Financial Data and Key Metrics Changes - Organic ASV grew by $22.6 million in Q3 2025, representing a 4.5% year-over-year increase [28] - GAAP revenues increased by 5.9% year-over-year, reaching $586 million [28] - Adjusted diluted EPS decreased by $0.10 or 2.3% to $4.27 [33] - GAAP operating margin was 33.2%, a decrease of 350 basis points compared to the previous year [32] Business Line Data and Key Metrics Changes - Wealth organic ASV maintained double-digit growth, with new business sales nearly doubling compared to the previous year [15] - Dealmaker banking gains were driven by improved retention and multiyear deals [17] - Private equity and venture capital (PEVC) saw its fourth consecutive quarter of accelerating growth [19] Market Data and Key Metrics Changes - In The Americas, organic ASV increased by 5%, driven by higher banking and asset manager retention [14] - EMEA experienced organic ASV growth of 2%, impacted by lower contributions from annual price increases [14] - Asia Pacific saw a 7% increase in organic ASV, primarily due to higher retention in the banking sector [14] Company Strategy and Development Direction - The company is focused on driving top-line growth and expanding its footprint in enterprise solutions [22] - Investments are being made in technology, particularly in generative AI capabilities, to enhance product innovation [30] - The leadership transition to Sanoq Viswanathan is expected to guide the company through its next growth phase [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has not significantly changed, but client transformations are ongoing [40] - There is optimism regarding the pipeline for Q4, with strong demand anticipated from the institutional buy side [23] - The company reaffirmed its FY 2025 guidance, indicating confidence in achieving targets [36] Other Important Information - The company repurchased approximately 184,000 shares for around $81 million during the quarter [34] - A new share repurchase authorization of up to $400 million was approved, effective September 1, 2025 [34] - The company has returned $415 million to shareholders over the past twelve months through dividends and share repurchases [35] Q&A Session Summary Question: Change in macro environment and ASP growth - Management indicated that there has not been a significant change in the macro environment, attributing ASP growth to better execution and product traction [39][40] Question: Q4 outlook and comparison to last year - Management noted that both The Americas and EMEA regions look strong, with enterprise solutions driving growth [48][49] Question: Thoughts on fiscal 2026 - Management stated that they are focused on Q4 and will discuss fiscal 2026 in the September call [56][57] Question: Headwinds from asset owners optimizing costs - Management acknowledged competitive pressures but expressed optimism for future improvements [60][62] Question: Adjusted operating margin expectations for Q4 - Management confirmed that they expect to remain within the margin guidance range, with increased investments in technology and acquisitions [66][67] Question: Internal efficiency initiatives related to GenAI - Management highlighted ongoing efforts to improve internal efficiencies through AI, with positive early results [72][78] Question: Demand for data solutions - Management noted increased momentum in data solutions due to a broader suite of offerings and a refocused sales team [101][104]

Financial Data and Key Metrics Changes - In the second quarter, organic ASV grew by 4.1% year over year, with adjusted operating margin at 37.3% and adjusted diluted EPS at $4.28 [9][24] - GAAP revenues increased by 4.5% year over year to $571 million, while organic revenues grew by 4% to $568 million [25] - GAAP operating margin decreased by approximately 80 basis points to 32.5% compared to the previous year, while adjusted operating margin decreased by 100 basis points to 37.3% [25][26] - Free cash flow was $150 million in the second quarter, up 23% over the same period last year [29] Business Line Data and Key Metrics Changes - Wealth management saw double-digit growth, with significant market share gains, particularly with UBS selecting FactSet for their advisor desktops [12][13] - The banking segment faced challenges, but renewal activity increased notably, with over a dozen large banking renewals signed [14][15] - Private equity and venture capital (PEVC) experienced accelerated double-digit growth, while corporates also contributed to growth due to the Erwin acquisition [15][16] Market Data and Key Metrics Changes - In the Americas, organic ASV grew by 4%, with mixed results in asset management and banking [11] - EMEA saw organic ASV growth of 3%, with momentum in hedge funds and PEVC firms offset by headwinds in asset management [11] - Asia Pacific maintained 7% organic ASV growth, driven by strong sales of data solutions among wealth, corporates, hedge funds, and PEVC firms [11] Company Strategy and Development Direction - The company aims to drive top-line growth, focusing on wealth management as a key growth engine and expanding its product offerings [18][19] - Recent acquisitions, including Erwin and Liquidity Book, are expected to enhance cross-selling opportunities and accelerate growth [19][32] - The company is prioritizing investments in technology and generative AI to support growth and improve operational efficiency [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching an inflection point in ASV growth, despite a challenging market environment [9][10] - There is optimism regarding the strength of the sales pipeline and product-led innovation, with expectations for growth acceleration in the second half of the year [10][20] - Management acknowledged ongoing market uncertainties but