Factset Research Systems Inc (FDS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FactSet First Quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Yet He, Interim Head of Investor Relations.

美好的一天，感謝您的支持。歡迎參加 FactSet 2025 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，投資者關係臨時主管 Yet He。

Thank you, and good morning, everyone. Welcome to FactSet's first fiscal quarter 2025 earnings call. Before we begin, the slides to be referenced during this presentation can be found through the webcast on the Investor Relations section of our website at factset.com. A replay of today's call will be available on our website. After our prepared remarks, we will open the call to questions from investors. The call is scheduled to last for one hour. (Operator Instructions)

謝謝大家，大家早安。歡迎參加 FactSet 2025 年第一財季財報電話會議。在開始之前，您可以透過我們網站factset.com 投資者關係部分的網路廣播找到本次簡報中引用的幻燈片。今天電話會議的重播將在我們的網站上提供。在我們準備好的發言之後，我們將開始接受投資人提問。通話預計可持續一小時。 （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投影片 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，以了解可能導致實際結果與這些前瞻性陳述有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投影片簡報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，與最直接可比較的公認會計準則衡量標準的對帳位於簡報的附錄和我們今天早些時候發布的收益報告中。

During this call, unless otherwise noted, relative performance metrics reflect changes as compared to the respective fiscal 2024 period. Also, please note that beginning in this first quarter fiscal 2025, FactSet will be reporting organic ASV rather than organic ASV plus professional services and focus on the recurring nature of our revenues.

在本次電話會議中，除非另有說明，否則相對績效指標反映的是與相應 2024 財年期間相比的變化。另請注意，從 2025 財年第一季開始，FactSet 將報告有機 ASV，而不是有機 ASV 加專業服務，並專注於我們收入的經常性質。

Joining me today are Phil Snow, Chief Executive Officer; Helen Shan, Chief Financial Officer; and Goran Skoko, Chief Revenue Officer. I will now turn the discussion over to Phil.

今天加入我的是執行長菲爾·斯諾 (Phil Snow)；單海倫，財務長；和首席營收長 Goran Skoko。我現在將討論轉交給菲爾。

Thank you, Yet, and good morning, everyone. I'm pleased to share our first quarter results. We're off to a good start in fiscal 2025 with solid operating performance, growing organic ASV 4.5% year-over-year, delivering adjusted operating margin of 37.6% and achieving adjusted diluted EPS of $4.37.

謝謝大家，大家早安。我很高興分享我們第一季的業績。我們在 2025 財年取得了良好的開端，營運績效穩健，有機 ASV 年增 4.5%，調整後營運利潤率為 37.6%，調整後攤薄每股收益為 4.37 美元。

While a backdrop of macro uncertainty and cost pressure faced by clients continues to persist, we saw momentum building during the first quarter. We remain cautious, but I'm encouraged by the constructive dialogue we are having with clients and the trends we are seeing in the pipeline.

儘管宏觀不確定性和客戶面臨的成本壓力持續存在，但我們看到第一季的勢頭正在增強。我們仍然保持謹慎態度，但我們與客戶進行的建設性對話以及我們在管道中看到的趨勢令我感到鼓舞。

As a reminder, the ASV we added in the first quarter is seasonally the lowest of the year. Given the timing of large deals, it is also important to look at half and full year performance as more holistic measures of our progress. Consistent with our prior guidance, we expect ASV growth in fiscal 2025 will be second half-weighted.

提醒一下，我們在第一季新增的 ASV 是全年季節性最低的。考慮到大型交易的時機，將半年度和全年業績視為對我們進展的更全面衡量標準也很重要。與我們先前的指引一致，我們預計 2025 財年的 ASV 成長將是下半年加權的。

Before turning to our financial results, I want to thank those of you that joined our Investor Day last month and for the positive feedback we received. For those that missed it, we discussed FactSet's strategy to supercharge financial intelligence and help clients as their trusted data and technology partner by delivering efficiency and innovation to their end-to-end workflows.

在討論我們的財務表現之前，我要感謝上個月參加投資者日的人們以及我們收到的正面回饋。對於那些錯過的人，我們討論了 FactSet 的策略，即透過為客戶的端到端工作流程提供效率和創新，增強金融智慧並幫助客戶成為其值得信賴的數據和技術合作夥伴。

This strategic direction builds on our market-leading franchises across the firm types we serve and is underpinned by our technology evolution, investment priorities and product road map. There's still much to do, but we are confident in our ability to execute and achieve the medium-term targets we shared with you at Investor Day.

這個策略方向建立在我們所服務的公司類型中市場領先的特許經營權的基礎上，並以我們的技術發展、投資優先事項和產品路線圖為基礎。還有很多工作要做，但我們對執行和實現我們在投資者日與您分享的中期目標的能力充滿信心。

Demand for our solutions remained steady with ASV retention over 95% and client retention at 91%. During the first quarter, we grew our client base to almost 8,250 and our continued expansion within wealth drove our user count to over 218,000.

對我們解決方案的需求保持穩定，ASV 保留率超過 95%，客戶保留率達到 91%。第一季度，我們的客戶群增加到近 8,250 名，財富領域的持續擴張使我們的用戶數量超過 218,000 名。

Turning now to our organic ASV performance by region. In the Americas, we grew 5% as we lapped a significant wealth win in Q1 last year. New business accelerated in the quarter across wealth, hedge funds and asset owners. And improved retention across asset managers was overshadowed by softness in areas where clients are reprioritizing budgets.

現在談談我們按地區劃分的有機 ASV 表現。在美洲，我們去年第一季財富成長了 5%。本季財富、對沖基金和資產所有者的新業務加速成長。資產管理公司保留率的提高被客戶重新調整預算優先順序的領域的疲軟所掩蓋。

In EMEA, we experienced 4% growth driven by wins in partnerships and asset owners with additional contribution from PE/VC, hedge funds and overall improved retention in the region. And in Asia Pacific, we maintained 7% growth. Improved seasonal hiring and banking relative to last year was a driver, particularly among global bulge bracket banks. Data solution wins with partners were offset by lower retention with asset manager clients.

在歐洲、中東和非洲地區，我們實現了 4% 的成長，這得益於合作夥伴關係和資產所有者的勝利，以及 PE/VC、對沖基金的額外貢獻以及該地區整體保留率的提高。在亞太地區，我們保持了 7% 的成長。與去年相比，季節性招聘和銀行業務的改善是一個驅動因素，特別是對於全球大型銀行。數據解決方案在合作夥伴中的勝利被資產管理公司客戶的保留率降低所抵消。

From a firm-type perspective, our results were mixed. After a very strong Q4 to close the year, wealth organic ASV growth was more subdued in the first quarter. Seat count continues to increase at a strong clip, sequentially adding over 2,000 users driven by marquee accounts. We also continue to add smaller wealth management clients this quarter. It's difficult to control the timing of when large deals close, but we remain confident that deceleration this quarter is temporary.

從公司類型的角度來看，我們的結果好壞參半。在第四季度表現非常強勁之後，第一季財富有機 ASV 成長更加疲軟。席位數量持續強勁增長，在大型帳戶的推動下連續增加了 2,000 多名用戶。本季我們也持續增加小型財富管理客戶。很難控制大型交易完成的時間，但我們仍然相信本季的減速是暫時的。

And within wealth, we continue to see a healthy pipeline of seven-figure opportunities with potential to upsell existing clients and expanding solution set, giving us conviction that growth will reaccelerate over the next several quarters.

在財富領域，我們繼續看到一系列健康的七位數機會，有可能向現有客戶追加銷售並擴大解決方案集，這使我們相信成長將在未來幾個季度重新加速。

In dealmakers, growth was in line with last quarter. Banking seasonal hiring continues to normalize but remains a drag to growth. As discussed at Investor Day, we expect several new products will add to the acceleration of our banking business in the second half of the year. Most notably, our gen AI-powered Pitch Creator offering is already seeing traction in our client conversations with two wins in Q1 ahead of our formal launch in early calendar 2025.

在交易撮合者中，成長與上季一致。銀行業季節性招聘持續正常化，但仍拖累經濟成長。正如投資者日所討論的那樣，我們預計一些新產品將加速我們下半年銀行業務的發展。最值得注意的是，我們的人工智慧驅動的 Pitch Creator 產品已經在我們的客戶對話中受到關注，在 2025 年初正式推出之前，我們在第一季取得了兩場勝利。

Outside of banking, we saw continued acceleration in PE/VC to double-digit growth led by several competitor displacements and strength in Cobalt, our modern portfolio monitoring tool. Adding to corporates, we closed the acquisition of Irwin in early November to expand FactSet's ability to address the integrated workflow needs of IR professionals with an integrated modern solution. We have a strong pipeline and have already seen increased inbound interest from Investor Relations users since the acquisition was announced.

在銀行業之外，我們看到私募股權/創投持續加速兩位數成長，這主要得益於幾家競爭對手的取代以及我們現代投資組合監控工具 Cobalt 的實力。除了企業之外，我們還在 11 月初完成了對 Irwin 的收購，以擴大 FactSet 的能力，透過整合的現代解決方案滿足 IR 專業人員的整合工作流程需求。我們擁有強大的管道，自宣布收購以來，投資者關係用戶的入境興趣已經增加。

For the institutional buy side, we maintained growth consistent with last quarter. The highlight for the quarter is a landmark seven-figure performance solutions win, where we beat our competitor and displaced key incumbents at a global outsourced CIO provider seeking to overhaul their technology stack and solutions across the portfolio life cycle.

