FactSet Research Systems (FDS) 23 Mar 232023 Q2 Earnings call transcript

Good day and thank you for standing by and welcome to the FactSet Q2 Earnings 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] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Kendra Brown, Head of Investor Relations. ahead. go Please

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

Before I presentation slides available website we via we at that webcast on will out begin, the section reference would the like factset.com. Investor during of are this and can Relations accessed point be currently to our the

questions be A today's call will and to After website. our remarks, limit replay one will we phone yourself To of question follow-up. our the open from everyone, please to plus call on fair be available investors. prepared to via one

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

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

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

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

me Executive Linda Officer. Chief Financial Chief Officer, are today Huber, Phil and Joining Snow,

We portion Helen today's Revenue Shan, will of call. for the be also joined Officer by Q&A Chief

turn Phil over discussion now to will I the Snow.

for and half second joining Kendra, everyone. share today. good you, to morning, quarter I'm pleased Thank results. us first Thanks our and

price existing our Organic and of the growth Professional driven by in year-over-year among sales Services healthy ASV team expansion clients plus by successful Our accelerated the to a X.X%, our Americas. execution increase

outpacing market. to more addressable capture this saw We us several of wins last year allowing quarter and large the

operating the of the margin us EPS fiscal adjusted guidance well of adjusted for quarter of an year. and second performance our fiscal Our in and situating diluted resulted XX% remainder exceeding $X.XX

from each in our venture the and private strongest growth supported these Content and banking, with of banking, larger clients retention this client across wins wealth and corporate investments management capital quarter expansion. Technology double-digit equity owners Acceleration ASV types. and clients our broad-based and aided by was Growth asset & was amongst

digital We workstation for wealth saw the core and increased our supportive. drive content and remained revenue first owners. half, demand markets opportunities transactional from asset In for platforms and feeds end our largely follow-on and

volatility. However, we not to immune market are

conditions to more interest for reductions we're in rates hiring. remain clients. see constrained uncertain, increased headcount a macroeconomic This challenging our rightsizing beginning pandemic and rise AUM, environment budgets and As after includes

monitoring the banking instability sector, accounts also We're several there In ASV. regard, factors mind. keep key the across of XX% for this which in to recent our are

not is FactSet First, materially to banking. commercial exposed

client of ASV. single multi-year X% windows. And that cancellation enterprise our notification minimums includes and our represents than Second, more of longer no finally, contracts one our protections seat

market it view Given conservative in is the on banking, to fiscal take of year. dynamics, particularly the the prudent a we half second evolving feel

with half. growth, expect continued As in the but ASV second such, we deceleration modest

therefore updating part for third $XXX We CUSIP XXXX million our of organic $XXX our the are to an organic Global to a quarter. fiscal million, which becomes reflect guidance Services, in of ASV business of growth inclusive

$XX is growth. At million the business reduction core this ASV a in midpoint,

is of from our remaining growth at in by medium X% firm midpoint addition for represent come come be Together, ASV the the conditions to of from with million the reduction This will term the types. We banking reduction two-thirds expect CGS. changes outlook. challenging sector offset $XX growth budgets other these the ASV in-line expected sales this lengthening and one-third constrained and of facing cycles from to

to To preserve disciplined EPS, we will drive management. expense continue

digital to as partner XX% and guidance and transformations. of for are increasing expect a to We investing data in As call. and a steadfast view for a we demand margin adjusted technology growth result, is XX%, and operating long-term maintain and speak communicated. we commitment of in trusted our are previously we their The about business the CGS more for proven will later our for clients our

focused second the platform and and open leading our the several analytics fiscal large this content remained on conviction building quarter, regarding we strategy. In deals reinforced

were for was & a primary BMO's year-over-year. First, market as Advisory, division. selected workstation to This provider Management data we Wealth the key X% almost within Research growth contributor

needs in Our in bank which integrations a and investments content including seven-figure refinery also banker integrated our feeds, we the feeds. platform and included APIs, on-going of digital sell-side, research most Across a deal data across solutions, for meeting department, and notable banking. The are workstations resulted global wins was productivity CRM the flexible sell-side tools.

market premier In real replace our infrastructure. time to management Content legacy a data-as-a-service we its This deal provide Technology client. to on-premise will a asset major & offering won solutions, solution

growth Our ability wallet accelerating and to of expanding & Technology platform is for data with our share deployments Content consistent augment solutions. enterprise

Analytics our active suite within investment portfolio & with managers Finally, asset owners. increased has Trading, and opportunities lifecycle in asset cross-sell

growth office, middle Solutions, Portfolio accelerated in offering, and Fixed-income Reporting. the Within analytics which Quantitative Analytics, our core includes

with demand middle consistent trend buy-side toward firms functions. outsourced and office performance increased the risk see also We for outsourcing solutions, investment

Our enterprise positioned several solutions well opportunities our this capitalize on in other open with us platform pipeline. and have to

celebrate management anniversary to classes, capabilities expectations across the and well focused team congratulate are asset ASV Identification Services, has acquisition Securities a the with CGS the now the first like on we with Core geographies CGS's acquisition. of job we And capabilities. well with exceeded I'd As integration Global data of of growth align done. strategy. CUSIP the complete, growth on since FactSet's X%

expanding into We private and data on companies. loan working are

continue Association has front, XX years, continues with we innovate. the solutions This back-office. CGS mission-critical For work and more than will American partnership to and in close to middle provided the Bankers

by performance execution Analytics the Content solutions Technology year-over-year accelerated ASV to & driven Americas in strength of across and & X.X% to in Turning increase. price the and growth Trading regions. our Organic our

year. ASV, $XX.X delivered Our Americas increase last price $XX.X million in million from up

management the addition, benefited asset region improved and wealth banking, with management from In expansion clients.

strong middle of had sales also solutions. office We

While owners. quarter, asset for in the new business decelerated from saw new strength overall we logos

also performance managers asset owners, driven by client and XX.X%, offset was in and of growth by improved research ASV banking. among expansion improved asset was Organic delivered partially although we Asia-Pacific, with In this cancellations. Expansion retention

improvement to see the Given policy we in changes starting in the Asia, recent are pipeline. COVID across

a expect the However, light we effect market as normalizes.

