Factset Research Systems Inc (FDS) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FactSet first quarter earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Toomey, Head of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加FactSet第一季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的主講人，投資人關係主管凱文‧圖米先生。請繼續。

Thank you, and good morning, everyone. Welcome to FactSet's first quarter fiscal 2026 earnings call. Before we begin, the slides we referenced during this presentation can be found through the webcast on the investor relations section of our website at factset.com. A replay of today's call will be available on our website.

謝謝大家，大家早安。歡迎參加 FactSet 2026 財年第一季財報電話會議。在開始之前，本次簡報中提到的投影片可以透過我們網站 factset.com 投資者關係版塊的網路直播找到。今天電話會議的錄音回放也將在我們的網站上提供。

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

在我們發言完畢後，我們將開放提問環節。通話預計可持續一小時。為了公平起見，請您只提一個問題。如果您還有其他後續問題，可以重新排隊，我們會在時間允許的情況下解答。

Before we discuss the 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.

在討論結果之前，我建議所有聽眾先閱讀第 2 頁的法律聲明。本次電話會議的討論內容可能包含前瞻性陳述。此類聲明存在風險和不確定性，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。

Additional information concerning these risks and uncertainties can be found in our forms 10-K and 10-Q. 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.

有關這些風險和不確定性的更多信息，請參閱我們的 10-K 表格和 10-Q 表格。本次電話會議的幻燈片演示和討論將涉及一些非GAAP財務指標。對於此類指標，與最直接可比較的 GAAP 指標的調節表位於演示文稿的附錄中以及我們今天早些時候發布的盈利報告中，這兩份文件都可以在我們的網站 investor.factset.com 上找到。

During this call, unless otherwise noted, relative performance metrics reflect changes as compared to the respective fiscal 2025 period. Joining me today are Sanoke Viswanathan, Chief Executive Officer; Helen Shan, Chief Financial Officer; and Goran Skoko, Chief Revenue Officer. I will now turn the discussion over to Sanoke.

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 2025 財年同期相比的變化。今天與我一同出席的有執行長 Sanoke Viswanathan、財務長 Helen Shan 和首席營收長 Goran Skoko。現在我將把討論交給薩諾克。

Thank you, Kevin, and good morning, everyone. I'm very pleased with how we've started our fiscal year. We are reporting strong ASP growth and healthy operating margins coming from broad adoption of our solutions and some key customer wins. ASP grew 5.9% to $2.4 billion. Adjusted operating margin was 36.2% and adjusted diluted EPS is at $4.51 up 3% year on year.

謝謝你，凱文，大家早安。我對我們本財年的開局非常滿意。由於我們的解決方案被廣泛採用以及贏得了一些重要客戶，我們實現了強勁的平均售價成長和健康的營業利潤率。平均售價成長 5.9%，達到 24 億美元。經調整後的營業利潤率為 36.2%，經調整後的稀釋每股收益為 4.51 美元，年增 3%。

Thank you to all our FactSetters for your focus and commitment to delivering for our clients. We're not just growing, we are winning in the places that matter. Across firm types and in the areas that we've prioritized, clients are choosing FactSet over alternatives because of the strength of our platform.

感謝所有 FactSetters 員工的專注和敬業精神，為我們的客戶提供優質服務。我們不僅在發展壯大，而且在關鍵領域取得了勝利。無論公司類型為何，在我們優先考慮的領域，客戶都選擇 FactSet 而不是其他替代方案，因為我們的平台實力雄厚。

I will share just three examples. We secured a significant mandate with one of the largest warehouse breakaway teams who made FactSet a requirement in their transition to an RAA consolidator. This matters because these breakaways preserve enterprise revenue at the originating firm while adding ASP at the consolidator.

我將分享三個例子。我們與一家大型倉庫分割團隊達成了一項重要的合作協議，該團隊將 FactSet 作為其向 RAA 整合商過渡的必要條件。這很重要，因為這些分離既能為原公司保留企業收入，又能為整合公司增加平均售價。

At a global top 10 bank, we displaced an incumbent for pricing and reference data feeds supporting their global reference data hub and multiple use cases in Asia Pacific. We secured a major win with one of the world's largest investment managers who chose FactSet Vault as their analytics book of record and are managed services for performance to unify holdings across all their subsidiaries into a single database and deliver flexible reporting across their institutional and retail businesses.

我們取代了全球排名前十的銀行的現有供應商，為其全球參考資料中心和亞太地區的多個用例提供定價和參考資料來源。我們與全球最大的投資管理公司之一取得了重大勝利，該公司選擇 FactSet Vault 作為其分析帳簿記錄和管理服務，以將其所有子公司的持股統一到一個資料庫中，並為其機構和零售業務提供靈活的報告。

These wins illustrate the resilience and scalability of our client franchise, driving ASP growth and expanding our reach into adjacent markets, opening new sources of growth. I'm pleased to announce that we are increasing our share repurchase authorization from $400 million to $1 billion.

這些成功案例顯示了我們客戶群的韌性和可擴展性，推動了平均售價的成長，並將我們的業務拓展到鄰近市場，開闢了新的成長來源。我很高興地宣布，我們將股票回購授權額度從 4 億美元增加到 10 億美元。

This decision reflects our conviction in the strength of our balance sheet and in the intrinsic value of our shares. Delivering shareholder returns while maintaining the flexibility to invest for long-term growth. Over the past three months, I've focused on the fundamentals of our business including our people, clients, and products, assessing what we do, where we lead and where we need to improve.

這項決定反映了我們對公司資產負債表的穩健性和公司股票內在價值的信心。在為股東帶來回報的同時，保持投資長期成長的彈性。在過去的三個月裡，我專注於我們業務的基本面，包括我們的人員、客戶和產品，評估我們所做的事情、我們的領先之處以及我們需要改進的地方。

I've spent time with employees in all our major global offices reviewing our operations, product development and execution, and met with over 80 institutional clients across North America, Europe and Asia. I've engaged with technology and content partners on ways to develop new solutions for our clients. And I've spoken with shareholders about their priorities and how we can better articulate our strategy and milestones.

我花時間與我們所有主要全球辦事處的員工一起審查了我們的營運、產品開發和執行情況，並與北美、歐洲和亞洲的 80 多家機構客戶進行了會面。我與技術和內容合作夥伴探討如何為我們的客戶開發新的解決方案。我已經與股東們討論了他們的優先事項，以及我們如何更好地闡明我們的策略和里程碑。

What I've heard from everyone reaffirms the core strengths that set FactSet apart and why we believe we will continue to be indispensable to clients. First, are connected data. Clients rely on facts set for high-quality trusted content curated over decades and enriched by deep domain expertise.

我從大家那裡聽到的都再次印證了 FactSet 的核心優勢，正是這些優勢讓 FactSet 脫穎而出，也正是這些優勢讓我們相信，我們將繼續成為客戶不可或缺的合作夥伴。首先，是連接數據。客戶信賴的事實，這些事實構成了高品質、值得信賴的內容，這些內容經過數十年的精心策劃，並融入了深厚的領域專業知識。

Just as important, our ability to standardize and reconcile third-party sources with speed and precision is market leading. Thanks to advanced integration, concordance, and entity resolution capabilities. And clients access our data where and how they need through APIs, secure low latency feeds, cloud connectors and MCP servers without sacrificing performance, security or reliability.

同樣重要的是，我們能夠快速、精確地標準化和協調第三方來源，這在市場上處於領先地位。得益於先進的整合、協調和實體解析功能。客戶可以透過 API、安全性低延遲資料流、雲端連接器和 MCP 伺服器，隨時隨地以他們需要的方式存取我們的數​​據，而不會犧牲效能、安全性或可靠性。

Second, embedded workflows. FactSet isn't a portal. We have built into the data pipes and decision engines that run global finance. Every day, clients on average make 8.4 billion FactSet query language requests for spreadsheet use.

其次，嵌入式工作流程。FactSet 不是一個入口網站。我們已將其融入運行全球金融的數據管道和決策引擎。平均而言，客戶每天發出 84 億次 FactSet 查詢語言請求以用於電子表格。

Evidence of deep reliance on our platform for evaluation, screening and other decision making. Our portfolio analytics power mission critical workflows, performance, attribution, risk and reporting where accuracy, explainability and governance matter most. We are interested to view the activity, exposure and risk across client books and deliver analytics that inform decisions throughout the investment life cycle.

有證據表明，客戶對我們的平台在評估、篩選和其他決策方面有著強烈的依賴性。我們的投資組合分析為關鍵任務工作流程、績效、歸因、風險和報告提供支持，在這些領域，準確性、可解釋性和治理至關重要。我們有興趣了解客戶投資組合的活動、風險敞口和風險，並提供分析結果，為整個投資生命週期中的決策提供資訊。

Third, best in class client service. We combine technology with human expertise. Our consultants are trained on the workflows of asset managers, banks and wealth advisors. They operate as partners to our clients, designing implementations, guiding transitions and enabling user adoption and personalization.

第三，一流的客戶服務。我們將科技與人類專業知識結合。我們的顧問接受過資產管理公司、銀行和財富顧問工作流程的培訓。他們作為我們客戶的合作夥伴，負責設計實施方案、指導過渡以及促進用戶採納和個人化。

In a recent meeting, I had with the head of wealth management at a top 10 global bank, the first thing he said to me was how much he appreciated his FactSet consultant and mentioned her by first name. And said she had just been in his office before I showed up.

在最近一次與全球排名前十的銀行的財富管理主管會面時，他跟我說的第一句話就是他非常欣賞他的 FactSet 顧問，並且直呼其名。她說在我出現之前，她剛去過他的辦公室。

Fourth, broad and deep distribution. We have reached across the industry. 100,000 wealth advisors, roughly three quarters of the top global investment banks and 95 of the top 100 global asset managers rely on FactSet.

第四，廣泛而深入的傳播。我們的業務已遍及整個產業。 10萬名財富顧問、約四分之三的全球頂級投資銀行以及全球前100強資產管理公司中的95家都信賴FactSet。

The average age of our client relationships is more than 16 years, so it is clear that this trust runs deep. These strengths reinforce each other in a flywheel to make FactSet essential today. And increasingly so as AI energetic capabilities become more prevalent in daily work.

