馬基特 (INFO) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the IHS Markit Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 IHS Markit 2021 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

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

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

Good morning, and thank you for joining us for the IHS Markit Q3 2021 Earnings Conference Call. Earlier this morning, we issued our Q3 earnings press release and posted supplemental materials to the IHS Markit Investor Relations website.

早安，感謝您參加 IHS Markit 2021 年第三季財報電話會議。今天早些時候，我們發布了第三季收益新聞稿，並在 IHS Markit 投資者關係網站上發布了補充資料。

Our discussion on the quarter are based on non-GAAP measures or adjusted numbers, which exclude stock-based compensation, amortization of acquired intangibles and other items. IHS Markit believes non-GAAP results are useful in order to enhance understanding of our ongoing operating performance, but they are a supplement to and should not be considered in isolation from or as a substitute for GAAP financial information. As a reminder, this conference call is being recorded and webcast and is copyrighted property of IHS Markit. Any rebroadcast of this information or in part without the prior written consent of IHS Markit is prohibited.

我們對本季的討論是基於非公認會計準則指標或調整後的數字，其中不包括股票薪酬、收購無形資產的攤銷和其他項目。IHS Markit 認為非 GAAP 結果有助於增進對我們持續經營業績的了解，但它們是對 GAAP 財務資訊的補充，不應孤立地看待或取代 GAAP 財務資訊。提醒一下，本次電話會議正在錄音和網路直播，版權歸 IHS Markit 所有。未經 IHS Markit 事先書面同意，禁止轉播該資訊或部分資訊。

This conference call, especially the discussion of our outlook, may contain statements about expected future events that are forward-looking and subject to risks and uncertainties. Factors that could cause actual results to differ materially from expectations can be found in IHS Markit's filings with the SEC and on the IHS Markit website. After our prepared remarks, Lance Uggla, Chairman and CEO; and Jonathan Gear, EVP and Chief Financial Officer, will be available to take your questions.

本次電話會議，特別是對我們展望的討論，可能包含有關預期未來事件的陳述，這些陳述具有前瞻性，並受風險和不確定性的影響。可能導致實際結果與預期有重大差異的因素可以在 IHS Markit 向美國證券交易委員會提交的文件和 IHS Markit 網站上找到。在我們準備好發言之後，董事長兼執行長 Lance Uggla 和執行副總裁兼財務長 Jonathan Gear 將回答您的問題。

With that, it's my pleasure to turn the call over to Lance.

說完這些，我很高興將電話轉給蘭斯。

Okay. Thank you, Eric, and thank you for joining us for the IHS Markit Q3 Earnings Call. We had another very strong quarter. Q3 revenue was $1.18 billion with organic growth of 9%. Adjusted EBITDA of $516 million, with margin of 43.7% puts us on track for the full year margin expansion of 100 basis points excluding FX. Adjusted EPS of $0.85 will be up 10% over the prior year. Overall, we are very happy with our Q3 and year-to-date results, and we're raising our full year underlying revenue and adjusted EPS guidance.

好的。謝謝你，艾瑞克，也謝謝你參加 IHS Markit 第三季財報電話會議。我們又度過了一個非常強勁的季度。第三季營收為 11.8 億美元，有機成長率為 9%。調整後的 EBITDA 為 5.16 億美元，利潤率為 43.7%，使我們有望實現全年利潤率擴大 100 個基點（不包括外匯）。調整後的每股收益為 0.85 美元，比上年增長 10%。總體而言，我們對第三季和年初至今的業績非常滿意，我們正在提高全年基本收入和調整後每股收益預期。

In terms of industry verticals, let me first start with our Financial Services segment, which had another strong quarter with 8% organic growth in Q3. Within Financial Services, Information performed well, with organic growth of 6%. And the main price -- the main contributors of this included pricing, valuations, equities regulatory reporting and trading analytics platforms and our issuer solutions products due to strong IPO markets and the momentum in ESG initiatives.

就行業垂直而言，我首先從我們的金融服務部門開始，該部門在第三季度再次表現強勁，有機成長率達到 8%。在金融服務領域，資訊業務表現良好，有機成長率達 6%。主要價格—主要貢獻者包括定價、估值、股票監管報告和交易分析平台以及我們的發行人解決方案產品，這得益於強勁的 IPO 市場和 ESG 計劃的勢頭。

Solutions also had a strong quarter, with 9% organic growth and similar trends, which we saw in Q2 due to the strong market activity in equities and loans as well as the continued broad-based rebound of the investments being made by our customers in Solutions. This strength was accelerated by our new offerings and enhancements across the Solutions portfolio.

解決方案本季也表現強勁，有機成長率達 9%，趨勢與我們在第二季度看到的類似，這得益於股票和貸款市場的強勁活動，以及我們的客戶對解決方案的投資持續廣泛反彈。我們的解決方案組合中的新產品和增強功能進一步增強了這一優勢。

Finally, our Processing business grew 12% organically with strengths in loans and derivatives performance as expected. For the full year, we still expect Financial Services to be in the 7% to 8% organic growth range.

最後，我們的處理業務有機成長了 12%，貸款和衍生性商品表現強勁，符合預期。就全年而言，我們仍預期金融服務業務的有機成長率將達到 7% 至 8%。

Let's move on to Transportation, which had organic revenue growth of 15% in Q3. You'll recall that the basis for comparison, the third quarter of 2020, was depressed by significant pricing concessions that we granted our customers at the height of the COVID-related lockdowns. But like Q2, this quarter's performance also reflected strong underlying growth across the Transportation businesses. Our renewal performance was strong across the board, demonstrating the must-have nature of our products in the current challenging market environments.

