標普全球 (SPGI) 2019 Q4 法說會逐字稿

Good morning, and welcome to S&P Global's Fourth Quarter and Full Year 2019 Earnings Conference Call. (Operator Instructions) To access the webcast and slides, go to investor.spglobal.com. (Operator Instructions)

早安，歡迎參加 S&P Global 2019 年第四季暨全年財報電話會議。（接線員指示）如需收看網路直播與投影片，請前往 investor.spglobal.com。（接線員指示）

I would now like to introduce Mr. Chip Merritt, Senior Vice President of Investor Relations for S&P Global. Sir, you may begin.

現在我想介紹 S&P Global 投資人關係資深副總裁 Chip Merritt 先生。先生，您可以開始了。

Thank you, and thank you for joining us today for S&P Global's fourth quarter earnings call. Presenting on today's call are Doug Peterson, President and CEO; and Ewout Steenbergen, Executive Vice President and Chief Financial Officer.

謝謝，也感謝各位今天參加 S&P Global 第四季財報電話會議。今天出席並發言的有：總裁暨執行長 Doug Peterson，以及執行副總裁兼財務長 Ewout Steenbergen。

We issued a news release for our fourth quarter and full year 2019 results earlier today. If you need a copy of the release and financial schedules, they can be downloaded at investor.spglobal.com.

我們已於今日稍早發布 2019 年第四季暨全年業績的新聞稿。如需新聞稿與財務附表，可至 investor.spglobal.com 下載。

New this quarter, we've added an appendix at the end of the slide deck. These slides will not be addressed during the webcast. However, you may access them by downloading the PDF of the slides from the webcast viewer or from the Quarterly Earnings page on our Investor Relations website.

本季新增內容：我們在投影片檔案末尾加入了附錄。這些投影片不會在網路直播中說明。不過，您可從直播觀看器下載投影片 PDF，或至我們投資人關係網站的「季度財報」頁面取得。

In today's earnings release, during the conference call, we'll be 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. Earnings release contains exhibits that reconcile the difference between non-GAAP measures and the comparable financial measures measured -- or calculated in accordance with U.S. GAAP.

在今日的財報新聞稿與電話會議中，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不同期間之間對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公司的業務。財報新聞稿包含附表，用以調節非 GAAP 指標與依美國 GAAP 衡量——或計算——之可比財務指標之間的差異。

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. 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者出現重大差異。就此，我們請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陳述。

I would also like to call your attention to a European regulation. Any investor who has or expects to obtain ownership of 5% or more of S&P Global 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歐洲法規。任何已持有或預期取得 S&P Global 5% 或以上持股的投資人，請致電與我聯繫，以更了解該法規對投資人以及可能對公司造成的影響。

We're 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 Dave Guarino at (212) 438-1471.

我們知道本次電話會議中也有一些媒體代表與會。不過，本通話主要面向投資人；我們請媒體的提問改向 Dave Guarino（電話：(212) 438-1471）提出。

At this time, I'd like to turn the call over to Doug Peterson. Doug?

現在，我想把電話交給 Doug Peterson。Doug？

Thank you, Chip. Welcome to today's earnings call. I'm going to review our full year highlights, and Ewout will review the fourth quarter results in a moment.

謝謝你，Chip。歡迎各位參加今天的財報電話會議。我將回顧全年重點，稍後 Ewout 會回顧第四季業績。

2019 was a notable year for the company with solid financial results, while we invested for future growth. In 2019, we delivered 7% revenue growth and 12% adjusted diluted EPS growth. We generated margin improvement in every business, reported $2.6 billion in free cash flow, excluding certain items, a 29% increase year-over-year. We returned $1.8 billion through share repurchases and dividends, and we'll initiate a $1 billion ASR in the next few days.

2019 年對公司而言是值得關注的一年：在投資未來成長的同時，我們交出了穩健的財務成果。2019 年，我們實現營收成長 7%，調整後稀釋每股盈餘（EPS）成長 12%。我們在各項業務皆帶來利潤率改善；在排除特定項目後，自由現金流為 26 億美元，年增 29%。我們透過庫藏股回購與股利合計回饋股東 18 億美元，並將在未來幾天啟動 10 億美元的加速庫藏股回購（ASR）。

We also advanced significantly on key initiatives. We made great strides towards our Investor Day target. We launched a number of new products with very encouraging early success.

我們也在關鍵計畫上取得顯著進展。我們朝向投資人日所設定的目標邁出重要步伐。我們推出多項新產品，初期成果相當令人鼓舞。

As we continue to build for the future, we made substantial progress on our 2019 growth investments. In China, we launched a rating agency and started a Market Intelligence franchise. And across the company, we substantially expanded our ESG activities and applied automation and AI.

在持續為未來布局的同時，我們在 2019 年成長投資方面取得實質進展。在中國，我們成立了評級機構，並啟動 Market Intelligence 的業務版圖。同時在全公司範圍內，我們大幅擴展 ESG 相關活動，並導入自動化與 AI。

We added unique benchmarks, data and analytics with acquisitions of 451 Research, Live Rice Index, Enerdata and the pending acquisition of Greenwich Associates. We also bolstered our ESG capabilities with the acquisition of the ESG Rating Business from RobecoSAM.

我們透過收購 451 Research、Live Rice Index、Enerdata，以及尚待完成的 Greenwich Associates 收購案，新增了獨特的基準、數據與分析能力。我們也透過收購 RobecoSAM 的 ESG 評級業務，強化了我們的 ESG 能力。

With the progress achieved in 2019, we're well positioned to advance our strategic initiatives and financial targets in 2020.

憑藉 2019 年所取得的進展，我們已具備良好條件在 2020 年推進策略性計畫與財務目標。

On this slide, we summarize our full year 2019 results. This year, we delivered solid revenue growth of 7%, exceptional margin improved 140 basis points to 50.2%, a 2% reduction in shares outstanding and solid EPS growth.

在這張投影片中，我們彙總 2019 年全年業績。今年我們實現 7% 的穩健營收成長；卓越的利潤率表現使利潤率提升 140 個基點至 50.2%；流通在外股數減少 2%，並帶來穩健的 EPS 成長。

Every business delivered revenue growth and margin improvement in 2019. Indices led the way with 10% revenue growth, and 3 of our 4 businesses delivered improvement of more than 100 basis points of adjusted operating profit margin.

2019 年每一項業務都實現營收成長與利潤率改善。指數業務以 10% 的營收成長領先；我們 4 項業務中有 3 項的調整後營業利益率提升超過 100 個基點。

As we indicated on the first quarter 2019 earnings call, Market Intelligence's investment spending in new initiatives increased during 2019, which impacted adjusted profit margin expansion for MI.

正如我們在 2019 年第一季財報電話會議中所提到，Market Intelligence 在 2019 年對新計畫的投資支出增加，影響了 MI 的調整後利潤率擴張。

Our 2019 performance extended our succession of solid revenue and exceptional adjusted operating margin growth. We've delivered a 6% 4-year CAGR for revenue and improved our adjusted operating profit margin by more than 1,000 basis points over the past 4 years. We're very proud of the collective efforts of our employees to deliver such meaningful financial progress year after year, remarkable 19% compound annual growth rate of adjusted diluted EPS over the last 4 years. 2019 adjusted diluted EPS growth was lower than the 4-year CAGR due to the increased investment spending that we outlined for you a year ago.

我們 2019 年的表現延續了營收穩健成長與調整後營業利潤率卓越提升的趨勢。過去 4 年，我們的營收 4 年複合年成長率（CAGR）為 6%，調整後營業利益率累計提升超過 1,000 個基點。我們為員工群策群力、年復一年交出如此具意義的財務進展而深感自豪；過去 4 年調整後稀釋 EPS 的複合年成長率達到亮眼的 19%。2019 年調整後稀釋 EPS 成長低於 4 年 CAGR，原因在於我們如同一年前向各位說明的，投資支出有所增加。

This is a slide that we shared at our Investor Day in May 2018, powering the markets of the future. It's the framework we use to allocate investments to where we can most deliver growth. We'll continue to invest in our core businesses and adjacencies to fuel revenue momentum through improving our products, adding new data sets and entering new geographies. And we'll continue to invest on our foundational capabilities that are necessary for our long-term results.

這張投影片是我們在 2018 年 5 月投資人日分享的內容：驅動未來市場。這是我們用來配置投資、以最能帶動成長之處為優先的框架。我們將持續投資核心業務與相鄰領域，透過改善產品、增加新數據集並進入新地理市場，來推動營收動能。同時，我們也將持續投資於長期成果所必需的基礎能力。

We're particularly pleased with the success of a number of products that we launched in 2019. Our launch of a ratings franchise in the Chinese domestic bond market was the most publicized new product. We're building a business from scratch, and the educational market participants is pivotable to its success. To that end, we met with over 1,600 investors and issuers. During these meetings, we've consistently found a genuine demand for high-quality objective, transparent and reliable ratings in China. With 6 ratings issued to date, we expect adoption to steadily increase in the coming years.

我們對 2019 年推出的多項產品所取得的成功尤其感到滿意。其中，在中國境內債券市場推出評級業務版圖，是最受矚目的新產品。我們正從零開始打造一項業務，而對市場參與者進行教育是其成功的關鍵。為此，我們與超過 1,600 位投資人與發行人會面。在這些會議中，我們一再發現中國市場對高品質、客觀、透明且可靠的評級確有真實需求。截至目前已出具 6 份評級，我們預期未來幾年採用度將穩步提升。

Ratings ESG evaluations were launched as a cross sector relative analysis of an entity's ability to operate successfully in the future and optimize long-term stakeholder value in light of its natural and social environment and the quality of its governance. Once again, education is important, and we've been meeting with potential issuers around the world to discuss our ESG evaluation. To date, we've published 6 ESG evaluations and expect adoption to increase quickly in 2020.

評級ESG評估係以跨產業的相對分析方式推出，用以評量某一實體在其自然與社會環境以及治理品質的背景下，未來能否成功營運並最佳化長期利害關係人價值的能力。再一次，教育宣導很重要，我們一直與全球各地的潛在發行人會面，討論我們的ESG評估。截至目前，我們已發布6項ESG評估，並預期在2020年的採用率將快速提升。

After S&P Dow Jones Indices introduced ESG versions of our most recognized indices, there was considerable interest among our partners to create ETFs based on these indices. UBS, DWS and State Street have each launched an ETF based on the S&P 500 ESG index. As of the end of 2019, these ETFs have collectively surpassed $450 million in AUM.

在S&P道瓊指數推出我們最具代表性指數的ESG版本後，我們的合作夥伴對於以這些指數為基礎建立ETF展現出相當大的興趣。UBS、DWS與State Street各自推出了以S&P 500 ESG指數為基礎的ETF。截至2019年底，這些ETF合計資產管理規模（AUM）已超過4.5億美元。

The Micro E-mini futures have been touted as one of CME's most successful launches with over 44 million contracts traded by year-end. After introduction of low sulfur marine fuel prices, both CME and ICE have launched new futures contracts, 667,000 contracts traded in 2019. And momentum is building as more than half of those contracts were traded in the fourth quarter.

Micro E-mini期貨被譽為CME最成功的產品推出之一，截至年底交易合約數超過4,400萬口。在低硫船用燃料價格推出後，CME與ICE皆推出了新的期貨合約，2019年交易量達66.7萬口。而動能正在增強，因為其中超過一半的合約是在第四季交易。

On the third quarter conference call, we introduced textual data analytics for earnings conference calls. The team has analyzed 214,000 earnings calls for more than 10,000 companies, providing over 680 million sentiment behavioral scores with history that goes back to 2004.

在第三季財報電話會議上，我們推出了針對財報電話會議的文字資料分析。團隊已分析超過10,000家公司共214,000場財報電話會議，提供超過6.8億個情緒行為分數，並具備可追溯至2004年的歷史資料。

Trucost launched their climate change physical risk data set in the fourth quarter to help companies' investors understand their exposure to physical risks and report in line with TCFD recommendations. The data set covers 6 climate change physical risk indicators, such as heat waves and coastal flooding, with more than 15,000 companies and 500,000 underlying assets with analytics supporting various climate change scenarios.

