明晟 (MSCI) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI third-quarter 2024 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 MSCI 2024 年第三季財報電話會議。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

(Operator Instructions)

（操作員說明）

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

我現在想將電話轉給投資者關係主管兼財務主管 Jeremy Ulan。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good day, and welcome to the MSCI third-quarter 2024 earnings conference call.

美好的一天，歡迎參加 MSCI 2024 年第三季財報電話會議。

Earlier this morning, we issued a press release announcing our results for the third quarter of 2024.

今天早些時候，我們發布了一份新聞稿，宣布了 2024 年第三季的業績。

This press release, along with an earnings presentation and brief quarterly update are available on our website msci.com, under the Investor Relations tab.

本新聞稿以及收益演示和簡短的季度更新可在我們網站 msci.com 的「投資者關係」標籤下取得。

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.

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。

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.

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.

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。

You'll find a reconciliation of our non-GAAP measures to the equivalent GAAP measures in the appendix of the earnings presentation.

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.

我們還將討論運行率和保留率等營運指標。

Important information regarding our use of operating metrics such as run rate and retention rate are available in the earnings presentation.

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; and Baer Pettit, our President and COO; and Andrew Wiechmann, our Chief Financial Officer.

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)；以及我們的總裁兼營運長貝爾佩蒂特 (Baer Pettit)；以及我們的財務長安德魯‧維赫曼 (Andrew Wiechmann)。

(Event Instructions)

（活動須知）

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

現在，讓我將電話轉給亨利·費爾南德斯。

Henry?

亨利？

Thank you, Jeremy.

謝謝你，傑瑞米。

Good day, everyone, and thank you for joining us.

大家好，感謝您加入我們。

MSCI's third-quarter results highlight the underlying strength of our business model and client footprint, as well as the essential role that our solutions play in global investing.

MSCI 第三季業績凸顯了我們業務模式和客戶足跡的潛在優勢，以及我們的解決方案在全球投資中發揮的重要作用。

Financially, we achieved total revenue growth of 16%, adjusted earnings per share growth of 12%, and free cash flow growth of 46%.

在財務方面，我們實現了總收入成長 16%、調整後每股收益成長 12%、自由現金流成長 46%。

We repurchased $199 million worth of MSCI shares, bringing our total share repurchases for the year to $440 million.

我們回購了價值 1.99 億美元的 MSCI 股票，使全年股票回購總額達到 4.4 億美元。

In our operating metrics, we delivered asset-based fee revenue growth of nearly 20%, subscription run rate growth of 15%, and a retention rate of 94%.

在我們的營運指標中，我們實現了基於資產的費用收入成長近 20%，訂閱運行率成長 15%，保留率達到 94%。

Looking at our overall performance, we show significant strength in ABF revenue, driven by record AUM balances in both ETF and non-ETF products linked to MSCI indices, including third-quarter ETF cash flows of $18.6 billion.

從我們的整體業績來看，我們的 ABF 收入表現強勁，這得益於與 MSCI 指數相關的 ETF 和非 ETF 產品創紀錄的 AUM 餘額，其中包括第三季度 186 億美元的 ETF 現金流。

Index and analytics' new recurring subscription sales grew 5% and almost 11%, respectively.

Index 和 Analytics 的新定期訂閱銷售額分別成長了 5% 和近 11%。

Among asset owners and hedge funds, organic subscription run rate growth was 11% and 15%, respectively.

在資產所有者和對沖基金中，有機認購運作率成長率分別為 11% 和 15%。

New -- net new recurring sales in our ESG and climate segment were down meaningfully from last year's levels.

新—我們的 ESG 和氣候部門的淨新經常性銷售額較去年的水平大幅下降。

We think the subdued demand in ESG and climate is cyclical and may be prolonged.

我們認為 ESG 和氣候方面的需求低迷是週期性的，並且可能會持續很長時間。

But the need for all investors to integrate ESG financial materiality and to decarbonize portfolios, are real and secular.

但所有投資者整合 ESG 財務重要性和投資組合脫碳的需求是真實且長期的。

On asset managers, new recurring subscription sales were down 5% year over year, reflecting cyclical pressures, although retention is excellent at 96%.

在資產管理公司方面，新的經常性訂閱銷售年減 5%，反映出週期性壓力，儘管保留率高達 96%。

As our Q3 results show, MSCI's product lines are diverse and increasingly complement each other.

正如我們第三季的結果所示，MSCI 的產品線多種多樣，並且日益相互補充。

We are a growth company with enormous addressable market for our products which serve a vital function across the investment ecosystem.

我們是一家成長型公司，擁有龐大的產品市場，在整個投資生態系統中發揮著至關重要的作用。

Today, I would also like to comment on three key drivers of our long-term strategy.

今天，我還想談談我們長期策略的三個關鍵驅動因素。

First, our growth among wealth managers and how it reflects both the increasing use of indices and the benefits of our new technology platform.

首先，我們財富管理機構的成長以及它如何反映指數使用的增加和我們新技術平台的優勢。

Second, our progress in developing private capital solutions that cut across product lines.

其次，我們在開發跨產品線的私人資本解決方案方面取得了進展。

And third, our commitment to providing climate solutions that clients need to measure, report and act on decarbonization of investments.

第三，我們致力於提供客戶衡量、報告投資脫碳並採取行動所需的氣候解決方案。

Starting with wealth.

從財富開始。

In Q3, MSCI achieved a major index win with a private banking arm of one of the world's largest banks.

第三季度，摩根士丹利資本國際 (MSCI) 憑藉全球最大銀行之一的私人銀行部門取得了重大指數勝利。

We also achieved direct indexing run rate growth of 22%.

我們也實現了 22% 的直接索引運行率成長。

Meanwhile, our MSCI wealth manager technology platform, formerly known as fabric, continued driving robust client engagement for analytics.

同時，我們的 MSCI 財富管理技術平台（以前稱為 Fabric）繼續推動客戶對分析的強勁參與。

Looking ahead, we believe this platform can help us deliver content for wealth managers that expands multiple product lines, including index, ESG, climate and private assets.

展望未來，我們相信這個平台可以幫助我們為財富管理機構提供內容，擴展多個產品線，包括指數、ESG、氣候和私人資產。

In private capital solutions, we believe that our work there can enhance our capabilities in many areas.

在私人資本解決方案方面，我們相信我們在那裡的工作可以增強我們在許多領域的能力。

We have already seen this with products such as MSCI private capital fund indices, which are capitalizing important new client wins and prospects since their launch in July.

我們已經在 MSCI 私募資本基金指數等產品中看到了這一點，自 7 月推出以來，這些產品正在利用重要的新客戶贏得和前景。

Our private capital fund indices cover more than 13,000 funds that represent more than $11 trillion in AUM, and we believe they can help us become a standard setter in private assets.

我們的私募資本基金指數涵蓋超過 13,000 檔基金，資產管理規模超過 11 兆美元，我們相信它們可以幫助我們成為私募資產的標準制定者。

Our partnership with Moody's positions us well to expand our ESG coverage of private companies, while also providing more ESG content for segments such as banks, insurance companies, and corporates.

我們與穆迪的合作使我們能夠很好地擴大對私人公司的 ESG 覆蓋範圍，同時也為銀行、保險公司和企業等細分市場提供更多 ESG 內容。

As we announced last week, I am pleased to welcome Luke Flemmer to MSCI as our new Head of Private Assets to further build and scale our business to new heights.

正如我們上周宣布的那樣，我很高興歡迎盧克·弗萊默(Luke Flemmer) 加入摩根士丹利資本國際(MSCI)，擔任我們新任私人資產主管，以進一步建設和擴展我們的業務至新的高度。

Luke joins us from Goldman Sachs.

盧克 (Luke) 來自高盛 (Goldman Sachs) 加入我們。

Regarding climate solutions, as the risks and negative impacts of climate change become ever more apparent, all institutional investors and capital market participants will need high-quality data models and research to adapt.

在氣候解決方案方面，隨著氣候變遷的風險和負面影響變得越來越明顯，所有機構投資者和資本市場參與者都需要高品質的數據模型和研究來適應。

This is inestimable and just a matter of time for this demand to accelerate.

這是不可估量的，而且這種需求加速只是時間問題。

MSCI already supplies carbon emission data on more than 60,000 private companies and more than 7,500 private equity and private debt funds.

MSCI 已提供超過 60,000 家私人公司以及超過 7,500 家私募股權和私募債務基金的碳排放數據。

MSCI is well positioned to be the provider of choice for this large-scale reallocation of capital and repricing of assets.

MSCI 完全有能力成為大規模資本重新配置和資產重新定價的首選提供者。

With that in mind, we're also constantly seeking to upgrade both our talent and our solutions.

考慮到這一點，我們也不斷尋求升級我們的人才和解決方案。

Last week, we announced that Richard Mattison has joined MSCI as Head of ESG and Climate.

上週，我們宣布理查德·馬蒂森 (Richard Mattison) 已加入 MSCI，擔任 ESG 和氣候主管。

Richard comes to us from S&P Global and is also the founder and former CEO of Trucost.

Richard 來自 S&P Global，也是 Trucost 的創辦人和前執行長。

We know that MSCI will greatly benefit from his expertise and knowledge.

我們知道 MSCI 將從他的專業知識和知識中受益匪淺。

Meanwhile, on the climate product side, MSCI has responded to the emerging consensus that voluntary carbon markets are critical to achieving net zero.

同時，在氣候產品方面，摩根士丹利資本國際 (MSCI) 回應了日益形成的共識，即自願碳市場對於實現淨零排放至關重要。

Just last month, we introduced MSCI carbon project ratings, which offer comprehensive and independent assessment of more than 4,000 carbon credit projects around the world.

就在上個月，我們推出了 MSCI 碳專案評級，該評級為全球 4,000 多個碳信用專案提供全面、獨立的評估。

All of this demonstrates MSCI's single most important competitive advantage, the global, diversified and integrated nature of our franchise.

所有這些都證明了 MSCI 最重要的競爭優勢，即我們業務的全球性、多元化和全面性。

We have always tried to capture the biggest trends reshaping the global investment industry.

我們一直試圖捕捉重塑全球投資產業的最大趨勢。

We are now better equipped than ever to capitalize on these trends while supporting both traditional and new client segments.

我們現在比以往任何時候都更有能力利用這些趨勢，同時支援傳統和新的客戶群。

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

接下來，讓我把電話轉給貝爾。

Baer?

貝爾？

Thank you, Henry, and greetings, everyone.

謝謝你，亨利，並向大家問好。

In my remarks today, as I review our third-quarter results, I'll focus on our progress and opportunities with individual client segments across the investment ecosystem.

