What changed in this filing

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Item 1. Business

2021-10-22 compared with 2020-10-29 · 287 added, 154 removed, 98 unchanged (82% of the section changed)

1 unchanged sentence

FactSet Research Systems Inc.

and its wholly-owned subsidiaries (collectively, the "Company" or "FactSet") is a global provider of integrated financial information, analytical applications and industry-leading services for the investment and corporate communities.

For over 40 years, global financial professionals have utilized our content and multi-asset class solutions across each stage of the investment process.

Our goal is to provide a seamless user experience spanning idea generation, research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting, in which we serve the front, middle, and back offices to drive productivity and improved performance.

Our flexible, open data and technology solutions can be implemented both across the investment portfolio lifecycle or as standalone components serving different workflows in an organization.

We are focused on growing our business through three segments:

the Americas (formerly known as U.S.), EMEA (Europe and Africa, formerly known as Europe), and Asia Pacific.

Within each of our segments, we primarily deliver insight and information through our four workflow solutions of Research, Analytics and Trading, Content and Technology Solutions ("CTS") and Wealth.

We currently serve a wide range of financial professionals, which include but are not limited to portfolio managers, investment research professionals, investment bankers, risk and performance analysts, wealth advisors, and corporate clients.

We provide both insights on global market trends and intelligence on companies and industries, as well as capabilities to monitor portfolio risk and performance and execute trades.

We combine dedicated client service with open and flexible technology offerings, such as a configurable desktop and mobile platform, comprehensive data feeds, an open marketplace, digital portals and application programming interfaces ("APIs").

Our revenue is primarily derived from subscriptions to products and services such as workstations, portfolio analytics, enterprise data, and research management.

and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial data and analytics company with open and flexible technology and a purpose to drive the investment community to see more, think bigger, and do their best work.

Our strategy is to become the leading open content and financial analytics platform in the industry that delivers differentiated advantage for our clients’ success.

For over 40 years, the FactSet platform has delivered expansive data, sophisticated analytics, and flexible technology that global financial professionals need to power their critical investment workflows.

Over 160,000 asset managers and owners, bankers, wealth managers, corporate firms, including private equity and venture capital firms, and others, use our personalized solutions to identify opportunities, explore ideas, and gain a competitive advantage, in areas spanning investment research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting across the investment lifecycle.

We provide financial data and market intelligence on securities, companies and industries to enable our clients to research investment ideas, as well as offering them the capabilities to analyze, monitor and manage their portfolios.

We combine dedicated client service with open and flexible technology offerings, such as a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions, and application programming interfaces ("APIs").

Our revenue is primarily derived from subscriptions to our products and services such as workstations, portfolio analytics, and market data.

We advance our industry by comprehensively understanding our clients’ workflows, solving their most complex challenges, and helping them achieve their goals.

By providing them with the leading open content and analytics platform, an expansive universe of concorded data they can trust, next-generation workflow support designed to help them grow and see their next best action, and the industry’s most committed service specialists, FactSet puts our clients in a position to outperform.

We are focused on growing our business through three reportable segments ("segments"):

the Americas, EMEA and Asia Pacific.

Refer to Note 19, Segment Information, in the Notes to the Consolidated Financial Statements included in Part II, Item 8.

of this Annual Report on Form 10-K for further discussion.

Within each of our segments, we primarily deliver insight and information through our three workflow solutions:

Research & Advisory;

Analytics & Trading;

and Content & Technology ("CTS").

Corporate History

FactSet was founded in 1978 and has been publicly held since 1996.

FactSet was founded in 1978 and has been publicly traded since June 1996.

We are dual listed on the New York Stock Exchange ("NYSE") and the NASDAQ Stock Market ("NASDAQ") under the symbol "FDS".

Fiscal 2020 marked our 42nd year of operations and while much has changed in both markets and technology, our focus has always been to provide best-in-class products and exceptional client service.

The following timeline depicts the Company’s history since our founding in 1978:

Fiscal 2021 marked our 43rd year of operations and, while much has changed in both markets and technology, our focus has always been to provide best-in-class products and exceptional client service.

Business Strategy

Current technology trends are leading to a greater demand to deliver a fully digital and integrated client experience.

To take advantage of these developments we have focused our innovations and strategic investments in cloud computing, data lakes, APIs and our hosted proprietary data and analytics platform to provide real-time, predictive business intelligence for a seamless client experience.

We continue to expand our broad financial content to provide support for our clients' most sophisticated investment strategies, including enhanced data in private markets, industry specific deep sector and environmental, social and governance ("ESG").

As a premier financial solutions provider for the global financial community, we provide workflow solutions and leading analytical applications, powered by cognitive capabilities and robust technology, across the investment portfolio lifecycle.

We bring the front, middle and back offices together to drive productivity and performance at every step of the investment process using our open and scalable solutions.

Our strategy is focused on growing our business in our three segments:

Client needs and market dynamics continue to evolve at an accelerated pace with an increasing demand for differentiated, personalized, and connected data, an ongoing shift to multi-asset class investing, and cost rationalization, as the shift from active to passive investing continues.

Clients are seeking new cloud-based solutions that enable self-service and automation, open and flexible systems, and increased efficiencies when integrating and managing data as part of their own broader digital transformations.

FactSet’s strategy focuses on building the leading open content and analytics platform that delivers differentiated advantages for our clients’ success – in keeping with our purpose of enabling the investment community to see more, think bigger and do their best work.

We want to be the trusted partner of choice for clients, to anticipate their needs and provide them with the most innovative solutions to make them more efficient.

This includes transforming the way our clients discover, decide, and act on an opportunity using our digital platform;

purposefully increasing our pace and speed to market by streamlining how we work;

and investing in our future workforce.

To execute on our strategy, we plan on the following:

• Growing our digital platform:

Scaling up our content refinery by providing the most comprehensive and connected inventory of industry, proprietary, and third-party data for the financial community, including granular data for key industry verticals, private companies, wealth, and environmental social and governance ("ESG").

We are driving next-generation workflow solutions by creating personalized and integrated workflows which include targeted solutions for

asset managers, asset owners, sell side, wealth and corporate clients.