Organic ASV growth was improvement also among asset an Analytics EMEA, expansion retention equity to saw driven venture Trading, capital contributed retention by owners. Acceleration in we Improved and where in and growth. funds private among accelerated X.X%. and to Finally hedge firms &

impact United However, we in an cost major pressure Brexit. headwinds the under begins from see and markets also region to experienced Kingdom as adverse the remain the

I'm open and marketing we as We're to ability connected head content market-leading in years XX meet summary, proven we half of workflow our term medium growth, a pleased by first our volatility. In driven despite with more solutions. conditions, and history into confident of with half, have performance. And navigating pipeline, outlook, second our our the platform, solid market a has than FactSet, successfully

honored and greatest their strategic were Our is asset XXXX people the one to Best all priorities. I thank be create for by want this wrap-up in of possible. our We made culture helping FactSetters to diligence and commitment I'd Work Places Glassdoor's recognizing our named and like to award to to that

our action. the FactSet, year a encourage into published commitment communities. committed action. investors report themes turning progress and clients, highlights have we sustainability fiscal XXXX And in employees, At for look. all our you I commitments to made to report our to We The recently we're growth take

performance more in Linda second fiscal over detail. it turn quarter discuss now our to to I'll

to the Thank you, Phil, call. on and hello everyone

our seen morning, ASV press of you've report growth and year-over-year. As we're this high and continued growth from adjusted single-digit to release EPS pleased double-digit organic revenue

Global revenues performance. organic with ASV, in I second exclude our our when Services will metrics. definition will of in with quarter organic now CUSIP share Consistent additional any reporting revenue details associated on we ASV

CGS our of as CTS Given the anniversary in third business Xst, component of on first will acquisition included XXXX, starting quarter fiscal of XXXX. in March be organic a the the of results FactSet the CGS

end figures a of As at services metrics and Kendra and quarter organic of the to solid our acceleration included X.X% GAAP grew professional comparable We finish noted, our for ASV first a release. over plus adjusted reconciliation half. is year-over-year last by press the our

as strength technology clients our performance of Our and our recurring disciplined alpha. to to by look data execution reflects and the sales drive model sales team our

improved larger Organic increase as $XXX the higher to XX.X% and among foreign the saw revenue dispositions by for increased expansion continues months realization a improve from also any excludes over a GAAP to executed last revenue, million price Price which second quarter. X.X% and and base. We $XXX existing retention client acquisitions to million. over XX clients. increased we impact exchange

& solutions. Growth and was CGS driven and our primarily & by Content Analytics Trading Technology

Americas organic and revenue basis, an the in for increases X.X%, & growth Technology segments, solutions Content benefiting our & Trading. from was For Analytics geographic on

& Content the XX.X% I'll also our solutions. grew Advisory to Pacific & buckets. Analytics quarter to increases revenue $XXX XX.X% in & and Research in due revenue the at in based grew X.X%, Trading. operating cost Asia GAAP finally, And And increased primary drivers primarily growth million. to due growth EMEA expenses detail second now on Technology

First, grew salary quarter, XX% people, to for second bonus the our increased year-over-year primarily and expenses due employees. in existing by expenses

points a As of driven by growth this salary basis was a percentage FX capitalization XXX labor lower year-over-year, revenue, percentage higher of as slower revenue, and benefit.

positions XX% of headcount Centers in Excellence. with more Excellence. our by of a our saw of than these of located new Centers our are increase And two-thirds located XX.X% as We year-over-year, reminder, in employees

previous charge footprint lapping decreased million of to impairment real year-over-year FX X% estate benefit. Next, $XX facilities due expense and by reduced the our of year's

this revenue, XXX was lower of basis percentage points a As year-over-year.

As $XX cost our charge another on $XX focus approximately we management, fiscal we later real year. to million take estate to of intense this continue expect million

higher internal use cloud technology driven on, XX%, spend, expenses by Moving increased and of software increased software. amortization third party costs by

growth due basis higher capitalization As to a internal points software. of revenue percentage use higher of was year-over-year XX

of Investor increased likely medium X.X% party As content X% the And revenue invest to expenses we will during increase finally, continue as last to X% explained third costs technology costs anticipate we we being over Day, for term. Technology year-over-year. growth. by year's

controlling is team party despite data excellent pressure. third of job inflationary costs an doing Our

in the growth a points of lower party revenue XX margin to turning front. As now basis And content costs third year-over-year. percentage was

increased to compared basis GAAP year. Our by margin previous points XXX the XX.X% operating to

improved points XX%. to Our by adjusted operating margin basis XXX

percentage higher impairment offset personnel costs prior were from and These costs as charge and a resulted costs. CGS. facilities savings of and technology higher related revenue. slightly of The by expansion lower to year's the expenses revenue, Margin lapping lower content

As a percentage revenue. of

basis. GAAP XXX a year's Our lower last basis impairment was on expense than points

income find to operating walk an adjusted of expense earnings from today's the appendix presentation. You'll in revenue

basis last of year's of and expenses of largely amortization basis, a related costs. sales than our As intangible of increased result a higher CGS GAAP percentage as a technology was cost revenue, to XX on points assets

was offset an a as costs was percentage SG&A basis, a on CGS percentage higher On basis year-over-year points to This partially and XXX by by of XXX lower adjusted basis revenue, basis. lower and costs adjusted finally, And lower of related of revenue. XXX basis, on offset GAAP revenue costs. personnel to percentage it points basis expenses a points lower technology was lower a personnel as as an due partially

due decreases and was primarily by an in partially essential resumed This facilities was as to This professional expense our teams offset increase travels. in T&E services.

tax. Turning to now

for a quarter rate last compared year's X.X%. was tax the of XX.X%, Our increase rate X.X% to

QX is The exercise. option rate and higher tax lower higher stock to pre-tax income due

in reducing Going volatility tax tax. April, important and will foreign more increase UK statutory forward, tax it's be In foreign will FactSet's One to foreign rate to XX% tax the of expect from XX%, rate. driver income. increasing benefit we rate note that the effective our

is rate -time when as have potential our our for prior tax will price when in we and helpful. the charges, returns fluctuate higher also is finalize could be higher exercise stock one tax lower. the for price with also Also, option generally, Stock price rate tax which we lower stock the years, resulting

a $X.XX tax prior the quarter Adjusted higher partially to figures revenue GAAP year. XX.X% we with Even offset expense rate and the XX% rate. and in rate XXXX higher to EPS by tax effective increased with quarter, margin diluted end $X.XX. to were XX.X% grew by Both higher of $X.XX EPS versus the interest to variability expect an expansion, this and EPS driven increased second fiscal tax for XX.X%. this

for year-over to last flow, cash we free an increased higher the EBITDA from And less of quarter, -year finally, up QX spending was $XXX note, operating income. capital the operations million, year. increase period of same cash as XX% Also due million XX.X% to $XXX over generated define which

attractive higher net offset partially We internal flow by strong FactSet's that capitalization business cash from to feature use software. was due continues note to free an would be of costs increased This income, model.

