FactSet Research Systems Inc. (FDS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FactSet second 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.

各位好，感謝您耐心等候。歡迎參加 FactSet 第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的講者——投資人關係主管 Kevin Toomey。請開始。

Thank you, and good morning, everyone. Welcome to FactSet's second quarter fiscal 2026 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 one hour. (Operator Instructions)

謝謝，各位早安。歡迎參加 FactSet 2026 會計年度第二季財報電話會議。在開始之前，我們在本次簡報中引用的投影片可透過網路直播於 factset.com 網站「投資人關係」專區取得。今天電話會議的重播也將在我們網站上提供。在我們的準備發言結束後，將開放提問。本次電話會議預計為時一小時。(接線員指示)

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.

在討論我們的業績之前，我鼓勵所有聽眾先閱讀投影片第 2 頁的法律聲明。本次電話會議中的討論可能包含前瞻性陳述。此類陳述受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所預期的結果出現重大差異。關於這些風險與不確定性的更多資訊，請參閱我們的 10-K 與 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.

本次投影片簡報及電話會議討論將包含若干非 GAAP 財務衡量指標。就此類指標而言，與最直接可比的 GAAP 指標之調節表載於簡報附錄以及我們今日稍早發布的財報新聞稿中；兩者皆可於 investor.factset.com 網站查閱。

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.

在本次電話會議中，除非另有說明，相對表現指標皆反映相較於 2025 會計年度同期的變動。今天與我一同出席的有：執行長 Sanoke Viswanathan、財務長 Helen Shan，以及營收長 Goran Skoko。

I will now turn the discussion over to Sanoke.

現在我將把討論交給 Sanoke。

Thank you, Kevin, and good morning, everyone. Thank you for joining us. ASV growth accelerated in Q2 for the fourth consecutive quarter. Organic ASV grew 6.7% to $2.45 billion. It accelerated across all geographies and has grown year-over-year in each of retention, expansion and new business.

謝謝你，Kevin，各位早安。感謝各位加入我們。ASV 成長在第二季連續第四個季度加速。有機 ASV 成長 6.7%，達到 24.5 億美元。各地區皆呈現加速成長，且在留存、擴張與新業務三方面均實現年增。

Adjusted operating margin was 35% and reflects the investments we're making this year. Adjusted diluted EPS was $4.46, up 4% year-over-year. These results confirm that FactSet's foundational strengths are increasingly valuable in an AI-intensive environment. Our connected data, embedded workflows, best-in-class service and broad distribution. Customer wins from this quarter illustrate the breadth and depth of our data and product capabilities.

調整後營業利益率為 35%，反映我們今年正在進行的投資。調整後稀釋每股盈餘為 4.46 美元，年增 4%。這些結果證實，在 AI 密集的環境中，FactSet 的基礎優勢愈發珍貴。包括我們的互聯資料、嵌入式工作流程、一流服務與廣泛的分銷能力。本季的客戶勝出案例展現了我們資料與產品能力的廣度與深度。

First, following the multiyear renewal of our relationship with a major global investment bank, we expanded into their international corporate bank. This was driven by the depth and differentiation of our deep sector content. Similarly, our private capital data assets were central to our new mandate with a leading Australian private equity fund. These wins show how deal makers continue to value our differentiated data. Second, one of our largest international wealth clients selected our proposal generation solution as an extension of their existing use of FactSet for portfolio monitoring.

首先，在與一家全球大型投資銀行完成多年期續約後，我們進一步擴展至其國際企業銀行業務。這主要由我們深度產業內容的深度與差異化所驅動。同樣地，我們的私募資本資料資產是我們與一家澳洲領先私募股權基金取得新委任的核心。這些勝出案例顯示，交易撮合者仍持續重視我們具差異化的資料。第二，我們最大的國際財富管理客戶之一選擇了我們的提案生成解決方案，作為其既有使用 FactSet 進行投資組合監控的延伸。

A major Canadian wealth manager adopted our real-time exchange data feed product. These expansions showcase demand for our products that span the whole investment life cycle, including portfolio construction, ongoing oversight and end client engagement. Third, Capital Group expanded their use of our Portware trading platform, which also achieved several new wins with other large asset managers. In addition, our new order management solution, LiquidityBook, is gaining significant traction with hedge funds and other institutional buy-side clients. Based on our strong first half performance, we are raising our ASV revenue and EPS outlook ranges for fiscal 2026.

一家加拿大大型財富管理機構採用了我們的即時交易所資料饋送產品。這些擴張顯示市場對我們涵蓋整個投資生命週期之產品的需求，包括投資組合建構、持續監督以及終端客戶互動。第三，Capital Group 擴大使用我們的 Portware 交易平台；該平台也在其他大型資產管理機構取得多項新案。此外，我們新的訂單管理解決方案 LiquidityBook，正於避險基金及其他機構買方客戶中獲得顯著動能。基於上半年強勁表現，我們上調 2026 會計年度的 ASV、營收與 EPS 展望區間。

This reflects sustained momentum across all client types and geographies. We are maintaining our guidance range for operating margin as we continue to balance investments with productivity improvements. Last quarter, I outlined three priorities: driving commercial excellence, delivering productivity improvements, and solidifying our long-term strategy for sustainable growth. We've made strong progress on all three. We are bolstering the health of our client franchise, making our core operations more efficient and redeploying our resources to fund strategic investments to drive further growth and structural investments to deliver better operating leverage in the medium term.

這反映了各類客戶與各地區的持續動能。我們維持營業利益率的指引區間，因為我們將持續在投資與生產力提升之間取得平衡。上季我提出三項優先事項：推動商業卓越、實現生產力提升，以及鞏固我們以永續成長為目標的長期策略。我們在這三方面都取得了強勁進展。我們正強化客戶基盤的健康度、提升核心營運效率，並重新配置資源以支持策略性投資來推動進一步成長，以及進行結構性投資以在中期帶來更佳的營運槓桿。

First, on commercial excellence, we are rolling out new pricing and packaging, are infusing AI throughout the sales life cycle and have realigned sales and customer success incentives. With disciplined pricing and packaging, our revenue base is becoming more durable. Our direct seat-based exposure now represents less than 20% of ASV because of appropriate minimums and bundling into enterprise agreements. In Q2, the majority of our renewed ASV was in the form of enterprise agreements or contracts that are more than three years' duration. On average, these renewals extended in length by more than 30%.

首先，在商業卓越方面，我們正在推出新的定價與產品組合方案，將 AI 融入整個銷售生命週期，並重新調整銷售與客戶成功團隊的激勵機制。透過嚴謹的定價與產品組合管理，我們的營收基礎正變得更具韌性。由於採用適當的最低門檻並將方案打包至企業協議中，我們以席位為基礎的直接曝險目前占 ASV 的比重已低於 20%。在第二季，我們續約的 ASV 多數以企業協議形式或期限超過三年的合約呈現。平均而言，這些續約的合約期限延長了 30% 以上。

Our focus on client health has led to a five-point Net Promoter Score improvement just this quarter amongst our investment banking users. This is helping drive ASV retention and expansion. Our overall ASV retention continued at over 95% in Q2. 86% of our top 200 clients use five or more of our solutions, up from 78% three years ago. In Q2, Data Solutions grew by double digits across all firm types, including the highest expansion we have seen since 2023.

我們對客戶健康度的重視，使本季投資銀行使用者的淨推薦值（Net Promoter Score）提升了 5 個百分點。這有助於推動 ASV 的留存與擴張。第二季整體 ASV 留存率持續維持在 95% 以上。我們前 200 大客戶中，有 86% 使用我們五項或以上的解決方案，高於三年前的 78%。第二季，資料解決方案（Data Solutions）在各類機構中皆呈雙位數成長，且擴張幅度為我們自 2023 年以來所見最高。

Today, 48 of our top 50 clients are using at least three of our AI solutions with several more in trials. In Q2, new business growth accelerated. Our marketing leads increased 11% year-over-year and with stronger lead scoring and more targeted outreach, win rates for these opportunities improved by 29% year-over-year. Corporates and private capital wins were particularly strong with double-digit growth in both. First half productivity initiatives have already captured more than half of the 100 basis points of productivity improvement we targeted for the year.

目前，我們前 50 大客戶中有 48 家至少使用我們三項 AI 解決方案，另有數家正在試用中。第二季新業務成長加速。我們的行銷線索年增 11%；透過更強的線索評分與更精準的觸達，這些機會的贏單率年增 29%。企業客戶與私募資本的勝出表現尤為強勁，兩者皆呈雙位數成長。上半年生產力計畫已實現我們全年目標 100 個基點生產力改善中的一半以上。

We've made real changes in technology, data operations and client support, our largest three operating cost centers. We have consolidated all FactSet technology under our newly appointed CTO and are converging on standard tools and platforms to deliver efficiency. For example, our internal development platform that standardizes tooling and software deployment will allow engineers to spend more time on product development. AI coding assistants now author nearly one-fifth of our successful code commits and free up a quarter of our engineers' capacity in those teams. This includes over 90% reduction in efforts spent on business-as-usual activities like software upgrades and patching.

我們已在技術、資料營運與客戶支援這三大營運成本中心做出實質改變。我們已將所有 FactSet 技術整合至新任命的 CTO 之下，並正朝向標準化工具與平台收斂，以提升效率。例如，我們用於標準化工具與軟體部署的內部開發平台，將使工程師能把更多時間投入產品開發。AI 程式碼助理目前撰寫了我們近五分之一的成功程式碼提交，並在這些團隊中釋放出四分之一的工程師產能。其中包括在軟體升級與修補等例行性（business-as-usual）活動上投入的工作量降低超過 90%。

Some teams have radically reduced time to market for new product development by fully automating the delivery life cycle and collapsing a month-long cycle to one day. We see ample scope to scale this transformation. In data operations, we are seeing rapid transformation as we drive down unit cost and time to value and expand our content universe. Our RBICS, private company classification project to deepen coverage from four to six levels is a great example. We have quadrupled classification capacity year-over-year while keeping costs flat, capturing scale economies in our business.

