明晟 (MSCI) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI Third Quarter 2023 Earnings Conference Call. As a reminder, this call is being recorded. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加 MSCI 2023 年第三季財報電話會議。提醒一下，此通話正在錄音。 （操作員說明）

I'd now like to turn the call over to Jeremy Ulan, Head of Investor Relations and Treasurer. You may begin.

我現在想將電話轉給投資者關係主管兼財務主管 Jeremy Ulan。你可以開始了。

Thank you. Good day, and welcome to the MSCI Third Quarter 2023 Earnings Conference Call. Earlier this morning, we issued a press release announcing our results for the third quarter 2023. This press release, along with an earnings presentation and a brief quarterly update, are available on our website, msci.com, under the Investor Relations tab.

謝謝。美好的一天，歡迎參加 MSCI 2023 年第三季財報電話會議。今天早上早些時候，我們發布了一份新聞稿，宣布2023 年第三季的業績。本新聞稿以及收益演示和簡短的季度更新可在我們的網站msci.com 的「投資者關係」標籤下查看。

Let me remind you that this call contains forward-looking statements, which are governed by the language on the second slide of today's presentation. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from the results anticipated in these forward-looking statements. 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，這些陳述受今天簡報第二張投影片上的語言管轄。請您注意不要過度依賴前瞻性陳述，這些陳述僅代表發布之日的情況，基於當前的預期和當前的經濟狀況，並受到可能導致實際結果有所不同的風險和不確定性的影響這些前瞻性陳述中預期的結果具有重大意義。有關其他風險和不確定性的討論，請參閱我們最新的 10-K 表格和其他 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. You'll find a reconciliation of our non-GAAP measures to the equivalent GAAP measures in the appendix of the earnings presentation. We will also discuss operating metrics such as run rate and retention rate. Important information regarding our use of operating metrics such as run rate and retention rates are available in the earnings presentation.

在今天的電話會議中，除了根據美國公認會計準則公佈的結果外，我們還參考了非公認會計準則的衡量標準。您可以在收益報告的附錄中找到我們的非公認會計準則衡量標準與同等公認會計準則衡量標準的調整表。我們還將討論運行率和保留率等營運指標。有關我們使用營運指標（例如運行率和保留率）的重要資訊可在收益演示中找到。

On the call today are Henry Fernandez, our Chairman and CEO; Baer Pettit, our President and COO; and Andy Wiechmann, our Chief Financial Officer. With that, let me now turn the call over to Henry Fernandez. Henry?

今天參加電話會議的是我們的董事長兼執行長亨利‧費爾南德斯 (Henry Fernandez)； Baer Pettit，我們的總裁兼營運長；以及我們的財務長安迪·維赫曼 (Andy Wiechmann)。現在，讓我將電話轉給亨利·費爾南德斯。亨利？

Thank you, Jeremy. Good day, everyone, and thank you for joining us. In the third quarter, MSCI delivered impressive results in an uncertain environment. Among other highlights, we achieved adjusted EPS growth of over 21%, total revenue growth of 12%, recurring subscription run rate growth of 12% and a retention rate of 95.4%.

謝謝你，傑瑞米。大家好，感謝您加入我們。第三季度，MSCI 在不確定的環境中取得了令人矚目的業績。除其他亮點外，我們的調整後每股收益成長超過 21%，總收入成長 12%，經常性訂閱運行率成長 12%，保留率達到 95.4%。

Amid turmoil in global markets, rising geopolitical tensions and a challenging operating environment, our highly diversified all-weather franchise continues to drive strong financial performance. We recognize that in this uncertain environment, our capital allocation decisions are more important than ever.

在全球市場動盪、地緣政治緊張局勢加劇和充滿挑戰的經營環境中，我們高度多元化的全天候特許經營業務繼續推動強勁的財務表現。我們認識到，在這種不確定的環境中，我們的資本配置決策比以往任何時候都更重要。

In the first 9 months of this year, we returned $459 million to the owners of MSCI in the form of share repurchases and more than $329 million in the form of dividends. This signals our confidence in MSCI's long-term prospects and our commitment to be a compounder for shareholders. We're also committed to prioritizing high-growth and high-potential investments while maintaining high levels of profitability.

今年前 9 個月，我們以股票回購的形式向 MSCI 股東返還了 4.59 億美元，以股息的形式返還了超過 3.29 億美元。這顯示我們對 MSCI 的長期前景充滿信心，並致力於成為股東的複合者。我們也致力於優先考慮高成長和高潛力的投資，同時保持高水準的獲利能力。

We recently capitalized on 2 opportunistic strategic acquisitions. With the completed acquisition of Burgiss, MSCI can now provide additional clarity and transparency highly needed by investors across private and public assets in their portfolios. Over the past 36 years, Burgiss has created greater private asset transparency while serving institutional investors such as special funds, endowments, foundations and family offices.

我們最近利用了兩項機會性策略收購。隨著對 Burgiss 的收購完成，MSCI 現在可以提供投資者在其投資組合中的私人和公共資產方面急需的額外清晰度和透明度。過去 36 年來，Burgiss 提高了私人資產透明度，同時為特別基金、捐贈基金、基金會和家族辦公室等機構投資者提供服務。

Combined with our private real estate franchise, MSCI now has the world's largest highest-quality private asset class database covering more than $60 trillion of assets. We believe we now have a unique and a strong foundation of data and analytics to build standards such as benchmark indices, performance, risk, liquidity, pricing and asset allocation models and other tools. In effect, our goal is to develop the MSCI of private assets.

結合我們的私人房地產特許經營權，MSCI 現在擁有世界上最大的、最高品質的私人資產類別資料庫，涵蓋超過 60 兆美元的資產。我們相信，我們現在擁有獨特且強大的數據和分析基礎，可以建立基準指數、績效、風險、流動性、定價和資產配置模型以及其他工具等標準。實際上，我們的目標是發展私人資產的 MSCI。

As for MSCI's announced acquisition of Trove Research, Trove is a world-renowned source of intelligence on the voluntary carbon market. We believe this market will play a significant role in helping institutional investors and companies reduce climate risk. All markets thrive on reliable information, uniform standards and robust transparency.

至於MSCI宣布收購Trove Research，Trove是全球知名的自願性碳市場情報來源。我們相信這個市場將在幫助機構投資者和企業降低氣候風險方面發揮重要作用。所有市場的繁榮都依賴可靠的資訊、統一的標準和強大的透明度。

As the world pushes for net-zero emissions, investors need to understand whether companies are making real progress and how they are using carbon credits. Likewise, companies need to understand the value of the credits they are buying and selling. By integrating the data analytics and capabilities of Trove with our own comprehensive climate solutions, MSCI will have a robust suite of tools to promote clarity and consistency in the voluntary carbon market.

隨著世界推動淨零排放，投資者需要了解公司是否取得了真正的進展以及他們如何使用碳信用。同樣，公司需要了解他們購買和出售的積分的價值。透過將 Trove 的數據分析和能力與我們自己的綜合氣候解決方案相結合，MSCI 將擁有一套強大的工具來促進自願碳市場的清晰度和一致性。

Both of these acquisitions, Burgiss and Trove, advance MSCI's larger business strategy and mission of providing tools for the investment world to systemically understand and measure performance [and risks], which leads to more optimal asset allocation and portfolio construction. We aim to capture major trends across the investment landscape, including the continued allocations to private assets and the growing incorporation of climate as a material driver in the repricing of securities and the reallocation of capital.

Burgiss 和 Trove 的這兩項收購都推進了 MSCI 更大的業務策略和使命，即為投資界提供工具來系統地了解和衡量績效[和風險]，從而實現更優化的資產配置和投資組合建構。我們的目標是捕捉整個投資領域的主要趨勢，包括對私人資產的持續配置以及日益將氣候納入證券重新定價和資本重新分配的物質驅動因素。

Our product lines are increasingly interconnected, which means our work in private assets reinforces our work in climate and vice versa. For example, together with Burgiss, we previously developed a tool that offers climate data on around 50,000 private companies and more than 6,000 private equity and private debt funds.

我們的產品線日益相互關聯，這意味著我們在私人資產方面的工作加強了我們在氣候方面的工作，反之亦然。例如，我們先前與 Burgiss 合作開發了一款工具，可提供約 50,000 家私人公司以及 6,000 多家私募股權和私募債務基金的氣候數據。

In summary, MSCI continues to benefit from our resilient business model, underpinned by rigorous financial management and a strong secular tailwinds. From our recurring revenue business model to our mission-critical solutions, we believe MSCI remains well positioned in any operating environment.

總之，摩根士丹利資本國際繼續受益於我們富有彈性的商業模式，並得到嚴格的財務管理和強大的長期推動力的支持。從我們的經常性收入業務模式到我們的關鍵任務解決方案，我們相信 MSCI 在任何營運環境中都保持著良好的地位。

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

接下來，讓我把電話轉給貝爾。

Thank you, Henry, and greetings, everyone. In my remarks today, I'll build on what Henry said about Burgiss, discuss our third quarter results by product line and highlight our regional performance in Asia Pacific. Our acquisition of Burgiss, which we completed earlier this month, positions MSCI to serve investors and managers across all asset classes with a world-class platform for delivering total portfolio investment solutions and one of the industry's largest private asset databases covering more than 13,000 funds.

謝謝你，亨利，並向大家問好。在今天的演講中，我將在 Henry 關於 Burgiss 的言論的基礎上，按產品線討論我們第三季度的業績，並重點介紹我們在亞太地區的區域業績。我們在本月稍早完成了對Burgiss 的收購，這使得MSCI 能夠透過提供整體投資組合投資解決方案的世界級平台以及涵蓋13,000 多隻基金的業界最大的私人資產資料庫之一，為所有資產類別的投資者和管理者提供服務。

As Henry mentioned, Burgiss deepens our existing presence with pension funds and sovereign wealth funds while helping MSCI expand our presence among client segments, such as endowments, foundations and family offices. We are well underway with integrating the 650-plus Burgiss employees and the roughly 1,000 Burgiss clients into our operations, and we look forward to providing updates on our progress.

