明晟 (MSCI) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI second-quarter 2024 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 2024 年第二季財報電話會議。提醒一下，此通話正在錄音。 （操作員說明）

I would like to now 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 second-quarter 2024 earnings conference call. Earlier this morning, we issued a press release announcing our results for the second quarter 2024. This press release, along with an earnings presentation and 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 2024 年第二季財報電話會議。今天早上早些時候，我們發布了一份新聞稿，宣布2024 年第二季度的業績。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.

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。

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.

請您注意不要過度依賴前瞻性陳述，這些陳述僅代表發布當日的情況，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變化的風險和不確定性的影響。陳述中預期的結果有重大差異。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 US 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.

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。

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.

我們還將討論營運指標，例如運行率和保留率。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. (Event Instructions)

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)。 （活動須知）

With that, let me now turn the call over to Henry Fernandez. Henry?

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 second quarter, MSCI achieved strong results thanks to our all-weather franchise, our blue-chip client base, our wide range of mission-critical solutions, and our intense focus on execution.

謝謝你，傑瑞米。大家好，感謝您加入我們。第二季度，MSCI 憑藉我們的全天候特許經營權、藍籌客戶群、廣泛的關鍵任務解決方案以及對執行的高度重視，取得了強勁的業績。

We delivered adjusted earnings per share growth of 12%, organic revenue growth of 10% with asset-based fee revenue growth of 18% driven by record AUM balances in both ETFs and non-listed products linked to MSCI Indices, free cash flow growth of 21%.

我們的調整後每股收益成長 12%，有機收入成長 10%，資產基礎費用收入成長 18%，這得益於與 MSCI 指數掛鉤的 ETF 和非上市產品創紀錄的 AUM 餘額，自由現金流成長21 %。

In our operating metrics, we delivered subscription run rate growth of 14%, including organic growth of 9%; our highest second quarter on record for new recurring subscription sales of $83 million, up 22% year-over-year; and a retention rate of almost 95% across MSCI.

在我們的營運指標中，我們的訂閱運行率成長了 14%，其中有機成長 9%；第二季新定期訂閱銷售額創歷史新高，達 8,300 萬美元，年增 22%； MSCI 的保留率接近 95%。

Through yesterday, we repurchased $290 million worth of MSCI shares at an average price of $484 per share. We have now bought back more than 50 million MSCI shares since 2012 at an average price of $122 per share for a total consideration of roughly $6.1 billion. Our combined repurchases represent almost 40% of the total outstanding shares of MSCI.

截至昨天，我們以每股 484 美元的平均價格回購了價值 2.9 億美元的 MSCI 股票。自 2012 年以來，我們已以每股 122 美元的平均價格回購了超過 5,000 萬股 MSCI 股票，總代價約為 61 億美元。我們的回購總額幾乎佔 MSCI 已發行股票總數的 40%。

These actions are consistent with our own change and relentless focus on capital allocation. Year in and year out, we are obsessively focused on creating value for our shareholders.

這些行動與我們自身的變革和對資本配置的不懈關注是一致的。年復一年，我們始終專注於為股東創造價值。

Value creation starts with strategy, and our strategy has not changed. We are determined to capture the long-term secular trend disrupting the investment industry, such as rising demand for high-quality data-driven models and insights, increased transparency across asset classes, and a more outcome-oriented investment solutions.

價值創造從策略開始，我們的策略沒有改變。我們決心捕捉顛覆投資行業的長期長期趨勢，例如對高品質數據驅動模型和見解的需求不斷增長、各資產類別透明度的提高以及更加註重結果的投資解決方案。

MSCI is commercializing these trends by providing index- and rules-based solutions, establishing standards in private assets, delivering comprehensive climate and sustainability tools, transforming risk and portfolio management, and enabling personalized wealth management at scale.

MSCI 正在透過提供基於指數和規則的解決方案、建立私人資產標準、提供全面的氣候和永續發展工具、轉變風險和投資組合管理以及實現大規模個人化財富管理，將這些趨勢商業化。

The evidence of our progress can be seen not only in MSCI's financial results, but also in our high levels of client engagement. Over the past few months, Baer and I have met with clients across the United States, Europe, and Asia. Everywhere we traveled, our clients and prospects were eager to talk about new areas of collaboration with MSCI.

我們進步的證據不僅可以從 MSCI 的財務表現中看出，還可以從我們高水準的客戶參與中看出。在過去的幾個月裡，貝爾和我會見了美國、歐洲和亞洲的客戶。無論我們走到哪裡，我們的客戶和潛在客戶都渴望談論與 MSCI 合作的新領域。

Our recent announcements and product launches highlight our strategy in action. For example, our strategic partnership with Moody's meaningfully expand the reach of our sustainability content among banks, insurance companies, and corporates. It would also help us broaden our private company ESG coverage and expand our capabilities within private credit.

我們最近的公告和產品發布凸顯了我們的實際策略。例如，我們與穆迪的策略夥伴關係有意義地擴大了我們永續發展內容在銀行、保險公司和企業中的影響範圍。它還將幫助我們擴大私人公司的 ESG 覆蓋範圍並擴大我們在私人信貸領域的能力。

Likewise, our recently launched MSCI private capital closed-end fund indices will complement our real asset fund and property indices to deliver a wider view of private markets. This can also help us achieve our goal of becoming the global leader in private market indices.

同樣，我們最近推出的 MSCI 私募資本封閉式基金指數將補充我們的實體資產基金和房地產指數，以提供更廣泛的私募市場視野。這也可以幫助我們實現成為私募市場指數全球領導者的目標。

Meanwhile, MSCI AI portfolio insights combines generative artificial intelligence with advanced analytical tools and modeling capabilities to make it easier for clients to pinpoint the most important factors shaping investment risk and performance.

同時，MSCI 人工智慧投資組合洞察將產生人工智慧與先進的分析工具和建模功能相結合，使客戶更容易找出影響投資風險和績效的最重要因素。

We see tremendous potential across our newer client segments such as wealth managers, general partners, insurance companies, corporates, and corporate advisers. Wealth managers, in particular, have been excited to learn about our new technology platform acquired from Fabric earlier this year, which has dramatically increased our ability to support personalization at scale. This enabled us to close a large deal for these solutions during the second quarter.

我們看到了財富管理機構、普通合夥人、保險公司、企業和企業顧問等新客戶群的巨大潛力。尤其是財富管理機構，他們很高興了解我們今年稍早從 Fabric 收購的新技術平台，該平台極大地提高了我們支援大規模個人化的能力。這使我們能夠在第二季完成這些解決方案的大量交易。

Meanwhile, our wealth subscription run rate across product lines grew by 12%, reaching $107 million. We had a strong quarter with asset owners and hedge funds as well, posting organic subscription run rate growth of 12% and 15%, respectively.

同時，我們各產品線的財富訂閱運行率成長了 12%，達到 1.07 億美元。我們與資產所有者和對沖基金的季度表現也很強勁，有機訂閱運行率分別成長了 12% 和 15%。

All of this illustrates a key part of our strategy. We want to expand our footprint among large and rapidly growing client segment while strengthening our position among our more mature and traditional client segments such as asset managers.

所有這些都說明了我們策略的關鍵部分。我們希望擴大我們在大型且快速成長的客戶群中的足跡，同時加強我們在資產管理公司等更成熟和傳統的客戶群中的地位。

To maximize our strategy, MSCI will continue developing mission-critical solutions powered by advanced models, data, and technology, including generative AI. All of this enables us to drive compounding growth and profitability for shareholders.

為了最大化我們的策略，MSCI 將繼續開發由先進模型、數據和技術（包括生成式人工智慧）提供支援的關鍵任務解決方案。所有這些使我們能夠推動股東的複合成長和獲利能力。

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

接下來，讓我把電話轉給貝爾。貝爾？

Thank you, Henry, and greetings, everyone. In my remarks today, I will discuss our second-quarter performance in greater detail with the focus on both product lines and client segments.

謝謝你，亨利，並向大家問好。在今天的演講中，我將更詳細地討論我們第二季的業績，並專注於產品線和客戶群。

Our performance shows how MSCI continues to balance long-term strategy and short-term execution. We designed our business plans for extended time horizons, but we also do the hard work necessary to deliver for shareholders in the short term.

我們的業績顯示 MSCI 如何持續平衡長期策略和短期執行。我們設計了長期的業務計劃，但我們也付出了必要的努力，以便在短期內為股東帶來回報。

Looking at our second-quarter results. In index, MSCI achieved 9% subscription run rate growth, including 10% growth in both EMEA and APAC and 17% growth in custom indexes and special package. In addition, direct investing AUM based on MSCI indexes is now $113 billion, up 28% year over year.

看看我們第二季的業績。在指數方面，MSCI 訂閱運行率增長了 9%，其中歐洲、中東和非洲 (EMEA) 和亞太地區增長了 10%，定制指數和特殊套餐增長了 17%。此外，基於 MSCI 指數的直接投資資產管理規模目前為 1,130 億美元，年增 28%。

We are also encouraged by our product with custom indexes. In Q2, we supported a large asset manager client in their launch of a new custom ETF climate series linked to the MSCI Transition Aware Select Indexes. Meanwhile, we closed on our acquisition of Foxberry with an enhanced custom index platform launch underway for the second half of the year.

