Please welcome to the stage FactSet's Interim Head of Investor Relations, Yet He. Welcome. My name is Yet He. I lead Corporate Development for FactSet, and on an interim basis, I'm also Head of Investor Relations. Thank you all for being here today. It's a packed room. I feel the energy, and we are ready to begin. On behalf of the entire leadership team here at FactSet, welcome to FactSet's Investor Day 2024. We have a lot of things to share with you, and before we get started, there are a couple of things from a legal and logistics perspective that I need to cover. First, I want to remind everyone that today there will be statements about the future, and we will be referring to certain non-GAAP measures. In the Appendix of the materials, you will see a reconciliation of these non-GAAP measures to their GAAP equivalents. As you all know, this information has uncertainty and is subject to risk, as outlined in our SEC documents. Actual outcomes may differ from expectations, so please take a moment and review the Safe Harbor message on the screen. Look, this is our agenda for today. As you can see, there's a lot of things to cover, so each session will begin very promptly. We have two breaks outside in the gathering space. You don't want to miss this. We have our showcase of our new products that we're looking to share with everyone that you'll hear about from people on the main stage today. After the formal presentations, we will also have a number of FactSetters outside at the kiosks available for more conversations and product demonstrations. Finally, Q&A will be at the end. To submit your questions, please use your event app and do so throughout the day from your phone. And with that, I'd like to invite our CEO, Phil Snow. We can begin. Please welcome to the stage FactSet's Chief Executive Officer, Phil Snow. Thanks, Yet. 20 years ago, I was carrying a bag for FactSet in Los Angeles as a salesperson, and I vividly remember this one demo where I went in, and the portfolio manager, a pretty well-known fundamental shop in Century City, asked me to do some screening on the fly for him, and he said, "Can you find me any company that has asbestos within five words of bankruptcy in any SEC filing?" At the time, FactSet had this great EDGAR app. You could write Boolean logic across that and screen on companies, and he basically bought FactSet on the spot when we did that, and that's, I think, why I've always loved this company, and so many members of our firm really love our product. I think that enthusiasm for the product is back again and really fueled by this new wave of technology that we're seeing, and it's really unleashed a lot of innovation at the company, and today, you're going to see a little bit more than you may have at previous investor days of some of the products we've been working on and how that's going to fuel our growth moving forward. I do want to stress, as a management team, our number one priority is to drive the top line of the company. We think good things happen from that. You're going to hear from many people today about how their parts of the business are going to enable growth for FactSet moving forward. We have more scale now as a company, and I think the other thing that we really want to stress today is the importance of being an enterprise solution for our clients and being able to do more for them, cross-sell within them, and help them with their total cost of ownership. So those are some themes I would keep in mind as we move through the presentation. Most of you are familiar with the numbers. If you're not, or if you're online and this is a new story to you, FactSet's an S&P 500 company. We have scale now. We're over $2 billion in revenues. Our clients have always loved us for the high-quality content that we have on our system and how well we stitch that together to build out great workflow solutions for our clients. We're a trusted partner. I believe deeply that clients want to do more with us as we develop solutions just based on the service level that we have and the relationships we have with our clients. As an investment, we have an amazing subscription-based business. It's been very resilient through different types of markets. We have a great track record of delivering cash flow, earnings growth, and have had a disciplined approach to how we manage our balance sheet, and that really is borne out in terms of the results over the last 10 years, so as an investment, FactSet's delivered over 15% compounded annual growth rate. That includes dividends over that 10-year period, which has outperformed the S&P. What's changed in the last 10 years, so I think the geographic mix hasn't changed as much as the firms we sell into. What's interesting here is we're selling into a more diversified client base than we were 10 years ago. 10 years ago, 66% or 2/3 of our business was on the Institutional Buy-Side. Now that's 50%. So we've done a great job of diversifying things, particularly in the Wealth market, which we had a great year with last year, and we see a lot of opportunity for moving forward. What else has changed? This may be surprising to some people, but we've quadrupled the number of FactSet Workstations that are out there over the last 10 years. A lot of that has been driven by selling into Wealth advisors, continuing to grow in banking, but we do see continued opportunity to capture more seats. Perhaps more interesting is how the ASV, or the Annual Subscription Value mix, has shifted over the last 10 years. Now 50% of our ASV, or forward-looking revenue, is coming from more Enterprise Solutions rather than desktops, and we do think that's a very important component moving forward. Some of that's driven by all of the Enterprise Solutions that we've built out or acquired for the Buy-Side, also driven by the growth of our Feed business. We're now doing more in Managed Services, and we've opened up the platform. So all of that bodes well for me, I think, as we think about selling into the bigger firms and being more of an enterprise solution. In terms of where we differentiate, on the Buy-Side, we've got such a great strength within the middle office that's driven by the 6 million portfolios that are uploaded every night from our institutional clients. We're best in class when it comes to reporting, attribution, risk, and performance, and that's really the heart of a lot of these organizations and a place for us to grow. We do have a decent presence in the front office of the buy side, but we do think there's a ton more opportunity there moving forward to get onto more seats of portfolio managers, analysts, and traders. Within banking, again, we're best in class. We've been the best product for junior bankers for a long time in terms of pitchbook creation, automation. We're really doubling down on that. So you're going to see, you're going to hear from Kristy, and you're going to see some demonstrations about how we're going to further advance our offerings for junior bankers. And we still think there's quite a bit of opportunity in the banking space. There's more seats to capture, but there's also more workflows in banking that we could go after that traditionally FactSet hasn't. Wealth has been such a great business for us over the last few years. We have 100,000 seats now, advisors. There's more to capture. The bigger opportunity is likely going to be getting into adjacent workflows for Wealth. So what we did for the institutional buy side with portfolio analytics, we can replicate that on the Wealth side. We can also get into more of the business development workflows for Wealth. And being sort of a good partner in the ecosystem is going to be an important piece of the formula moving forward. More of the large firms are building stuff themselves these days. So being able to be an open ecosystem and partner with other firms they care about is something that we're super focused on. The addressable market's expanding. I think last two and a half years ago, we might have valued that at around $30 billion. What's expanding and what's of interest, I think particularly for us, is getting into the technology budgets of our clients now. So historically, FactSet and a lot of our competitors have sold into the market data budgets of the larger firms, and those are budgets that are under a bit more cost pressure than technology. Everyone's investing in Technology. You can see it in our numbers. We're investing there. So sitting down with CTOs, getting into the technology budgets provides more opportunity for us moving forward. I would say the other thing that's opened up more market share for us is our Feed business. That's a tremendous business. John Costigan will talk a bit more about that today, but there's billions of dollars of opportunity available for feeds, for workflows that traditionally FactSet hasn't served. I think we're all familiar with the secular trends that are out there. Again, I would just point to the importance of FactSet being an enterprise partner for our clients and partnering well with other enterprise providers in the marketplace. Clearly, the big technology software firms have done more in terms of their cloud presence, what they're doing with AI. So we're partnering very closely with the majority of those. And the shift to multi-asset class continues, and our focus on making sure that we have all asset classes, including private markets covered, is a big focus for the company. As an investor or an analyst, I would really pay attention to FactSet's technology and data strategy. So that's something that I think you need to understand if you're going to understand sort of the potential for FactSet in the future. We have an ever-expanding set of data. I think we've quadrupled that in the last few years, and it's so well connected that it really is an enabler for anyone that's working on automation, AI, uncovering ideas. So getting ahead around that and sort of understanding why FactSet is different than the other firms in the space should be a focus. We're in a great spot with AI. I think everyone's been running hard at this for the last 24 months. Twelve months ago, we released FactSet's blueprint for AI, and we've released real product that's getting tremendous feedback in the marketplace. You're going to see some of that today. You're going to hear about that from Kristy and others. The FactSet Mercury is FactSet's search capabilities across our entire platform. That's what we call mile-wide. We're using the foundation that we've built to build out deep workflow solutions for our clients, including Pitch Creator and Portfolio Commentary and some other things, which you'll see today, and then we've opened up the platform, so again, the importance of being an enterprise partner for our clients and making sure that all of the new capabilities that we have are API-enabled has been a focus, so I'm very enthusiastic about this. I do believe it's going to be an enabler of growth for us. We're seeing results already, and I believe that we're ahead of our competition here in terms of our strategy and what we've already released in terms of product. So today, you're going to hear from John and Kate on the value of our data and technology ecosystem. Kristy and Rob are going to talk to you about some of the deep workflow solutions and what we're going to do in each of the different firm types that we sell to. Goran, who's now leading sales, is going to talk to you about how we can become an enterprise partner for our clients and some of the strategies we're going to employ on the sell side to grow faster and then Helen's going to go through our medium-term outlook, talk about sort of our operational discipline and how we plan to capitalize on the balance sheet moving forward. So thank you all for coming. I'll see you at the end of the presentation for Q&A and mingling during the day and afterwards as well. Look forward to talking to more of you. We're now going to have a conversation around technology. For our next session, please welcome to the stage FactSet's Chief Technology Officer, Kate Stepp, and FactSet's Chief Data Officer, John Costigan. This session will be moderated by FactSet's Senior Director, Banking and Sell-Side Research, Kendra Brown. Thank you, everyone. I'm having a little déjà vu moment right now because about three years ago, I sat on a very similar stage in a different role in the same building, and I led a discussion on our digital platform. In that time, over the last two years, technology has really moved at a rapid pace, and at FactSet, we have mobilized our entire organization to meet that moment. I'm really happy, John and Kate, to be here with you today to lead a discussion on how our data and technology ecosystem that Phil mentioned earlier has evolved. To kick things off, Kate, I'll pose the first question to you. As I said before, during our last investor day, we talked about our digital platform. We talked about themes such as digital transformation, our open ecosystem. We talked about the cloud and, of course, our content refinery. Then now we see AI has taken center stage. From your perspective, how has the technology landscape evolved? It's a great question. It certainly feels like things have escalated quickly in the last two years. I think the digital transformations across the board really set the stage for that ChatGPT moment where a product was able to go viral by bringing a technology that wasn't really well understood by the end user to their fingertips in a way that they could really feel and experience that value of what technology brings. So if you ask what's changed in the landscape, I would say it's our clients' expectations and also the ability to deliver on those expectations with this evolving technology. I would also say that that has really highlighted the importance to be able to really deliver on it of what's needed. And that's high-quality, highly connected, diverse data, and then delivering that data in a way that actually brings value to a workflow. And that's where the opportunity is for FactSet because we've focused on perfecting the data and workflow for our clients for as long as we've existed. And now this evolving AI only helps accelerate us and broaden that opportunity for us. I think that's so important because as a FactSetter, one thing that's so important in everything we do and everything that you're going to see today is our client centricity. One thing that our clients have been very vocal about over the last two years is just the urgency around getting data into their firms to power innovation and really bring efficiency to their workflows. I'm just very excited as a product person, a lifetime product person, to see some of the solutions we have to address those workflows. When you think about our data concordance and the deep understanding we have of our client workflows, it really has positioned us as a partner of choice. For John, maybe you can speak to how we've progressed our data strategy to put us in an advantageous position. Sure. Let's go back to 2019. You all remember we decided to invest heavily in a digital transformation. I feel really fortunate we started back then because all of it's applicable to the GenAI space. There's a slide I've been using internally, which I get to show now. This really is how we use an analogy to explain what we're going through, what we've really done a tremendous amount of work to be prepared for this moment. So if you picture in the analogy, all of our datasets as a house in a neighborhood. Yes, they're connected, right? They share a water supply. That could be the symbology and the entities. But really, every house is different: different roof, different kitchen, different windows. What does that mean? That means it needs different engineers, different teams that are specialized in that data stack. So we created a brand new pipeline for data collection. And so the analogy is we're moving out of that neighborhood into the condo. Why does that matter? As we bring all new data that we collect into that concordance and bring some of our long-term datasets there, you get a single data layer. And why is that important? In the age of GenAI, you'll see a lot of other vendors are putting out questions that are canned. Those are canned questions because to do a freeform prompt, you have to really know how to get to the data, right? It requires the data to be available in a single data layer. It requires a lot of metadata on how to direct that data and a full catalog to be shared as well. So this last five years, we feel really well positioned for this moment. I do love a good analogy and a good visual aid. So Kate, if we take what John was just talking about and pick that apart a bit, how is that playing out on the technology side and what does that mean for our clients? Yeah, I think what Phil shared in the three pillars earlier of our intelligent platform really highlights the technology piece as well. The first one around next-generation search intelligence fits right with what John just said. It's the ability for that elevator to be quickly navigating the condo to find our data and delivering that to our customers quickly through FactSet's Mercury product, which is our conversational experience. The next two pillars that Phil hit on are really highlighting the foundations that we've set with the digital transformation. So AI-powered workflows. We went API-first as a mindset years back. What that means is that we took the different services, capabilities, analytics that FactSet has and made them programmatically accessible. Now you have large language models come along that not only can process a large amount of data and deliver that, but also can navigate those APIs and be able to execute for the user on those actions. So you're starting to see how this efficiency can really come to existence in that pillar. Then lastly is the enterprise AI building blocks. I've invested in our development team a lot of time toward building that foundation for GenAI. It was a slow progression in the beginning, which then accelerated all of our developers to build products that are really innovative, which you'll hear from Kristy and Rob around later how that's impacted our customers. And now those same components, given our open ecosystem, are accessible to all of our users that are developing in that same way. And I think it's helpful to maybe just double-click into that a little bit. So on the slide up here, you can see the many layers that are involved. Generative AI feels like magic, but there's actually many layers for that to actually be effective in the way that you use it. So the data preparation is one piece of it, enriching that data further. And then large language models opened up a whole new market where they continue to be released every day. They need to be fine-tuned to the use cases of our users. So that's a very important layer that we're working on in our products. And then lastly, you may think back to chat experiences of the past. There's something that may be a little bit more frustrating than we would have liked. So the other piece is how do you make sure that the experience of the user is one that really benefits from all the work that we've been doing? So all of those pieces open up a new market for our customers as they're building their own chat experiences internally. Speaking of our customers, I know that you both have spent a great amount of time just engaging with our clients, talking to them about their problems and helping to come up with solutions to solve them. How are they responding to our strategy and solutions that we've created thus far? I think we're routinely hearing Kate and I are in meetings with Chief Data Officers and Chief Technology Officers. It feels like almost daily across our client base. What we hear is that we're actually showing product that's working instead of slides. So we think, as Phil was mentioning, that we really had a head start here. We're