明晟 (MSCI) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI Fourth 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 年第四季財報電話會議。提醒一下，此通話正在錄音。 （操作員說明）

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

我現在將電話轉給投資者關係主管兼財務主管傑里米·烏蘭 (Jeremy Ulan)。你可以開始了。

Thank you. Good day, and welcome to the MSCI Fourth Quarter 2023 Earnings Conference Call. Earlier this morning, we issued a press release announcing our results for the fourth 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 年第四季財報電話會議。今天早上早些時候，我們發布了一份新聞稿，宣布2023 年第四季度的業績。該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”選項卡下查看。

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 rate 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. (Operator Instructions) With that, let me now turn the call over to Henry Fernandez. Henry?

今天參加電話會議的有： 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)。 （接線員指示）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 fourth quarter, MSCI delivered impressive results to close out the year. On our financial metrics, we achieved adjusted earnings per share growth of nearly 30%, organic revenue growth of 15% and free cash flow growth of 24%.

謝謝你，傑瑞米。大家好，感謝您加入我們。第四季度，摩根士丹利資本國際 (MSCI) 取得了令人矚目的業績，為今年畫下句點。在我們的財務指標上，我們實現了調整後每股收益成長近 30%，有機收入成長 15%，自由現金流成長 24%。

On our operating metrics, we posted organic subscription run rate growth of 10% while completing our 10th consecutive year of double-digit subscription run rate growth in Index at 10.8%. We delivered a retention rate of nearly 94%, including our highest-ever full year retention rate in Analytics at 94.4%.

在我們的營運指標上，我們的自然訂閱運行率成長了 10%，同時指數訂閱運行率連續第十年實現兩位數成長，達到 10.8%。我們的保留率接近 94%，其中 Analytics 的全年保留率達到了 94.4%，達到了歷史最高水準。

Assets under management in equity ETF products linked to MSCI Indices reached an all-time record of $1.47 trillion at year-end, along with near-record AUM balances of nearly $3.2 trillion in non-listed products linked to MSCI Indices, such as separately managed accounts and other institutional and retail fund wrappers. And we also achieved a record level of nonrecurring sales both for the quarter and for the full year.

截至年底，與MSCI 指數掛鉤的股票ETF 產品管理資產達到歷史最高水平1.47 兆美元，與MSCI 指數掛鉤的非上市產品（例如單獨管理的產品）的管理資產餘額接近歷史最高水平，接近3.2 兆美元。帳戶以及其他機構和零售基金包裝。我們本季和全年的非經常性銷售也創下了歷史新高。

While 96% of MSCI's revenue are from subscription-based or other recurring revenue sources, we also see strong demand for products that are often sold as nonrecurring, which form about 4% of our revenue. The latter group includes Float Data, a recent product innovation, index licenses for OTC derivatives and structured products, history data products and other unique datasets. These products offer entry points for future subscription sales while deepening client relationships. And they represent an important part of our strategy.

雖然 MSCI 96% 的收入來自訂閱或其他經常性收入來源，但我們也看到對經常作為非經常性銷售的產品的強勁需求，這些產品約占我們收入的 4%。後者包括 Float Data（最近的產品創新）、場外衍生性商品和結構性產品的指數授權、歷史資料產品和其他獨特的資料集。這些產品為未來的訂閱銷售提供了切入點，同時加深了客戶關係。它們代表了我們策略的重要組成部分。

Despite the global bull market and the signaling of lower rates by the Fed, our clients remained cautious, which has led to tighter budgets and longer sales cycles. Yet even with those headwinds, we achieved strong fourth quarter results, demonstrating once again that MSCI has an all-weather franchise and a team that can deliver in any environment.

儘管全球多頭市場和聯準會發出降息訊號，但我們的客戶仍然保持謹慎態度，這導致預算收緊和銷售週期更長。然而，儘管面臨這些不利因素，我們第四季仍取得了強勁的業績，再次證明 MSCI 擁有全天候的特許經營權和能夠在任何環境下交付的團隊。

On capital allocation, our approach has not changed. We remain committed to making organic investments and bolt-on acquisitions that add value while returning excess capital to our owners in the form of share buybacks and dividend payments. Over the past 11 years, MSCI has repurchased more than 40% of our shares outstanding worth a combined $5.8 billion at an average price of about $117 per share, creating enormous value for our shareholders.

在資本配置方面，我們的做法並沒有改變。我們仍然致力於進行有機投資和補強收購，以增加價值，同時以股票回購和股息支付的形式將多餘資本返還給我們的所有者。在過去的11年裡，MSCI以每股約117美元的平均價格回購了我們超過40%的已發行股票，總價值達58億美元，為我們的股東創造了巨大的價值。

MSCI's client-centricity underlies our consistent execution. 90% of MSCI's run rate in 2023 was comprised of clients purchasing from more than one of our product lines, whether in Index, Analytics, Private Assets or ESG and Climate. More than 60% of MSCI's run rate was comprised of clients purchasing from more than three of our product lines. This underscores the value we provide to many of the world's largest financial institutions and also the unique and vital role of MSCI in the capital markets.

MSCI 以客戶為中心是我們一貫執行的基礎。 2023 年 MSCI 運作率的 90% 是由客戶從我們的多個產品線購買的，無論是指數、分析、私人資產或 ESG 和氣候。 MSCI 超過 60% 的運作率是由客戶從我們三個以上的產品線購買的。這凸顯了我們為全球許多最大的金融機構提供的價值，以及 MSCI 在資本市場中獨特且重要的角色。

The standards we set and the tools we provide helps connect the providers of capital with the users of capital. We want to capitalize on important secular trends that are reshaping the global investment landscape. For example, in the index industry, we see rising demand for customization of portfolios. In response, we have expanded our custom index capabilities while maintaining our strength in traditional market cap businesses. Our client-designed indexing tools on MSCI ONE allow investors to personalize indices for highly specific investment objectives.

我們制定的標準和提供的工具有助於將資本提供者與資本使用者連結起來。我們希望利用正在重塑全球投資格局的重要長期趨勢。例如，在指數產業，我們看到對投資組合客製化的需求不斷增長。為此，我們擴大了客製化指數能力，同時保持了我們在傳統市值業務方面的優勢。我們在 MSCI ONE 上為客戶設計的指數工具允許投資者針對高度特定的投資目標個人化指數。

The secular trend of portfolio customization has also driven demand for specialized analytics tools, especially among wealth managers, who represent one of our fastest-growing segments. Earlier this month, MSCI completed the acquisition of Fabric, a wealth technology platform that provides portfolio design, customization and analytics. Adding their capabilities to our total portfolio toolkit will give us more ways than ever to serve the wealth segment.

投資組合客製化的長期趨勢也推動了對專業分析工具的需求，尤其是財富管理機構，他們代表了我們成長最快的細分市場之一。本月早些時候，MSCI 完成了對 Fabric 的收購，Fabric 是一個提供投資組合設計、客製化和分析的財富技術平台。將他們的能力添加到我們的整體投資組合工具包中將為我們提供比以往更多的方式來服務財富領域。

Speaking of total portfolio solutions, we now have an industry-leading platform, thanks to our acquisition of Burgiss. We also have the world's largest, most comprehensive and highest-quality private asset class database, covering $15 trillion in holdings across private equity, real estate, debt, infrastructure and natural resources plus another $45 trillion in real estate transactions and portfolio assets.

說到整體產品組合解決方案，由於我們收購了 Burgiss，我們現在擁有了業界領先的平台。我們還擁有世界上最大、最全面和最高品質的私人資產類別資料庫，涵蓋私募股權、房地產、債務、基礎設施和自然資源領域的15 兆美元資產，以及另外45 兆美元的房地產交易和投資組合資產。

As private allocations continue to grow, MSCI is well positioned to benefit from it. Our data will help us build standard-setting tools for private assets, including benchmark indices and models for evaluating risk performance and portfolio construction. We can then combine our private and public asset class tools to deliver a total portfolio view of risks and opportunities. All of this will help deepen our relationships with multi-asset class allocators of capital. In a larger sense, it will strengthen our entire ecosystem of product lines and capabilities.

隨著私人配置的持續成長，摩根士丹利資本國際 (MSCI) 完全有能力從中受益。我們的數據將幫助我們建立私人資產的標準制定工具，包括用於評估風險表現和投資組合建構的基準指數和模型。然後，我們可以結合我們的私人和公共資產類別工具，提供風險和機會的整體投資組合視圖。所有這些都將有助於加深我們與多元資產類別資本配置者的關係。從更大的意義上來說，它將加強我們整個產品線和能力的生態系統。

One notable example is climate because we build our carbon emissions estimates around granular disclosed data. MSCI already provides climate data on about 73,000 companies and issuers under subsidiaries, including more than 55,000 private companies, along with more than 7,000 private equity and private debt funds. We also provide location data on about 1 million asset locations through MSCI GeoSpatial. We assess physical risk on nearly 80% of those locations, leveraging our Climate Value-at-Risk models.

一個值得注意的例子是氣候，因為我們是根據詳細的揭露數據來估算碳排放量的。 MSCI 已提供約 73,000 家公司和子公司旗下發行人的氣候數據，其中包括 55,000 多家私人公司，以及 7,000 多家私募股權和私募債務基金。我們也透過 MSCI GeoSpatial 提供約 100 萬個資產位置的位置資料。我們利用我們的氣候風險價值模型評估了其中近 80% 的地點的物理風險。

Our client strategy can help us grow MSCI's presence among corporate issuers and their advisers. With our recent acquisition of Trove Research, we are now a leading provider of global intelligence on carbon credit. Trove currently analyzes around 15,000 carbon credit projects around the world and supplies that research to corporates, investors and exchanges. They also provide key climate data on more than 3,000 companies, showing both the quantity and the quality of carbon credits used by those companies and also how these credits are shaping their broader net-zero transition plan. There is simply no credible path to reach net-zero emissions without a significant expansion of the voluntary carbon markets.

