Factset Research Systems Inc (FDS) 2024 Q4 法說會逐字稿

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Things release issued earlier today. During this conference metrics reflect changes as compared to respective 2023 period. Joining me today on the call are Phil Snow, Chief Executive Officer, Helen Shan, Chief Financial Revenue Officer.

今天早些時候發布的事情。 本次會議期間指標反映了與 2023 年相應期間的變化。 今天與我一起參加電話會議的有執行長 Phil Snow 和財務收入長 Helen Shan。

I will now turn the discussion over to Phil.

我現在將討論轉交給菲爾。

Thank you, Kate, and good morning, everyone. I'm pleased to share data and full year fiscal 2024 results. We ended fiscal 2024 with organic ASV plus professional services growth of 104 million or 4.8%, which is just above the midpoint of our guidance range provided in June. Annual revenue increased to $2.2 billion, adjusted operating margin to 37.8% and adjusted EPS to $16.45 or 12.3% growth, all above the high end of our most recent guidance. Amidst the ongoing backdrop of macro uncertainty, we continue to see evidence of the green shoots we observe last quarter. This positive trend, paired with our solid execution resulted in sales momentum on large deals as we closed out the year.

謝謝你，凱特，大家早安。 我很高興分享數據和 2024 財年全年業績。 截至 2024 財年，我們的有機 ASV 加上專業服務增加了 1.04 億，即 4.8%，略高於我們 6 月份提供的指導範圍的中點。 年收入增至 22 億美元，調整後營業利潤率增至 37.8%，調整後每股收益增至 16.45 美元，即增長 12.3%，均高於我們最新指導的上限。 在宏觀不確定性持續存在的背景下，我們繼續看到上季觀察到的復甦跡象。 這種積極的趨勢，加上我們紮實的執行力，為我們年底帶來了大筆交易的銷售勢頭。

While we remain cautious, I'm encouraged by the reacceleration of our new business and growth to end the fiscal year. Turning now to our financial results. In the fourth quarter, we added $54 million of ASV., which was in line with what we delivered in Q4 last year. This was driven by several large multiyear renewals and seven figure competitive displacements across multiple phone types for our organic ASV performance by region. In the Americas, we had 6% growth. Strength from strategic wins in wealth and momentum from long-term renewals on the sell side were offset by softness on the buy-side. In the EMEA region, growth decelerated a 2% retention of buy-side across the region as market conditions continue to constrain the budgets of our mid to large-sized asset manager clients.

儘管我們仍然保持謹慎態度，但我對本財年結束時新業務和成長的重新加速感到鼓舞。 現在轉向我們的財務表現。 第四季度，我們增加了 5,400 萬美元的 ASV，這與我們去年第四季交付的金額一致。 這是由於我們按地區的有機 ASV 表現而進行的多次大型多年更新以及多種手機類型的七位數競爭位移所推動的。 在美洲，我們實現了 6% 的成長。 賣方的財富策略勝利和長期更新帶來的動力被買方的疲軟所抵消。 在歐洲、中東和非洲地區，由於市場狀況繼續限制我們大中型資產管理公司客戶的預算，該地區的買方保留率下降了 2%。

In particular, third of the deceleration in the quarter was the result of a cancellation by one large buy-side clients. In the Asia Pacific region, we delivered growth of 7% wins across wealth with our analytics product suite and data solutions were offset by higher erosion and from banking and asset management clients. Now looking at trends by phone types. Wealth management was the largest contributor to our ASV growth in fiscal 2024, even with the one-time loss earlier in the year of a client in sourcing one of our services in the fourth quarter, we experienced strong demand and organic ASV growth accelerated to 12% for the year, led by multiple large enterprise deals in the long term renewal.

特別是，本季減速的三分之一是由於一個大型買方客戶取消的結果。 在亞太地區，我們透過分析產品套件和數據解決方案實現了 7% 的財富成長，但卻被銀行和資產管理客戶的侵蝕加劇所抵銷。 現在按手機類型查看趨勢。 財富管理是我們2024 財年ASV 成長的最大貢獻者，儘管今年稍早客戶在第四季度採購我們的一項服務時出現了一次性虧損，但我們經歷了強勁的需求，有機ASV 成長加速至12 %，由多家大型企業長期續約交易帶動。

These large wins in the fourth quarter build on our competitive displacement of an incumbent at a marquee wire house client in the first quarter. In the fourth quarter, we secured a win against the same competitor in the Canadian market where we now hold significant share with three of the region's top five wealth managers. So advisor desktop win in Q4 was a significant displacement of a competitor where we are replacing a high number of high and terminals, a leading private bank. In total, we added over 23,000 advisor desktops in fiscal 2024, representing over 30% growth in seat count to bring our total wealth uses to north of 100,000.

第四季的這些重大勝利建立在我們第一季取代一家大型電線公司客戶的現任客戶的基礎上。 第四季度，我們在加拿大市場擊敗了同一競爭對手，目前我們在該地區排名前五的財富管理公司中佔有相當大的份額。 因此，顧問桌面在第四季度的勝利是對競爭對手的重大取代，我們正在更換大量的高端和終端，這是一家領先的私人銀行。 2024 財年，我們總共增加了 23,000 多個顧問桌面，席位數增加了 30% 以上，使我們的財富使用總量超過 100,000 個。

Wealth workstation has proven to be a differentiator with clients seeking firm-wide enterprise deployments that improved productivity of their advisors, and we believe that FactSet is well-positioned to continue our momentum in competitive displacements as we broaden our offering for wealth managers, we are seeing early success in adjacent workflows. In the fourth quarter, we captured our first enterprise deal in the wealth middle office, so performance and managed services. We also achieved a significant milestone in the first sale of our conversational API. This large deal powers a leading private wealth client through programmatic access to FactSet Mercury, our G&A, I powered knowledge agents in deal makers.

事實證明，財富工作站對於尋求全公司範圍的企業部署以提高顧問生產力的客戶來說是一個差異化因素，我們相信，隨著我們擴大為財富管理機構提供的服務，FactSet 處於有利地位，能夠繼續我們在競爭性替代中的勢頭，我們正在在相鄰的工作流程中看到早期的成功。 在第四季度，我們在財富中台、績效和管理服務方面獲得了第一筆企業交易。 我們也在對話式 API 的首次銷售中實現了一個重要的里程碑。 這項大型交易透過對 FactSet Mercury（我們的 G&A，I 為交易撮合者中的知識代理提供支援）的編程訪問，為一家領先的私人財富客戶提供支援。

Organic ASV growth was 4%. While headwinds impacted this segment earlier in the year, we had we observed a reacceleration in Q4. This growth was driven by gains from a seven figure competitive win in banking to displace our main competitor in this space. And several multi-year contract renewals and a modest uptick in seasonal hiring.

ASV 有機成長率為 4%。 儘管今年早些時候該領域受到了不利因素的影響，但我們觀察到第四季度出現了重新加速的情況。 這一成長是由銀行業七位數的競爭勝利所帶來的收益所推動的，以取代我們在該領域的主要競爭對手。 以及數次多年合約續約和季節性招聘的小幅增長。

Conversations with our clients indicate a cautious optimism for more normalized hiring in banking in the months to come. On the institutional buy side, we faced a backdrop of tighter budgets and vendor consolidation that led to an organic ASV growth rate of 3%. These headwinds persisted throughout the year and were most pronounced for asset managers were higher erosion and a large asset manager cancellation put pressure on retention. While ongoing fee compression continues to be a challenge for the industry. Factset is among the few players that clients can choose to partner with to help consolidate spend and lower total cost of operations for partnerships and CGS.

與我們客戶的對話表明，我們對未來幾個月銀行業招聘更加正常化持謹慎樂觀態度。 在機構購買方面，我們面臨預算緊縮和供應商整合的背景，導致 ASV 有機成長率達到 3%。 這些不利因素全年持續存在，對資產管理公司來說最明顯的是侵蝕加劇以及資產管理公司的大規模取消給保留帶來了壓力。 雖然持續的費用壓縮仍然是該行業面臨的挑戰。 Factset 是客戶可以選擇與之合作的少數參與者之一，以幫助整合支出並降低合作夥伴和 CGS 的總營運成本。

Organic ASV growth was 6%. Softness from partnerships was offset by continued strong performance from CGF in the fourth quarter. New business and renewal expansions. Additive growth, while they lack of large deals and a significant cancellation were headwinds as we transition the fiscal 2025, we continue to execute against the strategic multiyear investment plan we outlined last quarter. There are three main pillars driving our focused.

ASV 有機成長率為 6%。 第四季 CGF 持續強勁的業績抵消了合作夥伴關係的疲軟。 新業務和更新擴展。 當我們向 2025 財年過渡時，雖然缺乏大型交易和大量取消，但附加增長是不利因素，但我們將繼續執行我們上季度概述的戰略性多年投資計劃。 我們的重點由三個主要支柱推動。

First, the continued data expansion to finish what we started over the past several years, we have executed the largest content expansion, in fact, sets history, including deep sector, private markets. And in real time, these initiatives have added to the growing universe of proprietary connected data on our platform, which increasingly differentiated FactSet from our competition. Additionally, these data investments are not only helping us win on renewals, but also driving our success in many of our competitor displacements. The focus of our targeted investments in the upcoming year will be on bringing these offerings to maturity.

首先，持續的資料擴展以完成我們過去幾年開始的工作，我們已經執行了最大的內容擴展，事實上，創造了歷史，包括深層部門、私人市場。 而且，這些舉措即時增加了我們平台上不斷增長的專有連接數據，這使 FactSet 在競爭中脫穎而出。 此外，這些數據投資不僅幫助我們贏得續訂，還推動我們在許多競爭對手的替代方案中取得成功。 我們來年的目標投資重點將是使這些產品成熟。

Secondly, embed into client workflows across each of the phone types we serve. There is continued runway for us to streamline and simplify our clients' workflows. For the institutional buy side, we are prioritizing investment in the front office where there is substantial opportunity to leverage our strong hold in portfolio performance, analytics and risk to deliver differentiated value with over 5.5 million institutional portfolios, representing nearly 30 trillion of AUM flow through our middle office systems each night.

