標普全球 (SPGI) 2013 Q3 法說會逐字稿

Good morning and welcome to McGraw Hill Financial's conference call. I'd like to inform you that this call is being recorded for broadcast. All participants are on a listen-only mode. We will open the conference to questions and answers after the presentation and instructions will follow at that time. (Operator Instructions). To access the webcast and slides, go to www.MHFI.com. (Operator Instructions).

早安，歡迎參加麥格勞希爾金融（McGraw Hill Financial）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。在簡報結束後我們將開放問答，屆時會提供相關指示。（接線員指示）。如需收看網路直播與投影片，請前往 www.MHFI.com。（接線員指示）。

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

現在我想介紹麥格勞希爾金融投資人關係副總裁 Chip Merritt 先生。先生，您可以開始了。

Good morning. Thank you for joining us for McGraw Hill Financial's third quarter 2013 earnings call. Presenting on this morning's call are Harold McGraw III, Chairman, President and CEO; Doug Peterson, President and CEO Designate; and Jack Callahan, Chief Financial Officer. Also joining us is Ken Vittor, our General Counsel.

早安。感謝各位參加麥格勞希爾金融 2013 年第三季財報電話會議。今天早上的會議由董事長、總裁兼執行長 Harold McGraw III；候任總裁兼執行長 Doug Peterson；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've 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.MHFI.com.

今天早上我們已發布新聞稿公布業績。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.MHFI.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.

在今天的財報新聞稿以及本次電話會議中，我們將提供調整後的財務資訊。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來檢視本公司業務。財報新聞稿包含附表，用以調節非 GAAP 指標與依美國 GAAP 計算之可比較財務指標之差異。

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.

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》所定義之前瞻性陳述，包括對未來事件的預測、估計與描述。

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 that cautionary statements contained in our Forms 10Ks, 10Qs and other periodic reports filed with the US Securities and Exchange Commission.

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，我們提醒聽眾注意我們向美國證券交易委員會提交的 10-K、10-Q 以及其他定期報告中所載的警示性陳述。

I would also like to call your attention to a new European regulation. Any investor who has or expects to obtain ownership of 5% of McGraw Hill Financial should give me a call to better understand the impact of this legislation on the investor and potentially the Company.

我也想提醒各位注意一項新的歐洲法規。任何已持有或預期取得麥格勞希爾金融 5% 股權的投資人，請致電與我聯繫，以更充分了解該立法對投資人以及可能對本公司的影響。

We are aware that we do have some media representatives with us on the call. However, this call is intended for investors and we would ask that 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一些媒體代表與會。然而，本次通話主要是為投資人而設，我們請媒體的提問在會後致電我們紐約辦公室的 Jason Feuchtwanger，電話 212-512- 3151。

At this time, I would like to turn the call over to Harold McGraw III. Terry?

此刻，我想把電話交給 Harold McGraw III。Terry？

Thanks, Chip, and good morning, everyone. Let me quickly begin this morning by saying just how pleased we all are with the effort and the care that Chip Merritt demonstrates each and every day and for those of you who have followed us for quite some time, you will remember the great Don Rubin. Well, Chip is in that category now and that's pretty high praise. So thanks for all that you are doing, Chip. And again, thanks for all of you for being with us this morning and welcome to today's conference call.

謝謝你，Chip，各位早安。今天早上我想先簡短地說明，我們都非常高興看到 Chip Merritt 每一天所展現的投入與用心；而長期關注我們的各位，會記得傑出的 Don Rubin。嗯，Chip 現在也屬於同一等級了，這是非常高的讚譽。所以，Chip，謝謝你所做的一切。也再次感謝各位今天早上與我們同在，歡迎參加今天的電話會議。

I would like to begin this call by summarizing the highlights that we will cover today. First and very importantly after a very successful transition, Doug Peterson will become our President and CEO on November 1. We increased our investment also in CRISIL, India's largest rating agency and that's up to 67.8%, a fine use of some of our ex-US cash. Also the sale of Aviation Week was completed. We delivered several records during the third quarter. Both S&P Capital IQ and S&P Dow Jones Indices delivered record quarterly revenue and commodities in commercial markets reported a record adjusted operating margin.

我想先概述我們今天將涵蓋的重點。首先，也是非常重要的一點，在非常成功的交接之後，Doug Peterson 將於 11 月 1 日出任我們的總裁兼執行長。我們也增加了對 CRISIL（印度最大信用評等機構）的投資，持股提高至 67.8%，這是對我們部分海外現金的良好運用。此外，Aviation Week 的出售已完成。我們在第三季創下多項紀錄。S&P Capital IQ 與 S&P 道瓊指數（S&P Dow Jones Indices）均創下單季營收新高，而大宗商品與商業市場業務則創下調整後營業利益率新高。

Despite difficult comparisons and lower issuance than the third quarter last year, Standard & Poor's Rating Services grew its revenue 8% and it's adjusted operating profit at 5%. The Company repurchased 5.7 million shares during the quarter bringing the year-to-date total to 15 million shares.

儘管比較基期艱難，且發行量低於去年第三季，標準普爾評等服務（Standard & Poor's Rating Services）營收仍成長 8%，調整後營業利益成長 5%。本公司本季回購 570 萬股，使年初至今回購總數達到 1,500 萬股。

We reported 13% diluted adjusted EPS growth despite challenging year-over-year debt issuing comparisons and lastly, as part of Jack Callahan's financial discussion, we will share our newly increased 2013 EPS guidance, guidance that has now been increased two quarters in a row.

儘管債務發行量的年對年比較具挑戰性，我們仍報告稀釋後調整 EPS 成長 13%；最後，作為 Jack Callahan 財務說明的一部分，我們將分享上調後的 2013 年 EPS 指引，而該指引已連續兩季上調。

We recently launched a brand awareness advertising campaign and the purpose is to generate greater awareness among customers, the financial community, regulators and the media about the McGraw Hill Financial brand. The primary message is that we have combined the leading brands in ratings, benchmarks and analytics to become the world's foremost provider of financial intelligence.

我們近期推出品牌知名度廣告活動，目的在於提升客戶、金融界、監管機構與媒體對麥格勞希爾金融品牌的認知。主要訊息是：我們結合了評等、基準與分析領域的領先品牌，成為全球首屈一指的金融情報提供者。

This is an example of one of the posters. Combined We Are is the theme that permeates this campaign.

這是其中一張海報的示例。「Combined We Are」是貫穿本次活動的主題。

Okay, let's turn now to the financial performance. During the third quarter, revenue increased 7%, adjusted operating margin increased 130 basis points to 33.2% and diluted earnings per share grew 13%. Standard & Poor's Dow Jones Indices delivered the strongest revenue growth but both commodities and commercial markets and S&P Dow Jones Indices delivered the greatest adjusted operating profit growth, up 24% and 23% respectively.

好的，接下來我們來看財務表現。第三季營收成長 7%，調整後營業利益率上升 130 個基點至 33.2%，稀釋每股盈餘成長 13%。S&P 道瓊指數（S&P Dow Jones Indices）帶來最強勁的營收成長；但在調整後營業利益成長方面，大宗商品與商業市場以及 S&P 道瓊指數成長幅度最大，分別上升 24% 與 23%。

A reduction in shares outstanding from our continuing share repurchases also contributed to the EPS increase and these two pie charts should help put into perspective the revenue and operating earnings contribution of each of our business segments. Each of our segments is a major contributor to both revenue and operating profit.

我們持續回購股份使流通在外股數下降，也對 EPS 的提升有所貢獻；而這兩張圓餅圖應可協助各位更清楚理解各業務部門對營收與營業利益的貢獻。我們各個部門都是營收與營業利益的重要貢獻者。

We like to keep you current on various litigation matters but there is not a great deal new to report at this time. 33 cases have been dismissed outright and that's no change from last quarter. Two additional dismissals by lower courts have been affirmed by higher courts bringing the total to 13 dismissals and 10 cases have been voluntarily withdrawn. That leaves us with just a few dozen non-governmental cases that remain outstanding.

我們希望讓各位隨時掌握各項訴訟進展，但目前並沒有太多新的事項可報告。已有 33 件案件被直接駁回，與上季相比沒有變化。另有兩件由下級法院作出的駁回判決已獲上級法院維持，使駁回總數達到 13 件，並有 10 件案件已自願撤回。目前僅剩數十件非政府案件仍未結案。

Efforts by the plan (inaudible) restock drop litigation to reopen this dismissed case have been denied and by the way, in the Court's decision, it is stated and I will quote this -- and quote, at bottom, the fact remains that plaintiffs have not convinced the Court that it should alter its conclusion that Standard & Poor's statements about the integrity and independence of its ratings are not specific enough to amount to a guarantee that its ratings were made without regard to profits, marketshare or client feedback -- end quote.

由該計畫（聽不清）所提出、試圖重新開啟這件已被駁回之股價下跌訴訟的努力已遭否決；順帶一提，法院在裁定中指出，我將引用其內容——引述：歸根結底，原告未能說服法院改變其結論，即標準普爾關於其評等之完整性與獨立性的陳述並不夠具體，尚不足以構成保證其評等是在不考量利潤、市占率或客戶回饋的情況下作出——引述完畢。

In the Department of Justice case, we are awaiting a supplemental disclosure from the plaintiff relating to the claims. In the consolidated state's case, we are waiting on a ruling on the state's motion to remand the case back to the state and only one new case, the New Jersey state case, has been filed since the second quarter earnings call.

在司法部案件方面，我們正在等待原告就其主張提供補充揭露。在合併的各州案件方面，我們正等待法院就各州將案件發回州法院的聲請作出裁定；而自第二季財報電話會議以來，僅新增一件案件，即新澤西州的州案件。

With that, let me turn to the individual businesses and I will start with the S&P Dow Jones Indices. Beginning this quarter, all data is now comparable as we have lapped the anniversary of the joint venture formation. In the third quarter, revenue increased 14% or a quarterly record of $124 million. The principal driver of the revenue growth was a 29% increase in quarter ending assets under management in exchange traded funds linked to our indices which reached more than $585 billion.

接下來，讓我轉到各個業務部門，我將先從 S&P 道瓊指數（S&P Dow Jones Indices）談起。自本季起，由於我們已跨過合資公司成立一週年的時間點，所有數據現在都具可比性。第三季營收成長 14%，創下單季紀錄達 1.24 億美元。營收成長的主要驅動因素，是與我們指數連結之交易所交易基金（ETF）在季末的資產管理規模（AUM）增加 29%，達到超過 5,850 億美元。

The continued rise in equity prices of approximately 14% and strong fund inflows of approximately 13% drove third consecutive quarterly record for assets under management again in exchange traded funds linked to the S&P Dow Jones Indices. It's important to note that the revenue impact is not as pronounced as the growth in assets under management as the basis points charged are not always linear with asset growth.

股價約 14% 的持續上漲，以及約 13% 的強勁資金流入，推動與 S&P 道瓊指數連結之 ETF 的資產管理規模連續第三季再創單季新高。需要特別指出的是，營收的影響並不像資產管理規模的成長那麼顯著，因為收取的基點費率並不一定會隨資產成長呈線性變化。

With equity prices near record levels, investors increasingly utilize derivatives that are based upon our indices such as the S&P 500 Index Options, or the SPX, and the CBOE Volatility Index, or the VIX, to hedge their positions. Volume at the Chicago Board Options Exchange for the SPX and VIX increased 18% and 26% respectively during the quarter.

在股價接近歷史高點之際，投資人愈來愈多地使用以我們指數為基礎的衍生性商品（例如 S&P 500 指數選擇權（SPX）以及芝加哥期權交易所波動率指數（VIX））來對沖其部位。本季芝加哥期權交易所的 SPX 與 VIX 交易量分別增加 18% 與 26%。

While the joint venture realized $80 million of adjusted operating profit, $58 million is retained by the Company as [27%] (corrected by company after the call) of the profit is forwarded to our partner, the CME. What is truly remarkable is that the entire incremental revenue of $15 million dropped to operating profit. That is just a testimony to what a fabulous, fabulous business this is.

