Factset Research Systems Inc (FDS) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Factset second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Factset 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Yet He, with Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係部的何先生。請繼續。

Thank you and good morning, everyone. Welcome to Factset second fiscal quarter 2025 earnings call. Before we begin, the slides we reference 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.

謝謝大家，早安。歡迎參加 Factset 2025 財年第二季財報電話會議。在我們開始之前，我們在本次簡報中引用的幻燈片可以在我們網站 factset.com 的投資者關係部分的網路直播中找到。今天的電話會議重播將在我們的網站上提供。

After our prepared remarks, we will open the call to questions from investors. The call is scheduled to last for one hour. To be fair to everyone, please limit yourself to one question. You may re-enter the queue for additional follow-up questions, which we will take if time permits.

在我們發表準備好的發言後，我們將開始回答投資人的問題。此次通話預計將持續一個小時。為了對每個人公平，請將問題限制為一個。您可以重新進入隊列以詢問其他後續問題，如果時間允許，我們將會回答。

Before we discuss our results, I encourage all listeners to review the legal notice on slide two, which explains the risk 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 risks factors that could cause actual results to differ materially from these forward-looking statements.

在我們討論結果之前，我鼓勵所有聽眾閱讀第二張投影片上的法律聲明，其中解釋了前瞻性陳述的風險和非 GAAP 財務指標的使用。此外，請參閱我們的 10-K 表和 10-Q 表，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。

Our slide presentation and discussions on this call will include certain non-GAAP financial measures. For such measures, reconciliation to the most direct comparable GAAP measures are in the appendix to the presentation 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。對於此類指標，與最直接可比較的 GAAP 指標的調整表已包含在我們今天早些時候發布的收益報告的附錄中。

During this call, unless otherwise noted, relative performance metrics reflect changes as compared to the respective fiscal 2024 period. Also, consistent with the last quarter, please note that starting fiscal 2025, Factset is reporting organic ASV rather than organic ASV plus professional services to focus on the recurring nature of our revenues.

在本次電話會議中，除非另有說明，相對績效指標反映的是與 2024 財年各期間相比的變化。此外，與上一季一致，請注意，從 2025 財年開始，Factset 報告的是有機 ASV，而不是有機 ASV 加上專業服務，以關注我們收入的經常性。

Joining me today are Phil Snow, Chief Executive Officer; Helen Shan, Chief Financial Officer; and Goran Skoko, Chief Revenue Officer.

今天與我一起出席的還有執行長 Phil Snow； Helen Shan，財務長；以及首席營收長 Goran Skoko。

I will now turn the discussion over to Phil Snow.

現在我將討論交給菲爾·斯諾。

Thank you, Yet, and good morning, everyone. Thanks for joining us today. Before I begin, let me start by welcoming Kevin Toomey as our new Head of Investor Relations and thanking Yet for serving in the role on an interim basis, maintaining strong investor engagement during the past six months, in addition to his role as Head of Corporate Development. Kevin brings to Factset over two decades of experience in Investor Relations, equity research and financial markets. And I look forward to working with him to continue growing our Investor Relations program.

謝謝你，Yet，大家早安。感謝您今天加入我們。在我開始之前，我首先歡迎 Kevin Toomey 擔任我們的新任投資者關係主管，並感謝 Yet 臨時擔任該職務，並在過去六個月中保持了強大的投資者參與度，此外還擔任企業發展主管。Kevin 為 Factset 帶來了二十多年的投資者關係、股票研究和金融市場經驗。我期待與他合作，繼續發展我們的投資者關係計劃。

Now, on to the results. In the second quarter, we grew organic ASV 4.1% year-over-year, delivering adjusted operating margin of 37.3% and adjusted diluted EPS of $4.28. We are encouraged by the positive momentum of deals progressing through the sales cycle this past quarter and have confidence that we are reaching an inflection point in ASV growth heading into the back half of the year. We anticipated a slow start to fiscal 2025 and continue to operate in a challenging market environment.

現在我們來看一下結果。第二季度，我們的有機 ASV 年增 4.1%，調整後營業利潤率為 37.3%，調整後稀釋每股收益為 4.28 美元。我們對上個季度銷售週期中交易進展的積極勢頭感到鼓舞，並有信心我們將在今年下半年達到 ASV 成長的轉折點。我們預計 2025 財年起步緩慢，並將繼續在充滿挑戰的市場環境中運作。

Lower CPI has resulted in a lower year-over-year annual price increase, and softer results in asset management and banking mask the significant progress we made developing and executing against our pipeline during the quarter. While acknowledging there remains market uncertainty, I'm pleased with the strength of our pipeline and the product-led innovation Factset is bringing to the market. Our dialogue with clients continues to be constructive, positioning our business positively for the growth acceleration we anticipate in the second half of the year.

較低的消費者物價指數 (CPI) 導致年度價格漲幅同比下降，資產管理和銀行業務業績疲軟掩蓋了我們在本季度開發和執行產品線所取得的重大進展。儘管承認市場仍然存在不確定性，但我對我們的產品線實力以及 Factset 為市場帶來的產品主導創新感到滿意。我們與客戶的對話持續保持建設性，為我們預計下半年的業務加速成長奠定了積極基礎。

With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated topline outcomes. Helen will cover the rest of our revised guidance in more detail later in her remarks.

隨著對本財年剩餘時間的了解不斷增加，我們重申有機 ASV 成長指引的 5% 中點，並縮小預期營收結果的範圍。海倫將在稍後的演講中更詳細地介紹我們修訂後的指南的其餘部分。

Turning back to the second quarter, ASV retention remained greater than 95% and client retention was 91%. We grew our client base to over 8,600, led by an increase in corporates, wealth and partners. And our user account increased to over 219,000 driven by our continued success in wealth.

回顧第二季度，ASV 保留率仍超過 95%，客戶保留率為 91%。我們的客戶群已擴大至 8,600 多個，其中企業、財富和合作夥伴的客戶數量均增加。隨著我們在財富方面的不斷成功，我們的用戶帳戶增加到超過 219,000 個。

Starting with our performance by region. In the Americas, we grew organic ASV by 4%. Strength in wealth and hedge funds was offset by mixed results for asset managers, asset owners and partners, where a few large losses masked the benefit of strategic seven-figure wins. In EMEA, organic ASV growth was 3%. We're continuing to see momentum with hedge funds and PE/VC firms in the region, but these gains were offset by erosion headwinds faced in the quarter. This trend was most notable in asset management and banking.

從我們各地區的表現開始。在美洲，我們的有機 ASV 成長了 4%。財富基金和對沖基金的強勁表現被資產管理人、資產所有者和合夥人的喜憂參半的業績所抵消，其中一些巨額損失掩蓋了七位數策略性收益的好處。在歐洲、中東和非洲地區，有機 ASV 成長率為 3%。我們繼續看到該地區對沖基金和 PE/VC 公司的發展勢頭，但這些收益被本季面臨的侵蝕逆風所抵消。這一趨勢在資產管理和銀行業最為明顯。

In Asia Pacific, we maintained 7% organic ASV growth driven by continued strong sales of data solutions, particularly among wealth, corporates, hedge funds and PE/VC firms.

在亞太地區，我們維持了 7% 的有機 ASV 成長，這得益於數據解決方案持續強勁的銷售，尤其是在財富、企業、對沖基金和 PE/VC 公司中。

Now, turning to our results from a firm-type perspective. Wealth reaccelerated to double digit growth in the quarter, lapping last year's large cancellation. We continue to gain market share with leading clients in wealth, evidenced by UBS selecting Factset to power their advisor desktops and client facing portal in the Americas.

現在，我們從公司類型的角度來看我們的結果。本季度，財富再次加速實現兩位數成長，超過了去年的大規模取消。我們繼續在財富領域的主要客戶中贏得市場份額，瑞銀選擇 Factset 為其在美洲的顧問桌面和客戶門戶提供支援就是明證。

This is another example of an enterprise deal where our digital and technology capabilities are winning in the market. Our differentiating wealth advisor solution and industry-leading client service were key to this success. Implementation and rollout are expected to occur throughout the remainder of the year. With this latest win, Factset is now the primary market data partner to half of the world's top 20 wealth management firms, including three of the four US warehouses and three of the top five Canadian wealth managers.

這是我們的數字和技術能力在市場上獲勝的另一個企業交易的例子。我們差異化的財富顧問解決方案和業界領先的客戶服務是這項成功的關鍵。預計實施和推出將在今年剩餘時間內進行。憑藉這一勝利，Factset 現已成為全球前 20 大財富管理公司中一半公司的主要市場數據合作夥伴，其中包括四家美國財富管理公司中的三家和五大加拿大財富管理公司中的三家。

The opportunity for our wealth business is global, and we are seeing traction with clients outside North America. As we execute against our sales pipeline, I'm confident there is continued runway to extend our success both geographically and beyond the advisor desktop into the wealth home office and adjacent workflows.

我們的財富業務機會是全球性的，我們看到北美以外客戶的青睞。當我們執行銷售管道時，我相信我們有能力繼續將我們的成功擴展到地理上，並從顧問桌面擴展到財富總部和相鄰的工作流程。

Within dealmakers, while banking was a drag to growth, we still saw renewal activity increase notably in the quarter. We signed more than a dozen large banking renewals, securing multi-year contracts on many of them to reinforce Factset as a trusted partner and opening the opportunity for future up sales. We are confident Factset's focus on workflow efficiency and total cost of ownership is top-of-mind for many of our banking clients.

在交易商中，雖然銀行業務拖累了成長，但我們仍看到本季續約活動顯著增加。我們與十多家大型銀行簽訂了續約協議，其中許多都簽訂了多年期合同，以鞏固 Factset 作為值得信賴的合作夥伴的地位，並為未來的銷售開闢機會。我們確信，Factset 對工作流程效率和整體擁有成本的關注是我們許多銀行客戶最關心的問題。

We launched Pitch Creator midway through the quarter and already have a robust pipeline with more than 50 opportunities. Almost 2 dozen of our largest banking clients actively trialing a product, and several of our clients in the later stages of commercial negotiation.