對於機構買方，我們保持了與上季一致的成長。本季的亮點是具有里程碑意義的七位數性能解決方案勝利，我們擊敗了競爭對手並取代了一家全球外包CIO 提供商的主要現任人員，該提供商尋求在整個產品組合生命週期中徹底改革其技術堆疊和解決方案。

This wide-ranging enterprise deal includes our portfolio analytics, multi-asset class capabilities and performance reporting solutions. This win also underscores FactSet's ability to effectively partner with clients using our managed services offering to deliver workflow efficiencies and an improved operating model.

這項廣泛的企業交易包括我們的投資組合分析、多元資產類別功能和績效報告解決方案。此次勝利也凸顯了 FactSet 能夠利用我們的託管服務產品與客戶進行有效合作，從而提高工作流程效率並改善營運模式。

Within asset management, we continue to see erosion pressure as clients scrutinize their budgets and pursue vendor consolidation, particularly with small and midsized firms where it is more difficult to reach scale efficiencies. Our recently announced partnership with JPMorgan Securities Services seeks to address this total cost of ownership challenge by coupling FactSet's performance reporting and portfolio analytics solutions with accounting and investment book of records through JPMorgan's fusion data management platform.

在資產管理領域，隨著客戶審查預算並尋求供應商整合，我們繼續看到侵蝕壓力，特別是對於更難以達到規模效率的中小型企業。我們最近宣布與摩根大通證券服務公司建立合作夥伴關係，旨在透過摩根大通的整合式資料管理平台將FactSet 的業績報告和投資組合分析解決方案與會計和投資記錄簿相結合，解決這一總體擁有成本挑戰。

The partnerships in CGS growth was solid. Improved retention and an increase in larger wins with partners contributed to accelerating growth. CGS continues to perform well, buoyed by the strong issuance market and content expansion.

CGS 成長過程中的合作關係十分穩固。保留率的提高以及與合作夥伴的更大勝利的增加有助於加速成長。受強勁的發行市場和內容擴張的推動，CGS 繼續表現良好。

As we execute against the strategy we outlined at Investor Day, clients are increasingly viewing FactSet as an innovation partner that can help them gain greater insights, drive lower cost of operations and elevate productivity so they can focus on high-value work. We are leveraging our industry-leading data and technology to responsibly harness the power of gen AI to bring more speed, accuracy and efficiency to our clients.

當我們執行我們在投資者日概述的策略時，客戶越來越多地將FactSet 視為創新合作夥伴，可以幫助他們獲得更深入的見解、降低營運成本並提高生產力，以便他們能夠專注於高價值工作。我們正在利用業界領先的數據和技術，負責任地利用 gen AI 的力量，為我們的客戶帶來更快的速度、準確性和效率。

Building on the AI Blueprint we announced last year, we recently unveiled our Intelligent Platform initiative, which integrates conversational AI at the platform level to enable next-generation search intelligence. This latest innovation in our series of new product developments leverages FactSet Mercury, our conversational knowledge engine, to provide actionable and auditable insights across our extensive content refinery of structured and unstructured data assets.

在我們去年宣布的人工智慧藍圖的基礎上，我們最近推出了智慧平台計劃，該計劃在平台層級整合對話式人工智慧，以實現下一代搜尋智慧。我們一系列新產品開發中的這項最新創新利用我們的對話式知識引擎 FactSet Mercury，在我們廣泛的結構化和非結構化資料資產內容提煉中提供可操作和可審計的見解。

We hear loud and clear from our clients that they are not interested in marketing hype and promises of the future. They are demanding practical workhorse solutions to boost productivity, unlock efficiencies, and optimize daily workflows. We will be launching new workflow solutions throughout the year that will add to our rapidly evolving gen AI capabilities and product set.

我們從客戶那裡清楚地聽到，他們對行銷炒作和未來承諾不感興趣。他們需要實用的主力解決方案來提高生產力、釋放效率並優化日常工作流程。我們將在全年推出新的工作流程解決方案，這將增加我們快速發展的新一代人工智慧功能和產品集。

In summary, I'm pleased with the start to this year. It's worth reiterating that similar to last year, we expect growth to be weighted towards the back half of the year. As we head into the start of calendar 2025, I'm encouraged by early signs of momentum picking up as clients reset budgets in what many are anticipating as an improved macro backdrop. There's budding confidence that the operating environment may improve as we progress through the year.

總而言之，我對今年的開局感到滿意。值得重申的是，與去年類似，我們預計成長將集中在今年下半年。隨著 2025 年伊始，隨著客戶在許多人預期宏觀背景有所改善的情況下重新調整預算，勢頭有所增強的早期跡象令我感到鼓舞。人們越來越相信，隨著我們今年的進步，經營環境可能會有所改善。

A few examples of green shoots this quarter include greater client engagement in banking, strength in data solution sales to hedge runs and greater pace of competitor displacements in PE/VC, to name a few. We have a robust pipeline, greater visibility on some larger opportunities and many new innovative products that resonate with clients. I'm confident in our path forward. As such, we are reaffirming our fiscal 2025 guidance. I will now turn it over to Helen to discuss our first quarter performance in more detail.

本季度的一些萌芽例子包括銀行業客戶參與度的提高、對沖擠兌的數據解決方案銷售的強勁以及私募股權/風險投資領域競爭對手取代的步伐加快等。我們擁有強大的管道、對一些更大機會的更高知名度以及許多與客戶產生共鳴的創新產品。我對我們前進的道路充滿信心。因此，我們重申 2025 財年指引。我現在將把它交給海倫，更詳細地討論我們第一季的業績。

Thank you, Phil, and hello to everyone on the call. It is great to be back with you all again. As you've seen from our press release this morning, we began our fiscal 2025 with solid operating performance and an uncertain but constructive market environment.

謝謝你，菲爾，並向通話中的每個人問好。很高興再次回到大家身邊。正如您從今天早上的新聞稿中看到的，我們以穩健的經營業績和不確定但建設性的市場環境開始了 2025 財年。

Q1 organic ASV increased $3.4 million or 4.5% growth in a quarter that is seasonally our lowest. Also, a reminder that starting this quarter, we are no longer reporting professional services in our ASV in order to better reflect the recurring nature of our revenues. On this new basis of reporting, the comparable ASV for the prior year is provided in this morning's press release.

第一季有機 ASV 成長了 340 萬美元，即季度成長率 4.5%，是我們季節性最低的季度。另外，請注意，從本季度開始，我們將不再在 ASV 中報告專業服務，以便更好地反映我們收入的經常性質。在這項新的報告基礎上，今天上午的新聞稿中提供了上一年的可比較 ASV。

For the quarter, GAAP revenue increased 4.9% to $569 million. Organic revenue, which excludes any impact from both acquisitions or dispositions over the past 12 months and foreign exchange movements, increased 4.7% to $568 million, driven by sales to wealth firms, asset owners and institutional asset managers. For our geographic segment, organic revenue grew by 5% in the Americas, 3% in EMEA and 6% in Asia Pacific.

本季 GAAP 營收成長 4.9% 至 5.69 億美元。有機收入（不包括過去 12 個月的收購或處置以及外匯波動的影響）增長了 4.7%，達到 5.68 億美元，這主要得益於對財富公司、資產所有者和機構資產管理公司的銷售。對於我們的地理部分，美洲的有機收入成長了 5%，歐洲、中東和非洲地區成長了 3%，亞太地區成長了 6%。

Turning now to expense. GAAP operating expenses increased 6.8% year-over-year to $377 million, driven by the amortization of intangible assets, compensation-related expenses, and professional fees. This captures certain onetime nonrecurring items, including acquisition-related costs.

現在轉向費用。受無形資產攤銷、薪​​酬相關費用和專業費用的推動，公認會計準則營運費用年增 6.8%，達到 3.77 億美元。這涵蓋了某些一次性非經常性項目，包括與收購相關的成本。

On an adjusted basis, operating expense grew 4.9% at the same rate as revenue. Technology spend was the primary expense driver, which increased 18% year-over-year, largely due to higher amortization of internal software and our continued investment in generative AI.

經調整後，營業費用成長 4.9%，與收入成長相同。技術支出是主要支出驅動因素，年增 18%，這主要是由於內部軟體攤銷的增加以及我們對產生人工智慧的持續投資。

As outlined at Investor Day, we are committed to investing in products and technology to maintain the market leadership needed to drive sustained and future growth. For the quarter, technology costs were just under 10% of revenue compared to 9% last year.

正如投資者日所概述的，我們致力於投資產品和技術，以保持推動持續和未來成長所需的市場領先地位。本季度，技術成本佔營收的比例略低於 10%，而去年這一比例為 9%。

Employee expenses increased approximately 2% versus the prior year as we held our headcount largely flat. People-related costs remain our largest expense category at 39% of revenue, down 130 basis points year-over-year. We continue to exercise operational discipline to self-fund investments in our strategic priorities through more efficient operations and increased productivity.

由於我們的員工人數基本上持平，員工費用比前一年增加了約 2%。人員相關成本仍是我們最大的支出類別，佔營收的 39%，較去年同期下降 130 個基點。我們持續遵守營運紀律，透過更有效率的營運和提高生產力，為我們的策略重點投資提供自籌資金。

Third-party content costs increased 4% year-over-year and remain less than 5% of revenue. Real estate and related facilities expense decreased 4% year-over-year. These expenses are now less than 3% of revenue, approximately 30 basis points lower compared to the prior year. For a more detailed walk from revenue to adjusted operating income, please refer to the appendix in today's earnings presentation.

第三方內容成本年增 4%，但仍低於營收的 5%。房地產及相關設施費用較去年同期下降4%。這些費用目前不到收入的 3%，比前一年減少約 30 個基點。有關從收入到調整後營業收入的更詳細信息，請參閱今天收益報告中的附錄。

Compared to the previous Q1, GAAP operating margin decreased by approximately 120 basis points to 33.6%, largely due to onetime items. On an adjusted basis, operating margin was flat year-over-year at 37.6%. In the quarter, our cost of services as a percentage of revenue was lower year-over-year by approximately 90 basis points on a GAAP basis and just under 70 basis points on an adjusted basis, primarily due to lower compensation expense, partially offset by increased intangible asset amortization.

