Exhibit 99.1

THE ADVISORY BOARD COMPANY REPORTS
RESULTS FOR QUARTER ENDED DECEMBER 31, 2011

Company Reports Quarterly Revenue Growth of 33% and Contract Value Growth of 29%;
Issues Guidance for Calendar Year 2012; Announces New Program

WASHINGTON, D.C. — (February 1, 2012) — The Advisory Board Company (NASDAQ: ABCO) today announced financial results for the quarter ended December 31, 2011, the third quarter of its 2012 fiscal year. Revenue for the quarter increased 33.0% to $100.0 million, from $75.2 million for the quarter ended December 31, 2010. Contract value increased 28.8% to $386.6 million as of December 31, 2011, up from $300.2 million as of December 31, 2010. For the quarter ended December 31, 2011, net income was $8.1 million, or $0.46 per diluted share, compared to net income of $3.9 million, or $0.24 per diluted share, for the quarter ended December 31, 2010. For the quarter ended December 31, 2011, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA, all of which are non-GAAP financial measures, were $10.6 million, $0.61 per diluted share, and $19.3 million, respectively.  For the quarter ended December 31, 2010, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA were $6.7 million, $0.40 per diluted share, and $11.6 million, respectively.

For the nine months ended December 31, 2011, revenue increased 28.9% to $274.6 million, from $213.0 million for the nine months ended December 31, 2010. Net income was $17.1 million, or $1.00 per diluted share, for the nine months ended December 31, 2011, compared to net income of $13.4 million, or $0.82 per diluted share, for the same period of the prior fiscal year. For the nine months ended December 31, 2011, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA were $28.7 million, $1.67 per diluted share, and $51.1 million, respectively.  For the nine months ended December 31, 2010, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA were $21.0 million, $1.29 per diluted share, and $36.0 million, respectively.

Robert Musslewhite, Chief Executive Officer of The Advisory Board Company, commented, “We are very pleased with our strong performance for the quarter and the calendar year.  Our calendar year revenue and adjusted EBITDA growth of 27% and 29%, respectively, along with our 29% year-over-year December 31 contract value growth, demonstrate that we have the right formula for success:  delivery of outstanding member value, thoughtful scaling of programs and relationships, and strategic investments in future growth.  Based on our calendar 2011 performance, as well as the inherent visibility of our business model, we expect 2012 to be another year of strong revenue growth and margin expansion even as we continue to make key investments in the business to continue on our rapid growth trajectory years into the future.”

Mr. Musslewhite continued, “I am also pleased to announce today our newest program launch: the Physician Practice Roundtable, a renewable research membership program that equips independent physician organizations with the strategic insights and practical tools needed to elevate their clinical, operational, and financial performance.  In today’s changing health care environment, medical groups must look beyond managing solely to fee-for-service performance aims and instead ready their organizations for success under value-based payment.  In support of this challenging reality, the Physician Practice Roundtable offers new best practice case studies, tactical resources, and road-tested toolkits to help independent physician organizations develop the efficiencies required in today’s marketplace.  The program also provides unparalleled insight into health system strategy, improving physician groups’ ability to evaluate and execute future partnerships in a rapidly evolving health care market.  Augmenting our own ability to serve physician practices, the Physician Practice Roundtable is an exciting addition to our portfolio, and we look forward to its continued success.”

Sale of OptiLink

On January 20, 2012, the Company sold substantially all of the assets of its OptiLink business to Kronos Incorporated for cash. The OptiLink business, which is headquartered in a suburb of Portland, Oregon and had approximately 35 employees, generated approximately $6.4 million in revenue, $0.7 million in income from operations, and less than $1.5 million in adjusted EBITDA for calendar year 2011. The Company expects to record a gain on the transaction of approximately $3.5 million in the fiscal quarter ending March 31, 2012.

Share Repurchase

During the three months ended December 31, 2011, the Company repurchased 28,079 shares of its common stock at a total cost of approximately $1.9 million. As of December 31, 2011, the Company had repurchased since the program’s inception 7,632,390 shares of its common stock at a total cost of approximately $322.9 million.

Outlook for Calendar Year 2012

The Company is providing financial guidance for calendar year 2012.  For the calendar year, the Company expects revenue to be in a range of approximately $420 million to $430 million, adjusted EBITDA to be in a range of approximately $77 million to $82 million, and non-GAAP earnings per diluted share to be in a range of approximately $2.40 to $2.60.  For calendar year 2012, the Company expects share-based compensation expense to be approximately $13.5 million, and expects amortization from acquisition-related intangible assets to be approximately $5 million.  For calendar year 2012, the Company expects an effective tax rate of approximately 38.0% to 38.5%.

Non-GAAP Financial Measures

This press release and the accompanying tables present information about adjusted EBITDA, adjusted net income, and non-GAAP earnings per diluted share, which are non-GAAP financial measures provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We define our non-GAAP financial measures as described below.