部分團隊透過將交付生命週期全面自動化，並把原本長達一個月的週期壓縮到一天，已大幅縮短新產品開發的上市時間。我們看到這項轉型具備充足的擴大推行空間。在資料營運方面，隨著我們降低單位成本與價值實現時間並擴展內容版圖，我們正看到快速轉型。我們的 RBICS 私營公司分類專案（將覆蓋深度由四層提升至六層）就是一個很好的例子。在成本持平的情況下，我們的分類產能年增四倍，並在業務中捕捉到規模經濟。

This quarter, we have deployed four distinct AI tools across different parts of our data operations, generating 25%-plus reduction in manual curation on average. We are expanding this systematically across all our data while maintaining high-quality standards. The Text to Formula agent that we launched in October 2025 has fundamentally changed how we handle client inquiries. Our help desk experiences double-digit monthly growth in formula support requests, but the volumes handled by our client service representatives have now started to decline as the agent absorbs an increasingly large share of these inquiries each month. This allows our support colleagues to focus on higher-level activities such as custom client implementations, advanced analytics support for fixed income and quant workflows and outbound engagement to expand our reach.

本季，我們已在資料營運的不同環節部署四種不同的 AI 工具，使人工策展（manual curation）平均減少 25% 以上。我們正以系統化方式將其擴展至所有資料，同時維持高品質標準。我們於 2025 年 10 月推出的「Text to Formula」代理（agent）從根本上改變了我們處理客戶詢問的方式。我們的服務台在公式支援請求方面每月呈現兩位數成長，但隨著該代理每月吸收愈來愈大比例的詢問，由客戶服務代表處理的量如今已開始下降。這讓我們的支援同仁能專注於更高層次的工作，例如客製化客戶導入、固定收益與量化工作流程的進階分析支援，以及對外互動以擴大觸及。

We are lowering the variable cost of serving each client while increasing our capacity to engage and retain our highest value accounts. Beyond these three areas, we are systematically identifying further cost savings across the business. These include streamlining procurement and lead to cash processes, consolidating legacy software contracts and optimizing our third-party data agreements. These productivity gains will make us a structurally more efficient company, flattening the cost curve as we scale and freeing up resources for high-return opportunities. We've made substantial progress on developing our medium- to long-term strategy.

我們在提升服務每位客戶的產能之際，也在降低服務每位客戶的變動成本。除這三個領域之外，我們也正系統性地在全公司範圍內辨識進一步的成本節省機會。這些措施包括精簡採購與從線索到收款（lead to cash）流程、整併既有（legacy）軟體合約，以及最佳化我們的第三方資料協議。這些生產力提升將使我們成為結構性更有效率的公司，在規模擴張時拉平成本曲線，並釋放資源投入高報酬機會。我們在制定中長期策略方面已取得實質進展。

I will share it in detail along with the business plan at an investor event after the end of this fiscal year. Let me reiterate that we are well positioned to be a winner in an AI-intensive world and to deliver attractive ongoing financial returns. To give you some insights now, a key element of our strategy is to be a leading data and workflow infrastructure provider for AI-enabled institutional finance. What we are seeing so far is clear. As clients move AI into production, they are pulling FactSet deeper into their operations, not replacing us.

我將在本財政年度結束後的投資人活動中，連同業務計畫一併詳細分享。我想再次強調，我們已做好準備，在 AI 密集的世界中成為贏家，並持續帶來具吸引力的財務報酬。先提供一些洞見：我們策略的一個關鍵要素，是成為 AI 賦能的機構金融領域之領先資料與工作流程基礎設施供應商。到目前為止，我們看到的情況很明確。當客戶將 AI 導入正式生產環境時，他們會把 FactSet 更深地納入其營運，而不是用其他方案取代我們。

Our foundational strengths include connected data and embedded workflows and these make us more valuable to clients as they implement AI in their environments. We are wired into our clients' operations and so the relationship deepens with every transaction. Five key factors make our data differentiated and trusted and thereby integral to financial institution clients that have zero error tolerance. Data depth and coverage, we collect and refine data sourced directly from over 300 stock exchanges, millions of public and private company websites, thousands of data partners and clients themselves, for example, Broker Research. FactSet holds the commercial and legal rights to access these proprietary data sets and licensed content.

我們的基礎優勢包括互聯資料與嵌入式工作流程；當客戶在其環境中導入 AI 時，這些優勢使我們對客戶更具價值。我們已深度連結至客戶的營運，因此每一次交易都會讓關係更為深化。有五個關鍵因素使我們的資料具差異化且值得信賴，因而成為零錯誤容忍度之金融機構客戶不可或缺的一環。資料深度與覆蓋：我們蒐集並精煉直接來源於 300 多家證券交易所、數以百萬計的上市與私營公司網站、數千家資料合作夥伴以及客戶自身（例如券商研究）的資料。FactSet 擁有存取這些專有資料集與授權內容的商業與法律權利。

Data cohesiveness. We seamlessly integrate the data from one time period to another to provide holistic company time series data from annual, quarterly and preliminary reports going back over 40 years. Data comparability. We provide data that is comparable within and across industries with considerations to different accounting standards, market and company-specific presentations, reporting practices and regulatory requirements. Data traceability. Clients can view the data source of each data point through document tracebacks. This creates data transparency, credibility and reliability.

資料一致性（cohesiveness）。我們將不同期間的資料無縫整合，提供涵蓋超過 40 年、來自年度、季度與初步報告的完整公司時間序列資料。資料可比性（comparability）。我們提供可在產業內與跨產業比較的資料，並考量不同會計準則、市場與公司特定呈現方式、申報實務與監管要求。資料可追溯性（traceability）。客戶可透過文件追溯（document tracebacks）查看每個資料點的來源。這帶來資料透明度、可信度與可靠性。

Data quality. We apply quality checks to data and apply in-tool checks at every step of our collection pipelines. We have automated logical validation rules, augmented by audits, conducted by humans. After all this, we conduct product checks by our experts to ensure our data products are fit for use in each of our end markets. Over the past three years, we have tripled our data assets while maintaining these high-quality standards.

資料品質。我們對資料進行品質檢查，並在蒐集管線的每一步都執行工具內檢核（in-tool checks）。我們已自動化邏輯驗證規則，並由人工稽核加以補強。在完成上述流程後，我們的專家還會進行產品檢查，以確保資料產品適用於各個終端市場。過去三年，我們在維持這些高品質標準的同時，將資料資產擴增至三倍。

But it's not just data alone. It's how deeply we integrate FactSet data with client data and deliver value (technical difficulty) that is how we support the sophisticated decisions our clients make every day. FactSet's office add-ins are woven into clients' daily research and reporting and the custom models they have built on our data have grown by 17% just this quarter. Our buy-side analyst clients store over 2.5 million research notes in our database and this has been growing at over 35% per year for the last three years. Investment committees use this research to make decisions.

但不僅僅是資料本身。我們如何將 FactSet 資料與客戶資料深度整合並交付價值（技術難度），正是我們支援客戶每日做出複雜決策的方式。FactSet 的 Office 外掛已融入客戶日常研究與報告流程，而客戶基於我們資料所建立的客製化模型僅在本季就成長了 17%。我們的買方分析師客戶在我們的資料庫中儲存超過 250 萬則研究筆記，且過去三年每年成長超過 35%。投資委員會使用這些研究來做出決策。

Compliance teams run regulatory checks against our outputs, and the longitudinal analyses stored and reported from our analytics book of record are essential to communicating the definitive source of portfolio performance and the characteristics of millions of funds managing trillions in assets. The number of institutional portfolios integrated into FactSet grew by 20% in the last year to almost 8 million.

法遵團隊會針對我們的輸出執行監管檢核，而儲存並由我們的分析「記錄簿」（analytics book of record）產出與報告的縱向分析，對於傳達投資組合績效的權威來源，以及管理數兆資產、涵蓋數百萬檔基金之特徵而言至關重要。過去一年，整合至 FactSet 的機構投資組合數量成長 20%，接近 800 萬。

Let me use a value-at-risk calculation for a multi-asset class portfolio to illustrate the mission-critical nature of our embedded workflows. When a portfolio manager looks at a value-at-risk number, they scrutinize the output of tens of thousands of simulations across hundreds of risk factors driven by millions of data points, position attributes, historical return series, yield curves, volatility surfaces, correlations and many, many more, all of which must be correct, consistently sourced and temporarily aligned. If even a single data node is wrong, the entire risk calculation silently misstates the riskiness of the portfolio.

我以多資產類別投資組合的風險值（Value-at-Risk, VaR）計算為例，說明我們嵌入式工作流程的關鍵任務性。當投資組合經理查看一個 VaR 數字時，他們會仔細檢視在數百個風險因子下、由數以百萬計資料點驅動的數萬次模擬輸出，包含部位屬性、歷史報酬序列、殖利率曲線、波動率曲面、相關性以及更多項目；所有這些都必須正確、來源一致，並在時間上對齊。即使只有單一資料節點錯誤，整個風險計算也會在不易察覺的情況下錯估投資組合的風險程度。

This isn't a theoretical concern, it's a daily operational reality for every institutional investor, managing risk at scale. The data checks we conduct across our multi-asset class portfolio analytics suite alone have grown by 29% in just the last year, underscoring the importance of our robust infrastructure. AI accelerates aggregation and finds patterns in the data, but it cannot substitute our trusted, reconciled data production and modeling infrastructure that underpins these risk, valuation and compliance workflows. Our AI strategy will leverage these foundational strengths and build more integrated solutions at all levels of the emerging AI stack. Partnerships for growth are an important component of our strategy.

這不是理論上的擔憂，而是每一位機構投資人每天在大規模風險管理中面臨的營運現實。僅就我們的多資產類別投資組合分析套件而言，我們所執行的資料檢核在過去一年就成長了 29%，凸顯我們穩健基礎設施的重要性。AI 能加速彙整並在資料中找出模式，但它無法取代我們可信且已對帳（reconciled）的資料生產與建模基礎設施；該基礎設施支撐著這些風險、估值與法遵工作流程。我們的 AI 策略將運用這些基礎優勢，並在新興 AI 技術堆疊的各個層級打造更整合的解決方案。促進成長的合作夥伴關係是我們策略的重要組成。

For example, partnerships with Snowflake and Databricks enable clients to seamlessly combine FactSet data with their own sources and operate AI-driven workflows in the secure cloud environments they already use. We are also actively partnering with Anthropic, OpenAI and other leading Frontier labs, to ensure that FactSet data sets are readily available in their marketplaces to facilitate rapid development of new AI solutions.

