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Factset Research Systems (FDS)

Participants
Kendra Brown Senior Vice President, Investor Relations
Phil Snow Chief Executive Officer
Linda Huber Chief Financial Officer
Ashish Sabadra RBC Capital Markets
Faiza Alwy Deutsche Bank
Owen Lau Oppenheimer
Manav Patnaik Barclays
Alex Kramm UBS
Greg Parrish Morgan Stanley
George Tong Goldman Sachs
Craig Huber Huber Research
Russell Quelch Redburn
Adam Parrington Stifel
Call transcript
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Operator

Good day and thank you for standing by. Welcome to FactSet Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker for today, Kendra Brown.

begin. may You

Kendra Brown

good quarter and Welcome FactSet’s to Thank earnings morning, call. fiscal XXXX fourth you, everyone.

Before I questions After presentation open slides Relations slides, we be via we as at that webcast fair section will please out the begin, this one to the call. website a at reference the would of be like well our posted during factset.com. will the conclusion follow-up. we as this our our investors. on on can will remarks, to website accessed call, limit point be Investor to today’s The one the of prepared To yourself from call question of everyone, to replay plus

listeners slide statement measures. notice to review Before discuss non-GAAP use we the two, of forward-looking explains all on the and risks the financial of our results, encourage which legal I

to risk forward-looking Additionally, discussion could cause please XX-K for XX-Q results refer materially our to of that factors and differ from a Forms actual statements. these

Our and non-GAAP certain call financial this slide will discussions measures. presentation include on

is reconciliation issued measures, measures comparable earlier GAAP earnings the the in appendix most to today. directly such to presentation release the and For in our

Officer. Executive the are me Snow, Joining Chief now and discussion will Chief Phil Huber, Linda Financial over today to Snow. I turn Officer; Phil

Phil Snow

and and of with above end professional the achieved plus accelerating and year guidance revenue our of We ASV also results. full of basis nearly annual EPS the Kendra, joining us high fiscal X%, share to quarter fourth $XX.XX, billion end $X.XX our with points today. growth XXX Thanks organic you, of hello, metrics Thank high for range. $XXX topping to We year-over-year over everyone. strong both I of am guidance. our adjusted pleased services XXXX million, ended

strong types, continuing trend growth. corporates, saw content market and the private across open fund venture organic capital continue as and with resonating of clients managers, analytics become with hedge driving growth to gain their share. banking double-digit strategy Our We and is firms, performance wealth platform our we and leading to equity funds ASV

saw Specifically, coming further with realization. from clients year with we this improved better growth retention price most

Our in acceleration business. basis and Year-over-year XXX have XXX well increased new expansion, supported as sell-side content both investments and basis significant points stronger in growth and buy-side as points, retention rates technology by respectively. and

On the key has cycle to life institutional of expanded with success portfolio footprint our been buy-side, the our asset managers. products

addressable not office. We for and the with delivery continue our content market in completed year Moody’s only Services, our acquisition FactSet. the commitment our with was XXX, and We also grade to with across capture ratings emissions our a the the senior strong largest joined both Fiscal advanced more capabilities inaugural the investment Fitch, S&P XXXX financial a XXXX Global back for milestone connecting issued and Based efforts net our middle sustainability of the to history and analytics, but year Science CUSIP increasingly by Initiative front, notes goal. and from Targets us, zero

key several plan. to continue content three-year marked our we and with It offerings culmination partnerships. investment our of addition, In expand also technology the

Our FactSet’s These foresight expansion eight XXXX. technology investments since fueled for topline largest to coverage basis XXX is deep invest points in content growth by have paying sector sectors. in dividends, Today, over content the accelerating we and history.

content business the equity data of Advisor partnered efficiently wins work wealth, helping solutions. driving Portfolio and comprehensive our content while market connected advisers private expanded to more XX workstation more through a solutions now strategy with making workstation, refinery, across in providers for and company market-leading and are Analytics are ESG with We strides than private aggregate our integration. our venture other acquisition and cohesive capital new of firms, Dashboard workflow Labs ESG Tools for private And FactSet. set and Truvalue We coverage in our

digital We invested in our transformation. and accelerated also

clients content a our differentiator, Our is competitive platform enabling and to modern analytics digital access solutions. via open,

We journeys. their migration are preferred for partner cloud clients now on a

CUSIP refinery innovating acquisition with integration the natural CGS extension of well expectations is Global with exceeded performance new aligns to and Services The of building products. our expand opportunities capabilities. strategy we and a our has further very Our well progressing of the content by see and

business While to early are exploring to additional currently efforts, identifiers we these CUSIP opportunities new on in extend entities.

talent us helping people, stabilize competitive our in in invest to best even retention and retain continue market. We the this

to paradigm hybrid embraced work their that a have selves. allows most to them be productive the select that We work model employees trusts our

of technology ensure offices in invested facilitate that setups have for location to collaboration home regardless We have efficiency. all employees and

roles time global combat we and clients instituted face-to-face give employees And to leaders To inflation, salaries to who an traveling seen to extended in have and investments. and our participation engagements employees have to as another an our critical talent of pools. meet wellness critical job thanks days possible team, effects equity increase year-over-year, amazing our charge. have backfilling invested to and of positions in-person reconnect we support and one increased open proactively encourage have new compensation. increased in recruiting and sourcing Headcount we for the also bonus did our We in and wherever

culture and talent is experiences. and diverse diversity, as a Central equity commitment from to supporting firm the and backgrounds to hiring progressed also our We inclusion. with

team. of comprise that us success proud. achievement addition one example Stepp now of our an as leadership executive the of half our Chief Technology makes and Kate That’s women our just With Officer,

our content faster; asset industry, financial the of solutions the provide and delivering equity As clients can enter discover private comprehensive set third-party workflow remains solutions most investments, of we connected hyper-personalized driving owners, and insights and management, and the data up our enhancing for meaningful to proprietary experience our so focus clients. wealth market; client scaling the phase next the sell-side, venture asset by corporate refinery for capital next-generation specific managers, same;

points people this the of in fiscal products continued healthy evenly pretty effort products, and and split our about million our revenue. and in of have XXX margin $XX investing during investments about to are growth XXXX. and committed ensure are people will invested We basis FactSet’s between These or

forward, As will content the pace sector our margin on similar to continue core wealth FY to This real-time, and a strategic parts the investments, continued data, while our our we for at commitment includes investing take out ESG, deep expansion. delivering to we XXXX, same data strategy. as markets approach private of of build move

our ASV addition, XX% and adjusted nature to X% medium-term products XX% of In and meeting and to to margin in in digital our outlook in of continued our adjusted us of operating EPS connected people. growth to our content continue of confidence diluted will platform The we invest growth, XX%. X% XX% organic gives

