NEW YORK, NY -- (Marketwired) -- 07/24/14 -- Interactive Data Corporation today reported its financial results for the second quarter ended June 30, 2014. Interactive Data's second quarter 2014 revenue was $232.1 million, a 3.1% increase from $225.1 million in the second quarter of 2013. Excluding the impact of changes in foreign exchange rates, Interactive Data's organic (non-GAAP) revenue for the second quarter of 2014 grew by 1.3% from the same quarter last year.
Interactive Data's second quarter 2014 income from operations was $27.9 million, compared with $49.6 million in the second quarter of 2013. Non-GAAP adjusted EBITDA (which excludes items that are either not part of the Company's ongoing core operations, or do not require a cash outlay, or are not otherwise expected to recur in the ordinary course) for the second quarter of 2014 was $86.9 million, compared with $88.3 million in the same period one year ago.
"Our second quarter results reflect our ability to navigate the relatively sluggish spending environment that has persisted into 2014," stated Stephen Daffron, Interactive Data's president and CEO. "We have continued to produce organic revenue growth due to the combination of modest growth in our Pricing and Reference Data segment in North America and solid expansion within our 7ticks trading infrastructure managed services area. Our adjusted EBITDA results reflect our efforts to remain vigilant in controlling costs while continuing to direct investment into the product development and technology infrastructure initiatives that we believe will help us accelerate our top-line and bottom-line expansion over the long term."
Segment Reporting and Related Operating Highlights
Pricing and Reference Data Segment:
- Interactive Data's Pricing and Reference Data segment reported second-quarter 2014 revenue of $165.8 million, a 3.6% increase over $160.1 million in the second quarter of 2013. Excluding the impact of changes in foreign exchange rates, second quarter 2014 organic (non-GAAP) revenue for this segment increased by 2.2% from the same period last year. The segment's performance reflects growth in the Company's evaluated pricing and reference data services in North America, and, to a lesser extent, improved results in its BondEdge fixed income analytics product area. Key highlights during the second quarter of 2014 included Interactive Data's continued progress expanding its services in support of leading index providers such as Barclays Risk Analytics and Index Solutions and MSCI. In May, Interactive Data expanded its NY Close International Fixed Income Evaluation Services to include coverage of sovereign and corporate bonds issued in the Asia-Pacific region. In addition, BondEdge Solutions announced a new suite of equity analysis and reporting tools and also launched BondEdge Advance, a web-based solution that enables broker dealers and asset managers to easily and cost-effectively perform comprehensive fixed income analysis functions for their clients.
Trading Solutions Segment:
- Interactive Data's Trading Solutions segment generated second quarter 2014 revenue of $66.3 million, an increase of 1.9% over $65.0 million in the same period one year ago. Excluding the impact of changes in foreign exchange rates, second quarter 2014 organic (non-GAAP) revenue for this segment declined 0.8% from the same period last year as growth in the 7ticks trading infrastructure managed services product area was more than offset by a modest decline in other key product areas. In May 2014, Interactive Data announced that Joachim Lauterbach, an experienced financial technology industry executive, was appointed as president and global head of its Managed Solutions business which develops, operates, and hosts customized financial portals and mobile solutions as well as desktop terminals designed for retail and private banks, investment companies, online brokers, exchanges, and media portals. Other recent highlights for the segment included continued enhancement of the Company's range of workstation platforms, including the launch of a new version of eSignal and a related alliance that allows eSignal users to directly access social media sentiment indicators from industry leaders such as Market Prophit.
Other Second Quarter 2014 Financial and Operating Highlights
Effects of Foreign Exchange:
- The net effect of changes in foreign exchange rates increased second quarter 2014 income from operations by $0.6 million.
Refinancing Activity:
- As previously announced, in early May Interactive Data entered into a new $2.1 billion senior secured credit facility, consisting of a five year $160 million Revolver (currently unfunded) and a seven year $1.9 billion Term Loan. Additionally, the Company completed the offering of $350 million in aggregate principal amount 5.875% Senior Notes due 2019. Net proceeds from these activities, along with approximately $94 million in cash, were used to refinance its $1.3 billion existing Term Loan, redeem Interactive Data's $700 million 10.25% Senior Notes due 2018, pay related fees and expenses, and fund a $273 million dividend payment to Igloo Holdings Corporation, its parent entity, which in turn paid a dividend to its equity holders.
The Company is not reporting Pro Forma Adjusted EBITDA (also referred to as Covenant EBITDA) within this second quarter earnings release. The new senior secured credit facility contains a definition of Covenant EBITDA that differs from the definition of Covenant EBITDA in the previous senior secured credit facility. The Company is currently evaluating Covenant EBITDA under the new definition and will report on Covenant EBITDA in connection with its third quarter earnings release.