我們與客戶的平均合作關係持續時間超過 16 年，由此可見，這種信任根深蒂固。這些優勢相互促進，形成良性循環，使得 FactSet 在當今時代至關重要。隨著人工智慧的強大功能在日常工作中越來越普及，這種情況也日益明顯。

Success in enterprise AI comes from trusted high-quality data. Secure integration with models and workflows, and detailed knowledge of how financial institutions operate. This is where FactSet stands out. Over 90% of our ASV is composed of proprietary client facing solutions and proprietary data and tools enriched by subject matter experts.

企業人工智慧的成功源自於可信賴的高品質數據。與模型和工作流程安全集成，並詳細了解金融機構的運作方式。這就是FactSet的優勢所在。我們超過 90% 的 ASV 由專有的面向客戶的解決方案以及由主題專家豐富完善的專有數據和工具組成。

Examples include portfolio analytics, FactSet performance solutions, QSIP, Revere, and FactSet fundamentals. We are one of the few companies trusted to integrate external and private data at scale without compromising safety, supported by strict data ownership entitlements and security compliance.

例如投資組合分析、FactSet 績效解決方案、QSIP、Revere 和 FactSet 基本面分析。我們是少數幾家值得信賴的公司之一，能夠在不損害安全性的前提下大規模整合外部和私有數據，這得益於嚴格的數據所有權授權和安全合規性。

While other providers offer conversational interfaces or point solutions. They lack the govern data foundations and enterprise integration that regulated financial workflows require. And because FactSet is so deeply integrated across buyite wealth and banking clients, we are uniquely positioned to navigate their technology architecture, consolidate fragmented data environments and tailor AI and gentic solutions to their needs.

其他供應商則提供對話式介面或單點解決方案。它們缺乏受監管的金融工作流程所需的治理資料基礎和企業整合。由於 FactSet 與 buyite 財富和銀行客戶深度整合，我們擁有獨特的優勢來駕馭他們的技術架構，整合分散的數據環境，並根據他們的需求量身定制人工智慧和基因解決方案。

As the flywheel compounds, it directly translates into faster product innovation, deeper user personalization and measurably better client outcomes. Let me give you a sense of the volume running through this flywheel today.

隨著飛輪效應的累積，它將直接轉化為更快的產品創新、更深層的用戶個人化以及可衡量的更好的客戶成果。讓我來給你們感受一下今天這台飛輪運轉的規模。

Just in the past 30 days, our clients have actively used 1 million custom models and screens to run data queries pulling hundreds of billions of data points. We believe AI will accelerate this flywheel. We are still in the early stages of enterprise AI adoption. But to give you an example, across the AI products we launched earlier this year. We've seen broad-based user adoption with sequential growth of more than 45%.

光是在過去 30 天裡，我們的客戶就積極使用了 100 萬個自訂模型和螢幕來執行資料查詢，提取數千億個資料點。我們相信人工智慧將加速這一進程。我們仍處於企業人工智慧應用的早期階段。但舉個例子來說，在我們今年稍早推出的人工智慧產品中。我們看到用戶廣泛採用該產品，連續成長超過 45%。

Put simply, AI doesn't replace what makes facts essential. It amplifies it. While I'm pleased with our first quarter results and the positive feedback from our clients, there's much work to be done to unlock the tremendous value within our business.

簡而言之，人工智慧並不能取代事實本身的重要性。它會放大這種現象。雖然我對第一季的業績和客戶的正面回饋感到滿意，但要釋放我們業務中蘊藏的巨大價值，還有很多工作要做。

This starts with decisive action to accelerate growth and operating leverage. I have three priorities driving commercial excellence, delivering productivity improvements across the business and solidifying our long-term strategy to ensure FactSet disposition for sustainable growth.

首先要採取果斷行動，加速成長並提高營運效率。我有三個優先事項：推動商業卓越發展、提高整個業務的生產力以及鞏固我們的長期策略，以確保 FactSet 實現永續成長。

First, commercial excellence. With our strong products and trusted client relationships, we are sharpening sales execution to reinvigorate top-line growth. We are driving new business development using analytics to prioritize new prospects, scaling marketing to increase awareness and recall of flagship solutions, putting AI tools to work for personalized outreach and follow-up and managing the pipeline with rigor.

首先，商業卓越性。憑藉我們強大的產品和值得信賴的客戶關係，我們正在加強銷售執行，以重振營收成長。我們正在利用分析來推動新業務發展，優先考慮新的潛在客戶，擴大行銷規模以提高旗艦解決方案的知名度和記憶度，利用人工智慧工具進行個人化推廣和跟進，並嚴格管理銷售管道。

We're simplifying packaging and pricing, organizing clients by persona and usage, refreshing bundles with data-driven insight, fully integrating recent acquisitions, pricing to value and tightening controls to reduce leakage.

我們正在簡化包裝和定價，按角色和使用情況對客戶進行分類，利用數據驅動的洞察力更新套餐，全面整合最近的收購，按價值定價，並加強控制以減少洩漏。

We are focusing on improving retention and expansion within our clients, aligning customer success metrics and incentives to drive adoption and upsell, using analytics to flag and reduce churn and elevating our strategic dialogue at top clients.

我們致力於提高客戶留存率和拓展率，調整客戶成功指標和激勵措施以推動產品採用和追加銷售，利用分析來發現和減少客戶流失，並提升我們與頂級客戶的策略對話。

And we're modernizing sales operations. Raising performance expectations, applying best practices to sales incentives, reducing friction with advanced forecasting and analytical tools and instituting robust productivity tracking.

我們正在對銷售營運進行現代化改造。提高績效預期，將最佳實踐應用於銷售激勵，利用先進的預測和分析工具減少摩擦，並建立健全的生產力追蹤機制。

We are executing with urgency while laying the groundwork for world-class commercial performance. For example, we've changed sales incentives to better align them with the outcomes we want. New business, cross selling and upselling. This has already led to faster sales motions and a richer pipeline.

我們正爭分奪秒地執行各項任務，同時為實現世界一流的商業表現奠定基礎。例如，我們調整了銷售激勵機制，使其與我們想要的結果更一致。新業務拓展、交叉銷售和向上銷售。這已經帶來了更快的銷售速度和更豐富的銷售管道。

My second priority is driving productivity gains. I've initiated a disciplined review of our technology processes and client service model to identify and act on opportunities to reduce complexity, apply modern tools and streamline operations.

我的第二個首要任務是提高生產效率。我已啟動對我們的技術流程和客戶服務模式的嚴格審查，以發現並抓住機會，降低複雜性，應用現代工具，簡化營運。

We've initiated a program of transforming and consolidating our legacy technology applications onto a centrally managed modern platform. This is expected to significantly reduce complexity for our developers and deliver efficiencies. One tool having immediate impact is our new text to formula agent, which reduces routine support traffic, resolving requests in an average of six seconds versus minutes for a human interaction. On average, approximately 35% of formula support questions daily are now handled by this agent.

我們已啟動一項計劃，將我們的傳統技術應用程式轉型並整合到一個集中管理的現代化平台上。預計這將大大降低開發人員的工作複雜度，並提高效率。我們新推出的文字轉公式代理工具能夠立即產生影響，它減少了日常支援流量，平均只需 6 秒即可解決請求，而人工互動則需要幾分鐘。平均而言，每天約有 35% 的配方支援問題由該客服人員處理。

By offloading these repetitive requests, our service teams are able to focus on higher impact client work. Each interaction also adds to a reinforcement learning loop that continuously improves product performance.

透過將這些重複性請求外包出去，我們的服務團隊能夠專注於對客戶影響更大的工作。每一次互動都會形成強化學習循環，從而不斷提升產品性能。

Leveraging new data modeling, visualization and programming approaches, our data operations team is now able to ingest third-party data at 10 times the speed, vastly expanding our content coverage without adding headcount. These examples illustrate the scope of opportunity there is to drive productivity and efficiency across the organization.

利用新的數據建模、視覺化和程式設計方法，我們的數據營運團隊現在能夠以 10 倍的速度攝取第三方數據，在不增加人手的情況下極大地擴展了我們的內容覆蓋範圍。這些例子說明了在整個組織內提高生產力和效率的機會範圍之廣。

My third priority is solidifying our long-term strategy to ensure FactSet is positioned for sustainable growth. I'm engaged closely with the Board and my management team to shape FactSet's future and we are holding ourselves accountable to make hard decisions around allocating resources and capital.

我的第三項優先事項是鞏固我們的長期策略，以確保 FactSet 能夠實現永續成長。我與董事會和我管理團隊密切合作，共同塑造 FactSet 的未來，我們勇於承擔責任，在資源和資本分配方面做出艱難的決定。

I know you're all eager to hear my thoughts about medium term guidance. It's too early for me to comment on that but I want you to know that I'm working actively on new growth initiatives anchored on content and technology innovation that drive real competitive differentiation and deliver durable AP growth and operating leverage.

我知道大家都很想聽聽我對中期指導的看法。現在對此發表評論還為時過早，但我希望你們知道，我正在積極推進以內容和技術創新為基礎的新增長計劃，以推動真正的競爭差異化，並實現持久的AP增長和運營槓桿。

As I reflect on my first few months, I have greater conviction in FactSet's position today because the structural advantages are real. The client reliance is deep and the opportunities to expand our impact are tangible.

回顧我入職後的頭幾個月，我對 FactSet 如今的地位更加充滿信心，因為其結構性優勢是實實在在的。客戶對我們的依賴程度很高，擴大我們影響力的機會也顯而易見。

We have three clear priorities that we are acting on with urgency to drive a culture of excellence across the company. Over the coming quarters, we'll continue to provide more details as we execute against these priorities.

我們有三個明確的優先事項，我們正在緊急採取行動，以在公司內部推動卓越文化的建設。在接下來的幾個季度裡，我們將繼續提供更多細節，以落實這些優先事項。

Now I will hand over to Helen to discuss our Q1 performance in more detail.

現在我將把發言權交給海倫，讓她更詳細地討論我們第一季的業績。

Thank you, Sanoke, and great to be here with all of you on this call. Our Q1 FY26 results mark a solid start to the year, driven by discipline and execution and deepening traction with our clients. For the first quarter, organic ASV growth accelerated sequentially to 5.9%, an increase of $6.6 million.

