標普全球 (SPGI) 2022 Q4 法說會逐字稿

Good morning, and welcome to S&P Global's Fourth Quarter and Full Year 2022 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions)

早上好，歡迎來到標普全球 2022 年第四季度和全年收益電話會議。我想通知您，正在錄製此通話以進行廣播。 （操作員說明）

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

我現在想介紹標普全球投資者關係高級副總裁馬克格蘭特先生。先生，您可以開始了。

Good morning, and thank you for joining today's S&P Global Fourth Quarter and Full Year 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. For the Q&A portion of today's call, we will also be joined by Adam Kansler, President of S&P Global Market Intelligence; and Martina Cheung, President of S&P Global Ratings.

早上好，感謝您參加今天的標普全球第四季度和 2022 年全年收益電話會議。出席今天電話會議的有總裁兼首席執行官 Doug Peterson；和 Ewout Steenbergen，執行副總裁兼首席財務官。對於今天電話會議的問答部分，標準普爾全球市場情報總裁 Adam Kansler 也將加入我們的行列；和標準普爾全球評級總裁 Martina Cheung。

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.

我們今天早些時候發布了一份新聞稿，其中包含我們的結果。如果您需要新聞稿和財務時間表的副本，可以在 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.

今天電話會議中討論的事項可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括對未來事件的預測、估計和描述。任何此類陳述均基於當前的預期和當前的經濟狀況，並受到可能導致實際結果與這些前瞻性陳述中預期的結果存在重大差異的風險和不確定性的影響。關於這些風險和不確定性的討論可以在我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他定期報告中找到。

In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company'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.

在今天的收益發布和電話會議期間，我們提供了非 GAAP 調整後的財務信息。提供這些信息是為了讓投資者能夠對公司不同時期的經營業績進行有意義的比較，並從與管理層相同的角度來看待公司的業務。收益發布包含協調非 GAAP 措施與根據美國 GAAP 計算的可比財務措施之間差異的展品。

I would also like to call your attention to a specific 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.

我還想提請您注意一項特定的歐洲法規。任何擁有或期望獲得 S&P Global 5% 或更多所有權的投資者應聯繫投資者關係部，以更好地了解該立法對投資者和公司的潛在影響。

We are 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.

我們知道我們有一些媒體代表在通話中。但是，本次電話會議是針對投資者的，我們會要求將媒體的問題轉給我們的媒體關係團隊，其聯繫信息可在新聞稿中找到。

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

在這個時候，我想把電話轉給 Doug Peterson。道格？

Thank you, Mark. Welcome to everyone joining today's earnings call. We're looking forward to a very exciting and innovative year at S&P Global. As we shared with you at Investor Day, we're accelerating the pace of innovation and taking advantage of all we have to drive profitable growth over the next 3 to 5 years.

謝謝你，馬克。歡迎大家參加今天的財報電話會議。我們期待在 S&P Global 度過非常激動人心和充滿創新的一年。正如我們在投資者日與您分享的那樣，我們正在加快創新步伐，並利用我們所擁有的一切來推動未來 3 到 5 年的盈利增長。

In 2022, we built on our incredible history at S&P Global to position the company to create significant value for our customers, our people and our shareholders in 2023. 2022 is a year of resilience, decisive action and discipline. As we look at our financial highlights, I want to remind you that the financial metrics that we'll be discussing today refer to non-GAAP adjusted metrics for the current period and for 2023 adjusted guidance 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 previously divested businesses in all periods.

2022 年，我們以 S&P Global 令人難以置信的歷史為基礎，將公司定位為在 2023 年為我們的客戶、員工和股東創造巨大價值。2022 年是充滿韌性、果斷行動和紀律的一年。當我們查看我們的財務亮點時，我想提醒您，我們今天要討論的財務指標是指當前期間的非 GAAP 調整指標以及 2023 年調整後的指導和非 GAAP 備考調整指標去年同期，除非明確稱為 GAAP。調整後的結果還排除了所有期間之前剝離的業務的貢獻。

Adjusted revenue decreased 4% or 3% on a constant currency basis. As everyone on this call knows, we saw dramatic decreases in debt issuance, which drove the decline in our revenue and earnings. But what you would not be able to tell from the headline revenue growth rate is that our business has become far more diversified and resilient.

按固定匯率計算，調整後收入下降 4% 或 3%。正如本次電話會議中的每個人都知道的那樣，我們看到債務發行量急劇下降，這導致我們的收入和收益下降。但是，您無法從整體收入增長率中看出，我們的業務已變得更加多元化和更具彈性。

While we saw a 26% decrease in our Ratings revenue, the vast majority of that decrease was offset by a 6% growth in our other businesses. That growth came despite FX headwinds, an unstable macroeconomic environment and the suspension of our commercial operations in Russia.

雖然我們的評級收入下降了 26%，但絕大部分下降被我們其他業務 6% 的增長所抵消。儘管存在外匯逆風、不穩定的宏觀經濟環境以及我們在俄羅斯的商業運營暫停，但仍實現了這一增長。

We also took decisive action to preserve margins in 2022. Despite significant inflation throughout the year, we're able to keep our adjusted expenses relatively flat year-over-year due to outperformance on our cost synergies and management actions around incentive compensation, discretionary spending and the timing and prioritization of strategic investments. Our teams have a lot to be proud of, and we've done a remarkable job setting the company up for a strong 2023.

我們還採取了果斷行動以在 2022 年保持利潤率。儘管全年通貨膨脹率很高，但由於我們在成本協同效應方面表現出色以及圍繞激勵薪酬、可自由支配支出採取的管理措施，我們能夠使調整後的費用同比保持相對平穩戰略投資的時機和優先順序。我們的團隊有很多值得驕傲的地方，我們為公司 2023 年的強勁發展做了出色的工作。

We introduced our initial guidance today, which includes 4% to 6% revenue growth and a 10% to 12% EPS growth. Importantly, we're not moving Engineering Solutions to discontinued operations. So both of these figures include the half year contribution we expect from Engineering Solutions in 2023. Excluding the impact of Engineering Solutions, we would have expected revenue growth to be approximately 6% to 8%.

我們今天發布了初步指引，其中包括 4% 至 6% 的收入增長和 10% 至 12% 的每股收益增長。重要的是，我們不會將 Engineering Solutions 轉移到停產業務。因此，這兩個數字都包括我們預計 Engineering Solutions 在 2023 年的半年貢獻。排除 Engineering Solutions 的影響，我們預計收入增長約為 6% 至 8%。

Amongst the impactful accomplishments in 2022, we completed our merger with IHS Markit and took important steps to optimize both our operations and portfolio of businesses. We optimized our capital structure as well, lowering our average cost of debt at fixed rates, protecting our earnings from further interest rate volatility.

在 2022 年取得的重大成就中，我們完成了與 IHS Markit 的合併，並採取了重要步驟來優化我們的運營和業務組合。我們還優化了資本結構，降低了固定利率的平均債務成本，保護我們的收益免受進一步利率波動的影響。

We introduced a bold strategic vision at our Investor Day, Powering Global Markets, and outlined our key growth priorities for the next few years. We're looking forward to updating our investors on our progress against those initiatives as we move forward. We also continue to shape the secular transition from active to passive asset management, and just last month, celebrated the 30th anniversary of the first index-based ETF, which was based on our S&P 500 Index.

我們在投資者日推出了一個大膽的戰略願景，為全球市場提供動力，並概述了我們未來幾年的主要增長重點。我們期待著在我們前進的過程中向我們的投資者更新我們在這些舉措方面取得的進展。我們還繼續推動從主動資產管理向被動資產管理的長期轉變，就在上個月，我們慶祝了第一個基於標準普爾 500 指數的指數型 ETF 成立 30 週年。

As we look to the strategic initiatives we had at the beginning of 2022, it's clear that we continue to make great strides. We outperformed our original 2022 cost synergy targets by more than 20%, generating $276 million in cost synergies fully realized in 2022 compared to our original target of $210 million to $240 million. We successfully integrated our major infrastructure software systems, including what our ERP vendor told us was the fastest integration ever for a company of our size.

當我們回顧 2022 年初的戰略舉措時，很明顯我們將繼續取得長足進步。我們比最初的 2022 年成本協同目標高出 20% 以上，與我們最初設定的 2.1 億美元至 2.4 億美元的目標相比，我們在 2022 年實現了 2.76 億美元的成本協同效應。我們成功地集成了我們的主要基礎設施軟件系統，包括我們的 ERP 供應商告訴我們的是我們這種規模的公司有史以來最快的集成。

We continue to drive commercial momentum, generating nearly 7,000 synergy cross-sell referrals post-merger. We also made great progress with our strategic investments and our transformational initiative to optimize our technology spend.

我們繼續推動商業勢頭，在合併後產生了近 7,000 個協同交叉銷售推薦。我們在戰略投資和優化技術支出的轉型計劃方面也取得了長足進步。

Lastly, we continued our relentless focus on making sure S&P Global remains a destination of choice for our people and candidates. Our internal people survey indicated 90% or more of our employees endorse our culture and our efforts in diversity.

最後，我們繼續不懈地致力於確保 S&P Global 仍然是我們的員工和候選人的首選目的地。我們的內部人員調查表明，90% 或更多的員工認可我們的文化和我們在多元化方面所做的努力。

We continue to invest for long-term growth in 2022. We made several small acquisitions to bolster and round out our offerings in private market solutions as well as sustainability and energy transition. We also had several important new product launches and upgrades that will drive customer value and financial performance in 2023 and beyond.

我們將繼續投資於 2022 年的長期增長。我們進行了幾項小型收購，以加強和完善我們在私人市場解決方案以及可持續性和能源轉型方面的產品。我們還推出了幾項重要的新產品和升級，將推動 2023 年及以後的客戶價值和財務業績。

We took steps to optimize the portfolio of businesses at S&P Global. We made several merger-related divestitures that were required by regulators, but we also decided to divest the Engineering Solutions division and announced an agreement to sell the business to KKR. These decisions help position S&P Global in growth markets where we can leverage our strengths across the entire business. As always, we will continue to be disciplined stewards of the business and periodically review the portfolio of assets to determine the optimal structure at any given time.

我們採取措施優化 S&P Global 的業務組合。我們按照監管機構的要求進行了幾項與合併相關的資產剝離，但我們還決定剝離工程解決方案部門，並宣布了一項將該業務出售給 KKR 的協議。這些決定有助於 S&P Global 在增長市場中佔據一席之地，我們可以在這些市場中利用我們在整個業務中的優勢。一如既往，我們將繼續成為業務的紀律管家，並定期審查資產組合以確定在任何給定時間的最佳結構。

Shifting to our financial performance. The largest macro contributor to our 2022 results has been the sharp decrease in global debt issuance, which continued to deteriorate as we move through 2022. For the full year, we saw a 28% decrease in global rated issuance or a 31% decrease when including the impact of leveraged loans. This is particularly noticeable in high-yield issuance, which decreased 77% from the extraordinarily high levels we saw in 2021. The issuance environment certainly impacted our financials in 2022, but we were pleased with the execution from the teams across the company despite those challenges.

轉向我們的財務業績。對我們 2022 年業績做出最大宏觀貢獻的是全球債券發行量的急劇下降，隨著我們進入 2022 年，這種情況繼續惡化。全年來看，我們看到全球評級發行量下降了 28%，如果包括在內則下降了 31%槓桿貸款的影響。這在高收益債券發行中尤為明顯，與我們在 2021 年看到的極高水平相比下降了 77%。發行環境無疑影響了我們 2022 年的財務狀況，但儘管面臨這些挑戰，我們對整個公司團隊的執行情況感到滿意.

As I mentioned previously, our aggregate financial results provide clear evidence of our commitment to disciplined execution. Excluding the Ratings business, revenue growth would have been 6% in 2022 and adjusted operating margin would have expanded by approximately 200 basis points. Ewout will discuss the fourth quarter financials in a moment.

正如我之前提到的，我們的總體財務業績清楚地證明了我們對紀律執行的承諾。不包括評級業務，2022 年的收入增長率為 6%，調整後的營業利潤率將擴大約 200 個基點。 Ewout 稍後將討論第四季度的財務狀況。

Each of our divisions performed admirably in 2022. We saw positive revenue growth in 4 of our 6 divisions and constant currency growth in 5 of our 6 divisions. We believe the strength and discipline shown in 2022 sets us up for a return to positive overall revenue growth and margin expansion in 2023.

我們的每個部門在 2022 年都表現出色。我們的 6 個部門中有 4 個收入正增長，6 個部門中有 5 個的貨幣持續增長。我們相信，2022 年表現出的實力和紀律將使我們在 2023 年恢復正的整體收入增長和利潤率擴張。

We continue to deliver impressive results in Sustainable1. In 2022, we grew ESG and climate revenue by 50% year-over-year to more than $200 million. As we outlined at Investor Day, and as you'll see in the appendix, we've updated our methodology beginning in 2023 to include all of our sustainability and energy transition products. And we'll be disclosing sustainability and energy transition revenues rather than just ESG revenue going forward.

我們繼續在 Sustainable1 方面取得令人矚目的成果。 2022 年，我們的 ESG 和氣候收入同比增長 50%，達到 2 億美元以上。正如我們在投資者日概述的以及您將在附錄中看到的那樣，我們從 2023 年開始更新了我們的方法，以包括我們所有的可持續性和能源轉型產品。我們將披露可持續性和能源轉型收入，而不僅僅是未來的 ESG 收入。

Under the new methodology, we generated $247 million in 2022, and we expect growth of more than 30% from that base in 2023. We ended 2022 with ESG ETF AUM reaching $40 billion. That growth is particularly impressive when you consider it is the net impact of an 18% increase in AUM from net flows and a 14% reduction in AUM from price depreciation, resulting in 4% net growth year-over-year.

根據新方法，我們在 2022 年產生了 2.47 億美元，我們預計到 2023 年將比該基數增長 30% 以上。到 2022 年底，我們的 ESG ETF 資產管理規模達到 400 億美元。當您考慮到淨流量增加 18% 的 AUM 和價格貶值導致 AUM 減少 14% 的淨影響，導致同比淨增長 4% 時，這種增長尤其令人印象深刻。

We continue to launch new indices based on climate or sustainability factors in 2022, including the new S&P/BMV Green, Social and Sustainable Target Duration Bond Index. We also launched new products in Market Intelligence, Commodity Insights and Mobility. Within Ratings, we completed 133 sustainable financing options, 33 Green Evaluations and 100 Second Party Opinions. At the core of our sustainability efforts are the Corporate Sustainability Assessment. These remain a key differentiator versus our competitors as they enable us to collect an enormous amount of data directly from corporations around the world.

我們將在 2022 年繼續推出基於氣候或可持續性因素的新指數，包括新的 S&P/BMV 綠色、社會和可持續目標久期債券指數。我們還在市場情報、商品洞察和流動性方面推出了新產品。在評級方面，我們完成了 133 項可持續融資方案、33 項綠色評估和 100 項第二方意見。我們可持續發展工作的核心是企業可持續發展評估。這些仍然是我們與競爭對手的關鍵區別，因為它們使我們能夠直接從世界各地的公司收集大量數據。

For the methodology year that ends in March 2023, we have already increased CSA survey participation in more than 2,900 companies, representing a 30% growth year-over-year. We expect more than 3,000 companies to participate by the end of March.

