明晟 (MSCI) 2024 Q3 法說會逐字稿

Thanks.

謝謝。

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，歡迎來到 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。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

Later we will conduct a question and answer session for participants are requested to ask one question at a time, then add themselves back to the queue for any additional questions.

稍後我們將舉行問答環節，要求參與者一次提出一個問題，然後將自己添加回隊列以回答任何其他問題。

We will have further instructions for you later on.

稍後我們將為您提供進一步的說明。

I would now like to turn the call over to Jeremy.

我現在想把電話轉給傑瑞米。

You lend Head of Investor Relations and Treasurer.

您借用投資者關係主管和財務主管。

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 2020 for this press release, along with an earnings presentation and brief quarterly up, the were available on our website and SEDAR.com under Investor Relations tab.

今天早些時候，我們發布了一份新聞稿，宣布了2020 年第三季度的業績，並附有收益報告和簡短的季度報告，可在我們的網站和SEDAR.com 的“投資者關係”選項卡上查看。

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 on current expectations and current economic conditions and are subject to risks and uncertainties that may cause an actual results to differ materially from results anticipated in these forward-looking statements.

請您注意不要過度依賴前瞻性陳述，這些陳述僅涉及當前的預期和當前的經濟狀況，並受到風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述中預期的結果有重大差異。

For a discussion of additional risks and uncertainties, please see the risk factors and forward-looking statements disclaimer in our recent Form 10 K and in our other SEC filings.

有關其他風險和不確定性的討論，請參閱我們最近的 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 addition to results presented on the basis of U.S. 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業績外，我們還提到了非公認會計準則措施。

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

有關我們使用運行率和保留率等營運指標的重要資訊可在收益演示中找到。

On the call today are Henry Fernandez, our Chairman and CTO, fair pad at our President and COO, and Andy Wichmann, our Chief Financial Officer.

今天參加電話會議的有我們的董事長兼首席技術官亨利·費爾南德斯 (Henry Fernandez)、我們的總裁兼首席營運官公平墊以及我們的首席財務官安迪·威奇曼 (Andy Wichmann)。

As a housekeeping item, we wanted to remind our analysts to ask one question at a time during the Q&A portion of our call.

作為內務管理項目，我們想提醒我們的分析師在電話問答部分一次提出一個問題。

We do encourage you to ask me more questions by adding yourselves back to the queue.

我們鼓勵您透過將自己添加回隊列來向我詢問更多問題。

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

謝謝傑里米，大家好，謝謝您加入我們。

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 444 hundred and $40 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 4,440 萬美元。

In our operating metrics, we'll deliver asset based fee revenue growth of nearly 20%, subscription run rate growth of 15% and our retention rate of 94%.

在我們的營運指標中，我們將實現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 saw significant strength in ABF revenue, driven by record AUM balances in both EPS and non ETF products linked to MSCI indices, including third quarter, our cash flows of $18.6 billion.

從我們的整體業績來看，我們看到ABF 收入顯著強勁，這得益於與MSCI 指數相關的EPS 和非ETF 產品創紀錄的AUM 餘額，包括第三季度，我們的現金流為186 億美元。

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

指數分析顯示，新的經常性訂閱銷售額分別成長了 5% 和近 11%。

I'm on asset owners and hedge funds for organic subscription run rate growth was 11% and 15%, respectively.

我對資產所有者和對沖基金的有機訂閱運行率增長率分別為 11% 和 15%。

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

我們的 ESG 和氣候部門的新淨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 prolong.

我們認為 ESG 和氣候方面的需求低迷是週期性的，並且可能會持續下去。

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

但對於資產管理公司而言，所有投資者都需要整合 ESG 財務重要性並實現投資組合脫碳，這是真實且長期的。

New and recurring subscription sales were down 5% year over year, reflecting cyclical pressures from Dorothee churn is excellent at 96% as our Q3 results show, MSCI.'s product lines are diverse and increasingly complement each other.

新認購和經常性認購銷售額同比下降5%，反映出Dorothee 流失率高達96% 的周期性壓力，正如我們第三季度的結果顯示的那樣，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，我們的產品擁有巨大的潛在市場，在整個投資生態系統中發揮著至關重要的作用。

Today.

今天。

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

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 the business and the benefits of our new technology platform.

首先，我們在財富管理機構中的成長以及它如何反映了業務使用的增加和我們新技術平台的好處。

Second, our progress in developing private capital solutions that got caught 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的進展。

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

先生，我們致力於提供客戶需要衡量的氣候解決方案，並從一開始就投資脫碳採取行動。

In Q3, MSCI achieved a major index win with a private banking arm, 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, continue, 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 or wealth managers that spans 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提供涵蓋多個產品線的內容或財富管理機構，包括指數、ESG、氣候和私人資產。

In private capital solutions.

在私人資本解決方案中。

We believe that our work there can enhance our capabilities in many areas.

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 in business, which are capitalizing important new client wins and prospects since their launch in July, our private capital funding, this is cover more than 13,000 firms that represent more than $11 trillion in AUM, and we believe they can help us become a standard setter in private assets.

我們已經在 MSCI 等產品中看到了這一點。自 7 月推出以來，我們的私人資本基金涵蓋了超過 13,000 家公司，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商業領域的私人資本基金。

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展我們的 ESG。涵蓋私人企業，同時也為銀行、保險公司和企業等細分領域提供更多 ESG 內容。

As we announced last week, I am pleased to welcome nuke Telemar to MSCI. as our new Head of Private Assets to further build and scale our business to new heights look joins us from Goldman Sachs regarding climate solutions.

正如我們上週宣布的那樣，我很高興歡迎 Nuke Telemar 加入 MSCI。作為我們新任私人資產主管，為了進一步建立和擴大我們的業務到新的高度，高盛與我們一起討論氣候解決方案。

As the risks and negative impacts of climate change become ever more apparent for institutional investors and capital market participants will be high quality data models and research to adapt.

隨著氣候變遷的風險和負面影響對於機構投資者和資本市場參與者來說變得越來越明顯，高品質的數據模型和研究將需要適應。

This is in that the mobile and just a matter of time for this demand to accelerate MSCI. already supplies carbon emission data on more than 60,000 private companies and more than ample debt funds.

這是在移動，這種需求加速MSCI只是時間問題。已經提供了超過60,000家私人企業的碳排放數據和充足的債務基金。

And as the eye is well positioned to be the provider of choice for these large scale, reallocation of capital and repricing of assets.

由於 Eye 處於有利位置，成為這些大規模資本重新分配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 reach.

上週，我們宣布了這個目標。

Amazon has joined MSCI as Head of ESG and climate Pritchard comes to us from S&P Global and is also the founder and former CEO of through cost.

亞馬遜已加入 MSCI，擔任 ESG 和氣候主管 Pritchard 來自 S&P Global，也是 Through Cost 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 problem, SIMSCI. has responded to the emerging consensus that voluntary carbon markets are critical to achieving net zero.

同時，關於氣候議題，SIMSCI。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，對全球 4,000 多個碳信用專案進行全面、獨立的評估。

Part of this demonstrates MSCI.'s single most important competitive advantage.

這在一定程度上證明了摩根士丹利資本國際 (MSCI) 最重要的競爭優勢。

The global diversified and integrated nature of our franchise.

我們的特許經營權具有全球多元化和綜合性。

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 Beth.

接下來，讓我把電話轉給貝絲。

There.

那裡。

Thank you, Henry and greetings, everyone.

謝謝你，亨利，大家好。

So 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.

因此，在今天的演講中，當我回顧我們第三季度的業績時，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 NITI.s, most notable Q3 business plans.

讓我們從參與 NITI.s（最著名的第三季業務計劃）的資產所有者開始。

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

總體而言，我們實現了 11% 的自然訂閱運行率成長，資產所有者在分析方面表現出了特別的優勢。

In Asia.

