Factset Research Systems Inc (FDS) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to FactSet's Third Fiscal Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，美好的一天。感謝您的支持，歡迎參加 FactSet 的 2022 財年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker host, Kendra Brown, Head of Investor Relations.

我現在想將會議交給您的演講主持人，投資者關係主管 Kendra Brown。

Thank you, and good morning, everyone. Welcome to FactSet's Third Fiscal Quarter 2022 Earnings Call. Before we begin, I would like to point out that the slides we will reference during this presentation can be accessed via the webcast on the Investor Relations section of our website at factset.com. The slides will be posted on our website at the conclusion of this call. A replay of today's call will be available via phone and on our website. (Operator Instructions)

謝謝大家，大家早上好。歡迎來到 FactSet 的 2022 財年第三季度財報電話會議。在開始之前，我想指出，我們將在本演示文稿中參考的幻燈片可以通過我們網站 factset.com 的投資者關係部分的網絡廣播進行訪問。幻燈片將在本次電話會議結束時發佈在我們的網站上。今天的電話會議將通過電話和我們的網站重播。 （操作員說明）

Before we discuss our results, I encourage all listeners to review the legal notice on Slide 2, which explains the risks of forward-looking statements and the use of non-GAAP financial measures. Additionally, please refer to our Forms 10-K and 10-Q for a discussion of risk factors that could cause actual results to differ materially from these forward-looking statements. Our slide presentation and discussions on this call will include certain non-GAAP financial measures. For such measures, reconciliation to the most directly comparable GAAP measures are in the appendix to the presentation and in our earnings release issued earlier today.

在我們討論我們的結果之前，我鼓勵所有聽眾查看幻燈片 2 上的法律聲明，其中解釋了前瞻性陳述的風險和使用非公認會計準則財務措施。此外，請參閱我們的 10-K 和 10-Q 表格，了解可能導致實際結果與這些前瞻性陳述產生重大差異的風險因素的討論。我們在本次電話會議上的幻燈片演示和討論將包括某些非公認會計原則財務措施。對於此類措施，與最直接可比的公認會計原則措施的對賬在演示文稿的附錄和我們今天早些時候發布的收益報告中。

Joining me today are Phil Snow, Chief Executive Officer; and Linda Huber, Chief Financial Officer. I will now turn the discussion over to Phil Snow.

今天加入我的是首席執行官菲爾·斯諾（Phil Snow）；和首席財務官 Linda Huber。我現在將討論交給菲爾·斯諾。

Thank you, Kendra, and hello, everyone. Thanks for joining us today. I'm pleased to share our strong third quarter results as we delivered another exceptional quarter with double-digit ASV growth. As we enter our fiscal fourth quarter of 2022, we are building on our momentum and are well positioned for the year-end. Given this outlook, we are guiding to the high end of our previously discussed financial ranges, except for the tax rate, which will be at the low end of the range. Linda will speak more about this in a moment.

謝謝你，肯德拉，大家好。感謝您今天加入我們。我很高興與大家分享我們強勁的第三季度業績，因為我們實現了另一個具有兩位數 ASV 增長的特殊季度。隨著我們進入 2022 財年第四季度，我們正在鞏固我們的勢頭，並為年底做好準備。鑑於這一前景，我們將引導至我們之前討論的財務範圍的高端，但稅率將處於該範圍的低端。 Linda 稍後會詳細介紹這一點。

Our organic ASV plus professional services growth accelerated to 10% in the third quarter, with strength across all workflow solutions and regions. Growth was primarily driven by analytics with success globally from asset managers and asset owners as well as large partnership wins and increased demand from wealth management firms.

第三季度，我們的有機 ASV 和專業服務增長加速至 10%，在所有工作流解決方案和地區都表現強勁。增長主要由分析驅動，資產管理公司和資產所有者在全球範圍內取得了成功，以及大型合作夥伴關係的勝利和財富管理公司的需求增加。

Our sales and client-facing teams continue to outperform, increasing the pace of our top line progress. We saw acceleration in year-over-year growth from all client types, reflecting our success in building the leading open content and analytics platform. We once again saw the continuation of double-digit growth in banking, wealth, hedge funds, corporate clients, partners and private equity and venture capital funds.

我們的銷售和麵向客戶的團隊繼續表現出色，加快了我們頂線進展的步伐。我們看到所有客戶類型的同比增長都在加速，這反映了我們在構建領先的開放內容和分析平台方面取得的成功。我們再次看到銀行業、財富、對沖基金、企業客戶、合作夥伴以及私募股權和風險投資基金繼續保持兩位數的增長。

Stronger retention and accelerated expansion drove demand for our content and digital solutions for existing clients. And for new business, growth was driven by our workstation with solid performance in the Americas and EMEA, and continued small and medium wins across all regions.

更強的保留率和加速擴張推動了現有客戶對我們的內容和數字解決方案的需求。對於新業務，增長是由我們的工作站推動的，在美洲和歐洲、中東和非洲地區表現穩定，並在所有地區持續贏得中小型企業。

Adjusted EPS increased 38% from the prior year period given our ASV growth and disciplined expense management. Our third quarter adjusted operating margin also expanded 500 basis points year-over-year to 36.6%. About 2/3 of this margin expansion came from the addition of CUSIP Global Services, or CGS, while the remaining 1/3 came from our core business. Our fourth quarter pipeline continues to look strong, providing a tailwind for the remainder of fiscal 2022.

鑑於我們的 ASV 增長和嚴格的費用管理，調整後的每股收益比去年同期增長了 38%。我們第三季度調整後的營業利潤率也同比增長 500 個基點至 36.6%。大約 2/3 的利潤增長來自於 CUSIP 全球服務 (CGS) 的增加，而剩餘的 1/3 來自我們的核心業務。我們的第四季度管道繼續看起來強勁，為 2022 財年剩餘時間提供了順風。

Our third quarter performance is the result of intense focus on the strategic initiatives we showcased at Investor Day, scaling our content refinery, delivering next-generation workflow solutions and enhancing the client experience with an open platform and hyper personalization. These key differentiators drive top line growth and enable us to capture more of the addressable market.

我們第三季度的業績是高度關注我們在投資者日展示的戰略舉措、擴展我們的內容提煉、提供下一代工作流程解決方案以及通過開放平台和超個性化增強客戶體驗的結果。這些關鍵的差異化推動了收入增長，並使我們能夠佔領更多的潛在市場。

FactSet's open platform powers the portfolio life cycle with market-leading solutions. Our portfolio analytics and trading products for the front and middle office drive broad-based growth on the buy side. Ongoing investment in the front office is paying dividends as the momentum and acceleration of our front office capabilities continues to grow. These multi-asset class portfolio analytics continue to see healthy client demand, thanks to our differentiating buy-side attribution and risk capabilities.

FactSet 的開放平台通過市場領先的解決方案為投資組合生命週期提供支持。我們面向前台和中台的投資組合分析和交易產品推動了買方的廣泛增長。隨著我們前台能力的勢頭和加速持續增長，對前台的持續投資正在帶來紅利。由於我們差異化的買方歸因和風險能力，這些多資產類別的投資組合分析繼續看到健康的客戶需求。

Our content refinery is driving growth in Content and Technology Solutions, or CTS, our off-platform business. As you may recall from Investor Day, this business delivers proprietary and third-party content to clients in several ways, including data feeds, APIs or increasingly, the cloud. FactSet suite of off-platform solutions offers our clients the flexibility to decide where and how they will consume their data. And our ability to concord or connect data is a real differentiator.

我們的內容提煉正在推動我們的非平台業務內容和技術解決方案（CTS）的增長。您可能還記得投資者日，該業務以多種方式向客戶提供專有和第三方內容，包括數據饋送、API 或越來越多的雲。 FactSet 平台外解決方案套件讓我們的客戶能夠靈活地決定他們將在何處以及如何使用他們的數據。我們協調或連接數據的能力是一個真正的差異化因素。

As clients increasingly want to consume data programmatically, we're expanding our robust suite of data management and workflow solutions. CUSIP Global Services, a CTS business component, is a great example of this expansion. I'm pleased with the performance of the CGS team. Its integration with FactSet has gone very well. Together, our teams are working to expand the business, focusing on private companies, ESG, digital assets and issuance trends. These opportunities are promising, but several will take time, so it's still early days. Linda will discuss CGS' performance in more detail later in the call.

隨著客戶越來越希望以編程方式使用數據，我們正在擴展我們強大的數據管理和工作流解決方案套件。 CTS 業務組件 CUSIP 全球服務就是這種擴展的一個很好的例子。我對 CGS 團隊的表現感到滿意。它與 FactSet 的集成非常順利。我們的團隊正在共同努力拓展業務，重點關注私營公司、ESG、數字資產和發行趨勢。這些機會是有希望的，但有幾個需要時間，所以現在還為時尚早。 Linda 稍後將在電話會議中更詳細地討論 CGS 的表現。

In the current volatile market, our investments in content and workflow solutions put us in a resilient position. Our clients clearly recognize the value of our diverse product portfolio, and we are committed to increasing the pace of these investments for the next few years. We will continue to invest in our content refinery, building on our offerings in ESG, deep sector, real-time, private markets and wealth. And as we discussed at Investor Day, our investments drive client demand and will be a driver of growth in the years to come.

在當前動蕩的市場中，我們對內容和工作流程解決方案的投資使我們處於彈性位置。我們的客戶清楚地認識到我們多樣化產品組合的價值，我們致力於在未來幾年加快這些投資的步伐。我們將繼續投資於我們的內容提煉，以我們在 ESG、深度領域、實時、私人市場和財富方面的產品為基礎。正如我們在投資者日所討論的那樣，我們的投資推動了客戶需求，並將成為未來幾年增長的驅動力。

Looking across our regions, we saw broad-based acceleration across all our markets. The Americas continues to be the biggest contributor to growth with organic ASV growth accelerating to 10.1%. This was driven by research and advisory with the workstation driving new business, especially among corporates. Expansion was driven largely by wins at wealth clients.

縱觀我們的地區，我們看到我們所有市場的廣泛加速。美洲仍然是增長的最大貢獻者，有機 ASV 增長加速至 10.1%。這是由工作站推動新業務的研究和諮詢推動的，尤其是在企業中。擴張主要是由財富客戶的勝利推動的。

In EMEA, ASV growth accelerated to 8.3%. Workstation sales drove growth with asset managers and banks. We saw increased ASV capture in the region due to the international price increase, better price realization and workstation expansion. New business also contributed to growth, driven by increased workstation sales within wealth funds.

