Dun & Bradstreet Holdings Inc (DNB) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Dun & Bradstreet Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sean Anthony, Investor Relations with Dun & Bradstreet . Thank you, and you may begin.

大家好，歡迎來到鄧白氏第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹東道主 Sean Anthony，Dun & Bradstreet 的投資者關係。謝謝，你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for Dun & Bradstreet's financial results conference call for the fourth quarter and full year ending December 31, 2022. On the call today, we have Dun & Bradstreet's CEO, Anthony Jabbour; and CFO, Bryan Hipsher. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results for our company and are therefore forward-looking statements. Our actual results may differ materially from the projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings. Today's remarks will also include references to non-GAAP financial measures. Additional information, including the reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release and supplemental slide presentation.

謝謝。大家早上好，感謝您參加鄧白氏截至 2022 年 12 月 31 日的第四季度和全年財務業績電話會議。今天的電話會議上，我們有鄧白氏首席執行官 Anthony Jabbour；首席財務官 Bryan Hipsher。在我們開始之前，請允許我提供有關前瞻性陳述的免責聲明。本次電話會議，包括電話會議的問答部分，可能包括與我們公司預期未來結果相關的前瞻性陳述，因此屬於前瞻性陳述。由於許多風險和不確定性，我們的實際結果可能與預測存在重大差異。我們的收益發布和其他 SEC 文件中描述了前瞻性陳述所涉及的風險和不確定性。今天的評論還將包括對非 GAAP 財務指標的引用。新聞稿和補充幻燈片演示中提供了其他信息，包括非 GAAP 財務信息與 GAAP 財務信息之間的調節。

This conference call will be available for replay via webcast through Dun & Bradstreet's Investor Relations website at investor.dnb.com.

此電話會議可通過鄧白氏投資者關係網站 investor.dnb.com 進行網絡直播重播。

With that, I'll now turn the call over to Anthony.

有了這個，我現在將電話轉給安東尼。

Thank you, Sean. Good morning, everyone, and thank you for joining us for our fourth quarter and full year 2022 earnings call. On today's call, I'll start with a brief overview of our fourth quarter and full year results, followed by a look back at some of our most significant accomplishments in 2022. A brief view into our plans for 2023, and finally, a preview of our upcoming Investor Day.

謝謝你，肖恩。大家早上好，感謝您加入我們的第四季度和 2022 年全年財報電話會議。在今天的電話會議上，我將首先簡要概述我們的第四季度和全年業績，然後回顧我們在 2022 年取得的一些最重要的成就。簡要介紹我們 2023 年的計劃，最後是預覽我們即將到來的投資者日。

After that, I'll pass the call over to Bryan for an in-depth review of our results and to discuss our guidance expectations for 2023. We'll then open up the call for Q&A and finish up with a few closing comments. With that, let's get started.

之後，我會將電話轉給 Bryan，讓他深入審查我們的結果並討論我們對 2023 年的指導預期。然後我們將打開問答電話，並以一些結束評論結束。有了這個，讓我們開始吧。

The fourth quarter was another quarter of solid progress as total company revenues grew 2.8% on a constant currency basis and organic revenues grew 2.2%. Our Finance and Risk solutions continued to perform well in both North America and International with particular areas of strength such as third-party and supply chain Risk Management Solutions that achieved double-digit growth for an eighth consecutive quarter.

第四季度是又一個取得穩健進展的季度，公司總收入按固定匯率計算增長 2.8%，有機收入增長 2.2%。我們的財務和風險解決方案在北美和國際市場繼續表現良好，其中第三方和供應鏈風險管理解決方案等特定領域的優勢連續第八個季度實現兩位數增長。

On the Sales & Marketing side, we continue to see acceleration through the end of November. However, in December, clients got a bit more conservative with our usage and spending levels. While Master Data management was solid in the quarter and Eyeota and NetWise continued their strong performance, lower-than-expected volumes in December offset the growth we had previously seen. As companies grappled with the macro environment uncertainties exiting 2022, we didn't see the normal uplift we usually do with budget releases and heightened volumes as they prepare for their upcoming sales year.

在銷售和營銷方面，我們繼續看到 11 月底的加速增長。然而，在 12 月，客戶對我們的使用和支出水平變得更加保守。雖然主數據管理在本季度穩健且 Eyeota 和 NetWise 繼續保持強勁表現，但 12 月份低於預期的數量抵消了我們之前看到的增長。隨著公司努力應對 2022 年之後的宏觀環境不確定性，我們沒有看到在他們為即將到來的銷售年度做準備時通常會通過預算發布和銷量增加來實現的正常增長。

However, we believe this to be more of an anomaly and have been encouraged by volumes and sales activity beginning to resume to normal levels in January and into early February. Full year revenues grew 5.6% on a constant currency basis and 3.5% organically. Organic growth for the full year accelerated 30 basis points over 2021 and when excluding the impact of the GSA contract, growth accelerated 120 basis points to 4.4%.

然而，我們認為這更像是一種反常現象，並且受到 1 月和 2 月初開始恢復到正常水平的銷量和銷售活動的鼓舞。按固定匯率計算，全年收入增長 5.6%，有機增長 3.5%。全年的有機增長比 2021 年加速了 30 個基點，如果排除 GSA 合同的影響，增長加速了 120 個基點至 4.4%。

Our International business grew 5.4% organically driven by 6% growth in our localized Finance and Risk solutions. And while North America grew 3% organically overall, when excluding the government revenues, which make up about 5% of the segment, North America grew 5% and North America Finance and Risk grew 8%. With our transformation well underway, and incremental progress towards sustainable mid-single-digit growth, I'm pleased with the continued progress we made throughout 2022. On the sales side, we finished the year with some key wins and renewals in North America and International.

在本地化金融和風險解決方案增長 6% 的推動下，我們的國際業務有機增長 5.4%。雖然北美整體有機增長 3%，但如果不包括佔該部分約 5% 的政府收入，北美增長 5%，北美金融和風險增長 8%。隨著我們的轉型順利進行，並逐步實現可持續的中個位數增長，我對我們在整個 2022 年取得的持續進展感到高興。在銷售方面，我們在北美和國際的。

For example, in the fourth quarter, North America closed new business with a leading provider of online financial services and lending. This company is using our Finance Solutions data and analytics to underwrite small business loan applicants. They wanted to back test hundreds of thousands of small business applications by using our data to optimize and modernize their analytics and underwriting process. We're also able to expand our relationship with Pepsi. They required greater visibility and transparency into their existing third-party relationships as well as any new third parties they awarded business to.

例如，在第四季度，北美與一家領先的在線金融服務和貸款提供商達成了新業務。該公司正在使用我們的金融解決方案數據和分析來承保小企業貸款申請人。他們希望通過使用我們的數據來優化和現代化他們的分析和承保流程，從而對數十萬個小型企業應用程序進行回溯測試。我們還能夠擴大與百事可樂的關係。他們需要對其現有的第三方關係以及他們授予業務的任何新第三方有更高的可見性和透明度。

We provided an end-to-end onboarding, compliance, screening and monitoring solution through our Data Blocks offering, which provides Pepsi with what we believe is an unmatched combination of breadth and depth of data delivered through an integrated automated solution. Pepsi was a similar opportunity and that they were looking to monitor and expand their understanding of their large and complex supply chain. Through our Risk Analytics and Data Blocks offerings, Nestle is able to assess a more holistic and accurate risk profile of their vendors, including the evaluation of ESG and cyber risk elements.

我們通過我們的 Data Blocks 產品提供了端到端的入職、合規、篩选和監控解決方案，這為百事可樂提供了我們認為通過集成自動化解決方案交付的數據廣度和深度無與倫比的組合。百事可樂是一個類似的機會，他們正在尋求監控和擴展他們對其龐大而復雜的供應鏈的理解。通過我們的風險分析和數據塊產品，雀巢能夠更全面、更準確地評估其供應商的風險狀況，包括 ESG 和網絡風險要素的評估。

On the renewal front, we continue to show the stickiness and strength of our long-standing client relationships. Verizon, who has been a customer for 24 years expanded their relationship with us through a multiyear agreement extension. With Master Data management underpinning much of what they do on the marketing analytics and sales operations side. We were able to bring incremental data and analytics via modern API delivery mechanisms. Verizon was one of many customers that extended and expanded their relationship in the fourth quarter and we're very pleased with our continued strong retention rates and ability to expand with our largest customers in North America.

在續約方面，我們繼續展示我們長期客戶關係的粘性和實力。 Verizon 已經成為我們 24 年的客戶，通過多年協議延期擴大了與我們的關係。主數據管理支撐著他們在營銷分析和銷售運營方面所做的大部分工作。我們能夠通過現代 API 交付機制帶來增量數據和分析。 Verizon 是在第四季度擴展和擴展了他們的關係的眾多客戶之一，我們對我們持續強勁的保留率和與北美最大客戶一起擴展的能力感到非常滿意。

Our International segment continued its strong sales performance for the year. With the fourth quarter that included wins such as NatWest in the United Kingdom, Essity in Sweden and a large social media platform in Asia. Similar to the trends we just spoke about in North America, NatWest added our Compliance Direct+ API solution to bolster their risk and compliance underwriting. Essity, a larger consumer packaged goods company out of Stockholm at a direct us Master Data management, API capabilities to help cleanse, match append and organize their massive amount of customer files.

我們的國際業務在本年度繼續保持強勁的銷售業績。第四季度贏得了英國的 NatWest、瑞典的 Essity 和亞洲的大型社交媒體平台。與我們剛剛談到的北美趨勢類似，NatWest 添加了我們的 Compliance Direct+ API 解決方案，以加強他們的風險和合規承保。 Essity 是一家位於斯德哥爾摩的大型消費品公司，直接負責我們的主數據管理、API 功能，以幫助清理、匹配附加和組織他們大量的客戶文件。

This is an example of how Master Data management plays a critical role in an organization's ability to quickly update with reliable, organized and up-to-date information. And as the social media platform continues to expand and mature, they added Finance Analytics and Data Blocks to enhance their credit underwriting processes. Many of these types of businesses start out as a pure B2C play, but as they evolve, they expand in B2B and that is where we come in. In both North America and International, we continue to see strong retention rates and increased customer satisfaction, which is ultimately manifesting itself and accelerated revenue growth.

