明晟 (MSCI) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI fourth-quarter 2025 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions) I would now like to turn the call over to Jeremy Ulan, Head of Investor Relations and Treasurer. Sir, you may begin.

各位女士、先生，大家好，歡迎參加MSCI 2025年第四季財報電話會議。再次提醒，本次通話正在錄音。（操作員指示）現在我將把電話交給投資者關係主管兼財務主管傑里米·烏蘭。先生，您可以開始了。

Thank you, and good day, and welcome to the MSCI fourth-quarter 2025 earnings conference call. Earlier this morning, we issued a press release announcing our results for the fourth-quarter 2025. This press release, along with an earnings presentation and brief quarterly update are available on our website, msci.com, under the Investor Relations tab.

謝謝，祝您今天愉快，歡迎參加MSCI 2025年第四季財報電話會議。今天早些時候，我們發布了一份新聞稿，公佈了我們 2025 年第四季的業績。本新聞稿以及收益報告和季度簡要更新可在我們的網站 msci.com 的「投資者關係」標籤下找到。

Let me remind you that this call contains forward-looking statements, which are governed by the language on the second slide of today's presentation. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from the results anticipated in these forward-looking statements.

請容許我提醒各位，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文字約束。請注意，不要過度依賴前瞻性陳述，這些陳述僅代表其作出之日的觀點，基於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，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中預期的結果存在重大差異。

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. During today's call, in addition to results presented on the basis of US GAAP, we also refer to non-GAAP measures. You'll find a reconciliation of our non-GAAP measures to the equivalent GAAP measures in the appendix of the earnings presentation. We will also discuss operating metrics such as run rate and retention rate.

有關其他風險和不確定性的討論，請參閱我們最新的 10-K 表格和我們向美國證券交易委員會提交的其他文件中的風險因素和前瞻性聲明免責聲明。在今天的電話會議中，除了根據美國通用會計準則 (US GAAP) 公佈的結果外，我們還將提及非美國通用會計準則 (non-GAAP) 指標。您可以在收益報告的附錄中找到我們的非GAAP指標與對應的GAAP指標的調節表。我們還將討論營運指標，例如運行率和留存率。

Important information regarding our use of operating metrics such as run rate and retention rate are available in the earnings presentation. On the call today are Henry Fernandez, our Chairman and CEO; Andy Wiechmann, our Chief Financial Officer; and Baer Pettit, our President.

有關我們使用營運指標（例如運行率和留存率）的重要信息，請參閱收益報告。今天參加電話會議的有：董事長兼執行長亨利·費爾南德斯；財務長安迪·維希曼；以及總裁貝爾·佩蒂特。

Lastly, we wanted to remind our analysts to ask one question at a time during the Q&A portion of our call. We do encourage you to ask more questions by adding yourselves back to the queue. With that, let me now turn the call over to Henry Fernandez. Henry?

最後，我們想提醒各位分析師，在電話會議的問答環節，請一次只提一個問題。我們鼓勵您透過重新加入隊列的方式提出更多問題。那麼，現在讓我把電話交給亨利·費爾南德斯。亨利？

Thank you, Jeremy. Good day, everyone, and thank you for joining us today. MSCI is generating impressive momentum across product lines and client segments. Our leadership in the global investment ecosystem and relentless focus on innovation has enabled us to drive a strong financial performance.

謝謝你，傑瑞米。大家好，感謝各位今天收看我們的節目。MSCI在各個產品線和客戶群中都展現了令人矚目的發展動能。我們在全球投資生態系統中的領先地位以及對創新的不懈追求，使我們能夠取得強勁的財務表現。

In the fourth-quarter, we achieved organic revenue growth of over 10%, adjusted EBITDA growth of over 13% and adjusted EPS growth of almost 12% for the quarter and almost 14% for the full year. Our attractive all-weather franchise, client centricity and alignment with favourable long-term secular trends have positioned us to deliver on the long-term growth targets we have set for MSCI.

第四季度，我們實現了超過 10% 的有機收入成長、超過 13% 的調整後 EBITDA 成長和近 12% 的調整後每股盈餘成長，全年成長近 14%。我們極具吸引力的全天候特許經營權、以客戶為中心的理念以及與有利的長期發展趨勢的契合，使我們能夠實現為 MSCI 設定的長期成長目標。

Since MSCI's IPO a little over 18 years ago, we have achieved a compound annual growth rate of nearly 13% for total revenue, nearly 15% for adjusted EBITDA and over 16% for adjusted EPS. In addition, we have now delivered 11 consecutive years of double-digit adjusted EPS growth. We intend to continue with all these records at MSCI for the years and decades to come. In the fourth-quarter and through yesterday, we also bought back nearly $958 million of MSCI shares at an average price of about $560 per share.

自 MSCI 上市 18 年多以來，我們的總收入複合年增長率接近 13%，調整後 EBITDA 複合年增長率接近 15%，調整後每股收益複合年增長率超過 16%。此外，我們已連續11年實現兩位數的調整後每股收益成長。我們計劃在未來的幾年甚至數十年中繼續保持MSCI的所有這些紀錄。在第四季以及昨天，我們也以每股約 560 美元的平均價格回購了近 9.58 億美元的 MSCI 股票。

Over the last two years, we have repurchased almost $3.3 billion of our shares at an average price of $554. As you can see, we have a very strong conviction on the prospects and potential of MSCI, and we believe our franchise remains undervalued.

過去兩年，我們以平均每股 554 美元的價格回購了近 33 億美元的股票。如您所見，我們對 MSCI 的前景和潛力充滿信心，並且我們認為我們的特許經營權仍然被低估了。

In Q4, MSCI's operating metrics included net new subscription sales of $65 million and nonrecurring sales of $31 million, bringing total net sales to over $96 million. Q4 was, in fact, our second best quarter ever for recurring net new subscription sales, and we grew a growth rate of 18%. Across MSCI, our retention rate was over 94% for the full year. All of this resulted in total run rate of over $3.3 billion, growing 13% and comprised of total ABF run rate of $852 million, growing 26% and recurring subscription run rate of over $2.4 billion, growing over 9%.

第四季度，MSCI 的營運指標包括 6,500 萬美元的淨新增訂閱銷售額和 3,100 萬美元的非經常性銷售額，使總淨銷售額超過 9,600 萬美元。事實上，第四季是我們有史以來新增淨訂閱銷售額第二好的季度，成長率達到 18%。MSCI全年客戶留存率超過94%。所有這些最終使總運行率超過 33 億美元，增長了 13%，其中包括 ABF 總運行率 8.52 億美元，增長了 26%，以及經常性訂閱運行率超過 24 億美元，增長了 9% 以上。

Q4 showed how MSCI is using our deep rooted competitive advantages to drive growth. With newer client segments, in particular, we are doubling down on key opportunities while reinforcing our position as the essential intelligence layer of global investing. So for example, our index flywheel is helping clients form thematic baskets, gain global exposures, unlock new distribution channels, launch tradable products, and hedge exposures.

第四季數據顯示了MSCI如何利用我們根深蒂固的競爭優勢來推動成長。尤其是在新興客戶群方面，我們正在加倍投入關鍵機遇，同時鞏固我們作為全球投資領域重要情報層的地位。例如，我們的指數飛輪正在幫助客戶建立主題投資組合、獲得全球投資機會、解鎖新的分銷管道、推出可交易產品以及對沖風險敞口。

In Q4, we delivered our best quarter ever for new recurring subscription sales in Index. Meanwhile, total ETF and non-ETF AUM linked to MSCI indices reached approximately $7 trillion, driven by record inflows into our clients' ETF products linked to MSCI indices, particularly listed ETF products in Europe. In general, asset-based fees remain a consistently strong contributor to our top line with a durable track record of positive annual cash inflows into ETFs linked to MSCI indices every year stretching back more than a decade.

第四季度，我們在 Index 的新經常性訂閱銷售額方面取得了有史以來最好的季度成績。同時，與 MSCI 指數掛鉤的 ETF 和非 ETF 總資產管理規模達到約 7 兆美元，這主要得益於客戶與 MSCI 指數掛鉤的 ETF 產品（尤其是歐洲上市的 ETF 產品）的資金流入創下歷史新高。整體而言，資產管理費一直是公司收入的重要來源，與 MSCI 指數掛鉤的 ETF 每年都有穩定的正現金流入，這項紀錄已持續十餘年。

We also had a strong quarter in Analytics, where we posted our second best Q4 on record for new subscription sales. In Private Capital Solutions, we drove recurring sales growth of 86%, supported by our rollout of innovative new products and landing new client relationships.

我們在分析業務方面也取得了強勁的季度業績，新訂閱銷售額創下了有史以來第二好的第四季紀錄。在私募股權解決方案領域，我們透過推出創新的新產品和建立新的客戶關係，實現了 86% 的經常性銷售成長。

In Sustainability and Climate, our new subscription sales were lower than last year's levels, with particular softness in the Americas. In Sustainability, MSCI is expanding our solutions across all client segments and asset classes to address emerging risks and opportunities that go beyond environmental, social and governance matters. Examples include AI and supply chain disruptions on companies and fixed income instruments in people's portfolios.

在永續發展和氣候領域，我們的新訂閱銷售低於去年的水平，其中美洲地區的銷售尤其疲軟。在永續發展領域，MSCI 正在擴展其解決方案，涵蓋所有客戶群體和資產類別，以應對超越環境、社會和治理問題的新興風險和機會。例如，人工智慧和供應鏈中斷會對公司和人們投資組合中的固定收益工具造成影響。

In climate, MSCI is emphasizing physical risk and energy transition tools that promote consistent standards and a common language across companies, industries, and regions. Physical risk is just one area where we have been leveraging AI to enhance our capabilities with tools such as geospatial asset intelligence. We're also harnessing AI to enhance our solutions in custom indices, risk insights, ESG controversies and private assets.

在氣候領域，MSCI 強調物理風險和能源轉型工具，以促進公司、產業和地區之間統一的標準和通用語言。物理風險只是我們利用人工智慧增強自身能力的一個領域，例如利用地理空間資產智慧等工具。我們也利用人工智慧來增強我們在客製化指數、風險洞察、ESG爭議和私募資產方面的解決方案。

For example, MSCI has decades worth of historical data on private markets, and we're now using AI to process this data in significantly larger volumes and then feed it into our total portfolio insights. Our company-wide total embrace of AI represents a technology power transformation that will increase the value of our tools for clients across the board.

例如，MSCI 擁有數十年的私募市場歷史數據，我們現在正在使用人工智慧來處理更大數量的這些數據，然後將其輸入到我們的整體投資組合洞察中。我們公司全面擁抱人工智慧，代表著一場技術力量的變革，將全面提升我們工具對客戶的價值。

I will now review our Q4 performance among individual client segments. In general, MSCI is unlocking significant opportunities across high-growth client segments. With hedge funds, MSCI delivered 13% subscription run rate growth and 26% recurring net new sales growth. One prominent deal in the quarter was the index rebalancing team at a top global hedge fund for MSCI's new extended custom index module, which spans almost 5,000 custom indices. This highlights the growing appeal of our index product ecosystem and the need for more tools from MSCI.

接下來，我將回顧我們第四季在各個客戶群中的表現。總體而言，MSCI 正在高成長客戶群中釋放巨大的機會。MSCI 對沖基金的訂閱率成長了 13%，經常性淨新增銷售額成長了 26%。本季的一項重要交易是，全球頂級對沖基金的指數再平衡團隊為 MSCI 的新擴展自訂指數模組提供服務，該模組涵蓋近 5,000 個自訂指數。這凸顯了我們指數產品生態系統的日益增長的吸引力，以及MSCI對更多工具的需求。

Moving on to wealth managers. MSCI achieved nearly 11% subscription run rate growth, including 15% recurring sales growth. As we drive further adoption of our index and analytics tools among home offices and wealth platforms of large investment managers.