謝謝你，薩諾克，很高興能和大家一起參加這次電話會議。我們2026財年第一季的業績標誌著今年開局良好，這得益於我們的自律和執行力，以及與客戶之間日益加深的聯繫。第一季度，有機ASV成長季加速至5.9%，成長660萬美元。

Expansion with our existing clients was the key component with strong demand in trading, workstations and markets data across the buy side, banking and wealth. With that, let's review the quarterly results in more detail.

與現有客戶的拓展是關鍵因素，買方、銀行和財富管理領域對交易、工作站和市場數據有著強勁的需求。接下來，讓我們更詳細地回顧季度業績。

Starting with our regional performance. In the Americas, organic ASV grew 6% this quarter, driven by asset managers and wealth. Within this region, we are seeing increased demand for portfolio life cycle solutions and AI ready data, both from existing hedge funds and new ones coming on board.

首先來看我們區域表現。在美洲，受資產管理公司和財富管理公司的推動，本季有機ASV成長了6%。在這個地區，我們看到現有對沖基金和新加入的對沖基金對投資組合生命週期解決方案和人工智慧就緒資料的需求不斷增長。

In EMEA, organic ASV grew 4% this quarter. We had higher expansion with performance solutions and improved retention overall, both helping to offset some softness we experienced with asset owners in the region.

在歐洲、中東和非洲地區，本季有機ASV成長了4%。我們透過性能解決方案實現了更高的擴張，整體客戶留存率也有所提高，這兩方面都有助於抵消我們在該地區資產所有者方面遇到的一些疲軟情況。

In Asia Pacific, organic ASV grew 8%, up from 7% last quarter. Middle Office solutions and AI ready data were the key drivers here, as we're seeing regional firms increasingly investing and modernizing their tech stacks to compete globally.

在亞太地區，有機ASV成長了8%，高於上一季的7%。中台解決方案和人工智慧就緒資料是關鍵驅動因素，我們看到區域性公司正不斷投資並對其技術堆疊進行現代化改造，以在全球範圍內參與競爭。

Now, turning to our results by firm type. On the institutional buy side, we delivered 4% organic ASV growth with broad-based strength across firm types. Asset managers led the way with multiple seven-figure wins and improved expansion with existing clients. Growth here was fueled by our trading solutions, performance and managed services.

現在，讓我們按公司類型來看看我們的結果。在機構買方方面，我們實現了 4% 的有機 ASV 成長，且各類公司均表現強勁。資產管理公司憑藉多筆七位數等級的交易和現有客戶的業務拓展，在業界遙遙領先。我們的交易解決方案、業績和託管服務推動了這裡的成長。

Hedge funds accelerated again this quarter with strong demand for our data capabilities and front office offerings. Asset owners' growth was softer this quarter as we lapped the large outsourced CIO win in Q1 last year. We do continue to see selective opportunities where our performance solutions and client relationships are gaining traction.

本季對沖基金再次加速成長，對我們的數據能力和前台服務需求強勁。由於去年第一季我們贏得了大型外包資訊長 (CIO) 項目，資產所有者的成長在本季度有所放緩。我們確實繼續看到一些特定的機會，在這些機會中，我們的性能解決方案和客戶關係正在取得進展。

In wealth, we deliver 10% organic ASV growth in Q1, displacing incumbents with six-figure wins spanning workstations, pricing, reference data and analytics. This quarter, all-platform solutions, data feeds, APIs and analytics integrations comprise an increasing portion of expansion.

在財富管理領域，我們在第一季實現了 10% 的有機 ASV 成長，憑藉涵蓋工作站、定價、參考資料和分析的六位數訂單，取代了現有競爭對手。本季度，全平台解決方案、資料來源、API 和分析整合在擴張中所佔比例越來越大。

This validates our land and expand strategy as existing workstation clients embed facts content into the broader technology stacks. And dealmakers, organic ASV grew 6% year-over-year. Banking drove the majority of the growth as clients expanded their use of our data feeds, APIs and off-platform solutions.

這驗證了我們「佔領市場並擴張」的策略，因為現有的工作站客戶將事實內容嵌入到更廣泛的技術堆疊中。交易撮合者方面，有機ASV較去年同期成長6%。銀行業推動了大部分成長，因為客戶擴大了對我們資料來源、API 和平台外解決方案的使用。

Across our banking franchise, we are seeing higher net seasonal hiring driven by a strong M&A market globally. Corporates and PEVC also contributed to growth with both new business wins and improved retention.

在我們整個銀行體系中，受全球強勁併購市場的影響，季節性淨招聘人數增加。企業和私募股權/創投公司也透過贏得新業務和提高客戶留存率，為成長做出了貢獻。

Integrated solutions are resonating and driving expansion within existing clients. This quarter, we are renaming partnerships and CGS to market infrastructure to better reflect the exchanges, data providers and market participants we serve. Organic growth was 7% with robust data demand and continued strong issuance activity.

整合解決方案引起了現有客戶的共鳴，並推動了業務成長。本季度，我們將合作夥伴關係和 CGS 更名為市場基礎設施​​，以更好地反映我們所服務的交易所、數據提供商和市場參與者。有機成長率為 7%，這得益於強勁的數據需求和持續旺盛的發行活動。

We're expanding our client base and deepening relationships. Client count grew to over 9,000, up 9% year-over-year, driven by corporate and wealth additions. Retentions remained healthy at 91% for clients and above 95% for ASV. Our user base is now approaching 240,000 with wealth and asset managers leading user growth in the quarter up 10% versus the prior year.

我們正在擴大客戶群，並深化客戶關係。客戶數量成長至 9,000 多人，較去年同期成長 9%，主要得益於企業客戶和財富管理客戶的增加。客戶留存率維持在 91% 的健康水平，ASV 留存率保持在 95% 以上。我們的用戶群目前已接近 24 萬，其中財富和資產管理公司引領了本季的用戶成長，比去年同期成長了 10%。

Turning now to our financial results. First quarter revenues grew 6.9% year-over-year to $608 million or 6% organically excluding foreign exchange and M&A impact. Adjusted operating margin came in at 36.2% for the quarter. Adjusted earnings per share was $4.51 up 3% year-over-year, driven by growth in revenues and a lower share count offset by a higher tax rate.

現在來看我們的財務表現。第一季營收年增 6.9% 至 6.08 億美元，若不計外匯和併購影響，有機成長 6%。本季調整後營業利益率為 36.2%。調整後的每股盈餘為 4.51 美元，年增 3%，主要得益於收入成長和流通股數量減少，但部分被較高的稅率所抵銷。

Operating expense increased 9% year-over-year on an adjusted basis with a few key drivers. People-related expense rose $15 million or 7% driven by higher annual merit increases and year-over-year lapping dynamics. Specifically, employees hired or acquired after Q1 of last year, including from Irwin and liquidity book are now reflected in our full quarterly run rate. Sequentially, total headcount grew less than 1% in the quarter, concentrated in low-cost locations.

經調整後，營業費用年增 9%，主要受以下幾個因素影響。人力相關支出增加了 1500 萬美元，增幅達 7%，主要原因是年度績效工資增長較高以及同比工資重疊。具體來說，去年第一季之後僱用或收購的員工，包括來自 Irwin 和流動性資產的員工，現在都已反映在我們的完整季度運作率中。本季員工總數較上季成長不到 1%，且主要集中在低成本地區。

Technology expense grew $13 million or 23%, driven by higher internal use software amortization and cloud expense. As we've discussed, we are concentrating investments in both growth and structural capabilities to expand our market leadership through product innovation.

技術支出增加了 1,300 萬美元，增幅達 23%，主要原因是內部使用軟體攤提增加和雲端支出增加。正如我們之前討論過的，我們將集中投資於成長和結構能力，透過產品創新來擴大我們的市場領導地位。

Our other expense categories remained well-controlled. Third-party content costs increased $4 million to support new data sets for research workflows, while real estate expense rose $2 million due to lease renewals and a return to office expense. For a detailed breakdown of our expense progression and reconciliations, please reference the appendix in today's earnings presentation.

我們其他方面的支出都控制得很好。為支援研究工作流程的新資料集，第三方內容成本增加了 400 萬美元，而由於租賃續約和重返辦公室的費用，房地產支出增加了 200 萬美元。有關我們費用進度和核對的詳細分類，請參閱今天收益報告中的附錄。

I will now walk you through our investment priorities, which remain consistent with what we've outlined last quarter. We're allocating roughly 2/3 to growth and 1/3 to our internal infrastructure. The growth investments are targeted across firm types.

接下來，我將向大家介紹我們的投資重​​點，這些重點與我們上個季度概述的重點保持一致。我們將大約 2/3 的資金分配給業務成長，1/3 分配給內部基礎設施。成長投資的目標涵蓋各種類型的公司。

First, we're building a more differentiated data universe, including enterprise data such as real-time feeds, pricing and reference data as well as our own deep sector content. Second, we are deepening our client workflows, such as extending our strength on the advisor desktop into the home office functions for wealth clients, broadening our manage services offering and connecting the trade life cycle through our modern EMS and OMS solutions. The structural investments are aimed to enable growth.

首先，我們正在建立一個更差異化的數據宇宙，包括企業數據，例如即時資訊流、定價和參考資料，以及我們自己的深度產業內容。其次，我們正在深化客戶工作流程，例如將我們在顧問桌面端的優勢擴展到財富客戶的家庭辦公室功能，擴大我們的管理服務範圍，並透過我們現代化的 EMS 和 OMS 解決方案連接交易生命週期。這些結構性投資旨在促進經濟成長。

First, we are upgrading our go to market tools and processes to accelerate our sales motion and increase activity levels. Second, we are modernizing core infrastructure, cybersecurity enhancements, AI-powered productivity tools, and performance-based incentives. These are intended to drive operational efficiency as we scale.

首先，我們正在升級市場推廣工具和流程，以加快銷售步伐並提高活躍度。其次，我們正在對核心基礎設施、網路安全、人工智慧驅動的生產力工具和基於績效的激勵機制進行現代化改造。這些措施旨在隨著我們規模的擴大而提高營運效率。

These investments should strengthen retention and expand our opportunities with existing clients while positioning us to grow with new clients. To help fund these activities, we are executing on productivity actions, Sanoke noted earlier, reallocating resources for maintenance to growth initiatives, managing headcount and third-party spend more rigorously and implementing AI to automate routine processes. Together, these actions to produce sustainable expense savings.