在亞洲。

For example, a large public pension funds made MSCI., their primary risk analytics provider, leveraging our highly competitive mix of applications, sophisticated algorithms, specialized Data and Managed Services because another significant deal and analytics with a U.S. public pension on selected MSCI. at their analytics platform of choice for the entire investment process from planning and asset allocation treated performance attribution and measurement, HKNICI. displaced a major competitor deals like the helped us achieve our best third quarter on record for record recurring sales in analytics, with particular strength in both Europe and the Americas.

例如，一家大型公共退休基金選擇MSCI 作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，成為與美國公共退休金在選定的MSCI 上進行的另一項重大交易和分析。 HKNICI 是他們選擇的整個投資流程的分析平台，從規劃到資產配置、績效歸因和衡量。取代主要競爭對手的交易幫助我們實現了有史以來最好的第三季分析經常性銷售記錄，尤其是在歐洲和美洲。

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

正如亨利所提到的，儘管疲軟，但資產管理公司仍然是我們訂閱運行率的最大貢獻者，過去 12 個月的有機運行率超過 6000 萬美元。

Allow 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 decompression, leading to tighter budgets.

我們的資產管理客戶仍面臨減壓，導致預算緊張。

So there are some signs of stabilizing redemption pressures and improving inflows in MSCI index linked ETFs.

因此，有一些跡象顯示 MSCI 指數掛鉤 ETF 的贖回壓力趨於穩定，資金流入也有所改善。

Year to date, inflows were nearly $68 billion, which helped our ABS revenues grow nearly 20%.

今年迄今為止，流入量接近 680 億美元，這幫助我們的 ABS 收入成長了近 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 seeded a TWD1.6 billion ETFs linked to MSCI climate custom index launch by one of our asset manager clients.

第三季度，我們在歐洲的一家退休基金客戶發行了 16 億新台幣的 ETF，與我們的資產管理公司客戶推出的 MSCI 氣候客製指數掛鉤。

Turning to other client segments, MSC, I 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.

談到其他客戶群，MSC，我在對沖基金、財富管理公司、銀行和經紀交易商方面也表現出色，他們在過去 12 個月內總共增加了 6000 萬美元的有機訂閱運行率。

And grew by 10% combined in Q3.

第三季合計成長 10%。

For example, we completed a large ticket deal with a global quantitative investment firm for use our index content and analytics.

例如，我們與一家全球量化投資公司完成了一筆大額交易，以使用我們的指數內容和分析。

This data to enhance their overall research and our alpha generation strategy.

這些數據可以增強他們的整體研究和我們的阿爾法生成策略。

Shifting to wealth managers, they have added about 11 million SMSC, either organic run rate subscription run rate over the past 12 months.

轉向財富管理機構，他們增加了約 1,100 萬個 SMSC，無論是過去 12 個月的自然運行率訂閱運行率。

Our wall subscription run rate now stands at $112 million, growing 11% organically.

我們的牆訂閱運行率目前為 1.12 億美元，有機成長 11%。

And we have whilst retention rate of over 97%.

我們的留存率超過 97%。

Indonesia is well solutions have become a key differentiator with clients seeking firm-wide investment tools that support the home office while enabling optimization and alignment across leverage where this rebalancing taxes of 10 securities and final selection.

印尼的 Well 解決方案已成為關鍵的差異化因素，客戶尋求公司範圍內的投資工具，支持總部，同時實現槓桿的優化和調整，其中重新平衡 10 種證券和最終選擇的稅收。

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

我們處於有利位置，可以利用 MSCI 來鞏固這一勢頭。不同業務領域的財富管理平台。

While it represents a key opportunity for MSCI and what we will continue, growing our wealth focused investments across product training, coverage and research, as you can see, and the CI. remains determinant to increase our wallet share with both established and newer client segments throughout the investor and ecosystem.

雖然這對 MSCI 和我們將繼續的工作來說是一個重要機遇，但正如您所見，我們在產品培訓、覆蓋範圍和研究以及 CI 方面增加了以財富為中心的投資。仍然是增加我們在整個投資者和生態系統中的老客戶群和新客戶群中的錢包份額的決定性因素。

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 Ed Kenney.

接下來，讓我把電話轉給艾德肯尼。

Thanks there, and hi, everyone.

謝謝大家，大家好。

In the third quarter, we delivered 11% organic revenue growth, 17% adjusted EBITDA growth and 46% free cash flow growth within our index segment, subscription run rate growth with asset managers and asset owners with 7% and 11% respectively.

第三季度，我們的指數部門實現了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，資產管理公司和資產所有者的認購運作率分別成長了7% 和11%。

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

大型成熟客戶群占我們指數訂閱運行率指數的近 70%。

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訂閱運行率成長率分別為 23% 和 13%。

Global cash inflows into equity ETFs linked to MSCI indexes was 18.6 billion in the quarter, we saw robust cash inflows into non-US exposures, particularly in developed markets outside the US.

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，我們看到流入非美國曝險的強勁現金流，特別是在美國以外的已開發市場。

These flows, together with strong market appreciation help to power another quarter of record balances with M&A, UM. 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，有助於推動併購、UM 的餘額再創新一個季度創紀錄。與 MSCI 指數掛鉤的股票 ETF 規模達 1.76 兆。

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 to non-ETF index products linked to MSCI indexes drove nearly 20% year over year growth ABF revenue and reflect momentum in the long term trend of indexed investing in analytics.

與 MSCI 指數相關的 ETF 和非 ETF 指數產品的總資產管理規模餘額達到創紀錄的 5.4 兆美元，推動 ABF 收入年增近 20%，反映了分析指數投資的長期趨勢的勢頭。

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 growth was slightly below 12% in the quarter, benefiting from another quarter of strong nonrecurring revenue and some large implementations coming online faster than antigen repeated.

訂閱運行率成長率為8%，反映了我們在幾個關鍵成長領域看到的吸引力，例如我們的因子模型、我們的洞察產品和我們的固定收益成長略低於12%，這得益於又一個季度強勁的非經常性收入和一些大型實施的上線速度比抗原重複的速度還要快。

We still expect recurring revenue growth rates to more closely aligned with run rate growth in the upcoming quarters, especially as we begin the comparative 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去年同期相比時，其中包括大量與實施相關的收入。

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

提醒一下，實施的時間是不穩定的，如果過去有的話，收入成長也會因為多種原因而波動。

In our ESG and climate reportable segment.

在我們的 ESG 和氣候報告部分。

Organic run rate growth was 11%, which excludes the impact of FX and about 5.3 million of run rate from Trove.

有機運行率增長率為 11%，其中排除了外匯的影響以及 Trove 約 530 萬的運行率。

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

我們看到客戶在尋求整合供應商方面取得了成功，鞏固了我們作為領導者的地位，我們保持了競爭優勢，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 整合的巨大機遇，監管合規性和氣候。

We also recognize that the recovery of this product line to higher growth rates may take some time.

我們也認識到，該產品線恢復到更高的成長率可能需要一些時間。

And therefore, we continue to evaluate the three cycle growth trajectory of this product and what the ultimate long-term growth target should be.

因此，我們繼續評估該產品的三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 since the end of 2023.

私人資本解決方案的運作率較去年同期成長 17%，自 2023 年底以來新的經常性訂閱銷售額超過 600 萬美元。

Over one-fourth of our incremental private capital solutions run-rate growth has originated from new client relationships.

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 completions retention rate was almost 94%, and we recorded almost 27 million of revenue for the quarter.

私人資本竣工保留率接近 94%，本季我們錄得近 2,700 萬收入。

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，第三季的營運率成長率約為 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, we see very early signs of improving market activity.

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，我們看到了市場活動改善的早期跡象。

Although the commercial real estate industry continues to see significant pressure across the Company, we saw the resilience of our financial model and our ability to generate strong free cash flows.

儘管商業房地產行業繼續面臨整個公司的巨大壓力，但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，我們在季度末後還清了 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 an optimized 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優化的利息支出。

Turning to our 2020 for guidance, consistent with our previous comments.

轉向 2020 年的指導，與我們先前的評論一致。

If markets remain at current levels or higher, we expect to be towards the higher end of our expense guidance range.

