Thursday, March 20, 2025 FactSet Earnings Call Second Quarter Fiscal 2025 Copyright © 2022 FactSet Research Systems Inc. All rights reserved. Confidential: Do not forward. Copyright © 2025 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only Forward-Looking Statements and Non-GAAP Measures This presentation, and other statements that FactSet may make in connection with this presentation, contains forward-looking statements based on management's current expectations, assumptions, esti ...

Company Performance - FactSet reported quarterly earnings of $4.28 per share, exceeding the Zacks Consensus Estimate of $4.19 per share, and showing a slight increase from $4.22 per share a year ago, representing an earnings surprise of 2.15% [1] - The company posted revenues of $570.66 million for the quarter ended February 2025, matching the Zacks Consensus Estimate and up from $545.95 million year-over-year [2] - Over the last four quarters, FactSet has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Outlook - FactSet shares have declined approximately 8.7% since the beginning of the year, compared to a 3.5% decline in the S&P 500 [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $4.37 on revenues of $577.8 million, and for the current fiscal year, it is $17.15 on revenues of $2.3 billion [7] Industry Context - The Business - Information Services industry, to which FactSet belongs, is currently ranked in the bottom 19% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact FactSet's stock performance [5]

Core Insights - FactSet reported a solid financial performance for Q2 fiscal 2025, with GAAP revenues of $570.7 million, reflecting a 4.5% increase year-over-year. Organic revenues grew by 4.0% to $568.0 million, driven primarily by wealth and institutional buy-side clients [4][5][6]. Financial Performance - Q2 GAAP operating margin was 32.5%, down approximately 80 basis points from the previous year, while adjusted operating margin decreased to 37.3%, down 100 basis points year-over-year [4][5]. - GAAP diluted EPS increased by 3.0% to $3.76, and adjusted diluted EPS rose by 1.4% to $4.28 compared to the same period last year [4][5]. - Free cash flow for Q2 was $150.2 million, a 23.3% increase from $121.9 million in the prior year [4][5][38]. Annual Subscription Value (ASV) - ASV reached $2,306.1 million as of February 28, 2025, up from $2,185.6 million a year earlier, with organic ASV growing by 4.1% to $2,276.2 million [6][7]. - The buy-side organic ASV growth rate was 4.1%, while sell-side growth was 2.2% [7]. Segment Performance - ASV from the Americas was $1,501.1 million, with organic ASV increasing by 4.4% to $1,474.9 million. Revenues from the Americas rose to $369.7 million [8]. - ASV from EMEA was $571.3 million, with organic ASV increasing by 2.6% to $571.4 million. EMEA revenues were $143.4 million [9]. - ASV from Asia Pacific was $233.7 million, with organic ASV increasing by 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million [10]. Client and User Metrics - The client count as of February 28, 2025, was 8,645, reflecting a net increase of 396 clients in the past three months [11]. - The user count was 219,141, with a net increase of 874 users, primarily driven by growth in wealth management users [11]. Share Repurchase and Dividends - FactSet repurchased 136,714 shares for $64.4 million at an average price of $470.70 during Q2, with $186.9 million remaining for future repurchases [12]. - A quarterly dividend of $39.5 million, or $1.04 per share, was declared [16]. Business Outlook - The company reaffirmed its guidance for fiscal 2025, expecting organic ASV growth of $100 million to $130 million and GAAP revenues in the range of $2,305 million to $2,325 million [17][37].