這些投資應該能夠加強現有客戶的留存率，擴大我們與現有客戶合作的機會，同時為我們與新客戶共同發展奠定基礎。薩諾克先前指出，為了資助這些活動，我們正在執行提高生產力的措施，將維護資源重​​新分配給成長計劃，更嚴格地管理員工人數和第三方支出，並實施人工智慧來自動化日常流程。這些措施共同作用，可實現可持續的成本節約。

On capital allocation, we maintain a balanced framework, but in our priorities, growth comes first. We are deploying capital into product development, go to market capabilities and infrastructure modernization to drive future growth.

在資本配置方面，我們保持平衡的框架，但在我們的優先事項中，成長放在首位。我們將資金投入產品開發、市場推廣能力和基礎設施現代化，以推動未來的成長。

Our strong balance sheet gives us the flexibility to pursue these investments while also returning capital to shareholders. We ended the quarter with a gross debt leverage ratio of 1.4 times and our consistent free cash flow generation supports both our growth agenda and capital returns. With our financial strength as a foundation, we are also committed to shareholder returns. Earlier today, we announced an increase to our share repurchase authorization from $400 million to $1 billion.

我們穩健的資產負債表使我們能夠靈活地進行這些投資，同時也能向股東返還資本。本季末，我們的總債務槓桿比率為 1.4 倍，持續的自由現金流產生既支持了我們的成長計劃，也支持了資本回報。憑藉著雄厚的財務實力，我們也致力於為股東帶來回報。今天早些時候，我們宣布將股票回購授權額度從 4 億美元增加到 10 億美元。

During our first quarter, we purchased approximately 478,000 shares, leaving $860 million of capacity under the program. This increased authorization reflects confidence in fact it's long-term fundamentals. We also paid a quarterly dividend of $1.10 per share today to shareholders of record as of November 28. In total, we returned $554 million to our shareholders over the last 12 months through dividends and buybacks, and we remain committed to delivering strong returns while investing for growth.

第一季度，我們購買了約 47.8 萬股股票，該計劃還剩下 8.6 億美元的額度。這項增加的授權實際上反映了人們對其長期基本面的信心。今天，我們也向截至 11 月 28 日登記在冊的股東發放了每股 1.10 美元的季度股息。在過去的 12 個月裡，我們透過股利和股票回購向股東返還了 5.54 億美元，我們將繼續致力於在投資成長的同時，實現強勁的回報。

Let me finish with guidance. We are reaffirming our previously issued FY26 guidance across all metrics, both GAAP and adjusted. Clearly, Q1 was a solid start and we are encouraged by continued client demand. This sets us up well to deliver on full year targets. Looking ahead, our pipeline remains healthy and we are confident in our ability to convert opportunities and successfully close on key renewals.

最後，我想給一些指導。我們重申先前發布的 2026 財年所有指標（包括 GAAP 和調整後指標）的業績指引。顯然，第一季開局良好，客戶持續的需求也令我們倍感鼓舞。這為我們實現全年目標奠定了良好的基礎。展望未來，我們的業務管道依然健康，我們有信心把握機遇，成功完成關鍵續約。

With much of the year still ahead of us, we are maintaining a prudent and conservative approach to guidance. We are focused on executing against these commitments and we'll provide updates as we gain additional visibility.

今年還有很長一段時間，我們將保持謹慎保守的績效指引方式。我們正專注於履行這些承諾，並將隨著情況的進一步明朗化提供最新資訊。

On quarterly phasing, we expect Q2 operating margins to reflect the step up in investment outlined earlier as we bring on headcount and technology resources. This is deliberate and keeps us on track for a full year margin target. In summary, we achieved a strong Q1 with a healthy demand environment, disciplined investments and growth and financial strength to deliver sustainable shareholder returns.

按季度分階段來看，我們預計第二季的營業利潤率將反映出先前概述的投資增加，因為我們將增加人員配備和技術資源。這是有意為之，旨在確保我們能夠實現全年利潤率目標。總而言之，憑藉健康的需求環境、審慎的投資和成長以及雄厚的財務實力，我們取得了強勁的第一季業績，為股東帶來了可持續的回報。

Thank you for your time today. Operator, please open for questions.

感謝您今天抽出時間。接線員，請開門接受提問。

(Operator Instructions)

（操作說明）

Alex Cram, UBS Securities. (Operator Instructions)

Alex Cram，瑞銀證券。（操作說明）

Kelsey Zhu, Autonomous Research.

Kelsey Zhu，自主研究。

Hi, good morning. Thanks for taking my question. I feel like recently there's been a lot of discussion around FactSet as competitive positioning versus AI startups. I'm actually more curious to hear your perspective on how FactSet is position amounts the Big Four data incumbents.

您好，早安。謝謝您回答我的問題。我覺得最近有很多關於 FactSet 與 AI 新創公司競爭定位的討論。我其實更想聽聽你對 FactSet 如何與四大數據巨頭競爭的看法。

I think everyone's investing in AI infrastructure, everyone's launching new AI products and the fact that is a smaller one of the bunch. So just curious to hear your strategy to maintain share or gain share within the incumbents.

我認為每個人都在投資人工智慧基礎設施，每個人都在推出新的人工智慧產品，而它只是其中規模較小的一個。所以，我很好奇你們在現有市佔率競爭中維持或提升市場佔有率的策略是什麼。

Thank you, Kelsey, for that question. I'll reiterate what we said earlier, which is that we are very confident, very confident in what we view as proprietary assets that we have. You saw in the chart then the both in terms of data as well as tools and analytics, what we bring to bear. There is a significant amount of capability that we bring that is not disruptible by others.

謝謝凱爾西的提問。我重申我們之前說過的話，那就是我們對我們所擁有的專有資產非常有信心，非常有信心。然後，您在圖表中看到了我們在數據、工具和分析方面所帶來的成果。我們擁有大量他人無法撼動的能力。

At the same time, we also partner very actively with the full range of the AI ecosystem from the hyperscalers to startups and we view the distribution through those as complementary to our existing distribution. I'll just take a couple of examples and talk about how we think about our strategy.

同時，我們也積極與人工智慧生態系統的各個環節（從超大規模企業到新創公司）開展合作，我們認為透過這些管道進行的分銷是對我們現有分銷管道的補充。我舉幾個例子，談談我們是如何思考我們的策略的。

So when you look at our workstation, we view the workstation as a channel that distributes our data, just like we distribute data through data feeds and through APIs. At the same time, as clients are starting to move into production workloads with AI, they demand security, they demand entitlements, they want a container through which they can consume their AI in a safe and secure way. All of which the workstation does and has been doing for decades.

所以，當我們審視我們的工作站時，我們會將工作站視為分發資料的管道，就像我們透過資料來源和 API 分發資料一樣。同時，隨著客戶開始將 AI 應用於生產工作負載，他們對安全性提出了更高的要求，他們要求獲得相應的權限，他們希望透過一個容器以安全可靠的方式使用他們的 AI。工作站能夠做到這一切，而且幾十年來一直如此。

So what we are really seeing, and this is evident in our, in the strong quarter we just saw and in the pipeline that we see. There is a huge amount of demand from clients, from our core existing clients who've been through, I would say, months if not years of trialing and experimenting with different AI solutions, coming to us and asking us to be a consolidator of these solutions and really driving demand and we've seen multiple five year and seven year contract renewals from some of our largest clients where AI is a key component of what we are going to be delivering for them.

所以，我們真正看到的，這一點在我們剛剛看到的強勁季度業績以及我們正在推進的專案計劃中都顯而易見。來自客戶的巨大需求，尤其是我們核心的現有客戶，他們已經嘗試和試驗了各種人工智慧解決方案數月甚至數年，現在他們找到我們，希望我們能夠整合這些解決方案，這確實推動了需求。我們已經看到一些最大的客戶續簽了多個五年或七年的合同，人工智慧是我們即將為他們提供的服務中的關鍵組成部分。

And let me ask Goran to add a little bit more color to this.

讓我請戈蘭再補充一些細節。

Yeah, Kelsey, just in terms of how do we stack up versus the established competitors, we feel strongly about our competitive position. Robot position to take share. We keep investing in our content assets, and we are pleased with the progress of some of those that really are the key to taking share, especially if we have time. Price reference data and things of that nature and and data solution was a big driver of the Q1 results. So I hope that answers your question.

是的，凱爾西，就我們與現有競爭對手相比的實力而言，我們對自己的競爭地位充滿信心。機器人佔據有利位置，搶佔市場。我們不斷投資於我們的內容資產，並且對其中一些內容的進展感到滿意，這些內容對於獲得市場份額至關重要，尤其是在我們有時間的情況下。價格參考數據及類似數據解決方案是第一季業績的主要驅動因素。希望這能解答你的疑問。

Faiza Alwy, Deutsche Bank Securities.

Faiza Alwy，德意志銀行證券。

Great. Thank you so much. Good morning. So no thank you for your detailed comments regarding your priorities. A few things stuck out to me regarding, commercial excellence. You talked about sort of simplifying pricing, packaging, pricing to value and some of the changes around.

偉大的。太感謝了。早安.所以，不用了，謝謝您詳細闡述您的優先事項。關於商業卓越性，有幾點讓我印象深刻。您談到了簡化定價、包裝、按價值定價以及相關的一些變化。

You know sales incentives and it sounds like you're saying it's already led to, faster, sales motion and a richer pipeline so we just love to hear a little bit more sort of bring to light some of the changes that you will have either already incorporated and the early results that you're seeing.

您了解銷售激勵措施，聽起來您認為它已經帶來了更快的銷售速度和更豐富的銷售管道，所以我們很想聽聽您進一步介紹您已經實施的一些變化以及您看到的早期成果。

Thanks, Faiza. Yes, we are actively at work on a whole set of levels across the entire sort of sales enablement and salesforce effectiveness. Incentives was one of the first things we worked on in this last quarter and we've really aligned our incentives across the board, certainly in sales, but even more broadly across the company.

謝謝你，法伊札。是的，我們正在積極地從各個層面著手提升銷售賦能和銷售團隊效能。激勵機制是我們上個季度著手處理的第一件事，我們已經全面調整了激勵機制，尤其是在銷售方面，更廣泛地說，是在整個公司範圍內。

To focus on the motions that we are looking to achieve. So first, just new business development. There's a real renewed vigor and energy with which we are attacking new business development all the way up and down the funnel and we're seeing significant expansion in our top of the funnel lead generation coming out of that.