我們在本季中期推出了 Pitch Creator，並且已經擁有超過 50 個機會的強大管道。在我們最大的銀行客戶中，有近二十幾個正在積極試用產品，還有幾個客戶正處於商業談判的後期階段。

Pitch Creator and our recently acquired LogoIntern solution are extending Factset's lead in powering junior bankers by streamlining their daily workload. Clients are telling us they welcome the practical workhorse approach Factset is taking to boost the productivity of their junior employees who are increasingly asked to do more in the current environment. We expect acceleration of our banking business in the second half of the year, notwithstanding the more cautious sentiment and macro uncertainty of recent weeks.

Pitch Creator 和我們最近收購的 LogoIntern 解決方案正在透過簡化日常工作量來擴大 Factset 在為初級銀行家提供支援方面的領先地位。客戶告訴我們，他們歡迎 Factset 採取務實的方法來提高初級員工的工作效率，因為在當前環境下，初級員工的工作量越來越大。儘管最近幾週市場情緒更為謹慎且宏觀不確定性增加，但我們預計下半年銀行業務將會加速發展。

Outside of banking, PE/VC remains a bright spot with accelerated double-digit growth in the second quarter. Corporates also added to growth fueled by the momentum from our Irwin acquisition in the first quarter.

銀行業之外，PE/VC依然是亮點，第二季實現了兩位數的加速成長。由於第一季收購 Irwin 的強勁勢頭，企業業務也促進了成長。

Within the institutional buy side, headwinds from cost rationalization and budget tightening persisted among our asset manager and asset owner clients. While retention pressured growth, particularly among active asset managers facing AUM outflows, the impact in the second quarter included a seven-figure cancel due to our proactive retirements of a legacy and bespoke solution that we are no longer supporting.

在機構買方，成本合理化和預算緊縮帶來的阻力依然困擾著我們的資產管理人和資產所有者客戶。雖然留任為成長帶來了壓力，特別是對於面臨 AUM 流出的主動資產管理者而言，但第二季的影響包括七位數的取消，原因是我們主動淘汰了不再支持的傳統和客製化解決方案。

As clients continue to cut costs and optimize headcounts, our managed services offering is to providing a natural hedge and an additional growth channel. We gain further momentum with a large seven-figure win, displacing a legacy performance system with attached managed services to support the operational workflows of a leading asset management client. Hedge funds were also a bright spot in the second quarter as we capitalized on fund launches, higher workstation retention and strong data solution sales.

隨著客戶不斷削減成本和優化員工人數，我們提供的託管服務將提供自然的對沖和額外的成長管道。我們憑藉七位數的巨額獎金獲得了進一步的發展勢頭，以附加的託管服務取代了傳統的績效系統，以支援領先資產管理客戶的營運工作流程。由於我們利用了基金推出、更高的工作站保留率和強勁的數據解決方案銷售，對沖基金也是第二季的一大亮點。

During the second quarter, we announced the acquisition of LiquidityBook to enhance Factset's ability to serve the integrated workflow needs of our clients across the entire portfolio lifecycle. Adding LiquidityBook's technology forward OMS, free trade compliance and IBOR capabilities to our workstation enables us to more seamlessly link adjacent steps in the front office trade workflow. We are excited about the bidirectional cross sell opportunities that we are already executing on and expect this acquisition to be immediately accretive to Factset's growth.

在第二季度，我們宣布收購 LiquidityBook，以增強 Factset 滿足整個投資組合生命週期內客戶整合工作流程需求的能力。將 LiquidityBook 的技術前沿 OMS、自由貿易合規和 IBOR 功能添加到我們的工作站，使我們能夠更無縫地連結前台交易工作流程中的相鄰步驟。我們對正在執行的雙向交叉銷售機會感到非常興奮，並預計此次收購將立即促進 Factset 的成長。

The partnerships in CGS, growth in the second quarter remains solid. We are seeing robust new business and expansion activity across multiple partner segments, particularly amongst index providers, exchanges and AI-focused fintechs. Similar to last quarter, CGS benefited from the continued strong new issuance market across several asset classes.

CGS 的合作夥伴關係在第二季度保持穩健成長。我們看到多個合作夥伴領域新業務和擴張活動強勁，尤其是指數提供者、交易所和以人工智慧為重點的金融科技公司。與上一季類似，CGS 受益於多個資產類別持續強勁的新發行市場。

In summary, I want to reiterate that our number one priority is to drive top-line growth. As we head into the second half of the fiscal year, we have increasing visibility into a robust sales pipeline and positive underlying momentum.

總而言之，我想重申，我們的首要任務是推動營收成長。隨著我們進入財年下半年，我們越來越清楚地看到強勁的銷售管道和積極的潛在發展勢頭。

Wealth will continue to be a growth engine. Not only are we gaining market share and extending our track record of success displacing the incumbent in this market, but we are also widening the aperture on the breadth of workflows our solutions can address. Leading clients are choosing Factset to be their enterprise partner, and we continue to receive validating feedback that our products and service levels are positive differentiators versus the competition.

財富將繼續成為成長的引擎。我們不僅獲得了市場份額並延續了我們取代該市場現有企業的成功記錄，而且我們還拓寬了我們的解決方案可以解決的工作流程的廣度。主要客戶選擇 Factset 作為其企業合作夥伴，我們也不斷收到驗證回饋，表明我們的產品和服務水準與競爭對手相比具有正面差異化。

There is ample runway for accretive growth across our smaller firm types. The acquisitions of Irwin and LiquidityBook in recent months are already driving cross-selling opportunities and pulling Factset into higher volume, shorter sale cycle opportunities with corporates and hedge funds where client purchase decisions are more rapid. Additionally, Cobalt, which we acquired a few years ago, continues to open doors and position us to cross-sell PE/VC clients seeking enterprise solutions.

我們的小型公司類型擁有充足的增值成長空間。最近幾個月對 Irwin 和 LiquidityBook 的收購已經推動了交叉銷售機會，並將 Factset 帶入了與企業和對沖基金等客戶購買決策更快的領域，從而獲得銷量更大、銷售週期更短的機會。此外，我們幾年前收購的 Cobalt 繼續為我們打開大門，並使我們能夠向尋求企業解決方案的 PE/VC 客戶進行交叉銷售。

Our banking products remain best-in-class, strengthened by content investments across private markets, deep sector and fundamental data. Our clients consistently provide positive feedback on the breadth and quality of our data that we feel is a competitive advantage. We believe Factset has the best banking product in the market, and we continue to extend this lead with our focus on workflow productivity.

我們的銀行產品仍然是一流的，並透過私人市場、深度產業和基本數據的內容投資得到了增強。我們的客戶始終對我們數據的廣度和品質給予正面的回饋，我們認為這是一種競爭優勢。我們相信 Factset 擁有市場上最好的銀行產品，我們透過專注於工作流程效率來繼續擴大這一領先優勢。

In the past 18 months, we renewed more than a third of our banking ASV, representing over 40% of banking users, including more than half of our top 25 investment banking clients to multi-year contracts, limiting downside risk in the second half of the year and positioning Factset to grow wallet share with our expanded enterprise data and workflow productivity solutions.

在過去的 18 個月中，我們續簽了超過三分之一的銀行 ASV，佔銀行用戶的 40% 以上，其中包括與我們前 25 大投資銀行客戶中的一半以上簽訂了多年期合同，這限制了下半年的下行風險，並且使 Factset 能夠利用我們擴展的企業數據和工作流生產力解決方案來增加錢包份額。

For the institutional buy side, we are making steady progress driving client engagement at the enterprise level with a focus on improving their total cost of ownership. Managed services and our expanded data solutions offering are contributing to a healthy second half pipeline and lowering the risk of large client cancellations.

對於機構買方，我們正在穩步推動企業層面的客戶參與，重點是改善他們的整體擁有成本。託管服務和我們擴展的數據解決方案產品有助於促進下半年業務管道的健康發展，並降低大客戶取消的風險。

Our teams are intensely focused on capitalizing on Factset's early move for status on Gen AI products, executing our go-to-market strategies across our new and differentiated solutions and mitigating the headwinds that pressured retention in the first half. We are well positioned to deliver on our mission to supercharge financial intelligence, and I am confident in our path forward.

我們的團隊全神貫注於利用 Factset 在 Gen AI 產品上早期採取的舉措，在我們的新差異化解決方案中執行我們的市場進入策略，並減輕上半年對保留造成壓力的阻力。我們已做好準備，完成增強金融智能的使命，我對我們的前進道路充滿信心。

I'll now turn it over to Helen to take you through our second quarter and first half 2025 performance in more detail.

現在我將把話題交給海倫，讓她更詳細地向您介紹我們 2025 年第二季和上半年的業績。

Thank you, Phil, and hello to everyone on the call. Over the first two quarters of the fiscal year, we delivered solid financial and operating performance that sets us up for a strong second half as we previously guided. We utilize our balance sheet to acquire essential capabilities for our buy side, corporate and banking workflows while continuing to return capital to our shareholders.

謝謝你，菲爾，也向電話裡的每個人問好。在本財年的前兩個季度，我們實現了穩健的財務和營運業績，為我們先前預期的強勁下半年業績奠定了基礎。我們利用資產負債表來獲取買方、企業和銀行工作流程所需的基本能力，同時繼續向股東返還資本。

As Phil mentioned, we have a promising pipeline across all firm types, which should boost ASV in the remainder of the fiscal year. As a result, we have updated our fiscal 2025 guidance by narrowing our organic ASV growth range to reflect our confidence in achieving the 5% midpoint. We are also reaffirming the ranges for adjusted operating margin and adjusted diluted EPS with our productivity and expense management efforts expected to absorb the dilution from recent acquisitions. More detailed information to follow, but first, I will review our quarterly results.

