Factset Research Systems Inc (FDS) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FactSet fourth quarter earnings conference call. (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 第四季財報電話會議。（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, Kevin Toomy, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管 Kevin Toomy。請繼續。

Thank you, and good morning, everyone. Welcome to FactSet's Fourth Quarter and Fiscal 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 1 hour. (Operator Instructions)

謝謝大家，早安。歡迎參加 FactSet 第四季和 2025 財年財報電話會議。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1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中，以及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 past 3 quarters, please note that in fiscal '25, FactSet started 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。與過去三個季度的情況一致，請注意，在 25 財年，FactSet 開始報告有機 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 Sanoke Viswanathan, Helen Shan, Chief Financial Officer; and Goran Skoko, Chief Revenue Officer. I will now turn the discussion over to Sanoke Viswanathan.

今天與我一起出席的還有 Sanoke Viswanathan、財務長 Helen Shan 和首席營收長 Goran Skoko。現在我將討論交給 Sanoke Viswanathan。

Thank you, Kevin, and good morning, everyone. Thank you for joining us today. I'm Sanoke Viswanathan, and I'm honored to speak with you as the new CEO of FactSet.

謝謝你，凱文，大家早安。感謝您今天加入我們。我是 Sanoke Viswanathan，作為 FactSet 的新任首席執行官，我很榮幸與您交談。

I want to begin by recognizing Phil Snow for his remarkable leadership. Over more than 3 decades, Phil has helped propel FactSet into a global leader in financial data and analytics, scaling our business to well over $2 billion, while staying relentlessly client-focused and innovating with purpose, establishing the company as an industry leader. He leaves behind the legacy underpinned by our open platform, superior client service and deep workflow integration. We're all grateful, and I'm personally inspired to build on that legacy.

首先，我要對菲爾·斯諾傑出的領導能力表示讚賞。三十多年來，Phil 幫助 FactSet 成為金融數據和分析領域的全球領導者，將我們的業務規模擴大到 20 多億美元，同時堅持不懈地以客戶為中心，有目的地進行創新，使公司成為行業領導者。他留下了以我們的開放平台、卓越的客戶服務和深度工作流程集成為基礎的寶貴遺產。我們都很感激，我個人也受到啟發，要繼承和發揚這項傳統。

Let me share why I'm here and what excites me about FactSet's future. We are at a strategic inflection point in our industry. AI and data-driven innovation are transforming how financial institutions operate, invest and serve clients, which is driving increased demand for quality data. My career has always been at the intersection of finance and technology, and I believe the next decade is going to be defined by those companies that can deliver trusted, integrated financial intelligence to their clients.

讓我分享一下我來這裡的原因以及 FactSet 的未來讓我興奮的地方。我們正處於產業的策略轉折點。人工智慧和數據驅動的創新正在改變金融機構的營運、投資和服務客戶的方式，從而推動對優質數據的需求增加。我的職業生涯一直處於金融和技術的交叉點，我相信未來十年將由那些能夠為客戶提供值得信賴的全面金融情報的公司來定義。

I've been a FactSet client for years and I have been studying the company deeply for the last six months, and I believe we have a unique opportunity to become the leading AI-powered financial intelligence platform for our clients. In my first week here, I've visited our major offices and met hundreds of colleagues.

我多年來一直是 FactSet 的客戶，過去六個月我一直在深入研究該公司，我相信我們有獨特的機會成為客戶領先的人工智慧金融智慧平台。在這裡的第一周，我參觀了我們的主要辦公室並會見了數百名同事。

I'm inspired by the energy and passion across our teams to continue innovating and rolling out new products, data sets and solutions for our clients. I have kicked off reviews of our product road map and client implementations, including various AI initiatives. I've also been welcomed by dozens of senior clients and partners that are keen to explore opportunities for growth.

我們團隊的活力和熱情激勵著我繼續創新並為我們的客戶推出新的產品、數據集和解決方案。我已經開始審查我們的產品路線圖和客戶實施情況，包括各種人工智慧計畫。我還受到了數十位渴望探索成長機會的高級客戶和合作夥伴的歡迎。

This last week has reinforced my long-held beliefs that I'm sure you all share as many of you are also direct users of FactSet Solutions. Number one, we provide unparalleled client service. Clients like their FactSet consultant and counting them to be their trusted partner when it comes to resolving the most complex and sophisticated questions.

上週的情況進一步證實了我長期以來的信念，我相信你們也認同這個信念，因為你們中的許多人也是 FactSet Solutions 的直接使用者。首先，我們提供無與倫比的客戶服務。客戶喜歡他們的 FactSet 顧問，並視他們為解決最複雜、最精密問題時值得信賴的合作夥伴。

This level of client conviction and trust has been earned by delivering high-quality solutions for decades, anchored in deep domain expertise and a client-centric culture. The passion for client service runs throughout the company, and I see it in my leadership team, most of whom started their careers as a FactSet consultant.

我們憑藉數十年來提供的高品質解決方案、深厚的領域專業知識和以客戶為中心的文化贏得了客戶的如此高的信念和信任。對客戶服務的熱情貫穿整個公司，我在我的領導團隊中也看到了這一點，他們中的大多數人都是從 FactSet 顧問開始職業生涯的。

Number two, we are deeply embedded in our clients. Across the buy-side, dealmakers and wealth clients, we are used in their front, middle and back offices to execute complex tasks every single day. Our data, tools, insights and solutions help clients research and create new business opportunities, perform complex analysis and execute transactions in the front office.

第二，我們深深紮根於我們的客戶之中。對於買方、交易商和財富客戶，我們每天都在他們的前台、中台和後台執行複雜的任務。我們的數據、工具、見解和解決方案可協助客戶研究和創造新的商機、執行複雜的分析並在前台執行交易。

We run performance, attribution and risk analytics for over 6 million institutional client portfolios every night, and help streamline reporting and operations, minimize risk and drive productivity. We also integrate more than 15 million wealth portfolios, enabling advisers to monitor their books of business like never before. We have a great starting point as an enterprise partner to enable clients to transform and even disrupt their existing workflows. And this is evident in our recent performance.

我們每晚為超過 600 萬個機構客戶投資組合運行績效、歸因和風險分析，並幫助簡化報告和營運、最大限度地降低風險並提高生產力。我們還整合了超過 1500 萬個財富投資組合，使顧問能夠以前所未有的方式監控他們的業務帳簿。作為企業合作夥伴，我們擁有良好的起點，可以幫助客戶轉變甚至顛覆現有的工作流程。這從我們最近的表現就可以看出來。

Number three, we are uniquely geared for collaboration. FactSet's open architecture is fundamentally designed to enable clients to combine their own proprietary knowledge with FactSet's proprietary data sets and insights, and with other third-party data our clients see value in. We are cloud-native, think API first, and partner every day with hundreds of data providers worldwide. We are not bogged down with legacy integrations or business model conflicts.

第三，我們有獨特的合作優勢。FactSet 的開放式架構從根本上旨在使客戶能夠將自己的專有知識與 FactSet 的專有資料集和見解以及客戶認為有價值的其他第三方資料相結合。我們是雲端原生的，首先考慮 API，並且每天與全球數百家資料供應商合作。我們並沒有陷入遺留整合或商業模式衝突的困境。

This is a huge advantage when it comes to implementing AI and agenetic workflows at scale, with dozens and hundreds of integration points up and down the technology stack and across the ecosystem of our clients.

在大規模實施人工智慧和遺傳工作流程時，這是一個巨大的優勢，在技術堆疊和客戶的生態系統中擁有數十個甚至數百個整合點。

In sum, I believe we are extremely well positioned to become the leading AI-powered financial intelligence platform for our clients. I recognize there is significant work ahead of us as AI continues to transform our industry and creates new competitive dynamics.

總而言之，我相信我們完全有能力成為客戶領先的人工智慧金融智慧平台。我認識到，隨著人工智慧繼續改變我們的行業並創造新的競爭動態，我們面前還有大量的工作要做。

As I look ahead, my focus will be on engaging with clients on their top priorities, and continuing to build my knowledge base about FactSet's data, tools and services. I will be working closely with my leadership team to refine our long-term vision and strategy and product road map with particular emphasis on AI.

展望未來，我的重點將放在與客戶就他們的首要任務進行溝通，並繼續建立有關 FactSet 的資料、工具和服務的知識庫。我將與我的領導團隊密切合作，完善我們的長期願景、策略和產品路線圖，特別強調人工智慧。

We are operating from a position of strength. FactSet has a long track record of profitable growth, a differentiated position in the market and a distinct value proposition for our clients. With more than $600 million of free cash flow, and a strong balance sheet, we are able to invest confidently in our future.

我們正以強勢地位開展業務。FactSet 擁有長期獲利成長的記錄、在市場上的差異化地位以及為客戶提供獨特的價值主張。憑藉超過 6 億美元的自由現金流和強勁的資產負債表，我們能夠對未來充滿信心地進行投資。

Given the growth we are experiencing, combined with the significant opportunity ahead of us, we are continuing to invest in the business this year, and Helen will share more details shortly. I believe in a disciplined measured approach to investing for long-term growth, guided by the needs of our clients and focused on generating attractive returns for our shareholders. I look forward to partnering with clients, colleagues and shareholders and sharing more of my vision in the spring.

鑑於我們正在經歷的成長，加上我們面臨的重大機遇，我們今年將繼續對業務進行投資，海倫很快就會分享更多細節。我堅信，採取嚴謹的、有節制的投資方式可以實現長期成長，以客戶的需求為導向，並致力於為股東創造可觀的回報。我期待在春季與客戶、同事和股東合作並分享更多我的願景。

With that, I'll turn it over to Helen to discuss our Q4 performance and FY '26 outlook.

接下來，我將把主題交給海倫，討論我們第四季的業績和 26 財年的展望。

Thank you, and good morning to everyone on the call. Let me start by welcoming you Sanoke. I look forward to working with you for the next phase of FactSet's journey. It's going to be an exciting time for everyone. With that, I will now share fourth quarter and full year fiscal 2025 results.

謝謝大家，大家早安。首先，我歡迎 Sanoke 的到來。我期待與您攜手共創 FactSet 的下一階段發展。對每個人來說，這都將是一個令人興奮的時刻。現在，我將分享 2025 財年第四季和全年的業績。

This year has been marked by change in the markets and economic policies and in technology. Against this backdrop, FactSet continued to perform well, executing against our plan and finishing fiscal 2025 with strength.

今年的顯著特徵是市場、經濟政策和技術發生了變化。在此背景下，FactSet 繼續表現良好，按照我們的計劃執行，並以強勁的勢頭結束 2025 財年。

We made meaningful progress against our multiyear AI road map, embedded FactSet deeper into client workflows by integrating liquidity book for seamless buy-side trading, and added IRN to serve corporate IR needs, all while continuing to advance our open platform strategy.

我們在多年的 AI 路線圖上取得了有意義的進展，透過整合流動性帳簿實現無縫買方交易，將 FactSet 更深入地嵌入到客戶工作流程中，並添加 IRN 來滿足企業 IR 需求，同時繼續推進我們的開放平台策略。

For FY '25, we added $127 million of organic ASV, which is near the top end of our guidance range. Annual revenue increased to $2.3 billion, while adjusted operating margin was 36.3%, and adjusted EPS grew to $16.98, all comfortably within our guidance ranges. We anticipate a better performance in the second half of the year, and I'm really pleased to report excellent fourth quarter results.

