Factset Research Systems Inc (FDS) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the FactSet Research Third Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 FactSet Research 2023 財年第三季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Kendra Brown, Senior Vice President, Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人、投資者關係高級副總裁肯德拉·布朗 (Kendra Brown)。請繼續。

Thank you and good morning, everyone. Welcome to FactSet's Third Fiscal Quarter 2023 Earnings Call. Before we begin, the slides we will reference during the presentation can be accessed via the webcast on the Investor Relations section of our website at factset.com and is currently available on our website. 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. (Operator Instructions)

謝謝大家，早上好。歡迎參加 FactSet 2023 年第三財季收益電話會議。在開始之前，我們將在演示期間參考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進行訪問，並且目前可以在我們的網站上獲取。您可以通過電話和我們的網站重播今天的電話會議。在我們準備好的發言之後，我們將開始接受投資者提問。 （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 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，我鼓勵所有聽眾查看幻燈片 2 上的法律聲明，其中解釋了前瞻性陳述和使用非公認會計準則財務指標的風險。此外，請參閱我們的表格 10-K 和 10-Q，了解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的討論。

Our slide presentation and discussions on this call will include certain non-GAAP financial measures. For such measures, reconciliations to the most directly comparable GAAP measures are 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公認會計準則財務指標。對於此類衡量標準，與最直接可比的公認會計準則衡量標準的對賬位於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. We will also be joined by Helen Shan, Chief Revenue Officer, for the Q&A portion of today's call.

今天加入我的是首席執行官菲爾·斯諾 (Phil Snow)；和首席財務官 Linda Huber。首席營收官 Helen Shan 也將參加今天電話會議的問答部分。

I will now turn the discussion over to Phil Snow.

我現在將討論轉交給菲爾·斯諾。

Thank you, Kendra, and good morning, everyone. Thanks for joining us today. I'm pleased to share our third quarter results. Our organic ASV plus professional services grew 8% year-over-year. This was driven by double-digit ASV growth in Analytics, where we saw strength with asset managers, asset owners and hedge funds and the successful execution of our international price increase. These gains were offset by headwinds to workstation growth among wealth, banking and corporate clients and deceleration in expansion among partners.

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三季度的業績。我們的有機 ASV 加上專業服務同比增長 8%。這是由 Analytics 領域的兩位數 ASV 增長推動的，我們在其中看到了資產管理公司、資產所有者和對沖基金的實力以及我們國際價格上漲的成功執行。這些收益被財富、銀行和企業客戶工作站增長的阻力以及合作夥伴擴張減速所抵消。

Our investments in Content & Technology have strengthened our competitive position, allowing us to navigate market volatility successfully. In the third quarter, we saw broad-based growth across all firm types with double-digit ASV growth from our wealth management, banking, hedge fund, corporate and private equity and venture capital clients.

我們對內容和技術的投資增強了我們的競爭地位，使我們能夠成功應對市場波動。第三季度，我們的財富管理、銀行、對沖基金、企業和私募股權以及風險投資客戶的 ASV 實現了兩位數的增長，所有類型的公司都實現了廣泛的增長。

In Analytics & Trading, we saw continued strength in the middle office as our suite of portfolio reporting, fixed income, performance and risk solutions accelerated growth year-over-year. Content & Technology Solutions also had double-digit ASV growth with demand for company data and data management solutions driving ASV this quarter. And in Research & Advisory, we see continued opportunities to capture additional desktops in banking and wealth. Workflow-driven capabilities also contributed to growth with our Research Management Solutions suite accelerating year-over-year.

在分析和交易方面，我們看到中台的持續實力，因為我們的投資組合報告、固定收益、績效和風險解決方案套件逐年加速增長。內容和技術解決方案也實現了兩位數的 ASV 增長，對公司數據和數據管理解決方案的需求推動了本季度的 ASV。在研究與諮詢方面，我們看到了在銀行和財富領域獲取更多桌面的持續機會。工作流程驅動的功能也促進了我們的研究管理解決方案套件逐年加速的增長。

We ended the quarter with adjusted diluted EPS of $3.79 and an adjusted operating margin of 36%. As we enter our fourth quarter, we are focused on operational efficiencies and disciplined expense management to support margin expansion, grow EPS and provide capital to invest in our strategic priorities. As part of this effort, we are working to reduce the run rate of our expense base by about 3%. Savings will come primarily from rightsizing our workforce, which we expect also will decrease by about 3% and further reducing our real estate costs.

本季度末，調整後攤薄每股收益為 3.79 美元，調整後營業利潤率為 36%。隨著我們進入第四季度，我們專注於運營效率和嚴格的費用管理，以支持利潤率擴張、增加每股收益並提供資金投資於我們的戰略重點。作為這項努力的一部分，我們正在努力將費用基礎的運行率降低約 3%。節省的資金主要來自於我們的勞動力規模調整，我們預計勞動力規模也將減少約 3%，並進一步降低我們的房地產成本。

As discussed last quarter, we are seeing a modest deceleration in ASV growth. And while the markets have remained largely resilient amid macroeconomic turbulence, our clients do remain cautious. Clients have also been executing their own downturn playbooks, resulting in delayed decisions and restricted spending. We also see continued staffing adjustments with firms on both the buy- and sell-side reducing head count, often targeting mid- and senior-level professionals. And while we have a stronger pipeline than last year, with a good mix of deals that should drive expansion in new business, client decision-making is taking longer.

正如上季度所討論的，我們看到 ASV 增長略有放緩。儘管在宏觀經濟動蕩的情況下市場基本上保持彈性，但我們的客戶仍然保持謹慎態度。客戶也一直在執行自己的經濟低迷策略，導致決策延遲和支出受到限制。我們還看到買方和賣方公司不斷進行人員配置調整，減少人員數量，通常針對中高級專業人士。雖然我們的渠道比去年更強大，並且有良好的交易組合，應該會推動新業務的擴張，但客戶的決策需要更長的時間。

We're also monitoring developments in the banking sector. Early sentiment is mixed on fiscal 2024 class sizes. And while some clients are slowing hiring, others are adding junior bankers in preparation for a market upturn. Overall, our top 200 clients, including many of the leading global investment banks, make up 2/3 of our book. And the vast majority of these clients have multiyear contracts, including minimums and 90-day cancellation windows. Given these points and our high ASV retention rate, which is consistently greater than 95%, we believe we have effective downside protection.

我們還在監測銀行業的發展。早期對 2024 財年班級規模的看法好壞參半。儘管一些客戶正在放慢招聘速度，但其他客戶卻在增加初級銀行家，為市場好轉做準備。總體而言，我們的前 200 名客戶（包括許多全球領先的投資銀行）占我們客戶總數的 2/3。這些客戶中的絕大多數都簽訂了多年合同，包括最低合同和 90 天的取消期限。鑑於這些要點以及我們始終高於 95% 的高 ASV 保留率，我們相信我們擁有有效的下行保護。

With this outlook for the remainder of the fiscal year, we are reaffirming guidance for organic ASV growth and revenue, but guiding to the lower end of our previously disclosed ranges. In addition, we are increasing our guidance for adjusted operating margin and adjusted diluted EPS. Linda will provide further details on this later in the call.

考慮到本財年剩餘時間的前景，我們重申對 ASV 有機增長和收入的指導，但指導範圍低於我們之前披露的範圍的下限。此外，我們還提高了調整後營業利潤率和調整後攤薄每股收益的指導。琳達將在稍後的電話會議中提供有關此事的更多詳細信息。

We are confident in our strategy and ability to execute. And like our clients, we are ensuring that we are well positioned as the market stabilizes and the capital market cycle turns. We have a long-term view of our business and are committed to investing for growth and becoming a more efficient organization.

我們對我們的戰略和執行能力充滿信心。與我們的客戶一樣，我們確保在市場穩定和資本市場週期轉變時處於有利地位。我們對我們的業務有長遠的看法，並致力於投資以實現增長並成為一個更高效的組織。

As part of this approach, starting September 1, we are reorganizing by firm type to better align our operations with those of our clients. Analytics & Trading will become our buy-side organization, focusing on asset managers, asset owners and hedge fund workflows. Research & Advisory will become dealmakers in wealth, focusing on banking and sell-side research, wealth management, corporate and private equity and venture capital workflows. And finally, we are combining our Content and Content & Technology Solutions groups to create one data solutions organization. This will create end-to-end management of our data from collection and acquisition to client delivery. We'll provide more details on our progress and the performance of our firm types as we refine the structure over fiscal 2024.

作為這一方法的一部分，從 9 月 1 日開始，我們將按公司類型進行重組，以更好地調整我們的運營與客戶的運營。分析和交易將成為我們的買方組織，專注於資產管理者、資產所有者和對沖基金工作流程。研究與諮詢將成為財富領域的交易撮合者，專注於銀行和賣方研究、財富管理、企業和私募股權以及風險投資工作流程。最後，我們將內容組和內容與技術解決方案組合併起來，創建一個數據解決方案組織。這將為我們的數據創建從收集和獲取到客戶交付的端到端管理。隨著我們在 2024 財年完善結構，我們將提供有關我們的進展和公司類型績效的更多詳細信息。

Technology is rapidly evolving. As an early adopter of cloud technology, we digitally transformed our platform and created flexible, workflow-centric solutions. Now with a focus on generative AI, our open platform and connected content will strengthen our partnership with our clients. While generative AI is not new, FactSet has been using AI and machine language in our products for many years, and the recent advances in large language models or LLMs present new opportunities.

技術正在迅速發展。作為雲技術的早期採用者，我們對平台進行了數字化改造，並創建了靈活的、以工作流程為中心的解決方案。現在，我們的重點是生成人工智能，我們的開放平台和互聯內容將加強我們與客戶的合作夥伴關係。雖然生成式人工智能並不新鮮，但 FactSet 多年來一直在我們的產品中使用人工智能和機器語言，大型語言模型或法學碩士的最新進展帶來了新的機遇。

Our strategy is to build generative AI foundation and capabilities, empowering our workforce to transform our end-user experience rapidly. We are investing in generative AI technology to drive next-generation workflow solutions. We will also continue to invest in the scaling of our content refinery. We've committed additional resources to LLM initiatives as part of our investment process, and FactSetters are excited about these investments as we equip all products and engineering teams to use generative AI in their development work.

我們的戰略是建立生成式人工智能基礎和能力，使我們的員工能夠快速改變我們的最終用戶體驗。我們正在投資生成人工智能技術來推動下一代工作流程解決方案。我們還將繼續投資擴大我們的內容精煉廠。作為我們投資流程的一部分，我們已向 LLM 計劃投入了額外的資源，FactSetters 對這些投資感到興奮，因為我們讓所有產品和工程團隊在其開發工作中使用生成式 AI。

Our early work in generative AI has focused on improving client support, automating content collection and transforming our products with improved search and copilot solutions. Here are a few examples.

我們在生成人工智能方面的早期工作重點是改善客戶支持、自動化內容收集以及通過改進的搜索和副駕駛解決方案來改造我們的產品。這裡有一些例子。

During our recent hackathon, almost 1/3 of FactSetters' projects used LLMs to solve business problems or to improve the client experience. Teams worked on enhancing banker efficiency, pitch automation and discoverability using our modernized connected data.

在我們最近的黑客馬拉松中，近 1/3 的 FactSetters 項目使用 LLM 來解決業務問題或改善客戶體驗。團隊致力於使用我們現代化的互聯數據來提高銀行家的效率、推介自動化和可發現性。

Earlier this month, we used ChatGPT to produce CallStreet earnings call transcript summaries, reducing summation time by more than 90%. This process is currently available for all S&P 500 companies, and we plan to dramatically expand coverage later this fiscal year.

本月早些時候，我們使用 ChatGPT 生成 CallStreet 財報電話會議記錄摘要，將匯總時間縮短了 90% 以上。該流程目前適用於所有標準普爾 500 強公司，我們計劃在本財年晚些時候大幅擴大覆蓋範圍。

We are also testing AI-powered agent assist tools that understand FactSet proprietary codes. This use case is compelling. Questions about FactSet coding comprise half of our daily client call volume. And finally, we see significant opportunities to accelerate content automation using generative AI. We have several promising efforts underway to extract information that has previously been difficult to retrieve.

我們還在測試人工智能驅動的代理輔助工具，這些工具可以理解 FactSet 專有代碼。這個用例非常引人注目。有關 FactSet 編碼的問題占我們日常客戶呼叫量的一半。最後，我們看到了使用生成式人工智能加速內容自動化的重大機會。我們正在進行幾項有希望的努力來提取以前難以檢索的信息。

Our differentiator remains our content, including our real-time and deep sector data for which we have also increased investment. FactSet has an incredibly strong moat of 40 years of proprietary content and data cleanly sourced, auditable and stitched together with our concordance and symbology. It is not easily replicable and is incredibly valuable to FactSet and our clients.

我們的差異化因素仍然是我們的內容，包括我們還增加了投資的實時和深入的行業數據。 FactSet 擁有 40 年的令人難以置信的強大護城河，其專有內容和數據來源清晰、可審計，並與我們的索引和符號系統縫合在一起。它不容易複製，但對 FactSet 和我們的客戶來說非常有價值。

Turning to our performance. We saw continued acceleration across all our regions. Americas organic ASV growth accelerated year-over-year to 8%, growing through wins with premier asset managers and asset owners. These gains were partially offset by workstation headwinds with wealth, banking and corporate clients.

轉向我們的表現。我們看到所有地區都在持續加速。通過與一流資產管理公司和資產所有者的合作，美洲的有機 ASV 增長同比加速至 8%。這些收益被財富、銀行和企業客戶的工作站逆風部分抵消。

EMEA was the biggest contributor to growth this quarter with organic ASV growth accelerating to 7.4%. Growth was strongest in banking given improved retention with banking clients and improved retention and new business with hedge funds. Higher retention was also a key driver in the region as the ASV uplift from our price increase offset increased erosion. In contrast, expansion slowed as cost pressures created higher budget scrutiny, lengthening the sales cycle.

歐洲、中東和非洲地區是本季度增長的最大貢獻者，ASV 有機增長加速至 7.4%。由於銀行客戶保留率的提高以及對沖基金的保留率和新業務的增加，銀行業的增長最為強勁。更高的保留率也是該地區的一個關鍵驅動因素，因為我們的價格上漲帶來的 ASV 提升抵消了侵蝕的加劇。相比之下，由於成本壓力導致預算審查更加嚴格，銷售週期延長，擴張速度放緩。

Finally, Asia Pacific delivered organic ASV growth of 10.5%. Performance was driven by wealth management, hedge funds and private equity and venture capital clients with improved retention and ASV uplift from higher realized price increases. Australia was the strongest contributor to growth with wins among asset managers and asset owners. However, sector consolidation and net negative seasonal banking hiring contributed to a small deceleration. We also saw acceleration in Japan and India driven by banking with a positive increase in workstation purchases for seasonal hires.

最後，亞太地區的有機 ASV 增長了 10.5%。業績受到財富管理、對沖基金、私募股權和風險投資客戶的推動，這些客戶的保留率和ASV因實現價格上漲而提高。澳大利亞是增長的最強貢獻者，資產管理公司和資產所有者都取得了勝利。然而，行業整合和季節性銀行招聘淨負值導致了小幅減速。我們還看到日本和印度在銀行業的推動下出現加速增長，季節性員工的工作站採購量出現積極增長。

In summary, we continue to execute well in challenging markets. As we head into the close of our fiscal year, our pipeline remains solid, and we are unwavering regarding execution excellence and cost discipline. As we combine relentless client focus with exciting new technologies, I am confident in our ability to drive growth.

總而言之，我們在充滿挑戰的市場中繼續表現出色。隨著我們的財年即將結束，我們的渠道仍然穩固，並且我們在卓越執行和成本紀律方面堅定不移。當我們將不懈的客戶關注與令人興奮的新技術結合起來時，我對我們推動增長的能力充滿信心。

I'll now turn it over to Linda to take you through the specifics of our third quarter.