我們的客戶策略可以幫助我們提高 MSCI 在企業發行人及其顧問中的影響力。透過最近收購 Trove Research，我們現已成為全球碳信用情報的領先提供者。 Trove 目前分析了全球約 15,000 個碳信用項目，並將研究成果提供給企業、投資者和交易所。他們還提供 3,000 多家公司的關鍵氣候數據，顯示這些公司使用的碳信用額的數量和質量，以及這些信用如何制定更廣泛的淨零轉型計劃。如果不大幅擴展自願性碳市場，就沒有實現淨零排放的可靠方法。

Looking ahead, we still have a long runway to create compounding shareholder value. As always, MSCI will balance our long-term strategic investments, including bolt-on acquisitions, with our commitment to rigorous financial management and short-term execution.

展望未來，我們還有很長的路要走，才能創造複合股東價值。一如既往，MSCI 將平衡我們的長期策略投資（包括補強收購）與我們對嚴格財務管理和短期執行的承諾。

And with that, let me now turn the call over to my partner in this great business, Baer Pettit. Baer?

現在，讓我將電話轉給我在這個偉大企業中的合作夥伴貝爾佩蒂特 (Baer Pettit)。貝爾？

Thank you, Henry, and greetings, everyone. In my remarks today, I'll discuss some of the most notable business needs that we see among market participants around the world, describe how MSCI is addressing those needs and explain what it all means for both our financial performance and our increasingly diverse client base.

謝謝你，亨利，並向大家問好。在今天的演講中，我將討論我們在全球市場參與者中看到的一些最顯著的業務需求，描述MSCI 如何滿足這些需求，並解釋這對我們的財務表現和日益多元化的客戶群意味著什麼。

Perhaps the biggest overarching need is for more customized and personalized investment solutions. Across industries and geographies, investors are searching for highly specialized and scalable outcomes aligned with their unique preferences and considerations. Within the index industry, this trend has boosted demand for custom indexes that investors can design to reflect the specific objectives of their unique portfolios, which may include capital, income, tax, risk, climate, sustainability and other considerations.

也許最大的整體需求是更客製化和個人化的投資解決方案。跨行業和地域，投資者正在尋找符合其獨特偏好和考慮的高度專業化和可擴展的成果。在指數產業內，這種趨勢增加了對客製化指數的需求，投資者可以設計這些指數來反映其獨特投資組合的具體目標，其中可能包括資本、收入、稅收、風險、氣候、永續性和其他考慮因素。

For example, since 2020, around 1/3 of MSCI benchmarks selected by asset owners for policy or mandate allocations have been custom indexes. In the fourth quarter, we posted 20% run rate growth in custom indexes and special packages while we were pleased to see our clients have success in gathering allocations linked to MSCI's custom index. For example, a major global insurance company allocated $8 billion into funds linked to our custom index. And a large asset manager licensed the custom index as a basis for an MSCI climate transition-aware ETF in Europe.

例如，自 2020 年以來，資產所有者為政策或強制分配選擇的 MSCI 基準中，約有 1/3 是客製化指數。在第四季度，我們公佈了客製化指數和特殊套餐的運行率成長了 20%，同時我們很高興看到我們的客戶成功收集了與 MSCI 客製化指數相關的分配。例如，一家大型全球保險公司向與我們的客製化指數相關的基金分配了 80 億美元。一家大型資產管理公司授權該客製化指數作為歐洲 MSCI 氣候轉型 ETF 的基礎。

Rising demand for customization is especially visible in the wealth segment, where advisers have to integrate their house view with the preferences of their individual clients. As Henry discussed, our acquisition of Fabric will make it much easier for MSCI to deliver customization and scale for wealth managers.

客製化需求的成長在財富領域尤其明顯，顧問必須將他們的房屋觀點與個人客戶的偏好結合。正如 Henry 所討論的，我們對 Fabric 的收購將使 MSCI 更容易為財富管理機構提供客製化服務和規模化服務。

In particular, by combining Fabric's rules-based portfolio construction tools with MSCI's factor models and related solutions, we will greatly enhance our capabilities. The Fabric acquisition will build on the strength of our existing wealth franchise, which now totals $107 million firm-wide and delivered 23% run rate growth in the fourth quarter.

特別是，透過將Fabric基於規則的投資組合建構工具與MSCI的因子模型和相關解決方案結合，我們將大大增強我們的能力。 Fabric 收購將增強我們現有財富專營權的實力，目前全公司範圍內的財富專營權總額為 1.07 億美元，並在第四季度實現了 23% 的運行率增長。

Among other Q4 business wins, the wealth arm of a major global asset manager licensed MSCI's Multi-Asset Class Factor Models. We've seen rising demand for integrated technology platforms to support compliance with increasingly complex regulations, especially in climate and sustainability.

在第四季度取得的其他業務成果中，一家主要全球資產管理公司的財富部門獲得了 MSCI 多資產類別因子模型的許可。我們看到對整合技術平台的需求不斷增長，以支援遵守日益複雜的法規，特別是在氣候和永續發展方面。

In response, MSCI continues to integrate our own content and capabilities on platforms such as MSCI ONE, particularly leveraging our Analytics franchise, which remains the backbone of where we host client portfolios, enrich those portfolios with specialized content and apply models to deliver insights and reports. For example, in 2023, we helped our clients generate 130,000 climate and sustainability reports on MSCI ONE using our analytics reporting engines, up from 16,000 reports in 2022.

作為回應，MSCI 繼續在MSCI ONE 等平台上整合我們自己的內容和功能，特別是利用我們的分析專營權，該專營權仍然是我們託管客戶投資組合的支柱，透過專業內容豐富這些投資組合，並應用模型來提供見解和報告。例如，2023 年，我們使用分析報告引擎幫助客戶在 MSCI ONE 上產生了 13 萬份氣候和永續發展報告，高於 2022 年的 16,000 份報告。

In Analytics, more broadly, we're benefiting from our ongoing investments to support open ecosystem integrations and in differentiated content. We achieved our best quarter and full year on record for recurring sales in equity analytics with quarterly and annual sales of approximately $9 million and $30 million, respectively, for the first time ever with strength from asset managers, market makers and hedge funds and run rate growing by 11%.

更廣泛地說，在分析領域，我們正在從支持開放生態系統整合和差異化內容的持續投資中受益。憑藉資產管理公司、做市商和對沖基金的實力以及運行率，我們在股票分析方面實現了有史以來最好的季度和全年銷售額，季度和年度銷售額分別約為900 萬美元和3000萬美元成長11%。

In product lines with current cyclical challenges, we still see healthy client appetite for key market data and related solutions, including Real Assets. For example, our Real Estate Portfolio Services, which include Climate Insights and Income Insights, and our Index Intel products, which collectively represent about half of our product line run rate, delivered run rate growth of over 10% in a tough commercial real estate environment.

在目前面臨週期性挑戰的產品線中，我們仍然看到客戶對關鍵市場數據和相關解決方案（包括實體資產）的濃厚興趣。例如，我們的房地產投資組合服務（包括氣候洞察和收入洞察）以及我們的指數英特爾產品（總共占我們產品線運行率的一半左右）在嚴峻的商業房地產環境中實現了超過 10% 的運行率增長。

In MSCI Private Capital Solutions, formerly Burgiss, we delivered recurring sales of $6.2 million in the fourth quarter with ending run rate of $98 million, growing in the high-teens versus the same period last year. In general, our integration of the Burgiss team continues to accelerate and clients have been enthusiastic about our total portfolio vision for public, private and multi-asset class solutions.

在 MSCI Private Capital Solutions（前身為 Burgiss），我們第四季的經常性銷售額為 620 萬美元，期末營運率為 9,800 萬美元，與去年同期相比呈現高位成長。總的來說，我們對 Burgiss 團隊的整合持續加速，客戶對我們針對公共、私人和多元資產類別解決方案的整體投資組合願景充滿熱情。

Across the board, investors increasingly expect richer, more granular data and faster, deeper insights powered by advanced technology. MSCI is meeting this demand through our ongoing data and technology transformation, which has dramatically expanded our use of artificial intelligence. We group AI initiatives into three categories: providing data at scale, transforming the client experience and driving operational efficiency, which will enable incremental investment capacity for MSCI.

總體而言，投資者越來越期望由先進技術提供更豐富、更精細的數據以及更快、更深入的見解。 MSCI 正在透過我們正在進行的數據和技術轉型來滿足這一需求，這大大擴展了我們對人工智慧的使用。我們將人工智慧計畫分為三類：大規模提供數據、轉變客戶體驗和提高營運效率，這將為 MSCI 帶來增量投資能力。

We have made tremendous progress at each area. For example, through our partnership with Google Cloud, we've accelerated our document acquisition and classification for ESG by a factor of 7 while tripling the speed of our AI models and more than doubling our maximum calculation capacity for Real Assets. We want to continue to leverage large language models and open-source geospatial datasets to meaningfully scale our physical asset data coverage and quality, which we expect can expand to over 100 million physical asset locations and attributes in the next 3 years to support our goals of comprehensive and complete data coverage for our clients.

