FactSet Research Systems (FDS) 10-K risk factor changes: FY2022 vs FY2021

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

[removed: Our protective] systems and procedures and those of third parties to which we are connected, such as cloud computing providers, may not be effective against these threats.

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

[removed: Use of more advanced technologies] and [removed: infrastructure is critical to the development of our products and] services, the scaling of our business for future growth, and the accurate maintenance of our data and operations.

[added: 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.

We have implemented procedures to control the use of [added: open] source code so 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: revenues] and ASV.

The continued shift from active to passive investing could negatively impact user count growth and [removed: revenue][added: revenues]

The [added: majority of our ASV is derived from our investment management clients, and the] profitability and management fees of [added: many of] these clients are tied to assets under management.

Uncertainty [added: or downturns] in the global economy and consolidation in the financial services industry may cause us to lose clients and users

Uncertainty [added: or downturns] in the global economy or a lack of confidence in the global financial system could negatively impact our clients, which could cause a corresponding negative impact on our business results.

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

Volatility [added: or downturns] in the financial markets may delay the spending pattern of clients and reduce future ASV growth

The process is also influenced by market [removed: volatility.][added: volatility and market downturns.]

Purchases (and incremental ASV) may therefore be delayed as uncertainties [added: or downturns] in the financial markets may cause clients to remain cautious about capital and data content expenditures, particularly in uncertain economic environments.

[removed: The COVID-19 pandemic may increase this risk as it] [added: Market volatility or market downturns] may curtail our client's spending and lead them to delay or defer purchasing decisions or product service implementations, or cause them to cancel or reduce their spending with us, which could negatively impact our revenues and future growth.

Defects, errors, or delays in our products that are significant, or are perceived to be significant, could result in rejection or delay in market acceptance, damage to our reputation, loss of [removed: revenue,] [added: revenues,] lower rate of license renewals or upgrades, diversion of development resources, product liability claims or regulatory actions, or increases in service and support costs.

[removed: Many of our customers in the financial services sector are] also subject to regulations and requirements to adopt risk management processes commensurate with the level of risk and complexity of their third-party relationships, and provide rigorous oversight of relationships that involve certain "critical activities," some of which may be deemed to be provided by us.

Additionally, there may be integration risks or other risks resulting from acquired [removed: businesses.][added: businesses, including our acquisition of CGS during fiscal 2022.]

Reputational damage from negative perceptions or [removed: publicity] [added: publicity, including without limitation market perception of our sustainability and corporate responsibility policies and practices,] could affect our ability to attract and retain clients and employees and our ability to maintain our pricing for our products.

[removed: We have entered into third-party content agreements of varying] lengths, which in some cases can be terminated on one year’s notice at predefined dates, and in other cases on shorter notice.

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 clients, with only two data suppliers [added: each] representing more than 10% of our total data costs for the twelve months ended August 31, [removed: 2021.][added: 2022.]

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

In fiscal [removed: 2021,] [added: 2022,] approximately 40% of our [removed: revenue] [added: revenues] related to operations located outside the U.S. In addition, [removed: a significant number] [added: approximately 79%] of our [removed: employees, approximately 78%,] [added: employees] are located in offices outside the U.S. We expect our growth to continue outside the [removed: U.S., with] [added: U.S. Our] non-U.S. [removed: revenues accounting for an increased portion of our total revenue] [added: operations involve risks that differ from or are] in [removed: the future.][added: addition to those faced by our U.S. operations.]

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 [removed: activity;] [added: activity, including the risk that the current conflict between Ukraine and Russia expands in a way that impacts our business and operations;] 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.

The [removed: current] COVID-19 pandemic and other global public health epidemics may adversely impact our business, our future results of operations and our overall financial performance

Our business could be materially and adversely affected by the risk, or the public perception of risk, related to a pandemic or widespread health crisis, such as the [removed: current] COVID-19 pandemic.

[removed: While to date] [added: To date,] the COVID-19 pandemic has not had a material negative impact on our financial condition, results of operations, or cash [removed: 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.][added: flows.]

[removed: The COVID-19 pandemic] [added: However, due to the ongoing uncertainty related to the duration, magnitude and impact of the pandemic, it] may still have a substantial [added: negative] impact on our employees' or vendors' productivity, which could result in our operations, including our ability to gather content, suffering, and in turn our results of operations, cash flows, and overall financial performance [removed: may be impacted.][added: being impacted negatively.]

[removed: The] [added: Given the dynamic nature of these circumstances, the] extent to which our business, financial condition, results of operations, or cash flows are affected by COVID-19 will depend in part on future developments which cannot be accurately predicted and are [removed: uncertain, as there are no comparable recent events that provide guidance as to the potential effect of the spread of a global pandemic.][added: uncertain.]

The impact of the COVID-19 pandemic depends upon various uncertainties, including the [removed: ultimate] geographic spread of the virus, the severity of the virus, the duration of the outbreak, and actions that may be taken by governmental authorities to contain the virus.

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

Refer to Item [removed: 7.]

Additionally, if our clients are subjected to investigations or legal proceedings they may be adversely impacted, possibly leading to their liquidation, bankruptcy, receivership, reduction in assets under management, or diminished operations, which would adversely affect our [removed: revenue.][added: revenues.]

In the European [removed: Union, the new version of] [added: Union ("EU"),] the Markets in Financial Instruments Directive [removed: (recast), also known as "MiFID II"] [added: (recast) ("MiFID II")] became effective in January 2018.

[removed: Prior to the effectiveness of the UK's withdrawal from the European Union on January 1, 2021,] [added: In] the [removed: UK] [added: United Kingdom ("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 [removed: withdrawal.][added: UK's withdrawal from the EU.]

We believe that compliance with MiFID II requirements is time-consuming and costly for [removed: the] investment managers who are subject to it and [removed: will] [added: may] cause clients to adapt their pricing models and business practices significantly.

We continue to monitor [added: and work with our clients to navigate through] the impact of [added: UK regulatory change and of] MiFID II on the investment process and trade lifecycle.

[removed: 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.

Our protective

We also currently use multiple providers of cloud services; however, one supplier provided the majority of our cloud computing support for the twelve months ended August 31, 2022.

While we believe this provider to be reliable, we have limited control over its performance, and a disruption or loss of service from this provider could impair our system's operation and our ability to operate for a period of time.

Use of more advanced technologies and infrastructure is critical to the development of our products

Many of our customers in the financial services sector are

We have entered into third-party content agreements of varying

7.

In May 2022, the UK government announced the new Financial Services and Markets Bill ("FSM Bill"), which would reform financial service regulation in the UK and represent a divergence from the existing UK MiFID regime.

There is no set timescale as to when passage of the FSM Bill would occur.

This regulatory reform may impact some of our UK-regulated clients and may require them to devote more resources towards realigning their compliance measures, and in some cases ensuring compliance with both the UK and EU regimes.

On January 31, 2020, the UK formally left the EU.

resulting in two separate markets in the EU and the UK.

On December 24, 2020, the EU reached a trade agreement with the UK (the "Trade Agreement").

In June 2022, following an inquiry, the European Affairs Committee issued a report which concluded that while the outlook for financial services after Brexit seems relatively positive, the impact of Brexit on financial services would be dependent on political decisions made by the UK and the EU.

The EU Commission has adopted adequacy decisions which will allow personal data to continue to move freely between the EU and the UK until June 27, 2025.

While these adequacy decisions have created some certainty for our clients, we will continue to monitor developments which may impact their future validity and extension.

As of August 31, 2022, we have concluded that a payment to the Commonwealth is probable.

We recorded an accrual which is not material to our consolidated financial statements.

While we believe that the assumptions and estimates used to determine the accrual are reasonable, future developments could result in adjustments being made to this accrual.

Our primary currency exposures include the British Pound Sterling, Euro, Indian Rupee and Philippine Peso.

Although we believe

Economic, political and market forces beyond our control could adversely affect our business.

Our costs and the demand for our products may be impacted by domestic and international factors that are beyond our control.

Negative conditions in the general economy in either the United States or abroad, including conditions resulting from financial and credit market fluctuations, changes in economic policy, inflation rate fluctuations and trade uncertainty, including changes in tariffs, sanctions, international treaties and other trade restrictions, could result in an increase in our costs and/or a reduction in demand for our products, which could have an adverse effect on our results of operations and financial condition.

Risks Relating to the CGS Transaction

We may fail to realize the anticipated benefits of the CGS Transaction

The success of our acquisition of the CGS business (the "CGS Business") will depend on, among other things, our ability to incorporate the CGS Business into our business in a manner that enhances our value proposition to clients and facilitates other growth opportunities.

We must successfully include the CGS Business within our business in a manner that permits these growth opportunities to be realized.

In addition, we must achieve the growth opportunities without adversely affecting current revenues and investments in other future growth.

If we are not able to successfully achieve these objectives, the anticipated benefits of the acquisition of CGS (the "CGS Transaction") may not be realized fully, if at all, or may take longer to realize than expected.

Additionally, management may face challenges in incorporating certain elements and functions of the CGS Business with the FactSet business, and this process may result in additional and unforeseen expenses.

The CGS Transaction may also disrupt the CGS Business’s and FactSet’s ongoing business or cause inconsistencies in standards, controls, procedures and policies that adversely affect our relationships with third-party partners, employees, suppliers, customers and others with whom the CGS Business and FactSet have business or other dealings or limit our ability to achieve the anticipated benefits of the CGS Transaction.

It is possible that our experience in operating the CGS Business will require us to adjust our expectations regarding the impact of the CGS Transaction on our operating results.

If we are not able to successfully add the CGS Business to the existing FactSet business in an efficient, effective and timely manner, anticipated benefits, including the opportunities for growth we expect from the CGS Transaction, may not be realized fully, if at all, or may take longer to realize than expected, and our cash flow and financial condition may be negatively affected.

We have incurred and may incur additional significant transaction costs in connection with the CGS Transaction

We have incurred a number of non-recurring costs associated with the CGS Transaction.

These costs and expenses include financial advisory, legal, accounting, consulting and other advisory fees and expenses, filing fees and other related charges.

There is also a large number of processes, policies, procedures, operations, technologies and systems that must be integrated in connection with the CGS Transaction.

While we have assumed that a certain level of expenses would be incurred in connection with the CGS Transaction and related transactions, there are many factors beyond our control that could affect the total amount or the timing of the integration and implementation expenses.

There may also be additional unanticipated significant costs in connection with the CGS Transaction that we may not recoup.

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

As we increase our reliance on third-party

Approximately 83% of our ASV is derived from our investment management clients.

develop new products and enhance existing services.

Our non-U.S. operations involve risks that differ from or are in addition to those faced by our U.S. operations.

Our operations have been affected by a range of external factors related to the COVID-19 pandemic that are not within our control.

For example, many jurisdictions have imposed a wide range of restrictions on the physical movement of our employees and vendors to limit the spread of COVID-19.