這是一個示例，說明主數據管理如何在組織快速更新可靠、有條理和最新信息的能力中發揮關鍵作用。隨著社交媒體平台的不斷擴展和成熟，他們添加了 Finance Analytics 和 Data Blocks 以增強其信用承銷流程。許多這些類型的企業最初都是純粹的 B2C 遊戲，但隨著它們的發展，它們在 B2B 中擴展，這就是我們的切入點。在北美和國際上，我們繼續看到強勁的保留率和更高的客戶滿意度，這最終體現出來並加速了收入增長。

To go along with the financial and sales execution, I'm also pleased with the significant operational progress we made this year as we continue to execute on our multiyear vision of transforming Dun & Bradstreet. In particular, I want to highlight the advancements we completed in terms of data and analytic enhancements, technological improvements and product innovations. On the data and analytics front, we continue to make significant progress in our data breadth, depth, quality and consistency.

除了財務和銷售執行，我還對我們今年取得的重大運營進展感到高興，因為我們繼續執行我們改造 Dun & Bradstreet 的多年願景。我想特別強調我們在數據和分析增強、技術改進和產品創新方面取得的進步。在數據和分析方面，我們繼續在數據廣度、深度、質量和一致性方面取得重大進展。

This year alone, we expanded our data cloud to 500 million businesses covered. An 8% increase versus the prior year. We expanded our key contact database to 58 million records, a 66% increase versus the prior year and reduced client data discrepancy inquiries by over 50%. On the analytics side, our blended score saw a 15% to 20% lift in predictability and we improved our match rates to 100% across 3 beta clients. We also acquired 250 additional data sources to strengthen our existing analytics and power our new ones, such as ESG intelligence.

僅今年一年，我們就將數據云擴展到覆蓋的 5 億家企業。比上年增長 8%。我們將主要聯繫人數據庫擴展到 5800 萬條記錄，比上一年增長 66%，並將客戶數據差異查詢減少了 50% 以上。在分析方面，我們的混合分數的可預測性提高了 15% 到 20%，並且我們將 3 個測試版客戶的匹配率提高到 100%。我們還獲得了 250 個額外的數據源，以加強我們現有的分析並為我們的新分析提供支持，例如 ESG 情報。

For instance, we curated and the pended utility data greenhouse emissions and several other risk-related data sets to expand our public and private company ESG scores across 42 million companies and 176 global markets. And finally, we have mapped 20% of all supplier connections between customers and their suppliers globally, showing 68 million verified relationships. We believe that no other company has anything close to this level of insight, and we intend to continue to drive our leadership in this space to guide businesses in making more informed and real-time decisions on who they do business with, and whether or not they should continue doing business with them on an ongoing basis.

例如，我們整理和懸而未決的公用事業數據溫室排放和其他幾個與風險相關的數據集，以擴大我們在 4200 萬家公司和 176 個全球市場中的上市和私營公司 ESG 評分。最後，我們繪製了全球 20% 的客戶與其供應商之間所有供應商聯繫的地圖，顯示了 6800 萬個經過驗證的關係。我們相信沒有其他公司擁有接近這種洞察力的任何東西，我們打算繼續推動我們在這一領域的領導地位，以指導企業就與誰做生意以及是否與誰做生意做出更明智和實時的決策他們應該持續不斷地與他們做生意。

And while we look to bring more and more data sets into our proprietary cloud, the technology team has been hard at work simplifying our supply chain by reducing complexity by 30% and increasing data throughput by 10 times. Simultaneously, through the elimination and standardization of several legacy components, we're able to improve our data consistency by nearly 60%. The technology organization was also instrumental in supporting our product organization with the migration of nearly 17,000 clients across North America and International.

在我們希望將越來越多的數據集引入我們的專有云的同時，技術團隊一直在努力簡化我們的供應鏈，將復雜性降低 30% 並將數據吞吐量提高 10 倍。同時，通過消除和標準化幾個遺留組件，我們能夠將數據一致性提高近 60%。該技術組織還幫助支持我們的產品組織遷移了北美和國際上的近 17,000 名客戶。

While the majority of those came out of D&B Europe, we also migrated around 5,000 in the United States, and we continue to free the company of an excess of legacy apps. And while cleaning up legacy applications is important in setting a clear path going forward, we're also able to launch over 100 products in 2022. This range from brand-new solutions in North America to localize offerings in our 20-plus owned markets throughout Europe, the United Kingdom and Asia. Overall, through upgrade investments, new data sets, migrations and integrations, we continue to strengthen our solution set, and we ended another year much stronger than we began. Looking ahead to 2023, while we expect a challenging market backdrop overall, we continue to focus on the things we can control and execute against our strategic priorities.

雖然其中大部分來自 D&B 歐洲，但我們也在美國遷移了大約 5,000 個，並且我們繼續使公司擺脫過多的遺留應用程序。雖然清理遺留應用程序對於設定清晰的前進道路很重要，但我們還能夠在 2022 年推出 100 多種產品。這包括從北美的全新解決方案到我們在整個 20 多個自有市場的本地化產品歐洲、英國和亞洲。總的來說，通過升級投資、新數據集、遷移和集成，我們繼續加強我們的解決方案集，我們又結束了比開始時更強大的一年。展望 2023 年，雖然我們預計總體市場背景充滿挑戰，但我們將繼續關注我們可以控制和執行的戰略重點。

For the upcoming year, we plan to continue to optimize our solution set and maximize our ability to extract value from our current and future customers. With the significant investments we have made in technology, data and product we have confidence in our ability to garner incremental price where it makes sense and expand cross-sell, upsell opportunities within our existing base. While the worsening economic backdrop will be more challenging for certain client segments, overall, we have a significant opportunity to drive growth within our existing client base and expect to do so throughout the year.

在來年，我們計劃繼續優化我們的解決方案集，並最大限度地提高我們從當前和未來客戶那裡獲取價值的能力。憑藉我們在技術、數據和產品方面的重大投資，我們有信心在合理的情況下獲得增量價格，並在我們現有的基礎上擴大交叉銷售、追加銷售機會。雖然不斷惡化的經濟背景對某些客戶群來說將更具挑戰性，但總體而言，我們有一個重要的機會來推動現有客戶群的增長，並預計全年都會這樣做。

We also have the opportunity to win new logos in both North America and International. In North America, we have some of the largest and most well-known businesses in the world. While there are a few more large and mega-sized prospects to add to our blue-chip client base, the real opportunity for us is to break into the small and micro business segment in a more meaningful way. Due to a variety of factors, including a worse-than-anticipated impact from the FTC Consent Order, we have yet to fully capitalize on the small and micro business opportunity.

我們還有機會贏得北美和國際的新標誌。在北美，我們擁有一些世界上最大和最知名的企業。雖然我們的藍籌客戶群中還有更多大型和超大型潛在客戶，但我們真正的機會是以更有意義的方式打入小型和微型業務領域。由於各種因素，包括 FTC 同意令的影響比預期更糟，我們尚未充分利用小微商機。

The legacy Credibility business continued to be a headwind through the fourth quarter, which masked the positive momentum we've been building in our Digital and other small business strategies. As we head into 2023, we expect to have less of an impact from the legacy credibility solutions, and we expect to see more of our new business investments flow through.

傳統的信譽業務在第四季度繼續成為逆風，這掩蓋了我們在數字和其他小型企業戰略中建立的積極勢頭。隨著我們邁入 2023 年，我們預計傳統信譽解決方案的影響會減少，我們預計會看到更多的新業務投資流入。

On the International side, we have the opportunity to we have the opportunity to continue to land small and medium businesses, but the true lift will come from the large and mega-sized prospects in those regions. In 2022, we won new business with names like Barclays, Volkswagen, Siemens, the Agricultural Bank of China and Alibaba. We expect to continue to build on this momentum in 2023 as we orient our teams, products and data sets to serve this segment. On the modernization and innovation front, we continue to expand upon our significantly improved vitality index. As I mentioned earlier, migration to modern solutions was a big theme in 2022 and that we'll continue in 2023. Beginning with D&B Europe, while we focus the majority of our efforts on migrating the legacy Finance Solutions to D&B Finance Analytics, we are now shifting gears to focus on migrating the remaining legacy end point solutions across our sales and marketing and Finance and Risk portfolios in both Europe and the U.K. Simultaneously, we are enacting a similar program in North America as we continue to migrate clients onto our most modern solutions such as D&B Connect, D&B Direct+, Finance Analytics and Risk Analytics.

在國際方面，我們有機會繼續吸引中小型企業，但真正的提升將來自這些地區的大型和超大型前景。 2022年，我們贏得了巴克萊、大眾、西門子、中國農業銀行和阿里巴巴等新業務。我們希望在 2023 年繼續保持這種勢頭，因為我們將我們的團隊、產品和數據集定位為服務於這一細分市場。在現代化和創新方面，我們繼續擴大我們顯著改善的活力指數。正如我之前提到的，向現代解決方案遷移是 2022 年的一個大主題，我們將在 2023 年繼續這一主題。從 D&B Europe 開始，雖然我們將大部分精力集中在將遺留財務解決方案遷移到 D&B Finance Analytics，但我們現在正在轉變方向，專注於將剩餘的傳統端點解決方案遷移到我們在歐洲和英國的銷售和營銷以及財務和風險投資組合中。同時，我們正在北美實施類似的計劃，因為我們將繼續將客戶遷移到我們最現代的D&B Connect、D&B Direct+、財務分析和風險分析等解決方案。

Through refining our implementation strategies in Europe, we're now able to deliver a much more streamlined and less invasive experience for our customers in all regions of the world, including our North American clients. And consequently, this will allow us to more easily deliver our latest innovations, such as fraud solutions, ESG scores and insights, supply chain linkage and illumination and alternative data match independent. On top of the new solutions we developed and brought to market in 2022, we are also excited about the new innovations we plan to bring to market in 2023.

通過改進我們在歐洲的實施策略，我們現在能夠為世界所有地區的客戶（包括我們的北美客戶）提供更加簡化和更少侵入性的體驗。因此，這將使我們能夠更輕鬆地提供最新的創新，例如欺詐解決方案、ESG 評分和洞察力、供應鍊鍊接和照明以及獨立的替代數據匹配。除了我們開發並於 2022 年推向市場的新解決方案之外，我們還對我們計劃在 2023 年推向市場的新創新感到興奮。

We are focused on 3 primary areas for our near-term innovation efforts. First and foremost, supply chain and third-party risk continues to be a significant area of interest for our clients and prospects. We have the opportunity to build upon our solution set today and provide even more robust solutions around the underwriting and monitoring of vendors and suppliers throughout the world. By deepening and broadening our data sets, and delivering those through a comprehensive end-to-end integrated global platform, we can broaden our ability to solve new and evolving use cases that are being driven out of a shift in legal, regulatory, compliance and political landscape.

