Group 1 - FactSet reported quarterly earnings of $4.27 per share, missing the Zacks Consensus Estimate of $4.31 per share, and down from $4.37 per share a year ago, representing an earnings surprise of -0.93% [1] - The company posted revenues of $585.52 million for the quarter ended May 2025, surpassing the Zacks Consensus Estimate by 0.72%, and up from $552.71 million year-over-year [2] - FactSet has surpassed consensus EPS estimates three times over the last four quarters, indicating a generally positive trend in revenue performance [2] Group 2 - The stock has underperformed the market, losing about 12.1% since the beginning of the year compared to the S&P 500's gain of 1.5% [3] - The current consensus EPS estimate for the coming quarter is $4.13 on revenues of $591.59 million, and for the current fiscal year, it is $17.10 on revenues of $2.31 billion [7] - The Zacks Industry Rank for Business - Information Services is in the top 11% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

Financial Performance - Q3 2025 - Revenues increased by 5.9% to $585.52 million compared to $552.708 million in the same period last year [27] - Organic Revenues increased by 4.4% to $577.2 million compared to $552.708 million in the same period last year [27] - Adjusted Diluted EPS decreased by 2.3% to $4.27 from $4.37 year over year [11, 28] - Free Cash Flow increased by 5.4% to $228.603 million from $216.896 million year over year [28] - Adjusted Operating Margin decreased 270 bps to 36.8% mainly due to lapping of both a lower bonus accrual and one-time payroll tax adjustment that occurred in the prior year, partially offset by growth in revenues [11, 27] Key Metrics - Organic ASV grew by 4.5% [11] - ASV Retention remained high at >95% [14] - User Count increased by 6% to 220,496 [16, 17] - Client Count increased by 10% to 8,811 [19, 20] ASV Growth by Region - Americas ASV grew by 5% to $1,486 million [22] - EMEA ASV grew by 2% to $575 million [22] - Asia Pacific ASV grew by 7% to $236 million [22] Fiscal Year 2025 Outlook - The company reaffirms its Fiscal 2025 outlook, expecting Organic ASV Growth of ~$100 - $130 million (~4.4% to ~5.8%) and Revenues of $2,305 - $2,325 million [33]

Core Insights - FactSet reported third quarter fiscal 2025 GAAP revenues of $585.5 million, reflecting a 5.9% increase from the prior year, driven by growth in wealth and institutional buy-side clients [4][5] - Organic Annual Subscription Value (ASV) reached $2,296.9 million, up 4.5% year over year, indicating a strong demand for subscription services [4][7] - The company announced a leadership transition with Sanoke Viswanathan set to become CEO in September 2025, succeeding Phil Snow [4][15] Financial Performance - GAAP revenues increased by $32.8 million compared to the same period last year, while organic revenues grew by 4.4% to $577.2 million [4][5] - GAAP diluted EPS decreased by 5.4% to $3.87, and adjusted diluted EPS decreased by 2.3% to $4.27, primarily due to higher operating expenses [4][5][30] - Net cash provided by operating activities was $253.8 million, a 6.5% increase year over year, with free cash flow rising to $228.6 million, up 5.4% [4][5][37] Subscription Metrics - Total ASV was $2,335.1 million as of May 31, 2025, compared to $2,199.1 million a year earlier, with organic ASV growth of $98.5 million [4][7] - The buy-side clients accounted for 82% of organic ASV, with both buy-side and sell-side organic ASV growth rates at 4.0% [8][9] - ASV from the Americas increased by 5.0% to $1,486.0 million, while EMEA and Asia Pacific saw organic ASV growth rates of 2.1% and 7.1%, respectively [9][10][11] Operational Highlights - FactSet repurchased 184,050 shares for $80.7 million during the quarter, with $106.2 million remaining for future repurchases [12] - The company reaffirmed its fiscal 2025 guidance, expecting organic ASV growth between $100 million to $130 million [13][20] - Client count increased to 8,811, with a net addition of 166 clients, and user count rose to 220,496, reflecting growth in wealth management [15][22] Strategic Developments - FactSet was named Databricks' Financial Services Data Partner of the Year, enhancing its data integration capabilities [15] - The company entered a new credit agreement with a term loan of $500 million and a revolving credit facility of $1.0 billion, which remains undrawn [15]

