標普全球 (SPGI) 2022 Q2 法說會逐字稿

Good morning, and welcome to S&P Global's Second Quarter 2022 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions) To access the webcast and slides, go to investor.spglobal.com. (Operator Instructions)

早安，歡迎參加 S&P Global 2022 年第二季財報電話會議。我想提醒各位，本次通話將被錄音以供播出。（接線員指示）如需收看網路直播並取得簡報投影片，請前往 investor.spglobal.com。（接線員指示）

I would now like to introduce Mr. Mark Grant, 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 Mark Grant 先生。先生，您可以開始了。

Good morning, and thank you for joining today's S&P Global Second Quarter 2022 Earnings Call. Presenting on today's call are Doug Peterson, President and Chief Executive Officer; and Ewout Steenbergen, Executive Vice President and Chief Financial Officer.

早安，感謝各位參加今天的 S&P Global 2022 年第二季財報電話會議。今天出席並發言的有總裁兼執行長 Doug Peterson，以及執行副總裁兼財務長 Ewout Steenbergen。

We issued a press release with our 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新聞稿公布本次業績。如需新聞稿與財務附表，可至 investor.spglobal.com 下載。

The matters discussed in today's conference call 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. A discussion of these risks and uncertainties can be found in our Forms 10-K, 10-Q and other periodic reports filed with the U.S. Securities and Exchange Commission.

今日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，包括對未來事件的預測、估計與描述。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。關於相關風險與不確定性的討論，請參閱我們向美國證券交易委員會提交的 10-K、10-Q 及其他定期報告。

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

在今日的財報新聞稿以及本次電話會議中，我們提供經調整的財務資訊。提供此資訊旨在使投資人能在不同期間對公司營運表現進行有意義的比較，並以管理階層相同的視角檢視公司的業務。財報新聞稿包含附表，用以調節非 GAAP 指標與依照美國 GAAP 計算之可比財務指標之間的差異。

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 contact Investor Relations to better understand the potential impact of this legislation on the investor and 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% 或以上股權的投資人，應聯繫投資人關係部門，以更充分了解該立法對投資人及公司可能造成的影響。

We're aware that we 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 our Media Relations team, whose contact information can be found in the press release.

我們知道本次電話會議中也有部分媒體代表與會。然而，本次會議主要面向投資人；我們請媒體的提問改向我們的媒體關係團隊提出，其聯絡資訊可在新聞稿中找到。

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

現在，我想把電話交給 Doug Peterson。Doug？

Thank you, Mark. Welcome to today's second quarter earnings call.

謝謝你，Mark。歡迎各位參加今天的第二季財報電話會議。

Our second quarter results demonstrate the combined efforts of our truly incredible team. After our first 100 days as a combined company, it's clear than ever that after the merger, S&P Global is stronger, more resilient, more diversified and better positioned than ever. We're maintaining fiscal and operational discipline in controlling what can be controlled, which is allowing us to post aggregate results in a challenging issuance environment that would have been inconceivable prior to the merger.

我們第二季的成果展現了這支真正令人驚嘆的團隊所付出的共同努力。在成為合併後公司滿 100 天之後，我們比以往任何時候都更清楚：合併之後的 S&P Global 更強大、更具韌性、更多元化，也比以往更具優勢。我們在可控之處維持財務與營運紀律，這使我們得以在艱困的發行環境下仍繳出整體表現；在合併之前，這樣的成果幾乎難以想像。

Let me start with our financial highlights. As a reminder, the adjusted financial metrics we'll be discussing today refer to non-GAAP adjusted metrics in the current period and non-GAAP pro forma adjusted metrics in the year-ago period. Revenue decreased 5% year-over-year with growth in 5 of our 6 divisions, providing significant ballast against the 26% decrease in Ratings revenue. Recurring revenue increased 5% year-over-year, representing 81% of revenue in the quarter.

我先從財務重點開始。提醒各位，我們今天討論的經調整財務指標，在本期指的是非 GAAP 經調整指標，而在去年同期則指非 GAAP 擬制（pro forma）經調整指標。營收年減 5%，我們 6 個事業部門中有 5 個呈現成長，對沖了評等（Ratings）營收年減 26% 的影響。經常性收入年增 5%，本季占營收比重為 81%。

Adjusted expenses only increased 1% as continued investment and inflation pressures on compensation and technology were almost entirely offset by cost synergies in the quarter. We're reinstating our guidance, which reflects the challenging macroeconomic environment, though we will be able to offset some of the EPS impact, as Ewout will discuss in a moment. Importantly, our updated guidance calls for a smaller than 2% decrease in adjusted EPS at the midpoint, illustrating the resilience of the businesses and the positive impact of our capital allocation strategy.

經調整費用僅增加 1%；持續投資以及薪酬與科技方面的通膨壓力，幾乎完全被本季的成本綜效所抵銷。我們正在恢復（reinstating）我們的財測指引，該指引反映了具挑戰性的總體經濟環境；不過，我們將能抵銷部分每股盈餘（EPS）的影響，Ewout 稍後會進一步說明。重要的是，我們更新後的指引在中位數（midpoint）預期經調整 EPS 降幅小於 2%，顯示各項業務的韌性，以及我們資本配置策略帶來的正面影響。

I would also like to share a few other highlights from the second quarter. As I mentioned, we are now more than 100 days past the merger close. Our post-merger integration efforts are proceeding on schedule, but very importantly, we're outperforming on both cost and revenue synergies. Momentum continues on product development with several areas of innovation that we'll highlight for you on today's call.

我也想分享第二季的其他幾項重點。如我所提，我們已在合併完成後超過 100 天。合併後整合作業按計畫推進，但更重要的是，我們在成本綜效與營收綜效兩方面都優於預期。產品開發動能持續，我們在多個創新領域取得進展，今天的電話會議也會為各位重點介紹。

We see benefits from market volatility in parts of our businesses, and we're able to accelerate our share repurchase efforts relative to our original plan with $8.5 billion near completion at an average share price below $360. We expect to launch an additional $2.5 billion ASR in the coming weeks, which we expect to complete in October, with the final $1 billion to be completed by year-end.

在我們部分業務中，市場波動帶來了益處；同時，我們也能相較原先計畫加速庫藏股回購進度：總額 85 億美元的回購已接近完成，平均回購股價低於 360 美元。我們預期在未來幾週啟動額外 25 億美元的加速股票回購（ASR），並預期於 10 月完成；最後 10 億美元則預計在年底前完成。

We've already seen remarkable progress in our integration efforts in a relatively short period. I am pleased with our progress in integrating our commercial and marketing teams. We've recorded more than 2,000 cross-sell referrals across the divisions. We're also ahead of expectations on our cost synergies, realizing approximately $80 million year-to-date and exiting the quarter at an annualized run rate of more than $260 million.

在相對短的時間內，我們的整合工作已取得顯著進展。我對商務與行銷團隊的整合進度感到滿意。我們已在各事業部門之間記錄到超過 2,000 件交叉銷售轉介（cross-sell referrals）。在成本綜效方面，我們也超出預期：年初至今已實現約 8,000 萬美元，並在本季末的年化執行率（annualized run rate）超過 2.6 億美元。

Beyond the transactional milestones related to the merger, like the necessary divestitures, we've also reached multiple operational milestones. We've standardized business practices, invested in culture and training and established leadership teams multiple layers deep across the enterprise. We're moving fast on our office integration plan and consolidated 10 of our office locations around the world, lowering our real estate costs. We completed our major New York City consolidation and are on track to complete our London consolidation in the fourth quarter.

除了與合併相關的交易里程碑（例如必要的資產剝離）之外，我們也達成多項營運里程碑。我們已將業務作法標準化，投入文化與訓練，並在全企業建立多層級的領導團隊。我們正快速推進辦公室整合計畫，並已在全球整併 10 個辦公據點，降低不動產成本。我們已完成紐約市的主要整併，並按計畫於第四季完成倫敦的整併。

When we announced the merger, we highlighted our expectation that the combined company would be more agile, innovative and entrepreneurial. And we've seen that in initiatives such as the Data Lake Hackathon led by Kensho's Head of AI Research and teams of data scientists, machine learning engineers and software developers. These teams spent 2 days exploring how to best leverage Kensho tools and other technologies to drive value from the Data Lake data sets, and we're thrilled with what these teams have found in just 2 days.

在宣布合併時，我們強調合併後的公司將更敏捷、更具創新力與創業精神。我們已在多項計畫中看到這點，例如由 Kensho 的 AI 研究主管帶領、並由資料科學家、機器學習工程師與軟體開發人員組成的 Data Lake Hackathon。這些團隊花了兩天時間探索如何最佳運用 Kensho 工具與其他技術，從 Data Lake 的資料集中創造價值；而我們對他們僅用兩天所取得的成果感到非常振奮。

In addition to finding ways that Kensho solutions can add commercial value to unstructured data sets across the Data Lake, we identified new data sets for training Kensho Scribe, NERD, Link and Extract, more than doubling current training data sets in some cases. We also identified data sets to improve S&P Global's country risk assessments and found compelling new ways to classify and improve data for ESG. This hackathon enabled us to better realize the full capabilities of our combined data sets.

除了找出 Kensho 解決方案如何為 Data Lake 中各類非結構化資料集帶來商業價值之外，我們也辨識出可用於訓練 Kensho Scribe、NERD、Link 與 Extract 的新資料集，在某些情況下使現有訓練資料集數量增加逾一倍。我們也找出可用於改善 S&P Global 國家風險評估的資料集，並發現對 ESG 的資料分類與改善之嶄新且具吸引力的方法。這次黑客松讓我們更能充分發揮合併後資料集的完整能力。

We also relaunched the cross-divisional S&P Global Research Council with new leadership and membership to reflect the expertise in our combined company following the merger. This council consists of both research and operational leaders with a core mandate to drive customer value and greater insights for markets. One of the first actions of the council was to align on key research themes that have the greatest potential for large-scale disruption and have a meaningful impact on the success of our customers. We'll be leveraging the full capabilities across the company and engaging meaningfully with customers and other stakeholders across industry and regulatory bodies.

我們也重新啟動跨事業部門的 S&P Global 研究委員會（Research Council），並以新的領導與成員組成，反映合併後公司整體的專業能力。該委員會由研究與營運領導者共同組成，其核心使命是為客戶創造價值，並為市場提供更深入的洞見。委員會的首要行動之一，是就最具大規模顛覆潛力、且能對客戶成功產生實質影響的關鍵研究主題達成一致。我們將運用公司各處的完整能力，並與客戶及產業與監管機構等其他利害關係人進行有意義的互動。

There is incredible demand for insights and thought leadership on topics like energy security, climate, technology and digital disruptions, supply chains and capital markets. We have unique data sets and insights in all of these areas, and we see the Research Council as a way to make sure that our insights are most impactful for our customers and drive innovation within S&P Global.

市場對於能源安全、氣候、科技與數位顛覆、供應鏈以及資本市場等主題的洞見與思想領導需求非常強勁。我們在上述所有領域都擁有獨特的資料集與洞察；我們也將研究委員會視為一種方式，確保我們的洞見能對客戶產生最大影響，並推動 S&P Global 內部的創新。

That focus on accelerating innovation was on full display in the second quarter. We launched exciting new products from Commodity Insights, including a new basin-level methane intensity calculation product for 19 U.S. natural gas production areas. We're using satellite imagery and data models trained in-house to significantly disrupt what has historically been a very manual process using data extracted from self-reported EPA forms. We also launched Carbon Intensity measures for all 6 crude grades in the global Brent benchmark.

這種加速創新的聚焦在第二季展現得淋漓盡致。我們從 Commodity Insights 推出多項令人振奮的新產品，包括針對美國 19 個天然氣生產區域、以盆地層級（basin-level）計算甲烷強度的新產品。我們運用衛星影像與內部訓練的資料模型，大幅顛覆過去高度仰賴人工、且使用從企業自行申報的 EPA 表格中擷取資料的流程。我們也針對全球布蘭特（Brent）基準中的全部 6 種原油等級推出碳強度（Carbon Intensity）衡量指標。

In Mobility, we saw commercial success from our new Auto Credit Insights product to help deliver insights to financial customers serving the automotive credit space. In Engineering Solutions, we continued to make progress building out our new software platform and have 2 successful proof-of-concept engagements in market now.

在 Mobility 方面，我們的新 Auto Credit Insights 產品取得商業成功，協助為服務汽車信貸領域的金融客戶提供洞察。在 Engineering Solutions 方面，我們持續推進新軟體平台的建置，目前市場上已有 2 個成功的概念驗證（proof-of-concept）合作案。

We continue to innovate in Market Intelligence as well, making new data sets available via feeds and introducing new products like PVR Source, which is a diligence platform aimed at helping clients get ahead of the compliance challenges of an ever-changing regulatory landscape.

我們在 Market Intelligence 方面也持續創新，透過資料饋送（feeds）提供新的資料集，並推出如 PVR Source 等新產品；PVR Source 是一個盡職調查平台，旨在協助客戶領先因應不斷變動的監管環境所帶來的合規挑戰。

Now to recap the financial results for the second quarter. Revenue decreased 5% to $2.97 billion. Our adjusted operating profit decreased 10% to $1.4 billion. Our adjusted pro forma operating profit margin decreased approximately 280 basis points to 47% as both profits and margins were negatively impacted by the decrease in Ratings transaction revenue and the expense growth I mentioned earlier. Importantly, our non-Ratings businesses in aggregate posted strong growth in the quarter, increasing revenue by 7% year-over-year.

接下來回顧第二季的財務結果。營收下降 5% 至 29.7 億美元。我們的調整後營業利益下降 10% 至 14 億美元。我們的調整後備考（pro forma）營業利益率下降約 280 個基點至 47%，因為評級（Ratings）交易收入下滑，以及我先前提到的費用成長，對獲利與利潤率皆造成負面影響。重要的是，我們非評級業務合計在本季仍展現強勁成長，營收年增 7%。

As you know, we measure and track adjusted segment operating profit margin on a trailing 12-month basis, which was 46.1% as of the second quarter. Through strong and disciplined execution and prudent capital allocation, we were able to offset much of the earnings impact of the issuance environment, posting fully diluted EPS of $2.81, representing a 7% decrease year-over-year.

如各位所知，我們以過去 12 個月（trailing 12-month）為基礎衡量並追蹤調整後分部營業利益率，截至第二季為 46.1%。透過強而有力且紀律嚴明的執行，以及審慎的資本配置，我們得以抵銷發行環境對盈餘的多數影響，完全稀釋後 EPS 為 2.81 美元，年減 7%。

Looking across the 6 divisions, I'm pleased to report positive growth across 5 of our divisions with Ratings executing very well in an extraordinarily difficult issuance environment. Our more diversified portfolio of products provides many opportunities to thrive in uncertain markets, and we saw double-digit revenue growth in multiple product lines as a result.

綜觀 6 個事業部門，我很高興報告其中 5 個部門皆呈現正成長；而 Ratings 在極其艱困的發行環境中也執行得非常出色。我們更為多元化的產品組合，讓我們在不確定的市場中擁有許多茁壯的機會，因此我們在多條產品線上看到了兩位數的營收成長。

Within our Indices business, we continued to see remarkable strength in our exchange-traded derivatives, which grew more than 60% year-over-year as well as our CDS indices, which increased 40%. Uncertainty in the markets continues to spur demand for our thought leadership and insights and a consolidated platform on which to access information. Whether it's tracking market movements, company performance or supply chain constraints, our customers continue to come to us for help navigating uncertain waters. This helped drive 25% growth in aftermarket research in Market Intelligence.

