FactSet Research Systems Inc. (FDS) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FactSet third quarter earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 FactSet 第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Kevin Toomey, Head of Investor Relations. Please go ahead.

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 third 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.

謝謝，各位早安。歡迎參加 FactSet 2026 會計年度第三季財報電話會議。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我們網站 factset.com 的「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提供。在我們的準備發言結束後，將開放提問。

The call is scheduled to last for one hour. To be fair to everyone question, you may reenter the queue for additional follow-up questions, which we will take if time permits. 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.

本次電話會議預計為時一小時。為了公平起見，您在提問後可重新排隊提出後續問題；若時間允許，我們將予以回答。在討論業績之前，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.

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。我們的投影片簡報與本次電話會議的討論將包含若干非 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天稍早發布的財報新聞稿中；兩者皆可於 investor.factset.com 取得。

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; and Josh Warren, Chief Financial Officer. I will now turn the discussion over to Sanoke.

在本次電話會議中，除非另有說明，相對表現指標反映的是相較於 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，以及財務長 Josh Warren。接下來我把討論交給 Sanoke。

Thank you, Kevin. Good morning, everybody, and thank you for joining the call. Q3 performance was strong with our fifth consecutive quarter of acceleration in organic ASV growth. We grew ASV by 7.1% to $2.48 billion across all regions and client types. Adjusted operating margin was 34%, reflecting the investments that we've made this year.

謝謝你，Kevin。各位早安，感謝各位參加本次電話會議。第三季表現強勁，我們已連續第五個季度有機 ASV 成長加速。我們在所有地區與各類客戶中，ASV 成長 7.1%，達到 24.8 億美元。調整後營業利益率為 34%，反映了我們今年所做的投資。

Adjusted diluted EPS was $4.53, up 6.1% year-over-year. Our client engagement and growth trends this quarter show that our four foundational strengths of Connected Data, embedded workflows, service excellence and broad and deep distribution are becoming even more valuable as our clients deploy AI widely.

調整後稀釋每股盈餘為 4.53 美元，年增 6.1%。本季的客戶互動與成長趨勢顯示，隨著客戶廣泛部署 AI，我們四項基礎優勢——連結式資料、嵌入式工作流程、卓越服務，以及廣泛且深度的分銷——正變得更具價值。

Five example client wins from this quarter demonstrate the breadth and depth of our solutions and the tangible impact of strategic investments we have made in new products such as managed portfolio services, deep sector content and real-time detail. We won a mandate to deliver turnkey performance, risk and reporting managed services to one of the largest global sovereign wealth funds.

本季五個客戶得標案例，展現了我們解決方案的廣度與深度，以及我們在受管理投資組合服務、深度產業內容與即時明細等新產品上的策略性投資所帶來的具體影響。我們取得一項委任，為全球最大主權財富基金之一提供交鑰匙的績效、風險與報告之受管理服務。

We expanded our engagement with a large global OCIO to provide comprehensive reporting and digital capabilities wrapped with managed services from our subject matter experts. We signed a five-year enterprise contract renewal at a major global bank. The scope has increased to include more data consumption with deep sector content playing a key role.

我們擴大與一家大型全球 OCIO 的合作，提供全面的報告與數位能力，並由我們的主題專家以受管理服務方式整合交付。我們與一家主要全球銀行簽署了為期五年的企業合約續約。合約範圍擴大，納入更多資料使用量，其中深度產業內容扮演關鍵角色。

LPL Financial, the largest independent broker-dealer in the US that supports over 32,000 financial advisers selected our real-time data platform to support their cloud native trading application and intraday portfolio P&L workflows.

LPL Financial——美國最大的獨立經紀自營商，支援超過 32,000 名理財顧問——選用我們的即時資料平台，以支援其雲端原生交易應用程式與盤中投資組合損益（P&L）工作流程。

We displaced a long-standing incumbent to expand our presence at a large global investment manager across our front-end middle office, already a top 20 client seeking to further consolidate their operations with FactSet. Each of these five wins represents an existing client, expanding their relationship with FactSet, underscoring meaningful room to grow within our current relationships.

我們取代了一家長期既有供應商，擴大我們在一家大型全球投資管理機構的布局，涵蓋其前台與中台；該客戶已是我們前 20 大客戶之一，並希望進一步以 FactSet 整合其營運。這五個得標案例皆來自既有客戶，並擴大與 FactSet 的合作關係，凸顯我們在現有客戶關係中仍有可觀的成長空間。

Last quarter, I shared the three priorities guiding a transformation in how we do business, commercial excellence, productivity improvement and long-term strategy. This quarter shows tangible commercial and productivity outcomes and our AI road map taking shape consistent with our strategy.

上季我分享了引導我們轉型、改變營運方式的三項優先事項：商業卓越、提升生產力，以及長期策略。本季展現了具體的商業與生產力成果，同時我們的 AI 路線圖也在符合策略的方向下逐步成形。

First, the commercial excellence initiative is resulting in stronger new business growth, retention and expansion of ASV. As we roll out better tools, increased conversion at every step and streamline our processes in marketing, sales and customer success, we are seeing improvement throughout the sales life cycle.

第一，商業卓越計畫正帶來更強勁的新業務成長、留存，以及 ASV 的擴張。隨著我們推出更好的工具、在每個環節提升轉換率，並精簡行銷、銷售與客戶成功等流程，我們看到整個銷售生命週期皆有所改善。

Our new website resulted in more top-of-funnel demand generation. Pound rates improved by 8%, engagement increased by 8% and prospects, marketing qualified leads and sales qualified leads grew by double digits. In Q3, our pipeline conversion from marketing activity increased 15% year-over-year, and win rates for these opportunities improved by 27% with 76% of the resulting ASV coming from new business. The corporates, asset owners and institutional asset management client types were particularly strong.

我們的新網站帶來更多漏斗頂端的需求開發。點擊率提升 8%，互動提升 8%，潛在客戶、行銷合格名單（MQL）與銷售合格名單（SQL）皆以雙位數成長。在第三季，來自行銷活動的管線轉換率年增 15%，這些機會的得標率提升 27%，且由此產生的 ASV 有 76% 來自新業務。其中，企業客戶、資產所有人與機構資產管理等客戶類型表現特別強勁。

We are rolling out a new AI-powered sales enablement platform to our entire team targeted at improving the quality of our sales pitches, increasing deal velocity and improving win rates. Beyond these traditional levels, we are transforming our model for retention and expansion as our clients adopt AI. Q3 was the fourth consecutive quarter of double-digit growth in ASV for our data solutions with MCP contributing to the momentum.

我們正向全體團隊推行新的 AI 驅動銷售賦能平台，目標是提升銷售提案品質、加快成交速度並提高得標率。除了這些傳統層面之外，隨著客戶採用 AI，我們也正在轉型留存與擴張的模式。第三季是我們資料解決方案 ASV 連續第四個季度達到雙位數成長，MCP 也為此動能做出貢獻。

Over 90% of our top 50 clients are now using four or more FactSet AI solutions. And quarter-over-quarter, overall ASV growth among clients using our AI solutions was 50% higher than for the rest of the book, early evidence that our AI adoption is helping drive retention and expansion opportunities.

我們前 50 大客戶中，已有超過 90% 正在使用四項或以上的 FactSet AI 解決方案。此外，按季比較，使用我們 AI 解決方案的客戶其整體 ASV 成長率比其餘客戶組合高出 50%，這是初步證據，顯示 AI 的採用正協助帶動留存與擴張機會。

The AI transition is also accelerating the shift of our business model from seat linked contracts to flexible enterprise agreements that encompass our growing data analytics and workflow capabilities. The majority of ASV renewed in Q3 was in the form of enterprise agreements all renewed for durations of three years or more. Average contract term extended by roughly 30% while broadly preserving pricing, underscoring the foundational value attributed to FactSet by our clients as they adopt AI.

AI 轉型也正在加速我們商業模式的轉變：從與席位綁定的合約，轉向更具彈性的企業協議，以涵蓋我們不斷擴展的資料、分析與工作流程能力。第三季續約的 ASV 多數以企業協議形式完成，且續約期間皆為三年以上。平均合約期限延長約 30%，同時整體上維持定價水準，凸顯客戶在採用 AI 的同時，仍高度認可 FactSet 的基礎價值。

Second, we are rolling out AI agents, streamlining operations and reducing complexity to generate sustainable productivity improvements and operating leverage.

第二，我們正推出 AI 代理、精簡營運並降低複雜度，以產生可持續的生產力提升與營運槓桿。

Let me highlight a few examples in engineering, data operations and client service, our three largest operating cost centers. In Q3, we scaled AIUs across our product and engineering teams. coding-related token use grew 5 times quarter-over-quarter, while committed lines of AI written code grew almost 10 times.

我想在工程、資料營運與客戶服務這三個最大的營運成本中心，舉幾個例子說明。在第三季，我們在產品與工程團隊中擴大 AIU 的使用規模。與程式撰寫相關的 token 使用量按季成長 5 倍，而由 AI 撰寫並提交的程式碼行數幾乎成長 10 倍。

Coding agents now author 27% of committed code in the engineering teams using these tools with rollout continuing across the organization. With these efficiency gains, we initiated a roughly 10% reduction in our technology workforce and freed up significant capacity to accelerate strategic product development.

在使用這些工具的工程團隊中，程式撰寫代理目前已撰寫 27% 的提交程式碼，且仍在全組織持續推廣。在這些效率提升的帶動下，我們啟動了約 10% 的技術人力縮減，並釋放大量產能以加速策略性產品開發。

We are embedding AI across the full data operations life cycle from collection through quality assurance. Where we have fully implemented new tools, we have reduced operator touch time for data table extraction by more than 50%. We are now scaling this playbook with clear goals to improve quality, timeliness and unit cost.

我們正將 AI 嵌入資料營運的完整生命週期，從蒐集到品質保證。在已全面導入新工具的環節，我們將資料表擷取的人工操作時間降低了 50% 以上。我們正以明確目標擴大推行這套作法，以提升品質、時效與單位成本表現。

In M&A data, we have dramatically reduced turnaround time for deal updates. Within FactSet Fundamentals, one of our largest data sets, we've consolidated multiple data pipelines into one, allowing us to redeploy significant capacity and reduce the size of this team by 5%.

在併購（M&A）資料方面，我們已大幅縮短交易更新的周轉時間。在 FactSet Fundamentals（我們最大的資料集之一）中，我們已將多條資料管線整併為一條，使我們得以重新部署大量產能，並將該團隊規模縮減 5%。

Our client service teams are seeing early positive results from digitization pilots we are running. This reduce the need for manual onboarding activities from our consultants, enabling them to spend more time on strategic user health and retention efforts. In Q3, approximately 4,000 bankers used our digital onboarding tools and the capacity unlocked resulted in a 22% quarter-over-quarter increase in live user interactions by our consultants.