getting a lot of feedback. It also goes across the data management challenge I was showing in the house-to-condo analogy. Our clients are all in the same boat, many different data stores. So a product called Data as a Service is getting a lot of conversation because the clients have expensive data scientists cleaning and gathering and putting data together as opposed to value-add on top of it. We had a client sign with us for DaaS. So they had 14 different data stores, and the project was to get to that single data layer. We could help them both because we've done the work, but also all the tools we have. We're starting to expose tools we've used internally for years for our clients to do. But every client is going to be on a data journey if they're not already, and they're going to have to get much better for the GenAI world. Yeah, and I'd say what we're hearing quite a bit more is the challenges that our customers are experiencing, especially from a development standpoint. That enterprise partnership really resonates because with GenAI, things are moving so quickly, and each customer has a different mindset on where they can add value. So that flexibility of FactSet's building blocks is really important because not everyone is looking for an out-of-the-box product. They feel they can add value in different pockets, but we can accelerate any of those projects given the flexibility of what we've built. And that partnership has been really helpful for us as well. Learning what's needed allows us to build better products on that Buy-Side spectrum as well. That's really resonating and has created a lot of engagement with our development teams and the development teams at our customers. Maybe we can double-click on that and give a quick preview of some of the things we're going to hear about, some of the things that you can see in the lobby and the kiosk during the break, and some of the things our teams are just really excited for putting in the forefront. What are some examples of what's resonating with our clients? I can start. You'll see some of FactSet Mercury. That's our conversational experience, and I talked about the layers. A lot goes into that. But one of the products that we released called the Conversational API exposes all of that same capability that we have within the user experience in a way that for those that are building their own internal chatbots, which many are, they're able to call into all that same functionality. And then on top of that, link in customer data. So that personalized experience without a need to load everything into one system, we are facilitating more of that connectivity between the data. And that's a real differentiator that builds upon the open ecosystem that we've established. And I'll add an internal example. So we get a lot of questions about our own data collection and what does GenAI mean for that. So the reality is we've been using AI and ML for about 12 years for pulling data out of documents. We've been able to pull tables out of documents with automation for a long time. The difference now with GenAI is you pull data out of the tables, you pull data out of the footnote, you pull data out of the language of the document maybe 10 pages later. GenAI is allowing us to connect that without a human in the loop. We still have the need for a vast team because we're using teams now to more and more tag the documents of what the machine needs to pull to pull the right things. And then it's tagged. And then if there's a difference in the next filing, we have to go back and retag it. But between tagging and curation, we still need our teams in our locations where we collect data to really ramp up the situation. So we're about two years removed from the ChatGPT moment. And now you're starting to see a lot of conversation from people who feel that the whole GenAI movement, there's a lot of hype around it. So I would love both of your perspectives on that. Do you agree or disagree with that? I'd say for me, while I do agree there's a lot of hype out there in the media and marketing around some of this technology, it's very real in the way that we've applied it. The acceleration that it's given my development teams and how quickly we can innovate, the engagement that we're seeing from our customers, the excitement that they see around how FactSet has handled that structured and unstructured data that John was speaking to, that connectivity, it's all very real. Also the way that this is evolving, the new models that are coming out every day and the new ways that that interacts with the actual workflow and the user experience itself, for me, that goes beyond the hype or maybe I should say is worth the hype. I like that. I think it's all about the degrees. I don't think it's overhyped. There's obviously a massive change underway. We talked about all those meetings with CDOs and CTOs. I guess one indicator is something has changed. We've always been amazing at spending lots of time with our clients, users, the market data contacts. Now spending time with engineers on the client side much more often. I don't know, there hasn't been many meetings the last 8-12 months where a FactSet engineer hasn't come to the meeting too. That is a massive shift in how we used to work, and I think it's really telling of what's happening. Final lightning round question. In what has been hailed as the next industrial revolution, what do you think will be most important, the data or the technology? The technology. Data. Technology. You're right. I do know one thing I'm very confident in is no matter what the answer turns out to be, FactSet is definitely prepared for the moment. Thank you both for your time and the conversation today. Thank you. Thank you. Thank you, Kate, John, and Kendra. For our next session, please welcome to the stage FactSet's Head of Dealmakers and Wealth, Kristy Karnovsky. Hi, everybody. It's great to be here with all of you today. I'm thinking back to our last investor day where Goran had recently taken over for me as I was transitioning from my role as Head of Research Solutions into my new role as Chief Product Officer. Today, today's Investor Day, I'm taking over for Goran, heading up Dealmakers and wealth as he moves into heading up into his role as Chief Revenue Officer. I bring that up because it's really such an honor to be speaking with all of you today about the growth and the success of our wealth business, which Goran has played such an instrumental role in growing and developing over the last several years. I look forward to continuing to partner with Goran together from our new seats. Ryan, if you could just help me out with the monitor, please. Great. Thank you. Okay. So the four key drivers of our wealth business that I'm excited to talk to you about today. First, it's the momentum that we have built with now over 100,000 advisors who truly love FactSet's product and service. We're very excited to continue growing that base of users. We have runway to go there. And we are also excited about expanding the services that we provide to all of those financial advisors. The second one is that what we're seeing is clients are deploying more of their resources toward activities that help them grow the business. So, thinking about activities where they can find and land new clients. And that's a really important area where data and technology can truly move the needle. The third one is that the home office of our wealth management clients operates a lot like our Institutional Buy-Side clients. And so everything that we're doing around the portfolio lifecycle makes us really well-suited to deliver those analytics and performance reporting solutions that will help our clients in the wealth management space to run their business. And finally, our clients know that when they choose to partner with FactSet, we always deliver. And with the power of our data and technology ecosystem that Kate and John just spoke about, our clients are inviting us more and more to co-develop and to innovate with them on solutions that serve their entire enterprise. So these are really the highlights and the key things that would be your takeaways about our wealth business. So let's take a look now at where we are today. We achieved some exciting and significant milestones in fiscal year 2024 in the Wealth business. We grew the number of Wealth clients to over 1,450. And with that, we grew our ASV to over $315 million. That's a 12% ASV growth in FY24 and a three-year CAGR of 9%. We're really proud of crossing that threshold of 100,000 advisor users and with an annual desktop growth CAGR of 16%. What underpins all of that growth is truly the integration of over 15 million portfolios, which lets those advisors monitor their book of business like never before. That's really, truly what makes this a special offering. We're very appreciative of the many, many clients who have trusted us with their business and helped us to shape the industry-leading product that we have today. And we're very excited about the runway we have for innovation and continued growth on the wealth side. It's very amazing and truly exciting to reflect on how we got here in a relatively short amount of time. We grew from less than 200 clients and $90 million to where we are today. We started out basically focused in the home office workflows with research analysts and portfolio managers, where some of our Institutional Buy-Side solutions and our FactSet desktop were a great fit. The workflows were mainly equity-focused at that time. We noticed that the financial advisors, though, in these firms, their workflow was a little bit disjointed. They typically had their book of business in one system with all of their client data, and then probably somewhere else, they had access to internal research, news and quotes, and other market data. So we knew that that workflow could be improved because on FactSet, we had been integrating portfolio data with research data for many, many decades. So what we did is we developed the web-based product called Advisor Dashboard. It was the first of its kind to really surface those actionable insights to advisors so they could instantly see what was driving the market, which of their clients had exposure to that, and in which portfolios. So it made them more proactive and more prepared than ever before. And it was a truly transformational product, which enabled us to land Bank of America back in fiscal 2018. And because, again, it was now a web-based product, it enabled us to continue scaling into mega-sized firms and hundreds of smaller wealth management firms and into the RIA space. And again, we have the runway to continue to grow our deployment there globally, which we're very excited about. In addition, looking at where we are today, we've continued to invest in fund research, credit research so that we can equip more of those users in the home office and across the firm with additional solutions, which really expands now our serviceable addressable market in the home office of the wealth firms. As Kate mentioned just a minute ago, the Conversational API, the massive amount of real-time feeds that we have on offer, and all of the modular components that we make available through the web platform are making it possible for us to come to the table with end-to-end Enterprise Solutions for our clients. So you can see the quote on the screen from Greg at RBC. He actually shared a bit of a testimonial about his experience with bringing FactSet into RBC that we wanted to share with you today. So let's roll it. Yeah, we did a massive implementation for our entire field and users, over 4,000 users in the U.S. And anytime you're doing a mass migration to another platform, that usually comes with the host of issues and complaints. I can tell you that the FactSet implementation was one of our best, right, as far as the satisfaction from my advisors, the training they provided, the help with the change management strategy. It was just a fantastic experience. And what that's done for us subsequently is we've continued to double down on our usage of FactSet and expanding, whether that's the Salesforce integration that we worked together on that has been overwhelmingly received positive from the field. And then the relationship as far as where the project roadmap is going to. We're really excited about our next phase with FactSet, and that is our holistic proposal platform, really taking all that rich data and insights that FactSet provides to us today and putting it into a wonderful consumable format for our advisors and their end clients. Couldn't be happier with the relationship with FactSet. They've been a fantastic partner, not just a vendor, and look forward to many years to come. Great. So I think that gives you a little bit more insight into why we win. You just heard it from Greg at RBC. But really, truly, for the thousands of users who are switching to FactSet every year, we're winning because for them, that feels like a VIP upgrade. It's not a cumbersome migration. And the reason for that is not only the product that we've developed that is tailor-made for their workflow, but it's also our approach to the service that we provide and the talented teams of account managers, solutions architects, product managers, and engineers who make sure that that onboarding is smooth and coordinated and customized. So from their first login to FactSet's Advisor Dashboard, those advisors are blown away with, again, how easy it is and how much more elevated they are in their capacity to manage that book of business. And the decision makers at these clients, like Greg, are really rewarded with happy users, with a lower total cost of ownership, and with a greater capacity now for scale and for innovation and to help differentiate their organizations. That reputation that we have built for FactSet in the wealth market is the foundation for growth opportunities that we're going to talk about today, and there's three of them here on the screen. These concepts are ideas that were really born from our existing clients who participate in our global client advisory boards. This is where we facilitate gatherings of our clients on the wealth side, and they can come together as a community and discuss among themselves and with us the challenges they're facing and the opportunities they really want to capture in the market, which enables us to make sure that our roadmap is headed in a way that is going to be really accretive to their process. So the three areas that we are excited about expanding into are into business development, which I spoke about before around loading up the top of the funnel for clients and helping them. The next one is about helping FactSet to expand and to win more home office users, as I was describing before as we continue to expand out our data coverage and leveraging some of the solutions, our portfolio lifecycle solutions that we've built for the Buy-Side. And finally, expanding our footprint with analytics and AI and data solutions into more of the Enterprise Solutions for our Wealth firms. So what I want to do is just quickly double-click into these three growth opportunities and give you a little bit more detail. So for the first one, when we think about expanding FactSet's opportunity into the business development workflows for our clients, when you think about it, Wealth Management is a relationship business. The timing of personalized, relevant outreach, it really matters. It's important who you know and when to contact them. So the Data and Technology piece, it's really going to move the needle for clients in this process where they're investing resources right now. So they're trying to develop the best ways that they can fill the top of the funnel that are differentiated for their firm and also doing that with partners like FactSet. So over the summer, FactSet became a minority investor in a company called AIdentified, which is a relationship mapping tool that we've integrated with our intelligent prospecting and monitoring tool. AIdentified provides people data as well as money-in-motion triggers like job changes and relationship mapping. This makes it easier for advisors to reach out to a new prospect through a warm connection and, again, at a time or after an event when that prospect is most receptive to that outreach. That's the key there. When it comes to sending a proposal to a great new prospect, FactSet is really set up to build scale for our clients there. It can be a process today that's disconnected from the advisor's workflow. What we're doing is changing that by bringing that into the ecosystem and making that much more seamless. We also have a partner in this space called Capintel, and they help remove that friction by providing customized, branded, compliant proposals that are digital. Our wealth advisors are interacting with clients digitally these days, so that's a really important piece of it. Advisors can generate these proposals directly from the Advisor Dashboard or through their CRM. So it's a great solution and one where we're already seeing wins among our existing clients. For the next growth area opportunity about expanding and winning more users in the middle office, what I wanted to do here is share a case study because it illustrates the growth opportunity really well. In this particular case study, we're talking about a global bank's wealth division, and they wanted to reduce their spend by cutting the amount of existing incumbent terminals that they had deployed in half and replacing those terminals with FactSet workstations. So we worked very closely with this client to identify and prioritize and then close some key gaps in the product, and they were mainly in the non-equity asset classes. So over the course of about six months, we released 15 new enhancements. You can see some of them listed in the blue box over on the right of the slide, and this resulted in a product that this client was now able to switch. So the client achieved their goal of being able to move these users over to FactSet, so it was a win for them, and it was a major win for FactSet as well because now we could expand our deployment in the home office, and that was a result of, again, the enhancements that we made. Now, today, we have a cross-functional team of FactSetters who are geared to tackle opportunities just like this, and it's a team that's always busy at work because there's a lot of clients looking to, again, manage total cost of ownership and do more with FactSet as their key provider. So if we take a step back and kind of look at all of the work we've done that benefits the home office users, things like improvements to our RMS solutions, which you'll hear more about today, again, ongoing enhancements to the portfolio lifecycle suite of solutions, our multi-asset class content workflows, fund data, fixed income, and structured products. We have got expanded OTC pricing and reference data in EMEA that we're getting from contributions from over a dozen banks. We've been partnering with broker-dealers on licensing of FX and money markets. Combined, it all has really tripled our serviceable addressable market in the home office, and we're very excited to capitalize on it. Okay. And then expanding a little bit more on the case study that I just mentioned, the final growth driver that I wanted to highlight is the overall expansion of FactSet's footprint in our Wealth Management client base. So we're building on that strong foundation we've built with the advisors and really spreading our wings further into the home office and then also into workflows that support our clients engaging with their clients. So again, back to the home office quickly, I highlighted some of the things about expanding into more being able to service more of the users on the desktop. But again, we're also working to tailor performance reporting and Managed Services to the wealth audience. And also, our new GenAI-powered solutions