FactSet Research Systems (FDS) 10-K risk factor changes: FY2021 vs FY2020

The following risks could materially and adversely affect our business, financial condition, [removed: cash flows, and] results of [removed: operations] [added: operations, and cash flows] and, as a result, the trading price of our common stock could decline.

*Management’s Discussion and Analysis of Financial Condition and Results of Operation*s and [removed: the Company’s] [added: our] Consolidated Financial Statements including the related Notes.

Many of our products, as well as our internal systems and processes, involve the [added: collection, retrieval, processing,] storage and transmission [added: through a variety] of [added: media channels of] our own, as well as supplier and customer, proprietary information and sensitive or confidential data.

Breaches of security measures could expose us, our clients or the individuals affected to a risk of loss or misuse of this information, potentially resulting in litigation and liability for us, as well as the loss of existing or potential [removed: clients.][added: clients and suppliers.]

Many jurisdictions in which we operate have laws and regulations relating to data privacy and protection of personal information, including the European Union General Data Protection Regulation, which became effective [added: May 25, 2018, California's Consumer Privacy Act, which became effective January 1, 2020, and China's Personal Information Protection Law, which becomes effective November 1, 2021.]

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[removed: Both require companies to satisfy] [added: These laws contain] requirements regarding the handling of personal and sensitive data, including our use, protection and the ability of persons whose data is stored to correct or delete such data about themselves.

Successful [added: prohibited data access and other] cyber-attacks and the failure of cyber-security systems and procedures

In providing our digital-enabled services to clients, we rely on information technology infrastructure that is managed internally along with placing reliance on third-party service [removed: providers.][added: providers for critical functions.]

We and these third-party service providers are subject to the risks of system failures and security breaches, including [removed: cyber-attacks,] [added: cyber-attacks (including those sponsored by nation-states, terrorist organizations, or global corporations seeking to illicitly obtain technology or other intellectual property),] such as phishing scams, [removed: viruses and] [added: hacking, viruses,] denials of service attacks, [added: tampering, intrusions, physical break-ins, ransomware and malware] as well as employee errors or malfeasance.

As a result, inadequacies of the [removed: third party] [added: third-party] security technologies and practices may not be detected until after a security breach has occurred.

Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently on our computer-based [removed: networks] [added: networks, database storage facilities,] and [removed: systems.][added: other network infrastructure, which are located across multiple facilities globally.]

Certain of our technologies are also dependent upon [removed: third party] [added: third-party] providers to maintain adequate systems to protect the security of our confidential information and data.

[removed: As we increase our reliance on third party] systems, our exposure to damages from services disruptions may increase, and we may incur additional costs to remedy damages caused by these disruptions.

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We have implemented procedures to control the use of source code so [removed: was] [added: as] to mitigate this risk; however, the terms of many open source licenses are also ambiguous and have not been interpreted by U.S. or other courts.

Future competitive pricing pressures may result in decreased sales volumes and price reductions, resulting in lower [removed: revenue.][added: revenue and ASV.]

Approximately [removed: 84%] [added: 83%] of our ASV is derived from our investment management clients.

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[added: Thus, economic uncertainty, lack of confidence] in the global financial system, and consolidation in this sector could adversely affect our business, financial results and future growth.

Contracts with customers also increasingly include service level requirements and [removed: audits] [added: audit] rights to review our security.

Further, the addition of new clients and the implementation of such improvements would require additional management time [added: and resources.]

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We collect and aggregate third-party content from [removed: thousands of] data suppliers, news sources, exchanges, brokers and contributors into our own dedicated online service, which clients access to perform their analyses.

Additionally, despite our efforts to comply with our third-party data supplier agreements, there can be no assurances that [removed: third parties] [added: third-parties] may not challenge our use of their content, which could result in increased licensing costs, loss of rights, and costly legal actions.

We are not dependent on any one third-party data supplier in order to meet the needs of our [removed: clients.][added: clients, with only two data suppliers representing more than 10% of our total data costs for the twelve months ended August 31, 2021.]

While we believe our service offering is distinguished by such factors as customization, timeliness, accuracy, ease-of-use, completeness and other value-added factors, if users choose to obtain the information they need from public or other sources, our [removed: business and] [added: business,] results of [removed: operations] [added: operations, and cash flows] could be adversely affected.

[removed: We need technical resources such as engineers to help] develop new products and enhance existing services.

In fiscal [removed: 2020,] [added: 2021,] approximately [removed: 41%] [added: 40%] of our revenue related to operations located outside the U.S. In addition, a significant number of our employees, approximately [removed: 76%,] [added: 78%,] are located in offices outside the U.S. We expect our growth to continue outside the U.S., with non-U.S. revenues accounting for an increased portion of our total revenue in the future.

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[added: These risks include difficulties in] developing products, services and technology tailored to the needs of non-U.S. clients, including in emerging markets; different employment laws and rules; rising labor costs in lower-wage countries; difficulties in staffing and managing personnel that are located outside the U.S.; different regulatory, legal and compliance requirements, including in the areas of privacy and data protection, anti-bribery and anti-corruption, trade sanctions and currency controls, marketing and sales and other barriers to conducting business; social and cultural differences, such as language; diverse or less stable political, operating and economic environments and market fluctuations; civil disturbances or other catastrophic events that reduce business activity; limited recognition of our brand and intellectual property protection; differing accounting principles and standards; restrictions on or adverse tax consequences from entity management efforts; and changes in U.S. or foreign tax laws.

In addition, any preventative or protective actions that governments implement or that we take in respect of a global health [removed: crisis such as COVID-19,] [added: crisis,] such as travel restrictions, quarantines or site closures, may interfere with the ability of our employees, vendors, and data suppliers to perform their respective responsibilities and obligations relative to the conduct of our business, including our ability to gather content.

[removed: If the] [added: The] COVID-19 pandemic [removed: has] [added: may still have] a substantial impact on our employees' or vendors' [removed: attendance or] productivity, [added: which could result in] our operations, including our ability to gather content, [removed: may suffer,] [added: suffering,] and in turn our results of [removed: operations] [added: operations, cash flows,] and overall financial performance may be impacted.

The [added: continued] impact of [removed: COVID-19, and the volatile regional and global economic conditions stemming from the pandemic,] [added: COVID-19] may also increase the severity or likelihood of the other risks described in this Item, any of which could have a material effect on us.

We [added: continue to] closely monitor the impact of the COVID-19 pandemic and continually assess its potential effects on our business.

[removed: Given] [added: However, given] the dynamic nature of these circumstances, the full impact of the COVID-19 pandemic cannot be reasonably estimated at this time.

If we are not able to respond to and manage the impact of such events effectively, our business and financial [removed: condition could be negatively impacted.]

[removed: Refer to Management’s] [added: *Management’s] Discussion and Analysis of Financial Condition and Results of Operations - COVID-19 [removed: Update] [added: Update*] for additional information.

Increased regulation of our clients may increase their expenses, causing them to seek to limit or reduce their costs from outside services [added: such as ours.]

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We rely on, and continuously invest in, a complex system of internal processes and controls, along with policies, procedures and training, designed to protect data that we receive in the ordinary course of business, including information from client portfolios and strategies.

However, these measures do not guarantee security, and improper access to or release of confidential information may still occur through, for example, employee error or malfeasance, system error, other inadvertent release, failure to properly purge and protect data, or cyberattack.

In some cases, these risks might be heightened when employees are working remotely.

While we have dedicated resources responsible for maintaining appropriate levels of cybersecurity and implemented systems and processes intended to help identify cyberattacks and protect and remediate our network infrastructure, we are aware that these attacks have become increasingly frequent, sophisticated, and difficult to

detect and, as a result, we may not be able to anticipate, prevent or detect all such attacks.

We also may be impacted by a cyberattack targeting one of our vendors or within our technology supply chain or infrastructure.

These risks may be heightened in connection with employees working from remote work environments, as our dependency on certain service providers, such as video conferencing and web conferencing services, has significantly increased.

In addition, to access our network, products and services, customers and other third parties may use personal mobile devices or computing devices that are outside of our network environment and are subject to their own security risk.

Cyberattacks, security breaches or third-party reports of perceived security vulnerability to our systems, even if no breach has occurred, also could damage our brand and reputation, result in litigation, regulatory actions, loss of client confidence and increased legal liability.

In addition, in the remote work environments, the daily activities and productivity of our workforce is now more closely tied to key vendors, such as video conferencing services, consistently delivering their services without material disruption.

Our ability to deliver information using the internet and to operate in a remote working environment may be impaired because of infrastructure failures, service outages at third-party internet providers, malicious attacks, or other factors.

We also may incur increased operating expenses to recover data, repair or remediate systems, equipment or facilities, and to protect ourselves from such disruptions.

As we increase our reliance on third-party

We need technical resources such as engineers to help

While to date the COVID-19 pandemic has not had a material negative impact on our financial condition, results of operations, or cash flows, due to the ongoing uncertainty related to the duration, magnitude and impact of the COVID-19 pandemic, its potential effects on our business remain uncertain.

In response to the COVID-19 pandemic, we implemented a business continuity plan with a dedicated incident management team to respond quickly and provide ongoing guidance.

condition could be negatively impacted.

Refer to Item 7.

Prior to the effectiveness of the UK's withdrawal from the European Union on January 1, 2021, the UK laws and regulations implementing MiFID II were modified to transpose aspects of EU law and address deficiencies that would have otherwise been created as a result of the withdrawal.

On January 1, 2021, the UK left the EU Single Market and Customs Union, as well as all EU policies and international agreements.

As a result, the free movement of persons, goods, services and capital between the UK and the EU ended, and the EU and the UK formed two separate markets.

On December 24, 2020, the EU reached a trade agreement with the UK (the "Trade Agreement") The Trade Agreement offers UK and EU companies preferential access to each other's markets, ensuring imported goods will be free of tariffs and quotas; however, economic relations between the UK and EU will now be on more restricted terms than existed previously.

The Trade Agreement does not incorporate the full scope of the services sector, and businesses such as banking and finance face uncertainty.

In March, 2021, the UK and EU have agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues between the two countries in a Memorandum of Understanding (the "MOU"), which is expected to be signed after formal steps are completed, although this has not yet occurred.

Further, on August 10, 2021, we received a letter (the “Letter”) from the Commonwealth relating to additional prior tax periods, requesting sales information to determine if a notice of intent to assess should be issued to FactSet with respect to these tax periods.

Based upon a preliminary review of the Letter, we believe the Commonwealth might seek to assess sales/use tax, interest and underpayment penalties on previously recorded sales transactions.

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This includes data from client portfolios and strategies.

Breaches of this confidentiality, should they occur, could result in the loss of clients and termination of arrangements with suppliers for the use of their data.

If we fail to maintain the adequacy of our internal data controls, unauthorized access or misappropriation of client or supplier data by an employee or an external third-party could occur.

May 25, 2018, and California's Consumer Privacy Act, which became effective January 1, 2020.

Thus, economic uncertainty, lack of confidence

and resources.

No single vendor or data supplier represented more than 10% of our total data costs during fiscal 2020, except for one vendor, which is a supplier of risk models and portfolio optimizer data to FactSet and represented 11% of our data costs in fiscal 2020.

These risks include difficulties in

such as ours.

The UK and the EU are currently in the process of negotiating a UK-EU free trade deal and the terms of their future relationship, but have so far not been able to finalize their future arrangement.

The deadline for these negotiations is the expiry of the transition period and the UK government has made it clear that it will not ask to extend the transition period.

The Notice follows FactSet’s previously disclosed response to a letter from the Commonwealth requesting additional sales

information.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act, ("TCJA") was signed into law.