現在我將把它交給琳達，讓她帶您了解第三季度的具體情況。

Thank you, Phil, and hello to everyone. As you've seen from our press release this morning, we delivered solid operating results in the third quarter with continued growth for organic ASV, GAAP revenue and adjusted diluted EPS year-over-year. I'll now share some additional details on our third quarter performance. As Kendra noted, a reconciliation of our adjusted metrics to comparable GAAP figures is included at the end of our press release.

謝謝你，菲爾，大家好。正如您從今天早上的新聞稿中看到的，我們在第三季度實現了穩健的經營業績，有機 ASV、GAAP 收入和調整後稀釋每股收益同比持續增長。我現在將分享有關我們第三季度業績的一些其他細節。正如肯德拉指出的那樣，我們的調整後指標與可比較的公認會計準則數據的調節包含在我們新聞稿的末尾。

We grew organic ASV plus professional services by 8% year-over-year. While we are seeing lower expansion and higher erosion due to the macroeconomic environment, our performance reflects excellent execution by our sales team. Pricing realization continues to improve with our international price increase adding $17 million in ASV this quarter, up $4.5 million from last year. Internationally, 7% more clients were subject to the annual price increase than in the prior year. Fiscal year-to-date, our 2023 price increase has yielded $18 million more ASV than last year.

我們的有機 ASV 加上專業服務同比增長 8%。雖然由於宏觀經濟環境，我們的擴張速度較低，侵蝕程度較高，但我們的業績反映了我們銷售團隊的出色執行力。本季度 ASV 的國際價格上漲 1700 萬美元，比去年增加 450 萬美元，定價實現持續改善。在國際上，受到年度價格上漲影響的客戶數量比上一年增加了 7%。財年迄今，我們 2023 年的價格上漲使 ASV 比去年增加了 1800 萬美元。

GAAP revenue increased by 8.4% to $530 million for the third quarter. Organic revenue, which excludes any impact from acquisitions and dispositions over the last 12 months and foreign exchange movements, increased 8.5% to $530 million. Growth was primarily driven by Analytics & Trading and Content & Technology Solutions.

第三季度 GAAP 收入增長 8.4%，達到 5.3 億美元。有機收入（不包括過去 12 個月收購和處置以及外匯變動的影響）增長了 8.5%，達到 5.3 億美元。增長主要由分析與交易以及內容與技術解決方案推動。

For our geographic segments, on an organic basis, revenue growth for the Americas was 9%, benefiting from increases in Content & Technology Solutions and Analytics & Trading. EMEA revenue grew at 7.5% primarily driven by Content & Technology Solutions and Analytics & Trading. And finally, Asia Pacific revenue growth came in at 7.9% due to increases in Research & Advisory and Content & Technology Solutions.

對於我們的地理細分市場，美洲地區的收入有機增長了 9%，受益於內容和技術解決方案以及分析和交易的增長。歐洲、中東和非洲地區收入增長 7.5%，主要受到內容和技術解決方案以及分析和交易的推動。最後，由於研究與諮詢以及內容與技術解決方案的增長，亞太地區收入增長了 7.9%。

While GAAP operating expenses decreased 8.6% year-over-year to $358 million, adjusted operating expenses grew 9.4%. The drivers were as follows. First, people. Our costs rose 10% year-over-year in the third quarter primarily due to increased salaries for existing employees. As a percentage of revenue, this was 68 basis points higher year-over-year driven by higher salary growth as a percentage of revenue, partially offset by higher labor capitalization and lower bonus expense. For fiscal 2023, we still expect the bonus pool to be in the range of $100 million to $105 million. Head count increased by 12.9% year-over-year with most new positions in our centers of excellence. Overall, 65% of our employees are located in our centers of excellence.

雖然 GAAP 運營費用同比下降 8.6% 至 3.58 億美元，但調整後的運營費用增長 9.4%。驅動程序如下。首先，人。第三季度我們的成本同比增長 10%，主要是由於現有員工工資增加。佔收入的百分比同比增長 68 個基點，原因是薪資佔收入的百分比增長較高，但部分被較高的勞動力資本化和較低的獎金支出所抵消。對於 2023 財年，我們仍預計獎金池在 1 億至 1.05 億美元之間。員工人數同比增長 12.9%，大部分新職位都位於我們的卓越中心。總體而言，我們 65% 的員工都在我們的卓越中心工作。

Next, facilities expense remained relatively flat, increasing by only 1.6% year-over-year as more employees returned to in-office work. Our continuing efforts to rightsize our real estate footprint mostly offset this increase. As a percentage of revenue, facilities expense was 24 basis points lower year-over-year.

其次，隨著更多員工重返辦公室工作，設施費用保持相對平穩，同比僅增長 1.6%。我們不斷努力調整我們的房地產足跡，大部分抵消了這一增長。設施費用佔收入的百分比同比下降 24 個基點。

Moving on. Technology expenses increased by 22.5% driven by third-party software costs and higher amortization of internal-use software, partially offset by lower cloud-related expenses and lower depreciation. As a percentage of revenue, growth was 90 basis points higher year-over-year.

繼續。由於第三方軟件成本和內部使用軟件攤銷增加，技術費用增長了 22.5%，但部分被雲相關費用減少和折舊減少所抵消。佔收入的百分比同比增長 90 個基點。

In partnership with our Chief Technology Officer, Kate Stepp, we realized increased capitalization through improved time tracking and other efforts. Technology costs currently equals 7.8% of our revenue and will likely continue to increase as we invest for growth. As part of our medium-term outlook, we anticipate technology costs being 8.5% to 9.5% of revenue.

我們與首席技術官 Kate Stepp 合作，通過改進時間跟踪和其他努力實現了資本增加。目前，技術成本相當於我們收入的 7.8%，並且隨著我們的增長投資，技術成本可能會繼續增加。作為我們中期展望的一部分，我們預計技術成本佔收入的 8.5% 至 9.5%。

And finally, our team continues to do an excellent job of controlling third-party content costs with expenses increasing by only 1.9% year-over-year despite the inflationary environment. As a percentage of revenue, growth in third-party content costs was 31 basis points lower year-over-year.

最後，我們的團隊在控制第三方內容成本方面繼續表現出色，儘管在通脹環境下，費用同比僅增長 1.9%。第三方內容成本佔收入的比例同比下降 31 個基點。

Given the pressure on our top line, it is imperative that we focus on cost management. Using our downturn playbook, we took proactive steps to control our expenses, protect margins and preserve EPS. We're now going to further identify areas where we can reduce costs.

鑑於我們的收入壓力，我們必須關注成本管理。根據我們的經濟低迷策略，我們採取了積極主動的措施來控制開支、保護利潤率並維持每股收益。我們現在將進一步確定可以降低成本的領域。

As part of the efforts Phil spoke about earlier, we plan to take an approximately $45 million restructuring charge in the fourth quarter. This charge includes approximately $15 million to $20 million for continued real estate rightsizing as discussed in last quarter's call.

作為菲爾之前談到的努力的一部分，我們計劃在第四季度承擔約 4500 萬美元的重組費用。這筆費用包括大約 1500 萬至 2000 萬美元，用於上季度電話會議中討論的持續房地產規模調整。

Compared to the previous year, our third fiscal quarter GAAP operating margin increased by 1,260 basis points to 32.5% mainly driven by the prior year's $49 million impairment charge and expenses related to the acquisition of CGS. Excluding both nonrecurring transactions, GAAP operating margin was around 30 basis points higher than the prior year.

與上一年相比，我們第三財季的 GAAP 營業利潤率增長了 1,260 個基點，達到 32.5%，這主要是由於上一年 4,900 萬美元的減值費用以及與收購 CGS 相關的費用所致。不包括這兩項非經常性交易，公認會計準則營業利潤率比上年高出約 30 個基點。

Adjusted operating margin decreased by 60 basis points to 36%. This was largely driven by higher personnel costs and technology expenses partially offset by lower third-party content costs and lower facilities expense. You will find an expense walk from revenue to adjusted operating income in the appendix of today's earnings presentation.

調整後營業利潤率下降 60 個基點至 36%。這主要是由於較高的人員成本和技術費用，部分被較低的第三方內容成本和較低的設施費用所抵消。在今天收益報告的附錄中，您會發現從收入到調整後營業收入的費用變化。

As a percentage of revenue, our cost of sales was 7 basis points higher than last year on a GAAP basis and 283 basis points higher on an adjusted basis largely due to personnel costs, expenses related to CGS and technology costs. As a percentage of revenue, our impairment expense was 994 basis points lower than last year on a GAAP basis as we lap the prior year's impairment charge.

按 GAAP 計算，我們的銷售成本佔收入的百分比比去年高出 7 個基點，在調整後的基礎上高出 283 個基點，這主要是由於人員成本、與 CGS 相關的費用和技術成本。按 GAAP 計算，我們的減值費用佔收入的百分比比去年低 994 個基點，因為我們採用了上一年的減值費用。

On a GAAP basis, SG&A was 269 basis points lower year-over-year as a percentage of revenue and 46 basis points lower on an adjusted basis primarily due to decreases in professional services, partially offset by increased personnel costs.

按 GAAP 計算，SG&A 佔收入的百分比同比下降 269 個基點，調整後的基礎上下降 46 個基點，這主要是由於專業服務的減少，但部分被人員成本的增加所抵消。

Turning now to tax. Our tax rate for the quarter was 16.9% compared to last year's rate of 12.2%. Our higher tax rate is primarily due to lower stock option exercises. Our current expectation is that we will end fiscal 2023 with an effective tax rate of 14% to 15%. While we continue to experience variability, which includes increases in foreign tax rates, we are researching strategies to help reduce the overall rate.

現在轉向稅收。我們本季度的稅率為 16.9%，而去年的稅率為 12.2%。我們較高的稅率主要是由於股票期權行使較少。我們目前的預期是，到 2023 財年結束時，有效稅率將達到 14% 至 15%。雖然我們繼續經歷變化，包括外國稅率的增加，但我們正在研究有助於降低總體稅率的策略。

GAAP EPS increased 79.3% to $3.46 this quarter versus $1.93 in the prior year driven by the lapping of the prior year's nonrecurring items, partially offset by a higher effective tax rate. Adjusted diluted EPS grew 1% to $3.79 primarily due to revenue growth offset by a higher effective tax rate and lower operating margin. Adjusted EBITDA increased to $205 million, up 15.6% year-over-year due to higher operating income.

本季度 GAAP 每股收益增長 79.3%，至 3.46 美元，而上年同期為 1.93 美元，原因是上一年非經常性項目的更新，但部分被較高的有效稅率所抵消。調整後攤薄每股收益增長 1%，達到 3.79 美元，主要是由於較高的有效稅率和較低的營業利潤率抵消了收入增長。由於營業收入增加，調整後 EBITDA 增至 2.05 億美元，同比增長 15.6%。

And finally, free cash flow, which we define as cash generated from operations less capital spending, was $193 million for the quarter, an increase of 9% over the same period last year. This was primarily driven by cash generated from working capital changes and the timing of income tax payments.

最後，本季度自由現金流（我們將其定義為運營產生的現金減去資本支出）為 1.93 億美元，比去年同期增長 9%。這主要是由營運資金變化和所得稅繳納時間產生的現金驅動的。

Our ASV retention for the third quarter remained greater than 95%. We grew our total number of clients by 451 compared to the prior year driven by corporate and wealth clients and partners. With client retention of 92% year-over-year, our sales and client support teams are to be commended for continuing to execute well despite market conditions.

第三季度我們的 ASV 保留率仍保持在 95% 以上。在企業和財富客戶及合作夥伴的推動下，我們的客戶總數比上一年增加了 451 家。我們的銷售和客戶支持團隊的客戶保留率同比高達 92%，儘管市場條件不佳，但仍然表現出色，值得讚揚。

We remain committed to returning long-term value to shareholders. As previously discussed, we resumed share repurchases in the third quarter. We repurchased 165,950 shares for a total of $67.1 million at an average share price of $404.29. Under our current plan, which we anticipate completing in the fourth quarter, $114.2 million was available for share repurchases as of May 31, 2023. And additionally, this week, our Board of Directors approved a new share repurchase authorization plan of $300 million that will take effect on September 1.

我們仍然致力於為股東回報長期價值。如前所述，我們在第三季度恢復了股票回購。我們回購了 165,950 股股票，總金額為 6710 萬美元，平均股價為 404.29 美元。根據我們預計在第四季度完成的當前計劃，截至 2023 年 5 月 31 日，可用於股票回購的資金為 1.142 億美元。此外，本週，我們的董事會批准了一項 3 億美元的新股票回購授權計劃，該計劃將9月1日起生效。

Over the last 12 months, combining our dividends and share repurchases, we've returned $202.1 million to our shareholders and recently increased our dividend by 10%. This marks the 24th consecutive year of dividend increases.

在過去 12 個月中，結合我們的股息和股票回購，我們已向股東返還 2.021 億美元，並且最近將股息增加了 10%。這標誌著股息連續 24 年增加。

And finally, our guidance for fiscal 2023. While there are signs that the macro environment will start to recover over the next few months, the markets remain uncertain. Last quarter, we updated our guidance to reflect organic ASV growth of $145 million to $175 million, a slight deceleration from the guidance provided at the beginning of the fiscal year. This range reflects ASV growth of $135 million to $165 million from the core business and $10 million in ASV growth from CUSIP Global Services.

最後是我們對 2023 財年的指導。儘管有跡象表明宏觀環境將在未來幾個月內開始復蘇，但市場仍然存在不確定性。上季度，我們更新了指導意見，以反映 1.45 億美元至 1.75 億美元的有機 ASV 增長，較本財年年初提供的指導意見略有放緩。這一範圍反映出核心業務的 ASV 增長 1.35 億美元至 1.65 億美元，以及 CUSIP 全球服務的 ASV 增長 1000 萬美元。

We also updated our revenue guidance from $2.08 billion to $2.1 billion, which was a slight deceleration from the previous guidance. As discussed earlier, we are reaffirming our guidance for those metrics but at the lower end of the ranges.

我們還將收入指引從 20.8 億美元更新為 21 億美元，較之前的指引略有下降。如前所述，我們重申對這些指標的指導，但處於範圍的下限。

For GAAP operating margin, we expect our onetime restructuring charges to decrease our guidance range to 29% to 30%, a 50 basis point decrease from the previous guidance. GAAP diluted EPS is expected to be in the range of $12.24 to $12.65. For adjusted metrics, we expect our financial discipline and cost management focus to drive an adjusted operating margin of 35% to 36%. This represents a 100 basis point increase from the previously communicated guidance range and meets our 2022 Investor Day outlook 2 years ahead of our 2025 target. Finally, we are increasing the range of adjusted diluted EPS by $0.25 at the midpoint to $14.75 to $15.15 for fiscal 2023.

對於 GAAP 營業利潤率，我們預計一次性重組費用將把我們的指導範圍降低至 29% 至 30%，比之前的指導降低 50 個基點。 GAAP 稀釋後每股收益預計在 12.24 美元至 12.65 美元之間。對於調整後的指標，我們預計我們的財務紀律和成本管理重點將使調整後的營業利潤率達到 35% 至 36%。這比之前傳達的指導範圍增加了 100 個基點，比我們的 2025 年目標提前了兩年，符合我們的 2022 年投資者日展望。最後，我們將 2023 財年調整後稀釋每股收益的範圍中值增加 0.25 美元，至 14.75 美元至 15.15 美元。

In closing, we are encouraged by our performance this quarter and our ability to execute on a solid pipeline as we finish the fiscal year. We are confident in our ability to balance macro headwinds with margin expansion and expense management to continue investing in our people and products. As the pace of innovation accelerates, our deep content moat and open digital platform will strengthen our partnership with our clients and allow us to capture additional market share. We are committed to sustainable growth and excited about the opportunities before us.

