Factset Research Systems Inc (FDS) 2022 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to FactSet's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加 FactSet 2022 年第四季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker for today, Kendra Brown. You may begin.

我現在想把會議交給今天的發言人 Kendra Brown。你可以開始了。

Thank you and good morning, everyone. Welcome to FactSet's Fourth Fiscal Quarter 2022 Earnings Call.

謝謝大家，早上好。歡迎來到 FactSet 的 2022 財年第四季度財報電話會議。

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, as well as a replay of today's call, will be posted on our website at the conclusion of this call. After our prepared remarks, we will open the call to questions from investors. (Operator Instructions)

在我們開始之前，我想指出，我們將在本次演示中引用的幻燈片可以通過我們網站 factset.com 投資者關係部分的網絡廣播訪問。這些幻燈片以及今天電話會議的重播將在本次電話會議結束時發佈在我們的網站上。在我們準備好的評論之後，我們將開始接受投資者的提問。 （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 statement 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.

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非 GAAP 財務措施的使用。此外，請參閱我們的 10-K 和 10-Q 表格，討論可能導致實際結果與這些前瞻性陳述存在重大差異的風險因素。

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 is in the appendix to the presentation and in our earnings release issued earlier today.

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 GAAP 財務指標。對於此類措施，與最直接可比的 GAAP 措施的調節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.

今天加入我的是首席執行官 Phil Snow；和首席財務官 Linda Huber。

I will now turn the discussion over to Phil Snow.

我現在將討論轉交給 Phil Snow。

Thank you, Kendra, and hello, everyone. Thanks for joining us today. I'm pleased to share our strong fourth quarter and full year results. We ended fiscal 2022 with organic ASV plus professional services growth of $158 million, accelerating nearly 200 basis points year-over-year to over 9%, topping the high end of our guidance. We achieved annual revenue of $1.84 billion and adjusted EPS of $13.43 with both metrics also above the high end of our guidance range.

謝謝你，肯德拉，大家好。感謝您今天加入我們。我很高興分享我們強勁的第四季度和全年業績。我們在 2022 財年結束時實現了 1.58 億美元的有機 ASV 和專業服務增長，同比增長近 200 個基點，達到 9% 以上，高於我們指導的上限。我們實現了 18.4 億美元的年收入和 13.43 美元的調整後每股收益，這兩個指標也高於我們指導範圍的高端。

Our strategy to become the leading open content and analytics platform is resonating with clients and driving our strong performance as we continue to gain market share. We saw growth across fund types, with corporates, private equity and venture capital firms, wealth managers, hedge funds and banking continuing their trend of double-digit organic ASV growth. Specifically, we saw improved retention with most clients this year with further growth coming from better price realization. Our investments in content and technology supported both stronger retention and expansion as well as significant acceleration in new business.

我們成為領先的開放內容和分析平台的戰略引起了客戶的共鳴，並在我們繼續獲得市場份額的同時推動了我們的強勁表現。我們看到了各種基金類型的增長，企業、私募股權和風險投資公司、財富管理公司、對沖基金和銀行業繼續保持兩位數的有機 ASV 增長趨勢。具體來說，我們看到今年大多數客戶的保留率有所提高，而更好的價格實現帶來了進一步的增長。我們在內容和技術方面的投資支持了更強大的保留和擴展以及新業務的顯著加速。

Year-over-year buy-side and sell-side growth rates have increased by 200 and 180 basis points, respectively. On the buy side, the success of our portfolio life cycle products has been key to our expanded footprint with institutional asset managers. We continue to capture more of our addressable market by increasingly connecting our analytics, content and delivery capabilities across the front, middle and back office.

買方和賣方的同比增長率分別增加了 200 和 180 個基點。在買方方面，我們投資組合生命週期產品的成功是我們擴大機構資產管理公司業務範圍的關鍵。我們通過越來越多地連接我們在前台、中台和後台的分析、內容和交付能力，繼續佔領更多的潛在市場。

Fiscal 2022 was not only a strong financial year for us but also a milestone year for FactSet. We completed the largest acquisition in our history with CUSIP Global Services, issued our inaugural senior notes with investment-grade ratings from both Moody's and Fitch, joined the S&P 500, and advanced our sustainability efforts with the commitment to the Science Based Targets Initiative and the 2040 net zero emissions goal. In addition, we continue to expand our content and technology offerings with several key partnerships.

2022 財年不僅是我們強勁的財政年度，也是 FactSet 具有里程碑意義的一年。我們完成了 CUSIP Global Services 歷史上最大規模的收購，發行了我們的首批獲得穆迪和惠譽投資級評級的優先票據，加入了標準普爾 500 指數，並通過致力於科學目標倡議和2040 年淨零排放目標。此外，我們通過幾個重要的合作夥伴繼續擴展我們的內容和技術產品。

It also marked the culmination of our 3-year investment plan. Our foresight to invest in content and technology is paying dividends, accelerating top line growth by over 400 basis points since 2019. These investments fueled the largest content expansion in FactSet's history.

這也標誌著我們 3 年投資計劃的高潮。我們對內容和技術投資的遠見正在帶來回報，自 2019 年以來，營收增長加速了 400 多個基點。這些投資推動了 FactSet 歷史上最大的內容擴張。

Today, we have deep sector coverage for 8 sectors. We are making strides in our private market strategy with private company coverage across our content refinery, workflow solutions for private equity and venture capital firms, and cohesive connected workstation integration. We expanded our ESG content through the acquisition of Truvalue Labs and now partnered with more than 45 other ESG providers to aggregate a comprehensive set of data and solutions. And in wealth, our market-leading workstation, Advisor Dashboard and portfolio analytics tools are helping advisers work more efficiently while driving new business wins for FactSet.

今天，我們對 8 個行業進行了深入的行業覆蓋。我們在我們的私人市場戰略方面取得了長足的進步，私人公司覆蓋了我們的內容精煉廠、私募股權和風險投資公司的工作流解決方案，以及緊密相連的工作站集成。我們通過收購 Truvalue Labs 擴展了我們的 ESG 內容，現在與超過 45 家其他 ESG 提供商合作，以匯總一套全面的數據和解決方案。在財富方面，我們市場領先的工作站、顧問儀表板和投資組合分析工具正在幫助顧問更高效地工作，同時推動 FactSet 贏得新的業務。

We also invested in and accelerated our digital transformation. Our digital platform is a competitive differentiator, enabling clients to access our content and analytics via open, modern solutions. We are now a preferred partner for clients on their cloud migration journeys.

我們還投資並加速了我們的數字化轉型。我們的數字平台是一個競爭優勢，使客戶能夠通過開放、現代的解決方案訪問我們的內容和分析。我們現在是客戶雲遷移之旅的首選合作夥伴。

Our acquisition of CUSIP Global Services aligns very well with the strategy and is a natural extension of our content refinery capabilities. The performance of CGS has exceeded our expectations with the integration progressing well, and we see opportunities to expand further by innovating and building new products. While early on in these efforts, we are currently exploring new business opportunities to extend CUSIP identifiers to additional entities.

我們對 CUSIP Global Services 的收購與該戰略非常吻合，是我們內容提煉能力的自然延伸。隨著整合進展順利，CGS 的業績超出了我們的預期，我們看到了通過創新和構建新產品進一步擴展的機會。在這些努力的早期，我們目前正在探索新的商業機會，以將 CUSIP 標識符擴展到其他實體。

We continue to invest in our people, helping us retain the best talent and stabilize retention even in this competitive market. We've embraced a hybrid work model that trusts our employees to select the work paradigm that allows them to be their most productive selves. We've invested in technology for home offices to ensure all employees, regardless of location, have setups that facilitate collaboration and efficiency. We've instituted global wellness days to give employees time to reconnect and charge. And we've also seen an increase in traveling and in-person engagements as our leaders encourage employees to meet one another and clients face-to-face wherever possible.

我們繼續投資於我們的員工，幫助我們留住最優秀的人才，即使在這個競爭激烈的市場中也能穩定保留率。我們採用了一種混合工作模式，該模式相信我們的員工會選擇能夠讓他們成為最有生產力的自己的工作模式。我們投資了家庭辦公室技術，以確保所有員工，無論身在何處，都擁有促進協作和提高效率的設置。我們設立了全球健康日，讓員工有時間重新聯繫和充電。我們還看到出差和麵對面交流的增加，因為我們的領導者鼓勵員工盡可能與彼此和客戶面對面交流。

And we've invested in compensation. To combat the effects of inflation, we've proactively increased salaries for critical roles and extended participation in our bonus and equity pools. Headcount increased year-over-year, thanks to our recruiting team, who did an amazing job of backfilling critical open positions and sourcing new talent to support our investments.

我們已經投資於補償。為了對抗通貨膨脹的影響，我們主動提高了關鍵職位的薪水，並擴大了對我們獎金和股權池的參與。員工人數逐年增加，這要歸功於我們的招聘團隊，他們在回填關鍵空缺職位和尋找新人才以支持我們的投資方面做得非常出色。

We also progressed as a firm with diversity, equity and inclusion. Central to our culture is the commitment to hiring and supporting talent from diverse backgrounds and experiences. With the addition of Kate Stepp as our Chief Technology Officer, women now comprise half of our executive leadership team. That's just one example of our success, and an achievement that makes us proud.

作為一家多元化、公平和包容的公司，我們也取得了進步。我們文化的核心是承諾僱用和支持來自不同背景和經驗的人才。隨著 Kate Stepp 加入我們的首席技術官，女性現在占我們執行領導團隊的一半。這只是我們成功的一個例子，也是一項讓我們感到自豪的成就。

As we enter our next phase of investments, our focus remains the same: Scaling up our content refinery to provide the most comprehensive and connected set of industry, proprietary and third-party data for the financial market; enhancing the client experience by delivering hyper-personalized solutions so clients can discover meaningful insights faster; and driving next-generation workflow-specific solutions for asset managers, asset owners, the sell side, wealth management, private equity venture capital and corporate clients.

當我們進入下一階段的投資時，我們的重點保持不變：擴大我們的內容精煉廠，為金融市場提供最全面、最相關的行業、專有和第三方數據集；通過提供超個性化的解決方案來增強客戶體驗，使客戶能夠更快地發現有意義的見解；並為資產管理者、資產所有者、賣方、財富管理、私募股權風險投資和企業客戶推動下一代工作流程特定解決方案。

We're committed to investing in our people and our products and have invested about $40 million or about 360 basis points of margin in this effort during fiscal 2022. These investments are split pretty evenly between people and products and will ensure the continued healthy growth of FactSet's revenue. As we move forward, we will continue to take the same strategic approach to our investments, investing at a similar pace for FY '23 while delivering on our commitment to margin expansion. This includes the continued build-out of deep sector data, real-time, ESG, private markets and wealth data as core parts of our content strategy. In addition, we will continue to invest in our digital platform and in our people.

我們致力於投資於我們的人員和產品，並在 2022 財年為此投入了約 4000 萬美元或約 360 個基點的利潤。這些投資在人員和產品之間分配相當平均，將確保持續健康增長FactSet 的收入。隨著我們的前進，我們將繼續對我們的投資採取相同的戰略方法，在 23 財年以類似的速度進行投資，同時兌現我們對利潤率擴張的承諾。這包括繼續構建深度行業數據、實時、ESG、私人市場和財富數據，作為我們內容戰略的核心部分。此外，我們將繼續投資於我們的數字平台和我們的員工。

The connected nature of our content and products gives us continued confidence in meeting our medium-term outlook of 8% to 9% organic ASV growth, adjusted operating margin of 35% to 36% and adjusted diluted EPS growth of 11% to 13%.

我們的內容和產品的關聯性使我們繼續有信心實現 8% 至 9% 的有機 ASV 增長、35% 至 36% 的調整後營業利潤率以及 11% 至 13% 的調整後攤薄每股收益增長的中期展望。

Turning now to our results. In the fourth quarter, ASV plus professional services grew 9.3%. Revenue growth in the fourth quarter was 21%, driven by both organic revenue and contribution from CGS. And adjusted EPS increased almost 9% from the prior year period. Our fourth quarter adjusted operating margin decelerated slightly year-over-year to 31.5% primarily due to higher personnel expenses and technology costs.

現在轉向我們的結果。第四季度，ASV 加上專業服務增長了 9.3%。受有機收入和 CGS 貢獻的推動，第四季度收入增長 21%。調整後的每股收益較上年同期增長近 9%。我們第四季度調整後的營業利潤率同比小幅下降至 31.5%，主要原因是人員費用和技術成本增加。

This quarter's strong performance was driven by continued expansion in Analytics & Trading and Research & Advisory. New business growth also accelerated as we added small and medium wins as well as some notable larger wins, including the expansion of our relationship with Raymond James. This win reflects the significant investments we have made on the wealth management side, where we are recognized for having market-leading products.