我們近期的創新工作主要集中在 3 個主要領域。首先，供應鍊和第三方風險仍然是我們的客戶和潛在客戶感興趣的重要領域。我們有機會在我們今天的解決方案集的基礎上進行構建，並圍繞全球供應商和供應商的承保和監控提供更強大的解決方案。通過深化和擴大我們的數據集，並通過一個全面的端到端集成全球平台提供這些數據，我們可以擴大我們解決新的和不斷發展的用例的能力，這些用例正在擺脫法律、監管、合規和政治面貌。

We are well positioned to continue compounding growth in North America and the build-out of our localized compliance solutions internationally, which only allow us to continue to accelerate growth in this fast and growing segment. We also continue to see the digitalization of our go-to-market as a key opportunity for our ability to accelerate and expand throughout the globe. In North America, we saw our Digital sales increase materially as our e-commerce capabilities and simplified solution set resonated with small and medium businesses. A prime example of this was the introduction of the D-U-N-S Registered seal CEO in North America.

我們有能力繼續在北美實現複合增長，並在國際上構建我們的本地化合規解決方案，這只會讓我們繼續加速在這個快速增長的領域的增長。我們還繼續將進入市場的數字化視為我們在全球加速和擴張能力的關鍵機會。在北美，我們看到我們的數字銷售額大幅增長，因為我們的電子商務功能和簡化的解決方案集引起了中小型企業的共鳴。一個典型的例子是在北美引入了 D-U-N-S 註冊印章 CEO。

Originally, a solution crafted for our Asian markets, the D-U-N-S Registered seal is a sub-$1,000 entry solution that allows a small business, the ability to show legitimacy and begin its journey to build out its maturing credit profile. The Registered seal was a new North America solution that was introduced in Q4 of 2022 and we already have over $1 million in sales and a ramping pipeline. Similarly, light versions of Finance Analytics, Risk Guardian in the Nordics, covers and an ESG Seal will be delivered throughout our own markets and the worldwide network to go after this customer segment and free up resources to go after enterprise accounts.

D-U-N-S Registered seal 最初是為我們的亞洲市場設計的解決方案，是一種低於 1,000 美元的入門解決方案，允許小型企業展示合法性並開始建立其成熟信用檔案的旅程。 Registered seal 是一個新的北美解決方案，於 2022 年第四季度推出，我們已經擁有超過 100 萬美元的銷售額和一個不斷增加的管道。同樣，Finance Analytics 的精簡版、北歐的 Risk Guardian、封面和 ESG 印章將在我們自己的市場和全球網絡中交付，以追逐這一客戶群，並釋放資源以追逐企業賬戶。

We are also excited about the opportunity to further leverage our growing advantage in the B2B online digital advertising space. While B2C digital advertising has been maturing over the last 5 to 10 years, B2B is just beginning to come into its own. So while B2C advertising is ebbing and flowing more with the overall economic conditions, B2B is still a growing opportunity and one that could show even more rapid growth in a more positive macro environment. Through our unique blend of assets, connections and relationships, we'll continue to look to deepen our penetration with existing customers and look to educate and expand with the remainder of our client base and prospects alike.

我們也很高興有機會進一步利用我們在 B2B 在線數字廣告領域日益增長的優勢。雖然 B2C 數字廣告在過去 5 到 10 年中已經成熟，但 B2B 才剛剛開始發揮自己的作用。因此，儘管 B2C 廣告隨著整體經濟狀況而起起伏伏，但 B2B 仍然是一個不斷增長的機會，並且在更積極的宏觀環境中可能會顯示出更快的增長。通過我們獨特的資產、聯繫和關係組合，我們將繼續尋求加深我們對現有客戶的滲透，並尋求教育和擴展我們的其他客戶群和潛在客戶。

With tighter budgets and a more conservative approach to Sales & Marketing budgets in the near term, it will be imperative for our clients and prospects to get the most out of their investments. We believe that digital advertising delivered to the right audience on the right platforms with the right messaging, we'll do just that. Overall, I'm extremely proud of our team's accomplishments this year. In 2022, we delivered mid-single-digit total revenue growth, accelerated organic revenue growth and nearly 40% EBITDA margins, which is a remarkable improvement relative to where we were when we took the business over 4 years ago.

隨著短期內預算收緊和對銷售和營銷預算採取更保守的方法，我們的客戶和潛在客戶必須從他們的投資中獲得最大收益。我們相信，數字廣告通過正確的信息在正確的平台上傳遞給正確的受眾，我們會做到這一點。總的來說，我為我們團隊今年取得的成就感到非常自豪。 2022 年，我們實現了中等個位數的總收入增長、加速的有機收入增長和近 40% 的 EBITDA 利潤率，這與我們 4 年前接手該業務時的水平相比有了顯著改善。

We stayed focused on our mission and performed at a very high level despite a challenging market environment. We also continue to execute on our multiyear vision to transform Dun & Bradstreet and I'm excited by our path and strategy to continue to accelerate revenue growth and expand margins over the next 3 to 5 years. With our Investor Day rapidly approaching, I look forward to having the opportunity to discuss our longer-term growth prospects and the key investments in our core assets, along with new areas of strategic growth that we are looking to capitalize on.

儘管市場環境充滿挑戰，但我們仍然專注於我們的使命，並保持了很高的水平。我們還將繼續執行我們的多年願景，以改造 Dun & Bradstreet，我對我們在未來 3 到 5 年內繼續加速收入增長和擴大利潤率的道路和戰略感到興奮。隨著投資者日的臨近，我期待有機會討論我們的長期增長前景和對核心資產的關鍵投資，以及我們希望利用的新戰略增長領域。

Through presentations with our President of North America and International, along with the fireside chat featuring our Chief Technology Officer and Chief Data and Analytics Officer, I'm also excited for all of you to get some exposure to the team that is going to take us on the next leg of our journey together. In the end, our goal is for you to all walk away with an understanding of the successful execution of our transformation to date and why that should lead to a further acceleration in growth and profitability which should ultimately manifest itself and a strengthened balance sheet and the ability to deliver significant shareholder value creation.

通過與我們的北美和國際總裁的演講，以及我們的首席技術官和首席數據與分析官的爐邊談話，我也很高興你們所有人都能接觸到將帶我們去的團隊在我們一起旅行的下一站。最後，我們的目標是讓大家在離開時了解我們迄今為止成功執行的轉型，以及為什麼這會導致增長和盈利能力的進一步加速，這最終會體現出來，並加強資產負債表和為股東創造重大價值的能力。

With that, I'd now like to turn the call over to Bryan to discuss our financial results for 2022 and outlook for 2023.

有了這個，我現在想把電話轉給布萊恩來討論我們 2022 年的財務業績和 2023 年的展望。

Thank you, Anthony. And good morning, everyone. Today, I will discuss our fourth quarter and full year 2022 results and then our outlook for 2023. Turning to Slide 1. On a GAAP basis, fourth quarter revenues were $595 million, a decrease of 1% compared to the prior year quarter and an increase of 3% before the effect of foreign exchange. Net income for the fourth quarter was $23 million or a diluted earnings per share of $0.05 compared to a net loss of $12 million for the prior year quarter. The increase in net income of $35 million for this quarter was primarily due to lower nonoperating costs related to debt extinguishment in the prior year period and a higher tax benefit in the current year quarter.

謝謝你，安東尼。大家早上好。今天，我將討論我們第四季度和 2022 年全年的業績，然後是我們對 2023 年的展望。轉到幻燈片 1。根據 GAAP，第四季度收入為 5.95 億美元，比去年同期下降 1%，在外匯影響前增長 3%。第四季度淨收入為 2300 萬美元或稀釋後每股收益 0.05 美元，而去年同期為淨虧損 1200 萬美元。本季度淨收入增加 3500 萬美元，主要是由於與去年同期債務清償相關的非運營成本降低以及本年度季度的稅收優惠增加。

For full year 2022, revenues were $2,225 million, an increase of 3% or 6% before the effect of foreign exchange. On a full year basis, net loss was $2 million or a diluted loss per share of $0.01 compared to a net loss of $72 million for the prior year period. Turning to Slide 2. I'll now discuss our adjusted results for the fourth quarter. Fourth quarter adjusted revenues for the total company were $595 million, a decrease of 1% or an increase of 3% before the effect of foreign exchange. Excluding the impact of acquisitions and divestitures, revenues on an organic constant currency basis were up 2.2%, driven primarily by increased demand, particularly in the International segment.

2022 年全年收入為 22.25 億美元，在外匯影響前增長 3% 或 6%。按全年計算，淨虧損為 200 萬美元或每股攤薄虧損 0.01 美元，而去年同期為淨虧損 7200 萬美元。轉到幻燈片 2。我現在將討論我們調整後的第四季度業績。公司第四季度調整後總收入為 5.95 億美元，受外匯影響前下降 1% 或增長 3%。排除收購和資產剝離的影響，按有機固定貨幣計算的收入增長了 2.2%，這主要是由於需求增加，尤其是在國際業務領域。

Fourth quarter adjusted EBITDA for the total company was $250 million, an increase of $8 million or 3%. Adjusted EBITDA for the quarter included a headwind of $6 million from the impact of foreign exchange resulting from a strengthening U.S. dollar. The $14 million of underlying increase was driven by organic revenue growth and lower net personnel costs. Fourth quarter adjusted EBITDA margin was 42%, and an increase of 150-basis points compared to the prior year quarter. Fourth quarter adjusted net income was $139 million or adjusted earnings per share of $0.32 compared to $142 million or $0.33 in the fourth quarter of 2021.

公司第四季度調整後的 EBITDA 為 2.5 億美元，增加 800 萬美元或 3%。本季度調整後的 EBITDA 包括因美元走強導致的外匯影響而產生的 600 萬美元逆風。 1400 萬美元的潛在增長是由有機收入增長和較低的淨人員成本推動的。第四季度調整後的 EBITDA 利潤率為 42%，比去年同期增長 150 個基點。第四季度調整後淨收入為 1.39 億美元或調整後每股收益 0.32 美元，而 2021 年第四季度為 1.42 億美元或 0.33 美元。

This was primarily driven by higher interest expense and nonoperating expenses partially offset by higher adjusted EBITDA. Full year adjusted revenues for the total company were $2,225 million, an increase of 3% or 6% before the effect of foreign exchange compared to 2021. Revenue growth before the effect of foreign exchange was driven by Finance and Risk Solutions and the impact of Eyeota and NetWise acquisitions, partially offset by the divestiture of our B2C business in Germany. Revenues on an organic constant currency basis were up 3.5% or 4.4% when excluding the impact of the GSA contract.