在 2023 年 3 月結束的方法年度，我們已經增加了 2,900 多家公司的 CSA 調查參與度，同比增長 30%。我們預計到 3 月底將有 3,000 多家公司參與。

The company also continued to advance its own industry-leading practices and sustainability. We issued our 11th Annual Sustainability Impact Report and fourth Annual TCFD report. We launched $1.25 billion in sustainability linked notes and adopted the sustainability linked bond framework. We ensured the long funding for the S&P Global Foundation via a onetime grant of $200 million. And our efforts continue to receive recognition from several leading third parties.

該公司還繼續推進其行業領先的實踐和可持續性發展。我們發布了第 11 份年度可持續發展影響報告和第四份年度 TCFD 報告。我們發行了 12.5 億美元的可持續發展掛鉤票據，並採用了可持續發展掛鉤債券框架。我們通過一次性撥款 2 億美元確保了標準普爾全球基金會的長期資金。我們的努力繼續得到幾個領先第三方的認可。

I'd now like to shift the presentation to our outlook for 2023. The latest global refinancing study was issued earlier this month. The total amount of global debt maturing in this study is $11.1 trillion over the next 5 years. This is actually up 3% from the study a year ago and up 7% from last year's study when looking out over the full 9 years.

我現在想把演講轉移到我們對 2023 年的展望上。最新的全球再融資研究已於本月早些時候發布。本研究中未來 5 年到期的全球債務總額為 11.1 萬億美元。放眼整個 9 年，這實際上比一年前的研究增加了 3%，比去年的研究增加了 7%。

Importantly, this shows us how the maturities have evolved over the next few years, while 2023 expected maturities have unsurprisingly decreased over the course of 2022. If we look at maturities in the years 2025 to 2027, we see a 12% increase from last year's study. That increase jumps to 23% looking at maturities in 2027 to 2029. The bottom line is that there is a very healthy pipeline of debt maturities coming over the next several years.

重要的是，這向我們展示了未來幾年到期日的演變情況，而 2023 年的預期到期日在 2022 年期間有所下降。如果我們看一下 2025 年至 2027 年的到期日，我們會發現比去年增加了 12%學習。從 2027 年到 2029 年的到期日來看，這一增幅躍升至 23%。最重要的是，未來幾年將有非常健康的債務到期管道。

Now looking at total rated debt outstanding. We continue to see a compound growth rate of 5% and a continued year-over-year increase in total debt outstanding on a constant currency basis. Historically, outstanding debt usually gets refinanced, and we don't see any reason why this decades long trend would change.

現在看看未償付的評級債務總額。我們繼續看到 5% 的複合增長率和按固定匯率計算的未償還債務總額持續同比增長。從歷史上看，未償債務通常會得到再融資，我們看不出有任何理由可以改變這種長達數十年的趨勢。

After marked declines in issuance in 2022, our Ratings research group anticipates that issuance will return to positive growth in 2023. The forecast calls for issuance gains of 8.5% for nonfinancials, 3% for Financial Services, 5% for U.S. public finance and a decrease in structured finance of 7%. Please note that this is an issuance forecast, not a revenue forecast and does not include leverage loans.

在 2022 年發行量顯著下降之後，我們的評級研究小組預計發行量將在 2023 年恢復正增長。該預測要求非金融業發行收益為 8.5%，金融服務業為 3%，美國公共財政業為 5%，並減少7% 的結構性融資。請注意，這是發行量預測，不是收入預測，不包括槓桿貸款。

Our financial results and guidance are more closely tied to billed issuance, which can differ materially from market issuances we have described in recent quarters. For 2023, we expect billed issuance to be up approximately 2% to 6% for the full year.

我們的財務業績和指導與票據發行更緊密相關，這可能與我們在最近幾個季度描述的市場發行存在重大差異。到 2023 年，我們預計全年票據發行量將增長約 2% 至 6%。

Now let's move to the latest view from our economists. They are forecasting global GDP growth of 2.2% in 2023. While GDP growth is expected to be positive, we also expect it to be a story of 2 halves. Right now, we're assuming a mild recession in the first half followed by stabilization in the second half. Each year, we carefully assess the external factors facing the company. This slide depicts those that we think are most important going into 2023.

現在讓我們來看看我們經濟學家的最新觀點。他們預測 2023 年全球 GDP 增長 2.2%。雖然 GDP 增長預計為正，但我們也預計它會分成兩半。目前，我們假設上半年出現溫和衰退，然後在下半年企穩。每年，我們都會仔細評估公司面臨的外部因素。這張幻燈片描述了我們認為進入 2023 年最重要的事情。

There are a number of potential positive impacts this year and potential headwinds, many of which we've outlined on this slide. There are also a number of factors that could impact our business positively or negatively or different ways in different parts of the business. Volatility in the equities and commodities markets is a great example as it can be a headwind to certain parts of our business while serving as a tailwind to Global Trading Services and Commodity Insights and Exchange-Traded Derivatives in our Indices business.

今年有許多潛在的積極影響和潛在的不利因素，我們已在這張幻燈片中概述了其中的許多因素。還有許多因素可能對我們的業務產生積極或消極的影響，或者在業務的不同部分以不同的方式產生影響。股票和商品市場的波動就是一個很好的例子，因為它可能對我們業務的某些部分造成不利影響，同時對我們的指數業務中的全球交易服務和商品洞察力以及交易所交易衍生品起到順風作用。

While we certainly aren't immune to the macroeconomic environment, we're confident that investing for growth in these times of uncertainty and through the cycle is the right way to create long-term shareholder value. While others may give in to the temptation to hunker down, we want to make sure that we're aggressively taking the steps to position S&P Global for years of profitable growth. That's why I'm so excited to finish my prepared remarks on this slide.

雖然我們當然不能免受宏觀經濟環境的影響，但我們相信，在這些不確定時期和整個週期中投資增長是創造長期股東價值的正確方法。雖然其他人可能會屈服於退縮的誘惑，但我們希望確保我們正在積極採取措施，使 S&P Global 能夠實現多年的盈利增長。這就是為什麼我很高興能在這張幻燈片上完成我準備好的發言。

We're optimizing our technology spend for growth. We're leveraging the most powerful platforms available to make sure our product development teams can rapidly bring new features and products to market.

我們正在優化我們的技術支出以實現增長。我們正在利用最強大的可用平台來確保我們的產品開發團隊能夠快速將新功能和產品推向市場。

We recently announced a long-term strategic partnership with Amazon AWS to further technology vision we laid out for you at Investor Day. This agreement allows us to consolidate contracts and drive long-term savings through a collaborative relationship with one of the world's most innovative technology companies.

我們最近宣布與亞馬遜 AWS 建立長期戰略合作夥伴關係，以進一步推進我們在投資者日為您制定的技術願景。該協議使我們能夠通過與世界上最具創新性的技術公司之一的合作關係來鞏固合同並推動長期節約。

Kensho continues to be a key contributor to the culture of innovation within S&P Global. We have a bold vision for how to leverage the newest breakthroughs in machine learning, artificial intelligence. And not only make those technologies available to our customers, but truly embed them throughout the organization to drive growth and efficiency.

Kensho 繼續為 S&P Global 的創新文化做出重要貢獻。對於如何利用機器學習和人工智能領域的最新突破，我們有著大膽的願景。不僅讓我們的客戶可以使用這些技術，而且真正將它們嵌入到整個組織中以推動增長和效率。

I visited Kensho's offices last fall and was impressed to see the work that Kensho's R&D team have been doing with respect to large language models and their transformative potential. Since then, Kensho has made significant progress on models that leverage unique data across the enterprise with the potential to power innovation using AI and machine learning to accelerate product and technology agendas across all of S&P Global. This is very exciting.

去年秋天我參觀了 Kensho 的辦公室，看到 Kensho 的研發團隊在大型語言模型及其變革潛力方面所做的工作給我留下了深刻的印象。從那時起，Kensho 在利用整個企業的獨特數據的模型方面取得了重大進展，這些模型有可能使用人工智能和機器學習來推動創新，以加速整個 S&P Global 的產品和技術議程。這非常令人興奮。

We will also continue to make strategic organic investments in areas like private markets and sustainability and energy transition. And we'll selectively pursue opportunistic acquisitions that enhance our growth and innovation.

我們還將繼續在私人市場、可持續性和能源轉型等領域進行戰略性有機投資。我們將有選擇地進行機會主義收購，以促進我們的增長和創新。

As we begin reporting our vitality revenue this year, we will continue our long practice of transparency and accountability. It is truly an exciting time to be at S&P Global.

當我們今年開始報告我們的能源收入時，我們將繼續我們長期以來的透明度和問責製做法。加入 S&P Global 真是令人興奮的時刻。

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

現在我想把電話轉給 Ewout Steenbergen，他將對我們的財務業績和前景提供更多見解。輸出？

Thank you, Doug. The adjusted financial metrics that we will be discussing today refer to non-GAAP adjusted metrics for the current period and for our 2023 adjusted guidance 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 previously divested businesses in all periods.

謝謝你，道格。我們今天將討論的調整後財務指標指的是當前期間的非 GAAP 調整指標以及我們 2023 年調整後的指導和去年同期的非 GAAP 備考調整指標，除非明確稱為 GAAP。調整後的結果還排除了所有期間之前剝離的業務的貢獻。

Let me start with our fourth quarter financial results. Adjusted revenue decreased 6% to $2.9 billion, largely driven by a challenging issuance environment and macroeconomic conditions. Excluding Ratings, fourth quarter revenue would have increased 4% year-over-year.

讓我從我們第四季度的財務業績開始。調整後的收入下降 6% 至 29 億美元，這主要是受具有挑戰性的發行環境和宏觀經濟狀況的推動。不包括評級，第四季度收入將同比增長 4%。

Adjusted corporate and allocated expenses improved from a year ago, driven by a combination of synergies and reduced incentive costs. Adjusted expenses were roughly flat for the full year, demonstrating strong expense discipline across the company. For the fourth quarter, expenses decreased 4% compared to prior year.

在協同效應和降低的激勵成本的共同推動下，調整後的公司和分配費用較一年前有所改善。調整後的全年支出基本持平，表明整個公司都有嚴格的支出紀律。第四季度，支出與去年同期相比下降了 4%。

Adjusted operating profit margin contracted by 160 basis points to 41.2%, primarily driven by revenue declines in Ratings. Excluding Ratings, adjusted margins would have improved more than 280 basis points year-over-year.

調整後的營業利潤率收縮 160 個基點至 41.2%，這主要是由於評級收入下降所致。不包括評級，調整後的利潤率將同比提高 280 個基點以上。

Our adjusted net interest expense increased 9% driven by higher total debt levels, partially offset by lower average cost of debt. Adjusted effective tax rate was up modestly, but right around the midpoint of the guidance range we provided for the full year.

我們調整後的淨利息支出增加了 9%，這主要是由於較高的總債務水平，部分被較低的平均債務成本所抵消。調整後的有效稅率小幅上升，但正好在我們為全年提供的指導範圍的中點附近。

We exclude the impact of certain items from our adjusted diluted EPS number. Among those items in the fourth quarter were approximately $175 million in merger-related expenses, the details of which can be found in the Appendix.

我們從調整後的攤薄每股收益中排除了某些項目的影響。在第四季度的這些項目中，與合併相關的費用約為 1.75 億美元，詳情可在附錄中找到。

We generated adjusted free cash flow, excluding certain items of $1.4 billion in the fourth quarter. In 2022, we completed our $12 billion accelerated share repurchase program with final share delivery executed earlier this week.

我們產生了調整後的自由現金流，不包括第四季度 14 億美元的某些項目。 2022 年，我們完成了 120 億美元的加速股票回購計劃，並於本週早些時候執行了最終股票交付。

Turning to expenses. As I noted, we managed to keep adjusted expenses roughly flat for 2022 despite a high inflationary environment. I'm pleased to report we acted decisively and delivered more than $400 million in expense reductions for the full year. Actions taken include pull forward and synergies, a reduction in incentive accruals, adjustments to the timing of certain investments, selective hiring and limiting consulting spend in some areas.

談到開支。正如我所指出的，儘管通脹環境高企，但我們設法使 2022 年的調整後支出大致持平。我很高興地向大家報告，我們採取了果斷行動，全年削減了超過 4 億美元的費用。採取的行動包括推進和協同增效、減少應計獎勵、調整某些投資的時間、選擇性招聘和限制某些領域的諮詢支出。

Looking more closely at the largest contributor to those expense savings, I would like to provide an update on our synergy progress specifically. In 2022, we have achieved $276 million in cumulative cost synergies and our annualized run rate exiting the fourth quarter was $422 million, representing 70% of target after only 10 months. We continue to make progress on our revenue synergies with $19 million in cumulative synergies achieved and an annualized run rate of $34 million. The cumulative integration and cost to achieve synergies through the end of the fourth quarter is $807 million.

更仔細地觀察這些費用節省的最大貢獻者，我想特別提供我們協同進展的最新情況。到 2022 年，我們實現了 2.76 億美元的累計成本協同效應，第四季度的年化運行率為 4.22 億美元，僅 10 個月後就完成了目標的 70%。我們繼續在收入協同效應方面取得進展，累計協同效應達到 1900 萬美元，年化運行率為 3400 萬美元。到第四季度末實現協同效應的累計整合和成本為 8.07 億美元。

For 2023, we expect to achieve cost synergies and revenue synergies of approximately $510 million and $60 million, respectively. We originally targeted 80% of cost synergies in 2023. But with the outperformance in 2022, we're now targeting 85% of the $600 million target. We also originally expected 50% of our revenue synergies in 2024. But with the divestiture of Engineering Solutions, we now expect approximately 45%, though the full target of $350 million is unchanged.

到 2023 年，我們預計將分別實現約 5.1 億美元和 6000 萬美元的成本協同效應和收入協同效應。我們最初的目標是在 2023 年實現 80% 的成本協同效應。但隨著 2022 年的出色表現，我們現在的目標是 6 億美元目標的 85%。我們最初還預計 2024 年我們的收入協同效應將達到 50%。但隨著工程解決方案的剝離，我們現在預計約為 45%，儘管 3.5 億美元的全部目標沒有改變。

Now let's turn to the division results. Market Intelligence revenue increased 3% with strong growth in Data & Advisory Solutions, offset by slower growth in Desktop and declines in Enterprise Solutions. Adjusted expenses decreased 2% this quarter, driven by continued realization of cost synergies, lower incentive compensation and real estate spend. Segment operating profit increased 16%, and the segment operating profit margin increased 360 basis points to 31.4%. On a trailing 12-month basis, adjusted segment operating profit margin was 31.8%.

現在讓我們來看看除法結果。市場情報收入增長了 3%，數據和諮詢解決方案的強勁增長被台式機增長放緩和企業解決方案的下滑所抵消。本季度調整後的費用下降了 2%，這主要得益於成本協同效應的持續實現、較低的激勵薪酬和房地產支出。分部營業利潤增長 16%，分部營業利潤率增加 360 個基點至 31.4%。在過去 12 個月的基礎上，調整後的分部營業利潤率為 31.8%。

Looking across Market Intelligence, there was growth in most categories. And on a pro forma basis, Desktop revenue grew 3%, Data & Advisory Solutions revenue grew 7%, Enterprise Solutions revenue was down 4% and Credit & Risk Solutions revenue grew 4%. For Desktop, we continue to see strong demand for our subscription offerings like Capital IQ. Overall Desktop growth was below our expectations though due primarily to the impact of some onetime sales from products reported in our Desktop line.