like portfolio commentary are going to offer dramatic efficiency gains to the home office just as they are doing for portfolio managers on the Buy-Side. And our investments in real-time data and security reference and our content APIs are unlocking even more opportunities to engage in the home office processes. And then on the client engagement workflows, for many years, FactSet has offered modular components into our clients' CRM solutions and all of the digital solutions that they provide. And we're now providing and expanding into really innovative GenAI solutions, again, like the Conversational API, which enables our clients to surface answers from the trusted FactSet dataset into their chatbots. So we're very excited again about our ability to service the entire enterprise and continue to grow our wealth business. Okay. So to sum it up, we're very, very proud of the success that we have had in the Wealth business, growing at 12% across all regions and a wide variety of solutions this year. We're aiming for low double-digit growth in the medium term by, again, building on the strong momentum we have here with advisors today, expanding into adjacent grow-the-business workflows like prospecting and proposal generation, leveraging our institutional-grade Buy-Side capabilities to help the home office run the business, and finally, doing what we do best, partnering with our clients on enterprise-wide data and technology solutions. All right. All right. Moving on to Dealmakers, still me. There's actually a lot of similarities between our Dealmakers and Wealth businesses and the way that we partner with clients to find and execute on our growth opportunities. So we're going to shift over now to the Dealmaker side, which encompasses our Banking, Corporates, and Private Equity, Venture Capital clients and solutions. The key takeaways about our Dealmaker business is just simply how confident we are in the value that our innovative solutions bring to clients. And that comes from the decades-long partnerships that we have built with so many of them and really how invested and how involved they are in our roadmap. The products that you will see today out in the demo center are real, they're relevant, they're 100% working solutions that our clients have seen and used and already validated. Now, banker efficiency has been our passion at FactSet for decades, and what we're doing is taking that rock-solid foundation that we've built there to the next level with Pitch Creator, which those of you in attendance will see for the first time today. Next, we're taking an innovative best-of-breed approach to specialized workflows within the Dealmakers client base of investor relations, portfolio monitoring in the private equity space, and fundamental research through a build-by-partner approach, including our recent acquisition of Irwin. And finally, data is the fuel to our intelligent platform. We're continuing to invest in the data that matters to our Dealmakers clients: Deep Sector data, private market data, news, and documents. Now, first, I just want to give you a little bit more context about our Dealmakers business. Our ASV today is just under $450 million, and that's balanced pretty well between Americas and the rest of the world. It has a three-year CAGR of 8%. The majority of our ASV in this business area is concentrated in the core platform and in Investment Banking. But corporations, corporates, and PE/VC are some of the fastest-growing client types at FactSet, and we offer highly differentiated workflow solutions there that are modern and streamlined, kind of disrupting some incumbents in the space. And we are constantly increasing the mix of data and technology solutions every year. After Wealth, Dealmakers is the second-largest FactSet user population with over 60,000 users. And again, the majority of those today are in the banking space. When you look at Investment Banking for FactSet, we exist in 10 of the 10 global major investment banks and 75% of the top 50. And we still have room to grow in every single one of these firms. So let's take a look, a little bit of a closer look at how we built and grew our Banking business. FactSet has been serving the investment bank since our earliest days, going back over four decades. I joined FactSet the same year that we acquired LionShares back in 2001, which really marked the beginning of a series of investment in content and workflows that are very important to Investment Banking. With every new dataset that we brought into the system, we could start to solve more challenges for clients, we could streamline more of their workflows and processes, and we could enable that firm to do more with fewer providers. More of their workflow could be satisfied on FactSet. I remember when we acquired Shark Repellent. This is a really unique dataset that our clients loved. And I don't know if they loved the data more or the little squishy hammerheads that we would hand out on client visits, but SharkRepellent data. Another game changer, I think, was when we acquired JCF Estimates and Worldscope Fundamentals, which became FactSet Estimates and FactSet Fundamentals because we could really now differentiate with the breadth and scope of our estimates data and with the auditability of the fundamentals, which is so key for our banking clients. Along with the data that matters, we have always been focused on productivity for bankers. Integration with Microsoft is nothing new for FactSet. For decades, bankers have relied on =FDS codes in Excel, on active graphs and active fields in PowerPoint to make their models and their pitchbooks forever refreshable, and the addition of DealMaven to our product offering in 2008 brought some must-have hot keys and presentation linking, saving our bankers even more time. Many FactSetters have T-shirts that simply say EqualsFDS on the front, and no matter where we put them on and wear them, we always get stopped by adoring bankers who just have such fond feelings about FactSet, and they always thank us for being there for them at 3:00 A.M. when they would call our Help Desk. So we're very excited because, again, this is really so critical, so key to FactSet and who we are, this persona taking care of the bankers. And we're taking productivity for bankers to the next level today with GenAI. And you're going to see that in action during the break. I can't wait for you to see it. So our solutions began with a focus on the junior banker, but evolving to today with the addition of more and more content and really with the open and flexible nature of the platform with things like APIs and being able to integrate with CRMs, we can now serve a broader spectrum of people in the banking divisions from junior bankers to senior bankers, application developers, data scientists, technologists, and more and more. Next, we are going to take a little bit of a closer look at some of the factors that historically impact Banking ASV. Historically, our ASV in this space, again, for Banking, it's been correlated to M&A deal values and the Investment Banking fee pool. Our sell-side ASV growth tracks pretty closely to movements in these two indicators with about an eight-quarter or a two-year lag. It means that we expect to pick up some tailwinds this fiscal year that will support our growth as we go to market with game-changing new products that are launching like Pitch Creator. What makes us successful today? There's, again, many reasons in common with our wealth management business. Our product is tailor-made to deliver efficiency, and the result of that is a really sticky product. We continue to invest in what matters most: our mission-critical data and workflow tools, our support model that's second to none, the flexibility of our platform, and how we actually conduct business with our clients and build trust and engage with our users. All of that equals decades-long partnerships. And on that foundation, we're very excited about our three key growth opportunities here. Number one, delivering real next-generation banker efficiency. Second one is, again, streamlining the high-value workflows in other Dealmakers client types, IR in corporates, portfolio monitoring in PE/VC, and fundamental research workflows across all of them. And again, unlocking the power of our data assets with our GenAI-powered intelligent platform. I'm going to do a deep dive into each of these opportunities. So starting with taking banker efficiency, which again has always been a key focus for us, to the next level. We all know that the process of creating pitchbooks, it's the bread and butter that investment bankers do. It's always going to be part of their workflow, but it's a tedious and a multi-step process. With Pitch Creator, we're saving bankers many more hours per week, and we're very excited about this. So Pitch Creator uses enhanced search powered by FactSet Mercury, which allows users to work easily with filings, Deep Sector content, and other documents to automate key pieces and key tasks in the pitchbook creation process, like tombstone generation, chart generation, and slide development. The capabilities of Pitch Creator are logical extensions to the tried-and-true, trusted data and workflows on FactSet with the added benefits of GenAI, which uplifts users and brings them more capacity. Bankers need real workhorse solutions that they can rely on. And that's what this is. It's not a bunch of ideas in a video. It's real solutions that work right now. Pitch Creator has been used and vetted and validated by clients in our co-development beta program called FactSet Explorer, and we know from their experience there that the magnitude of time saved in the process is going to enable them to conduct more pitches, have greater scale, and really be able to expand the business opportunity for their firms. Again, you'll be able to see Pitch Creator on the demo stage right after this session. The second growth opportunity that I want to highlight is about streamlining these high-value workflows across the different client types we serve, and again, we're taking the approach here of continuing to develop FactSet's platform to do this through acquisition as well as key partnerships. Let's start with the corporates business. We recently turned a very successful redistribution partnership with Irwin into an acquisition that closed just this month. For those of you who are not familiar, Irwin is a leading provider of modern streamlined solutions for investor relations. It powers the IR teams to manage the investor engagement, to conduct research, to streamline corporate access, and it's all fully integrated into FactSet. We're so thrilled to welcome the Irwin team to the FactSet family, and we have the co-heads of Irwin, Dave Whyte and Mark Fasken, who are here today, along with Emily Geer, who heads up our Corporates business, and they can provide demos of Irwin solutions at the kiosks after all of the presentations today. Next, if we turn to the Private Equity firms and the workflows that we offer there, the FactSet Workstations have long been used for the prospecting and research workflows. We often get bankers who might be moving on in their careers. They land at a PE firm. Often their first call is to get FactSet on the desk. That's what they're used to using. But our acquisition of Cobalt a couple of years ago enabled us to expand our deployments in the PE firms from the kind of like the front office research and prospecting workflow into the portfolio monitoring workflow. And like Irwin, Cobalt is also a modern and streamlined solution that really does a great job of performance reporting and bringing that kind of into a digital workflow. And finally, at FactSet, we always love to say research is our middle name. And that's because our whole user experience is about connecting data to surface insights. So we've developed the GenAI-powered conversational search intelligence. And what it does is really unlock FactSet's structured and unstructured data like never before. And that's an important point because a lot of the AI research tools that you're seeing today are working on top of things like filings and transcripts, which FactSet also does, but it expands to being able to surface insights from our many structured datasets. And that's again thanks to the way we've organized the data, which John described. Our partnership with Perplexity is relatively new. It enables mutual clients to benefit from integration between both solutions, which we are very excited about as well. So between all of these different enhancements for the fundamental research workflows, we believe FactSet is the definitive go-to for that research workflow. And finally, the third area of growth that we want you to understand really well is unlocking the power of our growing data asset. So the data condo, as John described, is again the fuel for our intelligent platform, and it's what's enabling the next-generation search intelligence. You've heard us speak extensively about our investments in Deep Sector content and private markets, and we've executed really well against our goals and our objectives there, and we've achieved significant milestones. We started out years ago with just having U.S. bank data on the platform, and now we've expanded to over 400 reports in the Deep Sector space, over 40 data feeds across 11 highly regulated sectors and industries. And the usage on this content continues to grow every quarter, and clients remain very highly engaged in shaping our ongoing roadmap for that content set. For Private Market Data, we have grown our coverage and improved our quality so significantly that we've surpassed our closest competition in that space. For News and Documents, we're continuing to integrate an expanding universe of contributed research and expert network content into the system, and separately, our own unstructured data, news, transcripts, and filings, and clients' own internal research notes are now being unlocked with the power of our own AI-powered search intelligence, and again, that's FactSet Mercury. It's a centralized chatbot with agentic orchestration that provides auditable results as well as actionable next steps, so we feel that our investments in these high-quality deep content sets across structured and unstructured data types really position FactSet to win in the intelligent platform arena. Okay, so to sum it up, we're excited about the investments we've made in content, the specialized workflows, and GenAI solutions for Dealmakers as drivers of high single-digit growth in the medium term. We're going to drive this by partnering with our long-standing clients and continuing to build long-term relationships. We're going to continue doing what we do best, unlocking next-generation banker efficiency, and also by streamlining key workflows across investor relations, portfolio monitoring, and fundamental research with the most modern solutions through build-by-partner approaches, and finally, unlocking the power of our connected data with our intelligent platform. Thank you. Welcome back. For our next session, please welcome to the stage FactSet's Head of Institutional Buy-Side, Rob Robie. Hi, everyone. It's great to be here. It's exciting to follow up after, hopefully, the great presentations you saw of our live products. It's also exciting to follow up after Kristy's explanation of a lot of what we're doing in the wealth segment of the market. I think what we're going to get into here today is a little bit about how wealth and Buy-Side are really complementing each other as we go. When we think about the Buy-Side, the Buy-Side is built on the same foundation of everything else we do at FactSet. It's around data, it's around technology, and it's around solutions. When you think about the Buy-Side from a FactSet perspective, what you can think about is it's predominantly driven by institutional asset managers, asset owners, and hedge funds. If there's new opportunities arising in the market in terms of asset servicers as well as outsourced investment firms, the Buy-Side is continuing to go through a little bit of a state of change. I would say maybe a little bit more of a rapid state of change, and the question might be as to, well, why? What is this change? I think as you look at the shape of the Buy-Side today and you look at traditional investment vehicles such as mutual funds, the fees that they're able to demand are now under a lot more pressure. And why is this? Right? We've been watching the story of the shift of active to passive over the last several years. That shift is now really upon us. About a year ago, passive assets under management truly surpassed active assets under management. Right? So that has now had traditional Buy-Side firms that relied heavily on vehicles like mutual funds looking to new investment vehicles. Right? And maybe not necessarily new to the industry, but new to some of the firms. That comes through in vehicles like ETFs, separately managed accounts, thematic investments. The other element of it is the quest for yield remains true. Buy-side is still on the quest for performance. Outperformance reigns king. How do you continue to make sure you achieve that? It's not only about moving into investment vehicles that exist in the market today, but it's new emerging investment vehicles such as private markets. Right? So for the Buy-Side, to make these shifts and these transitions, you really have to think about the tools, the technology, and the content that's required to make this transition. As you think about this transition as well, we have to think about how clients can adapt to a lot of the technology we talked about. It's around cloud. How are people migrating to the cloud? It's around APIs and advanced API connectivity and how you can connect different applications and different datasets together. A lot of what you heard from Kate, Kristy, and John is around the migration and the advancements around our generative AI capabilities, some of which you have all seen. From a FactSet perspective, as we think about the Buy-Side, we think a lot about now the total cost of ownership. One of the things that we're hearing more from our clients every day is we want to do more, but with fewer providers. What does that mean for FactSet? As we think about it for FactSet, traditionally on the Buy-Side, in terms of how we service our clients, we have a very strong presence on the research desktop for Buy-Side research analysts. We've had a very strong position in the middle office around things such as performance, attribution, and risk. But now we see an opportunity to bring in portfolio management and trading and really connect the front office to the middle office in what we call our portfolio lifecycle. As we think about the portfolio lifecycle, it can't be just equities. Right? We started off 30 years ago with this workflow in the middle office and for research from an equities perspective, and we've progressed. And we'll get more into that progression around fixed income and more into that progression around private markets. Let's look at the Buy-Side by the numbers. The top headline here is we have 95 of the top 100 asset managers using FactSet today. We're very proud of that accomplishment. But simultaneously, the other number that I will call out here is the 2,500 Buy-Side clients that we have globally. And as we think about that, we have the ability to scale. We have the ability to be at the top of the market, but we also have the ability to be at the middle and the smaller end of the market. That gives us an opportunity to really capture multiple opportunities across the Buy-Side. Six million portfolios. Kristy mentioned this, Phil mentioned this. Right? There are 15 million wealth portfolios. There are six million institutional portfolios. What does that mean? That means that all of our institutional asset management clients are loading their portfolios to FactSet. That means all of our