FactSet Research Systems Inc. (NYSE:FDS) Q2 2015 Earnings Conference Call - Final Transcript
Mar 17, 2015 • 11:00 am ET
Welcome and thanks for standing by. At this time, all participants are in listen only mode. [Operator Instructions]. This call is being recorded. If you have any objections, you may disconnect at this point.
Now I'll turn it over to the host, Senior Vice President of Strategic Resources and General Counsel, Ms. Rachel Stern. Ma'am, you may begin.
Thank you, operator. Good morning and thanks to all of you for participating today. Welcome to FactSet's second quarter 2015 earnings conference call. This conference call is being transcribed in real time by FactSet's CallStreet service and is being broadcast live via the internet at factset.com. A replay of this call will also be available on our website.
Our call will contain forward-looking statements reflecting Management's expectations based on currently available information. Actual results may differ materially. More information about factors that could affect FactSet's business and financial results can be found in FactSet's filings with the SEC. Annual subscription value or ASV is a key metric for FactSet. Please recall that ASV is a snapshot view of client subscriptions and represents our forward-looking revenues for the next 12 months. Lastly, FactSet undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.
Joining me today are Phil Hadley, Chairman and Chief Executive Officer; Phil Snow, President; and Maurizio Nicolelli, FactSet's Chief Financial Officer. I would like to turn the discussion over now to Phil Hadley, our CEO. At the end of Phil's remarks we will hear from Maurizio Nicolelli, our CFO. After Maruizio's remarks we will have time for questions. Please limit your questions to one question and only one follow-up so that we will have enough time to address questions effectively.
Thank you, Rachel and good morning, everyone. I would like to address two recent developments. First, on a somber note, as many of you know, Mike DiChristina, one of FactSet's greatest leaders and member of our Board of Directors passed away in late February after battling a long illness. His contribution over the past 29 years to the character and leadership of FactSet will never be forgotten. After only a few short years at FactSet as an engineer, the bulk of the online system was written by Mike or under his watch. His creation of Universal Screening in 1988 is still to this day the foundation of all of FactSet's quantitative and portfolio analytic products. He left a mark an indelible mark on this company and will always be in our hearts.
Second, on a lighter note, effective July 1st, I will be stepping down from my role as CEO which I've held since September 2000. I will remain with the company as Chairman of the Board of Directors. Phil Snow, our current President will become CEO on July 1. In addition, Mark Hale was promoted to Chief Operating Officer yesterday, replacing Peter Walsh. Peter is taking an active role in supporting Mark in his transition to his new responsibilities. Both Phil