我們的產品具有自訂索引，這也讓我們感到鼓舞。在第二季度，我們支持一家大型資產管理公司客戶推出與 MSCI Transition Aware Select Indexes 相關的新客製化 ETF 氣候系列。同時，我們完成了對 Foxberry 的收購，並在今年下半年推出了增強型客製化指數平台。

Looking at global investment flows, we are encouraged that ETF products linked to MSCI indexes casted the highest cash flows in over two years with over $28 billion of inflows during the second quarter. In general, the depth and scale of tradable products linked to MSCI indexes continues to grow.

縱觀全球投資流，我們感到鼓舞的是，與 MSCI 指數掛鉤的 ETF 產品創造了兩年多來最高的現金流，第二季流入超過 280 億美元。整體而言，與MSCI指數掛鉤的可交易產品的深度和規模持續成長。

During the quarter, we strengthened our position as a top index provider for ETF products as the number of launches of equity ETFs linked to MSCI indexes nearly doubled year over year, translating to $2.5 billion in cash flows and nearly 30% share of new equity ETF fund flows. Open interest in derivatives linked to MSCI indexes is now nearly $300 billion, up 9% for the same period last year.

本季度，我們鞏固了作為 ETF 產品頂級指數提供商的地位，推出與 MSCI 指數掛鉤的股票 ETF 數量同比幾乎翻倍，相當於 25 億美元的現金流和近 30% 的新股票 ETF 份額資金流向。與 MSCI 指數掛鉤的衍生性商品未平倉合約目前接近 3,000 億美元，比去年同期成長 9%。

Shifting to analytics. We delivered another strong quarter across regions and business areas. Most notably, analytics achieved our best-ever Q2 for new recurring subscription sales at over $21 million and our best-ever Q2 retention rate at close to 96%.

轉向分析。我們在各個地區和業務領域再次實現了強勁的季度業績。最值得注意的是，分析實現了我們有史以來最好的第二季新定期訂閱銷售額超過 2,100 萬美元，以及我們有史以來最好的第二季保留率接近 96%。

We had a strong quarter with hedge funds, including a large win for our equity risk models, to support the new clients' recent fund launch. Our offerings are supporting broad use cases, such as market risk, regulatory capital management, counterparty credit risk management, liquidity monitoring, and investor reporting.

我們的對沖基金季度表現強勁，包括我們的股票風險模型取得了巨大勝利，以支持新客戶最近推出的基金。我們的產品支援廣泛的用例，例如市場風險、監管資本管理、交易對手信用風險管理、流動性監控和投資者報告。

We also grow $3.6 million in new recurring sales from asset owners, up 63% year over year, to support their enterprise risk management. Amid an industry reimagining of risk management, risk teams and global investment firms are under pressure to find efficiencies, modernize services, all while harnessing the potential power of generative AI.

我們還從資產所有者那裡獲得了 360 萬美元的新經常性銷售，年增 63%，以支持他們的企業風險管理。在產業對風險管理進行重新構想的過程中，風險團隊和全球投資公司面臨著提高效率、實現服務現代化的壓力，同時利用生成式人工智慧的潛在力量。

We launched a new future risk product suite during Q2, including our MSCI AI portfolio insights tool, as Henry mentioned. This tool demonstrates how we can leverage our existing strengths and IP to drive innovation. It combines MSCI's deep history in natural language processing and machine learning with our industry-leading data and risk and factor models.

正如亨利所提到的，我們在第二季推出了新的未來風險產品套件，包括我們的 MSCI 人工智慧投資組合洞察工具。該工具展示了我們如何利用現有優勢和智慧財產權來推動創新。它將 MSCI 在自然語言處理和機器學習方面的深厚歷史與我們領先業界的數據以及風險和因素模型相結合。

Turning to ESG and climate. We delivered 14% run rate growth for the combined segment, along with 30% climate run rate growth across our product lines. Our new game-changing partnership with Moody's to offer MSCI's ESG sustainability data to Moody's broad base of global clients reinforces MSCI as the market standard for ESG.

轉向 ESG 和氣候。我們的合併業務部門的運作率成長了 14%，整個產品線的氣候運作率成長了 30%。我們與穆迪建立了新的改變遊戲規則的合作夥伴關係，向穆迪廣泛的全球客戶群提供 MSCI 的 ESG 永續發展數據，這鞏固了 MSCI 作為 ESG 市場標準的地位。

The partnership will also help us expand our ESG and sustainability coverage for private company. In addition, the Moody's partnership also confirms the continuing importance of sustainability considerations in global investing.

此次合作也將幫助我們擴大私人公司的 ESG 和永續發展覆蓋範圍。此外，穆迪的合作夥伴關係也證實了永續發展考量在全球投資中的持續重要性。

MSCI continues to advance our product road map, including for regulatory solutions. Last month, for example, we launched a new data set to help issuers, advisers, and corporates align with Corporate Sustainability Reporting Directive, or CSRD, in Europe.

MSCI 繼續推進我們的產品路線圖，包括監管解決方案。例如，上個月，我們推出了一個新的資料集，以幫助發行人、顧問和企業遵守歐洲的企業永續發展報告指令（CSRD）。

In Climate, we released an important new product, MSCI GeoSpatial Asset Intelligence, which will help clients identify physical and nature-based risks on more than 1 million locations for 70,000 public and private companies. With this product, we are once again using AI for data collection and mapping so that investors and lenders can better assess climate risks in their portfolios and loan books. Initial client interest is encouraging, and we've already signed two deals including with a large prominent private credit GP.

在氣候領域，我們發布了一款重要的新產品 MSCI 地理空間資產智能，該產品將幫助客戶識別 70,000 家上市和私營公司超過 100 萬個地點的物理和自然風險。透過該產品，我們再次使用人工智慧進行數據收集和繪圖，以便投資者和貸方可以更好地評估其投資組合和貸款帳簿中的氣候風險。最初客戶的興趣令人鼓舞，我們已經簽署了兩份協議，其中包括與一家大型知名私人信貸普通合夥人簽署的協議。

In private assets, we're driving important products and client milestones. MSCI Private Capital Solutions subscription run rate is almost $106 million, which represents growth of 17% over Burgiss' performance in the same period last year prior to the acquisition. And the retention rate was almost 93%.

在私人資產方面，我們正在推動重要的產品和客戶里程碑。 MSCI Private Capital Solutions 的認購運作率接近 1.06 億美元，比去年收購前 Burgiss 的業績成長了 17%。且保留率幾乎達到93%。

On the product side, we achieved a key milestone with the launch of MSCI Private Capital Indexes, which will accelerate our push to become a standard setter in private market, supporting investors seeking standardized economies and benchmarks to measure and evaluate private asset classes consistently. Given MSCI's global leadership and track record of success in indexing and benchmarking, clients have expressed significant interest in having us create benchmark indexes for private markets.

在產品方面，我們透過推出 MSCI 私募資本指數實現了一個重要的里程碑，這將加速我們成為私募市場標準制定者的步伐，支持投資者尋求標準化經濟體和基準來一致地衡量和評估私募資產類別。鑑於 MSCI 在指數和基準測試方面的全球領導地位和成功記錄，客戶對我們為私募市場創建基準指數表現出了極大的興趣。

Finally, in real assets, we posted a run rate growth of 3% and a retention rate of 90%. While the commercial real estate market remains challenging, we are encouraged by client demand for products uncorrelated with transaction volumes, including portfolio services, index insights, and climate, which enabled us to land almost $3 million of new recurring sales in Europe, growing 16% year over year.

最後，在實體資產方面，我們的運作率成長了 3%，保留率達到了 90%。儘管商業房地產市場仍然充滿挑戰，但客戶對與交易量不相關的產品的需求（包括投資組合服務、指數洞察和氣候）令我們感到鼓舞，這使我們在歐洲獲得了近300 萬美元的新經常性銷售額，成長了16%一年又一年。

Looking ahead, we will continue aligning MSCI's long-term strategy with secular trends and our competitive advantages while staying laser-focused on short-term execution.

展望未來，我們將繼續將 MSCI 的長期策略與長期趨勢和我們的競爭優勢結合起來，同時繼續專注於短期執行。

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

接下來，讓我把電話轉給你，安迪。

Thanks, Baer, and hi, everyone. In the second quarter, we delivered 10% organic revenue growth, 14% adjusted EBITDA growth, and 21% free cash flow growth. We are encouraged by the results, which reflect our unrelenting dedication to execution even in the face of market headwinds, which may persist in the short term.

謝謝貝爾，大家好。第二季度，我們實現了 10% 的有機收入成長、14% 的調整後 EBITDA 成長和 21% 的自由現金流成長。我們對結果感到鼓舞，這反映出即使面對短期內可能持續存在的市場逆風，我們仍堅持不懈地致力於執行。

We are encouraged by the rebound in retention rates from the first quarter, which we did expect. And we have not seen any deterioration in conditions. Although, we expect cancels to remain elevated in Q3 compared to last year, and we expect somewhat longer sales cycles to persist in the short term. I also want to note that Q3 tends to be a seasonally softer quarter for us on the sales front.