例如，與 Snowflake 和 Databricks 的合作夥伴關係，使客戶能在其既有使用的安全雲端環境中，無縫結合 FactSet 資料與自有來源，並運行 AI 驅動的工作流程。我們也正積極與 Anthropic、OpenAI 及其他領先的 Frontier 實驗室合作，確保 FactSet 資料集能在其市集中隨時可用，以促進新 AI 解決方案的快速開發。

And we are infusing agentic capabilities across our workstation so that users can operate more effectively inside our governed, trusted workflows. Our newly announced partnership with Finster will accelerate our agentic platform for banking, meeting the growing demands of our dealmaker clients. We have strong traction and are seeing rapid adoption in use of our solutions as AI workloads take root at our clients.

我們正將代理式（agentic）能力注入整個工作站，使使用者能在我們受治理、可信賴的工作流程中更有效率地運作。我們新近宣布與 Finster 的合作夥伴關係，將加速我們面向銀行業的代理式平台，以滿足我們交易撮合（dealmaker）客戶日益成長的需求。隨著 AI 工作負載在客戶端扎根，我們的解決方案展現強勁動能，採用速度也在快速提升。

One illustration, our MCP server that's built on a robust ecosystem of content APIs was launched in December and already has over 120 clients actively engaged. API call volume is steadily growing as well with March volumes at 3 times the February level. We expect this success to be replicated across our AI solutions in all layers of the stack.

舉例來說，我們建立在強大內容 API 生態系之上的 MCP 伺服器於 12 月推出，目前已有超過 120 家客戶積極使用。API 呼叫量也在穩定成長，3 月的量已達 2 月的 3 倍。我們預期這項成功將在我們技術堆疊各層的 AI 解決方案中複製並擴大。

As AI continues to reshape financial institutions, FactSet is becoming more central to clients' mission-critical workflows. We are in the early innings of sector-level technological change and are building on our current foundational strengths to continue creating value for our clients in the future. Let me close by thanking every FactSetter for their continued focus and commitment to delivering for our clients. We are winning competitive mandates and expanding relationships from a position of strength.

隨著 AI 持續重塑金融機構，FactSet 正在客戶的關鍵任務工作流程中扮演更核心的角色。我們仍處於產業層級技術變革的早期階段，並將在既有的基礎優勢上持續打造，未來為客戶創造更多價值。最後，讓我向每一位 FactSetter 致謝，感謝大家持續專注並承諾為客戶交付成果。我們正以優勢地位贏得競爭性委任案，並擴大客戶關係。

Now, I will hand over to Helen to discuss our Q2 performance and updated guidance in more detail.

接下來我將交棒給 Helen，由她更詳細說明我們第二季（Q2）的表現與更新後的財測指引。

Thank you, Sanoke. Great to be here with everyone today. For the second quarter, organic ASV accelerated to 6.7%, an increase of $38 million. Growth was balanced across all regions and fueled by three key drivers: strong client expansion, new business wins, and higher pricing capture from our annual price increase in the Americas. Let's walk through our performance by region.

謝謝你，Sanoke。很高興今天能與各位相聚。第二季有機 ASV 成長加速至 6.7%，增加 3,800 萬美元。成長在各區域間相當均衡，並由三項關鍵動能帶動：強勁的客戶擴張、新增業務勝出，以及我們在美洲年度調價帶來更高的價格落地（pricing capture）。接下來我們按區域檢視表現。

In the Americas, organic ASV grew 7%, up from 6% in Q1. Asset management continued to be a bright spot with growth driven by both trading and middle office solutions. Dealmakers contributed with competitive displacements in banking and uplift from successful renewals in sell-side research. An increase in new business logos was powered by hedge funds and corporates. In EMEA, organic ASV grew 4%, in line with Q1.

在美洲，有機 ASV 成長 7%，高於第一季（Q1）的 6%。資產管理仍是亮點，成長同時來自交易與中台解決方案。交易撮合客群方面，銀行業務的競品替換（competitive displacement）以及賣方研究成功續約帶來的提升（uplift）皆有貢獻。新增客戶標誌（new business logos）的增加主要由避險基金與企業客戶帶動。在 EMEA，有機 ASV 成長 4%，與 Q1 持平。

A competitive managed services win, higher demand for data solutions in wealth and a large banking renewal that included Pitch Creator and our new MCP solution drove the positive results. These wins helped offset softness with asset owners, partly due to pension reform in the Netherlands. In Asia Pacific, organic ASV accelerated to 10%, up from 8% last quarter. Improved demand from asset managers and hedge funds for middle office and trading solutions, coupled with stronger banking retention drove the region's performance. Now turning to our results by firm type.

一項具競爭力的託管服務（managed services）得標、財富管理對資料解決方案需求提升，以及一筆大型銀行續約（包含 Pitch Creator 與我們新的 MCP 解決方案）推動了正向成果。這些勝出有助於抵銷資產所有人端的疲弱，部分原因是荷蘭的退休金改革。在亞太地區，有機 ASV 成長加速至 10%，高於上季的 8%。資產管理機構與避險基金對中台與交易解決方案需求改善，加上銀行客戶留存更強，共同帶動該區表現。接著看我們按公司類型的結果。

On the institutional buy-side, we delivered 5% organic ASV growth, up from 4% last quarter. This reacceleration was driven in part by higher trading volumes fueled by additional Portware installations, increased data demand by hedge funds and continued strength in managed services linked to our performance solutions. In wealth, organic ASV maintained a 10% growth rate despite the challenging year-over-year comparison given our landmark UBS win a year ago. This performance was driven by higher demand for our wealth platform as we further integrate into clients' daily workflows with our proposal generation and Advisor Dashboard solutions. In dealmakers, organic ASV grew 8%, up from 6% in Q1.

在機構買方（institutional buy-side），我們實現 5% 的有機 ASV 成長，高於上季的 4%。這次再加速部分來自更高的交易量（受額外 Portware 安裝帶動）、避險基金對資料需求增加，以及與我們績效解決方案相關的託管服務持續強勁。在財富管理（wealth），儘管去年同期因一年前具里程碑意義的 UBS 得標而形成較具挑戰的比較基期，有機 ASV 仍維持 10% 的成長率。此表現來自我們財富平台需求提升；我們透過提案生成與 Advisor Dashboard 解決方案，進一步融入客戶的日常工作流程。在交易撮合（dealmakers），有機 ASV 成長 8%，高於 Q1 的 6%。

Competitive displacements and successful enterprise renewals added momentum in banking. Our investments in deep sector, aftermarket research and banker productivity solutions position FactSet as the trusted enterprise partner. Both corporates and private capital accelerated to double-digit growth this quarter with new business and competitive wins fueled by demand for our data. The organic growth in market infrastructure accelerated to 8%, up from 7% in Q1 with robust sales in real-time data and higher retention. In addition, strong issuance activity supported the positive results for CUSIP.

競品替換與成功的企業級續約為銀行業務增添動能。我們在深度產業研究、售後市場（aftermarket）研究與銀行家生產力解決方案上的投資，使 FactSet 成為值得信賴的企業級合作夥伴。本季企業客戶（corporates）與私募資本（private capital）皆加速至雙位數成長；新增業務與競爭性勝出主要由對我們資料的需求所驅動。市場基礎設施（market infrastructure）的有機成長加速至 8%，高於 Q1 的 7%，受惠於即時資料的強勁銷售與更高的留存率。此外，強勁的發行活動也支撐了 CUSIP 的正向成果。

We continue to expand our client and user base. In Q2, we added 98 net new clients, bringing our total to 9,101 led by corporates and wealth. Our user base increased to over 241,000 with additions largely in wealth and dealmakers, reflecting a 10% annual growth rate. Lastly, we continue to have solid retention rates at 91% for clients and above 95% for ASV. These results reflect the mission-critical nature of our business as the world's leading financial institutions continue to trust FactSet.

我們持續擴大客戶與使用者基礎。第二季我們淨新增 98 家客戶，總數達 9,101 家，主要由企業客戶與財富管理帶動。我們的使用者數增加至超過 241,000 人，新增主要來自財富管理與交易撮合客群，反映 10% 的年增率。最後，我們仍維持穩健的留存率：客戶留存率 91%，ASV 留存率高於 95%。這些結果反映我們業務的關鍵任務屬性，因為全球領先的金融機構持續信賴 FactSet。

Turning now to our financial results. Second quarter revenues grew 7.1% year-over-year to $611 million or 6.8% organically, excluding impact from foreign exchange and M&A. Adjusted earnings per share was $4.46, up 4% year-over-year, driven by higher revenue and a lower share count, partially offset by a higher tax rate. Adjusted operating margin came in at 35% for the quarter as compared to 36.2% in Q1 and 37.3% a year ago. In line with our plan, this reflects the timing of strategic investments, driven by three main factors. First, higher people expense due to year-over-year compensation adjustments and full impact from merit increases. Second, accelerated technology spend on cloud infrastructure and AI tools. And third, higher professional fees from increased project work in the quarter.

接著看我們的財務結果。第二季營收年增 7.1% 至 6.11 億美元；若排除匯率與併購（M&A）影響，有機成長為 6.8%。調整後每股盈餘為 4.46 美元，年增 4%，主要由營收成長與股數減少帶動，但部分被較高的稅率所抵銷。本季調整後營業利益率為 35%，相較 Q1 的 36.2% 與去年同期的 37.3% 下滑。依照我們的規劃，這反映策略性投資時點的影響，主要由三項因素驅動。第一，因年度薪酬調整與績效調薪（merit increases）全面反映，導致人員費用年增。第二，在雲端基礎設施與 AI 工具上的技術支出加速。第三，本季專案工作增加，帶動專業服務費用上升。

The midpoint of our full year margin guidance reflects expected investment pacing through the second half in technology infrastructure, professional services and product development. AI is playing a dual role, enhancing client value through new capabilities while driving productivity gains. We remain committed to long-term growth while maintaining our track record of capital discipline. As highlighted last quarter, we are investing to differentiate our data, deepen client workflows and modernize our platforms with approximately two-third directed towards growth initiatives and one-third on enhancing our internal infrastructure. Funding will come from productivity improvements and disciplined cost management.