asset owner clients are loading their portfolios to FactSet. Insurance companies, sovereign wealth funds, pension plans all send their information, and we have a sense in terms of on a daily basis what they are investing in, and we can see some of that shift coming. Right? If we have a large life insurer with a massive book on FactSet and they're diversifying into other private assets, we see that changing in real time. We know where to shift our attention based on the different asset allocations we see within our client portfolios. The other number on this that I'll call out is 50 million debt securities. What does that mean? We talk about fixed income. We talk about going into this space over the last 20 years. It's not just being able to handle plain vanilla bonds and corporates and treasuries. It's really being able to go into the most complex security types such as CMOs, CLOs, and all sorts of structured products and having the corresponding models and the corresponding scale through technology to process these securities as they come in through client portfolios. Another number I'll call out here is the 45% clients using three portfolio lifecycle solutions. What does that mean? As you look at the span of the portfolio lifecycle and we talk about all the different solutions today, clients historically would look at things such as our portfolio analysis application for performance and attribution, or they would look at our research capabilities in the workstation. But now you can look towards portfolio management solutions. You can look towards trading solutions. That gives us really the opportunity to expand within our client base, and that shows us a greenfield opportunity for growth. I'll mention also that the PLC is carrying over into the Wealth space. So as Kristy mentioned, there's opportunities. We just recently closed a very large Wealth client that wanted to use our institutional-grade performance solutions. They wanted to take performance capabilities, and they're loading over 200,000 portfolios on FactSet to actually run performance analysis that was traditionally consumed by the Institutional Buy-Side for their Wealth clients. Okay. Sorry, this is a busy slide, but I think it's a pretty exciting slide in terms of where we've gone throughout the history of the Buy-Side. The foundation of this slide has really been around Build, Buy, and Partnership. And as we think about the Build, I'll go back 25-plus years ago again to our portfolio analysis application where that was really around equity portfolio and benchmark relative analysis. That started the foundation for clients now starting to load portfolios onto FactSet and really accumulate that information. But that also set the foundation where people were saying to us, "It's great that you can do portfolio analysis and attribution. Can you do risk? Right? Can you do back-testing? Can you bring us into reporting?" So we looked at that solution. Clients brought us along in that journey. And as we started to move through that journey and started to collect more and more portfolios, that set the tone for getting into fixed income. So in 2005, we acquired a firm out of Chicago called Derivative Solutions. We recognized that we didn't have the expertise around things like prepayment models, in-depth knowledge, and research around fixed income. So instead of trying to build that, that was a natural acquisition for us. And that progressed the middle office solutions forward. As we continued on that journey, the front office of our clients were saying to us, "Well, you have all the portfolios. You have all the equities. You have all the fixed income. You have real-time information. You have our transactional data. Can you help us in order management? Can you help us in trade execution? Can you help us around portfolio management?" So if we fast forward to where we stand today, that's really the journey that we've been on. So we've built a portfolio management hub application, which I hope everybody has a chance to talk to Aaron about it during the presentations later. But we've also acquired trading platforms and merged that trading technology to truly connect the front and middle office. So why do we win today? I'm going to talk a little bit about the middle office. I'm going to jump to portfolio integration. When we talk about 6 million portfolios on the Buy-Side or 15 million on the Wealth side, what does that mean? That means that you have to connect into every custodial bank out there in the market today. You have to connect into every prime broker. You have to connect into every accounting system, every investment book of record. That's a lot of work. You then have to load all of the history and then maintain all of that information on a daily basis going forward. We've been very good at this, and I think this is a differentiator for us. Without portfolios on FactSet, you don't have the middle office. You don't have the PLC. You don't have the front office capabilities. You don't have wealth. So this is really a differentiator for FactSet. We talked about the change in shape of the user experience across FactSet. We'll talk about it more in the front office, but programmatic. The workforce is changing, and as the workforce is changing and there's new entrants, for example, they're coming to us saying, "We don't want to just use Excel or traditional tools. We want to be able to code in Python. We want to be able to code in R. We want to be able to work in Jupyter environments to do the research that we do." That has led to the build-out of that capability directly within the FactSet Workstation. So code, use Jupyter, build models, build research models, and do that all within FactSet with FactSet's content. The other component, if we go back to the histogram slide in our minds for a moment, as we've been doing the Build, Buy, and Partner, when you're making acquisitions, you're doing a lot in terms of technology and, in many cases, merging technology stacks. As we were merging the assets that we were acquiring, we wanted to normalize our technology, and Kate got into this. From that perspective, we made a conscious decision to make sure everything was API-enabled and being interoperable. So in terms of being API-enabled, it's not just about using APIs to extract data. You can actually use APIs on FactSet today to run all of our calculation engines, build attribution models, build back-testing. You can use it in a very advanced way. The reason why I highlight that is clients come to us and say, "We want your attribution. We don't want your portfolio analysis application, but we want to build that into our internal platforms or an external third-party platform." That's great. Use those engines, use those APIs, and it's a new way to monetize our capabilities across the PLC, both on and off platform. I'll jump over to the medium-term growth opportunities. So Kate mentioned the front office. The front office is the combination of our ability to do portfolio management. We'll get into PM Hub for a little bit. It's to do the trading capabilities through a FactSet native EMS solution that we've recently released. And it's about the programmatic environment and new ways of doing research within the application itself. Multi-asset class capabilities. Again, anything that we do across this lifecycle isn't single asset type. It has to be multi-asset class, including private markets. When you log into FactSet, you can't look at an equity and a fixed income and then not be able to look at a private equity deal or look at private credit. It's fundamental to what we do, and we don't want to have a gap in terms of that user experience. Lastly, I'll talk about Managed Services. So this is actually a brand new launch for us about a year ago. It's a year old. We're seeing significant opportunity and growth in this business. And really what's happening here is clients are coming to us and saying, "Can you be an extension of our staff? Can you really help us drive our applications and our solutions?" So let's dive into this quickly. So where are we winning the front office? So I mentioned the research presence that we have. We recognize you have to continue to advance that. And as we advance that, we talk about Research Management Solutions. We have a tool called IRN. We've revamped IRN to a new modern use case. That's now IRN 2.0. And that's really about where research analysts can come and store all their notes and information on FactSet and then connect that across their peers within their organizations. In conjunction with that, though, we've also built out our Draft Assistant and other assistants from a GenAI basis that really improves that overall workflow for the next generation of our research capabilities. PM Hub for the portfolio manager. The portfolio manager is the area where we have probably the least presence on the Buy-Side, but also the biggest opportunity, and that was the decision to build out a new portfolio management platform. We recognize there are a lot of providers, competitors in the space that are already entrenched there. And we said to ourselves, "If we build it, we just can't get the parity. We have to build differentiation," so within the new PM Hub, yes, you can monitor your portfolio. You can simulate your portfolio and trades, but you can also bring in advanced risk analytics right into that real-time environment. And then we've added some additional features, and you'll see those during the demo today that Aaron's going to lead. We built a Security Explanation Engine. That Security Explanation Engine is real-time driven in the sense of you're looking at your portfolio. Something's moving in the market in real time. And what explanation does is it looks across several new sources on FactSet, soon to be Internal Research Notes to say what the analysts are also saying, and incorporating that in a real-time response as to what's moving the security. It could be a me- day where the security's moving because of specifics to the security. It could be a we- day where the security's moving because of specifics to a competitor or somebody else in their environment. Or it could be a they- day where it's just a market move in general. I really encourage you to take a look at that during the presentation. We've also built a PM Assistant. So if you want to ask advanced questions but don't want to dive into some of the more complex applications, we can answer complex questions fairly easily. And the last thing I'll say about PM Hub is Portfolio Commentary. Within PM Hub, a PM doesn't want to go in and run an in-depth attribution report. It takes too long. They don't want to have to try to explain that. They reach out to the reporting teams. But what we can do now is you can run attribution and say, "What's my portfolio doing month- to- date, quarter- to- date, year- to- date? What's it doing last week? What's driving its performance? How well am I doing?" Now we've built a GenAI-driven capability that runs all of those analytics and then summarizes those results back to you. Chris is going to touch on that in more details. Trading perspective really comes down to FactSet acquired Portware almost 10 years ago. Portware is an institutional-grade trading platform that's used by some of the largest institutional asset managers and asset owners in the world. The opportunity for us was to look at that technology and continue to maintain it and sell Portware, which is doing well as we expand asset classes, but then also take the underlying technology and merge that into the FactSet Workstation and create a FactSet native EMS similar to some of the other providers out there in the market. But now where the differentiation comes is really around kind of the trifecta: connecting the research analyst, the portfolio manager, and the trader all through native FactSet. We've talked a lot about multi-asset class analytics and the experience and how we do this. We do this through, again, collection through John and John's team. We do this through partnership. We recognize that we're not going to have all of the fixed income data in the market being able to collect that on our own. So we partner with some of the gold standards in the street, especially around structured products, around CDS information, and around other asset classes. The other fixed income. The other thing we're doing, we're taking a very similar approach to that in private markets. So we have technology both internally and through partnerships to collect private market data, particularly around private equity as well as private credit. But then we also partner with some of the main providers in the industry that are making a lot of noise today. So the third element in terms of the why we win the highlight is really around, again, Managed Services. I touched on it, but really, what is it? In the middle office, a lot of our clients rely on us for Performance, Attribution, Risk, and Reporting. And traditionally, when clients would partner with us, we'd go in, we would sell them the solution, we would set up the applications, we would get the portfolios loaded, and then the client would do the rest in terms of the day-to-day use and operation of it. Over the course of last year, clients were coming to us saying, "You have a team of experts that can do the implementation. You have a team of experts that understand Performance, Attribution, Risk, and Reporting. Can we actually retain you, your expertise, to continue to help us scale this?" The answer was yes. We decided to move into the space. We felt like we were very well established for two reasons. One reason is we had a lot of technology built already to help us expedite and do these implementations faster, do reconciliation, and the teams knew the details. So it was both a technology play, and then the second component was it was a people play. Given we had these expertise and we had them globally, both within the U.S., within EMEA, but we also had expertise within Sofia, Bulgaria, Manila, and many other locations where we were able to leverage a global workforce effectively with this. So if you look at the right-hand side, you can see where we stood from a standard implementation, and now where clients pay for the Managed Services component. Why would clients do this? It comes back to total cost of ownership, right? Clients don't necessarily want to continue to invest in rapidly expanding performance teams or middle office performance and reporting teams. They want the ability to have a partner help them scale that business on their behalf. So what are some of the key takeaways? It comes back to for the Buy-Side. Total cost of ownership is reshaping the way our clients think and operate. We are in a very strong position to help them with the total cost of ownership through the portfolio lifecycle investments and the journey that we've been on, being one of the fewer providers that they are doing more with. They have confidence in these capabilities because they are truly multi-asset class. And as they shift into new investment vehicles, they don't have to shift technologies. And last but not least is the ability in terms of the growth acceleration to really come from new segments of the market for us as well. And it's not just institutional asset managers, asset owners, and hedge funds. It's now moving into asset servicers and OCIOs. And I'll say this in closing. When we talk about asset servicers, why are they coming to FactSet? Asset servicers also want to be able to provide more to their clients than they are today and provide more value given the total cost of ownership. They're looking at FactSet as a solution and a service to use to embed within their client offerings for better scale and distribution. Greatly appreciate the time today. Thanks for listening to everything that's happened on the Buy-Side. Thank you, Rob. For our next session, please welcome to the stage FactSet's Chief Data Officer, John Costigan. Hey, everyone. So for this session, without our amazing CTO, Kate Stepp, by my side, I thought I'd reopen the discussion on what's more important, data or technology. Can you turn your mic back on? No. So John Costigan, Chief Data Officer. I've been focused on data for the last five years. Kendra, Kate, and I spoke this morning about our data and technology platform that we're really excited about. I want to cover these four things today. Over the last 17 years, I've had a variety of roles, and a lot of that time, I was building front-end components within the workstation. In that role, there's a tendency to be, "Just get me the data. Just give me the data." Now in this seat, I understand the complications and how challenging the data is. We've been modernizing the pipeline like we tried to show in the diagram in the earlier session. We've expanded existing datasets. We've tremendously increased the number of third-party datasets coming in, and we're really making advances in terms of delivery, cloud, and otherwise. I'm going to talk to you a little bit about data solutions and to understand a little better. Number two there, well-positioned for GenAI. I think we covered a lot of that in the first session, but it's going to come up in everyone's discussion to some degree, and then capturing workflows. So we're known for selling a lot of individual feeds. We're bundling those up into higher-level workflows for clients and getting them to where they want to go faster. And then the third one there, Enterprise Solutions. Phil mentioned it this morning. This is a really big piece of our data strategy. This session is really about the commercial strategy for data. Okay. What is data solutions? We are a large horizontal that's supporting the rest of FactSet with data. We're 55% of the employees. Of that 55%, 88% are located in Hyderabad, India, or Manila, the Philippines. We have an amazing team there. It covers data collection, covers engineering, covers product. But we have a really great team. Organizationally, you remember CTS from previous meetings. CTS and our Content Organization merged a year ago. Now we have the entire team focused on data. Why is that good? Each dataset has a single product owner from collection or integration all the way through the delivery points. It is really proving to get us to market faster. What are we responsible for? First-party collection. I mentioned the teams we have. It is a core competency. We're excellent at collecting data, and we're expanding what we're doing there. Second one, third-party. We have 1,200 providers that are sending us data every day. This is an area with the house-to-condo scenario. We've made incredible strides in bringing on third-party data. We used to do 10 or so per year. Now we're doing about 120, so 10 per month, and that's all with new tech, new process, and really importantly, in most cases, we don't need engineers anymore to bring in third-party data, so in this data explosion, we feel really well prepared. And lastly, how are we delivering it? We were an early mover in the cloud. We're still seeing a lot of great things happen there, and there's a lot of movement there, so how we deliver it, whether it's to workstations, feeds, and so forth. A couple of characteristics. 