在今天的演講中，當我回顧第三季業績時，我將重點放在我們在整個投資生態系統中各個客戶群的進展和機會。

Let us start with asset owners who are accounted for some of MSCI's most notable Q3 business wins.

讓我們從在摩根士丹利資本國際 (MSCI) 第三季度最引人注目的業務中取得的一些成果的資產所有者開始。

Overall, we delivered 11% organic subscription run rate growth with asset owners, throwing particular strength in analytics.

總體而言，我們為資產所有者帶來了 11% 的有機訂閱運行率成長，在分析方面發揮了特別的優勢。

In Asia, for example, a large public pension fund made MSCI their primary risk analytics provider, leveraging our highly competitive mix of applications, sophisticated algorithms, specialized data, and managed services.

例如，在亞洲，一家大型公共退休基金讓 MSCI 成為其主要風險分析提供商，利用我們極具競爭力的應用程式組合、複雜的演算法、專業數據和託管服務。

We closed another significant deal in analytics with a US public pension fund who selected MSCI as their analytics platform of choice for the entire investment process, from planning and asset allocation through to performance attribution and measurement.

我們與一家美國公共退休基金達成了另一項重大分析交易，該基金選擇 MSCI 作為整個投資流程（從規劃和資產配置到績效歸因和衡量）的首選分析平台。

In each case, MSCI displayed a major competitor.

在每一個案例中，MSCI 都展示了一個主要競爭對手。

Deals like these helped us achieve our best third quarter on record for recurring sales in analytics, with particular strength in both Europe and the Americas.

這類交易幫助我們在分析領域實現了有史以來最好的第三季經常性銷售，尤其是在歐洲和美洲。

Despite the softness that Henry mentioned, asset managers remain the largest contributor to our subscription run rate, adding over $60 million of organic run rate in the past 12 months alone.

儘管亨利提到了疲軟，但資產管理公司仍然是我們訂閱運行率的最大貢獻者，僅在過去 12 個月就增加了超過 6000 萬美元的有機運行率。

Our firm-wide retention rate among asset managers have stayed high, and it was close to 96% in the third quarter.

我們公司範圍內資產管理公司的保留率一直保持在較高水平，第三季接近 96%。

Our asset manager clients still face fee compression, leading to tighter budgets, though there are some signs of stabilizing redemption pressures and improving inflows.

儘管有一些跡象顯示贖回壓力穩定且資金流入有所改善，但我們的資產管理客戶仍面臨費用壓縮，導致預算收緊。

In MSCI index-linked ETFs, year-to-date inflows were nearly $68 billion, which helped our ABS revenues grow nearly 20%.

在 MSCI 指數掛鉤 ETF 中，今年迄今的流入量接近 680 億美元，這幫助我們的 ABS 收入增加了近 20%。

As Henry mentioned, our work in index increasingly reinforces our work in climate, and MSCI is leveraging this integration to help asset managers navigate the low carbon transition.

正如亨利所提到的，我們在指數方面的工作日益加強了我們在氣候方面的工作，MSCI 正在利用這種整合來幫助資產管理公司實現低碳轉型。

In the third quarter, one of our pension fund clients in Europe ceded a $1.6 billion ETF linked to an MSCI Climate custom index launched by one of our asset manager clients.

第三季度，我們在歐洲的一位退休基金客戶轉讓了一隻 16 億美元的 ETF，該 ETF 與我們的一位資產管理客戶推出的 MSCI 氣候定制指數掛鉤。

Turning to other client segments.

轉向其他客戶群。

MSCI also did well with hedge funds, wealth managers and banks and broker-dealers, who have collectively added $60 million in organic subscription run rate over the past 12 months and grew by 10% combined in Q3.

MSCI 在對沖基金、財富管理公司、銀行和經紀交易商方面也表現出色，過去 12 個月內，這些機構的有機訂閱運行率總計增加了 6,000 萬美元，第三季度合計增長了 10%。

For example, we completed a large ticket deal with a global quantitative investment firm, who will use our index content and analytics risk data to enhance their overall research in a health and generation strategy.

例如，我們與一家全球量化投資公司完成了一筆大額交易，該公司將使用我們的指數內容和分析風險數據來加強他們在健康和發電策略方面的整體研究。

Shifting to wealth managers.

轉向財富管理機構。

They have added about $11 million to MSCI's organic run rate -- subscription run rate over the past 12 months.

他們在過去 12 個月為 MSCI 的自然運行率（訂閱運行率）增加了約 1100 萬美元。

Our wealth subscription run rate now stands at $112 million, growing 11% organically, and we have a wealth retention rate of over 97%.

我們的財富認購運行率目前為 1.12 億美元，有機成長 11%，財富保留率超過 97%。

MSCI's wealth solutions have become a key differentiator with clients, taking firm-wide investment tools that support the home office while enabling optimization and alignment across leverage, risk, rebalancing taxes, and securities and fund selection.

MSCI 的財富解決方案已成為與客戶區別的關鍵因素，採用全公司範圍的投資工具來支援總部，同時實現槓桿、風險、稅收再平衡以及證券和基金選擇的優化和協調。

We are well positioned to build on this momentum, leveraging the MSCI wealth manager platform in different business areas.

我們已做好充分準備，利用 MSCI 財富管理平台在不同業務領域的發展勢頭，進一步鞏固這一勢頭。

Wealth represents a key opportunity for MSCI, and we will continue growing our well-focused investments across product, client coverage and research.

財富對 MSCI 來說是一個重要機遇，我們將繼續在產品、客戶覆蓋和研究方面加大重點投資。

As you can see, MSCI remains determined to increase our wallet share with both established and newer client segments throughout the investment ecosystem.

正如您所看到的，MSCI 仍然決心增加我們在整個投資生態系統中的老客戶群和新客戶群中的錢包份額。

All of this has enabled our consistent delivery of attractive top line growth and profitability.

所有這些使我們能夠持續實現有吸引力的營收成長和獲利能力。

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

接下來，讓我把電話轉給安迪。

Andy?

安迪？

Thanks, Baer, and hi, everyone.

謝謝貝爾，大家好。

In the third quarter, we delivered 11% organic revenue growth, 17% adjusted EBITDA growth, and 46% free cash flow growth.

第三季度，我們實現了 11% 的有機收入成長、17% 的調整後 EBITDA 成長和 46% 的自由現金流成長。

Within our index segment, subscription run rate growth with asset managers and asset owners was 7% and 11%, respectively.

在我們的指數部分，資產管理公司和資產所有者的認購運作率成長率分別為 7% 和 11%。

These large established client segments represent nearly 70% of our index subscription run rate.

這些大型成熟客戶群占我們指數訂閱運行率的近 70%。

Index subscription run rate growth with hedge funds and wealth managers was 23% and 13% respectively in the third quarter.

第三季對沖基金和財富管理公司的指數認購運作率成長率分別為 23% 和 13%。

Global cash inflows into equity ETFs linked to MSCI indexes was $18.6 billion in the quarter.

本季流入與 MSCI 指數掛鉤的股票 ETF 的全球現金流為 186 億美元。

We saw robust cash inflows into non-US exposures, particularly in developed markets outside the US.

我們看到大量現金流入非美國風險敞口，特別是在美國以外的已開發市場。

These flows, together with strong market appreciation helped to power another quarter of record balances with ending AUM and equity ETFs linked to MSCI indexes of $1.76 trillion.

這些資金流，加上強勁的市場升值，幫助推動與 MSCI 指數相關的資產管理規模和股票 ETF 的期末餘額再創新一個季度創紀錄，達 1.76 兆美元。

Additionally, AUM and non-ETF passive products linked to MSCI indexes reached $3.65 trillion, also a record balance.

此外，與 MSCI 指數掛鉤的 AUM 和非 ETF 被動產品達到 3.65 兆美元，也創下歷史新高。

The combined record AUM balances of $5.4 trillion across ETFs and non-ETF index products linked to MSCI indexes drove nearly 20% year-over-year growth in ABF revenue and reflect momentum in the long-term trend of indexed investing.

與 MSCI 指數掛鉤的 ETF 和非 ETF 指數產品的 AUM 餘額合計達到創紀錄的 5.4 兆美元，推動 ABF 收入同比增長近 20%，反映了指數投資長期趨勢的勢頭。

In analytics, subscription run rate growth was 8%, reflecting the traction we see across several key growth areas such as our factor models, our insights offering and our fixed income analytics offerings.

在分析方面，訂閱運行率成長率為 8%，反映了我們在幾個關鍵成長領域中看到的吸引力，例如我們的因子模型、我們的見解產品和我們的固定收益分析產品。

Organic revenue growth was slightly below 12% in the quarter, benefiting from another quarter of strong non-recurring revenue and some large implementations coming online faster than anticipated.

本季的有機收入成長略低於 12%，這得益於又一個季度強勁的非經常性收入以及一些大型實施的上線速度快於預期。

We still expect recurring revenue growth rates to more closely align with run rate growth in the upcoming quarters, especially as we begin to compare to prior year period that included large implementation-related revenues.

我們仍然預計未來幾季的經常性收入成長率將與運行率成長更加緊密地一致，特別是當我們開始與包括大量實施相關收入的去年同期進行比較時。

As a reminder, the timing of implementation is lumpy, and revenue growth will fluctuate for several reasons as it has in the past.

需要提醒的是，實施的時間是不穩定的，收入成長將像過去一樣因多種原因而波動。

In our ESG and climate reportable segment, organic run rate growth was 11%, which excludes the impact of FX and about $5.3 million of run rate from Trove.

在我們的 ESG 和氣候報告部門，有機運作率成長率為 11%，其中不包括外匯的影響和 Trove 約 530 萬美元的運作率。

Regionally, the subscription run rate growth for the segment was 22% in Europe, 18% in Asia, and 7% in the Americas.

從地區來看，歐洲該細分市場的訂閱運行率成長率為 22%，亞洲為 18%，美洲為 7%。

Client engagement remains strong, and we continue to see clients looking to grow with us on a number of fronts.

客戶參與度仍然很高，我們繼續看到客戶希望在許多方面與我們一起成長。

We have seen successes from clients looking to consolidate providers, solidifying our position as a leader.

我們看到客戶在尋求整合供應商方面取得了成功，從而鞏固了我們作為領導者的地位。

We remain competitively differentiated and we continue to believe our ESG and climate solutions are a mission-critical part of the investment process, representing a massive opportunity across ESG integration, regulatory compliance and climate.