在 Indices 業務方面，我們持續看到交易所交易衍生性商品（exchange-traded derivatives）展現顯著強勁，年增超過 60%；同時我們的 CDS 指數也成長 40%。市場不確定性持續推升對我們思想領導力與洞察，以及可用於存取資訊的整合平台之需求。無論是追蹤市場動向、公司表現或供應鏈限制，我們的客戶仍持續向我們尋求協助，以在不確定的水域中航行。這也帶動 Market Intelligence 的售後市場研究（aftermarket research）成長 25%。

In the second quarter, we celebrated the second anniversary of the S&P Global Marketplace. Customers continue to come to S&P Global as a trusted source for differentiated data around ESG, fundamentals, machine-readable text and workflow tools like our Workbench. We've seen explosive growth in the Marketplace since launch. And in the last year, a nearly 30% increase in the content and solutions available, 75% growth in deals closed and more than 200% growth in engagement as measured by page views.

在第二季，我們慶祝 S&P Global Marketplace 上線兩週年。客戶持續將 S&P Global 視為可信賴的來源，以取得在 ESG、基本面、機器可讀文字（machine-readable text）以及如 Workbench 等工作流程工具方面的差異化資料。自推出以來，Marketplace 成長爆發。在過去一年中，可用內容與解決方案增加近 30%，成交案量成長 75%，而以頁面瀏覽量衡量的互動度更成長逾 200%。

Now turning to issuance. During the second quarter, global issuance decreased 37% year-over-year, deteriorating further from what we saw last quarter. In the U.S., rated issuance in aggregate decreased 34%. European rated issuance decreased 45%. And in Asia, rated issuance declined 32%. We saw sharp declines in high yield, which was down nearly 80% year-over-year in Asia and was down more than 80% in the U.S. and Europe. Interestingly, this is the first time that I can recall seeing declines in every category and every region since I've been doing earnings calls. We've included additional details on the subcomponents of issuance by region in the slide deck.

接著談發行（issuance）。第二季全球發行量年減 37%，較上季所見進一步惡化。在美國，評級發行量合計下降 34%。歐洲評級發行量下降 45%。亞洲評級發行量下降 32%。我們看到高收益（high yield）大幅下滑，亞洲年減近 80%，而美國與歐洲皆下降超過 80%。有趣的是，這是我自從開始進行財報電話會議以來，第一次記得看到每一個類別、每一個地區都出現下滑。我們已在簡報中納入按地區拆分的發行子項目更多細節。

Each year, S&P Dow Jones Indices conducts a survey of assets, as depicted in this slide. Asset levels and actively managed funds that benchmark against our indices increased 38% to $12.8 trillion as of the end of 2021. Assets and passive funds invested in products indexed to our indices increased 32% to $9.9 trillion. Numerous indices support the $9.9 trillion, including the S&P 500, the largest with $7 trillion in assets. We've seen strong growth in factor and sector indices as well as many of our ESG and climate-related indices.

每年，S&P Dow Jones Indices 都會進行資產調查，如本頁所示。截至 2021 年底，以我們指數作為基準（benchmark）的資產規模與主動式管理基金增加 38% 至 12.8 兆美元。投資於追蹤我們指數之產品的資產規模與被動式基金增加 32% 至 9.9 兆美元。支撐這 9.9 兆美元的指數眾多，包括 S&P 500；其中 S&P 500 規模最大，資產達 7 兆美元。我們也看到因子與產業指數，以及多項 ESG 與氣候相關指數皆有強勁成長。

While the S&P 500 still accounts for the majority of AUM, we continued to see strong demand for that historic index among asset managers. We saw even faster growth among our other indices in 2021, evidenced by the fact that the S&P 500 accounted for 71% of indexed AUM in 2021, down from 72% in 2020. While this is historical AUM as of December 2021, we're very excited about what this slide will look like in the years to come as we integrate IHS Markit indices like iBoxx and iTraxx and drive commercial innovation in fixed income and cross-asset indices.

雖然 S&P 500 仍占 AUM 的大多數，我們仍持續看到資產管理人對這一歷史性指數的強勁需求。2021 年我們其他指數的成長更快，從一項事實可見：S&P 500 在 2021 年占指數化 AUM 的 71%，低於 2020 年的 72%。儘管這是截至 2021 年 12 月的歷史 AUM，我們對未來幾年本頁呈現的樣貌感到非常振奮，因為我們將整合 IHS Markit 的指數（如 iBoxx 與 iTraxx），並在固定收益與跨資產指數方面推動商業創新。

We delivered extraordinary growth in our ESG initiatives this quarter. ESG revenue growth accelerated on both a reported and organic basis in the second quarter, growing 66% year-over-year to reach nearly $52 million. We continue to introduce new ESG-related products and product enhancements at a rapid pace. In the second quarter, we saw the launch of multiple ESG- and sustainability-related ETFs based on our indices. And we ended the second quarter with AUM and ESG ETFs growing 16% year-over-year to approximately $30 billion.

本季我們在 ESG 計畫上實現了非凡成長。第二季 ESG 營收成長在報表口徑與有機口徑（organic basis）皆加速，年增 66%，接近 5,200 萬美元。我們持續以快速節奏推出新的 ESG 相關產品與產品強化。第二季，我們看到多檔以我們指數為基礎的 ESG 與永續相關 ETF 上市。第二季末，我們的 AUM 與 ESG ETF 年增 16% 至約 300 億美元。

Our Indices and Commodity Insights teams continued their collaboration and launched the S&P Battery Metals Index. Within Ratings, we completed 20 ESG evaluations and 34 sustainable financing opinions driven by strong demand for second-party opinions. Lastly, we hosted the S&P Global Sustainable1 Summit with events in several major cities around the world, bringing together leaders from various stakeholder groups to discuss the future of sustainability.

我們的 Indices 與 Commodity Insights 團隊持續合作，並推出 S&P Battery Metals Index。在 Ratings 方面，我們完成了 20 項 ESG 評估，以及 34 份永續融資意見，主要受第二方意見（second-party opinions）強勁需求所帶動。最後，我們在全球多個主要城市舉辦 S&P Global Sustainable1 Summit，匯聚各利害關係人群體的領袖，共同討論永續發展的未來。

Now turning to our outlook. Twice a year, we update our global refinancing study. But given the issuance environment, we wanted to provide a bit more color this quarter. Specifically, there are 2 impacts to highlight as investors look at total global debt outstanding. The 2 impacts are average time to maturity and FX rates. When we look at global corporate bond maturities, we see a similar phenomenon to what we have witnessed historically. Over the next 3 years, we see a decrease in near-term maturities as refinancing pushed those maturity dates out. We have witnessed this phenomena in the July update each year, so we aren't surprised by it.

接著談我們的展望。我們每年兩次更新全球再融資研究。但鑑於發行環境，我們希望在本季提供更多說明。具體而言，當投資人觀察全球未償債務總額時，有 2 個影響值得強調：平均到期時間與外匯（FX）匯率。當我們檢視全球公司債到期結構時，看到與歷史上類似的現象。未來 3 年內，近端到期量下降，因為再融資將到期日往後推移。我們每年 7 月更新時都曾見到此現象，因此並不意外。

While total global debt maturing over the next 3 years is down significantly from 6 months ago, it's important to note that debt maturing over the next 10 years is not down significantly, and it starts to increase over the next 3 to 5 years. We expect 2024 and 2025 refinancing activity to start next year. This is particularly true for total debt outstanding on an FX-adjusted basis. With the strengthening of the U.S. dollar since January, foreign-denominated debt is lower by 1% when converted to U.S. dollars at July rates.

雖然未來 3 年到期的全球債務總額相較 6 個月前大幅下降，但重要的是，未來 10 年到期的債務並未顯著下降，且在未來 3 至 5 年開始增加。我們預期 2024 與 2025 年的再融資活動將於明年開始。就以外匯調整（FX-adjusted）基礎衡量的未償債務總額而言，這點尤其明顯。由於美元自 1 月以來走強，以 7 月匯率換算成美元後，外幣計價債務降低 1%。

This slide shows total global debt rated by S&P Global of all maturities on a constant currency basis, which increased 2% if measured at January FX rates. While we don't expect a significant rebound in issuance in the back half of this year, this demonstrates that over the long term, the public debt markets remain very healthy and have a strong history of resilience. They also reinforce our view that the issuance headwinds we're seeing in the market now will likely moderate, if not reverse in the future.

本頁顯示 S&P Global 評級之各到期別全球債務總額，以固定匯率（constant currency）基礎計算；若以 1 月外匯匯率衡量，則增加 2%。雖然我們不預期今年下半年發行量會顯著反彈，但這顯示從長期來看，公開債務市場仍非常健康，且具有強韌性的悠久歷史。這也強化了我們的觀點：目前市場上看到的發行逆風，未來很可能會趨緩，甚至反轉。

Now for issuance outlook. S&P Global Ratings research has updated its bond issuance forecast for the year to reflect a decrease in the second quarter and more conservative assumptions around the back half. Global market issuance is now expected to decline approximately 16% year-over-year within a range of down 9% to down 24% in 2022. This forecast implies an approximate 21% decline in the second half compared to the 11% decline seen in the first half.

接著是發行展望。S&P Global Ratings 研究已更新今年的債券發行預測，以反映第二季的下滑，以及對下半年更為保守的假設。全球市場發行量目前預期在 2022 年將年減約 16%，區間為年減 9% 至年減 24%。此預測意味著下半年相較去年同期約下降 21%，高於上半年所見的 11% 降幅。

Non-financials are expected to see a 30% decrease in issuance, partially tempered by a smaller, roughly 10% decrease in financial services issuance. U.S. public finance and structured finance are expected to soften by 12% and 14%, respectively, and international public finance is expected to be roughly flat. As a reminder, the global debt issuance forecast is a product of the S&P Global Ratings research team and reflects market issuance, including unrated issuance.

非金融企業預期發行量將下降 30%，部分被金融服務發行量較小、約 10% 的降幅所緩和。美國公共融資與結構性融資預期分別走弱 12% 與 14%，而國際公共融資預期大致持平。提醒一下，全球債務發行預測由 S&P Global Ratings 研究團隊提供，反映的是市場發行量，包含未評級發行。

We wanted to take the opportunity to explain the different categories of issuance that we discuss from time to time. The most frequently cited forecast is out of our S&P Global Ratings research team, which I just outlined, but our Ratings revenue is more closely tied to S&P billed issuance, which is a subset of market issuance. Billed issuance includes leverage loans which are not included in the market issuance forecast. It does not, however, include debt from unrated categories such as medium-term notes and most domestic debt from China, nor would our billed issuance include international public finance.

我們想藉此機會說明我們不時討論的不同發行分類。我剛才概述過，最常被引用的預測來自我們的 S&P Global Ratings 研究團隊；但我們的 Ratings 營收與 S&P 計費發行量（billed issuance）的連動性更高，而計費發行量是市場發行量（market issuance）的子集合。計費發行量包含槓桿貸款（leveraged loans），而槓桿貸款並未納入市場發行量預測。然而，計費發行量不包含未評級類別的債務，例如中期票據（medium-term notes）以及中國的大多數境內債務；同時，我們的計費發行量也不包含國際公共融資（international public finance）。

While there are other nuances as well, these differences in aggregate bridge the gap between our market issuance forecast and the assumption for billed issuance that underpins our Ratings revenue guidance for the year. As Ewout will outline, our Ratings revenue guidance assumes a 30% to 45% decrease in billed issuance.

雖然還有其他細微差異，但這些總體差異彌合了我們的市場發行量預測與支撐我們本年度 Ratings 營收指引之計費發行量假設之間的落差。如 Ewout 將概述的，我們的 Ratings 營收指引假設計費發行量將下降 30% 至 45%。

Looking beyond issuance, we see a number of secular trends that stand to benefit the company, both this year and beyond. Our experts in Commodity Insights expect oil prices and volatility to remain above historical norms for some time. This volatility often creates more demand among customers for price assessments and benchmarks as well as our data and insights.

除了發行量之外，我們也看到多項長期結構性趨勢，將在今年及未來為公司帶來助益。我們 Commodity Insights 的專家預期，油價與波動性在一段時間內將維持在高於歷史常態的水準。這種波動往往會使客戶對價格評估與基準（benchmarks），以及我們的數據與洞察的需求增加。

Our Mobility team also expects light vehicle sales to increase next year and beyond, returning to levels more in line with pre-pandemic production by 2025. As volumes continue to grow, we expect to see tailwinds in our Mobility segment across multiple product lines, including CARFAX and automotiveMastermind.

我們的 Mobility 團隊也預期，輕型車銷量將在明年及之後增加，並於 2025 年回到更接近疫情前產量的水準。隨著銷量持續成長，我們預期 Mobility 部門在多條產品線上將受惠於順風，包括 CARFAX 與 automotiveMastermind。

As we evaluate the remainder of this year, however, we wanted to discuss some of the assumptions that underpin our outlook. As we noted in June when we suspended guidance, we have seen a deterioration in several economic indicators over the course of the second quarter. We expect slightly lower GDP growth, higher inflation and a lower debt issuance environment to impact not only our businesses, but our customers as well.

然而，在評估今年剩餘時間之際，我們想討論一些支撐我們展望的假設。如同我們在 6 月暫停提供指引時所提到的，我們在第二季期間看到多項經濟指標惡化。我們預期 GDP 成長略為降低、通膨較高，以及較低的債務發行環境，不僅會影響我們的業務，也會影響我們的客戶。

As Ewout will discuss in a moment, we're seeing inflationary pressure on our costs with approximately 70% of our expenses tied to headcount. That pressure is showing up most in our compensation and technology costs. As a reminder, this is not meant to be a comprehensive list of all metrics that inform our outlook, but we wanted to help investors understand the changes in some of the assumptions that we make about the global economy when formulating guidance.

如 Ewout 稍後將討論的，我們看到成本面臨通膨壓力，約 70% 的費用與人力（headcount）相關。這種壓力最明顯地反映在薪酬與科技成本上。提醒一下，這並非用以形成我們展望的所有指標之完整清單，但我們希望協助投資人理解，在制定指引時，我們對全球經濟所做的一些假設有哪些變化。

While we're not discussing 2023 or beyond on today's call, we're pleased to announce an Investor Day that we expect to hold on December 1 in New York City. We're looking forward to sharing with you some preliminary views on 2023 as well as a more holistic update on our strategy, positioning and medium-term financial targets at that time.

雖然我們今天的電話會議不會討論 2023 年或更遠期，但我們很高興宣布將於 12 月 1 日在紐約市舉辦投資人日（Investor Day）。屆時我們期待與各位分享對 2023 年的一些初步看法，以及對我們的策略、定位與中期財務目標更全面的更新。

Before handing it over to Ewout, I'd like to reiterate how pleased we are with the progress we're making on integration and the clear proof points we see reinforcing the industrial logic of the merger and the resilience of our businesses. We have a world-class team and appreciate the hard work and dedication of our people in every area across the firm. Our teams continue to execute incredibly well, evidenced by our early outperformance on synergies. And we believe we're positioning the company to accelerate growth, expand margins and deliver innovation in the years to come.

