Factset Research Systems Inc (FDS) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to the FactSet Q2 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kendra Brown, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持，歡迎來到 FactSet Q2 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，投資者關係主管肯德拉布朗。請繼續。

Thank you, and good morning, everyone. Welcome to FactSet's Second Fiscal Quarter 2023 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 and are currently available on the Investor Relations section of our website at factset.com. A replay of today's call will be available via phone and on our website. After our prepared remarks, we will open the call to questions from investors. To be fair to everyone, please limit yourself to one question plus one follow-up.

謝謝大家，早上好。歡迎來到 FactSet 的 2023 財年第二季度財報電話會議。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網絡廣播訪問，目前可以在我們網站 factset.com 的投資者關係部分獲得。將通過電話和我們的網站重播今天的電話會議。在我們準備好的評論之後，我們將開始接受投資者的提問。為了對每個人都公平，請將自己限制在一個問題和一個跟進中。

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.

在我們討論我們的結果之前，我鼓勵所有聽眾閱讀幻燈片 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 are in the appendix of the presentation and in our earnings release issued earlier today. Joining me today are Phil Snow, Chief Executive Officer; and Linda Huber, Chief Financial Officer. We will also be joined by Helen Shan, Chief Revenue Officer, for the Q&A portion of today's call. I will now turn the discussion over to Phil Snow.

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。今天加入我的是首席執行官 Phil Snow；和首席財務官 Linda Huber。首席營收官 Helen Shan 也將與我們一起參加今天電話會議的問答部分。我現在將討論轉交給 Phil Snow。

Thank you, Kendra, and good morning, everyone. Thanks for joining us today. I'm pleased to share our second quarter and first half results. Our organic ASV plus professional services growth year-over-year accelerated to 9.1%, driven by healthy expansion among existing clients and the successful execution by our sales team of our price increase in the Americas. We saw several large wins this quarter outpacing last year and allowing us to capture more of the addressable market.

謝謝你，肯德拉，大家早上好。感謝您今天加入我們。我很高興分享我們第二季度和上半年的業績。我們的有機 ASV 加上專業服務同比增長加速至 9.1%，這得益於現有客戶的健康擴張以及我們的銷售團隊成功執行了我們在美洲的價格上漲。我們在本季度看到了幾項超過去年的重大勝利，使我們能夠佔領更多的潛在市場。

Our second fiscal quarter performance resulted in adjusted diluted EPS of $3.80 and an adjusted operating margin of 37%, exceeding our guidance and situating us well for the remainder of the fiscal year. Growth this quarter was the strongest amongst banking, asset owners and wealth management clients, aided by larger wins across each of these client types. Acceleration was broad-based with double-digit ASP growth from our banking, corporate and private equity and venture capital clients, and our investments in content and technology supported retention and expansion.

我們第二財季的業績導致調整後的攤薄每股收益為 3.80 美元，調整後的營業利潤率為 37%，超出了我們的指導，使我們在本財年剩餘時間里處於良好狀態。本季度的增長在銀行、資產所有者和財富管理客戶中最為強勁，這得益於每種客戶類型的更大勝利。加速是廣泛的基礎，我們的銀行、企業和私募股權和風險投資客戶的平均售價實現兩位數增長，我們對內容和技術的投資支持保留和擴展。

We saw our core workstation drive follow-on opportunities for feeds and digital platforms and wealth and increased transactional revenue and demand for content from asset owners. In the first half, our end markets remained largely supportive. However, we are not immune to market volatility. As interest rates rise and macroeconomic conditions remain uncertain, we're beginning to see a more challenging environment for our clients. This includes reductions in AUM, constrained budgets and headcount rightsizing after increased pandemic hiring.

我們看到我們的核心工作站推動了源和數字平台和財富的後續機會，並增加了交易收入和資產所有者對內容的需求。上半年，我們的終端市場在很大程度上仍然提供支持。然而，我們不能免受市場波動的影響。隨著利率上升和宏觀經濟狀況仍然不確定，我們開始看到對我們的客戶更具挑戰性的環境。這包括減少 AUM、限制預算和在大流行性招聘增加後調整員工人數。

We're also monitoring the recent instability across the banking sector, which accounts for 17% of our ASV. In this regard, there are several key factors to keep in mind: first, FactSet is not materially exposed to commercial banking; second, no one single client represents more than 3% of our ASV; and finally, our multiyear enterprise contracts offer protections that includes seat minimums and longer cancellation notification windows.

我們還在監控銀行業近期的不穩定情況，該行業占我們 ASV 的 17%。在這方面，有幾個關鍵因素需要牢記：首先，FactSet 沒有實質性地暴露於商業銀行業務；其次，沒有一個客戶代表超過我們 ASV 的 3%；最後，我們的多年期企業合同提供的保護包括最低席位和更長的取消通知窗口。

Given the evolving market dynamics, particularly in banking, we feel it is prudent to take a conservative view on the second half of the fiscal year. As such, we expect continued ASV growth, but with modest deceleration in the second half.

鑑於不斷變化的市場動態，尤其是銀行業，我們認為對本財年下半年持保守看法是謹慎的做法。因此，我們預計 ASV 將繼續增長，但下半年會適度減速。

We are, therefore, updating our guidance for fiscal 2023 to reflect organic ASV growth of $145 million to $175 million, inclusive of CUSIP Global Services, which becomes an organic part of our business in the third quarter. At the midpoint, this is a $15 million reduction in core business ASV growth. We expect 2/3 of this reduction to come from the challenging conditions facing the banking sector and the remaining 1/3 is expected to come from lengthening sales cycles and constrained budgets for other firm types. This reduction in ASP will be offset by the addition of $10 million of ASV growth from CGS. Together, these changes represent 8% growth at the midpoint, in line with our medium-term outlook.

因此，我們正在更新我們對 2023 財年的指導，以反映 ASV 有機增長 1.45 億美元至 1.75 億美元，其中包括 CUSIP 全球服務，它在第三季度成為我們業務的有機組成部分。在中點，核心業務 ASV 增長減少了 1500 萬美元。我們預計這一減少的 2/3 來自銀行業面臨的挑戰性環境，其餘 1/3 預計來自銷售週期延長和其他類型公司的預算受限。平均售價的下降將被 CGS 增加的 1000 萬美元 ASV 增長所抵消。這些變化加在一起代表了 8% 的中點增長，符合我們的中期展望。

To preserve EPS, we will continue to drive disciplined expense management. As a result, we expect adjusted operating margin of 34% to 35%, as previously communicated. We maintain a long-term view of our business and are steadfast in our commitment to investing for growth, and we will speak more about CGS and guidance later in the call.

為了保持每股收益，我們將繼續推動嚴格的費用管理。因此，如前所述，我們預計調整後的營業利潤率為 34% 至 35%。我們對我們的業務保持著長遠的眼光，並堅定地致力於為增長而投資，我們將在稍後的電話會議中更多地談論 CGS 和指導。

The demand for data and technology is increasing, and we are a proven trusted partner for our clients for their digital transformations. In the second fiscal quarter, we remained focused on building the leading open content and analytics platform and several large deals reinforce our conviction regarding the strategy.

對數據和技術的需求不斷增加，我們是客戶數字化轉型中久經考驗的值得信賴的合作夥伴。在第二財季，我們仍然專注於構建領先的開放內容和分析平台，幾筆大型交易加強了我們對該戰略的信念。

First, within Research & Advisory, we were selected as the primary market data provider for BMO's Wealth Management division. This was a key contributor to almost 9% workstation growth year-over-year. Our ongoing investments in our digital platform and content refinery also resulted in wins across banking. The most notable was a 7-figure deal for a global bank sell-side research department, which included workstations and data feeds. Across the sell side, we are meeting the need for flexible integrated solutions, including feeds, APIs, CRM integrations and banker productivity tools.

首先，在研究與諮詢部門，我們被選為 BMO 財富管理部門的主要市場數據提供商。這是工作站同比增長近 9% 的關鍵因素。我們對數字平台和內容精煉廠的持續投資也帶來了銀行業的成功。最引人注目的是一家全球銀行賣方研究部門的 7 位數交易，其中包括工作站和數據饋送。在整個銷售方，我們正在滿足對靈活集成解決方案的需求，包括提要、API、CRM 集成和銀行家生產力工具。

In Content and Technology Solutions, we won a major real-time deal to provide our market data as a service offering to a premier asset management client. This solution will replace its legacy on-premise infrastructure. Our ability to augment enterprise platform deployments with consistent data is accelerating growth and expanding our share of wallet for Content and Technology Solutions.

在內容和技術解決方案方面，我們贏得了一項重要的實時交易，將我們的市場數據作為一項服務提供給主要的資產管理客戶。該解決方案將取代其遺留的本地基礎設施。我們使用一致數據增強企業平台部署的能力正在加速增長並擴大我們在內容和技術解決方案方面的份額。

Finally, within Analytics & Trading, investment in our portfolio life cycle suite has increased cross-sell opportunities with active asset managers and asset owners. Within the middle office, growth accelerated in our core analytics offering, which includes portfolio analytics, quantitative solutions, fixed income and reporting. We also see increased buy-side demand for outsourced performance and risk solutions consistent with the trend toward investment firms outsourcing middle office functions our open platform and enterprise solutions have positioned us well to capitalize on this with several other opportunities in our pipeline.

最後，在 Analytics & Trading 中，對我們的投資組合生命週期套件的投資增加了與活躍的資產管理者和資產所有者進行交叉銷售的機會。在中台部門，我們的核心分析產品增長加速，其中包括投資組合分析、量化解決方案、固定收益和報告。我們還看到買方對外包績效和風險解決方案的需求增加，這與投資公司外包中台職能的趨勢一致，我們的開放平台和企業解決方案使我們能夠很好地利用這一點以及我們管道中的其他幾個機會。

As we celebrate the first anniversary of the acquisition of CUSIP Global Services, I'd like to congratulate the team on a job well done. CGS has exceeded expectations with ASP growth of 8% since the acquisition. CGS' core securities identification capabilities align well with FactSet's data management strategy. And with the integration now complete, we're focused on growth across asset classes, geographies and capabilities. We are working on expanding into loan data and private companies.

在我們慶祝收購 CUSIP 全球服務一周年之際，我要祝賀團隊所做的出色工作。自收購以來，CGS 的平均售價增長了 8%，超出了預期。 CGS 的核心證券識別能力與 FactSet 的數據管理策略非常吻合。隨著整合現已完成，我們將專注於跨資產類別、地域和能力的增長。我們正在努力擴展到貸款數據和私營公司。

For more than 50 years, CGS has provided mission-critical solutions to the front, middle and back office. This work continues and in close partnership with the American Bankers Association, we will continue to innovate.

50 多年來，CGS 一直為前台、中台和後台提供關鍵任務解決方案。這項工作將繼續進行，並與美國銀行家協會密切合作，我們將繼續創新。

Our Americas price increase delivered $30.7 million in ASV, up $10.6 million from last year. In addition, the region benefited from improved expansion with banking, wealth management and asset management clients. We also had strong sales of middle office solutions. While new business decelerated overall for the quarter, we saw strength in new logos from asset owners.

我們的美洲提價帶來了 3070 萬美元的 ASV，比去年增加了 1060 萬美元。此外，該地區還受益於銀行、財富管理和資產管理客戶的擴張。我們的中台解決方案銷售也很強勁。雖然本季度新業務整體放緩，但我們看到資產所有者的新標識表現強勁。

In Asia Pacific, we delivered organic ASV growth of 10.8%. Performance was driven by research with improved expansion and retention in banking. Expansion also improved among asset managers and asset owners, although this was partially offset by client cancellations. Given the recent changes in COVID policy across Asia, we are starting to see improvement in the pipeline. However, we expect a lagged effect as the market normalizes.

在亞太地區，我們實現了 10.8% 的有機 ASV 增長。業績是由研究推動的，銀行業的擴張和保留得到改善。資產管理者和資產所有者的擴張也有所改善，儘管這被客戶取消部分抵消了。鑑於最近整個亞洲 COVID 政策的變化，我們開始看到管道有所改善。然而，隨著市場正常化，我們預計會有滯後效應。

Finally, in EMEA, organic ASV growth accelerated to 8.1%. Acceleration was driven by Analytics & Trading, where we saw an improvement in expansion and retention among asset owners. Improved retention among private equity and venture capital funds and hedge funds also contributed to growth. However, we also experienced headwinds as the major markets in the region remain under cost pressure and the United Kingdom begins to see an adverse impact from Brexit.