The TCJA enacted broad changes to the U.S. Internal Revenue code, including reducing the federal corporate income tax rate from 35% to 21%, among many other complex provisions.

The ultimate impact of such tax reform may differ from our current estimate due to changes in interpretations and assumptions made by us, as well as the issuance of further regulations or guidance, or further legislative changes to the U.S. Internal Revenue code.

[removed: *This] [added: This] Management’s Discussion and Analysis of Financial Condition and Results of Operations [added: ("MD&A")] should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 8.

For a similar detailed discussion comparing fiscal [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] refer to Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations within [removed: the Company's] [added: our] Annual Report on Form 10-K for the year ended August 31, [removed: 2019.][added: 2020.]

Risk Factors of this Annual Report on Form [removed: 10-K.*][added: 10-K.]

[removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")] [added: MD&A] is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results.

- Critical Accounting [removed: Policies and] Estimates

We are focused on growing our business through three [removed: segments:] [added: reportable segments ("segments"):] the Americas, EMEA and Asia Pacific.

Within each of our segments, we primarily deliver insight and information through our [removed: four] [added: three] workflow [removed: solutions of Research,] [added: solutions: Research & Advisory;] Analytics [removed: and Trading, CTS] [added: & Trading;] and [removed: Wealth.][added: Content & Technology ("CTS").]

We combine dedicated client service with open and flexible technology offerings, such as a configurable desktop and mobile platform, comprehensive data feeds, [removed: an open marketplace,] [added: cloud-based] digital [removed: portals] [added: solutions,] and [removed: APIs.][added: application programming interfaces ("APIs").]

Our revenue is primarily derived from subscriptions to [added: our] products and services such as workstations, portfolio analytics, [removed: enterprise data,] and [removed: research management.][added: market data.]

[removed: Our strategy is] [added: We are] focused on growing our [added: global] business in [removed: each of our] three segments: the Americas, [removed: EMEA,] [added: EMEA] and [added: Asia Pacific.]

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We believe this geographical strategic alignment helps us better manage our [removed: resources.][added: resources, target our solutions and interact with our clients.]

[removed: To] [added: We further] execute on our [removed: business strategy of broad-based] growth [removed: across each geographical segment, we continue to look at ways to create value for our clients] [added: strategy] by offering data, [removed: products] [added: products,] and analytical applications within our [removed: four] [added: three] workflow [removed: solutions of Research,] [added: solutions: Research & Advisory;] Analytics [removed: and Trading, CTS] [added: & Trading;] and [removed: Wealth.][added: CTS.]

Fiscal [removed: 2020] [added: 2021] Year in Review

Revenue for the fiscal year [removed: 2020] [added: 2021] was [removed: $1.49] [added: $1.6] billion, an increase of [removed: 4.1%] [added: 6.5%] from the prior year.

[removed: This increase was due to growth] [added: Revenue increased] across [removed: all] our operating segments, primarily in the Americas, followed by EMEA and Asia Pacific, supported by increased revenue from each of our workflow solutions, mainly in Analytics [removed: and] [added: &] Trading, followed by CTS and Wealth.

Revenue also [removed: increased] [added: grew] due to the benefit from our annual price increase.

The revenue growth of [removed: 4.1%] [added: 6.5%] was [removed: fully] [added: primarily] attributed to organic revenue growth, which excludes the effects of acquisitions and dispositions completed in the last 12 months, changes in foreign currency rates in all periods presented and the deferred revenue fair value adjustments from purchase accounting (Refer to *Results of Operations, Non-GAAP Financial Measures* in this [removed: *MD&A*] [added: MD&A] for further discussion on organic revenue).

As of August 31, [removed: 2020,] [added: 2021,] organic annual subscription value ("organic ASV") plus [removed: professional services] [added: Professional Services] totaled [removed: $1.56] [added: $1.7] billion, an increase of [removed: 5.3%] [added: 7.2%] over [removed: the prior year.][added: August 31, 2020.]

Operating income increased [removed: by 0.4%] [added: 7.8%] and diluted earnings per share ("EPS") increased [removed: 6.3%] [added: 7.4%] compared [removed: to] [added: with] the prior year.

This increase in operating income and EPS was primarily driven by revenue growth of [removed: 4.1%,] [added: 6.5%,] a decrease in non-compensatory employee related [removed: expenses] [added: expenses, an impairment of an investment that occurred in fiscal 2020] and a [removed: reduction] [added: decrease] in [removed: bad debt expense.][added: professional fees.]

This increase was partially offset by higher spend in employee compensation, including stock-based [removed: compensation, increased computer-related expenses, the impairment of an investment] [added: compensation] and [removed: increased professional fees on a year-over-year basis.]

Additionally, EPS benefited from a reduction in [removed: the income tax provision,] interest expense and diluted weighted average shares [removed: outstanding,] [added: outstanding] compared [removed: to] [added: with] the prior year period.

Our clients and users reached new highs of [removed: 5,875] [added: 6,453] and [removed: 133,051,] [added: 160,932,] respectively, in fiscal [removed: 2020.][added: 2021.]

Over the last 12 months, we returned [removed: $310.1] [added: $382.6] million to stockholders in the form of share repurchases and dividends.

As of August 31, [removed: 2020,] [added: 2021,] our employee count was [removed: 10,484,] [added: 10,892,] up [removed: 8.3%] [added: 3.9%] in the past 12 months, due primarily to an increase in net new employees of [removed: 9.8%] [added: 6.6%] in Asia [removed: Pacific, 6.4%] [added: Pacific and 0.7%] in EMEA, [removed: and 5.4%] [added: partially offset by a decrease of 1.5%] in the Americas.

Of our total employees, as of August 31, [removed: 2020, 6,643] [added: 2021, 7,080] were located in Asia Pacific, [removed: 2,477] [added: 2,439] were located in the Americas and [removed: 1,364] [added: 1,373] were located in EMEA.

Our centers of excellence, located in [removed: India and] [added: India,] the Philippines, [added: and Latvia,] primarily focus on content collection that [removed: benefit] [added: benefits] all our segments.

[removed: Client satisfaction] [added: A client-centric approach] is [added: foundational to our ongoing achievements,] therefore [added: client satisfaction is] critical to how we measure [removed: the success] our success.

According to our global client satisfaction survey, greater than [removed: 93%] [added: 94%] of respondents were satisfied or very satisfied with [removed: FactSet’s] [added: our] support.

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[removed: We have] [added: In response to the COVID-19 pandemic, we] implemented a business continuity plan with a dedicated incident management team to respond quickly and [removed: effectively to changes in our environment to] [added: provide ongoing guidance so that we could] continue offering our clients uninterrupted products, services and support while also protecting our employees.

[removed: We have] [added: At the outset of the pandemic, we] required the vast majority of our employees at our offices across the globe (including our corporate headquarters) to work remotely [removed: on a temporary basis] and [removed: have] implemented global travel restrictions for our employees.

We believe [removed: our transition to remote working has] [added: these actions have] been successful and [removed: has] [added: that the pandemic, and our responses, have] not significantly affected [removed: our] [added: the] financial results for [removed: the] [added: our 2021] fiscal [removed: year ended August 31, 2020.][added: year.]

[removed: We are planning] [added: Since that time, we have begun] to re-open many of our offices [removed: during fiscal 2021,] [added: globally,] utilizing a three-phased approach to provide flexibility for employees [added: wishing to work from our offices] with a focus on social distancing and [removed: safety.][added: safety while acting consistently with applicable local regulations.]

Our offices will not re-open [added: fully] until local authorities permit us to do so and our own criteria and conditions to ensure employee health and safety are satisfied.

As of August 31, [removed: 2020,] [added: 2021,] there have been minimal interruptions in our ability to provide our products, services and support to our clients.

We continue to work closely with our clients to provide consistent access to our products and services and have remained flexible to achieve client [removed: priorities as many implement their own contingency plans.][added: priorities.]

[removed: These additional expenses were not material] [added: As we have continued] to [removed: our fiscal 2020 results,] [added: work in remote] and [added: hybrid environments,] reductions in discretionary spending, particularly travel and entertainment, have more than offset [removed: these] [added: any related] increased expenses.

- Annual Subscription Value ("ASV")

- Employee Headcount

- Non-GAAP Financial Measures

FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial data and analytics company with open and flexible technology and a purpose to drive the investment community to see more, think bigger, and do their best work.

Our strategy is to become the leading open content and financial analytics platform in the industry that delivers differentiated advantage for our clients’ success.

For over 40 years, the FactSet platform has delivered expansive data, sophisticated analytics, and flexible technology that global financial professionals need to power their critical investment workflows.

Over 160,000 asset managers and owners, bankers, wealth managers, corporate firms, including private equity and venture capital firms, and others use our personalized solutions to identify opportunities, explore ideas, and gain a competitive advantage, in areas spanning investment research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting across the investment lifecycle.

We provide financial data and market intelligence on securities, companies and industries to enable our clients to research investment ideas, as well as offering them the capabilities to analyze, monitor and manage their portfolios.

We advance our industry by comprehensively understanding our clients’ workflows, solving their most complex challenges, and helping them achieve their goals.

By providing them with the leading open content and analytics platform, an expansive universe of concorded data they can trust, next-generation workflow support designed to help them grow and see their next best action, and the industry’s most committed service specialists, FactSet puts our clients in a position to outperform.

Client needs and market dynamics continue to evolve at an accelerated pace with an increasing demand for differentiated, personalized, and connected data, an ongoing shift to multi-asset class investing, and cost rationalization as the shift from active to passive investing continues.

Clients are seeking new cloud-based solutions that enable self-service and automation, open and flexible systems, and increased efficiencies when integrating and managing data as part of their own broader digital transformations.

FactSet’s strategy focuses on building the leading open content and analytics platform that delivers differentiated advantages for our clients’ success – in keeping with our purpose of enabling the investment community to see more, think bigger and do their best work.

We want to be the trusted partner of choice for clients, to anticipate their needs and provide them with the most innovative solutions to make them more efficient.

This includes transforming the way our clients discover, decide, and act on an opportunity using our digital platform; purposefully increasing our pace and speed to market by streamlining how we work; and investing in our future workforce.

To execute on our strategy, we plan on the following:

- Growing our digital platform: Scaling up our Content Refinery by providing the most comprehensive and connected inventory of industry, proprietary, and third-party data for the financial community, including granular data for key industry verticals, private companies, wealth, and environmental social and governance ("ESG").

Driving next-generation workflow solutions by creating personalized and integrated solutions to streamline workflows which includes solutions for asset managers, asset owners, sell side, wealth and corporate clients.

Our goal is to deliver tangible efficiencies to our clients by connecting data and analytics with a cloud based eco-system, enabling them to manage work more effectively through an integrated investment lifecycle.

- Delivering execution excellence: Building a more agile and digital first-minded organization that increases the speed of our product creation and go-to-market strategy.

To capitalize on market trends and give our clients innovative tools, we plan to release new products built on a cloud-based digital foundation as well as migrating our existing data and applications to the cloud.

Additionally, we expect to rationalize our existing product portfolio to reinvest in higher return products.

- Driving a growth mindset: Recruiting, training and empowering a diverse and operationally efficient workforce to drive sustainable growth.

To drive a more performance-based culture, we are investing in talent who can create leading technological solutions, efficiently execute our go-to-market strategy and achieve our growth targets.

At the center of our strategy is the relentless focus on our clients and their FactSet experience.

We want to be a trusted partner and service provider, offering hyper-personalized digital products for clients to research ideas, uncover relevant insights, and leverage cognitive computing to help get the most out of their data and analytics.

