明晟 (MSCI) 2022 Q2 法說會逐字稿

Good day, and welcome to the MSCI Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, please note, this event is being recorded. I would now like to turn the conference over to Jeremy Ulan, Head of Investor Relations and Treasurer. Please go ahead.

美好的一天，歡迎參加 MSCI 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係主管兼財務主管 Jeremy Ulan。請繼續。

Thank you, Vice. Good day, and welcome to the MSCI Second Quarter 2022 Earnings Conference Call. Earlier this morning, we issued a press release announcing our results for the second quarter 2022. This press release, along with an earnings presentation we will reference on this call, as well as a brief quarterly update, are available on our website, msci.com, under the Investor Relations tab.

謝謝你，副。美好的一天，歡迎參加 MSCI 2022 年第二季度收益電話會議。今天上午早些時候，我們發布了一份新聞稿，宣布了我們 2022 年第二季度的業績。本新聞稿以及我們將在本次電話會議上參考的收益演示文稿以及簡短的季度更新可在我們的網站 msci 上找到。 com，在投資者關係選項卡下。

Let me remind you that this call contains forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements which speak only as of the date on which they are made and are governed by the language on the second slide of today's presentation. For a discussion of additional risks and uncertainties, please see the risk factors and forward-looking statements disclaimer in our most recent Form 10-K and in our other SEC filings.

讓我提醒您，本次電話會議包含前瞻性陳述。請注意，不要過分依賴前瞻性陳述，這些陳述僅在發表之日發表，並受今天演示文稿第二張幻燈片上的語言管轄。有關其他風險和不確定性的討論，請參閱我們最近的 10-K 表格和我們其他 SEC 文件中的風險因素和前瞻性聲明免責聲明。

During today's call, in addition to results presented on the basis of U.S. GAAP, we also refer to non-GAAP measures, including, but not limited to, adjusted EBITDA, adjusted EBITDA expenses, adjusted EPS and free cash flow. We believe our non-GAAP measures facilitate meaningful period-to-period comparisons and provide insight into our core operating performance. You'll find a reconciliation to the equivalent GAAP measures in the earnings materials and an explanation of why we deem this information to be meaningful as well as how management uses these measures in the appendix of the earnings presentation.

在今天的電話會議中，除了根據美國公認會計原則提出的結果外，我們還提到了非公認會計原則的措施，包括但不限於調整後的 EBITDA、調整後的 EBITDA 費用、調整後的每股收益和自由現金流。我們相信我們的非公認會計原則措施有助於進行有意義的期間比較，並提供對我們核心經營業績的洞察。您將在收益材料中找到與等效 GAAP 衡量標準的對賬，並在收益報告的附錄中解釋為什麼我們認為此信息有意義以及管理層如何使用這些衡量標準。

We will also discuss run rate, which estimates, at a particular point in time, the annualized value of the recurring revenues under our client agreements for the next 12 months, subject to a variety of adjustments and exclusions that we detail in our SEC filings. As a result of those adjustments and exclusions, the actual amount of recurring revenues we will realize over the following 12 months will differ from run rate. We therefore caution you not to place undue reliance on run rate to estimate or forecast recurring revenues. We will also discuss organic growth figures, which exclude the impact of changes in foreign currency and the impact of any acquisitions or divestitures.

我們還將討論運行率，它在特定時間點估計未來 12 個月根據我們的客戶協議產生的經常性收入的年化價值，但會受到我們在 SEC 文件中詳述的各種調整和排除的影響。由於這些調整和排除，我們將在接下來的 12 個月內實現的實際經常性收入將與運行率不同。因此，我們提醒您不要過分依賴運行率來估計或預測經常性收入。我們還將討論有機增長數據，其中不包括外匯變化的影響以及任何收購或剝離的影響。

On the call today are Baer Pettit, our President and COO; and Andy Wiechmann, our Chief Financial Officer. Finally, I would like to point out that members of the media may be on the call this morning in a listen-only mode.

今天的電話會議是我們的總裁兼首席運營官 Baer Pettit；和我們的首席財務官 Andy Wiechmann。最後，我想指出，媒體成員今天早上可能會以只聽模式接聽電話。

With that, let me now turn the call over to Baer Pettit. Baer?

有了這個，現在讓我把電話轉給 Baer Pettit。貝爾？

Jeremy, thank you, and welcome, everyone, and thank you for joining us today. I just wanted to say Henry is fine. He just woke up this morning and was feeling a bit under the weather, so he won't be joining us on the call today, but we'll go forward as normal.

傑里米，謝謝大家，歡迎大家，謝謝你們今天加入我們。我只是想說亨利很好。他今天早上剛醒來，感覺有點不舒服，所以他今天不會加入我們的電話會議，但我們會照常進行。

So before I talk about MSCI's financial performance, I'd like to formally introduce Jeremy as our new Head of Investor Relations and Treasurer. Since joining MSCI 12 years ago, he's held a variety of roles supporting our growth strategy, M&A and partnerships, while building out our planning and forecasting processes.

因此，在我談論 MSCI 的財務業績之前，我想正式介紹 Jeremy 為我們新的投資者關係主管和財務主管。自 12 年前加入 MSCI 以來，他擔任過各種職務，支持我們的增長戰略、併購和合作夥伴關係，同時建立我們的規劃和預測流程。

We're excited to have him in this role. His experience and institutional knowledge will help investors better understand our strategy and opportunities.

我們很高興讓他擔任這個角色。他的經驗和機構知識將幫助投資者更好地了解我們的戰略和機會。

Looking back on the second quarter, MSCI delivered strong results in a difficult external environment. Among our headline achievements, we posted record levels of second quarter total new recurring subscription sales and net new recurring sales. This helped us drive 14% organic subscription run rate growth, up from 11% a year ago. It also contributed to adjusted EPS growth of 13.5%. Meanwhile, MSCI achieved a 95.5% retention rate, up from 94.4% in the second quarter of 2021.

回顧第二季度，MSCI 在艱難的外部環境中取得了強勁的業績。在我們的主要成就中，我們公佈了第二季度新的經常性訂閱銷售總額和新的經常性銷售淨額的創紀錄水平。這幫助我們推動了 14% 的有機訂閱運行率增長，高於一年前的 11%。它還促進了調整後每股收益增長 13.5%。同時，MSCI 實現了 95.5% 的保留率，高於 2021 年第二季度的 94.4%。

On the capital front, we repurchased another $277 million worth of shares at an average price of $404 per share, bringing our total for the year to nearly $1.1 billion. We also raised $350 million through a term loan, giving us greater flexibility in the months ahead for bolt-on acquisitions and opportunistic share buybacks. We did all this against the backdrop of historic inflation, rapidly rising interest rates and market volatility.

在資本方面，我們以每股 404 美元的平均價格又回購了價值 2.77 億美元的股票，使我們今年的總價值接近 11 億美元。我們還通過定期貸款籌集了 3.5 億美元，為我們在未來幾個月的補強收購和機會性股票回購提供了更大的靈活性。我們是在歷史性通貨膨脹、利率迅速上升和市場波動的背景下做這一切的。

As we always say, MSCI prides itself on being an all-weather franchise. Any company can appear successful during a bull market. Moments like this show which companies are truly resilient. Time and again, MSCI has met the challenge. During periods of instability, our data and research become even more relevant.

正如我們常說的，MSCI 以成為全天候特許經營商而自豪。任何公司都可以在牛市中取得成功。像這樣的時刻表明哪些公司是真正有彈性的。 MSCI 一次又一次地迎接挑戰。在不穩定時期，我們的數據和研究變得更加相關。

Today, we are well positioned to capitalize on repriced assets and help investors navigate financial turbulence. We are also well positioned to make small bolt-on acquisitions if the right opportunities emerge. MSCI is focused on strategic accelerators, and our team is monitoring the market for possibilities.

今天，我們已準備好利用重新定價的資產並幫助投資者應對金融動盪。如果出現合適的機會，我們也有能力進行小型收購。 MSCI 專注於戰略加速器，我們的團隊正在監測市場的可能性。

Even as we continue investing in long-term growth, we will remain vigilant about protecting our profit margins. Despite the macro environment, we have not seen a slowdown in demand for our solutions. In fact, we see continued strength across most segments and geographies.

即使我們繼續投資於長期增長，我們也會對保護我們的利潤率保持警惕。儘管存在宏觀環境，但我們並未看到對我們解決方案的需求放緩。事實上，我們看到大多數細分市場和地區的持續強勢。

To help us become even more client-centric, we recently hired Christina Bandolowski as our new Chief Marketing Officer. Christina brings decades of experience from world-class brands such as Hewlett-Packard and Coca-Cola. Her work at MSCI will deepen our relationships with stakeholders across the board. Looking ahead, we recognize the challenges posed by global market trends, but as I said earlier, these are the moments when MSCI thrives.

為了幫助我們變得更加以客戶為中心，我們最近聘請了 Christina Bandolowski 作為我們新的首席營銷官。 Christina 帶來了來自惠普和可口可樂等世界級品牌數十年的經驗。她在 MSCI 的工作將加深我們與所有利益相關者的關係。展望未來，我們認識到全球市場趨勢帶來的挑戰，但正如我之前所說，這些正是 MSCI 蓬勃發展的時刻。

I'd now like to drill down into a few areas in greater depth, including Climate, Analytics and Fixed Income. Before I do so, in view of the external environment, I thought it was important to lead with what MSCI is seeing from our clients. Despite all the market turmoil, we continue to have strong growth across client segments. Our pipeline remains robust, and we have no evidence that it is slowing.