25 財年，我們增加了 1.27 億美元的有機 ASV，接近我們指導範圍的最高端。年營收增至 23 億美元，調整後營業利潤率為 36.3%，調整後每股收益成長至 16.98 美元，均在我們的指導範圍內。我們預計下半年會有更好的表現，我很高興地報告第四季的優異業績。

Our Q4 organic ASV of $81.8 million was the largest quarter in the company's history, representing a sequential acceleration in growth to 5.7%. This improvement was fueled by recent wins in wealth and asset management, underpinned by increasing demand for our data solutions. For Q4,(inaudible) drivers came from data, wealth solutions and our analytics suite.

我們第四季的有機 ASV 為 8,180 萬美元，是公司歷史上最高的季度，環比成長加速至 5.7%。這項改善得益於我們近期在財富和資產管理方面的勝利，這得益於對我們的數據解決方案的需求不斷增長。對於第四季度，（聽不清楚）驅動因素來自數據、財富解決方案和我們的分析套件。

Within data, demand for real-time and benchmarks was significant for the buy-side. We're pleased with the early success of our investments in AI as a number of trials were converted into signed deals in the quarter. We have top line momentum as we close fiscal 2025. With that, let's review the quarterly results in more detail.

在數據方面，買方對即時和基準的需求非常大。我們對人工智慧投資的早期成功感到高興，因為本季許多試驗都轉化為簽署的交易。隨著 2025 財年接近尾聲，我們的營收勢頭強勁。有了這些，讓我們更詳細地回顧一下季度業績。

Starting with our regional performance. In the Americas, organic ASV growth this quarter accelerated sequentially to 6%. What was encouraging was the breadth of growth, with asset managers increasing their technology investments and wealth continuing to be a standout performer with our platform capturing share from legacy providers.

從我們的區域表現開始。在美洲，本季有機 ASV 成長率較上季加速至 6%。令人鼓舞的是成長的廣度，資產管理者增加了技術投資，財富繼續表現出色，我們的平台從傳統提供者手中奪取了份額。

In EMEA, organic ASV growth improved to 4%. We executed on strategic wins this quarter, including a competitor displacement at a large asset manager. While we are seeing a recovery in the UK market, midsized asset managers and asset owners in the region continue to face secular headwinds. Importantly, we're using this period to deepen our relationships and expand our footprint within existing accounts.

在歐洲、中東和非洲地區，有機 ASV 成長率提高至 4%。本季我們取得了策略性勝利，包括取代一家大型資產管理公司的競爭對手。雖然我們看到英國市場正在復甦，但該地區的中型資產管理公司和資產所有者仍然面臨長期阻力。重要的是，我們利用這段時間來加深我們的關係並擴大我們在現有帳戶中的影響力。

In Asia Pacific, organic ASV growth increased 7% this quarter. While we face pricing pressures in some markets, we're offsetting this through solution expansion and new client acquisition. The demand for middle office solutions and AI-ready data is strong here, as firms modernize their operations to compete globally.

在亞太地區，本季有機 ASV 成長率成長了 7%。雖然我們在某些​​市場面臨定價壓力，但我們正在透過擴展解決方案和獲取新客戶來抵消這種壓力。隨著企業不斷實現營運現代化以參與全球競爭，對中台解決方案和人工智慧數據的需求十分強勁。

Our workstation growth reflects increasing adoption by local and regional players who recognize they need institutional-grade tools to serve sophisticated clients. Across all regions, we're seeing the same trend clients are consolidating vendors and choosing platforms that can deliver integrated AI-enhanced workflows. Clients want comprehensive solutions that transform how they operate.

我們的工作站的成長反映了本地和區域參與者的日益採用，他們認識到他們需要機構級工具來服務成熟的客戶。在所有地區，我們都看到了相同的趨勢：客戶正在整合供應商並選擇能夠提供整合 AI 增強工作流程的平台。客戶希望獲得能夠改變其營運方式的綜合解決方案。

Now turning our results from a firm type perspective. Wealth delivered strong Q4 performance with continued organic growth at greater than 10%, fueled by 7-figure deals, including two competitive displacements. We successfully captured market share from incumbent providers while driving higher expansion through our real-time and markets data offerings.

現在從公司類型的角度來轉變我們的結果。Wealth 在第四季度表現強勁，有機成長率持續超過 10%，這得益於 7 位數的交易，其中包括兩筆競爭性置換。我們成功地從現有供應商手中奪取了市場份額，同時透過我們的即時和市場數據產品推動了更高的擴張。

Our land and expand strategy is proving effective, as existing desktop clients increasingly adopt our data feeds and digital solutions. Off-platform ASV with wealth clients grew more than 50% year-over-year, continuing to expand our enterprise footprint outside of the wealth workstation.

隨著現有桌面客戶越來越多地採用我們的數據饋送和數位解決方案，我們的登陸和擴展策略已被證明是有效的。擁有財富客戶的平台外 ASV 年比成長超過 50%，持續擴大我們在財富工作站之外的企業足跡。

For FY '25, Steelmakers organic ASV grew 4% year-over-year. Banking delivered strong quarterly results as clients are expressing confidence in our AI road map and choosing FactSet as their partner of choice in their own AI journey.

25 財年，鋼鐵製造商有機 ASV 年增 4%。由於客戶對我們的人工智慧路線圖充滿信心並選擇 FactSet 作為其人工智慧之旅的首選合作夥伴，銀行業務取得了強勁的季度業績。

With multiyear contracts securely in place with all of our top 15 largest banking clients, including all of the global bulge bracket banks, and leading independent banks, we are leveraging our long-standing C-suite relationships to position for growth across the client's enterprise.

我們與前 15 大銀行客戶（包括所有全球大型銀行和領先的獨立銀行）簽訂了多年期合同，我們正在利用我們與高管層的長期合作關係，為客戶企業的成長做好準備。

Our banker productivity tools continue to drive demand with pitch creator, logo intern and our market-leading office integration solutions helping both retention and expansion. Lastly, Improved market conditions led to better lateral and summer hiring trends as experienced across our bulge bracket clients.

我們的銀行家生產力工具繼續推動需求，包括推銷創建者、徽標實習生和我們市場領先的辦公室整合解決方案，有助於保留和擴展。最後，正如我們的大型客戶所經歷的那樣，市場條件的改善帶來了更好的橫向和夏季招聘趨勢。

Outside of banking, PVC and corporates also performed well during the quarter. The integration of Erwin and FactSet provides IR users with an end-to-end workflow solution, which is driving seat count growth and accelerating cross-sell momentum as we expand further into the office of the CFO.

除了銀行業之外，PVC 和企業在本季也表現良好。Erwin 和 FactSet 的整合為 IR 用戶提供了端到端的工作流程解決方案，隨著我們進一步擴展到 CFO 辦公室，這將推動座位數量的成長並加速交叉銷售勢頭。

Back in June, we noted that most of our Q4 pipeline was from the institutional buy-side. It delivered its largest quarterly ASV increase on record, accelerating FY '25 organic ASV growth to 4%. This increase reflects stronger demand for our analytics solutions in the front and middle office and especially for data.

早在六月，我們就注意到，我們第四季的大部分管道都來自機構買方。它實現了有史以來最大的季度 ASV 增幅，將 25 財年的有機 ASV 成長率加速至 4%。這一增長反映了對我們前台和中台分析解決方案以及特別是數據分析解決方案的更強需求。

Asset managers experienced strong growth with multiple 7-figure wins with improvement in both retention and expansion. Hedge funds growth accelerated for the fifth consecutive quarter, driven by demand for data, our portfolio life cycle offering with liquidity book and street account. Asset owners stabilized from last quarter with acceleration driven by an increase in demand for our data solutions and strength in the middle office.

資產管理公司經歷了強勁成長，多次獲得七位數的收益，保留率和擴張率均有所提高。受數據需求、我們的投資組合生命週期提供流動性帳簿和街道帳戶的推動，對沖基金連續第五個季度加速成長。資產所有者從上個季度開始趨於穩定，由於對我們的數據解決方案的需求增加和中台實力的增強，資產所有者的成長加速。

Both in partnerships and CGS accelerated to 8% in FY '25, reflecting significantly improved retention, continued high issuance activity and demand for our proprietary data offerings. Our results reflect, in part, the strategic investments we made throughout the year. We expanded our data content with real-time feeds, benchmarks and aftermarket research to create a more differentiated workflow ready data universe. And we immersed AI into our solutions, and launched 6 distinct offerings that help automate complex tasks and enable future agentive workflows.

合作夥伴關係和 CGS 在 25 財年均加速至 8%，反映出留任率顯著提高、發行活動持續活躍以及對我們專有數據產品的需求。我們的業績在一定程度上反映了我們全年所做的策略投資。我們透過即時回饋、基準和售後市場研究擴展了我們的數據內容，以創建更差異化的工作流程就緒數據世界。我們將人工智慧融入我們的解決方案中，並推出了 6 種不同的產品，幫助自動執行複雜的任務並支援未來的代理工作流程。

These initiatives improved renewal rates, expanded client opportunities and contributed approximately 2/3 of our organic ASV growth acceleration this year. These investments positioned us well to compete effectively in a challenging environment.

這些舉措提高了續約率，擴大了客戶機會，並為我們今年的有機 ASV 成長加速貢獻了約 2/3。這些投資使我們能夠在充滿挑戰的環境中有效競爭。

While we're encouraged by this quarter's momentum, we recognize that our success came against the backdrop of tight client budgets and evolving market dynamics.

雖然我們對本季的發展勢頭感到鼓舞，但我們認識到，我們的成功是在客戶預算緊張和市場動態不斷變化的背景下取得的。

Clients are being strategic in their technology investments and look for battle-tested solutions with institutional credibility. This selectivity can mean longer sales cycles and rigorous scrutiny, but our performance reflects two key differentiators, the quality and breadth of our data and technology.

客戶在技術投資方面具有策略性，並尋求經過實踐檢驗且具有機構信譽的解決方案。這種選擇性可能意味著更長的銷售週期和嚴格的審查，但我們的表現反映了兩個關鍵的區別因素，即我們的數據和技術的品質和廣度。

Our competitive advantage starts with something that simply cannot be replicated easily. Decades of curated connected financial data that improves every day. Here's what's changed. We're not just collecting more data.

我們的競爭優勢始於一些無法輕易複製的東西。數十年來精心策劃的互聯財務數據每天都在改進。以下是發生的變化。我們不只是收集更多數據。

We're making it exponentially more valuable through AI enhancement and real-time integration. Our largest client wins this year demonstrated strong positioning, or were direct displacements at wealth and buy-side clients, three involved replacing clients' internal solutions and one was a new managed services mandate for an existing client.

我們透過人工智慧增強和即時整合使其價值呈指數級增長。我們今年贏得的最大客戶證明了我們強大的定位，或者是財富和買方客戶的直接替代，其中三個涉及更換客戶的內部解決方案，一個是針對現有客戶的新託管服務授權。

Our largest losses tell a different story, with two clients acquired by other companies and two strategic cancellations we initiated in Q2 as we noted on a prior call. Importantly, we secured large renewals early, especially with premier global banking clients, generating momentum and pipeline visibility for fiscal 2026.

我們最大的損失則講述了不同的故事，正如我們在之前的電話會議中提到的那樣，有兩個客戶被其他公司收購，並且我們在第二季度發起了兩項策略取消。重要的是，我們提前獲得了大量續約，特別是與全球主要銀行客戶的續約，為 2026 財年創造了動力和通路可見性。

FactSet's ongoing investments in AI and continued progress driving tangible workflow improvements is being recognized by our largest clients. We are placing increased value in working alongside trusted partners to navigate the integration of AI advancements into their own businesses. This success translates into improved quality in our ASP.

