標普全球 (SPGI) 2013 Q1 法說會逐字稿

Good morning and welcome to The McGraw-Hill Companies conference call. I would like to inform you this call is being recorded for broadcast. All participants are on a listen-only mode. We will open the conference to question and answers after the presentation, and instructions will follow at that time.

早安，歡迎參加 The McGraw-Hill Companies 的電話會議。我想提醒各位，本次通話將被錄音以供播出。所有與會者目前皆為僅收聽模式。簡報結束後我們將開放提問與回答，屆時將提供相關指示。

To access the webcast and slides, go to www.McGraw-Hill.com and click on the link for the first-quarter earnings webcast. If you are listening by telephone, please note that there is an option available to synchronize the presenters' slides to your telephone instead of the computer. After you log into the guestbook, you will see two windows side by side in the webcast viewer. Along the bottom of the left-hand window, click the gear icon and select Live Phone from the list; a line will appear over the sound icon, indicating that sound has been disabled through your computer's speakers. (Operator Instructions)

如需收看網路直播與投影片，請至 www.McGraw-Hill.com，並點選第一季財報網路直播連結。若您以電話收聽，請注意可選擇將簡報者的投影片與您的電話同步，而非透過電腦。登入訪客簿後，您會在網路直播檢視器中看到並排的兩個視窗。在左側視窗底部，點選齒輪圖示並從清單中選擇 Live Phone；此時音效圖示上會出現一條線，表示已停用電腦喇叭的聲音輸出。(接線員指示)

I would now like to introduce Mr. Chip Merritt, Vice President of Investor Relations for The McGraw-Hill Companies. Sir, you may begin.

現在我想介紹 The McGraw-Hill Companies 投資人關係副總裁 Chip Merritt 先生。先生，您可以開始了。

Thank you. And thank you for joining us for our first-quarter 2013 earnings call. We apologize for any technical difficulties you may have had this morning. If you are still not seeing the slides, please refresh your screen; I am told that that will get you through.

謝謝。也感謝各位參加我們 2013 年第一季財報電話會議。對於各位今早可能遇到的任何技術問題，我們深感抱歉。若您仍看不到投影片，請重新整理畫面；據我所知，這樣就能順利顯示。

Presenting on this morning's call are Harold McGraw the Third, Chairman, President, and CEO, and Jack Callahan, Chief Financial Officer. Also joining us is Ken Vittor, our General Counsel.

今天早上的電話會議由董事長、總裁暨執行長 Harold McGraw the Third，以及財務長 Jack Callahan 進行簡報。同時與會的還有我們的總法律顧問 Ken Vittor。

This morning we issued a news release with our results. I trust you have all had a chance to review the release. If you need a copy of the release and financial schedules, they can be downloaded at www.McGraw-Hill.com.

今天早上我們已發布新聞稿公布業績結果。我相信各位都已經有機會閱讀該新聞稿。若您需要新聞稿與財務附表，可至 www.McGraw-Hill.com 下載。

In today's earnings release and during the conference call we are providing adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the Corporation's operating performance between periods and to view the Corporation's business from the same perspective as management's. The earnings release contains exhibits that reconcile the difference between the non-GAAP measures and the comparable financial measures, calculated in accordance with US GAAP. The results also reflect the classification of McGraw-Hill Education as a discontinued operation.

在今天的財報新聞稿以及本次電話會議中，我們提供經調整的財務資訊。提供此資訊是為了讓投資人能在各期間之間對本公司的營運表現進行有意義的比較，並以與管理階層相同的角度檢視本公司的業務。財報新聞稿包含附表，用以調節非 GAAP 指標與依照美國 GAAP 計算之可比較財務指標之間的差異。本次結果亦反映將 McGraw-Hill Education 分類為停業單位。

Before we begin I need to provide certain cautionary remarks about forward-looking statements. Except for historical information, the matters discussed in the teleconference may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. Any such statements 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 results anticipated in these forward-looking statements. In this regard, we direct listeners to the cautionary statements contained in our Form 10-Ks, 10-Qs, and other periodic reports filed with the U.S. Securities and Exchange Commission.

在開始之前，我需要就前瞻性陳述提供若干警示性說明。除歷史資訊外，本次電話會議所討論事項可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括預測、估計及對未來事件的描述。任何此類陳述均基於目前的預期與當前經濟狀況，並受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所預期的結果出現重大差異。就此，我們提醒聽眾參閱我們向美國證券交易委員會提交的 Form 10-K、10-Q 及其他定期報告中所載的警示性聲明。

We are aware that we do have some media representatives with us on the call; however, this call is intended for investors. We would ask that the questions from the media be directed to Jason Feuchtwanger in our New York office at 212-512-3151 subsequent to this call.

我們知道本次通話中也有部分媒體代表；然而，本次電話會議的對象是投資人。我們請媒體的提問在本次通話結束後，改向我們紐約辦公室的 Jason Feuchtwanger 洽詢，電話為 212-512-3151。

Now I would like to turn the call over to Harold McGraw the Third. Terry?

現在我想把電話交給 Harold McGraw the Third。Terry？

Okay. Thank you, Chip, and good morning, everyone. Obviously, thanks for being with us and welcome to today's conference call.

好的。謝謝你，Chip，各位早安。很明顯地，感謝各位與會，也歡迎參加今天的電話會議。

Today we report the first-quarter earnings of our first year as a new Company, McGraw Hill Financial. By the way, approval of our new name is anticipated at the Annual Meeting of Shareholders tomorrow. The new names characterizes our unique set of businesses.

今天我們公布作為新公司 McGraw Hill Financial 的第一年之第一季盈餘。順帶一提，我們預期明天的年度股東大會將核准我們的新公司名稱。這個新名稱體現了我們獨特的業務組合。

McGraw Hill Financial is a Company that, since its founding in 1888, has continuously responded with innovative new products to satisfy the evolving needs of the marketplace. Along with our new name we will be introducing a new ticker symbol on May 14, and that is MHFI; and our stock will continue to trade, obviously, on the New York Stock Exchange. To celebrate this symbolic change we will be raining the closing bell at the New York Stock Exchange on the 14th.

McGraw Hill Financial 自 1888 年創立以來，持續以創新產品回應市場不斷演變的需求。配合新名稱，我們將於 5 月 14 日啟用新的股票代號 MHFI；而我們的股票顯然仍將在紐約證券交易所交易。為了慶祝這項象徵性的變更，我們將於 14 日在紐約證券交易所敲響收盤鐘。

McGraw Hill Financial is a Company that provides essential intelligence to the markets it serves. Our vision is to be the foremost provider of ratings, benchmarks, analytics in the global capital and commodity markets. We will promote sustainable growth by bringing transparency and independent insights to the global capital and commodity markets.

McGraw Hill Financial 為其所服務的市場提供關鍵情報。我們的願景是成為全球資本與大宗商品市場中，評等、基準與分析的首要供應商。我們將透過為全球資本與大宗商品市場帶來透明度與獨立洞見，促進永續成長。

We are fortunate to have assembled, through our own innovation as well as through various acquisitions, a unique set of businesses. We have iconic brands and leading market positions in growing markets around the world. We are experts in creating and monetizing benchmarks such as the S&P 500, the dated Brent oil price, the J.D. Power Customer Satisfaction Award, and of course an S&P credit rating.

我們很幸運，透過自身創新以及各項併購，建立了一套獨特的業務組合。我們在全球成長中的市場擁有指標性品牌與領先的市場地位。我們擅長創造並將基準商品化（變現），例如 S&P 500 指數、布蘭特原油即期（dated Brent）價格、J.D. Power 客戶滿意度獎，當然還有 S&P 信用評等。

Our benchmarks are integral to our customers' commerce and, unlike many other businesses, have remarkable perpetuity. These businesses require minimal capital investment while generating substantial cash flow. We as stewards of the shareholders have demonstrated our commitment to maximizing shareholder value through thoughtful deployment of that cash towards targeted acquisitions, dividends, share repurchases, and so forth.

我們的基準已深度融入客戶的商業活動中，且不同於許多其他業務，具有顯著的長期延續性。這些業務所需資本投資極少，卻能產生可觀的現金流。作為股東的受託管理者，我們已透過審慎運用這些現金於目標性併購、股利、庫藏股回購等，展現我們致力於最大化股東價值的承諾。

We are excited about our new Company and are eager to launch it to the financial world. To that end, we will be launching a new branding campaign in the fall to inform the markets about McGraw Hill Financial and, as this slide depicts, one of the posters that will be prominently displayed as part of that campaign.

我們對新公司感到振奮，並迫不及待要將其推向金融市場。為此，我們將於秋季推出新的品牌行銷活動，向市場介紹 McGraw Hill Financial；如本投影片所示，這是該活動中將被醒目展示的其中一張海報。

Okay, let me now turn to the financial performance during the first quarter. Our full-year 2013 guidance called for high single-digit revenue growth and approximately 15% diluted adjusted EPS growth. However, during the first quarter we delivered 14% revenue growth and 29% diluted adjusted EPS growth, up to $0.80 per share.

好的，接下來我談第一季的財務表現。我們對 2013 年全年的指引為營收高個位數成長，以及約 15% 的稀釋後經調整 EPS 成長。然而，第一季我們達成 14% 的營收成長，以及 29% 的稀釋後經調整 EPS 成長，提升至每股 0.80 美元。

While we are clearly off to a solid start, keep in mind that comparisons will become a bit more difficult because in each quarter of 2012 we delivered sequential increases in revenue and diluted earnings per share. But we are very pleased with the start to this year.