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

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.

However, given the dynamic nature of these circumstances, the full impact of the COVID-19 pandemic cannot be reasonably estimated at this time.

This situation is changing continually, and additional effects may arise that we are not presently aware of or that we currently do not consider to be significant risks to our operations.

condition could be negatively impacted.

MiFID II built upon many of the initiatives introduced through MiFID and is intended to help improve the functioning of the European Union single market by achieving a greater consistency of regulatory standards.

MiFID originally became effective in 2007.

We also continue to review the application of key MiFID II requirements and plan to work with our clients to navigate through them.

On January 31, 2020, the United Kingdom formally left the European Union when the UK-EU Withdrawal Agreement became effective.

Under the Withdrawal Agreement, a transition period began that ran until December 31, 2020.

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.

Due to the uncertainty surrounding the assessment process, we are unable to reasonably estimate the ultimate outcome of these matters and, as such, have not recorded a liability as of August 31, 2021.

[removed: Financial] [added: *Financial] Statements and Supplementary [removed: Data,] [added: Data*,] of this Annual Report on Form 10-K.

For a similar detailed discussion comparing fiscal [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] refer to Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations within our Annual Report on Form 10-K for the year ended August 31, [removed: 2020.][added: 2021.]

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

[added: Our] 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.

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 [added: an] open and flexible [removed: technology and a purpose to drive] [added: digital platform that drives] the investment community to see more, think [removed: bigger,] [added: bigger] and do [removed: their] [added: its] best work.

Our strategy is to [removed: become] [added: build] the leading open content and [removed: financial] analytics platform [removed: in the industry that delivers] [added: to deliver a] differentiated advantage for our clients’ success.

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

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

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

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

Refer to Note [removed: 19, Segment Information,] [added: 18, *Segment Information*,] in the Notes to the Consolidated Financial Statements included in Part II, Item 8.

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

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

To execute [removed: on our] [added: this] strategy, we plan [removed: on the following:][added: on:]

- Growing our digital [removed: platform: Scaling] [added: platform: We are scaling] up our [removed: Content Refinery by providing the most] [added: content refinery to offer a] comprehensive and connected inventory of industry, [removed: proprietary,] [added: proprietary] and third-party data for the financial [removed: community, including granular data for key industry verticals, private companies, wealth, and environmental social and governance ("ESG").][added: community.]

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

- Delivering execution [removed: excellence: Building a more] [added: excellence: We are building an] agile [removed: and digital first-minded] organization that [removed: increases the speed of our] [added: accelerates] product creation and [removed: go-to-market strategy.][added: content collection.]

- Driving a growth [removed: mindset: Recruiting,] [added: mindset: To drive sustainable growth, we are recruiting,] training and empowering a diverse and operationally efficient [removed: workforce to drive sustainable growth.][added: workforce.]

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

[removed: At the center of our] [added: Our] strategy [removed: is the] [added: centers on] relentless focus on our clients and their FactSet experience.

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

Additionally, we continually evaluate business opportunities such as [removed: acquisitions and] partnerships [added: and acquisitions] to [removed: help us expand] [added: increase] our capabilities and competitive [removed: differentiators across the investment portfolio lifecycle.][added: differentiation.]

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

We further execute on our growth strategy by offering data, [removed: products,] [added: products] and analytical applications within our three workflow solutions: Research & Advisory; Analytics & Trading; and CTS.

Fiscal [removed: 2021] [added: 2022] Year in Review

[removed: Revenue] [added: Revenues] for the fiscal year [removed: 2021] [added: 2022] was [removed: $1.6] [added: $1.8] billion, an increase of [removed: 6.5%] [added: 15.9%] from the prior year.

[removed: Revenue] [added: Revenues] increased across our operating segments, primarily in the Americas, followed by EMEA and Asia Pacific, supported by increased [removed: revenue] [added: revenues] from each of our workflow solutions, mainly in [removed: Analytics & Trading,] [added: CTS,] followed by [removed: CTS] [added: Research & Advisory] and [removed: Wealth.][added: Analytics and Trading and our annual price increase.]

[removed: Operating income increased 7.8% and diluted] [added: Diluted] earnings per share ("EPS") [removed: increased 7.4%] [added: decreased 1.1%] compared with the prior year.

Our clients and users reached new highs of [removed: 6,453] [added: 7,538] and [removed: 160,932,] [added: 179,982,] respectively, in fiscal [removed: 2021.][added: 2022.]

[removed: Over the last 12 months, we] [added: We] returned [added: $144.6 million and] $382.6 million to stockholders in the form of share repurchases and [removed: dividends.][added: dividends paid during fiscal 2022 and 2021, respectively.]

As of August 31, [removed: 2021,] [added: 2022,] our employee count was [removed: 10,892,] [added: 11,203,] up [removed: 3.9%] [added: 2.9%] in the past 12 months, due primarily to an increase in net new employees of [removed: 6.6%] [added: 4.5%] in Asia Pacific and [removed: 0.7%] [added: 2.1%] in EMEA, partially offset by a decrease of [removed: 1.5%] [added: 1.6%] in the Americas.

[removed: Of our total employees, as of] [added: At] August 31, [removed: 2021, 7,080] [added: 2022, 7,401 employees] were located in Asia Pacific, [removed: 2,439 were located] [added: 2,400] in the Americas and [removed: 1,373 were located] [added: 1,402] in EMEA.

We garnered multiple awards [removed: during fiscal 2021,] [added: in 2022,] with honors spanning multiple workflows, including research, risk, performance, [removed: trading,] [added: trading] and wealth management.

We were recognized by over thirty industry awards and rankings reports, including winning [removed: three] [added: four] categories in WatersTechnology’s [removed: 2021] [added: 2022] Inside Market Data & Inside Reference Data [removed: awards: best alternative data provider, best ESG data provider,] [added: awards, Snowflake Marketplace Partner of the Year] and [removed: best overall data or service provider for 2021.][added: Waters Rankings 2022 Best Data Analytic Provider.]

A novel strain of coronavirus, now known as COVID-19 ("COVID-19"), was first reported in December 2019, [removed: 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.

We believe these actions have been successful and that the pandemic, and our responses, have not significantly affected [removed: the] [added: our] financial results [removed: for our 2021] [added: during] fiscal [removed: year.][added: 2022.]

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

As of August 31, [removed: 2021,] [added: 2022,] there have been minimal interruptions in our ability to provide our products, services and support to our clients.

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

As of August 31, 2022, we had more than 7,500 clients comprised of approximately 180,000 investment professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users, private equity and venture capital professionals.

Our on- and off-platform solutions span the investment lifecycle to include investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting.

Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our content refinery.

Our products and services include workstations, portfolio analytics and enterprise solutions.

Our CGS business supports security master files relied on by the investment industry for critical front, middle and back office functions.

We drive our business based on our detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

We provide them with an open digital platform, connected and reliable data, next-generation workflow solutions and highly committed service specialists.

As the needs of our clients evolve, they seek personalized and connected data, tools for multi-asset class investing and reduced costs.

Our strategy is to build the leading open content and analytics platform to deliver differentiated advantages for our clients’ success.

This data includes granular data for key industry verticals, private companies, wealth management, real-time data, and environmental, social and governance data ("ESG").

We are driving personalized workflow solutions for financial professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users and private equity and venture capital professionals.

We offer an open ecosystem with solutions and content that is accessible and flexible through a myriad of delivery methods.

We offer new products designed for delivery via the cloud, making them highly efficient for our clients.

We will continue to employ technology to accelerate the pace of content collection and drive expertise in complex data sets such as private companies, ESG and deep sector.

Additionally, we are improving our price realization through consistent packaging and internal governance.

We use partnerships and acquisitions to accelerate our growth in strategic areas.

Organic revenues contributed to 9.8% of the growth during fiscal 2022, compared with the prior year period.

*Management's Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures* of this Annual Report on Form 10-K for a reconciliation between revenues and organic revenues.

Refer to Part II, Item 7.

*Management's Discussion and Analysis of*

*Financial Condition and Results of Operations, Annual Subscription Value* of this Annual Report on Form 10-K for the definitions of Organic ASV and Organic ASV plus Professional Services.

Operating income for the fiscal year 2022 increased 0.3%, compared with the prior year period.

Operating margin decreased primarily due to impairment charges related to vacating certain leased office space and higher amortization of intangible assets, primarily from the CGS acquisition, partially offset by growth in revenues and lower employee compensation expense, when expressed as a percentage of revenue.

We returned $144.6 million to stockholders in the form of share repurchases and dividends paid during fiscal 2022.

CUSIP Global Services Acquisition

On December 24, 2021, we entered into a definitive agreement to acquire CGS, previously operated by S&P Global Inc. on behalf of the American Bankers Association ("ABA"), for $1.932 billion in cash, inclusive of working capital adjustments.

The acquisition was completed on March 1, 2022.

CGS manages a database of 60 different data elements uniquely identifying more than 50 million global financial instruments.

It is the foundation for security master files relied on by critical front, middle and back office functions.

CGS is the exclusive provider of Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally and also acts as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the United States.

We believe that the CGS acquisition will significantly expand our critical role in the global capital markets.

Revenues from CGS are recognized based on geographic business activities in accordance with how our operating segments are currently aligned.

CGS functions as part of CTS.

The purchase price for the CGS acquisition was financed from the net proceeds of the issuance of the Senior Notes and borrowings under the 2022 Credit Facilities.

Refer to Note 6, *Acquisitions* and Note 12, *Debt* for more information on these defined terms as well as our acquisition of CGS, the Senior Notes and the 2022 Credit Facilities.

Given our transition to our new work standard, we anticipate that many of these

expense reductions will continue going forward, including incurring less travel and entertainment spending than we did pre-pandemic.

We also reassessed our real estate footprint in light of these new work arrangements and have exited office space that we believe will no longer be necessary.

For the year ended as of August 31, 2022, we recognized $62.2 million in impairment charges related to vacating certain leased office space to resize our real estate footprint for the hybrid work environment.

While we will continue to evaluate our real estate needs, we expect that this initiative is largely complete, and we do not currently anticipate additional similarly-sized real estate impairment charges as part of the reduction of our real estate footprint.

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.

Our revenue is primarily derived from subscriptions to our products and services such as workstations, portfolio analytics, and market data.

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.

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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.

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.

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.

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.

Revenue also grew due to the benefit from our annual price increase.

The revenue growth of 6.5% was 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 MD&A for further discussion on organic revenue).

This increase in operating income and EPS was primarily driven by revenue growth of 6.5%, a decrease in non-compensatory employee related expenses, an impairment of an investment that occurred in fiscal 2020 and a decrease in professional fees.

This increase was partially offset by higher spend in employee compensation, including stock-based compensation and

increased computer-related expenses.