我們對第一季保留率的反彈感到鼓舞，這符合我們的預期。我們沒有看到情況有任何惡化。儘管如此，我們預計第三季的取消訂單量仍將高於去年，我們預計短期內銷售週期將持續較長。我還想指出，第三季對於我們的銷售而言往往是季節性疲軟的季度。

Within index, we grew our subscription run rate among asset managers and asset owners at 8% and 12%, respectively. These segments collectively represent 68% of our index subscription run rate. Meanwhile, our index subscription run rate with wealth managers and hedge funds grew 11% and 24%, respectively. Across index subscription modules, we saw another strong quarter from custom and special packages, growing 17%.

在指數內，我們將資產管理公司和資產所有者的認購運作率分別提高了 8% 和 12%。這些細分市場總共占我們指數認購運行率的 68%。同時，我們對財富管理機構和對沖基金的指數認購運作率分別成長了 11% 和 24%。在指數訂閱模組中，我們看到客製化和特殊套餐又一個強勁的季度，成長了 17%。

ABF revenues were up 18% year over year, benefiting from $28 billion of cash inflows and about $21 billion of market appreciation and ETFs linked to MSCI equity indexes during the second quarter. ETFs linked to our indexes continue to attract flows in non-US exposures, particularly in developed markets outside the US and in emerging markets, as we have seen a pickup in flows into ETFs with exposures outside the US.

ABF 營收年增 18%，受益於第二季 280 億美元的現金流入、約 210 億美元的市場升值以及與 MSCI 股票指數掛鉤的 ETF。與我們的指數掛鉤的 ETF 繼續吸引非美國曝險的資金流，特別是在美國以外的已開發市場和新興市場，因為我們已經看到流入美國境外曝險的 ETF 的資金增加。

Fixed income ETFs AUM linked to MSCI and Bloomberg partnership indexes is now at $64 billion with year-to-date inflows of over $6 billion. Given strong recent equity market performance, non-ETF revenue in this quarter included the impact of true-ups related to higher reported client AUM and newly reported product launches. We reached a significant milestone in the quarter with AUM and ETFs and non-ETF passive products tracking MSCI indexes now surpassing $5 trillion.

與 MSCI 和彭博合作夥伴指數掛鉤的固定收益 ETF 資產管理規模目前為 640 億美元，今年迄今的流入量超過 60 億美元。鑑於近期股市表現強勁，本季的非 ETF 收入包括與報告的客戶資產管理規模增加和新報告的產品發布相關的調整的影響。我們在本季達到了一個重要的里程碑，追蹤 MSCI 指數的 AUM 和 ETF 以及非 ETF 被動產品現已超過 5 兆美元。

In analytics, organic subscription run rate growth was 7%, and revenue growth was 11%. The difference is largely attributable, once again, to the impact of recent client implementations, which continued from the last couple of quarters. As we've noted in the past, analytics revenue growth can be lumpy because of items such as these implementations, and we expect revenue growth rates to more closely align with run rate growth in Q3.

在分析方面，有機訂閱運作率成長率為 7%，收入成長率為 11%。這種差異在很大程度上再次歸因於最近幾季持續的近期客戶端實施的影響。正如我們過去所指出的，由於這些實施等項目，分析收入的成長可能會不穩定，我們預期營收成長率將與第三季的運作率成長更加緊密地一致。

In our ESG and climate reportable segments, organic run rate growth was 13%, which excludes the impact of FX and about $5 million of run rate from Trove. Q2 new recurring subscription sales for the segment included a significant contribution from the Moody's partnership. Regionally, the subscription run rate growth for the segment was 17% within Europe, 20% in Asia, and 9% in the Americas.

在我們的 ESG 和氣候可報告部分，有機運行率增長率為 13%，其中不包括外匯的影響和 Trove 約 500 萬美元的運行率。第二季該部門的新經常性認購銷售包括穆迪合作關係的重大貢獻。從地區來看，歐洲該細分市場的訂閱運行率成長率為 17%，亞洲為 20%，美洲為 9%。

In private capital solutions, year-over-year run rate growth was 17%, and we continue to gain traction in key markets. New recurring sales in Europe reached a record, and we also saw solid traction in sales with our GP client base. The private capital solutions retention rate was approximately 93%, and we recorded almost $27 million of revenue in the quarter.

在私人資本解決方案方面，運作率年增 17%，我們繼續在關鍵市場獲得吸引力。歐洲的新經常性銷售創下了紀錄，我們的全科醫生客戶群也看到了銷售的強勁動力。私人資本解決方案保留率約為 93%，本季我們錄得近 2,700 萬美元的收入。

In real assets, run rate growth was roughly 3% with a retention rate slightly above 90%. We continue to have solid momentum in our Index Intel and our income and climate insights offerings, while we continue to see industry pressure impacting our transaction data offerings, including our RCA and property intel products, which we expect to continue to face headwinds in the near term.

在實體資產中，運轉率成長率約為 3%，保留率略高於 90%。我們的指數英特爾以及收入和氣候洞察產品繼續保持強勁勢頭，同時我們繼續看到行業壓力影響我們的交易數據產品，包括我們的 RCA 和房地產英特爾產品，我們預計這些產品在近期將繼續面臨阻力。

Our rigorous approach to capital allocation remains unchanged. Through yesterday, we have repurchased over $290 million, or roughly 600,000 shares, since late April. Our cash balance remains over $450 million, including readily available cash in the US of more than $200 million.

我們嚴格的資本配置方法保持不變。自 4 月底以來，截至昨天，我們已回購了超過 2.9 億美元，約 60 萬股股票。我們的現金餘額仍超過 4.5 億美元，其中美國的可用現金超過 2 億美元。

Turning to our 2024 guidance. We've increased our guidance for depreciation and amortization expense and operating expenses by $5 million, reflecting in part the impact of acquired intangible amortization expense from the Foxberry acquisition, which closed in April.

轉向我們的 2024 年指導。我們將折舊和攤銷費用以及營運費用的指導上調了 500 萬美元，部分反映了 4 月完成的 Foxberry 收購所產生的無形攤銷費用的影響。

I would note that our guidance assumes that ETF AUM levels increase slightly from June 30 levels through the end of the year. To the extent AUM levels track higher than this, we would expect to be towards the higher end of our expense guidance ranges. As of right now, we expect the quarterly effective tax rate in both Q3 and Q4 to be in the range of 20% to 22% before any additional discrete items.

我要指出的是，我們的指導假設 ETF 資產管理規模水準從 6 月 30 日的水準到年底略有增加。如果資產管理規模水準高於此水平，我們預計將達到費用指導範圍的高端。截至目前，我們預計在任何額外的離散項目之前，第三季和第四季的季度有效稅率將在 20% 至 22% 之間。

Before we open it up for questions, I want to underscore that we see tremendous opportunities with compelling secular trends. We see strong client engagement and tangible opportunities to drive growth. We see near-term headwinds and client pressures, but we continue to execute and drive leadership in these large addressable markets that will drive long-term growth for us.

在我們開始提問之前，我想強調，我們看到了巨大的機會和令人信服的長期趨勢。我們看到了強大的客戶參與度和推動成長的實際機會。我們看到了近期的逆風和客戶壓力，但我們繼續在這些大型潛在市場中執行和推動領導地位，這將推動我們的長期成長。

We look forward to keeping you posted on our progress. And with that, operator, please open the line for questions.

我們期待向您通報我們的進展。那麼，接線員，請開通提問線路。

Thank you. Ladies and gentlemen, we will now begin our question-and-answer session. (Operator Instructions) Alex Kramm, UBS.

謝謝。女士們先生們，我們現在開始問答環節。 （操作員說明）Alex Kramm，UBS。

Yes. Hey. Good morning, everyone. Just wanted to maybe unpack the strong sales growth in the quarter a little bit more. I mean last quarter, obviously, fairly soft; and I think the tone, even look forward, is still fairly somber. So maybe you could just help us, what happens across the different segments?

是的。嘿。大家，早安。只是想進一步了解本季強勁的銷售成長。我的意思是上個季度，顯然相當疲軟；我認為，即使是展望未來，語氣仍然相當陰沉。所以也許你可以幫助我們，不同的市場區隔會發生什麼事？

I mean, did you gain more pricing? Was it just timing that a lot of these maybe longer sales cycle deals closed? Or was the sales force really engaged after what happened last quarter? Just trying to understand the really strong results here after what's been a challenging environment. Thank you.

我的意思是，你獲得了更多的定價嗎？許多可能更長的銷售週期交易的結束只是時機嗎？或者說，在上個季度發生的事情之後，銷售人員是否真正投入了工作？只是想了解在經歷了充滿挑戰的環境之後這裡真正強勁的結果。謝謝。

Sure. Thanks, Alex. It's Andy. So a few observations here. Firstly, I would remind you, and I think you know this, sales and cancels can both be lumpy quarter-to-quarter. I would say that we haven't seen a deterioration in conditions. And I would say the sales in Q2 were solid, as you pointed out.

當然。謝謝，亞歷克斯。是安迪。這裡有一些觀察。首先，我想提醒您，我想您也知道這一點，每個季度的銷售和取消訂單都可能會出現波動。我想說的是，我們還沒有看到情況惡化。正如您所指出的，我想說第二季的銷售很穩定。

I would also say that we haven't seen an inflection yet. Overall, we still see pressures on clients. We still see the longer sales cycle. So we would expect the lumpiness in sales and cancels to continue here.