最後，我們對本季度的業績以及在本財年結束時執行可靠渠道的能力感到鼓舞。我們對平衡宏觀逆風與利潤擴張和費用管理的能力充滿信心，以繼續投資於我們的人員和產品。隨著創新步伐的加快，我們深厚的內容護城河和開放的數字平台將加強我們與客戶的合作夥伴關係，並使我們能夠佔領更多的市場份額。我們致力於可持續增長，並對擺在我們面前的機遇感到興奮。

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

現在我們已經準備好回答您的問題了。操作員？

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

（操作員說明）我們的第一個問題來自巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

This is Brendan on for Manav. Just first off, I want to ask on the ASV guidance. And -- obviously, the high end is still there, but you're talking about it closer to the lower end. Is the higher end still possible? Did you leave it that way because there's a couple of deals in the pipeline you're not sure if you're going to close, so best not to count on that? Or can you just walk through the logic of the way you've kind of framed the guidance update?

我是馬納夫的布倫丹。首先，我想詢問一下 ASV 指南。而且 - 顯然，高端仍然存在，但你正在談論它更接近低端。更高端還有可能嗎？你是否因為有幾筆交易正在進行中而不確定是否會完成，所以最好不要指望它？或者您可以簡單介紹一下您構建指南更新的方式的邏輯嗎？

Sure. This is Helen. Thanks for your question. I'm happy to kind of give you some further color on that. H1 was solid for us, but we'd already seen end markets begin to soften, which is why we reduced the guidance last call of the $15 million, 2/3 coming from banking, as we said, and 1/3 coming from delayed decisions or reduced spend.

當然。這是海倫。謝謝你的提問。我很高興為您提供一些進一步的信息。上半年對我們來說是穩健的，但我們已經看到終端市場開始疲軟，這就是為什麼我們減少了最後一次指導的 1500 萬美元，其中 2/3 來自銀行業，正如我們所說，1/3 來自延遲決定或減少支出。

Over the last 90 days, this past quarter, we've seen those trends continue. First, in banking, for example, middle-market firms, which had been doing quite a bit of hiring, picking up from other universal banks that were letting folks go, we saw that begin to slow down. And we did see some universal banks have some larger reduction as well.

在過去 90 天裡，即上個季度，我們看到這些趨勢仍在繼續。首先，以銀行業為例，中間市場公司一直在進行大量招聘，從其他正在裁員的全能銀行那裡進行招聘，我們發現招聘速度開始放緩。我們確實看到一些全能銀行也有更大的減少。

Now given our 90-day notice period, client decisions that were made in Q1 of the calendar year or early spring get reflected more in this quarter, which is why you're seeing some of that net reduction. It gives us some greater visibility. And we also saw some erosion pickup on the buy-side as well with clients looking for cost reduction.

現在，鑑於我們有 90 天的通知期，客戶在日曆年第一季度或早春做出的決定會在本季度得到更多反映，這就是為什麼您會看到一些淨減少。它給我們帶來了更大的可見性。我們還看到買方以及尋求降低成本的客戶出現了一些侵蝕。

But the positive piece of it, as Linda indicated earlier, we're still above 95% ASV retention. And we're seeing that diversification of spend in banking, for example, as we sold more in analytics and fees as many of the firms there are looking to do more technology and off-platform solutions. So that's a positive.

但積極的一面是，正如 Linda 之前指出的那樣，我們的 ASV 保留率仍然高於 95%。例如，我們看到銀行業支出的多樣化，因為我們在分析和費用方面銷售了更多，因為那裡的許多公司正在尋求更多的技術和平台外解決方案。所以這是積極的。

The second is timing. Client reviews are taking longer with more authorization on spend. We saw more deals move from Q3 into Q4 but also into FY -- early FY '24. Part of the reason really is budget constraints. Clients want to pursue even cost-saving projects, but they don't have all the IT resources they need or some of that requires some initial upfront spend to accommodate. So for us, many of the opportunities that we see in the pipeline are open, but we can see and expect some of that to be delayed.

第二是時機。客戶審核時間更長，支出授權更多。我們看到更多交易從第三季度轉移到第四季度，而且也轉移到了 24 財年初期。部分原因確實是預算限制。客戶甚至希望追求節省成本的項目，但他們沒有所需的全部 IT 資源，或者其中一些資源需要一些初始的前期支出才能滿足。因此，對我們來說，我們看到的許多機會都是開放的，但我們可以看到並預計其中一些機會會被推遲。

But a clear trend is that clients are looking for more help in taking on some of their noncore activities. And that's going to provide momentum for us both in managed services as well as data management solutions.

但一個明顯的趨勢是，客戶正在尋求更多幫助來開展一些非核心活動。這將為我們的託管服務和數據管理解決方案提供動力。

And then the last is reduced spend and some reduced hiring. In Q3, we had the same number of 6-figure expansion and new logo wins in the previous year, but the average size was a little bit less, 4% lower. And so -- and the expansion that we've seen in the past from hiring has slowed down as well. And the same pieces are impacting our new business as well.

最後是支出的減少和招聘的減少。在第三季度，我們獲得的 6 位數擴展和新徽標數量與去年相同，但平均尺寸略少一些，下降了 4%。因此，我們過去看到的招聘擴張也放緩了。同樣的事情也正在影響我們的新業務。

But the positive sign is that we're not losing out on the opportunities. The number of deals falling out is the same as in previous years, and we've had great strength in the middle office solutions with performance and risk.

但積極的跡像是我們沒有失去機會。失敗的交易數量與前幾年相同，我們在中台解決方案、性能和風險方面擁有強大的實力。

So we're just trying to give our best thinking at this point. We've got confidence in all of the client interactions and value discussions, but we want to be realistic as it relates to markets timing and ability to monetize. So it's about timing as opposed to our faith in the pipeline itself.

所以我們現在只是盡力給出最好的想法。我們對所有客戶互動和價值討論都充滿信心，但我們希望保持現實，因為這關係到市場時機和貨幣化能力。因此，問題在於時機，而不是我們對管道本身的信心。

Great. And then just -- a quick follow-up, Linda, on the margin. Obviously, last year, you were caught a bit by surprise, the Q3 to Q4 decline. Can you just help us with -- we see updated guidance, but just help us with how you're thinking about that sequentially? It looks like the midpoint would be almost -- not quite 500 bps, but almost, which is what it was last year. So if you could just help us with how to think about that.

偉大的。然後 - 快速跟進，琳達，在邊緣。顯然，去年第三季度到第四季度的下降讓你有點驚訝。您能否幫助我們——我們看到了更新的指南，但請幫助我們了解您是如何按順序思考這個問題的？看起來中點幾乎是 - 不是完全 500 個基點，但幾乎是去年的水平。所以如果你能幫助我們思考這個問題。

Yes. Brendan, happy to give you some further color on that. So obviously, given the top line situation, we had to focus a little bit harder on costs. And we've had very good support from the organization to work on this. So you're right, sequentially, the margin will be considerably higher than it was before. And our guidance of 35% to 36% adjusted is what we have said would be the exit rate for 2025. So we're well ahead of schedule.

是的。布倫丹（Brendan），很高興為您提供更多信息。顯然，考慮到營收情況，我們必須更加關注成本。我們在這方面的工作得到了組織的大力支持。所以你是對的，接下來，利潤將比以前高得多。我們調整後的 35% 至 36% 的指導就是我們所說的 2025 年退出率。所以我們遠遠提前了。

In terms of what we're doing, there are really 2 concepts here. One is we're looking to take a charge in the fourth quarter to reduce our run rate going into 2024. And then we've also taken some actions to reduce expenses already in '23. So let me talk about what we've done in 2023 first.

就我們正在做的事情而言，這裡實際上有兩個概念。一是我們希望在第四季度收取費用，以降低進入 2024 年的運行率。然後我們還採取了一些行動來減少 23 年的開支。那麼我先說一下我們2023年做了什麼。

So the first thing that we did was we pulled back and pretty much almost slowed and then stopped hiring as we came through the second quarter. So that reduced the pace of salary ramp. And we kind of expect that over the course of the year, that will give us $15 million back.

因此，我們做的第一件事就是撤退，幾乎放慢了速度，然後在第二季度結束時停止了招聘。這樣就減緩了薪資上漲的速度。我們預計這一年將給我們帶來 1500 萬美元的回報。

On third-party content, we've done really well. We've held costs there very nicely. That's come in about $10 million lower than we had expected. The technology team has done its part. We've increased capitalization quite a bit as you've seen. And that has flattered the salary line, and it's shown up a bit more in the tech line. But still, the tech team has managed to save about $7 million. And then the facilities charges we took last year have come through a bit stronger than we had expected. So that saved about -- that will save about $5 million. So all that comes up to kind of $37 million, $38 million that, by the end of this year, we will be able to save.

在第三方內容方面，我們做得非常好。我們很好地控制了成本。這比我們的預期低了約 1000 萬美元。技術團隊已經盡了自己的職責。正如您所看到的，我們已經大幅增加了資本。這使得薪資線變得更加美好，並且在技術線中體現得更多一些。儘管如此，技術團隊還是成功節省了約 700 萬美元。然後我們去年收取的設施費用比我們預期的要高一些。這樣就節省了大約 500 萬美元。因此，到今年年底，我們將能夠節省 3700 萬美元、3800 萬美元。

And then to position ourselves for next year, we talked about a charge we're going to take in the fourth quarter. These decisions are very, very difficult to make, and we've spent a lot of time thinking about them and trying to make sure that we're doing the right thing at the right time. So we're expecting, as we said, we'll be taking a charge of about $45 million. Please give us kind of $5 million of variability on either end of that because we're not done yet.

然後，為了為明年做好定位，我們討論了我們將在第四季度承擔的一項費用。這些決定非常非常難以做出，我們花了很多時間思考它們並試圖確保我們在正確的時間做正確的事情。因此，正如我們所說，我們預計將收取約 4500 萬美元的費用。請為我們提供 500 萬美元的可變性，因為我們還沒有完成。

We're expecting that we'll bring the workforce down by about 3% or less. Real estate will provide another $15 million to $20 million as we talked about before. We will also look to do a few other things which will be helpful. So a total of about a $45 million charge, which will help the run rate as we go into '24 to get everything rightsized.

我們預計勞動力減少約 3% 或更少。正如我們之前談到的，房地產將另外提供 1500 萬至 2000 萬美元。我們還將尋求做一些其他有幫助的事情。因此，總共大約需要 4500 萬美元的費用，這將有助於我們進入 24 世紀並調整一切規模時的運行率。

Again, these are very difficult decisions, and we really appreciate the support of the entire organization to try to get the cost basis correct as we deal with the air pocket situation in the top line. So I hope that, Brendan, is helpful to you.

同樣，這些都是非常困難的決定，我們非常感謝整個組織的支持，在我們處理頂線的氣泡情況時努力使成本基礎正確。所以，布倫丹，我希望這對你有幫助。

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

我們的下一個問題來自高盛的喬治·唐（George Tong）。

I wanted to follow up on the margin question. Based on your updated full year guide for margins, fiscal 4Q margins are tracking to contract year-over-year to approximately 30%. Can you talk about the reasons behind the year-over-year margin contraction?

我想跟進保證金問題。根據更新後的全年利潤率指南，第四財季利潤率將同比收縮至 30% 左右。您能談談利潤率同比收縮背後的原因嗎？

Yes. George, I think you're light by about close to 200 basis points. I think we're going to be closer to something more like in the 32% range for the fourth quarter. This is the result of we do have more people and higher salary run rate cost than we did at this time last year. We also have a 12.9% increase in the number of employees that we have, though 2/3 of those are in lower-cost locations. So it's basically that. It's the increase in both employee primarily salary run rate costs and technology costs.

是的。喬治，我認為你的減息幅度接近 200 個基點。我認為第四季度我們將更接近 32% 的範圍。這是因為我們確實比去年這個時候有更多的人員和更高的工資運行率成本。我們的員工人數也增加了 12.9%，儘管其中 2/3 位於成本較低的地區。所以基本上就是這樣。這是員工主要工資運行成本和技術成本的增加。

But again, we've taken some pretty dramatic actions here to bring the annual adjusted operating margin up 100 bps to 35% to 36%. The fourth quarter is traditionally our heaviest expense quarter, as you know. And we're expecting our bonus expense there will be somewhere around another $25 million. It's been pretty consistent over the first 3 quarters of this year.

但我們再次採取了一些相當引人注目的行動，將年度調整後營業利潤率提高了 100 個基點，達到 35% 至 36%。如您所知，第四季度傳統上是我們支出最重的季度。我們預計獎金支出將達到 2500 萬美元左右。今年前三個季度的情況非常穩定。

So as you know, the margin -- I'm sorry, the bonus adjusts depending on how our performance goes. So we expect it to be flattish this year as opposed to last year where we had a big uptick in the bonus accrual in the fourth quarter. So I hope that, that helps you. And I think we have made it clear we have a pretty intense focus on expense control.

如您所知，利潤 - 對不起，獎金會根據我們的表現進行調整。因此，我們預計今年的獎金將與去年持平，去年第四季度的應計獎金大幅上升。所以我希望這對你有幫助。我認為我們已經明確表示我們非常關注費用控制。

Got it. That's helpful. And then your -- you mentioned that the 35% to 36% is a pull-forward of what was originally targeted to be 2025 -- fiscal 2025 margins. Have you provided an updated outlook for what EBITDA margins could be in fiscal 2025? And what would be a reasonable pace of annual margin expansion over the next 2 years?

知道了。這很有幫助。然後你提到 35% 到 36% 是對 2025 年最初目標的 2025 財年利潤率的提前。您是否提供了 2025 財年 EBITDA 利潤率的最新展望？未來兩年年度利潤率擴張的合理速度是多少？

George, it's an excellent question and one that we're spending considerable time on ourselves. I don't think I want to jump to 2025 when we haven't even finalized plans yet for 2024 or even given guidance on 2024. So let's say that we had spoken about, on average, 50 to 75 basis points of margin expansion. We've worked hard. We've moved faster. We get a lot of comments on these calls about what we're doing with the margin. And I think we've proved that we're working pretty effectively on it. So let's see how we go.

喬治，這是一個很好的問題，我們在這個問題上花了很多時間。我認為我不想跳到 2025 年，因為我們甚至還沒有敲定 2024 年的計劃，甚至還沒有給出 2024 年的指導。所以，假設我們已經談到了平均 50 到 75 個基點的利潤率擴張。我們很努力。我們行動得更快了。在這些電話中，我們收到了很多關於我們如何處理保證金的評論。我認為我們已經證明我們在這方面的工作非常有效。那麼讓我們看看如何進行。

We will have made very good progress this year. And if you have -- if you're willing to be a bit patient with us, we'll talk some more about this as we go into 2024 guidance next in our next quarter earnings call. So a bit of patience, and we'll see where we get to.

今年我們將取得非常好的進展。如果您願意對我們有一點耐心，我們將在下一季度的財報電話會議中討論 2024 年指導時更多地討論這一問題。所以請耐心等待，我們會看到結果。

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

我們的下一個問題來自瑞銀集團的 Alex Kramm。

Two questions on ASV. I'll do them one by one. The first one is a little bit more near term. Can you just -- when it comes to the fourth quarter and the outlook, there was a question before, but when you think about the guidance here, if I assume the low end, can you actually just tell me what that means for the fourth quarter, what's implied?

關於 ASV 的兩個問題。我會一一做。第一個是近期的。你能不能——當談到第四季度和前景時，之前有一個問題，但是當你考慮這裡的指導時，如果我假設低端，你實際上能告訴我這對第四季度意味著什麼嗎？季度，意味著什麼？

There were a lot of restated numbers. I think you've done $84 million in organic so far this year. So that would imply, I think, $61 million by my math, but not sure if that's the right number. And if that is the right number, it's a slight reduction from last year, but given this environment and slowdown in hiring classes, it seems like it could be worse. So just maybe put that 4Q implied in the context of the environment.