Trucost於第四季推出其氣候變遷實體風險資料集，協助企業投資人了解其對實體風險的曝險，並依循TCFD建議進行揭露。該資料集涵蓋6項氣候變遷實體風險指標，例如熱浪與沿海淹水，覆蓋超過15,000家公司與500,000項底層資產，並提供支援各種氣候變遷情境的分析。

In 2019, we continued to invest in ESG benchmarks, data and analytics. We announced acquisitions of one of the most widely recognized leaders in ESG data with the ESG Ratings Business from RobecoSAM; unique intelligence, expertise and data covering high-growth emerging technology segments with 451 Research; a global provider of information and benchmark price assessments for the rice industry with Live Rice index; benchmark prices, news and analysis on the Canadian natural gas market with Enerdata; and data and analytics and insights to the financial services industry with CRISIL's pending acquisition of Greenwich Associates. In aggregate, during 2019, we invested approximately $260 million on these acquisitions. We also streamlined our operations with a couple of small divestitures.

2019年，我們持續投資於ESG基準、資料與分析。我們宣布收購多項資產：來自RobecoSAM的ESG評級業務（ESG資料領域最廣為認可的領導者之一）；451 Research（提供涵蓋高成長新興科技領域的獨特情報、專業與資料）；Live Rice index（稻米產業的全球資訊與基準價格評估供應商）；Enerdata（提供加拿大天然氣市場的基準價格、新聞與分析）；以及CRISIL擬收購Greenwich Associates（為金融服務業提供資料、分析與洞見）。整體而言，2019年我們在這些收購上投資約2.6億美元。我們也透過幾項小型資產剝離精簡營運。

As we increasingly embed technology into the fabric of the company, we want to not only improve our product offerings, but also increase operational excellence. Automation is a large part of this effort. This slide was some of the key projects implemented. I'll discuss 2 of these today.

隨著我們日益將科技深度嵌入公司運作之中，我們不僅希望改善產品供給，也希望提升營運卓越。自動化是這項努力的重要一環。這張投影片列出了一些已落地的關鍵專案。我今天將討論其中2項。

Kensho Scribe, which we highlighted on the third quarter earnings call, will now process preliminary transcripts for nearly all of the 33,000 calls posted to the global platform each year. Human editors refine and approve the final version to meet our customers' needs. Scribe has enabled us to increase our coverage by 1,500 companies for 2020, with no headcount increase and expected production cost savings of about 35% compared to 2018 before Scribe was launched.

我們在第三季財報電話會議中提到的Kensho Scribe，現在將為全球平台每年發布的33,000通電話會議中的幾乎全部，處理初步逐字稿。人工編輯會進一步修訂並核准最終版本，以符合客戶需求。Scribe使我們在不增加人力編制的情況下，於2020年將覆蓋公司數增加1,500家，且相較於Scribe推出前的2018年，預期製作成本可節省約35%。

Robotic process automation is a company-wide program. Employees across the company were challenged to see if RPA could be used to automate routine tasks. And by working with a small team of RPA experts, projects identified by employees have saved an estimated 247,000 human hours by automating 218 processes in 2019.

機器人流程自動化（RPA）是一項全公司推動的計畫。公司各部門員工都被鼓勵思考是否能運用RPA來自動化例行性工作。透過與一小組RPA專家合作，員工所提出並落地的專案在2019年透過自動化218項流程，估計節省了247,000個人工作時數。

Both our Ratings business and our Indices business can be impacted by short-term market movements, and I'd like to put some of these movements into perspective, starting with 2019 debt issuance. Global issuance increased 6% in 2019. The most noteworthy gains were the 51% increase in high yield and the 21% increase in U.S. public finance. Leverage loan new issuance activity declined 23%, as many issuers chose to utilize the high-yield market rather than take out a bank loan. This slide puts high-yield and leverage loan issuance into perspective. While high-yield issuance was up considerably in 2019, the combination of high-yield and leveraged loan issuance was consistent with the 10-year average. The bars on these charts depict the volatility of leveraged loan volumes in both the U.S. and Europe. The lines depict the percentage of these loans that we rate. In 2019, we rated 89% of U.S. leveraged loans and 92% of European leverage loans.

我們的評級業務與指數業務都可能受到短期市場波動影響，我想從2019年的債務發行開始，將其中一些變動放在更完整的脈絡中理解。2019年全球發行量成長6%。最值得注意的增幅是高收益債成長51%，以及美國公共融資成長21%。槓桿貸款新發行活動下滑23%，因為許多發行人選擇利用高收益債市場，而非向銀行借款。這張投影片將高收益債與槓桿貸款的發行量放在脈絡中比較。雖然2019年高收益債發行量大幅上升，但高收益債與槓桿貸款合計發行量仍與10年平均一致。圖表中的長條顯示美國與歐洲槓桿貸款量的波動性。折線顯示我們對這些貸款進行評級的比例。2019年，我們對美國槓桿貸款評級的比例為89%，對歐洲槓桿貸款評級的比例為92%。

Turning to industry trends affecting our Indices business. This chart depicts the continuing outflows from actively managed U.S. mutual funds into index-based ETFs and mutual funds. There are several reasons for this trend, including growing institutional retail adoption, search for transparent lower-fee investments, globalization of passive investing and growing need for more complex passive solutions. We continue to work with the markets to provide the most comprehensive collection of index solutions.

接著談影響我們指數業務的產業趨勢。此圖表呈現美國主動式管理共同基金持續流出，轉向以指數為基礎的ETF與共同基金。造成此趨勢的原因有數項，包括機構與零售端採用度提升、尋求更透明且費用更低的投資、被動投資全球化，以及對更複雜被動式解決方案的需求增加。我們持續與市場合作，提供最全面的指數解決方案組合。

Specifically to the ETF AUM associated with our indices, we saw an increase in 2019 due to significant market appreciation, combined with product inflows. For the full year, market appreciation added $333 billion and inflows added $58 billion, bringing our year-end AUM to over $1.7 trillion. AUM is up more than 150% since the end of 2013.

就與我們指數相關的ETF資產管理規模（AUM）而言，2019年我們看到AUM增加，主要來自顯著的市場上漲，並結合產品資金流入。全年而言，市場上漲貢獻3,330億美元，資金流入貢獻580億美元，使我們年末AUM超過1.7兆美元。自2013年底以來，AUM已成長超過150%。

Now I'd like to shift to our 2020 outlook. Our latest GDP forecast was developed in December '19 -- in December 2019. Our economists expect 2020 global GDP growth of 3.3%, slightly higher than the 2019 forecast of 3.2%. Lower growth in the U.S., Europe and China is expected to be more than offset by growth in Russia, Turkey, Mexico and Brazil. Please note that this doesn't take into account any potential impact from the outbreak of the coronavirus.

接下來我想轉向我們對2020年的展望。我們最新的GDP預測是在2019年12月制定——也就是2019年12月。我們的經濟學家預期2020年全球GDP成長3.3%，略高於2019年的預測值3.2%。預期美國、歐洲與中國的成長放緩，將被俄羅斯、土耳其、墨西哥與巴西的成長所抵銷且有餘。請注意，這尚未納入新冠病毒爆發可能帶來的任何影響。

The latest global refinancing study was issued earlier this week. The total amount of global debt maturing in this study is $10.8 trillion over the next 5 years. This is up slightly from the $10.6 trillion highlighted in last year's study. The chart on the right depicts the global high-yield debt maturing over the next 5 years. It totals to $2.5 trillion, up from $2.3 trillion in last year's study. The report notes that maturities appear largely manageable in the near term as monetary easing by multiple central banks contributing to favorable funding conditions for companies, particularly those with higher credit quality and about 77% of the debt through 2024 is investment grade.

最新的全球再融資研究報告於本週稍早發布。本研究所涵蓋的未來5年到期全球債務總額為10.8兆美元。相較去年研究中強調的10.6兆美元略有上升。右側圖表顯示未來5年到期的全球高收益債務。其總額為2.5兆美元，高於去年研究的2.3兆美元。報告指出，短期內到期壓力整體看來大致可控，因多家央行的貨幣寬鬆有助於形成有利的企業融資環境，特別是信用品質較高者；且截至2024年的到期債務中約77%為投資等級。

The company updated its 2020 bond issuance forecast in a report issued last week. Excluding international public finance, issuance is expected to increase 5%. This is unchanged from the previous forecast that we shared with you on the third quarter earnings call.

公司在上週發布的一份報告中更新了其 2020 年債券發行預測。若排除國際公共融資，預計發行量將增加 5%。這與我們在第三季財報電話會議上與各位分享的先前預測一致。

As you saw in an earlier slide, we use our framework, Powering the Markets of the Future, including 6 foundational capabilities to set our goals and allocate resources. For 2020, here are some of the top initiatives aligned to this framework. Some of these are new for 2020, while many are multiyear initiatives that we discussed in 2019.

如同各位在先前的投影片中所見，我們採用「驅動未來市場（Powering the Markets of the Future）」的架構，包含 6 項基礎能力，用以設定目標並配置資源。針對 2020 年，以下是一些與此架構一致的重點倡議。其中部分為 2020 年的新項目，而許多則是我們在 2019 年討論過的多年期倡議。

Under global, we believe that we're in a unique position to bring additional transparency and independent analytics to the capital markets in China. Both Ratings and Market Intelligence will continue their efforts in this important market. Outside China, both Platts and Ratings will be extending their commercial presence in Asia.

在全球面向下，我們相信我們具備獨特優勢，能為中國資本市場帶來更多透明度與獨立分析。評級（Ratings）與市場情報（Market Intelligence）將持續在這個重要市場推進相關工作。在中國以外，Platts 與評級業務也將擴大其在亞洲的商業布局。

Under customer orientation, we continue building the Market Intelligence platform. In Ratings, we want to make the vast array of models and data that are created during the Ratings process available to issuers through Ratings360 and the fixed income investors through RatingsDirect and RatingsXpress.

在客戶導向方面，我們持續建置市場情報平台。在評級業務中，我們希望將評級流程中產生的大量模型與資料，透過 Ratings360 提供給發行人，並透過 RatingsDirect 與 RatingsXpress 提供給固定收益投資人。

We're simplifying Platts' 300-plus product offerings and grouping them into about a dozen commodity classes. This will help customers better understand the full breadth and depth of our offerings within commodity class.

我們正在簡化 Platts 300 多項產品供給，並將其歸類為約十多個商品類別。這將協助客戶更好地理解我們在各商品類別中的完整廣度與深度。

Under innovation, after acquiring the ESG Ratings Business from RobecoSAM, we're now integrating their data and methodologies with ours. This will bolster our ESG product offering.

在創新方面，收購 RobecoSAM 的 ESG 評級業務後，我們目前正將其資料與方法論與我們的進行整合。這將強化我們的 ESG 產品供給。

Our data marketplace will help clients navigate and link increasing volumes of new and unstructured data. In 2020, we'll introduce weather, satellite, foot traffic and FDA data, amongst others, linked to Market Intelligence and Platts data.

我們的資料市集將協助客戶在日益增加的新型與非結構化資料量中進行導覽並建立連結。在 2020 年，我們將推出天氣、衛星、客流量與 FDA 資料等，並與市場情報與 Platts 資料相連結。

In addition, our customers are demanding increased private company and SME coverage on the Desktop.

此外，我們的客戶也要求在 Desktop 上增加對私營公司與中小企業（SME）的覆蓋。

We're also working to launch an expanding suite of proprietary climate analytics, covering both physical risk and transition risk on the Desktop and Xpressfeed. And we're integrating Trucost data with our equity portfolio analytics and our credit analytics products.

我們也正著手推出一套持續擴充的專有氣候分析工具，涵蓋實體風險與轉型風險，並在 Desktop 與 Xpressfeed 上提供。同時，我們正將 Trucost 資料與我們的股票投資組合分析以及信用分析產品整合。

Under technology, we're increasingly utilizing technology to improve the customer experience in 2020. An example is the success that Platts and Kensho achieved in 2019 to dramatically accelerate the market on close process for Dated Brent, while unleashing best-in-class, real-time analytical and data visualization tools for our customers.

在科技方面，2020 年我們將更廣泛運用科技以提升客戶體驗。其中一個例子是 Platts 與 Kensho 在 2019 年取得的成果：大幅加速 Dated Brent 的收盤定價流程，同時為客戶釋放同級最佳的即時分析與資料視覺化工具。

Another Kensho project is Omnisearch. After beta testing with 1,300 customers, we plan to bring Omnisearch into production on the Market Intelligence platform in 2020.

另一個 Kensho 專案是 Omnisearch。在與 1,300 位客戶完成 Beta 測試後，我們計畫於 2020 年將 Omnisearch 正式導入市場情報平台上線。

Under operational excellence, we want to expand our successes with Kensho in data ingestion and continue to leverage in-house RPA and third-party technologies to expand automation.