與上一季相比，GAAP 營運利潤率下降約 120 個基點至 33.6%，這主要是由於一次性專案的影響。調整後的營業利潤率與去年同期持平，為 37.6%。本季度，我們的服務成本佔收入的百分比按 GAAP 計算同比下降約 90 個基點，按調整後的基礎計算略低於 70 個基點，這主要是由於薪酬費用減少，部分被無形資產攤銷增加。

SG&A as a percentage of revenue was approximately 210 basis points higher year-over-year on a GAAP basis, primarily due to people expense and an increase in professional fees. On an adjusted basis, SG&A was 70 basis points higher than prior year.

以 GAAP 計算，SG&A 佔營收的百分比年增約 210 個基點，這主要是由於人員費用和專業費用的增加。經過調整後，SG&A 比前一年高出 70 個基點。

Turning now to taxes. Our effective tax rate in Q1 was 16.5%. This was an increase compared to the 15.2% tax rate in the first quarter of last year, primarily due to the revaluation of a foreign deferred tax asset associated with the tax rate change.

現在轉向稅收。我們第一季的有效稅率為 16.5%。與去年第一季 15.2% 的稅率相比有所增加，主要是由於與稅率變化相關的外國遞延稅資產的重估。

Our GAAP diluted EPS increased 1.3% to $3.89 this quarter versus $3.84 in the prior year period, driven by higher revenue, offset by margin compression and a higher tax rate. Given these same factors, adjusted EPS increased by $0.25 or 6.1% to $4.37.

本季我們的 GAAP 攤薄後每股收益成長 1.3%，達到 3.89 美元，而去年同期為 3.84 美元，主要得益於收入增加，但被利潤率壓縮和稅率提高所抵消。考慮到這些相同的因素，調整後每股收益增加 0.25 美元，即 6.1%，達到 4.37 美元。

EBITDA increased 5% to $230 million compared to the same period last year, driven by higher net income and higher add-back items. And finally, free cash flow, which we define as cash generated from operations less capital spending, decreased 56% year-over-year to $60 million in Q1. This was largely due to the resolution of a sales tax dispute, timing of vendor payments and higher capital expenditures during the quarter.

受淨利潤和附加項目增加的推動，EBITDA 較去年同期成長 5%，達到 2.3 億美元。最後，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）在第一季同比下降 56% 至 6,000 萬美元。這主要是由於銷售稅糾紛的解決、供應商付款的時間表以及本季資本支出的增加。

As we discussed at our Investor Day, we remain disciplined in our approach to capital allocation and are committed to returning capital to shareholders through a combination of stock buybacks and dividends. In the quarter, we repurchased more than 104,000 shares for approximately $49 million at an average share price of $467. At the end of the quarter, we had $251 million of capacity remaining under the $300 million share repurchase authorization approved by our Board of Directors back in September. Today, we paid a quarterly dividend of $1.04 per share to holders of record as of November 29, 2024.

正如我們在投資者日討論的那樣，我們在資本配置方法上保持嚴格，並致力於透過股票回購和股息相結合的方式向股東返還資本。本季度，我們以約 4,900 萬美元的價格回購了超過 104,000 股股票，平均股價為 467 美元。截至本季末，根據董事會 9 月批准的 3 億美元股票回購授權，我們還有 2.51 億美元的剩餘產能。今天，我們向截至 2024 年 11 月 29 日有記錄的股東支付了每股 1.04 美元的季度股息。

Also in the first quarter, we reduced our term loan principal by another $62.5 million, lowering our gross leverage ratio to 1.5 times. We expect the term loan to be repaid in full by the end of Q2. Our capital allocation remains consistent with our commitment to maintain investment-grade metrics.

同樣在第一季度，我們又將定期貸款本金減少了 6,250 萬美元，將總槓桿率降低至 1.5 倍。我們預計定期貸款將在第二季末全額償還。我們的資本配置與我們維持投資等級指標的承諾一致。

And finally, as you heard from Phil, we are reaffirming our previously issued guidance. While there's still some variability around client budgets, we've observed encouraging signs with increased engagement and a growing willingness to make purchasing decisions.

最後，正如您從菲爾那裡聽到的那樣，我們重申了之前發布的指導意見。儘管客戶預算仍然存在一些差異，但我們觀察到了令人鼓舞的跡象，即參與度的提高和做出購買決定的意願不斷增強。

In the final weeks of Q1, we've experienced positive momentum, which we are determined to maintain in order to achieve our full year objectives. We are actively taking steps in pricing and packaging to enhance our competitiveness against incumbent providers such as with hedge funds and PE/VC firms. These actions have resulted in higher new business. And with multiple pilots currently being tested, we are looking to replicate the success across various firm types in different markets globally.

在第一季的最後幾週，我們經歷了積極的勢頭，我們決心保持這種勢頭，以實現全年目標。我們正在積極採取定價和包裝措施，以增強我們相對於對沖基金和私募股權/創投公司等現有提供者的競爭力。這些行動帶來了更高的新業務。目前正在測試多個試點項目，我們希望在全球不同市場的各種類型的公司中複製成功的經驗。

Our sales pipeline is healthy. And we continue to witness promising demand for our new gen AI products and enterprise solutions, setting the stage for this year to be another story of two distinct halves. In conclusion, we remain confident in FactSet's ability to deliver sustainable long-term shareholder value. By harnessing the power of our data and technology investments, we are poised to enhance our clients' financial insight and workflow significantly.

我們的銷售通路健康。我們繼續見證對新一代人工智慧產品和企業解決方案的巨大需求，為今年成為兩個截然不同的故事奠定了基礎。總之，我們對 FactSet 提供可持續的長期股東價值的能力仍然充滿信心。透過利用我們的數據和技術投資的力量，我們準備好顯著增強客戶的財務洞察力和工作流程。

And with that, we are 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) Alex Kramm, UBS.

（操作員說明）Alex Kramm，UBS。

Yes. Sorry to be so short-term focused here, but obviously, you're talking about the two halves, but I feel like both Phil and Helen, both of you talked about green shoots and optimism to the second quarter. So, if I look at the 1Q, probably a little bit softer than what you saw last year. Maybe something slipped a little bit.

是的。抱歉在這裡如此關注短期，但顯然，你正在談論兩個半場，但我覺得菲爾和海倫，你們都談到了第二節的新芽和樂觀。因此，如果我看看第一季度，可能會比去年看到的要軟一些。也許有什麼東西滑倒了一點。

I also think there's a chunkier deal coming into the second quarter. So, shouldn't we be positioned for acceleration in ASV growth already in the second quarter? Or how should we be thinking about the cadence from here?

我還認為第二季將有一項更大規模的交易。那麼，我們不應該在第二季就做好 ASV 成長加速的準備嗎？或者我們應該如何考慮這裡的節奏？

Thanks, Alex. Appreciate the question. So yes, let me talk a bit more about the momentum that we just talked about in the script. And it's not all just Q2 but let me talk about the rest of the year. So, we are very encouraged by the momentum we're seeing. In any given year, we're going to have a number of big rocks that are out there that could be new RFPs or renewals. And I would say in the balance, I'm very happy with how that's landed so far in terms of Q1, the big deal we did and some of the visibility we see moving out.

謝謝，亞歷克斯。感謝這個問題。所以，是的，讓我多談談我們剛才在劇本中談到的動力。這不僅僅是第二季度，讓我談談今年剩餘的時間。因此，我們對所看到的勢頭感到非常鼓舞。在任何一年中，我們都會遇到許多可能是新的 RFP 或續約的大問題。我想說的是，總而言之，我對第一季到目前為止的進展、我們所做的大事以及我們所看到的一些可見度的進展感到非常滿意。

More -- and across firm types, wealth is just continuing to look very strong. Out of our top 10 deals for the year, wealth makes up about half of those, and I talked about the seven-figure deals. So, we're -- that is a very well-performing part of our business with a lot of opportunity.

更多——在不同類型的公司中，財富看起來仍然非常強勁。在我們今年的十大交易中，財富約佔其中的一半，我談到了七位數的交易。所以，這是我們業務中表現非常好的部分，有很多機會。

I would say that we're also seeing, as Helen mentioned, increased momentum in private equity, venture capital. We're seeing really good momentum in the hedge funds. Some of that is driven just by data that they're consuming. And then corporates, we did the acquisition of Irwin. That's always been a good part of our business. But all of those end markets look poised to grow potentially at 10% this year. So, we're very excited about those.

我想說，正如海倫所提到的，我們也看到私募股權和創投的勢頭有所增強。我們看到對沖基金的勢頭非常好。其中一些只是由他們正在消耗的數據所驅動的。然後是企業，我們收購了歐文。這一直是我們業務的重要組成部分。但所有這些終端市場今年似乎都有望實現 10% 的成長。所以，我們對此感到非常興奮。

Thinking about banking, it's still a bit more uncertain sort of going into the year, what the hiring is going to look like. But we're having really good renewal conversations in the middle markets. And the feedback that we're getting from our clients around the Pitch Creator product, which is the productivity tool, on top of our current suite using AI is getting really exceptional feedback relative to what people are seeing from our competitors. And that's playing a big part, honestly, in some of the renewals that we're doing.

