Factset Research Systems Inc (FDS) 2025 Q3 法說會逐字稿

Good day and welcome to the FactSet third-quarter earnings call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 FactSet 第三季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Kevin Toomey, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係主管 Kevin Toomey。請繼續。

Thank you and good morning, everyone. Welcome to FactSet's third 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. After our prepared remarks, we will open the call to questions. The call is scheduled to last for one hour. (Operator Instructions)

謝謝大家，早安。歡迎參加 FactSet 2025 財年第三季財報電話會議。在開始之前，您可以在我們網站 factset.com 的「投資者關係」板塊觀看本次簡報中引用的幻燈片。今天的電話會議錄影也將在我們的網站上提供。在我們準備好發言之後，我們將開始提問。此次通話預計將持續一個小時。（操作員指示）

Before we discuss our results, I encourage all listeners to review the legal notice on slide 2. Discussions on this call may contain forward-looking statements. Such statements are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q.

在我們討論結果之前，我鼓勵所有聽眾查看投影片 2 上的法律聲明。本次電話會議的討論可能包含前瞻性陳述。此類聲明受風險和不確定性的影響，可能導致實際結果與這些前瞻性聲明中預期的結果有重大差異。有關這些風險和不確定性的更多信息，請參閱我們的 10-K 和 10-Q 表格。

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, both of which can be found on our website at investor.factset.com.

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 指標的對帳表位於簡報的附錄和我們今天早些時候發布的收益報告中，這兩份報告均可在我們的網站 investor.factset.com 上找到。

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 財年同期相比的變化。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、財務長 Helen Shan 和首席營收長 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, Kevin, and good morning, everyone. Thanks for joining us today. Before we discuss our Q3 results, I just want to take a moment to recognize an important milestone for FactSet and for me personally. Earlier this month, we announced my decision to retire after 30 years with FactSet and the past decade as CEO.

謝謝你，凱文，大家早安。感謝您今天加入我們。在我們討論第三季業績之前，我想花點時間來認識 FactSet 和我個人的一個重要里程碑。本月初，我們宣布了我決定退休，此前我在 FactSet 工作了 30 年，並擔任了過去 10 年的執行長。

It's been a privilege to spend my career here working alongside such a talented, collaborative and mission-driven team. Together, we've expanded our data and workflow capabilities, deepened client relationships, and more than doubled our revenue over the past 10 years, positioning FactSet as a trusted global enterprise leader in powering smarter, data-driven investment decisions. It's been an incredible journey, and I'm proud of all we've accomplished together. Looking ahead, I'm even more confident in FactSet's future.

我很榮幸能夠在這裡度過我的職業生涯，與這樣一支才華橫溢、善於合作、以使命為導向的團隊一起工作。在過去的 10 年裡，我們共同擴展了數據和工作流程能力，深化了客戶關係，收入增加了一倍以上，使 FactSet 成為值得信賴的全球企業領導者，為更聰明、數據驅動的投資決策提供支援。這是一段令人難以置信的旅程，我為我們共同取得的成就感到自豪。展望未來，我對 FactSet 的未來更有信心。

I'm also pleased to share that Sanoke Viswanathan will become FactSet's next CEO in early September. Sanoke brings over 25 years of global leadership experience in financial services and technology, most recently at JPMorgan Chase. And he has a strong strategic mindset and a proven track record of delivering technology-driven growth at scale.

我還很高興地告訴大家，Sanoke Viswanathan 將於 9 月初成為 FactSet 的下一任執行長。Sanoke 擁有超過 25 年的金融服務和科技全球領導經驗，最近在摩根大通任職。他具有強大的策略思維，並擁有實現大規模技術驅動成長的成功經驗。

As FactSet prepares for its next chapter of leadership, I'm proud of the solid foundation we've established built on innovation, client trust, and industry-leading data and workflow solutions. I'm confident Sanoke's leadership will guide FactSet through its next phase of growth and look forward to working with him closely to ensure a smooth and thoughtful transition.

當 FactSet 準備開啟其領導地位的下一個篇章時，我為我們建立在創新、客戶信任以及行業領先的數據和工作流程解決方案基礎上的堅實基礎感到自豪。我相信 Sanoke 的領導將引導 FactSet 進入下一階段的成長，並期待與他密切合作，確保順利、周到的過渡。

With that, let's turn to our third quarter results. In the third quarter, we achieved organic ASV growth of 4.5% year over year, fueled by recent wins in wealth, dealmakers, and partnerships. We also delivered an adjusted operating margin of 36.8% and adjusted diluted EPS of $4.27. As we previously indicated, we anticipated stronger growth in the second half of this fiscal year, and we're pleased with our Q3 performance. These results reflect the successful execution of our enterprise solutions strategy and underscore our commitment to helping clients lower their total cost of ownership.

接下來，讓我們來看看第三季的業績。第三季度，由於近期在財富、交易和合作夥伴關係方面的勝利，我們實現了 4.5% 的有機 ASV 同比增長。我們的調整後營業利益率為36.8%，調整後稀釋每股收益為4.27美元。正如我們先前所指出的，我們預計本財年下半年將實現更強勁的成長，我們對第三季的業績感到滿意。這些結果反映了我們企業解決方案策略的成功執行，並強調了我們致力於幫助客戶降低整體擁有成本的承諾。

We continue to see positive trends in ASV retention, and I am pleased to report that both expansion within existing accounts and new business accelerated in the quarter. As you may recall, the fourth quarter is seasonally our highest ASV of the year. And with a healthy pipeline and growing momentum, we are well positioned for a strong close to the fiscal year. Accordingly, we are reaffirming our FY25 guidance. Helen will cover our financial results and guidance in more detail later in her remarks.

我們繼續看到 ASV 保留的積極趨勢，我很高興地報告，本季現有帳戶和新業務的擴張均加速。您可能還記得，第四季是我們今年季節性最高的 ASV。憑藉著健康的管道和不斷增長的勢頭，我們已為強勁結束本財年做好了準備。因此，我們重申我們的 FY25 指導方針。海倫將在稍後的演講中更詳細地介紹我們的財務表現和指導。

Turning to third quarter results. ASV retention remained strong at over 95%, while client retention was at 91%. Our client base grew to over 8,800 driven by strong demand from corporate wealth management and buy-side clients, including those added through the LiquidityBook acquisition. Our user count rose to over 220,000 primarily reflecting growth among wealth management users.

談到第三季業績。ASV 保留率仍維持在 95% 以上，而顧客保留率則為 91%。我們的客戶群成長至 8,800 多人，這得益於企業財富管理和買方客戶的強勁需求，其中包括透過收購 LiquidityBook 而增加的客戶。我們的用戶數量上升至22萬多人，主要反映了財富管理用戶的成長。

Starting with our performance by region. In the Americas, organic ASV increased by 5%. The strength of this quarter was driven by higher banking and asset energy retention, coupled with higher demand in wealth, hedge funds, and corporates.

從我們各地區的表現開始。在美洲，有機 ASV 成長了 5%。本季的強勁表現得益於銀行業務和資產能量保留率的提高，以及財富、對沖基金和企業需求的增加。

In EMEA, organic ASV growth was 2%. We saw improved retention in banking and wealth. However, this was offset by lower contributions from the annual price increase and buy-side headwinds.

在歐洲、中東和非洲地區，有機 ASV 成長率為 2%。我們看到銀行業務和財富管理的留存率有所提高。然而，這被年度價格上漲和買方阻力帶來的較低貢獻所抵消。

In Asia Pacific, organic ASV growth increased 7% primarily driven by higher retention in the banking sector. This growth was partially offset by the reduced pricing uplift and asset owner headwinds.

在亞太地區，有機 ASV 成長率成長了 7%，這主要得益於銀行業的留存率提高。這一增長被價格上漲的減少和資產所有者的阻力部分抵消。

Now turning to our results from a firm-type perspective. Wealth organic ASV maintained its double-digit growth pace in Q3, marking a second consecutive quarter of acceleration. We continue to capture market share by displacing incumbent providers with new business sales nearly double the number of new logos versus a year ago.

現在從公司類型的角度來看我們的結果。財富有機 ASV 在第三季度保持了兩位數的成長速度，這是連續第二季加速成長。我們透過新業務銷售額取代現有供應商來繼續佔領市場份額，新標誌數量幾乎是一年前的兩倍。

Our product portfolio demonstrated broad-based strength among both new and existing clients, specifically a large seven-figure renewal and twice as many six-figure wins as a year ago. Notably, we are growing FactSet's presence in wealth by selling more data feeds and digital solutions to clients who already use our industry-leading desktop solution across their organization. The attach rate for off-platform products continues to rise. And so far in FY25, we are capturing attach rates that are around 1.5x what we saw in FY24.

我們的產品組合在新舊客戶中都展現出廣泛的優勢，特別是七位數的大額續約和比去年同期多兩倍的六位數訂單。值得注意的是，我們透過向已經在其組織內使用我們行業領先的桌面解決方案的客戶銷售更多的數據饋送和數位解決方案，擴大了 FactSet 在財富領域的影響力。非平台產品的配售率持續上升。到目前為止，在 25 財年，我們的附加率約為 24 財年的 1.5 倍。

Within dealmakers, this quarter's banking gains were largely driven by the favorable comparison to last year's third quarter, which includes the impact of the UBS-Credit Suisse merger. Over the past three years, our seat count has grown considerably as we continue to displace incumbent providers as clients increasingly choose our best-in-class banking solutions.

