FACT-RESEARCH: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Type 10-Q)

This Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of
Operations ("MD&A") ought to be learn along with the Consolidated
Monetary Statements and associated notes included on this Quarterly Report on Type
10-Q, our Annual Report on Type 10-Okay for the fiscal 12 months ended August 31, 2020,
our Present Stories on Type 8-Okay and our different filings with the Securities and
Alternate Fee. This dialogue incorporates forward-looking statements that
contain dangers and uncertainties. Our precise outcomes may differ materially from
these mentioned beneath. Components that might trigger such variations embody, however
are usually not restricted to, these recognized beneath and people mentioned in Merchandise 1A. Danger
Components of this Quarterly Report on Type 10-Q and our Annual Report on Type 10-Okay
for the 12 months ended August 31, 2020.
Our MD&A is designed to supply a reader of our monetary statements with a
narrative from the angle of our administration on our monetary situation,
outcomes of operations, liquidity and sure different components that will have an effect on our
future outcomes. Our MD&A is introduced within the following sections:
•Government Overview
•Annual Subscription Worth
•Consumer and Person Additions
•Worker Headcount
•Outcomes of Operations
•Non-GAAP Monetary Measures
•Liquidity and Capital Assets
•Off-Steadiness Sheet Preparations
•International Forex
•Crucial Accounting Insurance policies and Estimates
•New Accounting Pronouncements
Government Overview
FactSet Analysis Techniques Inc. and its wholly-owned subsidiaries (collectively,
"we," "our," "us" or "FactSet") is a worldwide supplier of built-in monetary
data, analytical functions and industry-leading providers for the
funding and company communities. For over 40 years, international monetary
professionals have utilized our content material and multi-asset class options throughout
every stage of the funding course of. Our objective is to supply a seamless consumer
expertise spanning concept technology, analysis, portfolio building and
evaluation, commerce execution, efficiency measurement, danger administration, and
reporting, through which we serve the entrance, center, and again places of work to drive
productiveness and improved efficiency. Our versatile, open information and know-how
options may be carried out each throughout the funding portfolio lifecycle or
as standalone elements serving totally different workflows in a corporation. We're
centered on rising our enterprise by means of three reportable segments ("segments"):
the Americas; EMEA; and Asia Pacific. Consult with Be aware 16, Phase Info, in
the Notes to the Consolidated Monetary Statements included in Half I, Merchandise 1 of
this Quarterly Report on Type 10-Q for additional dialogue. Inside every of our
segments, we primarily ship perception and data by means of our 4 workflow
options: Analysis; Analytics and Buying and selling; Content material and Expertise Options
("CTS"); and Wealth.
We presently serve a variety of economic professionals, together with however not
restricted to funding analysis professionals, funding bankers, portfolio
managers, danger and efficiency analysts, wealth managers, and company shoppers.
We offer market intelligence on securities, firms and industries to allow
our shoppers to analysis funding concepts, in addition to providing them the
capabilities to research, monitor and handle their portfolios. We mix
devoted shopper service with open and versatile know-how choices, reminiscent of a
configurable desktop and cellular platform, complete information feeds, an open
market, digital portals, and utility programming interfaces ("APIs").
Our income is primarily derived from subscriptions to our services
reminiscent of workstations, portfolio analytics, enterprise information, and analysis
administration.
Enterprise Technique
Present know-how developments are resulting in higher demand to ship a completely
digital and built-in funding workflow resolution. To reap the benefits of these
developments, now we have centered our improvements and strategic investments in cloud
computing, information lakes, APIs and our hosted proprietary information and analytics
platform to supply real-time, predictive enterprise intelligence for a seamless
shopper expertise. We proceed to develop our broad monetary content material to supply
help for our shoppers' most refined funding methods together with
enhanced information in personal markets, {industry} particular deep sector and
environmental, social, and governance ("ESG") information. As a premier monetary
options supplier for the worldwide monetary neighborhood, we offer workflow
options and main analytical functions, powered by cognitive capabilities
and strong know-how, throughout the funding portfolio lifecycle. We deliver the
entrance, center and again places of work collectively to drive productiveness and efficiency at
each step of
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the funding course of utilizing our open and scalable options. Our technique is
centered on rising our enterprise in every of our three segments. We imagine this
geographical strategic alignment helps us higher handle our sources. To
execute on our enterprise technique of broad-based progress throughout every geographical
section, we proceed to take a look at methods to create worth for our shoppers by providing
information, merchandise and analytical functions inside our 4 workflow options:
Analysis; Analytics and Buying and selling; CTS; and Wealth.
Fiscal 2021 Third Quarter in Evaluation
Income within the third quarter of fiscal 2021 was $399.6 million, a rise of
6.8% from the prior 12 months interval. Income elevated throughout every of our geographic
segments, primarily within the Americas, adopted by EMEA and Asia Pacific,
supported by elevated income in all our workflow options, primarily in
Analytics and Buying and selling and CTS. Natural income contributed to five.9% of the expansion
throughout the third quarter of fiscal 2021, in contrast with the prior 12 months interval.
Natural income excludes the consequences of acquisitions and inclinations accomplished
within the final 12 months, the consequences of international forex actions on the present
12 months interval and the amortization of deferred income truthful worth changes from
buy accounting. Consult with Non-GAAP Monetary Measures in Merchandise 2 of this
Quarterly Report on Type 10-Q for a reconciliation between income and natural
income.
As of Could 31, 2021, natural annual subscription worth ("Natural ASV") plus
Skilled Companies totaled $1.61 billion, a rise of 5.8% over Could 31,
2020. Natural ASV elevated throughout all our segments with nearly all of the
enhance associated to the Americas, adopted by EMEA and Asia Pacific. Consult with
Annual Subscription Worth in Half I, Merchandise 2 of this Quarterly Report on Type
10-Q for the definitions of Natural ASV and Natural ASV plus Skilled
Companies.
Working earnings decreased 3.2% and diluted earnings per share ("EPS") decreased
0.4% for the three months ended Could 31, 2021, in contrast with the prior 12 months
interval. Working margin decreased to 29.5% throughout the three months ended
Could 31, 2021 in contrast with 32.5% within the prior 12 months interval. This lower in
working margin on a year-over-year foundation was primarily attributable to elevated
worker compensation bills and computer-related bills, partially offset
by income progress.
COVID-19 Replace
A novel pressure of coronavirus, now often known as COVID-19 ("COVID-19"), was first
reported in December 2019, and it has since extensively impacted the worldwide
well being and financial setting, with the World Well being Group
characterizing COVID-19 as a pandemic on March 11, 2020. The COVID-19 virus has
unfold to just about all areas on the planet, creating important uncertainties
and disruption within the international financial system.
We're intently monitoring pandemic-related developments, and our highest
precedence is the well being and security of our staff, shoppers, distributors and
stakeholders. We've got taken, and proceed to take, quite a few steps to deal with the
COVID-19 pandemic. We've got carried out a enterprise continuity plan with a
devoted incident administration group to reply shortly and successfully to adjustments
in the environment to proceed providing our shoppers uninterrupted merchandise,
providers and help whereas additionally defending our staff. We proceed to
coordinate our COVID-19 response based mostly on steering from international well being
organizations, related governments and pandemic response finest practices.
On the outset of the pandemic, we required the overwhelming majority of our staff at
our places of work throughout the globe (together with our company headquarters) to work
remotely on a short lived foundation and carried out international journey restrictions for our
staff. We imagine our transition to distant working has been profitable and
has not considerably affected our monetary outcomes by means of Could 31, 2021.
We've got begun to re-open a lot of our places of work throughout fiscal 2021, using a
three-phased strategy to supply flexibility for workers with a concentrate on
social distancing and security. As native public well being circumstances have improved in
some places, now we have re-opened sure places of work in a phased method constant
with native rules, together with within the U.S. and EMEA. We anticipate that the
skill to open places of work will differ considerably from area to area based mostly on a
variety of components, together with the provision of COVID-19 vaccines and the
unfold of COVID-19 variants. Our places of work is not going to re-open till native
authorities allow us to take action and our personal standards and circumstances to make sure
worker well being and security are happy. There may be no assurances as to our
skill to re-open our places of work or that there will probably be no adverse impacts arising
from the return to the workplace setting.
As of Could 31, 2021, there was minimal interruptions in our skill to
present our merchandise, providers and help to our shoppers. Working remotely has
had comparatively little affect on the productiveness of our staff, together with our
skill to assemble content material. We proceed to work intently with our shoppers to
present constant entry to our services and have remained
versatile to attain shopper priorities as many implement their very own contingency
plans. For instance, because the begin of the pandemic, now we have elevated our
help desk sources to handle elevated shopper name volumes.
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Our income, earnings, and ASV are comparatively secure and predictable because of this
of our subscription-based enterprise mannequin. So far, now we have not seen the COVID-19
pandemic having a cloth affect on our income or ASV, though we anticipate
that there could also be some stage of income and ASV weak point going ahead attributable to
longer gross sales cycles and decrease incremental shopper billings. The COVID-19 pandemic
may curtail our shoppers' spending and cause them to delay or defer buying
selections or product and repair implementations or might trigger them to cancel or
cut back their spending with us. In figuring out the attainable income and ASV
affect from the COVID-19 pandemic, we're contemplating the potential delay in
determination making inflicting longer gross sales cycles (or conversely delayed cancellations
from shoppers), in addition to attainable implementation danger attributable to restrictions on
having the ability to work onsite at our shoppers' services.
We've got incurred, and should proceed to incur, extra bills in response to
the COVID-19 pandemic, together with prices to allow our staff to help our
shoppers whereas working remotely. These extra bills weren't materials to
our third quarter fiscal 2021 outcomes, and reductions in discretionary spending,
significantly journey and leisure, have greater than offset these elevated
bills. We imagine that now we have the flexibility to implement extra price
discount efforts if essential to mitigate the affect that any decreased revenues
might have on our future working earnings, by means of such strategies as tighter
administration of headcount spending; discount in variable third-party content material
prices in a way in step with shopper demand; and discount of discretionary
spending.
On March 27, 2020, the Coronavirus Assist, Aid, and Financial Safety ("CARES")
Act was signed into legislation to deal with the financial affect of the COVID-19 pandemic.
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into
legislation and consists of additional aid and stimulus provisions to deal with financial
issues associated to the COVID-19 pandemic. On March 11, 2021, the American
Rescue Plan Act of 2021 was signed into legislation and supplies additional financial aid
and stimulus to take care of the financial affect of the COVID-19 pandemic. We
proceed to watch any results that will outcome from these Acts and different
comparable laws or actions in geographies through which our enterprise operates.
Annual Subscription Worth ("ASV")