縱觀 Market Intelligence，大多數類別都有增長。在備考基礎上，桌面版收入增長 3%，數據和諮詢解決方案收入增長 7%，企業解決方案收入下降 4%，信用和風險解決方案收入增長 4%。對於桌面版，我們繼續看到對 Capital IQ 等訂閱產品的強勁需求。總體台式機增長低於我們的預期，但這主要是由於我們的台式機系列中報告的產品的一些一次性銷售的影響。

For Enterprise Solutions, softness in our capital markets volume-based products continue to weigh in on the business line's performance as revenue decreased 4%. This was partially offset by strength in private market software solutions.

對於企業解決方案，由於收入下降 4%，我們資本市場基於數量的產品的疲軟繼續影響業務線的業績。這部分被私人市場軟件解決方案的實力所抵消。

Now turning to Ratings. Ratings continued to face difficult market conditions this quarter as issuance volumes remained muted, with revenue decreasing 29% year-over-year. Transaction revenues saw a slight improvement sequentially but decreased 51% compared to the prior year on continued softness in issuance. Nontransaction revenue decreased 6% on a reported basis and 3% on a constant currency basis, primarily due to lower initial issuer credit ratings and Rating Evaluation Services, partially offset by increases in CRISIL. As a reminder, ICR and RES revenue are historically correlated with the relative strength of the issuance environment and M&A activity, respectively. And the declines we are seeing here are purely indicative of those market conditions.

現在轉向評級。本季度評級繼續面臨困難的市場條件，因為發行量仍然低迷，收入同比下降 29%。由於發行量持續疲軟，交易收入環比略有改善，但與上年相比下降了 51%。非交易收入在報告基礎上下降 6%，在固定貨幣基礎上下降 3%，這主要是由於較低的初始發行人信用評級和評級評估服務，部分被 CRISIL 的增加所抵消。提醒一下，ICR 和 RES 收入在歷史上分別與發行環境和併購活動的相對強度相關。我們在這裡看到的下跌純粹表明了這些市場狀況。

In the fourth quarter, surveillance and frequent issuer fees increased year-over-year on a constant currency basis. Adjusted expenses decreased 13% primarily driven by disciplined expense management and lower incentive expenses, partially offset by increased salary expense. This resulted in a 40% decrease in segment operating profit and a 910 basis point decrease in segment operating profit margin to 48%. On a trailing 12-month basis, adjusted segment operating profit margin was 55.9%.

在第四季度，按固定匯率計算，監督和頻繁發行人費用同比增長。調整後的費用下降了 13%，這主要是由於嚴格的費用管理和較低的激勵費用，部分被工資費用的增加所抵消。這導致分部營業利潤下降 40%，分部營業利潤率下降 910 個基點至 48%。在過去 12 個月的基礎上，調整後的分部營業利潤率為 55.9%。

Now looking at Ratings revenue by its end markets. The largest contributor was the well-documented decline in issuance, partially offset by 6% growth in CRISIL and other revenue.

現在查看其終端市場的評級收入。最大的貢獻者是有據可查的發行量下降，部分被 CRISIL 和其他收入增長 6% 所抵消。

And now turning to Commodity Insights. Revenue increased 4%, driven by solid performance across all business lines. However, that growth was impacted by a $13 million headwind due to the Russia-Ukraine conflict and a $4 million commercial settlement in the fourth quarter of 2021. Excluding the impact of Russia-Ukraine and this commercial settlement, Commodity Insights would have grown approximately 8% year-over-year in the fourth quarter.

現在轉向商品洞察力。在所有業務線的穩健表現的推動下，收入增長了 4%。然而，這一增長受到了俄烏衝突造成的 1300 萬美元逆風和 2021 年第四季度 400 萬美元商業和解的影響。如果不考慮俄烏衝突和這一商業和解的影響，Commodity Insights 將增長約 8第四季度同比增長 %。

It's important to note, we suspended commercial operations in Russia in March of 2022. Therefore, the first quarter of 2023 is the last remaining period that we will see a material impact in the year-over-year growth rates.

值得注意的是，我們於 2022 年 3 月暫停了在俄羅斯的商業運營。因此，2023 年第一季度是我們將看到對同比增長率產生重大影響的最後一個剩餘時期。

Adjusted expenses were roughly flat for the quarter primarily due to higher compensation, an increase in T&E expense and bad debt provision, partially offset by merger-related synergies, lower consulting spend and advertising and promotion costs. Segment operating profit increased 10%, and the segment operating profit margin increased 230 basis points to 44.6%. The trailing 12-month adjusted segment operating profit margin was 44.3%.

本季度調整後的費用大致持平，這主要是由於薪酬增加、差旅費和壞賬準備金增加，部分被合併相關的協同效應、諮詢支出以及廣告和促銷成本降低所抵消。分部營業利潤增長 10%，分部營業利潤率增加 230 個基點至 44.6%。過去 12 個月的調整後分部營業利潤率為 44.3%。

Looking across the Commodity Insights business categories, Price Assessments grew 5% compared to prior year driven by continued commercial momentum and strong subscription growth for market data offerings, particularly in gas and power and liquefied natural gas. Energy & Resources Data & Insights grew 4% in the quarter, driven by continued strength in gas power and renewables. Advisory & Transactional Services increased 3% in the quarter as we saw higher demand from energy transition advisory solutions, partially offset by revenues generated from a 2021 event that wasn't repeated in the fourth quarter of 2022.

縱觀 Commodity Insights 業務類別，Price Assessments 與上一年相比增長了 5%，這得益於持續的商業勢頭和市場數據產品訂閱量的強勁增長，尤其是在天然氣、電力和液化天然氣領域。在天然氣發電和可再生能源持續強勁的推動下，能源與資源數據與洞察在本季度增長了 4%。諮詢和交易服務在本季度增長了 3%，因為我們看到能源轉型諮詢解決方案的需求增加，部分被 2022 年第四季度沒有重複的 2021 年活動產生的收入所抵消。

Moving to upstream. I'm pleased to report that business line grew 4% in the fourth quarter. While upstream ACV has had good momentum ex Russia, the revenue growth this quarter was primarily driven by upfront revenue recognition of certain software products that are not recurring. We expect upstream growth in the low single-digit range for 2023.

移動到上游。我很高興地報告，該業務線在第四季度增長了 4%。儘管上游 ACV 在俄羅斯以外表現良好，但本季度的收入增長主要是由某些非經常性軟件產品的前期收入確認推動的。我們預計 2023 年上游增長將保持在低個位數範圍內。

In our Mobility division, revenue increased 9% year-over-year driven primarily by strong and broad-based performance across Dealer, Manufacturing and Financials. Adjusted expenses increased 15% in the fourth quarter driven by increases in headcount versus the year-ago period, timing of advertising spend and cloud expenses. We expect expense growth to moderate in 2023. This resulted in a 2% decrease in adjusted operating profit and 380 basis points of margin compression year-over-year. On a trailing 12-month basis, the adjusted segment operating profit margin was 39%.

在我們的移動部門，收入同比增長 9%，這主要得益於經銷商、製造和金融部門強勁而廣泛的業績。第四季度調整後的費用增長了 15%，原因是員工人數同比增加、廣告支出的時間安排和雲支出。我們預計 2023 年費用增長將放緩。這導致調整後營業利潤下降 2%，利潤率同比壓縮 380 個基點。在過去 12 個月的基礎上，調整後的分部營業利潤率為 39%。

Dealer revenue increased 9% year-over-year, driven by strong demand for CARFAX subscription products. Manufacturing grew 8% year-over-year, driven by strength in both Automotive Solutions and the conclusion of several major recall deals. Financials and Other increased 10%, primarily driven by continued strength in our insurance underwriting volumes and new business.

在對 CARFAX 訂閱產品的強勁需求的推動下，經銷商收入同比增長 9%。製造業同比增長 8%，這得益於汽車解決方案的實力和幾項重大召回交易的達成。金融和其他業務增長 10%，主要是由於我們的保險承保量和新業務持續強勁。

Turning to S&P Dow Jones Indices. Revenue increased 4% year-over-year as growth in Exchange-Traded Derivatives offset declines in Asset-Linked Fees revenue. During the quarter, adjusted expenses increased 8% as there was an uptick in onetime outside service spend and continued strategic investments, partially offset by decreases in compensation and other discretionary areas. Segment operating profit increased 2%, and the segment operating profit margin decreased 140 basis points to 62.2%. On a trailing 12-month basis, the adjusted segment operating profit margin was 68.4%.

轉向標準普爾道瓊斯指數。由於交易所交易衍生品的增長抵消了資產掛鉤費用收入的下降，收入同比增長 4%。本季度，由於一次性外部服務支出和持續的戰略投資增加，調整後的費用增加了 8%，部分被薪酬和其他可自由支配領域的減少所抵消。分部營業利潤增長 2%，分部營業利潤率下降 140 個基點至 62.2%。在過去 12 個月的基礎上，調整後的分部營業利潤率為 68.4%。

Asset-Linked Fees were down 2%, primarily driven by lower AUM in ETFs. Exchange-Traded Derivatives revenue increased 34% on increased trading volumes across key contracts, including a more than 70% increase in S&P 500 Index options volume. Data and custom subscriptions increased 6%, driven by new business activities and price realization.

資產掛鉤費用下降 2%，主要受 ETF 資產管理規模下降的推動。由於主要合約的交易量增加，交易所交易衍生品收入增長了 34%，其中標準普爾 500 指數期權交易量增長了 70% 以上。受新業務活動和價格實現的推動，數據和定制訂閱增長了 6%。

Over the past year, market depreciation totaled $506 billion. ETF AUM net inflows were $157 billion, and this resulted in quarter-ending ETF AUM of $2.6 trillion, which is a 12% decrease compared to 1 year ago. Our average ETF AUM decreased 8% year-over-year.

過去一年，市場貶值總額達 5060 億美元。 ETF AUM 淨流入為 1570 億美元，這導致季度末 ETF AUM 為 2.6 萬億美元，與一年前相比下降 12%。我們的平均 ETF 資產管理規模同比下降 8%。

Engineering Solutions revenue declined 4% in the quarter, driven primarily by the negative impact of the timing of the Boiler Pressure Vessel Code, or BPVC, which was last released in August of 2021. Adjusted expenses increased 5% due to planned investment spend, offset by favorable FX.

工程解決方案收入在本季度下降了 4%，這主要是受鍋爐壓力容器規範 (BPVC) 發佈時間的負面影響所致，該規範於 2021 年 8 月發布。調整後的費用增加了 5%，這是由於計劃投資支出，抵消了通過有利的外匯。

Before moving to guidance, I wanted to highlight some of the key drivers of our expected 2023 results and how these tie in with the core messages we delivered at our Investor Day. S&P Global is all about growth. 2023 will be a year of growth across the company driven by customer growth, product enhancements, revenue synergies and strategic initiatives. We'll continue to invest in our people, and you will see the annual reset of our incentive compensation targets. We'll also continue to invest in technology as we drive innovation and position the company for accelerating growth.

在轉向指導之前，我想強調我們預期的 2023 年業績的一些關鍵驅動因素，以及這些因素如何與我們在投資者日傳達的核心信息聯繫起來。 S&P Global 致力於增長。 2023 年將是整個公司在客戶增長、產品增強、收入協同效應和戰略舉措的推動下實現增長的一年。我們將繼續投資於我們的員工，您將看到我們激勵薪酬目標的年度重置。我們還將繼續投資於技術，因為我們推動創新並使公司加速增長。

In order to help investors see and assess the positive impact of these investments, we'll begin disclosing a few new metrics with our first quarter 2023 results, including our Vitality revenue, which is the revenue generated by innovation either new or enhanced products from across the organization. We'll also disclose the revenue generated from products in our 2 key strategic investment areas, private markets as well as sustainability and energy transition.

為了幫助投資者看到和評估這些投資的積極影響，我們將開始披露我們 2023 年第一季度業績的一些新指標，包括我們的 Vitality 收入，這是來自全球各地的新產品或增強產品創新產生的收入組織。我們還將披露我們 2 個關鍵戰略投資領域、私募市場以及可持續發展和能源轉型領域的產品產生的收入。

In addition to these new disclosures, we'll begin a regular cadence of inter-quarter disclosures to help investors measure performance of market observable products. We'll begin disclosing ETD volumes and the year-over-year growth rate of billed issuance on a monthly basis in arrears starting later this month when we will disclose the January 2023 data. In addition to the monthly disclosures I just outlined, we'll also disclose billed issuance volumes on a quarterly basis broken out between investment grade and high yield. We know that in a volatile and potentially uncertain market, transparency and accountability are more important than ever. And S&P Global maintains its commitment to best-in-class disclosure and reporting for our shareholders.

除了這些新的披露之外，我們將開始定期進行季度間披露，以幫助投資者衡量市場可觀察產品的表現。從本月晚些時候我們將披露 2023 年 1 月的數據時，我們將開始按月延遲披露 ETD 數量和賬單發行量的同比增長率。除了我剛才概述的月度披露外，我們還將按季度披露投資級和高收益之間的計費發行量。我們知道，在一個動盪且可能存在不確定性的市場中，透明度和問責制比以往任何時候都更加重要。 S&P Global 始終致力於為我們的股東提供一流的披露和報告。

Now moving to guidance. As noted in our press release, due to the pending divestiture of Engineering Solutions, we'll not be providing GAAP guidance at this time.

現在轉向指導。正如我們在新聞稿中指出的那樣，由於 Engineering Solutions 即將剝離，我們目前不會提供 GAAP 指南。

And this slide depicts our initial 2023 adjusted guidance. For revenue, we expect 4% to 6% growth, reflecting our continued belief of a mild recession in the first half of 2023 and then some economic strengthening in the back half of the year. Excluding the impact of the divestiture of Engineering Solutions, we expect revenue growth to be between 6% to 8%. We expect corporate unallocated expense of $140 million to $150 million. The year-over-year growth is driven in part by a reset of incentive compensation and the expectation of approximately $10 million to $20 million in stranded costs from Engineering Solutions post divestiture.

這張幻燈片描述了我們最初的 2023 年調整後指南。對於收入，我們預計增長 4% 至 6%，反映出我們仍然相信 2023 年上半年會出現溫和衰退，然後在今年下半年出現一些經濟增長。排除剝離工程解決方案的影響，我們預計收入增長將在 6% 至 8% 之間。我們預計企業未分配費用為 1.4 億至 1.5 億美元。同比增長的部分原因是激勵薪酬的重置以及剝離後 Engineering Solutions 的擱淺成本預計約為 1000 萬至 2000 萬美元。

We expect to expand operating margin to the range of 45.5% to 46.5%; diluted EPS, which excludes deal-related amortization, of $12.35 to $12.55, which is an 11% year-over-year increase from the midpoint. Adjusted free cash flow, excluding certain items, is expected to be approximately $4.3 billion to $4.4 billion.

我們預計營業利潤率將擴大至 45.5% 至 46.5% 的範圍；不包括與交易相關的攤銷的攤薄後每股收益為 12.35 美元至 12.55 美元，較中點同比增長 11%。調整後的自由現金流（不包括某些項目）預計約為 43 億美元至 44 億美元。

We continue to target a return of at least 85% of adjusted free cash flow to shareholders through dividends and buybacks. We also plan to utilize the net after-tax proceeds from the Engineering Solutions divestiture for share repurchases. As such, our Board has authorized a $3.3 billion share buyback for 2023, which we plan to begin with a $500 million ASR, which we expect to launch in the coming weeks. Lastly, we expect a quarterly dividend of $0.90 per share.