我們在每個領域都取得了巨大進步。例如，透過與 Google Cloud 的合作，我們將 ESG 的文件擷取和分類速度提高了 7 倍，同時將 AI 模型的速度提高了兩倍，並將實體資產的最大運算能力提高了一倍以上。我們希望繼續利用大型語言模型和開源地理空間資料集來有意義地擴展我們的實體資產資料覆蓋範圍和質量，我們預計在未來3 年內可以擴展到超過1 億個實體資產位置和屬性，以支援我們的目標為我們的客戶提供全面、完整的資料覆蓋。

MSCI has always been a company that plans for extended time horizons. We are constantly trying to anticipate, capture and commercialize the next evolution of global investing, yet we also work tirelessly to deliver consistent results from quarter-to-quarter, which means we are laser-focused on how to create value for clients right now. We will continue striking that balance in 2024 and beyond.

MSCI 一直是一家計劃延長時間範圍的公司。我們不斷嘗試預測、捕捉全球投資的下一次演變並將其商業化，同時我們也不懈努力，以提供每個季度一致的結果，這意味著我們現在專注於如何為客戶創造價值。我們將在 2024 年及以後繼續實現這種平衡。

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. As you can see from our results, we have a highly resilient business that continues to generate consistently strong performance across product areas and client segments despite cyclical pressures.

謝謝貝爾，大家好。正如您從我們的業績中看到的那樣，我們擁有高度彈性的業務，儘管面臨週期性壓力，但仍能在各個產品領域和客戶群中持續產生持續強勁的業績。

In Index, we had nearly 11% subscription run rate growth, including 9% run rate growth in our market cap-weighted modules and 20% growth in custom indexes and special packages. Factor and ESG modules grew 11%, a slower rate than last year as clients are favoring more customized approaches and we saw fewer clients launching new active factor strategies. We have a demonstrated track record of growing with our existing client base in Index, helping them unlock value through a wide range of use cases across a broad range of content. Half of our Index client base subscribes to at least 2 or more modules with 20% of clients licensing as many as 5 or more different modules.

在指數方面，我們的訂閱運行率增長了近 11%，其中市值加權模組的運行率增長了 9%，自訂指數和特殊套餐增長了 20%。因子和 ESG 模組成長了 11%，成長率低於去年，因為客戶青睞更客製化的方法，我們發現推出新的主動因子策略的客戶較少。我們擁有與 Index 現有客戶群一起成長的良好記錄，幫助他們透過廣泛內容的廣泛用例釋放價值。我們的指數客戶群中有一半訂閱了至少 2 個或更多模組，其中 20% 的客戶授權多達 5 個或更多不同模組。

Our growing set of modules across market cap, factor, ESG, climate, thematic, fixed income and custom dimensions enable us to continue to bring additional value to our clients. And we maintain solid momentum in asset-based fees with revenues up 16% year-over-year, benefiting from over $48 billion of cash inflows and about $198 billion of market appreciation throughout 2023 within ETFs linked to MSCI equity indexes.

我們不斷增加的涵蓋市值、因子、ESG、氣候、主題、固定收益和客製化維度的模組使我們能夠繼續為客戶帶來額外價值。我們在資產收費方面保持強勁勢頭，營收年增 16%，受益於 2023 年與 MSCI 股票指數掛鉤的 ETF 超過 480 億美元的現金流入和約 1,980 億美元的市場升值。

During Q4, cash inflows of $16 billion into equity ETFs linked to MSCI indexes were mostly driven by developed markets ex U.S. and emerging markets products. From a product perspective, we saw inflows of about $6 billion into equity ETFs linked to MSCI ESG and Climate indexes, which represented the majority of industry flows into ESG and Climate products. Within fixed income ETFs, AUM and products linked to MSCI and Bloomberg joint fixed income indexes reached $60 billion, growing more than 30% year-over-year.

第四季度，與 MSCI 指數掛鉤的股票 ETF 的現金流入達 160 億美元，主要是由已開發市場（美國除外）和新興市場產品推動的。從產品角度來看，我們看到約 60 億美元流入與 MSCI ESG 和氣候指數相關的股票 ETF，這代表了流入 ESG 和氣候產品的大部分產業資金。在固定收益 ETF 中，AUM 以及與 MSCI 和彭博聯合固定收益指數掛鉤的產品達到 600 億美元，年成長超過 30%。

We had another very strong quarter for nonrecurring revenues. Roughly $16 million of the nonrecurring sales and revenues in Index were related to client fees for unlicensed usage of our content in historical periods. We also earned nonrecurring revenues from other common use cases, including licenses to create structured products and OTC derivatives and index history sales, where client requires decades of historical data to back-test strategies and conduct research.

我們的非經常性收入又經歷了一個非常強勁的季度。 Index 中約 1600 萬美元的非經常性銷售和收入與歷史時期未經許可使用我們的內容而向客戶收取的費用有關。我們還從其他常見用例中獲得非經常性收入，包括創建結構化產品和場外衍生品以及指數歷史銷售的許可證，其中客戶需要數十年的歷史數據來回測策略並進行研究。

In Analytics, we saw continued momentum across key areas with subscription run rate growth of 7% supported by strong net new recurring sales growth of 68%. Analytics revenue also benefited from a large number of implementations that were completed in the quarter, which resulted in both elevated nonrecurring revenue and the release of recurring subscription revenue that was on hold during the respective implementation periods.

在分析方面，我們看到關鍵領域的持續成長勢頭，訂閱運行率成長了 7%，新經常性銷售淨成長強勁，達到 68%。分析收入也受益於本季完成的大量實施，這導致非經常性收入增加，並釋放了在各自實施期間擱置的經常性訂閱收入。

In our ESG and Climate reportable segment, organic run rate growth was 16%, which excludes about $4.5 million of run rate from Trove and the impact of FX. Run rate growth was approximately 15% in ESG Research and 31% in Climate, excluding the impact of Trove. And run rate growth was 25% within Europe and close to 20% in Asia for ESG and Climate segment.

在我們的 ESG 和氣候報告部分，有機運行率增長率為 16%，其中不包括 Trove 約 450 萬美元的運行率和外匯的影響。排除 Trove 的影響，ESG 研究的運作率成長約 15%，氣候研究的運作率成長約 31%。 ESG 和氣候領域的運作率在歐洲成長了 25%，在亞洲成長了接近 20%。

We continue to see strong engagement across client types with a retention rate of 94.7% for the quarter and 95.9% for the full year. Although we did see an increase in cancels from smaller clients, in large part related to an elevated level of client events, within Real Assets, run rate growth was 6% as we continued to see the impact of muted property values and lower transaction volumes.

我們繼續看到各種客戶類型的強勁參與度，本季的保留率為 94.7%，全年的保留率為 95.9%。儘管我們確實看到小型客戶的取消訂單有所增加，這在很大程度上與客戶事件的增加有關，但在實體資產領域，由於我們繼續看到房地產價值低迷和交易量下降的影響，運行率增長了6%。

The retention rate of 89% for the quarter was impacted by a pickup in cancels from small clients, namely brokers, developers and lenders, who are most acutely feeling these cyclical pressures, although once again, our larger clients tended to have higher retention rates. Almost 80% of clients that subscribe to our RCA product offering spent over $50,000 per year on average. And the retention rate of that cohort is 96% for the full year of 2023. Also, it is worth highlighting that about 95% of client contracts for RCA products have an auto-renew provision or multiyear contracts.

本季 89% 的保留率受到小客戶（即經紀人、開發商和貸方）取消數量增加的影響，他們最強烈地感受到這些週期性壓力，儘管我們的大客戶往往擁有更高的保留率。近 80% 訂閱我們 RCA 產品的客戶平均每年花費超過 50,000 美元。到 2023 年全年，該群體的保留率為 96%。此外，值得強調的是，大約 95% 的 RCA 產品客戶合約都有自動續約條款或多年期合約。

Our integration of Burgiss, which we now refer to as our Private Capital Solutions operating segment, is doing well. We recorded approximately $25 million of revenue for the quarter, which came in at the high end of our initial expectations, although we did benefit from revenue catch-ups resulting from the completion of implementation on our total planned product offering.

我們對 Burgiss 的整合（現在稱為我們的私人資本解決方案營運部門）進展順利。本季度我們錄得約 2500 萬美元的收入，這超出了我們最初預期的上限，儘管我們確實受益於完成總體計劃產品供應實施帶來的收入追趕。

Private Capital Solutions expenses included about $4 million of allocations from centralized and shared costs. We continue to expect about $4 million to $5 million per quarter of these allocations to the segment. These costs are reallocated from other segments, and as a result, will not impact firm-wide EBITDA.

私人資本解決方案支出包括約 400 萬美元的集中和共享成本分配。我們仍然預計該部門每季的撥款約為 400 萬至 500 萬美元。這些成本是從其他部門重新分配的，因此不會影響整個公司的 EBITDA。

Our approach to capital allocation remains unchanged. We will continue to invest in the business to drive strong top line growth over the long term while continuing to deliver attractive free cash flow and EPS growth. We will continue to optimize our capital structure, return excess cash to shareholders through regular dividends that grow with adjusted EPS and opportunistically pursue share buybacks and value-generative bolt-on M&A that accelerates our strategy in key growth areas.

