Read this thread
for a discussion of what makes FARR different from other Launchers -- the issue of indexing is discussed.
The bottom line is that currently FARR does *NOT* use an index/catalog -- that means it is always searching the live and current contents of the directories it searches.
The advantages of this are a lower memory footprint and always-up-to-date results. Some people use FARR specifically because it does not use an index. The disadvantage is that it makes FARR less suitable for full-disk searching.
Later this year I plan a major new version release that will include the OPTION of indexing.
NOTE: FARR *does* cache the list of recently launched files, so that after you launch a file even once, it will be found instantly in subsequent searches. So if you find that FARR takes a bit of time to find the program you want to launch on the first search, rest assured it will be fast the next time you search for it.