FactSet 在人工智慧方面的持續投資以及推動切實工作流程改進的持續進展得到了我們最大客戶的認可。我們更加重視與值得信賴的合作夥伴合作，將人工智慧的進步融入他們自己的業務中。這項成功轉化為我們 ASP 品質的提升。

While annual price increases contributed less this year due to lower CPI, significantly stronger retention largely offset this impact, demonstrating that our products are mission critical and our investments to enhance our data and incorporate AI into our offerings are resonating with clients. We've also steadily improved expansion with existing clients each quarter this year, while new business growth accelerated in the second half.

雖然由於消費者物價指數 (CPI) 較低，今年年度價格上漲的貢獻較小，但顯著增強的留存率在很大程度上抵消了這一影響，這表明我們的產品至關重要，我們為增強數據和將人工智慧融入我們的產品而進行的投資引起了客戶的共鳴。今年每個季度，我們與現有客戶的擴張也穩定提升，下半年新業務的成長也加速。

We continue structuring competitive multiyear deals to win new logos when the total contract value creates strong customer lifetime value. As a result, our client count grew to 9,000, nearly a 10% increase year-over-year, driven by additions in corporate and wealth clients. Notably, we now have over 237,000 users with wealth driving growth in Q4 and for the full fiscal year.

當合約總價值能夠創造強大的客戶終身價值時，我們將繼續建立具有競爭力的多年合約來贏得新品牌。因此，由於企業和財富客戶的增加，我們的客戶數量成長到 9,000 個，較去年同期成長近 10%。值得注意的是，我們目前擁有超過 237,000 名用戶，他們的財富推動了第四季和整個財年的成長。

Turning now to financial results. Fourth quarter revenues increased 6.2% year-over-year, reaching $597 million. In fiscal 2025, we delivered 5.4% overall revenue growth, and 4.4% on an organic basis. Marking more than 45 consecutive years of top line growth.

現在來談談財務結果。第四季營收年增6.2%，達5.97億美元。2025 財年，我們的總營收成長了 5.4%，有機收入成長了 4.4%。標誌著公司營業額連續 45 年成長。

This track record demonstrates our resilience and consistent performance throughout market cycles. Alongside top line growth, we continued disciplined expense management in Q4 to help self-fund our strategic investments while absorbing acquisition-related dilution. On an adjusted basis, operating expense for the quarter grew 9.5% year-over-year.

這份業績記錄證明了我們在整個市場週期中的韌性和穩定的表現。除了營收成長之外，我們在第四季度繼續嚴格費用管理，以幫助自籌資金進行策略性投資，同時吸收與收購相關的稀釋。經調整後，本季營業費用年增9.5%。

People-related expenses increased $27 million, or 13%, primarily due to higher bonus accruals and workforce expansion, which included employees from our Irwin and liquidity book acquisition. Our head count grew less than 2% in the quarter, primarily in low-cost locations. Technology expenses grew $8 million, or 13%, reflecting higher internal use software amortization, and increased cloud and software spend. As stated, we are concentrating our spend in AI capabilities to maintain market leadership through product innovation.

與人員相關的費用增加了 2,700 萬美元，即 13%，主要是由於獎金應計額增加和員工隊伍擴大，其中包括來自 Irwin 和流動性帳簿收購的員工。本季我們的員工人數成長不到 2%，主要集中在低成本地區。技術支出增加了 800 萬美元，即 13%，反映了內部使用軟體攤銷的增加以及雲端和軟體支出的增加。如上所述，我們正集中精力於人工智慧能力的投入，以透過產品創新來維持市場領先地位。

We have effectively managed our other major expense categories. Third-party content costs increased $3 million versus the prior year, reflecting investments made in new data sets to support the research workflow, but our real estate expense rose $2 million due to renewed leases and return to office expenses. Lower other expenses reflect better receivables collection and decisions to reduce discretionary spend. These efforts resulted in an adjusted operating margin of 33.8% for Q4.

我們有效地管理了其他主要支出類別。第三方內容成本比前一年增加了 300 萬美元，反映了對支持研究工作流程的新數據集的投資，但由於續約和返回辦公室的費用，我們的房地產費用增加了 200 萬美元。其他費用的降低反映了應收帳款回收的改善和減少可自由支配支出的決策。這些努力使得第四季的調整後營業利潤率達到 33.8%。

Adjusted earnings per share in the fourth quarter rose 8% on a year-over-year basis to $4.05, helped by a lower tax rate and a reduced number of weighted shares. For a detailed breakdown of our expense progression from revenue to adjusted operating income, and reconciliations of adjusted results with comparable GAAP measures, please reference the appendix in today's earnings presentation.

受稅率降低和加權股數減少的推動，第四季度調整後每股收益年增 8%，至 4.05 美元。有關我們從收入到調整後營業收入的費用進度的詳細分類，以及調整後結果與可比較 GAAP 指標的對賬，請參考今天收益報告中的附錄。

On capital allocation, we repurchased approximately 260,000 shares for $107 million during the quarter, concluding our $300 million fiscal 2025 share repurchase program. As of September 1, we began executing against the new $400 million share authorization program approved by the Board in June. We paid a quarterly dividend of $1.10 per share today to shareholders of record as of August 29.

在資本配置方面，我們在本季以 1.07 億美元回購了約 26 萬股股票，完成了 2025 財年 3 億美元的股票回購計畫。自 9 月 1 日起，我們開始執行董事會 6 月批准的新的 4 億美元股票授權計畫。我們今天向 8 月 29 日登記在冊的股東支付了每股 1.10 美元的季度股息。

As a reminder, we increased our dividend by 6% in Q3, marking our 26th consecutive year of dividend increases on a stock split adjusted basis. Combined, we returned over $460 million to shareholders in fiscal 2025 through dividends and share repurchases, demonstrating our consistent commitment to delivering shareholder value.

提醒一下，我們在第三季將股利提高了 6%，這是我們連續第 26 年按股票分割調整後的方式增加股利。2025 財年，我們透過股利和股票回購向股東返還了超過 4.6 億美元，體現了我們始終如一地致力於實現股東價值的承諾。

We strengthened our balance sheet by reducing our term loan, achieving a gross debt leverage ratio of 1.5 times, which provides significant financial flexibility.

我們透過減少定期貸款來加強資產負債表，實現 1.5 倍的總債務槓桿率，從而提供顯著的財務靈活性。

As part of our ongoing portfolio review, we divested RMS Partners, a noncore sell-side research platform within our deal makers offering, just before fiscal year-end. This divestiture enables us to concentrate resources on our core growth areas and led to a onetime gain recognized in our GAAP results that had no material impact on our adjusted results in FY '25.

作為我們正在進行的投資組合審查的一部分，我們在財政年度結束前剝離了 RMS Partners，這是我們交易商產品中的非核心賣方研究平台。此次剝離使我們能夠將資源集中在核心成長領域，並在我們的 GAAP 業績中確認了一次性收益，但這對我們 25 財年的調整後業績沒有重大影響。

To clarify, RMS Partners is distinct from our leading buy-side research management solution. We remain committed to our internal research notes offering for institutional buy-side clients, where our core workstation now features AI-powered workflows designed to enhance research efficiency and insight generation.

需要澄清的是，RMS Partners 與我們領先的買方研究管理解決方案不同。我們仍然致力於為機構買方客戶提供內部研究報告，我們的核心工作站現在採用人工智慧驅動的工作流程，旨在提高研究效率和洞察力。

We're already seeing early positive signals from our past year's investment, and we plan to lean into areas where clients have demonstrated strong demand, and where we can achieve clear outcomes. For fiscal 2026 we'll continue building on our momentum while investing for future growth.

我們已經從過去一年的投資中看到了早期的積極信號，我們計劃傾向於客戶表現出強勁需求以及我們可以取得明顯成果的領域。對於 2026 財年，我們將繼續保持發展勢頭，同時為未來成長進行投資。

We're executing on data expansion efforts, widening our real-time and pricing reference data capabilities, while extending proprietary data coverage across deep sector, such as in TMT, Power and Utilities. We're embedding deeper into client workflows through our portfolio life cycle solution, further integrating OMS and IBOR to our platform.

我們正在實施資料擴展工作，擴大我們的即時和定價參考資料能力，同時將專有資料覆蓋範圍擴展到深度產業，例如 TMT、電力和公用事業。我們透過投資組合生命週期解決方案更深入地嵌入客戶工作流程，進一步將 OMS 和 IBOR 整合到我們的平台。

And we plan to simultaneously develop a comprehensive suite of AI-ready data and our own agenetic platform as part of a multiyear AI road map. These investments will support growth in fiscal 2026 across all of our firm types.

作為多年人工智慧路線圖的一部分，我們計劃同時開發一套全面的人工智慧數據和我們自己的遺傳平台。這些投資將支持我們所有類型公司在 2026 財年的成長。

Wealth remains our growth engine. While we expect to continue to capitalize on competitor displacement opportunities, we plan to expand our offerings in both data feeds and analytics solutions, which include risk in OMS to meet the growing sophisticated needs of the advisers.

財富仍然是我們的成長引擎。雖然我們期望繼續利用競爭對手的取代機會，但我們計劃擴展資料饋送和分析解決方案方面的產品，其中包括 OMS 中的風險，以滿足顧問日益增長的複雜需求。

We expect that buy-side will benefit from the integration of liquidity book, enabling us to fulfill larger portfolio life cycle opportunities across performance, reporting and trading. We expect our markets, pricing and reference and debt spark data feeds to continue to drive top line growth.

我們預計買方將受益於流動性帳簿的整合，使我們能夠在績效、報告和交易方面實現更大的投資組合生命週期機會。我們預計我們的市場、定價、參考和債務激發數據饋送將繼續推動營收成長。

We expect the enhanced offerings in our deep sector data and aftermarket research to support dealmakers growth, allowing us to expand to other banking teams such as TMT and credit risk. Our clients should further benefit from the AI capabilities we provide to enhance their workflows. Our AI-ready data enhancements benefit all firm types, including partnerships.

我們期望深度行業數據和售後市場研究中增強的服務能夠支持交易商的成長，使我們能夠擴展到其他銀行團隊，例如 TMT 和信用風險。我們的客戶應該進一步受益於我們提供的人工智慧功能，以增強他們的工作流程。我們的人工智慧資料增強功能使所有類型的公司受益，包括合夥企業。

We're strategically managing relationships with the growing number of AI startups used by our clients. We've maintained control over commercial relationships with our clients and have protections in place for our intellectual property. Moving forward, we plan to carefully balance content monetization through select providers while preserving our direct market presence and revenue streams.

我們正在策略性地管理與客戶使用的越來越多的人工智慧新創公司的關係。我們一直控制著與客戶的商業關係，並對我們的智慧財產權進行保護。展望未來，我們計劃透過精選提供者仔細平衡內容貨幣化，同時保持我們的直接市場地位和收入來源。

We expect to accelerate our focus on productivity. With the help of AI, we've been able to increase the speed of our content collection and expand our coverage in both street account and call street. Applying what we've learned from developing AI solutions for our clients, we plan to invest to improve client service, reduce our technology debt and further strengthen our infrastructure in areas such as data connectivity and cybersecurity.

我們希望加快對生產力的關注。在人工智慧的幫助下，我們能夠提高內容收集的速度，並擴大街頭帳戶和電話街道的覆蓋範圍。我們計劃運用為客戶開發人工智慧解決方案所學到的知識，進行投資以改善客戶服務、減少技術債務並進一步加強數據連接和網路安全等領域的基礎設施。

Experience in AI implementation reveals that quality data and middleware are not expensive, but essential investments, as companies who do not prioritize these foundations can face costly delays and challenges in capturing future benefits.