Financial Performance - Q2 GAAP revenues reached $570.7 million, a 4.5% increase from Q2 2024, driven by growth in wealth and institutional buy-side clients [4]. - Organic Q2 ASV was $2,276.2 million, reflecting a year-over-year growth of 4.1% or $90.7 million [4]. - GAAP diluted EPS increased by 3.0% to $3.76, while adjusted diluted EPS rose 1.4% to $4.28 compared to the prior year [4]. - FactSet's revenues for the three months ended February 28, 2025, were $570,660,000, representing a 4.5% increase from $545,945,000 for the same period in 2024 [28]. - Organic revenues for the same period were $567,985,000, reflecting a 4.0% growth compared to the previous year [33]. - The company's net income for the six months ended February 28, 2025, was $294,882,000, up from $289,495,000 in the prior year [31]. - Net income for the three months ended February 28, 2025, was $144,860, a 2.8% increase from $140,940 in the same period of 2024 [36]. - Adjusted net income rose to $164,976, reflecting a 1.2% increase from $163,067 year-over-year [36]. - Free cash flow increased by 23.3% to $150,219 compared to $121,881 in the prior year [39]. Guidance and Projections - Fiscal 2025 guidance anticipates organic ASV growth of $100 million to $130 million, equating to approximately 4.4% to 5.8% [4]. - Adjusted diluted EPS is expected to remain unchanged in the range of $16.80 to $17.40, while GAAP diluted EPS is projected to decrease to $14.80 to $15.40 from a previous range of $15.10 to $15.70 [24]. - The company expects annual revenues for fiscal 2025 to be between $2,305 million and $2,325 million [38]. - Adjusted diluted earnings per share (EPS) is projected to be between $17.40 and $16.80 for fiscal 2025 [38]. - Adjusted operating margin is expected to range from 36.0% to 37.0% for fiscal 2025 [38]. Client and User Metrics - Client count as of February 28, 2025, was 8,645, with a net increase of 396 clients in the past three months [16]. - User count reached 219,141, marking a net increase of 874 users, primarily in wealth management [16]. - Annual ASV retention exceeded 95%, with client retention at 91% [16]. - The percentage of ASV from buy-side clients was 82.3% in Q2'25, showing a slight increase from 82.1% in Q1'25 [42]. Investments and Acquisitions - FactSet repurchased 136,714 shares for $64.4 million at an average price of $470.70 during Q2 2025 [13]. - The acquisition of LiquidityBook enhances FactSet's capabilities in order management and investment book of record [16]. - The company has made significant investments in acquisitions, with $342,461,000 spent on acquiring businesses in the current period [31]. Financial Position - FactSet's total assets increased to $4,241,442,000 as of February 28, 2025, compared to $4,055,040,000 on August 31, 2024 [30]. - Total stockholders' equity increased to $2,056,917,000 as of February 28, 2025, from $1,912,460,000 in the previous period [30]. - FactSet's cash and cash equivalents decreased to $278,548,000 as of February 28, 2025, from $422,979,000 at the beginning of the period [30]. - The company reported cash flows from operating activities of $260,327,000 for the six months ended February 28, 2025, down from $298,942,000 in the same period last year [31]. Operating Performance - Operating income for the three months ended February 28, 2025, was $185,492, a 2.0% increase from $181,942 in the same period of 2024 [36]. - The operating margin for the three months ended February 28, 2025, was 32.5%, down from 33.3% in the previous year [36].

全球领先的金融数字平台及企业解决方案提供商FactSet慧甚（纽约证券交易所代码：FDS；纳斯达克股票 代码：FDS）近日与人工智能搜索引擎初创公司Perplexity携手合作，将AI驱动的智能分析与全面的金融 数据无缝整合。这一合作将前沿科技与高质量、可信度极高的内容完美结合，助力您以更快的速度、更睿 智的方式做出决策。 如今，Perplexity的用户可以在同一个平台上访问FactSet的优质内容及公开知识数据，能够帮助用户快速 分析海量数据、捕捉新兴趋势，优化工作流程。这样，您可以将精力聚焦于更具高价值的任务，进而达成 更出色的成果，做出更为明智的决策。 核心功能亮点： *访问FactSet的优质金融数据和公共网络数据，精准解答复杂问题 *借助AI工作流，快速实现对海量数据的深度分析与解读 *可无缝跳转至FactSet Workstation，获取更为深入、专业的见解 *具备灵活开放的集成特性，能够完美适配您个性化的工作方式 与我们分享您在业务上的挑战。 凭借AI驱动的智能摘要以及FactSet的海量数据，我们正全方位提升研究能力、增强数据探索的深度与广 度，同时显著提高决策效率，让您能够心无旁骛地专注 ...

全球领先的金融数字平台及企业解决方案提供商FactSet慧甚（纽约证券交易所代码：FDS；纳斯达克股票 代码：FDS）近日与人工智能搜索引擎初创公司Perplexity携手合作，将AI驱动的智能分析与全面的金融 数据无缝整合。这一合作将前沿科技与高质量、可信度极高的内容完美结合，助力您以更快的速度、更睿 智的方式做出决策。 如今，Perplexity的用户可以在同一个平台上访问FactSet的优质内容及公开知识数据，能够帮助用户快速 分析海量数据、捕捉新兴趋势，优化工作流程。这样，您可以将精力聚焦于更具高价值的任务，进而达成 更出色的成果，做出更为明智的决策。 核心功能亮点： *访问FactSet的优质金融数据和公共网络数据，精准解答复杂问题 *借助AI工作流，快速实现对海量数据的深度分析与解读 *可无缝跳转至FactSet Workstation，获取更为深入、专业的见解 *具备灵活开放的集成特性，能够完美适配您个性化的工作方式 凭借AI驱动的智能摘要以及FactSet的海量数据，我们正全方位提升研究能力、增强数据探索的深度与广 度，同时显著提高决策效率，让您能够心无旁骛地专注于最为关键的事务。 准备好提升 ...