其次，嵌入到我們服務的每種電話類型的客戶工作流程中。 我們有繼續簡化客戶工作流程的途徑。 對於機構買方，我們優先投資前台部門，那裡有大量機會利用我們在投資組合績效、分析和風險方面的強大優勢，為超過550 萬個機構投資組合（相當於近30 兆的AUM 流量）提供差異化價值每晚我們的中台系統。

FactSet is in a privileged position to connect as holdings data with the portfolio workflows of front office users. In Wealth Management, we aim to capture further market share by building on success growing presence on advisor desktops to expand into adjacent workflows such as prospecting and digital reporting. And finally, for deal makers, we continue to accelerate engagement with our banking clients to bring next-generation automation to their research, financial model modeling and pitch creation workflows, in addition to optimizing workflows to boost productivity for junior bankers, among whom FactSet has a strong and loyal following.

FactSet 具有將持有資料與前台使用者的投資組合工作流程連結起來的優勢。 在財富管理領域，我們的目標是在顧問桌面上不斷擴大影響力的基礎上，擴展到勘探和數位報告等相鄰工作流程，從而進一步佔領市場份額。 最後，對於交易撮合者，我們繼續加快與銀行客戶的合作，將下一代自動化引入他們的研究、財務模型建模和推廣創建工作流程，此外還優化工作流程以提高初級銀行家的生產力，其中FactSet已經強大而忠誠的追隨者。

We are also investing to expand on our technology driven differentiation for senior professionals. Third pillar is accelerating innovation through generative AI. A fundamental element of our strategy is executing on our roadmap. Since announcing FactSet, Mercury and RAI. blueprint late last year, we have focused on integrating generative AI directly into our clients' workflows and enhancing their overall FactSet experience. There are early signs that FactSet's differentiated open ecosystem approach to Gen AI is resonating, and our investments in this area are already paying off.

我們也投資擴大我們的技術驅動的高級專業人士的差異化。 第三個支柱是透過生成式人工智慧加速創新。 我們策略的一個基本要素是執行我們的路線圖。 自從宣布 FactSet、Mercury 和 RAI 以來。根據去年年底的藍圖，我們專注於將生成式人工智慧直接整合到客戶的工作流程中，並增強他們的整體 FactSet 體驗。 早期跡象表明，FactSet 針對 Gen AI 的差異化開放生態系統方法正在引起共鳴，我們在這一領域的投資已經獲得回報。

Earlier this year, we launched multiple new gen AI high-powered solutions, including portfolio commentary, transcript assistant and conversational API. powered by Mercury. And we are seeing meaningful usage of each by clients, which is starting to drive incremental ASV and improved retention forward to sharing more on our G&A, I progress at our recently announced Investor Day on November 14th, including a number of exciting new AI. product available in beta release through FactSet Explorer, our product previous program, which has now expanded to over 50 clients across banking, Biosite and wealth.

今年早些時候，我們推出了多個新一代人工智慧高效能解決方案，包括作品集評論、成績單助理和會話 API。由水星提供動力。 我們看到客戶對每項技術都進行了有意義的使用，這開始推動增量ASV 並提高保留率，以便在我們的G&A 上分享更多內容，我在最近宣布的11 月14 日投資者日取得了進展，其中包括一些令人興奮的新AI。該產品透過 FactSet Explorer 提供測試版，FactSet Explorer 是我們先前的產品計劃，現已擴展到銀行、Biosite 和財富領域的 50 多個客戶。

In addition to our own effort, it's we are enabling third party developers and technologies to build their own proprietary workflows on top of FactSet's data and technology through a partner program and Gen AI data packages, we are providing programmatic access to our curated content and incubating an ecosystem of fintech firms who need data to fuel our solutions.

除了我們自己的努力之外，我們還使第三方開發人員和技術能夠透過合作夥伴計劃和Gen AI 資料包在FactSet 的資料和技術之上建立自己的專有工作流程，我們正在提供對我們策劃的內容的程式設計可存取並孵化金融科技公司的生態系統，他們需要數據來推動我們的解決方案。

In summary, I'm pleased with how our team closed out of the year in a challenging market environment in the face of industry headwinds, facts that continues to be a trusted partner that clients can depend on to reduce their total cost of ownership. With our open platform, flexible approach and history of innovation, we see tremendous opportunity in helping clients modernize away from incumbent processes to get out of legacy technology and data that we are well placed to meet this demand with our broader enterprise offering across data workflow solutions and services, we are guiding to organic ASV growth of 5% at the midpoint for the upcoming fiscal year, balancing a more muted outlook in the first half of the year with improvement in the second half, we're encouraged by the nascent market recovery and our solid execution. This I'm excited about our opportunity ahead.

總而言之，我對我們的團隊在充滿挑戰的市場環境中面對行業逆風而結束這一年的表現感到滿意，事實證明，我們的團隊仍然是值得信賴的合作夥伴，客戶可以依靠它來降低總體擁有成本。 憑藉我們的開放平台、靈活的方法和創新歷史，我們看到了幫助客戶現代化、擺脫現有流程、擺脫遺留技術和資料的巨大機會，我們完全有能力透過跨資料工作流程解決方案的更廣泛的企業產品來滿足這一需求和服務方面，我們指導下一財年中點的有機 ASV 增長 5%，平衡上半年較為黯淡的前景和下半年的改善，我們對新興市場復甦感到鼓舞以及我們紮實的執行力。 我對我們未來的機會感到興奮。

Over our 40-plus-year history, FactSet has delivered a consistent track record of sustainable long-term growth. We remain committed to expense discipline and deploying capital responsibly to balance the trade-off between reinvesting to accelerate growth and expanding margins.

在 40 多年的歷史中，FactSet 一直保持著可持續長期成長的記錄。 我們仍然致力於遵守費用紀律並負責任地部署資本，以平衡再投資以加速成長和擴大利潤率之間的權衡。

I will now turn it over to Helen to discuss our fourth quarter and full-year performance in more detail and take you through our fiscal 2025 guidance.

我現在將把它交給 Helen，更詳細地討論我們第四季度和全年的業績，並帶您了解我們的 2025 財年指導。

Thank you, Phil, and hello to everyone. Highlighted in this morning's press release, the fourth quarter proved to be our highest in terms of ASV. growth. In the fourth quarter, we added $53.5 million of organic, actually in line with last year's results, bringing our annual total to $104.4 million, slightly above our June guidance midpoint. This result is a 4.8% year over year increase in organic ASV plus professional services.

謝謝你，菲爾，大家好。 今天上午的新聞稿中強調，第四季的 ASV 是我們最高的。生長。 第四季度，我們增加了 5,350 萬美元的有機資金，實際上與去年的業績一致，使我們的年度總額達到 1.044 億美元，略高於 6 月份指導中位數。 這一結果是有機 ASV 加上專業服務年增 4.8%。

In fiscal 2024, we grew revenue 5.7% on an organic basis, extending our record to 44 consecutive years of top line growth and showcasing our resilience during periods of market volatility. We improved adjusted margins and EPS exceeding the top end of our most recent guidance. So GAAP margins and EPS was affected by a one-time item, which I will address later.

2024 財年，我們的收入有機成長了 5.7%，將我們的記錄延續到了連續 44 年的收入成長，並展示了我們在市場波動期間的韌性。 我們改善了調整後的利潤率和每股收益，超過了我們最新指導的上限。 因此，GAAP 利潤率和每股盈餘受到一項一次性專案的影響，我將在稍後討論。

First, our quarterly results. As we noted at the beginning of the call, a reconciliation of our adjusted metrics to accomplish our GAAP figures is at the end of our press release. GAAP revenues increased 5% to $562 million, driven by sales and wealth banking, asset managers and asset owners. Organic revenues, excluding foreign exchange movements and any acquisitions and dispositions over the past 12 months increased 5% to $563 million.

首先，我們的季度業績。 正如我們在電話會議開始時指出的那樣，我們在新聞稿的末尾對調整後的指標進行了調整，以實現我們的 GAAP 數據。 在銷售和財富銀行業務、資產管理公司和資產所有者的推動下，GAAP 收入成長了 5%，達到 5.62 億美元。 過去 12 個月的有機收入（不包括外匯變動以及任何收購和處置）成長了 5%，達到 5.63 億美元。

For our geographic segment, organic revenues grew by 6% in the Americas, 3% anemia and 6% and Asia Pacific. For the fourth quarter, GAAP operating expenses increased 3% year over year to $434 million, with lower compensation expenses primarily offset by a one-time $54 million charge related to in Massachusetts sales tax dispute, which we have disclosed in previous filings. We do not anticipate taking additional material charges with respect to this matter. On an adjusted basis, operating expenses grew 1%.

對於我們的地理區域，美洲地區的有機收入成長了 6%，貧血地區成長了 3%，亞太地區成長了 6%。 第四季度，GAAP 營運費用年增3%，達到4.34 億美元，補償費用的減少主要被與馬薩諸塞州銷售稅糾紛相關的一次性5400 萬美元費用所抵消，我們已在之前的文件中披露過這一點。 我們預計不會就此事收取額外的材料費用。 調整後的營運費用增加了 1%。

Looking at each of our four major cost categories in turn, technology costs, our main expense driver increased 20% year over year in the fourth quarter, mainly due to higher amortization of internal-use software and increase investment. In June, Sheraton AI. 40 year technology cost was about 9% of revenue. Conversely, employee expense decreased by 7% year over year in the fourth quarter, driven by lower compensation expenses due to earlier cost reduction efforts and a lower bonus accrual for the year.

依序查看我們的四大成本類別中的每一個，技術成本是我們第四季度的主要支出驅動因素，年增 20%，這主要是由於內部使用軟體的攤銷增加和投資增加。 六月，喜來登人工智慧。 40 年的技術成本約為收入的 9%。 相反，第四季度員工費用年減 7%，這是由於早期成本削減措施導致薪酬費用下降以及今年應計獎金減少所致。

Our people expense was 39% of revenue, down 300 basis points from the prior year. We ended the year with the bonus pool at $86 million or 13% lower than last year. And a reminder, 69% of our employees are located in our centers of excellence. Third-party content cost rose by 15% year over year in the quarter due to changes in the timing of variable fees and remained at 5% of revenues. Real estate and related expenses decreased 9% year over year in the quarter due to office space optimization.

我們的人員支出佔收入的 39%，比前一年下降了 300 個基點。 年底，我們的獎金池為 8,600 萬美元，比去年減少了 13%。 需要提醒的是，我們 69% 的員工都在我們的卓越中心工作。 由於變動費用時間的變化，本季第三方內容成本年增 15%，但仍佔營收的 5%。 由於辦公空間優化，本季房地產及相關費用年減 9%。

For the year, these expenses declined to 3% of revenues, 50 basis points lower than the prior year. Our deliberate expense management is positioning FactSet for future growth by allowing us to self fund additional investments in technology and strategic initiatives i n fiscal year 2025 as compared to the previous year.