專注於我們想要達成的目標。首先，就是拓展新業務。我們以全新的活力和熱情投入整個銷售漏斗的各個環節，積極拓展新業務，並因此看到了漏斗頂端潛在客戶開發方面的顯著增長。

The second area is obviously cross-selling and upselling. So driving retention and expansion in our core clients. This we are seeing a big pickup and the energy in our sales teams is palpable. We are seeing faster sales motion. It is definitely aided by the fact that our AI products are resonating and there is an urgency in clients as well to move faster in terms of capturing the value from those products.

第二個領域顯然是交叉銷售和向上銷售。因此，我們致力於提高核心客戶的留存率和業務拓展。我們看到這一趨勢正在迅速成長，銷售團隊的活力也顯而易見。我們看到銷售成長速度加快。我們的 AI 產品引起了廣泛關注，客戶也迫切希望加快步伐，從這些產品中獲取價值，這無疑對此有所幫助。

And in terms of some of the other levers I spoke about, we have a lot of work ahead of us. We are investing in our systems. We are applying more analytics to understanding what, where we are trending in terms of client usage of our products and being able to flag and ultimately reduce the risk of churn. So we see a good upside from this coming through in the future quarters. And certainly the idea is to build a sustainable long-term high performance commercial engine.

至於我提到的其他一些槓桿，我們還有很多工作要做。我們正在對我們的系統進行投資。我們正在運用更多分析方法來了解客戶對我們產品的使用趨勢，以及這些趨勢的走向，從而能夠發現並最終降低客戶流失的風險。因此，我們預計未來幾季這將帶來良好的利多因素。當然，我們的目標是打造一款可持續的、長期的、高性能的商用引擎。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Hey guys, hopefully you hear me now on this line. Seems like you are. Can you hear me?

嘿，夥計們，希望你們現在能聽到我的聲音。看來你確實是。你聽得到我嗎？

Sorry. Yes, all clear.

對不起。是的，一切正常。

Alright, good, sorry, tech difficulties today. Alright, anyways, I don't think this was asked, when I disconnected, but the other question I'm getting related to AI a lot when it comes to you guys is also how the hiring picture is going to look for your customer base in the future because obviously not only you but your customers are talking about using AI for efficiency. And I think 50% of your business is still a desktop business.

好的，抱歉，今天技術上出了點問題。好吧，總之，我覺得在我斷開連接的時候，這個問題可能還沒有人問過，但我經常被問到的另一個與人工智慧相關的問題是，你們的客戶群未來招聘情況會如何，因為很明顯，不僅你們，你們的客戶也在談論使用人工智慧來提高效率。我認為你們50%的業務仍然是桌面業務。

So maybe you, with your, with your discussions you've been having with clients, where do you hear that the most? Like what li client types do you. I think you can actually see some customer reductions in terms of the the seats so and how do you stack up in those areas, meaning, where do you see the thebiggest reduction of of force and how does this impact your kind of desktop related businesses.

那麼，在你與客戶的討論中，你最常在哪裡聽到這種說法呢？例如你有哪些類型的客戶？我認為實際上可以看到一些客戶數量有所減少，例如座位數量，那麼你在這些方面表現如何？也就是說，你認為哪些方面的需求下降最大？這對你的桌面相關業務有何影響？

Thanks, Alex. Yeah, look, I've -- as I said, I've met with dozens of clients now around the world and across all our firm types. And certainly, I'd say there's a huge amount of experimentation and testing out and piloting of various AI solutions.

謝謝你，亞歷克斯。是的，你看，正如我所說，我已經與世界各地、各種類型的公司中的數十位客戶會面了。當然，我認為目前對各種人工智慧解決方案進行了大量的實驗、測試和試點。

What we're seeing on the ground in terms of real commitment and commitment of the larger dollars though is to folks like ourselves, is ultimately clients are looking for ways in which they can augment their factsed solutions and our own AI products are resonating.

就實際投入和更大資金的投入而言，像我們這樣的人最終看到的是，客戶正在尋找方法來增強他們基於事實的解決方案，而我們自己的人工智慧產品引起了共鳴。

We are not seeing yet any real reduction in headcount, frankly, not even in banking where there has been a significant amount of discussion about it. What we are actually seeing this season is a strong recovery driven by the M&A recovery more broadly. We're actually seeing increased headcount, increased hiring of bankers and by the way, increased usage of all of the digital tooling, including our AI products.

坦白說，我們目前還沒有看到任何真正的裁員，即使在銀行業，儘管對此已經進行了大量討論，但也沒有看到裁員。本季我們實際看到的是由併購活動整體復甦帶動的強勁復甦。實際上，我們看到員工人數增加，銀行家的招募人數增加，而且所有數位工具（包括我們的人工智慧產品）的使用量也增加了。

So our our banking AI products, for instance, have seen over 100% in terms of usage growth just quarter on quarter. So I actually think what is really likely to play out is that we are going to see consumption growth, which we are very well prepared for because of the way in which we are striking our contracts with clients and an increase in headcount as well.

例如，我們的銀行業人工智慧產品，僅一個季度的使用量就成長了 100% 以上。所以我認為真正有可能出現的情況是，我們將看到消費成長，而我們對此已經做好了充分的準備，因為我們與客戶簽訂合約的方式以及員工人數的增加。

Again, I don't have a crystal ball, but so far we're not seeing any reductions. There are certainly discussions about it, and there is an expectation that there'll be greater efficiencies, but we are seeing those efficiencies, if they are already coming through, being put back into attempts to gain market share by our clients in our end markets.

我再次聲明，我沒有水晶球，但到目前為止，我們還沒有看到任何減少的跡象。當然，這方面確實存在討論，而且人們也期望能提高效率，但我們看到，即使效率已經提高，我們的客戶也將其用於在終端市場中爭取市場份額。

Manav Patnaik, Barclays Capital.

馬納夫·帕特奈克，巴克萊資本。

Thank you. Good morning. I just had a question on the, on, in the slide you had on the margin impact for the '26 investments. Just, kind of following up the, what is the cadence, I guess by quarter we should be expecting on that 250 days of our gross investment, like how much is done this quarter, for example. And then, are these one-time investments or should we anticipate like '27, '28, et cetera. Having more of these as well?

謝謝。早安.我有一個問題，關於您在幻燈片中提到的 2026 年投資的利潤率影響。我只是想跟進一下，節奏如何？我想按季度來，我們應該預期在 250 天的總投資中完成多少，例如本季完成了多少。那麼，這些是一次性投資，還是我們應該像 2027 年、2028 年等那樣進行預期投資？還有其他類似的嗎？

So Manav, I'll take the second part of that question, and then I'll ask Helen to cover the cadence through this year. So just to recap the sort of the nature of our investments, we have a good chunk of investments going into foundational elements and I'd broadly put the foundational elements into two types. We are investing in our sales incentives as well as broad incentives across the organization, so that we can attract and retain top talent.

那麼，Manav，我將回答這個問題的第二部分，然後我會請Helen介紹今年的節奏。所以，簡單回顧一下我們投資的性質，我們有相當一部分投資投入到基礎要素中，我大致可以將基礎要素分為兩類。我們正在增加對銷售激勵措施以及全公司範圍內各項激勵措施的投入，以便吸引和留住頂尖人才。

And the second, we are investing in technology infrastructure, both cybersecurity as well as resilience for the critical infrastructure that we are providing for our clients, both very essential to the core business that we deliver. So these are strong foundational enablers that set us up well for future operating leverage and for scale.

第二，我們正在投資技術基礎設施，包括網路安全以及我們為客戶提供的關鍵基礎設施的彈性，這兩方面對於我們提供的核心業務都至關重要。因此，這些都是強而有力的基礎性推動因素，為我們未來的營運槓桿作用和規模化發展奠定了良好的基礎。

The bulk of the investment then is growing into very specific targeted growth areas on both -- on the content side, so explicitly expanding our data sets, whether it's pricing and reference data, real-time data, deep sector data, and frankly continuing to invest in the AI readiness of our data. And on the other hand, on deepening our workflows across the portfolio life cycle, both in the wealth space as well as in investing in areas like trading and OMS and EMS systems.

因此，大部分投資都集中在非常具體的目標成長領域，包括內容方面，明確地擴展我們的數據集，無論是定價和參考資料、即時數據、深度行業數據，坦白說，也繼續投資於我們數據的 AI 就緒性。另一方面，我們致力於深化投資組合生命週期中的工作流程，包括財富管理領域以及交易、訂單管理系統 (OMS) 和執行管理系統 (EMS) 等領域的投資。

So these things, these investments all have clear line of sight into direct line demand. So we feel very good about this level of investment. And we are not planning to change this level of investment through the rest of this year.

因此，這些投資都與直接需求有著清晰的關聯。因此，我們對目前的投資水準感到非常滿意。我們計劃在今年剩餘時間內維持這項投資水準。

I think the idea is to -- we have a solid investment plan, and we expect that the benefits of this will play out in future years. We -- about the longer-term investment path that's linked intrinsically to our long-term strategy development which we are working actively on. I will come back and share more about that in future quarters. So let me turn it over to Helen to hit the cadence for 2026.

我認為我們的想法是——我們有一個穩健的投資計劃，我們期望這項計劃的益處將在未來幾年顯現。我們—關於與我們的長期策略發展密切相關的長期投資路徑，我們正在積極推進這條路徑。我會在以後的季度回來分享更多相關資訊。那麼，就讓海倫來為 2026 年設定節奏吧。

Thanks, and thanks for that question, Manav. So we're pretty pleased with the progress we've made on our cost management program thus far. Those are the productivity benefits that we referred to earlier. And when we think about the full-year phasing, when we look at, for example, technology costs, which we would expect to continue to increase amortization of capitalized software is increasing through the year and that really reflects our prior investments.

謝謝，也謝謝你的提問，Manav。因此，我們對目前為止在成本管理計劃方面取得的進展感到非常滿意。這些就是我們前面提到的生產力提升效益。當我們考慮全年的分階段實施情況時，例如，當我們審視技術成本時，我們預計技術成本將繼續增加，資本化軟體的攤銷也在全年增加，這確實反映了我們先前的投資。

And then also the full year run rate from recent acquisitions are going to start to lap, going forward as well. So those are things that are impacting the phasing. When we think about the strategic investments, they're really back half weighted across three areas.