這主要是由於較高的利息支出和非運營支出被較高的調整後 EBITDA 部分抵消。全年調整後公司總收入為 22.25 億美元，與 2021 年相比，外匯影響前增長 3% 或 6%。外匯影響前的收入增長是由財務和風險解決方案以及 Eyeota 的影響推動的和 NetWise 的收購，部分被我們在德國的 B2C 業務的剝離所抵消。排除 GSA 合同的影響後，按有機固定貨幣計算的收入增長了 3.5% 或 4.4%。

Full year adjusted EBITDA for the total company was $864 million, an increase of 2%. Higher adjusted EBITDA was primarily due to revenue growth from the underlying business and the impact of acquisitions, partially offset by investments related to higher data and data processing costs and the impact of foreign exchange resulting from a strengthening U.S. dollar. Excluding the impact of foreign exchange, EBITDA was $878 million or an increase of 4%. Full year adjusted EBITDA margin was 39%, a decrease of 20 basis points compared to the prior year due to the impact of acquisitions. Full year 2022 adjusted net income was $472 million or adjusted diluted earnings per share of $1.10 and compared to 2021 adjusted net income of $471 million or $1.10 per share.

公司全年調整後的 EBITDA 為 8.64 億美元，增長 2%。較高的調整後 EBITDA 主要是由於基礎業務的收入增長和收購的影響，部分被與較高的數據和數據處理成本相關的投資以及美元走強導致的外匯影響所抵消。排除外匯影響，EBITDA 為 8.78 億美元，增長 4%。由於收購的影響，全年調整後的 EBITDA 利潤率為 39%，比上年下降 20 個基點。 2022 年全年調整後淨收入為 4.72 億美元或調整後攤薄每股收益 1.10 美元，而 2021 年調整後淨收入為 4.71 億美元或每股 1.10 美元。

Turning now to Slide 3. I will now discuss the results for our 2 segments, North America and International. In North America, revenues for the fourth quarter were $435 million, an increase of approximately 1% from prior year, excluding the impact of foreign exchange and acquisitions, North America organic revenue grew 0.2%. In Finance and Risk, revenues were $231 million, an increase of $1 million or less than 1% due to growth in our Finance and Risk Solutions, partially offset by declines in our Government and Credibility solutions.

現在轉到幻燈片 3。我現在將討論北美和國際這兩個部分的結果。在北美，第四季度收入為 4.35 億美元，比去年同期增長約 1%，剔除外彙和收購的影響，北美有機收入增長 0.2%。在財務和風險方面，收入為 2.31 億美元，增加了 100 萬美元或不到 1%，這是由於我們的財務和風險解決方案的增長，部分被我們的政府和信譽解決方案的下降所抵消。

Including the impact of our Government solutions, Finance and Risk grew 5.2%. For Sales & Marketing, revenues were $204 million, an increase of $6 million or 3%. Sales & Marketing growth was driven by Master Data management and our Digital Marketing solutions. North America fourth quarter adjusted EBITDA was $215 million, an increase of $4 million or 2%, primarily due to revenue growth and ongoing cost management efforts. Adjusted EBITDA margin for North America was 49%, an increase of 10 basis points from the prior year.

包括我們的政府解決方案的影響，金融和風險增長了 5.2%。對於銷售和市場營銷，收入為 2.04 億美元，增加 600 萬美元或 3%。主數據管理和我們的數字營銷解決方案推動了銷售和營銷增長。北美第四季度調整後的 EBITDA 為 2.15 億美元，增加 400 萬美元或 2%，這主要是由於收入增長和持續的成本管理工作。北美調整後的 EBITDA 利潤率為 49%，比上年增長 10 個基點。

Turning now to Slide 4. I will now discuss the full year results for North America. In North America, revenues for 2022 were $1,587 million, an increase of $88 million or 6% from prior year. North America revenues on an organic constant currency basis increased $40 million or 2.7%. North America Finance and Risk full year revenues were $867 million, an increase of $32 million or 4%, primarily attributable to new business and higher customer spend in our third-party risk and supply chain risk management solutions, partially offset by lower revenues from our government solutions. Excluding the impact of our Government Solutions, North America Finance and Risk grew 8.4%.

現在轉到幻燈片 4。我現在將討論北美的全年業績。在北美，2022 年的收入為 15.87 億美元，比上年增加 8800 萬美元或 6%。按有機固定貨幣計算的北美收入增加了 4000 萬美元或 2.7%。北美金融和風險全年收入為 8.67 億美元，增加 3200 萬美元或 4%，這主要歸因於新業務和客戶在我們的第三方風險和供應鏈風險管理解決方案中的支出增加，部分被我們的收入減少所抵消政府解決方案。排除我們的政府解決方案的影響，北美金融和風險增長 8.4%。

North America Sales & Marketing full year revenues increased $56 million or 8% to $720 million. This was primarily driven by the full year impact of our Sales & Marketing and NetWise acquisition. Full year adjusted EBITDA for North America increased $3 million or less than 1% to $718 million, primarily due to higher revenues, partially offset by investments waiting to higher data and data processing costs. Full year adjusted EBITDA margin for North America was 45%, a decrease of 250 bps compared to the prior year.

北美銷售與營銷全年收入增加 5600 萬美元或 8% 至 7.2 億美元。這主要是由我們的銷售和營銷以及 NetWise 收購的全年影響推動的。北美全年調整後的 EBITDA 增加 300 萬美元或不到 1% 至 7.18 億美元，這主要是由於收入增加，部分被等待更高數據和數據處理成本的投資所抵消。北美全年調整後的 EBITDA 利潤率為 45%，比上年下降 250 個基點。

Turning to Slide 5. In our International segment, fourth quarter revenues decreased 6% to $160 million or an increase of 6% before the effect of foreign exchange and organic revenues on a constant currency basis increased 7%. The Finance and Risk revenues were $106 million, a decrease of 4% or an increase of 7% before the effect of foreign exchange. All markets have positive underlying growth, including double-digit increases in our Asian owned markets. We continue to see strong demand for our latest finance solutions such as Finance Analytics, Data Blocks and Direct+ APIs. Sales & Marketing revenues were $54 million, a decrease of 9% or an increase of 4% before the effect of foreign exchange. Excluding the impact of the divestiture of our B2C marketing business in Germany, Sales & Marketing growth of 8% was attributable to higher data and API solution sales in our United Kingdom market.

轉到幻燈片 5。在我們的國際部門，第四季度收入下降 6% 至 1.6 億美元，或在外彙和有機收入按固定匯率增長 7% 的影響之前增長 6%。財務和風險收入為 1.06 億美元，受外匯影響前下降 4% 或增長 7%。所有市場都有積極的潛在增長，包括我們亞洲自有市場的兩位數增長。我們繼續看到對我們最新的財務解決方案的強勁需求，例如財務分析、數據塊和 Direct+ API。銷售和營銷收入為 5400 萬美元，在外匯影響前下降 9% 或增長 4%。排除我們在德國 B2C 營銷業務剝離的影響，8% 的銷售和營銷增長歸因於我們英國市場的數據和 API 解決方案銷售額增加。

Fourth quarter International adjusted EBITDA of $49 million increased $3 million or 7% versus fourth quarter 2021. The increase was driven by the underlying revenue growth, partially offset by a foreign exchange loss resulting from a strengthening U.S. dollar. Adjusted EBITDA margin was 31%, an increase of 350 basis points compared to prior year. Turning to Slide 6. In our International segment, full year 2022 revenues were $638 million, a decrease of 5% or an increase of 5% before the effect of foreign exchange. International organic revenues increased $36 million or 5.4%.

第四季度國際調整後 EBITDA 為 4900 萬美元，比 2021 年第四季度增加 300 萬美元或 7%。這一增長是由基礎收入增長推動的，部分被美元走強導致的外匯損失所抵消。調整後的 EBITDA 利潤率為 31%，比上年增長 350 個基點。轉到幻燈片 6。在我們的國際部門，2022 年全年收入為 6.38 億美元，在受外匯影響之前下降 5% 或增長 5%。國際有機收入增加 3600 萬美元或 5.4%。

International Finance and Risk full year revenue of $419 million decreased 3% and or a 6% increase before the effect of foreign exchange. The growth was driven by mid-single-digit growth across our worldwide network, United Kingdom and European markets, along with double-digit growth in our Asian owned markets. Our modern API in Finance Analytics grew nicely in both Europe and Asia, and the worldwide network contributed higher data and product royalty sales. International Sales & Marketing full year revenues of $218 million decreased 9% or an increase of 4% before the effect of foreign exchange and the divestiture of our German B2C business primarily from higher data sales in the U.K., increased Worldwide Network, product royalties and increased API solution sales in Europe. Full year 2022 International adjusted EBITDA was $202 million, an increase of $8 million or 4% versus 2021. The improvement in adjusted EBITDA was primarily due to revenue growth from the underlying business, partially offset by foreign exchange loss resulting from a strengthening U.S. dollar. Adjusted EBITDA margin was 32%, an increase of 280 basis points. Adjusted EBITDA for the corporate segment was a loss of $57 million, an improvement of $6 million primarily attributable to lower personnel costs.

國際金融與風險部全年收入為 4.19 億美元，在受外匯影響前下降 3% 或增長 6%。這一增長是由我們全球網絡、英國和歐洲市場的中等個位數增長以及我們亞洲自有市場的兩位數增長推動的。我們在金融分析中的現代 API 在歐洲和亞洲發展良好，全球網絡貢獻了更高的數據和產品版稅銷售額。國際銷售和市場營銷全年收入為 2.18 億美元，下降 9% 或增加 4%，受外匯影響和德國 B2C 業務的剝離主要來自英國數據銷售增加、全球網絡增加、產品特許權使用費增加和增加API 解決方案在歐洲的銷售。 2022 年全年國際調整後 EBITDA 為 2.02 億美元，比 2021 年增加 800 萬美元或 4%。調整後 EBITDA 的改善主要是由於基礎業務的收入增長，部分被美元走強導致的匯兌損失所抵消。調整後的 EBITDA 利潤率為 32%，增加了 280 個基點。公司部門的調整後 EBITDA 虧損 5700 萬美元，增加 600 萬美元，這主要歸因於較低的人員成本。

Turning to Slide 7. I'll now walk through our capital structure. At the end of December 31, 2022, we had cash and cash equivalents of $208 million, which when combined with $800 million of capacity on our $850 million revolving line of credit through 2025 represents total liquidity of nearly $1,008 million. As of December 31, 2022, total debt principal was $3,647 million, and our leverage ratio was 4.0x on a net basis, in the credit facility, senior secured net leverage ratio was 3.4x.

