標普全球 (SPGI) 2023 Q1 法說會逐字稿

Good morning, and welcome to S&P Global's First Quarter 2023 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions) To access the webcast and slides, go to investor.spglobal.com. (Operator Instructions)

各位早安，歡迎參加 S&P Global 2023 年第一季財報電話會議。我想提醒各位，本次電話會議將被錄音以供播出。（接線員指示）如需收看網路直播與投影片，請前往 investor.spglobal.com。（接線員指示）

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

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

Good morning, and thank you for joining today's S&P Global First Quarter 2023 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 Saugata Saha, President of S&P Global Commodity Insights; and Dan Draper, CEO of S&P Dow Jones Indices.

各位早安，感謝各位參加今天的 S&P Global 2023 年第一季財報電話會議。今天出席簡報的有總裁暨執行長 Doug Peterson，以及執行副總裁暨財務長 Ewout Steenbergen。在今天的問答環節，我們也將邀請 S&P Global Commodity Insights 總裁 Saugata Saha，以及 S&P Dow Jones Indices 執行長 Dan Draper 一同參與。

We issued a press release with our results earlier today. In addition, we have posted a supplemental slide deck with additional information on our results and guidance. If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com.

我們已於今日稍早發布新聞稿公布本次業績。此外，我們也上傳了一份補充投影片簡報，提供更多關於業績與財測指引的資訊。如需新聞稿與財務附表或補充簡報，可至 investor.spglobal.com 下載。

The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. Additional information concerning these risks and uncertainties can be found in our most recent Form 10-K filed with the U.S. Securities and Exchange Commission.

今日電話會議所討論事項可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括對未來事件的預測、估計與描述。任何此類陳述均基於目前預期與當前經濟狀況，並受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所預期的結果出現重大差異。關於上述風險與不確定性的更多資訊，請參閱我們最近向美國證券交易委員會提交的 Form 10-K。

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 financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we're providing. And the earnings release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures.

在今日的財報新聞稿以及本次電話會議中，我們提供非 GAAP 調整後的財務資訊。提供此資訊旨在使投資人能在不同期間之間對公司營運表現進行有意義的比較，並以與管理階層相同的視角檢視公司業務。財報新聞稿中亦包含依 GAAP 計算、且與我們所提供之非 GAAP 指標相對應的財務衡量指標。此外，財報新聞稿與補充簡報亦包含 GAAP 與非 GAAP 指標之間的調節表。

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.

我也想提醒各位注意一項特定的歐洲法規。任何已持有或預期取得 S&P Global 5% 或以上所有權的投資人，應聯繫投資人關係部門，以更充分了解該法規可能對投資人及公司造成的影響。

We're aware that we have some media representatives with us on the call. However, this call is intended for investors. And we would ask that questions from the media be directed to our Media Relations team, whose contact information can be found in the press release.

我們知道本次電話會議中有部分媒體代表與會。然而，本次會議主要面向投資人。我們也請媒體的提問改向我們的媒體關係團隊提出，其聯絡資訊可於新聞稿中查詢。

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

現在，我想把電話會議交給 Doug Peterson。Doug？

Thank you, Mark. As we look at this quarter's highlights, I want to remind you that the financial metrics we'll be discussing today refer to the 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.

謝謝你，Mark。在回顧本季重點之前，我想提醒各位：除非明確指出為 GAAP，否則我們今天討論的財務指標，係指本期的非 GAAP 調整後指標、我們 2023 年的調整後財測指引，以及去年同期的非 GAAP 備考（pro forma）調整後指標。

We're pleased to report 3% revenue growth in the first quarter compared to pro forma results in the year-ago period. We continue to generate substantial synergies and manage our other expenses with discipline as demonstrated by the 1% growth in total adjusted expenses in the first quarter. Our focus on top line growth and expense management resulted in an expansion of more than 100 basis points in the adjusted margin and a 9% year-over-year growth in adjusted EPS.

我們很高興報告，第一季營收相較去年同期的備考結果成長 3%。我們持續創造可觀的協同效益，並以紀律管理其他費用，第一季調整後總費用僅成長 1% 即為明證。我們對營收成長與費用管理的聚焦，使調整後利潤率擴張超過 100 個基點，調整後 EPS 年增 9%。

In addition to our strong financial results, we also made progress on many of the strategic initiatives we laid out for you at Investor Day. We continued to prioritize innovation in our technology budgets and reached important milestones in our cloud migration. We also hosted a record-breaking CERAWeek in the first quarter. And we also expanded our lead in AI with Kensho releasing two more commercially available products built on our proprietary AI and machine learning platforms. We'll discuss these important highlights in more detail in a moment.

除了強勁的財務表現之外，我們在投資人日向各位說明的多項策略性計畫上也取得進展。我們持續在科技預算中優先投入創新，並在雲端遷移方面達成重要里程碑。我們也在第一季舉辦了創紀錄的 CERAWeek。此外，Kensho 以我們自有的 AI 與機器學習平台為基礎，再推出兩項可商用的新產品，進一步擴大我們在 AI 領域的領先優勢。稍後我們將更詳細說明這些重要亮點。

One of the key messages from our Investor Day last December was the introduction of the five pillars that drive our strategy of Powering Global Markets. Beginning this quarter, we'll be discussing our results using that same framework. We use these pillars as a lens to inform our decisions on capital allocation and organic investment that impact our people, our customers and the communities in which we live and work.

去年 12 月投資人日的關鍵訊息之一，是我們介紹了推動「賦能全球市場（Powering Global Markets）」策略的五大支柱。自本季起，我們將以相同架構來討論業績。我們以這些支柱作為視角，協助我們在資本配置與內生成長投資上的決策，並影響我們的員工、客戶，以及我們生活與工作的社區。

First, I want to start with our customers. Delivering value to our customers drives every decision we make at S&P Global. We constantly hear from our customers that they are focused on the same thing as we are. During the first quarter in almost every customer conversation I had, we discussed energy transition and sustainability as well as our products that serve private markets.

首先，我想從客戶談起。為客戶創造價值驅動著 S&P Global 的每一項決策。我們不斷從客戶那裡聽到，他們關注的重點與我們一致。在第一季，我幾乎每一次與客戶的對話都談到能源轉型與永續發展，以及我們服務私募市場的產品。

We continue to see evidence of the value we create for our customers. We saw strong and stable retention rates in the first quarter with year-over-year improvements in Commodity Insights and several products in other divisions. As expected and previously discussed, retention rates in Mobility have declined modestly as automotive inventory levels and volumes start to normalize.

我們持續看到為客戶創造價值的證據。第一季留存率表現強勁且穩定，Commodity Insights 以及其他事業部的多項產品留存率亦較去年同期改善。如同預期且先前已討論，Mobility 的留存率隨著汽車庫存水位與銷量開始正常化而小幅下滑。

We also saw some modest lengthening of the sales cycle in certain parts of the business in the first quarter as some enterprise customers, particularly in Financial Services, are understandably focused on margin protection and managing their own expenses. This is a continuation of what we saw in the back half of last year.

第一季我們也看到部分業務的銷售週期略為拉長，原因是一些企業客戶（特別是金融服務業）可理解地更聚焦於保護利潤率並管理自身費用。這延續了我們在去年下半年所觀察到的情況。

As I've met with customers over the last few months, including large automotive OEMs, retail companies, asset managers, banks and others, the recurring theme is that they want to do more with us. There's a large opportunity to raise awareness of the breadth of our product offerings and customers have been consistently impressed by the products we've introduced to them. That should ultimately improve customer value and our results.

過去幾個月我與客戶會面，包括大型汽車 OEM、零售企業、資產管理公司、銀行等，反覆出現的主題是：他們希望與我們做得更多。我們在提升市場對我們產品廣度的認知方面有很大機會，而客戶對我們向其介紹的產品也持續感到印象深刻。這最終應能提升客戶價值與我們的業績表現。

We also look to create quality-of-life improvements in those customer relationships. And our CI teams have done an excellent job of helping customers migrate to enterprise contracts. That migration reduces contract complexity for our customers and enhances the overall customer experience in a meaningful way.

我們也致力於在這些客戶關係中創造「生活品質」的改善。我們的 CI 團隊在協助客戶遷移至企業合約方面表現出色。此一遷移可降低客戶的合約複雜度，並以有意義的方式提升整體客戶體驗。

Turning to our Ratings customers. During the first quarter, global billed issuance in aggregate decreased 7% year-over-year. While we saw strong sequential improvement from issuance levels last quarter, the uncertainty in the banking sector that emerged in March muted the impact to billed issuance for the whole quarter. Refinancing activity was strong in the first quarter, particularly high yield and bank loans, though opportunistic issuance remained muted.

接著談我們的 Ratings 客戶。第一季全球計費發行量（billed issuance）合計年減 7%。雖然相較上一季的發行水準，我們看到強勁的季比改善，但 3 月出現的銀行業不確定性削弱了其對整季計費發行量的帶動效果。第一季再融資活動強勁，特別是高收益債與銀行貸款，但機會型發行仍相對低迷。

We're pleased that billed issuance for investment grade increased in the first quarter, though this was largely due to a few very large deals. We're also pleased with the strength we saw in CLOs in the first quarter. The decision we made last year to preserve capacity and maintain the strength of our analytical organization is already proving to be the right call as our growth in CLOs was particularly strong.

我們很高興第一季投資級的計費發行量有所增加，儘管這在很大程度上是由少數幾筆非常大型的交易所帶動。我們也對第一季 CLO 的強勁表現感到欣慰。去年我們做出保留產能並維持分析團隊實力的決策，如今已證明是正確的選擇，因為我們在 CLO 的成長尤其強勁。

Next, I'd like to focus on our strategic priority to grow and innovate. So far this year, we've launched several new products. In an example of our product synergies, teams from Platts and IHS Markit worked together to integrate the Platts Forward Curve into our real-time analytics platform, Energy Studio: Impact. We previewed this innovation at our Investor Day, which provides clients with the most comprehensive and valuable data and insights in the industry while strengthening our customer value proposition and competitive differentiation.

接下來，我想聚焦於我們「成長與創新」的策略優先事項。今年迄今，我們已推出數項新產品。以產品協同效益為例，Platts 與 IHS Markit 的團隊合作，將 Platts Forward Curve 整合至我們的即時分析平台 Energy Studio: Impact。我們在投資人日曾預告此項創新，它能在強化客戶價值主張與競爭差異化的同時，為客戶提供業界最全面且最具價值的數據與洞察。

So far this year, we've also introduced new Price Assessments for Black Mass in Europe and Asia and for R-PET in India to improve transparency in pricing of battery raw materials and recycled plastics. We remain focused and disciplined in our M&A, completing the acquisitions of TruSight and ChartIQ within Market Intelligence and Market Scan within Mobility. These tuck-in acquisitions strengthen our current offerings, though we expect even this type of M&A activity to be rare for the rest of the year.

今年迄今，我們也在歐洲與亞洲推出 Black Mass 的新價格評估（Price Assessments），並在印度推出 R-PET 的新價格評估，以提升電池原材料與再生塑膠定價的透明度。我們在併購方面仍保持聚焦與紀律，已完成 Market Intelligence 旗下 TruSight 與 ChartIQ 的收購，以及 Mobility 旗下 Market Scan 的收購。這些補強型收購可強化我們現有的產品組合，但我們預期今年剩餘時間即便是此類併購活動也將相對少見。

As discussed at Investor Day, we're introducing our Vitality revenue metric, which consists of revenue derived from new or substantially enhanced products. We're pleased that in the first quarter, Vitality revenue constituted 11% of total revenue, consistent with our goal of maintaining a Vitality Index at or above 10%. Much of this growth will be enabled by enhancements to our own data and technology capabilities.

如同在投資人日所討論，我們將導入 Vitality 營收指標，其由新產品或大幅強化產品所帶來的營收構成。我們很高興第一季 Vitality 營收占總營收的 11%，符合我們將 Vitality 指數維持在 10% 或以上的目標。這些成長在很大程度上將由我們自身數據與技術能力的強化所驅動。

As we optimize our technology spend to accelerate the pace of innovation, we're thrilled with the progress made in the first quarter. As we disclosed in February, we announced a strategic partnership with Amazon AWS to collaborate in product development and joint go-to-market initiatives. That partnership allows us to further transition workloads to the cloud and decommission our own data centers, three of which we closed just in the first quarter.

在我們優化技術支出以加快創新步伐之際，我們對第一季所取得的進展感到非常振奮。正如我們在2月所揭露的，我們宣布與 Amazon AWS 建立策略夥伴關係，合作進行產品開發及聯合市場推廣（go-to-market）計畫。該夥伴關係使我們得以進一步將工作負載轉移至雲端，並逐步汰除自有資料中心；僅在第一季我們就關閉了其中三座。

Cross-organization teams also worked diligently to complete two software systems integrations to ensure that the combined company is operating on unified platforms in the most efficient way possible. Initiatives like these allow us to put more resources behind revenue-generating innovation as well, like the AI-powered products that Kensho has been developing for 5 years. There is excitement in the field of artificial intelligence.

跨組織團隊亦不懈努力，完成兩項軟體系統整合，以確保合併後的公司能以最有效率的方式在統一平台上運作。此類計畫也讓我們能將更多資源投入於創造營收的創新，例如 Kensho 過去5年所開發的 AI 驅動產品。人工智慧領域令人振奮。

And we're extending our leadership and focusing on innovation that will benefit our customers and increase the value of our products. With the commercial launch of two new products in the first quarter, there are five Kensho-branded, AI-powered products commercially available today on the S&P Global Marketplace. We're very excited about the developments in this field, and we'll discuss our own launches in more detail in the coming months.

我們也持續擴大領先優勢，並聚焦於能讓客戶受益、提升產品價值的創新。隨著第一季商業化推出兩項新產品，目前在 S&P Global Marketplace 上已有五項以 Kensho 品牌推出、由 AI 驅動的產品可供商業使用。我們對此領域的發展感到非常興奮，並將在未來幾個月更詳細地說明我們的產品上市進展。

Shifting now to how we lead and inspire our people, customers and communities. In the first quarter, we launched the ninth iteration of our People First initiative and made investments to expand resources for continuous learning, leadership development and upskilling through our EssentialTECH programs. These investments in our people help us attract, retain and develop incredibly talented people, which ultimately leads to better financial results for our shareholders, too.

接下來談談我們如何領導並激勵員工、客戶與社群。第一季我們推出第九版 People First 計畫，並投資擴充資源，以透過 EssentialTECH 計畫支持持續學習、領導力發展與技能提升（upskilling）。對人才的這些投資有助於我們吸引、留任並培育極具才華的人才，最終也將為股東帶來更佳的財務成果。

We also continue to lead and inspire the industries we serve as we power global markets. In the first quarter, we published the inaugural Look Forward report, which outlines the expectations of our economists, analysts, researchers and data experts. This report is a product of our Research Council at S&P Global, which was formed last year to help us look beyond the near term and explore the trends that will shape our collective future.

我們也持續在所服務的產業中發揮領導與啟發作用，為全球市場提供動能。第一季我們發布首份 Look Forward 報告，概述我們的經濟學家、分析師、研究人員與資料專家的預期。該報告出自 S&P Global 的 Research Council；該委員會於去年成立，旨在協助我們超越短期視角，探索將形塑我們共同未來的趨勢。

Lastly, as I mentioned earlier, we hosted CERAWeek in Houston, Texas in March. This conference brought together over 8,000 leaders in the energy industry, who participated in over 650 events to help tackle global issues like energy security, energy transition and sustainability as well as how to navigate the turbulent times in the commodity markets today.