有很多重述的數字。我認為今年到目前為止，您在有機食品方面的收入已達 8,400 萬美元。因此，我認為，根據我的計算，這意味著 6100 萬美元，但不確定這個數字是否正確。如果這是正確的數字，那麼比去年略有減少，但考慮到這種環境和招聘課程的放緩，情況似乎可能會更糟。因此，也許可以將 4Q 隱含在環境背景中。

Alex, it's Helen. I'll take a shot at your question here. You may be including -- please keep in mind that CUSIP is included in our numbers. So I can't quite tie to what you've just said. That might be a good question for Kendra later on. But I'll just talk about perhaps the Q4 pipeline overall, if that can be helpful to you.

亞歷克斯，這是海倫。我會在這裡回答你的問題。您可能會包括——請記住，CUSIP 已包含在我們的數字中。所以我不能完全同意你剛才所說的。這對肯德拉來說可能是一個很好的問題。但我可能只會談論第四季度的整體管道，如果這對您有幫助的話。

So when we think about the pipeline, as I mentioned before, it's a pretty solid pipeline equally weighted across our 3 workflow solutions, so in analytics, research as well as CTS. Most of the pipeline in the Americas is in CTS. And so at this point, given our notification period, we have a pretty good visibility into cancels. So we've taken that into account.

因此，當我們考慮管道時，正如我之前提到的，它是一個非常可靠的管道，在我們的 3 個工作流程解決方案中同等重要，因此在分析、研究和 CTS 方面也是如此。美洲的大部分管道都在 CTS 內。因此，在這一點上，考慮到我們的通知期限，我們對取消有很好的了解。所以我們考慮到了這一點。

So the rest is up to execution. Our sales force, as mentioned by Linda, is doing a great job in trying to be diligent and working with clients to close the transaction. So the variables right now are on timing, on decisions. The mix of larger transactions, which tend to take more time -- I mean, nearly 70% of our pipeline is in 6 or 7 figures. And bank hiring remains unclear because we're seeing both increased and decreased hiring classes across the larger banks.

所以剩下的就看執行了。正如琳達提到的，我們的銷售人員在努力勤奮並與客戶合作完成交易方面做得很好。所以現在的變量在於時間和決策。大型交易的組合往往需要更多時間——我的意思是，我們近 70% 的管道都是 6 或 7 位數。銀行招聘仍不清楚，因為我們看到大型銀行的招聘類別有所增加和減少。

So the quality of the pipeline -- and we have ample coverage to meet our ASV range, but there are dependencies on external factors that make this outcome a little bit more difficult than maybe in previous years to predict. So that's why we give a sense of the range of where we stand at this point.

因此，管道的質量 - 我們有足夠的覆蓋範圍來滿足我們的 ASV 範圍，但對外部因素的依賴使得這一結果比前幾年更難以預測。這就是為什麼我們要了解我們目前所處的範圍。

All right. I'll follow up on the exact number for the 4Q implied later then. In terms of my second question, this is maybe a little bit of an early look into 2024. But let me put it in context a little bit. If I go back to your investment phase, so basically before you -- I think 2017 to '19 or so, the ASV growth in average was something around 5%. And I would say when I go and look at that environment, it was a fine environment, not great. And then obviously, you went into a great environment in last couple of years.

好的。稍後我將跟進第四季度的確切數字。就我的第二個問題而言，這可能是對 2024 年的初步展望。但讓我稍微結合一下背景。如果我回到你的投資階段，基本上在你之前——我認為 2017 年到 19 年左右，ASV 平均增長率約為 5%。我想說，當我去看看那個環境時，那是一個很好的環境，但不是很好。顯然，過去幾年你進入了一個很好的環境。

But now I think we're seeing layoffs. We're seeing, even on the buy-side, staff reduction. So I would say the environment we're entering here is markedly worse than what we saw prior to your investments. So again, if I put that in the context of the 5%-or-so growth that you did in that period, like is that a good starting point to think about what's about to hit here? Or how would you describe the outlook, I guess, a little bit more quantitatively?

但現在我認為我們正在裁員。即使在買方，我們也看到了員工的減少。所以我想說，我們現在進入的環境明顯比你們投資之前看到的要糟糕。那麼，如果我將其放在該時期 5% 左右的增長背景下，那麼這是一個思考即將發生什麼的良好起點嗎？或者我想您會如何更定量地描述前景？

Alex, it's Phil. Thanks for the question. So we're really optimistic about the future. I mean, obviously, there's been a series of things that have happened that have caused clients to slow down their decision-making and sort of think more about their businesses during this period. But we're hoping that with the debt ceiling now getting resolved that we're sort of at the bottom of that uncertainty.

亞歷克斯，這是菲爾。謝謝你的提問。所以我們對未來非常樂觀。我的意思是，顯然，發生了一系列事情導致客戶在此期間放慢了決策速度並更多地考慮他們的業務。但我們希望，隨著債務上限的解決，我們已經處於這種不確定性的底部。

And we've done so much to evolve our product over the last few years that we feel we have a completely different mix coming out of this. First of all, the opening up of the platform, that is providing a significant impact to our business and our ability to interact with our clients, codevelop with them, help them with their own digital transformations. And now with this sort of once-in-a-decade event with generative AI really catching hold, we feel like we're in pole position to take advantage of that. So that's one thing.

在過去的幾年裡，我們為改進我們的產品做了很多工作，我們覺得我們已經有了一個完全不同的組合。首先，平台的開放對我們的業務以及我們與客戶互動、共同開發、幫助他們進行數字化轉型的能力產生了重大影響。現在，隨著這種十年一遇的事件，生成式人工智能真正佔據了主導地位，我們覺得我們處於利用這一優勢的有利位置。所以這是一回事。

And then the investment that we made in deep sector and private markets, which we're still in the early days of, we believe that's going to help us significantly on the sell-side. Even if the head count numbers are down, it's going to really help us with retention and expansion. And these investments are also going to allow us to do more in corporate, private equity and other firm type.

然後，我們在深度行業和私人市場進行的投資（我們仍處於早期階段）相信這將對我們在賣方方面產生重大幫助。即使員工人數減少，這也會真正幫助我們保留和擴張。這些投資也將使我們能夠在企業、私募股權和其他公司類型領域做更多的事情。

So overall, we're very optimistic. We feel that we made the right bets there. And with this new wave of technology, we feel like we're in an even better place to disrupt the market.

所以總的來說，我們非常樂觀。我們覺得我們在那裡下了正確的賭注。借助這一新的技術浪潮，我們感覺自己處於一個更好的位置來擾亂市場。

Wealth has been the big driver for us as well. So I think we're really a different company than we were pre -- back in 2017. Wealth has been a huge driver of growth for us and all the investments that we've made, as mentioned by Phil. So I do, Alex, think we're fundamentally much broader, much more diversified than we were back then.

財富也是我們的重要推動力。因此，我認為我們確實是一家與 2017 年之前不同的公司。正如 Phil 所提到的，財富一直是我們以及我們所做的所有投資增長的巨大推動力。所以，亞歷克斯，我認為我們從根本上來說比當時更廣泛、更多元化。

Our next question comes from the line of Heather Balsky with Bank of America.

我們的下一個問題來自希瑟·巴爾斯基 (Heather Balsky) 與美國銀行的電話。

I wanted to ask a couple of questions on the margin. So the first question is -- and I know someone else previously kind of asked about how you're thinking about margins going forward. But I'm curious in terms of some of the pullback on costs, how much of that is permanent? And how much do you think comes back as sales and ASV start to reaccelerate? And then I have a follow-up.

我想問幾個問題。所以第一個問題是——我知道之前有人問過你如何看待未來的利潤率。但我很好奇成本的一些下降，其中有多少是永久性的？隨著銷售和 ASV 開始重新加速，您認為會有多少回報？然後我有一個後續行動。

Heather, I think that's a difficult question for us to think about or for us to answer right now. Maybe if we ask you to stay tuned as we go into FY '24 guidance, that would be important.

希瑟，我認為這是一個我們現在很難思考或回答的問題。也許如果我們要求您在我們進入 24 財年指導時繼續關注，那會很重要。

I think the statement that is important here is we are committed to margin expansion, doing that at a reasonable pace with the appropriate balance. Ring-fencing the investments that we're making in the company, that's very, very important to us. So I think we will continue to keep a very focused eye on the margin, keep the cost at an appropriate level.

我認為這裡重要的聲明是我們致力於利潤率擴張，並以合理的速度和適當的平衡來實現這一目標。限制我們在公司進行的投資，這對我們來說非常非常重要。因此，我認為我們將繼續密切關注利潤率，將成本保持在適當的水平。

And we have the wind at our backs with some of the things going on with large language models, which should help with efficiency in our content collection. So I think we will look to honor that 50 to 75 basis points of margin expansion on average over the next few years, but not every single year will look the same.

我們在大型語言模型方面取得了一些進展，這應該有助於提高我們內容收集的效率。因此，我認為我們將在未來幾年內實現平均 50 至 75 個基點的利潤率擴張，但並非每年都會如此。

And maybe I'll ask Phil if he has anything else he would like to add.

也許我會問菲爾是否還有什麼要補充的。

Well, I just -- I think we have a long-term view of our business. So through all of this, we want -- the top line is very important to us. And a year or so ago, we talked about maintaining a high single-digit growth rate over the next few years. So there's certainly that -- we keep that in mind, I think, along with what Linda has been talking about, about sustainable margin expansion. So we feel we can chew gum and walk at the same time, particularly with all of the advancements we've made in technology.

嗯，我只是——我認為我們對我們的業務有長遠的看法。因此，通過這一切，我們希望——營收對我們來說非常重要。大約一年前，我們討論了未來幾年保持高個位數增長率的問題。所以，我想，我們肯定會牢記這一點，以及琳達一直在談論的關於可持續利潤擴張的內容。所以我們覺得我們可以一邊嚼口香糖一邊走路，特別是考慮到我們在技術上取得的所有進步。

That's really helpful. And then as a follow-up, it's interesting to hear about how you're thinking about investing in AI. And you just mentioned that there's some efficiencies you think you can get from there. I'm curious, essentially with it all being very new, how should we think in terms of investment versus savings? And I realize it's early days, but are there any plans to kind of ramp investment spend around that so you can realize the longer-term benefits? Do you think you can kind of realize both? I'm just curious how that dynamic works.

這真的很有幫助。作為後續行動，了解您如何考慮投資人工智能很有趣。您剛才提到您認為可以從那裡獲得一些效率。我很好奇，本質上這一切都是非常新的，我們應該如何思考投資與儲蓄？我意識到現在還為時過早，但是是否有任何計劃來增加投資支出，以便您能夠實現長期收益？你認為你能同時實現這兩點嗎？我只是好奇這種動態是如何運作的。

Yes. Let me spend quite a bit of time on this. So it's an excellent question. So the first thing I want to do to frame this for everybody listening is that FactSet is probably one of less than 5 companies on the planet that has the decades of data that's important to this industry stitched together in a clean way. So that is so important. And I would argue that the value of even what was called commoditized data before has gone up. So we have that. That is a moat that we will continue to build on.

是的。讓我花相當多的時間在這上面。所以這是一個很好的問題。因此，我想做的第一件事就是，FactSet 可能是地球上不到 5 家擁有數十年對這個行業來說很重要的數據並以乾淨的方式拼接在一起的公司之一。所以這非常重要。我認為，即使是以前所謂的商品化數據的價值也已經上升。所以我們就有了。這是我們將繼續鞏固的護城河。

And I talked earlier about the merging of our data -- we've created data solutions out of 2 groups at FactSet, but that is something that's so valuable to FactSet, the content refinery. We've done a lot already to re-architect our data hub and how we collect data, but this is going to supercharge those efforts essentially. So that is the foundation, something that's critically important.

我之前談到了數據的合併——我們在 FactSet 的 2 個組中創建了數據解決方案，但這對於內容精煉廠 FactSet 來說非常有價值。我們已經做了很多工作來重新構建我們的數據中心以及我們收集數據的方式，但這將從本質上加強這些努力。所以這是基礎，非常重要。

FactSet is also masterful. It's stitching data together. So you're going to have to have well-concordant data, quality data. You're going to have to have the trust of the clients in this market. You don't want to have products that are creating hallucinations or things that aren't true, right, for our clients. So FactSet has all of those components.

FactSet 也很出色。它將數據拼接在一起。因此，您必須擁有一致的數據、高質量的數據。您必須獲得這個市場客戶的信任。您不想擁有給我們的客戶帶來幻覺或不真實的東西的產品。所以 FactSet 擁有所有這些組件。

And we're going to be focused on 3 things. First of all, the product. We want to create that wow factor for our clients and the ability to come in and essentially surface anything or ask questions. And a lot of the examples that are out there today in the market, we've been doing those for years. You can already go into FactSet, into our search bar and type in sort of basic questions and get those answers back very accurately. We're focused on the next level of that. So that's important. We have a lot of people thinking about that.

我們將重點關註三件事。首先是產品。我們希望為我們的客戶創造令人驚嘆的因素，並讓他們能夠介入並實質上提出任何問題或提出問題。當今市場上有很多例子，我們多年來一直在這樣做。您已經可以進入 FactSet、我們的搜索欄並輸入一些基本問題，然後非常準確地得到這些答案。我們專注於下一個層面。所以這很重要。我們有很多人在思考這個問題。

Content collection, which Linda just mentioned, this is something that we've been doing for decades. We've gotten more and more efficient at it over the years, and we continue to invest in that. So this could actually provide a great opportunity for more efficiency, but it could also create an opportunity to put more -- even more data in the platform. So that is something we have to consider carefully.

內容收集，剛才Linda提到的，這是我們幾十年來一直在做的事情。多年來，我們在這方面的效率越來越高，並且我們將繼續對此進行投資。因此，這實際上可以提供一個提高效率的絕佳機會，但它也可以創造一個在平台中放置更多數據的機會。所以這是我們必須仔細考慮的事情。

And the third bucket is really the support of our clients. I mentioned in my opening comments that about 50% of the help desk questions we get are around FactSet FQL language or FDS codes, which I'm sure many of you are using and have used in the models that you use to build FactSet and other things. So these are 3 areas of significant impact. The whole company is rallied around this. It's one of those things that really just gets everyone motivated. So it's a little less about like how many millions of dollars are we going to set aside to invest in this. It's how do we get the whole company thinking about this and making sure that this is part of the fabric of what they do every day. So we're so energized by this, and we feel there's a massive opportunity for us moving forward in both the product side and potentially the efficiency side.

第三個桶確實是我們客戶的支持。我在開場白中提到，我們收到的幫助台問題中約有 50% 與 FactSet FQL 語言或 FDS 代碼有關，我確信你們中的許多人正在使用這些代碼，並且已經在用於構建 FactSet 和其他內容的模型中使用過這些代碼。事物。所以這是三個具有重大影響的領域。整個公司都圍繞這個問題團結起來。這是真正激勵每個人的事情之一。因此，我們要撥出多少百萬美元來投資這個問題就不太重要了。這就是我們如何讓整個公司思考這一點，並確保這是他們日常工作的一部分。因此，我們對此感到非常興奮，我們認為我們在產品方面和潛在的效率方面都有巨大的進步機會。

Our next question comes from the line of Stephanie Moore with Jefferies.

我們的下一個問題來自斯蒂芬妮·摩爾和杰弗里斯的對話。

This is Hans on for Stephanie. Could you just update us on the pipeline in the wealth channel? And could you give us an update or an idea of the mix of the customer size in the pipeline? Is it mostly kind of large contracts that you could potentially win there? Or is there sort of a lot of smaller wealth advisers that can move the needle for you?

這是斯蒂芬妮的漢斯。您能否向我們介紹一下財富頻道的最新進展？您能否向我們提供有關管道中客戶規模組合的最新情況或想法？您可能在那裡贏得的主要是大型合同嗎？或者是否有很多規模較小的財富顧問可以為您提供幫助？

It's Helen. I'll take that. Thanks for that question. Many of the wealth firms right now are looking to modernize their platforms. We've seen that most recently with RBC, Bank of Montreal, Rockefeller, Raymond James. And so to that end, we've really helped develop our brand in the wealth space. And then the open and flexible technology solutions is really separating us from the competition, especially as it relates to adviser dashboard and the other FactSet components that really lock into a client's CRM or other platforms.

