Exhibit 99.1

THE ADVISORY BOARD COMPANY REPORTS
RESULTS FOR QUARTER AND FISCAL YEAR ENDED MARCH 31, 2012;
ANNOUNCES TWO-FOR-ONE STOCK SPLIT

Company Reports Quarterly Revenue Growth of 33%, Contract Value Growth of 31%, and Member
Renewal Rate of 92%; Announces New Program

WASHINGTON, D.C. — (May 2, 2012) — The Advisory Board Company (NASDAQ: ABCO) today announced financial results for the quarter ended March 31, 2012, which is the fourth quarter of the 2012 fiscal year. Revenue for the quarter increased 32.9% to $100.5 million, from $75.6 million for the quarter ended March 31, 2011. Contract value increased 30.9% to $398.3 million as of March 31, 2012, up from $304.3 million as of March 31, 2011. For the quarter ended March 31, 2012, net income was $8.2 million, or $0.46 per diluted share, compared to net income of $5.1 million, or $0.30 per diluted share, for the quarter ended March 31, 2011. For the quarter ended March 31, 2012, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA, all of which are non-GAAP financial measures, were $11.1 million, $0.62, and $19.8 million, respectively.  For the quarter ended March 31, 2011, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA were $7.3 million, $0.43, and $11.8 million, respectively.

For the fiscal year ended March 31, 2012, revenue increased 30.7% to $370.3 million, from $283.4 million for the fiscal year ended March 31, 2011. Net income was $25.3 million, or $1.46 per diluted share, for the fiscal year ended March 31, 2012, compared to net income of $18.5 million, or $1.13 per diluted share, for the prior fiscal year. For the fiscal year ended March 31, 2012, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA were $39.4 million, $2.27, and $70.3 million, respectively.  For the fiscal year ended March 31, 2011, adjusted net income, non-GAAP earnings per diluted share, and adjusted EBITDA were $27.9 million, $1.70, and $47.3 million, respectively.

Robert Musslewhite, Chief Executive Officer of The Advisory Board Company, commented, “We are pleased to have closed the quarter and the fiscal year with strong performance and to see last year’s trends continuing into this year, with 33% revenue growth for the quarter and 31% contract value growth over last year at this time.  Our 92% renewal rate is the highest in our history and illustrates both the value we provide to our growing membership of 3,726 institutions and the deep connection they have to our products and services.”

Mr. Musslewhite continued, “I am excited to announce today the launch of our Continuing and Online Education Program, our fifth higher education program.  With an increase in nontraditional student enrollments and rising interest in the revenue potential of continuing and online instruction, academic leaders are turning greater attention to these programs.  At the same, administrators struggle with concerns about quality, the potential volatility of online program demand, and the best structure for such efforts within the larger institution.  The Continuing and Online Education Program is a renewable research program that provides best practice research, peer networking, and benchmarking tools to help university leaders address these key issues for this new and important component of university education.  The program is off to a great start, and we are confident that it will provide outstanding value to members.”

Sale of OptiLink

As previously reported, 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, and $0.7 million in income from operations for calendar year 2011. The Company recorded a pre-tax gain on the transaction of approximately $3.5 million in the quarter ended March 31, 2012.

Two-for-one Stock Split

On May 1, 2012, the Company’s Board of Directors approved a two-for-one stock split of the Company’s common stock to be effected in the form of a stock dividend. On June 18, 2012, each stockholder of record will receive one additional share of common stock for each share of common stock owned at the close of business (Eastern Time) on May 31, 2012. Upon completion of the stock split, the number of outstanding shares of the Company’s common stock will double to approximately 34 million shares. The stock split will not have an impact on the Company’s consolidated financial position or results of operations. The share and per share information in this release has not been adjusted to reflect the stock split. Additional information about the stock split will be posted on the Company’s website at www.advisoryboardcompany.com/IR.

Outlook for Calendar Year 2012

The Company reaffirmed its previously announced calendar year 2012 guidance for revenue, adjusted EBITDA, and non-GAAP earnings per diluted share. For calendar year 2012, 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 amortization of acquisition-related intangible assets to be approximately $5 million.  For calendar year 2012, the Company expects an effective tax rate in a range of approximately 38.0% to 38.5%.

Non-GAAP Financial Measures

This press release and the accompanying tables present information about the Company’s 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”). The Company defines its 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, gains and losses on investment in common stock warrants, and foreign currency losses and gains; depreciation and amortization; amortization of intangibles (included in Cost of Services); equity in loss of unconsolidated entity; gain on sale of discontinued operations, net of tax; loss/income from discontinued operations; acquisition and similar transaction charges; fair value adjustments to acquisition-related earn out liabilities; and share-based compensation expense. The term “adjusted net income” refers to net income excluding equity in loss of unconsolidated entity; and the net-of-tax effect of gain on sale of discontinued operations; loss/income from discontinued operations; amortization of acquisition-related intangibles; acquisition and similar transaction charges; fair value adjustments to acquisition-related earn out liabilities; gains and losses on investment in common stock warrants; and share-based compensation expense. The term “non-GAAP earnings per diluted share” refers to earnings per diluted share excluding equity in loss of unconsolidated entity; and the net-of-tax effect of gain on sale of discontinued operations; loss/income from discontinued operations; amortization of acquisition-related intangibles; acquisition and similar transaction charges; fair value adjustments to acquisition-related earn out liabilities; gains and losses on investment in common stock warrants; and share-based compensation expense.

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 non-GAAP earnings per diluted share or forecasted adjusted EBITDA to the most directly comparable GAAP financial measures because certain items required for the forecast of such GAAP financial measures; including fair value adjustments to acquisition-related earn out liabilities and gains/losses on investment in common stock warrants, 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 fourth quarter performance this evening, May 2, 2012, at 5:30 p.m. Eastern Time. The conference call will be available via live web cast on the Company’s website at www.advisoryboardcompany.com/IR. To participate by telephone, the dial-in number is 800.599.9829 and the access code is 29964430. 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, May 2, until 11:00 p.m. Eastern Time on Wednesday, May 9, 2012.

About The Advisory Board Company

The Advisory Board Company is a global research, technology, and consulting firm partnering with 125,000 leaders in 3,700 organizations across health care and higher education. Through its innovative membership model, the Company 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 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, non-GAAP earnings per diluted share, adjusted EBITDA, share-based compensation expense, amortization of acquisition-related intangibles, and effective tax rate for calendar year 2012 are based on information available to the Company as of May 2, 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 the Company’s 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, all of which are available for review 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 Report on Form 10-K for the fiscal year ended March 31, 2012, which will be filed with the Securities and Exchange Commission in May 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 any of 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)