FactSet Reports Results for Fourth Quarter and Fiscal 2026

Strong commercial execution and AI momentum drive organic ASV growth of 7.0%

NORWALK, Conn., Sept. 30, 2026 (GLOBE NEWSWIRE) -- FactSet (NYSE: FDS) (NASDAQ: FDS), a leading global intelligence and AI solutions provider to the financial markets, today announced results for its fourth quarter and fiscal 2026 ended August 31, 2026.

 Q4 and Fiscal 2026 Highlights

• Robust growth: Q4 GAAP revenues grew 6.3% year over year to $634.7 million, with organic revenues up 7.1%. Organic ASV increased by $168.2 million year over year to $2,568.2 million, up 7.0%.
• Commercial excellence: Enterprise relationships deepened. Annual ASV retention remained above 95%. During Q4, average renewal contract length increased by ~30%.
• AI momentum: AI solutions ASV added in fiscal 2026 more than doubled year over year.
• Capital returns: FactSet returned more than $179 million to shareholders in Q4, including $138 million in share repurchases and more than $41 million in dividends. During fiscal 2026, FactSet returned $808 million to shareholders and achieved its twenty-seventh consecutive year of dividend increases.

"FactSet delivered strong results, highlighted by a record increase in organic ASV for both the fourth quarter and fiscal year with continued momentum across our AI and data solutions. During the year, we accelerated innovation, strengthened commercial execution, and improved productivity across the organization.

"As demand for trusted financial intelligence continues to grow, FactSet's high-quality data, embedded workflows, service excellence, and deep client relationships position us to drive sustainable growth and long-term shareholder value."

- Sanoke Viswanathan, CEO

Key Financial Measures*

(Condensed and Unaudited)

Three Months Ended  Twelve Months Ended LatestAugust 31,  August 31, FY2026(Results in thousands, except per share data) 2026  2025 Change  2026  2025 ChangeGuidanceRevenues$634,698 $596,901 6.3 % $2,476,256 $2,321,748 6.7 %$2,450 - $2,470MOrganic revenues$635,543 $593,503 7.1 % $2,464,614 $2,309,287 6.7 % Operating income$156,624 $177,321 (11.7)% $699,957 $748,303 (6.5)% Adjusted operating income$209,393 $201,701 3.8 % $855,308 $843,432 1.4 % Operating margin 24.7% 29.7%   28.3% 32.2% 29.5% - 31.0%Adjusted operating margin 33.0% 33.8%   34.5% 36.3% 34.0% - 35.5%Net income$121,127 $153,616 (21.1)% $533,481 $597,040 (10.6)% Adjusted net income$160,887 $154,590 4.1 % $659,498 $651,617 1.2 % Adjusted EBITDA$209,212 $244,555 (14.5)% $911,407 $934,973 (2.5)% Diluted EPS$3.41 $4.03 (15.4)% $14.57 $15.55 (6.3)%$14.85 - $15.35Adjusted diluted EPS$4.52 $4.05 11.6 % $18.01 $16.98 6.1 %$17.25 - $17.75

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

Fourth Quarter Fiscal 2026 Highlights

• GAAP revenues increased 6.3% or $37.8 million to $634.7 million compared with $596.9 million in the prior year period.
• Organic revenues grew 7.1% year over year to $635.5 million.
• Annual Subscription Value ("ASV") was $2,565.2 million at August 31, 2026.
• Organic ASV was $2,568.2 million at August 31, 2026, up 7.0% or $168.2 million year over year.
• GAAP operating margin was 24.7% compared with 29.7% in the prior year period, primarily due to higher employee compensation costs, mainly driven by one-time restructuring charges and ASV-linked incentive plans, partially offset by an increase in revenues.
• Adjusted operating margin, which excludes acquisition-related intangible asset amortization and non-recurring items, was 33.0% compared with 33.8% in the prior year period, mainly due to higher compensation expense from ASV-linked incentive plans and technology-related expenses.
• GAAP diluted EPS was $3.41 compared with $4.03 for the same period in fiscal 2025, mainly driven by higher operating expenses, including non-recurring items, and a gain on the divestiture of a business in the prior year, partially offset by growth in revenues and a lower share count.
• Adjusted diluted EPS increased 11.6% to $4.52 compared with $4.05 in the prior year period, driven by growth in revenues and a lower share count.
• Net cash provided by operating activities was $204.7 million for the fourth quarter of fiscal 2026, a decrease of 3.5% compared with the prior year period.
• Free cash flow was $177.3 million for the fourth quarter of fiscal 2026, a decrease of 0.5% compared with the prior year period.
• GAAP effective tax rate decreased to 16.1% compared with 18.7% for the prior year period primarily due to the favorable resolution of uncertain tax positions in the U.S.
  