雖然我們顯然有個穩健的開局，但請記住，由於 2012 年每一季我們的營收與稀釋後每股盈餘皆呈現逐季增加，因此比較基期將會變得稍微更具挑戰。不過，我們對今年的開局感到非常滿意。

On this slide, these two pie charts should help put into perspective the revenues and the operating contribution of each of our business segments. Not surprisingly, Standard & Poor's Ratings Services is our largest segment, with each of the remaining three contributing a comparable level of operating profit.

在這張投影片上，這兩個圓餅圖應可協助各位更清楚地理解我們各業務部門的營收以及對營運的貢獻。不令人意外地，Standard & Poor's Ratings Services 是我們最大的部門，其餘三個部門各自貢獻相近水準的營業利益。

After a strong performance in 2012, Standard & Poor's Ratings Services is off to a great start in 2013. Revenue for the segment grew 20%, setting a new record for a first quarter.

在2012年表現強勁之後，標準普爾評級服務（Standard & Poor's Ratings Services）在2013年也有一個非常好的開局。該部門營收成長20%，創下第一季營收新高紀錄。

Segment operating profit increased 39% and, correspondingly, the operating margin increased more than 600 basis points to 46%. With inherent uncertainty regarding continued favorable issuance volume and mix, as well as additional compliance spending necessary to comply with the final CRA3 regulations, the 46% margin will likely moderate in the upcoming quarters.

部門營業利益成長39%，相應地，營業利益率提高超過600個基點至46%。鑑於未來有利的發行量與組合能否延續仍具不確定性，以及為遵循CRA3最終法規所需的額外合規支出，46%的利益率在接下來幾季可能會趨於溫和。

This chart shows a relatively steady progression of increased issuance in the United States and a similar trend in Europe over the past four quarters. While first-quarter 2013 US issuance was down slightly, sequentially the mix was much more favorable, with a 31% increase in high-yield and a 16% decrease in investment-grade.

此圖表顯示，過去四個季度美國的發行量相對穩定地增加，歐洲也呈現類似趨勢。雖然2013年第一季美國發行量略有下滑，但就季比而言，發行組合更為有利：高收益發行增加31%，投資級發行減少16%。

In addition, US structured issuance increased in the quarter, driven by upbeat collateralized loan obligation, or CLO, and the commercial mortgage-backed securities issuance. This is promising, as securitization is a great sign that capital is being deployed into the economy, and obviously it is creating the growth and consumer demand and some of the jobs that we are all looking at. We are cautiously watching the CLO market to see if this growth will persist.

此外，美國結構型產品發行在本季增加，主要受惠於強勁的擔保貸款憑證（CLO）以及商業不動產抵押擔保證券（CMBS）發行。這是令人鼓舞的，因為證券化是資本正在投入實體經濟的良好訊號，顯然也在帶動成長、消費需求，以及我們都在關注的一些就業機會。我們正審慎觀察CLO市場，以判斷這股成長是否能持續。

We also are focusing in on -- was it merely a rush to get issuance to market before the final FDIC rules take effect, that could require banks to incur higher deposit insurance premiums for their holdings of CLOs? But we will see more of that as we go forward.

我們也在聚焦——這是否只是因應最終FDIC規則生效前，趕在規則上路前將發行推向市場的衝刺？該規則可能要求銀行因持有CLO而承擔更高的存款保險費率。不過，隨著時間推進，我們會看到更多情況。

As for the commercial mortgage-backed securities market, improving economic conditions, stabilizing delinquency rates, and tighter spreads have increased attractiveness of this market. In Europe, covered bond issuance decreased 51% as a result of credit market weakness, also bank deleveraging and the impact of ECB's three-year long-term refinancing operations.

至於商業不動產抵押擔保證券市場，經濟狀況改善、逾期率趨於穩定，以及利差收斂，提高了該市場的吸引力。在歐洲，由於信貸市場疲弱、銀行去槓桿，以及歐洲央行（ECB）三年期長期再融資操作（LTRO）的影響，擔保債券發行量下降51%。

Non-transaction revenue grew 9% and was driven primarily by an increase in equity -- I mean, entity credit ratings as new companies came to market. Transaction revenue grew 36% and was driven primarily by increased issuance of high-yield corporates, corporate mortgage backed securities, commercial loan obligations, as well as bank loan ratings.

非交易性收入成長9%，主要受新公司進入市場帶動的實體信用評級（entity credit ratings）增加所驅動——我是說，實體信用評級。交易性收入成長36%，主要由高收益公司債、公司抵押擔保證券、商業貸款憑證，以及銀行貸款評級的發行增加所帶動。

At this point, let me give you a look at the litigation picture and an update. As you know, there has been considerable activity on several fronts recently.

接下來，讓我帶各位看看訴訟概況並提供最新進展。如各位所知，近期在多個面向都有相當多的動態。

With regard to the Abu Dhabi case, a case involving claims related to investments in the Cheyne SIV, structured investment vehicle, that was set to go to trial in the federal court in New York on May 13, the Company has settled the case. In addition, the King County case involving claims relating to investments in the Rhinebridge SIV has also been settled.

就阿布達比案件而言，該案涉及與投資於Cheyne SIV（結構性投資工具）相關的主張，原定於5月13日在紐約聯邦法院開庭審理，公司已就此案達成和解。此外，涉及投資於Rhinebridge SIV相關主張的金郡（King County）案件也已和解。

As such, we will be disclosing in our Form 10-Q that the Company has settled these two cases for a total of approximately $77 million. There was no admission of liability or wrongdoing made in connection with any of these settlements.

因此，我們將在Form 10-Q中揭露，公司就這兩起案件的和解金合計約7,700萬美元。上述任何和解均不構成對責任或不當行為的承認。

Separately, on April 22 the Company responded to the Department of Justice complaint with a motion to dismiss the entire complaints, because corporate statements referring to independence and objectivity are not actionable under federal law. And this was determined by the U.S. Court of Appeals for the Second Circuit in a case involving the very same statements.

另外，公司於4月22日就司法部（Department of Justice）的起訴提出動議，請求駁回全部訴狀，理由是提及獨立性與客觀性的公司陳述在聯邦法下不構成可訴事項。美國第二巡迴上訴法院在一宗涉及同樣陳述的案件中已作出此一認定。

In addition, the complaint does not include facts showing that Standard & Poor's did not believe its CDO ratings, collateralized debt obligation ratings, when it issued them; nor that it had a specific intent to defraud CDO investors. The Department of Justice now has the opportunity to respond to our motion; and the arguments of both sides will be heard by the judge later in 2013. Additional information is available on all of these situations at www.StandardandPoor's.com/response.

此外，該訴狀亦未包含事實以證明標準普爾在發布其CDO評級（擔保債務憑證評級）時並不相信其評級；亦未顯示其具有對CDO投資人進行詐欺的特定意圖。司法部目前有機會回應我們的動議；雙方論點將於2013年稍晚由法官聽取。關於上述各項情況的更多資訊，請見www.StandardandPoor's.com/response。

In handling the State Attorney Generals' actions, the Company removed all of the State Attorneys General actions except California from state to federal court, and asked the federal panel on multidistrict litigation, known as JPML, to transfer them before a single federal court for all pre-trial proceedings. Oral argument has been scheduled by the JPML to be held on May 30.

在處理各州檢察長（State Attorney Generals）的訴訟行動方面，公司已將除加州以外的所有州檢察長案件自州法院移送至聯邦法院，並請求聯邦多區訴訟司法小組（JPML）將其移轉至單一聯邦法院，以進行所有審前程序。JPML已排定於5月30日進行口頭辯論。

Seven state Attorney Generals' cases have been stayed pending the decision by JPML on our motion for consolidation. The Company has filed motions asking courts in other states to do the same.

目前已有七起州檢察長案件在等待JPML就我們合併審理動議作出決定前暫停審理。公司亦已提出動議，請求其他州的法院採取相同作法。

In North Carolina, the federal court has denied this stay motion, but has not remanded the case to state court. And a federal court has granted the Connecticut State Attorney General's remand motion.

在北卡羅來納州，聯邦法院已駁回該暫停審理動議，但尚未將案件發回州法院。另有聯邦法院已准許康乃狄克州檢察長提出的發回州法院動議。

And finally, we have a solid track record, obviously, of defending the Company and will continue to do so and aggressively. You can see the details of this track record on this slide, and we continue to believe we have strong factual and legal defenses in all pending litigations.

最後，我們顯然在為公司辯護方面有著扎實的過往紀錄，並將持續且積極地如此。各位可在本投影片看到該紀錄的細節；我們仍然相信，對所有未決訴訟我們都具備強而有力的事實與法律抗辯。

Let me now review our S&P Dow Jones Indices business. In the first quarter, organic revenue increased 9% to $86 million; and the addition of the Dow Jones Index revenue brought total revenue to $115 million. The principal driver of the organic revenue growth was a 26% increase in assets under management in exchange-traded funds linked to S&P Indices, which reached more than $450 billion. Including the assets under management linked to Dow Jones Indexes, assets under management surpassed $0.5 trillion for the first time, reaching $525 billion at the end of the quarter.

接下來我來回顧我們的S&P道瓊指數（S&P Dow Jones Indices）業務。第一季有機營收成長9%至8,600萬美元；加計道瓊指數營收後，總營收達1.15億美元。有機營收成長的主要驅動因素，是連結至S&P指數的交易所交易基金（ETF）資產管理規模成長26%，達到超過4,500億美元。若包含連結至道瓊指數的資產管理規模，資產管理規模首次突破0.5兆美元，於季末達到5,250億美元。

Trading volume of exchange-traded derivatives increased double digits led by higher daily contact volumes at the Chicago Board Options Exchange for the S&P 500 Index Options and the CBOE Volatility Index commonly known as the VIX. Revenue declines in mutual funds and modest data subscription growth tempered revenue growth. While the joint venture realized $67 million of adjusting operating profit, $49 million is retained by our Company, as 27% of the profits are forwarded to our partners.