最後，如我先前提到的，我們於3月在德州休士頓主辦 CERAWeek。該會議匯聚超過8,000位能源產業領袖，參與超過650場活動，以協助因應能源安全、能源轉型與永續等全球議題，以及如何在當前大宗商品市場的動盪時期中前行。

Now looking across the company, we're pleased with the strong execution of all our divisions this quarter. While we continue to see the impact of the issuance environment in our Ratings division, we're also seeing signs of revenue stabilization as we begin to lap the challenging issuance conditions that began during the first quarter last year.

放眼整個公司，我們對本季各事業部門的強勁執行力感到滿意。雖然我們在 Ratings 事業部仍持續感受到發行環境的影響，但隨著我們開始度過去年第一季起出現的艱困發行條件，我們也看到營收趨於穩定的跡象。

We saw positive revenue growth in all of our other divisions in the first quarter and continue to balance expense management with strategic organic investment to make sure we're well positioned to accelerate our revenue growth over the next few years. Expenses can, of course, be seasonal. So we look at the margins on a trailing 12-month basis. And we expect these figures to improve as we progress through the year.

第一季我們其他所有事業部門皆呈現正向營收成長；同時，我們持續在費用管理與策略性的內生成長投資之間取得平衡，以確保未來幾年能處於加速營收成長的有利位置。費用當然可能具有季節性，因此我們以過去12個月（trailing 12-month）的基礎來觀察利潤率。我們預期這些數據將隨著年度推進而改善。

As we look through the remainder of the year, I'd like to touch on some of the factors influencing our company's performance. We continue to expect a mild recession this year, though the timing is more likely a few months later relative to our initial expectations. We also expect to see volatility in various markets, including equities, credit and commodities. We see no change to the secular trends shaping the future opportunities for us, like the shift from active to passive asset management and energy transition.

展望今年剩餘時間，我想談談幾項影響公司表現的因素。我們仍預期今年將出現溫和衰退，但發生時間相較我們最初預期可能延後數個月。我們也預期各類市場將出現波動，包括股票、信用與大宗商品。我們認為形塑未來機會的長期趨勢並未改變，例如資產管理由主動轉向被動，以及能源轉型。

While these market expectations are mostly unchanged from February, we wanted to highlight the potential impact in the banking market. As we're all aware, the events around regional banks in the U.S. and a major Swiss bank added uncertainty to the markets in March. We do not have material direct exposure to the impacted regional banks. And we do not expect the events in that end market to materially increase the risk to our financial guidance in 2023 or to the medium-term targets we laid out at Investor Day.

雖然這些市場預期與2月相比大致不變，但我們希望強調銀行市場的潛在影響。眾所周知，美國地區性銀行事件以及一家瑞士大型銀行相關事件在3月為市場增添不確定性。我們對受影響的地區性銀行並無重大直接曝險。我們也不預期該終端市場事件會對我們2023年的財務指引或我們在投資人日所提出的中期目標，造成實質性風險上升。

We do see slightly elevated risk of default rates impacting the broader credit markets, particularly in high yield, which will also inform our updated issuance outlook. Our Ratings financial results and guidance are closely tied to billed issuance. And for 2023, we now expect build issuance to be up approximately 3% to 7% for the full year.

我們確實看到違約率風險略為升高，可能影響更廣泛的信用市場，特別是高收益（high yield）市場，這也將納入我們更新後的發行展望。Ratings 的財務結果與指引與計費發行量（billed issuance）密切相關。對於2023年，我們目前預期全年計費發行量將約成長3%至7%。

Our latest Ratings research group forecast calls for a decline in global market issuance. As a reminder, market issuance can differ materially from billed issuance, as we've described in recent quarters, with much of the delta this year driven by declines in unrated debt and sovereign and international public finance, which don't impact billed issuance.

我們最新的 Ratings 研究團隊預測指出，全球市場發行量將下滑。提醒一下，市場發行量（market issuance）可能與計費發行量有顯著差異，正如我們在近幾季所說明的；今年差異的主要原因在於未評級債務以及主權與國際公共融資的發行下滑，而這些並不影響計費發行量。

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?

接下來我想把電話會議交給 Ewout Steenbergen，他將就我們的財務表現與展望提供更多洞見。Ewout？

Thank you, Doug. As a reminder, the 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.

謝謝你，Doug。提醒一下，除非明確指出為 GAAP，我們今天討論的財務指標係指本期的非 GAAP 調整後指標、我們2023年的調整後指引，以及去年同期的非 GAAP 備考（pro forma）調整後指標。

For the first quarter of 2023, adjusted earnings per share increased 9% year-over-year. This growth was driven by a combination of 3% revenue growth, 100 basis points of operating margin expansion and an 8% reduction in the fully diluted share count. This is an excellent example of strong execution and prudent capital management combining to create long-term shareholder value. And we're pleased with the start to 2023.

2023年第一季，調整後每股盈餘（EPS）年增9%。此成長由多項因素共同驅動，包括營收成長3%、營業利潤率擴張100個基點，以及完全稀釋後股數減少8%。這是強勁執行力與審慎資本管理相結合、創造長期股東價值的絕佳例證。我們對2023年的開局感到滿意。

Revenue growth in the quarter was driven by growth in Market Intelligence and strong performance in Commodity Insights and Mobility. This was offset by a lower issuance environment compared to the first quarter of last year, though issuance improved sequentially from the fourth quarter. We'll walk through the divisions in more detail in a moment.

本季營收成長主要由 Market Intelligence 的成長，以及 Commodity Insights 與 Mobility 的強勁表現所帶動。這部分被較去年第一季更低的發行環境所抵銷，不過發行量相較第四季已有環比改善。我們稍後將更詳細說明各事業部門表現。

Adjusted expenses were up only 1% year-over-year, driven by cost synergies and other operational efficiencies. Adjusted operating profit increased 5% year-over-year as margins expanded to 46.2%.

調整後費用年增僅1%，主要受成本協同效益與其他營運效率提升所驅動。調整後營業利益年增5%，利潤率擴張至46.2%。

I'm pleased to report a sustainability and energy transition revenue increase of 27% to $69 million in the quarter, driven by strong demand in sustainability products in MI's climate and physical risk products and CI's energy transition products. Private market solutions revenue remained at the $100 million level as growth in products from Market Intelligence were offset by declines in Ratings due to the timing of private market issuance. We still expect growth in private markets this year to be in line with the targets laid out at Investor Day. Vitality revenue, which is the revenue generated by innovation through new or enhanced products from across the organization was $326 million in the first quarter, representing a 17% increase compared to prior year.

我很高興報告，本季永續與能源轉型相關營收成長27%至6,900萬美元，主要受 MI 的氣候與實體風險產品之永續產品需求強勁，以及 CI 的能源轉型產品需求帶動。私募市場解決方案營收維持在1億美元水準，因 Market Intelligence 產品成長被 Ratings 因私募市場發行時點所致的下滑所抵銷。我們仍預期今年私募市場的成長將符合投資人日所提出的目標。Vitality 營收（即全組織透過新產品或強化產品所帶來的創新營收）第一季為3.26億美元，較去年同期成長17%。

Synergies are a key contributor to expense savings and margin expansion this quarter. In the first quarter of 2023, we recognized $131 million of expense savings due to cost synergies. And our annualized run rate exiting the quarter was $552 million. And we continue to expect our year-end run rate to be approximately $600 million. We continue to make progress on our revenue synergies as well with $17 million in synergies achieved in the first quarter and an annualized run rate of $52 million.

協同效益是本季費用節省與利潤率擴張的關鍵貢獻因素。2023年第一季，我們因成本協同效益認列1.31億美元的費用節省；季度末的年化運行率（annualized run rate）為5.52億美元。我們仍預期年底運行率約為6億美元。我們在營收協同方面也持續取得進展，第一季達成1,700萬美元的協同效益，年化運行率為5,200萬美元。

Turning to strategic capital allocation. We remain committed to disciplined capital management, including investing for long-term growth and returning excess capital to shareholders. We executed a $500 million accelerated share repurchase program, or ASR, in the first quarter. And we plan to launch a new $1 billion ASR in the coming weeks, leveraging the proceeds of the Engineering Solutions divestiture and cash on hand.

接著談策略性資本配置。我們仍致力於紀律性的資本管理，包括投資以支持長期成長，並將多餘資本回饋股東。第一季我們執行了5億美元的加速庫藏股計畫（accelerated share repurchase program，ASR）。我們也計畫在未來幾週啟動新的10億美元 ASR，運用 Engineering Solutions 事業處分所得款項及手頭現金。

We have been able to take advantage of market dislocations over the last year to repurchase shares at attractive prices, which allowed us to reduce our fully diluted share count by 8% over that time period. Since the close of the merger last year, we have been able to repurchase more than 31% of the shares issued to complete the merger with IHS Markit. We continue to invest in organic growth as well and remain on track to invest $150 million in our 2023 strategic projects.

過去一年，我們得以把握市場錯位（dislocations）的機會，以具吸引力的價格回購股份，使我們在該期間將完全稀釋後股數降低8%。自去年完成合併交易以來，我們已回購超過為完成與 IHS Markit 合併而發行股份的31%。我們也持續投資於內生成長，並仍按計畫在2023年的策略專案上投資1.5億美元。

Now let's turn to the division results. Market Intelligence revenue increased 5%, driven by strong growth in Data & Advisory Solutions and Credit & Risk Solutions and favorable commercial conditions overall. Desktop grew 3.5% in the first quarter, driven in part by strong demand for new content and capabilities supported by the merger, though growth was tempered somewhat by a continuation of the modest softness in Financial Services that we called out last quarter. Renewal rates remained strong in the mid- to high 90s.

現在讓我們來看各事業部門的表現。Market Intelligence（市場情報）營收成長 5%，主要受 Data & Advisory Solutions（數據與諮詢解決方案）與 Credit & Risk Solutions（信用與風險解決方案）的強勁成長，以及整體有利的商業環境所帶動。Desktop（桌面端）在第一季成長 3.5%，部分受惠於在合併支持下推出的新內容與新功能帶來的強勁需求；不過，成長也因金融服務領域延續我們上季提到的溫和疲弱而略受抑制。續約率仍維持在 90% 中段至高段的強勁水準。

Data & Advisory Solutions and Enterprise Solutions both benefited from solid growth in subscription-based offerings. Credit & Risk Solutions benefited from strong new sales for RatingsXpress and RatingsDirect products. Adjusted expenses were roughly flat year-over-year as increases in compensation expense, cloud spend and T&E were offset by cost synergies and lower occupancy costs. Operating profit increased 16% and operating margin increased 300 basis points to 32%.

Data & Advisory Solutions 與 Enterprise Solutions（企業解決方案）皆受惠於訂閱型產品的穩健成長。Credit & Risk Solutions 則受惠於 RatingsXpress 與 RatingsDirect 產品的強勁新銷售。調整後費用與去年同期大致持平，因薪酬費用、雲端支出與差旅與交際（T&E）增加，被成本協同效益與較低的辦公室占用成本所抵銷。營業利益成長 16%，營業利益率提升 300 個基點至 32%。

Looking at the remainder of 2023. We know the comparisons will get easier as we progress through the year. And we continue to expect improvements in those products within Enterprise Solutions that depend on capital market activity. We also expect revenue synergies to begin positively impacting results in the back half of the year.

展望 2023 年剩餘期間，我們知道隨著年度推進，比較基期將變得更容易。我們也持續預期，Enterprise Solutions 中依賴資本市場活動的產品將有所改善。此外，我們預期營收協同效益將在下半年開始對業績產生正面影響。

We continue to recognize significant cost synergies as well and remain confident in our ability to deliver accelerating growth and full year margin expansion in Market Intelligence. While we are not changing the formal guidance ranges for revenue or adjusted operating margin, we do see increased uncertainty in the markets and within the banking sector specifically. As such, we may come in closer to the low end of these ranges.

我們也持續實現顯著的成本協同效益，並對 Market Intelligence 能夠交付加速成長與全年利益率擴張充滿信心。雖然我們不調整營收或調整後營業利益率的正式指引區間，但我們確實看到市場、尤其是銀行業的不確定性上升。因此，我們的結果可能更接近這些區間的低端。

Now turning to Ratings. Despite being down year-over-year, we're encouraged by the improvement we have seen in the issuance environment relative to last quarter. Revenue decreased 5% year-over-year. However, this is the second quarter in a row of sequential improvement in transaction revenue as investment grade and high-yield show pockets of strength in the quarter, particularly in January and February.

接著談 Ratings（評級）。儘管較去年同期下滑，我們仍對相較上季在發行環境所見的改善感到鼓舞。營收年減 5%。然而，這已是交易型營收連續第二季呈現季比改善，因投資級與高收益在本季出現若干強勢區塊，特別是在 1 月與 2 月。

Non-transaction revenue declined 4% and 2% on a constant currency basis primarily due to declines in initial issuer credit rating and rating evaluation service, partially offset by growth in CRISIL. Adjusted expenses decreased 3%, driven by lower occupancy costs and outside services expenses, partially offset by higher compensation expense. This resulted in a 6% decrease in operating profit and an 80 basis point decrease in operating margin to 58.3%.

非交易型營收下滑 4%，以固定匯率計下滑 2%，主要因初次發行人信用評級（ICR）與評級評估服務（RES）下滑，部分被 CRISIL 的成長所抵銷。調整後費用下降 3%，主要受較低的辦公室占用成本與外部服務費用帶動，部分被較高的薪酬費用所抵銷。這使得營業利益下降 6%，營業利益率下降 80 個基點至 58.3%。

We raised our billed issuance assumption for 2023 and expect issuance to increase in the range of 3% to 7%, reflecting the stronger issuance trends in the first quarter. We expect to see an improvement in full year transaction revenues compared to our initial expectations, though we expect the upside to be offset by slightly lower contribution from non-transaction due to ICR and RES headwinds.

我們上調了 2023 年的計費發行量假設，並預期發行量將成長 3% 至 7%，反映第一季較強的發行趨勢。我們預期全年交易型營收將較最初預期有所改善，但我們也預期，上行空間將被非交易型業務因 ICR 與 RES 逆風而略低的貢獻所抵銷。

And now turning to Commodity Insights. Revenue growth accelerated to 9% despite a very high comparison last year. Excluding the impact of the CERAWeek conference, revenue growth for Commodity Insights would have been approximately 6% year-over-year. Growth was partially offset by the loss of revenue related to Russia, which contributed $11 million in the first quarter of 2022.

接著談 Commodity Insights（大宗商品洞察）。儘管去年比較基期非常高，營收成長仍加速至 9%。若排除 CERAWeek 會議的影響，Commodity Insights 的營收年增約為 6%。成長部分被與俄羅斯相關的營收流失所抵銷；該部分在 2022 年第一季貢獻了 1,100 萬美元。

The Advisory and Transactional Services increased 28% in the quarter, primarily due to CERAWeek as we saw record attendance, coupled with strong sponsorship sales. Upstream Data & Insights declined approximately 1% year-over-year. And subscription growth was offset by reduced one-time sales relative to last year. As we noted last quarter, we continue to expect low single-digit revenue growth in upstream for the full year. Price Assessments and Energy & Resources Data & insights both grew 8% compared to prior year, driven by strong performance in crude oil products and continued commercial momentum.