如果市場保持在當前水平或更高水平，我們預計將達到費用指導範圍的高端。

For full year 2024, we've increased our CapEx guidance range by $10 million, reflecting our plan to purchase a larger amount of hardware for our data center in the fourth quarter, we are enhancing our data center environment to more effectively and efficiently support the growth.

對於 2024 年全年，我們將資本支出指導範圍增加了 1000 萬美元，反映出我們計劃在第四季度為數據中心購買更多硬件，我們正在增強數據中心環境，以更有效和高效地支持生長。

The growth of several of our new solutions in a hybrid cloud and data center approach to infrastructure, we've increased our free cash flow guidance range by $80 million, which reflects some strengthening of cash collections, some tax timing benefits this year, we are seeing a $40 million discrete tax timing benefit, roughly $30 million deferral on certain cash tax payments.

我們的混合雲和資料中心基礎設施方法中的一些新解決方案的增長，我們將自由現金流指導範圍增加了 8000 萬美元，這反映了今年現金收繳的一些加強，以及一些稅收計時優惠，我們正在看到4000 萬美元的離散納稅時間優惠，大約3000 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.

我們還根據預計將在第四季度最終確定的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%。

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 cancellation activity and longer sale 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 lines for questions.

那麼，接線員，請打開提問線路。

Thank you.

謝謝。

The floor is now open for questions.

現在可以提問。

If you have dialed in and I would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue.

如果您已撥入，並且我想提出問題，請按電話鍵盤上的星號一舉手並加入隊列。

If you would like to withdraw your question, simply press star one.

如果您想撤回您的問題，只需按星號一即可。

Again, if you are called upon to ask your question and are listening via loudspeaker a new device, please pickup your handset and interesting iPhone is not on mute.

再次強調，如果您被要求提出問題並且正在透過揚聲器收聽新設備，請拿起您的聽筒，有趣的 iPhone 不會處於靜音狀態。

When asking your question.

當問你的問題時。

As a reminder, please ask one question at a time and re-queue your line for any additional questions.

謹此提醒，請一次提出一個問題，如有其他問題請重新排隊。

Your first line comes or your first question comes from the line of Manav Patnaik from Barclays.

您的第一句話或您的第一個問題來自巴克萊銀行的馬納夫·帕特奈克 (Manav Patnaik)。

Please go ahead.

請繼續。

Thank you.

謝謝。

Mining.

礦業。

Henry, I just wanted to ask about the recent management changes you made in both the EST. and private credit into those offices to areas that you've talked a lot about that having a lot of long-term massive opportunities.

亨利，我只是想問你最近在東部地區所做的管理層變動。以及向那些辦公室提供私人信貸，以及您經常談論的那些擁有大量長期機會的領域。

Are just trying to understand if that signaling any change in strategy or any nuances that you might want to point out.

只是想了解這是否表明策略發生任何變化或您可能想指出的任何細微差別。

So thank you for that question.

謝謝你提出這個問題。

one of the aisle.

過道之一。

This is just a continuation of a strengthening and deepening our senior management team, especially in areas that we see incredible, Ron, the wrong way into into the future.

這只是加強和深化我們的高階管理團隊的延續，特別是在我們認為令人難以置信的領域，羅恩，未來的方向是錯誤的。

As we have said before, the global investment process and the 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。

With the continued strength in private equities on the private infrastructure is obviously developing into a major asset class.

隨著私募股權的持續走強，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 a private real estate is a minimum bar to bar of rails of private real estate or in some difficulties overall, the world will need a lot more physical assets from in that space.

儘管私人房地產只是私人房地產中的最低標準，或者總體上存在一些困難，但世界將需要該領域的更多實體資產。

So um, so with that data up, you know, we were fortunate to attract look to come due loss from Goldman Sachs Asset Management to help us lead this effort.

所以，嗯，隨著這些數據的增加，你知道，我們很幸運地吸引了高盛資產管理公司的注意來幫助我們領導這項工作。

We have traditionally been very strong in LBS on are looking to develop new products to be very strong.

傳統上，我們在位置服務領域一直非常強大，並且正在尋求開發新產品以變得非常強大。

Also with that, we'd do base ESG and climate.

除此之外，我們還會做基礎 ESG 和氣候。

Bob, you can obviously divided into two.

鮑勃，你顯然可以分成兩個。

Esg is still going through it on its own issues around the world, although we've stabilized and now I think that will do well and a long-term basis.

儘管我們已經穩定下來，但 ESG 仍在全球範圍內解決自己的問題，現在我認為這會做得很好，而且是長期的。

Esg investing is here to stay, and we're really focused on on developing the climate part with job given the distractions in the in the global economy and global politics.

ESG 投資將繼續存在，考慮到全球經濟和全球政治的干擾，我們真正專注於發展氣候與就業的部分。

In the last couple of years, we had the hurricanes in Florida, the floods in Europe, on the drought in Brazil, the fireplaces in Brazil.

在過去的幾年裡，佛羅裡達州發生了颶風，歐洲發生了洪水，巴西發生了乾旱，巴西發生了火災。

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

因此，毫無疑問，世界正在發生變化，因為它與氣候有關，多拉投資金融保險的資本利率將需要大量的數據、專業的碳排放估算、大量的模型、估值模型、風險模型和之類的。

We're very fortunate to have Rich are joining us effective today, actually in order to do that, then he comes up from being Founder and CEO of glucose in our major company in climate.

我們非常幸運，Rich 今天加入我們，實際上是為了做到這一點，他是我們氣候領域大公司葡萄糖的創始人兼執行長。

And we're very fortunate that he can help us lead that effort and develop new capabilities, new new tools, new client segments.

我們非常幸運，他可以幫助我們領導這項工作並開發新功能、新工具、新客戶群。

Your next question comes from the line of Toni Kaplan with Morgan Stanley.

您的下一個問題來自托尼卡普蘭 (Toni Kaplan) 與摩根士丹利 (Morgan Stanley) 的對話。

Please go ahead.

請繼續。

Thanks so much.

非常感謝。

Now that we're getting closer to the end of the year.

現在我們已經接近年底了。

So 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?

因此，希望您能與客戶分享任何有關預算環境的早期解讀，尤其是您對 2025 年定價的看法？

Thanks.

謝謝。

Sure.

當然。

Hi, Tony.

嗨，托尼。

It's Andy here.

這是安迪。

Um, I would 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.

嗯，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，這將轉化為銷售管道的建設。

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

我想強調的是，我們確實預期短期內取消活動將會增加，銷售週期也會延長。

Here.

這裡。

As you know, asset managers are our largest client segment by run rate and well redemptions and outflows.

如您所知，從運作率以及贖回和流出來看，資產管理公司是我們最大的客戶群。

As Baird mentioned, our stabilized in asset managers are still managing with tighter budgets.

正如貝爾德所提到的，我們穩定的資產管理公司仍在以更緊縮的預算進行管理。

So we do see that pressure in our dialogue day today, although given the run in AUMs and we are seeing more constructive dialogues and the thinking around clients, which we hope translates through to improve budgets on the pricing front with amid the message is consistent with what we've said in recent quarters here, where we have been some moderating our price increases in the contribution from price and overall recurring sales is down slightly from a year ago.

因此，我們確實在今天的對話日中看到了這種壓力，儘管考慮到AUM 的運行，我們看到了更多建設性的對話和圍繞客戶的思考，我們希望透過這些對話來改善定價方面的預算，同時傳達的訊息是一致的正如我們在最近幾個季度所說的那樣，我們在一定程度上減緩了價格上漲的幅度，而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 and we even where we can increase price more are there probably are those opportunities.

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，甚至在我們可以進一步提高價格的地方，也可能存在這些機會。

We are really taking a long-term view and a long-term approach here.

我們在這裡確實採取了長遠的眼光和長期的方法。

And we want to be constructive partners to our clients.

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.

我認為我們的一些競爭對手在某些地方的價格更加激進。

And I think this positions us well to to build a relationship for the long term here.