接下來是財富管理機構。MSCI 的訂閱收入成長率接近 11%，其中經常性銷售額成長率為 15%。隨著我們不斷推動大型投資管理公司的總部和財富平台採用我們的指數和分析工具。

For example, in Asia, we closed two major CIO office deals for our multi-asset class factor models, which helped make 2025 our best year ever in new recurring subscription sales in the wealth segment in APAC. Among asset owners, MSCI posted close to 11% subscription run rate growth along our strongest recurring net new sales growth in five years, driven by private capital solutions and analytics.

例如，在亞洲，我們為多元資產類別因子模型達成了兩項重要的資訊長辦公室交易，這使得 2025 年成為我們在亞太地區財富管理領域新增經常性訂閱銷售額最好的一年。在資產所有者中，MSCI 的訂閱量成長接近 11%，同時實現了五年來最強勁的經常性淨新增銷售額成長，這主要得益於私募資本解決方案和分析業務。

For example, we are seeing rising demand across regions from pension and sovereign wealth funds for our total portfolio solutions spanning public markets, multi-asset classes and especially private markets as clients increase their private asset allocations.

例如，我們看到，隨著客戶增加其私人資產配置，來自各地退休基金和主權財富基金對我們涵蓋公開市場、多元資產類別，尤其是私人市場的全面投資組合解決方案的需求不斷增長。

Shifting to banks and broker-dealers, MSCI delivered subscription run rate growth of over 9% with large deals from index and analytics. The expansion of basket trading among banks has created new opportunities for us given our capabilities in quantitative investment strategies and custom indexing.

MSCI 透過轉向銀行和經紀交易商，實現了超過 9% 的訂閱率成長，其中指數和分析方面的大額交易尤為顯著。鑑於我們在量化投資策略和客製化指數方面的能力，銀行間籃子交易的擴張為我們創造了新的機會。

In Q4, this trend helped MSCI secure a landmark deal for our new basket builder solution with a prominent bank in the Americas. Using our tool, traders can rapidly create a standard and custom index baskets across client and internal workflows with MSCI index content and IP forming a fundamental basis of these baskets.

第四季度，這一趨勢幫助 MSCI 與美洲一家知名銀行就我們的新籃子建立解決方案達成了一項里程碑式的交易。使用我們的工具，交易員可以快速創建標準和自訂指數籃子，涵蓋客戶和內部工作流程，其中 MSCI 指數內容和 IP 構成這些籃子的基本基礎。

Turning finally to active asset managers. MSCI achieved recurring net new sales growth of 13%, primarily driven by index, along with subscription run rate growth of over 7%. Our Q4 results bode well for the gradual recovery of our performance with this important client segment. Active ETF products remain an exciting opportunity for active asset managers and for MSCI. In 2025 alone, MSCI supported our clients' launch of over 50 new fee-generating active ETF products in the market.

最後，我們來看看主動式資產管理公司。MSCI 實現了 13% 的經常性淨新增銷售額成長，主要得益於指數的推動，同時訂閱運行率也成長了 7% 以上。我們第四季度的業績預示著我們在這個重要客戶群中的業績將逐步恢復良好。主動型ETF產品對於主動型資產管理公司和MSCI而言仍然是一個令人興奮的機會。光是在 2025 年，MSCI 就支持我們的客戶在市場上推出了 50 多款新的收費型主動 ETF 產品。

As Q4 demonstrated, we are well positioned to benefit from AI, accelerate innovation and drive adoption of new and existing products for established and emerging client segments while still delivering compounded EPS growth for shareholders. And with that, let me turn things over to Andy. Andy?

正如第四季度所表明的那樣，我們已做好充分準備，從人工智慧中受益，加速創新，推動現有和新興客戶群採用新產品和現有產品，同時還能為股東帶來複合每股收益成長。那麼，接下來就交給安迪吧。安迪？

Thanks, Henry, and hello, everyone. It's great to see the strong momentum across the business. This momentum is supported by our pace of innovation that is fuelling growth across client segments and product areas. Index subscription run rate growth accelerated further to 9.4%, including 16% growth in custom indexes with some key wins among banks and hedge funds, as Henry highlighted. We also had success with asset managers, where index recurring subscription sales growth was nearly 10% and index subscription run rate growth was slightly above 8%, reflecting the expanding usage of our content.

謝謝你，亨利，大家好。很高興看到公司各部門都保持著強勁的發展動能。這項發展勢頭得益於我們不斷加快的創新步伐，從而推動了各個客戶群和產品領域的成長。正如亨利所強調的，指數訂閱運行率增長進一步加速至 9.4%，其中定制指數增長 16%，並在銀行和對沖基金中取得了一些關鍵性的成功。我們在資產管理公司方面也取得了成功，指數經常性訂閱銷售額成長了近 10%，指數訂閱運行率成長略高於 8%，這反映出我們內容的使用範圍不斷擴大。

Index retention remained strong at nearly 96% for the full year and 95% for the quarter. The acceleration in index subscription run rate growth was complemented by asset-based fee run rate growth of 26%. Equity ETFs linked to our indexes captured a record $67 billion of inflows during the quarter, totalling $204 billion for the full year. This growth is driven by extremely strong inflows into ETFs linked to MSCI developed markets ex US indexes, including EFA and World and MSCI Emerging Markets Indexes, where we see large and rapidly expanding ecosystems being established around our indexes.

全年指數留存率維持在近 96%，季度留存率維持在 95%。指數認購運行率成長加速的同時，以資產為基礎的費用運行率也成長了 26%。與我們指數掛鉤的股票 ETF 在本季度獲得了創紀錄的 670 億美元資金流入，全年累計流入資金達 2,040 億美元。這一成長是由流入與 MSCI 已開發市場（除美國外）指數掛鉤的 ETF 的強勁資金所驅動的，包括 EFA 和世界指數以及 MSCI 新興市場指數，我們看到圍繞這些指數正在建立龐大且快速擴張的生態系統。

We see extraordinary runway to fuel those franchises well into the future, and we are extending the ETF agreement with BlackRock through 2035 to solidify that tremendous future growth. To enable this growth, we will lower the fee floors impacting certain superscale ETFs on which we have been capturing a larger share of the overall economics.

我們看到了這些特許經營權在未來很長一段時間內的巨大發展潛力，我們將與貝萊德的 ETF 協議延長至 2035 年，以鞏固這一巨大的未來成長。為了實現這一成長，我們將降低某些超大規模 ETF 的費用底線，而我們一直在這些 ETF 中獲取更大份額的整體經濟收益。

The aggregate impact will translate to be roughly 0.1 basis points based on year-end 2025 AUM levels with roughly a 0.05 basis point decrease on January 1 of this year and another 0.05 basis point decrease on January 1 of next year. Outside of the timing of these adjustments, we expect the fee dynamics to remain consistent with the trajectory we have seen before with respect to our overall ETF basis points. Our close partnership with clients like BlackRock and the shared success we've achieved together position us well to drive enormous upside.

根據 2025 年底的資產管理規模水平，整體影響將約為 0.1 個基點，其中今年 1 月 1 日將下降約 0.05 個基點，明年 1 月 1 日將再下降約 0.05 個基點。除了這些調整的時間安排之外，我們預計費用動態將與我們先前看到的 ETF 整體基點走勢保持一致。我們與貝萊德等客戶的緊密合作關係以及我們共同取得的成功，使我們能夠更好地推動巨大的成長。

In Analytics, we had subscription run rate growth of over 8%, driven by our second highest Q4 ever for recurring sales and higher retention. Recurring sales in Analytics benefited from strong sales of our enterprise risk and performance tools, notably with banks and asset owners in addition to continued momentum with our risk models. In Sustainability and Climate, one of our largest Q4 new subscription deals was with a large European wealth tech firm, positioning MSCI to be the embedded provider of Sustainability Solutions for small- and medium-sized wealth managers in Europe aided by our clients' distribution network. This win drove a meaningful contribution to the product line's new recurring subscription sales in Q4.

在分析方面，我們的訂閱運行率成長超過 8%，這得益於我們第四季度經常性銷售額達到歷史第二高水準以及更高的客戶留存率。分析業務的經常性銷售額受益於我們企業風險和績效工具的強勁銷售，尤其是在銀行和資產所有者方面，此外，我們的風險模型也保持了持續成長動能。在永續發展和氣候領域，我們第四季度最大的新訂閱協議之一是與一家大型歐洲財富科技公司達成的，這使得 MSCI 成為歐洲中小型財富管理公司永續發展解決方案的嵌入式提供商，並藉助我們客戶的分銷網絡提供支援。這場勝利為該產品線在第四季度的新增經常性訂閱銷售額做出了重要貢獻。

In Private Capital Solutions, we saw growth accelerate on the back of closing almost $8 million of new recurring subscription sales in the quarter, an increase of 86% from the prior year. We've seen strong traction with our total plan offering and our transparency data, both of which have benefited from numerous enhancements and new capabilities. In Real Assets, run rate growth was almost 6% with improving retention as well as sales of new solutions.

在私募資本解決方案方面，由於本季新增經常性訂閱銷售額接近 800 萬美元，比上年同期成長了 86%，我們看到成長加速。我們的整體方案和透明度數據都獲得了強勁的反響，這兩項都受益於多次改進和新功能。在實體資產方面，隨著客戶留存率的提高以及新解決方案的銷售，年增長率接近 6%。

Turning to our 2026 guidance, which we published earlier this morning, our expense outlook reflects the powerful operating leverage benefits of our business with continued investment initiatives fuelling future top line growth. I would highlight that CapEx reflects the anticipated build-out of a new London office space as well as increases in software capitalization related to key business investments across products.

回到我們今天早上發布的 2026 年業績指引，我們的支出展望反映了我們業務強大的營運槓桿優勢，持續的投資舉措將推動未來的營收成長。我想強調的是，資本支出反映了預計在倫敦新建辦公空間的建設，以及與各產品關鍵業務投資相關的軟體資本增加。

Our full year tax rate guidance reflects an expected Q1 tax rate of 18% to 20%, which is higher than past years as we will likely have a slight stock-based compensation headwind this quarter. Free cash flow guidance reflects the expectation of approximately $100 million of higher expected cash taxes in 2026 compared to 2025 due to various onetime discrete tax benefits in 2025 and the timing of cash tax payments between '25 and '26. Our capital position remains strong with an ending cash balance of over $515 million at the end of December.

我們全年稅率預期反映出第一季稅率預計為 18% 至 20%，高於往年，因為本季我們可能會面臨一些基於股票的薪酬方面的不利因素。自由現金流指引反映了對 2026 年預計現金稅款比 2025 年增加約 1 億美元的預期，這是由於 2025 年各種一次性離散稅收優惠以及 2025 年和 2026 年現金稅款支付的時間安排所致。截至12月底，我們的資本狀況依然強勁，現金餘額超過5.15億美元。

Subsequently, we have paid down $125 million on our revolver, which now stands at $175 million. We will continue to pay down and draw the revolver in modest amounts from time to time to support our capital uses and optimize interest expense. In summary, MSCI's strong Q4 results are reflective of our mission-critical, durable solutions and our accelerating pace of innovation. We are seeing solid momentum in delivering new products, capabilities, and enhanced go-to-market efforts, and these are translating through to tangible results. We are focused on meeting client needs and enhancing value across client segments by delivering increasingly integrated solutions.