此外，近期收購帶來的全年收益也將開始出現重疊現象。所以這些都是影響分階段實施的因素。當我們考慮戰略投資時，它們實際上主要集中在三個領域，各佔一半的權重。

The incremental headcount, software infrastructure, and then also professional services, which are really more largely one-time in nature. So we don't usually provide quarterly guidance, as but you can. Sort of expect that similar pattern that we saw last year. That being said, Q4 can be impacted, positive or negatively depending on our performance, which is what happened last year but that's how I would think about the impact of margin over the rest of the year.

新增人員、軟體基礎設施，以及專業服務，這些實際上大多是一次性的。因此，我們通常不提供季度業績指引，但您可以自行提供。預計會出現與去年類似的模式。也就是說，第四季度可能會受到影響，可能是正面的，也可能是負面的，這取決於我們的業績，就像去年發生的那樣，但這就是我對利潤率在今年剩餘時間裡的影響的看法。

Shlomo Rosenbaum, stifle.

Shlomo Rosenbaum，膝關節。

Hi, thank you very much. I had a broader question just on the environment. It seems like during the quarter, the company took a step forward in the organic growth in each of the geographic units. And what I'm trying to understand is how much of that is from the, Snno maybe you're lighting a fire under people more, over the near term in terms of closing some of the business and getting things done.

您好，非常感謝。我還有一個更廣泛的問題，是關於環境方面的。似乎在本季度，公司在各個地區部門的有機成長方面都取得了進步。而我試圖了解的是，這其中有多少是因為，Snno，也許你正在給人們施加壓力，讓他們在短期內盡快完成一些業務和任務。

And how much of it is that you're really seeing an improvement out there in the environment in general, and I know that's not, it's very hard to quantify it, but maybe, you can give us some thoughts on what you're seeing with the environment versus how much of it is company specific success.

其中有多少是整體環境的真正改善？我知道這很難量化，但或許您可以談談您觀察到的環境改善情況，以及其中有多少是公司本身的成功。

Yeah, I'll ask Goran to comment on this and add to it, but let me start by saying that we're seeing a very good positive sentiment across the Board. There's high conviction we're seeing from our clients in our products and solutions and the pipeline is certainly much stronger at this point in the year than it was this time last year. So we're quite pleased with the sales cycle.

是的，我會請戈蘭對此發表評論並補充說明，但首先我想說的是，我們看到整體上情緒非常積極。我們看到客戶對我們的產品和解決方案充滿信心，今年的銷售管道肯定比去年同期強勁得多。所以我們對銷售週期相當滿意。

We're seeing a very diversified pipeline. Across firm types, which is giving us confidence that we don't see any risk to any particular type of situation. And frankly, it's the -- some of the initiatives we are undertaking internally is leading to better retention.

我們看到的是一條非常多元化的人才儲備之路。涵蓋所有類型的公司，這讓我們有信心認為，我們認為任何特定類型的情況都不會帶來任何風險。坦白說，我們內部正在實施的一些措施確實有助於提高員工留任率。

So to your question, it's a complementary situation where there's certainly a bunch of things we are doing, which is helping our own organic pipeline both in terms of retention and expansion. But the market environment is strong and we see that in customer sentiment. There's lots of demand for new data products. There's expansion in the ways in which clients are looking at consuming our data and applying it to work. So we're seeing a growing demand from the technology offices of clients, data science teams.

所以對於你的問題，這是一個互補的情況，我們確實做了很多事情，這有助於我們自身的有機成長，無論是在客戶留存方面還是在客戶拓展方面。但市場環境強勁，這點從消費者情緒中也可以看出。市場對新型數據產品的需求很大。客戶看待使用我們的數據並將其應用於工作的方式正在不斷擴展。因此，我們看到來自客戶技術部門和數據科學團隊的需求不斷增長。

So teams that were traditionally not perhaps, in front of a FactSet workstation. But are starting to consume our data in significant quantities across new channels, whether it is APIs, direct data feeds, cloud connectors, MCP servers, et cetera. Goran?

所以，那些傳統上可能不在 FactSet 工作站前的團隊。但他們開始透過新的管道大量使用我們的數據，無論是 API、直接資料來源、雲端連接器、MCP 伺服器等等。戈蘭？

So Shlomo, as Sanoke said, it's a little bit of both, so the environment is more positive, more constructive, but I think it's also the things that we are doing, investments that we have made are resonating. So we have seen an improvement in retention in banking, for example, and I would attribute that to our investment in aftermarket research and deep sector, which is certainly helping. Our trading solutions are contributing significantly. So we are seeing better diversification across the product lines in terms of contribution.

正如薩諾克所說，什洛莫，兩者兼而有之，環境更加積極、更具建設性，但我認為這也與我們正在做的事情、我們所做的投資產生了共鳴有關。例如，我們看到銀行業的客戶留存率有所提高，我認為這要歸功於我們對售後市場研究和深度產業的投資，這無疑起到了幫助作用。我們的交易解決方案發揮了重要作用。因此，我們看到各產品線在貢獻方面呈現出更好的多元化趨勢。

And then, the client demand is increasing, like we have seen some positive impact from relaxation and regulations in China and we're seeing deals closing pretty fast and I think demand for our content increasing in that region significantly. So it's well diversified in terms of contributions, and, we're pleased with the progress so far.

而且，客戶需求也在增加，例如，我們看到中國放鬆管制和監管帶來了一些正面影響，交易成交速度很快，我認為該地區對我們內容的需求顯著增加。因此，其貢獻來源十分多元化，我們對目前的進展感到滿意。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

Hi, good morning. This is Tom Ross, John Fran and Nicholas. Thanks for taking my question. I was wondering if you could speak to how AI contributed, your AI product contributed to ASV growth in the quarter and kind of any color you could add on how it's driving new wins, displacing incumbents, or just helping retention. Thank you.

您好，早安。這是湯姆·羅斯、約翰·弗蘭和尼古拉斯。謝謝您回答我的問題。我想請您談談人工智慧是如何做出貢獻的，您的人工智慧產品是如何促進本季平均銷售額成長的，以及它是如何推動新客戶拓展、取代現有競爭對手或幫助客戶留存的。謝謝。

Thank you for that question. As we said last time, we've stopped calling out our AI products separately as a line item. And candidly, it was because, we are seeing AI just deployed everywhere. So across the Board, when we look at our solutions that we're delivering both for the institutional buy side and wealth management as well as in on the sell side, we're seeing AI consumption just being a real compliment and an accelerator. It's the real tailwind to the the conversion of our core products as well.

謝謝你的提問。正如我們上次所說，我們已經不再將人工智慧產品列為單獨的項目。坦白說，這是因為我們看到人工智慧正在無所不在地被應用。因此，總的來說，當我們審視我們為機構買方和財富管理以及賣方提供的解決方案時，我們發現人工智慧的應用正成為一種真正的補充和加速器。這也對我們核心產品的轉化起到了真正的推動作用。

So it's definitely adding to the mix and I'd say I'll point to adoption as probably the best way to describe the effect it's having on our clients. So just the AI products we launched in this year. So if you look at what we launched in the first quarter of sort of back in January, February, March, a sequentially they've been growing at a very nice pace. Just this quarter we saw the growth rate and adoption of all of that at over 45%, just quarter on quarter. And we're just at the start of this of this journey, and we are both investing in new products as well as continuing to distribute and expand these products. So we see it as a real tailwind for the overall business.

所以這無疑為情況增添了新因素，我認為用「採納」來描述它對我們的客戶的影響可能是最好的方式。所以，僅指我們今年推出的人工智慧產品。所以，如果你看看我們在第一季度，也就是一月、二月、三月推出的產品，你會發現它們一直以非常好的速度成長。僅本季度，我們就看到所有這些產品的成長率和採用率超過了 45%，較上季成長超過 45%。我們才剛開始這段旅程，我們既在投資新產品，也在繼續分銷和擴大這些產品。因此，我們認為這對整個業務來說是一個真正的利好因素。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good morning. You talked about leaning into productivity initiatives like ingesting data better, modernizing your tech platform and driving service team efficiencies. At the same time, you're investing in the sales and tech infrastructure and that's causing operating margins to decline about 150 bits for the full year fiscal '26 just based on guidance. How do you think about balancing investments with your ability to drive margin expansion?

您好，謝謝。早安.您談到要大力推動提高生產力的舉措，例如更好地攝取資料、實現技術平台現代化以及提高服務團隊效率。同時，你們也在銷售和技術基礎設施方面進行投資，僅根據業績指引，就導致 2026 財年全年的營業利潤率下降了約 150 比特。您如何看待投資與提升利潤率能力之間的平衡？

Thanks, George. The investments we're making are of two types. The structural investments we are making are going to help us in terms of operating leverage. So the example I gave about really organizing all our legacy applications into a new format where they are able to leverage a common technology infrastructure that is centrally run.

謝謝你，喬治。我們進行的投資分為兩種類型。我們正在進行的結構性投資將有助於提高我們的營運槓桿作用。我舉的例子是關於如何將所有遺留應用程式組織成一種新格式，使它們能夠利用集中運行的通用技術基礎架構。

This takes a lot of the toil away from our developers at the front end and puts time back in their hands but they can focus on really cutting edge product development, which then creates that sort of flywheel effect for us of being able to ship products faster. So that investment, the structural investments are key to driving operating leverage.

這減輕了我們前端開發人員的許多工作量，讓他們有更多時間專注於真正前沿的產品開發，從而為我們創造了一種飛輪效應，使我們能夠更快地交付產品。因此，結構性投資是推動營運槓桿的關鍵。

The growth investments, as I said earlier, are directly aligned to client demand. We are investing in our content. We are investing in our delivery mechanisms and our workflows and we're investing in AI, right? So the combination of all of this is going to directly resonate with clients as it has, as you've seen in the quarter, and we see a strong pipeline throughout the year. So we're really balancing these two investments. And we see value from both in the short-term but even more so in the medium to long-term.