我們保持競爭優勢，我們仍然相信我們的 ESG 和氣候解決方案是投資過程中的關鍵任務部分，代表著 ESG 整合、監管合規和氣候方面的巨大機會。

We also recognize that the recovery of this product line to higher growth rates may take some time, and therefore, we continue to evaluate the through-the-cycle growth trajectory of this product and what the ultimate long-term growth target should be.

我們也認識到，該產品線恢復到較高成長率可能需要一段時間，因此，我們將繼續評估該產品的整個週期成長軌跡以及最終的長期成長目標應該是什麼。

In private capital solutions, run rate growth was 17% over the same period last year, with new recurring subscription sales of over $6 million.

在私人資本解決方案方面，營運率比去年同期成長了 17%，新的經常性訂閱銷售額超過 600 萬美元。

Since the end of 2023, over one-fourth of our incremental private capital solutions run rate growth has originated from new client relationships.

自 2023 年底以來，我們超過四分之一的增量私人資本解決方案運作率成長源自新的客戶關係。

The private capital solutions retention rate was almost 94%, and we recorded almost $27 million of revenue for the quarter.

私人資本解決方案保留率接近 94%，本季我們錄得近 2,700 萬美元的收入。

In real assets, run rate growth was roughly 5% in the third quarter with a retention rate slightly above 92%, improving both sequentially and versus the same period last year.

在實體資產方面，第三季運行率成長約 5%，保留率略高於 92%，較上季和去年同期均有所改善。

During the quarter, we closed a few large ticket deals in the Americas.

本季度，我們在美洲完成了幾筆大型門票交易。

One of these large deals was for our transaction data offering and was enabled by our open integration, which allows clients to access our large content sets on platforms like Snowflake.

其中一項大型交易是我們的交易資料服務，是透過我們的開放整合實現的，它允許客戶在 Snowflake 等平台上存取我們的大型內容集。

We see very early signs of improving market activity, although the commercial real estate industry continues to see significant pressure.

儘管商業房地產行業繼續面臨巨大壓力，但我們看到市場活動改善的早期跡象。

Across the company, we saw the resilience of our financial model and our ability to generate strong free cash flows.

在整個公司，我們看到了我們財務模式的彈性以及產生強勁自由現金流的能力。

In the third quarter, we repurchased over $199 million of MSCI shares at an average price of roughly $522.

第三季度，我們以大約 522 美元的平均價格回購了超過 1.99 億美元的 MSCI 股票。

This brings our year-to-date repurchases to $440 million or 879,000 shares at an average price of about $501.

這使得我們今年迄今的回購額達到 4.4 億美元，即 879,000 股股票，平均價格約為 501 美元。

Our cash balance at quarter end was over $500 million, and we continue to be focused on opportunistically repurchasing our shares.

季度末我們的現金餘額超過 5 億美元，我們繼續專注於機會性回購我們的股票。

I would highlight that we paid down $125 million of our revolver subsequent to quarter end.

我要強調的是，我們在季度末支付了 1.25 億美元的左輪手槍。

Moving forward, we may pay down and draw the revolver and modest amounts from time to time to support our capital uses and optimize interest expense.

展望未來，我們可能會不時償還並提取左輪手槍和少量金額，以支持我們的資本使用並優化利息支出。

Turning to our 2024 guidance.

轉向我們的 2024 年指導。

Consistent with our previous comments, if markets remain at current levels or higher, we expect to be towards the higher end of our expense guidance range for full year 2024.

與我們先前的評論一致，如果市場保持在當前水平或更高水平，我們預計 2024 年全年費用指導範圍將達到上限。

We've increased our CapEx guidance range by $10 million, reflecting our plan to purchase a larger amount of hardware for a data center in the fourth quarter.

我們將資本支出指導範圍提高了 1000 萬美元，反映出我們計劃在第四季度為資料中心購買更多硬體。

We are enhancing our data center environment to more effectively and efficiently support the growth of several of our new solutions in a hybrid cloud and data center approach to infrastructure.

我們正在增強我們的資料中心環境，以更有效和高效地支援我們在混合雲和資料中心基礎設施方法中的多個新解決方案的發展。

We have increased our free cash flow guidance range by $80 million, which reflects some strengthening of cash collections and some tax timing benefits.

我們將自由現金流指導範圍提高了 8000 萬美元，這反映了現金收繳的一些加強和一些稅收時機的好處。

This year, we are seeing a $40 million discrete tax timing benefit and a roughly $30 million deferral on certain cash tax payments.

今年，我們看到了 4,000 萬美元的離散納稅時間優惠，以及約 3,000 萬美元的某些現金稅款延期支付。

It's worth noting that the $30 million cash tax deferral will be paid in early 2025.

值得注意的是，3,000萬美元的現金稅遞延將於2025年初支付。

The lower interest expense guidance primarily reflects the previously mentioned revolver paydown.

較低的利息支出指引主要反映了前面提到的左輪手槍還款。

We also narrowed the forecasted range for the effective tax rate to 18% to 19.5%, based on refined estimates of discrete items, we expect to be finalized in Q4.

我們還根據對離散項目的精細估計，將有效稅率的預測範圍縮小至 18% 至 19.5%，預計將在第四季度最終確定。

In summary, we remain encouraged by the dialogue with clients, and we see very attractive long-term opportunities.

總之，我們仍然對與客戶的對話感到鼓舞，並且我們看到了非常有吸引力的長期機會。

While we are beginning to see some gradual signs of improvement in the sales pipeline, we still expect some degree of elevated cancel activity and longer sales cycles to continue in the near term.

雖然我們開始看到銷售管道逐漸改善的跡象，但我們仍然預期短期內將繼續出現一定程度的取消活動和更長的銷售週期。

We look forward to keeping you posted on our progress.

我們期待向您通報我們的進展。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) Manav Patnaik, Barclays.

（操作員指令）Manav Patnaik，巴克萊銀行。

Henry, I just wanted to ask about the recent management changes you made in both ESG and private credit.

Henry，我只是想問您最近在 ESG 和私人信貸方面所做的管理變更。

Those are obviously two areas that you've talked a lot about having a lot of long-term massive opportunities.

顯然，這兩個領域是您經常談論的擁有大量長期機會的領域。

So just trying to understand if that's signaling any change of strategy or any nuances that you might want to point out to us?

所以只是想了解這是否預示著戰略的任何變化或您可能想向我們指出的任何細微差別？

Thank you for that question, Manav.

謝謝你提出這個問題，馬納夫。

The -- this is just a continuation of strengthening and deepening our senior management team especially in areas that we see incredible run -- runway into the future.

這只是加強和深化我們的高階管理團隊的持續，特別是在我們認為未來將取得令人難以置信的發展的領域。

As we have said before, the global investment process and the global investment community is increasingly focused on the investment in private assets.

正如我們之前所說，全球投資進程和全球投資界越來越關注私人資產的投資。

Obviously, private credit is in a revolution right now and will transform finance in many parts of the world.

顯然，私人信貸目前正在經歷一場革命，並將改變世界許多地區的金融業。

We see continued strength in private equities.

我們看到私募股權持續走強。

And private infrastructure is obviously developing into a major asset class.

私人基礎設施顯然正在發展成為一個主要的資產類別。

And even though private real estate is a little part -- or private real estate are in some difficulties overall, the world will need a lot more physical assets in that space.

儘管私人房地產只是一小部分，或者私人房地產總體上遇到了一些困難，但世界在該領域將需要更多的實體資產。

So with that, we were fortunate to attract Luke to come to us from Goldman's assets management to help us lead this effort.

因此，我們很幸運地吸引了盧克從高盛資產管理部門來到我們這裡，幫助我們領導這項工作。

We have traditionally been very strong in LPs and are looking to develop new products to be very strong also with GP.

傳統上，我們在有限合夥人方面一直非常強大，並且正在尋求開發新產品，以便與普通合夥人一起也非常強大。

ESG and climate, you can obviously divide it into two.

ESG和氣候，你顯然可以把它分成兩個部分。

ESG is still going through its own issues around the world, although we've stabilized and think they will do well.

儘管我們已經穩定下來並認為 ESG 會做得很好，但 ESG 在世界各地仍然面臨著自己的問題。

And on a long-term basis, ESG investing is here to stay.

從長遠來看，ESG 投資將繼續存在。

And we're really focused on developing the climate part, which given the distractions in the global economy and global politics in the last couple of years, we have seen an incredible increase in physical risks.

我們確實專注於發展氣候部分，考慮到過去幾年全球經濟和全球政治的干擾，我們看到物理風險令人難以置信地增加。

The hurricanes in Florida, the floods in Europe, the droughts in Brazil, the fireplaces in Brazil.

佛羅裡達州的颶風、歐洲的洪水、巴西的乾旱、巴西的火災。

So there's no doubt that the world is changing as it relates to climate and the capital industries of the world, investment, finance, insurance will require massive amounts of data, especially carbon emission estimates, a lot of models, valuation models, risk models and the like.

所以毫無疑問，世界正在發生變化，因為它涉及氣候和世界的資本產業、投資、金融、保險將需要大量的數據，特別是碳排放估算，大量的模型、估值模型、風險模型和之類的。

And we're very fortunate to have Richard joining us effective today, actually to do that, and he comes from being Founder and CEO of Trucost, a major company in climate, and we're very fortunate that he can help us lead that effort and develop new capabilities and new tools and new client segments.

我們非常幸運，理查德今天加入我們，實際上是為了做到這一點，他來自Trucost 的創始人兼首席執行官，這是一家氣候領域的大公司，我們非常幸運，他可以幫助我們領導這項工作開發新功能、新工具和新客戶群。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Now that we're getting closer to the end of the year, I was hoping you could share any early read on the budget environment at your clients and maybe in particular, how you're thinking about pricing in 2025?

現在我們已經接近年底了，我希望您能與您的客戶分享有關預算環境的任何早期解讀，尤其是您如何考慮 2025 年的定價？

Sure.

當然。

Toni, it's Andy here.

東尼，我是安迪。

I would say across MSCI and across our client base, speaking generally, we are beginning to see some gradual signs of improvement in dialogues which we hope will translate through to some building of sales pipeline over time.

我想說的是，總的來說，在 MSCI 和我們的客戶群中，我們開始看到一些對話逐漸改善的跡象，我們希望隨著時間的推移，這些跡象將轉化為銷售管道的建設。

I would highlight that we do expect elevated cancel activity and longer sales cycles to continue in the near term here.

我要強調的是，我們確實預期短期內取消活動將繼續增加，銷售週期將持續延長。

As you know, asset managers are our largest client segment by run rate.

如您所知，按運行率計算，資產管理公司是我們最大的客戶群。

And while redemptions and outflows, as Baer mentioned, are stabilizing asset managers are still managing with tighter budgets.