我們的資本配置方法保持不變。我們將繼續投資該業務，以推動長期強勁的收入成長，同時繼續提供有吸引力的自由現金流和每股盈餘成長。我們將繼續優化資本結構，透過隨調整後每股盈餘成長的定期股息向股東返還多餘現金，並伺機進行股票回購和產生價值的補強併購，以加速我們在關鍵成長領域的策略。

In the spirit of continually optimizing our capital structure, last week, we completed the refinancing of our credit facilities, where we replaced our term loan A and existing revolver with a new revolver that provides us with more capacity at $1.25 billion in total size, slightly lower costs than the now retired term loan A and an extended tenor. And our capital position remains solid overall. As of today, we currently have approximately $600 million of cash on hand, well above our minimum global cash balance range, although cash balances are still down from last year's levels, which will continue to translate through to lower interest income.

本著不斷優化資本結構的精神，上週，我們完成了信貸安排的再融資，用新的循環貸款取代了定期貸款A 和現有的循環貸款，這為我們提供了更大的產能，總規模為12.5 億美元，略有增加。比現已退休的定期貸款 A 和延長期限的成本更低。我們的資本狀況大致保持穩健。截至今天，我們手頭現金約為 6 億美元，遠高於我們的全球最低現金餘額範圍，儘管現金餘額仍低於去年的水平，這將繼續導致利息收入下降。

Lastly, we continue to execute bolt-on acquisitions that accelerate our long-term strategy. Total purchase consideration for Trove and Fabric was approximately $48 million with the potential for additional performance-related payments tied to the achievement of top line growth targets, although the majority of those payments will be treated as compensation expense.

最後，我們繼續執行補強收購，以加速我們的長期策略。 Trove 和 Fabric 的總購買對價約為 4,800 萬美元，可能會因實現營收成長目標而獲得額外的與業績相關的付款，儘管其中大部分付款將被視為補償費用。

Turning to our 2024 guidance, which we published earlier this morning. Our guidance assumes that AUM levels remain relatively flat to year-end levels through the first half of 2024 with a modest upturn in the second half of the year. Our expenses reflect the ongoing investments in our business as well as the impact of our acquisitions of Burgiss, Trove and Fabric.

談到我們今天早上早些時候發布的 2024 年指導。我們的指引假設，到 2024 年上半年，資產管理規模水準與年底水準保持相對持平，下半年將小幅回升。我們的開支反映了我們業務的持續投資以及我們收購 Burgiss、Trove 和 Fabric 的影響。

Our CapEx guidance reflects continued software development to build or enhance our offerings across all of our segments, including Private Capital Solutions, as well as slightly higher hardware purchases related to our hybrid data center strategy.

我們的資本支出指引反映了持續的軟體開發，以建立或增強我們所有細分市場的產品，包括私人資本解決方案，以及與我們的混合資料中心策略相關的略高的硬體採購。

Our interest expense guidance reflects the refinancing of our credit facilities and assumes the existing balance of approximately $340 million remains outstanding for the year. Our tax rate guidance reflects the impact of the OECD global minimum tax, which goes into effect this year, statutory rate increases we are subject to in certain jurisdictions and a slightly smaller projected impact from windfall benefits.

我們的利息支出指引反映了我們信貸額度的再融資，並假設今年仍有約 3.4 億美元的現有餘額未償還。我們的稅率指引反映了今年生效的經合組織全球最低稅的影響、我們在某些​​司法管轄區須遵守的法定稅率上調以及意外福利的預期影響略小。

I would like to highlight that our effective rate in the fourth quarter included a discrete benefit related to a favorable outcome on a tax position received late in the quarter. And lastly, free cash flow guidance reflects the expectation of slightly higher cash taxes.

我想強調的是，我們第四季的有效利率包括與本季末收到的稅收狀況有利結果相關的離散收益。最後，自由現金流指引反映了現金稅略高的預期。

Overall, we remain well positioned to drive growth. Our client-centricity and multiyear investments position us for strength to start 2024. And 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。我們以客戶為中心和多年的投資為我們在 2024 年開始奠定了基礎。我們期待讓您隨時了解我們的進展。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Our first question comes from the line of Toni Kaplan with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的托尼卡普蘭（Toni Kaplan）。

I was hoping you could give some additional color on the market environment, maybe particularly with regard to Index. I know you've called out some market headwinds recently. And so just looking into '24, do you see those persisting? And how should we think about new sales within Index for next year?

我希望您能夠對市場環境提供一些額外的信息，尤其是在指數方面。我知道您最近指出了一些市場阻力。那麼，只要看看 24 年，您是否看到這些持續存在？我們該如何考慮明年指數內的新銷售？

Sure. Toni, it's Andy, appreciate the question. So yes, I mean, we are seeing a tough environment for many of our clients. As we've talked about before, our largest client base is active managers that have seen flat markets for the last couple of years. We're encouraged by the recent rally. And that should be helpful over the long term. But they have seen relatively flat markets, volatility and outflows, so we have seen headwinds. But we continue to have good momentum. And I think the thing that's been encouraging to us is the success we've had across modules and client segments.

當然。東尼，我是安迪，謝謝你的提問。所以，是的，我的意思是，我們的許多客戶面臨著艱難的環境。正如我們之前談到的，我們最大的客戶群是過去幾年市場表現平淡的主動型基金經理人。我們對最近的反彈感到鼓舞。從長遠來看，這應該會有幫助。但他們看到了相對平坦的市場、波動和資金外流，因此我們看到了逆風。但我們仍然保持著良好的勢頭。我認為對我們來說令人鼓舞的是我們在各個模組和客戶群中取得的成功。

And so we mentioned some of these. But just to highlight, we saw 9% run rate growth in our market cap modules. And that's through delivering additional value to our clients, continuing to upsell them. We saw 20% growth in custom and specialized modules, an 11% growth in factor and ESG modules. Equally as encouraging, we saw 9% growth in asset managers, 15% growth from wealth and broker-dealers and 22% growth among hedge funds. So we've definitely been encouraged here.

所以我們提到了其中的一些。但要強調的是，我們的市值模組的運作率成長了 9%。這就是透過為我們的客戶提供額外價值，繼續向他們追加銷售。我們看到客製化和專業模組成長了 20%，因子和 ESG 模組成長了 11%。同樣令人鼓舞的是，我們看到資產管理公司成長了 9%，財富和經紀自營商成長了 15%，對沖基金成長了 22%。所以我們在這裡肯定受到了鼓勵。

I think we will see longer sales cycles, tighter budgets here. Budgets for the year are set at the end of the prior year for many organizations and so that will create some noise for us. But this trend of indexation and the demand for the tools that we have across many different client segments seems to have some momentum here. So we'll continue to monitor closely. But importantly, we continue to focus on creating value for our clients. And that will hopefully translate through to continued success on sales and growth.

我認為我們會看到更長的銷售週期和更緊縮的預算。許多組織的年度預算是在上一年年底制定的，因此這會給我們帶來一些噪音。但這種指數化趨勢以及我們在許多不同客戶群中擁有的工具的需求似乎在這裡有一些動力。因此我們將繼續密切關注。但重要的是，我們繼續專注於為客戶創造價值。這有望轉化為銷售和成長的持續成功。

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

我們的下一個問題來自瑞銀集團的 Alex Kramm。

Interesting to hear you talk a little bit less than usual about ESG and Climate. So clearly, I need to ask about it. So we obviously have continued to see slowdown in that segment after a couple of years of really, really big strength. So I guess, now with that slowdown in the run rate now, I'm just wondering if there's any signs that things could be turning maybe as Climate is becoming a bigger part of the equation.

很高興聽到您比平常少談論 ESG 和氣候。這麼明顯，我需要問一下。因此，在經歷了幾年非常非常強勁的成長之後，我們顯然繼續看到該領域的放緩。所以我想，現在隨著運行速度的放緩，我只是想知道是否有任何跡象表明事情可能會發生轉變，因為氣候正成為方程式中更重要的一部分。

Or again, as investors, are we thinking kind of like what they need, in particular, outside of the U.S.? So any near-term expectations there? And how is that impacting your longer-term outlook as well? Because obviously, these run rates are far below your mid- to high 20s longer-term range. So just curious how you're thinking about that at the moment.

或者，作為投資者，我們的想法是否符合他們的需求，特別是在美國以外的地區？那麼近期有什麼預期嗎？這對您的長期前景有何影響？因為顯然，這些運行率遠低於 20 多歲的長期範圍。所以只是好奇你現在是怎麼想的。

Sure, sure. Thanks, Alex. So I'd say the most encouraging thing for us has been the strong level of engagement we're seeing from our clients around ESG and very significantly around Climate. So despite the slowdown, we are still seeing a healthy level of dialogue with our clients on this front. Consistent with what we've seen in recent quarters and throughout 2023, as you alluded to, growth has been slower for us.

一定一定。謝謝，亞歷克斯。因此，我想說，對我們來說最令人鼓舞的事情是，我們看到客戶對 ESG 以及氣候的積極參與。因此，儘管經濟放緩，我們仍然看到與客戶在這方面進行了健康的對話。正如您所提到的，與我們最近幾季和整個 2023 年所看到的情況一致，我們的成長速度較慢。

Just to put a finer point on that, in the ESG and Climate segment, growth in the Americas was about 9%. That compares to 25% in Europe and close to 20% in Asia. I'd say the themes are consistent, where clients are taking a more measured approach to how they integrate ESG. They're continuing to think about how and where they integrate it. And that's causing longer sales cycles and more deliberate purchasing decisions, which is probably compounded by, I think, cyclical pressures that are hitting many of our clients.