Our goal is to deliver tangible efficiencies to our clients by connecting data and analytics with a cloud based eco-system, enabling them to manage work more effectively through an integrated investment lifecycle.

• Delivering execution excellence:

Building a more agile and digital first-minded organization that increases the speed of our product creation and go-to-market strategy.

To capitalize on market trends and give our clients innovative tools, we plan to release new products built on a cloud-based digital foundation as well as migrating our existing data and applications to the cloud.

Additionally, we expect to rationalize our existing product portfolio to reinvest in higher return products.

• Driving a growth mindset:

Recruiting, training and empowering a diverse and operationally efficient workforce to drive sustainable growth.

To drive a more performance-based culture, we are investing in talent who can create leading technological solutions, efficiently execute our go-to-market strategy and achieve our growth targets.

At the center of our strategy is the relentless focus on our clients and their FactSet experience.

We want to be a trusted partner and service provider, offering hyper-personalized digital products for clients to research ideas, uncover relevant insights, and leverage cognitive computing to help get the most out of their data and analytics.

Additionally, we continually evaluate business opportunities such as acquisitions and partnerships to help us expand our capabilities and competitive differentiators across the investment portfolio lifecycle.

We are focused on growing our global business in three segments:

the Americas, EMEA and Asia Pacific.

We believe this geographical strategic alignment helps us better manage our resources, direct our solutions and interact with our clients.

To execute on our business strategy of broad-based growth, we continue to look at ways to create value for our clients by offering data, products, and analytical applications within our four workflow solutions of Research, Analytics and Trading, CTS and Wealth.

Research focuses on company analysis, idea generation, and research management.

The tools within Research provide solutions to analyze public and private companies, generate ideas and discover opportunities.

Research also allows users to monitor the global markets, to gain industry and market insights, and to collaborate on and share information across teams.

combines global coverage, deep history, and transparency with thousands of FactSet-sourced and third-party databases integrated in one flexible platform.

Analytics and Trading

Analytics and Trading addresses processes around portfolio analytics, risk management and performance measurement and attribution.

Analytics and Trading also focuses on client reporting, portfolio construction, trade execution and order management.

The applications within Analytics and Trading are modularized and deployed to fulfill both targeted and holistic needs in the front and middle offices.

Analytics and Trading integrates our clients’ proprietary data along with FactSet and third-party content to bring actionable insights to the portfolio management process.

Analytics and Trading tools are accessible through a variety of mediums, including the FactSet workstation and application programming interfaces.

Wealth is focused on the wealth management industry and creates offerings that enable wealth professionals across an entire enterprise, including home office, advisory, and client engagement.

Wealth empowers wealth managers to demonstrate value to clients and prospects while growing and protecting their assets with FactSet’s combined solution set of portfolio analytics, market monitoring tools, multi-asset class research and customized client facing digital solutions.

Our research management solutions products enable our wealth management clients to increase collaboration and communication between home office and advisory functions within the firm and deliver consistent and scalable messaging to the clients of the advisor.

CTS focuses on delivering content directly to our clients.

We believe this geographical strategic alignment helps us better manage our resources, target our solutions and interact with our clients.

We further execute on our growth strategy by offering data, products, and analytical applications within our three workflow solutions:

Research & Advisory;

Analytics & Trading;

Research & Advisory

Our Research & Advisory workflow is designed to personalize and automate vital aspects of the research process, providing idea generation, company and market analysis, presentation building and distribution, and research management.

Research offerings focus on providing tools that optimize workflows of portfolio managers, buy and sell side analysts, investments bankers, investment relationship professionals and other clients within our expanding user base.

Our workstation, mobile, API, and Research Management Solutions ("RMS") easily integrate with our clients’ ecosystems, powering a streamlined workflow and enabling users to focus more time on high-value tasks.

Our RMS & advisory solutions also enable our wealth clients to provide market leading support across their entire enterprise, including home office, advisory, and client engagement.

These solutions deliver essential and integrated content into one flexible platform with global coverage, deep history, and transparency through both FactSet and third-party sourced databases.

Analytics & Trading

Analytics & Trading provides solutions for institutional asset managers and asset owners across the investment portfolio lifecycle, connecting all essential front and middle office investment functions.

Fundamental and quantitative research, portfolio construction, order management and trade execution tie into advanced portfolio attribution and performance measurement, risk management, and reporting.

The proprietary and third-party models, concorded data, analytics and reporting are in an open framework supporting flexible access through the platform and APIs, and can be deployed as an enterprise system that meets evolving, holistic multi-asset class needs or as individual workflow components that can connect into our clients’ investment technology ecosystems.

CTS focuses on delivering data directly to our clients by leveraging FactSet's core content and technology.

Clients seamlessly discover, explore, and access organized and connected content via multiple delivery channels.

Whether a client needs market, company, or alternative data, our data delivery services provide normalized data through a variety of technologies, such as APIs, cloud infrastructure, database loaders and formats that meet the needs of our clients’ workflows.

Whether a client needs market, company, alternative data, or customized client facing digital solutions, we provide structured data through a variety of technologies, such as APIs and cloud infrastructures.

Through our Data Management Services ("DMS"), we provide entity mapping and integration of client data.

Our symbology links and aggregates a diverse set of content sources to ensure consistency, transparency, and data integrity across a client’s business.

By enabling our clients to utilize their preferred choice of industry standard databases, programming languages, and data visualization tools, we empower them to focus on the core competencies needed to drive their business.

By enabling our clients to utilize their preferred choice of cloud infrastructure and industry standard databases, programming languages, and data visualization tools, our clients can centralize, integrate, and analyze disparate data sources for faster and more cost-effective decision making.

FactSet Clients

Buy-side clients continue to shift increasingly towards multi-asset class investment strategies and FactSet is well-positioned to be a partner of choice in this space.

Buy-side clients continue to shift increasingly towards multi-asset class investment strategies and we are well-positioned to be a partner of choice in this space.

Our ability to provide enterprise-wide solutions to our clients across their entire workflow, covering virtually every asset class, enables us to compete for greater market share.

Buy-side clients primarily include portfolio managers, analysts, traders, wealth managers, performance teams and risk and compliance teams at a variety of firms, such as traditional asset managers, wealth advisors, corporations, hedge funds, insurance companies, plan sponsors and fund of funds.