今年，這些費用佔收入的比例下降至 3%，比上年下降 50 個基點。 我們深思熟慮的費用管理使 FactSet 能夠在 2025 財年（與前一年相比）自行資助技術和戰略舉措的額外投資，從而為 FactSet 的未來成長做好準備。

Q4 GAAP operating margin increased by approximately 110 basis points to 22.7% from reduced employee compensation cost and revenue growth, offset partly by Massachusetts sales tax charge. Adjusted operating margin improved by 240 basis points, the 35.8% from lower bonus accrual and salaries, partially offset by higher technology costs. A detailed expense walk from revenue to adjusted operating income is in the appendix of today's earnings presentation. Cost of services as a percentage of revenue declined 330 basis points year over year on a GAAP basis, primarily due to lower compensation expense, partially offset by increased intangible amortization.

由於員工薪資成本降低和收入成長，第四季度 GAAP 營業利潤率成長約 110 個基點至 22.7%，部分被麻州銷售稅費用抵銷。 調整後的營業利潤率提高了 240 個基點，其中 35.8% 是由於應計獎金和工資下降，但部分被技術成本上升所抵消。 從收入到調整後營業收入的詳細支出請參考今天收益報告的附錄。 以 GAAP 計算，服務成本佔收入的百分比年減 330 個基點，主要是因為薪資費用降低，但無形攤銷增加部分抵銷了這一影響。

Adjusted cost of services was lower by approximately 40 basis points. And in the fourth quarter, SG&A as a percentage of revenue was 620 basis points higher year over year on a GAAP basis, primarily due to a $54 million Massachusetts sales tax charge. Adjusted SG&A was approximately 200 basis points lower, primarily due to lower compensation expense.

調整後的服務成本降低了約 40 個基點。 根據 GAAP 計算，第四季度的 SG&A 佔收入的百分比同比增長了 620 個基點，這主要是由於馬薩諸塞州徵收了 5,400 萬美元的銷售稅。 調整後的 SG&A 降低約 200 個基點，主要是因為薪資費用降低。

Turning to taxes, effective tax rate for the fourth quarter was 23.6%, down from approximately 39% in the fourth quarter of fiscal 2023. This decrease was primarily due to the inclusion of a prior year tax adjustment. Our GAAP EPS increased 38.1% to $2.32 this quarter versus $1.68 in the prior year period. This was due to a decrease in employee compensation costs and increase in revenues, partially offset by charges related to a Massachusetts sales tax dispute. Adjusted EPS rose by 23.8% to $3.74 from revenue growth, margin expansion and a lower tax rate.

說到稅收，第四季的有效稅率為 23.6%，低於 2023 財年第四季的約 39%。 本季我們的 GAAP 每股盈餘成長 38.1%，達到 2.32 美元，去年同期為 1.68 美元。 這是由於員工薪資成本下降和收入增加，部分被馬薩諸塞州銷售稅糾紛相關費用所抵銷。 由於收入成長、利潤率擴張和稅率降低，調整後每股收益成長 23.8% 至 3.74 美元。

Free cash flow, which we define as cash generated from operations less capital spending, was $137 million for the quarter, a decrease of 12% over the same period last year. The drivers are lower. Net cash from operating activities and increased capital expenditures for fiscal 2024. Free cash flow was $615 million, an increase of 5% over the prior year. Demand for our solutions remained steady with a fourth-quarter ASV retention rate of over 95% and a client retention at 90%.

自由現金流（我們將其定義為營運產生的現金減去資本支出）本季為 1.37 億美元，比去年同期下降 12%。 司機水平較低。 2024 財年來自經營活動的淨現金和增加的資本支出。 對我們解決方案的需求保持穩定，第四季度 ASV 保留率超過 95%，客戶保留率為 90%。

Through the fiscal year, we expanded our client base to over 8,200, adding 296 new logos. Concurrently, our user count increased 14% and adding over 26,000 to our total, driven primarily by wealth and deal makers on capital return.

在整個財年，我們將客戶群擴大到 8,200 多個，並增加了 296 個新標誌。同時，我們的用戶數量增加了 14%，總數超過 26,000，這主要是由財富和資本回報交易撮合者推動的。

For the quarter, we repurchased 153,650 shares for approximately $63 million at an average share price of $412.9. For fiscal 2024, we bought back a total of 537,800 shares for approximately $235 million at an average price of $437.40 on September 17, 2024. The Board of Directors of FactSet approved a new share repurchase authorization for up to 300 million. We paid a quarterly dividend of $1.4 per share today to holders of record as of August 30th, 2024.

本季度，我們以約 6,300 萬美元的價格回購了 153,650 股股票，平均股價為 412.9 美元。 2024財年，我們於2024年9月17日以平均價格437.40美元的價格回購了總計537,800股股票，價格約為2.35億美元。 今天，我們向截至 2024 年 8 月 30 日的記錄持有人支付了每股 1.4 美元的季度股息。

As a reminder, we increased our dividend by 6% in the third quarter, marking the 25th consecutive year of dividend increases. We remain committed to returning long-term value to our shareholders. Over the last 12 months, we have returned $386 million to our shareholders. In the fourth quarter, we paid down $62.5 million, 1.6 times. This is consistent with our plan to repay the term loan in full by the second quarter of fiscal 2025.

提醒一下，我們在第三季將股息增加了 6%，這是連續 25 年增加股息。 我們仍然致力於為股東回報長期價值。 在過去 12 個月中，我們已向股東返還 3.86 億美元。 第四季度，我們支付了 6,250 萬美元，是原來的 1.6 倍。 這與我們在 2025 財年第二季全額償還定期貸款的計劃是一致的。

And finally, turning to our guidance for fiscal 2025. As Phil mentioned earlier, we anticipate growth accelerating as the year progresses the next six months, aligning with current conditions and the balance of the fiscal year, improving from more favorable financial market execution and on several long-standing large opportunities and new demand for our Gemini products and enterprise solutions. Our views are supported by a first half sales pipeline that is comparable to last year. We foresee sustained momentum in wealth, subdued activity in banking and modest improvement on the buy side. While we anticipate continued pressure on client budgets, we believe the overall pace of erosion will begin to moderate.

最後，轉向我們對2025 財年的指導。 正如Phil 之前提到的，我們預計，隨著未來六個月的進展，經濟成長將加速，這與當前狀況和本財年的平衡相一致，得益於更有利的金融市場執行以及對我們的 Gemini 產品和企業解決方案的幾個長期存在的巨大機會和新需求。 我們的觀點得到了與去年相當的上半年銷售管道的支持。 我們預期財富成長動能持續，銀行業活動受到抑制，買方方面將略有改善。 雖然我們預計客戶預算將繼續面臨壓力，但我們相信整體侵蝕速度將開始放緩。

Given these expectations, we are guiding to incremental organic ASV growth of $90 million to $140 million, reflecting a 5% growth rate at the midpoint of our range. We expect adjusted operating margin of 36% to 37%. This range includes higher technology and content costs, the reset of the bonus pool and targeted investments in banking and buy-side workflows, offset by lower controllable costs such as professional services. We are committed maintaining expense discipline while also investing strategically to increase revenue and ensure earnings growth.

考慮到這些預期，我們指導 ASV 有機增量成長 9,000 萬至 1.4 億美元，反映了我們範圍中點 5% 的成長率。 我們預計調整後的營業利潤率為 36% 至 37%。 這一範圍包括更高的技術和內容成本、獎金池的重置以及對銀行和買方工作流程的有針對性的投資，並被專業服務等較低的可控成本所抵消。 我們致力於維持開支紀律，同時進行策略性投資以增加收入並確保獲利成長。

Finally, adjusted EPS is expected to be in the range of $16.80 to $17.40. With respect to additional modeling assumptions for fiscal 2025, we expect interest expense to be between $44 million to $48 million, and we expect capital expenditures to be in the range of $95 million to 105 million. We remain positive about growth opportunities, particularly in wealth and buy-side solutions. By executing our generative a roadmap, expanding connected content and integrating FactSet further into our clients' workflows, we aim to increase market share, enhanced client retention.

最後，調整後每股收益預計在 16.80 美元至 17.40 美元之間。 關於 2025 財年的其他建模假設，我們預計利息支出將在 4,400 萬美元至 4,800 萬美元之間，資本支出將在 9,500 萬美元至 1.05 億美元之間。 我們對成長機會保持樂觀，特別是在財富和買方解決方案方面。 透過執行我們的生成路線圖、擴展互聯內容並將 FactSet 進一步整合到客戶的工作流程中，我們的目標是增加市場份額、提高客戶保留率。

We are committed to supporting our team and with the tools and knowledge they need to ensure we remain the partner of choice. We are now ready for your questions. Operator?

我們致力於支持我們的團隊，並為他們提供所需的工具和知識，以確保我們仍然是首選的合作夥伴。 我們現在已準備好回答您的問題。 操作員？

Thank you. Ladies and gentlemen, as a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one. Again. We ask that you limit yourself to one question only. Please stand by while we compile the Q&A roster. Our first question comes from the line of Alex Kramm with UBS. Your line is open. Look like Alex line disconnected will move on to the next question. Please standby for our next question. Our next question comes from the line of Toni Kaplan with Morgan Stanley. Your line is open.

謝謝。 女士們、先生們，謹此提醒，如需提問，請按電話上的星號一鍵，然後等待宣布您的名字。 若要撤回您的問題，請按星號一。 再次。 我們要求您只回答一個問題。 我們正在整理問答名單，請稍候。 我們的第一個問題來自瑞銀集團的 Alex Kramm。 您的線路已開通。 看起來亞歷克斯線路斷開將繼續下一個問題。 請等待我們的下一個問題。 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。 您的線路已開通。

Thank you so much. I think this question's for both mainly sell and how you've had a very significant period of margin expansion since 2021. When we look forward, just given the balancing act that you mentioned of investment versus margin, should we view 25 as representative of a normal year? Or how should we be thinking about margins over the long term?

太感謝了。 我認為這個問題主要針對銷售，以及自2021 年以來您如何經歷了一段非常重要的利潤擴張時期。為代表正常年份？ 或者我們應該如何考慮長期利潤率？

Thank you so much, Toni. I'll start on. I think we'll have on will have quite a bit to unpack there. I say this is probably a bit of a reset year. We we've obviously expanded margins significantly. As mentioned, I think of QC acquisition obviously was a tailwind for us there. But we have ended up, I believe, beyond what we've set out at the previous Investor Day, which was a little over two years ago. So we do believe we are investing well.