正如貝爾所提到的，儘管贖回和資金流出正在穩定資產管理公司仍在以緊縮的預算進行管理。

So we do see that pressure in our dialogue day to day.

因此，我們確實在日常對話中看到了這種壓力。

Although given the run in AUMs, we are seeing more constructive dialogues and thinking around clients, which we hope translates through to improved budgets.

儘管考慮到資產管理規模的成長，我們看到更多圍繞客戶的建設性對話和思考，我們希望這能轉化為預算的改善。

On the pricing front, listen, the message is consistent with what we've said in recent quarters here, where we have been moderating our price increases and the contribution from price to overall recurring sales is down slightly from a year ago.

在定價方面，聽著，這一訊息與我們最近幾季所說的一致，我們一直在放緩價格上漲，價格對整體經常性銷售的貢獻比一年前略有下降。

I would say we are very focused on not only the overall pricing environment and client health, but the value that we're delivering.

我想說，我們不僅非常關注整體定價環境和客戶健康狀況，而且還非常關注我們所提供的價值。

And we -- even where we can increase price more, and there probably are those opportunities, we are really taking a long-term view and a long-term approach here, and we want to be constructive partners to our clients.

即使我們可以進一步提高價格，並且可能存在這些機會，我們確實採取了長遠的眼光和長期的方法，我們希望成為客戶的建設性合作夥伴。

I think there are places where some of our competitors are being more aggressive on price, and I think this positions us well to build our relationship for the long term here.

我認為在某些地方，我們的一些競爭對手在價格上更加激進，我認為這使我們能夠很好地在這裡建立長期關係。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Just wanted to stay on the same topic and sorry if I'm being too nitpicky about the super short term here.

只是想停留在同一個主題上，如果我對這裡的超短期過於挑剔，我很抱歉。

But I think, Andy, previously, you had suggested that things should get better in the 4Q, in particular on retention.

但我認為，安迪，您之前曾建議第四季度情況應該會好轉，特別是在保留方面。

So if I'm hearing you correctly, it sounds like things are still pretty soft.

所以如果我沒聽錯的話，聽起來事情還是很溫和。

So maybe you can be a little bit more specific, how you think cancellations should be on a year-over-year basis in the 4Q, which is obviously the most important quarter?

因此，也許您可以更具體一點，您認為第四季度（這顯然是最重要的季度）的同比取消情況應該如何？

And then maybe same comment on the sales.

然後也許對銷售也有同樣的評論。

And if you want to be specific on the segments, given that you should have some line of sight by now, that would be helpful.

如果您想具體了解細分市場，考慮到您現在應該有一些視線，這會很有幫助。

Yes, sure, Alex.

是的，當然，亞歷克斯。

And I don't want to be too specific.

我不想說得太具體。

Obviously, things can move quarter to quarter here.

顯然，事情可能會逐季度發生變化。

And as you've seen, we can have some lumpiness quarter to quarter.

正如您所看到的，我們每個季度都會出現一些波動。

But on the cancel side, we are expecting Q4 cancels to continue to be elevated relative to the fourth quarter of last year.

但在取消方面，我們預計第四季的取消數量將繼續高於去年第四季。

And as you alluded to, Q4 typically tends to be a period of higher cancels for us seasonally.

正如您所提到的，第四季度通常是我們季節性取消訂單較多的時期。

I'd say we are continuing to work through the impacts of the elevated level of client events that we've seen over the last year and the impacts of many of the pressures that we've discussed on industry participants.

我想說，我們正在繼續努力解決去年客戶活動數量增加的影響，以及我們討論過的許多壓力對行業參與者的影響。

I would say consistent with our past comments, we do expect retention rates to be closer to the levels in the fourth quarter of last year relative to the size of the drop we saw in retention rates in Q3 compared to a year ago.

我想說的是，與我們過去的評論一致，我們確實預計，相對於我們在第三季度看到的保留率與一年前相比的下降幅度，保留率將更接近去年第四季度的水平。

On the sales side, as I alluded to, we continue to see tighter budgets.

在銷售方面，正如我所提到的，我們繼續看到預算更加緊張。

It really does vary across client segments.

不同的客戶群確實存在差異。

We are seeing earlier signs of constructive dialogue, I think, as I alluded to in the prior question, with the run in AUMs, many of our clients are seeing their revenue improve, and so we have seen some encouraging signs.

我認為，正如我在上一個問題中提到的那樣，我們看到了建設性對話的早期跡象，隨著資產管理規模的增長，我們的許多客戶都看到他們的收入有所改善，因此我們看到了一些令人鼓舞的跡象。

But these things take time to work through the system and work into resetting of budget with our clients.

但這些事情需要時間來完成系統工作並與我們的客戶一起重新調整預算。

And so we are cautious here, but hopefully see some early momentum.

因此，我們對此持謹慎態度，但希望看到一些早期動能。

Alexander Hess, JPMorgan.

亞歷山大‧赫斯，摩根大通。

Yes.

是的。

Hi, gentlemen.

嗨，先生們。

So we've had quite a few quarters now with discussion around sort of the sales cycle in the asset manager channel specifically.

因此，我們已經有好幾季專門討論了資產管理通路中的銷售週期。

But how do you guys, one, look internally and make sure that it's not, say, a product gap within MSCI or an execution gap within MSCI?

但是，你們如何看待內部並確保這不是 MSCI 內部的產品差距或 MSCI 內部的執行差距？

And then two, as we as analysts look externally, what would you say are the biggest metrics or external MSCI factors that the community can track and assess when that pivot might happen on client budgets?

第二個問題，當我們作為分析師從外部觀察時，您認為社群可以追蹤和評估客戶預算何時發生這種轉變的最大指標或外部 MSCI 因素是什麼？

Yeah.

是的。

Thanks for the question, Alex.

謝謝你的提問，亞歷克斯。

Baer here.

貝爾在這裡。

So look, clearly, when we are making that sort of assessment, as you alluded to, the competitive situation is a critical one.

因此，請清楚地看到，當我們進行此類評估時，正如您所提到的，競爭情況至關重要。

And we don't have enough time here to go product by product or sub product.

我們沒有足夠的時間來逐個產品或子產品。

But certainly, where we tend to view it as a more of a industry thing.

但當然，我們傾向於將其視為更多的行業問題。

It's either where we may not be doing that great ourselves, but the competition is doing significantly worse, and there are some cases of that.

要嘛是我們自己做得不夠好，但競爭對手的表現明顯更差，而且有一些這樣的情況。

You may have seen that in some of the announcements of earnings that have come out from some of our competitors.

您可能已經在我們的一些競爭對手發布的一些收益公告中看到了這一點。

So that's an important indicator.

所以這是一個重要的指標。

We're also clearly looking at the amount of cancels that may arise from client events as opposed to -- so it may be a consolidation of the kind that we've seen during the course of this year.

我們也清楚地關注了客戶活動可能導致的取消數量，因此這可能是我們今年看到的那種整合。

So that's an important distinction of -- in the category of, are we doing something right or wrong, et cetera.

因此，這是一個重要的區別——在我們做對或錯的事情等類別中。

And I think generally, we have a pretty good track record of a high level of transparency on this call in terms of both indications relating to the product pipeline, the competition.

我認為總的來說，我們在這次電話會議上在與產品管道和競爭相關的兩個方面都有很高的透明度記錄。

And in terms of the external numbers, we give a pretty high level of granularity in terms of both at the SEC segment level, but even below that in some of the combined categories that we have created for -- to analyze the market.

就外部資料而言，我們在 SEC 細分層面提供了相當高的粒度，但甚至低於我們為分析市場而創建的一些組合類別。

So I think that when we look at the sum of all of those things, I think it does help us to differentiate precisely what might be a more challenging competitive situation from one, which is more driven by the economics of the industry and what's happening more broadly within a given client segment.

因此，我認為，當我們審視所有這些因素的總和時，我認為它確實有助於我們準確地區分更具挑戰性的競爭形勢和更多由行業經濟和正在發生的事情驅動的競爭形勢。地在給定的客戶群內。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

I just wanted to drill down further on ESG and climate.

我只是想進一步深入了解 ESG 和氣候。

There was a reference to a cyclical but prolonged subdued demand there, but strong secular trends.

有人提到那裡的需求週期性但長期低迷，但長期趨勢強勁。

Where do we start to see some of those cyclical headwinds moderate?

我們從哪裡開始看到一些週期性逆風減弱？

What are the things that we should continue to track?

哪些事情值得我們繼續追蹤？

And with this leadership change and a greater focus on climate, does that also help with the sales momentum and ability to button down climate with ESG?

隨著領導層的變動和對氣候的更加關注，這是否也有助於提高銷售動力和透過 ESG 控制氣候的能力？

So any color on that front.

所以前面的任何顏色。

So look, I think it's important to differentiate the secular and the cyclical here.

所以看，我認為區分長期和週期性很重要。

On a secular basis, if you analyze the world, the economic and social world we live in today, it's extremely hard to believe that societies around the world are not going to be focused on social issues, environmental issues and governance issues of the entities that are accountable to society.

從世俗的角度來看，如果你分析我們今天所處的世界、經濟和社會世界，很難相信世界各地的社會不會關注社會問題、環境問題和實體的治理問題。

It's just extremely hard to believe that in a highly interconnected, highly interrelated world that -- and we're seeing a lot of that in terms of tensions -- social tensions between the core population and the immigrant population of countries.

很難相信，在一個高度相互關聯、高度相關的世界中，我們看到了許多緊張局勢——國家核心人口和移民人口之間的社會緊張關係。

We see tensions in the governance of companies and a week doesn't go by without some issues in a company or a not for profit or a university.

我們看到公司治理中存在緊張局勢，公司、非營利組織或大學每週都會出現一些問題。

And of course, it's very hard to believe that the climate change is not going to affect the strategies and the winning or losing of companies and societies and countries around the world.

當然，很難相信氣候變遷不會影響世界各地公司、社會和國家的策略和輸贏。

So right now, the world is extremely short-term focused on monetary policy and inflation and the war in Europe and potential war in the Middle East, and it's taking his eyes off many of these issues.

因此，目前世界的注意力都極度短期地集中在貨幣政策、通貨膨脹、歐洲戰爭和中東潛在的戰爭上，這讓他的注意力從許多此類問題上轉移開來。

We believe, very strongly at MSCI, that focus will come back.

我們摩根士丹利資本國際 (MSCI) 堅信，這種焦點將會回歸。

We'll come back if you look at all the underlying trends that I was mentioning.

如果你看看我提到的所有潛在趨勢，我們就會回來。

We are in a cyclical drought, in a cyclical downturn here given the reset of regulation in Europe, given some of the political events in the US.