在交給 Ewout 之前，我想再次強調，我們對整合進展感到非常滿意，且我們看到明確的佐證，持續強化合併的產業邏輯以及我們業務的韌性。我們擁有世界級團隊，並感謝公司各領域同仁的辛勤付出與投入。我們的團隊持續展現極佳的執行力，從我們在協同效益（synergies）上的提前超越表現即可見一斑。我們相信，我們正在為公司定位，以在未來幾年加速成長、擴大利潤率並推動創新。

With that, I'll turn it over to Ewout to walk through the results and guidance. Ewout?

接下來我把時間交給 Ewout，請他帶大家回顧業績與指引。Ewout？

Thank you, Doug. With 5 of our 6 divisions once again posting revenue growth, we continue to see evidence that we are a stronger, more resilient company. Doug highlighted the headline financial results. I will take a moment to cover a few other items.

謝謝你，Doug。我們 6 個事業部中有 5 個再次實現營收成長，這持續證明我們是一家更強大、更具韌性的公司。Doug 已重點說明主要財務結果。我將花點時間補充幾個其他事項。

As Doug mentioned, the adjusted financial metrics that we will be discussing today refer to non-GAAP adjusted metrics for the current period and non-GAAP pro forma adjusted metrics in the year-ago period, unless explicitly called out as GAAP. Adjusted results also exclude the contribution from divested businesses in all periods.

如 Doug 所提到的，我們今天討論的調整後財務指標，除非明確標示為 GAAP，否則係指本期的非 GAAP 調整後指標，以及去年同期的非 GAAP 備考（pro forma）調整後指標。調整後結果亦在所有期間排除已出售業務（divested businesses）的貢獻。

Adjusted corporate unallocated expenses declined from a year ago caused by synergies as well as a combination of reduced incentive and fringe costs as well as the release of certain accruals. Our net interest expense increased 3% as we increased gross debt, partially offset by lower average rates due to refinancings. The decrease in the adjusted effective tax rate was primarily due to the post-merger change in the mix of income by jurisdiction.

調整後公司未分攤費用（corporate unallocated expenses）較去年同期下降，原因包括協同效益，以及激勵與附帶福利成本下降的組合影響，並包含釋放部分應計項目（accruals）。由於我們提高總負債（gross debt），淨利息費用增加 3%，但再融資使平均利率下降，部分抵銷了增幅。調整後有效稅率下降主要是因合併後各司法管轄區（jurisdiction）之所得組合改變所致。

As most are aware, we exclude the impact of certain items from our adjusted diluted EPS number. Among those items in the second quarter were $220 million in merger-related expenses, the details of which can be found in the appendix.

如各位所知，我們在調整後稀釋每股盈餘（adjusted diluted EPS）中排除若干項目的影響。第二季其中一項為 2.20 億美元的合併相關費用，細節可見附錄。

We generated adjusted free cash flow, excluding certain items, of $924 million. We remain committed to returning the majority of this cash flow to shareholders through dividends and share repurchases. Year-to-date, as Doug mentioned, we have repurchased $8.5 billion in shares, and we expect to launch an additional $2.5 billion in the coming weeks. We expect that $2.5 billion will be completed in October with the final $1 billion to be completed by year-end.

我們產生了調整後自由現金流（adjusted free cash flow；排除若干項目）9.24 億美元。我們仍致力於透過股利與庫藏股回購，將此現金流的大部分回饋股東。截至目前（year-to-date），如 Doug 所提到的，我們已回購 85 億美元股票，並預期在未來幾週啟動額外 25 億美元。我們預期這 25 億美元將於 10 月完成，最後 10 億美元將於年底前完成。

We note that the U.S. dollar has strengthened against many foreign currencies year-to-date, and we have seen a corresponding impact on both our revenue and expenses. Approximately 3/4 of our international revenue is invoiced in U.S. dollars, which provides some protection to revenue against FX volatility.

我們注意到，今年以來美元兌多數外幣走強，並對我們的營收與費用造成相應影響。我們約 3/4 的國際營收以美元開立發票，這在一定程度上可保護營收免受外匯（FX）波動影響。

In addition to the natural hedges that exist due to the global footprint of our people, we have an active hedging program in place that further mitigates the ultimate impact on our earnings. Year-to-date, we have seen an unfavorable revenue impact due to the strengthening of the U.S. dollar against the euro and British pound. Expenses saw a favorable impact due to FX movements against those same currencies and the Indian rupee.

除了因我們人員全球布局而存在的自然避險（natural hedges）之外，我們也有一套積極的避險計畫，以進一步降低對最終獲利的影響。今年以來，由於美元兌歐元與英鎊走強，我們看到營收受到不利影響。費用方面，因同樣貨幣以及印度盧比的匯率變動，則呈現有利影響。

Turning to expenses. As we have demonstrated in the past, we are committed to prudent management of the P&L and shareholder capital. This year, we have already taken decisive actions to protect margins where we can while still preserving our investments to drive future growth. Actions taken include a reduction in incentive accruals, pull-forward in synergies, adjustments to the timing of select investments, pausing selective hiring and limiting consulting spend in some areas.

接著談費用。如同我們過去所展現的，我們致力於審慎管理損益表（P&L）與股東資本。今年，我們已採取果斷行動，在可行之處保護利潤率，同時仍保留推動未來成長所需的投資。已採取的措施包括降低激勵應計（incentive accruals）、提前實現協同效益、調整部分投資的時點、暫停部分招募，以及在某些領域限制顧問支出。

We remain committed to our strategic investments, which are key to the growth of our business. These include investments in our people, innovation, infrastructure and our ability to execute merger-related integration and synergies.

我們仍致力於策略性投資，這些投資是我們業務成長的關鍵，包括對人才、創新、基礎設施的投資，以及我們執行合併相關整合與協同效益的能力。

Looking at the year-over-year change in expenses this quarter, we're clearly seeing the impact of inflation, most notably in compensation expenses. We're also seeing higher cloud and T&E costs, as we highlighted last quarter as well. Even with those headwinds, the decisive actions I outlined, together with our acceleration of synergies and favorable FX, have allowed us to keep expenses relatively flat year-over-year.

觀察本季費用的年對年變化，我們清楚看到通膨的影響，尤其在薪酬費用上最為明顯。我們也看到雲端與差旅及娛樂（T&E）成本上升，正如我們上季所強調的。即便面臨這些逆風，我剛才概述的果斷行動，加上我們加速實現協同效益以及有利的外匯因素，使我們得以讓費用年對年維持相對持平。

Now I would like to provide an update on our synergy progress. In the second quarter, we have achieved $80 million in cumulative cost synergies, and our current annualized run rate is $260 million. Through the combined efforts of our teams across the divisions and corporate, we're very pleased to see we're outperforming our initial time line on both revenue and cost synergies year-to-date. The cumulative integration and cost to achieve synergies through the end of the second quarter is $540 million.

接下來我想更新我們的協同效益進展。第二季我們已達成累計 8,000 萬美元的成本協同效益，目前年度化執行率（annualized run rate）為 2.60 億美元。透過各事業部與公司層級團隊的共同努力，我們很高興看到今年以來在營收與成本協同效益方面，均優於我們最初的時程。至第二季末為止，累計整合成本與達成協同效益的成本（cost to achieve synergies）為 5.40 億美元。

Our teams have been diligent and disciplined and have pulled forward some of the synergies we previously identified without materially impacting our ability to drive growth and revenue synergies. We have previously said that we expect to realize in 2022 approximately 35% to 40% of the $600 million in cost synergies we are targeting through 2024. We're still operating in an uncertain environment. So while we are not changing the expected range for 2022, we're confident that we are more likely to come out at the higher end of the 35% to 40% target range.

我們的團隊一直勤勉且自律，在不對推動成長與營收協同效益能力造成重大影響的前提下，提前實現了部分先前辨識的協同效益。我們先前表示，預期在 2022 年可實現我們以 2024 年為目標之 6.00 億美元成本協同效益中的約 35% 至 40%。我們仍處於不確定的環境中。因此，雖然我們不調整 2022 年的預期區間，但我們有信心更可能落在 35% 至 40% 目標區間的高端。

Now let's turn to the division results and begin with Market Intelligence. Market Intelligence delivered revenue growth of 7% with growth across all product lines. We want to emphasize the increased resilience and stickiness of most of our revenue and the more diversified portfolio of products in our divisions post-merger.

現在讓我們來看各事業部的表現，先從 Market Intelligence 開始。Market Intelligence 營收成長 7%，且所有產品線皆有成長。我們要強調，合併後，我們大部分營收的韌性與黏著度（stickiness）提升，且各事業部的產品組合更加多元化。

To highlight this improvement, we know that in Market Intelligence, recurring revenue, which includes variable recurring revenue, accounted for 96% of total revenue this quarter, slightly higher compared to the same period last year. Expenses increased 6%, primarily due to increases in compensation expense, cloud spend and outside services, offset by cost synergies and lower incentive compensation.

為了凸顯這項改善，我們知道在 Market Intelligence 中，經常性收入（包含可變經常性收入）本季占總收入的 96%，較去年同期略高。費用增加 6%，主要因薪酬費用、雲端支出及外部服務增加所致，部分被成本協同效益與較低的獎勵性薪酬所抵銷。

Market Intelligence remains the biggest driver of cost synergies from the merger and the synergy outperformance we have seen year-to-date. Segment operating profit increased 8%, and the segment operating profit margin increased 40 basis points to 33%. On a trailing 12-month basis, adjusted segment operating profit margin was 30.2%.

Market Intelligence 仍是併購帶來成本協同效益的最大驅動力，也是我們年初至今所見協同效益超預期的主要來源。分部營業利益增加 8%，分部營業利益率提升 40 個基點至 33%。以過去 12 個月（TTM）計，調整後分部營業利益率為 30.2%。

You can see on the slide our operating profit from the OSTTRA joint venture that complements the operations of our Market Intelligence division. The JV contributed $25 million in adjusted operating profit to the company. Because the JV is a 50% owned joint venture operating independent of the company, we do not include the financial results of OSTTRA in the Market Intelligence division.

您可在投影片上看到我們來自 OSTTRA 合資企業的營業利益，該合資企業與我們 Market Intelligence 事業部的營運相輔相成。該合資企業為公司貢獻 2,500 萬美元的調整後營業利益。由於該合資企業為持股 50% 且獨立於公司運作的合資企業，我們不將 OSTTRA 的財務結果納入 Market Intelligence 事業部。

Looking across Market Intelligence, there was solid growth in each category. And on a pro forma basis, Desktop revenue grew 6%, Data & Advisory Solutions revenue grew 9%, Enterprise Solutions revenue grew 2% and Credit & Risk Solutions revenue grew 10%.

從 Market Intelligence 各項類別來看，每一類別皆有穩健成長。以擬制（pro forma）基礎計，Desktop 收入成長 6%，Data & Advisory Solutions 收入成長 9%，Enterprise Solutions 收入成長 2%，Credit & Risk Solutions 收入成長 10%。

For Enterprise Solutions, we continue to see headwinds in several of our volume-driven products that rely on equity and debt capital markets activity under variable subscription terms. Excluding the impact of these volume-driven products, growth across Market Intelligence would have been approximately 8% year-over-year in the quarter. We expect those volume-driven headwinds to persist through the rest of the year.

就 Enterprise Solutions 而言，我們持續在數項以量為驅動的產品上面臨逆風，這些產品依賴股權與債務資本市場活動，且採可變訂閱條款。若排除這些以量為驅動產品的影響，本季 Market Intelligence 整體年增幅約可達 8%。我們預期這些以量為驅動的逆風將持續至今年其餘時間。

While we are pleased with the outperformance of Credit & Risk Solutions in the first half, we're lapping some difficult comps in the second half and expect revenue growth to decelerate in that part of the business.

雖然我們對 Credit & Risk Solutions 上半年表現超預期感到滿意，但下半年將面臨較具挑戰的比較基期（difficult comps），並預期該業務的收入成長將放緩。

Ratings faced continued difficult market conditions this quarter with revenue declining 26% year-over-year. Expenses decreased 6%, primarily driven by disciplined expense management, including lower incentive expenses as well as lower occupancy cost and favorable FX, partially offset by increased salary and fringe expenses and T&E spend. This resulted in a 35% decrease in segment operating profit and 850 basis points decrease in segment operating profit margin. On a trailing 12-month basis, adjusted segment operating profit margin was 59.8%.

Ratings 本季持續面臨艱困的市場環境，收入年減 26%。費用下降 6%，主要來自嚴謹的費用管理，包括較低的獎勵性費用，以及較低的場地使用成本與有利的匯率影響；部分被薪資與附加福利費用增加以及差旅與交際（T&E）支出增加所抵銷。結果分部營業利益下降 35%，分部營業利益率下降 850 個基點。以過去 12 個月（TTM）計，調整後分部營業利益率為 59.8%。

Non-transaction revenue increased 2% on a constant currency basis and decreased 1% as reported, primarily due to lower initial credit ratings and Ratings Evaluation Services revenues, partially offset by increases in CRISIL and annual fees. Transaction revenue decreased 44% on the continued soft issuance already discussed.

非交易收入以固定匯率計增加 2%，按報告口徑則下降 1%，主要因初次信用評等與 Ratings Evaluation Services 收入較低，部分被 CRISIL 與年費增加所抵銷。交易收入在前述持續疲弱的發行環境下下降 44%。

This slide depicts Ratings revenue by its end markets. The largest contributors to the decrease in Ratings revenue were a 39% decrease in Corporates and a 20% decrease in Structured Finance, driven predominantly by structured credit. In addition, Financial Services decreased 9%, Governments decreased 15% and the CRISIL and Other category increased 14%.

本投影片按終端市場呈現 Ratings 收入。Ratings 收入下降的最大貢獻來源為 Corporates 下降 39% 與 Structured Finance 下降 20%，主要由結構性信用（structured credit）所驅動。此外，Financial Services 下降 9%，Governments 下降 15%，而 CRISIL 與 Other 類別增加 14%。

And now turning to Commodity Insights, revenue increased 4%. However, that growth was impacted significantly by the suspension of commercial activity in Russia and Belarus and other impacts of the Russia-Ukraine conflict. Adjusting for the impact of that conflict, revenues would have grown approximately 7% compared to prior year. On an annualized run rate basis, this conflict is expected to impact CI revenue and operating income by approximately $52 million and $51 million, respectively.

接著看 Commodity Insights，收入增加 4%。然而，該成長受到俄羅斯與白俄羅斯商業活動暫停以及俄烏衝突其他影響的顯著衝擊。若調整該衝突影響，收入相較去年約可成長 7%。以年化運行率（annualized run rate）計，預期該衝突將分別對 CI 收入與營業利益造成約 5,200 萬美元與 5,100 萬美元的影響。

For this quarter, 90% of Commodity Insights revenues were classified as recurring. Expenses increased 4% primarily due to salary and fringe and increase in T&E expense, partially offset by realization of merger-related synergies. Segment operating profit increased 3%, and the segment operating profit margin decreased 40 basis points to 44%. The trailing 12-month adjusted segment operating profit margin was 43.3%.

