What changed in this filing

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Item 1. Business

2023-10-27 compared with 2022-10-21 · 217 added, 238 removed, 173 unchanged (72% of the section changed)

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FactSet Research Systems Inc.

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

Our strategy is to build the leading open content and analytics platform to deliver a differentiated advantage for our clients’ success.

For more than 40 years, the FactSet platform has delivered expansive data, sophisticated analytics, and flexible technology used by global financial professionals to power their critical investment workflows.

As of August 31, 2022, we had more than 7,500 clients comprised of approximately 180,000 investment professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users, private equity and venture capital professionals.

Our on- and off-platform solutions span the investment lifecycle to include investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting.

Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected content ("content refinery").

Our products and services include workstations, portfolio analytics and enterprise solutions.

and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible products that drive the investment community to see more, think bigger and do its best work.

Our platform delivers expansive data, sophisticated analytics, and flexible technology used by global financial professionals to power their critical investment workflows.

As of August 31, 2023, we had nearly 8,000 clients comprised of almost 190,000 investment professionals, including asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users and private equity & venture capital professionals.

Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected content, referred to as our "content refinery." Our products and services include workstations, portfolio analytics and enterprise solutions.

We drive our business based on our detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

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

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

Our on- and off-platform solutions span the investment life cycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting.

We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions and application programming interfaces ("APIs").

Our CUSIP Global Services ("CGS") business supports security master files relied on by the investment industry for critical front, middle and back-office functions.

We drive our business based on our detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

We provide them with an open digital platform, connected and reliable data, next-generation workflow solutions and highly committed service specialists.

We operate our business through three reportable segments:

Our platform and solutions are supported by our dedicated client service team.

We operate our business through three reportable segments ("segments"):

the Americas, EMEA and Asia Pacific.

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

For each of our reportable segments, we execute our strategy through three workflow solutions:

For each of our segments, we execute our strategy through three workflow solutions:

Research & Advisory;

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and Content & Technology Solutions ("CTS").

CGS operates as part of CTS.

Corporate History

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

Fiscal 2022 marked our 44th year of operations, and we continue to focus on providing integrated and connected content, best-in-class products and exceptional client service.

FactSet has been a member of the S&P 500 since December 2021.

Business Strategy

As the needs of our clients evolve, they seek personalized and connected data, tools for multi-asset class investing, and reduced costs.

Clients are also seeking cloud-based solutions, open and flexible systems, and increased efficiencies to support their digital transformations.

Our strategy is to build the leading open content and analytics platform to deliver differentiated advantages for our clients’ success.

To execute this strategy, we plan on:

• Growing our digital platform:

We are scaling up our content refinery to offer a comprehensive and connected inventory of industry, proprietary, and third-party data for the financial community.

This data includes granular data for key industry verticals, private companies, wealth management, real-time data, and environmental, social and governance data ("ESG").

We are driving personalized workflow solutions for financial professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users and private equity and venture capital professionals.

We offer an open ecosystem with solutions and content that is accessible and flexible through a myriad of delivery methods.

Our goal is to deliver cloud-based data and analytics to our clients, enabling them to more efficiently manage their workflows.

• Delivering execution excellence:

We are building an agile organization that accelerates product creation and content collection.

We offer new products designed for delivery via the cloud, making them highly efficient for our clients.

We will continue to employ technology to accelerate the pace of content collection and drive expertise in complex data sets such as private companies, ESG and deep sector.

Additionally, we are improving our price realization through consistent packaging and internal governance.

• Driving a growth mindset:

To drive sustainable growth, we are recruiting, training and empowering a diverse and operationally efficient workforce.

As a performance-based culture, we are investing in talent that can create leading technological solutions and efficiently execute our strategy.

We use partnerships and acquisitions to accelerate our growth in strategic areas.

Our strategy centers on relentless focus on our clients and their FactSet experience.

We aim to be a trusted partner and service provider, offering personalized digital products powered by cognitive computing to research ideas and uncover relevant insights.

Additionally, we continually evaluate business opportunities such as partnerships and acquisitions to increase our capabilities and competitive differentiation.

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

Our strategy is to build the leading open content and analytics platform and powerful enterprise solutions that deliver a differentiated advantage for our clients’ success.

By offering personalized digital products, we strive to be a trusted partner and service provider, delivering relevant insights and research ideas tailored to our clients' specific business models.

To execute our strategy, we have outlined the following key initiatives:

• Expanding our Digital Platform:

We are scaling up our content refinery to provide a comprehensive inventory of industry, proprietary and third-party data.

This includes granular data for key industry verticals, real-time data, fund data and sustainable finance.

Through an open ecosystem of cloud-based data and analytics, we aim to offer flexible solutions and content accessible through various delivery methods.

In addition, we are working to expand our use of artificial intelligence to drive efficiencies for our clients, with anticipated initiatives including automation of tasks and integration of natural language queries.