非常感謝你，托尼。 我就開始吧 我想我們會有很多東西要在那裡解開。 我說今年可能是重置的年份。 我們顯然已經大幅擴大了利潤率。 如前所述，我認為 QC 收購顯然對我們來說是一個順風車。 但我相信，我們的最終結果超出了我們在兩年多前的投資者日上所設定的目標。 所以我們確實相信我們的投資做得很好。

We've had some once the long-standing programs that are fully funded and through our own efforts have sort of being more efficient and self funding. We feel we're in a great position to continue to invest. But how much money you provide a little bit more detail.

我們有一些曾經長期存在的項目，這些項目得到了充分的資助，並且透過我們自己的努力，變得更有效率和自籌資金。 我們認為我們處於繼續投資的有利位置。 但是你提供多少錢，更詳細一點。

We are now happy to do that. Thanks, Toni. So which took expense actions in 2024 to really help expand margin. And now what was a challenging top line environment and quite frankly, as Phil said, we are higher than what we had originally aimed for and our medium term outlook, which is 35 to 36. We've also worked to reduce spend in absolute terms and targeted areas like real estate. And we've managed down variable expenses when needed like our incentive compensation. So I think when you think about the difference in margin between the midpoint and 25 and where we ended 20 for about half of that is attributable to resetting the bonus level because it's meant to be reset for our new as the new year.

我們現在很高興這樣做。 謝謝，托尼。 因此，2024 年採取的費用行動確實有助於擴大利潤率。 現在的營收環境充滿挑戰，坦白說，正如 Phil 所說，我們的目標和中期前景高於 35 至 36。 我們在需要時降低了變動費用，例如我們的激勵薪酬。 所以我認為，當你考慮中點和 25 之間的利潤差異時，我們以 20 結束，其中大約一半可歸因於重置獎金水平，因為它意味著我們新的一年將被重置。

And the balance is really to help cover technology costs. And so I would look at this as a more normalized level now we are doing a fair amount of investing as well. And all of that, as I mentioned in the script, is a very much self-funded that's already in the rate that we're getting in our in our guidance.

平衡實際上是為了幫助支付技術成本。 因此，我認為這是一個更正常化的水平，現在我們也正在進行大量的投資。 正如我在劇本中提到的，所有這些都是自籌資金，已經達到了我們指導中的速度。

Ashish Sabadra with RBC.

阿什什·薩巴德拉 (Ashish Sabadra) 與 RBC。

I wanted to follow up on the prepared remarks about improvement in the second half of the growth accelerating as the year progresses. And despite that second half 25 progress, the 2025 is the guide implies no improvement compared to the 2024 despite potentially better macro with Fed cutting rates. So just wanted to understand what your macro and pricing assumptions baked into the guidance. Thanks.

我想跟進有關下半年經濟成長隨著今年的進展而加速成長的準備好的評論。 儘管下半年取得了 25 的進展，但 2025 年的指導意味著與 2024 年相比沒有任何改善，儘管聯準會降息可能會改善宏觀經濟。 因此，我只想了解指導中包含的宏觀和定價假設。 謝謝。

Well, I'll start. Thanks, Ashish. Appreciate the question. We do see in our out for the next few months, the can the continuation of some of the headwinds we've experienced that, frankly, for the last two years, but we are beginning to see some green shoots. So I think we saw a modest uptick in banking hiring in Q4. And obviously, we have a lot of really great some significant wins in Q4, which the team did a great job of closing. And it was very encouraging that our largest clients were really working very quickly through with us through that period, which I think is a great indicator of how much they want to work with us moving forward.

好吧，我要開始了。謝謝，阿什什。 感謝這個問題。 我們確實看到，在接下來的幾個月裡，坦白說，我們在過去兩年中經歷過的一些逆風可能會繼續存在，但我們開始看到一些萌芽。 因此，我認為第四季度銀行招聘略有增加。 顯然，我們在第四季度取得了許多非常偉大的重大勝利，團隊在這方面做得非常出色。 非常令人鼓舞的是，我們最大的客戶在這段時間內確實非常迅速地與我們合作，我認為這很好地表明了他們有多願意與我們合作前進。

And as you know, FactSet traditionally has been a tale of two halves. We typically have a much larger second half than first half. So I think where we think that sort of the best balance, we do think that once we get through the end of the calendar year, clients who have had a chance to reset their budgets, and I would think most of the uncertainty that's been out there in the market will be behind us. So that's quite a bit of our thinking. And I don't know Goran or Helen, if you wanted to add.

如您所知，FactSet 傳統上分為兩部分。 我們的下半場通常比上半場大得多。 因此，我認為，在我們認為這種最佳平衡的地方，我們確實認為，一旦我們度過了日曆年年底，有機會重新調整預算的客戶，我認為大部分不確定性都會消失市場將在我們身後。 這就是我們的一些想法。 如果你想補充的話，我不認識戈蘭或海倫。

The only thing I would add to work Pro Serve is the number I think we have we have a good product pipeline or and I think we've had recent product launches that will contribute to our acceleration in the second half. And we heard from sales of both products in the fourth quarter, which further improved to a point or particular really are appropriate to build a pipeline in the first half and you know, relos the sales in the second half. So we do expect further fair comparison for imported product fibers by.

我想在 Pro Serve 工作中添加的唯一一件事是我認為我們擁有良好的產品管道，或者我認為我們最近推出的產品將有助於我們下半年的加速。 我們從第四季度這兩種產品的銷售情況得知，這進一步改善到了一定程度，或者特別適合在上半年建立管道，並且你知道，下半年的銷售將會恢復。 因此，我們確實期望對進口產品纖維進行進一步的公平比較。

Thank you. Please standby for our next question. Final question comes from the line of Alex Kramm with UBS. Your line is open.

謝謝。 請等待我們的下一個問題。 最後一個問題來自瑞銀集團的 Alex Kramm。 您的線路已開通。

Hello. I guess just very quickly on the on the buy side, maybe you can flush out your comment a little bit more work on. You mentioned a large asset management cancel this quarter. Can you maybe give a little bit more background? It seems like an asset manager we usually have a very sticky offering and not a lot of competitive threats. So just just wondering what's going on there. And then overall, the asset management environment looks like headcount reductions or hiring is stabilizing. So are you seeing some of that already or is it still too early to get more positive on that end market? Thank you.

你好。 我想在買方方面很快，也許你可以多做一點工作來發表你的評論。 您提到本季大型資產管理取消。 您能否提供更多背景資訊？ 看起來，作為資產管理公司，我們通常提供非常有黏性的產品，並且沒有太多競爭威脅。 所以只是想知道那裡發生了什麼事。 整體而言，資產管理環境看起來正在裁員或招募趨於穩定。 那麼，您是否已經看到了其中的一些情況，或者現在對終端市場採取更積極的態度還為時過早？ 謝謝。

Thanks, Alex. Yes, let me address the first part, which was that cancel yet every now. And then obviously, we're going to face a large Council. And I think this one was probably just due to the cost pressure. But maybe what I'll do is just give you on what our top 10 versus bottoms and wins for the year.

謝謝，亞歷克斯。 是的，讓我談談第一部分，現在取消的情況。 顯然，我們將面臨一個大型委員會。 我認為這可能只是由於成本壓力。 但也許我要做的只是向您介紹我們今年的前十名與墊底名以及獲勝者的情況。

So if I look at our top 10 largest ASV wins for the entire fiscal year, nine of those were against competitors and seven of them were against our top four competitors, which I think are well understood. And four of those displacements had over 700 seats added for fax up in the bottom 10 deals, six were lost to competitors, but only three of them were to our major competitors. And for of the top or bottom or the bottom 10 deals were the result of M&A of closure.

因此，如果我看一下我們整個財年最大的 10 場 ASV 勝利，其中 9 場是對陣競爭對手的，其中 7 場是對陣我們四大競爭對手的，我認為這是很好理解的。 其中，在倒數 10 筆交易中，其中 4 家增加了超過 700 個傳真席位，其中 6 家被競爭對手奪走，但其中只有 3 家被我們的主要競爭對手奪走。 排名前 10 的交易、排名最後 10 的交易都是併購關閉的結果。

So I think you know this there is consolidation and cost pressure on the industry's on the buy side. In particular, when they look to really stitch together the front, middle and back office, we're going to win some lose some on that. And this was a case where we lost a bit in our top 10 deals. There was one, which was the opposite where we won against the same competitor.

所以我想你知道這個產業的買方面臨著整合和成本壓力。 特別是，當他們希望真正將前台、中台和後台結合在一起時，我們將在這方面贏得一些損失。 在這種情況下，我們在前 10 名交易中損失了一些。 有一個，這與我們戰勝同一個競爭對手的情況相反。

The second part of your question, I anecdotally, I would say it is becoming more constructive on the buy side. When I meet with the SEC, we had on the buy side, it feels like there's an appetite to continue to do the transformation, but the cost pressures are there on a fully, and it's really up us up to us to execute against that.

你問題的第二部分，據我所知，我想說，買方方面正變得更具建設性。 當我與美國證券交易委員會會面時，我們在買方方面，感覺有繼續進行轉型的興趣，但成本壓力完全存在，這實際上取決於我們是否執行這一點。

Yes. And I might add a little bit bigger mix. As we think about the buy side, one of the areas that we're seeing continued demand is on the managed services, which is really not it's more of an enterprise, not asleep based type of solution we provide. So you had some strengths and 23, and we continue to see that grow again in 24. So we would probably look to that as one of the drivers of buy-side going forward.

是的。 我可能會添加一點更大的混合。 當我們考慮買方時，我們看到持續需求的領域之一是託管服務，這實際上不是一個企業，而是我們提供的基於睡眠類型的解決方案。 所以你有一些優勢，23，我們繼續看到它在 24 中再次成長。

Please standby for our next question. Our next question comes from the line of Manav Patnaik with Barclays .

請等待我們的下一個問題。 我們的下一個問題來自巴克萊銀行的馬納夫·帕特奈克 (Manav Patnaik)。

Thank you. Still formulating CGS. that you called out in your prepared remarks, Phil, I guess how fast has QC been growing? I imagine, you know, with all the headlines and TVs, it's a pretty big numbers. Is curious if you could give us the update on how fast it grew this year. I guess what percentage of the business division, but you've assumed for '25?