本季 Commodity Insights 收入中有 90% 被歸類為經常性收入。費用增加 4%，主要因薪資與附加福利以及差旅與交際（T&E）費用增加，部分被併購相關協同效益的實現所抵銷。分部營業利益增加 3%，分部營業利益率下降 40 個基點至 44%。過去 12 個月（TTM）調整後分部營業利益率為 43.3%。

Looking across the Commodity Insights business categories, Price Assessments grew 5% compared to prior year, driven by strong subscription growth from market data offerings and continued commercial momentum. We also saw strong performance from Advisory & Transactional Services and Energy & Resources Data & Insights, both growing 4%, respectively. Upstream Data & Insights increased marginally with second quarter 2022 representing the third consecutive quarter of ACV growth when adjusting for the impact of Russia.

從 Commodity Insights 各業務類別來看，Price Assessments 較去年成長 5%，主要由市場數據產品帶動的強勁訂閱成長與持續的商業動能所驅動。Advisory & Transactional Services 與 Energy & Resources Data & Insights 亦表現強勁，兩者分別成長 4%。Upstream Data & Insights 小幅增加；在調整俄羅斯影響後，2022 年第二季為 ACV 成長連續第三個季度。

In our Mobility division, revenue increased 7% year-over-year, driven primarily by strength in Planning Solutions and Used Car offerings. For this quarter, 78% of Mobility's revenues were classified as recurring. Expenses grew 5% on planned increases in headcount and advertising expense, which were somewhat offset by a reduction in purchased data and office costs and incentive compensation. This resulted in a 9% growth in adjusted operating profit and 90 basis points of margin expansion year-over-year. On a trailing 12-month basis, the adjusted segment operating profit margin was 39.5%.

在 Mobility 事業部，收入年增 7%，主要由 Planning Solutions 與 Used Car 產品的強勁表現所帶動。本季 Mobility 收入中有 78% 被歸類為經常性收入。費用因人力編制與廣告費用的計畫性增加而成長 5%，部分被採購數據與辦公室成本下降以及獎勵性薪酬降低所抵銷。結果調整後營業利益年增 9%，利潤率年增擴張 90 個基點。以過去 12 個月（TTM）計，調整後分部營業利益率為 39.5%。

Dealer revenue increased 10% year-over-year driven by strong performance from CARFAX and very high dealer retention as well as growth in new stores. Growth in Manufacturing was 3% year-over-year, driven by demand for supply chain products among suppliers, though growth was tempered by relatively flat original equipment manufacturer or OEM spend on marketing initiatives powered by Mobility products. Financials and Other increased 3%, primarily driven by continued strength in our insurance underwriting products, tempered by slowing consumer activity and persistent low volumes across auto sales.

Dealer 收入年增 10%，主要由 CARFAX 的強勁表現、極高的經銷商留存率以及新門店成長所帶動。Manufacturing 年增 3%，主要因供應商對供應鏈產品的需求所驅動，但成長受到原始設備製造商（OEM）在由 Mobility 產品驅動之行銷計畫上的支出相對持平所抑制。Financials and Other 增加 3%，主要由我們保險核保產品持續強勁所帶動，但受到消費者活動放緩以及汽車銷售持續低量的影響而有所抵銷。

S&P Dow Jones Indices delivered another strong quarter of revenue growth of 12% year-over-year primarily due to gains in ETD volumes. For this quarter, 83% of Indices revenues were classified as recurring. During the quarter, expenses increased 1% due to increased technology and T&E expense. Segment operating profit increased 16%, and the segment operating profit margin increased 290 basis points to 71.9%. On a trailing 12-month basis, the adjusted segment operating profit margin was 68.6%.

S&P Dow Jones Indices 本季再度交出強勁的收入成長，年增 12%，主要來自 ETD 交易量的提升。本季 Indices 收入中有 83% 被歸類為經常性收入。季度內，費用因科技與差旅與交際（T&E）支出增加而上升 1%。分部營業利益增加 16%，分部營業利益率提升 290 個基點至 71.9%。以過去 12 個月（TTM）計，調整後分部營業利益率為 68.6%。

Once again, every category increased revenue this quarter. Asset-Linked Fees were up 5%, primarily from AUM-driven gains in mutual funds and ETFs. Exchange-Traded Derivatives revenue increased 64% on increased trading volumes across key contracts, including the more than 60% increase in S&P 500 Index options volume. Data & Custom Subscriptions increased 6% driven by new business activities.

本季再度出現各類別收入全面成長。Asset-Linked Fees 上升 5%，主要來自共同基金與 ETF 的 AUM 驅動增長。Exchange-Traded Derivatives 收入因主要合約交易量增加而成長 64%，其中包含 S&P 500 指數選擇權交易量增加逾 60%。Data & Custom Subscriptions 在新業務活動帶動下成長 6%。

Over the past year, ETF AUM net inflows were $231 billion, and market depreciation totaled $352 billion. This resulted in quarter-ending ETF AUM of $2.5 trillion, which is a 5% decrease compared to 1 year ago. Our ETF revenue is based on average AUM, which increased 5% year-over-year.

過去一年，ETF AUM 淨流入為 2,310 億美元，市場折價（market depreciation）合計 3,520 億美元。因此季末 ETF AUM 為 2.5 兆美元，較一年前下降 5%。我們的 ETF 收入以平均 AUM 為基礎計算，平均 AUM 年增 5%。

Revenue tends to lack changes in asset prices, which helped drive outperformance this quarter. However, we expect asset-linked fees to decrease in the back half of this year. Sequentially versus the end of the first quarter, ETF net inflows associated with our indices totaled $6 billion, and market depreciation totaled $436 billion.

收入通常會滯後反映資產價格變動，這有助於推動本季表現超預期。然而，我們預期資產連結費用在今年下半年將下降。與第一季末相比，與我們指數相關的 ETF 淨流入合計 60 億美元，而市場折價合計 4,360 億美元。

Within our Engineering Solutions division, we saw 3% revenue growth, driven primarily by growth in non-subscription offerings, most notably the Boiler and Pressure Vessel Code or BPVC, which was last released in August of 2021. For this quarter, 93% of Engineering Solutions revenues were classified as recurring. Adjusted expenses increased 5% driven by investment in product development and increased royalties. This resulted in a 7% decline in segment operating profit and 300 basis points contraction to margin. On a trailing 12-month basis, the adjusted segment operating profit margin was 19.4%.

在 Engineering Solutions 事業部，我們看到收入成長 3%，主要由非訂閱型產品的成長所帶動，最顯著的是 Boiler and Pressure Vessel Code（BPVC），其上次發布於 2021 年 8 月。本季 Engineering Solutions 收入中有 93% 被歸類為經常性收入。調整後費用增加 5%，主要因產品開發投資與權利金增加所致。結果分部營業利益下降 7%，利潤率收縮 300 個基點。以過去 12 個月（TTM）計，調整後分部營業利益率為 19.4%。

Subscription revenue in Engineering Solutions increased 2% year-over-year, while Non-subscription revenue increased 10% over the same period. As you look toward next quarter for Engineering Solutions, it will be important to remember we'll lap the August 2021 publication of the BPVC, which typically contributes approximately $8 million in the third quarter of odd years but is not published in even years.

Engineering Solutions 的訂閱收入年增 2%，而非訂閱收入同期增加 10%。展望下季的 Engineering Solutions，需要記得我們將與 2021 年 8 月 BPVC 出版形成比較基期；該出版物通常在奇數年的第三季貢獻約 800 萬美元，但在偶數年不會出版。

Now moving to our guidance, and this slide depicts our new GAAP guidance. This slide depicts our reinstated 2022 adjusted pro forma guidance. For revenue, we now expect a low to mid-single-digit decrease year-over-year, reflecting the issuance environment, partially offset by the strength we are seeing in our non-Ratings businesses.

現在轉到我們的指引，本頁投影片呈現我們新的 GAAP 指引。本頁也呈現我們恢復提供的 2022 年調整後備考指引。就營收而言，我們目前預期年對年將出現低至中個位數的下滑，反映發行環境的影響，部分由我們在非評級業務所見到的強勁表現所抵銷。

We now expect corporate unallocated expense between $70 million and $80 million, approximately $15 million lower than our previous guidance on lower forecasted incentive compensation. This drives our expectation for adjusted operating margins between 45.3% and 45.8%.

我們目前預期公司未分攤費用介於 7,000 萬至 8,000 萬美元，較先前指引約低 1,500 萬美元，主要因預估的激勵性薪酬較低。這使我們預期調整後營業利潤率介於 45.3% 至 45.8%。

As declines in high-margin Ratings revenue disproportionally impacts margins to the downside this year, we wanted to emphasize the margin expansion we expect to see elsewhere in the business. In aggregate, within our 5 non-Ratings divisions, we expect approximately 180 basis points of operating margin expansion this year.

由於今年高毛利的評級營收下滑對利潤率造成不成比例的負面影響，我們想強調我們預期在業務其他部分將看到的利潤率擴張。整體而言，在我們 5 個非評級事業部中，我們預期今年營業利潤率合計約擴張 180 個基點。

Interest expense is expected in the range of $360 million to $370 million, in line with our most recent guidance. We expect capital expenditures of approximately $165 million and free cash flow, excluding certain items, in the range of $4.1 billion to $4.2 billion.

利息費用預期介於 3.6 億至 3.7 億美元，與我們最近一次指引一致。我們預期資本支出約 1.65 億美元，自由現金流（不含特定項目）介於 41 億至 42 億美元。

The following slide illustrates our guidance by division. We now expect adjusted revenue growth and adjusted operating profit margin in the following ranges. For Market Intelligence, we expect revenue growth in the mid-single-digit range and margins in the low 30s. For Ratings, we now expect revenue declines in the low to mid-20s range and margins in the mid- to high 50s. For Commodity Insights, we expect revenue growth in the mid-single-digit range and margins in the mid-40s.

下一頁投影片按事業部說明我們的指引。我們目前預期調整後營收成長與調整後營業利潤率落在以下區間。就 Market Intelligence 而言，我們預期營收成長為中個位數，利潤率為 30% 出頭。就 Ratings 而言，我們目前預期營收下滑為低至中 20% 區間，利潤率為 50% 中段至高段。就 Commodity Insights 而言，我們預期營收成長為中個位數，利潤率為 40% 中段。

For Mobility, we expect revenue growth in the high single-digit range and margins in the high 30s. For Indices, we expect revenue growth in the low to mid-single-digit range and margins in the mid- to high 60s. For Engineering Solutions, we expect low single-digit revenue growth and margins in the mid-teens.

就 Mobility 而言，我們預期營收成長為高個位數，利潤率為 30% 高段。就 Indices 而言，我們預期營收成長為低至中個位數，利潤率為 60% 中段至高段。就 Engineering Solutions 而言，我們預期營收成長為低個位數，利潤率為十幾%。

In closing, this quarter provides further proof of the resilience of our business. Our ability to outperform on synergies speaks volumes on the focus and discipline of the teams we have at S&P Global. Those teams, combined with a phenomenal set of truly differentiated products and capabilities, position us well to drive profitable growth in the years to come.

總結來說，本季進一步證明我們業務的韌性。我們在協同效益方面能夠超越預期，充分展現 S&P Global 團隊的專注與紀律。這些團隊結合一套卓越且真正具差異化的產品與能力，使我們在未來數年能夠推動具獲利性的成長，並處於有利位置。

And with that, let me turn the call back over to Mark for your questions.

接下來，我把電話交回給 Mark 來回答各位的提問。

Thank you, Ewout. (Operator Instructions) Operator, we will now take our first question.

謝謝你，Ewout。（接線員指示）接線員，我們現在開始第一個問題。

Our first question is from Ashish Sabadra with RBC Capital.

第一個問題來自 RBC Capital 的 Ashish Sabadra。

I was just wondering, for the issuance guidance, would it be possible for you to provide some color around how we should think about third versus fourth quarter momentum in the back half of the year?

我想請教，關於發行量的指引，你們是否可以補充一些說明，讓我們理解在今年下半年第三季相較於第四季的動能應該如何看待？

Ashish, this is Doug. Thanks for the question. Let me just give you, first of all, some overall view of what we've given you today. We provided you with information starting with our Ratings credit research team and then gave you some new disclosure about how we look at the difference between that research report and what we call our billed issuance assumptions.

Ashish，我是 Doug。謝謝你的問題。我先就我們今天提供的內容給你一個整體觀點。我們先從評級信用研究團隊的資訊談起，接著也新增揭露我們如何看待該研究報告與我們所稱的「已開立帳單的發行量假設」之間的差異。

We see right now, the beginning of the third quarter was actually quite weak. One month doesn't make a quarter. But at the beginning of July, there was issuance of high-yield loans, and high-yield debt was down overall in the high-80s, low-90 percentage range. Investment-grade issuance was up actually for the month. But the quarter is off to what I'd say still a pretty weak start, answering your question specifically.

我們目前看到，第三季一開始其實相當疲弱。一個月不代表一整季。但在 7 月初，高收益貸款有發行，而高收益債整體下滑約在 80% 高段到 90% 低段的百分比區間。投資級發行量在當月其實是上升的。但就你具體的問題而言，本季開局我會說仍然相當疲弱。

That's very helpful color. And then on the cost synergies, obviously, pretty strong execution on that front with almost $260 million run rate achieved in the quarter. I understand you expect to achieve at the high end of that 40% range being realized by 2022. But I was also wondering if you could maybe provide any color on how we should think about the run rate of cost synergies exiting 2022.

這些說明非常有幫助。接著關於成本協同效益，你們在這方面的執行顯然相當強勁，本季已達成接近 2.6 億美元的年化（run rate）。我理解你們預期到 2022 年可實現該 40% 區間的高端。但我也想請教，你們是否能補充一些說明，讓我們理解 2022 年底退出時的成本協同效益年化水準應該如何看待？

Ashish, this is Ewout. So 40% of $600 million, so we expect, therefore, in year 2022 approximately $240 million benefit from cost synergies. We think that's phenomenal that we're already having that pace of execution and integration of our organizations. We don't have a precise number for you in terms of the run rate exit. But you should expect that, that is a significant amount above the $240 million because, obviously, the more we execute this year, the better we are positioned for 2023. So I can't give you a precise number on that, but that will be a number significantly north of that $240 million.

Ashish，我是 Ewout。600 百萬美元的 40%，因此我們預期 2022 年度可從成本協同效益獲得約 2.4 億美元的效益。我們認為能以這樣的速度推進執行與組織整合非常出色。至於年底退出時的年化水準，我們沒有精確數字可以提供。但你應該預期該數字會明顯高於 2.4 億美元，因為很顯然，今年執行得越多，我們在 2023 年的布局就越有利。因此我無法給你精確數字，但會是遠高於 2.4 億美元的水準。

Our next question is from Manav Patnaik with Barclays.

下一個問題來自 Barclays 的 Manav Patnaik。

My first question was just broadly on guidance. I think, Ewout, you said that the non-Ratings businesses should help offset the Ratings weakness. But I think in the guidance summary, you pretty much lowered some of the non-Ratings businesses at least to the lower end. So can you just talk about that gap and perhaps your level of conservatism you've taken in this attempted guidance today?