轉到幻燈片 7。我現在將介紹我們的資本結構。截至 2022 年 12 月 31 日，我們的現金和現金等價物為 2.08 億美元，再加上我們到 2025 年的 8.5 億美元循環信貸額度的 8 億美元容量，意味著總流動性接近 10.08 億美元。截至 2022 年 12 月 31 日，債務本金總額為 36.47 億美元，我們的淨槓桿率為 4.0 倍，在信貸安排中，高級擔保淨槓桿率為 3.4 倍。

We are pleased with our efforts to ground 2022 and in early 2023 to significantly reduce the cost of our debt. Throughout 2021 and 2022, we took multiple actions, which reduced the cost of our debt. However, as the Fed continues to raise rates aggressively throughout the year, we ended the fourth quarter at $55 million in interest expense and a nearly $60 million a quarter run rate heading into 2023. As we continue to monitor the market for opportunities to optimize our debt structure, on February 2, 2023, we entered into a $1.5 billion swap for 3 years to fix our floating rate portion at 90% through March of 2024, at which point, our $1 billion swap rolls off and we come back to 60% fixed versus floating.

我們很高興我們努力在 2022 年和 2023 年初大幅降低債務成本。在整個 2021 年和 2022 年，我們採取了多項行動，降低了我們的債務成本。然而，隨著美聯儲全年繼續積極加息，我們在第四季度末的利息支出為 5500 萬美元，進入 2023 年的每季度運行率接近 6000 萬美元。隨著我們繼續監控市場以尋找優化我們的機會債務結構，2023 年 2 月 2 日，我們進行了為期 3 年的 15 億美元互換，以將我們的浮動利率部分固定在 90%，直到 2024 年 3 月，屆時，我們的 10 億美元互換到期，我們回到 60%固定與浮動。

Turning now to Slide 8. I'll now walk through our outlook for 2023. Total revenues after the effect of foreign currency are expected to be in the range of $2,260 million to $2,300 million or an increase of 1.6% to 3.4%. This includes an assumption of a headwind in the first 3 quarters of the year, partially offset by a tailwind in the fourth quarter due to the effect of foreign currency related to the expected variances between the U.S. dollar, euro, British pound and Swedish krona. Revenues on an organic constant currency basis are expected to be in the range of 3% to 4.5% for the full year.

現在轉到幻燈片 8。我現在將介紹我們對 2023 年的展望。外匯影響後的總收入預計在 22.6 億美元至 23 億美元之間，即增長 1.6% 至 3.4%。這包括假設今年前 3 季度的逆風，但由於與美元、歐元、英鎊和瑞典克朗之間的預期差異相關的外匯影響，第四季度的順風部分抵消了這一假設。按有機固定貨幣計算的全年收入預計在 3% 至 4.5% 之間。

It is important to note that the total and organic growth rates take into account the conclusion of the existing GSA contract at the end of April 2023. The impact to organic growth for the full year is a headwind of 30 basis points with 110 basis point headwind in the first quarter. Adjusted EBITDA is expected to be in the range of $870 million to $920 million. The adjusted EBITDA range also takes into account the conclusion of the GSA contract and a $5 million negative impact from the strengthening of the euro versus the U.S. dollar in comparison to the relative flatness of the British pound and Swedish krona.

值得注意的是，總增長率和有機增長率考慮到了現有 GSA 合同在 2023 年 4 月底的簽訂。對全年有機增長的影響是 30 個基點的逆風和 110 個基點的逆風在第一季度。調整後的 EBITDA 預計在 8.7 億美元至 9.2 億美元之間。調整後的 EBITDA 範圍還考慮了 GSA 合同的簽訂以及歐元兌美元走強與英鎊和瑞典克朗相對持平造成的 500 萬美元負面影響。

Adjusted EPS is expected to be in the range of $0.92 to $1. 00. As described on Slide 14 in our earnings presentation, we previously reported a non-cash pension gain or loss in our adjusted earnings results. Due to the nature of line item being nonoperational and noncash, we have decided to exclude it from our 2023 adjusted net earnings results going forward with revisions to the prior periods to reflect the same adjustment for comparability purposes. Additional modeling details underlying our outlook are as follows.

調整後每股收益預計在 0.92 美元至 1 美元之間。 00. 如幻燈片 14 在我們的收益演示中所述，我們之前在調整後的收益結果中報告了非現金養老金收益或損失。由於該項目的性質是非經營性和非現金的，我們決定將其排除在我們 2023 年調整後的淨收益結果之外，並對前期進行修訂以反映相同的調整以實現可比性。我們的展望所依據的其他建模細節如下。

We expect interest expense to be approximately $240 million. Depreciation and amortization expense of approximately $100 million, excluding incremental depreciation and amortization expense resulting from purchase accounting, adjusted effective tax rate of approximately 24% and weighted average diluted shares outstanding of approximately $433 million. And for CapEx, we expect approximately $130 million to $150 million of internally developed software and around $30 million of property, plant, equipment and purchased software.

我們預計利息支出約為 2.4 億美元。折舊和攤銷費用約為 1 億美元，不包括採購會計產生的增量折舊和攤銷費用，調整後的有效稅率約為 24%，加權平均攤薄流通股約為 4.33 億美元。對於資本支出，我們預計約有 1.3 億至 1.5 億美元的內部開發軟件和約 3000 萬美元的財產、廠房、設備和購買的軟件。

And while we don't give quarterly guidance, I did want to provide some color on how we expect the year to progress. With 3 months of impact from the GSA in the first quarter and 1 month in the second quarter, along with what we expect to be a slower environment for the first half, we expect the first quarter to be around the low end of our organic growth range and then second and third quarter to be closer to the midpoint. We then expect the fourth quarter to reflect a more normalized environment and therefore, seeing revenues around the higher end of our range. While EBITDA margins are expected to slightly expand in the first quarter, the GSA impact, along with the quarter traditionally being our lowest of the year, we'll put it under our full year expected expansion of around 50-basis points.

雖然我們不提供季度指導，但我確實想提供一些關於我們預計今年進展情況的顏色。由於第一季度 GSA 的影響為 3 個月，第二季度為 1 個月，加上我們預計上半年環境將放緩，我們預計第一季度將處於有機增長的低端附近範圍，然後是第二節和第三節更接近中點。然後，我們預計第四季度將反映一個更加正常化的環境，因此，收入將處於我們範圍的高端。雖然預計第一季度 EBITDA 利潤率將略有擴大，但 GSA 的影響以及該季度傳統上是我們今年最低的季度，我們將其置於我們全年預期擴張約 50 個基點之下。

As we head into the second quarter and beyond, we would expect to be at or above the 50 basis point expansion. In conclusion, we are well positioned to capture the significant growth opportunities in front of us, and we expect to continue to accelerate our revenue growth in 2023 despite a challenging macro environment and the conclusion of the GSA headwind at the end of April. With improving profitability and cash flows, we will also focus on deleveraging the balance sheet and focusing capital allocation strategies on driving increased shareholder return.

隨著我們進入第二季度及以後，我們預計將達到或超過 50 個基點的擴張。總而言之，我們有能力抓住擺在我們面前的重大增長機會，儘管宏觀環境充滿挑戰且 GSA 逆風在 4 月底結束，但我們預計 2023 年的收入增長將繼續加快。隨著盈利能力和現金流的改善，我們還將專注於資產負債表的去槓桿化，並將資本配置策略集中在提高股東回報上。

With that, we're now happy to open the call for your questions. Operator, will you please open up the line for Q&A.

有了這個，我們現在很高興打開您的問題的電話。接線員，請您開通問答熱線。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Our first question is from the line of Kevin McVeigh with Credit Suisse.

謝謝。我們現在將進行問答環節。 （操作員說明）我們的第一個問題來自瑞士信貸的 Kevin McVeigh。

I don't know if this would be for Anthony or Bryan, but just, Brian, you started the last year with kind of a wider range on the organic growth, I think, 3% to 5%, that eventually narrowed about 100 basis points this year, it's a tighter range kind of 3% to 4.5%. Can you maybe help us some of the puts and takes, and it was a real good commentary on the GSA, but any other impacts to think about in terms of pricing or the impact of NetWise, Eyeota, so on and so forth. Just as we're thinking about that organic growth over the course of the year.

我不知道這是否適用於 Anthony 或 Bryan，但是，Brian，你去年開始時有機增長的範圍更廣，我認為是 3% 到 5%，最終縮小了大約 100 個基點今年的點，這是一個更窄的範圍，3% 到 4.5%。你能不能幫我們做一些買賣，這是對 GSA 的一個很好的評論，但在定價或 NetWise、Eyeota 等的影響方面需要考慮的任何其他影響。正如我們在考慮這一年的有機增長一樣。

Yes. Sure, Kevin. Thanks for the question. And so as we think about it, certainly, the first quarter is the most impacted by the GSA. We have 3, 4 months and so. It's about 110 bp headwind, and then we have a month of that in the second quarter. So after you get through that to the point you have the continued pricing power right in the base that we brought in. I think multiyear contracts have continued to be around 50-plus percent.

是的。當然，凱文。謝謝你的問題。因此，正如我們所考慮的那樣，第一季度當然是受 GSA 影響最大的季度。我們有 3、4 個月等等。這是大約 110 個基點的逆風，然後我們在第二季度有一個月的逆風。因此，在你完成這一點之後，你在我們引入的基礎上擁有持續的定價權。我認為多年合同繼續保持在 50% 以上。

North America pricing strategies have been implemented well and we're starting to see that now on the International side. That why Eyeota continued their strength through the end of the year. And so they lapped in as organic in November and December. And so we'll see them throughout 2023 from that comparison. And so really, it's about the continued progression into 2023 off of a good balance in 2022.

北美定價策略實施得很好，我們現在開始在國際方面看到這一點。這就是 Eyeota 在年底前繼續保持實力的原因。因此，他們在 11 月和 12 月以有機形式出現。因此，通過比較，我們將在整個 2023 年看到它們。因此，實際上，這是關於在 2022 年實現良好平衡的情況下繼續進入 2023 年。

Great. And then just really good guidance in terms of specificity. Any way to think about free cash flow in 2023?

偉大的。然後就特異性而言，這是非常好的指導。有什麼方法可以考慮 2023 年的自由現金流？

Yes. So the headwind to free cash flow is obviously going to be the increase in interest expense from that side of the equation. But outside of that, a lot of the things that we've had in the past, some of the restructuring, some of the M&A costs, et cetera, are starting to fall away. So we'd expect an increase -- an improvement to free cash flow and then clearly, from a capital allocation perspective, we'll be looking to invest in the business, as you see from the CapEx guidance, that's coming down almost 25%. And so tightening up from that perspective but continuing to focus on innovation. The dividend will continue to pay and then it's going to come down to -- in without some really attractive, I would say, M&A target out there or something from that perspective, we'll focus on deleveraging the business. We're at about 4x net leverage now. And certainly, through this year, we'll look to get below 4x and ultimately continue to drive that lower in the years to come.