我還要說的是，我們還沒有看到改變。總體而言，我們仍然看到客戶面臨壓力。我們仍然看到更長的銷售週期。因此，我們預期銷售和取消訂單的波動性將持續下去。

And as I mentioned in the prepared remarks, Q3 can be a seasonally softer quarter for us. But as we've highlighted before, sustained momentum in equity markets is helpful to overall buying dynamics, although the impact on our subscription sales and op metrics more generally tends to lag the market.

正如我在準備好的發言中提到的，第三季對我們來說可能是一個季節性疲軟的季度。但正如我們之前強調的那樣，股市的持續勢頭有助於整體購買動力，儘管對我們的訂閱銷售和營運指標的影響通常會落後於市場。

I would highlight that we are seeing strong client engagement across the globe, and we see it across most product areas and client segments. I think both the momentum in the equity markets and the strong client engagement should eventually lead to some momentum on the sales front. And so we're encouraged here, but we remain cautious and expect some continued lumpiness.

我想強調的是，我們在全球範圍內看到了強大的客戶參與度，並且在大多數產品領域和客戶群中都看到了這種參與度。我認為股票市場的勢頭和客戶的強勁參與最終應該會在銷售方面帶來一些動力。因此，我們在這裡受到鼓舞，但我們仍然保持謹慎，並預計會出現一些持續的波動。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. I wanted to ask about the Moody's partnership actually. It's a very interesting partnership. Sounds like a win-win. I know you alluded to a bit, Henry. But maybe just on context on why now and how the mechanics of the agreement works between the two of you. I presume there's like revenue sharing going on.

謝謝。我實際上想問一下穆迪的合作關係。這是一個非常有趣的合作關係。聽起來像是雙贏。我知道你有提到一點，亨利。但也許只是關於為什麼現在以及你們兩人之間協議的機制如何運作的背景。我認為正在進行收入分享。

And just quickly, Andy, I think you mentioned in your remarks that there was already some contribution from Moody's. I apologize, I missed that. If you could just help us with that.

安迪，我想您在發言中提到穆迪已經做出了一些貢獻。我抱歉，我錯過了。如果你能幫助我們就好了。

Hey, Manav. Baer here. Yeah. So look, simply put, the deal is -- so first of all, maybe on a higher level, we've stated repeatedly here in the call and in various meetings with many of you that we're constantly on the lookout for partnerships. And I think this is a critical thing which we hope will have a positive impact across our business in a variety of ways.

嘿，馬納夫。貝爾在這裡。是的。所以，簡單地說，這筆交易是——所以首先，也許在更高的層面上，我們在電話會議以及與你們許多人的各種會議中反覆表示，我們一直在尋找合作夥伴。我認為這是一件至關重要的事情，我們希望它能夠以多種方式對我們的業務產生積極影響。

So we started exploring with Moody's on a variety of fronts. And in essence, what we've come up with here is Moody's felt that we're being -- us being a leader in ESG, that they could use us significantly across a variety of their products, their services to their clients.

因此，我們開始與穆迪在各方面進行探索。從本質上講，穆迪認為我們是 ESG 領域的領導者，他們可以在各種產品和為客戶提供的服務中大量使用我們。

And in turn, Moody's has an extraordinary private company database with a product they now call Orbis. And that's an area where we at MSCI have been really focused on trying to get better data and information for a variety of use cases, but notably for -- in ESG and Climate, where that sort of company information can be very hard to get hold of.

反過來，穆迪擁有一個非凡的私人公司資料庫，其中包含他們現在稱為 Orbis 的產品。這是 MSCI 一直致力於為各種用例獲取更好的數據和資訊的領域，特別是在 ESG 和氣候領域，這類公司資訊可能很難獲得的。

So that's kind of the two parts, the two sides, if you like, of the deal. We're very pleased with it mostly because -- well, overall, we think it's a great deal for both parties. But specifically, we were able to put this together very quickly in just a number of months with a true spirit of partnership with Moody's. So we see a lot of upside from this in the future.

如果你願意的話，這就是交易的兩個部分，兩個面向。我們對此非常滿意，主要是因為——總體而言，我們認為這對雙方來說都是一件好事。但具體來說，我們本著與穆迪真正的合作精神，在短短幾個月內就迅速完成了這些工作。所以我們在未來看到了很多好處。

And maybe if I could just touch on the second part of that question, Manav, about the economics. As I mentioned in the prepared remarks, the partnership has resulted in a significant contribution to new recurring sales in Q2. Unfortunately, I can't give more specifics. But I would highlight that we haven't seen any notable changes to the segment trends that we've been seeing in recent quarters.

也許我可以談談這個問題的第二部分，馬納夫，關於經濟學。正如我在準備好的演講中提到的，這種合作關係為第二季的新經常性銷售做出了重大貢獻。不幸的是，我無法提供更多細節。但我要強調的是，我們沒有看到最近幾季我們看到的細分市場趨勢有任何顯著變化。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. In the past couple of quarters, I think one of the debates that has emerged is this cyclical versus secular debate around the asset manager and market. And you've spoken about the challenges of tight budgets, which have intensified, I guess, over the past roughly two years. It seems like it's still going to be a little bit tough in 3Q.

非常感謝。在過去的幾個季度中，我認為出現的爭論之一是圍繞資產管理公司和市場的周期性與長期性爭論。您談到了預算緊張的挑戰，我想，在過去大約兩年裡，預算緊張的挑戰已經加劇。看來第三季仍然會有點艱難。

I guess, what do you think the catalyst is for the change that we'll see at some point? Because I think that you are alluding to this being more of a cyclical issue. And what -- so what drives that change? And can you sustainably grow double digits in an environment that continues to be challenged? Or do you need that end market to pick up? Thanks

我想，您認為我們在某個時候會看到的變革的催化劑是什麼？因為我認為你是在暗示這更像是週期性問題。那麼是什麼推動了這種改變呢？在持續面臨挑戰的環境中，您能否持續實現兩位數成長？或者您需要終端市場回升？謝謝

Yeah. Thanks, Toni. The -- there are three big buckets in the global investment industry. There are the barbells on both sides. One is rules-based systematic index investing, which continues to grow unabated.

是的。謝謝，托尼。全球投資產業分為三大類。兩側都有槓鈴。一是基於規則的系統性指數投資，這種投資持續成長且有增無減。

And at the other hand is very active, concentrated management, which obviously, the ultimate expression of that is private asset class management, private equity, private credit, private real estate, et cetera. But it does include concentrated portfolios, very thematic portfolios, and things like that.

另一方面是非常活躍、集中的管理，顯然，其最終表現就是私募資產類別管理、私募股權、私募信貸、私募房地產等等。但它確實包括集中的投資組合、非常主題的投資組合等等。

And in the middle is the largest segment, the more traditional active management diversified widely -- a large number of shares, active management. That segment will continue to grow but at a slower pace than the two other ones. And it will go through ups and downs. It will go through challenges and all of that.

中間是最大的部分，更傳統的主動管理廣泛多元化——大量股份，主動管理。該細分市場將持續成長，但成長速度將慢於其他兩個細分市場。而且它會經歷風風雨雨。它將經歷挑戰和所有這些。

And we're going through a challenge with that segment right now. And we clearly have been relying on that segment for about 50%-plus of our subscription revenues but rapidly increasing our penetration on index -- systematic rules-based index management, which includes quantitative investing and index investing and all that and, on the other hand, very active management, including our foray into private assets.

我們現在正在經歷該細分市場的挑戰。顯然，我們約50% 以上的訂閱收入一直依賴於該細分市場，但我們在指數方面的滲透率正在迅速提高——系統化的基於規則的指數管理，其中包括量化投資和指數投資等等，另一方面另一方面，非常積極的管理，包括我們涉足私人資產。

So as we look into the future, I don't see us slowing down in our growth rate because we will definitely penetrate the traditional active management more and more. They're going to rely on us more and more in what they do even though it's an industry that is going through some difficulties right now cyclically. And we will increase our growth significantly in the other two sides, which is systematic rules-based investing and private asset class investing.

因此，當我們展望未來時，我認為我們的成長率不會放緩，因為我們肯定會越來越多地滲透傳統的主動管理。儘管這個行業目前正在週期性地經歷一些困難，但他們的工作將越來越依賴我們。我們將在另外兩個方面顯著增加成長，即基於規則的系統投資和私人資產類別投資。

Ashish Sabadra, RBC Capital.

Ashish Sabadra，加拿大皇家銀行資本。

Thanks for taking my question. Andy, I just wanted to drill down further on the Index Front. And particularly, look, the slowdown in subscription growth is understood. But as we think about marching back into the low double-digit growth over the midterm, I was wondering if you could help us parse how do you think about the market cap versus custom direct indexing versus factor and thematic indices.

感謝您提出我的問題。安迪，我只是想進一步深入了解指數前沿。尤其是訂閱成長放緩是可以理解的。但當我們考慮在中期重新回到低兩位數成長時，我想知道您是否可以幫助我們解析您如何看待市值與自訂直接指數與因子和主題指數。

And how do you think about those growth profile? And thanks for flagging some of those wins for Fabric as well as the AUM for direct indexing. How should we think about the direct indexing? Right now, these direct custom indices are only 15% of index subscription revenue. But how do we think about that over the next three to five years? Thanks.