Additionally, we continually evaluate business opportunities such as acquisitions and partnerships to help us expand our capabilities and competitive differentiators across the investment portfolio lifecycle.

increased computer-related expenses.

We garnered multiple awards during fiscal 2021, with honors spanning multiple workflows, including research, risk, performance, trading, and wealth management.

Our expanding suite of datasets stood out, most notably in the ESG and alternative categories, for its depth and innovation in delivery mechanisms.

We were recognized by over thirty industry awards and rankings reports, including winning three categories in WatersTechnology’s 2021 Inside Market Data & Inside Reference Data awards: best alternative data provider, best ESG data provider, and best overall data or service provider for 2021.

Our client service teams are a critical component of our comprehensive value proposition, and include a versatile group of financial data and modeling experts, with extensive knowledge of financial markets and FactSet solutions.

Our client service teams take a consultative approach to understand our clients’ challenges and objectives to strategically leverage our workflow solutions and deliver support of the highest standard.

Our clients have continuous access to our support desk, trained to respond to both project and technical support questions.

We anticipate that the ability to open offices will vary significantly from region to region based on a number of factors, including the availability of COVID-19 vaccines and the spread of COVID-19 variants.

We have worked with local organizations to procure vaccines for our employees and encouraged them to get vaccinated.

Based on our success in working in a remote environment during the COVID-19 pandemic, we expect to implement a new work standard under which employees in many of our locations, where permitted by local laws and regulations, and where the role permits, will have the opportunity to choose between different work arrangements.

These include working either in a hybrid arrangement, where an employee can split time between working from the office and working from a pre-approved remote location, or a fully remote arrangement, where an employee can work entirely from a pre-approved remote location.

To date, the COVID-19 pandemic has not had a material negative impact on our revenue, earnings or ASV.

We incurred additional expenses at the start of the COVID-19 pandemic, particularly relating to equipment to enable our employees to support our clients while working remotely, which were not material to our fiscal 2021 results.

- Key Metrics

FactSet is a global provider of integrated financial information, analytical applications and industry-leading services for the investment and corporate communities.

For over 40 years, global financial professionals have utilized our content and multi-asset class solutions across each stage of the investment process.

Our goal is to provide a seamless user experience spanning idea generation, research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting, in which we serve the front, middle, and back offices to drive productivity and improved performance.

Our flexible, open data and technology solutions can be implemented both across the investment portfolio lifecycle or as standalone components serving different workflows in the organization.

We currently serve a wide range of financial professionals, which include but are not limited to, portfolio managers, investment research professionals, investment bankers, risk and performance analysts, wealth advisors, and corporate clients.

We provide both insights on global market trends and intelligence on companies and industries, as well as capabilities to monitor portfolio risk and performance and execute trades.

Current technology trends are leading to a greater demand to deliver a fully digital and integrated client experience.

To take advantage of these developments we have focused our innovations and strategic investments in cloud computing, data lakes, APIs and our hosted proprietary data and analytics platform to provide real-time, predictive business intelligence for a seamless client experience.

We continue to expand our broad financial content to provide support for our clients' most sophisticated investment strategies including enhanced data in private markets, industry specific deep sector and ESG.

As a premier financial solutions provider for the global financial community, we provide workflow solutions and leading analytical applications, powered by cognitive capabilities and robust technology, across the investment portfolio lifecycle.

We bring the front, middle and back offices together to drive productivity and performance at every step of the investment process using our open and scalable solutions.

Asia Pacific.

FactSet garnered many awards in 2020, with honors covering every aspect of the Company's business.

Highlights include: Buy-Side Market Risk Management Product of the Year from the Risk.net Markets Technology Awards; Best EMS from the Markets Media Markets Choice Awards; Best Client Reporting Solution from the FTF News Technology Innovation Awards; Best Technology Provider, Client Portals, from the Wealthmanagement.com Awards; and various awards including Best Data Provider to the Buy-Side, Best Data Provider to the Sell-Side, and Best Buy-Side Data Analytics Tool organized by Waters Technology.

An important part of our comprehensive value to clients is our Customer Success team, a versatile group of business-people with knowledge of financial markets and FactSet's solutions.

Customer Success Managers work closely with our clients, advising them on how FactSet's solutions can best be leveraged to enhance efficiency across workflows.

Additionally, our information and analytical applications are supported by a team of financial data and modeling experts, who take a consultative approach to fully understand our clients’ challenges and advise them on how FactSet solutions can best be tailored and leveraged to meet each client's unique objectives and strategies.

A client-centric approach is foundational to the Company's ongoing achievements.

The COVID-19 virus has spread to nearly all regions in the world, creating significant uncertainties and disruption in the global economy.

We closely monitor pandemic-related developments, and our highest priority is the health and safety of our employees, clients, vendors and stakeholders.

We have taken, and continue to take, numerous steps to address the COVID-19 pandemic.

We will continue to coordinate our COVID-19 response based on guidance from global health organizations, relevant governments and pandemic response best practices.

Nearly all our employees are currently working remotely.

There can be no assurances as to when we re-open our offices or that there will be no negative impacts arising from the return to the office environment.

We have increased our support desk resources to manage increased volumes and have extended additional web IDs to our clients in need of immediate remote access to financial data.

We have not observed any significant client loss, deterioration in the collectability of receivables, reduction in liquidity, or decline in subscription renewal rates as a result of the COVID-19 pandemic.

To date, we have not seen the COVID-19 pandemic having a material impact on our revenue or ASV, although we anticipate that there may be some level of revenue and ASV weakness going forward due to longer sales cycles and lower incremental client billings.

The COVID-19 pandemic could curtail our clients’ spending and lead them to delay or defer purchasing decisions or product and service implementations or may cause them to cancel or reduce their spending with us.

In determining the possible revenue and ASV impact from the COVID-19 pandemic, we consider the potential delay in decision making causing longer sales cycles (or conversely delayed cancellations from clients); implementation risk due to restrictions on being able to work onsite at our clients' facilities; and possible reduced seasonal hiring at investment banks, which are some of our largest clients, over the summer months.

We have incurred, and expect to continue to incur, additional expenses in response to the COVID-19 pandemic, including costs to enable our employees to support our clients while working remotely.

We believe that implementing additional cost reduction efforts will help us mitigate the impact that any reduced revenues may have on our future operating income.

We may consider reducing expenses further through such methods as reduction of discretionary spending, including travel and entertainment; tighter management of headcount spending; and reduction in variable third-party content costs in a manner consistent with client demand.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security ("CARES") Act was signed into law to address the economic impact of the COVID-19 pandemic.

We continue to monitor any effects that may result from the CARES Act and other similar legislation or actions in geographies in which our business operates.

Key Metrics

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| ASV(1) | | | $ | 1,539.2 | | | | | $ | 1,458.0 | | | | |

| Organic ASV | | | $ | 1,534.5 | | | | | $ | 1,458.0 | | 5.2 | | % |

To manage the exposures related to the effects of foreign exchange rate fluctuations, [removed: the] we utilize derivative instruments (foreign currency forward contracts).

The changes in fair value for these foreign currency forward contracts are initially reported as a component of [removed: AOCL] [added: Accumulated other comprehensive loss ("AOCL")] and subsequently reclassified into operating expenses when the hedged exposure affects earnings.

A sensitivity analysis was performed based on the estimated fair value of all foreign currency forward contracts outstanding at August 31, [removed: 2020.][added: 2021.]

If the U.S. dollar had been 10% weaker, the fair value of outstanding foreign currency forward contracts would have increased by [removed: $13.0] [added: $15.3] million, which would have had an immaterial impact on our Consolidated Balance Sheet.

If we had no hedges in place as of August 31, [removed: 2020,] [added: 2021,] a hypothetical 10% weaker U.S. dollar against all foreign currencies from the quoted foreign currency exchange rates at August 31, [removed: 2020,] [added: 2021,] with operating results held constant in local currencies, would result in a decrease in operating income [removed: by $35.4] [added: of $38.2] million over the next 12 months.

A hypothetical 10% weaker U.S. dollar against all foreign currencies at August 31, [removed: 2020] [added: 2021] would have increased the fair value of total assets by [removed: $66.3] [added: $71.4] million and equity by [removed: $41.6] [added: $46.7] million.

Refer to Note 6, *Derivative Instruments* in the Notes to the [removed: Company’s] Consolidated Financial Statements included in Item 8.

The fair market value of our cash and cash equivalents and investments at August 31, [removed: 2020] [added: 2021] was [removed: $605.2] [added: $717.8] million.

Refer to Note 3, *Summary of Significant Accounting [removed: Policie*s] [added: Policies*] in the Notes to the [removed: Company’s] Consolidated Financial Statements included in Item 8.

of this Annual Report on Form 10-K for more information on our cash and cash [removed: equivalents and investments policies.][added: equivalents.]

As of August 31, [removed: 2020,] [added: 2021,] we had long term debt outstanding under the 2019 Revolving Credit Facility with a principal balance of $575.0 million.

Assuming all terms of our outstanding long-term debt remained the same, a hypothetical 25 basis point change (up or down) in the one-month LIBOR would result in a $0.7 [added: million change to our annual interest expense for the portion of the long-term debt not hedged by the interest rate swap agreement.]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

Refer to Note [removed: 12,] [added: 13,] *Debt* in the Notes to the [removed: Company’s] Consolidated Financial Statements included in Item 8.

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

Volatility in the British Pound Sterling exchange rate remains a possibility in the short term as the UK continues the transition resulting from its exit from the European Union.

In the longer term, any impact from Brexit will depend on, in part, the outcome of tariff, regulatory, and other negotiations.

Refer to Item 1A.

*Risk Factors* of this Annual Report on Form 10-K for further discussion on Brexit.

million change to our annual interest expense for the portion of the long-term debt not hedged by the interest rate swap agreement.

We are focused on growing our business through three [removed: segments:] [added: reportable segments ("segments"):] the [removed: Americas (formerly known as U.S.),] [added: Americas,] EMEA [removed: (Europe] and [removed: Africa, formerly known as Europe), and] Asia Pacific.

Within each of our segments, we primarily deliver insight and information through our [removed: four] [added: three] workflow [removed: solutions of Research,] [added: solutions: Research & Advisory;] Analytics [added: & Trading;] and [removed: Trading,] Content [removed: and] [added: &] Technology [removed: Solutions ("CTS") and Wealth.][added: ("CTS").]

We combine dedicated client service with open and flexible technology offerings, such as a configurable desktop and mobile platform, comprehensive data feeds, [removed: an open marketplace,] [added: cloud-based] digital [removed: portals] [added: solutions,] and application programming interfaces ("APIs").

Our revenue is primarily derived from subscriptions to [added: our] products and services such as workstations, portfolio analytics, [removed: enterprise data,] and [removed: research management.][added: market data.]

FactSet was founded in 1978 and has been publicly [removed: held] [added: traded] since [added: June] 1996.

Fiscal [removed: 2020] [added: 2021] marked our [removed: 42nd] [added: 43rd] year of operations [removed: and] [added: and,] while much has changed in both markets and technology, our focus has always been to provide best-in-class products and exceptional client service.

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

[removed: Our strategy is] [added: We are] focused on growing our [added: global] business in [removed: our] three segments: the Americas, EMEA and Asia Pacific.

We believe this geographical strategic alignment helps us better manage our resources, [removed: direct] [added: target] our solutions and interact with our clients.

[removed: To] [added: We further] execute on our [removed: business] [added: growth] strategy [removed: of broad-based growth, we continue to look at ways to create value for our clients] by offering data, products, and analytical applications within our [removed: four] [added: three] workflow [removed: solutions of Research,] [added: solutions: Research & Advisory;] Analytics [removed: and Trading, CTS] [added: & Trading;] and [removed: Wealth.][added: CTS.]