我現在想更深入地研究幾個領域，包括氣候、分析和固定收益。在我這樣做之前，鑑於外部環境，我認為以 MSCI 從我們的客戶那裡看到的情況來領導是很重要的。儘管市場動盪不安，但我們在客戶群中繼續保持強勁增長。我們的管道仍然強勁，我們沒有證據表明它正在放緩。

During this period of economic and financial turbulence, our clients understand that MSCI solutions can play a critical role in helping them adapt and manage their investments. Our second quarter performance confirms the strength of our diversified and durable franchise. Let me spotlight some of the segments and geographies where MSCI recorded especially strong growth.

在這段經濟和金融動盪時期，我們的客戶明白 MSCI 解決方案可以在幫助他們適應和管理投資方面發揮關鍵作用。我們第二季度的業績證實了我們多元化和持久的特許經營權的實力。讓我重點介紹 MSCI 錄得特別強勁增長的一些細分市場和地區。

In our Index business, we posted double-digit subscription run rate growth in all regions, along with custom index subscription run rate growth of 23%. In ESG and Climate, we delivered organic subscription run rate growth of 47%, recurring net new sales growth of 26% and our second best quarter ever for recurring sales. Meanwhile, total assets under management in ETFs linked to our ESG indexes increased by 15%. Among banks, hedge funds and wealth managers, we posted total subscription run rate growth of 17%, excluding RCA.

在我們的指數業務中，我們公佈了所有地區的兩位數訂閱運行率增長，以及 23% 的自定義指數訂閱運行率增長。在 ESG 和氣候方面，我們實現了 47% 的有機訂閱運行率增長，26% 的經常性淨新銷售額增長，以及我們有史以來第二好的經常性銷售季度。與此同時，與我們的 ESG 指數掛鉤的 ETF 管理的總資產增加了 15%。在銀行、對沖基金和財富管理機構中，我們公佈的總認購率增長了 17%，不包括 RCA。

In terms of specific products and services, we delivered robust analytics growth with net new sales increasing by 68%. This growth was driven by sales in equity factor models and risk management solutions as well as a 17% reduction in cancels.

在特定產品和服務方面，我們實現了強勁的分析增長，淨新銷售額增長了 68%。這一增長是由股權因子模型和風險管理解決方案的銷售以及取消量減少 17% 推動的。

We also posted a strong retention rate for Analytics of 94% and recurring sales growth of 15%. In addition, our listed Futures & Options trading volume increased by 37%, with strong growth from World, Euro and EAFE contracts. There's no question that Climate represents one of the fastest-growing parts of our franchise. Let me discuss a few concrete milestones from the second quarter.

我們還公佈了高達 94% 的分析保留率和 15% 的經常性銷售增長。此外，我們上市的期貨和期權交易量增長了 37%，其中世界、歐元和 EAFE 合約的強勁增長。毫無疑問，氣候代表了我們特許經營權中增長最快的部分之一。讓我討論第二季度的幾個具體里程碑。

Just last month, MSCI launched our new total portfolio foot-printing tool, which helps a growing range of financial institutions measure carbon emissions across their lending and investment portfolios. With this tool, we have extended our climate analysis to municipal bonds and securitized products. And we will be better able to provide modeling for loans, infrastructure and private assets.

就在上個月，MSCI 推出了我們新的總投資組合足跡工具，幫助越來越多的金融機構衡量其貸款和投資組合的碳排放量。通過這個工具，我們將氣候分析擴展到市政債券和證券化產品。我們將能夠更好地為貸款、基礎設施和私人資產提供建模。

MSCI also completed an agreement with a prominent general partner to provide climate analytics on the portfolio of private companies. In addition, we completed our first Climate Lab Enterprise deal with a major asset manager that cuts across Analytics, ESG and Climate and private assets. The larger pipeline for Climate Lab Enterprise continues to gain momentum.

MSCI 還與一家著名的普通合夥人完成了一項協議，為私營公司的投資組合提供氣候分析。此外，我們與一家主要資產管理公司完成了我們的第一個氣候實驗室企業交易，該資產管理公司涉及分析、ESG 和氣候以及私人資產。氣候實驗室企業的更大管道繼續獲得動力。

We're also pleased that one of the most innovative climate tools we launched in 2021, our Implied Temperature Rise metric, was named ESG Assessment Tool of the Year for Investment Decisions and Insights by Environmental Finance.

我們也很高興我們在 2021 年推出的最具創新性的氣候工具之一，即隱含溫升指標，被環境金融評為年度投資決策和洞察力 ESG 評估工具。

To cite one final second quarter milestone, MSCI released the latest iteration of our Net Zero tracker, which illustrates how listed companies align with different temperature rise scenarios. Climate is now driving growth across the company, including in our Analytics business.

引用最後一個第二季度的里程碑，MSCI 發布了我們的淨零跟踪器的最新版本，它說明了上市公司如何適應不同的升溫情景。氣候現在正在推動整個公司的增長，包括我們的分析業務。

In the second quarter, MSCI launched a series of new equity factor models, including the first models to offer sustainability, crowding and machine learning factors. The sustainability factor includes both ESG and carbon efficiency components. This is a significant model update aligned with our strong index franchise. We will make these models available through several distribution channels, including Snowflake's Data Cloud. Using Snowflake will help us dramatically accelerate the client onboarding process.

在第二季度，MSCI 推出了一系列新的股票因子模型，包括第一個提供可持續性、擁擠和機器學習因子的模型。可持續性因素包括 ESG 和碳效率成分。這是與我們強大的指數專營權相一致的重要模型更新。我們將通過多種分銷渠道提供這些模型，包括 Snowflake 的數據云。使用 Snowflake 將幫助我們顯著加快客戶入職流程。

We're also developing capabilities to create an even better user experience by combining analytical results from Risk Manager and BarraOne. This will greatly enrich our content and capabilities. We are further enhancing the user experience in Analytics through our Investment solutions-as-a-service applications. iSaaS gives clients greater flexibility in how they interact with our Analytics while reducing MSCI's time to market for new products and services. It represents a pivot away from our legacy applications. All of this reflects our broader focus on client centricity.

我們還在開發功能，通過結合風險管理器和 BarraOne 的分析結果來創造更好的用戶體驗。這將極大地豐富我們的內容和能力。我們正在通過我們的投資解決方案即服務應用程序進一步增強分析中的用戶體驗。 iSaaS 為客戶在如何與我們的分析交互方面提供了更大的靈活性，同時縮短了 MSCI 新產品和服務的上市時間。它代表了遠離我們遺留應用程序的一個支點。所有這些都反映了我們對以客戶為中心的更廣泛關注。

As part of that focus, we continue to make progress in expanding our direct indexing capabilities. We want to help clients to be able to personalize their investment strategies at scale through client designed index. As I mentioned earlier, MSCI delivered custom index subscription run rate growth of 23% in the second quarter. We were seeing growing traction of custom indexes as the basis of index-linked products within our asset-based fee revenue.

作為該重點的一部分，我們繼續在擴展我們的直接索引能力方面取得進展。我們希望幫助客戶能夠通過客戶設計的指數來大規模個性化他們的投資策略。正如我之前提到的，MSCI 在第二季度實現了 23% 的自定義指數訂閱運行率增長。我們看到自定義指數作為我們基於資產的費用收入中指數掛鉤產品的基礎越來越受到關注。

We're also building momentum in Fixed Income. In fact, during the second quarter, our Fixed Income franchise posted 35% growth -- run rate growth. MSCI will continue investing in Fixed Income to help our franchise reach the next level.

我們還在固定收益方面建立勢頭。事實上，在第二季度，我們的固定收益業務實現了 35% 的增長——運行率增長。 MSCI 將繼續投資於固定收益，以幫助我們的專營權更上一層樓。

With that in mind, we were delighted to team up with MarketAccess Holdings on innovative portfolio analytics solutions and co-branded Fixed Income Indexes. Through this partnership, MSCI's Portfolio Analytics and Fixed Income Indexes will integrate the all-to-all pricing developed by MarketAccess, including their credibility and liquidity scores. Meanwhile, investors will use MarketAccess and our ESG ratings to help create more liquid and sustainable Fixed Income portfolios.

考慮到這一點，我們很高興與 MarketAccess Holdings 合作開發創新的投資組合分析解決方案和聯合品牌的固定收益指數。通過此次合作，MSCI 的投資組合分析和固定收益指數將整合由 MarketAccess 開發的全面定價，包括其可信度和流動性得分。同時，投資者將使用 MarketAccess 和我們的 ESG 評級來幫助創建更具流動性和可持續的固定收益投資組合。

In closing, I would just like to reiterate that during this period of volatility in financial markets, we continue to see strong demand for our solutions. And with that, I will turn the call over to Andy. Andy?

最後，我想重申，在金融市場動蕩的這段時間裡，我們繼續看到對我們解決方案的強勁需求。有了這個，我會把電話轉給安迪。安迪？

Thanks, Baer. Good morning, everyone. As Baer highlighted, the solid performance during the quarter underscores our strong momentum and the power of our all-weather franchise. In addition to the 14% organic subscription run rate growth, we recorded the highest second quarter ever for recurring subscription sales and net new recurring sales, increasing 15% and 26% year-over-year, respectively, excluding the acquisition of RCA. And we experienced double-digit subscription run rate growth, excluding RCA across all regions with healthy growth across nearly all client segments.

