明晟 (MSCI) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，美好的一天，歡迎參加 MSCI 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the call over to Jeremy Ulan, Head of Investor Relations and Treasurer. Please go ahead and begin.

我現在想將電話轉給投資者關係主管兼財務主管 Jeremy Ulan。請繼續並開始。

Thank you, operator. Good day and welcome to the MSCI Third Quarter 2022 Earnings Conference Call. Earlier this morning, we issued a press release announcing our results for the third quarter of 2022. This press release, along with an earnings presentation we'll 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，接線員。美好的一天，歡迎參加 MSCI 2022 年第三季度收益電話會議。今天早上早些時候，我們發布了一份新聞稿，宣布了我們 2022 年第三季度的業績。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，都可以在我們的網站上找到， msci.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約束。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 Henry Fernandez, our Chairman and CEO; 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董事長兼首席執行官亨利·費爾南德斯（Henry Fernandez）； Baer Pettit，我們的總裁兼首席運營官；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 Henry Fernandez. Henry?

有了這個，現在讓我把電話轉給亨利·費爾南德斯。亨利?

Thank you, Jeremy. Welcome, everyone, and thank you for joining us today. In the third quarter, MSCI delivered another strong performance despite significant turmoil and dislocation in financial and commodity markets around the world. We posted organic recurring subscription run rate growth of over 14% and adjusted EPS growth of 12.6%. We achieved our best third quarter ever of net new recurring subscription sales, growing at 26%.

謝謝你，傑里米。歡迎大家，感謝您今天加入我們。儘管全球金融和大宗商品市場出現嚴重動盪和混亂，MSCI 第三季度仍表現強勁。我們公佈有機經常性訂閱運行率增長超過 14%，調整後每股收益增長 12.6%。我們實現了有史以來最好的第三季度淨新經常性訂閱銷售額，增長了 26%。

In addition, our retention rate was 96.4%, up by 188 basis points from a year earlier. In terms of capital management, we repurchased another $235 million worth of MSCI shares through October 24. For the year as a whole, our total share repurchases now stand at approximately $1.3 billion. This performance demonstrates the resilience and adaptability of MSCI's all-weather franchise.

此外，我們的保留率為 96.4%，比去年同期增加了 188 個基點。在資本管理方面，截至 10 月 24 日，我們又回購了價值 2.35 億美元的 MSCI 股票。就全年而言，我們的股票回購總額目前約為 13 億美元。這一表現證明了 MSCI 全天候專營權的彈性和適應性。

There is no question that the global economy faces major headwinds. These headwinds have created challenges for all companies, including MSCI. Yet they have also created a massive opportunity for us to differentiate ourselves and to show to both clients and shareholders the power of our all-weather franchise.

毫無疑問，全球經濟面臨重大阻力。這些不利因素給包括 MSCI 在內的所有公司帶來了挑戰。然而，它們也為我們創造了一個巨大的機會，讓我們脫穎而出，並向客戶和股東展示我們全天候特許經營權的力量。

At moments of extreme volatility and high uncertainty, investors become more reliant in high-quality data, insightful models and relevant research. They want a clear blueprint for navigating choppy waters. MSCI's tools can help them design one.

在極端波動和高度不確定性的時刻，投資者變得更加依賴高質量的數據、富有洞察力的模型和相關研究。他們想要一個清晰的藍圖來航行波濤洶湧的水域。 MSCI 的工具可以幫助他們設計一個。

Indeed, our solutions take on even greater importance during periods of elevated global risk. In other words, this is the time when what we do best matters most, and we fully intend to demonstrate it.

事實上，在全球風險升高的時期，我們的解決方案變得更加重要。換句話說，這是我們最擅長的事情最重要的時候，我們完全打算證明這一點。

Our third quarter performance showed continued strength across client segments and product lines. In Index, we delivered our highest subscription run rate growth in a decade at 12.6%, and the listed futures and options trading volume linked to MSCI indices increased by 21%. In Analytics, we achieved our highest retention rate ever at 95.9%.

我們第三季度的表現在客戶群和產品線中表現出持續的強勁勢頭。在指數方面，我們實現了 12.6% 的十年來最高認購率增長，與 MSCI 指數掛鉤的上市期貨和期權交易量增長了 21%。在 Analytics 中，我們實現了 95.9% 的最高保留率。

We also posted subscription run rate growth excluding foreign exchange of 97% in Climate and 35% in ESG ex Climate. All of these numbers illustrate how MSCI is capturing key market trends. As the indexing trend continues beyond market capitalization indices, we are meeting investor demand for tools to support more customized and personalized portfolio construction and highly specialized outcomes.

我們還公佈了不包括外彙在內的訂閱運行率增長 97% 的氣候和 35% 的 ESG（不包括氣候）。所有這些數字都說明了 MSCI 如何捕捉關鍵市場趨勢。隨著指數趨勢繼續超越市值指數，我們正在滿足投資者對工具的需求，以支持更多定制和個性化的投資組合構建和高度專業化的結果。

Likewise, as global economic pressures accumulate, we are providing the risk analytical tools investors need to stay ahead of the turmoil. Meanwhile, as ESG becomes increasingly mainstream, we are helping investors measure the full scope of sustainability risks, capitalize on sustainability opportunities and achieve sustainability objectives. For all the political noise and controversy around ESG, the simple fact is that sustainability risks are financial risks and will continue to be so.

同樣，隨著全球經濟壓力的累積，我們正在提供投資者需要的風險分析工具，以領先於動盪。同時，隨著 ESG 日益成為主流，我們正在幫助投資者衡量可持續發展風險的全部範圍，利用可持續發展機會並實現可持續發展目標。對於所有圍繞 ESG 的政治噪音和爭議，一個簡單的事實是可持續性風險是財務風險，並將繼續如此。

Investors know this. In fact, a recent PwC report found that "81% of institutional investors in the U.S. along with 84% in Europe, both plan to increase their allocations to ESG products over the next 2 years." The same report projected that ESG-related assets under management will reach nearly USD 34 trillion globally by 2026, an 84% increase from 2021.

投資者知道這一點。事實上，普華永道最近的一份報告發現，“81% 的美國機構投資者和 84% 的歐洲機構投資者都計劃在未來 2 年內增加對 ESG 產品的配置。”同一份報告預計，到 2026 年，全球 ESG 相關資產管理規模將達到近 34 萬億美元，比 2021 年增長 84%。

It is important to underscore that as our ESG product line becomes more diverse with many different use cases and client types, ESG sales growth will naturally fluctuate based on market shifts, cyclical conditions and regulatory development. Right now, the world is simultaneously witnessing global energy and food crisis; the largest European war in almost 80 years; the biggest inflation surge in decades; rapidly rising interest rates; and COVID lockdowns in China, which continue to affect supply chain.

需要強調的是，隨著我們的 ESG 產品線變得更加多樣化，具有許多不同的用例和客戶類型，ESG 銷售增長自然會根據市場變化、週期性條件和監管發展而波動。眼下，世界正同時見證全球能源和糧食危機；近 80 年來最大規模的歐洲戰爭；數十年來最大的通脹飆升；利率迅速上升；中國的新冠疫情封鎖繼續影響供應鏈。

At the same time, MSCI remains bullish on ESG's long-term potential. If anything, the main factors driving ESG growth from greater environmental and social awareness to demographic shifts will become even more powerful in the years ahead.

與此同時，MSCI 仍看好 ESG 的長期潛力。如果有的話，從提高環境和社會意識到人口結構變化的推動 ESG 增長的主要因素將在未來幾年變得更加強大。

As for climate specifically, there is no turning back in the raise to net-zero emissions. While the global energy crisis has created new obstacles to decarbonization, policymakers continue to embrace bold green investment plans. Here in the U.S., president Biden recently signed the most aggressive climate law in American history. In Europe, governments enacted or proposed a wide range of measures that would speed up the low-carbon transition. These include more ambitious decarbonization and clean energy targets, policies to maintain or expand nuclear power and a USD 5.4 billion hydrogen project. For our part, MSCI will continue building a robust and dynamic Climate franchise.

至於氣候，在提高到淨零排放方面沒有回頭路。儘管全球能源危機給脫碳帶來了新的障礙，但政策制定者繼續採用大膽的綠色投資計劃。在美國，拜登總統最近簽署了美國歷史上最激進的氣候法。在歐洲，各國政府制定或提出了一系列加速低碳轉型的措施。其中包括更雄心勃勃的脫碳和清潔能源目標、維持或擴大核電的政策以及 54 億美元的氫項目。就我們而言，MSCI 將繼續建立強大而充滿活力的氣候專營權。

Two Climate wins in the third quarter deserve special attention because they demonstrate our emergence as a leader in this area. First, the California State Teachers' Retirement System, CalSTRS, approved a plan to cut their portfolio emissions in half by 2030. To help them get there, they proposed -- they endorsed a proposal for 20% of their public equity assets to track the MSCI ACWI Low Carbon Target Index. This means CalSTRS will now have nearly $27 billion allocated to tracking that index.

第三季度的兩次氣候勝利值得特別關注，因為它們表明我們已成為該領域的領導者。首先，加利福尼亞州教師退休系統 (CalSTRS) 批准了一項到 2030 年將其投資組合排放量減少一半的計劃。為了幫助他們實現這一目標，他們提議——他們批准了一項提議，將 20% 的公共股權資產用於跟踪MSCI ACWI 低碳目標指數。這意味著 CalSTRS 現在將有近 270 億美元用於跟踪該指數。

Second, the New Zealand Super Fund announced that it had moved roughly 40% of its total investment portfolio to track the MSCI World Climate Paris Aligned Index and the MSCI Emerging Markets Climate Paris Aligned Index. That 40% translates into NZD 25 billion or about USD 15 billion. Each win represents a milestone on our climate journey. As I have frequently said, MSCI aspires to be the #1 provider of climate solutions to the global finance and investment industries.

其次，新西蘭超級基金宣布已將其總投資組合的大約 40% 用於追踪 MSCI 世界氣候巴黎協調指數和 MSCI 新興市場氣候巴黎協調指數。這 40% 相當於 250 億新西蘭元或約 150 億美元。每一次勝利都代表著我們氣候之旅的一個里程碑。正如我經常說的，MSCI 渴望成為全球金融和投資行業氣候解決方案的第一供應商。

We recently published a net-zero guide for asset owners, outlining concrete steps for decarbonizing portfolios. We also hosted White House national climate adviser, Ali Zaidi, at our New York offices during Climate Week. That same week, we joined with the Glasgow Financial Alliance for Net Zero, or GFANZ, to help launch a proposed climate data public utility. All of this has helped MSCI generate strong momentum during the run-up to COP27 in Sharm El Sheikh, Egypt.