我的第一個問題是關於指引的整體看法。我記得 Ewout 你提到非評級業務應能協助抵銷評級業務的疲弱。但我看指引摘要，你們似乎也把部分非評級業務至少下修到區間的低端。你能否談談這個落差，以及你們今天在嘗試提供指引時採取了多大程度的保守假設？

Manav, yes, we have always said that our businesses are very resilient. But of course, they are not immune to an external environment. So there is some slight impact you are seeing in terms of, for example, the Index business, the assumption for the second half of the year is that assets under management will remain flat from the June 30 points. So that will have an impact on the Index business. So there are several of those. Another example is the Russia impact on Commodity Insights. But overall, these impacts are relatively minimal and modest.

Manav，是的，我們一直說我們的業務非常具韌性。但當然也不可能完全不受外部環境影響。因此你會看到一些輕微影響，例如在指數業務方面，我們對下半年的假設是資產管理規模將維持在 6 月 30 日的水準不變，這將對指數業務造成影響。還有其他幾個例子，例如俄羅斯對 Commodity Insights 的影響。但整體而言，這些影響相對有限且溫和。

So let me give you a few other data points with respect to the assumptions that have gone into the guidance. So as already mentioned, billed issuance, negative 37%. Then for the market depreciation, flat to the June 30 level. Exchange-traded derivatives, we expect those to be up about 10% from the second half of 2021. That is lower growth than you have seen in the first half of the year, and the reason is that the comps become more difficult. But also when there is a period of extended volatility, we expect derivatives trading to taper off at some point. And then the Brent oil price to remain in range bound until end of the year.

我再提供幾個與指引假設相關的數據點。如先前所提，已開立帳單的發行量為負 37%。接著，市場下跌（market depreciation）假設為持平於 6 月 30 日水準。交易所交易衍生品方面，我們預期相較 2021 年下半年約成長 10%。這個成長率低於你在今年上半年看到的，原因是比較基期變得更具挑戰；同時在波動延續一段時間後，我們預期衍生品交易在某個時間點會趨於降溫。最後，布蘭特油價預期在年底前維持區間震盪。

Having said that, if you look at the overall performance of the company, we're actually really pleased with the outlook for 5 of our 6 divisions. They are expected to perform very well, to be very strong, expenses to be more or less flat year-over-year, which we think is really a phenomenal outcome in a high inflationary environment; and then margins, excluding Ratings, to be up for the full year, 180 basis points. So overall, we think these are actually really strong outlooks for the company, taking aside, of course, the market impact for Ratings.

話雖如此，如果你看公司整體表現，我們其實對 6 個事業部中的 5 個展望感到非常滿意。它們預期表現非常好、非常強勁；費用年對年大致持平——在高通膨環境下我們認為這是非常出色的結果；此外，排除評級業務後，全年利潤率預期上升 180 個基點。因此整體而言，我們認為公司展望其實非常強勁，當然前提是先把評級業務的市場影響因素放在一旁。

Got it. And then maybe if I can ask you a similar question on the margin front. I mean you talked about, obviously, a lot of the cost synergies being ahead of schedule, et cetera, but I think you're still taking the margin outlook down mostly. So is that just maybe being conservative or the run rate doesn't kick in for a while, I guess?

了解。那我也想就利潤率問一個類似的問題。你提到成本協同效益明顯超前進度等等，但我看你們仍然大致下修了利潤率展望。所以這只是比較保守，還是說年化效益要過一段時間才會反映出來？

Well, we are seeing a lot of dynamics in the overall expenses of the company. We have pointed at some inflationary pressures on compensation, on some of our procurement elements and other parts of the company. But we are in a very fortunate position that we have so many levers as a company, particularly the levers that are being given to us due to the merger with respect to the cost synergies, duplication of roles that we can eliminate, the volume benefits in terms of synergies in the procurement and the sourcing area, some of the consolidation of real estate and many other areas, plus the decisive management actions we're taking at this moment.

我們確實看到公司整體費用面有許多動態。我們指出過一些通膨壓力，包含薪酬、部分採購項目以及公司其他領域。但我們也處於非常有利的位置，因為公司有很多可運用的槓桿，特別是因併購而帶來的槓桿：成本協同效益、可消除的職務重複、在採購與尋源領域的規模效益（volume benefits）、部分不動產整併以及許多其他領域，再加上我們此刻正在採取的果斷管理行動。

So being flat with expenses, as I just said, in this environment, we think it's a very strong outcome. The non-Ratings businesses were achieving about $200 million or north of $200 million of margin expansion in the second quarter. And we think 180 basis points margin expansion for the full year would be a very strong outcome and would position us very well for 2023.

因此，正如我剛才所說，在這樣的環境下，費用能夠持平，我們認為這是非常強勁的成果。非評級（non-Ratings）業務在第二季實現了約2億美元或超過2億美元的利潤率擴張。我們認為全年利潤率擴張180個基點將是非常強勁的結果，並且會讓我們在2023年具備非常好的定位。

Our next question is from Alex Kramm with UBS.

下一個問題來自UBS的Alex Kramm。

Just following up on Manav's margin question here for a little bit. Maybe this is nitpicking, but if I look at 2 of the segments, Commodity Insights and Mobility, you did basically leave your adjusted revenue growth forecast unchanged from the prior guidance, but the margins are actually now lower. So with everything you just changed -- said, it does seem like some costs are higher. So maybe you can flesh it out specifically to those 2 segments because I'm not sure why the margins would be lower if the revenue is unchanged.

我想就Manav關於利潤率的問題再追問一下。也許這有點吹毛求疵，但如果我看兩個分部：Commodity Insights和Mobility，你們基本上維持了相較先前指引不變的調整後營收成長預測，但利潤率現在反而更低。所以在你們剛才所說的各項變動之下，看起來似乎有些成本更高。能否針對這兩個分部更具體說明？因為如果營收不變，我不太理解為什麼利潤率會更低。

Alex, these are really small changes and movements on the revenue line. And with respect to the expense line for those 2 segments, which could drive that, for example, you're just staying within the range on revenues, but just having a slight adjustment with respect to the expected margins for that segment.

Alex，這些其實都是非常小的變動與營收線上的移動。至於可能驅動那兩個分部費用線變化的因素，例如，你只是讓營收維持在區間內，但對該分部的預期利潤率做了些微調整。

So let me take as an example, Commodity Insights. As we have highlighted, this is the segment where we have some impact of the Russian situation, but then that is offset by very positive momentum commercially in the Commodity Insights businesses. So we can offset a part of it. And as a result, you see a little bit of impact on revenue and margins, and that is being reflected in those changes. But overall, I wouldn't read too much into it. These are just really minor impacts that we are seeing on those businesses.

我以Commodity Insights為例。如我們所強調的，這個分部確實受到俄羅斯情勢的一些影響，但同時Commodity Insights業務在商業面也有非常正向的動能，因此我們可以抵消其中一部分。結果你會看到營收與利潤率有些微影響，而這也反映在這些變動上。但整體而言，我不會過度解讀。這些只是我們在那些業務上看到的非常輕微影響。

Okay. Helpful. And then just second, just on the Market Intelligence side, I'm hoping that you can give us a little bit more color around the commercial success you're having so far. What I'm asking specifically is I've had some client conversation, and it sounds like for at least for some clients, you're not really integrating the sales force yet, and they're operating basically at 2 organizations until next year.

了解，很有幫助。第二個問題是關於Market Intelligence，我希望你們能提供更多目前商業成功的細節。我具體想問的是，我和一些客戶聊過，聽起來至少對某些客戶而言，你們的銷售團隊似乎還沒有真正整合，基本上仍以兩個組織在運作，直到明年。

So I don't know if those are one-offs or this is representative of the whole book of business, but I would have expected with all the planning that basically you're going to be operating as one company. And so maybe just flesh out what's been done and why maybe we're hearing that it's not fully integrated quite yet.

所以我不確定這是否只是個案，或是代表整體客戶組合的情況；但以你們做了這麼多規劃來看，我原本預期你們基本上會以一家公司在運作。能否再說明目前已完成哪些工作，以及為什麼我們聽到的情況是尚未完全整合？

Yes. Alex, thanks for that. And we're actually fully integrated. Market Intelligence is a division that's absolutely the furthest ahead on that. We have done full training of all of the products across the 2 divisions. We have seen the ability to now go out with joint planning for all customers across the Financial Services and the Market Intelligence to prior segments.

是的，Alex，謝謝你的提問。我們其實已經完全整合了。Market Intelligence這個事業部在整合上絕對是走在最前面的。我們已完成針對兩個事業部所有產品的完整訓練。我們也已能針對所有客戶，在Financial Services與Market Intelligence（原先的分部）之間進行聯合規劃並對外推進。

We have a lot of early wins both with clients as well as with products. A couple of examples of some of the early wins have come by moving more and more data sets from Financial Services into what we talked about earlier on the call, the Marketplace. We've also seen some early wins on selling products, which would have been traditionally Financial Service products into the corporate client base of Market Intelligence. And then we have some new products which have also been launched. We talked about one of them, the PVR, which is responsive to some new SEC rules which are coming out later this year.

我們在客戶端與產品端都取得了許多早期勝利。舉幾個例子：部分早期成果來自於把Financial Services的更多資料集，逐步移入我們在電話會議前面提到的Marketplace。我們也看到一些早期成果，將原本傳統上屬於Financial Services的產品，銷售給Market Intelligence的企業客戶群。此外，我們也推出了一些新產品。我們提到其中之一PVR，它是為了因應今年稍晚將發布的一些新的SEC規則。

So that must be anecdotal. I'm not sure who you're speaking with, but we are really excited about the integration and the speed that we're able to develop a cross-sell. We mentioned that we have over 2,000 cross-sell ideas and leads, and we're following up on those very, very quickly. And as you saw, we're also ahead of our prior assumptions about how we'd be doing with synergies. So this is one of the areas that I think we're actually doing the best on.

所以那應該只是個別案例。我不確定你在和誰交流，但我們對整合以及能夠快速發展交叉銷售的速度感到非常振奮。我們提到目前有超過2,000個交叉銷售的想法與線索，而且我們正非常、非常快速地跟進。正如你所看到的，我們在協同效益的進展上也超前了先前的假設。因此我認為這其實是我們做得最好的領域之一。

The next question is from Toni Kaplan with Morgan Stanley.

下一個問題來自Morgan Stanley的Toni Kaplan。

I wanted to ask another one on synergies. It looks like you're making really great progress on the cost side. On the revenue side, it makes sense that it will take a longer time just given the need to create new products. But I guess, are you where you thought you'd be on the revenue synergy side? Or is it taking longer? And do you still feel good about the 2024 target there?

我想再問一個關於協同效益的問題。看起來你們在成本端進展非常好。在營收端，考量需要創造新產品，花更長時間是合理的。但我想問的是，你們在營收協同方面是否達到原先預期？還是進度比較慢？你們對2024年的目標仍然有信心嗎？

Yes. Thanks, Toni. Well, I feel actually really positive about the projections that we have on the revenue synergies. It's something that we've always known that would take a while to understand the customers, to be able to integrate data sets, to have a fully integrated sales force. But to have the ability to already be running at a $15 million run rate, which we announced this quarter, for me is ahead of what we would have thought we would have been. We still haven't changed the view that a lot of the revenue synergies will be more back ended in the next 2 to 3 years. But the early projections and the early progress is excellent.

是的，謝謝你，Toni。我其實對我們在營收協同上的預測感到非常正面。這一直是我們知道需要時間的事情：了解客戶、整合資料集、以及建立完全整合的銷售團隊。但我們在本季宣布已能以1,500萬美元的年化運行率（run rate）在運作，對我而言，這比我們原先預期的進度更超前。我們仍然沒有改變看法：相當多的營收協同會在未來2到3年較偏後段實現。但早期的預測與早期進展都非常出色。

That sounds great. And then just on Market Intelligence, the Enterprise Solutions piece, only up 2% year-over-year. Just want to clarify, is this the legacy IHS solutions business? I think it used to be comprised of enterprise software and managed services. I just -- I wasn't as familiar, I guess, with the volume-based offerings that are in there, which is driving maybe the slowdown. Just any additional color on that.

聽起來很棒。接著關於Market Intelligence的Enterprise Solutions部分，年增只有2%。我想確認一下，這是原本IHS的solutions業務嗎？我記得它以前包含企業軟體與託管服務。我只是——我想我對其中的按量（volume-based）產品不太熟悉，而這可能導致成長放緩。能否再補充一些說明？

Yes. Thanks, Toni. You're right about what's comprised of that solutions group. It includes Ipreo as well. But there's a portion of the revenues in that business which come from IPOs. And as you know, the IPO market has been incredibly weak. So that's the main issue, which has seen a slowdown of growth. But the underlying business is doing quite well. We're delivering software. We're delivering solutions. This is one of the areas where we've seen some of the early wins on being able to position products, which traditionally had been sold to Financial Services into the corporate sector. So off to a great start, but having some impact from the very, very weak capital markets and IPO positioning.

是的，謝謝你，Toni。你對這個solutions群組的組成理解是正確的，也包含Ipreo。不過，該業務中有一部分營收來自IPO。正如你所知，IPO市場一直非常疲弱，這是造成成長放緩的主要原因。但底層業務表現其實相當不錯。我們在交付軟體、交付解決方案。這也是我們看到一些早期勝利的領域之一：能夠把傳統上賣給Financial Services的產品，定位並銷售到企業端。因此起步非常好，但確實受到非常、非常疲弱的資本市場與IPO相關業務定位的影響。

Our next question is from Hamzah Mazari with Jefferies.

下一個問題來自Jefferies的Hamzah Mazari。

My question is on the non-transactional side of the Ratings business, maybe you could just comment on how stable is that business through the cycle? And what are your sort of assumptions there for the balance of the year?

我的問題是關於評級（Ratings）業務中非交易性（non-transactional）部分。你們能否評論一下，這塊業務在景氣循環中有多穩定？以及你們對今年剩餘期間的假設大概是什麼？

Hamzah, of course, I will give you some further insights on that. As you know, non-transaction revenues is a bucket of different elements, and they are not all pointing in the same direction. So let me give you a little bit further insight in what we are expecting here.

Hamzah，當然，我會就此提供更多洞見。如你所知，非交易性營收是一個包含多種元素的集合，而這些元素的走向並不完全一致。所以我再進一步說明我們在這裡的預期。

So what is looking strong is annual fees as well as CRISIL. So we would expect those to continue to do well for the remainder of the year, in line of what you have seen for the second quarter. And that will be offset by some impact of FX, Ratings Evaluation Services, which is more linked to M&A, and initial credit ratings, which is also down. So I think best to expect a low single-digit decline for non-transaction revenue this year. But that is, of course, in the bigger scheme for Ratings, providing some offset and stability for the transaction revenue declines.

