"Where does he get those wonderful toys?"
-- The Joker, Batman
Strange as this might sound to those who think that Wall Street jobs are an express ticket to easy money, there's not much I miss about working there. But one thing I do miss is access to FactSet's
Oh, and since it's time to cover another of this fast-growing company's quarterly reports, let me publicly flog myself again for not buying this stock, even though I had direct exposure to it and should have known better than to miss it.
Once again, FactSet delivered solid performance. Revenue was up more than 22%, with non-GAAP earnings climbing over 21%. I know, I know . you've heard me rail about the problems with non-GAAP accounting, but I actually think the non-GAAP numbers are important here. Besides, even on a GAAP basis, the growth is still of the double-digit variety.
While the pace of client and subscription growth does seem to be slowing, that's going to happen as the base gets larger and larger. Even still, I was happy to see non-U.S. revenue improve at a 29% clip, with both Europe and Asia-Pacific growing strongly.
There's nothing at all wrong with FactSet's business as it stands today. Even if most of the customer base is on the equity asset management side of the ledger, that's not so bad -- companies ranging from Legg Mason
But if FactSet can grow the fixed income side, who knows how big the company could be? As I've said before, fixed income is a huge business -- particularly the trading side, which is dominated by the likes of Bear Stearns
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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).