雖然合資企業實現 8,000 萬美元的調整後營業利益，其中 5,800 萬美元由本公司保留，因為有 [27%]（公司於電話會議後更正） 的利潤會轉交給我們的合作夥伴 CME。真正令人驚訝的是，新增的 1,500 萬美元營收全部轉化為營業利益。這正是對這項極其出色、極其出色的業務之最佳證明。

During the third quarter, we created 26 new indices and 10 new exchange traded funds based on our indices that were launched. These new indices help us continue to diversify and grow this important business.

第三季期間，我們新增了 26 個新指數，並推出了 10 檔以我們指數為基礎的新 ETF。這些新指數有助於我們持續分散並擴大這項重要業務。

With that, let me move on to S&P Capital IQ. In the third quarter, this business delivered quarterly revenue with topline growth of 3%. Excluding the lost revenue from ongoing portfolio rationalization of several small products, organic growth was approximately 5%. This was the highest quarterly revenue for the segment. Adjusted operating profit returned to growth with an increase of 10%.

接下來，讓我談談 S&P Capital IQ。第三季該業務實現單季營收，營收年增 3%。若排除持續進行投資組合精簡、淘汰數個小型產品所流失的營收，有機成長約為 5%。這是該部門歷來最高的單季營收。調整後營業利益恢復成長，增加 10%。

Last quarter, we highlighted the four key categories that make up the segment, three of these, desktop solutions, enterprise solutions, and ratings IP, delivered mid-single digit revenue growth while the fourth, proprietary research, reported a mid single-digit decline in revenue.

上季我們強調了構成該部門的四大關鍵類別，其中三項——桌面解決方案、企業解決方案與評級智慧財產（ratings IP）——帶來中個位數的營收成長；第四項——專有研究——則呈現中個位數的營收下滑。

While we have made meaningful investments in S&P Capital IQ over the last year, we have also continued to fine-tune the portfolio. Most recently, we completed the sale of Financial Communications and are exploring options for Funds Management Research Europe, or FMR Europe, on independent qualitative research services that provide assessments of fund manager investment process and operational consistency. We expect that as the portfolio progresses this will become a higher margin, faster growing business segment.

過去一年我們對 S&P Capital IQ 進行了具實質意義的投資，同時也持續微調產品組合。最近，我們完成了 Financial Communications 的出售，並正就 Funds Management Research Europe（FMR Europe）探索各種選項；該業務提供獨立的質性研究服務，用以評估基金經理人的投資流程與營運一致性。我們預期，隨著產品組合的推進，這將成為一個毛利更高、成長更快的業務部門。

We like to highlight new product launches whenever we can and Capital IQ had yet another. During the quarter, enterprise solutions leveraged QuantHouse technology to create event driven alerts. Now, event driven alerts is a new offering that delivers S&P Capital IQ's most valuable indicators in a low latency machine-readable data feed. These alerts contain credit rating actions including upgrades, downgrades, credit watch announcements and credit outlook changes. While this is not likely to be a major revenue generator, we cite this today as an example of how S&P Capital IQ worked with Standard & Poor's Rating Services to leverage new technology to create this offering.

我們一向樂於在適當時機強調新產品上市，而 Capital IQ 又推出了另一項新產品。本季，企業解決方案運用 QuantHouse 技術建立事件驅動型警示（event driven alerts）。事件驅動型警示是一項新服務，以低延遲、機器可讀的資料饋送方式，提供 S&P Capital IQ 最有價值的指標。這些警示包含信用評等行動，例如調升、調降、列入信用觀察名單公告，以及信用展望變更。雖然這不太可能成為主要的營收來源，但我們今天提出此例，是為了說明 S&P Capital IQ 如何與標準普爾評級服務（Standard & Poor's Rating Services）合作，運用新技術打造此項服務。

We will see even more of this kind of collaboration and coordination across business units in the same time periods ahead. We are very proud of this. We call it the Power of One, working together smart and focused.

未來在相同期間內，我們將看到更多此類跨業務單位的合作與協同。我們對此感到非常自豪。我們稱之為「One 的力量（Power of One）」，以聰明且聚焦的方式共同合作。

With that, let me turn to the commodities and commercial market segment. Revenue grew 7% in the third quarter excluding the impact of the sale of Aviation Week which closed on August 1. Organic revenue increased 10%. Platts delivered double-digit revenue growth while mid single-digit growth at J.D. Power offset softness and McGraw-Hill Construction.

接下來，讓我轉到大宗商品與商業市場部門。第三季營收成長 7%，若排除 Aviation Week（已於 8 月 1 日完成出售）的影響；有機營收成長 10%。Platts 實現雙位數營收成長，而 J.D. Power 的中個位數成長抵消了 McGraw-Hill Construction 的疲弱。

Adjusted operating profit increased 24% resulting in record adjusted operating margin of 32.3%. Similar to our index business, the conversion of revenue to operating margin was remarkable. Here, $16 million of incremental revenue resulted in $15 million of incremental operating profit.

調整後營業利益增加 24%，使調整後營業利益率創下 32.3% 的紀錄。與我們的指數業務類似，營收轉化為營業利益率的表現令人驚豔。在此，新增的 1,600 萬美元營收帶來 1,500 萬美元的新增營業利益。

In commodities, Platts recorded a 17% increase in revenue. Growth in petroleum product subscriptions continued to be the primary driver of this double- digit growth. In addition, licensing revenue from petroleum derivative trading increased more than 90% as volatile oil prices increased trading activity.

在大宗商品方面，Platts 的營收成長 17%。石油產品訂閱收入的成長，仍是這項雙位數成長的主要驅動因素。此外，隨著油價波動加劇交易活動，來自石油衍生品交易的授權收入增加逾 90%。

Metals and agriculture product subscriptions deliver double-digit revenue growth while petrochemicals and power and gas revenue reported single-digit revenue increases.

金屬與農產品訂閱收入帶來雙位數營收成長，而石化以及電力、天然氣相關營收則呈現個位數的營收增加。

Building on our recent acquisition of Kingsman, Platts launched Platts Market Data Sugar, a user-friendly means of receiving the latest and historical sugar price assessment from Platts Kingsman. It provides prices for all of the major sugar markets worldwide with over 30 Kingsman price assessments and over 30 third-party assessments published daily for most commonly traded grades and locations.

在近期收購 Kingsman 的基礎上，Platts 推出了 Platts Market Data Sugar，這是一種使用者友善的方式，可接收來自 Platts Kingsman 的最新與歷史糖價評估。它涵蓋全球所有主要糖市場的價格，每日發布超過 30 項 Kingsman 價格評估，以及超過 30 項第三方評估，涵蓋最常交易的等級與地點。

While sugar has been the latest commodity that we have been developing, in June of 2011, we moved more deeply into the iron ore market with the acquisition of Steel Business Briefing. Historically, iron ore prices were established during annual negotiations among the world's largest iron ore miners and steel producers. By 2008, large gaps had emerged between spot market prices and the annual contracts.

雖然糖是我們最新開發的大宗商品，但在 2011 年 6 月，我們透過收購 Steel Business Briefing，更深入切入鐵礦石市場。過去，鐵礦石價格是在全球最大鐵礦石礦商與鋼鐵製造商之間的年度談判中確立。到 2008 年，現貨市場價格與年度合約之間已出現巨大的落差。

This volatility created the need for benchmarks from an independent pricing agency. Much of the world's iron ore is now based upon Platts' benchmark pricing and we are very proud of that.

這種波動性使市場需要由獨立定價機構提供基準。如今，全球大量鐵礦石交易已以 Platts 的基準價格為依據，我們對此深感自豪。

The need for benchmark pricing has evolved from physical prices to derivative prices as market participants have a need to hedge their positions. Now this chart depicts monthly iron ore derivative activity and I might add that more than 99% of the activities settled against the Steel Index, one of our primary iron ore benchmarks.

對基準定價的需求，已從現貨價格演進到衍生品價格，因為市場參與者需要對沖其部位。此圖表呈現每月鐵礦石衍生品活動；我補充說明，超過 99% 的活動是以 Steel Index 結算，而該指數是我們主要的鐵礦石基準之一。

There is a great article that describes the changes to the iron ore market that have taken place and the link to that article is at the bottom of this slide. I hope you have a chance to take a look at it. We think that the evolution of pricing that has taken place in iron ore is instructive for other commodities as well.

有一篇很棒的文章描述了鐵礦石市場所發生的變化，該文章連結位於本投影片底部。希望你有機會看看。我們認為，鐵礦石定價演進的過程，對其他大宗商品也具有啟發性。

Commercial markets revenue decreased 4% in the third quarter. Excluding the sale of Aviation Week, organic growth was 1%. We anticipate that McGraw-Hill Construction's revenue decline may be nearing an end as new data and analytic products along with an increase in the US commercial construction starts bode well for the business.

第三季商業市場營收下降 4%。若排除 Aviation Week 的出售，有機成長為 1%。我們預期 McGraw-Hill Construction 的營收下滑可能接近尾聲，因為新的資料與分析產品，以及美國商用建築開工增加，對該業務而言是正面訊號。

Historically, we have not spent much time discussing McGraw-Hill Construction business so I thought today that I would take a few moments to do exactly that.

過去我們很少花時間討論 McGraw-Hill Construction 業務，因此我想今天花幾分鐘來談談這件事。

Now, according to economic research from Standard & Poor's Rating Services, the US commercial real estate sector continues to slowly recover from its worst slump obviously in decades. Construction starts in the commercial sector are on track to jump 15% this year and while there is a long way to go to make up for the 58% plunge from 2007 to 2010 when the country was mired in the Great Recession, the recent increase is very encouraging.

根據標準普爾評級服務（Standard & Poor's Rating Services）的經濟研究，美國商用不動產部門正從數十年來最嚴重的低迷中持續緩慢復甦。商業部門的建築開工今年可望跳增 15%；儘管距離彌補 2007 至 2010 年間 58% 的暴跌仍有很長的路要走——當時全國深陷大衰退（Great Recession）——但近期的增長仍令人相當鼓舞。

During the recession, McGraw-Hill Construction streamlined its operations, eliminated low margin legacy print products and publishing assets gaining operational efficiencies without sacrificing quality. At the same time, the business invested in its Dodge analytics business to be solidly positioned for a market rebound. This investment produced new database driven analytic products like Dodge SpecShare, MarketShare, and BuildShare that support the business premium market position. Today, and most importantly, approximately 75% of the revenue of the business is from data and analytic, very similar to the rest of the Company.

在經濟衰退期間，McGraw-Hill Construction 精簡其營運，淘汰低毛利的傳統紙本產品與出版資產，在不犧牲品質的情況下提升營運效率。同時，該業務投資於其 Dodge 分析業務，以便在市場反彈時具備穩固的競爭位置。這項投資催生了新的資料庫驅動分析產品，例如 Dodge SpecShare、MarketShare 與 BuildShare，支撐該業務的高端市場定位。而在今天、且最重要的是，該業務約 75% 的營收來自資料與分析，與本公司其他業務非常相似。

Simultaneously, the business took the difficult steps to dramatically reduce costs. In fact, its contribution to earnings has improved as decreases in cost have outpaced the rebalancing of the portfolio.

同時，該業務也採取了艱難的措施，大幅降低成本。事實上，由於成本下降的速度超過投資組合再平衡的影響，其對獲利的貢獻已有所改善。

Shifting now to J.D. Power, the auto business in China and the telecommunications business in Canada delivered the strongest revenue growth. Economic growth and growing consumer demand have led to the rapid expansion of the domestic Chinese automotive industry and consequently strong demand for J.D. Power's analysis and insights into consumer preferences and behaviors.