正如亨利所提到的，伯吉斯深化了我們在退休基金和主權財富基金方面的現有業務，同時幫助 MSCI 擴大了我們在捐贈基金、基金會和家族辦公室等客戶群中的業務。我們正在順利地將 650 多名 Burgiss 員工和大約 1,000 名 Burgiss 客戶整合到我們的營運中，我們期待提供最新進展。

Turning to our Q3 results. MSCI achieved another solid quarter of performance across client segments and product lines. At the client level, we delivered subscription run rate growth of 15% collectively among wealth managers, banks and broker-dealers, hedge funds, insurance companies and corporates. And for our largest client base, we delivered around 10% growth amongst asset owners and asset managers combined. As those numbers indicate, we have maintained our strength and momentum across all client segments.

轉向我們第三季的業績。 MSCI 在各個客戶細分市場和產品線中又實現了穩健的季度業績。在客戶層面，我們為財富管理機構、銀行和經紀自營商、對沖基金、保險公司和企業提供了 15% 的訂閱運行率成長。對於我們最大的客戶群，我們的資產所有者和資產管理公司的成長率總計約為 10%。正如這些數字所示，我們在所有客戶群中都保持了實力和勢頭。

Looking at our product lines. In Index, we posted our 39th consecutive quarter of double-digit subscription run rate growth of 11%. Meanwhile, total direct indexing AUM based on MSCI indexes increased by 58% to $95 billion. We also saw increased index licensing from hedge fund clients, where new recurring subscription sales more than doubled, reflecting growth from both market cap-weighted modules and our float data.

看看我們的產品線。在指數方面，我們連續第 39 季實現兩位數訂閱運行率成長 11%。同時，基於 MSCI 指數的直接指數資產管理規模總額成長了 58%，達到 950 億美元。我們也看到對沖基金客戶的指數授權增加，其中新的經常性認購銷售額增加了一倍以上，反映了市值加權模組和我們的浮動數據的成長。

In addition, MSCI won a big strategic mandate to build client design indexes for one of America's largest wealth managers. This demonstrates how we continue to capitalize on rising demand for tools to support portfolio customization at scale, a trend that is especially visible in the wealth segment.

此外，MSCI 還贏得了一項重大策略任務，為美國最大的財富管理公司之一建立客戶設計指數。這表明我們如何繼續利用對工具不斷增長的需求來支持大規模的投資組合定制，這一趨勢在財富領域尤其明顯。

Turning to Analytics. We delivered subscription run rate growth of 7%, resulting in over $639 million of run rate and a near record retention rate of 95.1%. Globally, we posted recurring sales growth of 30% in enterprise risk and performance, driven by a significant number of large deals with asset managers and asset owners.

轉向分析。我們的訂閱運行率成長了 7%，運行率超過 6.39 億美元，保留率接近創紀錄的 95.1%。在全球範圍內，在與資產管理公司和資產所有者進行的大量大型交易的推動下，我們的企業風險和業績經常性銷售增長了 30%。

For example, MSCI completed one of our largest-ever liquidity analytics deals covering both regulatory reporting requirements and liquidity risk management. Despite pressures on equity managers, we also grew equity analytics by 11% to nearly $200 million in run rate.

例如，MSCI 完成了我們有史以來最大的流動性分析交易之一，涵蓋監管報告要求和流動性風險管理。儘管股權經理面臨壓力，我們仍將股權分析的運作率提高了 11%，達到近 2 億美元。

In ESG, we delivered 21% run rate growth across our product lines firm-wide, taking our run rate to $387 million, while posting a retention rate of 96%. At the regional level, the regulatory environment continues to [aid ESG] sales in EMEA, and our solutions continue helping clients navigate new requirements.

在 ESG 方面，我們全公司產品線的運作率成長了 21%，運作率達到 3.87 億美元，同時保留率達到 96%。在區域層面，監管環境繼續[幫助 ESG] 在 EMEA 的銷售，我們的解決方案繼續幫助客戶滿足新的要求。

In Climate, we achieved 49% run rate growth across our product lines firm-wide, where we now have $98 million of run rate, including $68 million of subscription run rate growing by 49%, which had a retention rate of 97%. In addition, AUM and MSCI index-linked climate ETFs increased by 64% to $71 billion while MSCI index-linked climate equity non-ETF AUM increased by 75% to $107 billion.

在氣候方面，我們整個公司的產品線運行率實現了 49% 的成長，目前我們的運行率達到 9,800 萬美元，其中訂閱運行率增長了 49%，達到 6,800 萬美元，其保留率為 97%。此外，與 MSCI 指數掛鉤的氣候 ETF 的資產管理規模增加了 64%，達到 710 億美元，而與 MSCI 指數掛鉤的氣候股票非 ETF 資產管理規模增加了 75%，達到 1,070 億美元。

Finally, in Real Assets, we posted total run rate growth of almost 10%, along with a retention rate of 91%. Geographically, our Q3 results were especially strong in APAC, where MSCI continues to benefit from the increasing scale and growing breadth of the investment industry and the reach.

最後，在實體資產方面，我們公佈的總運作率成長了近 10%，保留率為 91%。從地理上看，我們第三季的業績在亞太地區尤其強勁，摩根士丹利資本國際 (MSCI) 繼續受益於投資業和影響力不斷擴大的規模和廣度。

For example, in Real Assets, APAC achieved 15% run rate growth and grew strong sales with asset owners, including for our Real Estate Index Intel and Performance Insights tool. In Index, APAC delivered recurring subscription run rate growth of almost 15%, bringing our footprint to approximately $178 million.

例如，在實體資產方面，亞太地區實現了 15% 的運作率成長，並與資產所有者實現了強勁的銷售成長，其中包括我們的房地產指數英特爾和 Performance Insights 工具。在 Index 中，亞太地區的經常性訂閱運行率成長了近 15%，使我們的足跡達到約 1.78 億美元。

MSCI's underlying strength of the company reflects our increasingly diverse range of capabilities and clients across geographies. Those advantages become even more important during periods of market volatility and uncertainty.

MSCI 公司的潛在實力反映了我們在各個地區日益多樣化的能力和客戶。在市場波動和不確定時期，這些優勢變得更加重要。

As a result, we continue to see high levels of client engagement across segments, products and regions. And we also see healthy pipeline as we approach the end of the year. Looking ahead, MSCI will remain laser-focused on strong profitability while continuing to invest in our business.

因此，我們繼續看到跨細分市場、產品和地區的客戶參與度很高。隨著年底的臨近，我們也看到了健康的管道。展望未來，MSCI 將繼續專注於強勁的獲利能力，同時繼續投資我們的業務。

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

接下來，讓我把電話轉給安迪。安迪？

Thanks, Baer, and hi, everyone. Our attractive financial model enabled us to deliver double-digit growth in the quarter across revenue, recurring subscription run rate and adjusted EPS. In Index subscription, we drove 9% run rate growth in our market cap-weighted modules, high-teens growth in custom indexes and mid-teens growth in our ESG and factor modules.

謝謝貝爾，大家好。我們有吸引力的財務模式使我們在本季度的收入、經常性訂閱運行率和調整後每股收益方面實現了兩位數的增長。在指數訂閱方面，我們的市值加權模組運行率增長了 9%，自訂指數實現了高雙位數增長，ESG 和因子模組實現了中雙位數增長。

We saw strong subscription run rate growth from hedge funds, wealth managers and broker-dealers of 26%, 19% and 15%, respectively, all of which continue to support steady double-digit index subscription run rate growth. Asset-based fee revenues were up more than 12% year-over-year, benefiting from $55 billion of cash inflows and $186 billion of market appreciation over the last 12 months within equity ETFs linked to MSCI indexes.

我們看到對沖基金、財富管理公司和經紀交易商的認購運行率強勁增長，分別達到 26%、19% 和 15%，所有這些都繼續支持指數認購運行率穩定的兩位數增長。基於資產的費用收入年增超過 12%，受益於過去 12 個月與 MSCI 指數掛鉤的股票 ETF 的 550 億美元現金流入和 1,860 億美元的市場升值。

During the third quarter, cash inflows into ETFs linked to MSCI equity indexes were driven almost entirely by ETFs with U.S. and other developed market exposures. These cash inflows were supported by roughly $3 billion of flows into equity ETFs linked to our ESG and Climate indexes. And we continue to gain traction in fixed income with AUM and ETFs linked to MSCI and Bloomberg joint fixed income indexes reaching nearly $52 billion, growing more than 40% year-over-year.

第三季度，流入與 MSCI 股票指數相關 ETF 的現金流量幾乎完全由持有美國和其他已開發市場曝險的 ETF 所驅動。這些現金流入得到了大約 30 億美元流入與我們的 ESG 和氣候指數相關的股票 ETF 的支持。我們繼續在固定收益領域獲得吸引力，與 MSCI 和彭博聯合固定收益指數掛鉤的 AUM 和 ETF 達到近 520 億美元，同比增長超過 40%。

In Analytics, subscription run rate growth was 7%, with continued strength in our factor models and our risk tools more broadly. Our investments in enhancing our content, our capabilities and the client experience, including through Climate Lab Enterprise, Insights and ESG and Climate reporting services, are driving new commercial opportunities across Analytics.

在 Analytics 方面，訂閱運行率成長率為 7%，我們的因子模型和更廣泛的風險工具持續強勁。我們在增強內容、能力和客戶體驗方面的投資（包括透過 Climate Lab Enterprise、Insights 以及 ESG 和氣候報告服務）正在推動整個 Analytics 領域的新商業機會。

In our ESG and Climate reportable segment, the run rate growth was 25%, with 21% growth in ESG Research and 44% growth in Climate. Relative to a year ago, we saw lower new recurring sales in the Americas, which continue to reflect more measured purchasing decisions among U.S. investors.