在交易商中，本季銀行業收益主要受到與去年第三季相比有利的推動，其中包括瑞銀與瑞信合併的影響。在過去三年中，隨著客戶越來越多地選擇我們一流的銀行解決方案，我們不斷取代現有的供應商，我們的席位數量也大幅增加。

We're also encouraged by meaningful improvements in retention, highlighted by the signing of several multiyear deals, including a favorable outcome on a large global banking renewal. These long-term agreements reinforce FactSet's position as a trusted enterprise partner and create new opportunities for future growth. While it's still early to assess some hiring trends, preliminary indications suggest they may be in line with last year's levels.

我們也對客戶保留率的顯著提高感到鼓舞，其中最突出的是簽署了幾項多年協議，包括一項大型全球銀行業務續約的有利結果。這些長期協議鞏固了 FactSet 作為值得信賴的企業合作夥伴的地位，並為未來的發展創造了新的機會。雖然現在評估一些招聘趨勢還為時過早，但初步跡象表明，招聘趨勢可能與去年的水平一致。

We're optimistic about our ability to expand the footprint of FactSet services to drive add-on sales beyond the Workstation. We continue to execute on our robust Pitch Creator pipeline. And within just seconds of launch, we now have 10 signed deals and over 45 opportunities with large banking clients in active trials and others in later stages of commercial negotiation.

我們對擴大 FactSet 服務範圍以推動工作站以外的附加銷售的能力充滿信心。我們將繼續執行我們強大的 Pitch Creator 管道。在發布後的短短幾秒鐘內，我們就已經與 10 家大型銀行客戶簽署了協議，並獲得了超過 45 個合作機會，其中有些客戶正處於積極試用階段，而其他客戶則處於商業談判的後期階段。

In addition to Pitch Creator, our recently acquired LogoIntern solution is proving to be a valuable utility tool for clients and strengthens our position in banker automation. Together, these tools are creating greater workflow efficiencies, driving adoption, client conversations, and closes.

除了 Pitch Creator 之外，我們最近收購的 LogoIntern 解決方案已被證明是客戶的寶貴實用工具，並增強了我們在銀行自動化領域的地位。這些工具共同提高了工作流程效率，推動了採用、客戶對話和成交。

Outside of banking, PE/VC remains a bright spot with Q3 marking our fourth consecutive quarter of accelerating growth driven by the strength of our private markets offering and Cobalt. Corporates also contributed meaningfully supported by strong tailwinds from our Irwin business, which drove increases in both ASV and seat count. Since the acquisition of Irwin earlier this year, nearly half of new corporates ASV has come from competitor displacements. This success validates our land-and-expand strategy using Investor Relations users as an entry point to deepen relationships within the office of the CFO.

銀行業之外，PE/VC 仍然是一個亮點，第三季度是我們連續第四個季度實現加速成長，這得益於我們私募市場產品和鈷的強勁成長。由於我們歐文業務的強勁推動，企業也做出了有意義的貢獻，推動了 ASV 和座位數量的增加。自今年稍早收購 Irwin 以來，近一半的新企業 ASV 都是透過競爭對手的取代而來的。這項成功驗證了我們的「登陸與擴張」策略，即利用投資者關係用戶作為切入點，深化財務長辦公室內的關係。

Within the institutional buy side, we had several positive developments this quarter. We secured strategic wins for our front- and middle-office solutions and improved retention with our asset management clients. One example is a new IRN 2.0 deal with a major US asset manager, choosing us to replace their legacy research management system, thanks to our advanced dashboard and GenAI capabilities. Our managed services offering is also opening new growth channels as we replaced several incumbent vendors at a major asset manager who is now fully aligned with FactSet.

在機構買方方面，本季我們取得了一些積極的進展。我們確保了前台和中台解決方案的策略性勝利，並提高了資產管理客戶的保留率。一個例子是與美國主要資產管理公司達成的一項新的 IRN 2.0 交易，由於我們擁有先進的儀表板和 GenAI 功能，該公司選擇我們來取代其傳統的研究管理系統。我們的託管服務產品也開闢了新的成長管道，因為我們取代了一家大型資產管理公司的幾家現任供應商，該公司目前與 FactSet 完全保持一致。

Hedge funds were another area of strength, with growth accelerating due to new fund launches, greater adoption of the Workstation and data products and the positive impact of our recent StreetAccount price increases. We expect hedge fund demand to continue in fiscal 2025.

對沖基金是另一個強勁領域，由於新基金的推出、工作站和數據產品的廣泛採用以及我們最近 StreetAccount 價格上漲的積極影響，對沖基金的成長正在加速。我們預計對沖基金的需求將在 2025 財政年度持續下去。

At the same time, we faced several headwinds. Reduced contribution from the annual price increase offset some of our gains. Additionally, as clients, especially asset owners, continue to optimize costs and streamline their vendor relationships, we are seeing more pressure in these areas. We are committed to leveraging our innovative solutions and client relationships to drive future growth.

同時，我們也面臨一些阻力。年度價格上漲帶來的貢獻減少抵銷了我們的部分收益。此外，隨著客戶（尤其是資產所有者）不斷優化成本並簡化供應商關係，我們看到這些領域的壓力越來越大。我們致力於利用我們的創新解決方案和客戶關係來推動未來的成長。

For partnerships in CGS, growth continued in the third quarter driven by a significant real-time win and strength in the new issuance markets for CGS. New business and expansion activity remains strong across multiple partner types. Looking ahead, we expect this positive trajectory to continue into the fourth quarter.

對於 CGS 合作夥伴關係而言，第三季持續成長，這得益於 CGS 的重大即時勝利和新發行市場的強勁成長。多種合作夥伴類型的新業務和擴張活動依然強勁。展望未來，我們預計這一積極趨勢將持續到第四季度。

In summary, I want to reiterate that our number one priority is to drive top line growth. The breadth and quality of our opportunities give us visibility and confidence as we look ahead. We are well positioned to deliver in Q4 and meet our full year fiscal 2025 guidance. The majority of the pipeline for the remainder of the year is driven by the institutional buy side. As noted earlier, the demand for middle-office solutions, in particular, performance and managed services, is high as clients look for longer-term help as they upgrade their tech stack. Our innovation with using GenAI in our buy-side solutions is supporting strong client engagement and opportunities as well.

總而言之，我想重申，我們的首要任務是推動營收成長。我們的機會的廣度和品質為我們展望未來提供了可見度和信心。我們已做好準備，在第四季度實現目標並達到 2025 財年全年預期。今年剩餘時間的大部分管道都是由機構買方推動的。如前所述，由於客戶在升級其技術堆疊時尋求長期幫助，因此對中台解決方案（尤其是效能和託管服務）的需求很高。我們在買方解決方案中使用 GenAI 的創新也支持了強大的客戶參與度和機會。

Demand for our Data Solutions is expected to be a notable contributor to our Q4 results. The need for fundamental and estimates data remains high, in part driven by hedge funds and wealth. Engagement on real time and benchmarks has grown as clients look for modern technology, quality and stability, and these solutions represent more than a third of the data opportunities.

預計對我們的數據解決方案的需求將對我們第四季度的業績產生顯著的貢獻。對基本面和估計數據的需求仍然很高，部分原因是受到對沖基金和財富的推動。隨著客戶尋求現代技術、品質和穩定性，對即時和基準的參與度不斷增長，這些解決方案代表了超過三分之一的數據機會。

Wealth remains our growth engine. Our success in displacing incumbents and expanding from the Advisor desktop into adjacent areas, such as APIs, widgets and data feeds, is resulting in meaningful client demand. Our wealth pipeline is strong, spanning desktops and real-time data and a growing demand for more sophisticated PLC tools where FactSet has deep industry credibility, giving us greater confidence to extend our success, both geographically and within the wealth home office.

財富仍然是我們的成長引擎。我們成功取代現有企業，並從顧問桌面擴展到 API、小部件和資料饋送等鄰近領域，從而產生了有意義的客戶需求。我們的財富管道非常強大，涵蓋桌面和即時數據，並且對更複雜的 PLC 工具的需求不斷增長，而 FactSet 在這方面擁有深厚的行業信譽，這使我們更有信心在地域和財富總部範圍內擴大我們的成功。

Our teams are capitalizing on FactSet's first-mover advantage in GenAI, executing our go-to-market strategy to deliver innovative solutions that streamline workflows and help clients unlock greater efficiencies. With the strong foundation we've built, we are well positioned to fulfill our mission of supercharging financial intelligence.

我們的團隊正在利用 FactSet 在 GenAI 領域的先發優勢，執行我們的市場進入策略，提供創新解決方案，簡化工作流程並幫助客戶提高效率。憑藉我們已經建立的堅實基礎，我們有能力完成增強金融智能的使命。

I will now turn it over to Helen to take you through our third quarter performance and FY25 guidance in more detail.

現在我將把時間交給海倫，讓她更詳細地向您介紹我們第三季的業績和 25 財年的指引。

Thank you, Phil, and hello to everyone on the call. We anticipated a better performance in the second half, and I'm pleased to report that the third quarter showed strength in both financial and operating results. As Phil mentioned, our pipeline is solid, positioning us well for continued ASP growth to finish out the year. Given this momentum, we are reaffirming our guidance for FY25. I'll share more detail shortly, but let's first review the quarterly results.