謝謝。 仍在製定CGS。 Phil，你在準備好的發言中提到過，我想 QC 的發展速度有多快？ 我想，你知道，考慮到所有的頭條新聞和電視節目，這是一個相當大的數字。 我很好奇您能否向我們介紹今年成長速度的最新情況。 我猜業務部門的百分比是多少，但你假設的是 25 年？

Yes. Thanks, Manav. So yes, we don't break that out, but it is a significant portion of the partners business line, which we broke out, I think earlier in the slides. So that compared with facts of traditional partners, business grew in aggregate at 6% or two separately drove the growth. We did have a couple of partnerships that have been significant in the past where we lost MESV. The so I think you can probably Triangle heater what happened there.

是的。 謝謝，馬納夫。 所以，是的，我們沒有詳細說明這一點，但它是合作夥伴業務線的重要組成部分，我想在幻燈片的前面我們已經對此進行了說明。 因此，與傳統合作夥伴的事實相比，業務總量成長了6%或2%，分別推動了成長。 我們確實有一些在過去非常重要的合作夥伴關係，但我們失去了 MESV。 所以我想你大概可以了解三角加熱器那裡發生了什麼。

The QC team did a great job this year executing. I'm really encouraged by the pace of new development there in terms of their thinking. So I guess maybe we can talk a bit more about that later, but that's about all we can talk about right now.

QC 團隊今年的執行工作非常出色。 他們的思想的新發展速度讓我深受鼓舞。 所以我想也許我們可以稍後再討論更多，但這就是我們現在能討論的全部內容。

Thank you. Please standby for our next question. Our next question comes from the line of Faiza Alwy with Deutsche Bank. Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自 Faiza Alwy 與德意志銀行的聯繫。 您的線路已開通。

Yes, hi, good morning. Thank you. So I wanted to ask about the yes, the guide for 25, you're not baking in go to any type of acceleration, which seems prudent. But I'm curious how you would characterize that a bit more conservatism on your. And are you seeing sort of anything in the marketplace and that that's leading you to believe that things won't change? And then I know you have your investor day coming up. So maybe give us a preview of how we should think about a more normalized ASV growth for the Company.

是的，嗨，早安。 謝謝。 所以我想問一下，是的，25 的指南，你不會嘗試任何類型的加速，這似乎是謹慎的。 但我很好奇你會如何描述你的保守主義。 您是否在市場上看到了一些東西，這讓您相信事情不會改變？ 然後我知道你的投資者日即將到來。 因此，也許可以讓我們預覽一下我們應該如何考慮公司更正常的 ASV 成長。

Yes. Thanks for the. So yes. So as I already mentioned a minute, we're seeing a bit of a headwind here as we sort of finish out the year, but we're much more optimistic about the second half. So we provided a range. I do think there's an opportunity to do better for sure. I'm really encouraged by what we're seeing on the generative Air France. So that's a bit of the wildcard that we're beginning to monetize that and we have a great pipeline. +

是的。 謝謝你的。 所以是的。 正如我已經提到的，隨著今年的結束，我們看到了一些逆風，但我們對下半年更加樂觀。 所以我們提供了一個範圍。 我確實認為肯定有機會做得更好。 我們在法國航空的創造力中所看到的一切讓我深受鼓舞。 所以這有點通配符，我們開始將其貨幣化，我們有一個很棒的管道。 +

So, you know, if that begins to come in or accumulate at a faster rate, I do think that that that would be encouraging. You know, someone mentioned hiring, you know, historically, we have been very highly correlated to hiring on the buy-side and sell-side. I think if sell-side hiring goes up faster than we've anticipated and we have been pretty conservative there on the sell side, I think that could certainly be a tailwind for us in this year.

所以，你知道，如果這種情況開始以更快的速度出現或積累，我確實認為這將是令人鼓舞的。 你知道，有人提到招聘，你知道，從歷史上看，我們與買方和賣方的招聘高度相關。 我認為，如果賣方招募的成長速度快於我們的預期，而我們在賣方方面一直相當保守，我認為這肯定會成為我們今年的順風車。

But do remember that in particular, for some of these larger deals, it's a pretty long sales cycle as we go at the enterprise level. Now. And I think at Investor Day, we'll be sharing more. We can't say too much now. But what I do, my stresses, the team is most focused on the top line, right? So that's what we want to do. We're not happy if you're growing at 5%, we want to grow faster, and that's going to be our main focus. And what we'll talk more about at Investor Day. Thank you.

但請特別記住，對於其中一些較大的交易，當我們在企業層面進行時，這是一個相當長的銷售週期。 現在。 我認為在投資者日，我們將分享更多。 我們現在不能說太多。 但我所做的，我的壓力，團隊最關注的是營收，對吧？ 這就是我們想做的事。 如果您的成長率為 5%，我們會感到不高興，我們希望成長得更快，這將是我們的主要關注點。 我們將在投資者日更多地討論什麼。 謝謝。

Thank you. Please stand by for our next question. Our next question comes from the line ofKelsey Zhu with autonomous. Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自 Kelsey Zhu 與 Autonomous 的對話。 您的線路已開通。

Hi, good morning. Thanks for taking my question. So you previously talked about Chile, I kind of expected to start delivering incremental HV. and FY. 25. And again, that's already included in this 46% at the growth guidance. But just curious, have you the impact of investment for both at the expense outlook for the next few years?

嗨，早安。 感謝您提出我的問題。 所以你之前談到了智利，我有點期望開始提供增量高壓。和財年。 25. 再說一次，這已經包含在成長指引的 46% 中。 但只是好奇，您對未來幾年的投資前景有何影響？

Sure. I'll take a shot at that one. Thanks, Kelsey. So when we think about the impact that Jenny, I may have, that's why, as Phil mentioned, we're looking more at the back half of the year. So that's when a lot of our new solutions now powered by Gen-i will come out in the first half. So there will be able to have a better perspective of that. It is baked in to our guidance range, and that's why we were talking about it being the first half more in current conditions and the second half boosted by what we hope will be stronger capital markets activity and demand for the new products as well as enterprise.

當然。 我會嘗試一下。 謝謝，凱爾西。 因此，當我們考慮珍妮，我可能產生的影響時，這就是為什麼，正如菲爾所提到的，我們更專注於今年下半年。 因此，我們現在由 Gen-i 提供支援的許多新解決方案將在上半年推出。 這樣就能有更好的視角。 它已納入我們的指導範圍，這就是為什麼我們談論的是上半年在當前條件下更多，而下半年則受到我們希望資本市場活動更加強勁以及對新產品和企業的需求的推動。

And ideally, as we talked about, some of the green shoots reduced erosion. So as we think about how much that's baked in there, we'll see somewhere between maybe 30 to 50 basis points is where we might see that come through. As it relates to the expense side, I think right now, when I look at the total amount of investments that we're making, I would I would call it about 50 plus basis points also attributed to our Chennai, both what we've been investing in and what we're going to continue to invest in into the 2020 25 banks are. You're welcome.

理想情況下，正如我們所討論的，一些綠芽減少了侵蝕。 因此，當我們考慮其中有多少因素時，我們會發現可能會出現 30 到 50 個基點之間的情況。 由於它與費用方面有關，我認為現在，當我查看我們正在進行的投資總額時，我會稱其為大約 50 個基點，這也歸因於我們的欽奈，這都是我們所擁有的2020年25 家銀行一直在投資以及我們將繼續投資的項目。 不客氣。

Thank you. Please standby for our next question. Our next question comes from the line of Surinder Thind with Jefferies. Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自 Surinder Thind 和 Jefferies 的對話。 您的線路已開通。

With respect to EBITDA of the guide, how should we think about the current pricing environment and what's built into the guide? Anything related to pricing? How does something like SOx and mercury your area of three? How do you price that?

關於指南的 EBITDA，我們應該如何考慮當前的定價環境以及指南的內容？ 有什麼跟定價有關的嗎？ SOx 和汞之類的東西如何影響您的三面積？ 你如何定價？

Sure. And so we want a second point I'll make a second about our gas vibroseis for sure. If I can do that, you can do that. So our standard our pricing, what's baked in here, as you know, in our contracts, we have either the higher of CPIORPIO. two or 3%. So we do see some headwind going into 2025 as it relates to our annual price increase. But I want to make a separation between the annual price increase and what we are able to do as we sell throughout the year. Our rate card have been adjusted depending on the experience and activity.

當然。 所以我們想要第二點，我一定會再談談我們的氣體可控震源。 如果我能做到，你也能做到。 因此，我們的定價標準，如您所知，在我們的合約中，我們要么選擇 CPIORPIO 中的較高者。 2%或3%。 因此，我們確實看到 2025 年會遇到一些阻力，因為這與我們的年度價格上漲有關。 但我想將年度價格上漲與我們全年銷售的能力區分開來。 我們的價目表已根據經驗和活動進行了調整。

And so we've been raising the prices on our packages and the price realization against that on average has been above 80%. So we feel good on what we're able to capture as we sell into this into this market. I would expect the same for this year as last year, meaning we have a larger book and we have net new clients. So we will capture incremental dollars and the price realization, as I mentioned, against our rate cards. So in total, we do expect the total contribution from pricing year over year to be down modestly.

因此，我們一直在提高套餐的價格，平均實現價格已超過 80%。 因此，當我們將其銷售到這個市場時，我們對我們能夠捕獲的東西感到滿意。 我預計今年的情況與去年相同，這意味著我們的帳簿規模更大，而且我們有淨新客戶。 因此，正如我所提到的，我們將根據我們的價目表捕獲增量美元和價格實現。 因此，總的來說，我們確實預計定價的總貢獻將同比小幅下降。

But overall, still a good contributor to our overall growth rate. And in terms of pricing for a week were arriving at a model for this. Of course, we'll iterate on it. Some stuff you'll just get big tend to FactSet. No out of the box and we've already got some great product in their call, transcript intelligence and search intelligence. You can go and look across a lot of different documents to get an idea of a trend that what's happening to your questions answered.

但總體而言，仍然對我們的整體成長率做出了很好的貢獻。 就一周的定價而言，我們得出了一個模型。 當然，我們會迭代它。 有些東西你會變得很大，傾向於 FactSet。 沒有開箱即用的，我們已經在他們的通話中獲得了一些很棒的產品，轉錄智慧和搜尋智慧。 您可以查看許多不同的文檔，以了解您的問題所回答的趨勢。

Secondly, we're going to release deep workflow solutions. So we've released portfolio commentary and we'll be charging for that on a usage basis. So it really will be driven by how many portfolios and how many commentaries you want to create a customization after we announced this IT folks that work now. So we're in a great position to go out to the market. We've literally got hundreds of clients interested and we'll be able to to essentially customize this to some extent for them out of the box. So that approach will take with many of these things will take a bundled approach in some cases where you can get a bundle of capabilities and get price for that. But most of this is going to be usage or consumption based. I would imagine it might depend on the product.