最後，在 EMEA，有機 ASV 增長加速至 8.1%。加速是由分析和交易推動的，我們看到資產所有者在擴展和保留方面有所改善。私募股權基金、風險投資基金和對沖基金的保留率提高也促進了增長。然而，我們也遇到了阻力，因為該地區的主要市場仍面臨成本壓力，英國開始受到英國退歐的不利影響。

In summary, I'm pleased with our first half performance. We're confident in our ability to meet our medium-term outlook despite market conditions. And as we head into the second half, we have a solid pipeline, driven by our open platform, connected content and market-leading workflow solutions. And with more than 40 years of growth, FactSet has a proven history of successfully navigating market volatility.

總之，我對我們上半年的表現感到滿意。儘管市場狀況不佳，我們對實現中期展望的能力充滿信心。隨著我們進入下半年，在我們的開放平台、互聯內容和市場領先的工作流程解決方案的推動下，我們擁有穩固的管道。經過 40 多年的發展，FactSet 在成功應對市場波動方面擁有久經考驗的歷史。

Our greatest asset is our people, and I'd like to wrap up by recognizing their diligence and commitment to our strategic priorities. We were honored to be named one of Glassdoor's Best Places to Work in 2023, and I want to thank all FactSetters for helping create the culture that made this award possible. At FactSet, we're committed to growth for our clients, employees, investors and communities. We recently published our Fiscal Year 2022 Sustainability Report themed Commitment to Action. The report highlights the progress we have made in turning our commitments into action, and I encourage you all to take a look.

我們最大的資產是我們的員工，我想通過認可他們的勤奮和對我們戰略重點的承諾來結束。我們很榮幸被評為 Glassdoor 2023 年最佳工作場所之一，我要感謝所有 FactSetters 幫助創造了使該獎項成為可能的文化。在 FactSet，我們致力於為我們的客戶、員工、投資者和社區實現增長。我們最近發布了以“行動承諾”為主題的 2022 財年可持續發展報告。該報告強調了我們在將承諾轉化為行動方面取得的進展，我鼓勵大家看一看。

I'll now turn it over to Linda to discuss our second fiscal quarter performance in more detail.

我現在將它交給琳達來更詳細地討論我們第二財季的表現。

Thank you, Phil, and hello to everyone on the call. As you've seen from our press release this morning, we're pleased to report continued high single-digit organic ASV growth and double-digit growth of revenue and adjusted EPS year-over-year. I will now share additional details on our second quarter performance. Consistent with our definition of organic revenues and ASV, we will exclude any revenue and ASV associated with CUSIP Global Services when reporting organic metrics. Given the first anniversary of the CGS acquisition on March 1, 2023, CGS will be included in the organic results of FactSet as a component of our CTS business starting in the third fiscal quarter of 2023.

謝謝你，Phil，並向通話中的每個人問好。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 ASV 的有機增長持續保持高個位數，收入和調整後每股收益同比實現兩位數增長。我現在將分享有關我們第二季度業績的更多詳細信息。根據我們對有機收入和 ASV 的定義，我們將在報告有機指標時排除與 CUSIP 全球服務相關的任何收入和 ASV。鑑於 2023 年 3 月 1 日是收購 CGS 一周年，從 2023 年第三財季開始，CGS 將作為我們 CTS 業務的一個組成部分納入 FactSet 的有機業績。

As Kendra noted, a reconciliation of our adjusted metrics to comparable GAAP figures is included at the end of our press release. We grew organic ASV plus professional services by 9.1% year-over-year, an acceleration over the last quarter and a solid finish for our first half. Our performance reflects the strength of our recurring sales model and disciplined execution by our sales team. As our clients look to technology and data to drive alpha, we saw improved retention and expansion among existing clients. Price realization also continues to improve as we executed a higher price increase over a larger client base.

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。我們的有機 ASV 加上專業服務同比增長 9.1%，比上一季度有所加速，上半年也取得了不錯的成績。我們的業績反映了我們經常性銷售模式的實力和我們銷售團隊嚴格執行的能力。當我們的客戶尋求技術和數據來推動 alpha 時，我們看到現有客戶的保留率和擴展率有所提高。隨著我們對更大的客戶群執行更高的價格上漲，價格實現也繼續改善。

GAAP revenue increased by 19.5% to $515 million for the second quarter. Organic revenue, which excludes any impact from acquisitions and dispositions over the last 12 months and foreign exchange, increased 8.9% to $470 million. Growth was driven primarily by CGS and our Analytics & Trading and Content and Technology Solutions.

第二季度 GAAP 收入增長 19.5% 至 5.15 億美元。有機收入（不包括過去 12 個月的收購和處置以及外彙的任何影響）增長 8.9% 至 4.7 億美元。增長主要由 CGS 和我們的分析與交易以及內容和技術解決方案推動。

For our geographic segments, on an organic basis, revenue growth for the Americas was 8.2%, benefiting from increases in Content and Technology Solutions and Analytics & Trading. EMEA revenue also grew at 8.2%, primarily due to growth in Analytics & Trading. And finally, Asia Pacific revenue growth increased 15.3% due to increases in Research & Advisory and Content and Technology Solutions. GAAP operating expenses grew 12.4% in the second quarter to $346 million.

對於我們的地理區域，美洲的收入有機增長 8.2%，這得益於內容和技術解決方案以及分析和交易的增長。歐洲、中東和非洲地區的收入也增長了 8.2%，這主要是由於分析與交易業務的增長。最後，由於研究與諮詢以及內容和技術解決方案的增長，亞太地區收入增長了 15.3%。第二季度 GAAP 運營費用增長 12.4% 至 3.46 億美元。

And I'll now detail the drivers based on our primary cost buckets. First, people. Our expenses grew by 10% year-over-year in the second quarter, primarily due to increased salary and bonus expenses for existing employees. As a percentage of revenue, this was 350 basis points lower year-over-year, driven by slower salary growth as a percentage of revenue, higher labor capitalization and FX benefit. We saw headcount increase by 10.3% year-over-year, with 2/3 of these new positions located in our centers of excellence. And as a reminder, more than 66% of our employees are located in our centers of excellence.

我現在將根據我們的主要成本範圍詳細說明驅動因素。首先，人。我們的支出在第二季度同比增長 10%，這主要是由於現有員工的工資和獎金支出增加。佔收入的百分比同比下降 350 個基點，原因是工資增長佔收入的百分比放緩、勞動力資本化和外匯收益增加。我們看到員工人數同比增長 10.3%，其中 2/3 的新職位位於我們的卓越中心。提醒一下，我們 66% 以上的員工都在我們的卓越中心工作。

Next, facilities expense decreased by 7% year-over-year due to our reduced real estate footprint, lapping of the previous year's impairment charge of $10 million and FX benefit. As a percentage of revenue, this was 360 basis points lower year-over-year. As we continue our intense focus on cost management, we expect to take another real estate charge of approximately $15 million to $20 million later this fiscal year.

其次，由於我們減少了房地產足跡、上一年 1000 萬美元的減值費用和外匯收益，設施費用同比下降 7%。作為收入的百分比，這比去年同期下降了 360 個基點。隨著我們繼續高度關注成本管理，我們預計本財年晚些時候將再次收取大約 1500 萬至 2000 萬美元的房地產費用。

Moving on, technology expenses increased by 27%, driven by increased cloud spend, third-party software costs and higher amortization of internal use software. As a percentage of revenue, growth was 50 basis points higher year-over-year due to higher capitalization of internal use software. As we explained during last year's Investor Day, we anticipate technology costs being 8.5% to 9% of revenue over the medium term. Technology expenses will likely continue to increase as we invest for growth.

繼續前進，技術支出增加了 27%，這主要受雲支出增加、第三方軟件成本和內部使用軟件攤銷增加的推動。由於內部使用軟件的資本化增加，增長佔收入的百分比同比增長 50 個基點。正如我們在去年的投資者日所解釋的那樣，我們預計技術成本在中期內佔收入的 8.5% 至 9%。隨著我們為增長而投資，技術支出可能會繼續增加。

And finally, third-party content costs increased by 5% year-over-year. Our team is doing an excellent job of controlling third-party data costs despite inflationary pressure. As a percentage of revenue, growth in third-party content costs was 70 basis points lower year-over-year.

最後，第三方內容成本同比增長 5%。儘管存在通貨膨脹壓力，我們的團隊在控制第三方數據成本方面做得非常出色。作為收入的百分比，第三方內容成本的增長同比下降了 70 個基點。

And now turning to the margin front. Our GAAP operating margin increased by 430 basis points to 32.9% compared to the previous year. Our adjusted operating margin improved by 330 basis points to 37%. Margin expansion resulted from higher revenue, lower personnel costs as a percentage of revenue, the lapping of the prior year's impairment charge and lower content and facilities costs. These savings were slightly offset by higher technology costs and expenses related to CGS. As a percentage of revenue, our impairment expense was 200 basis points lower than last year's on a GAAP basis. You'll find an expense walk from revenue to adjusted operating income in the appendix of today's earnings presentation.

現在轉向保證金前沿。與上一年相比，我們的 GAAP 營業利潤率增加了 430 個基點，達到 32.9%。我們調整後的營業利潤率提高了 330 個基點，達到 37%。利潤率的增長源於更高的收入、更低的人員成本佔收入的百分比、上一年減值費用的重疊以及更低的內容和設施成本。這些節省被與 CGS 相關的較高技術成本和費用略微抵消。按照公認會計原則，我們的減值費用佔收入的百分比比去年低 200 個基點。在今天的收益報告的附錄中，您會發現從收入到調整後的營業收入的支出。

As a percentage of revenue, our cost of sales was 50 basis points higher than last year's on a GAAP basis, largely as a result of increased amortization of intangible assets, expenses related to CGS and technology costs. This was partially offset by lower personnel costs as a percentage of revenue. On an adjusted basis, it was 180 basis points lower due to lower personnel costs as a percentage of revenue, partially offset by expenses related to CGS and higher technology costs.

按 GAAP 計算，我們的銷售成本佔收入的百分比比去年高 50 個基點，這主要是由於無形資產攤銷增加、與 CGS 相關的費用和技術成本。這部分被較低的人員成本佔收入的百分比所抵消。在調整後的基礎上，由於較低的人員成本佔收入的百分比降低了 180 個基點，部分被與 CGS 相關的費用和較高的技術成本所抵消。

And finally, on a GAAP basis, SG&A was 245 basis points lower year-over-year as a percentage of revenue and 150 basis points lower on an adjusted basis. This was primarily due to decreases in facilities expense and professional services. This was partially offset by an increase in T&E as our teams resumed essential travel.

最後，根據 GAAP，SG&A 佔收入的百分比同比下降 245 個基點，調整後下降 150 個基點。這主要是由於設施費用和專業服務的減少。隨著我們的團隊恢復必要的差旅，差旅費的增加部分抵消了這一影響。

Turning now to tax. Our tax rate for the quarter was 16.1%, a 6.2% increase compared to last year's rate of 9.9%. The higher Q2 tax rate is due to higher pretax income and lower stock option exercise. Going forward, it's important to note that we expect more volatility in our tax rate. One driver will be foreign tax. In April, the U.K. statutory rate will increase from 19% to 25%, increasing FactSet's foreign effective tax rate and reducing the tax benefit of foreign income. Stock option exercise will also fluctuate with our stock price, generally resulting in a lower tax rate when the stock price is higher and higher tax rate when the price is lower. Also, as we finalize our tax returns for prior years, we have the potential for onetime charges, which could also be helpful. Even with this variability and a higher tax rate for the second quarter, we expect to end fiscal 2023 with an effective tax rate of 13.5% to 14.5%.

現在轉向稅收。我們本季度的稅率為 16.1%，與去年的 9.9% 相比增加了 6.2%。第二季度較高的稅率是由於較高的稅前收入和較少的股票期權行使。展望未來，重要的是要注意我們預計我們的稅率會有更多波動。一名司機將被外國征稅。 4月，英國法定稅率將從19%上調至25%，提高了FactSet的國外有效稅率，降低了國外收入的稅收優惠。股票期權的行使也會隨著我們的股票價格波動，一般導致股票價格較高時稅率較低，價格較低時稅率較高。此外，在我們完成前幾年的納稅申報表時，我們有可能收取一次性費用，這也可能有所幫助。即使存在這種可變性和第二季度更高的稅率，我們預計到 2023 財年結束時有效稅率將達到 13.5% 至 14.5%。

GAAP EPS increased 19% to $3.38 this quarter versus $2.84 in the prior year. Adjusted diluted EPS grew 16.2% to $3.80. Both EPS figures were driven by higher revenue and margin expansion, partially offset by increased interest expense and the higher tax rate. Also of note, Q2 EBITDA increased to $200 million, up 45.4% year-over-year due to higher operating income. And finally, free cash flow, which we define as cash generated from operations less capital spending, was $147 million for the quarter, an increase of 34% over the same period last year. This was due to higher net income, partially offset by increased capitalization costs from internal use software. We would note that strong free cash flow continues to be an attractive feature of FactSet's business model.