Additionally, EPS benefited from a reduction in interest expense and diluted weighted average shares outstanding compared with the prior year period.

Our centers of excellence, located in India, the Philippines, and Latvia, primarily focus on content collection that benefits all our segments.

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

Client Service / Customer Success

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.

A client-centric approach is foundational to our ongoing achievements, therefore client satisfaction is critical to how we measure our success.

According to our global client satisfaction survey, greater than 94% of respondents were satisfied or very satisfied with our support.

We believe that these strong relationships help ensure continued high rates of retention and account expansion.

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.

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

We continue to work closely with our clients to provide consistent access to our products and services and have remained flexible to achieve client priorities.

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.

Given our transition to our new work standard, we anticipate that many of these expense reductions will continue going forward, as we incur less travel and entertainment spending than we did pre-pandemic and seek to reduce our spending on office space that is no longer necessary in our new work environment.

CTS sales increased primarily due to core and premium content sets, specifically related to company financial data and data management solutions.

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

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

| Clients(1) | | | 6,453 | | | 5,875 | | | 9.8 | | % |

| Users(2) | | | 160,932 | | | 141,136 | | | 14.0 | | % |

*(2)In the second quarter of fiscal 2021, we revised our user count methodology to include users across all our products, including workstations, StreetAccount and other workflow solutions.

The prior year user count was adjusted to reflect this change for comparison purposes.*

Foreign Currency [removed: Exchange] [added: Transaction] Risk

[removed: If the] [added: As of August 31, 2022, a hypothetical 10% weaker] U.S. dollar [removed: had been 10% weaker,] [added: would have increased] the fair value of [added: our] outstanding foreign currency forward contracts [removed: would have increased] by [removed: $15.3 million, which would have had an immaterial impact on our Consolidated Balance Sheet.][added: $14.5 million.]

If we had no hedges in place as of August 31, [removed: 2021, a] [added: 2022, with operating results and exchange rates held constant in local currency, the same] hypothetical 10% weaker U.S. dollar against all foreign currencies [removed: from the quoted foreign currency exchange rates at August 31, 2021, with operating results held constant in local currencies,] would [removed: result] [added: have resulted] in a decrease in operating income [removed: of $38.2 million over the next 12 months.][added: by $39.0 million.]

Refer to Note [removed: 6,] [added: 5,] *Derivative Instruments* in the Notes to the Consolidated Financial Statements included in Item 8.

Refer to Note [removed: 3, *Summary of Significant] [added: 2, *Significant] Accounting Policies* in the Notes to the Consolidated Financial Statements included in Item 8.

As of August 31, [removed: 2021,] [added: 2022] we had [removed: long term debt] [added: an] outstanding [removed: under the 2019 Revolving Credit Facility with a] principal balance of [removed: $575.0 million.][added: $750.0 million under the 2022 Term Facility and $250.0 million under the 2022 Revolving Facility.]

The variable rate of interest on our [removed: long-term] debt [removed: can expose us] [added: creates exposure] to interest rate volatility due to changes in [removed: LIBOR.][added: SOFR.]

To mitigate this [removed: exposure,] [added: risk,] on March [removed: 5, 2020,] [added: 1, 2022,] we entered into [removed: an interest rate swap agreement] [added: the 2022 Swap Agreement] with a notional amount of [removed: $287.5 million] [added: $800.0 million,] to hedge [removed: the variable interest] [added: a portion of our SOFR] rate [removed: obligation, effectively converting the floating] [added: debt with a fixed] interest rate [removed: to fixed for the hedged portion.][added: of 1.162%.]

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 [removed: LIBOR] [added: SOFR] would result in a [removed: $0.7] [added: $1.0] million change to our annual interest [removed: expense for the portion of the long-term debt not hedged by the interest rate swap agreement.][added: expense.]

In the normal course of business, we are exposed to foreign currency exchange risk and interest rate risk that could impact our financial position and results of operations.

Current market events have not required us to modify materially or change our financial risk management strategies with respect to our exposures to foreign currency exchange risk or interest rate risk.

We operate on a global basis and are exposed to the risk that our financial condition, results of operations and cash flows could be impacted by changes in foreign currency exchange rates.

To mitigate the volatility and uncertainty of our exchange rate risk, we entered into foreign currency forward contracts with major institutions related to our primary currencies of the British Pound Sterling, Euro, Indian Rupee and Philippine Peso.

These forward contracts are designed to hedge anticipated foreign currency transaction exposure ranging from 25% to 75% over the hedge term.

We do not enter into cash flow hedges for trading or speculative purposes.

During fiscal 2022, we recognized a loss on foreign currency forward contracts of $7.9 million, compared with a gain of $5.0 million in fiscal 2021.

During fiscal 2022, foreign currency exchange rate fluctuations, net of hedge activity, decreased operating income by $3.1 million, compared with a decrease of $5.4 million in fiscal 2021.

Foreign Currency Translation

We are exposed to foreign currency risk due to the translation of our results from certain international operations into U.S. Dollars, as part of the consolidation process.

Fluctuations in foreign currency exchange rates can create volatility in the results of operations and our financial condition.

We recorded a translation loss of $74.7 million and a gain of $0.8 million in AOCL for the years ended August 31, 2022 and 2021, respectively.

As of August 31, 2022 we had Cash and cash equivalents of $503.3 million and Investments of $33.2 million.

Our Cash and cash equivalents consist of cash and highly liquid investments including demand deposits and money market funds and our Investments consist of mutual funds.

*2022 Credit Agreement*

On March 1, 2022, we borrowed $1.0 billion under the 2022 Term Facility and $250.0 million of the available $500.0 million under the 2022 Revolving Facility.

The outstanding borrowings under the 2022 Credit Facilities bore interest at rates equal to the applicable one-month Term SOFR rate plus a 1.1% spread (comprised of a 1.0% interest rate margin based on a debt leverage pricing grid plus 0.1% credit spread adjustment).

The spread remained consistent through August 31, 2022.

The notional amount of the 2022 Swap Agreement declines by

$100.0 million on a quarterly basis as of May 31, 2022 and is maturing on February 28, 2024.

As of August 31, 2022, the notional amount was $600.0 million.

Thus, our exposure is limited to fluctuations in SOFR related to our outstanding SOFR borrowings in excess of amounts not hedged, or $400.0 million of our outstanding principal balance.

Refer to Note 12, *Debt* for more information on our outstanding borrowings as of August 31, 2022.

In the normal course of business, we are exposed to foreign currency exchange risk as we conduct business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso.

Changes in the exchange rates for such currencies into U.S. dollars can affect our revenues, earnings, and the carrying values of our assets and liabilities in our consolidated balance sheet, either positively or negatively.

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

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

Such a change in fair value of our financial instruments would be substantially offset by changes in our expense base.

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

The fair market value of our cash and cash equivalents and investments at August 31, 2021 was $717.8 million.

Our cash and cash equivalents consist of demand deposits and money market funds with original maturities of three months or less and are reported at fair value.

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The debt bears interest on the outstanding principle at a rate equal to LIBOR plus a spread, using a debt leverage pricing grid.

Thus, we are only exposed to base interest rate risk on floating rate borrowings in excess of any amounts that are not hedged, or $287.5 million of our outstanding principal balance.

Refer to Note 13, *Debt* in the Notes to the Consolidated Financial Statements included in Item 8.

of this Annual Report on Form 10-K for additional information regarding our outstanding debt obligations.

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 [added: an] open and flexible [removed: technology and a purpose to drive] [added: digital platform that drives] the investment community to see more, think bigger, and do [removed: their] [added: its] best work.

Our strategy is to [removed: become] [added: build] the leading open content and [removed: financial] analytics platform [removed: in the industry that delivers] [added: to deliver a] differentiated advantage for our clients’ success.

For [removed: over] [added: more than] 40 years, the FactSet platform has delivered expansive data, sophisticated analytics, and flexible technology [removed: that] [added: used by] global financial professionals [removed: need] to power their critical investment workflows.

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

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

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

Refer to Note [removed: 19, Segment Information,] [added: 18, *Segment Information*,] in the Notes to the Consolidated Financial Statements included in Part II, Item 8.

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

We are [removed: dual listed] [added: dual-listed] on the New York Stock Exchange ("NYSE") and the NASDAQ Stock Market ("NASDAQ") under the symbol "FDS".

Fiscal [removed: 2021] [added: 2022] marked our [removed: 43rd] [added: 44th] year of [removed: operations and, while much has changed in both markets] [added: operations,] and [removed: technology, our focus has always been] [added: we continue] to [removed: provide] [added: focus on providing integrated and connected content,] best-in-class products and exceptional client service.

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

To execute [removed: on our] [added: this] strategy, we plan [removed: on the following:][added: on:]

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

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

- Delivering execution excellence: [removed: Building a more] [added: We are building an] agile [removed: and digital first-minded] organization that [removed: increases the speed of our] [added: accelerates] product creation and [removed: go-to-market strategy.][added: content collection.]

- Driving a growth mindset: [removed: Recruiting,] [added: To drive sustainable growth, we are recruiting,] training and empowering a diverse and operationally efficient [removed: workforce to drive sustainable growth.][added: workforce.]

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

[removed: At the center of our] [added: Our] strategy [removed: is the] [added: centers on] relentless focus on our clients and their FactSet experience.

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

Additionally, we continually evaluate business opportunities such as [removed: acquisitions and] partnerships [added: and acquisitions] to [removed: help us expand] [added: increase] our capabilities and competitive [removed: differentiators across the investment portfolio lifecycle.][added: differentiation.]

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

Our RMS [removed: &] [added: and] advisory solutions also enable our wealth clients to provide [removed: market leading] [added: market-leading] support [removed: across] [added: for] their [removed: entire enterprise,] [added: businesses,] including home office, advisory, and client [removed: engagement.][added: engagement work.]

[removed: These] [added: Our Research & Advisory] solutions [removed: deliver essential and integrated content into one flexible platform with] [added: also offer] global coverage, deep history, and transparency through [removed: both FactSet] [added: proprietary] and third-party sourced databases.

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

[removed: Fundamental and quantitative research, portfolio construction, order management and trade execution] [added: These outputs can then] tie into advanced portfolio attribution and performance measurement, risk management, and [removed: reporting.][added: reporting functions.]

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

Clients [added: can] seamlessly discover, explore, and access organized and connected content via multiple delivery channels.

Whether a client needs [removed: market, company,] [added: market data, company data,] alternative data, [removed: or] customized client facing digital [removed: solutions,] [added: solutions or data elements uniquely identifying financial instruments,] we provide structured data through a variety of technologies, [removed: such as] [added: including] APIs and cloud infrastructures.

Through our [removed: Data Management Services ("DMS"),] [added: data management services (DMS),] we provide entity mapping and integration of client data.

Our symbology links and aggregates a diverse set of content sources to ensure consistency, transparency, and data [removed: integrity across a client’s business.][added: integrity.]