我們全年利益率指引的中位數反映：下半年在技術基礎設施、專業服務與產品開發方面的投資節奏將持續推進。AI 正扮演雙重角色：一方面透過新能力提升客戶價值，另一方面帶來生產力提升。我們在維持資本紀律一貫紀錄的同時，仍致力於長期成長。如上季所強調，我們正投入資源以強化資料差異化、深化客戶工作流程並現代化平台；約三分之二用於成長型計畫，三分之一用於強化內部基礎設施。資金將來自生產力改善與嚴謹的成本管理。

With the first half now complete, let me connect our investments to the early outcomes we are seeing. Our investments in data expansion are delivering. We now offer our core data sets through MCP servers, giving clients flexibility to access our data in their preferred environments. Workstation users are benefiting from optimized real-time data delivery, driving both efficiency and cost effectiveness for clients. And we are meeting client demand by integrating premier research firms like JPMorgan, Barclays and Kepler directly into our platform.

上半年已結束，讓我把我們的投資與目前看到的初步成果連結起來。我們在資料擴充方面的投資正在產生成效。我們現在透過 MCP 伺服器提供核心資料集，讓客戶能在其偏好的環境中彈性存取我們的資料。工作站使用者受惠於最佳化的即時資料傳輸，為客戶帶來更高效率與成本效益。同時，我們也透過將 JPMorgan、Barclays 與 Kepler 等頂尖研究機構直接整合至平台中，以滿足客戶需求。

These are expanding our addressable market while enhancing the value we deliver to clients. Our workflow investments are receiving market validation. We expanded our long-standing Schroders relationship to provide a managed services to enable greater scale. As highlighted earlier, Capital Group selected us as their trading platform because of our hyper-scalable platform and high-volume capabilities. And the year post acquisition, demand for our LiquidityBook order management system and FactSet + Irwin Investor Relations Solution is driving meaningful new logo growth and cross-sell expansion.

這些舉措正在擴大我們的可服務市場，同時提升我們為客戶交付的價值。我們在工作流程方面的投資正獲得市場驗證。我們擴大了與 Schroders 長期以來的合作關係，提供託管服務以實現更大的規模化。如先前所強調，Capital Group 選擇我們作為其交易平台，原因在於我們具備超高可擴展的平台與高交易量處理能力。而在收購後的一年，市場對我們的 LiquidityBook 訂單管理系統以及 FactSet + Irwin 投資人關係解決方案的需求，正推動具實質意義的新客戶（new logo）成長與交叉銷售擴張。

These all showcase our ability to scale from point solutions to enterprise-wide partnerships. On the structural side, we're executing across four priorities. First, modernizing our tech stack and cybersecurity to strengthen platform resiliency as we integrate agentic capabilities into the workstation. Second, deploying AI to scale our content operations, as mentioned by Sanoke earlier. Third, strengthening our brand with our Fluent in Finance campaign that is generating strong top-of-funnel growth. Lastly, freeing up engineering capacity with AI, enabling us to accelerate new projects with existing talent.

這些都展現了我們能從單點解決方案擴展到企業級合作夥伴關係的能力。在結構性層面，我們正圍繞四項優先事項推進執行。第一，現代化我們的技術堆疊與資安防護，以在將代理式（agentic）能力整合進工作站的同時，強化平台韌性。第二，部署 AI 以擴大我們的內容營運規模，如 Sanoke 先前提到的。第三，透過我們的「Fluent in Finance」行銷活動強化品牌，該活動正帶來強勁的漏斗頂端成長。最後，運用 AI 釋放工程產能，使我們能以既有人才加速推進新專案。

We expect these benefits to accelerate through next fiscal year and beyond. We are also on track to capture our intended in-year expense savings by automating manual processes through AI, optimizing cloud usage and streamlining our portfolio through product life cycle rationalization. For example, we've been able to reduce the cost of vectorizing client data by 80%, while delivering faster and more accurate results. Of our planned 100 basis points in savings, we have already secured more than half and remain on track to deliver the full benefit in H2. This improving operational efficiency, combined with consistent free cash flow generation gives us flexibility to deploy our capital.

我們預期這些效益將在下一財年及其後進一步加速。我們也正按計畫透過 AI 自動化人工流程、最佳化雲端使用，以及透過產品生命週期的合理化來精簡產品組合，以達成我們預期的當年度費用節省。例如，我們已能將客戶資料向量化（vectorizing）的成本降低 80%，同時提供更快且更精準的結果。在我們規劃的 100 個基點節省中，我們已取得超過一半，並仍按計畫在下半年（H2）實現全部效益。營運效率的提升，加上穩定的自由現金流產生能力，讓我們在資本配置上更具彈性。

Our framework prioritizes organic investments followed by strategic M&A, then returning excess capital to shareholders. Our balance sheet remains strong with gross debt leverage at 1.4 times providing capacity across all three priorities. At current valuation levels, we see our buyback program as a compelling use of capital. In Q2, we repurchased approximately 652,000 shares for $163 million, and year-to-date, we deployed over $300 million to repurchase shares at attractive prices. To put this into context, in the past two quarters alone, our accelerated pace of buybacks has resulted in a 3% reduction in total shares outstanding.

我們的框架優先順序為：先投入有機成長，其次是策略性併購（M&A），最後將多餘資本回饋股東。我們的資產負債表仍然強健，總負債槓桿為 1.4 倍，足以支應上述三項優先事項。在目前的估值水準下，我們認為回購計畫是極具吸引力的資本運用方式。在第二季，我們以 1.63 億美元回購約 652,000 股；年初至今，我們已投入超過 3 億美元，以具吸引力的價格回購股份。作為參考，僅在過去兩個季度，我們加速回購的步伐已使流通在外股數總量減少 3%。

At quarter end, we had approximately $700 million remaining under our upsized $1 billion authorization. Based on our strong first half performance and improved visibility, we are raising our fiscal 2026 guidance. ASV growth is now expected at $130 million to $160 million, representing approximately 5.4% to 6.7% growth, an increase of $20 million at the midpoint. We are targeting GAAP revenue of $2,450 million to $2,470 million, representing an increase of $25 million at the midpoint. We are maintaining our guidance ranges for GAAP operating margin and adjusted operating margin accounting for the potential higher performance-based compensation given the strong commercial outlook, the effective tax rate remains unchanged.

截至季度末，我們在擴大後的 10 億美元授權額度下，尚餘約 7 億美元可用於回購。基於上半年強勁表現與能見度提升，我們上調 2026 財年的財測指引。ASV 成長目前預期為 1.30 億至 1.60 億美元，約相當於 5.4% 至 6.7% 的成長，中位數上調 2,000 萬美元。我們的 GAAP 營收目標為 24.50 億至 24.70 億美元，中位數上調 2,500 萬美元。我們維持 GAAP 營業利益率與調整後營業利益率的指引區間，並已考量在強勁商業前景下，績效型薪酬可能更高；有效稅率維持不變。

Our guidance range for GAAP EPS is now $14.85 to $15.35, an increase of $0.20 at the midpoint. For adjusted EPS, our range is now $17.25 to $17.75 representing an increase of $0.25 at the midpoint. This revised outlook reflects improved visibility in client demand, accelerating commercial momentum and realized benefits from our productivity initiatives. Our priorities are clear: deliver innovation, deepen client relationships and invest with discipline.

我們對 GAAP 每股盈餘（EPS）的指引區間目前為 14.85 至 15.35 美元，中位數上調 0.20 美元。調整後 EPS 的區間目前為 17.25 至 17.75 美元，中位數上調 0.25 美元。此一更新後的展望反映了客戶需求能見度提升、商業動能加速，以及我們生產力計畫所帶來的已實現效益。我們的優先事項很明確：交付創新、深化客戶關係，並以紀律進行投資。

With that, I'll turn it back to the operator for questions.

接下來，我把時間交還給接線員進行提問。

(Operator Instructions)

(接線員指示)

Kelsey Zhu, Autonomous Research.

Kelsey Zhu，Autonomous Research。

If you transition all of your Workstation ASV into Data Solutions ASV and apply usage-based pricing on top of that, what would that look like? Because I think end users are using FactSet Workstation to get access to your data anyway. So just curious how do you think about the business model in the post AI world especially as data consumption is expected to increase meaningfully? How important is it for FactSet to continue to own the user interface product, especially for research analysts?

如果你們把所有 Workstation 的 ASV 轉到 Data Solutions 的 ASV，並在此基礎上再採用按使用量計價（usage-based pricing），那會是什麼樣子？因為我認為終端使用者使用 FactSet Workstation 主要也是為了取得你們的資料。所以我想了解，在 AI 時代之後你們如何看待商業模式，尤其是資料消耗預期將顯著增加的情況下？對 FactSet 而言，持續擁有使用者介面產品有多重要，特別是對研究分析師而言？

Thank you, Kelsey. I appreciate the question, and it is an important question for not just us, but the whole industry. We, at the moment, are seeing strong growth across all our channels. So we are seeing continued growth in our Workstation, which Helen already talked about. We are also seeing tremendous growth in our Data Solutions, both through data feeds, APIs and increasingly through our newest channel, which is the MCP server, which allows for opening up of new TAMs inside our clients.