謝謝，貝爾。大家，早安。正如貝爾所強調的那樣，本季度的穩健表現突顯了我們強勁的勢頭和我們全天候特許經營的力量。除了 14% 的有機訂閱運行率增長外，我們在第二季度的經常性訂閱銷售額和新的經常性淨銷售額創下歷史新高，分別同比增長 15% 和 26%，不包括收購 RCA。我們經歷了兩位數的訂閱運行率增長，不包括所有地區的 RCA，幾乎所有客戶群都有健康增長。

In Index, we delivered 12% subscription run rate growth, which represents our 34th consecutive quarter of double-digit subscription run rate growth. This growth was fueled by 19% subscription run rate growth from broker-dealers, hedge funds and wealth managers, on top of 10% growth from asset managers and asset owners. Asset-based fee revenue experienced declines in the quarter, with ETF and non-ETF passive fees impacted by declines in market levels, offset by continued growth in our Futures & Options franchise.

在指數中，我們實現了 12% 的訂閱運行率增長，這是我們連續第 34 個季度實現兩位數的訂閱運行率增長。除了資產管理公司和資產所有者的 10% 增長之外，經紀自營商、對沖基金和財富管理公司 19% 的訂閱運行率增長也推動了這一增長。本季度基於資產的費用收入出現下降，ETF 和非 ETF 被動費用受到市場水平下降的影響，但被我們的期貨和期權業務的持續增長所抵消。

ETFs linked to MSCI indexes drew more modest net cash inflows of $7.5 billion in the quarter, with flows coming from developed markets ex U.S. and emerging market exposure funds, and within those, flows into funds linked to our ESG and climate indexes. It's also worth highlighting that mix shift helped to drive a modest increase sequentially in the period-end average basis point fees to 2.52.

與 MSCI 指數掛鉤的 ETF 在本季度吸引了較為溫和的 75 億美元淨現金流入，資金來自美國以外的發達市場和新興市場敞口基金，其中流入與我們的 ESG 和氣候指數相關的基金。還值得強調的是，混合轉變有助於推動期末平均基點費用連續小幅上漲至 2.52。

As we have mentioned previously, our non-ETF passive revenues are recognized on the latest AUM levels reported to us by clients, which typically occurs on a 1 quarter lag. When we receive updated AUM balances from clients, we true up or true down the revenue accrued in the period reported by the client and use the new balance to accrue revenue in the current period based on the then effective pricing. As clients begin reporting lower AUM balances for prior periods during this quarter, our revenue in this quarter reflects some true downs on revenue accrued in prior periods as well as lower accrual levels for the current period. Despite the headwinds from lower reported AUM balances, we continue to see very strong client demand and new product launches in this area as well as strong resilience and fees. As a nice offset to the AUM declines, revenue from listed Futures & Options linked to MSCI indexes recorded its highest quarter ever, with traded volumes and contracts linked to our indexes up 37% year-over-year.

正如我們之前提到的，我們的非 ETF 被動收入是根據客戶向我們報告的最新 AUM 水平確認的，這通常滯後 1 個季度。當我們從客戶那裡收到更新的 AUM 餘額時，我們會對客戶報告的當期應計收入進行加減或加減，並使用新的餘額根據當時的有效定價計算當期的收入。隨著客戶在本季度開始報告前期 AUM 餘額較低，我們本季度的收入反映了前期應計收入的一些真實下降以及本期較低的應計水平。儘管報告的 AUM 餘額較低帶來了不利因素，但我們繼續看到該領域的客戶需求和新產品發布非常強勁，以及強大的彈性和費用。作為對資產管理規模下降的一個很好的抵消，與 MSCI 指數掛鉤的上市期貨和期權的收入創下有史以來的最高季度，與我們的指數掛鉤的交易量和合約同比增長 37%。

Outside of the asset-based fees and index, we saw tremendous strength across most areas. In Analytics, we drove 15% growth in new recurring subscription sales while also experiencing a 17% decline in cancels, driving net new recurring subscription growth of 68% and organic subscription run rate growth of 7.4%. We continue to see many opportunities and strong momentum in front office equity and fixed income portfolio management alongside our ESG and Climate Risk Solutions.

除了基於資產的費用和指數之外，我們在大多數領域都看到了巨大的優勢。在分析方面，我們推動了新的經常性訂閱銷售額增長 15%，同時取消量下降了 17%，推動了 68% 的淨新經常性訂閱增長和 7.4% 的有機訂閱運行率增長。除了我們的 ESG 和氣候風險解決方案，我們繼續看到前台股票和固定收益投資組合管理方面的許多機會和強勁勢頭。

In ESG and Climate, we delivered another quarter of exceptional organic growth of close to 50%, as Baer mentioned. Roughly half of new recurring subscription sales were generated from emerging client segments, including wealth managers, insurance companies, hedge funds, broker-dealers and corporates. And our climate run rate reached $55 million, which is an increase of 88% from a year ago.

正如 Baer 所說，在 ESG 和氣候方面，我們又實現了近 50% 的異常有機增長。大約一半的新定期訂閱銷售來自新興客戶群，包括財富管理公司、保險公司、對沖基金、經紀自營商和企業。我們的氣候運行率達到了 5500 萬美元，比一年前增長了 88%。

Excluding the impact of RCA, Real Assets revenues were down year-over-year as a result of foreign exchange impacts and some impact from the timing of revenue recognition. However, organic subscription run rate growth was 9% in our legacy real estate business. Across the firm, it's also worth highlighting the very healthy retention rate of 95.5% with strength across all segments.

排除 RCA 的影響，由於外匯影響和收入確認時間的一些影響，Real Assets 收入同比下降。然而，我們傳統房地產業務的有機訂閱運行率增長了 9%。在整個公司中，還值得強調的是 95.5% 的非常健康的保留率以及所有細分市場的實力。

Our adjusted EPS growth highlights the power of our all-weather franchise. We flexed our expense base to mitigate the impacts of the AUM-based headwinds. And the headwinds of an appreciating U.S. dollar on our revenues, which were approximately $8 million when compared to Q2 of 2021, were more than offset by FX benefits on our expenses of approximately $9 million.

我們調整後的每股收益增長突顯了我們全天候特許經營權的力量。我們調整了我們的費用基礎，以減輕基於 AUM 的不利因素的影響。與 2021 年第二季度相比，美元升值對我們收入的不利影響（與 2021 年第二季度相比約為 800 萬美元）被我們約 900 萬美元費用的外匯收益所抵消。

Furthermore, our proactive capital actions provided another lever of support. Year-to-date through yesterday, we've repurchased over $1 billion of stock or approximately 2.2 million shares. More broadly, we remain nimble and proactive on the capital allocation front. MSCI's Board approved a 20% increase to our quarterly dividend to $1.25 per share, further illustrating our commitment to return capital to our shareholders.

此外，我們積極的資本行動提供了另一個支持槓桿。從年初至今，我們已經回購了超過 10 億美元的股票或大約 220 萬股股票。更廣泛地說，我們在資本配置方面保持靈活和積極主動。 MSCI 董事會批准將我們的季度股息增加 20% 至每股 1.25 美元，進一步說明我們向股東返還資本的承諾。

In the beginning of June, we opportunistically raised $350 million through term loan borrowings. With these proceeds, we ended the quarter with a cash balance of $842 million, of which, approximately $600 million is readily available. We remain well positioned to continue to capitalize on share repurchases and bolt-on MP&A opportunities that may arise against this volatile market backdrop.

6 月初，我們通過定期貸款借款機會性地籌集了 3.5 億美元。有了這些收益，我們在本季度末的現金餘額為 8.42 億美元，其中大約 6 億美元是現成的。我們仍然處於有利地位，可以繼續利用在這種動蕩的市場背景下可能出現的股票回購和追加 MP&A 機會。

Before we open the call for Q&A, I would like to discuss our outlook for the year. We published our updated guidance earlier this morning, which reflects a cautious but constructive view on the balance of the year. While we expect some continued volatility, we expect generally flat to gradually improving market levels from current levels throughout the balance of the year. As mentioned earlier, we have begun to activate our downturn playbook, with a focus on flexing certain less critical expenses and moderating our pace of hiring in selected areas. We utilize these times of uncertainty to reprioritize our resources and push ourselves to be more efficient across the business in order to free up incremental investment dollars.

在我們打開問答電話之前，我想討論一下我們對今年的展望。我們今天早上早些時候發布了更新的指引，這反映了對今年餘額的謹慎但建設性的看法。雖然我們預計會出現一些持續的波動，但我們預計在今年餘下時間裡，市場水平總體上會從當前水平逐漸改善。如前所述，我們已經開始啟動我們的低迷劇本，重點是調整某些不太重要的開支，並減緩我們在選定領域的招聘步伐。我們利用這些不確定的時期來重新調整我們的資源優先級，並推動自己在整個業務中提高效率，以釋放增量投資資金。

Our decreased operating expense and adjusted EBITDA expense guidance reflects these actions against our current expectation of relatively flat market levels for the balance of the year. It is worth noting that the pace of spend may fluctuate up and down based on the trajectory of our asset-based fees, the performance of the business more broadly and the global operating environment outlook. We have modestly increased our range for capitalized expenses as well as depreciation and amortization expense, mainly reflecting a higher level of capitalized software development costs across products. We increased our interest expense guidance to reflect the variable interest rate payments on the term loan borrowings drawn in June. And lastly, we've lowered our net cash provided by operating activities and free cash flow guidance as a result of the declines in asset-based fees and higher interest expense, partially offset by lower operating expenses.