接著談到 J.D. Power，中國的汽車業務與加拿大的電信業務帶來最強勁的營收成長。經濟成長與消費者需求提升，促使中國本土汽車產業快速擴張，因而對 J.D. Power 在消費者偏好與行為方面的分析與洞察產生強勁需求。

This chart shows a global light vehicle sales from 2006 to projected 2020. The most telling data on this chart is that approximately one-half of the growth is expected to come from China and J.D. Power is well-positioned in China to participate in this growth.

此圖表顯示 2006 年至預估 2020 年的全球輕型車銷量。此圖表中最具指標性的數據是，約有一半的成長預期將來自中國，而 J.D. Power 在中國的布局良好，能夠參與這波成長。

Okay, so that concludes a relatively quick review of the business units and their achievements in the quarter and were very proud of those and we mentioned a little bit of the results in terms of the S&P rating services but let me turn that over now to get a little bit more detail on that from Doug Peterson to handle that. And as I previously mentioned, we are all very pleased and thrilled to be introducing Doug Peterson not only as President of Standard & Poor's Rating Services but as our next President and CEO as of November 1.

好的，以上就是對各業務單位及其本季成果相對快速的回顧；我們對此深感自豪。我們也稍微提到標普評級服務的相關結果，但接下來我想把時間交給 Doug Peterson，請他就此提供更詳細的說明。如我先前所提，我們都非常高興且興奮地介紹 Doug Peterson——他不僅是 Standard & Poor's Rating Services 的總裁，也將自 11 月 1 日起擔任我們下一任總裁兼執行長。

So with that, Doug, over to you.

那麼，Doug，交給你。

Thank you, Terry, and good morning, all. We noted on our last earnings call that comparisons for the Standard & Poor's Rating Services segment would become much more difficult in the second half of 2013 and you can see that in the reported numbers.

謝謝你，Terry，各位早安。我們在上次財報電話會議中提到，Standard & Poor's Rating Services 事業部在 2013 年下半年的比較基期將變得更具挑戰，而你們可以從已公布的數字中看到這一點。

Revenue for the segment however grew 8%. Adjusted operating profit increased 5%. The corresponding adjusted margin decreased 120 basis points to 42%. While third-quarter expenses decreased sequentially, year-over-year they increased approximately 10% primarily due to technology related investments, modest increases in marketing, and compliance expenditures.

不過，該事業部營收仍成長 8%。調整後營業利益增加 5%。相對應的調整後利潤率下降 120 個基點至 42%。雖然第三季費用較前一季下降，但與去年同期相比增加約 10%，主要因為科技相關投資、行銷的小幅增加，以及法遵支出。

However, headcount remained relatively unchanged year-over-year.

不過，人員編制與去年同期相比大致維持不變。

We were able to increase both revenue and profit despite issuance that actually decreased year-over-year. The increase in revenue was not driven by issuance but rather by increased bank loan ratings, entity credit ratings and rating evaluation services. Bank loan ratings were particularly strong increasing 73% driven by a tripling in Europe primarily as a result of the refinancing of existing bridge loans, maturing debt, and recapitalizations.

儘管發行量實際上較去年同期下降，我們仍能同時提升營收與獲利。營收成長並非由發行量帶動，而是來自銀行貸款評級、主體信用評級以及評級評估服務的增加。銀行貸款評級表現尤其強勁，成長 73%，主要因歐洲業務成長至原來的三倍，主要源自既有過橋貸款的再融資、到期債務，以及資本重整。

In the near-term, we expect the levels of issuance to be impacted by the continuing market reaction to the US debt ceiling, Federal Reserve tapering, and interest rate levels overall. You will see that non-transaction revenue grew 9% driven by increased entity credit ratings and ratings evaluation services.

短期內，我們預期發行量水準將受到市場對美國債務上限、聯準會縮減購債（tapering）以及整體利率水準的持續反應所影響。你們會看到，非交易型營收成長 9%，主要由主體信用評級與評級評估服務增加所帶動。

Despite a decrease in issuance, transaction revenues increased 6% as a result of a 73% increase in bank loan ratings. As you see in the table, international gains exceeded domestic gains. This was driven by 16% growth in our European revenues driven primarily by corporate activity despite a drop in corporate issuance overall.

儘管發行量下降，交易型營收仍增加 6%，原因是銀行貸款評級成長 73%。如表格所示，國際市場的增幅超過國內市場。這主要由歐洲營收成長 16% 所帶動，主要來自企業活動增加，儘管整體公司債發行量下滑。

These charts also show third quarter year-over-year issuance decreases in both the United States and Europe of 3% and 18% respectively.

這些圖表也顯示第三季美國與歐洲的發行量較去年同期分別下降 3% 與 18%。

In the US, corporate issuance was flat and public issuance was down 19% as municipal issuers shied away from the markets after Detroit's bankruptcy. Structured issuance was strong in the CMBS sector, up 47%, RBS up 26%, and CDOs predominantly CLOs that were up 88% albeit all of these were off smaller bases. And these offset the weaknesses in the larger ABS market which dropped 14% overall.

在美國，公司債發行持平，而公共部門發行下降 19%，因底特律破產後，市政發行人避開市場。結構型產品發行在 CMBS 領域表現強勁，上升 47%；RBS 上升 26%；CDO（主要為 CLO）上升 88%，儘管這些都是在較小基期上成長。上述成長抵銷了規模更大的 ABS 市場疲弱，ABS 整體下滑 14%。

In Europe, corporate issuance decreased 20% but high-yield issuance increased 82%. This was due to record low spreads and diversification of funding from banks. Structured issuance decreased 9% due primarily to the ECB's long-term refinancing offering known as the LTRO and its impact on covered bonds.

在歐洲，公司債發行下降 20%，但高收益債發行增加 82%。這是由於利差創歷史低點，以及資金來源從銀行走向多元化。結構型產品發行下降 9%，主要因歐洲央行（ECB）的長期再融資操作（LTRO）及其對擔保債券的影響。

Since this will be Terry's last earnings conference call, we thought it only appropriate to highlight a few of the major accomplishments that have taken place under his leadership.

由於這將是 Terry 最後一次財報電話會議，我們認為有必要強調幾項在他領導下達成的主要成就。

Terry became CEO April 29, 1998. In his first letter to shareholders, he wrote quote -- our commitment to our shareholders is to increase shareholder value by serving our markets aggressively and ethically and like our customers, striving to reach our full potential -- unquote. Since 1998, the Company has delivered a total return of approximately 300% versus only 97% for the S&P 500. The Company returned more than $13 billion to shareholders through dividends and share repurchases and the Company continued yearly increases to a dividend that began in 1937 and has been increased every single year since 1973.

Terry 於 1998 年 4 月 29 日出任執行長。在他給股東的第一封信中，他寫道——引述——我們對股東的承諾，是以積極且合乎道德的方式服務我們的市場來提升股東價值，並且如同我們的客戶一樣，努力發揮全部潛能——引述完畢。自 1998 年以來，本公司累計總報酬約 300%，相較之下 S&P 500 僅約 97%。本公司透過股利與庫藏股回購向股東返還超過 130 億美元，並且延續自 1937 年開始的年度股利成長；自 1973 年以來，股利每一年都持續提高。

But more importantly under Terry's leadership, he has transformed the Company. In 1998, the Company was predominantly a collection of publishing assets. Financial services represented only 31% of the $3.7 billion annual revenue and the operating margin was 18.5%.

但更重要的是，在 Terry 的領導下，他改造了公司。1998 年時，公司主要由一系列出版資產所構成。金融服務僅占 37 億美元年營收的 31%，營業利潤率為 18.5%。

During the last 15 years, the Company has divested the publishing assets to others who can make the most with those businesses. And it has reshaped the financial services segment into the leading portfolio of brands we have today, a portfolio with an adjusted operating margin that has more than doubled since 1998 and a portfolio that provides essential intelligence. That's essential intelligence through leading ratings, benchmarks, and analytics to its customers.

在過去 15 年間，公司已將出版資產出售給更能發揮這些業務價值的其他業者。同時也將金融服務事業重塑為我們今日所擁有的領先品牌組合；該組合的調整後營業利潤率自 1998 年以來已超過倍增，並提供關鍵情報。也就是透過領先的評級、基準與分析，向客戶提供不可或缺的情報。

While Terry is stepping down as President and CEO, he will remain as Chairman of the Board providing his guidance and insights to me and the rest of the management team.

雖然 Terry 將卸任總裁兼執行長，但他將繼續擔任董事會主席，為我與其餘管理團隊提供指導與洞見。

Now I'd like to turn the call back to Terry and thank you all.

現在我想把電話會議交回給 Terry，也謝謝各位。

Okay, thank you, Doug, and thank you for the kind words.

好的，謝謝你，Doug，也謝謝你的美言。

The bottom line is very simple, that McGraw Hill Financial is a very, very special place with very special people who are dedicated to making a very positive impact in the markets that we serve. Clearly, as Chairman of the Board, I look forward to continuing to work with Doug and the management team and the rest of the Board to continue to build this great Company.

結論非常簡單：McGraw Hill Financial 是一個非常、非常特別的地方，擁有非常特別的人才，致力於在我們所服務的市場中產生非常正面的影響。顯然，作為董事會主席，我期待能持續與 Doug、管理團隊以及董事會其他成員合作，繼續打造這家卓越的公司。

So with that, let me turn the call now over to Jack Callahan, our Chief Financial Officer, for additional details on the third quarter, full year and on our financials. Jack?

那麼接下來，我把電話會議交給我們的財務長 Jack Callahan，請他就第三季、全年以及我們的財務狀況提供更多細節。Jack？

Thank you, Terry. This morning, I want to briefly close out this call with a discussion of several items on our performance and our outlook for the balance of 2013.

謝謝你，Terry。今天早上，我想以討論幾項關於我們表現以及 2013 年剩餘期間展望的事項，來簡要結束本次電話會議。

First, I want to recap key financial results in the quarter. Second, I will review recent changes to the portfolio and the associated one-time items, largely gains that were incurred during the quarter. Third, I will provide updates on the balance sheet, year-to-date free cash flow and share repurchase activity. And finally, I will comment on the increase to our 2013 earnings per share guidance.

首先，我將回顧本季的關鍵財務結果。第二，我會檢視近期投資組合的變動以及相關的一次性項目，主要是本季認列的收益。第三，我將更新資產負債表、年初至今的自由現金流與庫藏股回購活動。最後，我將評論我們上調 2013 年每股盈餘指引一事。

As expected, third-quarter comparisons proved more challenging than the first half but we were able to deliver another solid quarter of growth. Revenue grew 7% to $1.19 billion with organic revenue growing 8% excluding the sale of Aviation Week which occurred during the quarter and a divestiture in selected product closures at S&P Capital IQ.

如預期所料，第三季的同比比較比上半年更具挑戰，但我們仍然交出另一個穩健成長的季度。營收成長7%至11.9億美元；若排除本季出售Aviation Week以及在S&P Capital IQ部分產品關閉中的一項資產剝離，則有機營收成長8%。

Adjusted segment operating profit grew 11% driven primarily by the strong results at S&P Dow Jones Indices and commodities and commercial markets. In addition, I would note that S&P Capital IQ returned to profit growth in the quarter.

調整後分部營業利益成長11%，主要受惠於S&P Dow Jones Indices以及大宗商品與商業市場的強勁表現。此外，我也要指出，S&P Capital IQ在本季恢復了獲利成長。

Adjusted unallocated expense increased 10% primarily due to an increase in excess office space. Overall, the margin expansion was significant as the consolidated adjusted operating profit margin increased 130 basis points to 33.2% despite a modest decline in year-on-year margin performance in S&P Ratings, our largest and most profitable business unit.