X.X%, prior our Turning driven and adjusted EPS the increased revenue ASV in results. from quarter fourth was professional XX%, services growth plus quarter, now both X% to grew the from by almost organic revenue year fourth In and CGS, the contribution period.

decelerated and quarter XX.X%, technology adjusted operating primarily costs. to fourth Our slightly higher personnel margin year-over-year expenses due to

strong driven expansion in Advisory. & Research quarter’s was continued & and Analytics Trading This by performance

we for made Raymond well New recognized also wins, business on expansion growth the the and where significant we market management have some leading added relationship as investments our small having reflects including of accelerated products. medium This are wealth the win side, James. with as as larger notable we wins,

and half across growth growth lead to ASV in The fiscal Trading strength Analytics than year. looking XX particularly over the by organic EMEA, Americas ASV Americas, we private & X% equity product the & to see performed continue contributing Research last months. asset our organic regions, In and our quarter with XXXX’s this and surpassing grew past total accelerated portfolio. Advisory $X the over Now managers. our organic capital ASV from more total venture we performance, billion growth ASV. and across quarter clients this with to strength of banking, broad-based continued wealth, ASV X% In ASV the well

by Pac, XX% managers driven Analytics capturing Trading combined Asia at Analytics In the saw retention. & and growth we region organic driven banks, and & Specifically, ASV with owners. managers managers, by and driven Research growth wealth corporate Trading, particular from with wins partners. in higher accelerated strength asset opportunities from & asset at Growth CTS Advisory wealth also managers by was

impressive our portfolio the Cobalt’s X%, Analytics across XX% private a & the this equity by clients diverse gaining such to hiring & wins in strong year versus from of and increased our rate, quarter growth growth clients. and driven with and new year with lifecycle We the buy-side the venture capabilities capital & a from our was XX.X%, growth workstation rate ago strategy. ASV Now momentum contributor Advisory from Advisory products turning this ended wealth businesses, growth sell-side banking, with traction. ASV Research and to sell-side seasonal saw increased XX% Dashboard demonstrating Research share continued largest with year Advisor We portfolio an realization, solutions. organic price firms. as growth reflecting our and both Trading by organic wallet was ASV increased users workstation monitoring

X larger gains by by all with marks also and across in wins, and led among to an middle consecutive reporting the driven ASV contributed Performance quarter growth professional analytics managers office. We quarters accelerating saw uptick services for of analytics. This regions acceleration. performance, LTM portfolio this asset being

expanding ahead, on- believe and will continue demand and look for leading coverage we we off-platform, class technology, growth. analytics, drive As market-leading our asset to

reduce company being with fourth growth. year with quarter three-year solution traction managers ESG We cloud the XX% key clients results client plan. our looking of by security partners strength asset saw wins to and of several core investment summary, services, In saw In ASV organic data, and continued proud we data all grew fourth quarter, our gained management CTS am appealing the I Finally, with full wins and benchmarks our Real-time across performance data. also to in costs. contributors. and

to confident ahead, and markets. look we our ability in we volatile remain weather strategy our As

our We in value our as the entering clients solutions. of strength are recognize a XXXX fiscal of position

have the quarter We XXXX want our and year ongoing more team. our I reflects guidance them. incredible and fiscal confidence provide to that will Linda in up achieved FactSet business strong we the shortly. thanking by couldn’t without wrap detail did Our

business best in to top team take committed remain developing I Linda detail over talent. and more We discuss have XXXX to fourth to you and now and our year attracting, and will the this full fiscal it retaining through performance guidance. quarter in turn our the

Linda Huber

outstanding an congratulating for everyone. fiscal Thank in and XXXX. I Phil you, join hello, FactSetters Phil,

CFO, have As as I year we anniversary together. approach been one I by accomplish am able excited to my everything

our largest adjusted build expansion shareholders. to not adjusted XX% value work look across to X% our the and are I ratings to history forward mention the growth, testament of to diluted hard in FactSet’s and and organization organic Our EPS growth, talented ASV teams. a margin continuing acquisition, financing, investment on returning grade operating fiscal performance of work to XXXX to strong successful

services professional of of Retention increases our in moved across our plus the product ASV Our larger a price team. investment base growth here, sales higher by clients, with organic rate excellent beat due high the to for and needle guidance execution reduced our with range range also help erosion end CUSIP increased as demand in client end was high end operating higher cross-selling for and types opportunities. our successful Adjusted line of exceeded Full margin the Services. the our year of range. revenue from Global across with products our

driven in effective margin was points increase core resulting in expansion. the the CGS of margin addition as Our as business, XXX control well expense basis business, the by of

reinvest back margin for margin products, about rise about allowing shareholders this to growth our to the points basis people XXX while XXX was decision of points. basis and Our in

similar committed are we expansion. to a years for our margin stated, delivering the while Phil next balancing to commitment investment at few As pace

exceeding Finally, growth, operating range, management leverage. guidance solid generated disciplined expense the we top our and of revenue end earnings, strong through

fourth me quarter you performance. now walk of through our the Let specifics

our release to you As and from this organic professional ASV pleased acceleration the press revenue. we seen report plus have are of services morning,

we XX begin, revenues to Before CGS ASV definition that like and acquisition revenue date. organic-related for metrics our the everyone when organic ASV, consistent will months exclude of following we reporting with associated any with I’d remind and the

track specifics we to its can so on you provide CGS, continue However, some performance. will

period. products reflects revenue release. the noted, current end well With as GAAP on adjusted We to at our to in XX% regions. XX professional over was momentum our excludes X%. Kendra driving the prior & is Fourth during press comparable growth alpha, from our all XX% increased for increased Analytics increase by across foreign organic $XXX ASV as our levels ASV quarter our Trading & Advisory amortization months solutions period of higher product finding deferred We services year across a market from organic saw revenue of plus clients grew efficiencies. and volatility, the workflow reconciliation Research exchange, prior the of million, as to $XXX last figures we fourth driven focus portfolio. any Organic quarter and CGS. As year impact million solutions GAAP acquisitions our This of revenue, see metrics by and by each acceleration which demand included

the our was geographic period revenue over for organic X%, at X% and Americas segments, Asia-Pacific -- For was prior year EMEA growth at XX%. the

impacted now grew the expenses, expenses incurred to million, to charges $XXX by Turning during GAAP period. XX% operating year-over-year several

First, recognition includes the $XX CGS fourth intangible related this asset in of quarter. the million to in amortization

As million we quarter, million, we anticipated pool be $XX saw fourth pool the will bonus spoke higher ASV fiscal bonus in year. asset the performance. was this $XXX bringing Also, with In accrual line about total the to intangible for stronger quarter, recurring last amortization bonus a charge. a than our