本季度 GAAP 每股收益增長 19% 至 3.38 美元，而去年同期為 2.84 美元。調整後攤薄每股收益增長 16.2% 至 3.80 美元。這兩項每股收益數據均受到更高收入和利潤率擴張的推動，部分被利息支出增加和更高稅率所抵消。另外值得注意的是，由於營業收入增加，第二季度 EBITDA 增至 2 億美元，同比增長 45.4%。最後，自由現金流（我們定義為運營產生的現金減去資本支出）在本季度為 1.47 億美元，比去年同期增長 34%。這是由於淨收入增加，部分被內部使用軟件的資本化成本增加所抵消。我們注意到，強勁的自由現金流仍然是 FactSet 商業模式的一個有吸引力的特徵。

Our ASV retention for the second quarter remained greater than 95%. We grew our total number of clients by 558 compared to the prior year, driven by corporate and wealth clients and channel partners. Our client retention remains at 92% year-over-year, demonstrating excellent execution by our sales and client support teams.

我們第二季度的 ASV 保留率保持在 95% 以上。在企業和財富客戶以及渠道合作夥伴的推動下，我們的客戶總數比上一年增加了 558 人。我們的客戶保留率同比保持在 92%，這表明我們的銷售和客戶支持團隊表現出色。

Moving on to our balance sheet. During the second quarter, we completed another $125 million prepayment of the 3-year term loan for the CGS acquisition. This was our fourth prepayment since the start of the loan. This brought our gross leverage ratio down to 2.4x from 3.9x level when we initially financed the CGS acquisition. This is well within our 2.5 to 2x gross leverage target and appropriate for our investment-grade rating. Given that we are within our target range, we will slow the pace of repayment of the remaining $500 million outstanding balance of the term loan, which matures in 2025. Also, given our reduced leverage levels, we intend to resume share repurchases for the remainder of fiscal 2023.

轉到我們的資產負債表。在第二季度，我們完成了另外 1.25 億美元的 3 年期定期貸款預付款，用於收購 CGS。這是我們自貸款開始以來的第四次預付款。這使我們的總槓桿率從最初為 CGS 收購提供資金時的 3.9 倍水平降至 2.4 倍。這完全符合我們 2.5 至 2 倍的總槓桿率目標，適合我們的投資級評級。鑑於我們處於目標範圍內，我們將放慢償還剩餘 5 億美元定期貸款未償餘額的步伐，該貸款將於 2025 年到期。此外，鑑於我們的槓桿水平降低，我們打算恢復剩餘部分的股票回購2023 財年。

We currently have $181.3 million available for share repurchase under the company's existing authorization. We plan to allocate this amount equally in the third and fourth fiscal quarters. While bringing our repurchases back to previous levels will take time, we're focused on returning capital to shareholders. We will provide updates on our share repurchase program in the coming months.

根據公司現有授權，我們目前有 1.813 億美元可用於股票回購。我們計劃在第三和第四財季平均分配這筆款項。雖然將我們的回購恢復到以前的水平需要時間，但我們專注於向股東返還資本。我們將在未來幾個月提供有關股票回購計劃的最新信息。

As Phil stated earlier, given our reduced core ASV outlook and the inclusion of CUSIP Global Services as part of our organic results, we are updating our guidance for fiscal 2023. We expect organic ASV growth of $145 million to $175 million, which is a $15 million reduction in core ASV growth at the midpoint. The decline is offset by the $10 million addition of CUSIP and remains within our medium-term outlook of 8% to 9% organic ASV growth. Given the headwinds to ASV and lagged timing of ASV in the first fiscal quarter, we expect revenue for fiscal 2023 to be in the range of $2.08 billion to $2.1 billion. At the midpoint, revenue growth is expected to be about 13%, a deceleration of 95 basis points from our previously issued guidance.

正如 Phil 之前所說，鑑於我們降低了核心 ASV 前景並將 CUSIP 全球服務納入我們的有機結果，我們正在更新我們對 2023 財年的指導。我們預計有機 ASV 增長 1.45 億美元至 1.75 億美元，即 15 美元百萬核心 ASV 增長在中點減少。這一下降被 CUSIP 增加的 1000 萬美元所抵消，並保持在我們 8% 至 9% 有機 ASV 增長的中期展望範圍內。鑑於 ASV 的逆風和第一財季 ASV 的滯後時間，我們預計 2023 財年的收入將在 20.8 億美元至 21 億美元之間。在中點，收入增長預計約為 13%，比我們之前發布的指引低 95 個基點。

Despite a slightly softer top line, we are confident that our disciplined expense management will allow us to protect margins and preserve EPS. Consistent with our downturn playbook, areas of focus include ongoing real estate rightsizing, rationalization of third-party content costs and limiting hiring to essential positions. Based on forecasted performance, we also expect our year-end bonus pool to be in the range of $100 million to $105 million, roughly $10 million less than last year, which will provide an additional margin benefit.

儘管收入略有疲軟，但我們相信我們嚴格的費用管理將使我們能夠保護利潤率並保持每股收益。與我們的低迷劇本一致，重點領域包括持續的房地產精簡、第三方內容成本的合理化以及限制對基本職位的招聘。根據預測的業績，我們還預計我們的年終獎金池將在 1 億美元至 1.05 億美元之間，比去年減少約 1000 萬美元，這將提供額外的利潤收益。

As a result of these measures, we are maintaining adjusted margin guidance of 34% to 35%, consistent with our Investor Day commitment of 50 to 75 basis points of adjusted margin expansion on average per year. And finally, given the strength of our adjusted operating margin and revenue growth, we expect adjusted EPS of $14.50 to $14.90 for fiscal 2023 as previously communicated. Despite the uncertain environment, we remain confident regarding long-term growth. We have a diverse pipeline and are seeing higher retention, better expansion, improved price realization and increased demand for our products.

由於採取了這些措施，我們將調整後的利潤率指引維持在 34% 至 35%，這與我們投資者日承諾的調整後利潤率平均每年增長 50 至 75 個基點一致。最後，鑑於我們調整後的營業利潤率和收入增長的實力，我們預計 2023 財年調整後的每股收益為 14.50 美元至 14.90 美元，如前所述。儘管環境不明朗，但我們對長期增長仍然充滿信心。我們擁有多元化的管道，並且看到更高的保留率、更好的擴展、更好的價格實現和對我們產品的需求增加。

In addition, our enterprise contracts and diverse end markets provide us with some downside protection in a turbulent market. As a result, we remain committed to our medium-term outlook and are positioned well for the future. And with that, we're now ready for your questions. Operator?

此外，我們的企業合同和多樣化的終端市場為我們在動蕩的市場中提供了一些下行保護。因此，我們仍然致力於我們的中期展望，並為未來做好準備。這樣，我們現在就可以回答您的問題了。操作員？

(Operator Instructions)

（操作員說明）

And our first question comes from Manav Patnaik from Barclays.

我們的第一個問題來自巴克萊銀行的 Manav Patnaik。

This is Brendan on for Manav. Just wanted to ask on the ASV cut. Obviously not entirely unexpected with everything going on. I appreciate the disclosures there on where it's coming from. I want to ask you, you talked about 2/3 of being from banking. Would expect maybe some of it's coming from venture capital, too. If you could just walk through where exactly you expect that impact to be, and maybe it's just venture capital is just a small part of ASV, it doesn't matter. But if you could quantify that for us, too, that would be great.

我是 Manav 的 Brendan。只是想問一下 ASV 剪輯。顯然，發生的一切並非完全出乎意料。我很欣賞那里關於它來自哪裡的披露。我想問你，你談到 2/3 來自銀行業。預計其中一些可能也來自風險投資。如果你能準確地走過你期望影響的地方，也許這只是風險投資只是 ASV 的一小部分，那沒關係。但如果你也能為我們量化，那就太好了。

Sure. This is Helen Shan. I'll take that question. So the end markets did begin to soften a bit at the beginning of the calendar year and obviously more volatile in the last few weeks. And as we said, 2/3 come, we think, from banking and 1/3 from the other types. And so we did plan for lower growth in banking after such strong years of growth post the pandemic. And actually, first quarter would continue to be strong, but we did see some greater erosion in Q2 in part due to layoffs. And so that kind of got us to our number there of that 2/3.

當然。這是海倫山。我會回答這個問題。因此，終端市場在日曆年初確實開始走軟，並且在過去幾周明顯更加波動。正如我們所說，我們認為 2/3 來自銀行業，1/3 來自其他類型。因此，在大流行後經歷瞭如此強勁的增長之後，我們確實計劃降低銀行業的增長。實際上，第一季度將繼續保持強勁，但我們確實看到第二季度的侵蝕更大，部分原因是裁員。因此，這使我們達到了 2/3 的數字。

PE/VC, we've not seen that. In fact, we've continued to see double-digit growth there, and so we don't feel that, that's going to be as big a factor. And it is, as you noted, somewhat relatively small. But for us, we'll have a lot to say more when we can see what happens in the hiring classes in the fourth quarter. So that's really the driver of the banking piece. The rest comes from really just changes in client behavior that we're seeing as Linda and Phil talked about earlier.

PE / VC，我們還沒有看到。事實上，我們在那裡繼續看到兩位數的增長，所以我們不認為這將是一個重要因素。正如您所指出的，它相對較小。但對我們來說，當我們看到第四季度招聘班的情況時，我們會有很多話要說。所以這真的是銀行業的驅動力。正如 Linda 和 Phil 之前談到的那樣，其餘的實際上只是客戶行為的變化。

Okay. And then just one follow-up, pivoting over to margin. Obviously, a really strong performance in the first half, and I know that second half is typically seasonally worse, but it's still -- the number you guys have still feels a little conservative even if ASV comes in a little lower. Is there something else to call out? I mean, it sounds like maybe more real estate charges are coming in. I mean, it seems like -- it feels like the -- even [35%] seems pretty beatable, but just -- if I'm missing something, just let me know.

好的。然後只是一個跟進，轉向保證金。顯然，上半年的表現非常強勁，而且我知道下半年通常季節性更差，但它仍然 - 即使 ASV 略低，你們的數字仍然感覺有點保守。還有什麼要喊的嗎？我的意思是，聽起來可能會有更多的房地產費用。我的意思是，似乎 - 感覺 - 甚至 [35%] 似乎都可以擊敗，但只是 - 如果我遺漏了什麼，只是讓我知道。

Brendan, it's Linda, and we appreciate your optimism on the margin front. A couple of things going on. We see ASV growth slowing primarily because we're now lapping the CUSIP acquisition. So growth, which had been as strong as 19.5% will now come down towards 8%. And we see expense growth continuing at about 11% in the back half of the year. So those 2 things will combine to give us some margin compression.

布倫丹，我是琳達，我們感謝您對利潤率的樂觀態度。發生了幾件事。我們看到 ASV 增長放緩主要是因為我們現在正在處理 CUSIP 的收購。因此，曾高達 19.5% 的增長現在將降至 8%。我們看到今年下半年的費用增長將繼續保持在 11% 左右。所以這兩件事將結合起來給我們一些保證金壓縮。

In the first half, we've had adjusted operating margin of about 37.6%, and we do like our guidance of 34% to 35%. So if you do the math, you can see that adjusted operating margin will be closer to the zip code of 32% as we get to the back half of the year, we think. But we do hope that continued expense management will help us. The biggest piece that we're looking at here, as we said in the script, is potentially reducing our real estate footprint by another $15 million to $20 million as we get closer to the end of the year.

上半年，我們調整後的營業利潤率約為 37.6%，我們確實喜歡 34% 至 35% 的指引。因此，如果您進行數學計算，我們認為，隨著我們進入今年下半年，調整後的營業利潤率將更接近 32% 的郵政編碼。但我們確實希望持續的費用管理對我們有所幫助。正如我們在劇本中所說，我們在這裡看到的最大的一塊可能是在接近年底時將我們的房地產足跡再減少 1500 萬至 2000 萬美元。

Now that, given the length of the leases that we have, provides another, call it, $3 million to $4 million back into the P&L for next year. And in total, last year, we did $62 million of real estate rightsizing, so with this, we'll be approaching $80 million in real estate rightsizing. So we think we've handled that quite well. Otherwise, we just keep our eyes on our downturn playbook, and we're managing all of this pretty closely. So I hope that helps.

