Factset Research Systems Inc 10-K for FY2023

Factset Research Systems Inc (FDS)

10-K 2023-10-27 For: 2023-08-31

Added on April 11, 2026

About this 10-K

Factset Research Systems Inc filed this 10-K on October 27, 2023, covering the fiscal year ended August 31, 2023 (FY2023).

Headline figures

Fiscal year ended August 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.09B; up 13.1% from $1.84B a year earlier
Net income: $468.17M; up 18.0% from net income of $396.92M a year earlier
Diluted EPS: $12.04; up 17.5% from $10.25 a year earlier

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Delaware						13-3362547
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbols(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	FDS	New York Stock Exchange LLC
		The Nasdaq Stock Market


			Page
PART I
	ITEM 1.	Business	5
	ITEM 1A.	Risk Factors	16
	ITEM 1B.	Unresolved Staff Comments	25
	ITEM 1 C.	C y bersecurity	25
	ITEM 2.	Properties	25
	ITEM 3.	Legal Proceedings	26
	ITEM 4.	Mine Safety Disclosures	27
PART II
	ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	28
	ITEM 6.	Reserved	29
	ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
	ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	49
	ITEM 8.	Financial Statements and Supplementary Data	51
	ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	95
	ITEM 9A.	Controls and Procedures	96
	ITEM 9B.	Other Information	96
PART III
	ITEM 10.	Directors, Executive Officers and Corporate Governance	97
	ITEM 11.	Executive Compensation	97
	ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	97
	ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	97
	ITEM 14.	Principal Accounting Fees and Services	98
PART IV
	ITEM 15.	Exhibits, Financial Statement Schedules	99
	ITEM 16.	Form 10-K Summary	101
SIGNATURES			102


	Revenues						Operating Income
	Years ended August 31,						Years ended August 31,
(in thousands)	2023		2022		2021		2023		2022		2021
Americas	$	1,335,484	$	1,173,946	$	1,008,046	$	239,438	$	159,140	$	218,180
EMEA	539,843		484,279		427,700		243,028		196,231		159,704
Asia Pacific	210,181		185,667		155,699		146,741		120,111		96,157
Total	$	2,085,508	$	1,843,892	$	1,591,445	$	629,207	$	475,482	$	474,041


Name of Officer	Age	Office Held with FactSet	Officer Since
F. Philip Snow	59	Chief Executive Officer	2014
Linda S. Huber	65	Executive Vice President, Chief Financial Officer	2021
Rachel R. Stern	58	Executive Vice President, Chief Legal Officer, Global Head of Strategic Resources and Secretary	2009
Robert J. Robie	45	Executive Vice President, Head of Institutional Buyside	2018
Helen L. Shan	56	Executive Vice President, Chief Revenue Officer	2018
Goran Skoko	62	Executive Vice President, Managing Director EMEA and Asia Pacific, Head of Dealmakers and Wealth	2019
Kristina W. Karnovsky	44	Executive Vice President, Chief Product Officer	2021
John Costigan	54	Executive Vice President, Chief Data Officer	2022
Katherine M. Stepp	38	Executive Vice President, Chief Technology Officer	2022
Catrina Harding	51	Executive Vice President, Chief People Officer	2023


☒			Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


			Page(s)
Management’s Discussion and Analysis of Financial Condition and Results of Operations			30
Quantitative and Qualitative Disclosures about Market Risk			49
Notes to the Consolidated Financial Statements			61


Segment			Leased Location
Americas			Austin, Texas
			Boston, Massachusetts
			Charlotte, North Carolina
			Chicago, Illinois
			Lakewood, Colorado
			Los Angeles, California
			New York, New York
			Norwalk, Connecticut
			Piscataway, New Jersey
			Reston, Virginia
			San Francisco, California
			Sao Paulo, Brazil
			Toronto, Canada
			Youngstown, Ohio

EMEA			Amsterdam, the Netherlands
			Dubai, United Arab Emirates
			Frankfurt, Germany
			Gothenburg, Sweden
			London, England
			Milan, Italy
			Paris, France
			Riga, Latvia
			Sofia, Bulgaria
			Stockholm, Sweden

Asia Pacific			Hong Kong SAR, China
			Hyderabad, India
			Manila, the Philippines
			Melbourne, Australia
			Mumbai, India
			Shanghai, China
			Singapore
			Sydney, Australia
			Tokyo, Japan