我們再來看看交通運輸業，該產業第三季的有機收入成長了 15%。您會記得，作為比較基礎的 2020 年第三季度，由於在新冠疫情相關封鎖最嚴重時期我們向客戶提供了大幅價格優惠，因此業績受到抑制。但與第二季一樣，本季的業績也反映了運輸業務強勁的潛在成長。我們的更新表現全面強勁，證明了我們的產品在當前充滿挑戰的市場環境中必備的性質。

For example, CARFAX for Life has now established itself as a critical and innovative service loyalty solution for dealers at a time when driving higher levels of service lane activities is key to offsetting the lower levels of new car sales. Another example is the strong performance of our forecasting solutions as the industry grapples with the largest supply chain shock it has ever experienced.

例如，在推動更高水準的服務通道活動是抵銷新車銷售下滑的關鍵時期，CARFAX for Life 現已成為經銷商的關鍵且創新的服務忠誠度解決方案。另一個例子是，當產業努力應對有史以來最大的供應鏈衝擊時，我們的預測解決方案表現出色。

However, over the past 2 months, we have also seen the escalating supply chain crisis lead to further production cuts. And as a result of shortage of cars on dealer lots, we are seeing a temporary slowdown in sales of products that support OEM and dealer and sales and marketing. We remain very confident in the outlook for these products as inventory levels begin to recover. But overall, another great quarter for our auto businesses, which demonstrates the importance of our services to the industries.

然而，過去兩個月，我們也看到供應鏈危機不斷升級，導致產量進一步減少。由於經銷商處車輛短缺，我們看到支援 OEM 和經銷商以及銷售和行銷的產品銷售暫時放緩。隨著庫存水準開始恢復，我們對這些產品的前景仍然非常有信心。但總體而言，我們的汽車業務又迎來了一個出色的季度，這表明了我們的服務對該行業的重要性。

Our Maritime & Trade business continued to perform well, driven by momentum of our innovative risk and compliance solutions and by our growing footprint in the financial sector. I'm very pleased to see our new product investments over the past several years continuing to pay off.

受創新風險與合規解決方案的推動以及在金融領域不斷增長的影響力的推動，我們的海事與貿易業務繼續表現良好。我很高興看到我們過去幾年對新產品的投資持續獲得回報。

For the full year, we expect Transportation organic growth to be in the 14% to 16% range. This represents a healthy underlying high single-digit growth rate, excluding the favorable year-over-year comparisons due to the pandemic.

我們預計全年運輸有機成長率將在 14% 至 16% 之間。如果不計疫情帶來的年比良好成長，這代表著健康的潛在高個位數成長率。

Let's move on to Resources, where organic decline was a modest 1% in Q3 and as expected. Recurring revenue improved sequentially across our businesses, and nonrecurring revenue benefited from increased demand for consulting services and our software businesses. As expected, our ACV experienced continued positive growth in Q3, which we believe should continue in Q4, providing a strong foundation for our 2022 recurring revenue.

讓我們來看看資源產業，該產業第三季的有機下降幅度僅為 1%，符合預期。我們各項業務的經常性收入均持續改善，非經常性收入則受惠於諮詢服務和軟體業務需求的成長。正如預期的那樣，我們的 ACV 在第三季度繼續實現正增長，我們相信這種增長將在第四季度繼續，為我們 2022 年的經常性收入奠定堅實的基礎。

Our Downstream organic revenue growth was very strong in the quarter, and we expect this to continue into Q4 as we help our customers navigate global supply chain disruptions in many markets. In 2021, we continue to expect organic revenue results within Resources to improve compared to 2020 and to be down year-over-year in the low single digits as the Upstream improves and strong growth in Downstream continues.

本季度，我們的下游有機收入成長非常強勁，我們預計這種成長將持續到第四季度，因為我們可以幫助客戶應對許多市場的全球供應鏈中斷。2021 年，我們繼續預期資源部門的有機收入結果將較 2020 年有所改善，並且隨著上游業務的改善和下游業務的持續強勁增長，同比將下降低個位數。

Finally, CMS organic revenue growth was strong at 11% and 5% normalized for the BPVC. And particularly, ECR was very strong and is benefiting from increased consulting services as a result of uncertainty due to global supply chain disruptions. For the full year, we still expect CMS to deliver mid-single-digit organic growth.

最後，CMS 有機收入成長強勁，達到 11%，BPVC 標準化收入成長為 5%。尤其是 ECR，其表現非常強勁，並且由於全球供應鏈中斷帶來的不確定性而受益於諮詢服務的增加。就全年而言，我們仍預計 CMS 將實現中等個位數的自然成長。

There were 2 strategic initiatives announced in the quarter. We completed the formation of the OSA JV, which includes our MarkitSERV and CME's optimization businesses. We also signed a purchase agreement for the divestiture of OPIS commensurate with the close of the merger with S&P Global.

本季宣布了兩項策略性舉措。我們完成了 OSA JV 的組建，其中包括我們的 MarkitSERV 和 CME 的優化業務。我們也簽署了與標普全球合併完成後剝離 OPIS 的購買協議。

And now I'll turn the call over to Jonathan.

現在我將把電話轉給喬納森。

Great. Thank you, Lance. Q3 highlights included revenue organic growth at 9%, which is 8% normalized to BPVC; adjusted EBITDA growth of 6%; GAAP net income decline, 2%; EPS decline, 2%; while adjusted EPS had growth of 10% year-over-year.

偉大的。謝謝你，蘭斯。第三季的亮點包括營收有機成長 9%，以 BPVC 標準化為 8%；調整後的 EBITDA 成長 6%；GAAP 淨收入下降 2%；每股盈餘下降 2%；而調整後的每股盈餘較去年同期成長 10%。

Regarding revenue, our Q3 revenue was $1.18 billion, with total growth of 10%. Organic growth in the quarter was 9%, which included recurring organic growth of 7% and nonrecurring organic growth of 20%. Normalized for BPVC, total company organic growth is 8% and nonrecurring is 14%. This increase was driven by continued strong underlying growth in Financial Services and Transportation as well as benefiting from favorable year-over-year comparisons due to the impact of COVID, primarily in our dealer-facing Transportation businesses.