調整後未分攤費用增加10%，主要由於閒置辦公空間增加。整體而言，利潤率擴張相當顯著，合併調整後營業利益率提升130個基點至33.2%；儘管S&P Ratings（我們最大且最獲利的事業單位）的年對年利潤率表現略有下滑。

The tax rate came in at our guidance level of 35%. This was an increase of 160 basis points from the third quarter of 2012. The third quarter a year ago was low due to the impact of S&P Dow Jones Indices joint venture that was created that quarter.

稅率落在我們指引水準的35%。這較2012年第三季增加160個基點。去年第三季偏低，係因該季成立的S&P Dow Jones Indices合資企業所帶來的影響。

Adjusted net income from continuing operations increased 11% and the impact of the share repurchase program can be seen in relatively faster growth and adjusted diluted earnings per share at 13% as average diluted shares outstanding declined approximately 2% to 278.8 million shares. The ending basic share count was 270.6 million shares, down 2.5%.

持續營運的調整後淨利成長11%；由於平均稀釋流通股數約下降2%至2.788億股，庫藏股回購計畫的影響反映在較快的成長上，使調整後稀釋每股盈餘成長13%。期末基本股數為2.706億股，下降2.5%。

Overall, another strong quarter demonstrating the strength and breadth of our portfolio.

整體而言，這又是一個強勁的季度，展現我們投資組合的實力與廣度。

There were a number of changes to our portfolio during the quarter. As Terry mentioned earlier, the Company did invest $214 million to increase its ownership of CRISIL from approximately 53% to 68%. CRISIL has earned approximately $185 million in revenues during the last 12 months. It has the leading position in India, a broad product line serving global customers, and is an essential partner working closely with the S&P Ratings business. Our previous CRISIL investments have delivered tremendous returns and we are pleased to be able to increase our ownership even further.

本季我們的投資組合出現多項變動。如Terry先前提到，公司投資2.14億美元，將CRISIL持股由約53%提高至68%。CRISIL在過去12個月的營收約為1.85億美元。其在印度居於領先地位，擁有服務全球客戶的廣泛產品線，並且是與S&P Ratings業務密切合作的重要夥伴。我們先前對CRISIL的投資帶來了極為可觀的報酬，我們也很高興能進一步提高持股。

S&P Dow Jones Indices and the Bombay Stock Exchange completed the formation of Asia Index Private Limited, a 50-50 joint venture. It is hoped that the new company will raise the profile of the SENSEX and other S&P Bombay Stock Exchange Indices as S&P Dow Jones Indices looks to further extend its South Asia growth.

S&P Dow Jones Indices與孟買證券交易所完成成立Asia Index Private Limited，為50/50的合資企業。期望新公司能提升SENSEX及其他S&P孟買證券交易所指數的能見度，並協助S&P Dow Jones Indices進一步擴大其在南亞的成長。

During the quarter, the Company also divested Aviation Week and Financial Communications. Financial Communications is a small non-core asset that was within the S&P Capital IQ segment.

本季公司亦處分了Aviation Week與Financial Communications。Financial Communications是一項小型、非核心資產，原屬於S&P Capital IQ分部。

CRISIL also exited its equity investment in India Index Services & Products Limited. As a result, there were a number of one-time items that need to be adjusted to better evaluate the ongoing performance of the business. In our adjusted earnings, we are excluding a [$16] million gain on the sale of India Index Services, an $11 million gain on the sale of Aviation Week, a $3 million loss on the sale of Financial Communications, and we were also excluding $10 million of Growth and Value Plan costs which have largely wound down. There was also some limited restructuring actions. In total, we excluded a net gain of $11 million.

CRISIL也退出其對India Index Services & Products Limited的股權投資。因此，出現若干一次性項目，需要調整以更妥善評估業務的持續性表現。在我們的調整後盈餘中，我們排除了出售India Index Services的1,600萬美元收益、出售Aviation Week的1,100萬美元收益、出售Financial Communications的300萬美元損失，同時也排除了1,000萬美元的Growth and Value Plan成本（該計畫已大致告一段落）。此外亦有一些有限的重整措施。合計而言，我們排除了淨收益1,100萬美元。

We continue to maintain an exceptionally strong balance sheet. As of the end of the quarter, we had $1.6 billion of cash and approximately $800 million of long-term debt. Going forward, this strong balance sheet positions us to continue to make investments like CRISIL that are targeted at building the business and as appropriate, sustaining our share repurchase program.

我們持續維持極為強健的資產負債表。截至本季末，我們持有16億美元現金，長期負債約8億美元。展望未來，這樣的強健資產負債表使我們得以持續進行如CRISIL這類以建構業務為目標的投資，並在適當情況下維持我們的股票回購計畫。

Our free cash flow during the first nine months of 2013 was $388 million. As we discussed previously, there were two large items that have negatively impacted year-to-date results. First, because of Hurricane Sandy, the IRS allowed fourth-quarter estimated tax payments that are normally paid in December to be paid in February. This payment was approximately $130 million and was paid in the first quarter.

2013年前九個月的自由現金流為3.88億美元。如先前所述，有兩項大型因素對年初至今的結果造成負面影響。第一，因颶風Sandy，國稅局（IRS）允許通常於12月支付的第四季預估稅款延至2月支付。該筆付款約1.3億美元，並已於第一季支付。

The second item was a $77 million payment associated with the legal settlement that was also included in our first quarter 2013 results. Including the impact of these items, our free cash flow guidance remains $650 million to $750 million for the full year.

第二項為與法律和解相關的7,700萬美元付款，也已納入我們2013年第一季的結果。在納入這些項目的影響後，我們對全年自由現金流的指引仍為6.5億至7.5億美元。

Now, let me update you on our share repurchase activity. During the third quarter, approximately 5.7 million shares were repurchased. So far in 2013, we have spent $850 million and have repurchased 15 million shares at an average price of $56.70. Approximately 1.9 million shares remain under our existing share repurchase authorization and we anticipate completing this authorization before the end of the year.

接下來更新我們的股票回購活動。第三季回購約570萬股。截至2013年目前為止，我們已支出8.5億美元，以平均價格56.70美元回購1,500萬股。在現有回購授權下尚餘約190萬股，我們預期在年底前完成該授權。

Of note, this 15 million share authorization was approved at the Board of Directors in mid-2011.

值得注意的是，這項1,500萬股的授權於2011年年中由董事會核准。

So summing up, we have delivered excellent year-to-date results with 12% revenue growth and 24% adjusted earnings per share growth. And we continue to fine-tune the product portfolio as evidenced by activity during the quarter.

總結而言，我們年初至今交出優異成果：營收成長12%，調整後每股盈餘成長24%。我們也持續微調產品組合，從本季的相關活動即可見一斑。

Now looking forward, we know that year-on-year comparisons in the fourth quarter will be challenging particularly for Standard & Poor's Rating Services and as we have seen in the last few weeks, markets remain somewhat volatile. Nevertheless, we are on pace for a strong full-year results and are raising our 2013 adjusted diluted earnings per share guidance from a range of $3.15 to $3.25 per share to $3.25 to $3.30 per share, up $0.05 on the high end of the range.

展望未來，我們知道第四季的年對年比較將具挑戰，特別是對Standard & Poor's Rating Services而言；且如過去幾週所見，市場仍略顯波動。儘管如此，我們仍朝向強勁的全年表現邁進，並將2013年調整後稀釋每股盈餘指引由每股3.15至3.25美元上調至每股3.25至3.30美元，區間上緣提高0.05美元。

So now with three quarters of the year in, we are on pace for a terrific first year for McGraw Hill Financial and today we've delivered a great last quarter for Terry McGraw as President and CEO.

因此，在年度已過三季之際，我們正朝向McGraw Hill Financial極為出色的第一年邁進；而今天我們也為Terry McGraw作為總裁兼執行長的最後一個季度交出了亮眼成績。

With that, let me now turn the call back over to Terry.

接下來，我把電話交回給Terry。

Okay, thanks, Jack, and again we are well on our way to delivering excellent 2013 results. And as Jack said, we have raised our EPS guidance for the second time in as many quarters and are harnessing the earnings power of our leading brands by providing essential intelligence to our customers and we are obviously very proud of this record and a lot more to come.

好的，謝謝你，Jack；再次強調，我們正穩步邁向交出2013年優異成果。如Jack所說，我們在連續兩個季度中第二次上調EPS指引；我們透過向客戶提供關鍵情報，發揮領先品牌的獲利能力，對這項紀錄當然感到非常自豪，而且未來還有更多可期。

So thank you all for being with us on the call and now let me turn it back to Chip Merritt, who will provide instructions for the question-and-answer session. Chip?

因此，感謝各位參與本次電話會議；現在我把電話交回給Chip Merritt，他將說明問答環節的指引。Chip？

(Operator Instructions). We will now take our first question. Operator?

（接線員指示）。我們現在開始第一個提問。接線員？

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Good morning, everyone. Just starting I guess on the ratings business real quick. I think, Doug, you did a decent job of running through some of the items that impacted the margin which surprised us a little bit with the decline. Can you just maybe go back and just parse out what exactly it was that you would call necessary investments that might have been one time or what really is -- or if all this is ongoing? Basically the question I'm asking is how does this impact the margin outlook or the operating leverage going forward?

各位早安。我想先很快從評級業務談起。我認為Doug對一些影響利潤率的項目做了不錯的說明；利潤率下滑讓我們有點意外。你能否再回頭更清楚地拆解一下，你所稱的必要投資究竟是哪些，哪些可能是一次性的，或其實這些是否都是持續性的？我基本上想問的是，這會如何影響未來的利潤率展望或營運槓桿？

Go ahead, Doug.

請繼續，Doug。

Yes, let me start and then I'm going to hand it over to Jack. So we see first of all as you notice compared to sequential, we were able to decrease our expenses sequentially quarter on quarter although you see an increase year on year. The year-on-year increase is primarily driven as I mentioned by a combination of technology expenses. We are increasing our modernization of our workflow processes, our publishing, as well as compliance and control systems who always modernize and update have continuous improvement in our businesses.

好的，我先開始，然後我會交給 Jack。首先，如你所注意到的，與前一季相比，我們得以在季度環比上降低費用，儘管你會看到同比仍有增加。同比增加主要如我提到的，是由科技費用的組合所驅動。我們正在加速工作流程、出版，以及合規與控制系統的現代化；這些系統持續現代化與更新，並在我們的業務中帶來持續改善。

In addition, as I mentioned, we've had some other increase in compliance expenses which is partially headcount and partially related to those systems. We see on the top line as well what you saw was a decrease in significantly corporate issuance across the globe but we were able to make up for that and continue to see growth compared to last year at the top line based off of very strong bank loan ratings, ratings evaluation services and other areas that are allowing us to diversify our business processes and continue to maintain relevance in the credit markets.

此外，如我所提到的，我們在合規費用方面也有一些其他增加，部分來自人員編制，部分與這些系統相關。在營收端你也看到，全球企業發行量顯著下降，但我們仍能彌補這一影響，並在營收端相較去年持續成長，主要基於非常強勁的銀行貸款評級、評級評估服務以及其他領域，這些都讓我們得以分散業務流程，並持續在信貸市場保持相關性。

For the fourth quarter, I'm going to ask Jack to provide a little bit more update on what we are seeing there.

至於第四季，我會請 Jack 再多提供一些我們目前看到的情況更新。

And I would just add that the third quarter was our lowest revenue quarter of the year and so some of these expenses have been feathered in during the course of the year.

我也補充一下，第三季是我們今年營收最低的一季，所以其中一些費用是在全年過程中逐步攤入的。

Moving forward into the fourth quarter, it's going to be a tough overlap for the ratings business in the fourth quarter. We just had a spectacular finish to 2012. But that all being said, on the expense side we do not anticipate expense growth of this magnitude at all as we go into the fourth quarter, as the overlaps also change there.