(in thousands, except share and per share data)
Period	Total number of shares purchased(1)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs(2)	Approximate dollar value of shares that may yet be purchased under the plans or programs(2)
June 2023	91,470	$	401.90	89,950	$	78,010
July 2023	83,878	$	411.90	83,000	$	43,812
August 2023	92,544	$	429.56	91,450	$	4,534
	267,892			264,400


	2018		2019		2020		2021		2022		2023
FactSet Research Systems Inc.	$	100	$	119	$	153	$	166	$	189	$	190
S&P 500 Index	$	100	$	101	$	121	$	156	$	136	$	155
Dow Jones U.S. Financial Services Index	$	100	$	96	$	93	$	139	$	114	$	117
S&P 500 Financial Exchanges and Data	$	100	$	124	$	144	$	179	$	147	$	163


(dollar amounts in millions)	As of August 31, 2023
As reported ASV plus Professional Services(1)	$	2,174.6
Currency impact(2)	0.5

Organic ASV plus Professional Services	$	2,175.1
Organic ASV plus Professional Services annual growth rate	7.1		%


	As of August 31,
	2023	2022	Change
Clients(1)	7,921	7,538	5.1	%
Users	189,972	179,982	5.6	%


	Years ended August 31,
(dollar amounts in thousands, except per share data)	2023		2022		$ Change		% Change
Revenues	$	2,085,508	$	1,843,892	$	241,616	13.1	%
Cost of services	973,225		871,106		102,119		11.7	%
Selling, general and administrative	457,130		433,032		24,098		5.6	%
Asset impairments	25,946		64,272		(38,326)		(59.6)	%
Operating income	$	629,207	$	475,482	$	153,725	32.3	%

Net income	$	468,173	$	396,917	$	71,256	18.0	%
Diluted weighted average common shares	38,898		38,736
Diluted EPS	$	12.04	$	10.25	$	1.79	17.5	%


	Years ended August 31,
(dollar amounts in thousands)	2023			2022			$ Change		% Change
Americas	$	1,335,484		$	1,173,946		$	161,538	13.8	%
% of revenues	64.0		%	63.7		%
EMEA	$	539,843		$	484,279		$	55,564	11.5	%
% of revenues	25.9		%	26.3		%
Asia Pacific	$	210,181		$	185,667		$	24,514	13.2	%
% of revenues	10.1		%	10.0		%
Consolidated Revenues	$	2,085,508		$	1,843,892		$	241,616	13.1	%


	Years ended August 31,
(dollar amounts in thousands)	2023			2022			$ Change		% Change
Income before income taxes	$	583,954		$	443,594		$	140,360	31.6	%
Provision for income taxes	$	115,781		$	46,677		$	69,104	148.0	%
Effective tax rate	19.8		%	10.5		%			88.4	%


	Years ended August 31,
(dollar amounts in thousands, except per share data)	2023			2022			% Change
Operating income	$	629,207		$	475,482		32.3	%
Deferred revenues fair value adjustment	—			25
Intangible asset amortization	71,503			49,122
Asset impairments(1)	20,327			62,205
Restructuring / severance	19,879			9,975

Business acquisition / integration costs(2)	7,033			20,608
Contingent liability	6,239			3,610
Transformation costs (3)	—			3,368
Adjusted operating income	$	754,188		$	624,395		20.8	%
Operating margin	30.2		%	25.8		%
Adjusted operating margin(4)	36.2		%	33.9		%

Net income	$	468,173		$	396,917		18.0	%
Deferred revenues fair value adjustment	—			22
Intangible asset amortization	59,422			43,266
Asset impairments(1)	16,893			54,789
Restructuring / severance	16,520			8,786

Business acquisition / integration costs(2)	5,845			18,151
Contingent liability	5,185			3,180
Transformation costs(3)	—			2,967
Income tax items	(2,316)			(7,799)
Adjusted net income(5)	$	569,722		$	520,279		9.5	%
Net income	$	468,173		$	396,917
Interest expense	66,319			35,697
Income taxes	115,781			46,677
Depreciation and amortization expense	105,384			86,683
EBITDA	$	755,657		$	565,974		33.5	%