我認為這使我們能夠很好地在這裡建立長期關係。

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

您的下一個問題來自瑞銀集團的 Alex Kramm。

Please go ahead.

請繼續。

Yes.

是的。

Hey, good morning, everyone.

嘿，大家早安。

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

只是想保持相同的主題，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 on retention.

但我認為，安迪，您之前曾建議第四季度情況應該會有所改善，特別是在保留方面。

And so if I'm hearing you correctly, 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 some cancellations should be on a year-over-year basis in the 4Q, which is obviously the most important quarter?

那麼，也許您可以更具體地說明您認為第四季度（這顯然是最重要的季度）同比應取消的航班數量應該如何？

And then maybe maybe same comment on the sales and if you want to be specific on the segments on given that you should have some line and side by now.

然後也許對銷售有同樣的評論，如果你想具體說明細分市場，因為你現在應該有一些路線和側面。

Be helpful.

樂於助人。

Thank you.

謝謝。

Yes, sure, Alex.

是的，當然，亞歷克斯。

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 cancels 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相對於去年第四季將繼續增加。

And as you alluded to, Q4 typically tends to be a period of higher cancels for a seasonally from 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 the industry participants, 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 Q three compared to a year ago.

正如您所提到的，第四季度通常是季節性取消數量較多的時期，我想說，我們正在繼續研究去年我們看到的客戶活動水平升高的影響以及考慮到我們討論過的許多壓力對行業參與者的影響，我想說的是，與我們過去的評論一致，我們確實預計相對於下降幅度，保留率將更接近去年第四季度的水平與一年前相比，我們看到第三季的保留率。

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 early signs of constructive dialogue.

我們正在看到建設性對話的早期跡象。

I think as I alluded to in the prior question, with the run in AUMs, many of our clients are seeing there revenue improve.

我認為正如我在上一個問題中提到的，隨著資產管理規模的成長，我們的許多客戶都看到收入有所改善。

And so we have seen some encouraging signs, but these things take time to work through the system work into resetting of budget with their clients.

因此，我們看到了一些令人鼓舞的跡象，但這些事情需要時間才能透過系統工作與客戶一起重新設定預算。

And so we are 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。

Your next question comes from the line of Alexander has with JPMorgan.

你的下一個問題來自亞歷山大與摩根大通的對話。

Please go ahead.

請繼續。

Yes, hi, gentlemen.

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

因此，我們已經進行了好幾季的討論，具體圍繞資產管理管道的銷售週期進行討論，你們如何看待內部情況並確保 MSCI 內部不存在產品差距。還是 MSCI 的執行差距？

And then two, as we as analysts look externally, what would you say are the biggest problem metrics are external to MSCI factors that the community contract can assess when that pivot might happen on client budgets.

然後第二點，正如我們分析師從外部觀察的那樣，您認為最大的問題指標是 MSCI 因素的外部因素，社區合約可以評估客戶預算何時可能發生這種轉變。

Yes, thanks for the question, Alex barrier, Sunoco, clearly, when we are making that sort of assessment of the as you alluded to, the competitive situation is is a critical one.

是的，謝謝你的提問，Alex Barrier，Sunoco，顯然，當我們對你提到的進行這種評估時，競爭形勢是至關重要的。

And you know, I don't have enough time here to go product by product or some product, but certainly where we tend to view it as a more of a industry thing, it's either where we may or may not be doing that great ourselves.

你知道，我沒有足夠的時間在這裡逐個產品或某些產品進行介紹，但當然，如果我們傾向於將其視為更多的行業事物，那麼我們自己可能會或可能不會做得那麼出色。

But the competition is doing significantly the worse, and there are some cases of that.

但競爭的情況明顯惡化，並且存在一些這樣的情況。

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

我們可能已經在一些競爭對手發布的一些收益公告中看到了這一點。

So so that's an important indicator for also to be looking at the amount of answers that may arise from client events as opposed to.

因此，這是一個重要的指標，可以用來查看客戶端事件可能產生的答案數量。

So it may be a consolidation and of the kind that we've seen during the course of this year.

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，這是我們做對或錯的事情等類別中的一個重要區別？

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

我認為總的來說，我們在與產品管道和競爭相關的兩個指標方面都擁有高度透明度的良好記錄。

And in terms of the external numbers, you know, we gave a pretty high level of granularity in terms of both at the property, the FTC like and segment level, but even below that and some of the combined combined categories that we have created for genomic analyzed market.

就外部數據而言，您知道，我們在財產、聯邦貿易委員會和細分市場層面都給出了相當高的粒度，但甚至低於這個水平以及我們為之創建的一些組合類別。

So I think that, you know, when we when we look at the sum of all of those things, I think it does help us to what it 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，當我們考慮所有這些因素的總和時，我認為這確實有助於我們應對更具挑戰性的競爭形勢，而這更多是由行業經濟驅動的以及特定客戶群內更廣泛發生的事情。

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

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

Please go ahead.

請繼續。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

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

我只是想進一步探討 ESG 和氣候議題。

There was a reference to a cyclical back prolong subdued demand and strong secular trends.

有人提到週期性回落會延長需求低迷和強勁的長期趨勢。

When do we start to see some of those cyclical headwinds, marketing?

我們什麼時候開始看到一些週期性的逆風，行銷？

What are the things that we should continue to track and that this leadership change and agreeing to on climate?

我們應該繼續追蹤哪些事情，領導層應該改變哪些事情並就氣候問題達成一致？

And does that answer how the defense momentum and ability to buy them climate with the easy thing color on that front?

這是否回答了防禦勢頭和購買它們的能力在這方面如何輕鬆應對的情況？

So look, I think the environment is important to differentiate the secular and cyclical here on a secular basis.

所以看，我認為環境對於在長期基礎上區分長期和週期性很重要。

If you analyze the world, the economic and social world went live in today, it's extremely hard to believe that that's societies around the world.

如果你分析當今的世界，經濟和社會世界，你很難相信這就是世界各地的社會。

Now going to be focused on social issues, environmental issues on governance, visions of the of the entities that are accountable to society.

現在將重點放在社會問題、治理環境問題、對社會負責的實體的願景。

It's just extremely hard to believe that in and highly interconnected, higher lead to a highly interrelated world that Dan and we've seen a lot of that in terms of pensions, social tensions between the core population and the immigrant population of countries with the intentions on in the governance of companies.

很難相信，在高度互聯的世界中，丹和我們已經看到了很多這樣的世界，在退休金、核心人口和移民人口之間的社會緊張局勢方面，有意圖的國家在公司治理方面。

And it was a week doesn't go by without some issues in a company or a non-for-profit or a university.

在公司、非營利組織或大學中，這週總是會出現一些問題。

And of course, you know, is 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，你知道，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 Rob.

所以羅布.

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 is taking his eyes off, has made many of these issues, we believe very strongly at MSCI. that there that focus will come back.

因此，目前世界非常短期地關注貨幣政策和通貨膨脹以及歐洲戰爭和中東潛在的戰爭，並且正在轉移注意力，已經提出了許多這樣的問題，我們在摩根士丹利資本國際公司(MSCI) 堅信這一點。那個焦點將會回來。

We'll come back.

我們會回來的。

If you look at all the underlying trends that I was mentioning, we are in a cyclical drought in a cyclical downturn here, given the reset the regulation in Europe, given the, you know, some of the political events in the US, but, you know, we are a company that focuses on the long term and invest for the long term.

如果你看看我提到的所有潛在趨勢，我們正處於週期性衰退中的周期性乾旱，考慮到歐洲監管的重置，考慮到美國的一些政治事件，但是，你知道，我們是一家著眼長遠、進行長期投資的公司。

And I think that the climate is gradually going to recover probably sooner rather than later would given all the physical events that have taken place in the world and and the SG. will may take a little more time, but they will recover and we will return to higher growth rate.