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

Buy-side clients continue to shift increasingly [removed: towards] [added: toward] multi-asset class investment strategies and 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 workflow, [removed: covering virtually every] [added: leveraging their portfolio data across multiple] asset [removed: class,] [added: classes,] enables us to compete for greater market share.

Buy-side clients primarily include asset managers, [removed: asset owners,] wealth managers, [added: asset owners, channel partners,] hedge [removed: funds, corporate firms] [added: funds] and [removed: channel partners.][added: corporate firms.]

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

The buy-side [added: organic] annual subscription value [removed: ("ASV")] [added: ("Organic ASV")] growth rate for fiscal [removed: 2021] [added: 2022] was [removed: 6.5%.][added: 8.5%.]

Buy-side clients accounted for [removed: 83.2%] [added: 83%] of our ASV as of August 31, [removed: 2021.][added: 2022.]

We deliver comprehensive solutions to sell-side clients including workstation, [added: data feeds, API's,] proprietary and third-party content, productivity tools for Microsoft® Office, web and mobile, and RMS for research authoring and publishing.

These firms primarily include broker-dealers, [removed: banking and advisory,] private equity and venture [removed: capital] [added: capital, and banking and advisory] firms.

The sell-side [added: Organic] ASV growth rate for fiscal [removed: 2021] [added: 2022] was [removed: 12.0%.][added: 13.8%.]

As of August 31, 2022, we had more than 7,500 clients comprised of approximately 180,000 investment professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users, private equity and venture capital professionals.

Our on- and off-platform solutions span the investment lifecycle to include investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting.

Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected content ("content refinery").

Our products and services include workstations, portfolio analytics and enterprise solutions.

Our CUSIP Global Services ("CGS") business supports security master files relied on by the investment industry for critical front, middle and back office functions.

We drive our business based on our detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

We provide them with an open digital platform, connected and reliable data, next-generation workflow solutions and highly committed service specialists.

As the needs of our clients evolve, they seek personalized and connected data, tools for multi-asset class investing, and reduced costs.

Our strategy is to build the leading open content and analytics platform to deliver differentiated advantages for our clients’ success.

This data includes granular data for key industry verticals, private companies, wealth management, real-time data, and environmental, social and governance data ("ESG").

We are driving personalized workflow solutions for financial professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users and private equity and venture capital professionals.

We offer an open ecosystem with solutions and content that is accessible and flexible through a myriad of delivery methods.

We offer new products designed for delivery via the cloud, making them highly efficient for our clients.

We will continue to employ technology to accelerate the pace of content collection and drive expertise in complex data sets such as private companies, ESG and deep sector.

Additionally, we are improving our price realization through consistent packaging and internal governance.

We use partnerships and acquisitions to accelerate our growth in strategic areas.

Research & Advisory delivers essential content and workflow solutions in one flexible platform for investment bankers, wealth advisors, buy and sell-side analysts, corporate users, portfolio managers and investment relationship professionals.

Our workstation, advisor dashboard, research management solutions (“RMS”), and FactSet for client relationship management (CRM) enable our clients to personalize and automate their workflows.

These tools provide insight and efficiency for idea generation, company and market analysis, fundamental research, presentation building and distribution, and research management.

These solutions provide deep company and sector-specific analyses, spanning the public and private markets.

Our solutions easily integrate with our clients’ technology, offering additional flexibility through mobile, API, and web-based components.

Our tools connect together fundamental and quantitative research, portfolio construction, order management and trade execution.

An open framework supports our proprietary and third-party models, connected data, analytics and reporting.

Our platform and APIs can be deployed as an enterprise system that meets multi-asset class needs or as individual workflow components.

Additionally, Analytics & Trading's tools can integrate client holdings data with global market data for fundamental and quantitative research, portfolio construction, and trade simulation.

Our order management and trade execution solutions also efficiently connect to portfolio attribution and performance measurement requirements, risk management functions and reporting requirements.

We are the exclusive provider of the Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally, acting as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the United States and as a substitute number agency for more than 35 other countries.

By enabling our clients to utilize their preferred choice of cloud infrastructure and industry standard databases, programming languages and data

Refer to Item 7.

*Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value ("ASV")* of this Annual Report on Form 10-K for the definitions of Organic ASV.

Our total client count as of August 31, 2022 was 7,538, representing a net increase of 16.8%, or 1,085 clients in the last 12 months, mainly due to an increase in corporate clients, wealth management clients, and private equity and venture capital firms.

As of August 31, 2022, there were 179,982 professionals using FactSet, representing a net increase of 19,050 or 11.8% in the last 12 months, mainly driven by an increase in wealth advisory professionals from our wealth management clients, as well as an increase in sell-side users from our banking clients.

As of August 31, 2022, our Organic ASV plus Professional Services totaled $1.8 billion, up 9.3% compared with August 31, 2021.

Refer to Item 7.

*Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Subscription Value ("ASV")* of this Annual Report on Form 10-K for the definitions of Organic ASV plus Professional Services.

*(in millions)*

These offices exclude any leases that we have fully vacated in advance of their originally scheduled lease term.

This strong response rate reflected stable engagement amidst ongoing challenges caused by the COVID-19 pandemic.

We received more than 8,700 comments in response to the survey.

Our scores increased from the previous year's survey in the areas of authenticity, work-life balance, and employees feeling satisfied with the recognition they receive for their work.

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.

Our revenue is primarily derived from subscriptions to our products and services such as workstations, portfolio analytics, and market data.

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.

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.

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

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

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.

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.

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.

ASV at any 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.

Our total client count as of August 31, 2021 was 6,453, representing a net increase of 578 or 9.8% in the last 12 months.

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

As of August 31, 2021 there were 160,932 professionals using FactSet, representing a net increase of 19,796 or 14.0% in the last 12 months, primarily driven by an increase in research, wealth and corporate solutions users.

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

As of August 31, 2021, our Organic ASV plus Professional Services totaled $1.68 billion, up 7.2% over the prior year comparable period.

Through fiscal 2021, within each of our segments, we delivered insight and information based on four workflow solutions: Research; Analytics & Trading; CTS; and Wealth.

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.

These workflow solutions provide global financial and economic information to investment managers, investment banks and other financial services professionals.

No other FactSet employees are represented by collective bargaining agreements.


individual operational unit focus areas and action plans for improvement.

Our overall engagement at the Company level was our highest since we implemented this survey.

We increased scores for all questions at the Company level, and in over 10,000 comments received, employees told us that they felt supported through the COVID-19 pandemic and continue to have pride in their work, colleagues, and company.

We recognize that our best ideas can come from anyone, anywhere, at any time, and help us provide the best solutions for our clients around the globe.

We continually seek to expand our workforce with diverse perspectives, backgrounds, and experiences.

By fostering a globally inclusive culture, we enable our people to be themselves at work and to join in, be heard, contribute, and grow.

Together, we work to recruit, advance, and engage talent at FactSet with an inclusive culture unified by the FactSet spirit of going above and beyond.

In fiscal 2021, we continued our strong commitment to Diversity, Equity & Inclusion ("DE&I") in the following ways:

*Governance & Leadership Commitment*

DE&I at FactSet begins with a commitment from our CEO and the entire FactSet leadership team to improve diversity representation as part of our DE&I strategy.

In Fiscal 2021, we strengthened our DE&I governance by creating the FactSet Global DE&I Council, consisting of over 20 senior leaders from across FactSet who are empowered to drive our DE&I progress and create strategic accountability for DE&I results.

*Global DE&I Strategy*

From time to time, we are subject to legal proceedings, claims and litigation arising in the ordinary course of [removed: business, including intellectual property litigation.][added: business.]

For the fiscal year ended August 31, [removed: 2021][added: 2022]

[removed: ][added: ]

(Address of principal executive [removed: office,] [added: offices,] including zip code)

| Common Stock, $0.01 Par Value | | | FDS | | | New York Stock Exchange [added: LLC] | | |

Indicate by check mark whether the registrant has submitted [removed: electronically, if any,] [added: electronically] every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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: 26, 2021,] [added: 28, 2022,] 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: $11,494,529,303.][added: $15,374,820,800.]

As of October [removed: 15, 2021,] [added: 10, 2022,] there were [removed: 37,640,632] [added: 38,079,436] shares of the registrant's common stock outstanding.

Certain information required by Part III of this [removed: annual report] [added: Annual Report] on Form 10-K is incorporated by reference to our definitive Proxy Statement for our [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after August 31, [removed: 2021.][added: 2022.]

For The Fiscal Year Ended August 31, [removed: 2021][added: 2022]

| | | | [ITEM [removed: 1.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_13)] [added: 1.](#i677b09687fd443618b9c84261c8e0734_13)] | | | [removed: [Business](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_13)] [added: [Business](#i677b09687fd443618b9c84261c8e0734_13)] | | | [removed: [5](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_13)] [added: [5](#i677b09687fd443618b9c84261c8e0734_13)] | | |

| | | | [ITEM [removed: 1A.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_16)] [added: 1A.](#i677b09687fd443618b9c84261c8e0734_16)] | | | [Risk [removed: Factors](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_16)] [added: Factors](#i677b09687fd443618b9c84261c8e0734_16)] | | | [removed: [16](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_16)] [added: [5](#i677b09687fd443618b9c84261c8e0734_16)] | | |

| | | | [ITEM [removed: 1B.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_19)] [added: 1B.](#i677b09687fd443618b9c84261c8e0734_19)] | | | [Unresolved Staff [removed: Comments](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_19)] [added: Comments](#i677b09687fd443618b9c84261c8e0734_19)] | | | [removed: [24](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_19)] [added: [15](#i677b09687fd443618b9c84261c8e0734_19)] | | |

| | | | [ITEM [removed: 2.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_22)] [added: 2.](#i677b09687fd443618b9c84261c8e0734_22)] | | | [removed: [Properties](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_22)] [added: [Properties](#i677b09687fd443618b9c84261c8e0734_22)] | | | [removed: [24](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_22)] [added: [15](#i677b09687fd443618b9c84261c8e0734_22)] | | |

| | | | [ITEM [removed: 3.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_25)] [added: 3.](#i677b09687fd443618b9c84261c8e0734_25)] | | | [Legal [removed: Proceedings](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_25)] [added: Proceedings](#i677b09687fd443618b9c84261c8e0734_25)] | | | [removed: [26](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_25)] [added: [16](#i677b09687fd443618b9c84261c8e0734_25)] | | |