我們最近為資產所有者發布了淨零指南，概述了使投資組合脫碳的具體步驟。我們還在氣候週期間在我們的紐約辦事處接待了白宮國家氣候顧問 Ali Zaidi。同一周，我們加入了格拉斯哥淨零金融聯盟 (GFANZ)，以幫助啟動一項擬議的氣候數據公共事業。所有這些都幫助 MSCI 在埃及沙姆沙伊赫舉行的 COP27 籌備期間產生了強勁的勢頭。

In Climate, ESG, Analytics, Index and other areas, MSCI continues to benefit from our mission-critical solutions, our diversified client base and our commitment to financial discipline. Right now, many companies are retrenching and turning inward. MSCI is doing quite the opposite. Even as we reallocate resources, we continue investing in key differentiators using our Triple-Crown investment framework.

在氣候、ESG、分析、指數和其他領域，MSCI 繼續受益於我們的關鍵任務解決方案、多元化的客戶群和我們對金融紀律的承諾。目前，許多公司都在縮減開支並轉向內向。 MSCI的做法恰恰相反。即使我們重新分配資源，我們也會繼續使用我們的三冠王投資框架投資於關鍵差異化因素。

More than that, we continue to attract talent, pursue MP&A opportunities, double down on client-centricity and reinforce our competitive advantages. All of this will help us emerge even stronger when the current market turmoil subsides.

不僅如此，我們還將繼續吸引人才、尋求 MP&A 機會、加倍以客戶為中心並加強我們的競爭優勢。噹噹前的市場動盪消退時，所有這些都將幫助我們變得更加強大。

And with that, let me turn the call over to Baer. Baer?

有了這個，讓我把電話轉給貝爾。貝爾？

Thank you, Henry, and greetings, everyone. As Henry discussed, the world is experiencing historic levels of economic, financial and geopolitical turmoil simultaneously. Against this backdrop, we see not only big market and foreign exchange swings, but also geographic factors, sector and asset rotations.

謝謝你，亨利，大家好。正如亨利所討論的那樣，世界正在同時經歷歷史性的經濟、金融和地緣政治動盪。在此背景下，我們看到的不僅是市場和外匯大幅波動，還有地理因素、行業和資產輪動。

At MSCI, our highly diversified product offerings continue to serve us well. For example, the benefits of our non-U.S. dollar expenses have more than offset FX-related revenue headwind. Likewise, the strong performance of our growing index derivatives franchise has helped offset some of the pressures related to AUM revenues.

在 MSCI，我們高度多樣化的產品繼續為我們服務。例如，我們非美元支出的收益足以抵消與外匯相關的收入逆風。同樣，我們不斷增長的指數衍生品專營權的強勁表現幫助抵消了與 AUM 收入相關的一些壓力。

As we noted last quarter, MSCI has activated our downturn playbook, which means we continue investing in key differentiators while tightening expenses in less time-sensitive areas. This has allowed us to generate attractive financial returns and position ourselves to capitalize on opportunities when they emerge. All of that represents essential context for understanding both our Q3 performance and our strategic priorities moving forward.

正如我們上個季度所指出的那樣，MSCI 已經啟動了我們的低迷策略，這意味著我們將繼續投資於關鍵差異化因素，同時在時間敏感度較低的領域收緊開支。這使我們能夠產生有吸引力的財務回報，並使我們能夠在機會出現時抓住機會。所有這些都代表了理解我們第三季度業績和我們向前發展的戰略重點的重要背景。

Henry mentioned a few areas where MSCI delivered especially strong results, including Index, Analytics and Climate. In my remarks, I'd like to explore each of these areas in greater depth. In Index, MSCI posted 12% subscription recurring revenue growth, our highest retention rate in more than 3 years and our 35th consecutive quarter of double-digit subscription run rate growth. We also achieved market cap subscription run rate growth of 11%.

亨利提到了 MSCI 取得特別強勁業績的幾個領域，包括指數、分析和氣候。在我的發言中，我想更深入地探索這些領域中的每一個。在指數中，MSCI 公佈了 12% 的訂閱經常性收入增長，這是我們 3 年多來的最高保留率，以及我們連續第 35 個季度實現兩位數的訂閱運行率增長。我們還實現了 11% 的市值訂閱運行率增長。

A key driver of our third quarter Index performance was custom indexes. MSCI has focused heavily on custom indexes in response to a broader industry trend. More and more investors favor differentiated, systematic, outcome-oriented strategies for which they need to design custom indexes. Last week, for example, we announced the launch of Institutional Client Design Indexes, which will make it easier for asset owners to design customized indexes underpinning their investment strategies.

我們第三季度指數表現的一個關鍵驅動因素是自定義指數。 MSCI 一直專注於定制指數，以應對更廣泛的行業趨勢。越來越多的投資者青睞差異化、系統化、以結果為導向的策略，他們需要為此設計定制指數。例如，上週，我們宣布推出機構客戶設計指數，這將使資產所有者能夠更輕鬆地設計支持其投資策略的定制指數。

Turning now to our Analytics business. In the third quarter, Analytics posted recurring net new sales growth of 73% with strong numbers across products and client segments. In particular, Analytics achieved robust growth with risk and equity models on the product side and with banks and hedge funds on the client side. At the regional level, Analytics delivered its best run rate growth in the Americas in more than 5 years.

現在轉向我們的分析業務。在第三季度，Analytics 公佈了 73% 的經常性淨新銷售額增長，產品和客戶細分市場的數據強勁。特別是，Analytics 通過產品端的風險和股權模型以及客戶端的銀行和對沖基金實現了強勁增長。在區域層面，Analytics 在美洲實現了 5 年多來的最佳運行率增長。

With Analytics as with Index, MSCI solutions help clients distill and interpret a huge amount of complex data quickly and efficiently. Last month, we launched a new Analytics module known as RiskInsights, which automates many previously burdensome tasks and processes, thereby giving clients more time to focus on their analysis. RiskInsights will make it easier for investors to transform raw data into meaningful, usable information with an integrated view of performance and risks. We consider it a timely launch given the high levels of market volatility and uncertainty.

借助 Analytics 和 Index，MSCI 解決方案可幫助客戶快速有效地提取和解釋大量複雜數據。上個月，我們推出了一個名為 RiskInsights 的新分析模塊，它可以自動執行許多以前繁重的任務和流程，從而讓客戶有更多時間專注於他們的分析。 RiskInsights 將使投資者更容易將原始數據轉換為有意義的、可用的信息，並綜合考慮績效和風險。鑑於市場高度波動和不確定性，我們認為這是及時推出。

Finally, just a few comments about Climate and ESG. As Henry mentioned, we posted subscription run rate growth excluding FX of 97% in Climate while also achieving a 97.6% retention rate. To put that last number in perspective, it represented a 456 basis point increase over our Climate retention rate a year earlier.

最後，簡單談談氣候和 ESG。正如亨利所提到的，我們公佈的訂閱運行率增長不包括氣候中 97% 的外匯，同時還實現了 97.6% 的保留率。為了正確看待最後一個數字，它比我們一年前的氣候保留率增加了 456 個基點。

The largest portion of our run rate, Climate Metrics, continues to grow at over 60% with exceptional growth in newer areas. For example, MSCI delivered over 125% growth from Climate Value-at-Risk supported by our recently launched Total Portfolio Footprinting solutions. In addition, our ESG retention rate increased by 66 basis points to reach 97% overall.

我們運行率的最大部分，即氣候指標，繼續以超過 60% 的速度增長，並在新領域取得了顯著增長。例如，在我們最近推出的總投資組合足跡解決方案的支持下，MSCI 實現了超過 125% 的氣候風險價值增長。此外，我們的 ESG 保留率提高了 66 個基點，總體達到 97%。

In September, we launched the Bloomberg MSCI China ESG Index suite, which consists of 9 separate ESG indexes. Collectively, they represent the first-ever Bloomberg MSCI Index suite to track both the RMB-denominated bond market and the U.S. dollar-denominated Chinese bond market while incorporating ESG and socially responsible investment considerations. Last month, we expanded our index offerings by launching MSCI Fixed Income, Climate Transition, Corporate Bond Indexes, whose standards exceed the minimum requirements of the European Union's climate transition benchmark.

9 月，我們推出了彭博 MSCI 中國 ESG 指數套件，其中包含 9 個獨立的 ESG 指數。它們共同代表了首個彭博 MSCI 指數套件，可同時跟踪以人民幣計價的債券市場和以美元計價的中國債券市場，同時將 ESG 和社會責任投資考慮因素納入考量。上個月，我們通過推出 MSCI 固定收益、氣候轉型、公司債券指數擴大了我們的指數產品，其標準超過了歐盟氣候轉型基準的最低要求。

We continue to see strong growth with our Real Assets and Analytics Climate Solutions, growing run rate by approximately 250% year-over-year, while our Climate Index Solutions grew approximately 80%. We hope to drive additional climate progress through our recent minority investment in EVORA Global, a British environmental consultancy. By combining EVORA's proprietary software with MSCI's climate models and indexes, we will further embed climate risk considerations in the real asset investment process.

我們的實物資產和分析氣候解決方案繼續保持強勁增長，運行率同比增長約 250%，而我們的氣候指數解決方案增長約 80%。我們希望通過我們最近對英國環境諮詢公司 EVORA Global 的少數股權投資來推動更多的氣候進步。通過將 EVORA 的專有軟件與 MSCI 的氣候模型和指數相結合，我們將進一步將氣候風險考慮嵌入到實物資產投資過程中。

There is a common theme that ties together all these various products and partnerships. Simply put, MSCI is constantly finding new ways to meet the needs and expectations of global investors. We have proven our ability to adapt, innovate and succeed even in the most challenging circumstances.

有一個共同的主題將所有這些不同的產品和合作夥伴關係聯繫在一起。簡而言之，MSCI 不斷尋找新方法來滿足全球投資者的需求和期望。即使在最具挑戰性的環境中，我們也證明了我們適應、創新和成功的能力。

And with that, I'll turn the call over to Andy. Andy?

有了這個，我會把電話轉給安迪。安迪？

Thanks, Baer, and hi, everyone. The strong secular demand for our offerings and resilient nature of our business model fueled impressive results across the business. In addition to the 14.2% organic subscription run rate growth this quarter, we experienced double-digit subscription run rate growth excluding FX across all geographic regions as well as across all major client segments.