隨後，我們償還了循環信貸中的 1.25 億美元，目前該信貸餘額為 1.75 億美元。我們將繼續償還循環信貸額度，並時不時小額提取，以支持我們的資本用途並優化利息支出。總而言之，MSCI 第四季強勁的業績反映了我們關鍵任務型、持久性解決方案以及我們不斷加快的創新步伐。我們在推出新產品、提升功能和加強市場推廣方面取得了穩步進展，這些進展正在轉化為實際可見的成果。我們致力於滿足客戶需求，並透過提供日益一體化的解決方案來提升各個客戶群的價值。

As we've said in the past, the goal of MSCI is to have a fully integrated company in which each product line benefits from and contributes to every other product line. This will amplify the powerful compounding financial algorithm that has fuelled our business, and we remain committed to delivering the firm-wide long-term targets of low double-digit revenue growth, excluding ABF, adjusted EBITDA expense growth of high single digit to low double digit and adjusted EBITDA growth of low to mid-teens, enabled by the powerful operating leverage of our business.

正如我們過去所說，MSCI 的目標是打造一家完全一體化的公司，讓每條產品線都能從其他產品線中受益並為其做出貢獻。這將增強推動我們業務發展的強大複利財務演算法，我們將繼續致力於實現公司整體的長期目標，即在不計入 ABF 的情況下實現兩位數低段的收入增長，調整後 EBITDA 支出實現個位數高段至兩位數低段的增長，以及調整後 EBITDA 實現兩位數低段至中段的增長，而這一切都得益於我們業務強大的運營作用。

And we expect ABF to be an outsized double-digit grower through cycles and a key driver of the financial algorithm. However, we will no longer maintain product line-specific long-term targets to better reflect our focus on managing our investments across integrated product lines and delivering outsized growth across the company.

我們預計 ABF 將在周期中保持兩位數的超高速成長，並成為金融演算法的關鍵驅動力。然而，我們將不再維持針對特定產品線的長期目標，以更好地反映我們對跨整合產品線管理投資和實現公司整體超額成長的關注。

Lastly, this change will not impact our current reporting, and we will continue to provide the same level of transparency and disclosure with continued reporting along product lines. As you can tell, we are very excited with the strong pipeline and opportunities in front of us, and we look forward to keeping you posted on our progress. Before we open the line for questions, I'll turn it back to Henry, who wants to take a moment to recognize Baer as he approaches retirement.

最後，這項變更不會影響我們目前的報告，我們將繼續提供同等程度的透明度和揭露，並繼續按產品線進行報告。如您所見，我們對目前強大的專案儲備和機會感到非常興奮，並期待隨時向您報告我們的進度。在開放提問環節之前，我先把麥克風交還給亨利，他想藉此機會向即將退休的貝爾表示祝賀。

Thanks, Andy. I want to take this moment to recognize my business partner and friend of 26 years, Baer Pettit, who has played a critical role in turning MSCI into the standard setter we are today. Baer announced his retirement in November, and he will formally step down as President on March 1.

謝謝你，安迪。我想藉此機會感謝我的商業夥伴和朋友貝爾·佩蒂特，我們已經合作了 26 年，他在將 MSCI 打造成今天的行業標準制定者的過程中發揮了至關重要的作用。貝爾去年11月宣布退休，並將於3月1日正式卸任總裁一職。

I know I speak for the entire senior leadership team at MSCI when I say that we will miss him tremendously. Looking ahead, I'm now excited to work with Alvise Munari and Jorge Mina, who many of our shareholders and the analysts that follow us already know very well as we seek to build on MSCI's momentum and deepen our relationships with both newer and more established client segments. And with that, over to you, my very good friend and business partner of many decades, Baer Pettit. Baer?

我知道我代表MSCI的整個高階領導團隊說，我們會非常想念他。展望未來，我很高興能與 Alvise Munari 和 Jorge Mina 合作，我們的許多股東和關注我們的分析師都非常了解他們，我們將努力鞏固 MSCI 的發展勢頭，並加深與新興和成熟客戶群體的關係。那麼，接下來就交給您了，我的好朋友兼幾十年的商業夥伴貝爾·佩蒂特。貝爾？

Thank you, Henry, and greetings to you all on this my final earnings call. As you may doubtless imagine, this is something of a difficult moment for me and one about which I have mixed emotions. Serving as MSCI's President and a member of our Board of Directors has been a tremendous honour and privilege that I could not have imagined when I joined the firm's Head of EMEA coverage over 25 years ago.

謝謝亨利，也向各位問好，這是我最後一次財報電話會議。想必您也能想像到，這對我來說是一個相當艱難的時刻，我對此百感交集。能夠擔任 MSCI 總裁和董事會成員，對我來說是莫大的榮幸和榮耀，這在我 25 多年前加入公司擔任 EMEA 地區主管時是無法想像的。

Not many people get the chance to impact the global investment ecosystem, and I'm grateful to have had the unique opportunity to help lead MSCI's growth and influence on the investment industry. As a long-term owner operator, I was clearly delighted by the Q4 results, which show the resilience of that all-weather franchise, which we have spoken about on numerous occasions on this call.

很少有人有機會影響全球投資生態系統，我很感激能有這樣一個獨特的機會來幫助領導 MSCI 的發展並提升其對投資產業的影響力。作為一名長期經營者，我對第四季度的業績感到非常高興，這表明了我們在這個電話會議上多次談到的全天候特許經營權的韌性。

If there's one thing that has characterized MSCI in the quarter of a century that I've been here, it is the firm's constant ability to reinvent itself and to seek new opportunities in a variety of market and industry context. Many of those opportunities have proven to be extremely resilient and will remain a source of shareholder value for many decades ahead.

在我加入MSCI的這25年裡，如果有什麼特點能夠概括MSCI的現狀，那就是公司不斷自我革新，並在各種市場和產業環境中尋求新的機會。事實證明，其中許多機會都具有極強的韌性，並將繼續在未來幾十年內為股東創造價值。

The highly creative and client-focused teams at MSCI are wired to always keep looking for new opportunities and to drive client value and hence, the growth of the firm. The evolution of MSCI into a truly multi-asset class provider of insight and actionable content for investors and other market participants has not happened overnight.

MSCI 擁有極富創意且以客戶為中心的團隊，他們始終致力於尋找新的機會，為客戶創造價值，從而推動公司的發展。MSCI 向多元資產類別投資者和其他市場參與者提供洞察和可操作內容的真正發展歷程並非一朝一夕之功。

The content and capabilities have grown both through organic investments and the variety of acquisitions with which you are familiar. The great power of the MSCI franchise is rooted in our talented people, who I know will continue to set new standards and drive innovation. It is also grounded in the value that our clients and shareholders derive from the growing number and variety of solutions MSCI deploys. This is what in the past I have referred to as one plus one equals three.

公司的內容和能力透過自身發展和您所熟悉的各種收購而不斷成長。MSCI 集團的強大實力源自於我們才華洋溢的員工，我知道他們將繼續樹立新的標準，推動創新。這也源自於我們的客戶和股東從MSCI部署的解決方案的數量和種類日益增加中獲得的價值。這就是我過去常說的「一加一等於三」。

Notably, it is clear that the efforts that have been put into private markets are really starting to pay off and that this strong combination of public and private markets capabilities will be a key driver of our franchise. And these capabilities create opportunities in a variety of client segments across the globe.

值得注意的是，投入私人市場的努力顯然開始取得成效，公共市場和私人市場能力的這種強大結合將成為我們特許經營權的關鍵驅動力。這些能力為全球各個客戶群創造了機會。

I have no immediate plans ahead of me. It truly has been an amazing journey for which I thank all my colleagues at the firm. I'm certain that as a shareholder, my retirement savings are in good hands and that this great franchise will continue to create value for clients, shareholders, and employees for a long time to come. Thank you very much. And with that, operator, please open the line for questions.

我目前沒有其他計劃。這真是一段奇妙的旅程，我衷心感謝公司裡的所有同事。我確信，作為股東，我的退休儲蓄得到了妥善照顧，而這家優秀的特許經營企業將在未來很長一段時間內繼續為客戶、股東和員工創造價值。非常感謝。接線員，現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Baer, I really wish you all the best. Henry, I wanted to talk about AI. You talked about some of the launches that you made. Which do you think are going to be sort of the most meaningful for adoption in the near or medium term, however you want to frame it? Which clients are showing the most interest? And I guess, what could this mean for your growth rate both in maybe '26, but also even beyond that?

貝爾，我衷心祝福你一切順利。亨利，我想和你談談人工智慧。你談到了你進行的一些產品發布。你認為在短期或中期內，無論你怎麼定義，哪些因素對領養最有意義？哪些客戶表現出最濃厚的興趣？那麼，這對你們在 2026 年乃至更遠時期的成長率意味著什麼呢？

Thank you, Toni. The journey with AI started three, four years ago for us and initially has been extremely focused on creating AI agents to help us with the day-to-day operations of the company. We use AI extensively in applying to understanding controversies, for example, on ESG ratings.

謝謝你，托尼。我們與人工智慧的緣分始於三、四年前，最初我們非常專注於創建人工智慧代理來幫助我們處理公司的日常營運。我們廣泛運用人工智慧來理解爭議，例如ESG評級方面的爭議。

We've been using AI very, very deeply in the gathering of tremendous amount of data in the private markets and private assets and the like. So those are two big examples, but we -- there are about 120, 140 projects that cut across the company in using AI to augment the capacity of our smart and talented employees to leverage their smartness and capabilities.

我們一直在非常深入地使用人工智慧來收集私人市場、私人資產等方面的大量數據。以上是兩個主要例子，但我們——公司內部大約有 120 到 140 個項目，利用人工智慧來增強我們聰明有才華的員工的能力，從而發揮他們的智慧和才能。

Then halfway through it, we started focusing intensely on using AI for products. The first application of it was in our Analytics business in terms of putting AI insights into the portfolios that are running in our servers for our clients, AI insights to understand the performance, the risk, the correlations.

然後，進行到一半的時候，我們開始集中精力將人工智慧應用於產品開發。它的第一個應用是在我們的分析業務中，將人工智慧洞察融入到我們伺服器上為客戶運行的投資組合中，利用人工智慧洞察來了解績效、風險和相關性。

So in a way, it's like adding hundreds of people on people's eyes, in this case, digital people, of course, agents to understand what's going on in the performance of our portfolios and the activities of our clients' portfolios. And therefore, that has taken off. We've had a lot of embrace of what we call AI insights in the Analytics product line. So that's been a big benefit.

從某種意義上說，這就像是給人們的眼睛增加了數百人，在這種情況下，當然是指數字人員，也就是代理人，來了解我們投資組合的表現以及我們客戶投資組合的活動情況。因此，它就此興起。我們在分析產品線中對所謂的 AI 洞察給予了很高的評價。所以這帶來了很大的好處。

Then we look at AI in terms of automating the custom index creation capability. As you know well, we've been working for a couple of years on designing a software application integrated with our production environment to create a large number of very fast custom indices and custom baskets for trading, for investment, for investment products and the like.

然後我們從人工智慧的角度來探討如何實現自訂索引建立的自動化。如您所知，我們幾年來一直在努力設計一款與我們的生產環境整合的軟體應用程序，以創建大量速度非常快的自訂指數和自訂投資組合，用於交易、投資、投資產品等。

One of the things that we realized was a slowdown in that process is the human interaction of understanding the methodology, back testing the methodology and all of that. So we've been training AI agents to do that process much faster than the humans with obviously a lot of human supervision, right? So that is something that is already in place and it's already being rolled out as another example of that.