Full Year Fiscal 2026 Highlights

• GAAP revenues increased 6.7% or $154.5 million to $2.48 billion. This result continues FactSet's track record of 47 consecutive years of increased revenues for the Company.
• GAAP operating margin was 28.3% compared with 32.2% for the prior year, primarily due to higher employee compensation costs, mainly driven by one-time restructuring charges, ASV-linked incentive plans and one-time CEO compensation costs, partially offset by growth in revenues.
• Adjusted operating margin was 34.5% compared with 36.3% in the prior year, mainly due to higher compensation expense from ASV-linked incentive plans and technology expenses.
• GAAP diluted EPS was $14.57 compared with $15.55 in the prior year period, mainly driven by higher operating expenses, including non-recurring items, partially offset by growth in revenues and a lower share count.
• Adjusted diluted EPS increased 6.1% to $18.01, primarily driven by growth in revenues and a lower share count. Fiscal 2026 marks the 30th consecutive year that FactSet has increased its adjusted diluted EPS.
• Net cash provided by operating activities was $822.2 million for fiscal 2026, an increase of 13.2% compared with the prior year period.
• Free cash flow was $707.5 million for fiscal 2026, an increase of 14.6% compared with the prior year period.
• GAAP effective tax rate increased to 17.9% compared with 17.2% for the prior year period primarily due to a stock-based compensation tax shortfall and the limitation on the deductibility of executive compensation, partially offset by the favorable resolution of uncertain tax positions in the U.S.

Annual Subscription Value (ASV)

ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients. Organic ASV at any point in time equals our ASV excluding ASV from acquisitions and the comparable impact of dispositions and discontinued lines of business effected within the last 12 months and the impact of foreign currency movements.

ASV was $2,565.2 million at August 31, 2026, compared with $2,405.6 million at August 31, 2025. Organic ASV was $2,568.2 million at August 31, 2026, up $168.2 million from the prior year, for a growth rate of 7.0%.

Segment Revenues and ASV

(Results in millions)Aug. 31, 2026
ASVAug. 31, 2025
ASVAug. 31, 2026 Organic ASVOrganic ASV
GrowthQ4 FY26 RevenuesQ4 FY25
RevenuesOrganic Revenues GrowthAmericas$1,678.2$1,570.1$1,678.27.1%$414.3$388.76.7%EMEA$620.9$591.6$623.65.2%$154.8$147.46.6%APAC$266.1$243.9$266.410.6%$65.6$60.811.0%

Share Repurchase Program

FactSet repurchased 552,064 shares of its common stock for $138.0 million at an average price of $249.90 during the fourth quarter of fiscal 2026 under the Company’s share repurchase program. As of August 31, 2026, $356.0 million remained available for share repurchases under this program.

Annual Business Outlook

Fiscal 2027 Expectations:

Metric GuidanceOrganic ASV Growth5.0% – 6.5%Revenues$2,600 – $2,625 million GAAPAdjustedOperating Margin31.0% – 32.0%34.75% – 35.25%Diluted EPS$17.00 – $17.50$19.25 – $19.65

Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2027. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

Conference Call

Fourth Quarter 2026 Conference Call Details

Date:Wednesday, September 30, 2026Time:   9:00 a.m. Eastern TimeParticipant Registration: FactSet Q4 2026 Earnings Call Registration

Please register for the conference call using the above link in advance of the call start time. Upon registration, you will receive dial-in information and a unique access PIN. The earnings presentation will be available on FactSet’s Investor Relations website at 8:30 a.m. Eastern Time on September 30, 2026, 30 minutes before the earnings call begins.

A replay will be available on the Investor Relations website after 1:00 p.m. Eastern Time on September 30, 2026, and will remain accessible through September 30, 2027. A transcript of the earnings call will be available via FactSet CallStreet.

Forward-looking Statements

This press release contains forward-looking statements based on management's current expectations, estimates, forecasts and projections about future events, trends, contingencies, and circumstances, industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company's strategy, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures or investments, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "intends," "projects," "indicates," "predicts," "potential," or "continue," the negative of those terms, and similar expressions. Forward-looking statements are not guarantees of future performance, outcomes, events, or actions and involve a number of known and unknown risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, including Item 1A, Risk Factors, and quarterly reports on Form 10-Q, as well as others, could cause results, performance, achievements, or activities to differ materially from those expressed or implied by the forward-looking statements. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. FactSet assumes no duty to and does not undertake to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Future results could differ materially from historical performance.

About Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. GAAP. The Company also refers to and presents certain additional non-GAAP financial measures. These measures include: organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA, adjusted diluted EPS, and free cash flow. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP at the back of this release.

FactSet uses these non-GAAP financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these non-GAAP financial measures provide useful supplemental information to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and such measures may also facilitate comparisons to historical performance. The Company believes that organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA, and adjusted diluted EPS help to fully reflect the underlying economic performance of FactSet. The Company believes that free cash flow is useful to investors because it is an indication of cash flow that may be available to pay debt obligations, make strategic acquisitions and investments, pay dividends, repurchase stock, and strengthen the balance sheet. The presentation of this non-GAAP financial information should not be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. We are not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted without unreasonable effort.

About FactSet

FactSet (NYSE: FDS | NASDAQ: FDS) supercharges financial intelligence, offering enterprise data and information solutions that help our clients maximize their potential. Our digital platform seamlessly integrates proprietary data, third-party sources, and flexible technology to deliver tailored solutions across the buy side, sell side, wealth, and corporate sectors. With over 48 years of expertise, we leverage advanced data connectivity, AI, and next-generation tools to streamline workflows and enable smarter decision-making. As an S&P 500 company serving more than 9,200 global clients and over 260,000 individual users, we are dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn.

Investor Relations:                         
Kevin Toomey
+1.212.209.5259
[email protected]

Media Relations:
Adam Dalezman
+1.203.810.1035
[email protected]

                                

Consolidated Statements of Income(Unaudited)      Three Months Ended Twelve Months Ended August 31, August 31,(In thousands, except per share data) 2026  2025   2026   2025 Revenues$634,698 $596,901  $2,476,256  $2,321,748 Operating expenses      Cost of services 326,298  288,670   1,223,146   1,097,782 Selling, general and administrative 151,776  130,910   553,153   475,663 Total operating expenses 478,074  419,580   1,776,299   1,573,445        Operating income 156,624  177,321   699,957   748,303        Other income (expense), net      Interest income 1,442  2,050   4,064   6,533 Interest expense (14,398) (12,886)  (54,684)  (56,324)Other income (expense), net 703  22,466   379   22,446 Total other income (expense), net (12,253) 11,630   (50,241)  (27,345)       Income before income taxes 144,371  188,951   649,716   720,958        Provision for income taxes 23,244  35,335   116,235   123,918 Net income$121,127 $153,616  $533,481  $597,040        Basic earnings per common share$3.42 $4.07  $14.63  $15.74 Diluted earnings per common share$3.41 $4.03  $14.57  $15.55        Basic weighted average common shares 35,403  37,757   36,467   37,924 Diluted weighted average common shares 35,572  38,158   36,612   38,385 

Consolidated Balance Sheets(Unaudited)       (In thousands)August 31, 2026August 31, 2025ASSETS  Cash and cash equivalents$233,339$337,651Investments 31,993 17,445Accounts receivable, net of reserves of $13,584 at August 31, 2026 and $13,789 at August 31, 2025 301,439 270,684Prepaid taxes 11,406 33,600Prepaid expenses and other current assets 76,536 70,379Total current assets 654,713 729,759   Property, equipment and leasehold improvements, net 79,246 85,203Goodwill 1,283,025 1,284,708Intangible assets, net 1,849,510 1,916,102Deferred tax assets 74,550 61,226Lease right-of-use assets, net 113,275 121,776Other assets 88,524 105,498TOTAL ASSETS$4,142,843$4,304,272   LIABILITIES  Accounts payable and accrued expenses$136,104$135,262Current debt 499,436 —Current lease liabilities 34,253 33,145Accrued compensation 192,352 130,596Deferred revenues 184,264 167,852Current taxes payable 5,012 13,041Dividends payable 40,901 41,410Total current liabilities 1,092,322 521,306   Long-term debt 870,586 1,368,260Deferred tax liabilities 11,279 14,902Taxes payable 25,502 45,095Long-term lease liabilities 138,139 157,104Other liabilities 3,149 11,192TOTAL LIABILITIES$2,140,977$2,117,859   STOCKHOLDERS’ EQUITY  TOTAL STOCKHOLDERS’ EQUITY$2,001,866$2,186,413   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,142,843$4,304,272

Certain prior year figures have been conformed to the current year's presentation.