Non-recurring non-cash expenses	20,963			62,205
Adjusted EBITDA	$	776,620		$	628,179		23.6	%
Diluted EPS	$	12.04		$	10.25		17.5	%
Deferred revenues fair value adjustment	—			0.00
Intangible asset amortization	1.53			1.11
Asset impairments(1)	0.43			1.41


	Years ended August 31,
(dollar amounts in thousands)	2023		2022		$ Change		% Change
Net cash provided by operating activities	$	645,573	$	538,277	$	107,296	19.9	%
Net cash provided by (used in) investing activities	(95,393)		(2,033,675)		1,938,282		(95.3)	%
Net cash provided by (used in) financing activities	(632,024)		1,339,234		(1,971,258)		(147.2)	%
Effect of exchange rate changes on cash and cash equivalents	4,015		(22,428)		26,443		(117.9)	%
Net increase (decrease) in cash and cash equivalents	$	(77,829)	$	(178,592)	$	100,763	(56.4)	%


	Years ended August 31,
(dollar amounts in thousands)	2023		2022		Change
Net cash provided by operating activities	$	645,573	$	538,277	$	107,296
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software	(60,786)		(51,156)		(9,630)
Free cash flow	$	584,787	$	487,121	$	97,666


	August 31, 2023				August 31, 2022
(in thousands)	Local Currency Amount		Notional Contract Amount (USD)		Local Currency Amount		Notional Contract Amount (USD)
British Pound Sterling	£	45,000	$	56,098	£	44,200	$	55,567
Euro	€	39,000	42,646		€	37,500	40,679
Indian Rupee	Rs	3,363,150	40,300		Rs	2,667,928	33,600
Philippine Peso	₱	1,888,541	33,600		₱	1,462,060	27,000
Total			$	172,644			$	156,846


Index to Consolidated Financial Statements			Page
Management’s Statement of Responsibility for Financial Statements			52
Management’s Report on Internal Control over Financial Reporting			52
Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)			53
Consolidated Financial Statements:
Consolidated Statements of Income for the years ended August 31, 2023, 2022 and 2021			56
Consolidated Statements of Comprehensive Income for the years ended August 31, 202 3 , 202 2 and 202 1			57
Consolidated Balance Sheets at August 31, 202 3 and 202 2			58
Consolidated Statements of Cash Flows for the years ended August 31, 202 3 , 202 2 and 202 1			59
Consolidated Statements of Changes in Stockholders’ Equity for the years ended August 31, 202 3 , 202 2 and 202 1			60
Notes to the Consolidated Financial Statements			61
Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts			99



			Measurement of income tax provision
Description of the Matter			As discussed in Note 2, Summary of Significant Accounting Policies, and Note 10, Income Taxes, of the Consolidated Financial Statements, the Company serves international markets and is subject to income taxes in the U.S. and numerous foreign jurisdictions, which affect the Company’s provision for income taxes. The tax provision is an estimate based on management’s understanding of current enacted tax laws and tax rates of each tax jurisdiction and the use of subjective allocation methodologies to allocate taxable income to tax jurisdictions based upon the structure of the Company’s operations and customer arrangements. For the year-ended August 31, 2023, the Company recognized a consolidated provision for income taxes of $115.8 million with $54.3 million related to its U.S. operations and $61.5 million related to its Non-U.S. operations. Management’s calculation of the provision for income taxes was significant to our audit because the provision for income taxes involved subjective estimation and complex audit judgement related to the evaluation of tax laws, including the methods used to allocate taxable income, and the amounts and disclosures are material to the financial statements.

How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over management’s calculation of its provision for income taxes. For example, we tested controls over management’s evaluation of the allocation methodologies and management’s review of the assumptions and data utilized in determining the allocation of income to applicable tax jurisdictions.
			Among other audit procedures performed, we evaluated the reasonableness of management’s allocation methodologies by analyzing the methodology based on the Company’s structure, operations and current tax law. We recalculated income tax expense using management’s methodology and agreed the data used in the calculations to the Company’s underlying books and records. We involved our tax professionals to evaluate the application of tax law to management’s allocation methodologies and tax position. This included evaluating third-party reports and advice obtained by the Company. We also performed a sensitivity analysis to evaluate the effect from changes in management’s allocation methodologies and assumptions. We have evaluated the Company’s income tax disclosures included in Note 10, Income Taxes, of the Consolidated Financial Statements in relation to these matters.