我們意識到，導致這個過程放緩的原因之一是人與人之間的互動，例如理解方法論、回測方法論等等。所以，我們一直在訓練人工智慧代理，使其在大量人工監督下，比人類更快完成這個過程，對吧？所以，這方面已經落實到位，已經開始推廣，這又是一個例子。

So I think that most of our product lines will benefit enormously with AI agents in terms of either servicing the client or giving insight to the portfolio to our clients or being able to much faster create IP and the like. But I just wanted to highlight two examples on the efficiency side in terms of controversies and data capture and private assets a two examples on the product side. But I could give you 20 other examples in each category, but I just wanted to exemplify the enormous potential.

所以我認為，我們的大多數產品線都將從人工智慧代理中受益匪淺，無論是為客戶提供服務，還是為客戶提供投資組合方面的見解，或者能夠更快地創建知識產權等等。但我只想在效率方面舉兩個例子，分別涉及爭議、資料收集和私有資產；以及在產品方面舉出兩個例子。但我還可以舉出每個類別中的 20 個其他例子，但我只是想舉例說明其巨大的潛力。

The last thing that I would say is still early days in our application of AI across the board in MSCI. And we're extremely excited. The company is turning into a total AI machine, and we think it's a godsend to us, as I've said in the prior call.

最後我想說的是，我們在MSCI全面應用人工智慧方面仍處於早期階段。我們感到無比興奮。公司正在轉型成為一台完全的人工智慧機器，正如我在先前的電話會議中所說，我們認為這對我們來說是天賜之福。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

I wanted to come back to a topic that I think I asked about a couple of times last year, which was this whole idea of international flows picking up and flows moving away from the US. I think we've started to really observe this in the marketplace now. I heard there was a recent asset management conference in Europe where the sentiment was better than it's been in years.

我想回到去年我問過幾次的一個主題，那就是國際流動加劇以及資金流出美國的趨勢。我認為我們現在已經開始在市場上真正觀察到這一點了。我聽說最近在歐洲舉行了一次資產管理會議，會上市場情緒比過去幾年都好。

So it seems like there's excitement growing in your customer base. So wondering if this is actually starting to drive new sales, better conversations? And maybe most importantly, is it giving you better opportunities for maybe pricing a little bit more aggressively?

看來您的客戶群中正在湧現越來越多的熱情。所以我想知道這是否真的開始促進銷售成長，帶來更好的對話？或許最重要的是，它是否能為你提供更好的機會，讓你採取更激進的定價策略？

Thank you, Alex. All of the above for sure. Now we're a subscription business, as you know. So things don't take off immediately the same way that they don't go down immediately. So all of this stuff takes time.

謝謝你，亞歷克斯。以上皆屬實。如您所知，我們現在是一家訂閱制企業。所以事物不會立刻起飛，就像它們不會立刻衰落一樣。所以所有這些都需要時間。

And of course, you -- a lot of what we do is serve the long-term asset owners in the form of pension funds, sovereign wealth funds, endowments, foundations, family offices, and the like. And a lot of those parties don't turn their portfolios on a dime, right? They look at the secular trends; they take their time and all of that. So obviously, as you know well, Alex, the immediate effect has been in the devaluation of the dollar. Obviously, the dollar has been out of favor and people have been selling the dollar and selling dollar assets, as we know.

當然，還有你們——我們所做的工作很多都是為長期資產所有者服務，例如退休基金、主權財富基金、捐贈基金、基金會、家族辦公室等等。而且很多政黨都無法迅速調整投資組合，對吧？他們會關注長期趨勢；他們會花時間仔細研究等等。所以很明顯，正如你所知，亞歷克斯，最直接的影響就是美元貶值。顯然，美元一直不受青睞，人們一直在拋售美元和以美元計價的資產，我們都知道這一點。

And therefore, that has translated into significant flows into MSCI equity indexes that are ex US, developed markets ex US. And likewise, we've seen the revival of emerging markets as well. I mean, we saw Korea hitting an all-time high for a couple of days this week and the like. So we are definitely seeing the benefit of that.

因此，這轉化為大量資金流入MSCI除美國以外的已開發市場股票指數。同樣，我們也看到了新興市場的復甦。我的意思是，我們看到韓國本周有幾天創下了歷史新高等等。所以，我們確實看到了這樣做的好處。

And we're seeing the benefit in the flows, the $200-plus billion of flows into ETF linked to MSCI indices, the ETF of our clients linked to MSCI indices. That is a strong indication that people are putting their assets in non-dollar assets, right, in those dollar securities. So that's another trend.

我們已經從資金流動中看到了好處，超過 2000 億美元的資金流入與 MSCI 指數掛鉤的 ETF，也就是我們客戶與 MSCI 指數掛鉤的 ETF。這有力地表明人們正在將資產投入非美元資產，對吧，也就是投入那些美元證券。這是另一個趨勢。

On the subscription side, we, for sure, have seen a significant uptick in activity in Europe, in EMEA. Evaluating our -- in one of our QBRs last week, we were very pleasantly -- or pleased and surprised to some extent that our run rate in EMEA in Index including subscription and ABF is higher now than the Americas, which is an incredible feat, right, to achieve given the nature of the capital markets in the United States.

在訂閱方面，我們確實看到歐洲、歐洲、中東和非洲地區的活動顯著增加。在上週的季度業務回顧中，我們評估了我們的業績，我們非常高興——或者說在某種程度上感到欣慰和驚訝——我們在歐洲、中東和非洲地區的指數（包括認購和ABF）的運行率現在高於美洲，考慮到美國資本市場的性質，這是一個了不起的成就，對吧。

And that is on two fronts. One, the subscription of our products in EMEA plus obviously, the huge inflow of assets into EMEA listed ETF. I mentioned that in my prepared remarks that we have seen a significant increase in inflows into ETF listed in Europe. So we're seeing that. And we had a very strong quarter in Asia Pacific, obviously, in the fourth-quarter.

這體現在兩個方面。第一，我們在 EMEA 地區的產品認購情況；第二，顯然，大量資產流入 EMEA 上市的 ETF。我在事先準備好的演講稿中提到，我們看到流入歐洲上市ETF的資金顯著增加。所以我們看到了這一點。顯然，我們在亞太地區第四季取得了非常強勁的業績。

Obviously, sometimes it is -- one quarter is very strong. The other quarter may be a little weaker or softer. But I think that we have a very great franchise in APAC, and we're beginning to see significant activity inside APAC, and away from the APAC investors going into dollar assets.

當然，有時候確實如此──某一季度的球隊實力非常強勁。另一季度可能會稍微弱一些或略顯疲軟。但我認為我們在亞太地區擁有非常強大的業務，我們開始看到亞太地區內部出現顯著的活動，而亞太地區的投資者正在轉向投資美元資產。

But it's still very early days in all of this. The great rotation of assets away from dollar assets in the US is just an early analysis. It is too early to tell whether that will continue on a secular basis or it's just cyclical for now, given the geopolitical aspects and the economic aspects, but we're well positioned either way.

但這還處於非常早期的階段。美國資產大規模撤離美元資產的趨勢只是初步分析。考慮到地緣政治和經濟因素，現在判斷這種情況是會長期持續還是只是周期性的還為時過早，但無論如何，我們都處於有利地位。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

This is Brendan on for Manav. Just wanted to ask on the private assets, look like it has its best net new quarter. And it's been -- you've obviously been excited about the opportunity there, but it's been taken some time for it to unfold. But I guess what drove that? And then is this the early innings of a trend do you think? Or is there some kind of onetime item? Or what do you guys see there?

這裡是 Brendan 為 Manav 報道。想問一下關於私募資產的情況，看起來它迎來了最佳淨新增季度。顯然，你對這個機會感到興奮，但這需要一些時間才能實現。但我想知道是什麼原因促成了這件事？那麼，你認為這是某種趨勢的早期階段嗎？或是否有一次性項目？你們在那裡看到了什麼？

Sure, sure. Yes. Thanks, Brendan. It's Andy. So yes, it's been great to see the PCS run rate tick up. We also saw the real asset run rate growth tick up a bit. And we are seeing encouraging trends on a number of the key areas that we've been investing in and building out and enhancing over the last couple of years.

當然，當然。是的。謝謝你，布倫丹。是安迪。是的，看到 PCS 運行率上升真是太好了。我們也看到實際資產運行率略有上升。我們看到，在過去幾年裡，我們在一些關鍵領域進行了投資、建立和改進，這些領域都呈現出令人鼓舞的趨勢。

Maybe just to give a couple of areas of focus and areas where we've seen traction on the PCS side first. The strong sales were around areas like our total plan offering, which we've been really developing and proactively going to market around as well as our transparency offerings. Both of those, we've seen very good momentum on and a pickup in growth rates.

或許可以先提幾個重點領域，以及我們在 PCS 方面取得進展的領域。強勁的銷售業績主要集中在我們的整體方案產品（我們一直在大力開發並積極推向市場）以及透明度產品等領域。這兩個領域都呈現出非常好的發展動能，成長率也出現了上升。

We saw good growth not only in Americas, which, as you know, is a big part of the PCS franchise, but we saw actually tremendous success and traction in EMEA as well. That's been an area we've been intently focused on and building out our go-to-market effort, and we are starting to see some shoots there, which is encouraging. The outlook is positive. We believe this is a massive, massive opportunity for us. We've got a very robust product development pipeline.

我們不僅在美洲市場取得了良好的成長（如您所知，美洲是 PCS 特許經營業務的重要組成部分），而且在歐洲、中東和非洲地區也取得了巨大的成功和發展勢頭。我們一直非常關注這個領域，並努力拓展市場，現在我們已經開始看到一些成效，這令人鼓舞。前景樂觀。我們認為這對我們來說是一個絕佳的機會。我們擁有非常強大的產品開發流程。

And so we've mentioned some of these in the past, but we continually come to market with capabilities and content sets that really don't exist in the market today, and we know there is strong demand for. So things like our recently launched Document Management and SourceView offering. We're seeing significant client interest around that and positions us to do more for clients, so continue to expand the value that we are bringing to them.

因此，我們過去也提到其中的一些，但我們不斷推出目前市場上尚不存在的功能和內容集，而且我們知道市場對這些功能和內容集有著強烈的需求。例如我們最近推出的文件管理和 SourceView 產品。我們看到客戶對此表現出濃厚的興趣，這使我們能夠為客戶提供更多服務，因此我們將繼續擴大我們為客戶帶來的價值。

And by the way, that's something that is enabled by AI as well. And AI has been a key enabler, not only on the data sourcing front, as Henry said, but also expanding the range of capabilities and insights we can give to clients. I would also highlight things like our asset and deal level metrics, things like our suite of indexes, including our private capital -- or sorry, private credit indexes are all things that we're now in a position, I think, to drive that adoption and standardization. And so it is good to see the strong fourth-quarter. We see attractive opportunities ahead of us.

順便說一句，這也是人工智慧實現的。正如亨利所說，人工智慧不僅在數據來源方面發揮了關鍵的推動作用，而且還擴展了我們可以為客戶提供的能力和洞察力的範圍。我還要重點介紹我們的資產和交易層面的指標，以及我們的一系列指數，包括我們的私募資本指數——或者抱歉，是私募信貸指數——我認為，我們現在有能力推動這些指標的採用和標準化。因此，很高興看到第四季表現強勁。我們看到了擺在我們面前的諸多機會。

We see good momentum here and think we can continue to drive that. And we are also getting strong traction with a wide range of partners and distribution channels such that our content and solutions are going to be increasingly accessible and easily usable across a wider range of the ecosystem, and that includes in areas like the wealth channel, which we believe is a big opportunity.

我們看到了良好的發展勢頭，並認為我們可以繼續保持這種勢頭。此外，我們還與眾多合作夥伴和分銷管道建立了良好的合作關係，這將使我們的內容和解決方案在更廣泛的生態系統中越來越容易獲取和使用，包括財富管道等領域，我們認為這是一個巨大的機會。

On the real asset front, definitely some positive signs there. I think we've seen some green shoots in the industry. I think investment rose in the US across nearly all commercial real estate sectors. There are some areas like office and retail, where there is double-digit growth.