謝謝你，菲爾，也向電話裡的所有人問好。我們預計下半年會有更好的表現，我很高興地報告，第三季的財務和營運業績均表現強勁。正如 Phil 所提到的，我們的管道非常穩固，這為我們在今年年底繼續實現 ASP 成長做好了準備。鑑於這一勢頭，我們重申對 2025 財年的指導。我很快就會分享更多細節，但讓我們先回顧一下季度業績。

Organic ASV grew by $22.6 million in the quarter, representing a 4.5% increase year over year. We successfully captured an additional $11 million in our annual price increase primarily in the EMEA and Asia-Pac regions. This amount was lower than prior year, which reflects the anticipated headwind of lower CPI in our pricing.

本季有機 ASV 成長了 2,260 萬美元，年增 4.5%。我們成功地從年度價格上漲中額外獲得了 1,100 萬美元，主要集中在歐洲、中東和非洲地區以及亞太地區。這筆金額低於上一年，反映了我們定價中預期的 CPI 下降阻力。

GAAP revenues increased 5.9% year over year, reaching $586 million. When we look at organic revenue, which excludes foreign exchange movements and impact from acquisitions or dispositions during the past 12 months, we saw a 4.4% increase, reaching $577 million. For our geographic segments, organic revenue grew by 5% in the Americas, 2% in EMEA, and 6% in Asia Pacific.

GAAP 營收年增 5.9%，達到 5.86 億美元。當我們查看有機收入（不包括外匯變動和過去 12 個月收購或處置的影響）時，我們發現成長了 4.4%，達到 5.77 億美元。就我們的地理區域而言，美洲的有機收入成長了 5%，歐洲、中東和非洲地區的有機收入成長了 2%，亞太地區的有機收入成長了 6%。

Now turning to expense. GAAP operating expenses, which include onetime nonrecurring items, increased 11.7% year over year to $391 million. This was primarily driven by both higher employee and technology expenses. On an adjusted basis, operating expense grew 10.6%.

現在談談費用。包括一次性非經常性項目在內的 GAAP 營運費用年增 11.7%，達到 3.91 億美元。這主要是由於員工和技術費用增加所致。經調整後，營業費用增加了10.6%。

Employee expense increased 12% compared to the same quarter last year. This reflects our return to a normal bonus accrual and excludes a onetime payroll tax adjustment in the third quarter of the prior period. These two factors account for approximately two-thirds of the year-over-year change.

員工費用與去年同期相比增加了12%。這反映了我們恢復正常的獎金累積，並且不包括上一期間第三季的一次性薪資稅調整。這兩個因素約佔同比變化的三分之二。

Our workforce has grown by 2.6% year over year, strengthened by our strategic acquisitions of Irwin and LiquidityBook earlier this fiscal year. From Q2 to Q3, we have managed down our headcount in our core business as we continue our disciplined approach of self-funding investment priorities through enhanced productivity and operational efficiency.

我們的員工隊伍年增了 2.6%，這得益於我們本財年早些時候對 Irwin 和 LiquidityBook 的策略性收購。從第二季到第三季度，我們成功減少了核心業務的員工人數，同時透過提高生產力和營運效率，繼續採取自籌資金投資重點的嚴謹方法。

Technology-related expenses increased 21%, reflecting the higher amortization of internal-use software and our ongoing investment in generative AI capabilities. As previously communicated, we are strategically focusing our growth spend on technology to drive market leadership through product innovation. These costs now represent approximately 11% of revenue this quarter, up slightly from 10% from the same period a year ago.

技術相關費用增加了 21%，反映了內部使用軟體的攤銷額增加以及我們對產生 AI 能力的持續投資。如同先前所傳達的，我們策略性地將成長支出集中在技術上，以透過產品創新來推動市場領導地位。這些成本目前約佔本季營收的 11%，略高於去年同期的 10%。

We have managed the two remaining large spend categories effectively. Third-party content costs increased 1% year over year, now representing under 5% of revenue, about 20 basis points lower than the prior year. Our real estate and related facilities expense remained steady year over year at just under 3% of revenue, also 20 basis points lower as compared to last year. For a more detailed breakdown of our expense progression from revenue to adjusted operating income, I encourage you to reference the appendix in today's earnings presentation.

我們有效地管理了剩下的兩大支出類別。第三方內容成本年增 1%，目前佔營收的 5% 以下，比前一年低約 20 個基點。我們的房地產和相關設施支出較去年同期保持穩定，略低於收入的 3%，與去年相比也降低了 20 個基點。欲了解我們從收入到調整後營業收入的費用進展的更詳細分類，我建議您參考今天收益報告中的附錄。

Moving to our margin performance. Our GAAP operating margin was 33.2%, lower by 350 basis points compared to a year ago. Adjusted operating margin was 36.8%, a decrease of 270 basis points year over year. These figures reflect the normalization of our bonus accruals this year, the onetime favorable tax adjustment in the prior year, and increased technology expense.

轉向我們的利潤表現。我們的 GAAP 營業利潤率為 33.2%，比去年同期下降了 350 個基點。調整後營業利益率為36.8%，較去年同期下降270個基點。這些數字反映了我們今年獎金累積的正常化、去年一次性的優惠稅調整以及技術費用的增加。

SG&A as a percentage of revenue was approximately 20 basis points higher year over year on a GAAP basis, primarily due to increased compensation expense and professional fees related to our acquisitions. On an adjusted basis, excluding onetime items, our SG&A improved by about 15 basis points, demonstrating our ongoing commitment to operational efficiency. Our GAAP effective tax rate in the third quarter was 17.5%, an increase from 17% we saw in the same quarter last year, primarily reflecting lower excess tax benefits from our stock-based compensation.

根據 GAAP 計算，銷售、一般及行政費用佔收入的百分比比去年同期上升了約 20 個基點，主要是由於與收購相關的薪資費用和專業費用增加。經過調整後，不包括一次性項目，我們的銷售、一般及行政開支提高了約 15 個基點，顯示了我們對提高營運效率的持續承諾。我們第三季的 GAAP 有效稅率為 17.5%，高於去年同期的 17%，主要反映了我們股票薪資的超額稅收優惠減少。

Regarding earnings per share, our GAAP diluted EPS was $3.87, a decrease of $0.22 or 5.4% versus $4.09 in the same period last year. Adjusted EPS decreased by $0.10 or 2.3% to $4.27. These results reflect our continued investment in the business, which drives our revenue growth.

就每股收益而言，我們的 GAAP 稀釋每股收益為 3.87 美元，較去年同期的 4.09 美元減少 0.22 美元或 5.4%。調整後每股盈餘下降0.10美元，降幅2.3%，至4.27美元。這一業績反映了我們對業務的持續投入，這推動了我們的收入成長。

Our EBITDA was $236 million, a decrease of 1.7% compared to the prior year period, reflecting lower net income. Most notably, our free cash flow, which we define as cash generated from operations minus capital spending grew to $229 million in the third quarter, up 5% over the same period last year. This improvement was driven by stronger operating cash flows, highlighting the underlying financial strength of our business and our ability to increase cash generation even as we invest for future growth.

我們的 EBITDA 為 2.36 億美元，比去年同期下降 1.7%，反映出淨收入下降。最值得注意的是，我們的自由現金流（我們將其定義為經營活動產生的現金減去資本支出）在第三季成長至 2.29 億美元，比去年同期成長 5%。這項改善是由更強勁的經營現金流推動的，凸顯了我們業務的潛在財務實力以及我們在為未來成長進行投資的同時增加現金創造的能力。

Turning now to the use of capital for shareholder return. In the quarter, we repurchased approximately 184,000 shares for around $81 million at an average share price of $438.45. At the end of the fiscal quarter, we had $106 million remaining under the $300 million share repurchase authorization our Board approved last September. Additionally, on June 17, 2025, our Board of Directors approved a new share repurchase authorization of up to $400 million, which will become available on September 1, 2025.

現在來談談利用資本回報股東。本季度，我們回購了約18.4萬股股票，回購金額約8,100萬美元，平均每股價格為438.45美元。截至本財季末，我們仍剩餘1.06億美元，低於董事會去年9月批准的3億美元股票回購授權。此外，2025 年 6 月 17 日，我們的董事會批准了一項最高 4 億美元的新股票回購授權，該授權將於 2025 年 9 月 1 日生效。

On June 18, 2025, we paid a quarterly dividend of $1.10 per share to holders of record as of May 30, 2025. This represents a 6% increase from the previous quarter's dividend and marks the 26th consecutive year of dividend increases on a stock split-adjusted basis. When we combine our dividends and share repurchases, we have returned $415 million to our shareholders over the past 12 months, demonstrating our ongoing commitment to delivering shareholder value.

2025 年 6 月 18 日，我們向截至 2025 年 5 月 30 日登記在冊的股東支付了每股 1.10 美元的季度股利。這比上一季的股利增加了 6%，也是連續第 26 年以股票分割調整後的方式增加股利。當我們將股息和股票回購結合起來時，我們在過去 12 個月中向股東返還了 4.15 億美元，這表明我們始終致力於實現股東價值。

During the quarter, we refinanced the credit facility that was established three years ago for the CGS acquisition. Our new credit facility includes a $500 million funded term loan and $1 billion undrawn revolver, providing us with additional liquidity and balance sheet flexibility to support business growth. We continued our disciplined approach to debt management by repaying $62.5 million of term loan principal, consistent with our previous pace, and ended the quarter with a gross leverage ratio of 1.7 times.