They access our multi-asset-class tools by utilizing our workstations, analytics and trading tools, proprietary content, data feeds, APIs and portfolio services.

Buy-side clients primarily include asset managers, asset owners, wealth managers, hedge funds, corporate firms and channel partners.

They access our multi-asset-class tools by utilizing our workstations, Analytics & Trading tools, proprietary content, data feeds, APIs and portfolio services.

The buy-side annual subscription value ("ASV") growth rate for fiscal 2021 was 6.5%.

Buy-side clients accounted for approximately 84% of our ASV as of August 31, 2020.

ASV at any given point in time represents the forward-looking revenue for the next 12 months from all subscription services currently being supplied to clients and excludes professional service fees, which are not subscription-based.

FactSet delivers comprehensive solutions to sell-side clients including workstation, proprietary and third-party content, productivity tools for Microsoft® Office, web and mobile, and research management solutions for research authoring and publishing.

Our focus remains on expanding the depth of content offered and increasing workflow efficiency for our sell-side clients, primarily including investment bankers and private equity and research analysts.

Buy-side clients accounted for 83.2% of our ASV as of August 31, 2021.

ASV at any point in time represents the forward-looking revenue for the next 12 months from all subscription services currently being supplied to clients and excludes professional service fees, which are not subscription-based.

We deliver comprehensive solutions to sell-side clients including workstation, proprietary and third-party content, productivity tools for Microsoft® Office, web and mobile, and RMS for research authoring and publishing.

Our focus remains on expanding the depth of content offered and increasing workflow efficiency for sell-side firms.

These firms primarily include broker-dealers, banking and advisory, private equity and venture capital firms.

The sell-side ASV growth rate for fiscal 2021 was 12.0%.

Sell-side clients accounted for approximately 16% of our ASV as of August 31, 2020.

Sell-side clients accounted for 16.8% of our ASV as of August 31, 2021.

Client and User Additions

Our total client count as of August 31, 2021 was 6,453, representing a net increase of 578 or 9.8% in the last 12 months.

The net increase was primarily due to an increase in corporate and wealth management clients, partially offset by a decrease in institutional asset management clients.

As of August 31, 2020 there were 133,051 professionals using FactSet, representing a net increase of 6,229 or 4.9% in the last 12 months, driven primarily by wealth management and corporate professionals.

Annual client retention was greater than 95% of ASV for the period ended August 31, 2020 and August 31, 2019.

When expressed as a percentage of clients, annual retention increased to approximately 90% for the period ended August 31, 2020, compared to approximately 89% for the period ended August 31, 2019.

Organic ASV Growth

Organic ASV growth at any given point in time represents the forward-looking revenue for the next 12 months from all subscription services currently being supplied to clients and excludes ASV from acquisitions and dispositions completed within the last 12 months, the effects of foreign currency movements on the current year period and professional services.

With proper notice provided to us, our clients can add to, delete portions of, or terminate service, subject to certain contractual limitations.

As of August 31, 2020, our organic ASV totaled $1.53 billion, up 5.2% over the prior year comparable period.

The majority of the ASV increase was in the Americas, followed by increased sales in EMEA and Asia Pacific, as well as the benefit from our annual price increase, partially offset by cancellations.

The increase in ASV was driven by growth in all our workflow solutions, mainly driven by an increase in Analytics and Trading, followed by CTS and Wealth.

The following chart provides a snapshot of FactSet’s historic organic ASV growth:

primarily driven by an increase in wealth management and corporate clients as well as third-party data providers.

The count includes clients with ASV of $10,000 and above.

As of August 31, 2021 there were 160,932 professionals using FactSet, representing a net increase of 19,796 or 14.0% in the last 12 months, primarily driven by an increase in research, wealth and corporate solutions users.

Annual ASV retention was greater than 95% for the period ended August 31, 2021 and August 31, 2020.

When expressed as a percentage of clients, annual retention increased to approximately 91% for the period ended August 31, 2021, compared with approximately 90% for the period ended August 31, 2020.

Organic ASV plus Professional Services Growth

Organic ASV plus Professional Services at any point in time equals our forward-looking revenue for the next 12 months from all subscription services currently being supplied to clients, excluding ASV from acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements on the current year period, plus professional services.

As of August 31, 2021, our Organic ASV plus Professional Services totaled $1.68 billion, up 7.2% over the prior year comparable period.

Organic ASV increased across all our geographic segments, with the majority of the increase related to the Americas, followed by EMEA and Asia Pacific.

This increase was driven by additional sales in our workflow solutions, primarily in Analytics & Trading, CTS and Research.

The following chart provides a snapshot of our historic Organic ASV plus Professional Services growth:

Financial Information on Geographic Areas

Operating segments are defined as components of an enterprise that have the following characteristics:

(i) it engages in business activities from which it may earn revenues and incur expenses, (ii) its operating results are regularly reviewed by the company’s chief operating decision maker ("CODM") for resource allocation decisions and performance assessment, and (iii) its discrete financial information is available.

FactSet's Chief Executive Officer functions as our CODM.

Our operating segments are aligned with how the Company, including our CODM, manages the business and the geographic markets in which we serve, with a primary focus on providing integrated global financial and economic information.

Our internal financial reporting structure is based on three reportable segments, the Americas, EMEA and Asia Pacific.

Within each of our segments, we primarily deliver insight and information through our four workflow solutions of Research, Analytics and Trading, CTS and Wealth.

(i) they engage in business activities from which they may earn revenue and incur expense, (ii) their operating results are regularly reviewed by the chief operating decision maker ("CODM") for resource allocation decisions and performance assessment, and (iii) their discrete financial information is available.

At FactSet, our Chief Executive Officer ("CEO") functions as our CODM.

Our operating segments are aligned with how our CODM manages the business and the geographic markets in which we serve, with a primary focus on providing integrated global financial and economic information.

Our internal financial reporting structure is based on three reportable segments:

the Americas;

and Asia Pacific.

Through fiscal 2021, within each of our segments, we delivered insight and information based on four workflow solutions:

Analytics & Trading;

Beginning with our 2022 fiscal year, we have reorganized our workflows into three solutions:

Research & Advisory;

Analytics & Trading;

and CTS, to better align our products and go-to-market strategy.