[removed: Research][added: Research & Advisory]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

[removed: combines] [added: These solutions deliver essential and integrated content into one flexible platform with] global coverage, deep history, and transparency [removed: with thousands of FactSet-sourced] [added: through both FactSet] and third-party [removed: databases integrated in one flexible platform.][added: sourced databases.]

Analytics [removed: and] [added: &] Trading

[removed: Wealth is focused on the wealth management industry and creates offerings that] [added: Our RMS & advisory solutions also] enable [added: our] wealth [removed: professionals] [added: clients to provide market leading support] across [removed: an] [added: their] entire enterprise, including home office, advisory, and client engagement.

CTS focuses on delivering [removed: content] [added: data] directly to our [removed: clients.][added: clients by leveraging FactSet's core content and technology.]

Whether a client needs market, company, [removed: or] alternative data, [removed: our data delivery services] [added: or customized client facing digital solutions, we] provide [removed: normalized] [added: structured] data through a variety of technologies, such as [removed: APIs, cloud infrastructure, database loaders] [added: APIs] and [removed: formats that meet the needs of our clients’ workflows.][added: cloud infrastructures.]

By enabling our clients to utilize their preferred choice of [added: cloud infrastructure and] industry standard databases, programming languages, and data visualization tools, [removed: we empower them to focus on the core competencies needed to drive their business.][added: our clients can centralize, integrate, and analyze disparate data sources for faster and more cost-effective decision making.]

Buy-side clients continue to shift increasingly towards multi-asset class investment strategies and [removed: FactSet is] [added: we are] well-positioned to be a partner of choice in this space.

Our ability to provide enterprise-wide solutions to our clients across their entire [removed: workflow] [added: workflow,] covering virtually every asset [removed: class] [added: class,] enables us to compete for greater market share.

They access our multi-asset-class tools by utilizing our workstations, [removed: analytics and trading] [added: Analytics & Trading] tools, proprietary content, data feeds, APIs and portfolio services.

The buy-side annual subscription value ("ASV") growth rate for fiscal [removed: 2020] [added: 2021] was [removed: 5.4%.][added: 6.5%.]

Buy-side clients accounted for [removed: approximately 84%] [added: 83.2%] of our ASV as of August 31, [removed: 2020.][added: 2021.]

ASV at any [removed: given] point in time represents the forward-looking revenue for the next 12 months from all subscription services currently being supplied to clients and excludes professional service fees, which are not subscription-based.

[removed: FactSet delivers] [added: We deliver] comprehensive solutions to sell-side clients including workstation, proprietary and third-party content, productivity tools for Microsoft® Office, web and mobile, and [removed: research management solutions] [added: RMS] for research authoring and publishing.

Our focus remains on expanding the depth of content offered and increasing workflow efficiency for [removed: our] sell-side [removed: clients, primarily including investment bankers and private equity and research analysts.][added: firms.]

The sell-side ASV growth rate for fiscal [removed: 2020] [added: 2021] was [removed: 4.6%.][added: 12.0%.]

Sell-side clients accounted for [removed: approximately 16%] [added: 16.8%] of our ASV as of August 31, [removed: 2020.][added: 2021.]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

Our total client count as of August 31, [removed: 2020] [added: 2021] was [removed: 5,875,] [added: 6,453,] representing a net increase of [removed: 301] [added: 578] or [removed: 5.4%] [added: 9.8%] in the last 12 months.

As of August 31, [removed: 2020] [added: 2021] there were [removed: 133,051] [added: 160,932] professionals using FactSet, representing a net increase of [removed: 6,229] [added: 19,796] or [removed: 4.9%] [added: 14.0%] in the last 12 months, [removed: driven] primarily [added: driven] by [added: an increase in research,] wealth [removed: management] and corporate [removed: professionals.][added: solutions users.]

Annual [removed: client] [added: ASV] retention was greater than 95% [removed: of ASV] for the period ended August 31, [removed: 2020] [added: 2021] and August 31, [removed: 2019.][added: 2020.]

When expressed as a percentage of clients, annual retention increased to approximately [removed: 90%] [added: 91%] for the period ended August 31, [removed: 2020,] [added: 2021,] compared [removed: to] [added: with] approximately [removed: 89%] [added: 90%] for the period ended August 31, [removed: 2019.][added: 2020.]

Organic ASV [added: plus Professional Services] Growth

Organic ASV [removed: growth] [added: plus Professional Services] at any [removed: given] point in time [removed: represents the] [added: equals our] forward-looking revenue for the next 12 months from all subscription services currently being supplied to [removed: clients and excludes] [added: clients, excluding] ASV from acquisitions and dispositions completed within the last 12 [removed: months,] [added: months and] the effects of foreign currency movements on the current year [removed: period and] [added: period, plus] professional services.

As of August 31, [removed: 2020,] [added: 2021,] our [removed: organic] [added: Organic] ASV [added: plus Professional Services] totaled [removed: $1.53] [added: $1.68] billion, up [removed: 5.2%] [added: 7.2%] over the prior year comparable period.

[removed: The] [added: This] increase [removed: in ASV] was driven by [removed: growth] [added: additional sales] in [removed: all] our workflow solutions, [removed: mainly driven by an increase] [added: primarily] in Analytics [removed: and] [added: &] Trading, [removed: followed by] CTS and [removed: Wealth.][added: Research.]

The following chart provides a snapshot of [removed: FactSet’s] [added: our] historic [removed: organic] [added: Organic] ASV [added: plus Professional Services] growth:

Operating segments are defined as components of an enterprise that have the following characteristics: (i) [removed: it engages] [added: they engage] in business activities from which [removed: it] [added: they] may earn [removed: revenues] [added: revenue] and incur [removed: expenses,] [added: expense,] (ii) [removed: its] [added: their] operating results are regularly reviewed by the [removed: company’s] chief operating decision maker ("CODM") for resource allocation decisions and performance assessment, and (iii) [removed: its] [added: their] discrete financial information is available.

[removed: FactSet's] [added: At FactSet, our] Chief Executive Officer [added: ("CEO")] functions as our CODM.

FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial data and analytics company with open and flexible technology and a purpose to drive the investment community to see more, think bigger, and do their best work.

Our strategy is to become the leading open content and financial analytics platform in the industry that delivers differentiated advantage for our clients’ success.

For over 40 years, the FactSet platform has delivered expansive data, sophisticated analytics, and flexible technology that global financial professionals need to power their critical investment workflows.

Over 160,000 asset managers and owners, bankers, wealth managers, corporate firms, including private equity and venture capital firms, and others, use our personalized solutions to identify opportunities, explore ideas, and gain a competitive advantage, in areas spanning investment research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting across the investment lifecycle.

We provide financial data and market intelligence on securities, companies and industries to enable our clients to research investment ideas, as well as offering them the capabilities to analyze, monitor and manage their portfolios.

We advance our industry by comprehensively understanding our clients’ workflows, solving their most complex challenges, and helping them achieve their goals.

By providing them with the leading open content and analytics platform, an expansive universe of concorded data they can trust, next-generation workflow support designed to help them grow and see their next best action, and the industry’s most committed service specialists, FactSet puts our clients in a position to outperform.

of this Annual Report on Form 10-K for further discussion.

Client needs and market dynamics continue to evolve at an accelerated pace with an increasing demand for differentiated, personalized, and connected data, an ongoing shift to multi-asset class investing, and cost rationalization, as the shift from active to passive investing continues.

Clients are seeking new cloud-based solutions that enable self-service and automation, open and flexible systems, and increased efficiencies when integrating and managing data as part of their own broader digital transformations.

FactSet’s strategy focuses on building the leading open content and analytics platform that delivers differentiated advantages for our clients’ success – in keeping with our purpose of enabling the investment community to see more, think bigger and do their best work.

We want to be the trusted partner of choice for clients, to anticipate their needs and provide them with the most innovative solutions to make them more efficient.

This includes transforming the way our clients discover, decide, and act on an opportunity using our digital platform; purposefully increasing our pace and speed to market by streamlining how we work; and investing in our future workforce.

To execute on our strategy, we plan on the following:

- Growing our digital platform: Scaling up our content refinery by providing the most comprehensive and connected inventory of industry, proprietary, and third-party data for the financial community, including granular data for key industry verticals, private companies, wealth, and environmental social and governance ("ESG").

We are driving next-generation workflow solutions by creating personalized and integrated workflows which include targeted solutions for

asset managers, asset owners, sell side, wealth and corporate clients.

Our goal is to deliver tangible efficiencies to our clients by connecting data and analytics with a cloud based eco-system, enabling them to manage work more effectively through an integrated investment lifecycle.

- Delivering execution excellence: Building a more agile and digital first-minded organization that increases the speed of our product creation and go-to-market strategy.

To capitalize on market trends and give our clients innovative tools, we plan to release new products built on a cloud-based digital foundation as well as migrating our existing data and applications to the cloud.

Additionally, we expect to rationalize our existing product portfolio to reinvest in higher return products.

- Driving a growth mindset: Recruiting, training and empowering a diverse and operationally efficient workforce to drive sustainable growth.

To drive a more performance-based culture, we are investing in talent who can create leading technological solutions, efficiently execute our go-to-market strategy and achieve our growth targets.

At the center of our strategy is the relentless focus on our clients and their FactSet experience.

We want to be a trusted partner and service provider, offering hyper-personalized digital products for clients to research ideas, uncover relevant insights, and leverage cognitive computing to help get the most out of their data and analytics.

Additionally, we continually evaluate business opportunities such as acquisitions and partnerships to help us expand our capabilities and competitive differentiators across the investment portfolio lifecycle.

Our Research & Advisory workflow is designed to personalize and automate vital aspects of the research process, providing idea generation, company and market analysis, presentation building and distribution, and research management.

Research offerings focus on providing tools that optimize workflows of portfolio managers, buy and sell side analysts, investments bankers, investment relationship professionals and other clients within our expanding user base.

Our workstation, mobile, API, and Research Management Solutions ("RMS") easily integrate with our clients’ ecosystems, powering a streamlined workflow and enabling users to focus more time on high-value tasks.

Analytics & Trading provides solutions for institutional asset managers and asset owners across the investment portfolio lifecycle, connecting all essential front and middle office investment functions.

Fundamental and quantitative research, portfolio construction, order management and trade execution tie into advanced portfolio attribution and performance measurement, risk management, and reporting.

The proprietary and third-party models, concorded data, analytics and reporting are in an open framework supporting flexible access through the platform and APIs, and can be deployed as an enterprise system that meets evolving, holistic multi-asset class needs or as individual workflow components that can connect into our clients’ investment technology ecosystems.

Through our Data Management Services ("DMS"), we provide entity mapping and integration of client data.

Buy-side clients primarily include asset managers, asset owners, wealth managers, hedge funds, corporate firms and channel partners.

These firms primarily include broker-dealers, banking and advisory, private equity and venture capital firms.

primarily driven by an increase in wealth management and corporate clients as well as third-party data providers.

The count includes clients with ASV of $10,000 and above.

Organic ASV increased across all our geographic segments, with the majority of the increase related to the Americas, followed by EMEA and Asia Pacific.

Beginning with our 2022 fiscal year, we have reorganized our workflows into three solutions: Research & Advisory; Analytics & Trading; and CTS, to better align our products and go-to-market strategy.

Refer to Note 19, *Segment Information* in the Notes to the Consolidated Financial Statements included in Part II, Item 8.

FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "FactSet") is a global provider of integrated financial information, analytical applications and industry-leading services for the investment and corporate communities.

For over 40 years, global financial professionals have utilized our content and multi-asset class solutions across each stage of the investment process.

