FactSet lowers 2024 adjusted EPS view $15.60-$16.00 from $15.65-$16.15

Consensus $16.08. FactSet is updating its outlook for fiscal 2024. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement. Fiscal 2024 Expectations: Organic ASV plus professional services is expected to grow in the range of $110 million to $150 million during fiscal 2024 reduced from $130 million to $175 million. This represents ASV growth of 6% at the midpoint. GAAP revenues are expected to be in the range of $2,200 million to $2,210 million down from $2,210 million to $2,230 million. GAAP operating margin is expected to be in the range of 32.5% to 33.0% down from 33.1% to 33.5%. Adjusted operating margin is expected to be in the range of 36.3% to 36.7% unchanged. FactSet’s annual effective tax rate is expected to be in the range of 16.5% to 17.5% down from 17% – 18%. GAAP diluted EPS is expected to be in the range of $13.95 to $14.35 down from $14.20 – $14.70. Adjusted diluted EPS is expected to be in the range of $15.60 to $16.00 down from $15.65 – $16.15. As part of FactSet’s continuing focus on cost optimization, the Company expects to take a $10 to 15 million charge during the second quarter of fiscal 2024. Cost reduction items will include both variable costs and personnel-related costs. Revenue consensus $2.22B.