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| | | | [ITEM [removed: 5.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_34)] [added: 5.](#i677b09687fd443618b9c84261c8e0734_34)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_34)] [added: Securities](#i677b09687fd443618b9c84261c8e0734_34)] | | | [removed: [27](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_34)] [added: [18](#i677b09687fd443618b9c84261c8e0734_34)] | | |

| | | | [ITEM [removed: 7.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_40)] [added: 7.](#i677b09687fd443618b9c84261c8e0734_40)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_40)] [added: Operations](#i677b09687fd443618b9c84261c8e0734_40)] | | | [removed: [30](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_40)] [added: [21](#i677b09687fd443618b9c84261c8e0734_40)] | | |

| | | | [ITEM [removed: 7A.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_70)] [added: 7A.](#i677b09687fd443618b9c84261c8e0734_73)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_70)] [added: Risk](#i677b09687fd443618b9c84261c8e0734_73)] | | | [removed: [47](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_70)] [added: [41](#i677b09687fd443618b9c84261c8e0734_73)] | | |

| | | | [ITEM [removed: 8.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_73)] [added: 8.](#i677b09687fd443618b9c84261c8e0734_76)] | | | [Financial Statements and Supplementary [removed: Data](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_73)] [added: Data](#i677b09687fd443618b9c84261c8e0734_76)] | | | [removed: [49](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_73)] [added: [43](#i677b09687fd443618b9c84261c8e0734_76)] | | |

| | | | [ITEM [removed: 9.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_169)] [added: 9.](#i677b09687fd443618b9c84261c8e0734_172)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_169)] [added: Disclosure](#i677b09687fd443618b9c84261c8e0734_172)] | | | [removed: [91](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_169)] [added: [89](#i677b09687fd443618b9c84261c8e0734_172)] | | |

| | | | [ITEM [removed: 9A.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_172)] [added: 9A.](#i677b09687fd443618b9c84261c8e0734_175)] | | | [Controls and [removed: Procedures](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_172)] [added: Procedures](#i677b09687fd443618b9c84261c8e0734_175)] | | | [removed: [91](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_172)] [added: [89](#i677b09687fd443618b9c84261c8e0734_175)] | | |

| | | | [ITEM [removed: 9B.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_175)] [added: 9B.](#i677b09687fd443618b9c84261c8e0734_178)] | | | [Other [removed: Information](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_175)] [added: Information](#i677b09687fd443618b9c84261c8e0734_178)] | | | [removed: [91](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_175)] [added: [89](#i677b09687fd443618b9c84261c8e0734_178)] | | |

| | | | [ITEM [removed: 10.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_181)] [added: 10.](#i677b09687fd443618b9c84261c8e0734_184)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_181)] [added: Governance](#i677b09687fd443618b9c84261c8e0734_184)] | | | [removed: [92](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_181)] [added: [90](#i677b09687fd443618b9c84261c8e0734_184)] | | |

| | | | [ITEM [removed: 11.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_184)] [added: 11.](#i677b09687fd443618b9c84261c8e0734_187)] | | | [Executive [removed: Compensation](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_184)] [added: Compensation](#i677b09687fd443618b9c84261c8e0734_187)] | | | [removed: [92](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_184)] [added: [90](#i677b09687fd443618b9c84261c8e0734_187)] | | |

| | | | [ITEM [removed: 12.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_187)] [added: 12.](#i677b09687fd443618b9c84261c8e0734_190)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_187)] [added: Matters](#i677b09687fd443618b9c84261c8e0734_190)] | | | [removed: [92](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_187)] [added: [90](#i677b09687fd443618b9c84261c8e0734_190)] | | |

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| | | | [ITEM [removed: 15.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_199)] [added: 15.](#i677b09687fd443618b9c84261c8e0734_202)] | | | [Exhibits, Financial Statement [removed: Schedules](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_199)] [added: Schedules](#i677b09687fd443618b9c84261c8e0734_202)] | | | [removed: [94](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_199)] [added: [92](#i677b09687fd443618b9c84261c8e0734_202)] | | |

| | | | [ITEM [removed: 16.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_211)] [added: 16.](#i677b09687fd443618b9c84261c8e0734_214)] | | | [Form 10-K [removed: Summary](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_211)] [added: Summary](#i677b09687fd443618b9c84261c8e0734_214)] | | | [removed: [96](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_211)] [added: [94](#i677b09687fd443618b9c84261c8e0734_214)] | | |

| The Nasdaq Stock Market | | | | | | | | |

Securities registered pursuant to Section 12(g) of the Act: None

| [PART I](#i677b09687fd443618b9c84261c8e0734_10) | | | | | | | | | | | |

| [PART II](#i677b09687fd443618b9c84261c8e0734_31) | | | | | | | | | | | |

| | | | [ITEM 6.](#i677b09687fd443618b9c84261c8e0734_37) | | | [Reserved](#i677b09687fd443618b9c84261c8e0734_37) | | | [20](#i677b09687fd443618b9c84261c8e0734_37) | | |

| [PART III](#i677b09687fd443618b9c84261c8e0734_181) | | | | | | | | | | | |

| [PART IV](#i677b09687fd443618b9c84261c8e0734_199) | | | | | | | | | | | |

| [SIGNATURES](#i677b09687fd443618b9c84261c8e0734_217) | | | | | | | | | [95](#i677b09687fd443618b9c84261c8e0734_217) | | |

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

| NASDAQ Global Select Market | | | | | | | | |

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

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

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

| | | | [ITEM 6.](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_37) | | | [Selected Financial Data](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_37) | | | [29](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_37) | | |

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

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

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

[removed: Additionally, we have] [added: Our leased office space also includes our] data [added: content collection offices located in India, the Philippines and Latvia and our data] centers that support our technological infrastructure located in New Jersey and Virginia.

We believe the amount of leased space as of August 31, [removed: 2021] [added: 2022] is adequate for our current [added: business] needs and that additional space can be available to meet any future needs.

| | | | Hong [removed: Kong,] [added: Kong SAR,] China | | |

As of August 31, 2022, we leased 39 offices worldwide, including our corporate headquarters located at 45 Glover Avenue, Norwalk, Connecticut, where we occupy 91,718 square feet of office space.

Refer to the table set forth below for the listing of our leased office space by geographic location.

The listing excludes any office locations that we have fully vacated during fiscal 2022 in advance of their original lease expiration dates.

We vacated certain leased office space to resize our real estate footprint for our hybrid work environment.

We will continue to evaluate our real estate needs; however, we expect that this initiative is largely complete.

| | | | Charlotte, North Carolina | | |

| | | | Sao Paulo, Brazil | | |

| | | | Gothenburg, Sweden | | |

| | | | Stockholm, Sweden | | |

Our corporate headquarters is located at 45 Glover Avenue in Norwalk, Connecticut.

We lease our headquarters location, which is 173,164 square feet, and also lease the other locations listed in the table below.

We have data content collection offices located in India, the Philippines and Latvia.

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

| | | | Minneapolis, Minnesota | | |

| | | | Avon, France | | |

| | | | Cologne, Germany | | |

| | | | Johannesburg, South Africa | | |

| | | | Zurich, Switzerland | | |

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

[removed: *(a)Market Information, Holders and Dividends*][added: Market Information]

[removed: *Market Information* –] Our common stock is listed on the NYSE and NASDAQ under the symbol FDS.

| | | | [removed: First] [added: First Quarter] | | | | | | [removed: Second] [added: Second Quarter] | | | | | | [removed: Third] [added: Third Quarter] | | | | | | [removed: Fourth] [added: Fourth Quarter] | | |

*Holders* *of Record* – As of October [removed: 15, 2021,] [added: 10, 2022,] we had approximately [removed: 2,346] [added: 1,822] holders of record of our common stock.

The closing price of our common stock on October [removed: 15, 2021,] [added: 10, 2022] was [removed: $380.22] [added: $412.78] per [removed: share] [added: share,] as reported on the NYSE.

*Dividends* - During fiscal years [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] our Board of Directors declared the following dividends on our common stock:

| Second Quarter | | | $ | 0.77 | | | | | February 26, 2021 | | | | | | [removed: $ |] 29,141 | | | | | [added: |] March 18, 2021 | | |

| Third Quarter | | | $ | 0.82 | | | | | May 31, 2021 | | | | | | [removed: $ |] 30,972 | | | | | [added: |] June 17, 2021 | | |

| Fourth Quarter | | | $ | 0.82 | | | | | August 31, 2021 | | | | | | [removed: $ |] 30,845 | | | | | [added: |] September 16, 2021 | | |

| First Quarter | | | $ | [removed: 0.72] [added: 0.82] | | | | | November [removed: 29, 2019] [added: 30, 2021] | | | | | | $ | [removed: 27,291] [added: 30,973] | | | | | December [removed: 19, 2019] [added: 16, 2021] | | |

| Second Quarter | | | $ | [removed: 0.72] [added: 0.82] | | | | | February 28, [removed: 2020] [added: 2022] | | | | | | [removed: $] [added: 31,065] | [removed: 27,251] | | | | | March [removed: 19, 2020] [added: 17, 2022] | | |

| Third Quarter | | | $ | [removed: 0.77] [added: 0.89] | | | | | May [removed: 29, 2020] [added: 31, 2022] | | | | | | [removed: $] [added: 33,795] | [removed: 29,188] | | | | | June [removed: 18, 2020] [added: 16, 2022] | | |

| Fourth Quarter | | | $ | [removed: 0.77] [added: 0.89] | | | | | August 31, [removed: 2020] [added: 2022] | | | | | | [removed: $] [added: 33,860] | [removed: 29,283] | | | | | September [removed: 17, 2020] [added: 15, 2022] | | |

[removed: *(b)* *Recent] [added: Recent] Sales of Unregistered [removed: Securities*][added: Securities]

There were no sales of unregistered equity securities during fiscal [removed: 2021.][added: 2022.]

[removed: *(c)Issuer] [added: Issuer] Purchases of Equity [removed: Securities*][added: Securities]

The following table provides a month-to-month summary of the share repurchase activity [removed: under our current share repurchase program] during the three months ended August 31, [removed: 2021:][added: 2022:]

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

[removed: *(2)Repurchases* *may] [added: Repurchases may] be made from time to time in the open market and privately negotiated transactions, subject to market [removed: conditions.* *No minimum number of shares to be repurchased has been fixed.][added: conditions.]

There is no timeframe to complete the share repurchase program and it is expected that share repurchases will be paid using existing and future cash generated by [removed: operations.*][added: operations.]

[removed: As] [added: *(2)As] of August 31, [removed: 2021,] [added: 2022,] a total [removed: of $199.9 million] [added: of* *$181.3* *million] remained available for future share repurchases under [removed: the program.*][added: our existing share repurchase program.]

[removed: Securities] [added: Securities] Authorized for Issuance under Equity Compensation [removed: Plans – refer to Item 12.][added: Plans]

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 Dow Jones U.S. Financial Services [removed: Index,] [added: Index] and the S&P 500 Financial Exchange and Data Index on August 31, [removed: 2016, or the origination date of each respective index.][added: 2017.]

The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 31, [removed: 2021.][added: 2022.]

Stockholder returns over the indicated period are based on historical data and should not be considered indicative of [removed: future stockholder returns.]