就銀行業而言，今年的招募情況仍存在一些不確定性。但我們在中間市場正在進行非常好的續約對話。我們從客戶那裡得到的關於Pitch Creator 產品的回饋，這是一種生產力工具，在我們目前使用人工智慧的套件之上，相對於人們從競爭對手那裡看到的回饋，我們得到了非常出色的回饋。老實說，這在我們正在進行的一些更新中發揮了重要作用。

So that's sort of one angle. Maybe what I'll do is I'll ask Goran now to talk a little bit more about some of the sales activity and how that compares to last year.

所以這只是一個角度。也許我現在會請戈蘭多談談一些銷售活動以及與去年相比如何。

So I think we have certainly seen improvement in the pipeline and activity as we have gone through the quarter. Phil alluded to the last six weeks particularly being very productive for us. To illustrate the increase in activity, I think our trials have gone up 23%, the Americas and 13% in Europe. And RFPs, we see a 30% increase year-over-year in Q1 of this year versus last year.

因此，我認為在整個季度中，我們確實看到了管道和活動的改善。菲爾提到過去六週對我們來說特別有成效。為了說明活動的增加，我認為我們的試驗在美洲增加了 23%，在歐洲增加了 13%。至於 RFP，我們看到今年第一季與去年相比同比增長了 30%。

So I think that's where the optimism for the remainder of the year comes in for us and we are quite optimistic about the activity and the client interaction that we've had to date.

因此，我認為這就是我們對今年剩餘時間的樂觀情緒所在，我們對迄今為止的活動和客戶互動非常樂觀。

Yes. I'll just end with this one, Alex, which is I think we've already talked about this, but the CPI increase that we'll be able to capture this year is lower than last year as inflation has come down. But I've seen really good work from Goran and the sales team on closing that difference in terms of what we would get.

是的。亞歷克斯，我只想以這一點結束，我想我們已經討論過這一點，但隨著通膨下降，我們今年能夠捕捉到的消費者物價指數 (CPI) 增幅低於去年。但我看到 Goran 和銷售團隊在縮小我們所獲得的產品方面的差異方面做出了非常出色的工作。

And on the buy side, even though that's outside of hedge funds, even though that's the piece of our business that's under the most cost pressure, that team has done an amazing job of beginning to build up a stronger pipeline as we enter the second half. So we're optimistic, and all signs so far are pointing green compared to how we were feeling maybe three or six months ago.

在買方方面，儘管這不屬於對沖基金，儘管這是我們面臨最大成本壓力的業務，但團隊做得非常出色，在我們進入下半年時開始建立更強大的管道。所以我們很樂觀，與三、六個月前的感覺相比，到目前為止所有跡像都指向綠色。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

I hate to use my one question on the kind of housekeeping thing, Helen, but I'm going to do it anyway. Can you explain the total company ASV growth of 4.5%, but the components were each lower than that, like buy side at 4.3 and sell side 3.5. Is there some kind of calculation adjustment that's being made to those items that would get you to 4.5?

我討厭用我的一個問題來討論家務事，海倫，但無論如何我都會這樣做。您能否解釋一下公司總 ASV 成長率為 4.5%，但各個組成部分均低於該數字，例如買方為 4.3，賣方為 3.5。是否對這些項目進行了某種計算調整以使您達到 4.5？

Yes. No. And thank you for that. I do understand why that might be a little bit confusing. So, in the past, we've always included all of CGS and ASV calculations of both licensing and issuance. But we did not include in the buy side and sell side calculations the CGS issuance growth because it doesn't quite fit into that.

是的。不，謝謝你。我確實理解為什麼這可能有點令人困惑。因此，在過去，我們始終包含許可和發行的所有 CGS 和 ASV 計算。但我們沒有將 CGS 發行成長納入買方和賣方的計算中，因為它不太符合這種情況。

But this quarter, as you I'm sure have noticed that there's been quite a lot of issuances. And as a result, CGS issuance really helped drive some of the organic ASV growth rate this quarter. It contributed about 25 basis points to get us to the 4.5%. So that's why you're seeing that disconnect where buy sides at 4.3, sell side at 3.5, but CGS added another 25 basis points. That's how strong it was.

但本季度，正如您所見，我肯定已經注意到有相當多的發行。因此，CGS 發行確實幫助推動了本季 ASV 的有機成長率。它為我們達到 4.5% 貢獻了約 25 個基點。這就是為什麼你會看到買方為 4.3，賣方為 3.5，但 CGS 又增加了 25 個基點的脫節。原來是這麼強啊。

Kelsey Zhu, Autonomous.

朱凱爾西，自治。

It sounds like managed services could be a key growth driver for buy side ASV going forward. I was just wondering if we have any updated thoughts on total addressable market, who the key competitors are in this space and just generally your strategy to expand in that market.

聽起來託管服務可能成為買方 ASV 未來的關鍵成長動力。我只是想知道我們是否對整個潛在市場有任何最新的想法，這個領域的主要競爭對手是誰，以及您在該市場擴張的整體策略。

Thanks, Kelsey. I'll start, and then I'll ask Goran to weigh in as well. So yes, we've seen some great momentum and work there for the team. We closed a good deal in Q1 for an out-store CIO provider that will include quite a bit of managed services here. And there are some deals that we announced last year that did as well.

謝謝，凱爾西。我先開始，然後我也會請 Goran 參與。所以，是的，我們看到了一些巨大的動力，並為團隊工作。我們在第一季為一家店外 CIO 供應商達成了一筆很好的交易，其中將包括相當多的託管服務。我們去年宣布的一些交易也起到了同樣的作用。

And I think you probably saw the press release where we have entered into sort of a partnership with JPMorgan to do some work for them. So that's -- that -- there were managed services associated with that as well even though that deal has been going on for a little while now.

我想您可能已經看到了新聞稿，我們已經與摩根大通建立了某種合作夥伴關係，為他們做一些工作。因此，儘管該交易已經進行了一段時間，但也有與之相關的託管服務。

So we do see a good opportunity here. And it is really linked to our product suite. So, in many cases, these services are being applied to our technology and the fact that we've opened up the platform, particularly for the analytics suite that's traditionally served the buy side. And that's -- the performance solution that we have is, I think, best in class. And that's now being leveraged pretty heavily by some of these firms. So, I'll stop there. And maybe Goran, you could add a little bit more color as to what else you see in terms of opportunity.

所以我們確實在這裡看到了一個很好的機會。它確實與我們的產品套件相關。因此，在許多情況下，這些服務正在應用於我們的技術以及我們開放平台的事實，特別是對於傳統上為買方服務的分析套件。我認為，我們擁有的性能解決方案是同類中最好的。其中一些公司現在正在大力利用這一槓桿。那麼，我就到此為止。也許戈蘭，你可以為你在機會方面看到的其他內容添加更多色彩。

Yes. So, I think a couple of things. In terms of competition, I still have -- as Phil said, I think, the managed services for us a little bit different than you would expect from managed services-type providers. And it's really that highly skilled talent that we have that can help clients with their performance reporting or risk reporting type activities.

是的。所以，我想有幾件事。在競爭方面，我認為，正如菲爾所說，我們的託管服務與您對託管服務類型提供者的期望略有不同。我們擁有的真正的高技能人才可以幫助客戶進行績效報告或風險報告類型的活動。

That is what we are providing to the clients, and augmenting their internal capabilities in the process is particularly affected in the environment of where the clients are cost sensitive. And we can help them in their total cost of ownership by providing managed services and allowing them to focus on the higher-value activities.

這就是我們為客戶提供的服務，在客戶對成本敏感的環境中，在過程中增強他們的內部能力尤其受到影響。我們可以透過提供託管服務並讓他們專注於更高價值的活動來幫助他們降低整體擁有成本。

So we are excited about the progress over the last five, six quarters since we launched managed services, and we think that there is considerable upside there. I don't have the market size because, quite frankly, there is no direct competition to it.

因此，自從我們推出託管服務以來，我們對過去五、六個季度的進展感到興奮，我們認為那裡有相當大的上升空間。我不知道市場規模，因為坦白說，沒有直接競爭。

Comment on that since this is a relatively newer service that we're offering, but it was performance and now risk and reporting. And what we're tracking are the attach rates, and they're quite good. So back to Phil's comment, we've already been with clients in the middle office, and what we're seeing is that they're turning to us to help them, especially to gain more scale.

對此發表評論，因為這是我們提供的一項相對較新的服務，但它是性能，現在是風險和報告。我們正在追蹤的是附加率，它們非常好。回到菲爾的評論，我們已經與中台客戶進行了接觸，我們看到他們正在向我們尋求幫助，特別是為了獲得更大的規模。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

So I wanted to ask about -- you mentioned that you're getting exceptional feedback on sort of some of the gen AI products and what folks are seeing from your competitors. So curious if you could give us a bit more color around that? Is that across the board? Are there any specific products where you're maybe getting more traction?

所以我想問一下——你提到你從一些新一代人工智慧產品中得到了特殊的回饋，以及人們從你的競爭對手那裡看到了什麼。很好奇你能否給我們更多的色彩？這是全面的嗎？是否有任何特定產品可能會讓您獲得更多關注？

And maybe if you can dimensionalize that for us? Like is there a way to think about potential contribution from ASV this year? Is it incremental to the guide? Just a bit more color there would be helpful.

也許你能為我們將其維度化？例如有沒有辦法思考今年 ASV 的潛在貢獻？它是指南的增量嗎？只要多一點顏色就會有幫助。

Yes, sure. I'd be happy to, Faiza. Thanks. So, on our last call, I think Helen stated that we continue to expect or we're expecting 30 to 50 bps of growth in FY25 from the monetization of gen AI. So that is included to some degree in the guidance that we gave you. But it's obviously a wildcard, and we could potentially do better than that. We certainly -- we didn't have a huge number as a goal for Q1. So some more of it is sort of weighted to Q2, Q3 and Q4. But what we have seen are very encouraging signs.