the retention than second remained greater quarter Our ASV XX%. for

We grew clients corporate compared number our partners. clients year, XXX total prior to of driven by and channel the and wealth by

teams. support excellent demonstrating year-over-year, XX% and sales at our remains execution retention client by Our client

our term on acquisition. Moving for balance the $XXX we three-year to million during of loan quarter, completed sheet, CGS another prepayment the second the

our start from was rating. X This fourth we the times well ratio appropriate initially when our within of times prepayment gross our gross brought times acquisition. the for This financed and since times leverage is loan. target This level X.X down our X.X X.X to the CGS grade to investment leverage

that we which million within repayment outstanding Given term the slow matures target we in remaining range, of XXXX. the of XXX the loan, are our will balance of pace

quarters. leverage Also, $XXX.X given this amount company's levels, million under the fiscal share of equally repurchase for the XXXX. We currently our to share existing reduced intend in plan We the resume authorization. we third to allocate remainder available fourth have repurchases for and fiscal

to previous shareholders. repurchases bringing to back time. returning our levels focused We're take capital will While on

months. share updates on coming We will repurchase the program in provide our

the our XXXX. of results, as our guidance of organic we updating Phil stated given are earlier, outlook core Global CUSIP fiscal for ASV our Services As and inclusion reduced part

We is our and remains $XXX million, expect to within midpoint. of by organic at outlook ASV organic growth. term million ASV to The is medium $XX CUSIP reduction offset a core X% the growth $XX ASV X% million of addition the million in $XXX decline of which growth

points ASV to of quarter, is $X.X revenue XXXX guidance. in issued the revenue and the be to in range Given to about a billion. $X.XX At XX to expect XX%, of headwinds the billion previously ASV first fiscal our of timing lag deceleration expected for the midpoint, be we growth from basis fiscal

top softer party costs that us third will of preserve focus confident playbook, limiting and downturn include EPS. real to allow protect and hiring Consistent estate areas disciplined are slightly with Despite our margins we management line, expense our content rightsizing, essential ongoing a rationalization positions. to of

million we range $XXX be than Based which our last in also million, less forecasted to bonus the margin expect benefit. $XX year-end will provide $XXX pool on million performance, of additional year, to roughly an

XX are maintaining guidance on of of per to XX result to XX% commitment a we points adjusted Day XX%, of basis these of our average expansion As consistent with measures, adjusted margin points margin year. Investor basis

$XX.XX communicated. growth, the operating and $XX.XX given strength margin adjusted our of to for EPS expect of previously XXXX finally, adjusted we And fiscal revenue as

Despite confident long-term the remain we uncertain environment, regarding growth.

for diverse have We retention, increased are improved products. seeing better pipeline a and our and higher demand expansion, price realization

diverse and a in addition, some provide our In markets protection us contracts with enterprise end downside turbulent market.

to for committed the medium remain well and we positioned term result, a outlook As future. our are

with ready And we're questions. that, your for now Operator?

our [Operator Barclays. And Patnaik thank from you. Instructions] Manav And first question comes from

Your line is now open.

Manav. Good for morning. Brendan is This on

to from. you ASV obviously being appreciate with banking. I -- want on, the ask about Just entirely you -- there ask talked want on -- it's disclosures the I of on -- not from to everything going where coming two-thirds not on. you know, unexpected

capital it's if you such us if just maybe, that just expected coming maybe expect could exactly doesn't would walk it's have But some capital you venture be would that you know part of venture too, it's would great. matter. quantify that to through that -- -- ASV where And for small be. You maybe of to, from impact guys a

take this that Hi, -- is that Sure. Helen I'll Shan. question.

did markets at begin end few the and more the to volatile beginning a in year the soften So of obviously the calendar weeks. last bit

from And comes, two-thirds from as the banking said, we and third the other types. we think,

to strong such post was years we quarter pandemic. due but did be greater plan in in banking actually to some the the And first did QX for of we lower in layoffs. see erosion after so strong, growth And growth part continued

kind of number we've seen of that not there us to PVC, our that. And got two-thirds. so that

double-digit continued growth we've there. to see fact, In

factor. feel small. is, noted, And you we it so be as don't going to big relatively as somewhat that, a that's And

us, But more happens the can we'll lot fourth see in we a say in quarter. the classes to for what when have in hiring

Phil earlier. of So rest the that's that client piece. Linda really comes changes really as we're the talked driver -- -- and in just of about seeing the The behaviour we're banking from

over strong you in there comes me something number in. Is real maybe I there the feels it coming if typically just charges -- there call is out? really half. even Okay. And performance little like half it a little to like even then it's more estate have a follow-up like the -- if still, beatable. margin. guys even And first know but feels it I conservative, know. just sounds I a worse, ASV I'm second to still -- seems the XX seasonally that one lower. pivoting two pretty Obviously, are mean, seems mean, is let something, But just XX missing if in

going growth front. we couple CUSIP excuse And on things now, on. acquisition. Linda. because me, it's appreciate A your we're ASV optimism We the margin the primarily of see lapping slowing Brendan,

So as now at expense back X%. the XX.X%, strong growth, of see come which half about had down been continuing we will And growth in XX% the as toward year.

things compression. margin two those will So us some combine to give

margin In to adjusted the had XX.X% like XX% XX%. about of first we and guidance half, our do we've of operating

see So you as continued will expense the closer zip will that us. to of year, the if do do to can operating the margin adjusted think. half help you the we that back math, of we management get But XX% hope we code be

get here, as $XX footprint closer The our script, $XX biggest by end is million real to the another piece in we're estate the potentially we looking the reducing said million that of at as to year. we

we length last year. the the real of back given estate leases it have, the another total million rightsizing. P&L in provides million did And million $X for $X that into next $XX that we call of Now to year

with approaching rightsizing. million real we'll be $XX estate in So this,

on this eyes our we just pretty handled Otherwise, we're well. of all we're playbook. we've -- think downturn managing closely. our So that And we keep quite

helps. that hope So

you. Thank Great.

question you. our Alex our from Kramm one moment question. from next next thank for UBS. And And comes And

now is line open. Your

morning, good Hey, everyone. Yeah.

