Net income for the quarter ended May 31 settled at $126.7 million, or $3.50 per share, trailing the $148.5 million reported during the same period last year. Despite the decline in net profit, adjusted earnings reached $4.53 per share, comfortably clearing the $4.45 consensus estimate from analysts surveyed by the firm.

The company’s annual subscription value—a key indicator of recurring revenue over the coming 12 months—climbed to $2.48 billion by the end of May, up from $2.34 billion a year prior. Following these results, FactSet management reaffirmed the full-year outlook originally issued in March.