$XX is continue invested and commitments Investor Day made buckets these grow with to million people we consistent growth. stated, we year. As also in product to sustain to This this at previously

ahead investment. we level Looking to expect a XXXX, similar fiscal of

basis Given technology year-over-year expenses decreased Adjusted by margin personnel saw currency of XXX slight operating and GAAP points margin transactional basis increased year XX to decrease points a foreign our prior XX.X% driven to XX.X%, these expenses, impact. period. expenses, the by higher operating compared to

an CGS. XXX drivers of percentage an basis revenue, last of expressed include year and as content to distributed basis increase points is basis. assets and on costs SG&A was growth cloud, ASV for comprised the GAAP of percentage As basis points stock-based expenses more basis stronger the employees, broadly XXX driven other on a than to of adjusted in accrual adjusted salary When including our GAAP higher and as as well performance our services equity associated XXX cost existing was primarily compensation a on Primary and a line with revenue, basis. expenses, higher year-over-year amortization bonus on compensation, points The lower by basis and expense organization. technology a basis points shift higher higher public XX with higher related we expenses of higher related throughout higher in as intangible

expectations, with of year, $X since same QX, XXXX. on the to the Adjusted by spending, coverage of define market EPS to the in significant diluted revenue, finally, movements million largely exceeded estimated Adjusted by $XXX.X timing grew the deferred last X.X% driven year weaker ASV from a to XX% offset diverse over Services and due as a operations March placements. offset compared tax, time the was the adding cash EBITDA the was to payments our generated senior for CGS. higher loan. prior higher driven quarter benefit gains more FactSet’s incremental by $X.XX, for rate revenue the our and retention stable And and X.X% in by capital, and prior and to lower term of asset wealth decrease issuance higher clients, $X.XX higher to tax higher above the returns. related more partially solutions. Global outstanding fourth year, tax grew primarily $X.XX cash our and highlighting the working for from year-over-year. which million CUSIP’s year-over-year increased increased X, retention interest to XX.X%. class EPS to we close impact taxes, last corporate year’s GAAP compression. number to in primarily client quarter, to This to $XXX largely acquisition CUSIP X,XXX due ASV and to free pre-tax In than on this XX% of related prior a Compared includes private year’s to capital Moving quarter finalizing fourth less XX%, period our up offset tax tax expense margin grade lower versus notes of quarter, quarter and million, revenue in of flow, we XX.X% the In the addition XX% partially improved demand clients clients. expense our by was deposit income which remained XX% CDs due and from the total interest the continued year, prior the investment

sales Our user related management loan X.X the to XX% leverage ratio the term Advisory turning to now & prepayment progress XXX,XXX, Research made fourth million, growing our to our by times solutions, level bringing from of balance times a acquisition. X.X initial our the continue users. of And the almost In the CGS. $XXX gross quarter, acquisition CGS in year-over-year, we to we grew wealth particularly on count financed primarily down when sheet, amongst driven to prepayment the of we planned

to make of the our enabling each XXXX. in We second expect quarters, next times payments of in half X.X two $XXX gross us million the leverage of target to of X more two fiscal reach times to

a mid-XXXX. As of impact during our stock while continue to time, we may program to least at resume repurchases we repurchase share dilutive until not reminder, option share intend this do minor grants offset the

we our investors the regular third of year. per dividend $X.XX. would remind for share increase dividend quarterly consecutive quarter like XXrd we The the X.X% was Lastly, for to that increased in cash a

is outlook. of ASV it our given increase, are of fiscal of last organic to medium-term and note XXXX, for this to not year. organic professional ASV incremental not reflecting that in business included impact midpoint Turning time, represents guidance plus this growth fiscal $XXX range our now $XXX ASV million quarters million that services. CGS our the in The we the XXXX our outlook our organic until for Please commitment year to to at will continued a guiding momentum X% two

basis basis basis year. XX%, outlook medium-term expansion, XX each to of XX% margin of which expansion margin aligns points with points the points of margin providing operating our of XX adjusted XX expect with to We midpoint

EPS almost to midpoint. the at adjusted of expect we $XX.XX, $XX.XX XX% Finally, representing growth

growth our the XXXX, Given on in XX% track to deliver medium-term. to outperformance fiscal EPS still XX% are we over

continue ability in We our grow uncertainty. of of are to market to confident the face

model, stable Our diverse investment. product subscription a us and enterprise long-term portfolio make solutions

growth be by fiscal Looking retention. ahead driven to will XXXX, improved

topline of We the come from came price double-digit plus the growth of with expect erosion normal to acceleration realization. increases in from by our cross-selling. majority two-thirds existing past, In clients offset low our expansion

the incremental will year, even more pricing two. in the this given be split improvement we between the However, anticipate

continued with equity We new expect private will in well venture the growth of balance as as capital business, corporates. wealth, from come growth firms, and

should scaling productivity investment existing growth a opportunities include of our include API the new in Drivers in Example cross-selling in program Kate technology expanding content to markets new and commitment digital strategy. Our at our drive our digitization fresh and cognitive continued taking platform. technologies, continued driving of Stepp, and focus CTO, is for clients. of use of the improved look public cloud. areas capabilities use our our and the

as as we deliver benefit we refinery, Next, are to about the we we previously, and across feel a evolution direct drive these our wealth deep on our retention have we for content key. front strategic and in us. and firm placed fiscal runway capital content ESG, be venture We closing, office, continued long workflow discussed are well real-time, In markets are finally, targets expansion medium-term our private plan outlook. of manager our are investments sets to sector, will our intended during we Investor make in types, pleased for as XXXX, solutions and investments and fiscal to equity as seeing XXXX, of of believe strategically and ahead Day, toward performance development we firms the private with spoke

we in for macro investing are continue While that ready with And growth uncertainty and Operator? term. the content over we now our in longer will we our the the to people, questions. that, drive on acknowledge environment, focus technology believe

Operator

with question Sabadra Thank you. the first Our [Operator comes line RBC Markets. Instructions] Capital from of Ashish

Your line is open.

expect Ashish We you on are mute.

open. One right. Ashish, line is your moment. All

the move to will one. We next

stand phone by for must next our Ashish question. moment. having One Please be problems.

Ashish Sabadra

Hello.

Operator

line you Your open. there? is are Ashish,

Ashish Sabadra

Hi. question. Can Thanks. taking you me my for hear okay? Thanks

Operator

Yes.