我們減少的運營費用和調整後的 EBITDA 費用指引反映了這些行動與我們目前對今年餘下時間相對平穩的市場水平的預期相反。值得注意的是，支出步伐可能會根據我們基於資產的費用軌跡、更廣泛的業務表現和全球運營環境前景而上下波動。我們適度增加了資本化費用以及折舊和攤銷費用的範圍，主要反映了產品中更高水平的資本化軟件開發成本。我們提高了利息支出指引，以反映 6 月份提取的定期貸款借款的浮動利率支付。最後，由於基於資產的費用下降和利息支出增加，我們降低了經營活動提供的淨現金和自由現金流指導，部分被較低的經營費用所抵消。

Our tax guidance for the year remains unchanged. For the full year, we expect to drive continued high 50% margins on a consolidated basis, which is in line with our long-term target. Across the business, we continue to see strong levels of demand for our products, and we have conviction in the secular growth opportunities in front of us. We remain focused on executing on our strategic growth opportunities, but we will continue to protect the financial model of our all-weather franchise.

我們今年的稅務指引保持不變。全年，我們預計綜合利潤率將持續保持 50% 的高水平，這符合我們的長期目標。在整個業務領域，我們繼續看到對我們產品的強勁需求，我們對擺在我們面前的長期增長機會充滿信心。我們仍然專注於執行我們的戰略增長機會，但我們將繼續保護我們全天候特許經營的財務模式。

And with that, operator, please open the line for questions.

有了這個，接線員，請打開問題線。

(Operator Instructions) Our first question comes from Manav Patnaik with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Manav Patnaik。

Andy, I was hoping just your comments on activating the downturn playbook. I was just hoping you could give us some specific examples perhaps where you're starting to see some of this weakness, in which segments? Is it the banks where you're starting to hear like layoff chatter? Or -- I was just hoping you could flesh that out a bit. I understand why you're doing it, but just was hoping for some color on which areas perhaps you're seeing some of this weakness right now.

安迪，我希望只是你對激活低迷劇本的評論。我只是希望你能給我們一些具體的例子，也許你開始看到這些弱點，在哪些部分？是你開始聽到裁員喋喋不休的銀行嗎？或者——我只是希望你能充實一點。我理解你為什麼要這樣做，但只是希望在哪些領域能看到一些顏色，也許你現在看到了一些這種弱點。

Manav, it's Baer here. Maybe before I turn it over to Andy, I just wanted to make a clarifying point. The downturn playbook relates more to a series of financial actions that we take in order to be prudent and to ensure that we don't provide any negative surprises to our shareholders. So it doesn't -- it's not conducive necessarily in a strict sense to us seeing any sort of negatives in our pipeline or what's happening. It's just that in view of, clearly, the market beta effects and how that affects our ABF revenues and that can be seen and all of you can measure that. But I think more broadly, we're not seeing anything particularly negative. I hope that was reflected in our prepared remarks. But I'll just also turn it over to Andy to speak a little bit more specifically about those measures we're taking to be financially prudent.

馬納夫，這裡是貝爾。也許在我把它交給安迪之前，我只是想澄清一點。低迷劇本更多地與我們採取的一系列財務行動有關，以保持謹慎並確保我們不會給股東帶來任何負面意外。所以它沒有 - 從嚴格意義上講，它不一定有利於我們看到我們管道中的任何負面因素或正在發生的事情。只是，很明顯，市場貝塔效應以及它如何影響我們的 ABF 收入，這是可以看到的，你們所有人都可以衡量這一點。但我認為更廣泛地說，我們沒有看到任何特別負面的東西。我希望這反映在我們準備好的發言中。但我也將把它交給安迪，更具體地談談我們為財務審慎而採取的那些措施。

To Baer's point, this was -- the actions that we're taking are related to the pullback in ABF revenues. We mentioned last quarter that if AUM stayed at current levels at the time or deteriorated further, we would likely go to our downturn playbook. From the end of Q1 to the end of Q2, we saw AUM levels drop about $200 billion or 14%. And as I mentioned, our guidance at the time, assumed markets remained fairly flat. And so as a result, we're turning to our downturn playbook.

在 Baer 看來，這是 - 我們正在採取的行動與 ABF 收入的回落有關。我們在上個季度提到，如果 AUM 當時保持在當前水平或進一步惡化，我們可能會轉向我們的低迷劇本。從第一季度末到第二季度末，我們看到 AUM 水平下降了約 2000 億美元或 14%。正如我所提到的，我們當時的指導假設市場保持相當平穩。因此，我們正在轉向我們的低迷劇本。

Just to give you some color on some of the levers that we've been flexing here. We are moderating the pace of headcount growth on a very targeted basis. And so we are prioritizing our key investment areas to continue investing in, but other areas, we are slowing down the pace of growth. We're also identifying efficiencies in less critical areas. We are selectively flexing down some of our discretionary non-comp areas around areas like professional fees.

只是為了給你一些我們一直在這裡彎曲的槓桿的顏色。我們正在有針對性地放慢員工人數的增長速度。因此，我們正在優先考慮我們的關鍵投資領域以繼續投資，但在其他領域，我們正在放慢增長步伐。我們還在不太關鍵的領域確定效率。我們有選擇地在專業費用等領域減少一些可自由支配的非補償領域。

Obviously, you're aware, we are getting some meaningful FX benefits, which feed into the lower expenses as well. And then it is worth noting, we are projecting a slightly lower comp accrual relative to our original forecast. But to Baer's point, I do want to highlight that our business remains healthy. Client buying behavior remains generally healthy despite the lower ETF AUM levels. And it's important to keep in mind that we have a global diversified all-weather franchise with a very strong subscription growth and retention rate here.

顯然，您知道，我們正在獲得一些有意義的外匯收益，這也有助於降低開支。然後值得注意的是，相對於我們最初的預測，我們預計應計薪酬略低。但就貝爾而言，我確實想強調我們的業務仍然健康。儘管 ETF AUM 水平較低，但客戶購買行為總體上保持健康。重要的是要記住，我們擁有全球多元化的全天候特許經營權，這裡的訂閱增長和保留率非常強勁。

Okay. Got it. That's helpful. And then maybe can you just talk about -- you guys have a strong balance sheet, but just your thoughts on accelerating maybe some MP&A that you guys typically do. Like just are the valuations down enough in the private market as well?

好的。知道了。這很有幫助。然後也許你能談談 - 你們有一個強大的資產負債表，但只是你們對加速的想法，也許你們通常會做一些 MP&A。就像私人市場的估值也足夠低？

Yes. So I mean, part of the rationale for raising the term loan, the additional $350 million, was to give us dry powder. We want to continue to be nimble on the share repurchase front. We think there are opportunities to get our shares at attractive values, but we also want to have some dry powder for bolt-on MP&A. And so we've started to see some repricing in private companies. I would say, generally, especially in the spaces we operate, they haven't adjusted to the levels of public companies. And so we do think there could be some continued compression in private company values. There's also a degree of time related to private company owners adjusting to the new norm before they decide to sell. And so we do think, if this market volatility persists and the market -- public company valuations remain low, in the coming quarters, there could be some opportunities that we want to be poised to capitalize on. And as always, we're focused on strategic accelerators, as Baer said, focused on our core investment areas, like ESG and private assets and Fixed Income in the areas of unique content that will enhance our existing franchise.

是的。所以我的意思是，提高定期貸款（額外的 3.5 億美元）的部分理由是給我們乾粉。我們希望在股票回購方面繼續保持靈活。我們認為有機會以具有吸引力的價值獲得我們的股票，但我們也希望有一些乾粉用於補充 MP&A。因此，我們已經開始看到私營公司的一些重新定價。我想說，一般來說，特別是在我們經營的空間中，他們沒有適應上市公司的水平。因此，我們確實認為私營公司的價值可能會繼續受到一些壓縮。私人公司所有者在決定出售之前也需要一段時間來適應新規範。因此，我們確實認為，如果這種市場波動持續存在並且市場 - 上市公司估值仍然很低，那麼在接下來的幾個季度中，可能會有一些我們希望利用的機會。正如貝爾所說，與往常一樣，我們專注於戰略加速器，專注於我們的核心投資領域，如 ESG 和私人資產以及將增強我們現有特許經營權的獨特內容領域的固定收益。

The next question comes from Alex Kramm with UBS.

下一個問題來自瑞銀的 Alex Kramm。

I guess, strong sales during the quarter, and I think the pipeline commentary also pretty constructive. Just wondering, given that this quarter or that 2Q was basically deteriorated throughout, just wondering if -- how the progression was on the sales side. Did you see any differences as the quarter went on? Or was it all fairly consistent? And then maybe any other -- any particular color by customer sets as again, as the quarter was maybe a tale of many stories.

我想，本季度強勁的銷售，我認為管道評論也很有建設性。只是想知道，鑑於本季度或第二季度基本上整個季度都在惡化，只是想知道銷售方面的進展如何。隨著季度的進行，您是否發現了任何差異？還是這一切都相當一致？然後可能是其他任何顏色 - 客戶設置的任何特定顏色，因為本季度可能是許多故事的故事。

Yes. Alex, look, honestly, we really haven't seen any sort of marked change from the beginning to the end of the quarter. We actually had a very strong end of the quarter in terms of closing business. We've started the present quarter as we would hope to do. So as far as we can see at present, we have no information to suggest things are turning into a negative direction. Look, it's a choppy environment and things could change. But as of today, we have no empirical evidence that things are trending in a worse direction.