在 EMEA，ASV 增長加速至 8.3%。工作站銷售推動了資產管理公司和銀行的增長。由於國際價格上漲、更好的價格實現和工作站擴展，我們看到該地區的 ASV 捕獲量增加。受財富基金內工作站銷售增長的推動，新業務也促進了增長。

Asia Pacific's performance remained strong with ASV growth at 14.3%, driven by demand from asset managers and vested owners. We saw higher retention and expansion among existing clients across many countries. Both CTS and analytics contributed to growth with higher expansion with asset owners and asset managers, respectively.

在資產管理公司和既得所有者的需求的推動下，亞太地區的表現依然強勁，ASV 增長 14.3%。我們在許多國家/地區的現有客戶中看到了更高的保留和擴展。 CTS 和分析分別通過資產所有者和資產管理公司的更高擴張為增長做出了貢獻。

In summary, I'm very pleased with our third quarter performance. We continue to invest in our business and platform, which is paying off, giving us good momentum as we head into the fourth quarter. Looking ahead, we are confident in our strategy and ability to navigate volatile markets. We remain committed to the medium-term outlook we shared at Investor Day of 8% to 9% ASV growth, 11% to 13% EPS growth and 35% to 36% adjusted operating margin.

總之，我對我們第三季度的表現感到非常滿意。我們繼續投資於我們的業務和平台，這正在取得回報，為我們進入第四季度提供了良好的動力。展望未來，我們對我們應對動盪市場的戰略和能力充滿信心。我們仍然致力於我們在投資者日分享的中期前景，即 ASV 增長 8% 至 9%，每股收益增長 11% 至 13%，調整後的營業利潤率增長 35% 至 36%。

FactSet has a proven history of growth in volatile markets. Our subscription-based model provides stability and fosters client retention. We're prepared for potential downturn scenarios with specific levers to reduce our spending if necessary, even as we continue to invest in our business, which Linda will discuss in more detail. Ultimately, our open platform, content refinery and personalized workflow solutions will continue to set us apart.

FactSet 在動蕩的市場中擁有成熟的增長歷史。我們基於訂閱的模型提供穩定性並促進客戶保留。即使我們繼續投資於我們的業務，我們也已準備好應對潛在的經濟低迷情景，並在必要時通過特定槓桿減少支出，Linda 將對此進行更詳細的討論。最終，我們的開放平台、內容提煉和個性化工作流程解決方案將繼續讓我們脫穎而出。

Underpinning all our efforts is our incredible team. Our culture is a key differentiator in this competitive environment, and we're committed to attracting, retaining and developing top talent. Like many of you, our leadership team has increased our in-person interactions. It's been great to meet with clients again, have visitors in our offices and engage with FactSetters face-to-face. We provide flexibility for our employees with our hybrid work model, which has been very well received, and I'm proud of the work our team does every day to deliver on our goals and constantly improve our products.

支撐我們所有努力的是我們令人難以置信的團隊。在這個競爭激烈的環境中，我們的文化是一個關鍵的差異化因素，我們致力於吸引、留住和培養頂尖人才。像你們中的許多人一樣，我們的領導團隊增加了我們的面對面互動。很高興再次與客戶會面，在我們的辦公室有來訪者並與 FactSetters 面對面交流。我們通過混合工作模式為員工提供靈活性，這種模式非常受歡迎，我為我們的團隊每天為實現我們的目標和不斷改進我們的產品所做的工作感到自豪。

I will now turn it over to Linda to take you through the specifics of our Q3 performance.

我現在將把它交給琳達，帶您了解我們第三季度業績的具體情況。

Thank you, Phil, and hello to everyone on the call. As you've seen from our press release this morning, we are pleased to report continued acceleration in our top line with double-digit growth year-over-year in revenues, organic ASV and adjusted diluted EPS.

謝謝你，菲爾，大家好。正如您從今天上午的新聞稿中看到的那樣，我們很高興地報告我們的收入持續加速，收入、有機 ASV 和調整後的攤薄每股收益同比增長兩位數。

I'll now share some more details on our third quarter performance. Consistent with our definition of organic revenues and ASV, we will exclude any revenue and ASV associated with CGS when reporting organic-related metrics for the 12 months following the acquisition date. We will, however, provide some specifics on CGS so you can track its initial performance as part of FactSet.

我現在將分享有關我們第三季度業績的更多細節。根據我們對有機收入和 ASV 的定義，在報告收購日期後 12 個月的有機相關指標時，我們將排除與 CGS 相關的任何收入和 ASV。但是，我們將提供有關 CGS 的一些細節，以便您可以跟踪其作為 FactSet 的一部分的初始性能。

As Kendra previously noted, a reconciliation of our adjusted metrics to comparable GAAP figures is included at the end of our press release.

正如 Kendra 之前指出的，我們的調整後指標與可比 GAAP 數據的對賬包含在我們的新聞稿末尾。

We grew third quarter organic ASV plus professional services at 10% year-over-year. This acceleration reflects disciplined execution of our sales pipeline and pricing plans. In addition, investments in content and workstation functionality continue to support both retention and better price realization. For example, our third quarter international price increase contributed $10 million in ASV, an increase of $3 million or 30% from last year.

我們第三季度的有機 ASV 和專業服務同比增長 10%。這種加速反映了我們對銷售渠道和定價計劃的嚴格執行。此外，對內容和工作站功能的投資繼續支持保留和更好的價格實現。例如，我們第三季度的國際價格上漲為 ASV 貢獻了 1000 萬美元，比去年增加了 300 萬美元或 30%。

Third quarter GAAP revenue increased by 22% from the prior year period to $489 million. Organic revenue, which excludes any impact from foreign exchange, acquisitions during the last 12 months and deferred revenue amortization, increased 10% to $442 million over the prior year period. Growth was driven by our research and advisory and analytics solutions as well as by the acquisition of CUSIP Global Services. All regions saw robust growth, benefiting from acceleration in all 3 workflow solutions. For our geographic segments, organic revenue growth over the prior year period for the Americas was 7%, EMEA at 13% and Asia Pacific at 24%.

第三季度 GAAP 收入比去年同期增長 22%，達到 4.89 億美元。有機收入（不包括外匯、過去 12 個月的收購和遞延收入攤銷）的任何影響，比去年同期增長 10% 至 4.42 億美元。我們的研究、諮詢和分析解決方案以及對 CUSIP Global Services 的收購推動了增長。得益於所有 3 個工作流程解決方案的加速，所有地區都實現了強勁增長。對於我們的地理部門，美洲的有機收入增長為 7%，歐洲、中東和非洲為 13%，亞太地區為 24%。

Turning now to expenses. GAAP operating expenses grew 39% year-over-year to $392 million impacted by several charges incurred during the period. First, as previously discussed, we have been resizing our real estate footprint to match our hybrid work model. This quarter, we recognized $49 million in impairment charges. While we will continue to evaluate our real estate needs, this initiative is largely complete. We do not anticipate similarly sized real estate impairment charges in the quarters to come. Also in the third quarter, we incurred $12 million in onetime acquisition costs related to the CGS acquisition. In addition, we recognized $13 million in acquisition-related intangible asset amortization during the quarter. Going forward, this intangible asset amortization will be a recurring charge.

現在轉向開支。受此期間發生的多項費用影響，GAAP 運營費用同比增長 39% 至 3.92 億美元。首先，如前所述，我們一直在調整我們的房地產足跡以匹配我們的混合工作模式。本季度，我們確認了 4900 萬美元的減值費用。雖然我們將繼續評估我們的房地產需求，但該計劃已基本完成。我們預計未來幾個季度不會出現類似規模的房地產減值費用。同樣在第三季度，我們產生了與 CGS 收購相關的 1200 萬美元一次性收購成本。此外，我們在本季度確認了 1300 萬美元與收購相關的無形資產攤銷。展望未來，這種無形資產攤銷將是一項經常性費用。

Given these charges, our GAAP operating margin decreased by 956 basis points to 19.9% compared to the prior period. Adjusted operating margin increased by 500 basis points to 36.6% compared to the prior year, exceeding our guidance on this measure driven by lower compensation expenses, lower tech and content costs and lower facilities expenses.

考慮到這些費用，我們的 GAAP 營業利潤率與上一期間相比下降了 956 個基點至 19.9%。與上年相比，調整後的營業利潤率增加了 500 個基點至 36.6%，超出了我們對這一指標的指導，原因是薪酬費用降低、技術和內容成本降低以及設施費用降低。

As a percentage of revenue, our cost of sales was 582 basis points lower than last year on a GAAP basis and 792 basis points lower on an adjusted basis. This decrease was primarily due to lower employee compensation and lower technology and content-related expenses, including our ongoing shift to the public cloud.

作為收入的百分比，我們的銷售成本在 GAAP 基礎上比去年低 582 個基點，在調整後的基礎上低 792 個基點。這一下降主要是由於較低的員工薪酬以及較低的技術和內容相關費用，包括我們不斷轉向公共雲。

When expressed as a percentage of revenue, SG&A was 536 basis points higher year-over-year on a GAAP basis and 292 basis points higher on an adjusted basis. The primary drivers of the increase include CGS acquisition costs, increased employee compensation expense and higher bonus accrual.

當以佔收入的百分比表示時，按公認會計原則計算，SG&A 同比增長 536 個基點，調整後增長 292 個基點。增長的主要驅動因素包括 CGS 收購成本、增加的員工薪酬費用和更高的應計獎金。

Moving on to tax. Our tax rate for the quarter was 12.2% compared to last year's rate of 11.9%. This was primarily due to lower projected levels of income before income taxes and a tax provision reduction related to the lower rate compared with the 3 months ended May 31, 2021. GAAP EPS decreased 26% to $1.93 this quarter versus $2.62 in the prior year primarily due to real estate impairment charges, acquisition expenses and higher interest expenses, partially offset by higher revenues.

繼續稅收。我們本季度的稅率為 12.2%，而去年的稅率為 11.9%。這主要是由於與截至 2021 年 5 月 31 日的 3 個月相比，所得稅前收入的預計水平較低，以及與較低稅率相關的稅收準備金減少。本季度 GAAP 每股收益下降 26% 至 1.93 美元，而去年同期為 2.62 美元由於房地產減值費用、購置費用和較高的利息費用，部分被較高的收入所抵消。

Adjusted diluted EPS grew 38.2% from the prior year to $3.76, largely driven by revenue growth, margin expansion and a lower tax rate. Adjusted EBITDA increased to $173 million, up 30% year-over-year. And finally, free cash flow, which we define as cash generated from operations less capital spending, was $177 million for the quarter, an increase of 45% over the same period last year. A key driver for our increased cash flow is the acquisition of CGS, which has performed well since closing on March 1.