在營運卓越方面，我們希望擴大與 Kensho 在資料匯入（data ingestion）方面的成功經驗，並持續運用內部 RPA 與第三方技術來擴大自動化。

Under people, we want to continue to raise the technological acumen of every employee to our essential tech program and expand the capabilities of our technologies through our data science academy. And we'll maintain our foundational commitment to diversity and inclusion.

在人員方面，我們希望透過核心科技計畫持續提升每位員工的科技素養，並透過我們的資料科學學院擴展技術能力。同時，我們將維持對多元與共融的基礎承諾。

And now I'd like to turn the call over to Ewout Steenbergen, who will provide additional insights into our capital plans and financial performance. Ewout?

接下來我想把電話會議交給 Ewout Steenbergen，他將就我們的資本規劃與財務表現提供更多洞見。Ewout？

Thank you, Doug, and welcome to all of you on the call.

謝謝你，Doug，也歡迎各位參與本次電話會議。

Let me start with our fourth quarter financial results. Revenue increased to 13%. Adjusted corporate unallocated loss increased by 27% due to higher incentive compensation and professional fees. Adjusted total expense increased to 12% due to higher incentive compensation and investment spending, and this led to a 40 basis points improvement in our adjusted operating profit margin.

我先從第四季財務結果談起。營收成長至 13%。由於較高的獎勵性薪酬與專業費用，調整後公司層級未分攤虧損增加 27%。由於較高的獎勵性薪酬與投資支出，調整後總費用增加至 12%，並帶動我們調整後營業利益率改善 40 個基點。

The increase in the tax rate was due to an unusually low rate in the fourth quarter of 2018. As we noted a year ago, new tax regulations related to U.S. tax reform were issued in the fourth quarter of 2018, which altered our previous assumptions.

稅率上升是因為 2018 年第四季的稅率異常偏低。如同我們在一年前所提到的，與美國稅改相關的新稅務規定於 2018 年第四季發布，改變了我們先前的假設。

Due to our share repurchase programs throughout the year, our diluted weighted average shares outstanding declined by 2%.

由於我們全年執行股票回購計畫，稀釋後加權平均流通股數下降 2%。

And finally, we achieved a 14% increase in adjusted diluted EPS to $2.53 during the fourth quarter.

最後，我們在第四季達成調整後稀釋每股盈餘（EPS）成長 14%，至 2.53 美元。

There are a number of non-GAAP adjustments to pretax income this quarter. Let me highlight the largest items. During the quarter, we took advantage of lower interest rates to retire $800 million in debt and replace it with $1.1 billion in new lower interest rate debt. As a result, there was $57 million associated with the premium paid to retire bonds early. $11 million in restructuring charges in Market Intelligence and corporate, we expect that this will result in an estimated $20 million in annual savings. We had $30 million in deal-related amortization.

本季稅前所得有多項非 GAAP 調整。我先強調其中最大項目。本季我們把握較低利率的機會，償還 8 億美元債務，並以 11 億美元的新低利率債務加以替換。因此，提前償還債券所支付的溢價相關費用為 5,700 萬美元。市場情報與公司層級的重組費用為 1,100 萬美元，我們預期這將帶來估計每年 2,000 萬美元的節省。我們另有 3,000 萬美元的交易相關攤銷。

This is a slide that we shared at our Investor Day in May 2018, and the big framework that we outlined to show the areas where we most impact shareholder value, and we have made great progress. This quarter, we recorded revenue growth in every business with Ratings leading the way with a gain of 24%. As we indicated on the first quarter 2019 earnings call, Market Intelligence incurred a substantial increase in investment spending, which impacted its adjusted operating profit margin. All of the other businesses recorded gains in adjusted operating profit margin.

這張投影片我們曾在 2018 年 5 月的投資人日分享過，當時我們提出一個大型架構，用以說明我們最能影響股東價值的領域，而我們已取得很大進展。本季，我們每個業務都錄得營收成長，其中以評級業務領先，成長 24%。如同我們在 2019 年第一季財報電話會議所指出，市場情報的投資支出大幅增加，影響了其調整後營業利益率。其他所有業務的調整後營業利益率皆錄得提升。

Here, you see our headcount by business at the end of the last 3 years. One of the most important changes in 2019 was the creation of technology centers in India, where we in-sourced IT work that was previously handled by outside contractors. While this resulted in the addition of 687 employees, we estimate that it will contribute approximately $16 million in annual savings.

在此，各位可看到過去 3 年年底按業務別的員工人數。2019 年最重要的變化之一，是在印度設立科技中心，將先前由外部承包商處理的 IT 工作改為內部承作。雖然因此新增 687 名員工，但我們估計這將帶來約每年 1,600 萬美元的節省。

We believe that funding organic growth projects is the best use of capital. During the 2018 fourth quarter earnings call, we announced our plan to invest $90 million to $110 million in new projects to fuel additional future organic growth. Many of these items are multiyear endeavors. We've made great strides in advancing these projects and ended up investing $102 million in 2019. While the items marked with a single asteric have been completed, I don't want to leave you with the impression that our work in ESG is completed. There's still a substantial effort underway to incorporate the data and methodologies from RobecoSAM and continue to build out our product offerings. However, these efforts are now funded as part of business as usual spending by each business.

我們認為，為有機成長專案提供資金是資本的最佳用途。在 2018 年第四季財報電話會議上，我們宣布計畫投資 9,000 萬至 1.1 億美元於新專案，以推動未來更多的有機成長。其中許多項目是多年期的工作。我們在推進這些專案方面取得重大進展，並在 2019 年最終投資 1.02 億美元。雖然以單一星號標示的項目已完成，但我不希望各位因此認為我們在 ESG 的工作已經結束。目前仍有相當多的工作在進行中，以納入 RobecoSAM 的資料與方法論，並持續擴充我們的產品供給。不過，這些工作現已由各業務納入日常營運支出（business as usual spending）中予以資助。

During 2020, we plan to invest $150 million to continue to advance many of the projects that began in 2019 as well as invest in several new projects. Once again, about half of these investments will be in Market Intelligence. The new items are listed in red and include SME product build-out. Our focus is not only to capture foundational data, like financial statements and corporate structure for millions of private companies, but to complement this with differentiated alternative data and risk signals through a layer in analytical tools based on S&P credit methodologies to give our customers a uniquely informed perspective on SME companies they do business with.

在 2020 年，我們計畫投資 1.5 億美元，以持續推進多項於 2019 年啟動的專案，並投資數個新專案。同樣地，約一半的投資將投入於市場情報。新項目以紅色列示，包含中小企業（SME）產品建置擴充。我們的重點不僅是擷取基礎資料，例如數百萬家私營公司的財務報表與公司架構，也要以具差異化的替代資料與風險訊號加以補強，並透過一層基於標普信用方法論的分析工具，讓客戶對其往來的 SME 公司獲得獨到且更充分的觀點。

Marketplace commercialization. The marketplace storefront will include access to a robust catalog of S&P Global data, starting with Market Intelligence and select Platts content and, over time, extend across a fuller gamut of SPGI data assets. Also the third-party data offered by the marketplace will be structured and linked to S&P Global data to create logical alternative data packages that can readily be consumed.

市場平台商業化。市場平台的店面將可存取強大的 S&P Global 資料目錄，起初涵蓋 Market Intelligence 與部分 Platts 內容，並隨時間推進擴展至更完整範圍的 SPGI 資料資產。此外，市場平台所提供的第三方資料將被結構化並與 S&P Global 資料連結，以建立合乎邏輯的替代資料套件，便於直接使用。

Platts benchmark acceleration. Platts' shipping business is a small, fast-growing segment of the business covering tankers. We'll be expanding coverage and building benchmarks in dry bulk freight and container freight. Since shipping is linked to most of the other commodities, which Platts assesses, it will help extend the value of our ecosystem.

Platts 基準加速。Platts 的航運業務是涵蓋油輪的一個規模較小但快速成長的業務區塊。我們將擴大覆蓋範圍，並在乾散貨運費與貨櫃運費建立基準。由於航運與 Platts 所評估的大多數其他大宗商品相互連結，這將有助於延伸我們生態系的價值。

In addition, within petrochemicals, we will introduce price assessments for recycled plastics. This aligns with the increased emphasis on ESG across the company. No price reporting agency currently has benchmark status in container freight or recycled plastics. All of these investments are aimed at either growing revenue or enhancing EBITA.

此外，在石化領域，我們將推出再生塑膠的價格評估。這與公司整體對 ESG 日益重視的方向一致。目前在貨櫃運費或再生塑膠方面，尚無任何價格報導機構具備基準地位。所有這些投資的目的，都是為了提升營收成長或強化 EBITA。

At Investor Day, we introduced a $100 million 3-year cost reduction plan. It was based on productivity improvements often through investments in support functions, real estate, technology and digital infrastructure. I'm pleased to report that after our second year, we have made significant progress towards the $100 million original plan. We estimate that we have achieved run rate savings of approximately $85 million. Examples include reducing our real estate footprint by exiting space at our London office, 2 Penn Plaza in New York and our headquarters at 55 Water Street in New York. We also combined data centers, offshore certain business services and consolidated select work streams from the businesses to centers of excellence. We anticipate further savings in the future from technology and digital infrastructure as these projects require more time to execute, along with continued consolidation of our real estate footprint.

在投資人日，我們提出一項為期 3 年、金額 1 億美元的成本削減計畫。該計畫以生產力提升為基礎，通常透過對支援職能、不動產、科技與數位基礎設施的投資來達成。我很高興報告，在第二年結束後，我們已朝原定 1 億美元計畫取得顯著進展。我們估計已達成約 8,500 萬美元的年度化節省（run rate savings）。例如，透過退出倫敦辦公室、紐約 2 Penn Plaza，以及紐約 55 Water Street 總部的部分空間，縮減我們的不動產使用面積。我們也整併資料中心、將部分企業服務移轉至離岸，以及把各事業部的部分工作流程整合至卓越中心。我們預期未來仍可從科技與數位基礎設施中取得進一步節省，但這些專案需要較長時間執行，同時也將持續整併我們的不動產使用面積。

Now turning to the balance sheet. We ended the year with $2.9 billion of cash and cash equivalents. During the first quarter, we expect this balance to decline due to payments for the new $1 billion ASR; the closing of the acquisition of the ESG Ratings Business from RobecoSAM; and annual incentive compensation payments, which always occur in the first quarter.

接著談資產負債表。我們在年底持有 29 億美元的現金及約當現金。在第一季期間，我們預期該餘額將因以下付款而下降：新的 10 億美元 ASR；完成自 RobecoSAM 收購 ESG Ratings Business；以及年度激勵薪酬的支付（一向發生在第一季）。

Our adjusted growth leverage increased to 2.0x but remains well within our targeted range.

我們的調整後成長槓桿上升至 2.0 倍，但仍明顯落在我們的目標區間內。

Free cash flow, excluding certain items, increased 29% in 2019 to $2.6 billion. This level is a bit higher than our 2019 guidance due to strong fourth quarter Ratings revenue and improved receivable collections associated with the implementation of a new order to cash system.

排除特定項目後的自由現金流於 2019 年成長 29%，達 26 億美元。此水準略高於我們 2019 年的指引，原因在於第四季 Ratings 營收強勁，以及導入新的訂單到收款（order-to-cash）系統後，應收帳款回收改善。

During the year, we returned $1.8 billion to repurchase 5.5 million shares and paid $560 million in dividends.

在年度期間，我們投入 18 億美元回購 550 萬股，並支付 5.6 億美元股利。

In addition, we're actively working to fuel future growth through acquisitions and organic investments.

此外，我們也正積極透過併購與內生成長投資，為未來成長注入動能。

In 2019, our return of capital to shareholders equaled at 70% of 2019 free cash flow. This was less than our target of 75% for a good reason because the fourth quarter cash flow was higher than expected. While we have already begun our 2019 share repurchase program with open market purchases of approximately $120 million in January, we'll initiate a new $1 billion ASR in the next few days.