關於收入，我們第三季的營收為11.8億美元，整體成長了10%。本季有機成長率為 9%，其中包括 7% 的經常性有機成長和非經常性有機成長 20%。以 BPVC 標準化，公司整體有機成長率為 8%，非經常性成長率為 14%。這一增長得益於金融服務和運輸業務持續強勁的潛在增長，以及由於 COVID 的影響而受益於同比有利的增長，主要是在我們面向經銷商的運輸業務中。

Moving on to segment performance. Our Financial Services segment drove organic growth of 8%, including 7% recurring in the quarter. Overall strength was anchored by strong market activities in equities and loans and the continued rebound of investment by our customers. Solutions had strong organic growth performance, delivering 9%, Information grew 6% and Processing grew 12%.

繼續討論細分績效。我們的金融服務部門實現了 8% 的有機成長，其中本季經常性成長為 7%。整體實力的支撐在於股票和貸款市場的強勁活動以及客戶投資的持續反彈。解決方案有機成長表現強勁，成長 9%，資訊成長 6%，處理成長 1​​2%。

Our Transportation segment delivered organic growth of 15% in the quarter. This included growth of 17% recurring as Q3 continued to have strong growth within our CARFAX and automotiveMastermind businesses and accelerating growth within our Maritime & Trade business. Nonrecurring revenue increased by 8%, primarily driven by strong performance in CARFAX consumer and dealer transactions and within our core Automotive insights.

我們的運輸部門本季實現了 15% 的有機成長。這包括 17% 的經常性成長，因為第三季我們的 CARFAX 和 automobileMastermind 業務持續保持強勁成長，並且我們的海事和貿易業務加速成長。非經常性收入成長了 8%，主要得益於 CARFAX 消費者和經銷商交易以及我們核心汽車洞察的強勁表現。

Our Resources segment declined by 1%, which is comprised of a 4% recurring decline and 30% nonrecurring increase. Q3 organic ACV increased by $7 million in the quarter, and our trailing 12-month organic ACV is down 3%. However, we are seeing strong underlying trends in our Upstream pipeline, especially in North America, as we expect CapEx spend to begin to rebound in 2022. We continue to see strong demand in our Downstream businesses, particularly in our products and services that support energy transition and energy market supply chains.

我們的資源部門下降了 1%，其中包括 4% 的經常性下降和 30% 的非經常性成長。第三季有機 ACV 增加了 700 萬美元，而過去 12 個月的有機 ACV 下降了 3%。然而，我們看到上游管道（尤其是在北美）的潛在趨勢強勁，因為我們預計資本支出將在 2022 年開始反彈。我們繼續看到下游業務的強勁需求，特別是支持能源轉型和能源市場供應鏈的產品和服務。

Our CMS segment had 11% organic growth, including 5% recurring and an increase of 76% nonrecurring. Normalized for BPVC, total CMS organic growth is 5%, which includes nonrecurring organic growth of 14%.

我們的 CMS 部門實現了 11% 的有機成長，其中包括 5% 的經常性成長和 76% 的非經常性成長。依照 BPVC 進行標準化，CMS 總有機成長率為 5%，其中包括 14% 的非經常性有機成長。

Moving now to profits and margins. Adjusted EBITDA was $516 million, up $29 million versus prior year. Adjusted EBITDA grew 6% with a margin of 43.7%, down 160 basis points and down 110 basis points FX-adjusted. As a reminder, the margin percentages for the full company and segments were impacted because 2020 margins benefited significantly due to temporary COVID-related cost actions.

現在轉向利潤和利潤率。調整後的 EBITDA 為 5.16 億美元，較上年增加 2,900 萬美元。調整後 EBITDA 成長 6%，利潤率為 43.7%，下降 160 個基點，經外匯調整後下降 110 個基點。提醒一下，由於 2020 年利潤率因與 COVID 相關的臨時成本措施而大幅提高，因此整個公司和各部門的利潤率百分比受到了影響。

Moving to our segments. Financial Services adjusted EBITDA margin of 49.2%, down 90 basis points FX-adjusted. Transportation's adjusted EBITDA margin of 48.1%, down 280 basis points FX-adjusted. Resources adjusted EBITDA margin of 40.2%, a decrease of 100 basis points FX-adjusted and CMS adjusted EBITDA margin of 27.7%, up 240 basis points FX-adjusted.

轉到我們的部分。金融服務調整後的 EBITDA 利潤率為 49.2%，經外匯調整後下降 90 個基點。運輸業務的調整後 EBITDA 利潤率為 48.1%，經外匯調整後下降 280 個基點。資源調整後的 EBITDA 利潤率為 40.2%，經外匯調整後下降 100 個基點，CMS 調整後的 EBITDA 利潤率為 27.7%，經外匯調整後上升 240 個基點。

Moving now to net income and EPS. Net income was $161 million, and GAAP EPS was $0.40. Adjusted EPS was $0.85, an increase of $0.10 over prior year. Our GAAP tax rate was 30%, and our adjusted tax rate was 16%. Q3 free cash flow was $344 million, and our trailing 12-month free cash flow conversion is 56%.