您如何看待這些成長概況？感謝您標記 Fabric 的一些勝利以及直接索引的 AUM。我們應該如何考慮直接索引？目前，這些直接客製化指數僅佔指數訂閱收入的 15%。但未來三到五年我們如何看待這個問題？謝謝。

Sure, Ashish. A number of questions there. I'll try to touch on several of them. I would say -- and I think you alluded to this. If we focus on the index subscription growth rate, we are seeing the slowdown now from softer recurring net new over the last few quarters, which is a reflection of the tougher environment and the pressures that we've talked about. Although I would highlight that we are seeing resilience and momentum based on the second quarter results, which I think reinforces the long-term opportunity for us.

當然，阿什什。有很多問題。我將嘗試談談其中的幾個。我想說——我想你也提到過這一點。如果我們專注於指數認購成長率，我們會看到過去幾季經常性淨新增數量的放緩導致現在的放緩，這反映了更嚴峻的環境和我們所討論的壓力。儘管如此，我要強調的是，根據第二季的業績，我們看到了韌性和勢頭，我認為這增強了我們的長期機會。

And if we double-click on what's driving the growth and the outsized areas of growth across the index franchise, I think it's similar to the drivers that we've seen in recent quarters. So we saw 8% growth in our market cap modules, but, as you highlighted, 17% growth in our custom and special packages, which is a reflection of this move towards rules-based, systematic, custom- or outcome-oriented type investing where indexes are a very effective and efficient mechanism to develop those strategies. We're well positioned to benefit there.

如果我們雙擊推動成長的因素以及整個指數系列的超大型成長領域，我認為這與我們最近幾季看到的驅動因素類似。因此，我們的市值模組增長了 8%，但正如您所強調的，我們的定制和特殊套餐增長了 17%，這反映了向基於規則、系統性、定製或結果導向投資的轉變其中索引是制定這些策略的非常有效和有效率的機制。我們處於有利位置，可以從那裡受益。

If we look across client segments, we saw 8% growth with asset managers, and more than 11% and 12% growth with wealth managers and asset owners, and 24% growth with hedge funds. And so as Henry alluded to, we see tremendous opportunities in large part related to this move towards indexation in many different large client segments. And that trend is continuing and I think a reflection of a long-term, compelling secular opportunity for us.

如果我們縱觀整個客戶群，我們發現資產管理公司成長了 8%，財富管理公司和資產所有者成長了 11% 和 12% 以上，對沖基金成長了 24%。正如亨利所提到的，我們看到了巨大的機會，很大程度上與許多不同的大型客戶群的指數化趨勢有關。這種趨勢正在持續，我認為這反映了我們面臨的長期、令人信服的長期機會。

If we're going to focus on direct indexing, as you alluded to or asked about, I think direct indexing is mainly showing up in the non-ETF passive line for us. It is still very early in its evolution. And it's a place where we are, I think, well positioned to help both wealth managers and asset managers that are serving wealth managers with direct indexing solutions to provide them not only the underlying indexes, which is where most of our run rate comes from today and most of our revenue comes from in that non-ETF passive line, but also broader solutions that help them on that customization journey at scale.

如果我們要專注於直接指數化，正如您所提到或詢問的那樣，我認為直接指數化主要出現在我們的非 ETF 被動產品線中。它仍處於發展的早期階段。我認為，我們處於有利位置，可以幫助財富管理機構和資產管理機構為財富管理機構提供直接索引解決方案，不僅為他們提供基礎指數，而這正是我們今天大部分運行率的來源我們的大部分收入來自非ETF 被動產品線，但也來自更廣泛的解決方案，幫助他們實現大規模客製化之旅。

Fabric is an enabler there, our broader analytics tools like our optimizers and risk models, and things like our ESG content and climate content. So we are uniquely positioned to benefit from direct indexing, which I believe is still in its early days and will be a big opportunity longer term.

Fabric 是其中的推動者，我們更廣泛的分析工具（例如優化器和風險模型）以及 ESG 內容和氣候內容等。因此，我們處於獨特的地位，可以從直接索引中受益，我相信直接索引仍處於早期階段，但從長遠來看將是一個巨大的機會。

Alexander Hess, JPMorgan.

亞歷山大‧赫斯，摩根大通。

Hi, everyone. So there was a large deal in the private asset space involving one of your larger clients this quarter. Can you -- and one of the points touched on that was the opportunity for private indexes. Now MSCI is out talking about your own private index business, your own opportunity for private capital indexes.

大家好。因此，本季私人資產領域發生了一筆涉及您較大客戶的重大交易。你可以嗎——其中提到的一點是私人指數的機會。現在，摩根士丹利資本國際 (MSCI) 正在談論您自己的私人指數業務，您自己的私人資本指數機會。

But how do you think about the technical challenges to creating those sorts of indexes and gathering the data? And how has private capital solutions been able to tackle some of those? And any comments about how to frame the demand and opportunity for that business would be appreciated as well. Thank you.

但是您如何看待創建此類索引和收集資料的技術挑戰？私人資本解決方案如何解決其中的一些問題？任何有關如何確定該業務的需求和機會的評論也將受到讚賞。謝謝。

So thanks for that question because we're very excited about what we're doing in private assets -- in private capital and real assets, as we look at the differences between the two of them. So as you know, we announced yesterday the launch of 130 private capital indices, private equity, private debt, private credit, private infrastructure, et cetera. And we already have about 80 or so real property or real asset indices, both at the fund level and at the asset level.

感謝您提出這個問題，因為我們對私人資產（私人資本和實體資產）所做的事情感到非常興奮，因為我們正在研究兩者之間的差異。如你所知，我們昨天宣布推出 130 個私人資本指數、私募股權、私人債務、私人信貸、私人基礎設施等。我們已經擁有大約 80 個左右的房地產或實體資產指數，無論是在基金層級還是在資產層面。

So we're very excited about that launch. The technical challenges and opportunities first come with the data, access to the data. So MSCI now has access to about $15 trillion worth of underlying data across all private assets. And that is the highest-quality data that exists in the planet because it comes directly from the GP at the request of the LP.

所以我們對這次發布感到非常興奮。技術挑戰和機會首先來自數據和數據存取。因此，MSCI 現在可以存取所有私人資產中價值約 15 兆美元的基礎數據。這是地球上存在的最高品質的數據，因為它直接來自 GP 應 LP 的要求。

So we have that enormous amount of data. So the private capital indices that we announced yesterday are built on about $11 trillion of that $15 trillion. And the other $3 trillion, $4 trillion, say, is what the other real asset indices are built upon. So it starts with that.

所以我們擁有如此大量的數據。因此，我們昨天宣布的私人資本指數是建立在這 15 兆美元中約 11 兆美元的基礎上的。另外 3 兆美元、4 兆美元是其他實體資產指數的基礎。所以就從那開始吧。

Then secondly is the -- your understanding of the investment process and the methodologies that you need to do to create the indices. And we've written the book about index construction and index methodologies throughout the last 50 or so years. So there is no question that we're an expert on that.

其次是您對投資流程以及創建指數所需方法的理解。在過去 50 年左右的時間裡，我們寫了一本關於指數構建和指數方法的書。因此，毫無疑問我們是這方面的專家。

And the third technical challenge is, do you have the distribution associated with that in terms of the asset owners and the asset managers, the allocators, and the managers of assets. And we have 1,200 people at MSCI calling on pretty much every one of those clients around the world. So that is important.

第三個技術挑戰是，在資產所有者和資產管理者、資產分配者和管理者方面是否有與之相關的分配。我們 MSCI 有 1,200 名員工，幾乎拜訪了世界各地的每一位客戶。所以這很重要。

I think a key part of this thing is obviously as well independent. People want to see their indices and other tools come from an independent source. And obviously, MSCI has excelled in that in terms of quality and in terms of independence and in terms of a robust and transparent methodology, et cetera.

我認為這件事的關鍵部分顯然也是獨立的。人們希望看到他們的指數和其他工具來自獨立來源。顯然，MSCI 在品質、獨立性以及穩健和透明的方法等方面都表現出色。

So we feel pretty confident that we will be the leader in all aspects of private assets from the data to the tools. And the tools include the benchmark indices, the performance attribution, the risk models, liquidity, evaluated prices, portfolio construction, asset allocation, et cetera, et cetera. And that's what we're setting out to do. With the completion of the Burgiss acquisition on top of the RCA acquisition and on top of our position in real assets before that, we feel pretty good about where we are.

因此，我們非常有信心，我們將成為私人資產從數據到工具的各個方面的領導者。這些工具包括基準指數、績效歸因、風險模型、流動性、評估價格、投資組合建構、資產配置等等。這就是我們要做的。隨著對 RCA 收購以及我們先前在實物資產中的地位的基礎上完成對 Burgiss 的收購，我們對自己的處境感到非常滿意。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good morning, and thank you for taking my question. So the broader market was quite strong in the first half and probably better than the initial market assumption. And I'm just wondering what else you would like to see so that you can reach your full-year free cash flow guidance. Thanks.

早安，感謝您提出我的問題。因此，上半年大盤相當強勁，可能比最初的市場假設好。我只是想知道您還希望看到什麼，以便達到全年自由現金流指導。謝謝。

Sure. Yeah, so the cash flow performance has been strong for us. It was strong in the second quarter. I think we've benefited from both high collections compared to a year ago and lower cash tax payments.