2019 年，我們回饋股東的資本金額約等於 2019 年自由現金流的 70%。這低於我們 75% 的目標，但原因合理，因為第四季現金流高於預期。雖然我們已在 1 月透過公開市場買進約 1.2 億美元，啟動 2019 年股票回購計畫，但我們將在未來幾天內啟動新的 10 億美元 ASR。

Now let me turn to the segment results, starting with Ratings. A search in high-yield issuance and gains in investment-grade issuance resulted in a 24% increase in Ratings revenue. We reported an 18% increase in adjusted expenses, primarily due to increased incentive compensation and investment spending, offset partially by lower IT cost from in-sourcing. The adjusted segment operating profit margin for the quarter was 57.7%. For 2019, Ratings delivered a 120 basis point improvement in adjusted segment operating profit margin to 57.2%.

接著我來談各事業部門的結果，先從 Ratings 開始。高收益債發行回升，以及投資等級發行增加，使 Ratings 營收成長 24%。我們的調整後費用增加 18%，主要因激勵薪酬與投資支出增加，部分被因內製（in-sourcing）而降低的 IT 成本所抵銷。本季調整後部門營業利益率為 57.7%。2019 年全年，Ratings 的調整後部門營業利益率提升 120 個基點至 57.2%。

Non-transaction revenue increased primarily due to fees associated with surveillance and intersegment royalties, partially offset by lower new entity ratings. Transaction revenue surged due to strong bonds rating activity, offset partially by bank loan ratings.

非交易型營收增加，主要來自監測（surveillance）相關費用與跨部門權利金，部分被新實體評等減少所抵銷。交易型營收因債券評等活動強勁而大幅成長，但部分被銀行貸款評等所抵銷。

This slide depicts Ratings revenue by end markets. Corporates increased 26%; financial services increased 30%; structured finance increased 24%; and governments increased 43%, while the CRISIL and other category decreased 1%. The chart on the right depicts additional detail of our structured revenue. The strongest areas of growth were in CMBS, RMBS and structured credit.

本頁投影片呈現 Ratings 依終端市場劃分的營收。企業成長 26%；金融服務成長 30%；結構性金融成長 24%；政府成長 43%；而 CRISIL 與其他類別下降 1%。右側圖表提供我們結構性營收的更多細節。成長最強勁的領域為 CMBS、RMBS 與結構性信用。

Turning to S&P Dow Jones Indices. The segment delivered 9% revenue growth, 6% adjusted expense growth and 10% adjusted segment operating profit growth. This led to an adjusted segment operating profit margin of 67.8% for the quarter. For the full year, adjusted segment operating profit margin increased 120 basis points to 69.2%.

接著談 S&P Dow Jones Indices。該部門營收成長 9%，調整後費用成長 6%，調整後部門營業利益成長 10%。因此，本季調整後部門營業利益率為 67.8%。全年調整後部門營業利益率提升 120 個基點至 69.2%。

Strong revenue growth during the quarter was driven by a 27% increase in asset-linked fees. This was partially offset by a 35% decline in exchange-traded derivatives, resulting from the elevated levels of market volatility that we experienced during the fourth quarter of 2018.

本季強勁的營收成長主要由資產連結費用（asset-linked fees）成長 27% 所帶動。但部分被交易所交易衍生性商品下滑 35% 所抵銷，該下滑源於我們在 2018 年第四季所經歷的市場波動性偏高。

Key indicators for our exchange-traded derivatives volume were at more normalized levels in the fourth quarter compared to the extremely strong volume in the fourth quarter of 2018. S&P 500 Index options activity decreased 31%. VIX futures and options activity decreased 35%. And activity at the CME equity complex decreased 28%.

相較於 2018 年第四季極為強勁的成交量，我們的交易所交易衍生性商品量能關鍵指標在本年第四季回到較正常水準。S&P 500 指數選擇權活動下降 31%。VIX 期貨與選擇權活動下降 35%。CME 股票相關複合產品（equity complex）的活動下降 28%。

Market Intelligence delivered organic revenue, which excludes revenue from the acquisitions, primarily from 451 Research and the divestiture of SPIAS of 6% and active Desktop user growth of 10%. Also this was the first $500 million revenue quarter for Market Intelligence ever. Adjusted expenses increased 12%, as roughly half of the company's 2019 investment spending was directed toward Market Intelligence projects. As a result, adjusted segment operating profit decreased 6%, and the adjusted segment operating profit margin decreased 410 basis points to 34.4%. For the full year, the adjusted segment operating profit margin increased 10 basis points to 34.2%. While the year-over-year adjusted operating profit margin decline was large in the fourth quarter, as you can see on this chart, the quarterly adjusted operating profit margin has been fairly steady throughout 2019 as we had signaled before.

Market Intelligence 的有機營收（不含併購帶來的營收，主要涉及 451 Research，以及剝離 SPIAS）成長 6%，且活躍 Desktop 使用者成長 10%。此外，這也是 Market Intelligence 首次單季營收達 5 億美元。調整後費用增加 12%，因公司 2019 年投資支出約有一半投入於 Market Intelligence 專案。因此，調整後部門營業利益下降 6%，調整後部門營業利益率下降 410 個基點至 34.4%。全年調整後部門營業利益率提升 10 個基點至 34.2%。雖然第四季的年對年調整後營業利益率降幅較大，但如圖所示，2019 年各季的調整後營業利益率整體相當穩定，與我們先前的訊號一致。

Desktop, the largest category, grew 1% organically. As we noted last quarter, growth in this category has been slowing for the past few quarters due to several industry trends: lower industry growth in the Desktop category; a continued competitive environment; and evolving customer preference for Desktop and data feeds. The timing of contract renewals also impacted the growth in the quarter. In addition, we don't believe that Desktop growth can reach its full potential until we have completed building out the Market Intelligence platform and transitioned a material number of our customers through this next-generation platform.

Desktop 作為最大類別，有機成長 1%。如同我們上季所提到，該類別的成長在過去幾季已放緩，原因包括數項產業趨勢：Desktop 類別的產業成長率下降；競爭環境持續；以及客戶對 Desktop 與資料饋送（data feeds）的偏好正在演變。合約續約時點也影響了本季的成長。此外，我們認為，在完成建置 Market Intelligence 平台並讓相當數量的客戶轉移至此一下一代平台之前，Desktop 的成長無法充分發揮其全部潛力。

Data management solutions realized 11% revenue growth this quarter, once again, benefiting from expansion and enhancement of the data feeds business.

本季資料管理解決方案營收成長11%，再次受惠於資料饋送（data feeds）業務的擴張與強化。

Risk Services grew 10%, with RatingsXpress providing the greatest level of growth, as we continue to expand the data feeds portion of Risk Services.

風險服務成長10%，其中 RatingsXpress 貢獻最大成長，因我們持續擴大風險服務中的資料饋送部分。

And now turning to the final business segment, Platts delivered organic revenue growth, which excludes revenue from acquisitions of Live Rice Index and Enerdata, and the divestiture of RigData of 2%. Revenue growth was negatively impacted by about 1% from U.S. sanctions, restricting our ability to conduct business in certain countries, and another 1% from the timing of contract renewals.

接著來看最後一個業務部門，Platts 實現有機營收成長2%，此數字不包含收購 Live Rice Index 與 Enerdata 的營收，以及出售 RigData 的影響。營收成長約受到1%的負面影響，來自美國制裁使我們在部分國家受限而無法開展業務；另有1%來自合約續約時點的影響。

Global Trading Services revenue increased 5% due mainly to increased trading volumes in iron ore and LNG. LNG was particularly strong, but lower fuel oil activity tempered GTS growth. Adjusted expenses declined 3% due to productivity improvements and disciplined cost control.

全球交易服務（GTS）營收成長5%，主要因鐵礦石與LNG交易量增加。LNG 表現特別強勁，但燃料油活動較低抑制了 GTS 的成長。調整後費用下降3%，得益於生產力提升與嚴格的成本控管。

The fourth quarter adjusted segment operating profit margin increased to 50.4%. The full year adjusted segment operating profit margin increased 110 basis points to 50.2%.

第四季調整後分部營業利益率提升至50.4%。全年調整後分部營業利益率提高110個基點至50.2%。

Platts revenue growth was the strongest in metals and agriculture, followed by power and gas. These categories have benefited from recent product launches, such as Black Sea wheat and LNG. Petroleum grew 2%.

Platts 的營收成長以金屬與農業最為強勁，其次為電力與天然氣。這些類別受惠於近期產品上市，例如黑海小麥與LNG。石油業務成長2%。

Beginning in 2020, we are changing our methodology for allocating technology expenses. The new methodology more accurately reflects usage. A recast version of our 2018 and 2019 quarterly results will be released in March. In the meantime, to help you with your modeling, this table shows the expected pretax impact to 2020 expenses for each of the business.

自2020年起，我們將調整技術費用的分攤方法。新的方法能更準確反映使用情況。我們將於3月發布2018與2019年季度結果的重編版本。在此期間，為協助各位建模，此表顯示各業務在2020年費用的預期稅前影響。

During the Investor Day in May of 2018, we introduced medium-term aspirational targets for the company. We're pleased to use this morning's investor call to fine-tune these targets and to share the progress we have made in just the first 2 years.

在2018年5月的投資人日，我們提出公司中期的願景性目標。我們很高興利用今天上午的投資人電話會議來微調這些目標，並分享僅在前2年所取得的進展。

We target organic revenue growth of mid- to high single digit each year.

我們的目標是每年有機營收成長達到中至高個位數。

During 2019, all 4 businesses achieved this target. We target low double-digit adjusted EPS growth. During 2019, we delivered 12%. We're committed to return at least 75% of our free cash flow each year. In 2019, we returned 70% through share repurchases and dividends, as our fourth quarter cash flow ended up being higher than we expected. And we established adjusted operating profit margin levels that we targeted to achieve by the end of 2021.

2019年，四大業務皆達成此目標。我們的目標是調整後每股盈餘（EPS）達到低雙位數成長。2019年我們達成12%。我們承諾每年至少回饋自由現金流的75%。2019年我們透過庫藏股回購與股利回饋70%，因第四季現金流高於我們預期。同時，我們也設定了希望在2021年底前達成的調整後營業利益率水準。

In 2019, we made substantial progress with each of the businesses contributing to an overall 140 basis point improvement in the company's adjusted operating profit margin. We're tightening the reins for 2 of the businesses' medium-term outlooks for adjusted operating profit margin. We're narrowing Market Intelligence from mid- to high 30s to mid-30s and Indices from mid- to high 60s to high 60s. While some of our aspirational targets have already been met, we continue to work toward full achievement of all of our Investor Day aspirational targets.

2019年，我們取得顯著進展，各業務共同推動公司調整後營業利益率整體提升140個基點。我們正收緊兩項業務的中期調整後營業利益率展望區間。我們將 Market Intelligence 從「中至高30%」縮窄為「中30%」，並將 Indices 從「中至高60%」縮窄為「高60%」。雖然部分願景性目標已達成，我們仍持續努力，以全面達成投資人日所提出的所有願景性目標。

Next, I would like to update you on Kensho. Kensho's capabilities are embedded throughout the company, with projects underway in every business and a robust pipeline of additional projects. Omnisearch enables considerably more advanced search functionality in our customer-facing platforms for both structured and unstructured data. Beta versions of Omnisearch were released to select clients in investment banking, private equity and investment management in the second half of last year. Full production is expected to launch on the Market Intelligence platform in middle of 2020. And at that time, the plan is for Omnisearch to be the default tool for all generalist users.

接下來，我想向各位更新 Kensho 的進展。Kensho 的能力已嵌入公司各處，各業務皆有專案進行中，且另有強勁的後續專案管線。Omnisearch 讓我們面向客戶的平台在結構化與非結構化資料上，具備更進階的搜尋功能。去年下半年，Omnisearch 的測試版已提供給投資銀行、私募股權與投資管理領域的部分客戶。預計於2020年年中在 Market Intelligence 平台正式上線。屆時，規劃將 Omnisearch 作為所有一般使用者的預設工具。

Entity linking uses machine learning to link data from different sources to the correct entities without errors and in a fraction of the time it would take our employees. We have successfully automated the linking of more than 7 million entities in 2019 from a U.K. company house branch based in China, GUILD data, Trucost and several other alternative data providers. Now that we're up and running, we anticipate linking an additional 20 million entities in 2020. This technology has cut our time to market for new data by 6 months and reduced manual processing needs by more than 260,000 hours.

實體連結（entity linking）運用機器學習，將不同來源的資料無誤地連結到正確的實體，且所需時間僅為員工處理的一小部分。2019年，我們已成功自一家位於中國的英國公司註冊處分支、GUILD 資料、Trucost 以及其他多家替代資料供應商，自動化連結超過700萬個實體。如今系統已上線運作，我們預期2020年將再連結額外2,000萬個實體。此技術使我們新資料的上市時間縮短6個月，並將人工處理需求降低超過26萬小時。

Codex is an end-to-end service that can ingest any document and provide the relevant data and information for a user's needs. Examples include SEC filings or conference call transcripts. A beta version will be introduced to select clients in the next few months.

