穆迪 (MCO) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Moody's Corporation Second Quarter 2023 Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded. (Operator Instructions)

大家好，歡迎參加穆迪公司 2023 年第二季度收益電話會議。現在我想通知大家，本次會議正在錄製中。 （操作員說明）

I will now turn the call over to Shivani Kak, Head of Investor Relations. Please go ahead.

我現在將把電話轉給投資者關係主管 Shivani Kak。請繼續。

Thank you. Good afternoon, and thank you for joining us today. I'm Shivani Kak, Head of Investor Relations. This morning, Moody's released its results for the second quarter of 2023 as well as our revised outlook for select metrics for full year 2023. The earnings press release and the presentation to accompany this teleconference are both available on our website at ir.moodys.com.

謝謝。下午好，感謝您今天加入我們。我是 Shivani Kak，投資者關係主管。今天上午，穆迪發布了 2023 年第二季度業績以及我們對 2023 年全年選定指標的修訂後展望。收益新聞稿和本次電話會議的演示文稿均可在我們的網站 ir.moodys.com 上獲取。

During this call, we will also be presenting non-GAAP or adjusted figures. Please refer to the tables at the end of our earnings press release filed this morning for a reconciliation between all adjusted measures referenced during this call in U.S. GAAP.

在本次電話會議中，我們還將提供非公認會計原則或調整後的數據。請參閱我們今天上午提交的收益新聞稿末尾的表格，了解本次電話會議期間引用的所有美國公認會計準則調整後指標之間的對賬情況。

I call your attention to the safe harbor language which can be found toward the end of our earnings release. Today's remarks may contain forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. In accordance with the act, I also direct your attention to the Management's Discussion and Analysis section and the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2022, and in other SEC filings made by the company, which are available on our website and on the SEC's website. These, together with the safe harbor statement, set forth important factors that could cause actual results to differ materially from those contained in any such forward-looking statements.

我請您注意我們的收益發布結束時可以找到的安全港語言。今天的言論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。根據該法案，我還請您注意管理層的討論與分析部分以及我們在表格中的年度報告中討論的風險因素。截至 2022 年 12 月 31 日的年度 10-K 以及該公司提交的其他 SEC 文件，這些文件可在我們的網站和 SEC 網站上找到。這些與安全港聲明一起提出了可能導致實際結果與任何此類前瞻性聲明中包含的結果存在重大差異的重要因素。

I would also like to point out that members of the media may be on the call this morning in a listen-only mode.

我還想指出，今天早上媒體成員可能會以只聽模式進行通話。

Rob Fauber, Moody's President and Chief Executive Officer, will provide an overview of our results, key business highlights and outlook. After which, he'll be joined by Mark Kaye, Moody's Chief Financial Officer, to answer your questions.

穆迪總裁兼首席執行官 Rob Fauber 將概述我們的業績、主要業務亮點和前景。隨後，穆迪首席財務官馬克·凱 (Mark Kaye) 將與他一起回答您的問題。

I'll now turn the call over to Rob.

我現在將把電話轉給羅布。

Thanks, Shivani. Good afternoon, and thanks to everybody for joining today's call. As we typically do, I'm going to touch on a few key takeaways from our second quarter results and provide some insights into what's supporting our growth outlook. I also want to continue to highlight some of the exciting growth opportunities within the Decision Solutions line of business. And this quarter, I'm going to spotlight our insurance business. Then I'm going to talk about how we are positioning ourselves for what I tend to think of as a generational opportunity provided by generative AI. And as always, Mark and I will be happy to take your questions.

謝謝，希瓦尼。下午好，感謝大家參加今天的電話會議。正如我們通常所做的那樣，我將談談第二季度業績的一些關鍵要點，並就支持我們增長前景的因素提供一些見解。我還想繼續強調決策解決方案業務線中一些令人興奮的增長機會。這個季度，我將重點關注我們的保險業務。然後我將談論我們如何為自己定位，以應對我傾向於認為由生成人工智能提供的世代機會。與往常一樣，馬克和我將很樂意回答您的問題。

We delivered strong performance across the firm this quarter. MIS achieved its first quarter of revenue growth in 6 quarters amidst a steady improvement in issuance. In fact, revenue growth -- revenue grew 6%, outpacing a 3% increase in issuance. And the improvement in the issuance environment was led by a 54% increase in investment-grade activity. And this, combined with the ongoing gradual recovery in high-yield bonds, has led us to raise MIS' revenue guidance for the full year to high single-digit growth, up from our prior guidance of low to mid-single-digit growth.

本季度我們整個公司的業績表現強勁。在發行量穩步改善的情況下，MIS 實現了 6 個季度以來第一季度的收入增長。事實上，收入增長——收入增長了 6%，超過了發行量 3% 的增長。發行環境的改善得益於投資級活動增長 54%。再加上高收益債券的持續逐步復甦，我們將穆迪中國全年的收入指引從我們之前的低至中個位數增長指引上調至高個位數增長。

We continue to sustain 10% ARR growth in MA and selling into strong demand for our suite of mission-critical data analytics and workflow tools. And this quarter, we're introducing some additional top line disclosures for our banking, insurance and KYC businesses so that we can provide you with more insight into the robust performance of Decision Solutions. The stronger-than-expected revenue growth in MIS is driving the increase in our full year adjusted diluted EPS guidance of $9.75 to $10.25. And we continue to balance our expense control measures while furthering our investment in the business.

我們繼續保持 MA 10% 的 ARR 增長，並滿足對我們的任務關鍵型數據分析和工作流程工具套件的強勁需求。本季度，我們將針對銀行、保險和 KYC 業務引入一些額外的頂線披露，以便我們能夠為您提供有關決策解決方案穩健性能的更多見解。 MIS 強於預期的收入增長推動我們將全年調整後攤薄每股收益指引從 9.75 美元上調至 10.25 美元。我們繼續平衡我們的費用控制措施，同時進一步加大對業務的投資。

We're capitalizing on our unique ability to integrate proprietary data sets and advanced capabilities from across our businesses into tailored cloud-based solutions. And we're innovating and investing extensively across the company to build further on this momentum with several key initiatives focused around generative AI technology, turbocharged by our recent partnership with Microsoft.

我們正在利用我們獨特的能力，將整個業務的專有數據集和高級功能集成到定制的基於雲的解決方案中。我們正在整個公司範圍內進行廣泛的創新和投資，通過圍繞生成人工智能技術的幾項關鍵舉措進一步鞏固這一勢頭，而我們最近與微軟的合作夥伴關係又進一步推動了這一勢頭。

And over the past several months, as our businesses continue to scale, we spent considerable time talking with investors about how to think about the Moody's of today. And I want to share that with you because I think it's really useful context for understanding both our performance and our growth opportunity.

在過去的幾個月裡，隨著我們的業務不斷擴大，我們花了相當多的時間與投資者討論如何看待當今的穆迪。我想與您分享這一點，因為我認為這對於了解我們的業績和增長機會非常有用。

And we've got several great crown jewel businesses. And anchoring those businesses, of course, is MIS, the global agency of choice for issuers and investors. But in MA, we have one of the world's premier subscription-based fixed income and economics research businesses; a data business powered by what we believe is the world's largest database on companies and credit; and 3 cloud-based SaaS businesses serving banking, insurance and KYC workflows.

我們有幾家偉大的皇冠珠寶企業。當然，支撐這些業務的是 MIS，它是發行人和投資者首選的全球機構。但在馬薩諸塞州，我們擁有世界上首屈一指的基於訂閱的固定收益和經濟研究業務之一；由我們認為世界上最大的公司和信用數據庫提供支持的數據業務；以及 3 個基於雲的 SaaS 業務，為銀行、保險和 KYC 工作流程提供服務。

At a high level, these businesses come together to help banks, insurers, corporates and public sector entities really do 1 of 3 things: First, to help them commence a relationship or an exposure, so to issue, originate, select or underwrite; second, during the life of that relationship, help them measure, monitor and manage risk; and third, on the back end, help them verify, account, comply, plan and report.

在較高層面上，這些企業聚集在一起，幫助銀行、保險公司、企業和公共部門實體真正做以下三件事之一：首先，幫助他們建立關係或風險敞口，以便發行、發起、選擇或承銷；其次，在關係存續期間，幫助他們衡量、監控和管理風險；第三，在後端幫助他們驗證、核算、遵守、計劃和報告。

And to do this, we leverage a tremendous set of proprietary data analytics and domain expertise across a range of areas: Credit, companies, properties, securities, people, economies, ESG, climate and more. And we think of that as our risk operating system, and we thread that content through our solutions, and that's what makes our customer value proposition both sticky and differentiated.

為此，我們利用了一系列廣泛的專有數據分析和領域專業知識：信貸、公司、房地產、證券、人員、經濟、ESG、氣候等。我們將其視為我們的風險操作系統，並將這些內容貫穿到我們的解決方案中，這就是使我們的客戶價值主張既具有粘性又具有差異化的原因。

So with that backdrop, let me touch on MIS for the quarter. So the headwinds of the first quarter have largely dissipated, and that has led to more constructive market conditions and a surge in investment-grade issuance. In fact, May was one of the busiest months on record for investment-grade activity as both corporate and infrastructure issuers came to the market opportunistically.

因此，在這種背景下，讓我談談本季度的管理信息系統。因此，第一季度的不利因素已基本消散，這導致了更具建設性的市場狀況和投資級債券發行的激增。事實上，五月份是投資級活動有記錄以來最繁忙的月份之一，因為企業和基礎設施發行人都趁機進入市場。

And I've said previously that investment-grade activity opens the door for issuance further down the rating scale, and that's exactly what we've seen with the ongoing recovery in high-yield bonds. And we saw the strongest issuance quarter since the beginning of 2022 in high yield, and that drove an almost 50% increase in our high-yield revenue versus the prior year period. And so primarily based on the stronger-than-expected performance in both investment-grade and high yield, we're raising our issuance and revenue guidance for MIS for the full year.

我之前曾說過，投資級活動為進一步降低評級範圍的發行打開了大門，而這正是我們在高收益債券持續復甦中所看到的情況。我們看到了自 2022 年初以來最強勁的高收益發行季度，這推動我們的高收益收入較上年同期增長了近 50%。因此，主要基於投資級和高收益債券的表現強於預期，我們上調了全年 MIS 的發行和收入指引。

And so the backdrop to the market recovery, I would say, still remains fragile. And of our first-time mandates signed in the second quarter, only 25% or so have issued, as some of those corporate treasurers and CFOs wait on the sidelines for more market certainty around the path of inflation and rates and the economy. And so muted M&A activity is also contributing to a limited supply of leveraged loans, and that has negatively impacted CLO creation since over 60% of these loans typically go on to be securitized. Within other structured finance asset classes, such as CMBS and RMBS, higher all-in funding costs are restricting asset creation, and that's resulting in fewer deals and leading us to take down our structured finance issuance forecast for the year.

因此，我想說，市場復甦的背景仍然脆弱。在我們第二季度簽署的首次授權中，只有 25% 左右已經發布，因為其中一些企業財務主管和首席財務官在觀望，等待有關通脹、利率和經濟路徑的更多市場確定性。因此，併購活動的淡靜也導致了槓桿貸款的供應有限，這對 CLO 的創造產生了負面影響，因為這些貸款中超過 60% 的貸款通常會被證券化。在其他結構性融資資產類別（例如 CMBS 和 RMBS）中，較高的總體融資成本限制了資產創造，這導致交易減少，並導致我們下調了今年的結構性融資發行預測。

And while we've had softer issuance markets over the past year, we've been strengthening our position in the markets of the future to reinforce MIS' position as the agency of choice. We have strategically invested in our emerging markets footprint for many years, and you've heard us talk about this at investor days and on earnings calls. And that's because, although emerging markets account for something like 50% of global GDP, they represent less than 10% of cross-border issuance. So we recognize this opportunity for long-term growth.

儘管過去一年我們的發行市場較為疲軟，但我們一直在加強我們在未來市場中的地位，以鞏固 MIS 作為首選機構的地位。多年來，我們一直對新興市場進行戰略性投資，您也曾在投資者日和財報電話會議上聽到我們談論過這一點。這是因為，儘管新興市場約佔全球 GDP 的 50%，但其跨境發行量卻不足 10%。因此，我們認識到這個長期增長的機會。

And our investment includes thought leadership like our Annual Emerging Markets Summit that we held in the second quarter. We attracted participants from over 90 countries to that conference. And in the second quarter, we also closed on our acquisition of SCRiesgo, a domestic credit rating agency serving Central America, further strengthening our growing Moody's local franchise all across Latin America.