(in thousands, except per share data)	For the years ended August 31,
	2023		2022		2021
Revenues	$	2,085,508	$	1,843,892	$	1,591,445
Operating expenses
Cost of services	973,225		871,106		786,400
Selling, general and administrative	457,130		433,032		331,004
Asset impairments	25,946		64,272		—
Total operating expenses	1,456,301		1,368,410		1,117,404

Operating income	629,207		475,482		474,041

Other income (expense), net
Interest income	12,809		6,175		1,806
Interest expense	(66,319)		(35,697)		(8,200)
Other income (expense), net	8,257		(2,366)		(30)
Total other income (expense), net	(45,253)		(31,888)		(6,424)

Income before income taxes	583,954		443,594		467,617

Provision for income taxes	115,781		46,677		68,027
Net income	$	468,173	$	396,917	$	399,590

Basic earnings per common share	$	12.26	$	10.48	$	10.56
Diluted earnings per common share	$	12.04	$	10.25	$	10.36

Basic weighted average common shares	38,194		37,864		37,856
Diluted weighted average common shares	38,898		38,736		38,570


(in thousands, except share data)	August 31,
	2023		2022
ASSETS
Cash and cash equivalents	$	425,444	$	503,273
Investments	32,210		33,219
Accounts receivable, net of reserves of $7,769 at August 31, 2023 and $2,776 at August 31, 2022	237,665		204,102
Prepaid taxes	24,206		38,539
Prepaid expenses and other current assets	50,610		91,214
Total current assets	770,135		870,347

Property, equipment and leasehold improvements, net	86,107		80,843
Goodwill	1,004,736		965,848
Intangible assets, net	1,859,202		1,895,909
Deferred taxes	27,229		3,153
Lease right-of-use assets, net	141,837		159,458
Other assets	73,676		38,747
TOTAL ASSETS	$	3,962,922	$	4,014,305

LIABILITIES
Accounts payable and accrued expenses	$	121,816	$	108,395

Current lease liabilities	28,839		29,185
Accrued compensation	112,892		114,808
Deferred revenues	152,430		152,039
Current taxes payable	31,009		—
Dividends payable	37,265		33,860
Total current liabilities	484,251		438,287

Long-term debt	1,612,700		1,982,424
Deferred taxes	6,737		8,800
Deferred revenues, non-current	3,734		7,212
Taxes payable	30,344		34,211
Long-term lease liabilities	198,382		208,622
Other liabilities	6,844		3,341
TOTAL LIABILITIES	$	2,342,992	$	2,682,897
Commitments and contingencies (see Note 13)

STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued	$	—	$	—
Common stock, $0.01 par value, 150,000,000 shares authorized, 42,096,628 and 41,653,218 shares issued, 38,025,372 and 38,044,756 shares outstanding at August 31, 2023 and 2022, respectively	421		417
Additional paid-in capital	1,323,631		1,190,350
Treasury stock, at cost: 4,071,256 and 3,608,462 shares at August 31, 2023 and 2022, respectively	(1,122,077)		(930,715)
Retained earnings	1,505,096		1,179,739
Accumulated other comprehensive loss	(87,141)		(108,383)
TOTAL STOCKHOLDERS’ EQUITY	$	1,619,930	$	1,331,408

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,962,922	$	4,014,305


(in thousands, except share data)	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Par Value				Shares	Amount
Balance as of August 31, 2020	40,767,708	$	408	$	939,067	2,737,456	$	(636,956)	$	633,149	$	(39,293)	$	896,375
Net income									399,590				399,590
Other comprehensive income (loss)											331		331
Common stock issued for employee stock plans	360,877	4		64,173		318	(104)						64,073
Vesting of restricted stock	34,607	—				12,614	(4,155)						(4,155)
Repurchases of common stock						797,385	(264,702)						(264,702)
Stock-based compensation expense				45,065									45,065
Dividends declared									(120,224)				(120,224)