我們的客戶服務團隊在我們正在推行的數位化試點中，已看到初步的正面成果。這降低了我們顧問在手動導入（onboarding）作業上的需求，使他們能將更多時間投入於策略性的使用者健康度與留存工作。在第三季，約有4,000名銀行從業人員使用了我們的數位導入工具；所釋放出的產能使我們顧問的即時使用者互動次數較前一季增加22%。

This helped drive a five-point increase in Net Promoter Score among our junior banker population in Q3, building on the momentum from last quarter. We are in the early stages of these efforts, but together, they are aimed at a structural reduction in our cost to serve while improving overall quality. As we realize the full impact of these productivity initiatives, we expect to see further scale benefits and operating margin improvement.

這也協助推動我們初階銀行從業人員族群在第三季的淨推薦值（Net Promoter Score）提升5個百分點，延續上一季的動能。我們仍處於這些工作的早期階段，但整體而言，目標是在提升整體品質的同時，結構性降低我們的服務成本。隨著我們逐步實現這些生產力計畫的完整影響，我們預期將看到進一步的規模效益與營業利益率改善。

Finally, we are developing our strategy based on a strong foundation of connected data, embedded workflows, service excellence and deep and broad distribution. These strengths make FactSet a trusted government platform for institutional finance and are even more important to our clients as they make their AI transition.

最後，我們正以互聯資料、嵌入式工作流程、卓越服務，以及深度且廣泛的分銷能力等堅實基礎來制定策略。這些優勢使FactSet成為機構金融值得信賴的政府平台，且在客戶進行AI轉型之際更顯重要。

As a starting point for our clients, we have launched our AI solutions under the banner of FactSet Intelligence. It consists of three layers that accelerate our clients' AI adoption, the trusted data ecosystem governed and optimized agentic infrastructure and intelligent workflows built for hybrid workforces.

作為客戶的起點，我們已以FactSet Intelligence之名推出AI解決方案。其由三個層面構成，可加速客戶採用AI：受信任的資料生態系、受治理且最佳化的代理式（agentic）基礎架構，以及為混合型勞動力打造的智慧工作流程。

First, a trusted data ecosystem, including FactSet, client and third-party data. Data is the fuel for AI and has to be high grade to provide the right quality output. FactSet's MCP server built on a robust ecosystem of content APIs has over 450 clients actively engaged under contracts and trials.

第一，受信任的資料生態系，包含FactSet、客戶及第三方資料。資料是AI的燃料，必須具備高品質，才能產出正確且高品質的結果。FactSet的MCP伺服器建立在強健的內容API生態系之上，已有超過450家客戶在合約與試用中積極參與。

API call volume is experiencing rapid growth with Q3 volumes at 13 times the level we experienced in Q2. We expect this to continue as we make more data sets available through MCP. Clients can now access our data through all major frontier lab platforms, including Anthropic, OpenAI, Google and Microsoft.

API呼叫量正快速成長，第三季的量達到第二季的13倍。隨著我們透過MCP提供更多資料集，我們預期此趨勢將持續。客戶現在可透過所有主要前沿實驗室平台存取我們的資料，包括Anthropic、OpenAI、Google與Microsoft。

Our MCP enables access to high-quality, comprehensive and auditable data sets presented through the same endpoints used by our own developers. The quality of our data delivery through MCP is driving expansion at clients where we are already embedded in high-value workflows.

我們的MCP可讓客戶存取高品質、全面且可稽核的資料集，並透過與我們自家開發者相同的端點提供。我們透過MCP提供的資料交付品質，正推動我們在已嵌入高價值工作流程的客戶中擴大採用。

For example, we launched our portfolio analytics MCP just last week, bringing our signature portfolio analytics into agentic workflows. Portfolio Analytics has long been central to how our buy-side clients measure performance, manage risk and meet reporting obligations, and we believe we will unlock significant value for clients by extending these capabilities to agentic use.

例如，我們就在上週推出投資組合分析（portfolio analytics）MCP，將我們具代表性的投資組合分析帶入代理式工作流程。投資組合分析長期以來一直是我們買方客戶衡量績效、管理風險並履行報告義務的核心；我們相信，將這些能力延伸至代理式使用情境，將為客戶釋放顯著價值。

We are also extending our AI solutions in the data layer to client, internal data and third-party data. FactSet's unique strength in entity resolution, ontology and concordance in partnership with Snowflake, Databricks, Google and AWS position us well to help clients build out their enterprise knowledge graphs.

我們也正將資料層的AI解決方案延伸至客戶資料、內部資料與第三方資料。FactSet在實體解析（entity resolution）、本體（ontology）與對照（concordance）方面具備獨特優勢，並與Snowflake、Databricks、Google與AWS合作，使我們能協助客戶建置其企業知識圖譜。

Second, FactSet has governed and optimized agent infrastructure. Our clients want to curate and optimize multiple horizontal and vertical AI solutions. To meet this demand, we are rapidly rolling out infrastructure to become the integrated agentic platform for our clients. We already support millions of models and billions of formulas and data points across the nearly 250,000 users of our workstations every day.

第二，FactSet具備受治理且最佳化的代理基礎架構。我們的客戶希望策展並最佳化多種橫向與縱向的AI解決方案。為滿足此需求，我們正快速推出基礎架構，成為客戶的整合式代理平台。我們已在每日近25萬名工作站使用者之間，支援數百萬個模型以及數十億個公式與資料點。

Users can discover our agents soon build, test and publish their own agents and even integrate third-party agents, all while maintaining the security standards, data entitlements, audit logs and cost optimization that clients expect and get every day from FactSet.

使用者很快就能探索我們的代理、建置、測試並發布自己的代理，甚至整合第三方代理，同時維持客戶每天從FactSet所期待並獲得的安全標準、資料權限（entitlements）、稽核紀錄與成本最佳化。

While the user interface may very well evolve as agentic workloads take off, we are confident in the value we deliver to our clients and are already seeing significant client interest in rationalizing various experimental efforts and consolidating their AI implementations with us.

雖然隨著代理式工作負載起飛，使用者介面很可能會演進，但我們對為客戶交付的價值充滿信心，且已看到客戶對於整合各種實驗性嘗試、並與我們一同整併其AI落地（implementations）展現高度興趣。

Third, intelligent workflows for hybrid workforces. As we roll out agented capabilities, we are working closely with clients to redefine how they get work done with a hybrid workforce of humans and agents. Through the partnership we announced with (inaudible) in March, we have launched a fundamental transformation in investment banking workflows with our Capital Markets Intelligence suite of agents.

第三，為混合型勞動力打造的智慧工作流程。在我們推出代理能力的同時，我們正與客戶緊密合作，重新定義他們如何透過由人類與代理組成的混合型勞動力完成工作。透過我們在3月宣布與（聽不清）之合作夥伴關係，我們已以資本市場智慧（Capital Markets Intelligence）代理套件，啟動投資銀行工作流程的根本性轉型。

Senior bankers can now send an e-mail to an agent describing what they need and receive insights and artifacts directly built on current FactSet data, comparable company analysis and deal precedents, automatically generated and delivered back. What used to take hours or days now happens in minutes, freeing up capacity for higher-value client workflows and interactions.

資深銀行家現在可寄送電子郵件給代理，描述其需求，並直接收到基於最新FactSet資料、可比公司分析與交易先例所建立的洞見與產出物，系統會自動生成並回傳。過去需要數小時或數天的工作，如今可在數分鐘內完成，釋放產能以投入更高價值的客戶工作流程與互動。

We are seeing strong early engagement with active or pipeline trials at over 30 of our top 100 banking clients. We will roll out similar capabilities to our buy side and wealth clients in the coming weeks with our Institutional Research Intelligence and Adviser Intelligence product suites. We announced strategic partnerships with InSync Analytics, Genius AI and TIFIN.AI to advance these capabilities and supplement our internal agent development road map.

我們看到早期互動表現強勁，在我們前100大銀行客戶中，已有超過30家進行中的試用或管線中的試用。未來幾週，我們將以機構研究智慧（Institutional Research Intelligence）與顧問智慧（Adviser Intelligence）產品套件，向買方與財富管理客戶推出類似能力。我們宣布與InSync Analytics、Genius AI與TIFIN.AI建立策略夥伴關係，以推進這些能力並補強我們內部代理開發的產品路線圖。

Across all layers of FactSet intelligence, we see significant growth opportunity as our clients consume more data through many new channels, consolidate their agentic deployments with us and reimagine their workflows with our agentic solutions.

在FactSet Intelligence的所有層面，我們都看到顯著的成長機會：客戶將透過許多新通路消耗更多資料、與我們整合其代理式部署，並以我們的代理式解決方案重新想像其工作流程。

To further accelerate our product innovation, we announced a strategic partnership with Google Cloud this week, expanding our distribution through Google Cloud's enterprise channels and unlocking new revenue opportunities.

為了進一步加速我們的產品創新，我們本週宣布與Google Cloud建立策略夥伴關係，透過Google Cloud的企業通路擴大我們的分銷，並開啟新的營收機會。

The partnership will focus on three main areas enhancing FactSet's workstation with Google's enterprise search, deep research API, grounding and other multimodal capabilities, using Google Cloud's AI platform. These capabilities will supplement FactSet's trusted and connected data and analytics and improve the breadth and depth of our AI-enhanced insights.

此合作夥伴關係將聚焦三大領域：運用Google Cloud的AI平台，以Google的企業搜尋、深度研究API、grounding及其他多模態能力強化FactSet工作站。這些能力將補強FactSet受信任且互聯的資料與分析，並提升我們AI強化洞見的廣度與深度。

FactSet will bring our financial intelligence directly into Gemini Enterprise and expand our MCP and agent sharing functionalities, creating interoperability between the FactSet Workstation and Gemini Enterprise. This builds on the previously announced deep mind, deep research collaboration.

FactSet將把我們的金融智慧直接帶入Gemini Enterprise，並擴充我們的MCP與代理分享功能，在FactSet Workstation與Gemini Enterprise之間建立互通性。這是在先前宣布的DeepMind、Deep Research合作基礎上的延伸。

FactSet will also develop and launch a new generation of agents using the Gemini Enterprise Agent platform designed to improve efficiency, execution and decision-making across key client workflows. As AI reshapes financial institutions, FactSet is becoming mission-critical AI infrastructure. We are transforming our business model to win in an AI intensive future. We look forward to sharing our strategy and medium-term business plan at our upcoming Investor Day.

FactSet也將使用Gemini Enterprise Agent平台開發並推出新一代代理，旨在提升關鍵客戶工作流程的效率、執行力與決策品質。隨著AI重塑金融機構，FactSet正成為任務關鍵的AI基礎設施。我們正在轉型商業模式，以在AI密集的未來勝出。我們期待在即將到來的投資人日分享我們的策略與中期業務計畫。

I'd like to now welcome Josh Warren to FactSet. Congratulations, Josh, on your first earnings call as CFO of FactSet. He will now discuss our Q3 performance in more detail.