謝謝，貝爾，大家好。對我們產品的強勁長期需求和我們商業模式的彈性性質推動了整個業務的驕人業績。除了本季度 14.2% 的有機訂閱運行率增長外，我們還經歷了兩位數的訂閱運行率增長，不包括所有地理區域和所有主要客戶群的外匯。

We recorded the highest third quarter ever for new recurring and net new recurring subscription sales, increasing 8% and 24% year-over-year, respectively, excluding the acquisition of RCA. Within Index, on top of the strength we see within our nonmarket cap modules, we continue to see remarkable resilience within our market cap index modules which delivered 11% subscription run rate growth. This has been fueled in large part by tremendous demand within higher-growth client segments.

我們錄得有史以來最高的第三季度新的經常性和淨新的經常性訂閱銷售額，分別同比增長 8% 和 24%，不包括對 RCA 的收購。在指數中，除了我們在非市值模塊中看到的優勢之外，我們繼續在我們的市值指數模塊中看到顯著的彈性，實現了 11% 的訂閱運行率增長。這在很大程度上是由高增長客戶群的巨大需求推動的。

Across the Index subscription franchise, we saw 18% 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 revenues experienced declines in the quarter with ETF and non-ETF passive fees impacted by declines in global market levels somewhat offset by continued level of elevated volumes in futures and options linked to our indexes.

在整個指數訂閱系列中，我們看到經紀自營商、對沖基金和財富管理公司的訂閱運行率增長了 18%，而資產管理公司和資產所有者則增長了 10%。本季度基於資產的費用收入出現下降，ETF 和非 ETF 被動費用受到全球市場水平下降的影響，這在一定程度上被與我們的指數相關的期貨和期權交易量持續增加所抵消。

ETFs linked to MSCI indexes experienced marginal net cash outflows in the quarter, resulting from outflows in broad-based EM exposure funds and All Country products, 2 areas where the broader ETF market was muted. However, we continue to see inflows and high market share capture of flows into funds linked to our equity ESG and Climate indexes, which captured $9.5 billion of the $13 billion of total industry flows. Additionally, Fixed Income, ESG and Climate ETFs linked to indexes developed with partners and to our proprietary indexes witnessed nearly $7 billion of inflows during the quarter.

與 MSCI 指數掛鉤的 ETF 在本季度出現了邊際淨現金流出，這是由於基礎廣泛的新興市場敞口基金和所有國家產品的流出，這兩個領域的 ETF 市場整體表現平淡。然而，我們繼續看到流入與我們股票 ESG 和氣候指數相關的基金的資金流入和高市場份額捕獲，在 130 億美元的行業總流動中佔據了 95 億美元。此外，與合作夥伴開發的指數和我們的專有指數相關的固定收益、ESG 和氣候 ETF 在本季度見證了近 70 億美元的資金流入。

Revenue from listed futures and options linked to MSCI indexes continue to provide a meaningful offset to AUM declines, growing 16% year-over-year. This growth has been fueled by elevated volumes that were in line with the last couple of quarters.

與 MSCI 指數掛鉤的上市期貨和期權收入繼續有效抵消資產管理規模下降，同比增長 16%。與過去幾個季度一致的銷量增加推動了這種增長。

In Analytics, the strong demand for our tools in the current environment helped drive 8% growth in subscription run rate excluding FX. We had 11% growth in recurring subscription sales while also experiencing a 35% decline in cancels and the highest retention rate of all time in the segment. Recurring net new was up 73% year-over-year. Within the segment, we continue to see strong momentum in front-office equity and fixed income portfolio management tools with strength in hedge funds and banks helping to drive the growth. Additionally, Analytics continue to gain traction in our climate solutions, including Climate Lab Enterprise.

在分析方面，當前環境下對我們工具的強勁需求推動訂閱運行率（不包括外匯）增長了 8%。我們的經常性訂閱銷售額增長了 11%，同時取消量也下降了 35%，並且保留率是該細分市場有史以來最高的。經常性淨新增同比增長 73%。在該領域，我們繼續看到前台股票和固定收益投資組合管理工具的強勁勢頭，對沖基金和銀行的實力有助於推動增長。此外，分析繼續在我們的氣候解決方案中獲得關注，包括氣候實驗室企業。

In ESG and Climate, we delivered subscription run rate growth of 42% excluding FX. Roughly 1/3 of recurring subscription sales were generated from our Climate Solutions and the Climate run rate across all segments reached $65 million, which is an increase of 89% from a year ago. Within our ESG and Climate segment, emerging client areas, including wealth managers, hedge funds, broker-dealers and corporates, collectively had run rate growth of more than 60%.

在 ESG 和氣候方面，我們實現了 42% 的訂閱運行率增長（不包括外匯）。大約 1/3 的經常性訂閱銷售額來自我們的氣候解決方案，所有細分市場的氣候運行率達到 6500 萬美元，比一年前增長了 89%。在我們的 ESG 和氣候部門，包括財富管理公司、對沖基金、經紀自營商和企業在內的新興客戶領域的整體運行率增長超過 60%。

We did see a lower level of new recurring subscription sales in the third quarter. On top of changes in the broader market and economic environment, which is likely impacting purchasing decisions in some areas, there are many layers of growth in our ESG and Climate franchise across a wide range of solutions and use cases, which results in a dynamic growth rate that's impacted by the pace of new regulations, client segment dynamics, asset class shifts and geographic factors.

我們確實看到第三季度新的經常性訂閱銷售水平較低。除了更廣泛的市場和經濟環境的變化（可能會影響某些領域的購買決策）之外，我們的 ESG 和氣候特許經營權在廣泛的解決方案和用例中還有許多層級的增長，從而實現了動態增長受新法規步伐、客戶群動態、資產類別變化和地理因素影響的利率。

Shifts in these layers of growth will drive variations in overall segment growth rate. However, we continue to believe in the significant long-term secular opportunities and continued momentum.

這些增長層次的轉變將推動整體細分市場增長率的變化。然而，我們仍然相信重要的長期長期機會和持續的勢頭。

Within real assets, the organic subscription run rate growth was 12%, combining our legacy Real Estate business and RCA. Given the all-weather dynamics of our financial model and our ability to proactively manage the expense base, we were able to drive adjusted EPS growth of 12.6%. During the quarter, we continued to utilize our downturn playbook by further flexing our expense base to mitigate the impacts of the AUM-based headwinds.

在實物資產中，有機訂閱運行率增長了 12%，結合了我們的傳統房地產業務和 RCA。鑑於我們財務模型的全天候動態以及我們主動管理費用基礎的能力，我們能夠推動調整後每股收益增長 12.6%。在本季度，我們繼續利用我們的低迷劇本，進一步調整我們的費用基礎，以減輕基於 AUM 的不利因素的影響。

We are prioritizing key investment areas to address the most critical needs in this challenging environment while meaningfully moderating the pace of hires in less critical and time-sensitive areas. Additionally, we continue to flex certain noncompensation expenses in areas like professional fees, and we had a slightly lower bonus accrual.

我們正在優先考慮關鍵投資領域，以解決這個充滿挑戰的環境中最關鍵的需求，同時有意義地緩和不太關鍵和時間敏感領域的招聘步伐。此外，我們繼續在專業費用等領域調整某些非補償費用，我們的獎金應計略低。

In the quarter, revenue had a $12 million FX headwind from an appreciating U.S. dollar. This was more than offset by a $13 million FX benefit resulting from our global expense footprint. Additionally, our proactive capital management contributed $0.15 of the adjusted EPS growth as we have now repurchased approximately $1.3 billion of our shares or approximately 2.7 million shares year-to-date.

本季度，美元升值帶來了 1200 萬美元的外匯逆風。這被我們的全球費用足跡所帶來的 1300 萬美元的外匯收益所抵消。此外，我們積極的資本管理為調整後的每股收益增長貢獻了 0.15 美元，因為我們現在已經回購了大約 13 億美元的股票或今年迄今大約 270 萬股股票。

We ended the quarter with a cash balance of $867 million, of which approximately $600 million is readily available. We continue to be well positioned to opportunistically pursue bolt-on M&A and share repurchases against this volatile market backdrop.

我們在本季度末的現金餘額為 8.67 億美元，其中約 6 億美元是現成的。在這種動蕩的市場背景下，我們將繼續處於有利位置，以機會主義方式進行併購和股票回購。

Lastly, I would like to turn to our updated guidance, which we published earlier this morning. While we expect continued volatility, our guidance assumes generally flat market levels throughout the balance of the year. As mentioned earlier, we have continued to utilize more levers in our downturn playbook with a focus on moderating our pace of expense growth.

最後，我想談談我們今天早上早些時候發布的更新指南。雖然我們預計波動將持續，但我們的指導假設全年市場水平總體持平。如前所述，我們繼續在我們的低迷劇本中利用更多槓桿，重點是減緩我們的支出增長速度。

Our downturn actions are reflected in our decreased operating and adjusted EBITDA expense guidance. It's worth noting that we remain consistent in our approach 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 in the global operating environment. We have modestly increased our range for depreciation and amortization expense, mainly reflecting a continued higher level of capitalized software development costs across products.

我們的低迷行動反映在我們減少的運營和調整後的 EBITDA 費用指導中。值得注意的是，我們的方法保持一致，即支出步伐可能會根據我們基於資產的費用的軌跡，以及在全球運營環境中更廣泛的業務表現而上下波動。我們適度增加了折舊和攤銷費用的範圍，主要反映了跨產品的資本化軟件開發成本持續較高水平。

Lastly, we have increased our net cash provided by operating activities and free cash flow guidance, which reflects the lower than originally projected tax payments and cash expenses in the second half of the year as well as resiliency in cash collections. We have narrowed our tax guidance, which continues to reflect an expectation of a higher rate in Q4, in line with what we saw in Q3.

最後，我們增加了經營活動和自由現金流指導提供的淨現金，這反映了下半年的稅收和現金支出低於最初預計的水平，以及現金回收的彈性。我們已經縮小了我們的稅收指導，這繼續反映了對第四季度更高稅率的預期，與我們在第三季度看到的一致。

Across the business, we continue to see strong levels of demand for our products, which is underscoring the mission-critical nature of our tools. We are heavily focused on both driving the attractive runway of long-term growth while protecting the financial model of our all-weather franchise.

在整個業務領域，我們繼續看到對我們產品的強勁需求，這凸顯了我們工具的關鍵任務性質。我們非常專注於推動具有吸引力的長期增長跑道，同時保護我們全天候特許經營的財務模型。

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) And the first question is from Manav Patnaik with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Manav Patnaik。

Can I just talk about ESG first? Can you just -- what was the Climate-specific run rate in the quarter? And if you could just talk about the different pieces of ESG, kind of the growth rate and the trends you're seeing there?