展望第四季，對評級業務而言，第四季的同比基期會很艱難。我們在 2012 年末有一個非常亮眼的收官。但即便如此，在費用端，隨著進入第四季、且同比基期也在變化，我們完全不預期費用會以這樣的幅度成長。

So we acknowledge the tough overlap in the fourth quarter on the top line and we'll have to remain diligent in managing the expense growth as we go into the balance of the year to prepare for the next.

因此，我們承認第四季在營收端面臨艱難的同比基期，我們也必須在今年剩餘時間內持續嚴謹地管理費用成長，為下一年做好準備。

Okay, does that do it, Alex?

好的，Alex，這樣回答到你的問題了嗎？

I think that was very helpful. Thanks very much. Maybe just, Doug, if I may ask you another question, and I appreciate that you still have a couple of weeks until you really take over as CEO. But obviously, the last time we heard from you was on the last earnings call three months ago, and I assume that since then in preparation to get ready for the new job, you've met with all the business leaders more and more.

我覺得非常有幫助。非常感謝。Doug，如果可以的話我再問一個問題；我也理解你距離正式接任 CEO 還有幾週時間。但顯然，我們上次聽到你發言是在三個月前的上一場財報電話會議，我想自那之後，為了準備新職務，你應該越來越多地與各業務負責人會面。

So as you've done that, any early indications of things that have surprised you over the last few months? Maybe any sort of items that you see where you can accelerate integration, work on the margin profile for the business; anything on that end yet?

那麼在這個過程中，過去幾個月有沒有任何讓你意外的初步跡象？例如你看到哪些事項可以加速整合、改善業務的利潤率結構；目前在這方面有任何想法嗎？

Well, you almost answered the question in the question itself. But let me tell you first of all, I am really thrilled by this opportunity and thank Terry and the Board for the opportunity to take this on. The biggest surprise I have had is that I continue to be really overwhelmed and amazed by the quality of our brands, the quality of our people, the commitment to markets and our customers.

嗯，你幾乎在問題裡就把答案說出來了。不過我先說，我對這個機會感到非常振奮，也感謝 Terry 與董事會給我承擔這項職責的機會。我最大的意外是，我仍然深深被我們品牌的品質、我們人才的品質、以及對市場與客戶的承諾所震撼與驚豔。

And it's premature for me to give you any specific answers, but I do want to reiterate something that I said before which is in Terry's letter to the shareholders in 1998, he reiterated a commitment to the shareholders to increase shareholder value to serve the markets aggressively and ethically.

現在要我給出任何具體答案還為時過早，但我想重申我之前說過的一點：在 Terry 於 1998 年致股東信中，他重申了對股東的承諾——提升股東價值，以積極且合乎道德的方式服務市場。

And I look forward to continuing with our legacy and that approach, and in particular focusing on our customers and our people.

我期待延續我們的傳承與這種做法，並特別聚焦在我們的客戶與我們的人才。

All right, I guess I will stay tuned for a bigger update next quarter then.

好的，那我想我就等下季再聽更完整的更新。

Looking forward to that.

期待如此。

Very briefly, just lastly on Platts, maybe you've talked about it in the past, but obviously the growth is just outstanding right now. But one of the things, in particular on the energy side, we hear more and more as large banks exiting energy trading businesses, funds shutting down.

最後非常簡短地問一下 Platts：也許你們過去談過，但顯然目前成長非常亮眼。不過有一點，特別是在能源端，我們越來越常聽到大型銀行退出能源交易業務、基金關閉。

It doesn't seem to be impacting you today but do you think the addressable market in that area could make an impact? And if so, any box you can put around that?

看起來今天這並沒有影響你們，但你認為該領域的可服務市場規模可能會造成影響嗎？如果會的話，你能否大致框定一下影響範圍？

Well, Alex, this is Terry. I wouldn't put a box around anything with Platts on that one. One of the things that we've been able to do is really expand upon the whole commodity base and one of the things that we reported here was some of the continuing initiatives that are going on both in terms of sugar, iron ore and the like. And we will be continuing to adding commodities and broadening out that base in terms of price discovery and price assessment.

Alex，我是 Terry。就這點而言，我不會對 Platts 的任何事情設限。我們能做到的一件事，是在整個大宗商品基礎上真正擴張；而我們在這裡也報告了一些持續推進的計畫，包括糖、鐵礦石等。我們也會持續新增商品品類，並在價格發現與價格評估方面擴大這個基礎。

Again with spot markets cropping up all over the world again, the ability to have prices that can solve the gap between long-term annual contracts and spot market activity is exactly what we are about and that's what were benefiting from.

同樣地，隨著現貨市場在全球各地不斷出現，能夠提供價格、用以彌補長期年度合約與現貨市場活動之間落差的能力，正是我們的核心所在，也是我們正在受益之處。

Thanks for your questions, Alex.

謝謝你的提問，Alex。

Take care, thank you.

保重，謝謝。

Andre Benjamin, Goldman Sachs.

Goldman Sachs 的 Andre Benjamin。

Hi, good morning. Just wanted to follow up a little bit more on the ratings agency. I know that earlier in the year you actually gave some guidance for what you expected the actual segment to grow that would be embedded in the updated EPS guidance. I was wondering if you had any update to that? I think it was previously high single digits. Any color on how you think we should be thinking about this fourth quarter versus maybe going into 2014 would be helpful?

嗨，早安。我想再追問一下評級機構的部分。我知道今年稍早你們其實給過一些指引，說明你們預期該事業部的實際成長，並會反映在更新後的 EPS 指引中。我想請問你們對此是否有任何更新？我記得之前是高個位數。若能提供一些看法，讓我們理解第四季相較於、以及進入 2014 年時應該如何看待，會很有幫助。

Okay, Andre, first of all, welcome to the team and I know this is new for you. We are delighted that you are with us. Let me turn it over to Jack here and we can go through the guidance for you.

好的，Andre，首先，歡迎加入團隊，我知道這對你來說是新的。我們很高興你與我們一起。我先把問題交給 Jack，我們可以為你說明指引。

Sure.

好的。

Andre, I think that your point is a fair one. We initially did give full-year guidance of high single-digit for both revenue and profit growth. On a full-year basis, kind of given the very strong results that we've had so far this year, I think we'd see revenue growth for the year to be in the low teens and operating profit growth to be in the midteens for right now.

Andre，我認為你的觀點很合理。我們一開始確實給了全年指引：營收與利潤成長皆為高個位數。以全年來看，考量到我們今年迄今非常強勁的表現，我認為今年營收成長會落在低十位數，而營業利益成長目前會落在中十位數。

I'd like to shy away from quarter specific guidance but I think that thinking shows -- and obviously we are having a very good year and ahead of what we initially had given guidance on back in the first quarter.

我想避免提供逐季的具體指引，但這樣的看法顯示——而且很明顯——我們今年表現非常好，並且優於我們在第一季時所給出的初始指引。

Okay, Andre?

好的，Andre？

Yes, that's helpful. And then I guess for my follow-up on capital allocation priorities going forward, you've clearly highlighted a willingness to return a fair amount of capital to shareholders. Should we expect more of the same in terms of run rate and just assume that you're probably not going to take much of a deviation from that until some of the litigation and other matters unfold?

是的，這很有幫助。接著我想追問未來的資本配置優先順序：你們已清楚強調願意向股東返還相當多的資本。我們是否可以預期大致維持同樣的節奏，並假設在訴訟與其他事項進一步明朗之前，你們大概不會有太大偏離？

I guess this would be more for Doug if there's anything we could see cause a change in that before we get some regulatory clarity?

我想這題可能更適合 Doug：在我們取得一些監管面的明確性之前，有沒有任何事情可能導致這方面出現變化？

Andre, again, this is Terry. If history is anything prologue, again in terms of all of the four commitments for capital allocation, we have been very strong in terms of increasing the dividend every year for quite some time and also having a very active share repurchase program. We are also going to be as we have in terms of talking about investments and acquisitions and the like both on the transaction and on the organic side, have focused on that as well.

Andre，我再說一次，我是 Terry。如果歷史可以作為前例，那麼就資本配置的四項承諾而言，我們長期以來每年都非常穩健地提高股利，並且也有非常積極的庫藏股回購計畫。同時，我們也會一如既往，在投資與併購等方面——不論是交易型或內生成長——持續聚焦並推進。

But without making any predictions about what tomorrow brings, share repurchase has been a very important part of our capital allocation program and I expect that to continue.

但在不對明天會發生什麼作任何預測的前提下，股票回購一直是我們資本配置計畫中非常重要的一部分，我預期這將會持續。

Thank you.

謝謝。

Thanks, Andre.

謝謝你，Andre。

Doug Arthur, Evercore.

Doug Arthur，Evercore。

Yes, thanks. And first, Doug, great summary of the Terry McGraw years. Congrats to everyone. Great accomplishment.

是的，謝謝。首先，Doug，你對 Terry McGraw 任內的總結非常精彩。恭喜各位。很了不起的成就。

Just on the numbers, and this really is more I guess for Jack, you noted a couple times in the call the leverage you got outside of the ratings industry in the quarter. For instance, Capital IQ costs were almost flat year-over-year and they've been up quite a bit in the first half. So you are investing in new products. So I'm just kind of curious as to what was behind really the terrific cost performance in all the non-rating segments in the quarter and how you are weighing that against new product investment?

就數字來看，這其實我想更多是給 Jack 的問題，你在電話會議中提到幾次，本季在評級業務以外的部分，你們取得了槓桿效益。例如，Capital IQ 的成本幾乎與去年同期持平，而上半年其實上升了不少。你們也正在投資新產品。所以我有點好奇，本季在所有非評級部門的成本表現如此出色，背後的原因是什麼？以及你們如何在這與新產品投資之間做權衡？

And then secondly, it has been pretty quiet on the EU investigation of the oil market, trading market in Europe. Any updates there and how it pertains to Platts would be appreciated. Thanks.

第二點，歐盟對歐洲石油市場、交易市場的調查似乎相當平靜。那邊有任何最新進展嗎？以及它與 Platts 的關聯為何？若能更新將不勝感激。謝謝。

Why don't I take the margin point. Doug, I think your point that we did get great margin leverage across the balance of the portfolio outside of ratings. I will give you just a little color on each. First of all, in terms of S&P Capital IQ, our level of investment in new products really kicked up in the third quarter a year ago and so that step up in investment has been lapped to some degree.

我先回應利潤率的部分。Doug，我想你說得對，我們在評級以外的其餘投資組合確實取得了很好的利潤率槓桿。我就各項業務補充一點背景。首先，就 S&P Capital IQ 而言，我們對新產品的投資水準是在去年第三季明顯拉升，因此這一波投資增加在某種程度上已經被「比較基期」所消化。

So it's a little bit more of a steady-state going forward. We did see going into this year that we hoped that we'd return to profit growth by the end of the year. We were pleased to see it in the third quarter.

所以往後會更接近穩態。我們在今年初就希望能在年底前恢復獲利成長。很高興在第三季就看到這一點。

On Index, the flow-through was tremendous as Terry noted in his comments and I think we are still benefiting there from some of the merger benefits of putting Dow Jones and S&P together which I think was just wonderful for the margins in that business.

在指數業務方面，如 Terry 在評論中提到的，流量轉換（flow-through）非常驚人；我認為我們仍在受益於把 Dow Jones 與 S&P 合併後的一些綜效，這對該業務的利潤率非常有利。

And within commodities and commercial, it is prudent cost management on -- for J.D. Power and Construction but we are also getting the very strong growth we are seeing in Platts that comes in at a modestly higher-margin that from an overall mix really contributes to the tremendous performance that particular business put up in the quarter.