現在，考慮到我們擁有的租約期限，為明年的損益表提供了另一個，稱之為 300 萬至 400 萬美元的回報。去年，我們總共進行了 6200 萬美元的房地產權利調整，因此，我們將接近 8000 萬美元的房地產權利調整。所以我們認為我們處理得很好。否則，我們只關注我們的低迷劇本，我們正在非常密切地管理所有這一切。所以我希望能有所幫助。

And our next question comes from Alex Kramm from UBS.

我們的下一個問題來自瑞銀集團的 Alex Kramm。

Just quickly on the pricing, $30.7 million, clearly a nice increase from last year. But if I look at this correctly and I just look at your U.S. ASV, I think that works out to roughly 2.5%. I think you've been talking about the rec rate 6%. So just wondering, I know you don't get it on all of your book of business, but just talk about maybe if you saw a little bit more incremental pushback than you expected or how pricing discussions had gone relative to expectations. And how we should be thinking about the European increase, which should be coming in the next quarter?

很快就定價了，3070 萬美元，顯然比去年有了不錯的增長。但如果我正確地看待這個，我只看你的美國 ASV，我認為這大約是 2.5%。我認為您一直在談論 6% 的記錄率。所以只是想知道，我知道你並沒有把它寫在你所有的業務簿上，但只是談談你是否看到了比你預期的更多的增量阻力，或者定價討論是如何相對於預期進行的。我們應該如何考慮下一季度應該出現的歐洲增長？

Alex, it's Helen. I'll take that one. We've made really good progress in capturing value, both because of our fit-for-purpose packages and our higher price realization. And as Phil mentioned, we did get to raise $31 million from ASV just in the Americas alone, which is $10 million higher than the previous year and really 1/5 of our total ASV growth rate. So to your point, this increase is in part due to higher rate but also the fact that we are able to capture more clients. 60% of our book here in Americas was captured, which is actually higher by 6.4%.

亞歷克斯，是海倫。我會拿那個。我們在獲取價值方面取得了非常好的進展，這既是因為我們的適合用途的包裝和我們更高的價格實現。正如 Phil 所提到的，僅在美洲，我們確實從 ASV 籌集了 3100 萬美元，比上一年高出 1000 萬美元，實際上占我們 ASV 總增長率的 1/5。因此，就您的觀點而言，這種增長部分是由於更高的利率，但也是因為我們能夠吸引更多的客戶。我們在美洲的圖書有 60% 被捕獲，實際上高出 6.4%。

But the remaining part, a lot of that is in our long-term contracts that we have negotiated step-ups, and so we don't include that in the annual price increase or for those that we were able to recently renew or new clients in Q1. And then also keep in mind, because of our calendar year-end, Alex, that first quarter that folks are still on last year's rate increase, and then so you're really getting 3/4 of it for this year. So that is part of the reason you're trying to get to a math piece there. But our sales force has been terrific in being able to help clients understand with our -- the value of our increased investments and being able to get the higher price increase. We did not see more pushback this year than in previous years. So that is not at all the behavior that we dealt with.

但剩下的部分，其中很多是在我們已經協商的升級的長期合同中，因此我們不將其包括在年度價格上漲中，也不包括我們最近能夠續籤的合同或新客戶在第一季度。然後還要記住，由於我們的日曆年末，亞歷克斯，第一季度人們仍在去年的加息中，所以今年你真的得到了 3/4。所以這就是你試圖在那裡找到數學作品的部分原因。但是我們的銷售人員在幫助客戶了解我們增加投資的價值以及能夠獲得更高的價格上漲方面表現出色。今年我們沒有看到比往年更多的阻力。所以這根本不是我們處理的行為。

Okay, great. And then second question, I'm not sure if I'm the right person to ask it but I will anyways. I mean, obviously, UBS is buying Credit Suisse. And I think this is the first, I guess, bulge bracket marriage or fourth marriage that we've seen since the financial crisis. So when I go back to 2008, 2009 performance, you certainly saw that impact. Phil, I heard you in terms of highlighting how big some of -- or how big the biggest customers are. But could you talk about how something like that may impact you? I would assume this is more fiscal year '24 event. And then if I think about the relative size relative to what you said earlier, I mean, it's like $15 million, plus/minus, the right ballpark for a client of that size or can you help us a little bit about a potential impact here?

好的，太好了。然後是第二個問題，我不確定我是否是提出這個問題的合適人選，但無論如何我會的。我的意思是，很明顯，瑞銀正在收購瑞士信貸。而且我認為這是自金融危機以來我們看到的第一次，我猜，膨脹支架婚姻或第四次婚姻。所以當我回到 2008 年、2009 年的表現時，你肯定看到了這種影響。菲爾，我聽到你強調一些 - 或者最大的客戶有多大。但是你能談談這樣的事情會對你產生怎樣的影響嗎？我認為這是更多的 24 財年事件。然後，如果我考慮相對於你之前所說的相對規模，我的意思是，大約 1500 萬美元，加上/減去，對於這種規模的客戶來說是正確的，或者你能幫助我們了解一下這裡的潛在影響嗎？

Yes. So Alex, it's Phil. I'm not going to talk about the specific size of any particular client. But I think you can assume, right, that FactSet has a good footprint within these large global banks. But it's not just the investment banking teams. Very often, it's on the asset management side and also there'll be wealth users as well. So we've got a very nice distributed portfolio across these firms.

是的。亞歷克斯，是菲爾。我不會談論任何特定客戶的具體規模。但我認為您可以假設 FactSet 在這些大型全球銀行中佔有一席之地。但這不僅僅是投資銀行團隊。很多時候，它是在資產管理方面，也會有財富使用者。因此，我們在這些公司中擁有非常好的分佈式投資組合。

I think part of why we're being a bit more prudent here in the second half is we do get a lot of banking ASV in Q4 based on the hiring of these banks. So we're not quite sure how this is going to play out, whether or not there's going to be more consolidation or not. But typically, we do okay, right, during these periods. FactSet's very sticky with that to help our clients. We're very trusted. We have a much more diverse portfolio than we had 10 years ago, that's for sure.

我認為我們在下半年在這裡更加謹慎的部分原因是我們確實在第四季度根據這些銀行的僱用獲得了很多銀行 ASV。所以我們不太確定這將如何發揮作用，是否會有更多的整合。但通常情況下，我們在這些時期做得很好，對。 FactSet 非常重視幫助我們的客戶。我們非常信任。與 10 年前相比，我們的投資組合更加多樣化，這是肯定的。

And usually, if people leave these firms, they end up somewhere else. And if they like FactSet, they'll ask for it, which is always great. So it is hard to predict. But we've handled us well in the past, and we think we're very well equipped to handle it if there's even more uncertainty moving forward.

通常，如果人們離開這些公司，他們最終會去別的地方。如果他們喜歡 FactSet，他們會主動提出要求，這總是很棒的。所以很難預測。但我們過去處理得很好，如果未來有更多的不確定性，我們認為我們有能力處理它。

And our next question comes from George Tong from Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

Your ASV guidance plans for slower growth from the banking category, can you describe what you're seeing with the sales cycles there and the broader pipeline? How much of the guidance reduction reflects what you've already seen versus conservatism around what you expect to see?

您的 ASV 指導計劃針對銀行類別的增長放緩，您能描述一下您在那裡的銷售週期和更廣泛的管道中看到的情況嗎？指導減少中有多少反映了您已經看到的內容與圍繞您期望看到的內容的保守主義？

George, I'll take that. It's a little bit of a combination of both. I mean, obviously, this quarter has been a terrific one, given our 9-plus percent growth rate. But we are seeing some higher erosion, and so that's something we're taking into effect. Banking is a pretty large piece of our Q4 so there's probably a bit of conservatism there, but that's because we don't have that visibility at this time. But knowing where we think hiring will go, that's where that drives that 2/3 piece.

喬治，我會接受的。這是兩者的結合。我的意思是，顯然，考慮到我們 9% 以上的增長率，本季度是一個了不起的季度。但是我們看到了一些更高的侵蝕，所以這是我們正在考慮的事情。銀行業是我們第四季度的一個相當大的部分，所以那裡可能有點保守，但那是因為我們目前沒有那種可見性。但是知道我們認為招聘會去哪裡，這就是驅動那 2/3 部分的地方。

In terms of the rest of the book, we are seeing that more deals, it's taking longer to get some of the deals over the line. And quite frankly, what's the benefit is the fact that we see quite a few that are still in the commercial negotiation stage, meaning they're in the right place, but it's taking a little longer. So that really speaks to the quality of the book, which is still solid. But given timing, it may take a little bit longer to monetize.

就本書的其餘部分而言，我們看到更多的交易，需要更長的時間才能完成一些交易。坦率地說，好處是我們看到很多仍處於商業談判階段的事實，這意味著他們在正確的地方，但需要更長的時間。所以這真的說明了這本書的質量，它仍然是可靠的。但考慮到時間，貨幣化可能需要更長的時間。

Got it. That's helpful context. And as a follow-up on the turn to margins. You had mentioned before that you expect margins to move lower heading through the year and understand the seasonality of margins. If you look at year-over-year comparisons with margins, which essentially would wash out seasonality, how do you expect margins to progress year-over-year? And what are the key puts and takes as you think about margin expansion or contraction year-over-year?

知道了。這是有用的上下文。並作為轉向利潤率的後續行動。您之前曾提到，您預計利潤率會在全年下降，並了解利潤率的季節性。如果您查看與利潤率的同比比較，這基本上會消除季節性因素，您預計利潤率將如何同比增長？當您考慮利潤率逐年擴張或收縮時，關鍵的看跌期權和看跌期權是什麼？

Sure. George, the seasonality and the pattern is very similar to what it was last year in FY '22. And as we move forward, we would probably give you a little bit of outlook here on our 4 main cost buckets. People, we expect that cost will continue to increase as we go through the back half of this year. We have additional headcount, 2/3 of it in offshore locations, but we do have additional headcount. And we're offsetting that by higher capitalization. We've done very well across the firm to increase the rate of capitalization, which is appropriate.

當然。喬治，季節性和模式與去年 22 財年的情況非常相似。隨著我們的前進，我們可能會在這里為您提供一些關於我們 4 個主要成本類別的展望。人們，我們預計今年下半年成本將繼續增加。我們有額外的員工，其中 2/3 在離岸地點，但我們確實有額外的員工。我們正在通過更高的資本化來抵消這一點。我們在整個公司都做得很好，提高了資本化率，這是適當的。

And in the first half of the year, I would note our capitalization was $35 million. With the back half, you're going to want to pick that up even a little bit more as the tech spend is heavier and thus, the capitalization will be higher as well. On the technology costs more specifically, we still see that we'll be within the 8% to 9% of revenue for tech costs, but this is a growing business, and we are increasing our tech spend to support it.

在今年上半年，我會注意到我們的資本總額為 3500 萬美元。對於後半部分，隨著技術支出的增加，你會想要更多地選擇它，因此，資本化也會更高。更具體地說，在技術成本方面，我們仍然看到我們將在技術成本的收入中佔 8% 到 9%，但這是一個不斷增長的業務，我們正在增加技術支出來支持它。

We talked about real estate, another charge of $15 million to $20 million that we have planned. This has been an area where I think we've done a great job of rationalizing our costs, and it's been very helpful to us with absolutely no impact on anything else that we're doing. Third-party data similarly has had a slight growth, 3%. But given the rate of inflation, that looks pretty good, so we're pretty happy about that.

我們談到了房地產，這是我們計劃的另一筆 1500 萬至 2000 萬美元的費用。在這個領域，我認為我們在合理化成本方面做得很好，這對我們非常有幫助，對我們正在做的其他事情絕對沒有影響。第三方數據同樣略有增長，為 3%。但考慮到通貨膨脹率，這看起來相當不錯，所以我們對此感到非常高興。

So what we're going to do is we're going to continue our focus on our downturn playbook. Right now, we are looking at essential hires only. Travel is prioritized for essential trips, primarily around Helen's sales team. And we've talked about real estate, and we are negotiating hard on third-party content. So all of that together, we think, is manageable.