正如 Phil 所提到的，我們在所有公司類型中都有著良好的發展前景，這應該會在本財年剩餘時間內提振 ASV。因此，我們更新了 2025 財年指引，縮小了有機 ASV 成長範圍，以反映我們對實現 5% 中點的信心。我們也重申了調整後的營業利潤率和調整後的稀釋每股盈餘的範圍，預計我們的生產力和費用管理工作將吸收最近的收購帶來的稀釋。稍後將會提供更多詳細信息，但首先，我將回顧我們的季度業績。

Organic ASV grew by $19.6 million in the quarter and 4.1% year-over-year. It is important to remember that our annual price increase partly depends on CPI, which has declined compared to last year, thus impacting the price increase for this fiscal year. We captured over $18 million in price increases, primarily in the Americas, versus $25 million in the prior year, resulting in a nearly $7 million headwind to ASV growth this quarter.

本季有機 ASV 成長了 1,960 萬美元，年增 4.1%。需要記住的是，我們每年的價格上漲部分取決於CPI，而CPI與去年相比有所下降，影響了本財年的價格上漲。我們獲得了超過 1800 萬美元的價格上漲，主要在美洲，而去年同期的價格上漲了 2500 萬美元，導致本季度 ASV 增長遭遇近 700 萬美元的阻力。

GAAP revenues increased 4.5% year-over-year to $571 million while organic revenues, which exclude foreign exchange movements and impact from acquisitions or dispositions over the past 12 months, increased 4% to $568 million. For our geographic segments, organic revenues grew by 4% in the Americas, 3% in EMEA and 7% in Asia Pacific.

以美國通用會計準則 (GAAP) 計算，營收年增 4.5% 至 5.71 億美元，而有機營收（不包括外匯變動和過去 12 個月內收購或處置的影響）則成長 4% 至 5.68 億美元。就我們劃分的地理區域而言，美洲地區的有機收入成長了 4%，歐洲、中東和非洲地區的有機收入成長了 3%，亞太地區的有機收入成長了 7%。

GAAP operating expenses, which include one-time non-recurring items, rose 5.8% year-over-year to $385 million. This increase resulted from higher acquisition-related professional fees and technology expenses, partly offset by lapping a one-time restructuring charge in the prior year. Due to these factors, GAAP operating margin decreased by approximately 80 basis points to 32.5% compared to last year's second quarter.

包括一次性非經常性項目在內的 GAAP 營業費用年增 5.8% 至 3.85 億美元。這一增長是由於與收購相關的專業費用和技術費用的增加，但被上一年一次性重組費用部分抵消。由於這些因素，GAAP營業利潤率與去年第二季相比下降了約80個基點至32.5％。

On an adjusted basis, operating expenses grew 6.3% and operating margin decreased 100 basis points year-over-year to 37.3%. This was primarily driven by a 31% increase in technology-related spend due to higher cloud and software expenses and greater amortization of internal use software, reflecting our ongoing investment in generative AI.

經調整後，營業費用成長 6.3%，營業利益率較去年同期下降 100 個基點至 37.3%。這主要是由於雲端和軟體費用增加以及內部使用軟體的攤銷增加導致技術相關支出增加了 31%，反映了我們對生成式人工智慧的持續投資。

Technology costs accounted for over 10% of revenue in the quarter, up from 8% in the prior year. Employee expenses increased 3% year-over-year, primarily due to last year's lower bonus accrual. Excluding this factor, our employee expenses would have been flat to down year-over-year. People expenses are our largest cost category, constituting 40% of revenue, which is down nearly 60 basis points versus the prior year. By streamlining processes and utilizing automation, we continuously find ways to enhance workforce efficiency and maintain cost discipline while investing in strategic priorities.

技術成本佔本季營收的 10% 以上，高於去年同期的 8%。員工費用較去年同期成長 3%，主要原因是去年的獎金累積較少。除去這個因素，我們的員工費用年比會持平或下降。人力成本是我們最大的成本類別，佔營收的 40%，比前一年下降近 60 個基點。透過簡化流程和利用自動化，我們在投資策略重點的同時，不斷尋找提高勞動力效率和維持成本紀律的方法。

Third-party content costs rose 7% year-over-year but remained less than 5% of revenues, similar to the prior year's quarter. With increased data demand, we have actively managed this growth. For example, in the second quarter, we replaced several providers with our own self-collected data. We not only reduced licensing fees we pay third parties, but also now offer superior content with full redistribution rates that align seamlessly with Factset's proprietary identifiers. Real estate and related facilities expense decreased 6% year-over-year, staying under 3% of revenues, about 30 basis points lower than the prior year.

第三方內容成本年增 7%，但仍佔營收的 5% 以下，與去年同期類似。隨著數據需求的增加，我們積極管理這種成長。例如，在第二季度，我們用自己收集的資料取代了幾家提供者。我們不僅降低了向第三方支付的許可費，而且現在還提供具有完整重新分發率的優質內容，與 Factset 的專有標識符無縫銜接。房地產和相關設施支出較去年同期下降6%，佔收入的3%以下，較上年低約30個基點。

Please refer to the appendix for today's earnings presentation for a more detailed expense walk from revenue to adjusted operating income.

請參閱今天的收益報告附錄，以了解從收入到調整後營業收入的更詳細費用變化。

During the quarter, our cost of services as a percentage of revenue was higher year-over-year by approximately 50 basis points on a GAAP basis and more than 180 basis points on an adjusted basis, primarily due to higher technology expenses partially offset by lower compensation expense.

在本季度，我們的服務成本佔收入的百分比按 GAAP 計算較上年同期高出約 50 個基點，按調整後計算較上年同期高出 180 個基點以上，這主要是由於技術費用增加但薪酬費用降低部分抵消了這一增加。

SG&A as a percentage of revenue was approximately 30 basis points higher year-over-year on a GAAP basis, primarily due to increased professional fees linked to acquisitions, offset by reduced bad debt expense. On an adjusted basis, SG&A was about 75 basis points lower after excluding one-time non-recurring items.

根據 GAAP 標準，銷售、一般及行政費用佔收入的百分比比去年同期高出約 30 個基點，這主要由於與收購相關的專業費用增加，但壞帳費用減少抵消了這一增加。調整後，扣除一次性非經常性項目後，銷售、一般及行政開支下降約 75 個基點。

Our GAAP effective tax rate in the second quarter was 15.9%, a decrease when compared to the 16.4% tax rate in the second quarter of last year. This change was mainly due to lower US tax on foreign earnings, partially offset by discrete items like reduced tax benefits from stock-based compensation.

我們第二季的 GAAP 有效稅率為 15.9%，與去年第二季的 16.4% 相比有所下降。這項變更主要是由於美國降低海外收益稅，但股票薪酬稅收優惠減少等單一項目的部分抵銷。

Our GAAP diluted EPS increased $0.11 or 3% to $3.76 this quarter versus $3.65 in the same period last year, primarily due to higher revenue partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted EPS increased by $0.06 over 1.4% to $4.28.

本季度，我們的 GAAP 稀釋每股收益從去年同期的 3.65 美元增加 0.11 美元或 3% 至 3.76 美元，這主要是由於收入增加，但收購相關的專業費用和技術相關費用的增加部分抵消了這一增加。調整後每股收益增加 0.06 美元，增幅 1.4%，達到 4.28 美元。

EBITDA for the quarter grew 3.6% compared to the prior year period to $225 million driven by higher net income. Free cash flow, which we defined as cash generated from operations minus capital spending, was $150 million in the second quarter, up 23% over the same period last year. This result was driven by positive working capital shifts due to decreased income tax payables and improved accounts receivable collections.

受淨收入增加的推動，本季 EBITDA 與去年同期相比成長 3.6%，達到 2.25 億美元。自由現金流（我們將其定義為經營活動產生的現金減去資本支出）第二季為 1.5 億美元，較去年同期成長 23%。這項結果是由於應付所得稅減少和應收帳款回款改善所導致的營運資本正向轉變。

Turning to return of capital to shareholders. In the quarter, we repurchased nearly 137,000 shares for approximately $64 million at an average share price of $470.70. At fiscal quarter end, we had a capacity of $187 million remaining under the $300 million share repurchase authorization approved by our Board of Directors last September. Today, we pay a quarterly dividend of $1.04 for per share to holders of record as of February 28, 2025.

轉向向股東返還資本。本季度，我們以平均每股 470.70 美元的價格回購了近 137,000 股，價值約 6,400 萬美元。截至財政季末，我們董事會去年 9 月批准的 3 億美元股票回購授權之下仍有 1.87 億美元的剩餘容量。今天，我們向截至 2025 年 2 月 28 日登記在冊的股東支付每股 1.04 美元的季度股息。

We remain diligent with our buyback program and are committed to delivering long-term value to our shareholders. Combining dividends and share repurchases, we returned $392 million to our shareholders over the last 12 months.

我們將繼續認真執行回購計劃，並致力於為股東帶來長期價值。結合股息和股票回購，我們在過去 12 個月內向股東返還了 3.92 億美元。

At the end of the second quarter, we paid off the remaining principal of the $1 billion term loan we took out for our CGS acquisition three years ago. We funded the recent LiquidityBook acquisition with new borrowings under our revolving credit facility with $480 million drawn at quarter end. Our gross leverage ratio is 1.7 times consistent with our aim to maintain investment grade ratings.

第二季末，我們還清了三年前為收購 CGS 而藉入的 10 億美元定期貸款的剩餘本金。我們利用循環信貸額度下的新借款為最近的 LiquidityBook 收購提供資金，季度末已提取 4.8 億美元。我們的總槓桿率為 1.7 倍，與我們維持投資等級的目標一致。

Finally, we remain confident in our second half top-line acceleration and are reaffirming the 5% midpoint of our prior guidance on organic ASV growth. We are also narrowing our ASV growth range by adjusting both the top and bottom ends of the range by $10 million to $100 million to $130 million reflecting a growth rate range of approximately 4.4% to 5.8%. Our guidance for revenue is now a range of $2.305 billion to $2.325 billion, a $20 million increase from our previous guidance, the change factors in the expected impact for the rest of the year from our recent acquisitions of Irwin in November, LiquidityBook in February and LogoIntern in early March.