其次，我們將發布深度工作流程解決方案。 因此，我們發布了投資組合評論，並將根據使用情況收費。 因此，在我們宣布現在正在工作的 IT 人員之後，它實際上將取決於您想要創建自訂的產品組合和評論數量。 因此，我們處於進入市場的有利位置。 事實上，我們已經吸引了數百名客戶的興趣，我們將能夠在某種程度上為他們開箱即用地進行客製化。 因此，這種方法將在某些情況下採用捆綁方法，其中許多東西將採用捆綁方法，您可以獲得一組功能並為此獲得價格。 但其中大部分將基於使用或消費。 我想這可能取決於產品。

So a lot a lot of it will be incremental ASP. We did have agreed sale in Q4, which was our conversational API. So really the search experience that you would have on the fact that a client wanted to use that within their own ecosystem. And a lot of the larger firms are going to want to do this. So we've taken a federated approach, which I think it's a real real learning approach. I'm going to pass the baton here to go on because you had a lot to do with that sale. And do you want to add onto that and sort of your level of enthusiasm for this fiscal year? So it's certainly are for sale, we believe is repeatable.

所以很多都是增量 ASP。 我們確實在第四季度達成了銷售協議，這是我們的對話式 API。 因此，實際上，您將獲得的搜尋體驗是因為客戶希望在自己的生態系統中使用它。 許多大公司都想這樣做。 所以我們採取了聯合方法，我認為這是一種真正的學習方法。 我將在這裡傳遞接力棒繼續下去，因為你與這次銷售有很大關係。 您想補充一下您對本財年的熱情程度嗎？ 所以它肯定是出售的，我們相信是可重複的。

We are already building a pipeline and interest across multiple clients whom are expansion in terms of new product launches, expect results to show up in the second half or second half of the year. But I think what is really significant is that this approach for further review approach through, you know, our conversational REPO really helps clients to accelerate their internal development and is really ERM. It's really a huge benefits to their overall cost structure where it comes to the return of Germany, our development because they do in-house. So quite excited about the economics of about in our portfolio commentary and some upcoming releases there will be talking about. We are to emerge stronger. Thank you. That's very helpful.

我們已經在多個客戶之間建立了管道和興趣，這些客戶正在新產品發布方面進行擴張，預計結果將在今年下半年顯現出來。 但我認為真正重要的是，這種透過我們的對話式 REPO 進行進一步審查的方法確實可以幫助客戶加速其內部發展，並且是真正的 ERM。 這對他們的整體成本結構來說確實是一個巨大的好處，因為涉及德國的回歸和我們的開發，因為他們是在內部進行的。 我們對我們的投資組合評論和一些即將發布的版本中將討論的經濟學感到非常興奮。 我們要變得更強大。 謝謝。 這非常有幫助。

Thank you. Please standby for our next question. Next question comes from the line of George Tong with Goldman Sachs. Your line is open.

謝謝。 請等待我們的下一個問題。 下一個問題來自喬治·唐（George Tong）與高盛的對話。 您的線路已開通。

Hi, thanks. Good morning. Your fiscal 2025 revenue growth died of just over 4% is the deceleration from about 5.5% growth in fiscal 2024, even though it's fee growth in fiscal 4Q benefited from several large wins, new hope to get up and discuss, we may be dampening roughly performance next year compared to fiscal 24?

你好，謝謝。 早安. 2025 財年的營收成長略高於 4%，是 2024 財年約 5.5% 成長的減速，儘管第四財季的費用成長受益於幾項重大勝利，新的希望站起來討論，我們可能會大致抑制明年的業績與24 財年相比如何？

Hi, George. I'll take that line. So as you know, the nature of our business, it is a recurring revenue business. So when the ASV. goes in is how you get to recognize that saw a stronger Q4, certainly helpful. But then you are carrying the last three quarters, which were, as you know, no lower. So revenue is a lag to ASC. growth and you'll see that over the period of time. If you look back at the last 10 years, that's the way that works. That's the that's the delta between the two. It also matters how the A., as he gets what they get some converted in the year.

嗨，喬治。 我會走那條線。 如您所知，我們業務的本質是經常性收入業務。 所以當ASV.進去是你如何認識到第四季度表現更強勁，這當然有幫助。 但你所承受的最後三個季度，正如你所知，並沒有更低。 因此，收入落後於 ASC。成長，隨著時間的推移你會看到這一點。 如果你回顧過去十年，你會發現這就是運作方式。 這就是兩者之間的增量。 A. 的表現也很重要，因為他在這一年得到了他們得到的一些轉換。

So as we mentioned already that the first half will be likely more where we are today in the second half being stronger. And so then that again, will reflect more of the first half in revenue and then hopefully help us more into 2026. Very welcome.

正如我們已經提到的，上半場可能會比我們今天的表現更好，下半場會更強。 話又說回來，這將更能反映上半年的收入，並希望在 2026 年為我們提供更多幫助。

Please standby for our next question. Next question comes from the line of Andrew Nicholas with William Blair. Your line is open.

請等待我們的下一個問題。 下一個問題來自安德魯·尼古拉斯和威廉·布萊爾的關係。 您的線路已開通。

Hi, good morning. Thank you for taking my question. I wanted to ask maybe a bigger picture one on the investment dollars. It sounds like the year-over-year decline in operating margin is at least in our strategic path is tied to the reset of the bonus pool, but there's a big incremental dollars here charge investment. I just wanted to ask I'm a little bit more about the thought process on how you think about kind of balancing that investment spend with with kind of your priorities of driving top line growth. And then kind of relatedly, if in embedded in your guidance, is some flexibility to potentially ramp up investment spend as we move through the year, if you're getting higher end of your revenue guidance? Because it does look like a little bit of a inverse relationship between revenue growth and operating income guidance based on the table on the ROVs safely?

嗨，早安。 感謝您回答我的問題。 我想問一下有關投資資金的更宏觀的情況。 聽起來營業利潤率的年減至少在我們的策略路徑中與獎金池的重置有關，但這裡有大量增量資金需要投資。 我只是想問一下，我對您如何平衡投資支出與推動營收成長的優先事項的思考過程有更多了解。 然後，與此相關的是，如果您的指導中包含了一些靈活性，如果您的收入指導達到了較高的水平，那麼隨著我們今年的發展，可能會增加投資支出？ 因為根據 ROV 安全表格，收入成長和營業收入指引之間確實看起來有點反比關係？

Sure. I'll take that. It's a very good question. So as I mentioned before, we were able to take some expense to actions in 24 and reduce spend, which gives us some room for us investment. So overall, what I would think about the additional investment that we're putting into 2025 that is included in our margin and I'll call it self funded is roughly around 150 basis points of which half is investments in Gen-i, which will see that come through as so I was speaking to likely on the front office as well as in banking and wealth.

當然。 我會接受的。 這是一個非常好的問題。 正如我之前提到的，我們能夠在 24 小時內採取一些行動並減少支出，這為我們提供了一些投資空間。 因此，總體而言，我認為我們在2025 年投入的額外投資包含在我們的利潤中，我將其稱為自籌資金，大約為150 個基點左右，其中一半是對Gen-i 的投資，這將看到這一點實現了，就像我在前台以及銀行和財富部門所說的那樣。

And we're also investing in content, which it comes to the form of real time and fixed income. And then also in our buy-side workflow. I mentioned earlier, the increase in demand on managed services as well as investments we're going to be making in and trading.

我們也以即時和固定收益的形式投資內容。 然後也在我們的買方工作流程中。 我之前提到過，對託管服務的需求以及我們將進行的投資和交易的需求增加。

And then lastly, a bit into infrastructure because to do some of the current consumption tracking and billing to support the Gen-i and other types of solutions that we have that are based more on usage. That's a bit of built into our total of 150 basis points in terms of spend. So that is being funded in two ways. The productivity gains that we've taken on as well as with selected reduction in discretionary spend such as in professional services. So we believe this is the right way to balance the need to invest for top line growth, which, as we said, is our primary focus. But also with the aim of maintaining the strong margins that we've already achieved.

最後，我們要深入了解基礎設施，因為要進行一些當前的消耗追蹤和計費，以支援 Gen-i 和我們擁有的更多基於使用情況的其他類型的解決方案。 這是我們 150 個基點支出總額中的一部分。 因此，該計畫的資金來源有兩種。 我們提高了生產力，並有選擇地減少了專業服務等可自由支配支出。 因此，我們相信這是平衡收入成長投資需求的正確方法，正如我們所說，這是我們的主要關注點。 但也是為了維持我們已經實現的強勁利潤率。

Thank you. Please standby for our next question. Our next question comes from the line of Owen Lau with Oppenheimer. Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自 Owen Lau 和 Oppenheimer 的對話。 您的線路已開通。

Hi, good morning. Thank you for taking my question. I do have a follow up with the investments up, Helen, you should just mention of. So as you start to monetize, Jenny, I do you need to continue to invest to maintain the growth way you can scale back some of your maybe further investments or current investments are at some point things.

嗨，早安。 感謝您回答我的問題。 我確實對投資進行了跟進，海倫，你應該提一下。 因此，當你開始貨幣化時，珍妮，我確實需要繼續投資以維持成長方式，你可以在某些時候縮減一些可能的進一步投資或當前投資。

Sure. And I realize I didn't answer the second half of the other questions. I'm trying to combine those two. So first, I think we're early in the early stages of this. So I won't make a view of whether or not we can pull back. I do think that if we're able to realize some of the AC earlier and if that's stronger, that we'd be able to invest more as needed. And so right now, I think what we're looking really is to continue as long as we can get the returns are higher than our costs.

當然。 我意識到我沒有回答其他問題的後半部分。 我正在嘗試將這兩者結合起來。 首先，我認為我們還處於早期階段。 所以我不會就我們是否可以撤退發表看法。 我確實認為，如果我們能夠更早實現一些AC並且如果它更強大，我們就能夠根據需要進行更多投資。 所以現在，我認為我們真正想要的是繼續下去，只要我們能夠獲得高於成本的回報。

We will look to continue to invest ON. and M & As I said, it won't just be in Gen-i. The continue also be in content as well as into the workflows himself. Angela, thank you. Please standby for our next question. Our next question comes from the line of Jeff Silber with BMO Capital Markets. Your line is open. Thanks so much on earlier, you referred to some of the wins you had in your top 10 customers that you could say there were nine that you took share from your competitors.