鑑於歐洲監管的重置以及美國的一些政治事件，我們正處於週期性乾旱和週期性衰退之中。

But we are a company that focuses on the long term and invest for the long term.

但我們是一家著眼長遠、進行長期投資的公司。

And I think that climate is gradually going to recover, probably sooner rather than later.

我認為氣候正在逐漸恢復，可能宜早不宜遲。

We've given all the physical events that have taken place in the world.

我們已經給出了世界上發生的所有物理事件。

And ESG will may take a little more time, but it will recover and it will return to higher growth rates.

ESG可能需要更多時間，但它會恢復並恢復到更高的成長率。

So therefore, we are not abandoning that philosophy because we are -- MSCI is totally predicated on long-term trends that are going on in the global investment industry.

因此，我們不會放棄這個理念，因為 MSCI 完全基於全球投資產業正在發生的長期趨勢。

So all the people may disagree with our assessment, but we have been pretty good and having a good track record of pointing out to long-term trends.

因此，所有人可能不同意我們的評估，但我們一直相當不錯，並且在指出長期趨勢方面擁有良好的記錄。

and how these trends will come back.

以及這些趨勢將如何回歸。

And we don't manage the company on a quarter-to-quarter basis or a year-to-year basis.

我們不會按季度或按年來管理公司。

We are a long-term compounder of earnings growth and revenue growth, and we believe that these two areas of ESG and climate will provide a meaningful uplift in our revenues over time.

我們是獲利成長和收入成長的長期複合者，我們相信，隨著時間的推移，ESG 和氣候這兩個領域將為我們的收入帶來有意義的提升。

That is -- it's all predicated on an analysis of global economics, global social issues, global environmental issues and all of that.

也就是說，這一切都是基於對全球經濟、全球社會議題、全球環境議題等的分析。

And I think that as the world begins to receive from the focus on inflation and monetary policy and soft landing or hard landing or the war in Europe, the focus will come back to a lot of the social issues in our multicultural societies, and what companies are doing to attract the best talent in an environment like that and what companies are doing to navigate the low carbon transition.

我認為，隨著世界開始關注通貨膨脹和貨幣政策以及軟著陸或硬著陸或歐洲戰爭，焦點將回到我們多元文化社會中的許多社會問題，以及哪些公司在這樣的環境中正在採取哪些措施吸引最優秀的人才，以及公司正在採取哪些措施來引導低碳轉型。

So all of that, it will come back.

所以這一切，它都會回來。

And we're beginning to see some of that already in climate.

我們已經開始在氣候中看到其中的一些變化。

Maybe it takes a little longer in ESG, but we're going to see that happening.

也許 ESG 需要更長的時間，但我們會看到這種情況發生。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

I wanted to ask on the fixed income and multi-asset side of the business.

我想詢問有關業務的固定收益和多資產方面的問題。

I mean, I think when you look at the emerging growth opportunities, it was one of the stronger growers on an organic basis.

我的意思是，我認為當你看到新興的成長機會時，它是有機基礎上實力最強的種植者之一。

So really just wondering if you can kind of share with us maybe where we are, in your journey, on the fixed income, multi-asset class analytics side and how much more room there is for that side of the business to continue to sort of grow at these elevated rates?

因此，我真的想知道您是否可以與我們分享一下，在您的旅程中，我們在固定收益、多資產類別分析方面處於什麼位置，以及該業務方面還有多少空間可以繼續發展以如此高的速度成長？

Sure.

當然。

So thanks for the question.

謝謝你的提問。

As you heard in the prepared remarks, I think it was Andy mentioned that fixed income has been an important -- very important component, or sort of strength and credibility generally across analytics.

正如您在準備好的演講中聽到的那樣，我認為安迪提到固定收益一直是一個重要的、非常重要的組成部分，或者說是整個分析領域的實力和可信度。

So there are quite a number of sales where, in very simple terms, I don't think we would have had the same success, let's say, three, five years ago with the capabilities that we had there.

因此，有相當多的銷售，簡單來說，我認為我們不會取得同樣的成功，比如說，三五年前，憑藉我們在那裡擁有的能力。

So it's both an important component of the multi-asset class sales, and we're looking for increasing ways of delivering those fixed income capabilities directly on a standalone basis to the front office and seeing some success with that.

因此，它是多資產類別銷售的重要組成部分，我們正在尋找更多的方式直接向前台獨立提供這些固定收益功能，並看到了一些成功。

So as we go forward into next year, if we can continue to enhance important areas like fixed income performance attribution, which are critical to both sales and retention in analytics, which I think we have very much the intention and capability of doing, then we will believe that this will continue to be a really solid part of our growth story.

因此，當我們進入明年時，如果我們能夠繼續加強固定收益績效歸因等重要領域，這對分析中的銷售和保留至關重要，我認為我們非常有意願和能力這樣做，那麼我們我們相信這將繼續成為我們成長故事中真正堅實的一部分。

It's not a fast, in quotes, sexy thing that moves quickly, but I think we're developing a reputation we're delivering high quality, clearly, mostly fixed income analytics, but also increasingly in fixed income index.

這不是一個快速、引人注目、發展迅速的性感事物，但我認為我們正在建立一種聲譽，我們提供高品質、清晰、主要是固定收益分析，但也越來越多地提供固定收益指數。

So I think in both of those areas, we can expect the trend to continue for sure.

因此，我認為在這兩個領域，我們可以預期這種趨勢肯定會持續下去。

Kelsey Zhu, Autonomous Research.

朱凱爾西，自主研究。

So on private assets, I think with the new leadership in place, I just kind of want to circle back to your medium-term strategy to expand in that markets.

因此，在私人資產方面，我認為隨著新領導層的到位，我只是想回到你們在該市場擴張的中期策略。

So previously, I think during the Burgiss acquisition call, you talked about three buckets of private asset benchmarking data providers.

所以之前，我認為在 Burgiss 收購電話會議中，您談到了三類私人資產基準數據提供者。

And MSCI has plans to expand into front-end of compiling transaction benchmarking data.

MSCI 計劃擴展到編制交易基準數據的前端。

So just kind of curious to hear your latest thoughts on that topic as well as the kind of investment that you plan to develop to that area and the time line of this expansion.

因此，我很想聽聽您對該主題的最新想法，以及您計劃在該領域進行的投資類型以及此次擴張的時間表。

Great question.

很好的問題。

Thank you.

謝謝。

So look, first of all, what I'm most excited about is, we intend to continue to collect much deeper and broader data in private markets, which will enrich our analytical capabilities quite extensively.

首先，我最興奮的是，我們打算繼續在私募市場收集更深入、更廣泛的數據，這將大大豐富我們的分析能力。

And the things that we're doing there, also with AI, to scale up the breadth and depth that the data we collect is very exciting.

我們在那裡所做的事情，以及人工智慧，擴大了我們收集的數據的廣度和深度，這是非常令人興奮的。

I had some really exciting demos even in the last week.

即使在上週，我也進行了一些非常令人興奮的演示。

And I think in the coming year, we will see significant expansion of that.

我認為在來年，我們將看到這一點的顯著擴張。

That means both we can continue to serve the LP client base where I think we have significant demand.

這意味著我們可以繼續為有限合夥人客戶群提供服務，我認為我們有很大的需求。

We're growing in the high teens now, but we would hope to do better there.

我們現在正處於十幾歲的成長階段，但我們希望在那裡做得更好。

I'm not changing the guidance, but we've got a lot of opportunities.

我不會改變指導方針，但我們有很多機會。

But equally, by taking all of that new data that we're bringing in, we can do more in specific sub-asset class analytics for example, in private credit or other categories of private equity, et cetera.

但同樣，透過利用我們引入的所有新數據，我們可以在特定的子資產類別分析中做更多的事情，例如，在私人信貸或其他類別的私募股權等方面。

And then in turn, we believe that this could help us create a bridge between the LPs and the GP and serve greater GP use cases.

反過來，我們相信這可以幫助我們在 LP 和 GP 之間架起一座橋樑，並服務於更大的 GP 用例。

You also alluded to benchmarking and indexes in private markets.

您也提到了私募市場的基準測試和指數。

So it's relatively early days since we have taken over those benchmarks, and we're redoing them.

因此，我們接管這些基準測試還為時過早，我們正在重做它們。

I think with our expertise there, there are quite a number of enhancements related to specific use cases that we're in the process of improving.

我認為憑藉我們的專業知識，我們正在改進與特定用例相關的大量增強功能。

So I think that, again, in the coming year, our role in benchmarking and measurement in private markets will extend beyond real estate into the other asset classes.

因此，我認為，在未來一年，我們在私募市場基準測試和衡量方面的作用將超越房地產，並擴展到其他資產類別。

So I think overall, I'm very excited about the opportunity we have there and bringing Luke on board, I think, will also help to drive that strategy even further.

所以我認為總的來說，我對我們在那裡擁有的機會感到非常興奮，並且讓盧克加入，我認為，這也將有助於進一步推動這項策略。

George Tong, Goldman Sachs.

喬治唐，高盛。

I wanted to revisit net new recurring subscription trends.

我想重新審視新的經常性訂閱淨趨勢。

So net new recurring subscription sales flipped from positive growth in 2Q to a decline in 3Q.

因此，新的經常性訂閱淨銷售額從第二季的正成長轉變為第三季的下降。

You talked about tighter client budget cancel rates in the quarter, which was also the case in 2Q.

您談到本季客戶預算取消率收緊，第二季也是如此。

Can you talk a bit more about what happened in this quarter to drive this flip?

您能多談談本季發生的事情推動了這一轉變嗎？

And what external conditions you would need to see for trends to improve?

為了改善趨勢，您需要看到哪些外部條件？

Sure.

當然。

George, Andy.

喬治、安迪。

So I would highlight that the sales remain pretty strong.

因此，我要強調的是，銷售仍然相當強勁。

We saw particularly in areas like index and analytics, our two large franchises, pretty good sales.

我們尤其看到索引和分析（我們的兩大特許經營權）等領域的銷售情況相當不錯。

We've just seen an uptick in cancels in the third quarter compared to a year ago.

與一年前相比，我們剛剛看到第三季的取消數量增加。

Cancels, as you know, can be lumpy quarter to quarter, and we've seen that this year.

如您所知，取消訂單可能每個季度都會出現波動，今年我們已經看到了這一點。

We do expect some of that lumpiness to continue in the near term.

我們確實預期這種波動在短期內會持續下去。

But overall, as I alluded to, we are seeing early signs of improvement in the space.

但總的來說，正如我所提到的，我們看到了該領域改善的早期跡象。

Some of the cancels that we've been seeing are a reflection of the client events that we've seen over the last year, so we're still working through those.