最後，我們仍然對下半年的營收成長充滿信心，並重申我們先前對有機 ASV 成長 5% 的預期中位數。我們也透過將範圍的頂端和底端分別調整 1,000 萬美元至 1 億美元至 1.3 億美元來縮小 ASV 成長範圍，反映出約 4.4% 至 5.8% 的成長率範圍。我們對營收的預期目前是在 23.05 億美元到 23.25 億美元之間，比之前的預期增加了 2000 萬美元，這一變化考慮了我們最近在 11 月收購 Irwin、2 月收購 LiquidityBook 以及 3 月初收購 LogoIntern 對今年剩餘時間的預期影響。

Based on our solid performance and conscientious cost management in the first half, we are maintaining our guidance range for adjusted operating margin at 36% to 37% and adjusted diluted EPS at $16.80 to $17.40. This decision illustrates our ability to mitigate the modest margin and EPS solution from the aggregate impact of our recent acquisitions.

基於我們上半年的穩健業績和認真的成本管理，我們將調整後營業利潤率的預期範圍維持在 36% 至 37%，調整後攤薄每股收益的預期範圍維持在 16.80 美元至 17.40 美元。這項決定顯示我們有能力緩解近期收購帶來的整體影響，從而減輕利潤率和每股盈餘不佳的問題。

On a GAAP basis, we expect operating margin in the range of 32% to 33%, and EPS to be between $14.80 to $15.40 for the year. This decrease from prior guidance of 50 basis points and $0.30, respectively, reflect one-time non-recurring expenses incurred in connection with these acquisitions. The guidance range for our effective tax rate remains unchanged between 17% to 18%.

根據 GAAP 基礎，我們預計全年營業利潤率將在 32% 至 33% 之間，每股收益將在 14.80 美元至 15.40 美元之間。該數字較之前預期分別下降 50 個基點和 0.30 美元，反映了與這些收購相關的一次性非經常性費用。我們有效稅率的指導範圍保持不變，介於 17% 至 18% 之間。

As Phil indicated, our teams are well equipped to deliver second half growth. We have clearer visibility into our pipeline strength based on our increased breadth of solutions and growing client interest in our Gen AI solutions. We will continue to leverage our expense base and invest smartly, focusing on differentiated products and internal efficiencies. We anticipate higher expenses in the second half for planned Gen AI and infrastructure projects alongside go-to-market initiatives to further boost pipeline volume and quality over the next 12 months.

正如菲爾所說，我們的團隊已做好充分準備來實現下半年的成長。基於我們不斷擴大的解決方案範圍以及客戶對我們的 Gen AI 解決方案日益增長的興趣，我們對我們的產品線實力有了更清晰的了解。我們將繼續利用我們的費用基礎並進行明智的投資，專注於差異化產品和內部效率。我們預計，下半年用於計劃中的 Gen AI 和基礎設施項目以及進入市場的舉措的支出將會增加，以在未來 12 個月內進一步提高產品線的數量和質量。

In conclusion, we are prioritizing ASV growth, operational focus and strategic capital allocation to enable Factset to deliver sustainable long-term value for shareholders.

總之，我們優先考慮 ASV 成長、營運重點和策略資本配置，以使 Factset 能夠為股東提供可持續的長期價值。

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？

Thank you. (Operator Instructions) Kelsey Zhu, Autonomous.

謝謝。(操作員指示) Kelsey Zhu，自主。

Hi, good morning. Thanks for taking my question. I want to start with the Gen AI question. I think in this space, Factset definitely has a first-mover advantage. And I was wondering if you can provide more color around the traction you've been gaining with clients, especially when it comes to Pitch Creator and some of the other Gen AI products that you've highlighted before. And how are you thinking about the pricing for these products? And how receptive are clients to add those as an additional service and not as part of the current subscription?

嗨，早安。感謝您回答我的問題。我想從 Gen AI 問題開始。我認為在這個領域，Factset 絕對具有先發優勢。我想知道您是否可以提供更多有關您與客戶取得聯繫的詳細信息，尤其是涉及 Pitch Creator 以及您之前強調過的一些其他 Gen AI 產品。您如何考慮這些產品的定價？客戶對於將這些功能添加為附加服務而不是當前訂閱的一部分的接受程度如何？

Thanks, Kelsey. It's Phil. I'll start, and I think Goran may have some extra words to say here. So yes, we're pleased with the momentum. We're well on our way to getting to the 30 bps to 50 bps that we spoke about in terms of monetizing these assets this year. And we've got six SKUs now that we've sold, and they're out there and more coming. I would say the one SKU that sort of got the most momentum is Pitch Creator, which I spoke about in my opening comments.

謝謝，凱爾西。是菲爾。首先由我來開始，我想戈蘭可能還有一些話要說。是的，我們對這種勢頭感到滿意。就今年將這些資產貨幣化而言，我們正在順利實現我們所謂的 30 個基點至 50 個基點的目標。現在我們已經銷售了 6 個 SKU，而且它們已經上市，還有更多即將上市。我想說，最有發展動能的 SKU 就是 Pitch Creator，我在開場白中提到它。

So very good reception from the banks. Obviously, sitting on top of the best banking product in the industry already. So this has been very exciting for us. And during the quarter, getting LogoIntern was a nice little add there to kind of to put into the product. So it's just been released. We had tons of people trialing it, giving us feedback, but I do think we're now on the cusp of being able to monetize that more seriously as we get into Q3 and Q4.

銀行的接待態度非常好。顯然，我們已擁有業內最好的銀行產品。這對我們來說非常令人興奮。在本季度，LogoIntern 的加入對產品來說是一個很好的補充。因此它剛剛被發布。有大量的人對其進行了試用，並向我們提供了反饋，但我確實認為，隨著進入第三季度和第四季度，我們現在正處於能夠更認真地將其貨幣化的邊緣。

I would say the second SKU that we've got the most traction on is the conversational API. So that's really taking the ability to take what you can do in Factset to search with AI capabilities and plugging it into your own environment. And we're seeing receptivity for that across all firm types. So there are many firms, particularly the larger ones, that want to control the research environment and combine the best of something like Factset with their own data that sometimes they're reluctant to release out to anyone and maybe some of the sources. So that's going really well.

我想說，我們最受關注的第二個 SKU 是會話 API。因此，這實際上是利用 Factset 中利用 AI 功能進行搜尋的能力，並將其插入您自己的環境中。我們發現各類公司都對此展現了接受的態度。因此，許多公司，特別是較大的公司，希望控制研究環境，並將諸如 Factset 之類的最佳數據與他們自己的數據相結合，有時他們不願意向任何人甚至某些來源發布這些數據。一切進展順利。

And then, we are beginning to monetize portfolio commentary. That has been a bit slower, although what we've done is we've packaged that together with a bunch of other things that are a bit more sort of usage based for the buy side. So we think that's going to be a good approach. People love the product. I think they're waiting for all the asset classes, in some cases, to be filled out. We've done equity risk, but we have begun to sell it. So those are the three today, and we're coming out with some other SKUs in Q3 and Q4.

然後，我們開始將投資組合評論貨幣化。雖然我們已經將它與其他一些更適合買方使用的東西打包在一起，但這個過程還是有點慢。因此我們認為這將是一個很好的方法。人們喜歡這個產品。我認為，在某些情況下，他們正在等待所有資產類別都填滿。我們已經做過股權風險，但我們已開始出售它。今天就是這些三個，我們將在第三季和第四季推出一些其他 SKU。

But I guess I'll pause there. Goran, do you want to add?

但我想我會在這裡暫停一下。戈蘭，你想補充嗎？

Yes, just to add a couple of things. One is clients are reacting very well to the pricing structure that we have put in place, certainly are realizing productivity gains from the products that we have launched, in particular, Pitch Creator. We have almost 2,000 active trials and late stages of negotiation with a number of larger clients. We are also helping clients drive their internal initiative via our conversational API as well as vectorized data packages that are ready for clients to implement in their own environment. So all of those solutions are resonating well and as is our pricing structure for those.

是的，只需補充幾點。一是客戶對我們制定的定價結構反應良好，並且確實從我們推出的產品（尤其是 Pitch Creator）中獲得了生產力的提升。我們與許多較大的客戶進行了近 2,000 次活躍審判和後期談判。我們還透過對話式 API 以及向量化資料包幫助客戶推動其內部計劃，以供客戶在自己的環境中實施。因此，所有這些解決方案都得到了良好的反響，我們的定價結構也是如此。

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

Hi, thank you. So it sounds like your tone is definitely getting better as the year goes on. And what I'm trying to understand is if you could parse out, is the environment getting better? Or do you feel like the company is doing better in an environment that's not really changing that much with all the proactive items that you guys have been doing? So I guess, it sounds like the green shoots have been turning greener and, I guess, looking for the reasons for it, just to understand how you guys are progressing.

你好，謝謝。所以聽起來隨著時間的推移你的語氣肯定變得更好了。我想了解的是，如果您能夠分析一下，環境是否會變得更好？或者您覺得，在你們採取所有積極主動的措施之後，公司在環境並沒有發生太大變化的情況下反而表現得更好了？所以我想，這聽起來像是綠芽已經變得更綠了，我想，尋找其中的原因，只是為了了解你們的進展。

Yes, and we'll tag team now. So I appreciate that you've recognized my tone is improving. Thanks, Shlomo. Yes, so I think what we feel really good about is, I think, we've derisked all of the big rocks for the year basically. So we now have visibility. And almost all of those and I think a lot of the things that we were battling for in terms of the bigger renewals and so on, I think of -- the majority of those have fallen our way. So I think we feel good about sort of where we stand there.

是的，現在我們就組隊。因此，我很感激您意識到我的語氣正在改善。謝謝， Shlomo。是的，所以我認為我們真正感到高興的是，我認為我們基本上已經消除了今年所有大石頭的風險。因此我們現在有了可見性。幾乎所有這些，以及我認為我們正在為更大的續約等而奮鬥的許多事情，我認為——其中大多數都已實現。所以我認為我們對目前的狀況感到很滿意。

And then, I think we're seeing -- we're definitely seeing strength across every market. So I would say the Americas, Europe and Asia all look like they're going to come in -- they're going to accelerate in the second half if the pipeline proves out. And then, we're seeing really good, I think, resurgence in asset management.