是的。因此，自由現金流的逆風顯然將是等式那邊利息支出的增加。但除此之外，我們過去擁有的很多東西，一些重組，一些併購成本等等，都開始消失了。所以我們預計會增加——自由現金流的改善，然後很明顯，從資本配置的角度來看，我們將尋求投資於該業務，正如你從資本支出指南中看到的那樣，它下降了近 25% .因此，從這個角度收緊，但繼續專注於創新。股息將繼續支付，然後它會下降到——在沒有一些真正有吸引力的情況下，我想說，併購目標在那里或從那個角度來看，我們將專注於去槓桿化業務。我們現在的淨槓桿率約為 4 倍。當然，到今年為止，我們希望將其降至 4 倍以下，並最終在未來幾年繼續將其推低。

Our next question is from the line of Kyle Peterson with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Kyle Peterson。

Great. Just wanted to touch a little bit on the kind of slowdown in December that you guys talked about. Great to hear. It seems like things have kind of normalized and reversed course again kind of year-to-date here. But was that slowdown pretty broad-based? Or were there any kind of recurring themes or trends across whether it's verticals or GOs that jumped out to you guys?

偉大的。只是想稍微談談你們談到的 12 月的那種放緩。很高興聽到。年初至今，事情似乎又出現了正常化和逆轉的過程。但這種放緩的範圍很廣嗎？或者是否有任何類型的反復出現的主題或趨勢，無論是垂直領域還是 GO 都跳到了你們身上？

Sure, Kyle. Thanks for the question. Yes. No, it was fairly isolated to our Sales & Marketing and primarily our Master Data management, which -- as we said, as we look to January and February so far, we saw the results of snapping back to normal. So typically, what happens at the end of the year, people have a budget, and they'll use it and prepare themselves for the following year. And I think on what happened with many companies, and you see it on many of the other earnings calls that you've been on there's a real lockdown on not spending what budget what was there, but bringing it back to the bottom line. I think that was the cause.

當然，凱爾。謝謝你的問題。是的。不，它與我們的銷售和營銷以及主要是我們的主數據管理相當孤立，正如我們所說，到目前為止，我們看到了 1 月和 2 月恢復正常的結果。所以通常情況下，在年底發生的事情，人們有預算，他們會使用它並為下一年做好準備。而且我認為許多公司發生的事情，你在你參加過的許多其他財報電話會議上都看到了它，真正的鎖定是不花預算，而是把它帶回底線。我認為這是原因。

But when we look at the full year, we're pleased really with the momentum that we see. And also pointing to our Master Data management, it's really not tied to as much a sales event as clients who are already clients of ours and using the software, just not using it as much. And I think that's why we saw the quick snap back in January. If it was a sales effort, it would take time to sell it, contract it, implement it use it, bill it and then see revenue from it. So that's where we feel good about it. And also just our overall strength in our SMS portfolio that we have, it certainly stronger as we enter '23 than it was we enter 2022.

但是當我們回顧全年時，我們對我們看到的勢頭感到非常滿意。並且還指出我們的主數據管理，它實際上並沒有像已經是我們的客戶並使用該軟件的客戶那樣與銷售活動聯繫在一起，只是沒有那麼多地使用它。我認為這就是我們在 1 月份看到快速反彈的原因。如果這是一項銷售工作，則需要時間來銷售、簽訂合同、實施、使用、開具賬單，然後才能看到收入。所以這就是我們感覺良好的地方。而且我們在 SMS 產品組合中的整體實力，在我們進入 23 年時肯定比我們進入 2022 年時更強大。

Got it. That makes sense. And then just one quick kind of follow-up for me. Just thinking about as we kind of head into '23, at least on the organic kind of FX neutral growth outlook. How should we kind of think about the building blocks between potential pricing, upsell and cross-sell versus the addition of new logos as we head into the new year.

知道了。這就說得通了。然後對我來說只是一種快速的跟進。想想我們進入 23 年的時候，至少在有機的外匯中性增長前景上。在我們進入新的一年時，我們應該如何考慮潛在定價、追加銷售和交叉銷售與添加新標識之間的構建塊。

Yes. Kyle, from that side, I think our retention continued to be very strong and very high. So I think the full year ended up again over 96%. And so the first is continuing to leverage off of that. Price ended up as we exit the year, getting closer to a couple of points. And so when we think about progressing from that perspective into 2023, that's kind of the first building block for us now, which used to not be, frankly, when we got in here.

是的。凱爾，從這方面來說，我認為我們的保留率仍然非常高。所以我認為全年再次超過 96%。因此，第一個是繼續利用這一點。價格在我們結束這一年時結束，接近幾個點。因此，當我們考慮從這個角度進入 2023 年時，這是我們現在的第一個基石，坦率地說，當我們來到這裡時，這不是我們現在的基石。

Neeraj has done a nice job, too, on the International side with a lot of the migrations and integrations they went through in 2022. And that set the foundation and the groundwork for the International businesses, the U.K., Europe to start to take price from that perspective. After that, it's really about a combination of the upsell, cross-sell. We have a couple of vintages of new solutions that we're certainly excited about, especially as it focuses in on supply chain and third-party risk and compliance.

Neeraj 在國際方面也做得很好，他們在 2022 年經歷了許多遷移和整合。這為國際業務、英國、歐洲開始從中獲取價格奠定了基礎。那種觀點。在那之後，它實際上是關於追加銷售和交叉銷售的結合。我們有幾個新的解決方案，我們當然很興奮，特別是因為它專注於供應鍊和第三方風險與合規性。

And so penetrating those into our large and existing client base, especially in North America, is important. On the new logo side for North America, certainly, we've started to kind of turn the tide in terms of the digitalization and some of the new products we're introducing into the small- to medium-sized businesses. But really, throughout 2022, we were overcoming the tail end of that FTC order, which was something that frankly came out of, I think, 2016, 2017. So that side of it is really the mix we're looking to drive growth and then on the International side, frankly, the localization of new products, continuing to penetrate markets throughout Asia and Europe. And then frankly, they've done a nice job of getting some of those large and mega size clients that Dun & Bradstreet is known for. And so Anthony mentioned a list of those on the call about continue to expand with the largest and most significant players in Europe and Asia is definitely our strategy as we go forward.

因此，將這些滲透到我們龐大的現有客戶群中，尤其是在北美，是很重要的。當然，在北美的新標誌方面，我們已經開始在數字化和我們向中小型企業推出的一些新產品方面扭轉潮流。但實際上，在整個 2022 年，我們都在克服聯邦貿易委員會命令的尾聲，坦率地說，這是 2016 年和 2017 年出現的事情。因此，這方面確實是我們希望推動增長和然後在國際方面，坦率地說，新產品的本地化，繼續滲透整個亞洲和歐洲市場。然後坦率地說，他們在獲得 Dun & Bradstreet 聞名的一些大型客戶方面做得很好。因此，安東尼提到了一份關於繼續與歐洲和亞洲最大、最重要的參與者一起擴張的電話會議名單，這絕對是我們前進的戰略。

Yes. The only thing I'll add to that is we really think about it as 2 forces, right? There's the macro force that's out there that's obviously affecting many companies. And then we have our positive transformational force, which is helping us fight through and having us control more of our destiny than just throwing it up into the wind and seeing where the macro environment takes us. And it's really a combination of those 2 that we overlaid here.

是的。我要補充的唯一一件事是我們真的認為它是兩種力量，對吧？那裡的宏觀力量顯然正在影響許多公司。然後我們擁有積極的變革力量，它幫助我們戰勝並讓我們更多地控制自己的命運，而不是把它扔到風中，看看宏觀環境將我們帶向何方。它實際上是我們在此處覆蓋的那兩個的組合。

Our next question is from the line of Andrew Jeffrey with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Anthony, can you talk a little bit about, especially in the context of some of the more enterprise-focused wins that you've talked about. Can you talk a little bit about, I guess, the pipeline and sales cycles in light of the macro environment? Anything that's influencing your outlook in that regard?

安東尼，你能談談嗎，尤其是在你談到的一些更以企業為中心的勝利的背景下。你能談談宏觀環境下的管道和銷售週期嗎？在這方面有什麼影響你的看法嗎？

Sure, Andrew. I'd say for the most part, we continue to build momentum with clients in the enterprise space in a number of areas. One is the number -- well, first of all, I just step back, just the continued improvement that we're making in the business in every facet of the business, technology, data, product, analytics, client service, responsiveness, et cetera, again, a much stronger company than we were just a year ago even and where we're deeply entrenched in our enterprise accounts, they're highly referenceable, incredibly sticky.

當然，安德魯。我想說的是，在大多數情況下，我們將繼續在許多領域的企業領域與客戶建立勢頭。一個是數字——好吧，首先，我只是退後一步，只是我們在業務、技術、數據、產品、分析、客戶服務、響應能力等各個方面對業務進行的持續改進等等，再一次，一家比一年前更強大的公司，甚至在我們深深紮根於我們的企業賬戶的地方，它們具有很高的參考性，令人難以置信的粘性。

And so we have the opportunity to drive some of our new solutions into those accounts. New solutions such as ESG, for example, our Risk Analytics, some of the more modern updates where we've migrated clients onto from more legacy end point solutions. And I'd say as we continue to get more and more success in that space, it's helping on the new logo side from an enterprise perspective. In North America, we have many, right? We've got a very large penetration of the largest enterprises in North America. So for there, it's continued to get the remaining ones but also drive more solution sales into those accounts, broaden and deepen them.

因此，我們有機會將我們的一些新解決方案推向這些客戶。 ESG 等新解決方案，例如我們的風險分析，一些更現代的更新，我們已將客戶從更多遺留端點解決方案遷移到這些更新中。我想說的是，隨著我們在該領域繼續取得越來越多的成功，從企業的角度來看，它在新徽標方面有所幫助。在北美，我們有很多，對吧？我們對北美最大的企業有很大的滲透。因此，在那裡，它繼續獲得剩餘的，但也推動更多解決方案銷售到這些客戶中，擴大和加深它們。

And International, where there's so much greenfield, and we're bringing so much capability into those markets. Our leadership team is really doing a great job driving it into large enterprise clients there as well. And we just every quarter, sign more and more exciting logos.