接下來我想歡迎Josh Warren加入FactSet。恭喜你，Josh，首次以FactSet財務長（CFO）身分參與財報電話會議。他將進一步更詳細地說明我們第三季的表現。

Thank you, Sanoke. It's great to be here with everyone this morning. Before getting into the financials, I want to take this opportunity to thank all the FactSetters who have made me feel so welcome since I joined in April. I would also like to specifically recognize Helen Shan, whose leadership over the last eight years as CFO and Chief Revenue Officer, has put FactSet on firm footing as we embark on a new chapter.

謝謝你，Sanoke。很高興今天早上能與各位一同在此。在進入財務數字之前，我想藉此機會感謝所有FactSet同仁，自我在4月加入以來，讓我感到非常受歡迎。我也想特別表揚Helen Shan，她在過去八年擔任財務長與首席營收長期間的領導，使FactSet在邁向新篇章之際站穩腳步。

This week marks the 30th anniversary of FactSet's IPO, and I'm excited to join the firm at this moment. As AI and agents reshape how information is sourced synthesized and acted upon, FactSet is positioned for durable structural growth that can deliver excellent outcomes for our clients, employees and shareholders.

本週是FactSet首次公開發行（IPO）30週年，我很興奮能在此刻加入公司。隨著AI與代理重塑資訊如何被取得、彙整並付諸行動，FactSet具備可持續的結構性成長定位，能為客戶、員工與股東帶來卓越成果。

In our results, I'll highlight three things. First, our client franchise, its quality, breadth and durability reinforce our financial profile. Next, our operating leverage. And finally, our flexible balance sheet and disciplined capital allocation, which support our go-forward strategy.

在我們的業績結果中，我將強調三點。第一，我們的客戶基礎及其品質、廣度與持久性，強化了我們的財務輪廓。第二，我們的營運槓桿。最後，我們具彈性的資產負債表與嚴謹的資本配置，為我們未來的策略提供支撐。

Expanding our client relationships drove this quarter's results, which I would like to recap. As of the close of fiscal Q3, at the end of May, our ASV exceeded $2.48 billion, representing 7.1% organic growth, an acceleration by more than 250 basis points over the comparable growth rate in 2025.

擴展我們的客戶關係推動了本季的業績，我想在此回顧。截至會計年度第三季期末（5 月底），我們的 ASV 超過 24.8 億美元，代表 7.1% 的有機成長，較 2025 年同期的可比成長率加速逾 250 個基點。

Revenue was $622.9 million, representing 6.4% growth over the previous year. Our adjusted operating income was $211.8 million, representing a 34% margin, down approximately 300 basis points relative to the comparable quarter in 2025 due to targeted investments to improve operating leverage, marketing and performance-related compensation linked to ASV momentum.

營收為 6.229 億美元，較去年成長 6.4%。調整後營業利益為 2.118 億美元，代表 34% 的利潤率；由於我們進行有針對性的投資以提升營運槓桿、行銷，以及與 ASV 動能連動的績效型薪酬，相較 2025 年同期季度約下降 300 個基點。

And adjusted EPS grew 6.1% to $4.53. FactSet serves clients across over 80 countries, including 95 of the top 100 asset managers, more than 85% of the top 50 global investment banks and the world's top wealth managers, corporations, exchanges, central banks and sovereign wealth funds. \

調整後 EPS 成長 6.1% 至 4.53 美元。FactSet 服務遍及 80 多個國家的客戶，包括前 100 大資產管理機構中的 95 家、全球前 50 大投資銀行中的逾 85%，以及全球頂尖的財富管理機構、企業、交易所、中央銀行與主權財富基金。\

This breadth gives FactSet meaningful exposure to all major geographies and client types in the financial services industry, so we are not dependent on any single market or segment while providing a substantial opportunity to expand wallet share within our current clients.

這樣的廣度使 FactSet 在金融服務產業的所有主要地理區域與客戶類型中都具有實質曝險，因此我們不依賴任何單一市場或區隔，同時也為我們在現有客戶中擴大錢包份額提供了可觀的機會。

With an average client relationship spending more than 16 years and 9 of our top 10 clients measured by ASV having been with us for more than two decades, we grow with our clients and our longest-standing relationships have some of the most exciting opportunities for growth. ASV retention rates above 95% reflect the strength of our client relationships, those relationships fuel our ASV bookings growth that provides a line of sight into future revenue.

平均客戶關係維持超過 16 年，且以 ASV 衡量的前 10 大客戶中有 9 家與我們合作已逾 20 年；我們與客戶共同成長，而我們最長久的合作關係也擁有一些最令人振奮的成長機會。ASV 留存率高於 95% 反映了我們客戶關係的強韌；這些關係推動我們的 ASV 訂單成長，並讓我們能夠看見未來營收的能見度。

As of last year, ASV no longer includes onetime nonrecurring revenue such as professional services. Our approach is to embed flexibility within enterprise agreements and importantly, secure minimum commitments. These minimums give us a baseline so that we can support new consumption patterns and be rewarded for the value we deliver while preserving the forward visibility that we expect will remain central to our financial model as we deliver more AI solutions to our clients.

自去年起，ASV 不再包含一次性、非經常性收入，例如專業服務。我們的方法是在企業協議中嵌入彈性，並且重要的是，確保最低承諾。這些最低承諾為我們提供基準，使我們能支援新的使用/消費模式，並因我們交付的價值而獲得回報，同時保留前瞻能見度；我們預期在向客戶交付更多 AI 解決方案的過程中，這仍將是我們財務模型的核心。

Today, most of our recurring revenue comes from fixed subscription and license revenue. A growing portion of our recurring revenue streams are driven by initiatives that are activity based, including workflows that are increasingly mission-critical for clients.

目前，我們大部分的經常性收入來自固定訂閱與授權收入。我們的經常性收入來源中，有愈來愈大的一部分由以活動為基礎的計畫所驅動，其中包括對客戶而言愈發關鍵任務的工作流程。

We are seeing more client interest in consumption-oriented pricing, particularly for emerging AI-enabled offerings, while modest in size today compared to our total ASV, we expect these revenue streams to become an increasingly important driver of our growth over time. These revenue streams introduce a dynamic and growth-oriented dimension to ASV forecasting and subsequent revenue flow-through that complements the traditional subscription base.

我們看到客戶對以使用量/消費為導向的定價更感興趣，特別是對新興的 AI 賦能產品；雖然相較於我們目前的總 ASV 規模仍屬不大，但我們預期這些收入來源將隨時間推移成為愈來愈重要的成長驅動力。這些收入來源為 ASV 預測及後續營收轉化帶來更具動態、以成長為導向的面向，並與傳統訂閱基礎相互補充。

As our delivery model evolves alongside our clients, we expect to review our approach to reporting to preserve transparency and alignment with our go-forward strategy. Our organic ASV is a like-for-like comparison that excludes the impact of foreign exchange, discontinued business lines and acquisitions that closed within the last 12 months.

隨著我們的交付模式與客戶同步演進，我們預期將檢視我們的揭露/報告方式，以維持透明度並與我們未來策略保持一致。我們的有機 ASV 為同口徑（like-for-like）比較，排除匯率、已終止業務線，以及在過去 12 個月內完成的併購所帶來的影響。

For the third quarter, organic ASV accelerated to 7.1% year-over-year, an increase of $35 million during the quarter, FactSet's highest ASV growth rate since Q1 2024. Growth was evident across all regions and client types as the world's leading financial services firms continue to choose FactSet as a trusted partner.

第三季有機 ASV 年增加速至 7.1%，本季增加 3,500 萬美元，為 FactSet 自 2024 年第一季以來最高的 ASV 成長率。各區域與各類型客戶皆呈現成長，因為全球領先的金融服務公司持續選擇 FactSet 作為值得信賴的合作夥伴。

Turning to our performance by geography. Organic ASV accelerated in each region compared to the prior year. Americas grew 7%, EMEA grew 5%, and Asia Pacific, our fastest-growing region, grew 10%.

接著看我們按地理區域的表現。與去年相比，各區域的有機 ASV 均加速成長。美洲成長 7%，EMEA 成長 5%，而亞太作為我們成長最快的區域，成長 10%。

Now turning to our results by client type. The institutional buy side consisting of global asset managers, asset owners and hedge funds accelerated to 6% organic ASV growth. This represents slightly less than half of our overall ASV. Wealth remains our fastest-growing category and delivered 10% organic ASV growth. Organic ASV for deal makers grew 9%.

接著看我們按客戶類型的結果。機構買方（包含全球資產管理機構、資產所有者與避險基金）有機 ASV 成長加速至 6%。這略低於我們整體 ASV 的一半。財富管理仍是我們成長最快的類別，並帶來 10% 的有機 ASV 成長。交易撮合/交易推動者（deal makers）的有機 ASV 成長 9%。

This category represents a broad range of clients, including investment banks, sell-side research teams, corporates and private capital firms. Today, this represents nearly 40% of clients and less than 20% of ASV. Though smaller in size, our strategically important market infrastructure category saw organic ASV grow 7%.

此類別涵蓋廣泛客戶，包括投資銀行、賣方研究團隊、企業與私募資本公司。目前，這約占客戶數近 40%，但 ASV 占比不到 20%。雖然規模較小，但我們在策略上重要的市場基礎設施類別，其有機 ASV 成長 7%。

Demonstrating strength across the platform, third quarter revenues grew 6.4% year-over-year or 7% on a like-for-like basis. Adjusted operating margin was 34% for the quarter as compared to 35% in Q2 and nearly 37% a year ago. This reflects a series of deliberate investments that we expect to deliver growth and operating leverage over time. Compensation-related expenses typically account for approximately 60% of our total cost base.

展現平台整體的強勁表現，第三季營收年增 6.4%，以同口徑（like-for-like）計算則成長 7%。本季調整後營業利潤率為 34%，相較第二季為 35%，而一年前接近 37%。這反映出一系列我們刻意進行的投資，我們預期將隨時間帶來成長與營運槓桿。薪酬相關費用通常約占我們總成本基礎的 60%。

Our Q3 margin reflects a 7% year-over-year increase in compensation-related expenses that were driven by performance incentives linked to the ASV acceleration delivered, not additional headcount. Because revenue from new ASV bookings is recognized over time, periods of faster ASV acceleration can temporarily compress margins in any quarter since the incremental ASV is not yet reflected in revenue.

我們第三季的利潤率反映薪酬相關費用年增 7%，主要由與 ASV 加速表現連動的績效獎酬所驅動，而非新增人力。由於新 ASV 訂單帶來的收入會隨時間認列，在 ASV 加速較快的期間，任何單一季度的利潤率都可能暫時受到壓縮，因為新增 ASV 尚未反映在營收中。

We will remain long-term focused and optimized for profitable growth. Despite the increased overall compensation expense during Q3, FactSet reduced its overall headcount by approximately 1% after holding it roughly flat during the first half of the year.