謝謝你，Kelsey。感謝你的提問，這不僅對我們很重要，對整個產業也同樣重要。目前我們看到所有通路都呈現強勁成長。因此我們看到 Workstation 持續成長，Helen 也已經談到。我們也看到 Data Solutions 的顯著成長，包含透過資料饋送（data feeds）、API，以及愈來愈多透過我們最新的通路 MCP 伺服器，這能在客戶內部開啟新的 TAM。

So we're seeing user persona shifting from just the traditional users who continue on the Workstation to also include technology teams, data science teams and the broad enterprise user across our clients, which happen to be very large financial institutions for the most part. So we're seeing actually a real compounding of this at the moment. Your question is a speculative question about the future where all these channels disappear, and we are just in the data business. The way we are working through that, it's early stages in this evolution of the market as we are developing our strategy by working jointly with our customers to effectively look carefully at our pricing and packaging, and we are striking enterprise contracts with them that gives both them and us a lot of flexibility in how to continue to deliver value to them in the future. So what -- and you've seen the results.

因此我們看到使用者角色（persona）正在轉變：不僅是持續使用 Workstation 的傳統使用者，也包括技術團隊、資料科學團隊，以及客戶端更廣泛的企業使用者；而我們的客戶多半是非常大型的金融機構。所以目前我們其實看到的是一種真正的複利式疊加效應。你的問題是對未來的一種推演：假設所有這些通路都消失，而我們只剩下資料業務。我們的因應方式是：在市場演進的早期階段，我們透過與客戶共同合作來制定策略，仔細檢視定價與產品包裝，並與他們簽訂企業級合約，讓客戶與我們在未來持續交付價值的方式上都具備高度彈性。所以你也看到了成果。

We've had great success in this quarter alone in restructuring some of our contracts, and we're seeing a real extension of almost 30%, or over 30% in our enterprise contracts. And also a significant share of our contracts are now enterprise agreements or agreements that are really long term in nature. So with that, we give ourselves and our clients flexibility to consume our data in any number of ways through the Workstation, through data feeds, through MCP and frankly, any new channels that open up in the new context.

僅在本季度，我們就在重整部分合約方面取得很大成功，並看到我們的企業合約延伸幅度接近 30%，或超過 30%。此外，我們相當大比例的合約如今已是企業協議，或本質上屬於非常長期的協議。因此，我們讓自己與客戶都能以多種方式彈性消耗我們的資料：透過 Workstation、透過資料饋送、透過 MCP，坦白說，也包括在新情境下出現的任何新通路。

So we are very optimistic about the future of this multichannel mix business, if you will. Because remember, the core of all of this is our data, which is highly valuable in whatever context our clients consume it. And we've given you quite a lot of evidence of how important it is for us to deliver strong, high-quality concorded data. And Goran, do you want to add anything to that?

因此，若你要這麼說，我們對這種多通路組合的業務未來非常樂觀。因為請記住，這一切的核心是我們的資料；無論客戶以何種情境使用，它都具有高度價值。而我們也提供了相當多的證據，說明對我們而言，交付強健、高品質且一致化（concorded）的資料有多重要。Goran，你想補充一下嗎？

Yes. Kelsey, the concept of utilizing our content or components of FactSet is not new to us. Over the past seven, eight years, we have been talking about open approach and servicing clients where they are, meeting them where they really need our solutions. So in terms of owning that interface or really enriching the interface, so the clients can properly complete the workflow. That has been our approach for years.

是的。Kelsey，運用我們的內容或 FactSet 的組件這個概念，對我們而言並不新。在過去七、八年裡，我們一直在談開放式方法，並在客戶所在之處為其提供服務，在他們真正需要我們解決方案的地方與他們會合。因此，就擁有該介面或真正強化介面而言，讓客戶能夠妥善完成工作流程。這一直是我們多年來的做法。

In terms of -- Sanoke touched on enterprise-level agreements and as we -- which we are entering with more and more clients into and consumption laid on top of that, which we think will more than compensate for any type of attrition on the Workstation side going forward.

就——Sanoke 提到企業級協議而言，而我們——我們正與越來越多的客戶簽訂此類協議，並在其上疊加用量計費（consumption），我們認為這將足以、甚至超過，補償未來 Workstation 端任何形式的流失。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

Really strong momentum in the business. I was just -- my question was focused on the sales pipeline, demand environment as well as sales cycle, particularly in the context of the geopolitical -- evolving geopolitical concern. Any color that you can provide on that front?

業務動能非常強。我剛才——我的問題聚焦在銷售管線、需求環境以及銷售週期，特別是在地緣政治——不斷演變的地緣政治擔憂背景下。在這方面您能提供一些說明嗎？

Sure, Ashish. We are seeing broad-based demand and a really strong pipeline through the rest of the year. We are seeing improved retention, continued expansion and also really strong new business growth. So it's across the board. What's driving our sales cycle now is, we're seeing asset managers consuming a lot of our Data Solutions.

當然，Ashish。我們看到廣泛的需求，且在今年剩餘時間裡有非常強勁的管線。我們看到留存率改善、持續擴張，以及非常強的新業務成長。所以是全方位的。目前推動我們銷售週期的是：我們看到資產管理人正在大量採用我們的 Data Solutions。

As you know, we've been making investments in real-time data, pricing and reference data and private capital data. All of this is resonating and it's driving a significant interest in our buy side. Our middle office solutions are again resonating very well with the managed services overlay. That is particularly getting even more exciting in an AI-intensive world where we can add agentic workflows on top of that. And our trading solutions are growing strongly as well.

如你所知，我們一直在即時數據、定價與參考數據，以及私募資本數據方面進行投資。這些都引起共鳴，並在買方客群中帶來顯著的興趣。我們的中台解決方案在託管服務（managed services）疊加之下，同樣反應非常好。在一個 AI 密集的世界裡，當我們能在其上加入代理式（agentic）工作流程時，這點尤其更令人振奮。而我們的交易解決方案也在強勁成長。

So broadly, I'd say the sales cycle has not changed. The macro conditions are not affecting us. We see strong traction across all of our client groups. What I can say is when it comes to AI solutions, the sales cycle is considerably faster. Clients are eager and enthusiastic to try out new solutions.

所以整體而言，我會說銷售週期沒有改變。總體環境並未影響我們。我們在所有客戶群中都看到強勁的牽引力。我可以說的是，就 AI 解決方案而言，銷售週期明顯更快。客戶急切且熱情地想要試用新解決方案。

And you might have seen, we even announced yesterday a new partnership with Finster on our banking agentic platform. Again, we're being very client demand-driven, and we see tremendous demand and enthusiasm from clients to try these solutions. And our MCP solution, which we launched just in December, again, to reiterate, has been our fastest-growing solution in the market.

而你可能也看到，我們甚至在昨天宣布與 Finster 在我們的銀行代理式平台上建立新的合作夥伴關係。同樣地，我們非常以客戶需求為導向，我們看到客戶對嘗試這些解決方案有極大的需求與熱情。而我們在 12 月才推出的 MCP 解決方案，再次重申，已成為我們在市場上成長最快的解決方案。

Manav Patnaik, Barclays Capital.

Manav Patnaik，Barclays Capital。

I just wanted to focus on -- I think you mentioned your middle office and trading solutions growing really strong as well. And I noticed in the prepared remarks, that came up a lot in terms of the accelerated growth. So I was just hoping you could double-click on that. Maybe just help us appreciate how big those two solutions are? And maybe what are the key sub-solutions, I guess, within those that are selling really well nowadays?

我想聚焦在——我想你提到你們的中台與交易解決方案也成長得非常強。而我注意到在事先準備的發言中，談到加速成長時也多次提及。所以我希望你能更深入說明一下。也許幫助我們理解這兩個解決方案的規模有多大？以及我想，當中有哪些關鍵子解決方案目前賣得特別好？

Thank you, Manav. Yes, this is our -- one of the crown jewels in our business, which is we are deeply, deeply entrenched in providing some of the critical support to large buy-side clients. It starts with sort of the essential ingredients of what we do in portfolio analytics, which is performance analytics, attribution and risk management. And these are mission-critical processes for our clients. And as we said in our prepared remarks, millions of funds depend on the immutable data that is stored and distributed from our analytics book of record, which delivers these quality high-grade analytics year after year after year over the last several decades.

謝謝你，Manav。是的，這是我們業務中的——其中一個皇冠上的明珠，也就是我們深度、深度地扎根於為大型買方客戶提供一些關鍵支援。這始於我們在投資組合分析（portfolio analytics）中所做工作的核心要素，也就是績效分析、歸因分析與風險管理。而這些對我們的客戶而言都是任務關鍵（mission-critical）的流程。正如我們在事先準備的發言中所說，數以百萬計的基金仰賴儲存並由我們的分析記錄簿（analytics book of record）分發的不可變數據（immutable data）；該系統在過去數十年裡年復一年地提供高品質、高等級的分析。

And so it's a very important part of the core investment operations of our clients. The parts of that, that are particularly growing in -- especially in this quarter, and we see this trend continue is clients continuing to shift into multi-asset class portfolios and starting to really demand a total portfolio view that mixes private and public positions normalizes risk across these asset classes, and looks at what-if scenarios cutting across different types of risk analyses that you run on all of those portfolios. Events like -- in recent markets around private credit and the like, only increase the relevance of these risk analyses and make our business even more sticky to our clients.

因此，這是客戶核心投資營運中非常重要的一部分。其中特別在成長的部分——尤其在本季，我們也看到這個趨勢將延續——是客戶持續轉向多資產類別投資組合，並開始真正要求一個整體投資組合視圖（total portfolio view），能把私募與公開市場部位結合起來、在各資產類別間標準化風險，並檢視跨越不同風險分析類型的情境假設（what-if）分析，這些分析會套用在所有這些投資組合上。近期市場中像是私募信貸（private credit）等事件，只會提高這些風險分析的相關性，並讓我們的業務對客戶而言更具黏著度。

So we're seeing strong progress in our managed services that help clients operate these large platforms, transform their data, ensure that it is deeply integrated into our systems and the output of it is reported downstream into multiple different sources, whether it is compliance teams that are doing regulatory checks, end clients that are demanding progress on performance and also investment committees who are using all of that research and analytics to make asset allocation, both strategic and dynamic asset allocation decisions.