Codex 是一項端到端服務，可匯入任何文件，並提供符合使用者需求的相關資料與資訊。例如 SEC 申報文件或法說會逐字稿。測試版將在未來幾個月內提供給部分客戶。

Market on Close is the price discovery process used by Platts to determine commodity prices. Kensho has 2 efforts underway. Internally, there is a project to optimize the price assessment process and get assessments out to clients earlier. Externally, we are creating an interactive platform to offer clients in more dynamic analytics offering of key insights around trends in volumes, price differentials, spread movements and trading activity. We estimate the projects underway have the potential to generate a net present value equal to the full purchase price of Kensho. We have made great strides and believe there's much more value generation to be achieved, as we implement these and other projects over the next few years.

Market on Close 是 Platts 用於決定大宗商品價格的價格發現流程。Kensho 目前有兩項工作在進行中。在內部方面，有一個專案旨在最佳化價格評估流程，並更早將評估結果提供給客戶。在外部方面，我們正在打造互動式平台，為客戶提供更具動態性的分析，涵蓋成交量趨勢、價差、價差（spread）變動與交易活動等關鍵洞見。我們估計，進行中的專案有潛力產生的淨現值可相當於 Kensho 的全額收購價格。我們已取得重大進展，並相信隨著未來幾年落實這些及其他專案，仍可創造更多價值。

Now I would like to introduce our 2020 guidance. This slide depicts our GAAP guidance, and please keep in mind that our guidance reflects current spot market ForEx rates.

現在我想介紹我們對2020年的指引。此投影片呈現我們的 GAAP 指引，並請記得，我們的指引反映目前即期市場外匯（ForEx）匯率。

This slide shows our adjusted guidance, an increase in revenue of mid- to high single digits with contributions by every business segment: corporate unallocated expense of $150 million to $160 million; deal-related amortization of $115 million to $120 million; Kensho retention plans of $10 million to $15 million; operating profit margin in a range of 50.3% to 51.3%; interest expense of $135 million to $140 million; a tax rate of 22.0% to 23.0%; and diluted EPS, which excludes deal-related amortization of $10.40 to $10.60.

此投影片顯示我們的調整後指引：營收成長中至高個位數，且每個業務分部皆有貢獻；公司未分攤費用為1.5億至1.6億美元；交易相關攤銷為1.15億至1.2億美元；Kensho 留任計畫為1,000萬至1,500萬美元；營業利益率區間為50.3%至51.3%；利息費用為1.35億至1.4億美元；稅率為22.0%至23.0%；以及稀釋後 EPS（不含交易相關攤銷）為10.40至10.60美元。

In addition, we expect capital expenditures of approximately $90 million and free cash flow, excluding certain items, in a range of $2.6 billion to $2.7 billion.

此外，我們預期資本支出約為9,000萬美元；在排除特定項目後，自由現金流預計介於26億至27億美元。

Our 2020 guidance reflects an increase planned organic investments in new revenue opportunities and productivity programs. This guidance also reflects our expectation that global economies will continue to expand this year.

我們的2020年指引反映了對新營收機會與生產力計畫之有機投資將增加。此指引亦反映我們預期全球經濟今年將持續擴張。

In conclusion, we delivered solid 2019 financial results while making great progress on productivity programs, investment projects and new product launches. We're well positioned to continue to advance our strategic initiatives and deliver solid financial results, again, in 2020. We look forward to updating you on this progress as 2020 unfolds.

總結而言，我們在2019年交出穩健的財務成果，同時在生產力計畫、投資專案與新產品上市方面取得重大進展。我們已具備良好定位，將在2020年持續推進策略性計畫，並再次交出穩健的財務成果。我們期待在2020年推進過程中，持續向各位更新相關進展。

With that, let me turn the call back over to Chip for your questions.

那麼，接下來我把電話交回給 Chip，進入各位的提問。

Thanks, Ewout. (Operator Instructions) Operator, we'll now take our first question.

謝謝你，Ewout。(接線員指示) 接線員，我們現在開始接受第一個問題。

The first question is from Toni Kaplan from Morgan Stanley.

第一個問題來自摩根士丹利（Morgan Stanley）的 Toni Kaplan。

You're spending a lot of investment dollars in Market Intelligence, which was telegraphed in previously, so totally understand. But it is your most competitive business that you're in and you've just lowered the margin target for the business on Slide 47. I guess why is it the right strategy to be investing in Market Intelligence in such a heavy way? Just any thoughts around that.

你們在市場情報（Market Intelligence）上投入了大量投資資金，先前也已經有預告，所以我完全理解。但這是你們所處最具競爭性的業務，而且你們在第 47 頁投影片下調了該業務的利潤率目標。我想問的是，為什麼以如此大力度投資市場情報會是正確的策略？想聽聽你們對此的看法。

Thank you, Toni. First of all, as you know, when we meet with our customers and we're out in the market, listening to what are the needs as well as we understand what is one of the most important trends happening in business globally, it's about data and it's about technology. Market Intelligence is the data engine of S&P Global. It's the distribution platform for our Ratings business. Platts is increasingly using the Market Intelligence platform as an S&P Global platform. We have data factories and expertise in data factories, data sciences in those businesses that we can utilize.

謝謝你，Toni。首先，如你所知，當我們與客戶會面、走訪市場並傾聽需求時，同時也理解目前全球商業最重要的趨勢之一，就是數據與科技。市場情報是 S&P Global 的數據引擎。它也是我們評級（Ratings）業務的分發平台。Platts 也日益把市場情報平台作為 S&P Global 的平台來使用。我們在這些業務中擁有數據工廠，以及數據工廠、數據科學方面的專業能力，能夠加以運用。

In addition, it's a platform for us for innovation. As you heard, and you know, the projects that we're working on, whether it's the ESG projects that cross all of S&P Global, the data factory there is one part of it that's really important. You understand that we're adding new data sets all the time into this business. So it is a very competitive business. We recognize that. But for us, when you think about the data revolution that's going on right now, the capabilities we need, the distribution for a company, we think it's the right place to invest.

此外，它也是我們創新的平台。正如你所聽到、也所了解的，我們正在推進的專案，不論是橫跨整個 S&P Global 的 ESG 專案，其中的數據工廠都是非常重要的一部分。你也知道，我們一直在把新的數據集加入到這項業務中。所以這確實是一個競爭非常激烈的業務。我們也認知到這一點。但對我們而言，當你想到當前正在發生的數據革命、我們所需的能力，以及一家公司的分發能力時，我們認為這是正確的投資方向。

That makes a lot of sense. And then for my second question. Kensho, you talked about the different initiatives you have going on there. Just in terms of Ratings, specifically, I know you're looking at being able to be more efficient, essentially, with getting the current data -- current news and making that sort of determine which credits should be analyzed. And so just wanted to hear the status on that and timing of when that's targeted to be implemented and if there's any sort of efficiencies in Ratings embedded in the guidance from that and for Ratings specifically.

這很有道理。那我的第二個問題。關於 Kensho，你提到那邊正在進行不同的計畫。就評級（Ratings）而言，具體來說，我知道你們在研究如何更有效率地取得最新數據——最新新聞，並讓這些資訊用來判斷哪些信用標的應該被分析。所以想請你們更新一下目前進度與預計導入的時間點，以及在指引中是否已經反映任何來自該計畫、特別是針對評級業務的效率提升。

Toni, this is Ewout. Indeed, Kensho has also several projects underway in Ratings, for example, with respect to surveillance, with respect to the buildout of the Ratings360 platform and with respect to alternative credit indicators. So many of those initiatives are underway. Overall, you should look at Kensho initiatives for the company as a whole that will contribute about half of those in revenue enhancement and half into efficiencies. We have mentioned to you that Kensho is now working across the whole company, so all businesses are taking advantage of this. And we're very pleased with where we are with Kensho. Clearly, we are ahead compared to the original plan with respect to the number of initiatives we have implied and the overall value generation that we are able to achieve with Kensho.

Toni，我是 Ewout。確實，Kensho 在評級業務也有數個專案在進行中，例如在監測（surveillance）、Ratings360 平台的建置，以及替代性信用指標（alternative credit indicators）方面。因此，許多計畫都在推進中。整體而言，你應該把 Kensho 的計畫視為對公司整體的投入：其中約一半將貢獻於營收提升，另一半將帶來效率提升。我們也曾提到，Kensho 現在已在全公司範圍內運作，因此所有業務都在受益。我們對 Kensho 目前的進展非常滿意。顯然，相較於原始計畫，在我們所暗示的計畫數量以及 Kensho 能夠實現的整體價值創造方面，我們都走在前面。

Next question comes from Manav Patnaik from Barclays.

下一個問題來自巴克萊（Barclays）的 Manav Patnaik。

The first question is just around the whole ESG initiative. I know you said it wasn't done, but I just wanted to try and understand like what it meant by the data factory being complete in the new products and how does SAM fit into all this in terms of incremental monetization of all your efforts.

第一個問題是關於整體 ESG 計畫。我知道你說還沒完成，但我想更理解你所說「數據工廠完成」在新產品中的意義是什麼？以及 SAM 在這一切中扮演什麼角色，特別是就你們所有努力的增量變現（incremental monetization）而言。

Thanks, Manav. Well, first of all, when you hear probably other investors in other investor calls, when you see what were the discussions over the last 6 months from investors from Davos, et cetera, ESG and climate transition and related topics are really top of mind for investors as they think about climate transition, they think about the factors, which are important for companies and organizations to be successful. So within that trend, we took a step back, as you know, about 1.5 years ago and put in place a team that crossed all of S&P Global to design a future business model for us that would allow us to take advantage of those trends. And there's a couple elements I want to mention.

謝謝你，Manav。首先，當你可能在其他投資人電話會議中聽到、或看到過去 6 個月投資人從達沃斯等場合的討論，ESG、氣候轉型及相關議題確實是投資人最關注的焦點；他們在思考氣候轉型時，也在思考哪些因素對企業與組織的成功至關重要。在這個趨勢下，如你所知，我們大約在 1.5 年前退一步重新審視，並成立了一個橫跨整個 S&P Global 的團隊，為我們設計未來的商業模式，以便把握這些趨勢帶來的機會。我想提幾個要素。

First of all, we've decided that for our own company, we need to operate at very high standards of ESG. So when it comes to the E, we've done TCFD reporting. We have goals, our own measurable goals for greenhouse gas emissions for plastics, for paper, et cetera. In the S, we're dedicated to D&I committee, how we think about that across the entire company. And then in the governance, as you know, we have a separation of the CEO and the Chairman, and we have very strong practices at our Board. So in order for us to have a credible approach to ESG, we think it has to start in our own company.

首先，我們決定就我們公司本身而言，必須以非常高的 ESG 標準來營運。因此在 E（環境）方面，我們已進行 TCFD 揭露。我們也設定了自身可衡量的目標，包括溫室氣體排放、塑膠、紙張等。在 S（社會）方面，我們致力於 D&I（多元與共融）委員會，以及如何在全公司推動相關工作。在公司治理（governance）方面，如你所知，我們將 CEO 與董事長職務分離，且董事會有非常強健的治理實務。因此，若要在 ESG 上採取可信的方法，我們認為必須從自身公司做起。

So then more to your question, we think that addressing the needs of issuers, of investors, of asset owners, of regulators, of governments, et cetera, that we're going to have to have a set of different types of products and solutions that will meet all those different needs. And in order to do that, we have a unified data approach at the center, which includes the Trucost and analytics. Now RobecoSAM is being built into that. And we think that, that's a way that we can start meeting all the different needs.

接著回到你的問題，我們認為要滿足發行人、投資人、資產所有人、監管機構、政府等各方需求，我們必須提供一系列不同類型的產品與解決方案，以對應這些不同需求。為此，我們以統一的數據方法作為核心，其中包含 Trucost 與分析能力。RobecoSAM 也正在被整合進其中。我們認為，這將使我們能開始滿足各種不同需求。

As I've said before on other calls, I think we're in the second inning of this in a 9-inning game. Maybe, it'd be actually even more accurate to say that the rules of the game are still being formulated, while it's also important that we're at standard setting boards, like the TCFD, the SASB and places like the World Economic Forum.