本季度的強勁表現得益於分析與交易以及研究與諮詢業務的持續擴張。隨著我們增加中小規模的勝利以及一些顯著的更大的勝利，包括我們與 Raymond James 的關係的擴展，新業務增長也加速了。此次勝利反映了我們在財富管理方面的重大投資，我們以擁有市場領先的產品而聞名。

Now looking across our regions. We continued to see broad-based organic ASV growth over the last year. The Americas continue to lead ASV performance, contributing more than half of fiscal 2022's total ASV growth and surpassing $1 billion in total ASV. In the Americas, we grew organic ASV by 9% over the past 12 months. Research & Advisory and Analytics & Trading performed particularly well this quarter, with strength from our banking, wealth, private equity and venture capital clients and asset managers.

現在看看我們的地區。去年，我們繼續看到基礎廣泛的有機 ASV 增長。美洲繼續引領 ASV 表現，貢獻了 2022 財年 ASV 總增長的一半以上，總 ASV 超過 10 億美元。在美洲，過去 12 個月我們的有機 ASV 增長了 9%。研究與諮詢和分析與交易在本季度表現尤為出色，這得益於我們的銀行、財富、私募股權和風險投資客戶以及資產管理公司的實力。

In EMEA, our organic ASV growth accelerated to 8% this quarter with strength across the product portfolio. Specifically, growth was driven by Analytics & Trading wins at asset managers, combined with capturing Research & Advisory and CTS opportunities at banks, wealth managers and corporate partners.

在 EMEA，本季度我們的有機 ASV 增長加速至 8%，整個產品組合都表現強勁。具體而言，增長是由分析和交易贏得資產管理公司，以及抓住銀行、財富管理公司和企業合作夥伴的研究與諮詢和 CTS 機會推動的。

In Asia Pac, we saw organic 12% ASV growth driven by Analytics & Trading with particular strength from asset managers and owners. Growth from wealth managers in the region also accelerated driven by higher retention.

在亞太地區，我們看到分析和交易推動 ASV 有機增長 12%，尤其是資產管理公司和所有者的力量。在更高的保留率的推動下，該地區財富管理機構的增長也加速了。

Now turning to our businesses. Research & Advisory was the largest contributor to our organic ASV growth this year with a growth rate of 9% driven by banking, wealth and private equity and venture capital firms. We saw diverse wins from the workstation with new products such as Advisor Dashboard and Cobalt's portfolio monitoring capabilities gaining traction. We increased Research & Advisory workstation users by 12% this quarter versus a year ago with growth across both the sell-side and buy-side clients. ASV growth from sell-side clients was 13.8%, reflecting increased price realization, strong seasonal hiring and increased wallet share from our solutions.

現在轉向我們的業務。研究與諮詢是我們今年有機 ASV 增長的最大貢獻者，在銀行、財富和私募股權以及風險投資公司的推動下，增長率為 9%。我們看到工作站帶來了不同的勝利，Advisor Dashboard 等新產品和 Cobalt 的投資組合監控功能獲得了關注。本季度，我們的研究與諮詢工作站用戶與一年前相比增加了 12%，賣方和買方客戶均有所增長。來自賣方客戶的 ASV 增長率為 13.8%，反映了價格實現的增加、強勁的季節性招聘以及我們解決方案的錢包份額增加。

Analytics & Trading ended the year with an impressive 10% organic ASV growth rate, demonstrating continued momentum in our portfolio life cycle strategy. This quarter marks 6 consecutive quarters of accelerating LTM ASV growth for analytics. We saw an uptick in larger wins, driven by portfolio reporting and performance, with gains among asset managers across all regions being led by the middle office. Performance and analytics professional services also contributed to this acceleration. As we look ahead, we believe demand for our market-leading analytics, expanding asset class coverage and leading technology, on- and off-platform, will continue to drive growth.

Analytics & Trading 以令人印象深刻的 10% 有機 ASV 增長率結束了這一年，表明我們的投資組合生命週期戰略持續保持勢頭。本季度標誌著用於分析的 LTM ASV 連續 6 個季度加速增長。在投資組合報告和業績的推動下，我們看到更大的勝利有所增加，所有地區的資產管理公司的收益都由中台領導。性能和分析專業服務也促進了這種加速。展望未來，我們相信對我們市場領先的分析、擴大資產類別覆蓋範圍和領先技術、平台內外的需求將繼續推動增長。

Finally, CTS grew organic ASV by 11% with wins across asset managers and partners being key contributors. We saw strength in core company data, data management services, benchmarks and security data. In the fourth quarter, we saw several ESG wins with continued client growth. Real-time also gained traction with our all-cloud solution appealing to clients looking to reduce costs.

最後，CTS 將有機 ASV 增長了 11%，資產管理公司和合作夥伴的勝利是主要貢獻者。我們在核心公司數據、數據管理服務、基準和安全數據方面看到了優勢。在第四季度，隨著客戶的持續增長，我們看到了幾項 ESG 勝利。我們的全雲解決方案吸引了希望降低成本的客戶，實時也獲得了關注。

In summary, I'm proud of our fourth quarter and full year performance and the results of our 3-year investment plan. As we look ahead, we remain confident in our strategy and our ability to weather volatile markets. We are entering fiscal 2023 in a position of strength as our clients recognize the value of our solutions. Our fiscal 2023 guidance reflects our ongoing confidence in the business, and Linda will provide more detail shortly.

總之，我為我們第四季度和全年的業績以及我們 3 年投資計劃的結果感到自豪。展望未來，我們對我們的戰略和應對市場波動的能力充滿信心。隨著我們的客戶認識到我們解決方案的價值，我們將以強勢地位進入 2023 財年。我們的 2023 財年指引反映了我們對業務的持續信心，琳達將很快提供更多細節。

I want to wrap up by thanking our incredible FactSet team. We couldn't have achieved the strong quarter and year that we did without them. We have the best team in the business and remain committed to attracting, retaining and developing this top talent.

最後，我想感謝我們出色的 FactSet 團隊。沒有他們，我們不可能取得強勁的季度和年度業績。我們擁有業內最優秀的團隊，並將繼續致力於吸引、留住和培養這些頂尖人才。

I'll now turn it over to Linda to discuss our fourth quarter and full year performance in more detail and take you through our fiscal 2023 guidance.

我現在將其轉交給琳達，更詳細地討論我們第四季度和全年的業績，並帶您了解我們的 2023 財年指南。

Thank you, Phil, and hello, everyone. I join Phil in congratulating FactSetters for an outstanding fiscal 2022. As I approach my 1-year anniversary as CFO, I'm excited by everything we've been able to accomplish together. Our 9% organic ASV growth, adjusted operating margin expansion and 20% adjusted diluted EPS growth, not to mention our largest acquisition, investment-grade ratings and successful financing, are a testament to the hard work of our talented teams. I look forward to continuing to work across the organization in fiscal '23 to build on FactSet's history of strong performance and returning value to shareholders.

謝謝你，菲爾，大家好。我和 Phil 一起祝賀 FactSetters 取得了出色的 2022 財年業績。在我擔任首席財務官一周年之際，我對我們能夠共同完成的一切感到興奮。我們 9% 的有機 ASV 增長、調整後的營業利潤率增長和 20% 的調整後攤薄每股收益增長，更不用說我們最大的收購、投資級評級和成功的融資，這些都證明了我們才華橫溢的團隊的辛勤工作。我期待著在 23 財年繼續在整個組織內開展工作，以鞏固 FactSet 強勁業績和為股東回報價值的歷史。

Our growth rate for organic ASV plus professional services beat the high end of our guidance range due to our investment in product and excellent execution by our sales team. Retention moved the needle here, with higher price increases across a larger base of clients, reduced erosion as demand for our products increased across client types, and successful cross-selling opportunities. Full year revenue also exceeded the high end of our range with help from CUSIP Global Services.

由於我們對產品的投資和銷售團隊的出色執行，我們有機 ASV 和專業服務的增長率超過了我們指導範圍的高端。保留率在這裡起到了推動作用，更大範圍的客戶群價格上漲幅度更大，隨著客戶類型對我們產品的需求增加以及成功的交叉銷售機會減少了侵蝕。在 CUSIP 全球服務的幫助下，全年收入也超過了我們範圍的高端。

Adjusted operating margin was in line with the higher end of our range. Our margin increase was driven by effective expense control in the core business as well as the addition of the CGS business, resulting in 500 basis points of margin expansion. Our decision was to reinvest about 360 basis points of this margin growth back in our people and products while allowing the margin for shareholders to rise about 140 basis points. As Phil stated, we are committed to balancing investment at a similar pace for the next few years while delivering our commitment to margin expansion.

調整後的營業利潤率符合我們區間的上限。我們的利潤率增長是由核心業務的有效費用控制以及 CGS 業務的增加推動的，導致利潤率增長 500 個基點。我們的決定是將利潤增長的約 360 個基點重新投資於我們的人員和產品，同時允許股東的利潤增長約 140 個基點。正如菲爾所說，我們致力於在未來幾年以類似的速度平衡投資，同時兌現我們對利潤率擴張的承諾。

Finally, we generated solid earnings, exceeding the top end of our guidance range, through strong revenue growth, disciplined expense management and operating leverage.

最後，通過強勁的收入增長、嚴格的費用管理和經營槓桿，我們產生了可觀的收益，超過了我們指導範圍的上限。

Let me now walk you through the specifics of our fourth quarter performance. As you've seen from our press release this morning, we're pleased to report the acceleration of organic ASV plus professional services and revenue. Before we begin, I'd like to remind everyone that 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. However, we will provide some specifics on CGS so you can continue to track its performance. As Kendra noted, a reconciliation of our adjusted metrics to comparable GAAP figures is included at the end of our press release.

現在讓我向您介紹我們第四季度業績的具體情況。正如您今天早上從我們的新聞稿中看到的那樣，我們很高興地報告有機 ASV 以及專業服務和收入的加速增長。在我們開始之前，我想提醒大家，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，以便您可以繼續跟踪其性能。正如 Kendra 指出的那樣，我們的新聞稿末尾包含我們調整後的指標與可比較的 GAAP 數據的對賬。

We grew fourth quarter organic ASV plus professional services by 9%. This increase reflects momentum across our product portfolio. With current levels of market volatility, we see higher demand for our products as clients focus on driving alpha as well as finding efficiencies.

我們在第四季度將有機 ASV 和專業服務增長了 9%。這一增長反映了我們產品組合的勢頭。在當前的市場波動水平下，我們看到對我們產品的更高需求，因為客戶專注於推動 alpha 以及尋找效率。

Fourth quarter GAAP revenue increased by 21% from the prior year period to $499 million. Growth was driven by our Research & Advisory and Analytics & Trading solutions and CGS. Organic revenue, which excludes any impact from foreign exchange, acquisitions during the last 12 months and deferred revenue amortization, increased 10% to $453 million over the prior year period.

第四季度 GAAP 收入較上年同期增長 21% 至 4.99 億美元。增長是由我們的研究與諮詢、分析與交易解決方案以及 CGS 推動的。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的有機收入比上年同期增長 10% 至 4.53 億美元。

We saw organic ASV acceleration across all workflow solutions in each of our regions. For our geographic segments, organic revenue growth over the prior year period for the Americas was 9%, EMEA at -- was 8% and Asia Pacific at 18%.

我們在每個地區的所有工作流解決方案中都看到了有機 ASV 加速。對於我們的地理區域，美洲的有機收入較上年同期增長 9%，EMEA 為 8%，亞太地區為 18%。

Turning now to expenses. GAAP operating expenses grew 25% year-over-year to $367 million, impacted by several charges incurred during the period. First, this includes the recognition of $13 million in intangible asset amortization related to CGS in the fourth quarter. As we spoke about last quarter, this intangible asset amortization will be a recurring charge.

現在轉向費用。 GAAP 運營費用同比增長 25% 至 3.67 億美元，受到在此期間發生的幾項費用的影響。首先，這包括在第四季度確認與 CGS 相關的 1300 萬美元無形資產攤銷。正如我們在上個季度談到的那樣，這種無形資產攤銷將是一項經常性費用。

Also, we saw a higher bonus pool in line with stronger-than-anticipated ASV performance. In the fourth quarter, our bonus accrual was $37 million, bringing the total bonus pool to $111 million for the fiscal year. As previously stated, we invested $40 million in people and product this year. This is also consistent with commitments we made at Investor Day to continue to grow these buckets to sustain growth. Looking ahead to fiscal 2023, we expect a similar level of investment.

此外，我們看到更高的獎金池與強於預期的 ASV 表現一致。第四季度，我們的應計獎金為 3700 萬美元，使本財年的總獎金池達到 1.11 億美元。如前所述，我們今年在人員和產品上投資了 4000 萬美元。這也符合我們在投資者日做出的繼續增加這些桶以維持增長的承諾。展望 2023 財年，我們預計會有類似的投資水平。

Given these expenses, our GAAP operating margin decreased by 240 basis points to 26.5% compared to the prior year period. Adjusted operating margin saw a slight decrease of 10 basis points year-over-year to 31.5% driven by higher personnel expenses, increased technology expenses and transactional foreign currency impact.