本季度，我們對三年前為收購 CGS 而建立的信貸額度進行了再融資。我們的新信貸額度包括 5 億美元的定期貸款和 10 億美元未提取的循環信貸，為我們提供額外的流動性和資產負債表靈活性，以支持業務成長。我們繼續採取嚴格的債務管理方法，償還了 6,250 萬美元的定期貸款本金，與先前的速度一致，本季末的總槓桿率為 1.7 倍。

Finally, the second half of fiscal 2025 is showing improved results with third quarter organic ASV growth accelerating as we successfully meet client demands. Our visibility into the pipeline gives us confidence in Q4 performance, and we are reaffirming our previously issued guidance. We are making targeted investments in our strategic priorities, focusing on differentiated products and internal efficiency initiatives. We anticipate Q4 to be the highest quarter for expense this fiscal year with investments concentrated on our GenAI and infrastructure projects alongside go-to-market initiatives that are already strengthening pipeline volume and quality.

最後，隨著我們成功滿足客戶需求，2025 財年下半年的業績有所改善，第三季有機 ASV 成長正在加速。我們對通路的了解使我們對第四季度的業績充滿信心，並且我們重申了先前發布的指導。我們正在根據策略重點進行有針對性的投資，重點關注差異化產品和內部效率措施。我們預計第四季度將成為本財年支出最高的季度，投資將集中在我們的 GenAI 和基礎設施項目以及已經加強通路數量和品質的市場進入計畫上。

In conclusion, we remain committed to driving ASV growth, maintaining operational focus, and allocating capital wisely to enable FactSet to deliver sustainable long-term value to shareholders.

總之，我們將繼續致力於推動 ASV 成長、保持營運重點並明智地分配資本，以使 FactSet 能夠為股東提供可持續的長期價值。

On behalf of the executive leadership team, I would also like to extend my sincere gratitude to Phil for his leadership and contributions. While many of us know Phil for his love of impossibly spicy foods and his deep knowledge of '80s rock bands, his unwavering focus has always been on two things: his family and FactSet. On a personal note, I've learned much from his open leadership style and truly valued our partnership through both challenges and successes.

我還要代表執行領導團隊向菲爾的領導和貢獻表示誠摯的感謝。雖然我們很多人都知道菲爾喜歡吃辛辣的食物，並且對 80 年代搖滾樂隊有著深入的了解，但他始終堅定不移地關注著兩件事：他的家人和 FactSet。就我個人而言，我從他開放的領導風格中學到了很多東西，並且真正珍惜我們在挑戰和成功中的夥伴關係。

And we are enthusiastic about welcoming Sanoke in September as he leads FactSet into its next chapter of success. Having been a FactSet client himself, he brings a unique perspective that will further help us enhance our client-first approach. On behalf of all Factsetters, we wish Phil only the best and look forward to having Sanoke on board.

我們熱烈歡迎 Sanoke 於 9 月上任，他將帶領 FactSet 邁入成功的新篇章。他本人也是 FactSet 的客戶，他帶來了獨特的視角，這將進一步幫助我們加強客戶至上的理念。我謹代表所有 Factsetters 向 Phil 致以最美好的祝愿，並期待 Sanoke 的加入。

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) Shlomo Rosenbaum, Stifel.

（操作員指示）Shlomo Rosenbaum，Stifel。

I wanted to ask if there's any change in the macro environment. You're seeing a little bit of a turn-up in the ASV growth, which is certainly positive after over a year of sequential declines. So I'm wondering, is it all better execution and products getting traction? Or are you seeing anything in the end markets that are giving you any tailwind whatsoever?

我想問一下宏觀環境是否有變化。您會看到 ASV 增長略有回升，在連續一年多下滑之後，這無疑是積極的。所以我想知道，這是否都是更好的執行和產品獲得吸引力的結果？或者您看到終端市場中有任何帶給您順風的東西？

Shlomo, it's Phil. Thanks for the question. Yeah, we -- honestly, we've not seen that much difference, I would say, this fiscal year. Obviously, we had -- in April, the markets were dynamic. So we saw maybe a couple of weeks of clients probably waiting to kind of see how things played out.

什洛莫，我是菲爾。謝謝你的提問。是的，老實說，我想說，本財年我們並沒有看到太大的差異。顯然，四月市場非常活躍。因此，我們看到客戶可能需要等待幾週才能看到事情如何發展。

But I think the main takeaway, I would think for you, is that many of our clients are going through these multiyear transformations in terms of the technology and data, and FactSet's just in such a great place to support them with that. And that's certainly what we're seeing in the pipeline for the rest of the year.

但我認為，最重要的一點是，我們的許多客戶在技術和數據方面正在經歷多年的轉型，而 FactSet 能夠很好地為他們提供這方面的支援。這肯定也是我們今年剩餘時間所期待的事。

And maybe I'll ask Goran here just to add a few other comments.

也許我會在這裡請戈蘭補充一些其他評論。

Shlomo, so I think we see a little bit more positivity in client reactions over the past quarter. So there is some momentum there. I would attribute most of the momentum changing in our favor is to our products resonating. I think we are -- they're focused more on our Data Solutions, in general. And I think we're seeing that pay dividends. And we do expect significant boost from the -- from our buy-side offerings in the fourth quarter.

什洛莫，我認為，我們看到過去一個季度客戶的反應更加積極一些。因此那裡存在一些動力。我認為對我們有利的大部分動力變化都歸功於我們的產品引起了共鳴。我認為我們——總體而言，他們更關注我們的數據解決方案。我認為我們已經看到了回報。我們確實預期第四季買方產品將帶來顯著的成長。

Our GenAI solutions have also helped us generate momentum, particularly, I would say, Pitch Creator and our conversational API and as well as our offerings on the buy side in that regard. So I would attribute it mostly to execution and really the product line maturing in some of the areas that are really helping us.

我們的 GenAI 解決方案也幫助我們產生了動力，特別是 Pitch Creator 和我們的對話 API，以及我們在這方面為買方提供的產品。因此，我認為這主要歸功於執行力，以及產品線在某些領域的成熟確實對我們有所幫助。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

I'm not sure if this is just a follow-on to the first question, but maybe a little bit more specific on the 4Q outlook. If I look at the guidance range, which is obviously unchanged, I think to get to the low end, you need to basically do what you did in the last three years in the fourth quarter, I think mid-$50 million-or-so range.

我不確定這是否只是第一個問題的後續，但也許對第四季的展望更為具體。如果我看一下指導範圍，它顯然沒有變化，我認為要達到低端，你基本上需要做你在過去三年第四季度所做的事情，我認為在 5000 萬美元左右的中間範圍內。

So I think the one thing that you said earlier on your prepared remark was banking was kind of in line with the -- with last year. So maybe -- and you touched on this a little bit just now, but like maybe relative to last year, can you just like contrast where things are significantly better and where they may be a little bit weaker to kind of get a sense where there could actually be upside or downside to the low end?

所以我認為您之前在準備好的發言中提到的一件事是銀行業務與去年的情況基本一致。所以也許——你剛才稍微提到了這一點，但也許相對於去年，你能否對比一下哪些情況明顯好轉，哪些情況可能稍弱一些，以便了解低端實際上可能存在上行或下行空間？

Yeah. Thanks, Alex. I'll start and I'm sure Goran will have additional comments. So we're definitely -- we're significantly ahead of where we were at this time for the last two years. The areas that look like they're going to be driving growth are the Americas and EMEA. So both of those regions look strong.

是的。謝謝，亞歷克斯。我現在就開始，我相信戈蘭還會有其他評論。因此，我們確實——與過去兩年相比，我們已經取得了顯著的進步。看起來將推動成長的地區是美洲和歐洲、中東和非洲地區。因此這兩個地區看起來都很強勁。

I would say our core business, the Workstation, is relatively flat to last year. So the strength is really coming from our enterprise solutions. So that's the portfolio life cycle for the buy side as well as our feeds business, which is really doing great. So that's showing a lot of momentum going into Q4.

我想說我們的核心業務工作站與去年相比相對持平。因此，我們的優勢實際上來自於我們的企業解決方案。這就是買方和我們的資訊流業務的投資組合生命週期，這確實做得很好。這顯示第四季度的勢頭強勁。

And the buy side, more specifically, I think as Goran mentioned, looks really strong for Q4. So when you look at kind of the top 15 deals we have out there for Q4, I think 10 of those or approximately two-thirds of those are coming from the institutional asset management part of our business.

更具體地說，我認為正如 Goran 所提到的，買方在第四季度的表現看起來非常強勁。因此，當您查看我們第四季度的前 15 筆交易時，我認為其中 10 筆或大約三分之二來自我們業務的機構資產管理部分。

So Alex, just to add to what Phil already said, I think, obviously, the booked ASV or commitments that we have is well ahead of last year. We see improved retention in the quarter. I think we have good visibility into cancellation -- cancellations for the next 90 days, and we see significant improvements in that number. So those are two very tangible factors that increase our confidence in reaching the numbers that we are projecting.