在我們的 ESG 和氣候報告部分，運行率增加了 25%，其中 ESG 研究增加了 21%，氣候增加了 44%。與一年前相比，我們發現美洲的新經常性銷售有所下降，這繼續反映出美國投資者的購買決策更加謹慎。

However, new recurring sales in both Europe and APAC were essentially unchanged year-over-year. The retention rate in ESG and Climate segment remained healthy at 96%, although we did see slightly higher cancels resulting from client events at smaller institutions.

然而，歐洲和亞太地區的新經常性銷售年比基本上沒有變化。 ESG 和氣候領域的保留率保持在 96% 的健康水平，儘管我們確實看到小型機構的客戶活動導致的取消數量略有增加。

Within Real Assets, run rate growth was 10%. We see momentum in our real estate index intel and portfolio offerings, although we continue to see the impact of industry pressures on our transaction data, most notably in client segments such as real estate brokers and lenders.

在實物資產中，運轉率成長率為 10%。儘管我們繼續看到行業壓力對我們的交易數據的影響，特別是在房地產經紀人和貸方等客戶領域，但我們看到我們的房地產指數情報和投資組合產品的勢頭。

While we expect the pressures to continue, we are encouraged by the long-term opportunity and the momentum we see in many of the market data, climate and portfolio offerings we are providing. We are also expanding our commercial real estate transaction database to include deals below $2.5 million and our data universe to include properties that have never transacted.

雖然我們預計壓力將持續，但我們在我們提供的許多市場數據、氣候和投資組合產品中看到的長期機會和勢頭令我們感到鼓舞。我們也正在擴展我們的商業房地產交易資料庫，以包含低於 250 萬美元的交易，並擴大我們的資料範圍，以包含從未交易過的房產。

As a reminder, beginning in the fourth quarter, we will report financial results for Burgiss in our All Other Private Assets segment. To provide an update on the financial impact of Burgiss, we expect Burgiss to generate slightly above $90 million of revenue for full year 2023, with revenues of $22 million to $24 million expected in the fourth quarter.

提醒一下，從第四季度開始，我們將在所有其他私人資產部門報告 Burgiss 的財務表現。為了提供 Burgiss 財務影響的最新訊息，我們預計 Burgiss 2023 年全年收入將略高於 9,000 萬美元，預計第四季度收入為 2,200 萬美元至 2,400 萬美元。

The stand-alone Burgiss adjusted EBITDA margin is expected to be around 15% for full year 2023. However, we currently expect about $4 million to $5 million per quarter of allocations to Burgiss from centralized and shared costs on top of the stand-alone adjusted EBITDA. It is worth noting that these allocations are reallocated from other segments and will not impact firm-wide EBITDA.

2023 年全年，獨立 Burgiss 調整後 EBITDA 利潤率預計約為 15%。然而，我們目前預計，除了獨立調整後的中央和分攤成本外，每季將向 Burgiss 分配約 400 萬至 500 萬美元的資金息稅折舊攤提前利潤。值得注意的是，這些分配是從其他部門重新分配的，不會影響整個公司的 EBITDA。

Given these allocations, we expect contributions from Burgiss to the adjusted EBITDA for the All Other segment to be minimal in Q4, although we expect some margin expansion from Burgiss next year. Meanwhile, as we've done in previous acquisitions, we will exclude certain integration-related expenses from our adjusted non-GAAP figures.

鑑於這些分配，我們預計 Burgiss 在第四季度對所有其他部門調整後 EBITDA 的貢獻將很小，儘管我們預計 Burgiss 明年的利潤率會有所增長。同時，正如我們在先前的收購中所做的那樣，我們將從調整後的非公認會計準則數據中排除某些與整合相關的費用。

More broadly on the capital allocation front, we continue to be opportunistic and capitalize on attractive opportunities, as highlighted by our announced acquisition of Trove. We expect Trove, which has a few million dollars of run rate and which will be included in our ESG and Climate segment, to be immaterial to our results in the near term.

更廣泛地說，在資本配置方面，我們繼續投機取巧並利用有吸引力的機會，正如我們宣布收購 Trove 所強調的那樣。 Trove 的營運費用為數百萬美元，並將納入我們的 ESG 和氣候部門，我們預計該公司近期對我們的業績影響不大。

Turning to our guidance. I would highlight that our ranges incorporate the impact of Burgiss and assume that AUM levels remain relatively stable through the balance of the year. Expense ranges now reflect both the slightly elevated pace of spend as well as a full quarter of expenses from Burgiss, including a small amount of integration expenses that will not be excluded from adjusted metrics. Our free cash flow guidance remains unchanged.

轉向我們的指導。我想強調的是，我們的範圍考慮了 Burgiss 的影響，並假設 AUM 水平在今年餘下保持相對穩定。現在的支出範圍既反映了支出節奏的略微加快，也反映了 Burgiss 整個季度的支出，包括少量的整合支出，這些支出不會被排除在調整後的指標之外。我們的自由現金流指引維持不變。

Although we have slightly increased our CapEx guidance, which continues to reflect a higher level of software capitalization and some elevated hardware purchases related to our hybrid infrastructure approach, which includes maintaining a presence in select on-prem data centers in addition to leveraging our public cloud partnerships.

儘管我們略微提高了資本支出指導，這繼續反映了更高水平的軟體資本化以及與我們的混合基礎設施方法相關的一些硬體採購的增加，其中包括除了利用我們的公共雲之外，還包括在選定的本地資料中心中保持存在夥伴關係。

Our D&A guidance captures the additional intangible amortization from purchase accounting adjustments related to the acquisitions. We've slightly lowered and narrowed our effective tax rate guidance, reflecting the impact of a nontaxable gain on our investment in Burgiss of approximately $140 million in the fourth quarter, which will be excluded from our adjusted metrics. Excluding the impact of this onetime item, we would expect an adjusted tax rate range for the full year that is about 1% higher than the effective tax rate range or 17.5% to 19%.

我們的 D&A 指南涵蓋了與收購相關的採購會計調整帶來的額外無形攤銷。我們略微降低並縮小了有效稅率指導，反映了第四季度我們對 Burgiss 投資約 1.4 億美元的非應稅收益的影響，該收益將不包括在我們調整後的指標中。排除此一次性項目的影響，我們預計全年調整後的稅率範圍將比有效稅率範圍高出約1%，即17.5%至19%。

Lastly, our interest expense guidance reflects our intention to draw a small amount on the revolver to provide some additional liquidity. Additionally, I would highlight that we expect lower interest income on our cash balances as a result of funding purchase. As of today, we currently have more than $300 million of cash on hand, which is in line with our minimum global cash balance range.

最後，我們的利息支出指導反映了我們打算從左輪手槍中提取少量資金以提供一些額外的流動性。此外，我想強調的是，由於融資購買，我們預期現金餘額的利息收入將會降低。截至今天，我們手頭現金超過 3 億美元，符合我們的最低全球現金餘額範圍。

Overall, we remain well positioned to drive growth. While we continue to see some budget pressures from clients in a slightly elevated level of client events, we continue to see healthy engagement from our clients and a strong pipeline to finish out 2023. We look forward to keeping you posted on our progress.

總體而言，我們仍處於推動成長的有利位置。雖然我們繼續看到客戶活動數量略有增加，從而帶來了一些預算壓力，但我們仍然看到客戶的健康參與和到 2023 年結束的強大管道。我們期待隨時向您通報我們的進展。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) The first question is from Alex Kramm with UBS.

（操作員說明）第一個問題來自 UBS 的 Alex Kramm。

I would like to talk about the Index sales during the quarter, I think flat year-over-year. I think it was a tough comp, and 3Q is generally a little bit slower seasonally. But just wondering if there's anything in particular you would highlight there, both as in terms of the third quarter, but also as we think about the fourth quarter.

我想談談本季的指數銷售情況，我認為與去年同期持平。我認為這是一個艱難的競爭，而且第三季的季節性通常會比較慢。但只是想知道您是否有什麼特別要強調的地方，無論是第三季的情況，還是我們對第四季的看法。

And then maybe specifically on Index sales, it looks like the custom index run rate was just marginally higher in the third quarter, quarter-over-quarter. So just wondering if that was a big contributor and maybe why.

然後，也許特別是在指數銷售方面，第三季的客製化指數運行率似乎比上一季略有上升。所以只是想知道這是否是一個很大的貢獻者以及為什麼。

Sure, sure. No, thanks, Alex. It's Andy here. I'd say nothing significant to note in the Index results. I think you hit on probably the relevant points. More generally, I would say we continue to have pretty good momentum across module types and client segments. I think, as Baer highlighted and I provided some more color, we had about 9% run rate growth in our market cap modules and mid- to high teens growth in our nonmarket cap-weighted modules.

一定一定。不，謝謝，亞歷克斯。這是安迪。我認為指數結果中沒有什麼值得注意的地方。我認為你可能說到了相關的要點。更一般地說，我想說我們在模組類型和客戶群方面繼續保持良好的勢頭。我認為，正如貝爾所強調的那樣，並且我提供了更多的信息，我們的市值模組的運行率增長了約 9%，非市值加權模組的運行率增長了中到高位。

We had about 9% run rate growth from asset managers with solid double-digit growth across basically every other major client segment. As you alluded to, recurring sales were largely in line with Q3 of last year. Cancels were slightly higher, although the overall retention rate, we think, remains pretty good at 96.2%.

資產管理公司的運作率成長了約 9%，基本上所有其他主要客戶群都實現了兩位數的穩定成長。正如您所提到的，經常性銷售額與去年第三季基本一致。儘管我們認為整體保留率仍然相當不錯，達到 96.2%，但取消率略高。

Just on the cancels point, just to provide a bit more color there. We did have slightly higher cancels from mainly hedge funds. And those were driven by client events, which we would expect in this environment. I'd say we do -- and this is something we've seen in recent periods, we do see some budget pressures from the environment and the equity markets more generally.