本季 Advisory and Transactional Services（諮詢與交易服務）成長 28%，主要來自 CERAWeek，我們看到出席人數創新高，並伴隨強勁的贊助銷售。Upstream Data & Insights（上游數據與洞察）年減約 1%。訂閱成長被相較去年較少的一次性銷售所抵銷。如同上季所述，我們仍預期上游業務全年營收為低個位數成長。Price Assessments（價格評估）與 Energy & Resources Data & Insights（能源與資源數據與洞察）皆較去年成長 8%，主要受原油產品的強勁表現與持續的商業動能所帶動。

Adjusted expenses increased 3%, primarily due to higher event costs, driven by conferences, T&E and compensation, partially offset by realization of cost synergies and lower consulting spend. Excluding the impact of CERAWeek, expense growth would have been only 1%. Operating profit for CI increased a very strong 17% and operating margin improved 310 basis points to 46.1%.

調整後費用增加 3%，主要因會議帶動的活動成本上升，以及差旅與交際（T&E）與薪酬增加；部分被成本協同效益的實現與較低的顧問支出所抵銷。若排除 CERAWeek 的影響，費用成長僅為 1%。CI（Commodity Insights）的營業利益大幅成長 17%，營業利益率提升 310 個基點至 46.1%。

We expect Commodity Insights to continue to benefit from strong demand in Price Assessments and other subscription offerings as well as the continuation of secular trends around energy transition and sustainability. As we saw from the incredible growth at CERAWeek, there remains a remarkable opportunity to further our leadership in the energy sector and in commodities more broadly. And we will continue to invest to capture that opportunity and drive multiyear profitable growth.

我們預期 Commodity Insights 將持續受惠於 Price Assessments 與其他訂閱型產品的強勁需求，以及能源轉型與永續發展等長期趨勢的延續。從 CERAWeek 的驚人成長可見，在能源產業以及更廣泛的大宗商品領域，我們仍有顯著機會進一步鞏固領導地位。我們將持續投資以掌握該機會，並推動多年期的獲利成長。

In our Mobility division, revenue increased 10% year-over-year, driven by continued new business growth in CARFAX, strong recall activity and growth within Planning Solutions products. The Market Scan acquisition contributed approximately 1 point of revenue growth in the quarter and is recognized in the dealer category.

在 Mobility（移動出行）事業部，營收年增 10%，主要由 CARFAX 持續的新業務成長、強勁的召回活動，以及 Planning Solutions（規劃解決方案）產品的成長所帶動。Market Scan 的收購在本季約貢獻 1 個百分點的營收成長，並歸類於經銷商（dealer）類別。

Dealer revenue increased 10% year-over-year, driven by price increases and new store growth, particularly in CARFAX for Life and used car subscription products. Manufacturing grew 11% year-over-year, driven by our planning products and recall activity. Financials and other also increased 11% as the business line continues to benefit from strong underwriting volumes and a favorable pricing environment.

經銷商營收年增 10%，主要受價格上調與新門店成長帶動，尤其是在 CARFAX for Life 與二手車訂閱產品。製造端年增 11%，主要由我們的規劃產品與召回活動帶動。Financials and other（金融及其他）亦成長 11%，因該業務線持續受惠於強勁的承保量與有利的定價環境。

Adjusted expenses increased 8% due to year-over-year increases in headcount, investment in software and additional cloud usage, partially offset by lower incentive compensation expense. This resulted in a 14% increase in adjusted operating profit and 130 basis points operating margin expansion year-over-year.

調整後費用增加 8%，主要因人力增加、軟體投資與額外的雲端使用量年增；部分被較低的激勵薪酬費用所抵銷。這使得調整後營業利益成長 14%，營業利益率年增擴張 130 個基點。

As we expected, we've seen expense growth rates moderate from fourth quarter. And we continue to expect margin expansion this year. We expect the Market Scan acquisition to contribute approximately 150 basis points of revenue growth in the full year, though we expect it to be modestly dilutive to adjusted margins in 2023. All of this is reflected in our updated guidance.

如我們所預期，費用成長率已較第四季放緩，我們也持續預期今年將出現利益率擴張。我們預期 Market Scan 收購在全年約貢獻 150 個基點的營收成長，但我們也預期其在 2023 年將對調整後利益率造成小幅稀釋。上述內容皆已反映在我們更新後的指引中。

Turning to S&P Dow Jones Indices. Revenue increased 1%, primarily due to strong growth in Exchange-Traded Derivatives volumes offset by declines in Asset-Linked Fees. Asset-Linked Fees were down 6%, primarily driven by lower AUM in ETFs, which decreased 4% from the year-ago period as price depreciation more than offset slightly positive year-over-year net inflows.

接著談 S&P Dow Jones Indices（標普道瓊指數）。營收成長 1%，主要因交易所交易衍生品（Exchange-Traded Derivatives）交易量強勁成長，抵銷了 Asset-Linked Fees（資產連結費用）的下滑。Asset-Linked Fees 下滑 6%，主要因 ETF 的資產管理規模（AUM）下降所致；AUM 較去年同期下降 4%，因價格下跌的影響超過了年比略為正向的淨流入。

Exchange-Traded Derivatives revenue increased 30% on increased trading volumes across key contracts, including an approximately 59% increase in S&P 500 Index options volume. Data & Custom Subscriptions was flat on the quarter. Though excluding the impact of some minor reclassification of revenue as outlined on the slide, growth would have been 5% year-over-year, driven by strong demand for end-of-day and real-time data feeds.

交易所交易衍生品營收因主要合約交易量增加而成長 30%，其中包括 S&P 500 指數期權交易量約增加 59%。Data & Custom Subscriptions（數據與客製化訂閱）本季持平。不過，若排除投影片所述的部分小幅營收重分類影響，年增將為 5%，主要由收盤（end-of-day）與即時（real-time）數據饋送的強勁需求所帶動。

During the quarter, expenses decreased 7% year-over-year, driven by realization of cost synergies, lower bad debt expense and timing of discretionary spend, which was partially offset by continued strategic investments. Operating profit in Indices increased 4% and operating margin improved 250 basis points to 71.8%.

本季費用年減 7%，主要由成本協同效益的實現、較低的壞帳費用，以及可自由支配支出的時點因素所帶動；部分被持續的策略性投資所抵銷。Indices 的營業利益成長 4%，營業利益率提升 250 個基點至 71.8%。

As reflected in today's results, Indices will continue to face headwinds in Asset-Linked Fees as the year-over-year depreciation in underlying asset prices impacts the division on a lagged basis. Exchange-Traded Derivatives revenue was well above our earlier expectations, though these volumes can be volatile and difficult to predict. We continue to invest to achieve the 2025 and 2026 target for 10%-plus growth in Indices. And we expect those investments as well as the timing of certain expenses to drive margins for the full year back within the guidance range.

如今日結果所示，Indices 將持續面臨 Asset-Linked Fees 的逆風，因標的資產價格年比下跌會以滯後方式影響該事業部。交易所交易衍生品營收遠高於我們先前預期，但這些交易量可能波動且難以預測。我們持續投資以達成 2025 與 2026 年 Indices 10% 以上成長的目標。我們也預期，這些投資以及部分費用的時點，將使全年利益率回到指引區間內。

In Engineering Solutions, we saw 2% revenue growth and 4% adjusted expense growth. As noted in our materials, we now expect to close the divestiture of Engineering Solutions next week. We're updating our guidance to reflect the accelerated timeline relative to our initial expectation for a June 30 close. I've had the pleasure of overseeing the Engineering Solutions division since the merger closed. And I would like to thank them for the incredible dedication and professionalism that teams have consistently demonstrated. We're confident that they will be a strong addition to KKR, and wish them all the best.

在 Engineering Solutions（工程解決方案）方面，我們看到營收成長 2%，調整後費用成長 4%。如同我們在資料中所提到的，我們目前預期將於下週完成 Engineering Solutions 的出售（divestiture）。我們正在更新指引，以反映相較於原先預期 6 月 30 日完成交易更快的時程。自合併完成以來，我有幸負責 Engineering Solutions 事業部。我也想感謝他們展現的卓越投入與專業精神，團隊始終如一。我們相信他們將成為 KKR 的強力補充，並祝福他們一切順利。

Now let's move to the latest views from our economists, who are forecasting global GDP growth of 2.7% in 2023. While GDP growth is expected to be positive, our guidance still assumes a mild recession in the middle of the year and a modest recovery as we exit 2023. We continue to expect inflation above the target rates of central banks and energy prices like crude oil to remain above the historical averages as well. This creates favorable commercial conditions for many of our businesses, though it also contributes to volatility in the issuance environment as we have been discussing over the last year.

現在讓我們來看我們經濟學家的最新觀點；他們預測 2023 年全球 GDP 成長 2.7%。雖然預期 GDP 成長仍為正值，但我們的指引仍假設年中將出現輕微衰退，並在 2023 年結束時出現溫和復甦。我們仍預期通膨將高於各國央行的目標水準，且原油等能源價格也將維持在歷史平均之上。這為我們許多業務創造了有利的商業條件，但同時也如我們過去一年所討論的，會使發行環境的波動加劇。

As we consider how all of this will ultimately impact our financial performance in 2023, let's turn to our guidance. Now that we have some certainty around the timing of the Engineering Solutions divestiture, we can introduce initial GAAP guidance. Adjusted guidance for the company reflects the first quarter results as well as the updated view on the macroeconomic environment, issuance trends, equity valuations and other key drivers as previously outlined.

在思考這一切最終將如何影響我們 2023 年的財務表現時，讓我們轉到我們的指引。現在我們對 Engineering Solutions（工程解決方案）剝離的時點已有一定確定性，我們可以提出初步的 GAAP 指引。公司的調整後指引反映了第一季的結果，以及對總體經濟環境、發行趨勢、股權估值與其他先前所概述之關鍵驅動因素的最新看法。

Our full year guidance now assumes that strong revenue performance in the first quarter is offset by a lower revenue contribution from Engineering Solutions due to the accelerated timing of the divestiture. The only change to our consolidated full year adjusted guidance is in adjusted free cash flow, which has been reduced by approximately $100 million, primarily driven up by updated assumptions around cash taxes related to the R&D tax credit.

我們目前的全年指引假設：第一季強勁的營收表現，將被 Engineering Solutions 因剝離時程提前而帶來較低的營收貢獻所抵銷。我們合併全年調整後指引唯一的變動是在調整後自由現金流，已下調約 1 億美元，主要是由於更新了與研發（R&D）稅額抵免相關的現金稅負假設而上修所致。

We have provided granular guidance on corporate unallocated expense, deal-related amortization, interest income and tax rate in the supplemental deck posted to our IR site, though these are unchanged from prior guidance. The final slides in this deck illustrate our revenue and margin guidance by division, reflecting the drivers that I mentioned previously.

我們已在發布於投資人關係（IR）網站的補充簡報中，提供了對公司未分攤費用、交易相關攤銷、利息收入與稅率的更細項指引，儘管這些與先前指引相比並無變動。本簡報最後幾頁按事業部呈現我們的營收與利潤率指引，反映我先前提到的驅動因素。

In conclusion, despite the continued uncertainty in the macro environment, we have had a solid start to 2023 and remain confident about the outlook for the rest of the year. Before we open up for Q&A, I want to reiterate how excited we are as a management team when we consider the incredible opportunities we have to drive growth and innovation and the secular trends that continue to benefit our business from key investment areas, like energy transition and private markets, to the inspiring breakthroughs that our Kensho team has driven in artificial intelligence and large language models.

總結而言，儘管總體環境仍充滿不確定性，我們在 2023 年有一個穩健的開局，並對今年剩餘時間的展望仍具信心。在進入問答之前，我想再次強調，作為管理團隊，我們對於推動成長與創新所擁有的巨大機會感到非常振奮；同時，從能源轉型與私募市場等關鍵投資領域持續受惠的長期結構性趨勢，以及我們 Kensho 團隊在人工智慧與大型語言模型方面所推動的鼓舞人心突破，也都持續利多我們的業務。

It's a privilege to discuss the many ways we plan to create long-term shareholder value in the coming years. It's also a privilege to share this stage with leaders like Saugata Saha, President of Commodity Insights; and Dan Draper, CEO of S&P Dow Jones Indices, both of whom we'd like to invite to join us for Q&A. And with that, we'll turn the call back over to Mark for your questions.

能夠討論我們在未來幾年創造長期股東價值的多種方式，是一種榮幸。同時，能與 Commodity Insights（大宗商品洞察）總裁 Saugata Saha，以及 S&P Dow Jones Indices（標普道瓊指數）執行長 Dan Draper 這樣的領導者同台也同樣是榮幸；我們也想邀請兩位一同參與問答。接下來，我們把電話交回給 Mark 來回答各位的問題。

Our first question comes from Manav Patnaik with Barclays.

我們的第一個問題來自 Barclays 的 Manav Patnaik。

Doug, upfront, you mentioned retention rates in Mobility were declining modestly. I was just hoping you could provide a little bit more color there perhaps with some numbers. But is that the trend you're seeing across your segments, just given the uncertain macros out there?

Doug，一開始你提到 Mobility 的留存率小幅下滑。我希望你能提供更多細節，或許可以給一些數字。但在目前不確定的總體環境下，這是否是你們各個事業部都看到的趨勢？

Thank you, Manav, for joining the call. The Mobility question you have relates to some of the changes that are happening at a structural level in the mobility and transportation business. If you recall, the last couple of years, we saw all of the used cars became a very large sales aspect for the dealers and the automotive manufacturers. The OEMs were struggling to actually meet demand. So we're seeing a shift away from used cars to new cars. And we actually expect that there's going to be a lot of growth in the sales of automotive products around the globe this year.

謝謝你，Manav，加入這通電話。你提到的 Mobility 問題，與移動與運輸業務在結構層面正在發生的一些變化有關。如果你還記得，過去幾年，我們看到二手車成為經銷商與汽車製造商非常重要的銷售面向。OEM（原始設備製造商）當時實際上難以滿足需求。因此我們正看到從二手車轉向新車的變化。而我們也確實預期，今年全球汽車產品銷售將有相當多的成長。

And where we're seeing some of the slowdown in subscription relates to dealers as dealers don't have necessarily the same margin. They might be changing some of their approach to how they're working with the sales force they have. So we're seeing that, that's one of the areas where we see some disruption in some retention rates that have started to drop. Other than that across the board and the rest of the company, we do not see any changes whatsoever to retention rates.

而我們看到訂閱放緩的一些原因與經銷商有關，因為經銷商未必擁有相同的利潤率。他們可能正在改變與現有銷售團隊合作的方式。因此我們看到這種情況，這也是我們看到留存率出現一些擾動、並開始下滑的領域之一。除此之外，在公司其他業務與整體層面，我們完全沒有看到留存率有任何變化。

Got it. And Ewout, just on the Ratings guidance, apologies I missed it, I think you said more transactional revenue but offset by two items. I was just hoping you could elaborate what those offsets were.