在實體資產方面，確實有一些正面的跡象。我認為我們已經看到這個行業出現了一些復甦的跡象。我認為美國幾乎所有商業房地產領域的投資都有所成長。有些領域，例如辦公室和零售業，實現了兩位數的成長。

And we've seen private capital moving from not only institutions, but we've seen private investment dollars coming back in as well. So it's all good signs, and we're seeing that translate through to some early movement. We still got a ways to go, but early movement with our Index Intel offering and traction with our -- some of our new products like our data center product. So early days on that front, but definitely encouraging, but very exciting around the PCS opportunity.

我們看到私人資本不僅從機構流出，而且私人投資資金也在回流。所以這些都是好兆頭，我們已經看到這些好兆頭轉化為一些早期進展。我們還有很長的路要走，但我們的 Index Intel 產品取得了初步進展，我們的一些新產品，如資料中心產品，也獲得了市場認可。目前還處於早期階段，但就調動機會而言，這絕對令人鼓舞，也令人非常興奮。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Andy, I wanted to ask you a question about the free cash flow puts and takes. You obviously called out the $100 million of cash taxes impacting free cash flow. I know you don't guide -- so I was just wondering if you could talk about some other puts and takes like CapEx and interest expense and stuff like that. And I know you don't guide to adjusted net income and EPS, but we all look at free cash flow as a proxy. So is the right way to think about it like on top of free cash flow as that cash tax and the reduction in share count, and we should still get the low to mid-teens EPS growth in '26 in line with the long-term targets?

安迪，我想問你一個關於自由現金流選擇權的問題。你顯然提到了影響自由現金流的 1 億美元現金稅。我知道你不做指導——所以我只是想問你能不能談談其他一些買賣，比如資本支出和利息支出之類的。我知道你們不關注調整後的淨收入和每股盈餘，但我們都以自由現金流為參考指標。所以，正確的思考方式是，除了自由現金流之外，還要考慮現金稅和股份數量的減少，我們仍然應該在 2026 年實現 10% 到 25% 的每股收益增長，這與長期目標一致嗎？

Yes. So I would -- I'd highlight a few things in addition to the cash taxes, which was a meaningful item here. But we've got a couple of sizable timing-related items that are depressing the free cash flow in 2026. But I would highlight that we are projecting strong double-digit collection growth with stable working capital dynamics. So the core fundamental underlying dynamics of the business remain quite healthy.

是的。所以，除了現金稅之外，我還會專注於一些其他事項，而現金稅在這裡是一個很重要的面向。但有一些與時間安排相關的重大事項會抑制 2026 年的自由現金流。但我想強調的是，我們預期收款將實現兩位數的強勁成長，同時營運資本動態保持穩定。因此，該業務的核心基本面依然相當健康。

In addition to the cash taxes, which, as I alluded to, is expected to be roughly $100 million higher than 2026. Part of that relates to some tax payment deferrals from '25 to '26, about $30 million of those and roughly $50 million of onetime discrete benefits in '25.

除了現金稅收之外，正如我之前提到的，預計2026年將比2026年高出約1億美元。其中一部分與 2025 年到 2026 年的一些稅款延期支付有關，約 3000 萬美元，還有 2025 年約 5000 萬美元的一次性離散收益。

But on top of that, we also, as a reminder, issued -- had two debt issuances in the third and fourth-quarters of 2025. Just given the interest payment schedules on those, we had no cash interest payments in '25. So there's going to be a meaningful step-up in the cash interest expense in '26 to the tune of $90 million. And so that creates some noise in that period-to-period comparison. And then the last thing I would highlight, and you see this in the CapEx guidance is we are building out a new London office space.

但除此之外，我們還要提醒大家，我們在 2025 年第三季和第四季發行了兩筆債務。僅就這些貸款的利息支付計劃而言，我們在 2025 年沒有現金利息支付。因此，2026 年現金利息支出將大幅增加 9,000 萬美元。因此，這會在各時期之間的比較中造成一些幹擾。最後我想強調一點，這點在資本支出指導中也有體現，那就是我們正在倫敦建造一個新的辦公空間。

As you know, London is one of our key offices, one of our bigger offices. We are moving locations there, and we'll have meaningful CapEx around that build-out, which will amount to about $25 million of occupancy CapEx.

如您所知，倫敦是我們最重要的辦公地點之一，也是我們規模較大的辦公地點之一。我們將把辦公地點遷至那裡，並將圍繞該建設項目投入大量資本支出，其中入住資本支出約為 2500 萬美元。

Beyond that, we are -- and I alluded to this, we are continuing to invest in software solutions. Henry touched on this, notable investments into custom index and basket builder capabilities, which we're very excited about, many of the PCS capabilities that I just alluded to. And so that also is adding to the CapEx. But those three items are leading to some comparison noise when you look at '25 versus '26. But if you look at top line and cash collections continues to be very healthy.

除此之外，正如我之前提到的，我們將繼續投資軟體解決方案。Henry 也談到了這一點，即對自訂指數和籃子建構器功能的重要投資，我們對此感到非常興奮，以及我剛才提到的許多 PCS 功能。因此，這也增加了資本支出。但是，在比較 2025 年和 2026 年的數據時，這三個因素會導致一些比較誤差。但從營收和現金回收情況來看，情況依然非常好。

And we continue to believe there's a strong trajectory of free cash flow growth going forward here, particularly free cash flow per share.

我們仍然相信，未來自由現金流將保持強勁成長勢頭，尤其是每股自由現金流。

Alexander Hess, JPMorgan.

Alexander Hess，摩根大通。

First of all, Baer, congratulations on your retirement. And yes, congratulations again. I want to maybe ask about the reiteration of the medium-term targets and then some comments, Andy, that you said that about the strength of the pipeline. Can you give us a little bit more color on how you break down that pipeline strength into sort of a cyclical uplift, the mega-trends that have been discussed on the call versus new product innovation? I know that you called out sort of a number that, that was last quarter on new sales.

首先，貝爾，恭喜你退休。是的，再次恭喜。我想問一下關於中期目標的重申，還有，安迪，你剛才提到了管道建設的實力，我想聽聽你的看法。您能否更詳細地解釋一下，您是如何將這種產品線優勢分解為某種週期性增長、電話會議上討論過的宏觀趨勢與新產品創新之間的區別的？我知道你提到過上個季度的新銷售額數據。

But just sort of any color on what's driving that pipeline would be really helpful and how that might convert into the low double-digit target.

但只要能提供一些關於推動這一增長趨勢的因素的信息，以及這些因素如何轉化為兩位數低位目標的信息，都將非常有幫助。

Sure. Yes. So as I mentioned, we're definitely encouraged by the pipeline. Henry alluded to this earlier, but there is an environmental dynamic here on the margin. I think we've seen constructive buying behaviour across many client segments.

當然。是的。正如我剛才提到的，我們對這條管道的進展感到非常鼓舞。亨利之前也提到過這一點，但邊緣地帶存在著一種環境動態。我認為我們已經看到許多客戶群體都表現出了積極的購買行為。

On the margin, we've seen a good degree of confidence on a number of fronts. I think the sustained favourable market momentum is something that does feed into that confidence. And as we mentioned, we saw pretty good results and some improvement in sales and growth with asset managers, which is an area where, listen, we continue to see the secular pressures, and we'll continue to see some of those secular dynamics at play. But we've seen on the margin a slightly healthier environment across asset managers.

從各方面來看，我們都看到了相當程度的信心。我認為持續良好的市場動能確實會增強這種信心。正如我們之前提到的，我們在資產管理方面取得了相當不錯的成績，銷售額和成長也有所改善。在這個領域，我們仍然看到長期壓力，而且我們將繼續看到一些長期動態因素發揮作用。但我們看到，整體而言，資產管理產業的環境略有改善。

But I would highlight, most importantly, as you alluded to, a lot of the momentum we see and the pipeline opportunities are related to the actions that we are taking. And so it does relate to the innovations that we are releasing across the company, our enhancements to client service and go-to-market and our orientation around client segments.

但我想強調的是，正如您所提到的，我們所看到的許多發展勢頭和潛在機會都與我們正在採取的行動有關。因此，這與我們公司正在推出的創新、我們對客戶服務和市場推廣的改進以及我們圍繞客戶群體的定位都息息相關。

I think on all those fronts, we're opening opportunities up in many of these new big client segments as well as within our existing well-established client segment areas. So we're seeing decent momentum on both fronts here. Just to specifically hit your question about new product contribution to sales.

我認為在所有這些方面，我們都在許多新的大客戶群以及我們現有的成熟客戶群中開闢了機會。所以我們看到這兩個方面都取得了不錯的進展。我只想專門回答你關於新產品對銷售額貢獻的問題。

Listen, we saw in 2025, roughly a 20% increase in the contribution to recurring sales from recently introduced products. We continue to see a strong and building pipeline of opportunities related to those new products and those cut across almost every part of the company, but it's something that is definitely creating pipeline opportunities for us. So we're definitely excited.

聽著，我們看到，到 2025 年，新推出的產品對經常性銷售的貢獻將成長約 20%。我們持續看到與這些新產品相關的強勁且不斷成長的機會管道，這些機會幾乎涵蓋公司的各個方面，但這無疑正在為我們創造通路機會。所以我們當然很興奮。

Kelsey Zhu, Autonomous.

Kelsey Zhu，自主。

On ESG, I guess, a while ago, we talked about the regulatory headwinds or regulatory uncertainty in Europe and how that's impacted growth. What are you seeing in that market more recently? And when should we expect ESG to recover in Europe?

關於 ESG，我想，不久前我們討論過歐洲的監管逆風或監管不確定性，以及這對經濟成長的影響。最近你對那個市場有什麼看法？歐洲的ESG何時才能復甦？

So the recovery in Europe is already taking place. No doubt about that. Not at the pace that we wish it will be happening, but it's already taking place. Obviously, it's in the context of a new reality that not everything in terms of performance and portfolio construction needs to be ESG when the pendulum swung too far on that side. The big, big focus is on financial materiality in people's portfolios.

所以歐洲的經濟復甦已經開始了。這點毋庸置疑。雖然速度不如我們預期，但它已經在發生了。顯然，這是在一種新的現實背景下發生的，即當過度偏向 ESG 時，並非所有與績效和投資組合建構相關的內容都需要符合 ESG 標準。人們最關注的是投資組合中的財務實質。

And we're also benefiting from a consolidation of suppliers of ESG data and ratings and analytics into the European market. We alluded to this in the prepared remarks that one of the important sales that took place in Sustainability was this wealth technology platform in which we have -- we become the supplier of choice compared to others, and they've eliminated that other supply. So there is a benefit that we're getting from that.

我們也受惠於ESG數據、評級和分析供應商向歐洲市場的整合。我們在事先準備好的演講稿中提到，在永續發展領域發生的一項重要交易就是我們擁有的這個財富技術平台——我們成為了與其他供應商相比的首選供應商，他們淘汰了其他供應商。所以我們從中確實獲得了一些好處。

I think -- so I'm hopeful and the pipeline indicates that we will continue to grow at a decent clip in Sustainability in Europe. I don't think we have reached bottom yet in the Americas market, in the US market, not in Canada, but in the US, given some of the political sort of undertones in the various states and all of that. So that will continue to be soft. I think we're holding our own, and we're consolidating.