Core Insights - Analysts expect FactSet Research (FDS) to report quarterly earnings of $4.19 per share, reflecting a year-over-year decline of 0.7% [1] - Revenue projections stand at $570.21 million, indicating a 4.4% increase from the previous year [1] - The consensus EPS estimate has been adjusted downward by 0.4% over the past 30 days, showing a reassessment by analysts [1][2] Revenue Breakdown - 'Revenues from clients- US' are projected to reach $368.02 million, a year-over-year change of +4.4% [4] - 'Revenues from clients- International' are estimated at $201.57 million, reflecting a +4.3% change from the previous year [4] - 'Revenues from clients- EMEA' are expected to be $144.53 million, indicating a +3.8% year-over-year change [4] - 'Revenues from clients- Asia Pacific' are likely to reach $57.33 million, with a year-over-year change of +6% [5] Subscription Value and User Metrics - The estimated 'Total Annual Subscription Value' is projected at $2.30 billion, up from $2.21 billion in the same quarter last year [5] - 'Total Users' are expected to reach 221,880, compared to 206,478 in the same quarter of the previous year [6] - 'ASV - Domestic' is predicted to be $1.48 billion, up from $1.42 billion year-over-year [6] - 'ASV - International' is estimated at $811.93 million, compared to $773.10 million in the same quarter last year [7] Client Segmentation - 'ASV from buy-side clients' is expected to reach 82.2%, up from 82% year-over-year [7] - 'ASV from sell-side clients' is projected at 17.9%, slightly down from 18% in the previous year [7] Market Performance - FactSet shares have returned -4.2% over the past month, compared to the Zacks S&P 500 composite's -7.7% change [8] - With a Zacks Rank 4 (Sell), FDS is anticipated to underperform the overall market in the near future [8]

Core Viewpoint - FactSet has appointed Kevin Toomey as the new Head of Investor Relations, succeeding Yet He, who will continue as Treasurer and Head of Financial Planning and Analysis [1][2]. Group 1: Leadership Transition - Kevin Toomey brings over 20 years of experience in investor relations, equity research, and financial markets [2][3]. - Yet He expressed gratitude for the opportunity to lead investor relations and confidence in Toomey's ability to enhance stakeholder engagement [2]. Group 2: Kevin Toomey's Background - Prior to joining FactSet, Toomey was Vice President of Investor Relations at Secureworks, where he managed strategic communications during significant company changes [2]. - He previously established the first investor relations program at Latch, Inc. after its IPO and spent over a decade at Citigroup in senior equity research and sales roles [3]. Group 3: Company Overview - FactSet serves over 8,200 global clients, including more than 218,000 individual users, providing financial data, analytics, and technology solutions [5]. - The company is recognized for its commitment to sustainable growth and was awarded the Glassdoor Employees' Choice Award in 2023 [5].

持续投资推介手册自动化领域， 提升初级银行家工作效率 全球领先的金融数字平台及企业解决方案提供商FactSet慧甚（纽约证券交易所代码：FDS；纳斯达克股票 代码：FDS）近日正式宣布完成对TableTop Data公司（简称 "LogoIntern"）的收购。LogoIntern是一款备 受初级银行家青睐的工作流程优化工具，能够高效简化在推介文件中添加、整理和排版公司标志这一复杂 且耗时的任务。此次收购是FactSet在推介手册自动化领域的又一重大举措，紧随近期推出的Pitch Creator 解决方案，旨在进一步推动初级银行家日常工作流程中繁琐手工环节的自动化变革。 FactSet银行与卖方研究高级副总裁兼高级总监肯德拉・布朗（Kendra Brown）表示："在演示文稿制作过 程中，我们很多人都曾耗费大量时间用于调整公司标志的尺寸、排列顺序和样式设置。这一过程对于多数 人而言仅是恼人之事，但对于投资银行客户而言，这项繁琐又单调的任务却是他们创建推介材料工作流程 中 无 法 回 避 的 必 要 环 节 。 FactSet 始 终 致 力 于 提 高 初 级 银 行 家 的 工 作 效 率 ， 提 升 交 ...

Core Viewpoint - FactSet has completed the acquisition of TableTop Data (LogoIntern), a workflow optimization tool favored by junior bankers, to enhance efficiency in the automation of pitch book preparation [2][4]. Group 1: Acquisition Details - The acquisition of LogoIntern is a significant move for FactSet in the pitch book automation sector, following the recent launch of the Pitch Creator solution [2]. - LogoIntern simplifies the complex and time-consuming task of adding, organizing, and formatting company logos in pitch documents, which is a necessary but tedious part of the workflow for investment banking clients [3]. Group 2: Company Statements - Kendra Brown, Senior Vice President at FactSet, emphasized that the integration of LogoIntern will save users time, allowing them to focus on more valuable tasks [3]. - Jack Archer, CEO of LogoIntern, expressed his commitment to enhancing the efficiency of junior bankers and is excited to join FactSet to further this mission [4]. Group 3: Market Impact - The acquisition is expected to have no significant impact on FactSet's financial performance for the fiscal year 2025, indicating a strategic long-term investment in improving operational efficiency for financial professionals [4].