調整後的攤薄每股收益較上年增長 38.2% 至 3.76 美元，主要受收入增長、利潤率擴張和較低稅率的推動。調整後的 EBITDA 增至 1.73 億美元，同比增長 30%。最後，本季度的自由現金流（我們定義為運營產生的現金減去資本支出）為 1.77 億美元，比去年同期增長 45%。我們增加現金流的一個關鍵驅動因素是對 CGS 的收購，該公司自 3 月 1 日收盤以來表現良好。

Speaking of the CGS acquisition, we are now 100 days in, and CGS is tracking ahead of plan on all fronts. Its financial performance was robust in Q3, with both sales and margins exceeding expectations. As we discussed on our second quarter earnings call, we're on track to realize $5 million in ASV in fiscal 2022 from CGS. It is a resilient business with steady top line and good cash flow even in a potential market downturn.

說到對 CGS 的收購，我們現在已經 100 天了，CGS 在各個方面都在提前跟踪。其第三季度的財務表現強勁，銷售額和利潤率均超出預期。正如我們在第二季度財報電話會議上所討論的那樣，我們有望在 2022 財年從 CGS 實現 500 萬美元的 ASV。即使在潛在的市場低迷時期，它也是一項具有穩定收入和良好現金流的彈性業務。

While CGS' issuance fees are more sensitive to market activity, these fees make up only 15% of CGS' revenue. Functional integration of the CGS operation is well along, and we now expect to exit our transition services agreement ahead of schedule.

雖然 CGS 的發行費用對市場活動更為敏感，但這些費用僅佔 CGS 收入的 15%。 CGS 運營的功能整合進展順利，我們現在希望提前退出我們的過渡服務協議。

Our ASV retention for the third quarter remained greater than 95%. We grew the total number of clients by 19% compared to the prior year, driven by the addition of more corporate and wealth clients. User count increased by more than 2,000 since last quarter, thanks to an increase in research and advisory users. Year-over-year, user count grew by 12%. Our client retention remains at 92% year-over-year, reflecting the strength of our subscription revenue model.

我們第三季度的 ASV 保留率保持在 95% 以上。受更多企業和財富客戶的推動，我們的客戶總數比上一年增長了 19%。由於研究和諮詢用戶的增加，用戶數量自上個季度以來增加了 2,000 多人。與去年同期相比，用戶數量增長了 12%。我們的客戶保留率同比保持在 92%，這反映了我們訂閱收入模式的實力。

Turning now to our balance sheet. On March 1, we issued our inaugural investment-grade senior notes. These notes comprised $500 million of 2.9% 5-year senior notes and $500 million of 3.45% 10-year senior notes. At the same time, we entered into a new credit agreement, updating our term and revolving credit facilities. We're pleased that our fixed rate senior notes are well priced, given recently increasing interest rates.

現在轉向我們的資產負債表。 3 月 1 日，我們發行了首張投資級優先票據。這些票據包括 5 億美元 2.9% 的 5 年期優先票據和 5 億美元 3.45% 的 10 年期優先票據。同時，我們簽訂了新的信貸協議，更新了我們的期限和循環信貸額度。鑑於最近利率上升，我們很高興我們的固定利率優先票據定價合理。

In addition, as you may recall, we've hedged 80% of our total debt from floating rate exposure for 24 months, largely protecting us against rising interest rates. And as we have said before, we're proud of our investment-grade ratings. In the third quarter, we made a planned prepayment of $125 million on our term loan, bringing our gross leverage ratio down to 3.5x from the initial 3.9x level when we acquired CGS. We expect to make 3 more payments of $125 million in each of the next 3 quarters, enabling us to reach our gross leverage target of 2 to 2.5x in the second half of fiscal 2023. During this time, while we may continue minor share repurchases to offset the dilutive impact of stock option grants, we do not intend to resume our share repurchase program until at least mid-2023.

此外，您可能還記得，我們已將 80% 的總債務與浮動利率風險敞口對沖了 24 個月，這在很大程度上保護了我們免受利率上升的影響。正如我們之前所說，我們為我們的投資級評級感到自豪。在第三季度，我們計劃提前償還 1.25 億美元的定期貸款，使我們的總槓桿率從我們收購 CGS 時最初的 3.9 倍水平降至 3.5 倍。我們預計在接下來的 3 個季度中，每個季度將再支付 3 次 1.25 億美元，使我們能夠在 2023 財年下半年達到 2 至 2.5 倍的總槓桿目標。在此期間，雖然我們可能會繼續進行少量股票回購為了抵消股票期權授予的稀釋影響，我們不打算至少在 2023 年年中之前恢復我們的股票回購計劃。

Lastly, we'd like to remind investors that we increased our regular quarterly dividend in the third quarter for the 23rd consecutive year of dividend increases. The increase was 8.5% for a per share dividend of $0.89.

最後，我們想提醒投資者，我們在第三季度增加了定期季度股息，這是連續第 23 年增加股息。每股股息為 0.89 美元，增幅為 8.5%。

Next, I'd like to discuss planning for our downturn playbook scenario. First off, it's important to note that FactSet remains committed to top line growth supported by our investment plans. We would expect to maintain these investment plans even under a downside scenario. As Phil mentioned, historically, FactSet has fared well in volatile markets as our subscription business model provides stability even in challenging times. With more than 40 years of consecutive revenue growth, we've successfully navigated several down cycles. We significantly outperformed the S&P 500 on revenue, operating income and EPS in 2007, 2008 and 2009. In fact, in 2008 and 2009, FactSet EPS was positive, while S&P 500 EPS was double-digit negative. That said, its sound financial practice to be prepared for all scenarios.

接下來，我想討論一下我們的低迷劇本情景的規劃。首先，值得注意的是，FactSet 仍然致力於在我們的投資計劃支持下實現收入增長。即使在不利的情況下，我們也希望維持這些投資計劃。正如菲爾所提到的，從歷史上看，FactSet 在動蕩的市場中表現良好，因為我們的訂閱業務模式即使在充滿挑戰的時期也能提供穩定性。憑藉 40 多年的連續收入增長，我們成功度過了幾個下行週期。我們在 2007 年、2008 年和 2009 年的收入、營業收入和每股收益顯著優於標準普爾 500 指數。事實上，在 2008 年和 2009 年，FactSet 每股收益為正數，而標準普爾 500 指數的每股收益為兩位數的負數。也就是說，為所有情況做好準備的良好財務實踐。

As part of this planning, we've identified 2% to 3% of our $1.2 billion in operating expenses or $24 million to $36 million that we could potentially reduce to maintain margins in the event of a severe downturn. First, if we experience lower ASV, our bonus pool would adjust accordingly per our preestablished performance targets providing the largest share of expense reductions. Lower ASV would also proportionately reduce variable third-party data and content costs. Lastly, we could potentially reduce T&E expenses through virtual engagement. This is a planning exercise we will undertake quarterly in order to rebalance resources given prevailing market conditions. To confirm, this exercise is just scenario planning.

作為該計劃的一部分，我們已經確定了 12 億美元運營費用中的 2% 至 3% 或 2400 萬美元至 3600 萬美元，我們可能會減少這些費用以在嚴重低迷的情況下維持利潤率。首先，如果我們的 ASV 較低，我們的獎金池將根據我們預先設定的績效目標進行相應調整，從而最大程度地減少開支。較低的 ASV 還將成比例地降低可變的第三方數據和內容成本。最後，我們可以通過虛擬參與來減少 T&E 費用。這是我們將每季度進行的一項規劃工作，以便在當前市場條件下重新平衡資源。確認一下，這個練習只是場景規劃。

As we look to end our fiscal year on August 31, FactSet is on track for a strong finish. Given our performance this quarter and robust pipeline, we reaffirm our previously communicated guidance for fiscal 2022. We expect growth at the upper end of the previously provided ranges for most of the metrics in our annual outlook. The exception would be the effective tax rate, which is expected to fall at the lower end of the previously communicated range. As a reminder, CGS is not included in our organic ASV guidance. However, as we discussed earlier in the call, we expect CGS to contribute approximately $5 million in ASV in fiscal 2022.

當我們希望在 8 月 31 日結束我們的財政年度時，FactSet 有望取得圓滿成功。鑑於我們本季度的表現和強勁的管道，我們重申我們先前傳達的 2022 財年指導。我們預計我們年度展望中的大多數指標的增長將在先前提供的範圍的上限。一個例外是有效稅率，預計該稅率將落在先前傳達的範圍的下限。提醒一下，CGS 不包含在我們的有機 ASV 指南中。然而，正如我們之前在電話會議中所討論的，我們預計 CGS 將在 2022 財年為 ASV 貢獻約 500 萬美元。

All in all, we are encouraged by the demand for our content and workflow solutions. Our investments continue to drive growth in our digital platform. Our sales team continues to provide excellent execution, and we're continuing to improve our price realization. Although there is uncertainty in the macro environment, we believe our diverse product portfolio and stable financial position will serve us well for the longer term.

總而言之，我們對我們的內容和工作流程解決方案的需求感到鼓舞。我們的投資繼續推動我們數字平台的增長。我們的銷售團隊繼續提供出色的執行力，我們正在繼續提高我們的價格實現。儘管宏觀環境存在不確定性，但我們相信我們多元化的產品組合和穩定的財務狀況將長期為我們服務。

With that, we're now ready to take your questions. Operator?

有了這個，我們現在準備好回答你的問題了。操作員？

(Operator Instructions) Now our first question coming from the line of Manav Patnaik with Barclays.

（操作員說明）現在我們的第一個問題來自巴克萊銀行的 Manav Patnaik。

My first question is just around the guidance. I mean given the current quarter numbers and the momentum thus far, it sounds like you should be able to very comfortably touch the high end or even beat the guidance. So just curious as to why perhaps you didn't change or raise those numbers? Are you starting to see any feedback from your clients perhaps just given the macro slowdowns if that's flowing through to them or not? Just looking for some commentary there.