Balance Sheet Highlights:
- As of June 30, 2014, Interactive Data had cash, cash equivalents and short-term investments of $254.8 million, compared with $326.9 million last quarter, $289.3 million at the same time last year and $360.2 million at the end of 2013. The Company's cash position reflected the aforementioned use of $94 million as part of the May 2014 financing activity. The Company's total debt outstanding as of June 30, 2014 was approximately $2.25 billion compared to approximately $2.0 billion as of the same time last year.
First Half 2014 Results
- For the first six months ended June 30, 2014, Interactive Data reported revenue of $466.5 million, an increase of $17.9 million, or 4.0%, from $448.6 million in the same period last year. Excluding the effects of foreign exchange, organic revenue grew by 2.6% during the first half of 2014.
- Interactive Data's first half 2014 income from operations was $68.8 million, compared with $93.0 million in the same period one year ago. For the first half of 2014, non-GAAP adjusted EBITDA (which excludes items that are not part of the Company's ongoing core operations, or do not require a cash outlay, or are not otherwise expected to recur in the ordinary course) was $168.6 million, compared with $171.4 million in the same period one year ago.
Conference Call Information
Interactive Data Corporation will host a conference call to discuss the Company's second quarter 2014 results on Friday, July 25, 2014 at 8:30 a.m. ET. The dial-in number for the conference call is (785) 424-1827 and the related access code is IDCQ214. For those who cannot listen to this broadcast, a replay of the call will be available from July 25 at 12:00 p.m. until Friday, August 1, 2014 at 12:00 p.m., and it can be accessed by dialing (402) 220-2672 or (800) 753-0348.
Non-GAAP Information
In addition to presenting our results in accordance with generally accepted accounting principles (GAAP) in this press release, we also disclose the following non-GAAP information:
- Management includes information regarding organic revenue. Organic revenue excludes the impact of foreign exchange rate fluctuations, as well as, if applicable, adjustments related to the amortization of acquisition-related deferred revenue, and the contribution of businesses recently acquired (and related intercompany eliminations). Management believes reporting organic revenue is useful information for stakeholders as it facilitates a fuller understanding of period-to-period changes in revenue and underlying business trends.
- Management includes organic revenue for our Pricing and Reference Data, and Trading Solutions segments because management believes this additional level of detail provides further insight into underlying performance trends.
- Management includes information regarding earnings before interest, other income, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, other income, income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges and benefits, adjustments related to the amortization of acquisition-related deferred revenue, and other non-cash, non-operational or non-recurring items, in each case as applicable for the underlying periods. Management considers these non-GAAP measures to be important indicators of the Company's operational profitability and cash generation strength. Management also believes these metrics provide transparency into and useful information regarding the Company's historical operating results because items that are either not part of the Company's ongoing core operating expenses, do not require a cash outlay, or are not otherwise expected to recur in the ordinary course of business are eliminated.
- Management includes information regarding free cash flow, which we define as adjusted EBITDA less capital expenditures. Management considers free cash flow to be an important measure of the Company's cash generation strength that supports the Company's ability to repay its debt obligations and invest in future growth through new business development activities or acquisitions.
- Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring the Company's core operating performance and comparing current period performance to that of prior periods, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making, and for forecasting and planning purposes.
- The non-GAAP financial measures of the Company's results of operations included in this press release should not be considered in isolation from comparable measures determined in accordance with GAAP. The non-GAAP financial measures should not be considered to be superior to or a substitute for the Company's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the comparable GAAP financial measures are set forth in the accompanying tables. The non-GAAP measures presented may not be comparable to similarly titled measures reported by other companies.