我可以先談談 ESG 嗎？你能不能 - 本季度特定於氣候的運行率是多少？如果你能談談 ESG 的不同部分，增長率和你在那裡看到的趨勢？

Sure. Sure. Manav, we did throw a number of Climate metrics out during the call, so it's probably helpful to summarize them here. I'll start at the top. If we look across MSCI, so across all product lines, we had $65 million of Climate run rate that was growing at 89% year-over-year. If we look at just the subscription portion of the Climate run rate, that was $46 million, and that was growing at 92%. So that excluded about 19 -- between $19 million and $20 million of ABF revenue from our Index segment.

當然。當然。 Manav，我們在電話會議期間確實拋出了一些氣候指標，所以在這裡總結它們可能會有所幫助。我將從頂部開始。如果我們縱觀 MSCI，那麼在所有產品線中，我們有 6500 萬美元的氣候運行率，同比增長 89%。如果我們只看氣候運行率的訂閱部分，那是 4600 萬美元，並且增長了 92%。因此，這不包括來自我們指數部門的大約 19 - 1900 萬美元到 2000 萬美元的 ABF 收入。

If we look at the Climate component in our ESG and Climate segment, that's $37 million, and that's growing at 97% ex FX, as Henry and Baer alluded to in their prepared remarks. And so Climate is becoming a more meaningful component of the overall business. It's clearly contributing a meaningful amount to the overall growth of the segment and the overall company. And we continue to be quite bullish on the prospects more broadly across both Climate and ESG.

如果我們看一下 ESG 和氣候部門中的氣候部分，那就是 3700 萬美元，而且正如 Henry 和 Baer 在他們準備好的評論中提到的那樣，以 97% 的速度增長（ex FX）。因此，氣候正在成為整個業務中更有意義的組成部分。它顯然為該部門和整個公司的整體增長做出了重要貢獻。我們繼續相當看好氣候和 ESG 的更廣泛前景。

Got it. And then, Andy, in terms of -- obviously, your retention rates are high, subscription growth is good. If we enter an uncertain environment next year, just historically, at what time lag -- or when do you start seeing the first signs of some of the pressure on those metrics?

知道了。然後，安迪，顯然，您的保留率很高，訂閱增長很好。如果我們明年進入一個不確定的環境，從歷史上看，在什麼時候滯後 - 或者你什麼時候開始看到這些指標面臨一些壓力的最初跡象？

Yes. I think as you highlighted, and we've seen the retention rates do underscore the fact that our tools are very mission-critical to our clients and they're in areas of long-term secular growth, which is clearly driving some resiliency. And you can see that in not only the overall retention rate, but the fact that it's close to record levels across all areas.

是的。我認為正如您所強調的那樣，我們已經看到保留率確實強調了這樣一個事實，即我們的工具對我們的客戶來說非常關鍵，而且它們處於長期長期增長的領域，這顯然推動了一些彈性。您不僅可以在整體保留率上看到這一點，而且在所有領域都接近創紀錄水平這一事實。

Although as you pointed out and I've mentioned in the past, in past downturns, when we've seen a few, I'll say, to several quarters of sustained market pullbacks, we do tend to see a pickup in client events like fund closures, desk closures, restructurings, mergers. So client events like that tend to pick up, and our largest source of cancels is client events.

儘管正如您所指出的和我過去提到的那樣，在過去的低迷時期，當我們看到一些（我會說）持續幾個季度的市場回調時，我們確實傾向於看到客戶事件的回升，例如基金關閉、辦公桌關閉、重組、合併。所以像這樣的客戶端事件往往會增加，而我們最大的取消來源是客戶端事件。

And so we are proceeding with caution here. We're definitely excited about the high retention rates. But given past performance, what we've seen in past downturns, we could see a pickup in cancellations if this environment persists.

因此，我們在這裡謹慎行事。我們對高保留率感到非常興奮。但鑑於過去的表現，以及我們在過去的低迷時期所看到的情況，如果這種環境持續下去，我們可能會看到取消訂單的增加。

And the next question will come from Alex Kramm from UBS.

下一個問題將來自瑞銀的 Alex Kramm。

We will move to the next question, and that is from Ashish Sabadra with RBC Capital Markets.

我們將轉到下一個問題，那就是來自加拿大皇家銀行資本市場的 Ashish Sabadra。

We saw some pretty good improvement on the Analytics front as well, and so I was just wondering if you could talk about what you're seeing from a deal pipeline perspective. Have you seen any change there, any elongation in the sales cycle? Any color on the momentum in the business?

我們在分析方面也看到了一些相當不錯的改進，所以我只是想知道您是否可以從交易渠道的角度談談您所看到的。您是否看到那裡有任何變化，銷售週期是否有所延長？業務的勢頭有什麼顏色嗎？

Yes. Thanks for the question. Look, I don't think we've seen anything dramatically different, to be honest. I think this is consistent with the messaging we've had for some time now. So I think our level of execution is strong. As Andy mentioned, the retention rate shows the criticality of our products.

是的。謝謝你的問題。看，老實說，我認為我們沒有看到任何顯著不同的東西。我認為這與我們一段時間以來所傳達的信息一致。所以我認為我們的執行水平很強。正如安迪所說，保留率顯示了我們產品的重要性。

So I think we're really in a mindset of letting the numbers speak for themselves and continuing to execute with our strategy. And hopefully, we'll keep moving things in this direction. But there's -- I don't think there's been any really material changes in the outlook. It's more that we're doing a good job, we're enhancing our products, we're servicing our clients, and I think we're getting the results for that.

所以我認為我們真的處於讓數字自己說話並繼續執行我們的戰略的心態。希望我們會繼續朝著這個方向發展。但是有 - 我認為前景沒有任何真正的重大變化。更重要的是我們做得很好，我們正在改進我們的產品，我們正在為我們的客戶提供服務，我認為我們正在為此取得成果。

That's very helpful color. Maybe just a quick follow-up on the Private Asset side. Again, pretty strong momentum there as well. I was wondering if you could talk about the RCA now that, that acquisition has anniversaried. What have you seen on that front and overall just demand for Private Assets?

這是非常有用的顏色。也許只是私人資產方面的快速跟進。同樣，那裡的勢頭也很強勁。我想知道你現在是否可以談論 RCA，那次收購已經週年了。您在這方面看到了什麼以及對私人資產的總體需求？

Yes. Absolutely. So look, we're definitely on plan with the integration, and we're pleased with how that's going. And we're definitely more convinced of the strategic logic of the acquisition than ever. As you say, the top line is growing attractively. Clearly, the environment for Real Estate is going to be interesting across the world. And there will definitely be different types of challenges depending on the segment and the country, et cetera.

是的。絕對地。所以看，我們肯定在整合計劃中，我們對進展情況感到滿意。而且我們絕對比以往任何時候都更加相信收購的戰略邏輯。正如你所說，收入增長很有吸引力。顯然，房地產的環境將在世界範圍內變得有趣。根據細分市場和國家等不同，肯定會有不同類型的挑戰。

But I think in that environment, thematically, in keeping with the comments we've made across the board, our tools are very necessary for people to understand risk and performance of what's happening in the market. So I think we're in a good situation. We're executing well. And the only slight caution there is just the environment, which could get a little bit jittery.

但我認為在那種環境下，從主題上講，為了與我們全面發表的評論保持一致，我們的工具對於人們了解市場上正在發生的事情的風險和表現是非常必要的。所以我認為我們的情況很好。我們執行得很好。唯一需要注意的是環境，可能會有點緊張。

Congrats on solid results.

恭喜你取得了可靠的結果。

And the next question, we'll move back to Alex Kramm with UBS.

下一個問題，我們將回到瑞銀的 Alex Kramm。

Sorry if this is what was asked already since I was off. But on the ESG and Climate sales, you obviously proactively addressed that, and I understand it can be lumpy, and obviously you had tough comps too. But can you actually talk about what areas maybe saw outsized weakness in particular this quarter, and why? And I know it was a tough quarter, in particular at the end of the quarter, with markets selling off. So just wondering if there's anything that in particular slips that may pick up again in the fourth quarter. So any color there would be helpful.

對不起，如果這是我離開後已經問過的問題。但在 ESG 和氣候銷售方面，您顯然主動解決了這個問題，我知道這可能是不穩定的，而且顯然您也有艱難的競爭。但是，您能否真正談談本季度哪些領域可能出現明顯的疲軟，為什麼？而且我知道這是一個艱難的季度，尤其是在季度末，市場出現拋售。所以只是想知道是否有什麼特別的滑坡可能會在第四季度再次出現。所以那裡的任何顏色都會有幫助。

Yes. Sure. Let me try to provide some perspective, and I'll give a little bit of color on what we saw in the quarter. I do want to start by underscoring that we remain very bullish on the long-term potential for both Climate and ESG. I think the factors that have been driving the growth will remain powerful in the years ahead.

是的。當然。讓我嘗試提供一些觀點，我將對我們在本季度看到的情況進行一些說明。我首先要強調的是，我們仍然非常看好氣候和 ESG 的長期潛力。我認為推動增長的因素將在未來幾年保持強大。

As you can tell by the Climate growth rates that were mentioned in the prepared remarks, and I underscored to an earlier question, we continue to see very strong growth from Climate and expect Climate to be a larger and larger contributor to the overall growth of the segment. Now within ESG, we did have softer sales in the quarter relative to recent quarters. Realistically, there probably is some cyclical impact from the environment and the market backdrop.

正如您從準備好的評論中提到的氣候增長率可以看出的那樣，並且我在之前的一個問題中強調過，我們繼續看到氣候的強勁增長，並期望氣候對全球經濟的整體增長做出越來越大的貢獻。部分。現在在 ESG 中，與最近幾個季度相比，我們本季度的銷售額確實有所下降。實際上，環境和市場背景可能會產生一些週期性影響。

We saw some deals taking longer to close, and we did see fewer large deals in the Q3 figures. We did see slightly higher declines in sales outside the U.S., in EMEA and APAC, although the run rate growth continues to be quite high across all regions.

我們看到一些交易需要更長的時間才能完成，而且我們確實在第三季度的數據中看到了更少的大宗交易。我們確實看到美國以外、歐洲、中東和非洲和亞太地區的銷售額下降幅度略高，儘管所有地區的運行率增長仍然相當高。

I think as we touched on in the prepared remarks, I do want to underscore that there are so many layers and dimensions to growth in ESG and Climate, which I know, Alex, you know. But we've got a wide range of solutions serving climate objectives, ESG objectives as well as a wide range of users and use cases. And so the result is going to be that the growth rate will fluctuate up and down based on pace of new regulations, client segment dynamics, asset class shifts, various geographic factors, as well as the market and economic environment.