我們將持續以長期為導向，並以獲利成長為最佳化目標。儘管第三季整體薪酬費用增加，FactSet 在上半年人力大致持平後，將總員工數約減少 1%。

While compensation-related expenses accounted for approximately 40% of the increase in operating expenses, the majority of the year-over-year growth came from non-compensation items tied to growth and productivity initiatives.

雖然薪酬相關費用約占營業費用增幅的 40%，但年增的大部分來自與成長與生產力計畫相關的非薪酬項目。

More than 1/3 of that non-compensation expense increase was technology spending, including to strengthen our core infrastructure and on-token costs. We increased our marketing spending and have a variety of professional services engagements underway to drive future operating leverage.

在非薪酬費用增幅中，超過 1/3 來自科技支出，包括強化我們的核心基礎設施與按 token 計費的成本。我們提高了行銷支出，並正在進行多項專業服務專案，以推動未來的營運槓桿。

Margin this quarter was also negatively impacted by nonoperational items, such as our FX hedging program, which went from a gain in Q3 2025 to a loss in Q3 2026 creating an overall drag of approximately 60 basis points.

本季利潤率亦受到非營運項目的負面影響，例如我們的外匯避險計畫，從 2025 年第三季的收益轉為 2026 年第三季的損失，造成整體約 60 個基點的拖累。

Our earnings per share increased 6% year-over-year to $4.53. This was driven by higher revenue and a lower share count, partially offset by increased expenses and a higher effective tax rate. While we continue to drive ASV growth, we're focused on capitalizing on our scale to deliver long-term, sustainable and profitable growth.

我們的每股盈餘年增 6% 至 4.53 美元。這主要由較高的營收與較低的流通股數所帶動，但部分被費用增加與較高的有效稅率所抵銷。在我們持續推動 ASV 成長的同時，我們也專注於運用規模優勢，以實現長期、可持續且具獲利性的成長。

To that end, we've launched a range of strategic projects aimed at running FactSet with greater discipline and efficiency. Sanoke outlined multiple productivity initiatives, but from an operational standpoint, I'll highlight two items we initiated during Q3 and completed in the past few weeks.

為此，我們已啟動一系列策略專案，旨在以更高的紀律與效率來營運 FactSet。Sanoke 概述了多項生產力計畫，但從營運角度，我將重點說明我們在第三季啟動、並於過去幾週完成的兩項事項。

We recently rightsized certain engineering teams as we standardize how we build and run software and take advantage of AI-assisted coding. Additionally, we entered into an arrangement with rep risk to support our clients' needs as we discontinued the signals attribution service FactSet provided following the 2020 acquisition of True Value Labs. We are continuing to review our product portfolio against appropriate hurdle rates.

我們近期在標準化軟體建置與運行方式、並利用 AI 輔助程式撰寫之際，對部分工程團隊進行了適度調整（rightsizing）。此外，隨著我們停止在 2020 年收購 True Value Labs 後由 FactSet 提供的 signals attribution 服務，我們也與 RepRisk 達成安排，以支援客戶需求。我們持續以適當的門檻報酬率（hurdle rates）檢視我們的產品組合。

And while we expect to make additional efficiency improvements, our focus and our investments will remain on serving our clients with excellence. Consistent long-term free cash flow generation is a hallmark of our business model and a metric we actively manage towards.

雖然我們預期還會進一步提升效率，但我們的重點與投資仍將放在以卓越的方式服務客戶。長期且穩定的自由現金流產生能力是我們商業模式的標誌，也是我們積極管理並努力達成的指標。

Our free cash flow grew to $254 million for the third quarter of fiscal 2026 compared with $228 million for the prior period, an increase of 11%. Our disciplined framework prioritizes organic investments in high-growth projects, followed by strategic inorganic activity and finally, returning excess capital to shareholders.

我們在2026會計年度第三季的自由現金流成長至2.54億美元，較前一期間的2.28億美元增加11%。我們嚴謹的資本配置框架優先投入於高成長專案的有機投資，其次是策略性的非有機活動，最後才是將多餘資本回饋給股東。

During Q3, we accelerated our repurchase activity, buying back approximately 926,000 shares for $203 million. Fiscal year-to-date, we've deployed over $500 million to repurchase shares. Additionally, we increased our quarterly dividend for the 27th consecutive year. In total, during fiscal 2026 year-to-date, we have returned over $625 million to shareholders through a combination of dividends and repurchases, approximately double the amount of return over the same period last year demonstrating our continued commitment to delivering shareholder value.

在第三季期間，我們加速了庫藏股回購活動，回購約92.6萬股，金額為2.03億美元。本會計年度迄今，我們已投入超過5億美元用於回購股份。此外，我們將季度股利連續第27年調升。總計在2026會計年度迄今，我們透過股利與回購的組合已向股東回饋超過6.25億美元，約為去年同期回饋金額的兩倍，展現我們持續致力於為股東創造價值。

Overall, we are committed to maintaining our investment-grade rating, which Fitch reaffirmed with a stable outlook this quarter. We continue to assess opportunities about optimizing our debt maturity profile to align with our strategy. Our balance sheet continues to strengthen with a conservative level of gross debt leverage at 1.5 times and net debt leverage of 1.2 times providing capacity and flexibility to support growth.

整體而言，我們致力於維持投資級評等；Fitch本季亦以穩定展望重申了我們的評等。我們持續評估優化債務到期結構的機會，以與我們的策略相一致。在總負債槓桿倍數為1.5倍、淨負債槓桿倍數為1.2倍的保守水準下，我們的資產負債表持續強化，並提供支持成長所需的容量與彈性。

Turning to our outlook. We remain confident in the guidance ranges that were previously set for ASV, revenue, operating margin and EPS. On revenue and EPS in particular, we are tracking toward the high end of those ranges based on our business trajectory. We are pleased with our accelerating ASV growth, and our focus remains firmly on delivering long-term value for our clients and shareholders.

接著談談我們的展望。我們對先前所設定的ASV、營收、營業利益率與EPS指引區間仍具信心。特別是在營收與EPS方面，依據我們的業務走勢，我們正朝向該區間的高端推進。我們對ASV成長加速感到滿意，並將持續專注於為客戶與股東創造長期價值。

During my first 10 weeks here, I've seen that when clients are thinking through and making big decisions about the data powering their platforms, they turn to FactSet as a partner. Our open architecture and partnership-oriented approach positions us to deliver excellence to our clients and compounding growth for our shareholders.

在我到任的前10週裡，我看到當客戶在思考並做出關於驅動其平台之資料的重大決策時，他們會選擇FactSet作為合作夥伴。我們的開放式架構與以合作為導向的方法，使我們能為客戶提供卓越服務，並為股東帶來複利式成長。

With that, I'll hand it to the operator to open the line for questions.

接下來我把時間交給接線員，開放提問。

(Operator Instructions)

(接線員指示)

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

Really strong momentum on ASV and it seems like pretty broad-based. But as we look at the guidance, the guidance implies a moderation in the fourth quarter, so just wanted to better understand, is that just purely conservatism, tougher comps? Or are there any puts and takes that you could flag?

ASV動能非常強，看起來也相當廣泛。但從指引來看，指引暗示第四季會放緩，因此想更了解：這純粹是保守、或是比較基期更具挑戰？或者是否有任何您可以提示的利多利空因素？

Thanks, Ashish. As you've noted, I think it's been a really strong quarter. And in fact, the momentum continues into Q4. Just a month into the quarter, we see that momentum has continued. We continue to see a strong diverse pipeline of clients.

謝謝你，Ashish。如你所指出，我認為這確實是一個非常強勁的季度。而且事實上，這股動能延續到第四季。本季才過了一個月，我們就看到動能仍在延續。我們持續看到強勁且多元的客戶案源管線。

It's across -- it's broad-based. It's across regions and it's across all of the different client types that continues to maintain that growth trajectory that we've seen.

這是跨——這是廣泛的。涵蓋各地區，也涵蓋所有不同類型的客戶，持續維持我們所看到的成長軌跡。

It is a tough compare. Just to remind everybody, Q4 of last year was our largest quarter ever, and it is a tough compare. But as we stand today, at the end of June, early July, we are ahead of last year in terms of our bookings. And we also see a pipeline that is as robust as we saw at this time last year. And as you can imagine, AI is a tailwind for us. So that is also helping us.

比較基期確實較具挑戰。提醒大家，去年第四季是我們史上最大的一季，因此比較基期很高。但以目前來看，在6月底、7月初，我們的簽約（bookings）已領先去年。我們也看到案源管線的強勁程度與去年此時相當。而且如各位所想像，AI對我們而言是順風。因此這也在幫助我們。

Now in terms of reaffirming guidance, we don't change guidance quarter-to-quarter and there is a lot to execute ahead of us. There are multiple seven-figure deals outstanding. So it will be all down to execution in the next eight weeks, and there could be a timing issue there. And the second thing is a lot of tons of mid-market deals, which we are actually quite excited about because they are faster to close. And AI is very dynamic.

至於重申指引，我們不會每季調整指引，而且我們前方仍有許多執行工作要完成。目前仍有多筆百萬美元等級（七位數）的交易尚未落定。因此接下來八週的執行將是關鍵，且可能存在時點上的影響。第二點是，我們也有大量中型市場（mid-market）交易，這點其實讓我們相當振奮，因為它們成交速度更快。而AI的變化也非常快速。

So with that, I think we are reaffirming the guidance and reasserting that we are very confident in our delivery.

因此基於上述，我們重申指引，並再次強調我們對交付成果非常有信心。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to talk a little bit more about your AI monetization strategy. So thanks for a lot of the detail that you provided that 90% of your top 50 clients use four-plus AI products and faster -- 50% faster ASV growth. So just give us some context around that and just the monetization around that? Is it because there's a direct price for the usage of AI? Is it access to more data sets?

我想再多談一些你們的AI變現策略。謝謝你們提供了很多細節，例如你們前50大客戶中有90%使用四個以上AI產品，且ASV成長快了——快50%。請就此提供一些背景，以及相關的變現方式？這是因為AI使用有直接的定價嗎？還是因為可存取更多資料集？

And then you also talked about a lot of your clients consolidating their AI workflow with you. And are you agnostic as it relates to whether they're using your MCPs? Or whether they're using your specific tools that are inside FactSet workstation.

另外你們也提到許多客戶正在把AI工作流程整合到你們這裡。在客戶是否使用你們的MCP方面，你們是否保持中立？或者他們是否使用FactSet工作站（workstation）內的特定工具？

So sorry, long-winded question, but just with a little more context there.