因此，我們在託管服務方面看到強勁進展；這些服務協助客戶運作這些大型平台、轉換其數據、確保數據與我們的系統深度整合，並將其輸出向下游回報到多個不同來源——無論是進行法規檢核的合規團隊、要求績效進展的終端客戶，或是使用所有研究與分析來做資產配置（包括策略性與動態資產配置）決策的投資委員會。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Can you talk a little bit, let's say, about what has changed so much in the last couple of quarters. We were seeing kind of the company's organic growth slowing down, kind of meandering. You came in a few quarters ago. Usually, we don't see a real acceleration with the change that happens instituted by the top within just two quarters. And I was wondering if you can kind of point to a few critical parts about what seems to be clicking?

你能談談，譬如說，過去幾個季度到底有哪些變化這麼大嗎？我們之前看到公司的有機成長在放緩，有點徘徊。你在幾個季度前上任。通常我們不會在短短兩個季度內，就看到由高層推動的變革帶來真正的加速。我想知道你是否能指出幾個關鍵部分，說明目前看起來是哪些因素開始奏效？

What is there because maybe you changed some incentives that really realign things? Or what are things that were going on beforehand that seem to have hit their stride, so we can just kind of get a sense as to the picture of the reacceleration of the revenue growth and what might be the runway for that going forward?

是因為你可能調整了一些激勵機制，讓整體重新對齊？或者是之前就已在進行的事情，如今似乎進入了順風期、開始發揮效益？這樣我們就能大致掌握營收成長再加速的全貌，以及未來可能的成長跑道（runway）。

Thank you. It's a very important question and something that we spend a lot of time on. And we believe that we are just at the start of this inflection. There is a number of things that are landing well for us. I'd start by saying that prior to my showing up, the client -- the company had started making very targeted and focused investments in the right areas that are areas where we see huge headroom for growth.

謝謝。這是一個非常重要的問題，也是我們投入大量時間的議題。我們相信我們才正處於這個拐點（inflection）的起點。有許多事情對我們而言正在順利落地。我會先說，在我加入之前，公司就已開始在正確的領域進行非常有針對性、聚焦的投資——而這些領域正是我們看到巨大成長空間（headroom）的地方。

I'll start with data. Data is the foundational strength of the company. We've certainly had many decades of success in building our data sets and continuing to build the kind of client franchise that we have today. And yet, there are big parts of the data environment that we are still early in the game, and we have the smallest market share amongst our competitors, and we see huge headroom for growth. A great example is real-time data.

我先從數據談起。數據是公司的基礎性優勢。我們在建立數據集方面確實已成功了數十年，並持續打造我們今天所擁有的客戶版圖（client franchise）。然而，在數據環境中仍有很大一部分我們還處於早期階段；相較競爭對手，我們的市占率最小，但我們看到巨大的成長空間。一個很好的例子就是即時數據。

So real-time data, we now have capabilities that are competitive and comparable to our larger competitors. It's an investment that's been made over the years and accelerated in the last couple of years and that's allowed us to win very significant clients. For example, one of the largest global asset managers is a client of ours. They went live about a year ago and we displaced hundreds of different internal solutions, and we developed and delivered a world-class market data solution real-time with delayed data distributed across the entire asset management estate of this client. So that's one example of something that's clicking.

因此，就即時數據而言，我們現在具備與更大型競爭對手相當、且具競爭力的能力。這是一項多年來持續投入、並在過去幾年加速的投資，使我們得以贏得非常重要的客戶。例如，全球最大的資產管理公司之一就是我們的客戶。他們約在一年前上線，我們取代了數百套不同的內部解決方案，並為該客戶整個資產管理體系開發與交付了世界級的市場數據解決方案，提供即時與延遲數據的全域分發。這就是一個正在奏效的例子。

That is a marquee win in the space. And just off the back of that, we are seeing huge traction across the buy side and the sell side for real-time data. I'll just rattle off a few other investments like that, that we've been making that are all clicking now. So clearly, our AI investments are working. We are doing well across the various layers of the AI stack, AI-ready data, the MCP server, our agentic platforms, and our AI solutions that are infused inside the Workstation, that like we said, 48 of our top 50 clients use at least three of our AI solutions, and I expect that number to be quite a bit higher in future quarters.

這是在該領域的一個指標性勝利。而且在此基礎上，我們看到買方與賣方對即時數據都有非常強勁的動能。我再快速列舉幾項我們一直在做、而且現在都開始奏效的其他投資。很明顯，我們在 AI 方面的投資正在發揮作用。我們在 AI 技術棧的各個層面都表現良好：AI 就緒數據、MCP 伺服器、我們的代理式（agentic）平台，以及內嵌於 Workstation 的 AI 解決方案；正如我們所說，我們前 50 大客戶中有 48 家至少使用我們三項 AI 解決方案，我預期未來幾季這個數字會更高。

Third, our investments in content beyond real time, which are really relevant for dealmakers and wealth managers. So pricing and reference data as well as the data in private capital or private company-related data and other data sets, obviously, our historical hallmark has been supply chain data, Revere data, et cetera. These are all coming together nicely and opening up lots of new opportunities for us. And when I look at the penetration of data solutions distributed beyond the Workstation amongst our client base, we still have a huge room to just continue to increase cross-sell within our existing client base. So I mean, certainly, our efforts at commercial excellence, to your point, Shlomo, in the last couple of quarters are helping.

第三，我們在即時以外內容方面的投資，這些內容對交易撮合者與財富管理人員特別相關。因此，定價與參考數據，以及私募資本或私營公司相關數據與其他數據集；當然，我們歷來的招牌還包括供應鏈數據、Revere 數據等。這些正在很好地整合在一起，為我們開啟了許多新的機會。當我觀察我們客戶群中、在 Workstation 之外分發的數據解決方案滲透率時，我們仍有很大的空間，持續在既有客戶群內提升交叉銷售。所以我認為，確實如你所說，Shlomo，我們在過去幾季推動的商業卓越（commercial excellence）工作正在帶來幫助。

We see terrific energy in our sales and customer success teams and that's, of course, adding value to our retention and expansion. But even more, it's all of these targeted investments that have been made over the last few quarters are starting to click and I see a lot of runway ahead of us. Helen, do you want to add any more color?

我們看到銷售與客戶成功團隊充滿活力，這當然也在提升我們的留存與擴張。但更重要的是，過去幾季所做的這些有針對性的投資開始奏效，而我也看到我們前方仍有很長的成長跑道。Helen，你要不要再補充一些說明？

Yes, maybe one thing just to add, Shlomo, because you're absolutely right, things take a little bit of time to get leverage. But I think back to what Sanoke was saying, the core of what we are is really important. Our open platform is perfect in this new environment as we're talking about AI, which is why AI is a tailwind for us, and that's why you're seeing double-digit growth in data across all the various firm types, whether it's banking or wealth or on the buy side. So I think that's a really important point that our investments we made have helped both retention and then why new business is growing as well.

是的，也許補充一點，Shlomo，因為你說得完全正確，事情需要一些時間才能產生槓桿效應。但我回想 Sanoke 所說的，我們的核心本質非常重要。在我們談論 AI 的這個新環境中，我們的開放平台非常契合，這也是為什麼 AI 對我們而言是順風（tailwind）；也因此你會看到各類型機構的數據業務都呈現兩位數成長，無論是銀行、財富管理，或買方。所以我認為這點非常重要：我們所做的投資既有助於留存，也解釋了為什麼新業務同樣在成長。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

I wanted to focus on the expense side of things. I'm curious if there's been any change into how you're thinking about expenses through the year. I think previously, you had said that the investment plans were more second half weighted. So I was curious if that's the case. And then maybe like more big picture, I appreciate you're making investments in the business, and it's clearly showing up in better ASV growth.

我想把焦點放在費用端。我很好奇，你們對今年費用的思考方式是否有任何改變。我記得先前你們提到投資計畫會更偏向下半年。所以我想確認是否仍是如此。另外從更宏觀的角度來看，我理解你們正在對業務進行投資，而且這也明顯反映在更好的 ASV 成長上。

Are you planning to, I guess, moderate some of the pace of investments or the expense growth so you can start leveraging expenses next fiscal year? Or do you want to kind of keep pushing there and drive the ASV higher?

你們是否計畫，我想是，放緩一些投資步伐或費用成長，讓你們在下一個會計年度開始讓費用產生槓桿效益？還是你們希望繼續加大投入，把 ASV 推得更高？

Thanks, Jason. As you can tell, we are very pleased with the execution we have seen in the first half of the year. And the guidance range for what we have given on operating margin is a reflection of the fact that we see all of these opportunities to make high ROI investments, both in growth as well as structurally to improve the company's success going forward. And you're right. I mean we do expect a heavier investment second half.

謝謝你，Jason。如你所見，我們對上半年所展現的執行成果非常滿意。而我們對營業利益率所給出的指引區間，反映了我們看到許多可以進行高投資報酬率（ROI）投資的機會，既包括成長投資，也包括結構性投資，以提升公司未來的成功機率。你說得沒錯。我們確實預期下半年的投資會更重。

At the same time, we have been very disciplined, and we will moderate spend based on what we see in terms of ROI and the opportunities we see to invest. So we are keenly focused on our earnings. We want to -- our intent is to grow earnings going into next year and beyond, right? So our investments are going to be very tailored to highest ROI investment opportunities. And we think we can achieve both because we are seeing all of these promising productivity improvement opportunities.

同時，我們一直非常自律，並會根據我們看到的 ROI，以及我們所看到的投資機會來調整支出節奏。因此，我們高度聚焦於獲利。我們的意圖是讓獲利在明年及之後持續成長，對吧？所以我們的投資會非常聚焦在 ROI 最高的投資機會上。而我們認為兩者都能達成，因為我們看到許多很有前景的生產力改善機會。

We gave a flavor for those earlier in our presentation, and I believe we are still at the very, very early stages of capturing productivity gains. And as those accelerate, they'll serve as a nice offset to these investments, and we'll be able to deliver operating leverage as well.