我們的投資包括思想領導力，例如我們在第二季度舉行的年度新興市場峰會。我們吸引了來自 90 多個國家的與會者參加那次會議。第二季度，我們還完成了對 SCriesgo（一家服務於中美洲的國內信用評級機構）的收購，進一步加強了我們在拉丁美洲不斷增長的穆迪本地特許經營權。

And as the digitization of financial markets accelerates, we're positioning MIS as a leader in assessing decentralized finance, digital bonds and asset tokenization. We've rated a number of firsts in this space, and that includes just this month, the European Investment Bank's first-ever digital green bond.

隨著金融市場數字化的加速，我們將 MIS 定位為評估去中心化金融、數字債券和資產代幣化的領導者。我們在這個領域評為了多項第一，其中包括本月歐洲投資銀行推出的首個數字綠色債券。

And of course, we continue to grow our sustainable finance franchise within MIS with good momentum in second-party opinions. You may recall, we relaunched our methodology in the fourth quarter of 2022. We have now completed over 90 second-party opinions through the first half of this year, and that includes for marquee issuers like Enel and the government of Mexico. And we have delivered 36% growth in the SPO volumes versus the same prior year period.

當然，我們繼續在管理信息系統內發展我們的可持續金融特許經營權，並在第二方意見中保持良好勢頭。您可能還記得，我們​​在 2022 年第四季度重新推出了我們的方法。截至今年上半年，我們現已完成 90 多項第二方意見，其中包括針對 Enel 和墨西哥政府等大型發行人的意見。與去年同期相比，我們的 SPO 數量增長了 36%。

Now moving to MA. Just a few minutes ago, I described Decision Solutions as primarily 3 cloud-based SaaS businesses serving banking, insurance and KYC workflows. And as these businesses scale, we want to offer some additional insights into their performance. So from this quarter onwards, we're going to be providing revenue and ARR metrics for each of them. And as you can see here, each of these businesses achieved double-digit revenue growth in the second quarter. And together, they delivered 10% ARR growth with KYC leading the way at nearly 20% ARR growth.

現在搬到馬薩諸塞州。就在幾分鐘前，我將決策解決方案描述為主要 3 個基於雲的 SaaS 業務，為銀行、保險和 KYC 工作流程提供服務。隨著這些業務的規模擴大，我們希望提供一些有關其績效的額外見解。因此，從本季度開始，我們將為每個人提供收入和 ARR 指標。正如您在這裡所看到的，這些業務在第二季度都實現了兩位數的收入增長。他們共同實現了 10% 的 ARR 增長，其中 KYC 領先，ARR 增長近 20%。

So last quarter, we provided a spotlight on our banking business within Decision Solutions. And I thought this quarter that I would touch on our insurance business. We got some good feedback from that spotlight last quarter.

因此，上個季度，我們在決策解決方案中重點關注了我們的銀行業務。我想這個季度我會談談我們的保險業務。上個季度我們從這一焦點中得到了一些很好的反饋。

And our insurance business brings together the legacy MA insurance business, which mainly serves life insurers; with RMS, which caters primarily the P&C market. And collectively, our insurance business delivers workflow solutions for underwriting, risk and capital management and financial and regulatory reporting, and it generates in the neighborhood of $500 million of ARR. So it makes it a very significant component of the broader MA portfolio.

而我們的保險業務則匯集了原有的MA保險業務，主要服務於壽險公司； RMS，主要迎合財產險市場。總的來說，我們的保險業務為承保、風險和資本管理以及財務和監管報告提供工作流程解決方案，並產生了大約 5 億美元的 ARR。因此，它使其成為更廣泛的 MA 投資組合中非常重要的組成部分。

And like banks, insurers are undergoing a significant period of transformation as they work to digitize and automate manual and fragmented workflows in order to be both more effective and more efficient in underwriting, in risk management and capital planning. And this opens new opportunities for us to establish and expand our presence, offering new solutions and capabilities much in the same way that we have successfully done with banks.

與銀行一樣，保險公司也正在經歷一個重要的轉型期，他們致力於將手動和分散的工作流程數字化和自動化，以便在承保、風險管理和資本規劃方面更加有效和高效。這為我們建立和擴大業務提供了新的機會，提供新的解決方案和功能，就像我們成功地與銀行合作一樣。

And at the heart of our insurance offerings are our AXIS and RMS risk engines. And AXIS provides the core actuarial and finance cash flow modeling that is widely used by life insurers, reinsurers and consulting firms for functions that include pricing, reserving, asset liability management, financial modeling, capital calculations and hedging. And AXIS has proven to be a significant catalyst for growth and this quarter was no exception. This quarter, growth was fueled by increasing demand for our fully automated service, which enables insurers to send their actuarial modeling jobs to a cloud-based infrastructure for very efficient processing.

我們保險產品的核心是我們的 AXIS 和 RMS 風險引擎。 AXIS 提供核心精算和財務現金流模型，被人壽保險公司、再保險公司和諮詢公司廣泛使用，用於定價、準備金、資產負債管理、財務建模、資本計算和對沖等功能。事實證明，AXIS 是增長的重要催化劑，本季度也不例外。本季度，對我們的全自動服務的需求不斷增長推動了增長，該服務使保險公司能夠將其精算建模工作發送到基於雲的基礎設施以進行非常高效的處理。

And also contributing to growth in the second quarter is our risk integrity offering which seamlessly integrates with AXIS and provides a highly automated solution for calculating financial statement information in compliance with IFRS 17 regulations.

我們的風險完整性產品也為第二季度的增長做出了貢獻，該產品與 AXIS 無縫集成，並提供高度自動化的解決方案，用於根據 IFRS 17 法規計算財務報表信息。

Now on the property and casualty side, in May, we held our most successful global insurance conference ever called Exceedance. I was there with about 500 of our customers from around the world. And we made several very important new product announcements. And I have to say, I left the conference feeling very optimistic about the opportunities in front of us to serve the insurance industry.

在財產和意外傷害方面，五月份，我們舉辦了有史以來最成功的全球保險會議，名為 Exceedance。我和來自世界各地的大約 500 名客戶一起在那裡。我們還發布了幾項非常重要的新產品。我不得不說，我在離開會議時對我們面前的服務保險業的機會感到非常樂觀。

So first, our cloud-based, what we call Intelligent Risk Platform, or IRP. That is industrial-strength and it is differentiated in the market. We now have well north of 100 customers on the Intelligent Risk Platform in the cloud. And this allows customers to run our new more granular, what we call, high-definition models by leveraging cloud computing power on demand. And that gives our customers a competitive advantage for those of our customers who are using this cloud solution.

首先是我們基於雲的智能風險平台（IRP）。這就是產業實力，在市場上有差異化。目前，我們在雲端智能風險平台上擁有超過 100 個客戶。這使得客戶能夠通過按需利用雲計算能力來運行我們所謂的新的更精細的高清模型。這為我們的客戶提供了相對於使用此云解決方案的客戶的競爭優勢。

We also announced that we're partnering with NASDAQ, enabling our customers to seamlessly access a wide array of cat models available on the NASDAQ platform in addition to our customers' own internal models. And this collaboration significantly enhances the value and capabilities of our IRP as a broader industry workflow platform.

我們還宣布與納斯達克合作，除了客戶自己的內部模型外，我們的客戶還可以無縫訪問納斯達克平台上提供的各種貓模型。此次合作顯著增強了我們 IRP 作為更廣泛的行業工作流程平台的價值和功能。

So with this very compelling set of capabilities and solutions across insurance, now let me talk a little bit about the customer expansion opportunity. And we have over 900 insurance customers globally, and there is a significant opportunity for cross-selling and growing revenue per customer. We have very substantial relationships with our top 10 largest insurance customers who purchase on average about 6 to 7 product families from across all of MA. Our next 90 largest insurers purchase, on average, about 4 to 5 product families. And our remaining 800 customers buy an average of just 1 to 2 products. So you can really see the extent of the cross-sell opportunity.

因此，有了這套非常引人注目的保險功能和解決方案，現在讓我談談客戶擴展機會。我們在全球擁有 900 多家保險客戶，交叉銷售和增加每位客戶收入的機會巨大。我們與前 10 名最大的保險客戶有著非常密切的關係，他們平均從整個馬薩諸塞州購買大約 6 到 7 個產品系列。我們接下來的 90 家最大的保險公司平均購買大約 4 到 5 個產品系列。我們剩下的 800 名客戶平均只購買 1 到 2 種產品。因此，您可以真正看到交叉銷售機會的程度。

And let me give you an example of how we are growing our insurance relationships. So 5 years ago, one of the larger U.S. insurers was spending about $15 million annually with us across products spanning risk and capital management, finance and reporting workflow tools; and also some other products, including our MIS data feeds for risk management functions like risk-adjusted capital calculations and portfolio construction. After the acquisition of RMS, this customer relationship grew substantially to north of $25 million. And this insurer is now a significant customer of both AXIS and RMS.

讓我舉一個例子來說明我們如何發展我們的保險關係。 5 年前，一家較大的美國保險公司每年在我們的產品上花費約 1500 萬美元，涵蓋風險和資本管理、財務和報告工作流程工具；還有一些其他產品，包括用於風險管理功能（例如風險調整資本計算和投資組合構建）的 MIS 數據源。收購 RMS 後，這種客戶關係大幅增長至 2500 萬美元以上。該保險公司現在是 AXIS 和 RMS 的重要客戶。

And given the breadth of business activities of a large insurer, and that includes lending and investing in addition to underwriting, they also subscribed to a number of our other solutions, like our CreditLens loan origination, our CreditView research platform and our structured finance and commercial real estate data and analytics, and even our KYC tools. And that has altogether allowed us to expand the relationship to an ARR of over $30 million.

鑑於大型保險公司的業務活動廣泛，除了承保之外還包括貸款和投資，他們還訂閱了我們的許多其他解決方案，例如我們的 CreditLens 貸款發放、我們的 CreditView 研究平台以及我們的結構性融資和商業房地產數據和分析，甚至我們的 KYC 工具。這使得我們能夠將合作關係擴大到年收入超過 3000 萬美元。

And KYC offers another compelling cross-sell opportunity with insurers as well as corporates. And in fact, in 2021, less than 10% of our insurance customers subscribed to a KYC product. Just 2 years later, we're up to about 20% and we are optimistic about further potential here.

KYC 為保險公司和企業提供了另一個引人注目的交叉銷售機會。事實上，到 2021 年，只有不到 10% 的保險客戶訂閱了 KYC 產品。僅僅 2 年後，我們的增長率就達到了 20% 左右，我們對這裡的進一步潛力感到樂觀。

So our ability to deliver unique and innovative solutions is also being recognized across the industry. And of the awards that are listed on this slide, I have to say I'm particularly proud of our recent recognition as the overall winner of Chartis' inaugural Insurance 25 Award because it highlights our innovative market-leading solutions that span climate, cat risk modeling and economic and financial analysis.

因此，我們提供獨特和創新解決方案的能力也得到了整個行業的認可。在這張幻燈片上列出的獎項中，我不得不說，我對我們最近被認可為 Chartis 首屆 Insurance 25 獎的總獲獎者感到特別自豪，因為它突顯了我們在氣候、巨災風險等領域的創新市場領先解決方案建模以及經濟和金融分析。

And speaking of innovation. As you hopefully heard during our recent Gen AI briefing, artificial intelligence is fundamental to many of our products, and frankly, it has been for years. I want to touch on 3 of those. And I'd start with QUIQspread, which is an AI machine learning tool that we have developed in-house that digitizes and spreads financial data. And it's been integrated into a number of our products, including our CreditLens loan origination offering. And today, it's used by hundreds of customers, including banks around the world.

說到創新。正如您希望在我們最近的 Gen AI 簡報中聽到的那樣，人工智能是我們許多產品的基礎，坦率地說，多年來一直如此。我想談談其中的三個。我將從 QUIQspread 開始，這是我們內部開發的一種人工智能機器學習工具，可以數字化和傳播金融數據。它已集成到我們的許多產品中，包括我們的 CreditLens 貸款發放產品。如今，它已被數百家客戶使用，其中包括世界各地的銀行。

Our AI Review product is really at the heart of our KYC screening solutions. It's been trained on over 12 million actual KYC analyst decisions and it's currently used by over 500 customers. And so far this year, it's processed over 110 million names. And this all helps further train the artificial intelligence engine that powers these insights, and it reduces the likelihood of false positives by up to 80%. And that eliminates countless hours of manual work and reduces the time to screen for our customers from hours to literally just seconds. So a huge value prop for our customers.