在大宗商品與商業資訊方面，對 J.D. Power 與 Construction 來說是審慎的成本管理；同時，我們也看到 Platts 非常強勁的成長，而其利潤率略高，從整體組合的角度來看，確實為該業務本季的亮眼表現做出了重要貢獻。

Okay, thanks, Jack. And Doug, always good to hear from you and again in terms of all of our businesses, clearly given the relevance that they play, regulatory setups are going to be very important.

好的，謝謝你，Jack。Doug，也很高興聽到你的提問；再次強調，就我們所有業務而言，鑑於它們所扮演的關鍵角色，監管架構將會非常重要。

One of the things that we have done and Doug has supported and beefed up in a big way is the entire risk compliance and regulatory side. Platts is going to get a lot of attention in a lot of different ways not just Europe. But let me ask Ken Vittor, as General Counsel, to comment specifically on Europe for Platts.

我們做的一件事——而 Doug 也大力支持並大幅強化——就是整體風險、合規與監管相關的工作。Platts 會在很多不同面向受到高度關注，不僅僅是歐洲。不過我想請我們的總法律顧問 Ken Vittor，針對 Platts 在歐洲的情況做具體說明。

Thanks, Terry. There really have been no significant new developments in the EU investigation. We continue to cooperate with the EU in helping them to understand how that market works and how Platts works within the market. So there are no significant developments on that front.

謝謝你，Terry。歐盟調查目前確實沒有任何重大的新進展。我們持續與歐盟合作，協助他們了解該市場如何運作，以及 Platts 在市場中如何運作。因此在這方面沒有重大進展。

Okay, great, thank you.

好的，很好，謝謝。

Peter Appert, Piper Jaffray.

Peter Appert，Piper Jaffray。

Thanks and first, Terry, thanks for a great run. You set the bar high here obviously for Doug so I assume he's targeting the same outperformance 3X the S&P 500 (multiple speakers).

謝謝。首先，Terry，感謝你一路以來的精彩表現。你顯然把標準訂得很高，讓 Doug 要追上，所以我猜他也會以同樣的目標為準——超越標普500三倍的表現（多位講者）。

Thank you for that, Peter, but Doug is up to it.

謝謝你，Peter，不過 Doug 做得到。

Absolutely, we will expect no less. Terry, we are missing you already.

當然，我們也不會期待更少。Terry，我們已經開始想念你了。

So in terms of the S&P business, I was hoping, Doug, maybe you could give us just a bit more color in terms of what you are seeing in the fourth quarter. I understand October started slow but can you just talk a little bit in terms of what you are seeing on backlog of issuance? And in particular I'm interested in what you are seeing in the structured finance market in terms of trends there which seems to be showing some signs of life and how you are feeling about marketshare trends in particular. Thank you.

回到 S&P 的業務，我希望 Doug 你能再多補充一些你對第四季的觀察。我了解十月開局偏慢，但你能否談談你看到的發行積壓（backlog）情況？我特別關心你對結構性金融市場趨勢的觀察，那裡似乎出現一些復甦跡象；以及你對市占率趨勢，尤其是市占率的看法。謝謝。

What we are seeing right now on the overall markets are continued volatility and choppiness. We have seen an increase in issuance recently and what I mentioned in the fourth quarter there had been a decrease in some of the other traditional ABS markets. We've recently seen the US banks in particular given their access to capital and their need to diversify and interest in diversifying funding sources returning to the credit card and auto loan securitization market.

我們目前看到整體市場仍持續波動、起伏不定。最近我們看到發行量有所增加；而我在談到第四季時提到，某些其他傳統 ABS 市場的發行有所下降。我們最近看到美國銀行，特別是考量其資本取得能力、分散需求以及對資金來源多元化的興趣，開始回到信用卡與汽車貸款證券化市場。

CMBS has been particularly strong although our marketshare in the CMBS area we have been focusing on using our criteria which is very transparent and has a focus on the quality of the assets. So despite some of the surge of the CMBS market, our marketshare has not been that high. It's in the 30% range but higher than it had been a year ago.

CMBS 表現特別強勁；不過在 CMBS 領域，我們的市占率方面一直著重於採用我們的評等準則，該準則非常透明，並且聚焦於資產品質。因此，儘管 CMBS 市場大幅成長，我們的市占率並沒有那麼高。大約在 30% 左右，但比一年前高。

So overall, we are seeing corporate issuance a little bit slower and as I said choppy after the government slowdown. Many of the issuers and banks that we've been speaking with are looking carefully at the interest rate environment which means that on the one hand you've got people cautious about entering markets and on the other hand in particular high yield corporate issuance, picking up to continue to take advantage of the very interesting and attractive market.

整體而言，我們看到公司債發行稍微偏慢；正如我所說，在政府停擺影響之後，市場仍顯得顛簸。我們接觸的許多發行人與銀行都在仔細觀察利率環境：一方面讓部分人對進入市場更為謹慎；另一方面，特別是高收益公司債發行，則在回升，以持續把握這個非常有趣且具吸引力的市場環境。

In Europe, we continue to see the deleveraging of the bank environment overall which means that the capital markets are strong. Corporate issuance despite dropping in the third quarter continues to see high-yield issuance and smaller global corporates in Europe are tapping the capital markets.

在歐洲，我們持續看到銀行體系整體去槓桿，這意味著資本市場依然強勁。公司債發行雖然在第三季下滑，但高收益發行仍然活躍，歐洲較小的全球型企業也正在進入資本市場籌資。

So without giving any specific guidance for the fourth quarter we do know that we have a tough overlap from last year and we are watching the pipelines very closely and as we said, the beginning of the month was quite choppy because of the US government shutdown.

因此，在不對第四季提供任何具體指引的情況下，我們知道去年同期的比較基期很高；我們也正非常密切地觀察發行管線（pipelines）。如同我們所說，本月初因美國政府關門而相當震盪。

That's helpful. Thanks, Doug. Thinking ahead, the comp obviously is going to be fairly tough going into 2014 given how strong this year has been. Wondering if you are thinking preliminarily at least that the signs of life in structured finance some of the good things you are seeing out of Europe maybe the pricing action you are taking, is that going to be sufficient do you think to continue to sustain revenue growth for S&P in the first part of next year?

這很有幫助。謝謝你，Doug。往前看，考量今年表現很強，進入 2014 年的比較基期顯然會相當艱難。我想了解你是否初步認為：結構性金融出現的復甦跡象、你在歐洲看到的一些正面因素、以及你們正在採取的定價動作，是否足以在明年上半年持續支撐 S&P 的營收成長？

I don't have a full-blown projection for the first half of next year but I would tell you that we are carefully targeting our investments and our expenses to match what we expect to see in the markets. We have certain expenses we can flex one way or the other depending on what we see.

我目前還沒有對明年上半年做完整的預測，但我可以說，我們正謹慎地調整投資與費用配置，以符合我們對市場的預期。我們有一些費用可以視情況彈性上調或下調。

But as you heard earlier in the call and you can see in our numbers, we have also undertaken a plan to find other sources of revenue, one of those being the bank loan ratings product which we had identified last year as an area that we wanted to target specifically. We knew that having bank loan ratings would allow banks to have more liquidity for their loan. It also makes those loans easier to put into securitizations and CLOs. So we are finding ways whether it's Europe with the deleveraging taking place in the bank loan markets in Europe as well as our growth in Asia which doesn't hit the bottom line as much but we see that as a very critical long-term area for us to continue to grow.

不過，正如你先前在電話會議中聽到的，以及你在我們的數字中所看到的，我們也已推動一項計畫來尋找其他收入來源，其中之一就是銀行貸款評級產品；我們在去年就已將其確定為我們希望特別鎖定的領域。我們知道，提供銀行貸款評級將使銀行的貸款具備更高的流動性。這也讓這些貸款更容易納入證券化與CLO。因此，無論是在歐洲（歐洲銀行貸款市場正在去槓桿化），或是我們在亞洲的成長（對損益表的直接貢獻較小，但我們視其為極為關鍵的長期領域，將持續擴張），我們都在尋找各種方式。

So we will be responsive to what we see in the markets with our products and services. We continually try to find other areas that we can grow and leverage our expertise and our knowledge. At the same time, we are also ensuring that we are flexible on expenses.

因此，我們將依據我們在市場上看到的情況，對我們的產品與服務做出回應。我們持續嘗試尋找其他可以成長的領域，並運用我們的專業與知識。同時，我們也確保在費用方面保持彈性。

As I mentioned earlier, despite some of the investments in technology and compliance-related expenses, as you know, CRA3 came into effect which meant that we had some people that were working very hard to meet all of those compliance areas there. We have been able to provide service to all of our clients to the markets without appreciable increase in headcount.

如我先前提到的，儘管我們在科技與合規相關費用上有一些投資，你也知道CRA3已生效，這意味著我們有一些同仁非常努力地滿足所有相關合規要求。我們仍能在未顯著增加人力編制的情況下，向所有客戶與市場提供服務。

So as I said, we will be watching markets carefully and we will be very, very cognizant of our expense base and flex where possible.

所以如我所說，我們會密切關注市場，並且會非常、非常留意我們的費用基礎，並在可能的地方保持彈性調整。

Thanks, Doug.

謝謝，Doug。

Thanks, Peter.

謝謝，Peter。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Yes good morning thanks and Terry, Doug, congratulations in your new roles.

是的，早安，謝謝。Terry、Doug，恭喜你們擔任新職務。

I guess a few questions. First, can you talk about your margin outlook long-term here for the ratings business? And I ask this partly in the context do you think you could over time close the margin gap relative to your ratings business?

我想有幾個問題。首先，你們能談談評級業務長期的利潤率展望嗎？我之所以這麼問，部分是想了解：你們是否認為，隨著時間推移，你們可以縮小相對於你們評級業務的利潤率差距？

Well I'm going to give you a first part of the answer and then hand it over also to Jack who has studied this very carefully.

好，我先回答第一部分，然後也會交給Jack，他對此做了非常仔細的研究。

First of all, we have been targeting our margins in the mid-40% range as our operating margin. This is the target we've been consistently looking at. We believe that there is a combination of on the revenue side diversification of revenues as we mentioned with things like bank loan ratings, regional and geographical expansion and ensuring that we are covering all the relative markets where capital markets activities are increasing.

首先，我們一直將營業利潤率目標設定在40%中段。這是我們一貫關注的目標。我們相信，這需要多方面的配合：在收入端，如我們提到的透過銀行貸款評級等方式進行收入多元化、區域與地理擴張，並確保我們涵蓋所有資本市場活動正在增加的相關市場。

So we are focused heavily on the topline growth and in addition to that on the bottom line. But on the other hand, we are going to continue to operate at a very high level of quality of assurance with our compliance requirements around the globe. And we want to make sure that we have the best quality of delivery of our services, of our publishing, and our data and our other types of standards.

因此，我們高度聚焦於營收端成長，同時也關注獲利端。但另一方面，我們也將持續在全球範圍內，以非常高的品質水準來滿足合規要求並提供保證。我們希望確保我們的服務交付、出版、數據以及其他各類標準，都具備最佳品質。

So we are targeting a level of margins in the mid-40% range and that's really quite important for us. Let me hand it over to Jack.

因此，我們的利潤率目標是40%中段，這對我們非常重要。我把時間交給Jack。

Yes, I don't have a lot to add, Doug. I mean I think building on your point earlier about the tight management of expense particularly around headcount, we have to be very diligent the way we add costs to this business given the volatility that we have in the topline.

是的，我沒有太多要補充的，Doug。我的意思是，延續你先前提到的重點：對費用、特別是人力編制的嚴格管理；鑑於我們營收端的波動性，我們在為這項業務增加成本時必須非常謹慎。

Just as note, the revenue for this business for the ratings business in the third quarter is the lowest we've seen now in four quarters. So it does -- when you have a little bit of that volatility on the top line, we do tend to have a little bit of compression in margins and I think that's manageable and we will pace any investments we make in the technology and/or compliance related activities as tight as we can given the near-term outlook we have on the market.