交易所交易衍生性商品的交易量呈現兩位數成長，主要由芝加哥期權交易所（CBOE）S&P 500指數選擇權與一般稱為VIX的CBOE波動率指數之日均合約量上升所帶動。共同基金收入下滑以及資料訂閱成長溫和，抑制了營收成長。雖然合資企業實現6,700萬美元的調整後營業利益，其中4,900萬美元由本公司保留，因為27%的利益將轉付給合作夥伴。

The world's first and largest exchange-traded fund, the SPDR S&P 500, trading with a symbol SPY, reached its 20th anniversary, quite a milestone. Launched in January of 1993 with just $6.5 million in assets, the SPDR S&P 500 exchange-traded fund is now the world's largest exchange-traded fund, with more than $130 billion in assets under management, and the most-traded exchange-traded fund, with an average daily volume of 144 million shares, providing outstanding liquidity to institutional investors.

全球第一檔且規模最大的交易所交易基金——SPDR S&P 500（交易代號SPY）迎來20週年，這是一個重要里程碑。該ETF於1993年1月推出時資產僅650萬美元，如今已成為全球最大的ETF，資產管理規模超過1,300億美元；同時也是交易最活躍的ETF，日均成交量達1.44億股，為機構投資人提供卓越的流動性。

We see great value in forming partnerships with companies that can help us broaden our reach, our scope, our scale. The S&P Dow Jones Indices joint venture is a great example. We are pleased that after only nine months since its formation the integration of the two companies is substantially complete.

我們認為，與能協助我們擴大觸及範圍、業務版圖與規模的公司建立合作夥伴關係具有很高價值。S&P道瓊指數合資企業就是一個很好的例子。我們很高興在成立僅九個月後，兩家公司的整合已大致完成。

Another partner is the CBOE, a firm which recently celebrated its 40th anniversary. We recently amended our license agreement with them to extend exclusive rights to certain security options such as the SPX, the most active US Index Option, as well as the VIX to 2032.

另一個合作夥伴是 CBOE，這家公司最近慶祝成立 40 週年。我們最近修訂了與他們的授權協議，將對某些證券期權（例如 SPX（美國最活躍的指數期權）以及 VIX）的獨家權利延長至 2032 年。

Finally, we entered into a new partnership with the oldest exchange in Asia, the 136-year-old Bombay Stock Exchange, commonly referred to as BSE, to calculate, disseminate, and license the widely followed suite of BSE indices. The partnership brings together BSE's closely watched India Index suite, which includes the SENSEX, with the S&P Dow Jones Indices' 115 years of experience in publishing uncompromised global benchmark. Few partnerships, and I mean few partnerships, bring together over 250 years of experience.

最後，我們與亞洲最古老的交易所——擁有 136 年歷史的孟買證券交易所（通常稱為 BSE）——建立了新的合作關係，以計算、發布並授權市場廣泛追蹤的一系列 BSE 指數。此合作結合了 BSE 備受關注的印度指數系列（包括 SENSEX）與標普道瓊指數在發布不妥協的全球基準方面 115 年的經驗。很少有合作夥伴關係——我的意思是，真的很少——能匯聚超過 250 年的經驗。

Okay? Now let's move on to the S&P Capital IQ. In the first quarter, this business delivered top-line growth of 5%, of which 3% was organic.

好嗎？現在讓我們轉到 S&P Capital IQ。第一季，該業務的營收（top-line）成長 5%，其中 3% 為有機成長。

Two key offerings, the S&P Capital IQ Desktop Solutions and RatingsXpress, led the revenue growth. These results were offset somewhat by declines in revenue from equity research.

兩項關鍵產品——S&P Capital IQ 桌面解決方案（Desktop Solutions）與 RatingsXpress——帶動了營收成長。不過，股票研究（equity research）營收下滑在一定程度上抵銷了這些成果。

S&P Capital IQ Desktop Solutions had a 10% increase in its number of issuers, and RatingsXpress delivered high single-digit subscriber growth. Last quarter we told you that RatingsXpress is now available on Xpressfeed. This has been well received, and we are winning new business due to the upgraded Xpressfeed platform.

S&P Capital IQ 桌面解決方案的發行人（issuer）數量增加 10%，而 RatingsXpress 的訂戶成長達高個位數。上一季我們曾提到，RatingsXpress 現已可在 Xpressfeed 上使用。市場反應良好，且由於升級後的 Xpressfeed 平台，我們正在贏得新業務。

Operating profit decreased 9%, and there was a decline in the operating margin as the segment integrates and develops newly acquired technology and products from R2, QuantHouse, and CMA into various new product offerings.

營業利益下降 9%，且由於本分部正在整合並開發從 R2、QuantHouse 與 CMA 新收購的技術與產品，並將其納入各項新產品方案，營業利益率亦出現下滑。

I would like to briefly preview three new capabilities launched this past quarter. S&P Capital IQ is known for the breadth and the depth of its data. We extended this capability with the launch of proprietary fundamental data for roughly 260,000 additional privately held Western European companies, bringing global coverage to 500,000.

我想簡要預告本季推出的三項新功能。S&P Capital IQ 以其資料的廣度與深度著稱。我們推出自有的基本面資料，新增約 26 萬家西歐非上市公司，使全球覆蓋公司數達到 50 萬家，進一步擴展此能力。

The data is as complete as public company data and includes industry classifications. So for example, when a client executes a data search, the answer will be populated with both public and private company information.

這些資料的完整度可比擬上市公司資料，並包含產業分類。例如，當客戶執行資料搜尋時，回傳結果將同時包含上市與非上市公司的資訊。

Leveraging the capabilities we acquired with QuantHouse, we launched a consolidated real-time data feed to compete in this $2 billion real-time market. This new capability addresses industry demand for differentiated, low-latency data at different speeds.

運用我們透過 QuantHouse 取得的能力，我們推出整合式即時資料饋送（consolidated real-time data feed），以在這個規模 20 億美元的即時市場中競爭。此新功能回應產業對差異化、低延遲資料（low-latency data）以及不同速度層級的需求。

Further leveraging the QuantHouse acquisition, we launched the Alpha Factor Library. Built from the industry's first global point-in-time database, the Alpha Factor Library is an advanced, Web-based market analysis and research tool that is updated daily to provide statistical profiles, definitions, and ongoing performance for hundreds of quantitative stock selection signals.

進一步運用 QuantHouse 的收購成果，我們推出 Alpha Factor Library。Alpha Factor Library 建構於業界首個全球「點對點時間（point-in-time）」資料庫之上，是一款先進的網頁式市場分析與研究工具，每日更新，提供數百種量化選股訊號的統計概況、定義與持續績效表現。

With that, now let me turn to the Commodities & Commercial Markets segment. Revenue grew slightly in the first quarter at 1%; operating profit decreased 2%, resulting in a 90 basis point decrease in the operating margin.

接下來，讓我轉到大宗商品與商業市場（Commodities & Commercial Markets）分部。第一季營收小幅成長 1%；營業利益下降 2%，使營業利益率下降 90 個基點。

Platts continued to deliver steady growth with a 10% increase in revenue. This growth was primarily the result of growth in petroleum subscriptions. In addition, royalty revenue from petroleum derivative trading increased more than 25%, and petrochemical product subscription delivered high single-digit growth.

Platts 持續穩健成長，營收增加 10%。此成長主要來自石油訂閱業務的成長。此外，石油衍生品交易的權利金收入增加逾 25%，石化產品訂閱亦實現高個位數成長。

In an effort to improve our product offering, Platts is upgrading its price reporting capabilities by creating a system that will better handle compliance needs and include new real-time news capabilities. In the global commodities market, continued volatility has increased demand for transparency, and that is exactly why Platts introduced its electronic Editorial platform to facilitate price discovery in the iron ore spot market.

為了改善我們的產品供給，Platts 正在升級其價格報導能力，建立一套能更好因應合規需求並納入新的即時新聞功能的系統。在全球大宗商品市場，持續的波動提高了對透明度的需求，這也正是 Platts 推出其電子 Editorial 平台、以促進鐵礦石現貨市場價格發現（price discovery）的原因。

Platts is helping to facilitate transparency and efficiency by clearly showing the bids, offers, and other information in the iron ore market. The information collected from Platts Editorial Window, or eWindow, has further enhanced the speed and efficiency of the Platts price assessment process, helping to transform the iron ore market from a long-term annual pricing system to a flexible spot market.

Platts 透過清楚呈現鐵礦石市場中的買價、賣價及其他資訊，協助提升透明度與效率。從 Platts Editorial Window（或稱 eWindow）蒐集的資訊，進一步提升 Platts 價格評估流程的速度與效率，並協助將鐵礦石市場從長期的年度定價制度轉型為更具彈性的現貨市場。

Commercial Market revenue decreased 8% in the first quarter. J.D. Power and Associates faced a difficult comparison to record results in the first quarter of 2012 as well as reduced licensing from recent award recipients. However, there was some offset at J.D. Power, with revenue growth in China.

商業市場（Commercial Market）第一季營收下降 8%。J.D. Power and Associates 面臨與 2012 年第一季創紀錄表現的艱難比較基期，以及近期獲獎者授權收入減少的影響。不過，J.D. Power 在中國的營收成長在一定程度上形成抵銷。

McGraw-Hill Construction declined as difficult market conditions have continued to impact revenue there. On more promising notes, J.D. Power continues to grow its business in Asia. It now derives approximately 30% of its revenue from Asia.

由於艱困的市場狀況持續影響當地營收，McGraw-Hill Construction 表現下滑。較為正面的部分是，J.D. Power 持續在亞洲擴展其業務。目前其約 30% 的營收來自亞洲。

Also, McGraw-Hill Construction launched three new products, Dodge BidPro, Dodge BuildShare, and Dodge SpecShare within the last two years. These products now represent 18% of McGraw-Hill Construction annualized contract value.