我們的 AI 審核產品確實是我們 KYC 篩選解決方案的核心。它接受了超過 1200 萬個實際 KYC 分析師決策的培訓，目前已被 500 多個客戶使用。今年到目前為止，它已處理了超過 1.1 億個姓名。這一切都有助於進一步訓練為這些見解提供支持的人工智能引擎，並將誤報的可能性降低高達 80%。這消除了無數小時的手工工作，並將篩選客戶的時間從幾小時縮短到幾秒鐘。這對我們的客戶來說是一個巨大的價值支柱。

And finally, NewsEdge, where we've been leveraging deep learning combined with natural language processing to enhance and optimize our data retrieval, enrichment and sentiment generation over our multi-domain data sets, employing state of the art big data techniques. And to give you a sense of what this means in practical terms, our models are consuming, categorizing and scoring nearly 1 million new stories from over 20,000 sources each and every day.

最後，NewsEdge，我們一直在利用深度學習與自然語言處理相結合，利用最先進的大數據技術來增強和優化多領域數據集的數據檢索、豐富和情感生成。為了讓您了解這在實際中意味著什麼，我們的模型每天都會對來自 20,000 多個來源的近 100 萬個新故事進行消費、分類和評分。

So these are just 3 of our over -- I'd say over a dozen AI-enabled products, which bring a global team of engineers and product specialists with distinct and deep skill sets around natural language processing and artificial intelligence. And our historical foundational AI experience uniquely positions us, I think, to capitalize on the immense opportunities presented by generative AI.

這些只是我們的其中 3 種——我想說的是十多種支持人工智能的產品，它們帶來了一支由工程師和產品專家組成的全球團隊，他們在自然語言處理和人工智能方面擁有獨特而深厚的技能。我認為，我們歷史上的基礎人工智能經驗使我們能夠利用生成式人工智能帶來的巨大機遇。

And Gen AI is going to revolutionize how individuals and companies derive insights, how they participate in financial markets and how they navigate an increasingly complex world. And that's why we partnered with Microsoft. Combining Moody's vast proprietary data, analytics and research with Microsoft's industry-leading Gen AI technology and Azure OpenAI service, that's going to allow us to create new offerings that provide deeper, richer insights into risk than ever before. And by applying machine learning algorithms and deep neural networks to large collections of data and insights, individuals and organizations will be able to drive greater efficiency, accuracy, insight and innovation in financial processes.

Gen AI 將徹底改變個人和公司獲取見解的方式、參與金融市場的方式以及駕馭日益複雜的世界的方式。這就是我們與 Microsoft 合作的原因。將穆迪龐大的專有數據、分析和研究與微軟業界領先的 Gen AI 技術和 Azure OpenAI 服務相結合，這將使我們能夠創建新產品，提供比以往更深入、更豐富的風險洞察。通過將機器學習算法和深度神經網絡應用於大量數據和見解，個人和組織將能夠提高財務流程的效率、準確性、洞察力和創新。

And earlier today, we published a, I'd call it, teaser demo of one of our first Gen AI innovations. And we're calling it the Moody's Research Assistant. It's an interactive chat feature that looks across Moody's vast data sets and research to provide customers with multifaceted and integrated perspectives of risks that few others can provide. And the assistant will have the ability to access data and content across multiple domains, such as firmographic data, credit indicators, economic forecast and risk and reputational profiles, and deliver results to users based on their own personalized needs.

今天早些時候，我們發布了我們第一代人工智能創新之一的預告片演示。我們稱之為穆迪研究助理。這是一種交互式聊天功能，可以查看穆迪龐大的數據集和研究，為客戶提供其他人無法提供的多方面、綜合的風險視角。該助手將能夠訪問多個領域的數據和內容，例如企業統計數據、信用指標、經濟預測以及風險和聲譽概況，並根據用戶自己的個性化需求向用戶提供結果。

So we're beginning to preview this innovation with customers to demonstrate the really, I think, extraordinary value that it's going to bring, powered by Microsoft's technology and anchored by Moody's proprietary data. So be sure to check it out on our IR website.

因此，我們開始與客戶一起預覽這項創新，以展示我認為它將帶來的真正非凡的價值，該價值由微軟的技術提供支持，並以穆迪的專有數據為基礎。因此，請務必在我們的 IR 網站上查看。

And importantly, I do want to acknowledge that Moody's Gen AI is a journey of human enablement. And we have deployed this technology to all of our 14,000-plus employees, I call them our 14,000 innovators, so that we can innovate at scale and pilot new ways to enrich our jobs with powerful new insights and improved productivity, all at our fingertips.

重要的是，我確實想承認穆迪的 Gen AI 是人類賦能之旅。我們已將這項技術部署到我們所有 14,000 多名員工中，我稱他們為我們的 14,000 名創新者，這樣我們就可以大規模創新，並嘗試新方法，通過強大的新見解和提高的生產力來豐富我們的工作，而這一切都在我們的指尖。

And before I close, I'd like to give a big shout out to our employees. During the month of June, over 3,000 Moody's teammates, and I was with them, took part in 150-plus volunteer projects across 32 countries. And their efforts delivered over 8,600 volunteer hours dedicated to making a difference in our communities. So our people are living our values, and it's great stuff.

在結束之前，我想向我們的員工大聲喊叫。 6 月份，包括我在內的 3,000 多名穆迪團隊成員參加了遍布 32 個國家的 150 多個志願者項目。他們的努力提供了超過 8,600 個小時的志願服務時間，致力於為我們的社區帶來改變。所以我們的員工正在踐行我們的價值觀，這是很棒的事情。

That concludes my prepared remarks. Mark and I would be very happy to take your questions. Operator?

我準備好的發言就到此結束。馬克和我很樂意回答你的問題。操作員？

(Operator Instructions) Our first question comes from the line of Owen Lau with Oppenheimer.

（操作員說明）我們的第一個問題來自 Owen Lau 與 Oppenheimer 的對話。

So it looks like MA has more investments into product development such as AI Rob talked about, but it dragged down the operating margin in the second quarter and also full year guidance. So I think it will be great if you can maybe give us an update on the seasonality of your P&L by segment and how we should think about that.

因此，看起來 MA 對 AI Rob 談到的產品開發進行了更多投資，但這拖累了第二季度的營業利潤率和全年指引。因此，我認為如果您能給我們按細分市場劃分的損益季節性的最新信息以及我們應該如何考慮這一點，那就太好了。

Sure, George. Thanks for the question. So last quarter, we anticipated that near-term capital markets and activity would be constrained before progressively improving in the second half. And while issuance was indeed lower in certain asset classes than expected, for example structured, we did observe, and you heard this from Rob, higher-than-anticipated investment-grade volumes, given strong investor demand for our high-quality credits.

當然，喬治。謝謝你的提問。因此，上個季度，我們預計近期資本市場和活動將受到限制，然後在下半年逐步改善。儘管某些資產類別的發行量確實低於預期，例如結構性資產，但我們確實觀察到，並且您從 Rob 那裡聽到了這一點，鑑於投資者對我們高質量信貸的強勁需求，投資級數量高於預期。

So taking that into account and along with our expectation for relatively stable-ish market conditions for the remainder of the year, we are lifting our full year 2023 global MIS-rated issuance to the mid-single-digit percent range and our MIS revenue growth to the high single-digit percent range.

因此，考慮到這一點，再加上我們對今年剩餘時間市場狀況相對穩定的預期，我們將 2023 年全年全球 MIS 評級發行量上調至中個位數百分比範圍，並將 MIS 收入增長上調到高個位數百分比範圍。

And this, together with our better-than-expected year-to-date MIS revenue result, now implies MIS revenue growth in the range of low to mid-20s percent on average for the remainder of the year versus the relatively low year-to-date 2022 comparable period. That's really given the market disruption that we had in the prior year from geopolitical concerns and a deterioration of some macroeconomic conditions. This also means that we anticipate our MIS 2023 year-to-go revenue in absolute dollars to be comparable to the pre-pandemic levels we observed in the second half of 2019.

再加上我們年初至今好於預期的 MIS 收入結果，現在意味著今年剩餘時間裡 MIS 收入平均增長在 20% 左右，而去年同期的收入增長相對較低。 - 2022 年可比時期的日期。這實際上是考慮到去年由於地緣政治擔憂和某些宏觀經濟狀況惡化而造成的市場混亂。這也意味著我們預計 2023 年 MIS 年初收入（按絕對美元計算）將與我們在 2019 年下半年觀察到的大流行前水平相當。

And on the MA side, our reaffirmed guidance for the full year 2023 MA revenue to grow approximately 10%, together with our mid-90s percent retention rates, then implies the second half revenue will be in the low double-digit percent range. And that's going to reflect the strong ongoing demand for our subscription-based products and solutions, really as customers continue to look to Moody's to deliver the tools they need to incorporate risk resiliency, evaluate exponential risk, et cetera, in their workflows and processes.

在 MA 方面，我們重申 2023 年全年 MA 收入增長約 10% 的指導，加上我們 90% 左右的保留率，意味著下半年收入將處於較低的兩位數百分比範圍內。這將反映出對我們基於訂閱的產品和解決方案的持續強勁需求，因為客戶繼續尋求穆迪提供他們所需的工具，以將風險彈性、評估指數風險等納入其工作流程和流程中。

And that means that we forecast, in the third quarter, MA adjusted operating margin to step up to this -- compared to the second quarter and then sequentially improve again in the fourth quarter, very much in line with revenue, and really, as MA fully realizes the benefits of our restructuring program and additional cost saving initiatives.

這意味著我們預測，在第三季度，MA 調整營業利潤率以提高這一水平 - 與第二季度相比，然後在第四季度再次連續改善，與收入非常一致，而且實際上，隨著 MA充分實現我們的重組計劃和額外成本節約舉措的好處。

And then finally, our outlook for the full year 2023, total Moody's operating expense growth remains within that mid-single-digit percent range, albeit at the higher end. And this balances our expectation for higher incentive and stock-based compensation costs with the improvement in our issuance outlook and the introduction of new initiatives to accelerate the development and deployment of some of our AI solutions.

最後，我們對 2023 年全年的展望是，穆迪運營費用增長總額仍保持在中個位數百分比範圍內，儘管處於較高水平。這平衡了我們對更高激勵和股票薪酬成本的期望，與我們發行前景的改善以及推出新舉措以加速我們的一些人工智能解決方案的開發和部署。

And if I was going to translate that full year 2023 operating expense guidance, that really means along the lines of a low single-digit percent decline in MIS and the higher end of high single-digit percent growth in MA.

如果我要翻譯 2023 年全年運營支出指導，這實際上意味著 MIS 的個位數百分比較低的下降和 MA 的個位數百分比的高增長。

And Owen, I apologize. That answer was for you, not for George.

歐文，我道歉。這個答案是給你的，不是給喬治的。

No problem. Very helpful, Mark.

沒問題。非常有幫助，馬克。

Your next question comes from the line of George Tong with Goldman Sachs.

你的下一個問題來自高盛的喬治·唐（George Tong）。

So 2Q debt issuance and ratings revenue performance was strong and led you to raise your full year guidance for MIS. That said, the issuance in July so far has been relatively weak. How much of a pull-forward in debt issuance into 2Q do you believe happened? And does your guidance reflect simply a flow-through of 2Q outperformance, or does it assume a stronger 3Q and 4Q than you previously expected?

因此，第二季度債務發行和評級收入表現強勁，導致您提高了 MIS 的全年指導。儘管如此，7月份迄今為止的發行量仍相對疲軟。您認為第二季度債務發行量會提前多少？您的指引是否僅僅反映了第二季度表現優異的情況，還是假設第三季度和第四季度的表現比您之前的預期更強？

George, it's Rob. This is probably a question in the minds of many thinking about first half, second half and then triangulating to our full year guide.

喬治，是羅布。這可能是許多人在思考上半年、下半年，然後對我們的全年指南進行三角測量時心中的一個問題。

So we certainly saw a stronger investment-grade issuance in the first half than we expected. And yes, we do think that was likely due in part to some pull-forward in advance of the debt ceiling. There's just also some investor preference for really the higher end of the rating spectrum. The stress in the U.S. banking sector, I'd say, probably dissipated a little bit faster than we had expected and kind of a return of market confidence.

因此，我們肯定看到上半年投資級發行量比我們預期的要強。是的，我們確實認為這可能部分是由於債務上限之前的一些提前。還有一些投資者更喜歡評級範圍的高端。我想說，美國銀行業的壓力消散的速度可能比我們預期的要快一些，並且市場信心有所恢復。

So as we're kind of looking at the -- going into the second half of the year, when we look at leveraged finance, and I'm talking about high yield and leveraged loans, our general thinking is that the current run rate that we're seeing for high-yield and leveraged loans, I'd say the sequential run rate, if you will, that looks sustainable. And because we've got easier comps in the second half of the year, that implies some higher percent growth rates for leveraged finance in particular, and also we expect, will contribute to a positive revenue mix.