我的第一個問題是關於指導的。我的意思是考慮到當前的季度數字和迄今為止的勢頭，聽起來你應該能夠非常舒適地觸及高端甚至超越指導。所以只是好奇為什麼你沒有改變或提高這些數字？您是否開始看到客戶的任何反饋，也許只是考慮到宏觀經濟放緩，如果這些反饋正在流向他們？只是在那裡尋找一些評論。

Manav, thanks for the question. It's Phil. So I'll kick off here, and I'm sure Linda will have a few additional comments. So yes, in terms of the fourth quarter pipeline, we're definitely confident in the range that we guided to in the last quarter and the high end of that range. So it's a very high-quality pipeline, I would say, in terms of what's in there. We're seeing very good strength on the buy side, and analytics has had a very good few quarters in a row here. So we're seeing good strength and visibility on the buy side.

馬納夫，謝謝你的問題。是菲爾。所以我會從這裡開始，我相信Linda 會有一些額外的意見。所以是的，就第四季度的管道而言，我們對我們在上一季度指導的範圍和該範圍的高端充滿信心。所以我想說，就其中的內容而言，這是一個非常高質量的管道。我們在買方方面看到了非常好的實力，並且分析在這裡連續幾個季度都非常好。因此，我們在買方方面看到了良好的實力和知名度。

With banking, obviously, there was a very good uplift last year from sell-side hiring. We're anticipating good sell-side hiring, maybe not as high as last year, but it's certainly, I think, more positive versus previous years.

顯然，銀行業去年從賣方招聘中得到了很好的提升。我們期待良好的賣方招聘，可能不會像去年那麼高，但我認為這肯定比前幾年更積極。

So in terms of the top line, that's what we see going out at least today. And I'll allow Linda here to kind of get into a little bit more of the other pieces of guidance.

因此，就收入而言，這就是我們至少在今天看到的情況。我將允許 Linda 在這裡了解更多其他指導。

Manav, we feel really good about where we are. The swing factor here is really the tax rate as we go into the fourth quarter. We've got a couple of discrete items that may swing either way. So -- in fact, we may end up doing better as we get through the end of the fourth quarter. But given the market conditions right now and the way the market is bouncing around, I think it's prudent to be confident, but not cocky. And so we thought that this was the best way to go. But thank you for pointing that out.

Manav，我們對自己所處的位置感覺非常好。當我們進入第四季度時，這裡的波動因素實際上是稅率。我們有幾個可能會擺動的離散項目。所以——事實上，當我們度過第四季度末時，我們最終可能會做得更好。但考慮到目前的市場狀況和市場的反彈方式，我認為保持自信是謹慎的做法，但不要自大。所以我們認為這是最好的方法。但謝謝你指出這一點。

Got it. And just in terms of pipeline, like maybe more on the product side, I think last recession, like you pointed out, you guys grew through it. But I think you were a smaller company, a lot more share, et cetera, to be had. Can you just talk about the product pipeline and how that might help you do the same thing in the event we do go through a slowdown?

知道了。就管道而言，就像在產品方面可能更多，我認為上次經濟衰退，就像你指出的那樣，你們成長了。但我認為你是一家規模較小的公司，擁有更多的份額等等。您能否談談產品管道以及在我們確實經歷放緩的情況下如何幫助您做同樣的事情？

Sure. Yes, happy to do that. And yes, I mean, we've lived through these and many of our sales leaders and specialty sales leaders have been through these types of cycles. So we're very experienced there. And the really good news is we have more product and ways to help clients than ever before. So it's a very good story to go into a client and really talk to them about what it is they're facing and what problems we can solve for them. And sometimes it's to our benefit because it really brings people to the table sometimes a little bit sooner than they might have traditionally done that.

當然。是的，很高興這樣做。是的，我的意思是，我們經歷過這些，我們的許多銷售主管和專業銷售主管都經歷過這些類型的周期。所以我們在那裡非常有經驗。真正的好消息是我們擁有比以往更多的產品和方法來幫助客戶。所以這是一個非常好的故事，可以深入客戶並真正與他們討論他們面臨的問題以及我們可以為他們解決的問題。有時這對我們有利，因為它確實讓人們有時比他們傳統上這樣做的時間要早一點。

So I would probably put this into 3 camps -- 3 categories, Manav. The first is the portfolio life cycle for the buy side is really getting some good traction here. The analytics team has had significant acceleration over the last year, and we're seeing strength come through in risk, our quant products. So we now have programmatic access to the platform, and that's been very well received.

因此，我可能會將其分為 3 個陣營—— 3 個類別，Manav。首先是買方的投資組合生命週期在這裡確實得到了一些很好的牽引力。分析團隊在去年有了顯著的加速，我們看到風險，我們的量化產品的力量來自於風險。所以我們現在可以以編程方式訪問該平台，這很受歡迎。

And our trading products have done very well as well. And when there's increased volatility in the markets, that's certainly helpful. And that's just bolstered by like the excellent performance of the performance and reporting parts of that business. So analytics is firing on all cylinders. And because we're a more open platform now when we plug it in more places, it really just puts us in a great position on the buy side.

我們的交易產品也做得很好。當市場波動加劇時，這肯定會有所幫助。這只是因為該業務的績效和報告部分的出色表現而得到了支持。因此，分析正在全力以赴。而且因為我們現在是一個更開放的平台，當我們將其插入更多地方時，它確實讓我們在買方方面處於有利位置。

And I think that open theme is important as well. So not just for the buy side, but for all kinds of clients. We're finding ways that we can integrate with CRMs, for example, and other pieces of our clients' workflows. So I recently had a bunch of visits with clients, and it feels a little different, frankly, than 2 years ago. They're really understanding our story now and seeing the differentiators that we bring to the table. And it's very exciting to be in those conversations with CTOs and CIOs at some of our largest clients.

我認為開放主題也很重要。因此，不僅適用於買方，而且適用於各種客戶。例如，我們正在尋找可以與 CRM 以及其他客戶工作流程集成的方法。所以我最近拜訪了很多客戶，坦率地說，與兩年前相比，感覺有點不同。他們現在真正了解我們的故事並看到我們帶來的差異化因素。與我們一些最大客戶的 CTO 和 CIO 進行對話是非常令人興奮的。

And then just the workstation. I think we've got a kind of a renaissance in the workstation, that's how I like to think about it. We really have good momentum here, and we're growing our business across a lot of different firm types. So it's very broad-based.

然後只是工作站。我認為我們在工作站中實現了某種複興，這就是我喜歡思考的方式。我們在這裡真的有很好的勢頭，我們正在通過許多不同的公司類型發展我們的業務。所以它的基礎非常廣泛。

And lastly, the investments that we've made in content are really paying off. Deep sector has already paid off, but we're beginning to see private markets and ESG come through, and we're also investing in real time. So there's so many weapons that we have now for our salespeople to go out there and help our clients. And what I'm encouraged by it's across every business line we have, and it's across every region and it's across every firm type. So we're very well distributed here in terms of our opportunity. I think better prepared than ever for any sort of downturn in the market.

最後，我們在內容方面的投資確實得到了回報。深度領域已經取得了回報，但我們開始看到私人市場和 ESG 出現，我們也在實時投資。所以我們現在有很多武器可供我們的銷售人員出去幫助我們的客戶。讓我感到鼓舞的是，它遍及我們擁有的每條業務線，遍及每一個地區，遍及每一種公司類型。因此，就我們的機會而言，我們在這裡的分佈非常好。我認為比以往任何時候都更好地為市場的任何低迷做好準備。

And our next question coming from the line of Toni Kaplan with Morgan Stanley.

我們的下一個問題來自摩根士丹利的托尼卡普蘭。

Just continuing on the downturn theme. Hoping you could remind us how professional services acts during downturns. And now you have the nonsubscription part of CUSIP, it's -- under 15% of that business. Could you just remind us what's in there and how discretionary, I guess, that is? That's my first question.

只是繼續低迷主題。希望您能提醒我們專業服務在經濟低迷時期的表現。現在你有了 CUSIP 的非訂閱部分，它佔該業務的 15% 以下。你能不能提醒我們裡面有什麼以及我猜是多麼的自由裁量權？這是我的第一個問題。

Sure, Toni. Yes, so it's a small piece of FactSet, and most of the professional services that we offer are really to implement our Analytics Suite, which, as I just mentioned, is having very good momentum here. So we didn't really have a big professional services team during the last downturn, which was, I think, a little over 10 years ago. But I anticipate that we'll have the people we need to implement these products, and I wouldn't imagine that that's a headwind for us at all.

當然，托尼。是的，所以它只是 FactSet 的一小部分，我們提供的大多數專業服務實際上都是為了實施我們的分析套件，正如我剛才提到的，它在這裡發展勢頭很好。因此，在上一次經濟衰退期間，我們並沒有真正擁有龐大的專業服務團隊，我認為那是在 10 多年前。但我預計我們將擁有實施這些產品所需的人員，我不認為這對我們來說是一個逆風。

Linda, I don't know if you've got any additional comment here.

琳達，我不知道你是否有任何補充意見。

Yes. To follow up on your question on CUSIP, Toni, the 15% of revenues that comes from the assignment of new CUSIP numbers for new securities, you're correct about that. That is not recurring revenue. The other 85% of CUSIP revenues are, in fact, recurring. So if we do have a bit of a slowdown in capital markets activity, we may see slight trending down about 15% of CUSIP's revenues. But I'm not sure that you're going to notice that overall in the total mix of the company, and we would expect that that would just be if capital markets do take a downturn. So again, that piece is pretty minor as well.

是的。 Toni 回答您關於 CUSIP 的問題，15% 的收入來自為新證券分配新的 CUSIP 編號，您對此是正確的。那不是經常性收入。事實上，另外 85% 的 CUSIP 收入是經常性的。因此，如果我們的資本市場活動確實有所放緩，我們可能會看到 CUSIP 收入的 15% 左右略有下降。但我不確定你是否會在公司的整體組合中註意到這一點，我們預計這只會發生在資本市場確實出現低迷的情況下。再說一次，那件作品也很小。

Yes, makes sense. I wanted to ask on the expense side. So Linda, you mentioned the real estate opportunities are sort of largely done. I know you're looking into third-party data costs for savings as well. Is that ahead of us? Or is that complete? And just overall, how should we think about normalized operating margins just post the real estate savings, head count savings, all of that?

是的，有道理。我想問一下費用方面的問題。所以琳達，你提到房地產機會在很大程度上已經完成。我知道您也在考慮第三方數據成本以節省開支。是不是在我們前面？或者說是完整的嗎？總體而言，我們應該如何考慮正常化的營業利潤率，只考慮房地產節省、員工人數節省等等？

Sure. On real estate, you're correct, Toni, we're pretty much through this. We've reduced our real estate footprint overall by something close to 40%, which works really well with our hybrid model. We have said at Investor Day savings that come off of that are going to take some time to materialize as we have to still consider the leases that we have. So we're looking at $10 million to $14 million of reinvestable funds over [3 years.] So perhaps not quite as much as you would think. On the margin front, we're incredibly happy with the margin progress that we've made. 500 basis points is a lot. 2/3 of that comes from CUSIP, the other 1/3 from the base business. So it's important to note the base business is doing well also.