Our goal is to provide a seamless user experience spanning idea generation, research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting, in which we serve the front, middle, and back offices to drive productivity and improved performance.

Our flexible, open data and technology solutions can be implemented both across the investment portfolio lifecycle or as standalone components serving different workflows in an organization.

We currently serve a wide range of financial professionals, which include but are not limited to portfolio managers, investment research professionals, investment bankers, risk and performance analysts, wealth advisors, and corporate clients.

We provide both insights on global market trends and intelligence on companies and industries, as well as capabilities to monitor portfolio risk and performance and execute trades.

The following timeline depicts the Company’s history since our founding in 1978:

Current technology trends are leading to a greater demand to deliver a fully digital and integrated client experience.

To take advantage of these developments we have focused our innovations and strategic investments in cloud computing, data lakes, APIs and our hosted proprietary data and analytics platform to provide real-time, predictive business intelligence for a seamless client experience.

We continue to expand our broad financial content to provide support for our clients' most sophisticated investment strategies, including enhanced data in private markets, industry specific deep sector and environmental, social and governance ("ESG").

As a premier financial solutions provider for the global financial community, we provide workflow solutions and leading analytical applications, powered by cognitive capabilities and robust technology, across the investment portfolio lifecycle.

We bring the front, middle and back offices together to drive productivity and performance at every step of the investment process using our open and scalable solutions.

Research focuses on company analysis, idea generation, and research management.

The tools within Research provide solutions to analyze public and private companies, generate ideas and discover opportunities.

Research also allows users to monitor the global markets, to gain industry and market insights, and to collaborate on and share information across teams.

FactSet

Analytics and Trading addresses processes around portfolio analytics, risk management and performance measurement and attribution.

Analytics and Trading also focuses on client reporting, portfolio construction, trade execution and order management.

The applications within Analytics and Trading are modularized and deployed to fulfill both targeted and holistic needs in the front and middle offices.

Analytics and Trading integrates our clients’ proprietary data along with FactSet and third-party content to bring actionable insights to the portfolio management process.

Analytics and Trading tools are accessible through a variety of mediums, including the FactSet workstation and application programming interfaces.

Wealth

Wealth empowers wealth managers to demonstrate value to clients and prospects while growing and protecting their assets with FactSet’s combined solution set of portfolio analytics, market monitoring tools, multi-asset class research and customized client facing digital solutions.

Our research management solutions products enable our wealth management clients to increase collaboration and communication between home office and advisory functions within the firm and deliver consistent and scalable messaging to the clients of the advisor.

Buy-side clients primarily include portfolio managers, analysts, traders, wealth managers, performance teams and risk and compliance teams at a variety of firms, such as traditional asset managers, wealth advisors, corporations, hedge funds, insurance companies, plan sponsors and fund of funds.

The net increase was primarily due to an increase in corporate and wealth management clients, partially offset by a decrease in institutional asset management clients.

With proper notice provided to us, our clients can add to, delete portions of, or terminate service, subject to certain contractual limitations.

The majority of the ASV increase was in the Americas, followed by increased sales in EMEA and Asia Pacific, as well as the benefit from our annual price increase, partially offset by cancellations.

Each segment records compensation expense (including stock-based compensation), depreciation of furniture and fixtures, amortization of lease right-of-use ("ROU") assets, leasehold improvements and intangible assets, as well as communication costs, professional fees, rent expense, travel, office and other direct expenses.

Talent

We continuously cultivate a diverse and inclusive environment that promotes empowerment and engagement, which is key to our ability to attract, retain, and develop talent.

We strive to achieve this successfully with various activities, including an annual global employee engagement survey.

Each year, executive leadership focuses on key areas for improvement based upon the survey results and compiles initiatives to actively resolve or invest in improvements in a transparent manner.

FactSet works diligently to create and nourish a culture which engages employees through direct responsibility, by distributing leadership decision-making and providing opportunities for employees to help shape the Company’s strategic vision.

We challenge our employees to make an impact regarding position responsibilities and their career growth by providing them multiple opportunities to make a positive impact.

As of August 31, 2020, our employee headcount was 10,484, an increase of 8.3% in the last twelve months.

Our employee workforce is located globally in 48 office locations in 22 countries.

We license content from premier providers of major global exchanges and data providers.

No single vendor or data supplier represented more than 10% of FactSet's total data costs during fiscal 2020, with the exception for one vendor, which is a supplier of risk models and portfolio optimizer data to FactSet and represented 11% of FactSet’s data costs in fiscal 2020.

proprietary data, including portfolio holdings.

Based on currently available information, our management does not believe that the ultimate outcome of these unresolved matters against [removed: FactSet,] [added: us,] individually or in the aggregate, is likely to have a material adverse effect on our consolidated financial position, annual results of operations [removed: or annual] [added: and] cash flows.

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

For the fiscal year ended August 31, [removed: 2020][added: 2021]

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant based upon the closing price of a share of the registrant’s common stock on February [removed: 28, 2020,] [added: 26, 2021,] the last business day of the registrant’s most recently completed second fiscal quarter, as reported by the New York Stock Exchange on that date, was [removed: $9,934,201,702.][added: $11,494,529,303.]

As of October [removed: 22, 2020,] [added: 15, 2021,] there were [removed: 37,991,892] [added: 37,640,632] shares of the registrant's common stock outstanding.

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

Certain information required by Part III of this annual report on Form 10-K is incorporated by reference to our definitive Proxy Statement for our [removed: 2020] [added: 2021] Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after August 31, [removed: 2020.][added: 2021.]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

For The Fiscal Year Ended August 31, [removed: 2020][added: 2021]

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| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| [PART I](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_10) | | | | | | | | | | | |

| [PART II](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_31) | | | | | | | | | | | |

| [PART III](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_178) | | | | | | | | | | | |

| [PART IV](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_196) | | | | | | | | | | | |

| [SIGNATURES](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_214) | | | | | | | | | [97](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_214) | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| [PART I](#ibb5ea8d6040f44dcbe8b742dd6466116_10) | | | | | | | | |

| [PART II](#ibb5ea8d6040f44dcbe8b742dd6466116_31) | | | | | | | | |

| [PART III](#ibb5ea8d6040f44dcbe8b742dd6466116_214) | | | | | | | | |

| [PART IV](#ibb5ea8d6040f44dcbe8b742dd6466116_232) | | | | | | | | |

| [S](#ibb5ea8d6040f44dcbe8b742dd6466116_250)[IGNATURES](#ibb5ea8d6040f44dcbe8b742dd6466116_250) | | | | | | [99](#ibb5ea8d6040f44dcbe8b742dd6466116_250) | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

We believe the amount of leased space as of August 31, [removed: 2020] [added: 2021] is adequate for our current needs and that additional space can be available to meet any future needs.

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| | | | Lakewood, Colorado | | |

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| | | | Manchester, New Hampshire | | |

| | | | Sao Paulo, Brazil | | |

| | | | Gloucester, England | | |

| | | | Madrid, Spain | | |

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*Holders* *of Record* – As of October [removed: 22, 2020,] [added: 15, 2021,] we had approximately [removed: 2,604] [added: 2,346] holders of record of our common stock.

The closing price of our common stock on October [removed: 22, 2020,] [added: 15, 2021,] was [removed: $327.97] [added: $380.22] per share as reported on the NYSE.

*Dividends* - During fiscal years [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] our Board of Directors declared the following dividends on our common stock:

| Year Ended | | | Dividends per Share of Common Stock | | | [added: | | |] Record Date | | | | | | Total $ Amount *(in thousands)* | | | [added: | | |] Payment Date | | |

| Fiscal 2020 | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| First Quarter | | | $ | 0.72 | | [added: | | |] November 29, 2019 | | | | | | $ | 27,291 | | [added: | | |] December 19, 2019 | | |

| Second Quarter | | | $ | 0.72 | | [added: | | |] February 28, 2020 | | | | | | $ | 27,251 | | [added: | | |] March 19, 2020 | | |

| Third Quarter | | | $ | 0.77 | | [added: | | |] May 29, 2020 | | | | | | $ | [removed: 29,189] [added: 29,188] | | [added: | | |] June 18, 2020 | | |

| Fourth Quarter | | | $ | 0.77 | | [added: | | |] August 31, 2020 | | | | | | $ | 29,283 | | [added: | | |] September 17, 2020 | | |

| First Quarter | | | $ | [removed: 0.64] [added: 0.77] | | [added: | | |] November 30, [removed: 2018] [added: 2020] | | | | | | $ | [removed: 24,372] [added: 29,266] | | [added: | | |] December [removed: 18, 2018] [added: 17, 2020] | | |

| Second Quarter | | | $ | [removed: 0.64] [added: 0.77] | | [added: | | |] February [removed: 28, 2019] [added: 26, 2021] | | | | | | $ | [removed: 24,385] [added: 29,141] | | [added: | | |] March [removed: 19, 2019] [added: 18, 2021] | | |

| Third Quarter | | | $ | [removed: 0.72] [added: 0.82] | | [added: | | |] May 31, [removed: 2019] [added: 2021] | | | | | | $ | [removed: 27,506] [added: 30,972] | | [added: | | |] June [removed: 18, 2019] [added: 17, 2021] | | |

| Fourth Quarter | | | $ | [removed: 0.72] [added: 0.82] | | [added: | | |] August [removed: 30, 2019] [added: 31, 2021] | | | | | | $ | [removed: 27,445] [added: 30,845] | | [added: | | |] September [removed: 19, 2019] [added: 16, 2021] | | |

There were no sales of unregistered equity securities during fiscal [removed: 2020.][added: 2021.]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

The following table provides a month-to-month summary of the share repurchase activity under our current share repurchase program during the three months ended August 31, [removed: 2020:][added: 2021:]

| Period | | | Total number of shares purchased(1) | | | | | | Average price paid per share | | | | | | Total number of shares purchased as part of publicly announced plans or [removed: programs] [added: programs(2)] | | | | | | Maximum number of shares (or approximate dollar value) that may yet be purchased under the plans or programs(2) | | | | | |

*(1)Includes [removed: 81,948] [added: 265,526] shares purchased under the existing share repurchase program, as well as [removed: 5,715] [added: 5,463] shares repurchased from employees to cover their cost of taxes due upon the vesting or exercise of stock-based awards.*

The annual changes for the five-year period shown in the graph below assume $100 had been invested in our common stock, the Standard & Poor’s 500 Index, the [removed: NYSE Composite Index, the] Dow Jones U.S. Financial Services Index, and the S&P 500 Financial Exchange and Data Index on August 31, [removed: 2015,] [added: 2016,] or the origination date of each respective index.