現在轉向淨收入和每股盈餘。淨收入為 1.61 億美元，GAAP EPS 為 0.40 美元。調整後的每股收益為 0.85 美元，比前一年增加 0.10 美元。我們的 GAAP 稅率為 30%，調整後稅率為 16%。第三季自由現金流為 3.44 億美元，過去 12 個月的自由現金流轉換率為 56%。

Turning to the balance sheet. Our Q3 ending debt balance was $4.9 billion and represented a gross leverage ratio of approximately 2.5x on a bank covenant basis and 2.3x net of cash. We closed the quarter with $338 million of cash, and our Q3 undrawn revolver balance was approximately $1 billion.

轉向資產負債表。我們第三季末的債務餘額為 49 億美元，以銀行契約計算的總槓桿率約為 2.5 倍，扣除現金後約為 2.3 倍。本季結束時，我們的現金為 3.38 億美元，第三季未提取的循環信貸餘額約為 10 億美元。

Our Q3 weighted average diluted share count was 401.3 million shares. As we mentioned in Q4, the merger agreement with S&P Global restricts our ability to purchase our shares and, therefore, our share repurchase program is currently suspended other than for the repurchase of shares associated with tax withholding requirements for share-based compensation.

我們第三季的加權平均稀釋股數為 4.013 億股。正如我們在第四季度提到的，與標準普爾全球的合併協議限制了我們購買股票的能力，因此，除了與基於股票的薪酬的稅收預扣要求相關的股票回購外，我們的股票回購計劃目前已暫停。

Moving on to guidance. Based on our performance through the first 3 quarters of the year, we are positioned to deliver strong full year results and providing the following improvements to revenue and EPS guidance for FY '21.

繼續指導。根據我們今年前三個季度的表現，我們預計將實現強勁的全年業績，並對 21 財年的營收和每股盈餘指引做出以下改進。

On revenue, we are providing 3 updates to our guidance. First, based on this strong performance and the forward view of our business, we are raising the operational outlook for revenue by $20 million at the midpoint.

關於收入，我們對我們的指導提供了 3 項更新。首先，基於這項強勁的業績和對我們業務的前瞻性展望，我們將營運收入預期中位數上調了 2,000 萬美元。

Second, we are adjusting our revenue for the year due to the accounting treatment of the MarkitSERV joint venture. Under this 50-50 joint venture, we will no longer consolidate revenue. This will remove $45 million from our Q4 revenue guidance. It should be noted that we will receive 50% of the JV's earnings in our reported earnings and, thus, there will be no impact at the structure to either EBITDA or EPS.

其次，根據 MarkitSERV 合資企業的會計處理，我們正在調整今年的收入。在這家 50-50 合資企業下，我們將不再合併收入。這將使我們第四季的營收預期減少 4500 萬美元。值得注意的是，我們將在報告收益中獲得合資公司 50% 的收益，因此該結構不會對 EBITDA 或 EPS 產生影響。

Finally, we are lowering revenue for the year by $10 million due to the FX impact in the second half. The net of these adjustments is our new range of $4.61 billion to $4.63 billion, which represents a 7% to 8% organic growth rate. Adjusted EBITDA is being maintained at $2.02 billion to $2.03 billion, with adjusted EBITDA margin expansion of approximately 100 basis points adjusted for FX.

最後，由於下半年外匯的影響，我們將今年的收入減少了 1,000 萬美元。這些調整後的淨額是我們新的 46.1 億美元至 46.3 億美元範圍，代表著 7% 至 8% 的有機成長率。調整後的 EBITDA 維持在 20.2 億美元至 20.3 億美元之間，調整後的 EBITDA 利潤率根據外匯調整後擴大約 100 個基點。

And adjusted EPS is being increased by $0.03 to $3.18 to $3.20 per share. We do expect cash conversion in the upper 50s due primarily to the onetime impact of the MarkitSERV joint venture and also with S&P Global deal-related merger costs.

調整後的每股盈餘增加 0.03 美元，達到每股 3.18 美元至 3.20 美元。我們確實預計現金轉換率將在 50% 以上，這主要歸因於 MarkitSERV 合資企業的一次性影響以及標準普爾全球交易相關的合併成本。

And with that, I'll turn the call back over to Lance.

說完這些，我會把電話轉回給蘭斯。

Okay. Thanks, Jonathan. We had another strong quarter, and our results to date set us up to have a great year due to improving end markets and very strong execution by our teams. As this may be our last earnings call as IHS Markit, I want to thank our many investors over the years for their support and say that I'm very excited to be a future shareholder of S&P Global as the integrated IHS Markit to create even greater value in the years to come.

好的。謝謝，喬納森。我們又度過了一個表現強勁的季度，由於終端市場的改善和我們團隊的強大執行力，我們迄今為止的業績為我們帶來了豐厚的一年。由於這可能是我們作為 IHS Markit 的最後一次財報電話會議，我想感謝多年來眾多投資者的支持，並表示我很高興成為標普全球的未來股東，作為整合後的 IHS Markit，在未來幾年創造更大的價值。

Operator, we are now ready to open the lines for Q&A.

接線員，我們現在可以開通問答熱線了。

(Operator Instructions) Our first question comes from Kevin McVeigh with Crédit Suisse.

（操作員指示）我們的第一個問題來自瑞士信貸的 Kevin McVeigh。

And congratulations to all of you, folks, if this is the last call. You've been an amazing management team, and it's been a pleasure to work with you folks.

如果這是最後一次通話，那麼我要向大家表示祝賀。你們是一支出色的管理團隊，與你們一起工作是我的榮幸。

So hey, Lance, you talked about kind of supply chain disruption a lot and obviously, the business is thriving within the context of that. How much of that is -- obviously, there's a lot of shock in the system. But just trying to understand how much of that is that and maybe just reshoring, is structural changes in businesses post-COVID. So I guess is there any kind of nuances between just structural reshoring as opposed to near-term just supply shock?