考慮到這些費用，我們的 GAAP 營業利潤率與去年同期相比下降了 240 個基點至 26.5%。調整後的營業利潤率同比小幅下降 10 個基點至 31.5%，原因是人員費用增加、技術費用增加以及交易性外匯影響。

As a percentage of revenue, our cost of services was 50 basis points higher than last year on a GAAP basis and 130 basis points lower on an adjusted basis. Primary drivers include higher technology and content-related expenses, including expenses related to our shift to the public cloud, as well as amortization of intangible assets and other costs associated with CGS.

按 GAAP 計算，我們的服務成本佔收入的百分比比去年高 50 個基點，經調整後降低 130 個基點。主要驅動因素包括更高的技術和內容相關費用，包括與我們轉移到公共雲相關的費用，以及無形資產攤銷和與 CGS 相關的其他成本。

When expressed as a percentage of revenue, SG&A was 169 basis points higher year-over-year on a GAAP basis and 142 basis points higher on an adjusted basis. The increase is primarily driven by growth in compensation, comprised of higher salary expenses for existing employees, higher bonus accrual in line with stronger ASV performance and higher stock-based compensation expense as we distributed equity more broadly throughout the organization.

當以佔收入的百分比表示時，SG&A 在 GAAP 基礎上同比高出 169 個基點，在調整後基礎上高出 142 個基點。這一增長主要是由薪酬增長推動的，包括現有員工的更高薪資支出、更高的應計獎金與更強的 ASV 業績以及更高的股票薪酬支出，因為我們在整個組織中更廣泛地分配了股權。

Moving on to tax. Our tax rate for the quarter was 10.3% compared to last year's 14.7%. This was primarily due to lower pretax income and a tax benefit related to finalizing the prior year's tax returns.

繼續徵稅。我們本季度的稅率為 10.3%，而去年為 14.7%。這主要是由於較低的稅前收入和與完成前一年的納稅申報表相關的稅收優惠。

GAAP EPS increased 2.3% to $2.69 this quarter versus $2.63 in the prior year, primarily due to higher revenue and lower taxes, partially offset by higher interest expense and margin compression. Adjusted diluted EPS grew 8.7% from the prior year to $3.13, largely driven by higher revenue, offset by the impact of higher interest expense from FactSet's investment-grade senior notes and outstanding term loan.

本季度 GAAP 每股收益增長 2.3% 至 2.69 美元，而去年同期為 2.63 美元，這主要是由於收入增加和稅收減少，部分被利息支出增加和利潤率壓縮所抵消。調整後的攤薄每股收益較上年增長 8.7% 至 3.13 美元，這主要是由於收入增加，但被 FactSet 投資級優先票據和未償還定期貸款的利息支出增加的影響所抵消。

Adjusted EBITDA in the fourth quarter increased to $158.5 million, up 16% year-over-year. And finally, free cash flow, which we define as cash generated from operations less capital spending, was $136 million for the quarter, a decrease of 20% over the same period last year, driven by higher working capital, which includes the timing of estimated tax payments and deferred revenue movements related to CGS.

第四季度調整後的 EBITDA 增至 1.585 億美元，同比增長 16%。最後，自由現金流（我們將其定義為運營產生的現金減去資本支出）在本季度為 1.36 億美元，比去年同期下降 20%，這是由於營運資本增加，其中包括預計的時間安排與 CGS 相關的稅收支付和遞延收入變動。

CUSIP Global Services exceeded expectations, adding $6 million in incremental ASV since the close of the acquisition on March 1, 2022. In Q4, CUSIP's diverse asset class coverage partially offset a weaker issuance market with significant year-over-year gains in time deposit CDs and private placements.

CUSIP Global Services 超出預期，自 2022 年 3 月 1 日收購結束以來增加了 600 萬美元的增量 ASV。在第四季度，CUSIP 多元化的資產類別覆蓋部分抵消了疲軟的發行市場，定期存款 CD 同比大幅增長和私募。

In the fourth quarter, our ASV retention remained above 95% and our client retention improved to 92%, highlighting the continued and stable demand for our solutions. Compared to the prior year, we grew our total number of clients by 17% to more than 7,500 clients, largely due to the addition of more wealth and corporate clients. Our user count grew 12% year-over-year, growing to almost 180,000, primarily driven by sales in our Research & Advisory solutions, particularly amongst wealth management users.

第四季度，我們的 ASV 保留率保持在 95% 以上，我們的客戶保留率提高到 92%，凸顯了對我們解決方案的持續穩定需求。與上一年相比，我們的客戶總數增長了 17%，達到 7,500 多個客戶，這主要是由於增加了更多的財富和企業客戶。我們的用戶數量同比增長 12%，增至近 180,000 人，這主要受我們研究與諮詢解決方案銷售的推動，尤其是在財富管理用戶中。

And turning now to our balance sheet. We continue to progress on the prepayment of the term loan related to the acquisition of CGS. In the fourth quarter, we made a planned prepayment of $125 million, bringing our gross leverage ratio down to 3.1x from the initial 3.9x level when we financed the CGS acquisition. We expect to make 2 more payments of $125 million in each of the next 2 quarters, enabling us to reach our gross leverage target of 2x to 2.5x in the second half of fiscal 2023.

現在轉向我們的資產負債表。我們繼續推進與收購 CGS 相關的定期貸款的預付款。在第四季度，我們計劃預付 1.25 億美元，使我們的總槓桿率從我們為 CGS 收購提供資金時的初始 3.9 倍水平降至 3.1 倍。我們預計在接下來的兩個季度中每個季度再支付 2 筆 1.25 億美元，使我們能夠在 2023 財年下半年實現 2 倍至 2.5 倍的總槓桿率目標。

As a reminder, while we may continue minor share repurchases to offset the dilutive impact of stock option grants during this time, we do not intend to resume our share repurchase program until at least mid-2023. Lastly, we would like to remind investors that we increased our regular quarterly cash dividend in the third quarter for the 23rd consecutive year. The increase was 8.5% for a per share dividend of $0.89.

提醒一下，雖然我們可能會繼續進行少量股票回購以抵消這段時間授予股票期權的稀釋影響，但我們至少要到 2023 年年中才打算恢復我們的股票回購計劃。最後，我們想提醒投資者，我們在第三季度連續第 23 年增加定期季度現金股息。每股股息為 0.89 美元，增幅為 8.5%。

Turning now to our outlook for fiscal year 2023. We are guiding to incremental growth of $150 million to $180 million for organic ASV plus professional services. The midpoint of this range represents a 9% increase, reflecting continued momentum in our business and our commitment to our medium-term outlook. Please note that CGS is not included in our organic ASV guidance at this time, given that it will not impact organic ASV until the last 2 quarters of the 2023 fiscal year.

現在轉向我們對 2023 財年的展望。我們正在引導有機 ASV 和專業服務實現 1.5 億至 1.8 億美元的增量增長。該範圍的中點代表 9% 的增長，反映了我們業務的持續發展勢頭和我們對中期前景的承諾。請注意，CGS 目前不包含在我們的有機 ASV 指南中，因為它要到 2023 財年的最後兩個季度才會影響有機 ASV。

We expect adjusted operating margin of 34% to 35%, with the midpoint providing 60 basis points of margin expansion, which aligns with our medium-term outlook of 50 to 75 basis points of margin expansion each year.

我們預計調整後的營業利潤率為 34% 至 35%，中點提供 60 個基點的利潤率擴張，這與我們每年利潤率擴張 50 至 75 個基點的中期展望一致。

Finally, we expect adjusted EPS of $14.50 to $14.90, representing almost 10% growth at the midpoint. Given our outperformance in fiscal 2022, we are still on track to deliver 11% to 13% EPS growth over the medium term.

最後，我們預計調整後每股收益為 14.50 美元至 14.90 美元，中點增長近 10%。鑑於我們在 2022 財年的出色表現，我們仍有望在中期實現 11% 至 13% 的每股收益增長。

We are confident of our ability to continue to grow in the face of market uncertainty. Our subscription model, diverse product portfolio and enterprise solutions make us a stable long-term investment.

面對市場的不確定性，我們有信心繼續增長的能力。我們的訂閱模式、多樣化的產品組合和企業解決方案使我們成為一項穩定的長期投資。

Looking ahead to fiscal 2023, growth will be driven by improved retention. We expect 2/3 of our top line acceleration to come from existing clients with low double-digit expansion offset by normal erosion plus increases in price realization. In the past, the majority of our growth came from cross-selling. However, given the incremental improvement in pricing this year, we anticipate the split will be more even between the 2. We expect the balance of growth will come from new business with continued growth in wealth, private equity and venture capital firms as well as corporates.

展望 2023 財年，增長將受到保留率提高的推動。我們預計我們 2/3 的收入加速來自現有客戶，其低兩位數的擴張被正常侵蝕和價格實現的增加所抵消。過去，我們的大部分增長來自交叉銷售。然而，鑑於今年定價的逐步改善，我們預計兩者之間的分配將更加平均。我們預計增長的平衡將來自新業務以及財富、私募股權和風險投資公司以及企業的持續增長.

Our continued investment in technology and content should drive growth in new markets and cross-selling opportunities for existing clients. Drivers include continued commitment to the digitization of our platform. Kate Stepp, our new CTO, is taking a fresh look at our digital strategy. Example areas of focus include scaling the use of cognitive technologies, expanding our API program and driving improved capabilities and productivity in our use of the public cloud.

我們對技術和內容的持續投資應該會推動新市場的增長和現有客戶的交叉銷售機會。驅動因素包括對我們平台數字化的持續承諾。我們的新任首席技術官 Kate Stepp 正在重新審視我們的數字戰略。例如，重點領域包括擴大認知技術的使用、擴展我們的 API 程序以及推動改進我們使用公共雲的能力和生產力。

Next, continued evolution in our content refinery. As discussed previously, we plan to make direct investments toward deep sector, real-time, private markets and ESG. Development of these content sets are intended to drive retention and expansion across firm types. And finally, workflow solutions for the front office, wealth manager and private equity and venture capital firms will be key.

接下來，我們的內容精煉廠將繼續發展。如前所述，我們計劃對深度行業、實時、私募市場和 ESG 進行直接投資。這些內容集的開發旨在推動跨公司類型的保留和擴展。最後，前台、財富管理機構、私募股權和風險投資公司的工作流解決方案將是關鍵。

In closing, we are pleased with our performance in fiscal 2022. As we spoke about during Investor Day, we are seeing the benefit of our strategic investments and we feel we have a long runway ahead of us. We believe we are strategically placed to deliver on our targets for fiscal 2023 as well as our medium-term outlook. While we acknowledge the uncertainty in the macro environment, we believe that our focus on investing in our people, content and technology will continue to drive growth over the longer term.

最後，我們對我們在 2022 財年的表現感到滿意。正如我們在投資者日所說的那樣，我們看到了戰略投資的好處，我們覺得我們還有很長的路要走。我們相信，我們在戰略上處於實現 2023 財年目標和中期展望的位置。雖然我們承認宏觀環境的不確定性，但我們相信，我們對人員、內容和技術的投資將繼續推動長期增長。

And with that, we're now ready for questions. Operator?

有了這個，我們現在準備好提問了。操作員？

(Operator Instructions) Our first question comes from the line of Ashish Sabadra with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

All right. We'll move to the next one. Ashish must be having phone problems. One moment. Please stand by for our next question.

好的。我們將轉到下一個。 Ashish 一定是手機有問題。一瞬間。請等待我們的下一個問題。

Ashish, are you there?

阿希什，你在嗎？

Can you hear me okay? So we saw some pretty strong momentum across all 3 workflow solutions, and thanks for giving some clarity around the growth drivers going forward in terms of pricing, cross-sell and new wins. But the question that we get from -- that we are getting is around that $150 million to $180 million of ASV growth outlook in the light of the market volatility and concerns about potential layoff on investment banking and pullback on spend by asset managers. So I was wondering if you could just provide some more color on the confidence around the ASV growth for '23.

你能聽到我說話嗎？因此，我們在所有 3 個工作流解決方案中看到了相當強勁的勢頭，感謝您在定價、交叉銷售和新勝利方面明確了未來的增長動力。但我們得到的問題 - 我們得到的是大約 1.5 億至 1.8 億美元的 ASV 增長前景，鑑於市場波動以及對投資銀行業務可能裁員和資產管理公司支出縮減的擔憂。所以我想知道您是否可以提供更多有關 23 年 ASV 增長的信心的顏色。

Sure. Ashish, it's Phil. Thanks for the question. So similar to what we saw in 2022, we believe that our growth will be broad-based again in '23. So there's pretty even distribution of goals between the different business lines as well as the different regions. And I think that's really good news. You've got a great portfolio here. Everything is firing on all cylinders.