我們的目標是繼續通過股息和回購向股東返還至少 85% 的調整後自由現金流。我們還計劃將 Engineering Solutions 資產剝離的稅後淨收益用於股票回購。因此，我們的董事會已授權在 2023 年進行 33 億美元的股票回購，我們計劃從 5 億美元的 ASR 開始，我們預計將在未來幾週內推出。最後，我們預計每股 0.90 美元的季度股息。

The following slide illustrates our guidance by division. Beginning with Market Intelligence, we expect growth in the 6.5% to 8.5% range and margins between 34% and 35%. As we mentioned at our Investor Day, this is a skilled business that's well positioned in growing markets such as private markets and supply chain, and we're confident in our ability to accelerate growth as we lap the 2022 headwinds from volume-driven businesses and FX.

下面的幻燈片說明了我們按部門劃分的指導。從 Market Intelligence 開始，我們預計增長率在 6.5% 到 8.5% 之間，利潤率在 34% 到 35% 之間。正如我們在投資者日提到的那樣，這是一家技術嫻熟的企業，在私募市場和供應鍊等不斷增長的市場中處於有利地位，我們有信心在我們應對 2022 年銷量驅動型企業的逆風和外匯。

In Ratings, we expect revenue to grow between 4% and 6% with growth to be driven by volume and price and continued growth in nontransaction revenue. Our assumption is for billed issuance to be up between 2% and 6% in 2023. Margins for Ratings are expected to be between 56% and 57%.

在評級方面，我們預計收入將增長 4% 至 6%，增長將受到數量和價格以及非交易收入持續增長的推動。我們假設 2023 年票據發行量將增長 2% 至 6%。評級利潤率預計在 56% 至 57% 之間。

In Commodity Insights, we expect revenue growth in the 6.5% to 8.5% range and margin between 46% and 47%. We expect continued strength in commodity markets generally and look forward to lapping the Russia impact after the first quarter. Similar to our Market Intelligence division, we expect Commodity Insights to see expense benefit from further realization of synergies in 2023.

在 Commodity Insights 中，我們預計收入增長在 6.5% 到 8.5% 之間，利潤率在 46% 到 47% 之間。我們預計大宗商品市場總體上將持續走強，並期待在第一季度後抵消俄羅斯的影響。與我們的市場情報部門類似，我們預計 Commodity Insights 將在 2023 年看到進一步實現協同效應帶來的費用收益。

In Mobility, we expect revenue to grow between 6.5% and 8.5% and margins between 39% and 40% driven by some normalization of auto supply chain, price realization, new business and new product adoption. Importantly, we expect expense growth to moderate quickly and substantially from the outsized increase in the fourth quarter. We expect expense growth to be below revenue growth in 2023.

在移動出行方面，我們預計收入將增長 6.5% 至 8.5%，利潤率將在 39% 至 40% 之間，這主要受汽車供應鏈正常化、價格實現、新業務和新產品採用的推動。重要的是，我們預計費用增長將從第四季度的大幅增長中迅速而大幅放緩。我們預計 2023 年費用增長將低於收入增長。

In Indices, we expect revenue to be flat to up 2% with margins of 66% to 67%. As we indicated at our Investor Day, revenue from Asset-Linked Fees lags movements in underlying asset prices, so the 2022 decline in the S&P 500 will negatively impact this year's revenue. We'll also lap the very strong comps in Exchange-Traded Derivatives.

在指數方面，我們預計收入將持平至增長 2%，利潤率為 66% 至 67%。正如我們在投資者日指出的那樣，資產掛鉤費用的收入滯後於基礎資產價格的變動，因此標準普爾 500 指數 2022 年的下跌將對今年的收入產生負面影響。我們還將在交易所交易衍生品中獲得非常強勁的競爭。

Before we turn it over for Q&A, I would like to take a moment to thank our people at S&P Global. The highlight of 2022 was the closing of our merger with IHS Markit. But what made it a highlight was the incredible dedication and execution demonstrated by our people. We saw strong decisive action in the speed of execution of our cost synergy plan. We delivered critical system integration along a very fast time line, rationalized our real estate footprint and at the same time, continued our strategic investments. 2022 truly was a year of transformation, but it was also a year of foundation. We intend to build on that foundation and drive strong growth in 2023 and for the years to come.

在進行問答環節之前，我想花點時間感謝 S&P Global 的員工。 2022 年的亮點是我們與 IHS Markit 的合併完成。但使它成為亮點的是我們的員工所表現出的令人難以置信的奉獻精神和執行力。我們在成本協同計劃的執行速度上看到了強有力的決定性行動。我們在非常快的時間內交付了關鍵系統集成，合理化了我們的房地產足跡，同時繼續我們的戰略投資。 2022年確實是轉型之年，但也是奠基之年。我們打算在此基礎上再接再厲，推動 2023 年及未來幾年的強勁增長。

And with that, we'll have Adam and Martina join us and turn the call back over to Mark for your questions.

有了這個，我們將讓 Adam 和 Martina 加入我們，並將電話轉回給 Mark 來回答你的問題。

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

謝謝你，尤特。 （接線員說明）接線員，我們現在開始第一個問題。

Our first question comes from George Tong from Goldman Sachs.

我們的第一個問題來自高盛的 George Tong。

You expect 2% to 6% growth in billed issuance in 2023. Can you bridge your expectations for billed issuance with guidance for Ratings revenue growth of 4% to 6%, including how you expect pricing and issuance mix to impact revenue?

您預計 2023 年計費發行量將增長 2% 至 6%。您能否將計費發行量的預期與評級收入增長 4% 至 6% 的指導聯繫起來，包括您預計定價和發行組合將如何影響收入？

George, this is Ewout. Let me give you a couple of those components. As you know, we are always breaking out Ratings revenue in 2 categories: transactional and nontransactional. What you see in the transactional category is a combination of price and volume. And on the volume side, we have stated a 2% to 6% growth for billed issuance.

喬治，這是尤特。讓我給你幾個這樣的組件。如您所知，我們總是將評級收入分為兩類：交易性和非交易性。您在交易類別中看到的是價格和數量的組合。在數量方面，我們表示賬單發行量增長了 2% 到 6%。

And then if you think about nontransaction, we continue to see -- expected to see growth in the annual fees. Also continued positive growth in Ratings is to be expected. And then ICR and RES, that's a bit uncertain because that depends very much on the overall economic environment. So those are some of the components that will add up to that range of 4% to 6% revenue expectation for Ratings in 2023. So I would say, overall, quite constructive after 2022.

然後，如果你考慮非交易，我們會繼續看到——預計年費會增長。評級的持續正增長也在意料之中。然後是 ICR 和 RES，這有點不確定，因為這在很大程度上取決於整體經濟環境。因此，這些因素加起來將達到 2023 年評級收入 4% 至 6% 的預期範圍。所以我想說，總體而言，2022 年之後非常具有建設性。

Got it. Market Intelligence revenue growth decelerated in the quarter due to slower growth in Desktop and declines in Enterprise Solutions. Can you elaborate on trends you're seeing in Desktop and Enterprise and why you believe performance may improve in 2023?

知道了。由於台式機增長放緩和企業解決方案下滑，本季度市場情報收入增長放緩。您能否詳細說明您在桌面和企業中看到的趨勢，以及為什麼您認為 2023 年性能可能會提高？

George, this is Doug. Before I hand it over to Adam, I want to welcome Adam and Martina to the call today. As you met our president at the Investor Day on December 1, we're pleased to ask a couple of them to join us on each of the earnings call. And today, it's going to be Adam and Martina, but Adam, over to you.

喬治，這是道格。在我將其交給 Adam 之前，我想歡迎 Adam 和 Martina 參加今天的電話會議。當您在 12 月 1 日的投資者日會見我們的總裁時，我們很高興邀請他們中的一些人加入我們的每次財報電話會議。今天，由 Adam 和 Martina 發言，但由 Adam 負責。

Thanks, George. We're very confident in our Desktop business, but our Desktop revenue in this quarter didn't perform how we expected. Let me give you a little bit of color on that. Financial services industry, obviously under pressure. You see that belt tightening now to some of the largest sell-side banks. And they're taking a cautious approach right now, and we're not immune to that. That said, our core Desktop offering continued to grow extremely well. Within that Desktop revenue line, you have certain products that are nonrecurring in nature, consulting and advisory engagements tied to our Desktop offering. These are the products that saw that impact in Q4.

謝謝，喬治。我們對我們的桌面業務非常有信心，但本季度我們的桌面收入沒有達到我們的預期。讓我給你一點顏色。金融服務業明顯承壓。你看到現在一些最大的賣方銀行正在收緊腰帶。他們現在採取謹慎的態度，我們也不能倖免。也就是說，我們的核心桌面產品繼續增長得非常好。在該桌面收入線中，您有某些本質上是非經常性的產品，與我們的桌面產品相關的諮詢和顧問服務。這些是在第四季度受到影響的產品。

As we look out to 2023, we remain confident in our Desktop growth, and we're excited about our forward competitive position. We saw active user growth up 9% this year. This is great growth in a challenging year, an important driver for us as we renew and expand our relationships with our customers in 2023. We're delivering significant upgrades in the offering, speeds increased dramatically, new features being released. You saw we announced our ECR data live on our Desktop. In 2023, fixed income and loan capabilities coming. So while Q4 not quite the quarter we expected, we're very confident and excited about that growth forward.

展望 2023 年，我們對台式機的增長仍然充滿信心，我們對我們的前瞻性競爭地位感到興奮。今年我們看到活躍用戶增長了 9%。這是充滿挑戰的一年中的巨大增長，是我們在 2023 年更新和擴展與客戶關係的重要推動力。我們正在對產品進行重大升級，速度大幅提高，新功能發布。您看到我們在桌面上實時公佈了我們的 ECR 數據。 2023年，固定收益和貸款能力來了。因此，雖然第四季度不完全是我們預期的季度，但我們對未來的增長充滿信心和興奮。

I'll just spend 2 seconds on Enterprise Solutions. I know you asked about that as well. Understand that revenue line as really 2 separate components, software solutions our customers use for workflow compliance and portfolio monitoring and a section for industry platforms that are really directly impacted by capital markets activity and volumes. That first group performed really well this year, and we expect that to continue to perform really well into 2023. A lot of those are double-digit growth businesses.

我只花 2 秒鐘介紹企業解決方案。我知道你也問過這個。將收入線理解為真正的 2 個獨立組件，我們的客戶用於工作流程合規性和投資組合監控的軟件解決方案，以及真正直接受資本市場活動和交易量影響的行業平台部分。第一組今年表現非常好，我們預計到 2023 年將繼續表現非常好。其中很多是兩位數增長的業務。

The second bucket, the industry platform, is really impacted by significant drops in capital markets activity. That saw a negative double-digit impact in the current year.

第二個桶，即行業平台，確實受到資本市場活動大幅下降的影響。這在本年度產生了兩位數的負面影響。

When we look forward into 2023, we expect that negative impact to moderate as we lap those comparables and as markets stabilize. So we do have a very positive outlook for Enterprise Solutions as we go forward into '23.

當我們展望 2023 年時，我們預計隨著我們超越這些可比對象並隨著市場趨於穩定，負面影響會減弱。因此，隨著我們進入 23 世紀，我們對企業解決方案的前景非常樂觀。

Our next question comes from Andrew Steinerman from JPMorgan.

我們的下一個問題來自摩根大通的 Andrew Steinerman。

This is Alex Hess on for Andrew Steinerman. Maybe just start with the 2024 revenue synergy target. That was lowered modestly, and I believe it was mentioned that, that principally reflects Engineering Solutions. But with the focus at Investor Day having been on innovation, can you maybe update us on where 2022's Vitality Index came in, how Net Promoter Score is tracking and sort of what gives you confidence that maybe that target remains pretty achievable?

我是 Alex Hess 代替 Andrew Steinerman。也許只是從 2024 年的收入協同目標開始。這是適度降低的，我相信有人提到過，這主要反映了工程解決方案。但是，由於投資者日的重點是創新，您能否向我們介紹一下 2022 年活力指數的來源、淨推薦值的跟踪情況，以及是什麼讓您相信該目標仍然可以實現？

Alex, thanks for being on the call. You asked a couple of questions. So let me walk through each of those. 2024 revenue synergies are slightly tuned down. Due to the divestiture of Engineering Solutions, we had assumed a number of revenue synergies both in Engineering Solutions as well as in some of our other segments in the collaboration with Engineering Solutions. For example, Commodity Insights shares a number of customers together with Engineering Solutions. But we are not concerned about that at all because we are finding so many new revenue synergies across the company that we are still firmly committed to the $350 million number in total over the 5-year period.

亞歷克斯，感謝您接聽電話。你問了幾個問題。因此，讓我逐一介紹。 2024 年的收入協同效應略有下調。由於 Engineering Solutions 的剝離，我們在 Engineering Solutions 以及與 Engineering Solutions 合作的其他一些部門中承擔了許多收入協同效應。例如，Commodity Insights 與 Engineering Solutions 共享許多客戶。但我們根本不擔心這一點，因為我們在整個公司發現瞭如此多的新收入協同效應，我們仍然堅定地致力於在 5 年期間達到 3.5 億美元的總額。

You're also asking about, in general, the commercial momentum within the company. We're actually really happy what we are seeing. There's a lot of innovation, a lot of new product development, a lot of really very strong customer interactions around all of that. You're seeing that we hit our revenue target for ESG sustainability for 2022.

一般來說，您還詢問了公司內部的商業勢頭。我們真的很高興我們所看到的。有很多創新，很多新產品開發，圍繞所有這些的很多非常非常強大的客戶互動。您會看到我們實現了 2022 年 ESG 可持續性的收入目標。

And with respect to Vitality, what we told you was that we have a target to get Vitality over 10% over the next few years. I'm actually very happy to report that we already got there in 2022. So our Vitality was just over 10% last year as another indication of the level of speed of innovation that we're increasing within the company.

關於活力，我們告訴過你的是，我們的目標是在未來幾年內讓活力超過 10%。實際上，我很高興地報告說，我們已經在 2022 年實現了這一目標。因此，去年我們的活力剛剛超過 10%，這是我們在公司內部提高創新速度水平的另一個跡象。

Great. And then maybe to turn to your billed issuance assumptions. Can you maybe walk us through the degree to which that is weighted to the back half of 2023 versus maybe facing some steeper comparisons in January in the front half of this year?

偉大的。然後也許轉向您的計費發行假設。您能否向我們介紹一下 2023 年下半年的加權程度與今年上半年可能在 1 月份面臨的一些更陡峭的比較？

Thanks for the question, Alex, this is Martina. We are consistent with our overall view for 2023, both for macroeconomic as well as market issuance not feeding into our billed issuance. We would see the chances for a mild recession in the first half with some recovery in the second half. And so you could expect to see a little bit more softness in issuance in the first half followed by some recovery in the second half.

謝謝你的提問，亞歷克斯，這是瑪蒂娜。我們與我們對 2023 年的總體看法一致，無論是宏觀經濟還是市場發行都不會影響我們的票據發行。我們將看到上半年出現溫和衰退並在下半年有所復甦的可能性。因此，您可以預期上半年的發行量會略微疲軟，然後在下半年有所回升。

Our next question comes from Toni Kaplan from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Toni Kaplan。

I wanted to ask about multi-asset class indices. I know it's a really meaningful opportunity, and you're investing a lot there. And it seems like the market opportunity is really massive. You have leading brands within index products. And so my question is, right now, do clients think that there is a need for multi-asset class indices? Or will it be a matter of convincing them that it's better than having a combination of separate equity and fixed income indices like a hybrid, like is being used now? Or will it be a matter of convincing them that it's better than having a combination of separate equity and fixed income indices, like a hybrid like is being used now? Just what makes multi-asset class indices better than just weighting equity and fixed income indices?