當然。在房地產方面，你是對的，托尼，我們已經差不多完成了。我們已經將我們的整體房地產足跡減少了近 40%，這與我們的混合模型非常有效。我們在投資者日說過，由於我們仍然需要考慮我們擁有的租約，因此節省下來的費用需要一些時間才能實現。因此，我們正在研究 [3 年] 內 1000 萬至 1400 萬美元的可再投資資金。所以可能沒有你想像的那麼多。在保證金方面，我們對我們取得的保證金進展非常滿意。 500個基點很多。其中2/3來自CUSIP，另外1/3來自基礎業務。因此，重要的是要注意基礎業務也做得很好。

On the second bucket of personnel costs, we noticed that we came out about where we had expected this quarter. Salaries are a little bit lighter because it has been challenging to fill all of the open positions that we have, but our bonus accrual is higher because we've done well. So we did $31 million of bonus accrual in the third quarter. In the first and second quarter, we were at about $21 million and $22 million. So we're running $75 million through 3 quarters, and you should expect that the fourth quarter would probably be an average of those 3, so $25 million, $26 million.

在第二部分人事成本方面，我們注意到我們在本季度達到了預期的水平。薪水稍微低一點，因為填補我們所有的空缺職位一直很有挑戰性，但我們的獎金應計更高，因為我們做得很好。因此，我們在第三季度獲得了 3100 萬美元的獎金。在第一季度和第二季度，我們分別為 2100 萬美元和 2200 萬美元。所以我們在三個季度運行 7500 萬美元，你應該期望第四季度可能是這 3 個季度的平均值，所以 2500 萬美元，2600 萬美元。

So we're looking at what we expect to be potentially even $100 million bonus pool this year. So that is heftier than what we've done in previous years. So bonus pool upside kind of offset the salary line running a little bit light.

因此，我們正在研究我們預計今年甚至可能達到 1 億美元的獎金池。所以這比我們前幾年所做的更重要。所以獎金池的上升有點抵消了工資線的運行。

On third-party data costs, this is a tricky one. We are in inflationary times. We've worked quite hard on this, and we will continue with our procurement group to negotiate effectively. I think we would see this line moving up sort of 3-ish percent, maybe a little bit more. This one, we're going to have to watch and we'll have more information for you. But we have looked to beef up the procurement activity to make sure that we've got that right.

關於第三方數據成本，這是一個棘手的問題。我們正處於通貨膨脹時期。我們為此付出了相當大的努力，我們將繼續與我們的採購小組進行有效的談判。我想我們會看到這條線上升了 3%，也許更多一點。這個，我們將不得不觀看，我們將為您提供更多信息。但我們已經尋求加強採購活動，以確保我們做對了。

And technology's come in about where we had expected. We expect technology costs will move up though, as we said. Great success with the cloud with our clients, which has resulted in greater cost for greater utilization. And we're building more of our own software. So amortization continues to move up as a trend.

技術在我們預期的地方出現了。正如我們所說，我們預計技術成本會上升。我們的客戶在雲計算方面取得了巨大成功，這導致了更高的成本以提高利用率。我們正在構建更多我們自己的軟件。因此，攤銷作為一種趨勢繼續上升。

But basically, we've handled the acquisition expenses for CUSIP. Those have come through. And the trends are looking pretty good. You had seen the margin guidance over the longer term, the margin goals of 35% to 36% adjusted and we feel like we're making very good progress on that. So I hope that is a fulsome answer to all your questions, Toni.

但基本上，我們已經處理了 CUSIP 的採購費用。那些已經通過了。趨勢看起來相當不錯。你已經看到了長期的利潤率指導，調整了 35% 到 36% 的利潤率目標，我們覺得我們在這方面取得了很好的進展。所以我希望這是對你所有問題的充分回答，托尼。

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

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

So my first question, I wanted to focus on the comment around that large partnership win that was highlighted upfront, Phil, as well as the expansion and wins at wealth clients. So I was wondering if you could provide further color on those -- both of those, just the pipeline for further partnership as well as pipeline for wealth management.

所以我的第一個問題是，我想集中討論關於前期強調的大型合作夥伴勝利的評論，菲爾，以及財富客戶的擴張和勝利。所以我想知道你是否可以為這些提供進一步的顏色 - 這兩個，只是進一步合作的管道以及財富管理的管道。

Absolutely. Thanks, Ashish. Yes, we have a very strong partnerships business. And as our platform has become more open and we have more to offer from our content refinery, it gives us a good opportunity to distribute what we have on the shelves through different ways. So we did have a very nice deal in Europe that was driven by a lot of our core content. So that was a big contributor to Europe's growth and CTS' growth this quarter.

絕對地。謝謝，阿希什。是的，我們擁有非常強大的合作夥伴業務。隨著我們的平台變得更加開放，我們可以從我們的內容提煉廠提供更多產品，它為我們提供了一個很好的機會，通過不同的方式分發我們在貨架上的東西。所以我們在歐洲確實有一筆非常好的交易，這是由我們的許多核心內容推動的。因此，這是本季度歐洲增長和 CTS 增長的重要貢獻者。

And on the wealth side, it's very well distributed. So I think quarter after quarter, you see the new logos and the increase in our workstations. Wealth is usually on the leaderboard there, if not at the top of it. And there's just a steady pipeline of larger deals that we're just systematically knocking our way through.

在財富方面，它分佈得非常好。所以我認為一個季度又一個季度，你會看到新的標誌和我們工作站的增加。財富通常在那裡的排行榜上，如果不是在它的頂部。而且我們只是系統地敲定了一條穩定的大交易渠道。

So it's hard to sort of scrape a ton of these over in any given year, just how long those contracts are and how big a decision it is for some of those firms. But I have every confidence in the world in our wealth team. They're doing exceptionally well. We're really killing it within the space that we're focused on, and we do think there's a greater opportunity in wealth to capture more of the wealth advisers workflow as we look forward.

因此，在任何給定的年份都很難從這些合同中剔除大量此類合同，這些合同的期限以及對其中一些公司的決定有多大。但我對我們的財富團隊充滿信心。他們做得非常好。我們確實在我們關注的領域內扼殺了它，而且我們確實認為，在我們期待的過程中，財富有更大的機會來捕捉更多財富顧問的工作流程。

That's great color. And Linda, thanks for providing the detailed color around incentive comp and details around real estate savings. But I just wanted to drill down further on the guidance piece. If I look at the implied fourth quarter guidance, that implies a significant moderation of margins in the fourth quarter. And so I was wondering, is there any particular puts and takes that we need to be cognizant of for the fourth quarter. Or is that, as you mentioned earlier, just conservatism baked into given the economic environment?

這顏色真好。還有琳達，感謝您提供有關獎勵補償的詳細顏色和有關房地產儲蓄的詳細信息。但我只是想進一步深入了解指導部分。如果我查看隱含的第四季度指導，這意味著第四季度的利潤率顯著放緩。所以我想知道，是否有任何我們需要在第四季度認識到的特別的看跌期權。或者，正如你之前提到的，這只是在經濟環境下的保守主義？

Well, I think it would be fair to say, Ashish, that we are being conservative given the economic environment, that is fair. A couple of things to think about if we are able to hire more heavily in the fourth quarter, you may see some increase in the salary line. That would be something to keep an eye on. And again, the accrual will be a bit higher in the fourth quarter for the bonus pool, which is an important thing as well, given that the company is performing really well.

好吧，我認為可以公平地說，Ashish，鑑於經濟環境，我們是保守的，這是公平的。如果我們能夠在第四季度招聘更多人，需要考慮一些事情，你可能會看到工資線有所增加。那將是值得關注的事情。再說一次，第四季度獎金池的應計金額會更高一些，這也是一件重要的事情，因為該公司的表現非常好。

The guidance, again, turns on what happens with the tax line. And again, we've got a couple of discrete items that we're keeping an eye on. And it is possible that we may find ourselves with higher EPS, but we're going to have to watch that and we're going to have to see. So I hope that is helpful to you.

該指南再次開啟了稅線的情況。再一次，我們有幾個我們正在關注的離散項目。我們可能會發現自己的每股收益更高，但我們將不得不觀察這一點，我們將不得不看到。所以我希望這對你有幫助。

Our next question coming from the line of Alex Kramm with UBS.

我們的下一個問題來自瑞銀的 Alex Kramm。

Just want to come back to the pipeline comments that you made earlier and I guess the unchanged guide for ASV. So I think you mentioned earlier, yes, maybe the sell side is a little bit softer. But obviously, you're still pointing towards a pretty big step-down year-over-year in the fourth quarter. So my question here is, is there something about seasonality that has changed? I think I've had some discussions with you guys that maybe you changed the -- well, I think you've changed some of the sales incentive structure a little bit. So just wondering if that has perhaps pulled forward some sales into earlier quarters and that you're actually trying to smooth out the seasonality a little bit. So maybe you can just talk about this a little bit, not -- so we're not surprised that maybe the quarters are just a little bit different than they were historically.

只是想回到您之前所做的管道評論，我猜 ASV 的未更改指南。所以我想你之前提到的，是的，也許賣方有點軟。但很明顯，你仍然指向第四季度同比大幅下降。所以我的問題是，季節性是否發生了變化？我想我已經與你們進行了一些討論，也許你們改變了——好吧，我認為你們已經改變了一些銷售激勵結構。因此，只是想知道這是否可能將一些銷售推向了較早的季度，並且您實際上是在嘗試稍微消除季節性因素。所以也許你可以談談這個，而不是 - 所以我們並不感到驚訝，也許這些季度與歷史上的情況略有不同。

Thanks, Alex. Yes. So I think there is something to the second part of your question there. So I did -- I've had conversations with Helen. I think Helen and Linda have really teamed up to make sure that we have incentives there for the salespeople earlier in the year. And obviously, if we can get the ASV in early, it means good things, right, for all the other financial metrics. So we're certainly trying to do that and not have a lot of chips on the river basically on the last quarter of the year.