因此，當我們考慮進入今年下半年時，當我們考慮槓桿融資時，我談論的是高收益和槓桿貸款，我們的總體想法是，當前的運行率我們看到高收益和槓桿貸款，我想說的是，如果你願意的話，連續運行率看起來是可持續的。由於我們在下半年的業績比較容易，這意味著槓桿融資的增長率尤其較高，而且我們預計，這將有助於實現積極的收入組合。

And to put maybe a little bit finer point on it. Our issuance outlook implies a low 20s percent increase in issuance for the second half of 2023. And that, combined with what we saw in the first half, gets us to this mid-single digit for the year.

並對此提出更具體的觀點。我們的發行前景意味著 2023 年下半年的發行量將增長 20%。結合我們上半年的情況，我們今年的發行量將達到中個位數。

Your next question comes from the line of Manav Patnaik with Barclays.

你的下一個問題來自巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

If I could just ask around all these Gen AI initiatives and stuff you've highlighted so far. Like is that all incremental expenses? Or how are you thinking about in terms of spend and budget versus what, I guess, you were already doing before?

如果我能詢問一下您迄今為止強調的所有這些 Gen AI 計劃和內容。這都是增量費用嗎？或者，與我猜您之前已經在做的事情相比，您如何看待支出和預算？

Manav, so we expect to realize meaningful productivity gains and efficiency as we progressively incorporate Gen AI into our Moody's ecosystem, from technology and software development organizations, to our customer support, shared service, even research teams.

Manav，因此，隨著我們逐步將 Gen AI 納入我們的穆迪生態系統（從技術和軟件開發組織到我們的客戶支持、共享服務，甚至研究團隊），我們希望實現有意義的生產力和效率提升。

I think we would say it's too early to provide estimates around the extent of these efficiencies, but initial pilots are promising. So for example, the deployment of our coding assistant to some of our software development teams has shown material productivity benefits through both error reduction and coding time acceleration.

我認為我們會說現在對這些效率的程度進行估計還為時過早，但最初的試點是有希望的。例如，我們的一些軟件開發團隊部署的編碼助手通過減少錯誤和加速編碼時間顯示了實質性的生產力優勢。

Another clear benefit is the opportunity that the technology brings to our rating analysts, where the use cases are vast. For example, you could think about using Gen AI to transform in part our analytical workflow. For example, analysts can shift their focus towards forming more valuable opinions, augmenting their capabilities, for example, through faster data processing, advanced data interpretation, spreading, et cetera.

另一個明顯的好處是該技術為我們的評​​級分析師帶來了機會，其用例非常廣泛。例如，您可以考慮使用 Gen AI 來部分改變我們的分析工作流程。例如，分析師可以將注意力轉向形成更有價值的意見，增強他們的能力，例如通過更快的數據處理、高級數據解釋、傳播等。

And the point here is that, in total if we step back for a minute, you can think about Gen AI as really just reinforcing and increasing our confidence in achieving our annual and our medium-term expense and margin targets.

這裡的要點是，總的來說，如果我們退後一步，您可以認為 Gen AI 實際上只是增強和增強了我們實現年度和中期費用和利潤目標的信心。

Manav, it's Rob. I'd also say, and I think you were asking specifically also about just the extent of investment. Is it incremental? Is it significant investment? I would say that we're able to leverage a lot of the investment that we already have. You think about we have -- most of our solutions are on the cloud. It's one reason I highlight it on the call. We've got a lot of expertise already across the firm around AI.

馬納夫，我是羅布。我還想說，我認為您也專門詢問了投資規模。是增量的嗎？這是重大投資嗎？我想說，我們能夠利用我們已有的大量投資。你想想我們——我們的大多數解決方案都在雲端。這是我在電話中強調這一點的原因之一。我們公司已經擁有大量有關人工智能的專業知識。

I think one of the costs, and it's too early for us to know what this looks like, we don't yet know exactly the pricing structure of our products. But there's going to be incremental compute cost. And running these models is not cheap.

我認為成本之一，我們還不知道我們產品的確切定價結構，我們現在知道這是什麼樣的還為時過早。但計算成本將會增加。運行這些模型並不便宜。

So it's still a little early for us because we're just now, Manav, going into preview mode with customers, getting feedback from customers, thinking about than what the product pricing and packaging looks like and then what the costs out will look like. So I think, Manav, we're going to have a much better sense for this in another quarter or so.

所以對我們來說還為時過早，馬納夫，我們剛剛進入與客戶的預覽模式，從客戶那裡獲取反饋，思考產品定價和包裝是什麼樣子，然後考慮成本是什麼樣子。所以我認為，馬納夫，我們將在另一個季度左右對此有更好的認識。

Your next question comes from the line of Kevin McVeigh with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的凱文·麥克維 (Kevin McVeigh)。

Just to follow up on the generative AI a little bit. Is there any way to think about kind of where you are in the process in MA versus MIS? And if there's a way -- one thing that gives me a lot of optimism is the potential efficiencies from a delivery perspective, given how regulated the industry is, keeps a lot of your footprint onshore. Is there any way to think about what the potential longer-term impact is from a margin perspective as maybe you leverage the AI across both MA and MIS in terms of not necessarily next quarter, but how we should think about that a little bit longer term as some of these efficiencies are brought to bear?

只是為了稍微跟進一下生成式人工智能。有什麼辦法可以考慮一下你在 MA 與 MIS 的過程中處於什麼位置？如果有辦法的話——讓我非常樂觀的一件事是，考慮到該行業的監管程度，從交付的角度來看，潛在的效率可以讓你的大部分足跡留在陸地上。有沒有辦法從利潤的角度考慮潛在的長期影響是什麼，因為也許你在 MA 和 MIS 上利用人工智能，不一定是下個季度，但我們應該如何從長遠角度考慮這一點當其中一些效率發揮作用時？

Yes. Kevin, it's Rob. And look, I would be remiss if I don't talk about both sides of the equation here because -- and I promise you, I will touch on the efficiency opportunity. But this really is, we think, a compelling opportunity for us in terms of how we deliver our content. And so we are very much approaching this in terms of opportunity first and what is the opportunity to deliver unique value to our customers.

是的。凱文，我是羅布。看，如果我不在這裡談論等式的兩邊，那就是我的失職，因為——我向你保證，我會談到效率機會。但我們認為，就我們如何提供內容而言，這確實是一個令人信服的機會。因此，我們首先從機會以及為客戶提供獨特價值的機會來解決這個問題。

And as you heard me say to Manav, we're early days here. If you want to get a sense of what it looks like, I hope you get a chance to check out the video. That is a very easy way to understand how we're thinking about deploying this and what the opportunity will be.

正如你聽到我對馬納夫所說的那樣，我們還處於起步階段。如果您想了解一下它的樣子，我希望您有機會觀看視頻。這是一種非常簡單的方法來了解我們如何考慮部署它以及機會是什麼。

I would also say that we have approached this from a One Moody's perspective. And that is really, really important because this was an opportunity for us to set up a firm-wide infrastructure, a copilot across the firm. We obviously have to think about entitlements and controls and other things and risk management, all those things. But there's an opportunity to use one infrastructure across the firm. And as we have innovations across the firm, people able to deploy those innovations into our firm-wide ecosystem.

我還想說，我們是從穆迪的角度來處理這個問題的。這真的非常非常重要，因為這是我們建立全公司基礎設施、整個公司的副駕駛的機會。顯然，我們必須考慮權利和控制以及其他事情以及風險管理，所有這些事情。但有機會在整個公司使用一種基礎設施。隨著我們在整個公司範圍內進行創新，人們能夠將這些創新部署到我們公司範圍內的生態系統中。

Now you mentioned MIS specifically. The MIS teams are very engaged around this and very engaged with our AI enablement team we put together, and looking at ways that they are going to be able to process more information, to get new insights to be able to get through these things more quickly. And I really think about it, Kevin, as essentially turbocharging our people.

現在您具體提到了MIS。 MIS 團隊對此非常投入，並且與我們組建的人工智能支持團隊非常投入，並尋找能夠處理更多信息的方法，以獲得新的見解，以便能夠更快地完成這些事情。凱文，我真的認為這本質上是對我們員工的渦輪增壓。

And we have always heard from our issuers that we have the most experienced analysts, and they really value that. And now I think about, all right, now we have the most experienced analysts who are going to be armed with the capability of this copilot and everything that it brings. And being able to work together on the team's collaboration platform, we're really turbocharging the capabilities of our analysts. I'm sure there will be productivity gains, but there will also be some real improvements to just the insights that we're able to deliver to our customers.

我們一直從發行人那裡聽說我們擁有最有經驗的分析師，他們真的很重視這一點。現在我想，好吧，現在我們擁有最有經驗的分析師，他們將配備副駕駛的能力及其帶來的一切。並且能夠在團隊的協作平台上一起工作，我們確實增強了分析師的能力。我確信生產力將會提高，但我們能夠向客戶提供的見解也會得到一些真正的改進。

Your next question comes from the line of Alex Kramm with UBS.

您的下一個問題來自瑞銀集團的 Alex Kramm。

I can't believe I'm asking another Gen AI question, but I will. And it's really on the revenue side because Rob, you obviously highlighted you actually have been utilizing some of these tools, I guess, already in some of your products. I think you had 3 on the slide and you said something about a dozen. So I guess the question really is, can you already isolate some of the, I guess, AI-enabled revenues that you're getting today? And it would obviously be great to have that number.

我不敢相信我正在問另一個人工智能問題，但我會的。這確實是在收入方面，因為羅布，你顯然強調了你實際上已經在使用其中一些工具，我猜，已經在你的一些產品中使用了。我想你幻燈片上有 3 個，而你說的是大約 12 個。所以我想真正的問題是，你是否已經能夠分離出你今天獲得的一些人工智能收入？擁有這個數字顯然會很棒。

But then more importantly, like how long do you really think until this can really scale? And I guess, any ideas about the TAM? I mean, this is just, "Hey, we're going to make our products better and we're going to be better in the marketplace and we're going to sell better." Or do you actually think there's going to be a real unique revenue opportunity here that really wasn't there before?

但更重要的是，你真正認為需要多長時間才能真正實現規模化？我想，關於 TAM 有什麼想法嗎？我的意思是，這只是，“嘿，我們將讓我們的產品變得更好，我們將在市場上做得更好，我們將賣得更好。”或者你真的認為這裡將會有一個真正獨特的收入機會，這是以前沒有的嗎？

Alex, you know what? That first question is a great question. And I have to be honest, I was thinking about that coming into the call and thinking, "You know what? Somebody may ask that." And I don't have that answer at my fingertips, but that's something, I think, that we can follow up on. It's a really good question. And it's a natural question, given the fact that we're spotlighting those products.

亞歷克斯，你知道嗎？第一個問題是一個很好的問題。我必須說實話，我在接到電話時就在想，“你知道嗎？有人可能會問這個。”我手頭沒有這個答案，但我認為這是我們可以跟進的事情。這是一個非常好的問題。鑑於我們重點關注這些產品，這是一個自然的問題。

But let me talk for just a moment about how we're thinking about the monetization opportunity. And again, it's in early days. So just to give you a sense of where we are, we are just in the process of going into what I would call preview mode with a handful of our customers who then can give us feedback on the product. We're thinking then about the, as I said, kind of the pricing and packaging.

但讓我簡單談談我們如何考慮盈利機會。再說一次，現在還處於早期階段。因此，為了讓您了解我們的情況，我們正處於與少數客戶一起進入我所說的預覽模式的過程中，然後他們可以向我們提供有關產品的反饋。正如我所說，我們正在考慮定價和包裝。

We're starting with what we're calling a research assistant that will serve our core customer -- investor customer persona, right? So this is the investor that is using our CreditView offering. We will likely make the research assistant available and integrated into the CreditView platform. We may -- so in that case, you could imagine it being an add-on to your CreditView subscription.

我們從我們所說的研究助理開始，他將為我們的核心客戶——投資者客戶角色提供服務，對吧？這就是正在使用我們 CreditView 產品的投資者。我們可能會提供研究助理並將其集成到 CreditView 平台中。我們可能——所以在這種情況下，您可以想像它是您的 CreditView 訂閱的附加組件。

We also have the ability to call the research assistant, right? And that would allow us to deploy it through, for instance, a platform like Microsoft Teams. And we -- Alex, the exciting thing there is that's going to allow us, I think, to reach a whole new customer base because people who aren't using CreditView today may not have the frequent need to use CreditView, but want to get access to our insights and research. So we're thinking about how do we price that?