嘿，蘭斯，你經常談論供應鏈中斷，顯然，在這種背景下，業務正在蓬勃發展。其中有多少是——顯然，系統中存在著許多衝擊。但只是想了解其中有多少是這樣的，也許只是回流，這是疫情後企業的結構性變化。所以我猜想，結構性回流與短期供應衝擊之間是否有細微差別？

Yes, I think most -- all of our supply chain disruption is short-term-related. I think some of it, with respect to China and longer-term geopolitics, will bode well for us. We saw very positive supply chain impacts in terms of upward revenue in our chemicals pricing businesses, our economic and country risk services that have a supply chain product built into them and our consulting services as well.

是的，我認為大多數——我們所有的供應鏈中斷都是與短期相關的。我認為，就中國和長期地緣政治而言，其中一些對我們來說是好兆頭。我們看到了供應鏈帶來的非常積極的影響，包括我們的化學品定價業務、內建供應鏈產品的經濟和國家風險服務以及我們的諮詢服務的收入上升。

So I think in an information business, volatility always bodes well across the whole portfolio. And there are pluses and minuses as our Automotive business is expecting, as car sales wane through the supply chain shortages that are unprecedented, coupled with less used cars available, those can have temporary negative impacts. But net-net, when we look across the whole firm and we look at our revenue for the year and our expectations as we start next year, it's a short-term set of pluses and minuses that provide the same guidance as we expected at the beginning of the year.

所以我認為，在資訊業務中，波動性總是預示著整個投資組合的良好發展。正如我們的汽車業務所預期的那樣，這有好處也有壞處，由於前所未有的供應鏈短缺導致汽車銷售下降，再加上二手車供應減少，這些可能會產生暫時的負面影響。但總體而言，當我們縱觀整個公司，看看我們今年的收入以及我們對明年的預期時，我們會發現短期的利弊與我們在年初預期的相同。

Our next question comes from Gary Bisbee from Bank of America Securities.

下一個問題來自美國銀行證券公司的加里‧比斯比 (Gary Bisbee)。

I'll add my congratulations on a terrific run. I guess I just wanted to ask about the impact of the MarkitSERV joint venture. On a full year basis for the business, does it make sense to effectively quadruple that Q4 revenue hit? And are there other things we should think about, how it impacts margins pulling that business out? And any other color would be helpful.

我要對這次出色的表現表示祝賀。我想我只是想問一下 MarkitSERV 合資企業的影響。從全年業務來看，將第四季的收入實際上翻兩番是否合理？我們是否也應該考慮其他事情，退出該業務對利潤率有何影響？任何其他顏色都會有幫助。

Okay. Thanks, Gary, and thanks, Kevin, as well for the compliments. I appreciate that. Why don't I pass that over to Jonathan. And if he wants to add Adam to that on the OSTTRA impacts, they can do so. Jonathan?

好的。謝謝加里 (Gary)，也謝謝凱文 (Kevin) 的讚美。我很感激。我為什麼不把它交給喬納森呢？如果他想將亞當添加到 OSTTRA 影響中，他們可以這樣做。喬納森？

Sure, will do. Yes, Gary, I would think this is very simple math. I would take the $45 million we just spoke about for Q4. Roughly 4x that would be a full year impact of removing the MarkitSERV revenue from our reported results. As I mentioned in my comments earlier, we will also report profit through earnings, and so there will be no impact on EBITDA and EPS on an absolute basis. Of course, when you take out the revenue, you retain the earnings. There will be a lift on a margin percentage. And Adam, if you want to add to that? Adam? I guess he's muted. Adam?

當然可以。是的，加里，我認為這是非常簡單數學。我會接受我們剛才談到的第四季的 4500 萬美元。從我們的報告結果中剔除 MarkitSERV 收入將對全年產生約 4 倍的影響。正如我之前在評論中提到的，我們還將透過收益報告利潤，因此絕對不會對 EBITDA 和 EPS 產生影響。當然，當你拿出收入時，你會保留收益。保證金比例將會提高。亞當，你還想補充什麼嗎？亞當？我猜他沉默了。亞當？

No. Sorry. Yes, it was muted. Yes. Nothing to add. Obviously, and then the benefits of the JV commercially, we're quite excited about as are its customers.

不。對不起。是的，它被靜音了。是的。沒什麼好補充的。顯然，對於合資企業的商業利益，我們和客戶都感到非常興奮。

Our next question comes from Jeff Meuler with Baird.

我們的下一個問題來自 Baird 的 Jeff Meuler。

Hoping you can provide some more detail on the auto comments. So I think you said it impacts the solutions that support OEM and dealer sales and marketing. So is this automotiveMastermind digital marketing and maybe CARFAX used car listings. Because I think you said AMM was strong in Q3. So trying to understand to what extent something like digital marketing is already impacting nonrecurring revenue. Or if you're saying like automotiveMastermind bookings are softening, and we should expect deceleration in coming quarters in recurring? And cheers and best wishes from me.

希望您能提供更多有關自動評論的詳細資訊。所以我認為您說它會影響支援 OEM 和經銷商銷售和行銷的解決方案。這就是 automobileMastermind 數位行銷，也許還有 CARFAX 二手車清單。因為我認為您說過 AMM 在第三季表現強勁。因此，試圖了解數位行銷等因素在多大程度上影響了非經常性收入。或者如果您說像汽車大師的預訂量正在下降，我們應該預期未來幾季的經常性預訂量會下降嗎？我向你們致以歡呼和最美好的祝愿。

Edouard, do you want to go a bit deeper on that?

愛德華，你想更深入地談談這個問題嗎？

Yes, sure. Thank you, Lance, and thanks, Jeff, for the question. So as Lance said, all of this -- so the disruption creates multiple impacts across our business. Some are headwinds, some are tailwinds. So at the upper end of the supply chain, when there's disruption, we do more business with suppliers. And actually, we've never had a closer relationship with many of our supply customers than today.