所以我們要做的是繼續關注我們的低迷劇本。目前，我們只考慮必要的招聘。旅行優先用於必要的旅行，主要是在海倫的銷售團隊周圍。我們已經談到了房地產，我們正在就第三方內容進行艱苦的談判。因此，我們認為，所有這些加在一起是可控的。

The last piece that we would note on people costs, our bonus pool, we're thinking, is going to be sort of $100 million to $105 million. Last year, we had a bonus pool which was more like $115 million. So we're looking for about, call it, $10-ish million savings on that if we perform at 100% of our targets. So again, last year was a very strong bonus year. This year will probably be a bit more moderate, and we'll continue to update a view on this as we move through the year. So I hope that's helpful to you, George, and I hope I covered everything you wanted.

我們要注意的關於人員成本的最後一塊，我們認為我們的獎金池將在 1 億至 1.05 億美元之間。去年，我們的獎金池大約為 1.15 億美元。因此，如果我們以 100% 的目標執行，我們正在尋找大約 1000 萬美元的節省。所以，去年又是一個非常豐厚的獎金年。今年可能會更溫和一些，我們將在這一年中繼續更新對此的看法。所以我希望這對你有幫助，喬治，我希望我涵蓋了你想要的一切。

Very helpful.

很有幫助。

And our next question comes from Andrew Nicholas from William Blair.

我們的下一個問題來自威廉布萊爾的安德魯尼古拉斯。

I think Phil, you mentioned CGS ASV growth of 8% here since acquiring it. And I think that's on the higher end of what that business has historically grown at least in terms of revenue. So I'm just wondering if you could speak to the sustainability of being kind of in that high single-digit range and maybe a little bit more on the progress of some of the new opportunities there on private company data in particular.

我想菲爾，你在這裡提到 CGS ASV 自收購以來增長了 8%。而且我認為至少在收入方面，這是該業務歷史上增長的高端。所以我只是想知道你是否可以談談在那個高個位數範圍內的可持續性，也許更多關於私營公司數據的一些新機會的進展。

Yes. Thanks for the question. Yes, we feel confident. We've had this asset for a year now, so we're still getting to know it. It's a very steady, consistent business. We are executing exceptionally well. We've got a great sales team. Almost all of the employees that came over during the acquisition is still with us and very happy. And I think some of the growth can just be attributed to good execution, frankly, in terms of the contracts and as new issuance comes out.

是的。謝謝你的問題。是的，我們有信心。我們擁有這項資產已經一年了，所以我們仍在了解它。這是一項非常穩定、始終如一的業務。我們執行得非常好。我們有一個很棒的銷售團隊。幾乎所有在收購期間過來的員工都還和我們在一起並且非常高興。而且我認為一些增長可以歸因於良好的執行，坦率地說，就合同和新發行而言。

It is -- getting into issuing CUSIP's for new asset classes isn't a very quick process, right? There's a lot of parties you have to bring to the table and get on board to do that. So we're making good progress there on the 2 areas that I mentioned, particularly the loan entity IDs. So it's a consistent business. I think you should see steady performance from it. But again, we're just getting to know this asset really well now that we've had it for a year.

它是——為新資產類別發行 CUSIP 並不是一個非常快速的過程，對吧？有很多派對你必須帶到桌面上並參與其中。因此，我們在我提到的兩個領域取得了良好進展，尤其是貸款實體 ID。所以這是一個一致的業務。我認為你應該從中看到穩定的表現。但同樣，既然我們已經擁有它一年了，我們才真正了解它。

Perfect. And then switching gears a bit for my follow-up. I wanted to ask a question on wealth. Obviously, another nice win there with the BMO add in the quarter. I'm just hoping you could spend maybe a bit more time walking through the major reasons you're winning in that space. And maybe more importantly, from my perspective, when you're not winning deals, are there major gaps in your offering that consistently come up? And as you think about those gaps, are those generally opportunities to address those organically, or would we eventually expect to see you acquire into those gaps?

完美的。然後為我的後續行動稍微切換一下。我想問一個關於財富的問題。顯然，本季度 BMO add 又取得了一場不錯的勝利。我只是希望你能花更多的時間來了解你在那個領域獲勝的主要原因。也許更重要的是，從我的角度來看，當你沒有贏得交易時，你的產品是否存在持續出現的重大差距？當您考慮這些差距時，這些通常是有機地解決這些差距的機會，還是我們最終會期望看到您彌補這些差距？

Yes, so thanks for the follow-up question. There are no gaps related to the product that we intended to take to market, so we're doing very well with the Adviser Workstation. And some of the reasons we're winning really are just the ease of use of the interface, the speed of it, the flexibility of FactSet's superior analytics capabilities, integrating portfolios. The Adviser Dashboard that we've layered on top of this for some clients really suggests the next best action for the advisers. That's been a big hit.

是的，感謝您提出後續問題。我們打算推向市場的產品沒有任何差距，因此我們在 Adviser Workstation 方面做得很好。我們獲勝的一些原因實際上只是界面的易用性、速度、FactSet 卓越分析功能的靈活性以及集成投資組合。我們為一些客戶在其之上分層的顧問儀表板確實為顧問建議了下一步的最佳行動。這是一個很大的打擊。

And just, I think, our open and flexible technology in addition to the interface itself allows the firm to bring in feeds and other components that they may want into other parts of their business. So it continues to grow in double digits. It was a double-digit growth for, I think, 7 or 8 quarters in a row now, so a very consistent performer. And we still see a lot of room here to grow the tailwinds in the space. And as you pointed out, there are some obvious adjacencies that FactSet could get into. So we're looking at those. And if there's an opportunity to do something, either buy or build, we'll take advantage of that. Helen, do you want to add on?

而且，我認為，除了界面本身之外，我們的開放和靈活的技術允許公司將他們可能想要的提要和其他組件引入他們業務的其他部分。所以它繼續以兩位數的速度增長。這是一個兩位數的增長，我認為，現在連續 7 或 8 個季度，所以表現非常穩定。而且我們仍然看到這裡有很大的空間來增加空間的順風。正如您所指出的，FactSet 可以進入一些明顯的鄰接關係。所以我們正在研究這些。如果有機會做某事，無論是購買還是建造，我們都會利用它。海倫，你想補充嗎？

Yes. No, I was going to say that a lot of our wealth clients are really investing into their own technology platform. So exactly what Phil said is once we land with our workstation, quite frankly, there's a lot of room for growth with the Advisor Dashboard and other digital solutions. And since they're investing in their platform and because we have an open strategy, we are actually seeing tons of opportunities. So I think there's a lot there for us to continue to grow on.

是的。不，我想說的是我們的很多財富客戶確實在投資他們自己的技術平台。所以 Phil 所說的正是一旦我們登陸我們的工作站，坦率地說，Advisor Dashboard 和其他數字解決方案有很大的增長空間。由於他們正在投資他們的平台，並且因為我們有一個開放的戰略，我們實際上看到了大量的機會。所以我認為我們還有很多可以繼續發展的地方。

And our next question comes from Faiza Alwy from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Faiza Alwy。

So I wanted to ask about investments because it looks like the pace of investment is going to accelerate, which is typically the case seasonally. But I'm curious if -- given the recent volatility, if you're thinking around the types of areas that you're investing in has evolved at all?

所以我想問一下投資，因為看起來投資的步伐會加快，這通常是季節性的。但我很好奇——考慮到最近的波動，你是否正在考慮你投資的領域類型是否已經發生了變化？

Sure. Thanks, Faiza. I mean, it's a little bit early to comment on exactly what we'll be doing. This is the time of year that we look at our strategy and consider what we might want to think about for next year in terms of any changes. Many of the initiatives that we set out to execute on a few years ago, these are long initiatives, so we continue to execute well on our deep sector and private markets offerings. We're doing well in real time.

當然。謝謝，法扎。我的意思是，現在評論我們將要做什麼還為時過早。每年的這個時候，我們都會審視我們的戰略，並考慮明年我們可能想考慮的任何變化。幾年前我們開始執行的許多計劃都是長期計劃，因此我們繼續在我們的深度行業和私人市場產品上執行良好。我們實時做得很好。

I mentioned a very nice deal that we captured in Q2 as a result of that investment, and we've actually tilted more investment towards that this year. We just see so much opportunity in that space. One thing I can sort of highlight, or I'd like to highlight is FactSet has great content analytics, and we're also a technology company. And we've done so much work to invest in our platform with our hybrid cloud strategy, partnerships we've developed, our API program. All of that is really beginning to bear fruit. And we do believe that the technology piece of what we do is going to help us more in the future.

我提到了一項非常不錯的交易，由於這項投資，我們在第二季度獲得了一筆非常好的交易，而且我們今年實際上已經向該投資傾斜了更多。我們在那個領域看到了很多機會。我可以強調的一件事，或者我想強調的是 FactSet 擁有出色的內容分析，而且我們也是一家技術公司。我們已經做了很多工作來投資我們的平台，包括我們的混合雲戰略、我們開發的合作夥伴關係和我們的 API 程序。所有這一切真的開始見效了。我們確實相信，我們所做的技術部分將在未來為我們提供更多幫助。

And you actually see that in CTS. So CTS had a very good quarter, growing double digits, accelerated. And if you look at what CTS is providing to the market, it's Content and Technology Solutions. But this quarter, it really tilted towards the technology part, which is exciting. It's sitting down with our clients, helping them manage data, helping them in other ways. So that's a bit of the evolution there, if that's helpful to you and maybe gives you a bit of a hint of sort of where we're headed into next year.

您實際上在 CTS 中看到了這一點。所以 CTS 有一個非常好的季度，增長兩位數，加速。如果您查看 CTS 向市場提供的產品，那就是內容和技術解決方案。但是本季度，它確實向技術部分傾斜，這令人興奮。它與我們的客戶坐下來，幫助他們管理數據，以其他方式幫助他們。所以這就是那裡的一些演變，如果這對你有幫助的話，也許會給你一些關於我們明年將走向何方的暗示。

Great. That's very helpful. Just as a follow-up, wanted to ask about capital allocation. So Linda, you mentioned that you expect to slow the pace of repayments on the debt side. Maybe talk about how you're looking to balance debt paydown versus share buybacks. Like should we expect all buybacks to happen immediately this year? Or just give us a bit more color in terms of how you're thinking about those things.

偉大的。這很有幫助。正好作為後續，想問一下資金配置。所以琳達，你提到你希望放慢債務方面的還款速度。也許談談您希望如何平衡債務償還與股票回購。比如我們是否應該期望所有回購在今年立即發生？或者就您如何看待這些事情給我們更多的顏色。

Sure, Faiza. The first order for FactSet for capital allocation is to reinvest in our strong and fast-growing businesses, as Phil just explained. Our investment pool is pretty much the same this year as it was last year. We've tracked our investments. They've done very well. We'll continue with the things that are going very nicely for us and maybe pick up a thing or 2 that's new. But investment comes first.

當然，法扎。正如 Phil 剛剛解釋的那樣，FactSet 的第一個資本配置訂單是對我們強大且快速增長的業務進行再投資。我們今年的投資池與去年幾乎相同。我們跟踪了我們的投資。他們做得很好。我們將繼續那些對我們來說進展順利的事情，也許會選擇一兩件新的東西。但投資是第一位的。

And then we have our dividend, which as you can see, has been quite steady and has grown nicely over the years. We're about coming up to the time where we think about what will happen next with the dividend. And then on share repurchase, we have $181.3 million in our authorization. The plan is to spread that evenly over the remaining 5-ish months of the year, and we'll use a 10b5-1 and grid repurchase program. So we'll put that into place here sometime in the coming weeks. And we're pretty excited about resuming share repurchase.

然後我們有我們的股息，正如你所看到的，多年來一直非常穩定並且增長良好。我們將要考慮接下來的股息會發生什麼。然後在股票回購方面，我們有 1.813 億美元的授權。計劃是將其平均分配到一年中剩餘的 5 個月左右，我們將使用 10b5-1 和網格回購計劃。因此，我們將在未來幾週的某個時候將其落實到位。我們對恢復股票回購感到非常興奮。

So I think that probably pretty much covers what we'll be looking to do in terms of capital allocation. I think we see this more sort of getting back to what we've done before. On the paydown of the loan for CUSIP, we had been paying down $125 million a quarter. We may slow that down to even sort of half-ish of that pace. And all these things together, I think, should help us get some capital back to shareholders in a way that's more typical of what FactSet has done in previous years.

所以我認為這可能幾乎涵蓋了我們在資本配置方面想要做的事情。我認為我們看到這更像是回到我們以前做過的事情。在償還 CUSIP 的貸款時，我們每季度支付 1.25 億美元。我們可能會將其放慢到該速度的一半左右。我認為，所有這些事情加在一起，應該可以幫助我們以 FactSet 前幾年更典型的方式將一些資本返還給股東。

So we're excited about getting back to share repurchase. It is the back half of the year. It's not going to move the average share count all that much for 2023, but it will be quite helpful to us as we move into 2024. So I hope that detail was helpful to you, Faiza.