我們也有能力叫研究助理吧？這將使我們能夠通過 Microsoft Teams 等平台進行部署。我們——亞歷克斯，令人興奮的事情是，我認為這將使我們能夠接觸到一個全新的客戶群，因為今天不使用 CreditView 的人可能不會經常需要使用 CreditView，但希望獲得獲取我們的見解和研究。所以我們正在考慮如何定價？

You can then imagine that we go from that core investor persona to other core personas that we serve. So in banking, it's credit officers and commercial lenders. In insurance, it might be chief risk officers and underwriting staff. And so we will be creating assistants that serve those personas. And so those will be both integrated, as I said with CreditView, likely integrated into our existing offerings.

然後，您可以想像我們從核心投資者角色轉向我們服務的其他核心角色。所以在銀行業，是信貸員和商業貸款人。在保險業，可能是首席風險官和承保人員。因此，我們將創建為這些角色服務的助手。因此，正如我在 CreditView 中所說，這些都將被整合到我們現有的產品中。

And over time, we would also expect that people would look to have additional content sets entitled with their assistant. So you could imagine that our research assistant comes preloaded with certain content sets. And then over time, if you want to add, say, a climate or ESG content set, that may be an additional entitlement and additional revenue opportunities.

隨著時間的推移，我們還預計人們會希望擁有由其助手授權的其他內容集。所以你可以想像我們的研究助理預裝了某些內容集。隨著時間的推移，如果您想添加氣候或 ESG 內容集，這可能是額外的權利和額外的收入機會。

So again, Alex, these are great questions. We're working through these as fast as we can. And I think towards the end of this year, we'll probably have more insight into what this looks like, what the size of the opportunity will be. That would be then incorporated into our 2024 outlook.

亞歷克斯，這些都是很好的問題。我們正在盡快解決這些問題。我認為到今年年底，我們可能會更深入地了解這是什麼樣子，機會有多大。然後，這將納入我們的 2024 年展望中。

Your next question comes from the line of Ashish Sabadra with RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Ashish Sabadra。

I just wanted to focus on the free cash flow. That guidance was raised by almost $200 million, which was much better than the EPS guidance range. So I was wondering if you could talk about that.

我只是想關注自由現金流。該指引上調了近 2 億美元，遠好於 EPS 指引範圍。所以我想知道你是否可以談談這個問題。

And also from a capital allocation perspective, you've obviously raised the share repurchase guidance from $250 million to $500 million. But how should we think about the rest of the cash and the focus on -- any particular focus on M&A?

而且從資本配置的角度來看，您顯然已將股票回購指導從 2.5 億美元提高到 5 億美元。但我們應該如何考慮剩餘的現金以及對併購的特別關注？

In the second quarter, our free cash flow result of $549 million was significantly higher, to your point, compared to the prior year period. And that's primarily due to an improvement in working capital, as the prior year included, and you'll recall this, a tax-related working capital headwind. And this quarter, of course, we also had stronger net income given the growth in MIS combined with the solid execution in MA.

在第二季度，我們的自由現金流結果為 5.49 億美元，與去年同期相比明顯更高。這主要是由於營運資金的改善（包括上一年），你會記得這是與稅收相關的營運資金逆風。當然，鑑於 MIS 的增長以及 MA 的穩健執行，本季度我們的淨利潤也更加強勁。

And that means for the second quarter, our free cash flow to GAAP net income conversion was almost 150% compared to just 66% in the prior year. And I would say we're forecasting that conversion rate really to moderate through the rest of the year as some of those first half working capital tailwinds normalize.

這意味著第二季度，我們的自由現金流與 GAAP 淨利潤的換算率幾乎為 150%，而上一年僅為 66%。我想說的是，我們預測，隨著上半年部分營運資金的順風車正常化，今年剩餘時間的轉換率確實會放緩。

We're also very pleased to increase our share repurchase guidance to $500 million. That means we're going to return over $1 billion to our shareholders this year, $500 million through that share repo and approximately $550 million through dividends.

我們還非常高興將股票回購指導額提高至 5 億美元。這意味著我們今年將向股東返還超過 10 億美元，其中通過股票回購返還 5 億美元，通過股息返還約 5.5 億美元。

But the most important thing here is, as a management team, we continue to be committed to anchoring our financial leverage around that BBB+ rating. And that's really because we believe that provides the appropriate balance between lowering the cost of capital and providing for ongoing financial flexibility.

但這裡最重要的是，作為管理團隊，我們繼續致力於將我們的財務槓桿錨定在 BBB+ 評級周圍。這實際上是因為我們相信這在降低資本成本和提供持續的財務靈活性之間提供了適當的平衡。

Our next question comes from the line of Toni Kaplan with Morgan Stanley.

我們的下一個問題來自托尼·卡普蘭 (Toni Kaplan) 與摩根士丹利 (Morgan Stanley) 的對話。

Wanted to ask about Slide 9. Thank you so much for the additional disclosures by customer type. I guess maybe one on the insurance part of the business. Are you seeing something in the more current, either pipeline or something, that makes the ARR only 6%, whereas the revenue growth is coming in at 12%? Maybe it's timing.

想詢問有關幻燈片 9 的問題。非常感謝您按客戶類型提供的額外披露信息。我想也許是保險業務方面的一個。您是否看到當前的某些情況（無論是渠道還是其他）導致 ARR 只有 6%，而收入增長率卻高達 12%？或許是時候了。

And also if you could break down maybe a little bit of the KYC. Obviously, very strong growth there. Just trying to figure out how much is like from new customers versus upselling versus pricing? Any sort of granular drivers would be helpful.

另外，如果您可以分解一下 KYC，也許可以。顯然，那裡的增長非常強勁。只是想弄清楚新客戶與追加銷售與定價有何不同？任何類型的粒度驅動程序都會有所幫助。

Yes. Toni, it's Rob. The second part was on KYC, right?

是的。托尼，我是羅布。第二部分是關於 KYC，對嗎？

Yes.

是的。

So as you know, this is why you're asking the question, this has been a strong growth engine for us for some time now. And there's a few things, I think, going on. We're adding both new logos and we are adding and upselling as well.

如您所知，這就是您問這個問題的原因，一段時間以來，這一直是我們強大的增長引擎。我認為有一些事情正在發生。我們正在添加新徽標，並且我們也在添加和追加銷售。

And an interesting couple of stats. The volume of what we call multiproduct deals, so if you think about the components of our KYC solution, it's really the company data that's in Orbis, it's the people data in what we call our GRID database, we've got our adverse media and AI screening, and then we wrap that in a workflow tool, right? So those are all the components. And you can buy the data separately from the workflow or you can buy the data integrated into the workflow.

還有一些有趣的統計數據。我們所說的多產品交易量，所以如果你考慮一下我們的 KYC 解決方案的組成部分，它實際上是 Orbis 中的公司數據，是我們所說的 GRID 數據庫中的人員數據，我們有不利的媒體和人工智能篩選，然後我們將其包裝在工作流程工具中，對嗎？這些就是所有組件。您可以與工作流程分開購買數據，也可以購買集成到工作流程中的數據。

So where our cloud workflow platform is sold with other KYC products, that's up 91%. So we're seeing a lot of customers wanting to opt into the kind of full solution with workflow and data. The volume of what we call multiproduct sales, so where I'm buying multiple components of this solution, is up almost 50%.

因此，如果我們的雲工作流程平台與其他 KYC 產品一起銷售，則增長了 91%。因此，我們看到很多客戶希望選擇帶有工作流程和數據的完整解決方案。我們所謂的多產品銷售量（即我購買該解決方案的多個組件）的銷量增長了近 50%。

And where we have what we call sales -- where we have something called company registration verification, so you want to go back down to the source documents themselves, that's another important feature. Actually a company we acquired several years ago. Sales of that as part of our broader suite is up 53%. So that idea of packaging the content with the workflow has really proved to be quite compelling.

我們有所謂的銷售——我們有所謂的公司註冊驗證，所以你想回到源文件本身，這是另一個重要的功能。實際上是我們幾年前收購的一家公司。作為我們更廣泛的套件的一部分，該產品的銷售額增長了 53%。因此，將內容與工作流程打包的想法確實被證明是非常引人注目的。

And I guess, Toni, the other thing just in terms of what's driving overall demand in the space, you've got ongoing changes to regulation, perpetual KYC. And you've also got a broadening of demand beyond just KYC, and so companies who want to understand more about who they're doing business with and supply chain. So that's -- hopefully, that gives you some insight into KYC. The answer is really both new logos and upsells and this bundling of product.

我想，Toni，另一件事是就推動該領域整體需求的因素而言，監管和永久 KYC 不斷發生變化。而且您的需求也不斷擴大，不僅僅是 KYC，因此公司也希望更多地了解與他們開展業務的對象和供應鏈。希望這能讓您對 KYC 有所了解。答案實際上是新標識、追加銷售以及產品捆綁。

On insurance. So remember that this includes our insurance unit now, as I said on the call is, both our legacy MA as well as RMS. And what we don't reflect in that insurance ARR number is the cross-selling synergies that we've got with RMS, which are actually quite robust.

關於保險。因此請記住，正如我在電話中所說，這現在包括我們的保險部門，包括我們的傳統 MA 和 RMS。我們在保險 ARR 數字中沒有反映出我們與 RMS 的交叉銷售協同效應，這種協同效應實際上非常強勁。

And Mark, you might even have a little bit of data on that.

馬克，你甚至可能有一些這方面的數據。

Yes. I'd say collectively, Toni, you could think about Rob's remarks as leading us towards that high single-digit ARR for insurance by year end and certainly for high teens or even low 20s for the KYC space.

是的。托尼，我想說，總的來說，您可以認為 Rob 的言論將帶領我們在年底前實現保險領域的高個位數 ARR，當然對於 KYC 領域而言，ARR 也將達到 10 多歲甚至 20 多歲。

Your next question comes from the line of Andrew Nicholas with William Blair.

你的下一個問題來自安德魯·尼古拉斯和威廉·布萊爾的對話。

From what we can gather, it seems like issuers, particularly within the high-yield market, are opting for shorter maturities in this environment. And so my question is a 2-parter. First, is this something that you're seeing across that categories of late? And second, how should we think about the impact of this on MIS revenue?

據我們所知，發行人，尤其是高收益市場的發行人，在這種環境下似乎選擇了較短期限的債券。所以我的問題是一個兩方的問題。首先，您最近在這些類別中看到過這種情況嗎？其次，我們應該如何考慮這對 MIS 收入的影響？

Just curious if shorter maturities ultimately results in issuers coming back to market more frequently, which I would think drives stronger transactional revenue. Or if there's some offsetting component within your fee structure that would offset this.

只是好奇較短的期限是否最終會導致發行人更頻繁地重返市場，我認為這會推動更強勁的交易收入。或者，如果您的費用結構中有一些抵消部分可以抵消這一點。

Andrew, I'll start off with some numbers and then I'll turn it over to Rob for additional commentary. I'll do both investment-grade and high-yield just so we got a complete picture here.

安德魯，我將從一些數字開始，然後將其交給羅布進行補充評論。我將同時投資投資級和高收益，以便我們在這裡獲得完整的了解。

Between 2020 and, I call it, year-to-date 2023, the average duration of the MIS-rated IG bond issuance peaked in 2020 at about 15 years, and then it steadily reduced to just under 12 years in June, which is about where it was in the pre-COVID 2018, 2019 year. So not a big move on the investment-grade side.

從 2020 年到我稱之為 2023 年年初至今，MIS 評級的 IG 債券發行的平均久期在 2020 年達到峰值，約為 15 年，然後在 6 月份穩步降至不到 12 年，約為 12 年。 2018、2019 年新冠疫情爆發前的情況。因此，投資級方面並不是一個大舉措。

On high yield, the comparable numbers for the average duration for what we're rating was somewhere between 7.8 and about 8.3 years. And what we've seen, to your point, is that's been reduced to around 6 years through the first half of 2023.

就高收益而言，我們評級的平均久期的可比數字介於 7.8 年至 8.3 年之間。就您而言，我們看到的是，到 2023 年上半年，這一時間已減少到 6 年左右。

Yes. And in fact, I mean, Mark, you cited some of that data. We were getting the opposite questions a couple of years ago as the tenors were stretching out and people worried about whether that was going to lead to less frequent issuance. So this is a happy issue to be contemplating.

是的。事實上，我的意思是，馬克，你引用了其中一些數據。幾年前，我們遇到了相反的問題，因為期限延長了，人們擔心這是否會導致發行頻率降低。所以這是一個值得思考的快樂問題。

And to answer your question, I think it just means the issuers are going to be coming to market more frequently. There's nothing in our commercial constructs that I think would offset that. It's unlikely that most of these issuers, especially in high yield, are infrequent issuers. So it's unlikely that they're going to be on more of a relationship-based construct. So I think net-net, this is a modest positive.