We believe that our breadth of high-quality, connected content will be a critical raw material for large language models.

• Ensuring Execution Excellence:

Innovation and collaboration are at the core of our approach.

We employ technology to accelerate content collection, data connectivity and the development of summaries and themes.

Our sales force is committed to enhancing price realization, productivity, efficiency and improved client outcomes.

We are also optimizing operations and managing expenses to improve returns on our investments.

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• Fostering a Growth Mindset:

We prioritize recruiting, training and empowering a diverse and efficient workforce.

We are driving sustainable growth by investing in talent that can create leading technological solutions and efficiently execute our strategy.

Additionally, strategic partnerships and acquisitions help to accelerate our expansion in key areas.

We are focused on growing our global business through three strategically aligned geographic segments:

the Americas, EMEA and Asia Pacific.

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:

This approach allows us to better manage resources, target solutions and interact with clients effectively.

We executed on our growth strategy during fiscal 2023 by offering data, products and analytical applications for three workflow solutions:

Research & Advisory;

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These solutions provide deep company and sector-specific analyses, spanning the public and private markets.

Our solutions easily integrate with our clients’ technology, offering additional flexibility through mobile, API, and web-based components.

Our solutions easily integrate with our clients’ technology, offering additional flexibility through mobile, API, data feeds and web-based components.

Our RMS and advisory solutions also enable our wealth clients to provide market-leading support for their businesses, including home office, advisory, and client engagement work.

Analytics & Trading

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

Our tools connect together fundamental and quantitative research, portfolio construction, order management and trade execution.

These outputs can then tie into advanced portfolio attribution and performance measurement, risk management, and reporting functions.

An open framework supports our proprietary and third-party models, connected data, analytics and reporting.

Our platform and APIs can be deployed as an enterprise system that meets multi-asset class needs or as individual workflow components.

Additionally, Analytics & Trading's tools can integrate client holdings data with global market data for fundamental and quantitative research, portfolio construction, and trade simulation.

Our order management and trade execution solutions also efficiently connect to portfolio attribution and performance measurement requirements, risk management functions and reporting requirements.

Analytics & Trading offers comprehensive solutions to institutional asset managers and asset owners across the investment portfolio life cycle.

Our front office tools connect fundamental and quantitative research, portfolio construction, order management and trade execution.

These outputs seamlessly integrate with advanced middle office workflows, including portfolio attribution, performance measurement, risk management, and reporting.

Our flexible and open framework supports both proprietary and third-party models, connected data, analytics and reporting.

Whether deployed as a multi-asset class enterprise system or individual workflow components, our platform and APIs meet the diverse needs of multi-asset class investing.

Additionally, our tools can integrate client holdings data with global market data to power our investment portfolio life cycle workflows.

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

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Whether a client needs market data, company data, alternative data, customized client facing digital solutions or data elements uniquely identifying financial instruments, we provide structured data through a variety of technologies, including APIs and cloud infrastructures.

Through our data management services (DMS), we provide entity mapping and integration of client data.

Through our data management solutions ("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.

We are the exclusive provider of the Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally, acting as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the United States and as a substitute number agency for more than 35 other countries.

By enabling our clients to utilize their preferred choice of cloud infrastructure and industry standard databases, programming languages and data

visualization tools, we empower our clients to centralize, integrate, and analyze disparate data sources for faster and more cost-effective decision making.

We empower our clients to centralize, integrate, and analyze disparate data sources for faster and more cost-effective decision making.

Given this integration capability, our clients can then choose their preferred cloud infrastructure, industry standard databases, programming languages and data visualization tools.

Through CGS, we are also the exclusive issuer of the Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally, acting as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the United States and as a substitute number agency for more than 30 other countries.

Revised Organizational Approach

We have a long-term view of our business and are committed to investing for growth and efficiency.

Starting September 1, 2023, the beginning of our fiscal 2024 year, we revised our internal organization by firm type to better align with our clients, as follows:

• Analytics & Trading will become "Institutional Buyside," focusing on asset managers, asset owners, and hedge fund companies.

• Research & Advisory will become two groups:

◦ "Dealmakers," focusing on banking and sell-side research, corporate, and private equity and venture capital workflows;

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◦ "Wealth," focusing on wealth management workflows.

• We will discuss the results of our Partnerships and CGS groups in combination.

Partnerships delivers solutions primarily to content providers, financial exchanges, and rating agencies, while CGS is the exclusive issuer of CUSIP and CINS identifiers globally.

• The activities of CTS will be reassigned to Institutional Buyside, Dealmakers, Wealth, and Partnerships and CGS.

This realignment of firm types is not expected to impact our segment reporting for fiscal 2024.

Institutional Buyside

Institutional Buyside offers multi-asset class solutions to global asset managers, asset owners and hedge fund professionals across the investment portfolio life cycle.

It includes workflows for research analysts, portfolio managers, and traders in the front office, as well as performance analysts, risk managers, and client service and marketing professionals in the middle office.