2,000 clients are taking data from FactSet. That's roughly 25% of FactSet's 8,000 and change in terms of clients. So a lot of opportunity for same-store sales. Three hundred of those clients are taking data via the cloud. That number is going up as clients modernize, like we talked about this morning. So we expect that to ramp up quite a bit. Phil said this morning, four times the number of data items for sale. Think about that. In five years, four times the amount of data for sale. That includes lots of things that Kristy and Rob mentioned. In particular, Deep Sector, we have 40 new Deep Sector feeds we didn't have in 2020. We look at this as about a $9 billion marketplace. We have a small piece of that. We were a very heavy workstation for a long time. We're now in the data game for quite a bit, but we've been kind of known for fundamental research and quant data feeds. We're moving up the chain now. Phil talked about enterprise sales, so I want to talk a lot about that today. What are the growth opportunities? I think in the why we win here, there's a lot of familiar things there. Strong datasets, great ecosystem, mapping, customer service. We have the best customer service in the industry, always have, still do, and that's really important on the data side where there's lots of questions. But as we mentioned this morning, moving into the office of the CDO and the CTO, that is really a dramatic shift. And I think that the fact that we said this morning, engineers accompany us to meetings, that's a really big change and opens up the addressable market, as Phil was talking about this morning. I want to talk about three growth opportunities. The first is the enterprise that we talked about. We'll double-click there. Selling those workflows instead of all the individual feeds, and then the flexible delivery options. Okay. So in a nutshell, this is what we talk about when we're going to move into the enterprise in terms of data. All three of these: real-time market data, pricing, security reference, and benchmarks. These are foundational items for all of our clients. If you talk about real-time, we've been collecting exchange data for 20 years. It was really all for our workstation. A few years ago, we got into the feed side of it. There's a lot of delivery requirements and whatnot, but we came out with a product called MDaaS, Market Data as a Service, right in the cloud. So next slide, I'll dig into this a little bit more. But really, we feel we have a real advantage in terms of technology, service, support, as well as entering late. Our competitors have many, many years of price increases over the last three decades. Pricing and security reference. It doesn't matter if you're doing valuation, pre-trade, post-trade, EMS, OMS work. Everybody needs basic pricing and security reference data. We've proven both in the real-time with real clients and with pricing and reference that we're able to compete in that space. And benchmarks and indices. We're really excited about this space. We've been in it a long time. We have some great feed products. We have a lot of users using it in the PA application. What we're really excited is at least 50% of our clients are still self-sourcing this in-house, and we think this is an area people are going to stop doing themselves. Okay. These are five real client wins. I won't go through them today. I'll point out the top one is another example of the Data as a Service that I spoke about this morning. These are all workflows where four years ago, we wouldn't have made a sale like this. So this is really emblematic of how we're changing, and you can review the details at another time. But let me double-click into the real-time. So we have a large asset manager, more than $1 trillion in AUM, that has completely switched to us from one of the competitors. There are only a few players in this space historically. It takes a lot to bring in all this exchange data. And we've successfully migrated this client. These legacy systems that almost all of our clients have, there's tons of hardware involved. There's tons of support. There's tons of maintenance. And now it's really hard to deal with upgrading, maintenance, and all of those things. This is where if there's one thing you remember from everything I say today, this particular client removed more than 150 servers from their data center to one connection in the cloud to us. So the operational efficiency, upgrading, all really huge, but especially the elasticity. So historically, you would have to really watch how many servers you had to make sure you could keep up with rising market rates. You don't have that problem in the cloud. So this past presidential election, we knew there'd be big volumes. It was the least I've been worried in a long time. So progress. Okay. So why did we win? Another way here. We're ready to meet our clients wherever they are in their data journey. Everyone is having to go through a data journey today, whether it's GenAI or just the proliferation of really modern tools. What we tried to depict here is wherever the client is, buy all the way through, build all the way through, buy, we have products to meet their needs. So like today, if you just want to take our data, look at the 300+ products on our data catalog, which is available on our website. If you want to stop storing all that data and go more to our APIs, like a lot have, we have 100+ API packages. Those products currently are getting 200 million calls for data a month, and then widgets. I think Rob was talking about this or Kristy, but we have modular and configured web components. If they have their own front end, if they have their own website, they don't have to build a chart or pricing piece, take the pre-configured modules we have and bring it in. We have 165 of those, and then for 80 clients, we're doing the whole thing, soup to nuts, the portal, the platform, and the components. We think that this, everyone, as I said, is going to be in a different part of their journey. This is allowing us to go after that. Okay, so we are really taking this integrated approach, and we're making a big difference for our clients in terms of outcomes. We're pretty advanced in terms of what we can provide. And so we think this is really, we're well positioned to grow here. We talked about the data and technology platform. We talked about moving into the enterprise with those three key products: real-time pricing and reference and benchmarks. And then workflows, not just selling individual feeds, but for a quant, bundling these seven feeds for that workflow. Thank you. Thank you, John. For our next session, please welcome to the stage FactSet's Chief Revenue Officer, Goran Skoko. I'm not sure if you heard the voice of God, so I'll stick to my script. I'm Goran Skoko, FactSet's Chief Revenue Officer. I'm in my 21st year at FactSet. I have a varied experience in technology, product. And as Kristy mentioned, over the last number of years, I've managed some of our business units, which allowed me to engage very closely with our largest clients. So you have heard from Kristy, Kate, John, and Rob. And hopefully, you saw the demos, fantastic demos from Paul himself. And you can feel the enthusiasm that we all have for what is ahead of us. The technology and GenAI in particular are moving so fast, and we are very well positioned to take advantage of it. Delivering on all of the innovative, groundbreaking solutions that you have heard about or seen is what will deepen and expand our relationship with our clients. I can confidently state that a client-facing organization is our advantage. We are widely considered to have the best client service organization in the industry, and over the next 20 minutes, I will walk you through why partnering with our client-facing organization represents a significant competitive advantage for our clients too. We develop deep, trusted client relationships. That is not only evidenced in our retention rates and our client satisfaction rates, but in the type of engagement that these clients engage with us in. Both Kristy and Rob showed, in Kristy's case, 15 million client portfolios are being uploaded on FactSet, 6 million institutional portfolios are being uploaded on FactSet. Those are the most valued assets of our clients. They trust us with that type of content in order to bring our products to life and really help themselves in their investment process. We develop deep knowledge of client workflows, which allows our sales force to really tailor our solutions to satisfy client needs and meet their objectives, and we have a differentiated sales approach to selling. It's a consultative approach to selling, which is much preferred by our clients and makes us a preferred partner of theirs. We really focus on excellence in execution. We have to deliver on promises to our clients, and it's not that we just deliver. We overdeliver. You've heard from Greg Beltzer. Over the past two years, we have converted tens of thousands of users to FactSet. They have all been converted seamlessly, well ahead of the deadlines for those conversions. And all of them have experienced that VIP upgrade that Kristy talked about. So that is critical in gaining confidence of our clients so they can expand what they do with us, and we can gain more market share in the process. Lastly, as a sales organization, we are really focused on diversifying sources of our growth. We cannot depend on a single region. We cannot depend on a single firm type or a product line. We are making sure that in addition to the traditional methods that we used to grow, to our traditional processes, that we're expanding into enterprise-level selling, cross-selling all of these great products into our expanded user base. And we're also focusing on improving our ASV retention as a potential area of growth. So let's just spend a couple of minutes reviewing our current market position, progress over the last three years, and how that positions us for the future. So as you can see, we operate as a true global fintech organization. Our presence is most prominent in the Americas and on the institutional buy side, but we are not saturated in any particular region or any particular area, which puts us in a great position to continue to grow. Phil spoke about $40 billion total market opportunity. So we have plenty of room to grow both geographically and within the segments that we currently service. We have made good progress expanding our user base over the past three years since we last spoke to you. You'll see CAGR of 8%+ on the client growth and even more impressive 10%+ user growth over the same period of time. That fuels our land and expand strategy. We have now a much larger user base to sell all of these new products into. What we are most proud of, when we spoke to you in 2022, our client satisfaction rate was 93%. That is now at over 95%. That is a significant gain for us, and it's in line with our retention rates, which were always quite high. How do we achieve those results? It's really in the way that we engage with our clients. It starts with the pre-sales process. Over the past three years, we have really innovated and invested in this process. We hired a group of sales architects or solutions architects. They engage with our clients in the way that industry consultants would. They perform blueprinting exercises and gain full understanding of clients' ecosystem. So now what that enables us to do is to implement FactSet in the most optimal manner for that client and that is aligned with that client's target operating model. From that point on, we transitioned the service to our highly skilled consulting team. We have mentioned probably 10 times today that it is the best team in the industry, but they're truly subject area experts. They're organized by firm type and can provide personalized service to our clients, and they become extensions of our clients' organizations. And lastly, in order to really continue to evolve and grow with our clients, the voice of the client has to be heard. I think we have a very well-deserved reputation of being the most responsive provider to our clients' requests for enhancements, for additional content. So we have processes that capture their request, and we make sure that they inform our product development roadmaps. But on top of that, we have layered on client advisory boards, which now has over 100 client members. But I think what's even more exciting, we have over 50 clients representing over 18,000 users contributing their feedback that is guiding our GenAI developments via FactSet Explorer program. So to get to the punchline, while we continue to operate in the challenging environments, and as we have stated in the last earnings call, we expect that to continue for a couple of quarters, we do see some green shoots, and we do see improvement in the market. And our confidence that with all of our efforts, we will improve our growth rate to high single digits over the medium term. In addition to relying on our core execution strategy, we are shifting or we are transitioning more towards enterprise-level sales. We are focusing on improved retention, so now considering our retention rate is 95%, you can say we are being a little bit greedy, but that 5% churn represents a $115 million growth opportunity for us, and we are confident that we can capitalize on it, and lastly, the rich array of all these new solutions that we have represented, launch of Managed Services, all of the new GenAI offerings will also fuel our growth going forward. So how do we enable enterprise-level selling? It is our holistic client-centric approach that is really enabling it. We are having more and more C-level conversations, and I think Rob stated this as well, and what we're hearing from executives at our client firms is that they want to simplify their operating model. They want to work with fewer partners. They also want to, this is probably shocking to you, they also want to reduce their total cost of ownership, and with our expanded product shelf and all of the advancements that both John and Kristy and Rob talked about, that's not both, it's three, but we are that partner. We have the complete product shelf, and our clients can really rely on us as that partner that helps them reduce the complexity that they currently operate in. What really helps us is that we are organized by firm type, and that really enables us to gain insight into how our clients operate. We start the way we always have by really focusing on user personas within a firm, understanding their workflows. But then we elevate that understanding through the departments, how they exchange information with each other, and how their roles complement each other in the organization. So that now helps us not only tailor solutions that perfectly fit the individual's workflow, but also enable us to provide more holistic solutions that facilitate collaboration and provide efficiency. Our RMS or Research Management Solution is a perfect example of a system like that that we deploy, although we have many examples of our solutions that fit that category. After successful deployment, our client told us, "We have just created an ecosystem of efficiency and collaboration for us." That's probably my favorite all-time quote from the client. We can only achieve those types of complements and that type of success in a client implementation if we truly understand their entire workflow and then can connect all of those disconnected processes and help them optimize. So how does our approach and how do our products resonate in the marketplace? We have selected a few of the client wins that we were able to achieve over the past 12 months. What I really wanted to illustrate is a few things. One is that we win by displacing competitors, but we also win by helping clients optimize their internal processes in areas where there is no competitor. Lastly, we are also winning by tapping into budgets we traditionally did not sell against, as Phil mentioned. A good example of a client that we sold to that does not have a competitor that we had to displace is a premier outsourcer of Chief Information Officer services. They had multiple disconnected internally developed systems that they were using. They're transitioning to our portfolio services, to all of our portfolio analytics, to all our multi-asset-class capabilities and performance reporting solutions. Rob spoke about a leading global asset manager converting to FactSet from our main competitor in the field. What's really exciting to us in that particular instance is the deployment in the front office. It's a significant area of potential expansion for us on the Buy-Side. We are excited about the products that we have developed in that area. The continued progress of our Deep Sector initiative is fueling our success in Investment Banking. We have multiple examples of displacing our main competitor in that area. And not only are we replacing them, converting all of their models and everything, but we are also now selling into the areas that we traditionally did not sell into, such as credit risk in the example of the client that we have chosen for you. Now to my favorite child, Wealth. I think I wanted to point out a couple of things about it. One thing is that there's potentially a misconception that we're only displacing desktops. All of these displacements are end-to-end displacements of one or multiple competitors or multiple providers that their client uses. In terms of maturity of our real-time exchange data feeds, which represent huge opportunity for us, almost all of these deployments have some sort of real-time exchange data feed deployment. So some of the most respected institutions in the world use us for some of their most critical processes that fuel their trading, trading of their clients on their client-facing platforms. So that is going to be another growth driver for us. In terms of landing and expanding, you can see examples here of the Wealth Manager deploying us. Actually, Greg Beltzer spoke about it, deploying us for their desktops and exchange database, but then expanding into portfolio-centric services. And that is a huge opportunity for us as we now have 100,000 seats to sell into. The last case study that I wanted to point out is that the leading private Wealth client has recently partnered with us to deploy our Conversational APIs and help them accelerate their internal efforts to deliver GenAI-based chatbot. Not only did they accelerate their time to market, but I'm going to paraphrase what they told us, that the quality of their deliverable was much, much higher once they switched to FactSet versus trying to load all of the content onto their internal system and perform all of those functions that they can outsource to us. So it's a significant success, one that is not only repeatable in Wealth, but with all of the Investment Banks and the larger Buy-Side clients as well. As I mentioned, it is our ambition to increase our already impressive retention rates. So in order to do that, we obviously have to get better. So we are investing in our people. We are investing in learning and development, upskilling our client-facing staff. We have also now a group of specialty support personnel, some of our most experienced, most seasoned professionals that are partnering with clients to make sure that they properly adapt some of our most complex solutions and then derive value from our products, then derive most value from our products. This investment is deepening our relationships with those clients and allowing us to further expand as well. We are supplementing investments in people with technology. We are currently rolling out industry-leading customer success platform. In the process, we are providing our client-facing personnel with to-do lists. All of this is automated and data-driven. Based on client interactions, based on usage patterns, based on sentiment of those clients, we are making sure that there's a consistent interaction with clients and that our client satisfaction continues to improve. The other exciting use of technology is we are starting to use GenAI to uncover insights from client meeting notes in our CRM and extract any type of sentiments, which informs both our client interactions, but also any trends would inform our product development roadmaps as well. As we scale, we have over 8,000 clients. We want to make sure that there's a consistency of service across all of those clients. So we are producing playbooks that are being delivered to our customer service to make sure that all of the processes are consistent and repeatable. We believe that there is a significant opportunity there, in