Ashish Sabadra

cross-sell light growth pretty some momentum clarity -- getting some question that three and from that managers. pullback million market we forward spend on saw new outlook to volatility we million wins. giving of So concerns investment solutions workflow around banking the are in the and all layoff and $XXX the ASV the growth by terms get drivers But around that and strong asset about we for is potential on of going in pricing, $XXX across of thanks

XXXX? So could provide the I just on Thanks. confidence for was you if some the wondering color around more ASV growth

Phil Snow

Sure. the for Hey, Ashish. Phil. Thanks It’s question.

saw growth again what to similar believe broad-based XXXX. our we XXXX, in that will we So be in

there’s pipeline the is a different the of business last the between news, at that’s we typically And here, you out as visibility good good even on, very which And different we distribution we look lines, on pretty versus year. see got regions. portfolio all everything So have well I goals great think first a as half, really have cylinders. when good firing

So it’s a very high quality pipeline.

a in to go we piece well want they -- help call we going So feel alpha is lot what in strengths. clients plays on equipped but of of understand as kind want on side, have pressure great that value to the of team, really budget fully clients we that there’s a communicate our generation. value business. We that to are can our of efficiency into proposition side, FactSet’s I sales do obviously this don’t And the our here analytics some and and We to as front good. us, really facing to proposition be are we of year can terms obviously be the out naive. business One the out see

can go and you XXXX, digits that this see growing you So at reached back to business was it double X% year. if

that based and primarily. not analytics growth, in acceleration of is points basis XXX that’s So workstation

conversations data their managers about are portfolio help and office, the middle the they about little script, are workflow. a but in to think In by across very wins how we life encouraged institutional we huge asset that the within manage cycle. talked having we them the So bit are we have having

gives into more So year. confidence that’s us that just next thing going one

Ashish Sabadra

on color, good XQ margin Phil. just my think some versus that. Again, margins. much provided color wondering, helpful the XQ I was as as we on look how reinvestment. we follow-up, was How think versus the fourth obviously for in we we Thanks. going compensation quarter. environment, step-up XXXX going inflationary of higher about should and hiring, and saw how in Really it very And particular about just really about salaries a hiring around maybe -- the we more particularly big appreciate front, at maybe into do think you compensation forward? But in this That’s Linda,

Linda Huber

Sure. Thanks, Ashish.

said earnings were had to third in on we we we quarter. fourth quarter, did that As the flag fourth quarter for bonus the call, put higher well if a did going accrual we the up

the somewhat So by frankly, $XX in surprised, the was fourth we terms the level accrual what surprised people for did The bonus. in third fourth was bonus million. I quarter that quarter the million of the and of in am were it quarter $XX

over last bonus up considerably we was million, was as total year. $XXX Our which said, pool,

important. and increased We stock-based that’s also compensation

and We are deeper. broader more pushing people to equity corporation, the in both

an seeing bit as higher had our well about we also as we important So balanced of compensation cloud, get a well. to to the properly. are Day, we and as talked that expenses that move this also utilization Technology that’s so more the Investor change, up little at cloud were as costs we try

excellence of of the around was this hire and not balance the more XX% of most compensation, centers in the that like-for-like excellence. are of some in Ashish. in increase centers did people, We So XX% same

deep collection said strong we dramatic goes than the we of are had and year as really catch-up content on a call. that to had quarter were most to exceptional, invest a and we as had too Phil bonus as sector, strong do nothing I to going that really a we quarter there, looking other fourth said. But particularly in nothing So third

So you. I hope that helps

Ashish Sabadra

color. very Thanks again. That’s helpful

Linda Huber

Sure.

Operator

Thank next standby question. for you. our Please

of comes with Alwy from Deutsche Bank. Our the question next line Faiza

open. line Your is

Faiza Alwy

Yes. morning. Hi. Good Thank you.

mentioned quarter talk wanted margins curious more a you just I last contributed it little I much I to know bit that quarter. this CGS it expansion. around had of was contributed to about how am Linda. two-thirds margins, So the --

what quarter how and you So XXXX? the it us expect can in contribute if to I curious this am was you contribution much tell too maybe

Linda Huber

Sure.

year course And of and fourth XXX we script, the into XXX about in increased the basis amount to go which course we the of we us of gives is basis basis as CGS far that points points, am pretty think the toward. over quarter, year XX points that margin I XXX excess by reinvested and of the So going points margin. additional had the we not and of basis XX over said our significant we in to points margin basis guided

see will down to forward, So as be we roll that margin and how And would we third from with about we will to drop increased reinvest we the again, bottomline. are thoughtful we have going a that comes CUSIP, that margin. we but deal two-thirds about about probably

year. sort at pace continue will of that the that next expect same would we So

Faiza Alwy

Okay. to doesn’t ask sort just incremental pricing, pricing Understood. -- to much in are it incremental just am and how then pushback the XXXX versus on what sound curious you what’s you pricing, I that that fiscal XXXX wanted mentioned how are you And we receptivity for on, but like any of getting saw pricing? embedding

Phil Snow

It’s Faiza. Phil. Hi,

the we able anticipate we leading with a that we price conservative made product out market this X% don’t going with yeah, we in make we of feel and So, about bit be an into that went year, to relationships our and what be bit our given more get long-term a XXXX, that on and price can from do terms price. level to thinking we want X% We going completely the of our our in sure appropriate which we XXXX be We right? for here a getting costs. with into in increase, based are to were investment in XXXX, increase than expect of uplift clients. we pretty realization obviously is asking little will confident But have

Linda Huber

And Faiza, to the said past of desk please before, made year. its Phil way note in that none has his that

that media well. we of increase in we XXXX, up the than we able don’t some do think do bit We to higher. in good all to in but pretty went pricing that, price because intend competitor So the way better that maybe It’s expect go space a that the do to been we we reported considerably products. those have could market-leading been do have

for are we FY about that ‘XX. optimistic quite So

Phil Snow

I’d I and in new in simplify we think and more had card realization, price to on able I have past. of price also been add go-to-market well, than capture rate much that -- for we sales our terms really the

sales how a So that’s around. of easier, really to really our much of tremendous in simplified made terms taking the And and easier, job execute force in a lives all it’s lives the it’s made we has packages set it’s helped helped client’s us market. more done

part So about well. think we as what think when price about of that’s we

Faiza Alwy

so Thank Great. much. you

Phil Snow

Yeah.

Operator

Thank you. next for standby question. Please

Lau Oppenheimer. Our comes Owen the next from line question of with

Your line is open.

Owen Lau

Yeah. question. my taking Good morning. Thank you for

Phil Snow

Owen. Hi, Yes.