我認為正如我們在準備好的評論中提到的那樣，我確實想強調 ESG 和氣候的增長有很多層次和維度，我知道，亞歷克斯，你知道的。但我們有廣泛的解決方案服務於氣候目標、ESG 目標以及廣泛的用戶和用例。因此，結果將是增長率將根據新法規的步伐、客戶群動態、資產類別轉移、各種地理因素以及市場和經濟環境而上下波動。

I do want to underscore that there have not been any impacts from the U.S. political rhetoric that's gotten a lot of attention recently. I think, generally, the focus on ESG and climate remains front and center to investors globally.

我想強調的是，最近引起廣泛關注的美國政治言論並沒有產生任何影響。我認為，總的來說，對 ESG 和氣候的關注仍然是全球投資者的首要和中心。

Right. Helpful. And then just a very quick follow-up, staying actually on the ESG and climate topic. But if my math is right, since you're now providing some incremental data here, I think that the Climate and ESG portion of Analytics is $7 million this quarter. I think a very nice increase there, too.

正確的。有幫助。然後只是一個非常快速的跟進，實際上停留在 ESG 和氣候主題上。但如果我的數學是正確的，因為您現在在這裡提供了一些增量數據，我認為 Analytics 的氣候和 ESG 部分本季度為 700 萬美元。我認為那裡的增長也非常好。

Can you just remind us exactly what's getting picked up in Analytics now? And any way to think about the TAM for that or how penetrated you are? Again, it's a very small number, but clearly, you have a pretty diverse Analytics customer base. So just wondering how we should be thinking about those opportunities in particular in that segment.

您能否準確地提醒我們 Google Analytics（分析）現在正在收集什麼？以及任何方式來考慮 TAM 或您的滲透程度？同樣，這是一個非常小的數字，但很明顯，您擁有非常多樣化的 Analytics 客戶群。所以只是想知道我們應該如何考慮這些機會，特別是在那個領域。

Yes. Yes. And I'd say, like in everything we do, our capabilities across segments are symbiotic and synergistic with the other segments. And so within Analytics, we not only benefit from the ESG and Climate franchise that we've built, but we're also helping to fuel it. And so within the segment, within Climate in particular, the main offering that we have is our Climate Lab Enterprise, which we've released very recently, I believe it was late last year. And that has grown at an attractive growth rate, although off a very small base. But that is feeding off the broader portfolio and risk management solutions that we offer, where when we have a client's portfolio, we can now provide very granular climate insights to them about the portfolio, help them manage climate risk more systematically across the portfolio.

是的。是的。我想說，就像我們所做的一切一樣，我們跨領域的能力與其他領域是共生和協同的。因此，在 Analytics 內部，我們不僅受益於我們建立的 ESG 和氣候專營權，而且還在幫助推動它。因此，在該領域，特別是在氣候領域，我們擁有的主要產品是我們最近發布的氣候實驗室企業，我相信它是去年年底的。儘管基數很小，但它以具有吸引力的增長率增長。但這得益於我們提供的更廣泛的投資組合和風險管理解決方案，當我們擁有客戶的投資組合時，我們現在可以向他們提供關於投資組合的非常精細的氣候洞察，幫助他們更系統地管理整個投資組合的氣候風險。

We also have within the Analytics segment a broader range of reporting solutions, so we can help clients with things like their TCFD risk sensitivities that they will do as well as help with various other reporting requirements.

我們還在分析部門擁有更廣泛的報告解決方案，因此我們可以幫助客戶解決他們將要做的 TCFD 風險敏感性等問題，並幫助滿足各種其他報告要求。

Analytics does have a very powerful reporting function and capability, which we've provided to clients across broader risk insights for quite some time. We're leveraging that to generate climate risk reports as well as broader ESG risk reports and broader ESG reports. And so those are probably the main areas I would highlight within Analytics.

分析確實具有非常強大的報告功能和能力，我們已經在相當長的一段時間內為客戶提供了更廣泛的風險洞察力。我們正在利用它來生成氣候風險報告以及更廣泛的 ESG 風險報告和更廣泛的 ESG 報告。所以這些可能是我在分析中強調的主要領域。

Listen, it's still -- to your point about TAM, we're still very early in that journey. Our penetration is relatively small. It's actually extremely small. But if we extrapolate across the entire Analytics client base, it can be a massive opportunity. The other thing that's exciting is it really opens up some of the client segments and parts of clients that we haven't served with the existing Analytics solution. So it's helping us with insurance companies. It's helping us with banks and bank regulation. And so there's some big wallets and big markets that we're very excited about on the climate front within Analytics.

聽著，它仍然 - 就您關於 TAM 的觀點而言，我們仍處於這一旅程的早期階段。我們的滲透率相對較小。它實際上非常小。但是，如果我們對整個 Analytics 客戶群進行推斷，這可能是一個巨大的機會。另一件令人興奮的事情是，它確實打開了一些我們尚未使用現有分析解決方案提供服務的客戶群和部分客戶。所以它幫助我們與保險公司合作。它幫助我們處理銀行和銀行監管。因此，在 Analytics 的氣候前沿，我們對一些大錢包和大市場感到非常興奮。

And the next question will be from Toni Kaplan from Morgan Stanley.

下一個問題將來自摩根士丹利的托尼卡普蘭。

As usual, you guys have done a great job on expenses. And I know you called out maybe using less professional fees or being able to flex the bonus accrual and also sort of the less time-sensitive investments. I guess, I think of you guys as a really efficient, lean organization. I know you're not going to cut back on the growth investments that are really meaningful.

像往常一樣，你們在開支方面做得很好。而且我知道您可能會呼籲使用更少的專業費用或能夠靈活累積獎金以及對時間不那麼敏感的投資。我想，我認為你們是一個非常高效、精幹的組織。我知道你不會削減真正有意義的增長投資。

So like, I guess, how much room is there on the expense side within the downturn playbook, I guess?

所以，我猜，在經濟低迷的劇本中，費用方面有多少空間，我猜？

Yes. It's a fair question, Toni, and it's something that we are spending every day thinking about in proactively managing the business. I do want to underscore, just to provide some context on the directional moves on the downturn playbook, some of the shifts that have happened since our last quarterly call.

是的。這是一個公平的問題，托尼，這是我們每天都在考慮主動管理業務的事情。我確實想強調一下，只是為了提供一些關於低迷劇本的方向性移動的背景信息，以及自我們上次季度電話會議以來發生的一些轉變。

So I think during our Q2 earnings call, we had mentioned that the guidance -- expense guidance was based on the premise of flat to slightly increasing markets. During Q3, we had a downward impact from market depreciation of over $100 billion on ETF AUM. And so the market has come down below what we projected or at least what our guidance was based on during the Q2 call. And as a result, we've begun to take further actions in the downturn playbook. And it's really mostly in the same areas that we were focused on previously, just to a larger degree.

所以我認為在我們的第二季度財報電話會議中，我們曾提到指導——費用指導是基於市場持平或略有增長的前提。在第三季度，市場貶值超過 1000 億美元對 ETF 資產管理規模產生了下行影響。因此，市場已經低於我們的預期，或者至少低於我們在第二季度電話會議期間所基於的指導。因此，我們已經開始在低迷的劇本中採取進一步的行動。它實際上主要是在我們之前關注的相同領域，只是在更大程度上。

So we're further slowing the pace of hires in a broader set of areas, in particular, the run-the-business activities, areas like corporate functions. We are continuing to, as you mentioned, prioritize hires in really our key growth areas in Triple-Crown investment areas like ESG and Index, custom index capabilities or fixed income content and capabilities, key data and technology enhancements, particularly in areas like ESG and climate data as well as the broader technological infrastructure and on the cloud. And then we continue to preserve investments in key areas within our go-to-market, so our sales and client service organization. But we are clamping down harder in the run-the-business areas and even in selected areas in the broader franchise.

因此，我們正在進一步放慢更廣泛領域的招聘步伐，特別是經營業務活動、公司職能等領域。正如您所提到的，我們將繼續優先考慮我們在三冠王投資領域（如 ESG 和指數）、自定義指數能力或固定收益內容和能力、關鍵數據和技術增強等關鍵增長領域的招聘，特別是在 ESG 和氣候數據以及更廣泛的技術基礎設施和雲。然後，我們繼續保留在我們進入市場的關鍵領域的投資，包括我們的銷售和客戶服務組織。但我們在經營業務領域甚至在更廣泛的特許經營權中的選定領域都更加嚴厲地取締。

You alluded to on the noncomp side, we are squeezing further on professional fees, areas like T&E and recruiting, which actually comes down naturally with the pace of hiring. And our comp accrual is lower. We do have further levers to go to. Hopefully, we don't have to. But clearly, based on the comments I just made, there are areas where we can stop hiring more dramatically. We could cut into the investment portfolio, things like the comp accrual naturally adjust with the direction of the business. And so there are additional levers out there if we need to go there, but hopefully, we don't need to. Generally, we are being cautious and our outlook is cautious, which you can tell by our comments and our guidance here.

你提到在非薪酬方面，我們正在進一步壓縮專業費用、T&E 和招聘等領域，這實際上隨著招聘的步伐自然而然地下降。而且我們的薪酬應計較低。我們確實有進一步的槓桿作用。希望我們不必這樣做。但很明顯，根據我剛剛發表的評論，有些領域我們可以更大幅度地停止招聘。我們可以切入投資組合，諸如薪酬應計之類的東西自然會隨著業務的方向而調整。因此，如果我們需要去那裡，還有額外的槓桿，但希望我們不需要。總的來說，我們持謹慎態度，我們的前景也很謹慎，您可以從我們的評論和我們的指導中看出這一點。

Let me add to that -- Toni, if you don't mind, let me add to that. The -- in addition to all the things that Andy said, one of the things that we're obsessed with is protecting as much as we can the new investment plan. And therefore, what we're doing is squeezing and reviewing time and time and again, all the run the business -- the normal run-the-business activities to lower expenses and protect profitability and protect the investment plan.

讓我補充一下—— Toni，如果你不介意，讓我補充一下。 - 除了安迪所說的所有事情之外，我們痴迷的一件事是盡可能多地保護新的投資計劃。因此，我們所做的是一次又一次地擠壓和審查，所有的業務運行——正常的業務運行活動，以降低費用、保護盈利能力和保護投資計劃。

So if you look back at -- if you were to look back at our budget from the end of last year to the new investments that we were planning to make in 2022, that total investment plan is only off by a couple of million dollars, which is an incredible achievement in the context of this difficult environment, that we've been able to protect a vast majority of that investment plan.

因此，如果你回顧一下——如果你回顧我們去年年底的預算以及我們計劃在 2022 年進行的新投資，那麼總投資計劃只減少了幾百萬美元，在這種困難的環境下，這是一項了不起的成就，我們已經能夠保護絕大多數投資計劃。

We surely have made some tweaks about reprioritizing that total investment plan, but in general, we haven't got it back. And we believe strongly that in down markets, that's where companies slow down their long-term growth because they cut back easily on their investment plans rather than doing the hard work of cutting back on the run -- the usual run-the-business activities.