還有國際，那裡有很多綠地，我們正在為這些市場帶來如此多的能力。我們的領導團隊在將其推向那裡的大型企業客戶方面確實做得很好。而且我們每個季度都會簽下越來越多令人興奮的標誌。

Okay. I appreciate that. And could you just drill down a little bit on pricing trends. It sounds like you're migrating some of the pricing rationalization from the U.S. to rest of world. Is that just sort of catch-up or is that -- are we seeing pricing evolve around some of the new capabilities that you're talking about?

好的。我很感激。你能不能深入了解一下定價趨勢。聽起來您正在將一些定價合理化從美國轉移到世界其他地方。這只是一種追趕，還是——我們是否看到定價圍繞您正在談論的一些新功能而演變？

Yes, I'd say from a pricing, it's a couple of things, Andrew. The first is just the general improvement we continue to make in the business in supporting our clients, you earn the right for price there. But also probably more fundamentally, as we're migrating our clients from our legacy systems to our next-generation systems there's an opportunity there on the price side as well. And more so, in addition, I know you asked about price. But with them being on our modern platforms, there's an easier opportunity for us to cross-sell a module into it. So for example, of a client on Risk Analytics, which is our most modern version of the solution, they can acquire ESG data, which is one of the most used data sets, for example, in Risk Analytics. And it's easier for them to buy and implement it, et cetera. So it's really a combination of the 2.

是的，我會從定價上說，這是幾件事，安德魯。首先是我們在支持客戶方面繼續在業務中進行的總體改進，您在那裡獲得了價格的權利。但也可能更根本的是，隨著我們將客戶從我們的遺留系統遷移到我們的下一代系統，價格方面也有機會。更重要的是，此外，我知道你問過價格。但隨著它們出現在我們的現代平台上，我們可以更輕鬆地向其中交叉銷售模塊。因此，例如，我們最現代版本的解決方案 Risk Analytics 的客戶可以獲取 ESG 數據，這是最常用的數據集之一，例如在 Risk Analytics 中。他們更容易購買和實施它，等等。所以它真的是兩者的結合。

And as we, again, spend more time with clients and look at the value that we're driving for them, we believe that even in spite of this macro environment that's in front of us, we're providing real value and have support on the pricing side.

當我們再次花更多的時間與客戶在一起並審視我們為他們帶來的價值時，我們相信，儘管我們面前的宏觀環境如此，但我們仍在提供真正的價值並提供支持定價方面。

Our next question is from the line of Manav Patnaik with Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

My first question is just the top line growth, I guess, 3% to 4.5%. Can you help us with kind of what do you expect between North America and International? And just to confirm, does the outlook assume a tougher backdrop like you saw in December? Or are you assuming it's back to normal?

我的第一個問題只是收入增長，我猜是 3% 到 4.5%。你能幫助我們了解一下你對北美和國際之間的期望嗎？只是為了確認一下，前景是否假設了像您在 12 月看到的那樣更艱難的背景？或者你假設它恢復正常了嗎？

Yes. Manav, what I would say is that as we look into 2023, and I think you've heard this pretty consistently across the board that we expect a tougher backdrop in 2023. And so certainly, what we have and we knew about the GSA right coming into it.

是的。 Manav，我想說的是，當我們展望 2023 年時，我認為你已經普遍聽到我們預計 2023 年會出現更艱難的背景。當然，我們所擁有的和我們對 GSA 的了解是正確的進入它。

The overall macro environment is one that we're just expecting to be, I would say, relatively challenging throughout 2023. And so as Anthony said, we're kind of balancing that potentially tougher macro environment overall with the transformation, the new innovation we're bringing from that perspective. If we look at North America versus International, we're expecting International to grow, I would say, a little bit faster than North America, but not significantly more from that perspective. So I think more like a point from the differential between the 2 segments.

我想說，整個 2023 年的整體宏觀環境是我們預計的相對具有挑戰性的環境。正如安東尼所說，我們在某種程度上平衡了整體可能更加艱難的宏觀環境與轉型，我們的新創新從那個角度帶來。如果我們看看北美與國際的對比，我們預計國際的增長，我會說，比北美快一點，但從那個角度來看並不明顯。所以我認為更像是兩個細分市場之間差異的一個點。

Got it. And just a more bigger picture question, like how connected is Finance and Risk to Sales & Marketing in terms of whether it's the data sharing, the technology, et cetera, like can they coexist separate from each other? Or how tied up are they?

知道了。還有一個更宏觀的問題，比如財務和風險與銷售和營銷在數據共享、技術等方面的聯繫如何，比如它們能否彼此分開共存？或者他們有多緊密？

They're really tightly connected. And that's why we've kind of aggregated them the way we did. Finance and Risk is, obviously, from the use case we're solving for, for the executives we're selling to in a corporation. And Sales & Marketing, obviously, those 2 are lumped together. There's value obviously and some synergy in terms of the data that we have overall, such as from an MDM perspective, having organizations key off the D-U-N-S Number, funds their data, enrich it, et cetera.

他們真的緊密相連。這就是為什麼我們以我們的方式聚合它們的原因。很明顯，財務和風險來自於我們正在解決的用例，適用於我們要向公司銷售的高管。顯然，銷售和市場營銷將這兩者混為一談。就我們擁有的整體數據而言，顯然具有價值和一些協同作用，例如從 MDM 的角度來看，讓組織關閉 D-U-N-S 編號，資助他們的數據，豐富它等等。

The visibility that we have into all of these companies is incredibly powerful as well, right? So talked about all the customer supplier relationships that we have. I mean it's incredibly impressive, I think. And so whether you use that for Finance and Risk, use cases or Sales & Marketing, that's kind of how we got in. But the 2 businesses are really, I'd say, fundamentally different from that perspective.

我們對所有這些公司的了解也非常強大，對吧？所以談到了我們擁有的所有客戶供應商關係。我的意思是，我認為這令人印象深刻。因此，無論您將其用於財務和風險、用例還是銷售和營銷，這都是我們進入的方式。但我想說，從這個角度來看，這兩家公司確實存在根本不同。

Our next question is from the line of Ashish Sabadra with RBC Capital.

我們的下一個問題來自 RBC Capital 的 Ashish Sabadra。

This is John filling in for Ashish. Could you just touch on kind of the longer-term runway for supply chain, KYC and maybe just also ESG and kind of what we're seeing today and really how much kind of these revenues do you expect to continue in '23? And how should we think about the (inaudible)

我是 John 代替 Ashish。您能否談談供應鏈的長期跑道、KYC，也許還有 ESG 以及我們今天看到的情況，以及您預計這些收入在 23 年會持續多少？我們應該如何考慮（聽不清）

Well, John, those areas have been really great successful drivers for us and will continue to be because the demand for them continues to grow. So supply chain, visibility and illumination is a key one. I know your customer; the bar continues to be elevated there. And we believe we've got the data and insights at such a deep level that we can provide differentiation and with ESG, I know something, it may be a flash in the pan, but we believe it's here to stay and it's going to continue. And so like I said, ESG is one of our most used data sets in our Risk Analytics portfolio.

好吧，約翰，這些領域對我們來說確實是非常成功的驅動力，並將繼續如此，因為對它們的需求持續增長。因此，供應鏈、知名度和照明是關鍵。我認識你的客戶；那裡的門檻繼續提高。而且我們相信我們已經獲得瞭如此深層次的數據和見解，我們可以提供差異化和 ESG，我知道一些事情，這可能是曇花一現，但我們相信它會留下來並且會繼續下去.所以就像我說的，ESG 是我們風險分析產品組合中最常用的數據集之一。

So we think those areas are really in demand. We think we have a real unique differentiation in them and are going to have a lot of success in the coming year and years selling.

所以我們認為這些領域確實有需求。我們認為我們在他們身上有真正獨特的差異化，並將在未來一年和幾年的銷售中取得很大成功。

That's great color. And maybe just quickly touching on technology. Could you just mention kind of what we're in and really how much of the heavy lifting has already been done? And maybe just any other kind of preview given to the up for Investor Day?

那是很棒的顏色。也許只是快速接觸技術。您能否簡單介紹一下我們目前的工作以及實際上已經完成了多少繁重的工作？也許只是為投資者日提供的任何其他類型的預覽？

Sure. And look, I'm excited for us to have our Investor Day next week and for us to go into a lot more detail on all the improvements that we've made. We have really one of the world's most sophisticated data ingestion and modeling engines in Dun & Bradstreet, and the team has done a remarkable job continuing to improve it. As I said in my prepared remarks, simplifying it, speeding up 10x with a 30% simplification. So it's really exciting to see what the team is doing that way.

當然。看，我很高興我們下周有我們的投資者日，並且讓我們更詳細地了解我們所做的所有改進。我們在 Dun & Bradstreet 擁有真正世界上最複雜的數據攝取和建模引擎之一，並且該團隊在不斷改進它方面做得非常出色。正如我在準備好的發言中所說，簡化它，在 30% 的簡化下加速 10 倍。所以看到團隊以這種方式做的事情真的很令人興奮。

And on Investor Day, we'll go into a lot more detail around that to give you more color, not just on the technology, but also the data and the operations that go behind it and really give a good snapshot of where we are as a company versus where we were. I'm really proud of the accomplishments of the team. And especially as we continue to grow organically and the foundation that we lay for ourselves every year. When I look back at the beginning of last year, I'm pleased that we stayed inside of our original guidance that we gave at the beginning of 2022.

在投資者日，我們將深入探討更多細節，為您提供更多色彩，不僅是技術，還有其背後的數據和運營，並真正提供我們所處位置的良好快照一家公司與我們所在的位置。我真的為團隊的成就感到自豪。尤其是隨著我們繼續有機增長以及我們每年為自己奠定的基礎。回顧去年年初，我很高興我們沒有超出 2022 年初給出的最初指導方針。

There's a very turbulent year, not many companies stayed inside the range. So I was proud of how the team thought that way. And also, as I look at our goal of getting to mid-single digits, if you look at 2022, we had 3.5% growth, adjusted for the GSA of 4.4%. We're knocking on the door of 5% and I also look at it a different way as well, where if I look at the 2, I'll say, challenges that we took on when we took over the company with the GSA and the FTC Order and our credibility business, extracting those 2 areas, which is just under 10% of our total company revenue growth.

這是非常動蕩的一年，沒有多少公司留在範圍內。所以我為團隊的想法感到自豪。而且，當我看到我們達到中等個位數的目標時，如果你看看 2022 年，我們的增長率為 3.5%，針對 4.4% 的 GSA 進行了調整。我們正在敲開 5% 的大門，我也以不同的方式看待它，如果我看一下 2，我會說，我們在與 GSA 接管公司時所面臨的挑戰，以及FTC 命令和我們的信譽業務，提取這兩個領域，這兩個領域僅占我們公司總收入增長的不到 10%。

We have 90% of revenues of our company growing at over mid-single digits. It's growing above 5%, almost 6% growth. So we got 90% growing in that range we want. We've got another 10% and the type of team that we have, we've proven we knock things off the list, and we're focused on it. We'll lock these off the list as well.