了解。Ewout，關於 Ratings 的指引，不好意思我剛剛漏聽了；我想你說交易型收入會更多，但會被兩個項目抵銷。我想請你說明一下，那兩個抵銷項目是什麼？

Yes, sure, Manav. If you look at the dimensions with respect to market issuance and billed issuance, actually we're seeing exactly the opposite of the pattern of 2022. So there are two large categories in market issuance that are down more that are not included in billed issuance. So this is unrated debt as well as frequent issuers. So frequent issuers, we don't have in billed issuance because, as you know, they're on a fixed fee construction up to a certain level of volume. So therefore, we expect billed issuance to be significantly higher than market issuance for the full year 2023.

好的，當然可以，Manav。若你看市場發行量（market issuance）與計費發行量（billed issuance）的各個面向，我們其實看到的正好與 2022 年的型態相反。市場發行量中有兩大類別下滑較多，但並未包含在計費發行量中：一是未評級債務（unrated debt），二是頻繁發行人（frequent issuers）。頻繁發行人不會納入計費發行量，因為如你所知，他們在一定的發行量門檻內採固定費用架構。因此，我們預期 2023 年全年計費發行量將顯著高於市場發行量。

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

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

I just wanted to focus on the individual segment guidance. You raised the guidance for Commodity Insights, Mobility and Indices. I understand MI is more towards the lower end. But even on the Ratings front, it looks like the billed issuance guidance was raised by almost 1 point. Earlier, it was 2% to 6%, now it's 3% to 7%, so -- but you reiterated the full year guidance. So I was just wondering, within the full year guidance, do you have increased confidence towards -- on the range? Any color on that front will be helpful.

我想聚焦在各個事業部的指引。你們上調了 Commodity Insights、Mobility 和 Indices 的指引。我理解 MI（Market Intelligence）比較偏向區間下緣。但即使在 Ratings 方面，看起來計費發行量指引也上調了將近 1 個百分點；之前是 2% 到 6%，現在是 3% 到 7%，但你們仍重申全年指引不變。所以我想問，在全年指引之內，你們對於區間的把握是否提高了？若能提供一些說明會很有幫助。

Yes, thank you. We are overall really confident around the outlook for the full year. We are very pleased, of course, with the results in the first quarter and then also the confidence around what we are going to achieve for the full year. And you see that reflected in the overall guidance that, as you have noted, is unchanged. But you have to realize that we're taking out 2 months of Engineering Solutions revenues and earnings. So you could say implicitly, we've slightly raised our full year guidance.

是的，謝謝。我們整體而言對全年展望非常有信心。我們當然對第一季的結果非常滿意，也對我們全年將達成的表現更有把握。你也可以從整體指引（如你所指出）維持不變看出這點。但你必須理解，我們將少了 2 個月的 Engineering Solutions 營收與獲利。因此你可以說，從隱含角度來看，我們其實是略微上調了全年指引。

And then by division, as you were asking for, the changes are due to the following. If you look at Commodity Insights, that is driven really by the outperformance of revenue growth in the first quarter. If you look at Mobility, strong growth in the first quarter. But also the acquisition of Market Scan is helping there from a revenue perspective. And Indices as well, what we are seeing there is also a very strong first quarter. And that is, therefore, also reflected in the full year revenue growth outlook.

至於你所問的各事業部變動，原因如下：若看 Commodity Insights，主要是第一季營收成長表現優於預期所帶動。若看 Mobility，第一季成長強勁；此外，收購 Market Scan 也在營收面提供助力。Indicies 方面，我們同樣看到第一季非常強勁，因此也反映在全年營收成長展望中。

In terms of Ratings, there is a shift that we have told you, a little bit higher transactional revenue but a little bit lower non-transactional revenue, so net-net, still the same. But there is a shift in those two underlying categories. And then with respect to margins, Mobility has been tuned down a bit. That is the dilutive effect of the acquisition. But on the flip side, for the Indices business, we see that the margins are actually up, given the strong performance in the first quarter again.

在 Ratings 方面，我們先前已告訴各位會有一些轉變：交易型收入略高，但非交易型收入略低，因此合計（net-net）仍維持不變。不過，這兩個底層類別之間確實出現了結構性的移動。至於利潤率，Mobility 略微下調，這是收購帶來的稀釋效應；但另一方面，Indices 業務的利潤率實際上上升，原因同樣是第一季表現強勁。

With respect to Market Intelligence, we have said that we come in more at the lower end of the ranges, both for revenues and margins. And that has to do with the macro environment, a bit of the uncertainty, the fact that we expect some of the capital markets products more to come back later in the year because now we assume the recession somewhere mid of this year as well as some of the impact of the banking crisis, although we think that impact will be really minimal for Market Intelligence.

至於 Market Intelligence，我們已表示在營收與利潤率兩方面都會更接近區間下緣。這與總體環境、部分不確定性有關；我們預期部分資本市場產品會在今年稍晚才回升，因為我們現在也假設衰退將發生在今年年中左右；另外也有銀行業危機的一些影響，儘管我們認為該影響對 Market Intelligence 會非常有限。

That was very helpful color. And maybe as a follow-up, if I can follow up on the Mobility front, manufacturing, in particular, was very strong. Overall growth in Mobility was very strong, but manufacturing historically, which has been more in the 3% to 4% range, was up 11% this quarter. So I was wondering, has anything changed there structurally which is driving significantly stronger growth in that segment?

這些說明很有幫助。也許我可以追問一下 Mobility：其中製造業（manufacturing）特別強勁。Mobility 整體成長很強，但製造業過去通常在 3% 到 4% 的區間，這一季卻成長了 11%。所以我想問，是否有任何結構性因素改變，正在推動該子領域顯著更強的成長？

Yes. Thank you, Ashish. What's driving growth in that segment, if you recall, over the last couple of years, there was -- the supply chains have been disrupted. There were no access to different types of chips, which are used in the automotive sector, including even things like key fobs. And you also saw a lot of disruption in demand from the market as people are looking for cars, but they couldn't get them. So we're seeing that manufacturing is up.

是的，謝謝你，Ashish。推動該子領域成長的因素是：如果你回想過去幾年，供應鏈曾受到干擾。汽車產業使用的各類晶片取得不易，甚至包括像車鑰匙遙控器（key fobs）這類零件也受影響。同時你也看到市場需求端出現很大擾動，人們想買車但買不到。因此我們看到製造業表現上升。

In fact, our total vehicle sales globally, we're seeing very strong sales coming up in the U.S., over -- about 7.5% growth; in China, about 6% growth; in Asia, including Japan and South Korea, about 6.5% growth; and in Europe, about 7.5% growth. So across the board, we see a lot of growth in production as well as -- coming from a very, very depressed base and -- but at the same time, it puts some pressure because the demand is starting to decrease as well, given the inflation, given interest rates are going up.

事實上，就我們全球整體車輛銷售而言，我們看到美國的銷售非常強勁，成長超過——約 7.5%；中國約成長 6%；亞洲（包含日本與南韓）約成長 6.5%；歐洲約成長 7.5%。因此整體來看，我們也看到產量有相當多的成長——這是從一個非常、非常低迷的基期回升而來——但同時也帶來一些壓力，因為在通膨影響下、利率上升之際，需求也開始下滑。

So we see that right now, there's a lot of demand for information from our Mobility team because we provide the forecasting. We provide the information about the changes going on in the industry as well as the day-to-day dynamics. But we're shifting the dynamics from what had been a supply-constrained market to a richer approach, to more supply in the market and shifts in customer demand. But all of this benefits our Mobility business because they provide the data and analytics that dealers and OEMs and suppliers need to make decisions.

所以我們看到目前我們的 Mobility 團隊對資訊的需求非常大，因為我們提供預測，提供產業變化以及日常動態的資訊。不過我們正在把市場動態從過去供給受限的市場，轉向更充裕的供給、更豐富的做法，以及客戶需求的轉變。但這一切都對我們的 Mobility 業務有利，因為他們提供經銷商、OEM 與供應商做決策所需的資料與分析。

That was very helpful color. And congrats on such a strong momentum in the business.

這些補充說明非常有幫助。也恭喜你們業務動能如此強勁。

Thank you.

謝謝。

George Tong with Goldman Sachs.

高盛的 George Tong。

I wanted to focus on the Ratings side of the business. The revenues there declined mid-single digits year-over-year. And that came in much better than your main competitor, which saw an 11% decline. What are some of the factors that you believe drove this outperformance in delta in the quarter? And can these factors persist over the remainder of this year?

我想聚焦在 Ratings 這一端的業務。那邊的營收年對年下滑了中個位數百分比，而且表現明顯優於你們的主要競爭對手，對方下滑了 11%。你認為本季這種相對優勢（差異）主要是由哪些因素驅動？而這些因素在今年剩餘時間是否能持續？

Thank you, George. Well, first of all, this was a very lumpy quarter. When you look at the issuance, it started out quite strong of issuance. Investment grade had started off strong. But through the quarter in the U.S., it declined 14%. In Europe, it increased 3%. High yield increased in the U.S. 20%, but it decreased in Europe, 2%. And structured finance in the U.S. decreased 48%. And in Europe, it increased 7%. So this was an incredibly lumpy quarter for us.

謝謝你，George。首先，這是一個非常不均勻（波動很大）的季度。就發行量來看，一開始發行相當強勁，投資等級一開始也很強。但在美國，整個季度下來下滑了 14%；在歐洲則成長 3%。高收益在美國成長 20%，但在歐洲下滑 2%。而結構性融資在美國下滑 48%，在歐洲則成長 7%。所以對我們而言，這是一個極度不均勻的季度。

But we've been very adamant about having our salespeople and our commercial people out in the markets. We keep our finger to the pulse of what's happening across the markets. We've been involved in supplying information for the structured credit area, in particular, CLOs. We've been strong in the CLO market in the last quarter. We see going forward, we think that for the rest of the year that it's going to be mostly refinancing that's going to drive what we see as the issuance.

但我們一直非常堅持讓我們的銷售與商務團隊走在市場第一線，緊貼各市場正在發生的事情。我們也參與提供結構性信用領域的資訊，特別是 CLO。上一季我們在 CLO 市場表現強勁。往前看，我們認為今年剩餘時間，推動我們所看到發行量的，主要會是再融資。

If you take a step back in last quarter, we issued a slide, which we show once a year, which is the pipeline of refinancing, which is on the balance sheet of companies, financial institutions and other organizations over the next 5 to 10 years. And you can see there was a lot of financing that took place over the last 10 years with typically 5-, 7-, sometimes up to 10-year maturity.

如果你回頭看上一季，我們發布了一張投影片——我們一年只展示一次——內容是未來 5 到 10 年，企業、金融機構及其他組織資產負債表上的再融資管線。你可以看到，過去 10 年有大量融資發生，通常期限為 5 年、7 年，有時甚至到 10 年到期。

That's starting to mature now. And we're starting to see some of that pull forward. And the question is what are the right conditions for people to come back to the market? And that's something we're watching very closely. Because there is a very, very large pipeline of refinancing that's going to be coming over the next 3 to 5 years. And we're going to watch that carefully, including what's going to be coming this year.

這些現在開始到期了。我們也開始看到其中一部分提前拉動。問題在於，人們回到市場的適當條件是什麼？這是我們正在非常密切觀察的事情。因為未來 3 到 5 年將有非常、非常龐大的再融資管線到來。我們會仔細觀察，包括今年可能出現的情況。

Got it. That's helpful. And then I wanted to ask about your synergy realization. You realized run rate synergies on the cost side of a little over $550 million and then $50 million-plus on the revenue side. Can you dive into where you're seeing most traction with revenue and cost synergy utilization and how you expect the progression to continue over the course of this year?

了解，這很有幫助。接著我想問你們的協同效益實現。你們在成本端已實現略高於 5.5 億美元的年化（run rate）協同效益，在營收端也有 5,000 萬美元以上。你能否深入說明目前在營收與成本協同效益的落地上，主要在哪些方面看到最大進展？以及你預期今年接下來的進展節奏會如何？

Of course, George. Thank you so much. We are, of course, very pleased with the progress we're making with synergies. This is really a statement of execution of the whole team, of the whole company. And the speed of the implementation of all of our programs is really impressive from my perspective. So we are at $550 million run rate cost synergies at this moment. These are cost synergies we're doing in all the categories that we have outlined before.

當然可以，George。非常感謝。我們對協同效益的進展當然非常滿意。這其實反映了整個團隊、整家公司在執行上的成果。從我的角度來看，我們所有計畫的推進速度真的令人印象深刻。目前我們的年化成本協同效益達到 5.5 億美元。這些成本協同效益涵蓋我們先前已說明的所有類別。

There's, of course, organizational duplication of roles that we are taking care of, then there's real estate consolidation, vendor consolidation and several other categories. This is all linked to integration. So we like to get the integration behind us as quickly as possible and that we can fully operate as a combined company going forward. And we are very close to that point now. And that is expressed by the progress we have made with cost synergies and getting really now not too far away anymore from the $600 million cost synergy mark. And so this is all across the company.

其中當然包括我們正在處理的組織職能重複，還有不動產整併、供應商整併以及其他幾個類別。這些都與整合相關。因此我們希望盡快完成整合，讓我們未來能夠完全以合併後的公司運作。我們現在已非常接近那個階段。這也反映在我們在成本協同效益上的進展——目前距離 6 億美元的成本協同效益目標已不遠了。而且這是全公司範圍的成果。

With respect to revenue synergies, we see very nice progress in the divisions. The largest growth there we see in Market Intelligence and Commodity Insights but contributions by all of the divisions. We have always said from the beginning that revenue synergies will take more time. At this moment, the focus is mostly on cross-sell. And then later this year and the next few years, we will shift to new product development. But obviously, the lead time to develop new products and do the system enhancements for that will take a bit longer. But both on cost and revenue synergies, we're very pleased where we are at this moment.

就營收協同效益而言，我們看到各事業部都有很不錯的進展。其中成長最大的是 Market Intelligence 與 Commodity Insights，但所有事業部都有貢獻。我們從一開始就說過，營收協同效益需要更長時間。目前的重點主要在交叉銷售。接著在今年稍晚以及未來幾年，我們會轉向新產品開發。但顯然，開發新產品以及為此進行系統強化的前置時間會更長一些。不過無論是成本或營收協同效益，我們對目前的進度都非常滿意。

Our next question comes from Toni Kaplan with Morgan Stanley.

下一個問題來自摩根士丹利的 Toni Kaplan。

I wanted to talk about ESG first. Thanks for the quarterly disclosure. We have seen some slowdown in new sales from a competitor of yours talking about the political and regulatory landscape. Have you also noticed any change in investor behavior in ESG, particularly in the new sales? Any areas that are slower versus more resilient? Because I know it's sort of a topic that spans your whole business. So maybe there are some areas that are doing fine and resilient versus others that maybe you are noticing a new sales change.

我想先談 ESG。謝謝你們在季度中揭露相關資訊。我們看到你們的一家競爭對手提到政治與監管環境，導致新銷售有所放緩。你們是否也注意到投資人在 ESG 方面的行為出現變化，特別是在新銷售上？是否有些領域較慢、而有些領域更具韌性？因為我知道這個主題橫跨你們整個業務，所以也許有些領域表現仍然良好且具韌性，但另一些領域你們可能注意到新銷售出現變化。

Thank you, Toni. I'm going to start and then hand it over to Ewout. If you take a step back and you think about something like the ESG, sustainability, climate markets, they go back the last 5, 6, 7 years. And if you look at our company, we have products that go back 50, 65, 100 years. And the experience of a market like this, it's really changing rapidly. And fortunately, because of our Sustainable1 organization and the way that we've been investing in sustainability products, energy transition, climate, ESG across our entire company and coordinating it through S1, we're seeing strength across pretty much the entire portfolio.