目前看起來強勁的是年費（annual fees）以及CRISIL。因此我們預期它們在今年剩餘期間會持續表現良好，與你在第二季看到的趨勢一致。而這將被一些因素所抵消：匯率（FX）的影響、與併購（M&A）連動性較高的Ratings Evaluation Services、以及同樣下滑的初次信用評級（initial credit ratings）。因此，我認為今年非交易性營收最好預期為低個位數下滑。但在評級業務的更大格局中，這仍能對交易性營收下滑提供一定的抵消與穩定性。

Got it. Very helpful. And just my follow-up is just on the Indices side of the business, I think the SEC was looking at whether Indices businesses should be treated as investment advisers versus data publishers. Is there anything, I guess, on the regulatory front on the Indices side that you're looking at or that investors should be tracking? Or is this just not really material?

了解，非常有幫助。我的追問是關於指數（Indices）業務。我記得SEC曾在研究指數業務是否應被視為投資顧問（investment advisers），而不是資料發布者（data publishers）。在指數業務這邊，是否有任何你們正在關注、或投資人應該追蹤的監管面動態？還是其實並不太重要？

Yes. Hamzah, as you know, our business is already run as if we're regulated, and we are regulated in some jurisdictions like the European jurisdiction under what's called the BMR. The SEC has a request for comment out about index providers. We will file a response. As you know, there's a long-term trend from active to passive. It's an industry that has very low-cost independence, a lot of transparency. We have a very strong performance over the last 65 years, and we'll obviously highlight all of that in our response to the SEC. But as of now, this is just a request for comment. There's nothing related to it that is any regulatory proposals, and we're not surprised given the size of the growth of the index industry.

是的。Hamzah，如你所知，我們的業務運作方式早已如同受到監管一般，而且我們在某些司法管轄區確實受到監管，例如歐洲司法管轄區依據所謂的 BMR。美國證券交易委員會（SEC）已就指數提供者發布徵求意見（request for comment）。我們將提交回覆。如你所知，長期趨勢正從主動式轉向被動式。這是一個具備非常低成本的獨立性、且高度透明的產業。我們在過去 65 年的表現非常強勁，我們也會在對 SEC 的回覆中明確強調這些。不過截至目前，這僅是徵求意見，並沒有任何與之相關的監管提案；考量到指數產業成長規模之大，我們對此並不意外。

Our next question is from Jeff Silber with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Jeff Silber。

In looking at Slide 23, where you have your economic assumptions, you're forecasting, obviously, slower growth in real GDP, but not really forecasting a recession. We can argue what the definition of a recession is later. But let me play devil's advocate. Let's assume that the U.S. and, more importantly, the global economy might be going into a recession in the second half of this year, what would be the impact on your different business segments?

在看第 23 頁投影片、你們的經濟假設時，你們顯然預測實質 GDP 成長放緩，但並未真正預測會出現衰退。我們之後可以再討論衰退的定義。不過讓我扮演一下唱反調的角色。假設美國、以及更重要的是全球經濟，可能在今年下半年進入衰退，這會對你們不同的業務部門造成什麼影響？

Let me start, and then I'm going to hand it over to Ewout to give you some more color. But first of all, we have the assumptions that you saw on Slide 23. We have seen a significant slowdown in growth in the United States, the Eurozone and globally, and China being one of those markets which has also seen substantial slowdown given their current policies. This has also been matched with higher inflation. Each of our businesses have different types of impact in this scenario. With the Ratings business, you've already seen, it's being directly impacted already by the increase in inflation, by the weak issuance environment, by the uncertainty in the markets.

我先回答，然後再交給 Ewout 補充一些細節。首先，我們採用的假設就是你在第 23 頁投影片看到的。我們已看到美國、歐元區以及全球的成長明顯放緩，而中國也是其中一個市場，因其目前的政策也出現了顯著放緩。同時也伴隨著更高的通膨。在這種情境下，我們各項業務受到的影響類型不同。以評級（Ratings）業務來看，你已經看到，它已經直接受到通膨上升、發行環境疲弱以及市場不確定性的影響。

If you look at our Commodity Insights business, we could see some growth in the volatility from the higher cost of oil, which you saw here. We have projected that the crude price will be at $106 and a range that's much higher than it had been in the prior years. That leads to some increase in interest in trading information, for risk information, and then the overall energy industry does quite well in that positioning. So we could see some benefits from that.

如果你看我們的 Commodity Insights 業務，因油價成本上升（你在這裡也看到）可能會帶來波動性成長。我們預測原油價格將在 106 美元，且區間遠高於前幾年。這會提升市場對交易資訊、風險資訊的需求，而整體能源產業在這樣的定位下表現也相當不錯。因此我們可能會從中看到一些好處。

Our other businesses, Market Intelligence should see some benefits from people interested in information and data about the risk environment. But at the same time, if we -- if our customers start going under stress, we might have to think about how we negotiate with them to accompany them in their -- if they have difficult times.

我們其他業務方面，Market Intelligence 應該會因人們對風險環境相關資訊與數據的興趣而受益。但同時，如果我們的客戶開始承受壓力，我們可能需要思考如何與他們協商，以在他們——如果他們面臨困難時——陪伴他們度過。

I'm going to hand it over to Ewout to mention a little bit more about Indices impact as well as the other businesses.

我把時間交給 Ewout，請他再多談一些指數（Indices）受到的影響以及其他業務。

Jeff, of course, immediately thinking at the more market-sensitive businesses, Ratings transaction revenue, the AUM fees in the Index business, but offset by, of course, higher ETD volumes and, as Doug mentioned before, the capital markets platform business in the Enterprise Solutions part of Market Intelligence. But the offset is that we are seeing other parts of the businesses doing well when we have higher volatility, for example, Global Trading Services in Commodity Insights, just to mention one area.

Jeff，當然，我們會立刻想到那些對市場更敏感的業務：評級的交易收入、指數業務中的 AUM 費用；但也會被一些因素抵銷，例如更高的 ETD 交易量，以及如 Doug 先前提到的，Market Intelligence 的 Enterprise Solutions 部分中的資本市場平台業務。另一方面，當波動性提高時，我們也看到其他業務板塊表現良好，例如 Commodity Insights 的 Global Trading Services，僅舉其中一個領域。

On top of it, we are then having the opportunity to take further actions. You could say, to some extent, we're already executing on our downturn playbook at this moment and taking those actions for the second half of this year, and that is to protect our margins. And we can, of course, pull those levers even harder.

此外，我們也有機會採取進一步行動。可以說，在某種程度上，我們此刻已在執行我們的景氣下行應對手冊（downturn playbook），並為今年下半年採取行動，以保護我們的利潤率。而且我們當然也可以把這些槓桿拉得更用力。

I would like to point out that actually, the merger gives us a very good basis and a strong benefit to deal with a more uncertain environment and future. The resiliency of the business, the higher level of recurring revenues that we are having, the diversification benefits and then also, of course, all the synergies that we can achieve, and those gives us levers in terms of offsetting an environment that we think is a clear benefit and is a differentiator for us compared to many others.

我想指出的是，實際上，這次合併為我們提供了非常好的基礎與強而有力的優勢，以應對更不確定的環境與未來。業務的韌性、更高比例的經常性收入、多元化帶來的效益，以及當然我們能夠實現的所有協同效應，這些都為我們提供了可用的槓桿來抵銷環境影響；我們認為這是明確的優勢，也是我們相較於許多其他公司的一項差異化因素。

Okay. That's really helpful. If I could shift back to the Ratings business, we saw a pretty large bond sale yesterday from Apple. I don't know if they were a frequent issuer or not. I don't know if you were involved as that will impact your transactional revenues. But more importantly, they seem to be a pretty good timer of the market. Do you think that might be a bellwether that we'll see other companies come to market that we might not have expected a few weeks ago?

好的。這非常有幫助。如果我可以把話題轉回評級業務，我們昨天看到 Apple 有一筆相當大的債券發行。我不確定他們是否是常態性發行人，也不確定你們是否有參與，因為那會影響你們的交易型收入。但更重要的是，他們似乎很會掌握市場時點。你認為這可能是一個風向球，代表我們會看到其他公司也來到市場發行，而這是幾週前我們可能還沒預期到的嗎？

Yes, Jeff, we've actually seen pretty strong issuance from the investment-grade sector. A lot of those large issuers, especially financial institutions, tend to be on frequent issuer programs. Where we really see the biggest impact on the downdraft of issuances in the non-investment grade, the high-yield sector, you're looking at the B, CCC, BB sectors. So there's been very low formation of CLOs. In fact, we've seen the retail sector have withdrawals from risk positions. And so we've seen a decrease in funding for CLOs.

是的，Jeff，我們其實看到投資等級（investment-grade）部門的發行相當強勁。許多大型發行人，尤其是金融機構，往往屬於常態性發行計畫（frequent issuer programs）。我們真正看到發行量下滑影響最大的，是非投資等級的高收益（high-yield）部門，也就是你看到的 B、CCC、BB 等級區間。因此 CLO 的成立量非常低。事實上，我們看到零售端從風險部位撤出，因此我們也看到 CLO 的資金供給下降。

So the real part of the issuance curve, which we're not seeing any life at all, is really the high-yield sector. But on the investment grade, there has been a lot of activity. We've seen in particular financial institutions, very active. And then people like Apple, you've seen there. But the real story, we need to look deeper across all of the different segments. And it's the high-yield sector, both for loans and bonds, that we've seen the biggest weakness.

所以，在發行曲線中我們完全看不到任何生氣的部分，確實是在高收益部門。但在投資等級方面，活動很多。我們特別看到金融機構非常活躍，然後也有像 Apple 這樣的發行人。但真正的故事是，我們需要更深入地檢視各個不同的細分領域。而我們看到最大疲弱的是高收益部門，無論是貸款或債券。

Our next question is from Faiza Alwy with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Faiza Alwy。

I was hoping to follow up on revenue synergies. And curious if you could give us some examples of areas where you're seeing the most traction at this point.

我想追問一下收入協同效應（revenue synergies）。也想請教你們是否能舉一些例子，說明目前你們在哪些領域看到最多的進展？

Yes. So first of all, we're -- as I said earlier, we're really excited that we're off to such a fast start on the cross-sell. And so the initial opportunities we have are on cross-sell. And the 2 biggest areas we've seen the growth is in the Market Intelligence business. It's been with the sales of what had traditionally been Financial Services products. For example, products which are used for Investor Relations teams and finding the Corporate segment, which Market Intelligence had a lot of penetration with, being able to open that door and bring those types of products to the corporate sector.

好的。首先，正如我先前所說，我們對交叉銷售能以這麼快的速度起步感到非常振奮。因此我們最初的機會就在交叉銷售。而我們看到成長最大的兩個領域是在 Market Intelligence 業務，主要是銷售過去傳統上屬於金融服務（Financial Services）的產品。例如，供投資人關係（Investor Relations）團隊使用、以及用於尋找企業客群（Corporate segment）的產品；Market Intelligence 在企業端原本就有很高的滲透率，能夠打開這扇門，並把這類產品帶到企業部門。

In the Commodity Insights world, we see a lot of opportunities for data and research products, which were coming from the E&R side from IHS Markit that are now being marketed to the traditional Platts clients that were benchmark clients. And so we've seen a lot of upside there.

在 Commodity Insights 的領域，我們看到很多數據與研究產品的機會；這些產品原本來自 IHS Markit 的 E&R 端，現在正被行銷給傳統的 Platts 客戶（也就是基準客戶）。因此我們在那裡看到很大的上行空間。

A third area would be within the Index business. As you know, we brought the IHS Markit's fixed income index business over, and there's a lot of opportunities. These are not necessarily in our run rate yet, but they're in our pipeline related to ESG indices that will be on fixed income indices. So that's a big theme that we haven't seen necessarily the revenue coming in yet, but a lot of interest in that. But those would be the 3 largest areas so far.

第三個領域是在指數（Index）業務內。如你所知，我們把 IHS Markit 的固定收益指數業務整合進來，帶來很多機會。這些不一定已反映在我們目前的常態化收入（run rate）中，但在我們的管線（pipeline）裡，與將 ESG 指數建立在固定收益指數之上的相關機會很多。這是一個我們尚未必然看到收入進來、但市場興趣很高的重要主題。以上是目前為止最大的三個領域。

Great. And then just a follow-up on the Ratings side of the business. You were just talking about high yield. And I'm curious, as we look at your refinancing study, assuming the volatility eases as we get into 2023, and I know you said you won't comment on 2023, but I just wanted to get just a holistic view around how you think about the high-yield market normalizing from here.

很好。接著再追問評級業務這邊。你剛才談到高收益。我想問的是，當我們看你們的再融資研究（refinancing study），假設波動性在進入 2023 年後緩和——我知道你說你不會評論 2023 年——但我只是想從更整體的角度了解，你們如何看待高收益市場從現在開始走向正常化？

Yes. The high-yield market, we look at it in a few ways. One of them is, obviously, there's a large amount of firepower of capital that's available for the private equity in the sponsor industry. We estimate that that's well north of $1 trillion, somewhere around $1.3 trillion to $1.4 trillion of capital to be deployed. We also look at the M&A pipeline. The M&A pipeline right now, there's a lot of deals to be completed, but they're actually taking a lot of time. So there's a slow realization of M&A, which has already been announced but not completed. So that's another one of the levers we look at quite closely.

好的。對於高收益市場，我們從幾個面向來看。其中之一是，顯然私募股權（private equity）在贊助商（sponsor）產業中有大量可動用的資金火力。我們估計遠超過 1 兆美元，大約有 1.3 兆到 1.4 兆美元的資本可供部署。我們也會看併購（M&A）管線。目前 M&A 管線有很多交易需要完成，但實際上花的時間很長。因此，已宣布但尚未完成的 M&A 正在緩慢落地。這也是我們非常密切關注的另一個槓桿。

And then there's going to be a refinancing requirement. They'll start coming in over, which relates to 2023, 2024, 2025. Traditionally, we've seen some of that pull forward into earlier times as people look at how the interest rate market is playing out, what their growth prospects are, et cetera. But those would be the key factors we're looking at, what's happening with rates, what's happening with the private equity industry, with M&A, with refinancing.

接著將會出現再融資需求。這些需求會陸續浮現，與 2023、2024、2025 年相關。傳統上，當人們觀察利率市場的走勢、他們的成長前景等等時，我們會看到其中一部分被提前到更早的時間點。但我們關注的關鍵因素就是：利率在發生什麼、私募股權產業在發生什麼、併購（M&A）在發生什麼，以及再融資在發生什麼。

And then just generally speaking, as you know, I mentioned earlier to one of the other answers, there's kind of a risk-off approach, especially from the retail and the wealth management sectors. They have not been participating in the formation of new CLOs and, in fact, have been withdrawing their liquidity from the high-yield products. So we think that we will start seeing people go back into that when there's some more certainty and stability in the markets as well.

然後更一般地說，如你所知，我先前在回答其他問題時提到，市場上有點偏向風險趨避（risk-off）的作法，尤其來自零售與財富管理領域。他們並未參與新 CLO 的發行，事實上還在從高收益產品中撤出流動性。因此我們認為，當市場有更多確定性與穩定性時，我們將開始看到資金回流。

Our next question is from Andrew Nicholas with William Blair.

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

This is actually Trevor Romeo in for Andrew. Just 2 quick ones for me. First of all, the ESG revenue growth of 66% in the quarter, it's encouraging to see that accelerate kind of even further. Just wondering if there's anything in the current environment that's kind of boosting that ESG growth above trend or if there's kind of any evidence that even higher growth rates might be sustainable over a longer period of time?