人工智慧實施的經驗表明，高品質的數據和中間件並不昂貴，但卻是必不可少的投資，因為不優先考慮這些基礎的公司可能會面臨代價高昂的延誤和獲取未來利益的挑戰。

With that context, let's discuss our fiscal 2026 guidance. We anticipate continued strong demand for our solutions. Our outlook is supported by a first half sales pipeline that's comparable to last year. We expect continued momentum in wealth, in-line activity in banking and partners and stability in the buy-side.

在此背景下，讓我們討論一下 2026 財年的指導。我們預計我們的解決方案將持續受到強勁的需求。與去年同期相當的上半年銷售數據支持了我們的預期。我們預期財富成長動能持續，銀行業務和合作夥伴活動將保持同步，買方將保持穩定。

Given these dynamics, we're guiding to organic ASV growth of $100 million to $150 million, representing approximately 5% growth at the midpoint. We are taking a conservative approach to our guidance to reflect the current environment of longer sales cycles, and more rigorous client approval processes, and not due to reduced confidence in our competitive positioning or market demand.

鑑於這些動態，我們預計有機 ASV 成長率將達到 1 億至 1.5 億美元，中間值成長率約為 5%。我們對我們的指導採取了保守的態度，以反映當前更長的銷售週期和更嚴格的客戶審批流程的環境，而不是因為對我們的競爭定位或市場需求的信心下降。

GAAP revenues are expected to be in the range of $2.42 billion to $2.45 billion. We expect GAAP operating margin range of 29.5% to 31%, and adjusted operating margin of 34% to 35.5%. This range incorporates expectations of higher technology and content costs and targeted investments in wealth and buy-side workflows. We expect some of these anticipated increases to be partially offset by productivity gains and cost discipline. Our wider margin provides us the flexibility to invest more if opportunities exceed expectations.

預計 GAAP 收入將在 24.2 億美元至 24.5 億美元之間。我們預期 GAAP 營業利潤率範圍為 29.5% 至 31%，調整後營業利潤率範圍為 34% 至 35.5%。這個範圍包含了對更高技術和內容成本的預期以及對財富和買方工作流程的有針對性的投資。我們預計，這些預期的成長將被生產力的提高和成本的嚴格控制所部分抵消。如果機會超出預期，更高的利潤率可以讓我們靈活地進行更多投資。

Our GAAP EPS guidance range is from $14.55 to $15.25. Our adjusted EPS guidance range is from $16.90 to $17.60. For fiscal 2026 modeling purposes, net interest expense is expected between $43 million to $48 million. Capital expenditures are projected at $110 million to $120 million. Effective tax rate is projected to be between 18% and 19%.

我們的GAAP每股盈餘指引範圍為14.55美元至15.25美元。我們的調整後每股盈餘指引範圍為16.90美元至17.60美元。基於2026財年的建模目的，預計淨利息支出在4,300萬美元至4,800萬美元之間。資本支出預計為1.1億至1.2億美元。預計有效稅率在18%至19%之間。

As we enter fiscal 2026, we're positioned at an inflection point where our strategic investments are beginning to translate into measurable competitive advantages. The convergence of client demand for workflow integration, data monetization, and AI-enabled solutions creates a compelling opportunity for FactSet to expand our market presence, while deepening existing client and partnership relationships. We're not expecting dramatic market shift to impact our growth. Instead, we're methodically building capabilities that address genuine client needs while positioning FactSet to capitalize on secular trends, reshaping help financial professionals access, analyze and act on information.

進入 2026 財年，我們正處於一個轉折點，我們的策略投資開始轉化為可衡量的競爭優勢。客戶對工作流程整合、資料貨幣化和人工智慧解決方案的需求的整合為 FactSet 擴大市場影響力並深化現有客戶和合作夥伴關係創造了絕佳機會。我們並不認為劇烈的市場變化會影響我們的成長。相反，我們正在有條不紊地建立滿足客戶真正需求的功能，同時定位 FactSet 以利用長期趨勢，重塑幫助金融專業人士獲取、分析和採取行動的功能。

This measured approach, combined with our established market presence and proven execution capabilities, forms a foundation for sustained value creation in the years ahead. Thank you for your time today. We'll now open up the call for questions. Operator?

這種審慎的方法，加上我們既定的市場地位和經過驗證的執行能力，為未來幾年持續創造價值奠定了基礎。感謝您今天抽出時間。我們現在開始提問。操作員？

(Operator Instructions)

（操作員指示）

Alex Kramm with UBS Securities.

瑞銀證券的 Alex Kramm。

Welcome Sanoke to the call and the company. I'm actually going to start with the margin question. So I guess this is more for Helen. But maybe you can start by maybe breaking down how much of the kind of margin decline is really due to incremental investing versus just cost inflation? And where those investments are ultimately going in terms of new projects?

歡迎 Sanoke 致電並蒞臨公司。我實際上要從保證金問題開始。所以我猜這比較適合海倫。但也許您可以先分析利潤率下降在多大程度上是由於增量投資而不是成本通膨造成的？那麼，就新項目而言，這些投資最終將流向何處？

And looking a little bit further ahead, I know this is fiscal year '26 beginning, but do you view this as a onetime kind of investment phase? And when we get into 2027, we can start looking at margin expansion again? Or do you think this is kind of like the new normal? Sorry for the lot of questions.

再往前看一點，我知道這是 26 財年的開始，但您是否認為這只是一次性的投資階段？當我們進入 2027 年時，我們可以再次開始關注利潤率的擴大嗎？還是您認為這有點像是新常態？抱歉，問了這麼多問題。

Thanks for your questions, Alex. And let me kind of walk through. I think your question is both about '25 and then '26.

謝謝你的提問，亞歷克斯。讓我來簡單介紹一下。我認為您的問題既涉及 25 年，又涉及 26 年。

So when we gave a range of 36 to 37 where we had in there, of course, was a normalization of our bonus to begin with. And quite frankly, what we've shown in this year is the ability to not only expand, but absorb some of the dilution from our acquisitions.

因此，當我們給出 36 到 37 的範圍時，當然，這是我們獎金的正常化。坦白說，我們今年展現出的不僅是擴張的能力，還有吸收收購帶來的部分稀釋的能力。

So, the biggest impact from a dollar perspective was on the bonus. And then I think the other piece, quite frankly, is some of the additional hiring that we're supporting some of our investments. But had it not been for the dilution, we'd actually be above the midpoint of the range.

因此，從美元角度來看，最大的影響是獎金。坦白說，我認為另一點是我們為支持部分投資而進行的一些額外招聘。但如果沒有稀釋的話，我們實際上會高於該範圍的中點。

As I think about the guidance going forward, I'll give you a little bit more detail to help walk you through that. So when we think about the investments from '25 that we believe has given us some of that, I'll call them, green shoots of benefit. When we think about 2026, I would think the breakout there is really into two pieces.

當我考慮未來的指導時，我會給你更多細節來幫助你完成這一步。因此，當我們想到 25 年以來我們認為已經為我們帶來一些好處的投資時，我稱之為效益的綠芽。當我們思考 2026 年時，我認為突破實際上分為兩個部分。

I would say that we're investing about, let's call it, 250 basis points really in growth investments. 2/3 of it would be in growth investments and 1/3, a bit more structural.

我想說的是，我們實際上在成長投資上投資了大約 250 個基點。其中 2/3 用於成長投資，1/3 用於結構性投資。

Now as we talked about on the call, the growth is in AI, in data and in PLC. All of that is meant to drive the top line. Structural will be on cyber and internal AI, as well as helping to support further growth as it relates to our AI-ready data.

正如我們在電話中談到的，成長體現在人工智慧、數據和 PLC 方面。所有這些都是為了推動營收成長。結構將涉及網路和內部人工智慧，並有助於支援與我們的人工智慧數據相關的進一步成長。

So when we think about going forward, we're only talking about 2026 right now, so I won't go into any more details. But we would expect to get the operating leverage off of our structural investments and then expect top line growth from the growth investments.

因此，當我們考慮前進時，我們現在只談論 2026 年，所以我不會再談論更多細節。但我們希望從結構性投資中獲得經營槓桿，然後期望從成長投資中獲得營收成長。

Faiza Alwy with Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, good morning and welcome Sanoke from me as well. Maybe I'll ask you. You mentioned that you think FactSet is well positioned to become the leading AI-powered financial intelligence platform. And then you talked about significant work ahead of you, and alluded to new competitive dynamics.

是的，你好，早上好，我也歡迎 Sanoke。也許我會問你。您提到，您認為 FactSet 有能力成為領先的人工智慧金融智慧平台。然後您談到了未來的重要工作，並提到了新的競爭動態。

So maybe expand on that a bit, sort of where do you think the focus will be for you over the next couple of years? And where do you think the end state is for you?

那麼也許可以稍微擴展一下，您認為未來幾年您的重點會放在哪裡？您認為您的最終狀態是怎樣的？

Thank you. And thank you for the question. I appreciate it. And thank you, everyone, for the warm welcome.

謝謝。感謝您的提問。我很感激。謝謝大家的熱烈歡迎。

On AI, clearly, it is the biggest opportunity in front of us. We have already several products in the market. And as you've heard in our call so far, we are seeing real traction, and we are really leveraging those to make these competitive displacements that are adding value and adding to the growth rate.

就人工智慧而言，顯然這是我們面前最大的機會。我們在市場上已經有幾種產品。正如您在我們的電話會議中所聽到的，我們看到了真正的牽引力，我們正在真正利用這些牽引力來實現這些競爭性取代，從而增加價值並提高增長率。

What I meant by the work ahead is, this is an accelerating and really dynamic space. There is a lot of technology change. There is a lot of competitive dynamics as in new competitors, or start-ups, and traditional competitors, all in an AI arms race.

我所說的未來工作是指，這是一個正在加速發展且真正充滿活力的領域。技術發生了許多變化。人工智慧軍備競賽中存在著許多競爭態勢，包括新競爭對手、新創公司和傳統競爭對手。

So my focus in the next several weeks and months is going to be spending significant time with our clients to understand their top priorities, how they are transforming their own workflows, and spend tons of time with teams internally that our product evolution, and looking at our road map and understanding how we are meeting our client demand.

因此，在接下來的幾週和幾個月裡，我的重點將是花大量時間與客戶在一起，了解他們的首要任務，他們如何轉變自己的工作流程，並花大量時間與內部團隊一起了解我們的產品發展，查看我們的路線圖並了解我們如何滿足客戶的需求。

So there is a fair amount of work to be done here understanding our infrastructure, understanding our technology architecture and how it will integrate with our clients. But I am encouraged by what I've seen in just the last few days. Just within the last week, I've seen some really exciting projects and some products that I think you will also be excited when they come out in the coming weeks and months.

因此，我們還有很多工作要做，了解我們的基礎設施、了解我們的技術架構以及如何與我們的客戶整合。但過去幾天的所見所聞讓我感到鼓舞。就在上週，我看到了一些非常令人興奮的項目和產品，我認為當它們在未來幾週和幾個月內推出時，您也會感到興奮。

Ashish Sabadra with RBC Capital Markets.

加拿大皇家銀行資本市場的 Ashish Sabadra。

Thanks for taking my question, Sanoke, let me add my welcome and congratulations as well. I just wanted to parse the strength that we are seeing in wealth. Obviously, very strong momentum, really good displacement up incumbents. But as we think about growth going forward, how do you think about more 7-figure deals there, and as well as ability to add more through improved attach rate at existing clients? Thanks.