此外，McGraw-Hill Construction 在過去兩年內推出三項新產品：Dodge BidPro、Dodge BuildShare 與 Dodge SpecShare。這些產品目前占 McGraw-Hill Construction 年化合約價值的 18%。

Now that concludes my review of the Company's result in the first quarter. As we started off and as we were saying, we have a new name, we have a new ticker, and we have new brand identity. Yet our history of integrity and ingenuity preserves.

以上就是我對公司第一季業績的回顧。正如我們一開始所說，我們有了新名稱、新股票代號，以及新的品牌識別。然而，我們一貫的誠信與創新精神依然延續。

For 125 years the common thread of our Company has been the integrity and ingenuity of our employees. From the Industrial Revolution to today, they have delivered essential intelligence that customers and markets can trust. As we look ahead, our long-term growth prospects are excellent because of the people, culture, and capabilities of this Company and the powerful, enduring trends in our markets.

125 年來，貫穿我們公司的共同主軸一直是員工的誠信與創新。從工業革命到今天，他們提供客戶與市場可以信賴的關鍵情報。展望未來，由於本公司的人才、文化與能力，以及我們市場中強大且持久的趨勢，我們的長期成長前景極佳。

Okay. With that, now let me turn the call over to Jack Callahan, our Chief Financial Officer, for additional detail on those financials. And then we will be back for any questions or comments that you may have. Jack?

好的。接下來我把電話會議交給我們的財務長 Jack Callahan，請他就這些財務數據提供更多細節。之後我們會回來回答各位可能有的問題或意見。Jack？

Thank you, Terry, and good morning to everyone joining us on the call. This morning I want to briefly discuss several items on our performance and outlook for 2013. First, I want to recap key financial metrics in the quarter. Second, I will detail the one-time costs that were incurred during the quarter. And lastly, I will provide some additional detail related to the balance sheet and our 2013 free cash flow guidance.

謝謝你，Terry，也向所有參與本次電話會議的各位道早安。今天早上我想簡要討論幾項我們 2013 年的表現與展望。第一，我將回顧本季的關鍵財務指標。第二，我會說明本季發生的一次性成本。最後，我將就資產負債表以及我們 2013 年自由現金流指引提供一些補充細節。

As Terry just discussed, in the first quarter of our first year as McGraw Hill Financial, we are off to a terrific start. Revenue grew 14% to $1.18 billion, and adjusted operating profits grew 28%, driven primarily by the strong results in Standard & Poor's Ratings Services, the impact of the S&P Dow Jones Indices joint venture, and the benefits realized from our cost-reduction initiatives.

如 Terry 剛才所述，在我們以 McGraw Hill Financial 之名運作的第一年第一季，我們有一個非常好的開局。營收成長 14% 至 11.8 億美元，調整後營業利益成長 28%，主要受惠於 Standard & Poor's Ratings Services 的強勁表現、S&P Dow Jones Indices 合資企業的影響，以及我們成本削減措施所帶來的效益。

For example, adjusted, unallocated expense decreased 2%, in part due to our recent cost-reduction efforts. As a reminder, these unallocated expenses include approximately $20 million to $25 million of stranded costs due to the divestiture of McGraw-Hill Education. Overall, the margin expansion was significant, as consolidated operating profit margins increased almost 4 points to approaching 34%.

例如，經調整的未分攤費用下降了2%，部分原因是我們近期的成本削減措施。提醒一下，這些未分攤費用包含約2,000萬至2,500萬美元的擱置成本，係因剝離McGraw-Hill Education所致。整體而言，利潤率擴張相當顯著，合併營業利益率提高了將近4個百分點，接近34%。

The tax rate declined approximately 250 basis points to 35%, while noncontrolling interests grew $16 million, both primarily due to the impact of the S&P Dow Jones joint venture. The tax rate also benefited from certain ongoing tax planning activities.

稅率下降約250個基點至35%，同時非控股權益增加1,600萬美元，兩者主要皆受S&P Dow Jones合資企業影響。稅率亦受惠於若干持續進行的稅務規劃活動。

Adjusted net income from continuing operations and adjusted diluted earnings per share both grew 29%. The share count of 284 million shares did not change materially, as the 5.9 million shares repurchased in 2012 were largely offset by record stock option exercises last year. All in all, a strong start to the year.

持續營運的經調整淨利與經調整稀釋每股盈餘均成長29%。股數為2.84億股，變動不大，因2012年回購的590萬股大致被去年創新高的員工認股權行使所抵銷。總之，今年開局強勁。

Now let me take a moment to run through the one-time costs we have excluded from adjusted earnings. McGraw Hill Financial incurred $44 million in one-time Growth and Value Plan costs related to the separation activities of McGraw-Hill Education.

現在我花點時間說明我們自經調整盈餘中排除的一次性成本。McGraw Hill Financial因McGraw-Hill Education分拆相關活動，發生4,400萬美元的一次性「成長與價值計畫」成本。

These expenses primarily involve the shift to a new payroll provider, the closure of a data center, and the separation of a human resource service center. Note that approximately one-half of these costs were non-cash.

這些費用主要涉及改用新的薪資服務供應商、關閉一座資料中心，以及分拆人力資源服務中心。請注意，約有一半的成本為非現金項目。

Over the balance of the year, we anticipate that the remaining Growth and Value Plan cash costs will be approximately $20 million to $25 million. All in all, the one-time costs in separation are winding down.

在今年剩餘期間，我們預期「成長與價值計畫」其餘的現金成本約為2,000萬至2,500萬美元。總體而言，分拆相關的一次性成本正逐步收斂。

In addition, the Company incurred approximately $77 million of legal settlement costs associated with Abu Dhabi and King County cases. While the costs were reflected in the first-quarter income statement, they will not appear in the cash flow statement until the second quarter.

此外，公司就阿布達比與King County案件，發生約7,700萬美元的法律和解成本。雖然該成本已反映於第一季損益表，但要到第二季才會出現在現金流量表中。

Now I want to provide detail on several large cash-related items that occurred during the first quarter. Upon closing the sale of McGraw-Hill Education we received net proceeds of $2.2 billion. This includes gross proceeds of $2.4 billion, less approximately $200 million of closing adjustments, primarily related to working capital true-ups.

現在我想就第一季發生的幾項大型現金相關事項提供細節。在完成出售McGraw-Hill Education後，我們收到淨收益22億美元。其中包含24億美元的總收益，扣除約2億美元的交割調整，主要與營運資金結算調整（true-ups）相關。

Since there was a sizable gain on the sale, approximately $300 million of taxes are due but have not yet been paid. In total, net proceeds were approximately $1.9 billion, which is consistent with the estimates we provided previously.

由於出售產生可觀的處分利益，約有3億美元的稅款應付但尚未支付。合計淨收益約19億美元，與我們先前提供的估計一致。

Upon receipt of the cash, we immediately took two actions. First, we repaid approximately $450 million of commercial paper that was originally issued in the fourth quarter to fund the $700 million special dividend. Secondly, we entered into a $500 million accelerated share repurchase transaction.

在收到現金後，我們立即採取兩項行動。第一，我們償還約4.5億美元的商業本票，該本票原於第四季發行，用以資助7億美元的特別股利。第二，我們進行5億美元的加速股票回購交易。

As of the end of the quarter, we had an exceptional balance sheet, with $1.9 billion of cash and only $800 million of long-term debt. Our overall debt is now reduced by one-third. We intend to maintain a strong balance sheet going forward to both the business and, as appropriate, return cash to shareholders.

截至季末，我們的資產負債表極為穩健，現金19億美元，長期負債僅8億美元。我們的整體負債現已降低三分之一。未來我們將維持強健的資產負債表，以支持業務發展，並在適當情況下回饋現金給股東。

I do want to review the impact of the accelerated share repurchase transaction. As it was executed in late March, the shares received had little impact on shares outstanding during the first quarter. The transaction will reduce diluted average shares outstanding in the second quarter by approximately 8.6 million shares.

我也想檢視加速股票回購（ASR）交易的影響。由於該交易於3月下旬執行，所收到的股份對第一季流通在外股數影響不大。該交易將使第二季稀釋加權平均流通股數減少約860萬股。

In addition, when the ASR is concluded we will receive a modest number of additional shares. Fully diluted share count in the second quarter should be approximately 276 million shares, although it could be impacted a bit by ongoing option exercise activity.

此外，當ASR結束時，我們將再收到少量額外股份。第二季完全稀釋股數應約為2.76億股，但可能會受到持續的認股權行使活動些許影響。

Now I want to provide additional detail to clarify our 2013 free cash flow guidance. There were three key items that, due to their timing, will reduce 2013 free cash flow.

現在我想提供更多細節，以釐清我們對2013年自由現金流的指引。有三個關鍵項目因時點因素，將降低2013年的自由現金流。

First, while we took numerous Growth and Value Plan restructuring charges in 2012, not all of the cash was paid out in 2012. We estimate that approximately $100 million will be paid out during 2013.

第一，雖然我們在2012年認列了多項「成長與價值計畫」重整費用，但並非所有現金都在2012年支付。我們估計2013年將支付約1億美元。

Second, because of Hurricane Sandy, the IRS allowed fourth-quarter estimated tax payments that are normally made in December to be paid in February. This payment was approximately $130 million and was paid in first quarter.

第二，由於颶風桑迪，國稅局（IRS）允許原本通常在12月支付的第四季預估稅款延至2月支付。該筆付款約為1.3億美元，並已於第一季支付。

Third, incentive compensation is expensed in the current year and paid out in March of the following year. Since 2012 performance was well above 2011, the cash paid out in March 2013 was approximately $70 million greater than 2012. Again, these incentive payments were made in the first quarter.