particular as it relates to a contract renewal process where we can deploy playbooks that will help our personnel interact with clients in a timely manner and to make sure that there is no ASV attrition during that process. I think all of those steps that we are taking give us confidence that we'll be able to capitalize on that $115 million opportunity I mentioned. New products are another lever for growth for us. I think you can see that the delivery of new innovative solutions across all the firm types that we service is impressive. I have a great deal of confidence in our portfolio lifecycle GenAI solutions. You will see Chris Ellis's demo on Portfolio Commentary as well as security explanation. Pitch Creator is going to be a game changer for our Investment Banking clients in terms of the efficiency that they gain in what is probably the most time-consuming process that is currently being a time-consuming process for our Investment Banking clients. Conversational API I already spoke about. I do think we will repeat that sale in wealth management. We will repeat it in Investment Banking. The pipeline is building, and we are very confident in it, and last but not least, partnering with some of the most innovative fintech startups and enabling them to succeed by selling our APIs to them, by providing them with our vectorized GenAI-ready data bundles, they will also fuel further growth for us. So in summary of our sales strategy, in addition to deploying our core execution strategy that you see on your left-hand side, we are focusing more and more on and evolving towards an enterprise approach to selling. Increased focus on enterprise sales is also deleveraging or reducing our exposure to headcount fluctuations within the clients. We are realizing longer-term contracts and more predictable revenue streams in the process, and as we deliver enterprise-level solutions, these workflow automation solutions, they're a bit different than the products we have traditionally sold. It is appropriate that we evolve our pricing model as well. The pricing model for those solutions, where appropriate, is going to be subscription plus usage overage-based or consumption overage-based. Data Solutions is an area of huge opportunity for us. We have recently reorganized or tweaked our sales organization a little bit. We have a team that's completely focused on it. We keep talking about real-time exchange data feeds as an opportunity. I do want to highlight we are going to be a disruptor in that space. To be a competitive player, you need scale that we have. Overall, it has been an area of historically of lower level of competition. We can disrupt. We have modern, innovative, technologically innovative cloud-based solutions that are also going to be of lower cost, and our clients are looking for alternatives. So, a great deal of confidence in us that we will take share of that opportunity as well. Everything else I think we have covered, so I will just skip to our conclusion. So, I just want to leave you with we firmly believe FactSet's client-facing organization is our competitive advantage. It is the combination of market-leading products, world-class support, trusted and transformative client relationships, and our track record of execution and adding multiple growth levers that give us a great deal of confidence that we will be able to accelerate our growth rate. So, with that, I will pass the mic to my predecessor and our terrific CFO, Helen. Thank you. Thank you. For our final session of the day, please welcome to the stage FactSet's Chief Financial Officer, Helen Shan. As was mentioned, h ello, everyone. It is really a pleasure to be here with all of you today, back as a CFO after spending a few years as the Chief Revenue Officer. Now, I did learn a lot during that time period, and one of the things I learned is that in order to make a sale, you have to meet with a lot of people. It takes a long time, but eventually, we do get there. Upon reflection, I should have asked some of you all for some tips around how to shorten that sales cycle, but I will say that eventually, we get to that sale, and so for those of you, and that's most of you in this room who are clients, thank you, and for those of you who are not, please see Goran afterwards. You can put the orders in. And yes, we will take credit cards. So I just wanted to make sure I get that in. I was trying to sell, Goran. You've heard from my colleagues around how we have our targeted workflow solutions, our expansive data, and our tech platform. And now what I'd like to do is show how all of these elements come together to drive future value for FactSet. Now, our investment case is really built across these four pillars: our consistent history of growth, the high impact performance levers, our targeted investments, as well as our balanced capital allocation. We have a proven track record of growth. We have increased revenues for 44 years in a row. Our adjusted EPS every year that we've gone public, and our annual dividends ever since we first started issuing them. And you can see over this period of time, there's been a lot of market disruptions along the way. And as a result of all this, we are one of only eight companies in the S&P 500 who have consistently outperformed GDP here in the U.S. since our IPO in 1996. So think about that. That's a very elite group of companies. And the performance is enabled by our business model, where we have recurring revenues, high cash conversion, and high retention. And you can see those results here, both in the top line as well as our cash flow. Now, that's not changed a lot, but there are other things that have changed a lot in the last 10 years, including our portfolio and how our ASV is driven. Back in 2014, nearly 75% of our ASV came from workstation-driven solutions. And that is clearly very much user-based. And that was when we were less than a billion. Today, we're over $2.3 billion in ASV with a much broader array of solutions to the middle and back office. And as a result, you can see that our exposure to the enterprise has grown from 35% to nearly half. And the factors that drive that are, you've heard some of them already today. We've got products that are really sold across the enterprise, and that is including Performance, Risk, and Data as well as Reporting. So this is all very much more on the enterprise level. And through our contracts, where we have multi-year, and even for those that do buy a lot of our workstations, they are tiered, and there are minimums built in as well. And then lastly, we talked about execution, our go-to-market. Our sales teams are aligned across workflows, and we look at those holistically. It is very much the case that when you are looking at things not at a product level, but at a firm level, you are going to look at things much broader. And I think that's where a lot of the things that Goran talked about will be important to keep in mind. And so we expect these trends to continue, as you can see in that far right bar, where with enterprise contracts, consumption pricing, the wider breadth of products that we have are not only going to drive greater ASV growth, but also reduce our exposure to headcount. Now, I'm going to give a little bit of background here for those who may not be as familiar with us. But as mentioned earlier, nearly 2/3 of our revenues come from the Americas. But over 2/3 of our employees are based out in the APAC region. When we think about our expenses, we've talked about this in the past. The four largest buckets are people, technology, third-party content, and real estate, and as a percent of revenue, you can see the change that has occurred over time as well. Now, the drivers as it relates to the people reduction as a percent of revenue are really based upon the actions that we've taken, the workforce mix, as well as some of the movement as it relates to capitalization. However, on the technology side, it's grown as a percent of revenue, and I think what you've just heard today would not surprise you at all why that's the case, but that's largely cloud, product investments, as well as upgrades to our own infrastructure. And then tight management as it relates to third-party costs and real estate have helped contribute to margins as well, as we are a believer also of the total cost of ownership. And that is really reflecting in productivity improvements. Here you can see salaries as a percent of revenue has gone down. Our percent of employees in our Centers of Excellence has gone up, and that's a contributor. And then we've been growing clients faster than we've been putting on employees. And as a result, you can see that change as well. And all of these improved metrics reflect the benefits of diversification in both our end markets as well as in our workforce. We talk about our strategy, and really the investments that we've made in products and infrastructure very much align with the strategy that Phil laid out earlier. That's on data and technology, workflows, as well as enterprise. These are the initiatives that are in flight, some of that you've seen before. We've laid out here where we think these will begin to really bring in those impacts to our overall growth. Now, some have already started, and you've heard some of the case studies of that from John and from Goran. We expect some of the other ones to come over time. All of these do require new talent in some ways or a shift of talent from our existing workforce. A majority of them also require technology. That's what you're seeing here in color coding. Those are in green are in data and product. In orange is really around our platform infrastructure. And then we need to also continue to invest back to get the scale, speed, security, and internal insights. And that's what you see there at the bottom in navy. So collectively, we expect these investments to enhance both top line as well as productivity. So not as a surprise, as a result, technology spend has materially risen over the last three years, in part reflecting the ramp-up in data and product investments, which includes, again, cloud and R&D in product. Now, going forward, we expect to bend that cost curve in a way. As you can see the top line there for the growth rate. But we're still going to be spending more. We'll be spending more on GenAI as well as on cyber resiliency, which we believe will continue to help enhance our offerings and meet the demands not only of our clients, but quite frankly, of our own internal stakeholders. These strategic investments are really essential for maintaining our market leadership while also having sustainable growth. Now, in terms of the amount of investments that will be in addition beyond the BAU each year, we think it will be roughly 100 basis points-125 basis points over this time period. How we're going to fund that is going to have to come from both scale as well as productivity. The way that we're going to be getting at that, we do have a game plan laid out really across these three buckets. The plan includes leaner operations that will be continuing some of the things that we've talked about, which is talent in our lower-cost locations, as well as the use of technology to do more of productivity and efficiency on that front. We heard from John already around the benefits of having a one single comprehensive data model, the condo, as we like to call it, and that's very clear of how that would help us from a scalability perspective, and then last, we're going to actually have to do a bit of investment back into the infrastructure to be able to get some operational flexibility, so we will intend to invest in cyber, disaster recovery tools to allow us to continue to improve on our content collection and then internal data management. It's a little bit like the shoemaker's children. We have a lot of data ourselves that we want to be able to harness the power of, and we expect these benefits on a net basis to occur over time, driving both our top line as well as earnings growth. Now, we've talked a lot about investments here, but that's only one part of our capital allocation strategy, so while we're investing back into our core capabilities, we also have returns to our shareholders in the form of dividends as well as share buybacks, and of course, allowing us to be able to acquire to meet our strategic needs. If you look at the graph on the right there, that circle, we can see that nearly 70% has been reallocated back into the company or reinvested back into the company over the last five years, and 30% is back to shareholders. Now, this is a little bit skewed by the fact that in 2022, we acquired our largest acquisition, which is CUSIP. So normally, this would be a little bit more balanced, and that's how we expect that to be going forward. And so just to put a little bit of context of the numbers, over the last five years, we've returned $1.5 billion back to our shareholders, having a dividend payout ratio of around 30% on average, which is actually within on the higher end of what we've given guidance in the past, around 25%-30%. But we will make adjustments as needed, as we can see in 2022, when we pulled back share repurchase so that we can complete the acquisition and fund it. But then when we were able to, we went back to buying back shares. That flexibility is one of the strengths that we have here with our business model. Now, acquisitions will remain a key part of our strategy. If you look at over the last 10 years that we have made all of these different acquisitions in line with our strategic goals, as well as expanding our market reach. A disciplined approach, the way that we're able to integrate and be able to capture that value is key. And so when we're looking for scale, like we had with CUSIP, or when we're looking for helping our top line, as we have looking at for Irwin, as well as very specific capabilities that we will either acquire or invest, as we know for Idaciti, BMLL, and AIdentified. And so those are all examples that are really, really key as we continue to focus and look at acquisitions as part of an important component of our future growth. You can see here under our first check there under financial criteria that it must be accretive to both ASV and revenue. And that's clearly part of our game plan. And we expect to be an active but still disciplined acquirer going forward. And we're able to do this because our business model and corporate policies provide a fortress balance sheet and gives us lots of optionality. And you can see here that when we made the acquisition of CGS, we were at 3.9x debt to EBITDA. And yet we were able to get an investment-grade rating. And the reasons for that is because of our strong cash flow, our commitment to de-lever. As you can see, we met that commitment as we said we would. And that gives us, again, a lot of flexibility. And our targeting is to remain below two and a half as we can for a longer term and also maintain our investment-grade rating. Now, FactSet has consistently grown, as we've talked about, over both challenging times and thrived during positive periods. And we've talked about each of our businesses and the factors of how they've evolved as well as grow going forward. So as we talked about the Institutional Buy-Side with the front office focus and opportunities, deepening our multi-asset class capabilities in fixed income as well as in privates, and accelerating Managed Services was really meeting the needs of our clients. We expect to return to mid-single-digit growth over the medium term. And data, as both John and Rob talked about, would definitely be a part of that growth story. On the Dealmakers side, our next-gen banker offerings, the greenfield is relatively with Corporates and PE/VC, as well as our intelligent platform, are going to help us not only in winning new logos, but we strongly believe that they will help us retain as well. And so we expect to be back in the high single digits as it relates to Dealmakers. On the Wealth front, we talked about expanding across the agency adjacencies of their workflows so that can be alongside wealth advisors and helping them on business development, deepening back into the home office, and also meeting them right where our strengths are in analytics, in AI, and in data as the Wealth firms become more and more sophisticated in their needs as well. And then on partnerships and CGS, Goran just talked about that we expect new business to really continue to be driven by AI firms, AI partners, and fintech firms as they continue to need more and more data, as well as some of our existing clients, the larger providers who actually are now going into some more needs and analytics, as well as Data as a Service. And CGS, we would expect to be a continued steady market performer. And so we would expect that to be in the mid-single digits going forward. So collectively, what that means is for our organic ASV growth, as we look in the medium term, is to be in that mid-single to high single digits. We expect our margin to be at 37%-38% at the end of this period. As we continue to get productivity, but invest back into the company, which we think is so important to help drive top-line growth. Then lastly, we would expect our earnings per share to be in the high- single digits to low- double digits, with our goal targeting to be 10+. In summary, our focus on ASV growth, operational efficiency, and disciplined capital allocation are designed to put us in a position for sustainable growth as well as returning value back to our shareholders. We are reaffirming our 2025 guidance of 4%-6% ASV growth, as well as our margins of 36%-37%. As Goran spoke about, we probably will see more of a back half loaded for the ASV for 2025. As I said, we're reaffirming all of our metrics. We would also take a look here back at our investment case, which is that we have multiple levers to drive growth through new solutions and operational actions. Our strong cash flows will allow us to smartly invest across GenAI technology and data, and collectively, we believe that this gives us a solid path to growth when supercharging clients, elevating our colleagues, and boosting our returns back to our shareholders, so with that, I thank you very much for your time, and I think we're going to go to a break. I will ask you all to go back out, for those of you who are here, to our other stage area so that we can do some of our Buy-Side demos, which I'm sure many of you will find super interesting. Thank you very much, and we'll come back after. Welcome back. Please welcome to the stage FactSet's Chief Executive Officer, Phil Snow. Hey. All right. So we have about 45 minutes for Q&A. Hopefully, you learned a few new things this morning. And myself and the management team are very happy to take your questions. We had a few that were submitted electronically. But we're going to start off by just taking a bunch of live questions in the room. And if you wouldn't mind just waiting for the mic, because there are people online, and I don't think they'll hear the question unless the mic. So let me start with you, Alex, once you get the mic. All right. Thank you. Hey, it's Alex from UBS. I'm going to start with a non-financial question. And curious if you could dive into the Managed Services opportunity a little bit more. So, if I understand it wrong, and please correct me if I'm wrong. It really addresses the PLC business within Buy-Side, which is, I think, 60% of Buy-Side. So can you talk about the, I don't know, revenue uplift or ASV uplift? Because it looks to me like an add-on, basically. You have a strong position, and now you're going to actually start doing that for people. So what would be the revenue impact on top of what you're doing? And then obviously, what's the pipeline? Because I think this is a new initiative for you, which we hopefully can get more excited about. Thanks. Yeah. I mean, I'll start briefly and then ask Rob and maybe Helen to add