我們看到的一些取消反映了我們去年看到的客戶活動，因此我們仍在解決這些問題。

And so the combination of improvements in client dialogue translating through to enhanced sales pipeline with us continuing to just work through these lingering cancels, we believe should translate through to a more encouraging recurring net new for us moving forward here.

因此，客戶對話的改進轉化為銷售管道的增強，加上我們繼續解決這些揮之不去的取消問題，我們相信應該轉化為我們在這裡前進的更令人鼓舞的經常性淨新產品。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to ask about competitive displacement.

我想問一下競爭性置換的問題。

I think that Baer in your commentary, I think you were referring specifically to the analytics business, and you mentioned several deals where you displaced the competitor.

我認為貝爾在您的評論中特別提到了分析業務，並且您提到了幾項取代競爭對手的交易。

Curious if you can give us more color around the sustainability of that?

好奇您能否為我們提供更多有關其可持續性的資訊嗎？

And are there any -- is there a specific product that's leading to these displacements?

是否有某種特定產品會導致這些替代品？

Just any additional color there would be helpful.

只要有任何額外的顏色就會有幫助。

Sure.

當然。

So look, I think that if you look at ESG and climate, I think there's a lot of data showing that we're displacing competitors.

所以，我認為如果你看看 ESG 和氣候，我認為有很多數據表明我們正在取代競爭對手。

Notwithstanding some of the headwinds.

儘管存在一些阻力。

And we had, for example, still 22% run rate growth in EMEA.

例如，我們在歐洲、中東和非洲地區的運作率仍有 22% 的成長。

So I think that's -- there's plenty of evidence there.

所以我認為——有很多證據。

I think that our position in index is very strong in analytics.

我認為我們在指數中的地位在分析方面非常強大。

And we -- as you know, we have a long-standing policy that we don't go into any competitors by name here.

如您所知，我們有一項長期政策，即我們不會在這裡指名道姓地提及任何競爭對手。

But these are often quite formal situations where there may be an RFP or there is a significant decision by the client.

但這些通常是非常正式的情況，可能會有 RFP 或客戶做出重大決定。

So we're -- it's pretty clear what the competitive framework is.

所以我們很清楚競爭框架是什麼。

And generally, a bit less so in private markets where again, depending on what part of the woods you're in, the -- that the competitive situation is more fluid.

一般來說，在私人市場上情況要稍微少一些，同樣，這取決於你所處的森林的哪個部分，競爭情況更加不穩定。

So I would say that, overall, we are confident that we are executing well in a competitive framework.

所以我想說，總的來說，我們有信心在競爭框架中表現良好。

Now clearly, there's always new functionality.

現在很明顯，總是有新功能。

There's always new capabilities being cut brought it to market by both ourselves and our competitors.

我們和我們的競爭對手總是會削減新的功能並將其推向市場。

But allowing for the information available to us, I think we feel solid about what we're doing vis-a-vis the competition.

但考慮到我們所掌握的信息，我認為我們對自己在競爭對手中所做的事情感到放心。

David Motemaden, Evercore.

大衛莫特馬登，Evercore。

Andy and Barry, you guys both spoke about seeing early signs of constructive dialogues with clients, just given their run in AUM, which is helping the revenue, at your clients improve and also some stabilization in flows.

安迪和巴里，你們都談到看到與客戶進行建設性對話的早期跡象，考慮到他們的資產管理規模（AUM），這有助於提高客戶的收入，並在一定程度上穩定流量。

I'm just wondering, from your perspective, what else do you think you need to see before we reach an inflection point on the new sales?

我只是想知道，從您的角度來看，您認為在我們達到新銷售的轉折點之前您還需要看到什麼？

And is there anything that makes you think the historic relationship between AUM and client activity will not hold in the future?

有沒有任何因素讓您認為資產管理規模與客戶活動之間的歷史關係在未來將不再成立？

Yes.

是的。

And it's important to underscore that we do see sharing dynamics across the business.

需要強調的是，我們確實看到了整個企業的共享動態。

We are diversified franchise that has many different aspects to growth here.

我們是一家多元化的特許經營企業，有許多不同的方面可以在這裡發展。

And so it's more complex than we are making it.

所以它比我們製作的更複雜。

But listen, there -- we know our largest client segment is active asset managers.

但是聽著，我們知道我們最大的客戶群是主動資產管理公司。

We know they've worked through a couple of tough years here where they've seen very strong outflows.

我們知道他們在這裡度過了艱難的幾年，他們看到了非常強勁的資金外流。

We have seen those outflows stabilize as you alluded to.

正如您所提到的，我們已經看到這些資金外流趨於穩定。

And we've seen the AUM increase year over year.

我們看到資產管理規模逐年增加。

These organizations that are looking to grow and they want to grow with us and the tools that we provide them are tools that can help them grow.

這些尋求成長並希望與我們一起成長的組織，我們為他們提供的工具可以幫助他們成長。

And so that is encouraging for us.

這對我們來說是令人鼓舞的。

And as you alluded to and as we've mentioned here, those are things that should translate through to additional demand.

正如您所提到的以及我們在這裡提到的，這些應該轉化為額外的需求。

The clients aren't yet, I'd say, an expansionary mode, but they are in early days of constructive mode.

我想說，客戶還不是擴張性模式，但他們正處於建設性模式的早期階段。

And hopefully, that translates through to the more constructive budget setting for 2025

希望這能轉化為更具建設性的 2025 年預算設定

For us, I do also want to highlight that we see strong momentum in other client segments.

對我們來說，我還想強調我們在其他客戶群中看到了強勁的勢頭。

So we're seeing outsized growth in many of those big markets where we are of smaller size today.

因此，我們看到許多目前規模較小的大型市場出現了大幅成長。

So we're seeing strong momentum in wealth.

因此，我們看到了財富的強勁勢頭。

We see big opportunities there.

我們在那裡看到了巨大的機會。

We've seen strong momentum in areas like insurance companies, asset owners as they increasingly internalize and become as much managers themselves.

我們看到保險公司、資產所有者等領域的強勁勢頭，因為他們日益內部化並成為管理者。

We are seeing big opportunities to grow with them, and that comes through both on the subscription side as well as on the ABF side.

我們看到了與他們一起成長的巨大機會，這不僅體現在訂閱方面，也體現在 ABF 方面。

And so we have a number of avenues of growth across the franchise that should continue to drive elevated growth on top of what we hope is some rebound on the active asset managers here over the coming quarters.

因此，我們在整個特許經營中擁有多種成長途徑，除了我們希望未來幾季活躍資產管理公司出現反彈之外，這些成長途徑應該會繼續推動成長。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Yes, it's Owen Lau from Oppenheimer.

是的，我是來自奧本海默的 Owen Lau。

So on Analytics, I want to better understand the message here.

因此，在 Analytics 上，我想更好地理解這裡的資訊。

Many of the peers talked about tight budget and vendor consolidation.

許多同行都談到了預算緊張和供應商整合。

And I think you also talked about it.

我想你也談過這個問題。

But both of your recurrent subscriptions and nonrecurring revenue were pretty strong in the third quarter.

但第三季的經常性訂閱和非經常性收入都相當強勁。

So was it driven by implementation revenue or episodic large deal?

那麼它是由實施收入還是偶發性大額交易所推動的？

And then if you can talk about the outlook of analytics, that will be great.

如果你能談談分析的前景，那就太好了。

And then just quickly on run rate.

然後就快速提高運行率。

When I do the math by adding your beginning analytics subscription run rate to the net new sales, I got $685 million.

當我透過將初始分析訂閱運行率添加到淨新銷售額中進行計算時，我得到了 6.85 億美元。

But the reported number was

但報道的數字是

[$691 million].

[6.91 億美元]。

It would be great if you can explain the [delta] here.

如果您能在這裡解釋一下δ，那就太好了。

Sure, sure.

當然，當然。

Yes.

是的。

And there's a few dynamics in there that I'll call out separately.

其中有一些動態我將單獨指出。

So just on your last question about the beginning run rate plus net new being different than ending runway rate.

因此，關於您的最後一個問題，即開始運行率加上淨新值與最終跑道率不同。

There are some technical items that can cause it to be different, one of which most notably is FX.

有一些技術項目可能會導致其有所不同，其中最值得注意的是外匯。

So FX movements impact the overall run rate base and so can cause that run rate to move by different amounts than the net new addition.

因此，外匯變動會影響整體運轉率基礎，因此可能導致運轉率的變動幅度與淨新增變動的幅度不同。

In terms of the growth in analytics, I'll talk first about the overall business momentum and what that means for the run rate growth, but then I will touch on the revenue growth, which has been elevated for the last several quarters here, and I'll talk about what's been driving that.

就分析的成長而言，我將首先討論整體業務勢頭以及這對運行率增長意味著什麼，然後我將討論收入增長，收入增長在過去幾個季度中一直在上升，並且我將談談是什麼推動了這一點。

But listen, across analytics, as Baer alluded to earlier, we've really had strong success on a number of fronts.

但聽著，正如貝爾之前提到的，在分析方面，我們確實在許多方面取得了巨大的成功。

I think much of that is driven by an environment that is more dynamic where there's heightened risk.

我認為這很大程度上是由風險更高、更具活力的環境所驅動的。

And so we've seen strong demand for our equity risk models as clients are looking to understand what is driving their portfolios and have a better understanding of the bets that they are taking.

因此，我們看到對我們的股票風險模型的強勁需求，因為客戶希望了解驅動其投資組合的因素，並更好地了解他們所進行的押注。

We see our equity risk models being integrated into many different parts of the active management industry.

我們看到我們的股權風險模型被整合到主動管理行業的許多不同部分。

And we've had tremendous success with hedge funds, but even with active managers.

我們在對沖基金方面取得了巨大的成功，但即使在主動型基金經理人方面也是如此。

We also have seen some wins on the back of the improvements we've made in the fixed income offering, and that also includes things like liquidity analytics which are areas that tend to get more attention and higher risk environments and environments that are a bit more volatile.

我們也看到，我們在固定收益產品方面取得的改進取得了一些成果，其中還包括流動性分析等領域，這些領域往往會受到更多關注，風險較高的環境和風險更高的環境易揮發的。

And then we've also been an enabler for our clients to be more efficient.

此外，我們也幫助客戶提高效率。

So things like our insights offering or risk insights offering or something that not only allow our clients to glean more insights from our risk services that we provide, but it makes it more efficient for them to work with us.

因此，諸如我們的見解提供或風險見解提供之類的東西不僅可以讓我們的客戶從我們提供的風險服務中收集更多見解，而且可以使他們與我們合作更有效率。

And so it can be a win-win for them where they're not only improving their analytics, but they are also operating more efficiently.