[Third Quarter Fiscal 2025 Financial Performance](index=1&type=section&id=Third%20Quarter%20Fiscal%202025%20Financial%20Performance) FactSet reported a 5.9% increase in Q3 fiscal 2025 GAAP revenues to $585.5 million, driven by strong ASV growth across client segments and geographies, despite a decline in operating margins due to higher expenses [Key Financial Highlights](index=1&type=section&id=Third%20Quarter%20Fiscal%202025%20Highlights) FactSet reported Q3 fiscal 2025 GAAP revenues of $585.5 million, a 5.9% increase year-over-year, driven by wealth and institutional buy-side clients, though profitability declined with GAAP operating margin falling 350 basis points to 33.2% and GAAP diluted EPS decreasing 5.4% to $3.87, primarily due to higher operating expenses Key Financial Measures | Key Financial Measures | Q3 2025 | Q3 2024 | Change YoY | | :--- | :--- | :--- | :--- | | **GAAP Revenues** | $585.5 million | $552.7 million | +5.9% | | **Organic Revenues** | $577.2 million | $552.7 million | +4.4% | | **GAAP Operating Margin** | 33.2% | 36.6% | -350 bps | | **Adjusted Operating Margin** | 36.8% | 39.4% | -270 bps | | **GAAP Diluted EPS** | $3.87 | $4.09 | -5.4% | | **Adjusted Diluted EPS** | $4.27 | $4.37 | -2.3% | | **Organic ASV** | $2,296.9 million | - | +4.5% | - The decrease in operating margins was primarily attributed to lapping a **lower bonus accrual** and a **one-time payroll tax adjustment** from the prior year, along with **higher annual base salaries**[4](index=4&type=chunk) - Net cash provided by operating activities increased by **6.5%** to **$253.8 million**, and free cash flow grew by **5.4%** to **$228.6 million** for the quarter[4](index=4&type=chunk) [Annual Subscription Value (ASV) Analysis](index=2&type=section&id=Annual%20Subscription%20Value%20(ASV)) As of May 31, 2025, total Annual Subscription Value (ASV) reached $2,335.1 million, with organic ASV, excluding recent acquisitions and currency impacts, growing 4.5% year-over-year to $2,296.9 million, driven equally by 4.0% expansion in both buy-side and sell-side client segments Annual Subscription Value Metrics | ASV Metric | Value (as of May 31, 2025) | YoY Growth | | :--- | :--- | :--- | | **Total ASV** | $2,335.1 million | - | | **Organic ASV** | $2,296.9 million | +4.5% | | **Organic ASV Increase (YoY)** | +$98.5 million | - | | **Organic ASV Increase (QoQ)** | +$22.6 million | - | - Buy-side clients, including asset managers, wealth managers, and hedge funds, constitute **82%** of organic ASV, while sell-side firms account for the remaining **18%**[8](index=8&type=chunk) - Both buy-side and sell-side segments reported an organic ASV annual growth rate of **4.0%**[8](index=8&type=chunk) [Segment Performance by Geography](index=2&type=section&id=Segment%20Revenues%20and%20ASV) The Americas remains the largest segment, contributing $1,513.1 million in ASV with a 5.0% organic growth rate, while the Asia Pacific region demonstrated the highest organic ASV growth at 7.1%, reaching $235.7 million, and EMEA showed more modest growth with organic ASV increasing by 2.1% Regional Organic Growth Rates | Region | Q3 Organic ASV Growth | Q3 Organic Revenue Growth | | :--- | :--- | :--- | | **Americas** | 5.0% | 5.0% | | **EMEA** | 2.1% | 2.3% | | **Asia Pacific** | 7.1% | 6.4% | - Americas: ASV reached **$1,513.1 million**, with quarterly revenues of **$380.5 million**[9](index=9&type=chunk) - EMEA: ASV stood at **$581.9 million**, with quarterly revenues of **$145.7 million**[10](index=10&type=chunk) - Asia Pacific: ASV was **$240.1 million**, with quarterly revenues of **$59.3 million**[11](index=11&type=chunk) [Operational Highlights and Corporate Developments](index=3&type=section&id=Operational%20Highlights%20and%20Corporate%20Developments) FactSet demonstrated strong operational performance with increased client and user counts, high ASV retention, and strategic capital allocation through share repurchases and dividend increases, alongside a key CEO leadership transition [Key Operational Metrics](index=3&type=section&id=Operational%20Highlights%20%E2%80%93%20Third%20Quarter%20Fiscal%202025) FactSet's operational metrics showed positive momentum in Q3 2025, with the client base growing by **166** to **8,811** and user count increasing by **1,355** to **220,496**, driven by wealth management, while annual ASV retention remained strong at **greater than 95%** and employee headcount rose **2.6%** year-over-year to **12,579** - Client count increased by **166** in the past three months to **8,811**, driven by hedge