因此，亞歷克斯，我只是想補充一下菲爾已經說過的話，我認為，顯然，我們預訂的 ASV 或承諾遠遠超過了去年。我們看到本季的保留率有所提高。我認為我們對未來 90 天的取消情況有很好的了解，我們看到這個數字有顯著的改善。因此，這兩個非常明顯的因素增強了我們實現預期數字的信心。

Pipeline itself, we couldn't be happier with the diversity of it. So we see pipeline is very diverse across the deal sizes as well as firm types and solutions. So we're not dependent on any large deal to really get us over the finish line in the fourth quarter, and that gives us additional confidence.

管道本身，我們對它的多樣性感到非常高興。因此，我們看到，交易管道在交易規模、公司類型和解決方案方面都非常多樣化。因此，我們並不依賴任何大交易來真正幫助我們在第四季度實現目標，這給了我們額外的信心。

Personally, I'm really happy about what we see as an uptick on the buy side, as Phil already mentioned. And I think that what further, I think, reinforces our confidence is that we do have some quick, fast-developing deals in the fourth quarter that can help us offset any fallouts that can potentially happen. So we're quite confident that we'll be within the range that we have guided towards.

就我個人而言，正如菲爾所提到的那樣，我對買方的上漲感到非常高興。我認為，進一步增強我們信心的是，我們在第四季度確實有一些快速發展的交易，可以幫助我們抵消可能發生的任何後果。因此，我們非常有信心，我們將處於我們所指導的範圍內。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I know it's a bit early, but I wanted to ask if you have any thoughts around how we should think about fiscal '26 because I know you've talked about you typically do have visibility over the next six months. And really, if I can just ask a direct question, do you expect to see further acceleration a little beyond Q4?

我知道現在有點早，但我想問一下，您對我們應該如何看待 26 財年有什麼想法，因為我知道您已經談到通常對未來六個月有預見性。真的，如果我可以直接問一個問題，您是否預計第四季度之後會出現進一步加速？

Faiza, it's Helen. Let me try to take that one. So right now, we're obviously focused on this quarter and executing against that. We feel very comfortable, as what Goran and Phil both talked about. And you can imagine that the same trends that you're hearing us talk through will continue. But we don't talk about next year until we go into our September call. So that's where we plan on doing that.

法伊莎，我是海倫。讓我嘗試拿那個。因此現在，我們顯然將重點放在本季並為此執行。我們感到非常舒服，正如 Goran 和 Phil 所談論的那樣。你可以想像，我們所談論的趨勢將會持續下去。但直到九月的電話會議之前，我們不會談論明年的事情。這就是我們計劃要做的事。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Phil, congrats on your retirement. Just on -- in the prepared remarks, there was a comment around asset owner pertaining to optimized costs and streamlining the vendor relationship. I was just wondering if you could provide some color on the headwinds there, but also how do we think about inflecting the growth for that particular [vertical]?

菲爾，恭喜你退休。剛才在準備好的評論中，有一條關於資產所有者的評論，涉及優化成本和簡化供應商關係。我只是想知道您是否可以提供一些關於那裡的不利因素的信息，但同時我們又如何考慮改變這一特定領域的增長[垂直的]？

Yeah, Amit (sic – Ashish), we've had a great business with asset owners, and they utilize a lot of our core analytics product for the buy side. And our strategy has obviously been to be open, flexible and provide best-in-class point solutions for those firms. Many of them are essentially just looking at how to further streamline their businesses.

是的，阿米特（原文如此 - 阿希什），我們與資產所有者開展了良好的業務往來，他們利用我們的許多核心分析產品為買方提供服務。我們的策略顯然是開放、靈活，並為這些公司提供一流的點解決方案。他們中的許多人本質上只是在研究如何進一步簡化業務。

So it's a competitive area. We're partnered with many important firms in the space to provide solutions there. But it certainly, at least in this quarter, was a bit of a headwind for us. Although looking at the pipeline for Q4, it looks like we'll do better than we did in Q4 of last year or for the year. So that will be a good tailwind.

所以這是一個競爭激烈的領域。我們與該領域的許多重要公司合作，為其提供解決方案。但至少在本季度，這對我們來說確實是一個阻力。儘管從第四季的管道來看，我們似乎會比去年第四季或今年做得更好。所以這將是一個很好的順風。

Goran, do you want to add anything to that?

戈蘭，你還有什麼要補充的嗎？

Yeah. I think the quarter is a little bit of an outlier from that perspective. Obviously, as Phil said, it is a competitive space. But looking ahead, we do not see a similar quarter in our future.

是的。我認為從這個角度來看本季有點異常。顯然，正如菲爾所說，這是一個競爭激烈的領域。但展望未來，我們預期未來不會出現類似的情況。

We are investing in -- LiquidityBook will certainly help us close the OMS and post-trade compliance gap. And we are building the total portfolio solutions and have made significant progress there as well. So we do expect that this will remain a competitive areas for us, but expect improvement in the future.

我們正在投資——LiquidityBook 肯定能幫助我們縮小 OMS 和交易後合規差距。我們正在建立整體產品組合解決方案，並且已經取得了重大進展。因此，我們確實預計這仍將是我們的競爭領域，但預計未來會有所改善。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So the adjusted operating margin for the first three quarter is about 37.2% based on my math. It implies that the fiscal 4Q margin has to go down to around 34.6% to hit the midpoint of the full year guidance. So is there any expense or investment we should be aware of for your fourth quarter, or it will follow historical patterns and it will more likely to land at the high end of the full year margin guidance? Thanks a lot.

因此，根據我的計算，前三個季度的調整後營業利潤率約為 37.2%。這意味著第四財季利潤率必須降至 34.6% 左右才能達到全年預期的中點。那麼，在第四季度，我們是否應該注意任何費用或投資，或者它是否會遵循歷史模式，並且更有可能達到全年利潤率指導的高端？多謝。

Owen, it's Helen. Thank you for that question, and your numbers are correct. So as you know, as we started off the year, we talked about that we're executing our investment plan across our -- what we call our three pillars, which is expansion in data, embedding deeper in our client workflows, and accelerating through our GenAI roadmap.

歐文，我是海倫。感謝您的提問，您的數字是正確的。如你所知，在年初的時候，我們談到了我們正在執行我們的投資計劃——我們稱之為三大支柱，即數據擴展、更深入地嵌入我們的客戶工作流程以及透過我們的 GenAI 路線圖加速。

So the pace of investments has picked up over the course of the year. And so for the rest of the year, we pretty much remain on track to deliver the margin within our guidance range of 36% to 37% on the adjusted basis. The spend that we see picking up will be on the expertise that we've brought in to work on new solutions like in GenAI. The investments that we're actually using to support the integration of the acquisitions, as you may recall, both of our acquisitions are slightly dilutive, and then the technology costs, which are increasing as we expected. So at this point right now, we feel pretty comfortable that we will be in the range that we've discussed, and we'll continue on that path.

因此，今年的投資步伐有所加快。因此，在今年剩餘時間內，我們基本上仍能保持預期利潤率，在調整後的基礎上實現 36% 至 37% 的指導範圍。我們看到支出的成長將用於我們為 GenAI 等新解決方案引入的專業知識。您可能還記得，我們​​實際上正在使用的投資是支持收購整合，我們的兩次收購都略有稀釋，然後技術成本也在增加，正如我們預期的那樣。因此，就目前而言，我們感到非常放心，我們將處於我們討論的範圍內，我們將繼續沿著這條道路前進。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Appreciate all the commentary on the monetization of GenAI and some success on the top line. I just wanted to ask about progress from an internal efficiency perspective. Helen, I think you mentioned briefly some internal efficiency initiatives. Just curious, how much of that is GenAI-related? And if we're thinking about kind of the increased investment there, how much of that could potentially be offset and over what time frame from cost savings from the same technologies? Thank you.

感謝所有關於 GenAI 貨幣化和一些營收成功的評論。我只是想從內部效率的角度詢問進展。海倫，我想你簡單提到了一些內部效率舉措。只是好奇，其中有多少是與 GenAI 相關？如果我們考慮增加投資，那麼其中有多少可以被抵消，以及在多長時間內可以透過相同技術節省成本？謝謝。

Great. Yeah, this is Phil. I'll start, and then I'm sure Helen has some additional comments. So yeah, we're certainly very focused now on using AI internally. Our initial strategy really was to focus on building the foundation, the capabilities, educating our workforce, and delivering product to the marketplace. So we feel good about that.

偉大的。是的，這是菲爾。我先開始，然後我相信海倫還會有一些補充評論。是的，我們現在確實非常注重內部使用人工智慧。我們最初的策略實際上是專注於建立基礎、能力、培訓員工以及向市場推出產品。因此我們對此感到很高興。

But we're now in a very good place to apply that same strategy internally. So we're looking at, obviously, developers, giving them tools to produce code more efficiently. We're looking at all of our client-facing employees who spend a lot of time doing administrative tasks, getting ready for meetings and so on. So there's lots of things we can do to help them be more productive and spend more of their time really on sort of the prospecting, the selling, and the fun part of the job.

但我們現在處於一個非常有利的位置，可以在內部應用相同的策略。因此，我們顯然正在關注開發人員，為他們提供更有效率地編寫程式碼的工具。我們正在關注所有面向客戶的員工，他們花費大量時間處理行政任務、準備會議等。因此，我們可以做很多事情來幫助他們提高工作效率，並將更多的時間花在勘探、銷售和工作中有趣的部分。

And then there's obviously efficiencies that we can garner through collecting data. We've been the masters of that for decades of just further automating the collection of data. So this certainly helps with that. So those are some of the areas that we're focused on. And I think just sort of getting organized around that internally and thinking about how that affects the algorithm for the next three years is going to be an important piece of, I think, how we think about the company and how you should think about it.