on. Yeah, traditionally, FactSet, as we built out more Enterprise Solutions for our clients, whether it was performance, trading, and so on, we have a good professional services business where we essentially take the product and install it for the clients and charge for that shorter period. Managed Services is more of an ongoing relationship with the client where they're typically wanting to outsource something they've done historically themselves to FactSet. Yeah. Alex, just building on what Phil mentioned there, we used to do professional services from the standpoint of, okay, an NRR-based approach to an implementation that once it was implemented. For some of the middle office services, we would move on. But really, what our clients said is based on our performance expertise, our reporting, and risk expertise, they wanted to continue to retain access to those professionals, and in some cases, even have those professionals running the solutions for them on their behalf. So when we looked at that, we came up with an ASV-driven managed service, particularly in the middle office to start around performance, attribution, or risk. You can subscribe to one of those. You can decide to subscribe to all three of those. The other element of Managed Services that we're talking about expanding into is bringing that concept into the front office, but also bringing that concept into the Managed Services around data associated with clients that want a deeper engagement and collaboration with what John's doing and conversations around MDaaS. But the launch last year was middle office performance, risk, and reporting. That's driving opportunity within asset servicers who really want us to be an extension of their staff, asset managers who are thinking about middle office headcount and technology. Those are the two big opportunities for expansion within Managed Services. And how about the revenue uplift? Sorry. How do you think about it conceptually? Conceptually, what I'd say is it's a premium offering. And when you start to bring the team together alongside the technology, it is sold traditionally on an ASV basis. So we do sign it as a contract. It does come through as ASV because it lives alongside the client for the life of the relationship. But these are larger deployments. And the cost of the teams and the cost of the technology to drive it is meaningful. Hi, thanks. David Motemaden from Evercore ISI. I think at the last investor day, you had talked about $150 million of incremental ASV from the $100 million of investment that you guys made. If I look at the 100 basis points-125 basis points of margin that you're reinvesting every year in the outlook, how should we think about the revenue contribution from those investments? Want to take that one? Yeah, sure. Thanks for your question. I think they're along a similar line, although some of our investments are really going back into infrastructure and internal. In the past, it was perhaps a little more that's going to be focused on the top line. Some of ours is like we talked about cyber resiliency, for example. But I would think about it in a similar makeup as we had in the past. Yep. Yeah. Yeah, I wanted to ask about the ASV outlook that you have. It's a pretty wide range. So I'm curious how you would characterize some of the uncertainties? Is it more sort of a macro-driven outlook where if we're in a certain place from a macro perspective, you get to the low end versus the high end? So just more color on what are some of the uncertainties that you're considering? Yeah, it's a long period of time. Obviously, it's very hard to predict what's going to happen in the macro environment over time. I think the range reflects sort of our confidence that we can consistently grow at the rate we are today. Given our investments and assuming the markets are conducive, we think we can get back to a higher growth rate. It certainly feels to me that a lot of the uncertainty that was in the markets is behind us now and that the sell side is getting way more constructive. I think a lot of what Rob talked about for the Buy -Side, I think we've got a great total cost of ownership conversation to have with them. And then Wealth and the rest of Dealmakers, I think we feel that we have tailwinds in those markets. On the high end, I think you've seen a lot of our new products, and as many of them will also be consumption-based, we're all kind of learning on that front. And as that demand increases, we would expect to see that be a driver to get us to the higher end. Shlomo? Hi, I want to follow a little bit on the expected improvement in retention. Going from 93% to 95% is pretty good. Obviously, every percentage, unless you have to fall out of the funnel, how much of that churn comes from companies going out of business and things like that versus actually losing to a competitor that's really out to get you? And how realistic is it for you to move it up from 95% up beyond that? We don't usually see much higher than 95% retention in companies. Goran, you want to? Sure. So I think from a couple of things, just want to clarify, 93% to 95% was on client satisfaction. We do have examples of some firms, maybe not directly in our industry, but adjacent, to be at the higher retention rates. So I think that it's certainly achievable. I think there is a number of factors, firms going out of business. But also, I think there is some erosion in our renewal process that I think that's one of the reasons we are focusing on giving a little bit more structure to that entire process. And if you look at the volume of firms and the volume of that renewals, that's one area where we can improve. But I think also with specialization, I think making sure that all of our complex products are adapted properly, I think that will reduce erosion further. So I think we're optimistic that there is upside there and certainly taking steps, and there is room for improvement. Yeah, if you think about our client retention, which we've typically been about 90%, a lot of that are very, very small firms. But that does add up to a bit. So that is a little bit of that 95%, which is ASV retention, which we look at differently. I do think that the benefits of when you ask the question about are we losing to competitors. Some of it is just consolidation. And so is that losing to competitors? You can look at it that way. But it's not often the case where we're getting completely replaced, and that's a much smaller portion. Yep. Thank you. Russell Quelch from Redburn Atlantic. Maybe this is a question for you, John. I think you mentioned in your remarks that the enterprise data real-time pricing is an important pillar of growth. You mentioned your difference to the main two competitors there, maybe the cloud nature of your offering. My understanding was that actually the two big incumbents also have a cloud offering in this space, but they have spoken to particularly one of them, the difficulty in client adoption of cloud enterprise data, given there is often some compromise on latency. So I wondered how you think you can overcome that relative to some of those difficulties some of your peers are having in terms of selling cloud-native enterprise data? So I think there's no question. I think this is the future of it. And I think the fact that these clients have had this infrastructure for a long time makes it a longer sales cycle. But everyone's kind of eyes light up when we go through the benefits of supporting it, the elasticity, and all the pieces that go with it. I think there's no better dataset that we have that applies to the cloud better than this. And I think it's just an eventuality. Can I maybe just add? So I think our offering is diverse. So you can choose the cloud-based solution. You can also choose the deployed on-prem solution, I think, which has latency characteristics that probably satisfy 99% of use cases. We're not trying to be everything to everybody, but I think certainly have the opportunity to displace competitors for most of the use cases out there. The real ultra-low latency is less than 10% of the space, and it's not an area we're trying to get to. Toni? Thanks so much. I was hoping you could talk about your views on the uplift from GenAI across the different customer sets. Which ones are most excited? Which ones take a long time to maybe adopt some products? Just in terms of timeline and expected uplift. Thanks. Maybe Kristy, we'll start with you on Dealmakers and Wealth, and then Rob, go to you. Yeah, sure. Great question, Toni. So we've been working at this for quite a while. It was really my main focus for the past three years in the Chief Product Officer seat, working closely with Kate, designing that blueprint, and then executing on it with the teams. But early on in that process, the first thing we did was to set up the FactSet Explorer Beta program, which brought our clients into that co-development process from day one. So where that brings us to right now, as we're preparing to imminently launch many of these products that you saw today, some of them are already out there in the market for sale, the level of conviction that we have is very high because, as I mentioned, we have clients, many of the global major banks, our regional banks, who have just been active participants in that program all year. So we know their feedback. We know how they feel about it. We know how they envision integrating it with their workflows. So for us, it's a real opportunity and one that we're very excited. I think we feel like we're right there. Yeah, just building on what Kristy said in terms of the Explorer program and the partnerships, part of the Portfolio Commentary opportunity for us came through an AI partner reaching out and sharing some thoughts and ideas with us, and then us taking that to the client base and really engaging with them and saying, "Is attribution an opportunity for us to help you in terms of explanation?" And the answer was yes. And we went and met with dozens of clients to that construct. And Chris said it on stage. We took something that he said it would take him 30 minutes. I think most people, Toni, would take them two hours to write an in-depth analysis on attribution. And now we're doing it in minutes. And I think that efficiency is driving opportunity and driving cost savings for them and freeing up their reporting teams to do other things. So the last piece is the same thing around Security Explain, right? How much time do people spend reading a lot of news stories on companies to get a deeper understanding as to what's actually driving the security in the market? And I think we took a unique approach there. And by combining that into the PM Hub and then offering the Portfolio Commentary, it's native to our clients. These are problems that they want to solve, and it's been resonating in terms of growth opportunities. I think it's a bit hard to predict which of the fund types will start buying this en masse sooner rather than later. But we do feel that we've got. I mean, we did something for Wealth that Goran spoke about. We talked about it on our Q4 call. The pitch stuff that you saw out there, I think the banks are very excited about. And then we've got good solutions on the buy side. And then the conversational API, Mercury, that can go to any type of FactSet it uses. So I think in terms of the client base, we're very excited. And for the fundamental analysts as well, there's a lot of competitors out there in the fundamental analyst space, some of which have primarily just focused on unstructured data. We think we're in such a good position now combining the unstructured and the structured data to take advantage of that across all the different fund types. Maybe one way to think about it is less around firm type and more around firm size because those who are more investing in GenAI come to us. And some of our larger wins are the larger premier global companies who are investing themselves. And therefore, it's more of a natural extension. Benefits of sitting in the middle. Hi, David Paige from RBC. Just in terms of the 150 basis points of margin expansion over the midterm, what percentage is coming from, I guess, leaner operations versus scalable infrastructure? And I know you've been at the forefront of offshoring. Is that expected to continue? And what's the contribution there? Thank you. Yeah, I think we don't really look at it in those buckets necessarily. But I would say some of this, a good portion of it will come from the resources productivity. And that'll be both from being able to do more with scale with our existing folks as well as the change in the workforce. So we're not breaking those out, the 150 basis points into those particular buckets. But I would think about it probably a little more aligned to how our expenses are today. Yes. Thank you. In the medium-term outlook, the Dealmakers and then the partners in CGS growth seemed a little flipped to me. So I was just curious. Maybe it's just the breakouts. So within Dealmakers, how much is the sell side? And then in partners in CGS, I guess, how much is CUSIP? Because I thought that should still be a pretty strong grower there. Do you want to speak to Dealmakers first, Kristy? Yeah, I think the way to look at it, yes. When you look at the Dealmakers portfolio, it's primarily today Banking, but with PE/VC and Corporates having higher growth rates because those are areas where we're newer to those spaces. So that's how we're looking at it. We have multifaceted opportunities across all of the client types, workstation, data, and technology solutions as well. O n the partner side, I mean, CUSIP's been a very consistent business in terms of its growth rate. So I don't think we see that changing that much. I think on the rest of the partners, historically, that business did grow faster. I don't think we typically broke that out historically, and it's very lumpy too. Sometimes a particular year can be dictated by a multi-seven-figure deal going one way or the other. So it's a little hard to sort of predict that out moving forward. I think the CUSIP will be consistent, I think, as far as we can see. But I see some potential upside on the partner side, I think, with all of the innovation that you've seen in terms of us opening up the platform and the increased value of data moving forward. Yeah. Thank you. Andrew Nicholas with William Blair. I wanted to ask a little bit more about Wealth. You've had a lot of success displacing competitors. You talk quite a bit about total cost of ownership, but it's mostly been on the Buy- Side or the Dealmakers side. I'm just curious if, from a pricing perspective, where you sit in that market, is that also part of the conversation on the Wealth side? Or is it primarily attributes potentially augmented by GenAI and some of the FactSet Mercury solutions that you have to this point? Goran, you want to take that on? Sure. I wouldn't say that the price is the primary driver of success. I think we have had situations where we were twice the price of a competitor and then ended up winning, basically, because we really drive insight into client's book about really being able to see the entire book of business in one place, be alerted of what may be driving those investments. So that's a significant advantage, not only is it a significant advantage for clients that utilize that service from us. Depending on the firm, I think we do see focus on cost of ownership. I think we're well-positioned to respond to that. For the most part, I think it's the completeness of our services. We start in the home office, connect that to the advisor, an d then all the way to the client. So I think there's a lot to what we offer that's making us successful in that space. Thank you. Mac Sykes from Gabelli Funds. These are a lot of great presentations. I appreciate it. My question is around M&A and capital markets, and I wanted to, assuming we're getting a more constructive next year for this, comment on sort of the increased profitability from banking going forward and how you're sharing that with your contracts on the enterprise side, and if we could exclude extra seat count, because I know that that's helpful. But how does sort of the contracts work in terms of more intensive utilization of the platform by bankers, and then also, are there any nuances to banks that are more profitable? Does that help with pricing, et cetera, and extra modules? Or just a little more about kind of the upside to a more cyclical beneficial environment. Thanks. Great. Thank you. Yeah, I would say that today, and it was sort of referenced in the pie chart I showed, a lot of the ASV in the Banking space today is based on the number of users who are using FactSet. And that's kind of traditionally been how that business has been structured. But with some of the newer solutions that you learned about today, like Pitch Creator, that's more of an enterprise-level add-on for a bank. So that represents a new revenue stream that would kind of sit on top of the deployments we have and be more based on kind of the size of the firm that we're supplying with that solution. That will have a benefit to the overall productivity of that group across all of the sector and industry teams who would be using it. It represents for us a new stream of revenue. For other solutions that we deploy inside of the investment banks, like content within CRMs, which is really popular with senior bankers who are maintaining the high-level relationships with clients, that is, again, kind of a separate enterprise-level opportunity for us to sell into. Many of the banks will have all three of those things. We know that when the bankers get busy, there is a greater incentive and ability for the business leaders in those groups to supply them with more of the tools that are going to drive productivity. Like the correlation chart showed, when the volumes pick up, it is usually a good opportunity to position additional services. And they're very receptive at that time. Owen? Thank you. Owen Lau, Oppenheimer. So going back to M&A and ASV growth, after election results, I think many banks come out and say, "Hey, M&A will come back over the next few years." I think number one question is, how do you think about the potential ASV growth uplift based on these kind of potential comments? And then number two is, you talk about the lag between hiring and also your ASV growth. Do you think this time will be different, or we should still expect maybe four to eight quarters lag here? Thanks. Kate? Want to take that one? Yeah. I mean, I think the chart, it was fee volumes. It wasn't banking headcount. It was more like the fees produced by the banks and the volumes of M&A. So I don't think this will be any different this cycle. We're happy to see our bankers becoming more active and getting busier and being more interested in finding ways to be productive. That has never changed. I mean, that's always the conversation we're in with our banking clients, which, again, was a lot of the impetus for where we wanted to go with GenAI for bankers. There's many different avenues you could have taken. But what we found is that our clients were looking for workhorse tools that could be reliable. Sometimes it's the simple things that add up to really time-saving solutions. And being able to have those kind of layered onto workflows that are familiar but still giving a massive time-saving uplift that felt real and usable was where we felt the sweet spot was. And that has really resonated. So I think that the timing is working out well where we have a validated solution at a time when clients really do want to bring even more relief to their teams with the best tools that are out there. So we're excited to capitalize on that. And one thing to think about is when we talk about the uplift, we're not trying to build in a lot of cyclicality into that. That's too hard to predict, as we know. But even though we're in that top 10 of the top 10 