謝謝你，Toni。我先回答，然後交給 Ewout。若你退一步看，像 ESG、永續、氣候等市場，大概可追溯到過去 5、6、7 年。而如果你看我們公司，我們有些產品已經有 50、65、甚至 100 年的歷史。像這樣的市場經驗是，它變化非常快速。所幸因為我們的 Sustainable1 組織，以及我們在永續產品、能源轉型、氣候、ESG 等方面在全公司範圍的投資，並透過 S1 進行協調，我們幾乎在整個產品組合上都看到強勁表現。

And in particular, we've seen a shift away from ESG to climate in the U.S. around the rest of the globe. One of the things that I always say is that the train has left the station on this. This is an area that's going to be growing very quickly. It's high demand. It's coming from corporates. It's coming from governments, from regulators, from financial institutions, every part of the financial institution area. And we have products from Trucost, our ESG data suite. We've got bond referencing prices, physical risk. We're in the middle of what I'd say is one of the most important dialogues taking place with the regulators around the globe about disclosure. But let me hand it over to Ewout to talk a little bit more about the numbers.

特別是，我們看到在美國出現從 ESG 轉向氣候的趨勢，而在全球其他地區亦然。我常說，這班列車已經離站了。這是一個將會非常快速成長的領域，需求很高；需求來自企業、政府、監管機構、金融機構——金融機構領域的每一個部分。我們有來自 Trucost 的產品、我們的 ESG 資料套件；我們也有債券參考定價、實體風險等。我們正處於我所說的、全球監管機構就揭露議題所進行的最重要對話之一的核心。但我先把話交給 Ewout，請他多談一些數字。

Toni, when we look at the first quarter revenues for sustainability and energy transition, we actually think that this is really strong for the company. And we are still confident that for the full year outlook, the growth will be in line with our medium-term expectations. And the reason for that is, as Doug outlined, that we have very diverse revenue streams underneath sustainability and energy transition. And all of our divisions contribute to the progress and to the growth.

Toni，當我們看第一季永續與能源轉型的營收時，我們其實認為這對公司而言非常強勁。我們仍然有信心，全年展望的成長將符合我們的中期預期。原因如 Doug 所說，我們在永續與能源轉型之下有非常多元的營收來源，而且我們所有事業部都對進展與成長有所貢獻。

So think about, for example, in Mobility, what is happening, the huge transformation of the industry around electrification, move to EVs, and what that means for the OEMs with respect to thinking about supply chains and new manufacturing and where they source the batteries, what is happening in the commodity space with energy transition, what is happening with new Price Assessments around hydrogen and carbon and biofuels and recycled plastics, what is happening in the Ratings space with Second Party Opinions.

所以請想想看，例如在移動出行（Mobility）領域正在發生什麼：產業正圍繞電氣化進行巨大轉型、轉向電動車（EVs），以及這對原始設備製造商（OEMs）在思考供應鏈、新製造方式、以及電池從何處採購等方面意味著什麼；在能源轉型下，大宗商品領域正在發生什麼；圍繞氫能、碳、生質燃料與再生塑膠的新價格評估（Price Assessments）正在發生什麼；以及在評級（Ratings）領域，第二方意見（Second Party Opinions）正在發生什麼。

And then Doug already mentioned climate. Really, there is so much focus now about climate, climate analytics, climate credit analytics, climate data. Just to give you one data point, Trucost actually grew more than 50% in the quarter. So overall, if we add it up, I think we have very strong revenue streams. And therefore, we are confident about our future growth in this industry and this particular growth area.

然後 Doug 已經提到氣候。確實，現在大家對氣候、氣候分析、氣候信用分析、氣候數據的關注非常高。給你一個數據點：Trucost 在本季度實際成長超過 50%。所以整體加總起來，我認為我們有非常強勁的營收來源。因此，我們對於在這個產業、以及這個特定成長領域的未來成長充滿信心。

Perfect. And hoping you could, on another topic, just give us an update on how you're utilizing AI or any of your other advancements in technology, whether it be through Kensho or other areas as well?

很好。那麼希望你也能在另一個主題上，跟我們更新一下你們如何運用 AI 或其他技術進展，不論是透過 Kensho 或其他領域？

Toni, the way how we look at it is we really believe we are ahead of the game here. We did the acquisition of Kensho 5 years ago, when just very few people were thinking about artificial intelligence. We have already embedded a lot of Kensho's products and tools within our businesses over the last few years.

Toni，我們的看法是：我們真的相信在這方面我們走在前面。我們在 5 年前收購 Kensho，當時只有很少人開始思考人工智慧。我們在過去幾年已經把 Kensho 的許多產品與工具嵌入到我們的業務之中。

And our intention is really to stay ahead and to really make sure that we continue to implement this and be one of the winners in this market. We told you this morning, we have now five Kensho products that are in the market that is for external customers. But internally, there are many more products. And actually, the efficiency opportunities that have Kensho -- that Kensho has created for the divisions is very large.

而我們的意圖就是要持續領先，並確保我們繼續落實這些應用，成為這個市場的贏家之一。我們今天早上也跟各位說過，我們現在有 5 個 Kensho 產品已經在市場上、提供給外部客戶。但在內部，還有更多產品。事實上，Kensho 為各事業部創造的效率機會非常大。

Maybe if I may expand on this in one particular area. If you think about large language models and generative AI, actually three areas are really critical. It is compute, which is really expensive. Then there are the algorithms, which are more open source and generic. And then it is about training data. And training data is really differentiating. And if you have really good training data, you can improve the algorithms and you can drive down the compute cost.

如果可以的話，我想在一個特定領域再延伸一下。若你想到大型語言模型與生成式 AI，其實有三個面向非常關鍵：第一是運算（compute），這非常昂貴；第二是演算法，這部分更偏向開源且通用；第三是訓練資料。而訓練資料才是真正的差異化來源。若你有非常好的訓練資料，就能改進演算法，並降低運算成本。

We have, as S&P, the largest training dataset for financial markets plus the best team of Kensho that we already outlined. So we have no need to export our data to someone's else models or generic large language models. We can do this in-house. And you may expect that we will have more announcements around this later this year.

作為 S&P，我們擁有金融市場最大的訓練資料集，再加上我們先前提到的 Kensho 最佳團隊。因此，我們沒有必要把資料輸出到別人的模型或通用的大型語言模型中；我們可以在內部完成。你也可以期待我們在今年稍晚會就此有更多公告。

Our next question comes from Alex Kramm with UBS.

下一個問題來自 UBS 的 Alex Kramm。

Just wanted to come back to the Market Intelligence commentary and the outlook there. Clearly, you sound a little bit more cautious. Although Doug, I think initially you said it should be fine. But I think Ewout's comments are clearly pointing towards the low end. So I guess, the question is what specifically is it that makes you think lower end? I mean, is it just an expectation of a slowdown? Or is it actually something that you're already seeing in new sales? Was just curious about if this is more an expectation or something you're already seeing in the pipeline, I guess, is -- because obviously, the uncertain environment.

我想回到 Market Intelligence 的評論與其展望。很明顯你們聽起來稍微更謹慎一些。雖然 Doug，我記得你一開始說應該沒問題。但我覺得 Ewout 的評論顯然指向區間的低端。所以我想問的是：到底是什麼讓你們認為會落在低端？我的意思是，這只是對放緩的預期？還是你們其實已經在新銷售上看到一些跡象？我只是好奇，這比較像是預期，還是你們已經在銷售管線中看到的情況——畢竟環境不確定。

And then specifically, you mentioned the Swiss bank merger, which obviously is something I'm paying attention to as well. I was just wondering, you said it wouldn't have an impact. But is it a question about maybe this year not an impact because it may take some time? Or is it just the exposures are very small? Just maybe you can dimensionalize it a little bit since it is the first time we've had something like this in like 15 years.

另外你特別提到瑞士銀行的合併，這顯然也是我在關注的。我想問的是，你說不會有影響；那是因為可能今年不會有影響、因為需要一些時間才會反映？還是因為曝險非常小？也許你可以把它量化或具體化一點，因為這是我們大概 15 年來第一次遇到這樣的事件。

Yes. Alex, this is Ewout. I will start and then hand it over to Doug. Generally, we are confident about the outlook of Market Intelligence for the remainder of the year due to a couple of reasons. The first is growth of the subscription book of business. We see some healthy growth. Then we have good revenue synergies that will come in over the next period of time. We are expecting a capital markets recovery at the end of the year. So that should help Enterprise Solutions. And then also the comps will become easier and FX headwinds will become easier during the course of this year. So those are the elements that will help us to remain confident with the outlook.

是的。Alex，我是 Ewout。我先回答，然後再交給 Doug。整體而言，我們對 Market Intelligence 在今年剩餘期間的展望有信心，原因有幾點。第一是訂閱型業務（subscription book of business）的成長，我們看到一些健康的成長。其次，我們有良好的營收協同效益會在接下來一段時間逐步實現。我們預期年底資本市場會復甦，這將有助於 Enterprise Solutions。再者，今年過程中同業比較基期（comps）會變得更容易，外匯（FX）逆風也會緩解。這些因素都會幫助我們維持對展望的信心。

With respect to the specifics of the banking impact, we think this is overall manageable and not material for Market Intelligence. And the reason for that is the following. Market Intelligence actually has a very diverse customer base. Only 10% of the customer revenue is coming from commercial banks. And these are global commercial banks, so not specifically U.S. or Europe. So that's actually a relatively low percentage.

就銀行業影響的具體情況而言，我們認為整體可控，且對 Market Intelligence 並不重大。原因如下：Market Intelligence 的客戶基礎其實非常多元。只有 10% 的客戶營收來自商業銀行。而且這些是全球性的商業銀行，並非特別集中在美國或歐洲。因此這其實是相對低的比例。

And then we have multiyear subscription contracts with those customers. And we have tuned it down in the guidance range to the lower end of the range given the uncertainty, given the fact that we are still expecting a shallow and short recession in the mid of this year, and we want to be cautious. But overall, that's why we still believe we should be able to come in within the range for Market Intelligence for the full year.

此外，我們與這些客戶簽的是多年期訂閱合約。我們在指引區間中把預期調到區間低端，是因為不確定性、因為我們仍預期今年年中會出現一次淺而短的衰退，並且我們希望保持謹慎。但整體而言，這也是為什麼我們仍相信，Market Intelligence 全年表現應能落在指引區間之內。

Alex, what I wanted to add is that I've been on the road almost nonstop this year and seeing clients. And it's been incredible, the kind of feedback we're getting about the value that the Market Intelligence team is bringing with the data that's getting built into different platforms. And what Ewout just highlighted that Market Intelligence customer base is very diversified, we don't just have a financial institution client base, and within financial institutions, we're not just focused on only one single segment.

Alex，我想補充的是：我今年幾乎一直在外出拜訪客戶。令人驚豔的是，我們收到的回饋是 Market Intelligence 團隊透過把數據建置並嵌入不同平台所帶來的價值。正如 Ewout 剛剛強調的，Market Intelligence 的客戶基礎非常多元；我們不只有金融機構客戶，而在金融機構之內，我們也不只聚焦於單一細分領域。

So I've had really interesting conversations with corporates about the data that we have in Market Intelligence, what we can provide in Investor Relations, core data, which is used by different traders, by supply chain. We have a new product, which is a supply chain console that corporates are finding incredibly useful for them to understand what would be their needs for managing shipping, supply chain risk, et cetera. So I'm really encouraged by what we're seeing. The client dialogue is what I wanted to highlight.

所以我和企業客戶有過非常有意思的對話，談到我們在 Market Intelligence 的數據、我們在投資人關係（Investor Relations）、核心數據方面能提供什麼——這些被不同交易員、供應鏈等使用。我們有一個新產品，是供應鏈控制台（supply chain console），企業客戶覺得非常有用，能幫助他們了解在管理航運、供應鏈風險等方面的需求。所以我對我們看到的情況非常受到鼓舞。我想強調的是客戶對話的回饋。

All right. And then just a very quick one on the Ratings side, and I asked your primary competitor this also, but maybe you have a different view, which is really what's going to happen with lending by regional banks, right? I mean, I know they're more focused on middle market. And that's not really where you play.

好的。然後在 Ratings 這邊再問一個很快的問題。我也問了你們的主要競爭對手，但也許你們有不同看法：也就是地區性銀行的放貸接下來會怎麼走？我的意思是，我知道他們更聚焦在中型市場（middle market），而那並不是你們主要參與的領域。

But if we make the assumptions that these companies are going to be more constrained because of regulation or capital requirements, is there an opportunity for you? Are you thinking about an opportunity that could lead to more disintermediation, that you actually have a role as that remaining lending in the U.S. may more go to capital markets? Or is it just too small for you and it will go to other channels, like private credit, for example?

但如果我們假設這些公司會因為監管或資本要求而更受限制，這對你們是否是一個機會？你們是否在思考，這可能帶來更多去中介化（disintermediation）的機會——也就是美國剩餘的放貸可能更多轉向資本市場，而你們在其中能扮演角色？還是說對你們而言太小，資金會流向其他管道，例如私募信貸（private credit）？

Yes. Thanks for that, Alex. Well, first of all, we have much, much lower exposure to that sector than some of the other competitors in our space. We do watch it very closely because it does help with some of the -- understanding some of the credit dynamics in the country overall. We do see in the U.S. that there could be some slowdown in credit. And that's one of the reasons that we've been cautious about our own economic forecast for the rest of the year.

是的，謝謝你這個問題，Alex。首先，我們對該領域的曝險遠遠低於我們領域中的一些其他競爭者。我們確實非常密切地關注，因為這有助於我們理解全國整體的一些信用動態。我們確實看到在美國信貸可能會放緩。這也是我們對今年剩餘期間自身經濟預測保持謹慎的原因之一。

You heard Ewout said that we expect that there would be a mild recession or a mild slowdown as we see a dip in the second or third quarter. And we think part of that could be caused by the slowdown in credit. But overall, we have very low exposure to this area. And it's likely that some of the areas that we see that the credit will get picked up by the private markets or securitization. And some of those, we might actually benefit from some of the activity on those.

你也聽到 Ewout 說，我們預期會有溫和衰退或溫和放緩，並在第二或第三季看到一次下滑。我們認為其中一部分可能是由信貸放緩所造成。但整體而言，我們在這個領域的曝險非常低。而且很可能我們看到的部分信貸需求會被私募市場或證券化所承接；在其中一些活動上，我們實際上可能會受益。

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

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

Can you touch on, if you would, your outlook for bank loan issuance this year and high-yield issuance, just given the huge uncertainties on the macro side, please?

在宏觀面存在巨大不確定性的情況下，能否請您談談您對今年銀行貸款發行量以及高收益債發行量的展望？謝謝。

Thanks, Craig. Well, let me give you a broader sense of issuance and just reconcile a little bit what we talked about earlier on the call. As you know, we have our credit research team, issues a report on what they see as the full forecast for the year. And right now, they're expecting that the range across all of the different areas would be down about 3.5%. And then we've said that we think that our -- what the range of billed issuance will be up about 3% to 7%. We don't break it out between what would be leveraged loans and high yield. Those are part of that.