其實我是代替 Andrew 的 Trevor Romeo。我這邊只有兩個簡短問題。首先，本季 ESG 營收成長 66%，看到成長進一步加速令人鼓舞。想請教在目前環境下，是否有任何因素正在把 ESG 成長推升到高於趨勢水準？或是否有任何跡象顯示，更高的成長率可能在更長期間內具備可持續性？

So let me give you a little bit more color on the ESG growth, which is, of course, phenomenal. And we're very happy because we have been guiding to a 46% CAGR for a multiyear period. And to be coming in at this kind of a level of growth of 66% is, of course, really great. So a couple of underlying elements. We're seeing nice growth in Commodity Insights. That's driven by clean energy technology, energy transition activities as well as new price assessments around ESG.

我來補充一些 ESG 成長的背景，這當然非常亮眼。我們也很高興，因為我們先前指引的是多年期 46% 的年複合成長率（CAGR），而現在能達到 66% 這樣的成長水準，當然非常好。背後有幾個因素：我們在 Commodity Insights 看到不錯的成長，主要由潔淨能源技術、能源轉型相關活動，以及圍繞 ESG 的新價格評估所帶動。

Also, Market Intelligence doing well, particularly around climate and the Trucost offerings and the ESG data sales. If we look at the Indices business, we have been investing a lot in new ESG indices, and that is also clearly starting to pay off. And then in Ratings, although coming from a small base, we see some positive momentum in second-party opinion. So good momentum. We're clearly investing in it. There's a lot of market demand, and we would expect that positive momentum in ESG to continue.

另外，Market Intelligence 表現也不錯，特別是在氣候相關、Trucost 產品，以及 ESG 數據銷售方面。如果看 Indices 業務，我們在新的 ESG 指數上投入很多，這也很明顯開始帶來回報。至於 Ratings，雖然基期較小，但我們在第二方意見（second-party opinion）方面看到一些正向動能。整體動能良好。我們顯然正在加大投資，市場需求也很強，我們預期 ESG 的正向動能將會延續。

That's great. And then maybe a somewhat related follow-up. The Inflation Reduction Act that's been proposed out there has pretty significant climate investments and tax credits for the clean energy industry. So would you see something like that if it actually were to get passed kind of having any demand on either the Commodity Insights business or the ESG business?

很好。接著一個可能相關的追問：目前提出的《通膨削減法案》（Inflation Reduction Act）對氣候投資與潔淨能源產業的稅收抵免規模相當可觀。若該法案真的通過，你是否認為它會對 Commodity Insights 業務或 ESG 業務帶來任何需求？

It's something that's still, obviously, in discussion in Washington. Generally speaking, infrastructure bills, something like this, which is going to be geared towards the climate sector, could see some benefit as the financing gets into the market. But this could take a while before we really start seeing it layer into the market.

這件事顯然仍在華盛頓討論中。一般而言，基礎建設法案或類似這種偏向氣候領域的法案，隨著融資進入市場，可能會帶來一些受益。但在我們真正看到它逐步反映到市場之前，可能還需要一段時間。

The next question is from Craig Huber with Huber Research Partners.

下一個問題來自 Huber Research Partners 的 Craig Huber。

My first question, on Commodity Insights, curious, in the second quarter, what percent of the revenues there were fossil fuel-based by the end customer? And then along the same lines there, when are you guys expecting peak oil use globally? And then I have a follow-up.

我的第一個問題是關於 Commodity Insights：好奇在第二季，那邊的營收中，按終端客戶來看，有多少百分比是以化石燃料為基礎？另外同樣相關，你們預期全球石油使用量何時達到峰值？我之後還有一個追問。

On the first question about the fossil fuel-based, I don't have the answer. We'll have to get back to you on that. But just remember that across the business, a large part of our complex relates to -- it relates to energy. But in addition, we've seen some great opportunities to increase our knowledge across the group. As an example, we issued a special study on copper, which even though copper isn't a fossil fuel, copper is going to be a necessary component for the energy transition. So we'll have to get back to you to the answer on the fossil fuel question.

關於第一個化石燃料相關的問題，我目前沒有答案，我們需要之後再回覆你。不過請記得，從整體業務來看，我們很大一部分的版圖與能源相關。此外，我們也看到一些很好的機會，能在集團內擴展我們的知識範疇。舉例來說，我們發布了一份關於銅的專題研究；雖然銅不是化石燃料，但銅將是能源轉型所必需的組成要素。因此化石燃料那題我們之後再回覆你。

And then also, can you talk a little bit about the Market Intelligence area, the health of your customers there right now given the market volatility? What's the sales pipeline looking like? Just talk about that, please.

另外，你能否談談 Market Intelligence 這一塊？在目前市場波動下，你們那邊客戶的健康狀況如何？銷售管線看起來怎麼樣？請談談。

Yes. The Commodity Insights business actually, despite knowing that the price of oil is quite high, is a healthy pipeline right now. There's a lot of demand for information, as I mentioned, the special copper study we've done. We have been deploying a whole new set of energy transition products. So even if there's been some concerns in some of the traditional areas, some of the consumers of oil and gas might have a little bit more stress, the overall market is still very robust with the energy industry itself in a strong position. The commodity industries are looking for a lot of new insights, information and data.

可以。Commodity Insights 業務其實目前的管線很健康，儘管我們知道油價相當高。對資訊的需求很大；如我提到的，我們做了銅的專題研究。我們也正在推出一整套新的能源轉型產品。因此即便在一些傳統領域存在疑慮、部分油氣消費者可能承受較大壓力，但整體市場仍非常強勁，能源產業本身也處於強勢位置。大宗商品產業正在尋求大量新的洞見、資訊與數據。

And then we're being able to find new opportunities to mix and match our data across the entire company. As an example, we've launched some new indices through the Index business, which relate to commodities data. So we're finding a lot of opportunities across the company to mix and match products. We see a strong growth pipeline.

此外，我們也能在整個公司範圍內，找到把數據交叉運用的新機會。舉例來說，我們透過 Index 業務推出了一些與大宗商品數據相關的新指數。因此我們在公司內部看到很多「混搭」產品的機會。我們認為成長管線很強。

Our next question is from Owen Lau with Oppenheimer.

下一個問題來自 Oppenheimer 的 Owen Lau。

Could you please give us an update on your ability to pass through some of the inflationary costs to your customers through repricing in each segment?

你能否更新一下：在各個事業部門中，你們透過重新定價，將部分通膨成本轉嫁給客戶的能力如何？

Owen, let me give you some further insights on that. So when we think about pricing, we always first start to think about the value we generate for our customers. So that's the starting point. And as you know, our products are very valuable. They are important particularly in a current environment with high volatility, a lot of economic uncertainty. Our research, our data sets, our insights, all the consumption of it is even higher in the current period of time. And then we also know our base products itself are very valuable for our customers. So that is always the starting point before we start to think about pricing.

Owen，我再補充一些看法。當我們思考定價時，第一步永遠是先思考我們為客戶創造的價值，這是起點。如你所知，我們的產品非常有價值，尤其在目前高波動、經濟不確定性很高的環境下更是如此。我們的研究、數據集與洞見，以及對這些內容的使用量，在當前期間甚至更高。同時我們也知道，我們的基礎產品本身對客戶非常有價值。因此在開始思考定價之前，這永遠是起點。

Obviously, in a high inflationary environment, it's fair to consider passing on a part of our cost price increases to our customers if that is appropriate and balanced in relation to what I said before. And we're doing that selectively. So think about custom and data subscriptions in Index, there, we have made some changes. And also, we have made a list price change in the Ratings business now starting on August 1, so a midyear change also for the Ratings fees.

顯然，在高通膨環境下，若合適且能與我前面所說的價值相平衡，將部分成本上升轉嫁給客戶是合理的。我們正有選擇地這麼做。以 Index 來說，像是客製化與數據訂閱，我們已做了一些調整。另外，我們也在 Ratings 業務做了牌價（list price）調整，自 8 月 1 日起生效，也就是在年中對評級費用進行調整。

So those are a couple of examples, but always in the context of finding the right balance for the company and thinking about the health of the company, the retention levels and the interest of our customers from a medium- and long-term perspective.

以上是幾個例子，但我們始終是在尋找對公司而言的適當平衡，並從中長期角度考量公司的健康狀況、留存率，以及客戶的利益。

Got it. That's helpful. And then on the dealer revenue in your Mobility segment, I think it was quite strong, up 10% year-over-year. Could you please talk about maybe the driver of that strength from CARFAX and also the sustainability of this growth? And then more broadly, could you please also talk about the retention rate of the Mobility business?

了解，這很有幫助。接著關於 Mobility 部門的經銷商收入，我認為表現相當強勁、年增 10%。你能否談談 CARFAX 帶動這項強勢的驅動因素，以及這種成長的可持續性？另外更廣泛地，也請談談 Mobility 業務的留存率。

Yes. Thanks, Owen. This is a business that is benefiting tremendously from all of the disruption in the supply chain in the automotive manufacturing sector. The dealers right now are really in a high need for information about the used car sector, which is where the most movement is going. They're working very closely with the manufacturers and the OEMs on programs about providing discounts, providing incentives for new car sales. So the dealers right now are in the middle of a very high demand, a low product environment.

好的，謝謝 Owen。這項業務正大幅受益於汽車製造產業供應鏈的各種中斷。經銷商目前非常需要二手車市場的資訊，因為市場上最大的流動與交易主要發生在那裡。他們也正與製造商與 OEM 密切合作，推動提供折扣、提供新車銷售激勵等方案。因此經銷商目前處於「需求很高、供給很少」的環境之中。

And so CARFAX has been benefiting across the board. So all the CARFAX businesses as well as automotiveMastermind, there were a couple of new products that were launched. One is called an EyeQ, spelled E-Y-E-Q, product, which provides a balance between the manufacturing and the dealer segment to look at how incentives and discounts are provided. So this is an area where CARFAX has been tremendously benefited by this difficult environment, and it's really the dealers that have the highest demand.

因此 CARFAX 全面受益。所有 CARFAX 業務以及 automotiveMastermind 都有受惠，並且也推出了幾個新產品。其中一個叫 EyeQ（拼作 E-Y-E-Q）的產品，用來在製造端與經銷端之間取得平衡，觀察激勵與折扣如何提供。總之，在這個艱難的環境下，CARFAX 受益非常大，而需求最高的其實是經銷商。

The next question is from Jeff Meuler with Baird.

下一個問題來自 Baird 的 Jeff Meuler。

I see that you have your third straight quarter of upstream data ACV growth adjusted for Russia-Ukraine. I guess my question, is it continuing to accelerate? Or can you just give us any sense of the order of the magnitude of the growth in that business given, obviously, revenue is lagging?

我看到你們在上游數據 ACV（經俄烏因素調整後）已連續第三個季度成長。我想問的是，這個成長是否仍在加速？或者你能否就該業務的成長幅度給我們一些量級上的概念，因為很明顯營收是落後的？

Jeff, in fact, this is the third consecutive quarter that we are seeing ACV growth in the upstream business. Of course, a bit impacted by the Russia situation. So think about it more in a revenue growth of around 3.5% if you exclude that Russia impact for the quarter itself for revenues in the upstream business.

Jeff，事實上，這是我們在上游業務看到 ACV 成長的第三個連續季度。當然，多少受到俄羅斯情勢的影響。因此，如果你把俄羅斯對本季度上游業務營收的影響排除掉，可以把它視為約 3.5% 左右的營收成長。

So I would call this a turnaround. This is a business that had a very difficult period for the last few years, but coming out of it in a very strong way. Clearly, the overall situation in the energy markets are helping this business. The levels of CapEx that are going into this industry are going up. So very, very positive momentum, and we would expect that also to continue in the near future.

所以我會稱這是一個轉折。這項業務在過去幾年經歷了非常艱難的時期，但現在正以非常強勁的方式走出來。顯然，能源市場的整體情勢正在幫助這項業務。投入這個產業的資本支出（CapEx）水準正在上升。因此動能非常、非常正面，我們也預期在不久的將來會持續。

Okay. And then, Ewout, I get that you're saying the adjustments in terms of segment margin guidance are small. I get that. I guess, are the adjustments driven by the pricing or the inflationary pressure that you're seeing? Or is there also some reallocation of corporate costs because of the lower revenue outlook in the Ratings segment that get absorbed into those other segments?

好的。接著，Ewout，我理解你說就分部利潤率指引而言的調整幅度很小。我明白。我想問的是，這些調整是由你們看到的定價或通膨壓力所驅動嗎？還是也有因為 Ratings 分部營收展望較低，而將部分公司層級成本重新分攤、由其他分部吸收？

No changes with respect to financial reporting, allocations and so on. Actually, allocations are coming down because of the synergies, of course, also helped by the management actions that we highlighted. So what you're seeing is actually really a very mixed set of reasons what is happening in the different businesses. So I was speaking about the assumptions, for example, in the Index business with respect to the AUM level staying flat in our assumption for the second half of the year, the impact of Russia in Commodity Insights, offset by a strong commercial momentum. So a very different set of reasons for each of the segments.

在財務報導、分攤等方面沒有任何變更。事實上，由於協同效應，分攤正在下降，當然也受到我們強調過的管理行動所助益。所以你看到的其實是：不同業務正在發生的事情背後有一組非常混合的原因。比如我提到 Index 業務的假設，是我們假設下半年 AUM 水準維持持平；Commodity Insights 受到俄羅斯影響，但被強勁的商業動能所抵消。因此每個分部的原因組合都非常不同。

But I think overall, these impacts are relatively small. I think the main area, of course, that you are seeing is the impact of the outlook for Ratings, where we are not assuming any improvement in the issuance environment for the second half of the year compared to what we've seen in the more recent past. But 5 of our 6 divisions, from our perspective, performing very well, quite resilient, are seeing good, healthy revenue growth and strong margin expansion. And we think margin expansion in this environment is actually a really positive that we can deliver to our shareholders.

但我認為整體而言，這些影響相對較小。當然，你看到的主要領域是 Ratings 展望的影響，我們並未假設下半年發行環境會較近期所見有所改善。但從我們的角度來看，我們 6 個事業部中有 5 個表現非常好、相當具韌性，正看到良好且健康的營收成長與強勁的利潤率擴張。我們認為在這樣的環境下仍能實現利潤率擴張，對股東而言其實是非常正面的成果。

The next question is from George Tong with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 George Tong。

I wanted to go back to your issuance outlook. You're forecasting a 30% to 45% decline in billed issuance for this year. Can you clarify if your updated guidance assumes that issuance trends will mirror performance we've seen in June and July? Or if you're assuming issuance over the remaining 5 months will be similar to the first 7 months of the year, effectively calling a bottoming in issuance performance year-to-date?

我想回到你們對發行量的展望。你們預測今年計費發行量將下滑 30% 到 45%。你能否釐清一下，你們更新後的指引是否假設發行趨勢會反映我們在 6 月與 7 月看到的表現？或者你們是假設剩餘 5 個月的發行量會與今年前 7 個月相近，等於是在判斷年初至今的發行表現已觸底？

Yes, George, the second half of the year's assumption is that it's similar to June and July. If you actually look at any year, the second half of the year always has lower level of issuance than the first half of the year. If you think about it, you've got the summer months in there; you've got July and August, which are always quite slow; and then you've got some holidays towards the end of the year in the U.S. market, which are also quite slow. So we're expecting that there will be -- the issuance level will be similar to what it's been in the last couple of months.