million, Just from if I that a on the increase quickly think correctly works just last at pricing, US look your year. at roughly look and But this ASV, XX.X nice X.X%. to I clearly I out

you've been talking the think rec X%. I about rate

quarter? So gone all about just talk get than we expectations pricing incremental be increase, pushback you discussions to coming a book in had how of next expected maybe or more be know bit should the just and but on European I how it you you your don't business, of about should wondering, the saw thinking if relative which little

We've our to and mentioned, Alex, Hey, one. packages higher because And take just ASV value, Helen. million get fit-for-purpose XX did realization. in our is ASV price as million of raise our year, from XX higher that it's growth both than fifth I'll capturing the which really and of progress really the made rate. we good in Phil alone, total a Americas previous

here this a increase part step also are rate, due long-term our -- point, our negotiated but higher book which your America our we fact capture the of we by But X.X%. able was remaining that of to So contracts lot in to is clients. higher in that is have to of XX% ups. the actually is captured, more that in part

or in are end, increase in quarter our And in calendar increase. folks don't keep on that or then mind, still those QX. annual year Alex, that able that because renew year's rate And first we the last for to that include of clients so price recently new were we also

quarters this then it so getting for And year. really of you're three

help able being a able to with get our if price reason increased been our math -- our understand -- But the increase. terrific trying force sales higher clients value in and being the get and to to there. of part is to that So the piece you're investments of has

previous than We see this more pushback year did not in years.

behaviour we is not that So that dealt with. all the at

the then but if this think marriage to Thank second mean, Credit the the I'm marriage forced the buying I person and bracket UBS great. will question, right for obviously you sure I'm it, I financial is crisis. not I ask And we've that anyways. first, Suisse Okay, color. seen is guess, since bulge or I

biggest XXXX in right may you 'XX what mean, how And customers is impact of are. you or relative I big go XXXX, impact us But about back help you how a some something relative would like event. the heard this size fiscal minus you it's impact. you? assume of to that how big here? performance, So bit plus said that size. year if highlighting about that certainly about when I could you I the more Or potential talk to a terms saw Phil, I the or like client ballpark for million then little XX a earlier, a I can think of

Yeah.

I'm just right, specific particular it's large that Alex, assume, you But hey, FactSet talk I teams. banks. think the any but these good the Phil. going can has footprint it's banking client, a about size to investment So, of not not within global

as asset there'll the on it's there'll well. also often And wealth -- Very management side. be be users

very distributed a portfolio got we've firms. across So nice these

know think do being why half QX of lot part hiring of here these prudent banks. is, the based more we're You a get second we in I bit the you in a of on know, ASV banking

there's not know, very is But to these very or right, we're out, okay, during to we to do not. clients. our consolidation more typically periods. We're help whether going sure So quite trusted. there FactSet's not play how sticky. this or going We're be you

that's ten more sure. We know, had, portfolio for we have a than much years diverse you ago,

these leave they'll ask and they always they they if for like usually, else firms, that, which get if people is it know, up somewhere end they'll And great. -- when you FactSet,

to So it think hard equipped forward. if in handled but we've and very you well it know, handle uncertainty we're this to more there's well is predict, we the even past moving

enough. Fair you. Thank

one Goldman question. you. from And next And Sachs. next from thank our And moment Tong our George question comes for

open. is line Your now

Good Thanks. morning. Hi,

around sales there guidance versus seen the the to the pipeline? conservatism category. describe Your expect you've you're of ASV see? broader How seeing the cycles and much reduction what reflects growth for you you guidance plans what slower from banking what Can with already

are plus combination been given take that. growth I'll a erosion. seeing some we George. little a a quarter of has but terrific Hey, both. obviously I bit X% this our higher It's rate, of one mean,

something effect. And so we're into taking that's

large where of there, bit this piece -- drives at that so Banking our thirds because knowing that we pretty that's conservatism that's go, -- at QX, -- there's piece. two that hiring a but probably visibility where that but think of we don't is have this a will But time.

-- get the of that taking they're longer terms it's in the that deals of quite but to see is the book, we the that still some taking rest it's a the over line. are longer. the quite in In are deals commercial few stage, meaning, we negotiation the of seeing the frankly, what's benefit fact more a And little the right place,

speaks the quality of monetize. that it really solid. given take the longer still is timing, -- book, little So may But to to a bit which to

helpful as on margins, Got to a follow-up move margins. mentioned and had it. to understand And seasonality the before the through of that expect year That's margins turn heading you you lower a context.

the or If year-over-year? look as takes at are margins would puts -- which –over-year? essentially progress do key year-over-year with wash what you expansion you comparisons And and margins, margin contraction how think expect out margin to year seasonality, about you

George, the we seasonality forward, on similar would buckets. you and last cost of a in four it the little was as And pattern bit our move we outlook is here FY'XX. main is year what probably very give to --

we back People, we will that as half through this continue go of increase year. cost expect to the

locations, offshore of by offsetting thirds two but have that and headcount do headcount, in it we additional additional have higher we're We capitalization.

heavier the But that our well. as the bit million. I of going appropriate. back up $XX which want little capitalization note thus more will is the in rate as pick even a you're and capitalization, very spend half, is the across of was capitalization tech higher to would be increase to to the And half done We've well year, firm the first the

that costs tech business technology planned. and have million the On the our are $XX revenue see tech that estate, we X% to We million increasing X% within $XX of is we'll we for support talked be of this another to still spend charge growing real a we But it. about to specifically, more costs.

impact great else done where of costs area absolutely been an we're to our doing. been job that has we've think it's rationalizing anything us a no very This with and helpful I on

a rate Third has given had but that growth X%, pretty party looks good. data the similarly inflation, slight of

happy pretty about we're that. So

going downturn prioritized we we're essential to our focus content. Helen's what is trips, real are now estate are on only. hard Right third looking we party going we've for negotiating about So talked primarily at playbook. essential Sales and continue to on hires Travel team. we're our And do around is

of bonus we that we note $XXX pool, had we're people would manageable. our is costs, year $XXX together sort be which bonus piece all is So million last think Last million. of The to to was like million. on going pool, we that thinking a more $XXX

So $XXish that for million about our if of we're a at savings on call looking XXX% it targets. perform we

move to through a was So year. year. year we strong on we'll last as bit again very year bonus and this continue the we'll update a you This probably be more moderate

you, that's George, I you to covered wanted. I everything helpful hope and hope So

Thank helpful. you. Very

Sure.