[removed: ][added: ]

| | | | [removed: 2016 | | |] 2017 | | | 2018 | | | 2019 | | | 2020 | | | 2021 | | | [added: 2022 | | |]

| Dow Jones U.S. Financial Services Index | | | $ | 100 | | $ | [removed: 126] [added: 122] | | $ | [removed: 153] [added: 117] | | $ | [removed: 147] [added: 113] | | $ | [removed: 142] [added: 169] | | $ | [removed: 212] [added: 139] | |

| S&P 500 Financial Exchanges and Data | | | $ | 100 | | $ | [removed: 119] [added: 130] | | $ | [removed: 155] [added: 160] | | $ | [removed: 191] [added: 187] | | $ | [removed: 222] [added: 232] | | $ | [removed: 276] [added: 191] | |

| 2022 | | | | | | | | | | | | | | | | | | | | | | | |

| High | | | $ | 469.43 | | | | | $ | 488.85 | | | | | $ | 444.57 | | | | | $ | 454.23 | |

| Low | | | $ | 369.12 | | | | | $ | 392.82 | | | | | $ | 356.10 | | | | | $ | 348.71 | |

| Fiscal 2022 | | | | | | | | | | | | | | | | | | | | | | | |

| Total Dividends | | | | | | | | | | | | | | | $ | 129,693 | | | | | | | |

| Total Dividends | | | | | | | | | | | | | | | $ | 120,224 | | | | | | | |

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

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

| June 2022 | | | 2,542 | | | | | | $ | 384.57 | | | | | — | | | | | | $ | 181,254 | |

| July 2022 | | | 1,785 | | | | | | $ | 394.20 | | | | | — | | | | | | $ | 181,254 | |

| August 2022 | | | 2,730 | | | | | | $ | 445.38 | | | | | — | | | | | | $ | 181,254 | |

| | | | 7,057 | | | | | | | | | | | | — | | | | | | | | |

*(1)Relates to shares repurchased to satisfy withholding tax obligations due upon the vesting or exercise of stock-based awards.*

No minimum number of shares to be repurchased has been fixed.

Beginning in the second quarter of fiscal 2022, we suspended our share repurchase program until at least the second half of fiscal 2023, with the exception of potential minor repurchases to offset dilution from grants of equity awards or repurchases to satisfy withholding tax obligations due upon the vesting of stock-based awards.

The suspension of our share repurchase program allows us to prioritize the repayment of debt under the 2022 Credit Facilities.

Refer to* Note 12*, Debt for more information on the 2022 Credit Facilities.*

Refer to Item 12.

future stockholder returns.

| FactSet Research Systems Inc. | | | $ | 100 | | $ | 146 | | $ | 173 | | $ | 223 | | $ | 242 | | $ | 276 | |

| S&P 500 Index | | | $ | 100 | | $ | 117 | | $ | 118 | | $ | 142 | | $ | 183 | | $ | 160 | |

| 2020 | | | | | | | | | | | | | | | | | | | | | | | |

| High | | | $ | 289.98 | | | | | $ | 310.25 | | | | | $ | 307.97 | | | | | $ | 363.64 | |

| Low | | | $ | 233.09 | | | | | $ | 275.12 | | | | | $ | 195.22 | | | | | $ | 279.01 | |

| Fiscal 2020 | | | | | | | | | | | | | | | | | | | | | | | |

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

*(in thousands, except per share data)*

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

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

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

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

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

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

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

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.

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

| [Management’s Statement of Responsibility for Financial [removed: Statements](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_76)] [added: Statements](#i677b09687fd443618b9c84261c8e0734_79)] | | | [removed: [50](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_76)] [added: [44](#i677b09687fd443618b9c84261c8e0734_79)] | | |

| [Management’s Report on Internal Control over Financial [removed: Reporting](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_79)] [added: Reporting](#i677b09687fd443618b9c84261c8e0734_82)] | | | [removed: [50](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_79)] [added: [44](#i677b09687fd443618b9c84261c8e0734_82)] | | |

| [Reports [added: o](#i677b09687fd443618b9c84261c8e0734_85)[f Independent Regis](#i677b09687fd443618b9c84261c8e0734_85)[tered Public Accounting Firm Reports] of Independent Registered Public Accounting [removed: Firm](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_82)] [added: Firm (PC](#i677b09687fd443618b9c84261c8e0734_85)[AOB](#i677b09687fd443618b9c84261c8e0734_85) [ID](#i677b09687fd443618b9c84261c8e0734_85)[:](#i677b09687fd443618b9c84261c8e0734_85) 42[)](#i677b09687fd443618b9c84261c8e0734_85)] | | | [removed: [51](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_82)] [added: [46](#i677b09687fd443618b9c84261c8e0734_85)] | | |

| [Consolidated Statements of [added: Comprehensive] Income for the years ended August 31, [removed: 2021, 2020 and 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_85)] [added: 2022, 2021](#i677b09687fd443618b9c84261c8e0734_91) [and 2020](#i677b09687fd443618b9c84261c8e0734_91)] | | | [removed: [54](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_85)] [added: [51](#i677b09687fd443618b9c84261c8e0734_91)] | | |

| [Consolidated Statements of [removed: Comprehensive] Income for the years [removed: ended] [added: end](#i677b09687fd443618b9c84261c8e0734_88)[ed](#i677b09687fd443618b9c84261c8e0734_88)] August 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_88)] [added: 2020] | | | [removed: [55](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_88)] [added: [50](#i677b09687fd443618b9c84261c8e0734_88)] | | |

| [Consolidated Balance Sheets at August 31, [removed: 2021] [added: 2022] and [removed: 2020](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_91)] [added: 2021](#i677b09687fd443618b9c84261c8e0734_94)] | | | [removed: [56](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_91)] [added: [52](#i677b09687fd443618b9c84261c8e0734_94)] | | |

| [Consolidated Statements of Cash Flows for the years ended August 31, [removed: 2021, 2020 and 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_94)] [added: 2022, 2021](#i677b09687fd443618b9c84261c8e0734_97) [and 2020](#i677b09687fd443618b9c84261c8e0734_97)] | | | [removed: [57](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_94)] [added: [53](#i677b09687fd443618b9c84261c8e0734_97)] | | |

| [Consolidated Statements of Changes in Stockholders’ Equity for the years ended August 31, [removed: 2021, 2020, and 2019](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_97)] [added: 2022, 2021](#i677b09687fd443618b9c84261c8e0734_100) [and 2020](#i677b09687fd443618b9c84261c8e0734_100)] | | | [removed: [58](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_97)] [added: [54](#i677b09687fd443618b9c84261c8e0734_100)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_100)] [added: Statements](#i677b09687fd443618b9c84261c8e0734_103)] | | | [removed: [59](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_100)] [added: [55](#i677b09687fd443618b9c84261c8e0734_103)] | | |

| [Schedule II – Valuation and Qualifying [removed: Accounts](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_205)] [added: Accounts](#i677b09687fd443618b9c84261c8e0734_208)] | | | [removed: [94](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_205)] [added: [92](#i677b09687fd443618b9c84261c8e0734_208)] | | |

[removed: FactSet’s Consolidated Financial Statements are prepared by management, which] [added: Our management prepares and] is responsible for [removed: their] [added: the] fairness, integrity and [removed: objectivity.][added: objectivity of our Consolidated Financial Statements.]

The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America and include amounts based on [added: our] management’s estimates and judgments.

[removed: FactSet’s] [added: Our] policies and practices reflect corporate governance initiatives that are compliant with the listing requirements of the New York Stock Exchange, the NASDAQ Stock Market and the corporate governance requirements of the Sarbanes-Oxley Act of 2002.

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

[removed: FactSet maintains] [added: We maintain] accounting systems, including internal accounting controls, designed to provide reasonable assurance of the reliability of financial records and the protection of assets.

In compliance with the Sarbanes-Oxley Act of 2002, [removed: FactSet] [added: we] assessed [removed: its] [added: our] internal control over financial reporting as of August 31, [removed: 2021] [added: 2022] and issued a report (see below).

[removed: Management] [added: Our management] is responsible for establishing and maintaining adequate internal control over financial reporting for FactSet.

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 [removed: the assets of FactSet;] [added: our assets;] (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 [added: our] receipts and expenditures [removed: of FactSet] are being made only in accordance with authorizations of [added: our] management and [removed: directors of FactSet;] [added: directors;] and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

[removed: Management] [added: Our management] (with the participation of the Chief Executive Officer and Chief Financial Officer) conducted an evaluation of the effectiveness of [removed: FactSet’s] [added: our] internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, [added: our] management concluded that [removed: FactSet’s] [added: our] internal control over financial reporting was effective as of August 31, [removed: 2021.][added: 2022.]

[removed: Ernst & Young LLP, an independent registered public accounting firm, has audited the] effectiveness of [removed: FactSet’s] [added: our] internal control over financial reporting and has issued a report on [removed: FactSet’s] [added: our] internal control over financial reporting, which is included in their report on the subsequent page.

We have audited the accompanying consolidated balance sheets of FactSet Research Systems Inc. (the Company) as of August 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] and the related notes and financial statement schedule listed in the Index at Item 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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended August 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 22, 2021] [added: 21, 2022] expressed an unqualified opinion thereon.

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

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) [removed: relates] [added: relate] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, [removed: subjective,] [added: subjective] or complex judgments.

The communication of [removed: the] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the Consolidated Financial Statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter below] [added: matters below,] providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which [removed: it relates.][added: they relate.]

| Description of the Matter | | | As discussed in Note [removed: 3, *Summary of Significant] [added: 2, *Significant] Accounting Policies,* and [removed: 11,] [added: Note 10,] *Income 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: 2021,] [added: 2022,] the Company recognized a consolidated provision for income taxes of [removed: $68] [added: $46.7] million with [removed: $41] [added: $18.1] million related to its U.S. operations and [removed: $27] [added: $28.6] million related to its [removed: non-U.S.] [added: 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 [removed: positions.] [added: position.] 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: 11,] [added: 10,] *Income Taxes*, of the Consolidated Financial Statements in relation to these matters. | | |

We have audited FactSet Research System Inc.’s (the Company) internal control over financial reporting as of August 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021] [added: 2022] Consolidated Financial Statements of the Company and our report dated October [removed: 22, 2021,] [added: 21, 2022,] expressed an unqualified opinion thereon.

| [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | |

| Revenues | | | $ | [removed: 1,591,445] [added: 1,843,892] | | | | | $ | [removed: 1,494,111] [added: 1,591,445] | | | | | $ | [removed: 1,435,351] [added: 1,494,111] | |

| Cost of services | | | [removed: 786,400] [added: 871,106] | | | | | | [removed: 695,446] [added: 786,400] | | | | | | [removed: 663,446] [added: 695,446] | | |

| Selling, general and administrative | | | [removed: 331,004] [added: 433,032] | | | | | | [removed: 359,005] [added: 331,004] | | | | | | [removed: 333,870] [added: 342,505] | | |

| Total operating expenses | | | [removed: 1,117,404] [added: 1,368,410] | | | | | | [removed: 1,054,451] [added: 1,117,404] | | | | | | [removed: 997,316] [added: 1,054,451] | | |

| Operating income | | | [removed: 474,041] [added: 475,482] | | | | | | [removed: 439,660] [added: 474,041] | | | | | | [removed: 438,035] [added: 439,660] | | |

| Other income [removed: (expense)] [added: (expense), net] | | | | | | | | | | | | | | | | | |

| Interest expense, net | | | [removed: (6,394)] [added: (29,522)] | | | | | | [removed: (9,829)] [added: (6,394)] | | | | | | [removed: (16,624)] [added: (9,829)] | | |

In accordance with the guidance issued by the Securities and Exchange Commission, companies are permitted to exclude acquisitions from their first assessment of internal control over financial reporting following the date of acquisition.