正如我之前所說，成長投資與客戶需求直接相關。我們正在加大對內容的投入。我們正在投資我們的交付機制和工作流程，我們也在投資人工智慧，對吧？因此，所有這些因素結合起來，將會直接引起客戶的共鳴，正如您在本季度所看到的那樣，而且我們預計全年都會有強勁的業務成長。所以我們現在實際上是在平衡這兩項投資。我們認為兩者在短期內都有價值，但在中長期內價值較大。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. The organic ASV growth has been accelerating for the past three quarters, and it's better than I was expecting in the, in this quarter. And so, just based on the guide, it looks like you're expecting it to decelerate from the current level, and this is the sort of the confidence and momentum, good pipeline and the investments.

非常感謝。過去三個季度，有機ASV成長一直在加速，而且本季的表現比我預期的要好。因此，僅根據該指南來看，您預計它將從目前的水平放緩，而這正是信心和勢頭、良好的專案儲備和投資所致。

And so I was just wondering, is this just conservatism or is there something that you're seeing that would imply that growth slows towards the end of the fiscal year? Maybe it's the tough comp. Just wanted to understand what would drive the the guidance or not to be a little bit higher and sort of what factors might go into, sort of getting to the low end of the range versus the high end of the range on organic ASV. Thanks.

所以我想知道，這僅僅是保守主義的表現，還是您觀察到了一些跡象表明，在財政年度末期經濟成長會放緩？或許是因為競爭太激烈了。我只是想了解是什麼因素會導致指導價略高一些，或者不會略高一些，以及哪些因素可能導致有機ASV達到範圍的低端和高端。謝謝。

Thanks, Toni. We remain very confident as we've said in the strength of the pipeline. Having said that, it's really early in the year, and there is a significant amount of business to be acquired throughout the rest of the year. So, we want to be prudent and we are obviously, remaining, very focused on winning deals, executing well in the market. And we hope to come back in future quarters and continue to support this sort of growth trajectory that we have been on in the last three quarters.

謝謝你，托尼。正如我們之前所說，我們對管道的實力仍然非常有信心。話雖如此，現在才年初，今年剩下的時間還有大量的業務需要拓展。所以，我們希望保持謹慎，顯然，我們將繼續非常專注於贏得交易，並在市場上出色地執行策略。我們希望在未來幾季能夠恢復並繼續保持過去三個季度以來的成長勢頭。

Jeff Silver, BMO Capital Markets.

Jeff Silver，BMO資本市場。

Thanks so much. I really appreciate, I think it was slide 7 in your deck where you try to calculate what of your products and services are proprietary versus non-proprietaryary. Can you give us a little bit bit of color, how you came up with what exactly went in each bucket?

非常感謝。我非常感謝，我想應該是您簡報的第 7 張投影片，您在那裡嘗試計算您的產品和服務中哪些是專有的，哪些是非專有的。可以詳細說說，你是怎麼決定每個桶子裡具體放些什麼的嗎？

Sure, thanks, Jeff. As we show in the slide, we have the vast majority of our businesses are proprietary. And I'll spend a couple of minutes just explaining how we've gone about the analysis. So as you can tell on the slide, 40% of our business is intrinsically linked to client proprietary data.

好的，謝謝你，傑夫。正如我們在幻燈片中所示，我們絕大多數業務都是專有的。接下來我將花幾分鐘時間解釋一下我們是如何進行分析的。正如您在幻燈片上看到的，我們 40% 的業務與客戶的專有數據密切相關。

We bring our proprietary models, our analytics, our solutions to work on their data, which is obviously proprietary and we feed it back in terms of high-quality output that then feeds a number of downstream workflows.

我們運用我們專有的模型、分析和解決方案來處理他們的數據（這些數據顯然是專有的），並將處理後的結果以高品質的輸出形式回饋給他們，這些輸出隨後會用於許多下游工作流程。

A good example is portfolio analytics. It's what we do with our advisor dashboards on wealth management advisors, desktops. We're here -- we are really supporting millions of portfolios of end clients that our advisers are managing and advising on, and we are enabling them to do their jobs better. So that's 40% clearly proprietary.

投資組合分析就是一個很好的例子。這就是我們在財富管理顧問的桌上型電腦上使用顧問儀錶板的方式。我們在這裡——我們真正支持數百萬終端客戶的投資組合，這些投資組合由我們的顧問管理和提供諮詢，我們正在幫助他們更好地完成工作。所以其中40%顯然是專有技術。

The remaining 60% of the work we do and of our business is data that we distribute through multiple formats, the workstation being a flagship channel but we also deliver through APIs, through other feeds, through -- and through more and more modern channels.

我們剩餘 60% 的工作和業務都是透過多種格式分發的數據，工作站是主要管道，但我們也透過 API、其他資料來源以及越來越多的現代管道進行分發。

When you look at the far right on that page, the 10% that we are really saying, we are holding a high bar and saying that it's not proprietary, this 10%, we are labeling it enhanced and curated. You could technically access the core data from public sources but as you can see on the page, there are some very strong branded products there with a high degree of client loyalty to FactSet. An example would be Street Account. An example would be shark. It would be Gorevv.

當你看到那一頁的最右邊時，我們真正所說的 10%，我們堅持高標準，並表示它不是專有的，這 10%，我們將其標記為增強和精選。從技術上講，您可以從公共來源存取核心數據，但正如您在頁面上看到的，那裡有一些非常強大的品牌產品，FactSet 擁有很高的客戶忠誠度。例如，街頭帳戶就是一個例子。例如鯊魚。應該是 Gorevv。

Even these are enhanced with a lot of facts and methodologies and content and humans, for example, street account reporters who are working every day to deliver these services. But we're being intellectually very rigorous in saying these can technically be accessed through other sources because the raw data is publicly available like news and filings and so on.

即使是這些，也需要大量的事實、方法、內容和人員的參與才能完善，例如，每天努力提供這些服務的街頭記者。但我們從理論上非常嚴謹地指出，這些資訊可以透過其他來源獲取，因為原始資料是公開的，例如新聞和文件等等。

So that brings us to the 50%, what is -- what we are calling proprietary and enriched data and tools. So why do we say this is proprietary? This really is either because the data is proprietary, as in the case of QSIP or that the data is enriched significantly with our proprietary methodologies and know-how.

所以這就引出了第 50% 的部分，也就是我們所謂的專有和豐富的數據和工具。那麼，為什麼我們說這是專有技術呢？這要么是因為數據是專有的（例如 QSIP 的情況），要么是因為數據透過我們的專有方法和專業知識得到了極大的豐富。

I'll give you a very simple example. I mean, some of our strongest franchises, whether it's identifier assignment, benchmarks, normalized fundamentals, instrument level cap structures, event-driven data, regulatory data, all of these are not just historical artifacts. We rely on ongoing skilled domain expert labor and proprietary methodologies that are applied to this every day, every minute, and often in milliseconds to actually deliver very high-quality structured intelligence to our customers.

我給你舉個很簡單的例子。我的意思是，我們一些最強大的特許經營權，無論是標識符分配、基準、標準化基本面、工具層面的資本結構、事件驅動數據、監管數據，所有這些都不僅僅是歷史遺跡。我們依靠持續的專業領域專家勞動和專有方法，每天、每分鐘、甚至在幾毫秒內都將這些方法應用於此，從而真正為客戶提供非常高品質的結構化情報。

So examples are the Revere Business Industry Classification or BICs, which is the industry gold standard for industry classification. It's our real-time exchange and pricing and reference data feeds. It's our private capital data on private companies. It's deep sector data and obviously our absolute flagship products are standardized and point in time fundamentals and estimates, which is the gold standard for fundamentals in the market.

例如，Revere 商業行業分類（BIC）是行業分類的黃金標準。這是我們的即時交易、定價和參考資料饋送。這是我們關於私人公司的私人資本數據。這是深度行業數據，顯然，我們絕對的旗艦產品是標準化的、特定時間點的基本面和預測數據，這是市場基本面的黃金標準。

Surinder Thind, Jeffries.

蘇林德·辛德，傑弗里斯。

Thank you. Sanoke, I just wanted to kind of ask about kind of the idea around medium term targets here as you work towards establishing them and you think about the growth in the margins, like what are some of maybe the key considerations you're exploring here?

謝謝。Sanoke，我只是想問關於中期目標的想法，因為你們在製定這些目標的過程中，也在考慮邊際增長，你們正在探索的一些關鍵考慮因素是什麼？

It just seems that like with the pace of change, it's accelerating, how things might look out two or three years. There's just a lot of uncertainty. So would you be even able to build a medium term outlook that you can have confidence in?

感覺變化的速度越來越快，未來兩三年內事情可能會變成什麼樣子，現在看來確實如此。存在許多不確定因素。那麼，你是否能夠建構一個令你充滿信心的中期展望呢？

Absolutely, Surinder. This is our, as you looked at my priorities that I described earlier, spending a lot of our time working on our strategy and our long-term vision. Of course there's uncertainty in the marketplace. We like this uncertainty because we see the trend of opportunity in it.

當然，蘇林德。正如你之前看到的，我的優先事項是把大量時間花在製定策略和長期願景上。市場當然存在不確定性。我們喜歡這種不確定性，因為我們從中看到了機會。

We are very well positioned to take advantage of the changing dynamics, the form factor changing, the addition of new content sets, opening up of new end markets. We are excited by the opportunity set in front of us and our strategy is working the way we are developing it, which we'll, of course, come back and share in future quarters.

我們已做好充分準備，利用不斷變化的市場動態、產品形態的變化、新增內容以及新終端市場的開拓。我們對擺在我們面前的機會感到興奮，我們的策略正在按計劃推進，當然，我們會在未來的幾個季度回來與大家分享。

Is designed to find ways in which we can differentiate ourselves better from competition, from our traditional and new competition and finding ways in which we can capture new vectors of growth and continue to sweat our existing assets and capabilities better and capture more upside from those. So I do feel very confident that we can come back with strong medium-term guidance in the future quarters.

旨在尋找方法，使我們能夠更好地與競爭對手（包括傳統競爭對手和新興競爭對手）區分開來，並找到方法，抓住新的成長點，繼續更好地利用我們現有的資產和能力，並從中獲得更多收益。因此，我非常有信心，我們可以在未來幾季給予強勁的中期業績指引。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hey, good morning, and thanks for taking my question. Based on some of the comments, it sounds like you're selling more AI ready data through feeds and APIs and presumably your clients are going to be using. That data, and with their own AI solutions. And I think there's a thought out there that this would be a first step, to potentially those clients not needing as many workstation subscriptions.