是海倫。我會接受的。謝謝你提出這個問題。目前許多財富公司正在尋求對其平台進行現代化改造。我們最近在加拿大皇家銀行、蒙特利爾銀行、洛克菲勒、雷蒙德·詹姆斯身上都看到了這一點。為此，我們確實幫助在財富領域發展了我們的品牌。然後，開放且靈活的技術解決方案確實使我們在競爭中脫穎而出，特別是因為它涉及顧問儀表板和真正鎖定客戶的 CRM 或其他平台的其他 FactSet 組件。

So as a result, we're having a lot of robust efficiency conversations with both existing and prospects. And so the pipeline is quite strong. In fact, I would say it's as high as we've seen in recent years. But this goes back to the same dynamics I've talked about before that, especially on larger deals, the ability for a client to make a decision and to execute is taking more time and seeing your attention.

因此，我們與現有的和潛在的客戶進行了大量有效的對話。因此，管道非常強大。事實上，我想說這是我們近年來看到的最高水平。但這又回到了我之前談到的同樣的動態，特別是在較大的交易中，客戶做出決定和執行的能力需要更多的時間並引起你的注意。

We've got several large ones, great opportunities, but they need to have the capacity on their end to execute. So as I mentioned, we feel very, very good about that, but that may take a bit of time.

我們有幾個大的、很好的機會，但他們需要有執行的能力。正如我所提到的，我們對此感覺非常非常好，但這可能需要一些時間。

So to your question around the rest of the book and the sizes, it's really a mix. You've got lots of small ones coming through last year. I would tell you that we had a lot more new logos in wealth, especially as they're hiring more teams. This year, that's been a lot softer. So we've seen some net pullback there. But we remain very positive on our ability to continue to gain share in the wealth space. And it really is both on a large deal front but as well as on the smaller transactions, and we continue to grow at high single-digit and low double-digit levels.

因此，對於您關於本書其餘部分和尺寸的問題，這確實是一個混合體。去年你經歷了很多小事。我想告訴你，我們在財富方面有更多的新標誌，特別是當他們僱用更多團隊時。今年，情況要溫和得多。所以我們看到了一些淨回調。但我們對繼續在財富領域獲得份額的能力仍然非常樂觀。事實上，無論是大宗交易還是小額交易，我們都繼續以高個位數和低兩位數的水平增長。

Got it. That's helpful. And then just in terms of revenue growth, could you maybe parse out in terms of how much is coming from price, cross-sell and new logo wins? Is it still kind of roughly 1/3 between those 3 buckets? Or is there maybe any one of those kind of driving growth here?

知道了。這很有幫助。然後就收入增長而言，您能否分析一下價格、交叉銷售和新徽標獲勝帶來的收入有多少？這 3 個桶之間的比例仍然是大約 1/3 嗎？或者是否有任何一種因素可以推動這裡的增長？

Sure. It's very much still similar. I would say for new logos, it is a little bit less than we've had in the past. We've usually talked about 2/3 coming from existing, 1/3 coming from new. I would say it's a little bit lower because of the market.

當然。它仍然非常相似。我想說的是，對於新標誌來說，它比我們過去的標誌要少一些。我們通常談論 2/3 來自現有，1/3 來自新。我想說的是，由於市場原因，這個價格會低一些。

Our price increase this year has been a terrific driver, so that's a bit of a bigger piece of our existing. And we've had great acceptance in terms of the clients understand the new value that we've added over the course of the year, and we've not had much pushback as it relates to our ability to capture that amount.

我們今年的價格上漲是一個了不起的推動因素，所以這是我們現有的一個更大的部分。我們得到了客戶的高度認可，了解我們在這一年中增加的新價值，並且我們沒有遇到太多阻力，因為這與我們獲取這一金額的能力有關。

Our next question comes from the line of Toni Kaplan with Morgan Stanley.

我們的下一個問題來自托尼·卡普蘭 (Toni Kaplan) 與摩根士丹利 (Morgan Stanley) 的對話。

I wanted to go back to the topic of data. And so I guess there's 2 questions that I wanted to ask. So Phil, you mentioned the value of the data going up, and we've definitely appreciated that as well. I guess, one, do you see that potentially impacting the cost of the data that you're getting going forward?

我想回到數據的話題。所以我想我想問兩個問題。菲爾，你提到了數據上升的價值，我們也肯定對此表示讚賞。我想，第一，您是否認為這可能會影響您未來獲得的數據的成本？

And two, wanted to also understand maybe some additional color on initiatives in terms of creating the proprietary data. Just what are you getting that is not from public filings? Anything like that would be super helpful.

第二，還想了解在創建專有數據方面的舉措的一些額外色彩。您到底得到了什麼不是來自公開文件的信息？任何類似的事情都會非常有幫助。

Sure. Well, I think Linda mentioned earlier, we do get quite a bit of data from third parties, but we've done a good job of managing that. And as we move forward, I think -- given the tools that we have, Toni, I think there's more that we might be able to do that -- where we're self-reliant on that. So maybe sources that, historically, we relied on third parties for, that we didn't have the capacity to get or just put focus on, it presents that opportunity.

當然。嗯，我認為琳達之前提到過，我們確實從第三方獲得了大量數據，但我們在管理方面做得很好。隨著我們的前進，我認為——鑑於我們擁有的工具，托尼，我認為我們可能能夠做到更多——我們可以自力更生。因此，也許從歷史上看，我們依賴第三方，但我們沒有能力獲得或只是關注，它提供了這個機會。

So there's going to be a balance there, for sure. But I think we collect so much of the data ourselves, and there's a ton of value in that, that we feel like there's a good balance. And because of our platform, third parties are going to continue to need to pipe their data through platforms like FactSet, where clients want a consolidated, well-integrated approach, where they get the analytics and support on top of it that they expect. So that balance, for us, I feel very good about. I think, net-net, we'll be positive on that one.

所以肯定會存在平衡。但我認為我們自己收集了很多數據，其中有很多價值，我們覺得有一個很好的平衡。由於我們的平台，第三方將繼續需要通過 FactSet 等平台傳輸數據，客戶需要一種統一的、集成良好的方法，並在此基礎上獲得他們期望的分析和支持。所以對於我們來說，這種平衡我感覺非常好。我認為，淨淨，我們對此持積極態度。

In terms of data that we get from nonpublic source or from sources that are more difficult to collect from, there's a lot of stuff that's easy to collect like the SEC filings, obviously. But there's a lot of stuff that you can get from local municipalities that's been badly formatted, Word documents or PDF files or other places, that stuff is available. It's just historically been very manual and very difficult for companies to collect at scale. So those are the types of things that we can now scrape together in a much easier way.

就我們從非公開來源或更難收集的來源獲得的數據而言，顯然有很多東西很容易收集，例如美國證券交易委員會的文件。但是你可以從當地市政當局獲得很多格式錯誤的東西，Word文檔或PDF文件或其他地方，這些東西都是可用的。從歷史上看，這些數據都是非常手動的，對於公司來說很難大規模收集。因此，我們現在可以以更簡單的方式將這些類型的東西整合在一起。

A lot of that you could attribute to sort of deep sector-type data. So that would be a good example for me. It's just continuing to go deeper in the current industries that we're looking at for deep sector and more and making sure, more importantly, that all of those data points are stitched together. So it's one thing to collect the data, but the other thing is how do you tie it together so that analysts like yourself can make sense out of the data, and you have to spend less time on lining that up yourself.

其中很多可以歸因於深層扇區類型數據。所以這對我來說是一個很好的例子。它只是繼續深入當前的行業，我們正在尋找更深入的行業，並確保，更重要的是，所有這些數據點都縫合在一起。因此，收集數據是一回事，但另一件事是如何將它們結合在一起，以便像您這樣的分析師能夠理解數據，並且您必須花更少的時間來自己排列數據。

Super helpful. And I know that it's a little bit early to start talking about price increases for next year. But I did want to just ask, you've been working a lot on price optimization and bundling and a strategy around that. Just trying to understand that if we go into a period where it's just more challenging than it has been, I guess, how do you see price playing out in sort of a worse environment? Are you able to still optimize price well because of the strategies you have in place? Or does potentially next year, if things stay like they are now, is pricing a little bit less of a driver in that type of environment?

超級有幫助。我知道現在開始談論明年的漲價還為時過早。但我確實想問一下，您在價格優化和捆綁以及相關策略方面做了很多工作。只是想了解一下，如果我們進入一個比以往更具挑戰性的時期，我想，您如何看待價格在更糟糕的環境中的表現？由於您採取的策略，您仍然能夠很好地優化價格嗎？或者，如果情況保持現在的樣子，明年在這種環境下定價的驅動力是否會減弱一些？

Sure. I'll take that one. And it's a timely one given what the U.K. just decided this morning as well. So yes, you're right. With inflation coming down, that would impact our ability to raise our prices next year. But we are continuing to have that higher price realization from packaging, from bundling. We are selling very much from a firm-type perspective, which allows us to really bring a much more fulsome solution to the client.

當然。我會接受那個。考慮到英國今天早上剛剛做出的決定，這是一個及時的決定。所以是的，你是對的。隨著通貨膨脹的下降，這將影響我們明年提高價格的能力。但我們繼續通過包裝和捆綁實現更高的價格。我們從公司角度進行銷售，這使我們能夠真正為客戶帶來更豐富的解決方案。

So the average size, what we're trying to aim for, Toni, is also a larger per transaction. And that will be one of the things that we look at from a KPI perspective. I will say, for existing clients, even this quarter, we continue to improve our price realization, nearly 120 basis points.

因此，托尼，我們的目標是平均規模也更大，每筆交易也更大。這將是我們從 KPI 角度看待的事情之一。我想說的是，對於現有客戶，即使是本季度，我們的價格實現也繼續提高，接近 120 個基點。

Now on new business, we've seen that come down, and it's not surprising as you think about the environment that we're in and more competitive situations. So we're being smart about that. We might drop a bit in terms of the pricing for new business, but then we try to lock in for longer contracts. So that's the push and pull on that. But it's still a little bit early to talk about '24, and we'll see where things land later on in the fall.

現在，在新業務方面，我們已經看到這種情況有所下降，考慮到我們所處的環境和競爭更加激烈的情況，這並不奇怪。所以我們在這方面很聰明。我們可能會降低新業務的定價，但隨後我們會嘗試鎖定更長的合同。這就是對此的推力和拉力。但現在談論 24 還為時尚早，我們將在秋季晚些時候看到事情的進展。

Our next question comes from the line of Kevin McVeigh with Credit Suisse AG.

我們的下一個問題來自瑞士信貸銀行的 Kevin McVeigh。

I don't know if this would be Linda or Phil, but Linda, I know you mentioned some green shoots potentially forming. Can you maybe help us reconcile that to the 3% head count reduction? Is that a function of just more efficiencies or just reallocation? I wanted to start there, if possible.

我不知道這是琳達還是菲爾，但琳達，我知道你提到了一些可能正在形成的萌芽。您能否幫助我們將這一數字與減少 3% 的員工人數相協調？這只是提高效率還是重新分配的結果？如果可能的話，我想從那裡開始。

Yes. I'll take a start, and then Phil may have some more to say about this. So I think we have to adjust the business for the top line that we have now, Kevin. And I think there's sort of a lagged effect here on some of the decisions that banks made earlier in the year. So it's possible that this is the darkest point here before the dawn. We don't know. We hope that that's the case.

是的。我先開始，然後菲爾可能會對此有更多的說法。所以我認為我們必須調整我們現在的業務，凱文。我認為銀行今年早些時候做出的一些決定存在一定的滯後效應。所以這可能是黎明前的最黑暗點。我們不知道。我們希望情況確實如此。

So we need to rightsize the employee base and make sure that we're putting the right resources against the right products, for example. We're being very careful in how we're selectively pruning the employee base. Less than 3% is a reasonable change but not one that should have a huge impact on how we run the business.

因此，我們需要調整員工規模，並確保我們將正確的資源投入到正確的產品中。我們在有選擇地削減員工基礎方面非常謹慎。低於 3% 是一個合理的變化，但不會對我們的業務運營方式產生巨大影響。

You've heard from some of the heads of the global banks that they are seeing some green shoots, that capital markets activity is picking up, that M&A activity is picking up. So it's hard to keep the capital markets down for more than a year at a time. We will be looking forward to FY '24 and seeing what's going on there. But it's possible that we've come through the most difficult time.

你從一些全球銀行的負責人那裡聽說，他們看到了一些萌芽，資本市場活動正在回升，併購活動正在回升。因此，資本市場很難一次持續一年以上的低迷。我們將期待 24 財年，看看那裡會發生什麼。但我們可能已經度過了最困難的時期。

As we said in the prepared remarks, we're seeing different situations from different companies. Some are preparing for what may be an upturn next year. Others are still in consolidation mode. So people are sort of all over the place, and we're managing our business prudently to make sure that we're dealing well with now, and we're very ready for what comes next.

正如我們在準備好的發言中所說，我們看到不同公司的情況不同。一些人正在為明年可能出現的好轉做準備。其他仍處於整合模式。所以人們到處都是，我們正在謹慎地管理我們的業務，以確保我們現在處理得很好，並且我們已經為接下來的事情做好了準備。

Maybe Phil might want to add to that.

也許菲爾可能想補充一點。

And maybe I'll just add, too, some thoughts on the core buy-side business at FactSet. So I know at the end of our press release, it shows our growth rates for buy side and sell side, and it shows the buy side going down, I think, 80 bps. So part of that really just has to do with the fact that we've now included CUSIP in those numbers. So I think you can attribute about 75% of that change to just CUSIP being included, which is a mid-single-digit grower.

也許我還會補充一些關於 FactSet 核心買方業務的想法。所以我知道在我們新聞稿的最後，它顯示了我們買方和賣方的增長率，並且我認為它顯示買方下降了 80 個基點。因此，部分原因實際上與我們現在將 CUSIP 包含在這些數字中有關。因此，我認為您可以將大約 75% 的變化歸因於僅包含 CUSIP，這是一個中等個位數的種植者。

But when we report the buy side, it includes, at least today, institutional asset management, asset owners, hedge funds as well as partners, corporates, wealth and private -- not private equity, that's on the sell side. But the IAM hedge fund and asset owner firm types all did better this Q3 than last Q3. So despite this environment, we're doing really well with the buy side.

但當我們報告買方時，至少在今天，它包括機構資產管理、資產所有者、對沖基金以及合作夥伴、企業、財富和私人——而不是私募股權，這是賣方。但 IAM 對沖基金和資產所有者公司類型在第三季度的表現均好於去年第三季度。因此，儘管存在這種環境，我們與買方的關係仍然非常好。

And the middle-office solutions that we have in analytics are best-in-class now. And we feel like all the work we're doing to improve the front-office experience on the buy side is going to begin to pay off pretty soon. So we feel really good about that. So despite this environment, when you look at our user count, it went up this quarter. It didn't go up as much as last Q3. But every firm type that we have, we had an increase in users.

我們在分析方面擁有的中台解決方案現在是一流的。我們覺得我們為改善買方前台體驗所做的所有工作很快就會開始得到回報。所以我們對此感覺非常好。因此，儘管存在這種環境，但當您查看我們的用戶數量時，您會發現本季度的用戶數量有所增加。它的漲幅沒有去年第三季度那麼多。但我們擁有的每種類型的公司，用戶數量都有所增加。

So we do feel like we're sort of through the worst of it, but it does take clients a little bit of time to sort of feel that themselves and begin to speed up decision-making again. So I don't think it's going to snap back immediately. But we do feel, as we sort of work our way out of this, that we feel good about our prospects going into next year.

因此，我們確實覺得我們已經度過了最糟糕的時期，但客戶確實需要一些時間來感受自己並開始再次加快決策速度。所以我認為它不會立即反彈。但當我們努力擺脫困境時，我們確實感到對明年的前景感到樂觀。

That makes a lot of sense. And then just, Linda, as a segue, there's been a ton of M&A in your sector, right? Nasdaq just acquired Adenza, Deutsche Börse in the process of acquiring SimCorp, really underscores everything that you folks have been bringing in the market for a decade now. Any thoughts as to where you focus it within that ecosystem?