然後，我認為我們看到——我們確實看到每個市場都表現出強勁勢頭。因此，我想說，美洲、歐洲和亞洲看起來都將進入這個市場——如果管道證明成功的話，它們將在下半年加速進入。然後，我認為，我們看到資產管理領域出現了非常好的復甦。

So the environment is not getting any easier, that's for sure. But I do think that we're really beginning to see some real progress at selling at the enterprise level. On the buy side, I really want to talk to just kind of performance, reporting, the managed services, which I know you've asked about, that continues to do well. Our feeds business, which decelerated a bit over the last year or two, is having a really strong comeback.

因此環境不會變得更寬鬆，這是肯定的。但我確實認為我們確實開始看到企業層面銷售方面取得了一些真正的進展。在買方方面，我真正想談的只是效能、報告和託管服務，我知道你已經問過這些，這些方面仍然表現良好。我們的飼料業務在過去一兩年有所放緩，但目前正在強勢復甦。

So it's not just the real-time and reference data feeds that we've released more recently, but our benchmark data feeds are doing really well, and some of our core data is doing well also. And the smaller firm types are doing great, like hedge funds, private equity, corporates and wealth obviously, they're growing at a high clip.

因此，不僅是我們最近發布的即時和參考資料來源，我們的基準資料來源也表現良好，我們的一些核心數據也表現良好。規模較小的公司表現也很好，例如對沖基金、私募股權、企業和財富管理等，顯然它們都在快速成長。

And what I want to stress is we're not relying on banking for the numbers that we talked about today and the narrowing of the range. So banking is tough. I don't think that the environment is getting any more -- there's no more deals coming to market. I think we saw that in January and February. So we're not relying on some data from the banking business to hit the numbers that we spoke about today. If that comes through, that will be great. That will be a tailwind for us.

我想強調的是，我們今天討論的數字和範圍的縮小並不依賴銀行。因此銀行業務很困難。我認為環境不會再變得更好——市場上不會有更多的交易。我想我們在一月和二月就看到了這一點。因此，我們不會依賴銀行業務的一些數據來達到我們今天談到的數字。如果能夠實現，那就太好了。這對我們來說將是一個順風。

Goran, do you want to add anything?

戈蘭，你還有什麼要補充嗎？

Yes. Just in addition to everything Phil said about the buy side, the improvement, I think, in addition to our traditional strength in the middle office solutions, performance solutions, we're also seeing improvement. And we're quite pleased with activity in the MS space with our Portware solution as well as our front office solutions are gaining more and more traction.

是的。除了菲爾所說的關於買方的一切改進之外，我認為，除了我們在中台解決方案、績效解決方案方面的傳統優勢之外，我們也看到了改進。我們對 MS 領域的活動感到非常高興，我們的 Portware 解決方案以及前台解決方案正在獲得越來越多的關注。

Lastly, on the buy side, I think the LiquidityBook really helps us complete the PLC life cycle. It makes us the go-to for consolidation for hedge fund and smaller to midsize buy-side clients. So we're quite excited about that. It creates a cross-sell opportunity for us of Factset solutions and, as Helen said, by directional cross-sell opportunities. So we're excited about the second half. So there is a lot in front of us, and we have the tools to do it.

最後，從買方來看，我認為 LiquidityBook 確實幫助我們完成了 PLC 生命週期。這使我們成為對沖基金和中小型買方客戶合併的首選。所以我們對此感到非常興奮。它為我們創造了 Factset 解決方案的交叉銷售機會，而且正如海倫所說，是透過定向交叉銷售機會。所以我們對下半場充滿期待。因此，我們面前有很多事情要做，而且我們也有工具去完成它們。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yes. Hi, good morning, everyone. Just actually to follow up on the last question. Phil, you just mentioned you're not relying on banking or the sell side. But obviously, there is a range. So maybe you can be a little bit more specific. Does that mean you don't need banking to pick up to hit the low end or are you talking about the midpoint? Because, clearly, post-election, there was a lot of enthusiasm of capital markets picking up and then hiring picking up. And clearly, that continues to get pushed out. So it should continue to be a swing factor. So just wanted to figure out where exactly does that swing factor lie in your guidance range. Thanks.

是的。大家早安。實際上只是想跟進最後一個問題。菲爾，你剛才提到你不依賴銀行或賣方。但顯然，這是一個範圍。所以也許你可以更具體一點。這是否意味著你不需要銀行業務來達到低端，還是你談論的是中點？因為顯然，選舉後，資本市場熱情高漲，隨後招募也隨之增加。顯然，這一趨勢還在持續。因此它應該會繼續成為一個決定因素。所以只是想弄清楚這個波動因素在你的指導範圍內到底處於什麼位置。謝謝。

So I think we've been fairly conservative in sort of what we've put in the pipeline in terms of banking hiring, so that's in our numbers. I think the bright spot is definitely Pitch Creator, so that could actually help there.

所以我認為，我們在銀行招募方面的計畫是相當保守的，這就是我們的數據。我認為亮點肯定是 Pitch Creator，所以它實際上可以提供幫助。

Goran, what do you want to say here?

戈蘭，你想在這裡說什麼？

So as Phil said, I think what we are baking in for our midpoint in terms of guidance is really slightly lower or even headcount compared to the last year. So there is no upside in those numbers that we are counting on. I think it would be a swing towards far end of the range.

因此，正如菲爾所說，我認為我們在指導中期所預期的員工人數與去年相比確實略低，甚至持平。因此，我們所指望的這些數字不會有任何上升空間。我認為這將是向範圍遠端的轉變。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes. Hi. Thank you. I had a couple of quick questions about ASV in the quarter. One, just for avoidance of doubt, I want to make sure, is the UBS Vault deal included in the ASV this quarter? And if you could help quantify that, that would be helpful.

是的。你好。謝謝。我對本季的 ASV 有幾個快速問題。首先，為了避免疑問，我想確認一下，UBS Vault 交易是否包含在本季的 ASV 中？如果您能幫助量化這一點，那將會很有幫助。

And then just secondly, you talked about the proactive retirement of a legacy solution. Maybe if you can help quantify that also and if there's any sort of -- are there any more legacy contracts like that or products that are expected to be retired, whether it's this particular product or something else in the future? Thank you.

其次，您談到了主動淘汰遺留解決方案。也許您也可以幫助量化這一點，如果有任何類型的——是否還有類似的遺留合約或預計會退役的產品，無論是這個特定的產品還是未來的其他產品？謝謝。

Hi, Faiza. It's Goran. So a couple of things. Absent the lower price increase that we implemented this quarter and a couple of strategic deals that we proactively canceled, we would have actually seen acceleration in the quarter. So there is no further retirement of the products that we are planning on for the rest of the year. So you've already seen the impact of that in Q2.

你好，Faiza。是戈蘭。有幾件事。若非我們本季實施的較低價格漲幅以及我們主動取消的幾筆策略交易，我們本季的營收實際上會加速成長。因此，我們計劃在今年剩餘時間內不再停產這些產品。因此您已經在第二季度看到了其影響。

Back to your question about the UBS deal. We signed the contract in the quarter. We are thrilled with it. It's another strategic win for the fastest-growing segment of our portfolio. So we are quite pleased with it. I think it speaks to the strength of the product. We purely want this on a better product suite, really, and it enables us to further expand this relationship as the years progress.

回到你關於瑞銀交易的問題。我們在本季度簽署了合約。我們對此感到非常興奮。這是我們投資組合中成長最快的部分的另一個策略勝利。所以我們對此非常滿意。我認為這體現了產品的實力。我們真正想要的只是更好的產品套件，並且隨著時間的推移，它使我們能夠進一步擴大這種關係。

Implementation of it will take place throughout the next five or six months. I think we will be starting that in the quarter 3 -- in Q3. It's a very strategic win for us. We love our position in that space, and it really position us to land and expand as we expand additional services to all of these clients and the market share we have won over the last few years.

該計劃將在未來五到六個月內實施。我認為我們將從第三季開始實施這項計劃。對我們來說，這是一場非常具有戰略意義的勝利。我們熱愛我們在該領域的地位，隨著我們為所有這些客戶拓展額外服務以及我們在過去幾年贏得的市場份額，它確實使我們能夠落地和擴張。

So yes, Faiza, just to add on. So yes, it was booked in Q2. The users for UBS won't come through until the next quarter or two as we roll it out. So the ASV that we captured at least in the initial stages at UBS is not part of the second half where we see a really robust pipeline. So that you can model that out.

是的，Faiza，只是補充一下。是的，它在第二季度被預訂了。隨著我們推出這項服務，瑞銀的用戶要到下個或兩個季度才會加入。因此，至少在瑞銀初始階段我們捕獲的 ASV 並不屬於下半部分，在下半部分我們看到了真正強勁的渠道。這樣你就可以建模出來。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Thanks for taking the question. Just wanted to clarify the pricing in the quarter. So there was a reference to lower CPI weighing on pricing. I was just wondering if you could provide any color on pricing versus pricing realization for existing deal versus new and renewals. Any color on that front? And then similarly, on international, should we expect similar pressure on the international pricing in the third quarter as well? Thanks.

感謝您回答這個問題。只是想澄清本季的定價。因此，有提到較低的 CPI 將對定價造成影響。我只是想知道您是否可以提供有關現有交易、新交易和續約的定價與定價實現的詳細資訊。前面有顏色嗎？同樣，在國際方面，我們是否應該預期第三季國際定價也會面臨類似的壓力？謝謝。

Hi, Ashish, it's Helen. I'll take that one. So thank you for clarifying your thoughts there. Our standard contracts include annual price increases based on the higher of CPI or RPI or 3%. So our guidance range does reflect the lower inflation rate versus last year. So we expect the international price increases to align proportionately to that what we've seen in the Americas.