Our front office on-platform solutions are designed for portfolio construction, research management, order management, and trade execution capabilities.

Our middle office on-platform solutions are designed for performance measurement, attribution, risk management, and reporting capabilities.

In addition to our platform offerings, we offer comprehensive off-platform content and technology solutions including data feeds, APIs, and programmatic access for clients to engage with us in the environment best suited to them.

Dealmakers delivers content and workflow solutions in a flexible platform for investment bankers, sell-side research analysts, corporate users, private equity and venture capital professionals and investment relationship managers.

We provide comprehensive solutions to our clients including workstations, data feeds, APIs, proprietary and third-party content, and productivity tools for Microsoft® Office.

We also deliver firm-type tailored solutions for CRM and RMS for research authoring and publishing.

These open and flexible products enable our clients to personalize and automate their workflows and to easily integrate them with their own technology.

These tools are used to monitor investments, generate ideas, analyze companies and markets, perform fundamental research, and build and distribute presentations.

Our Dealmakers solutions also offer global coverage of public and private markets, deep history, and transparency through proprietary and third-party sourced databases.

Wealth delivers comprehensive solutions to wealth management clients including our web-based workstation, advisor dashboards, data feeds, APIs, proprietary and third-party content, and productivity tools for Microsoft® Office.

It also provides RMS for research authoring and publishing.

Our Wealth solution enables our clients to easily integrate our products into their CRM software and internally developed applications.

Wealth clients use our advisory tools to provide market-leading support for their businesses, including home office, advisory, and client engagement work.

We continue to focus on expanding our content and increasing workflow efficiency for wealth-management firms.

Partnerships and CGS

Partnerships delivers solutions including off-platforms (feeds, APIs), workstations, and digital or analytics solutions to other firms in the financial services ecosystem including content providers, financial exchanges and rating agencies.

CGS is the exclusive issuer of CUSIP and CINS identifiers globally.

CGS also acts as the official numbering agency for ISIN identifiers in the United States and as a substitute ISIN agency for more than 30 other countries.

The results of Partnerships and CGS will be discussed together.

FactSet Clients

Buy-side clients continue to shift increasingly toward 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, leveraging their portfolio data across multiple asset classes, enables us to compete for greater market share.

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

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

The buy-side organic annual subscription value ("Organic ASV") growth rate for fiscal 2022 was 8.5%.

Buy-side clients accounted for 83% of our ASV as of August 31, 2022.

Refer to Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value ("ASV") of this Annual Report on Form 10-K for the definitions of Organic ASV.

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

Buy-side clients continue to shift toward multi-asset class investment strategies, where we are well-positioned to be a partner of choice.

We are able to compete for greater market share given our ability to provide enterprise-wide solutions to our clients by leveraging their portfolio data for multiple asset classes.

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

These clients access our multi-asset class tools through our workstations, analytics & trading tools, proprietary and third-party content, data feeds, APIs and portfolio services.

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The buy-side organic annual subscription value ("Organic ASV") annual growth rate as of August 31, 2023 was 6.9%.

Buy-side clients accounted for 82% of our organic ASV as of August 31, 2023.

Refer to Part II, Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value ("ASV"), of this Annual Report on Form 10-K for the definition of Organic ASV.

We deliver comprehensive solutions to sell-side clients including workstation, data feeds, APIs, 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, private equity and venture capital, and banking and advisory firms.

The sell-side Organic ASV growth rate for fiscal 2022 was 13.8%.

Sell-side clients accounted for 17% of our ASV as of August 31, 2022.

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

The sell-side Organic ASV annual growth rate as of August 31, 2023 was 9.3%.

Sell-side clients accounted for 18% of our organic ASV as of August 31, 2023.

Client and User Additions

Our total client count as of August 31, 2022 was 7,538, representing a net increase of 16.8%, or 1,085 clients in the last 12 months, mainly due to an increase in corporate clients, wealth management clients, and private equity and venture capital firms.

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

As of August 31, 2022, there were 179,982 professionals using FactSet, representing a net increase of 19,050 or 11.8% in the last 12 months, mainly driven by an increase in wealth advisory professionals from our wealth management clients, as well as an increase in sell-side users from our banking clients.

Annual ASV retention was greater than 95% for the period ended August 31, 2022 and August 31, 2021.

When expressed as a percentage of clients, annual retention increased to approximately 92% for the period ended August 31, 2022, compared with approximately 91% for the period ended August 31, 2021.

Organic ASV plus Professional Services Growth

As of August 31, 2022, our Organic ASV plus Professional Services totaled $1.8 billion, up 9.3% compared with August 31, 2021.

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 Research & Advisory and Analytics & Trading, followed by CTS.

Refer to Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value ("ASV") of this Annual Report on Form 10-K for the definitions of Organic ASV plus Professional Services.