第三，激勵性薪酬在當年度費用化，並於次年3月支付。由於2012年的績效遠優於2011年，2013年3月支付的現金較2012年多約7,000萬美元。同樣地，這些激勵款項已於第一季支付。

Collectively, these three items reduced our 2013 free cash flow by approximately $300 million. After the impact of these items, our operating cash flow guidance remains $650 million to $700 million.

合計而言，這三項因素使我們2013年的自由現金流減少約3億美元。扣除這些因素影響後，我們的營運現金流指引仍為6.5億至7億美元。

Summing up, we are off to a solid start to the year. We are maintaining our existing earnings per share guidance of $3.10 to $3.20, despite the loss of interest income as a result of the elimination of the $250 million 8.5% note from the sale of McGraw-Hill Education, which was included in our initial outlook.

總結來說，我們今年開局穩健。儘管因出售McGraw-Hill Education而取消2.5億美元、利率8.5%的票據，導致利息收入減少（該利息收入原已納入我們最初的展望），我們仍維持既有的每股盈餘指引3.10至3.20美元。

Let me remind you that overlaps over the balance of the year become increasingly more difficult due to a very strong second half of 2012. Overall, we anticipate solid top- and bottom-line growth for the full year. Our balance sheet is exceptional and continues to provide us with considerable flexibility to enhance the value of McGraw Hill Financial going forward.

提醒各位，由於2012年下半年表現非常強勁，今年剩餘期間的比較基期將愈來愈具挑戰性。整體而言，我們預期全年營收與獲利（上、下線）皆將穩健成長。我們的資產負債表極為出色，並持續為我們提供相當大的彈性，以在未來提升McGraw Hill Financial的價值。

The first year of McGraw Hill Financial looks promising. With that, now let me turn the call back over to Terry.

McGraw Hill Financial的第一年看起來前景可期。接下來我把電話交回給Terry。

Okay. Thanks, Jack, and again, we are obviously pleased with the start of 2013 and the first-quarter earnings. With revenues up 14% and EPS from continuing operations up 29% to $0.80, we are very pleased with how the businesses are performing; and we're making also very considerable progress on the legal front.

好的。謝謝你，Jack；再次強調，我們顯然對2013年的開局以及第一季盈餘感到滿意。營收成長14%，持續營運的EPS成長29%至0.80美元，我們對各項業務的表現非常滿意；同時我們在法律面也取得相當顯著的進展。

Okay. That said, let's open the call now to your questions or comments. And let me ask Chip Merritt to take charge of that part. Chip?

好的。話不多說，現在開放各位提問或發表意見。我請Chip Merritt負責這一部分。Chip？

All right, Terry. Just a couple instructions for the phone participants. (Operator Instructions) And now, operator, we will take the first question.

好的，Terry。先給電話與會者幾點說明。（接線員指示）現在，接線員，我們將進行第一個問題。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

Thank you. Good morning, gentlemen. A couple questions. So first on the Ratings side, obviously the 600 basis point margin improvement, could you maybe just run through some of the drivers of that? Was a big part of that just the CMBS revenues that you didn't have last year?

謝謝。早安，各位先生。有幾個問題。首先關於評級（Ratings）業務，顯然利潤率改善了600個基點，能否請你們說明一下背後的一些驅動因素？其中很大一部分是否只是去年沒有的CMBS營收？

Yes, Manav, that is exactly right. I mean the big thing on the Ratings side is -- besides the general issuance, part of it has been on the structured finance side.

是的，Manav，完全正確。我的意思是，評級業務這邊最大的重點——除了整體發行量之外——其中一部分來自結構性金融端。

In terms of some of the high-yield issuance, some of the CLO, collateralized loan obligations, some of the commercial mortgage-backed security market, it was the structured finance side that really drove that part of it. And again, with US issuance, corporate issuance a little bit down and also in Europe, it was the structured finance side that really carried the day.

就部分高收益發行而言，包括一些CLO（擔保貸款憑證）、一些商業不動產抵押擔保證券（CMBS）市場，真正帶動那一塊的是結構性金融端。再者，隨著美國發行量、公司債發行略有下滑，歐洲也是如此，反而是結構性金融端在很大程度上撐起了整體表現。

And I would just add it was very strong on cost management performance, with costs growing well behind revenues, in part driven by some of last year's cost initiatives.

我也想補充一點：成本管理表現非常強勁，成本增長遠遠落後於營收增長，部分原因是受到去年一些成本措施的推動。

Okay. Then on the Platts side of the business, maybe you can help us understand if there is some seasonality or what the trends of it. It seems like total growth has obviously been decelerating now, and I was just curious what sort of commentary you can provide there. And also if there was any contribution at all this quarter from the Kingsman acquisition.

好的。那麼在Platts這塊業務方面，也許你可以幫我們理解是否存在季節性，或其趨勢如何。看起來總體增長顯然正在放緩，我想知道你們能提供哪些評論。另外，本季Kingsman收購案是否有任何貢獻？

Yes, first of all, Platts is a really very consistent, steady performer. Revenues were up 10% here. And again what we are doing is expanding the product offering platform.

是的，首先，Platts確實是一個非常穩健、表現一致的業務。本季營收成長10%。而且我們正在做的是擴大產品供給平台。

We were talking about the iron ore market; but again, both in terms of oil, petrochemicals, and the like, the pricing assessment and price discovery business, we are up to providing some 12,000 pricing assessments and benchmarks a day. And that is fueling spot markets literally all around the world.

我們剛才談到鐵礦石市場；但同樣地，無論是原油、石化等領域，在價格評估與價格發現業務方面，我們每天提供約12,000項價格評估與基準。而這正在為全球各地的現貨市場提供動能。

On Kingsman, obviously we are expanding the portfolio in terms of the commodity side of it. The sugar platform is one that is only getting stronger.

至於Kingsman，顯然我們正在商品端擴充產品組合。糖的產品平台也只會越來越強。

So we are very, very pleased with where Platts is and how it is going. But again, it is something that we will keep in front of us all year long; but as we expand the platform base to more commodities, we're going to be focusing on the price assessment capability there.

因此我們對Platts目前的狀況與發展非常、非常滿意。不過，這也是我們全年都會持續關注的事情；隨著我們把平台基礎擴展到更多商品，我們將把重點放在那裡的價格評估能力上。

Yes, the Kingsman acquisition specifically added about 150 basis points to the growth at Platts. So the organic growth continues to be quite strong, high single digits. And now that that business is approaching $1 billion, that is becoming quite a considerable business in its own right.

是的，Kingsman這筆收購具體而言，為Platts的成長貢獻了約150個基點。因此，有機成長仍然相當強勁，維持在高個位數。而且現在該業務規模接近10億美元，已經成為一個相當可觀、能獨當一面的業務。

Yes.

是的。

Okay. Fair enough. And just last question, on the Indices side. You talked about the integration being complete. Is the potential cost takeouts already reflected in the margin this quarter? Or should we be expecting to see an improvement from the levels here?

好的。明白。最後一個問題，關於指數（Indices）業務。你提到整合已經完成。潛在的成本節省是否已在本季的利潤率中反映？還是我們應該預期利潤率會在目前水準之上有所改善？

Well, you know us; we always want to try and improve upon anything and everything. But, no, from a cost standpoint and the integration standpoint, you can consider at this point the integration that we were undertaking is complete.

嗯，你了解我們；我們總是希望在任何事情上都能持續改善。不過，不，從成本與整合的角度來看，你可以認為我們正在進行的整合在此時已經完成。

All right. Thank you, guys.

好的。謝謝各位。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Thank you. Good morning. The first question, if I could ask, last quarter you guys provided detailed guidance by segment for operating profit growth and revenue growth. I was wondering if any of that changed in your guys' minds, given that you are keeping your EPS guidance the same.

謝謝。早安。第一個問題，如果可以的話，上季你們按部門提供了營業利益成長與營收成長的詳細指引。我想請問，鑑於你們維持EPS指引不變，你們對那些看法是否有任何改變？

You know, Craig, at this point in time I wouldn't -- it is only -- only have one quarter behind us right now, so I would probably stay with our existing guidance by segment. Admittedly maybe there is a bit more risk relative to some of the projections Commodity & Commercial, given some of the tough overlaps that particularly the Commercial business had in Q1. And then maybe it has had upside in Ratings. But right now I think that general guidance we gave, I think we would stick with that.

Craig，就目前這個時間點我不會——我們現在也才剛過一季，所以我大概會維持我們既有的分部指引。坦白說，相較於一些預測，商品與商業（Commodity & Commercial）可能風險稍高一些，因為商業業務在第一季特別面臨較艱難的比較基期。而評級（Ratings）可能反而有上行空間。但目前我認為我們先前給出的整體指引，我們會維持不變。

Yes. Again, as Jack is saying, Craig, it is one quarter. We are very pleased with that one quarter, but again, we will see as we go forward.

是的。正如Jack所說，Craig，這才一季。我們對這一季的表現非常滿意，但接下來還是要邊走邊看。

And again, in 2012 as we were saying, sequentially each quarter got a little stronger in 2012. So we are going to have to watch the comparisons there. But, obviously a very strong start to the year.

另外，如同我們所說，2012年每一季相較前一季都略有走強。所以我們必須留意這些比較。不過，顯然今年開局非常強勁。

My next question, please. Can you talk a little bit fuller about why your organic revenue growth in S&P Capital IQ only grew 3% in the quarter, please?

下一個問題。能否更完整地談談，為什麼你們S&P Capital IQ的有機營收成長本季只有3%？

Again, it has more to do with the integration of the acquisitions; and we are very pleased with the capabilities they are bringing us. But again in terms of R2, QuantHouse, CMA, again it is extending and expanding our product base and that is very, very important to us at this point.