Balance as of August 31, 2021	41,163,192	$	412	$	1,048,305	3,547,773	$	(905,917)	$	912,515	$	(38,962)	$	1,016,353
Net income									396,917				396,917
Other comprehensive income (loss)											(69,421)		(69,421)
Common stock issued for employee stock plans	450,527	5		86,042		260	(128)						85,919
Vesting of restricted stock	39,499	—				14,229	(6,031)						(6,031)
Repurchases of common stock						46,200	(18,639)						(18,639)
Stock-based compensation expense				56,003									56,003
Dividends declared									(129,693)				(129,693)
Balance as of August 31, 2022	41,653,218	$	417	$	1,190,350	3,608,462	$	(930,715)	$	1,179,739	$	(108,383)	$	1,331,408
Net income									468,173				468,173
Other comprehensive income (loss)											21,242		21,242
Common stock issued for employee stock plans	360,375	3		72,003		410	(166)						71,840
Vesting of restricted stock	83,035	1		(1)		32,034	(13,544)						(13,544)
Excise tax on share repurchases							(932)						(932)
Repurchases of common stock						430,350	(176,720)						(176,720)
Stock-based compensation expense				62,038									62,038
Dividends declared									(142,816)				(142,816)
Other				(759)									(759)
Balance as of August 31, 2023	42,096,628	$	421	$	1,323,631	4,071,256	$	(1,122,077)	$	1,505,096	$	(87,141)	$	1,619,930


		Page
Note 1	Description of Business	61
Note 2	Summary of Significant Accounting Policies	62
Note 3	Revenue Recognition	68
Note 4	Fair Value Measures	69
Note 5	Derivative Instruments	72
Note 6	Acquisitions	74
Note 7	Property, Equipment and Leasehold Improvements	76
Note 8	Goodwill	77
Note 9	Intangible Assets	77
Note 10	Income Taxes	78
Note 11	Leases	81
Note 12	Debt	83
Note 13	Commitments and Contingencies	85
Note 14	Stockholders' Equity	87
Note 15	Earnings Per Share	88
Note 16	Stock-Based Compensation	89
Note 17	Employee Benefit Plans	93
Note 18	Segment Information	93


(in thousands)	Fair Value Measurements at August 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	137,125	$	—	$	—	$	137,125
Mutual funds(2)	—		32,210		—		32,210

Derivative instruments(3)	—		4,383		—		4,383
Total assets measured at fair value	$	137,125	$	36,593	$	—	$	173,718

Liabilities
Derivative instruments(3)	$	—	$	608	$	—	$	608
Contingent liability(4)	—		—		8,008		8,008
Total liabilities measured at fair value	$	—	$	608	$	8,008	$	8,616


(in thousands)	Gross Notional Value
	August 31, 2023		August 31, 2022
Foreign currency forward contracts	$	172,644	$	156,846
Interest rate swap agreement	200,000		600,000
Total cash flow hedges	$	372,644	$	756,846


	Fair Value of Derivative Instruments
(in thousands)	Derivative Assets					Derivative Liabilities
Derivatives designated as hedging instruments	Balance Sheet Classification	August 31, 2023		August 31, 2022		Balance Sheet Classification	August 31, 2023		August 31, 2022
Foreign currency forward contracts	Prepaid expenses and other current assets	$	1,260	$	—	Accounts payable and accrued expenses	$	608	$	8,307
Interest rate swap agreement	Prepaid expenses and other current assets	3,123		10,621		Accounts payable and accrued expenses	—		—
	Other assets	—		1,791		Other liabilities	—		—
Total cash flow hedges		$	4,383	$	12,412		$	608	$	8,307


(in thousands)	Gain (Loss) Recognized in AOCL on Derivatives						Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships	2023		2022		2021		Location of Gain (Loss) Reclassified from AOCL into Income	2023		2022		2021
Foreign currency forward contracts	$	5,783	$	(16,356)	$	1,660	SG&A	$	(3,176)	$	(7,867)	$	5,027
Interest rate swap agreement	4,368		17,245		745		Interest expense	13,657		1,854		(1,956)
Total cash flow hedges	$	10,151	$	889	$	2,405		$	10,481	$	(6,013)	$	3,071


		August 31, 2023						August 31, 2022
(in thousands, except useful lives)	Estimated Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
ABA business process	36	$	1,583,000	$	65,958	$	1,517,042	$	1,583,000	$	21,986	$	1,561,014
Client relationships	11 to 26	265,315		68,701		196,614		263,163		55,405		207,758
Developed technology	3 to 5	109,222		45,560		63,662		80,956		33,676		47,280
Acquired databases	15	46,000		4,600		41,400		46,000		1,533		44,467
Software technology	2 to 10	142,395		108,702		33,693		122,363		96,567		25,796
Data content	7 to 20	35,021		28,508		6,513		32,305		24,973		7,332
Non-compete agreements	4	290		12		278		—		—		—
Trade names	15	—		—		—		6,693		4,431		2,262
Total		$	2,181,243	$	322,041	$	1,859,202	$	2,134,480	$	238,571	$	1,895,909