我們公司 90% 的收入都以超過中個位數的速度增長。它的增長率超過 5%，接近 6%。所以我們在我們想要的範圍內增長了 90%。我們還有另外 10% 和我們擁有的團隊類型，我們已經證明我們把事情從列表中剔除，並且我們專注於它。我們也會將它們從列表中刪除。

Our next question is from the line of Andrew Steinerman with JPMorgan.

我們的下一個問題來自摩根大通的 Andrew Steinerman。

I wanted to focus in on the fourth quarter North American Finance and Risk growth, which decelerated from the third quarter, both had the -- I assume the same drag from the GSA contract, you can mention if the drag was different. But I want to know why the North American Finance and Risk business decelerated in the fourth quarter year-over-year. And particularly, if you could talk to something like client retention rate, has client retention rate changed in North America Risk?

我想關注第四季度北美金融和風險增長，它從第三季度開始減速，兩者都有 - 我假設 GSA 合同的拖累相同，你可以提及拖累是否不同。但我想知道為什麼北美金融和風險業務在第四季度同比下降。特別是，如果您可以談談客戶保留率之類的東西，北美風險的客戶保留率是否發生了變化？

I know you talked a lot about renewals, but how is the North American Finance and Risk or if you want to talk to overall client retention rate in '22 compared to the year before.

我知道你談了很多關於續約的問題，但北美金融和風險如何，或者你想談談 22 年與前一年相比的總體客戶保留率。

Yes, Andrew, thanks. It's a -- it really came down to the 2 pieces that actually Anthony just called out. And so when we look at the Finance and Risk business and kind of bifurcate it third-party risk and compliance with the supply chain continued to grow very strongly, right? And so we talked about another double-digit plus growth from that perspective.

是的，安德魯，謝謝。這是一個 - 它真的歸結為實際上 Anthony 剛剛喊出的 2 個部分。因此，當我們審視金融和風險業務並將其分叉時，第三方風險和供應鏈合規性繼續強勁增長，對吧？因此，我們從這個角度討論了另一個兩位數以上的增長。

Finance Solutions continued. And so think about that as like the Finance Solutions for medium and larger-sized businesses, again, has the pricing multiyear contracts. So it's very consistent. Those 2 really high retention rates, really strong from that perspective. The SMB business, I mean, frankly, as we progress through and something that we saw with that the FTC Order and the impact from that perspective, especially on the renewal side. That impacted us. And so where -- originally, when we went into the year, we had anticipated that starting to improve by the fourth quarter. As we progressed, we saw -- I mean, it was still a continued decline, Andrew in Q4 and then the drop from the government side was the GSA. It also -- when we look at that government business, it has a mix of kind of ratable renewable contracts.

財務解決方案繼續。因此，將其視為大中型企業的財務解決方案同樣具有多年期定價合同。所以它非常一致。這 2 個保留率非常高，從這個角度來看非常強大。 SMB 業務，我的意思是，坦率地說，隨著我們的進步，我們看到了 FTC 訂單以及從這個角度來看的影響，尤其是在續訂方面。那影響了我們。所以在哪裡 - 最初，當我們進入這一年時，我們預計到第四季度開始有所改善。隨著我們的進步，我們看到——我的意思是，它仍然在持續下降，安德魯在第四季度，然後政府方面的下降是 GSA。它還 - 當我們看那個政府業務時，它有多種可再生合同。

But then it has contracts with existing customers that have more flex in their spend in any given quarter. So it becomes more project-based from that perspective. So while we weren't losing customers from that side, we certainly had a few customers that had less project spend in the quarter and that -- those were really the impacts of that Finance and Risk business. And so while the core, the Finance Solutions, the third-risk and compliance continue to be strong, it was really those 2 elements of the legacy credibility in the Government Solutions side that were the drag.

但隨後它與現有客戶簽訂了合同，這些客戶在任何給定季度的支出都更加靈活。所以從這個角度來看，它變得更加基於項目。因此，雖然我們沒有從那方面失去客戶，但我們肯定有一些客戶在本季度的項目支出較少，而且 - 這些確實是金融和風險業務的影響。因此，雖然核心、財務解決方案、第三風險和合規性繼續保持強勁，但真正拖累的是政府解決方案方面遺留信譽的這兩個要素。

That makes sense. And the GSA drag was the same, right, fourth quarter and third quarter?

這就說得通了。 GSA 拖累是一樣的，對吧，第四季度和第三季度？

GSA drag the same. And then there were some other business again that was not necessarily a customer that went away, but a customer that utilized less and spent less in the fourth quarter than they did on a prior year basis.

GSA拖一樣。然後又出現了一些其他業務，這些業務不一定是離開的客戶，而是在第四季度比去年同期使用更少且花費更少的客戶。

Our next question is from the line of George Tong with Goldman Sachs.

我們的下一個問題來自高盛集團的 George Tong。

Your full year organic revenue growth guidance of 3% to 4.5% is relatively wide. Can you elaborate on what macro and company-specific conditions would get you to the upper versus lower end of the guidance range?

您 3% 至 4.5% 的全年有機收入增長指導相對較寬。您能否詳細說明哪些宏觀和公司特定條件會讓您達到指導範圍的上限和下限？

Yes, George, so it's a little tighter than last year. So as Anthony said, we're always looking to improve the business from that side. But as we go into any given year, we're looking at the range of outcomes from a macro perspective. So obviously, Manav mentioned earlier, we're looking at 2023 as a pretty challenging macro environment from that perspective.

是的，喬治，所以比去年更緊了。正如安東尼所說，我們一直在尋求從這方面改善業務。但當我們進入任何一年時，我們都會從宏觀角度審視結果的範圍。很明顯，Manav 之前提到過，從這個角度來看，我們將 2023 年視為一個極具挑戰性的宏觀環境。

So what could put us at, for instance, the higher end of the range? The adoption of some of the new solutions that we've driven from that perspective earlier in the year, a little bit better of an overall macro environment, budget and spending environment. Those things, while our revenue is not necessarily tied in the very short term to an immediate sale. Clearly, a sale earlier in the year allows for higher compounding from a ratable revenue perspective as it grows throughout the year.

那麼什麼可以讓我們處於範圍的高端呢？我們在今年早些時候從這個角度推動了一些新解決方案的採用，整體宏觀環境、預算和支出環境略有改善。那些東西，雖然我們的收入在短期內不一定與立即銷售掛鉤。顯然，隨著全年的增長，從可比收入的角度來看，今年早些時候的銷售可以實現更高的複利。

And so if we get some improving conditions and we see a little bit better penetration on the cross-sell, upsell from our GTM strategies, then certainly, it could be towards the higher end. When you look at the lower end, again, kind of what we saw from that perspective, it's where if some of the usage right or we see a little bit heavier churn, for instance, on the credibility side that's not made up from that perspective.

因此，如果我們得到一些改善的條件，並且我們看到交叉銷售的滲透率有所提高，我們的 GTM 策略的追加銷售，那麼當然，它可能會走向更高端。當你再次查看低端時，就像我們從那個角度看到的那樣，如果一些使用正確或者我們看到稍微更嚴重的流失，例如，在可信度方面，不是從那個角度彌補的.

Those are the types of things that give you a little bit of variability in any given year. But to Anthony's point, the place where we saw a small amount of volatility in December, is something that already in January and early February, we've seen bounce back to more normalized levels. So we'll keep an eye on it from that perspective, George, but we always want to give that range of outcome knowing that while it's relatively tight from a dollar perspective, there is a little bit of flex based off of some sales around the edges and then some usage.

這些是在任何給定年份都會給您帶來一些變化的事物類型。但就 Anthony 的觀點而言，我們在 12 月看到的小幅波動，在 1 月和 2 月初已經出現，我們已經看到反彈到更正常的水平。所以我們會從這個角度關注它，George，但我們總是想給出這個範圍的結果，因為我們知道雖然從美元的角度來看它相對緊張，但根據周圍的一些銷售情況會有一些彈性邊緣然後一些用法。

Got it. That's helpful. You touched on how the slowdown in client spend in 4Q was mainly in Sales & Marketing. Can you provide your organic growth expectations for Sales & Marketing versus Finance and Risk for 2023?

知道了。這很有幫助。您談到了第四季度客戶支出的放緩主要是在銷售和營銷方面。您能否提供您對 2023 年銷售和營銷與財務和風險的有機增長預期？

Yes. So overall, what I would say is that in North America, George, we're expecting Finance and Risk to grow a little bit faster than the Sales & Marketing side. And then in the International side, it's a little bit different. The International business is much more Finance and Risk oriented already. So I think it's about 80% of the revenues are Finance and Risk.

是的。所以總的來說，我要說的是，在北美，喬治，我們預計財務和風險的增長速度會比銷售和營銷方面快一點。然後在國際方面，情況有點不同。國際業務已經更加以金融和風險為導向。所以我認為大約 80% 的收入來自財務和風險。

And so that smaller base while we're introducing new solutions into those markets, it's actually growing a little bit faster, right, than the Finance and Risk side. But if you're blending the 2 overall, I would say, Finance and Risk for Dun & Bradstreet total is expected to outpace Sales & Marketing in 2023.

因此，當我們向這些市場引入新解決方案時，較小的基數實際上比金融和風險方面增長得更快一些。但是，如果您將這兩者結合起來，我想說的是，到 2023 年，鄧白氏的財務和風險業務預計將超過銷售和營銷業務。

That was the last question for the question-and-answer session. I would like to turn the floor back over to Anthony Jabbour for closing comments.

這是問答環節的最後一個問題。我想將發言權轉回給 Anthony Jabbour，請他發表結束評論。

Thank you. As always, I'd like to thank my Dun & Bradstreet colleagues for their exceptional efforts. To sustainably grow our business for the years to come and to our great clients for their partnership and guidance. Thank you for your interest in Dun & Bradstreet, and we hope -- and we look forward to seeing many of you next week, hopefully. Have a wonderful rest of your day.

謝謝。一如既往，我要感謝我的 Dun & Bradstreet 同事所做的非凡努力。為了在未來幾年可持續地發展我們的業務，並感謝我們偉大的客戶的合作和指導。感謝您對 Dun & Bradstreet 的關注，我們希望 - 我們期待著在下週見到你們中的許多人，希望如此。祝您度過美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。