同樣地，這更多與收購案的整合有關；我們對它們帶來的能力非常滿意。但就R2、QuantHouse、CMA而言，這是在延伸並擴大我們的產品基礎，而在目前這個階段對我們非常、非常重要。

We will look forward more to the second half of this year for contribution from that. But at this point it has been a development of the product base.

我們更期待今年下半年它們能帶來貢獻。但就目前而言，重點在於產品基礎的建置與發展。

There is also -- I mean from a marketplace standpoint, it is a little bit of a weaker marketplace. You are seeing a fair number of layoffs on the financial markets side and all of that. So we are being impacted a little bit from that standpoint.

另外——從市場環境來看，市場確實稍微偏弱。你會看到金融市場端有相當多的裁員等等。因此從這個角度我們也受到一些影響。

But more importantly to us is expanding and developing the product platform. That will benefit us big-time later on.

但對我們更重要的是擴大並發展產品平台。這在之後會為我們帶來非常大的效益。

Also, Terry, if you could just -- your second-quarter outlook in internally for your S&P Ratings transaction revenues, given the backlog you are looking and what you have seen in the first month here, could you just talk a little bit about the puts and takes, how it is maybe changing, better or worse, versus the first-quarter trends?

另外，Terry，如果可以的話——就你們內部對S&P Ratings交易收入的第二季展望而言，考量你們看到的待處理量（backlog）以及本月第一個月的情況，你能否談談其中的利多利空因素（puts and takes），相較第一季的趨勢，是變好還是變差？

Yes. And here, you've really got to take a look at overall economic conditions. One of the things that we are seeing is -- by sovereigns in particular -- is an awful lot of emphasis on infrastructure financing, and that should benefit us. We are going to need to see that new issuance continue.

可以。在這裡，你真的必須看整體經濟狀況。我們看到的一件事是——特別是主權端——對基礎建設融資有非常大的重視，這應該會對我們有利。我們需要看到新的發行持續進行。

But again, we are benefiting right now from the resurgence of a structured finance market, especially in the high-yield area, bank loan ratings, CLOs, and so forth. And that portends well, because that means capital is being deployed, which is going to be very, very helpful to overall growth.

但同時，我們目前也受惠於結構性金融市場的復甦，尤其是在高收益領域、銀行貸款評級、CLO等等。而這是個好兆頭，因為這代表資本正在被投入運用，這將對整體成長非常、非常有幫助。

But what we want to see pick up is we want to see more of the traditional corporate issuance, corporate securities, continue. And again, remember over the next five years we are looking at some $46 trillion globally of new monies and re-fundings in that area, and that has been a little quiet at this point.

但我們希望回升的是更傳統的公司發行，也就是公司證券的發行能持續。而且再提醒一下，未來五年我們預期全球在該領域將有約46兆美元的新資金與再融資需求，但目前這一塊相對安靜。

So we want to see a pickup on that side. But other than that, we want to really just focus in on general economic conditions and how capital is being employed. And right now it is in some of the high-yield area rather than some of the more traditional areas.

所以我們希望在那一端看到回升。但除此之外，我們真正想聚焦的是整體經濟狀況，以及資本是如何被運用的。而目前資本更多是投向高收益領域，而非一些較傳統的領域。

Craig, our guidance assumes pretty good growth in Q2 on the transaction side; but it does slow considerably, given the overlaps that we see in the back half of the year. And also it is hard to look ahead that far.

Craig，我們的指引假設第二季在交易端會有相當不錯的成長；但由於我們在下半年看到的基期重疊，成長會明顯放緩。而且也很難把視野看得那麼遠。

But just keep in mind the overlaps will get more challenging as we get deeper into the second half of the year.

但請記住，隨著我們進入下半年更深處，基期重疊會變得更具挑戰。

Understood. If I could just squeeze in one here, on the legal front here. Can you update us real quick on -- I think I missed this -- the number of lawsuits you have still outstanding? And then also, Terry, can you just talk briefly about the dynamics behind the legal settlement you guys just announced here for Abu Dhabi?

了解。如果我可以再塞一個問題，關於法律方面。你們能否很快更新一下——我想我漏聽了——目前仍未結案的訴訟數量？另外，Terry，你能否簡要談談你們剛宣布的阿布達比法律和解背後的動態？

Yes. I mean again the legal situation overall, it takes time, for one. We do everything in federal courts; and any time you pick up a suit it takes almost two years to get before a judge.

是的。我的意思是，整體法律情勢再次強調，第一，它需要時間。我們所有案件都在聯邦法院處理；而任何時候一旦有訴訟，幾乎要兩年才會排到法官面前。

One of the nice things that we benefited from is that 42 lawsuits have been dismissed or dropped almost immediately once it gets before a federal judge. So we are pleased with that part of the record in all of that, but it just takes time.

我們受惠的一件好事是，一旦案件到了聯邦法官面前，就有42件訴訟幾乎立刻被駁回或撤回。所以在這方面的紀錄我們很滿意，但它就是需要時間。

But we have got a very, very good track record on this, and for very good reason on this part. As part of the Abu Dhabi case and the King County situation, look, we were faced with going to trial on May 13 here in New York, and we looked at the situation. The case on the merits did not hold up. We felt very good about our position on this thing, and that is why it led to a very reasonable situation where, from a practical business standpoint, we decided to settle it and make it go away.

但我們在這方面有非常、非常好的戰績，而且有很充分的理由。就阿布達比案件與金郡（King County）的情況而言，你看，我們原本將在5月13日於紐約開庭審理，我們評估了情勢。就實體而言，該案站不住腳。我們對自身立場非常有信心，也因此促成了一個非常合理的結果：從務實的商業角度出發，我們決定和解，讓事情告一段落。

We have said all along that in situations we are not against a settlement, but it has got to be a reasonable situation; and we will continue to work on that basis. But we are very pleased that those have gone away now and it lightens the burden.

我們一直都說，在某些情況下我們並不反對和解，但必須是合理的條件；我們也會持續以此為基礎推進。但我們非常高興這些案件現在都已結束，負擔也因此減輕。

Let me ask Ken Vittor, General Counsel. Ken, do you want to add anything to that?

我請我們的總法律顧問Ken Vittor來補充。Ken，你想再補充什麼嗎？

We look at every case on its own. We made a judgment on a variety -- using a variety of factors that was in the best interests of the Company, our employees, and our shareholders to settle the Abu Dhabi and the King County cases.

我們會逐案評估。我們基於多項因素作出判斷，認為就公司、員工以及股東的最佳利益而言，和解阿布達比與金郡案件是最合適的。

Yes, but how many lawsuits do you have still outstanding, please? And I'll let you go.

好的，但請問你們目前仍未結案的訴訟還有多少件？我問完就不再占用時間了。

Approximately two dozen.

大約兩打（約24件）。

Thank you, guys.

謝謝各位。

William Bird, Lazard Capital Markets.

Lazard Capital Markets 的 William Bird。

Good morning. Jack, I was wondering if you could just elaborate a little more. You touched on your expectation for continued strength in transaction-based issuance. Just was wondering if maybe you and Terry could comment on the Ratings pipeline.

早安。Jack，我想請你再多闡述一點。你提到你預期以交易為基礎的發行將持續強勁。我想請問你和Terry是否可以評論一下評等（Ratings）的案源管線（pipeline）。

Then secondly, was wondering if you could talk just a bit about additional avenues for cost efficiency. You mentioned the $20 million to $25 million of stranded cost. Is that something that you can get at over time? Thank you.

第二個問題，我想請你談談是否還有其他提升成本效率的途徑。你提到有2,000萬到2,500萬美元的閒置成本（stranded cost）。這部分是否能隨時間逐步消化？謝謝。

Let me comment first on that issuance outlook. Just to reaffirm, I think we -- I think looking for the first half of the year for 2013, I think is going to be quite good. I don't know if Q2 is going to be as good as Q1, but I think it is still going to continue to be good, in part driven kind of what activity looked like last year.

我先評論一下發行展望。再確認一次，我認為——我認為就2013年上半年而言，表現會相當不錯。我不確定第二季是否會和第一季一樣好，但我認為仍會維持良好，部分是受到去年活動水準的帶動。

I think we are, on the other hand, a bit more -- we do have some challenging overlaps particularly as you get to the back half of Q3 and certainly in the fourth quarter. So, we had extraordinarily robust activity particularly in Q4 of last year. So I just think we are trying to be mindful of that overlap ahead of us.

但另一方面，我們確實面臨一些具挑戰性的基期重疊，特別是進入第三季後半段，當然第四季更是如此。因為去年第四季的活動異常強勁。所以我認為我們只是想對即將到來的基期重疊保持警覺。

But for right now I think we feel good about issuance. It's also nice to see us doing better or expanding our reach in some in places like -- of structured finance where maybe we were not participating to the degree that we are now. So in balance, feel very good about the progress that we are making.

但就目前而言，我們對發行狀況感到樂觀。同時也很高興看到我們在某些領域做得更好、或擴大觸及範圍，例如結構性金融——過去我們參與程度可能沒有現在這麼高。整體而言，我們對正在取得的進展非常有信心。

Yes. And, Bill, as we were saying, the story in the first quarter is really on the structured finance side. And it is the high-yield market, bank loan, ratings, CLOs, all that, CMBS, that really fared well. We want to see more of the traditional corporate security market issuance start to come back.

是的。而且，Bill，正如我們所說，第一季的重點其實是在結構性金融這一端。高收益市場、銀行貸款、評等、CLO 等，以及 CMBS，這些表現都非常好。我們希望看到較傳統的公司證券市場發行能開始回升。

There is also another one that we need to keep an eye on, and that is Europe. Europe is obviously in the aggregate in recession. We need to see some pickup coming out of Europe. Europe is a bit flat right now, and we want to see a little bit more resurgence there.