更具體地說，在 ESG 和氣候領域，美洲的成長率約為 9%。相比之下，歐洲為 25%，亞洲接近 20%。我想說，主題是一致的，客戶正在採取更謹慎的方法來整合 ESG。他們正在繼續思考如何以及在哪裡整合它。這導致銷售週期更長，採購決策更加深思熟慮，我認為，我們許多客戶面臨的周期性壓力可能會加劇這種情況。

But given the wide range of use cases, I think we continue to be quite encouraged about the outlook here. We see regulation will create some delays in purchases, continues to be a big opportunity for us. As you alluded to, Climate continues to be a big opportunity for us. And we continue to innovate heavily across Climate with plans to release things like nature and biodiversity datasets, additional insights into private assets, geospatial data, which Baer alluded to, physical and hazard risk enhancements. And that's on top of continuing to broaden our coverage across ESG, enhance the quality of our offering and our service.

但考慮到廣泛的用例，我認為我們對這裡的前景仍然感到非常鼓舞。我們認為監管將導致採購出現一些延遲，這對我們來說仍然是一個巨大的機會。正如您所提到的，氣候對我們來說仍然是一個巨大的機會。我們繼續在氣候方面進行大力創新，計劃發布自然和生物多樣性數據集、對私人資產的更多見解、貝爾提到的地理空間數據、物理和災害風險增強等。除此之外，我們也持續擴大 ESG 覆蓋範圍，提升我們的產品和服務品質。

And so I think we've got a rich pipeline of opportunities and solutions, where we can continue to deliver value to clients. But I think we would expect some of these dynamics that we're seeing, the more measured purchasing decisions and some of the cyclical pressures, probably to persist for at least the next couple of quarters here.

因此，我認為我們擁有豐富的機會和解決方案，可以繼續為客戶提供價值。但我認為我們預計我們所看到的一些動態、更審慎的採購決策和一些週期性壓力可能至少會在接下來的幾個季度持續存在。

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

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

Maybe we'll just go down the segments here. Can we just talk about the Analytics business? Obviously, it sounds like things have gotten better there through the year. It sounds like it's the equity asset class. But just is there -- are you just -- is there some share gains? Is it just an uptick in the models? Like maybe just some of the trends that you're seeing there perhaps that can help you sustain this high single-digit rate?

也許我們就在這裡繼續討論。我們可以只談談分析業務嗎？顯然，一年來情況似乎有所改善。聽起來像是股票資產類別。但只是——你只是——有一些份額增長嗎？這只是模型的上升嗎？也許您在那裡看到的一些趨勢可能可以幫助您維持這種高個位數的成長率？

Yes. So there are a number of trends at play here. But maybe I can group them together and say this heightened period of uncertainty and risk has led to opportunities for us. And so clients are turning to us across many of our different solutions to help understand market drivers and risks and how to navigate those risks. And I think it's been very encouraging to see the highest-ever full year retention rate we've seen within the segment, which I think underscores the power of that need for our tools in this market.

是的。因此，這裡有許多趨勢在發揮作用。但也許我可以將它們歸為一類，並說這段不確定性和風險加劇的時期為我們帶來了機會。因此，客戶正在向我們尋求許多不同的解決方案，以幫助了解市場驅動因素和風險以及如何應對這些風險。我認為看到該領域有史以來最高的全年保留率是非常令人鼓舞的，我認為這強調了這個市場對我們工具的需求的力量。

Just to put a finer point on where we're seeing that, we did see some strong successes within ERP in the quarter, our enterprise risk and performance offering, which has been supported by things like liquidity analytics and demands for deeper insights into liquidity risk. We've also had some traction with the partnerships that we've alluded to in the past. And we have gotten favorable feedback by enhancing user experiences.

為了更詳細地說明我們所看到的情況，我們確實在本季度的ERP、我們的企業風險和績效產品中看到了一些巨大的成功，這得到了流動性分析和對流動性風險更深入洞察的需求等支持。 。我們過去提到的合作關係也有一些吸引力。透過增強用戶體驗，我們獲得了正面的回饋。

As we've talked about in the last couple of quarters, we had another strong quarter and a strong year across our factor models as well. So we did see pretty good momentum on equity analytics, particularly with our factor model sales. And we have had -- it's early days, but we've had some traction with our Risk Insights offering as well, which is a new offering for us, where we're providing clients with more easily accessible, more interactive and more user-friendly risk and performance stats on their portfolios.

正如我們在過去幾個季度中談到的，我們的因子模型也經歷了另一個強勁的季度和強勁的一年。因此，我們確實看到了股權分析的良好勢頭，尤其是我們的因子模型銷售。我們已經—現在還處於早期階段，但我們的風險洞察產品也有一些吸引力，這對我們來說是一項新產品，我們為客戶提供更容易存取、更具互動性和更多用戶的服務——其投資組合的友善風險和績效統計。

So we're encouraged. The growth we're seeing is an area that we've been focused and investing. And so we definitely are encouraged by the outlook. But I would say, particularly given the backdrop and the fact that within Analytics, we do have a higher concentration of broker-dealers and hedge funds, we do expect to see some lumpiness in both sales and cancels moving forward here. But the long-term dynamics in those areas of traction we've been getting have been quite encouraging to us.

所以我們受到鼓舞。我們所看到的成長是我們一直關注和投資的領域。因此，我們對前景肯定感到鼓舞。但我想說，特別是考慮到分析領域的背景和事實，我們的經紀自營商和對沖基金確實更加集中，我們確實預計這裡的銷售和取消都會出現一些波動。但我們在這些領域所獲得的長期動力對我們來說非常令人鼓舞。

Our next question comes from the line of Alexander Hess with JPMorgan.

我們的下一個問題來自亞歷山大·赫斯 (Alexander Hess) 與摩根大通 (JPMorgan) 的對話。

Baer, you alluded to a desire to meaningfully scale the physical asset business. Just wanted -- and it sounds like you guys have fleshed out a bit more sort of a concrete near-term road map for the ESG and Climate business. But sort of can you maybe dimensionalize why you guys weren't in that earlier? Is that something where you feel the competitors maybe have a head start? And then beyond that, is there -- how would you monetize this? Is that going to be more of a consumption-based model? Or is that going to be on sort of a subscription program as well?

貝爾，您提到了有意義地擴展實體資產業務的願望。只是想要 - 聽起來你們已經為 ESG 和氣候業務制定了更具體的近期路線圖。但你能否詳細說明為什麼你們沒有早點參與其中？您認為競爭對手可能在這方面領先嗎？除此之外，您將如何利用它獲利？這會更像是一種基於消費的模式嗎？或者這也會成為某種訂閱方案？

Sure. So look, the Climate opportunity is an enormous one, which will affect all aspects of the economy and industries, right? So I think it's natural that there will be aspects of it, which at the outset, we were not present in and where we're broadening and deepening our capabilities, right? So I think that's the general observation, which could be both from our actions organically and inorganic.

當然。那麼，氣候機會是一個巨大的機會，它將影響經濟和產業的各個方面，對吧？所以我認為很自然地會有一些方面，我們一開始沒有參與其中，但我們正在擴大和深化我們的能力，對嗎？所以我認為這是一般性的觀察，它既可以來自我們的有機行為，也可以來自無機行為。

So in this instance, we're very excited with what we've done here, not merely because there is clearly demand from this, but it's also an area where we're able to apply a lot of interesting work in data science and AI. So there's client demand, it plays to our strengths in this growth category. And I think we've got a really good chance of continuing to innovate.

因此，在這種情況下，我們對我們在這裡所做的事情感到非常興奮，不僅因為這方面有明確的需求，而且這也是我們能夠在數據科學和人工智慧領域應用許多有趣工作的領域。因此，客戶需求就發揮了我們在這成長類別中的優勢。我認為我們有很好的機會繼續創新。

Just in terms of the business model, it's the same as usual, right? So it's a subscription business model. It's integrated with the normal way that we sell. And it's just enriching our capabilities across the board.

就商業模式而言，和平常一樣吧？所以這是一種訂閱商業模式。它與我們的正常銷售方式整合在一起。它全面豐富了我們的能力。

Our next question comes from the line of Owen Lau with Oppenheimer.

我們的下一個問題來自 Owen Lau 和 Oppenheimer 的對話。

So your nonrecurring revenue was up quite a bit in both Index and Analytics. And I think you recognized some fees for unlicensed usage of the content. Like in the past, it's several periods in the Index business. I think for Analytics, you had some large number of implementation and some one-time deals. Could you please elaborate a little bit more on what they actually are and what that means for recurring revenue going forward?

因此，您的非經常性收入在指數和分析方面都有相當大的成長。我認為您認識到未經許可使用內容會產生一些費用。與過去一樣，指數業務也經歷了幾個時期。我認為對於 Analytics，您有大量的實施和一些一次性交易。您能否詳細說明它們的實際含義以及這對未來的經常性收入意味著什麼？

Yes, sure. Owen, thank you. So maybe I'll start on Index and then I can touch on Analytics. But yes, I think it's helpful to give a bit more color on exactly what these nonrecurring sales and revenues are. So as we mentioned, during the quarter, we had a very large contract signed to address the unlicensed usage of our indexes in past periods.

是的，當然。歐文，謝謝你。所以也許我會從索引開始，然後我可以談談分析。但是，是的，我認為對這些非經常性銷售和收入的確切含義進行更多說明是有幫助的。正如我們所提到的，在本季度，我們簽署了一份非常大的合同，以解決過去時期未經許可使用我們的指數的問題。

And just to put a finer point on that, just to be very clear, we identified a client that have been using our indexes to create index-linked products without a license over a long time period. And so during the quarter, we signed an agreement that we would be paid for that past unlicensed usage and, as a result, recorded a sale and revenue associated with that.