fund, corporate, and wealth management clients[16](index=16&type=chunk) - User count rose by **1,355** to **220,496**, primarily due to an increase in wealth management users[16](index=16&type=chunk) - Annual ASV retention was **greater than 95%**, and client retention was **91%**[16](index=16&type=chunk) - Employee headcount grew **2.6%** over the last 12 months to **12,579**, with increases mainly in sales and technology groups and from recent acquisitions[16](index=16&type=chunk) [Capital Allocation](index=3&type=section&id=Share%20Repurchase%20Program) During the third quarter, FactSet executed on its capital return strategy by repurchasing **$80.7 million** of its common stock, increasing its quarterly dividend by **6%** to **$1.10 per share** for the 26th consecutive year, and refinancing its debt with a new credit agreement including a **$500 million term loan** and an undrawn **$1.0 billion revolving credit facility** - Repurchased **184,050 shares** for **$80.7 million** during Q3, with the Board approving a new **$400 million** share repurchase authorization available from September 1, 2025[13](index=13&type=chunk) - Paid a quarterly dividend of **$1.10 per share**, a **6% increase** from the previous quarter, marking the **26th consecutive year** of dividend growth[16](index=16&type=chunk) - Entered into a new credit agreement with a **$500 million term loan** and a **$1.0 billion revolving credit facility** to repay previous borrowings[16](index=16&type=chunk) [Corporate Updates](index=1&type=section&id=Corporate%20Updates) FactSet announced a significant leadership transition, with **Sanoke Viswanathan** appointed as the **new CEO**, succeeding **Phil Snow**, effective early September 2025, and received recognition as **Databricks' Financial Services Data Partner of the Year**, highlighting its data integration capabilities - **Sanoke Viswanathan** was appointed as the **new CEO**, effective early September 2025, succeeding **Phil Snow**, who is retiring[4](index=4&type=chunk)[16](index=16&type=chunk) - FactSet was named **Databricks' Financial Services Data Partner of the Year**, making its data available on the Databricks Marketplace to streamline client data integration[16](index=16&type=chunk) - After the quarter, CUSIP Global Services collaborated with Aumni, Inc. to expand CUSIP coverage for private equity and venture-backed companies[16](index=16&type=chunk) [Fiscal 2025 Business Outlook](index=3&type=section&id=Fiscal%202025%20Business%20Outlook) FactSet reaffirmed its full-year fiscal 2025 guidance, projecting continued organic ASV growth and stable revenue and earnings per share ranges [Reaffirmed Guidance](index=3&type=section&id=Fiscal%202025%20Expectations) FactSet reaffirmed its full-year fiscal 2025 guidance, projecting organic ASV growth between $100 million and $130 million, with GAAP revenues expected in the range of $2,305 million to $2,325 million and adjusted diluted EPS between $16.80 and $17.40 Fiscal 2025 Guidance | Metric | Fiscal 2025 Guidance Range | | :--- | :--- | | **Organic ASV Growth** | $100 million to $130 million | | **GAAP Revenues** | $2,305 million to $2,325 million | | **GAAP Operating Margin** | 32.0% to 33.0% | | **Adjusted Operating Margin** | 36.0% to 37.0% | | **Annual Effective Tax Rate** | 17% to 18% | | **GAAP Diluted EPS** | $14.80 to $15.40 | | **Adjusted Diluted EPS** | $16.80 to $17.40 | [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) FactSet's financial statements for Q3 fiscal 2025 show revenue growth but a decline in net income, an increase in total assets driven by goodwill, and a net decrease in cash from operating, investing, and financing activities [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20(Unaudited)) For the third quarter of fiscal 2025, FactSet's revenues grew to $585.5 million from $552.7 million in the prior year, but due to an 11.7% increase in total operating expenses, operating income declined by 4.1% to $194.2 million, and net income fell by 6.1% to $148.5 million Consolidated Statements of Income (in thousands) | (In thousands) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $585,520 | $552,708 | | **Operating Income** | $194,155 | $202,459 | | **Net Income** | $148,542 | $158,135 | | **Diluted EPS** | $3.87 | $4.09 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets%20(Unaudited)) As of May 31, 2025, FactSet's total assets increased to $4.34 billion from $4.06 billion at the end of