另外還有一點我們需要留意，那就是歐洲。歐洲整體顯然處於衰退。我們需要看到歐洲出現一些回升。歐洲目前有點持平，我們希望那邊能有更多復甦。

Bill, in answer to your second question on cost, our guidance for this year does include some continued benefits from some of the cost actions that we have and are continuing to make. But we recognize longer term, going to 2014, that we do believe that there are some additional cost opportunities, and we are working on parts of that program.

Bill，針對你第二個關於成本的問題，我們今年的指引確實包含了我們已採取且仍在持續推動的一些成本措施所帶來的效益。但我們也認知到，從更長期、展望2014年，我們相信仍有一些額外的成本機會，我們正在推進該計畫的部分工作。

I do think we can get at some of these stranded cost issues, but it will just take a bit of time to work through that. So you should anticipate our continued focus on productivity going forward.

我確實認為我們可以處理部分這些閒置成本問題，但需要一些時間來逐步消化。因此你應該預期我們未來仍會持續聚焦在生產力提升上。

Then separately, a question for Ken. How do you see the timeline on both the DOJ case and the CalPERS case, as you look ahead?

另外，給Ken一個問題。展望未來，你如何看待司法部（DOJ）案件以及 CalPERS 案件的時間表？

Well, the DOJ case, as you know, we moved to dismiss the entire complaint on April 22. The parties will exchange briefs; the government gets to respond; and then we get to reply.

嗯，DOJ 案件，如你所知，我們在4月22日提出動議，要求駁回整份起訴狀。雙方將交換書狀；政府會提出回應；然後我們再提出答辯。

Oral argument has not been scheduled, but I anticipate it will take place sometime in the next several months. And then the timing of the case will be dictated by what happens as a result of the judge's ruling on our motion to dismiss.

口頭辯論尚未排期，但我預期會在接下來幾個月內進行。之後案件的時程將取決於法官對我們駁回動議裁定後所引發的後續發展。

The CalPERS case has been going on for several years now and is currently on appeal on our dismissal motion under the anti-SLAPP statute. So it is hard to judge what the timeline will be on that until that appeal is resolved.

CalPERS 案已進行了好幾年，目前正就我們依反SLAPP法規提出的駁回動議進行上訴審理。因此在該上訴結果出爐之前，很難判斷其時間表會是如何。

Thank you.

謝謝。

Peter Appert, Piper Jaffray.

Peter Appert，Piper Jaffray。

Thanks. Terry, the margin performance obviously at S&P has been very impressive. I understand there is incremental regulatory cost coming in, but I am just wondering how you think about sustainable levels of margin in this business. And specifically wondering if recovery in the structured finance business could be a driver of margin upside potentially near-term or over the next couple years.

謝謝。Terry，S&P 的利潤率表現顯然非常亮眼。我理解接下來會有額外的監管成本進來，但我想請教你如何看待這項業務可持續的利潤率水準。另外也想更具體地問一下，結構性融資業務的復甦是否可能在短期或未來幾年成為推升利潤率的動能？

Yes. Hi, Peter. No, no, no. We were obviously very pleased with the margin contribution in the first quarter for S&P Ratings. As Jack said, there was a very defined cost-improvement initiative that was undertaken that helped.

是的。嗨，Peter。不，不，不。我們對 S&P Ratings 第一季的利潤率貢獻顯然非常滿意。如 Jack 所說，我們推動了一項非常明確的成本改善計畫，這對結果有所幫助。

But also as you said, it was structured finance. Again, when you start talking about some of the high-yield bank loan rates, CLOs, all of those kind of things, they are going to participate at a higher-margin level in all of that, so that was -- very pleased to see that.

但也如你所說，這也與結構性融資有關。再說一次，當你談到一些高收益銀行貸款利率、CLO 等各類產品時，它們在這些業務中的參與通常會帶來較高的利潤率，所以我們——很高興看到這一點。

I think that 46% is a great number, but it might moderate a little bit from that. I think that is a little above where we anticipated.

我認為 46% 是個很棒的數字，但可能會稍微回落一些。我覺得這略高於我們原先的預期。

And as we see more traditional corporate issuance and hopefully euro corporate issuance pick up, it will be at a little bit of a lower margin level. So I would see the number coming off a little bit, but it is still going to be -- our anticipation is it's going to be a pretty good number for the year.

而當我們看到更傳統的企業發行、以及希望歐元計價的企業發行回升時，其利潤率水準會稍低一些。所以我預期這個數字會略微下降，但仍然會是——我們的預期是，今年全年仍會是一個相當不錯的數字。

I was actually, Terry, more interested over the next couple of years. It's just the thought that if structured finance, which is still at a relatively low level, continues to recover, would that imply that there is still upside in margins over the next couple years? And just what the appropriate level of margin for that business might be.

其實，Terry，我更關心的是未來幾年。我的想法是，如果結構性融資（目前仍處於相對低的水準）持續復甦，是否意味著未來幾年利潤率仍有上行空間？以及這項業務適當的利潤率水準大概應該是多少。

Yes, I would be guessing a little bit on this one. I think right now, Peter, that the fact that we saw this resurgence in the structured finance area is very good, because we weren't anticipating it to the extent that it came through.

是的，這題我可能得稍微猜測一下。我想目前，Peter，我們看到結構性融資領域的再度回升是非常好的，因為我們原本並沒有預期它會以這樣的程度出現。

But it also -- again as we were saying, it really speaks well overall for the economy and especially here in the States. That money is being deployed into a number of projects that are going to lead to more growth and hopefully jobs and all that.

但同時——如我們所說，這也整體上很好地反映了經濟狀況，尤其是在美國。資金正在投入到多個專案中，將帶來更多成長，並希望帶來就業等等。

So it speaks well to some of our situation. We want to see that, obviously, also benefit the European market.

所以這對我們的情況也有正面意義。我們也希望這能夠明顯地讓歐洲市場受益。

By the way, the other one, Peter, that you mention was on the regulatory side. Again, that is an ongoing process. We deal with numerous regulators around the world, and we will continue on that part. But right now I don't see that having an overburden to the margin levels.

順帶一提，Peter，你提到的另一個是監管面。同樣地，那是一個持續進行的流程。我們與全球許多監管機構打交道，這部分我們會持續投入。但就目前而言，我不認為它會對利潤率水準造成過度負擔。

And at this point I would say that -- somewhere in the mid 40s, early 40s, somewhere around there if you're looking out over a couple years, that we would be able to maintain that. But let's see what structured does for the rest of the year, and also let's see where the resurgence in some of the corporate security markets is.

而在此刻我會說——如果你把時間拉到未來幾年，大概在 40% 出頭到 40% 中段、差不多那個區間，我們應該能夠維持。但我們先看看結構性融資在今年剩餘時間的表現，也看看企業證券市場的回升幅度如何。

Okay. Thanks, Terry. Then on the regulatory side, could you just give us a little snapshot of the major things we should be watching? In particular I am wondering on the Franken issue what probabilities you are putting on that of being implemented and how significant you think that might be to the business.

好的。謝謝，Terry。那在監管面，你能否簡單給我們一個快照，說明有哪些主要事項值得關注？我特別想了解 Franken 議題，你們認為它被落實的機率有多大，以及你覺得它對業務的影響可能有多大。

Well, as you know, on May 14 -- May 14, right, Ken?

嗯，如你所知，5 月 14 日——5 月 14 日，對吧，Ken？

That's correct.

沒錯。

Yes, May 14 there is a rating agency roundtable in Washington, and I am sure the Franken amendment is going to get some attention, and all of those kind of things. I see overall -- by the way, our relationship with the SEC has to be very, very good one and we work very hard at -- in making sure of that.

是的，5 月 14 日在華盛頓會有一場評等機構圓桌會議，我確定 Franken 修正案會受到一些關注，以及諸如此類的議題。整體而言——順帶一提，我們與 SEC 的關係必須非常、非常良好，我們也非常努力——以確保如此。

We are as interested as anyone is in terms of strengthening the process of our ratings and all of those kind of things, and want the highest quality that we possibly can. Doug Peterson, our President of S&P Ratings, will be at that roundtable meeting and will express exactly our attitude towards how to continue to improve and build on and so forth.

在強化我們評等流程等各方面，我們和任何人一樣關切，也希望盡可能做到最高品質。S&P Ratings 總裁 Doug Peterson 會出席那場圓桌會議，並會清楚表達我們對於如何持續改善、持續建構等方面的態度。

But at this point it will be a steady process, and everybody can weigh in. But we have the most vested interest in making sure that process improvement is at the highest level.

但就目前而言，這會是一個穩健推進的流程，大家都可以提出意見。但我們在確保流程改善達到最高水準方面，擁有最切身的利害關係。

Okay. And then last thing, could you just remind me, Terry or Jack, the non-transaction component of revenues within S&P. How much visibility is there on that looking out over the next year, let's say?

好的。最後一點，Terry 或 Jack，能否提醒我一下，S&P 營收中非交易（non-transaction）部分的占比？展望未來一年左右，這部分的能見度有多高？

I am asking this in the context of, given how strong new issuance was last year, I am wondering if that gives you better visibility in terms of the non-transaction revenues than when going over the balance of this year.

我問這個問題的背景是，考量去年新發行量非常強勁，我想知道這是否能讓你們對今年剩餘時間的非交易營收，相較以往有更高的能見度。

Well, you know what may help that a little bit going forward is we have had -- in some cases, while we have been growing the non-transaction part of the business, in places we have also had some falloff in parts of -- from some of the legacy issuance, going back a little bit. And that is -- that leaky bucket part of that on the non-transaction side appears to be moderating.