謝謝，亞歷克斯。是的。所以我認為你的問題的第二部分有一些東西。所以我做了——我和海倫談過。我認為海倫和琳達真的聯手確保我們在今年早些時候為銷售人員提供了激勵措施。顯然，如果我們能儘早獲得 ASV，這對所有其他財務指標來說都是好事。所以我們當然在努力做到這一點，基本上在今年最後一個季度，河牌圈不會有很多籌碼。

And this is going to be a strong fourth quarter for us, particularly, I think, if you compare it to years prior to last year, we did get a very strong uplift in Q4 towards -- within the last month of last year. And it's a little hard to predict whether or not that's going to happen again. And a lot of that did come from banking. So we see strength in banking, but it's hard to say that we're going to get the same effect that we had last year. So that's how I would characterize both parts of your question.

這對我們來說將是一個強勁的第四季度，特別是，我認為，如果你將它與去年之前的幾年相比，我們在第四季度確實得到了非常強勁的提升——在去年的最後一個月內。很難預測這種情況是否會再次發生。其中很多確實來自銀行業。因此，我們看到了銀行業的實力，但很難說我們將獲得與去年相同的效果。這就是我將如何描述你問題的兩個部分。

Great. And then second quick one here. This may be a little bit in the weeds, but one of your large competitors, Bloomberg, to name them, I think there's a change happening on July 1 that is creating a little bit of movement. I guess if I'm characterizing this correctly, I think there are some changes to how people can use Bloomberg remotely, which I think during COVID, they were very helpful and now they're turning this off.

偉大的。然後這裡是第二個快速的。這可能有點雜草叢生，但你的一個大競爭對手，彭博，命名他們，我認為 7 月 1 日發生的變化正在創造一點點運動。我想如果我正確地描述了這一點，我認為人們遠程使用彭博的方式會發生一些變化，我認為在 COVID 期間，他們非常有幫助，現在他們正在關閉它。

And from what I understand, a lot of the sell side, in particular, are scrambling to find alternatives. So those people are no longer going to be able to get to those share [terminals.] So just it sounds to me like that FactSet, in particular, has been front and center on this and trying to help a lot of the sell side with that and those could actually be some meaningful new users that maybe you didn't have an opportunity to get before.

據我了解，尤其是很多賣方都在爭先恐後地尋找替代品。所以那些人將不再能夠訪問那些共享[終端]。所以在我看來，FactSet 尤其是這方面的前沿和中心，並試圖幫助很多賣方那和那些實際上可能是一些有意義的新用戶，也許你以前沒有機會獲得。

So again, I know it's a little bit in the weeds, but just wondering if you've seen that, if this could actually be a meaningful new kind of competitive win here that we're seeing in the fourth quarter and how meaningful that could be?

再說一次，我知道這有點雜草叢生，但只是想知道你是否已經看到了，這是否真的可以成為我們在第四季度看到的一種有意義的新型競爭勝利，以及這有多大意義是？

Well, we always want to be helpful for our clients is certainly the case. So I wouldn't expect any, I think, big tailwind from that this quarter. But obviously, we're focused on the competitive environment and sometimes it's hand-to-hand combat, sort of one desk at a time, but we do feel that all the investments we're making, particularly in our workstation now for front office professionals, is becoming differentiating. So I'm very optimistic about our long-term prospects there, Alex.

好吧，我們總是希望對我們的客戶有所幫助，當然是這樣。因此，我認為本季度不會有任何大的順風。但很明顯，我們專注於競爭環境，有時是肉搏戰，一次一張桌子，但我們確實覺得我們所做的所有投資，特別是在我們現在用於前台的工作站上專業人士，正在變得與眾不同。所以我對我們在那裡的長期前景非常樂觀，亞歷克斯。

And our next question coming from the line of Hamzah Mazari with Jefferies.

我們的下一個問題來自 Hamzah Mazari 和 Jefferies。

My first question is just if you could maybe update us on what pricing is trending? I think you had said 3% to 4%, but realization may have been lower. I think that was last quarter. But any changes to the pricing model that you're thinking of in this environment? I know historically, you've talked a little bit about simplifying it, and you've also referenced sort of value-based pricing. So just any thoughts on pricing would be helpful.

我的第一個問題是您是否可以向我們提供最新的定價趨勢？我想你說的是 3% 到 4%，但實現率可能更低。我認為那是上個季度。但是您在這種環境下考慮的定價模型有什麼變化嗎？我知道從歷史上看，您已經談到了簡化它，並且您還提到了基於價值的定價。因此，任何關於定價的想法都會有所幫助。

Yes. Thanks, Hamzah. A couple of things. So yes, we did set out to capture an additional 100 basis points of pricing this year, and I think we were very successful at that. In addition, all the work that Helen has done with the product teams to simplify our packages is resulting in us capturing a lot more value through that effort. So both of those things have been very positive this year. And clearly, we're in an inflationary environment. So we're thinking carefully about the right balance for our clients next year, but we do believe FactSet is a sticky tool, and we've invested a ton in the product where there's a lot more value in there than there was even 2 years ago. So we do feel like we've got good pricing power going into this environment.

是的。謝謝，哈姆扎。有幾件事。所以是的，我們確實打算在今年再獲得 100 個基點的定價，我認為我們在這方面非常成功。此外，Helen 與產品團隊為簡化我們的軟件包所做的所有工作都使我們通過這項努力獲得了更多的價值。所以今年這兩件事都非常積極。很明顯，我們處於通貨膨脹的環境中。因此，我們正在仔細考慮明年為我們的客戶提供適當的平衡，但我們確實相信 FactSet 是一個粘性工具，我們已經在產品上投入了大量資金，其中的價值甚至超過了 2 年前。因此，我們確實覺得我們在這種環境中擁有良好的定價能力。

Yes. Hamzah, it's Linda. So 4% across the platform, and we have just dealt with our international price increases, as you know. We've kept those consistent internationally and in the U.S. Internationally, we saw $10 million in ASV uplift, $3 million of that year-over-year increase or 30%. So price realization has been extremely important for FactSet. As Phil had said, discipline is improving. Our pricing desk has been very helpful to make sure that we don't overly modify various packages that we're showing to clients. And we're really pleased with this effort. We'll have to see what inflation looks like for next year, and we do feel that the value of the products is allowing us to provide that value-based pricing to clients, but pricing discipline has really been very helpful to us and a real tailwind.

是的。哈姆扎，是琳達。如您所知，整個平台的價格為 4%，我們剛剛處理了國際價格上漲。我們在國際和美國保持了一致。在國際上，我們看到 ASV 增加了 1000 萬美元，同比增長 300 萬美元或 30%。因此，價格實現對於 FactSet 來說極為重要。正如菲爾所說，紀律正在改善。我們的定價台非常有助於確保我們不會過度修改我們向客戶展示的各種套餐。我們對這項努力感到非常滿意。我們將不得不看看明年的通貨膨脹情況，我們確實認為產品的價值使我們能夠為客戶提供基於價值的定價，但定價紀律確實對我們非常有幫助，而且真正的順風。

Great. That's very helpful. And just my follow-up, I'll turn it over, is really around -- I know you talked about the downturn playbook and gave good detail on sort of the cost opportunity. But just looking at it from a revenue standpoint, I guess maybe just frame for us, has your visibility become better in the portfolio as you've moved sort of more toward workflow business relative to historically?

偉大的。這很有幫助。只是我的後續行動，我會把它翻過來，真的是 - 我知道你談到了經濟低迷的劇本，並提供了關於成本機會的詳細信息。但僅從收入的角度來看，我想這可能只是我們的框架，您在投資組合中的知名度是否變得更好，因為相對於歷史而言，您已經更多地轉向工作流業務？

Has there been any change in your subscription contracts around cancellation clauses, or anything just visibility-wise that whether you have more or less visibility versus history? And I think you referenced some of your customer conversations. Maybe you can just remind us what some of those conversations have been, what you're hearing from customers, just in terms of the environment.

您的訂閱合同是否有圍繞取消條款的任何變化，或者任何只是可見性方面的變化，無論您對歷史的可見性是多還是少？而且我認為您引用了一些客戶對話。也許你可以提醒我們其中一些對話是什麼，你從客戶那裡聽到了什麼，就環境而言。

Sure. Well, I will say that the pipeline is very high quality, and we have more and more discipline, I think, in terms of how we do that consistently globally. So -- but I'm not sure that we can ever, at least for now, look out more than 6 months, right, with any huge degree of confidence. So that's sort of been consistent in terms of my messaging is usually a couple of quarters out, we can predict with a high degree of certainty. We do have a large percentage of our clients, though, under multiyear -- or ASV under multiyear contracts. So that does provide us obviously some visibility there for those clients that are not in the last year of their contract.

當然。好吧，我會說管道質量非常高，我認為，就我們如何在全球範圍內始終如一地做到這一點而言，我們有越來越多的紀律。所以 - 但我不確定我們是否可以，至少現在，至少在 6 個多月的時間裡，對，有任何巨大的信心。因此，就我的消息傳遞而言，這有點一致，通常是幾個季度，我們可以高度確定地預測。不過，我們確實有很大比例的客戶在多年合同下——或在多年合同下的 ASV。因此，對於那些不在合同最後一年的客戶，這顯然為我們提供了一些可見性。

And our next question coming from the line of Andrew Nicholas with William Blair.

我們的下一個問題來自 Andrew Nicholas 和 William Blair。

The first question I wanted to ask was just kind of on upside to your own internal expectations. Obviously, you've raised guidance already this year. Now you're looking to the top end. It looks like there could be some conservatism in that number. I'm just curious what has surprised you positively? What has more momentum than you had expected? And any other color on exactly what is driving that?

我想問的第一個問題只是有點不符合你自己的內部期望。顯然，您今年已經提出了指導意見。現在你正在尋找高端。看起來這個數字可能有些保守。我只是好奇是什麼讓你感到驚訝？什麼比你預期的更有動力？以及任何其他顏色究竟是什麼推動了這一點？

Well, I'm not too surprised. I think we've got a very good team here. We've had a consistent strategy over the last 3 years. It's just really nice to see it all come through and come through in so many different places. And I'm very encouraged by our workstation growth. I think that -- I think there were a lot of questions probably within the analyst community about whether or not we could continue to capture more desks and overcome the trend from active to passive. So it's just very encouraging and rewarding for the whole team to see the results. So I think that's how I would answer that. We're confident. We've got an engine now that's firing on all cylinders. There's a lot more coming through. So I think we're going into this environment with a lot of confidence and our ability to execute.