當然。是的，所以我們的現金流表現一直很強勁。第二季表現強勁。我認為我們受益於與一年前相比較高的稅收和較低的現金稅。

I would highlight on the guidance front that there are a lot of factors that can impact free cash flow, everything from billing and collections across both subscription and ABF. Obviously, a higher ABF environment does help us, although ABF, we tend to bill on a lag.

我想在指導方面強調，有很多因素會影響自由現金流，包括訂閱和 ABF 的計費和收款等各個方面。顯然，較高的 ABF 環境確實對我們有幫助，儘管 ABF 我們傾向於按滯後計費。

And then cash expenses and cash tax payments can swing quite a bit. We're only halfway through the year. And we are continually focused on driving strong free cash flow growth and strong free cash flow conversion. But I would highlight that it can swing quarter-to-quarter.

然後現金支出和現金納稅可能會有很大波動。我們今年才剛過去一半。我們持續致力於推動強勁的自由現金流成長和強勁的自由現金流轉換。但我要強調的是，它可能會按季度波動。

Heather Balsky, Bank of America.

希瑟‧巴爾斯基，美國銀行。

Hi. Thank you for taking my question. I appreciate it. Last quarter, during the call, you talked about -- you talked around margin expansion going forward, and I think the message was you expect more modest expansion.

你好。感謝您回答我的問題。我很感激。上個季度，在電話會議期間，您談到了未來的利潤率擴張，我認為傳達的訊息是您預計會出現更溫和的擴張。

As we think through the strong growth you're seeing with regards to AUM, how are you thinking about reinvesting that? Has your thoughts changed any way from last quarter? And if you were to accelerate investments, where are you most focused? Thanks.

當我們思考您所看到的資產管理規模的強勁成長時，您如何考慮對其進行再投資？與上個季度相比，您的想法有什麼變化嗎？如果你要加速投資，你最關注的是哪裡？謝謝。

Sure. So Heather, I would say we are not focused on and we don't target a specific margin expansion or margin level. What we are continually doing is balancing investing for the long term while driving attractive profitability and free cash flow growth. And so that is the calibration that we are continually focused on and driving.

當然。因此，希瑟，我想說我們並不專注於也不以特定的利潤擴張或利潤水準為目標。我們不斷做的是平衡長期投資，同時推動有吸引力的獲利能力和自由現金流成長。這就是我們持續關注和推動的校準。

I would highlight the comments that I made in the prepared remarks here, where, as you alluded to, AUM levels have been running higher than what underlied our guidance in previous quarters. And we've assumed for the current guidance that AUM levels increased slightly from the 6/30 balances. And if AUMs track above that, we will likely be at the high end of our expense guidance ranges.

我想強調我在準備好的發言中發表的評論，正如您所提到的，資產管理規模水準一直高於我們前幾季所指導的水準。對於目前的指導，我們假設 AUM 水準較 6/30 餘額略有增加。如果資產管理規模高於該數字，我們可能會處於費用指導範圍的高端。

We would use the higher growth to invest in key areas in the business as we have in the past, and those key areas tend to cut across the big growth frontiers that we're talking about. And so from a solutions standpoint, very focused on the custom index front. And that's a broad topic involving everything from technology to researchers to go to market.

我們將像過去一樣利用較高的成長來投資業務的關鍵領域，而這些關鍵領域往往會跨越我們正在談論的大成長前沿。因此，從解決方案的角度來看，非常關注自訂索引前端。這是一個廣泛的話題，涉及從技術到研究人員再到市場的方方面面。

We do have investments in the climate front. There are a number of opportunities across private assets and private capital that we are investing in. And so we are laser-focused on continuing to drive these long-term growth drivers while, at the same time, continuing to squeeze to run the business expenses and identify efficiencies in the business.

我們確實在氣候方面進行了投資。我們正在投資的私人資產和私人資本中有很多機會。

But it's a constant calibration for us. And we are calibrating based on not only AUM levels, but overall business performance, outlook, and financial dynamics more generally. And we'll keep you posted on that.

但這對我們來說是一個持續的校準。我們不僅根據資產管理規模水準進行調整，還根據整體業務績效、前景和更廣泛的財務動態進行調整。我們會及時通知您。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes, hi. Thank you. So I wanted to follow up on the environment that you're seeing out there, specifically in ESG and climate, because it sounds like there was a pretty significant increase in new recurring subscription sales growth.

是的，嗨。謝謝。因此，我想跟進您所看到的環境，特別是 ESG 和氣候方面，因為聽起來新的經常性訂閱銷售成長出現了相當顯著的成長。

And I know you alluded to the Moody's partnership that may have driven a chunk of that growth. But then I also heard you talk about new products around CSRD. So give us a bit more around what you're expecting for ESG and if the underlying environment is any different or has improved.

我知道您提到了穆迪的合作夥伴關係，這可能推動了這一增長的很大一部分。但後來我也聽到你談論圍繞 CSRD 的新產品。請告訴我們更多關於您對 ESG 的期望，以及基礎環境是否有任何不同或有所改善。

Sure. So I would say we've seen a continuation of the dynamics that we've been seeing in recent quarters. There haven't been major changes to the trends that you've been seeing and we've been seeing.

當然。所以我想說，我們看到了最近幾季所看到的動態的延續。您和我們所看到的趨勢並沒有發生重大變化。

I think we highlighted this. But from a regional standpoint segment, within the segment, run rate growth in the Americas about 9%. It was about 17% in EMEA and 20% in APAC, which is generally in line with what we saw last quarter. And the themes that we're seeing in each of the regions is fairly consistent with what we've seen in the past.

我想我們強調了這一點。但從區域細分市場的角度來看，在該細分市場內，美洲地區的運作率成長約為 9%。歐洲、中東和非洲地區約為 17%，亞太地區約為 20%，這與我們上季度看到的情況基本一致。我們在每個地區看到的主題與我們過去看到的主題相當一致。

In the US, we're still seeing investors take a more measured pace on how they're integrating ESG. That's causing longer sales cycles and more deliberate purchasing decisions. In EMEA, we do see opportunities, as you alluded to, in areas like regulations.

在美國，我們仍然看到投資者在整合 ESG 方面採取了更謹慎的步伐。這導致銷售週期更長，購買決策更加深思熟慮。正如您所提到的，在歐洲、中東和非洲，我們確實在法規等領域看到了機會。

So we've had some early wins with things like CSRD and EBA Pillar 3. But regulation, at the same time, is creating some complexity and confusion as it cuts across many different objectives from financial materiality to do no harm to specific climate objectives. And so that is resulting in some hesitancy for many clients.

因此，我們在CSRD 和EBA 第三支柱等方面取得了一些早期成果。的氣候目標。因此，這導致許多客戶有些猶豫。

And then in Asia, we are seeing solid engagement. And it feels like Asia is earlier in its adoption of ESG. And so, very similar trends to what we've seen in the past.

然後在亞洲，我們看到了強烈的參與。而亞洲似乎也更早採用 ESG。因此，趨勢與我們過去看到的非常相似。

I would highlight that the industry pressures that impact all parts of the business are probably more impactful within the ESG and climate segment, where we serve such a wide range of client types and use cases and users that there probably are similar nice-to-have type use cases that will get impacted more significantly from environmental pressures.

我想強調的是，影響業務所有部分的行業壓力可能在 ESG 和氣候領域影響更大，我們為廣泛的客戶類型、用例和用戶提供服務，因此可能存在類似的「可有可無」類型用例將受到環境壓力的更顯著影響。

We expect these dynamics to persist in the short term, but we remain encouraged by the long-term dynamics here. And so as I alluded to, areas like regulation are compelling opportunities, and we've seen some early wins, but also opportunities in some of the new offering areas that Baer highlighted around our asset level, physical risk, and nature data sets.

我們預計這些動態將在短期內持續存在，但我們仍然對長期動態感到鼓舞。正如我所提到的，監管等領域是引人注目的機會，我們已經看到了一些早期的勝利，但貝爾強調的圍繞我們的資產水平、物理風險和自然數據集的一些新產品領域也有機會。

Our offering with the GeoSpatial Explorer is quite exciting, very early days. But these are things that continue to add value to our clients. And on top of that, we still see climate as a very dynamic area that has tremendous opportunities across not only new solution sets, but client segments for us.

我們的 GeoSpatial Explorer 產品在很早的時候就非常令人興奮。但這些都是持續為我們的客戶增加價值的事情。最重要的是，我們仍然認為氣候是一個非常活躍的領域，不僅在新的解決方案集上，而且在我們的客戶群上都擁有巨大的機會。

And so as Henry alluded to, opening up opportunities in areas like banks, insurance companies, corporates directly, even opportunities with GPs. And so there are a wide range of opportunities we are excited about in the long term. But in the short term, no change in the dynamics; and we expect it to continue in the short term.

正如亨利所提到的，直接在銀行、保險公司、企業等領域開闢機會，甚至與全科醫生合作的機會。因此，從長遠來看，我們對各種各樣的機會感到興奮。但短期來看，動態並沒有改變；我們預計這種情況在短期內會持續下去。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi. Thanks. Good morning. Your analytics business had another strong quarter, including strong new recurring subscription sales and retention rates. What are the top factors enabling this performance? And how sustainable is double-digit organic growth in analytics?