These workflow solutions provide global financial and economic information to investment managers, investment banks and other financial services professionals.

The Americas segment serves our clients throughout North, Central, and South America, with offices in 13 states throughout the United States ("U.S."), including our corporate headquarters in Norwalk, Connecticut, and an office in both Brazil and Canada.

The EMEA segment serves our clients in countries in Europe and Africa and maintains office locations in Bulgaria, England, France, Germany, Italy, Latvia, Luxembourg, the Netherlands, South Africa, Spain, and Switzerland.

The Asia Pacific segment serves our clients in countries in Asia and Australia and includes office locations in Australia, UAE (Dubai), China, Hong Kong, India, Japan, the Philippines, and Singapore.

Segment revenue reflects sales to our clients based on their respective geographic locations.

Each segment records compensation expense (including stock-based compensation), depreciation of furniture and fixtures, amortization of lease right-of-use ("ROU") assets , leasehold improvements and intangible assets, as well as communication costs, professional fees, rent expense, travel, office and other direct expenses.

Expenditures associated with our data centers, third-party data costs and corporate headquarters charges are recorded by the Americas segment and are not allocated to the other segments.

The EMEA segment serves our clients in countries in Europe, the Middle East and Africa and maintains office locations in Bulgaria, England, France, Germany, Italy, Latvia, Luxembourg, the Netherlands, South Africa, Spain, Switzerland and the UAE.

The Asia Pacific segment serves our clients in countries in Asia and Australia and includes office locations in Australia, China, Hong Kong, India, Japan, the Philippines, and Singapore.

Segment revenue reflects sales to our clients based in these respective geographic locations.

Each segment records expenses related to its individual operations with the exception of expenditures associated with our data centers, third-party data costs and corporate headquarters charges, which are recorded by the Americas segment and are not allocated to the other segments.

The content collection centers, located in India, the Philippines, and Latvia, benefit all our operating segments, and thus the expenses incurred at these locations are allocated to each segment based on a percentage of revenue.

Refer to Note 18, Segment Information in the Notes to the Company’s Consolidated Financial Statements included in Item 8.

of this Annual Report on Form 10-K for financial information, including revenues, operating income and long-lived assets for each of our segments.

Refer to Note 19, Segment Information in the Notes to the Consolidated Financial Statements included in Part II, Item 8.

of this Annual Report on Form 10-K for the results of operations and financial information for each of our segments.

The following charts depict revenue related to our reportable segments.

( in millions)

We have built a collaborative culture that recognizes and rewards innovation and offers employees a variety of opportunities and experiences.

Our employees are critical to our success and are the reason we continue to execute at a high level.

We believe our continued focus on making employee engagement a top priority will help us provide high quality insights and information to clients globally.

We continuously cultivate a diverse and inclusive environment that promotes empowerment and engagement, which is key to our ability to attract, retain, and develop talent.

We strive to achieve this successfully with various activities, including an annual global employee engagement survey.

We share survey results with all employees to highlight areas that employees believe are strengths of the Company and reflect on areas where employees feel improvement may be needed.

Each year, executive leadership focuses on key areas for improvement based upon the survey results and compiles initiatives to actively resolve or invest in improvements in a transparent manner.

Progress on these initiatives is tracked and we survey employees again, to ensure that the actions taken addressed the underlying issues and to promote an environment of continuous improvement.

FactSet works diligently to create and nourish a culture which engages employees through direct responsibility, by distributing leadership decision-making and providing opportunities for employees to help shape the Company’s strategic vision.

We challenge our employees to make an impact regarding position responsibilities and their career growth by providing them multiple opportunities to make a positive impact.

As of August 31, 2020, our employee headcount was 10,484, an increase of 8.3% in the last twelve months.

Our employee workforce is located globally in 48 office locations in 22 countries.

Human Capital Management

As of August 31, 2021, we had 37 offices across 20 countries with 10,892 employees, representing an increase of 3.9% in the last twelve months.

Of our total employees, 7,080 (65%) were located in Asia Pacific, 2,439 (22%) in the Americas and 1,373 (13%) in EMEA .

In order to optimize productivity, we have invested in expanding our footprint and talent pool in India and the Philippines, where we now have a combined workforce of approximately 6,400 employees.

In order to optimize productivity, we have invested in expanding o ur footprint and talent pool in India and the Philippines, where we now have a combined workforce of approximately 6,800 employees.

Functionally, 22% of our employees are in Sales and Client Solutions;

2 unchanged sentences

and 4% are in Corporate Support.

As of August 31, 2020 and August 31, 2019, 420 and 430 FactSet employees, respectively, were represented by mandatory works councils within certain French and German subsidiaries.

No other employees are represented by collective bargaining agreements.

As of August 31, 2021 and August 31, 2020, 460 of our employees were represented by mandatory works councils within certain of our French and German subsidiaries.

No other FactSet employees are represented by collective bargaining agreements.

Our Purpose and Values

Our purpose is to drive the investment community to see more, think bigger, and do their best work.

Intense client focus and support is a critical component of our strategic aim and operational approach.

Our employees are critical to our success and enable us to execute at a high level.

We have built a collaborative culture that recognizes and rewards innovation and offers employees a variety of opportunities and experiences.

We believe that our continued focus on making our employees a top priority helps us provide high quality insights and information to clients globally.

Employee Engagement

We conduct an annual, anonymous and confidential global employee engagement survey administered by a third party to capture our employees’ constructive feedback on a broad range of topics.

The survey's scores and comments provide insight on appropriate action to improve our employees’ experience and our overall effectiveness as an organization.

Aggregated survey results are reviewed by executive and senior leadership and direct managers to analyze and identify company-wide and

individual operational unit focus areas and action plans for improvement.

We share survey results with all employees to highlight areas that employees believe are strengths of FactSet and reflect on areas where employees feel there are opportunities for positive change.

Progress on initiatives is tracked to ensure that the actions taken address the underlying issues and promote an environment of continuous improvement.

In our fiscal 2021 employee engagement survey, we achieved a 92% response rate, indicating that we heard from the vast majority of our employees.

Our overall engagement at the Company level was our highest since we implemented this survey.