我們肯定已經對重新確定總投資計劃的優先級進行了一些調整，但總的來說，我們還沒有把它拿回來。我們堅信，在低迷的市場中，這就是公司放慢長期增長的地方，因為他們很容易削減投資計劃，而不是努力削減運行——通常的業務活動.

That makes a lot of sense. Wanted to ask my follow-up on pricing. How is it running this year? And what are your plans for '23? Are you seeing sort of clients watching spend really closely just given the environment? And I imagine a lot of those conversations are sort of taking place maybe right now. So just wanted to understand the outlook for pricing for next year.

這很有意義。想問我對定價的跟進。今年運行情況如何？你對 23 年有什麼計劃？考慮到環境，您是否看到某種客戶非常密切地關注支出？我想很多這樣的對話可能正在發生。所以只是想了解明年的定價前景。

Yes. I'll talk generally, not specific to any year or point in time. But I would say in an environment like this where cost and prices are going up, we are generally increasing prices more than we have in the recent past. Given that our tools are really mission-critical to our clients, we do have some pricing power in many parts of the business. Although as we've mentioned in the past, we are very focused on the long-term relationships we have with our clients and recognize that most of our growth is going to come from our existing clients. So we are heavily focused on adding value in connection with any price increases that we are rolling out.

是的。我會泛泛而談，不針對任何年份或時間點。但我想說，在這樣一個成本和價格都在上漲的環境中，我們通常會比過去增加更多的價格。鑑於我們的工具對我們的客戶來說確實是關鍵任務，我們確實在業務的許多部分擁有一定的定價權。儘管正如我們過去提到的，我們非常關注與客戶的長期關係，並認識到我們的大部分增長將來自我們現有的客戶。因此，我們非常專注於增加與我們推出的任何價格上漲相關的價值。

And so our approach to price increases more generally is factoring in the value that we're adding to existing services that we're delivering to clients. It does factor in our broader cost structure, the broader cost environment, the broader pricing environment, as well as client health and client usage.

因此，我們更普遍地提高價格的方法是考慮我們為我們提供給客戶的現有服務增加的價值。它確實考慮了我們更廣泛的成本結構、更廣泛的成本環境、更廣泛的定價環境以及客戶健康和客戶使用情況。

So we are being measured and being mindful of the health of our clients. But I'd say generally, across products, we are rolling out higher price increases than we have in recent years. And as a result, you've probably seen some impact of that in the Q3 recurring sales relative to a year ago, and we expect probably similar benefits in the next couple of quarters.

因此，我們正在衡量並關注客戶的健康狀況。但我想說的是，總體而言，我們推出的產品價格漲幅比近年來更高。因此，與一年前相比，您可能已經在第三季度的經常性銷售中看到了一些影響，我們預計未來幾個季度可能會有類似的收益。

The next question is from Owen Lau from Oppenheimer.

下一個問題來自奧本海默的 Owen Lau。

If the market recovers in the fourth quarter, how do you think about your bonus and other noncomp expense? Would you kind of give back some of the bonus back to your employees? Or you would stick with your downturn playbook because you try to be more conservative?

如果市場在第四季度復甦，您如何看待您的獎金和其他非補償費用？你會回饋一些獎金給你的員工嗎？或者你會堅持你的低迷劇本，因為你試圖更加保守？

Yes. And I don't want to be too prescriptive here because it really depends on the facts and circumstances. On the bonus point, I would underscore the large majority of the bonus accrual is formulaic. And so it depends on the performance of the business. And so to the extent the business performance increases, in particular, if asset-based fees run up significantly, that will just trickle through how we accrue our bonus and our bonuses are paid out, which is tied to the key financial metrics of the business. And so the bonus accrual would likely go up.

是的。我不想在這裡過於規範，因為這真的取決於事實和情況。關於獎金點，我要強調大部分應計獎金是公式化的。所以這取決於業務的表現。因此，在業務績效提高的範圍內，特別是如果基於資產的費用顯著增加，這將影響我們如何累積獎金和支付獎金，這與業務的關鍵財務指標相關.因此，應計獎金可能會增加。

Across broader levers, listen, it depends on the exact situation, but noncomp areas in particular, we can flex those pretty quickly up and down, where things like professional fees and other noncomp areas can flex up a little bit in pretty short order. The comp lever does take a little bit more time to trickle through and start to have an impact. That depends on pace of hiring, new hires, et cetera. But I'd say the bonus and big portions of the noncomp levers that we have can flex in pretty short order.

在更廣泛的槓桿上，聽著，這取決於具體情況，但特別是非補償領域，我們可以快速上下調整，專業費用和其他非補償領域可以在很短的時間內稍微調整。補償桿確實需要更多的時間才能通過並開始產生影響。這取決於招聘速度、新員工等。但我想說的是，我們擁有的非補償槓桿的大部分獎金和大部分可以在很短的時間內彎曲。

Got it. That's helpful. So I think you mentioned Climate was strong in this quarter. And then options and futures trading volume was also strong. Could you please talk about -- do you see any other product that you see -- saw a pretty strong demand in the quarter?

知道了。這很有幫助。所以我認為你提到本季度的氣候很強勁。然後期權和期貨交易量也很強勁。您能否談談 - 您是否看到您看到的任何其他產品 - 在本季度看到了相當強勁的需求？

Yes. So the other area that I would highlight, and Baer mentioned this, is Analytics. So I think there's been a component of the strength we saw in Analytics sales that's attributable to focus on our risk models and broader risk management tools in these environments, which are critical to helping our clients navigate the market uncertainty; a lot of that asset class, geographic sector shifts and rotations that are taking place. And so that would be another area that I would highlight here.

是的。所以我要強調的另一個領域，Baer 提到了這一點，是分析。因此，我認為我們在分析銷售中看到的優勢的一部分歸功於在這些環境中關注我們的風險模型和更廣泛的風險管理工具，這對於幫助我們的客戶應對市場不確定性至關重要；許多此類資產類別、地理部門的變化和輪換正在發生。所以這將是我要在這裡強調的另一個領域。

I would also highlight the extreme resilience of our index subscription franchise as well. And I think there's just such a plethora of use cases across many different users and client segments. There continues to be strong pockets of demand and use cases for those products, particularly in areas like over-the-counter derivatives that can be very useful to our clients in these types of environments.

我還要強調我們的指數訂閱專營權的極端彈性。而且我認為在許多不同的用戶和客戶群中都有如此多的用例。這些產品的需求和用例仍然很大，特別是在場外衍生品等領域，這些領域在這些類型的環境中對我們的客戶非常有用。

The next question is from Faiza Alwy from Deutsche Bank.

下一個問題來自德意志銀行的 Faiza Alwy。

I wanted to just drill down a little bit more on Climate and wanted to ask if you're envisioning from here sort of an inflection in terms of the size of the business given the broad-based focus around Climate. Like are there -- is the regulatory environment such that, again, we may see that type of an inflection?

我想深入了解一下氣候，並想問一下，鑑於對氣候的廣泛關注，您是否從這裡設想了業務規模方面的一種變化。就像那裡一樣 - 監管環境是否再次讓我們看到這種類型的拐點？

And maybe as you answer that, talk to us about your specific competitive advantages within Climate. I recognize that you have many different areas, but curious where you think you're best positioned.

也許當您回答這個問題時，請與我們談談您在氣候領域的具體競爭優勢。我認識到您有許多不同的領域，但很好奇您認為自己最適合的位置。

Thanks for that question. The -- as we have previously said, climate change is a complete existential threat to the planet. And we're witnessing the huge increase in physical risk in heatwaves and floods and fires and hurricanes and all of that. And therefore, this is going to be a clear and present danger for portfolios of all types around the world because, clearly, the portfolios are made up of equity and fixed income and property and infrastructure and all of that, that will be affected by both the physical risk and the transition risks associated with climate change.

謝謝你的問題。 - 正如我們之前所說，氣候變化是對地球的完全生存威脅。我們正在目睹熱浪、洪水、火災和颶風等物理風險的巨大增加。因此，這對於世界各地的所有類型的投資組合來說都將是一個明顯而現實的危險，因為很明顯，投資組合是由股票、固定收益、房地產和基礎設施等組成的，所有這些都將受到兩者的影響與氣候變化相關的物理風險和轉型風險。

So we're in the very, very early stages of the demand or tools for portfolio managers and portfolio allocators to decarbonize their portfolio and protect their assets from repricing of assets, higher cost of capital and reallocation of capital. So this -- we think that this $64 million or so across all of our areas will continue to increase pretty rapidly over the years to come.

因此，對於投資組合經理和投資組合分配者來說，我們正處於需求或工具的非常早期階段，以使他們的投資組合脫碳並保護他們的資產免受資產重新定價、更高的資本成本和資本重新分配的影響。所以這個 - 我們認為我們所有領域的這 6400 萬美元左右將在未來幾年繼續快速增長。

And we're positioning ourself not only in terms of the underlying climate data, so just the carbon emission estimates for companies and bond issuers and private companies and real estate exposure and all of that, but also the models, the Value-at-Risk models, the implied temperature rise models to try to help people project into the future what the carbonization path of their -- of the assets and their portfolios are.

我們不僅根據基礎氣候數據來定位自己，還包括對公司、債券發行人、私營公司和房地產風險敞口的碳排放估算，以及模型、風險價值模型，隱含的升溫模型，試圖幫助人們預測未來他們的資產及其投資組合的碳化路徑是什麼。

We're very bullish on this Total Portfolio Footprinting process. Basically, what we do is we take the total portfolio of an asset manager or an asset owner and tell them what the current footprint of carbon emissions of the entire portfolio, Scope 1, Scope 2, Scope 3 and what the trajectory of that footprint will be in the next 3 to 5 years or 5 to 10 years. So this is -- it's going to be in extremely high demand.

我們非常看好這個總投資組合足跡流程。基本上，我們所做的是獲取資產經理或資產所有者的總投資組合，並告訴他們整個投資組合的當前碳排放足跡，範圍 1、範圍 2、範圍 3，以及該足蹟的軌跡將如何未來 3 到 5 年或 5 到 10 年。所以這就是——它的需求量會非常大。

I think that the Ukraine war, the -- Putin's war in the Ukraine has highlighted even more so energy security and the dependence on the energy from other sources. And even though in a short-term basis have had enormous increases in fossil fuel prices, every country is thinking about their energy dependence, and the easiest way to achieve energy independence is by wind and solar that is in your own land, in your own country and the like. So I think we're going to see tremendous -- so yes, there is an inflection point that is happening last year with COP26; this year, with COP27 despite the -- clearly, the balancing act between fossil fuels and renewable energy.