補充說明一下，這項業務（評級業務）第三季的收入，是我們在過去四個季度中看到的最低水準。因此——當營收端出現一些波動時，我們的利潤率確實會有些壓縮；我認為這是可控的。我們會根據對市場的短期展望，盡可能嚴格地安排我們在科技和／或合規相關活動上的任何投資節奏。

I think that is well said, Jack. Craig, anything else?

我覺得你說得很好，Jack。Craig，還有其他問題嗎？

Yes, I do have a follow-up there and a couple other questions please.

有的，我有一個追問，另外還有幾個問題，謝謝。

Just one more question. We are trying to keep it to two for everybody.

再一個問題就好。我們希望每位提問者控制在兩個問題。

All right, can you just hit on the why do you think your margins are lower in your in your S&P Ratings business than Moody's? And then also could somebody just give us a further update on the DOJ case please?

好，那你們能否談談：為什麼你們的S&P評級業務利潤率比穆迪低？另外，也請有人就司法部（DOJ）案件再提供進一步更新，謝謝。

Jack and I have looked carefully at Moody's margins and we think that there are a couple of reasons. One of them has to do with the inclusion of CRISIL in our rating segment. CRISIL has a slightly different business mix. It is a combination of an Indian rating agency.

Jack和我仔細研究了穆迪的利潤率，我們認為有幾個原因。其中之一與我們評級部門納入CRISIL有關。CRISIL的業務組合略有不同。它結合了印度的評級機構業務。

They also provide outsourcing services or if you want to call it in-sourcing where they do an excellent quality of support work and analytical and data input work for the ratings business. And then they have a third business line which is global analytical research that they support investment banks and insurance companies around the globe with their analytical processes.

他們也提供外包服務，或者你也可以稱之為內包（in-sourcing）：他們為評級業務提供品質極佳的支援工作，以及分析與數據輸入工作。此外，他們還有第三條業務線，即全球分析研究，透過其分析流程支援全球的投資銀行與保險公司。

CRISIL operates at a lower margin and that's one of the factors which if you look at is about 120 basis points to 150 basis points differential in the margin between Moody's and S&P.

CRISIL的利潤率較低，這是其中一個因素；如果你去看，這大約造成穆迪與S&P之間利潤率差距約120到150個基點。

Another key differential is the level of market share and penetration in the structured finance business and as you know in 2011 and 2012, S&P had withdrawn for a period of time from the CMBS market and was operating at a much lower penetration of the CMBS market. So there was a significant difference of the revenue levels in the CMBS area which was another 250 basis point to 300 basis point differential in the Moody's margin between theirs and ours.

另一個關鍵差異在於結構性金融業務的市占率與滲透率；如你所知，在2011年與2012年，S&P曾在一段時間內退出CMBS市場，且在CMBS市場的滲透率遠低於以往。因此，CMBS領域的收入水準存在顯著差異，這也是穆迪與我們之間利潤率差距的另一個因素，約為250到300個基點。

Additionally, there was another level of difference that we believe that we operate in a slightly different business model with some of our regional offices and the infrastructure that we think is very important to support our businesses to be responsive to the regulators and local constituencies. We don't know what the difference is of the margin there but it's critical for us to have a strong global franchise and we invest in that because it gives us presence in the market and allows us to support our activities.

此外，我們也認為還有另一層差異：我們在部分區域辦公室的營運模式略有不同，並且我們投入一些我們認為非常重要的基礎設施，以支援我們的業務，從而能對監管機構與當地利害關係人做出回應。我們不確定這部分對利潤率差異的具體影響是多少，但對我們而言，擁有強大的全球特許經營權至關重要；我們因此投資，因為這能讓我們在市場中具備存在感，並使我們得以支援各項活動。

So that's really something that we see as three of the key different components in our margin differential and I'll hand it over to Ken to give us an update on the DOJ.

所以，這就是我們所看到造成利潤率差異的三個關鍵組成因素。接下來我把時間交給Ken，請他就DOJ案件提供更新。

And, Craig -- Terry. Just of those three points that Doug mentioned, that first one is very, very important. As you know, this is a very global business and we are all over the world. The Indian market is going to be a spectacular market for us and we started early on with the development of our relationship with CRISIL and we couldn't be more pleased how this has turned out and now that we are up to 68%, and we will continue to focus on this. So we're very excited about what that business is going to mean on that one.

另外，Craig——我是Terry。在Doug提到的三點之中，第一點非常、非常重要。如你所知，這是一個非常全球化的業務，我們遍布世界各地。印度市場對我們而言將會是極為亮眼的市場；我們很早就開始發展與CRISIL的合作關係，我們對目前的成果非常滿意。現在我們的持股已達68%，我們也會持續聚焦於此。因此，我們對那項業務將帶來的意義感到非常振奮。

Ken, do you want to quickly make a comment on DOJ?

Ken，你要不要快速評論一下DOJ？

Sure, thanks, Terry. We are in an initial discovery period in the DOJ case during which the government is required to identify with specificity those securities that they will be litigating on in the case and which S&P will be required to defend. So we will know and the deadline for that specification by the government is November 18. We will know on that date precisely what securities are at issue in the case, precisely what ratings are being challenged by the DOJ so that we can then go ahead and aggressively defend each of those ratings.

當然，謝謝，Terry。我們目前正處於DOJ案件的初步證據開示（discovery）階段；在此期間，政府必須具體指出他們將在本案中提起訴訟的那些證券，以及S&P必須為之辯護的標的。因此我們將會知道，而政府提出該等具體指明的期限是11月18日。在那一天，我們將精確知道本案所涉的證券是哪些、DOJ正在挑戰哪些評級，之後我們就能針對每一項評級展開積極辯護。

At the same time, S&P is engaged in a very broad discovery effort on the government to discover those documents and those witnesses that bear on a variety of our defenses.

同時，標普也正對政府進行非常廣泛的證據開示工作，以取得與我們各項抗辯相關的文件與證人。

So for example, we are asking the government to provide us with all documents supporting all of the government official statements about the housing market during the relevant period because those statements were exactly the same as S&P's statements about the housing market. So we are interested in learning from the government's files what were the documents and supporting information that led to Bernanke and Paulson and Geithner and others speaking about the economy in the same way that S&P spoke about the economy.

例如，我們要求政府提供在相關期間內，所有支持政府官員就房市所做各項公開聲明的文件，因為那些聲明與標普對房市的說法完全一致。因此，我們希望從政府的檔案中了解，是哪些文件與支持性資訊，促使伯南克、鮑爾森、蓋特納等人以與標普相同的方式談論經濟。

So those document requests are out there. The next status conference will be held on the schedule on December 16 by Judge Carter in California and at that point the next phase of the case will be scheduled.

因此，這些文件調取要求都已提出。下一次狀態會議將依既定時程於12月16日由加州的卡特法官召開，屆時將排定本案的下一階段。

Okay, Craig?

好的，Craig？

Thank you, guys.

謝謝，各位。

Yes, thank you.

是的，謝謝。

Tim McHugh, William Blair.

Tim McHugh，William Blair。

Yes, thanks. Just wanted to ask about Capital IQ. I think last quarter you had talked about some optimism that growth might start to pick up late this year and into next year based on some of the new products and hopefully a better environment I guess. Just wanted to get an updated sentiment on that and the response to some of the new products.

是的，謝謝。我想問一下 Capital IQ。我記得上季你們提到，基於一些新產品，以及希望環境能更好一些，你們對今年稍晚到明年成長可能開始回升抱持一些樂觀。想請你們更新一下目前的看法，以及市場對部分新產品的反應。

Tim, first of all, again, it's a work in progress and as we broke out the four categories that make up S&P Capital IQ last time, we have shown strength in all three of those areas.

Tim，首先，再次強調，這仍在進行中；而且如同上次我們拆分出構成 S&P Capital IQ 的四個類別，我們在其中三個領域都展現出強勁表現。

The fourth area in terms of proprietary solutions, we have been making some acquisition and development efforts there and this had to do with the QuantHouse technology. So we would expect going forward that again this is going to be a higher margin, higher growth business and we wish to continue to do that. By the way, Tim, for you as well, welcome on board. It's nice to have your representation with us.

至於第四個領域，也就是專有解決方案，我們在那裡進行了一些併購與開發工作，這與 QuantHouse 技術有關。因此我們預期未來這將是一項高毛利、高成長的業務，我們也希望持續推進。順帶一提，Tim，也歡迎你加入。很高興有你代表參與我們。

Tim, I would just add, it's Jack. Look, it's a tough competitive marketplace for those products; we recognize that. But I think the overall growth rate is being impacted because we have closed down a couple of smaller businesses. We exited Financial Communications so that will be a drag of a point or so of the growth going forward.

Tim，我補充一下，我是 Jack。你看，這些產品所處的市場競爭很激烈；我們了解這點。但我認為整體成長率受到影響，是因為我們關閉了幾個較小的業務。我們退出了 Financial Communications，因此未來成長會被拖累大約1個百分點左右。

But underneath that, the core CAP IQ business, some of the ratings IT businesses are as we mentioned earlier, have been growing more in sort of the mid -- a little bit stronger. But we remain a little more optimistic as we get deeper at leveraging the innovation that's just now coming into the marketplace.

不過在此之下，核心的 CAP IQ 業務，以及我們先前提到的一些評級 IT 業務，成長表現較為居中——略強一些。但隨著我們更深入地運用目前剛進入市場的創新，我們仍然稍微更樂觀。

Does the end market or the health of the demand feel any better? There's some view that the improving stock market and so forth should drive a healthier customer base for that. But I guess we don't see it yet in the numbers? Are there any signs of it as you hear commentary?

終端市場或需求的健康狀況有感覺好一些嗎？有人認為股市改善等等應該會帶動更健康的客戶基礎。但我想我們在數字上還沒看到？你們從市場評論中有聽到任何跡象嗎？

There may be a little bit, maybe some segments doing better than others. So investment banking may be a bit more challenged and investment management may be a little bit stronger. So it's not -- maybe plateauing would be the best way to say it for right now.

可能有一點點，也許某些細分市場表現比其他更好。例如投資銀行可能更具挑戰，而投資管理可能稍微強一些。所以目前若要形容——用「趨於持平」可能是最貼切的說法。

Okay. And then just one -- the other question, McGraw-Hill Construction, you talked about you are starting to see some data points that give you a little more optimism. But I guess are you seeing signs of that in the business activity itself or is it more external just the overall trends in commercial construction volumes that you are pointing to there?

了解。另外一個問題，關於 McGraw-Hill Construction，你們提到開始看到一些數據點讓你們更樂觀。但我想問的是，你們是在業務活動本身看到這些跡象，還是更多是外部因素——也就是你們所指的商用建築量的整體趨勢？

No, it is both, Tim. One is we see more recovery in the real estate sector and we will benefit from that. But also as we discussed there has been some changes to the portfolio as well and we look for this business to be very much like many of our businesses largely focused on data analytics and benchmarks.

Tim，是兩者都有。一方面，我們看到房地產領域復甦更明顯，我們將從中受益。另一方面，如同我們討論過的，投資組合也做了一些調整；我們希望這項業務能非常像我們許多其他業務一樣，主要聚焦在數據分析與基準指標。

So no, no, no, we see improvement both in terms of the market and we see improvements also in terms of the construction of the portfolio.

所以，不是、不是、不是，我們同時看到市場面的改善，也看到投資組合建構方面的改善。

Just by its building book of business, we do anticipate from a revenue point of view this year to be the low mark and we anticipate beginning to return to revenue growth as we enter into next year.