Forward-looking and Cautionary Statements
This press release may contain forward-looking statements. Forward-looking statements include all statements that are not historical statements and include statements discussing the Company's goals, beliefs, strategies, objectives, plans, future financial conditions, future challenges and opportunities. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: (i) the implementation of strategies designed to improve revenue and profit growth; (ii) the impact of cost-cutting pressures across the industries the Company serves; (iii) general worldwide economic conditions and related uncertainties; (iv) consolidation of financial services companies, within and across industries; (v) a decline in activity levels in the securities markets, weak or declining financial performance of market participants or the failure of market participants; (vi) the intensity of competition the Company faces; (vii) a prolonged outage at one of the Company's data centers or other major disruptions of the Company's computer operations or those of the Company's suppliers, including outages or disruptions that result in the failure to timely deliver services or otherwise adversely impact the quality of the Company's services; (viii) the Company's ability to maintain relationships with its key suppliers and providers of market data; (ix) the Company's ability to maintain relationships with service bureaus and custodian banks; (x) the need to develop new products and services, and to adapt to legal, regulatory, technology or other changes or new competitive offerings; (xi) the Company's cost and operational optimization plans may not be effective or yield the expected efficiencies or may take longer than anticipated, including the Company's unified technology platform project; (xii) risks related to the Company's substantial leverage, including the Company's ability to raise additional capital to fund operations or react to changes in the economy or the Company's industry and market sectors, and the Company's exposure to interest rate risk on its variable rate debt (to the extent the risk is not mitigated by any interest rate hedge and cap arrangements that may be in place from time to time); (xiii) the Company is subject to regulatory oversight and it provides services to financial institutions who are subject to regulatory oversight, and enforcement actions by regulatory agencies can be time-consuming, costly and could harm our Company's reputation; (xiv) the Company's ability to maintain its registered investment adviser status; (xv) the risks of doing business internationally; (xvi) intellectual property related risks, including any allegations that the Company infringes the intellectual property rights of others; (xvii) the Company's ability to attract and retain qualified management and other key personnel; (xviii) the Company's ability to negotiate and enter into any strategic acquisitions or alliance on favorable terms, if at all; and (xix) the Company's ability to realize the anticipated benefits from any strategic acquisitions or alliances that it may be a party to. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if management estimates change and, therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to today.
About Interactive Data Corporation
Interactive Data Corporation is a trusted leader in financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to our fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics, desktop solutions and web-based solutions. Interactive Data's offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management. Interactive Data has over 2,500 employees in offices worldwide.
For more information, please visit www.interactivedata.com.
INTERACTIVE DATA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
---------- ---------- ---------- ----------
REVENUE $ 232,081 $ 225,110 $ 466,479 $ 448,614
COSTS AND EXPENSES:
Cost of services 81,141 72,903 165,646 146,793
Selling, general and
administrative 86,070 62,268 158,428 126,001
Depreciation 11,033 10,793 21,868 21,839
Amortization 25,918 29,546 51,721 60,976
---------- ---------- ---------- ----------
Total costs and expenses 204,162 175,510 397,663 355,609
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 27,919 49,600 68,816 93,005
Interest expense, net (32,470) (34,210) (66,053) (69,419)
Other income, net 14 14 654 347
Loss on extinguishment of
debt (82,060) - (82,060) (10,213)
---------- ---------- ---------- ----------
(LOSS) INCOME BEFORE INCOME
TAXES (86,597) 15,404 (78,643) 13,720
Income tax (benefit)
expense (32,849) 369 (39,984) (447)
---------- ---------- ---------- ----------
NET (LOSS) INCOME $ (53,748)$ 15,035 $ (38,659)$ 14,167
========== ========== ========== ==========
INTERACTIVE DATA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
June 30, December 31,
2014 2013
------------ ------------
ASSETS (Unaudited)
Assets:
Cash and cash equivalents $ 254,798 $ 356,733
Short-term investments - 3,445
Accounts receivable, net 159,821 133,997
Prepaid expenses and other current assets 27,535 25,733
Income tax receivable - 6,804
Deferred tax assets 4,522 10,711
------------ ------------
Total current assets 446,676 537,423
Property and equipment, net 203,208 185,552
Goodwill 1,648,069 1,637,202
Intangible assets, net 1,529,688 1,569,903
Deferred financing costs, net 27,723 32,737
Other assets 6,753 5,541
------------ ------------
Total Assets $ 3,862,117 $ 3,968,358
============ ============
LIABILITIES AND EQUITY
Liabilities:
Accounts payable, trade $ 20,477 $ 20,282
Accrued liabilities 85,929 105,842
Borrowings, current 19,000 25,356
Interest payable 3,452 30,233
Income taxes payable 1,405 3,057
Deferred revenue 32,204 19,639
------------ ------------
Total current liabilities 162,467 204,409
Income taxes payable 3,427 13,566
Deferred tax liabilities 537,497 573,780
Other liabilities 57,971 57,547
Borrowings, net of current portion and original
issue discount 2,201,771 1,940,150
