FDS 8-K — Smart Summary

FactSet Research Systems Inc. filed an 8-K on December 19, 2024, reporting Q1 fiscal 2025 results for the three months ended November 30, 2024, with GAAP revenues of $568.7 million, up 4.9% YoY. The filing also includes an Item 5.02 disclosure regarding the election of Barak Eilam to FactSet's Board of Directors effective December 17, 2024. Full-year fiscal 2025 guidance was reaffirmed.

• GAAP revenues: $568.7 million, up 4.9% YoY; organic revenues: $567.7 million, up 4.7% YoY
• GAAP operating income: $191.3 million, up 1.2% YoY; adjusted operating income: $213.8 million, up 4.8% YoY
• GAAP operating margin: 33.6%, down ~120 bps YoY; adjusted operating margin: 37.6%, flat YoY
• GAAP net income: $150.0 million, up 1.0% YoY; adjusted net income: $168.1 million, up 5.7% YoY
• GAAP diluted EPS: $3.89, up 1.3% YoY; adjusted diluted EPS: $4.37, up 6.1% YoY
• EBITDA: $229.9 million, up 5.0% YoY
• Net cash provided by operating activities: $86.4 million vs. $155.1 million in Q1 2024; free cash flow: $60.5 million, down 56.4% YoY, impacted by variable compensation payments, resolution of a sales tax dispute, and higher capex
• GAAP effective tax rate: 16.5% vs. 15.2% in Q1 2024, driven by revaluation of a deferred tax asset associated with a foreign tax rate change

• Americas: revenues $367.2 million (vs. $348.3 million in Q1 2024); organic ASV $1,456.4 million, up 4.5% YoY; organic revenue growth rate 5.2% YoY
• EMEA: revenues $143.8 million (vs. $139.6 million in Q1 2024); organic ASV $572.4 million, up 3.6% YoY; organic revenue growth rate 2.7% YoY
• Asia Pacific: revenues $57.7 million (vs. $54.3 million in Q1 2024); organic ASV $230.0 million, up 7.0% YoY; organic revenue growth rate 6.2% YoY
• Total organic ASV: $2,258.8 million as of November 30, 2024, up 4.5% YoY; buy-side ASV growth 4.3%, sell-side ASV growth 3.5%
• Buy-side clients accounted for 82% of organic ASV; sell-side accounted for 18%

• Quarterly dividend of $39.6 million ($1.04 per share) paid December 19, 2024, to holders of record as of November 29, 2024
• Repurchased 104,475 shares for $48.8 million at an average price of $467.00 during Q1 fiscal 2025
• $251.2 million remaining under share repurchase program as of November 30, 2024
• Cash and cash equivalents: $289.2 million at November 30, 2024, down from $423.0 million at August 31, 2024
• Long-term debt: $1,296.6 million at November 30, 2024; current debt: $62.5 million; proceeds from debt: $55.0 million; repayments: $62.5 million during the quarter
• Acquisition of businesses (Irwin) used $115.2 million in cash net of cash acquired during Q1 fiscal 2025

• "Clients increasingly look to us as a partner of choice to bring greater productivity and unlock efficiencies across their enterprise workflows. As we enter our second quarter, we have a robust pipeline fueled by the strength of our diverse portfolio of innovative solutions that deliver value and resonate with our clients." — Phil Snow, CEO
• "We are off to a good start in fiscal 2025 and achieved solid operating performance through sustained cost discipline and execution against our growth initiatives and capital strategy. FactSet has a proven track record of consistent growth through all cycles and we remain committed to delivering on both our annual guidance and the medium-term outlook we shared at our Investor Day." — Helen Shan, CFO

• Organic ASV expected to grow $90 million to $140 million in fiscal 2025
• GAAP revenues expected in the range of $2,285 million to $2,305 million
• GAAP operating margin expected in the range of 32.5% to 33.5%; adjusted operating margin expected in the range of 36.0% to 37.0%
• Annual effective tax rate expected in the range of 17% to 18%
• GAAP diluted EPS expected in the range of $15.10 to $15.70; adjusted diluted EPS expected in the range of $16.80 to $17.40
• Guidance reaffirmed as originally provided on September 21, 2024

• Director Barak Eilam — Nearly three decades of enterprise software experience; served as CEO of NICE Ltd. from 2014 to 2024 (through end of calendar year 2024), having joined NICE in 1999 as an engineer and holding senior roles including President of NICE Americas; also serves on boards of HMH and SimilarWeb Ltd.; holds B.Sc. in Electrical Engineering from Tel Aviv University; elected effective December 17, 2024; appointed to the Compensation and Talent Committee

• On December 17, 2024, the Board of Directors elected Barak Eilam as a director of FactSet Research Systems Inc.
• Mr. Eilam was appointed to serve as a member of the Company's Compensation and Talent Committee
• Mr. Eilam has nearly three decades of experience scaling enterprise software companies; served as CEO of NICE Ltd. from 2014 to 2024, where he tripled revenue to ~$3 billion and grew cloud revenue from near zero to $2 billion
• He began his career at NICE in 1999 as an engineer and held senior roles including President of NICE Americas
• Mr. Eilam also serves on the boards of HMH (K-12 education) and SimilarWeb Ltd. (digital data and analytics)
• He holds a B.Sc. in Electrical Engineering from Tel Aviv University
• No arrangements or understandings exist between Mr. Eilam and any other persons regarding his selection; he has no material interest in any current or recent Company transactions