抱歉問題有點冗長，但希望能再多一些背景說明。

Thank you, Faiza, and lots of questions in there. And we'll take a little bit of time to answer that because there is a lot of color in here that we can share. Maybe I'll start first with the short-term picture on AI monetization and then sort of transition to how we see this in the longer term. At the moment, I think we are maximizing our AI monetization with a lens of maximizing enterprise value. So it's all leading to the growth acceleration in ASV, our increased retention as well as expansion in our existing clients.

謝謝你，Faiza，裡面確實有很多問題。我們會花一點時間回答，因為這裡有很多細節可以分享。我先從AI變現的短期面開始，接著再過渡到我們對長期的看法。目前我們在最大化AI變現時，是以最大化企業價值為出發點。因此這一切都導向ASV成長加速、留存率提升，以及既有客戶的擴張。

So just to give you a little bit of color, just in this quarter, we saw over 10% of the ASV growth came directly from AI SKUs. And obviously, there was a much bigger impact than that in the broader ASV growth as well. Just to give you a couple of client examples. We had like one of the top 10 banks literally double their data subscriptions with us because of AI. And these are multiyear contracts.

補充一些細節：僅在本季，我們看到超過10%的ASV成長直接來自AI SKU。而且很明顯，AI對整體ASV成長的影響遠不止於此。舉幾個客戶例子。我們有一家前十大銀行因為AI而把對我們的資料訂閱量幾乎翻倍。而且這些都是多年期合約。

A top hedge fund grew six times with us, again, because of our MCP delivery. And at this point, over 20% of our top 100 clients are using MCP on a paid basis. So these are just some short-term statistics giving you the -- sort of the momentum that we are seeing. But when we think more longer term, and as you referenced, I think we see multiple, multiple opportunities, and we see AI as a massive tailwind.

一家頂級避險基金與我們的合作規模成長了六倍，同樣是因為我們的MCP交付。目前，我們前100大客戶中已有超過20%以付費方式使用MCP。以上是一些短期統計數據，讓你看到——我們所觀察到的動能。但從更長期來看，正如你所提到的，我們看到許多、許多機會，並將AI視為巨大的順風。

To start with, there's been lots of questions about what are our moats. And we're really now starting to see this in evidence, right? It's no longer the theory. We have a strong moat in our connected data and in our embedded workflows and we see this as a leapfrog moment for us on a stable subscription base. Our whole data solutions business that historically delivered standard data feeds, APIs and also sharing on environments like Snowflake and Databricks is perfectly set up for this, right?

首先，外界一直有很多問題在問我們的護城河是什麼。而我們現在真的開始看到證據了，對吧？這不再只是理論。我們在互聯資料（connected data）與嵌入式工作流程（embedded workflows）方面擁有強大的護城河；我們也將此視為在穩定的訂閱基礎上實現「超車式」躍升的時刻。我們的整個資料解決方案業務，過去主要提供標準化資料饋送、API，以及在Snowflake與Databricks等環境中的共享，對於這一波發展可說是完美就位，對吧？

With ASV coming through on AI, we see us shipping faster, and we are able to flex all of this into commercial agreements that are not just seat linked, but are true enterprise agreements that has a stable, large subscription base and a flexible construct on top of that, which allows us to capture the upside in the future from a consumption basis. So that's a little bit of color on the short term and the medium term and happy to take any further questions on this. But hopefully, you can see the momentum is picking up.

隨著 ASV 在 AI 方面的進展，我們看到出貨速度更快，並且能把這一切彈性地納入商業協議中；這些協議不僅僅與席位數掛鉤，而是真正的企業級協議，擁有穩定、龐大的訂閱基礎，並在其上提供彈性的架構，使我們能在未來以用量（consumption）為基礎捕捉上行空間。以上是對短期與中期的一些補充說明，也很樂意就此回答更多問題。但希望各位能看到動能正在加速。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

All right. I guess, I need to switch over to margins for a second here. I think previously, you made some comments in your guidance, and I don't think you made them today, but that you're actually hoping to get somewhat closer to the midpoint of your adjusted operating margin guide. So just wondering with some of the things we've done, some of the things that are a little bit more onetime like that FX hedge. Is that still what you're shooting for?

好的。我想我需要先切換到毛利率／利潤率（margins）這塊談一下。我記得你們之前在指引中提過一些看法，今天好像沒有再提，但你們其實希望能更接近調整後營業利益率指引的中位數。所以想請教，考量我們做過的一些事情，以及一些比較一次性的項目（例如那個外匯避險）。這仍然是你們努力的目標嗎？

Or what are the kind of upsides and downsides to that? And then I know you're not going to give guidance for next year, but maybe you can just remind us, I think there are a few things this year that are somewhat one-timers, professional services, some infrastructure investments that you had tax for this year. So maybe just remind us what are those onetime-ish items comes out as we head into 2027 and dimensionalize those, please?

或者說，這裡面有哪些可能的上行與下行因素？另外我知道你們不會提供明年的指引，但也許你們可以提醒我們：我記得今年有幾項比較偏一次性的因素，像是專業服務、一些基礎設施投資，以及你們今年承擔的稅務相關項目。所以能否請你們再提醒一下，當我們邁向 2027 年時，這些偏一次性的項目會如何消退，並請量化一下影響？

Yes, as you noted, we came in this quarter, the 34% adjusted operating margin that reflects a combination of things. It reflects the strong investments that we've been making throughout the year. And as we've said in prior quarters, those are second half weighted. So you saw the effect of that in the quarter and the performance incentives we are accruing given the ASV outperformance. We're very happy with the pace of the investments.

是的，如你所提，我們本季的調整後營業利益率為 34%，這反映了多項因素的綜合結果。其中包括我們全年持續進行的強力投資。而且如同我們在前幾季所說，這些投資在下半年比重較高。因此你在本季看到了其影響，以及由於 ASV 表現優於預期，我們正在提列的績效激勵（performance incentives）。我們對投資的推進速度非常滿意。

We are seeing really strong progress, both on the growth-oriented investments and in the foundational investments, both of which we see starting to deliver operating leverage and as you know, we don't manage through a quarterly margin, and we don't guide to a quarterly margin, but we see significant acceleration in AI and continued opportunities for investment, and we'll continue to entertain high ROI investment opportunities as they come along.

我們看到非常強勁的進展，無論是在以成長為導向的投資，或是在基礎性投資上；我們也看到兩者都開始帶來營運槓桿（operating leverage）。

So with all that said, what I would clearly say is we see a clear line of sight now on margin improvement coming in the future quarters. That includes some of the things you mentioned, right? We are still clearly for this year, focusing on the midpoint of the guide, right? We still have confidence in that.

綜合以上，我想非常清楚地說：我們現在對未來幾季的利潤率改善有明確的能見度。這也包含你提到的一些因素，對吧？今年我們仍然明確聚焦在指引的中位數。我們對此仍有信心。

And we are seeing line of sight from all of these initiatives that we think will lead to margin improvement in the coming quarters. I'll ask Josh to build on that and give a little bit more color on the puts and takes for this quarter and going forward.

而且我們也從所有這些計畫中看到清楚的能見度，認為它們將在接下來幾季帶動利潤率改善。我請 Josh 補充，提供更多關於本季以及未來的利多與利空因素（puts and takes）的說明。

Sure. Thanks, Alex. Really appreciate the question. Nice to hear from you. Just to Sanoke's point, just on the puts and takes.

好的。謝謝你，Alex。非常感謝這個問題。很高興聽到你的聲音。延續 Sanoke 的觀點，談談利多與利空因素。

The biggest single item and really, frankly, the main dynamic in the quarter is timing, specifically around pay-for-performance arrangements, not headcount growth. Compensation-related expenses was the single biggest related -- single biggest item in terms of our increased expenses. When we start to look at the other items, right, technology spending is our second biggest category.

本季最大的一個單一項目，坦白說也是主要的驅動因素，是時點（timing），特別是與績效付費（pay-for-performance）安排相關，而不是人頭數（headcount）成長。薪酬相關費用是我們費用增加中最大的一項。再看其他項目，科技支出是我們第二大的類別。

That's a combination of things, including our increased focus on our core infrastructure programs related to cybersecurity, ITDR and also our token spending. Our token spending has increased year-over-year, and Sanoke mentioned some of the return that we're seeing on our token spending.

這是多項因素的組合，包括我們對核心基礎設施計畫的加強投入，涉及資安（cybersecurity）、ITDR，以及我們的 token 支出。我們的 token 支出年增，而 Sanoke 也提到我們在 token 支出上看到的一些回報。

With regard to the other category, there's -- as you may observe, there's a series of other initiatives that we have in flight. We increased our marketing spending, we have professional services arrangements, but what I would say, looking forward, taking all of that into -- kind of into the [soup] as the past, looking forward, we see a clear path to expanding our margins. And part of what we're looking forward to is continuing the momentum that we see in the business. And that momentum, ultimately, we feel will position us well both on the top line and on our margins.

至於其他類別，如你可能觀察到的，我們同時推進一系列其他計畫。我們提高了行銷支出，也有專業服務的安排；但我想說的是，往前看，把這些都納入考量——把過去的都放進這鍋「大雜燴」——展望未來，我們看到一條清晰的路徑可以擴大利潤率。而我們期待的一部分，是延續我們在業務上看到的動能。而這股動能，最終我們認為將使我們在營收端與利潤率端都處於有利位置。

Kelsey Zhu, Autonomous.

Kelsey Zhu，Autonomous。

Welcome to the call, Josh. A lot of infoservices companies have talked about this trend of AI implementation, driving accelerated data demand. I was wondering if you can talk a little bit more about FactSet's strategy to monetize on this trend, both near term and long term.

歡迎加入這通電話會議，Josh。許多資訊服務公司都談到這個趨勢：AI 導入正在推動資料需求加速成長。我想請你更進一步談談 FactSet 在這個趨勢下的變現策略，包含短期與長期。

And in relation to this, how should we think about the incremental revenue opportunities brought by MCP, especially in the past, you called out some expansion of new user persona. And I was wondering if you can tell us a little bit more about that.

另外相關地，我們應該如何看待 MCP 帶來的增量營收機會？尤其你們過去曾提到新增使用者角色（new user persona）的擴張。也想請你再多分享一些細節。

Sure, Kelsey. I mean, some of it I just covered, I think, in my discussion around AI. But just to repeat that, right, the short-term monetization we see is an acceleration in our ASV growth. Clearly, MCP is a real accelerant. We see whenever there are deals that involve an MCP component, more often than not and I would say 90% of the time, we've seen contract value improvements.

當然，Kelsey。其中一部分我剛才在談 AI 時已經提到。不過我再重申一次：我們看到的短期變現，是 ASV 成長加速。很明顯，MCP 是一個真正的加速器。我們看到只要交易包含 MCP 的組成，往往——我會說有 90% 的情況——合約價值都有所提升。

So at the moment, it's playing out in the overall broad ASV acceleration. As we go along, we are going to see more and more discrete [AI SKUs]. And as I said, more than 10% of the ASV even this quarter came from that. Now again, it's too early to kind of draw a trend line from that but that was from virtually zero last year, and it's certainly growing.