就在取消點上，只是為了在那裡提供更多的顏色。主要是對沖基金的取消訂單確實略有增加。這些是由客戶事件驅動的，這是我們在這種環境下所期望的。我想說的是，這是我們最近一段時間所看到的，我們確實看到了來自環境和股市的一些預算壓力。

Although we do have very strong engagement and momentum heading into Q4, and we see that across client segments. And so as I mentioned, probably nothing too much to read into here. We continue to see good momentum across the franchise.

儘管我們在進入第四季度時確實有非常強勁的參與度和動力，而且我們在各個客戶群中都看到了這一點。正如我所提到的，這裡可能沒有太多值得閱讀的內容。我們繼續看到整個系列的良好勢頭。

The next question is from Alexander Hess with JPMorgan.

下一個問題來自摩根大通的亞歷山大‧赫斯 (Alexander Hess)。

Maybe stepping back to some comments from last quarter about accelerating product development within ESG and Climate. I want to know sort of maybe where you stand as far as that goes, how the Google partnership fits into that, how the Trove acquisition fits into that. And any other considerations we should keep in mind as far as when that might show up in net new?

也許回到上個季度關於加速 ESG 和氣候領域產品開發的一些評論。我想知道您目前的立場，谷歌的合作夥伴關係如何適應這一點，Trove 的收購如何適應這一點。至於什麼時候可能會出現在淨新中，我們還應該牢記任何其他考慮因素嗎？

Sure. Baer here. So look, for sure, ESG and Climate product investment is central to a lot of our day-to-day activities and looking forward into next year. In both areas, we see significant market opportunities, as we've laid out before, and this includes a variety of things, including expansion of the data, certain regional expansions, notably in Asia Pacific for ESG, where we've got a lot of demand for new types of data cards, greater company coverage, et cetera.

當然。貝爾在這裡。因此，可以肯定的是，ESG 和氣候產品投資是我們許多日常活動的核心，也是我們對明年的展望。正如我們之前所闡述的，在這兩個領域，我們都看到了巨大的市場機會，這包括各種各樣的事情，包括數據的擴展、某些區域的擴展，特別是在ESG 方面的亞太地區，我們在那裡有很多對新型數據卡、更大的公司覆蓋範圍等的需求。

So I think in ESG, it's a steady story, driven also by the tailwinds brought by regulation. Clearly, in EMEA, in Europe, which we've mentioned in the past, but also in other regions increasingly. And then finally, in Climate, we're definitely at the investment phase there across client segments and across different asset classes.

因此，我認為在 ESG 方面，這是一個穩定的故事，同時也受到監管的推動。顯然，在我們過去提到的歐洲、中東和非洲地區，而且在其他地區也越來越多。最後，在氣候方面，我們肯定處於跨客戶群和跨不同資產類別的投資階段。

And increasingly, tying into the comments today, there's demand for climate information and solutions in private markets as well. So I think those -- all of those areas are very consistent with our comments from previous quarters and will continue to have a positive impact on the growth story.

與今天的評論聯繫起來，私人市場對氣候資訊和解決方案的需求也越來越大。因此，我認為所有這些領域都與我們前幾季的評論非常一致，並將繼續對成長故事產生積極影響。

And if I could just quickly get a follow-up in. Can you maybe comment on how one of your competitors shedding headcount through a large layoff program might impact their competitive positioning vis-à-vis you guys?

如果我能快速跟進。您能否評論一下您的競爭對手透過大規模裁員計劃裁員可能會如何影響他們相對於您們的競爭地位？

Yes. Look, as you know, we're loath to discuss our competitors specifically in all areas, we avoid that. I would try to say more broadly that I think that we're in a strong position to compete in the core business. We're clearly committed to it. Certain competitors may not be providing exactly the same services that we are.

是的。聽著，如您所知，我們不願意在所有領域專門討論我們的競爭對手，我們避免這樣做。我想更廣泛地說，我認為我們在核心業務的競爭中處於有利地位。我們明確致力於此。某些競爭對手可能無法提供與我們完全相同的服務。

In this instance, this competitor was cutting back in an area where we've chosen not to compete, I think, wisely. So I think, overall, we're very committed to being a leader in this area, and we're confident that even in a tougher environment, we can continue our leadership position.

在這種情況下，我認為該競爭對手明智地削減了我們選擇不競爭的領域。因此，我認為，總的來說，我們非常致力於成為該領域的領導者，我們有信心，即使在更艱難的環境中，我們也可以繼續保持我們的領導地位。

The next question is from Toni Kaplan with Morgan Stanley.

下一個問題來自摩根士丹利的東尼卡普蘭。

I was hoping you could provide a little bit of extra color on ESG. It sounded from the prepared remarks like Europe maybe was somewhat flattish with America still under pressure. Just wanted to get a sense of if there are any catalysts coming up, if you're seeing more stability there that could help drive accelerated growth in upcoming quarters?

我希望您能為 ESG 提供一些額外的資訊。從準備好的言論來看，歐洲可能有些平淡，而美國仍面臨壓力。只是想了解是否有任何催化劑出現，您是否看到那裡更加穩定，可以幫助推動未來幾季的加速成長？

Sure, sure. Thanks, Toni. So I would say it's important to firstly underscore that we see a very strong engagement across ESG and Climate, as we mentioned in the prepared remarks. And I think it's clear, and you can see this from the retention rate, that ESG and Climate are becoming and probably are mission-critical structural parts of the investment process already.

一定一定。謝謝，托尼。因此，我想說，首先要強調的是，正如我們在準備好的演講中提到的那樣，我們看到 ESG 和氣候方面的積極參與非常重要。我認為很明顯，您可以從保留率中看到這一點，ESG 和氣候正在成為並且可能已經成為投資流程的關鍵任務結構部分。

And so I'd say the dynamics are pretty consistent with what we've seen in recent quarters. We did, to your point, see slower growth in the Americas. Just to put a finer point on that, within the ESG and Climate segment, the growth in the Americas was around 15% versus 35% in EMEA and Europe and 22% in APAC. It's important to underscore that within ESG and Climate, EMEA represents close to 50% of the run rate. So the largest region for us is growing at a pretty healthy growth rate of 35%.

所以我想說，這種動態與我們最近幾季所看到的情況非常一致。就您而言，我們確實看到美洲的成長放緩。更具體地說，在 ESG 和氣候領域，美洲的成長約為 15%，而歐洲、中東和非洲 (EMEA) 和歐洲為 35%，亞太地區為 22%。需要強調的是，在 ESG 和氣候領域，歐洲、中東和非洲 (EMEA) 佔運作率的近 50%。因此，我們最大的地區正以 35% 的相當健康的成長率成長。

As I mentioned, sales were fairly flat year-over-year in EMEA and APAC, although they were softer in the Americas year-over-year. I think the dynamics that we're seeing in the U.S. continue to play out where investors are being much more measured on how they integrate ESG, and that's resulting in longer sales cycles, more deliberate purchasing decisions relative to what we saw a year plus ago.

正如我所提到的，歐洲、中東和非洲和亞太地區的銷售額比去年同期相當持平，儘管美洲的銷售額比去年同期疲軟。我認為我們在美國看到的動態繼續顯現，投資者對如何整合 ESG 更加謹慎，這導致銷售週期更長，與一年多前相比，購買決策更加深思熟慮。

But I think, given the range of users and use cases, as well as the strong engagement and retention rates that you're seeing, we're quite encouraged by the stability we've seen even in the Americas, even though it is a lower growth rate.

但我認為，考慮到用戶和用例的範圍，以及您所看到的強大的參與度和保留率，即使在美洲，我們也對我們所看到的穩定性感到非常鼓舞，儘管它是一個增長率較低。

I'd say the dynamics in EMEA continue to be the same. Baer alluded to this, but there's some element of regulation being a catalyst. It is also something that is resulting in longer sales cycles as well as investors and broader financial services firms to navigate these regulations. But it's one where we can be helpful to them as they think about how they're going to comply, and we have solutions and tools that will help on that front.

我想說歐洲、中東和非洲地區的動態仍然是一樣的。貝爾提到了這一點，但監管的某些因素起到了催化劑的作用。這也導致銷售週期更長，以及投資者和更廣泛的金融服務公司需要遵守這些法規。但這是我們可以在他們考慮如何遵守法規時為他們提供幫助的地方，我們擁有可以在這方面提供幫助的解決方案和工具。

There are some environmental impacts as well. It is worth noting that the equity investors, in particular, are under pressure, and we see some of that translating through to cyclical impacts. But we continue to have confidence in the long-term dynamics here and continue to believe this is a big long-term opportunity set for us.

還有一些環境影響。值得注意的是，股票投資者尤其面臨壓力，我們看到其中一些會轉化為週期性影響。但我們仍然對這裡的長期動態充滿信心，並繼續相信這對我們來說是一個巨大的長期機會。

The next question is from Manav Patnaik with Barclays.

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

Baer, in terms of the pipeline, the strong pipeline that you talked about, I was hoping you could just contextualize that a bit for us? I mean just if you look at the net new sales numbers, the first 3 quarters, it hasn't been that strong. So just perhaps what that looks like in Q4 and maybe how that -- how you see that heading into '24?

貝爾，就管道而言，您談到的強大管道，我希望您能為我們介紹一下這一點？我的意思是，如果你看看前三個季度的淨新銷售數據，它並沒有那麼強勁。那麼，也許第四季度會是什麼樣子，也許會是什麼樣子——您如何看待進入 24 年的情況？

And then just a quick follow-up for Andy, just in terms of the margins that you gave us for the fourth quarter, maybe just some color. You increased the expense guidance, and it looks like Burgiss will be a drag for a bit next year. So just how should we think about if next year margins will just be constrained because of those dynamics?

然後安迪快速跟進一下，就您給我們的第四季度的利潤而言，也許只是一些顏色。你增加了費用指導，看來伯吉斯明年會有點拖累。那麼，我們該如何考慮明年的利潤率是否會因為這些動態而受到限制呢？

So Manav, I think where you're talking about the overall sales pipeline at the firm? Am I correct understanding that? Yes. No, we think it's very healthy. We're very healthy. There's nothing there that would be abnormal of where we are today, allowing for the very uncertain environment for everyone, for our clients, and some pressure on them.