為了回答你的問題，我認為這只是意味著發行人將更頻繁地進入市場。我認為我們的商業結構中沒有任何東西可以抵消這一點。這些發行人中的大多數（尤其是高收益債券發行人）不太可能是不頻繁發行人。因此，他們不太可能更多地採用基於關係的結構。所以我認為淨淨，這是一個適度的積極因素。

Your next question comes from the line of Craig Huber with Huber Research Partners.

您的下一個問題來自 Craig Huber 和 Huber Research Partners 的電話。

Can you just talk a little bit further about your debt issuance outlook for full year '23, to break it down a little bit further by category, high-yield and bank loans and structured finance in particular?

您能否進一步談談 23 年全年的債務發行前景，按類別（特別是高收益貸款和銀行貸款以及結構性融資）進一步細分？

And also, can I just get the incentive comp number for the quarter on that new basis you guys are using, and what it was a year ago?

另外，我能否根據你們正在使用的新基礎獲得該季度的激勵補償數字，以及一年前的數字？

Great. I'll start with the incentive comp. So in the second quarter, the incentive comp was $99 million, and that compared to about $66 million in the prior year period. That brings up our year-to-date incentive comp accrual to $188 million, which is approximately $45 million above the first half. For the full year, we're expecting incentive comp to be between $370 million and $390 million, which is higher, about 25% higher than the comp we accrued for last year. And that's really driven primarily by our improved outlook for full year 2023 MIS revenue.

偉大的。我將從激勵補償開始。因此，第二季度的激勵補償為 9900 萬美元，而去年同期的激勵補償約為 6600 萬美元。這使得我們年初至今的應計激勵獎金達到 1.88 億美元，比上半年高出約 4500 萬美元。我們預計全年的激勵薪酬將在 3.7 億美元至 3.9 億美元之間，比我們去年的激勵薪酬高出約 25%。這實際上主要是由我們對 2023 年全年 MIS 收入前景的改善推動的。

Yes. And Craig, so just -- I mean, I think you had a couple of pieces to this. One was kind of leveraged finance. And I would say that, starting with high yield, would describe the environment as cautiously active in the first half of the year. And we did see some oil and gas issuers come back in the market. That's important because they historically have been big issuers in high yield.

是的。克雷格，我的意思是，我認為你對此有一些看法。一種是槓桿融資。我想說的是，從高收益開始，今年上半年的環境將被描述為謹慎活躍。我們確實看到一些石油和天然氣發行人重返市場。這很重要，因為它們歷來都是高收益債券的大發行人。

The leveraged loan issuance was pretty soft. We had a pretty muted sponsor-driven M&A. We did see some refinancing activity and saw at least some supply coming from autos and telcos. When you look at our full year outlook, we've taken high-yield bonds up 15 percentage points to up 40% for the year, off of obviously what was a soft year last year. And we've made a modest adjustment to leveraged loans mid-single digit, up from flat.

槓桿貸款發行相當疲軟。我們的讚助商驅動的併購活動相當低調。我們確實看到了一些再融資活動，並且至少看到一些供應來自汽車和電信公司。當你看一下我們的全年展望時，我們將高收益債券今年的漲幅提高了 15 個百分點，達到 40%，而去年顯然是疲軟的一年。我們對槓桿貸款進行了中等個位數的適度調整，高於持平。

In terms of kind of what we're seeing in the market right now, Craig, it was a holiday-shortened week to start in July. Things have picked up a little bit in the high-yield market. I would say the tone for both high-yield and leveraged loans is constructive. There's good buyer risk appetite and demand.

克雷格，就我們目前在市場上看到的情況而言，從七月開始，這是假期縮短的一周。高收益債券市場的情況有所好轉。我想說高收益貸款和槓桿貸款的基調都是建設性的。買家風險偏好和需求良好。

And then just touching on structured finance, just the volatility and the rising funding costs have led to a slowdown in overall market activity. And there's a lot going on. I would say the weakest areas are CMBS, not surprisingly, given some of the concerns in the commercial real estate sector; and CLOs, just given the lighter leveraged loan supply.

然後就結構性融資而言，波動性和融資成本上升導致整體市場活動放緩。還有很多事情正在發生。考慮到商業房地產領域的一些擔憂，我認為最薄弱的領域是 CMBS，這並不奇怪。和 CLO，只是考慮到槓桿貸款供應較少。

So we kind of looked at that, what's going on in the space, and have decided to revise our outlook for structured finance down to -- sorry, to down mid-teens percent for the year. So hopefully, that gives you a little bit of a flavor.

因此，我們研究了該領域正在發生的事情，並決定將我們對結構性融資的展望下調至——抱歉，今年下調百分之十左右。希望這能給你帶來一點味道。

Your next question comes from the line of Faiza Alwy with Deutsche Bank.

您的下一個問題來自德意志銀行的 Faiza Alwy。

So I wanted to follow up on that point that you just made, Rob, around structured finance. I'm curious if the competitive environment is a little bit different in structured finance. Are there areas where maybe you're stronger in versus competition? And is that an area of investment focus for you at all?

所以我想跟進你剛才提出的關於結構性融資的觀點。我很好奇結構性融資的競爭環境是否有點不同。與競爭對手相比，您是否在某些方面更有優勢？這是您的投資重點領域嗎？

Yes, that's a great question. Structured finance has a number of agencies that are active in the market. It's a more transactional market than the fundamental market, which is much more relationship-driven. So we do see a more active, broader competitive landscape in structured finance. I would say in spaces like AMBS -- excuse me, AMBS. ABS. CMBS has a number of active players, CLO a bit fewer just because we rate the -- tend to rate the underlying securities within a CLO.

是的，這是一個很好的問題。結構性融資有許多活躍在市場上的機構。這是一個比基本面市場更具交易性的市場，基本面市場更受關係驅動。因此，我們確實看到結構性融資領域存在更活躍、更廣泛的競爭格局。我會說在像 AMBS 這樣的空間——對不起，AMBS。 ABS。 CMBS 有許多活躍的參與者，而 CLO 則少一些，因為我們傾向於對 CLO 內的標的證券進行評級。

And so I would also note, just when you kind of are looking at what's going on in terms of our structured finance results. If you think about CMBS is a sector where we're quite strong. We have quite a good presence there. And there's been a pretty sharp decline in issuance volumes, again, due to concerns about the office and retail sector. So that decline may be felt more acutely by us, just given our kind of broader coverage of that space and of issuance than perhaps with some other agencies.

因此，我還要指出，就在您關注我們的結構性融資結果方面發生的情況時。如果你認為 CMBS 是我們相當強大的一個領域。我們在那裡有很好的存在。由於對辦公和零售行業的擔憂，發行量再次大幅下降。因此，考慮到我們對該領域和發行的覆蓋範圍比其他一些機構更廣泛，我們可能會更強烈地感受到這種下降。

The last thing I would say is, broadly, our coverage has remained pretty consistent. It does tend to ebb and flow between asset classes a bit from time to time. But broadly, our coverage has remained pretty consistent over the last several years.

我要說的最後一件事是，總的來說，我們的報導保持相當一致。它確實會不時地在資產類別之間波動。但總的來說，我們的報導在過去幾年中保持相當一致。

Your next question comes from the line of Seth Weber with Wells Fargo.

您的下一個問題來自富國銀行的賽斯·韋伯 (Seth Weber)。

I was wondering if you could just drill down a little bit more on the FIG revenue, 13% -- up 13% versus issuance up 5%. Just kind of give us some more details on what's going on there.

我想知道您是否可以再深入了解一下 Fig 收入，13%——增長 13%，而發行量增長 5%。請給我們提供一些有關那裡正在發生的事情的更多細節。

Yes. It's -- as we've broadened out the customer base for FIG over the years, and that's included a number of, what I would say, are alternative investment managers and investment managers, we've gotten a little bit more volatility into the results than we have historically. And for those who've been on this call for a long time, you probably remember me saying how FIG is primarily relationship-based and it doesn't move around -- the revenue doesn't move around much.

是的。多年來，隨著我們擴大了FIG的客戶群，其中包括一些我想說的另類投資經理和投資經理，我們的結果出現了更多的波動比我們歷史上有過的。對於那些已經參加這個電話會議很長時間的人來說，您可能還記得我說過，FIG 主要是基於關係的，而且它不會移動——收入不會移動太多。

As we broadened that base out, it has. And this quarter, in particular, we saw some opportunistic issuance from the insurance sector, folks who are not typically on these relationship-based constructs. And that gave us a little bit higher revenue take than we might otherwise get on issuance in the FIG space.

當我們擴大這個基礎時，它已經發生了。特別是本季度，我們看到了保險行業的一些機會主義發行，這些人通常不採用這些基於關係的結構。這使我們獲得的收入比我們在 Fig 領域發行時獲得的收入要高一些。

Your next question comes from the line of Heather Balsky with Bank of America.

您的下一個問題來自美國銀行的希瑟·巴爾斯基 (Heather Balsky)。

It's great to see the improvement in MIS. I'm just curious, though, as you kind of look out and you think about the dynamics in the environment, where rates are, kind of where rates might go, what do you think is the biggest overhang right now? Do you think it's the actual rate itself or do you think it's the uncertainty? And do you think kind of incremental certainty kind of this quarter helped with what you saw with regards to issuance?

很高興看到 MIS 的改進。不過，我只是好奇，當你觀察並思考環境的動態時，利率在哪裡，利率可能走向哪裡，你認為現在最大的懸而未決是什麼？您認為這是實際利率本身還是不確定性？您認為本季度增加的確定性是否有助於您在發行方面看到的情況？

Heather, yes, great question. So I have typically said that it's uncertainty. That is the most challenging thing. And we've said in the past that the market can absorb higher rates when they are: One, accompanied by economic growth; and two, when they are anticipated by the market. So the market does not react well to surprises and it doesn't react well to uncertainty and volatility.

希瑟，是的，很好的問題。所以我通常會說這是不確定性。這是最具挑戰性的事情。我們過去曾說過，市場可以在滿足以下條件時吸收更高的利率：一是伴隨著經濟增長；第二，當它們被市場預期時。因此，市場對意外事件的反應不佳，對不確定性和波動性的反應也不佳。

Volatility in the markets, both the equity markets and the fixed income markets and with spreads, makes -- creates really challenging issuance environment. So you've seen, as the market has at least gotten certain -- more certainty around the trajectory of rate increases, you've seen issuance firm up. And I think, again, there's still a little bit of headline risk in the remainder of the year, but certainly, we've seen some of the firming in the market.

股票市場和固定收益市場的波動以及利差造成了真正具有挑戰性的發行環境。所以你已經看到，隨著市場至少對加息軌蹟有了更多確定性，你會看到發行量堅挺。我再次認為，今年剩餘時間仍然存在一些整體風險，但當然，我們已經看到市場出現了一些堅挺。

And Heather, if I just add some additional color to Rob's comments there, a few things we're watching. We obviously feel that rates are likely approaching their peaks. We're expecting the Fed to pause, not pivot unless of course there's a sudden increase in unemployment or a collapse in growth.

希瑟，如果我只是為羅布的評論添加一些額外的色彩，我們正在關註一些事情。我們顯然認為利率可能正在接近峰值。我們預計美聯儲將暫停，而不是轉向，除非失業率突然上升或經濟增長崩潰。

A second thing we're expecting is that the second half recession risks are likely to linger amidst tighter financial conditions. And so we've incorporated a dip, not a severe downturn, into our outlook. And that really means that we are expecting the global default rate to rise above the long-term average but not up to the levels of the pandemic or even remotely close to the Great Financial Crisis.

我們預計的第二件事是，在金融狀況趨緊的情況下，下半年經濟衰退風險可能會持續存在。因此，我們將經濟下滑而非嚴重衰退納入我們的展望中。這實際上意味著，我們預計全球違約率將升至長期平均水平以上，但不會達到大流行病的水平，甚至不會接近金融危機的水平。

And then thirdly, we're watching a couple of key questions on the matter of thematics, which could include things like are we going to see more stimulus from the Chinese authorities because their post-COVID reopening growth has been pretty lackluster and inflation there is low. And we're also watching the U.S. dollar exchange rate. And then finally, we're also watching the emerging market versus developing market growth rates and the relative differential there.

第三，我們正在關注有關主題的幾個關鍵問題，其中可能包括我們是否會看到中國當局採取更多刺激措施，因為他們在新冠病毒重新開放後的增長相當低迷，而且通貨膨脹也很高。低的。我們也在關注美元匯率。最後，我們還關注新興市場與發展中市場的增長率以及相對差異。

Your next question comes from the line of Andrew Steinerman with JPMorgan.

您的下一個問題來自摩根大通的安德魯·斯坦納曼（Andrew Steinerman）。

Mark, could you just tell us the FX effect on second quarter revenues, both from MIS, MA and total?