如我在其他電話會議中所說，我認為這是一場九局的比賽，而我們現在才在第二局。或許更精確地說，這場比賽的規則仍在制定中；同時，我們也必須參與像 TCFD、SASB 以及世界經濟論壇等標準制定機構。

Just finally, one other comment. We've already launched many products, which I think are -- have been quite successful. As you know, Trucost and SAM on their own have successful products. We've mentioned the S&P 500 ESG and the Rating Evaluations. We think we're off to a strong start, but we think this is going to be a really important tool and area for all financial investors.

最後再補充一點。我們已經推出了許多產品，我認為——而且它們——表現相當成功。如你所知，Trucost 與 SAM 各自都有成功的產品。我們也提到過 S&P 500 ESG 以及 Rating Evaluations。我們認為我們已經有一個強勁的起步，但我們也認為這將成為所有金融投資人非常重要的工具與領域。

Got it. And then just on the Market intelligence side of things, I guess. I think you talked about the Desktop business probably doesn't reaccelerate or get better until you transition the -- everyone to the Market Intelligence platform. So where are we on that in terms of timing with that and when we could expect Desktop start doing better?

了解。那再就市場情報（Market Intelligence）這邊問一下。我想你提到 Desktop 業務可能要等到你們把——所有人都轉移到市場情報平台之後，才會重新加速或有所改善。那目前在時間進度上走到哪裡？以及我們何時可以期待 Desktop 開始表現得更好？

Yes, this is going to continue through 2020. And through 2020, we have various new data sets that we're adding in. I mentioned a couple of them earlier, which are weather, FDA data. We also have internal data sets ready, and like Trucost and RobecoSAM. But in addition to that, we have a program where we're starting to offer dual access to users throughout the year, as we continue with the transition of the program. So by the end of the year, we expect that we will have a large percentage of the customers on dual access.

是的，這將會持續到 2020 年。而在 2020 年期間，我們會加入各種新的資料集。我先前提到其中幾個，包括天氣資料、FDA 資料。我們也已備妥內部資料集，以及像 Trucost 和 RobecoSAM 這類資料。除此之外，隨著我們持續推進該計畫的轉換，我們有一個方案，將在全年開始向使用者提供雙重存取。因此到年底，我們預期將有相當大比例的客戶使用雙重存取。

As you know, there's a couple of really important functionality in the Cap IQ platform that we want to make sure that we are very careful with the transition. It's screening. It has to do with Excel plug-ins, things like that. And so we want to make sure that we're very conscious of the needs of the customers, as we continue with this transition.

如你所知，Cap IQ 平台上有幾項非常重要的功能，我們希望在轉換過程中務必非常謹慎。其中之一是篩選功能。也與 Excel 外掛等功能有關。因此，隨著我們持續進行這項轉換，我們希望確保能非常留意客戶的需求。

Next question in the queue is from Michael Cho from JPMorgan.

隊列中的下一個問題來自摩根大通（JPMorgan）的 Michael Cho。

I just want to follow up on the -- on your -- on the ESG points that you made. Just in 2019, what was the ESG performance kind of broadly for the company in general? And what kind of expectations you have going into 2020?

我想就你提到的 ESG 重點再追問一下。就 2019 年而言，公司整體的 ESG 表現概括來說如何？以及你們對 2020 年有什麼樣的預期？

Yes, Michael. We saw a significant growth in our revenue for ESG across the company. At the same time, we fell slightly short from the revenue target that we have disclosed in our TCFD report. The reason was there that some of our initiatives, we had to slow them a bit down with respect to the acquisition of SAM because the SAM acquisition provides us a common ESG data platform, common methodologies. So some of the new business initiatives, we had to slow down in order to get in a better place to accelerate going forward again. So we're still committed to 40% CAGR on our ESG revenues over the next few years.

是的，Michael。我們看到公司整體在 ESG 方面的營收顯著成長。同時，我們的營收略低於我們在 TCFD 報告中揭露的營收目標。原因在於，因為收購 SAM 使我們能建立共同的 ESG 資料平台與共同的方法論，所以我們在部分計畫上必須稍微放慢腳步。因此，一些新的業務倡議我們不得不放慢，以便讓我們處於更好的位置，之後再加速推進。不過，我們仍然承諾未來幾年 ESG 營收將維持 40% 的年複合成長率（CAGR）。

Okay. Great. And if I could just switch gears, I just want to touch on Market Intelligence China initiative. Can you just remind us on the go-to-market in China for Market Intelligence specifically? What kind of customers or industries are you targeting? Are there certain subjects that you're looking to go after first?

好的。很好。如果我可以換個話題，我想談一下 Market Intelligence 的中國倡議。你能否提醒我們，Market Intelligence 在中國的 go-to-market（上市推廣）策略具體是什麼？你們鎖定哪些客戶或產業？是否有特定主題是你們打算先切入的？

Yes, thank you. Yes, this is -- the Market Intelligence platform in China launch is based off of a similar proposition that we have in other markets around the world. We see that the Chinese capital markets are starting to open up. In fact, it was quite encouraging that in the recent trade negotiations with the U.S. and China, we saw a lot of progress on the opening up of financial -- foreign financial players in China. And so if you think about what the needs are of the Chinese market, it's the Mandarin language. And so in addition to providing Mandarin language of our own offshore data that we're taking into China, we're building relationships with credit shops, with data providers, et cetera, to bring the traditional data we would have of balance sheet, financial statements, corporate actions, et cetera, certain types of news. So we're building out a platform in Mandarin, which will be responsive to the needs of the new investors.

是的，謝謝。是的，Market Intelligence 平台在中國的推出，是基於我們在全球其他市場所提供的類似價值主張。我們看到中國資本市場正開始對外開放。事實上，令人相當鼓舞的是，在近期美中貿易談判中，我們看到在開放金融——外資金融機構進入中國方面取得了不少進展。因此，如果你思考中國市場的需求，關鍵之一是中文（普通話）。所以，除了把我們自身的離岸資料以中文形式帶入中國之外，我們也在與信用研究機構、資料供應商等建立合作關係，以提供我們傳統上會有的資料，例如資產負債表、財務報表、公司行動等，以及某些類型的新聞。因此，我們正在建置一個中文平台，以回應新投資人的需求。

Next question is from Hamzah Mazari from Jefferies.

下一個問題來自 Jefferies 的 Hamzah Mazari。

Doug, you referenced China opened up its market for ratings, companies in Phase 1 of the trade agreements. Do you think that creates extra competition for you? I know you're sort of first-mover there? And maybe how does that change the dynamic for you, if at all, in your long-term strategy there?

Doug，你提到在第一階段貿易協議中，中國對評級公司開放其市場。你認為這會為你們帶來額外競爭嗎？我知道你們算是那裡的先行者？以及這是否會改變你們在當地的長期策略動態，若有的話？

I -- first of all, welcome, Hamzah. It's nice to hear back from you. We were -- so in China, with the changes in the financial markets, we think that there's plenty of room for many different opinions of the credit markets and that we will actually benefit from having other international rating agencies with a domestic presence using similar standards that we have. And in addition to that, as I mentioned, more broadly, the overall message that the financial markets are going to continue to open is one that's very positive.

我——首先，歡迎你，Hamzah。很高興再次聽到你的聲音。我們——所以在中國，隨著金融市場的變化，我們認為信用市場可以容納許多不同的觀點；而且若有其他具備本地據點、並採用與我們相近標準的國際評級機構進入，我們實際上會受益。此外，如我更廣泛地提到的，金融市場將持續開放的整體訊息是非常正面的。

Okay. And just on my follow-up question. Anything investors should be looking out for as you think about the November 2020 election that could impact your business, positive or negative? And the reason I ask is when you had tax reform, that really impacted the Ratings business, and some people were caught off guard with how issuance played out. And I know there are various scenarios here, and nobody can predict sort of movement. But just anything positive, negative we should be looking out for?

好的。再就我的追問。當你們思考 2020 年 11 月的選舉時，投資人是否應留意任何可能對你們業務造成正面或負面影響的事項？我之所以這麼問，是因為在稅改時，確實對評級業務造成很大影響，而有些人對發行量的走勢感到措手不及。我知道這裡有各種情境，沒有人能預測走向。但是否有任何正面或負面的因素是我們應該留意的？

Well, as you know, the foundation of all of our businesses is less external factors, political factors. It's much more related to fundamental economic growth, interest rates, the pipeline of M&A transactions, et cetera. Those are the factors that have the largest impact on our opportunities. And so those are the things that we'll be watching. So if there could be some sort of political impact on growth, that might be the way that we are -- that we would see some sort of changes to our business. But for us, right now, what we're spending much more of our time is looking at factors that are going to be driving growth. The one factor I'd mentioned, which is maybe a little bit less political because it's in the central banks, is negative interest rates. When I meet with investors around the world, one of the topics that people are still trying to figure out is what's going to be the long-term direction of interest rates, will we see interest rates stay low for a long time. And so that is probably the one factor beyond growth that I also watch very carefully.

嗯，如你所知，我們所有業務的基礎較少取決於外部因素、政治因素。更多是與基本面的經濟成長、利率、併購（M&A）交易管線等相關。這些因素對我們的機會影響最大。因此，這些是我們會關注的重點。所以，如果政治因素可能對成長造成某種影響，那或許就是我們——我們會看到業務出現某些變化的方式。但對我們而言，目前我們花更多時間是在觀察將推動成長的因素。我提到的一個因素，可能政治色彩稍弱，因為它更多在央行層面，是負利率。當我與全球投資人會面時，人們仍在試圖釐清的議題之一是：利率的長期方向會是什麼？我們是否會看到利率在很長一段時間內維持低檔？因此，除了成長之外，這大概是我也會非常密切關注的一個因素。

Next question is from Andrew Nicholas from William Blair.

下一個問題來自 William Blair 的 Andrew Nicholas。

First, just on the medium-term guidance change for Market Intelligence. I just was curious. I mean is that primarily due to the new IT allocation policy? Or is there also a structural change in the level of investment you needed or believe you need from a competitive perspective?

首先，關於 Market Intelligence 的中期指引變更。我只是好奇。我的意思是，這主要是因為新的 IT 分攤政策嗎？還是從競爭角度來看，你們所需要或認為需要的投資水準也出現了結構性的變化？

Andrew, that change in the aspirational targets for Market Intelligence narrowing this to mid-30s is independent from the change in our technology allocation. So in other words, we would have done that anyhow independently if we would have made the change to the allocation methodology or not. And if you look at Market Intelligence margins for this year, we would expect those to be more or less flat with 2019, excluding this allocation change. What you see is 2 underlying trends. One, normal course of business margin expansion; and then the dilutive effect of some of the more recent acquisitions going in the other direction. So therefore, excluding the allocation change year-over-year, more or less flat. And then in 2021, we expect that margins will continue to expand again for Market Intelligence towards the aspirational target level of mid-30s. But you have to take into account that we are making those additional significant investments with respect to our strategic projects for Market Intelligence, so it is a bit of an impact you see for these years. But ultimately, obviously, those will yield to additional benefits in terms of commercial position, revenue, sales improvements and also margin expansion in the future.

Andrew，將 Market Intelligence 的願景目標調整、把目標區間收斂到 30% 中段，這件事與我們技術資源配置的變動是彼此獨立的。換句話說，不論我們是否調整資源分攤方法，我們本來就會獨立地做出這項調整。而如果你看今年 Market Intelligence 的利潤率，我們預期在排除這次分攤變更的影響後，將與 2019 年大致持平。你看到的是兩個基本趨勢。第一，是正常營運過程中的利潤率擴張；第二，則是一些較近期併購帶來的稀釋效應，方向相反。因此，若排除分攤變更，年對年大致持平。然後在 2021 年，我們預期 Market Intelligence 的利潤率將再次持續擴張，朝向 30% 中段的願景目標水準。但你必須考量，我們正在就 Market Intelligence 的策略專案進行額外且重大的投資，所以你會在這幾年看到一些影響。但最終，顯然這些投資將在商業地位、營收、銷售改善以及未來的利潤率擴張方面帶來額外效益。

Great. And then one on Platts. I think in your prepared remarks, you talked about the new investment plans there. Your idea is to accelerate some investments in the benchmark business. So on that topic, I was just hoping you could remind us what a typical product adoption curve looks like for a new benchmark. Just trying to get a sense for when you generally expect a new benchmark to start contributing in terms of revenue.