是的。亞歷克斯，老實說，從本季度開始到結束，我們真的沒有看到任何明顯的變化。實際上，就關閉業務而言，我們在本季度末的表現非常強勁。正如我們希望的那樣，我們已經開始了本季度。因此，就我們目前所見，我們沒有任何信息表明事情正在轉向負面方向。看，這是一個波濤洶湧的環境，事情可能會發生變化。但截至今天，我們沒有經驗證據表明事情正朝著更糟糕的方向發展。

All right. Great. Fair enough. Second question then, and I think I asked this either 1 or 2 quarters ago, but I think it remains relevant, which is on the ESG noise that's out there, somebody said to me the other day, not a day goes by without a negative article on ESG. And it seems like in an election year, this is even turning into a partisan issue. So just wondering what this has done to your client conversations, to your sales pipeline? I mean, is this having an impact? Or is it just noise that us on the outside maybe are getting wrapped up in, but it really doesn't matter to the end clients and end demand?

好的。偉大的。很公平。然後是第二個問題，我想我在 1 或 2 個季度前問過這個問題，但我認為它仍然具有相關性，這是關於 ESG 噪音的問題，前幾天有人對我說，沒有一天沒有負面關於 ESG 的文章。似乎在選舉年，這甚至變成了黨派問題。所以只是想知道這對您的客戶對話、您的銷售渠道有何影響？我的意思是，這有影響嗎？或者僅僅是我們在外面可能被包裹起來的噪音，但對於最終客戶和最終需求來說真的無關緊要？

Sure. So Alex, first of all, as you well know, we're a global franchise. So I think the debate you're referring to is primarily in the United States and is not really happening to the same degree in other geographies.

當然。所以亞歷克斯，首先，正如你所知道的，我們是一家全球特許經營商。所以我認為你所指的辯論主要發生在美國，在其他地區並沒有真正發生同樣程度的問題。

And then I think the second point, which is much more important, is you need facts and information to engage in that debate, right? So I think the point that I also have made repeatedly on this topic in the past is, what people cannot afford to do is ignore the topic. There may be certain parties who, I think, are a minority or a small minority, depending on where you are, who feel that this is "not a good use of their time." But even they need data and information to make their case on. And I think that the key part of this franchise is that all parts of the debate need information to make judgments. And I think that, that benefits us across the board.

然後我認為第二點更重要，你需要事實和信息來參與辯論，對嗎？所以我認為我過去在這個話題上也反復強調過的一點是，人們不能做的就是忽略這個話題。我認為，可能有某些黨派是少數派或少數派，這取決於你在哪裡，他們覺得這“沒有很好地利用他們的時間”。但即使是他們也需要數據和信息來證明他們的觀點。而且我認為這個特許經營權的關鍵部分是辯論的所有部分都需要信息來做出判斷。我認為，這對我們全面有益。

The next question comes from Toni Kaplan with Morgan Stanley.

下一個問題來自摩根士丹利的托尼卡普蘭。

Wanted to start on the custom index side. I think, Baer, you mentioned that you've seen sort of an acceleration in this area. Are you guys able to size that for us right now? And is this an acceleration in growth because it's off of a smaller base? Or is this a structural long-term growth driver for the Index business?

想從自定義索引方面開始。我想，貝爾，你提到你已經看到了這個領域的加速。你們現在可以為我們調整尺寸嗎？這是因為基數較小而加速增長嗎？或者這是否是指數業務的結構性長期增長動力？

The custom indexes have been a structural long-term growth driver for the Index for some time. And I hope I'm not speaking out of school, but this data, it's pretty clear in my head, that the growth rate has always been pretty healthy. But the healthy growth rate, which is the one that we had in the past quarter, by definition, is coming always off a higher base, right?

一段時間以來，自定義指數一直是該指數的結構性長期增長動力。我希望我不是在校外說話，但這些數據在我腦海中非常清楚，增長率一直很健康。但是，根據定義，我們在上個季度所擁有的健康增長率總是來自更高的基數，對吧？

So it is a long-term story. It's still a very strong trend. And we're seeing -- first of all, the demand for complexity with different types of content, different asset classes, which we hope to do more of, has increased. So that plays to our strengths. But also, we're seeing that this demand, which was, going back in time, chiefly institutional, is spreading increasingly to wealth management. And notably, we're investing in direct indexing, as I mentioned in my comments. So we think that the combination of institutional demand, general financial product demand and the rising demand for direct indexing and wealth will continue to provide a lot of momentum to this area for us.

所以這是一個長期的故事。這仍然是一個非常強勁的趨勢。我們看到——首先，對不同類型內容、不同資產類別的複雜性的需求增加了，我們希望做更多的事情。所以這發揮了我們的優勢。但是，我們也看到，這種需求，可以追溯到過去，主要是機構需求，正越來越多地擴展到財富管理。值得注意的是，正如我在評論中提到的那樣，我們正在投資直接索引。因此，我們認為機構需求、一般金融產品需求以及對直接指數和財富不斷增長的需求相結合，將繼續為我們提供這一領域的巨大動力。

Perfect. And I was hoping you could give us an update on regulation, both within the Index space and the ESG parts of your business as well. Are you seeing more of a tick up in regulation or regulator scrutiny? Just wanted to get an update there.

完美的。我希望您能向我們提供有關指數空間和您業務的 ESG 部分的最新監管情況。您是否看到監管或監管審查的增加？只是想在那裡獲得更新。

Yes. Sure. I'm happy to take that. So just as a reminder, we are regulated in the EU, under the EU BMR, actually currently through the FCA in the U.K. So that's something of some standing, so we're familiar with that.

是的。當然。我很樂意接受。所以提醒一下，我們在歐盟受到監管，在歐盟 BMR 下，實際上目前通過英國的 FCA。所以這是一些立場，所以我們對此很熟悉。

So just continuing on index regulation, there have been greater interest in this topic from regulators in the United States. And I won't speculate on where that will end up or the direction of it. But clearly, the interest of regulators in the United States has picked up. But I'm confident that in whatever direction that goes, the manner that we operate, the quality, the transparency, the separation of powers between editorial and commercial, all those things, I think we're very well prepared for it.

因此，繼續進行指數監管，美國監管機構對這個話題產生了更大的興趣。我不會推測這將在哪裡結束或它的方向。但很明顯，美國監管機構的興趣有所增加。但我相信無論朝哪個方向發展，我們的運作方式、質量、透明度、編輯和商業之間的權力分離，所有這些，我認為我們已經做好了充分的準備。

In ESG also, we -- as a reminder, we are a registered investment adviser in the U.S. and we're not the LLC that owns ESG ratings. That, clearly, has been an area that has not been heavily regulated for us historically. It may be further regulated in the future. And there's also a lot of initiatives in Europe related to ESG regulation.

在 ESG 方面，我們——提醒一下，我們是美國的註冊投資顧問，我們不是擁有 ESG 評級的有限責任公司。顯然，這在歷史上一直是我們沒有受到嚴格監管的領域。未來可能會進一步規範。歐洲也有很多與 ESG 監管相關的舉措。

And I'd make the same observation. While we are -- we always work on the assumption that someone may come and regulate us. And so the quality of what we do, the transparency of what we do is foremost in our mind. That's how we're operating in our ESG ratings. And we're confident if we do so, we continue to invest and ensure the highest quality, that if regulation comes, we may well benefit from it because of the high standards we have.

我也會做同樣的觀察。雖然我們 - 我們總是假設有人可能會來監管我們。所以我們所做的事情的質量，我們所做的事情的透明度是我們最關心的。這就是我們在 ESG 評級中的運作方式。我們有信心，如果我們這樣做，我們將繼續投資並確保最高質量，如果監管到來，我們很可能會從中受益，因為我們擁有的高標準。

The next question comes from George Tong with Goldman Sachs.

下一個問題來自高盛的 George Tong。

AUM dropped about 14% between 1Q and 2Q, and I believe you mentioned your guidance assumes flat market levels over the balance of the year. Can you elaborate on your thinking there and what your guidance assumes for AUM levels on a full year basis?

第一季度和第二季度的 AUM 下降了約 14%，我相信您提到您的指導假設今年餘下時間市場水平持平。您能否詳細說明您的想法以及您對全年 AUM 水平的指導假設？

Yes, I don't want to be more prescriptive than the commentary that I made and you alluded to. But in our trajectory of spending, we make assumptions about the market. And as I alluded to, we've assumed that the market levels remain relatively flat to where they are today to slightly improve. And so that's kind of the environment that we based our spending assumptions are, then feed into our EBITDA expense and operating expense guidance.

是的，我不想比我所做的和你提到的評論更具規範性。但在我們的支出軌跡中，我們對市場做出假設。正如我所提到的，我們假設市場水平與今天的水平保持相對平穩，略有改善。這就是我們基於支出假設的環境，然後將其納入我們的 EBITDA 費用和運營費用指導。

Right. And on a full year basis, that assumes what for AUM levels and perhaps on flows?

正確的。在全年的基礎上，假設 AUM 水平和流量可能是什麼？

Yes, you can do a little bit of the math yourself, just seeing what's happened for the first 6 months of the year and average AUM balances there, with that color that I just provided. I don't want to provide more specific assumptions around AUM flows or fees or any of those factors, which we typically don't comment on.

是的，您可以自己做一些數學運算，只需查看今年前 6 個月發生的情況以及那裡的平均 AUM 餘額，以及我剛剛提供的那種顏色。我不想就 AUM 流量或費用或任何這些因素提供更具體的假設，我們通常不會對此發表評論。

Got it. Okay. And then as a follow-up, you're exercising your downturn playbook with the expense reductions. What does your downturn playbook imply for margins? Are you committing to hold margins at a certain level for this year?