你好，Ashish，我是海倫。我要那個。感謝您澄清您的想法。我們的標準合約包括以 CPI 或 RPI 或 3% 中較高者為基礎的年度價格上漲。因此，我們的指導範圍確實反映了與去年相比較低的通膨率。因此，我們預期國際價格上漲將與美洲的價格上漲保持同步。

We do adjust rate cards throughout the year. So in January, we activated on that. We actually raised global rate cards depending on the package. And we've seen higher price realization in certain firm types like corporates and hedge funds, also along with Street account.

我們確實會在全年調整費率表。因此，我們在一月份就開始了這項行動。實際上，我們根據套餐的不同提高了全球費率。我們也看到某些公司類型（如企業和對沖基金）的價格實現率更高，還有街頭帳戶。

On new business, we are seeing price realization slightly lower year-over-year, but the volume is up, nearly 25%. So driving our total ASV from new business up nearly 10%. So that reflects our positioning and taking more market share. So we do believe in the sort of land-and-expand type of strategy.

對於新業務，我們看到價格實現同比略有下降，但交易量卻增加了近 25%。因此，我們新業務的 ASV 總量成長了近 10%。這反映了我們的定位和佔據更多的市場份額。因此，我們確實相信這種登陸並擴張類型的策略。

So these impacts will come through our renewals and new business. That's separate from the annual price increase. So the annual price increase is expected to be lower than last year, but we're capturing additional ASV, either through higher pricing via rate cards or through higher quantity in new business.

因此，這些影響將透過我們的更新和新業務實現。這與年度價格上漲是無關的。因此，預計年度價格漲幅將低於去年，但我們正在透過費率表上的更高定價或透過增加新業務的數量來獲取額外的 ASV。

Manav Patnaik, Barclays.

巴克萊銀行的 Manav Patnaik。

Hi. Good morning. This is Brendan on for Manav. Just want to ask on the margin guide, I believe you guys have already talked about tech costs going up quite a bit this year, I think, 25%. And then, obviously, the acquisitions coming in, some costs there. It seems like the people cost has to be held down, I guess, net of those acquisitions quite a bit to get to the midpoint. Normally, we kind of see those float up a little bit throughout the year. So I guess, what -- you mentioned some efficiency programs, some initiatives. I guess, any color on what you guys are doing and how to kind of bridge to the midpoint?

你好。早安.這是 Brendan，代替 Manav。只是想問利潤率指南，我相信你們已經討論過今年技術成本會上漲不少，我想是 25%。然後，顯然，收購會產生一些成本。我認為，似乎必須降低人力成本，扣除這些收購後才能達到中間點。通常情況下，我們會看到這些價格在全年都有小幅上漲。所以我想，你提到了一些效率計劃和一些措施。我想，您能具體說明一下你們在做什麼以及如何達到中點嗎？

Sure. I'll take that one as well. Thanks for the question. So yes, we have seen in this quarter, this half, the way we've benefited from lower people costs, despite sort of higher year-on-year comparison because, last year, there was a change in that bonus accrual. Without this, though, the adjusted people expenses would have been lower.

當然。我也會選擇這個。謝謝你的提問。所以是的，我們在本季度、上半年看到了我們從較低的人力成本中受益的方式，儘管同比有所上升，因為去年的獎金累積發生了變化。但如果沒有這個，調整後的人員支出就會更低。

So we're actively managing that. We've got mix that continues to float that way. We are managing our content and technology costs as well, including having vendor credits and cancellations of contracts, which I mentioned in my earlier remarks. And we're also seeing some benefit in the first half on FX, which is also helping us as well. So those are the things that are helping on the first half.

因此我們正在積極地管理這一點。我們得到的混合物將繼續以這種方式浮動。我們也在管理我們的內容和技術成本，包括供應商信用和合約取消，我在先前的評論中提到。我們也看到上半年外匯業務取得了一些進展，這對我們也有幫助。這些都是對上半年有幫助的事。

We'll expect to see a ramp-up in expenses in the second half as we prioritize strategic investments. The tech costs, like you said, are going to continue to ramp up in Gen AI and the infrastructure. And our go-to-market, we're actually going to put more money in to really build the pipeline in the next 12 months, and we're not looking for FX benefit either. So that's really how we're coming through. And absolutely, the benefit here is that we're able to absorb the dilution that comes from the acquisitions, which is about 40 basis points to 50 basis points.

由於我們優先考慮策略投資，我們預計下半年支出將會增加。正如您所說，人工智慧和基礎設施的技術成本將繼續增加。而對於我們的行銷來說，我們實際上將在未來 12 個月內投入更多資金來真正建立管道，而且我們也不尋求外匯收益。這就是我們真正遇到的情況。當然，這樣做的好處是我們能夠吸收收購帶來的稀釋，大約 40 個基點到 50 個基點。

Owen Lau, Oppenheimer.

歐文劉、奧本海默。

Hi, good morning. And thank you for taking my question. So I have a follow-up with the previous question about the data and feeds business and sales. So is it fair to say that the market uncertainty actually helps your data feed business? Because people want more data, people want more kind of information, that's why that part of the business outperformed compared to your initial expectation. And then the M&A part, it looks like it cooled down a little bit, so that's why you can still maintain the full year ASV guidance or narrow the range.

嗨，早安。感謝您回答我的問題。因此，我對先前關於數據和供稿業務和銷售的問題進行了跟進。那麼，可以說市場不確定性實際上有助於你的數據饋送業務嗎？因為人們想要更多的數據，人們想要更多種類的信息，這就是為什麼這部分業務的表現超出了你最初的預期。然後，併購部分似乎有所降溫，這就是為什麼你仍然可以維持全年 ASV 指導或縮小範圍。

Yes, maybe I'll start. So I think Factset always does very well through all types of cycles. So we'll manage through whatever market we're in. I'm not sure that that's the main reason for the data feed predicted growth or growth. I think a lot more of it has to do with us becoming increasingly an enterprise partner for our clients.

是的，也許我會開始。所以我認為 Factset 在各類週期中總是能表現良好。因此，無論我們身處哪個市場，我們都能順利應對。我不確定這是否是資料饋送預測成長或成長的主要原因。我認為這更多是因為我們越來越成為客戶的企業合作夥伴。

So we're selling at the top of the house. Very often now, we're constructing agreements where our clients can really take value from Factset any way they want, whether it's through the desktop, analytics and API, Gen AI, some other provider. So that all feeds into that. And again, I think the fact that we've released some new products here is super exciting.

因此，我們以最高價出售房屋。現在，我們經常會建立協議，讓客戶能夠以任何他們想要的方式從 Factset 獲取價值，無論是透過桌面、分析和 API、Gen AI 還是其他提供者。所以這一切都與此有關。我再次認為，我們在這裡發布一些新產品這一事實非常令人興奮。

So Goran, I don't know if you want to talk a little bit more about the feeds, and then we'll come back to your acquisition question.

所以 Goran，我不知道您是否想再多談談供稿，然後我們再回到您的收購問題。

Yes. So just to follow up on what Phil said. It is the quality of our content that's really driving the improvement in our numbers in the data feed business. As well we have put some more sales focus on it, but I think there is a high demand for high-quality data by hedge funds by other players in the industry. But also, as you see all of these new tech start-ups that are really AI focused, I think our best-of-breed data is really the fuel that drives that entire -- their entire development and potential growth.

是的。我只是想跟進一下菲爾所說的話。正是我們內容的品質真正推動了我們數據饋送業務的進步。我們也將更多的銷售重點放在了對沖基金上，但我認為，業內其他參與者對沖基金的高品質數據的需求很高。但是，正如你所看到的，所有這些真正專注於人工智慧的新興科技新創公司，我認為我們最好的數據是推動它們整個發展和潛在成長的動力。

So we are focused on developing partnerships that we think will help us in the future. There is higher demand for our data in traditional business as well. With the development of our real-time data feeds, exchange data feeds as well as our security master offering, we are seeing more and more success. We do have a delivery and superior technological solutions for our clients that really improve the efficiency of their operation as they switch to our products.

因此，我們專注於發展我們認為將來會對我們有幫助的合作夥伴關係。傳統業務對我們的數據的需求也更高。隨著我們的即時資料饋送、交換資料饋送以及我們的安全主產品的發展，我們看到了越來越多的成功。我們確實為客戶提供了交付和卓越的技術解決方案，當他們轉換到我們的產品時，這些解決方案確實提高了他們的營運效率。

That's evidenced by a number of wins in this quarter. We had about four or five that were very specific to some of the hardest to deliver exchange data feed sets in particular options. We are quite pleased with that progress, and we believe that the data feed business will be a driver of our success for the rest of the year and going forward.

本季度的許多勝利就證明了這一點。我們有大約四到五個專門針對某些最難傳遞特定選項中的交換資料來源集的方案。我們對這項進展感到非常高興，並相信資料饋送業務將成為我們今年剩餘時間及未來成功的關鍵因素。

And maybe I can just add one other piece that we're beginning to see growth in, which is our data management services piece, which is where we're helping clients be able to concord not only our data but also with the client data, and that's quite difficult. And that is largely done through technology with some people services as well. So that is a very profitable service for us, and we expect to see that continue to grow going forward.

也許我還可以補充一點我們開始看到成長的部分，那就是我們的數據管理服務部分，我們幫助客戶不僅能夠協調我們的數據，還能協調客戶數據，這是非常困難的。這主要是透過技術和一些人力服務來實現的。所以這對我們來說是一項非常有利可圖的服務，我們預計它將在未來繼續成長。

Owen, you asked about M&A, and I do think that the two or three things that we've done this fiscal year are really going to help. They're smaller, but there's so many great synergies and cross-sell opportunities for the team.

歐文，您問到有關併購的問題，我確實認為我們本財年所做的兩三件事確實會有所幫助。雖然規模較小，但對團隊來說卻有很多很好的綜效和交叉銷售機會。

So the LiquidityBook acquisition, which we just announced, when we acquired it, it was about $22 million of ASV. Irwin previously was about [$9 million]. And LiquidityBook comes with around 170 clients. I would say more than half of those are hedge funds, but there's also sort of a healthy group of clients. There's a sell-side offering, and then there's a great opportunity for us to serve kind of the middle of the bell curve and the buy side for those firms that need the entire portfolio life cycle from Factset.