謝謝你，Craig。嗯，我先從更廣的角度談談發行，並把它和我們稍早在電話會議中提到的內容稍微對照一下。如你所知，我們有信用研究團隊，他們會發布一份報告，提出他們對全年整體預測的看法。而目前，他們預期涵蓋所有不同領域的區間，整體將下滑約 3.5%。而我們也說過，我們認為我們的——計費發行量（billed issuance）的區間將上升約 3% 到 7%。我們不會把槓桿貸款和高收益債分開揭露；它們都包含在其中。

But in the first quarter, high-yield issuance was up about 6% of billed issuance and bank loans was down about 33%. In many cases, those are substitutes for each other. Sometimes you can see somebody says, "Well, am I going to issue a floating rate or a fixed rate? What are the market conditions? Or am I going to go to the private markets, which have been quite quick? They're fast. But they also have, in some cases, higher spreads on them as well as maybe more covenants."

但在第一季，高收益債發行在計費發行量中約成長 6%，而銀行貸款則下滑約 33%。在很多情況下，兩者彼此是替代品。有時你會看到有人說：「那我到底要發行浮動利率還是固定利率？市場條件如何？或者我要去私募市場？私募市場一直都相當快速、效率高。但在某些情況下，它們的利差也可能更高，並且可能有更多契約條款（covenants）。」

But we think that there's going to be a very dynamic market. Overall, I think you should focus on the 3% to 7% billed issuance up and look at the different components of where we see that's happening. Just as an FYI, in our credit research team's forecast, they see that corporates will be up about 8.5% for the year. So think of that as kind of an anchor. And also remember what I said earlier to one of the earlier questions about the amount of refinancing that is already taking place.

但我們認為市場將會非常動態。整體而言，我認為你應該聚焦在計費發行量上升 3% 到 7% 這個指引，並觀察我們認為成長會發生在哪些不同組成項目。補充說明一下，在我們信用研究團隊的預測中，他們認為企業（corporates）全年將成長約 8.5%。你可以把這視為一個錨點。另外也請記得我先前回答某個問題時提到的：目前已經在進行的再融資規模。

Maybe the last point I'd make is that we see that in this market with these conditions, with some uncertainty about rates and inflation, et cetera, issuance is very, very opportunistic. You can see a flood of issuance over a week or 2 weeks. And then sometimes the markets are pulling back. For instance, the last couple of weeks have been very encouraging. But we said the same thing about the first 2 months of the year. So we watch this closely. We're forecasting. But go back to what the long-term issue is, M&A is going to come back, rates will eventually stabilize, conditions will be positive for people to invest and grow.

我最後想補充的一點是：在這樣的市場與條件下，對利率、通膨等仍有一些不確定性，發行會非常、非常機會導向。你可能會看到在一週或兩週內出現大量發行，然後有時市場又會縮手。舉例來說，過去幾週非常令人鼓舞；但我們在今年前兩個月也曾說過同樣的話。所以我們會密切觀察。我們會做預測。但回到長期議題：併購（M&A）會回來，利率終究會趨於穩定，環境將有利於企業投資與成長。

We have these massive programs in the U.S. that are just starting to get launched. For the infrastructure bill, for the CHIPS Act, for the IRA, the capital that's going to be going into energy transition, all of that is going to attract investment. It's going to attract M&A. It's going to attract debt investment. This isn't just going to be done using capital from the government. There's going to be a public-private partnership, public-private capital going into these areas.

美國有這些龐大的計畫才剛開始啟動。包括基礎建設法案、CHIPS 法案、IRA（通膨削減法案），以及將投入能源轉型的資本——所有這些都會吸引投資、吸引併購、吸引債務投資。這不會只靠政府資金來完成；將會有公私合作夥伴關係，公私資本會投入這些領域。

And I just see a huge amount of capital that's going to be deployed here. We're going to see the same thing in Europe, same thing in Asia. So I just believe that this energy transition, what we're going to see with the CHIPS Act, et cetera, is going to create a lot of investment globally. And we should be benefiting from all of that over the long run.

而我看到將有大量資本在此部署。我們在歐洲會看到同樣的情況，在亞洲也會看到同樣的情況。所以我相信，這場能源轉型，以及我們將在 CHIPS 法案等方面看到的發展，將在全球創造大量投資。長期而言，我們應該會從中受益。

My other question, please. Mobility, obviously, had a very strong start to the year, solid outlook for the rest of the year. Can you just touch upon any of the businesses within that division that you think will help drive it for the rest of the year? And any significant changes from the trends you saw in the first quarter that you think might go better or worse as the year goes on, [sub business]?

我還有另一個問題。Mobility 顯然在年初有非常強勁的開局，對今年剩餘時間的展望也很穩健。你能否談談該事業部中有哪些業務你認為將在今年剩餘時間帶動成長？以及相較於第一季你看到的趨勢，隨著今年推進，你認為有哪些重要變化可能會變得更好或更差，[sub business]？

We're actually really looking positively for all the underlying revenue drivers within Mobility. First, when you look at dealers, you see a little bit two effects going in opposite directions, as Doug explained earlier. So maybe their margins are coming down a bit. Inventory levels are going up. So therefore, retention is a little bit lower. But on the flip side is that there's more demand for sales and marketing products because they need to be more proactively reaching out to potential customers in the future. So that is actually driving the growth in the dealership.

其實我們對 Mobility 內所有底層營收驅動因素都相當正面。首先，當你看經銷商（dealers）時，會看到兩個效果如 Doug 先前所說，正朝相反方向發展。也就是說，他們的利潤率可能在下降一些，庫存水位在上升，因此留存率（retention）略低。但另一方面，由於他們未來需要更主動接觸潛在客戶，對銷售與行銷產品的需求增加。這實際上正在推動經銷商端的成長。

Moreover, I think CARFAX is super entrepreneurial, really innovative, launching a lot of new products. And that is helping with the growth there as well. Manufacturing, the same thing. Also there, they are exposed to more need to really reach out to customers through our marketing and sales product. So that is going to be helpful there as well. Plus all the changes that are happening with the transformation to EVs and our planning products there are helping our OEM customers.

此外，我認為 CARFAX 非常具有創業精神、非常創新，推出了許多新產品，這也在幫助那邊的成長。製造端也是同樣情況。在那裡，他們也面臨更需要透過我們的行銷與銷售產品來真正接觸客戶的需求，因此那邊也會有所助益。再加上電動車（EV）轉型帶來的各種變化，以及我們在規劃產品上的能力，正在協助我們的 OEM 客戶。

And then our data is flowing to insurance companies, to banks and other loan entities that need the data for the pricing of their products. So that we expect that to continue to grow as well at healthy levels during the course of this year. So overall, I would say positive momentum for Mobility. And I have no reason to believe that, that would not continue in the future.

另外，我們的數據也流向保險公司、銀行以及其他需要這些數據來為其產品定價的放款機構。因此，我們預期這部分在今年也會以健康的水準持續成長。總體而言，我會說 Mobility 的動能是正向的，而且我沒有理由相信這種情況未來不會延續。

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

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

I know it's late. I'll just ask one. Nobody has asked about the pricing environment. And I know it varies by the different segments you're in. But if you can just give us some general comments in terms of the ability to pass through pricing, would appreciate it.

我知道時間有點晚了，我只問一個。沒有人問到定價環境。我知道你們不同業務區塊的情況不一樣，但如果你們能就轉嫁價格（pass through pricing）的能力給一些整體性的評論，我會很感謝。

Absolutely, Jeff. So the way we look at this is most of our products are must-have products for our customers. We are deeply embedded in their workflows, in their day-to-day activities. Therefore, we add a lot of value to our customers. And that should give us an opportunity to pass on any cost price increases as a result of the inflationary environment in terms of pricing and fees.

當然可以，Jeff。我們看待這件事的方式是：我們大多數產品對客戶而言都是必需品（must-have）。我們深度嵌入他們的工作流程與日常活動中。因此，我們為客戶創造了很大的價值。這應該讓我們有機會在通膨環境下，將因成本上升所帶來的價格與費用調整轉嫁到定價與收費上。

But obviously, we're doing that in a very responsible way. We're doing that in a very balanced way that will come in gradually over time at the moments of contract renewals. But overall, we think that is reasonable to pass on cost price increases to customers. And therefore, we still expect to expand margins in this current environment. I'm looking at maybe one of my colleagues, Dan or Saugata, if you would like to give any particular color for your businesses.

但很明顯地，我們會以非常負責任的方式來做；我們會以非常平衡的方式，並在合約續約的時點，隨時間逐步反映。整體而言，我們認為把成本上升轉嫁給客戶是合理的。因此，即使在目前環境下，我們仍預期利潤率可以擴張。我想看看我的同事 Dan 或 Saugata，你們是否想就各自業務提供一些更具體的補充。

Jeff, it's Dan. Thank you very much for the question. Look, I think to echo Ewout's comments, we align pricing with the value we create for our customers. And if you look at something specifically for indices, I mean, this massive secular growth trend switch from active to passive management, that's something that we want to be aligned with our clients and ensure that, again, we're representing the value and really working closely.

Jeff，我是 Dan。非常感謝你的問題。你看，我想呼應 Ewout 的評論：我們會讓定價與我們為客戶創造的價值一致。若你特別看指數（indices）業務，從主動管理轉向被動管理的這個巨大的長期結構性成長趨勢，我們希望與客戶保持一致，並確保我們同樣是在反映價值、並且真正緊密合作。

And I think if you look at the outcome, we estimate over the last 26 years from our 3 core indices, the S&P 500, 400 and 600, that we saved investors over $400 billion in management fees. So that's benefiting directly savers, retirees, people saving for college education, things like that. So I think pricing is a strategic tool that we look through and really use, again, to align growth and interest with clients.

而如果你看結果，我們估計在過去 26 年，透過我們三個核心指數——S&P 500、400 與 600——我們為投資人節省了超過 4,000 億美元的管理費。這直接讓儲蓄者、退休族、為大學教育存錢的人等受益。所以我認為定價是一個策略工具；我們會透過它來檢視並運用，再次強調，是用來讓成長與客戶利益保持一致。

Our next question comes from Owen Lau with Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Owen Lau。

So going back to Kensho, Doug and Ewout, you mentioned 5 products are commercially available. Could you please talk about the early traction there and your expectation about these products? Who are your major clients? Would that be banks or you can expand to other verticals? And also please remind us the revenue model. Is it mainly a subscription-based model?

回到 Kensho 的部分，Doug 和 Ewout，你們提到有 5 項產品已經商業化上市。能否談談目前的早期進展（traction）以及你們對這些產品的期待？你們的主要客戶是誰？會是銀行嗎？還是你們可以擴展到其他垂直領域？另外也請提醒我們營收模式：主要是訂閱制（subscription-based）嗎？

Thanks, Owen. I will give you a more broader perspective and then hand it over to Saugata for some specific Kensho implementations in Commodity Insights. So overall, Kensho for the last few years has been very much focused on product development, speed to market, new product design, new design of delivery, customer experience within S&P Global. But slowly, it's now also turning more externally again because many of those products that have been developed are also attractive for external customers.

謝謝你，Owen。我先給你一個更宏觀的觀點，接著再交給 Saugata，請他分享一些在 Commodity Insights 中 Kensho 的具體落地案例。整體而言，過去幾年 Kensho 非常專注於產品開發、加速上市（speed to market）、新產品設計、新的交付設計，以及在 S&P Global 內部的客戶體驗。但現在它也正逐步再次轉向對外，因為許多已開發完成的產品對外部客戶同樣具有吸引力。

Overall, if you look at the value that is generated, it's both value internally and externally. In terms of external customers, we have now more than 50 external customers in areas like asset managers, large banks, hedge funds and corporates. And this is all the products that we have highlighted before, Link, NERD, Scribe, Extract and Classify, so many good products. But let me hand it over to Saugata to give you more details about Commodity Insights.

整體而言，如果你看我們所創造的價值，它同時包含內部與外部的價值。就外部客戶而言，我們目前在資產管理公司、大型銀行、避險基金以及企業等領域，已有超過 50 家外部客戶。而這些都是我們先前提到的產品：Link、NERD、Scribe、Extract 以及 Classify，很多很好的產品。不過我先把時間交給 Saugata，請他為各位更詳細介紹 Commodity Insights。

Thanks, Ewout, and Owen, thanks for the question. I describe the work that we do with Kensho, and more broadly, the concept of AI across Commodity Insights as a foundational piece of everything that we are doing that's future-looking and growth-driving. So Kensho, for example, built a tool that we use in our -- what we call the price assessment process, specifically the Market on Close process wherein we kind of, at the end of the day, pull together everything we've heard during the closing out of the trading markets to understand what's the outlook for price.

謝謝你，Ewout，也謝謝 Owen 的提問。我會說明我們與 Kensho 合作所做的工作，以及更廣泛地，AI 在 Commodity Insights 的概念——它是我們所有前瞻性、驅動成長工作的基礎要件。以 Kensho 為例，他們打造了一個工具，應用在我們——我們稱之為價格評估流程（price assessment process）中，特別是 Market on Close 流程；在一天結束時，我們會彙整在交易市場收盤前後所聽到的一切，以了解價格的展望。

And Kensho built a tool that compressed the workflow time by about 70%. That frees up time for our researchers, for our price reporters to do other productive things for our customers and also helps us get information out to the market faster.

而 Kensho 建立的工具，將工作流程時間壓縮了約 70%。這讓我們的研究人員與價格記者能騰出時間，為客戶做其他更有生產力的事情，也幫助我們更快把資訊傳遞到市場。

In addition, AI is a broader theme. We do a lot of work, and I draw your attention to some of our newer products like Energy Studio: Impact, which is essentially 6 million North America wells, of which for about 1 million wells we do real-time live forecast. And you can imagine that something like that involves more than 1 trillion rows of data. And computing that without leveraging AI, machine learning models, and we have about 4,200 of them in that one product alone, would be nearly impossible. And that's just one example where we are using -- just, I would say, 2 examples where we are using Kensho and machine learning and artificial intelligence concepts more broadly to develop and demonstrate additional customer value.

此外，AI 也是一個更廣泛的主題。我們做了很多工作，我想請各位注意我們一些較新的產品，例如 Energy Studio: Impact；它基本上涵蓋北美 600 萬口油井，其中約 100 萬口油井我們提供即時的動態預測。你可以想像，這樣的產品涉及超過 1 兆列的資料。若不運用 AI、機器學習模型——而且光是這一個產品我們就有大約 4,200 個模型——幾乎不可能完成運算。這只是我們運用 Kensho、機器學習與更廣義的人工智慧概念來開發並展現額外客戶價值的其中一個例子；我剛剛提到的兩個例子，就是我們如何運用這些能力。

Got it. That's very helpful. And then on Indices, on the expense, I think it was lower than our expectation, but the margin was higher. Was it mainly driven by lower comp because your revenue line is lower? And also, could you please give us an update on your key maybe market and also your investment or expense assumption for the rest of this year on Indices?

了解。這很有幫助。接著談到 Indices，在費用方面，我覺得比我們預期低，但利潤率更高。這主要是因為營收較低、所以薪酬（comp）支出較低所帶動的嗎？另外，也請你更新一下 Indices 的關鍵市場狀況，以及你們對今年剩餘期間在 Indices 的投資或費用假設。

Yes. Thanks again for the question. I think in terms of the performance, as Ewout had mentioned, we had the difficult comps, but also the asset prices and our asset-linked. If you think back, you kind of build that in arrears that was -- quarter was coming off of the market highs at the end of 2021, so comparing that. And also, there was some seasonality in products like the S&P 500. You do see the liquidity benefits of that product are really seeing inflows late in the year, and that can come out early through the year on that.