知道了。好的。然後作為後續行動，您正在通過削減開支來執行您的經濟低迷劇本。你的低迷劇本對利潤率意味著什麼？您是否承諾將今年的利潤率保持在一定水平？

Yes. We're not committing to margins. I did make the comment in my prepared remarks that we are targeting -- or we believe our margin for the year will be in the high 50s, which is aligned with our long-term targets. The margin can fluctuate quite a bit based on a number of factors, including big moves in AUM, FX rate fluctuations, other one-off items. So it's not a guidance or target, but we are looking at the margin being in the high 50s for the year, which is worth noting. And if you look at the expense guidance, it does imply that our expenses are picking up slightly in Q3 and Q4 relative to what we saw in Q2.

是的。我們不承諾利潤。我確實在我準備好的評論中發表了我們的目標 - 或者我們相信我們今年的利潤率將達到 50 多歲，這與我們的長期目標一致。保證金可能會根據許多因素而波動很大，包括資產管理規模的大幅變動、外匯匯率波動以及其他一次性項目。所以這不是一個指導或目標，但我們正在關註今年的利潤率在 50 多歲，這是值得注意的。如果你看一下費用指南，它確實意味著我們的費用在第三季度和第四季度相對於我們在第二季度看到的略有上升。

The next question comes from Russell Quelch with Redburn.

下一個問題來自與 Redburn 的 Russell Quelch。

So I just want to go back to the ESG and Climate business on the back of what Alex was saying. And I noted that the new subscription sales growth has been strong again this quarter. Wondered if you could talk to what's driving this? Is it the upsell of new products? Or is it new customer penetration sort of leveraging traditional products?

所以我只想在亞歷克斯所說的基礎上回到 ESG 和氣候業務。我注意到本季度新的訂閱銷售增長再次強勁。想知道你能不能談談是什麼驅動了這一切？是新產品的追加銷售嗎？還是利用傳統產品的新客戶滲透？

And also sort of how sustainable is the current level of sales growth? Do you think that the speed of the margin expansion in this business will slow? And what the sort of long-term margin target for this business might be?

以及目前的銷售增長水平有多可持續？您認為該業務的利潤率擴張速度會放緩嗎？該業務的長期利潤目標可能是什麼？

So look, I'll make a few observations, and then turn it over to Andy if he wants to comment on the margin or not. So look, as regards to the main question, I think it's all of the above and more of the same, right? I think it's the same as last quarter in a positive sense. 50% of our sales in the quarter were from new clients, new clients to this product line, and then that'll be new clients to the firm.

所以看，我會做一些觀察，然後把它交給安迪，如果他想評論邊距。所以看，關於主要問題，我認為以上都是一樣的，對吧？我認為從積極的意義上說，這與上一季度相同。本季度我們 50% 的銷售額來自新客戶，該產品線的新客戶，然後是公司的新客戶。

So I think in terms of both the range of what we are selling, the client types, the number of new clients, everything looks really healthy. So rather than speculate as to what rate will -- how long it will go on, the way I would say it is we have no suggestion that what -- that this -- that what occurred this quarter that will have any -- no less good a quarter next quarter as we had done in the previous quarter. So I just feel like we're in a strong position with this product line. And if that were to no longer be the case, we would communicate it, but we're really doing well now. So Andy, I don't know if you want to comment on the margin at all or...

因此，我認為就我們銷售的產品範圍、客戶類型、新客戶數量而言，一切看起來都非常健康。因此，與其推測利率會是多少——它會持續多久，我想說的是，我們不建議什麼——這個——這個季度發生的事情會有任何——不少於就像我們在上一季度所做的那樣，下個季度很好。所以我只是覺得我們在這條產品線上處於強勢地位。如果情況不再如此，我們會進行溝通，但我們現在真的做得很好。所以安迪，我不知道你是想對邊距發表評論還是......

Yes. Obviously, we don't give margin targets by segment, but I would say that within the ESG and Climate, our focus is really on driving top line growth, not margin expansion. And so we're not targeting for the margin to expand from current levels. We're really trying to invest to continue to fuel that growth that you're asking about across so many different dimensions. So the client segment dimensions, the asset class dimensions, the solutions dimensions, and then really, really accelerating our growth in Climate, which we think is going to be a massive opportunity. And so our goal right now is leadership and growth. It's not on margin expansion within the segment.

是的。顯然，我們沒有按細分市場給出利潤率目標，但我想說的是，在 ESG 和氣候方面，我們的重點實際上是推動收入增長，而不是利潤率擴張。因此，我們的目標不是從當前水平擴大利潤率。我們真的在努力投資，以繼續推動您在許多不同方面提出的增長。因此，客戶群維度、資產類別維度、解決方案維度，然後真正加速我們在氣候方面的增長，我們認為這將是一個巨大的機會。所以我們現在的目標是領導力和成長。它不是在細分市場內擴大利潤。

I would highlight that longer term, the nature of what we do in ESG and Climate is similar to what we do across many other product areas, which is we develop IP and we sell it to many different clients for many different use cases across many different applications. And so it inherently does have attractive operating leverage, but we're really reinvesting that operating leverage in growth and investment.

我要強調的是，從長遠來看，我們在 ESG 和氣候方面所做的工作性質類似於我們在許多其他產品領域所做的工作，即我們開發 IP，並將其出售給許多不同的客戶，用於許多不同的不同用例。應用程序。因此，它本質上確實具有有吸引力的經營槓桿，但我們確實將這種經營槓桿再投資於增長和投資。

Okay. Good stuff. And then sorry, just as a follow-up. In respect to the Analytics business, the run rate there is still circa 5% [and never picked up]. I wondered if you could talk in a bit of detail about what's being done to improve that.

好的。好東西。然後對不起，作為後續行動。就分析業務而言，那裡的運行率仍然在 5% 左右[從未回升]。我想知道您是否可以詳細談談正在採取哪些措施來改進這一點。

Yes. Actually, sorry, you broke up a little bit.

是的。其實，對不起，你們分手了一點。

Yes.

是的。

Do you mind repeating the question?

你介意重複這個問題嗎？

Yes, sorry. Just in the Analytics business, the run rate, it's still growing at around about 5%. There's never a pickup in the run rate growth. So I just wanted to know what's being done to improve that.

是的，對不起。僅在分析業務中，運行率仍在以 5% 左右的速度增長。運行速度增長從未出現過回升。所以我只是想知道正在做些什麼來改進它。

Yes. Yes. So we're focused as much on the run rate growth, which was 7.4%, which is still not quite where we want it to be. We do believe this is a high single-digit growth segment for us, but definitely higher than the revenue growth. There tends to be some noise around revenue growth related to timing of implementations, revenue recognition around contracts. Just consistent with what we've discussed in the past, there is lumpiness.

是的。是的。因此，我們同樣關注運行率增長，即 7.4%，這仍然不是我們想要的。我們確實相信這對我們來說是一個高個位數的增長部分，但絕對高於收入增長。與實施時間、合同收入確認相關的收入增長往往存在一些噪音。與我們過去討論過的內容一致，有塊狀。

I would say the encouraging thing for us on Analytics is the strength in the quarter was aligned with our strategic areas of focus within Analytics. So we saw a strong equity portfolio management growth of high single digits. We continue to see elevated growth within our Fixed Income portfolio management tools. And we continue to get -- we started to get some traction around ERP, which is the area that's had lower growth in the past. So we got a nice boost from our 18f reporting solution to support a new regulation going into effect in August. We got traction, as we highlighted with Climate Lab Enterprise sales, which are booked within our Analytics segment or partially booked within our Analytics segment. And we also are getting traction with our partnership approach, which is accelerated by some of the investments and advancements we've made on the iSaaS front. And so it's not where we want it to be, but we do think we've got the right strategy and hope to continue the momentum, although I would say it will be lumpy.

我想說，對我們來說，Analytics 令人鼓舞的是本季度的實力與我們在 Analytics 中的戰略重點領域保持一致。因此，我們看到了高個位數的強勁股票投資組合管理增長。我們繼續看到我們的固定收益投資組合管理工具增長迅速。我們繼續得到 - 我們開始在 ERP 上獲得一些牽引力，這是過去增長較低的領域。因此，我們從 18f 報告解決方案中獲得了很好的推動，以支持將於 8 月生效的新法規。正如我們在氣候實驗室企業銷售中強調的那樣，我們獲得了牽引力，這些銷售在我們的分析部門中預訂或部分在我們的分析部門中預訂。而且，我們的合作夥伴方式也受到了關注，我們在 iSaaS 方面的一些投資和進步加快了這種方式。所以這不是我們想要的，但我們確實認為我們有正確的策略，並希望繼續保持這種勢頭，儘管我會說它會很不穩定。

It's also worth highlighting that in addition to the strategic benefits that Analytics gives to the rest of the organization, Analytics has also been a nice source of operating leverage, which you can see from the results this quarter, which is really helping to fund investment in other parts of the company.

還值得強調的是，除了 Analytics 為組織的其他部門帶來的戰略利益之外，Analytics 還是一個很好的運營槓桿來源，您可以從本季度的結果中看到，這確實有助於為投資提供資金公司的其他部分。

Our next question comes from Craig Huber with Huber Research Partners.

我們的下一個問題來自於 Huber Research Partners 的 Craig Huber。

(technical difficulty) Maybe we can move to the next caller and then come back to Craig. He's having a technical problem.