顯然，我們可以透過收集數據來提高效率。幾十年來，我們一直致力於進一步實現數據收集的自動化。所以這肯定對此有幫助。這些就是我們關注的一些領域。我認為，在內部組織起來並思考這將如何影響未來三年的演算法，將成為我們如何看待公司以及您應該如何看待公司的一個重要部分。

Yeah. No, that's exactly right. Phil touched on all the real high points. What's interesting, and as you might guess, the question that I like to always ask when we're investing is what's the ROI. The challenge when you're -- right now as we're investing in GenAI is that direct result between investing and the reduction.

是的。不，完全正確。菲爾談到了所有真正的亮點。有趣的是，正如您可能猜到的那樣，我們在投資時總是喜歡問的問題是投資回報率是多少。當我們投資 GenAI 時，面臨的挑戰是投資與減少之間的直接結果。

But I think what we look at is the overall either increasing an output or being able to see more flat growth in expense going forward. And I think that's really, honestly, the right way to go. So currently, some of the examples that we've done is, internally, our CallStreet events coverage, which more than doubled from 7,000 to 15,000. We've seen a 10% improvement on output from our engineering through the coding assistance. Our StreetAccount has expanded.

但我認為，我們所關注的是整體上要麼增加產出，要麼能夠看到未來支出更加平穩的成長。我認為這確實是正確的做法。因此，目前，我們所做的一些例子是，在內部，我們的 CallStreet 事件報告數量從 7,000 增加了一倍多，達到 15,000。透過編碼協助，我們的工程產出提高了 10%。我們的 StreetAccount 已經擴大。

And another -- just an example of AI-generated fund descriptions, we've been able to get those projects done in a third of the time, and that means that we're just not only faster but higher quality. And those are just examples that are very hard to get an ROI on, but you see how that ends up benefiting. Now the outcome that we look at, for example, if I look at headcount growth, if you take out the acquisitions, we are essentially flat to down in terms of headcount. And so that is where I think we'll see some of these benefits flow through very much on the things that Phil have talked about in sales and engineering and in product, looking at the day in the life. We have over 50 opportunities that we've prioritized.

另一個例子是人工智慧產生的基金描述，我們已經能夠在三分之一的時間內完成這些項目，這意味著我們不僅速度更快，而且品質更高。這些只是很難獲得投資回報的例子，但你會看到它最終是如何帶來好處的。現在我們看到的結果，例如，如果我看一下員工人數的成長，如果去掉收購，我們的員工人數基本上是持平或下降的。因此，我認為我們會看到其中的一些好處在 Phil 談到的銷售、工程和產品方面體現出來，看看日常生活。我們有超過 50 個優先機會。

So we'll see more of that come through going forward.

因此，我們將會看到更多這樣的情況出現。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

A big-picture question here margins and kind of the trade-off of growth versus margins here. We think over the next one, two, three years, is the idea that kind of expenses, we should see more operating leverage, I guess, that we're near peak investment, I guess, near fiscal 4Q and then it kind of deals normally or below normal at that point in time?

這裡的一個大問題是利潤率以及成長與利潤率之間的權衡。我們認為，在未來一、二、三年內，我們應該會看到更多的營運槓桿，我想，我們接近投資峰值，我想，接近財政第四季度，然後在那個時間點，交易量會正常還是低於正常水平？

Sure. Thanks for that question. Now as we said, based on our current outlook, we anticipate that our margin is going to land comfortably within this guidance range and as noted that we did have some dilution from our recent acquisitions. But we've essentially -- as we talked about on Investor Day, part of this will be self-funding our investments through lower hiring is one piece. And we'll continue on the efficiency front as well.

當然。謝謝你的提問。正如我們所說，根據我們目前的展望，我們預計我們的利潤率將輕鬆達到這一指導範圍內，並且正如我們指出的那樣，我們最近的收購確實造成了一些稀釋。但本質上，正如我們在投資者日所討論的那樣，其中一部分將透過降低招聘成本來為我們的投資提供資金。我們也將繼續提高效率。

Now -- so we're not looking at this point to talk more around what we've talked about already in terms of our longer-term outlook, but I can say that, just as I answered before, some of the points that we're starting to see in '25, we would expect that to continue going into the next couple of years.

現在——所以我們現在不打算進一步談論我們已經討論過的長期前景，但我可以說，正如我之前回答的那樣，我們在 25 年開始看到的一些觀點，我們預計會持續到未來幾年。

Craig Huber, Huber Research.

克雷格·胡貝爾（Craig Huber），胡貝爾研究公司（Huber Research）。

On the cost side, Helen, it looked to us like your cost adjusted for some onetime items overall was up about 10% to 11% year over year. If you take out the acquisitions, was it up more like 300 basis points lower than that, so call it roughly 8% maybe?

海倫，在成本方面，我們覺得你們調整了一些一次性項目後的成本總體上比去年同期上漲了約 10% 至 11%。如果剔除收購，漲幅是否會比這低 300 個基點，所以大概是 8% 左右？

And while you're answering that question, can you touch on, please, the investments you guys are making in your sales force? Is that up significantly all this year? Or is it more like flattish? How should we think about that?

在回答這個問題時，您能否談談您對銷售團隊所做的投資？今年這數字是否大幅上升？還是它更像是扁平的？我們該如何看待這個問題？

Great. Thank you for that. I think I caught most of that. But part of the increase of impacting our margin, as you know, was -- is bonus accrual, it's compensation, where last year, we knew we were coming in at a different level. And therefore, we adjusted our bonus as a result of that. But if you -- so that is the biggest piece of that delta. And then I don't know if you call that onetime, but that makes a big difference.

偉大的。謝謝你。我想我掌握了大部分內容。但正如您所知，影響我們利潤率的部分原因是獎金累積，這是薪酬，而去年，我們知道我們的利潤率處於不同的水平。因此，我們根據這一情況調整了獎金。但是如果你——那麼這就是三角洲中最大的部分。然後我不知道你是否稱之為一次性，但這有很大的不同。

In terms of investments, our tech expenses continue to be higher. They are up 21%. Part of that is the amortization of internal-use software, and part of that's just spend as it relates to the cloud. I will say, though, other expenses, which is like facilities, is lower 20 basis as a perspective of relative to revenue as is third party. So we're really trying to manage our third-party costs as we try to go through the additional need of investments on the tech spend.

在投資方面，我們的技術支出持續走高。它們上漲了21%。其中一部分是內部使用軟體的攤銷，一部分是與雲端相關的支出。不過，我要說的是，其他費用（例如設施費用）相對於第三方收入而言，低於 20%。因此，我們在努力滿足技術支出額外投資需求的同時，確實在努力管理第三方成本。

Sorry. What about the sales force part of it?

對不起。那麼銷售人員部分呢？

Yeah, sorry. No, I would say from a sales force perspective, we're relatively flat. There are areas that we are investing more in and on the -- more on the product specialty side. But overall, I would say, from a sales force perspective, relatively flat.

是的，抱歉。不，我想說從銷售人員的角度來看，我們的業績相對平穩。我們正在對一些領域和產品專業方面投入更多資金。但整體而言，從銷售團隊的角度來看，我認為相對平穩。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

And Phil, congrats on your retirement. I wanted to ask the offensive GenAI question. You mentioned 10 signed deals and 45 opportunities. On the signed deals, are these customers you already had that want to adopt Pitch Creator? Or are these new banks that want to have sort of a full FactSet product and are adopting -- and Pitch Creator was like the driver for that?

菲爾，恭喜你退休。我想問一下具有攻擊性的 GenAI 問題。您提到了 10 項簽署的協議和 45 個機會。在簽署的協議中，這些是您已有的客戶，他們是否想要採用 Pitch Creator？或者這些新銀行想要擁有完整的 FactSet 產品並且正在採用——而 Pitch Creator 就是實現這一目標的驅動力？

And what else is out in the marketplace like it at this point? I know you were sort of first, but has anything -- any other products come up to this point? Thanks.

目前市場上還有什麼類似的產品？我知道您是第一個，但是有沒有其他產品能達到這個水平？謝謝。

Toni, it's Goran. So it's a bit of a mix. I would say most of the current deals are with existing clients, where they have adopted Pitch Creator as part of the overall solutions. We do have deals in the pipeline. Don't forget that Pitch Creator has been out there less than about four or five months.

東尼，我是戈蘭。所以這有點混亂。我想說的是，目前的大部分交易都是與現有客戶進行的，他們已採用 Pitch Creator 作為整體解決方案的一部分。我們確實有一些交易正在籌備中。別忘了，Pitch Creator 推出不到四、五個月。

So we do have some selling activity, which -- where Pitch Creator is significant contributor in the sentiment of those deals that are currently in the pipeline. So we expect it to contribute to winning new business in addition to cross-selling and upselling of the existing business. I hope that, that helps.

