As of November 30, 2023, Organic ASV plus Professional Services was $2,185.0 million, an increase of 7.1% compared with November 30, 2022. This increase in Organic ASV was primarily driven by higher sales to existing clients and, to a lesser extent, price increases to existing clients and sales to new clients, partially offset by existing client cancellations.

Our total client count was 7,945 as of November 30, 2023, a net increase of 4.1% or 314 clients in the last 12 months, mainly due to an increase in corporate clients and, to a lesser extent, wealth management clients and partners.

As of November 30, 2023, there were 207,083 professionals using FactSet, representing a net increase of 14.4% or 26,124 users in the last 12 months, primarily driven by an increase in wealth users, and, to a lesser extent, sell-side users from our banking clients.

Annual ASV retention was greater than 95% of ASV for the three months ended November 30, 2023 and November 30, 2022. When expressed as a percentage of clients, annual retention was approximately 90% for the three months ended November 30, 2023

As of November 30, 2023, our employee headcount was 12,515, an increase of 7.6% compared with 11,627 employees as of November 30, 2022. This growth in headcount was primarily due to our continued investment in our centers of excellence (“COEs”), particularly through expanding our talent pool in our India and Philippines locations.

For the three months ended November 30, 2023, we repurchased 135,950 shares for $59.9 million.

We have filed petitions with the Appellate Tax Board to appeal all amounts assessed by the Commonwealth and believe that we will ultimately prevail; however, if we do not prevail, the amount of these assessments could have a material impact on our consolidated financial position, results of operations and cash flows.

As we operate globally, we 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.

We are exposed to credit risk for cash and cash equivalents held in financial institutions in the event of a default, to the extent that such amounts are in excess of applicable insurance limits; however, we do not believe our concentration of cash and cash equivalents presents a significant credit risk as the counterparties to the instruments consist of multiple high-quality, credit-worthy financial institutions.

The buy-side and sell-side Organic ASV annual growth rates as of November 30, 2023 were 7.2% and 7.6%, respectively.

Annual ASV retention was greater than 95% of ASV for the three months ended November 30, 2023 and November 30, 2022.

We are scaling up our content refinery to provide a comprehensive inventory of industry, proprietary and third-party data. This includes granular data for key industry verticals, real-time data, fund data and sustainable finance.

SG&A expenses decreased 4.6% to $100.7 million for the three months ended November 30, 2023, compared with $105.6 million from the same period a year ago, primarily driven by the net settlement of our derivative instruments and a decrease in professional fees.

Our COEs account for approximately 68% of our employees.

Innovation and collaboration are at the core of our approach. We employ technology to accelerate content collection, data connectivity and the development of summaries and themes. Our sales force is committed to enhancing price realization, productivity, efficiency and improved client outcomes. We are also optimizing operations and managing expenses to improve returns on our investments.

We are scaling up our content refinery to provide a comprehensive inventory of industry, proprietary and third-party data. Through an open ecosystem of cloud-based data and analytics, we aim to offer flexible solutions and content accessible through various delivery methods.

In addition, we are working to expand our use of artificial intelligence to drive efficiencies for our clients, with anticipated initiatives including automation of tasks and integration of natural language queries.

Computer-related expenses increased 80 basis points primarily due to higher spending related to cloud-based hosting services and licensed software arrangements.

For the three months ended November 30, 2023, we repurchased 135,950 shares for $59.9 million.

During the three months ended November 30, 2023 and November 30, 2022, we paid dividends of $37.1 million and $33.7 million, respectively.

For the three months ended November 30, 2023, capital expenditures decreased by 8.3% to $16.5 million, compared with $18.0 million during the same period a year ago.

The 10Q filing does not contain any information regarding environmental commitments, social responsibility initiatives, governance practices, or sustainability risks and opportunities.

Revenues increased in all our segments, primarily from the Americas and, to a lesser extent, EMEA and Asia Pacific.

Foreign currency exchange rate fluctuations, net of hedge activity, increased operating income by $1.9 million for the three months ended November 30, 2023 compared with the three months ended November 30, 2022.