fiscal 2024, primarily driven by a significant increase in Goodwill to $1.28 billion reflecting recent acquisitions, while total liabilities saw a modest increase to $2.18 billion with long-term debt rising to $1.43 billion Consolidated Balance Sheets (in thousands) | (In thousands) | May 31, 2025 | August 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $356,361 | $422,979 | | **Goodwill** | $1,277,855 | $1,011,129 | | **Total Assets** | $4,338,762 | $4,055,040 | | **Long-term debt** | $1,430,197 | $1,241,131 | | **Total Liabilities** | $2,183,580 | $2,142,580 | | **Total Stockholders' Equity** | $2,155,182 | $1,912,460 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) For the nine months ended May 31, 2025, net cash from operating activities was $514.2 million, a slight decrease from the prior year, with investing activities using $369.4 million primarily for business acquisitions, and financing activities using $199.3 million for share repurchases and dividend payments, resulting in a net decrease in cash of $52.6 million Consolidated Statements of Cash Flows (in thousands) | (In thousands) | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $514,160 | $537,177 | | **Net cash used in investing activities** | ($369,373) | ($104,658) | | **Net cash used in financing activities** | ($199,327) | ($402,908) | | **Net decrease in cash** | ($52,574) | $27,700 | [Reconciliation of U.S. GAAP to Adjusted Financial Measures](index=9&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20Results%20to%20Adjusted%20Financial%20Measures) This section reconciles FactSet's GAAP results to adjusted financial measures, detailing adjustments for operating income, net income, and EPS, and providing a reconciliation of free cash flow and organic ASV by client type [Reconciliation of Key Metrics](index=10&type=section&id=Non-GAAP%20Financial%20Measures) FactSet's adjusted financial measures for Q3 2025 exclude items like intangible asset amortization and business acquisition costs, resulting in adjusted operating income of $215.3 million with a margin of 36.8%, adjusted net income of $163.9 million, and an adjusted diluted EPS of $4.27, compared to the GAAP figure of $3.87 Reconciliation of GAAP to Adjusted Financial Measures (in thousands, except per share) | (In thousands, except per share) | Q3 2025 GAAP | Adjustments | Q3 2025 Adjusted | | :--- | :--- | :--- | :--- | | **Operating Income** | $194,155 | $21,158 | $215,313 | | **Net Income** | $148,542 | $15,379 | $163,921 | | **Diluted EPS** | $3.87 | $0.40 | $4.27 | - The primary adjustments to derive non-GAAP figures are the exclusion of **intangible asset amortization ($19.2 million)** and **business acquisition-related costs ($2.0 million)**[35](index=35&type=chunk) [Free Cash Flow Reconciliation](index=11&type=section&id=Free%20Cash%20Flow) In Q3 2025, FactSet generated $228.6 million in free cash flow, a 5.4% increase from the $216.9 million generated in the same period last year, calculated by subtracting $25.2 million in capital expenditures from the $253.8 million in net cash provided by operating activities Free Cash Flow Reconciliation (in thousands) | (In thousands) | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Cash Provided for Operating Activities** | $253,833 | $238,235 | +6.5% | | **Less: Capital Expenditures** | ($25,230) | ($21,339) | - | | **Free Cash Flow** | $228,603 | $216,896 | +5.4% | [Organic ASV Reconciliation and Client Type Analysis](index=12&type=section&id=Supplementary%20Schedules%20of%20Historical%20ASV%20by%20Client%20Type) FactSet's organic ASV growth of 4.5% in Q3 2025 was driven by 4.0% growth from both its buy-side and sell-side client segments, with the buy-side representing 82.3% of total ASV and seeing its growth rate moderate from 5.3% in the prior year, while the reported ASV of $2,335.1 million is adjusted for a negative currency impact of $5.7 million and $32.5 million from recent acquisitions to arrive at the organic ASV of $2,296.9 million Organic ASV Growth Rate by Client Type | ASV Growth Rate | Q3'25 | Q3'24 | | :--- | :--- | :--- | | **Buy-side clients** | 4.0% | 5.3% | | **Sell-side clients** | 4.0% | 3.7% | Organic ASV Reconciliation (in millions) | (In millions) | As of May 31, 2025 | | :--- | :--- | | **As reported ASV** | $2,335.1 | | **Currency impact** | ($5.7) | | **Acquisition ASV** | ($32.5) | | **Organic ASV** | $2,296.9 |