We imagine ASV displays our skill to develop our recurring income and generate constructive money stream and is the important thing indicator of the profitable execution of our enterprise technique.

-"ASV" at any given cut-off date represents our forward-looking income for the
subsequent 12 months from all subscription providers presently being provided to
shoppers, excluding revenues from Skilled Companies.
-"Natural ASV" at any given cut-off date equals our ASV excluding ASV from
acquisitions and inclinations accomplished throughout the final 12 months and the
results of international forex actions on the present 12 months interval.
-"Skilled Companies" are revenues derived from project-based consulting and
implementation.
-"Natural ASV plus Skilled Companies" at any cut-off date equals the sum of
Natural ASV and Skilled Companies.
Natural ASV plus Skilled Companies

The next desk presents the calculation of Natural ASV plus Skilled
Companies as of Could 31, 2021. With correct discover offered as contractually
required, our shoppers can add to, delete parts of, or terminate service,
topic to sure limitations.
(In tens of millions)                                          As of Could 31, 2021

As printed ASV plus Skilled providers (1) $ 1,617.2 Forex affect (2)

                                                  0.4
Acquisition ASV(3)                                                 (5.6)
Natural ASV plus Skilled Companies                $         1,612.0
Natural ASV plus Skilled Companies progress price                  5.8  %


(1) Contains $ 23.9 million in skilled providers from Could 31, 2021. (2) The affect of change price variations. (3) Acquisition of ASV from acquisitions made over the last 12 months.