我認為，考慮到世界上和新加坡發生的所有自然事件，氣候可能會逐漸恢復，而且宜早不宜遲。可能需要更多時間，但它們會恢復，我們將恢復更高的成長率。

So up until therefore, no, 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，到目前為止，我們並沒有放棄這個理念，因為我們 MSCI 完全基於全球投資產業正在發生的長期趨勢。

So so that people may disagree with our assessment, but they know we have been pretty good and having a good track record of pointing out to long-term trends and on how these trends will come back and we don't manage the Company on a quarter-to-quarter basis or year-over-year basis.

因此，人們可能不同意我們的評估，但他們知道我們一直相當不錯，並且在指出長期趨勢以及這些趨勢將如何回歸方面擁有良好的記錄，而且我們不會根據按季計算或按年計算。

We are a long term compounder of earnings growth and revenue growth.

我們是獲利成長和收入成長的長期複合者。

And we believe that this into areas of ESG and climate will provide a maybe a meaningful uplift in our revenues up over time.

我們相信，隨著時間的推移，進入 ESG 和氣候領域可能會顯著提高我們的收入。

That is seen all day.

這是一整天都可以看到的。

It's all predicated on an analysis of global economics, global social issues, global environmental issues.

這一切都是基於對全球經濟、全球社會問題、全球環境問題的分析。

I know that.

我知道。

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 they were 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 going to navigate 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（或在歐洲），焦點將回到我們多元文化社會中的許多社會問題以及公司是什麼。最優秀的人才，以及公司將採取哪些措施來引導低碳轉型。

So all of that, he will go back and we're putting we're beginning to see some of that already in climate or maybe it takes a little longer in the NESG., but we're going to see that happening.

所有這些，他都會回去，我們開始在氣候中看到其中的一些變化，或者在 NESG 中可能需要更長的時間，但我們會看到這種情況發生。

Your next question comes from the line of Scott Searle with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Scott Searle。

Please go ahead.

請繼續。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thank you for taking my question.

感謝您回答我的問題。

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 and 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，你會發現，在有機基礎上，你是實力較強的種植者之一。

So was really just wondering if you can kind of share with us meeting where we are, Joe, 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?

所以我真的只是想知道，喬，您是否可以與我們分享一下您在固定收益、多資產類別分析方面的旅程中我們所處的位置，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？

Thank you.

謝謝。

Sure.

當然。

So thanks to the question, Tom, as you heard in the prepared remarks, I think it was Andy mentioned that fixed income has been an important, very important component.

因此，感謝湯姆的提問，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。

Are we sort of strength and credibility generally across analytics so that there are quite a number of sales where, you know, in very simple terms would I don't think we would have had the same success, you know, let's say, three, five years ago with the capabilities that we had debt.

我們在分析方面是否具有一定的實力和信譽，因此有相當多的銷售，你知道，用非常簡單的術語來說，我認為我們不會取得同樣的成功，你知道，比方說，三個，五年前，憑藉著我們的能力，我們負債累累。

So.

所以。

So so 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 stand-alone basis, the front office and seeing some success with that.

因此，它既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法來直接在獨立的基礎上、前台提供這些固定收益功能，並看到了一些成功。

So as we go forward, we've heard into next year if we can continue to enhance important areas like fixed income performance attribution, which are critical to both sales and retention and analytics, which I think we have you very much the intention and capability of doing that.

因此，在我們前進的過程中，我們聽說明年我們是否可以繼續加強固定收益績效歸因等重要領域，這對銷售、保留和分析都至關重要，我認為我們非常有意願和能力這樣做的。

And then we will believe that this will continue to be a really solid part of some of our of our growth story.

然後我們會相信，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 past invoke sexy thing that moves quickly, but but I think you know, we're developing a reputation for delivering high quality, clearly mostly in fixed income analytics, but also increasingly in fixed income index.

這不是一個過去的、快速變化的性感事物，但我想你知道，我們正在建立提供高品質的聲譽，顯然主要是在固定收益分析方面，但也越來越多地在固定收益指數方面。

So I think in both of those areas, you know, we can expect to that trend to continue.

所以我認為在這兩個領域，我們可以預期這種趨勢將會持續下去。

For sure.

一定。

Your next question comes from the line of currencies to with Autonomous Research.

您的下一個問題來自貨幣系列與自主研究。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

So I'm glad I asked that.

所以我很高興我問了這個問題。

I think with the new leadership in place, kind of wanted to circle back to you and we'll get to come strategy to expand that.

我認為，隨著新領導層的就位，我想再次聯繫您，我們將製定策略來擴大這一範圍。

Mike had a previously accrued during the merger.

麥克之前在合併期間累積了一筆資金。

I can't point out that benchmarking data provider.

我無法指出基準數據提供者。

And I see I have plan to expand into and a compelling transaction benchmarking beta cell is kind of curious to hear your latest thoughts on that topic as well as laying out the kind of investment that you pointed that out to that area.

我發現我有計劃擴展到一個引人注目的交易基準測試單元，我很想聽聽您對該主題的最新想法，以及您向該領域指出的投資類型。

The timing of this expansion?

此次擴張的時機？

Great question.

很好的問題。

Thank you.

謝謝。

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

所以，首先，嗯，你知道我最興奮的是我們打算繼續在私人市場收集更深入、更廣泛的數據，這將極大地豐富我們的分析能力。

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

我們在那裡所做的事情也與我一起擴大我們收集的數據的廣度和深度，這是非常令人興奮的。

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

即使在上週，我也有一些非常令人興奮的演示。

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

我認為在來年，我們將看到這一點的顯著擴展。

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

這意味著我們雙方都可以繼續為LP服務。我認為我們有很大需求的客戶群。

We're growing in the high 10s now, but you know, we would hope to do better there.

我們現在的成長速度在前十位，但你知道，我們希望在那裡做得更好。

I'm not changing the guidance, but where we have 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 by taking all of that new data that we're bringing in, we can do more in and in specific sub-asset class analytics, for example, in private credit or other categories of that private equity, et cetera.

但同樣，透過獲取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，在私人信貸或私募股權的其他類別等方面。

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

然後反過來，我們相信這可以幫助我們在 LP 和 GPU 之間建立一座橋樑，並為更大的 GP 服務。用例。

You also alluded to on 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 really doing them.

因此，我們接管這些基準測試還處於相對早期的階段，而我們確實正在這樣做。

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

我認為憑藉我們的專業知識，與特定用例相關的方面有相當多的增強功能，並且我們正在改進過程中。

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

因此，我再次認為，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 have there and bringing look on board, I think, will also help to drive that strategy for.

因此，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，我認為，加入進來也將有助於推動這項策略。

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

你的下一個問題來自高盛的喬治唐（George Tong）。

Please go ahead.

請繼續。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

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 budgets cancel rates in the quarter, which was also the case in 2Q.

您談到了本季客戶預算收緊的取消率，第二季也是如此。

Can you talk a bit more about what's happened in this quarter to drive this flip and what external conditions you would need to see for trends to improve?

您能否多談談本季發生的事情推動了這一轉變，以及您需要看到哪些外部條件才能改善趨勢？

Sure.

當然。

Hi, George.

嗨，喬治。

That, Andy.

那個，安迪。

So um, I would highlight that the sales remain pretty strong.

所以嗯，我要強調的是，銷售仍然相當強勁。

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

我們看到，特別是在索引和分析等領域，兩個大型特許經營商的銷售情況相當不錯。

We've seen a uptick in cancellations in the third quarter compared to a year year ago.

與去年同期相比，我們發現第三季的取消預訂有所增加。

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

嗯，如您所知，取消訂單可能會逐季波動，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, some of the cancels them that we've been seeing our reflection of the client events that we've seen over the last year.

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，其中一些取消了我們看到的去年客戶活動的反映。

So we're still working through those.

所以我們仍在努力解決這些問題。

And so the combination of improvements in client dialogue translating through to enhanced sales pipeline with us continuing to just work through this lingering cancels them, 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，加上我們繼續努力解決這個揮之不去的問題，我們相信，這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。

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

您的下一個問題來自德意志銀行的 Faiza Alwy。

Please go ahead.

請繼續。

So for Opel to I wanted to ask about a competitive displacement being there in your commentary, I think you were referring specifically to the analytics business and you mentioned several deals where you displaced a competitor.