因此，我們剛宣布收購 LiquidityBook，當時的 ASV 約為 2,200 萬美元。歐文之前曾[900萬美元]。LiquidityBook 約有 170 位客戶。我想說其中一半以上是對沖基金，但也有相當數量的客戶。這是一種賣方產品，因此，對於需要 Factset 提供整個投資組合生命週期服務的公司來說，這是一個很好的機會，可以為鐘形曲線的中間部分和買方提供服務。

So this is really the missing piece. And combining the OMS and the IBOR with Factset EMS and some of our other portfolio managing capabilities really does open up a lot more market for us with a lot of our existing clients. So we couldn't be more excited. It also comes with a fixed network. I think that was probably in the press release, but there's some great synergies that we expect to capture from that as well.

所以這確實是缺失的部分。將 OMS 和 IBOR 與 Factset EMS 以及我們的一些其他投資組合管理功能結合起來，確實為我們及許多現有客戶開闢了更多的市場。所以我們非常興奮。它還配備了固定網路。我認為這可能在新聞稿中有所提及，但我們也希望從中獲得一些偉大的協同效應。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi. Good morning. Thank you for taking the question. I wanted to double back to the commentary on wealth, in particular, ASV growth accelerated, some big wins there. And you talked about your strong share within the top 20. Can you help outline maybe what the land-and-expand strategy skews towards on a go-forward basis within that market? Is it adding additional services to existing clients? Is it selling additional users within those contracts, new regions? I'm just trying to understand kind of where the growth opportunities are once you have signed up as many flagship clients as you have at this point. Thank you.

你好。早安.感謝您回答這個問題。我想再次回顧對財富的評論，特別是 ASV 成長加速，並取得了一些重大勝利。您談到了您在前 20 名中的高份額。您能否幫助概述一下該市場未來的「登陸和擴張」策略傾向是什麼？它是否為現有客戶添加了附加服務？它是否在這些合約或新地區銷售額外的用戶？我只是想知道，一旦你們簽下了這麼多旗艦客戶，成長機會在哪裡。謝謝。

Hi, it's Goran. I will take that. So all of the above. I think we certainly see opportunity for regional expansion. We have done very well in Americas. We have made good progress in Europe, and we are focusing on kind of what we have done in US and Canada, really copying that to what we are doing in Europe.

你好，我是 Goran。我會接受的。以上就是全部內容。我認為我們確實看到了區域擴張的機會。我們在美洲的表現非常好。我們在歐洲取得了良好的進展，我們專注於複製我們在美國和加拿大所做的事情，並將其複製到我們在歐洲所做的事情上。

Particularly, we're focused on Switzerland and UK as the growth market for us in the near future, and then further expansion in Asia as well. Asia is growing quite nicely for us, and we see those geographic opportunities are significant. We do see opportunities for more users, especially in the home office and replacing some of the higher-end terminals. So that is another area of focus, and we have been actually quite successful there.

特別是，我們將重點放在瑞士和英國作為我們近期的成長市場，然後再進一步在亞洲擴張。對我們來說，亞洲的發展相當順利，我們認為這些地理機會十分重要。我們確實看到了更多用戶的機會，特別是在家庭辦公室和更換一些高端終端。這是另一個重點領域，而且我們實際上在那裡取得了相當大的成功。

But then, the real extension of our strategy is layering on additional services to support additional workflows of our clients. For example, we supported their business development with some of our lead generation tools that we have recently launched, and they are resonating quite well in the market. And then, all of the other portfolio management workflows that our clients undertake are other areas that we are building for and expanding into.

但是，我們策略的真正延伸是分層提供附加服務，以支援客戶的附加工作流程。例如，我們透過最近推出的一些潛在客戶生成工具來支援他們的業務發展，並且在市場上獲得了良好的迴響。然後，我們的客戶所進行的所有其他投資組合管理工作流程都是我們正在建立和擴展的其他領域。

I hope that answers your question.

我希望這能回答你的問題。

Craig Huber, Huber Research Partners LLC.

Craig Huber，Huber Research Partners LLC。

We can't hear you. I don't know if that's on our side or your side.

我們聽不到你的聲音。我不知道這是我們這邊的還是你們這邊的。

Can you hear me here?

你聽得到我的聲音嗎？

Yes. We can now, yes, if you can speak up.

是的。是的，現在我們可以，如果你能說出來的話。

Okay. I'm not sure what happened there. Coming into this decade, I recall you guys announced a large three-year internal investment program with a goal of accelerating your organic revenue growth to the high single digits. And it successfully worked, as you recall. You had high single-digit growth for two-plus years and stuff. And now, you're -- I think you talked about 31% increase in technology spend. Now, are you anticipating a significant ramp-up in your organic revenue growth because of these internal investment spending here as you think out over the next couple of years? Thank you.

好的。我不確定那裡發生了什麼事。進入新十年，我記得你們宣布了一項為期三年的大型內部投資計劃，目標是將有機收入成長加速到個位數。而且正如你所記得的，它成功發揮了作用。你們已經連續兩年多維持了高個位數的成長率。現在，我想您談到了技術支出增加了 31%。現在，您是否預計，由於這些內部投資支出，未來幾年您的有機收入成長將大幅增加？謝謝。

Hi, Craig, it's Helen. Let me try to answer that one. So when we talked about this at our Investor Day, as you know, in our three-year plan, we plan to be in that mid-to-high single digits. The investments that we're making in technology is to help support that. So there's no specific additional large investment plan that we had done that you rightfully said back in 2019, 2020. This is part of our consistent investment back into the business in technology, in Gen AI and funding that through rationalization of costs of our existing expense base.

你好，克雷格，我是海倫。讓我嘗試回答這個問題。因此，當我們在投資者日談論這個問題時，如你所知，在我們的三年計劃中，我們計劃達到中高個位數。我們在技術方面進行的投資就是為了支持這一點。因此，正如您在 2019 年和 2020 年所說，我們並沒有製定具體的額外大型投資計畫。這是我們持續對技術和人工智慧業務進行投資的一部分，並透過合理化現有費用基礎的成本來提供資金。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi. Thanks. Good morning. In light of the recent market downturn and volatility, can you talk a little bit more about changes you're seeing with buy-side budgets and broader sales cycles, especially among large asset managers and asset owners?

你好。謝謝。早安.鑑於最近的市場低迷和波動，您能否進一步談談您看到的買方預算和更廣泛的銷售週期的變化，特別是在大型資產管理者和資產所有者中？

Sure. Hi, George, it's Phil. So yes, I don't think we're really seeing much of a change, at least not yet. So I think we've been working through a great period of uncertainty for a number of years. And the pressures that are on the buy side in terms of the shift from active to passive, obviously, are not new.

當然。嗨，喬治，我是菲爾。所以是的，我認為我們並沒有真正看到太大的變化，至少現在還沒有。所以我認為我們多年來一直在經歷一段充滿不確定性的時期。而買方面臨的從主動到被動的轉變的壓力顯然並不是什麼新鮮事。

So I think that probably is the forcing function, honestly. So we're addressing that with the enterprise solutions we have, the generative AI offerings. Yes, it could be choppy. But again, I think we're very resilient through these markets, and we've built a very strong pipeline for the second half. A lot of that is the buy side, and we don't anticipate that the current market environment could influence that pipeline that strongly.

所以老實說，我認為這可能是一種強制函數。因此，我們利用現有的企業解決方案和生成式人工智慧產品來解決這個問題。是的，可能會不太平穩。但我再次認為，我們在這些市場中具有很強的韌性，我們為下半年建立了非常強大的管道。其中許多是買方，我們預計當前的市場環境不會對該通路產生如此大的影響。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I wanted to go back to the price increase. You mentioned the CPI being -- the lower CPI being a driver there. And so I guess, when I was doing the calculation, I was getting about 2% price increase versus roughly 3% last year. That obviously does impact the organic ASV growth and puts pressure on that. But you are, it sounds like, aiming for inflection here. And so is your confidence coming from your strong pipeline in deals? It sounds like the international price increase, you're expecting to be sort of similar to US, so that probably doesn't help that much. So is it the pipeline or is there something that is really going to drive this inflection higher in the organic ASV, and maybe a competitive environment might be relevant here as well, if that's a factor? Thanks,

我想回到漲價這件事。您提到了 CPI —— 較低的 CPI 是推動因素之一。因此，我猜，當我進行計算時，價格上漲了約 2%，而去年的價格上漲了約 3%。這顯然會影響 ASV 的有機成長並帶來壓力。但聽起來，您在這裡正在尋求語調的轉變。那麼，您的信心是否來自於您強大的交易管道？聽起來國際價格上漲，你預計會與美國的價格上漲類似，所以這可能沒有太大幫助。那麼是管道還是有什麼東西真正會推動有機 ASV 的這種拐點上升，如果這是一個因素的話，競爭環境可能也與此相關？謝謝，

Hi, Toni, it's Goran. So there's a number of factors that I think we can point to is, point in time, our booked ASV is actually quite a bit higher year-over-year as compared to 2024 and 2023. So that gives us quite a bit of confidence. The pipeline is better, again, compared to the both years. And in terms of our selling environment, we see it more equivalent to 2023 than 2024.

你好，東尼，我是戈蘭。因此，我認為我們可以指出許多因素，從時間點來看，與 2024 年和 2023 年相比，我們的預訂 ASV 實際上同比增長了不少。這給了我們很大的信心。與前兩年相比，目前的管道情況再次好轉。就我們的銷售環境而言，我們認為它更接近 2023 年，而不是 2024 年。

We have better visibility into the downside for us. And as Phil and Helen mentioned, we do not see any large -- any material losses in the second half. So the year-over-year retention will improve in the second half, and we have a very solid and diverse pipeline. So what we are quite happy with is that, that pipeline represents large seven-figure deals, but also those midsized deals that are easier to execute on. So all of that gives us confidence that we are at the inflection point for the organic growth for the rest of the year.

