FactSet is off to a strong start to fiscal 2022, and I'm pleased to share that this quarter, had the highest Q1 incremental ASV on record.
Building on the momentum from Q4, we grew organic ASV plus professional services by 9% year-over-year in Q1.
Overall, we are pleased that our performance resulted in a 13% increase in adjusted earnings per share from the prior year period.
Our adjusted operating margin of 33.6% exceeds our guidance.
Earlier this month, we launched over 90 datasets and a number of APIs on Amazon Data Exchange, the first major data and analytics provider to do so.
The Americas was the biggest contributor, as organic ASV growth accelerated to 9% supported by broad-based strength across our businesses.
In EMEA, growth accelerated to 7% consistently improving over the past three quarters.
Asia Pacific had another robust quarter with growth accelerating to 14% driven primarily by CTS.
Finally, an important milestone in our Company's history occurred earlier this week when FactSet became part of the S&P 500 Index.
Our addition was in fact predicted by our S&P 500 constituents prediction signal on October 1st.
First on ASV, we grew organic ASV plus professional services by 9%.
GAAP revenue increased by 9% to $425 million, while organic revenue, which excludes any impact from foreign exchange and acquisitions increased 9% to $423 million, growth was driven primarily by analytics and trading and research and advisory.
For our geographic segments, on an organic basis, Americas revenue grew 9%, EMEA also came in at 9% and Asia Pac revenues grew at 14%.
GAAP operating expenses grew 13% in the first quarter to $302 million, impacted by anticipated changes incurred during the period.
We recorded a restructuring charge of $9 million to drive a more efficient and empowered organizational structure.
In addition, we recognized $4 million of expense related to vacating certain office space in New York City.
Compared to the previous year, our GAAP operating margin decreased by 230 basis points to 29% and our adjusted operating margin decreased by 70 basis points to 34%.
As a percentage of revenue, our cost of sales was 32 basis points higher than last year on a GAAP basis and 72 basis points lower on an adjusted basis.
When expressed on a percentage basis of revenue, SG&A was 198 basis points higher year-over-year on a GAAP basis and 145 basis points higher on an adjusted basis.
Turning now to taxes, our tax rate for the quarter was 10% compared to last year's rate of 16%.
GAAP earnings per share increased 7% to $2.79 this quarter versus $2.62 in the prior year.
Adjusted diluted earnings per share grew 13% to $3.25 driven higher -- by higher revenues and a lower tax rate.
Free cash flow, which we defined as cash generated from operations, less capital spending was $64 million for the quarter, a decrease of 9% over the same period last year.
Our ASV retention remained at -- greater than 95%.
We grew the total number of clients by 14% compared to the prior year, which continues to be driven by the addition of more wealth and corporate clients.
Our client retention improved to 92% year-over-year, which speaks to the success of our products and investments and the efforts of our sales teams.
For the first quarter, we repurchased 46,200 shares of our common stock for a total of $19 million at an average per share price of $403.

Summary:
FactSet is off to a strong start to fiscal 2022, and I'm pleased to share that this quarter, had the highest Q1 incremental ASV on record.
GAAP earnings per share increased 7% to $2.79 this quarter versus $2.62 in the prior year.
Adjusted diluted earnings per share grew 13% to $3.25 driven higher -- by higher revenues and a lower tax rate.