我認為烏克蘭戰爭，普京在烏克蘭的戰爭更加突出了能源安全和對其他來源能源的依賴。儘管在短期內化石燃料價格大幅上漲，但每個國家都在考慮他們的能源依賴，實現能源獨立的最簡單方法是在自己的土地上使用風能和太陽能國家之類的。所以我認為我們會看到巨大的——所以是的，去年的 COP26 出現了一個拐點；今年，COP27 儘管——顯然，化石燃料和可再生能源之間的平衡行為。

Great. And then just a follow-up maybe for Andy on capital allocation. So far, it seems sort of share buybacks have been the priority. I'm curious how you think about that in a rising rate environment and how much of a focus is M&A from here?

偉大的。然後可能只是安迪關於資本配置的後續行動。到目前為止，股票回購似乎是當務之急。我很好奇您在利率上升的環境中如何看待這一點，以及從這裡併購的重點是多少？

Yes. I would say, generally, no major changes to our approach. We continue to be highly focused on both repurchases and opportunistic bolt-on MP&A in key strategic growth areas for us. To your point about the change in funding markets and cost of capital, I would say that we are watching the markets closely, being very mindful of what that means for valuation and trying to be quite opportunistic about where we take advantage on the repurchase front and acquisition front.

是的。我想說，一般來說，我們的方法沒有重大變化。我們繼續高度關注我們關鍵戰略增長領域的回購和機會性追加 MP&A。關於融資市場和資本成本的變化，我想說的是，我們正在密切關注市場，非常注意這對估值意味著什麼，並試圖對我們在回購前沿和收購前沿。

I'd say given where our gross leverage is and where our funding costs are, we're probably not in a rush to raise additional debt. But we do think we've got a good amount of cash, and we'll continue to build cash to continue to be opportunistic here on both fronts. And we think there are opportunities to get either bolt-on MP&A or repurchases at attractive long-term values.

我想說，鑑於我們的總槓桿率和融資成本在哪裡，我們可能並不急於籌集額外的債務。但我們確實認為我們擁有大量現金，我們將繼續積累現金，以便在這兩個方面繼續投機取巧。而且我們認為有機會獲得附加的 MP&A 或以有吸引力的長期價值進行回購。

The next question will be from Craig Huber from Huber Research Partners.

下一個問題來自 Huber Research Partners 的 Craig Huber。

In the past, you guys have talked about how you thought your Climate run rate over time would exceed the rest of ESG run rate. I wanted to ask if you still believe that. And back to the prior question, I wanted to hear a little bit further about sort of the mission-critical tools and data you have on the Climate side that make you guys stand out that your competitors do not have that will help fuel that growth in your Climate area.

過去，你們曾討論過，隨著時間的推移，您認為自己的氣候運行率會超過其他 ESG 運行率。我想問你是否仍然相信這一點。回到上一個問題，我想進一步了解一下你們在氣候方面擁有的任務關鍵型工具和數據，這些工具和數據使你們脫穎而出，而競爭對手沒有，這將有助於推動氣候增長您的氣候區。

No. Great question, Craig. The -- over a 10-year horizon or so, we believe that Climate tools per se, not just Climate in the context of ESG, but I'm talking about Climate tools separately from what's embedded in the ESG offering, will grow at a very large clip and could potentially exceed the run rate of ESG at that time. Obviously, I'm talking about long-term projections here that can vary year-to-year, and it's hard to say where they end up.

不，好問題，克雷格。 - 在 10 年左右的時間裡，我們相信氣候工具本身，不僅僅是 ESG 環境中的氣候，而是我所說的氣候工具與 ESG 產品中嵌入的東西分開，將以非常大的剪輯，並且可能超過當時 ESG 的運行率。顯然，我在這裡談論的長期預測可能會逐年變化，很難說它們最終會在哪裡。

But the reason we say that is to highlight the Climate tool opportunities, right, the Climate tools, so the Climate solutions by MSCI that's -- because we're paring it against a fairly rapid growth rate on ESG that will continue. And we're saying Climate per se could even exceed that incredible business that we have in ESG.

但我們這麼說的原因是為了強調氣候工具的機會，對，氣候工具，所以 MSCI 的氣候解決方案 - 因為我們正在將其與 ESG 的相當快速的增長率相提並論，這種增長率將持續下去。我們說，氣候本身甚至可以超過我們在 ESG 方面擁有的令人難以置信的業務。

The competitive advantages we have is that, remember, the mission of MSCI is to provide mission-critical tools for the investment and finance industry. So a lot of our competitors are focused on developing climate data, for example. Some of our competitors are only focused on physical risks. Some other ones are focuses on transition risks. Some of them are only focused on the real estate industry. Some of them are focusing on corporate bonds.

我們的競爭優勢在於，請記住，MSCI 的使命是為投資和金融行業提供關鍵任務工具。例如，我們的許多競爭對手都專注於開發氣候數據。我們的一些競爭對手只關注物理風險。其他一些則側重於過渡風險。其中一些只專注於房地產行業。他們中的一些人專注於公司債券。

What you will find in MSCI is a holistic solution to your entire portfolio from one source, one source of data, one source of models, one source of the total portfolio, whether it's private equities and private credit, which we're doing an incredible amount of work on climate emissions and carbon emissions and things like that.

您將在 MSCI 中找到針對您的整個投資組合的整體解決方案，從一個來源、一個數據來源、一個模型來源、一個總投資組合來源，無論是私募股權和私人信貸，我們正在做的事情令人難以置信在氣候排放和碳排放等方面的工作量。

So I think the benefit -- and you can have that in an index, you could have that in a model, you can have that in individual securities. You can -- and then, as I said, you have across different asset classes and the like. So I think this is completely in keeping to the way we do on managing MSCI.

所以我認為好處 - 你可以在指數中擁有它，你可以在模型中擁有它，你可以在單個證券中擁有它。你可以 - 然後，正如我所說，你有不同的資產類別等。所以我認為這完全符合我們管理 MSCI 的方式。

And Andy, I have a quick housekeeping question. What percent of your costs right now are outside the U.S.? And what percent of those are billed in U.S. dollars? And follow-up question real quick is, what is your organic ex currency cost growth in the third quarter year-over-year, please?

Andy，我有一個快速的家務問題。您現在有百分之幾的成本在美國以外？其中有多少以美元計費？緊接著的問題是，請問您在第三季度的有機前貨幣成本同比增長是多少？

Sure. So the -- yes. And it's a good point. Just taking a step back, we have this nice natural P&L hedge related to FX. So on the revenue side, I believe it's around 11% or 12% of the revenue base is in non-USD currencies. It's about 45% of the cost base is in non-USD currencies. And just given the relative sizes of those bases, the revenue base and cost base as well as the mix of currencies within them, they tend to move in parallel.

當然。所以——是的。這是一個很好的觀點。退一步說，我們有這個與外匯相關的自然損益對沖。所以在收入方面，我相信大約 11% 或 12% 的收入基礎是非美元貨幣。大約 45% 的成本基礎是非美元貨幣。僅考慮到這些基礎的相對規模、收入基礎和成本基礎以及其中的貨幣組合，它們往往是平行移動的。

And so we saw in the current quarter, on the expense side, we had a $13 million -- close to a $13 million benefit from the appreciating U.S. dollar relative to a year ago that more than offset the $12 million headwind we had on the revenue side. And so it's a good example, and you've seen that in recent quarters where we do have this natural P&L hedge where any impact from currency fluctuations on the top line tends to be dampened or offset almost completely by movement on the expense line.

因此，我們在本季度看到，在費用方面，我們有 1300 萬美元——與一年前相比，美元升值帶來的收益接近 1300 萬美元，這足以抵消我們在收入方面的 1200 萬美元不利因素邊。所以這是一個很好的例子，你已經看到，在最近幾個季度，我們確實有這種自然的損益對沖，貨幣波動對收入的任何影響往往會被費用線的變動幾乎完全抵消或抵消。

The next question is from George Tong with Goldman Sachs.

下一個問題來自高盛的 George Tong。

The Analytics business posted a new high in retention rates. Can you unpack the drivers behind the improvement and discuss how high retention rates can go?

分析業務的保留率創下新高。您能否解開改進背後的驅動因素並討論保留率可以達到多高？

So yes, I'd say we are encouraged -- really encouraged by the performance in our retention rate in Analytics. I think as I alluded to earlier, there's probably been some benefit from a heightened focus on risk and risk tools in this environment, but we're also seeing success in many of the areas where we've had the strategic focus.

所以是的，我想說我們很受鼓舞——我們在分析中的保留率表現真的很受鼓舞。我認為，正如我之前提到的那樣，在這種環境下，高度關注風險和風險工具可能會帶來一些好處，但我們也看到在我們擁有戰略重點的許多領域取得了成功。

And so we've strength in front-office equity and fixed income risk models and broader portfolio management tools. We've been benefiting from our strong models, really best-in-class models and content enhancements that we've been making as well as the broader improved functionality and tech-enabled access that we've been investing in. And then we've had success on the enterprise risk side through the partnerships that we've developed just to deliver a broader value proposition to our clients. And as we talked about earlier, while it's still early days, we're seeing some real momentum in the Climate Lab Enterprise offering.

因此，我們在前台股票和固定收益風險模型以及更廣泛的投資組合管理工具方面擁有優勢。我們一直受益於我們強大的模型、真正一流的模型和我們一直在製作的內容增強，以及我們一直在投資的更廣泛的改進功能和技術支持的訪問。然後我們通過我們為向客戶提供更廣泛的價值主張而建立的合作夥伴關係，我們在企業風險方面取得了成功。正如我們之前談到的，雖然現在還處於早期階段，但我們看到了氣候實驗室企業產品的一些真正勢頭。

And so we're encouraged, although I would say we are cautious, and we're definitely not ready to declare victory. Analytics will likely continue to experience some lumpiness in not only its growth, but I'd say cancellations within Analytics. So we're cautious but very much encouraged. Analytics is not only a key strategic capability for us as a firm, but it's also a critical financial area for us. And this performance is encouraging. But also you can see in the margin on the profitability growth, it's been a great source of operating leverage that can help fuel investments in other parts of the company as well.

所以我們很受鼓舞，儘管我會說我們很謹慎，而且我們絕對還沒有準備好宣布勝利。分析可能會繼續經歷一些波動，不僅是它的增長，而且我想說的是分析內部的取消。所以我們很謹慎，但非常鼓勵。分析不僅是我們公司的一項關鍵戰略能力，也是我們的一個關鍵財務領域。而這種表現令人鼓舞。但您也可以從利潤率增長的利潤率中看到，它是經營槓桿的重要來源，也可以幫助推動對公司其他部門的投資。

Got it. That's helpful. And then you raised your free cash flow guidance for 2022. Can you walk through the moving pieces there, if that's being driven primarily by lower expenses? Or if there are also working capital and CapEx benefits?