We increased scores for all questions at the Company level, and in over 10,000 comments received, employees told us that they felt supported through the COVID-19 pandemic and continue to have pride in their work, colleagues, and company.

Our highest scores were in the areas of diversity, equity and inclusion and employee’s understanding of how they contribute to FactSet’s success, reflecting our culture where employees feel that they are treated fairly and are comfortable being themselves.

Diversity, Equity & Inclusion

We recognize that our best ideas can come from anyone, anywhere, at any time, and help us provide the best solutions for our clients around the globe.

We continually seek to expand our workforce with diverse perspectives, backgrounds, and experiences.

By fostering a globally inclusive culture, we enable our people to be themselves at work and to join in, be heard, contribute, and grow.

Together, we work to recruit, advance, and engage talent at FactSet with an inclusive culture unified by the FactSet spirit of going above and beyond.

In fiscal 2021, we continued our strong commitment to Diversity, Equity & Inclusion ("DE&I") in the following ways:

Governance & Leadership Commitment

DE&I at FactSet begins with a commitment from our CEO and the entire FactSet leadership team to improve diversity representation as part of our DE&I strategy.

In Fiscal 2021, we strengthened our DE&I governance by creating the FactSet Global DE&I Council, consisting of over 20 senior leaders from across FactSet who are empowered to drive our DE&I progress and create strategic accountability for DE&I results.

In addition, our senior leaders serve as Executive Sponsors for our Business Resource Groups ("BRGs"), or employee networks.

Global DE&I Strategy

In fiscal 2021 we refreshed our DE&I strategy and expanded its scope.

Our new DE&I strategy consists of three impact areas - Workforce, Marketplace and Society - with twelve levers to drive these impact areas.

For Workforce, the levers are leadership commitment, transparency and accountability, people processes, retention and advancement, recruitment, education and engagement, leading ultimately to inclusion, equity and belonging.

For Marketplace, our levers are supplier diversity and collaboration with clients, with a goal to increase economic opportunity.

For Society, our levers are investments, contributions and corporate voice, designed to drive social justice.

Investment in DE&I Resources

In order to deliver on our commitments, we have significantly increased our investment in DE&I, both in staffing and budget.

This includes the appointment of our first ever Chief DE&I Officer who leads a team of five dedicated DE&I staff globally.

Key DE&I Actions Taken in FY2021

During fiscal 2021, for the first time, we published our workforce demographics (including sharing our EEO-1 Federal data) in our annual Corporate Responsibility report.

By reporting our workforce demographics, we made a visible step in our DE&I commitment as we aspire to change the composition of our employee demographics by 2023 to better include underrepresented groups.

For example, we aim to increase the percentage of women at FactSet overall, and specifically the percentage of women in our leadership group (vice president level and above) and in our technical areas.

We will continue to report on our progress annually to increase transparency and to facilitate accountability.

Other DE&I actions taken during Fiscal 2021 included:

launching new BRGs globally;

providing education on DE&I topics across our organization;

joining the Human Rights Campaign Business Coalition for the Equality Act and MLT Black Equity At Work;

providing opportunities for two employees, on full pay/benefits, to join the CEO Action for Racial Equity Fellowship;

holding all-staff DE&I events such as #StopAsianHate;

launching our Racial Justice Allies initiative;

creating a new Diversity Recruitment role and changing our recruitment processes to mandate diverse interview slates while developing relationships with historically black colleges and universities (HBCUs);

and observing Juneteenth as a paid holiday in the U.S.

Supporting Our Employees Through COVID-19

As the onset and spread of the COVID-19 pandemic created uncertainty and anxiety, our highest priority concern has been the health and safety of our employees, our families and our communities.

During fiscal 2021, we required the vast majority of our employees at our offices across the globe (including corporate headquarters) to work remotely on a temporary basis, and provided them with support to be able to continue to work productively while being remote.

We presented regular all-company meetings led by our CEO and offered extensive benefit resources and mental health support.

Employees were offered additional paid time off for COVID-19 illness and family care and to receive and recover from COVID-19 vaccinations.

We have begun to re-open offices and welcome employees back, utilizing a three-phased approach to provide flexibility for employees with a focus on safety.

Our offices will not re-open until local authorities permit us to do so and our own criteria and conditions to ensure employees health and safety are satisfied.

Additionally, we have been implementing and will continue to support a variety of work options, such as flexible work arrangements permitting remote working or “hybrid” arrangements with the ability to split time between working remotely and in the office.

Learning & Development

At FactSet, we are lifelong learners.

We believe that learning and development emboldens our employees, fosters outperformance with a growth mindset, demonstrates our commitment to core values, and contributes to the success of FactSet’s culture and business.

This year we centralized and expanded our Global Learning & Development department, allowing us to better leverage the training, content, product, and technology expertise that exists across our business lines to provide all employees with more opportunities to learn and grow their careers with FactSet.

As a commitment to making learning accessible for employees around the world, our CEO and Executive Leadership Team strongly encourage all employees to set aside four hours each month for active learning.

During fiscal 2021, we launched LinkedIn Learning for all FactSet employees, providing curated content by experts in numerous fields, allowing employees to take courses based on their interests, performance goals, and/or professional enrichment.

In addition to LinkedIn Learning and other third-party eLearning providers, we create hundreds of in-house eLearnings each year to help our employees learn about our business, industry, clients, and products.

In response to the COVID-19 pandemic, all employee education was quickly transitioned to virtual classrooms.

As employees adjusted to remote work and a changing world, we offered eLearning on remote working, remote collaboration tools, and mental health.

Compensation, Benefits and Well-being

FactSet offers our employees a broad range of competitive compensation, benefits and well-being programs which are designed to meet the diverse needs of our global employee population and which are reflective of our Company’s values and culture.

Offering competitive and performance-focused compensation is essential to our talent strategies regarding recruitment, development, and retention.

Programs are designed to be competitive in the markets in which we compete for talent and align with the short and long-term objectives of FactSet and our individual business units.

Our employee compensation may include one or more of the following elements:

base salaries, annual incentive awards, sales incentive awards, and equity awards.

We differentiate individual salary, bonus and equity awards based on performance against key objectives and how effectively our managers and employees demonstrate behaviors consistent with our values and culture.