好的，再次謝謝你的問題。我想就表現而言，如 Ewout 所提到的，我們面臨較困難的比較基期（comps），同時也受到資產價格以及我們與資產連動（asset-linked）的影響。回頭看，你會發現這是有滯後性（in arrears）的——該季度是從 2021 年底市場高點回落後的比較。此外，像 S&P 500 這類產品也有一些季節性。你確實會看到該產品的流動性效益通常在年底出現較多流入，而在年初可能會流出。

Where we saw the outperformance was in exchange-traded derivatives. Obviously, we've seen a very fast increase in nominal interest rates, and that's really caused some dislocation in the way that risk premium across asset classes. And so that's obviously increased volatility. So we're so well positioned in this ecosystem we built, what we discussed back in the Investor Day in December, being able to align and provide price discovery, liquidity and then crucially for the exchange-traded derivative market, being able to manage risks.

我們看到超預期表現的是交易所交易衍生品（exchange-traded derivatives）。顯然，我們看到名目利率非常快速上升，這確實造成各資產類別之間風險溢酬（risk premium）呈現某種錯位。因此波動性明顯上升。我們在所建立的生態系中處於非常有利的位置——這也是我們在 12 月投資人日所討論的——能夠對齊並提供價格發現（price discovery）、流動性，並且對交易所交易衍生品市場而言至關重要的是，能夠管理風險。

And so what we're seeing is a combination of secular growth trends there, extended trading hours, shorting down to intraday or even single day types of access to derivative products. But there's also cyclicality. We do know that over time, volatility will particularly normalize, potentially mean revert to some degree. So in terms of our outlook, we want to make sure that we manage that appropriately.

因此我們看到的是：一方面是長期結構性成長趨勢（secular growth trends），例如延長交易時段、放空（shorting）以及更短週期的交易需求，從日內甚至單日（single day）等形式來取得衍生品曝險。但另一方面也存在景氣循環性（cyclicality）。我們知道隨著時間推移，波動性特別是會趨於正常化，可能在某種程度上回歸均值（mean revert）。因此就我們的展望而言，我們希望確保能妥善管理這一點。

So if you think about the margin, just kind of looking for the rest of the year, we do like exchange-traded derivatives. They do have a higher gross margin than our asset-linked, but we do expect that mix to change. We do expect, hopefully, the flows to change that. So it's going to be reflected in the revenue mix we have. Also, we had some onetime expenses that were nonrecurring. And we also had some lapping incentive comp expense reductions last year.

所以如果你看利潤率，並展望今年剩餘時間，我們確實看好交易所交易衍生品；它們的毛利率高於我們的資產連動（asset-linked）業務，但我們也預期組合（mix）會改變。我們希望資金流向（flows）能有所變化，因此這會反映在我們的營收組合上。另外，我們也有一些一次性、非經常性的費用。同時，我們去年也有激勵薪酬費用下降的基期因素（lapping incentive comp expense reductions）。

But what we really want to do ultimately is to reinvest back in the business. And I think that reflects, again, the way we're thinking about the margin for the rest of the year and really leaning into, again, the secular growth trends we have.

但我們最終真正想做的是把資金再投資回業務。我認為這也再次反映我們對今年剩餘時間利潤率的思考方式，並且再次更積極地投入我們所擁有的長期結構性成長趨勢。

Our next question comes from Andrew Steinerman with JPMorgan.

下一個問題來自 JPMorgan 的 Andrew Steinerman。

Ewout, I know this is a small item, but it would help our model. Could you just give us what the total acquired, that's the M&A revenues, were in the first quarter? I definitely heard you call out the 1 point of M&A revenues in Mobility from Market Scan. But as you know, there's been some other kind of tuck-ins already completed. And if you could also, on the same basis, with the acquisitions already completed, could you give us what the M&A revenue assumption is for the '23 guide?

Ewout，我知道這是個小項目，但會對我們的模型很有幫助。你能否提供第一季併購（M&A）帶來的總營收是多少？我確實聽到你提到 Mobility 因 Market Scan 帶來 1 個百分點的併購營收。但如你所知，還有其他一些已完成的小型併購（tuck-ins）。另外在同樣口徑下、以已完成的收購案來看，你能否提供你們對 2023 年指引（'23 guide）中併購營收的假設？

Andrew, we said that for Market Scan, during the quarter, the impact is around 1 point. So it's around $3 million to $4 million. It's overall immaterial for the company as a whole, as you understand. The other 2 sides in ChartIQ really are immaterial for Market Intelligence. So from a modeling perspective, I wouldn't put any number into your model.

Andrew，我們說過 Market Scan 在本季的影響大約是 1 個百分點，也就是大約 300 萬到 400 萬美元。整體而言，對公司整體來說並不具重大性（immaterial），如你所理解。ChartIQ 的另外兩個部分，對 Market Intelligence 來說也同樣不具重大性。因此從建模角度，我不會建議你在模型裡放入任何數字。

But then I would like to point out that the revenues and the earnings we'll lose in our models and our plan for the full year by divesting Engineering Solutions 2 months earlier is actually net-net going to reduce the overall impact on our plan. So the net of divestiture of Engineering Solutions and the new acquisitions is actually a negative, hence, my comment earlier during this call that implicitly, we're raising the guidance for the full year by holding the range the same for the company as a whole.

但我也想指出，我們在模型與全年計畫中，因為提前兩個月剝離（divesting）Engineering Solutions 而會少掉的營收與獲利，從淨額（net-net）來看，反而會降低對我們計畫的整體影響。因此，Engineering Solutions 的處分與新收購案相抵後的淨影響其實是負向的；也因此我在本次電話會議稍早才會評論說，對公司整體而言，在維持同一個區間不變的情況下，等同於我們隱含上調了全年指引。

Right. But you do account for all of the M&A, right?

了解。但你們有把所有的併購都納入考量，對吧？

Yes. Yes, that's correct.

是的。是的，沒錯。

Our next question comes from Jeff Meuler with Baird.

下一個問題來自 Baird 的 Jeff Meuler。

Doug, Ewout, good to hear from you, but I'll try to continue to incorporate some of those other voices. Within Indices, maybe if you could talk about, I guess, like your Vitality or what new products are really resonating or you think have the highest potential?

Doug、Ewout，很高興聽到你們的分享，不過我會試著繼續把其他人的觀點也納入。就 Indices 而言，也許你們可以談談——我想像是你們的 Vitality，或有哪些新產品特別受到市場共鳴、或你們認為潛力最高？

Jeff, thanks for the question. In terms of Vitality, we think that sustainability was a theme, I think, Doug and Ewout both kind of emphasize. That's a huge opportunity for us particularly as we expand to other regions, Europe, Asia. That's always top of mind for us.

Jeff，謝謝你的問題。就 Vitality 而言，我們認為永續（sustainability）是一個主題，我想 Doug 和 Ewout 都有強調。這對我們是很大的機會，特別是當我們擴展到其他地區——歐洲、亞洲——這一直是我們最關注的重點。

I'd also say a factor is thematics, and specifically, if you think about the need for income globally. So for us, having the leading dividend, equity dividend franchise, our aristocrats, we're seeing a lot of demand there.

我也會說另一個因素是主題式（thematics），尤其是如果你想到全球對收益（income）的需求。對我們而言，擁有領先的股利、股權股利（equity dividend）產品線——我們的 Aristocrats——我們看到那裡有很大的需求。

If you think about in developed markets, aging populations, the need for retirement income, but hey, now there's inflation. So all of a sudden, I need to protect capital in standards of living. So that's where the combination of using, say, our S&P 500 equity franchise to supplement fixed income. That's clearly a big synergy from the IHS Markit and specifically our iBoxx franchise.

如果你看已開發市場，人口老化、退休收入的需求，但現在又有通膨。於是我突然需要保護資本與生活水準。因此這就是為什麼會把例如我們的 S&P 500 股票產品線用來補充固定收益（fixed income）。這顯然是 IHS Markit 併入後的一個重大綜效，特別是我們的 iBoxx 產品線。

So what we're seeing now is combining like around the world kind of that dividend franchise we have with credit and being able to offer now multi-asset solutions. And particularly in markets like Japan, one of our largest asset management clients just launched the first multi-asset ETF in that marketplace. So again, really bringing synergy capabilities.

所以我們現在看到的是，把我們在全球的股利產品線與信用（credit）結合，並能提供多資產（multi-asset）解決方案。特別是在日本這樣的市場，我們最大的資產管理客戶之一，剛在該市場推出第一檔多資產 ETF。因此，再次展現我們真正把綜效能力帶出來。

But I think income leading into that, also in sustainability, looking to combine really the partnership within S&P Global. Even Saugata's business in Commodity Insights, we've been able to use unique proprietary datasets around electric vehicles. I think Ewout had mentioned, we came out in partnership, again, with Commodity Insights with our GSCI franchise to come out with an electric vehicles metal index, again, other datasets with Trucost and sustainability.

但我認為，以收益為核心的方向，以及在永續方面，正是要把 S&P Global 內部的合作真正結合起來。甚至在 Saugata 所負責的 Commodity Insights 業務，我們也能運用圍繞電動車的獨特專有資料集。我想 Ewout 也提到過，我們與 Commodity Insights 合作，透過我們的 GSCI 產品線推出電動車金屬指數；另外也結合 Trucost 與永續相關的其他資料集。

So I think this is really -- as we go back to that 2025, 2026 outlook we gave at Investor Day, this is really looking through increasingly these proprietary datasets being part of S&P Global to really look at some of these mega trends around the world.

所以我認為這確實是——回到我們在投資者日所提供的 2025、2026 年展望，這其實是愈來愈透過這些作為 S&P Global 一部分的專有資料集，來真正觀察全球一些重大趨勢。

And then on Commodity Insights, there was a comment about an opportunity to further sector leadership. Maybe just a high-level comment, like how is CERAWeek different with IHS here being part of S&P now? And then should we look to the event as a meaningful cross-selling catalyst, if you can just talk about the pipeline build coming out of the event?

接著在 Commodity Insights 方面，有人提到有機會進一步強化產業領導地位。或許先請你高層次評論一下：在 IHS 現在成為 S&P 一部分之後，CERAWeek 有哪些不同？另外，我們是否應將該活動視為一個有意義的交叉銷售催化劑——如果你能談談活動後所建立的銷售管線（pipeline），那就更好了。

Jeff, thanks for the question. So just as a reminder, CERAWeek is the marquee energy event that we hold and it's increasing broadly more than energy event that we hold in Houston in March every year. It is the premier -- as you pointed out, it is the premier venue for thought leadership for commodities and everything future looking for the commodities business. This year, we had over 8,000 attendees there, a lot of C-suite executives, important policymakers across the world.

Jeff，謝謝你的問題。先提醒一下，CERAWeek 是我們舉辦的旗艦能源活動，而且它的範疇正逐步擴大，已不僅僅是能源活動；我們每年三月在休士頓舉辦。它是首屈一指的——如你所指出，它是大宗商品領域思想領導力的首要平台，也是大宗商品業務所有前瞻性議題的首要場域。今年我們有超過 8,000 名與會者，包含許多 C-suite 高階主管，以及來自全球的重要政策制定者。

And I'd say, if you think about CERAWeek, we obviously want to grow the franchise in a meaningful way that is accretive to the overall business and the business plan that we have laid out. We do get a lot of -- it's not a venue where we sell. It's not designed to be a venue where we sell. But it is a venue where we showcase our thought leadership, showcase our talent and showcase all of the great work that we are doing and kind of driving answers to some of the most complicated questions out there.

我會說，如果你想到 CERAWeek，我們當然希望以有意義的方式擴大這個品牌（franchise），並且對整體業務以及我們已擬定的業務計畫具有增益（accretive）。我們確實會獲得很多——但這不是一個我們用來銷售的場域，也不是為了銷售而設計的。不過它是一個我們展示思想領導力、展示人才、展示我們正在做的所有出色工作的平台，並且在某種程度上推動對一些最複雜問題的解答。

And the 4 themes that came out this year, which also helps us shape the research that we do because we have this audience where we connect with, this community that we've built where we connect with them, and that helps us guide research that we want to do, products that we want to do.

而今年浮現的四大主題，也有助於我們塑造所做的研究，因為我們有這樣的受眾、我們建立的社群，能與他們連結；這也幫助我們引導想做的研究、想做的產品。

And I'd say the 4 things that we took away that's going to help us shape our own strategy, number one is energy transition is here to stay. It's not going away. Number two, energy transition is complicated because customers are trying to balance energy transition, energy security and energy affordability. Third, I'd say customers are upbeat. They're looking for solutions to complex problems, which only data and analytics of that sort that we can provide can help them solve. And fourth, I'd say we walked away with targeted opportunities that we want to work on and build opportunities to serve clients.

我會說，我們帶走的四點收穫將有助於塑造我們自己的策略：第一，能源轉型將持續存在，不會消失。第二，能源轉型很複雜，因為客戶正試圖在能源轉型、能源安全與能源可負擔性之間取得平衡。第三，我會說客戶情緒偏正面；他們在尋找複雜問題的解決方案，而只有我們能提供的那類資料與分析才能幫助他們解決。第四，我會說我們帶回了一些有針對性的機會，想要著手推進並建立服務客戶的機會。

So I'd say in summary, Jeff, it's less about the cross-sell opportunity but more about the sense of community we build, the direct revenues that we generate and, of course, what we showcase and what we walk away from the conference in terms of the knowledge that we build and how to shape our business.

所以總結來說，Jeff，重點與其說是交叉銷售機會，不如說是我們建立的社群感、我們創造的直接營收，當然還包括我們所展示的內容，以及我們從會議帶走的知識累積，並用以塑造我們的業務。

And the last thing I would add that -- of course, CERAWeek is our marquee event, but we also have other leading events like the World Petrochemical Conference. There's nothing else like the thought for the petrochemicals business or the London Energy Forum or the newly acquired Fujairah conference, which we call FUJCON. And all of them in combination with -- especially the merger, helps us interact with customers in a way that would not otherwise be possible.

最後我想補充的是——當然，CERAWeek 是我們的旗艦活動，但我們也有其他領先的活動，例如世界石化大會（World Petrochemical Conference）。在石化業務方面，沒有任何活動能像它一樣提供那樣的思想交流；還有倫敦能源論壇（London Energy Forum），以及我們新近收購的富查伊拉會議，我們稱之為 FUJCON。這些活動結合在一起——尤其是在併購之後——能幫助我們以原本不可能的方式與客戶互動。

Our next question comes from Russell Quelch with Redburn.

下一個問題來自 Redburn 的 Russell Quelch。

Following on from the previous question actually, unless I'm wrong, I haven't seen any new products in the fixed income benchmark index space from S&P yet post the acquisition of IHS. I did hear Dan's comments earlier, but can you be more specific about the time to market for new fixed income index products leveraging the brand and S&P's rich dataset on the corporate side, particularly? Do you have sort of aspirations to challenge (inaudible) in that market? Any sort of further comments you can give there? And I guess -- so the question being how much does new product growth drive the 10% medium-term target in the index business, please.