banks in the world, we also can expand beyond the groups that we have. And that's where all of this work we've done that John talked about on Deep Sector allows us to therefore go into other M&A or coverage groups. And that's where we'll see some more growth as well. Yeah, i n the back? Thank you. I'm Shada on behalf of Kelsey Zhu from Autonomous. With reference to your mid-single to high single-digit ASV growth, could you please provide a breakdown between pricing, new logos, and cross-selling, and in terms of pricing outlook, you already touched upon this a little bit before, but how do we think about it in light of a more intensified competitive landscape? I'll do the first one, and after I catch the second part of it. Typically, what we have seen is about a third of our growth rate comes from price. I would expect that while that's fluctuated a little bit over time, the way that we look at it right now, it would continue to be that case. And then generally, two-thirds, it comes from existing, and one-third comes from new. Again, that can change a little bit over time, but it's been fairly consistent. And that's what we would assume going forward. Yeah. And in terms of it being a more competitive landscape, I'm not sure it changes that mix that much. I think we've been very reasonable in terms of price. So typically, we don't have any issues getting our price increase through every year. So I don't think that's going to put any downward pressure on the price increase. Yeah. I'm sorry. I didn't hear that last part. Because a lot of our price increase comes from our annual price increase, which is in the contract, it's a little bit embedded in there. Yes. Thanks. It's Jeff Silber with BMO Capital Markets. Your medium-term outlook looks for your ASV growth to accelerate. I was wondering if that's something that we should expect to happen this year. Is it something going to happen next year? I mean, when will we see that kind of inflection point? Well, I think we reaffirmed guidance, Jeff, for this year. So I think the midpoint of that guidance was consistent with our growth last year, 5%. So I think, obviously, we hope to do better than that. That's what we're driving towards, I think. So we're not saying today that we're going to be at the high end of that range. But we do expect moving forward, given more constructive markets and all the innovation that we're pouring into the product, that we'll get there. Hi. That's the last question, yeah. And we'll go back for seconds. Hey, guys. Scott Wurtzel from Wolfe Research. I just wanted to go back to the Dealmakers' guidance. When we look at the 4% growth in FY 2024 and thinking about the acceleration to high single digits, just kind of following up from some of the other questions that we've heard, how should we think about what you're expecting from a kind of more normalized capital markets environment versus that sort of incremental product attachment and selling and sort of maybe ARPU uplift from getting some of these new products in there? I think that does assume to some extent, right, that we do have a more normalized hiring at the banks. It's been pretty flat for the last two years. So typically, that comes for us in the second half of the fiscal year. So we expect that to happen. Maybe it won't. But we do think all the other products that we're releasing to get into more areas and more workflows than we have in the past will certainly help. I think it's important too. I think we've talked about this on our last call. And it goes a little bit to Shlomo's question. We were able to sell quite well last year. But we had some very large erosion cancellations that really hurt us. Now, if those continue, that's a different situation. But since we would believe that some of that would come down, we believe the selling would help. Obviously, it all comes net on the same place. And that's where we see some of the uplift coming. Alex. I think this is a quick and simple financial question. And maybe you've addressed this. But on the margin, it's a point target in the end of fiscal year 2028, I believe. So should we assume that's a consistent margin expansion? Or do you, over the next couple of years, already see a few investment projects that you're aware of that may do some lumpiness or anything that you're already aware of, I guess is the question? Yeah. No, it's a fair point. The simple answer will be that we would expect almost like a pretty steady increase and not a lot of variability. So I wouldn't expect us to see a big drop next year and then a big increase the following year. That's not how I think we'll be. But we'll give, obviously, more guidance as we go along. Yeah. Toni, you had a second question. Thanks so much. So FactSet's always been a technology company. But I feel like there's even more change with regard to technology now. And so I was wondering how you think about, is there anything missing that you could look at acquiring or something like that? Or do you think a lot of it will be sort of built within? I'll throw Kate a couple. Yeah, go ahead. I was going to ask John if he heard technology. Heard it or? No. So I think that we've really prided ourselves on what we've been able to build. And then more recently, the partnerships that we've been involved in have been very helpful. That open ecosystem is very helpful to us there because by building things in a way that they integrate really well into other platforms, we're able to utilize those added values from the partners that we're integrated with. I think we're always looking for opportunities of where we can get to somewhere faster. Idaciti was a great example of that on the data side of things. So I wouldn't rule that out. I think we have a great group of engineers that can build really well. But we're also excited about the new tech that's coming out. And if there's an opportunity to really accelerate there, I think that's part of the conversation. Russell. Thanks. And Goran, I think you mentioned usage-based pricing in your comments, sort of shifting of the pricing model, particularly around some of these new GenAI solutions. So I was wondering how quickly you can start to monetize those. Yeah, if you need to wait for a certain amount of usage data before you then can price people based off of how much they're using the product. Is that three months, six months, 12 months? Just how quickly can you start to really monetize people's great usage of these solutions? I think I completely get it, but I believe you're asking about the subscription plus usage overage. A nd I think yes, so the way we might think about it, and I think what you're asking, it doesn't start from zero. It's not going to be pure consumption-based. There will be a subscription piece of it, and then there will be overage, meaning additional consumption on top, so that's how we think about it. You can't really use our products generally without having already been a client, so it's not like you're just going to buy a consumption-based product all by itself. It really is part of our overall ecosystem. And so what Goran was referring to is, yes, so we will see because you're buying a subscription, you will see that uplift immediately. And then any additional will come on top of that. Just to add on, we also sell variable-based pricing today for things like our API program, our batching capability. So as we go further into variable-based pricing and consumption, it's something we're familiar with today and something we're able to handle from an invoicing and billing perspective and capture. So we're not waiting in terms of being able to sell on a variable basis for the GenAI-type products. I was on that point. So are your customers ready to move to that pricing model? I get it. You might want to move to that pricing model. But yeah, I would say our customers are familiar with variable-based pricing from the standpoint, again, of we've been selling APIs are not new. We've advanced our API program. We sell our APIs. The same thing with our content in John's world. They have different levels of consumption for that. So I would say there's a level of familiarity with it. Now, it's still a new frontier on the GenAI piece. So it's going to continue to build in terms of the momentum there. But there is familiarity with it. The only thing I would add, I apologize. I think we have a couple real-life examples. We spoke about the Conversational API sale. And I think that's not the only one we have made. But in both of those engagements, I think there is a base price pricing. And then there's a consumption model. That's mostly sold to technology departments. They're already used to it because that's how most of the GenAI tooling works currently in terms of when we buy tools that enable us to build our solutions, they're priced in a similar manner. So we have two sales at least or more that can guide us there. But I think we have already sold successfully into that model. There are a couple of questions here online. So this is a fair question. Does your medium-term outlook include any change in corporate tax rates? What tax rates are embedded in your guidance? Yeah, sure. So yes, there is some news out there around whether or not tax rates, the corporate tax rate will come down to, I think it was 15%. We have started modeling what that impact would be. But clearly, there's a lot of devil in the details. So I don't think that's something that we've built into our outlook at all. And quite frankly, given that it's a legislative process, not something that comes straight from the White House, there would be a lot of competing pieces in there as well. But we've started to model, but we've not included it. Yeah. And you had another question. So in terms of client budgets, which have been, I guess, under pressure recently, FactSet has still been able to grow revenue ASP. So if you could maybe just touch on what was driving some of that growth in the environment of constrained budgets. And then I think during the presentation, someone had mentioned that you're trying to shift the way clients think about the FactSet budget towards a technology budget, which is more robust and always growing. So, I mean, just maybe double-click on there and some more information. I think, so a lot of it has been that total cost of ownership conversation with our clients. So clients are all trying to be more efficient. I think the pain is the most acute on the Buy- Side. And I think we anticipate that pain will continue moving forward in terms of the Buy-S ide needing to be more efficient, which is why you saw, I think, a lower medium-term outlook for the Buy-S ide than you did for the other client types that we deal with. But that trusted relationship we have with our clients. Goran spearheaded one great example where a very large client of ours was willing to really open up everything that they were spending with competitors in the space and allow us to go line by line to sort of identify where we could help them. So it's sort of those types of conversations just in terms of helping them, the blueprinting we're doing to overlay our capabilities. And I think getting into the tech budgets, that's where we're on the cusp of that. I think we have a good proof point already. But we think that will be more of it moving forward. I think I would just add with all the meetings that Kate and I are in on this topic, that the amount of plans certain clients have around GenAI plus the move to the cloud, all those things come together to help that effort in the technology budget side versus the market data budget. Also, just one more comment. I think when you look at Managed Services that we launched and Data as a Service, I think that does speak to constrained budgets because clients are no longer as willing to spend money on the internal processes that are not core to them, and we already have subject area expertise, so we did see a nice pickup there last year, and I think that will accelerate on both fronts. Not to bring accounting into it, but sometimes there's different budgets in our clients. There's headcount budget. There's professional services budget. So sometimes that's how they manage it. Just to pick up on some of the comments you just made, Phil, on the cost pressures on the Buy -Side, traditional Buy -Side. If the move to passive, obviously, it's a secular trend that's going to continue. I'm just curious how you guys think about that and how you model that into our medium-term guidance. Obviously, some conservatism on the traditional Buy -Side, some offset by ideal and so forth. What if it takes another big step up, another big push in the next five to 10 years? How much of a headwind is that for you guys? I think what you're seeing on the Buy-S ide is responding pretty aggressively to this shift. I think they're responding to it. They are looking to move into SMAs. They are looking to move into ETFs. They are looking to move into private markets. So I think they're preparing well for that. I think I would say it accelerated fairly rapidly over the last year. There may have been a few that were caught by surprise, essentially. But I think everyone's starting to respond and look towards the different levels of technology and look towards different levels of growing their businesses again. So could it happen? The answer is yes. Could there be another uplift that catches people by surprise? But I think people have prepared for that already. And I think when you think about FactSet now a little bit on the buy side, it's a lot about enterprise selling. Yes, desktops are important. But also services are important. APIs are important. Diversifying how we can actually help them in that shift while it's a total cost of ownership play. I think we've positioned ourselves well to help them during that migration. So it's a great question. Shlomo. Thank you. I just want to get back to Managed Services. That's something that sounds like it's a lot more people-based than what FactSet usually does. Maybe you could talk a little bit about that in terms of are we going to see that starting to impact the margins on the business? You don't usually see 38% margins in a people-based business. And does that still make sense because you're going to go ahead and use that in terms of leveraging embedding yourself with the client? Or is that something that we're, hey, I think I can price it in a way that it's not going to really impact the margins? Good question. It's a great question, Shlomo. When you think about our Managed Services business, the way I would think about it is it's a technology play first. So when I talked about that portfolio integration and the complexities of it, we've built a series of tools and solutions that are technology-driven. So client portfolios, I don't mean to get too technical here, but just to help rationalize people versus technology. When all those portfolios come in, we monitor those without people. We monitor them with technology. When we reconcile all that data, we monitor it with technology. Sorry. We monitor everything with technology first. The people is the second component of it. So it's really about leveraging the technology and then scaling it with people globally in places like Manila and India and other Centers of Excellence where we have scale. But it's really about technology. The last piece to it is when you think about Performance and Reporting and Risk in the middle office, people aren't subscribing to that for a low-cost basis. People are subscribing to that because they actually want access to our team of experts. And the cost associated with that is premium relative to those levels of expertise. So it's not your traditional services business in terms of outsourcing work to people just for the sake of outsourcing work to people. It's really about access to our experts, access to our technology. And the margin on our Managed Services business looks different than I think what you describe in terms of your people-intensive services businesses for comparison purposes. Just to add, it's an overlay to the services we already provide. And I think we have a year-plus or more of selling behind us. And it's been marginally creative, I would say. I would just add one more thing on that. So if you think about us doing Data as a Service and mapping a lot of datasets for clients, we have so much expertise from the 1,200 partners. And our concordance tools automate anywhere from 78%-95% for that client. And the tail end is just small on the people side. Thanks. I wanted to ask about the 150 basis points of scale and productivity savings that you've talked about. I'm curious if there's anything specific in there from GenAI-related efficiencies that you've sort of mapped out and are expected. So when do you think we'll get that sort of during this period? Or does that come after? How should we think about those internal efficiencies coming from GenAI? Sure. It's a little bit to the question that was asked before. I think the benefits will be mostly as it relates to people and scalability, and so as we think about the leaner operations, for example, we would see more of that from the ability. For example, we have some early wins as we have agent assists where we are using GenAI to help on our support and customer service, so instead of typically the more products, the more clients you have, you have to have more support behind that. What GenAI will allow us to do is to be able to leverage and improve the effectiveness on that front, so that's just one example of where that would happen. That's going to happen whether it relates on the engineering front where we're going to see some of that too, so it's not something we've built in where we say it's going to be 10 basis points, 20 basis points. It's really the outcome we're looking for as we're slowing down the growth of the expenses versus the top line. Kate, do you want to maybe talk a little bit about our engineers' use of generative AI and how you see that sort of playing out over the next few years? Sure. I mean, one example too that goes beyond engineering is how quickly we moved toward building our own internal chatbot as that was happening. Many firms early on were sort of blocking external chatbots because they weren't sure how that would be used. We were really quick to bring that internal and be able to get a lot of innovation going across the company, not just within engineering. So we use it firm-wide. Also, from an engineering standpoint, there's a lot of opportunity there from how that helps developers write code faster, probably more opportunity on larger scale migrations. And there's always a porting of kind of more classic infrastructure to new, and so there's a lot of expanded opportunity in that space to look at how we convert larger code bases and just a lot to explore. I'd also say in terms of the GenAI frameworks that we've built, it really allows our developers to release product faster, so that innovation that you're seeing in what we're developing also comes from the investment that we've made into building the GenAI infrastructure, so it's a combination of using it to go faster, but also having that framework that helps us build products quickly. I'm going to call it there. Thanks. That was a quick 45 minutes. Great questions. Thank you all for attending today. We're going to have lunch out there, more demos. Hopefully, you feel the sense of excitement we have around our product. I do feel that this is an inflection point for us in terms of innovation and what we can accomplish in the market. There's a great opportunity out there, a lot of addressable market for us. And as I said at the beginning, we're very focused on top-line growth, becoming more of an enterprise solution for our clients. For those of you that aren't FactSet clients today, I really encourage you to go back to your shops and talk to who you need to talk to about getting more of us in-house. So we'd love to serve you. Thank you all.