你好。謝謝。早安.您的分析業務又迎來了一個強勁的季度，包括強勁的新定期訂閱銷售和保留率。實現這項性能的首要因素是什麼？分析領域兩位數的有機成長有多永續？

Yeah. So I would say -- and you've noticed this in the results of the last several quarters. We've seen some good momentum. So we're seeing strong client engagement across many different parts of our analytical tools. There's probably some benefit from the environment driving an intense focus on investment risk and credit risk and liquidity risk. And we are a leader on all fronts, and so that definitely has been helpful to us in certain areas.

是的。所以我想說——你已經在過去幾季的結果中註意到了這一點。我們看到了一些良好的動力。因此，我們看到客戶在我們的分析工具的許多不同部分都有很強的參與度。推動對投資風險、信用風險和流動性風險的高度關注的環境可能會帶來一些好處。我們在各方面都是領導者，因此這在某些領域肯定對我們有幫助。

The performance is also driven in part by the enhancements and innovations that we've continued to deliver. So we've been seeing traction with our insights offering, which delivers our risk analytics through a modern data architecture with enhanced visualization.

我們持續提供的增強和創新也在一定程度上推動了效能的提升。因此，我們已經看到了我們的洞察產品的吸引力，它透過具有增強視覺化的現代資料架構提供我們的風險分析。

And as you know, we've now integrated AI capabilities into that. And that's an area where we do see strong client engagement and we've seen some traction in enabling new sales for us. We've seen solid sales within our fixed income offering and see opportunities -- continue to see opportunities there. And we continue to see strong momentum with our equity analytics business or equity risk models, which is something we've highlighted in recent quarters.

如您所知，我們現在已將人工智慧功能整合到其中。在這個領域，我們確實看到了強大的客戶參與度，並且我們已經看到了為我們帶來新銷售的一些動力。我們看到我們的固定收益產品銷售強勁，並看到了機會—繼續看到那裡的機會。我們繼續看到我們的股票分析業務或股票風險模型的強勁勢頭，這是我們最近幾季強調的。

So a lot of the same drivers we've talked about in the past that has been encouraging. We continue to see opportunities, although I will say that it's likely to be lumpy. And some of the pressures that have impacted the broader company are likely to impact analytics as well.

我們過去討論過的許多驅動因素都令人鼓舞。我們繼續看到機會，儘管我會說機會可能會很不穩定。影響整個公司的一些壓力也可能會影響分析。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

Good morning, guys, and thanks for taking my question. I wanted to stay on the analytics segment and maybe talk about the margin that you were seeing there. Obviously, it's pretty notable expansion, both sequentially and on a year-over-year basis. So just wondering if you can maybe walk us through and maybe drill down into the drivers of that notable margin expansion in analytics. Thanks.

早上好，夥計們，感謝您提出我的問題。我想留在分析領域，也許可以談談你在那裡看到的利潤。顯然，無論是連續或同比，這都是相當顯著的擴張。因此，我想知道您是否可以向我們介紹一下，並深入分析分析中利潤率顯著增長的驅動因素。謝謝。

Sure, yeah. We've commented on this in the past. There are several factors that drive the analytics margin and have driven it higher over the last several years.

當然，是的。我們過去曾對此發表過評論。有幾個因素可以推動分析利潤並在過去幾年中推高分析利潤。

So one is we have been capitalizing software. And so the level of capitalized software has picked up a bit, which will drive the EBITDA margin up. It doesn't impact the operating margin, but does impact the EBITDA margin.

一是我們一直在利用軟體。因此，軟體資本化水準有所回升，這將推動 EBITDA 利潤率上升。它不會影響營業利潤率，但會影響 EBITDA 利潤率。

Broader expense efficiencies and expense discipline that we have across the company tends to impact the analytics segment, just given how we do many of our allocations. I will also highlight there are parts of the analytics business that we have invested less in as well. We've been very strategic and targeted with the parts of analytics that we have been investing in, but there have been some parts that we have invested less in to allow us to invest in other parts of the company that are very strategic for us.

考慮到我們如何進行許多分配，我們在整個公司範圍內實行的更廣泛的費用效率和費用紀律往往會影響分析部門。我還要強調的是，我們在分析業務的某些部分的投資也較少。我們對我們一直投資的分析部分非常具有策略性和針對性，但我們在某些​​部分的投資較少，以便我們能夠投資於公司對我們來說非常具有戰略意義的其他部分。

And so all those factors have contributed to the analytics margin increasing over time. As you can tell by the growth, we do see very compelling opportunities within analytics that are not only attractive growth opportunities in their own right, but they are very strategic for driving growth across the company. And so we do have investment opportunities in analytics that we will be putting money into and continue to invest in.

因此，所有這些因素都導致分析利潤隨著時間的推移而增加。正如您從成長中可以看出的那樣，我們確實在分析中看到了非常引人注目的機會，這些機會不僅本身就是有吸引力的成長機會，而且對於推動整個公司的成長具有非常重要的戰略意義。因此，我們確實在分析方面有投資機會，我們將投入資金並繼續投資。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Great. Thank you. Just wanted to ask you guys a question on AI here and stuff. Can you give us some examples of where you're really excited about the uses of AI to help drive revenues long term? And also a similar question on the cost efficiency side, where AI can really help you on the cost side, help your margins out even better.

偉大的。謝謝。只是想問你們一個關於人工智慧之類的問題。您能給我們舉一些例子，說明您對使用人工智慧來幫助長期增加收入感到非常興奮嗎？在成本效率方面還有一個類似的問題，人工智慧可以真正在成本方面為您提供幫助，幫助您獲得更好的利潤。

Sure. So look, both of those areas are really critical, and we're engaging on both fronts quite dramatically. So first of all, in terms -- and I would say that within the efficiency, the cost efficiency, there's also even what you could call like a quality efficiency story, notably in our whole data environment.

當然。所以看，這兩個領域都非常關鍵，我們在這兩方面的投入都非常大。首先，我想說的是，在效率、成本效率中，甚至還有你所說的品質效率故事，特別是在我們的整個資料環境中。

So we're doing tremendous amounts of work across the board in data, data calculations, production, extraction, whether that be in private markets, in ESG and climate, across the board, notably in areas that can be difficult to find hard data in such as controversies.

因此，我們在數據、數據計算、生產、提取方面開展了大量工作，無論是在私人市場、ESG 和氣候領域，尤其是在很難找到硬數據的領域。

So we are -- so we're moving ahead in all those areas. And we have been -- we've had a really special focus on this, both internally and with certain members of our Board of Directors, who happily have some expertise in this area.

所以我們正在——所以我們正在所有這些領域取得進展。我們一直非常特別關注這一點，無論是內部還是董事會的某些成員，他們很高興在這一領域擁有一些專業知識。

So the efficiency area is one where we're starting to see some pretty attractive numbers. As Andy mentioned, this is a continuous effort. And as we typically go into the end of the year here and start setting budgets for next year, we're starting to see that AI efficiencies for -- probably for the first year, next year, will be a non-trivial part of our budgeting exercise and the efficiencies we can make.

因此，在效率領域，我們開始看到一些非常有吸引力的數字。正如安迪所說，這是一項持續的努力。當我們通常進入年底並開始製定明年的預算時，我們開始看到人工智慧的效率——可能是第一年，明年，將成為我們的一個重要組成部分。

In terms of new product development, this is also very much across the board. We clearly have two examples which we brought out today, which are live, if you like, which is the work on geospatial data, where really we wouldn't have been able to do that without the use of AI; and the recent launch as part of our future of risk.

在新產品開發方面，這也是非常全面的。我們今天顯然有兩個例子，如果你願意的話，它們是即時的，這是關於地理空間資料的工作，如果不使用人工智慧，我們實際上無法做到這一點；以及最近推出的作為我們未來風險的一部分。

By the way, you may want to just Google future of risk, MSCI. There's a very interesting paper on our website, which goes into the whole use of AI in the future of risk. And you can download it for free.

順便說一句，你可能只想谷歌一下風險未來，MSCI。我們的網站上有一篇非常有趣的論文，探討了人工智慧在未來風險中的整體應用。並且您可以免費下載。

So in analytics, in ESG and climate, and pretty much in private markets. So there's no part of the business where we're not using AI. And I think both in terms of a new product development and an efficiency story, we hope to be able to give you increasingly specific information in the quarters ahead and going into next year.

在分析、ESG 和氣候方面，以及幾乎在私募市場上都是如此。因此，我們的業務無一不使用人工智慧。我認為，無論是在新產品開發還是在效率方面，我們都希望能夠在未來幾季和明年為您提供越來越具體的資訊。

Russell Quelch, Redburn Atlantic.

拉塞爾·奎爾奇，《雷德本大西洋》。

Yeah. Hello, gents, and congratulations on a strong Q2 result. I wanted to focus on private asset benchmarks, if I can. I wondered if you could size the current addressable market you see there and the rate at which you think that market is growing.

是的。先生們大家好，恭喜第二季的強勁業績。如果可以的話，我想專注於私人資產基準。我想知道您是否可以衡量您目前看到的潛在市場以及您認為該市場成長的速度。

And also, if you could talk to the competitive dynamics, is this mainly white space for you guys? Or is there others that you'll be looking to displace as you grow?

另外，如果你能談談競爭動態，這對你們來說主要是空白嗎？或者隨著你的成長，你會尋求取代其他人嗎？

And finally, do you have all the data assets you need to grow now? Or are you looking further to sort of inorganic growth opportunities, particularly around data in this area?