The term “adjusted EBITDA” refers to a financial measure that we define as net income before provision for income taxes; other income, net, which includes interest income, gain on investment in common stock warrants, and foreign currency losses and gains; depreciation and amortization; amortization of intangibles (incl. in CoS); acquisition and similar transaction charges; fair value adjustments to acquisition-related earn out liabilities; equity in income of unconsolidated entity; and share-based compensation expense. The term “adjusted net income” refers to net income excluding the net of tax effect of amortization of acquisition-related intangibles; acquisition and similar transaction charges; fair value adjustments to acquisition-related earn out liabilities; gain on investment in common stock warrants; equity in income of unconsolidated entity; and share-based compensation expense. The term “non-GAAP earnings per diluted share” refers to net income per share excluding the net of tax effect of amortization of acquisition-related intangibles; acquisition and similar transaction charges; fair value adjustments to acquisition-related earn out liabilities; gain on investment in common stock warrants; equity in income of unconsolidated entity; and share-based compensation expense.

The foregoing non-GAAP measures may be calculated differently from similarly titled measures used by other companies, which limits their usefulness as comparative measures, and should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP measures or results as indicators of performance. We use these non-GAAP financial measures for internal budgeting and other managerial purposes because they enable the Company’s management to evaluate projected operating results on a basis that allows for comparability without regard to changes arising from applicable tax rates, variability in interest income and foreign currency exchange rates, periodic costs of certain capitalized tangible and intangible assets, share-based compensation expense, and certain non-cash and special charges.

There are limitations associated with these non-GAAP financial measures as indicators of performance, including that they do not reflect all changes in applicable tax rates, foreign currency exchange rates, share-based compensation expense, or the periodic costs of certain capitalized tangible and intangible assets used in generating revenue in our business.

A reconciliation of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measures is provided below for each of the periods indicated. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA and forecasted non-GAAP earnings per diluted share to the most directly comparable GAAP financial measures because certain items required for the forecast of such GAAP financial measures cannot reasonably be estimated or predicted at this time.

Web and Conference Call Information

As previously announced, the Company will hold a conference call to discuss its third quarter performance this evening, February 1, 2012, at 6:00 p.m. Eastern Time. The conference call will be available via live web cast on the Company’s web site at www.advisoryboardcompany.com/IR. To participate by telephone, the dial-in number is 866.700.0133 and the access code is 84284729. Participants are advised to dial in at least five minutes prior to the call to register. The web cast will be archived for seven days from 8:00 p.m. Eastern Time on Wednesday, February 1, until 11:00 p.m. Eastern Time on Wednesday, February 8, 2012.

About The Advisory Board Company

The Advisory Board Company is a global research, technology, and consulting firm partnering with 125,000 leaders in 3,200 organizations across health care and higher education. Through its innovative membership model, the firm collaborates with executives and their teams to elevate performance and solve their most pressing challenges. The company provides strategic guidance, actionable insights, web-based software solutions, and comprehensive implementation and management services. For more information, visit the firm’s new website, http://www.advisory.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including the Company’s expectations regarding its revenue, adjusted EBITDA, non-GAAP earnings per diluted share, share based compensation expense, amortization from acquisition-related intangibles, and effective tax rate for calendar year 2012 are based on information available to the Company as of February 1, 2012, the date of this news release, as well as the Company’s current projections, forecasts, and assumptions, and involve risks and uncertainties. You are hereby cautioned that these statements may be affected by certain factors, including those set forth below. Consequently, actual operations and results may differ materially from the results discussed or implied in the forward-looking statements, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ materially from those indicated or implied by forward-looking statements include, among others, changes in the financial condition of the health care industry, our dependence on renewal of membership-based services, the need to attract new business and retain current members and qualified personnel, new product development, competition, risks associated with our software tools and installation support tools, our ability to license technology from third parties, risks associated with anticipating market trends, industry consolidation, variability of quarterly operating results, possible volatility in the Company’s stock price, and various factors related to income and other taxes, including whether the District of Columbia withdraws the Company’s status as a Qualified High-Tech Company, as well as other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and subsequent reports filed with the Securities and Exchange Commission which are available on the Company’s website at www.advisoryboardcompany.com/IR and at the Securities and Exchange Commission’s website at www.sec.gov. Additional information will also be set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011, which will be filed with the Securities and Exchange Commission in February 2012.

Accordingly, readers are cautioned not to place undue reliance on forward-looking statements made in this news release, which speak only as of the date of this news release. The Company does not undertake to update its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

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THE ADVISORY BOARD COMPANY
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
AND OTHER OPERATING STATISTICS
(In thousands, except per share data)

THE ADVISORY BOARD COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)

THE ADVISORY BOARD COMPANY
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)