Core Viewpoint - FactSet Research Systems Inc. (FDS) is expected to report its third-quarter fiscal 2025 results on June 23, with a consensus estimate for revenues at $581.3 million, reflecting a 5.2% increase year-over-year [1][2][9] Revenue Expectations - Revenues from the Americas are projected to be $374.8 million, indicating a 5.2% year-over-year growth, driven by strength in wealth and hedge funds [3] - EMEA revenues are estimated to rise 4.2% year-over-year to $147.2 million, supported by continued momentum in hedge funds and private equity venture capital [3] - Asia Pacific revenues are anticipated to reach $58.4 million, implying a 6.2% increase year-over-year, attributed to robust sales of Data Solutions among various financial sectors [4] Earnings Forecast - The consensus estimate for earnings per share (EPS) is $4.31, suggesting a 1.4% decline year-over-year [4][9] - The company's Earnings ESP is 0.00% with a Zacks Rank of 4 (Sell), indicating that the model does not predict an earnings beat this time [5]

Group 1 - FactSet Research Systems Inc. is set to release its third-quarter earnings results on June 23, with expected earnings of $4.30 per share, a decrease from $4.37 per share in the same period last year [1] - The company is projected to report quarterly revenue of $580.9 million, an increase from $552.71 million a year earlier [1] - Sanoke Viswanathan has been appointed as the new CEO, effective early September 2025, succeeding Phil Snow [2] Group 2 - RBC Capital analyst Ashish Sabadra has reiterated a Sector Perform rating with a price target of $503 [4] - BMO Capital analyst Jeffrey Silber maintained a Market Perform rating and reduced the price target from $498 to $466 [4] - UBS analyst Alex Kramm maintained a Neutral rating and lowered the price target from $525 to $480 [4] - Wells Fargo analyst Jason Haas downgraded the stock from Equal-Weight to Underweight, cutting the price target from $450 to $402 [4] - Morgan Stanley analyst Toni Kaplan maintained an Underweight rating and reduced the price target from $409 to $390 [4]

Group 1 - FactSet Research Systems is set to release its Q3 earnings around June 23, with projected earnings of $4.30 per share, a slight decline from $4.37 in the same period last year, while revenues are expected to rise by 5.1% year-over-year to $580.7 million [2] - The company's current market capitalization stands at $16 billion, with revenue for the past twelve months at $2.3 billion, reporting $711 million in operating profits and a net income of $543 million [3] - The Trefis High Quality portfolio has outperformed the S&P 500, yielding returns exceeding 91% since its inception, providing an alternative for investors seeking potential upside with less volatility [3][6] Group 2 - Over the past five years, FactSet has recorded 20 earnings data points, with positive one-day returns occurring approximately 50% of the time, and the median of positive returns at 3.6% while negative returns had a median of -4.3% [5] - The correlation between 1D post-earnings returns and subsequent 5D returns can be utilized for trading strategies, particularly if the 1D return is positive [6]

Core Insights - The upcoming earnings report from FactSet Research is projected to show a quarterly earnings per share (EPS) of $4.31, reflecting a decline of 1.4% year-over-year, while revenues are expected to increase by 5.2% to $581.34 million [1] - Analysts have maintained their consensus EPS estimate over the last 30 days, indicating a collective reevaluation of initial estimates [1][2] Revenue Estimates - Revenues from clients in the US are expected to reach $376.58 million, marking a year-over-year increase of 5.6% [4] - International client revenues are projected at $204.15 million, indicating a 4.1% increase from the previous year [4] - Revenues from clients in the EMEA region are estimated to be $145.59 million, reflecting a 3.1% year-over-year change [4] - Revenues from clients in the Asia Pacific are forecasted at $58.64 million, suggesting a 6.6% increase year-over-year [5] Subscription Value and User Metrics - The total annual subscription value (ASV) is estimated at $2.32 billion, up from $2.22 billion year-over-year [5] - The total number of users is projected to reach 225,123, compared to 208,140 in the previous year [6] - ASV from international clients is expected to be $824.51 million, an increase from $784.90 million year-over-year [6] - ASV from domestic clients is projected at $1.50 billion, up from $1.42 billion [7] Market Performance - FactSet shares have experienced a decline of 11% over the past month, contrasting with a 1.4% increase in the Zacks S&P 500 composite [8] - The company holds a Zacks Rank of 4 (Sell), indicating expectations of underperformance relative to the overall market in the near future [8]