因此，對於歐寶，我想問您的評論中存在的競爭性取代，我認為您特別指的是分析業務，並且您提到了幾筆取代競爭對手的交易。

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

好奇您是否能為我們提供更多有關永續性的資訊？

And are there any is there a specific product that is leading to these the statement?

是否有特定的產品導致了這些陳述？

Just any additional color that would be helpful.

只要任何有幫助的附加顏色即可。

Sure.

當然。

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

所以，我認為，如果你專注於 ESG 和氣候，我認為有很多數據表明，儘管存在一些不利因素，我們仍在取代競爭對手。

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

例如，我們在 Amea 的運作率仍有 22% 的成長。

So I think that there's plenty of evidence there where I think that are on our position in index is very strong in analytics.

因此，我認為有大量證據表明我們在指數中的地位在分析方面非常強大。

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

你知道，我們有一項長期政策，就是我們不會在這裡指名道姓地談論任何競爭對手。

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

但您知道，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 is on and and generally a bit less.

所以我們很清楚競爭框架是什麼，而且通常要少一點。

So in private markets where we're again, depending on what are the ones you're in a there is there that's at the competitive situation is more fluid.

因此，在我們再次所處的私人市場中，取決於您所在的市場，競爭情況更加不穩定。

So I would say that on overall, we are confident that we are executing well and the competitive framework now clearly, you know, there's always new functionality.

所以我想說，總的來說，我們有信心我們執行得很好，競爭框架現在很明顯，你知道，總是有新功能。

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

我們和我們的競爭對手總是將新功能推向市場。

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

但是，考慮到我們可以獲得的信息，我認為我們對我們在競爭中所做的事情感到很堅定。

Your next question comes from the line of David Motemaden with Evercore.

你的下一個問題來自 David Motemaden 和 Evercore 的對話。

Please go ahead.

請繼續。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Andy and bear.

安迪和熊。

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

談到你們倆都看到了與客戶進行建設性對話的早期跡象，考慮到資產管理規模的成長，這有助於你們客戶的收入提高，也有助於流量的穩定。

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

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

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 varying dynamics across the business.

需要強調的是，我們確實看到了整個企業的動態變化。

We are a 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 and we are with their we know our largest client segment is active asset managers.

因此，情況更加複雜，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 them.

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 that AUM increase year over year.

我們看到資產管理規模逐年增加。

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

這些組織正在尋求成長，他們希望與我們以及我們為他們提供的工具或可以幫助他們成長的工具一起成長。

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, are those are things that should translate through to additional demand that the clients aren't yet.

正如您所提到的以及我們在這裡提到的，這些事情應該會轉化為客戶尚未提出的額外需求。

I'd say in expansionary mode, but they are in early days of constructive mode.

我想說的是擴張模式，但它們正處於建設性模式的早期。

And hopefully, that translates through to the more constructive budget setting for 2025 for us, I do also see strong momentum and other client segments.

希望這能為我們帶來更具建設性的 2025 年預算設定，我也確實看到了強勁的勢頭和其他客戶群。

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

因此，我們在許多大型市場中看到了巨大的成長，而我們今天只是一些較小的網站。

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。

And we've seen strong momentum in areas like insurance companies, asset owners, as they increasingly internalized and become a 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 ABS side.

我們看到了與他們一起成長的巨大機會，這不僅體現在認購方面，也體現在 ABS 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。

Your next question comes from the line of Glen, some Lau with Oppenheimer.

你的下一個問題來自格倫、奧本海默的一些劉。

Please go ahead.

請繼續。

Yes, it's Owen Lau from Oppenheimer.

是的，我是來自奧本海默的 Owen Lau。

Thank you for taking my question.

感謝您回答我的問題。

So on and I let takes up.

如此下去，我就開始了。

I wanted to better understand the message here, but many of the peers talked about type two gig and vendor consolidation.

我想更好地理解這裡的信息，但許多同行都談到了第二類零工和供應商整合。

And I think you also talked about with both of your recurring subscriptions and nonrecurring revenue work with a strong in the third quarter.

我認為您也談到了第三季強勁的經常性訂閱和非經常性收入工作。

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 if you can talk about the outlook of analytics that will be quick.

如果你能談論分析的前景，那會很快。

And then just quickly on lending rate, when I do the math by adding, you're beginning in the lead, takes our subscription run rate to the net new salads.

然後很快就貸款利率，當我通過添加進行數學計算時，您開始處於領先地位，將我們的訂閱運行率帶到淨新沙拉。

I got six, 85 million, but we bought a number was six 91.

我買了6個，8500萬，但我們買的數字是6個91。

It will be great if you can explain the delta here.

如果您能在這裡解釋一下增量，那就太好了。

Thanks.

謝謝。

Sure.

當然。

Sure, dumb.

當然，笨蛋。

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 there being any different than any runaway, great.

因此，就您關於開始運行率加上淨新值的最後一個問題而言，與任何失控的情況有什麼不同，很好。

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

有一些技術項目可能會導致它有所不同，其中最引人注目的是外匯。

So FX movements impacted the overall run rate base.

因此，外匯波動影響了整體運作率基礎。

And so can cause that, that run rate to move by different amounts than the net new addition.

因此，運行率的變化幅度可能與淨新增量的變化幅度不同。

In terms of the growth in analytics, as Paul talked, first about the overall business momentum and what that means for the run rate growth.

就分析的成長而言，正如保羅所說，首先是整體業務動能以及這對運行率成長意味著什麼。

But then I will talk touch on the revenue growth, which that's been elevated for the last several quarters here.

但接下來我會談談營收成長，過去幾季營收成長有所上升。

And I'll talk about what's been driving that.

我將談談是什麼推動了這一點。

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

但從分析角度來看，正如巴里之前提到的，我們確實在許多方面都取得了巨大的成功。

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。

And we see our equity risk models being integrated into many different parts of 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, we also have seen some wins on the back of the improvements we've made in the fixed income offering.

我們在對沖基金方面取得了巨大的成功，但即使是主動型基金經理，我們也看到了由於我們在固定收益產品方面取得的改進而取得的一些勝利。

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 bit more volatile.

這也包括流動性、分析等領域，這些領域往往會受到更多關注，以及風險較高的環境和波動性較大的環境。

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 insight to offering our 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 them for them to work with us.

因此，我們的洞察力提供了我們的風險洞察服務，或不僅讓我們的客戶從我們提供的風險服務中收集更多洞察力，而且使他們與我們合作的效率更高。

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

因此，這對他們來說是雙贏的，他們不僅改進了我們的分析，而且還提高了營運效率。

And so all those things in these environments are helpful.

因此，這些環境中的所有這些東西都是有幫助的。

We have been encouraging.

我們一直在鼓勵。

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

現在在收入方面，我們確實進行了大規模實施，並在第三季上線，這比我們預期的要早。

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

結果，我們的收入大幅追趕。

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

在過去的幾個季度中，我們看到許多大型實施項目上線，這導致它們的收入成長高於我們的運行率成長。

As we've said before, we expect revenue growth to drop to be closer to run rate growth more even in periods, some Curis below that as we begin to compare it 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，我們預期收入成長將下降，甚至在某些時期內更接近運行率成長，當我們開始將其與我們擁有這些大規模實施追趕收入的時期進行比較時，某些時期會低於該水平在過去的一年。

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

您的下一個問題來自 Craig Huber 和胡貝爾研究合作夥伴 (Huber Research Partners)。

Please go ahead.

請繼續。

Yes, hi there.

是的，你好。

I'm new to talk a little bit further about the environment here.

我是新來的，想進一步談談這裡的環境。

And I know you went on and talk about this a lot built, but given how well stock market has done here, not only this year, but last year, given we've said is finally lowering rates here.

我知道你繼續談論了很多這個問題，但考慮到股市的表現有多好，不僅是今年，而且是去年，考慮到我們已經說過最終會降低利率。

Inflation seems like it's much more under control people.