我們對自身的不利因素有了更清楚的認知。正如菲爾和海倫所提到的，我們沒有看到下半年出現任何大規模的物質損失。因此，下半年的年比留存率將會提高，而且我們擁有非常穩固且多樣化的產品線。因此，我們非常高興的是，該通路不僅代表七位數的大型交易，也代表那些更容易執行的中型交易。因此，所有這些都讓我們有信心，我們正處於今年剩餘時間有機成長的轉折點。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Hi. Good morning. This is Ryan on for Jeff. You talked in the past about selling more into the tech budget. I was just wondering what type of sensitivity that is seen as the macro has unwound a bit compared to what you might see in the financial services and market data budgets? And then, just more broadly, how are clients’ conversations and sales cycles been trending over the last few weeks? Thank you.

你好。早安.這是瑞安 (Ryan) 代替傑夫 (Jeff)。您過去曾談到將更多的銷售納入技術預算。我只是想知道，與金融服務和市場數據預算中看到的情況相比，當宏觀經濟略有放鬆時會出現什麼樣的敏感度？那麼，更廣泛地說，過去幾週客戶的對話和銷售週期趨勢如何？謝謝。

Well, I'll start. So yes, so I think selling into the tech budget is good. And I think everyone, including ourselves, is investing very heavily in technology as we sort of transition to a new paradigm, I think, in terms of how we're all going to be working over the next few years.

好，我先開始了。是的，所以我認為將其納入技術預算是好的。我認為，就未來幾年的工作方式而言，包括我們自己在內的每個人都在大力投資技術，因為我們正在向一種新的模式過渡。

So I think we've got good data to support some of the deals that were going out there, and selling aren't always into the market data budget, which is the one that not surprisingly has been under a bunch of pressure. And I'm not sure that we've seen much of a change in the last few weeks.

因此，我認為我們已經獲得了良好的數據來支持一些正在進行的交易，而銷售並不總是包含在市場數據預算中，因此毫不奇怪，市場數據預算一直承受著巨大的壓力。我不確定我們在過去幾週是否看到了很大的變化。

So the question was specific to the sell side, and we're not seeing much of a change. I think clients do appreciate we have best-of-breed products. And I think some of that -- in general, I think a lot of the conversations are about our Gen AI tools in that space, and the conversations have been good.

所以這個問題是針對賣方的，我們沒有看到太大的改變。我認為客戶確實欣賞我們擁有一流的產品。我認為其中一些——總的來說，我認為很多對話都是關於我們在該領域的 Gen AI 工具，而且對話都很順利。

I will just add, we are having that level of C-level technical discussions with some of the clients, and some of the larger deals in the second half will come from the technological budget rather than traditional market data. So that's definitely shifting more and more as clients invest more and more in their Gen AI efforts.

我只想補充一點，我們正在與一些客戶進行 C 級技術討論，下半年的一些較大交易將來自技術預算，而不是傳統的市場數據。因此，隨著客戶在 Gen AI 方面的投入越來越多，這種情況肯定會發生越來越大的轉變。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hi, good morning. And thanks for taking my question. So there was a nice uptick in the client count growth year-over-year. But then on the flip side, it looks like the amount of users per client declined for the first time in a while. So I wasn't sure what was causing that dynamic, if it was M&A or something maybe the type of clients that you're bringing on. So if you could explain that, that would be helpful. Thank you.

嗨，早安。感謝您回答我的問題。因此，客戶數量年增率呈現良好上升趨勢。但另一方面，看起來每個客戶端的使用者數量在一段時間內首次出現下降。所以我不確定是什麼導致了這種動態，是併購還是其他什麼原因，也許是你帶來的客戶類型。所以如果你能解釋這一點，那將會很有幫助。謝謝。

So I'll take that. So I think we have seen a significant uptick in private equity in terms of the clients we're bringing on. Those are usually a smaller number of users for us. So I think, both competitively and in terms of our pricing and packaging as well as the improvement in the private market’s product, we are seeing more success there. So that is really what is impacting the number of users per client that you're seeing this quarter.

所以我會接受。因此我認為，就我們所引進的客戶而言，私募股權投資出現了顯著的成長。對我們來說，這些用戶的數量通常較少。因此我認為，無論從競爭角度，還是從我們的定價和包裝角度，以及私人市場產品的改進角度，我們都取得了更大的成功。所以這確實影響了本季每個客戶的用戶數量。

I think it may also be a function of we put in all of the clients from the Irwin acquisition this quarter, so I think that was a few hundred clients, right?

我認為這也可能是因為我們本季納入了 Irwin 收購的所有客戶，所以我認為有幾百個客戶，對嗎？

Yes. And there's a little bit of continued integration, so the users were not included. So that might be driving your number there as well.

是的。由於存在一些持續的集成，因此用戶沒有被包括在內。所以這也可能會推動你的數字。

Surinder Thind, Jefferies LLC.

Surinder Thind，Jefferies LLC。

Thank you. It sounds like the confidence in the second half comes from the fact -- or part of it is just not having as much renewal activity. And it sounds like you've gone through a really solid period where you've seen some really good strength in your renewals. Have you guys been more proactive about trying to get ahead of deals before renewal cycles? Or do we just happen to go through a renewal cycle where maybe there's just a lot more elevated activity or renewals coming up in the past a little bit?

謝謝。聽起來，對下半年的信心來自於事實——或者部分原因是沒有那麼多的更新活動。聽起來你已經經歷了一段非常穩定的時期，在續約過程中你看到了一些非常好的優勢。你們是否更積極主動地嘗試在續約週期之前達成交易？或者我們只是恰好經歷了一個更新周期，也許過去出現了更多的高漲活動或更新？

Just trying to understand the forward cadence and how we should think about renewals and risk in the cycle at this point in time. And if just clients maybe are trying to take advantage of pricing at this point and so you just -- they themselves have been pushing for more renewals.

只是想了解前進的節奏，以及我們此時應該如何看待週期中的更新和風險。如果只是客戶可能想利用此時的定價優勢，那麼你只是——他們自己一直在推動更多的續約。

So I think what you're seeing in the current cycle is really related to the contract expiration dates. Going forward, I think we're being a lot more organized around renewals. I think we spoke about this during our Investor Day and are creating -- as we have a very large number of clients now, we're creating playbooks for renewals. We're being proactive. Wherever we can, we are trying to get ahead of those renewals and renew them prior to the expiration date.

所以我認為您在當前週期中看到的實際上與合約到期日有關。展望未來，我認為我們將在續約方面做得更有組織。我想我們在投資者日期間談到了這個問題，並且正在創建中——因為我們現在擁有非常多的客戶，所以我們正在為續約制定劇本。我們正在積極主動。只要我們能，我們就會盡力搶在續約之前，並在到期日之前完成續約。

So we're trying to make sure that we have better dispersion of renewals across the entire year rather than them being bunched up. So all of that is something that we are paying lots of attention to in terms of our sales operations and how we're addressing those.

因此，我們正在努力確保全年的續約能夠更好地分散，而不是集中在一起。因此，我們在銷售營運和解決這些問題方面非常關注這些問題。

Helen?

海倫？

Yes. And as Goran mentioned, to get to your point on pricing, for example, the dozen large banking renewals that we completed, all of them were either flat or up. And in aggregate, they were up. So it is not a case where we're sacrificing price in terms of total ASV per contract to be able to renew it. But as Goran talked about at our Investor Day, retention is a huge focus of ours, and I think you're seeing some of the benefits from that.

是的。正如 Goran 所提到的，關於定價，以我們完成的十幾家大型銀行的續約例子，它們的價格要么持平，要么上漲。從總體來看，它們是上漲的。因此，我們並不會為了續約而犧牲每個合約的總 ASV 價格。但正如戈蘭在投資者日上所說的那樣，保留是我們的一大關注點，我認為您從中看到了一些好處。

I'm not going to be able to stop myself here. So a lot of what we talked about today with these banking renewals, we have an amazing banking product. So we've always had the best product in the industry, and we're leaning into the technology part of this with Pitch Creator. But we've also made a massive investment in data over the last five years-or-so.

我無法阻止自己這麼做。我們今天談論的很多關於這些銀行業務更新的內容，我們都擁有令人驚嘆的銀行產品。因此，我們一直擁有業內最好的產品，並且我們正透過 Pitch Creator 致力於技術部分。但在過去五年左右的時間裡，我們也對數據進行了大量投資。

So we continue to build out the core Factset fundamental data and the other data, but our investment in private company data has been significant. We've, I think, gone from 3 million or 4 million to almost nine-plus million private companies with much higher quality data. And we're not relying now on some third-party sources. We're doing a lot of this ourselves because we can do it better. And then, the deep sector initiative that we started in '19, that's a long road, but that's beginning to pay off.

因此，我們繼續建立核心 Factset 基礎數據和其他數據，但我們對私人公司數據的投資也非常大。我認為，我們擁有的私人公司數量已從 300 萬或 400 萬增加到近 900 多萬，而且它們擁有的數據品質要高得多。我們現在不依賴一些第三方來源。我們自己做了很多這樣的工作，因為我們可以做得更好。然後，我們在 19 年啟動了深度領域計劃，這是一條漫長的道路，但已經開始取得成效。

So I just want to really stress for our banking clients, the combination of the technology, the integration with office, the Gen AI work we're doing as well as the data. It's just such a powerful combination and, obviously, has a lot to do with the banks wanting to renew with Factset.

因此，我只想真正強調，對於我們的銀行客戶來說，科技的結合、與辦公室的整合、我們正在進行的 Gen AI 工作以及數據。這是一個非常強大的組合，顯然，這與銀行希望與 Factset 續約有很大關係。

So I think that's the last question. Thank you for joining us today. In closing, our solid financial performance and disciplined execution against our full year pipeline in the first two quarters of this year has positioned us well for the acceleration we anticipate in the second half. Thanks to all the great questions today, and we'll see you next quarter.

所以我認為這是最後一個問題。感謝您今天加入我們。最後，我們今年前兩個季度的穩健財務業績和嚴格的全年計劃執行，為我們預計下半年的加速發展做好了準備。感謝今天提出的所有精彩問題，我們將於下個季度再見。

Operator, that ends today's call.

接線員，今天的通話到此結束。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。