是的，當然。我很樂意，法伊札。謝謝。因此，在我們上次的電話會議上，我認為 Helen 表示，我們繼續預計或預計 25 財年 gen AI 的貨幣化將實現 30 至 50 個基點的成長。因此，這在某種程度上包含在我們為您提供的指導中。但這顯然是一個通配符，我們可能會做得更好。當然，我們第一季的目標並不是很大。因此，其中更多的部分是對 Q2、Q3 和 Q4 進行加權的。但我們看到的是非常令人鼓舞的跡象。

So we monetized six or seven things already. One was the conversational API that we spoke about last year, which is the client's ability to essentially take that FactSet Mercury experience that you could have if you had a FactSet Workstation and plug it into your own environment. So that was a wealth use case that we monetized last year.

所以我們已經將六、七件事貨幣化了。其中之一是我們去年談到的對話式 API，它是客戶能夠從本質上獲得 FactSet Mercury 體驗（如果您有 FactSet 工作站，您就可以獲得這種體驗）並將其插入您自己的環境中。這就是我們去年貨幣化的財富用例。

The banking products are getting great feedback. So, we have something called Pitch Creator, which further automates the pitch creation process. And there's all kinds of news out there right now about how really tough it is for junior bankers, the number of hours they're putting in and the strain that they're under. And this will -- things like our tombstone creator will really help them with productivity. So that will be officially released in the coming months, but it's already played a key part in a few renewals. So great feedback there.

銀行產品得到了很好的回饋。因此，我們有一個叫做 Pitch Creator 的東西，它可以進一步自動化音調創建過程。現在有各種各樣的新聞表明初級銀行家的處境有多艱難，他們投入的時間有多長，以及他們承受的壓力。這將 - 像我們的墓碑創建器這樣的東西將真正幫助他們提高生產力。因此，它將在未來幾個月內正式發布，但它已經在一些更新中發揮了關鍵作用。那裡的反饋非常好。

We also have, I think, shown some ability to monetize AI from our data, so -- in two ways. So, we now had -- we had a close where we sold data specifically for somebody that was building a gen AI product. And then as we've spoken about previously, we have our AI partner program, where we'll work with small technology providers to empower them for their workflows. Portfolio Commentary, which we've had out there for a while now. We got our first commitment to that, which will show up after Q1.

我認為，我們也表現出了一些從我們的數據中將人工智慧貨幣化的能力，所以——透過兩種方式。所以，我們現在已經結束了，我們專門為正在建立一代人工智慧產品的人出售數據。正如我們之前談到的，我們有人工智慧合作夥伴計劃，我們將與小型技術提供者合作，為他們的工作流程提供支援。投資組合評論，我們已經發布了一段時間了。我們對此做出了第一個承諾，這將在第一季之後體現出來。

So the good news is we're proving that we've got the product can be monetized, and the question now is sort of building up -- and we have a very solid pipeline, by the way. So now as we get into January 1, it's monetizing these at scale, which is the exciting part of it.

因此，好消息是我們正在證明我們的產品可以貨幣化，現在的問題正在逐漸形成——順便說一句，我們有一個非常堅實的管道。現在，當我們進入 1 月 1 日時，它正在大規模地貨幣化，這是其中令人興奮的部分。

So overall, it's still a very exciting thing for us as a company. It's the type of stuff we love to build. We certainly see great potential. Of course, there's lots of news out in the market about firms maybe not monetizing this as quickly as they thought or is it real. We believe vehemently that it is real. It may take some firm types longer than others to get comfortable bringing these solutions on board, but we're ready, and we're already seeing the demand.

所以總的來說，這對我們公司來說仍然是一件非常令人興奮的事情。這是我們喜歡建造的東西類型。我們當然看到了巨大的潛力。當然，市場上有很多關於公司可能沒有像他們想像的那麼快將其貨幣化的消息，或者這是真的。我們堅信這是真實的。某些類型的公司可能需要比其他公司更長的時間來適應採用這些解決方案，但我們已經準備好了，我們已經看到了需求。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，加拿大皇家銀行。

In the prepared remarks, there was a reference to softness in areas where clients are [deprioritizing] these budgets. I was just wondering if you could provide some color on that front. But also, as you -- as we get into calendar year '25, any early commentary on how those budgets are shaping up for your customers?

在準備好的評論中，提到了客戶[降低]這些預算優先順序的領域的疲軟。我只是想知道你是否可以在前面提供一些顏色。而且，當我們進入 25 日曆年時，您對這些預算如何為您的客戶制定有任何早期評論嗎？

Ashish, I didn't -- that came across a little muted for me. So, are you asking about the -- just overall across all firm types sort of how the budget discussions are going?

Ashish，我沒有——這對我來說有點無聲。那麼，您是否想了解所有類型公司的總體預算討論進度？

Yes. That's right.

是的。這是正確的。

Okay. Goran, do you want to address that, please?

好的。 Goran，你想解決這個問題嗎？

Sure. I think we do not see a big change in terms of the budgets. Early signs are that the budget -- client budgets will remain flat. And the clients will continue to focus on cost for the foreseeable future. We are encouraged in terms of clients' continued engagement in terms of their transformation of technology and in terms of implementation of new tools and new content that can really help them across their investment process. So we're quite encouraged by all of the activity.

當然。我認為我們在預算方面沒有看到重大變化。早期跡象表明，客戶預算將保持不變。在可預見的未來，客戶將繼續專注於成本。我們對客戶持續參與技術轉型以及實施能夠真正幫助他們完成投資流程的新工具和新內容感到鼓舞。所以我們對所有的活動都感到非常鼓舞。

And like I said, a number of trials and RFPs has increased significantly, which I think gives us reason for optimism and more productive client conversations for the rest of the year.

正如我所說，一些試驗和 RFP 顯著增加，我認為這讓我們有理由保持樂觀，並在今年剩餘時間與客戶進行更有成效的對話。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

Just a quick housekeeping one. Just on the Irwin acquisition and how we should think about the contribution from that to total revenue for this year would be helpful.

只是一個快速的家事服務。只是關於歐文的收購以及我們應該如何考慮其對今年總收入的貢獻將會有所幫助。

Thanks for your question. I'll take that one, Scott. So, it's not going to have a material impact in terms of the acquired revenues themselves. So broadly speaking, if it's small, we don't call it out. So it's not going to have a material impact on the top line, but it will help our corporates business overall.

謝謝你的提問。我要那個，史考特。因此，它不會對獲得的收入本身產生重大影響。所以一般來說，如果它很小，我們不會大聲疾呼。因此，這不會對營收產生重大影響，但會對我們公司的整體業務有所幫助。

And just to add to that, the -- it's early days, but the acquisition case we had and what we expected to deliver between now and the end of August, our fiscal year, is either on or above what we thought it was going to be.

除此之外，現在還處於早期階段，但我們的收購案例以及我們預計從現在到 8 月底（我們的財年）期間交付的成果要么達到或高於我們的預期是。

Jeffrey Silber, BMO Capital Markets.

Jeffrey Silber，BMO 資本市場。

I wanted to shift gears to talk about margins a bit. If I remember correctly, you're guiding to margins for 2025 to be somewhat slightly down. They were flat in the first quarter. Is that something that we should expect to continue? Should we expect to continue or expect to see some margin compression in the back half of the year? And if so, what are the reasons for that?

我想換個話題談談利潤率。如果我沒記錯的話，你們預計 2025 年的利潤率會稍微下降。他們第一季持平。我們應該期待這種情況持續下去嗎？我們是否應該預期下半年利潤率會持續壓縮或出現一定程度的壓縮？如果是這樣，原因是什麼？

Yes. Thanks for that question. So, this quarter, we saw some good favorability compared to year-over-year with lower people costs. If you recall, we did take some actions through the year. So, in comparison, that came through.

是的。謝謝你提出這個問題。因此，本季度，與去年同期相比，我們看到了一些良好的好感度，而且人員成本較低。如果你還記得的話，我們這一年確實採取了一些行動。所以，相較之下，這就成功了。

There's some timing of some third-party credits that also came in that was favorable. And then, of course, we've had productivity overall. But as we reaffirmed our guidance, we do expect to ramp up on expenses starting in the second quarter. We've had a little bit of slow start in investments that we talked about in our last call. So, it takes some time to hire. So, the people cost, we think, will be higher in Q2.

一些第三方積分也出現在一些有利的時機。當然，我們的整體生產力也提高了。但隨著我們重申我們的指導，我們確實預計從第二季開始增加支出。我們在上次電話會議中談到的投資起步有點緩慢。因此，招募需要一些時間。因此，我們認為第二季的人員成本將會更高。

And then keep in mind, last year, we also had a comparison with our adjustment to a bonus accrual. So, there's going to be some of that comparison. We do expect tech costs to go up as well as we're really ramping up on infrastructure spend in cloud-related expenses. So I would look at the H1 margin to be closer to the midpoint of our guidance range.

然後請記住，去年我們還對應計獎金的調整進行了比較。因此，將會有一些比較。我們確實預計技術成本會上升，並且我們確實會增加與雲端相關的基礎設施支出。因此，我認為上半年利潤率更接近我們指引範圍的中點。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I wanted to look at the wealth part again because I think you mentioned that you were lapping a big well win in the quarter, but specifically called out maybe a deceleration because of timing around large deals, but a good pipeline. So, I was hoping to talk about like are you seeing even more elongated decision-making in wealth? Are you seeing any changes in the competitive environment? Are people being particularly aggressive? I know it's always been sort of a competitive market. But just wanted to get more color there.