you. comes our from our one William thank next question for moment And from Blair. Andrew And question. Nicholas And next

open. now is line Your

and thanks for Hi. Good morning questions. taking my

the you had think higher X% least mentioned business And end that in historically revenue. what here terms on CGS Phil, I growth think, since that's I at acquiring of it. of grown ASV of

opportunities of if speak company particular? could on So on I'm more you being high a new little to just sustainability there the of in the of in range and the data -- wondering progress of bit on kind some single-digit maybe that private

feel Thanks the Yeah, Yeah. for question. confident. we

happy. came steady, business. We're employees acquisition to You very it. well. It's sales know, this the now, exceptionally are of a very getting that consistent during year and know over still executing a got a We've asset the us still for had team. we're so great with we've Almost all

growth new classes asset into know, -- good the isn't execution, new is think I out, quick frankly, process, And contracts. a some be as CUSIPS just issuing you of, for comes issuance to terms right? And the getting can attributed very in know, of you it

There's have board that. a you and on table lot of do parties to to to the bring get

particularly that we're two the there on entity progress loan making I So areas mentioned, the good IDs.

So consistent business. it's a

should for had steady we're you But getting we've well think a this asset performance know I to year. now You see that really from know, it again, it. just

then consistently Obviously Perfect. nice could switching to major on not bit are to reasons -- And We're think Thank are see hoping Thank spend time expect those you're come my a in are quarter. eventually more about you. wealth. from you're question another generally into space. you acquire -- ask that winning major for would you -- I opportunities just And And a you more win my those to gaps, bit winning the your gaps? maybe follow-up. we offering gears address with organically when in a through to you maybe the importantly, that the you. perspective, deals, there that wanted those walking in there BMO gaps add those or there up? as

gaps to take to Yes. doing the no question. Thanks follow-up There workstation. the to with advisor for intended market, so product very we're are we well related the that

you next for The the for you some analytics of of that of capabilities, winning the on FactSet's, really advisor know, flexibility interface, ease superior clients speed use it, And, of the top some dashboard the integrating know, we're layered really best this of action suggest -- the of advisors. the portfolios. just reasons are the we've

technology the in a parts just they in want flexible I may feeds big and that other our to components open that other hit to the allows itself, business. and bring of been That's into think addition and interface firm

It I quarters row in was seven double-digits. a a in eight think grow to or growth continues now. double-digit it So for

-- get there here and adjacencies still consistent into. performer get could see fax So that obvious to lot -- are as in and space into it grow. a a very The pointed room of you could out, could the tailwinds some we

So take advantage buy do at add on? know, an we'll either there's you something, that. you if we're do or looking and opportunity those, build, to want of Helen, to

Yeah, no, platforms. clients to I own really a are of was lot that -- their going the our say investing into technology wealth

of land we for dashboard and have opportunity. lot Phil in And room we platform quite their with So growth investing once with because solutions. actually exactly our what since workstation, an open frankly, said, of are and tons they're other advisor there's strategy, a the we seeing digital

So there us there's lot grow I continue a -- to for on. to think to

you. Great. Thank

And one our And Faiza for thank And Deutsche from comes from our moment Bank. question Alwy next question. next you.

now Your open. is line

looks the of wanted is -- Yes. I Hi. going accelerate, if in the investing evolved is curious areas Phil, know, volatility, that given you has But types to case the the it like investments investments to seasonally. I'm Good all? which about because around thinking pace morning. at if, of typically you're you're is which ask recent Thanks.

that bit might on at Sure. be it's little what and our we'll doing. what in to want know, any of year the year mean, look about Faiza. to changes. time This you I Thanks, of is a consider, we for we strategy terms exactly early comment think next

few set to initiatives. these on we that a execute initiatives out the of Many years long are ago,

more investment our deep continue actually we've execute So we well offerings. year. deal in on sector markets I investment well that that QX that and to and time. very as we result tilted towards captured nice private of in real mentioned We're this doing a a

space. see just in that much We so opportunity

You hybrid content of know, so to or platform our know, we're done analytics to can highlight partnerships. I technology we've much is, also has FactSet our one with great thing, invest you work I'd a cloud in sort strategy company and highlight and like

our developed API program. We've

that what us the beginning more we do All technology that fruit. is help you to see in future. going of that really do bear And And CTS. to piece is actually in we believe the of

a grew very good in double-digits So CTS had accelerated. quarter,

& is the down market at other you the helping but helping to And with them ways. really which data, our know, this exciting, you if solutions, in clients, is look sitting part, towards manage them tilted providing it is Technology what technology quarter CTS Content

maybe there, bit that's helpful hint evolution a a to the of if you a bit of gives you headed and that's where year. into of of next So sort we're

That's helpful. Great. very

I allocation. Just as ask capital wanted to a about follow-up,

should of So Linda you're you're in this a to expect more on buybacks about the you're those we all buybacks the Maybe to repayments how side. that mentioned color how expect bit like year? of paydown things? debt us give slow debt to about thinking balance just terms versus you Or talk you pace share immediately -- happen looking how

Sure, Faiza.

strong explained. businesses as fast for is order our and to Phil FactSet for first reinvest growing The in allocation just capital

We've last year. pool our tracked is much was year investment Our done They've same the it as pretty investments. this well. very

then pick then us can are and But happen the share about And going with dividend. -- time continue will have We're next been up we repurchase. new. maybe nicely the And as where what quite the investment our that's thing see, for the very about we things We'll has two a steady up and with or grown years. first. you has that's to on nicely that comes dividend, think coming which over

in authorization. million have We $XXX.X our

spread we'll in to a is remaining the months and year, evenly over the X-ish grid of repurchase plan program. The that use XXbX-X

here place about that we're coming excited -- share resuming weeks. pretty So And in we'll the put repurchase. sometime we're into

that much of to I be So we'll probably covers looking capital In think what pretty terms do allocation.

more to back I we've as we sort before. see of think this what getting done

down XXX -- quarter. we had a of loans CUSIP, million for loan pay down the On been the paying

things We slow may that think some has half-ish done know in get that all typical pace. of shareholders you -- these capital of sort way to years. more a down us previous FactSet what And together should in back of even I help of that's to

we the the of So back back XXXX. excited all repurchase. XXXX, about share share move year. for it helpful It that quite to us to we're going be is not the but average It's getting move into will much half as count to

Faiza. to helpful was you, detail that hope I So

Yes, very helpful. Thank you.