The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 31, [removed: 2020.][added: 2021.]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| | | | [removed: 2015 | | |] 2016 | | | 2017 | | | 2018 | | | 2019 | | | 2020 | | | [added: 2021 | | |]

| Dow Jones U.S. Financial Services Index | | | $ | 100 | | $ | [removed: 101] [added: 126] | | $ | [removed: 127] [added: 153] | | $ | [removed: 154] [added: 147] | | $ | [removed: 148] [added: 142] | | $ | [removed: 143] [added: 212] | |

| S&P 500 Financial Exchanges and Data | | | [removed: | | |] $ | 100 | | $ | 119 | | $ | 155 | | $ | 191 | | $ | 222 | | [added: $ | 276 | |]

*The information contained in the above graph shall not be deemed to be soliciting material or filed or incorporated by reference in future filings with the SEC, or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, except to the extent that [removed: FactSet] [added: we] specifically* [removed: *incorporates] [added: *incorporate] it by reference into a document filed under the Securities Act* *of 1933 or the Securities Exchange Act of 1934.*

| 2021 | | | | | | | | | | | | | | | | | | | | | | | |

| High | | | $ | 357.92 | | | | | $ | 357.69 | | | | | $ | 365.77 | | | | | $ | 383.21 | |

| Low | | | $ | 303.11 | | | | | $ | 294.21 | | | | | $ | 302.92 | | | | | $ | 319.65 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Fiscal 2021 | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| June 2021 | | | 7,721 | | | | | | $ | 336.66 | | | | | 5,000 | | | | | | $ | 290,699 | | | | |

| July 2021 | | | 173,398 | | | | | | $ | 342.32 | | | | | 172,526 | | | | | | $ | 231,635 | | | | |

| August 2021 | | | 89,870 | | | | | | $ | 360.83 | | | | | 88,000 | | | | | | $ | 199,893 | | (3) | | |

| | | | 270,989 | | | | | | | | | | | | 265,526 | | | | | | | | | | | |

*(3)On March 23, 2021, the Board of Directors of FactSet approved a $205.6 million increase to the existing share repurchase program.

As of August 31, 2021, a total of $199.9 million remained available for future share repurchases under the program.*

| FactSet Research Systems Inc. | | | $ | 100 | | $ | 88 | | $ | 129 | | $ | 153 | | $ | 197 | | $ | 214 | |

| S&P 500 Index | | | $ | 100 | | $ | 114 | | $ | 134 | | $ | 135 | | $ | 161 | | $ | 208 | |

| 2019 | | | | | | | | | | | | | | | | | | | | | | | |

| High | | | $ | 237.29 | | | | | $ | 237.95 | | | | | $ | 284.32 | | | | | $ | 305.38 | |

| Low | | | $ | 210.11 | | | | | $ | 188.31 | | | | | $ | 228.43 | | | | | $ | 266.06 | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | |

| Fiscal 2019 | | | | | | | | | | | | | | | | | |

| June 2020 | | | 2,940 | | | | | | $ | 328.47 | | | | | — | | | | | | $ | 287,616 | | | | |

| July 2020 | | | 47,428 | | | | | | $ | 344.03 | | | | | 46,480 | | | | | | $ | 271,616 | | | | |

| August 2020 | | | 37,295 | | | | | | $ | 355.76 | | | | | 35,468 | | | | | | $ | 258,995 | | | | |

| | | | 87,663 | | | | | | | | | | | | 81,948 | | | | | | | | | | | |

We are adding the S&P 500 Financial Exchange and Data Index as a comparison peer group this year, in lieu of the NYSE Composite Index, as we believe it is reflective of the stock performance of other companies that provide services similar to ours and will provide a more meaningful comparison of our stock performance to investors.

The NYSE Composite Index is shown below for comparison purposes in the transitional year.

| FactSet Research Systems Inc. | | | $ | 100 | | $ | 113 | | $ | 100 | | $ | 145 | | $ | 172 | | $ | 222 | |

| S&P 500 Index | | | $ | 100 | | $ | 110 | | $ | 125 | | $ | 147 | | $ | 148 | | $ | 177 | |

| NYSE Composite Index | | | $ | 100 | | $ | 106 | | $ | 117 | | $ | 128 | | $ | 125 | | $ | 128 | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

The information required by Item 301 and Item 302 of Regulation S-K has been omitted as we have adopted the changes to Item 301 and Item 302 of Regulation S-K contained in SEC Release No. 33-10890.

The following selected financial data has been derived from our Consolidated Financial Statements.

This financial data should be read in conjunction with Item 7.

*Management’s Discussion and Analysis of Financial Condition and Results of Operations* and Item 8.

*Financial Statements and Supplementary Dat*a, of this Annual Report on Form 10-K.

Consolidated Statements of Income Data

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | For the year ended August 31, | | | | | | | | | | | | | | |

| *(in thousands, except per share data)* | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |

| Revenue | | | $ | 1,494,111 | | $ | 1,435,351 | | $ | 1,350,145 | | $ | 1,221,179 | | $ | 1,127,092 | |

| Operating income | | | $ | 439,660 | | $ | 438,035 | | $ | 366,204 | | $ | 352,135 | | $ | 349,676 | |

| Provision for income taxes | | | $ | 54,196 | | $ | 69,175 | | $ | 84,753 | | $ | 86,053 | | $ | 122,178 | |

| Net income | | | $ | 372,938 | | $ | 352,790 | | $ | 267,085 | | $ | 258,259 | | $ | 338,815 | |

| Diluted earnings per common share | | | $ | 9.65 | | $ | 9.08 | | $ | 6.78 | | $ | 6.51 | | $ | 8.19 | |

| Diluted weighted average common shares | | | 38,646 | | | 38,873 | | | 39,377 | | | 39,642 | | | 41,365 | | |

| Cash dividends declared per common share | | | $ | 2.98 | | $ | 2.72 | | $ | 2.40 | | $ | 2.12 | | $ | 1.88 | |

Consolidated Balance Sheets Data

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | As of August 31, | | | | | | | | | | | | | | |

| *(in thousands)* | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |

| Cash and cash equivalents | | | $ | 585,605 | | $ | 359,799 | | $ | 208,623 | | $ | 194,731 | | $ | 228,407 | |

| Accounts receivable, net of reserves | | | $ | 155,011 | | $ | 146,309 | | $ | 156,639 | | $ | 148,331 | | $ | 97,797 | |

| Goodwill and intangible assets, net | | | $ | 830,798 | | $ | 810,177 | | $ | 850,768 | | $ | 881,103 | | $ | 546,076 | |

| Total assets | | | $ | 2,083,388 | | $ | 1,560,130 | | $ | 1,419,447 | | $ | 1,413,315 | | $ | 1,019,161 | |

| Non-current liabilities | | | $ | 910,720 | | $ | 668,951 | | $ | 672,413 | | $ | 652,485 | | $ | 343,570 | |

| Total stockholders’ equity | | | $ | 896,375 | | $ | 672,256 | | $ | 525,900 | | $ | 559,691 | | $ | 517,381 | |

The items described below (pre-tax) represent a significant impact to the presentation and comparability of our selected financial data.

- During fiscal 2020, the Company recorded a $16.5 million impairment charge to reflect the estimated fair value of an investment in a company, expenses of $14.8 million related to professional fees associated with infrastructure upgrades and our ongoing multi-year investment plan, and $4.3 million of facilities costs.

The facilities costs related to duplicate rent associated with the build-out of the new Norwalk, Connecticut headquarters while we still occupied our then-current Norwalk, Connecticut headquarters.

- During fiscal 2019, the Company recorded $5.0 million in non-core transaction related revenue.

The Company also recorded expenses of $4.3 million in severance costs and $8.7 million related to other corporate actions including stock-based compensation acceleration, professional fees related to infrastructure upgrade activities, and a one-time adjustment related to data costs and occupancy costs.

- During fiscal 2018, the Company recorded expenses of $17.4 million in restructuring actions, $4.7 million related to other corporate actions, including stock-based compensation acceleration, and $4.9 million in legal matters.

- During fiscal 2017, the Company recorded expenses of $5.6 million related to modifications of certain share-based compensation grants, $5.0 million related to restructuring actions and $7.4 million in acquisition-related expenses.

- During fiscal 2016, the Company recorded expenses of $4.6 million related primarily to legal matters, $2.8 million from restructuring actions and $1.8 million related to a change in the vesting of performance-based equity options.

[Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)

[added: |] Index to Consolidated Financial Statements [added: | | | Page | | |]

| [Management’s Statement of Responsibility for Financial [removed: Statements](#ibb5ea8d6040f44dcbe8b742dd6466116_91)] [added: Statements](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_76)] | | | [removed: [48](#ibb5ea8d6040f44dcbe8b742dd6466116_91)] [added: [50](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_76)] | | |

| [Management’s Report on Internal Control over Financial [removed: Reporting](#ibb5ea8d6040f44dcbe8b742dd6466116_94)] [added: Reporting](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_79)] | | | [removed: [48](#ibb5ea8d6040f44dcbe8b742dd6466116_94)] [added: [50](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_79)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#ibb5ea8d6040f44dcbe8b742dd6466116_97)] [added: Firm](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_82)] | | | [removed: [49](#ibb5ea8d6040f44dcbe8b742dd6466116_97)] [added: [51](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_82)] | | |

| [Consolidated Statements of Income for the years [removed: ended](#ibb5ea8d6040f44dcbe8b742dd6466116_100) [August] [added: ended August] 31, [removed: 2020](#ibb5ea8d6040f44dcbe8b742dd6466116_100)[, 2019](#ibb5ea8d6040f44dcbe8b742dd6466116_100) [and](#ibb5ea8d6040f44dcbe8b742dd6466116_100) [2018](#ibb5ea8d6040f44dcbe8b742dd6466116_100)] [added: 2021, 2020 and 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_85)] | | | [removed: [52](#ibb5ea8d6040f44dcbe8b742dd6466116_100)] [added: [54](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_85)] | | |

| [Consolidated Statements of Comprehensive Income for the years [removed: ended](#ibb5ea8d6040f44dcbe8b742dd6466116_103) [August] [added: ended August] 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#ibb5ea8d6040f44dcbe8b742dd6466116_103)[](#ibb5ea8d6040f44dcbe8b742dd6466116_103)] [added: 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_88)] | | | [removed: [53](#ibb5ea8d6040f44dcbe8b742dd6466116_103)] [added: [55](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_88)] | | |

| [Consolidated Balance Sheets [removed: at](#ibb5ea8d6040f44dcbe8b742dd6466116_109) [August] [added: at August] 31, [removed: 2020] [added: 2021] and [removed: 2](#ibb5ea8d6040f44dcbe8b742dd6466116_109)[019](#ibb5ea8d6040f44dcbe8b742dd6466116_109)] [added: 2020](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_91)] | | | [removed: [54](#ibb5ea8d6040f44dcbe8b742dd6466116_109)] [added: [56](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_91)] | | |

| [Consolidated Statements of Cash Flows for the [removed: years](#ibb5ea8d6040f44dcbe8b742dd6466116_115) [ended] [added: years ended] August 31, [removed: 2020, 2019](#ibb5ea8d6040f44dcbe8b742dd6466116_115) [and 2018](#ibb5ea8d6040f44dcbe8b742dd6466116_115)[](#ibb5ea8d6040f44dcbe8b742dd6466116_115)] [added: 2021, 2020 and 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_94)] | | | [removed: [55](#ibb5ea8d6040f44dcbe8b742dd6466116_115)] [added: [57](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_94)] | | |

| [Consolidated Statements of Changes in Stockholders’ Equity for the years [removed: ended](#ibb5ea8d6040f44dcbe8b742dd6466116_118) [August] [added: ended August] 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018](#ibb5ea8d6040f44dcbe8b742dd6466116_118)] [added: 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_97)] | | | [removed: [56](#ibb5ea8d6040f44dcbe8b742dd6466116_118)] [added: [58](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_97)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#ibb5ea8d6040f44dcbe8b742dd6466116_121)] [added: Statements](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_100)] | | | [removed: [57](#ibb5ea8d6040f44dcbe8b742dd6466116_121)] [added: [59](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_100)] | | |

| [Schedule II – Valuation and Qualifying [removed: Accounts](#ibb5ea8d6040f44dcbe8b742dd6466116_241)] [added: Accounts](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_205)] | | | [removed: [96](#ibb5ea8d6040f44dcbe8b742dd6466116_241)] [added: [94](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_205)] | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

Management, with oversight by [removed: the Company’s] [added: our] Board of Directors, has established and maintains a strong ethical climate so that [removed: its] [added: our] affairs are conducted to the highest standards of personal and corporate conduct.