好吧，我並不太驚訝。我認為我們在這裡有一個非常好的團隊。在過去的 3 年中，我們制定了一致的戰略。很高興看到這一切都在這麼多不同的地方發生。我對我們工作站的增長感到非常鼓舞。我認為 - 我認為分析師社區中可能存在很多關於我們是否可以繼續獲得更多辦公桌並克服從主動到被動的趨勢的問題。所以對於整個團隊來說，看到結果是非常令人鼓舞和獎勵的。所以我想我會這樣回答。我們有信心。我們現在有了一個可以在所有氣缸上點火的發動機。還有很多事情要通過。所以我認為我們將帶著很大的信心和我們的執行能力進入這個環境。

Yes. And Andrew, I think we would also say the addition of the CUSIP business is very helpful to us. It's come in a bit stronger than we had even expected. You have to keep in mind that this was a little bit of a challenging thing to bring on board. We moved through the acquisition process. And looking at CUSIP in sort of an 8-week period, it was a very quick sale process. And the seller did not account for CUSIP as a separate entity. So there are a lot of accounting allocation things and so on that we weren't exactly sure how all of this would lay out. But as we've brought it over, the integration has gone really, really well, and it has performed even a bit better than we had expected as we noted.

是的。安德魯，我想我們也會說增加 CUSIP 業務對我們很有幫助。它比我們預期的要強大一些。你必須記住，這是一件有點挑戰性的事情。我們完成了收購過程。以 8 週的時間來看 CUSIP，這是一個非常快速的銷售過程。並且賣方沒有將 CUSIP 視為一個單獨的實體。所以有很多會計分配的事情等等，我們並不完全確定所有這些將如何佈局。但是當我們把它帶過來時，集成已經非常非常好，而且它的表現甚至比我們所指出的預期要好一些。

So very pleased about that. Its margin addition is helpful to us. It allows us to continue a robust investment program and get some other things done. So we're very pleased with that acquisition, which was financed in an attractive way at a great time. So all of that is working together now, and we're just very happy with how we're firing on all cylinders.

對此非常高興。它的邊距添加對我們很有幫助。它使我們能夠繼續進行穩健的投資計劃並完成其他一些事情。因此，我們對這次收購感到非常滿意，它在一個偉大的時期以一種有吸引力的方式融資。所以現在所有這些都在協同工作，我們對我們如何在所有氣缸上點火感到非常滿意。

Great. That's all helpful. And then maybe for my follow-up, maybe just a bigger picture question. A lot of talk now about kind of a downturn playbook, how the business would perform. How would you expect the competitive marketplace to change, any more challenging time for the end market? Do you think that the share gains that you've seen over the past several years are easier to continue getting or is it more difficult? Or just kind of any thoughts on how a more challenging backdrop economically for asset managers and your clients might impact your ability to win business relative to others in this space.

偉大的。這都很有幫助。然後也許對於我的後續行動，也許只是一個更大的問題。現在有很多關於低迷劇本的討論，業務將如何表現。您預計競爭激烈的市場將如何變化，終端市場將面臨更具挑戰性的時刻？您認為您在過去幾年中看到的份額收益是更容易繼續獲得還是更難獲得？或者只是對資產經理和您的客戶在經濟上更具挑戰性的背景如何影響您在該領域相對於其他人贏得業務的能力的任何想法。

Yes. So I saw it on the buy side. So if their assets are down and their revenues are down, of course, they're going to be looking closely at their budgets. But again, it's a good opportunity to proactively talk to them, reeducate them about everything we have, bring them to the table.

是的。所以我在買方看到了它。因此，如果他們的資產下降並且收入下降，他們當然會密切關注他們的預算。但同樣，這是一個主動與他們交談的好機會，讓他們了解我們所擁有的一切，讓他們坐到談判桌前。

And there is this ongoing trend, which has been going on now for a while where the larger buy-side firms, in particular, are really looking to consolidate and cut in half the number of content and technology providers they work with. And there's really a very limited number of firms like FactSet that they can go in and offer so much across their workflow. So for us, we welcome this. I think it's a great opportunity for us, and we have a long history of working with clients that really trust us and want to partner with us. So we'll go through these cycles. We've been through them before. And I anticipate we'll do very well on a relative basis like we have historically.

這種持續的趨勢已經持續了一段時間，尤其是較大的買方公司確實希望整合併減少與他們合作的內容和技術提供商的一半數量。而且，像 FactSet 這樣的公司數量確實非常有限，他們可以進入並在整個工作流程中提供如此多的服務。所以對我們來說，我們歡迎這一點。我認為這對我們來說是一個很好的機會，我們與真正信任我們並希望與我們合作的客戶有著悠久的合作歷史。所以我們將經歷這些週期。我們以前經歷過它們。我預計我們會像歷史上那樣在相對基礎上做得很好。

Yes. Andrew, we are very focused on what we're able to do for productivity for our clients. And anecdotally, we've heard some of them say that moving to FactSet has provided 20% greater productivity. We're sharpening up our marketing pitch on that just to make sure that we've got that right and we can bring that to the fore for existing clients and potential clients.

是的。安德魯，我們非常專注於我們能夠為客戶提高生產力所做的事情。有趣的是，我們聽說他們中的一些人說遷移到 FactSet 提高了 20% 的生產力。我們正在加強我們的營銷宣傳，只是為了確保我們做對了，我們可以為現有客戶和潛在客戶展示這一點。

But the ease of use of our products and the elimination of the need to flip back and forth between screens and so on is really a very big help, and we feel a very up-to-date way to conduct business and to handle the workflows. So productivity is really important, and we think we can really be a big driver of that for our clients.

但是我們產品的易用性和消除在屏幕之間來回翻轉等的需要確實是一個非常大的幫助，我們覺得一種非常新的方式來開展業務和處理工作流程.所以生產力真的很重要，我們認為我們真的可以成為我們客戶的重要推動力。

And our next question coming from the line of Craig Huber with Huber Research Partners.

我們的下一個問題來自與 Huber Research Partners 的 Craig Huber。

I wanted to focus on the corporate part of your business, the sell-through there and how you're doing it. It seems like it's doing quite well. Maybe you could touch on that. Maybe you could tell us what the growth rates are there. And I'm always curious here what the percentage of overall revenue is. So why don't we start there?

我想專注於您業務的公司部分，那裡的銷售以及您是如何做的。看起來它做得很好。也許你可以談一談。也許你可以告訴我們那裡的增長率是多少。我在這裡總是很好奇總收入的百分比是多少。那麼我們為什麼不從那裡開始呢？

Sure, Craig. Yes, we don't break it out, but it is one of our fastest-growing client types. And like wealth, it's typically on the leaderboard in terms of new logos. So we have a very, very strong product for Investor Relations. We also do very well with the M&A or business development groups at our clients. And all of the new investments we're making in content around deep sector, private markets, all of this opens up new clients to us and more workflows as well. I already mentioned that we're beginning to very effectively get into the CRM workflows of different types of clients.

當然，克雷格。是的，我們不會打破它，但它是我們增長最快的客戶類型之一。和財富一樣，它通常在新標誌的排行榜上。所以我們有一個非常非常強大的投資者關係產品。我們在客戶的併購或業務發展團隊方面也做得很好。我們在深度領域、私人市場的內容上進行的所有新投資，所有這些都為我們打開了新客戶以及更多的工作流程。我已經提到我們開始非常有效地進入不同類型客戶的 CRM 工作流程。

So this isn't an area that traditionally FactSet is focused on a lot because they typically weren't big wins. But with our investments and all of the efficiency now that we have in terms of our sales force, it really allows us to do volume, I think, in a way that makes sense for the company.

因此，這不是 FactSet 傳統上非常關注的領域，因為它們通常不會大獲全勝。但是，憑藉我們的投資和現在我們在銷售隊伍方面的所有效率，我認為它確實使我們能夠以對公司有意義的方式來做數量。

So I have a lot of -- I feel very optimistic about what we can do in the corporate space and continue -- for that to continue to be a growth driver and a more meaningful part of our business over time.

所以我有很多——我對我們在企業領域可以做的事情感到非常樂觀，並繼續——隨著時間的推移，這將繼續成為增長的驅動力和我們業務中更有意義的一部分。

And then my follow-up question, please, to talk about the client retention rates. Obviously, you have a 95% retention rate or a percent of clients, 92%. It's very, very high, obviously. It held up quite well as you alluded to back in '08, '09. I'm just curious, given the macro environment, what is your sort of thought on how that might [progress] here in the coming quarters here, given the macro environment?

然後是我的後續問題，請談談客戶保留率。顯然，您有 95% 的保留率或 92% 的客戶百分比。很明顯，非常非常高。正如你在 08 年和 09 年提到的那樣，它的表現非常好。我只是好奇，考慮到宏觀環境，考慮到宏觀環境，你對未來幾個季度如何[進展]有什麼想法？

It's hard to predict, but we've seen very, very good trends in client retention, and I give a lot of credit to Helen and the sales team in terms of how they've organized and how they've really focused on client success and placed a very heavy emphasis on making sure that our clients are well served. And it's -- if you can retain clients, it really is a very good foundation.

很難預測，但我們已經看到客戶保留方面非常非常好的趨勢，我非常感謝 Helen 和銷售團隊的組織方式以及他們如何真正專注於客戶成功並非常重視確保我們的客戶得到良好的服務。而且——如果你能留住客戶，這確實是一個很好的基礎。

So there's a ton of great work that's gone on. I think I saw in one of the analyst reports a question about how we're doing -- reorganizing by firm type where we've done that primarily in the Americas for now. But that's been a very good program, and we've essentially now segmented the sales force in a way where they really just focus by firm type rather than by geography. And that means we understand our clients even better than we did before. So there's multiple efforts going on that are going to help with retention.

所以有很多偉大的工作正在進行中。我想我在一位分析師報告中看到了一個關於我們如何做的問題——按公司類型進行重組，我們目前主要在美洲進行重組。但這是一個非常好的計劃，我們現在基本上已經對銷售人員進行了細分，他們真正只關注公司類型而不是地理位置。這意味著我們比以前更了解我們的客戶。因此，正在進行多項努力來幫助留住人才。

And our next question coming from the line of Faiza Alwy with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Faiza Alwy。

Linda, I wanted to go back on the 4Q margin guide specifically because obviously you had a really good margin quarter at 36.6%. And your fiscal '22 guide of 34% implies a 4Q margin of around 32%. And I know I was listening very carefully when you were answering prior questions, and I didn't hear anything specific in terms of what might impact margins in 4Q. So I just wanted to give you one more opportunity to tell us that you're being conservative.