當然。阿希什，我是菲爾。謝謝你的問題。與我們在 2022 年看到的情況非常相似，我們相信我們的增長將在 23 年再次實現廣泛的增長。因此，不同業務線和不同地區之間的目標分佈相當均勻。我認為這真是個好消息。你在這裡有一個很棒的投資組合。一切都在開足馬力。

And when we look out at the first half, which we typically have good visibility on, we see a very good pipeline versus last year. So it's a very high-quality pipeline. So in terms of what we can see in front of us, we feel good. We don't want to be naive. We understand that our clients obviously are going to be facing some pressure here on the budget side, but that plays into our strengths. And we have a great sales team. They're fully equipped to go out and really kind of communicate the value of FactSet's proposition -- value proposition. And there's a lot we can do to help clients on the efficiency side as well as obviously alpha generation.

當我們看上半年時，我們通常對上半年有很好的了解，我們看到與去年相比非常好的管道。所以這是一個非常高質量的管道。因此，就我們眼前所見而言，我們感覺良好。我們不想天真。我們知道我們的客戶顯然會在預算方面面臨一些壓力，但這會發揮我們的優勢。我們有一個很棒的銷售團隊。他們完全有能力走出去，真正傳達 FactSet 的價值主張——價值主張。我們可以做很多事情來幫助客戶提高效率以及明顯的 alpha 生成。

One piece of our business that I really want to call out this year is the analytics business. So if you go back to 2021, you can see that business was growing at 6%, and it reached double digits this year. So that's 400 basis points of acceleration in analytics. And that is not workstation-based growth, primarily. So we're having huge wins across the portfolio life cycle. In the middle office, we've talked a little bit about that in the script. But we're very encouraged by the conversations we're having within institutional asset managers to help them think about how they manage data and their workflow. So that's just one thing that gives us more confidence going into next year.

今年我真正想強調的一項業務是分析業務。因此，如果回到 2021 年，您會發現該業務以 6% 的速度增長，並且今年達到了兩位數。所以這是分析加速的 400 個基點。這主要不是基於工作站的增長。因此，我們在整個投資組合生命週期中取得了巨大的勝利。在中間辦公室，我們已經在腳本中談了一點。但我們對機構資產經理內部的對話感到非常鼓舞，這些對話幫助他們思考如何管理數據和工作流程。所以這只是讓我們更有信心進入明年的一件事。

That's very helpful color, Phil. Really appreciate that. And maybe on my follow-up, just on the margin front, particularly as we look at 3Q versus the 4Q margins. Again, Linda, you provided some really good color around reinvestment. But I was just wondering, as we think about how much of it was maybe higher compensation versus more hiring, we obviously saw a big step-up in hiring in the fourth quarter. How should we think about for -- going into 2023? And in this particular inflationary environment, how do we think about salaries and compensation going forward?

這是非常有用的顏色，菲爾。真的很感激。也許在我的後續行動中，只是在利潤率方面，特別是當我們比較第三季度和第四季度的利潤率時。再一次，琳達，你提供了一些關於再投資的非常好的色彩。但我只是想知道，當我們考慮其中有多少可能是更高的薪酬而不是更多的招聘時，我們顯然在第四季度看到了招聘的大幅增加。我們應該如何考慮 - 進入 2023 年？在這種特殊的通貨膨脹環境下，我們如何看待未來的薪水和薪酬？

Sure. Thanks, Ashish. As we had said on the third quarter earnings call, if we did well in the fourth quarter, we did flag that we were going to put up a higher bonus accrual for the fourth quarter. So I'm somewhat surprised, frankly, that people were surprised by the level of what we did in the fourth quarter in terms of the bonus. The bonus accrual for the fourth quarter was $37 million, and in the third quarter, it was $31 million. Our total bonus pool, as we said, was $111 million, which was up considerably over last year.

當然。謝謝，阿希什。正如我們在第三季度財報電話會議上所說，如果我們在第四季度表現良好，我們確實表示我們將在第四季度提供更高的應計獎金。所以我有點驚訝，坦率地說，人們對我們在第四季度的獎金水平感到驚訝。第四季度的應計獎金為 3700 萬美元，第三季度為 3100 萬美元。正如我們所說，我們的總獎金池為 1.11 億美元，比去年大幅增加。

We also increased stock-based compensation. And that's important. We're pushing equity to more people in the corporation, both broader and deeper. So that's an important change as well as we try to get our compensation balanced properly.

我們還增加了股票薪酬。這很重要。我們正在更廣泛、更深入地向公司中的更多人推廣股權。所以這是一個重要的變化，我們也在努力使我們的薪酬得到適當的平衡。

Technology expenses were also up, and we had talked about this also at Investor Day, that as we move to the cloud, we're seeing higher utilization of the cloud so that costs a little bit more as well.

技術費用也在增加，我們也在投資者日談到了這一點，當我們轉向雲時，我們看到雲的利用率更高，因此成本也會增加一點。

So most of this was around the increase in the like-for-like compensation, Ashish. We did hire some more people, same balance of 65% in centers of excellence and 35% that are not in the centers of excellence. So nothing too dramatic there. Most of that goes to content collection as we are looking to invest in deep sector, as Phil said. But really nothing particularly exceptional, other than that we had a really strong year and a strong fourth quarter, and we had a bonus catch-up as I had said we were going to do on the third quarter call. So I hope that helps you.

因此，Ashish，其中大部分是圍繞同類補償的增加而進行的。我們確實僱傭了更多的人，65% 的人在卓越中心，35% 的人不在卓越中心。所以那裡沒有什麼太戲劇化的。正如 Phil 所說，其中大部分用於內容收集，因為我們正在尋求投資於深度領域。但真的沒有什麼特別特別的，除了我們有一個非常強勁的一年和強勁的第四季度，我們有一個獎金追趕，就像我在第三季度電話會議上說的那樣。所以我希望這對你有幫助。

Our next question comes 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。

So I just wanted to talk a little bit more around margins, Linda. I'm curious how much CGS contributed to margins this quarter. I know you had mentioned last quarter that it was -- it contributed about 2/3 of the expansion. So I'm curious what the contribution was this quarter. And maybe if you can tell us how much you expect it to contribute, too, in 2023.

所以我只想多談談利潤率，琳達。我很好奇 CGS 本季度對利潤率的貢獻有多大。我知道你上個季度提到過——它貢獻了大約 2/3 的擴張。所以我很好奇這個季度的貢獻是什麼。也許你能告訴我們你希望它在 2023 年也能做出多少貢獻。

Sure. So over the course of the year, and I'm not going to go into fourth quarter, CGS gives us about 500 additional basis points of margin. And as we said in the script, we reinvested 360 basis points of that margin. And we increased our margin over the course of the year by 140 basis points, which we think is pretty significant amount and far in excess of the 50 to 75 basis points that we had guided toward.

當然。所以在這一年中，我不會進入第四季度，CGS 給了我們大約 500 個額外的保證金基點。正如我們在劇本中所說，我們將 360 個基點的保證金再投資。我們在這一年中將利潤率提高了 140 個基點，我們認為這是相當可觀的數額，遠遠超過我們指導的 50 至 75 個基點。

So as we roll forward, we have increased margin that comes from CUSIP, but we're going to be thoughtful about how we deal with that margin. And again, we would see that we'll reinvest about 2/3, and probably about 1/3 will drop down to the bottom line. So we would expect that, that will continue at sort of the same pace next year.

因此，隨著我們向前推進，我們增加了來自 CUSIP 的保證金，但我們將考慮如何處理該保證金。再一次，我們會看到我們將再投資大約 2/3，並且可能大約 1/3 會下降到底線。所以我們預計，明年將以同樣的速度繼續。

Okay. Understood. And then just on -- you mentioned pricing. I'm curious how much incremental pricing you're embedding for fiscal '23 versus what we saw in '22. And it doesn't sound like you're getting any pushback on that pricing, but just wanted to ask sort of how -- what's the receptivity to that incremental pricing.

好的。明白了。然後就在 - 你提到了定價。我很好奇你為 23 財年嵌入了多少增量定價與我們在 22 財年看到的相比。聽起來你並沒有對該定價有任何反對，但只是想問一下如何 - 對增量定價的接受度是多少。

Faiza, it's Phil. So yes, in 2022, we went out with a 4% price increase. And we anticipate we'll be asking for a little bit more than that going into '23, which is completely appropriate given the level of investment we've made in the product and obviously our costs. We don't expect to be market-leading in our price increase, right? We want to be conservative here and make sure that we're thinking about our long-term relationships with our clients. But based on what we were able to do in terms of getting realization from 4% this year, we feel pretty confident that we can get a bit of an uplift going into '23 with price.

Faiza，是菲爾。所以是的，在 2022 年，我們提價了 4%。我們預計我們會要求比 23 年多一點，考慮到我們對產品的投資水平以及顯然我們的成本，這是完全合適的。我們不希望在價格上漲方面領先市場，對嗎？我們希望在這裡保持保守，並確保我們正在考慮與客戶的長期關係。但根據我們今年在實現 4% 的實現方面所能做的，我們非常有信心我們可以在進入 23 年時以價格獲得一些提升。

And Faiza, please note that Phil has said before, none of that made its way to his desk in the past year. So we think that price increase went pretty well.

Faiza，請注意 Phil 之前說過，在過去的一年裡，這些都沒有出現在他的辦公桌上。所以我們認為價格上漲非常順利。

It's been reported in the media that some of those in the competitor space maybe pricing considerably higher. We don't intend to go all the way up to that, but we do expect that we could do a good bit better than we've been able to do in '22 because we do have market-leading products. So we're quite optimistic about that for FY '23.

據媒體報導，競爭對手領域中的一些產品的定價可能要高得多。我們不打算一直做到這一點，但我們確實希望我們能比 22 年做得更好，因為我們確實擁有市場領先的產品。因此，我們對 23 財年的情況非常樂觀。

I'd also add on that in terms of price realization, we've been able to -- well, I really simplify our rate card and go to market and I think capture price for new sales much more than we had in the past. So that's really helped us in terms of how we execute. And the sales force has done a tremendous job in taking a much more simplified set of packages to market. And it's made the clients' lives easier. It's made our lives easier. It's really helped all around. So that's part of what we think about when we think about price as well.

我還要補充一點，在價格實現方面，我們已經能夠——好吧，我真的簡化了我們的價目表並進入市場，我認為新銷售的價格比過去要多得多。因此，就我們的執行方式而言，這確實對我們有所幫助。銷售人員在將一組更簡化的軟件包推向市場方面做了大量工作。它使客戶的生活更輕鬆。它讓我們的生活更輕鬆。這真的對所有方面都有幫助。所以當我們考慮價格時，這也是我們考慮的一部分。

(Operator Instructions) Our next question comes from the line of Owen Lau with Oppenheimer.

（操作員說明）我們的下一個問題來自 Owen Lau 與 Oppenheimer 的對話。

So on the stock-based comp, I think 3 months ago, we were still talking about the downturn playbook. And I think FactSet can adjust the comp accrual to control the expense. I'm just wondering, given the current market conditions, are you not winding up that downturn playbook anymore? Have you changed any of your view in terms of giving stock-based comp going forward? Any more color would be very helpful.

所以在基於股票的 comp 上，我想 3 個月前，我們還在談論經濟低迷的劇本。而且我認為 FactSet 可以調整應計費用以控制費用。我只是想知道，鑑於當前的市場狀況，您是否不再結束低迷時期的劇本？您是否改變了對未來提供基於股票的補償的任何看法？任何更多的顏色都會非常有幫助。

Sure, Owen. We are prepared for the downturn playbook if we need to bring that into action. Right now, we don't see any need to do that. Things are holding up very well. Sales are very strong. And as Phil said, this is a high recurring revenue business. So we have pretty good idea of what revenue will look like for the first half of next year because we've already got the ASV in-house. So that's really, really good.

當然，歐文。如果我們需要將其付諸行動，我們已經為經濟低迷做好了準備。目前，我們認為沒有必要這樣做。事情進展順利。銷售非常強勁。正如菲爾所說，這是一項高經常性收入業務。所以我們很清楚明年上半年的收入會是什麼樣子，因為我們已經在內部擁有了 ASV。所以這真的非常好。

So the numbers are for the course of the year. Last year, we found that we did $89 million in bonus. And this year, it was more like $111 million, $112 million. So that was a pretty high change given the performance of the company, and that's all formulaic. So as we go back into FY '23, that bonus pool will reset to roughly $90 million. So that's the first step. And then if for some reason we underperform, that bonus pool will adjust as well and will go back down. But this was a very strong year.