next And for Huber question thank next comes one And Huber from Partners. And from Research our question. our you. moment Craig

line open. Your is now

managers, capital please, but that tracking deeper, hear asset there, you venture Great. you? Thank and question, your both cycle on if buy the you're a sales on seeing would you if go sales know you. cycle little on a equity for funds, side to love is My hedge little also out the clients, bit the that you firms bit how first private

when of that's that a taking where Craig. as we're to of firm look at a bit on with Yeah, think types, to take sort specifically opposed with to Hi, as -- seeing I'll regard we the but interestingly regard sales one. a firms, little I cycles. the we're difference size of

our with already investing, spent going probably because them, many longer, are of when what I the And they've by really transformation. XX our that we through necessarily clients is their of largest larger think So deals you planning, taking about are to XX that mean deals. ability in continue months to know, digital it's not

It's actually mid-size. more in the

deals long a the a not can things how and protection next, from taking is result, tell said, from know, coming quarter trend longer. moving as We they're not, are, So, and you we very, feel some But, take way. very little long. on we will as that. bit that the one we the not, to downside But

And so on keeping eye it. we're an just

how that, bit question and about in of revised hear you would there the for as environment, in want economic outlook -- conservative came given conservativeness versus you're up trying I given top and you blame just to to then the further I of anticipate did the from what being how clients And of characterize together stock backdrop? -- here layered earlier, what a market that little tougher hearing about on ASV the put you but terms you terms just don't

maybe -- have sure Craig, and things some I'll some to a I'm say Helen will then stuff few on. add Hey,

second and the for that strength we're half, know, in CTS. do Analytics seeing the I to is what you So, highlight want

business good for those pipeline very lines -- both look of the when both So quarters and -- had they've both good. of had very

our these So more you think solutions. as enterprise of

for see a healthy from we of very a number clients firm these types. across appetite our So

coming The banking. has seats which to know, primarily area, conservatism around do with research in and, really our is you the

And and opening of two third mentioned to other comments, then types. correction we fund you in we So see that's that banking I the a the bit my know, the of as about thinking. thirds made to

and don't with you on any. So, Helen, help of add wanted if sort know to I

Yeah, I mix our banking in shape important and mind think book. it's keep of to also the

So, cross-selling so acceleration have doing. seen we're the a in of first all, of we lot

So solutions as in there. banks are, data in we've API integration, digital feeds, had growth

the really boutiques of about other call a making and then the we advisory it's number only workstation them, banking So sort hiring around piece the large as both middle the banks, And actually think majors, decisions. where of market are not is clients the itself. opportunistic then to

And shape. decent so keep that's in the helped book

two we banking. course the this have minimums, expect think the the have mix portfolio client than So our of offering diversification thirds what be of in do to and year. and slower multiyear them But contracts minimums the of sector book and we're there the last I that in

protection. us some So gives that downside

downturn. through that good I to manage So -- that feel pretty ability about our

Great. Thank you.

from RBC And our our moment Sabadra thank one you. next comes question. next Markets. And from question for And Capital Ashish

now is open. Your line

your taking just least been and can which areas for strong really like the to relatively as two has more -- mostly resilient, the environment, Content which Analytics And Thanks on as been wanted this on buy drill the question. that's we at than my side XX% I side, have see. is far on focused down in and of the business. further buy

I just quarter And was three ability to compared into there the question comparing the pipeline? the you just the pushed elongation maybe months itself. pipeline to is get I How before? comments get pipeline So year cycle, and even around can about -- versus but they out from fiscal to sales of Thanks. seeing the wondering Are come a deal? was the sorry if more talk is the it 'XX fourth deals close of matter you

Phil. Hey, I'll Ashish. It's start.

seeing line yeah, just good pipelines seen the So, both CTS. we're really I mega the this very is Analytics and buy for on we've think And last trends side the that few years. with for in

these essentially. They to partners firms all transformations. want less do own through their So with more are going

with anchor what they and the a they for have to those shorten technology work the that they're of from standpoint, So like want partners FactSet and content majority they then looking need that can tail.

also a There's to shift outsourcing.

to asset more for services seeing management So a do the beginning lot of we're clients. asset

or all XX% services in asset we're but very got stages with there last where You risk at up over solutions, middle the whether FactSet's superior multi-asset know, that's about performance different office we've the them, of it's the two think working partnerships capabilities. built really good class we year reporting of or

like partners or asset to through either buy ourselves side deploy those We directly services. the now can

of So of same strength owners. that big just -- the offer. for That very We're quarter type that's for strength asset seeing the in trend. a those good accelerated also this some we firm reasons, solutions

trend. a that's So

technology the I open sort know, very as think asset also, with, working clients. with you mentioned well. wealth managers well that's know, of That's true Helen you

can ways of that lots we there's help them. So

We On what for time the real CTS quarter. side, data of had very we're calling strong strong had pipeline market lot opportunity We a key see very there, deal. a the a that data-as-a-service.

new. is this delivering FactSet is cloud, through which the So

very have that exciting. next on-prem we clients a generation them is had offering for heavy solution that for very time, So historically, solutions think real for we're

in things that's of highlight the I would So CTS. one

very helpful color. That's

Sorry, go ahead.

with going sorts incredibly well see want I was about this to thing. thing add to retention. performance solution. we from of side the a has periods, quick buy continue with is strength workflow focus And expansion in strong. the to continued be the office to as you our In one And just middle as perspective, the think on retention we

with ticker differentiating where time much the And as only and Phil a provider plant we're resonating. with said in back very real office the factor that's that's a cloud

will -- we come fall to that see monetized. seeing they're we or cancelled. I when your bit last those when made out, when seeing become meaning into delays, they a necessarily deals the plays will think And are point, lost comment then they And not actually around not --

as can color. Thank the wealth when wealth much. just highlighted was ask the not BMO, you on the And second great despite maybe I front, the if a very That's in quarter. strength

ASV? was that that in classified of the just in as or half Thanks. does wondering, does of get I the come So something terms back else year

their Montreal Yeah, of part as continue a digital Bank it's just complete is quarter, us is no, one on believe deal for in transformation. they area but we growth and this wealth terrific

they that the follow statement -- we'll In in fact, we'll gave that. press in through the release, it's them

in but this So it is quarter.