因此，我們很高興能重新進行股票回購。現在是下半年。它不會使 2023 年的平均份額數有太大變化，但在我們進入 2024 年時對我們很有幫助。所以我希望這個細節對你有幫助，Faiza。

Yes, very helpful.

是的，很有幫助。

And our next question comes from Craig Huber from Huber Research Partners.

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

My first question, if you go a little bit deeper, if you would, please, on the sales cycle that you're seeing on your buy-side clients, both the asset managers, hedge funds. I'd also love to hear a little bit on the venture capital and private equity firms out there, how that sales cycle is tracking for you?

我的第一個問題，如果你再深入一點，請你在你的買方客戶身上看到的銷售週期，包括資產管理公司和對沖基金。我也很想听聽一些關於風險投資和私募股權公司的信息，你的銷售週期如何？

Craig, I'll take that one. Yes, I think when we -- interestingly, as opposed to specifically on the firm types, but as we're taking a look at sort of the size of firms, that's where we're seeing a little bit of a difference with regard to sales cycle. So what I mean by that is many of our larger clients are really going through their digital transformation. And because they've already spent probably 12 to 24 months investing, planning, our ability to continue with them, when we think about deals that are taking longer, it's not in necessarily the largest of deals, it's actually more in the midsize.

克雷格，我要那個。是的，我認為當我們 - 有趣的是，而不是專門針對公司類型，但是當我們看公司的規模時，這就是我們看到的一點點差異銷售週期。所以我的意思是，我們的許多大客戶確實正在經歷他們的數字化轉型。而且因為他們可能已經花了 12 到 24 個月的時間進行投資、規劃以及我們繼續與他們合作的能力，所以當我們考慮需要更長時間的交易時，它不一定是最大的交易，實際上更多的是中型交易。

So as a result, we are -- we feel downside protection on that. But things will take a little bit longer. We can tell from the deals and how long they're taking and moving from one quarter to the next, not very, very long, but as we said, the trend is coming that way and so we're just keeping an eye on it.

因此，我們是——我們對此感到下行保護。但是事情會花費更長的時間。我們可以從交易中看出它們需要多長時間，並從一個季度移動到下一個季度，不是非常非常長，但正如我們所說，趨勢正朝著這個方向發展，所以我們只是密切關注它.

And then how would you characterize the revised ASV outlook here in terms of conservativeness? Given the environment, I don't blame you for being conservative there. And so just how did you put that together in terms of -- as a question up earlier, just want to hear a little bit further about what you're hearing from clients versus what you layered on top of that, trying to anticipate about a tougher economic and stock market backdrop?

然後，您如何在保守性方面描述修訂後的 ASV 前景？鑑於環境，我不怪你在那裡保守。那麼，你是如何將它們放在一起的——作為一個較早的問題，只是想進一步了解你從客戶那裡聽到的內容與你在其之上分層的內容，試圖預測一個更嚴峻的經濟和股市背景？

Craig, maybe I'll say a few things and then I'm sure Helen will have some stuff to add on. So for the second half, what I do want to highlight is the strength that we're seeing in Analytics and CTS. So they've had -- both had very good quarters on the pipeline for both of those lines of business look very good. So you think of these more as our enterprise solutions. So we see a very healthy appetite from our clients for these across a number of firm types.

克雷格，也許我會說幾句話，然後我相信海倫會補充一些東西。因此，對於下半年，我想強調的是我們在 Analytics 和 CTS 中看到的優勢。所以他們有 - 兩個業務都非常好，因為這兩個業務線看起來都非常好。所以你把這些更多的看作是我們的企業解決方案。因此，我們看到我們的客戶對許多公司類型的這些需求非常健康。

The conservatism is coming around our research area, which really has to do with the seats and primarily in banking. So that's a bit of the thinking. And then as I mentioned in my opening comments, we see about 2/3 of the correction that we made to banking and the other 1/3 to firm types. So Helen, I don't know if you wanted to add on and should help with any.

保守主義圍繞著我們的研究領域，這實際上與席位有關，主要是在銀行業。這就是一些想法。然後正如我在開場白中提到的那樣，我們看到大約 2/3 的調整是對銀行業進行的，其他 1/3 是對公司類型進行的。海倫，我不知道你是否想補充，是否應該幫忙。

Yes. And I think it's also important to keep in mind the shape and mix of our banking book. So first of all, we have seen acceleration in a lot of the cross-selling we're doing. So as banks are -- we've had growth in data feeds, API integration, digital solutions in there, so it's not only around the workstation itself. And then the other piece is to really think about both the large banks, sort of the majors as we call them, and then the middle market banking clients, where a number of advisory boutiques actually are making opportunistic hiring decisions. And so that's helped keep the book in decent shape.

是的。而且我認為牢記我們銀行賬戶的形狀和組合也很重要。所以首先，我們已經看到我們正在做的很多交叉銷售都在加速。所以就像銀行一樣——我們在數據饋送、API 集成、數字解決方案方面都有增長，所以它不僅僅是圍繞工作站本身。然後另一部分是真正考慮大型銀行，我們稱之為專業，然後是中間市場銀行客戶，許多諮詢精品店實際上正在做出機會主義的招聘決定。因此，這有助於使本書保持良好狀態。

So we do expect the sector to be slower than last year, but I think the diversification and what we're offering them and the mix of the client portfolio and, of course, the multiyear contracts that have minimums, 2/3 of our book have minimums in there in banking, so that gives us some downside protection. So I feel pretty good about our ability to manage through that downturn.

因此，我們確實預計該行業會比去年放緩，但我認為多元化和我們為他們提供的服務以及客戶組合的組合，當然還有最低限度的多年期合同，占我們賬面的 2/3銀行業有最低限額，所以這給了我們一些下行保護。因此，我對我們應對經濟低迷的能力感到非常滿意。

And our next question comes from Ashish Sabadra from RBC Capital Markets.

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

Yes, I just wanted to drill down further on the 2 areas which have been really strong, Content and Analytics, and that's mostly focused on the buy-side, which is more than like 87% of your business. And in this environment, the buy-side has been relatively resilient, at least as far as we can see. So the question there was, and I get the -- sorry, the comments around elongation of sales cycle. But I was just wondering if you can talk about the pipeline itself. How is the pipeline comparing even compared to 3 months before? Are you seeing more deals come into the pipeline? And is it just a matter of maybe they get pushed out from fourth quarter to fiscal year '24 versus the ability to close the deal?

是的，我只是想進一步深入研究兩個非常強大的領域，即內容和分析，這主要集中在買方，這超過了您業務的 87%。在這種環境下，買方相對有彈性，至少在我們看來是這樣。所以問題是，我得到了 - 抱歉，關於延長銷售週期的評論。但我只是想知道您是否可以談談管道本身。與 3 個月前相比，管道情況如何？您是否看到更多交易正在醞釀之中？這只是他們可能從第四季度推遲到 24 財年與完成交易的能力的問題嗎？

Ashish, it's Phil. I'll start. So yes, we're seeing very good pipelines for both Analytics and CTS. And this really, I think, is just in line with the mega-trends that we've seen on the buy-side for the last few years. So all these firms are going through their own transformations. They want to do more with less partners essentially. So they're looking for those anchor partners like FactSet that they can work with that have the majority of what they need from a technology and content standpoint. And then they want to shorten the tail.

阿希什，我是菲爾。我會開始。所以是的，我們看到了非常好的 Analytics 和 CTS 管道。我認為，這確實符合我們過去幾年在買方方面看到的大趨勢。所以所有這些公司都在經歷自己的轉型。他們本質上想用更少的合作夥伴做更多的事情。因此，他們正在尋找像 FactSet 這樣的主要合作夥伴，他們可以與之合作，從技術和內容的角度來看，他們擁有他們所需的大部分內容。然後他們想縮短尾巴。

There's also a shift to outsourcing, so we're seeing a lot of the asset services beginning to do more for asset management clients. We think -- we're in about 70% of the asset services at different stages of working with them, but we've got very good partnerships there that's really built up over the last year or 2, where FactSet's superior middle office solutions, whether it's risk, performance reporting, all our multi-asset class capabilities, we can deploy those now to the buy-side, either directly ourselves or through partners like asset services. So that's a big trend.

還有向外包的轉變，因此我們看到許多資產服務開始為資產管理客戶做更多的事情。我們認為 - 我們在與他們合作的不同階段參與了大約 70% 的資產服務，但我們在那裡建立了非常好的合作夥伴關係，這些合作夥伴關係在過去一兩年內真正建立起來，FactSet 的卓越中台解決方案，無論是風險、績效報告，還是我們所有的多資產類別能力，我們現在都可以直接將它們部署到買方，或者通過資產服務等合作夥伴。所以這是一個大趨勢。

We're also seeing very good strength in asset owners. That firm type accelerated this quarter for some of the same reasons, just the strength of the solutions that we offer. So that's a trend. I think also, Helen mentioned sort of the open technology that's working very well with wealth clients. That's true with asset managers as well. So there's lots of ways that we can help them.

我們還看到資產所有者的實力非常強勁。由於某些相同的原因，這種公司類型在本季度加速發展，只是我們提供的解決方案的實力。所以這是一個趨勢。我還認為，海倫提到了一種與財富客戶合作良好的開放技術。資產管理公司也是如此。因此，我們可以通過多種方式幫助他們。

On the CTS side, the real-time data had a very strong quarter, and we had that key deal. We see a lot of opportunity there, a very strong pipeline for what we're calling market data-as-a-service. So FactSet is delivering this through the cloud, which is new. So for clients that have had very heavy on-prem solutions for real time historically, we're offering a next-generation solution for them that we think is a very exciting. So that's one of the things I would highlight in CTS.

在 CTS 方面，實時數據的季度表現非常強勁，我們達成了關鍵交易。我們在那裡看到了很多機會，我們稱之為市場數據即服務的非常強大的管道。所以 FactSet 通過雲來提供這個，這是新的。因此，對於歷史上擁有非常繁重的實時本地解決方案的客戶，我們正在為他們提供我們認為非常令人興奮的下一代解決方案。所以這是我要在 CTS 中強調的事情之一。

That's very helpful color. Sorry, go ahead.

這是非常有用的顏色。對不起，繼續。

I was just going to add one quick thing. In this sorts of periods, the thing you want to focus on as well is retention, and our retention has continued to be incredibly strong. And as we think about the expansion with the buy-side, from a workflow perspective, we continue to see strength in the middle office with performance solutions. And as Phil said, back office with real time, we're the only provider with our ticker plant in the cloud, and that's a differentiating factor that's very much resonating.

我只是想快速添加一件事。在這種時期，你還想關注的是留存率，而我們的留存率一直非常強勁。當我們考慮與買方的擴張時，從工作流程的角度來看，我們繼續看到中台部門在性能解決方案方面的實力。正如 Phil 所說，實時後台，我們是唯一一家在雲中擁有自動收報機工廠的供應商，這是一個非常能引起共鳴的差異化因素。

And then to your last point, when we see delay, we're not seeing those deals necessarily fall out, meaning they're not lost or canceled. And I think that plays a bit into the comment made around when they will come actually become monetized.

最後一點，當我們看到延遲時，我們並沒有看到這些交易一定會失敗，這意味著它們不會丟失或取消。而且我認為這對圍繞它們何時真正實現貨幣化的評論起到了一定的作用。

That's great color. And maybe if I can just ask on the wealth front. Despite the BMO win, the belt was not highlighted as a strength in the second quarter. So I was just wondering, does that come in, in the back half of the year or does that get classified as something else in terms of ASV?

那是很棒的顏色。也許我可以問一下財富方面的問題。儘管 BMO 獲勝，但腰帶在第二季度並未被強調為優勢。所以我只是想知道，它會在今年下半年出現，還是會被歸類為 ASV 方面的其他東西？

Yes. No, wealth is a terrific growth area for us and the Bank of Montreal deal is in this quarter. But it will -- it's just part one. We believe as they continue on their complete digital transformation, in fact, it's in the statement that they gave in the press release, we'll follow them through that. But it is in this quarter.

是的。不，財富對我們來說是一個了不起的增長領域，蒙特利爾銀行的交易就在本季度。但它會——這只是第一部分。我們相信，隨著他們繼續進行完整的數字化轉型，事實上，在他們在新聞稿中發表的聲明中，我們將關注他們。但它是在這個季度。

And our next question comes from Russell Quelch from Redburn.