所以目前它反映在整體、廣泛的 ASV 加速上。隨著時間推進，我們會看到越來越多獨立的[AI SKU]。而如我所說，即便在本季，ASV 中也有超過 10% 來自於此。當然，現在要從這點畫出趨勢線還太早，但去年幾乎是零，而現在確實在成長。

Now in terms of your question around user personas, yes, that continues. I think even today of our MCP trials as well as our MCP paid implementations, around 20% of the users of our endpoints are net new users whether they might be in existing clients or at new clients, but they are net new users. And these are new workflows and new workloads that are coming on, thanks to our ability to deliver -- deliver data to new AI workloads.

至於你問到的使用者角色，是的，這個趨勢仍在延續。我想即便到今天，在我們的 MCP 試用以及 MCP 付費導入中，大約有 20% 的端點（endpoints）使用者是淨新增使用者；他們可能來自既有客戶或新客戶，但都是淨新增使用者。而這些是新的工作流程與新的工作負載，得益於我們能把資料交付——交付給新的 AI 工作負載。

And just to remind everybody, we are also available on all the different frontier lab marketplaces as first-class data connectors and that enables this easy discovery, connectivity and also growing users. Now the last thing I would add is an important and a key indicator for us is how does this translate into broader growth in our product suite and product penetration.

另外也提醒大家，我們也已在各個前沿實驗室（frontier lab）的市集上架，作為一級（first-class）的資料連接器，這使得探索、連接更容易，也有助於使用者成長。最後我想補充的是，對我們而言一個重要且關鍵的指標，是這如何轉化為我們產品套件更廣泛的成長，以及產品滲透率的提升。

And from what we've seen so far in the last six months, whenever there is AI consumption through MCP, it is actually leading to an upsizing of our existing products, whether they are workstations, whether they are other APIs, whether there are other standard data feeds, there is a multiplier effect on the existing business as well. And if you recollect a couple of quarters ago, I spoke about the AI flywheel effect. It is still very, very early stages, but we are starting to see that in action.

而從過去六個月我們目前看到的情況是：只要透過 MCP 發生 AI 用量（consumption），實際上就會帶動我們既有產品的擴量（upsizing）；不論是工作站（workstations）、其他 API，或其他標準資料饋送（data feeds），都會對既有業務產生乘數效應。如果你還記得我在幾季前談到的 AI 飛輪效應（AI flywheel effect）。現在仍非常早期，但我們開始看到它正在發生。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

I just wanted to understand the partnership strategy and maybe just part of broader capital allocation as well. I mean, I understand all the Frontier lab partnerships with a bunch of these other ones that you've announced, which we are not too familiar with.

我只是想了解一下合作夥伴策略，或許也想把它放在更廣泛的資本配置脈絡下來看。我的意思是，我理解你們與多家機構宣布的各種 Frontier lab 合作夥伴關係，但我們對其中不少並不太熟悉。

I'm just trying to understand the pipeline of what that list looks like and whether these are step one and to potentially making some of these deals? Or is that not the way I should think about this?

我只是想了解那份清單的管線大概長什麼樣子，以及這些是否是第一步，之後可能促成其中一些交易？還是我不應該用這種方式來理解？

Yes. Thanks, Manav. And you've spotted the sort of the diversity of partnerships that we've struck. It's a deliberate strategy, and it is consistent with how we've thought about our network and ecosystem historically. As you know, we've always been open architecture.

是的。謝謝你，Manav。你也注意到我們所建立的合作夥伴關係相當多元。這是刻意的策略，且與我們過去一貫看待自身網路與生態系的方式一致。如你所知，我們一直採取開放式架構（open architecture）。

And typically, any M&A we've done -- we've had a history of connecting it with other partners that we've actually worked with, and we have the experience, there is a clear understanding of the value creation potential, et cetera.

而且通常我們做過的任何併購（M&A）——我們一向有個做法：把它與我們實際合作過的其他夥伴連結起來；我們有相關經驗，也清楚理解其價值創造的潛力等等。

In this cycle, we are very focused on three things, which connects back to what I described earlier in my prepared remarks on FactSet Intelligence. Across each of those three layers that we described, there is a lot to be done, both at our end, at our clients end and in terms of integrating the whole ecosystem.

在這個週期中，我們非常聚焦三件事，這也呼應我先前在事先準備的發言中對 FactSet Intelligence 的描述。在我們所描述的三個層面中，每一層都有很多工作要做——不論是在我們這端、在客戶那端，或是在整合整個生態系方面。

So at the data layer, there is a number of initiatives underway to help clients advance their data meshes and to build these enterprise knowledge graphs, which requires us to partner with firms like Snowflake and Databricks and the like.

因此在資料層（data layer），我們正在推動多項計畫，協助客戶推進其 data mesh，並建置企業知識圖譜（enterprise knowledge graphs）；這需要我們與 Snowflake、Databricks 等公司合作。

Similarly, some of the partnerships that you see at the top of that slide, which are the recent ones that we've announced, those help us really accelerate the agentic workflows that we are building that are very focused on user personas, whether it's on the buy side or in wealth management.

同樣地，你在那張投影片上方看到的一些合作夥伴關係——也就是我們近期宣布的那些——能幫助我們大幅加速正在打造的代理式（agentic）工作流程；這些工作流程非常聚焦於使用者角色（user personas），不論是在買方（buy side）或財富管理（wealth management）。

And the Google partnership we announced cuts across the whole page really because we get a lot of benefits from it immediately. A, in the FactSet workstation, we can infuse Gemini everywhere. We can get the benefits of early releases of the most advanced frontier models. We get the ability to get cheaper tokens usage because we get the preferential pricing as part of this contract and we benefit from better infrastructure and joint product development and innovation.

而我們宣布的 Google 合作其實橫跨整頁，因為我們能立即從中獲得許多好處。第一，在 FactSet 工作站（workstation）中，我們可以把 Gemini 無所不在地嵌入。我們可以受益於最先進的前沿模型（frontier models）的早期釋出。我們也能因為合約中的優惠定價而降低 token 使用成本，並受益於更好的基礎設施，以及共同產品開發與創新。

So the idea is that we are accelerating product development. We are being very prudent in our capital allocation, which Josh will get into in a second. And we are working very actively to ensure that we are staying at the cutting edge of the market and actually leading the market in many ways as our clients make this AI transition.

所以核心概念是：我們正在加速產品開發。我們在資本配置上非常審慎，Josh 等一下會談到。同時我們也非常積極地確保自己站在市場最前沿，並在許多方面引領市場，協助客戶完成這次 AI 轉型。

Maybe, Josh, do you want to comment a bit more capital allocation.

Josh，你要不要就資本配置再補充一下？

What I would add to Sanoke, what I'd add to that is we're very focused on operational execution, but our capital allocation framework provides really a road map to value creation. So specifically, what that means is prioritizing the investments that offer the highest risk-adjusted returns. So we're very focused on investing in growth, investing in growth means building out the products and solutions that we deliver to our clients.

我想在 Sanoke 的基礎上補充的是：我們非常專注於營運執行，但我們的資本配置框架其實提供了一張價值創造的路線圖。具體而言，就是優先投入能提供最高風險調整後報酬（risk-adjusted returns）的投資。因此我們非常聚焦於投資成長；投資成長意味著擴建我們交付給客戶的產品與解決方案。

And then beyond that, we consider all excess uses of free cash flow, whether it's return of capital to shareholders in the forms of buybacks or dividends or you asked about M&A or our partnership strategy in particular.

在此之外，我們會考量自由現金流（free cash flow）的所有超額用途，不論是以庫藏股回購或股利的形式回饋股東，或是你提到的併購（M&A），或特別是我們的合作夥伴策略。

And on that -- what I would say just to augment what Sanoke outlined, is we intend to be very surgical in terms of how we are approaching our acquisition philosophy. We are at the heart of a robust ecosystem of partners that we work with. But our approach is really going to be focused on the areas of highest and greatest impact.

就這點——我想補強 Sanoke 所概述的內容——我們打算在收購理念上採取非常精準、外科手術式（surgical）的方式。我們位於一個強健的合作夥伴生態系核心，並與之合作。但我們的方法將真正聚焦在影響力最高、效果最顯著的領域。

So what is really exciting for me in particular and for all of us at FactSet is because of FactSet's open architecture approach. And because we operate in this rich ecosystem, a lot of our inorganic activity, we expect to be derisked, right?

所以對我個人、以及 FactSet 的所有人而言，真正令人振奮的是：因為 FactSet 的開放式架構做法，也因為我們運作於這個豐富的生態系中，我們預期許多非有機（inorganic）的活動會被去風險化（derisked），對吧？

We are already likely having a technology integration or a client integration with a particular partner that we would work with. So you should expect a pipeline that flows from a lot of the day-to-day execution activity that we are engaged in

我們很可能已經在技術整合或客戶整合上，與某個我們會合作的特定夥伴有所連結。因此你應該預期會有一條管線，源自我們日常所投入的許多執行活動。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

I wanted to ask a little bit about the commentary about the 3Q '26 renewals extended the length of contracts by 30% on average. And I just want to get a little bit more color in terms of are you trading anything like price to get an extended term? And then also, just with the evolving kind of monetization model.

我想稍微問一下你們提到的評論：26 年第三季（3Q '26）的續約平均把合約期限延長了 30%。我想再多了解一些細節：你們是否用任何像是價格上的讓步來換取更長的合約期限？另外，隨著變現模式（monetization model）在演進。

Is there any risk of locking yourself into something that might not be ideal a couple of years down the line? And I'm actually -- it's interesting that clients are interested in going out that far, given that the models are evolving. And I was wondering what the feedback is from that. Do you think that you may have to open up these contracts later on if something kind of changes.

是否存在把自己鎖進某種安排、而在幾年後可能不理想的風險？而且我其實——考量到模型正在演進，客戶竟然有興趣簽到那麼長，這點很有意思。我想知道客戶對此的回饋是什麼。你們是否認為如果未來有些變化，可能需要之後再把這些合約打開重新談？

If you could just give a little bit of color on that? And then just -- Josh, first of all, I guess, welcome to the company on the call. I just wanted to noting that not reporting client count, user account and employee count, is that something that you feel is just less relevant as you kind of assessed the company in terms of the metrics driving the business?

能否就此再提供一些細節？另外——Josh，首先我想說，歡迎你在電話會議中加入公司。我也想請教：不再揭露客戶數、使用者帳戶數與員工數，是否是你在評估公司、以及驅動業務的指標時，覺得這些變得比較不那麼相關？

Yes, I'll go first, and thanks for the question. Thanks for the welcome. Maybe let's take your questions in reverse order. In terms of client count and user count, more than happy to share our user count is up 12% year-over-year, you should expect to see those numbers in our [Q] that we are filing likely aftermarket today. But what -- fundamentally, we're committed to transparency, and we're committed to giving you the metrics that matter.