------------ ------------
Total Liabilities 2,963,133 2,789,452
------------ ------------
Equity:
Common stock - -
Additional paid-in-capital 968,465 1,237,766
Accumulated loss (127,715) (89,056)
Accumulated other comprehensive income 58,234 30,196
------------ ------------
Total Equity 898,984 1,178,906
------------ ------------
Total Liabilities and Equity $ 3,862,117 $ 3,968,358
============ ============
INTERACTIVE DATA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In thousands)
Six Months Ended
June 30,
2014 2013
----------- -----------
Cash flows from operating activities:
Net (loss) income $ (38,659) $ 14,167
Adjustments to reconcile net (loss) income to net
cash provided by operating activities:
Depreciation and amortization 73,589 82,815
Amortization of deferred financing costs and
accretion of debt discounts 6,991 8,140
Deferred income taxes (32,864) (2,944)
Non-cash stock-based compensation 8,467 1,726
Non-cash interest expense 1,130 753
Provision for doubtful accounts and sales
credits 3,279 1,364
Asset abandonment 3,275 -
Loss on dispositions of fixed assets 7 9
Loss on extinguishment of debt 82,060 10,213
Portion of insurance settlement related to
property and equipment - (2,485)
Changes in operating assets and liabilities, net (67,423) (8,411)
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 39,852 105,347
Cash flows from investing activities:
Purchase of property and equipment (43,797) (33,881)
Proceeds of insurance settlement related to
property and equipment - 2,485
Purchase of short-term investments - (3,335)
Proceeds from the sales of short-term
investments 3,410 14,236
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES (40,387) (20,495)
Cash flows from financing activities:
Principal payments on long-term debt (1,995,213) (3,649)
Proceeds from issuance of long-term debt, net of
issuance costs 2,166,442 -
Payment of long-term debt issuance costs, net of
proceeds - (1,009)
Principal payments on capital leases (253) (198)
Payment of interest rate cap (831) (831)
Capital contribution resulting from exercise of
parent company stock options 1,963 -
Capital contribution from parent company 9,715 -
Return of capital to parent company (272,895) -
Dividend to parent company (14,438) (14,277)
Capital reduction resulting from cash
distribution to option holders (2,928) (322)
----------- -----------
NET CASH USED IN FINANCING ACTIVITIES (108,438) (20,286)
Effect of change in exchange rates on cash and
cash equivalents 7,038 (11,496)
----------- -----------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (101,935) 53,070
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 356,733 224,597
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 254,798 $ 277,667
=========== ===========
RECONCILIATION OF NON-GAAP MEASURES
Total Organic (Non-GAAP) Revenue
(Revenue before Effects ofForeign Exchange)
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------------
2014 2013 Change 2014 2013 Change
-------- -------- ------- --------------------------
Total revenue $232,081 $225,110 3.1% $466,479 $448,614 4.0%
Total effects of
foreign exchange (3,970) - - (6,212) - -
-------- -------- ------- -------- -------- -------
Total organic (non-
GAAP) revenue $228,111 $225,110 1.3% $460,267 $448,614 2.6%
======== ======== ======= ======== ======== =======
Interactive Data Pricing and Reference Data Segment
Organic (Non-GAAP) Revenue
(Revenue before Effects ofForeign Exchange)
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2014 2013 Change 2014 2013 Change
-------- -------- ------ -------- -------- ------
Pricing and Reference
Data revenue $165,830 $160,103 3.6% $328,773 $317,579 3.5%
Effects of foreign
exchange (2,207) - - (3,286) - -
-------- -------- ------ -------- -------- ------
Total organic (non-
GAAP) revenue $163,623 $160,103 2.2% $325,487 $317,579 2.5%
======== ======== ====== ======== ======== ======
Interactive Data Trading Solutions Segment
Organic (Non-GAAP) Revenue
(Revenue before Effects ofForeign Exchange)
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2014 2013 Change 2014 2013 Change
-------- -------- ------ -------- -------- ------
Trading Solutions
revenue
Real-Time Feeds and
Trading
Infrastructure
Services $ 29,065 $ 27,034 7.5% $ 62,079 $ 54,636 13.6%
Hosted Web
Applications and
Workstations 37,186 37,973 -2.1% 75,627 76,399 -1.0%
-------- -------- ------ -------- -------- ------
Total Trading
Solutions revenue $ 66,251 $ 65,007 1.9% $137,706 $131,035 5.1%
Effects of foreign
exchange (1,763) - - (2,926) - -
-------- -------- ------ -------- -------- ------
Total organic (non-
GAAP) revenue $ 64,488 $ 65,007 -0.8% $134,780 $131,035 2.9%
======== ======== ====== ======== ======== ======
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
Non-GAAP Adjusted EBITDA(1)
(In thousands, except margin data)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2014 2013 2014 2013
---------- ---------- ---------- ----------
Net (loss) income $ (53,748) $ 15,035 $ (38,659) $ 14,167
Interest expense, net 32,470 34,210 66,053 69,419
Other income, net (14) (14) (654) (347)
Income tax (benefit)
expense (32,849) 369 (39,984) (447)
Depreciation and
amortization 36,951 40,339 73,589 82,815
---------- ---------- ---------- ----------
EBITDA $ (17,190) $ 89,939 $ 60,345 $ 165,607
Adjustments:
Non-cash stock-based
compensation 7,325 874 8,467 1,726
Other non-recurring
charges(2) 90,663 818 91,193 12,600
Other charges (income)(3) 6,110 (3,335) 8,582 (8,497)
---------- ---------- ---------- ----------
Total Adjustments 104,098 (1,643) 108,242 5,829
Adjusted EBITDA $ 86,908 $ 88,296 $ 168,587 $ 171,436
Adjusted EBITDA Margin(4) 37.4% 39.2% 36.1% 38.2%
(1) Interactive Data's adjusted EBITDA excludes items that are either not
part of the Company's ongoing core operations, do not require a cash outlay
or are not otherwise expected to recur in the ordinary course. Please note
that the sum of certain amounts may not equal the total due to rounding.