那麼馬納夫，我想你在談論公司的整體銷售管道？我的理解正確嗎？是的。不，我們認為它非常健康。我們非常健康。我們今天的處境並沒有什麼不正常的地方，考慮到每個人、我們的客戶都面臨著非常不確定的環境，而且他們也面臨一些壓力。

I still am happy to refer to it as either healthy or solid, right? So clearly, we're not generally here to try to fine-tune that excessively in the context of these calls, but there's certainly nothing there that I would call attention to, other than to say it's solid and healthy. And maybe pass it over to you, Andy, for the rest.

我仍然很高興將其稱為健康或固體，對吧？很明顯，我們通常不會在這些調用的背景下嘗試過度調整，但除了說它是可靠和健康的之外，我當然沒有什麼要引起注意的。剩下的也許就交給你了，安迪。

Sure. Yes. So maybe I can provide some color on the broader expense guidance, and then I can touch on Burgiss specifically and the potential impact to the broader margin on the company. If you remember, last quarter, we commented that if AUM levels remain flat or increase for the balance of the year, we'd likely be towards the high end of our expense guidance range.

當然。是的。因此，也許我可以對更廣泛的費用指導提供一些說明，然後我可以具體談論伯吉斯以及對公司更廣泛利潤率的潛在影響。如果您還記得，上個季度，我們評論說，如果今年餘下的資產管理規模水準保持不變或增加，我們可能會接近費用指導範圍的高端。

AUM was largely flat during the third quarter. And so our organic expense growth was picking up a little bit as we were picking up the pace of spend and, importantly, picking up the pace of investment a little bit, and so we are tracking towards the higher end of the range. That, combined with -- and this is probably the bigger impact, Burgiss expenses, which will be coming in, in the fourth quarter.

第三季資產管理規模基本持平。因此，隨著我們加快支出步伐，重要的是，稍微加快投資步伐，我們的有機支出成長略有加快，因此我們正在朝著範圍的高端邁進。再加上第四季將出現的伯吉斯費用，這可能是更大的影響。

So we will have a full quarter of Burgiss expenses in Q4 here are leaning to the higher overall expense guidance here. I would underscore that, that range assumes AUM levels remain roughly flat through the balance of the year. But to your point about the impact on the overall firm margin, Burgiss is a lower margin business.

因此，我們將在第四季度看到伯吉斯整個季度的支出都傾向於此處較高的總體支出指引。我要強調的是，該範圍假設資產管理規模水準在今年餘下時間大致持平。但就您對公司整體利潤率的影響的觀點而言，伯吉斯是一家利潤率較低的企業。

As we commented, on a stand-alone basis, the margin is in the mid-teens on Burgiss. And so just bringing that in will bring the overall firm margin down. And so as we start to have Burgiss results in our overall financial results during 2024, the margin will likely be lower compared to the prior year.

正如我們所評論的，就獨立而言，伯吉斯的利潤率在十幾歲左右。因此，僅僅將其引入就會降低公司的整體利潤率。因此，當我們開始在 2024 年的整體財務業績中納入 Burgiss 業績時，利潤率可能會低於上一年。

Having said that, we do, as I commented, believe that there is nice operating leverage, positive operating leverage in Burgiss, given what they do. Very similar to most of the things MSCI does is they generate IP-based products and solutions that have very attractive margin dynamics.

話雖如此，正如我所說，我們確實相信，考慮到伯吉斯所做的事情，他們有很好的營運槓桿，積極的營運槓桿。與 MSCI 所做的大多數事情非常相似的是，它們產生具有非常有吸引力的利潤動態的基於 IP 的產品和解決方案。

And so if we continue to drive the growth that we hope in Burgiss, that should drive some margin expansion within Burgiss. But just looking on an apples-to-apples basis, the Burgiss expense base will bring the overall firm margin down.

因此，如果我們繼續推動伯吉斯的成長，這應該會推動伯吉斯內部的利潤率擴大。但僅從比較的角度來看，伯吉斯的費用基礎將導致整體公司利潤率下降。

The next question is from Kelsey Zhu with Autonomous.

下一個問題來自 Autonomous 的 Kelsey Zhu。

I have a quick one on ESG and Climate. The run rate growth looks much stronger for Climate compared to ESG. I was wondering if you can tell us a little bit more about the key drivers behind the divergence between the performances between those 2 segments. And as you think about the long-term growth target for the second overall in the mid- to high 20s range, does that look similar across ESG and Climate? And lastly, just what net new subscription sales growth looks like for Climate and ESG separately in Q3?

我有一個關於 ESG 和氣候的快速介紹。與 ESG 相比，Climate 的運行率成長看起來強勁得多。我想知道您是否可以告訴我們更多有關這兩個細分市場之間性能差異背後的關鍵驅動因素的資訊。當您考慮 20 多歲左右的第二個整體長期成長目標時，ESG 和氣候方面的情況是否相似？最後，第三季氣候和 ESG 的新訂閱銷售淨成長如何？

Sure. So maybe on -- there are a few questions in there, but I'll try to tackle them in turn here. So within Climate, it is a distinct offering. There is an overlap, and it is heavily related to our ESG research and ratings, and it feeds into it to varying degrees, depending on the company and the sector, but the solutions we have in Climate are distinct.

當然。也許那裡有一些問題，但我會嘗試在這裡依次解決這些問題。因此，在氣候領域，它是一個獨特的產品。這是有重疊的，它與我們的 ESG 研究和評級密切相關，並且根據公司和行業的不同，它會在不同程度上影響它，但我們在氣候方面的解決方案是不同的。

And so we offer a range of solutions that help clients to integrate climate considerations into their investment process, achieve net-zero goals and overall climate objectives to navigate specific considerations in specific areas as well as to understand systematically climate risk and how that can impact the performance of a portfolio. I would say, Climate -- and you can tell this by the run rate, which is $98 million across all product lines at MSCI within our ESG and Climate segment, it's around $54 million. It is small compared to ESG.

因此，我們提供一系列解決方案，幫助客戶將氣候考量納入其投資流程，實現淨零目標和整體氣候目標，以引導特定領域的具體考慮因素，並系統地了解氣候風險及其如何影響投資組合的表現。我想說的是，氣候——你可以從運行率看出這一點，MSCI ESG 和氣候部門所有產品線的運作費率為 9,800 萬美元，約 5,400 萬美元。與 ESG 相比，它很小。

And so we're still very early in the adoption curve of climate tools. Clients are still evolving in their thinking and just beginning to integrate Climate, and they are really just starting to think about how to navigate everything from regulations to net-zero objectives that they have. And so we would expect higher growth within Climate relative to ESG.

因此，我們仍處於氣候工具採用曲線的早期階段。客戶的思維仍在不斷發展，並且剛開始融入氣候，他們實際上才剛開始思考如何駕馭從法規到淨零目標的一切。因此，我們預期氣候領域相對於 ESG 會有更高的成長。

Where ESG, we've been providing for quite some time, and I think is more established. It's still relatively young compared to other product lines, but it is more penetrated and, I'd say, more broadly used than ESG. And so we would expect Climate to continue to drive outsized growth relative to ESG more broadly.

我們已經提供 ESG 相當長一段時間了，而且我認為已經更加成熟。與其他產品線相比，它仍然相對年輕，但它的滲透率更高，而且我想說，它比 ESG 的應用更廣泛。因此，我們預計氣候將繼續推動相對於 ESG 更廣泛的超額成長。

I think you touched on the long-term targets as well. I would say we haven't made any changes to our long-term targets in any area, including in ESG and Climate. As I was commenting on, we continue to be very excited about the long-term opportunities in both ESG and Climate. And as I alluded to, on both fronts, we are still very early in the evolution of these areas, and there continue to be numerous opportunities for us across client segments, asset classes, geographies, solutions.

我認為您也談到了長期目標。我想說的是，我們在任何領域都沒有對我們的長期目標做出任何改變，包括 ESG 和氣候方面。正如我所說，我們仍然對 ESG 和氣候領域的長期機會感到非常興奮。正如我所提到的，在這兩個方面，我們仍處於這些領域發展的早期階段，而且我們在客戶群、資產類別、地理位置和解決方案方面仍然存在大量機會。

And so we continue to believe there is a big long-term opportunity in ESG and Climate. There are some cyclical factors at play, which are impacting growth in the short term, and other dynamics that we've talked about. But overall, we continue to think there is a big long-term opportunity where we are, I believe, quite well prepared to capitalize.

因此，我們仍然相信 ESG 和氣候領域存在著巨大的長期機會。有一些週期性因素在起作用，這些因素正在影響短期成長，以及我們討論過的其他動態。但總體而言，我們仍然認為存在一個巨大的長期機會，我相信我們已經做好充分準備來利用它。

I think I gave some of this color to an earlier question. I think your last question was about ESG versus Climate growth in Q3. And in my prepared remarks, I did touch on that a bit. The ESG growth was around 21%. And within -- this is the subscription run rate growth for ESG was around 21%. This is within our ESG and Climate segment.

我想我給了之前的問題一些這種顏色。我認為您的最後一個問題是關於第三季度的 ESG 與氣候成長。在我準備好的發言中，我確實談到了這一點。 ESG 成長率約為 21%。其中，ESG 的訂閱運行率成長率約為 21%。這屬於我們的 ESG 和氣候部分。

And within Climate, it was around 45% for the run rate within our ESG and Climate segment associated with our climate tools. I think Baer had mentioned the overall run rate for Climate is $98 million, and that was growing closer to 48%. And that cuts across tools in every product segment that we have [announced].

在氣候方面，與我們的氣候工具相關的 ESG 和氣候部分的運作率約為 45%。我認為貝爾曾提到氣候的整體運作率為 9,800 萬美元，並且正在成長接近 48%。這涵蓋了我們[宣布的]每個產品領域的工具。

The next question is from Ashish Sabadra with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的阿什什·薩巴德拉 (Ashish Sabadra)。

I wanted to focus on pricing. Pricing was a significant deal, went to net new this year. I was wondering, a lot of companies are talking about normalizing pricing as we get into next year. I was just wondering if you could comment on how do you think about the pricing trend as we get into '24? And have you seen any pushback on pricing, particularly for [net impacts]?