最後，您現在擁有成長所需的所有數據資產嗎？或者您是否正在進一步尋找無機成長機會，特別是圍繞該領域的數據？

So there are -- on the benchmark themselves, there are two sources of value to us. The first one is the sales themselves in benchmarking for LPs and GPs in the various subsectors -- or I should say, the various asset classes within private assets.

因此，就基準本身而言，我們有兩個價值來源。第一個是各個子行業（或者我應該說，私人資產中的各種資產類別）的有限合夥人和普通合夥人的基準銷售本身。

One of the biggest providers of private credit in the world that I met with recently said, I needed benchmark to be able to get more assets from both the institutional LPs and the wealth management part. So that will create revenue opportunities. We haven't yet created a dimension of how much that will be and the timing of that, but that's clearly one area.

我最近遇到的世界上最大的私人信貸提供者之一表示，我需要基準才能從機構有限合夥人和財富管理部分獲得更多資產。這將創造收入機會。我們還沒有確定具體的金額和時間，但這顯然是一個領域。

The second one and probably even bigger area is that if we become -- by becoming the leading provider of private asset class benchmarks, it puts us right in the center of the ecosystem of the LPs and the GPs and the underlying assets that they invest in. And in that center stage inside the tent, so to speak, then we're able to then expand from there to provide performance attribution models, risk management models, liquidity models, valuation models, obviously, asset allocation models, and all of that.

第二個甚至可能更大的領域是，如果我們成為私人資產類別基準的領先提供商，那麼我們就處於有限合夥人和普通合夥人及其投資的基礎資產生態系統的中心可以說，在帳篷內在的中心舞台上，我們可以從那裡擴展，提供績效歸因模型、風險管理模型、流動性模型、估值模型，顯然還有資產配置模型等等。

Of course, it will put (technical difficulty) key position to provide the underlying data as well, but that's part of, quote, unquote, the benchmark sale. And therefore, it puts us in an enormously advantageous position.

當然，它也會把（技術難度）放在關鍵位置來提供基礎數據，但這是報價、取消報價、基準銷售的一部分。因此，它使我們處於極為有利的地位。

And that's what we've done throughout our 50-plus-year history. That's why we expanded since I created the company [30] years ago, and we built it upon the market cap business created by the Capital Group and Morgan Stanley.

這就是我們 50 多年歷史中所做的事情。這就是為什麼自從我 [30] 年前創建公司以來我們一直在擴張，我們將其建立在 Capital Group 和摩根士丹利創建的市值業務的基礎上。

So we're very excited about what we can do in the overall private capital, private asset investing world. Obviously, all of this is totally alluding to transparency, to understanding what you bought, to understanding the risk -- the sources of risk and return on what you got, and to create a seamless understanding of asset allocation across private assets and public assets.

因此，我們對我們能夠在整個私人資本、私人資產投資領域所做的事情感到非常興奮。顯然，這一切完全是在暗示透明度，了解你購買了什麼，了解風險——風險來源和你所獲得的回報，並建立對私人資產和公共資產之間資產配置的無縫理解。

So a unit of risk in a building, in a bridge, or in private credit, or in a venture capital company can be identified easily and compared easily with a unit of risk in a public company and a public bond or in a hedge fund. So that's what we're going after.

因此，建築物、橋樑、私人信貸或創投公司中的風險單位可以輕鬆識別，並可以輕鬆地與上市公司、公共債券或對沖基金中的風險單位進行比較。這就是我們所追求的。

Gregory Simpson, BNP Paribas.

格雷戈里·辛普森，法國巴黎銀行。

Hi there. Can I just quickly check in on the latest contribution of pricing to new sales across index and the other segments and if there's any client behavioral changes around pricing (inaudible) thank you.

你好呀。我能否快速查看定價對整個指數和其他細分市場新銷售的最新貢獻，以及定價方面是否有任何客戶行為變化（聽不清楚），謝謝。

Sure, yeah. So I would say across the company, the contribution of price increases was slightly smaller than last year, so very consistent with what we said last quarter. We have been slightly moderating our price increases in many places, given the pricing and economic environment, which is very much in line with what we said last quarter.

當然，是的。所以我想說，在整個公司範圍內，價格上漲的貢獻略小於去年，因此與我們上季所說的非常一致。考慮到定價和經濟環境，我們在許多地方都略微放緩了價格上漲，這與我們上季度所說的非常一致。

I'd say importantly, and I want to underscore this, we are focused on aligning price increase with the value that we are delivering. And so we do factor in the overall pricing environment and client health, but we also are focused on ensuring that we're capturing the value for the enhancements that we make to our solutions and our service and balancing that as well with the long-term relationship with our clients.

我想說重要的是，我想強調這一點，我們專注於使價格上漲與我們提供的價值保持一致。因此，我們確實考慮了整體定價環境和客戶健康狀況，但我們也專注於確保我們捕捉到我們對解決方案和服務所做的增強的價值，並與長期目標相平衡與我們的客戶的關係。

So most of our growth is going to come from existing clients. And so we are very focused on being a strong, long-term partner to our clients. And that means adding value, that means selling more to them, providing enhanced services to them. And that will translate through to enhanced price increases but also translates through to additional services that we can deliver to them. And so we're continually balancing that value with price increases.

因此，我們的大部分成長將來自現有客戶。因此，我們非常致力於成為客戶強大的長期合作夥伴。這意味著增加價值，意味著向他們出售更多產品，為他們提供增強的服務。這將轉化為價格上漲，同時也轉化為我們可以提供給他們的額外服務。因此，我們不斷平衡價值與價格上漲。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yes, hello again. Just a quick follow-up on the sales environment, as I asked about earlier. When you think about the second half -- and I know it's maybe a little bit too specific. But if you compare to last year's maybe sales in dollars, are you still comfortable? Or are you comfortable that you can do more sales this year in the second half or anything specific to 3Q or 4Q? So yeah, that's the question. Thanks.

是的，你好。正如我之前詢問的那樣，只是對銷售環境進行快速跟進。當你想到後半部時——我知道它可能有點太具體了。但如果你與去年的美元銷售額進行比較，你還滿意嗎？或者您認為今年下半年可以實現更多銷售或針對第三季或第四季的任何具體銷售？是的，這就是問題所在。謝謝。

Sure. So as I mentioned, 3Q -- and I know you're aware of this, Alex. 3Q is typically a softer quarter for us, seasonally softer quarter for us from a sales perspective. Q4 tends to be a seasonally strong quarter for us. I don't want to be too specific or prescriptive about what can happen.

當然。正如我所提到的，3Q——我知道你知道這一點，亞歷克斯。第三季度對我們來說通常是一個較疲軟的季度，從銷售角度來看，對我們來說是季節性疲軟的季度。第四季對我們來說往往是季節性強勁的季度。我不想對可能發生的事情過於具體或規定。

As I mentioned, sales and cancels can both be lumpy. And we do see some challenging dynamics out there. But as I alluded to earlier, we are seeing strong client engagement. We see opportunities out there.

正如我所提到的，銷售和取消都可能不穩定。我們確實看到了一些具有挑戰性的動態。但正如我之前提到的，我們看到客戶的參與度很高。我們看到了機會。

And as we've seen in past cycles, if there is sustained momentum in the equity markets, that tends to translate through, over time, into more favorable buying dynamics for clients. But as I said earlier, we are cautious. We still see some pressures on clients. But overall, we do see opportunities as well.

正如我們在過去的周期中所看到的，如果股市有持續的動力，隨著時間的推移，這往往會轉化為對客戶更有利的購買動力。但正如我之前所說，我們持謹慎態度。我們仍然看到客戶面臨一些壓力。但總的來說，我們確實也看到了機會。

And that does conclude the question-and-answer session. I would like to turn the floor back over to Henry Fernandez, Chairman and CEO, for closing remarks.

問答環節到此結束。我想請主席兼執行長亨利·費爾南德斯 (Henry Fernandez) 致閉幕詞。

So as you heard in our commentary, we're intensely focused on executing our grand strategy and compounding growth quarter to quarter, year to year. And that's what we do. We're not an entity, as you know well, that flares up and flares down.

因此，正如您在我們的評論中聽到的那樣，我們非常專注於執行我們的宏偉戰略並逐季度、逐年實現複合增長。這就是我們所做的。如您所知，我們不是一個會忽上忽下的實體。

We are consistently executing and executing. And there'll be some quarters that are going to be very strong relative to expectations, some of the quarters that are going to be weaker. But the longer trend horizon of this company is extremely powerful compounding of growth and compounding on profitability.

我們始終如一地執行和執行。相對於預期，有些季度會非常強勁，而有些季度則會較弱。但該公司的長期趨勢範圍是極其強大的成長複合和獲利複合。

We're very excited by the very large growth opportunities in front of us, as you heard in the commentary and answers to your questions, and are encouraged by a very high level of client engagement that is typically a leading indicator of sales in the future. So we look forward to engaging with all of you over the next few months. And thank you again for joining us, and I hope you all enjoy the summer and take some time off.

正如您在評論和問題中所聽到的那樣，我們對擺在我們面前的巨大增長機會感到非常興奮，並且對非常高水平的客戶參與度感到鼓舞，這通常是未來銷售的領先指標。因此，我們期待在接下來的幾個月與大家互動。再次感謝您加入我們，希望您都能享受這個夏天並享受一些假期。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

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。