嗨，早上好，謝謝你回答我的問題。根據一些評論來看，你似乎正在透過資訊流和 API 出售更多可用於人工智慧的數據，而且你的客戶大概也會使用這些數據。這些數據，以及他們自己的人工智慧解決方案。我認為，對於某些客戶來說，這可能是第一步，因為他們可能不再需要那麼多工作站訂閱。

So I'm curious if you could comment on that. And then, it's related, so I want to also ask, are you able to talk about how the margin. On those that that like feed business compares to the margins when you sell a workstation product. Thank you.

所以我很想知道您是否能對此發表一下看法。然後，這和這個問題有關，所以我還想問一下，您能否談談利潤率的情況？那些像飼料生意一樣的生意，其利潤率與銷售工作站產品的利潤率相比如何？謝謝。

Thanks, Jason. So a couple of things. The distribution of our high-quality data that is now ready for AI consumption, so i -- models can really read the data and make sense of the data because of all the enrichment we've done with the metadata to it, it's certainly a growing opportunity for us.

謝謝你，傑森。有兩件事。我們現在分發的高品質數據已經準備好供人工智慧使用，因此人工智慧模型可以真正讀取數據並理解數據，這得益於我們對數據元數據所做的所有豐富工作，這無疑為我們帶來了一個不斷增長的機會。

We don't see it as a risk of cannibalizing our existing channels, for a couple of reasons. As I said earlier, to one of the earlier questions, we see the workstation as a channel, it's a flagship channel, but ultimately it's a channel for distribution to of the content. And we are well prepared with any new channel of consumption and therefore we will meet our clients' demand where they want us to meet them.

我們認為這不會蠶食我們現有的管道，原因有二。正如我之前在回答先前的問題時所說，我們將工作站視為一個管道，一個旗艦管道，但歸根結底，它是一個內容分發管道。我們已做好充分準備應對任何新的消費管道，因此無論客戶希望我們在哪裡出現，我們都能滿足他們的需求。

If it is an MCP server, we'll we'll deliver data through the MCP server. If it is the workstation. What we ourselves expect is that there's going to be more of both because any time we see digital adoption scaling, as we've seen historically with other sort of technology trends. One plus One equals 3. There's even more demand at the end markets to consume the data in multiple different ways.

如果是 MCP 伺服器，我們將透過 MCP 伺服器傳輸資料。如果是工作站的話。我們自己預計，這兩種情況都會更加普遍，因為每當我們看到數位化普及規模擴大時，就像我們過去在其他類型的技術趨勢中看到的那樣。一加一等於三。終端市場對以多種不同方式使用數據的需求甚至更大。

Now, the other point I'd like to point out about the workstation is the workstation is deeply embedded in the workflows of our clients across the sell side and the buy side. So it's not just a portal where you look at the data, it is deeply intertwined in the investment workflows that our clients pursue.

現在，關於工作站，我想指出的另一點是，工作站已經深深融入我們客戶（包括賣方和買方）的工作流程中。所以它不僅僅是一個查看數據的入口網站，它與我們客戶所進行的投資工作流程緊密相連。

And we see the components of consumption through other channels actually complementing it and being ultimately brought back into the workflow that the workstation is anchoring today. So that's how we see this evolving and of course we are well positioned in whichever way the market evolves.

我們看到，透過其他管道進行的消費的各個組成部分實際上是對工作站的補充，並最終被帶回工作站如今所主導的工作流程中。所以這就是我們對市場發展趨勢的看法，當然，無論市場如何發展，我們都已做好充分準備。

As far as the margins are concerned, we see strong margin opportunity on both sides. The workstation is a high margin product but so are these data feeds through other channels and we continue to anticipate that both will continue to deliver very strongly for us on the operating margin front.

就利潤率而言，我們認為雙方都有很大的利潤空間。工作站是一款高利潤產品，但透過其他管道傳輸的數據也是如此，我們繼續預期這兩項業務都將繼續為我們帶來非常強勁的營運利潤。

Scott Wurtzel, Wolf Research.

Scott Wurtzel，狼研究公司。

Hey, good morning, guys, and thank you for taking my question. Just wanted to ask on sort of private market data offering and there's been a lot of I think investment in the space from yourself and your peers as well in terms of increasing the magnitude of data that you have on private companies. Just wondering how you sort of feel about your competitive position with your private markets data and if that is a investment priority for you over the course of the next 12 months here. Thanks.

嘿，各位早安，感謝你們回答我的問題。我只是想問一下關於私募市場數據提供方面的問題，我認為您和您的同行在這個領域投入了很多資金，以增加您擁有的關於私人公司的數據規模。我想知道您對您在私募市場數據方面的競爭地位有何看法，以及這是否會成為您未來 12 個月的投資重點。謝謝。

Thanks, Scott. Private capital is clearly an area that we cannot ignore and we've been investing in it already now for multiple years and we have a very strong position now in the quality of our data sets that we're delivering.

謝謝你，斯科特。私人資本顯然是我們不能忽視的領域，我們已經在這個領域投資多年，現在我們在所提供的資料集品質方面擁有非常強大的地位。

We cover over 10 million companies in our private company database at a very high-quality level, similar to the quality standards I talked about earlier when we talked about our proprietary data. And that if you think about how we operate and how we aim to support the client base, we think of it from the pre-deal stages through the deal making stages and into the post-deal sort of spectrum of activities. Obviously because of our strong position in portfolio analytics on the buy side, we have a very privileged position to support clients as they look at their total portfolio views across public and private assets.

我們的私人公司資料庫涵蓋超過 1000 萬家公司，品質非常高，與我之前談到的專有資料的品質標準類似。如果你想想我們的運作方式以及我們如何為客戶群提供支持，我們會從交易前的準備階段到交易達成階段，再到交易後的一系列活動來考慮這個問題。顯然，由於我們在買方投資組合分析領域擁有強大的地位，我們擁有非常優越的地位來支持客戶審視其涵蓋公共和私人資產的整體投資組合情況。

And the data that we are today providing on private capital is enabling our asset owner clients and our asset manager clients and insurers to look at the risk in a normalized fashion, which historically has been very difficult. And with some of the market events that are happening, there is a growing need for risk assessments at a much more at a much greater frequency, which is playing well to our strengths in the space.

我們今天提供的有關私人資本的數據，使我們的資產所有者客戶、資產管理客戶和保險公司能夠以正常化的方式看待風險，這在歷史上是非常困難的。隨著一些市場事件的發生，對風險評估的需求日益增長，而且評估的頻率也越來越高，這正好發揮了我們在該領域的優勢。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Hey, thanks, good morning. I wanted to, just ask, it sounded like the pipeline's good, the environment is getting more constructive, some of the changes to sales incentives and product investments have been gaining traction but could you just help me reconcile that with the only seven net new clients that were added this quarter?

嘿，謝謝，早安。我想問一下，聽起來銷售通路狀況良好，環境也越來越有利，銷售激勵和產品投資方面的一些變化也取得了成效，但是您能否幫我解釋一下，為什麼本季度只新增了七個客戶？

So, sorry, the -- can you repeat that question a bit? I didn't hear it clearly.

不好意思，您能再重複這個問題嗎？我沒聽清楚。

Yeah, I -- just, it sounded like the pipeline is good, the environment is constructive for your clients, the product investments have been gaining some traction but when I look at the net new clients this quarter, it's up by only seven. That's the lowest amount of net new clients ads you guys have had in quite some time. So is there, so it seems like retention is solid, but, the new logo ads, might be lagging a little bit. So I was wondering if you could just, explore that a little bit.

是的，我——只是，聽起來業務管道不錯，客戶環境也很有利，產品投資也取得了一些成效，但是當我查看本季度的淨新增客戶時，只增加了7個。這是你們近期來新增客戶淨數量最低的一次廣告投放。所以，看來用戶留存率很穩固，但是，新標誌廣告的效果可能有點落後。所以我想知道您是否可以稍微探討一下這個問題。

Sure, thank you. The first, I would say the client count is broadly in line. It tends to be a little bit lower in the early part of the year. And we are not worried about the client count number itself. We actually have a very strong pipeline of new business opportunities and if you look at our ASP growth from new business, it's actually very strong. So I wouldn't worry much about the client count number and we actually see a really strong pipeline on that front through the rest of the year.

當然，謝謝。首先，我認為客戶數量大致符合預期。年初的時候往往會稍微低一點。我們並不擔心客戶數量本身。我們實際上擁有非常強勁的新業務機會儲備，如果你看一下我們新業務的平均售價成長，你會發現它確實非常強勁。所以我覺得不必太擔心客戶數量，而且我們預計今年剩餘時間裡，這方面的業務前景非常強勁。

And maybe Gordon, you can add a little bit to that.

戈登，或許你可以補充一點。

Yeah. David, and if you look at historically, Q1 is a slower -- is slower in terms of net client growth, but I would just reiterate what you're saying. We're seeing lots of positivity. We're seeing strong pipeline and really expect to deliver for the rest of the year.

是的。David，如果你從歷史角度來看，第一季淨客戶成長速度較慢，但我只想重申你所說的。我們看到了很多正面的方面。我們看到專案儲備充足，並有信心在今年剩餘的時間內實現預期目標。

Thank you. This concludes the question-and-answer 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。現在我謹將電話交還給薩諾克·維斯瓦納坦，請他作總結發言。

Thank you, operator, and thank you everyone for joining the call today. We're still early in this next chapter as you can see for FactSet and while there's much work ahead of us, the opportunity in front of us is very clear. Our structural advantages give us a strong foundation, and we are mobilizing with urgency to execute against these priorities.

謝謝接線生，也謝謝今天參加電話會議的各位。正如你所看到的，FactSet 目前仍處於下一個階段的早期，雖然我們面前還有很多工作要做，但我們面前的機會非常明確。我們的結構優勢為我們提供了堅實的基礎，我們正在緊急調動資源，落實這些優先事項。

You'll hear more from us in the coming quarters as we move forward with speed and discipline. I want to thank once again all our factsitters for your continued commitment to our clients. Operator, that ends today's call.

接下來的幾個季度，我們將以更快的速度和更嚴謹的態度向前邁進，屆時您將會聽到我們更多的消息。我再次感謝所有事實查核員對我們客戶的持續付出。接線員，今天的通話結束了。

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

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。