That's helpful Thanks. very color.

our Redburn. our moment one from comes question Quelch next Russell question. thank And for And And next you. from

Your line is now open.

having Yeah, thanks on. for me

to noting was questions is of you party again somewhere So is your terms drivers, cost that improve time, we function a in Is that over over gross best-in-class of increasing? and XX%. to improve ten if to margin just go years, sort the want your sits could there answer number have to go more that margins. operate third And in here margin but sort of data above back the near-term XX%. I just that gross you around back gross point operations Today just on to more it do efficiencies margin to XX% George's I margin. buy heard

Yeah, Linda. there it's Russell, different are set competitor best-in-class in we above But where are. our businesses. is

business XX% which has Some of a an businesses them the have index plus plus which have companies of margins. have XX% and ratings margin, some

businesses. We doing those of well. think neither have We we're really

on over On the operating the that years. see margin margin points increase points that next will basis front, to we've said and adjusted XX we XX on average basis few

we So further in we're efforts on about already. to control cost very in we've spoke of terms definitely margin? put The is we're we've estate the that proud footprint, I been real Are of making answer that. place things do really good do yes. more in reduction and looking what there could progress our on

of up -- to is I have. in our changing that may technology of biggest think kind effort pick doing we're here we Phil the main And part content the that's the collection. area. And want opportunity to automate the rapidly that on what that is very

even previously and able much quickly a we do were collection do are We more ago. more, content to able with move much much quickly than more to year

ago. relevant ten was different sure happened not ago. that This I'm much years to years And very comment very, ten really on company it's what

So on the working we're margin.

year in done the growth, what for spoken ASV still margin that the -- core even for decrease about do million with we had a said holding we're before. have We $XX increases the we with will we

area. turn in talk of So the more and that it over him little let Phil particularly to we bit here a maybe content about opportunities see I'll some the

things Thanks, Linda. re-architecting our in the than Russell, content Sure. and Yeah, automating collection we've efforts had past. really been we so more yeah,

of and It collect an at that content beginning was that's for to to So that scale. because initiative some us other do we're sector on-going sets been effort. deep the necessary

but have through it. question becomes, through does the lot know, to you way promising. we're, to of beginning looks So right, through But or in sets just content, okay, within to within opportunity, drive margin a go flow different does FactSet of automation less business think And to we than content, help moving I half line? very that. content not invest way even of parts continue top more forward. lot a our that But there's It just the

Yeah. Thanks. Okay.

Okay.

think workstations been think. financial of growth To you competition consecutive we're which element has the client some of growth, under peers? there your increased that's or in Just impact degree seeing now what of backdrop due for as to client XXX just is quarters do to I a terms follow-up, from markets, an particularly the two the in

it attribute wouldn't I to competition. increased

But environment. for are New logos corporates. business growth very big I opportunity we showing be There'll still because down because private in from is of new equity firms. a strong think the

clients ten. This quarter we management think actually asset grew our I by institutional

So we're seeing growth, you different firm know, across types.

we do a firms So, exist of are in you that we the know, you out already. large are know, lot there

to FactSet potential really nice lot know, exists the formed. the know, as within is you get get a existing it firms But of So, new you names, for clients.

Thanks both.

AG. moment Credit question. one our next And And Suisse you. question for Kevin thank next comes from McVeigh And from our

now open. is line Your

meaningful it technology Helen versus bit? just little point And difference tilting How it opposed and much, -- Can is does as content so maybe relationships in more about much to Thanks of you kind is today content. growth technology that that a you're Hey, and just Snowflake kind a then how to can, of clients describing comment serving? adoption sophistication the Great. had much. of a Helen's talked earlier on call you or CTS towards the Phil, where the there? you the technology is the there you if CTS is disaggregate the

Kevin, this ways. probably And that it's about when the new technology, in hey, vast I same talk to content content. Yeah, able that in content deliver majority of being

of a shipping to So we'd do went be if that internal you with. you'd be work comma and you ago, into back ten file having delimited years flat lot a your putting systems

through APIs, layer you Snowflake, services. delivery through through on lots beginning to other partners of we and have, know, But now some do

concordance-as-a-service. service is something we have that one called So

data, some go So have if of don't you yourself. through all the mapping it to you want of

FactSet on. is we our that. what built very good business That's at

We service. will that provide

we believe there's opportunities So that. like

technology. characterizing that Moving lean real I time, in as forward I'm to think where

content put the fact this the You up could that technology we've say cloud. but as it's we're in well, --

is think technology standpoint and We a moving growth for CTS drive really forward. growth going further to from interesting

be Super me. in just and could versus difference between And I CUSIP in like million then think million. to know revenue -- to if helpful. $XX It the way a comes may the $XX looks it's there humor looks to this delta about two? The any you but those the obvious, Linda, Is relative million revenue. $X ASV like tweak the

anything to there that's first into Yeah, in Kevin, be don't about it that's little The as point. We I good estimates. perhaps But major. of had because I slowed -- think conversion a a ASV you before we there's good make a those bit to revenue bit particular. where quarter was think going feel each of little lighter pretty

doing saying know, you a And this, it's pretty probably Kevin, as been worth we're time. it's dramatic

We days to after a four weekend. here revise very guidance eventful have

that that, maybe is it we're conservative. So being possible overly

of Kevin. But seeing to be -- know know, to right you about try to the to as we very on now. where we we're updating we going we're -- don't want the what very did as the -- revenue. conversion the as good thoughtful we what Thanks yet. We watch But, we'll year, point through And rest be much, stand.

Thank you.

comes for And from you. thank Shlomo our one Stifel. from our next moment Rosenbaum question And next question. And

Your line open. is now

laid touched bit for Phil, Is it you Is people cancellations you Is questions. firm can taking it closures? the little elaborate Maybe on Hi. you off? on very Thank a a particular? there expand something little in that some much my can you on? bit? getting just

sure clarify cancellations to. Can not the I what you help question? I'm referred

-- there that you of thought was were cancellations positives that I thought some misunderstood I it? one you that some of highlighted. the there Could you you're had when you said were Americas, some that the or be negatives. you discussing I area were had

Yeah.

think you misunderstood that? I have might

ahead. Go Okay.