因此，我們確實有一些銷售活動，其中 Pitch Creator 對目前正在進行的交易情緒做出了重要貢獻。因此，我們希望它除了對現有業務進行交叉銷售和追加銷售之外，還能為贏得新業務做出貢獻。我希望這能有所幫助。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

It's Ryan on for Jeff. Just going back to your guidance. It implies a pretty broad range of outcomes in the final quarter of the year. Just wondering how you can help us understand some of the swing factors or the macro impacts that might be driving that. I think you mentioned a lot of that is pipeline from institutional buy side. Thank you.

瑞恩 (Ryan) 代替傑夫 (Jeff)。只是回到你的指導。這意味著今年最後一個季度的結果將相當廣泛。只是想知道您如何幫助我們了解一些可能導致這種情況的波動因素或宏觀影響。我認為您提到的很多內容都是來自機構買方的管道。謝謝。

Yes. Thank you. This is Phil. So as Goran mentioned, it's a very broad portfolio of opportunities. We're not really relying on any big swing deal, I think, or there's nothing left in terms of a potential big negative out there. So it's really just execution on a broad portfolio.

是的。謝謝。這是菲爾。正如戈蘭所提到的，這是一個非常廣泛的機會組合。我認為，我們實際上並不依賴任何重大波動交易，或者說，就潛在的重大負面影響而言，已經不存在任何影響。因此，這實際上只是廣泛投資組合的執行。

We're well ahead again of where we were this time last year. It's just a lot of deals to close. So I believe, barring any really disruptive thing in the markets, it looks like we're in a good position to execute there within the range. But we, I think, just wanted to leave it sort of the way it was, just given the number of deals that we have to close in the next 2.5 months.

與去年同期相比，我們再次取得了長足進步。還有很多交易要完成。因此我相信，除非市場出現任何真正擾亂的事件，否則我們似乎處於有利地位，可以在該範圍內執行。但我認為，考慮到未來 2.5 個月內我們必須完成的交易數量，我們只是想維持現狀。

Yeah. Our guidance range is obviously designed to reflect the potential variability of outcomes. And so we really want to make sure that we're doing that, and that's why we're leaving it as is.

是的。我們的指導範圍顯然是為了反映結果的潛在變化。因此，我們確實希望確保我們正在這樣做，這就是我們保持現狀的原因。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

This is Brendan on for Manav. Just want to ask on the -- you guys are highlighting the just increased focus on Data Solutions. And just wanted to see why do you feel like there's more momentum there now. And is there something about your -- either the product you're offering or your go-to-market that's changed that's giving you more confidence?

這是 Brendan 代替 Manav 上場。只是想問一下——你們正在強調對數據解決方案的關注度有所提高。只是想看看為什麼你覺得現在那裡的勢頭更強勁了。您提供的產品或行銷方式是否發生了一些變化，讓您更有信心了？

Yeah. So it's -- it looks like it's returning to historical levels or at least it's on that path, which is fantastic as a growth driver for the company. We've certainly broadened that suite of offering. So we've added some very good real-time pricing corporate actions and reference data capabilities.

是的。所以看起來它正在回到歷史水平，或者至少正在沿著這條道路前進，這對於公司的成長動力來說非常棒。我們確實擴大了該產品系列。因此我們添加了一些非常好的即時定價公司行動和參考資料功能。

So FactSet is delivering data now to more workflows than we might have historically. Historically, we were really focused on quant workflows, going into a lot of other performance systems. But I think that the broader suite of stuff we're doing now for clients, including some of these new data areas, is really helping. And I think we also -- organizationally, if you remember a year or two ago, we moved the CTS business, which was a vertical into the data part of our business. And the thinking there was we just want one factory for data.

因此，FactSet 現在向比以往更多的工作流程提供資料。從歷史上看，我們真正關注的是量化工作流程，並涉及許多其他性能係統。但我認為，我們現在為客戶所做的更廣泛的工作，包括一些新的數據領域，確實有幫助。而且我認為，從組織上來說，如果您還記得一兩年前，我們將 CTS 業務（垂直業務）轉移到了我們業務的資料部分。我們的想法是，我們只想要一個資料工廠。

And the feeds that we're delivering to our clients, our partners and even our own engineers, we wanted to have more consistency there. So I do think there was a bit of a blip there just due to that big change internally. But I think we're in a good shape now, and a lot of that has settled out.

我們希望向客戶、合作夥伴甚至我們自己的工程師提供的資訊流具有更高的一致性。所以我確實認為由於內部的巨大變化，出現了一些小問題。但我認為我們現在狀況良好，很多問題已經解決。

Just to add to what Phil said. I think -- additionally, I think we have refocused the team on data sales within the sales organization. And I think that's paying dividends. Phil already mentioned the improvements or some products to be really are investing in and have high hopes for in terms of our real-time exchange data feed business as well as price reference data.

只是想補充一下菲爾所說的內容。我認為——此外，我認為我們已經重新將團隊的重點放在銷售組織內的數據銷售上。我認為這會帶來回報。Phil 已經提到了我們正在進行的改進或一些產品的投資，並且對我們的即時交易資料饋送業務以及價格參考資料寄予厚望。

Those are starting to contribute, and we expect significant contribution from them. And also in the current environment, I think there is more and more demand for data in general. So all of that is driving improvement in that part of the business.

他們已經開始做出貢獻，我們期待他們會做出重大貢獻。而且在當前環境下，我認為對數據的需求總體上越來越大。所有這些都在推動該部分業務的改善。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

And Phil, congrats on your retirement. Just -- I just wanted to just level set for where we are in terms of the 30 to 50 basis points ASV contribution from GenAI this year. Are we tracking in line with that? And as -- in terms of the traction you're getting there, do you think that's something that we should see accelerate and add more to ASV from that 30 to 50 basis points in the next year or two?

菲爾，恭喜你退休。只是——我只是想就今年 GenAI 的 30 到 50 個基點的 ASV 貢獻來設定我們所處的位置。我們是否按照這個思路進行追蹤？就您所取得的進展而言，您是否認為我們應該看到這一進程加速，並在未來一兩年內將 ASV 提高 30 到 50 個基點？

Yeah. We're definitely tracking towards that. We talked a little bit earlier about Pitch Creator, but that's just one of the SKUs we have. So I think we have multiple SKUs now that are sort of getting into seven figures. We're monetizing these solutions across sort of six different beach fronts.

是的。我們肯定會朝著這個目標前進。我們之前談過 Pitch Creator，但這只是我們的 SKU 之一。所以我認為我們現在有多個 SKU，其價值已經達到七位數。我們正在六個不同的海灘上將這些解決方案貨幣化。

I think the buy side has a bit slower than the sell side to adopt some of the stuff, but we're hoping that changes. For our Portfolio Commentary product, which we're very bullish about, we've just released the fixed income part of that. So we had equity to begin within risk, but a lot of firms are waiting for us to have fixed income as well. So now that that's out, we're optimistic that we'll do more there next year. So I certainly do anticipate that this -- the momentum will continue to build.

我認為買方在採用某些東西方面比賣方慢一點，但我們希望這種情況能夠改變。對於我們非常看好的投資組合評論產品，我們剛剛發布了其中的固定收益部分。因此，我們在風險領域開始採用股權投資，但許多公司也等著我們推出固定收益產品。既然現在已經有了結果，我們樂觀地認為明年我們會在那裡做更多的事情。因此我確實預計這種勢頭將會繼續增強。

And we're -- we focus on a few workflows in this last fiscal year, but the team has done a great job of identifying sort of three or four other areas for us to start building out. And like everyone, we're now focused on agentic workflow. So just going from the foundation and the capabilities to essentially creating agents that can interact with each other and with employees, that's an exciting evolution that we're in the middle of.

我們在上個財政年度專注於一些工作流程，但團隊已經出色地確定了我們可以開始建立的其他三到四個領域。和所有人一樣，我們現在專注於代理商工作流程。因此，從基礎和能力出發，本質上創建可以相互之間以及與員工之間互動的代理，這是我們正處於的令人興奮的演變過程。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Wondering if you can talk a little bit about the CUSIP collaboration with Omni that you announced and just the opportunity there and the overall demand for identifiers among VC and PE-backed companies. Thank you.

想知道您是否可以談談您宣布的與 Omni 的 CUSIP 合作以及那裡的機會以及 VC 和 PE 支援的公司對識別碼的整體需求。謝謝。

Yeah. So we're excited about being the gold standard for private market identifies with CUSIP. We're working very hard in the ecosystem to sort of identify partners that are interested in doing work with us. And JPMorgan is one of those firms.

是的。因此，我們很高興能夠成為 CUSIP 私人市場的黃金標準。我們正在生態系統中努力尋找有興趣與我們合作的合作夥伴。摩根大通就是其中之一。

So I think on these -- one of the things we're excited about in terms of building out CUSIPs, so we've also spent a lot of time working with different firms on private credit. I think that's probably the one where we're furthest ahead. So we feel like we're building some good momentum here.

所以我認為，就建立 CUSIP 而言，我們感到興奮的事情之一就是，我們也花了很多時間與不同的公司在私人信貸方面進行合作。我認為這可能是我們目前最領先的一個。因此，我們感覺我們正在建立一些良好的勢頭。

Russell Quelch, Rothschild and Redburn.

拉塞爾·奎爾奇、羅斯柴爾德和雷德伯恩。

Helen, I think in your opening remarks, Helen, you mentioned the new liquidity you have to support growth. Will that be deployed organic or inorganically? And what are the main areas that you think you might deploy that additional capital to drive improving returns from next year?