人們似乎更能控制通貨膨脹。

As we all know, a year year-and-a-half ago, two years, we were very worried about the recession in the US at least it has not happened.

眾所周知，一年半前、兩年前，我們非常擔心美國經濟衰退，至少沒有發生。

And most managers you talk to you feel better about the US economy and stuff, but definitely with better AUM numbers out there and stuff.

與你交談的大多數經理都對美國經濟等感覺更好，但肯定有更好的資產管理規模等數據。

Why do you guys keep talking about and thinking and the sensing hearing from your clients, but a tough operating environment or have you because it's still just too early to tell 2025 and having those discussions is, I would think that those discussions in November, December, January that set the budget for next year probably be a lot more positive than they were a year ago.

為什麼你們一直在談論、思考以及客戶的感知，但是營運環境很艱難，因為現在判斷 2025 年還為時過早，我認為這些討論將在 11 月、12 月進行一月份制定的明年預算可能比一年前積極得多。

My question is, what am I missing here?

我的問題是，我在這裡缺少什麼？

Wider things.

更廣泛的事。

So negative delta, what you're hearing from clients with a little bit of green shoots, but nothing great.

如此負面的增量，你從客戶那裡聽到的消息有一點點萌芽，但沒有什麼了不起的。

You're saying, thank you.

你說的是，謝謝你。

No, it's a very insightful question and it cuts across the core of bomb.

不，這是一個非常有洞察力的問題，它切入了炸彈的核心。

Well we've been talking about here is so basically, when you look at the totality of MSCI, we have a number of very strong areas of performance.

嗯，我們在這裡討論的基本上是這樣，當你查看 MSCI 的整體時，我們有許多表現非常強勁的領域。

You have been on the asset base, the business coming out of passive, which is hitting record levels of AUM in ETFs and non-ETF main products on the linked to MSCI in you have significant sales into asset owners into hedge funds into the wealth managers in CPE sales into the insurance client segment.

您一直在資產基礎上，業務擺脫被動，其與 MSCI 相關的 ETF 和非 ETF 主要產品的 AUM 達到創紀錄水平，您向資產所有者、對沖基金、財富管理公司進行了大量銷售保險客戶細分市場的CPE 銷售。

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

在產品方面，顯然，分析的銷售量很大，並且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 or maybe there is an overemphasis on the on the weaker areas or the softer areas of the Company in our 50 plus percent of our subscription run rate is two active asset manager.

我認為，在這次電話會議中，總體而言，或者可能過度強調了公司​​的較弱領域或較軟領域，我們的認購率超過 50% 是兩家活躍的資產管理公司。

Ours who are a segment that is not fully recovered yet from a little, they definitely have had a price increase, so to speak with that would be the global equity markets setting records a and the fund flows are getting better significantly better in the last few quarters.

我們這個細分市場還沒有完全恢復過來，他們的價格肯定有所上漲，可以說，全球股市創下了記錄，並且資金流動在過去幾年中明顯好轉宿舍。

So we should see a mill recovery of the asset of the active asset management segment going into the 25, give it out there.

因此，我們應該看到主動資產管理部門的資產恢復到 25 月份，在那裡進行。

As you rightly pointed out, their budgets are going to be better given the out they know the the return of growth in revenues and in profitability.

正如您正確指出的那樣，鑑於他們知道收入和盈利能力增長的回報，他們的預算將會更好。

But that hasn'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 we know with that hasn't happened yet than the main may or may not happen in the fourth quarter, but we're cautiously optimistic that logic indicates and precedent and indicates that will begin to happen in 25.

因此，我們知道這還沒有發生，主要的情況可能會或可能不會在第四季度發生，但我們對邏輯表明和先例表示謹慎樂觀，並表明這將在 25 年內開始發生。

So that's one area was softness.

所以這就是柔軟度的一個面向。

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

第二個疲軟領域顯然是影片、ESG 和氣候銷售，正如我之前提到的，我們現在正處於週期性低迷之中。

We feel that we're reaching we have reached bottom and ESG. will recover any climate.

我們覺得我們已經觸底，ESG 也已經觸底。將恢復任何氣候。

But you know, it's hard to predict on a quarter-to-quarter basis.

但你知道，很難按季度進行預測。

There are major consolidation plays a little odd that we have achieved in ESG into our away from you know, frankly, continually we have significant sales on ESG into non Asset Management client segments like corporates, for example, NGPs and the like and on climate it or has slowed down.

我們在 ESG 領域取得的重大整合有點奇怪，坦白說，我們不斷在非資產管理客戶細分市場（例如企業、NGP 等）以及氣候方面進行大量銷售。

But the noise temporary, we believe that given the physical and transition risks that are going on in the world and potentially with a focus of the Climate Corp by the UN in Brazil next year, there's going to be a renewed effort in all of that.

但這種噪音是暫時的，我們相信，考慮到世界上正在發生的實際和轉型風險，以及明年聯合國在巴西的氣候公司可能會重點關注的問題，我們將在這一切方面做出新的努力。

So I think data, I don't think you'll get I think you're absolutely right.

所以我認為數據，我認為你不會得到我認為你是絕對正確的。

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

我的意思是，我認為這裡發生的事情並不神秘。

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

我們一直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 shouldn't expect that to get better.

我們不應該期望情況會變得更好。

We should expect that all climate sales maybe to get better.

我們應該預期所有氣候銷售可能都會好轉。

ESGE. will depend on what happens in Omaha in 25.

ESGE。這將取決於25日奧馬哈會發生什麼。

But in all the rest of the company, we're setting records in ABAB. and we're setting records in sales and index.

但在公司的其他部門，我們正在 ABAB 中創造記錄。我們正在創造銷售和指數記錄。

We're setting records in sales in analytics.

我們在分析中創造了銷售記錄。

So there is a little bit of Dubai channel versus on the glass half empty.

所以有一點迪拜頻道與半空的玻璃杯相比。

Obviously in this goal.

顯然在這個目標中。

And I understand why you know on we always do to pointing out what works and what doesn't and sometimes would point out a little more to what is now working through what is working.

我理解為什麼我們總是指出哪些有效、哪些無效，有時會指出更多目前有效的方法和有效的方法。

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

但你必須考慮我們在這裡所採取的平衡方法。

Your next question, stock out there and that question, I'm curious if you could talk about why you didn't decide to raise the expense guidance range for the direct, recognizing you're saying that on higher AUM levels in our conviction at a higher end of the range, um, but just given how the market's performing this year, one asset that up or are you seeing offsetting savings or the environment that gives you some more cautious to invest more on?

你的下一個問題，庫存在那裡，我很好奇你是否能談談為什麼你不決定提高直接費用指導範圍，認識到你說的是在更高的資產管理規模水平上，我們堅信範圍的較高端，嗯，但考慮到今年市場的表現，一項資產的上漲或您是否看到抵消儲蓄或環境讓您更加謹慎地進行更多投資？

Any color there would be helpful.

任何顏色都會有幫助。

Thank you.

謝謝。

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 a ceiling.

正如您所提到的，資產管理規模水準高於我們設定的上限。

Our guidance at the beginning of the year.

我們在年初的指導。

And so as we mentioned, actually 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，實際上保持在這個水平或更高水平，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 are compelling secular opportunity.

我們將其作為繼續推動那些引人注目的長期機會成長的機會。

It's like rules-based index portfolios, private markets, enhancing our position with the front office and analytics, dumb, investing in our architecture and interfaces, including AI capabilities that not only drive internal efficiencies but are powering growth.

這就像基於規則的指數投資組合、私募市場，增強了我們在前台和分析方面的地位，愚蠢地投資於我們的架構和介面，包括人工智慧功能，這些功能不僅可以提高內部效率，而且可以推動增長。

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 I'm driving at stable and continued profitability growth with investing for the long term, and it's a constant and calibration.

但我們不斷平衡我正在推動的穩定和持續的獲利成長與長期投資，這是一個持續和校準。

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 takes 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.

所以這只是我們成本基礎上的微妙動態。

And there are several factors at play that can cause expenses to swing quarter to quarter here.