我想專注於定價。定價是一項重大交易，今年達到了淨新價格。我想知道，進入明年，很多公司都在討論定價正常化。我只是想知道您是否可以評論一下您如何看待我們進入 24 世紀的定價趨勢？您是否看到過定價方面的任何阻力，特別是在[淨影響]方面？

Yes. So we've -- to this point, we've been successful at rolling out higher price increases, although it's modest increases relative to what we've done in the past. I would say. In the third quarter, price increases contributed a comparable amount to what they've contributed in recent quarters. So across all product areas, price increases represented mid- to high 30% of new recurring sales within the index. It was 40% plus, which is consistent with what we've seen in recent quarters.

是的。因此，到目前為止，我們已經成功地提高了價格，儘管與我們過去所做的相比，漲幅不大。我會說。第三季度，價格上漲的貢獻與最近幾季的貢獻相當。因此，在所有產品領域，價格上漲佔該指數中新經常性銷售的中高 30%。超過 40%，這與我們最近幾季看到的情況一致。

Clearly, there are varying degrees of pushback, depending on the product and region and client type, and we are very cognizant of the fact that many of our clients are feeling pressure in the current environment. And so we try to be very measured and try to ensure that we are delivering value together with any price increases.

顯然，根據產品、地區和客戶類型的不同，存在不同程度的阻力，我們非常清楚許多客戶在當前環境下感到壓力。因此，我們努力謹慎衡量，並努力確保我們在價格上漲的同時也能創造價值。

So we are very focused on ensuring that we're enhancing the solutions that we are rolling out pricing increases on. But also, oftentimes, we are delivering more product, more usage, additional solutions to clients, together with price increases to ensure that we are adding value to them.

因此，我們非常注重確保增強我們正在推出的漲價解決方案。而且，我們常常會提供客戶更多的產品、更多的使用、額外的解決方案，同時提高價格，以確保我們為他們增加價值。

We do monitor the overall market. One of the inputs -- one of many inputs into our pricing equation is the broader inflationary environment. If inflation does continue to moderate, that will be an input into us, potentially moderating price in the future, but it's something that we continue to calibrate. And as I said, the biggest factor is ensuring that we can deliver value to our clients when we do roll out price increases.

我們確實監控整個市場。我們的定價方程式的眾多輸入之一是更廣泛的通膨環境。如果通膨確實繼續放緩，這將成為我們的輸入，未來可能會調整價格，但我們將繼續調整。正如我所說，最重要的因素是確保我們在提價時能夠為客戶創造價值。

The next question is from Owen Lau with Oppenheimer.

下一個問題是由 Owen Lau 和 Oppenheimer 提出的。

I want to go back to expense guidance and ask the question a bit differently. So you raised the full year OpEx guidance by about $40 million. And based on my math, Burgiss added about $20 million per quarter this year. And I think you mentioned $4 million to $5 million of acquisition-related expense. My question is, how about the rest of the expense increase? And how much of that incremental expense would be recurring in 2024?

我想回到費用指南並以稍微不同的方式提出問題。因此，您將全年營運支出指引提高了約 4000 萬美元。根據我的計算，伯吉斯今年每季增加了約 2000 萬美元。我認為您提到了 400 萬至 500 萬美元的收購相關費用。我的問題是，剩下的費用增加怎麼樣？到 2024 年，增量支出中有多少會重複出現？

Got it. I don't want to get into 2024 at this stage. That's something we will cover when we release our Q4 results, as we typically do. I would just point to, and I made this comment to the earlier question, our prior adjusted EBITDA expense guidance was $965 million to $995 million. We had said a quarter ago, if AUM levels remain flat or increase, we'd be towards the higher end of that range.

知道了。我不想在這個階段進入2024年。正如我們通常所做的那樣，當我們發布第四季度業績時，我們將介紹這一點。我只想指出，並且我對先前的問題發表了評論，我們先前調整後的 EBITDA 費用指引為 9.65 億美元至 9.95 億美元。我們在一個季度前曾說過，如果資產管理規模水準保持不變或上升，我們將接近該範圍的高端。

And so AUM levels over the third quarter, as I mentioned, have been relatively flat. And so we -- on an organic basis, we're tracking towards the high end of that range. And then as you said, the Burgiss expenses, before you layer on things like allocations and the integration expenses, will add $20 million or so in that vicinity of additional expense. And so that's how you bridge to the new expense guidance that we put out.

因此，正如我所提到的，第三季的資產管理規模水準相對持平。因此，在有機的基礎上，我們正​​在朝著該範圍的高端邁進。然後，正如您所說，伯吉斯費用，在您分層分配和整合費用等費用之前，將在額外費用附近增加約 2000 萬美元。這就是您如何過渡到我們推出的新費用指南。

All right. That's fantastic. And I just want to add one quick question on ESG and Climate's seasonality. So over the past few years, I think 4Q net new recurring subscription sales of ESG and Climate was quite strong in the fourth quarter. Should we expect similar seasonality to continue this year?

好的。這太妙了。我只想補充一個關於 ESG 和氣候季節性的簡單問題。因此，在過去幾年中，我認為 ESG 和 Climate 的第四季度淨新經常性訂閱銷售在第四季度相當強勁。我們是否應該預期今年會繼續出現類似的季節性？

Yes. I wouldn't -- I don't want to give specific color on segments. As Baer mentioned earlier that the pipeline is healthy. I would say, given the nature of our business and as you alluded to, we do see some seasonality in the fourth quarter based on what you've seen in past years. I think there are a number of factors that feed into that, including client budgets and their purchasing decisions.

是的。我不會——我不想在片段上給出特定的顏色。正如貝爾之前提到的，管道是健康的。我想說，考慮到我們業務的性質，正如您所提到的，根據您過去幾年的情況，我們確實在第四季度看到了一些季節性因素。我認為有很多因素會影響這一點，包括客戶預算和他們的購買決策。

We also have annual incentive plans that feed into that. And we also have the highest concentration of client renewals taking place in the fourth quarter. So for all those factors, we tend to see a higher fourth quarter. That's not always the case. But as we had mentioned, there's a healthy pipeline going into Q4.

我們也制定了年度激勵計畫。我們的客戶續訂也最集中在第四季。因此，考慮到所有這些因素，我們傾向於看到第四季度的成長。情況並非總是如此。但正如我們所提到的，第四季有一個健康的管道。

The next question is from George Tong with Goldman Sachs.

下一個問題來自高盛的 George Tong。

In ESG and Climate, you mentioned growth slowed in the Americas to 15%, while growth in EMEA was healthy at 35%. Can you elaborate on what you're seeing in the Americas and when you would expect to see catalysts for improved growth?

在 ESG 和氣候中，您提到美洲的成長放緩至 15%，而 EMEA 的成長則維持在 35% 的健康水準。您能否詳細說明您在美洲看到的情況以及您預計何時會看到成長改善的催化劑？

Yes, sure. So I'd say, we're seeing consistent themes in the Americas compared to what we've seen in recent quarters. So as investors, managers, broader financial services firms are integrating ESG and launching ESG strategies or plan to launch ESG strategies, they have to focus on a range of considerations, including how it aligns with their overall investment objectives.

是的，當然。所以我想說，與最近幾季相比，我們在美洲看到了一致的主題。因此，當投資者、管理者、更廣泛的金融服務公司整合 ESG 並推出 ESG 策略或計劃推出 ESG 策略時，他們必須專注於一系列因素，包括如何與其整體投資目標保持一致。

So what is the impact that ESG considerations will have on risk and return? And how do I optimize my risk-adjusted returns by incorporating ESG into my investment process? How do I differentiate relative to my competitors? How do I address the ESG objectives that my clients have or that the investors have?

那麼 ESG 考慮因素會對風險和報酬產生什麼影響呢？如何透過將 ESG 納入我的投資流程來優化風險調整後的報酬？我如何與競爭對手區分開來？我如何實現我的客戶或投資者的 ESG 目標？

And then for new products that they launch, how do they communicate their approach to ESG? And how do they, again, position themselves relative to other products in the market? And how do they prepare forecoming regulations, which is not just a factor in EMEA, but it's something that U.S. investors have to deal with as well?

那麼對於他們推出的新產品，他們如何傳達他們的 ESG 方法？相對於市場上的其他產品，他們又如何定位自己？他們如何準備即將出台的法規？這不僅是歐洲、中東和非洲地區的因素，也是美國投資者必須應對的問題？

And so it is a it's a complex environment for them to integrate ESG. The good news is we are in a good position to help them navigate that. And so when we say our clients are engaging strongly, they want to have those conversations with us. But because of that complexity, because of all those factors that feed into their buying decisions, we are seeing more measured purchasing decisions, longer sales cycles, ultimately, a lower amount of sales.

因此，對他們來說，整合 ESG 是一個複雜的環境。好消息是我們能夠幫助他們解決這個問題。因此，當我們說我們的客戶積極參與時，他們希望與我們進行這些對話。但由於這種複雜性，由於所有這些影響他們購買決策的因素，我們看到購買決策更加謹慎，銷售週期更長，最終銷售量更低。

But overall, the engagement level is healthy, but we do expect these complexities and longer sales cycles to continue and persist for some time in the Americas. I think these factors that play on top of the cyclical factors will probably persist for some quarters here.

但總體而言，參與程度是健康的，但我們確實預計這些複雜性和更長的銷售週期將在美洲持續一段時間。我認為這些在周期性因素之上發揮作用的因素可能會持續幾個季度。

The next question is from Faiza Alwy with Deutsche Bank.

下一個問題來自德意志銀行的 Faiza Alwy。

So I wanted a bit more color on the Analytics segment. You've seen run rate growth accelerate here. So I would love to hear more about where you might have invested and where you're seeing the acceleration and how you think about the competitive dynamics in that segment?