我認為——所以我充滿希望，目前的進展表明，我們在歐洲的可持續發展領域將繼續保持相當可觀的成長速度。我認為美洲市場，尤其是美國市場（不是加拿大，而是美國），還沒有觸底反彈，因為各州都存在一些政治因素等等。所以它會繼續保持柔軟的狀態。我認為我們目前狀況良好，並且正在鞏固優勢。

We're being very aggressive in displacing others in the marketplace, et cetera, but that is going to remain a pretty significant battleground on that. And in APAC, the business never took off totally, and it kind of slowed down a little bit given all the issues around the world. But we've been putting in place new management, new salespeople, new dialogue, and penetration. And I think that it will be a meaningful, maybe not a strong contributor to our Sustainability sales.

我們在市場上積極地排擠其他競爭對手等等，但這仍將是一個相當重要的戰場。在亞太地區，這項業務從未完全起飛，而且由於世界各地的各種問題，業務發展速度有所放緩。但我們一直在引進新的管理團隊、新的銷售人員、新的溝通方式和市場滲透策略。我認為它將對我們的永續發展銷售產生有意義的影響，但可能不會產生顯著的影響。

Now more importantly than all of this, I will say, strategically, is one of the things that is completely dawn on us was that the onset of the ESG revolution, so to speak, was just the early days of understanding emerging nontraditional risks and opportunities and the analysis of securities and then the build-out of portfolios. So as time goes by, we will be using a lot of our expertise and our data and our client relationships to expand the ESG/Sustainability franchise into analysing the effect of other risks in portfolios. And those are obviously, tariffs.

現在，比所有這些都更重要的是，從戰略角度來看，我們完全意識到的一件事是，所謂的 ESG 革命的開始，只是理解新興的非傳統風險和機會、分析證券以及構建投資組合的早期階段。因此，隨著時間的推移，我們將利用我們的大量專業知識、數據和客戶關係，將 ESG/永續發展業務擴展到分析投資組合中其他風險的影響。顯然，這些就是關稅。

We have enough data and capabilities to analyse where companies are producing goods and services, right, and where they're selling them. Supply chain, the effect of AI on companies, we have enough data and are getting much more to analyse the effect of AI. Is it a good thing for a company? Is it a bad thing for a company and the like.

我們擁有足夠的數據和能力來分析公司在哪裡生產商品和服務，以及在哪裡銷售這些商品和服務。供應鏈、人工智慧對公司的影響，我們有足夠的數據，並且正在獲得更多數據來分析人工智慧的影響。這對公司來說是好事嗎？這對公司之類的機構來說是壞事嗎？

So obviously, climate will be the mother of all emerging risks in clients' portfolios. We will be doing that, especially on a physical risk basis. We're really pivoting significantly from not just transition risk, but to physical risk, which is where the big demand is today and especially with shorter-term pools of capital like banks and insurance companies in addition to the longer-term pools of capital. So we're very excited about this area of our business. It is going through a transformation for sure.

顯然，氣候將成為客戶投資組合中所有新興風險之母。我們會這樣做，尤其是在考慮人身風險的情況下。我們確實正在從單純的轉型風險，轉向實體風險，這正是目前最大的需求所在，尤其是在銀行和保險公司等短期資本池以及長期資本池之外。因此，我們對這項業務感到非常興奮。它肯定正在經歷一場變革。

It has slowed down, but we're hopeful that with all the comments that I made plus the pivoting towards other forms of emerging risk, given the franchise that we have and the expertise that this will be a long-term grower for us.

雖然成長放緩，但我們相信，憑藉我之前發表的所有評論，以及我們轉向其他形式的新興風險，考慮到我們擁有的特許經營權和專業知識，這將為我們帶來長期的成長。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Baer, all the best to you going forward. I thought you did a great job. Andy, on the cost side of things, have a couple of quick questions here for you. As you know, the last four years or so 2021 to '24, your Analytics costs were flat, give or take. And then the last two quarters, back half of last year, they're up 11% to 12%.

貝爾，祝你未來一切順利。我覺得你做得很好。安迪，關於費用方面，我有幾個問題想問你。如您所知，在過去的四年左右（2021 年至 2024 年），您的分析成本基本上保持不變。然後，在去年下半年的最後兩個季度，他們的成長率為 11% 到 12%。

Can you just give us a little more understanding about what you guys are investing in there in the Analytics area? And is this -- what should we expect there in 2026? And then my nitpick question on the Sustainability and Climate side of things, your costs there in the fourth-quarter, I guess, were down about 6% year-over-year. Was that just some true-up maybe you did on maybe bonus accruals? Or what happened there? I want to understand that also going forward for Sustainability.

能否詳細介紹一下你們在數據分析領域的投資方向？那麼，我們對 2026 年那裡的情況該抱持著怎樣的期待呢？然後，關於永續發展和氣候方面，我還有一個吹毛求疵的問題，我想說的是，你們第四季的相關成本比去年同期下降了約 6%。那是不是你對獎金累計部分做的一些調整？或是那裡發生了什麼事？我想了解這一點對於未來的永續發展也至關重要。

Sure. Yes. So Craig, on the Analytics side, we can get some natural lumpiness, both on the revenue side and on the expense side and the expenditure side more generally in Analytics. Things that will impact EBITDA expenses, but overall operating expenses as well are things like the level of capitalization that we see in any given period. Expenses like severance, and that's something where we did see some variance, particularly in the fourth-quarter, can cause some swings in period-to-period comparisons.

當然。是的。所以 Craig，在分析方面，無論是在收入方面、支出方面，還是更廣泛地說，在分析的支出方面，我們都可能會遇到一些自然的波動。影響 EBITDA 支出以及整體營運支出的因素包括我們在任何特定時期看到的資本化程度。諸如遣散費之類的支出，尤其是在第四季度，我們確實看到了一些波動，這可能會導致各期間之間的比較出現一些波動。

FX is one that you've probably seen in the past. We do have some meaningful exposure to non-USD employee expenditures on the Analytics side. So FX, especially when you see a depreciating dollar can lead to some expense pressure there. And so a lot of it is just kind of the traditional drivers of lumpiness that we will see. There have been some elevated expenses related to infrastructure investments that we've been making. Again, I wouldn't focus too much on that, but that has been a piece that stepped up.

FX是你以前可能見過的。我們在分析方面確實存在一些非美元員工支出的重要風險敞口。因此，外匯市場，尤其是美元貶值時，可能會導致一些支出壓力。因此，很多時候，我們看到的都是造成市場波動的傳統因素。由於我們在基礎設施投資方面投入了一定資金，因此支出有所增加。再說一遍，我不會太在意這一點，但這確實是其中比較突出的一部分。

We are, as Henry alluded to, making a number of enhancements around our AI insights, many of the capabilities that he alluded to in terms of being able to dynamically build baskets, look at signals -- investment signals on a real-time basis. We've got some very cool projects going on and continue to build out capabilities in other frontiers across our equity analytics and multi-asset class analytics.

正如亨利所暗示的那樣，我們正在圍繞我們的人工智慧洞察力進行多項改進，他提到的許多功能包括能夠動態建立投資組合、查看訊號——即時查看投資訊號。我們正在進行一些非常酷的項目，並將繼續在股票分析和多資產類別分析等其他前沿領域拓展能力。

So I wouldn't focus too much there. And as you know, we don't necessarily solve for -- aren't driving for specific margin or even expense growth rate in any specific segment but continue to allocate just based on where we see the attractive investment opportunities.

所以我覺得沒必要把太多精力放在那方面。如您所知，我們並不一定追求——也不刻意追求任何特定領域的特定利潤率或費用成長率，而是繼續根據我們看到的有吸引力的投資機會進行資源配置。

Yes. On the Sustainability and Climate front, listen, I would say along those same lines, we always manage our expenditures dynamically, and we are proactively allocating based on the opportunities we see and market dynamics. We are continually reallocating to those areas that we think generate the fastest payback and have the highest return.

是的。在永續發展和氣候方面，我想說，我們始終動態地管理支出，並根據我們看到的機會和市場動態積極地進行資源分配。我們會不斷將資金重新分配到我們認為能夠產生最快回報和最高收益的領域。

We continue to invest in definitely key areas in Sustainability and Climate. Henry touched on a number of those areas that we are focused on. But on the margin, there are areas where we're investing less. And so on the full year, you did see roughly flat. I think it was 2% expense growth, as you alluded to in the fourth-quarter, down 6%. So there is some noise around other expenses that can be lumpy, but you can see we are generally growing expenses less in Sustainability and Climate.

我們將繼續在永續發展和氣候等關鍵領域進行投資。亨利談到了我們關注的許多領域。但在某些方面，我們的投資有所減少。因此，全年來看，整體情況大致持平。我認為支出成長了 2%，正如你所提到的，第四季下降了 6%。因此，其他方面的支出可能會出現一些波動，但你可以看到，我們在永續發展和氣候方面的支出總體上增長較少。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

For private asset, you highlighted a number of opportunities there. One of the key themes in this space is tokenization. How does this tokenization trend impact your world or you don't see much of an impact at this point?

對於私募資產，您重點介紹了一些機會。該領域的一個關鍵主題是分詞。這種代幣化趨勢對您的世界有何影響？或者您目前還沒有看到太大的影響？

Sure. Yes. So I think it is potentially a big catalyst for us on a number of fronts. I'd say it hasn't been significant to this point. I think it can have a significant impact on markets and financial products, a number of areas that we are focused on and see big potential.

當然。是的。所以我認為它有可能在很多方面成為我們的重要催化劑。我認為到目前為止，它還沒有產生顯著影響。我認為這可能會對市場和金融產品產生重大影響，而這些領域正是我們關注的重點，也是我們看到巨大潛力的領域。

But your question specifically around private assets, listen, we know there is -- and this is why we are investing in the space and seeing tremendous opportunities. Investors are getting deeper into what is in their portfolios, understanding their risk, what's driving returns, what's the value that managers are providing, how to think about, I'd say, more of a traditional asset allocation across private assets.

但你問的是關於私人資產的具體問題，聽著，我們知道有這樣的機會——這也是我們投資這個領域並看到巨大機會的原因。投資人越來越深入了解他們的投資組合，了解風險、收益驅動因素、基金經理人提供的價值，以及如何更傳統地考慮跨私人資產的資產配置。

And so you see a tendency, especially with more open-ended type vehicle structures and continuation funds that people are more dynamic in how they invest their money across private assets. And it is a cumbersome process today. I think as many of you appreciate, we have seen tremendous growth in the secondary markets there, both secondary funds, but also secondary transactions of LP interest.

因此，你會看到一種趨勢，尤其是在開放式投資工具結構和延續基金方面，人們在投資私人資產方面更加靈活。如今，這是一個繁瑣的過程。我想正如你們許多人所看到的，我們已經看到二級市場出現了巨大的成長，包括二級基金，以及有限合夥人權益的二級交易。

As the world moves towards tokenization and really streamlines ownership transitions, sales and purchases of private assets, it's going to necessitate the need for things that we are investing in, like evaluated prices, like credit risk, like portfolio tools. And so we think tokenization could be a big accelerant for not only the private markets generally, but the tools that we offer.

隨著世界走向代幣化，真正簡化了私有資產的所有權轉移、買賣，這將需要我們投資的那些東西，例如評估價格、信用風險、投資組合工具。因此，我們認為代幣化不僅可以大大加速整個私人市場的發展，還可以加速我們提供的工具的發展。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just wanted to go back to some of the remarks you made on the active asset manager end market. I mean it sounds like there's been a little bit of a shift in tone towards kind of more positive outlook on that end market. So just wondering if you can kind of share a little bit more color on some of the trends you're seeing there and what's driving maybe a little bit more positive sentiment on the outlook there.