這很有意義。然後，琳達，作為一個延續，你所在的行業有大量的併購，對嗎？納斯達克剛剛收購了 Adenza，德意志交易所正在收購 SimCorp，這確實凸顯了你們十年來為市場帶來的一切。關於您在該生態系統中將其重點放在哪裡有什麼想法嗎？

And then you had some decent detail on next-gen workflows, and I've never thought of you folks historically as much on the back office. I guess maybe any thoughts of M&As as you potentially consider it internally or potentially externally? I know that's probably a tough question, but what you're seeing in the market is really endorsing what you folks have been doing for a decade. So just any thoughts around that?

然後你們對下一代工作流程有了一些不錯的細節，我從來沒有像你們這樣在後台工作過。我想，當您可能在內部或外部考慮時，您可能有任何關於併購的想法嗎？我知道這可能是一個棘手的問題，但你在市場上看到的情況確實支持了你們十年來所做的事情。那麼對此有什麼想法嗎？

Yes. So I mean, obviously, you highlighted 2 of the deals that recently came to market. So I don't -- I think what Nasdaq is doing, that's -- we don't compete with Nasdaq. And I think the business that they acquired, we don't -- we won't really play in that workflow. But we feel very good about our strategy, our consolidated platform, our prospects. We feel like we have the scale to continue to take market share aggressively.

是的。所以我的意思是，顯然，您強調了最近上市的兩筆交易。所以我不——我認為納斯達克正在做的事情——我們不與納斯達克競爭。我認為他們收購的業務，我們不會——我們不會真正參與該工作流程。但我們對我們的戰略、我們的整合平台和我們的前景感到非常滿意。我們覺得我們有足夠的規模繼續積極佔領市場份額。

Linda and her team have done an awesome job of sort of getting CUSIP integrated with the rest of FactSet and paying down our debt into the range that we committed to. So we do feel that we're very well poised here if we wanted to do something. And to sort of build on Linda's comments, we're beginning to see some activity, right? So some interesting things are beginning to bubble up. We're in a position to do them if we want to.

Linda 和她的團隊做得非常出色，將 CUSIP 與 FactSet 的其他部分集成，並將我們的債務償還到我們承諾的範圍內。因此，我們確實覺得，如果我們想做點什麼，我們已經做好了準備。以琳達的評論為基礎，我們開始看到一些活動，對吧？所以一些有趣的事情開始出現。如果我們願意的話，我們有能力做到這些。

And we've been consistent in saying that the areas that make sense for FactSet are wealth, private markets, those are at least a couple. We haven't changed our view there. It's just a question of when those assets that we're interested in are becoming available and if we can get them at a price that makes sense for the company. But it is something we're focused on, and it's a muscle that we've continued to develop.

我們一直堅持認為，對 FactSet 有意義的領域是財富、私人市場，至少有幾個領域。我們沒有改變我們的觀點。問題只是我們感興趣的資產何時可用，以及我們能否以對公司有意義的價格獲得它們。但這是我們關注的重點，也是我們不斷發展的力量。

Anything you want to add there, Linda?

琳達，你還有什麼要補充的嗎？

No. I just, Kevin, wanted to point out, we levered up in order to do the CUSIP deal to 3.9x gross leverage. We're back down inside the 2.5, which would be sort of a more normal range for the investment-grade ratings that we have from Moody's and Fitch. Now we're down to 2.2x gross leverage. We're slowing down on repaying our term loan, sort of moving to $60-ish million a quarter of paying back that term loan.

不。凱文，我只是想指出，為了完成 CUSIP 交易，我們將槓桿率提高到了 3.9 倍的總槓桿率。我們回到了 2.5 以內，這對於我們從穆迪和惠譽獲得的投資級評級來說是一個更正常的範圍。現在我們的總槓桿率已降至 2.2 倍。我們正在放慢償還定期貸款的速度，每季度償還定期貸款的金額約為 6000 萬美元。

So we have room even within leverage levels for our current rating. And then we have a very good track record with the rating agencies that we took our leverage considerably higher and then we brought it down. We committed to doing that, and we executed on it.

因此，即使在槓桿水平內，我們目前的評級仍有空間。然後，我們與評級機構有著良好的往績記錄，我們將槓桿率大幅提高，然後又將其降低。我們承諾這樣做，並且執行了它。

So we feel that we could take that path again if there's something that Phil feels is strategically important to us and hits our hurdles of having appropriate growth rates and appropriate margins. So the finance team's job is to be prepared and provide capacity, and we think we have that. So I think we'll continue to lean forward in our fox holes, and we'll see what happens next.

因此，我們認為，如果菲爾認為某些事情對我們具有戰略重要性，並且遇到了我們獲得適當增長率和適當利潤率的障礙，我們可以再次走這條路。因此，財務團隊的工作是做好準備並提供能力，我們認為我們有能力做到這一點。所以我想我們會繼續在散兵坑里向前傾，看看接下來會發生什麼。

Our next question comes from the line of Shlomo Rosenbaum with Stifel.

我們的下一個問題來自什洛莫·羅森鮑姆 (Shlomo Rosenbaum) 和施蒂費爾 (Stifel) 的線路。

Just from a high level, I just want to make sure I'm understanding what happened in bridging the commentary from last quarter to this quarter. Last quarter, the discussion was that small to midsized clients were slow in decision-making, but the larger clients were really kind of on the same path that you guys had expected. Is what's happening now that your -- the larger clients are also kind of slowing down on that decision-making?

從較高的層面來看，我只是想確保我理解將上季度的評論與本季度的評論聯繫起來所發生的情況。上個季度，討論的是中小型客戶決策緩慢，但大型客戶確實走上了你們預期的道路。現在發生的情況是不是您的大客戶也在放慢決策速度？

And then also in the banking clients, it seemed to be -- last quarter, you thought that, that was something that was very much tied to what you would have seen if there would have been contagion from Silicon Valley Bank and in First Republic. And we didn't really see that, but is it a matter of kind of the markets just being choppy so that the clients are still kind of hard to read in terms of where it's going to net out for hiring? I just want to make sure I'm understanding that that's really what's going on behind it. And then I have a follow-up question about cost takeout.

然後，在銀行客戶中，似乎 - 上個季度，您認為，這與您在矽谷銀行和第一共和國蔓延時所看到的情況密切相關。我們並沒有真正看到這一點，但這是否是市場波動的問題，以至於客戶仍然很難理解招聘的淨收益？我只是想確保我理解這背後到底發生了什麼。然後我有一個關於成本支出的後續問題。

Thanks, Shlomo. This is Helen. I'll try to get to all those points. If I miss anything, please call me back in. So I think last quarter, what we indicated was that we were seeing slower decision-making across the other firm types, so not focusing on small or mid but just separate from banking. So I think that, that is what we're continuing to see as these last 90 days. So it wasn't based off of size. It was more of an overall, other than the banking firm type we were trying to pull out separately.

謝謝，什洛莫。這是海倫。我會盡力實現所有這些要點。如果我錯過任何事情，請給我回電話。所以我認為上個季度，我們表明我們看到其他公司類型的決策速度較慢，因此不關注中小型公司，而是與銀行業分開。所以我認為，這就是我們在過去 90 天裡繼續看到的情況。所以它不是基於尺寸。這更像是一個整體，而不是我們試圖單獨退出的銀行公司類型。

If I think about banking overall, I would say that the impact of the layoffs is probably a little bit more than we had expected, really due to the market. You're right, we don't necessarily see the contagion from SVB necessarily. They were not huge clients of ours per se. Obviously, Credit Suisse is one. And so I think there's more of the general deal level, which, as Linda alluded to, if that picks up, then we will likely ride with that. But until their confidence comes back, we're seeing a more muted hiring.

如果我考慮整個銀行業，我會說裁員的影響可能比我們預期的要大一些，這實際上是市場造成的。你是對的，我們不一定會看到來自 SVB 的傳染。他們本身並不是我們的大客戶。顯然，瑞士信貸就是其中之一。所以我認為有更多的一般交易水平，正如琳達所提到的，如果這種情況好轉，那麼我們可能會接受它。但在他們的信心恢復之前，我們會看到招聘活動更加冷淡。

Now it does depend. Some of the firms are actually same as last year and some firms have come down. So that's a little bit why the mix is a little bit harder to tell. So that's the difference that we've seen, Shlomo, since the last 90 days. We've continued to see some pullback on banking. And the rest is more, as I said, let's call it, 50% of the total. 30% is really due to delayed deals, and the rest is reduced size and some additional erosion.

現在確實取決於。有些企業實際上與去年相同，有些企業有所下降。這就是為什麼混合有點難以區分的原因。這就是我們在過去 90 天以來所看到的差異，什洛莫。我們繼續看到銀行業出現一些回調。其餘的，正如我所說，我們稱之為總數的 50%。 30% 實際上是由於交易延遲造成的，其餘的是規模縮小和一些額外的侵蝕。

Okay. And then just -- I'm not used to seeing FactSet doing more kind of general reductions in force. Usually, the company, at least in prior downturns, I didn't see that very much. Can you talk about a little bit where you're taking the costs out? I mean how are you being surgical enough to make sure that you're not impacting the potential to grow the business?

好的。然後，我不習慣看到 FactSet 進行更多類型的一般性削減。通常情況下，公司，至少在之前的經濟低迷時期，我並沒有看到太多這樣的情況。您能談談您在哪些方面削減了成本嗎？我的意思是，你如何做到足夠手術以確保你不會影響業務增長的潛力？

Shlomo, it's Phil. Thanks for the question. So I'll frame it for you this way. So we -- I talked in my opening comments about a bit of a reorganization that we're going through. And we've started a bit of that. The rest of it will happen by September 1. But part of this rationale is really getting better aligned by firm type.

什洛莫，我是菲爾。謝謝你的提問。所以我會這樣為你構建它。所以我們——我在開場白中談到了我們正在經歷的一些重組。我們已經開始了一些這樣的工作。其餘部分將在 9 月 1 日之前完成。但這一基本原理的一部分實際上是根據公司類型更好地協調一致。

So some products move around within the business lines. All of the quota-carrying staff moved under Helen now. So previously, we had our sales specialists for the different product lines in the business line. So they've now been organized by workflow.

因此，有些產品會在業務範圍內移動。現在，所有持有配額的員工都轉移到了海倫手下。以前，我們有針對業務線中不同產品線的銷售專家。因此，它們現在已按工作流程進行組織。

And then thirdly, we brought together the Content and CTS teams because we were creating sort of an extra layer on top of the content to deliver it. But because we've made so much progress in how we collect the data and send it internally to our engineers, that makes sense to make one team. So that's one thing.

第三，我們將內容和 CTS 團隊聚集在一起，因為我們在內容之上創建了一個額外的層來交付內容。但由於我們在收集數據並將其內部發送給工程師的方式方面取得了很大進展，因此組建一個團隊是有意義的。所以這是一回事。

The second thing is, this year, during our investment process, we went through the product portfolio and decided to deprioritize some product lines that historically we've been very reluctant to do. So it was a bit of a sort of reemphasizing what's important to us, what do we need to do less of and what should we be investing more in.

第二件事是，今年，在我們的投資過程中，我們仔細檢查了產品組合，並決定取消一些我們歷來非常不願意做的產品線的優先級。因此，這在某種程度上是在重新強調什麼對我們來說很重要，什麼是我們需要少做的事情以及我們應該在什麼方面進行更多投資。

And then as we've sort of evolved as a company, we looked at some roles that historically had made sense for us to have but maybe we need less of those now. So it's a little less about just pure cost reduction, even though it's obviously important for us to manage the margin and deliver operating income as we described. But -- so I'd say it was a combination of those things.

然後，隨著我們作為一家公司的發展，我們研究了一些歷史上對我們有意義的角色，但現在可能我們需要的更少了。因此，儘管正如我們所描述的那樣，管理利潤和提供營業收入對我們來說顯然很重要，但純粹的成本降低卻少了一些。但是——所以我想說這是這些事情的結合。

So I feel very good about this. And obviously, we've grown our head count significantly in the last year, right? We've grown our head count by at least 1,000 people. So we talked about reducing our workforce by less than 3%. So I think this is just the sort of good annual managing of the business as we set ourselves up for the next year.

所以我對此感覺非常好。顯然，去年我們的員工數量顯著增加，對嗎？我們的員工數量至少增加了 1,000 人。所以我們討論了將勞動力減少不到 3%。因此，我認為這正是我們為明年做好的年度業務管理。

It's Linda. You had asked a question in your written work, and we want to make sure we get all the questions answered. You had asked about what's going on with other income, and the answer to that is about $3.3 million is on that line. We had some old CGS receivables, which had been written off, but that money came through. So that shows up in other income, just so you are clear as to where that's come from. And thank you for noting the reduction in 5 -- of 5 days in our days sales outstanding, going from 46 to 41. So thanks for that, and I think we'll move on.

是琳達。您在書面作業中提出了一個問題，我們希望確保所有問題都能得到解答。您曾詢問過其他收入的情況，答案是大約 330 萬美元就在這條線上。我們有一些舊的 CGS 應收賬款，已被註銷，但這筆錢還是到了。所以這會顯示在其他收入中，這樣你就清楚它來自哪裡。感謝您注意到我們的銷售天數減少了 5 天，從 46 天減少到 41 天。所以謝謝您，我想我們會繼續前進。

Our next question comes from the line of Owen Lau with Oppenheimer.

我們的下一個問題來自 Owen Lau 和 Oppenheimer 的對話。

So going back to AI on both revenue and expense line item. On revenue, could you please talk about how GenAI can potentially impact your revenue model? So is it more like this is an add-on service that allows you to better negotiate for pricing or you can separately charge for AI-enhanced products?

那麼回到收入和費用項目上的人工智能。關於收入，您能否談談 GenAI 對您的收入模式有何潛在影響？那麼這更像是一項附加服務，可以讓你更好地協商定價，還是可以單獨對人工智能增強產品收費？

And then on the cost side, I mean, there's a lot of excitement about the cost-saving opportunity. But could you please give us a sense of how much labor cost you can, let's say, save if you have a full AI implementation today?

然後在成本方面，我的意思是，人們對節省成本的機會感到非常興奮。但是，您能否讓我們了解一下，如果您今天擁有完整的人工智能實施方案，您可以節省多少勞動力成本？

Sure. It's Phil. Thanks, Owen. So the way we're thinking about it, at least today, right, is we're just going to significantly improve the search capabilities on FactSet. That's sort of one thing that we're focused on. We think there's other sort of research that we can produce from the content we have today that will be valuable to clients.

當然。是菲爾.謝謝，歐文。因此，我們的想法是，至少在今天，我們將顯著提高 FactSet 上的搜索功能。這是我們關注的一件事。我們認為，我們可以根據現有的內容進行其他類型的研究，這對客戶來說很有價值。

So we're still evaluating this. But my guess is, right, that we're going to just continue to improve that experience of the FactSet user that's using like some version of our product, which will allow us to take more market share from our clients and improve retention. So I think that's how I would think about it for now.

所以我們仍在評估這一點。但我的猜測是，我們將繼續改善使用我們產品的某些版本的 FactSet 用戶的體驗，這將使我們能夠從客戶那裡獲得更多的市場份額並提高保留率。所以我想這就是我現在的想法。

And on the cost-savings side, yes, it's easy to sort of put numbers in a spreadsheet and say, okay, we'll get rid of half of this type of user. But it's obviously, not that simple an equation. So data and technology keeps moving, it always has. You always need to produce more value than you did the previous year. So the question for us is that balance between, okay, what are the cost efficiencies we can gain versus how much of that do we want to reinvest in the product. So we're going to maintain that long-term view.