感謝您回答我的問題，Sanoke，請允許我向您表示歡迎和祝賀。我只是想分析一下我們在財富中看到的力量。顯然，勢頭非常強勁，確實很好地取代了現任者。但是，當我們考慮未來的成長時，您如何看待更多的 7 位數交易，以及如何透過提高現有客戶的附加率來增加更多交易的能力？謝謝。

Thank you Ashish. I will ask Goran to add in a minute with all the more recent sort of conversations that he's been having. But as you know, I've just most recently been, in my previous roles, very deeply ingrained in what's happening in wealth management. And I'd just start off by saying that the secular trends in the industry are all in favor of continued growth for FactSet.

謝謝你，Ashish。我將請戈蘭在一分鐘內補充他最近進行的所有對話。但如你所知，最近我在之前的職位上已經深深了解了財富管理領域正在發生的事情。首先我想說的是，產業的長期趨勢都有利於 FactSet 的持續成長。

When you think about what -- how a wealth manager thinks about their business, there is the ongoing activity of building the book and growing new business where there is an increasing application of analytics and AI in the business development workflows. And then there is the business of managing the existing book of business really efficiently, and continuing to add value to clients, and continue to improve their portfolio performance.

當你思考財富經理如何看待他們的業務時，你會發現他們正在進行建立帳簿和發展新業務的活動，其中分析和人工智慧在業務開發工作流程中的應用越來越多。然後就是真正有效管理現有業務，繼續為客戶增加價值，並持續提高他們的投資組合績效。

Where, again, we have a strong presence with our adviser desktops and all the tools that we bring to bear. And I see only increasing -- ever-increasing demand for high-quality analytics that will add value to the advisers. Goran?

再次強調，我們的顧問桌面和所有可用的工具都具有強大的影響力。我看到對高品質分析的需求不斷增長，這將為顧問增加價值。戈蘭？

Ashish. I would say, I think, our opportunity is demonstrated by our success in the quarter. We had our strategy has been land and expand. I think we had the two 7-figure expansion deals in the quarter, both in terms of upselling our data, as well as upselling into in traditional departments in addition to advisers. That will continue. We see that as a significant opportunity (inaudible) opportunities for AI solutions exist within the wealth management, and we are taking advantage of some of them.

阿希什。我想說，我認為我們在本季取得的成功證明了我們的機會。我們的策略是登陸並擴張。我認為我們在本季度達成了兩項七位數的擴張交易，既包括數據的追加銷售，也包括向顧問以外的傳統部門的追加銷售。這種情況將會持續下去。我們認為財富管理領域存在著人工智慧解決方案的重大機會（聽不清楚），我們正在利用其中的一些機會。

There are still large 7-figure deals and large opportunity for us in. The market in addition to that. Geographic expansion, expansion for prospecting tools. So wealth will continue to be our growth driver for years to come.

我們仍然有七位數的大額交易和巨大的機會。除此之外還有市場。地域擴張，探勘工具擴張。因此，財富在未來幾年仍將是我們的成長動力。

Kelsey Zhu with Autonomous Research.

自主研究的 Kelsey Zhu。

Hi, good morning. Thanks for taking my questions. I was just wondering if you could maybe talk a little bit more broadly about FactSet's AI strategy, both on enhancing internal efficiencies, as well as driving better client engagement. And in light of this, maybe also talk a little bit more about the notes of access workstation in light of all of these emerging AI companies and startups.

嗨，早安。感謝您回答我的問題。我只是想知道您是否可以更廣泛地談論 FactSet 的 AI 策略，包括提高內部效率以及推動更好的客戶參與度。有鑑於此，也許還可以針對所有這些新興的人工智慧公司和新創企業，進一步談談訪問工作站的注意事項。

I know you previously guided to was 30 to 50 bps ASV growth in 25 from GenAI products. So just wondering actual results, how does that compare to guidance? And if you're expecting the same type of growth from AI products in 2026? Thanks a lot.

我知道您之前曾預測 GenAI 產品在 25 年內 ASV 將成長 30 至 50 個基點。所以只是想知道實際結果與指導相比如何？您是否預期 2026 年人工智慧產品將實現同樣的成長？多謝。

Thanks, Kelsey. That's really a big expensive question. So I'll start off by just giving my general thoughts on how I see the strategy and what I've been learning in the last few days. And then Helen is going to cover your question around what the impact has been? And maybe Goran, you can highlight some of the ways in which AI is translating into competitive wins.

謝謝，凱爾西。這確實是一個代價高昂的大問題。因此，我首先會談談我對該策略的總體看法以及過去幾天我學到的東西。然後海倫將回答你的問題，影響是什麼？也許 Goran，您可以強調一下人工智慧如何轉化為競爭優勢的一些方式。

So if I come back to -- and I have to draw on my experience over the last decade or so where I've been working to implement various sort of iterations of AI at very large scale in my previous roles. And one of the things that I, and everybody else, always underestimated was how complex it was to capture the value. That the promise was always high, but the process it takes to put models into production in highly regulated environments that our clients have is not easy. It's really complex. And the core comes down to the implementation, the quality of implementation, the quality of the data. How reliable a partner are you working with?

所以如果我回來——我必須借鑒過去十年左右的經驗，在我以前的職位上我一直致力於大規模實施各種類型的人工智慧迭代。我和其他人一直低估的一件事是獲取價值的複雜性。這個承諾一直很高，但在我們的客戶所處的嚴格監管環境中將模型投入生產的過程並不容易。這真的很複雜。其核心在於實施、實施的品質和資料的品質。您的合作夥伴有多可靠？

And you can see that those trends starting to emerge now as you talk to enterprise CTOs and CIOs who are trying to implement, and data officers are trying to implement this. So this is why I'm personally incredibly excited about the opportunity for us because of the open architecture design, and fundamental sort of infrastructure that FactSet has built over the last 10 years, which enables us to partner much more actively and aggressively with both clients who want to bring in their proprietary data, FactSet's own data and insights, as well as on the fly, join up with third-party data that a client may find valuable. So I see incredible opportunity for us given that dynamic. Helen?

當您與正在嘗試實施的企業 CTO 和 CIO 以及資料官交談時，您會發現這些趨勢現在開始出現。因此，我個人對這個機會感到非常興奮，因為開放式架構設計和 FactSet 在過去 10 年中構建的基本基礎設施使我們能夠更積極、更主動地與想要引入其專有數據、FactSet 自己的數據和見解的客戶合作，並動態地添加客戶可能認為有價值的第三方數據。因此，鑑於這種動態，我認為我們面臨著難以置信的機會。海倫？

Thank you, and thanks, Kelsey. So I want to keep in mind that when we launched many of our products in January of this year. So it's been terrific to be able to see some of that go through. A lot of this has to do with adoption.

謝謝你，謝謝你，凱爾西。所以我想記住，當我們在今年一月推出許多產品時。因此，能夠看到其中一些成果真是太棒了。這在很大程度上與收養有關。

But to answer your question more specifically, when we gave the guidance of 30 to 50 basis points, I'm really happy to say that we were exactly in the middle. So we were able to accelerate growth right in the middle of the range. And right within our expectations.

但更具體地回答你的問題，當我們給出 30 到 50 個基點的指導時，我很高興地說我們正好處於中間位置。因此，我們能夠在中間範圍內加速成長。這也正符合我們的預期。

I think that it's important also to note that those are stand-alone products. Those are monetized products, but quite frankly, so much of our conversations with clients is around both the strategy and the road map, and how that influences their decision.

我認為還要注意的是，這些都是獨立的產品。這些都是貨幣化產品，但坦白說，我們與客戶的大部分對話都圍繞著策略和路線圖，以及它們如何影響他們的決策。

So, I'll let Goran talk more, because when you talk about the impact AI has, it's much broader than just the monetized products that we've been able to bring to market. So off of a PowerPoint page and on to actually used by clients.

所以，我會讓 Goran 多說一些，因為當你談論人工智慧的影響時，它比我們能夠推向市場的貨幣化產品要廣泛得多。因此，從 PowerPoint 頁面到客戶實際使用的部分。

Thanks, Helen. I just want to highlight a couple of things, and I have to take the opportunity. We really had a fantastic sales quarter and lots of momentum going into 2026. And AI was a significant contributor to that.

謝謝，海倫。我只想強調幾件事，我必須抓住這個機會。我們確實度過了一個非常出色的銷售季度，並且 2026 年的勢頭十分強勁。人工智慧對此做出了重大貢獻。

About 60% of what we have sold in terms of our AI tooling and content came in Q4. And I think that really bodes well for what is ahead of us and the opportunity that Sanoke spoke about. So in addition to discrete sales that we are referencing when we are talking about the numbers, our GenAI tooling and strategy has been pivotal in many of our renewals and new deals.

我們銷售的 AI 工具和內容中約有 60% 是在第四季銷售的。我認為這確實預示著我們的未來和薩諾克所說的機會將會很好。因此，除了我們在談論數位時參考的離散銷售額之外，我們的 GenAI 工具和策略在我們的許多續約和新交易中也發揮了關鍵作用。

So about 35% of our renewals in the quarter mentioned our GenAI tooling and strategy as a contributor to their decision to select FactSet in head-to-head competition versus others. So I think we are very happy with the progress and the momentum that these tools are beginning to us. Be it three very large banking renewals in the quarter, and all three mentioned, again, our AI tooling as one of the key points of that decision to go with FactSet as well. I hope that answers your question.

因此，本季約有 35% 的續約客戶提到我們的 GenAI 工具和策略是他們決定在與其他公司的正面競爭中選擇 FactSet 的原因之一。所以我認為我們對這些工具帶給我們的進展和動力感到非常高興。無論是本季的三項非常大的銀行續約，三者都再次提到，我們的 AI 工具也是決定與 FactSet 合作的關鍵點之一。我希望這能回答你的問題。

Shlomo Rosenbaum with Stifel.

施蒂費爾公司的 Shlomo Rosenbaum。

Sanoke, I want to join the others in welcoming you. And I just want to put this out in terms of -- I know it's early on, but there's been a lot of investment in AI, and it seems like it's very exciting and embedded in a lot of products and a little bit of growth also coming from that.

薩諾克，我想和其他人一起歡迎你。我只是想這樣說——我知道現在還處於早期階段，但人工智慧領域已經投入了大量資金，而且它似乎非常令人興奮，並且嵌入到許多產品中，也由此帶來了一些成長。

Do you feel that this investment is going to materially accelerate the growth rate for FactSet? Or do you think that with everything going on in the industry, realistically, all these investments that are going on are really to kind of maintain your market position and where you are in realistically, that's what you need to do to just kind of hold on to what's going on?

您是否認為這項投資將實質地加快 FactSet 的成長速度？或者您是否認為，隨著行業中發生的一切，實際上，所有這些正在進行的投資實際上都是為了保持您的市場地位和實際所處的位置，這就是您需要做的，只是堅持正在發生的事情？

So trying to figure out, is there going to be -- is this just an increased investment that's necessary to keep you there? Or are we going to see a return to some kind of material growth? I know it's early on, but you must have thought about this before you took this job?

所以想弄清楚，這是否只是一項為維持現狀所必需的增加的投資？或者我們將會看到某種物質成長的回歸？我知道現在還為時過早，但你在接受這份工作之前肯定已經考慮過這個問題了？

Thank you. Thanks for the question. It is one of the important questions that every provider is asking themselves when it comes to what is happening with AI-led transformation. My perspective is these transformations go through different phases. And I think we are still in a relatively early phase of embedding of AI in our clients' workflows. And at this phase, and FactSet has done incredibly well to get out ahead of competitors. The -- it is a discovery phase. And during this phase, clients are experimenting with lots of different ideas and tools. There are a lot of evolution in the dynamics of the technology itself, and it's going to take some time to settle down.