Helen. this in our that's approach It's had a cases there actually good Shlomo. more taking But is quarter. thinking happening is wasn't anything Hi, that. very on no, the erosion why retention. There Yeah, about which we bit on on are side, material banking deliberate we've

to bit estate year. Linda, then, additional of more And talked real real the you're some on estate you. rest a Thank planning about do actions that little Okay. you potential, the

in of downturn words, beyond If laid at lot other levers is last the that if that you for push of weekend? playbook, you we look weekend kind you've that this can out downturn what In kind you as a in a your very there us you eventful more if kind see after, last of noted, -- several spirals do quarters? more playbook was

thoughts Yeah, Shlomo. Great some question. do additional on We could we things have do.

client particularly Helen's added to critical for team, bit we've travel usage pipeline for a activity. and example, and critical back For entertainment, for

not that Real one as is a I'd make So the do. is But lighter. sure -- bit. as come we in, bit frankly, may we're the possible. on costs healthy top back a could line again absolutely we're because that little to Technology come pull may to going in get rather estate the trying

keeping going. see that sure the communicating pool clearly we're is eye you capitalization please with to keep an and the about essential bonus how goes. with then on that And largely where to it's people, this And have making We'll on hiring rate.

feel question a managing those to major I -- at are are way point, you wanted about this the always company. anticipate those we Shlomo. we're things. the ask pretty good So the And

the changeover You're And that. bit in-house. as popped successfully, get Job we did sales CUSIP one It not we number completed outstanding. ahead technology break a up brought of to always days has everyone on anything. was

on So paying to will you're third and that outstanding, the you have results speak detail. turn glad some our to lower focus now but attention DSO sales that we about quarter, Shlomo, days nice to we hope in to

Thanks that. pre-empting for

Happy to so. do

for question Kaplan Toni And question. next our from Stanley. And thank And from Morgan moment next our you. one comes

open. is now line Your

Thanks very much.

on this you sales the kind guess already environment? what new most You talked wanted cross-selling of about sets of cross-selling impacted? more up-selling understand does elongation get cycle just also -- what the impact or anticipate I in to complicated to like and being not would but the the product customers, start

Hey, I'll shot that. Toni. at take a

around bit client little a becomes it cross-selling, for think I budgets.

be are tightening that talk a cycle. their we So longer did us clearly not It sales to about belts. note also remiss folks would of

continue budgets. had need invest. that of to to is there They So of some clients, earlier, play. as them many our coming being larger into for mentioned set That said, I

on may take feeds, to the very changing major changes to So right good especially major we've from areas we've not provider there. now they momentum change front. positive seen on, of There be in in terms terms some add But of another. certain of in seen because if that especially something on need of one

will of as So lines material, along the more expansion. be projects opposed pressure to I think new the

see this they just might strength much asset some the Great. the in typically within guess uptick an purchased on refresh risk I purchasing is offerings like it? do -- And side. then And I it the of you or I terms there, something management is think client offsetting you you mentioned base guess just can of us otherwise? on, how you that's that's have know,

risk typically, is risk class where our -- typically that the be us of analytics and suite really offering, the through last momentum number been delivered Toni, is will Yeah, our multi-asset has years. for over

work models So a on we from we side our well. we integrate and lot system the risk of our providers have own of party on a as risk then number do third that

that suite, has are FactSet that our good nicely. portfolios, rest the all So very that choice your with giving analytics then your come of of and really so integrated together performance

platform. getting into FactSet core integrated With those BISAM, of and the Vermilion the acquisition

asset at the system. of office risk an So owner is and know, heart you their just go closing you're an out middle you usually when or we asset see, manager

we've there. believe a And done that we nice such job

momentum. with, We quarter wasn't rest -- heart there it. It's it's mix of have you risk. of rest things. but know, the a a the good It for performer, at the particularly always strong really It's in consistent of the

quant we're well very we we investing analytics, in did well is in fixed quarter income. with product, did which and very which our also This in,

to nice well. quarter a have it's see good as income So fixed

you. Thank Perfect.

you. comes Oppenheimer. And one Owen thank next from moment question next And our for And our Lau question. from

Your line is now open.

the And momentum off in Thank Could on Asia please question. think you at an update I my low us XX.X% you grew a Pacific? for give taking organic base. ASV

recent see now? What And change here there. environment You in going COVID forward? do think the about you policy talk there from the you right do accelerate growth can Thanks.

good If as in about funds that they well improved we terrific. know, question. quarter, growth accelerated through is Yeah, you asset demand and in as Thanks and going trying consolidation Australia, both which did particular, as in they super from efficiencies. and some in in some gain the greater half would first for be to particular, And had Australia increased the Japan. retention the I owners are in think who see demand

the they've so us. lot for complexity as connect through various -- really different differentiator mentioned, has just data to of to side. that, got a on And been data Phil our a manage their And sets the ability help them

So concordance example, in master. creating entity for helped offering has them, an our

in terms growth their with Now but own accelerated expanded also they've has Japan asset of managers. issues,

see So there we analytics. continue growth in to double-digit

recovering. Now we do Hong is that Kong see still

picked given lot last that the rule. mentioned relaxation the COVID but quarter, a up of we zero think post activity I has So

out But the of to pleased the APAC. it's but is coming book, -- beginning from, a bit you improvement So as to low the pipeline there know, a in think at happening see we point, we're this base. very

it. have reported? as another some you like material that moving you as related are kind who from people these ESG troubling And and are a know which Got you product Thanks. And investing. is see as funds away like Do to there there. some or then also about also ESG noise the attraction of I don't the trend see as and some offerings think

It's Hey, Phil. Owen.

small piece So ESG FactSet's of is a very business.

the build a to Our of strategy wants here in the that anyone view that is just and ESG. can shovels provide market picks to

of out creating know, there, that's data but in we'll anything we're the of provide like ratings not business choice or You that. ESG

the with very had a not that know of lost ever. know, market is different us. want the don't today, businesses our across the FactSet's figures. tools to get We we you So, but strongest it's of provide you volatility clients what? and all parts was we'll And deals quarter QX I good focus for seven of the huge this had right, a in three need,

large deal, is more wealth a We fantastic to a which the about. research we've that had deployment, new. BMO deal had be We And captured we very which sell-side real then been able exciting. time is public

this of a forward. to So diversity really moving and the be for reason optimistic points all the all of I business, think us of our to strength it,

much. very you Thank

thanks March our Thank take your release found So fixed Linda joining to call. Operator, us in be and just note and closing, I that we XXst. contact you forward can our from the feel first look investors today. for you, In income questions our today. with will soon free will ends Kendra for questions notes thank press additional today's investment offering, and performance update in conjunction in In give on we be an Please we you everyone meantime, on questions sure. closing. conference senior to issued Details Owen, on investors. speaking that again a for Yes, Brown grade XXth. the and call inaugural hosting with anniversary April of that all to

today's call. you for Thank participating. conference This concludes

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