有幾個因素可能會導致支出逐季度波動。

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

因此，我不會過多地研究一個季度和我們今年的費用指導。

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。

Your next question comes from the line of Russell cloud with Redburn Atlantic.

您的下一個問題來自拉塞爾雲與雷德本大西洋的路線。

Please go ahead.

請繼續。

Good morning.

早安.

Thank you for having me on the reported another strong quarter with mid 10s as run rate revenue growth in the custom until close to 10% of its debt segment run rate revenue.

感謝您讓我報告了另一個強勁的季度，定制業務的運行率收入增長了 10 左右，直到接近其債務部門運行率收入的 10%。

I'm wondering how big you see the opportunity here to be and what's differentiated about MSCI's proposition versus competitors that are also talking about growth here.

我想知道您認為這裡的機會有多大，以及 MSCI 的主張與同樣在這裡談論成長的競爭對手有何不同。

Does this kind of second bots that question?

這種第二個機器人會提出這個問題嗎？

Can you sort of explains what extent if any, growth in this business is sort of cannibalizes opportunities in other parts of the index business and how it affects the overall segment margin from Russell?

您能否解釋一下，該業務的成長在多大程度上蠶食了指數業務其他部分的機會，以及它如何影響羅素的整體部門利潤率？

Thanks for the question.

謝謝你的提問。

Yes.

是的。

So look, we remain very excited about is, 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 clients.

因此，我們仍然對此感到非常興奮，我想說，這不僅僅是一個能力問題，這很重要，而且它也會在不同客戶端的不同用例中發揮作用。

Segment.

部分。

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

因此，我們正在將 Fox 的收購賦予我們自訂索引功能，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 some of what we what we can do, whether that's by different types of calculations, are combinations of different asset classes, eventually, et cetera.

這應該會為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，等等。

So so that 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 from analytics for Parker portfolio, construction and risk factor exposures, all of the enormous topic of climate, it's and indexes adjusted on that basis, which we had in some of our prepared remarks today, the opportunities that those are creating a there are there's quite literally not a client segment that we work with that that doesn't need more of these capabilities, whether they be asset owners, either at the mandate or the and the entire plan level on and 30, even specific use cases, depending on the type of asset owner on 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, um, you know, in well, um, the capabilities of both doing mass customization with index, linking that to ETFs.

因此，我認為我們擁有一些競爭優勢的地方正是因為我們從帕克投資組合分析中獲得的模型、能力和研究、建築和風險因素暴露，以及所有氣候這一巨大主題，它和指數在此基礎上進行了調整，我們在今天準備的一些演講中已經提到，那些正在創造的機會實際上沒有一個我們與之合作的客戶群不需要更多這些功能，無論他們是資產所有者，無論是在授權還是整個計劃層面，甚至是特定的用例，取決於資產管理行業的資產所有者類型，無論是產品還是基準，賣方結構性產品，這對我們來說是一個巨大的機會，我們可以在，嗯，你知道，嗯，嗯，利用指數進行大規模客製化的能力，並將其與ETF 聯繫起來。

I'm building that into the wealth manager platform for wealth management firms to controlled, you know, the risk at scale while customizing portfolios.

我正在將其建置到財富管理公司的財富管理平台中，以便在客製化投資組合的同時控制大規模風險。

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

因此，所有這一切都是我們成長故事中非常非常關鍵和令人興奮的部分。

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

正如我所說，我們正在添加拐點，我們只是在這個通用領域引入新功能，這是在接下來的幾個季度中，進入明年將變得更加重要，並將加快我們的速度市場，將使我們能夠在這一切方面做更多的事情。

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

因此，ITO 很高興回答一個簡短的問題，這對我們來說仍然是一個非常大的機會。

Your next question comes from the line of Gregory Simpson with BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Gregory Simpson。

Please go ahead.

請繼續。

Hi.

你好。

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 that, 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 you see as key to accelerate this backstop?

那麼您認為加速這項支援的關鍵是什麼？

Is it mainly a cyclical issue around real estate transaction activity areas or anything that you called out on the competitive side you're seeing?

這主要是圍繞房地產交易活動領域的周期性問題，還是您在競爭方面所指出的任何問題？

Thank you.

謝謝。

Yes, thanks.

是的，謝謝。

Thanks for the question.

謝謝你的提問。

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

所以看，我認為我們所看到的簡單且主要的挑戰是交易量，這是一個非常簡單的答案。

So there's been there is clearly a significant drop in transaction volume, which is a major part of the revenue drivers here on now we're seeing we're starting to see that pick up on and there are are you know, there is definitely evidence of the room.

因此，交易量明顯大幅下降，這是收入驅動因素的主要部分，現在我們看到我們開始看到這種情況有所回升，你知道，肯定有證據房間的。

We have various research measurement of the spread between basically buyers and sellers in the real estate market that has compressed significantly.

我們對房地產市場上基本上買家和賣家之間的價差進行了各種研究衡量，該價差已顯著壓縮。

We're starting to see the beginning of more transactions on we believe were likely to see that that more in the coming in the coming year.

我們開始看到更多交易的開始，我們相信明年可能會看到更多交易。

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 that you know, we're we didn't put that in our prepared remarks on, but I think we have good grounds to believe that we could the goal of turning the corner in that area in the coming year.

也許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交付過多的部門，你知道，我們沒有把它放在我們的準備好的評論，但我認為我們有充分的理由相信我們可以在來年實現在該領域扭轉局面的目標。

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

您的下一個問題來自瑞銀集團的 Alex Kramm。

Please go ahead.

請繼續。

Yes, Hagen.

是的，哈根。

Just one very quick one on the custom opportunity to just discussed.

只是簡單介紹剛才討論的客製化機會。

Maybe I'm being against a nit picky on the numbers or glass half empty.

也許我反對對數字或半空的玻璃杯挑剔。

But if I look at the run rate that it is closer customer specialized, I think it actually went down a couple of hundred thousand dollars quarter over quarter.

但如果我看看運行率，它更接近客戶專業化，我認為它實際上每季下降了幾十萬美元。

Again, this one water function they would use the broader pressures impacting the business are also impacting customer and specialty packages that are impacting all of our modules.

同樣，這項水功能將使用更廣泛的壓力影響業務，也影響客戶和專業包，從而影響我們所有的模組。

But everything there said holds true.

但那裡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.

這裡要強調的另一件事是氣候。

The custom index is the key growth driver for us in a BF. as well.

客製化索引是我們 BF 的關鍵成長動力。以及。

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，這對訂閱方面有幫助，但它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, we see it in the wealth channel with direct indexing, and we see it even with the ETF provider.

我們看到，在機構被動委託中，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 exciting 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。

So thank you very much, everyone, for joining us today.

非常感謝大家今天加入我們。

And your continued interest in MSCI.

以及您對 MSCI 的持續興趣。

As you can see from the on-label indications we have today and have been prepared remarks and Q&A.

正如您從標籤上的指示中看到的那樣，我們今天已經準備好了評論和問答。

We're intensely focused on delivering innovative products and capabilities to support our clients and grow our wallet share with them in 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.

我們高度專注於提供創新產品和能力來支持我們的客戶，並透過我們堅定的執行力增加我們與他們的錢包份額，這使我們能夠實現非常雄心勃勃的策略，並成為股東價值創造的長期複合者。

Obviously, we always tried to moderate our enthusiasm, moderate our optimism on our books and tourism because we like to show delivery of actual results rather than talk about potential results.

顯然，我們總是試圖緩和我們的熱情，緩和我們對書籍和旅遊業的樂觀態度，因為我們喜歡展示實際結果，而不是談論潛在的結果。

And you saw some of that in this goal.

你在這個進球中看到了其中的一些。

It will be pleased to be mindful of that.

它會很高興注意到這一點。

We look forward to engaging with all of you during the quarter.

我們期待在本季與大家互動。

And an update you on all the exciting things we're doing.

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。

Please wait.

請稍等。

The conference will begin shortly.

會議即將開始。