很好。接著有一題關於 Platts。我想在你們事先準備的發言中，你提到那邊新的投資計畫。你們的想法是加速在基準（benchmark）業務上的一些投資。所以在這個主題上，我只是希望你能提醒我們，一個新基準的典型產品採用曲線大概長什麼樣子。我想了解的是，一般而言你們預期新基準何時會開始在營收上做出貢獻。

Yes, thank you. Yes, benchmarks definitely take a while to develop. But on the other hand, there's a lot of new asset classes that either don't really have a strong benchmark or they're looking for much more liquidity or global trading. And we've had an approach over the last 4 or 5 years to start looking for addition of new types of asset classes to diversify us beyond traditional petroleum. We've looked at wheat. We just recently bought rice. In the energy sector, we think that natural gas is a really important transition energy. We've just recently launched some new benchmarks. Hydrogen is one that we've just launched, and Ewout mentioned earlier that we are looking at recycled plastics. But back to your -- the question you have. It does take years from 3 to 7 years for a benchmark to become a true benchmark when you're starting from scratch, which is one of the reasons, like buying a company like Live Rice or Enerdata that already have benchmarks, also allows us to accelerate our knowledge and expertise in a new type of asset class.

是的，謝謝。是的，基準確實需要一段時間才能建立起來。但另一方面，有許多新的資產類別要嘛並沒有真正強而有力的基準，要嘛正在尋求更高的流動性或全球交易。而在過去 4 到 5 年，我們採取的方法是開始尋找新增的新型資產類別，以便讓我們在傳統石油之外進一步多元化。我們看過小麥。我們最近剛收購了稻米相關業務。在能源領域，我們認為天然氣是一種非常重要的過渡能源。我們最近也推出了一些新的基準。氫能是我們剛推出的一項，Ewout 先前也提到我們正在研究再生塑膠。但回到你的——你的問題。如果是從零開始，要讓一個基準成為真正的基準，通常需要 3 到 7 年的時間；這也是為什麼像收購 Live Rice 或 Enerdata 這類已經擁有基準的公司，也能讓我們在新的資產類別上加速累積知識與專業能力。

Next question comes from Bill Warmington from Wells Fargo.

下一題來自 Wells Fargo 的 Bill Warmington。

So I had a question on Market Intelligence, the data marketplace. That seems like a particularly competitive business. And just wanted to ask what you're doing to differentiate your offering versus the other competitors in the space.

我有一題關於 Market Intelligence 的資料市集（data marketplace）。那看起來是一個競爭特別激烈的業務。我想請問你們正在做什麼，以便讓你們的產品相較於該領域的其他競爭者更具差異化。

Yes, thank you. You're absolutely right, but it's -- for us, we think of it as we bring the expertise in our data management and our ability to link and pull data together. We also have -- we start with the position of strength that the core data that we already have is must-have data, whether it's Ratings, it's Platts, it's energy data, et cetera. But we're able to find partnerships of people who don't have access to the kind of customer base we do, third-party information, some of it being from public sources and some of it being from private sources. So we see this as an opportunity. What's interesting for me when I meet with our customers is how many of them need data solutions, ways that they can use their own data linked with the kind of data we have. And we see this as a really necessary capability we have to be competitive in the future.

是的，謝謝。你說得完全正確，不過——對我們而言，我們認為我們帶來的是資料管理方面的專業，以及把資料串聯並整合起來的能力。我們也有——我們一開始就具備優勢地位，因為我們既有的核心資料本身就是必備資料，不論是 Ratings、Platts、能源資料等等。但我們也能找到合作夥伴：他們沒有我們這樣的客戶基礎；同時也能引入第三方資訊，其中一部分來自公開來源，另一部分來自私有來源。所以我們把這視為一個機會。對我來說有趣的是，當我與客戶會面時，我發現有很多客戶需要資料解決方案——也就是能把他們自己的資料與我們這類資料串接起來的方式。而我們認為，這是一項我們必須具備、才能在未來保持競爭力的關鍵能力。

And for my second question, I wanted to ask if you could talk about the higher medium-term margin target for indices and what's behind them.

我的第二個問題是，我想請你談談指數（indices）業務較高的中期利潤率目標，以及其背後的原因。

Bill, more or less, if you look at the actual results for the Index business, we're already at the high 60 level. So that's the reason why we have narrowed the range to effectively we're already today with respect to margins for the Index business.

Bill，大致上，如果你看指數業務的實際結果，我們已經在 60% 高段的水準。所以這就是我們把區間收斂的原因——就利潤率而言，我們今天在指數業務上基本上已經達到那個水準。

Next question is from Craig Huber from Huber Research Partners.

下一題來自 Huber Research Partners 的 Craig Huber。

My first question is on ESG. Can you just talk a little bit about how you plan on pricing ratings assessments, if you will, for ESG going forward here? Is it going to be an annual fee? Or is it going to be a large upfront fee and then just more of a surveillance fee like you're doing on the traditional debt ratings side of things? And also, along the lines, what is the annual run rate of ESG revenues right now, including RobecoSAM? And then I have a follow-up question.

我的第一個問題是關於 ESG。你能否談談，未來你們打算如何為 ESG 的評級評估（如果可以這麼說）定價？會是年費制嗎？還是會像你們在傳統債務評級那邊做的那樣，收取一筆較大的前期費用，之後再收取較偏向監測（surveillance）的費用？另外，順著這個問題，目前 ESG 的年化營收規模（annual run rate）是多少，包括 RobecoSAM 在內？然後我還有一個追問。

Yes, let me answer the first one, and then I'll hand the second part off to Ewout. The model that we have is an issuer pay-type model. We find that being -- having access to management to be able to go meet with them, to understand their entire ESG program in depth as well as their company. And it's very important that one of the aspects we look at in our ESG evaluation is the readiness of management, their preparedness to look at across all of the ESG factors. And we're starting off with a single fee at issuance. And then that will be -- something that will be maintained over time. But we can provide you some more information as we have more volume. But in addition to the annual fee, there will also be -- I mean, to the -- fee at launch, there will also be a surveillance fee along with that. And Ewout will answer the question on the...

好的，我先回答第一個，然後把第二部分交給 Ewout。我們採用的模式是「發行人付費」（issuer pay）類型的模式。我們發現，能夠接觸管理層、與他們會面，深入了解他們完整的 ESG 計畫以及公司本身，這點非常重要。而且在我們的 ESG 評估中，我們會看的其中一個面向，是管理層的就緒程度——他們是否準備好全面檢視所有 ESG 因素。我們一開始會在發行時收取一次性費用。之後這項服務會——隨時間持續維持。但隨著我們累積更多量體，我們可以提供你更多資訊。此外，除了啟動時的費用之外，也會有——我的意思是，除了上線時的費用之外，也會搭配一筆監測費（surveillance fee）。而 Ewout 會回答關於……的問題。

Right. With respect to our overall ESG revenues, including RobecoSAM, approximately $50 million. Where -- that's where we are. The way you have to look at RobecoSAM is this is a very strategic acquisition for the company. It is not an entity that comes with a lot of revenues because the data sources there were more used for the investment process of Robeco itself as well as this was the main data source underneath the Dow Jones Sustainability Index, the S&P 500, ESG index and other ESG indices from our Index business. But now we own these data sources. And particularly, the time series that come with it, that is very important. We're able to commercialize this going forward. So RobecoSAM, you should see more as an opportunity for us to address 2 very large ESG market needs. First, the need to get to standards. And secondly, the need to get to better quality data because most of the data today is outside in, and this provides us with much more details based on the surface that are being filled in by 1,300, 1,400 corporates around the world. So therefore, we see this as a very strategic acquisition that should help us with acceleration of our ESG revenues in the future.

好的。就我們整體 ESG 營收而言（包含 RobecoSAM），約為 5,000 萬美元。目前大概就是這個水準。你看 RobecoSAM 的方式應該是：這對公司而言是一項非常具策略性的收購。它本身並不是一個帶來大量營收的實體，因為那裡的資料來源過去更多是用於 Robeco 自身的投資流程，同時也是道瓊永續指數（Dow Jones Sustainability Index）、S&P 500 ESG 指數以及我們指數業務中其他 ESG 指數的主要底層資料來源。但現在我們擁有了這些資料來源。尤其是隨之而來的時間序列資料，這點非常重要。我們能在未來將其商業化。因此，RobecoSAM 你應該更多把它視為一個機會，讓我們能滿足兩個非常龐大的 ESG 市場需求。第一，是達成標準化的需求。第二，是取得更高品質資料的需求，因為目前大多數資料都是由外而內（outside in），而這讓我們能取得更豐富的細節，基於由全球 1,300、1,400 家企業所填報的資料面。因此，我們認為這是一項非常具策略性的收購，應能協助我們在未來加速 ESG 營收的成長。

And then my up -- last question here. On the Ratings side, can you just remind us a year ago what you were looking for, for global debt issuance? And what it -- on your data, what did the year end up as? And one particular question is, what was materially better or worse than you guys were originally expecting? I realize, of course, a year ago, we have come up with a difficult fourth quarter, a tough start to the year and all, that's not being derogatory. The question, I'm just curious, what was materially better or worse versus your original outlook for debt issuance for 2019?

接著我最後一個問題。在評級（Ratings）方面，能否請你提醒我們，一年前你們對全球債務發行量的預期是什麼？而依你們的數據，年底實際結果是多少？另外一個具體問題是：有哪些部分相較於你們原先的預期，明顯更好或更差？我當然理解，一年前我們剛經歷一個艱難的第四季、年初也很辛苦等等，這並非貶抑。我只是好奇，針對2019年的債務發行，你們原先展望中有哪些地方相較實際結果明顯更好或更差？

We -- I don't remember the precise number. I'd rather get back to you with the precise number of what we said for the year. But I know that we've far exceeded it. So if you look at total debt issuance in 2019, it was up 6% overall, but it was, as usual, the mix was quite different than maybe what we thought at the beginning of the year. Corporates were up about 34.5%, financial institutions were up 35%. Public finance was way up. And if you recall, we were also coming off of a -- what had been the 2018 tax reform impact of corporates that had stopped issuing. If you remember, there was a synthetic issuance that had been happening when people were doing synthetic bond issuance to bring basically cash. So we've seen in 2018, there were a lot of factors in 2018 that we were not quite certain where it's going to come out. We -- I see now that the 2019 issuance forecast was actually flat to down about 1%. So it was -- ended up being up 6%. But there's a combination of capital markets activity, low interest rates, mergers and acquisitions, public finance market rebounded. It was up over 50% last year. Structured finance was actually down in 2019. It was down 9% for the full year. So there were a lot of movements in this. And you can see that full year, we went -- ended up at 6% overall with up in corporate, up in financial services, public finance. Actually, I gave you that number before, 51% was for the quarter. The year was 20%. So if you look at those, the mix ended up being different than what we originally expected at the beginning of the year.

我們——我不記得精確的數字。我寧可之後再回覆你我們當時對全年所說的精確數字。但我知道我們遠遠超過了它。所以如果你看2019年總債務發行量，整體上升了6%，但一如往常，其組合與年初我們的想法可能相當不同。企業發行約上升34.5%，金融機構上升35%。公共融資大幅上升。而且如果你還記得，我們也正從——2018年稅改對企業的影響中走出來，當時企業曾停止發行。如果你記得，當時有一種合成發行（synthetic issuance）在發生，人們透過合成債券發行基本上是為了把現金帶回來。所以我們在2018年看到很多因素，而我們並不完全確定最後會如何落地。我們——我現在看到，2019年的發行預測其實是持平到下滑約1%。所以——最後結果是上升6%。但這是資本市場活動、低利率、併購，以及公共融資市場反彈等多種因素的組合。去年公共融資上升超過50%。結構性融資在2019年其實是下滑的。全年下滑9%。所以其中有很多變動。你可以看到全年我們——最後整體是上升6%，其中企業上升、金融服務上升、公共融資上升。其實我之前給你的那個數字，51%是季度的。全年是20%。所以如果你看這些，最後的組合與我們年初原先預期不同。

Next question comes from Jeff Silber from BMO Capital Markets.

下一個問題來自BMO資本市場的Jeff Silber。

I know you typically don't give specific segment guidance, but Ewout, you kind of opened up the door when you were talking about Market Intelligence in terms of what you're expecting for margins this year. Can we get a little bit more color for the other segments on margins as well?