我們將繼續投資 ON。正如我所說，併購不僅發生在《Gen-i》。 繼續也包括內容和工作流程本身。 安吉拉，謝謝你。 請等待我們的下一個問題。 我們的下一個問題來自蒙特利爾銀行資本市場部的 Jeff Silber。 您的線路已開通。 非常感謝之前，您提到了您在前 10 名客戶中獲得的一些勝利，您可以說有 9 個客戶是您從競爭對手那裡奪取了份額的。

I know that maybe a generalized question, but was there anything specific that drove that share change until each contract might be different, but I'm wondering, is there any commonalities in those deals? Thanks for your thank you for the questions. So we want friends that I would like to highlight is we're just doing a lot more of the enterprise level with our clients now.

我知道這可能是一個普遍的問題，但是是否有任何具體因素推動了份額變化，直到每份合約可能有所不同，但我想知道這些交易有什麼共同點嗎？ 感謝您的提問。 因此，我們想要朋友，我想強調的是，我們現在正在與客戶做更多的企業級工作。

And I think Goran has led to a lot of these key wins by selling into the C-suite and driving home some new solutions that prove that the repeatable. So we had that amazing when in Q4 at a client where we're doing sort of middle office performance for wells, Goran has driven a lot of our success or himself hand with a great team for wells over the over the over the previous year. And you can see how well we did in that space.

我認為戈蘭透過向最高管理層推銷並向他們灌輸一些證明可重複性的新解決方案，從而取得了許多關鍵的勝利。 因此，當我們在第四季度為客戶提供油井中台績效時，我們感到非常驚訝，戈蘭在過去一年中帶領我們的一支出色的油井團隊取得了巨大的成功。 你可以看到我們在這個領域做得有多好。

This year. And all of these key wins were in the wealth space. So I would say what else is a common theme. Enterprise-level is a common theme. The fact that I think our clients are sort of excited about consuming value and lots of different ways from us as a theme. And then we've just got an amazing desktop product. I mean, we continue to grow that.

今年。 所有這些關鍵勝利都發生在財富領域。 所以我想說還有什麼是共同的主題。 企業級是一個共同的主題。 事實上，我認為我們的客戶對消費價值和以我們為主題的許多不同方式感到興奮。 然後我們就得到了一個令人驚嘆的桌面產品。 我的意思是，我們將繼續發展這一點。

We had a great win in banking, and we just go from strength to strength in banking. And a lot of that's been driven by the investment in the sector and private markets. But just the work the team continues to do around the efficiency for bankers. And that's what we're going to see a step change in that once we release some of these Gen-i products.

我們在銀行業取得了巨大的勝利，我們在銀行業不斷發展壯大。 其中很大一部分是由產業和私人市場的投資所推動的。 但這只是團隊繼續圍繞銀行家效率所做的工作。 一旦我們發布了其中一些 Gen-i 產品，我們將看到一個逐步的變化。

From close to what Phil said, in addition to the top-down selling, I think our ability to compete for the higher end terminals pressuring the wealth management has really improved the shares. We have a fixed income compound from other capabilities. So we're encouraged that that will drive future growth. one of the most encouraging signs about the wins that we've had is the rigs experimenting in traditional workflows and diversifying our sources of various.

從菲爾所說的接近來看，除了自上而下的拋售之外，我認為我們爭奪高端終端的能力給財富管理帶來了壓力，這確實提高了股價。 我們有來自其他能力的固定收入複合。 因此，我們感到鼓舞的是，這將推動未來的成長。 關於我們所取得的勝利，最令人鼓舞的跡象之一是在傳統工作流程中進行試驗的鑽孔機並使我們的各種來源多樣化。

We have already mentioned in our expansion, bring a large client, but we have all also seen very significant wins again in Wealth Management on in terms of expanding into portfolio related workflows. So that is something we will be building on important 25 and group them going forward. So these wells drilled Profarma. We are really important to us.

我們已經在擴張中提到，帶來了一個大客戶，但我們也看到了財富管理在擴展到投資組合相關工作流程方面再次取得了非常重大的勝利。 因此，這是我們將在重要的 25 個基礎上建立的內容，並將它們組合在一起繼續前進。 所以這些井鑽的是Profarma。 我們對我們來說真的很重要。

Thank you. Please standby for our next question. Our next question comes from the line of Jason Harris with Wells Fargo. Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自傑森·哈里斯與富國銀行的對話。 您的線路已開通。

Hey, good morning and thanks for taking my question. I'm curious if you could comment a little bit more what you're seeing in regards to the competitive environment. It sounds like you're winning your fair share out there, but I'm curious if given it's still a tough backdrop if you're seeing any level of aggressive pricing from and some of your competitors.

嘿，早上好，感謝您提出我的問題。 我很好奇您是否可以對您所看到的競爭環境進行更多評論。 聽起來你正在贏得公平的份額，但我很好奇，考慮到當前的情況仍然嚴峻，你是否會看到一些競爭對手的激進定價。

Thanks. Hi, Jason, thanks for. Thanks for your question. I wouldn't say any different than what we have experienced in the past. You know, I think we always face competition and different level of aggressiveness when it comes to a point of when it comes to pricing. So, you know, we will always keep on keeping an eye out on the competition and exactly how we perform in, you know, in terms of wins and losses, do not think that much has changed comparator.

謝謝。 嗨，傑森，謝謝。 謝謝你的提問。 我不會說這與我們過去經歷過的有什麼不同。 你知道，我認為在定價方面我們總是面臨競爭和不同程度的攻擊性。 所以，你知道，我們將始終密切關注比賽以及我們的具體表現，你知道，就輸贏而言，我認為比較器沒有太大變化。

We are certainly increased focus by some of the composers on some of the segments that we do know that, you know, we do really well in, but we do not see that anything has a significant returns.

當然，我們的一些作曲家越來越關注我們確實知道的一些領域，你知道，我們做得很好，但我們沒有看到任何東西有顯著的回報。

I'll add a little bit to that and it is a, as Goran said, the competitive environment where we're being smart about this. So for example, in new business, we will at times given that they're switching costs, but to get the competitive displacement will go in and be as competitive as possible. So that being said, we selectively use that pricing to also lock into longer term contracts as well.

我會補充一點，正如戈蘭所說，這是一個競爭環境，我們對此很聰明。 例如，在新業務中，我們有時會考慮到他們的轉換成本，但為了獲得競爭性的替代，我們會進入並盡可能具有競爭力。 話雖這麼說，我們有選擇地使用該定價來鎖定長期合約。

And as Goran said, we've seen some good success there in wealth and banking It incorporates. So I think we're just being smart in how we are using price to be able to win market share.

正如戈蘭所說，我們已經看到它在財富和銀行業方面取得了一些良好的成功。 所以我認為我們只是聰明地利用價格來贏得市場份額。

Thank you. Please standby for our next question. Our next question comes from the line of Craig Huber with Huber Research Partners. Your line is open.

謝謝。 請等待我們的下一個問題。 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)。 您的線路已開通。

Yes, I think you're going to question here two of the year. How are your hedge fund clients to when that market? And also when you sell into corporates, how's that going for you right now it's getting better worse or about the same up to Africa since.

是的，我想你一年中有兩次會在這裡提問。 您的對沖基金客戶對該市場的情況如何？ 而且，當你向企業出售產品時，你現在的情況如何，情況變得更好，更糟，或者從那時起到非洲的情況也差不多。

I'll take that take a shot at that one. I would say that it is about the same. It depends. We see a fair amount of churn on the hedge front hedge fund side side, Craig. So we'll see ones that go down and then they'll come pick back up. So our goal there is reconstitute themselves and come back as a new hedge fund that we catch them on a new business front, which we've seen a fair amount of. Interestingly, we've had good activity from the hedge fund community ally in Asia, in particular in Singapore arena.

我會嘗試一下。 我想說，差不多是一樣的。 這取決於。 克雷格，我們看到對沖前沿對沖基金方面有相當多的流失。 因此，我們會看到一些下跌，然後它們會反彈。 因此，我們的目標是重組自己，並作為一個新的對沖基金回歸，我們在新的業務方面抓住了他們，我們已經看到了相當多的情況。 有趣的是，我們在亞洲的對沖基金界盟友，尤其是新加坡領域，進行了良好的活動。

So we are seeing what is relatively new growth out there, but hedge funds have done well. Corporates, we have a great partnership with some with a with a company called Arrow and that we also do a lot of business with, and we've seen that uptick this year as well. There's a lot of churn and and and our new logos, which we talked about in our call, it does come a lot from corporates, but thank you.

因此，我們看到了相對較新的成長，但對沖基金表現良好。 企業方面，我們與一些名為 Arrow 的公司建立了良好的合作夥伴關係，我們也與該公司有很多業務往來，今年我們也看到了這種成長。 有很多流失和我們的新徽標，我們在電話中討論過，它確實來自企業，但謝謝。

Thank you. Please standby for our next question. Our next question comes from the line of Russell Quelch with Rayburn Atlantic. Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自拉塞爾·奎爾奇 (Russell Quelch) 與雷伯恩大西洋公司 (Rayburn Atlantic) 的對話。 您的線路已開通。

We move on. And when you think about your strategy to stimulate and top-line growth back about 5%, I wonder, do you feel you may need to be more aggressive in exploring inorganic actions or perhaps returning to the would you consider partnership opportunities to accelerate growth in areas such as well, where room you think that's a big TAM opportunity versus to what your thinking there? It's heavily Investor Day. Thanks.

我們繼續前進。 當您考慮刺激和營收成長約 5% 的策略時，我想知道，您是否認為您可能需要更積極地探索無機行動，或者也許回到您是否考慮合作機會來加速成長您認為哪些領域是TAM的巨大機遇，而您的想法又如何？ 今天是投資者日。 謝謝。

Yes, thanks, Russell. Yes, maybe we can talk more about that than where we do think it's some good time to be exploring partnerships more aggressively. I think certainly with the work we've done to open the platform and be more interoperable, there's an opportunity that the team up with a certain firms for different sort of market segments.

