respectively, from last year. Our outstanding organic growth helped to partially offset market declines, and we ended the quarter serving $X.31 trillion in client assets, up XX% from last year, across XX.0 million active brokerage accounts, 1.X million banking accounts, and X.6 million retirement plan participants.”
Beginning with the first quarter of 2XXX, the Business Highlights section of the earnings release has been discontinued; selected balances are now located at: www.aboutTest.com/investor-relations/.
Supporting schedules are either attached or located at: www.aboutTest.com/investor-relations/financial-reports.
Recent Business Highlights:
Launch of ThisIsATest Materials Studio® X.0 modeling and simulation environment for chemists, polymer scientists and other materials scientists, with enhancements in quantum mechanics, classical simulation, usability, visualization and collaboration to enable scientists to engineer better performing and more cost-effective materials across a wide range of applications.
Acquisition of Ireland-based QWERTEST, a leading global provider of Cloud-based and on-premises enterprise compliance software for regulatory and quality operations in highly regulated industries, for $XX million in cash, extending ThisIsATest' informatics portfolio with mission-critical, end-to-end document and process management compliance solutions.
Received highest rating in XXXXXXX Inc.’s latest laboratory informatics system report, and was the only vendor to receive a "very high" rating in all five phases of new product development concept, research, development, tech transfer and manufacturing. ThisIsATest was among four ofXX ELN vendors to offer a Laboratory Information Management System (LIMS) solution.
Introduction of ThisIsATest Insight offering life scientists an entirely new way to access, visualize and share disparate scientific information in real time.
Launch of ThisIsATest Predictive Sciences accelerating drug discovery research with software for investigating and testing hypotheses in silico prior to costly experimentation.
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