所以這些數字是一年中的數字。去年，我們發現我們獲得了 8900 萬美元的獎金。而今年，它更像是 1.11 億美元，1.12 億美元。因此，考慮到公司的業績，這是一個相當大的變化，而且都是公式化的。因此，當我們回到 23 財年時，獎金池將重置為大約 9000 萬美元。這是第一步。然後，如果由於某種原因我們表現不佳，獎金池也會調整併回落。但這是非常強勁的一年。

Similarly, last year, we paid out $45 million in stock-based compensation. This year, we paid out $56 million in stock-based compensation. So the reset on that will be closer to the $56 million number. But again, the bonus pool can flex and adjust. Our salary line, in fact, because we had slower hiring than we expected, was not up very much. So it's important that investors understand most of this comes from the flexible nature of the bonus pool increasing.

同樣，去年，我們支付了 4500 萬美元的股票薪酬。今年，我們支付了 5600 萬美元的股票薪酬。因此，重置後的數字將更接近 5600 萬美元。但同樣，獎金池可以靈活調整。事實上，由於我們的招聘速度比我們預期的要慢，我們的工資線並沒有漲多少。因此，重要的是投資者要了解其中大部分來自獎金池增加的靈活性。

So in fact, in FY '21, the salary line was [4 96], and in '22, it was [5 07]. That's only a 2% increase. So we're keeping a very good handle on the salary line. Most of this flex has been in the bonus line because we had a very strong year, as we talked about in the third quarter. In fact, we're pretty surprised with the reaction because we had signaled that this would be coming. So hope that's helpful to you and hope that answers your question.

所以實際上，在 21 財年，工資線是 [4 96]，而在 22 財年，它是 [5 07]。這僅增加了 2%。所以我們在薪水線上保持了很好的控制。正如我們在第三季度談到的那樣，大部分的彈性都在獎金線上，因為我們度過了非常強勁的一年。事實上，我們對這種反應感到非常驚訝，因為我們已經發出了這即將到來的信號。所以希望這對你有幫助，希望能回答你的問題。

Just probably reiterate something I said in my opening remarks, which is the numbers that Linda just mentioned have allowed us to go broader and deeper in the organization in terms of the number of employees that are participating in the bonus and equity pools, which is really great that we're able to do that. And obviously, it has very good consequences for us in terms of talent retention moving forward.

可能只是重申我在開場白中所說的話，即琳達剛才提到的數字使我們能夠在參與獎金和股權池的員工人數方面更廣泛、更深入地了解組織，這確實是太好了，我們能夠做到這一點。顯然，這對我們未來的人才保留有很好的影響。

Got it. That's super helpful. And then something related to that line, which is the adjusted EPS growth. Expectation for 2023, it's 8% to 11%, which is slightly lower than your medium-term target of 11% to 13%. I know last year was strong. But given the market conditions, do you expect you can still meet your medium-term guidance over the next 2 to 3 years? Or do you expect your EPS growth will run below that for -- in the near term?

知道了。這非常有幫助。然後是與這條線相關的東西，即調整後的每股收益增長。對 2023 年的預期為 8% 至 11%，略低於您 11% 至 13% 的中期目標。我知道去年很強勁。但鑑於市場狀況，您預計未來 2 至 3 年您是否仍能達到中期目標？或者您是否預計您的 EPS 增長將低於 - 在短期內？

Owen, it's Linda. I do think we're going to be able to meet that EPS growth expansion. And one of the things to consider here -- actually, 2 things to consider. One is the tax rate. So we're guiding to 12.5% to 13.5% next year. Our history has been that we have had one-off items that have been flattering to our tax rate, so we may find ourselves in that situation again.

歐文，是琳達。我確實認為我們將能夠實現 EPS 增長擴張。這裡要考慮的事情之一——實際上，有兩件事要考慮。一是稅率。所以我們明年的目標是 12.5% 到 13.5%。我們的歷史是，我們有過對我們的稅率有利的一次性項目，因此我們可能會再次陷入那種情況。

Secondly, we can't predict what option exercise will be, which is beneficial to our tax rate as well and brings it down. So that one is hard to predict also. So the tax rate might be something that could be helpful to EPS.

其次，我們無法預測會執行什麼期權，這也有利於我們的稅率並降低它。所以那個也很難預測。因此，稅率可能對 EPS 有幫助。

Thirdly, we've not modeled in any share repurchase for 2023. We thought that was the conservative thing to do. We are hoping to be able to go back into the share repurchase market once we bring our leverage down to where we need it to be, which is 2 to 2.5x gross leverage for the company. And we're pretty close to that already. We've gone from 3.9 to 3.5 to 3.1 at the end of our fourth quarter. So if that happens, share repurchase will be pushed more towards the back half of the year and it won't help us that much, but it would be some wind at our backs.

第三，我們沒有對 2023 年的任何股票回購進行建模。我們認為這是保守的做法。一旦我們將槓桿率降低到我們需要的水平，即公司總槓桿率的 2 到 2.5 倍，我們希望能夠回到股票回購市場。我們已經很接近了。我們在第四季度末從 3.9 上升到 3.5 再到 3.1。因此，如果發生這種情況，股票回購將更多地推向今年下半年，這對我們沒有太大幫助，但會給我們帶來一些支持。

So those are some of the various factors. And of course, if we do better on the margin line, that will come down into EPS as well. So just some things to consider as puts and takes on the EPS outlook.

所以這些是各種因素中的一些。當然，如果我們在利潤線上做得更好，那也會影響到每股收益。因此，只有一些事情要考慮看跌期權並承擔 EPS 前景。

(Operator Instructions) Our next question comes from the line of Manav Patnaik with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

Linda, maybe just to ask another way, the 9% growth -- organic growth that you're talking about for the year, is that much different if you look at either the sell-side or buy-side ASV? Just trying to put it in context. It sounds like you guys don't see any need to go to the downturn playbook, contrary to what the market is telling us.

琳達，也許只是問另一種方式，9% 的增長——你今年談論的有機增長，如果你看賣方或買方 ASV，會有很大不同嗎？只是想把它放在上下文中。聽起來你們認為沒有必要採取低迷策略，這與市場告訴我們的相反。

Manav, it's Phil. Yes, so we see strength in both the pipeline for the buy side and the sell side. So based on what we can see today, I think our 9% buildup is a very healthy combination of different firm types. And beyond those -- beyond the larger asset managers and banks, we obviously have some other firm types now that are smaller in terms of our base but are growing much more quickly.

馬納夫，我是菲爾。是的，所以我們看到了買方和賣方的管道中的力量。因此，根據我們今天所看到的情況，我認為我們 9% 的增長是不同公司類型的非常健康的組合。除了那些 - 除了較大的資產管理公司和銀行之外，我們現在顯然還有其他一些公司類型，它們在我們的基礎上規模較小，但增長速度更快。

Okay. And then the comments around not including CUSIP in the organic growth, I just want to clarify that. So in the second half of the year, I guess, of your fiscal year, it will be part of organic. And so does that then -- if it's growing mid- to high single digits, does that then drag down that number ultimately for the year?

好的。然後關於有機增長中不包括 CUSIP 的評論，我只想澄清一下。所以在今年下半年，我猜，在你的財政年度，它將成為有機的一部分。那也是如此——如果它以中高個位數增長，那最終會拖累這一數字嗎？

Manav, that's correct. So we're looking about 9% growth for next year. And you're correct that CUSIP does average down that growth a little bit. We factored that in for the full course of the year. We will be bringing CUSIP online a year after it has closed, and so we'll be talking more about that as we get there. But the 9% number looks pretty good. CUSIP may bring it down a couple of basis points, but we're only going to be including that in the back half of the year, as you noted.

馬納夫，這是正確的。因此，我們預計明年的增長率約為 9%。你是對的，CUSIP 確實平均降低了一點增長。我們將這一點計入全年課程。我們將在 CUSIP 關閉一年後將其上線，因此我們將在到達那裡時更多地討論它。但 9% 的數字看起來相當不錯。 CUSIP 可能會降低幾個基點，但正如您所指出的，我們只會在今年下半年將其包括在內。

(Operator Instructions) Our next question comes from the line of Alex Kramm with UBS.

（操作員說明）我們的下一個問題來自瑞銀集團的 Alex Kramm。

Starting with a couple of questions on margins. I think they're related. But obviously, when people saw the margin in the third quarter, some folks got ahead of themselves messaging or not from your end. But should the message really be, if we look over the next few years, that if you commit to 50 to 75 basis points margin expansion per year, that's what you're going to be delivering? Because obviously, you do it this year or next year. And if there's any upside, you'll spend it away for growth.

從關於邊距的幾個問題開始。我認為它們是相關的。但很明顯，當人們看到第三季度的利潤率時，有些人會先於自己發消息或不發消息。但是，如果我們展望未來幾年，信息真的應該是，如果你承諾每年增加 50 到 75 個基點的利潤率，這就是你要實現的目標嗎？因為很明顯，你今年或明年會這樣做。如果有任何好處，你會把它花在增長上。

I guess the question is on the -- a, is that right? And then two, is it also, on the downside, you would still commit to that 50 to 75 over the course of the next few years? So really, that's how we should read it.

我想問題是——a，對嗎？然後兩個，從不利的方面來看，你是否仍然會在接下來的幾年裡承諾 50 到 75？所以真的，這就是我們應該閱讀它的方式。

And then secondarily, can you just make a quick comment on seasonality in margin for 2023? Obviously, there's been a lot of movement in 2022, so just people don't get ahead of themselves.

其次，您能否快速評論一下 2023 年保證金的季節性？顯然，2022 年發生了很多變化，所以人們不要操之過急。

Yes. Thank you very much, Alex. I think you expressed it really very well. If we're guiding to 50 to 75 basis points of margin expansion on average over the next couple of years to exit at 35% or so adjusted operating margin in 2025, that's what we're going to do. This growth in the top line doesn't come for free. We've invested to be able to make sure that we keep that top line growing despite the market conditions.

是的。非常感謝，亞歷克斯。我覺得你表達得非常好。如果我們在未來幾年內平均將利潤率擴大 50 到 75 個基點，以在 2025 年以 35% 左右的調整後營業利潤率退出，這就是我們要做的。收入的增長不是免費的。我們進行了投資，以確保儘管市場狀況不佳，我們仍能保持收入增長。

And we feel we overdelivered in 2022. We had said 50 to 75 basis points. We put up 140. Our midpoint in the guidance for next year is 60 basis points. We may have that wrong. We may get 110. It's very hard to tell. There are a lot of things moving around right now. Currency movements are the most dramatic and volatile they've been in 40 years. The Fed action yesterday was not really expected that it would be that dramatic in terms of the tone. So we want to be a little bit cautious as we think about the margin going forward. But yes, we will protect it on the downside. Through the downturn playbook, we'll make that adjustment.

我們覺得我們在 2022 年超額交付了。我們說過 50 到 75 個基點。我們提出了 140。我們明年的指導中點是 60 個基點。我們可能錯了。我們可能會得到 110。這很難說。現在有很多東西在移動。貨幣走勢是 40 年來最劇烈和最不穩定的。就基調而言，美聯儲昨天的行動並沒有真正預料到會如此戲劇化。因此，我們在考慮未來的利潤率時要謹慎一些。但是，是的，我們會在不利方面保護它。通過經濟低迷的劇本，我們將做出調整。

And on the upside, which is what we experienced in '22, if we do better, our contract with our employees would be that we pay them higher bonuses because they performed. And that will adjust the bonus line again. We'll adjust back down to about $90 million as we go into 2023.

從好的方面來說，這就是我們在 22 年所經歷的，如果我們做得更好，我們與員工的合同將是我們向他們支付更高的獎金，因為他們表現出色。這將再次調整獎金線。到 2023 年，我們將調整回約 9000 萬美元。

So there seems to be a lot more dramatic response here than we had anticipated. But I'll turn it over to Phil and let him talk a little bit more about the margin commitment.

所以這裡的反應似乎比我們預期的要多得多。但我會把它交給菲爾，讓他多談談保證金承諾。

Yes. I think that's right, Linda. And just to kind of restress what you said at the beginning there. We're really focused on sustainable top line growth there. I think we can control our costs where needed. But our primary objective, as we stated back in '19, is to get the top line back up to a much higher number. And we've done that. We want to keep it there. And we've got a long list of great ideas to invest in as well as some existing programs that continue to need feeding, as well as all of our great employees.

是的。我認為這是對的，琳達。只是為了強調一下你在開頭所說的話。我們真正專注於可持續的收入增長。我認為我們可以在需要的地方控製成本。但正如我們在 19 年所說的那樣，我們的主要目標是讓收入恢復到更高的水平。我們已經做到了。我們想把它留在那裡。我們有一長串要投資的好想法，還有一些繼續需要資助的現有項目，以及我們所有優秀的員工。

So that's the balance at FactSet. We're a consistent performer. We feel really good about where we are right now, probably the best we've felt in a long time in terms of our business model and our momentum. We feel like we're in a really good position to make the decisions that we've made, and we feel these are the best decisions for the long term for our clients, investors and employees.