為了更清楚地說明這一點，為了非常清楚，我們發現一個客戶在很長一段時間內一直在沒有許可證的情況下使用我們的索引來創建與索引相關的產品。因此，在本季度，我們簽署了一項協議，我們將為過去的未經許可的使用付費，並因此記錄了與此相關的銷售和收入。

It is worth noting that we continue to see contributions to nonrecurring sales and revenue from the licensing of our indexes to create things like structured products and over-the-counter derivatives. We also have nonrecurring sales of end uses of our -- some of our data packages, like our free float data package and our index history sales.

值得注意的是，我們繼續看到我們的指數許可創造結構性產品和場外衍生性商品等產品對非經常性銷售和收入的貢獻。我們也對一些資料包的最終用途進行非經常性銷售，例如我們的自由浮動資料包和指數歷史銷售。

And so those unlicensed usage sales are, by their nature, going to be lumpy. And we don't have those very often, as you know. But these other trends in things like over-the-counter derivatives and structured products are areas where we do see some momentum and should continue to be a contributor for us. But no changes to our business model overall other than to say we see growth opportunities across categories of nonrecurring revenue and sales for us.

因此，從本質上講，這些未經許可的使用銷售將會不穩定。正如你所知，我們並不經常有這樣的情況。但場外衍生性商品和結構性產品等其他趨勢是我們確實看到一些勢頭的領域，應該繼續為我們做出貢獻。但我們的商業模式總體上沒有改變，只是說我們看到了非經常性收入和銷售類別的成長機會。

Yes, as you alluded to on the Analytics side, we did have a number of implementation-related services that were completed during the quarter. And so those implementation-related services are nonrecurring in nature. And so we recognize nonrecurring revenue when we complete those. It is worth noting on the recurring side as well for certain products that involve implementations, such as our enterprise risk solutions, we defer the revenue until the implementation is complete, at which point we recognize the revenue from the beginning of the contract period to that point.

是的，正如您在分析方面提到的那樣，我們確實在本季度完成了許多與實施相關的服務。因此，這些與實施相關的服務本質上是非經常性的。因此，當我們完成這些工作時，我們會確認非經常性收入。值得注意的是，在經常性方面，對於某些涉及實施的產品，例如我們的企業風險解決方案，我們將收入推遲到實施完成，此時我們確認從合約開始到合約開始的收入。觀點。

And so we will have what we call these catch-ups when we have implementations coming online. And we had several of those during the quarter. I'd say within Analytics, the nonrecurring revenue tends to be most closely tied to those implementations. And so it generally will be tied to the business growth over time.

因此，當我們實現上線時，我們將實現所謂的追趕。本季我們有幾個這樣的情況。我想說，在分析中，非經常性收入往往與這些實施密切相關。因此，它通常會隨著時間的推移與業務成長掛鉤。

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

我們的下一個問題來自富國銀行的賽斯‧韋伯 (Seth Weber)。

Wanted to ask about traction with the Burgiss integration. I think I heard something about run rate in the high-teens, which sounds pretty encouraging. And I think on prior calls, you've talked about how the product line is pretty undersold globally. I'm just wondering how the integration or how the combination is going with Burgiss salespeople working with existing MSCI salespeople just to kind of start cross-selling the product.

想詢問 Burgiss 整合的吸引力。我想我聽說過一些關於高青少年運行率的消息，這聽起來相當令人鼓舞。我想在之前的電話會議中，您已經談到了該產品線在全球範圍內的銷售嚴重不足。我只是想知道 Burgiss 銷售人員與現有 MSCI 銷售人員的整合或組合是如何進行的，只是為了開始交叉銷售產品。

Sure. So happy to take that question. We're very pleased with how the integration is going. I think there was clearly a benefit that we were a minority shareholder of Burgiss for a number of years, so got to know the business very well. We had one of our senior executives, Jay McNamara, there working for a number of years and really helped to revitalize their client activity and go-to-market and all the commercial side. So he's now a co-head of the business with Charissa Smith. So I think both from an operational point of view, we're very pleased with the integration.

當然。很高興回答這個問題。我們對整合的進展感到非常滿意。我認為，多年來我們一直是 Burgiss 的少數股東，這顯然是一個好處，因此我們非常了解這項業務。我們的一位高級管理人員傑伊·麥克納馬拉 (Jay McNamara) 在那裡工作了多年，確實幫助振興了他們的客戶活動、進入市場以及所有商業方面。因此，他現在與查麗莎史密斯 (Charissa Smith) 一起擔任該業務的聯合主管。因此，我認為從營運角度來看，我們對此次整合感到非常滿意。

And we've got a team of client coverage people there that were already, if you like, trained the MSCI way under Jay. And the -- and now those teams can work seamlessly with the MSCI client coverage team. So we're delighted with the way things have gone so far. And I think we've got a big opportunity globally to expand significantly the footprint in Private Capital Solutions. So, so far, so good, good end to the year. And we hope to keep delivering some strong numbers during the course of 2024.

我們在那裡有一個客戶覆蓋團隊，如果你願意的話，他們已經在 Jay 的領導下接受過 MSCI 培訓。現在，這些團隊可以與 MSCI 客戶覆蓋團隊無縫合作。因此，我們對目前的進展感到滿意。我認為我們在全球範圍內有一個巨大的機會來顯著擴大私人資本解決方案的足跡。所以，到目前為止，一切順利，今年結束了。我們希望在 2024 年繼續提供一些強勁的數據。

Our next question comes from the line of Kelsey Zhu with Autonomous.

我們的下一個問題來自 Kelsey Zhu 與 Autonomous 的對話。

On your expense guidance, I was just wondering if you can walk us through kind of the puts and takes of that expense guidance range. What would take you to the higher end versus the lower end of that guidance?

關於您的費用指導，我只是想知道您是否可以向我們介紹該費用指導範圍的相關內容。是什麼讓您達到該指導的高端與低端？

Sure, sure. So listen, on expenses, it's a similar story to what we give every year. I think we outlined in the prepared remarks here that the AUM assumption that underlies the expense guidance assumes that the markets remain relatively flat for the first half of the year and then rebound slightly in the back half of the year.

一定一定。所以聽著，在費用方面，這與我們每年提供的情況類似。我認為我們在準備好的評論中概述了費用指導背後的資產管理規模假設，即假設市場在今年上半年保持相對平穩，然後在今年下半年略有反彈。

As we always do, we will continue to monitor the market and we'll continue to monitor business performance. And so we will go to our upturn and downturn playbooks throughout the year if we do see sustained improvements, which could cause us to move towards the higher end of that range or similarly cause us to manage expenses more tightly if things deteriorate.

正如我們一貫所做的那樣，我們將繼續監控市場，我們將繼續監控業務績效。因此，如果我們確實看到持續的改善，我們將在全年中遵循我們的經濟復甦和衰退策略，這可能會導致我們走向該範圍的高端，或者類似地導致我們在情況惡化時更嚴格地管理支出。

As you know and, I think, is evident, there is a meaningful contribution from acquisitions as well in the expense guidance for the year. I think we've given color on the Burgiss margin profile. And I think we indicated Trove and Fabric are relatively small in terms of their impact. But from that, you can back into the organic expense growth being in, call it, the mid- to high single-digit range embedded in that guidance and the balance being contributed from mainly Burgiss, but to a lesser degree, the smaller acquisitions coming in.

如您所知，而且我認為這是顯而易見的，收購以及今年的費用指導都做出了有意義的貢獻。我想我們已經為布爾吉斯邊際輪廓賦予了色彩。我認為我們表明 Trove 和 Fabric 的影響相對較小。但從中，您可以回到該指導中嵌入的有機費用增長，稱之為中高個位數範圍，而餘額主要來自 Burgiss，但在較小程度上，較小的收購即將到來。

The last thing that's probably worth flagging, and we've mentioned this in past years, is we have seasonally high payroll tax and benefits-related expenses in the first quarter. And so we tend to see about $10 million to $15 million higher of those expenses coming through, which adds to some seasonality and higher expenses in Q1.

最後一件事可能值得關注，我們在過去幾年中已經提到過這一點，那就是我們第一季的工資稅和福利相關費用季節性較高。因此，我們往往會看到這些費用增加約 1000 萬至 1500 萬美元，這增加了第一季的季節性和更高的費用。

But other than that, I'd say it's something that we continue to monitor. And our goal ultimately is to continue to invest in the business to drive long-term growth. And we'll use opportunities if the market improves here to continue to do that but also continuing to deliver attractive profitability and profitability growth in all periods and attractive free cash flow growth.

但除此之外，我想說這是我們繼續監控的事情。我們的最終目標是繼續投資業務以推動長期成長。如果市場改善，我們將利用機會繼續這樣做，同時繼續在所有時期提供有吸引力的盈利能力和盈利增長以及有吸引力的自由現金流增長。

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

我們的下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

A question on the pricing actions that you might have instituted in 2024. And how should we think about the pricing tailwinds in Index and overall business for '24?

關於您可能在 2024 年採取的定價行動的問題。我們應該如何考慮指數和 24 年整體業務的定價順風？

Yes, sure. So listen, it's important to underscore that we will continue to be very measured on our price increases and ensure that we are linking them to the value that we are delivering to our clients in terms of enhanced solutions, enhanced services and broader usage of our tools. As we mentioned in prior quarters, during 2023, price increases were higher than they've been in recent years and contributed a larger percentage of new recurring sales relative to recent years. I would say in Index, that contribution is similar, where the contribution from price increases within Index was above 40% for the year, which I think is consistent with what we've mentioned before.