我想問一下多資產類別指數。我知道這是一個非常有意義的機會，你在那裡投入了很多。而且看起來市場機會真的很大。您在指數產品中擁有領先品牌。所以我的問題是，現在客戶是否認為需要多資產類別指數？還是要讓他們相信這比將單獨的股票和固定收益指數（如現在使用的混合指數）結合起來更好？還是要讓他們相信這比將單獨的股票和固定收益指數結合起來更好，就像現在使用的混合指數一樣？究竟是什麼讓多資產類別指數優於僅加權股票和固定收益指數？

Yes. Thanks, Toni. As you know, the basis of the Index business that we have is about transparency, it's independence. It's the ability for a client to understand exactly what's in the portfolio at any point in time.

是的。謝謝，托尼。如您所知，我們擁有的指數業務的基礎是透明度，即獨立性。客戶能夠在任何時間點準確了解投資組合中的內容。

Where we're especially seeing multi-asset class demand is in the insurance industry. The insurance industry, which has many types of products, is looking to multi-asset class. They use it for annuities, they use it for wrappers. And we're also seeing the bank structured product desks are also looking at multi-asset classes. So we're seeing a lot of growth in this.

我們特別看到多資產類別需求的地方是保險業。擁有多種產品的保險業正在尋求多資產類別。他們將其用於年金，將其用於包裝紙。我們還看到銀行結構性產品部門也在關注多資產類別。所以我們在這方面看到了很大的增長。

You asked a question about what is the difference? The difference is that you can put together a single product which meets the needs of a client. And we're seeing that this is right now very high demand coming from those 2 industries. As ETFs are built from the multi-asset classes, then you start getting trading around them. So we see the entire ecosystem starting to grow.

你問了一個問題有什麼區別？不同之處在於，您可以組合滿足客戶需求的單一產品。我們看到這兩個行業現在的需求非常高。由於 ETF 是從多資產類別構建的，因此您開始圍繞它們進行交易。所以我們看到整個生態系統開始發展。

And it's also part of the trend where we see active to passive anyway. So I think it's very important you asked the question. It's one of our growth areas. And across all of the Index business, this is one of the -- that we're most excited about.

這也是趨勢的一部分，我們看到無論如何都是主動到被動的。所以我認為你問這個問題非常重要。這是我們的增長領域之一。在所有指數業務中，這是我們最興奮的業務之一。

Finally, because we have within S&P Global now one of the leading franchises of fixed income with iBoxx, CDX and iTraxx, we can actually produce these products on our own, all in-house.

最後，由於我們在標普全球擁有領先的固定收益特許經營權之一，包括 iBoxx、CDX 和 iTraxx，我們實際上可以自己生產這些產品，全部在內部。

Terrific. Then as a follow-up, I wanted to ask about Commodity Insights growth. I know long term, sort of thinking about 8% at the midpoint. And like when I look back at sort of legacy Platts and resources within IHS, I guess Platts wasn't really there, resources on its own, wasn't there in sort of a normal market. Is it the sustainability part that's really going to drive you to that higher level of growth? Or I guess, what's the bridge to get from sort of like a normal mid-single-digit level up to the 8%?

了不起。然後作為後續行動，我想問一下商品洞察力的增長。我知道從長遠來看，在中點考慮 8% 左右。就像當我回顧 IHS 中的遺留 Platts 和資源時，我猜 Platts 並不真正存在，資源本身，不存在於某種正常的市場中。真正會推動您實現更高水平增長的是可持續性部分嗎？或者我想，從正常的中等個位數水平到 8% 的橋樑是什麼？

Toni, if you think about the overall market dynamics in the commodity markets, we think that currently those markets are very constructive for our customers, and that is going to be helpful also for the growth of the business over the next few years.

Toni，如果你考慮商品市場的整體市場動態，我們認為目前這些市場對我們的客戶非常有建設性，這也將有助於未來幾年的業務增長。

Well first, one point to highlight is that, in 2022, we saw some headwinds from Russia, from the Russia-Ukraine conflict, and the fact that we stopped our commercial relationship with Russian customers. So obviously, that headwind is going away going forward.

首先，要強調的一點是，在 2022 年，我們看到了來自俄羅斯、俄烏衝突的一些不利因素，以及我們停止與俄羅斯客戶的商業關係這一事實。很明顯，這種逆風正在逐漸消失。

Secondly, what we're seeing is that our customers are both focused on traditional energy resources and new energy resources. So we're benefiting from both trends at the same time, where there is, of course, a lot of activity going on with respect to the current market prices in terms of exploration and additional capital expenditures that we're seeing. But our customers, at the same time, are also focused on energy transition and needs help from us. So we are providing data, insights, research, advisory, all of that, around energy transition at the same time.

其次，我們看到的是我們的客戶既關注傳統能源資源，也關注新能源資源。因此，我們同時受益於這兩種趨勢，當然，就我們所看到的勘探和額外資本支出而言，當前市場價格方面有很多活動正在進行。但與此同時，我們的客戶也關注能源轉型，需要我們的幫助。因此，我們同時提供圍繞能源轉型的數據、見解、研究、諮詢等。

So we believe this business has a lot of secular tailwinds over the next few years. What we told you is that at the Investor Day, that we expect this business to grow in the 7% to 9% range in 2025 and 2026. And we think absolutely that is possible. We are very committed to hitting that number.

因此，我們相信這項業務在未來幾年會有很多長期的順風。我們告訴你的是，在投資者日，我們預計該業務在 2025 年和 2026 年將增長 7% 至 9%。我們認為這絕對是可能的。我們非常致力於達到這個數字。

Our next question comes from Alex Kramm from UBS.

我們的下一個問題來自瑞銀的 Alex Kramm。

Maybe you can touch on the margin outlook a little bit, but particularly interested in the quarterly seasonality or cadence. I know in the past, there's been some surprises here and there in some of the segments. So maybe Ewout, you can help us.

也許你可以稍微談談利潤率前景，但對季度季節性或節奏特別感興趣。我知道過去，在某些細分市場中到處都有一些驚喜。所以也許 Ewout，你可以幫助我們。

Between synergies coming in and maybe typical seasonality, how -- what we should be -- what you would call out, in particular, as it relates to maybe the seasonality we saw in 2022. I understand Ratings is probably going to be driven a lot by issuance, but maybe in the other segments, anything to call out?

在即將到來的協同效應和典型的季節性之間，我們應該如何——你會怎麼說，特別是，因為它可能與我們在 2022 年看到的季節性有關。我知道評級可能會受到很大推動通過發行，但也許在其他領域，有什麼要說的嗎？

Alex, a couple of items to think about. First, in terms of seasonality, realize that we are facing still high comps for the first quarter because the economy started to go more south from March of last year as well as the impact of the Russia-Ukraine conflict also started, about, in March. So first quarter comps are still a bit high.

亞歷克斯，有幾件事需要考慮。首先，就季節性而言，要意識到我們第一季度的業績仍然很高，因為經濟從去年 3 月開始向南發展，而且俄羅斯-烏克蘭衝突的影響也大約在 3 月開始.所以第一季度的補償金還是有點高。

The second item to think about here is that we are now expecting, as we also said during the Investor Day, a mild recession in the first half of the year and then some economic strengthening in the back half of the year.

這裡要考慮的第二個項目是，正如我們在投資者日期間也說過的那樣，我們現在預計上半年會出現溫和衰退，然後在下半年出現一些經濟走強。

And the third element that I can say is you know that we are running a very tight ship with respect to expenses. So we are definitely starting this year, given the economic uncertainty, in a very careful way.

我可以說的第三個要素是你知道我們在費用方面非常緊張。因此，鑑於經濟的不確定性，我們今年肯定會以非常謹慎的方式開始。

And then we need to time this right because the most important thing is that we are going to benefit once the markets start to turn, when the GDP is going up, that we're starting to benefit from a growth perspective. We have a lot of growth investments in our plan for this year, as you know. So we have to time it right that we're going to make those investments at the right moment so that we're going to be a large beneficiary once the markets start to swing up again.

然後我們需要選擇正確的時間，因為最重要的是，一旦市場開始轉向，當 GDP 上升時，我們將從增長的角度開始受益。如您所知，我們今年的計劃中有很多增長投資。因此，我們必須把握好時機，在正確的時間進行這些投資，這樣一旦市場開始再次上漲，我們就會成為一個大受益者。

So those are a couple of the elements you should think about in terms of timing for this year.

因此，就今年的時間安排而言，這些是您應該考慮的幾個要素。

Okay. Fair enough. And then maybe just a follow-up to the Market Intelligence question to Adam earlier. Maybe you can be a little bit more specific, what you expect in the more capital market-sensitive areas? I know there were some -- clearly some headwinds that you discussed earlier. Do you expect those businesses to be kind of like flattish? Or do you expect capital markets activity to actually recover decently? So maybe you can just talk about that.

好的。很公平。然後可能只是對亞當早些時候的市場情報問題的跟進。也許你可以更具體一點，你對資本市場更敏感的領域有什麼期望？我知道有一些 - 顯然是您之前討論過的一些不利因素。你認為這些企業會有點扁平化嗎？還是您預計資本市場活動實際上會像樣復甦？所以也許你可以談談這個。

And if you can tie that in with maybe the selling environment a little bit more, what you're seeing right now, that would be helpful as well.

如果你能把它與銷售環境聯繫起來，你現在看到的，那也會有幫助。

Okay. Thanks, Alex. In the very first part of the year, you still have pretty significant year-on-year comparables because markets were still strong in the very early parts of 2022. As we come through 2023, we do see some resilience in the early part of this year, but we do see a lot of cautiousness still in markets, and you see aggregate activity levels as well as we do.

好的。謝謝，亞歷克斯。在今年上半年，你仍然有相當可觀的同比可比數據，因為市場在 2022 年初仍然強勁。隨著 2023 年的到來，我們確實看到了早期的一些彈性年，但我們確實看到市場上仍然存在很多謹慎情緒，您和我們一樣看到總體活動水平。

As we get towards the latter part of the year, your year-on-year comparison starts to flatten out quite significantly. And for us internally, thinking about what we expect in the year, we budgeted a modest increase in total activity across capital markets platforms. We'll obviously see how the year develops. But we think that's the right call as we sit here today.

隨著我們進入今年下半年，您的同比比較開始顯著趨於平緩。對於我們內部而言，考慮到我們今年的預期，我們預算了資本市場平台總活動的適度增長。我們顯然會看到今年的發展情況。但我們認為這是我們今天坐在這裡的正確決定。

Our next question comes from Jeff Silber from BMO Capital Markets.

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

I wanted to dig a little bit further into your outlook for this year. You've talked about expecting a mild recession in the first half and recovery in the second half. I know it's early, but we're about 6 weeks into the new year. And if anything, economic growth seems to be better than expected. If that's the case, then we either avoid a recession or push it off a little bit. Where could we see the upside in your forecast?

我想更深入地了解一下您對今年的展望。你談到過預計上半年會出現溫和衰退，下半年會出現復甦。我知道現在還早，但距新年還有 6 週左右。如果有的話，經濟增長似乎好於預期。如果真是這樣，那麼我們要么避免衰退，要么將其推遲一點。我們在哪裡可以看到你的預測的好處？

Jeff, the forecast, the guidance we're giving, is middle of the road. It's management's best estimate. This is our best expectation for the market and for the full year at this point in time.

傑夫，預測，我們給出的指導，是中間的。這是管理層的最佳估計。這是我們目前對市場和全年的最佳預期。

I can give you a couple of underlying elements in terms of assumptions that have gone into our plan. So for example, with our market-sensitive businesses, think about the Index business, the assumption is flat equity markets this year for the full year. You could say January looks a bit better and February so far as well.

我可以根據已納入我們計劃的假設為您提供幾個基本要素。因此，例如，對於我們對市場敏感的業務，想想指數業務，假設今年全年股票市場持平。你可以說 1 月看起來好一些，2 月也是如此。

But we're not changing our plan on a month-to-month basis. So on average, we're expecting markets to be flat. That is the assumption that had gone into the Index outlook, as well as 20% declines in ETD volumes coming from elevated levels last year, as well as flows to be more or less in line with what we have seen in previous years. And then with respect to the other market-sensitive businesses, we already gave you some of the assumptions for Ratings.

但我們不會按月更改我們的計劃。因此，平均而言，我們預計市場將持平。這是指數展望中的假設，以及 ETD 交易量從去年的高水平下降 20%，以及流量或多或少與我們前幾年看到的一致。然後關於其他對市場敏感的業務，我們已經為您提供了一些評級假設。

So that has gone into the plan. We think this is our best estimate at this point in time given everything we know about the company and the markets.

所以這已經進入了計劃。鑑於我們對公司和市場的了解，我們認為這是我們目前的最佳估計。

Okay. I appreciate the color. Let me switch gears and focus on AI. Doug, I appreciate you addressing this issue. Obviously, it's a hot issue in the markets today. You guys seem to be ahead of the game with your purchase of Kensho a number of years ago. Where have you gotten the most traction there? And what should we look for going forward?

好的。我很欣賞這種顏色。讓我換檔，專注於 AI。道格，感謝你解決這個問題。顯然，這是當今市場上的一個熱點問題。幾年前購買 Kensho 時，你們似乎處於領先地位。您在哪裡獲得最大的吸引力？我們應該期待什麼？

Well, thank you, Jeff. We are very pleased by the investment we made in Kensho in addition to investments we've made across the entire organization in decision sciences and AI and machine learning. I recently spent some time with Kensho in Cambridge, and they were able to show me some of the R&D they're doing on large language models, which is something that's in the press every day right now. We're seeing that for the financial markets, we've been able to harness the data and the language that we already have inside of the company to develop some very interesting products.

好吧，謝謝你，傑夫。我們對在 Kensho 進行的投資以及我們在整個組織在決策科學、人工智能和機器學習方面的投資感到非常高興。我最近在劍橋的 Kensho 度過了一段時間，他們向我展示了他們在大型語言模型上所做的一些研發，這是現在每天都在媒體上報導的事情。我們看到，對於金融市場，我們已經能夠利用公司內部已有的數據和語言來開發一些非常有趣的產品。

But since Ewout oversees Kensho, I think I should hand it over to him to finish the answer.

但由於 Ewout 監督 Kensho，我認為我應該將其交給他來完成答案。

Jeff, let me first give you a number of data points in terms of what Kensho is exactly doing today for the organization. And it's actually really mind-blowing if you hear these numbers.

Jeff，首先讓我根據 Kensho 今天為組織所做的事情提供一些數據點。如果您聽到這些數字，那真的很令人興奮。

So a product called Kensho Link has saved over 2 million hours ingesting data sets, strategic data sets, expanding data sets for our customers. Also, Link has, at this moment, achieved 1 million unstructured private market, private entity data into our database, into our platforms and connected to the Market Intelligence ID numbers of those entities.