所以我希望在分析部分有更多的色彩。您已經看到這裡的運行率成長加速。因此，我很想聽聽更多關於您可能在哪些方面進行投資、您在哪些方面看到了加速以及您如何看待該細分市場的競爭動態？

Sure. Thank you for the question, Baer here. So what I would frame it is to say we've got 3 key areas of focus. The front office, both in equities and fixed income, and you saw we had very nice numbers in equities, more content, which includes insights, better coverage of private assets, doing better and being more competitive in fixed income and structured products and climate risk.

當然。謝謝你的提問，貝爾。因此，我想說的是，我們有 3 個重點關注領域。前台，在股票和固定收益方面，你看到我們在股票方面有非常好的數字，更多的內容，其中包括見解，更好地覆蓋私人資產，在固定收益和結構性產品以及氣候風險方面做得更好且更具競爭力。

So those are the key areas we're focused on. And I think that we're pleased with -- well, I would say, we're definitely not happy with the growth number. We think we'd like to continue to be ambitious to see it go up. The retention rate of 95% is also a sign that our clients continue to use our tools in these environments. So this -- we've been very consistent in the story here. I think we continue to have structural improvements in how we deliver the products through better technology, greater integration of our content across different types of analytics.

這些都是我們關注的關鍵領域。我認為我們對——嗯，我想說，我們對成長數字絕對不滿意。我們認為我們希望繼續雄心勃勃地看到它的上升。 95% 的保留率也顯示我們的客戶在這些環境中繼續使用我們的工具。所以，我們在這裡的故事非常一致。我認為，透過更好的技術、不同類型分析的內容的更大整合，我們將繼續對交付產品的方式進行結構性改進。

And in keeping with the theme that we've repeated here, our client engagement is excellent, and we have a wide variety of use cases that clients are asking us to solve from going across very large firm use cases to very specific structured products, front office use cases, equity portfolio construction.

為了與我們在這裡重複的主題保持一致，我們的客戶參與度非常好，並且我們有各種各樣的用例，客戶要求我們解決從非常大的公司用例到非常具體的結構化產品，前面辦公用例、股權投資組合建構。

So it's just a category, where, with the combination of our investments in content, better technology and better delivery and the expertise that we bring to clients, we hope to continue to have a good directional growth. The only thing I would add, just as a slight note of caution, is it is an uncertain and unpredictable environment. And client events can occur, but those are often things that we don't control ourselves.

所以這只是一個類別，透過我們在內容、更好的技術和更好的交付方面的投資以及我們為客戶帶來的專業知識的結合，我們希望繼續有良好的定向成長。我唯一要補充的是，就像一個小小的警告一樣，這是一個不確定且不可預測的環境。客戶端事件可能會發生，但這些通常是我們無法控制的事情。

The next question is from Seth Weber with Wells Fargo.

下一個問題來自富國銀行的賽斯‧韋伯 (Seth Weber)。

I know it's early days, but with the Burgiss acquisition, when you announced it, you talked about good opportunities for joint product development and cross-selling. I'm just wondering if you could talk to any early traction that you're seeing there?

我知道現在還為時過早，但隨著收購 Burgiss，當您宣布收購時，您談到了聯合產品開發和交叉銷售的良好機會。我只是想知道您是否可以談談您在那裡看到的任何早期牽引力？

Yes. So the Burgiss acquisition strategically is very -- it provides an extremely strong foundation for us to develop what we call the MSCI or the private asset classes. We obviously need the data. And by the data, I mean, understanding of an investment and pricing of those investments to then develop the whole portfolio of investment tools that are used by allocators and managers of assets.

是的。因此，收購 Burgiss 的策略意義非常重大——它為我們發展所謂的 MSCI 或私人資產類別提供了極其堅實的基礎。我們顯然需要數據。我所說的數據是指對投資和這些投資的定價的理解，然後發展出供資產分配者和管理者使用的整個投資工具組合。

And that portfolio of investment tools are benchmarked indices, performance attribution, risk analysis, risk management, liquidity and how we manage liquidity in terms of private assets, cash flows, when are you going to get the calls, when are you going to get reception -- redemptions and all of that, what it's called [phase-in] models, asset allocation, et cetera.

投資工具組合包括基準指數、績效歸因、風險分析、風險管理、流動性以及我們如何管理私人資產、現金流方面的流動性，您什麼時候接到電話，什麼時候接到接待——贖回以及所有這些，所謂的[分階段]模型、資產配置等等。

So the first -- so if you were to think about the integration of Burgiss, it's going to follow in 3 kind of parallel tracks. The first track is clearly integration of a lot of the support functions in HR and in office space, in accounting and finance and all of that, and the integration of and the alignment of the data and the data centers and technology and all of that, right? So obviously, integration of the sales force at -- and the front-office salespeople -- Burgiss with the front-office salespeople of MSCI and all that. So that's 1 bucket.

所以第一個 - 如果你考慮 Burgiss 的整合，它將遵循 3 個並行軌道。第一個軌道顯然是人力資源、辦公空間、會計和財務等方面的許多支援職能的整合，以及資料、資料中心和技術等的整合和協調，正確的？顯然，Burgiss 的銷售團隊以及前台銷售人員與 MSCI 的前台銷售人員進行了整合等等。所以這是 1 桶。

The second bucket, over time, is going to be new product development. And a big focus here would be one of the most recently -- the most frequently asked questions from clients is, are we going to develop better benchmark indices for private assets? So that will be something that will be high on the agenda for sure.

隨著時間的推移，第二個目標將是新產品開發。這裡的一個重點是最近的一個——客戶最常問的問題是，我們是否將為私人資產開發更好的基準指數？因此，這肯定會成為議程上的首要任務。

But we're going to continue to expand dramatically on the intersection of private assets and climate, especially private credit and climate. And we already started with that, but we're only scratching the surface there. That's a major expansion on that second pillar, the product line.

但我們將持續大幅擴展私人資產與氣候的交叉點，特別是私人信貸與氣候。我們已經開始了，但我們只是觸及了表面。這是對第二支柱（產品線）的重大擴展。

The third pillar, which is actually the fastest one that we're going to execute on and more front-loaded one is, we believe that the Burgiss product line is severely undersold among LPs around the world. And we're taking steps to change that in having a lot of the Burgiss salespeople working in coordination with our senior salespeople all over the world.

第三個支柱實際上是我們要執行的最快的支柱，也是最先實現的支柱，我們認為 Burgiss 產品線在世界各地的有限合夥人中嚴重低估。我們正在採取措施改變這一現狀，讓許多 Burgiss 銷售人員與我們世界各地的高級銷售人員合作。

So there are 3 pillars. Clearly, we want to get the money first in sales and significantly outpace the sales growth of the business. We clearly need to integrate. And over time, we clearly want to create a lot of new products in that middle piece of analytics, right?

所以有3個支柱。顯然，我們希望首先在銷售中獲得資金，並顯著超過業務的銷售成長。我們顯然需要整合。隨著時間的推移，我們顯然希望在分析的中間部分創建大量新產品，對嗎？

The next question is from Heather Balsky with Bank of America.

下一個問題來自美國銀行的 Heather Balsky。

Two questions. First, just with regards to capital allocation. You talked about how it's important to the company. So I thought it would be helpful to just ask kind of how you're thinking about capital allocation as you integrate Burgiss. And are you prioritizing buybacks versus M&A? What does the M&A pipeline look like?

兩個問題。首先，就資本配置而言。您談到了它對公司的重要性。因此，我認為在整合 Burgiss 時詢問一下您如何考慮資本配置會有所幫助。您是否優先考慮回購而不是併購？併購通路是什麼樣的？

And then as a quick follow-up, you gave the growth numbers for ESG in the U.S. and EMEA for the quarter. Can you put that in -- just compare that to what it looked like in the first half of the year? Has it -- has Europe, the growth rate that you saw, is that consistent with the first half? Is it a pickup?

然後，作為快速跟進，您提供了本季度美國和歐洲、中東和非洲的 ESG 成長數據。您能否將其與今年上半年的情況進行比較？歐洲，你看到的成長率與上半年一致嗎？是皮卡嗎？

Yes. So to look on -- in your first question about capital allocation, needless to say, we've talked a great deal about this in the past. We are always obsessed with asset allocation at MSCI. We believe that capital allocation is what gives you long-term compounding growth of a business. And it is the day-to-day capital allocation decisions that you make that ultimately aggregate to a great financial model and a great compounder over time.

是的。因此，在你關於資本配置的第一個問題中，不用說，我們過去已經對此進行了大量討論。我們始終沉迷於 MSCI 的資產配置。我們相信，資本配置可以為您帶來企業的長期複合成長。隨著時間的推移，您所做的日常資本配置決策最終會聚合成一個出色的財務模型和一個出色的複利器。

So that's an area that we're very focused on. And it is in 2 respects. One is the internal capital allocation of where we put our money with respect to organic investments, and we follow what we call the triple crown methodology, which we've talked about in the past. And then there is the "external" asset allocation, which is what do we do with dividends, with buybacks and with inorganic investments that we pursue.

所以這是我們非常關注的領域。這是在兩個方面。一是我們將資金用於有機投資的內部資本配置，我們遵循我們過去討論過的所謂的三冠方法。然後是「外部」資產配置，這就是我們所追求的股利、回購和無機投資的做法。

So with respect to the latter category, the "external part", in periods of very bullish environment, asset prices are very rich. Investment or inorganic investments are very rich. Acquisitions are -- in auctions, people are tripping over each other. They bid up the properties, and you end up significantly overpaying. So in periods like that, we tend to stay -- we stay out. We have done the RCA acquisition was in the middle of active -- feverish period. But we -- in general, we are very financially disciplined about that.