Consolidated Statements of Cash Flows (Unaudited)  Twelve Months Ended August 31,(In thousands) 2026  2025 CASH FLOWS FROM OPERATING ACTIVITIES  Net income$533,481 $597,040 Adjustments to reconcile net income to net cash provided by operating activities  Depreciation and amortization 180,830  157,691 Amortization of lease right-of-use assets 32,268  30,982 Stock-based compensation expense 84,099  61,229 Deferred income taxes (14,284) (3,545)Gain on divestiture of a business —  (23,238)Other, net 17,415  11,867 Changes in assets and liabilities, net of effects of acquisitions  Accounts receivable (37,387) (42,540)Prepaid expenses and other assets (2,209) 65 Accounts payable and accrued expenses (4,405) (59,400)Accrued compensation 62,553  35,666 Deferred revenues 15,813  2,249 Taxes payable, net of prepaid taxes (5,079) (1,161)Lease liabilities, net (40,895) (40,645)Net cash provided by operating activities 822,200  726,260    CASH FLOWS FROM INVESTING ACTIVITIES  Purchases of property, equipment, leasehold improvements and capitalized internal-use software (114,720) (108,806)Acquisition of businesses, net of cash and cash equivalents acquired —  (348,255)Purchases of investments (53,834) (18,867)Proceeds from maturity or sale of investments 36,050  58,155 Proceeds from divestiture —  25,000 Net cash provided by (used in) investing activities (132,504) (392,773)   CASH FLOWS FROM FINANCING ACTIVITIES  Proceeds from debt 240,933  803,410 Repayments of debt (242,500) (805,000)Dividend payments (164,184) (159,973)Proceeds from employee stock plans 33,289  81,688 Repurchases of common stock (643,961) (300,457)Deferred acquisition consideration (15,327) (10,199)Other financing activities (7,697) (17,290)Net cash provided by (used in) financing activities (799,447) (407,821)   Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,309) 3,050 Net increase (decrease) in cash, cash equivalents and restricted cash (112,060) (71,284)Cash, cash equivalents and restricted cash at beginning of period 351,695  422,979 Cash, cash equivalents and restricted cash at end of period$239,635 $351,695    Reconciliation of total cash, cash equivalents and restricted cash:  Cash and cash equivalents$233,339 $337,651 Restricted cash included in Prepaid expenses and other current assets 6,296  6,522 Restricted cash included in Other assets —  7,522 Total cash, cash equivalents and restricted cash$239,635 $351,695 

Certain prior year figures have been conformed to the current year's presentation.

Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

Organic Revenues

Organic revenues exclude the current year impact of revenues from acquisitions and the comparable impact of dispositions and discontinued lines of business, effected within the past 12 months and the current year impact of foreign currency movements. The table below provides a reconciliation of revenues to organic revenues:

(Unaudited)Three Months Ended  Twelve Months Ended  August 31,  August 31, (In thousands) 2026 2025 Change  2026  2025 ChangeRevenues$634,698$596,901 6.3% $2,476,256 $2,321,748 6.7%Acquisition revenues — —    (10,066) —  Disposition revenues — (3,398)   —  (12,461) Currency impact 845 —    (1,576) —  Organic revenues$635,543$593,503 7.1% $2,464,614 $2,309,287 6.7%

Non-GAAP Financial Measures

The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA, and adjusted diluted EPS.

Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses.