In compliance with the Sarbanes-Oxley Act of 2002, FactSet assessed its internal control over financial reporting as of August 31, [removed: 2020] [added: 2021] and issued a report (see below).

Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of [removed: the Company;] [added: FactSet;] (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of [removed: the Company] [added: FactSet] are being made only in accordance with authorizations of management and directors of [removed: the Company;] [added: FactSet;] and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of [removed: the Company’s] [added: our] assets that could have a material effect on the financial statements.

Based on this evaluation, management concluded that FactSet’s internal control over financial reporting was effective as of August 31, [removed: 2020.][added: 2021.]

| Chief Executive Officer | | | | | | Executive Vice [removed: President and] [added: President,] Chief Financial Officer | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

[removed: Opinion] [added: Opinion] on Internal Control over Financial [removed: Reporting][added: Reporting]

We have audited FactSet Research System Inc.’s (the Company) internal control over financial reporting as of August 31, [removed: 2020,] [added: 2021,] based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of August 31, [removed: 2020,] [added: 2021,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: 2020] [added: 2021] Consolidated Financial Statements of the Company and our report dated October [removed: 29, 2020,] [added: 22, 2021,] expressed an unqualified opinion thereon.

[removed: Basis] [added: Basis] for [removed: Opinion][added: Opinion]

[removed: Definition] [added: Definition] and Limitations of Internal Control over Financial [removed: Reporting][added: Reporting]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

[removed: Report] [added: Report] of Independent Registered Public Accounting [removed: Firm][added: Firm]

[removed: Opinion] [added: Opinion] on the Financial [removed: Statements][added: Statements]

We have audited the accompanying consolidated balance sheets of FactSet Research Systems Inc. (the Company) as of August 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended August 31, [removed: 2020,] [added: 2021,] and the related notes and financial statement schedule listed in the Index at Item [removed: 8.][added: 8 (collectively referred to as the “Consolidated Financial Statements”).]

In our opinion, the Consolidated Financial Statements present fairly, in all material respects, the financial position of the Company at August 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended August 31, [removed: 2020,] [added: 2021,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of August 31, [removed: 2020,] [added: 2021,] based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated October [removed: 29, 2020] [added: 22, 2021] expressed an unqualified opinion thereon.

[removed: Adoption] [added: Adoption] of Accounting Standards Update (ASU) No. [removed: 2016-02][added: 2016-02]

As discussed in Note [removed: 3*, Summary] [added: 3, *Summary] of Significant Accounting Policies*, to the Consolidated Financial Statements, the Company changed its method of accounting for leases in 2020 due to the adoption of ASU No. 2016-02, [removed: *Leases*] [added: Leases] (Topic 842).

[removed: Basis] [added: Basis] for [removed: Opinion][added: Opinion]

[removed: Critical] [added: Critical] Audit [removed: Matter][added: Matter]

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| | | | [removed: Measurement] [added: Measurement] of income tax [removed: provision] [added: provision] | | |

| Description of the Matter | | | As discussed in Note [removed: 3*, Summary] [added: 3, *Summary] of Significant Accounting [removed: Policies*,] [added: Policies,*] and [removed: 10,] [added: 11,] *Income [removed: Taxes*,] [added: Taxes,*] of the Consolidated Financial Statements, the Company serves international markets and is subject to income taxes in the U.S. and numerous foreign jurisdictions, which affect the Company’s provision for income taxes. The tax provision is an estimate based on management’s understanding of current enacted tax laws and tax rates of each tax jurisdiction and the use of subjective allocation methodologies to allocate taxable income to tax jurisdictions based upon the structure of the Company’s operations and customer arrangements. For the year-ended August 31, [removed: 2020,] [added: 2021,] the Company recognized a consolidated provision for income taxes of [removed: $54.2] [added: $68] million with [removed: $31.9] [added: $41] million related to its U.S. operations and [removed: $22.3] [added: $27] million related to its non-U.S. operations. Management’s calculation of the provision for income taxes was significant to our audit because the provision for income taxes involved subjective estimation and complex audit judgement related to the evaluation of tax laws, including the methods used to allocate taxable income, and the amounts and disclosures are material to the financial statements. | | |

| | | | Among other audit procedures performed, we evaluated the reasonableness of management’s allocation methodologies by analyzing the methodology based on the Company’s structure, operations and current tax law. We recalculated income tax expense using management’s methodology and agreed the data used in the calculations to the Company’s underlying books and records. We involved our tax professionals to evaluate the application of tax law to management’s allocation methodologies and tax positions. This included assessing the Company’s correspondence with the relevant tax authorities and evaluating third-party reports and advice obtained by the Company. We also performed a sensitivity analysis to evaluate the effect from changes in management’s allocation methodologies and assumptions. We have evaluated the Company’s income tax disclosures included in Note [removed: 10,] [added: 11,] *Income Taxes*, of the Consolidated Financial Statements in relation to these matters. | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| *(in thousands, except per share data)* | | | [removed: Years] [added: For the years] ended August 31, | | | | | | | | | | | | | | |

| /s/ F. PHILIP SNOW | | | | | | /s/ LINDA S. HUBER | | |

| F. Philip Snow | | | | | | Linda S. Huber | | |

| October 22, 2021 | | | | | | October 22, 2021 | | |

October 22, 2021

October 22, 2021

| Revenues | | | $ | 1,591,445 | | | | | $ | 1,494,111 | | | | | $ | 1,435,351 | |

| Other income (expense) | | | | | | | | | | | | | | | | | |

| 2021 | | | | | | 2020 | | | | | |

| Cash and cash equivalents | | | $ | 681,865 | | | | | $ | 585,605 | |

| Deferred revenue | | | 63,104 | | | | | | 53,987 | | |

| Deferred revenue, non-current | | | 8,394 | | | | | | 9,319 | | |

| Other, net | | | (8,304) | | | | | | 126 | | | | | | (3,631) | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 399,590 | | | | | | | | | | | | 399,590 | | |

| Vesting of restricted stock | | | 34,607 | | | | | | — | | | | | | | | | | | | 12,614 | | | | | | (4,155) | | | | | | | | | | | | | | | | | | (4,155) | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | | | | 797,385 | | | | | | (264,702) | | | | | | | | | | | | | | | | | | (264,702) | | |

| Balance as of August 31, 2021 | | | 41,163,192 | | | | | | $ | 412 | | | | | $ | 1,048,305 | | | | | 3,547,773 | | | | | | $ | (905,917) | | | | | $ | 912,515 | | | | | $ | (38,962) | | | | | $ | 1,016,353 | |

| [Note 7](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_121) | | | [Acquisition](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_121) | | | [71](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_121) | | |

| [Note](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_127) [9](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_127) | | | [Goodwill](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_127) | | | [72](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_127) | | |

| [Note 12](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_136) | | | [Leases](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_136) | | | [76](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_136) | | |

| [Note 13](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_139) | | | [Debt](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_139) | | | [78](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_139) | | |

FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial data and analytics company with open and flexible technology and a purpose to drive the investment community to see more, think bigger, and do their best work.

Our strategy is to become the leading open content and financial analytics platform in the industry that delivers differentiated advantage for our clients’ success.

For over 40 years, the FactSet platform has delivered expansive data, sophisticated analytics, and flexible technology that global financial professionals need to power their critical investment workflows.

Over 160,000 asset managers and owners, bankers, wealth managers, corporate firms, including private equity and venture capital firms, and others, use our personalized solutions to identify opportunities, explore ideas, and gain a competitive advantage, in areas spanning investment research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting across the investment lifecycle.

We provide financial data and market intelligence on securities, companies and industries to enable our clients to research investment ideas, as well as offering them the capabilities to analyze, monitor and manage their portfolios.

We advance our industry by comprehensively understanding our clients’ workflows, solving their most complex challenges, and helping them achieve their goals.

By providing them with the leading open content and analytics platform, an expansive universe of concorded data they can trust, next-generation workflow support designed to help them grow and see their next best action, and the industry’s most committed service specialists, FactSet puts our clients in a position to outperform.

Within each of our segments, we primarily deliver insight and

information through our three workflow solutions: Research & Advisory; Analytics & Trading; and Content & Technology ("CTS").

The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries; all intercompany activity and balances have been eliminated.

Use of Estimates

Research and product development ("R&D") costs are expensed as incurred, unless they qualify as internal-use software development costs and are then capitalized and amortized over the estimated useful life.

We also utilize certain third parties to develop internal-use software.

These costs are capitalized and amortized over the estimated useful life.

If not capitalized, these costs are included in SG&A in the Consolidated Statements of Income.

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less.

Our cash equivalents consist of money market funds that are available for withdrawal without restriction and are carried at cost, which approximates fair value.

Accounts receivable are recorded net of an allowance for credit losses based on a variety of factors, including our historical write-off activity, current economic environment, customer-specific information and expectations of future economic conditions.

We write-off account balances against our reserve when we have exhausted our collection efforts.

If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | Page | | |

| /s/ F. PHILIP SNOW | | | | | | /s/ HELEN L. SHAN | | |

| F. Philip Snow | | | | | | Helen L. Shan | | |

| October 29, 2020 | | | | | | October 29, 2020 | | |

October 29, 2020

(collectively referred to as the “Consolidated Financial Statements”).

| --- | --- | --- | --- | --- | --- |

October 29, 2020

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Other expenses | | | | | | | | | | | | | | | | | |

| Deferred fees | | | 53,987 | | | | | | 47,656 | | |

| Deferred fees | | | 9,319 | | | | | | 10,088 | | |

| Loss on sale of assets | | | 172 | | | | | | 196 | | | | | | 140 | | |

| Other, net | | | (46) | | | | | | (3,827) | | | | | | (11,537) | | |

| Tax benefits from share-based payment arrangements | | | — | | | | | | — | | | | | | — | | |

| Cash and cash equivalents at beginning of period | | | 359,799 | | | | | | 208,623 | | | | | | 194,731 | | |

| Balance as of September 1, 2017 | | | 51,845,132 | | | | | | $ | 518 | | | | | $ | 741,748 | | | | | 12,822,100 | | | | | | $ | (1,606,678) | | | | | $ | 1,458,823 | | | | | $ | (34,720) | | | | | $ | 559,691 | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 267,085 | | | | | | | | | | | | 267,085 | | |

| Vesting of restricted stock | | | 26,599 | | | | | | | | | | | | | | | | | | 8,070 | | | | | | (1,514) | | | | | | | | | | | | | | | | | | (1,514) | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | | | | 1,534,782 | | | | | | (302,441) | | | | | | | | | | | | | | | | | | (302,441) | | |

| Retirement of Treasury Shares | | | (13,292,689) | | | | | | $ | (133) | | | | | (186,717) | | | | | | (13,292,689) | | | | | | 1,697,205 | | | | | | (1,510,355) | | | | | | | | | | | | — | | |

| [Note 8](#ibb5ea8d6040f44dcbe8b742dd6466116_160) | | | [Goodwill](#ibb5ea8d6040f44dcbe8b742dd6466116_160) | | | [71](#ibb5ea8d6040f44dcbe8b742dd6466116_160) | | |

| [Note 11](#ibb5ea8d6040f44dcbe8b742dd6466116_2376) | | | [Leases](#ibb5ea8d6040f44dcbe8b742dd6466116_2376) | | | [75](#ibb5ea8d6040f44dcbe8b742dd6466116_2376) | | |

| [Note 12](#ibb5ea8d6040f44dcbe8b742dd6466116_193) | | | [Debt](#ibb5ea8d6040f44dcbe8b742dd6466116_193) | | | [77](#ibb5ea8d6040f44dcbe8b742dd6466116_193) | | |

| [Note 20](#ibb5ea8d6040f44dcbe8b742dd6466116_202) | | | [Unaudited Quarterly Financial Data](#ibb5ea8d6040f44dcbe8b742dd6466116_202) | | | [91](#ibb5ea8d6040f44dcbe8b742dd6466116_202) | | |

FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "FactSet") is a global provider of integrated financial information, analytical applications and industry-leading services for the investment and corporate communities.