是的，當然。謝謝 Lance 和 Jeff 提出的問題。正如蘭斯所說，所有這些——這種中斷對我們的業務產生了多重影響。有些是逆風，有些是順風。因此，在供應鏈的高端，當出現中斷時，我們會與供應商進行更多業務。事實上，我們與許多供應客戶的關係從未像今天這樣密切。

On the new car sales, you're right. Right now, we're seeing a temporary softening of bookings in a couple of areas. You named them, right, Mastermind and digital marketing. And we expect these to be a bit softer than they usually are until inventory starts to recover.

關於新車銷售，您說得對。目前，我們發現一些地區的預訂量暫時下降。您將它們命名為 Mastermind 和數位行銷。我們預計，在庫存開始恢復之前，這些價格會比平常稍微低一些。

On the used car side, we're not seeing that, right? If you think about the used car market and the service market, actually, the combination of low inventory and high prices means that market is pretty hot, and that impact is neutral to positive on our business.

在二手車方面，我們沒有看到這種情況，對嗎？如果你考慮二手車市場和服務市場，實際上，低庫存和高價格的結合意味著市場相當火爆，對我們的業務的影響是中性到積極的影響。

So all in all, I would say the impact is not material in the grand scheme of things. It does not change our outlook for the business. And -- but we do want to flag it because we recently revised our forecast downwards for the industry across the board. And you'll see quite a few suppliers and car makers referring to these new forecasts in the coming weeks as they talk about their Q3 earnings.

所以總而言之，我想說從整體來看，影響並不大。這不會改變我們對業務的展望。而且——但我們確實想標記它，因為我們最近全面下調了對該行業的預測。在接下來的幾周里，你會看到不少供應商和汽車製造商在談論第三季收益時提到這些新的預測。

Our next question comes from Alex Kramm with UBS.

我們的下一個問題來自瑞銀的 Alex Kramm。

Just on the energy side, hoping now that the fiscal year is over, can you just give us a reminder of all the multiyear contracts you locked in? I guess what I'm asking is you made this comment that CapEx is expected to be up next year. But if it doesn't, I guess, how much growth do you have built in because of some of those multiyear contracts and those pricing escalators? It would be great to just get a reminder where we stand on those.

就能源方面而言，希望現在財政年度已經結束，您能否提醒我們您鎖定的所有多年合約？我想問的是，您評論說預計明年資本支出將會增加。但如果沒有的話，我想，由於這些多年合約和價格調整，你們能實現多少成長呢？如果能提醒一下我們的立場就好了。

Okay. I'll start, and then I'll pass it to Brian for some more detail. So we expect, as we said before, our recovery on revenue to be mid-single digits for energy next year for Resources coming from that recovery, those contracts rolling through and continued strength in all the Downstream products. We've stated that earlier as we did those price cuts. And I think Brian may want to add some color on exactly how those numbers will unfold. Brian?

好的。我先開始，然後我會把它交給 Brian 以了解更多細節。因此，正如我們之前所說，我們預計明年能源收入將恢復到中等個位數，資源收入將恢復，合約將延續，所有下游產品將持續走強。我們在降價時已經明確表示這一點。我認為布萊恩可能想對這些數字的具體發展方式進行一些說明。布賴恩？

Yes, yes. We basically did multiyear agreements with price cuts on 50% of the Upstream business. We're starting to see those come in now, which is nice. And when you couple that with $70 crude, you mentioned CapEx, we think CapEx is going to be pretty strong next year at 24%. So definitely, the energy horizon has turned around for us, and we're feeling pretty good about the next few quarters.

是的，是的。我們基本上簽訂了多年協議，對上游業務的 50% 進行了降價。我們現在開始看到這些內容的出現，這很好。當您將其與 70 美元的原油價格結合時，您提到了資本支出，我們認為明年的資本支出將相當強勁，達到 24%。因此，毫無疑問，我們的能源前景已經出現好轉，我們對未來幾季的前景非常樂觀。

Our next question comes from the Hamzah Mazari with Jefferies.

我們的下一個問題來自 Jefferies 的 Hamzah Mazari。

My question is just around the upcoming merger with S&P. Maybe if you could just talk about, timing-wise, next steps feels like closing Q4. But anything you can share on preplanning integration work you're doing that gives you sort of confidence on the revenue synergies highlighted? And again, congrats on building a great company and all the work you've done here.

我的問題是關於即將進行的與標準普爾的合併。也許您可以談談時間方面，下一步就像結束第四季度一樣。但是，您可以分享您正在進行的預先規劃整合工作，讓您對突出的收入綜效更有信心嗎？再次恭喜您創建了一家偉大的公司並在這裡完成了所有工作。

Okay. Thank you very much. Well, the work on the merger by the teams at S&P and IHS, it has been substantive. Given that we originally expected a July close, we've had several extra months through the summer and here in the fall to really ready ourselves for the opportunity set of this merger. Both on the revenue, cost takeout, organization and, of course, building -- pausing the share buybacks in both companies has provided for that opportunity set to be launched as we look forward.

好的。非常感謝。嗯，標準普爾和 IHS 團隊在合併方面所做的工作非常實質。鑑於我們最初預計在 7 月完成交易，因此我們在夏季和秋季有幾個月的額外時間來為這次合併帶來的機會做好準備。無論是在收入、成本削減、組織，當然還有建設方面——兩家公司暫停股票回購都為我們期待的機會提供了條件。

On timing, we've said the -- our expectation was calendar -- the calendar year Q4, which were rapidly on top of here as we approach October 1. We haven't changed our forecast on that. But I always -- I say to my team or when people ask me that question, that if it rolled into the new year, into January, it wouldn't surprise me.