Owen Lau

Hey.

stock-based any downturn am on control FactSet think, comp, expense. just So three and the given Thanks. giving I the be winding talking conditions, to you ago, playbook market are downturn months terms wondering, that I accrual current have I more your comp still you about we the were adjust in think the can changed of comp any very going helpful? not stock-based would forward, anymore, up the color of playbook view

Linda Huber

Owen. Sure,

if playbook Phil said, holding And very strong. now Right We to Sales are business. any do that. high revenue bring well. action. don’t to are that we is need downturn this up for Things as a the are prepared need very recurring see into we

of revenue have look next idea year good already the the for in-house. half will like what ASV pretty of have got because we we So first

So that’s really, good. really

the we it Last in $XX million, this year for was we are million. million the that and course $XXX year. numbers year, found $XXX bonus more like the So did of

and the So pretty high that change given that’s was company of the formulaic. performance a all

we into will bonus as So XXXX, reset go $XX FY back that pool to million. roughly

we we year. So strong well step. underperform, And in back out down, that’s but year, will the if out pool million bonus compensation. last $XX very for million adjust stock-based $XX we that first stock-based in a This Similarly, and was paid some go this year, compensation. then paid will reason as

again but the closer the will can bonus pool that to on reset adjust. number, the flex million So and be $XX

much. expected, we Our than salary hiring line, in had was not very we fact, slower up because

So this of the understand pool it’s investors nature of important increasing. that comes the from flexible bonus most

fact, in only X% $X.XX increase. XXXX, in $X.XX it That’s XXXX, line the was in salary FY a and [ph]. So, was

on keeping line, about So this the handle a flex been in very in as bonus has good a line. of talked the quarter. had the we Most we salary we strong year, are third very because

In reaction we the coming. this signaled are with because be pretty had fact, that we would surprised

So helpful hope that and hope your question. you answers that’s to

Phil Snow

the really Linda the just numbers in that Just in probably remarks, broader go are employees for in allowed pools, my us deeper are of very is we of have I of to that, reiterate bonus us something able in equity and that mentioned obviously, has opening which that is the organization to retention which and said terms in good forward. terms consequences great participating moving and do the talent number

Owen Lau

growth, expect lower you last expectation which know the XX%, given EPS do but something the -- slightly next is you do to medium-term the year three I meet to was over conditions, years Got medium-term you. or growth target below adjusted near-term? market your XX%. will in run to that guidance the it. of to expect can strong, your it’s That’s still you Thank for EPS two related XX% X% year helpful. for your XXXX And that than which is line, super then

Linda Huber

consider meet Owen, year. of two we things XX.X% to are to going actually, are XX.X% is one it’s that next so think rate, things to tax to able here Linda. I the One expansion do guiding consider. to and growth EPS we be -- to the

Our situation our rate, ourselves may find we had again. in to been items tax flattering history we one-off so that have been have has that that

be, predict option predict rate is tax we well which beneficial exercise also. Secondly, will hard is can’t one to what and to our brings it that so down, as

So the helpful something be EPS. rate be that to might tax could

in Thirdly, not thing to thought any repurchase conservative XXXX. for we do. We have was the modeled share that

which to back into market the leverage is to X.X down times go We we pretty repurchase where we and bring the X are be, company times share that able we to once to leverage our already. hoping be are close need it to gross for to

times of fourth to We quarter. to the X.X end X.X X.X at from have our gone times times

but half the at So some if the repurchase it would pushed that our happens, that much, be backs. of won’t year wind back will more it towards share be and us help

the do So we line that if margin those various course, come factors, are the will some of of well. on and EPS as better down into

just things the some outlook. EPS So and to consider as on puts takes

Owen Lau

Thanks, you Thank explanation. for the Linda.

Linda Huber

Sure.

Operator

our standby Please for next you. question. Thank

with Manav next Our of Patnaik the Barclays. from question comes line

is Your line open.

Manav Patnaik

you way, that look year, that for either growth or to playbook another it the us. like contrary it talking put are just guys the need if sell-side the maybe sounds go the X% context, trying is organic what to Linda, about to buy-side ask the -- different see to much downturn growth at don’t market telling you. any you to ASV? Just is in Thank you

Phil Snow

Yeah. Phil. It’s Manav. Hey,

So sell-side. the strength buy-side we see the in and pipeline for both the

beyond think, what on healthy our asset buildup base smaller very is are types terms combination growing are the quickly. our see larger today, firm banks, have but managers can based those So obviously we of a that in I we more other and different some now much and of firm X% -- types beyond

Manav Patnaik

And including I not around in that. just comments CUSIP the clarify growth, organic want to Okay. the then

ultimately drag the be high-single half does second number of the it’s to I year, for of of organic it digits, So mid- so guess, that does fiscal and -- will then in your that year, down that if part then year? the growing

Linda Huber

correct. Manav, that’s

average you the growth So full does year. we growth and the that in course down a about factored for for are little next that correct bit. of X% that year are CUSIP We looking

closed couple it to get be a looks the more a year, of you after going CUSIP half CUSIP may be so year will down be it as we the online there. bringing are including as about has that the But points, of back we in and pretty bring will we talking noted. X% number good, that but We basis only

Manav Patnaik

you. Thank Okay.

Operator

for Thank you. our standby next question. Please

Alex line from with question next Kramm comes of UBS. the Our

open. is line Your

Alex Kramm

the points for you a is, it. that next -- and the course in is upside, years? commit margin to the you Yeah. on third guess, are your really Thanks. growth, folks that’s themselves? Hello, look the obviously, obviously, or everyone. basis points delivering, per in Starting I away when with then, that downside, basis you make can going themselves movement read a next seasonality not if lot ahead if end. two, in is couple A, to commit from it that would spend because question you then, quarter, there’s so obviously, expansion the quick to will of got over questions on or year, do XX really over a right, should XX year So message on basis for to how also just margin it on And years, you of margins, XX that’s saw we messaging I think, XX it of to the basis some be, the you XXXX, we of next should But, points people But any the points what this they few be the margin ahead people are few comment if of there’s related. XXXX, just get secondarily, still don’t year. been And

Linda Huber

Alex. Thank very Yeah. much, you

we adjusted are basis over for XX growth you to think XX% XXXX, topline This well. margin come in at going couple really points expressed points of the or doesn’t very that’s basis of the in XX what next expansion average free. exit I operating to guiding to we are on it do. years to If margin so

to delivered put points. invested had growing to we basis basis XXX the points to able market we have over keep that make that XX said feel XX despite points. basis We conditions. sure We topline And XXXX. be in we up We

XX We hard XX basis may basis wrong. are that the moving now. around be There have terms dramatic tone. Currency to a Fed are that tell. in been guidance was in the midpoint in yesterday Our of We dramatic It’s would very movements right lot points. the action for XXX may and it get have expected points. next is volatile most they not year The years. things that of really

the that which again. upside, them we bit be our the contract little XXXX, And to be about performed the protect will forward. because downturn with employees the So on downside, margin we higher experienced is in it going we on as cautious through will will want a we line they that do what and our we playbook, adjustment. adjust would the bonuses But, if yes, pay better, that bonus make we we think

to XXXX. back go million into adjust about will We $XX we down as

talk more more commitment. it be than here and to a turn him lot seems margin Phil I a dramatic there about bit to we anticipated. But So had let will over little response the

Phil Snow

Yeah.

just to beginning that’s what re-stress and kind the Linda, think I you right, at said there. of

on top We are there. really line focused sustainable growth

XXXX that have great top great our have needed. I think of existing much continue there we to ideas that. we long it programs as to and objective, need back keep list to well some we we as a got as and all as We line primary But in the invest a of employees. our want can as to feeding, control well done in where get stated our costs back is higher number to up

balance the that’s at So FactSet.