因此，這對他們來說是雙贏的，他們不僅改進了分析，而且還提高了營運效率。

And so all those things in these environments are helpful and have been encouraging.

因此，這些環境中的所有這些事情都是有幫助的並且令人鼓舞。

Now on the revenue side, we did have a large implementation come online in Q3, which was earlier than we expected.

現在在收入方面，我們確實在第三季上線了大型實施，這比我們的預期要早。

And as a result, we had a sizable revenue catch up.

結果，我們的收入大幅成長。

We have seen a number of large implementations coming online over the last several quarters, which have caused the revenue growth to be higher than a run rate growth.

在過去的幾個季度中，我們看到許多大型實施上線，這導致收入成長高於運行率成長。

As we've said before, we expect revenue growth to drop to be closer to run rate growth or even in periods -- some periods below that as we begin to compare to the periods where we've had these large implementation catch-up revenues over this past year.

正如我們之前所說，我們預計收入成長將下降到接近運行率成長，甚至在某些時期低於該水平，因為我們開始與我們擁有這些大量實施追趕收入的時期進行比較在過去的一年裡。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Maybe just talk a little bit further about the environment here.

也許只是進一步談談這裡的環境。

I know you went on and talked about this a lot, though, but given how well the stock market is done here, not only this year but last year, given what the Fed is finally lowering rates here, inflation seems like it's much more under control.

我知道你繼續談論了很多這個問題，但考慮到這裡股市的表現，不僅是今年，而且是去年，考慮到美聯儲最終在這裡降息，通膨似乎遠低於預期。

People as we all know, a year, year and a half ago, two years ago, are very worried about the recession in the US, at least, that has not happened.

眾所周知，一年前、一年半前、兩年前，人們非常擔心美國的經濟衰退，至少，這種情況還沒發生。

Most managers you talk to feel better about the US economy and stuff.

與你交談過的大多數經理都對美國經濟和其他事情感覺更好。

But definitely with better AUM numbers out there and stuff, why do you guys keep talking about and thinking and sensing and hearing from your clients about a tough operating environment here?

但肯定是有了更好的 AUM 數字和其他東西，為什麼你們還要不斷談論、思考、感知和聽到客戶關於這裡艱難的營運環境呢？

I mean, is it still just too early to talk about 2025 and having those discussions?

我的意思是，現在談論 2025 年並進行這些討論還為時過早嗎？

I would think that those discussions in November, December, January that set the budgets for next year are probably going to be a lot more positive than they were a year ago.

我認為 11 月、12 月和 1 月制定明年預算的討論可能會比一年前積極得多。

My question is, what am I missing here?

我的問題是，我在這裡缺少什麼？

Why are things so negative out there, what you're hearing from clients?

您從客戶那裡聽到的情況為何如此負面？

With a little bit of green shoots, but nothing great, you're saying.

你說，雖然有一點萌芽，但沒什麼了不起。

It's a very insightful question and it cuts across the core of what we've been talking about here is.

這是一個非常有洞察力的問題，它切入了我們在這裡討論的核心內容。

So basically, when you look at the totality of MSCI we have a number of very strong areas of performance.

所以基本上，當你觀察 MSCI 的整體時，我們有許多表現非常強勁的領域。

You have the asset-based fee business coming out of passive, which is hitting records of AUM and ETF and non-ETF linked products linked to MSCI.

基於資產的收費業務擺脫了被動模式，創下了與 MSCI 掛鉤的 AUM 和 ETF 以及非 ETF 掛鉤產品的記錄。

You have significant sales into asset owners, into hedge funds wealth managers, incipient sales into the insurance client segment.

您向資產所有者、對沖基金財富管理公司以及保險客戶領域進行了大量銷售。

And on the product side, clearly significant sales of analytics, a very strong sales of analytics and into many of those segments, et cetera.

在產品方面，分析的銷售明顯顯著，分析的銷售非常強勁，並且進入了許多細分市場，等等。

I think that in this call and overall, maybe there is an overemphasis on the weaker areas, or the softer areas of the company.

我認為，在這次電話會議中，以及總體而言，可能過度強調了公司​​的薄弱領域或軟領域。

And the first one, for sure, is 50%-plus of our subscription run rate is to active asset managers who are a segment that is not fully recovered yet from -- they definitely have had a price increase, so to speak, with the global equity markets and in records.

第一個，當然，我們的訂閱運行率的 50% 以上是針對主動資產管理公司的，他們是一個尚未完全恢復的細分市場——可以說，他們的價格肯定有所上漲。記錄。

And the fund flows are getting better, significantly better in the last few quarters.

資金流動正在變得越來越好，在過去幾季明顯好轉。

So we should see a major recovery of the asset -- of the active asset management segment going into '25, given that rightly pointed out, their budgets are going to be better, given the return of growth in revenues and in profitability.

因此，我們應該看到資產的重大復甦——主動資產管理部門進入 25 年，考慮到這一點是正確的，考慮到收入和盈利能力增長的回報，他們的預算將會更好。

But that doesn't happened yet.

但這還沒有發生。

And we always call a spade a spade.

我們總是實話實說。

So that hasn't happened yet and it may or may not happen in the fourth quarter.

所以這還沒有發生，第四季可能會也可能不會發生。

But we're cautiously optimistic that if logic indicates and precedent indicates that, that will begin to happen in '25.

但我們謹慎樂觀地認為，如果邏輯表明並且先例表明這一點，那麼這將在 25 年開始發生。

So that's one area of softness.

所以這是一個軟弱的領域。

The second area of softness is clearly the ESG and climate sales, which as I alluded to earlier, are in a cyclical -- have been in a cyclical downturn.

第二個疲軟的領域顯然是 ESG 和氣候銷售，正如我之前提到的，它們處於週期性 - 一直處於週期性低迷狀態。

We feel that we're reaching -- we have reached bottom in ESG.

我們覺得 ESG 已經觸底。

We're recovering in climate, but it's hard to predict on a quarter-to-quarter basis.

我們的氣候正在復甦，但很難按季度進行預測。

There are major consolidation plays that we have achieved in ESG away from competitors.

我們在 ESG 領域實現了遠離競爭對手的重大整合。

That is likely to continue.

這種情況很可能會持續下去。

We have significant sales on ESG into non-asset management client segments like corporates, for example, and GPs and the like.

我們在 ESG 方面的銷售量很大，涉及非資產管理客戶群，例如企業和普通合夥人等。

And climate, it has slowed down, but it's temporary.

氣候方面，它已經放緩，但這是暫時的。

We believe that given the physical and transition risks that are going on in the world and potentially with a focus of the climate COP by the UN in Brazil next year, there's going to be a renewed effort in all of that.

我們相信，考慮到世界上正在發生的實體和轉型風險，以及聯合國明年在巴西舉行的氣候締約方會議可能會關注的焦點，所有這一切都將做出新的努力。

So I think that -- I don't think you'll get -- I think you're absolutely right.

所以我認為——我認為你不會明白——我認為你是絕對正確的。

I mean I think you are -- there's no mystery to what is happening here.

我的意思是，我認為你是——這裡發生的事情並不神秘。

We have a major reliance on the active asset management segment that has gone through some of these issues for the last year or two.

我們主要依賴主動資產管理部門，該部門在過去一兩年已經經歷了其中一些問題。

We should expect that to get better.

我們應該期待情況會變得更好。

We should expect climate sales maybe to get better.

我們應該預期氣候銷售可能會好轉。

ESG, it will depend on what happens in '25.

ESG，這將取決於 25 年發生的情況。

But the rest of the company, we're setting records in ABF.

但公司的其他部分，我們正在 ABF 中創造記錄。

We're setting records in sales and Index.

我們正在創造銷售和指數記錄。

We're setting records in sales and Analytics.

我們正在創造銷售和分析的記錄。

So there's a little bit of too much emphasis on the glass of empty obviously, in this call.

因此，在這次電話會議中，顯然有點過度強調空杯了。

And I understand why.

我明白為什麼。

And we're always true to pointing out what works and what doesn't and sometimes we point out a little more to what is not working to what is working.

我們總是忠實地指出什麼有效，什麼無效，有時我們會更指出什麼無效，什麼有效。

But you got to look at the balanced approach that we're having here.

但你必須看看我們這裡採用的平衡方法。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious if you could talk about why you didn't decide to raise the expense guidance range for the year, recognizing you're saying that higher AUM levels could lead you to the higher end of the range.

我很好奇您是否能談談為什麼您沒有決定提高今年的費用指導範圍，因為您認為較高的資產管理規模水平可能會導致您達到該範圍的較高端。

But just given how the market is performing this year.

但僅考慮到今年市場的表現。

Why not take that out -- are you seeing offsetting savings?

為什麼不把它去掉——你看到可以抵消的節省嗎？

Or is it the environment that keeps you more cautious to invest more?

還是環境讓您更謹慎地進行更多投資？

Any color would be helpful.

任何顏色都會有幫助。

Sure.

當然。

Yes.

是的。

So listen, we're always looking for opportunities to invest more in key growth areas in the business.

所以聽著，我們一直在尋找機會在業務的關鍵成長領域進行更多投資。

And as you alluded to, that AUM levels are higher than those that we had assumed underlying our guidance at the beginning of the year.

正如您所提到的，資產管理規模水準高於我們年初假設的指導水準。

And so as we mentioned, if they stay at this level or higher, we are likely to be towards the higher end of our expense guidance range, which is a reflection of a pickup in our level of investment.

因此，正如我們所提到的，如果它們保持在這個水平或更高，我們很可能會達到費用指導範圍的高端，這反映了我們投資水平的上升。

And we are using it as an opportunity to continue to drive growth in those compelling secular opportunities like rules-based index portfolios; private markets enhancing our position with the front office and analytics; investing in our architecture and interfaces; including the AI capabilities that not only drive internal efficiencies, but are powering growth.

我們將其作為一個機會，繼續推動那些引人注目的長期機會的成長，例如基於規則的指數投資組合；私人市場增強了我們在前台和分析方面的地位；投資我們的架構和介面；包括人工智慧功能，不僅可以提高內部效率，而且可以推動成長。

And so those are all things that we are focused on and doing and will continue to do.

因此，這些都是我們專注、正在做並將繼續做的事情。

But we are continually balancing, driving stable and continued profitability growth with investing for the long term, and it's a constant calibration.

但我們不斷平衡，透過長期投資推動穩定、持續的獲利成長，這是一個持續的校準。

The other thing I would highlight is there can be some lag as well.