我們在先前的簡報中已對此提供一些例子，我相信我們仍處於擷取生產力提升效益的非常、非常早期階段。隨著這些效益加速，它們將能很好地抵銷這些投資，我們也將能夠同時實現營運槓桿。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

I appreciate all the color again this quarter on your strategic priorities and the foundational strengths. And I thought slide 8 was particularly helpful in terms of the uniqueness and value of the data. But I am curious, just as you think about where FactSet sits in the ecosystem relative to newer competitors or even the model providers, maybe address what you think are some of the disadvantages you have from being a legacy provider? And to what extent are those disadvantages addressable, whether it's the organic investment or partnerships or M&A? I just understand all the reasons why people will stick with you or clients are sticking with you or investing more in your product. Just curious what you're defensive to and investing in as a result.

我很感謝你們本季再次就策略重點與基礎優勢提供了許多補充說明。我覺得第 8 張投影片在數據的獨特性與價值方面特別有幫助。但我也好奇，當你們思考 FactSet 在生態系中的位置、相對於較新的競爭者甚至模型供應商時，能否談談作為一家傳統供應商（legacy provider）你們可能有哪些劣勢？以及這些劣勢在多大程度上是可被解決的，無論是透過內生成長投資、合作夥伴關係或併購（M&A）？我理解客戶為什麼會繼續選擇你們、或持續留在你們這邊、或增加對你們產品的投入的所有原因。只是好奇你們在哪些方面需要防守，以及因此而投入哪些資源。

Sure. We have a number of advantages, and I think you've registered those. I think those are exciting, and we see lots of runway to grow with those advantages. What you'll also see is that where we see complementarity, we've been actually one of the players that has been most forward-leaning in partnerships across the ecosystem. It starts in -- first and foremost, again, with data.

當然。我們有許多優勢，我想你已經注意到了。我認為這些都令人振奮，而且我們也看到憑藉這些優勢仍有很大的成長空間。你同時也會看到，在我們認為具有互補性的地方，我們其實是生態系中在合作夥伴關係上最積極、最前瞻的參與者之一。這首先、也是最重要的，仍然從數據開始。

So we've always had really strong in-depth multiyear commercial and technical partnerships with a number of other content providers. They are increasingly looking to us given our technology prowess to aggregate more of their data and to deliver more of the data through new channels that we are able to open up for them. So that's number one. We work with content providers across the stack, and that's an important part of our traditional strategy, and we will continue to accelerate that. Number two, to your point about new capabilities from AI natives and hyperscalers.

因此，我們一直以來都與多家其他內容供應商建立了非常深厚、跨多年期的商業與技術合作夥伴關係。鑑於我們的技術實力，他們也愈來愈希望與我們合作，讓我們彙整更多他們的數據，並透過我們能為他們開啟的新通路交付更多數據。這是第一點。我們與整個技術棧各層的內容供應商合作，這是我們傳統策略的重要部分，而且我們會持續加速推進。第二點，回到你提到的 AI 原生（AI natives）與超大規模雲端業者（hyperscalers）所帶來的新能力。

As you would have noticed, we have a strong partnership with Anthropic. We are one of the prominent financial services connectors on the Claude marketplace. And I must say it is our fastest-growing marketing channel. I think of it as a marketing channel because the business model is very synergistic. We make our gains when clients connect through Claude into our data sets and consume more and more of our data and our contracting is directly with our clients.

如各位應該已注意到的，我們與 Anthropic 有著強而有力的合作夥伴關係。我們是 Claude 市集上重要的金融服務連接器之一。我必須說，這也是我們成長最快的行銷通路。我把它視為行銷通路，因為其商業模式具有高度協同效應。當客戶透過 Claude 連接到我們的資料集並持續消耗更多我們的資料時，我們就能獲利，而我們的合約是直接與客戶簽訂的。

And Anthropic does well when that happens because those agents that the clients may be deploying use more and more tokens, and that's good for Anthropic. So I'm just using that example to illustrate why our partnership model is a win-win here to Helen's point before, we've always been an open architecture company, and it's really coming into its own in this AI environment. So those are a couple of examples. I don't view these as disadvantages as much as market opportunities that are opening up that our business model is uniquely positioned to take advantage of.

而當這種情況發生時，Anthropic 也會表現得很好，因為客戶可能部署的那些代理會使用越來越多的 tokens，這對 Anthropic 有利。我只是用這個例子來說明，為什麼我們的合作模式是雙贏；呼應 Helen 先前的觀點，我們一直是一家開放式架構的公司，而在這個 AI 環境中，這一點正真正發揮其價值。以上是幾個例子。我不太把這些視為劣勢，反而更像是正在開啟的市場機會，而我們的商業模式具備獨特優勢可以加以把握。

For broad solutions. Many of the AI native firms can be very good in their point solution. But for clients who want something that's integrated and they don't want to have multiple solutions, we are really best positioned to be able to deliver that.

就廣泛型解決方案而言。許多 AI 原生公司在其單點解決方案上可能非常出色。但對於希望要整合、且不想同時使用多套解決方案的客戶，我們確實是最有能力提供這類交付的。

David Motemaden, Evercore ISI.

David Motemaden，Evercore ISI。

Sanoke, you had mentioned a few areas of further cost savings across the business. I think it was streamlining procurement, consolidating legacy software, optimizing third-party data agreements. Could you just talk about what sort of the runway is on those? And how we should think about that creating margin opportunities as we head into next year? It sounds like you guys are making good progress this year, but I'm more thinking into fiscal 2027.

Sanoke，你提到在整個業務中還有幾個進一步節省成本的領域。我想包括精簡採購、整併舊有軟體、優化第三方資料協議。你能談談這些措施的可持續空間（runway）大概有多長嗎？以及我們應該如何看待這些措施在明年帶來的利潤率機會？聽起來你們今年進展不錯，但我更關注的是到 2027 財年的情況。

Sure. What we've indicated today is that we've already captured over 50% of the 100 basis points of productivity improvements that we targeted for this year. And while we gave you examples of the early impact that we are seeing from the application of AI in engineering, in data operations, in customer success, I must say those are early days.

當然。我們今天所指出的是：今年我們鎖定的 100 個基點生產力改善目標中，已經捕捉到超過 50%。此外，雖然我們舉了一些在工程、資料營運、客戶成功等領域應用 AI 所帶來的早期影響，但我必須說，這些都還在非常早期的階段。

And in fact, I see tremendous scope for growth of the AI-based opportunities. What you see in the value capture to date is more along the lines of what you're describing, which is procurement, legacy software consolidation, data contract optimizations, effectively, just looking across the company and making sure that we are leaving no rock unturned, ensuring that we are being efficient about our usage of third-party services and just running a better company.

事實上，我看到 AI 驅動的機會仍有非常大的成長空間。而截至目前所捕捉到的價值，更多是你所描述的那類：採購、舊有軟體整併、資料合約優化；本質上就是全面檢視公司，確保不放過任何可改善之處，確保我們在使用第三方服務時更有效率，並把公司經營得更好。

So we are getting all of that done, which can be done faster. And these AI programs are just taking root, we see a lot of opportunity to expand the scope going in into next year. And as I said, our focus is going to be very much on improving earnings going into 2027 and beyond and we'll balance these productivity gains with continued high ROI investments we want to make in the future growth opportunities.

因此，我們正在把這些事情都推進完成，而這些通常可以更快落地。同時，這些 AI 計畫才剛開始扎根，我們看到明年有很大的機會擴大其範圍。如我所說，我們的重點將是提升 2027 年及之後的獲利能力，同時也會在生產力增益與我們希望投入於未來成長機會的高投資報酬（ROI）投資之間取得平衡。

George Tong, Goldman Sachs.

George Tong，高盛。

You talked about introducing new pricing and product packaging initiatives. Can you elaborate on this a bit more and what year-over-year price performance was in the US?

你提到推出新的定價與產品包裝（packaging）措施。能否再多說一些細節，以及美國市場的年對年（YoY）價格表現如何？

Sure. I'll start with the conceptual sort of effort what we are doing across pricing and packaging. And Helen is going to give a little bit more color on the specific progress of price improvements we have seen. I'd start by saying we have a very strong shelf of really good products. Customers really love our products.

當然。我先從我們在定價與包裝方面所做的概念性工作談起。接著 Helen 會補充我們在價格改善方面看到的具體進展。首先我要說的是，我們有一個非常強的產品組合，裡面有很多非常好的產品。客戶真的很喜歡我們的產品。

We've gotten great feedback. Our NPS scores are very high. And despite that, we are continuing to invest in growing NPS across different segments. This gives us strong pricing power. So when we look at across our estate and we look at how we are packaging and bundling our products, we are doing a thorough review and where appropriate, we are making changes.

我們收到非常好的回饋。我們的 NPS 分數非常高。即便如此，我們仍持續投資，讓不同客群的 NPS 進一步提升。這讓我們具備很強的定價能力。因此，當我們檢視整體產品版圖，並檢視我們如何進行產品包裝與綑綁時，我們正在做一次全面性的審視，並在適當之處進行調整。

We are rebundling and we are restructuring these enterprise agreements with different client types. And as I said earlier, to give them and us flexibility so we can evolve into this new world where it will be a combination of seats, it will be a combination of data delivery, and it will be a combination of consumption, right? So it will be all of that. And we are ensuring that we are retaining the flexibility and clients are retaining the flexibility. With that, I'm going to hand over to Helen to describe how that pricing power translated in this quarter.

我們正在重新綑綁，並針對不同類型的客戶重構這些企業協議。如我先前所說，這是為了讓客戶與我們都保有彈性，以便在這個新世界中演進：未來會是席位（seats）的組合、資料交付的組合，以及用量／消耗（consumption）的組合，對吧？所以會是上述全部的組合。我們要確保我們保有彈性，客戶也保有彈性。接下來我把時間交給 Helen，說明這一季我們的定價能力如何轉化為成果。

Yes. No, thank you, Sanoke. As we do every year, the annual price increase in the Americas actually contributed more this year than last year, so it's up slightly, which reflects really that our strategy -- pricing strategy is grounded in the value that we deliver. So clients are valuing the product. It's supported by the price realization that we're seeing.