謝謝。謝謝你的提問。當談到人工智慧主導的轉型時，這是每個提供者都在問自己的重要問題。我的觀點是這些轉變會經歷不同的階段。我認為我們仍處於將人工智慧嵌入客戶工作流程的相對早期階段。在這個階段，FactSet 表現非常出色，領先於競爭對手。這是一個發現階段。在此階段，客戶正在嘗試許多不同的想法和工具。技術本身的動態有很多演變，需要一些時間來穩定下來。

Usually, what happens then is there is a breakout phase that is well ahead of us in this context, where the winners start breaking away from the rest. Because the solutions are clearer. There is more client adoption. And when it really starts coming to committing real budgets, there is more conviction. And I think we're way early in the AI adoption cycle still for that and especially in our client base, which are, again, highly regulated, where the data and the outcomes have to be incredibly precise, and we are going to see that evolution curve ahead of us.

通常情況下，在這種情況下，會出現一個遠遠領先於我們的突破階段，獲勝者開始擺脫其他獲勝者。因為解決方案更清晰。有更多的客戶採用。當真正開始投入實際預算時，就會更有信心。我認為，我們仍處於人工智慧採用週期的早期階段，特別是在我們的客戶群中，他們受到嚴格監管，數據和結果必須非常精確，我們將看到前方的演變曲線。

So to your question, I think my perspective is -- what I see is the investments underway right now is allowing FactSet to be a leader in client conversations. It is allowing for FactSet to have the right kind of progressive dialogue around where we see the market going.

所以對於您的問題，我認為我的觀點是——我看到目前正在進行的投資使 FactSet 成為客戶對話的領導者。這使得 FactSet 能夠就我們所看到的市場走向進行正確的漸進式對話。

And I think a lot of this is going to translate into, ultimately, the real big winning products that are ultimately going to come out. And I have been personally quite excited about what I've seen in the last week, as I've gotten deeper into it, and I've been understanding the product road map. And there are some really exciting products and projects underway that will add a lot of value to our clients.

我認為，其中許多最終都會轉化為真正大獲成功的產品。我個人對過去一周所看到的內容感到非常興奮，因為我對此有了更深入的了解，並且了解了產品路線圖。目前我們正在進行一些令人興奮的產品和項目，它們將為我們的客戶增加許多價值。

I don't know if Helen or Goran want to add anything to that in terms of your perspectives?

我不知道海倫或戈蘭是否想從你們的觀點補充這一點？

No, I think you've captured it well. I think the fact that we have some of these green shoots from the investments we already made is what gives us greater comfort and confidence of why we are investing more in those same areas of data, workflow and AI. And those are the winning combinations and I see that helping us grow going forward.

不，我認為你已經很好地理解了。我認為，我們已經從投資中獲得了一定的回報，這讓我們更加安心和有信心在數據、工作流程和人工智慧等領域投入更多資金。這些都是成功的組合，我認為這有助於我們繼續發展。

Thank you.

謝謝。

Jason Haas with Wells Fargo.

富國銀行的 Jason Haas。

Hey, good morning and thanks for taking my question. I'm curious if you could talk about what trends you're seeing in regards to bank hiring, and then we've heard this idea that the banks are already pretty fully staffed. So even if we see a continued rebound in in IPO and M&A activity, that the banks don't need to hire a lot more because they're fully staffed, it's good that you could comment on on that side as well.

嘿，早上好，感謝您回答我的問題。我很好奇，您能否談談您在銀行招聘方面看到的趨勢，然後我們聽說銀行已經配備相當齊全的員工。因此，即使我們看到 IPO 和併購活動持續反彈，銀行也不需要僱用更多員工，因為他們已經配備了充足的員工，所以您也可以就這方面發表評論。

Thank you.

謝謝。

Thank you for that question. I'm going to just make a couple of general remarks about what I see in banking, and then I'll pass it on to Goran to give a bit more color from especially the recent large wins that you've seen.

謝謝你的提問。我將就我所看到的銀行業情況發表幾點一般性評論，然後我會將其傳遞給 Goran，以便對您所看到的最近取得的巨大勝利進行更詳細的說明。

What I see is the ongoing trend in banking is there's a continued strategic convergence across the full spectrum of banking activity from commercial banking, corporate banking, all the way to investment banking and deal making. There is a lot more of an integration that is happening at the universal banks in bringing these capabilities together, and being able to go to market, and go to their clients with a joined-up approach.

我看到的是，銀行業的持續趨勢是，從商業銀行、公司銀行到投資銀行和交易，銀行業務的各個領域都持續進行策略整合。全能銀行正在進行更多的整合，將這些能力整合在一起，並能夠以聯合的方式進入市場並服務客戶。

There is a huge focus on CRM convergence and bringing together their ability to understand their clients, which has not been easy for especially the largest institutions. And there is a continued focus on banker productivity, particularly obviously enabled by some of the advancements that we see in AI.

人們非常重視 CRM 融合以及整合了解客戶的能力，這對尤其是最大的機構來說並不容易。我們持續關注銀行家的生產力，這顯然得益於人工智慧領域的一些進步。

So, there is a fair bit of technology dollars that is being committed that -- at least in my experience over the last couple of decades, this is the highest intensity of technology and intensity of data and analytics being applied in banking that I've ever seen. And I think that's -- we are just at the start of that. Goran?

因此，有相當多的技術資金投入其中——至少根據我過去幾十年的經驗，這是我見過的銀行業應用技術強度、數據和分析強度最高的一次。我認為──我們才剛開始。戈蘭？

I would just add, I think so hiring in Q4 was a bit better than expected for us. So we did see contribution from banking hiring in our results. It wasn't material, but it was better than we had modeled throughout the year.

我只想補充一點，我認為第四季的招募情況比我們預期的要好一些。因此，我們確實在業績中看到了銀行招聘的貢獻。雖然這不是實質性的，但比我們全年所模仿的要好。

We are also seeing similar trends carry into Q1. So there is improved hiring in the sector. And I would also just want to highlight, I think, this is the area where some of our productivity tools, and some of our GenAI related tools, or AI related offerings are really receiving the most attention. And I think we expect momentum in that regard as well.

我們也看到類似的趨勢延續到了第一季。因此該行業的招募情況有所改善。我還想強調的是，我認為，這是我們的一些生產力工具、一些 GenAI 相關工具或 AI 相關產品真正受到最多關注的領域。我認為我們也期待這方面的發展動能。

Surinder Thind in with Jefferies LLC.

Surinder Thind 加入 Jefferies LLC。

Thank you. Helen, this question is actually for you. Can you help us maybe better understand some of the internal productivity initiatives here? And what you're expecting, if there's anything that you can quantify?

謝謝。海倫，這個問題其實是問你的。您能否幫助我們更了解這裡的一些內部生產力措施？您的期望是什麼？有什麼可以量化的嗎？

It seems that there's a narrative out there that AI should be a material beneficiary to margins. And yet in the near term, we're seeing all of this increased investment. So, is this an idea where maybe you can do a lot more, rather than doing, I guess, the same amount with maybe lower resources? Like how do we think about that trade-off?

似乎有這樣一種說法：人工智慧應該成為利潤的實質受益者。然而在短期內，我們將看到所有這些投資都在增加。那麼，這個想法是不是可以讓你做更多的事情，而不是用更少的資源做同樣的事情？例如我們如何看待這種權衡？

Thanks Surinder for your question. Go ahead.

感謝 Surinder 提出的問題。前進。

And what it means for head count on a go-forward basis?

這對未來的員工總數意味著什麼？

Yeah, sure. No. Now you're absolutely right. There is a narrative out there of material change in terms of costs. And I think from our perspective, there's a couple of things you need to get right. When we talk about internal, we've already had some of the increased output in what we've been able to do for cost street, street account. We've seen some of the benefits from an engineering perspective in terms of productivity improvements.

是的，當然。不。現在你完全正確了。有說法稱成本方面將會發生重大變化。我認為從我們的角度來看，有幾件事需要做好。當我們談論內部時，我們已經在成本街、街道帳戶方面取得了一些產出的增加。從工程角度來看，我們已經看到了生產力提高方面的一些好處。

But right now, what we're trying to do is get things done faster, be able to hit our deadlines quicker, bring products to market in a more efficient way, more and a speedier way quite frankly. I think that's actually what we're seeing in our top line improvement.

但現在，我們正在努力做的是更快地完成任務，能夠更快地完成最後期限，以更有效、更快捷的方式將產品推向市場。我認為這實際上就是我們在營收成長中所看到的。

Now we do need to invest. And every company has the struggle of wanting to get their data connected in a way that can provide the insights, that can take away a lot of manual processes. As a finance person, always talk about the death of Excel, but I'll wait to see when that happens. But quite frankly, we do still have a lot of manual pieces out there.

現在我們確實需要投資。每家公司都希望以一種能夠提供洞察力的方式連接他們的數據，從而減少大量的手動流程。作為一名金融人士，我總是談論 Excel 的消亡，但我會等著看它何時發生。但坦白說，我們確實仍然有很多手工製品。

So my view is that you'll see a slowdown in employee growth. But a lot of our improvements will be about redeploying that talent, and then we're going to see that translate into greater productivity and higher output, which will drive top line growth. So that's where I see a lot of the efficiencies come from.

所以我的觀點是，你會看到員工成長放緩。但我們的許多改進都將涉及重新部署人才，然後我們將看到其轉化為更高的生產力和更高的產出，從而推動營收成長。所以，我看到很多效率都是從這裡來的。

Thank you.

謝謝。

Craig Huber with Huber Research Partners.

Craig Huber 與 Huber Research Partners 合作。

Great, thank you and congratulations as well. Wanted to ask you, we're looking at a obviously a stock market that was up 23 to 24% each of the last two calendar years, up about 12% year-to-date here. Probably can't do a whole lot better than that. You do cite that the environment's been holding.

太好了，謝謝你，也恭喜你。想問您，我們看到的股市在過去兩個日曆年中每年都上漲了 23% 到 24%，今年迄今上漲了約 12%。可能沒有比這更好的了。您確實提到環境一直保持良好。

Your revenue growth back and has been up 4 to 5% organically, as the last six quarters here looking at my model. What has to change in the environment out there in order to get accelerated organic revenue growth aside from this AI that you've been chatting about here? What else can you point to here to help give us some confidence that the organic growth will acceler rate above this 4 to 5% trend you've had the last six quarters?

根據我的模型，過去六個季度，您的收入成長回升，有機成長了 4% 至 5%。除了您在這裡談論的人工智慧之外，為了加速有機收入成長，環境還需要哪些變化？您還能指出什麼來幫助我們相信有機成長率將超過過去六個季度的 4% 到 5% 的趨勢？

Thank you.

謝謝。

Thanks Craig. Let me just make a couple of remarks, and then I'll suggest Goran gives a little bit more color based on our client conversations.

謝謝克雷格。請允許我發表幾點評論，然後我建議 Goran 根據我們與客戶的對話給出更多細節。

I think beyond AI, my perspective on what's happening in the industry, right, across all of the major clients that we serve is there is a continued increase in the use of analytics through and through the trade life cycle, the portfolio life cycle, the client life cycle.

我認為除了人工智慧之外，我對行業現狀的看法是，在我們服務的所有主要客戶中，在交易生命週期、投資組合生命週期和客戶生命週期中，分析的使用都在持續增加。

And I think that is an accelerating -- that AI is an accelerant to that. It was always happening, but AI is driving an acceleration in that trend, which leads to the demand for services such as FactSet, where we see growing opportunity across the board. And that's, again, starting to be reflected as you saw in this last quarter. Goran?