因此，對於後一類，即“外部部分”，在非常看漲的環境時期，資產價格非常豐富。投資或無機投資非常豐富。收購是－在拍賣中，人們互相絆倒。他們抬高了房產的價格，而你最終支付的費用明顯過高。因此，在這樣的時期，我們傾向於留下來──我們不參與。我們對 RCA 的收購正處於活躍期——狂熱期的中期。但總的來說，我們在財務方面非常自律。

So we end up generating a lot of excess cash, and therefore, most of that excess cash flows back to buy back shares. In periods of high uncertainty and high unpredictability, people retrench, people hide, Board of Directors are risk averse and the like. And those are periods in which we believe we can make very nice financially disciplined acquisitions, and that's what we've seen in the last few months, the Burgiss acquisition, the Trove acquisition and the like. And so we'll continue to pursue small -- relatively small bolt-on acquisitions that will use up a lot of our cash.

因此，我們最終產生了大量多餘的現金，因此，大部分多餘的現金流回回購股票。在高度不確定性和高度不可預測性的時期，人們會緊縮開支，人們會躲起來，董事會會規避風險等等。在這些時期，我們相信我們可以在財務上進行非常好的收購，這就是我們在過去幾個月中看到的，收購 Burgiss、收購 Trove 等。因此，我們將繼續進行規模相對較小的補強收購，這將消耗我們大量的現金。

So therefore -- and the last piece of this thing is financing. Right now, the financing environment is very expensive. We are delevering. We're at 3.1x, 3.2x leverage right now, in leverage, maybe less. And therefore, we don't have a keen interest in increasing our debt -- our leverage at this point. So therefore, when you combine all of that, it means that we're going to have very limited cash, excess capital for buybacks in the next few quarters.

因此，這件事的最後一部分是融資。目前，融資環境非常昂貴。我們正在去槓桿化。我們現在的槓桿率為 3.1 倍、3.2 倍，槓桿率可能更低。因此，我們對增加我們的債務——我們目前的槓桿率——沒有濃厚的興趣。因此，當你把所有這些結合起來時，這意味著我們將有非常有限的現金，以及未來幾季用於回購的多餘資本。

And we will continue to pursue a small bolt-on acquisitions because the market is attractive for that. And we -- unless we see something bigger, we're likely not going to lever up at this point given these financing rates. So that's a little bit of our financial strategy overall in capital allocation at this time.

我們將繼續進行小型補強收購，因為市場對此很有吸引力。除非我們看到更大的事情，否則考慮到這些融資利率，我們目前可能不會提高槓桿率。這是我們目前資本配置整體財務策略的一部分。

And then just quickly on your second question, I would say that if I look at the growth rates in the second quarter, the subscription run rate growth rates by region for ESG and Climate, they're largely consistent with the figures that I quoted this quarter. So similar dynamic, where the Americas is in the teens, EMEA is in the mid-30s and APAC's in the low to mid-20s, so very consistent.

And then just quickly on your second question, I would say that if I look at the growth rates in the second quarter, the subscription run rate growth rates by region for ESG and Climate, they're largely consistent with the figures that I quoted this四分之一.類似的動態，美洲是十幾歲，歐洲、中東和非洲是 30 多歲，亞太地區是 20 多歲，所以非常一致。

The next question is from Russell Quelch with Redburn Atlantic.

下一個問題來自 Redburn Atlantic 的 Russell Quelch。

I think you did a great job of implementing a downturn playbook last year in difficult markets. You said much more cost flex than some of your peers. I was wondering, can you do this again next year if we see a big fall in equity market levels? Perhaps what areas of the business could you look to take costs out? And maybe do you already have some plans in place in case 2024 gets off to a tricky start, particularly in equity markets?

我認為去年你們在困難的市場中實施了低迷策略，做得很好。您說成本彈性比您的一些同行要高得多。我想知道，如果我們看到股市水準大幅下跌，明年你能再這樣做嗎？也許您可以考慮在哪些業務領域降低成本？也許您已經制定了一些計劃，以防 2024 年開局不利，尤其是在股市？

We've always been extremely financially disciplined. And that clearly continues to be more -- we definitely have an ability to take out more cost. That's what we call the downturn playbook that we can put into effect in order to protect profitability in the company.

我們在財務上一直非常嚴格。顯然，這個數字還會繼續增加——我們絕對有能力承擔更多的成本。這就是我們所說的經濟低迷策略，我們可以實施它以保護公司的獲利能力。

If there is a big downdraft of, obviously, equity values and slowdown in subscriptions, our desire -- not our ability, but our desire to cut severely the new investments in the company may not be commensurate with the decline in -- with the slowdown in revenues. So we'll have to analyze that trade-off at that point. But for sure, we are committed to high levels of profitability and high levels of impact for investment in good times and in bad times.

顯然，如果股權價值大幅下跌和認購放緩，我們的願望——不是我們的能力，而是我們大幅削減對公司新投資的願望，可能與經濟放緩的下降不相稱。在收入方面。因此，我們必須在此時分析這種權衡。但可以肯定的是，無論順境或逆境，我們都致力於實現高水準的獲利能力和高水準的投資影響力。

The next question is from Craig Huber with Huber Research Partners.

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

Andy, my first question, your costs in all 4 segments look to us like they were down sequentially. Can you just touch on that and also in light of your overall cost guidance for the year, which just interesting me that the costs were down in the third quarter. Why is that? That's my first question.

安迪，我的第一個問題，在我們看來，你們在所有 4 個部分的成本都在連續下降。您能否談談這一點，並考慮您今年的整體成本指導，這讓我很感興趣，第三季的成本有所下降。這是為什麼？這是我的第一個問題。

Yes. So nothing specific to call out there other than -- and I think you see this in other quarters. Our costs will move around quarter-to-quarter based on a range of factors, including things like less recurring type of costs, nonrecurring costs, professional fees, it can be things like comp accrual adjustments related to the outlook, and it can be related to things like severance and pace of spend. So there's nothing specifically to call out on the expense side relative to Q2. And so I wouldn't read into any sort of trend there. I would focus more on the guidance that we've given.

是的。因此，除了——我想你在其他方面也看到了這一點之外，沒有什麼特別值得指出的。我們的成本將根據一系列因素逐季度變化，包括較少經常性成本、非經常性成本、專業費用等，也可以是與前景相關的應計費用調整等，也可以與諸如遣散費和支出速度之類的事情。因此，相對於第二季度，在費用方面沒有什麼特別值得指出的。所以我不會解讀那裡的任何趨勢。我會更關注我們提供的指導。

Our final question is from Greg Simpson with BNP Paribas.

我們的最後一個問題來自法國巴黎銀行的格雷格辛普森。

Can I just ask on the expense growth in the ESG and Climate. It looks like it's been below your mid-to-high 20s medium-term guidance. The EBITDA margin, I think, is north of 30% now. So I just wanted to check in on if there's any kind of change around investments in this segment versus any kind of slowdown on the cost side?

可以問一下 ESG 和氣候方面的費用成長嗎？看起來它已經低於 20 多歲中期指導值了。我認為 EBITDA 利潤率現在已超過 30%。所以我只是想檢查一下該領域的投資是否有任何變化以及成本方面的任何放緩？

Yes, nothing to read into there and no changes in generally the plans or outlook for investing in ESG and Climate. It's one that we are continually calibrating as we calibrate across all segments based on the opportunities in front of us and the overall financial objectives. And ESG and Climate continues to be an attractive growth area with big opportunities. So we do plan to continue to invest in that area. The margin will -- related to the last question, expenses, expense growth and margin will fluctuate period-to-period based on a whole host of things.

是的，沒有什麼可解讀的，ESG 和氣候投資計畫或前景總體上沒有變化。這是我們不斷調整的，因為我們根據我們面前的機會和整體財務目標對所有細分市場進行調整。 ESG 和氣候仍然是一個有吸引力的成長領域，蘊藏著巨大的機會。因此，我們確實計劃繼續在該領域進行投資。與最後一個問題相關的是，利潤率、費用、費用成長和利潤率將根據一系列因素而出現不同時期的波動。

When you start to look at product segments, you can see some noise based on allocations moving. You can see some noise based on capitalization of software development costs. And you can see some other expense movement related to, as I alluded to, perform kind of nonrecurring non-comp-type expenses or other accrual adjustments that we have. But I wouldn't focus too much on the margin in ESG and Climate this segment. And as I alluded to earlier, no change to our long-term targets.

當您開始查看產品細分時，您可以看到一些基於分配變動的噪音。您可以看到一些基於軟體開發成本資本化的噪音。正如我所提到的，您可以看到與執行某種非經常性非補償型費用或我們擁有的其他應計調整相關的其他一些費用變動。但我不會太在意 ESG 和氣候這一領域的利潤。正如我之前提到的，我們的長期目標並沒有改變。

We have no further questions at this time. I'll turn it over to Henry Fernandez for any closing remarks.

目前我們沒有進一步的問題。我會將其交給亨利·費爾南德斯 (Henry Fernandez) 發表結束語。

So thank you, everyone, for joining us today. And despite the more uncertain and more predictable environment, economically, financially, geopolitically, we continue to benefit from a great all-weather franchise. Our desire is to be a compounder in good times and in bad times.

謝謝大家今天加入我們。儘管環境更不確定、更可預測，但在經濟、金融、地緣政治方面，我們仍繼續受益於出色的全天候特許經營權。我們的願望是在順境和逆境中成為複合者。

And we're very excited about all the opportunities that we see ahead of us in all of our product lines, from Index to Analytics to ESG and Climate and now, obviously, Private Assets. And the opportunities we can unlock with Burgiss and with Trove, we didn't talk much about the voluntary capital markets and the opportunities there, but those will be very significant.

我們對所有產品線中看到的所有機會感到非常興奮，從指數到分析，再到 ESG 和氣候，顯然還有現在的私人資產。我們可以與 Burgiss 和 Trove 一起釋放的機會，我們沒有太多談論自願資本市場和那裡的機會，但這些將是非常重要的。

So we look forward to updating you in future calls about all of our plans and our progress in all of this. And again, thanks for joining.

因此，我們期待在未來的電話中向您通報我們所有的計劃以及我們在這方面取得的進展。再次感謝您的加入。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。