(in thousands)	Estimated Amortization Expense
Fiscal Years Ended August 31,
2024	$	91,788
2025	85,673
2026	79,453
2027	66,007
2028	63,462
Thereafter	1,472,819
Total	$	1,859,202


	Years ended August 31,
(expressed as a percentage of income before income taxes)	2023		2022		2021
Tax at U.S. Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit	3.1		1.8		2.1
Foreign income at other than U.S. rates	(0.1)		(1.2)		(1.0)
Foreign derived intangible income ("FDII") deduction	(1.6)		(2.2)		(1.9)

Income tax benefits from R&D tax credits	(3.8)		(4.1)		(3.9)
Stock-based payments	(2.2)		(3.4)		(2.2)
One-time adjustment(1)	3.8		—		—
Other, net	(0.4)		(1.4)		0.4
Effective tax rate	19.8	%	10.5	%	14.5	%


(in thousands)
Unrecognized tax benefits as of August 31, 2020	$	12,331
Additions based on tax positions related to the current year	4,259
Release for tax positions of prior years	(1,720)

Unrecognized tax benefits as of August 31, 2021(1)	$	14,870
Additions based on tax positions related to the current year	7,959
Release for tax positions of prior years	(2,658)

Unrecognized tax benefits as of August 31, 2022(1)	$	20,171
Additions based on tax positions related to the current year	4,372
Release for tax positions of prior years	(3,490)
Unrecognized tax benefits as of August 31, 2023(1)	$	21,053


Significant Tax Jurisdiction	Open Tax Fiscal Years
U.S.
Federal	2019	through	2022
State (various)	2016	through	2022

Europe
United Kingdom	2020	through	2022
France	2020	through	2022
Germany	2019	through	2022


(in thousands)	Minimum Lease Payments
Years Ended August 31,
2024	$	38,292
2025	37,423
2026	37,036
2027	35,825
2028	31,465
Thereafter	88,629
Total	$	268,670
Less: Imputed interest	41,449
Present value	$	227,221


(in thousands)	Issuance Date	Contractual Maturity Date	August 31, 2023		August 31, 2022
2022 Credit Agreement
2022 Term Facility	3/1/2022	3/1/2025	$	375,000	$	750,000
2022 Revolving Facility	3/1/2022	3/1/2027	250,000		250,000

Senior Notes
2027 Notes	3/1/2022	3/1/2027	500,000		500,000
2032 Notes	3/1/2022	3/1/2032	500,000		500,000

Total unamortized discounts and debt issuance costs			(12,300)		(17,576)

Total Long-term debt			$	1,612,700	$	1,982,424


(in thousands)	Maturities
Years Ended August 31,
2024	$	—
2025	375,000
2026	—
2027	750,000
2028	—
Thereafter	500,000
Total	$	1,625,000


Year Ended	Dividends per Share of Common Stock		Record Date	Total Amount (in thousands)		Payment Date
Fiscal 2023
First Quarter	$	0.89	November 30, 2022	$	34,010	December 15, 2022
Second Quarter	$	0.89	February 28, 2023	34,099		March 16, 2023
Third Quarter	$	0.98	May 31, 2023	37,442		June 15, 2023
Fourth Quarter	$	0.98	August 31, 2023	37,265		September 21, 2023
Total Dividends				$	142,816

Fiscal 2022
First Quarter	$	0.82	November 30, 2021	$	30,973	December 16, 2021
Second Quarter	$	0.82	February 28, 2022	31,065		March 17, 2022
Third Quarter	$	0.89	May 31, 2022	33,795		June 16, 2022
Fourth Quarter	$	0.89	August 31, 2022	33,860		September 15, 2022
Total Dividends				$	129,693

Fiscal 2021
First Quarter	$	0.77	November 30, 2020	29,266		December 17, 2020
Second Quarter	$	0.77	February 26, 2021	29,141		March 18, 2021
Third Quarter	$	0.82	May 31, 2021	30,972		June 17, 2021
Fourth Quarter	$	0.82	August 31, 2021	30,845		September 16, 2021
Total Dividends				$	120,224