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As of Could 31, 2021, Natural ASV plus Skilled Companies was $1.61 billion, an
enhance of 5.8% in contrast with Could 31, 2020. The rise in year-over-year
Natural ASV was largely attributed to present shoppers, adopted by new shopper
gross sales and present shopper worth will increase, partially offset by present shopper
cancellation.
Natural ASV elevated throughout all our geographic segments with nearly all of
the rise associated to the Americas, adopted by EMEA and Asia Pacific. This
enhance was pushed by extra gross sales in our workflow options, primarily in
Analytics and Buying and selling, CTS and Analysis. Gross sales elevated in Analytics and
Buying and selling primarily from our efficiency and reporting, portfolio analytics, entrance
workplace, and danger and quantitative options. CTS gross sales elevated primarily due
to core and premium content material units, particularly associated to firm monetary information
and information administration options. Gross sales elevated in Analysis primarily attributable to greater
demand for our workstations.
Phase Natural ASV
As of Could 31, 2021, ASV from the Americas was $993.4 million, a rise from
$931.5 million as of Could 31, 2020. Americas ASV represented 62.3% of whole ASV
as of Could 31, 2021. Americas Natural ASV elevated to $987.8 million as of
Could 31, 2021, a 6.0% enhance in contrast with Could 31, 2020.
As of Could 31, 2021, ASV from EMEA was $436.4 million, a rise from $411.9
million as of Could 31, 2020. EMEA ASV represented 27.4% of whole ASV as of
Could 31, 2021. EMEA Natural ASV elevated to $435.9 million as of Could 31, 2021, a
4.7% enhance in contrast with Could 31, 2020.
As of Could 31, 2021, Asia Pacific ASV was $163.4 million, a rise from $150.4
million as of Could 31, 2020. Asia Pacific ASV represented 10.3% of whole ASV as
of Could 31, 2021. Asia Pacific Natural ASV elevated to $164.4 million as of
Could 31, 2021, a 9.1% enhance in contrast with Could 31, 2020.
The rise in Natural ASV throughout all our segments was largely attributed to
elevated gross sales to present shoppers, adopted by new shopper gross sales and present
shopper worth will increase, partially offset by present shopper cancellations. The
elevated Natural ASV within the Americas was primarily pushed by elevated gross sales
for Analytics and Buying and selling and CTS. The EMEA Natural ASV enhance was primarily
pushed by greater gross sales from CTS, Analytics and Buying and selling, and Analysis and the
Asia Pacific ASV enhance was primarily attributable to elevated gross sales from Analytics
and Buying and selling, Analysis and CTS.
Purchase-side and Promote-side Natural ASV Development
Purchase-side and sell-side Natural ASV progress charges at Could 31, 2021, in contrast with
Could 31, 2020, had been 5.6% and eight.0%, respectively. Purchase-side shoppers account for
roughly 84% of our Natural ASV, in step with the prior 12 months interval, and
primarily embody asset managers, asset house owners, wealth managers, hedge funds and
company companies. The rest of our Natural ASV is derived from sell-side
companies, and primarily embody broker-dealers, banking and advisory, personal
fairness and enterprise capital companies.
Consumer and Person Additions
The desk beneath presents our whole shoppers and customers:
                As of Could 31, 2021      As of Could 31, 2020      Change
Purchasers(1)            6,172                   5,743              7.5  %
Customers(2)            155,004                 139,121             11.4  %


(1)The shopper rely consists of shoppers with ASV of $10,000 and above.
(2)Within the second quarter of fiscal 2021, we revised our consumer rely methodology
to incorporate customers throughout all our merchandise, together with workstations, StreetAccount
and different workflow options. The prior 12 months consumer rely was adjusted to mirror
this modification for comparability functions.
Our shopper rely consists of shoppers with ASV of $10,000 and above. Our whole
shopper rely was 6,172 as of Could 31, 2021, a internet enhance of seven.5%, or 429
shoppers, within the final 12 months, primarily attributable to a rise in company and
wealth administration shoppers and third-party information suppliers. The shopper rely
enhance was primarily pushed by demand for our built-in content material and workflow
options that are additional enhanced by our continued funding in product
innovation. As a part of our long-term progress technique, we proceed to concentrate on
increasing and cultivating relationships with our present shopper base by means of
gross sales of workstations, functions, providers and content material.
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Within the second quarter of fiscal 2021, we revised our consumer rely methodology to
embody customers throughout all our merchandise, together with workstations, StreetAccount and
different workflow options. The prior 12 months consumer rely was adjusted to mirror this
change for comparability functions.
As of Could 31, 2021, there have been 155,004 professionals utilizing FactSet, representing
a internet enhance of 11.4%, or 15,883 customers, within the final 12 months, pushed
primarily by a rise in wealth advisory professionals from our wealth
administration shoppers, in addition to a rise in sell-side customers from our banking
shoppers. The rise in customers was primarily attributable to a brand new wealth administration shopper,
enchancment in our shopper retention, and elevated new hiring at our banking
shoppers.
Annual shopper retention was higher than 95% of ASV for the interval ended Could 31,
2021 and Could 31, 2020. When expressed as a proportion of shoppers, annual
retention was roughly 91% for the interval ended Could 31, 2021, an
enchancment from roughly 89% for the interval ended Could 31, 2020.
Worker Headcount
As of Could 31, 2021, our worker headcount was 10,713, up 6.4% prior to now 12
months, due primarily to a rise in internet new staff of 8.7% in Asia
Pacific, 3.0% within the Americas and 1.8% in EMEA. Of our whole worker headcount
at Could 31, 2021, 6,924 had been situated in Asia Pacific, 2,439 had been situated within the
Americas, and 1,350 had been situated in EMEA.
Outcomes of Operations
For an understanding of the numerous components that influenced our efficiency
for the three and 9 months ended Could 31, 2021 and Could 31, 2020, the next
dialogue ought to be learn along with the Consolidated Monetary
Statements and associated notes introduced on this Quarterly Report on Type 10-Q.
                                             Three Months Ended                                          9 Months Ended
                                                   Could 31,                      Change                        Could 31,                        Change
(in 1000's, besides per share information)      2021               2020                                   2021                 2020
Income                                $ 399,558$ 374,083                6.8  %       $ 1,179,551$ 1,110,521                6.2  %
Value of providers                       $ 205,257$ 170,703               20.2  %       $   588,868$   511,878               15.0  %

Promoting, normal and administrative bills $ 76,599$ 81,740

      (6.3) %       $   235,818$   257,560               (8.4) %
Working earnings                       $ 117,702$ 121,640               (3.2) %       $   354,865$   341,083                4.0  %
Internet earnings                             $ 100,679$ 101,216               (0.5) %       $   298,528$   283,859                5.2  %

Diluted earnings per widespread share $ 2.62$ 2.63

      (0.4) %       $      7.73$      7.36                5.0  %
Diluted weighted common widespread shares    38,488             38,481                                  38,602               38,548