馬克，您能否告訴我們外匯對第二季度收入（MIS、MA 和總收入）的影響？

And then if I could ask a second question. Looking at Slide 19, which is the MIS slide, it seems like the first-time mandate projection, which is now $500 million to $600 million, came down from the projections given in April and given more positive view on issuance. I was just hoping you could comment on that dynamic.

然後我可以問第二個問題嗎？看看幻燈片 19，即 MIS 幻燈片，首次授權預測似乎比 4 月份給出的預測有所下降，目前為 5 億至 6 億美元，並對發行持更積極的看法。我只是希望你能對這一動態發表評論。

Absolutely. FX is a pretty pedestrian story this quarter. So the second quarter MA revenue was favorably impacted by 0.3%. The impact of foreign currency translation on MCO and MIS revenue is immaterial.

絕對地。外匯本季度的情況相當平淡。因此第二季度 MA 收入受到了 0.3% 的有利影響。外幣換算對 MCO 和 MIS 收入的影響並不重大。

Yes. Andrew, on the first-time mandates. So first-time mandates were down pretty meaningfully from the same period last year. I'd say we've seen relatively muted first-time mandate activity for probably the past 4 quarters or so. And when you look at, I'd call it, 2019 and maybe the first half of 2020, so kind of a pre-pandemic period, this quarter's first-time mandates were something like 2/3 of that average.

是的。安德魯，關於第一次任務。因此，與去年同期相比，首次委託數量大幅下降。我想說，在過去四個季度左右的時間裡，我們看到首次授權活動相對平靜。當你看時，我稱之為 2019 年，也許是 2020 年上半年，所以是大流行前的時期，本季度的首次授權大約是平均水平的 2/3。

But this isn't really -- to me, that's not surprising. So despite the fact that, yes, we're taking up the issuance outlook, the majority of first-time mandates tend to come from leveraged loans. And so as that has been softer, we just haven't seen the same activity around first-time mandates.

但這並不是真的——對我來說，這並不奇怪。因此，儘管我們正在考慮發行前景，但大多數首次授權往往來自槓桿貸款。因此，由於情況較為疲軟，我們只是沒有看到圍繞首次授權的相同活動。

I will say, though, it's interesting, Andrew. We've seen a very meaningful uptick in our private engagement. So you may have heard us talk about in the past, we have a suite of products, private monitor ratings, private ratings for investors. We have a rating assessment service. Those are up pretty meaningfully. And you heard me mention a number of these issuers have not come to market. So again, we're seeing some kind of pent-up demand on people waiting for the right time to come to market.

不過，我想說，這很有趣，安德魯。我們看到我們的私人參與度有了非常有意義的上升。所以你過去可能聽過我們談論過，我們有一套產品，私人監控評級，投資者私人評級。我們有評級評估服務。這些都是非常有意義的。你聽到我提到其中一些發行人還沒有上市。因此，我們再次看到人們等待合適時機進入市場的某種被壓抑的需求。

Your next question comes from the line of Jeff Meuler with Baird.

你的下一個問題來自 Jeff Meuler 和 Baird 的對話。

Hopefully not too much of a repeat of some prior questions. But as you think about the right pace of spend on AI and Gen AI and the whole generational opportunity, I guess what's the framework for how you think about if you're going fast enough or not fast enough? And to what extent does it tie back to just the business performance? I guess what I'm wondering is, if there's upside or outperformance in the core, just to what extent we should expect that to be reinvested and for you to go even faster on AI for the next couple of quarters.

希望不會太多重複之前的一些問題。但當你考慮人工智能和新一代人工智能的正確支出速度以及整個世代機會時，我想你思考是否進展足夠快或不夠快的框架是什麼？它在多大程度上與業務績效掛鉤？我想我想知道的是，如果核心有上行空間或表現出色，我們應該期望在多大程度上對其進行再投資，並在接下來的幾個季度在人工智能方面走得更快。

Yes, Jeff, it's Rob. I'm going to take this in 2 directions. First, directly to your question, which is we're going to -- we are engaging -- we're starting to engage right now with customers to understand the nature of customer demand with a prototype product or products. And then we are going to think about how much investment do we need to make -- how much demand is there? What does the pricing and packaging look like? And how much investment do we need to make to support that? And I'd mentioned I think a good bit of that investment actually will end up just being compute.

是的，傑夫，是羅布。我將從兩個方向著手。首先，直接回答你的問題，我們將要——我們正在參與——我們現在開始與客戶接觸，以了解客戶對原型產品的需求的本質。然後我們要考慮我們需要進行多少投資——有多少需求？定價和包裝是什麼樣的？我們需要投入多少資金來支持這一目標？我提到過，我認為大部分投資實際上最終只是用於計算。

But let me take it back one -- to kind of pull the lens back for just a moment because I think there's a broader question here around overall MA investment. And Gen AI is a part of that, but it's not the only part. And I hope you all get a very good sense from us that there are some very strong demand drivers for risk assessment and also that we believe we're very well positioned to monetize that demand. And I think you see that translate to the very strong top line growth rates that we have relative to our peer group.

但讓我收回這個觀點——稍微把鏡頭拉回來一會兒，因為我認為這裡存在一個關於整體 MA 投資的更廣泛的問題。 Gen AI 是其中的一部分，但不是唯一的部分。我希望你們都能從我們這裡得到一個很好的認識，即風險評估有一些非常強大的需求驅動因素，而且我們相信我們完全有能力將這種需求貨幣化。我認為您會看到，這轉化為我們相對於同行群體的非常強勁的收入增長率。

And in thinking about what is best for the long term of the business, as long as we see strong market demand and we have a leading set of -- market-leading set of solutions, we're going to favor investment to drive top line growth. And there are really 3 areas that I want to call out for you.

在思考什麼對業務的長期發展最有利時，只要我們看到強勁的市場需求，並且我們擁有一套領先的——市場領先的解決方案，我們就會傾向於投資來推動收入增長生長。我確實想向大家強調三個方面。

One is product development. Increasingly, this means the integration of our content into workflow solutions like you've heard us talk about. Commercial real estate into our loan origination offering, ESG into our underwriting offering, Orbis data into our KYC offering. It also includes, Jeff, these investments that we're making in Gen AI-enabled products, which we would expect to start delivering revenue growth in '24 and beyond. But this point about investing in an ongoing product pipeline is very important because it's critical to how we get both new customer acquisition and also upsell with customers. That's one.

一是產品開發。這越來越意味著將我們的內容集成到工作流程解決方案中，就像您聽到我們談論的那樣。商業房地產納入我們的貸款發放產品，ESG 納入我們的承銷產品，Orbis 數據納入我們的 KYC 產品。 Jeff，它還包括我們對 Gen AI 產品的投資，我們預計這些產品將在 24 年及以後開始帶來收入增長。但是，關於投資持續產品渠道的這一點非常重要，因為這對於我們如何獲得新客戶以及向客戶進行追加銷售至關重要。這是一個。

The second is sales deployment. And we have made some big investments in our sales organization over the last couple of years. That includes relationship managers that are now organized by customer segment, and that's helping us with new logos and drive ARR growth. It also includes building out our functions, like what we call our industry practice leads, who can help us with more solutions-based selling and building on our customer success team who helps with retention and upsell. So that's the second area of investment.

二是銷售部署。在過去的幾年裡，我們對我們的銷售組織進行了一些重大投資。其中包括現在按客戶群組織的關係經理，這幫助我們設計新徽標並推動 ARR 增長。它還包括構建我們的職能，例如我們所說的行業實踐領導，他們可以幫助我們進行更多基於解決方案的銷售，並建立我們的客戶成功團隊，幫助我們保留和追加銷售。這是第二個投資領域。

And the third is we are platforming MA. And we have appointed a chief architect with 20-plus years of experience at Microsoft who is developing an overall technology architecture blueprint, and he is building out our platform engineering layer. And if you join us on our call on September 14, I think you'll have an opportunity to meet with him in the future.

第三是我們正在平台化MA。我們任命了一位在微軟有20多年經驗的首席架構師，他正在製定整體技術架構藍圖，他正在構建我們的平台工程層。如果您參加 9 月 14 日的電話會議，我想您將來會有機會與他見面。

But this positions us better for Gen AI enablement and commercialization. It enables faster speed to market and a better experience for our customers who use multiple products. And it also gives us better insight into customer behavior. And again, that is really important to cross-selling and upselling.

但這使我們能夠更好地實現人工智能的實現和商業化。它可以加快上市速度，並為使用多種產品的客戶提供更好的體驗。它還使我們能夠更好地了解客戶行為。再說一遍，這對於交叉銷售和追加銷售非常重要。

So the Gen AI investments are one part of a broader set of investments that we're making to really drive and accelerate top line growth at MA and capture the opportunity that's in front of us.

因此，Gen AI 投資是我們正在進行的一系列更廣泛投資的一部分，這些投資旨在真正推動和加速 MA 的收入增長並抓住我們面前的機會。

Your next question comes from the line of Russell Quelch with Redburn.

你的下一個問題來自拉塞爾·奎爾奇和雷德本的對話。

So first question is on MIS, please. I was wondering if the revenues grow back to the levels we saw in 2021 by '24 or '25, as projected by consensus, is there any reason why the adjusted operating margin for the business wouldn't move back up to the same level we've seen in that period, too, please?

第一個問題是關於 MIS 的。我想知道，到 2021 年 24 或 25 年前，收入是否會恢復到我們在 2021 年看到的水平（正如一致預測的那樣），是否有任何原因導致業務調整後的營業利潤率不會回升至我們的相同水平？請問那個時期也見過嗎？

I think maybe implicit in what you're asking is why is the MIS margin not higher than the 55% to 56% that we're guiding to, at least for this year? And the short answer here is the margin outlook includes the higher incentive compensation accruals, which are obviously -- or naturally going to flex depending on the performance compared to the targets we set at the beginning of the year, as well as any incremental investments that we put through for in-flight initiatives, including the adoption of AI that we've spoken about this morning.

我認為您所問的問題可能隱含著為什麼 MIS 利潤率不高於我們指導的 55% 至 56%，至少今年如此？這裡的簡短答案是，利潤率前景包括更高的應計激勵薪酬，這顯然或自然會根據與我們年初設定的目標相比的業績以及任何增量投資而變化。我們實施了飛行中的舉措，包括採用我們今天早上談到的人工智能。

If I think about it more broadly though, the margin guide of 55% to 56% does imply around 370 basis points of uplift compared to our 2022 margin of 51.8%. And if I think about that, that could be attributed to around 350 bps associated with increased operating leverage, and that's primarily tied to that first half issuance. And that's the part that, in theory, could carry forward well beyond 2023.

但如果我更廣泛地考慮一下，55% 至 56% 的利潤率指導確實意味著與 2022 年 51.8% 的利潤率相比，提高了約 370 個基點。如果我考慮一下，這可能歸因於與運營槓桿增加相關的約 350 個基點，而這主要與上半年的發行有關。從理論上講，這部分內容可以延續到 2023 年之後。

Secondly, I'd say there's approximately 400 bps related to some of the expense benefits from some of the actions we've taken to lower and control costs, for example, those associated with our restructuring program that we spoke about in prior quarters, or additional efficiency initiatives.

其次，我想說，大約有 400 個基點與我們為降低和控製成本而採取的一些行動所帶來的一些費用收益相關，例如，與我們在前幾個季度談到的重組計劃相關的費用收益，或者額外的效率舉措。

And then those 2 are offset by around 380 bps from the incremental organic investments that we're putting through. And some of that relates to generative AI and some of it relates to really ensuring that we maintain that best-in-class MIS ratings quality as well as supporting appropriate hiring, merit and promotion increases for our teams.

然後，這 2 個因素被我們正在進行的增量有機投資抵消了約 380 個基點。其中一些與生成人工智能有關，另一些與真正確保我們保持一流的 MIS 評級質量以及支持我們團隊的適當招聘、績效和晉升有關。

Got you, okay. That's comprehensive. And just as a quick follow-up in terms of research and insights, obviously saw a strong step-up in growth in recurring revenues there. Can I ask what drove that? How much of that was pricing? Is that new sales, is that cross-sell and upsell? Just any detail you could give to that would be appreciated.

明白你了，好吧。這很全面。正如研究和見解方面的快速跟進一樣，明顯看到經常性收入的強勁增長。我能問一下是什麼推動了這一點嗎？其中定價是多少？這是新的銷售，是交叉銷售和追加銷售嗎？如果您能提供任何詳細信息，我們將不勝感激。

Yes, sure. Russell, so first of all, we continue to see very good retention and strong demand. And interestingly, when we had that period of particular stress in the U.S. banking sector, we saw utilization of our solutions really spike up. And I'd say there are probably 3 areas that I would point to that are driving growth.