For over 40 years, global financial professionals have utilized the Company’s content and multi-asset class solutions across each stage of the investment process.

FactSet’s goal is to provide a seamless user experience spanning idea generation, research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting, in which the Company serves the front, middle, and back offices to drive productivity and improved performance.

FactSet’s flexible, open data and technology solutions can be implemented both across the investment portfolio lifecycle or as standalone components serving different workflows in an organization.

FactSet currently serves a wide range of financial professionals, which include but are not limited to portfolio managers, investment research professionals, investment bankers, risk and performance analysts, wealth advisors, and corporate clients.

FactSet provides both insights on global market trends and intelligence on companies and industries, as well as capabilities to monitor portfolio risk and performance and execute trades.

All intercompany balances, transactions, and profits have been eliminated.

Reclassification

The Company reclassified certain prior year comparative figures from Interest expense, net, to Other expense, net including non-operational foreign exchange gains and losses in the Consolidated Statement of Income to conform to the current year's presentation.

The Company reclassified certain capitalized software from Property, equipment and leasehold improvements, net to Intangible assets, net, except for capitalized develop costs associated with hosted solutions, which were reclassified to Other assets, in the prior year comparative figures in the Consolidated Balance Sheets to conform to the current year's presentation.

COVID-19

A novel strain of coronavirus, now known as COVID-19 ("COVID-19"), was first reported in December 2019, and it has since extensively impacted the global health and economic environment, with the World Health Organization characterizing COVID-19 as a pandemic on March 11, 2020.

[removed: The Company's] [added: Our] management, including [removed: its] [added: our] principal executive officer and principal financial officer, have evaluated the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of the end of the annual period covered by this report.

There have been no other changes in [removed: the Company's] [added: our] internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during [removed: the Company's] [added: our] fourth quarter of fiscal [removed: 2020] [added: 2021] that have materially affected, or are reasonably likely to materially affect, [removed: the Company's] [added: our] internal control over financial reporting.

During the first and third quarters of fiscal 2020, the Company implemented a new general ledger and financial reporting system and a new purchase to payables system, respectively, as part of a multi-year global project to design, configure and install an integrated suite of enterprise software.

The implementations have involved changes to certain processes and related internal controls over financial reporting.

The Company has reviewed the system and the controls affected and made appropriate changes as necessary.

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

is incorporated herein by reference to our Notice of Annual Meeting of Stockholders and Proxy Statement to be filed within 120 days of August 31, [removed: 2020] [added: 2021] (the "Proxy Statement").

The Company has adopted a Code of Business Conduct and Ethics that applies to all employees, including the Company’s principal executive officer, principal financial officer and principal accounting officer, all other officers and the Company’s directors.

A copy of this code is available on the Company’s website at https://investor.factset.com on the Leadership and Corporate Governance page.

The Company intends to satisfy any disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of this code of ethics by posting such information on our website at the address and general location specified above.

The Corporate Governance Guidelines and the charters of the committees of our Board of Directors, including the Audit Committee, Compensation and Talent Committee and Nominating and Corporate Governance Committee, are also available on our website at https://investor.factset.com on the Leadership and Corporate Governance page.

The guidelines, charters and code of ethics are also available in print free of charge to any stockholder who submits a written request to our Investor Relations department at our corporate headquarters at 45 Glover Avenue Norwalk, CT 06850.

The following table summarizes as of August 31, [removed: 2020,] [added: 2021,] the number of outstanding equity awards granted to employees and non-employee directors, as well as the number of equity awards remaining available for future issuance, under [removed: FactSet’s] [added: our] equity compensation plans:

| Equity compensation plans approved by security holders | | | [removed: 2,400] [added: 2,474] | | | (1) | | | $ | [removed: 189.32] [added: 214.89] | | (2) | | | [removed: 6,053] [added: 5,456] | | | (3) | | |

*(1)Includes [removed: 2,254] [added: 2,277] shares issuable upon exercise of outstanding options, [removed: 109] [added: 128] shares issuable upon vesting of awards of restricted stock [removed: and* *37 shares*] [added: units and 69* *shares*] *issuable upon the conversion of outstanding performance share units.*

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

*(3)Includes [removed: 5,625,791] [added: 5,079,693] shares available for future issuance under the FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated, [removed: 249,886] [added: 237,749] shares available for future issuance under the FactSet Research Systems Inc. Non-Employee Directors’ Stock Option and Award Plan, as Amended and Restated,* *and [removed: 177,804*] [added: 138,956*] *shares available for* *purchase* *under the* *FactSet Research Systems Inc.* *2008 Employee Stock Purchase Plan,* *as* *Amended and Restated.*

| Total | | | 2,474 | | | (1) | | | $ | 214.89 | | (2) | | | 5,456 | | | (3) | | |

*(2)Weighted average exercise price of outstanding options only.*

| Total | | | 2,400 | | | (1) | | | $ | 189.32 | | (2) | | | 6,053 | | | (3) | | |

*(2)Calculated without taking into account shares of FactSet common stock subject to outstanding stock awards that will become issuable as they vest, without any cash consideration or other payment required for such shares.*

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

Years ended August 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018] [added: 2019] (in thousands):

| [removed: 3.1] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1013237/0000950112-96-002172.txt)] | | | | | | [removed: Restated] [added: [Restated] Certificate of [removed: Incorporation] [added: Incorporation](https://www.sec.gov/Archives/edgar/data/1013237/0000950112-96-002172.txt)] | | | | | | S-1/A | | | | | | 333-04238 | | | | | | 3.1 | | | | | | 6/26/1996 | | | | | | | | |

| [removed: 3.2] [added: [3.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323701500062/exhibit3_12.htm)] | | | | | | [removed: Certificate] [added: [Certificate] of Amendment of Certificate of [removed: Incorporation] [added: Incorporation](https://www.sec.gov/Archives/edgar/data/1013237/000101323701500062/exhibit3_12.htm)] | | | | | | 10-K | | | | | | 333-22319 | | | | | | 3.12 | | | | | | 11/20/2001 | | | | | | | | |

| [removed: 3.3] [added: [3.3](https://www.sec.gov/Archives/edgar/data/1013237/000143774911009546/ex3-1.htm)] | | | | | | [removed: Second] [added: [Second] Amendment to the Restated Certificate of [removed: Incorporation] [added: Incorporation](https://www.sec.gov/Archives/edgar/data/1013237/000143774911009546/ex3-1.htm)] | | | | | | 8-K | | | | | | 001-11869 | | | | | | 3.1 | | | | | | 12/16/2011 | | | | | | | | |

| [removed: 3.4] [added: [3.4](https://www.sec.gov/Archives/edgar/data/1013237/000143774918016673/ex_123329.htm)] | | | | | | [removed: Amended] [added: [Amended] and Restated By-laws of FactSet Research Systems Inc. as amended September 1, [removed: 2018] [added: 2018](https://www.sec.gov/Archives/edgar/data/1013237/000143774918016673/ex_123329.htm)] | | | | | | 8-K | | | | | | 001-11869 | | | | | | 3.1 | | | | | | 9/6/2018 | | | | | | | | |

| [removed: 4.0] [added: [4.0](https://www.sec.gov/Archives/edgar/data/1013237/0000950112-96-002160.txt)] | | | | | | [removed: Form] [added: [Form] of Common [removed: Stock] [added: Stock](https://www.sec.gov/Archives/edgar/data/1013237/0000950112-96-002160.txt)] | | | | | | S-1/A | | | | | | 333-04238 | | | | | | 4.1 | | | | | | 6/26/1996 | | | | | | | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)[4](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)] [added: [10.4](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)] | | | | | | [FactSet Research Systems Inc. 2008 Non-Employee Directors’ Stock Option [removed: Plan](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)[(1](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)[)](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)[(1)](https://www.sec.gov/Archives/edgar/data/1013237/000119312508220394/ddef14a.htm#tx59473_27)] | | | | | | DEF-14A | | | | | | 001-11869 | | | | | | Appendix A | | | | | | 10/30/2008 | | | | | | | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| [removed: [21](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-202008x31xexx21.htm)] [added: [21](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx21.htm)] | | | | | | [Subsidiaries of FactSet Research Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-202008x31xexx21.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx21.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [23](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-202008x31xexx23.htm)] [added: [23](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx23.htm)] | | | | | | [Consent of Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-202008x31xexx23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx23.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx311.htm)] | | | | | | [Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx311.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx312.htm)] | | | | | | [Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx312.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx321.htm)] | | | | | | [Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx321.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx321.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx322.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx322.htm)] | | | | | | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000153/fds-20200831xexx322.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| 2021 | | | $ | 7,987 | | | | | $ | 918 | | | | | $ | (2,474) | | | | | $ | 6,431 | |

| [3.5](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000124/factsetbylawamendment2021.htm) | | | | | | [Amendment to Amended and Restated By-laws of FactSet Research Systems Inc. effective September 27, 2021](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000124/factsetbylawamendment2021.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 3.1 | | | | | | 10/1/2021 | | | | | | | | |

| 2018 | | | $ | 2,738 | | | | | $ | 4,737 | | | | | $ | (3,985) | | | | | $ | 3,490 | |

| [10.11](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000079/a101separationagreemen.htm) | | | | | | [Separation Agreement and General Release of Claims dated June 7, 2020 between FactSet Research Systems Inc. and Franck A.R. Gossieaux](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000079/a101separationagreemen.htm)[(1)](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000079/a101separationagreemen.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 10.1 | | | | | | 6/9/2020 | | | | | | | | |

[removed: [Table](#ibb5ea8d6040f44dcbe8b742dd6466116_7) [of Contents](#ibb5ea8d6040f44dcbe8b742dd6466116_7)][added: [Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)]

| | | | FACTSET RESEARCH SYSTEMS INC. | | | [added: | | |]

| | | | (Registrant) | | | [added: | | |]

| Date: October [removed: 29, 2020] [added: 22, 2021] | | | /s/ F. PHILIP SNOW | | | [added: | | |]

| | | | F. Philip Snow | | | [added: | | |]

| | | | Chief Executive Officer | | | [added: | | |]

| /s/ F. PHILIP SNOW | | | | | | Chief Executive Officer and Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ [removed: HELEN L. SHAN] [added: LINDA S. HUBER] | | | | | | Executive Vice [removed: President and] [added: President,] Chief Financial Officer | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| [removed: Helen L. Shan] [added: Linda S. Huber] | | | | | | (Principal Financial Officer) | | | | | | | | |

| /s/ GREGORY T. MOSKOFF | | | | | | Senior Vice President, Controller and Chief Accounting Officer | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ ROBIN A. ABRAMS | | | | | | Chair | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ SIEW KAI CHOY | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ MALCOLM FRANK | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ SHEILA B. JORDAN | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ JAMES J. MCGONIGLE | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ LEE SHAVEL | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ LAURIE SIEGEL | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| /s/ JOSEPH R. ZIMMEL | | | | | | Director | | | | | | October [removed: 29, 2020] [added: 22, 2021] | | |

| | | | | | | | | |

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| /s/ SCOTT A. BILLEADEAU | | | | | | Director | | | | | | October 29, 2020 | | |

| Scott A. Billeadeau | | | | | | | | | | | | | | |