因此，一款名為 Kensho Link 的產品為我們的客戶節省了超過 200 萬小時的數據集、戰略數據集和擴展數據集。此外，Link 目前已經實現了 100 萬個非結構化私人市場、私人實體數據進入我們的數據庫、進入我們的平台並連接到這些實體的市場情報 ID 號。

There are 2 other products called Extract and NERD that have enriched 73 million documents on the Cap IQ Pro platform. It has ingested 10.5 million investment research report on the Cap IQ Pro platform. And Scribe, which is our language speech-to-text model, is saving 250,000 hours of man work per year for Transcripts. Annual savings of that are approximately $9 million.

還有 2 個名為 Extract 和 NERD 的產品在 Cap IQ Pro 平台上豐富了 7300 萬份文檔。已在Cap IQ Pro平台上攝取1050萬投研報告。我們的語言語音到文本模型 Scribe 每年為 Transcripts 節省 250,000 小時的人工工作。每年節省大約 900 萬美元。

And the list can go on, but those are some data points. Sometimes, it's not really understood what Kensho is exactly doing, but it's really impressive. And I hope you agree with me when you hear those numbers.

並且列表可以繼續，但這些是一些數據點。有時，並不真正理解 Kensho 到底在做什麼，但它確實令人印象深刻。當你聽到這些數字時，我希望你同意我的看法。

But now shifting to the future of Kensho, because you are right, Kensho's really sweet spots is natural language processing. And everything that we're reading today about large language models is exactly in that sweet spot.

但現在轉向 Kensho 的未來，因為你是對的，Kensho 真正的優勢在於自然語言處理。我們今天閱讀的有關大型語言模型的所有內容都恰好處於最佳位置。

So Kensho is today already developing a financial language model called [Fin LM], which is trained on the S&P Global data assets. It's very expensive to develop large language models. The cost of the compute is very high. But if you have stronger data sets, higher-quality data sets, actually, that's a differentiating factor. So we're avoiding very significant compute time and cost, so to say.

因此，Kensho 今天已經在開發一種名為 [Fin LM] 的金融語言模型，該模型在 S&P Global 數據資產上進行了訓練。開發大型語言模型非常昂貴。計算成本非常高。但如果你有更強的數據集，更高質量的數據集，實際上，這是一個差異化因素。所以我們避免了非常重要的計算時間和成本，可以這麼說。

Also, Kensho is develop something new that's the [Kensho Solver], which is the AI solution to answer the most complex financial number questions. You also can read about large language models actually not being so strong in math, and we are working on the solution in this area as well.

此外，Kensho 正在開發一種新的東西，即 [Kensho Solver]，它是回答最複雜的財務數字問題的人工智能解決方案。您還可以閱讀有關大型語言模型實際上在數學方面並不那麼強大的信息，我們也在研究該領域的解決方案。

So if you just add it all up, I think what Kensho can be doing for the company and where it is working on, it's very impressive. And we're very pleased that we're so far ahead in acquiring this company already 5 years ago.

因此，如果你把所有這些加起來，我認為 Kensho 可以為公司做些什麼以及它正在做什麼，這非常令人印象深刻。我們很高興我們在 5 年前就已經在收購這家公司方面遙遙領先。

Our next question comes from Craig Huber from Huber Research Partners.

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

My first question, let's focus a little bit, if we could, on the Ratings outlook you have for Billed Issuance this year. Curious if you could give us a little further thought on your outlook for this year for high yield and for bank loans. Maybe throw in CLOs, if you would, as well.

我的第一個問題，如果可以的話，讓我們稍微關註一下您對今年 Billed Issuance 的評級前景。想知道您是否可以進一步考慮您對今年高收益和銀行貸款的展望。如果您願意，也可以加入 CLO。

Craig, it's Martina here. Thanks for the question. So our outlook for this year is overall up 2.5%. The underlying factors there, I think Doug had highlighted in his presentation. But 8.5% on corporates; 3% on FS; U.S. public finance, around 5%; and we're projecting a decline in structured finance of about 7%.

克雷格，我是瑪蒂娜。謝謝你的問題。因此，我們對今年的展望是總體增長 2.5%。我認為 Doug 在他的演講中強調了那裡的潛在因素。但企業為 8.5%； FS 3%；美國公共財政，約5%；我們預計結構性融資將下降約 7%。

We don't break out high yield and bank loans specifically, Craig. But what I can say is, as you all know, high yield in 2022 was a really low year. And so we see growth in the high-yield markets this year.

克雷格，我們不會具體列出高收益和銀行貸款。但我能說的是，眾所周知，2022 年的高收益率是非常低的一年。因此，我們看到今年高收益市場的增長。

I think on the bank loans and CLOs, maybe what I can just touch on is the expectation for the research team underpinning that 7% decline in structured finance does reflect some concern around the pipeline for CLOs, which we characterize or capture in the structured finance set.

我認為在銀行貸款和 CLO 方面，也許我可以談談對研究團隊的預期，支撐結構性融資 7% 的下降確實反映了對 CLO 管道的一些擔憂，我們在結構性融資中描述或捕獲了這一點放。

Okay. And my follow-up. When you think about pricing throughout the portfolio, where should we expect price that might be higher this year than normal, maybe a more normalized 3% to 4% price? Or what areas would you highlight that price might be coming ahead of that?

好的。還有我的後續行動。當你考慮整個投資組合的定價時，我們應該預計今年的價格可能會高於正常水平，也許是更正常化的 3% 到 4% 的價格？或者您會強調哪些領域可能會在此之前出現價格？

Craig, in general terms, we always start to think first about what we do for the customer, the value we generate. The good news is that most of our products are must-have products with a very high contribution to our customers. And obviously, that is the first thing -- first element we take into consideration when we start to think about pricing.

克雷格，一般來說，我們總是首先開始考慮我們為客戶做了什麼，我們創造的價值。好消息是，我們的大部分產品都是必備產品，對我們的客戶有很高的貢獻。顯然，這是第一件事——當我們開始考慮定價時我們考慮的第一個因素。

Pricing obviously needs to reflect also our cost/price. Cost/price is going up given the higher inflationary environment. So we believe we have, across the board, depending on facts and circumstances, customer relationships, depending on certain products in one area or another area, but in general, we have an opportunity to pass on higher price increases given the higher inflationary environment.

定價顯然也需要反映我們的成本/價格。鑑於更高的通貨膨脹環境，成本/價格正在上漲。因此，我們相信，根據事實和情況，我們擁有全面的客戶關係，取決於一個地區或另一個地區的某些產品，但總的來說，鑑於更高的通貨膨脹環境，我們有機會轉嫁更高的價格上漲。

Our next question comes from Faiza Alwy from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Faiza Alwy。

Yes. So my first question is I want to take advantage of Martina being on the call. Martina, it seems like the high-yield market has really outperformed expectations so far this year. It's only been a few weeks. But I think just today, we have a new deal announced for [Winn], which is high yield, and I think has been surprising.

是的。所以我的第一個問題是我想利用 Martina 的通話時間。瑪蒂娜，今年到目前為止，高收益市場的表現似乎確實超出了預期。才過了幾個星期。但我認為就在今天，我們為 [Winn] 宣布了一項新交易，這是高收益的，我認為這令人驚訝。

So give us your view on, has this been surprising for you? And how do you expect sort of the high-yield market to evolve through the course of this year?

那麼請告訴我們您的看法，這讓您感到驚訝嗎？您預計今年高收益市場將如何發展？

Yes. Thanks so much for the question. Look, I mean, as I mentioned in the last point, '22 was just a really low base from which compared. So we absolutely do expect to see growth in high yield. As it relates to January and this week, it's really too early to call. We still have quite a few puts and takes on this in terms of the macro variables. But overall, I would guide to what we've been saying around our expectations, first half, second half, how the macro factors play into our overall issuance expectation and how that plays into our Billed Issuance trends.

是的。非常感謝你的問題。看，我的意思是，正如我在最後一點提到的那樣，'22 只是一個非常低的基數。因此，我們絕對希望看到高收益的增長。由於它與 1 月和本周有關，現在打電話還為時過早。就宏觀變量而言，我們仍然有相當多的投入和承擔。但總的來說，我會引導我們圍繞上半年、下半年的預期所說的話，宏觀因素如何影響我們的整體發行預期，以及這如何影響我們的賬單發行趨勢。

Got it. And then secondly, a bigger picture question around the revenue synergies. You've talked about that $85 million run rate for 2023. Give us some additional color on, again, sort of where you've seen these revenue synergies take place, where you have the best results? And then how do we bridge sort of what's the next step to get to that $350 million long term?

知道了。其次，圍繞收入協同效應提出一個更大的問題。你已經談到了 2023 年 8500 萬美元的運行率。再次給我們一些額外的顏色，有點像你看到這些收入協同效應發生的地方，你有最好的結果？然後我們如何彌合下一步達到 3.5 億美元的長期目標？

Faiza, let me start with a general answer, and then I hand it over to Adam for some additional color in Market Intelligence. So in general, what we are seeing is very good activity from a cross-sell perspective. We're speaking about 6,700 referrals or leads that have already been generated, both intra-division and inter-division, with very positive conversion levels across the company. So what we are seeing in general is that customers are really happy to talk to us about what more we can bring to them, how we can add more value.

Faiza，讓我從一個一般性的答案開始，然後我將其交給 Adam 以在市場情報中添加一些顏色。所以總的來說，從交叉銷售的角度來看，我們看到的是非常好的活動。我們談論的是已經產生的 6,700 個推薦或潛在客戶，包括部門內和部門間，整個公司的轉換水平非常積極。所以我們總體上看到的是，客戶真的很樂意與我們談論我們可以為他們帶來更多的東西，我們如何增加更多的價值。

The next phase is, of course, to start to focus on new product development. So that will be the next wave of revenue synergies. But we feel we're definitely well on track, ahead of the timing and the planning that we had originally.

下一階段當然是開始專注於新產品開發。因此，這將是下一波收入協同效應。但我們覺得我們肯定走在正軌上，比我們最初的時間和計劃提前。

And I hand it over to Adam for some additional color.

然後我將它交給 Adam 來添加一些顏色。

Thanks. It's a great question because this is probably the most exciting part of what happens in a merger and bringing together the set of capabilities that we now have. In 2022, this was mostly about cross-sell, selling our products to expanded customer bases that gave us a good early start. And in its first year, we were able to perform on that type of synergy realization.

謝謝。這是一個很好的問題，因為這可能是合併中最令人興奮的部分，並將我們現在擁有的一系列能力結合在一起。 2022 年，這主要是關於交叉銷售，將我們的產品銷售給擴大的客戶群，這給了我們一個良好的開端。在第一年，我們就能夠實現這種協同效應。

As we move into 2023, as Ewout described, it really becomes about building new products that we're able to now deliver because of a combined set of capabilities. Already in 2023, I think 5 of our combined product capabilities are already generating revenue. We have over 20 in the pipeline, and this is just in Market Intelligence alone. These are things like building our sustainability data and capabilities into our workflow solutions, expanding the capacity and capabilities of our Desktop with fixed income and loans information, bringing together workflow solutions and incorporating much larger data sets for customers.

正如 Ewout 所描述的那樣，隨著我們進入 2023 年，它真的變成了構建我們現在能夠交付的新產品，因為有一套綜合的能力。到 2023 年，我認為我們的 5 個組合產品功能已經產生了收入。我們有 20 多個正在籌備中，而這僅在市場情報中。這些是將我們的可持續性數據和功能構建到我們的工作流解決方案中，擴展我們的桌面的容量和功能，包括固定收入和貸款信息，匯集工作流解決方案並為客戶整合更大的數據集。

Think about a private markets customer who also wants to look at public company comparables or basic financial analysis. Those types of combined product offerings are what give us a lot of confidence in our total revenue synergy targets, over $300 million, as we get out into later years, and as I mentioned, the most exciting part of what we're doing.

想一想私人市場客戶也想查看上市公司比較或基本財務分析。這些類型的組合產品讓我們對我們的總收入協同目標充滿信心，超過 3 億美元，隨著我們進入晚年，正如我提到的，這是我們正在做的最令人興奮的部分。

Our next question comes from Owen Lau from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Owen Lau。

Could you please add more color on your partnership with AWS you announced yesterday? And I think it's also somehow related to how you will deploy Kensho in this partnership. But how should we think about the incremental revenue? And expense control opportunity here would be great.

您能否為您昨天宣布的與 AWS 的合作關係添加更多色彩？而且我認為這在某種程度上也與您將如何在此合作夥伴關係中部署 Kensho 有關。但是我們應該如何考慮增量收入呢？這裡的費用控制機會會很棒。

Owen, this is a relationship that we've had for many years. And when we put together the 2 companies and had our merger, we realized that both of us had already very strong relationships with AWS. We had been on a cloud switch for many years.

歐文，這是我們多年的關係。當我們將這兩家公司放在一起並進行合併時，我們意識到我們雙方已經與 AWS 建立了非常牢固的關係。多年來，我們一直在使用雲交換機。

A few years ago before the pandemic, I was visiting an acre of data site where we had hundreds and hundreds of servers. And I said, "Why do we have all these servers? Should we be in the business of having server farms?" And we started a transition of moving to AWS. So over the years, we've developed an incredible partnership with them.

幾年前，在大流行之前，我正在訪問我們擁有成百上千台服務器的佔地一英畝的數據站點。我說，“為什麼我們有所有這些服務器？我們應該從事擁有服務器場的業務嗎？”我們開始過渡到 AWS。因此，多年來，我們與他們建立了令人難以置信的合作夥伴關係。

And you saw yesterday the culmination of the merger, where we've come together to combine contracts, to come up with a new approach to how we're going to run our day-to-day operations. But most exciting is the opportunities that this brings for strategic cooperation, for developing new products, for being able to serve customers with completely new opportunities.

你昨天看到了合併的高潮，我們聚在一起合併合同，想出一種新的方法來管理我們的日常運營。但最令人興奮的是，這帶來了戰略合作、開發新產品以及能夠為客戶提供全新機會的機會。

When we look at our data sets that we have, some of the data that AWS has, how we can bring those together to do completely new innovation. We talked earlier about large language models, the other types of artificial intelligence and machine learning that are shaping markets of the future. We think that the 2 companies together can accelerate what we're already doing.

當我們查看我們擁有的數據集時，AWS 擁有的一些數據，我們如何將這些數據整合在一起進行全新的創新。我們之前談到了大型語言模型、正在塑造未來市場的其他類型的人工智能和機器學習。我們認為兩家公司的合作可以加速我們已經在做的事情。

We see that AWS has, for us, been an incredible partner. We're pleased with this approach to a contract. We just signed the contract yesterday, in addition, that we will follow-up with some strategic aspects later on in a follow-up.

我們看到 AWS 對我們來說是一個了不起的合作夥伴。我們對這種合同處理方式感到滿意。我們昨天剛剛簽了合同，另外，我們會在後續跟進一些戰略方面的問題。

But you asked some questions about the financial aspects, and I'll ask Ewout to answer that part.

但是你問了一些關於財務方面的問題，我會請 Ewout 回答那部分。

If we think about the contractual agreement we're having with AWS, this is about a $1 billion spend in total over the next 5 years. To put that in perspective, we will continue with a multi-cloud philosophy. And in total, according to our forecast, we would actually be spending more than $1 billion on cloud compute over the next couple of years. So this is not an increase in spend in total, this is exactly in line or actually is -- our total cloud forecast is actually higher than this particular number.