(2) Other non-recurring charges include, as applicable, the loss on
extinguishment of debt ($82.1 million in the six months ended June 30, 2014
and $10.2 million in the six months ended June 30, 2013), facility
consolidation costs, and certain severance and retention expenses.
(3) Other charges (income) include, as applicable, insurance recoveries,
management fees, non-cash foreign exchange expense, acquisition-related
adjustments, certain professional fees and other costs.
(4) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by
total revenue.
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
Trailing Four Quarters and Trailing Twelve Months
Quarterly Non-GAAP Adjusted EBITDA(1)
(In thousands, except margin data)
Trailing
Twelve
Months
Three Months Ended Ended
September 30, December 31, March 31, June 30, June 30,
------------- ------------ --------- --------- ---------
2013 2013 2014 2014 2014
------------- ------------ --------- --------- ---------
Net income
(loss) $ 14,132 $ 5,207 $ 15,089 $ (53,748) $ (19,320)
Interest
expense, net 34,198 34,011 33,583 32,470 134,262
Other income,
net - - (640) (14) (654)
Income tax
(benefit)
expense (7,170) 2,605 (7,135) (32,849) (44,549)
Depreciation
and
amortization 37,859 38,739 36,638 36,951 150,187
------------- ------------ --------- --------- ---------
EBITDA $ 79,019 $ 80,562 $ 77,535 $ (17,190) $ 219,926
Adjustments:
Non-cash
stock-based
compensation 1,067 1,153 1,142 7,325 10,687
Other non-
recurring
charges(2) 435 5,143 530 90,663 96,771
Other
charges(3) 7,343 2,237 2,472 6,110 18,162
------------- ------------ --------- --------- ---------
Total
Adjustments 8,845 8,533 4,144 104,098 125,620
Adjusted
EBITDA $ 87,864 $ 89,095 $ 81,679 $ 86,908 $ 345,546
Adjusted
EBITDA
Margin(4) 39.2% 38.4% 34.8% 37.4% 37.4%
(1) Interactive Data's adjusted EBITDA excludes items that are either not
part of the Company's ongoing core operations, do not require a cash outlay
or are not otherwise expected to recur in the ordinary course. Please note
that the sum of certain amounts may note equal the total due to rounding.
(2) Other non-recurring charges include, as applicable, the loss on
extinguishment of debt ($82.1 million in the six months ended June 30,
2014), facility consolidation costs, and certain severance and retention
expenses.
(3) Other charges include, as applicable, insurance recoveries, management
fees, non-cash foreign exchange expense, acquisition-related adjustments,
certain professional fees and other costs.
(4) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by
total revenue.
Non-GAAP Free Cash Flow
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------------
2014 2013 Change 2014 2013 Change
--------- --------- ------ --------- --------- ------
Adjusted EBITDA $ 86,908 $ 88,296 -1.6% $ 168,587 $ 171,436 -1.7%
Capital
Expenditures 22,968 17,527 31.0% 43,797 33,881 29.3%
--------- --------- ------ --------- --------- ------
Free Cash Flow $ 63,940 $ 70,769 -9.6% $ 124,790 $ 137,555 -9.3%
========= ========= ====== ========= ========= ======
COMPANY CONTACTS
Investors:
Vincent Chippari
Senior Vice President and Chief Financial Officer
781-687-8250
vincent.chippari@interactivedata.com
Media:
Anne O'Brien
Senior Vice President, Marketing
212-771-6956
anne.obrien@interactivedata.com