我們的下一個問題來自 Redburn 的 Russell Quelch。

So I just want to get back to the point on margin. If we go back 10 years, your gross margin was somewhere around sort of 65%. Today, that number sits at just over 50%. Is it a function that you have to buy more third-party data and that cost is increasing? I sort of heard your answer to George's questions in terms of near-term margin drivers. So is there more you can do to improve efficiencies in operations to improve the gross margin over time again? Just noticing that best-in-class operate above 80% gross margin.

所以我只想回到保證金這一點。如果我們倒退 10 年，您的毛利率約為 65%。今天，這個數字剛剛超過 50%。是不是你要買更多的第三方數據，成本越來越高的功能？我有點聽到你在近期保證金驅動因素方面對喬治問題的回答。那麼，您是否可以做更多的事情來提高運營效率，從而隨著時間的推移再次提高毛利率？只是注意到一流的公司的毛利率超過 80%。

Russell, it's Linda. Yes, best-in-class in our competitor set is above where we are, but they are different businesses. Some of the companies have an index business, which has a 75%-plus margin, and some of them have ratings businesses, which have 55%-plus margins. We have neither of those businesses. We think we're doing really well on the margin increase front. We've said 50 to 75 basis points on adjusted operating margin, and that we will see that on average over the next few years. So we've been making really good progress on that.

羅素，是琳達。是的，我們競爭對手中的一流企業高於我們，但它們是不同的業務。有些公司有指數業務，利潤率超過 75%，有些公司有評級業務，利潤率超過 55%。我們沒有這些業務。我們認為我們在利潤率增長方面做得非常好。我們已經說過調整後的營業利潤率為 50 到 75 個基點，我們將在未來幾年平均看到這一點。所以我們在這方面取得了非常好的進展。

Are there more things we could do on margin? The answer is definitely yes. I spoke about what we're looking to do in terms of further reduction in our real estate footprint. And we're very proud of the cost control efforts that we've put in place already. I think the main part of the effort here that Phil may want to pick up on is what we're doing to automate our content collection. And that's kind of the biggest opportunity that we have, and technology is changing very rapidly in that area.

我們可以在保證金上做更多的事情嗎？答案是肯定的。我談到了我們在進一步減少房地產足跡方面希望做的事情。我們為我們已經採取的成本控制措施感到非常自豪。我認為 Phil 可能想要了解的主要工作是我們為自動化內容收集所做的工作。這是我們擁有的最大機會，而且該領域的技術變化非常迅速。

We were able to move much more quickly with content collection and do much more quickly than we were able to do previously, even a year ago. And I'm not sure that it's relevant to comment on what happened really 10 years ago. This company was very, very much different 10 years ago. So we're working on the margin. We have done what we said we will do. Even with a $15 million decrease in the core ASV growth, we're still holding margin for the year with the increases that we had spoken about before. So maybe I'll turn it over to Phil here and let him talk a little bit more about some of the opportunities that we see particularly in the content area.

我們能夠通過內容收集更快地移動，並且比我們以前能夠做的更快，甚至一年前。而且我不確定評論 10 年前真正發生的事情是否相關。這家公司與 10 年前大不相同。所以我們在邊際上工作。我們已經做到了我們所說的我們將要做的。即使核心 ASV 增長減少了 1500 萬美元，我們仍然保持今年的利潤率，因為我們之前談到過增長。所以也許我會在這裡把它交給 Phil，讓他多談談我們在內容領域看到的一些機會。

Sure. Thanks, Linda. Yes. So yes, Russell, we've been re-architecting our content collection efforts and really automating things more than we had in the past. So that's been an ongoing effort. It was necessary for us to do that because of the deep sector initiative and some other content sets that we're beginning to collect at scale. So we're way less than halfway through that, but we have a lot of content sets beginning to go through it. It looks very promising.

當然。謝謝，琳達。是的。所以，是的，Russell，我們一直在重新設計我們的內容收集工作，並真正實現比過去更多的自動化。所以這是一項持續的努力。由於深度行業計劃和我們開始大規模收集的其他一些內容集，我們有必要這樣做。所以我們還不到一半，但我們有很多內容集開始通過它。看起來很有前途。

And the question just becomes, okay, does that flow through to margin or does FactSet continue to invest in even more content, right, to help drive the top line? But there's lot of automation opportunity, not just within content but I think within different parts of our business moving forward.

問題就變成了，好吧，這會影響利潤率，還是 FactSet 會繼續投資更多內容，對吧，以幫助推動收入增長？但是有很多自動化機會，不僅在內容方面，而且我認為在我們業務向前發展的不同部分。

Okay, yes. Okay, then just as a follow-up, in terms of client growth. The client growth has been under 100 for 2 consecutive quarters now, I think. And to what degree do you think that's due to just the backdrop? Or is there an element to which we're seeing the impact of increased competition, particularly in financial markets workstations from some of your peers?

好的，是的。好的，就客戶增長而言，作為後續行動。我認為，客戶增長已經連續兩個季度低於 100。你認為這在多大程度上只是背景的原因？或者我們是否看到了競爭加劇的影響，特別是在您的一些同行的金融市場工作站中？

I wouldn't attribute it to increased competition. New business is down, I think, because of the environment, but we still are showing very strong growth in new logos from corporates. There'll be a big opportunity for private equity firms. This quarter, we actually grew our institutional asset management clients, I think, by 10. So we're seeing growth across different firm types. So we are -- we do exist in a lot of the large firms that are out there already, so the potential for FactSet really exists within a lot of the existing clients, but it is nice to get new names as firms get formed.

我不會將其歸因於競爭加劇。我認為，由於環境的原因，新業務有所下降，但我們在企業新標識方面仍然表現出非常強勁的增長。私募股權公司將面臨巨大機遇。本季度，我認為我們的機構資產管理客戶實際上增加了 10 個。因此我們看到了不同公司類型的增長。所以我們 - 我們確實存在於許多已經存在的大公司中，因此 FactSet 的潛力確實存在於許多現有客戶中，但隨著公司的成立而獲得新名稱是件好事。

And our next question comes from Kevin McVeigh from Crédit Suisse AG.

我們的下一個問題來自 Crédit Suisse AG 的 Kevin McVeigh。

Phil, you had a comment on the call where you talked about CTS tilting more towards technology as opposed to content. Can you maybe just segregate that a little bit? How much -- if you can, how much is CTS today is kind of content versus technology? And is there a meaningful difference in the growth there? And then is it kind of the Snowflake relationships in land that's driving that technology adoption? Or is it, to Helen's point earlier, just the sophistication of the clients you're serving?

Phil，你在電話中發表了評論，你談到 CTS 更傾向於技術而不是內容。你能不能把它分開一點？多少 - 如果可以的話，今天的 CTS 是內容還是技術？那裡的增長是否存在有意義的差異？然後是推動技術採用的土地上的雪花關係嗎？或者，就海倫之前的觀點而言，這只是您所服務的客戶的複雜程度？

Yes, Kevin. The vast majority of it is content. And when I talk about technology, it's probably being able to deliver that content and that same content in new ways. So if you went back 10 years ago, we'd be shipping you a comma-delimited flat file that you'd be putting into your internal systems and having to do a lot of work with. But now we do have delivery through APIs, through Snowflake, through lots of other partners and beginning to layer on some services.

是的，凱文。其中絕大多數是內容。當我談論技術時，它可能能夠以新的方式提供該內容和相同的內容。因此，如果您回到 10 年前，我們將向您發送一個以逗號分隔的平面文件，您將把它放入您的內部系統中，並且必須對其進行大量工作。但現在我們確實可以通過 API、Snowflake、許多其他合作夥伴進行交付，並開始對某些服務進行分層。

So one service that we have is something called Concordance as a Service. So if you have some data, you don't want to go through all of the mapping of it yourself. FactSet's very good at that. That's what we built our business on. We will provide that service. So we believe there's opportunities like that moving forward to lean in real time, where I think I'm characterizing that as technology. You could say it's content as well. But the fact that we're -- we've put this technology up in the cloud, we think, is really interesting from a technology standpoint and going to drive growth -- further growth for CTS moving forward.

因此，我們擁有的一項服務被稱為 Concordance as a Service。所以如果你有一些數據，你不想自己完成所有的映射。 FactSet 非常擅長這一點。這就是我們建立業務的基礎。我們將提供該服務。因此，我們相信存在這樣的機會，可以實時實現精益，我認為我將其描述為技術。也可以說是滿足。但事實上，我們 - 我們已經將這項技術放在雲端，我們認為，從技術的角度來看，這真的很有趣並且將推動增長 - CTS 向前發展的進一步增長。

Super helpful. And then this may be obvious, but Linda, if you could just humor me. The difference in the ASV relative to the revenue, it looks like you have $5 million tweak, and I know CUSIP comes in versus the revenue looks like it's $15 million to $20 million. Is there any way to think about the delta between those 2?

超級有幫助。然後這可能是顯而易見的，但是琳達，如果你能逗我開心的話。 ASV 相對於收入的差異，看起來你有 500 萬美元的調整，而且我知道 CUSIP 與收入相比看起來是 1500 萬到 2000 萬美元。有什麼辦法可以考慮這兩者之間的差異嗎？

Yes. Kevin, I think you make a good point. The conversion of ASV into revenue a little bit perhaps slowed as to where it was before because we had a little bit lighter first quarter in particular. But I don't think there's going to be anything there that's major. We feel pretty good about each of those estimates.

是的。凱文，我認為你說得很對。 ASV 轉化為收入的速度可能比以前慢了一點，因為我們第一季度的收入特別少。但我認為那裡不會有什麼重要的事情。我們對這些估計中的每一個都感覺很好。

And it's probably worth saying, we're doing this, Kevin, as you know, it's been a pretty dramatic time. We have to revise guidance here 4 days after a very eventful weekend. So it is possible that maybe we're being overly conservative. We don't know yet. But as we watch going through the rest of the year, we'll be updating as to where we stand. But we did want to try to be very thoughtful about what we're seeing right now and good point on the conversion to revenue. Thanks very much, Kevin.

值得一提的是，我們正在這樣做，凱文，正如你所知，這是一段非常戲劇化的時期。在一個非常多事的周末之後的 4 天，我們必須在這裡修改指南。所以我們可能過於保守了。我們還不知道。但當我們觀察今年剩餘時間的情況時，我們將更新我們的立場。但我們確實想嘗試對我們現在所看到的情況以及轉化為收入的好處進行深思熟慮。非常感謝，凱文。

And our next question comes from Shlomo Rosenbaum from Stifel.

我們的下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Phil, can you elaborate a little bit on the cancellations you touched on? Is there something in particular? Is it people getting laid off? Is it some firm closures? Maybe you can just expand on that a little bit.

菲爾，你能詳細說明一下你提到的取消嗎？有什麼特別的嗎？人們下崗了嗎？是一些公司倒閉了嗎？也許你可以稍微擴展一下。

Can you help clarify the question? I'm not sure what cancellations I referred to.

你能幫忙澄清一下問題嗎？我不確定我指的是什麼取消。

I thought you were -- when you're discussing Americas, that you had some area that you said you were -- some of the positives and one of the negatives. I thought there were some cancellations that you had highlighted. It could be that I misunderstood it.

我以為你是 - 當你在討論美洲時，你有一些你說你是的區域 - 一些積極因素和一個消極因素。我認為您已經強調了一些取消。可能是我理解錯了。

Yes, I think you might have misunderstood that.

是的，我想你可能誤解了這一點。

Yes, there were -- Shlomo, it's Helen. Yes. No, I don't -- we've actually had very good retention. There is erosion that's happening in cases on -- a bit on the banking side, which is why we are taking our more deliberate approach on thinking about that. But there wasn't anything material this quarter.

是的，有-- Shlomo，是Helen。是的。不，我沒有——我們實際上有很好的保留率。案件正在發生侵蝕 - 有點在銀行方面，這就是為什麼我們正在採取更慎重的方式來考慮這一點。但是這個季度沒有任何實質性的東西。

Okay. And then Linda, you talked a little bit about real estate -- potential additional real estate that you plan to do some more actions on the rest of the year. If you look at your downturn playbook, is there a lot more levers that you can kind of push in that downturn playbook beyond what you've kind of laid out for us in the last several quarters? In other words, if we do see that this kind of spirals more after, as you noted, was a very eventful weekend last weekend.