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

(in millions)

Our total client count as of August 31, 2023 was 7,921, representing a net increase of 5.1%, or 383 clients compared to the prior year, mainly due to an increase in corporate clients, wealth management clients and partners.

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

As of August 31, 2023, there were 189,972 professionals using FactSet, representing a net increase of 5.6%, or 9,990 users compared to the prior year, mainly driven by an increase from our wealth management firms and sell-side users from our banking clients.

Annual ASV retention was greater than 95% for the year ended August 31, 2023 and August 31, 2022.

When expressed as a percentage of clients, annual retention was approximately 91% for the year ended August 31, 2023, compared with approximately 92% for the year ended August 31, 2022.

Financial Information on Geographic Areas

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

(i) they engage in business activities from which they may earn revenues and incur expenses, (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.

Our Chief Executive Officer ("CEO") functions as our CODM.

Our operating segments are consistent with our reportable segments ("segments") and how we, including our CODM, manage our business and the geographic markets in which we serve.

Our internal financial reporting structure is based on three segments:

the Americas;

and Asia Pacific.

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, as well as an office in both Brazil and Canada.

The EMEA segment serves our clients in Europe, the Middle East and Africa and maintains office locations in Bulgaria, England, France, Germany, Italy, Latvia, Luxembourg, the Netherlands, Sweden and the United Arab Emirates .

The Asia Pacific segment serves our clients in Asia and Australia and includes office locations in Australia, China, Hong Kong Special Administrative Region ("SAR") of China, India, Japan, the Philippines, and Singapore.

(i) they engage in business activities from which they may recognize revenues and incur expenses, (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.

Our Chief Executive Officer functions as our CODM.

We have three operating segments:

Americas, EMEA and Asia Pacific.

This is how we and our CODM manage our business and the geographic markets in which we operate.

These operating segments are consistent with our reportable segments.

The Americas segment serves clients in North, Central and South America.

In the Americas, we have offices in 12 states in the United States ("U.S."), including our corporate headquarters in Norwalk, Connecticut.

We also have offices in both Brazil and Canada.

The EMEA segment serves clients in Europe, the Middle East and Africa via offices in Bulgaria, England, France, Germany, Italy, Ireland, Latvia, Luxembourg, the Netherlands, Sweden and the United Arab Emirates.

The Asia Pacific segment serves clients in Asia and Australasia via office locations in Australia, China, Hong Kong Special Administrative Region ("SAR") of China, India, Japan, the Philippines and Singapore.

These offices exclude any leases that we have fully vacated in advance of their originally scheduled lease term.

Segment revenues reflect sales to our clients based on the 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 expenses incurred at our content collection centers, located in India, the Philippines, and Latvia, are allocated to each segment based on a percentage of revenues as this reflects the benefits provided to each segment.

Segment revenues reflect client sales based on geographic location.

Each segment records expenses related to its individual operations with the exception of data center expenditures, third-party data costs and corporate headquarters charges.

These expenses are recorded in the Americas and are not allocated to the other segments.

The expenses incurred at our content collection centers, located in India, the Philippines and Latvia, are allocated to each segment based on their respective percentage of revenues.

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The following table reflects the Revenues and Operating income of our segments:

Operating Income

Years ended August 31,

(in thousands)

2023 2022 2021 2023 2022 2021

Americas $ 1,335,484 $ 1,173,946 $ 1,008,046 $ 239,438 $ 159,140 $ 218,180

EMEA 539,843 484,279 427,700 243,028 196,231 159,704

Asia Pacific 210,181 185,667 155,699 146,741 120,111 96,157

$ 2,085,508 $ 1,843,892 $ 1,591,445 $ 629,207 $ 475,482 $ 474,041

Refer to Note 18, 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 graphics illustrate revenues related to our segments.

of this Annual Report on Form 10-K for additional segment information.

Organic ASV plus Professional Services Growth

As of August 31, 2023, our Organic ASV plus Professional Services totaled $2.2 billion, up 7.1% compared with August 31, 2022.

The increase in Organic ASV plus Professional Services was primarily driven by higher Organic ASV in all our 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, followed by CTS and Research & Advisory.

Refer to Part II, Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value ("ASV"), of this Annual Report on Form 10-K for the definitions of Organic ASV and Organic ASV plus Professional Services.

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

(in millions)

Human Capital Management

As of August 31, 2022, we had 39 offices across 20 countries with 11,203 employees, representing an increase of 2.9% in the last twelve months.

Of our total employees, 7,401 (66%) were located in Asia Pacific, 2,400 (21%) in the Americas and 1,402 (13%) in EMEA.

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 7,100 employees.

Functionally, 21% of our employees were in Sales and Client Solutions;

29% were in Technology & Product Development;

45% were in Content Operations;

and 5% were in Corporate Support.

As of August 31, 2022, 393 of our employees were represented by mandatory works councils within certain of our French and German subsidiaries and 24 of our employees were represented by collective bargaining agreements in the United States.

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 are critical components of our strategy and operational approach.