知道了。這很有幫助。然後你提高了 2022 年的自由現金流指導。如果這主要是由較低的費用驅動的，你能走過那裡的移動部分嗎？或者是否還有營運資金和資本支出收益？

Yes. I mentioned this in the prepared remarks, but it's mainly driven by a few factors. We had a larger-than-projected benefit from lower tax payments in the second half of the year. We've also seen, as you know, a decrease in cash expenses. And then we've had some higher yields on cash, and we've also seen some resiliency in collections.

是的。我在準備好的評論中提到了這一點，但這主要是由幾個因素驅動的。我們在下半年從較低的稅收中獲得了比預期更大的收益。如您所知，我們還看到現金支出減少。然後我們的現金收益率更高，我們也看到了收款的一些彈性。

All those factors have helped to offset some of the revenue headwinds that have pressured a bit on the collection side. And so that was the real essence behind the increase in the free cash flow guidance. I would say, like our profitability more generally, our downturn actions also help support our free cash flows and free cash flow growth, and free cash flow is a very important metric that we're very focused intensely on.

所有這些因素都有助於抵消一些在收款方面帶來壓力的收入不利因素。這就是自由現金流指導增加背後的真正本質。我想說，就像我們更普遍的盈利能力一樣，我們的低迷行動也有助於支持我們的自由現金流和自由現金流增長，而自由現金流是我們非常關注的一個非常重要的指標。

The next question is from Gregory Simpson with BNP Paribas.

下一個問題來自法國巴黎銀行的 Gregory Simpson。

The first one is in Analytics. The EBITDA margin was 47% this quarter and 44% last quarter. It was more in the 30s historically. So could you share any colors on the drivers of margin expansion and whether this level of profitability is sustainable in the segment?

第一個是在分析中。本季度的 EBITDA 利潤率為 47%，上一季度為 44%。歷史上更多的是在30年代。那麼，您能否分享一下利潤率擴張的驅動因素以及這種盈利水平在該領域是否可持續？

Yes. There are several factors that have been driving the margin expansion in Analytics. And I think we've seen similar dynamics in particularly the last quarter. I would note that we have been capitalizing a higher level of expenses related to the development work that we've been doing around things like our RiskInsights and Climate Lab Enterprise and broader enhancements to our analytic capabilities.

是的。有幾個因素一直在推動 Analytics 的利潤率增長。而且我認為我們已經看到了類似的動態，尤其是在最後一個季度。我要指出的是，我們一直在利用與我們圍繞 RiskInsights 和氣候實驗室企業等開展的開發工作相關的更高水平的支出，以及對我們分析能力的更廣泛增強。

I would say that FX has a big impact just given the size of the Analytics cost base. The non-USD expense base that I alluded to in a prior question impacts Analytics heavily. So the appreciating U.S. dollar has helped drive the Analytics expenses down. And then also our downturn actions have impacted the Analytics expense base. And so the confluence of all those factors has driven this really very modest expense growth in Analytics and a higher margin within the segment.

我想說的是，考慮到分析成本基礎的規模，外匯會產生很大的影響。我在之前的問題中提到的非美元費用基礎對 Analytics 產生了重大影響。因此，美元升值有助於降低分析費用。然後我們的低迷行動也影響了分析費用基礎。因此，所有這些因素的匯合推動了分析中這種非常溫和的支出增長以及該細分市場的更高利潤率。

And just a follow-up, can you share some thoughts on the potential impacts on MSCI. If we started to see signs of head count reductions across the asset management industry, how much of the subscriptions are tied to user numbers relative to more enterprise deals with the entire firm?

只是跟進，您能否分享一些關於對 MSCI 的潛在影響的想法。如果我們開始看到整個資產管理行業裁員的跡象，那麼相對於與整個公司的更多企業交易，有多少訂閱與用戶數量相關？

Most of our -- I'd say most of our agreements are not tied to users per se. They tend to be modules that are licensed. And it varies very much on product. They tend to be their modules licensed to office location for use of specific products. There can be max users that are allowed to use that license, but they're not tied to seats per se.

我們的大多數——我想說我們的大多數協議都與用戶本身無關。它們往往是獲得許可的模塊。而且產品差異很大。它們往往是授權給辦公地點以使用特定產品的模塊。可以有最大用戶被允許使用該許可證，但他們與席位本身無關。

We also do have some, as you're alluding to, more enterprise-type licensing arrangements. And so seat count is not something that impacts us necessarily directly. Although as I alluded to in my answer to an earlier question, when you start to have more client actions, including investment firms downsizing, closing funds, closing desks, consolidating, that will generally cause an increase in cancellations and a drop in the retention rate. And we've seen those sorts of impacts as downturns are maintained for several quarters in the past, so we are proceeding cautiously although we haven't seen it to this point.

正如您所暗示的那樣，我們也確實有一些更多的企業類型的許可安排。因此，座位數不一定直接影響我們。儘管正如我在對之前問題的回答中提到的那樣，當您開始有更多的客戶行動時，包括投資公司縮減規模、關閉基金、關閉櫃檯、合併，這通常會導致取消的增加和保留率的下降.我們已經看到了這些影響，因為過去幾個季度都保持了低迷，所以我們正在謹慎行事，儘管到目前為止我們還沒有看到。

The next question is from Russell Quelch from Redburn.

下一個問題來自 Redburn 的 Russell Quelch。

Hopefully, you can hear me. So given the 10% quarter-on-quarter fall in average AUM and ETF tracking MSCI indices in the quarter, I just wondered why did the period-end basis point fee not step up in the quarter? I'm just trying to understand the mechanics there.

希望你能聽到我的聲音。因此，鑑於本季度平均 AUM 和追踪 MSCI 指數的 ETF 環比下降 10%，我只是想知道為什麼本季度期末基點費沒有增加？我只是想了解那裡的機制。

Yes. Maybe if you're asking about the run rate basis points, that were quite resilient. So actually, the run rate basis points have remained constant at 2.52 bps. I'd say there were just very small mix impacts and fee impacts, which resulted in pretty strong resiliency in the fee, which we've seen in recent quarters. And so it's something that is encouraging to us. But I wouldn't flag anything too notable around it.

是的。也許如果你問的是運行率基點，那是相當有彈性的。所以實際上，運行率基點一直保持在 2.52 個基點。我想說只有非常小的混合影響和費用影響，這導致費用具有很強的彈性，我們在最近幾個季度看到了這種情況。所以這對我們來說是令人鼓舞的。但我不會在它周圍標記任何太引人注目的東西。

Yes. Just wondering if it should step up when the AUM steps down. That was more the question.

是的。只是想知道當 AUM 下台時它是否應該加緊。這是更多的問題。

I see. Yes, yes. Well, listen, we've got a wide range of products out there that are licensed to our indexes under a wide range of agreements with various providers. There was -- to your point, there was some small negative mix impacts on the fee and some very small positive impacts from fee, and those fee impacts were driven by certain products dropping into lower AUM bands where we receive a higher fee. So there was some embedded impact from that in the fee, but it wasn't significant. I wouldn't overplay that.

我懂了。是的是的。好吧，聽著，我們有各種各樣的產品，根據與各種供應商的廣泛協議，這些產品被授權給我們的指數。有 - 就您而言，對費用有一些小的負面混合影響，而費用有一些非常小的積極影響，這些費用影響是由某些產品進入較低的 AUM 波段驅動的，我們會收到更高的費用。因此，費用中存在一些嵌入式影響，但並不重要。我不會誇大其詞。

Okay. Okay. That makes sense. And then just as a follow-up then. Are you seeing increased competition in the custom index space? And if so, does that change your expectations for growth and investment in that business area?

好的。好的。那講得通。然後作為後續行動。您是否看到自定義索引領域的競爭加劇？如果是這樣，這是否會改變您對該業務領域增長和投資的期望？

Look, I don't think we're seeing increased competition. I think it's been a competitive market. It's hard to judge precisely. But for sure, we feel our competitive edge is rising. We're putting significant investments into it.

看，我認為我們沒有看到競爭加劇。我認為這是一個競爭激烈的市場。很難準確判斷。但可以肯定的是，我們覺得我們的競爭優勢正在上升。我們正在對它進行大量投資。

And I think this is both -- it's on 2 levels. It's on strategic client relationships of the kind of winners, those sort of big index wins in Climate that Henry alluded to in his prepared remarks. So it's understanding the clients' investment process. And it's also the methodology and the skill and the investment process. And finally, it's the technology platform behind that.

我認為這兩者兼而有之——它在兩個層面上。這是關於贏家的戰略客戶關係，亨利在他準備好的講話中提到的那種在氣候方面的大指數贏家。因此，它了解客戶的投資過程。這也是方法論、技能和投資過程。最後，它是其背後的技術平台。

So I think in all of those areas, on a relative basis, we're building competitive strength, but it's a very competitive market. So -- but I think we're really focused on it and forging ahead.

所以我認為在所有這些領域，相對而言，我們正在建立競爭實力，但這是一個競爭非常激烈的市場。所以 - 但我認為我們真的專注於它並繼續前進。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Henry Fernandez for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想把會議轉回亨利·費爾南德斯的任何閉幕詞。

We thank you for joining us today and your continued support. As you can see from the results this quarter and our prepared remarks and the answers to your questions, our all-weather franchise continued to perform well despite a very significantly difficult operating environment. We truly remain excited about the very large opportunities in front of us, and we'll continue to invest significantly in those areas of significant strategic growth.

我們感謝您今天加入我們以及您一直以來的支持。正如您從本季度的結果以及我們準備好的評論和對您的問題的回答中看到的那樣，儘管運營環境非常困難，但我們的全天候特許經營權繼續表現良好。我們真的對擺在我們面前的巨大機遇感到興奮，我們將繼續在那些具有重大戰略增長的領域進行大量投資。

Having said that, given the environment, we do remain cautious. And -- but it is in times like this in which MSCI shines. We intend to continue to do so. We look forward to a lot of your questions in the coming days or weeks or months, and please don't hesitate to reach out to our team with any thoughts or questions you have. Thank you very much. Have a great day.

話雖如此，鑑於環境，我們仍然保持謹慎。而且——但正是在這樣的時代，MSCI 大放異彩。我們打算繼續這樣做。我們期待您在未來幾天、幾週或幾個月內提出很多問題，如果您有任何想法或問題，請隨時與我們的團隊聯繫。非常感謝。祝你有美好的一天。

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

謝謝你，先生。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。