在節省成本方面，是的，很容易將數字放入電子表格中，然後說，好吧，我們將擺脫一半此類用戶。但顯然，這不是一個簡單的方程式。因此，數據和技術一直在不斷發展。你總是需要創造比前一年更多的價值。因此，我們面臨的問題是，在我們可以獲得的成本效率與我們想要在產品上再投資多少之間取得平衡。因此，我們將保持長期觀點。

And I think even if we felt we could take out significant costs, we believe, again, that the top line is important, and reinvesting that in more functionality and more data is a good thing. So we're at the beginning of this. It's moving very quickly. We are moving very quickly. And as I mentioned in my opening comments, we think that the big buckets of opportunity are within products, within content collection and with support. But we just -- we don't know exactly where it's going yet, other than we feel really good about our position.

我認為，即使我們認為我們可以節省大量成本，我們仍然相信營收很重要，並將其重新投資於更多功能和更多數據是一件好事。所以我們才剛剛開始。它移動得非常快。我們的行動非常快。正如我在開場白中提到的，我們認為大量的機會存在於產品、內容收集和支持中。但我們只是 - 我們還不知道它到底會走向何方，除了我們對自己的處境感到非常滿意之外。

Got it. And then on the deep sector work, Phil, you mentioned a little bit on that. Can you give us a little bit more color on the timing to launch more products. I know you have some beta products there. And then would that 3% labor reduction impact the pace of just deep sector work or no?

知道了。然後關於深層部門的工作，菲爾，你提到了一點。您能否就推出更多產品的時機向我們提供更多信息？我知道你們那裡有一些測試版產品。那麼，勞動力減少 3% 是否會影響深度部門工作的節奏？

No, absolutely not. Deep sector is one of our major product initiatives. It's gotten significant investment over the last few years. It's getting more through this year's investment process. And we're including it in -- today in our products. So if you're a FactSet user today, you will just see more and more functionality and more data appear, depending on what company you're looking at and what sector that's in.

不，絕對不是。深部門是我們的主要產品舉措之一。在過去幾年中，它獲得了大量投資。通過今年的投資過程，它獲得了更多的成果。今天我們將其納入我們的產品中。因此，如果您現在是 FactSet 用戶，您將看到越來越多的功能和越來越多的數據出現，具體取決於您正在查看的公司以及所屬行業。

We're also creating feeds of this. So the discrete product sales would be more feeds if you wanted to use that as part of your quantum research product. But it is having a nice impact for us, particularly in banking now with retention. And a lot of these -- a lot of why you win or lose in banking is these large multiyear deals with the bigger banks, and we feel that we're in a better position than ever as those come up for renewal.

我們也在創建此內容的提要。因此，如果您想將離散產品用作量子研究產品的一部分，那麼離散產品的銷售將會更多。但這對我們產生了良好的影響，特別是在銀行業，現在有保留。其中很多——你在銀行業獲勝或失敗的很多原因是與大銀行的這些大型多年期交易，我們認為，隨著這些交易的更新，我們處於比以往更好的位置。

Our next question comes from the line of Craig Huber with Huber Research Partners.

我們的下一個問題來自克雷格·胡貝爾 (Craig Huber) 和胡貝爾研究合作夥伴 (Huber Research Partners)。

Can you talk a little bit further about the investment firms out there that your clients -- and talk about the pipeline, the tone of business and maybe separate it between the hedge funds, the midsized investment firms and the global investment management out there. Is there much difference between that going on right now? I know you touched on this before, I just want to hear a little bit further about the tone of business and the pipelines across the 3 separated out, please.

您能否進一步談談您的客戶的投資公司，並談談管道、業務基調，也許可以將其區分為對沖基金、中型投資公司和全球投資管理。現在發生的事情有很大區別嗎？我知道您之前談到過這一點，我只是想進一步了解一下業務基調以及跨 3 個獨立管道的情況。

Sure. Happy to do that. So when we take a look at the investment management firms, I break them out into a couple of different pieces. Like you said, there's hedge funds. We call it -- in our buy side, we have asset owners as well as investment management firms. The larger ones who have begun and really are committed to their digital transformation are the ones that we have the most success with because they are ready to go and they really are working with us, whether it's through blueprinting things that we've done with them or to really help put in some of the solutions for them. So that pipeline has remained strong.

當然。很高興這樣做。因此，當我們審視投資管理公司時，我將它們分為幾個不同的部分。正如你所說，有對沖基金。我們稱之為——在我們的買方，我們有資產所有者和投資管理公司。那些已經開始並真正致力於數字化轉型的大型企業是我們最成功的企業，因為他們已做好準備，並且真正與我們合作，無論是通過我們與他們一起完成的藍圖或者真正幫助他們提出一些解決方案。因此，該管道仍然保持強勁。

And so when I talk about the fact that they are clients that are ready to make -- move forward but maybe are constrained, either by bandwidth or by initial dollars, that's -- those are the ones, Craig, that I'm more referring to. I think some of the smaller firms, if they haven't really started that or gotten committed to that journey, then those are the ones that are pulling back right now and not necessarily spending where they would have done it last year.

因此，當我談到他們是準備好向前邁進但可能受到帶寬或初始資金限制的客戶時，克雷格，我更指的是這些客戶到。我認為一些較小的公司，如果他們還沒有真正開始這一過程或致力於這一旅程，那麼這些公司現在就會撤退，並且不一定會在去年的支出上進行支出。

As it relates to hedge funds, we've actually done quite well with them. They continue to form new bids and actually are buyers of our data. And it doesn't even -- when we talk about funds, it doesn't even have to be hedge funds. It can be for any of the asset managers. If they close a fund and open a new one, a new fund, we are able to capture that as well. So that's really the state of what we're seeing in the markets.

就對沖基金而言，我們實際上在它們方面做得很好。他們不斷形成新的出價，實際上是我們數據的買家。甚至當我們談論基金時，它甚至不一定是對沖基金。它可以適用於任何資產管理者。如果他們關閉一隻基金並開設一隻新基金，我們也能夠捕捉到這一點。這就是我們在市場上看到的真實情況。

My final question, CUSIP. I heard you say -- somebody say briefly, you said growing mid-single digits. Is that what it actually grew year-over-year in the quarter we just finished here? And what's sort of your outlook for that business? And how has the integration gone from your perspective so far?

我的最後一個問題，CUSIP。我聽到你說——有人簡單地說，你說增長是中個位數。這是我們剛剛結束的這個季度的實際同比增長嗎？您對該業務的前景有何看法？從您的角度來看，到目前為止整合進展如何？

Well, the integration has gone seemingly well. And we believe that we're going to hit all of the metrics that we set out to meet on the numbers side by the end of the year. Issuance is a bit down. I think you probably saw that in this quarter. But if you believe that the markets are going to come back, hopefully, we see an upswing there. But all of the commentary we made previously about this business, which we don't break out completely separately, none of that has changed.

嗯，整合看起來進展順利。我們相信，到今年年底，我們將在數字方面達到我們設定的所有指標。發行量略有下降。我想您可能在本季度看到了這一點。但如果你相信市場將會復蘇，那麼我們希望我們能看到市場的回升。但我們之前對這項業務所做的所有評論（我們沒有完全單獨列出）都沒有改變。

Our next question comes from the line of John Mazzoni with Wells Fargo.

我們的下一個問題來自富國銀行的約翰·馬佐尼 (John Mazzoni)。

This is John filling in for Seth. Just a quick one. Could you just remind us what percentage of the international book was captured during this round of price increases? I believe you said 7% more year-over-year. But what was that base?

這是約翰代替賽斯。只是快一點。您能否提醒我們，國際圖書在這輪漲價中佔據了多少比例？我相信你說的是同比增長 7%。但那個基地是什麼？

This is Helen. So the number -- I'm trying to get to your 7%, but we're up $17 million in price increases, which is $4.5 million higher than the previous year. And of course, this is on top of the $31 million that we captured in Americas in the last quarter.

這是海倫。所以這個數字——我試圖達到你的 7%，但我們的價格上漲了 1700 萬美元，比上一年高出了 450 萬美元。當然，這還不包括上個季度我們在美洲獲得的 3100 萬美元。

Okay. And then maybe just on a different note, if kind of the environment continues to be a bit sluggish, could you just remind us around the different levers that have been pulled? And really, if what area we are in, in terms of innings, in terms of the downturn playbook, and what those buckets could look like if we would potentially see another year or 2 of kind of sluggish economic growth and potentially lower head count?

好的。然後也許只是換個角度，如果環境繼續有點低迷，您能否提醒我們已經拉動的不同槓桿？事實上，如果我們可能會再看到一兩年的經濟增長緩慢和員工人數減少，那麼從局數來看，從低迷的劇本來看，我們處於什麼區域，以及這些桶會是什麼樣子？

Yes, it's Linda. I think we had talked about the headlines being we're looking to take approximately a $45 million restructuring charge in the fourth quarter. And we're -- we started with the easier-to-move buckets -- maybe not easier, but the ones that probably have less implication for the employee base. So we started with real estate. We've taken a total now of close to -- when we get down in the fourth quarter, close to $80 million of real estate downsizing. So that one has been worked through pretty well.

是的，是琳達。我想我們討論過的頭條新聞是我們希望在第四季度承擔大約 4500 萬美元的重組費用。我們從更容易移動的桶開始，也許並不容易，但對員工基礎的影響可能較小。所以我們從房地產開始。當我們在第四季度下降時，我們現在總共已經採取了接近 8000 萬美元的房地產縮小規模。因此，這一工作已經完成得相當好。

When we talk about third-party data, an increase in cost of only 1.9% in a highly inflationary environment, that one has gone very well also. And on the technology budget, you know that we're keeping some capabilities on-premises, which saves $20 million over 5 years. And we've greatly increased capitalization through accurate time tracking. So we've dealt with the tech budget as well, and we continue to do so, focusing on third-party software purchases and also on cloud usage, which is not for clients, to make sure we got all that right.

當我們談論第三方數據時，在高通脹環境下成本僅增加了 1.9%，這也表現得很好。在技​​術預算方面，您知道我們在本地保留了一些功能，這在 5 年內節省了 2000 萬美元。我們通過準確的時間跟踪大大增加了資本。因此，我們也處理了技術預算，並且我們將繼續這樣做，重點關注第三方軟件購買以及不適合客戶的雲使用，以確保我們做對了所有事情。

So then we get to people, and that's where it gets tricky. We took the steps of taking hiring just to essential hiring, then to hiring freezes. And only now are we looking to do somewhat of a reduction in the number of employees that we have. But as Phil said, we had increased the head count by 1,000 people over the course of the last year. So trimming by 3% seems to be a reasonable choice.

然後我們就接觸到人了，這就是棘手的地方。我們採取了將招聘改為必要招聘，然後凍結招聘的步驟。直到現在，我們才打算在一定程度上減少員工數量。但正如 Phil 所說，去年我們的員工數量增加了 1,000 人。因此，削減3%似乎是一個合理的選擇。

Now if the situation gets worse, we'll have to think further about this. The big buckets are the technology spend and the people expense. So we'll continue to look at those. But I think we've done a pretty good job in pulling back on all our costs, that's why you see margin guidance going up 100 bps. So a lot of good work being done across the organization to make sure we are rightsized, and we have the right resources in the right places. I hope that helps.

現在如果情況變得更糟，我們就必須進一步考慮這個問題。其中最大的部分是技術支出和人員支出。所以我們將繼續關注這些。但我認為我們在削減所有成本方面做得非常好，這就是為什麼你會看到利潤率指導上升 100 個基點。因此，整個組織正在進行大量出色的工作，以確保我們的規模合理，並且我們在正確的地方擁有正確的資源。我希望這有幫助。

Our next question comes from the line of Faiza Alwy with Deutsche Bank.

我們的下一個問題來自 Faiza Alwy 與德意志銀行的聯繫。

So I know we've covered a lot of ground. I just had a couple of quick clarification questions. One is a follow-up on Alex's question regarding the ASV base. If you don't mind just confirming for us that the base for fiscal '23 for that $145 million increase is $2,027.4 million, I think that would be very helpful for everyone.

所以我知道我們已經涵蓋了很多內容。我只是想快速澄清幾個問題。其中之一是 Alex 關於 ASV 基地問題的後續。如果您不介意為我們確認 23 財年增加 1.45 億美元的基礎是 20.274 億美元，我認為這對每個人都非常有幫助。

All right. The base, meaning the total amount of ASV that we have right now?

好的。基數，是指我們現在擁有的 ASV 總量？

The total amount of ASV that you had at the end of fiscal '22 that you're going to grow off of by $145 million.

22 財年末您擁有的 ASV 總額將增加 1.45 億美元。

Got it. Kendra is going to come back to you specifically on that because we want to make sure that we're giving you apples-to-apples.

知道了。肯德拉（Kendra）將專門就此問題與您聯繫，因為我們希望確保我們為您提供同等的信息。

Okay. Okay.

好的。好的。

Yes. If that's unclear, yes, in all of your follow-up meetings, I think we can -- we'll get to that.

是的。如果這還不清楚，是的，在你們所有的後續會議中，我想我們可以——我們會解決這個問題。

Okay. Okay. Okay. Sounds good. And then just a second, I guess, it's a clarification question, and I might be stating the obvious. But what I'm hearing is that given the overall macro environment, demand environment, we might be below the medium-term targets as it relates to the top line or the ASV growth. But we expect to make up for it on margins, such that we're able to maintain the 11% to 13% EPS growth outlook that you had talked about at Investor Day last year. Is that the right way to think about fiscal '24? And if so, are there any parameters that you can put around it?

好的。好的。好的。聽起來不錯。我想，請稍等一下，這是一個澄清問題，我可能會陳述顯而易見的事情。但我聽到的是，考慮到整體宏觀環境、需求環境，我們可能低於中期目標，因為這與營收或 ASV 增長有關。但我們預計將通過利潤率來彌補，這樣我們就能夠維持您在去年投資者日談到的 11% 至 13% 的每股收益增長前景。這是思考 24 財年的正確方式嗎？如果是這樣，您可以添加任何參數嗎？

Yes. Faiza, taking this question first, while my colleagues are looking for those numbers to make sure we have it right, it's too early to talk about 2024. But we take very seriously the responsibility of rightsizing the cost base so that we could hit our margin targets and thus our EPS targets. I think it's pretty important to note that despite these difficult conditions, we've taken up the margin guidance for this year, which is a pretty important change for us. And you're correct on the margin focus and also the EPS number.

是的。 Faiza，首先回答這個問題，雖然我的同事正在尋找這些數字以確保我們的數據正確，但現在談論 2024 年還為時過早。但我們非常認真地承擔調整成本基礎的責任，以便我們能夠達到利潤率目標以及我們的每股收益目標。我認為值得注意的是，儘管面臨這些困難的條件，我們仍然採用了今年的利潤指引，這對我們來說是一個非常重要的變化。你對利潤率和每股收益的關注是正確的。

I'll turn it back over to Helen for any follow-up on the top line.

我會將其轉回海倫以進行頂行的任何後續行動。

Yes. No, I just wanted to go back to your question to make sure that I understood it. So if you're asking about the total ASV for FY '22, I think you said $2,027.4 million, that is the number I would use.

是的。不，我只是想回到你的問題以確保我理解它。因此，如果您詢問 22 財年的 ASV 總額，我認為您說的是 20.274 億美元，這就是我會使用的數字。

Okay. So we should expect that number to be up by $145 million to get to the fiscal '23 ASV?

好的。那麼我們應該預計這個數字會增加 1.45 億美元才能達到 23 財年的 ASV？

Well, it depends on where we end the year. But yes, our ranges include CGS, and this would include CGS as well.

嗯，這取決於我們在哪裡結束今年。但是，是的，我們的產品範圍包括 CGS，這也包括 CGS。

Okay. Okay. If I can just follow up on that because it does imply that the 3-month growth in ASV from 3Q into 4Q sort of accelerates given where you ended 3Q. So I'm curious, like is that just timing? Or is there something else that we didn't talk about on the call that's going to help the acceleration?