海倫，海倫，我想在你的開場白中，你提到了支持成長的新流動性。它將以有機方式還是無機方式部署？您認為您可能會在哪些主要領域部署這些額外資本來推動明年的回報提高？

Thanks for that question, Russell. So yeah, correct, we have ample liquidity, which is one of the benefits of sitting in the seat and not worrying about as markets are really quite volatile where it will be. And as we noted that we slightly increased our share buyback from $300 million to $400 million, which is well within, I think, when you think about it as a percentage of our market cap.

謝謝你的提問，拉塞爾。是的，沒錯，我們有充足的流動性，這是坐在座位上的好處之一，不用擔心市場會變得非常不穩定。正如我們所指出的，我們將股票回購金額從 3 億美元略微增加到了 4 億美元，我認為，如果以占我們市值的百分比來計算，這個數字是完全在允許範圍內的。

So I think we will continue, as we've talked about in the past, our commitment on shareholder return. And we'll take advantage of any market dislocations as it relates to share buyback. And of course, we've done a fair amount of acquisitions this year, and that will continue to be where our focus will be in terms of adding inorganic growth as well. But right now, as you might guess, we have lots of irons in the fire, and we'll continue on that path.

因此我認為，正如我們過去談到的，我們將繼續履行對股東回報的承諾。我們將利用與股票回購相關的任何市場混亂。當然，我們今年已經進行了相當多的收購，在增加無機成長方面，這將繼續成為我們的重點。但現在，正如你可能猜到的那樣，我們有很多事情要做，我們將繼續沿著這條道路前進。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

This is Vinny on for Jason Haas. In the previous answer, you mentioned that two areas driving growth are Americas and EMEA, but EMEA organic ASV has been decelerating. So what gives you confidence in this region given the buy-side headwinds there?

這是 Vinny 代替 Jason Haas 上場。在先前的回答中，您提到推動成長的兩個地區是美洲和歐洲、中東和非洲地區，但歐洲、中東和非洲地區的有機 ASV 成長一直在減速。那麼，考慮到買方阻力，是什麼讓您對該地區充滿信心？

Goran?

戈蘭？

It's Goran. So I think we have -- we -- our expectations for Q4 based on everything we see and the momentum in EMEA is that we will see a reacceleration. Our retention is trending much better in EMEA year over year. And just the strength of the pipeline and diversity of that pipeline in EMEA is -- gives us a lot of confidence in Q4. I mean, you're right that this region has seen more challenges when it comes to buy side in general and more cost pressure, but at the same time, just based (technical difficulty).

是戈蘭。因此，我認為，根據我們所看到的一切以及歐洲、中東和非洲地區的勢頭，我們對第四季度的預期是，我們將看到重新加速。我們在歐洲、中東和非洲地區的保留率逐年呈現改善趨勢。歐洲、中東和非洲地區管道的實力和多樣性讓我們對第四季充滿信心。我的意思是，你說得對，這個地區在買方方面總體上面臨更多挑戰，成本壓力也更大，但同時，僅僅基於（技術難度）。

That's Goran, yeah. So hopefully, I'm just looking here as well at the pipeline. So it looks very broad based as well. So across our seats, our PLC offerings and our feed offerings, it looks like a good portfolio of stuff for EMEA in Q4.

是的，那是戈蘭。所以希望，我也只是在這裡看看管道。因此它看起來基礎也非常廣泛。因此，從我們的席位、PLC 產品和飼料產品來看，這似乎是第四季度 EMEA 地區的良好產品組合。

And just as we get Goran back on here, the other piece as we think about the acceleration, because you are right, as it relates to Q3, keep in mind, our annual price increase was lower this year than last year in terms of what we're contractually going out with. So that headwind sort of goes away when we get into Q4 when we start to compare apples to apples.

正如我們讓戈蘭回來一樣，當我們考慮加速時，另一件事，因為你是對的，因為它與第三季度有關，請記住，就我們合約規定的價格而言，今年我們的年度價格漲幅低於去年。因此，當我們進入第四季並開始進行同類比較時，這種不利因素就會消失。

Goran, sorry, we lost you there for a moment.

戈蘭，很抱歉，我們剛才失去了你。

Yeah. So I'm not sure what you were able to hear. But basically, I think reinforcing what Phil said is the breadth of the pipeline and diversity is what gives us confidence, and we see improvement in Q4 in EMEA.

是的。所以我不確定你能聽到什麼。但基本上，我認為強化菲爾所說的是通路的廣度和多樣性給了我們信心，我們看到歐洲、中東和非洲地區第四季的改善。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指示）高盛的 George Tong。

I'd also like to extend my congrats to Phil on your retirement.

我也想向菲爾表示祝賀，祝賀他退休。

Thanks, George.

謝謝，喬治。

Yes. So earlier, Helen, you talked about the EMEA and APAC pricing contributions decelerating a little bit because of lower CPI increases. Can you elaborate on the pricing environment more broadly in the international regions and if you're seeing any competitive changes that might also be affecting your pricing there?

是的。海倫，您之前提到，由於消費者物價指數 (CPI) 漲幅較低，歐洲、中東和非洲地區 (EMEA) 和亞太地區的定價貢獻略有下降。能否更詳細闡述國際地區的定價環境？您是否發現任何競爭變化也可能會影響您在那裡的定價？

Sure. Happy to talk about that. Thanks, George. So yeah, there are two ways for us to capture pricing, as you know. One is the annual price increase, which is contractual, and that is impacted by CPI, as you noted.

當然。很高興談論這個。謝謝，喬治。是的，正如您所知，我們有兩種方法來獲取定價。一個是年度價格漲幅，這是合約規定的，受CPI的影響，正如您所說。

And then the other is captured at the product level. So increased rate cards or higher price realization versus the rate card can help us there. So what we've seen this year, I mean, we adjust our prices. In fact, we raised selectively rate cards in January. And we see a lot of that come through with renewals and new business.

然後在產品層面捕捉另一個。因此，提高價目表或提高相對於價目表的價格實現率可以幫助我們實現這一點。所以，今年我們看到的是，我們調整了價格。事實上，我們在一月份選擇性地提高了收費標準。我們看到很多這樣的情況都是透過續約和新業務實現的。

But the solid increases this -- thus far have been in more corporate and hedge funds. We did raise our price, for example, on StreetAccount, which has been received well in terms of the value that clients see from it.

但迄今為止，這種穩定成長主要集中在企業基金和對沖基金。例如，我們確實提高了 StreetAccount 的價格，從客戶從中看到的價值來看，它受到了好評。

I have mentioned in the past, as you may recall, that new business price realization was under pressure. And so we took greater discounts in favor of volume. And so that sort of worked out for us. I have to say that we've stabilized that. So right now, we don't see that continuing in terms of total discounts.

大家可能還記得，我以前提到過，新業務價格實現面臨壓力。因此，我們為了增加銷售量而採取了更大的折扣。所以這對我們來說是可行的。我必須說我們已經穩定了這一點。因此，就目前而言，我們認為這種整體折扣趨勢不會持續下去。

We're seeing improvement on wealth and in asset management in terms of our price realization. We're flat on banking. And as noted, as you might guess, we've seen some pressure on asset and asset owners.

從價格實現來看，我們看到財富和資產管理有所改善。我們對銀行業務持平。正如您可能猜到的那樣，我們已經看到資產和資產所有者面臨一些壓力。

So the guidance range we have does -- did incorporate the lower inflation rate. But right now, I would say there's not a huge difference across in the -- outside of the Americas globally. They're kind of following the same piece. So we tend to look much more along on a firm-type basis.

因此，我們的指導範圍確實考慮了較低的通貨膨脹率。但目前，我想說，除美洲以外，全球並沒有太大的差異。他們好像在遵循同一件事。因此，我們更傾向於從公司類型的角度來看問題。

Well, I think that's our last question, so let's wrap up. Thanks to everyone for being here today. As we head into the fourth quarter, we are seeing strong momentum, visibility into our pipeline and confidence in delivering on our full year targets. Our enterprise partner status is resonating, and we're focused on execution, solving our clients' workflow challenges and driving long-term growth. To finish, this will be my last earnings call as the CEO of FactSet.

好吧，我想這是我們的最後一個問題，所以我們就此結束吧。感謝大家今天的到來。進入第四季度，我們看到了強勁的發展勢頭、產品線的透明度以及實現全年目標的信心。我們的企業合作夥伴地位引起共鳴，我們專注於執行，解決客戶的工作流程挑戰並推動長期成長。最後，這將是我作為 FactSet 執行長的最後一次財報電話會議。

It has been an honor to serve in this role for over the past decade, and I'm proud of what we've achieved together over the past 30 years and feel confident in the company's future prospects. I look forward to welcoming Sanoke aboard in September and working closely with him to ensure a seamless transition. And to our clients, partners, shareholders, and all the Factsetters around the world, thank you all for your trust and support.

我很榮幸在過去十多年擔任這個職務，我為我們過去三十年共同取得的成就感到自豪，並對公司的未來前景充滿信心。我期待著 9 月歡迎 Sanoke 加入，並與他密切合作，確保順利過渡。對於我們的客戶、合作夥伴、股東以及全球所有事實設定者，感謝你們的信任與支持。

Operator, that ends today's call.

接線員，今天的通話到此結束。

Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您的參與。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。