FactSet is committed to offering high-quality, affordable, locally competitive benefits options designed to meet the needs of our employees and their families and to support our employees’ physical, emotional, financial, and social well-being at every stage of life.

Employees in all FactSet locations globally have access to an Employee Assistance Program, providing employees and their immediate family members access to experienced professional counselors for personal and professional support.

In addition to offering access to professional counseling services, we provide our employees and families with education and resources.

We provide regular updates on health coverage and resources available through our health plans.

Third-Party Content

We aggregate content from thousands of third-party data suppliers, news sources, exchanges, brokers and contributors into our dedicated managed database, which our clients access through our flexible delivery platforms to perform their analysis.

We license content from premier providers of major global exchanges and data providers.

We aggregate content from third-party data suppliers, news sources, exchanges, brokers and contributors into our dedicated managed database, which our clients access through our flexible delivery platforms to perform their analysis.

We seek to maintain contractual relationships with a minimum of two content providers for each major type of financial data, though certain data sets on which we rely have a limited number of suppliers.

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We are not dependent on any one third-party data supplier in order to meet the needs of our clients.

We have entered into third-party content agreements of varying lengths, which in some cases can be terminated on one year’s notice, at predefined dates, and in other cases on shorter notice.

No single vendor or data supplier represented more than 10% of FactSet's total data costs during fiscal 2020, with the exception for one vendor, which is a supplier of risk models and portfolio optimizer data to FactSet and represented 11% of FactSet’s data costs in fiscal 2020.

We have entered into third-party content agreements of varying lengths, which in some cases can be terminated on one

year’s notice, at predefined dates, and in other cases on shorter notice.

We are not dependent on any one third-party data supplier in order to meet the needs of our clients, with only two data suppliers representing more than 10% of our total data costs for the twelve months ended August 31, 2021.

Data Centers and Cloud Computing

Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently on our networks and systems.

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that can handle our entire client capacity.

In addition, we are migrating select systems and applications to diverse cloud computing regions utilizing premier, market-leading cloud providers.

In addition, as we look to host more of our infrastructure and products on the cloud, we are migrating select systems and applications to diverse cloud computing regions utilizing premier, market-leading cloud providers.

The Competitive Landscape

We are a part of the financial information services industry, providing financial data and workflow solutions to the global investment community.

This competitive market is comprised of both large, well-capitalized companies and smaller, niche firms including market data suppliers, news and information providers and many third party content providers that supply us with financial information included in FactSet's products.

Our largest competitors are Bloomberg L.P., Refinitiv (formerly part of Thomson Reuters), and S&P Global Market Intelligence.

We are a part of the financial information services industry, providing financial data, analytics and workflow solutions to the global investment community.

This competitive market is comprised of both large, well-capitalized companies and smaller, niche firms including market data suppliers, news and information providers and many third-party content providers that supply us with financial information included in our products.

Our largest competitors are Bloomberg L.P., Refinitiv (a London Stock Exchange Group business) and Market Intelligence (an S&P Global business).

Other competitors and competitive products include online database suppliers and integrators and their applications, such as BlackRock Solutions, Morningstar Inc.

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In addition, our applications, including our client support and service offerings, are entrenched in the workflow of many financial professionals given the downloadable functionality, instant data refresh and portfolio analysis/screening capabilities offered.

We are entrusted with significant amounts of our clients' own

proprietary data, including portfolio holdings.

We are entrusted with significant amounts of our clients' own proprietary data, including portfolio holdings.

As a result, we believe our products are central to our clients’ investment analysis and decision-making.

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Despite these efforts, existing intellectual property laws may afford only limited protection.

Research and Product Development Costs

Research & Product Development Costs

A key aspect of our growth strategy is to offer new solutions and enhance our existing products and applications by making them faster with more reliable data.

We strive to rapidly adopt new technology that can improve our products and services.

At FactSet we do not have a separate research and product development department, but rather our product development and engineering departments work closely with our strategists, product managers, sales and other client-facing specialists to identify areas of improvement to provide increased value to our clients.

We do not have a separate research and product development department, but rather rely on these departments to work closely with our strategists, product managers, sales and other client-facing specialists to develop new products and process innovations and enhance existing products.

These costs primarily consist of personnel-related expenses, such as salaries and related benefits for our product development, software engineering and technical support departments and, if not capitalized, are included in employee compensation (found within of Cost of Services expense and Selling, general, and administrative ("SG&A") in the Consolidated Statements of Income).

Research and product development costs include the salary and benefits for our product development, software engineering and technical support staff working on these initiatives.

These costs are expensed as incurred within our cost of services as employee compensation.

We intend to continue to invest in the development of new products and enhancements that will allow us to respond quickly to market changes and efficiently meet the needs of our clients.

We incurred research and product development costs of $250.1 million, $224.0 million, and $214.7 million during fiscal years 2021, 2020, and 2019, respectively.

Government Regulation

FactSet is subject to reporting requirements, disclosure obligations and other recordkeeping requirements of the Securities and Exchange Commission ("SEC") and the various local authorities that regulate each location in which we operate.

The Company’s P.A.N.

Securities, LP, is a member of the Financial Industry Regulatory Authority, Inc.

We are subject to reporting requirements, disclosure obligations and other recordkeeping requirements of the Securities and Exchange Commission ("SEC") and the various local authorities that regulate each location in which we operate.

Securities, LP subsidiary is a member of the Financial Industry Regulatory Authority, Inc.

and is a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934.

Securities, LP, as a registered broker-dealer, is subject to Rule 15c3-1 under the Securities Exchange Act of 1934, which requires that the Company maintain minimum net capital requirements.

The Company claims exemption under Rule 15c3-3(k)(2)(i).

Securities, LP, as a registered broker-dealer, is subject to Rule 15c3-1 under the Securities Exchange Act of 1934, which requires that we maintain minimum net capital requirements.

We claim exemption under Rule 15c3-3(k)(2)(i).

Corporate Contact Information

FactSet was founded as a Delaware corporation in 1978, and its principal executive office is in Norwalk, Connecticut.

Mailing address of the Company’s headquarters:

FactSet was founded as a Delaware corporation in 1978, and our principal executive office is in Norwalk, Connecticut.