我要強調的另一件事是也可能存在一些延遲。

And so when there are some investments that come through quickly, but there are some that take some time to work through.

因此，有些投資可以很快完成，但有些投資則需要一些時間才能完成。

And so -- it's just a nuanced dynamic on our cost base, and there are several factors at play that can cause expenses to swing quarter to quarter here.

因此，這只是我們成本基礎上的微妙動態，有幾個因素在起作用，可能會導致支出逐季度波動。

So I wouldn't read too much into one quarter in our expense guidance for the year.

因此，我不會對今年的支出指導中的一個季度進行太多解讀。

As I said, it's a constant calibration and we are continually looking for opportunities to invest in the business.

正如我所說，這是一個持續的校準，我們不斷尋找投資該業務的機會。

Russell Quelch, Redburn Atlantic.

拉塞爾·奎爾奇，《雷德本大西洋》。

You reported another strong quarter of mid-teens run rate, revenue growth in the custom and specialized index solutions.

您報告了客製化和專業索引解決方案的另一個強勁季度運行率、收入成長。

I think that now accounts for close to 10% of index segment run rate revenue.

我認為現在佔指數部分運行率收入的近 10%。

I'm wondering how big you see the opportunity here to be?

我想知道您認為這裡的機會有多大？

And what's differentiated about MSCI's proposition versus competitors that are also talking about growth here?

MSCI 的主張與同樣在這裡談論成長的競爭對手有何不同？

And the kind of second part of that question, can you sort of explain to what extent if any growth in this business sort of cannibalizes opportunities in other parts of the index business and how it affects the overall segment index margin?

這個問題的第二部分是，您能否解釋一下該業務的任何增長是否會在多大程度上蠶食指數業務其他部分的機會，以及它如何影響整體細分指數利潤率？

Russell, thanks for the question.

拉塞爾，謝謝你的提問。

Yes.

是的。

So look, we remain very excited about this.

所以看，我們對此仍然非常興奮。

And I would say that it's not merely a capability question, which is important, but it also plays itself out across very different use cases in different client segments.

我想說，這不僅僅是一個能力問題（這一點很重要），而且它也會在不同客戶群的不同用例中發揮作用。

So we're integrating the Foxberry acquisition into our custom index capabilities, and that will be coming online in roughly the next few quarters.

因此，我們正在將收購 Foxberry 整合到我們的自訂指數功能中，該功能將在大約未來幾季內上線。

That should give us significantly greater speed and flexibility in terms of what we can do, whether that's by different types of calculations or combinations of different asset classes, eventually, et cetera.

這應該會給我們帶來顯著更快的速度和靈活性，無論是透過不同類型的計算還是不同資產類別的組合，最終等等。

So then in turn, I think where we have some competitive advantage is precisely because of both the models, the capabilities, the research that we have from analytics for portfolio construction and risk factor exposures, all of the enormous topic of climate and indexes adjusted on that basis, which we had in some of our prepared remarks today, the opportunities that those are creating.

那麼反過來，我認為我們擁有一些競爭優勢的地方正是因為模型、能力、我們從投資組合構建和風險因素暴露分析中獲得的研究，所有氣候和指數調整的巨大主題我們在今天準備的一些發言中就有了這個基礎，這些機會正在創造。

There are -- there's quite literally not a client segment that we work with that doesn't need more of these capabilities, whether they be asset owners, either at the mandate or the plan, the entire plan level and clearly even specific use cases, depending on the type of asset owner the asset management industry, both for products and benchmarks, the sell side for structured products, which is a huge opportunity for us that we can do a lot more in.

實際上，我們合作的客戶群中沒有一個不需要更多這些功能，無論他們是資產所有者，無論是在任務還是計劃、整個計劃級別，甚至是特定的用例，根據資產管理行業資產所有者的類型，無論是產品還是基準，結構性產品的賣方，這對我們來說是一個巨大的機會，我們可以做更多的事情。

In wealth the capabilities of both doing mass customization with index, linking that to ETFs, building that into the wealth manager platform, for wealth management firms to control the risk at scale while customizing portfolios.

在財富方面，既可以透過指數進行大規模定制，與ETF掛鉤，構建到財富管理平台中，讓財富管理公司在定制投資組合的同時大規模控制風險。

So all of this is really, really critical and exciting part of our growth story.

因此，所有這些都是我們成長故事中非常非常關鍵和令人興奮的部分。

And as I said, we're at an inflection point where we're just bringing on new capabilities in this area which in the next few quarters and going into next year will become much more significant and will increase our speed to market and will allow us to do a lot more all of this.

正如我所說，我們正處於一個轉折點，我們只是在這一領域引入新功能，在接下來的幾個季度和明年，這些功能將變得更加重要，並將加快我們進入市場的速度，並允許我們需要做更多的事情。

So delighted to take the question, and this will remain a very large opportunity for us.

很高興回答這個問題，這對我們來說仍然是一個非常大的機會。

Gregory Simpson, BNP Paribas.

格雷戈里·辛普森，法國巴黎銀行。

I just wanted to check in on how the RCA business is performing within the context of the 2% private assets organic run rate growth this quarter.

我只是想了解一下 RCA 業務在本季度私人資產有機運行率增長 2% 的背景下的表現如何。

I think when you originally acquired it, you talked about a double-digit growth aspirations.

我想當你最初收購它時，你談到了兩位數的成長願望。

So what do you see as key to accelerate this back up?

那麼您認為加速這項備份的關鍵是什麼？

Is it mainly a cyclical issue around real estate transaction activity?

主要是房地產交易活動的周期性問題嗎？

Or is there anything you'd call out on the competitive side you're seeing?

或者您在看到的競爭方面有什麼值得指出的嗎？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

So look, I think the simple and major challenge we've been seeing in this is transaction volume.

所以看，我認為我們在這方面看到的簡單而主要的挑戰是交易量。

It's a pretty straightforward answer.

這是一個非常簡單的答案。

So there's been -- there was clearly a significant drop in transaction volume, which is a major part of the revenue drivers here.

因此，交易量顯然大幅下降，而交易量是這裡收入驅動因素的主要部分。

Now we're starting to see that pick up and there are -- there's definitely evidence of -- we have various research measurements of the spread between basically buyers and sellers in the real estate market that has compressed significantly.

現在我們開始看到這種回升，並且有——肯定有證據表明——我們對房地產市場中基本上買家和賣家之間的價差進行了各種研究測量，該價差已顯著壓縮。

We're starting to see the beginning of more transactions.

我們開始看到更多交易的開始。

We believe we're likely to see that more in the coming year.

我們相信來年我們可能會看到更多這樣的情況。

Maybe in keeping with the overall tone of this call, where I think we're trying to be sober and maybe a little bit more the under-promise and over-deliver department we didn't put that in our prepared remarks.

也許是為了與這次電話會議的整體基調保持一致，我認為我們正在努力保持清醒，也許更多的是承諾不足和超額交付的部門，我們沒有把這一點放在我們準備好的講話中。

But I think we have good grounds to believe that we could be turning the corner in that area in the coming year.

但我認為我們有充分的理由相信我們可以在未來一年在該領域扭轉局面。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Just one very quick one on the custom opportunity that you just discussed.

只是簡單介紹一下您剛才討論的客製化機會。

Maybe I'm being again to nitpicky on the numbers or glass of empty, but if I look at the run rate that they disclosed for customer and specialized, I think it actually went down a couple of hundred thousand dollars quarter over quarter.

也許我又對空的數字或玻璃杯吹毛求疵了，但如果我看看他們為客戶和專業人士披露的運行率，我認為實際上每個季度下降了幾十萬美元。

Again, it's a small number, it's a small quarter, but just wondering if there were some elevated cancels to call out or why that didn't grow quarter over quarter?

再說一次，這個數字很小，這個季度也很小，但只是想知道是否有一些取消訂單增加的情況需要注意，或者為什麼取消數量沒有逐季度增長？

Yes, nothing to call out right now.

是的，現在沒什麼好說的。

If anything, I would just say some of the broader pressures impacting the business are also impacting custom and special packages that are impacting all of our modules.

如果有的話，我只想說影響業務的一些更廣泛的壓力也影響了影響我們所有模組的客製化和特殊套件。

But everything Baer said, holds true.

但貝爾所說的一切都是正確的。

This is a massive opportunity for us, and we see strong engagement across many different client bases and use cases.

這對我們來說是一個巨大的機會，我們看到許多不同的客戶群和用例都有很強的參與度。

The other thing to underscore here is climate custom index is a key growth driver for us in ABF as well.

這裡要強調的另一件事是氣候客製化指數也是我們 ABF 的關鍵成長動力。

And so clearly, it's something that's helping on the subscription side, but it's something that's helping to fuel many different avenues within the asset-based fee line as well.

很明顯，這對訂閱方面有所幫助，但也有助於推動基於資產的費用線內的許多不同途徑。

And we see that across institutional passive mandates.

我們在機構的被動授權中看到了這一點。

We see it in the wealth channel with direct indexing and we see it even with ETF providers.

我們在直接指數化的財富管道中看到了這一點，甚至在 ETF 提供者中也看到了這一點。

So it's one that is excited for us on a number of levels.

因此，這在很多層面上都讓我們感到興奮。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Henry Fernandez for closing remarks.

現在我將把會議轉回亨利·費爾南德斯致閉幕詞。

Well, thank you very much, everyone, for joining us today and your continued interest in MSCI.

非常感謝大家今天加入我們以及大家對 MSCI 的持續關注。

As you can see from the -- all the publications we have did today and the prepared remarks and the Q&A, we're intensely focused on delivering innovative products and capabilities to support our clients and grow our wallet share with them.

正如您從我們今天發布的所有出版物以及準備好的評論和問答中看到的那樣，我們非常專注於提供創新產品和功能來支持我們的客戶並增加我們與他們的錢包份額。

Our steadfast execution is what enables us to deliver on a very ambitious strategy and to be a long-term compounder of shareholder value creation.

我們堅定的執行力使我們能夠實現雄心勃勃的策略，並成為股東價值創造的長期複合者。

Obviously, we always try to moderate our enthusiasm, moderate our optimism and our positivism because we like to show delivery of actual results rather than talk about potential results.

顯然，我們總是試圖節制我們的熱情，節制我們的樂觀主義和實證主義，因為我們喜歡展示實際結果的交付，而不是談論潛在的結果。

And you saw some of that in this call.

您在這次電話會議中看到了其中的一些內容。

So please be mindful of that.

所以請注意這一點。

We look forward to engaging with all of you during the quarter and update you on all the exciting things we're doing.

我們期待在本季與大家互動，並向您通報我們正在做的所有令人興奮的事情。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。