如果我們考慮一下我們與 AWS 簽訂的合同協議，未來 5 年的總支出約為 10 億美元。從這個角度來看，我們將繼續採用多雲理念。總的來說，根據我們的預測，未來幾年我們實際上將在雲計算上花費超過 10 億美元。所以這不是總支出的增加，這完全符合或實際上是——我們的雲計算總預測實際上高於這個特定數字。

But what this brings to us is 2 very significant benefits. The first is, of course, that by combining the S&P Global and IHS Markit contracts at this moment in this new partnership with AWS, we will be able to generate very significant cost synergies as part of the new contract.

但是這給我們帶來的是2個非常顯著的好處。首先，當然，通過在與 AWS 的新合作夥伴關係中結合 S&P Global 和 IHS Markit 合同，作為新合同的一部分，我們將能夠產生非常顯著的成本協同效應。

And secondly, as Doug already said, and this is actually more important from my perspective, is the strategic partnership because this will help to advance our technology innovation. We will be able to combine leading technologies and platforms and data sets of both companies. We'll be able to add specific capabilities that we are having on both sides, including the Kensho AI capabilities, of course.

其次，正如道格已經說過的，從我的角度來看，這實際上更重要，是戰略合作夥伴關係，因為這將有助於推進我們的技術創新。我們將能夠結合兩家公司的領先技術、平台和數據集。我們將能夠添加雙方都擁有的特定功能，當然包括 Kensho AI 功能。

And the most important, that will end up with a really very incredible customer experience that we expect to enhance over the next few years.

最重要的是，這最終將帶來非常令人難以置信的客戶體驗，我們希望在未來幾年內加強這種體驗。

Got it. That's very helpful. And then the other one is on your investment in private market. So what kind of angle or what kind of new solutions you will be launching this year? And I know you're going to provide more disclosures on revenue this year, but do you have any target this year?

知道了。這很有幫助。然後另一個是關於您在私人市場的投資。那麼今年你們會以什麼樣的角度或者什麼樣的新方案推出呢？我知道你今年會提供更多的收入披露，但你今年有什麼目標嗎？

Owen, it's Adam. Happy to take that. So private markets continue to expand. You're seeing continued issuance of private debt increasing, regulatory pressures for disclosure, needs to monitor, report, test; and report against sustainability metrics, manage large private equity and private credit portfolios. That requires things like valuations, reporting tools, portfolio monitoring tools. These are all areas where we already have a significant footprint, and we're well positioned to deliver additional solutions to the market.

歐文，是亞當。很高興接受那個。因此，私人市場繼續擴大。你看到私人債務的持續發行增加，披露的監管壓力，需要監控、報告、測試；報告可持續性指標，管理大型私募股權和私人信貸投資組合。這需要諸如估值、報告工具、投資組合監控工具之類的東西。這些都是我們已經擁有重要足蹟的領域，並且我們有能力向市場提供更多解決方案。

While you see in this year some tempering in fundraising, I think everyone agrees this is an asset class that will continue to grow. And the types of solutions that I described, workflow solutions, regulatory reporting, valuations, portfolio monitoring, all have significant room for continued growth.

雖然你看到今年籌款活動有所緩和，但我認為每個人都同意這是一個將繼續增長的資產類別。我描述的解決方案類型，工作流解決方案、監管報告、估值、投資組合監控，都有很大的持續增長空間。

And Owen, this is Martina. I'll just add in a little bit here from a Ratings standpoint. So private markets, it does contribute quite a bit to our overall business, whether it's in syndicated loans, through M&A, LBO activity, et cetera. And we also obviously rate the asset managers, the portfolio company sponsors, BDCs. And we do quite a bit of credit analysis work to support multiple uses in that sector.

歐文，這是瑪蒂娜。從評級的角度來看，我只是在這裡添加一點。因此，私人市場確實對我們的整體業務做出了相當大的貢獻，無論是在銀團貸款中，還是通過併購、槓桿收購活動等。我們也顯然對資產管理公司、投資組合公司贊助商、BDC 進行了評級。我們做了相當多的信用分析工作來支持該領域的多種用途。

We've good relationships with key players. And we've been ramping up engagement over the last couple of years, a lot of good dialogue, a lot of interest in new opportunities. What we saw in private debt specifically in 2022 was a growth that was fueled somewhat by the closure of the public markets. And we have heard a lot of interest from customers with pent-up demand looking to come out to the public markets.

我們與關鍵參與者有著良好的關係。在過去的幾年裡，我們一直在加強參與，進行了很多良好的對話，對新機會產生了濃厚的興趣。我們在 2022 年特別是在私人債務中看到的是公共市場關閉在一定程度上推動了增長。我們已經聽到客戶對希望進入公開市場的被壓抑需求的濃厚興趣。

But overall, we see there's a lot of opportunity here, not just in business and activity coming back to the public markets, but also in working very closely with our private market clients.

但總的來說，我們看到這裡有很多機會，不僅是在業務和活動回到公開市場方面，而且在與我們的私人市場客戶密切合作方面也是如此。

Our next question comes from Stephanie Moore from Jefferies.

我們的下一個問題來自 Jefferies 的 Stephanie Moore。

I wanted to touch on the Mobility business. I think there's a lot of dynamics that are happening in 2023, whether it's a decline in used car prices, increased production in new. How do you view the business is going to kind of stack up this year, just given all these dynamics? I think in the -- CARFAX has proven to be pretty resilient, but at the same time, I think, could benefit in this environment. But would love to get your thoughts, of maybe that's not the right way to think about it, or if there's other drivers that we should be aware of.

我想談談移動業務。我認為 2023 年會發生很多動態，無論是二手車價格下降，還是新車產量增加。考慮到所有這些動態，您如何看待今年的業務會有所增加？我認為 - CARFAX 已被證明具有相當的彈性，但與此同時，我認為它可以在這種環境中受益。但很想听聽您的想法，也許這不是正確的思考方式，或者是否還有其他我們應該注意的驅動因素。

Yes, Stephanie, this is Doug. When you look at the Mobility business, you have to think about all of the different capabilities that we have across the business. And this starts with CARFAX, which you mentioned. There's a set of products on automotiveMastermind, Polk analytics.

是的，斯蒂芬妮，這是道格。當你審視移動業務時，你必須考慮我們在整個業務中擁有的所有不同能力。這從您提到的 CARFAX 開始。 automotiveMastermind、Polk analytics 上有一組產品。

What you think about is that, all the way from the OEMs to the suppliers, to the dealers, to the insurance companies, to the financial institutions that are financing the automotive sector, all of them are looking for data and analytics. And we've seen an incredible digital transformation that's taken place over the last 3 years with a lot of volatility in the automotive markets, and all of this has driven all these different types of players to the Mobility business for data, for analytics, for research, for forecasting.

你想的是，從原始設備製造商到供應商、經銷商、保險公司，再到為汽車行業融資的金融機構，他們都在尋找數據和分析。我們已經看到過去 3 年發生的令人難以置信的數字化轉型，汽車市場波動很大，所有這些都促使所有這些不同類型的參與者轉向移動業務以獲取數據、分析、研究，用於預測。

In addition to that, we see an incredible transformation taking place in the industry with electric vehicles. And so electric vehicles is also introducing a new element, which is also bringing all of these types of people back to the markets for more data and analytics.

除此之外，我們還看到電動汽車行業正在發生令人難以置信的變革。因此，電動汽車也引入了一種新元素，這也將所有這些類型的人帶回市場以獲取更多數據和分析。

We've seen that we can benefit in different types of markets depending on whether it's used cars, it's new cars, whether it's how a dealer is going to be working with incentives. And so we believe that the market -- that the business is very resilient, depending on whatever the factors are. We're watching very carefully. And we actually use our own data to forecast our own business.

我們已經看到，我們可以在不同類型的市場中受益，這取決於它是二手車、新車，還是經銷商將如何使用激勵措施。因此，我們相信市場 - 業務非常有彈性，這取決於任何因素。我們正在非常仔細地觀察。我們實際上使用我們自己的數據來預測我們自己的業務。

And Stephanie, let me give you in terms of some of the revenue drivers a little bit in addition to what Doug said. So with the market normalization, the higher inventory levels, the prices for new and used cars that are coming down, we see the following dynamics for our revenue drivers.

斯蒂芬妮，除了道格所說的之外，讓我在一些收入驅動因素方面給你一點。因此，隨著市場正常化、更高的庫存水平、新車和二手車的價格下降，我們看到了收入驅動因素的以下動態。

On the one hand, that will mean that margins for OEMs and dealers most likely will come down a bit, having an impact on some of the retention levels. But on the other hand, we have the marketing and sales products that are being used. And there will be a higher demand going forward for those products.

一方面，這意味著原始設備製造商和經銷商的利潤率很可能會有所下降，從而對某些保留水平產生影響。但另一方面，我們有正在使用的營銷和銷售產品。未來對這些產品的需求會更高。

So you could say there is a kind of an offset in terms of the new dynamics in the different revenue streams that we're having. Therefore, we're quite confident that we are able to hit that 6.5% to 8.5% growth level in the current automotive markets and the new dynamics that we're seeing.

所以你可以說，就我們擁有的不同收入來源的新動態而言，存在一種抵消。因此，我們非常有信心能夠在當前的汽車市場和我們看到的新動態中達到 6.5% 至 8.5% 的增長水平。

And then just given the current market dynamics, do you think that we could expect to see maybe a more potential M&A activity? As well as are there other opportunities, as you kind of evaluate your current portfolio, for maybe divestitures or sales that might make sense kind of going forward? How would you kind of characterize those opportunities?

然後就目前的市場動態而言，您認為我們是否可以期待看到更有潛力的併購活動？除了評估您當前的投資組合時，是否還有其他機會進行可能有意義的資產剝離或出售？您如何描述這些機會？

As you know, we look at the key secular trends and drivers of value across all of the markets. And you heard us talk about those on Investor Day. They relate to things like the changes that are taking place in capital markets, internationalization of financial markets, private markets which we've talked about, sustainability, and the shift from active to passive, supply chain analytics, the approach to all companies looking at becoming digitized and how data and analytics play.

如您所知，我們著眼於所有市場的主要長期趨勢和價值驅動因素。你在投資者日聽到我們談論這些。它們涉及資本市場正在發生的變化、金融市場的國際化、我們談到的私人市場、可持續性以及從主動到被動的轉變、供應鏈分析、所有公司關注的方法數字化以及數據和分析如何發揮作用。

And so when we look across our portfolio, we look at what are those growth drivers for each of our businesses? And as you know, we could be opportunistic if we looked at something for some sort of opportunity to bring a business into the portfolio. But we also know that we are going to look over the long run and see, what is the type of portfolio we want to have? Are we the best owner of the businesses that we have in the portfolio? So you should assume that we're going to continue with the discipline we've always had when it comes to M&A.

因此，當我們審視我們的投資組合時，我們會看看我們每項業務的增長動力是什麼？如您所知，如果我們尋找某種機會將業務納入投資組合，我們可能會投機取巧。但我們也知道，我們要從長遠來看，看看我們想要擁有什麼樣的投資組合？我們是投資組合中業務的最佳所有者嗎？因此，您應該假設我們將繼續遵循我們在併購方面一貫遵守的紀律。

Our next question comes from Manav Patnaik from Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

This is [Brendan] on for Manav. Just wanted to ask on the ESG and climate transition revenue which you guys are reporting on, which will be great. So what are you including in that? And then what's driving your assumption for the growth in 2023?

我是 Manav 的 [Brendan]。只是想問問你們報告的 ESG 和氣候轉型收入，這很好。那你包括什麼？那麼是什麼推動了您對 2023 年增長的假設？

So if you look at the revenues that we have reported for 2022 under the old definition and inclusion for ESG, $209 million. We're adding 3 new categories. And therefore, we call the new revenue base, Sustainability & Energy Transition. You can find the details in the appendix of the slide deck.

因此，如果您查看我們根據 ESG 的舊定義和包容性報告的 2022 年收入，即 2.09 億美元。我們正在添加 3 個新類別。因此，我們將新的收入基礎稱為可持續性和能源轉型。您可以在幻燈片的附錄中找到詳細信息。

But the 3 main categories that we're adding is: Revenues from EVs, and that is coming from the Mobility business; revenues with respect to energy transition for the Commodities Insights business; and then thematic factors coming from the Index business.

但我們要添加的 3 個主要類別是： 來自電動汽車的收入，來自移動業務； Commodities Insights 業務在能源轉型方面的收入；然後是來自指數業務的主題因素。

So those 3 categories we are adding into the new definition that brings the baseline for 2022 to $247 million. And there, we expect to grow from there with a CAGR of about 34% over the next few years. And our expectation is still that this will become an $800 million business by 2026.

因此，我們將這 3 個類別添加到新定義中，使 2022 年的基線達到 2.47 億美元。在那裡，我們預計未來幾年的複合年增長率將達到 34% 左右。我們仍然期望到 2026 年這將成為一項價值 8 億美元的業務。

Great. And then switching over just to the maturity walls. I guess, just what are you hearing from corporate treasurers? I know, obviously, the -- 2024, we expect to see pick up in the next couple of years, but they could still wait a little longer if they want to. But at the same time, rates and spreads have kind of settled. So just what are you hearing from treasurers on that?

偉大的。然後切換到成熟度牆。我想，您從公司財務主管那裡聽到了什麼？我知道，很明顯，到 2024 年，我們預計在未來幾年內會有所好轉，但如果他們願意，他們仍然可以再等一段時間。但與此同時，利率和利差已經穩定下來。那麼你從財務主管那裡聽到了什麼？

Brendan, it's Martina. I can answer that question. So obviously as part of our issuance, we look very closely at the maturity wall data. It's a little difficult to figure out specifically the precise numbers around things like refinancing, which I think goes to the heart of your question. We know historically much of what gets labeled as general corporate purposes has been used for refinancing.

布倫丹，是瑪蒂娜。我可以回答那個問題。因此，很明顯，作為我們發行的一部分，我們非常仔細地查看了到期牆數據。很難具體計算出關於再融資等事情的精確數字，我認為這是你問題的核心。從歷史上看，我們知道很多被標記為一般公司用途的東西都被用於再融資。

What I would say is we're seeing, as you would have seen in our presentation, about $2 trillion to $2.5 trillion in corporate debt rated by us maturing over the next 6 years.

我要說的是，正如您在我們的演示文稿中看到的那樣，我們將在未來 6 年內到期的公司債務約為 2 萬億至 2.5 萬億美元。

2023 still has about $1.8 trillion of maturities as of January 1. So we expect refinancing activity this year with any potential early refinancing coming from 2024 maturities.

截至 1 月 1 日，2023 年仍有約 1.8 萬億美元的到期債券。因此，我們預計今年會有再融資活動，任何潛在的提前再融資都來自 2024 年的到期債券。

We -- a couple of the key points in terms of what we hear. We don't see any indication of deleveraging, for example, on a meaningful scale. We also are paying close attention to what we see in terms of inflation and interest rates stabilizing somewhat in the second part of the year.

我們——就我們所聽到的而言，有幾個關鍵點。例如，我們沒有看到任何有意義的去槓桿化跡象。我們還密切關注我們在今年下半年看到的通脹和利率趨於穩定的情況。

So there's still some room for opportunistic issuance, but it's pretty uncertain, as I'd mentioned earlier.

所以機會主義發行仍有一些空間，但它非常不確定，正如我之前提到的那樣。

Our next question comes from Jeff Meuler from Baird.

我們的下一個問題來自 Baird 的 Jeff Meuler。

I think for Martina. How closely are current resources within Ratings aligned to recent volume trends? Obviously, there's been a lot of ebb and flow in volumes in recent years. I guess, just wondering to what extent you have excess capacity and we see good incremental margins other than the incentive comp normalization with incremental revenues? Or I don't know if you're running tighter than it may appear, given that maybe things were stretched in a couple of years ago.