（技術難度）也許我們可以轉到下一個呼叫者，然後再回到克雷格。他遇到了技術問題。

Let's move on to the next question, which comes from Patrick O'Shaughnessy with Raymond James.

讓我們繼續討論下一個問題，該問題來自 Patrick O'Shaughnessy 和 Raymond James。

How are you guys thinking about pricing power right now? Obviously, it's an inflationary environment, but at the same time, your asset management clients are seeing their AUM under pressure.

你們現在如何看待定價權？顯然，這是一個通脹環境，但與此同時，您的資產管理客戶的資產管理規模也面臨壓力。

So look, I would say that our philosophy on pricing is very consistent, which is that we always try to be as firm as we can without giving our clients the impression that we're being too aggressive. So I think that we've managed to put in sort of a slightly above average increase in our index sort of regular price increase, but it's not notably different. We're very focused right now on ensuring, as we have been for a number of years, that we have -- we're getting the right value out of Analytics, and that could be reflected in some of the numbers here.

所以看，我想說我們的定價理念是非常一致的，那就是我們總是盡可能地堅定，而不會給客戶留下我們過於激進的印象。所以我認為我們已經設法在我們的指數正常價格上漲中加入了略高於平均水平的漲幅，但這並沒有顯著不同。我們現在非常專注於確保，就像我們多年來一直所做的那樣，我們已經從 Analytics 中獲得了正確的價值，這可以反映在這裡的一些數字中。

And in terms of clearly the big growth drivers in ESG and Climate, those are fairly young products as it were. So it's mostly coming from new clients and new products rather than price increases. But I would say that as a general observation leading to -- linked to your observation about the state of our clients, we're not hearing negative noise about that. But we are conscious that we work in a competitive environment and that we always have, as I said, an outset, a philosophy of balancing economic strength with not pushing our clients too far.

就 ESG 和氣候的主要增長動力而言，這些顯然是相當年輕的產品。所以它主要來自新客戶和新產品，而不是價格上漲。但我想說的是，作為一般觀察導致 - 與您對我們客戶狀態的觀察相關，我們沒有聽到關於此的負面噪音。但我們意識到，我們在競爭激烈的環境中工作，而且正如我所說，我們始終秉持平衡經濟實力與不把客戶推得太遠的理念。

Got it. And then, Andy, can you quantify the magnitude of the true down that you spoke about in the non-ETF passive asset-based fees?

知道了。然後，安迪，您能否量化您所說的非 ETF 被動資產費用中的真實下跌幅度？

Yes. It's -- I know it's an area that probably a lot of folks missed or underestimated. I would say it can be on the order of magnitude of a few million dollars, depending on how significant the market moves are. I would mention that, depending on what happens with the markets, we could see this dynamic at play in our revenue in Q3 as well, with similar adjustments as we start to receive the Q2 AUM balances from our clients.

是的。這是 - 我知道這是一個可能很多人錯過或低估的領域。我會說它可能在幾百萬美元的數量級，這取決於市場走勢的重要性。我要提到的是，根據市場的情況，我們可以在第三季度的收入中看到這種動態，隨著我們開始從客戶那裡收到第二季度的 AUM 餘額進行類似的調整。

Our next question comes from Gregory Simpson with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Gregory Simpson。

I just wanted to ask if you had any color on the revenue contribution from private markets beyond the more legacy real estate piece and RCA? It sounds like there's quite a lot of work on the product side and building out relationships with GPs. But are we at the stage yet where kind of private equity clients are a more material segment? Just how things are kind of going there, and then the relationship with Burgiss.

我只是想問一下，除了更傳統的房地產和 RCA 之外，您對私人市場的收入貢獻是否有任何看法？聽起來在產品方面以及與 GP 建立關係方面有很多工作要做。但是，我們是否處於這樣一個階段，即私募股權客戶是一個更重要的部分？事情進展如何，然後是與 Burgiss 的關係。

Yes. Yes. So maybe I can comment on the real estate performance, and then, Baer, if you want to make any comments around Burgiss specifically, which we don't obviously consolidate Burgiss as we are a minority investor in them, but we continue to work on the product development front.

是的。是的。所以也許我可以對房地產表現發表評論，然後，Baer，如果你想對 Burgiss 發表任何評論，我們顯然不會合併 Burgis，因為我們是他們的少數投資者，但我們會繼續努力產品開發前沿。

But within real estate, before I touch on RCA, I do want to highlight -- provide some color around the performance of the segment. I know there was a lot of noise around it. I would say, the revenue growth is more a reflection of accounting and FX than business health. I think operating metrics are fine and organic subscription run rate growth within our legacy real estate business with 9%.

但在房地產領域，在談到 RCA 之前，我確實想強調一下——為該細分市場的表現提供一些色彩。我知道周圍有很多噪音。我想說，收入增長更多地反映了會計和外匯，而不是業務健康。我認為運營指標很好，我們的傳統房地產業務的有機訂閱運行率增長了 9%。

And for RCA, to your question, we continue to see double-digit run rate growth within RCA. And you can see the retention rate is quite strong at 96% within the segment. And so we continue to execute to make progress in our ambitions around RCA. And we are really starting to see the -- not only the operational synergies, but the strategic synergies of cross-selling to our clients, new product development, continuing to expand the suite of indexes and content as well as climate solutions that we had planned to do when we acquired the company. I don't know, Baer, do you want to make any comments around Burgiss?

對於 RCA，對於您的問題，我們繼續看到 RCA 內部的兩位數運行率增長。您可以看到該細分市場的保留率非常高，達到 96%。因此，我們繼續執行以在我們圍繞 RCA 的雄心壯誌上取得進展。我們真的開始看到——不僅是運營協同效應，還有向我們的客戶交叉銷售、新產品開發、繼續擴展我們計劃的索引和內容套件以及氣候解決方案的戰略協同效應我們收購公司時要做的事情。我不知道，貝爾，你想對伯吉斯發表任何評論嗎？

Look, I'll be very brief. I think we're working with them on a number of areas. We've clearly had alluded to some of the climate work that we're doing. That's been a big focus of ours because this demand is coming through for -- increasingly, from private asset clients. So there's also general work going on between our private asset data teams in order to figure out how we can create greater benefits in combined products going beyond some of the ESG and climate work that we're doing. So I hope as we get into the second half of the year, we'll be able to expand on that a bit more for you.

看，我會很簡短。我認為我們正在與他們在多個領域進行合作。我們顯然已經提到了我們正在做的一些氣候工作。這一直是我們關注的重點，因為這種需求正在越來越多地來自私人資產客戶。因此，我們的私人資產數據團隊之間也正在進行一般性工作，以弄清楚我們如何在組合產品中創造更大的利益，超越我們正在做的一些 ESG 和氣候工作。因此，我希望隨著我們進入下半年，我們將能夠為您擴展更多內容。

Great. And as a follow-up, can I check on how the product relationship with the Hong Kong Exchange is going? I think volumes in the China A50 contract maybe still a little bit on the low side, but a big opportunity longer term. Are there any kind of lessons from the other exchanges about how long it takes for volumes to really accelerate perhaps?

偉大的。作為後續，我能否查看與香港交易所的產品關係進展如何？我認為中國 A50 合約的成交量可能仍然偏低，但從長遠來看是一個很大的機會。其他交易所是否有任何關於交易量真正加速可能需要多長時間的經驗教訓？

Yes. Look, I think we're very happy with the relationship. I've personally been involved in a number of calls with them in the last quarter. I think that as you can see from other aspects of our futures franchise, these things are a virtuous circle that kind of volume and liquidity and open interest to get one another. I think we're happy with where we are. We've got some other things that we're discussing with them. So I think we're in a good place. And we believe that looking across our -- the broader numbers in our Futures & Options franchise, which you saw this quarter, there's still a lot of upside across the board with all of our exchange partners, including Hong Kong.

是的。看，我認為我們對這種關係非常滿意。在上個季度，我親自參與了與他們的多次通話。我認為，正如您從我們期貨專營權的其他方面所看到的那樣，這些東西是一種良性循環，即數量和流動性以及未平倉頭寸相互吸引。我認為我們對自己所處的位置感到滿意。我們還有其他一些事情正在與他們討論。所以我認為我們處在一個好地方。而且我們相信，縱觀我們在本季度看到的期貨和期權特許經營權中更廣泛的數字，我們所有的交易所合作夥伴（包括香港）仍然有很多全面的上漲空間。

Our next question comes from Craig Huber with Huber Research Partners.

我們的下一個問題來自於 Huber Research Partners 的 Craig Huber。

I apologize. Can you size for us, if you would, your Fixed Income run rate revenues now and maybe also your wealth management run rate?

我道歉。如果您願意，您能否為我們確定您現在的固定收益運行率收入以及您的財富管理運行率？

Yes. Craig, I don't think we've provided those metrics recently. I would say that there are a couple of ways to think about our Fixed Income business. We've got the direct fixed income solutions that we provide for the fixed income investment process, and those cut across Index with our Fixed Income Indexes, which is largely on the heels of our partnerships that we have with many other major index providers, fixed income index providers or ESG solutions, which are increasingly being incorporated into the fixed income investment process. And then our Analytics solutions, which I alluded to earlier, has been a nice area of growth for us in Analytics.