是的，當然。因此，聽著，重要的是要強調，我們將繼續嚴格控制價格上漲，並確保將它們與我們在增強解決方案、增強服務和更廣泛使用我們的工具方面向客戶提供的價值聯繫起來。正如我們在前幾個季度中提到的，2023 年期間，價格漲幅高於近年來，並且與近年來相比，在新經常性銷售中所佔的比例更大。我想說的是，在指數中，貢獻是相似的，全年指數內價格上漲的貢獻超過40%，我認為這與我們之前提到的一致。

And it's important to underscore that there are numerous factors that feed into our price increases, including most notably, the value that we're delivering to clients, but the broader environment and client health are all things we think about. And so to the extent that inflation continues to moderate, we will likely moderate price increases in certain areas, all else equal. But we'll continue to monitor all those factors, including the enhancements in value that we deliver to clients and calibrate price increases accordingly going forward.

需要強調的是，影響我們價格上漲的因素有很多，其中最值得注意的是我們為客戶提供的價值，但更廣泛的環境和客戶健康狀況都是我們考慮的因素。因此，在通膨持續放緩的情況下，在其他條件相同的情況下，我們可能會減緩某些領域的價格上漲。但我們將繼續監控所有這些因素，包括我們為客戶提供的價值提升，並相應地調整未來的價格上漲。

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

我們的下一個問題來自高盛的喬治唐（George Tong）。

Going back to the topic of ESG, you mentioned regulations are causing some delays in client purchases. Can you elaborate on which regulations you're watching as well as how different outcomes of the U.S. election cycle could potentially impact ESG demand?

回到 ESG 主題，您提到法規導致客戶購買出現一些延遲。您能否詳細說明您正在關注哪些法規以及美國選舉週期的不同結果可能如何影響 ESG 需求？

Sure. So I think there has been a component of the changes in the regulation in Europe delaying product issuance. But there's also a broader context that the regulatory framework in Europe, in the EU is driving a lot of growth as well. And you can see that in the numbers that we've mentioned. So I think that overall, the regulatory topic related to ESG and Climate has definitely become a positive for us in balance.

當然。因此，我認為歐洲監管變化的一部分推遲了產品的發行。但還有一個更廣泛的背景，就是歐洲的監管框架也在推動大量成長。您可以從我們提到的數字中看到這一點。因此，我認為總體而言，與 ESG 和氣候相關的監管主題絕對對我們來說是積極的。

Look, I don't -- it's not our role to speculate on U.S. politics and outcomes. My only observation would be that when we look notably at a lot of the major asset owners in the U.S., their approach to this topic has not changed and it remains central for them. I think there may be a question as to when product issuance will pick up again in the U.S. And time will tell. But we're also seeing a significant increase in Asia of interest.

聽著，我不知道──猜測美國政治和結果不是我們的責任。我唯一的觀察是，當我們特別關注美國的許多主要資產所有者時，他們對這個主題的態度沒有改變，而且仍然是他們的核心。我認為可能存在一個問題，即美國的產品發行何時會再次增加，時間會證明一切。但我們也看到人們對亞洲的興趣顯著增加。

So on balance, the landscape remains one with some significant opportunity, some areas, a little bit slower. But we're just doing our business of interacting with clients every day and impressing them the value of our services and then politics will be what politics is.

因此，總的來說，情況仍然存在一些重大機會，但某些地區的發展速度稍慢一些。但我們只是每天與客戶互動，讓他們了解我們服務的價值，然後政治就是政治。

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

我們的下一個問題來自 Faiza Alwy 與德意志銀行的聯繫。

Wanted to follow up on the expense question. And I wonder if you could talk about some of the puts and takes around investments. Because it seems that you've sort of been executing on more of a downturn playbook over the last couple of years. And I'm curious how much runway you think you have around expense savings. Are there areas where you'd like to invest more? Sort of how should we think about your approach towards investments?

想跟進費用問題。我想知道您是否可以談談一些有關投資的看跌期權和看跌期權。因為在過去的幾年裡，你似乎一直在執行更多經濟低迷的策略。我很好奇你認為你可以省下多少開支。您想在哪些領域進行更多投資？我們應該如何考慮您的投資方法？

Yes, yes. So it's an area that we spend a huge amount of time on. And we are continually focused on driving efficiencies, enhancing productivity across organizations so that we can invest more in the business. And even though it's been a tougher environment, we've been able to continue to enhance and increase the amount of money we put into investment areas.

是的是的。所以這是我們花費大量時間的領域。我們持續致力於提高效率，提高整個組織的生產力，以便我們可以在業務上進行更多投資。儘管環境更加嚴峻，我們仍能夠持續加強並增加投資領域的資金投入。

To your point, we would love to invest more. We have very attractive opportunities across all the areas we've talked about in terms of new solutions, new client segments, technology-enabled capabilities. Those are all areas that we have the upturn ready to go. But we will be measured and ensure that we see sustained improvements in the market and business performance before we take up the level of investment materially.

就您的觀點而言，我們願意進行更多投資。在我們談到的新解決方案、新客戶群、技術支援能力方面，我們在所有領域都擁有非常有吸引力的機會。這些都是我們準備好迎接好轉的領域。但在我們進行實質投資之前，我們將進行衡量並確保市場和業務績效持續改善。

But it's something that we are laser-focused on and want to continue to maintain our Triple-Crown discipline and ensure that we are putting those investment dollars into those areas that are going to generate attractive near-term returns for us. And so it's something that we are on top of and continually monitoring. And that's something that, to the extent the market performance and business performance fluctuates, we'll look for opportunities to put more investment to work.

但這是我們高度關注的事情，並希望繼續維持我們的三冠紀律，並確保我們將這些投資資金投入到那些將為我們帶來有吸引力的短期回報的領域。因此，這是我們正在關注並持續監控的事情。這就是說，隨著市場表現和業務表現的波動，我們會尋找機會進行更多的投資。

Let me add a comment to what Andy said. The long term -- given the significant and incredible opportunity that we face at MSCI in all of our product lines, from customization in Index and direct indexing, to Climate risk and Climate opportunities, to ESG, to Private Assets and, of course, the significant uptick that we've seen in Analytics, the long-term value creation of MSCI will depend a great deal on incremental investment in all these growth areas. You can't grow without creating new products, creating new services, creating innovation, reaching out to new client segments like wealth, like insurance, like corporates, like GPs and private assets, et cetera.

讓我對安迪所說的內容添加評論。從長期來看，考慮到我們在MSCI 的所有產品線中都面臨著重大且令人難以置信的機會，從指數定制和直接指數編制，到氣候風險和氣候機遇，到ESG，到私人資產，當然還有儘管我們在分析中看到了顯著的上升，但 MSCI 的長期價值創造將在很大程度上取決於所有這些成長領域的增量投資。如果你不創造新產品、創造新服務、創造創新、接觸新的客戶群（如財富、保險、企業、全科醫生和私人資產等），你就無法成長。

So our overriding amount of time that Andy alluded to that's spent on this area is to balance out the profitability of the business and the margin of the business with incremental investment. And the lever that we've been pulling significantly is creating more and more efficiency, tightening up what we do with higher productivity, locating more and more of our staff to emerging market centers and the like.

因此，安迪提到的我們在這一領域花費的最重要的時間是平衡業務的獲利能力和增量投資的業務利潤。我們一直在大力推動的槓桿是創造越來越多的效率，加強我們以更高的生產力所做的工作，將越來越多的員工安置到新興市場中心等。

And that has allowed us to, as Andy said, increase the amount of investment that we can deploy in the business. We are extremely excited about AI and the utilization of AI to allow for an even larger amount of efficiencies, a lot of productivity in which we can free up more resources and again put it back into the investment of the business in all the growth areas that we've identified.

正如安迪所說，這使我們能夠增加可在業務中部署的投資金額。我們對人工智慧以及人工智慧的利用感到非常興奮，因為它可以提高效率和生產力，從而釋放更多資源，並再次將其重新投入所有成長領域的業務投資中。我們已經確定了。

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

我們的下一個問題來自希瑟·巴爾斯基 (Heather Balsky) 與美國銀行的電話。

I just wanted to ask a little bit about Index and market share. We get incoming questions from investors asking about where you guys fit in, in terms of the broader market. And I'm curious from your perspective, what are -- where do you see the wallet share opportunities? And then what are you monitoring in terms of some of your competitors gaining share?

我只是想問一些關於指數和市場份額的問題。我們收到了投資人的提問，詢問你們在更廣大的市場中所處的位置。我很好奇從你的角度來看，你在哪裡看到了錢包共享的機會？那麼，您正在監控哪些競爭對手獲得了份額？

Yes, thanks for the question. Well, look, we clearly have pretty transparent statistics on that in the ETF market, which we discussed. And those have been fairly stable. It's quite difficult to judge this in a lot of the subscription market. There's not really transparent data that shows us exactly what's happening.

是的，謝謝你的提問。嗯，看，我們顯然對 ETF 市場有相當透明的統計數據，我們對此進行了討論。這些一直相當穩定。在很多訂閱市場上很難判斷這一點。沒有真正透明的數據可以準確地向我們展示正在發生的事情。

So the key thing that we try to focus on is ensuring that we are continuing to maintain our growth rates in some of our key segments, as you can see from the numbers that we put out quarter-after-quarter, but more importantly is trying to be innovative about some of the opportunities that have been central to our growth, that have been a big theme throughout our comments today.