這就是 FactSet 的平衡。我們是一個始終如一的表演者。我們對我們現在所處的位置感覺非常好，就我們的商業模式和我們的勢頭而言，這可能是我們長期以來感覺最好的。我們覺得我們處於一個非常有利的位置來做出我們已經做出的決定，我們認為這些是對我們的客戶、投資者和員工的長期最佳決定。

Great. And sorry, on the seasonality for 2023 on margin, did you want to address that as well? And I do have a follow-up.

偉大的。抱歉，關於保證金 2023 年的季節性，您是否也想解決這個問題？我確實有後續行動。

Sure. Directionally, Alex, you should probably expect all of this hinges on our pacing of hiring. So all things being equal, the first quarter, it's a little hard to get all the hiring done exactly pro rata over the 4 quarters. So the margin might be a bit higher in the first quarter and perhaps the second quarter. And then in the back half, that hiring pace picks up. And if we have any catch-ups again on bonus next year in the fourth quarter because we've done well, you would see the same sort of pattern occur.

當然。從方向上講，亞歷克斯，你可能應該預料到所有這一切都取決於我們招聘的節奏。因此，在所有條件都相同的情況下，第一季度，要在 4 個季度內按比例完成所有招聘工作有點困難。因此，第一季度和第二季度的利潤率可能會更高一些。然後在後半段，招聘步伐加快。如果我們明年第四季度再次追趕獎金，因為我們做得很好，你會看到同樣的模式發生。

So again, probably the margin trend would be a little higher earlier in the year and perhaps a little more muted later in the year. But it could lay out differently if the macro conditions are a little bit different as we move through the year.

因此，今年早些時候的利潤率趨勢可能會略高一些，而在今年晚些時候可能會更加溫和一些。但如果我們在這一年中宏觀條件略有不同，它的佈局可能會有所不同。

Okay. Great. And I'll ask my real second question then. Just a quick one. When I look at your revenue growth targets and your ASV growth targets, I'm a little bit surprised. Just if I look at historical seasonality on how ASV phases in, the revenue target seems a little bit elevated. I guess what I'm trying to say is, given that usually you get a lot of the ASV in the second half of the year, I'm surprised how much revenue is coming through already for fiscal year '23.

好的。偉大的。然後我會問我真正的第二個問題。只是一個快速的。當我查看你們的收入增長目標和 ASV 增長目標時，我有點驚訝。如果我看看 ASV 如何逐步進入的歷史季節性，收入目標似乎有點高。我想我想說的是，考慮到通常你會在下半年獲得大量 ASV，我很驚訝 23 財年已經有多少收入。

So is there something different in seasonality that you're expecting? Is it that confidence over -- about the pipeline here in the first half, that you actually think revenue starts off much stronger than it otherwise would? So just maybe a little bit of help on seasonality on revenues because it seems a lot higher than historically speaking, given the ASV guidance.

那麼，您期望的季節性有什麼不同嗎？是否有信心 - 關於上半年的管道，你實際上認為收入開始比其他情況強得多？因此，考慮到 ASV 指導，收入的季節性可能會有所幫助，因為它似乎比歷史上高得多。

I'll start. And Linda, please add on. So yes, we're not expecting anything dramatically different, Alex, in terms of the seasonality. We did do a really great job last year of pulling more into Q1 with some sales incentives. We have a similar program set up for this year. But I think we anticipate, as usual, that we would capture more than half of our ASV in the second half.

我會開始。琳達，請補充。所以，是的，我們並不期待任何顯著不同，亞歷克斯，就季節性而言。去年我們確實做得非常好，通過一些銷售激勵措施將更多的產品帶入第一季度。我們為今年設立了類似的計劃。但我認為我們預計，與往常一樣，我們將在下半年捕獲超過一半的 ASV。

I don't know, Linda, if there's anything you can do to kind of help answer this.

我不知道，琳達，你是否可以做些什麼來幫助回答這個問題。

Sure. We work hand in hand, Alex, with Helen Shan, our Chief Revenue Officer, who's done an amazing job. And first quarter kickers are very helpful to getting the ASV in sooner. And then we have the weight of that ASV over the course of the year, which is very, very helpful. Also, we've had very strong ASV in the back half of '22, which converts to revenue that we can already see in the front half of '23.

當然。 Alex，我們與我們的首席營收官 Helen Shan 攜手合作，她的工作非常出色。第一季度的踢球者對於更快地獲得 ASV 非常有幫助。然後我們在一年中獲得了該 ASV 的權重，這非常非常有幫助。此外，我們在 22 年的後半段擁有非常強勁的 ASV，這轉化為我們在 23 年的前半段已經可以看到的收入。

So we feel pretty good about what we're seeing. And we actually think that these market conditions will allow us to sit down and talk with a lot more clients about what they can do in terms of cost efficiencies, and that's where we feel that we really shine. Also, we're doing incredibly well with head-to-head competition. In terms of requests for proposals, we're doing very well. And the investment in the product is paying off with a lot of wins.

所以我們對我們所看到的感覺很好。我們實際上認為，這些市場條件將使我們能夠坐下來與更多的客戶討論他們在成本效率方面可以做些什麼，這就是我們覺得我們真正閃耀的地方。此外，我們在面對面的競爭中做得非常好。在提案請求方面，我們做得很好。對產品的投資帶來了很多回報。

So looking at next year, it's hard to find what one shouldn't like about this guidance for next year. 9% top line, margin expansion and EPS growth around 10%, we think that's pretty healthy. So tax rate breaks a little bit our way. We get back to a bit more share repurchases. We feel pretty good about this guidance. So we hope that helps.

因此，展望明年，很難找到人們不喜歡明年的這一指南的地方。 9% 的收入、利潤率擴張和 EPS 增長 10% 左右，我們認為這是非常健康的。所以稅率有點偏向我們。我們回到更多的股票回購。我們對這個指南感覺很好。所以我們希望能有所幫助。

(Operator Instructions) Our next question comes from the line of Toni Kaplan with Morgan Stanley.

（操作員說明）我們的下一個問題來自托尼卡普蘭與摩根士丹利的合作。

It's Greg Parrish on for Toni. I wanted to ask about the recent wealth win. I don't know if you could size that at all for us. When should we expect that to be added to ASV? And then the second sort of part of it, if you could talk about the main differentiators that led to the win versus competitors, that would be helpful.

這是托尼的格雷格帕里什。我想問一下最近的財運。我不知道你是否可以為我們調整大小。我們應該什麼時候將其添加到 ASV 中？然後是第二部分，如果你能談談導致與競爭對手獲勝的主要區別因素，那將會很有幫助。

Greg, yes, I think I know the one you're referring to. So I believe that closed in August. So the impact to revenue is going to be pretty low for '22. Obviously, we'll capture all of that in '23. It was a decent-sized win, but I would not say it was a win that made the quarter. But it was a good multi-7-figure win and a lot -- thousands of wealth adviser desktops.

格雷格，是的，我想我知道你指的那個人。所以我相信它會在八月關閉。因此，'22 對收入的影響將非常低。顯然，我們將在 23 年捕捉到所有這些。這是一場規模適中的勝利，但我不會說這是一場進入本季度的勝利。但這是一個很好的多 7 位數的勝利，而且很多——數千台財富顧問台式機。

So what's driving all of these wealth wins really has a lot to do with the core product itself, but also we've released something called Advisor Dashboard, which had an exceptionally strong Q4. So we had 3 key Advisor Dashboard wins in Q4. So this Advisor Dashboard is an add-on to kind of all of the advisers that have the regular FactSet product for wealth but just gives a lot more intelligence to the adviser in terms of how they might want to organize their actions for the day.

因此，推動所有這些財富勝利的因素確實與核心產品本身有很大關係，而且我們還發布了一種名為 Advisor Dashboard 的產品，它在第四季度表現異常強勁。因此，我們在第 4 季度贏得了 3 個關鍵的 Advisor Dashboard。因此，此顧問儀表板是所有擁有常規 FactSet 財富產品的顧問的附加組件，但只是在他們可能希望如何組織當天的行動方面為顧問提供更多智能。

So this is a great market for us as well. The wins at our back. We're growing it in double digits. It's becoming a meaningful part of FactSet's revenue, and it's one that we're going to continue to invest in. So Linda mentioned the RFPs. We get a lot of these. These are large decisions for these big wealth companies. So I continue -- I would expect to see a continued steady diet of these larger wins that we can execute on. It's hard to get more than a handful every year. But below that, we're doing a lot to close tons of family offices. We're beginning to close more RIAs. There's just a lot of great momentum in the space. And it's a lot of what's driving our user count as well.

所以這對我們來說也是一個很好的市場。勝利在我們身後。我們正在以兩位數的速度增長。它正在成為 FactSet 收入的重要組成部分，我們將繼續對其進行投資。因此琳達提到了 RFP。我們得到了很多這樣的東西。這些是這些大型財富公司的重大決定。所以我繼續 - 我希望看到我們可以執行的這些更大勝利的持續穩定飲食。每年都很難得到超過一把。但除此之外，我們正在做很多事情來關閉大量的家族辦公室。我們開始關閉更多的 RIA。這個領域有很多強大的動力。這也是推動我們的用戶數量的很多因素。

Okay. Great. That's very helpful. And then maybe I just want to kind of ask about the broad market environment, maybe if you could like mark-to-market client appetite here, especially given the macro backdrop. I know you're expecting strength, and it sounds like you're not really seeing any pressure yet. But obviously, there's a lot of uncertainty out there. So how are client conversations going? Are you expecting potentially maybe some deals get pushed out? Or is that not the case? If you can kind of just mark-to-market there?

好的。偉大的。這很有幫助。然後，也許我只想問一下廣闊的市場環境，也許你是否喜歡這裡按市值計價的客戶胃口，尤其是考慮到宏觀背景。我知道你在期待力量，聽起來你還沒有真正看到任何壓力。但顯然，那裡有很多不確定性。那麼客戶對話進展如何？您是否預計某些交易可能會被推遲？或者事實並非如此？如果你可以在那裡按市值計價？

Yes. We're seeing a little bit of, I think, extension in how long it takes to close a deal. We saw some of that in hedge funds. But honestly, a lot of our clients are going through the journey that we've been going through, which is digital transformation. These efforts are not stopping for our clients. You can't stop. You have to keep investing, I think, to transform your business in this market. And we have so many picks and shovels now to help the clients in terms of being more efficient that we feel it's not a difficult thing to sit down with the C level at our clients, the heads of technology and really educate them about all the great stuff that FactSet can do.

是的。我認為，我們看到完成交易所需的時間有所延長。我們在對沖基金中看到了其中的一些。但老實說，我們的很多客戶正在經歷我們一直在經歷的旅程，即數字化轉型。這些努力不會因為我們的客戶而停止。你不能停下來。我認為，你必須繼續投資，才能改變你在這個市場上的業務。我們現在有這麼多的鎬和鏟來幫助客戶提高效率，我們覺得與我們的客戶、技術負責人的 C 級坐下來並真正地教育他們所有偉大的事情並不是一件困難的事情。 FactSet 可以做的事情。

I'm super excited for '23. I think there's a premium opportunity here for FactSet to tell our story in an even newer and more exciting way for our clients in terms of the capabilities we have. We really believe that what we've done here to transform our business is market-leading, the opening of the platform, the APIs that we offer our clients now that link in with their own tech stacks, all the work that we're doing with partners like asset services, that's really helping us.

我對 23 年超級興奮。我認為 FactSet 在這裡有一個很好的機會，可以根據我們擁有的能力，以更新、更令人興奮的方式為我們的客戶講述我們的故事。我們真的相信，我們在這裡所做的業務轉型是市場領先的，平台的開放，我們現在為客戶提供的 API 與他們自己的技術堆棧相關聯，我們正在做的所有工作與資產服務等合作夥伴合作，這對我們很有幫助。

We have a new quant research environment where clients can come in and programmatically access FactSet. So we've been telling the story for years now, we're not just a workstation business. But all of these elements and these different ways that you can utilize our data and analytics just give us a ton of confidence that even if it's a tough environment for clients and their budgets are constrained, we're going to be at the top of their list in terms of partners they want to work with.

我們有一個新的量化研究環境，客戶可以進入並以編程方式訪問 FactSet。所以我們多年來一直在講述這個故事，我們不僅僅是工作站業務。但是，所有這些要素以及您可以利用我們的數據和分析的這些不同方式讓我們充滿信心，即使客戶的環境很艱難並且他們的預算受到限制，我們也會成為他們的佼佼者列出他們希望與之合作的合作夥伴。

Greg, another point to note, and Phil can speak more about this, the kind of shorthand old-school idea is very much based on seat count. And even if seat count is somewhat reduced at some of the banks, we don't price most of what we're doing by seat count anymore. So that's kind of an old-school idea. And we just want to make sure that everyone understands that.