關於時間安排，我們已經說過——我們的預期是日曆年第四季度，隨著 10 月 1 日的臨近，這一數字將迅速上升。我們對此的預測並沒有改變。但我總是——我對我的團隊說，或者當人們問我這個問題時，如果它延續到新的一年，延續到一月份，我不會感到驚訝。

So we're on track. Everything -- the teams are doing a great job. They're doing all the work that's needed to get the deal closed. And we're rapidly approaching the end of the year, and I hope we can complete in that schedule. But it wouldn't surprise me if it was 30 days later, but I don't have that information to share.

所以我們的進展順利。一切——團隊都做得很好。他們正在做達成交易所需的一切工作。很快我們就將迎來年底，我希望我們能夠按時完成。但如果是 30 天后，我也不會感到驚訝，但我沒有這方面的資訊可以分享。

Our next question comes from George Tong with Goldman Sachs.

下一個問題來自高盛的 George Tong。

I'd also like to say congrats and thanks for the partnership over the years. You're raising your operating outlook for revenue by $20 million for the full year. Can you elaborate on where the upside is coming from?

我也想對多年來的合作表示祝賀和感謝。您將全年營業收入預期上調了 2000 萬美元。能詳細說明一下這種好處來自哪裡嗎？

It really, I have to say, it's coming from all across the firm, George. So pleased. I'd love to brag a bit about all the work that the CMS team has done since the merger of IHS with Markit. We've rebuilt the platforms, built out a whole digital product suite. I was really pleased to show that mid-single-digit ex BPVC revenue. And congratulations to Ken Honroth and their team because real good job.

我必須說，這確實來自整個公司，喬治。太高興了。我很想吹噓一下自 IHS 與 Markit 合併以來 CMS 團隊所做的所有工作。我們重建了平台，建構了整套數位產品。我很高興地展示了中等個位數的 BPVC 收入。恭喜 Ken Honroth 和他的團隊，他們做得非常出色。

ECR has been a slow, low single-digit grower. They've built out these new supply chain products. The world and geopolitics is driving demand into their product base. So net-net, the teams there have been additive or accretive to the overall growth compared to where they used to be. And that makes everybody's job easier.

ECR 的成長速度一直很慢，僅為個位數。他們已經開發出這些新的供應鏈產品。世界和地緣政治正在推動其產品基礎的需求。因此，與以前相比，那裡的團隊對整體成長具有附加或增值作用。這使得每個人的工作變得更輕鬆。

Automotive, strong recovery, expected to continue. The underlying core of Automotive at high single digits is right where we've always talked about it being, and we don't see that changing. Hats off really to the Mastermind team. That acquisition has turned out to be a very, very important forward component.

汽車業復甦強勁，預計將持續下去。汽車產業的底層核心處於高個位數成長水平，這正是我們一直在談論的，而且我們認為這種情況不會改變。向 Mastermind 團隊致以誠摯的敬意。事實證明，這次收購是一個非常非常重要的前瞻性組成部分。

I know many of our shareholders challenged us on that acquisition as not being as accretive as we wanted to do early on. The teams stuck with it in terms of the build out of the enterprise Mastermind products. Those have been rolled out to 2 major dealers and lots more to come. New products in CARFAX for Life taking hold. Dick and the team, really excellent execution.

我知道很多股東對我們提出質疑，認為那次收購併沒有像我們早期希望的那樣帶來增值。團隊在建立企業 Mastermind 產品方面堅持了下來。這些產品已推廣至兩家主要經銷商，未來也將推廣至更多經銷商。CARFAX for Life 的新產品正在流行。迪克和他的團隊，執行得確實非常出色。

You get into Financial Services. The Ipreo acquisition, again, our last 2 acquisitions, these are -- the real fruits of those acquisitions are showing the private equity markets around iLEVEL, substantively building recovery of investments in Solutions. Really, really excellent acquisition that's turning into strong organic growth now.

您進入金融服務業。Ipreo 的收購，以及我們最近的兩次收購，這些收購的真正成果是向 iLEVEL 周圍的私募股權市場展示了解決方案投資的復甦。這是一次非常出色的收購，現在正轉化為強勁的有機成長。

And then in Energy, we're -- hey, who would have thought it, your $70 oil price heading towards $100. It's a CapEx recovery. You've got the world recovery. And that midstream, mid strategic look across Resources next year, coupled with a recovered CMS, strong Financial Services and Automotive, the view is we're at the top end of our long-term 5% to 7% guidance that we provide and bodes -- that bodes well for the firm.

然後在能源方面，我們——嘿，誰能想到呢，70 美元的油價正朝著 100 美元邁進。這是資本支出的恢復。你已經實現了世界復甦。明年，我們將對資源業務進行中游、中期戰略展望，再加上 CMS 的復甦、強勁的金融服務和汽車業務，我們認為，我們正處於我們提供的長期 5% 至 7% 指導的最高水平，這對公司來說是一個好兆頭。

So very mixed. Strong revenue growth organically, looking to achieve the 100 basis points, of course, is our normal expected takeout with the rest going into investing in new products and new opportunity sets.

非常混雜。強勁的有機收入成長，希望實現 100 個基點，當然，這是我們正常的預期收入，其餘部分將用於投資新產品和新機會集。

So great job. It's probably my last chance publicly to congratulate the teams. But I have to say, whether it was through Markit or post the IHS Markit merger, teams have stayed focused on incremental organic growth, incremental margin expansion, steady investments in our organic strategy and where we've -- to make sure we get the best out of that. And the call through to earnings has been excellent, and I don't expect that to change.