我知道你們通常不提供各部門的具體指引，但Ewout，你在談到市場情報（Market Intelligence）時提到今年對利潤率的預期，算是開了個口子。我們能否也多了解一下其他部門在利潤率方面的情況？

Thank you, Jeff, and I realize I have invited you with that statement to answer this question. With respect to top line, we expect all businesses to achieve mid- to high single-digit revenue growth for this year, except for Platts. For Platts, the expectation should be more around mid-single digits for 2020. But all other segments, as well as the company as a whole, think about mid- to high single-digit revenue growth this year.

謝謝你，Jeff，我也知道我那句話等於是邀請你問這個問題。就營收（top line）而言，我們預期今年除Platts之外，所有業務都能達到中到高個位數的營收成長。至於Platts，對2020年的預期應該更接近中個位數。但其他所有部門，以及公司整體，都可以用今年中到高個位數的營收成長來思考。

And on the margin side.

那在利潤率方面呢？

On the margins, we don't give really by segment, but you saw in the overall guidance, a range of 50.3% to 51.3%, up from 50.2% for last year, so continued margin expansion. Underneath, you should see this in a way of a $50 million net increase of our strategic investment program from $102 million to $150 million, offset by continued self-funding of those initiatives, productivity programs, efficiency programs, operating leverage and, therefore, margin expansion also year-over-year.

在利潤率方面，我們確實不按部門提供，但你在整體指引中看到的區間是50.3%到51.3%，高於去年的50.2%，因此利潤率持續擴張。在其背後，你可以這樣理解：我們的策略性投資計畫淨增加5,000萬美元，從1.02億美元提高到1.5億美元；同時透過這些計畫的持續自我挹注（self-funding）、生產力計畫、效率計畫、營運槓桿，因此利潤率也會年增擴張。

Right. And my follow-up, you have that great slide on Slide 15 where you talked about total high-yield issuance and leverage loan volume kind of staying at the 10-year average. I'm just curious, when you have a mix from one to the other, how does that impact margins in your Ratings business, if at all?

了解。那我追問一下，你們在第15頁有一張很棒的投影片，提到高收益（high-yield）總發行量與槓桿貸款（leverage loan）量大致維持在10年平均。我只是好奇，當兩者之間的組合此消彼長時，對你們評級業務的利潤率是否會有影響？如果有的話，影響多大？

It doesn't have that big of an impact on margins. Occasionally, the leverage loan volume ends up being more repricing than it is actual new issuance, which is a much lower revenue piece. But the difference in pricing between 2 is not that significant.

它對利潤率的影響不大。偶爾槓桿貸款的量更多是再定價（repricing），而不是實際的新發行；而再定價帶來的收入要低得多。但兩者在定價上的差異並不顯著。

The next question is from George Tong with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的George Tong。

You updated your 2020 bond issuance forecast and expect total issuance to be up 5%, which is unchanged from your prior forecast. Can you discuss the nuances on what's changed within the bond issuance categories, if any?

你們更新了2020年的債券發行預測，並預期總發行量上升5%，與先前預測一致。你能否談談各債券發行類別內部是否有任何變化、以及其中的細微差異？

There hasn't been much change on the issuance categories between the 2 forecasts. The way that they're set up right now, the -- we're looking at these. As you know, we look at the -- what is the maturity schedules, which are coming forward for different types of corporates, financial institutions, et cetera. We have outlooks on growth, which we provided you some of our expectations on growth. And then we also take a look at what's happening in the mergers and acquisitions field, what we see going forward there. And we talk to banks and investment banks. But we see the corporate sector up about 6%; financial institutions, a little bit over 3%; and then we see -- we believe there's going to be pretty active activity in the public finance area, which really picked up last year and be up about 5%. And structured finance, we see relatively flat.

兩次預測之間，在發行類別上沒有太大變化。以目前的設定方式——我們就是這樣來看這些。如你所知，我們會看——不同類型的企業、金融機構等的到期時程（maturity schedules）接下來會如何。我們也會對成長提供展望，我們已經跟你分享了一些對成長的預期。然後我們也會看併購領域正在發生什麼，以及我們對未來的觀察。我們也會與銀行與投資銀行交流。但我們看到企業部門約上升6%；金融機構略高於3%；然後我們看到——我們相信公共融資領域會相當活躍，去年確實明顯回升，預計約上升5%。而結構性融資方面，我們預期大致持平。

Got it. That's helpful. You've -- you're ramping your investment spend to $150 million this year with half of the investments going to Market Intelligence. What do you think the cadence of investment spending will be over the course of 2020? And what kind of a revenue lift do you expect from the investment specifically in Market Intelligence?

了解。這很有幫助。你們今年把投資支出提高到1.5億美元，其中一半投向市場情報（Market Intelligence）。你認為2020年整體投資支出的節奏（cadence）會是怎樣？另外，特別是市場情報這部分的投資，你預期會帶來多大的營收提升？

Yes. You will see this more equally being divided over the 4 quarters this year. You recall, last year, it was quite a ramp-up in the second half of the year with investment spend for those strategic projects. This year, it should probably be a little bit more equal. It's hard to give you a precise answer on when you see the benefits showing up because it really depends on each of those initiatives. Some of the benefits are already in our current results. Think about some of the technology benefits for Scribe, the Transcript business, think about some of the automation, some of the processes that we have in place. Some, we will see the commercial benefits coming in later this year and in 2021. Think about the ESG initiatives, the SME marketplace and some are a little bit further out. Think about the China initiatives that we really expect the revenue benefit to be in a few years in the future. So it depends a bit by initiative. Of course, we have strong business cases underneath all of them, so that we are really comfortable that those investments ultimately will pay off in the right way economically for the company and our shareholders.

是的。你會看到今年這部分在四個季度之間分配得更平均。你還記得，去年在下半年為那些策略性專案的投資支出有相當明顯的加速。今年應該會更平均一些。很難給你一個精確的答案說你何時會看到效益顯現，因為這真的取決於每一項倡議。有些效益已經反映在我們目前的業績中。例如 Scribe（逐字稿）業務的一些技術效益、一些自動化，以及我們已經導入的部分流程。有些則會在今年稍晚以及 2021 年看到商業效益進來。例如 ESG 倡議、SME 市集等，而有些則更偏長期。例如中國相關倡議，我們預期其營收效益會在未來幾年才會顯現。所以會因倡議而異。當然，我們在每一項之下都有強而有力的商業案例支撐，因此我們非常有信心，這些投資最終將以符合公司與股東經濟利益的方式帶來回報。

We will now take our final question from Joseph Foresi from Cantor Fitzgerald.

我們現在將進行最後一個問題，由 Cantor Fitzgerald 的 Joseph Foresi 提問。

I should make mine like a 6-part question. I'm kidding. Just 2, and you can be brief with the answers. I'm wondering about trying to figure out how the future catalysts are going to play out. You've gotten a lot of questions on ESG. Can you give us some sense of how big you see that as an opportunity? And then what determines the winners there? I mean everyone seems to be kind of working on a land grab, and I wanted to just get your opinion on sort of how we can determine who's going to win there.

我應該把我的問題弄成六個部分。我開玩笑的。就兩個，你們可以簡短回答。我想了解未來的催化因素會如何發展。你們被問了很多關於 ESG 的問題。你們能否讓我們大致了解，你們認為這會是多大的機會？另外，什麼因素會決定誰是贏家？我的意思是，大家似乎都在搶占地盤，我想聽聽你們對於如何判斷誰會勝出的看法。

Yes. I don't -- can't necessarily tell you what the end game size is, but this is going to become a very big initiative at all investors. Every investor I've been meeting with recently is coming up with some sort of an approach that they need to respond to asset owners. There is a demand coming from asset owners to understand within the investment managers what's inside of the portfolios, what's the climate impact, what's the social impact, et cetera. And there's very -- there's different types of investments that span from the pure impact investing to the -- that which is looking more to an energy transition portfolio. But this -- my assumption here is that this is going to be large. It's going to be like a Market Intelligence-type product over time. Whether it's going to be the size of our entire Market Intelligence business or a large segment within it, that's the way we're thinking about it.

是的。我不一定能告訴你最終市場規模會是多少，但這將成為所有投資人非常重要的一項倡議。我最近見到的每一位投資人，都在提出某種方法，因為他們需要回應資產所有者。資產所有者要求了解投資管理人投資組合裡包含什麼、氣候影響是什麼、社會影響是什麼，等等。而且投資型態非常多元，從純粹的影響力投資，到更著重能源轉型投資組合的策略。但我的假設是，這會是一個很大的市場。隨著時間推移，它會像是一種「市場情報（Market Intelligence）」類型的產品。至於它會不會大到等同我們整個 Market Intelligence 業務的規模，或是在其中占據很大的一個區塊，這就是我們目前的思考方向。

When you think about what's going to determine who are going to be the winners, who's going to survive in this, we think that we're already seeing a consolidation starting to take place with us and others buying up some of the smaller properties. You've seen that we bought Trucost and we bought RobecoSAM. But what's going to create success is somebody who's going to have global reach. They're going to have the highest quality products, highest quality services. They're going to be able to have responsive products across multiple types of asset classes, multiple types of needs. So we see this as a scale business with multiple needs. And we're going to have to have really good people that are driving this. So those are the factors that we're putting in place to drive this. But we see that global and scale are going to be really would end up seeing the winner.

至於你問到什麼會決定誰會成為贏家、誰能在這個領域存活下來，我們認為我們已經看到整併開始發生，我們和其他公司都在收購一些較小的資產。你也看到我們收購了 Trucost，也收購了 RobecoSAM。但能夠創造成功的，會是具備全球觸及能力的業者。他們必須提供最高品質的產品與最高品質的服務。他們必須能夠針對多種資產類別、各種不同需求，提供反應迅速的產品。因此我們把它視為一個需要規模、且需求多元的業務。而且我們必須有非常優秀的人才來推動。所以這些就是我們正在建立、用來推動這項業務的要素。但我們認為，全球化與規模最終將會決定誰是贏家。

Okay. And then finally, just to close the conversation on China. You talked about some of the recent political changes there. And the virus aside, how do you think about when that starts to be a material impact to numbers and how big could that opportunity get for you as well?

好的。最後，回到中國這個話題作個收尾。你提到那裡近期的一些政治變化。撇開病毒因素不談，你如何看待何時會開始對數字產生實質影響？以及對你們而言，這個機會可能會有多大？

Joe, overall, the China revenues for the company are less than 2%. So in the bigger scheme, the impact would not be material for the result of the company in the future, whatever is going to be the scenario, how this fire situation is going to play out.

Joe，整體而言，公司來自中國的營收不到 2%。因此從更大的格局來看，無論未來情境如何、這個火線情勢將如何發展，對公司未來的整體業績影響都不會是重大的。

Well, let me just make a final comment. First of all, I want to thank everyone for being on the call and for your questions. As you know, we're very pleased with the solid financial results we had in 2019 across the company. And in addition to being able to be responsive to the markets, we also were very pleased that we can also invest for growth. And you heard our excitement about the different areas we're investing in marketplace, ESG, SME, China, et cetera. And we think that those are important for us to drive with discipline, continue to report how those are going. At the same time, we have great people that are driving our day-to-day business ahead very well. So we're very pleased with our prospects for 2020, and we look forward to keeping in touch with you throughout the year. Thank you very much.

那我做個最後的補充。首先，我要感謝各位參與這通電話會議並提出問題。如各位所知，我們對 2019 年公司整體穩健的財務表現感到非常滿意。除了能夠對市場做出迅速回應之外，我們也很高興能夠同時投資以推動成長。你們也聽到我們對於正在投資的不同領域感到振奮，包括市集、ESG、SME、中國等等。我們認為這些領域對我們很重要，我們會以紀律推動，並持續回報進展。同時，我們也有很優秀的人才把日常營運推進得非常好。因此我們對 2020 年的前景感到非常樂觀，也期待在今年持續與各位保持聯繫。非常感謝。

That concludes this morning's call. A PDF version of the presenter slides is available now for downloading from investor.spglobal.com. A replay of the entire call will be available in about 2 hours. The webcast with audio and slides will be maintained on S&P Global's website for one year. The audio-only telephone replay will be maintained for one month. On behalf of S&P Global, we thank you for participating, and we wish you a good day.

今天上午的電話會議到此結束。簡報投影片的 PDF 版本現已可於 investor.spglobal.com 下載。約 2 小時後將提供整場會議的重播。含音訊與投影片的網路直播將在 S&P Global 的網站上保留一年。僅音訊的電話重播將保留一個月。我謹代表 S&P Global 感謝各位參與，並祝各位有美好的一天。