Based on those guidelines, our management's assessment of the effectiveness of our internal control over financial reporting excluded CUSIP Global Services ("CGS"), which we acquired in the third quarter of fiscal 2022.

Excluding goodwill and intangible assets, CGS represented 5% percent of our total assets as of August 31, 2022 and 5% percent of our consolidated revenues for fiscal year 2022.

Refer to Note 6, *Acquisitions*, for additional information on the CGS acquisition.

Ernst & Young LLP (PCAOBID: 42), an independent registered public accounting firm, has audited the

| October 21, 2022 | | | | | | October 21, 2022 | | |

| | | | Valuation of Intangible Assets from Business Acquisition | | |

| Description of the Matter | | | As described in Note 6, *Acquisitions*, to the Consolidated Financial Statements, during the year ended August 31, 2022, the Company completed the CUSIP Global Services business acquisition for total consideration of $1.932 billion, inclusive of working capital adjustments. The transaction was accounted for under the acquisition method of accounting whereby the total purchase price was allocated to assets acquired and liabilities assumed based on the estimated fair value of such assets and liabilities with the residual being allocated to goodwill. Auditing the Company’s accounting for the CUSIP Global Services acquisition required complex auditor judgment due to the significant estimation uncertainty inherent in determining the fair value of identified intangible assets for the acquired ABA business process and customer relationships. The significant estimation uncertainty was primarily due to the judgmental nature of the inputs to the valuation techniques used to measure the fair value of the ABA business process and customer relationships as well as the sensitivity of the respective fair values to the underlying significant assumptions. The significant assumptions used to estimate the fair value of the ABA business process and customer relationships included revenue growth rates and operating margins. These significant assumptions are forward-looking and could be affected by future economic and market conditions. | | |

| How We Addressed the Matter in Our Audit | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the valuation of intangible assets from the acquisition. For example, we tested controls over management’s review of the valuation models and the significant assumptions described above. | | |

| | | | To test the estimated fair value of the acquired ABA business process and customer relationships, we performed audit procedures that included, among others, assessing the appropriateness of the valuation methodologies and testing the significant assumptions discussed above. For example, we compared the revenue growth rates and operating margins to the historical results of the acquired business. We further performed sensitivity analyses to evaluate the changes in the fair value of the acquired ABA business process and customer relationships that would result from changes in the significant assumptions. In addition, we involved internal valuation specialists to assist us in our evaluation of the valuation methodologies and certain significant assumptions used by the Company. We have evaluated the Company’s business acquisition disclosures included in Note 6, Acquisitions, of the Consolidated Financial Statements in relation to these matters. | | |

October 21, 2022

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of CGS, which are included in the 2022 Consolidated Financial Statements of the Company and constituted 5% of total assets, excluding goodwill and other intangible assets, net, as of August 31, 2022 and 5% of consolidated total revenues for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of CGS.

October 21, 2022

| Asset impairments | | | 64,272 | | | | | | — | | | | | | 16,500 | | |

| Net income | | | $ | 396,917 | | | | | $ | 399,590 | | | | | $ | 372,938 | |

| 2022 | | | | | | 2021 | | | | | |

| Cash and cash equivalents | | | $ | 503,273 | | | | | $ | 681,865 | |

| Deferred revenues | | | 152,039 | | | | | | 63,104 | | |

| Net income | | | $ | 396,917 | | | | | $ | 399,590 | | | | | $ | 372,938 | |

| Payments of debt issuance costs | | | (9,736) | | | | | | — | | | | | | — | | |

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

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 396,917 | | | | | | | | | | | | 396,917 | | |

| Vesting of restricted stock | | | 39,499 | | | | | | — | | | | | | | | | | | | 14,229 | | | | | | (6,031) | | | | | | | | | | | | | | | | | | (6,031) | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | | | | 46,200 | | | | | | (18,639) | | | | | | | | | | | | | | | | | | (18,639) | | |

| Dividends declared | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (129,693) | | | | | | | | | | | | (129,693) | | |

| Balance as of August 31, 2022 | | | 41,653,218 | | | | | | $ | 417 | | | | | $ | 1,190,350 | | | | | 3,608,462 | | | | | | $ | (930,715) | | | | | $ | 1,179,739 | | | | | $ | (108,383) | | | | | $ | 1,331,408 | |

| [Not](#i677b09687fd443618b9c84261c8e0734_106)[e 1](#i677b09687fd443618b9c84261c8e0734_106) | | | [Description of Business](#i677b09687fd443618b9c84261c8e0734_106) | | | [55](#i677b09687fd443618b9c84261c8e0734_106) | | |

| [Not](#i677b09687fd443618b9c84261c8e0734_124)[e 6](#i677b09687fd443618b9c84261c8e0734_124) | | | [Acquisitio](#i677b09687fd443618b9c84261c8e0734_124)[ns](#i677b09687fd443618b9c84261c8e0734_124) | | | [67](#i677b09687fd443618b9c84261c8e0734_124) | | |

| [Note](#i677b09687fd443618b9c84261c8e0734_130) [8](#i677b09687fd443618b9c84261c8e0734_130) | | | [Goodwill](#i677b09687fd443618b9c84261c8e0734_130) | | | [70](#i677b09687fd443618b9c84261c8e0734_130) | | |

| [Note](#i677b09687fd443618b9c84261c8e0734_139) [11](#i677b09687fd443618b9c84261c8e0734_139) | | | [Leases](#i677b09687fd443618b9c84261c8e0734_139) | | | [74](#i677b09687fd443618b9c84261c8e0734_139) | | |

| [Note](#i677b09687fd443618b9c84261c8e0734_142) [12](#i677b09687fd443618b9c84261c8e0734_142) | | | [Debt](#i677b09687fd443618b9c84261c8e0734_142) | | | [76](#i677b09687fd443618b9c84261c8e0734_142) | | |

As of August 31, 2022, we had more than 7,500 clients comprised of approximately 180,000 investment professionals, including asset managers, bankers, wealth managers, asset owners, channel partners, hedge funds, corporate users, private equity and venture capital professionals.

Our on- and off-platform solutions span the investment lifecycle to include investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting.

Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected content ("content refinery").

Our products and services include workstations, portfolio analytics and enterprise solutions.

Our CGS business supports security master files relied on by the investment industry for critical front, middle and back office functions.

We drive our business based on our detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges.

We provide them with an open digital platform, connected and reliable data, next-generation workflow solutions and highly committed service specialists.

Refer to Note 18, *Segment Information*, for further discussion.

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

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

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

Adoption of Accounting Standards Update (ASU) No. 2016-02

As discussed in Note 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, Leases (Topic 842).

October 22, 2021

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

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

| Cash and cash equivalents at beginning of period | | | 585,605 | | | | | | 359,799 | | | | | | 208,623 | | |

| Balance as of September 1, 2018 | | | 39,264,849 | | | | | | $ | 393 | | | | | $ | 667,531 | | | | | 1,072,263 | | | | | | $ | (213,428) | | | | | $ | 122,843 | | | | | $ | (51,439) | | | | | $ | 525,900 | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 352,790 | | | | | | | | | | | | 352,790 | | |

| Vesting of restricted stock | | | 85,401 | | | | | | 1 | | | | | | (1) | | | | | | 31,644 | | | | | | (7,241) | | | | | | | | | | | | | | | | | | (7,241) | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | | | | 882,445 | | | | | | (213,130) | | | | | | | | | | | | | | | | | | (213,130) | | |

| Dividends declared | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (103,710) | | | | | | | | | | | | (103,710) | | |

| Cumulative effect of adoption of accounting standards* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,302 | | | | | | 716 | | | | | | 2,018 | | |

* *Includes the cumulative effect of adoption of accounting standards primarily due to both the adoption of the new revenue recognition standard (ASC 606) resulting in a cumulative increase to retained earnings related to certain fulfillment costs and the accounting standard update related to the U.S. Tax Cuts and Jobs Act ("TCJA") providing for the reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects.*

| [Note 1](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_103) | | | [Description of Business](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_103) | | | [59](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_103) | | |

| [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) | | |

| [Note 20](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_160) | | | [Risks and Concentrations of Credit Risk](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_160) | | | [88](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_160) | | |

| [Note 21](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_166) | | | [Subsequent Events](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_166) | | | [90](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_166) | | |

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.

Our revenue is primarily derived from subscriptions to our products and services such as workstations, portfolio analytics, and market data.

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.

Within each of our segments, we primarily deliver insight and

BASIS OF PRESENTATION

Our significant accounting policies are summarized below.

The majority of our revenue is derived from client access to our hosted proprietary data and analytics platform, which can include various combinations of products and services available over the contractual term.

A provision for billing adjustments and current expected credit losses is estimated and accounted for as a reduction to revenue, with a corresponding reduction to accounts receivable.

Cost of Services

Cost of services is comprised of compensation for our employees within the content collection, consulting, product development, software and systems engineering groups in addition to data costs, computer maintenance and depreciation expenses, amortization of identifiable intangible assets, and client-related communication costs.

Selling, General and Administrative

Selling, general and administrative expenses include compensation for the sales and various other support and administrative departments in addition to travel and entertainment expenses, rent, professional fees, depreciation of furniture and fixtures, amortization of lease right-of-use ("ROU") assets and leasehold improvements, as well as marketing costs, office expenses,, travel and entertainment expenses, and other miscellaneous expenses.

Accounting guidance requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units, performance share units, and common shares acquired under employee stock purchases based on estimated fair values of the share awards that are scheduled to vest during the period.

Under this method, the amount of compensation expense that is recognized on any date is at least equal to the vested portion of the award on that date.

As stock-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures.

[removed: Based on that evaluation, the] [added: Our] principal executive officer and principal financial officer have concluded that our disclosure controls and [removed: procedures are] [added: procedures, excluding the assessment of those related to CGS, were] effective as of the end of the annual period covered by this report.