我認為這是一種加速——人工智慧是這一進程的加速劑。這種現像一直在發生，但人工智慧正在加速這一趨勢，從而引發了對 FactSet 等服務的需求，我們看到了全面成長的機會。正如您在上個季度看到的那樣，這一點又開始體現。戈蘭？

So just maybe to continue on that note, accelerate significantly in the quarter from 4.5% to 5.7%. There is no change in the market conditions during this period. We believe we can continue this momentum. We have a new set of maturing products.

因此，也許繼續保持這種勢頭，本季成長率將從 4.5% 大幅加速至 5.7%。在此期間，市場狀況沒有變化。我們相信我們能夠繼續保持這股勢頭。我們有一套新的成熟的產品。

We keep talking about GenAI, but our exchange data feeds, or price reference, data feeds, our managed services offerings, all of those will contribute and we do not have to see a significant change in the market conditions to accelerate. We have to execute on what's ahead of us, but we have plenty in our toolbox to accelerate our growth.

我們一直在談論 GenAI，但我們的交易資料饋送、價格參考、資料饋送、我們的託管服務產品，所有這些都會做出貢獻，而且我們不必看到市場條件發生重大變化就能加速發展。我們必須執行眼前的任務，但我們的工具箱裡有足夠的工具來加速我們的成長。

And maybe I can add on a bit to what both Sanoke and Goran have said. If I think about the trends that are out there, there are two pieces in particular. We have clients who are upgrading their own tech stack. They're moving from what, quite frankly on -- I think we've used the stat before, that less than 30% of them have even moved to the cloud. So that is a natural place for clients to reconsider who they want to use going forward. So that's one piece of it.

也許我可以對 Sanoke 和 Goran 所說的內容進行一些補充。如果我思考現有的趨勢，就會發現有兩個特別的趨勢。我們的客戶正在升級他們自己的技術堆疊。坦白說，他們正在從什麼地方轉向——我想我們之前已經使用過這個統計數據，其中只有不到 30% 的人已經轉向雲端。因此，客戶自然會重新考慮未來要使用誰。這就是其中的一部分。

The second is, quite frankly, the need for more data. And not just data for the sake of data. Data that is a quality that's been tested that we have decades of historical information, and that is all concorded. And I think that's reflected this year where we have double-digit growth in our data ASC. And so I think that is a harbinger for what we see going forward.

第二個，坦白說，是需要更多的數據。而不只是為了數據而數據。數據的品質已經過檢驗，我們擁有數十年的歷史信息，而且這些信息都是一致的。我認為這反映在今年我們的數據 ASC 實現了兩位數的成長。所以我認為這預示著我們未來將會看到什麼。

So between -- and the third piece, which Goran touched on, is that I think become more sophisticated, managed services is a great way for clients to be able to then essentially focus on what they're best at, which is generating alpha, and then moving towards using us where we're able to use our own technology, our AI to be able to do a lot of the middle office pieces in a more efficient manner.

所以，Goran 提到的第三點是，我認為變得更加複雜，託管服務是一種很好的方式，讓客戶能夠專注於他們最擅長的領域，即產生 alpha，然後轉向使用我們自己的技術，我們的人工智慧能夠以更有效的方式完成許多中台工作。

So I would look at three things in addition to what has already been said that they're not really based off of a better stock market. One is the ability for the change in the tech stack, the focus by clients and what they're best at, and the movement of actually even greater data needs, quality data needs, refined data needs that I think we're best at.

因此，除了已經說過的以外，我還要看三件事，它們實際上並不是基於更好的股票市場。一是技術堆疊變化的能力，客戶的關注點和他們最擅長的領域，以及實際上更大的數據需求、高品質數據需求、精細數據需求的變化，我認為我們最擅長。

Toni Kaplan with Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much, and I'll add my welcome to Sanoke as well. My question is for Helen and it's sort of a longer-term question. But at your Investor Day in November, you had expected 37% to 38% adjusted operating margins in the medium term. Obviously, at the midpoint of the guide here, you're below 35%.

非常感謝，我也歡迎 Sanoke。我的問題是針對海倫的，這是一個長期問題。但在 11 月的投資者日上，您預計中期調整後的營業利潤率將達到 37% 至 38%。顯然，在該指南的中間點，您低於 35%。

My question is, do you think that 37% to 38% is off the table at this point for the next few years? Maybe what has changed from 10 months ago? And so a little bit of a longer-term margin question in terms of where this goes? Thanks.

我的問題是，您是否認為在未來幾年內 37% 到 38% 的稅率已經不可能實現？也許與 10 個月前相比有什麼變化？那麼，就長期利潤而言，這是一個怎樣的問題？謝謝。

Thanks, Toni. Appreciate it. Let me talk a little bit about what's underneath the investments and the productivity that we're going through in '26, and that will give you a little bit of a sense. But I am going to focus on 2026 as opposed to the medium-term guidance. We're not making any changes to that. And when we do, we'll obviously come back and talk to that.

謝謝，托尼。非常感謝。讓我稍微談談我們在 26 年所經歷的投資和生產力背後的原因，這將給你一點了解。但我將關注 2026 年，而不是中期指導。我們不會對此做任何改變。當我們這樣做的時候，我們顯然會回來談論這個問題。

But in the investments that we're making, which we believe will drive that top line growth was the data expansion. The wealth, the PLC for what we call the portfolio life cycle, which now wealth is very -- advisers very much want, that's a driver on top line.

但在我們所做的投資中，我們相信數據擴展將推動營收成長。財富，也就是我們所謂的投資組合生命週期的 PLC，現在的財富非常——顧問非常想要的，這是推動收入成長的一個因素。

And then, of course, as Sanoke has already talked about, everything we have is going to have AI, so that's going to be a driver. That's meant to help on the top line growth. That's about -- of what we're investing, which is about 250 basis points. 2/3 of that is coming into those buckets. The other 1/3, which I'm calling it structural, is really around things that will help on the efficiency side, or give us the operating leverage going forward.

當然，正如 Sanoke 已經談到的，我們擁有的一切都將擁有人工智慧，所以這將成為一種驅動力。這是為了幫助實現收入成長。這大約是我們投資的 250 個基點，其中 2/3 進入了這些領域。剩下的 1/3，我稱之為結構性因素，實際上是圍繞著有助於提高效率或為我們提供未來營運槓桿的事物。

For 2026 alone, we have about 100 basis points of what I'll call cost reduction, and productivity, and lower professional fees, and lower third-party content. So I sort of think about those going forward as we're going to get better and better on the productivity front. And we're going to get leverage both on that piece and driving our top line. So I'm going to stick with talking to 2026. I understand your question, but that's how we're thinking about it at this moment.

光是在 2026 年，我們就實現了約 100 個基點的成本削減、生產力提高、專業費用降低和第三方內容降低。因此，我認為隨著生產力的提高，我們的未來將會越來越好。我們將充分利用這一優勢並推動我們的營收成長。所以我會堅持談論到 2026 年。我理解你的問題，但這就是我們目前的想法。

Scott Wurtzel with Wolfe Research.

沃爾夫研究公司的 Scott Wurtzel。

Great, good morning guys and Sanoke Welcome. I just wanted to stick on the investment and margin side of topic here. And Helen, just wondering if you can maybe talk about, especially on the sort of growth investment side, if there are any specific payback periods you are sort of looking for when you guys are making these investments. Thanks.

太好了，大家早上好，歡迎 Sanoke。我只是想在這裡繼續討論投資和保證金方面的話題。海倫，我只是想知道你們是否可以談談，特別是在成長投資方面，當您進行這些投資時，是否有任何特定的回報期是您期望的。謝謝。

Yeah, no, thank you for that. So I'm going to answer that in a couple of different ways.

是的，不，謝謝你。因此我將用幾種不同的方式來回答這個問題。

When we're talking about something that we're building out in a much -- which requires more, I'll call it, infrastructure costs, like real-time, or like deep sector, which are a much bigger investments and require more time. We have a period that we look at for a payback, which is around three years. It's kind of similar to how we think about with our acquisitions as well.

當我們談論我們正在建立的東西時——這需要更多的基礎設施成本，例如即時或深度部門，這需要更大的投資，也需要更多的時間。我們預計回報期約為三年。這與我們對收購的看法有點類似。

And then there are other things that we expect quicker paybacks for -- especially as it relates to the sale of content. So I would say it's less than that period of time. And quite frankly, the scale on the content side can be quite quick. So that's how we measure the speed at which we can cover our costs.

我們也期望在其他方面能更快獲得回報——尤其是與內容銷售相關的方面。所以我想說它比那段時間要短。坦白說，內容方面的規模可以很快擴大。這就是我們衡量回收成本速度的方法。

Thank you. Our next question comes from the line of Peter Knudsen with Evercore ISI. Your line is now open.

謝謝。我們的下一個問題來自 Evercore ISI 的 Peter Knudsen。您的線路現已開通。

Hi, thanks so much for taking my question. I'd love to ask, touching on an earlier question about pricing contributions. I know in the past, that's been a little bit under pressure. And last quarter, I think you said that's stabilized. So I'm just wondering if you could talk a little bit about your outlook for pricing contributions on new business in '26?

你好，非常感謝您回答我的問題。我很想問一下之前關於定價貢獻的問題。我知道過去這有點壓力。上個季度，我認為您說過情況已經穩定了。所以我只是想知道您是否可以談談您對 26 年新業務定價貢獻的展望？

Yeah, thank you for the question. I'll take that one as well.

是的，謝謝你的提問。我也會選擇這個。

So when we talk about pricing discipline -- that is something that we go across the board. We believe the value we're providing our clients is appropriately priced. We have actually not seen too much change, as you referenced, over the year. There's been a little bit on new business, and it really depends on certain firm types. I would say, of the various ones, we managed to be able to maintain within a 5% range of our price realization.

因此，當我們談論定價紀律時——這是我們全面討論的事情。我們相信我們為客戶提供的價值是合理的。正如您所說，我們實際上一年來並沒有看到太大的變化。有一些新業務，但這確實取決於某些公司類型。我想說，在各種價格中，我們設法將價格實現維持在 5% 的範圍內。

So we're not doing more discounting than we had before. We actually saw an uptick in Q4 in terms of new business. So both in terms of ASV and in terms of number of deals. And our annual price increase, which is what we've done in the past was in line. And so we're not assuming anything different in our 2026 outlook.

因此，我們不會進行比以前更多的折扣。我們實際上看到第四季度新業務有所上升。因此，無論是從 ASV 還是從交易數量來看。我們每年的價格上漲，與我們過去所做的一樣，是一致的。因此，我們對 2026 年的展望並沒有什麼不同。

Thank you.

謝謝。

Manav Patnaik with Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you. Good morning and Welcome Sanoke as well. Just, Sanoke, maybe just for you, just curious on your thoughts on capital allocation and particularly in this AI rates that you talked about, whether deal making is going to be a focus for you?

謝謝。早上好，也歡迎 Sanoke。只是，Sanoke，也許只是對你來說，只是好奇你對資本配置的看法，特別是你談到的這個 AI 利率，交易是否會成為你的關注點？

And Helen, I just wanted to follow up quickly. You mentioned a few times investments in cyber. I was hoping you could elaborate on that on -- I'm guessing it's more internal security, but just some thoughts on that?

海倫，我只是想快速跟進。您多次提到了對網路的投資。我希望您能詳細說明一下——我猜這更多的是內部安全，但只是對此有一些想法？

Thanks, Manav. It's an important question. As I think about this, my first priority is to continue to really understand our product portfolio and the strength of our product road map. I've already started doing this. And what I observe is we have a really strong product set, and there is a huge amount of energy going into the innovation in the company. And historical acquisitions that have been made are also well integrated and adding quite a lot of value to our clients.