Returned

Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
Income for the three months ended Could 31, 2021 was $399.6 million, a rise
of 6.8%. The rise in income was largely attributed to elevated gross sales to
present shoppers, adopted by new shopper gross sales and present shopper worth
will increase, partially offset by present shopper cancellations. Income elevated
throughout all our geographic segments, primarily from the Americas, adopted by
EMEA and Asia Pacific pushed by elevated income in all of our workflow
options, primarily in Analytics and Buying and selling and CTS, in contrast with the prior
12 months. Natural income elevated to $397.4 million for the three months ended
Could 31, 2021, a 5.9% enhance over the prior 12 months interval.
The income progress of 6.8% was composed of natural income progress of 5.9%, a 60
foundation level enhance from deferred income truthful worth changes from buy
accounting and acquisition-related income and a 30 foundation level enhance from
international forex change price fluctuations.
9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
Income for the 9 months ended Could 31, 2021 was $1,179.6 million, a rise
of 6.2%. The rise in income was largely attributed to elevated gross sales to
present shoppers, adopted by new shopper gross sales and present shopper worth
will increase, partially offset by present shopper cancellations. Income elevated
throughout all our geographic segments, primarily from the Americas, adopted by
EMEA and Asia Pacific pushed by elevated income in all of our workflow
options, primarily in Analytics and Buying and selling and CTS, in contrast with the prior
12 months. Natural income elevated to $1,173.3 million for the 9 months ended
Could 31, 2021, a 5.3% enhance over the prior 12 months interval.
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The income progress of 6.2% was reflective of natural income progress of 5.3%, a
50 foundation level enhance from deferred income truthful worth changes from
buy accounting and acquisition-related income and a 40 foundation level
enhance from international forex change price fluctuations.
Income by Phase
                      Three Months Ended                            9 Months Ended
                           Could 31,                                       Could 31,
                                                  Change                                          Change
(in 1000's)       2021            2020                         2021              2020
Americas         $ 253,786$ 238,493         6.4  %    $   746,112$   698,258         6.9  %
% of income          63.5  %         63.8  %                       63.3  %           62.9  %
EMEA             $ 106,833$ 100,419         6.4  %    $   318,103$   304,650         4.4  %
% of income          26.7  %         26.8  %                       26.9  %           27.4  %
Asia Pacific     $  38,939$  35,171        10.7  %    $   115,336$   107,613         7.2  %
% of income           9.8  %          9.4  %                        9.8  %            9.7  %

Consolidated     $ 399,558$ 374,083         6.8  %    $ 1,179,551$ 1,110,521         6.2  %


Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
Income from our Americas section elevated 6.4% to $253.8 million throughout the
three months ended Could 31, 2021, in contrast with $238.5 million from the identical
interval a 12 months in the past. The rise in income was largely attributed to elevated
gross sales to present shoppers, adopted by new shopper gross sales and present shopper
worth will increase, partially offset by present shopper cancellations. The income
enhance was pushed by elevated gross sales in all of our workflow options,
primarily in Analytics and Buying and selling and CTS. The income progress of 6.4% was
reflective of natural income progress of 5.8% and a 60 foundation level enhance from
deferred income truthful worth changes from buy accounting and
acquisition-related income.

EMEA income elevated 6.4% to $106.8 million throughout the three months ended
Could 31, 2021, in contrast with $100.4 million from the identical interval a 12 months in the past. The
enhance in income was largely attributed to elevated gross sales to present
shoppers, adopted by new shopper gross sales and present shopper worth will increase,
partially offset by present shopper cancellations. This enhance was pushed by
elevated gross sales in all of our workflow options, primarily in CTS and Analytics
and Buying and selling. The income progress of 6.4% was reflective of natural income progress
of 4.5%, a 140 foundation level enhance from international forex change price
fluctuations and a 50 level foundation level enhance from deferred income truthful
worth changes from buy accounting.

Asia Pacific income elevated 10.7% to $38.9 million throughout the three months
ended Could 31, 2021, in contrast with $35.2 million from the identical interval a 12 months in the past.
The rise in income was largely attributed to elevated gross sales to present
shoppers, adopted by new shopper gross sales and present shopper worth will increase,
partially offset by present shopper cancellations. This enhance was pushed by
elevated gross sales in all of our workflow options, primarily in Analytics and
Buying and selling. The income progress of 10.7% was reflective of natural income progress of
11.0%, partially offset by a 30 foundation level lower from international forex
change price fluctuations.

9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
Income from our Americas section elevated 6.9% to $746.1 million throughout the
9 months ended Could 31, 2021, in contrast with $698.3 million from the identical
interval a 12 months in the past. The rise in income was largely attributed to elevated
gross sales to present shoppers, adopted by new shopper gross sales and present shopper
worth will increase, partially offset by present shopper cancellations. This income
progress was due primarily to elevated gross sales in all of our workflow options,
primarily in Analytics and Buying and selling and CTS. The income progress of 6.9% was due
to natural income progress of 6.2% and a 70 foundation level enhance from deferred
income truthful worth changes from buy accounting and acquisition-related
income.
EMEA income elevated 4.4% to $318.1 million throughout the 9 months ended
Could 31, 2021, in contrast with $304.7 million from the identical interval a 12 months in the past. The
enhance in income was largely attributed to elevated gross sales to present
shoppers, adopted by new shopper gross sales and present shopper worth will increase,
partially offset by present shopper cancellations. This income progress was due
primarily to elevated gross sales in all of our workflow options, primarily in CTS and
Analytics and Buying and selling. The income progress of 4.4% was pushed by natural income
progress of two.7%, a 120 foundation level enhance from international forex change price
fluctuations and a 50 foundation level enhance from deferred income truthful worth
changes from buy accounting.

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Asia Pacific income elevated 7.2% to $115.3 million throughout the 9 months
ended Could 31, 2021, in contrast with $107.6 million from the identical interval a 12 months
in the past. The rise in income was largely attributed to elevated gross sales to
present shoppers, adopted by new shopper gross sales and present shopper worth
will increase, partially offset by present shopper cancellations. The income progress
was due primarily to elevated gross sales in all of our workflow options, primarily in
Analytics and Buying and selling. The income progress of seven.2% was due primarily to natural
income progress of 6.8% and a 40 foundation level enhance from international forex
change price fluctuations.

Income by Workflow Answer
Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
The income progress of 6.8% throughout our segments was primarily pushed by elevated
income from gross sales of Analytics and Buying and selling and CTS for the three months ended
Could 31, 2021, in contrast with the identical interval a 12 months in the past. The income enhance
from Analytics and Buying and selling was primarily attributable to elevated demand for our
efficiency and reporting, portfolio analytics and danger and quantitative
options. The rise in CTS income was pushed primarily by greater gross sales of core
and premium content material units, particularly associated to firm monetary information and
information administration.
9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
The income progress of 6.2% throughout our segments for the 9 months ended Could 31,
2021 in contrast with the identical interval a 12 months in the past was primarily pushed by elevated
gross sales of Analytics and Buying and selling and CTS. The rise in Analytics and Buying and selling
income was primarily attributable to elevated gross sales of our efficiency and reporting, danger
and quantitative and portfolio analytics options. CTS income progress was
pushed primarily by elevated gross sales of core and premium content material units, particularly
associated to firm monetary information and information administration options.
Working Bills
                                          Three Months Ended                                        9 Months Ended
                                                Could 31,                                                  Could 31,
                                                                             Change                                                   Change
(in 1000's)                          2021               2020                                  2021               2020
Value of providers                    $ 205,257$ 170,703               20.2  %       $ 588,868$ 511,878               15.0  %
Promoting, normal and administrative    76,599             81,740               (6.3) %         235,818            257,560               (8.4) %
Complete working bills            $ 281,856$ 252,443               11.7  %       $ 824,686$ 769,438                7.2  %

Working Revenue                    $ 117,702$ 121,640               (3.2) %       $ 354,865$ 341,083                4.0  %
Working Margin                         29.5  %            32.5  %                               30.1  %            30.7  %


Value of Companies
Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
Value of providers elevated 20.2% to $205.3 million for the three months ended
Could 31, 2021, in contrast with $170.7 million in the identical interval a 12 months in the past,
primarily attributable to a rise in worker compensation expense and
computer-related bills.