我想再次談談您之前對主動資產管理終端市場的一些看法。我的意思是，聽起來人們對終端市場的看法似乎已經發生了一些轉變，變得更加樂觀了。所以，我想問您能否更詳細地介紹您觀察到的一些趨勢，以及是什麼因素推動了人們對前景更加樂觀的看法。

Yes. So clearly, active asset management in a world of high concentration in indices, especially the superscalers and technology have had a tough time performing relative to indices around the world. So we have seen continued outflows, cost pressures, and the like. So what we have done throughout '25 is evaluate which is the best way that we can help this industry. They need us badly in order to return to high growth and profitability. And so I alluded to the move of active portfolios to an ETF wrapper and MSCI can play a very large role in doing that.

是的。顯然，在指數高度集中的世界中，主動資產管理，尤其是超大規模公司和科技公司，相對於世界各地的指數而言，表現一直很艱難。因此，我們看到資金持續外流、成本壓力等等。因此，我們在 2025 年所做的就是評估我們能夠幫助這個行業的最佳方式。他們非常需要我們，才能重回高速成長和獲利軌道。因此，我暗示了主動型投資組合向 ETF 形式的轉變，而 MSCI 可以在這方面發揮非常重要的作用。

Secondly is to help a lot of these clients create investment products so that we are turning -- gradually turning MSCI from a cost center in the -- inside many of these managers to trying to be a profit center, a revenue-producing center, a new product development center. Now not every manager will want us to be as proactive, but we are offering that opportunity to people in that.

其次，我們要幫助許多客戶創造投資產品，以便我們能夠逐步將 MSCI 從許多基金經理人內部的成本中心轉變為利潤中心、收入中心和新產品開發中心。並非所有經理都希望我們如此積極主動，但我們正在為有此意願的人們提供這樣的機會。

We are also helping clients consolidate suppliers into us. We're an extremely reliable, dependable supplier. Many of these active managers have a lot of -- a dozen index suppliers, a dozen analytics suppliers, and all of that, and they can easily consolidate to us.

我們也在幫助客戶將供應商整合到我們這裡。我們是一家極為可靠、值得信賴的供應商。許多主動型基金經理人擁有大量的資源——十幾個指數供應商、十幾個分析供應商等等，他們可以輕鬆地將這些資訊整合到我們這裡。

So that's another initiative that we have and therefore displacing competitors in that area. So it's a gradual process. But the important part, and I think what you're seeing in the results is that we are -- we took a meaningful part of the first half of '25 to say we need to change the way we approach this segment. We cannot continue to be just one more cost pressure on them, and that's bearing a lot of fruits. And the journey is still early, and we believe that we can return to higher growth with them.

所以這是我們推出的另一項舉措，因此在該領域取代了競爭對手。所以這是一個循序漸進的過程。但重要的是，我認為從結果中可以看出，我們——我們在 2025 年上半年投入了大量時間來表明，我們需要改變我們對待這一領域的方式。我們不能繼續為他們增加額外的成本壓力，而這樣做也正在取得豐碩的成果。這段旅程才剛開始，我們相信我們可以和他們一起重返更高的成長軌道。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to ask about the AI efficiencies that you referenced earlier in the call and have referenced previously. So sorry for the two-parter. But one, I'm curious if you're able to potentially quantify some of the benefits from the efficiencies that you're expecting this year and how much incrementally you're able to reinvest in the business?

我想問一下您在通話中早些時候以及之前提到的AI效率問題。非常抱歉分成了兩個部分。但首先，我很好奇您是否能夠量化您預計今年效率提升帶來的一些收益，以及您能夠逐步將多少資金再投資於業務？

And then I guess, longer term, I know you haven't changed sort of your longer-term outlook around profitability, but I'm curious if at some point, this can result in better profitability over time? Or do you think there's just going to be continued reinvestment, whether it's in the form of new products or potentially some pricing gives back to your clients?

然後我想，從長遠來看，我知道您並沒有改變對盈利能力的長期看法，但我很好奇，從長遠來看，這是否會帶來更好的盈利能力？或者您認為公司會繼續進行再投資，無論是以新產品的形式，還是可能以價格優惠的形式回饋客戶？

Yes. So it's definitely a question that necessitates maybe a long answer, but we're going to try to be as brief as possible. We can follow up with you offline. The first thing strategically to recognize is AI is a godsend to us in two directions. The first direction, very importantly, is that through the application of AI, we can lower the run rate of expenses in our existing business. And in doing so, we can then take those savings and put them back into the run rate of investments in what we call the change the business, the new innovation, the new areas. We have enormous opportunities at MSCI, and we are severely handicapped in prosecuting all those opportunities by the size of our investment dollars.

是的。所以這肯定是一個需要長篇大論才能回答的問題，但我們會盡量言簡意賅。我們可以線下聯絡您。首先要從策略角度認識到，人工智慧在兩個方面對我們來說都是天賜之物。第一個非常重要的方向是，透過應用人工智慧，我們可以降低現有業務的營運成本。這樣一來，我們就可以把節省下來的資金重新投入到我們所謂的業務變革、新創新和新領域的投資中。我們在MSCI擁有巨大的機遇，但由於投資資金規模有限，我們在掌握所有這些機會方面受到了嚴重限制。

And we have been extremely disciplined not to take the money out of the profitability of the company. It has to come from the reallocation of cost in the company. So that is something that is beginning to play into the expenses of the company in 2026. It started a little bit in '25, but it's going to play in '26, it's going to accelerate in '27 and then accelerate further in '28 to the point in which we can grow the rate of growth of our organic investments in the company at a much higher pace, probably double the pace that we've been growing so far. So that is a significant opportunity for us.

我們一直非常自律，沒有動用公司的獲利能力來支付這筆費用。這必須透過公司內部成本的重新分配來實現。所以，這開始對公司 2026 年的支出產生影響。2025 年它開始發展，2026 年會有所起色，2027 年會加速發展，2028 年會進一步加速發展，到那時，我們公司有機投資的增長速度可能會比我們目前的增長速度快得多，可能是目前的兩倍。所以這對我們來說是一個重要的機會。

The second one is AI is going to help us accelerate significantly the pace of product introduction because, for example, we've been able to -- through AI and the application of AI to gather much more data and more granular data in private assets.

第二點是，人工智慧將幫助我們大幅加快產品推出的速度，因為例如，我們已經能夠透過人工智慧及其應用，收集更多更細緻的私有資產資料。

And that has allowed us to create terms and conditions of credit in private credit, have been able to help us analyse the holdings of funds so we can create eventually holdings-based private asset indices and things like that. So that's going to accelerate us quite a lot. And since we've never been a big workflow software applications company, AI also will help us accelerate the ability of people to use our content. We have something called at MSCI, how do our clients consume our content? We do analysis of every product line like that.

這使我們能夠制定私人信貸的信貸條款和條件，並能夠幫助我們分析基金的持倉，以便我們最終能夠創建基於持倉的私人資產指數等等。所以這將大大加快我們的進程。而且由於我們從來都不是大型工作流程軟體應用公司，人工智慧也將幫助我們加快人們使用我們內容的能力。在MSCI，我們有一個叫做「客戶如何使用我們的內容？」的問題。我們對每條產品線都進行類似的分析。

And through AI, our clients will be able to consume our content much easily, much broadly than through sort of inflexible sort of workflow applications and the like. So those are a few examples of that. Why don't we take it offline so we can -- our team can tell you more about the quantification of all of this.

透過人工智慧，我們的客戶將能夠比透過不靈活的工作流程應用程式等方式更輕鬆、更廣泛地獲取我們的內容。以上是一些例子。我們為什麼不把它轉到線下，這樣我們的團隊就可以更詳細地向您介紹所有這些的量化情況。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

This is Anna Wu on for George Tong. I wanted to start by extending our congratulations and best wishes to Baer. My question is on cancellations. Can you give us some color on conditions you believe that needs to occur before we might see a sustained reduction in cancellations? And how do you see those underlying dynamics across segments?

這裡是吳安娜，替喬治唐報道。首先，我想向貝爾先生表示祝賀和最美好的祝愿。我的問題是關於取消訂單的。您能否詳細說明一下，您認為需要滿足哪些條件才能持續減少航班取消？您如何看待各個細分市場之間的這些潛在動態？

Yes. Maybe an overarching comment here, and I alluded to this earlier, we are seeing some improvement in overall client dynamics on the margin. Generally, it's relatively consistent. But on the margin in areas like asset managers, even in places like EMEA, we are seeing some improving dynamics. So that's helpful.

是的。這裡或許可以提一個整體性的評論，我之前也提到過，我們看到客戶整體動態在邊際上出現了一些改善。總體而言，它比較穩定。但就資產管理等領域而言，即使在歐洲、中東和非洲地區，我們也看到一些動態正在改善。那很有幫助。

I would say the areas where we see lower retention rates are in -- and you've seen a slightly lower retention rate in Sustainability and Climate. I think Henry alluded to some of the pressures that we're seeing in the Americas on the Sustainability and Climate front.

我認為，我們看到留存率較低的領域是——而你已經看到永續發展和氣候領域的留存率略低。我認為亨利暗示了我們在美洲看到的在永續發展和氣候方面面臨的一些壓力。

And then in real assets, we've seen a slightly lower retention rate, although it has been lumpy and has improved in spots. And as I alluded to, we are seeing some encouraging trends on the real asset front. Outside of that, we, I think, are seeing pretty good engagement from clients. We're seeing overall health improving. And I think a key component of driving the higher retention rates beyond just the environment are the things that we are doing.

而在實體資產方面，我們看到留存率略低，儘管波動較大，並且在某些方面有所改善。正如我之前提到的，我們在實體資產方面看到了一些令人鼓舞的趨勢。除此之外，我認為我們看到了客戶相當積極的參與。我們看到整體健康狀況正在改善。我認為，除了環境因素之外，提高客戶留存率的關鍵因素是我們正在做的事情。

So enhancements to client service, which are resulting in enhanced client satisfaction, improvements in the products that we're releasing and the innovations we talked about, many of which are to facilitate and support price increases.

因此，我們加強了客戶服務，從而提高了客戶滿意度；我們改進了正在發布的產品；我們談到了許多創新，其中許多都是為了促進和支持價格上漲。

And so I'd say we'll continue to see some of the pressures in those same areas. I've mentioned this in the past on the Sustainability and Climate front, on the real asset front, some lingering pressures in parts of the asset management market. But overall, I'd say we've got good momentum, and we're doing the right things to drive strong engagement and retention.

所以我認為，我們也會繼續在這些領域看到一些壓力。我過去在永續發展和氣候方面、在實體資產方面都提到過這一點，資產管理市場的部分領域仍然存在一些持續的壓力。但總的來說，我認為我們勢頭良好，我們正在做正確的事情來提高用戶參與度和留存率。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Andy, in the past, you had mentioned some potentially elevated cancels for asset managers in Europe. I'm wondering if that played any impact on the retention levels this quarter and how you're thinking about that in 2026?

安迪，你之前曾提到歐洲資產管理公司可能會面臨一些較高的取消風險。我想知道這是否對本季的用戶留存率產生了任何影響，以及您對 2026 年的用戶留存率有何看法？

Yes. It's -- listen, building off the last question and my response there. Yes, it has been one of the dynamics that we've seen for the last couple of years actually. We've seen a slightly lower retention rate in EMEA. Just good to mention that.

是的。聽著，這是在上一個問題和我剛才的回答的基礎上展開的。是的，這確實是我們近兩年來一直看到的趨勢之一。我們發現 EMEA 地區的客戶留存率略低。提一下也挺好。

I think we saw a retention rate slightly below 93% in EMEA in Q4 versus a retention rate slightly above 94% in the Americas in Q4. It does bounce around quarter-to-quarter, but generally, we've seen a higher retention rate in the Americas for the last couple of years, and I think that is a reflection of those dynamics that I've alluded to in the past around some of the pressures on asset managers there, some of the M&A transactions that have occurred.