太棒了。這可能是我最後一次公開祝賀這些球隊的機會。但我必須說，無論是透過 Markit 還是在與 IHS Markit 合併之後，團隊一直專注於增量有機成長、增量利潤率擴張、對有機策略的穩定投資以及我們所做的事情——以確保我們從中獲得最大的收益。獲利預測一直非常出色，我預計這種情況不會改變。

I think with S&P Global, there's a whole new set of revenue opportunities and, of course, substantive cost synergies and share buybacks ahead. So lots to look forward to. And it's been a really exciting journey, but the excitement doesn't stop here. Next question.

我認為，標普全球將帶來一系列全新的營收機會，當然，未來也將實現實質的成本綜效和股票回購。有很多值得期待的事。這是一段真正令人興奮的旅程，但興奮還不止於此。下一個問題。

Our last question comes from Toni Kaplan with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的托尼卡普蘭。

And Lance and Jonathan, always a pleasure speaking with you. One topic that has been coming up a lot with investors recently has been the area of fixed income indices as it relates to the deal with S&P. I was hoping you could talk a little bit more about what areas of synergies you'll generate within the combined entity. I'd imagine the main areas are creating products in multi-asset class and ESG. But if there's any others or if you're able to expand on what you're most excited about there with the combined products, that would be really helpful.

蘭斯和喬納森，很高興與你們交談。最近投資者經常討論的一個主題是與標準普爾交易相關的固定收益指數領域。我希望您能進一步談談合併後實體內將產生哪些綜效。我認為主要領域是創造多元資產類別和 ESG 產品。但如果還有其他的，或者您能夠詳細說明您對組合產品最感興趣的方面，那將會非常有幫助。

Okay. Thanks, Toni, and thanks for your support. And you're getting our last question. So I'll start, and then I'm going to hand it to Adam. I think the most exciting thing about the fixed income indices is the combination with S&P Global but not so much from product creation. I think product creation, both groups are highly product-oriented. They're both innovative. They both like to create.

好的。謝謝，托尼，謝謝你的支持。這是我們的最後一個問題。那我先開始，然後我會把它交給亞當。我認為固定收益指數最令人興奮的是與標準普爾全球的結合，而不是產品創造。我認為產品創造，這兩個群體都高度以產品為導向。他們都很有創新精神。他們都喜歡創造。

But if you look over the years, whether it was S&P Global, MSCI, FTSE, et cetera, they all wanted to build fixed income franchises. And really in the early days, you really needed a bank partnership to build strong fixed income indices because you really needed to align the underlying prices with the OTC marketplaces, and that's shifted over time.

但如果你回顧過去，無論是標準普爾全球指數、MSCI、富時指數等，他們都希望建立固定收益特許經營權。實際上，在早期，你確實需要與銀行合作建立強大的固定收益指數，因為你確實需要將基礎價格與場外交易市場保持一致，而這種情況會隨著時間的推移而改變。

But today, the combination is really about a huge footprint and marketing platform that S&P Global has for their index franchise. And getting to overlay that across the fixed income franchises is going to be really a great uplift in terms of sales and opportunity.

但如今，這項合併實際上意味著標普全球為其指數特許經營權建立了巨大的影響力和行銷平台。而將其覆蓋到固定收益特許經營領域將會在銷售和機會方面帶來巨大的提升。

The second thing, of course, is what you had mentioned is opportunities to create new indices. And maybe I'll let Adam talk a little bit about some of the synergistic revenues that we expect to get out of the combination. And we'll pass that over to Adam now. But thank you for your question. Adam?

第二件事當然就是您提到的創建新指數的機會。也許我會讓亞當稍微談談我們期望從合併中獲得的一些協同收入。現在我們將這個問題交給亞當。但感謝您的提問。亞當？

Yes. Great. Thank you. Very excited about that combination. We're proud of what we built in fixed income indices. And I know with the scale that S&P will bring, all the things Lance highlighted, will give that franchise a much broader reach than it's ever had.

是的。偉大的。謝謝。對於這種組合我感到非常興奮。我們為我們在固定收益指數方面所取得的成就感到自豪。我知道，憑藉標準普爾的規模，以及蘭斯強調的所有內容，該特許經營權的影響力將比以往更加廣泛。

I think key areas to think about in the combined businesses, multi-asset classes, you mentioned, but also in private markets and ESG, and bringing the fixed income indices into that arena. I think that's the area of new products that I think will continue to see substantial growth. And I think combined with the kinds of data sets that S&P and IHS Markit together will have, the possibility for new indices, whether it's in carbon, crypto, ESG, all across the fixed income world globally, I think the opportunity set for us is pretty robust.

我認為需要考慮的關鍵領域包括您提到的合併業務、多元資產類別，以及私人市場和 ESG，並將固定收益指數納入該領域。我認為新產品領域將會持續實現大幅成長。我認為，結合標準普爾和 IHS Markit 共同擁有的資料集，以及新指數的可能性，無論是碳指數、加密貨幣指數、ESG 指數，還是全球固定收益領域，我認為我們面臨的機會相當可觀。

Thanks, Adam. With that, we'll complete the questions, and we'll turn back to Eric. Thanks, operator.

謝謝，亞當。這樣，我們的問題就完成了，然後我們會回到 Eric。謝謝，接線生。

Thanks, Lance. We thank you for your interest in IHS Markit. This call can be accessed via replay at (855) 859-2056 or international (404) 537-3406, conference ID 4464694, beginning in about 2 hours and running through October 5, 2021. In addition, the webcast will be archived for 1 year on our website.

謝謝，蘭斯。感謝您對 IHS Markit 的關注。本次通話可透過重播（855）859-2056 或國際（404）537-3406）收聽，會議 ID 為 4464694，約 2 小時後開始，一直持續到 2021 年 10 月 5 日。此外，網路直播將在我們的網站上存檔 1 年。

Thank you, and we appreciate your interest and time.

謝謝，我們感謝您的關注和時間。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。