謝謝，Manav。這是一個重要的問題。當我想到這一點時，我的首要任務是繼續真正了解我們的產品組合和產品路線圖的優勢。我已經開始這麼做了。我觀察到我們擁有非常強大的產品系列，並且公司在創新方面投入了大量精力。歷史上的收購也得到了很好的整合，為我們的客戶增加了不少價值。

So in the coming months, I'm going to investigate this obviously in much more detail, both in terms of hearing what client priorities are and how they are shifting, and from our internal teams to understand our road map and where we are finding traction. And that will ultimately optimize the approach in terms of organic versus inorganic growth.

因此，在接下來的幾個月裡，我顯然會更詳細地調查這個問題，既要了解客戶的優先事項是什麼以及它們是如何變化的，也要從我們的內部團隊了解我們的路線圖以及我們在哪裡找到了牽引力。這最終將優化有機成長與無機成長的方法。

What I'd like to add, though, is that I'm not a believer in growth at any cost. I think it's important that we are prudent with our investments and with our capital allocation. And we'll continue to do that in the way that FactSet has done over the years. And frankly, I see so much opportunity for growth with the capabilities that are already in place here at FactSet.

不過，我想補充的是，我並不相信不惜一切代價實現成長。我認為謹慎投資和資本配置非常重要。我們將繼續按照 FactSet 多年來的做法去做。坦白說，我看到 FactSet 現有的能力帶來了巨大的成長機會。

Hey Manav, your question on the cyber front. So yes, that is meant for internal. I think as we continue, obviously, to invest in AI, that's an important piece of it. And when you have over $6 million of portfolios on the asset management side, and over $15 million portfolios, and growing on the wealth side, we want to make sure that we are providing the best we can in terms of the security. So that's why that is part of the driver of our focus.

嘿，Manav，你的問題是關於網路方面的。是的，這是針對內部的。我認為，隨著我們繼續投資人工智慧，這顯然是其中的重要部分。當您在資產管理方面擁有超過 600 萬美元的投資組合，在財富方面擁有超過 1500 萬美元的投資組合並且還在增長時，我們希望確保在安全方面提供最好的服務。這就是為什麼它是我們關注的重點之一。

(Operator Instructions)

（操作員指示）

George Tong with Goldman Sachs.

高盛的 George Tong。

Hi, thanks. Good morning. I'd also like to extend a welcome to Sanoke. So your fiscal 2026 guidance for organic ASV growth of around 5% at the midpoint, points to a deceleration from growth you saw in fiscal '25.

你好，謝謝。早安.我也想對 Sanoke 表示歡迎。因此，您對 2026 財年有機 ASV 成長率的預期中位數為 5% 左右，這表示與 25 財年相比，成長率有所放緩。

Can you talk a little bit more about the drivers of this deceleration? And what you're seeing competitive may be contributing to it?

您能否再多談造成這種減速的因素？您所看到的競爭可能對此有所貢獻嗎？

George, thank you. Let me start, and then I'll hand over to Helen.

喬治，謝謝你。讓我先開始，然後交給海倫。

It's obviously day nine for me today, and it's been a busy week and a bit. And I must say, through that period, I've had extensive discussions with the leadership team and the Board. And the guidance reflects our view of the business today, the dynamics that we see in the marketplace. And balancing that with our commitment to our -- to long-term growth.

顯然，今天對我來說是第九天了，這是一個忙碌的一周。我必須說，在那段時間裡，我與領導團隊和董事會進行了廣泛的討論。該指引反映了我們對當前業務的看法以及我們在市場上看到的動態。並將其與我們對長期成長的承諾相平衡。

So we clearly see continued growth opportunities in the areas that we've already talked about. Whether it's wealth, data solutions, and frankly, in quite a lot of the other places that I've seen. And we are continuing to make investments that are disciplined and balancing AI investments with all the other investments that we need to make where we see opportunity.

因此，我們清楚地看到了我們已經討論過的領域的持續成長機會。無論是財富、數據解決方案，坦白說，在我見過的許多其他地方也是如此。我們將繼續進行有紀律的投資，並在人工智慧投資和我們看到機會時需要進行的所有其他投資之間取得平衡。

So the guidance reflects the state of play today. Clearly, I'm going to be spending a lot of time in the coming weeks and months with our teams, and with clients, and come back and talk about long-term vision and opportunities and strategy in the coming months.

因此，該指導意見反映了當今的情況。顯然，在接下來的幾週和幾個月裡，我將花大量時間與我們的團隊和客戶在一起，然後回來討論未來幾個月的長期願景、機會和策略。

Helen, would you like to add anything?

海倫，你還有什麼要補充嗎？

Sure. No, happy to do that, and thanks for your question, George.

當然。不，我很樂意這樣做，謝謝你的提問，喬治。

As noted on -- in the script, I mean, we are taking a more conservative approach to our guidance exactly for the reasons that Sanoke just talked about. It is not due to reduced confidence either in market demand or competitive positioning.

正如腳本中提到的那樣，我的意思是，我們對我們的指導採取了更保守的態度，原因正如 Sanoke 剛才談到的那樣。這並不是因為對市場需求或競爭定位的信心下降。

As we talked about in the top wins that we had, most of those were competitive wins. I'll ask Goran to talk about the pipeline, but the midpoint is just conservative in some cases because we know that there are longer sales cycles. We know that we can tell from some of the good green shoots that we've had on the AI front that you need to have the adoption from the client side, and that can take a little bit longer, especially as they go through their own compliance checks as well.

正如我們在談到我們所取得的最大勝利時所說，其中大多數都是競爭性的勝利。我會請戈蘭談談管道，但在某些情況下中點只是保守的，因為我們知道銷售週期更長。我們知道，從我們在人工智慧領域取得的一些良好進展可以看出，需要從客戶端進行採用，而這可能需要更長的時間，特別是當他們還要進行自己的合規性檢查時。

And then we know there are some headwinds as it relates to some of the policy changes in Europe. But quite frankly, we feel very good about where we are, the fact that we are above our midpoint for this year and just to keep us all in line last year, we were at a range of 90 to 140, and we're up this year. So I think it just reflects a conservative and we're going to do everything we can to beat it.

然後我們知道，歐洲的一些政策變化存在一些阻力。但坦白說，我們對目前的狀況感到非常滿意，事實上，我們今年的成績已經超過了中點，並且與去年持平，去年我們的成績在 90 到 140 之間，而今年有所上升。所以我認為這只是反映了保守的一面，我們將盡一切努力打敗它。

So I would just reinforce what Helen just said. I think our guidance is conservative with a high level of confidence we'll be able to execute in the range we provided. That range is identical to last year. We feel good about the momentum. Our pipeline is a bit improved year-over-year. It's early in the year, so it's a little bit difficult to talk with certainty, but we do see improvement. And we saw quite frankly, significant acceleration in the pipeline over the last 5 weeks. So that is one of the main data points that I look at as we are entering the year. So we have a high degree of confidence we will execute on the range we have given you.

所以我只是想強調海倫剛才說的話。我認為我們的指導是保守的，我們有高度的信心能夠在我們提供的範圍內執行。該範圍與去年相同。我們對這一發展勢頭感到滿意。我們的管道比去年同期有所改善。現在才年初，所以有點難以確定，但我們確實看到了改善。坦白說，我們看到過去五週內管道的進展顯著加快。這是我們進入新一年時我關注的主要數據點之一。因此，我們非常有信心能夠按照您給予的範圍執行。

Andrew Nicholas with William Blair.

安德魯·尼古拉斯和威廉·布萊爾。

Hi, good morning. Thanks for taking my questions. I wanted to touch again on AI. I hear your conviction on the medium-term opportunity and your belief in your competitive position. But I'm curious, I guess, one, how you'd characterize your suite of AI products and specific kind of execution around that relative to your peers at this early stage?

嗨，早安。感謝您回答我的問題。我想再談談人工智慧。我聽到了您對中期機會的信心以及您對競爭地位的信念。但我很好奇，首先，相對於早期階段的同行，您如何描述您的人工智慧產品套件以及圍繞該產品套件的具體執行方式？

And then maybe conceptually, how important is it for you to be first? Or because the stickiness of your product, how heavily embedded you are with clients allow you to be a little bit more deliberate with product development, product investments, product rollout?

那麼從概念上來說，成為第一名對你來說有多重要？還是因為您的產品的黏性，您與客戶的緊密聯繫，使得您在產品開發、產品投資和產品推出方面更加謹慎？

Thank you.

謝謝。

Thanks, Andrew. Really important question. And as I said earlier, we are very much in the sort of the early stages of the AI adoption curve with our clients.

謝謝，安德魯。確實很重要的問題。正如我之前所說，我們與客戶正處於人工智慧採用曲線的早期階段。

When I look at the products that we have out in the market, and as I get to learn more about what's being -- it's still in the development phase. I think they are really very finely tuned to add value to our existing products, services and solutions with our customers. So an example being portfolio commentary in the buy side, or pitch creator on the banking side. These are natural adjacencies and absolutely synergistic with the kinds of solutions that we offer traditionally to our client base.

當我看到我們在市場上推出的產品並了解更多有關產品的資訊時，我發現它仍處於開發階段。我認為他們確實經過精心調整，能夠為我們的客戶增加現有產品、服務和解決方案的價值。例如，買方的投資組合評論，或銀行方面的推銷創建者。這些都是自然的鄰接，並且與我們傳統上向客戶群提供的解決方案具有絕對的協同作用。

So I think the competitiveness of these products, I believe, is high. We are going to see continued traction with it. And the investments that we are making, and what I see in the hopper, are all constructive and logical, and natural extensions of where we are today.

所以我認為這些產品的競爭力很高。我們將會看到它繼續受到關注。我們正在進行的投資以及我在料斗中看到的都是建設性的、合乎邏輯的，也是我們今天狀況的自然延伸。

To your question around the adoption curve and do we need to be first mover? I believe there is a trade-off between being too early and getting things wrong, and being too late and missing sort of the market share and the opportunity to leapfrog competition. And this is in a fine balance to strike. It's early for me to say if we've gotten it absolutely right or not. But I am confident that there is a lot of great talent here at FactSet, and I'll be working with the teams to get that balance as right as we can going forward.

關於採用曲線的問題，我們是否需要成為先行者？我認為，如果行動太早，就會犯錯；如果行動太晚，就會失去市場份額和超越競爭對手的機會，兩者之間存在著權衡。這需要達到微妙的平衡。現在就說我們是否完全正確還為時過早。但我相信 FactSet 有很多優秀人才，我會與團隊合作，盡可能實現這種平衡。

Thank you. This concludes the Q&A session. I would now like to turn the call back over to Sanoke Viswanathan for closing remarks.

謝謝。問答環節到此結束。現在我想將電話轉回給 Sanoke Viswanathan 做結束語。

Thank you. Thank you, everyone, for joining the call today. As we begin fiscal 2026. It's an exciting time. Our strategic investments are driving strong momentum across the business as we execute on what matters most to our clients.

謝謝。感謝大家今天參加電話會議。當我們開始 2026 財年。這是一個令人興奮的時刻。當我們執行對客戶最重要的事情時，我們的策略投資正在推動整個業務的強勁發展勢頭。

As I stated earlier, we are uniquely positioned to become the leading AI-powered financial intelligence platform for our clients. We provide unparalleled client service. We are deeply embedded in our clients. And we are uniquely geared for collaboration. I look forward to meeting many of you over the coming weeks and days. Operator, that ends today's call.

正如我之前所說，我們擁有獨特的優勢，可以成為客戶領先的人工智慧金融智慧平台。我們提供無與倫比的客戶服務。我們深深紮根於我們的客戶之中。我們具有獨特的合作精神。我期待在未來幾週和幾天與你們見面。接線員，今天的通話到此結束。

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

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。