就其業務量的建立而言，我們預期今年在營收角度會是低點，並預期在進入明年後開始回到營收成長。

Okay, great, thank you.

好的，很棒，謝謝。

Thank you, Tim.

謝謝你，Tim。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

Good morning, guys. Just a couple of quick questions. First on the share count, so you guys bought back 5.7 million shares during the quarter but your share count was actually up a little bit sequentially. What was going on there? Was it a timing issue or was there a lot of share issuance? Can you give a little bit of color there?

各位早安。我有兩個簡短問題。第一個關於股數：你們本季回購了570萬股，但你們的股數按季比較其實略有上升。這是怎麼回事？是時間點問題，還是有大量發行新股？能否補充一些背景說明？

I think it's a question of two things. One, there was -- there continues to be a fair amount of option exercise. It's not quite as heavy as last year but there has been some of that. Also too just from the calculation of the fully diluted share count with the increase in the stock price, there's a little bit of an impact. We will have to -- and also there was a vesting of an earlier performance share grant that I think also had an impact on a sequential basis.

我想主要是兩個因素。第一，仍有相當數量的選擇權被行使。雖然沒有去年那麼多，但確實有一些。第二，在計算完全稀釋股數時，隨著股價上升也會有些影響。另外，先前一筆績效股授予到期歸屬（vesting），我認為也對按季比較造成了一些影響。

All right, that's helpful, thank you. And then my second question, so there were a couple of high-profile articles during the quarter accusing you guys of rating shopping. Can you just talk a little bit about your protocols and procedures to make sure that rating shopping doesn't take place and maybe provide a response to those articles?

好的，這很有幫助，謝謝。第二個問題：本季有幾篇高知名度的文章指控你們存在「評級挑選」（rating shopping）。你們能否談談你們的規範與程序，如何確保不會發生評級挑選，並對那些文章做出回應？

This is chip. Just one clarification, on both basic and diluted, we are down sequentially from the second quarter.

我是 Chip。先澄清一下，無論是基本股數或稀釋後股數，我們相較第二季都是按季下降。

Okay, thank you, I apologize.

好的，謝謝，我抱歉。

No worries.

沒關係。

So let me mention that what's really critical here is that our analysis and our ratings are based off a very hard-working independent team of analysts and credit experts that we call our criteria or basically it's our methodology that we define and work on for different products.

我先說明一點：這裡真正關鍵的是，我們的分析與評級是建立在一個非常勤奮、獨立的分析師與信用專家團隊之上；我們稱之為「準則」（criteria），也就是我們針對不同產品所制定並持續精進的方法論。

Since the financial crisis, we have undertaken a thorough review of every single set of criteria that we have across the entire organization to incorporate the lessons learned from the financial crisis. We've updated our models, we've reviewed our models. These are done by a team of experts that I said that are independent from the ratings process itself.

自金融危機以來，我們對全組織內每一套準則都進行了徹底檢視，以納入金融危機的經驗教訓。我們更新了模型，也審查了模型。這些工作是由我剛提到的、獨立於評級流程本身的專家團隊完成。

The first set of criterias that were changed in the organization related to those that had the largest and highest impact from the financial crisis and that meant RMBS and CMBS. That was followed by other types of structured products and then banks and insurance companies and recently we have undertaken a review as well of public finance and are now just launching our review of corporates which is at the back end of all of this.

組織內最先被修改的一套準則，與金融危機影響最大、衝擊最高的領域相關，也就是 RMBS 與 CMBS。接著是其他類型的結構型產品，然後是銀行與保險公司；最近我們也對公共融資（public finance）展開檢視，現在則正要啟動對公司（corporates）的檢視，這是整個流程的最後一環。

So our criteria team puts out into the market for review and comments our criteria. We then take it back. We apply it to the markets and what we then have is a set of products and services that we go to the market on with our ratings.

因此，我們的準則團隊會將準則發布到市場上，供外界審閱並提出意見。之後我們再收回。我們將其應用於市場，而接下來我們就會以這一套準則，帶著我們的評級向市場提供一系列產品與服務。

Now in particular, there were a couple of critical articles on CMBS and RMBS. Our CMBS and RMBS, both of our criteria they focus on the quality of the assets in the transaction and the long-term cash flows that are generated by those assets. And as you've seen deals that were at a higher quality end of the spectrum, we have been more likely to be included on those deals.

現在特別是，有幾篇針對 CMBS 和 RMBS 的關鍵評論文章。我們對 CMBS 和 RMBS 的評等準則，兩者都聚焦於交易中資產的品質，以及由這些資產所產生的長期現金流。而如你所見，對於處於品質光譜較高端的交易，我們更有可能參與並納入這些交易。

When the pricing or there's more aggressive underwriting or optimistic expectations for financial performance, we have not been rating on those deals. We are working very closely with the markets and have different proposals that we are looking at related to ratings shopping. These look at potentially modifications to the 17G5. I know I'm getting a little bit too technical there but ways to modify transparency and more information being provided to the markets.

當定價偏低、承作審核更為激進，或對財務表現抱持過度樂觀的預期時，我們就不會為那些交易提供評等。我們正與市場非常密切地合作，並在檢視與「評等挑選」（ratings shopping）相關的不同提案。這些提案可能涉及對 17G5 的修訂。我知道我講得有點太技術性了，但重點是透過一些方式來提升透明度，並向市場提供更多資訊。

But basically let me go back to where I began. We have a very high quality set of people that focus on the quality of our criteria. It's developed independently and then it's applied by our analysts also independently and we see what we get in the quality of the assets and we call it as we see it.

但基本上，讓我回到一開始的重點。我們有一支非常高品質的團隊，專注於我們準則的品質。準則是獨立制定的，接著也由我們的分析師獨立地加以運用；我們會檢視資產品質所呈現的結果，並如實反映、如實評述。

Patrick, this is Chip. I should not have chimed in. I was wrong. Basic was down, diluted was up. I apologize for that.

Patrick，我是 Chip。我不該插話的。我說錯了。基本每股盈餘下降，稀釋每股盈餘上升。對此我致歉。

All right, no worries, thank you.

好的，沒關係，謝謝你。

Thanks, Patrick.

謝謝，Patrick。

Bill Bird, FBR.

Bill Bird，FBR。

Thank you. First, Terry, congratulations, really nice to see you go out on top. I was wondering if you could just talk about how much of the $1.6 billion of cash is in the US? And Doug, just at a high level, how do you think about acquisitions and the role they will play in your strategy? Thank you.

謝謝。首先，Terry，恭喜你，真的很高興看到你在巔峰時刻功成身退。我想請你談談 16 億美元現金中，有多少是在美國境內？另外 Doug，從較高層次來看，你如何看待併購，以及併購在你們策略中將扮演的角色？謝謝。

Okay, first of all, thanks, Bill, and you've been with us for a long time and we really appreciate your coverage as well. But thanks on that. Let me go over to cash with Jack and then we'll go to Doug with acquisitions.

好的，首先謝謝你，Bill。你長期以來一直關注我們，我們也非常感謝你的研究覆蓋。也謝謝你的祝賀。我先請 Jack 回答現金的問題，接著再請 Doug 談併購。

Of the $1.6 billion in cash, a little less than $1 billion is offshore right now just roughly.

在 16 億美元現金中，目前略低於 10 億美元大致是在海外。

And on acquisitions, as we've mentioned earlier in this call, we want to have a very well articulated and a plan for capital which is to find and work closely with the Board. That would include a combination of investments in organic growth, investments in acquisition, dividends and share repurchases.

至於併購，如同我們在本次電話會議稍早提到的，我們希望就資本配置提出一個非常清楚、具體的計畫，並與董事會密切合作。這將包含幾個組合：對內生性成長的投資、對併購的投資、股利，以及庫藏股回購。

So it's premature for me to give you any guidance on that yet and sometime next year Jack and I will be working with Terry and the Board on giving you more guidance on what direction we see on those.

所以現在我還太早給你任何指引；明年某個時候，Jack 和我會與 Terry 及董事會合作，提供更多指引，說明我們認為可能的方向。

But I think all four of those are critical ways for us to think about our capital and as I said earlier, we want to continue with programs that do provide adequate returns for our shareholders.

但我認為這四項都是我們思考資本運用的關鍵方式；如我先前所說，我們希望持續推動能為股東帶來足夠報酬的計畫。

And Bill, as you know, in all four quadrants of dividend share repurchase, organic and transaction, we have been active in varying degrees dependent upon portfolio considerations and the like on that one. But to date, we have had a very strong dividend and share repurchase program. We look forward to continuing that but obviously we are also looking at the areas for other kinds of growth in terms of organic and transaction. But it's obviously always a balance.

而且 Bill，如你所知，在股利、庫藏股回購、內生性成長與交易（併購）這四個面向上，我們都曾依不同程度參與，取決於投資組合考量等因素。但截至目前，我們的股利與庫藏股回購計畫一直非常強勁。我們期待能持續推進；但很明顯地，我們也在尋找其他成長領域，包括內生性成長與交易（併購）。不過這始終需要取得平衡。

Thank you.

謝謝。

Thanks, Bill.

謝謝你，Bill。

David Reynolds, Jefferies.

David Reynolds，Jefferies。

Good morning, gentlemen. I wonder if I could just explore Capital IQ a little bit more with you please. Proprietary research obviously showing a revenue decline in the quarter. Perhaps you could just give us a little more color on how material that is within the Capital IQ division and perhaps in a more normalized environment where you would see the revenue profile and the margin dynamic of that business.

各位先生早安。我想再更深入探討一下 Capital IQ。你們的專有研究顯示本季營收下滑。也許你們可以多提供一些背景：這在 Capital IQ 事業部中的重要性有多大？以及在較為常態化的環境下，你們預期該業務的營收輪廓與利潤率變化會是如何？

David, just generally, and there's even a few different businesses within our research portfolio but it's roughly 10% of the overall mix. There are some components of it that are showing some nice growth. There are some others more that are a little bit more challenged.

David，整體來說，我們的研究產品組合裡其實包含幾個不同業務，但大約占整體組合的 10%。其中有些組成部分呈現不錯的成長。也有一些部分面臨較多挑戰。

So it is the smallest segment but it has been a bit of a drag and we recognize that and we are looking at a variety of ways in trying to think about how to shore that up as we move forward as we get ready for next year.

所以它是最小的部門，但確實帶來了一些拖累；我們也認知到這點，並正從多個面向思考，隨著我們邁向明年，如何強化並穩固這一塊。

And the whole game plan on this, David, is we are going to continue to work the portfolio in all four quadrants that we put out there in terms of sectors. We are looking at this being a much faster growing business and higher margin (technical difficulty) investments to the QuantHouse technology on the proprietary solutions. And we expect that to be behind us and next year ought to be continued improvement on that.

而這整體的作戰計畫，David，是我們將持續在我們提出的四個象限中，從產業面向來經營這個產品組合。我們希望這會是一個成長更快、利潤率更高的業務，（技術問題）並對 QuantHouse 技術與專有解決方案進行投資。我們預期這些問題會成為過去式，而明年應該會持續改善。

That's perfect. Thank you, guys.

非常好。謝謝各位。

Thanks, David.

謝謝你，David。

That concludes this morning's call. A PDF version of the presenter slides is available now for downloading from www.MHFI.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 Financial's website for 12 months from today and for one month from today by telephone.

今天早上的電話會議到此結束。簡報投影片的 PDF 版本目前已可從 www.MHFI.com 下載。包含問答環節在內的本次會議重播，約在兩小時後提供。重播將自今日起在 McGraw Hill Financial 的網站上保留 12 個月，並可透過電話保留 1 個月。

On behalf of McGraw Hill Financial, we thank you for participating and wish you good day.

我謹代表 McGraw Hill Financial，感謝各位參與，並祝各位有美好的一天。