Our employees are key 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.

We believe that our continued focus on our employees helps us to provide high quality insights and service to our clients.

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As of August 31, 2023, we had 34 offices in 19 countries with 12,237 employees, representing an increase of 9.2% compared with August 31, 2022.

Of our total employees, 8,322 (68%) were located in Asia Pacific, 2,487 (20%) in the Americas and 1,428 (12%) in EMEA.

We continue to invest in our centers of excellence ("COEs"), which accounted for approximately 67% of our employees, by expanding our talent pool primarily in India and the Philippines.

Functionally, as of August 31, 2023, 47% of our employees were in Content Operations, 28% were in Technology & Product Development, 21% were in Sales and Client Solutions and 4% were in Corporate Support.

As of August 31, 2023, 447 of our employees were represented by mandatory works councils in our French and German subsidiaries and 24 of our employees were represented by collective bargaining agreements in the United States.

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 actions to improve our employees’ experience and 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 throughout our company to highlight areas that employees believe are our strengths 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 2022 employee engagement survey, we achieved an 89% response rate, indicating that we heard from the vast majority of our employees.

This strong response rate reflected stable engagement amidst ongoing challenges caused by the COVID-19 pandemic.

We received more than 8,700 comments in response to the survey.

Our highest scores were in the areas of fair treatment, authenticity, and inclusion, indicating that employees feel they are treated fairly, are comfortable being their authentic selves at work, and believe that diverse perspectives are valued at our Company.

Our scores increased from the previous year's survey in the areas of authenticity, work-life balance, and employees feeling satisfied with the recognition they receive for their work.

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

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

Aggregated survey results are reviewed by senior leadership and direct managers to identify areas of focus and to create improvement plans.

We share survey results with employees to highlight strengths as well as opportunities for positive change.

In our fiscal 2023 employee engagement survey, we achieved a 90% response rate.

The majority of our employees indicated that they feel they are treated fairly regardless of diversity characteristics, are comfortable being their authentic selves at work, believe that FactSet has a great culture and understand how their work contributes to the Company’s success.

In all areas, our scores either remained the same or increased from the previous year's survey and our overall survey engagement score was the highest since the survey began.

Diversity, Equity & Inclusion

As part of our core values, we are committed to advancing Diversity, Equity, and Inclusion ("DE&I") at every level.

To this end, we have developed a global DE&I strategy focusing on three impact areas:

workforce, marketplace, and society.

We are proud of the positive progress we have made in each of these areas as we deepen our DE&I commitment around the world.

DE&I at our Company has been governed by our DE&I Council, which we refreshed in 2022.

The Council is chaired by our CEO, Phil Snow, and consists of 13 senior leaders who are empowered to drive our DE&I progress.

As part of this visible leadership commitment, we signed the CEO Action for Diversity and Inclusion Pledge, joining more than 2,000 companies actively supporting more inclusive workplaces and communities.

We have also partnered with MLT Black Equity at Work to hold ourselves accountable for our DE&I progress.

During fiscal 2022, we accelerated our accountability efforts by continuing to embed DE&I into our talent processes, including performance reviews, promotions, and the allocation of equity awards.

This allows us to make a greater impact while investigating statistical differences and taking any resulting appropriate action.

We also continue to publish our workforce demographics, including our annual EEO-1 Federal data, in our Sustainability Report.

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

Our goals include increasing the percentage of women at our Company overall, and specifically the percentage of women in our leadership group (vice president level and above) and in our technical areas.

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

We are building a culture of sponsorship across the organization to proactively provide growth opportunities and enhance retention through an initiative connecting senior leaders with underrepresented talent for advocacy and visibility.

As we continue to diversify our talent pipelines, we have maintained our MESH (Mentor, Engage, Support & Hire) externship program for underrepresented college students interested in financial technology.

This program continued for the second year in the U.S.

and was launched for the first time in the U.K.

In addition, we piloted an internship program at Norwalk Community College, located near our corporate headquarters in Norwalk, Connecticut, to provide career pathways for computer science students.

As a key component of our drive to ensure fair and equitable administration of pay, in fiscal 2022 we completed a global pay equity review.

We engaged an outside firm to assess the degree of systemic gender equity in the salaries of our employees worldwide and the degree of systemic race/ethnicity equity in the U.S.

After controlling for various salary-influencing factors, the study found that there was not a statistically significant association at our Company between salary and gender worldwide, or between salary and race/ethnicity in the U.S.

The study found that, on a global basis at our Company, women are paid more than 99% on average of what men are paid and that, on a U.S.

basis, minority employees are paid 100% on average of what non-minority employees are paid.

Attention to pay equity will continue to be a DE&I priority.

Our Business Resource Groups ("BRGs") are a critical component in fostering an inclusive work environment for all employees.

Our BRGs (Asian BRG, Black BRG, Families BRG, Pride BRG, Multicultural BRG, Latinx BRG, Women’s BRG, and Veterans BRG) host a variety of educational, informational, and aspirational events, including business networking opportunities, and heritage months.