Mailing address of FactSet's headquarters:

45 Glover Avenue Norwalk, CT 06850

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Available Information

Through the Investor Relations section of FactSet’s website (https://investor.factset.com), we make available the following filings as soon as practicable after they are electronically filed with, or furnished to, the SEC:

the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements for the annual stockholder meetings, Reports on Forms 3, 4 and 5, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended.

All such filings are available free of charge.

Additionally, we broadcast live our quarterly earnings calls via the investor relations section of our website.

We also provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs as part of our investor relations website.

The contents of this website section are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document the Company files with the SEC and any reference to this section of our website is intended to be inactive textual references only.

In addition, the FactSet Code of Business Conduct and Ethics is posted in the Investor Relations section of the Company’s website.

The same information is available in print to any stockholder who submits a written request to the Company’s Investor Relations department.

Any amendments to or waivers of such code that are required to be publicly disclosed by the applicable

exchange rules or the SEC will be posted on our website.

The Corporate Governance Guidelines and the charters of each of the committees of the Company’s Board of Directors, including the Audit Committee, Compensation and Talent Committee, and Nominating and Corporate Governance Committee, are available on the Investor Relations section of our website.

The same information is available in print, free of charge, to any stockholder who submits a written request to our Investor Relations department.

Through the Investor Relations section of our website (https://investor.factset.com), we make available free of charge the following filings as soon as practicable after they are electronically filed with, or furnished to, the SEC:

our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements for the annual stockholder meetings, Reports on Forms 3, 4 and 5, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended.

The SEC maintains a website that contains reports, proxy and information statements and other information that we file with the SEC at www.sec.gov.

Additionally, we broadcast our quarterly earnings calls live via the investor relations section of our website.

We also provide notifications of news or announcements regarding our financial performance, including investor events and press and earnings releases on our investor relations website.

The contents of this website section are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC and any reference to this section of our website is intended to be inactive textual references only.

Executive Officers of the Registrant

The following table shows FactSet’s current executive officers:

Name of Officer Age Office Held with the Company Officer Since

Name of Officer Age Office Held with FactSet Officer Since

Philip Snow 57 Chief Executive Officer 2014

Shan 53 Executive Vice President and Chief Financial Officer 2018

Goran Skoko 59 Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Wealth Solutions 2019

Fernandez 53 Executive Vice President, Chief Technology and Product Officer 2017

Huber 63 Executive Vice President, Chief Financial Officer 2021

Stern 56 Executive Vice President, Chief Legal Officer, Global Head of Strategic Resources and Secretary 2009

Robie 42 Executive Vice President, Head of Analytics and Trading Solutions 2018

Daniel Viens 63 Senior Vice President, Chief Human Resources Officer 2018

Fernandez 54 Executive Vice President, Chief Technology and Content Officer 2017

Robie 43 Executive Vice President, Head of Analytics & Trading Solutions 2018

Shan 54 Executive Vice President, Chief Revenue Officer 2018

Daniel Viens 64 Executive Vice President, Chief Human Resources Officer 2018

Goran Skoko 60 Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Research & Advisory Solutions 2019

Karnovsky 42 Executive Vice President, Chief Product Officer 2021

Jonathan Reeve 53 Executive Vice President, Head of Content & Technology Solutions

Philip Snow – Chief Executive Officer .

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He has earned the right to use the Chartered Financial Analyst designation.

Shan – Executive Vice President and Chief Financial Officer.

Shan joined FactSet in September 2018 from Marsh and McLennan Companies, where she was CFO for Mercer, a professional services firm.

In her current role, she is responsible for activities related to accounting, finance, corporate development and strategy.

Preceding her tenure as the CFO for Mercer, Ms.

Shan served as the Vice President and Treasurer for Marsh and McLennan Companies, with additional prior experience in the same position with Pitney Bowes Inc.

and served as a Managing Director in investment banking at J.P.

In September 2018, Ms.

Shan joined the Board of Directors of EPAM Systems Inc., a global provider of digital platform engineering and software development services.

Shan holds dual degrees with a Bachelor of Science and a Bachelor of Applied Science from the University of Pennsylvania’s Wharton School of Business and School of Applied Science and Engineering.

Shan also has a Master of Business Administration from Cornell University’s SC Johnson College of Business.

Goran Skoko – Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Wealth Solutions.

Skoko joined FactSet in 2004 as a Senior Product developer and has held a number of positions of increased responsibility.

In his current role, Mr.

Skoko is responsible for providing direction to address the product and content needs for EMEA and Asia Pacific clients while also focusing on increased deployment and building community within the wealth management space.

Prior to FactSet, he spent 16 years in various engineering and product management roles at Thomson Financial.

Skoko earned his B.S.

in Physics and Computer Science from Fordham University.

Fernandez – Executive Vice President, Chief Technology and Product Officer.

Fernandez joined FactSet in November 2017 from J.P.

Huber - Executive Vice President, Chief Financial Officer.

Huber was appointed Executive Vice President, Chief Financial Officer of FactSet in October 2021.

As Chief Financial Officer, she is responsible for FactSet’s global finance organization and oversees all financial functions, including accounting, corporate development, financial planning and analysis (FP&A), treasury, tax, and investor and media relations.

Prior to joining FactSet, Ms.

Huber served as Chief Financial Officer and Treasurer at MSCI Inc.

Prior to joining MSCI, she served as Executive Vice President and Chief Financial Officer of Moody’s Corporation from May 2005 to June 2018.

Earlier in her career, Ms.

Huber served in several increasingly senior roles in financial services, including Executive Vice President and Chief Financial Officer at U.S.

Trust Company, a subsidiary of Charles Schwab & Company, Inc.;

Managing Director at Freeman & Co.;

Vice President of Corporate Strategy and Development and Vice President and Assistant Treasurer at PepsiCo.;

Vice President of Energy Investment Banking Group at Bankers Trust Co.;

and Associate in the Natural Resources Group at The First Boston Corp.

Huber also held the rank of Captain in the U.S.

Huber earned an MBA from the Stanford Graduate School of Business and a B.S.

degree in business and economics from Lehigh University.

Stern – Executive Vice President, Chief Legal Officer, Global Head of Strategic Resources and Secretary.

Stern was appointed Executive Vice President, Chief Legal Officer and Global Head of Strategic Resources and Secretary in October 2018.