好的，我先回答，謝謝你的問題。也謝謝你的歡迎。或許我們先倒過來回答你的問題。就客戶數與使用者數而言，我很樂意分享：我們的使用者數年增 12%；你應該會在我們今天可能於盤後提交的 [Q] 文件中看到這些數字。但——從根本上說，我們致力於透明度，也致力於提供你們真正重要的指標。

So an indication of user counts tends to be in the long tail and not really flows through to the revenue or profitability that impacts the return that we provide for FactSet. Sanoke, do you want to take the first part of the--

因此，使用者數的指標往往落在長尾（long tail），並不會真正反映到營收或獲利能力上，也不會影響我們為 FactSet 提供的報酬。Sanoke，你要不要回答前半段的——

Sure. I mean as I said earlier, Shlomo, I'm really excited to see the transition we are making from just sort of shorter term, maybe seat-based contracts to longer-term enterprise agreements that give us a lot of flexibility and give our clients a lot of flexibility.

當然。我的意思是，如我先前所說，Shlomo，我對我們正在進行的轉型感到非常興奮：從較短期、可能以席位（seat-based）為主的合約，轉向更長期的企業協議（enterprise agreements）；這讓我們有很大的彈性，也讓客戶有很大的彈性。

So just to give you a little bit of color on how they are structured. We want to -- I think the operator word between us and our clients is flexibility because it is an uncertain future. I think clients are unclear as to exactly where their own consumption will be.

我稍微補充一下它們的結構。我們希望——我認為我們與客戶之間的關鍵詞是「彈性」，因為未來是不確定的。我想客戶也不清楚他們自己的使用量（consumption）究竟會落在哪裡。

And so at the same time, there is a high degree of trust working with us. So we've been able to parlay that sort of that paradigm, if you will, into structuring these contracts.

同時，與我們合作也存在高度信任。因此我們得以把這種典範（paradigm），如果你願意這麼說，轉化為這些合約的設計方式。

So the contracts are all value-based and any price improvement that we see is based on the value we deliver. We are -- I can definitely confirm we are not taking any price compression in return for their contract extensions, right? As it stands, I think there is a lot of new functionality, a lot of new data sets that we are launching, and we are delivering it through more and more new channels.

所以這些合約都是以價值為基礎（value-based），而我們看到的任何價格提升都建立在我們所交付的價值之上。我可以明確確認：我們並沒有為了換取合約延長而接受任何價格壓縮（price compression），對吧？就目前而言，我認為我們正在推出許多新功能、許多新資料集，並透過越來越多的新通路來交付。

So we talk a lot about MCP, but our -- a tremendous amount of our delivery happens directly on the large data measures, whether it is Snowflake or Databricks or Google or AWS. So we are pretty tech forward, as you know, and that ability to deliver data through multiple channels and provide lots of new functionality plays into these contracts.

所以我們談了很多關於 MCP，但我們——我們交付中相當大的一部分是直接在大型資料平台上完成的，不論是 Snowflake、Databricks、Google 或 AWS。因此如你所知，我們相當以技術為導向，而能夠透過多種通路交付資料並提供大量新功能，正是這些合約的一部分考量。

And in an AI world, right now, there is a lot of value that clients are placing on that. Our flexibility is an important aspect of it. There is a large subscription base to it, and I think we feel very comfortable about that. And there is a lot of provisions for new consumption patterns, whether it is in terms of diversity of data sets or increased volume tiers depending on the type of workloads that clients are experimenting with. We feel pretty good about this transition.

而在 AI 的世界裡，就目前而言，客戶對此賦予了很高的價值。我們的彈性是其中一個重要面向。這背後有龐大的訂閱基礎，我想我們對此感到非常安心。而且針對新的使用/消費模式也有很多條款安排，不論是資料集多樣性，或是依客戶正在試驗的工作負載類型而提高的用量/容量級距。我們對這次轉型感覺相當不錯。

We'll continue to focus on it. It is still early days, and we'll keep you updated in future quarters

我們會持續聚焦在這上面。現在仍屬早期階段，我們也會在未來幾季持續向各位更新。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Sanoke, can you maybe discuss a little bit about the commentary and the review of the product portfolio, how expensive is it or how comprehensive is it? Is there a certain theme that you're pursuing and then maybe where does M&A fit into that strategy?

Sanoke，你能否多談一點關於你們對產品組合的評論與檢視？這有多昂貴，或有多全面？你們是否在追求某個特定主題？另外，併購（M&A）在這個策略中扮演什麼角色？

Sure. I'll touch first from an AI perspective, Surinder, and then maybe expand a little bit to our broader, sort of what I would call, the classical product definition of who we are as a company. So just on the AI world, we should look at the stack that we talked about earlier in our prepared remarks.

當然。Surinder，我先從 AI 的角度談起，然後再稍微延伸到更廣泛的——我稱之為——我們作為一家公司在「傳統」產品定義上的定位。就 AI 的世界而言，我們應該回到先前在準備稿中提到的那個技術堆疊來看。

We see us playing across that stack and positioning ourselves as the AI infrastructure for institutional finance. We see our capabilities in data concordance, the quality of the data we deliver, our ability to integrate and mesh with internal and third-party data as world class.

我們看到自己在整個堆疊中都有角色，並將自己定位為機構金融的 AI 基礎設施。我們在資料一致性（data concordance）、所交付資料的品質，以及與內部與第三方資料整合與融合的能力方面，都是世界級的。

And we see that as an essential ingredient as clients build out their enterprise knowledge graphs. So that's the first layer of the FactSet intelligence stack. The workstation itself, we view as a very much a container that has a lot of capabilities today that is all desired in this AI world.

而我們也認為，當客戶建置其企業知識圖譜時，這是不可或缺的關鍵要素。因此，這是 FactSet 智能堆疊的第一層。至於工作站本身，我們把它視為一個容器，今天已具備許多能力，而這些能力在 AI 世界裡都很受需要。

So it has trusted infrastructure, which is feature rich. It is already baking in all of this trusted data that is positioned to support these new agentic workloads. We have the right entitlements. We have the right model libraries. We have the security standards.

它具備可信任的基礎設施，功能非常豐富。它也已經把所有這些可信任資料內建其中，並已定位好以支援這些新的代理式（agentic）工作負載。我們有正確的授權（entitlements）。我們有正確的模型函式庫。我們有安全標準。

The UI itself, the user interface, we think, is less relevant. That might very well adapt and we are very actively adapting it ourselves into more of an agentic infrastructure and an agentic user interface, which is fully infused with the best AI capabilities.

至於 UI 本身，也就是使用者介面，我們認為其相關性較低。它很可能會隨之調整，而我們也正非常積極地自行調整，朝向更偏代理式基礎設施與代理式使用者介面發展，並全面注入最佳的 AI 能力。

We are starting to see the benefits of all of this because as clients are exploring and experimenting with lots of horizontal and vertical AIs. They are starting to come back and consolidate it on our own agentic infrastructure. So the product development there, we see is the transition from a traditional workstation to an AI native or an agentic workstation.

我們開始看到這一切帶來的效益，因為當客戶在探索與試驗各種橫向與縱向 AI 時，他們開始回頭把它整合並集中到我們自己的代理式基礎設施上。因此，我們看到那裡的產品開發，正是從傳統工作站轉型為 AI 原生或代理式工作站。

And that then leads to, what I talked about in the call earlier, which is brand-new workflows fully infused with agented capabilities, and we are partnering very actively with clients. And these have to be developed and delivered with our forward deployed engineers as well as forward deployed consulting teams. So that's all in the AI stack. Now let me maybe pivot a little bit to talk about product development from a different axes, if you will, which is our capabilities in data and analytics.

接著就會導向我先前在電話會議中提到的：全新的工作流程，全面注入代理式能力，而我們正非常積極地與客戶合作。而這些必須透過我們前線派駐工程師（forward deployed engineers）以及前線派駐顧問團隊來開發與交付。以上都屬於 AI 堆疊的範疇。現在我想稍微轉個方向，從另一個軸線來談產品開發，也就是我們在資料與分析方面的能力。

So here, we are continuing to invest and grow, and this is really a big driver of our growth in fixed income analytics. We've always been very strong at it in our performance analytics, portfolio analytics capabilities, but we are now bringing all of that capability also to the front office, and we are winning and taking market share from incumbents there. We are extending our capabilities in private capital. So our private market data sets are some of the fastest-growing SKUs, if you will, in data delivery.

在這裡，我們持續投資並成長，而這確實是我們固定收益分析業務成長的一大驅動力。我們在績效分析、投資組合分析能力方面一向很強，但我們現在也把這些能力帶到前台（front office），並在那裡從既有領導者手中贏得並取得市占。我們也在擴展私募資本（private capital）方面的能力。因此，我們的私募市場資料集可說是資料交付中成長最快的 SKU 之一。

And as you know, we've spoken about it in prior quarters. We're continuing to invest in deep sector data as well as in real time and pricing and reference data capabilities. All of this is resonating well, and we'll continue to invest in it. So you can see us rounding out both in terms of the vertical of the AI stack as well as across the range of horizontal data disciplines and analytics capabilities.

而如各位所知，我們在前幾季也談過。我們持續投資於深度產業/部門資料（deep sector data），以及即時、定價與參考資料能力。這些都獲得很好的回響，我們也會持續投資。因此你可以看到，我們一方面在 AI 堆疊的縱向上逐步補齊，另一方面也在橫向的各類資料領域與分析能力範圍上持續擴充。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，Morgan Stanley。

This is Yehuda Silverman on for Toni. Just had a quick question on the payback period. I know you previously mentioned three years for some of the heavier investments. Just curious if you can update us on if there's any difference in the change in the payback period around some of the more recent AI-related investments?

我是代 Toni 提問的 Yehuda Silverman。我有個關於投資回收期（payback period）的簡短問題。我知道你們先前提到，某些較重的投資回收期是三年。想請教你們是否能更新一下：在近期一些與 AI 相關的投資上，回收期是否有任何不同的變化？

And where we currently stand on the timeline for some of the investments that have been made over the past quarters and years.

以及我們目前在過去幾季與幾年所做的一些投資，其時間進度大概落在什麼位置。

Yes. Two things. We are making investments in a number of different areas. There are investments we've made in improving our sales productivity, our tooling, our marketing capabilities, our website, et cetera. These are very, very fast payback initiatives that pay back in a matter of months.

是的。兩點。我們在多個不同領域進行投資。其中有些投資是用來提升銷售生產力、工具、行銷能力、網站等等。這些都是回收非常、非常快的計畫，通常在幾個月內就能回收。

And so we are very excited to continue to make those sets of investments. And then there are structural investments that we have to make deep in the core infrastructure of the company. Those generally tend to take longer, but we still believe that they are well in line with what we've said before.