Our BRGs also host many co-sponsored external events and year-round engagement such as community events, expos, seminars, and summits.

In addition, our senior leaders serve as executive sponsors for our BRGs to demonstrate leadership support for these efforts.

To recognize the significant contributions of our BRGs, we have launched the BRG Recognition Program which provides equity awards to BRG leaders at the co-chair level and steering committee level who have gone above and beyond in their commitment to DE&I at our Company.

BRG Steering Committee leaders also have a 10% weighting of their overall review evaluation based upon their BRG leadership to elevate these contributions within their performance.

To further our efforts in building an inclusive workplace where all employees feel a sense of belonging, we have launched the Global Gender Inclusivity policy that supports and respects the rights and identities of all employees, and we have achieved a 100% score on the Human Rights Campaign Equality Index for seven consecutive years.

Inclusive education also continues to be a priority through the provision of a variety of educational opportunities such as Conscious Inclusion training, the Interfaith Education series, Racial Justice Allies, and Unconscious Bias training.

In addition, we have rolled out NameCoach, a name pronunciation tool.

During fiscal 2022, we created a Supplier Diversity function and are currently performing an audit of minority-owned spend and suppliers to assist in setting future goals.

We have extended our DE&I programming and events to spread inclusivity and global influence, as well as embedding a multi-level culture of sponsorship through external organizations to help provide learning opportunities, enhance retention, and intentionally support our DE&I goals.

In addition to signing the CEO Action for Diversity and Inclusion Pledge, we sponsored two employees to participate full-time in the CEO Action for Racial Equity Fellowship.

This hands-on contribution has allowed us to take an active part in advancing policy change in the U.S.

We are also going further to help strengthen and promote racial justice through economic opportunities, such as depositing funds during fiscal 2022 in a Black equity-focused financial institution, as a step toward creating real and tangible change in the communities in which we operate.

Since the onset of the COVID-19 pandemic, our highest priority concern has been the health and safety of our employees, our families and our communities.

We initially required the vast majority of our employees at our offices across the globe to work remotely and provided them with support to be able to ensure business continuity.

We increased the frequency of 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 since re-opened our offices and welcomed our employees back.

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

In fiscal 2022, based on our success working in a remote environment during the COVID-19 pandemic, we rolled out our "How We Work" guide to flexible working arrangements under which employees in many of our locations, where permitted by local laws and regulations, and where the role permits, have the opportunity to choose between different work arrangements, including the ability to work in the office, remotely or in a hybrid arrangement with the ability to split time between working remotely and in the office.

Additionally, employees whose positions are not aligned to fixed working hours may elect to work a flextime schedule, working the same number of hours as is considered standard in their office location or employment contract, but during different times in the working day.

We have found that these new standards support our employees in being their most productive selves at work and in their personal lives.

These arrangements preserve the benefit of flexibility while retaining talent, fostering creativity, innovation, collaboration, and enabling mentorship, all key drivers behind employees’ productivity, satisfaction, and success.

Furthermore, these provisions support our commitment to creating a diverse, equitable, and inclusive workplace, removing barriers to augment our opportunity to attract and retain talent.

As part of our core values and our efforts to attract and retain top talent, we are committed to building a globally diverse, equitable and inclusive workplace.

Diversity, Equity, and Inclusion (“DE&I”) at FactSet is supported by our DE&I Council, comprised of executive leaders and chaired by our CEO, Phil Snow.

An important component of our DE&I strategy is our Business Resource Groups (“BRGs”), which help create an inclusive culture for all our employees.

Our BRGs are supported by senior leaders who serve as executive sponsors to our eight BRGs - the Asian BRG, Black BRG, Families BRG, Pride BRG, Multicultural BRG, Latinx BRG, Women’s BRG, and Veterans BRG.

Our BRGs host a variety of educational and networking events globally and many also co-sponsor external community events.

During fiscal 2023, we continued to publish our workforce demographics and annual EEO-1 Federal data in our Sustainability Report, launched DE&I annual performance goals for all employees and initiated an internal sponsorship program designed to create equitable opportunities for those seeking career advancement.

Our DE&I annual performance goals included adhering to inclusive hiring best practices and completing unconscious bias training.

Our sponsorship program aimed to increase visibility for underrepresented talent and connect participating leaders with employees who identify differently from them across lines of gender and/or race.

Based on our success working in a remote environment during the COVID-19 pandemic, in fiscal 2022 we rolled out our “How We Work” guide to flexible working arrangements.

Employees in many of our locations, where permitted by local laws and regulations, and where the role and department permits, can choose between working full-time in the office, remotely or in a hybrid arrangement.

Some employees may also elect to work a flexible schedule.

These arrangements help to retain talent, increase employee satisfaction, and support our commitment to creating a diverse, equitable and inclusive workplace.

Learning & Development

We are lifelong learners.