In addition to her role in the Legal Department, Ms.

Stern is also responsible for Compliance, Facilities Management and Real Estate Planning and the administration of our offices in Hyderabad, Manila and Riga.

Stern joined FactSet in January 2001 as General Counsel.

Stern is admitted to practice in New York, Washington D.C., and as House Counsel in Connecticut.

Stern received a Bachelor of Arts from Yale University, a Master of Arts from the University of London and a Juris Doctor from the University of Pennsylvania Law School.

Fernandez – Executive Vice President, Chief Technology and Content Officer.

Fernandez was appointed Chief Technology and Content Officer in July 2021.

He joined FactSet as Chief Technology and Product Officer in November 2017 from J.P.

Morgan, where he served as the Chief Technology Officer, New Product Development.

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During a decade at J.P.

Fernandez held various other roles, including Chief Technology Officer for Client Technology and Research and Banking Information Technology.

Fernandez held various other roles, including Chief Technology Officer for Client Technology and Research and Banking

Information Technology.

Prior to J.P.

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Fernandez received a Bachelor of Science in Computer Science and Economics from Rutgers University.

Stern – Executive Vice President, Chief Legal Officer, Global Head of Strategic Resources and Secretary.

Stern joined FactSet in January 2001 as General Counsel.

In addition to her role in the Legal Department, Ms.

Stern is also responsible for Compliance, Facilities Management and Real Estate Planning and the administration of our offices in Hyderabad, Manila and Riga.

Stern is admitted to practice in New York, Washington D.C., and as House Counsel in Connecticut.

Stern received a Bachelor of Arts from Yale University, a Master of Arts from the University of London and a Juris Doctor from the University of Pennsylvania Law School.

Robie – Executive Vice President, Head of Analytics and Trading Solutions.

Robie – Executive Vice President, Head of Analytics & Trading Solutions.

Robie was appointed Executive Vice President, Head of Analytics & Tradition Solutions in September 2018.

In his current role, he oversees strategy, research, development and engineering for Analytics & Trading platforms.

Robie joined FactSet in July 2000 as a Product Sales Specialist.

In his current role, he oversees strategy, research, development and engineering for Analytics and Trading platforms.

During his tenure at FactSet, Mr.

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Robie holds a Bachelor of Arts in Economics and Fine Arts from Beloit College.

Daniel Viens – Senior Vice President, Chief Human Resources Officer.

Shan – Executive Vice President, Chief Revenue Officer.

Shan was appointed Executive Vice President, Chief Revenue Officer effective May 3, 2021.

As the Chief Revenue Officer, she is responsible for driving revenue growth by managing global sales, client solutions, and marketing.

Shan joined FactSet as Chief Financial Officer in September 2018 where she oversaw all financial functions at FactSet.

Prior to that, she was at Marsh McLennan Companies, where she served in a variety of roles, including as the company's Corporate Treasurer and also as Chief Financial Officer for Mercer, a professional services firm where she was responsible for global financial reporting and performance, operational finance, investments, and corporate strategy.

Preceding that, Ms.

Shan also served as the Vice President and Treasurer for Pitney Bowes Inc.

and served as a Managing Director at J.P.

In September 2018, Ms.

Shan joined the Board of Directors of EPAM Systems Inc., a global provider of digital platform engineering and software development services.

Shan holds dual degrees with a Bachelor of Science and a Bachelor of Applied Science from t he University of Pennsylvania’s Wharton School of Business and School of Applied Science and Engineering.

Shan also has a Master of Business Administration from Cornell University’s SC Johnson College of Business.

Daniel Viens – Executive Vice President, Chief Human Resources Officer.

Viens was appointed Executive Vice President Chief Human Resources Officer in October 2021.

Viens joined FactSet in September 1998 as a Vice President, Director of Human Resources and has held several leadership positions of increased responsibility in Human Resources.

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Viens graduated from Boston University, and holds both a Master's Degree from Eastern Illinois University in Clinical Psychology and a Master of Business Administration from Columbia University.

Goran Skoko – Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Research & Advisory Solutions.

Skoko was appointed Executive Vice President, Managing Director EMEA and Asia Pacific and Head of Research & Advisory in July 2021.

In his current role, Mr.

Prior to that, Mr.

Skoko was Executive Vice President, Managing Director EMEA and Asia Pacific and Head of Wealth Solutio ns.

He joined FactSet in 2004 as a Senior Product developer and has held a number of positions of increased responsibility.

Prior to FactSet, he spent 16 years in various engineering and product management roles at Thomson Financial.

Skoko earned his B.S.

in Physics and Computer Science from Fordham University.

Karnovsky – Executive Vice President, Chief Product Officer.

Karnovsky was appointed Executive Vice President, Chief Product Officer in July 2021.

In her current role she works across the entire product portfolio to deliver a differentiated advantage for clients and support their success.

Prior to this role, Ms.

Karnovsky was Head of Research Solutions.

Karnovsky joined FactSet in 2001 as a Consultant and spent over a decade building FactSet's sell-side business in Sales leadership roles.

Karnovsky earned a bachelor's degree from the University of Scranton.

Jonathan Reeve – Executive Vice President, Head of Content & Technology Solutions.

Reeve was appointed Executive Vice President, Head of Content & Technology Solutions at FactSet in October 2021.

As Head of Content & Technology Solutions, he oversees and leads the development of FactSet’s off-platform products, including financial data solutions, application technologies, and the delivery of FactSet proprietary and third-party content over our data feeds, API’s, Open FactSet Marketplace, and cloud-delivery solutions.

Reeve joined FactSet in April 2020 as Senior Vice President and Head of Content & Technology Solutions.

Prior to joining FactSet, Mr.

Reeve led Connectivity, Feeds and Desktop Businesses at Intercontinental Exchange (ICE).

Earlier in his career, he held various positions at S&P Global, including Chief Data Officer and Head of Product & Content for the S&P Market Intelligence Division.

Reeve earned a B.A in Economics from Concordia University in Montreal.

Additional Information

Additional information with respect to FactSet’s business is included in the following pages and is incorporated herein by reference:

Five-Year Summary of Selected Financial Data

Additional information with respect to our business is included in the following pages and is incorporated herein by reference:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business