是的。克雷格，我認為我們最近沒有提供這些指標。我想說有幾種方法可以考慮我們的固定收益業務。我們擁有為固定收益投資流程提供的直接固定收益解決方案，以及那些通過我們的固定收益指數跨越指數的解決方案，這主要是在我們與許多其他主要指數提供商建立合作夥伴關係之後，固定收益收入指數提供商或 ESG 解決方案，它們越來越多地被納入固定收益投資流程。然後我們的分析解決方案，我之前提到的，對我們來說是一個很好的增長領域。

It is worth noting, we also have a meaningful Fixed Income capability that serves multi-asset class use cases. As part of our multi-asset class tools and our enterprise risk and performance, obviously, a big part of our clients' portfolio is -- their enterprise-wide portfolio is fixed income. And so we have capabilities there that are critical to supporting the growth and the position in those businesses as well. And so it cuts across a number of dimensions, but it is -- especially the one -- the parts serving the front office and that fixed income investment process, we are seeing very strong growth.

值得注意的是，我們還具有服務於多資產類別用例的有意義的固定收益能力。作為我們的多資產類別工具以及我們的企業風險和績效的一部分，顯然，我們客戶投資組合的很大一部分是——他們的企業範圍的投資組合是固定收益。因此，我們在那裡擁有對支持這些業務的增長和地位至關重要的能力。因此，它跨越了許多方面，但它是——尤其是一個——服務於前台和固定收益投資流程的部分，我們看到了非常強勁的增長。

Yes. And I'd just make an additional observation on top of what Andy said. This cross-product line team, 2 observations. This is how we're operating more and more across MSCI, using the phrase, One MSCI, we've used in the past. And in particular, in Fixed Income, the expertise we have across the firm is really coalescing. That team had -- across all products and functions at an off-site literally in the last week so I think there's a lot of momentum behind what we're doing. And it's sometimes tricky reporting as a public company across different product lines. So we'll continue to try to provide you guys with as much transparency as we can there.

是的。我只想在安迪所說的基礎上做一個額外的觀察。這個跨產品線的團隊，2 個觀察。這就是我們在 MSCI 中越來越多地運作的方式，使用我們過去使用的短語“一個 MSCI”。特別是在固定收益領域，我們在整個公司擁有的專業知識確實正在融合。上週，該團隊在場外進行了所有產品和功能，所以我認為我們正在做的事情背後有很多動力。作為一家上市公司，跨不同產品線的報告有時會很棘手。因此，我們將繼續努力為你們提供盡可能多的透明度。

And then my follow-up question, guys. Your private asset segment, obviously, organic ex FX was down about 5.5%. You talked about some onetime issues there. Can you just talk a little bit about your outlook there? And if you normalize for that, what was sort of the underlying growth rate?

然後我的後續問題，伙計們。顯然，您的私人資產部分，有機前外匯下降了約 5.5%。你在那裡談到了一些曾經的問題。你能談談你在那裡的前景嗎？如果你對此進行標準化，那麼潛在的增長率是多少？

Yes. So let me actually provide a little bit more color there. So as you alluded to, I mentioned there was some noise on the revenue side, where our revenue in real assets, firstly, has a relatively large exposure to non-USD currencies. And so the strong dollar, particularly relative to the pound, generated some revenue headwinds from an FX standpoint.

是的。所以讓我實際上在那裡提供更多的顏色。正如你所提到的，我提到在收入方面存在一些噪音，首先，我們的實物資產收入對非美元貨幣的敞口相對較大。因此，從外彙的角度來看，強勢美元，尤其是相對於英鎊而言，產生了一些收入阻力。

Additionally, within our legacy real estate business, for some of our offerings, we've been transitioning our clients to a service model where we recognize revenue evenly throughout the year versus, if you remember in the past, we had a good chunk of revenue where we recognized our revenue upon delivery of a service. And a good chunk of the revenue would be recognized in the second quarter, which is when we would do a number of the deliveries. And so from a year-over-year comparison standpoint, as we've migrated many clients to the -- even subscription model through the year, you see some headwinds in the growth. But more generally, I think we're committed to the long-term targets that we've put out there at the high teens level, and we continue to be bullish about the prospects across our legacy business, the RCA business as well as the combined organization.

此外，在我們的傳統房地產業務中，對於我們的一些產品，我們一直在將我們的客戶轉變為一種服務模式，在這種模式下，我們全年平均確認收入，而如果你記得過去，我們有很大一部分收入我們在提供服務時確認收入。很大一部分收入將在第二季度確認，也就是我們進行大量交付的時候。因此，從同比比較的角度來看，隨著我們全年將許多客戶遷移到甚至訂閱模式，您會看到增長中的一些不利因素。但更一般地說，我認為我們致力於實現我們在青少年水平上提出的長期目標，並且我們繼續看好我們的傳統業務、RCA 業務以及聯合組織。

Our last question comes from Ashish Sabadra with RBC Capital Markets.

我們的最後一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

I just wanted to go to the Slide 28, where you provide the AUMs and ETF linked to ESG and Climate equity indices. The growth moderated there a bit, and even sequentially, there was a moderation. I just wanted to see how much of it was related to just market performance. And what are you seeing in terms of new ETF launches or new product launches based on the ESG and Climate equity indices?

我只是想轉到幻燈片 28，在那裡您提供了與 ESG 和氣候股票指數相關的 AUM 和 ETF。那裡的增長有所放緩，甚至依次出現了放緩。我只是想看看其中有多少與市場表現有關。您對基於 ESG 和氣候股票指數的新 ETF 發布或新產品發布有何看法？

Yes. So look, as Andy mentioned before, we are close to speculate or to be -- to about the exact direction of what will happen with markets and products, particularly in this environment. But we've -- as I mentioned in my comments, growth in ESG and Climate category of indexes has been very attractive. Even in this tough market, we continue to be in conversations with many key clients about launching new products. So I think we -- the direction of travel continues to be what it has been. And we have nothing to suggest so far that there is a lack of interest in these type of products.

是的。所以看，正如安迪之前提到的，我們接近推測或將 - 關於市場和產品將發生的確切方向，特別是在這種環境下。但我們已經 - 正如我在評論中提到的那樣，ESG 和氣候類別指數的增長非常有吸引力。即使在這個艱難的市場中，我們仍會繼續與許多主要客戶就推出新產品進行對話。所以我認為我們 - 前進的方向仍然是過去的樣子。到目前為止，我們沒有任何跡象表明人們對這類產品缺乏興趣。

I don't know, Andy, if you have anything to add to that in terms of numbers or...

我不知道，安迪，如果你在數字或...方面有什麼要補充的...

No. No, I think you hit the key themes there. I think that's right. We continue to see momentum and strong appetite as Baer has highlighted across the category. There are cyclical dynamics feeding into some of the flows, particularly within ETFs. And so it's something that we're not too concerned about looking out longer term.

不，不，我認為你在那裡找到了關鍵主題。我認為這是對的。正如貝爾在整個類別中所強調的那樣，我們繼續看到勢頭和強勁的需求。某些資金流中存在周期性動態，尤其是在 ETF 中。因此，我們不太關心從長遠來看。

That's very helpful color. And maybe just as my follow-up, I was going to ask about the appointment of Christina as the new Chief Marketing Officer and the focus on a more client-centric approach. I was just wondering, as we think about the marketing strategy, should we expect any change to the marketing strategy there? Or even on the execution front, if you could provide some color on some of the new initiatives that might get planned for the rest of the year or going into 2023?

這是非常有用的顏色。也許就像我的後續行動一樣，我想問一下克里斯蒂娜被任命為新的首席營銷官的事，以及對更加以客戶為中心的方法的關注。我只是想知道，當我們考慮營銷策略時，我們是否應該期望那裡的營銷策略發生任何變化？甚至在執行方面，您是否可以為今年餘下時間或進入 2023 年計劃的一些新舉措提供一些色彩？

Sure. Great question. So first of all, I'm delighted that Christina has joined us. And I think we're at an inflection point or we're probably past an inflection point where MSCI needs to reach out to our clients in the broader markets, moving beyond our traditional strengths of what I would call direct sales and client service. And Christina has an outstanding background to help us in that regard. And I'm very confident that she will put her leadership footprint on this area, and we'll be happy to talk about that in the quarters ahead.

當然。好問題。首先，我很高興克里斯蒂娜加入了我們。我認為我們正處於一個轉折點，或者我們可能已經過了一個轉折點，MSCI 需要在更廣泛的市場上接觸我們的客戶，超越我們所謂的直銷和客戶服務的傳統優勢。克里斯蒂娜擁有出色的背景，可以在這方面為我們提供幫助。我非常有信心她將把她的領導足跡放在這個領域，我們很樂意在未來幾個季度談論這個問題。

Okay. I believe that was the final question.

好的。我相信這是最後一個問題。

This concludes our question-and-answer session. I would like to turn the conference back over to Baer Pettit for any closing remarks. Go ahead.

我們的問答環節到此結束。我想把會議轉回給 Baer Pettit 做任何閉幕詞。前進。

So thank you all for joining us on the call today and your continued interest in MSCI. As you heard, it's times like these that really underscore the resilience of MSCI's all-weather franchise. We not only continue to see strong demand for our solutions, but we also have tremendous opportunities in front of us. We remain excited about the momentum we are building and the investments we're making. And we look forward to seeing and engaging with all of you in the coming months. Thank you very much.

因此，感謝大家今天加入我們的電話會議，並感謝您對 MSCI 的持續興趣。正如你所聽到的，正是這樣的時刻真正凸顯了 MSCI 全天候專營權的彈性。我們不僅繼續看到對我們解決方案的強勁需求，而且我們面前還有巨大的機會。我們仍然對我們正在建立的勢頭和我們正在進行的投資感到興奮。我們期待在未來幾個月與大家見面並與之互動。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。