我認為我們在第四季度 EMEA 地區的客戶留存率略低於 93%，而美洲地區的客戶留存率略高於 94%。雖然每季都會有所波動，但總的來說，過去幾年我們在美洲地區的客戶留存率較高，我認為這反映了我過去提到的一些動態，例如資產管理公司面臨的一些壓力以及發生的一些併購交易。

I'd say we're not expecting any pickup in the future. As I alluded to, if anything, we're seeing some improvement in client dynamics on the margin. But I would say we're generally seeing a fairly consistent dynamic on the EMEA front. And that lower retention rate actually, we see it across product lines other than S&C. So Sustainability and Climate does have a higher retention rate in EMEA versus the Americas.

我認為我們預計未來不會有任何提車。正如我之前提到的，我們看到客戶動態方面出現了一些改善。但我認為，整體而言，我們看到歐洲、中東和非洲地區的動態相當穩定。事實上，除了運動與健身產品線之外，我們在其他產品線也看到了這種較低的客戶留存率。因此，永續發展和氣候相關專業的學生在歐洲、中東和非洲地區的留存率高於美洲地區。

But outside of that, we see a slightly lower retention rate in EMEA versus the Americas. So I'd say no notable change in dynamics, if anything, slight improvement on that front.

但除此之外，我們發現 EMEA 地區的顧客留存率略低於美洲地區。所以我覺得動態方面沒有明顯變化，如果有什麼變化的話，那就是在這方面略有改進。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious if you could help reiterate what's driving the strength in index recurring subscription revenue outside of asset managers. Is there any way to help like stack rank what those drivers are and just your level of confidence in those continuing?

我想請您幫忙重申一下，除了資產管理公司之外，是什麼因素推動了指數經常性訂閱收入的強勁成長。有沒有辦法對這些驅動因素進行排名，以及你對這些驅動因素持續存在的信心程度？

Sure. Yes, it is multifaceted. But at the highest level, we are seeing a move in the investment industry, and this is one of the most powerful trends impacting the investment industry is a move towards personalization, customization, customized outcomes, custom portfolios. And index is a very efficient and effective mechanism to reflect a specific investment view, investment objective, or a strategy that an investment industry participant has. And so that is underlying the opportunities we see across the new products we're releasing, existing products that we have as well as the client segments that we're going after.

當然。是的，它涉及多個方面。但從最高層面來看，我們正在看到投資產業轉變，而影響投資產業的最強大趨勢之一就是朝著個人化、客製化、客製化結果、客製化投資組合的方向發展。指數是一種非常有效率的機制，可以反映投資產業參與者的特定投資觀點、投資目標或策略。因此，這就是我們在即將推出的新產品、現有產品以及我們正在瞄準的客戶群中所看到的機會的根本所在。

Maybe to tackle your question along client segment lines, our highest growth client segment has been and in the fourth-quarter was hedge funds. You've heard us talk a lot about the trading ecosystem and opportunity with hedge funds, broker-dealers, trading firms. That growth is being fuelled by their thirst for content. That's content to help them better understand markets better, better understand our indexes.

或許可以從客戶細分的角度來回答您的問題，我們成長最快的客戶群一直是（第四季也是）對沖基金。你們已經聽我們多次談到對沖基金、經紀交易商、交易公司等的交易生態系統和機會。這種成長是由他們對內容的渴望所推動的。這樣做是為了幫助他們更了解市場，更了解我們的指數。

They are increasingly looking for more content sets that we're actively releasing that ultimately help them navigate the markets and capitalize on opportunities more effectively. And so we saw 19% growth with hedge funds in the fourth-quarter. We saw 10% growth with broker-dealers.

他們越來越希望獲得更多我們積極發布的內容，這些內容最終能夠幫助他們更有效地駕馭市場並抓住機會。因此，我們看到對沖基金在第四季度增長了 19%。我們看到經紀交易商的業務成長了10%。

And related to that, we see broker-dealers developing things like over-the-counter derivatives, index-linked swaps, structured products as tools to help their clients, whether those are institutions or even high net worth individuals achieve specific investment objectives and risk and return and exposure objectives across their portfolio.

與此相關的是，我們看到經紀交易商正在開發場外衍生性商品、指數掛鉤互換、結構化產品等工具，以幫助他們的客戶（無論是機構還是高淨值人士）實現其投資組合的特定投資目標、風險和回報目標以及風險敞口目標。

And then even on asset managers and asset owners, when you look at the growth we've seen there, it is -- and the growth is, I think, 8% on both asset managers and asset owners and index. It is licensing more content from us across more parts of their organization and more use cases, and they are just finding more utility in the breadth of content and tools that we are providing on the index front that enable them to achieve their specific objectives via index portfolios.

即使是資產管理公司和資產所有者，當你觀察我們所看到的成長時，你會發現——我認為，資產管理公司、資產所有者和指數的成長率都達到了 8%。他們正在向其組織內的更多部門和更多用例授權更多內容，並且他們發現我們在指數方面提供的廣泛內容和工具更有用，使他們能夠透過指數投資組合實現其特定目標。

And so I'd say broadly, it's being fuelled by this need and demand for custom outcomes, we're feeding that with our existing Index IP, but also more and more custom indexes. Henry alluded to some of the new capabilities that we are releasing now and on the verge of releasing over the coming quarters, things like our Basket Builder, advancements on the custom index front that allow clients to actually directly interact with and back test portfolios and build their outcomes. We think that's going to unlock massive opportunities.

因此，總的來說，我認為這種需求推動了客製化成果的發展，我們不僅利用現有的索引知識產權來滿足這種需求，還利用越來越多的客製化索引來滿足這種需求。亨利提到了一些我們正在推出和即將在未來幾個季度推出的新功能，例如我們的籃子構建器，以及在自定義指數方面的進步，這些進步允許客戶直接與投資組合進行交互和回測，並構建他們的結果。我們認為這將帶來巨大的機會。

So listen, in the near term, we're fuelling the growth, you're seeing nice growth, and we have been for several years with the trading ecosystem buying more content, but we're seeing elevated growth and enhancing opportunities across all parts of the investment ecosystem to use our index content. So I'd say it's a very compelling opportunity and part of the reason we remain so bullish and excited about the future.

所以聽著，短期內，我們正在推動成長，你們也看到了良好的成長，而且多年來，隨著交易生態系統購買更多內容，我們一直在這樣做，但我們看到的是更高的成長，以及投資生態系統各個部分使用我們指數內容的機會的增加。所以我認為這是一個非常誘人的機會，也是我們對未來依然如此樂觀和興奮的部分原因。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Sounded like you wanted some follow-ups, so hear this. Now this is a quick one, and it's actually a follow-up to my earlier question. I think Henry suggested that you are having a little bit more pricing power as the environment has gotten better. So maybe for you, Andy, any more meat you can put around this? I think in the past, you've talked about contribution from pricing, et cetera. So maybe a little bit more in terms of 2026, what are you expecting across the different segments?

聽起來你想要一些後續消息，所以請聽我說。這是一個簡短的問題，實際上是對我之前問題的後續。我認為亨利的意思是，隨著環境的改善，你們的定價權也稍微增強了一些。所以，安迪，你還能補充一些內容嗎？我認為你過去曾談到定價等方面的貢獻。那麼，展望2026年，您對各個細分市場有何預期？

Yes. I would say, generally, the contribution from price increase has been relatively stable. There are puts and takes across the business based on innovations, enhancements we make to existing services, client health, and usage of our tools. And as I've alluded to before, there are certain areas or Henry talked about it in areas like S&C where the health does vary in different geographies. But overall, we've seen a relatively stable contribution from price increases.

是的。總的來說，我認為價格上漲帶來的貢獻相對穩定。業務的各個方面都會根據創新、我們對現有服務的改進、客戶健康狀況以及我們工具的使用情況而有所取捨。正如我之前提到的，在某些領域，或者像亨利在體能訓練領域談到的那樣，不同地區的健康狀況確實有所不同。但總體而言，我們看到價格上漲帶來的貢獻相對穩定。

As you're asking about, and I think I alluded to this back in December, and we've mentioned before, the enhancements we are making on many fronts, we are monetizing through price increases. And so that's something that's not only supporting up sales, but price increases.

正如您所問，我想我在去年 12 月也提到過，我們之前也提到過，我們在很多方面進行的改進，都是透過提高價格來實現盈利的。因此，這不僅支撐了銷售成長，也推高了價格。

So I would say there's some nice sustainability and durability to our ability to continue to increase price because we are significantly enhancing the value that our clients get from our tools. And this is an area where AI is particularly exciting, where it's allowing our clients to do more with the services we provide and be more efficient in how they operate. And those should allow us to continue to unlock commercial value through price increases over time.

所以我認為，我們能夠繼續提高價格具有良好的可持續性和持久性，因為我們正在顯著提高客戶從我們的工具中獲得的價值。人工智慧在這一領域尤其令人興奮，它使我們的客戶能夠更好地利用我們提供的服務，並在營運方式上更有效率。而這些措施應該能夠讓我們透過價格上漲不斷釋放商業價值。

And I'd now like to hand the program back to Henry Fernandez, Chairman and CEO, for any further remarks.

現在我謹將節目交還給董事長兼執行長亨利·費爾南德斯，請他再作發言。

So thank you, everyone, for joining us today. As we have described this morning, MSCI's all-weather franchise helped us complete another strong year of underlying business performance and attractive margins. We are also building momentum in the company in terms of creatively and aggressively selling across all client segments what we currently have.

謝謝大家今天蒞臨本節目。正如我們今天早上所描述的那樣，MSCI 的全天候業務模式幫助我們又完成了一年強勁的基本業務表現和可觀的利潤率。我們也在公司內部積蓄力量，積極創新地向所有客戶群銷售我們目前擁有的產品。

And the new product machine and the new innovation mode of MSCI is getting into high gear, and that will help us continue the momentum that we have generated in the last two quarters. It feels like we kind of bottom out in the second-quarter of last year.

MSCI的新產品開發機制和新的創新模式正在高速運轉，這將有助於我們延續過去兩季所取得的成長動能。感覺我們去年第二季跌到谷底了。

Obviously, too early to tell at this point, but we feel pretty confident and pretty encouraged by the pace of innovation, the pace of selling, the dialogue with clients, the market drop and for sure, the level of innovation and product launches that we are achieving. I'd like to take this opportunity one more time to thank my long-time friend and business partner, Baer.

顯然，現在下結論還為時過早，但我們對創新速度、銷售速度、與客戶的對話、市場下滑以及我們所取得的創新水平和產品發布都感到非常有信心和鼓舞。我想藉此機會再次感謝我的老朋友和商業夥伴貝爾。

MSCI would not be what it is today without Baer, your contributions, your leadership, your dedication, your owner-operator mentality. We wish you great happiness and fulfilment and good health in your retirement. And we, for sure, will be taking care of your retirement dollars here and make them multiply. So with that, again, I'd like to thank everyone.

如果沒有貝爾先生，沒有您的貢獻、領導、奉獻和自主經營精神，MSCI就不會有今天的成就。祝您退休生活幸福美滿，身體健康。我們一定會好好照顧您的退休金，並讓它增值。最後，我再次感謝大家。

And thank you, Henry, for your partnership, an incredible leadership, which I'm very confident will continue.

亨利，感謝你的合作和卓越的領導才能，我相信你將繼續保持這種優秀的領導。

Thank you. Thank you all.

謝謝。謝謝大家。

Thank you, ladies, and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。