Value of providers, when expressed as a proportion of income, was 51.4% for the
three months ended Could 31, 2021, a rise of 570 foundation factors in contrast with
the identical interval a 12 months in the past. This enhance was primarily attributable to a rise in
computer-related bills, worker compensation expense and intangible asset
amortization, when expressed as a proportion of income. Laptop-related
bills elevated 270 foundation factors, primarily pushed by elevated know-how
investments associated to our migration to cloud-based internet hosting providers. Worker
compensation expense elevated 250 foundation factors, primarily pushed by greater
annual base salaries, a internet enhance in worker headcount of 590 staff and
a rise in year-over-year variable compensation. The rise in worker
compensation expense was partially offset by greater capitalization of
compensation prices associated to growth of our internal-use software program tasks.
Intangible asset amortization elevated 50 foundation factors primarily attributable to the next
funding in capitalized internal-use software program that has been positioned in service.

9 months ended Could 31, 2021 in opposition to 9 months ended Could 31, 2020
For the 9 months ended Could 31, 2021, the price of providers elevated by 15.0% for
$ 588.9 million in comparison with $ 511.9 million throughout the identical interval a 12 months in the past, primarily attributable to a rise in worker compensation expense, IT expense, amortization of intangible belongings and information prices.

Value of providers, when expressed as a proportion of income, was 49.9% for the
9 months ended Could 31, 2021, a rise of 380 foundation factors in contrast with
the identical interval a 12 months in the past. This enhance was primarily pushed by greater
computer-related
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bills, worker compensation expense and amortization of intangible belongings,
when expressed as a proportion of income. Laptop-related bills elevated
190 foundation factors primarily attributable to elevated know-how investments associated to
our migration to cloud-based internet hosting providers and licensed software program
preparations. Worker compensation expense elevated 150 foundation factors,
primarily attributable to greater annual base salaries, a rise in worker headcount
(most of whom are situated in decrease price places) and a rise in
year-over-year variable compensation, partially offset by greater capitalization
of compensation prices associated to growth of our internal-use software program
tasks. Amortization of intangible belongings elevated 40 foundation factors primarily due
to the next funding in capitalized internal-use software program that has been positioned
in service.
Promoting, Common and Administrative
Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
Promoting, normal and administrative ("SG&A") bills decreased 6.3% to $76.6
million for the three months ended Could 31, 2021, in contrast with $81.7 million for
the identical interval a 12 months in the past, primarily attributable to a lower in skilled charges,
partially offset by greater worker compensation expense.

SG&A bills, when expressed as a proportion of income, had been 19.2% for the
three months ended Could 31, 2021, a lower of 270 foundation factors over the prior
12 months interval. This lower was primarily pushed by decrease skilled charges,
occupancy prices, and workplace bills, partially offset by a rise in dangerous
debt expense and worker compensation expense. Skilled charges decreased 100
foundation factors primarily because of the completion of sure tasks to help our
know-how plan and enterprise transformation actions. Occupancy prices
decreased 90 foundation factors primarily because of the transition to at least one lease location
in the Philippines, which resulted within the elimination of concurrent lease
bills incurred throughout fiscal 2020. Workplace bills decreased 40 foundation factors
primarily attributable to a discount in non-compensatory employee-related bills brought on
by restrictions and impacts associated to the COVID-19 pandemic as most staff
continued to make money working from home. Unhealthy debt expense elevated by 50 foundation factors.
Worker compensation expense elevated 30 foundation factors, primarily attributable to an
enhance in year-over-year variable compensation.

9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
For the 9 months ended Could 31, 2021, SG&A bills decreased 8.4% to $235.8
million, in contrast with $257.6 million for a similar interval a 12 months in the past, primarily
attributable to a lower in non-compensatory employee-related bills {and professional}
charges, partially offset by a rise in worker compensation expense.

SG&A bills, expressed as a proportion of income, had been 20.0% for the 9
months ended Could 31, 2021, a lower of 320 foundation factors over the prior 12 months
interval. This lower was primarily pushed by a discount in non-compensatory
employee-related bills {and professional} charges. Non-compensatory
employee-related bills, inclusive of journey, leisure and workplace
bills, decreased 190 foundation factors, primarily attributable to restrictions and impacts
associated to the COVID-19 pandemic as most staff continued to make money working from home.
Skilled charges decreased 60 foundation factors primarily because of the completion of
sure tasks to help our know-how plan and enterprise transformation
actions and decrease tax consulting and accounting charges, in contrast with the prior
12 months interval.
Working Revenue and Working Margin
Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
Working earnings decreased 3.2% to $117.7 million for the three months ended
Could 31, 2021 in contrast with $121.6 million within the prior 12 months. Working earnings
decreased attributable to greater worker compensation expense and computer-related
prices, partially offset by greater income and a lower in skilled charges.
International forex change price fluctuations, internet of hedge exercise decreased
working earnings by $0.6 million.
Working margin decreased to 29.5% throughout the three months ended Could 31, 2021
in contrast with 32.5% within the prior 12 months interval. Working margin decreased primarily
attributable to greater worker compensation expense, computer-related prices,
amortization of intangible belongings, dangerous debt expense and international forex
change price fluctuations internet of hedge exercise, as a proportion of income,
partially offset by greater income and a lower in skilled charges,
occupancy prices and workplace bills.
9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
Working earnings elevated 4.0% to $354.9 million for the 9 months ended
Could 31, 2021 in contrast with $341.1 million within the prior 12 months interval. Working
earnings elevated due primarily to elevated income and a discount in
non-compensatory employee-related bills {and professional} charges, partially
offset by a rise in worker compensation expense, computer-related
bills, amortization of intangible belongings and information prices. International forex
change price fluctuations, internet of hedge exercise decreased working earnings by
$1.4 million.
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Working margin decreased to 30.1% for the 9 months ended Could 31, 2021
in contrast with 30.7% within the prior 12 months interval. Working margin decreased
primarily attributable to greater computer-related bills, worker compensation
expense, amortization of intangible belongings and international forex change price
fluctuations internet of hedge exercise, as a proportion of income, partially offset
by a rise in income and a discount in non-compensatory employee-related
bills {and professional} charges, as a proportion of income.
Working Revenue by Phase
Our inner monetary reporting construction is predicated on three segments: the
Americas; EMEA; and Asia Pacific. Consult with Be aware 16, Phase Info, within the
Notes to the Consolidated Monetary Statements included in Half I, Merchandise 1 of
this Quarterly Report on Type 10-Q for additional dialogue concerning our
segments.
                             Three Months Ended                         9 Months Ended
                                  Could 31,                                    Could 31,
                                                        Change                                     Change
(in 1000's)              2021           2020                        2021           2020
Americas                 $  51,800$  60,961       (15.0) %    $ 161,789$ 147,912        9.4  %
EMEA                        41,468         39,015         6.3  %      122,392        124,097       (1.4) %
Asia Pacific                24,434         21,664        12.8  %       70,684         69,074        2.3  %
Complete Working Revenue   $ 117,702$ 121,640        (3.2) %    $ 354,865$ 341,083        4.0  %


Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020Americas working earnings decreased 15.0% to $51.8 million throughout the three
months ended Could 31, 2021 in contrast with $61.0 million in the identical interval a 12 months
in the past. The lower in working earnings was primarily attributable to greater worker
compensation expense and computer-related bills, partially offset by income
progress of 6.4% and a lower in skilled charges. Worker compensation
expense elevated primarily attributable to greater annual base salaries, a internet enhance in
worker headcount of 72 staff and a rise in year-over-year variable
compensation, partially offset by greater capitalization of compensation prices
associated to growth of our internal-use software program tasks. Laptop-related
bills elevated primarily attributable to elevated know-how investments associated to
our migration to cloud-based internet hosting providers. Skilled charges decreased
primarily because of the completion of sure tasks to help our know-how
plan and enterprise transformation actions.
EMEA working earnings elevated 6.3% to $41.5 million throughout the three months
ended Could 31, 2021 in contrast with $39.0 million in the identical interval a 12 months in the past.
The rise in EMEA working earnings was primarily due income progress of 6.4%,
partially offset by greater worker compensation expense and dangerous debt expense.
Worker compensation expense elevated primarily attributable to greater annual base
salaries and a internet enhance in worker headcount of 24 staff.
Asia Pacific working earnings elevated 12.8% to $24.4 million throughout the three
months ended Could 31, 2021, in contrast with $21.7 million in the identical interval a 12 months
in the past. The rise in Asia Pacific working earnings was primarily attributable to income
progress of 10.7% and a lower in occupancy prices, partially offset by greater
worker compensation expense. Occupancy prices decreased primarily because of the
transition to at least one lease location in the Philippines, which resulted within the
elimination of concurrent lease bills incurred throughout fiscal 2020. Worker
compensation expense elevated primarily attributable to greater annual base salaries and a
internet enhance in worker headcount of 552 staff.
9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020Americas working earnings elevated 9.4% to $161.8 million throughout the 9
months ended Could 31, 2021, in contrast with $147.9 million in the identical interval a
12 months in the past. The rise in Americas working earnings was primarily attributable to income
progress of 6.9% and a lower in non-compensatory employee-related bills and
skilled charges, partially offset by a rise in computer-related bills,
worker compensation prices and amortization of intangible belongings.
Non-compensatory employee-related bills, inclusive of journey, leisure
and workplace bills, decreased primarily attributable to restrictions and impacts associated to
the COVID-19 pandemic. Skilled charges decreased primarily because of the
completion of sure tasks to help our know-how plan and enterprise
transformation actions, in addition to decrease tax consulting charges, in contrast with
the prior 12 months interval. Laptop-related bills elevated primarily attributable to
elevated know-how investments, together with prices from cloud-based internet hosting and
licensed software program preparations. Worker compensation expense elevated primarily
attributable to greater annual base salaries, a internet enhance in worker headcount and an
enhance in year-over-year variable compensation, partially offset by greater
capitalization of compensation prices associated to growth of our internal-use
software program tasks. Amortization of intangible belongings elevated primarily attributable to
the next funding in capitalized software program that has been positioned into service

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EMEA working earnings decreased 1.4% to $122.4 million throughout the 9 months
ended Could 31, 2021, in contrast with $124.1 million in the identical interval a 12 months in the past.
The lower in EMEA working earnings was primarily attributable to a rise in
worker compensation expense and a rise in dangerous debt expense, partially
offset by income progress of 4.4% and a lower in non-compensatory
employee-related bills. Worker compensation expense elevated primarily attributable to
greater annual base salaries, a internet enhance in worker headcount and an
enhance in year-over-year variable compensation. Non-compensatory
employee-related bills, inclusive of journey, leisure and workplace
bills, decreased primarily attributable to restrictions and impacts associated to the
COVID-19 pandemic.
Asia Pacific working earnings elevated 2.3% to $70.7 million throughout the 9
months ended Could 31, 2021, in contrast with $69.1 million in the identical interval a 12 months
in the past. The rise in Asia Pacific working earnings was primarily attributable to income
progress of seven.2% and a lower in non-compensatory employee-related bills,
partially offset by a rise in worker compensation expense.
Non-compensatory employee-related bills, inclusive of journey, leisure
and workplace bills, decreased primarily attributable to restrictions and impacts associated to
the COVID-19 pandemic. Worker compensation expense elevated primarily attributable to
greater annual base salaries and a internet enhance in worker headcount.
Revenue Taxes, Internet Revenue and Diluted Earnings per Share
                                         Three Months Ended                                         9 Months Ended
                                               Could 31,                                                   Could 31,
                                                                            Change                                                    Change
(in 1000's, aside from per
share information)                            2021               2020                                   2021               2020
Provision for earnings taxes         $  13,597$  17,924               (24.1) %       $  50,646$  47,131                7.5  %
Internet earnings                         $ 100,679$ 101,216                (0.5) %       $ 298,528$ 283,859                5.2  %
Diluted earnings per widespread share  $    2.62$    2.63                (0.4) %       $    7.73$    7.36                5.0  %