have consistent felt where are in have terms performer. We time about clients, right the our decisions term in and feel now, best probably, like we in long are for feel and to a We that We we for we good we these long best our really are our are momentum. made and decisions model a we business position feel the employees. a make the good of really investors the

Alex Kramm

Great.

to have follow-up. for that do And the on did a sorry, I as you want XXXX address well and on seasonality margin,

Linda Huber

our you Alex, should all hiring. this Directionally, on of of probably Sure. pacing hinges expect

little equal, quarter, the done exactly rata being the to hard So quarters. the things over hiring all four get all it’s a first pro

that second you So bonus again perhaps and then year catch-ups next the the margin the see if on pace quarter because any we half, higher pattern occur. be we And hiring up. have quarter, and done sort in the picks in of might first a quarter, fourth well, the same the back would have in bit

could year. but the higher probably in lay little again, little through year, trend year, a margin we the conditions So, and if more it out muted the move the later are bit differently be macro earlier as the would different perhaps, in little a a

Alex Kramm

And for Thank my then. Okay. question you second clarification. I Great. real will ask the

revenue in elevated. I second the how coming I your am the when little ASV at a is, historical guess look through growth seems get bit I little much seasonality what the fiscal say revenue of I targets Just targets, target if to a you on ASV trying usually just a and ASV that for given growth look is how a the half phases XXXX. am am surprised, I surprised of I at lot year, quick year revenue one, already your in, bit

would? pipeline a So it that speaking, is than on you there that seasonality is because over stronger confidence in higher off it something than you half, just of it maybe seasonality revenues, Thanks. little much starts bit historically -- lot ASV different seems on here otherwise are the expecting, think about a guidance? So that in the given help the actually first revenue

Phil Snow

on. add please Linda and start will I

different, of more So, seasonality. yeah, with we did QX some sales year Alex, pulling terms of great dramatically in really are the anything not into expecting do a incentives. last job We

can up I do this the as of help for of we we would than this. you capture year. second set answer anything program half kind think similar our that more half. in if anticipate usual But Linda, ASV a don’t I have We to know, there’s

Linda Huber

had course helpful. XXXX. Alex, already Helen Revenue of have very an the we front with ASV very then that Shan, which weight see the which half of are XXXX, the ASV half Also, converts Sure. the year, job. hand, the and We we have is And who’s done ASV sooner amazing can to revenue over helpful very, the we first strong quarter of in hand back getting work Officer, that Chief in kickers in in very our of to

actually competition. clients that feel conditions to us where allow will efficiencies, we are do about these Also, with we that in and cost shine. we feel So talk doing are and think we that’s market a what head-to-head down really of good with we and pretty more about seeing sit incredibly can well lot terms we they what

the of requests and the for with In in terms well a very lot proposals, wins. of we are paying product is off investment doing

year, that’s to shouldn’t find hard guidance next like healthy. this and around pretty expansion at for X% one margin EPS think We looking growth topline, year, next So about what XX%. it’s

get breaks rate good We way. We bit to guidance. our little a tax more a pretty back bit repurchases. feel share about this So

So we hope that helps.

Alex Kramm

Appreciate the color. Thanks guys.

Linda Huber

Sure.

Phil Snow

you. Thank

Operator

standby next Thank question. for you. our Please

line the from of Toni Stanley. Kaplan comes question Morgan next with Our

is Your line open.

Greg Parrish

wealth Hey. us, for win, taking my wanted I Good morning. at It’s recent all know to Greg ask question. when Parrish I could on Thanks should about Toni. be size versus for the talk for competitors, if don’t added And of to you led about to you that if could main that that it, the to expect we ASV? the part then differentiators of second would helpful? the win sort be that

Phil Snow

Hey, Yeah. Greg.

are know I one referring think the to. you I

in closed that August. believe I So

of going all was low that -- and would ‘XX. it lot XXXX, to win pretty good obviously, the quarter, that It adviser not for will was is say, thousands was a but but in made a multi-seven it the capture figure decent-sized we win, desktops. I to win revenue wealth So of impact a a be

do lot what’s released strong had driving these something core itself, we with product to wealth all but have has a wins Advisor the of QX. really called which exceptionally also So an Dashboard,

QX. wins three key Advisor Dashboard in So we had

the wealth FactSet regular So but this to more in they Dashboard that want to organize is day. to might how all product intelligence of lot their the the of add-on Advisor the an adviser gives a just terms actions advisers for kind have of for

us great back. our well. as So at market a wins The for this is

of growing We invest in. are one It’s a becoming we going FactSet’s to that part revenue. double And in digits. it continue it’s are to meaningful

So RFPs. We the lot these of large a mentioned are These companies. decisions wealth big for get Linda these.

to diet that, steady get offices. family to -- a year. we a lot doing than see So of below to I we would of expect It’s can continue more handful wins I close But a on. continued tons hard every execute are that larger these

and our RIAs. of space momentum lot count to driving beginning a the There’s great just in are what’s of We close user as more it’s lot well. a

Greg Parrish

then I environment, maybe like you And backdrop. broad of very Great. given Okay. kind a you the client know market especially uncertainty pressure there. appetite any yet, if to really strength like seeing are macro That’s it want here, maybe about I but there’s could the lot ask of are sounds expecting not mark-to-market and obviously, you helpful. just out

can if going, just So potentially that you deals you how there? the kind maybe Thanks. of is mark-to-market are not or pushed conversations client are get out expecting some case,

Phil Snow

Yeah.

stopping it I a digital for how some a honestly, think, our going through clients. clients of But in efforts long bit is our a which close the These have little lot funds. in going saw to through, that are of, been are not are journey we We takes hedge deal. We of seeing that extension transformation.

stop. can’t You

super sit to about that the You all educate stuff in feel the I heads I clients down have picks great clients, being this level your with them transform really market think, many our keep that thing technology excited to the XXXX. difficult investing, in so terms and FactSet the have and for to business we of shovels do. of to am now at help more a not efficient C and we it’s can

the to terms tell clients of we here have. I for premium really and We story even FactSet opportunity newer an what our the to that way there’s done exciting here believe in think have transform their more our is really a that’s capabilities in we for us. helping are stacks, now that with link own all that like in services, we asset APIs business of platform, work that doing the opening the our our market with partners tech offer the leading, clients we

new programmatically research clients and We a in environment quant FactSet. access where have can come

not been have and and now, workstation data of you just ton going are a list environment tough story constrained, business. utilize just want a us different of are years to top confidence their with. be their our are can analytics give work all of the ways for clients they we these a if So partners that we and that these of budgets elements to it’s But even in at we for telling the terms