琳達，我想回到第 4 季度的利潤率指南，因為顯然你的季度利潤率非常好，為 36.6%。你的 22 財年 34% 的指導意味著第四季度的利潤率約為 32%。而且我知道當你回答之前的問題時我非常仔細地傾聽，我沒有聽到任何關於可能影響第四季度利潤率的具體內容。所以我只是想再給你一次機會告訴我們你是保守的。

Thank you very much, Faiza. We may have, as we said, a bit higher expenditures on hiring and also on bonus. We have guided for the full year. And keep in mind that that guidance applies to the full year, and we've done quite well in the third quarter. So we do hope that that continues. And I think it is fair to say that we're trying to be prudent here. We were pleased with what CUSIP provided to us, and we're hopeful that we'll be able to come in ahead of our guidance. So we're going to have to wait and see.

非常感謝你，法伊莎。正如我們所說，我們在招聘和獎金方面的支出可能會更高一些。我們已經指導了全年。請記住，該指導適用於全年，我們在第三季度做得很好。所以我們確實希望這種情況繼續下去。我認為可以公平地說，我們正在努力在這裡保持謹慎。我們對 CUSIP 提供給我們的內容感到滿意，我們希望能夠在我們的指導之前進入。所以我們將不得不拭目以待。

Very much appreciate your appreciation of our having good work done on the margin this quarter. We're keeping a careful eye on our costs. And as long as the ASV continues in the trend that we're seeing, we're quite hopeful. So we will see how the year wraps up.

非常感謝您對我們本季度在邊際上所做的出色工作的讚賞。我們正在密切關注我們的成本。只要 ASV 繼續保持我們所看到的趨勢，我們就充滿希望。因此，我們將看到這一年如何結束。

Great. And then I just wanted to follow up generally on ESG and Truvalue. I know there you have a slightly differentiated offering as you provide more of an outside-in perspective. So wanted to see if you could share some color on what type of feedback you've received from clients. Is the product offering where you'd like it to be? Or is there more work to be done in terms of integrating the product itself within the FactSet, whether it's workstation or other APIs, and maybe how you see the offering evolving over time?

偉大的。然後我只想大致跟進 ESG 和 Truvalue。我知道您提供的產品略有不同，因為您提供了更多由外而內的視角。所以想看看您是否可以就您從客戶那裡收到的反饋類型分享一些顏色。提供的產品是否符合您的要求？或者在將產品本身集成到 FactSet 方面是否還有更多工作要做，無論是工作站還是其他 API，以及您如何看待產品隨著時間的推移而發展？

Sure. It's been about 18 months, and I'm very happy with the progress we've made, Faiza. So yes, it is integrated into the FactSet workstation. That's one thing. We've also done a good job of integrating the majority of the TVL process into the core content platform, and we're extending the coverage of ESG from public markets into private markets. And that's been an undertaking that's beginning to have some real success.

當然。大約 18 個月了，我對我們取得的進展感到非常高興，Faiza。所以是的，它被集成到 FactSet 工作站中。那是一回事。我們在將大部分 TVL 流程整合到核心內容平台方面也做得很好，我們正在將 ESG 的覆蓋範圍從公共市場擴展到私人市場。這是一項開始取得真正成功的事業。

So our methodology is different. We think it's differentiating and good, and it requires some education of the clients. But we do have a very good growth rate for that business within CTS. And it's a big piece of our focus as we go into the next 3 years in terms of where we're going to be investing and how we can really bring, I think, more clarity to this for our clients in the marketplace.

所以我們的方法是不同的。我們認為這是差異化和好的，它需要對客戶進行一些教育。但我們在 CTS 內的該業務確實有非常好的增長率。在我們進入未來 3 年時，我們將重點關注我們將在哪裡進行投資，以及我們如何真正為市場上的客戶帶來更清晰的信息。

And Faiza, it's Linda, our data collection efforts have really picked up in pace. And we've been very, very pleased with how that has gone. ESG is one of the heaviest areas of investment. We've just come through our investment decisions. And ESG is where we're directing a good chunk of our investment pool. So lots to do there. Pleased with how it's gone. We've tripled sort of the run rate on ESG coming out of Truvalue Labs since we've integrated the acquisition. And please watch the space. We're quite excited about it.

Faiza，是 Linda，我們的數據收集工作確實加快了步伐。我們對它的進展感到非常非常滿意。 ESG是投資最重的領域之一。我們剛剛完成了我們的投資決定。 ESG 是我們引導大部分投資的地方。那裡有很多事情要做。很高興它是如何消失的。自從我們整合收購以來，我們已經將 Truvalue Labs 的 ESG 運行率提高了兩倍。請注意空間。我們對此感到非常興奮。

And our next question coming from the line of Shlomo Rosenbaum with Stifel.

我們的下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Phil, I had just a quick question on what's going on with the equity markets and the decline of all these asset values? Is this impacting your ability to close deals or [swing] any of the sales cycle or anything like that? Are you seeing the clients at this point in time reacting in a way that would indicate that maybe things are slowing? Or is it really just kind of they're taking it and just kind of watching it, but not really changing their (inaudible) right now?

菲爾，我剛剛問了一個關於股票市場發生了什麼以及所有這些資產價值下跌的問題？這是否會影響您完成交易或 [擺動] 任何銷售週期或類似情況的能力？您是否看到此時客戶的反應表明事情可能正在放緩？還是他們真的只是在接受它，只是在看它，但現在並沒有真正改變他們的（聽不清）？

We haven't seen a lot of change, Shlomo. The one firm type where I would say we've seen a little bit more of a slowdown is in the hedge funds, which, as you know, is a smaller piece of our business, maybe around 5%. And that's had a pretty good growth rate over the last year or so, and we expect we'll still be able to grow the hedge funds. But that's really the only part, I think, where we've seen any sort of real sign that there's sort of delays in decision-making. We don't want to be naive here. We think, obviously, clients are taking a good look at their budgets going into next year. But for all the reasons we outlined on the call already, I think we're in [pole] position here to make sure that we're there to help them and continue to invest and grow.

Shlomo，我們沒有看到太多變化。我會說我們看到更多放緩的一種公司類型是對沖基金，正如你所知，這是我們業務的一小部分，可能約為 5%。過去一年左右的增長率相當不錯，我們預計我們仍然能夠發展對沖基金。但這確實是唯一的部分，我認為，我們已經看到任何真正的跡象表明決策制定存在某種延遲。我們不想在這里天真。我們認為，顯然，客戶正在仔細研究他們明年的預算。但是由於我們已經在電話會議上概述的所有原因，我認為我們在這里處於[杆位]，以確保我們在那裡幫助他們並繼續投資和發展。

Okay. And then just one maybe for Linda, just a little kind of housekeeping thing. Was there materially high level of AR DSO at CUSIP when it was purchased. There was a commentary around the press release about how ability to make collections in both the core business and in CUSIP. And if I look at the AR DSO, it's up both sequentially a little bit and year-over-year. And that kind of implies that maybe you bought a business that had a lot of outstanding receivables. I was just wondering if that's something to think about. I'm just trying to think about how to model the free cash flow going forward.

好的。然後可能只給琳達一個，只是一點點家務。購買時，CUSIP 是否有高水平的 AR DSO。關於如何在核心業務和 CUSIP 中收集產品的能力，圍繞新聞稿發表了評論。如果我看一下 AR DSO，它會按順序和逐年上升。這意味著您可能購買了一家有很多未清應收賬款的企業。我只是想知道這是否值得考慮。我只是想考慮如何為未來的自由現金流建模。

Yes. Shlomo, you get a best student gold star because you have the correct observation. Yes, accounts receivable has popped up by quite a bit. The CUSIP team has done a great job at a lot of things, but we've got to sharpen their pencils there on the accounts receivable collections. So we're well aware of that. And we will make sure that we get to it. But your observation is correct. That's one of the types of things when you acquire a business from another firm, and you're still working with a technical services agreement that we've got to do some work on to get that number down, but very good catch, Shlomo. Thank you.

是的。 Shlomo，你得到了最好的學生金星，因為你有正確的觀察。是的，應收賬款已經出現了很多。 CUSIP 團隊在很多事情上都做得很好，但我們必須在應收賬款收款上磨礪他們的鉛筆。所以我們很清楚這一點。我們將確保我們能夠做到。但是你的觀察是正確的。當您從另一家公司收購業務時，這是其中一種類型的事情，並且您仍在使用技術服務協議，我們必須做一些工作來降低這個數字，但非常好的收穫，Shlomo。謝謝你。

We wanted to just do a few housekeeping details here just to make sure that everyone is modeling correctly. And I would like to just note that you should take a look at the fourth quarter bonus accrual, which should be, as we had said, sort of on average of the 3 quarters now that we've made a heavier accrual in the third quarter. So $26 million, $25 million, something like that would be helpful.

我們只想在這裡做一些整理細節，以確保每個人都正確建模。我只想指出，您應該看看第四季度的獎金應計，正如我們所說，由於我們在第三季度進行了更重的應計，這應該是三個季度的平均值.所以 2600 萬美元，2500 萬美元，類似的東西會很有幫助。

Please also note that we have increased our dividend. Sometimes that's not always picked up. And we are going to do some work on our accounts receivable. And I think with that, we have pretty much taken care of everything on the housekeeping front.

另請注意，我們增加了股息。有時這並不總是被接受。我們將對我們的應收賬款做一些工作。而且我認為，我們幾乎已經處理了家政方面的所有事情。

Well, thank you all for joining us today. In closing, I want to reiterate how pleased I am with our third quarter performance. We accelerated the top line to double-digit growth with strong momentum as we move into the end of the fiscal year, and we remain confident in our ability to drive sustainable growth through focused expense management and continued investments in our people, product and technology.

嗯，謝謝大家今天加入我們。最後，我想重申我對我們第三季度的表現感到非常滿意。隨著我們進入本財年末，我們以強勁的勢頭將收入加速至兩位數增長，我們仍然對通過集中費用管理和對人員、產品和技術的持續投資來推動可持續增長的能力充滿信心。

With over 40 years of continuous growth, FactSet has a proven history of navigating volatile markets successfully. We look forward to speaking with you again next quarter. In the meantime, please call Kendra Brown with additional questions. Operator, this ends today's call.

經過 40 多年的持續發展，FactSet 在成功駕馭動蕩的市場方面有著久經考驗的歷史。我們期待下個季度再次與您交談。同時，如有其他問題，請致電 Kendra Brown。接線員，今天的通話到此結束。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。