好的。然後琳達，你談到了一些關於房地產的問題——你計劃在今年餘下時間採取更多行動的潛在額外房地產。如果你看看你的低迷劇本，除了你在過去幾個季度為我們佈置的東西之外，還有更多的槓桿可以推動那個低迷劇本嗎？換句話說，如果我們確實看到這種螺旋式上升，正如你所指出的那樣，上週末是一個非常多事的周末。

Yes, Shlomo, great question. We do have some additional thoughts on things we could do. For example, we've added back a bit to travel and entertainment, particularly for Helen's team for critical client usage and for critical pipeline activity. So we could pull back on that again a little bit. But frankly, I'd rather not because we're trying to get the -- make sure the top line is as healthy as absolutely possible.

是的，Shlomo，好問題。我們確實對我們可以做的事情有一些額外的想法。例如，我們在差旅和娛樂方面增加了一點，特別是對於 Helen 的團隊來說，用於關鍵的客戶使用和關鍵的管道活動。因此，我們可以稍微取消一下。但坦率地說，我寧願不這樣做，因為我們正在努力確保收入盡可能健康。

Real estate is one that we're going to do. Technology costs may come in a bit lighter. We'll have to see how that goes and please keep an eye on the capitalization rate. And then with people, it's largely about keeping to this essential hiring and making sure that we're communicating clearly with you on where the bonus pool is going.

房地產是我們要做的。技術成本可能會降低一些。我們必須看看情況如何，請密切關注資本化率。然後對於人，這主要是關於保持這種基本的招聘，並確保我們與您就獎金池的去向進行清楚的溝通。

So those are the major things. And at this point, we feel pretty good about the way we're managing the company. I wanted to anticipate a question you always ask, Shlomo. You're always ahead of everyone on days sales outstanding. It has popped up a bit as we brought CUSIP in-house. Job #1 was to get the technology changeover completed successfully, not break anything, and we did that. So now our focus will turn to days sales outstanding, Shlomo. And we hope that we have some nice lower results on DSO to speak to you about in the third quarter. But glad you're paying attention to that detail.

所以這些是主要的事情。在這一點上，我們對我們管理公司的方式感到非常滿意。我想預料到一個你經常問的問題，Shlomo。在銷售業績方面，您總是領先於所有人。當我們將 CUSIP 引入內部時，它突然出現了一點。工作#1 是成功完成技術轉換，不破壞任何東西，我們做到了。所以現在我們的重點將轉向銷售天數，Shlomo。我們希望我們在 DSO 上有一些不錯的較低結果，以便在第三季度與您討論。但很高興你注意到了那個細節。

Thanks for preempting that.

感謝您先發製人。

Happy to do so.

很高興這樣做。

And our next question comes from Toni Kaplan from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Toni Kaplan。

You've talked about the elongation of the sales cycle already. And wanted to understand, the impact on not just new customers but also cross-selling, like does cross-selling or upselling start to get more complicated in this kind of environment? I guess, what product sets would you anticipate being the most impacted?

您已經談到了銷售週期的延長。並且想了解，不僅對新客戶有影響，對交叉銷售也有影響，比如在這種環境下交叉銷售或追加銷售是否開始變得更加複雜？我想，您預計哪些產品集受到的影響最大？

Toni, I'll take a shot at that. I think for cross-selling, it becomes a little bit around client budgets. So we did talk about a longer sales cycle. It would be remiss of us to not also note that clearly, folks are tightening their belts. So there is some of that coming into play. That being said, as I mentioned earlier, for our larger clients, many of them had set budgets. They need to continue to invest. So we've not seen some of the major changes on that front. There may be if they need to take something major in terms of change, especially in certain areas right now because of changing from one provider to another. But in terms of add-on, especially on feeds, we've seen very good positive momentum there. So I think the pressure will be more along the lines of material new projects as opposed to expansion.

托尼，我會試試的。我認為對於交叉銷售，它變得有點圍繞客戶預算。所以我們確實談到了更長的銷售週期。如果我們還沒有清楚地註意到人們正在勒緊褲腰帶，那將是我們的疏忽。因此，其中一些正在發揮作用。話雖這麼說，正如我之前提到的，對於我們的大客戶，他們中的許多人都設定了預算。他們需要繼續投資。所以我們還沒有看到這方面的一些重大變化。如果他們需要在變革方面做出重大改變，尤其是在某些領域，因為從一個供應商更換為另一個供應商，可能會出現這種情況。但就附加組件而言，尤其是在提要方面，我們看到了非常好的積極勢頭。因此，我認為壓力將更多地來自重大的新項目，而不是擴張。

Great. And then I think you mentioned some strength on the risk side. I guess in terms of the offerings there, can you just refresh us on -- is this within the asset management client base that's purchasing it? And like, I guess, how much of an uptick do you typically see? Or is it just offsetting something they might have purchased otherwise?

偉大的。然後我認為你提到了風險方面的一些優勢。我想就那裡的產品而言，你能否讓我們重新認識一下——這是在購買它的資產管理客戶群中嗎？而且，我猜，你通常會看到多少上漲？或者它只是抵消了他們可能以其他方式購買的東西？

Yes. Typically, our risk offering, Toni, is delivered through our Analytics suite, and that will be -- multi-asset class risk is really where the momentum has been for us over the last number of years. So we have a number of risk models on our system from third-party providers that we integrate. And then we do a lot of our own work on the risk side as well. So all of FactSet really giving that choice and then very good analytics that are integrated with the rest of your portfolios, your performance suite, all of that has come together so nicely with the acquisition of BISAM, Vermilion, and getting those integrated into the core FactSet platform.

是的。通常，我們的風險產品 Toni 是通過我們的分析套件提供的，這將是——多資產類別風險確實是我們過去幾年的動力所在。因此，我們在系統上集成了來自第三方提供商的許多風險模型。然後我們也在風險方面做了很多自己的工作。因此，所有 FactSet 都真正提供了這種選擇，然後非常好的分析與您的其餘投資組合、您的績效套件集成，所有這些都通過收購 BISAM、Vermilion 並將它們整合到核心中而完美地結合在一起事實集平台。

So we just see -- when you go out and you're closing an asset owner or an asset manager, risk usually is at the heart of their middle office system. And we believe that we've done such a nice job there. We have good momentum. It wasn't a particularly strong quarter for risk. It's a consistent performer, but it's always in the mix there with the rest of things is really at the heart of it.

所以我們只是看到 - 當你出去並關閉資產所有者或資產經理時，風險通常是他們中台系統的核心。我們相信我們在那裡做得很好。我們有很好的勢頭。對於風險而言，這並不是一個特別強勁的季度。它是一個始終如一的表演者，但它總是與其他事物混合在一起，這才是它的核心。

This quarter in Analytics, we did very well with our Quants product, which is -- which we're investing in. And we also did very well in fixed income, so it was nice to see fixed income have a good quarter as well.

本季度在 Analytics 中，我們的 Quants 產品做得非常好，這是我們正在投資的產品。而且我們在固定收益方面也做得很好，所以很高興看到固定收益也有一個很好的季度。

And our next question comes from Owen Lau from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Owen Lau。

Could you please give us an update on the momentum in Asia Pacific? And I think organic ASV grew at 10.8% off a low base. You talk about recent change in corporate policy there. What do you see the environment there right now? And do you think growth can accelerate from here going forward?

您能否向我們介紹一下亞太地區的最新發展勢頭？我認為有機 ASV 在低基數基礎上增長了 10.8%。你在那裡談論最近公司政策的變化。你看那裡現在的環境怎麼樣？你認為增長會從現在開始加速嗎？

Thanks for that question. Yes, we did see accelerated growth in the quarter, which is terrific. And in particular, some good demand in the first half in both Australia as well as in Japan. If I think about Australia, they had greater and improved retention and increased demand from asset owners, in particular. As you know, there would be the super funds who are going through some consolidation and trying to gain efficiencies.

謝謝你的問題。是的，我們確實看到了本季度的加速增長，這非常棒。特別是上半年澳大利亞和日本的一些良好需求。如果我考慮澳大利亞，他們的保留率更高，資產所有者的需求增加，尤其如此。如您所知，會有一些超級基金正在經歷一些整合併試圖提高效率。

And so they've got a lot of complexity on the data side. And as Phil just mentioned, our ability to help them manage through that to connect the different various data sets has really been a differentiator for us. So our Concordance offering has helped them, for example, in creating an entity master.

所以他們在數據方面有很多複雜性。正如 Phil 剛才提到的，我們幫助他們管理連接不同數據集的能力對我們來說確實是一個差異化因素。因此，我們的 Concordance 產品幫助了他們，例如，創建實體主機。

Now Japan has their own issues, but they've also expanded in terms of accelerated growth with asset managers. So we continue to see double-digit growth there in Analytics. Now we do see that Hong Kong is still recovering, so I think we mentioned that last quarter. But activity has picked up a lot, given post the relaxation of the zero-COVID rule. So we think the pipeline there is beginning to book. But that's -- at this point, it's coming from, as you know, a bit of a low base. But we're very pleased to see the improvement happening out in APAC.

現在日本有他們自己的問題，但他們在資產管理公司的加速增長方面也有所擴大。因此，我們繼續在分析領域看到兩位數的增長。現在我們確實看到香港仍在復蘇，所以我想我們在上個季度提到了這一點。但鑑於零 COVID 規則的放寬，活動已經回升了很多。所以我們認為那裡的管道開始預訂。但正如你所知，在這一點上，它來自一個較低的基數。但我們很高興看到亞太地區正在發生改善。

Got it. And then -- and also another product which is like related to ESG offerings and also the traction there. And I think there are some noise about like some funds are moving away from ESG investing. Do you see this as a material trend, or you don't see that as like troubling as kind of some people have reported?

知道了。然後——還有另一種產品，它與 ESG 產品以及那裡的牽引力相關。而且我認為有一些噪音，比如一些基金正在遠離 ESG 投資。您是否認為這是一種物質趨勢，或者您認為這不像某些人所報告的那樣令人不安？

Owen, it's Phil. So ESG is a very small piece of FactSet's business. Our strategy here is just to provide the picks and shovels that anyone in the market that wants to can build a view of ESG. We'll provide choice of data that's out there, but we're not in the business of creating ESG ratings or anything like that. So we'll provide the tools that clients need, but it's not a huge focus for us.

歐文，是菲爾。所以 ESG 是 FactSet 業務的一小部分。我們在這裡的策略只是提供鎬和鏟子，市場上任何想要建立 ESG 視圖的人都可以使用。我們將提供現有數據的選擇，但我們不從事創建 ESG 評級或類似活動的業務。所以我們將提供客戶需要的工具，但這不是我們的重點。

And what I don't want to get lost today, right, with all of the volatility of the market is this was FactSet's strongest Q2 ever. We had a very good quarter. And we had 3 deals across different parts of our businesses in the 7 figures. We had a fantastic real-time deal, which is new. We captured a large sell-side research deployment, which is very exciting. And then we had the BMO Wealth deal that we've been able to be more public about.

我今天不想迷失的是，隨著市場的所有波動，這是 FactSet 有史以來最強勁的第二季度。我們有一個非常好的季度。在 7 位數中，我們在業務的不同部分進行了 3 筆交易。我們有一個很棒的實時交易，這是新的。我們捕獲了一個大型的賣方研究部署，這非常令人興奮。然後我們進行了 BMO Wealth 交易，我們已經能夠更加公開。

So all of this really points to the strength of our business, the diversity of it, and I think a reason for us all to be optimistic moving forward. So in closing -- yes, sure. Thank you, Owen. Thanks, everyone, for your questions today.

因此，所有這一切都真正表明了我們業務的實力和多樣性，我認為這是我們所有人都對未來保持樂觀的理由。所以最後 - 是的，當然。謝謝你，歐文。謝謝大家今天的提問。

In closing, thank you, all, for joining us today. Please note that in conjunction with the first anniversary of our inaugural investment-grade senior notes offering, we will be hosting a conference call for our fixed income investors on April 13. Linda and I will give an update on performance and take questions from investors. Details can be found in our press release that we just issued on March 21. In the meantime, feel free to contact Kendra Brown with additional questions. And we look forward to speaking to you again soon. Operator, that ends today's call.

最後，感謝大家今天加入我們。請注意，在我們首次發行投資級優先票據一周年之際，我們將於 4 月 13 日為我們的固定收益投資者舉辦電話會議。琳達和我將介紹最新業績並回答投資者的問題。詳細信息可以在我們剛剛於 3 月 21 日發布的新聞稿中找到。同時，如有其他問題，請隨時聯繫 Kendra Brown。我們期待很快再次與您交談。接線員，今天的通話到此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。