我想再次關注財富部分，因為我認為您提到您在本季度取得了巨大的勝利，但特別指出可能由於大宗交易的時機而減速，但管道良好。所以，我希望談談您是否看到財富決策過程變得更漫長？您認為競爭環境有什麼改變嗎？人們是否特別具有攻擊性？我知道這一直是個競爭激烈的市場。但只是想在那裡獲得更多顏色。

Great. Thanks. I mean I'll start, and then I'm sure Goran has a lot to say about this. So yes. I mean it was -- we had a very large deal in last Q1. So, I wouldn't read anything more into my comments other than we didn't have something of that size in Q1 or enough singles and doubles to sort of match that.

偉大的。謝謝。我的意思是我會開始，然後我確信戈蘭對此有很多話要說。所以是的。我的意思是——我們在上一季達成了非常大的協議。所以，除了我們在第一季沒有那麼大的規模或足夠的單打和雙打來匹配之外，我不會在我的評論中閱讀更多內容。

But as I spoke about already, Toni, I think we see that snapping back here pretty quickly. And we see continued momentum in the space at different levels of wealth shops. At the very largest shops, it takes a long time for these decisions to be made, and then you go through the implementation. But I would not see that we're seeing a massive change there, honestly, in terms of timing or so on. So, Goran?

但正如我已經談到的，托尼，我認為我們很快就看到了這種情況。我們看到不同層級的財富商店領域的持續發展勢頭。在最大的商店，需要很長時間才能做出這些決定，然後再實施。但老實說，我不認為我們在時間等方面看到了巨大的變化。那麼，戈蘭？

I think Phil covered it well. I think it's really just we didn't have a win of similar size this quarter. We are very confident that wealth will reaccelerate for the rest of the year. We mentioned that we saw an uptick in new business in wealth management. We saw seat growth. But I think we continue to successfully displace competitors.

我認為菲爾講得很好。我認為這實際上只是我們本季沒有取得類似規模的勝利。我們非常有信心今年剩餘時間財富將重新加速成長。我們提到財富管理新業務增加。我們看到了座位的成長。但我認為我們繼續成功取代競爭對手。

We see geographic expansion this year. We're particularly focused on Switzerland and UK as growth markets. And we continue to penetrate additional workflow. So, we're very confident about the wealth continuing to do very well for us. And I think Phil already mentioned that we're expecting double-digit growth this year.

我們今年看到了地域擴張。我們特別關注瑞士和英國作為成長市場。我們繼續滲透更多的工作流程。因此，我們對財富繼續為我們帶來好處非常有信心。我認為菲爾已經提到我們預計今年將實現兩位數的成長。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

I think I heard that you had the seven-figure landmark win away from a key incumbent. What were the key reasons for the win? Do you have more competitive pricing strategy or products? And do you expect more wins like that in the coming quarters?

我想我聽說你從一位關鍵的現任者那裡獲得了七位數的里程碑式勝利。獲勝的關鍵原因是什麼？您有更具競爭力的定價策略或產品嗎？您預計未來幾季會有更多這樣的勝利嗎？

Well, I'll chat about this one a little bit and then as usual, ask Helen to weigh in. So yes, this was an outsourced CIO. And of course, there's a limited number of those globally. So, it was a complicated deal. There were many aspects to what we were doing for them. And I think it really just comes down to the quality of our technology, our analytics solutions, and our approach to partnership. And in fact, Helen, you spent a lot of time, I think, (technical difficulty) this deal and getting it over the line. So, what would you add for that?

好吧，我會稍微討論一下這個問題，然後像往常一樣，請 Helen 參與討論。當然，全球範圍內的數量有限。所以，這是一筆複雜的交易。我們為他們做的事情有很多方面。我認為這實際上取決於我們的技術品質、我們的分析解決方案以及我們的合作夥伴關係。事實上，海倫，我認為你花了很多時間（技術難度）這筆交易並完成它。那麼，您會為此添加什麼？

Yes. No, I think that's right. And our ability to partner was a big piece of this. As Phil mentioned, it's also the managed services aspect, which they wanted. So, I think there were a number of things that we really brought to the table here, the connectivity that they -- and the flexibility of our open platform so they were able to bring partners to bear. So Owen, those would be the ones that helped us and has continued to help us, I think, as we go forward.

是的。不，我認為這是對的。我們的合作能力是其中的重要一環。正如 Phil 所提到的，這也是他們想要的託管服務方面。所以，我認為我們確實在這裡提出了很多東西，他們的連接性以及我們開放平台的靈活性，因此他們能夠讓合作夥伴承擔。所以歐文，我認為，在我們前進的過程中，那些人將幫助我們，並繼續幫助我們。

I think our multi-asset class capabilities also played significantly into it.

我認為我們的多元資產類別能力也發揮了重要作用。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Helen, I think you made some remarks around just the pricing packaging versus competition. I was hoping you could just elaborate on that just in the context of it sounds like your growth pipelines are obviously really strong, but what exactly are you tweaking, I suppose to make the conversions better?

海倫，我認為您只是圍繞定價包裝與競爭進行了一些評論。我希望你能在聽起來你的成長管道顯然非常強大的背景下詳細說明這一點，但你到底在調整什麼，我想讓轉換更好？

Yes, sure. Thanks for that question. So clearly, it's a competitive environment and all along, we've been investing to improve our products. So, I'll point to, for example, our new business, where that's where you typically see the most price pressure. And it's usually driven in part because to move someone off of a displacement, they're switching costs.

是的，當然。謝謝你提出這個問題。顯然，這是一個競爭激烈的環境，一直以來，我們一直在投資改進我們的產品。因此，我會以我們的新業務為例，您通常會看到最大的價格壓力。這通常在某種程度上是因為為了讓某人擺脫流離失所，他們需要轉換成本。

And so what we've done is had a very proactive approach, where we've targeted specific types of firms, where we've changed our pricing structure. And the result of that because of the strength of our product, which has improved in certain cases like in the private markets, the result is having higher volume. We have seen low price realization. So, we are being a bit more aggressive there.

因此，我們採取了非常積極主動的方法，針對特定類型的公司，改變了定價結構。結果是，由於我們產品的實力，在某些情況下（例如私人市場）有所改善，結果是銷售量更高。我們已經看到低價實現。因此，我們在這方面表現得更激進一些。

But overall, that's resulted in increased ASV. And in particular, we're seeing this in the Americas and in EMEA. So that's where our packaging and pricing is being used as a competitive tool. And along with enterprise as well, we've been able to leverage some of our enterprise solutions with our -- especially during renewals. And that has been very, very effective also.

但總體而言，這導致了 ASV 的增加。尤其是，我們在美洲和歐洲、中東和非洲看到了這一點。這就是我們的包裝和定價被用作競爭工具的地方。與企業一起，我們已經能夠利用我們的一些企業解決方案——尤其是在續約期間。這也非常非常有效。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

I wanted to ask on your appetite for M&A, the latest and greatest there? And relatedly, does your conviction in kind of monetization of your AI investments change that appetite at all? Or does it inform the types of assets that are most attractive to you in terms of inorganic action?

我想問一下您對併購的興趣，最新最大的併購？與此相關的是，您對人工智慧投資貨幣化的信念是否會改變這種興趣？或者它告訴您在無機行動方面最吸引您的資產類型？

Yes, that's an interesting question. So yes, we have a high appetite for M&A. I think we're in a better position to do more now, and there's a couple of gaps in our product suite across firm types that if we can find the right asset, we'd be excited to execute on.

是的，這是一個有趣的問題。所以，是的，我們對併購有很高的興趣。我認為我們現在處於一個更好的位置，可以做得更多，而且我們的產品套件在不同公司類型之間存在一些差距，如果我們能找到合適的資產，我們會很高興執行。

Most of the things we've been looking at, though, Andrew, were not AI-related, although if -- we always look at somebody that has a good technology stack, modern, that we don't have to do a ton of repair work. So that always plays into it. And very often, folks will have already done some work in that area.

不過，安德魯，我們一直在關注的大多數事情都與人工智慧無關，儘管我們總是關注那些擁有良好現代技術堆疊的人，我們不必做大量的事情維修工作。所以這總是會發揮作用。通常，人們已經在該領域完成了一些工作。

I believe we've invested enough so far in our AI suite to make a real impact. And by empowering like so many of our employees, I think that was the trick to how we've gotten to where we are so far. But any other thoughts?

我相信到目前為止，我們已經在人工智慧套件上投入了足夠的資金來產生真正的影響。透過像我們許多員工一樣授權，我認為這就是我們目前成就的秘訣。但有其他想法嗎？

No, I think that's exactly right. As we mentioned, we've got a strong balance sheet. We've got ability for increased leverage. And we've also been very deliberate in how we've been allocating our capital. We will spend more on CapEx this year, for example, to help do the internal builds, but that gives us still ample room to be able to use inorganic as part of our growth strategy.

不，我認為這是完全正確的。正如我們所提到的，我們擁有強大的資產負債表。我們有能力增加槓桿。我們在如何分配資本方面也非常慎重。例如，今年我們將在資本支出上投入更多資金，以幫助進行內部建設，但這為我們仍然有足夠的空間能夠使用無機作為我們成長策略的一部分。

Surinder Thind, Jefferies LLC.

Surinder Thind，傑弗里斯有限責任公司。

I guess I'd like to touch base on the monetization of some of your AI products over the past year. Can you maybe talk about the value proposition from the perspective of the client? And what you're seeing in terms of maybe the uplift to your revenues, and where the offset is from the perspective of the client in terms of the savings or the efficiencies that they're seeing because one of the things that we found is that a lot of gen AI solutions tend to be quite expensive.