好的。不，謝謝你，Sanoke。如同我們每年都會做的，美洲地區的年度價格調升今年的貢獻其實比去年更高，因此略有上升；這反映出我們的策略——定價策略——是建立在我們所交付的價值之上。因此客戶確實重視這個產品。而我們所看到的價格實現（price realization）也支持了這一點。

And it's -- quite frankly, clients are accepting the increases due to the value and the workflow integration we're providing. Now that is driven in part through the fact that we have a larger ASV base. We've had improved retention, which increases as well. And as noted, the shift to enterprise is also contains some contractual escalators. So we've been very pleased with how we've been able to continue to leverage and build on capturing price this year.

而且——坦白說，客戶之所以接受調價，是因為我們提供的價值與工作流程整合。這部分也有一部分原因是我們擁有更大的 ASV 基礎。我們的留存率有所改善，也帶動了提升。此外，如先前所提到，轉向企業客戶也包含一些合約中的調價條款（escalators）。因此，我們對於今年能持續運用並在既有基礎上進一步捕捉價格成果感到非常滿意。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

In noticing some of the statistics that you released on client count and user count, it seems that users per client seem to be escalating at a greater rate. Is there something driving that? Is that a mix shift maybe towards wealth? Or is there anything else going on there?

我注意到你們公布的一些客戶數與使用者數統計，看起來每位客戶的使用者數上升速度更快。是有什麼因素在推動嗎？是否可能是組合轉向財富管理（wealth）？或是還有其他因素？

Yes. I think -- I mean, I'd caution us in, I would say, reading too much into our client count. As you know, we have 9,000-plus clients, and there is always a long tail of clients in our sort of businesses. So we had a very good quarter. We added a significant number of new clients.

是的。我想——我的意思是，我會提醒大家不要對我們的客戶數解讀過多。如各位所知，我們有 9,000 多家客戶，而在我們這類業務中，客戶總是存在很長的尾端（long tail）。所以我們這一季表現非常好。我們新增了相當多的新客戶。

At the same time, we also significantly expanded our presence in our top clients, in our top 100, in our top 200, which drive significant chunks of our business. So I wouldn't draw too much into the client count itself. What I would say is, it's important to understand that corporates, wealth managers, private equity and these sort of client segments drive a lot of our new client expansion because remember, we have a huge, huge penetration with the largest global banks, largest global asset managers and the largest global wealth managers.

同時，我們也在我們的頂級客戶中大幅擴大了滲透，包括前 100 大、前 200 大客戶，這些客戶貢獻了我們業務中相當大的部分。因此，我不會僅從客戶數本身得出太多結論。我想說的是，重要的是要理解：企業客戶（corporates）、財富管理機構、私募股權等這些客群，推動了我們大量的新客戶擴張；因為請記得，我們在全球最大型銀行、最大型資產管理機構，以及最大型財富管理機構中的滲透率已經非常、非常高。

So the tail by definition, is smaller firms around the world, and that is certainly what is driving our client count. With user count, wealth management is a significant driver because we have -- as we win large wealth managers, we win at a large number of advisers and that adds to the user count as well. So I just want to caution you not to read too much into those numbers because they tend to be the long tail.

因此，所謂的長尾按定義來說，就是全球各地規模較小的公司，而這確實是推動我們客戶數量成長的因素。就使用者數量而言，財富管理是一個重要的驅動因素，因為我們——當我們贏得大型財富管理機構時，往往也會同時贏得大量顧問，這也會增加使用者數量。所以我只是想提醒各位，不要對這些數字過度解讀，因為它們往往屬於長尾。

(Operator Instructions)

(接線員指示)

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

I'm just wondering if you guys can talk about the pace or degree of AI product adoption in the wealth channel. I'm just trying to kind of understand given that wealth is still, I think, ongoing this digitization journey, if this could be a potential longer tail opportunity?

我只是想請教各位，能否談談 AI 產品在財富通路的採用速度或採用程度。我想了解的是，鑑於財富管理我認為仍在持續進行數位化轉型之旅，這是否可能成為一個潛在的較長尾機會？

Yes. I think you read that right, Scott. Wealth is a more heterogeneous environment for us amongst our end markets. We have large firms, we have midsized firms, we have RIAs. There's a whole range, international private banks and international wealth managers have their own dynamics.

是的。Scott，我認為你的理解是正確的。對我們而言，財富管理在我們的終端市場中是一個更為異質的環境。我們有大型公司，也有中型公司，還有 RIA（註冊投資顧問）。範圍非常廣，國際私人銀行與國際財富管理機構也各自有其動態。

So we are seeing a gradual pickup in AI adoption in wealth. It's certainly behind what we have seen in the sell side and in the buy side. but we see it picking up, and I expect it to be an important growth driver as we go into the next few quarters. I don't know, Goran, if you want to add anything to that?

因此，我們確實看到財富管理領域的 AI 採用正在逐步回升。它當然落後於我們在賣方與買方所看到的情況，但我們看到它正在加速，我也預期在接下來幾個季度，它會成為重要的成長驅動因素。我不確定，Goran，你是否想補充？

Some of the AI solutions that we see adoption in wealth are around prospecting. So we have some of our largest clients adopting our Intelligent Prospecting & Monitoring solution that is something that drives new business for our clients. And we are rolling out some of our AI solutions with two of our largest clients currently. So the adoption is increasing, but I would agree with Sanoke, it is trailing investment banking and other areas of the business.

我們在財富管理領域看到採用的部分 AI 解決方案，主要圍繞在客戶開發（prospecting）。因此，我們有一些最大型的客戶正在採用我們的 Intelligent Prospecting & Monitoring（智慧開發與監測）解決方案，這能為客戶帶來新業務。而我們目前也正與其中兩家最大客戶推動部分 AI 解決方案的上線。所以採用正在增加，但我同意 Sanoke 的看法，它仍落後於投資銀行及其他業務領域。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Just wanted to just touch on here this AI concern out there. There's obviously a lot of concern as AI evolves here over time that the white-collar workforce takes pressure, fewer needs for human beings to run operations and stuff. When you drill down on that, if that does play out here and say you have a 10% or 15% pullback in the number of white-collar workforce at the buy side, sell side. Talk to us, if you would, please, about the vulnerability for your pricing, the revenues you can gain here in that sort of environment? Obviously, you're trying to move more and more to enterprise-wide pricing as you've been doing that for many, many years. But how vulnerable are you do you feel -- you and your peers if that does play out there?

我想稍微談一下外界對 AI 的擔憂。顯然，隨著 AI 隨時間演進，大家很擔心白領勞動力會承受壓力，對人力來執行營運等工作的需求會變少。如果深入來看，假設這真的發生，例如買方、賣方的白領人數出現 10% 或 15% 的回落。請談談在那樣的環境下，你們的定價、以及你們能取得的營收會有多脆弱？顯然，你們一直在努力、而且多年來持續推動更多的企業級（enterprise-wide）定價。但如果真的發生那種情況，你覺得你們——以及同業——的脆弱性有多大？

Yes. Thanks, Craig. What I'd start by saying is to imagine a scenario where you have that kind of headcount reduction in our end markets. We have to then appreciate that the agentic workflows have become such high grade and high quality that they're able to really displace these -- the humans who do those jobs today. So that's an assumption that we would have to make.

是的。謝謝你，Craig。我首先想說的是，若要想像在我們的終端市場出現那種人力縮減的情境，我們必須理解，代理式（agentic）工作流程已經變得非常成熟、品質非常高，才能真正取代——目前從事這些工作的——人類。因此，這是一個我們必須先做出的假設。

If that were to be right, I would say those agents are going to need very, very high-quality inputs in order to be able to execute the job that we expect those agents to do at that point. I shared the example of the value-at-risk calculation, and that's one of those ways in which we think our data, our connected data and the embedding that we have in these workflows just becomes exponentially more valuable in a world where agents are becoming the primary call on that data.

如果這個假設成立，我會說，這些代理要能執行我們屆時期待它們完成的工作，就需要非常、非常高品質的輸入。我分享過風險值（value-at-risk）計算的例子，而這正是我們認為在代理成為主要資料調用者的世界裡，我們的資料、我們的連結式資料，以及我們在這些工作流程中的嵌入，會呈指數級變得更有價值的方式之一。

So we believe that we are very well positioned to capture the upside in that kind of scenario. And it will all come down to the optimization of pricing between the seats that those humans may have adopted versus the data consumption that the agents will have in the future. And this is exactly the point I was making earlier, which is, we are working very closely with our clients.

因此，我們相信在那樣的情境下，我們非常有利於掌握上行空間。而關鍵將在於：在未來，如何在人類可能採用的席位（seat）定價，與代理所帶來的資料消耗（data consumption）之間，進行定價的最佳化。這也正是我先前所說的重點：我們正與客戶非常緊密地合作。

And I can tell you there is a huge appetite and conviction among our clients to partner with us on rewriting these contracts to create flexibility for themselves and for us, and we see us capturing an ability to continue to hold our pricing power and to capture the upside from that transition if and when it happens.

我可以告訴你，我們的客戶對於與我們合作、重新改寫這些合約以為他們自己與我們創造彈性，抱持著非常強烈的意願與信心；我們也認為，如果且當這種轉變發生時，我們將能持續維持我們的定價能力，並掌握這一轉變帶來的上行空間。

Thank you. I would now like to turn the call back over to Sanoke Viswanathan for closing remarks.

謝謝。我現在想把電話交回給 Sanoke Viswanathan 作結語。

Thank you, operator. Thank you, everybody, for joining the call today. We continue to execute with discipline, accelerating ASV growth, strengthening commercial performance and measurable productivity gains position us well for the second half of fiscal 2026 and beyond. In May, we'll welcome clients to FactSet FOCUS, where they will experience firsthand the innovation we are delivering across our platform. Operator, this concludes today's call.

謝謝你，接線員。謝謝各位今天參加電話會議。我們持續以紀律執行，加速 ASV 成長、強化商業表現，以及可衡量的生產力提升，使我們在 2026 會計年度下半年及更長遠的未來都具備良好定位。5 月，我們將在 FactSet FOCUS 歡迎客戶，屆時他們將親身體驗我們在整個平台上所帶來的創新。接線員，今天的電話會議到此結束。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。