Greg，還有一點需要注意，Phil 可以就此多說一些，這種速記老派的想法很大程度上是基於席位數。即使某些銀行的席位數量有所減少，我們也不再根據席位數量為我們所做的大部分事情定價。所以這是一個老派的想法。我們只想確保每個人都明白這一點。

We see these headlines that there's going to be some thoughtfulness regarding investment banking and so on, but the class sizes that we've seen so far haven't moved very much at all. I think what we see here is a delay in the capital markets' pipeline, and that will come back at some point. But the M&A deal market, as asset prices are returning back to Earth, could be very much a bright spot. So this happens every 10 years or so. And we don't think that the result for us is going to be particularly that dramatic, but maybe Phil might have some more to say about that.

我們看到這些頭條新聞說，在投資銀行等方面會有一些深思熟慮，但到目前為止，我們所看到的班級規模並沒有太大變化。我認為我們在這裡看到的是資本市場管道的延遲，並且在某個時候會恢復。但隨著資產價格回歸現實，併購交易市場可能成為一個亮點。所以這種情況每 10 年左右發生一次。我們認為我們的結果不會特別引人注目，但也許 Phil 可能還有更多話要說。

Yes. I mean just to build on what Linda said here. I mean in banking, we did more -- we closed more ASV in banking in Q4 this year than we did last year, which might surprise some of you, and more for the whole year. So we've -- you've seen the growth rates, so that's held up really well. And within banking, where I think a lot of the concern comes from, from a seat count standpoint, we've really diversified what we sell to the banks now. So we have parts of FactSet that can get integrated into their CRM workflow. We're doing more on the feed side. So we're not just a one-trick pony anymore on the sell side. There's a lot of other stuff we can sell to the banks that isn't related to just workstation.

是的。我的意思是僅以 Linda 在這裡所說的為基礎。我的意思是在銀行業，我們做得更多——今年第四季度我們關閉了比去年更多的銀行業 ASV，這可能會讓你們中的一些人感到驚訝，而且全年都更多。所以我們 - 你已經看到了增長率，所以這非常好。在銀行業，我認為從席位數量的角度來看，我認為很多擔憂來自於我們現在向銀行出售的產品確實多樣化了。所以我們有部分 FactSet 可以集成到他們的 CRM 工作流程中。我們在飼料方面做得更多。因此，在賣方方面，我們不再只是只會一招的小馬。我們可以向銀行出售許多與工作站無關的其他東西。

And probably lastly, as bankers might move away from the bulge bracket firms, generally, they go to other places. They go to corporates, they go to PE/VC, they go to hedge funds or they go more to the boutique firms. We have made really good strides with the boutique firms this year because as those bulge bracket bankers might move on in their careers and move to other firms, they take FactSet with them, they take their preference for FactSet with them. And that's a very important selling tool for us.

可能最後，由於銀行家可能會離開大型公司，一般來說，他們會去其他地方。他們去了公司，他們去了私募股權/風險投資，他們去了對沖基金，或者他們更多地去了精品公司。今年我們在精品公司方面取得了很大進展，因為隨著那些大牌銀行家可能會繼續他們的職業生涯並轉移到其他公司，他們會帶著 FactSet 一起走，他們也會帶著對 FactSet 的偏好。這對我們來說是一個非常重要的銷售工具。

So we've seen this happening naturally. It's a real wind at our backs. So even if bankers move around, that's not an unhappy story for us. It just kind of spreads the gospel that FactSet has the best products to more firms. So that's a space we're watching, but it's probably a little overemphasized from what we're seeing.

所以我們已經看到這種情況自然發生。這是我們背後真正的風。因此，即使銀行家四處走動，對我們來說也不是一個不愉快的故事。它只是向更多公司傳播 FactSet 擁有最好產品的福音。所以這是我們正在關注的空間，但從我們所看到的情況來看，它可能有點過分強調了。

(Operator Instructions) Our next question comes from the line of George Tong with Goldman Sachs.

（操作員說明）我們的下一個問題來自 George Tong 與高盛的合作。

I wanted to go back to the margin topic. You mentioned personnel expenses, increased technology expenses contributed to the fourth quarter margin contraction. And it was helpful to hear that the bonus pool reset numbers going from $110 million approximately this year to $90 million next year. So that, I think, helps frame that part. But how do you expect growth in investments into technology and content to evolve next year from current year levels?

我想回到邊緣話題。你提到了人員開支，增加的技術開支導致第四季度利潤率收縮。聽到獎金池重置數字從今年的大約 1.1 億美元到明年的 9000 萬美元，這很有幫助。因此，我認為，這有助於構建該部分。但是，您預計明年對技術和內容的投資增長將如何從今年的水平發展？

George, it's Phil. So similar programs, as we both highlighted in our opening remarks. I think I'd expect, again, a pretty even split between products and people, and continuing to feed deep sector private markets, wealth, ESG. We have a couple of really cool ideas in terms of where we can invest with CUSIP Global Services in partnership with the ABA. So that's up and running. And then we also have our upturn playbooks as well as our downturn playbook. So if things end up going better than we think, we have other investment ideas around different asset classes and workflows that were -- that we could fund as well.

喬治，是菲爾。如此相似的計劃，正如我們在開場白中所強調的那樣。我想我再次期望產品和人之間的分配相當平均，並繼續為深入的私人市場、財富和 ESG 提供資金。關於我們可以與 ABA 合作使用 CUSIP Global Services 投資的地方，我們有幾個非常酷的想法。這樣就可以正常運行了。然後我們還有我們的好轉劇本和我們的低迷劇本。因此，如果事情最終比我們想像的要好，我們還有其他圍繞不同資產類別和工作流程的投資想法——我們也可以資助這些想法。

Okay. Got it. Maybe turning to ASV trends. You're guiding to organic ASV plus professional services growth to decelerate to about 8% next year. CUSIP, as you mentioned, is slower growth. So as that becomes organic, it's going to weigh on the growth. What other factors may be contributing to ASV growth deceleration next year compared to this year?

好的。知道了。也許轉向 ASV 趨勢。您正在指導有機 ASV 和專業服務增長明年減速至 8% 左右。正如您所提到的，CUSIP 增長較慢。因此，隨著它成為有機的，它將對增長產生壓力。與今年相比，明年還有哪些其他因素可能導致 ASV 增長放緩？

Maybe just I'll clarify something. So I think if you look at the midpoint of our guidance, which is $165 million, and you divide that into the $1.84 billion that we ended the year at, that gets you closer to 9%. So the midpoint of our guidance is around 9%. I think if you then factor in CUSIP coming in like in the second half of the year, I think that's when we consider it to be organic. So I would think of it that way, George. So we don't really think of ourselves as decelerating that much, right? I think we ended the year at 9.3% or 9.4%, and the midpoint is around 8.9% or 9%. So that's how the math works on that.

也許只是我會澄清一些事情。所以我認為，如果你看看我們指導的中點，即 1.65 億美元，然後將其除以我們年底的 18.4 億美元，你就會接近 9%。因此，我們指導的中點約為 9%。我想如果你把 CUSIP 考慮在今年下半年，我認為那是我們認為它是有機的。所以我會這樣想，喬治。所以我們真的不認為自己減速那麼多，對吧？我認為我們今年年底的增長率為 9.3% 或 9.4%，中點約為 8.9% 或 9%。這就是數學的工作原理。

(Operator Instructions) Our next question comes from the line of Craig Huber with Huber Research.

（操作員說明）我們的下一個問題來自 Huber Research 的 Craig Huber。

Linda, I'd like to go back to the cost question again here. The way I look at these numbers, it looks to me like in the fourth quarter, you had $360 million of cost. If we take out the onetime items, up about $32 million sequentially, or quarter-over-quarter, up about 9%, 10%. I know you said that incentive comp was up about $6 million sequentially and stuff. Can you just break down or give me -- help me out here. What's the other $26 million increase in cost in the August quarter versus the May quarter? Obviously, CUSIP was in both quarters fully. That's my first question, please.

琳達，我想在這裡再次回到成本問題。我看待這些數字的方式，在我看來，第四季度的成本為 3.6 億美元。如果我們剔除一次性項目，環比增長約 3200 萬美元，環比增長約 9%、10%。我知道你說過激勵補償連續增加了大約 600 萬美元等等。你能不能打破或給我 - 幫助我在這裡。與五月季度相比，八月季度的其他 2600 萬美元成本增加是多少？顯然，CUSIP 在兩個季度都處於完全狀態。這是我的第一個問題，請。

Yes. Sure. Most of it was technology expense. And a couple of points there. We've had higher utilization of our cloud. Our amortization, because we're building our own software and more of it, has come through. So fourth quarter technology expenses last year, just for hardware and software, this isn't all of it, but just hardware and software, was $21 million. And this year, it was $35 million. So that gives you some idea. That's a $14 million increase, Craig, of what's going on there.

是的。當然。其中大部分是技術費用。還有幾點。我們對雲的利用率更高。我們的攤銷，因為我們正在構建我們自己的軟件和更多的軟件，已經通過了。所以去年第四季度的技術支出，僅用於硬件和軟件，這不是全部，只是硬件和軟件，為 2100 萬美元。今年是 3500 萬美元。所以這給了你一些想法。這是 1400 萬美元的增長，克雷格，那裡正在發生的事情。

So as we talked about, this is pretty much all about what we did with the employees because of the bonus accrual, some more stock payments, but that's a lot less important, and the technology expense as we're building more of our own software. Now that software amortization has kind of built from $10 million to $20 million and will even go to something more like $30 million just for software amortization next year. So that's something that everybody should factor in.

因此，正如我們所說，這幾乎是關於我們對員工所做的一切，因為獎金應計，更多的股票支付，但這些都不那麼重要，以及技術費用，因為我們正在構建更多自己的軟件.現在軟件攤銷已經從 1000 萬美元增加到 2000 萬美元，明年僅軟件攤銷就將達到 3000 萬美元左右。所以這是每個人都應該考慮的事情。

And as we said in the script, we're taking another hard look at what we're doing with our cloud transformation. And we may look again at some of the things that we do on the cloud that may be able to remain on-prem. So we're thinking about that. Kate Step, our new CTO, and I are looking very carefully at that. So we want to make sure that we pace all of this accordingly. But it's -- that's the main stuff. It's compensation and technology spend, a little bit of T&E because we're able to come out of the last year's still in pandemic. Last year at this time, T&E for the third -- for the fourth quarter was $3 million. And for the year, it's $9 million. So we would see that more as a normalized run rate going forward.

正如我們在劇本中所說，我們正在重新審視我們在雲轉型方面所做的工作。我們可能會再次審視我們在雲上所做的一些事情，這些事情可能會保留在本地。所以我們正在考慮。我們的新首席技術官 Kate Step 和我正在非常仔細地研究這個問題。所以我們想確保我們相應地調整所有這些。但這是 - 這是主要的東西。這是補償和技術支出，還有一點 T&E，因為我們能夠擺脫去年仍處於大流行中的局面。去年此時，第三季度和第四季度的 T&E 為 300 萬美元。這一年，它是 900 萬美元。因此，我們會更多地將其視為未來的標準化運行率。

So we think that that's probably most of it. And just not really so much, Craig, that's going to make a huge difference here. As we think about housekeeping for next year, Craig, since I've got you on the phone, and I know that you like this, we should think about interest expense next year as about $60 million. But as we pay down, that is going to be front-end loaded. So everybody should model interest expense a little bit higher. And we do have hedged 75% of our transaction exposure that has helped us a lot this year, but we cannot hedge according to GAAP translation exposure.

所以我們認為這可能是其中的大部分。只是沒那麼多，克雷格，這將在這裡產生巨大的變化。當我們考慮明年的內務管理時，克雷格，既然我已經和你通了電話，而且我知道你喜歡這樣，我們應該考慮明年的利息支出約為 6000 萬美元。但是當我們付錢時，這將是前端加載的。因此，每個人都應該將利息費用建模得更高一些。我們確實對沖了今年對我們有很大幫助的 75% 的交易風險，但我們無法根據 GAAP 轉換風險進行對沖。

So for example, when you put up your bonus pool in the center of excellence kinds of currencies that we have to pay, the dollar has been moving around so much and strengthening so dramatically during the course of August. We found that, that exposure hit us by a couple of million dollars. So that's something we could do absolutely nothing about because you can't hedge translation exposure. The rest of our hedges are working really, really well. So that would be another thing that added to costs in the fourth quarter. And I think that's all we're going to say about that.

因此，例如，當您將獎金池放在我們必須支付的卓越貨幣的中心時，美元在 8 月期間一直在大幅波動並大幅走強。我們發現，這種風險讓我們損失了幾百萬美元。所以這是我們絕對無能為力的事情，因為你無法對沖翻譯風險。我們其餘的對沖措施都非常非常有效。因此，這將是第四季度增加成本的另一件事。我想這就是我們要說的。

For CapEx for next year, again, going back to '23, our midpoint number is probably around $68 million. We are looking to consolidate a couple of offices in Europe, where we have multiple offices from acquisitions in one country. So that's going to cost us some money. And I think the CapEx number is higher because of this amortization view that I already spoke about. So that should give you a pretty good guidance for all your modeling for next year, Craig. Anything else we can do for you?