因此我們非常期待持續進行這類投資。另外也有一些結構性投資，是我們必須在公司核心基礎設施深處進行的。這些通常需要更長時間，但我們仍然相信它們與我們先前所說的回收期預期相當一致。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Appreciate you taking the question. I think a lot of the AI discussion is actually centered on the institutional business. But I'm curious how you think about any differences in the opportunity, the pace of adoption, the right to win within wealth. Obviously, maybe TIFIN.AI and that partnership is part of that [answer]. I don't know, Josh, given your background, do you have any additional insights on kind of market positioning and how you see FactSet in that market.

感謝讓我提問。我認為很多 AI 的討論其實都聚焦在機構業務上。但我很好奇，你們如何看待在財富管理（wealth）領域的機會差異、採用速度，以及你們的勝出權（right to win）。顯然，或許 TIFIN.AI 以及那個合作夥伴關係是其中一部分[回答]。我不確定，Josh，考量你的背景，你是否能補充一些對市場定位的看法，以及你如何看 FactSet 在那個市場中的位置。

But just kind of curious if there's a different -- any differences in strategy we should be thinking about as to AI in that space versus the rest of your business?

另外也想請教，在那個領域的 AI 與你們其他業務相比，策略上是否有任何不同——或我們應該注意的差異？

Thanks for that question. And indeed, I think we are seeing differences in the trends A lot of our institutional progress is exactly as you pointed out, very related to the stack that we talked about earlier. In wealth and the broader consumer finance market, there is an exciting opportunity for us, both to power up the adviser experience, which is certainly going through a transformation, but we are still believe we're in early stages of that. And the TIFIN engagement and partnership is very much geared towards improving the experience of advisers, and I'll touch a little bit more on that.

謝謝這個問題。確實，我認為我們看到趨勢上存在差異。我們在機構端的許多進展，正如你指出的，與我們先前談到的那個堆疊高度相關。在財富管理以及更廣泛的消費金融市場，我們有令人振奮的機會：一方面是強化顧問（adviser）的使用體驗，這確實正在經歷轉型，但我們仍然相信目前還在早期階段。而與 TIFIN 的合作與夥伴關係，正是以改善顧問體驗為核心，我也會再多談一點。

And the second thing is there's a big opportunity for us and a growing opportunity for FactSet in directly serving the end customers experience, especially in wealth management, but even more broadly in retail consumer finance.

第二點是，我們也有一個很大的機會，而且對 FactSet 而言是持續成長的機會：直接服務終端客戶的體驗，特別是在財富管理領域，甚至更廣泛到零售消費金融。

So two reasons. Number one, we have the trusted data. Two, we are the -- even in the historical pre-AI world, we always had a digital business that allowed us to reach directly out into clients. So for example, some of the largest wealth managers out there, their portals -- their client-facing portals are all related to what we build and deliver that for them.

所以有兩個原因。第一，我們擁有可信賴的資料。第二，即使在歷史上的前 AI 時代，我們一直都有一個數位化業務，讓我們能直接觸及客戶。例如，市面上一些最大的財富管理機構，他們的入口網站——他們面向客戶的入口網站——都與我們為他們建置並交付的內容相關。

The point I want to get to on wealth is that adviser experience is evolving and it's still at its early stages. One of the largest business problems for advisers is how to stay on top of their customer portfolios market events and all the analytics associated with it in order to deliver high-quality experiences and improve their coverage ratios.

我想在財富管理這塊要強調的是，顧問端體驗正在演進，而且仍處於早期階段。顧問面臨的最大業務問題之一，是如何即時掌握其客戶投資組合的市場事件以及相關的所有分析，以提供高品質體驗並提升其覆蓋比率。

This is precisely where the Tiffin agents will help us because we can marry that up with our market data signals internal data, internal research and deliver high-quality advisor experiences. Josh?

這正是 Tiffin 代理將幫助我們的地方，因為我們可以把市場數據訊號、內部資料、內部研究結合起來，交付高品質的顧問體驗。Josh？

I would just add I mean it will come as no surprise. Clients are in different stages of evolution. Every sector is in a different stage of evolution. I think we're incredibly excited about the conversations that we're having and with regard to the adviser experience really in the long tail of advisers, particularly into RIAs, there is really a lot of opportunity to almost think about the way advisers do their jobs differently.

我只想補充一下，這應該不會讓人意外。客戶正處於不同的演進階段。每個產業也都處於不同的演進階段。我認為我們對目前正在進行的對話感到非常興奮；就顧問端體驗而言，在顧問的長尾市場，特別是進入 RIA（註冊投資顧問）領域，確實有很大的機會，幾乎可以重新思考顧問執行工作的方法。

And I think FactSet may have a role to play there. But fundamentally, across the board, whether it's in wealth in the sell side and the buy side, what we're seeing is people are starting to recognize, particularly as more work shifts from humans doing the work to agents doing the work.

我認為 FactSet 可能在其中扮演一定角色。但從根本上來看，無論是在財富管理、賣方或買方，我們看到的是，人們開始意識到——尤其是當更多工作從人類執行轉向由代理執行時。

The quality of the output depends on the quality of the data that's going in. So that creates a real opportunity for FactSet to play a significant role. And that is something that I and we are very excited about.

輸出品質取決於輸入資料的品質。因此，這為 FactSet 扮演重要角色創造了真正的機會。而這也是我以及我們都非常興奮的一點。

George Tong, Goldman Sachs.

George Tong，高盛。

Can you unpack the contribution of pricing to organic ASV growth this quarter? And how much is coming from realized pricing increases versus seat expansion, product mix or a broader workflow adoption as you roll out your AI capabilities.

你能否拆解一下本季定價對有機 ASV 成長的貢獻？以及其中有多少來自已實現的漲價，相較於席位擴張、產品組合變化，或是隨著你們推出 AI 能力而帶動更廣泛的工作流程採用？

Sure, George. Thank you for that question. Price increases, as I referred to earlier, we view that in the context of value increase for our clients. And our real focus is on retention and expansion of our existing enterprise client base. We don't believe in just an inflationary price increase.

當然可以，George。謝謝你的提問。如我先前提到的，漲價我們是放在為客戶帶來價值提升的脈絡下來看。我們真正的重點在於既有企業客戶基礎的留存與擴張。我們不相信只是做通膨式的漲價。

Having said that, I think our price increase this quarter was better than what we were able to achieve at the same quarter last year and that just reflects the continued increase in value and flexibility that we are delivering to our clients.

話雖如此，我認為我們本季的漲價表現優於去年同一季所能達成的水準，這反映出我們持續為客戶交付的價值與彈性在提升。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

I just wanted to circle back to the implied margin cadence for the rest of the year. If I model to the midpoint of your guidance, I'm getting like flattish year-over-year adjusted operating margins versus it was just down over 250 bps or so in fiscal 3Q.

我想再回到今年剩餘期間隱含的利潤率節奏。如果我用你們指引的中位數來建模，我得到的是調整後營業利潤率年對年大致持平；但在會計年度第 3 季（3Q）則是下滑了約 250 個基點左右。

So it's implying like pretty nice improvement in the run rate growth of expenses there. Was there like a pull forward of compensation expense from 4Q into 3Q? Or is it because you did this headcount reduction to now the run rate of expenses is lower going forward.

所以這暗示費用的成長率在執行面有相當不錯的改善。是否有把部分薪酬費用從第 4 季（4Q）提前到第 3 季？或者是因為你們做了人力縮減，使得未來的費用運行率更低？

If you could just kind of match up the qualitative commentary to what the guidance implies would be very helpful.

如果你能把定性評論與指引所隱含的內容對照起來，會非常有幫助。

Yes, sure. Let me just maybe address that quickly, keeping an eye on the time. What I'd say is we have a big quarter ahead of us. And we continue to see strong ASV growth, and we see a lot of momentum in that.

好的，當然。我先快速回應一下，也注意時間。我想說的是，我們接下來有一個重要的季度。我們持續看到強勁的 ASV 成長，也看到這方面有很大的動能。

So what we have left for ourselves in terms of flexibility in the margin range is that if we continue to outperform on our ASV delivery and we want to pay for performance, I think we are retaining the flexibility in the margin range.

因此，就利潤率區間而言，我們保留的彈性在於：如果我們在 ASV 交付上持續超越表現，且我們希望為績效付費，我認為我們會在利潤率區間內保留這樣的彈性。

(Operator Instructions)

（接線員指示）

Curtis Nagle, Bank of America.

Curtis Nagle，美國銀行。

Great. So maybe just talk a bit -- or for Josh, either/or. The impact of the higher token costs, you mentioned in the margin in the quarter. I think you also mentioned there's an expectation to get higher returns on that spend. It sounds like a cool partnership that might help, but just impact I'm talking a little more if you would.

很好。那也許稍微談一下——或是給 Josh 來回答，兩位都可以。你提到本季利潤率受到較高的 token 成本影響。我想你也提到預期能從這筆支出獲得更高回報。聽起來這是一個很酷的合作夥伴關係，可能會有幫助，但我想請你再多談一點它的影響。

Thanks for the question. Appreciate it. Tokens are an interesting one in the sense that they were not a line item that we really thought about in 2025. So all of the token spending is net new. But we treat tokens like any other resource.

謝謝你的問題。感謝。Token 是個有趣的項目，因為在 2025 年我們其實沒有把它當作一個會去思考的費用科目。所以所有的 token 支出都是全新增量。但我們把 token 視為和其他資源一樣來管理。

And we have a series of operational controls around monitoring them. There's a whole regime around developer training, intelligent model routing. So it's the right tool for the right job. Budgeting that we've undertaken. Sanoke mentioned the ROI that we're seeing on tokens. So we are very pleased to be growing our investment in them.

我們有一系列營運控管來監測它們。也有一整套制度，包括開發者訓練、智慧模型路由。確保用對工具做對工作。以及我們已進行的預算編列。Sanoke 提到我們在 token 上看到的投資報酬率（ROI）。因此，我們非常樂見並持續增加在這方面的投資。

Thank you. I would now like to hand 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, and thank you all for joining us today. Accelerating ASV growth, strengthening commercial performance and measurable productivity gains are positioning us well for the remainder of the year and beyond.

謝謝接線員，也謝謝各位今天加入我們。ASV 成長加速、商業表現強化，以及可衡量的生產力提升，讓我們在今年剩餘期間及未來都處於良好位置。

Before I close, I want to thank every FactSetter for their continued focus and commitment to delivering for our clients. We are executing from a position of strength, and we look forward to updating you on our progress next quarter. Operator, this concludes today's call.

在結束前，我想感謝每一位 FactSetter 持續專注並承諾為客戶交付成果。我們正以優勢地位推進執行，並期待在下個季度向各位更新我們的進展。接線員，今天的電話會議到此結束。

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

謝謝。今天的會議到此結束。感謝各位的參與。您現在可以掛線。