Revenue Taxes
Our efficient tax price is decrease than the relevant U.S. company earnings tax
price for the three and 9 months ended Could 31, 2021 pushed primarily by analysis
and growth ("R&D") tax credit and a international derived intangible earnings
("FDII") deduction. Our efficient tax price for the three and 9 months ended
Could 31, 2021 is additional decreased by windfall tax advantages from stock-based
compensation.
Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
For the three months ended Could 31, 2021, the supply for earnings taxes was
$13.6 million, in contrast with $17.9 million for a similar interval a 12 months in the past. The
provision decreased primarily attributable to decrease working earnings and finalizing prior
years' tax returns, which resulted in a profit recorded throughout the three months
ended Could 31, 2021, in contrast with an expense acknowledged throughout the three months
ended Could 31, 2020.
9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
For the 9 months ended Could 31, 2021, the supply for earnings taxes was $50.6
million, in contrast with $47.1 million for a similar interval a 12 months in the past. The
provision elevated primarily attributable to greater working earnings and a decrease windfall
tax profit from stock-based compensation throughout the 9 months ended Could 31,
2021, in contrast with the prior 12 months interval.
Internet Revenue and Diluted Earnings per Share
Three months ended Could 31, 2021 in contrast with three months ended Could 31, 2020
Internet earnings decreased 0.5% to $100.7 million and diluted earnings per share
("EPS") decreased 0.4% to $2.62 for the three months ended Could 31, 2021,
in contrast with the identical interval a 12 months in the past. Internet earnings and diluted EPS decreased
primarily attributable to decreased working earnings, partially offset by a lower in
the supply for earnings taxes.
9 months ended Could 31, 2021 in contrast with 9 months ended Could 31, 2020
Internet earnings elevated 5.2% to $298.5 million and diluted EPS elevated 5.0% to
$7.73 for the 9 months ended Could 31, 2021, in contrast with the identical interval a
12 months in the past. Internet earnings and diluted EPS elevated primarily attributable to elevated
working earnings and a discount in curiosity expense, partially offset by an
enhance within the provision for earnings taxes. Curiosity expense decreased as a
results of a lower in LIBOR in contrast with the prior 12 months, which decreased the
rate of interest below our 2019 Revolving Credit score Facility.
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Non-GAAP Monetary Measures
To complement the monetary measures ready in accordance with GAAP, we use
non-GAAP monetary measures together with natural income, adjusted working
earnings, adjusted working margin, adjusted internet earnings and adjusted diluted EPS.
The reconciliations of those non-GAAP monetary measures to essentially the most instantly
comparable monetary measures calculated and introduced in accordance with GAAP
are present within the tables beneath. These non-GAAP monetary measures shouldn't be
thought of in isolation from, as an alternative choice to or superior to, monetary
measures reported in accordance with GAAP. Furthermore, these non-GAAP monetary
measures have limitations in that they don't mirror all of the gadgets related
with the operations of the enterprise as decided in accordance with GAAP. Different
firms might calculate equally titled non-GAAP monetary measures in another way
that we do, limiting the usefulness of these measures for comparative functions.
Regardless of the restrictions of those non-GAAP monetary measures, we imagine these
adjusted monetary measures, and the knowledge they supply, are helpful in
viewing our efficiency utilizing the identical instruments that administration makes use of to gauge
progress in attaining our targets. Adjusted measures may additionally facilitate
comparisons to our historic efficiency.
The desk beneath supplies an unaudited reconciliation of income to adjusted
income and natural income.
                                                  Three Months Ended
                                                       Could 31,
                                                                             Change
(In 1000's)                                   2021           2020
Income                                       $ 399,558$ 374,083        6.8  %
  Deferred income truthful worth adjustment(1)         181          1,169
Adjusted income                                399,739        375,252        6.5  %
  Acquired income(2)                            (1,030)             -
  Forex affect(3)                             (1,266)             -
Natural income                               $ 397,443$ 375,252        5.9  %


(1)The amortization impact of the acquisition accounting adjustment on the truthful
worth of acquired deferred income.
(2)Revenues from acquisitions accomplished throughout the final 12 months.
(3)The affect from international forex actions over the previous 12 months.
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Desk of Contents The desk beneath presents an unaudited reconciliation of working earnings, working margin, internet earnings and diluted EPS to adjusted working earnings, adjusted working margin, adjusted internet earnings and adjusted diluted EPS.

                                                        Three Months Ended
                                                             Could 31,

(In 1000's, besides per share information)                  2021            2020 

Change

Working earnings                                   $ 117,702$ 121,640        (3.2) %
Deferred income truthful worth adjustment                   181           1,169
Intangible asset amortization                          5,741           5,107
Transformation prices (1)                               2,841           4,630
Restructuring / severance                                  -             161
Actual property costs                                        -             673

   Adjusted working earnings                       $ 126,465$ 133,380        (5.2) %
   Working margin                                     29.5  %         32.5  %
   Adjusted working margin(2)                         31.6  %         

35.5%

Internet earnings                                         $ 100,679$ 101,216        (0.5) %
Deferred income truthful worth adjustment                   150             963
Intangible asset amortization                          4,746           4,204
Transformation prices(1)                                2,349           3,812
Restructuring / severance                                  -             132
Actual property costs                                        -             554

Different funding earnings                                    -             (62)
Revenue tax gadgets (3)                                  (3,114)           (734)
   Adjusted internet earnings(4)                          $ 104,810$ 110,085        (4.8) %

Diluted earnings per widespread share                  $    2.62$    2.63        (0.4) %
Deferred income truthful worth adjustment                  0.00            0.03
Intangible asset amortization                           0.12            0.11
Transformation prices(1)                                 0.06            0.10
Restructuring / severance                                  -            0.00
Actual property costs                                        -            0.02

Different funding earnings                                    -            0.00
Revenue tax gadgets(3)                                    (0.08)          (0.03)

Adjusted diluted earnings per widespread share (4) $ 2.72$ 2.86 (4.9)% Weighted common widespread inventory (Diluted)