我想我想談談你們過去一年中一些人工智慧產品的貨幣化情況。您能從顧客的角度談談價值主張嗎？您所看到的可能是您的收入的增加，以及從客戶的角度來看，他們所看到的節省或效率的抵消，因為我們發現的一件事是許多新一代人工智慧解決方案往往相當昂貴。

And it's quite easy to use a lot of your, what I would call your credit tokens or your AI budget, especially given that the earlier commentary around clients not really seeing a material improvement in their overall budgets.

使用你的大量信用代幣或人工智慧預算是很容易的，特別是考慮到之前圍繞客戶的評論並沒有真正看到他們的總體預算有實質性的改善。

Yes. Let me kick it off here. I think there's a lot to talk about. So, we're definitely looking to get adoption right and just proof that where we are, I think, value to clients. And then think of -- I like what you said about token, just think about how do you monetize this and how do clients feel like they're getting value and not exposing themselves to big spikes in expense.

是的。讓我在這裡開始。我認為有很多話要談。因此，我們肯定希望獲得正確的採用，並證明我們所處的位置，我認為對客戶有價值。然後想想——我喜歡你所說的關於代幣的說法，想想你如何將其貨幣化，以及客戶如何感覺他們獲得了價值，而不是讓自己面臨費用的大幅上漲。

So we're hitting a lot of singles and doubles here. There are some deals that are in the tens of thousands, some that are in the hundreds of thousands, but we're not going out there right now in selling multimillion dollar AI solutions.

所以我們在這裡打了很多單打和雙打。有些交易是數萬美元，有些是數十萬美元，但我們現在不會出去銷售數百萬美元的人工智慧解決方案。

So the value proposition really is saving clients' time. So, the Portfolio Commentary solution gets you an excellent, auditable commentary on how you did versus the benchmark in a minute or less versus however long it would take somebody to write that. The Pitch Creator product, we've already talked about it. It's just saving tens of hours of a junior analyst's times in terms of arranging logos on spreadsheets or running their models or building their templates or the charts.

因此，價值主張確實是節省顧客的時間。因此，作品集評論解決方案可以在一分鐘或更短的時間內為您提供出色的、可審計的評論，說明您的表現與基準的比較，而不是有人需要花多長時間來寫。 Pitch Creator 產品，我們已經討論過了。它只是節省了初級分析師在電子表格上排列徽標、運行模型或建立模板或圖表方面的數十個小時的時間。

So that's how we're approaching it is really just brute force efficiency. And there's an idea generation aspect to this, which is important. But we think the low-hanging fruit are the efficiency gains. So, Goran or Helen, I don't know if you want to add on.

這就是我們的方法，其實只是蠻力效率。這其中有一個想法產生的方面，這一點很重要。但我們認為唾手可得的成果是效率提升。那麼，Goran 或 Helen，我不知道你是否想補充。

I think, Phil, you covered it well. I think it is really gains in the efficiency. You can just imagine the month-end process and on the asset management side and portfolio managers having to deliver their commentary in time, that certainly probably help them, and clients are finding value.

我認為，菲爾，你講得很好。我認為這確實是效率的提升。您可以想像月底的流程，資產管理方面和投資組合經理必須及時發表評論，這肯定可能對他們有幫助，而且客戶正在尋找價值。

In terms of the cost itself, I think we have done a lot to optimize on our side to make sure that the costs do not run away. And then we spoke about our pricing model here, which is basically subscription plus consumption based that client will have lots of visibility into.

就成本本身而言，我認為我們做了很多優化工作，以確保成本不會流失。然後我們在這裡討論了我們的定價模型，基本上是基於訂閱加消費，客戶將有很多可見性。

But improved productivity on the client side is really the value that we are offering. And then for those that build their own solutions, we are really enhancing their time-to-market capabilities.

但提高客戶端的生產力確實是我們提供的價值。對於那些建立自己的解決方案的人來說，我們確實正在增強他們的上市時間能力。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Great. You talk about pricing, if you would, for this fiscal year. You talked about that it won't be probably as strong as last year. What are you expecting for realized pricing this fiscal year versus last year? It's just interesting you're talking about you're expecting overall revenues to accelerate in the second half of the year. It's obviously against -- it sounds like not quite as beneficial pricing. Can you quantify it as best as you could this year versus last?

偉大的。如果您願意的話，您可以談論本財年的定價。你談到它可能不會像去年那麼強勁。與去年相比，您對本會計年度的實際定價有何預期？有趣的是，您正在談論您預計下半年整體收入將加速成長。這顯然是反對的——聽起來似乎不太有利的定價。您能盡可能量化今年與去年的情況嗎？

Craig, it's Helen. Thanks for that question. So yes, as Phil noted, our pricing is based off the higher of CPI or 3%. So, CPI being where it's at, it does put a bit of a lower or a headwind on that front. But yes, the stronger pipeline helps. Right now, we're still seeing the price realization essentially overall quite flat to the last year. So, we're not necessarily seeing an uplift, but we're not seeing a degradation either.

克雷格，是海倫。謝謝你提出這個問題。所以，是的，正如 Phil 所指出的那樣，我們的定價是基於 CPI 或 3% 的較高者。因此，消費者物價指數（CPI）目前所處的位置，確實在這方面帶來了一些下降或阻力。但確實，更強大的管道會有所幫助。目前，我們仍然看到價格實現總體上與去年持平。因此，我們不一定會看到上升，但也不會看​​到下降。

Now the only place where I noted earlier where that might be the case is where we're doing new business and in some renewals. But what we're seeing is while the price realization against our rate card might be a little bit lower, we're actually seeing more in terms of volume. So that's sort of P-times-Q concept.

現在，我之前提到的唯一可能發生這種情況的地方是我們正在進行新業務和進行一些續約。但我們看到的是，雖然我們的價目表實現的價格可能會低一些，但我們實際上看到了更多的銷售量。這就是 P-time-Q 的概念。

Please note that we've also increased our rate cards. So, the price realization percentage gets a little bit harder to completely track. But overall, the value that we've been able to provide, we've been able to capture it pretty firmly again year-over-year.

請注意，我們還增加了價目表。因此，完全追蹤價格實現百分比變得有點困難。但總的來說，我們所能提供的價值，我們已經能夠年復一年地再次牢牢地抓住它。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

I had a question just on the client retention. It was good to see that. It's been around 90% for the past year. That ticked up a little bit to 91% this quarter. Historically, we've seen that when retention has moved up, you've also seen ASV accelerate. That wasn't the case this quarter. Is that just the pricing dynamic? Or maybe you could unpack what was driving that increase in the retention, and why we're not seeing that translate to a reacceleration in ASV this quarter?

我有一個關於客戶保留的問題。很高興看到這一點。去年這一比例約為 90%。本季這一比例略有上升，達 91%。從歷史上看，我們發現，當留存率上升時，ASV 也會加速成長。本季情況並非如此。這只是定價動態嗎？或者，也許您可以分析一下是什麼推動了保留率的增加，以及為什麼我們沒有看到這轉化為本季 ASV 的重新加速？

Just a couple of things. I think we're seeing -- obviously, we spoke quite a bit about our focus on improving retention during the Investor Day. I think we're putting processes, procedures in place to help our client-facing organization to focus on retention.

只是幾件事。我認為我們正在看到——顯然，我們在投資者日期間談論了很多關於提高保留率的重點。我認為我們正在製定流程和程序，以幫助我們面向客戶的組織專注於保留。

We're encouraged by the improvement in client retention. There are certainly fewer client cancels, these full client cancels this quarter than previously, which accelerated our retention rate. And that, I think, is a good sign of what's to come.

我們對客戶保留率的提高感到鼓舞。客戶取消的數量肯定減少了，本季這些全部客戶取消的數量比以前多，這加快了我們的保留率。我認為，這是即將發生的事情的一個好兆頭。

All of the retention efforts we're putting in place are currently reflected, I would say, in specific areas. We saw improvement of retention in investment management in Americas, in particular, both for our workstation and our analytics solution. And everything that we are focusing on currently, we expect better results as we go along. But I think not immediate, but we do expect that retention will continue to improve over the coming quarters.

我想說，我們目前所做的所有保留工作都反映在特定領域。我們看到美洲投資管理的保留率有所提高，特別是我們的工作站和分析解決方案。我們目前關注的一切，隨著我們的進展，我們期待更好的結果。但我認為這不會立即發生，但我們確實預計未來幾季的保留率將繼續提高。

Yes. Maybe I can add a little bit to what Goran was just saying. Given the number of clients that we have, we see a fair amount of churn, David, and at the bottom. So that 1% change while we like to obviously see higher client retention, the number that is more impactful will be the ASV retention, which is -- continues to be above 95%. But just to make that part, if there's a lot of churn happening, it might make the numbers move a point. But it's probably more rounding than a strong indicator.

是的。也許我可以對戈蘭剛才所說的內容補充一點。考慮到我們擁有的客戶數量，我們看到了相當多的客戶流失，大衛，而且處於底部。因此，雖然我們希望看到更高的客戶保留率，但 1% 的變化，更具影響力的數字將是 ASV 保留率，即繼續高於 95%。但僅僅為了實現這一點，如果發生大量客戶流失，可能會使數字發生一定程度的變化。但它可能比一個強有力的指標更四捨五入。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm trying to reconcile a couple of comments that you've made. So, it's good to hear that you're seeing some more optimism on client engagement and a better pipeline. But I think you also said that you're expecting your customers' budgets to remain flat and still be pretty cost focused. So, I wasn't sure if that implies that you're seeing potential for more share gains or you're seeing a situation where clients are spending more time shopping?