There have been no other changes in 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 our fourth quarter of fiscal [removed: 2021] [added: 2022] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

In accordance with the guidance issued by the Securities and Exchange Commission, companies are permitted to exclude acquisitions from their first assessment of internal control over financial reporting following the date of acquisition.

Excluding goodwill and intangible assets, CGS represented 5% percent of our total assets as of August 31, 2022 and 5% percent of our consolidated revenues for fiscal year 2022.

Based on those guidelines, our management's assessment of the effectiveness of our internal control over financial reporting excluded CGS, which we acquired in the third quarter of fiscal 2022.

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

[added: The information required to be furnished by this Item 10] 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: 2021] [added: 2022] (the "Proxy Statement").

The information required to be furnished by this Item 10.

The information required to be furnished by this Item [removed: 11.][added: 11 is incorporated herein by reference to our Proxy Statement.]

is incorporated herein by reference to our Proxy Statement.

The information required to be furnished by this Item [removed: 12.][added: 12 is incorporated herein by reference to our Proxy Statement.]

The following table summarizes as of August 31, [removed: 2021,] [added: 2022,] 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 our equity compensation plans:

| Equity compensation plans approved by security holders | | | [removed: 2,474] [added: 2,322,639] | | | (1) | | | $ | [removed: 214.89] [added: 253.85] | | (2) | | | [removed: 5,456] [added: 5,003,572] | | | (3) | | |

*(1)Includes [removed: 2,277] [added: 2,089,231] shares issuable upon exercise of outstanding options, [removed: 128] [added: 141,643] shares issuable upon vesting of [removed: awards of restricted stock units] [added: outstanding RSUs] and [removed: 69*] [added: 91,765*] *shares* *issuable upon the conversion of outstanding [removed: performance share units.*][added: PSUs.*]

*(3)Includes [removed: 5,079,693] [added: 4,668,567] shares available for future issuance under the FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated, [removed: 237,749] [added: 232,293] 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: 138,956*] [added: 102,712*] *shares available for* *purchase* *under the* *FactSet Research Systems Inc.* *2008 Employee Stock Purchase Plan,* *as* *Amended and Restated.*

| Total | | | 2,322,639 | | | (1) | | | $ | 253.85 | | (2) | | | 5,003,572 | | | (3) | | |

is incorporated herein by reference to our Proxy Statement.

| *(In thousands, except per share data)* | | | | | | | | | | | | | | | | | | | | |

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

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

The information required to be furnished by this Item [removed: 13.][added: 13 is incorporated herein by reference to our Proxy Statement.]

is incorporated herein by reference to our Proxy Statement.

The information required to be furnished by this Item [removed: 14.][added: 14 is incorporated herein by reference to our Proxy Statement.]

is incorporated herein by reference to our Proxy Statement.

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

[removed: Schedule] [added: Schedule] II – Valuation and Qualifying [removed: Accounts][added: Accounts]

| [removed: Receivable reserve and billing adjustments] [added: Description] | | | Balance at Beginning of Year | | | [removed: | | |] Charged to [removed: Expense/ Against Revenue(1) | | |] [added: Expense] | | | Write-offs, Net of Recoveries | | | [removed: | | |] Balance at End of Year | | |

| 2021 | | | $ | 7,987 | | [removed: | | |] $ | 918 | | [removed: | | |] $ | (2,474) | | [removed: | | |] $ | 6,431 | |

| 2020 | | | $ | 10,511 | | [removed: | | |] $ | 754 | | [removed: | | |] $ | (3,278) | | [removed: | | |] $ | 7,987 | |

| [removed: [10.8](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000135/amendmenttocreditagree.htm)] [added: [10.9](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-5.htm)] | | | | | | [removed: [Amendment to Credit Agreement,] [added: [Credit Agreement] dated [removed: September 21, 2020, by and] [added: as of March 1, 2022,] among FactSet Research Systems Inc., [added: the Borrowing Subsidiaries party thereto, the Lenders party thereto, and] PNC Bank, National Association, as the Administrative [removed: Agent, and the Lenders party thereto.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000135/amendmenttocreditagree.htm)] [added: Agent](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-5.htm)] | | | | | | 8-K | | | | | | 001-11869 | | | | | | [removed: 10.1] [added: 4.5] | | | | | | [removed: 9/25/2020] [added: 3/1/2022] | | | | | | | | |

| [removed: [10.9](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a101factsetresearchsys.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a101factsetresearchsys.htm)[7](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a101factsetresearchsys.htm)] | | | | | | [FactSet Research Systems Inc. Executive Severance Plan](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a101factsetresearchsys.htm)[(1)](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a101factsetresearchsys.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 10.1 | | | | | | 3/5/2020 | | | | | | | | |

| [removed: [10.10](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a102formoffactsetresea.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a102formoffactsetresea.htm)[8](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a102formoffactsetresea.htm)] | | | | | | [Form of FactSet Research Inc. Equity Award Agreement](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a102formoffactsetresea.htm)[(1)](https://www.sec.gov/Archives/edgar/data/1013237/000101323720000045/a102formoffactsetresea.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 10.2 | | | | | | 3/5/2020 | | | | | | | | |

| [removed: [21](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx21.htm)] [added: [21](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-202208x31xexx21.htm)] | | | | | | [Subsidiaries of FactSet Research Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx21.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-202208x31xexx21.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [23](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx23.htm)] [added: [23](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-202208x31xexx23.htm)] | | | | | | [Consent of Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-202108x31xexx23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-202208x31xexx23.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx311.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/1013237/000101323721000142/fds-20210831xexx311.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx312.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/1013237/000101323721000142/fds-20210831xexx312.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx321.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/1013237/000101323721000142/fds-20210831xexx321.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx321.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323721000142/fds-20210831xexx322.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx322.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/1013237/000101323721000142/fds-20210831xexx322.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000159/fds-20220831xexx322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

FactSet Research Systems Inc.

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

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

| *(in thousands)* | | | | | | | | | | | | | | |

| Accounts Receivable Allowance: | | | | | | | | | | | | | | |

| 2022 | | | $ | 6,431 | | $ | 1,324 | | $ | (4,979) | | $ | 2,776 | |

| [2.1](https://www.sec.gov/Archives/edgar/data/1013237/000095015722000210/ex2-1.htm) | | | | | | [Asset Purchase Agreement, dated as of December 24, 2021, by and between S&P Global Inc. and FactSet Research Systems Inc.](https://www.sec.gov/Archives/edgar/data/1013237/000095015722000210/ex2-1.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 2.1 | | | | | | 3/1/2022 | | | | | | | | |

| [2.2](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex2-2.htm) | | | | | | [Amendment No. 1 to Asset Purchase Agreement, dated as of February 11, 2022, by and between S&P Global Inc. and FactSet Research Systems Inc.](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex2-2.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 2.2 | | | | | | 3/1/2022 | | | | | | | | |

| [4.1](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-1.htm) | | | | | | [Indenture, dated as of March 1, 2022, between FactSet Research Systems Inc. and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-1.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 4.1 | | | | | | 3/1/2022 | | | | | | | | |

| [4.2](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-2.htm) | | | | | | [Supplemental Indenture, dated as of March 1, 2022, between FactSet Research Systems Inc. and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-2.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 4.2 | | | | | | 3/1/2022 | | | | | | | | |

| [4.3](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-2.htm) | | | | | | [Form of 2.900% Global Note due 2027 (included in Exhibit A-1 to Exhibit 4.2 above)](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-2.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 4.3 | | | | | | 3/1/2022 | | | | | | | | |

| [4.4](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-2.htm) | | | | | | [Form of 3.450% Global Note due 2032 (included in Exhibit A-2 to Exhibit 4.2 above)](https://www.sec.gov/Archives/edgar/data/0001013237/000095015722000210/ex4-2.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 4.4 | | | | | | 3/1/2022 | | | | | | | | |

| [10.](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000096/fernandezseparationagreeme.htm)[10](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000096/fernandezseparationagreeme.htm) | | | | | | [Separation Agreement and General Release of Claims dated April 26, 2022 between FactSet Research Systems Inc. and Gene Fernandez](https://www.sec.gov/Archives/edgar/data/1013237/000101323722000096/fernandezseparationagreeme.htm) | | | | | | 10-Q | | | | | | 001-11869 | | | | | | 10.1 | | | | | | 7/1/2022 | | | | | | | | |

Years ended August 31, 2021, 2020 and 2019 (in thousands):

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

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

| 2019 | | | $ | 3,490 | | | | | $ | 11,474 | | | | | $ | (4,453) | | | | | $ | 10,511 | |

*(1)* *Additions to the receivable reserve for doubtful accounts are charged to bad debt expense.

Additions to the receivable reserve for billing adjustments are charged against revenue.*

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

| [10.7](https://www.sec.gov/Archives/edgar/data/1013237/000143774919006616/ex_139950.htm) | | | | | | [Credit Agreement with PNC Bank, National Association, Bank of America, N.A. and HSBC Bank USA, National Association as of March 29, 2019](https://www.sec.gov/Archives/edgar/data/1013237/000143774919006616/ex_139950.htm) | | | | | | 8-K | | | | | | 001-11869 | | | | | | 10.1 | | | | | | 3/29/2019 | | | | | | | | |

| Date: October [removed: 22, 2021] [added: 21, 2022] | | | /s/ F. PHILIP SNOW | | | | | |

| /s/ F. PHILIP SNOW | | | | | | Chief Executive Officer and Director | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ LINDA S. HUBER | | | | | | Executive Vice President, Chief Financial Officer | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ GREGORY T. MOSKOFF | | | | | | [removed: Senior Vice President,] [added: Managing Director,] Controller and Chief Accounting Officer | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ ROBIN A. ABRAMS | | | | | | [removed: Chair] [added: Director] | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ SIEW KAI CHOY | | | | | | Director | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ MALCOLM FRANK | | | | | | Director | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ JAMES J. MCGONIGLE | | | | | | Director | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ LEE SHAVEL | | | | | | Director | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ LAURIE SIEGEL | | | | | | Director | | | | | | October [removed: 22, 2021] [added: 21, 2022] | | |

| /s/ MARIA TERESA TEJADA | | | | | | Director | | | | | | October 21, 2022 | | |

| Maria Teresa Tejada | | | | | | | | | | | | | | |

[Table](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [of](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7) [Contents](#i7a3b1351dcda4f4e8268b9ab3d5ee3e5_7)

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

| /s/ SHEILA B. JORDAN | | | | | | Director | | | | | | October 22, 2021 | | |

| Sheila B. Jordan | | | | | | | | | | | | | | |

| /s/ JOSEPH R. ZIMMEL | | | | | | Director | | | | | | October 22, 2021 | | |

| Joseph R. Zimmel | | | | | | | | | | | | | | |