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

During fiscal 2022, we significantly increased our asynchronous learning opportunities in a variety of areas.

We expanded our resources and built multiple learning paths to ensure our engineers have access to the best online learning resources on cutting-edge technologies.

Our new Industry Development Program (IDP) is a 40-hour, on-demand program designed to onboard industry hires who have business experience and a sales focus.

We also released career development resources which provide employees with access to tools such as Career Progression Plans, curated Skill Taxonomies, and relevant eLearning courses.

In addition to our expanded partnerships and targeted programs, we created hundreds of in-house eLearning courses to help our employees learn about our business, industry, clients and products.

This year we also re-initiated in-person learning programs, hosting our campus onboarding programs for Sales and Engineering staff in three global locations:

Manila, London, and Norwalk.

We also invited all campus hires who joined our Company since March 2020 back to our regional headquarters for a two-day summit focused on network building and our core values.

We also conducted a shorter, topic-focused survey toward the end of fiscal 2022 to assess the impact of our Learning & Development strategy and programs on employee engagement.

We achieved a 61% response rate, with more than 2,300 comments received.

Our highest scores indicated that we are actively supporting employee efforts to acquire additional training and experiences and we are supporting employees to develop the professional skills needed to succeed at their jobs.

Survey data also showed that we are providing opportunities for employees to have meaningful discussions with management about career development.

We offer a range of learning opportunities to empower employees through experiences that support their personal and professional growth.

We identify learning needs to ensure that our employees have the skills and knowledge to excel in their roles, grow their careers, and contribute to the success of our organization.

During fiscal 2023, our employees increasingly made use of non-mandatory learning, particularly expanded technical learning and upskilling courses.

During fiscal 2023, the FactSet Leadership Advantage Academy helped employees refine their leadership skills and style, expand their enterprise perspective and create a stronger cross-departmental network.

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Compensation, Benefits and Wellbeing

We offer our employees a broad range of competitive compensation, benefits and wellbeing programs designed to meet the diverse needs of our global employee population and which are reflective of our values and culture.

Offering competitive.

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 our Company and our individual business units.

We offer our employees a broad range of competitive compensation, benefits and well-being programs reflective of our values and culture which are designed to meet the diverse needs of our global employee population and are essential to our recruitment, development, and retention strategies.

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.

We are 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 wellbeing at every stage of life.

Employees in all our locations globally have access to an Employee Assistance Program, providing them and their immediate family members access to experienced 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.

We are committed to building a culture of wellbeing that empowers employees to be their authentic selves and thrive in all areas of their lives.

We believe that wellbeing is a unique journey, and we are invested in understanding the needs of every individual to m eet them where they are.

By enabling our employees to put their wellbeing first, they can be their best selves at home, work, and anywhere in between.

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

We are committed to offering high-quality, affordable, and locally competitive benefits options, designed to support the physical, emotional, financial and social well-being of our employees and their families.

Third-Party Content

We aggregate content from third-party data suppliers, news sources, exchanges, brokers and contributors into our dedicated managed databases, 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 have entered into third-party content agreements of varying lengths, which in some cases can be terminated with 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 each representing more than 10% of our total data costs for the twelve months ended August 31, 2022.

We are not dependent on any one third-party data supplier to meet the needs of our clients, with only two data suppliers each representing more than 10% of our total data costs during fiscal 2023.

Data Centers and Cloud Computing

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As part of our hybrid cloud strategy, we operate two fully redundant, physically separated data centers in the U.S.

that provide client services, while also utilizing premier, market-leading cloud providers to run products and services that best benefit from cloud elasticity, resiliency, security, and regionalization.

We currently use multiple providers of cloud services, however one supplier provided the majority of our cloud computing support for the twelve months ended August 31, 2022.

Our physical data centers contain multiple layers of redundancy to enhance system performance, including maintaining, processing and storing data at multiple locations.

that provide client services, while also using market-leading cloud providers to run products and services to best benefit from the cloud's elasticity, resiliency, security, and regionalization.

We currently use several cloud providers;

however, one supplier provided the majority of our cloud computing support for fiscal 2023 .

Our physical data centers provide layers of redundancy to enhance system performance, including maintaining, processing and storing data at multiple locations.

In the event of a single site failure or localized disaster, client workloads will automatically move to unaffected sites.

We continue to be focused on maintaining a global technological infrastructure that allows us to support our growing business.

We continue to focus on maintaining a global technological infrastructure that allows us to support our growing business.

The Competitive Landscape

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

We are a part of the financial information services industry focused on delivering expansive data, sophisticated analytics, and flexible technology through our platform 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.

and MSCI Inc.

Many of these firms provide products or services similar to our own offerings.

We believe there are high barriers to entry and we expect it would be difficult for another vendor to quickly replicate the extensive data we currently offer.