嗯，你知道未來可能稍微有幫助的一點是——在某些情況下，雖然我們一直在成長非交易部分的業務，但在一些地方，我們也看到部分——來自較早期、過往發行（legacy issuance）的部分有所下滑，回溯到更早之前。而那種「漏水桶」式的非交易端流失，看起來正在趨於緩和。

So, obviously we were very, very pleased with this non-transaction growth that we had in Q1. I don't anticipate that level of high growth for the balance of the year.

所以，顯然我們對第一季非交易營收的成長非常、非常滿意。我不預期今年剩餘時間還會維持那樣高的成長率。

However, we do anticipate it to be quite strong relative to what we saw recently. And, I do think that may be a bit more stable as we start to get out to 2014. It is a little bit too early to provide too much precise guidance in that area; but I think we feel a little bit more bullish about that than maybe we did a year ago.

不過，我們確實預期相較於近期所見，仍會相當強勁。而且我確實認為，當我們開始走向 2014 年時，這部分可能會更穩定一些。在這個領域要提供非常精準的指引還稍嫌太早；但我想我們對此的看法，可能比一年前更偏多一些。

Okay, thank you.

好的，謝謝。

David Reynolds, Jefferies.

David Reynolds，Jefferies。

Morning. First of all, congratulations on a very strong set of numbers, fine performance. Covering McGraw-Hill often calls on a variety of skills, and being a financial as well as a legal expert seems to be the order of the day. I don't propose to ask you any questions you can't answer; but I was wondering whether you could perhaps provide some color with regard to how you approach the strength of your balance sheet and any potential liabilities arising going forward from settlements or other legal events. How do you manage that level of uncertainty, I guess?

早安。首先，恭喜你們交出一組非常強勁的數字，表現出色。覆蓋 McGraw-Hill 往往需要多方面的能力，而同時具備金融與法律專業似乎成了當下的常態。我不打算問你們任何無法回答的問題；但我想請你們或許能否補充一些背景，談談你們如何看待資產負債表的強度，以及未來可能因和解或其他法律事件而產生的潛在負債。我想問的是，你們如何管理這種不確定性？

Well, first of all -- and again, I will let Ken address the legal outlook aspect of this. This is a number of years like five and a half, going on six, since the financial crisis, and overall things are beginning to moderate a little bit.

嗯，首先——再說一次，我會讓 Ken 來談法律前景的部分。自金融危機以來已經過了好幾年，大約五年半、快六年了，整體而言情勢開始稍微趨於緩和。

Again, on legal suits, 42 have been dropped or dismissed. As Ken mentioned, you still have about two dozen cases that need to get before a judge and all of those kind of things. So we feel pretty good on that standpoint.

再談訴訟方面，42 件已撤回或遭駁回。如 Ken 所提，你仍然大約有二十多件案件需要進到法官面前，以及相關的各種程序。因此就這一點而言，我們感覺相當不錯。

I think the message that we are sending is that we are very excited about these businesses, and we are doing well, and we are off to a good start in 2013. And we are investing in those businesses.

我想我們傳遞的訊息是：我們對這些業務非常振奮，我們表現良好，而且 2013 年開局不錯。我們也正在投資這些業務。

When we got into December of last year, the $700 million special dividend was a sign that -- I mean you are not hoarding cash or setting up reserves and all of those kind of things. We are running the business to run the businesses. We were very pleased with the $500 million accelerated share repurchase that we announced recently, and we will see as the year progresses on that part.

當我們進入去年 12 月時，7 億美元的特別股利是一個訊號——我的意思是，你並沒有囤積現金或設立準備金之類的。我們是以經營業務的方式來經營這些業務。我們對近期宣布的 5 億美元加速股票回購非常滿意，至於後續就看今年進展而定。

But, no; nobody likes to get sued in all of these things, but we will deal with it. And we will deal with it because of the merits and the facts that are in our favor in all of that.

但是，不；沒有人喜歡在這些事情上被起訴，但我們會處理。而我們會處理，是因為在這一切之中，優勢在我們這邊的理由與事實依據。

But, no, we are not -- from a balance sheet standpoint how you deploy capital is a big question. Between acquisitions, organic growth, dividends, share repurchases, we have been very mindful of all of those and that is where we are going to keep our focus. We will see in terms of share repurchase what more we might be able to do and the like; but at this point our actions are all straight up and straightforward.

但是，不，我們並不是——從資產負債表的角度來看，如何部署資本是一個重大問題。在併購、有機成長、股利、股票回購之間，我們一直非常審慎，而這也將是我們持續聚焦的方向。至於股票回購方面，我們會看是否還能做更多等等；但就目前而言，我們的作為都是坦率且直接的。

Look, we have -- we are running this business -- we're going to manage the balance sheet like we are running and building this business. So we are lucky enough we have a fair amount of cash. We have a tremendous amount of debt flexibility in our balance sheet.

你看，我們——我們在經營這家公司——我們會以經營與打造這家公司為前提來管理資產負債表。所以我們很幸運，手上有相當多的現金。我們的資產負債表也有非常大的舉債彈性。

And the reality is with the margins, the return on invested capital we have in our businesses, we are going to continue to generate a lot of cash. So I think we are pretty confident that we have a lot of flexibility to deal with any of the opportunities or issues that we have in the coming years ahead.

而現實是，以我們業務的利潤率與投入資本報酬率來看，我們將持續產生大量現金。因此我認為我們相當有信心，在未來幾年面對任何機會或議題時，我們都有很大的彈性可以因應。

That's great. Thank you.

太好了。謝謝你。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Yes, hi, a follow-up question on this DOJ case. Are you guys aware at all of how the SEC -- are they involved much in this DOJ case?

是的，你好，針對這個 DOJ 案件追問一下。你們是否知道 SEC 在這個 DOJ 案件中——他們參與的程度如何？

No, they are not a party to the DOJ case.

不，他們不是 DOJ 案件的當事方。

They are not involved in the background or anything, as much as you are aware; is that what you are saying?

就你所知，他們也沒有在幕後或任何方面參與很多；你的意思是這樣嗎？

I can't speak to what the DOJ and the SEC are talking about. But they are not a plaintiff or a party or participant in the DOJ case.

我無法評論 DOJ 和 SEC 之間在談些什麼。但他們不是 DOJ 案件中的原告、當事方或參與者。

No, and just the opposite. Just like the rating agency roundtable on the May 14, the SEC is our regulator, and it is our responsibility to do everything we possibly can to make that process smooth, and that is exactly what we are going to do.

不，而且正好相反。就像 5 月 14 日的評等機構圓桌會議一樣，SEC 是我們的監管機關，我們有責任盡一切可能讓該流程順暢，而這正是我們要做的。

From a DOJ standpoint, as Ken said, we have very strongly gone back to our judge and made a motion to dismiss the entire suit in all of that, and we will see where that goes.

從 DOJ 的角度來看，如 Ken 所說，我們已非常強力地回到法官那裡，提出動議要求駁回整起訴訟，我們將看看後續發展。

My follow-up question, then, if I could is -- you guys are much better aware of this than I am. But in the US, as you know, the SEC for years has been trying to open up the level of competition in the credit ratings business in the US, as has the regulators over in Europe for a number of years.

那我可以再追問一個問題嗎——你們對這些情況比我清楚得多。但在美國，如你所知，多年來 SEC 一直試圖提高美國信用評等業務的競爭程度，而歐洲那邊的監管機關也已經做了好幾年。

Can you just talk about potentially the inconsistency perhaps? If the DOJ got its way with this $5 billion-plus lawsuit and it went that extreme, $5 billion-plus, that extreme and it actually crippled S&P in the marketplace, how that would potentially consolidate more of that business, if you will, around Moody's and Fitch; if your Company really got crippled on that, if that should hurt the level of competition.

你能否談談其中可能存在的不一致之處？如果 DOJ 在這起 50 億美元以上的訴訟中如願以償，而且走到那麼極端——50 億美元以上、那麼極端——並且實際上讓 S&P 在市場上元氣大傷，那將如何可能使更多業務（如果你願意這麼說）集中到穆迪（Moody's）與惠譽（Fitch）周圍；如果你們公司真的因此被重創，是否會傷害競爭程度。

Can you maybe tell -- what that level of inconsistency, please?

你能否說明一下——那種不一致的程度，謝謝？

Well, again, in terms of motivations you're going to have to ask them why. What we have done and worked very hard on is the how. How can you bring this kind of case the way you can?

嗯，再次強調，關於動機，你得去問他們為什麼。我們所做、也非常努力在做的是「如何」。你怎麼能以這種方式提出這類案件？

The conversations that we had before they filed it with them was all talking about facts and figures, about why they are wrong in all of that. But other than that, motivation is up in the air, why they thought they could bring it against one or whatever.

在他們提告之前，我們與他們的對話都在談事實與數據，說明他們在這些事情上為何是錯的。但除此之外，動機仍不明朗，為什麼他們認為可以只針對一家提出，或諸如此類。

Thank you.

謝謝你。

That concludes this morning's call. A PDF version of the presenter slides is available now for downloading from www.McGraw-Hill.com. A replay of this call including the Q&A session will be available in about two hours. The replay will be maintained on McGraw-Hill's website for 12 months from today and for one month from today by telephone.

今天上午的電話會議到此結束。簡報投影片的 PDF 版本現已可從 www.McGraw-Hill.com 下載。包含問答環節的本次會議重播將在約兩小時後提供。重播將自今日起在 McGraw-Hill 網站保留 12 個月，並自今日起透過電話保留 1 個月。

On behalf of The McGraw-Hill Companies we thank you for participating and wish you good day.

我謹代表 The McGraw-Hill Companies 感謝各位參與，祝各位有美好的一天。