是的，當然。拉塞爾，首先，我們繼續看到非常好的保留率和強勁的需求。有趣的是，當美國銀行業面臨特別壓力的時期時，我們發現我們的解決方案的利用率確實大幅上升。我想說的是，我可能會指出三個領域正在推動增長。

One is that point around increased utilization. And interestingly, we have a suite of predictive analytics, economic forecasts and other kinds of models. There has been an uptick in demand for that. So that's one. And that increased utilization, it supports the retention rates, it supports new sales, and it also supports upgrades and price increases.

一是圍繞提高利用率的問題。有趣的是，我們有一套預測分析、經濟預測和其他類型的模型。對此的需求有所增加。這就是其中之一。利用率的提高，支持保留率，支持新銷售，還支持升級和價格上漲。

Second, we've made some -- we continue to make ongoing enhancements to CreditView. CreditView is our web-based research platform. That includes something called ESGView. So we now have another view that we are able to either sell on an a la carte basis or to price behind. So we're including more and more content on CreditView that we can use for pricing. ESG is one example. The Orbis content around corporate structure data is another example.

其次，我們已經做了一些——我們將繼續對 CreditView 進行持續改進。 CreditView 是我們基於網絡的研究平台。其中包括名為 ESGView 的東西。因此，我們現在有另一種觀點，即我們可以按菜單銷售，也可以按價格定價。因此，我們在 CreditView 上添加了越來越多可用於定價的內容。 ESG 就是一個例子。圍繞公司結構數據的 Orbis 內容是另一個例子。

And third, we just -- we've seen some very good growth again for the suite of analytics in the research area.

第三，我們剛剛看到研究領域的分析套件再次出現了非常好的增長。

Great. And also really welcoming this switch to adding incremental color on product and strategy on these conference calls rather than just sort of reading back the results to us. So kudos for that.

偉大的。我們也非常歡迎這種轉變，在這些電話會議上為產品和戰略添加增量色彩，而不僅僅是向我們回讀結果。對此表示讚賞。

Thanks. I appreciate that feedback. We find that the most valuable way we can spend our time with you.

謝謝。我很欣賞這樣的反饋。我們發現這是我們與您共度時光的最有價值的方式。

Your next question comes from the line of Jeff Silber with BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 Jeff Silber。

I know it's late, I apologize. I've got a 2-part question on margins. First on MA, in order to hit your margin goal, you're expecting some pretty sizable expansion in the second half. Are there any timing issues? Were there expenses that you incurred in the first half or maybe some efficiencies that you're incurring in the second half? If you can comment on that.

我知道已經晚了，我向你道歉。我有一個關於邊距的問題，分為兩部分。首先在 MA 上，為了達到您的利潤目標，您預計下半年會有相當大的擴張。是否存在時間安排問題？上半年您是否產生了一些費用，或者下半年您是否產生了一些效率？如果你能對此發表評論。

And then on MIS margins. Based on the mixed issuance in terms of your new guidance, is there any impact on margins? Is there a difference if you have an IG debt versus structured finance, et cetera?

然後是管理信息系統的邊際。根據你們新指引的混合發行，對利潤率有影響嗎？如果您擁有投資級債務與結構性融資等，有什麼區別嗎？

Let me take the MA margin from the perspective of a year-to-date and year-to-go onset because I think this will tie in with what you're looking for. So the year-to-date MA adjusted operating margin was 28.4%, and that was about 280 bps lower than the prior year period. And there are 2 primary themes underlying this decrease, and they should be consistent with what we spoke about in the April earnings call.

讓我從年初至今和年初至今的角度來看待 MA 利潤率，因為我認為這將與您所尋找的內容相結合。因此，年初至今 MA 調整後的營業利潤率為 28.4%，比去年同期低約 280 個基點。這種下降有兩個主要主題，它們應該與我們在四月份的財報電話會議中討論的內容一致。

So first, we opportunistically accelerated investment in product, technology, innovation and sales deployment, and that includes the reallocation of expense dollars into our generative AI initiatives. And that really is done with the purpose of allowing us to maximize our ability to meet ongoing customer demand for our solutions.

因此，首先，我們機會主義地加速了對產品、技術、創新和銷售部署的投資，其中包括將費用資金重新分配到我們的生成式人工智能計劃中。這樣做的真正目的是讓我們能夠最大限度地滿足客戶對我們解決方案的持續需求。

And the second piece is really an element of seasonality, and that relates to both the MA revenue and expenses. And we really try to balance our spending against the full year margin target, which for 2023, is still expanding, albeit slightly.

第二部分實際上是季節性因素，它與 MA 收入和支出相關。我們確實在努力平衡我們的支出與全年利潤率目標，2023 年的全年利潤率目標仍在擴大，儘管略有擴大。

So if you take that into account, what we are thinking of for the second half of the year is really for margins to expand by, on average, 250 to 350 basis points versus the comparable 2022 year-to-go period. And then that means we're going to incrementally step up in the third quarter, and then we'll have a pretty material step-up again in the fourth quarter.

因此，如果考慮到這一點，我們在今年下半年考慮的實際上是利潤率與 2022 年同期相比平均擴大 250 至 350 個基點。這意味著我們將在第三季度逐步加強，然後我們將在第四季度再次取得相當大的實質性進展。

Yes. And then maybe just some quick rules of thumb in terms of how to think about the relative margin or kind of economic profile of some of the issuance. I would say that if you're in the corporate sector, the leverage -- we tend to get more revenue take on leveraged finance than investment-grade because investment-grade issuers tend to be on more frequent issuer programs. That's typically the same with FIG. You heard what I said about the infrequent insurance issuance. And then in structured, the more complex transactions like CMBS and CLOs typically have more favorable economics.

是的。然後，也許只是一些關於如何考慮某些發行的相對利潤或經濟狀況的快速經驗法則。我想說，如果你在企業部門，槓桿融資——我們往往會比投資級融資獲得更多的收入，因為投資級發行人往往參與更頻繁的發行人計劃。這通常與圖1相同。你聽到我說的保險發放頻率不高的情況了。然後，在結構性方面，CMBS 和 CLO 等更複雜的交易通常具有更有利的經濟效益。

But then if I -- I'll take one -- a different view on it, which is if you look at new issuers versus existing issuers. So in terms of the work required, there's more work that's required for a first-time issuer. So first-time issuers, first-time mandates are great because they build the stock of monitored ratings, but they do take more work. Rating in existing issuer's typically more margin-friendly. So when you see a lot of refinancing activity, that may be a little bit more margin-friendly than a lot of first-time issuance.

但如果我——我會採取一個——對此有不同的看法，也就是說，如果你看看新發行人與現有發行人。因此，就所需的工作而言，首次發行人需要做更多的工作。因此，對於首次發行人來說，首次授權是很棒的，因為它們建立了受監控評級的庫存，但它們確實需要更多的工作。現有發行人的評級通常對保證金更有利。因此，當你看到大量的再融資活動時，這可能比大量的首次發行更利於保證金。

Your next question comes from the line of Simon Clinch with Atlantic Equities.

您的下一個問題來自大西洋股票公司的西蒙·克林奇 (Simon Clinch)。

Robert, I wanted to ask a question about the competitive environment in MA actually. And just I'm conscious of your partnership with NASDAQ and some of the consolidation that's going on there and the number of different competitors that are sort of vying for different niches of that kind of market that MA is playing, or the various markets. I was wondering if you could talk about what you're seeing from a competitive standpoint. Who are you displacing? How fragmented the market is? And how you think that's going to really develop over the next 5 years or so?

羅伯特，我實際上想問一個關於馬薩諸塞州競爭環境的問題。我只是意識到你們與納斯達克的合作關係以及那裡正在進行的一些整合，以及許多不同的競爭對手正在爭奪 MA 正在參與的那種市場或各種市場的不同利基市場。我想知道您是否可以從競爭的角度談談您所看到的情況。你要取代誰？市場的分散程度如何？您認為在未來 5 年左右的時間裡這將如何真正發展？

Sorry, I might have been on mute. I think the way that we talk about and disclose our businesses is a good way to think about the competitive landscape because in each of those businesses, there are some different players. So for instance, in our research business, we typically will compete against other rating agencies and a handful of kind of more boutique research providers. In the data space, we tend to compete against players like Dun & Bradstreet and others who have big corporate data sets. And then in our Decision Solutions, there are different competitors. So we have different competitors in the banking versus insurance versus KYC space.

抱歉，我可能一直處於靜音狀態。我認為我們談論和披露我們業務的方式是思考競爭格局的好方法，因為在每個業務中，都有一些不同的參與者。例如，在我們的研究業務中，我們通常會與其他評級機構和少數更精品的研究提供商競爭。在數據領域，我們傾向於與 Dun & Bradstreet 等擁有大型企業數據集的公司競爭。然後在我們的決策解決方案中，有不同的競爭對手。因此，我們在銀行、保險和 KYC 領域有不同的競爭對手。

I will say this though. And while I think we compete with all of them, there is, I think, an element of secret sauce to the way that we compete. And I think it's 2 things.

不過我還是要這麼說。雖然我認為我們與他們所有人競爭，但我認為我們競爭的方式有一個秘訣。我認為這是兩件事。

One is an increasingly interoperable suite of cloud-based solutions. So think about with a bank. You can buy our ALM solution. You can buy our loan origination solution. You can buy our regulatory reporting solution. And guess what? They all run on a connected data set. And since they're cloud-based, they're easy to implement. So that really makes it easier for us to kind of land and expand in these institutions.

其中之一是互操作性日益增強的基於雲的解決方案套件。所以考慮一下銀行。您可以購買我們的 ALM 解決方案。您可以購買我們的貸款發放解決方案。您可以購買我們的監管報告解決方案。你猜怎麼著？它們都在連接的數據集上運行。由於它們基於雲，因此很容易實施。因此，這確實使我們更容易在這些機構中落地和擴張。

And the second thing is, when I talk about -- I mentioned it in my remarks, this idea of this risk operating system, right? It's all of these data sets and analytics and insights that we have that go way beyond credit now, right? It's credit, it's companies, it's people, it's ESG, it's climate, it's commercial properties and on and on. And the reason that is so important is our customers say to us all the time, "Hey, I need to be able to integrate. I need to be able to bring in property data, economic forecasts, credit data, ESG scores, physical risk scores relating to climate." And if a customer has to do that themselves, it's very, very challenging, right? A collection of point solutions and disparate data and analytics providers.

第二件事是，當我談論時——我在演講中提到了這個風險操作系統的想法，對嗎？我們擁有的所有這些數據集、分析和見解現在已經遠遠超出了信貸的範圍，對嗎？這是信用、公司、人員、ESG、氣候、商業地產等等。之所以如此重要，是因為我們的客戶一直對我們說：“嘿，我需要能夠整合。我需要能夠引入房地產數據、經濟預測、信用數據、ESG 評分、實體風險與氣候有關的分數。”如果客戶必須自己做這件事，那就非常非常具有挑戰性，對吧？單點解決方案和不同數據和分析提供商的集合。

So this idea that we can provide a multifaceted view of risk and integrate that and deliver that into our solutions is a very powerful selling proposition with our customers. It allows us -- increasingly is allowing us to displace certain customers, and it's also creating a wonderful pathway for us to grow existing revenue per customer.

因此，我們可以提供多方面的風險視角，並將其整合到我們的解決方案中，這對我們的客戶來說是一個非常有力的銷售主張。它使我們越來越多地能夠取代某些客戶，而且還為我們增加每個客戶的現有收入創造了一條奇妙的途徑。

So that's why I try to draw that out in our remarks because it's a very important differentiator, we believe. And an important reason, by the way. I know sometimes people discount these awards, but it is the reason that we're ranked #1 in the Chartis RiskTech Award. They think that is a winning strategy.

這就是為什麼我試圖在我們的講話中指出這一點，因為我們相信這是一個非常重要的區別因素。順便說一句，還有一個重要原因。我知道有時人們會低估這些獎項，但這就是我們在 Chartis RiskTech 獎中排名第一的原因。他們認為這是一個制勝策略。

This concludes Moody's Second Quarter 2023 Earnings Call. As a reminder, immediately following this call, the company will post the MIS revenue breakdown and MA LOB historical revenue under the Investor Resources section of the Moody's IR homepage. Additionally, a replay will be made available immediately after the call on the Moody's IR website. Thank you. You may now disconnect.

穆迪 2023 年第二季度財報電話會議到此結束。提醒一下，在本次電話會議之後，該公司將立即在穆迪投資者關係主頁的投資者資源部分發布 MIS 收入細目和 MA LOB 歷史收入。此外，穆迪投資者關係網站將在電話會議結束後立即提供重播。謝謝。您現在可以斷開連接。