是的，George，我們對下半年的假設是：與 6 月和 7 月相似。若你回頭看任何一年，下半年發行量水準通常都低於上半年。想想看，下半年包含暑期月份；7 月和 8 月一向相當清淡；而且美國市場在年底也有一些假期，同樣會比較清淡。所以我們預期——發行量水準會與過去幾個月大致相當。

Okay. And is that on an absolute dollar basis of issuance? Or is that seasonally adjusted looking at year-over-year growth trends?

好的。那是以發行量的絕對美元金額來看？還是以季節性調整後、觀察年增率趨勢來看？

Both.

兩者都是。

Okay. Got it. And then as a follow-up, maybe going back to Commodity Insights, you're calling for mid-single-digit growth, and that outlook was unchanged from your prior outlook. You mentioned Russia, of course, being a headwind. But can you talk about other moving pieces in the business? I would have expected Commodity Insights potentially to benefit more from some of the commodity prices we've seen.

好的，了解。接著追問一下，回到 Commodity Insights，你們預期中個位數成長，而這個展望與先前一致。你提到俄羅斯當然是一個逆風。但你能談談這項業務的其他變動因素嗎？我原本預期 Commodity Insights 可能會更受惠於我們看到的一些大宗商品價格。

George, so if we look at the underlying components and the sales activity, we're actually seeing record sales levels over the last few quarters for Commodity Insights, clearly highlighting the benefit of the combined business we are now having, the benefit of where are the commodity prices today. Net-net, that's a good situation for our customers. The benefits we are seeing from some of the revenue synergies, although it's early and the numbers are low, that is clearly a benefit. And then, of course, on top of that, also the focus on energy transition, which leads to additional investments. And we have, of course, an incredible level of expertise around that, that we can help our customers.

George，如果我們看底層組成與銷售活動，過去幾個季度 Commodity Insights 的銷售水準其實創下紀錄，清楚凸顯我們現在這個合併後業務的效益，以及當前大宗商品價格所帶來的好處。整體而言，這對我們的客戶是個好情況。我們從一些營收協同效應中看到的好處——雖然還早、數字也不大——但確實是正面助益。然後當然，還有對能源轉型的聚焦，帶來額外投資。我們在這方面具備非常高的專業能力，可以協助客戶。

So across the board in each of the categories, if it is Advisory & Transactional, if it is Upstream, Price Assessments and the Resource Data & Insights, I think all of that is looking very positive. Yes, there is a little bit of the impact of Russia, 10 months of impact this year because that impact started more or less in March, then you will see a little bit of impact for 2 months next year, then we will be lapping that. And then I think all the underlying drivers of positive momentum will continue.

因此在各個類別上，不論是 Advisory & Transactional、Upstream、Price Assessments，或是 Resource Data & Insights，我認為整體看起來都非常正面。是的，俄羅斯確實帶來一點影響：今年會有 10 個月的影響，因為影響大約從 3 月開始；明年則會再有約 2 個月的影響，之後我們就會度過這個比較基期（lapping）。接著我認為所有正向動能的底層驅動因素都會持續。

Our next question is from Shlomo Rosenbaum with Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

I cut out a little bit, and so I'm not sure if you addressed this in prior discussions. But in the Mobility segment, very strong demand in CARFAX because of used cars and the like. If you would see -- if we start to see some improvement in supply chain over the next year or so, do you expect that we're going to see a little bit of a balancing out and some of the other areas will do better? Or do you expect that we're going to start to see just not seeing the same kind of growth that we saw beforehand in terms of CARFAX?

我剛剛有點斷線，所以不確定你們是否在前面的討論中已經回答過。在 Mobility 分部，因為二手車等因素，CARFAX 的需求非常強勁。如果未來一年左右供應鏈開始改善，你們是否預期會看到一些再平衡、其他領域表現會更好？還是你們預期 CARFAX 的成長將不會再像之前那樣？

Yes. Thanks, Shlomo. We think that this Mobility segment has a many -- has a very high growth trajectory ahead of it. If you look at a couple of different factors, one that I described earlier relates to the used car environment where right now, there's very low production of new automobiles which is taking place, which means that there is a need for dealers to have product. They don't have product right now. So when they get it, they can sell it. They can sell at a premium. They need the data and the analytics, whether it's from automotiveMastermind or it's the CARFAX product. So there's a high demand right now for that.

是的，謝謝你，Shlomo。我們認為 Mobility 分部未來仍有——仍有非常高的成長軌跡。如果你看幾個不同因素，其中一個我先前提到的是二手車環境：目前新車產量非常低，這表示經銷商需要有車可賣，但他們現在沒有貨。所以當他們拿到車時，就能賣出去，而且能以溢價出售。他們需要數據與分析，不論是來自 automotiveMastermind 或 CARFAX 產品。因此目前對這些的需求很高。

And the dealer's approach to working with customers is not going to go away even as the global production starts coming back. And there's going to be a revolution taking place in the transmission system, which will move towards electric vehicles. So the dealer approach is going to stay quite important. We think the manufacturing approach could actually benefit from much higher growth of production. You see that we think that the global production will start continuing to increase over the next few years, going up even up to 9% in 2023 in the slide that we produced.

而且即使全球產量開始回升，經銷商與客戶互動的方式也不會消失。同時，傳動系統將發生一場革命，將轉向電動車。因此經銷商的作業方式仍會相當重要。我們認為製造端的作法其實可能受惠於更高的產量成長。你也看到我們在投影片中提到，全球產量在未來幾年將持續增加，甚至在 2023 年可達到 9% 的增幅。

There's another area which we think has some opportunities for growth, which is financials. And we've been producing some new products for the financial sector. We talked about one of them earlier, which is some credit information for the insurance industry as well as the financial services industry on the automotive sector. So across the board, we think this is a segment which is going through a lot of change. There's a lot of disruption taking place, and it's an opportunity for us to be at the middle of that to provide the data and the insights and the analytics that dealers and manufacturers and financial institutions need to make informed decisions.

另外一個我們認為有成長機會的領域是金融。我們一直在為金融產業推出一些新產品。我們先前談到其中之一，是針對汽車領域，提供給保險業以及金融服務業的一些信用資訊。總體而言，我們認為這是一個正在經歷大量變化的分部，正在發生許多顛覆，而這也讓我們有機會站在其中的核心位置，提供經銷商、製造商與金融機構做出明智決策所需的數據、洞見與分析。

Okay. Great. And then, Ewout, this is just maybe a housekeeping one, but what was the ending share count, not the average share count in the quarter, but kind of the ending share count? And should we expect that to be very different next quarter in terms of kind of finishing up the ASRs? Just trying to figure out to make sure we're -- at least I'm modeling the share count appropriately.

好的。太好了。接著，Ewout，這可能只是個例行問題，但期末的流通股數是多少？不是本季的平均流通股數，而是期末的股數？而且就完成 ASR 而言，您預期下季的期末股數會有很大不同嗎？我只是想確認——至少我在建模時——股數假設是合適的。

Shlomo, we put a specific slide in the appendix to help you with your question and where you can see the decline of the overall share count over the period of this year. So we started with 360 -- sorry, 356 million of combined shares after the issuance of shares for the IHS Markit shareholders. That has come down to 339 million most recently. We expect about 5 million of shares to be delivered as a true-up for the $8.5 billion ASR. That will be ended soon. Then we will enter into the new $2.5 billion ASR. The upfront delivery of that would be something like 6 million of shares. So somewhere later this month, we will have those also taken out.

Shlomo，我們在附錄中特別放了一張投影片來協助你回答這個問題，你可以看到今年以來整體流通股數在期間內的下降情況。我們在向 IHS Markit 股東發行股份後，合併後的股份數從 360——抱歉，是 3.56 億股開始。最近已降至 3.39 億股。我們預期約有 500 萬股會作為 85 億美元 ASR 的調整交付（true-up）而交付，這很快就會結束。接著我們將進入新的 25 億美元 ASR。其預先交付（upfront delivery）大約會是 600 萬股。因此在本月稍晚，我們也會把那些股份從流通中扣除。

So you could say about 25% of the shares that were issued for the IHS Markit have already then been removed in a period of 6 months, which we think is phenomenal. And then, of course, we get the true-up of the new ASR of $2.5 billion and the shares that will be delivered for the 1 million at the end of the year. So that is the decline, but more details you can find in the appendix of the slide to help you and all your colleagues with the modeling.

所以你可以說，為 IHS Markit 發行的股份中，約有 25% 已在 6 個月內被回收（移除），我們認為這非常了不起。然後，當然，我們還會有新的 25 億美元 ASR 的調整交付（true-up），以及年底交付的 100 萬股。因此這就是下降的情況；更多細節你可以在附錄的投影片中找到，以協助你和你所有同業進行建模。

The next question is from Andrew Steinerman with JPMorgan.

下一個問題來自 JPMorgan 的 Andrew Steinerman。

I just wanted to go back to Slide 31, Market Intelligence where -- or Desktop, which is where I want to focus, was up 6%. And you did mention strong new sales and renewals. I know this is an area where you're adding content and data to Cap IQ Pro. I just wanted to know how much of this is kind of market-driven versus your kind of product upgrade-driven? And do you expect momentum in your Desktop business in the second half of the year?

我想回到第 31 張投影片，Market Intelligence——或 Desktop——這是我想聚焦的部分，成長了 6%。你確實提到強勁的新銷售與續約。我知道這是你們正在為 Cap IQ Pro 增加內容與數據的領域。我想了解，這其中有多少是市場驅動，多少是你們產品升級所驅動？另外，你是否預期今年下半年你們的 Desktop 業務會延續動能？

Andrew, we are very pleased with the trends we are seeing with respect to Desktop, very stable business, growing in a steady way. We see good commercial momentum. We see good user satisfaction levels. And that is translating in high retention, nice growth of annualized contract value, pickup of price increases based on the enterprise approach we are doing with respect to our contracts. And then also user count and usage of the products is going up. Satisfaction level, also better. Think about page loads that are going much faster than we had in the past. So overall, we like what we are seeing in Desktop, growing nicely, steadily and good commercial momentum and great customer satisfaction around it.

Andrew，我們對於 Desktop 看到的趨勢非常滿意；這是一個非常穩定的業務，以穩健的方式持續成長。我們看到良好的商業動能、良好的使用者滿意度，而這也轉化為高留存率、年化合約價值的良好成長，以及基於我們在合約上採取的企業級（enterprise）方式所帶來的漲價動能。此外，使用者數量與產品使用量也在上升；滿意度也更好。想想看，頁面載入速度比過去快了很多。總體而言，我們喜歡 Desktop 的表現：成長良好且穩健，商業動能佳，客戶滿意度也很高。

We will take our final question from Russell Quelch with Redburn.

我們將以 Redburn 的 Russell Quelch 的最後一個問題作結。

To be on the current catch-up buyback, can you just lay out your priorities for the use of excess capital? Should we be expecting bolt-ons in the second half of this year? And if we should, perhaps what areas do you believe you're light in terms of data and product suite?

就目前追趕式回購（catch-up buyback）而言，你能否說明一下你們對超額資本運用的優先順序？我們是否應該預期今年下半年會有補強型併購（bolt-ons）？如果會的話，你認為在數據與產品組合方面，哪些領域你們相對較弱、需要補足？

So I would say this in the following way. And by the way, thank you for joining the call, and thank you for initiating your coverage on S&P Global. We are looking at continued return of capital. We have our specific targets with respect to our capital management philosophies, and we will continue to execute on that. We're very happy that we will continue with the $12 billion share buyback despite lowering our adjusted free cash flow for the full year. We have sufficient ability to complete the $12 billion. And then we'll continue with returning capital to our shareholders next year with the at least 85% of free cash flow.

我會用以下方式來回答。順帶一提，感謝你加入這通電話會議，也感謝你開始對 S&P Global 進行研究覆蓋。我們會持續回饋資本。我們在資本管理理念方面有明確的目標，並將持續執行。我們很高興，即使我們下調了全年調整後自由現金流，我們仍會繼續進行 120 億美元的股票回購。我們有足夠的能力完成這 120 億美元。接著，明年我們也會繼續向股東返還資本，至少達到自由現金流的 85%。

We have no plans with respect to large M&A at this moment. Maybe some small tuck-in and bolt-ons where we can find some nice additions to our propositions, think about ESG. But otherwise, no changes with respect to the plans, the philosophy, and the targets will continue on the path that you're used to see from us.

目前我們沒有進行大型併購（M&A）的計畫。也許會有一些小型的補強式併購（tuck-in）與加掛式收購（bolt-ons），在我們能找到對我們價值主張的良好補充時——例如 ESG。但除此之外，我們的計畫、理念與目標都不會改變，並會持續走在你們熟悉的路徑上。

Thanks, Russell. Well, as we close the call, I want to thank everyone again for joining it, for your questions and for your support.

謝謝你，Russell。那麼在我們結束這通電話會議之際，我想再次感謝大家的參與、提問與支持。

As I said at the beginning of the call, it's incredible to see that within just 5 months how much stronger and resilient we are as a new company with S&P Global and IHS Markit. We have a very robust Integration Management Office in place, we call it the IMO. We're partnering with all of the businesses together with a new management team to create value and to ensure that we can create this unified vision to deliver S&P Global.

正如我在會議一開始所說，令人難以置信的是，在短短 5 個月內，作為由 S&P Global 與 IHS Markit 組成的新公司，我們變得更強大、更具韌性。我們已建立一個非常健全的整合管理辦公室，我們稱之為 IMO。我們與所有業務部門合作，並在新的管理團隊帶領下創造價值，確保我們能建立這個統一的願景，以交付 S&P Global。

None of the progress would be possible without the commitment and really hard work of our people. They've done a fantastic job, and I do want to thank them again for their effort as they've been working for over 1.5 years, 2 years to get ready for this deal and down the last 5 months to really make sure it's moving along. I'm really pleased that all of us has come together to do such a great job so far, and we want to continue to deliver.

若沒有我們員工的投入與真正的辛勤工作，這些進展都不可能實現。他們做得非常出色，我也確實想再次感謝他們的努力——他們為了這筆交易已準備了超過 1.5 年、2 年，而在過去 5 個月更是全力以赴，確保整合順利推進。我非常高興我們所有人能凝聚在一起，迄今為止做得如此出色，我們也希望持續交付成果。

I hope that everyone has an enjoyable summer, and I want to thank everybody for joining the call today. Thank you very much.

希望大家都有個愉快的夏天，也感謝各位今天加入這通電話會議。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. Replays 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 1 year. The audio-only telephone replay will be maintained for 1 month.

今天上午的電話會議到此結束。簡報投影片的 PDF 版本現已可從 investor.spglobal.com 下載。整場電話會議的重播將在約 2 小時後提供。包含音訊與投影片的網路直播將在 S&P Global 的網站上保留 1 年。僅音訊的電話重播將保留 1 個月。

On behalf of S&P Global, we thank you for participating and wish you a good day.

我謹代表 S&P Global，感謝各位參與，並祝您有美好的一天。