對於明年的資本支出，再次回到 23 年，我們的中點數字可能約為 6800 萬美元。我們正在尋求整合歐洲的幾個辦事處，我們在一個國家/地區收購了多個辦事處。所以這會花費我們一些錢。而且我認為資本支出數字更高，因為我已經談到了這種攤銷觀點。所以這應該為你明年的所有建模提供了很好的指導，Craig。我們還能為您做些什麼嗎？

Yes. I did want to ask, I mean, obviously, you sound very optimistic, as best you can in this tough environment with your pipeline here. Where are some of the weaknesses in your pipeline? If you could just talk on that end of the spectrum, if you would, please?

是的。我確實想問，我的意思是，很明顯，你聽起來很樂觀，在這個艱難的環境中，你可以盡最大努力把你的管道放在這裡。您的管道中的一些弱點在哪裡？如果你願意的話，可以談談頻譜的那一端嗎？

Craig, it's Phil. Yes. So we don't get into that much detail in the pipeline. But as I mentioned earlier, we've got a very broad-based plan here to grow both our businesses and our geographies. So it's -- you can see that in this year's results in that the range of growth rates from research and advisory through to CTS was 8% to 11% and the regions were about 8% to 12%. So we don't anticipate anything much different than that. So I think just stay tuned.

克雷格，是菲爾。是的。所以我們不會在管道中討論那麼多細節。但正如我之前提到的，我們在這裡有一個基礎非常廣泛的計劃來發展我們的業務和我們的地域。因此，您可以看到，在今年的結果中，從研究和諮詢到 CTS 的增長率範圍為 8% 至 11%，而各地區的增長率約為 8% 至 12%。所以我們預計不會有什麼不同。所以我想請繼續關注。

(Operator Instructions) Our next question comes from the line of Russell Quelch with Redburn.

（操作員說明）我們的下一個問題來自 Russell Quelch 和 Redburn 的台詞。

I just wanted to go back to CUSIP quickly. And I assume the retention rates are very resilient for this type of business. But I just wanted to know, is the pricing power higher, lower or the same as the rest of FactSet? And I heard Phil spoke about the investments being made in product enhancements in this business. I was just wondering, what is the time to market for those enhancements? And will these weigh on CTS margins potentially in '23?

我只是想盡快回到 CUSIP。而且我認為這種類型的業務的保留率非常有彈性。但我只是想知道，與 FactSet 的其他公司相比，定價權是更高、更低還是相同？我聽到 Phil 談到了在該業務的產品增強方面的投資。我只是想知道，這些增強功能的上市時間是什麼時候？這些是否會影響 23 年的 CTS 利潤率？

Maybe I'll speak to the investments first, and then I think Linda will have something to say on price. So -- Russell, so yes, these are new investments and we're just beginning to get these going. So they're not going to weigh heavily on margin by any means. And I would not anticipate that we'd be getting much of a revenue impact from them this year.

也許我會先談談投資，然後我認為琳達會就價格發表意見。所以 - 羅素，所以是的，這些是新的投資，我們才剛剛開始進行這些投資。因此，他們不會以任何方式嚴重影響利潤率。而且我預計今年我們不會從他們那裡獲得很大的收入影響。

Yes. Great questions that you have there, Russell. We would expect that CUSIP, we can think about pricing. Again, we don't totally control the business. We're in a transaction -- transition services agreement that can last for up to a year. That's up to March 1. We hope to get off that sooner. And there are a number of things that we need to do with CUSIP. One of those would be to look at its accounts receivable. And one of the analysts was very correct in the third quarter that our days sales had gone up largely as a result of the accounts receivable from CUSIP.

是的。拉塞爾，你有很好的問題。我們希望 CUSIP，我們可以考慮定價。同樣，我們並不完全控制業務。我們正在進行一項交易 - 過渡服務協議，該協議可以持續長達一年。截止日期為 3 月 1 日。我們希望能早點結束。我們需要用 CUSIP 做很多事情。其中之一是查看其應收賬款。一位分析師在第三季度非常正確，我們的天數銷售額增長主要是由於 CUSIP 的應收賬款。

I'm very, very pleased to note that we have reversed that trend. And in fact, our days sales outstanding from the third quarter to the fourth quarter have gone from 42 days down to 37 days. We think that once we get the business completely in-house, we're going to be able to do more with that. And then we'll think about pricing. But again, we run this business with the American Bankers Association, and we have to be very thoughtful and we have to think about what we're doing. So we don't see any margin implications at all, but we could do a better job of collecting our accounts receivable with the CUSIP business. So we'll be looking at that, and we have a plan ready to go once that comes in-house.

我非常非常高興地註意到我們已經扭轉了這一趨勢。事實上，我們從第三季度到第四季度的銷售周轉天數從 42 天減少到 37 天。我們認為，一旦我們完全在內部開展業務，我們將能夠利用它做更多事情。然後我們會考慮定價。但同樣，我們與美國銀行家協會一起經營這項業務，我們必須非常周到，我們必須考慮我們在做什麼。因此，我們根本看不到任何利潤率影響，但我們可以更好地收集 CUSIP 業務的應收賬款。因此，我們正在研究這一點，並且我們已經準備好在內部實施後實施的計劃。

Okay. Perfect. And then just one clarification as well. The new 2023 margin guidance, does that exclude both the possible implementation of the $24 million to $36 million of the cost saves that Phil mentioned on the Q3 call as well as the potential for higher prices that you spoke to earlier in 2023?

好的。完美的。然後還有一個澄清。新的 2023 年利潤率指導是否排除了 Phil 在第三季度電話會議上提到的可能實施的 2400 萬至 3600 萬美元的成本節省以及您在 2023 年早些時候談到的更高價格的可能性？

It does include higher prices for 2023, which is why we have confidence on the revenue line. And we do have -- what we talked about on the third quarter call is we do have the potential for the downturn playbook if things get more difficult. Again, to reiterate that, bonuses come back down from sort of the $111 million, $113 million range back into the 90s. And then if we don't perform, they can drop even below that. We have other things that are scaled to -- incentive payments are scaled to how well we do. And we do think that, that would provide the first cushion.

它確實包括 2023 年的更高價格，這就是我們對收入線充滿信心的原因。我們確實有——我們在第三季度電話會議上談到的是，如果事情變得更加困難，我們確實有可能採取低迷行動。再次重申，獎金從 1.11 億美元、1.13 億美元的範圍回落到 90 年代。然後，如果我們不執行，他們甚至會降到低於該水平。我們還有其他規模的東西 - 獎勵金與我們的表現成比例。我們確實認為，這將提供第一個緩衝。

The second would probably be travel and entertainment, if we do need to look at tightening things. Thirdly would probably be discretionary project spend, particularly in the technology area, and we would look at that as well. So we see 2% to 3% flexibility on pricing if we need it. But this is a growth business, and we're pretty excited with how things are going and the market share we've been able to take. The fact that we've invested has allowed us to build cutting-edge products that are winning in the marketplace. And that's really an important thing, and we intend to keep that going.

第二個可能是旅遊和娛樂，如果我們確實需要考慮緊縮措施的話。第三可能是可自由支配的項目支出，特別是在技術領域，我們也會考慮這一點。因此，如果我們需要的話，我們會看到 2% 到 3% 的定價靈活性。但這是一項增長業務，我們對事情的進展以及我們能夠佔據的市場份額感到非常興奮。事實上，我們的投資使我們能夠打造在市場上獲勝的尖端產品。這確實是一件重要的事情，我們打算繼續這樣做。

Also, our employees are doing great things. And our sales team performed just out of the park in FY '22. So those sales payments are -- had been a little bit higher. We'll see what happens with those in '23. We're rooting for the sales team to have another good year. Hope that helps.

此外，我們的員工正在做偉大的事情。我們的銷售團隊在 22 財年表現出色。所以那些銷售付款是 - 有點高。我們將看看 23 年的那些人會發生什麼。我們支持銷售團隊再創佳績。希望有所幫助。

(Operator Instructions) Our next question comes from the line of Shlomo Rosenbaum with Stifel.

（操作員說明）我們的下一個問題來自 Shlomo Rosenbaum 與 Stifel 的合作。

This is Adam Parrington on for Shlomo. Let's say, I think Linda preemptively answered the question already on the CUSIP AR. Last one would be on the -- given the strength of the U.S. dollar, why was FX benefited the company's revenue from looking at the revenue rec tables taken from reported revenue to organic?

這是 Shlomo 的 Adam Parrington。比方說，我認為 Linda 先發製人地回答了 CUSIP AR 上已經存在的問題。最後一個是——鑑於美元的強勢，為什麼 FX 通過查看從報告收入到有機收入的收入記錄表使公司的收入受益？

Yes. Adam, I'm sorry, I answered the question that Shlomo correctly pointed out on days sales in the wrong place. That's my fault. And again, we give him full credit for noting that. And he maintains his third quarter gold star for having noticed that. The issue there is -- the issue is this translation exposure as we put up the reserves for our bonuses. We have a lot of employees in emerging markets. And then as the dollar strengthened, that situation was one that we couldn't hedge. So that's basically what's going on there.

是的。亞當，對不起，我在錯誤的地方回答了 Shlomo 在天數銷售中正確指出的問題。這是我的錯。再一次，我們完全相信他注意到了這一點。由於注意到這一點，他保持了第三季度的金星。問題是——問題是我們為獎金準備金時的翻譯風險。我們在新興市場有很多員工。然後隨著美元走強，這種情況是我們無法對沖的。所以這基本上就是那裡發生的事情。

One thing I forgot to say also regarding the bonus payments, which might have not been evident to everyone, we had some bonus payments that we owed as a result of some of the acquisitions that we've done that have performed pretty well. So that was another couple of million dollars on the bonus line for some of those acquisitions where we had agreements with some of the principals of those businesses. So with all of that, we hope that, that explains things pretty well.

關於獎金支付，我也忘了說一件事，這可能對每個人來說都不是很明顯，由於我們所做的一些收購表現非常好，我們欠了一些獎金。因此，對於其中一些我們與這些業務的一些負責人達成協議的收購，這又是幾百萬美元的獎金。因此，我們希望所有這些都能很好地解釋事情。

And as we said, we are pretty pleased with our guidance for next year. 9% is the midpoint on the top line. That does include pricing power, which is very helpful to us. Margin expansion of about on average median 60 basis points. If things break our way, that might be better. But as everyone has noted, we are conservative and will probably stay that way. Tax rate of 12.5% to 13.5%, we may find ourselves with some one-offs that are helpful to us there. And we'll see what happens with EPS if we are able to resume our share repurchases, those will have a marginal impact because they will be back-end loaded. So I think that's about it. I think we've covered all of our housekeeping items. And with that, I think I'll turn it back over to Phil.

正如我們所說，我們對明年的指導非常滿意。 9% 是頂線的中點。這確實包括定價權，這對我們很有幫助。利潤率平均擴大約 60 個基點。如果事情妨礙了我們，那可能會更好。但正如每個人都指出的那樣，我們是保守的，並且可能會保持這種狀態。 12.5%到13.5%的稅率，我們可能會發現自己有一些一次性的，對我們有幫助的。如果我們能夠恢復我們的股票回購，我們將看到 EPS 會發生什麼，這些將產生邊際影響，因為它們將被後端加載。所以我認為就是這樣。我想我們已經涵蓋了所有的家政用品。有了這個，我想我會把它轉回給菲爾。

Great. Thanks, Linda, and thank you all for all the great questions today. I'm very proud of what we've accomplished this year, and we're not done yet. We have great momentum heading into 2023 as we remain focused on executing on our strategy and creating long-term value for all our stakeholders.

偉大的。謝謝，琳達，感謝大家今天提出的所有重要問題。我為我們今年所取得的成就感到非常自豪，但我們還沒有完成。我們在進入 2023 年時勢頭強勁，因為我們仍然專注於執行我們的戰略並為所有利益相關者創造長期價值。

While we recognize the uncertainty in the market, FactSet has a proven 40-plus year history of successfully navigating volatility, thanks to our business model, innovative product mix and the central role we play for our clients. Regardless of the macro environment, I'm confident in our ability to drive sustainable growth given the investments we have made in our businesses. And 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.

雖然我們認識到市場的不確定性，但由於我們的商業模式、創新的產品組合以及我們為客戶發揮的核心作用，FactSet 在成功應對波動方面擁有 40 多年的歷史。無論宏觀環境如何，鑑於我們對業務的投資，我對我們推動可持續增長的能力充滿信心。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 this concludes today's conference call. You may now disconnect. Everyone have a wonderful day.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。每個人都有美好的一天。