因此，我們努力關注的關鍵是確保我們繼續保持一些關鍵領域的成長率，正如您從我們逐季公佈的數字中看到的那樣，但更重要的是正在努力對對我們發展至關重要的一些機會進行創新，這也是我們今天評論中的一個大主題。

The customization area is dramatic in all client types. And we're investing in that both organically and through these -- some of these acquisitions that we're looking at, even if they're bolt-on ones. So I think as we get -- our big driver is to be innovative in new segments with customization. And if we do that, I think we can continue to have the leading position in the industry that we have.

在所有客戶類型中，客製化領域都是引人注目的。我們正在有機地和透過這些收購進行投資——我們正在考慮其中一些收購，即使它們是補充性收購。所以我認為，我們的最大驅動力是透過客製化在新領域進行創新。如果我們這樣做，我認為我們可以繼續保持在行業中的領先地位。

And then I think the other one that I would say is a key focus is global geographic diversification. This is an enormous strength of our franchise. And we've seen that in the numbers. As we continue to grow in all geographies in Index, notwithstanding the fact that in many of those geographies over the last number of quarters, equity markets have been in the doldrums more than they've been in the U.S. But we still continue to put in strong performances in subscription growth.

然後我認為我想說的另一個重點是全球地理多元化。這是我們特許經營的巨大優勢。我們已經從數字中看到了這一點。隨著我們在指數中的所有地區繼續成長，儘管事實上在過去的幾個季度中，許多地區的股市比美國更加低迷，但我們仍然繼續投入訂閱成長表現強勁。

So I think overall, we kind of look at how we're innovating. I could say things anecdotally about competition, but I don't think they're going to be helpful. So it's mostly focusing on what we do well in serving clients and innovating. And if we keep doing that, I'm confident that we can maintain our growth trajectory.

所以我認為總的來說，我們會關注如何創新。我可以說一些關於競爭的軼事，但我認為它們不會有幫助。因此，它主要關注我們在服務客戶和創新方面做得很好。如果我們繼續這樣做，我相信我們能夠保持我們的成長軌跡。

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

我們的下一個問題來自克雷格·胡貝爾 (Craig Huber) 和胡貝爾研究合作夥伴 (Huber Research Partners)。

Wanted to hear your thoughts on your sales force. Your sales force has obviously been very effective, very efficient over many, many years. You guys highlighted part of that today with all the cross-selling that they've been doing and stuff. And I'm just curious, your plans for internal investment spending this year, does it include any extra spending level that you -- above and beyond what you normally would do on the sales force throughout your organization for this upcoming year? I'm just trying to get a sense on that because it seems like a pretty good opportunity for you guys to lean further into. I'm just curious what your thought is on that.

想聽聽您對銷售隊伍的看法。多年來，您的銷售團隊顯然一直非常有效、非常有效率。你們今天透過他們一直在做的所有交叉銷售之類的事情強調了其中的一部分。我只是很好奇，您今年的內部投資支出計劃是否包括超出您來年整個組織銷售人員通常支出水平的任何額外支出水平？我只是想了解這一點，因為這對你們來說似乎是一個進一步深入了解的好機會。我只是好奇你對此有何想法。

Look, it's a great question. So as you know, Henry is our lead salesman now. And he spends an enormous amount of his time with clients, which has had a huge impact in our senior relationships. I am myself a retired Global Head of Client Coverage for MSCI. And our current Global Head of Client Coverage, Alvise Munari, is doing a great job. And so I think it's both a question of scale and reach, which we really focused on, but it's also really important to be creative and innovative.

聽著，這是一個很好的問題。如你所知，亨利現在是我們的首席推銷員。他花費大量時間與客戶打交道，這對我們的高層關係產生了巨大影響。我自己是 MSCI 的退休全球客戶覆蓋主管。我們現任的全球客戶服務主管 Alvise Munari 做得非常好。因此，我認為這既是我們真正關注的規模和影響範圍的問題，但創造力和創新也非常重要。

And as we look across a given order like the one we have today, the diversity of transactions, of different client types, different geographies, different use cases, all of that comes from our client coverage organization really having that DNA of finding out new use cases, new opportunities, which I think is really central to how we operate, so -- and then for sure, we will continue to invest in our client coverage organization, in salespeople, in consultants, in client service.

當我們審視像今天這樣的給定訂單時，交易的多樣性、不同客戶類型、不同地理位置、不同用例，所有這些都來自我們的客戶覆蓋組織，真正具有尋找新用途的 DNA案例、新機會，我認為這對我們的營運方式至關重要，因此，可以肯定的是，我們將繼續投資於我們的客戶涵蓋組織、銷售人員、顧問和客戶服務。

Now we're also very focused on the productivity of the organization. And that's a key component to ensuring we continue to invest. But this is really -- when we think of investments, we definitely think of our client organization and its reach and scale as being central to our future trajectory. So happy to take a longer discussion offline, but it's absolutely central to what we think is a great strength of MSCI.

現在我們也非常關注組織的生產力。這是確保我們繼續投資的關鍵組成部分。但這確實是——當我們考慮投資時，我們肯定會認為我們的客戶組織及其影響力和規模是我們未來發展軌蹟的核心。很高興能在線下進行更長時間的討論，但這絕對是我們認為 MSCI 強大優勢的核心。

Let me add something else here that the area -- MSCI has progressed significantly in many, many areas. The one area that I feel the most proud of or proudest, I guess, of is the incredible level of reach and dialogue that we have with clients all over the world. It's not only at the user level. Traditionally, in the past, MSCI is sold by a subject matter expert of MSCI selling directly into a user at the client organization.

讓我在這裡補充一點，MSCI 在許多領域都取得了顯著進展。我想，我感到最自豪或最自豪的一個領域是我們與世界各地客戶的令人難以置信的接觸和對話水平。這不僅僅是在用戶層面。傳統上，過去 MSCI 是由 MSCI 主題專家直接向客戶組織的使用者銷售的。

What we now have done in addition to that is build very deep and very wide relationship with the CEOs and the CIOs and all that. Because we're conscious that we're increasing our wallet share or mind share with a lot of these clients. And we need a lot of support from the top-down in understanding what we're doing and how we can add value and partner up with our client organizations.

除此之外，我們現在所做的就是與執行長和資訊長等建立非常深入和廣泛的關係。因為我們意識到我們正在增加與許多此類客戶的錢包份額或思想份額。我們需要來自自上而下的大量支持，以了解我們正在做什麼以及如何增加價值並與客戶組織合作。

The client coverage organization under Alvise Munari is, I think, 1,200 professionals by now or so, significant expansion because of some of the acquisitions that we have made, which have added a lot of salespeople. And the key focus there is industrial scale, is trying to figure out how to continue to grow that client coverage organization in a manner that it is tightening up the organizational structure, the organizational design, the roles, the responsibilities.

我認為，Alvise Munari 領導下的客戶覆蓋組織目前已擁有 1,200 名專業人士左右，由於我們進行的一些收購增加了許多銷售人員，這一數字顯著擴大。重點關注的是產業規模，試圖找出如何以收緊組織結構、組織設計、角色和責任的方式繼續發展客戶覆蓋組織。

We're putting a lot of technology and a lot of data in understanding how the -- what are the clients buying, how are they buying, managing the pipeline and so on and so forth. So I think we have a lot of runway to benefit from in reaching out to more clients. This is going to become especially important because we're scaling up significantly to new areas.

我們投入了大量的技術和數據來了解客戶在購買什麼、他們如何購買、管理管道等等。因此，我認為我們在接觸更多客戶方面有很多優勢。這將變得尤其重要，因為我們正在大幅擴展到新領域。

Wealth management, there's a lot of wealth management organizations around the world. Corporates, there's thousands and thousands of corporate entities around the world, right, insurance companies, the general partners of private equity firms, private credit firm, private infrastructure, private debt firms and the like. So really, really exciting, a lot of what we're doing.

財富管理，世界各地有許多財富管理組織。企業，世界各地有成千上萬的企業實體，對吧，保險公司、私募股權公司、私人信貸公司、私人基礎設施、私人債務公司等的普通合夥人。我們正在做的很多事情真的非常非常令人興奮。

There are no further questions. At this time, I'd like to turn the floor back to Henry Fernandez for closing remarks.

沒有其他問題了。現在，我想請亨利·費爾南德斯致閉幕詞。

So thank you, everyone, for joining us today. Our fourth quarter and full year performance, as you can see, was a direct result of our focus on clients and pricing and our all-weather franchise. We remain very excited about the tremendous opportunities that we have in front of us and the investments that we're making to capitalize on them. And we will execute flawlessly on that growth agenda.

謝謝大家今天加入我們。正如您所看到的，我們第四季度和全年的業績是我們對客戶和定價以及全天候特許經營權的關注的直接結果。我們仍然對擺在我們面前的巨大機會以及我們為利用這些機會而進行的投資感到非常興奮。我們將完美地執行這項成長議程。

One of the things that is always important to keeping a company, we welcome anybody who wants to have a dialogue with us at any point at any time. And we will be more than happy to answer your questions or any other questions that people may have. Thank you again, and have a great day.

對於保持公司始終重要的一件事是，我們歡迎任何想要隨時與我們對話的人。我們非常樂意回答您的問題或人們可能提出的任何其他問題。再次感謝您，祝您有美好的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。