我認為是瑪蒂娜。 Ratings 中的當前資源與最近的數量趨勢有多接近？顯然，近年來交易量起起落落。我想，只是想知道您在多大程度上擁有過剩產能，並且我們看到了良好的增量利潤率，而不是隨著增量收入的激勵補償正常化？或者我不知道你是否比看起來更緊張，因為幾年前事情可能已經緊張了。

Thanks for the question, Jeff. Well, we strive to manage our business to absorb shocks, and you'll see that we've maintained our analytical capacity over the last couple of years. In some higher-growth areas, we've invested a little more capacity ahead of a recovery that we're expecting later this year.

謝謝你的問題，傑夫。好吧，我們努力管理我們的業務以吸收衝擊，你會看到我們在過去幾年中一直保持著我們的分析能力。在一些高增長領域，我們在今年晚些時候預期的複甦之前投資了更多的產能。

The market, as you know, needs research or insights around the Ratings. And the demand for this increased dramatically during the last couple of years with the uncertainty and the volatility. So we have -- we've worked very hard to maintain our capacity for that, as well as to anticipate increases in the latter part of this year in volumes.

如您所知，市場需要圍繞評級進行研究或洞察。在過去幾年中，由於不確定性和波動性，對此的需求急劇增加。所以我們 - 我們一直在努力保持我們的能力，並預計今年下半年的銷量會增加。

We have done some small changes in the past year or so as part of continuing to enhance our operating model. And we're, as I said during Investor Day, always prudent with our expenses, very disciplined around all the levers that we have, whether it's location strategy, T&E. And of course, we have benefited substantially from the shared cost synergies with the merger.

在過去一年左右的時間裡，我們做了一些小的改變，作為繼續增強我們運營模式的一部分。正如我在投資者日所說，我們始終謹慎對待我們的開支，對我們擁有的所有槓桿都非常自律，無論是位置戰略、T&E。當然，我們從合併的共享成本協同效應中受益匪淺。

And the last point I would make on this is, look, in any extreme scenario, we would clearly examine all of our options. But right now, we are very comfortable with the analytical levels that we have.

我要說的最後一點是，看，在任何極端情況下，我們都會清楚地檢查我們所有的選擇。但是現在，我們對我們擁有的分析水平非常滿意。

That's it for me. Thanks for the enhanced disclosure.

對我來說就是這樣。感謝您加強披露。

Our next question comes from Ashish Sabadra from RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

I just wanted to -- I have a 2-part question on the Market Intelligence. First is on the Credit & Risk Solution. There was a modest slowdown there. There was a reference to financial risk analytics. I was wondering if you can talk about how should we think about those trends going into '23.

我只是想 - 我有一個關於市場情報的兩部分問題。首先是信用與風險解決方案。那裡出現了適度的放緩。其中提到了財務風險分析。我想知道你是否可以談談我們應該如何考慮進入 23 世紀的那些趨勢。

And then my second question was just on the Data & Advisory Solutions, that continues to be pretty strong. And I was wondering if you can talk about how the combination of IHS and S&P data on global marketplace has been driving more customer conditions on that front. And also how the cloud distribution can potentially have the potential to -- sorry, has the potential to further accelerate the growth in that business.

然後我的第二個問題只是關於數據和諮詢解決方案，它仍然非常強大。我想知道你是否可以談談 IHS 和標準普爾在全球市場上的數據如何在這方面推動更多的客戶條件。以及雲分佈如何可能有潛力——抱歉，有可能進一步加速該業務的增長。

Ashish, thanks for the question. First, let me just take the Credit & Risk Solutions piece of the question. We mentioned FRA. This is a business that is a large software delivery, had a large delivery in Q4 of 2021. So you have a year-on-year comparable that made Q4 of 2022 a challenging quarter. So I think that's the thing that Ewout called out earlier that you're referring to.

阿希什，謝謝你的提問。首先，讓我只回答問題中的信用和風險解決方案部分。我們提到了法蘭克福。這是一項大型軟件交付業務，在 2021 年第四季度進行了大規模交付。因此，你有一個同比可比性，這使得 2022 年第四季度成為一個充滿挑戰的季度。所以我認為這就是 Ewout 之前提到的事情。

The underlying business remained very strong. This is our RatingsDirect, RatingsXpress capabilities, and they -- it continues to grow as it has historically. It actually has a really exciting path forward as we move more and more capabilities into our corporate customers, and particularly our credit analytics capabilities. So quite excited about that forward.

基礎業務仍然非常強勁。這是我們的 RatingsDirect、RatingsXpress 功能，而且它們——它繼續像歷史一樣增長。隨著我們將越來越多的能力轉移到我們的企業客戶，尤其是我們的信用分析能力，它實際上有一條非常令人興奮的前進道路。對那個前進感到非常興奮。

Second, I think you asked about our Data & Advisory Solutions. This is a broad set of data capabilities that we can bring to bear for our customers. Even just this morning, I saw a large win with an Australian bank where, because of the combined sets of data that we now have in the combined enterprise, we're able to respond to very broad RFPs, to satisfy needs of customers across a wide range of applications and credit and risk management within their firms. So I do expect that to continue.

其次，我想你問過我們的數據和諮詢解決方案。這是我們可以為客戶提供的一組廣泛的數據功能。即使就在今天早上，我也看到了一家澳大利亞銀行的巨大勝利，由於我們現在在合併後的企業中擁有組合數據集，我們能夠響應非常廣泛的 RFP，以滿足客戶的需求他們公司內廣泛的應用程序以及信用和風險管理。所以我確實希望這種情況會繼續下去。

I think even as the synergies come more to the front and we're able to integrate those data sets together, and this will lead into an answer to your cloud question. I think as we integrate those data sets together more and more, we're increasing the scope of opportunity we have to even further accelerate in our Data & Advisory businesses.

我認為即使協同作用更加突出，我們也能夠將這些數據集整合在一起，這將導致您對雲問題的回答。我認為，隨著我們越來越多地將這些數據集集成在一起，我們正在擴大我們必須進一步加速數據和諮詢業務的機會範圍。

On the cloud, many of our applications today already run in the cloud, as Ewout highlighted in the description of the AWS relationship. This is a long-standing relationship. What we're about to do now is to launch the next phase and really complete that full cloud migration. Once all applications and our data capabilities are in the cloud, and we've launched a full multi-cloud capability across our data sets, this gives us the opportunity to be much more efficient in developing new products, delivering those products out to customers in the way that they want, making available wide sets of data for the application of data science and artificial intelligence.

在雲端，我們今天的許多應用程序已經在雲端運行，正如 Ewout 在描述 AWS 關係時強調的那樣。這是一種長期存在的關係。我們現在要做的是啟動下一階段並真正完成完整的雲遷移。一旦所有應用程序和我們的數據功能都在雲中，並且我們已經在我們的數據集中啟動了完整的多雲功能，這使我們有機會更有效地開發新產品，將這些產品交付給客戶他們想要的方式，為數據科學和人工智能的應用提供廣泛的數據集。

I really do think this is a very important part of the continued acceleration in the broad scope of capabilities we have within Market Intelligence. And you'll see that reflected in that Data & Advisory business and many of the other solutions that we deliver out to customers.

我真的認為這是我們在市場情報中擁有的廣泛能力持續加速的一個非常重要的部分。您會在數據和諮詢業務以及我們向客戶提供的許多其他解決方案中看到這一點。

Our next question comes from Russell Quelch from Redburn.

我們的下一個問題來自 Redburn 的 Russell Quelch。

First question is on buybacks, and this may just be a check. But when you return the after-tax capital from the Engineering Solutions sale, will that be considered part of the $3.3 billion permissible buyback for 2023? Or would this be incremental to that?

第一個問題是關於回購，這可能只是一張支票。但是，當您從工程解決方案銷售中返還稅後資本時，這是否會被視為 2023 年 33 億美元的允許回購的一部分？或者這會是增量嗎？

That's actually included in the $3.3 billion, Russell. So how that buildup is, how you can take our free cash flow forecast and guidance for this year, 85% of that. Deduct the dividends that we will pay out. Add the $750 million net proceeds for Engineering Solutions. And that brings you to the $3.3 billion capacity for buybacks for 2023.

這實際上包括在 33 億美元中，拉塞爾。那麼，這種積累是怎樣的，你如何接受我們今年的自由現金流預測和指導，其中 85%。扣除我們將支付的股息。加上工程解決方案的 7.5 億美元淨收益。這使您達到 2023 年 33 億美元的回購能力。

Perfect. And my second question is probably for Martina -- well, it is for Martina. The chart on Slide 15 shows maturities are expected to be about $1.8 billion (sic) [$1.8 trillion], if I get my ruler out, for this year. Can you give us an idea of how big maturities were last year in 2022, so we can back out what the impact of maturities is on expected growth versus pricing and new issues?

完美的。我的第二個問題可能是給瑪蒂娜的——好吧，是給瑪蒂娜的。幻燈片 15 上的圖表顯示，如果我拿出我的尺子，今年的到期日預計約為 18 億美元（原文如此）[1.8 萬億美元]。您能否告訴我們去年 2022 年的到期日有多大，這樣我們就可以得出到期日對預期增長與定價和新問題的影響是什麼？

Yes. Thanks for the question, Russell. I don't have the '22 maturity numbers in front of me. There's maybe a way to -- let me know if this is helpful.

是的。謝謝你的問題，拉塞爾。我面前沒有 22 年的成熟度數字。也許有一種方法——讓我知道這是否有幫助。

2022, we saw overall lower volume of maturities. And the reason why, it's because you actually have to go back 2 years prior to that. There was a ton of pull-forward done and opportunistic tapping to the market done in 2020 and 2021 because rates were so low. So not sure if that's helpful for you.

到 2022 年，我們看到到期日的整體數量下降。之所以如此，是因為你實際上必須回到那之前的 2 年。由於利率如此之低，在 2020 年和 2021 年進行了大量的前瞻性和機會主義的市場開發。所以不確定這是否對你有幫助。

But the number you're seeing for 2023 in our chart is $1.8 trillion as of the 1st of January of this year. We're anticipating that. We think there is a possibility for a little bit of pull-forward from '24. But we really have to see how the year plays out between the first and second half.

但截至今年 1 月 1 日，您在我們的圖表中看到的 2023 年的數字是 1.8 萬億美元。我們期待這一點。我們認為有可能從 24 年開始稍微提前。但我們真的必須看看今年上半年和下半年的表現如何。

Okay. Yes, sorry I said billion. Yes, so just to check your answer there. So the number of $1.8 trillion is higher than what you saw in 2022? Or lower than what you saw in 2022?

好的。是的，對不起，我說十億。是的，所以只是為了檢查你的答案。那麼 1.8 萬億美元的數字是否高於您在 2022 年看到的數字？還是低於您在 2022 年看到的水平？

It's higher. What was executed -- compared to what was executed in '22, it's higher on refinancing.

它更高。執行了什麼——與 22 年執行的相比，它在再融資方面更高。

Our final question comes from Shlomo Rosenbaum from Stifel.

我們的最後一個問題來自 Stifel 的 Shlomo Rosenbaum。

This is [Adam] on for Shlomo. What were the onetime expenses for Indices? Can you provide more color on the strategic investments in this unit? I know you mentioned multi-asset class indices earlier. Can you talk about anything else beyond that?

這是 [Adam] 替補 Shlomo。指數的一次性費用是多少？你能提供更多關於這個部門的戰略投資的顏色嗎？我知道您之前提到過多資產類別指數。你能談談除此之外的其他事情嗎？

So if you look at expenses for the Index business in the fourth quarter, you should see that in the context of that this is a business that is investing in the context of driving faster future growth.

因此，如果您查看第四季度指數業務的支出，您應該會發現，在這種背景下，這是一家在推動未來更快增長的背景下進行投資的企業。

And one of those things that you see in the quarter is some consulting spend to help the business with a very large transformation to move to more agile working environment, to be much faster in terms of product development, much faster in terms of new entrepreneurial initiatives. And that needed some investments in the quarter from a consulting perspective to make those changes.

你在本季度看到的其中一件事是一些諮詢支出，以幫助企業進行非常大的轉型，以轉向更靈活的工作環境，在產品開發方面更快，在新的創業計劃方面更快.從諮詢的角度來看，這需要在本季度進行一些投資才能做出這些改變。

Also what you see is strategic investments in new product areas like multi-asset class that was already discussed earlier in the call, but also sustainability, thematics, factors, et cetera. So that should position the Index business very well to deliver on the double-digit revenue growth in 2025 and 2026 that we discussed during our Investor Day with margins in the high 60s level.

此外，您還看到了對新產品領域的戰略投資，例如電話會議早些時候已經討論過的多資產類別，還有可持續性、主題、因素等。因此，這應該能夠很好地定位指數業務，以實現我們在投資者日討論的 2025 年和 2026 年兩位數的收入增長，利潤率達到 60 多歲的高水平。

So really, I have to say I'm really impressed by the Index business. They take very decisive actions. They're transforming their business and setting themselves up on a faster-growth trajectory. And the expenses you see in the fourth quarter, you should interpret in the context of that.

所以真的，我不得不說指數業務給我留下了深刻的印象。他們採取非常果斷的行動。他們正在轉變業務，並使自己走上更快的增長軌道。你在第四季度看到的支出，你應該在這個背景下進行解釋。

Well, thank you, everyone. As I mentioned earlier, despite the challenging market conditions, 2022 was a year of resilience, of decisive action and investment for the future.

嗯，謝謝大家。正如我之前提到的，儘管市場環境充滿挑戰，但 2022 年是充滿韌性、果斷行動和對未來投資的一年。

We're really proud of all the accomplishments we had last year, especially the merger with IHS Markit and our bold new strategic vision: Powering Global Markets. This is going to allow us to take advantage of secular trends that we've been mentioning throughout the call, like energy transition and private markets and the need for analytics and insights in turbulent markets. And we think we're very well positioned for growth in 2023 and beyond.

我們為去年取得的所有成就感到非常自豪，尤其是與 IHS Markit 的合併以及我們大膽的新戰略願景：為全球市場提供動力。這將使我們能夠利用我們在整個電話會議中一直提到的長期趨勢，例如能源轉型和私人市場以及在動蕩的市場中對分析和洞察力的需求。我們認為我們為 2023 年及以後的增長做好了充分準備。

But the reason we're successful is because of the tremendous people that we have in this company. And I want to thank them again for all the work that they did throughout 2022 and all they're doing to help shape the future of S&P Global.

但我們之所以成功，是因為我們在這家公司擁有大量的人才。我要再次感謝他們在整個 2022 年所做的所有工作，以及他們為幫助塑造 S&P Global 的未來所做的一切。

I also want to thank all of you that joined the call today for your excellent questions. We are very excited about our future, and can't wait to share more with you throughout the year. So thank you for joining us today.

我還要感謝今天加入電話會議的所有人提出的精彩問題。我們對我們的未來感到非常興奮，迫不及待地想在這一年中與您分享更多。感謝您今天加入我們。

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。現在可以從 investor.spglobal.com 下載演示幻燈片的 PDF 版本。整個通話的重播將在大約 2 小時後提供。帶音頻和幻燈片的網絡廣播將在 S&P Global 網站上保留 1 年。純音頻電話重播將保留 1 個月。

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

我們代表 S&P Global 感謝您的參與並祝您有個美好的一天。