highlighted positive client dialogues and a robust pipeline [10][20] Other Important Information - The company repurchased nearly 137,000 shares for approximately $64 million and paid a quarterly dividend of $1.04 per share [31] - The gross leverage ratio was 1.7 times, consistent with maintaining investment-grade ratings [32] - The guidance for organic ASV growth was narrowed to a range of approximately 4.4% to 5.8% [33] Q&A Session Summary Question: Can you provide more details on the traction with clients regarding Pitch Creator and other Gen AI products? - Management noted strong momentum with Pitch Creator and other products, with positive reception from banks and ongoing trials with large clients [36][37] Question: Is the environment improving, or is the company performing better in a challenging environment? - Management indicated that while the environment remains tough, they have de-risked major challenges and are seeing strength across all markets [44][46] Question: How does the company view the impact of banking on guidance? - Management stated that they are not relying on banking for their numbers, with conservative estimates baked into guidance [52][54] Question: Is the UBS Vault deal included in ASV this quarter? - Management confirmed that the UBS deal was signed in the quarter, but the ASV impact will be realized in future quarters as implementation occurs [57][62] Question: What is the outlook for pricing in the context of lower CPI? - Management explained that lower CPI impacts annual price increases, but they are capturing additional ASV through higher pricing and increased volume in new business [64][68]

Financial Data and Key Metrics Changes - Organic ASV grew by 4.1% year over year, with adjusted operating margin at 37.3% and adjusted diluted EPS at $4.28 [9][24] - GAAP revenues increased by 4.5% year over year to $571 million, while organic revenues grew by 4% to $568 million [25] - GAAP operating margin decreased by approximately 80 basis points to 32.5%, while adjusted operating margin decreased by 100 basis points year over year to 37.3% [25][26] - Free cash flow was $150 million in the second quarter, up 23% over the same period last year [29] Business Line Data and Key Metrics Changes - Wealth management saw double-digit growth, with significant market share gains, particularly with UBS selecting FactSet for their advisor desktops [12][13] - Banking faced challenges, but renewal activity increased notably, with over a dozen large banking renewals signed [14][15] - PEVC (Private Equity and Venture Capital) experienced accelerated double-digit growth, while corporates contributed to growth due to the Erwin acquisition [15][16] Market Data and Key Metrics Changes - In the Americas, organic ASV grew by 4%, with mixed results in asset management and banking [11] - EMEA saw organic ASV growth of 3%, with momentum in hedge funds and PEVC firms offset by headwinds in asset management [11] - Asia Pacific maintained 7% organic ASV growth, driven by strong sales of data solutions among wealth, corporates, hedge funds, and PEVC firms [11] Company Strategy and Development Direction - The company aims to drive top-line growth, focusing on wealth management as a key growth engine and expanding its product offerings [18][19] - Recent acquisitions, including Erwin and Liquidity Book, are expected to enhance cross-selling opportunities and accelerate growth [19][20] - The company is prioritizing investments in technology and generative AI to improve workflow productivity and client engagement [20][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching an inflection point in ASV growth, despite a challenging market environment [9][10] - There is optimism regarding the sales pipeline and product-led innovation, with expectations for growth acceleration in the second half of the fiscal year [9][10] - Management acknowledged market uncertainties but highlighted strong client relationships and a robust pipeline as positive indicators for future performance [20][34] Other Important Information - The company reaffirmed its guidance for organic ASV growth at a midpoint of 5%, narrowing the range to $100 million to $130 million [32][33] - The effective tax rate is expected to remain between 17% to 18% [34] - The company returned $392 million to shareholders over the last twelve months through dividends and share repurchases [31] Q&A Session Summary Question: Can you provide more details on the traction with clients regarding Pitch Creator and other Gen AI products? - Management noted strong momentum with Pitch Creator and positive reception from banks, with plans to monetize these products more seriously in Q3 and Q4 [36][37] Question: Is the environment improving, or is the company performing better in a challenging environment? - Management indicated that while the environment remains challenging, they have de-risked major issues and are seeing strength across all markets [44][46] Question: How does the company view the impact of banking on guidance? - Management stated that they are not relying on banking for their numbers, with conservative estimates baked into the guidance [52][54] Question: Is the UBS Vault deal included in ASV this quarter? - Management confirmed that the UBS deal was booked in Q2, but user contributions will come in later quarters [57][62] Question: Can you clarify the pricing dynamics in the quarter? - Management explained that lower CPI impacted annual price increases, but they are capturing additional ASV through higher pricing and volume in new business [64][66] Question: What is the outlook for the data and feeds business? - Management highlighted strong demand for high-quality data, with improvements in the data feed business driven by new tech startups and partnerships [78][80]