Through our in-depth analytics and client service, we believe we can offer clients a more comprehensive solution with one of the broadest sets of functionalities delivered through a desktop or mobile user interface,

cloud based platforms, or through standardized or bespoke data feeds, as well as APIs.

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

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

and Morningstar Inc.

Many of these firms provide products or services similar to our offerings.

We believe there are high barriers to entry to our business, and we expect it would be difficult for another vendor to quickly replicate the extensive data we currently offer.

We offer clients comprehensive solutions with a broad set of products delivered through a desktop or mobile user interface, cloud-based platforms, or through standardized or bespoke data feeds, as well as APIs.

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

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

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Intellectual Property

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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 and greater depth of data.

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

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

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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.

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Executive Officers of the Registrant

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Stern 58 Executive Vice President, Chief Legal Officer, Global Head of Strategic Resources and Secretary 2009

Robie 44 Executive Vice President, Head of Analytics & Trading Solutions 2018

Robie 45 Executive Vice President, Head of Institutional Buyside 2018

Shan 56 Executive Vice President, Chief Revenue Officer

Daniel Viens 65 Executive Vice President, Chief Human Resources Officer 2018

Goran Skoko 61 Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Research & Advisory Solutions 2019

Goran Skoko 62 Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Dealmakers and Wealth 2019

Karnovsky 44 Executive Vice President, Chief Product Officer 2021

Jonathan Reeve 54 Executive Vice President, Head of Content & Technology Solutions 2021

John Costigan 53 Executive Vice President, Chief Content Officer 2022

John Costigan 54 Executive Vice President, Chief Data Officer 2022

Stepp 38 Executive Vice President, Chief Technology Officer 2022

Catrina Harding 51 Executive Vice President, Chief People Officer 2023

Philip Snow – Chief Executive Officer .

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degree in business and economics from Lehigh University.

Huber also serves on the Board of Directors of the Bank of Montreal.

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

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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 & 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

She sits on the Board of Directors of Baron Capital Group, Inc.

and Morrow Sodali, a TPG Growth Company.

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Robie – Executive Vice President, Head of Institutional Buyside.

Robie was appointed Executive Vice President, Head of Institutional Buyside, effective September 1, 2023.

In his current role, he oversees strategy, research, development and engineering for Institutional Buyside solutions.

Prior to that, he served as Executive Vice President, Head of Analytics & Tradition Solutions starting in September 2018.

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

During his tenure at FactSet, Mr.

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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.

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 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.

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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 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.

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.

Prior to joining FactSet, Mr.

Viens was a Director of Human Resources for First Data Solutions and Donnelly Marketing (a former company of Dun & Bradstreet), where he developed significant Human Resources acumen.

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 Solutions in July 2021.

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

Skoko was appointed Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Dealmakers & Wealth, effective September 1, 2023.

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 with our Research & Advisory Solutions.

Prior to that, Mr.

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

Prior to that, he served as Executive Vice President, Managing Director EMEA and Asia Pacific and Head of Research & Advisory Solutions starting in July 2021, after having served as Executive Vice President, Managing Director EMEA and Asia Pacific and Head of Wealth Solutions.

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

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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.

In this 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.

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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 CTS at FactSet in October 2021.

As Head of CTS, he oversees and leads the development of FactSet’s off-platform products, including financial data solutions, application technologies, CUSIP Global Services, 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.

John Costigan – Executive Vice President, Chief Content Officer.

Costigan was appointed Chief Content Officer of FactSet in April 2022.

As Chief Content Officer, he is responsible for FactSet's enterprise-wide Content Strategy and leads Content Development from planning through production.

This includes Content's Digital Transformation using modern techniques and technology to drive timeliness, accuracy, coverage, consistency and usability across all FactSet Content assets.

John Costigan – Executive Vice President, Chief Data Officer.

Costigan was appointed Chief Data Officer of FactSet effective June 1, 2023.

Prior to that, he served as Chief Content Officer of FactSet starting in April 2022.

As Chief Data Officer, he is responsible for FactSet's enterprise-wide data strategy and leads data development from planning through production.

This includes data digital transformation using modern techniques and technology to drive timeliness, accuracy, coverage, consistency and usability across all FactSet data assets.

Costigan has been at FactSet since September 2007 in a variety of roles.

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in Computer Science from Carnegie Mellon University.

Catrina Harding - Executive Vice President, Chief People Officer.

Harding was appointed Executive Vice President, Chief People Officer in July 2023.

Prior to that, Ms.

Harding served as Chief Human Resources Officer at Gerson Lehrman Group, a financial and global information services company, and Senior Vice President of Human Resources at Synchrony Financial, a consumer financial services company and former division of GE Capital.

She has more than 20 years of experience in senior human resources roles at major companies, including U.S.

Steel Corporation, General Electric Company, and Ford

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Motor Company.

Harding holds a Bachelor of Science from Western Michigan University and a Masters in Industrial and Organizational Psychology from the University of Detroit Mercy.

Additional Information

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Notes to the Consolidated Financial Statements

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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