好的。好的。如果我可以跟進這一點，因為這確實意味著，考慮到第三季度結束的情況，ASV 從第三季度到第四季度的 3 個月增長有所加速。所以我很好奇，這只是時機嗎？還是還有其他我們在電話中沒有討論的事情有助於加速？

I think probably this makes sense for you to follow up with Kendra afterwards. I'm not sure when you say accelerate. If you're asking whether our fourth quarter is larger than our third quarter, the answer is yes. Historically, it has always been larger, and it will be larger this time around as well.

我認為這對您事後跟進肯德拉可能是有意義的。我不確定你什麼時候說加速。如果你問我們的第四季度是否大於第三季度，答案是肯定的。從歷史上看，它總是更大，這一次也會更大。

Our next question comes from the line of Keith Housum with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Keith Housum。

Our next question comes from the line of Andrew Nicholas with William Blair.

我們的下一個問題來自安德魯·尼古拉斯和威廉·布萊爾的對話。

I just have one because you covered quite a bit, and it's on the content collection side. It sounds like that's one of the major opportunities you've identified in terms of cost savings and one of the maybe operational benefits tied to AI. I'm just curious, and I apologize if this is too technical of a question. I'm not an engineer. But is -- what is it about the shift from "regular AI" or historical AI to generative AI that is making that a more realistic or outsized opportunity? Is it making kind of the coding that goes into content collection cheaper or more efficient? Or is it the technology's ability to maybe understand language better?

我只有一個，因為您涵蓋了相當多的內容，而且它位於內容收集方面。聽起來這是您在節省成本方面發現的主要機會之一，也是與人工智能相關的可能的運營優勢之一。我只是好奇，如果這個問題太技術性，我很抱歉。我不是工程師。但是，從“常規人工智能”或歷史人工智能向生成式人工智能的轉變，是什麼讓這一轉變變得更加現實或更巨大的機會呢？它是否使內容收集的編碼變得更便宜或更高效？或者是技術能夠更好地理解語言？

I'm just trying to understand what has changed over the past 6 months that makes that a bigger deal today versus last year, as an example, especially considering you're a company that's invested in machine learning and AI for several years, as you noted.

舉個例子，我只是想了解過去 6 個月裡發生了什麼變化，使得今天的事情比去年更重要，特別是考慮到您是一家投資機器學習和人工智能多年的公司，因為您著名的。

Yes. So I mean that's a pretty technical question. So there are -- the things that you mentioned certainly will help there. We're exploring all of the different things that could make it more efficient. Today, the content collection process is a combination of machine and humans. So we feel for a lot of things -- just obviously, you're still going to need a human in the loop for good judgment and so on, quality assurance. So it's probably a little bit more of the tools themselves evolving to a way where we can get the information in front of a human in a more teed up way, where it makes them just much more efficient.

是的。所以我的意思是這是一個非常技術性的問題。所以，你提到的事情肯定會有所幫助。我們正在探索所有可以提高效率的不同方法。如今，內容收集過程是機器和人類的結合。所以我們對很多事情都有感覺——很明顯，你仍然需要一個人在循環中進行良好的判斷，等等，質量保證。因此，工具本身可能更多地發展為一種方式，使我們能夠以更方便的方式將信息呈現在人類面前，從而使它們更加高效。

So we use StreetAccount as the first example here. So our StreetAccount new service, which many of you use, does an awesome job, and it has historically, of pulling together lots of different sources, getting it in front of a professional who then puts it into bullet points, which make it so easy for you to consume. And what took one of these very skillful people 30 minutes to do previously for an S&P 500 company took them 2 minutes, right, in this last iteration. And that's just like at the very beginning of trying something fairly simple. So that's a massive efficiency.

因此，我們在這裡使用 StreetAccount 作為第一個示例。因此，我們的 StreetAccount 新服務（你們很多人都在使用）做得非常出色，而且從歷史上看，它可以將許多不同的來源匯集在一起，將其提供給專業人士，然後由專業人士將其放入要點中，這使得它變得非常容易供您消費。以前，這些非常熟練的人需要 30 分鐘才能為一家標準普爾 500 指數公司完成的工作，在最後一次迭代中，他們只用了 2 分鐘，對吧。這就像一開始嘗試一些相當簡單的事情一樣。所以這是一個巨大的效率。

We still need that person to look it over, make sure that they're adding the added value that they will always add to get there. But that's just one very clear example. This is a rapidly evolving space. And we just -- we're partnering with lots of firms here, and we're evaluating lots of different LLMs, including open-source. But we're very encouraged by the early signs that we've seen on both the content collection side as well as the coding side.

我們仍然需要那個人來檢查它，確保他們正在添加他們將始終添加的附加值以實現目標。但這只是一個非常明顯的例子。這是一個快速發展的空間。我們只是 - 我們正在與這裡的許多公司合作，並且我們正在評估許多不同的法學碩士，包括開源。但我們對內容收集方面和編碼方面看到的早期跡象感到非常鼓舞。

Our next question comes from the line of Russell Quelch with Redburn.

我們的下一個問題來自拉塞爾·奎爾奇和雷德本的對話。

So in terms of generative AI, following on from what you just mentioned there. I guess we may be at the point where this starts getting reflected into relative valuations, and I think it likely comes through the multiple before the P&L. So I was interested to hear you, Phil. Your comments suggest that FactSet is in pole position to be a beneficiary on this topic or in this area.

因此，就生成人工智能而言，請繼續您剛才提到的內容。我想我們可能已經到了這個點開始反映到相對估值中，而且我認為它可能通過損益表之前的倍數來體現。所以我很想听聽你的說法，菲爾。您的評論表明，FactSet 在成為該主題或該領域的受益者方面處於領先地位。

And maybe a challenge to that view would be that generative AI is likely to primarily benefit proprietary data owners that have invested -- sort of labeled their data and have built their own LLMs in-house [for the populace], particularly if regulation stops financial service companies using open-source data and models. So given some peers are more tilted towards proprietary data and have built their own fully labeled data sets and proprietary LLMs for financial markets, can you maybe explain a bit more your comment on why you think you're in pole position in this area, please?

也許對這種觀點的挑戰是，生成式人工智能可能主要受益於已經投資的專有數據所有者——有點標記他們的數據並[為大眾]建立了自己的內部法學碩士，特別是如果監管停止金融使用開源數據和模型的服務公司。因此，考慮到一些同行更傾向於專有數據，並為金融市場建立了自己的完全標記數據集和專有法學碩士，您能否解釋一下為什麼您認為自己在該領域處於領先地位？ ？

Sure. Many thanks, Russell. It really has to do with the data that we have on FactSet. So we collect a ton of proprietary content ourselves. We also are very -- are trusted to integrate third-party as well as client data. So it's that amalgamation and that library of all that data that's well-stitched together that investment professionals will need to use. And it's the reason they've used platforms like FactSet over the years.

當然。非常感謝，拉塞爾。它確實與我們在 FactSet 上擁有的數據有關。因此，我們自己收集了大量專有內容。我們也非常信任我們能夠集成第三方和客戶數據。因此，投資專業人士需要使用的正是這種融合和所有數據的完美結合的庫。這也是他們多年來使用 FactSet 等平台的原因。

So we're in a -- that's what you need to really get going. I think if you're a firm that doesn't have that data already, I'm sure you could start today and maybe be more valuable in the future. But recreating all of that history for a fundamental analyst, a quant analyst, if you're looking at client portfolios, it doesn't matter. That is one of the key things that folks are going to need. So it's not going to matter how good your technology is, unless you're pointing it at quality data.

所以我們正處於一個——這就是你真正開始行動所需要的。我認為，如果您是一家還沒有這些數據的公司，我相信您可以從今天開始，也許將來會更有價值。但是，如果你正在研究客戶的投資組合，那麼為基本面分析師、量化分析師重新創建所有這些歷史，那就無關緊要了。這是人們需要的關鍵東西之一。因此，除非您將其指向高質量的數據，否則您的技術有多好並不重要。

And there have been other instances in our industry of people trying to come up with cheaper alternatives of FactSet and other providers. And I don't think many of those have been successful, frankly. So I do think that given the data we have, given the relationships we have with our clients, given all the investment we've made in our platform to sort of be AI first and open the platform and redo the content refinery, all of those things for us -- and having the relationships and the trust with our clients, all of those things add up to me to be a very powerful formula.

在我們的行業中，還有其他一些例子，人們試圖提出 FactSet 和其他提供商的更便宜的替代品。坦率地說，我認為其中很多都沒有成功。因此，我確實認為，考慮到我們擁有的數據，考慮到我們與客戶的關係，考慮到我們在平台上進行的所有投資，以人工智能為先，開放平台並重做內容精煉，所有這些對我們來說，以及與客戶的關係和信任，所有這些因素加在一起，使我成為一個非常強大的公式。

Yes, that's interesting. Maybe just as a quick follow-up in terms of a different topic, ASV. Is there a risk to the medium-term ASV guidance? And will you be revisiting the medium-term guidance at Q4 in addition to providing 2024 guidance?

是的，這很有趣。也許只是作為另一個主題 ASV 的快速跟進。中期 ASV 指引是否存在風險？除了提供 2024 年指導之外，您還會在第四季度重新審視中期指導嗎？

If you're talking about the medium-term guidance we gave out at Investor Day, I think it was last April, yes, we're obviously going to be taking a close look at FY '24. And we'll give more color on that when we speak to you in 3 months.

如果你談論的是我們在投資者日發布的中期指引，我想那是去年 4 月的事，是的，我們顯然會仔細研究 24 財年。當我們在 3 個月後與您交談時，我們將對此進行更多說明。

Our last question comes from the line of Jeff Silber with BMO Capital Markets.

我們的最後一個問題來自 BMO 資本市場的 Jeff Silber。

I know it's late. I'll just ask one. You talked about the uncertain environment here. And I think, Linda, you said you might be optimistic that they might be darkest before the dawn. What are you looking for? And what should we be looking for to get some confidence that these guys are starting to open up a bit.

我知道已經晚了。我就問一個吧您談到了這裡的不確定環境。我想，琳達，你說過你可能樂觀地認為黎明前可能是最黑暗的。你要買什麼？我們應該尋找什麼來獲得這些人開始開放一點的信心。

It's Phil. I'll start, and I'll let my colleagues chime in if they want to. One of the things with these banking hiring classes that will be very interesting to see, I think we've seen a bit of both already, but we don't really get good color on that until we get further into Q4. So if the larger banks decide to hire classes of the size they did previously or larger, that is a very good sign to us.

是菲爾.我先開始，如果我的同事願意的話，我會讓他們插話。這些銀行招聘課程的其中一件事將非常有趣，我認為我們已經看到了這兩方面的一些內容，但直到我們進一步進入第四季度之前，我們才真正對此有很好的了解。因此，如果較大的銀行決定僱用與以前相同規模或更大的班級，這對我們來說是一個非常好的跡象。

Continuing to look at our premier clients, as Helen mentioned, we've done very well within some of the largest buy-side firms. For me, that's one of the most important things that we can do. Some of the slowdown you've seen is just we've had less new logos from corporate clients, private equity, venture capital, those types of firms. But for us, just seeing that confidence and engagement from the biggest banks and the biggest buy-side firms, that, for me, is most important.

正如海倫提到的，繼續關注我們的主要客戶，我們在一些最大的買方公司中做得非常好。對我來說，這是我們能做的最重要的事情之一。你所看到的一些放緩只是因為我們從企業客戶、私募股權、風險投資等類型的公司獲得的新徽標減少了。但對我們來說，看到最大的銀行和最大的買方公司的信心和參與，對我來說，是最重要的。

And we have terrific engagement on both sides now. So clients really want to talk to us. And the fact that we now have opened up the platform, we have a lot to say in terms of data and technology. We're getting a level of engagement that previously we hadn't.

現在我們雙方都有很好的接觸。所以客戶真的很想與我們交談。而且我們現在開放了平台，在數據和技術方面我們有很多話要說。我們獲得了前所未有的參與度。

Something we did last quarter, which is worth mentioning, is we had something called Developer Day. So we had over 200 clients log in to a session of FactSet, where they met with our engineers essentially and got educated about all the ways they can now code directly against FactSet and use us. And that's something new for us and I think a very good sign of things to come.

上個季度我們做了一件值得一提的事情，那就是我們舉辦了“開發者日”活動。因此，我們有超過 200 名客戶登錄到 FactSet 會話，他們在其中與我們的工程師進行了實質上的會面，並了解了他們現在可以直接針對 FactSet 進行編碼並使用我們的所有方式。這對我們來說是新事物，我認為這是未來事情的一個很好的跡象。

I would add that -- it's Linda. In the past short period of time, we've come through 500 basis points of rate increases from the Fed, the banking issues that were happening in March, credit contraction that's resulting from some of those issues and then the self-imposed debt ceiling issues that recently cleared. So those are 4 macro factors that have been very disruptive to the capital markets that have absolutely nothing to do with the health of FactSet's basic products and business.

我想補充一點——這是琳達。在過去的短時間內，我們經歷了美聯儲加息 500 個基點、3 月份發生的銀行業問題、其中一些問題導致的信貸收縮，以及自行施加的債務上限問題最近清除的。因此，這四個宏觀因素對資本市場具有很大的破壞性，但與 FactSet 基本產品和業務的健康狀況完全無關。

So the capital markets are cyclical. And for those of you who are newer to the industry and perhaps earlier in your careers, this sort of capital market slowdown happens every few years. And generally, when the markets reopen, things rebuild very quickly. The hiring and firing cycles at banks, Helen and I were talking about just the other day as 2 former investment bankers, they wax and wane. It's just the way the industry works.

所以資本市場是有周期性的。對於那些剛進入這個行業或者職業生涯較早的人來說，這種資本市場放緩每隔幾年就會發生一次。一般來說，當市場重新開放時，一切都會很快重建。前幾天，海倫和我作為兩位前投資銀行家正在談論銀行的招聘和解僱週期，它們的盛衰。這就是這個行業的運作方式。

So I would caution against overreaction, but I'll turn it over to Helen and see what she has to say.

所以我會警告不要反應過度，但我會把它交給海倫，看看她會說什麼。

I'll echo what Linda said. And I guess one other piece for you to consider, unfortunately, our banking book is built on multiyear contracts. And the bulk of the ASV, which is with the large global banks, have minimums. So from a head count perspective, in that specific situation, the cancel exposure is less than 3% of our total ASV. So to the point that Linda is making, one of the things that we'll be looking at is as hiring picks back up, we'll see that pick up as well.

我會回應琳達所說的。不幸的是，我想您還需要考慮另一件事，我們的銀行賬戶是建立在多年合同的基礎上的。大部分 ASV 都屬於大型全球銀行，都有最低限額。因此，從人數角度來看，在這種特定情況下，取消風險敞口不到我們總 ASV 的 3%。因此，就琳達正在做的事情而言，我們將關注的事情之一是隨著招聘的回升，我們也會看到這種回升。

Our focus over and during these periods of time is on retention. We want to keep what we have. And again, our high ASV retention, I think, is a real -- is emblematic of the long relationships but also the work that we've been doing. And so when the -- hopefully, the markets pick back up, there's greater confidence by clients, we'll see that expansion and new pick up as well. So again, we're very comfortable with where we stand today.

在這段時間裡，我們的重點是保留。我們想保留我們所擁有的。再說一次，我認為，我們的 ASV 保留率很高，這是長期關係的象徵，也是我們一直在做的工作的象徵。因此，當市場回暖、客戶信心增強時，我們也會看到擴張和新的回升。再說一遍，我們對今天的處境感到非常滿意。

I'd now like to turn the conference back over to Phil Snow for closing remarks.

現在我想將會議轉回菲爾·斯諾致閉幕詞。

Thank you all for joining us today and all the great questions. We look forward to speaking with you again next quarter. In the meantime, feel free to contact Kendra Brown with additional questions.

感謝大家今天加入我們並提出所有重要問題。我們期待下個季度再次與您交談。同時，如有其他問題，請隨時聯繫 Kendra Brown。

Operator, that ends today's call.

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。