              38,488          

38,481


(1)Prices primarily associated to skilled charges related to the continued
multi-year funding plan.
(2)Adjusted working margin is calculated as adjusted working earnings divided
by adjusted income as proven within the natural income desk above.
(3)For the three months ended Could 31, 2021, earnings tax gadgets mirror a discount
within the estimated annual pre-tax ebook earnings and a internet profit from finalizing
prior years' tax returns.
(4)For functions of calculating adjusted internet earnings and adjusted diluted earnings
per share, intangible asset amortization, deferred income truthful worth
changes and different gadgets had been taxed on the annual efficient tax charges of
17.3% for fiscal 2021 and 17.7% for fiscal 2020.
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Liquidity and Capital Assets
Our major sources of liquidity have been our money flows generated from our
operations, present money and money equivalents and, when wanted, our credit score
capability below our present credit score facility. We use these sources of liquidity
to, amongst different issues, service our present and future debt obligations, fund
our working capital necessities for operations and capital expenditures,
investments, acquisitions, dividend funds, and repurchases of our widespread
inventory. Based mostly on previous efficiency and present expectations, we imagine our
liquidity, together with different financing alternate options, will present us the
mandatory capital to fund these transactions and obtain our deliberate progress for
the following 12 months and the foreseeable future.
Sources of Liquidity
Lengthy-Time period Debt
On March 29, 2019, we entered right into a credit score settlement with PNC Financial institution, Nationwide
Affiliation ("PNC") (the "2019 Credit score Settlement"), which supplies for a $750.0
million revolving credit score facility (the "2019 Revolving Credit score Facility"). We might
request borrowings below the 2019 Revolving Credit score Facility till its maturity
date of March 29, 2024. The 2019 Credit score Settlement additionally permits us, topic to
sure necessities, to rearrange for extra borrowings with PNC for an
combination quantity as much as $500.0 million, offered that any such request for
extra borrowings should be in a minimal quantity of $25.0 million.
As of Could 31, 2021, now we have borrowed $575.0 million of the out there $750.0
million offered by the 2019 Revolving Credit score Facility, leading to $175.0
million out there to be withdrawn. We're required to pay a dedication payment utilizing
a pricing grid which was 0.10% as of Could 31, 2021. This payment is predicated on the
day by day quantity by which the out there stability within the 2019 Revolving Credit score
Facility exceeds the borrowed quantity. All excellent mortgage quantities are reported
as Lengthy-term debt throughout the Consolidated Steadiness Sheets at Could 31, 2021 and
August 31, 2020. The principal stability is payable in full on the maturity date.
Borrowings below the mortgage bear curiosity on the excellent principal quantity at a
price equal to LIBOR plus an expansion utilizing a debt leverage pricing grid, which was
0.875% as of Could 31, 2021. The variable price of curiosity on the 2019 Revolving
Credit score Facility can expose us to rate of interest volatility attributable to adjustments in
LIBOR. To mitigate this publicity, on March 5, 2020, we entered into an curiosity
price swap settlement with a notional quantity of $287.5 million to hedge the
variable rate of interest obligation on a portion of our excellent stability below
the 2019 Revolving Credit score Facility. Underneath the phrases of the rate of interest swap
settlement, we can pay curiosity at a hard and fast price of 0.7995% and obtain variable
curiosity funds based mostly on the identical one-month LIBOR utilized to calculate the
curiosity expense from the 2019 Revolving Credit score Facility. The rate of interest swap
settlement matures on March 29, 2024.
Together with the consequences of the rate of interest swap settlement, the weighted common
rate of interest on quantities excellent below our 2019 Revolving Credit score Facility
was 1.39% for the 9 months ended Could 31, 2021. The weighted common curiosity
price for the fiscal 12 months ended August 31, 2020 was 2.20%. Curiosity on the
excellent stability below the 2019 Revolving Credit score Facility is payable
quarterly, in arrears, and on the maturity date.
The 2019 Credit score Settlement incorporates covenants and necessities limiting
sure of our actions, that are traditional and customary for any such mortgage.
As well as, the 2019 Credit score Settlement requires that we keep a consolidated
internet leverage ratio, as measured by whole internet funded debt/EBITDA (as outlined in
the 2019 Credit score Settlement), beneath a specified stage as of the tip of every fiscal
quarter. We had been in compliance with all of the covenants and necessities inside
the 2019 Credit score Settlement as of Could 31, 2021.
Makes use of of Liquidity
Returning Worth to Shareholders
For the 9 months ended Could 31, 2021, we returned $259.4 million to
stockholders within the type of share repurchases and dividends. During the last 12
months, we returned $317.0 million to stockholders within the type of share
repurchases and dividends.
Share Repurchase Program
Underneath our share repurchase program, we might repurchase shares of our widespread inventory
occasionally within the open market and privately negotiated transactions,
topic to market circumstances. Within the three months ended Could 31, 2021, we
repurchased 178,100 shares for $57.6 million below our present share repurchase
program in contrast with 46,636 shares for $12.4 million in
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  Desk of Contents
the identical interval a 12 months in the past. Throughout the 9 months ended Could 31, 2021, we
repurchased 531,859 shares for $172.2 million below our present share
repurchase program in contrast with 657,136 shares for $171.0 million in the identical
interval a 12 months in the past.

On March 23, 2021, our Board of Administrators accredited a $205.6 million enhance to
our present share repurchase program. As of Could 31, 2021, $292.4 million
remained out there below the share repurchase program for future share
repurchases. There is no such thing as a outlined variety of shares to be repurchased over a
specified timeframe by means of the lifetime of the share repurchase program. It's
anticipated that share repurchases will probably be paid utilizing present and future money
generated by operations.
Capital Expenditures
For the 9 months ended Could 31, 2021, capital expenditures had been $47.4 million,
in contrast with $62.9 million throughout the identical interval a 12 months in the past, a lower of
$15.5 million. Capital expenditures decreased as the associated fee associated to the
build-out of our workplace area in the Philippines throughout the 9 months ended
Could 31, 2021 was lower than the associated fee associated to the build-out of our new
company headquarters in Norwalk, Connecticut and workplace area in India throughout
the prior 12 months interval. This lower was partially offset by greater expenditures
associated to the event of capitalized internal-use software program throughout the 9
months ended Could 31, 2021, in contrast with the identical interval a 12 months in the past.
Dividends
On Could 5, 2021, our Board of Administrators accredited a daily quarterly dividend of
$0.82 per share. The rise of $0.05 per share or 6.5% within the quantity of our
quarterly dividend marked the twenty second consecutive 12 months now we have elevated dividends,
highlighting our continued dedication to returning worth to our shareholders.
Dividends of $31.0 million had been paid on June 17, 2021 to widespread stockholders of
document on the shut of enterprise on Could 31, 2021. Future money dividends will
depend upon our earnings, capital necessities, monetary situation and different
components thought of related by us and are topic to last dedication by our
Board of Administrators.
Acquisitions
On November 2, 2020, we acquired all the excellent shares of Truvalue Labs,
Inc. ("TVL") for a purchase order worth of $41.9 million, topic to working capital
and different changes. TVL is a number one supplier of ESG data. TVL applies
synthetic intelligence pushed know-how to over 100,000 unstructured textual content
sources in a number of languages, together with information, commerce journals, and
nongovernmental organizations and {industry} reviews, to supply day by day alerts
that establish constructive and adverse ESG conduct. The acquisition of TVL additional
enhances our dedication to offering {industry} main entry to ESG information throughout
our platforms. Consult with Be aware 7, Acquisition, within the Notes to the Consolidated
Monetary Statements included in Half I, Merchandise 1 of this Quarterly Report on Type
10-Q for additional dialogue of the TVL acquisition.
Abstract of Money Flows
The desk beneath, for the durations indicated, supplies chosen money stream
data:

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