是的，謝謝，拉塞爾。 是的，也許我們可以更多地談論這個問題，而不是我們認為現在是更積極地探索合作關係的好時機。 我認為，透過我們為開放平台和提高互通性所做的工作，我們有機會與某些公司針對不同類型的細分市場進行合作。

And on the M&A front, we're in a much better position than we have been for the last couple of years to do to do some targeted M&A just because we were obviously, we did a larger acquisition with Q-Cells and we had to get to this place. So we're seeing the M&A markets become more constructive. There's more things coming up that are of interest to us and we're going to maintain our discipline. But we do see that that's a lever that we can certainly use to drive top line growth. Thank you.

在併購方面，我們比過去幾年處於更好的位置，可以進行一些有針對性的併購，因為很明顯，我們對 Q-Cells 進行了更大規模的收購，我們必須到達這個地方。 因此，我們看到併購市場變得更具建設性。 還有更多我們感興趣的事情即將發生，我們將保持我們的紀律。 但我們確實看到，這是我們當然可以用來推動營收成長的槓桿。 謝謝。

Thank you. Please standby for our next question. Our next question comes from the line of Shlomo Rosenbaum with Stifel. Your line is open.

謝謝。 請等待我們的下一個問題。 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) 的路線。 您的線路已開通。

I thank you for squeezing me in here. So I'm going to ask you a little bit on just holistically on over the last few years, we've seen the Company expand the margins. Growth hasn't been as much as what we've historically seen. And on the CO2 that has usually been more of a growth company. It seems like now we are the guardians right there for margins to be down a little bit sequentially. We slowed a lot more talk about the new products or anything unique, you know, changed philosophically is going on recently within the company where you had pivot a little more to margin in our pivoting more to growth in. I just wanted to talk about that.

我謝謝你把我擠在這裡。 因此，我要問您一些關於過去幾年整體情況的問題，我們已經看到公司擴大了利潤率。 增長並未達到我們歷史上所看到的水平。 而在二氧化碳領域，這家公司通常更像是成長型公司。 現在看來，我們是利潤率持續下降的守護者。 我們放慢了更多關於新產品或任何獨特的事情的討論，你知道，最近公司內部正在發生哲學上的變化，在我們更多地轉向增長的過程中，你更多地轉向利潤。想談談這個。

And then just a little bit about the 2H improvement this year versus what you're talking about last year because the outlook at this time last year, it was almost exactly the same way in terms of a muted first half and then expectations for the second half. If you could point out the differences on internally where you have line of sight to things, I would say beyond just kind of the Fed rate cut, but things that you're actually seeing in front of you that give you more confidence this year versus last year, there will be helpful.

然後稍微介紹一下今年 2H 與去年相比的改善，因為去年這個時候的前景幾乎完全相同，上半年表現平淡，然後對下半年的預期一半。 如果你能指出你對事物的內部看法的差異，我想說的不僅僅是美聯儲降息，而是你今年實際看到的事情讓你更有信心去年，會有幫助。

Yes, sure. Thanks, Lou. Well. Yes. So philosophically, there's really been I don't, but it hasn't been a big change. We have always focused on growth, and we've also focused on delivering cash flow and earnings for the market. You've been covering us for a long time. So we take a lot of pride in that balance. It's been awhile since we consistently grew in double digits, I mean, at least a decade, but we do aspire to get back to high single-digit. I think that's something we would like to do. And this is a lag in my tenure at the company. This is sort of the third sort of two or three-year period where it's been a really tough market.

是的，當然。 謝謝，盧。 出色地。 是的。 所以從哲學上來說，我確實沒有，但這並不是一個大的改變。 我們始終專注於成長，也專注於為市場提供現金流和收益。 你已經報道我們很久了。 因此，我們對這種平衡感到非常自豪。 我們持續實現兩位數成長已經有一段時間了，我的意思是，至少十年了，但我們確實渴望回到高個位數成長。 我認為這是我們想做的事情。 這是我在公司任職期間的一個延遲。 這是第三種兩三年時期，市場非常艱難。

And I think so a lot of what we've experienced in the last two years has just been market pressure on us, I think executing against that. So I think part of what you saw there in terms of our focus on margin was just really the big ticket and continue to deliver good earnings growth to the market. So no huge change there. I think we were a bit more optimistic last year that the headwinds would dissipate more quickly it from. I think we feel more confident that the market's going to be more constructive.

我認為過去兩年我們經歷的很多事情都是市場給我們帶來的壓力，我認為我們要對此執行。 因此，我認為您所看到的我們對利潤率的關注確實是最重要的，並繼續為市場帶來良好的獲利成長。 所以那裡沒有太大的變化。 我認為去年我們更加樂觀，認為不利因素會更快消散。 我認為我們對市場將更具建設性更有信心。

And we've just done we've done such a lot to to evolve the platform. I think we're very well put positioned to help clients at a much larger level than we did that historically. So the name of again now for us has got to be seven, eight figure deals, that's what's going to move the margin, move the top line. Sorry, I think we're in a great position to do that.

我們剛剛做了很多工作來發展這個平台。 我認為我們處於非常有利的位置，能夠在比以往更大的層面上為客戶提供幫助。 因此，現在對我們來說，再次的名稱必須是七、八位數的交易，這將改變利潤，改變收入。 抱歉，我認為我們有能力做到這一點。

The flip side, we're very focused on efficiency as well. I do think there's a good opportunities for FactSet to to be more efficient and whether or not we choose to invest in more product on. And as the question and generative a I certainly going to play and play a part for us as it does. You know, when we be thinking about building products for our clients.

另一方面，我們也非常注重效率。 我確實認為 FactSet 有一個提高效率的好機會，無論我們是否選擇投資更多產品。 作為問題和生成物，我當然會為我們發揮作用。 你知道，當我們考慮為客戶打造產品時。

Thank you, Alan. Shlomo, just maybe to follow up on the second part of your question, I think what gives us increased confidence. I already mentioned, we think the level of innovation and new product that we have delivered this year. We really believe that that's going to contribute to the second half in our projections for that work domestic than the first. So we're not counting on the market for returning program. You know, things just booked in our product pipeline and we will do everything we can deliver based on the. Thank you.

謝謝你，艾倫。 Shlomo，也許是為了跟進你問題的第二部分，我認為是什麼讓我們更有信心。 我已經提到過，我們認為今年我們交付的創新和新產品的水平。 我們確實相信，這將有助於我們對國內工作的預測，而不是上半年。 因此，我們不指望市場上有退貨計劃。 您知道，我們的產品管道中剛剛預訂了一些東西，我們將根據該產品竭盡全力交付。 謝謝。

Thank you. Please standby for our next question. Our next question comes from the line of Scott Wurtzel with what research Your line is open.

謝謝。 請等待我們的下一個問題。 我們的下一個問題來自 Scott Wurtzel 的線路，您的線路正在開放哪些研究。

Thanks for squeezing me in here. Just wanted to go back to David's commentary on the data expansion side of your sort of strategic investment plan with deep sector, private markets and real-time. I just wanted to maybe get a little bit more color on sort of how that's coming up and maybe impacting your conversations required specifically on the on the renewal side of that. I know you'll probably hear more about this at Investor Day, but if you can go to give us a sense of maybe sort of the write-back of roadmap on the product side with those three initiatives would be great. Thank you.

謝謝你把我擠在這裡。 只是想回到大衛對您的策略投資計劃的數據擴展方面的評論，該計劃具有深入的部門、私人市場和即時性。 我只是想對即將發生的事情有更多的了解，並且可能會影響您的對話，特別是在更新方面。 我知道您可能會在投資者日聽到更多有關此內容的信息，但如果您能讓我們了解這三項舉措在產品方面的路線圖回寫，那就太好了。謝謝。

Yes, sure. So why don't we start with real-time? I'm going to ask or inherited a lot of experience with person. I think we've had a good inflection point.

是的，當然。 那我們為什麼不從即時開始呢？ 我會向人請教或繼承很多經驗。 我認為我們已經有了一個很好的轉折點。

Yes, I think clearly we recompleted to make excellent progress from a barrier. You know, we have a very large large room on the real-time couple of years ago. You know, things requirement has gone live. Group of deliverables are really quite proud of the prior growth. There, you know, to all of the human terms of the content coverage and adding all of the over-the-counter or content over the floor to the product.

是的，我認為顯然我們重新完成了任務，在障礙上取得了巨大的進步。 你知道，幾年前我們有一個非常大的即時房間。 你知道，事情要求已經生效了。 交付成果組對之前的成長感到非常自豪。 您知道，內容涵蓋的所有人為術語以及將所有非處方或現場內容添加到產品中。

We are excited in terms of the opportunities there on the deep sector a little bit as well. So we continue to make excellent progress. The progress there. We have multiple clients engage with us in terms of delivering really desk by desk in terms of the growth factor coverage in those are really encouraged by the level of client engagement and the product progress in that area.

我們對深層領域的機會也感到興奮。 因此，我們繼續取得巨大進展。 那裡的進展。 我們有多個客戶與我們互動，逐桌交付成長因素覆蓋範圍，這確實受到客戶參與程度和該領域產品進展的鼓勵。

And in private markets, we continue to invest there. Obviously, there's a lot of different phones are interested in that for different reasons. We've really I think the biggest highlight for us is we've doubled our coverage to, I believe, around 9 million companies or securities and just with just increasingly better data. So that's a great underpinning for our efforts in banking owners are able to.

在私人市場，我們繼續在那裡投資。 顯然，有很多不同的手機出於不同的原因對此感興趣。 我認為對我們來說最大的亮點是我們的覆蓋範圍擴大了一倍，達到大約 900 萬家公司或證券，而且數據越來越好。 因此，這是我們銀行業主能夠做出的努力的重要基礎。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Phil for closing remarks.

謝謝。 女士們先生們，我不會在隊列中顯示任何其他問題。 我現在想把電話轉回給菲爾，讓他發表結束語。

Thank you. So I just first one is for real encouraging one feathers for the hard work they did this year, and we look forward to seeing you all at Investor Day on November 14th. I think it's going to be well worth your time. We're going to show some really innovative products and talk about the future and what you can expect from factor.

謝謝。 因此，我的第一句話是對他們今年所做的辛勤工作表示真正的鼓勵，我們期待在 11 月 14 日的投資者日見到你們。 我認為這將非常值得您花時間。 我們將展示一些真正創新的產品，並討論未來以及您對 Factor 的期望。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。 女士們、先生們，今天的電話會議到此結束。 感謝您的參與。 您現在可以斷開連線。