Linda Huber

can and the anymore. we seat this, old count seat are based banks, price much most about kind more doing of what on seat Phil don’t the is at and note, to very count point another of school of we idea even count Greg, shorthand somewhat is if by speak reduced some

school and want thoughtfulness have of headlines regarding to everyone class seen far just these on, we idea an understands that so going moved to banking kind we that’s all. So see but We old make that haven’t and some investment the sizes so much there’s that. sure very be that at

back we some at I is bright and pipeline point. will back as think are a what prices capital see returning here M&A asset earth, to that very much could deal be delay the the market’s market, a in spot. But come

every dramatic, the for so result to this and years that So to maybe some is but XX Phil happens that say we be that. or don’t more us particularly have think going might about

Phil Snow

QX in ASV of closed Linda in build did I we whole Yeah. more mean year, I and on in we banking year mean than banking, just more what here. the did which to more said might this you some year. last surprise for -- we

have you we -- So growth the have rates. seen

comes standpoint, lot count really And banks a we So where up held well. have diversified a what think of to from within now. that’s I seat the from, banking, sell really the we concern

So their of integrated that FactSet workflow. into parts get we have can CRM

on We the more side. feed are doing

one-trick There’s workstation. can a just to sell lot of pony to related other banks on just a not that are the sell-side. anymore isn’t stuff we we So the

Linda Huber

move lastly, go or they to bracket PEVC, the to go to go might go away probably, firms, to other They bankers the more funds they go from places. And they bulge as generally firms. they to boutique corporates, hedge

strides FactSet to year, boutique as a and their for very bankers might bracket firms, good on this they them take FactSet important bulge other and really the move in move made that’s for tool have their us. them, careers We with selling preference take firms those with because with they

we have It’s wind happening real a this So backs. seen at naturally. our

that that’s bankers the the It to products move unhappy for if FactSet has firms. us. more even gospel story not an kind best just around, spreads of So

are space a we it’s little overemphasized from but probably are a we that’s what watching, So seeing.

Greg Parrish

helpful. Extremely you. Thank

Operator

Please for our next question. Thank you. standby

Tong Goldman line comes of Our next question the with Sachs. George from

line Your is open.

George Tong

the increased million hear morning. Thanks. wanted mentioned you margin and reset next to expenses, margin going fourth to that Hi. to $XX Good the to year the technology expenses quarter personnel contributed numbers it approximately $XXX was to go pool contraction I topic, from bonus back million this helpful year.

from part. think and But helps expect I evolve growth year to frame year next that So into investments do current you how technology content levels? that in

Phil Snow

George. Phil. Hey, It’s

So in our as remarks. opening both similar highlighted programs we

products think, expect, I pretty continuing I’d deep sector between and and private feed split markets, a again, to wealth, people even ESG.

We really couple a of CUSIP Global ideas can have with the cool invest where in we of Services with ABA. terms partnership in

up and downturn upturn And that’s have our running. playbook. also we So our as well playbooks, then as

if around So going we -- that that think, we other as up well. classes we different workflows have end could asset investment things ideas were fund and than better

George Tong

ASV to to you the mentioned, to organic, ASV becomes year. are on contributing turning so as Got decelerate growth to you next growth it’s ASV growth, plus about services to slower to growth. next may as organic is What year to going other be Okay. deceleration year? that trends, CUSIP, compared it. factors guiding professional Maybe X% weigh this

Phil Snow

will just clarify something. I Maybe

you midpoint I into X%. gets billion that guidance, think year that the that the million look and is closer divide the to which $X.XX at you we ended of So you if $XXX our at,

is So guidance around the our X%. midpoint of

if the the you I I organic. in CUSIP then to like half be when that’s of think consider think year, we in second in factor coming it

it I So would way, that of George. think

and or I midpoint don’t think X.X% So as X%. that we X.X% right? at decelerating of X.X%, really ourselves the around is or the we much, ended think year

works how math the that. that’s So on

George Tong

Thank Okay. Got you. it.

Operator

Thank question. you. Please standby for next our

comes Huber Our of the Craig next question from Research. with Huber line

is Your line open.

Craig Huber

I’d up I cost you here, CUSIP my know had help to Linda, you. in here. just at fully. up incentive the these cost quarter was we $XX onetime million me me $XX million about way you comp out go it $XXX in was down break if Yeah. sequentially quarter-over-quarter question to give cost, or like like the first back the X%, take Great. That’s that obviously, up I of me question, to numbers, what’s look million and fourth said about the Thank or sequentially quarters the quarter out in million versus looks increase Can The the items again quarter, both in about other please. -- $X August you May XX%. stuff.

Linda Huber

a couple technology expense Most of of points it there. Yeah. and Sure. was

are our through. more of own utilization our our amortization higher has building cloud, had because of software have and We it we come

technology quarter $XX was just fourth year but all year, million it million. hardware this it, for last just software, and So hardware software, of isn’t was expenses and $XX this and

of some So a that’s going idea, that million there. gives you $XX on Craig what’s increase

a did the So we the talked because accrual, building more less lot some employees we as of bonus but this own as more we pretty the much important stock and technology with about all about, is software. expense that’s are what payments, of our

million amortization to amortization go will has more $XX to of like built software kind software $XX just something year. and million for next Now $XX even from million that

should everybody cloud are that the hard we as our we something able that’s to do may with on be transformation and said at in remain the So we things that And we at look some look factor cloud on-prem. we what again another are that in. taking script, of the doing may

that. So our new I Kate CTO about very we Step, carefully at thinking are and are that. looking

and fourth But -- last time, was at third million. of still year to able it’s the this that little for in compensation are to because come technology we Its bit quarter million $X out accordingly. A for of it’s of the year’s make this $X -- the year we the the T&E main for last stuff. want pandemic, spend. all we T&E and pace sure So that’s

rate forward. that see would run normalized we more a So as going

that’s probably that of it difference and think not huge going so we really most Craig, just a that’s here. to So much, make

the next Craig, is As you should front-end for about I housekeeping think and as going know interest I we expense loaded. about down we next year, be about that year pay since million. we $XX this, to But on that you think as phone, have got like

GAAP And should exposure lot but to a higher. helped XX% bit model a exposure. transaction have cannot do hedge expense translation that everybody we little our interest So year, us we according hedged of has this

when dollars. have the dollar during dramatically excellence of example, has of pay, August. and exposure you put by of So, of moving currencies been up for that your to around we bonus We a us in found million the hit pool that couple kinds so much so center strengthening the course that,

really do exposure. So we hedges well. because about, The can’t our translation absolutely are something could hedge that’s nothing of rest working you really,

all So say to that. costs be to we the thing think that I are that’s fourth would and added another quarter about that going in

CapEx midpoint for $XX going is For probably next to year, million. back our XXXX, number around again

from have looking couple of we a offices to multiple are where consolidate in country. offices Europe, one We acquisitions in

So cost to because amortization view and money higher this number I the some us that’s about. I going think of that CapEx is spoke already

your next you? that do else we pretty give can modeling Anything good you guidance for year, for for Craig. a So all should

Craig Huber

did just mean, your the the in sound if very tough would, you ask, in best if please? on here. you are end spectrum, talk Yeah. of that with of could weaknesses to Where you can want optimistic, obviously, I you this pipeline environment as some pipeline, your I

Phil Snow

It’s Yeah. Hey, Phil. Craig.

both plan our and get mentioned pipeline. much earlier, the detail we very broad-based got don’t have in to into that a here we But geographies. So I our as grow businesses

XX%, that range that in from about advisory were you of research So this to rates growth XX%. X% the the through see in results -- was can regions and it’s X% to and year’s CTS to

don’t that, than anticipate we stay much just anything different So think I tuned. so

Craig Huber

you. Great. Thank

Phil Snow

Welcome. Thank you.