我正在嘗試協調您提出的一些評論。因此，很高興聽到您看到客戶參與度和管道更加樂觀。但我認為您也說過，您希望客戶的預算保持不變，並且仍然非常注重成本。所以，我不確定這是否意味著您看到了更多份額收益的潛力，或者您看到了客戶花更多時間購物的情況？

And maybe just following up on the budget point. I think given that we've had pretty good equity market performance and there's generally an expectation for M&A activity to pick up, why don't you think clients will increase their budget? What's holding them back at this point (technical difficulty). Thanks.

也許只是跟進預算點。我認為，鑑於我們的股市表現相當不錯，並且普遍預期併購活動將會增加，您為什麼不認為客戶會增加預算呢？目前是什麼阻礙了他們（技術困難）。謝謝。

A couple of things. Maybe my comment was a little bit too pessimistic about clients not increasing the budget. So I think certainly, the improved M&A activity and improvement in banking fees is something that we spoke about correlation of our sell-side revenues to banking fees.

有幾件事。也許我的評論對於客戶不增加預算有點過於悲觀。因此，我認為，併購活動的改善和銀行費用的改善當然是我們談到的賣方收入與銀行費用的相關性。

And we do expect that some of the macro conditions will improve as we go through the year and then the hiring in banking in the fourth quarter takes place. I also think it's really important that our strategy is to make sure -- make certain that we can perform well in the cost-constraint or cost-sensitive times as much as we can rely on markets improving.

我們確實預計，隨著這一年的過去，一些宏觀條件將會改善，然後第四季度銀行業將進行招聘。我還認為，我們的策略是確保我們能夠在成本約束或成本敏感時期表現良好，就像我們可以依賴市場改善一樣，這一點非常重要。

So if you look at the services that provide, we spoke about managed services or helping clients with efficiency gains without gen AI tooling, I think all of that can help us weather the more difficult market conditions as well. So, we are focused on performing well regardless of the conditions. And the early signs of budgets, I do not see significant increase. But on the sell side, certainly improving -- improved M&A activity would indicate that we will see some upward movement in budgets there.

因此，如果你看看所提供的服務，我們談到了託管服務或幫助客戶在沒有人工智慧工具的情況下提高效率，我認為所有這些也可以幫助我們度過更困難的市場條件。因此，無論條件如何，我們都專注於表現良好。從預算的早期跡象來看，我沒有看到明顯的增加。但在賣方方面，肯定有所改善——併購活動的改善將表明我們將看到那裡的預算上升。

But I think to add to what Goran just said, even if the budgets are relatively flat, and it’s still early days here. So, we're obviously talking with clients as they end up -- end out their calendar year or fiscal years. We are seeing a shift more into tech budgets. That's one. And we are doing more in having discussions with the CTOs. So, the gen AI products, what that helps us do is change whom we're speaking with as well and the sales changes along with that.

但我想補充戈蘭剛才所說的，即使預算相對持平，而且現在還處於早期階段。因此，我們顯然是在客戶結束他們的日曆年或財政年度時與他們交談。我們看到更多的資金轉向技術預算。這是一個。我們正在與 CTO 進行更多討論。因此，新一代人工智慧產品可以幫助我們改變與我們交談的對象，銷售也隨之改變。

And the other point around market share gain, I think that's exactly right. Goran already spoke to the point around having higher RFPs and trials. That is, in some cases, clients who are looking now to, we think, who their providers are. And that puts us in a very favorable spot as we try to win new business.

關於市場佔有率成長的另一點，我認為這是完全正確的。 Goran 已經談到了有關更高 RFP 和試驗的問題。也就是說，在某些情況下，我們認為客戶現在正在尋找他們的提供者是誰。這使我們在努力贏得新業務時處於非常有利的位置。

George, Goldman Sachs.

喬治，高盛。

As you look across your different client segments on a relative basis, can you talk about which you expect to show the most improvement going into the second half of the year and which may perhaps show lesser improvement in performance?

當您相對地審視不同的客戶群時，您能否談談您預計哪些客戶群在下半年表現出最大的改善，哪些可能表現出較小的績效改善？

George, maybe I'll just go back to some of my earlier comments. So, I talked about some of the PE/VC and hedge funds. So, they're smaller parts of FactSet, but I think is showing very strong signs of growth this year. The wealth space we've spoken about, which is bigger, and we continue to feel that we'll see that do well. The two bigger chunks which have more uncertainty around honestly, right, the banking business and the rest of the sell side -- rest of the buy side, sorry, beyond hedge funds.

喬治，也許我會回到我之前的一些評論。所以，我講了一些PE/VC和對沖基金。因此，它們是 FactSet 的較小部分，但我認為今年顯示出非常強勁的成長跡象。我們談到的財富空間更大，我們仍然認為我們會看到它表現得很好。老實說，銀行業務和其餘的賣方業務（對不起，除了對沖基金）之外，還有更多的不確定性。

So in banking, I think we showed at Investor Day a graph that was very popular to many of you, which showed how FactSet's ASV and revenue kind of have a lag to the revenues that the banks generate. So if that comes through, and there's more hiring, more banking activity and greater adoption of our products as we move through the year, I'm optimistic about the sell side.

因此，在銀行業方面，我認為我們在投資者日上展示了一張深受大家歡迎的圖表，該圖表顯示了 FactSet 的 ASV 和收入如何落後於銀行產生的收入。因此，如果這一目標得以實現，並且隨著這一年的發展，會有更多的招聘、更多的銀行活動以及我們產品的更多採用，我對賣方持樂觀態度。

Again, the piece of our business which has been under the most pressure for a long time is the buy side that's leveraged to active management. So that's a little bit more uncertain. As I mentioned earlier, the team has done a great job of building the pipeline and closing the gap we had versus the pipeline last year. So hopefully, that helps you in terms of stack ranking those in your model.

同樣，我們業務中長期以來承受最大壓力的部分是利用主動管理的買方。所以這有點不確定。正如我之前提到的，該團隊在建立管道並縮小我們與去年管道的差距方面做得非常出色。希望這可以幫助您對模型中的堆疊進行排名。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

I just wanted to ask you a little bit about the pickup you said in the last six weeks that you're seeing. It seems to be like a noticeable pickup in terms of decision-making with the clients. And do you think that has something to do specifically with the FactSet efforts in the product that is resonating more?

我只是想問你一些關於你所說的過去六週內你看到的提貨情況。在與客戶的決策方面，這似乎有了明顯的進步。您認為這是否與引起更多共鳴的產品中的 FactSet 努力有關？

Do you think that might have to do with just more optimism after, let's say, the presidential elections because last six weeks seems to be coincidental like right around the presidential elections, things seem to pick up. And just in general, are you seeing anything in terms of administrative picks that could be positive or negative for the industry or for FactSet on its own, if you can just address those items.

你認為這可能與總統選舉後更加樂觀有關嗎？總的來說，如果您能夠解決這些問題，您是否會看到行政選擇方面的任何內容可能對行業或 FactSet 本身有利或不利。

Shlomo, I'm going reverse order. So, I just think in terms of the election and having it behind us, obviously, the bankers that we speak to are excited. They think it's -- the environment is going to be good for M&A activity. And I think just potentially having less regulatory burden on the different clients out there, obviously frees up time and dollars to do other stuff, which would help us. So, Goran, do you want to maybe address the rest of Shlomo's question?

什洛莫，我要顛倒順序。因此，我認為就選舉及其背後而言，顯然，與我們交談的銀行家們都很興奮。他們認為環境將有利於併購活動。我認為，減輕不同客戶的監管負擔，顯然可以騰出時間和金錢來做其他事情，這對我們有幫助。那麼，Goran，你想解決 Shlomo 的其餘問題嗎？

Yes. Shlomo, I think part of it, I would attribute -- I think we have also put things in place to increase client-facing activities, making sure that we're increasing reach outs and things of that nature. The optimism in the market there is certainly -- I think we certainly see better optimism in the market. I see more optimistic sales force around me every day.

是的。什洛莫，我認為部分原因是——我認為我們也採取了一些措施來增加面向客戶的活動，確保我們增加接觸和此類性質的事情。市場的樂觀情緒肯定是存在的——我認為我們肯定會看到市場更加樂觀。我每天都看到我周圍有更多樂觀的銷售人員。

So I think that's all part of it. So, I think it's a combination of things. We are certainly doing everything that we can to improve the pipeline and do as much as we can to improve our results for the rest of the year. And even the market is feeling a little bit more optimistic than it did three months ago.

所以我認為這就是全部的一部分。所以，我認為這是多種因素的結合。我們當然正在盡一切努力來改善管道，並盡我們所能來改善今年剩餘時間的業績。甚至市場也比三個月前更樂觀。

Great. Okay. Thank you all for such great questions and for joining us today. In closing, I'm pleased with the solid performance we delivered to start our fiscal 25. While the current market environment remains uncertain, I'm encouraged by the conversations we're having with our largest clients and look forward to executing on the robust pipeline of opportunities in front of us to accelerate growth year-over-year.

偉大的。好的。感謝大家提出這麼好的問題並且今天加入我們。最後，我對我們在 25 財年開始時所取得的穩健表現感到滿意。面前有一系列加速成長的機會。

I'm proud of the progress we are making on strategic priorities we outlined at Investor Day. These efforts are already taking root and give us confidence that FactSet is well positioned to deliver on our medium-term outlook. And I want to conclude by thanking all the FactSetters around the world for their continued great work and efforts. Happy holidays, everyone. We look forward to speaking with you again next quarter. Operator, that ends today's call.

我對我們在投資者日概述的策略重點方面取得的進展感到自豪。這些努力已經紮根，讓我們相信 FactSet 能夠很好地實現我們的中期前景。最後，我要感謝世界各地所有事實制定者持續做出的出色工作和努力。大家節日快樂。我們期待下個季度再次與您交談。接線員，今天的通話到此結束。

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

謝謝。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。