 Three Months Ended  Twelve Months Ended  August 31,  August 31, (in thousands, except per share data) 2026  2025 % Change  2026  2025 % ChangeOperating income$156,624 $177,321 (11.7)% $699,957 $748,303 (6.5)%Intangible asset amortization 18,875  19,136    76,205  73,036  Restructuring/severance 26,899  576    46,200  259  CEO onboarding costs(1) 4,565  1,675    19,521  1,675  Business disposition, acquisitions and related costs 1,780  2,993    8,255  17,761  India labor codes reform —  —    2,883  —  Asset impairment —  —    887  —  Client bankruptcy charges —  —    750  —  Litigation reserve 650  —    650  —  Sales tax dispute(2) —  —    —  2,398  Adjusted operating income$209,393 $201,701 3.8% $855,308 $843,432 1.4%Operating margin 24.7% 29.7%   28.3% 32.2% Adjusted operating margin(3) 33.0% 33.8%   34.5% 36.3% Net income$121,127 $153,616 (21.1)% $533,481 $597,040 (10.6)%Intangible asset amortization 14,142  16,301    58,762  54,074  Restructuring/severance 20,154  491    35,625  192  CEO onboarding costs(1) 3,420  1,427    15,053  1,240  Impairment within Other assets(4) —  —    12,338  —  Business disposition, acquisitions and related costs 1,334  2,550    6,365  13,150  India labor codes reform —  —    2,223  —  Asset impairment —  —    684  —  Client bankruptcy charges —  —    578  —  Litigation reserve 487  —    501  —  Sales tax dispute(2) —  —    —  1,775  Gain on business divestiture —  (19,795)   —  (17,205) Gain on sale of investments —  —    (5,015) —  Non-operating income from business disposition (136) —    (604) —  Income tax items 359  —    (493) 1,351  Adjusted net income(5)$160,887 $154,590 4.1% $659,498 $651,617 1.2%Net income$121,127 $153,616 (21.1)% $533,481 $597,040 (10.6)%Interest expense 14,398  12,886    54,684  56,324  Income taxes 23,244  35,335    116,235  123,918  Depreciation and amortization expense 47,123  42,718    180,830  157,691  EBITDA$205,892 $244,555 (15.8)% $885,230 $934,973 (5.3)%Non-recurring non-cash expenses(6) 3,320  —    26,177  —  Adjusted EBITDA$209,212 $244,555 (14.5)% $911,407 $934,973 (2.5)%Diluted EPS$3.41 $4.03 (15.4)% $14.57 $15.55 (6.3)%Intangible asset amortization 0.40  0.43    1.60  1.41  Restructuring/severance 0.57  0.01    0.97  0.01  CEO onboarding costs(1) 0.09  0.03    0.41  0.03  Impairment within Other assets(4) —  —    0.34  —  Business disposition, acquisitions and related costs 0.04  0.07    0.18  0.34  India labor codes reform —  —    0.06  —  Asset impairment —  —    0.02  —  Client bankruptcy charges —  —    0.02  —  Litigation reserve 0.01  —    0.01  —  Sales tax dispute(2) —  —    —  0.05  Gain on business divestiture —  (0.52)   —  (0.45) Gain on sale of investments —  —    (0.14) —  Non-operating income from business disposition (0.01) —    (0.02) —  Income tax items 0.01  —    (0.01) 0.04  Adjusted diluted EPS(5)$4.52 $4.05 11.6% $18.01 $16.98 6.1%Weighted average common shares (diluted) 35,572  38,158    36,612  38,385  

(1)For fiscal 2026, these costs are related to the recognition, over their respective service periods, of one-time make-whole cash and equity awards issued to our CEO.(2)Related to a resolved matter with the Massachusetts Department of Revenue.(3)Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.(4)Related to the impairment of an equity investment.(5)For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended August 31, 2026 and August 31, 2025, were taxed at an adjusted tax rate of 25.1% and 14.8%, respectively. The twelve months ended August 31, 2026 and August 31, 2025, were taxed at an adjusted tax rate of 22.9% and 26.0%, respectively.(6)Primarily related to the impairment of an equity investment and the recognition, over their respective service periods, of one-time equity awards issued to our CEO.

Business Outlook Reconciliation

(Unaudited) Figures may not foot due to roundingAnnual Fiscal 2027 Guidance(In millions, except per share data) Revenues$2,600 - $2,625Operating income$806 - $840Operating margin31.0% - 32.0%Amortization of intangible assets and other discrete items$85 - $97Adjusted operating income$903 - $925Adjusted operating margin(a)34.75% - 35.25%Diluted earnings per share per common share$17.00 - $17.50Amortization of intangible assets and other discrete items$2.15 - $2.25Adjusted diluted earnings per common share$19.25 - $19.65

(a)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.

Free Cash Flow

Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow.

(Unaudited)Three Months Ended  Twelve Months Ended  August 31,  August 31, (In thousands) 2026  2025 Change  2026  2025 ChangeNet Cash Provided for Operating Activities$204,708 $212,100 (3.5)% $822,200 $726,260 13.2%Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software (27,401) (33,966)(19.3)%  (114,720) (108,806)5.4%Free Cash Flow$177,307 $178,134 (0.5)% $707,480 $617,454 14.6%

Organic ASV

The following table presents the calculation of organic ASV.

(In millions)As of August 31, 2026As reported ASV$2,565.2 Impact from foreign currency movements 3.0 Organic ASV$2,568.2 Organic ASV annual growth rate(a) 7.0%

(a)For comparability purposes, in calculating the organic ASV annual growth rate, the prior year excludes ASV from dispositions and discontinued lines of business effected within the last 12 months.