Core Viewpoint - FactSet has appointed Sanoke Viswanathan as the new CEO, effective early September 2025, succeeding Phil Snow, who will retire after a successful 30-year career with the company [1][3]. Company Overview - FactSet is a global financial digital platform and enterprise solutions provider, recognized for its cutting-edge technology and data solutions that enhance financial intelligence [5]. - The company serves over 8,600 global clients and nearly 220,000 individual users, with a presence in 20 countries and extensive multi-asset class coverage [5]. Leadership Transition - Sanoke Viswanathan brings 15 years of experience from JPMorgan Chase, where he held various leadership roles, including CEO of International Consumer and Wealth [2][4]. - Phil Snow has led FactSet for the past decade, during which the company has more than doubled its revenue and achieved annualized double-digit EPS growth and total shareholder return [3]. Strategic Vision - Viswanathan's expertise in international wealth management and technology-driven growth strategies aligns with FactSet's goals for future development [3]. - The transition is expected to support FactSet's evolution as a leading data and workflow solutions provider, focusing on delivering new products and services for sustainable growth [3][4].

Financial Data and Key Metrics Changes - The company has seen consistent growth in its wealth management segment, now exceeding $300 million in annual recurring revenue (ARR), representing about 15% of total revenue [58] - The overall market for wealth management is expected to be in the billions, indicating significant growth potential [58] Business Line Data and Key Metrics Changes - The wealth management segment has captured significant market share, with the company gaining clients among the top 20 wealth managers globally, now serving 100,000 wealth advisers [30] - The company has improved its private company data coverage from approximately 3 million to 8-9 million, enhancing the quality of firmographics and predicted financials [35] Market Data and Key Metrics Changes - The fastest-growing client segments in the global market data fee pool are investment management and retail wealth management, where the company is well-positioned [27] - The company anticipates that half of the revenues in its end markets will come from wealth, hedge funds, and private equity, indicating strong momentum in these areas [29] Company Strategy and Development Direction - The company is focusing on becoming a trusted partner for buy-side clients, emphasizing technology upgrades and workflow solutions to help clients become more efficient [20] - The strategy includes expanding into adjacent markets and enhancing AI capabilities to improve client workflows and data integration [46][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing cost pressures in the buy-side market, which have persisted for over a decade, but sees opportunities for growth by becoming a trusted technology partner [19] - The company expects that the current cycle in the banking sector may not see a significant resurgence in hiring until later this year or next year [25] Other Important Information - The company has transitioned to an API-first platform, allowing clients to integrate data and analytics in various ways, which positions it well for the AI-driven market [7] - The company has made significant investments in private markets and deep sector data, enhancing its offerings for investment banks [13] Q&A Session Summary Question: What are the key growth drivers for the wealth vertical? - Continued market share gains and expansion into adjacent workflows are crucial for achieving low double-digit growth in the wealth vertical [56] Question: Who are the main competitors in the buy-side market? - The primary competitors are Bloomberg and BlackRock's Aladdin, both of which are strong firms in the buy-side space [78] Question: What is the company's approach to managed services? - The target customers for managed services include larger firms looking to outsource middle to back-office functions, with a focus on performance, risk, and reporting [79]