Operator

Please for our question. Thanks. standby next

comes question Quelch Our the of line Redburn. from Russell with next

open. is line Your

Russell Quelch

will was heard just lower of Phil just product back those to potentially retention Thanks being in on FactSet made as and in the I the is very margins quickly enhancements enhancements I these XXXX? But the to me this in and I on market the of Yeah. the time investments what call. then resilient wanted assume the for rates business. business. are CUSIP spoke I weigh wanted CTS higher, and is about power rest pricing having to wondering, go just for the type know, or this I to same

Phil Snow

to I then Maybe something and I will investments first, to have on Linda speak say the price. think will

going. are get yeah, Russell, new so, hey, we So, just and are these these investments to beginning

getting they So impact would we be a weigh going much not are year. anticipate this from by margin I and means would them revenue of any not heavily on to that

Linda Huber

that the that there, that questions pricing. control transition -- Again, agreement Russell. we would CUSIP, a are number with for don’t March get of are up have to we things think expect a transaction business, We We to that in Great about services to there sooner Yeah. totally off you year. That’s CUSIP. do hope can we and Xst. need that can we up last a to

reversed of am pleased very, look receivable very correct analysts accounts was up had those quarter our days note and the would of of CUSIP. One to be very gone one sales that receivable largely I its that at a to in have that the from accounts as the we third result trend.

third will days we are In down in-house, we run we fact, able to about be gone very once think the we and quarter have outstanding We get about this doing. business XX XX the the And quarter with again, sales business fourth going do to the have are American more we think to Bankers to pricing. days. be we from our completely to from thoughtful days have then think Association, with we that. But what to and that

accounts we CUSIP but job So the all, margin with of better do don’t business. any see receivable could implications at we collecting a our

once we in-house. and be looking plan So will that we to that have comes a ready go at

Russell Quelch

of margin XXXX Okay. that spoke million cost to higher as potential exclude you well on the XXXX? the prices then the the Perfect. as of for million well, implementation as earlier the mentioned to both one saves that $XX call, And just possible does the QX new clarification that in $XX guidance, Thank you. Phil

Linda Huber

confidence more the the even Again, range we what have back we below bonuses -- talked third and reiterate downturn do the get revenue quarter $XXX then is into can XXXX, back million, the is million we from on higher perform, to if come sort things does call we include have the which prices drop why playbook that. have that, don’t if they we the do about for on line for and potential It of difficult. XXs down $XXX

to incentive first and the that that to think things are that other have cushion. provide are We we well we how do payments would scaled do scaled --

probably travel we things. be at do would if second and tightening The to look entertainment, need

particularly Thirdly as well. the would that look be project would and technology in area we probably discretionary spend, at

going and X% flexibility things growth allowed edge fact keep and to pricing that park marketplace. great that And we take. have Also, are important is see products FY performed the thing, we our we a out employees build have need an that on us with just and XXXX. winning excited really intend doing things of in cutting has are sales going. the in we market we share X% our to that’s been team the to it. The to if able So how pretty But business we and this are invested are

So been those with sales little bit will higher, payments we those in XXXX. -- are what a had see happens

have Hope We sales are that year. to rooting helps. for another good team the

Russell Quelch

much. helps. Yeah. very That Thanks

Operator

next Please question. our for Thank standby you.

Stifel. Our Rosenbaum question line of the comes Shlomo with next from

is open. line Your

Adam Parrington

for Adam Hi. Shlomo. This is on Parrington

FX would preemptively given benefited Let’s revenue the, already AR. on looking why CUSIP the to taken from the the tables at one company’s reported of Linda, think, question say, be the on organic? revenue Last rec answered U.S. revenue I dollar, strength was from the the

Linda Huber

full am for and days he for on noting third I star I The my that is… sales correctly having sorry, Shlomo place, that’s answered issue we maintains pointed again, And wrong Adam, the credit give question that the gold his Yeah. that. noticed quarter out in fault. him there

Adam Parrington

one… the That’s

Linda Huber

The as issue reserves we our translation up for bonuses. exposure put is this the

emerging We lot a and as markets dollar was strengthened, in of hedge. one we that then have employees situation that couldn’t the

done the of we that’s have have payments on say We some everyone. thing some regarding as bonus a owed result we might One what’s bonus evident been I payments, have had well. basically that which performed going So to forgot there. acquisitions the also that pretty to of that not

agreements another was on of that some acquisitions dollars So line bonus the of the principals with those those had couple where we of some for million of businesses.

on explains margin basis is well, our power, break our hope midpoint things those year, has we on that, the include and EPS we to resume we everyone better. pretty median things to pretty pleased which very us find are happens way. will said, does X% XX.X%, with what are But if be some are helpful rate will and with So, we the way, with to be for that, topline, guidance and about that as points, as will of if pricing stay next Tax that XX.X% XX share to our all of are might will that have average us, expansion because is with we loaded. probably able marginal there a conservative noted, they we repurchases, of impact one-offs helpful ourselves may we back-end that that see

So about it. I think that’s

it with we think will of Phil. And back think, have to I over our I all covered that, items. housekeeping I turn

Phil Snow

not for Linda, questions we today. the am of all this year you have and I proud great Thanks, we are done Great. what thank accomplished all very and yet.

our as our value have and on XXXX, We into heading focused strategy great remain on we for all long-term creating momentum executing stakeholders.

call history model, clients. history XX-plus-year successfully business the play please have role in Kendra confident given innovative our again additional While meantime, we in businesses. volatility. ends to -- today’s uncertainty market, Brown ability you growth has mix quarter. our and our we the am forward of look call. the Operator, FactSet recognize speaking of of in our this for investments we next Thanks the navigating XX-plus-year drive the In the sustainable to with to central product a made we proven environment, macro questions. with Regardless And I

Operator

today’s conference this concludes Ladies gentlemen, and call.

Phil Snow

Go ahead.

Operator

Everyone disconnect. wonderful have now a may day. You