其實是延續前一個問題，除非我搞錯了，我在 S&P 收購 IHS 之後，還沒看到 S&P 在固定收益基準指數領域推出任何新產品。我先前聽到 Dan 的一些評論，但你能否更具體說明：特別是在企業端，利用品牌以及 S&P 豐富資料集所推出的新固定收益指數產品，其上市時間（time to market）會是如何？你們是否有志於在該市場挑戰（inaudible）？你還能提供任何進一步的評論嗎？另外我想——問題是：新產品成長對指數業務中期 10% 目標的驅動力有多大？謝謝。

Yes. Thanks for the question. No, we actually have hit -- I think probably one of the most notable products in Europe was our Paris-Aligned Climate Transition launch in fixed income. And so that aligns already what we've done in equity. So that was something we got to market. And now -- there's now demand, as we call it, the PACT Indices, to do those in other parts of the world and other kind of regional exposures, whether it be emerging markets, global, what have you. So that was a really important product and index that we got to market.

是的，謝謝你的問題。不，我們其實已經推出——我想在歐洲最值得注意的產品之一，是我們在固定收益領域推出的「巴黎對齊氣候轉型」（Paris-Aligned Climate Transition）。因此這已經與我們在股票方面所做的工作相呼應。這是我們成功推向市場的產品。現在——我們所稱的 PACT 指數（PACT Indices）在世界其他地區以及其他類型的區域曝險上也出現需求，不論是新興市場、全球等各種。這是一個我們推向市場、非常重要的產品與指數。

As I mentioned as well, multi-asset is really, really important for us, too, so to align, again, the iBoxx range, for example, investment grade, high yield, but to put that more intentionally alongside our leading equity franchises. So being able to do that on a channel basis, particularly areas like insurance, if you think about the annuity space, being able to go specifically there where multi-asset demand -- it's also a channel historically that's had a lot of active management.

如我也提到的，多資產（multi-asset）對我們同樣非常、非常重要；因此要讓 iBoxx 系列（例如投資級、高收益）再次對齊，並更有意識地與我們領先的股票品牌（franchises）並列。能夠以通路（channel）的方式做到這點，尤其是在保險等領域——如果你想到年金（annuity）市場——能夠更有針對性地切入，因為多資產需求——而且這個通路在歷史上也有大量主動式管理。

So this bigger trend of shifting from active to passive. We are a leader in that space, but it's early days. Can we expand kind of our first mover advantage to again bring the iBoxx capabilities. And again, we've already launched products, I mentioned, in Japan on multi-asset. We have development moving forward really across the globe. But I'd say insurance is interesting. Retirement, I'd mentioned as well, another area that, in some areas, historically have been very actively oriented. Again, combining fixed income with equity is where we want to be able to move forward as a competitive place.

因此，從主動轉向被動的這個更大趨勢。我們在這個領域是領導者，但仍處於早期階段。我們能否擴大先行者優勢，再次帶入 iBoxx 的能力。並且我們已經在日本推出了我提到的多資產產品。我們在全球各地也正持續推進開發。但我會說保險很有意思。我也提到退休（retirement），這也是另一個在某些地區歷來非常偏向主動管理的領域。再次強調，把固定收益與股票結合，是我們希望能夠前進、並具競爭力的方向。

And then let me add one part, and that is with respect to the last part of the question around the total contribution of new products to the top line growth of the company. We said at Investor Day, as you might recall, about 80 basis points of contribution to overall growth for the company from the new initiatives. And obviously, our focus is to continue to see that developing further in the future. Therefore, Vitality is such an important metric for us because it is an indicator of healthy innovation within S&P Global. But I just would like to point out that products will rotate off from the Vitality Index after 3 to 5 years because at some point, they are not a new product anymore, and they will become business as usual.

接著我再補充一點，也就是關於問題最後一部分：新產品對公司營收成長（top line growth）的總體貢獻。我們在投資者日曾說過——你可能記得——新計畫對公司整體成長的貢獻約為 80 個基點。顯然，我們的重點是未來持續推動其進一步發展。因此，Vitality 對我們而言是一個非常重要的指標，因為它是 S&P Global 內部健康創新的指標。但我也想指出，產品在 3 到 5 年後會從 Vitality Index 中輪出，因為到某個時間點，它們不再是新產品，而會成為日常業務的一部分。

But the last piece of information I want to give in terms of the health of innovation around Vitality is we have seen double-digit Vitality levels within our businesses this quarter from Market Intelligence, from Mobility, from Commodity Insights and from Indices. So very positive all across the board.

但我想提供的最後一個關於 Vitality 所反映的創新健康度資訊是：本季我們在多個業務中都看到 Vitality 達到兩位數水準，包括 Market Intelligence、Mobility、Commodity Insights 以及 Indices。整體而言非常正面。

Great stuff. So maybe just as a follow-up. I heard all the comments around investment and synergies, particularly Dan's comments around investments. So just wondering if you can speak to the seasonality you expect in the cost line in 2023. Is that likely to be the same as the historical average or slightly different to previous years?

很棒。所以我想追問一下。我聽到了所有關於投資與協同效益的評論，特別是 Dan 關於投資的說法。我只是想請問你能否談談你們對 2023 年成本線（cost line）季節性的預期？這會與歷史平均相同，還是會與過去幾年略有不同？

Russell, there's 2 kinds of investments in new initiatives. There is investments in our strategic programs, our strategic investment program of $150 million. You should assume that, that comes in gradually over time, so no particular seasonality. And then we are making investments, what we called cost to achieve, which are related to revenue synergies and realization of revenue synergies. Those will come in also over time, but those are pulled out from a performance perspective. So those you won't see in the actual performance results, the non-GAAP results that we're already reporting now and in the future.

Russell，新計畫的投資有兩種類型。一種是對我們策略性計畫的投資，也就是 1.5 億美元的策略投資計畫。你應該假設它會隨時間逐步投入，因此沒有特定的季節性。另一種是我們正在進行的投資，我們稱之為「達成成本」（cost to achieve），這與營收協同效益以及營收協同效益的實現相關。這些也會隨時間投入，但從績效呈現的角度會被剔除。因此你不會在我們現在以及未來所報告的實際績效結果、也就是我們已在揭露的非 GAAP 結果中看到它們。

Our next question comes from Simon Clinch with Atlantic Equities.

下一個問題來自 Atlantic Equities 的 Simon Clinch。

I wanted to ask a question really about the competitive environment and just your comments about your lengthening sales cycles and the stresses that are facing the financial services customers. I was wondering, are you seeing any sort of competitive response or would you expect to see any responses on pricing from the industry overall? And how would you expect to fare and -- if that were to happen?

我想問一個關於競爭環境的問題，以及你們提到銷售週期拉長、金融服務客戶面臨壓力的評論。我想知道，你們是否看到任何競爭性的回應，或你們是否預期整個產業在定價上會出現任何回應？如果真的發生，你們預期自己會如何應對並——表現如何？

Thank you, Simon. This is Doug. Well, first of all, as you know, we've always been in a competitive environment, and we also respect our competitors very, very much. This is an environment where for us, it's up to bringing the most relevant, the newest, the fastest, the highest quality information, being responsive, as you've heard us talk about Kensho, artificial intelligence, machine learning. All of these types of things allow us to bring information and data and analytics and benchmarks to our customers even faster.

謝謝你，Simon。我是Doug。嗯，首先，如你所知，我們一直處於競爭環境中，而且我們也非常、非常尊重我們的競爭對手。對我們而言，在這樣的環境裡，關鍵在於提供最相關、最新、最快、最高品質的資訊，並且保持回應速度；正如你聽到我們談到 Kensho、人工智慧、機器學習。所有這些類型的技術都讓我們能更快地把資訊、數據、分析與基準帶給客戶。

So it's a very competitive environment. This also puts us on the -- it keeps us on our toes. It makes us better because we have to always respond to the demands of the markets as well as ensuring that we're faster and ahead of all of our competitors.

所以這是一個競爭非常激烈的環境。這也讓我們保持警覺，讓我們變得更好，因為我們必須隨時回應市場需求，同時確保我們比所有競爭對手更快、走在更前面。

Okay. And just as a follow-up then. When we think about the revenue synergies and revenue synergies target, I was just wondering, in terms of -- should we expect there to be any sort of cyclical puts or takes to those targets over time? Like if we were to endure a long downturn, does that impact the -- I guess, the timing of the recognition of those revenue synergies? And maybe just some flavor around that would be useful.

好的。那再追問一下。當我們思考營收綜效以及營收綜效目標時，我想請教的是，就——我們是否應該預期這些目標會隨時間出現任何景氣循環性的正負影響？例如如果我們經歷一段長期下行，是否會影響——我想是影響這些營收綜效認列的時點？如果能提供一些相關說明會很有幫助。

Yes. We have said revenue synergies, Simon, are coming in over a period of 3 to 5 years, about 45% cross-sell, which is more the first 2 years; and then 55% coming from new products, which is more year 3 to 5. So you should see this actually -- see that ramping up over the next period during the course of this year. And you saw actually quite a nice jump from the fourth quarter to the first quarter, and we're now at that $52 million run rate level. But you see that going up in quite a nice way over the next couple of quarters. But obviously, revenue synergies take more time to accomplish compared to cost synergies.

是的。Simon，我們已經說過，營收綜效會在 3 到 5 年期間逐步實現，其中約 45% 來自交叉銷售，這部分主要在前 2 年；另外 55% 來自新產品，主要在第 3 到第 5 年。因此你應該會看到這其實——在接下來一段時間、在今年的進程中逐步加速。你也確實看到從第四季到第一季有相當不錯的跳升，而我們目前的年化運行率水準約為 5,200 萬美元。不過你會看到在接下來幾個季度以相當不錯的方式持續上升。但顯然，相較於成本綜效，營收綜效需要更長時間才能達成。

Our final question will come from Stephanie Moore with Jefferies.

我們最後一個問題將由 Jefferies 的 Stephanie Moore 提出。

Maybe taking a high-level view of just this year and your expectations embedded in your guidance. I think you called out that it does call for a bit of an improvement or somewhat of a macro recovery in the back half. Just trying to think of the levers or opportunities you have to pull, say, maybe the macro ends up being a bit weaker. If you could talk about some of those levers as well as some of the countercyclicality of your business in the various segments, that would be helpful.

也許從較高層次來看今年以及你們在指引中所隱含的預期。我想你提到過，下半年確實需要一些改善或某種程度的總體環境復甦。我只是想了解，如果總體環境最後比預期更弱，你們有哪些槓桿或機會可以運用？如果你能談談其中一些槓桿，以及你們業務在各個分部的某些逆景氣特性，也會很有幫助。

Yes. Thanks, Stephanie. Our expectation now in terms of assumptions for the year is the following: obviously, strong performance in the first quarter, as you have seen; then more a short and shallow recession in second quarter, third quarter. Obviously, we're still very careful on what to expect for the year, that there's not some unexpected volatility happening in the market. So we are actually running a very tight ship, very careful from expenses and investments, headcount, very careful. But then we are ready to invest because the most important is that we are investing in future growth. And hopefully, we will see somewhere at the end of the third quarter and the fourth quarter, really, markets coming back in a very strong way, and we're ready to take advantage of that.

是的，謝謝你，Stephanie。我們目前對今年的假設預期如下：顯然，第一季表現強勁，如你所見；接著在第二季、第三季出現較短且較淺的衰退。當然，我們對今年的走勢仍然非常謹慎，避免市場出現一些意外的波動。因此我們其實是在非常嚴謹地經營，對費用與投資、人力編制都非常小心、非常謹慎。但同時我們也準備好投資，因為最重要的是我們正在投資於未來成長。並且希望在第三季末到第四季的某個時點，市場能以非常強勁的方式回來，而我們也已準備好把握那個機會。

In terms of downturn levers that we have, it's the usual list that we have always been outlining. And you know that we're on top of our game, and we'll pull those levers if needed. But already today, as you have seen, the cost controls are really very strong, and the cost growth is really low. Certainly also, if you take it into account of that last year, we had actually flat expenses and now only really minimal expense growth in the first quarter.

至於我們在景氣下行時可運用的槓桿，就是我們一向列出的那份常見清單。你也知道我們一直保持最佳狀態，如有需要我們會啟動那些槓桿。不過就目前而言，如你所見，成本控管確實非常強，成本成長也非常低。當然，如果把去年納入考量，我們去年實際上費用持平，而今年第一季也只有非常小幅的費用成長。

But the downturn levers are the usual one around variable spend, discretionary spend, hiring, investment spend in other areas. So we are ready to take action if that's needed. But hopefully, we are more in a position that we can invest in future growth because that's the real fun part and the part how we really can deliver shareholder value from a medium and long-term perspective.

但景氣下行的槓桿就是常見的那些：可變支出、酌量性支出、招募、人力，以及其他領域的投資支出。因此如果有需要，我們已準備好採取行動。但我們希望自己更處於能夠投資未來成長的位置，因為那才是真正有趣的部分，也是我們從中長期角度真正能為股東創造價值的方式。

Thank you, Stephanie. I'd like to make a quick closing remark. And I want to thank everybody for being on the call today and your excellent questions. I also want to thank Dan and Saugata for joining us in the room. Great answers. It's nice to have you here. And we're also very pleased with how our year has started. As you recall, in December, we had an Investor Day where we launched a new strategy called Powering Global Markets. And it's fantastic to be off such a strong start. And a lot of that has to do with our engagement with our customers.

謝謝你，Stephanie。我想做一個簡短的結語。我要感謝今天參與電話會議的各位，以及你們提出的精彩問題。我也要感謝 Dan 和 Saugata 在會議室與我們一同出席。回答得很棒，很高興你們在這裡。我們也對今年的開局感到非常滿意。如你所記得，去年 12 月我們舉辦了投資人日，推出一項名為 Powering Global Markets 的新策略。能以如此強勁的態勢起步非常令人振奮，而其中很大一部分要歸功於我們與客戶的互動。

We have been out talking to our customers, listening to them, understanding how they see the combined value of the company. And I personally have been very busy traveling around the world, speaking with our key customers from every industry from all of our businesses, and I'm more confident than ever about our strategy. And their comments provide us further information to validate our priorities, our investment in technology, our investment in AI, the quality of our people, how we see the products that we're developing in the future. And I'm just so confident about what we're seeing out there.

我們一直在與客戶交流、傾聽他們的意見，了解他們如何看待公司合併後的整體價值。我個人也一直非常忙碌地在全球各地出差，與來自各行各業、涵蓋我們所有業務的關鍵客戶交流，而我對我們的策略比以往任何時候都更有信心。他們的回饋也為我們提供更多資訊，以驗證我們的優先事項、我們對科技的投資、我們對 AI 的投資、我們人才的品質，以及我們如何看待未來正在開發的產品。我對我們在外部所看到的一切非常有信心。

I also want to thank all of our people for helping us launch 2023. As always, they are phenomenal, and it's why we're off to such a strong start. And so I'm really excited about everything we have achieved this year. I look forward to sharing more on our next earnings call. And again, thank you, everyone, for joining us today. Thank you very much.

我也要感謝我們所有同仁協助我們啟動 2023 年。一如既往，他們表現卓越，這也是我們能如此強勢開局的原因。因此我對今年我們所達成的一切感到非常振奮。我期待在下一次財報電話會議上分享更多內容。再次感謝各位今天的參與。非常感謝。

That concludes this morning's call. A PDF version of the presenter slides is available 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. On behalf of S&P Global, we thank you for participating and wish you a good day.

今天上午的電話會議到此結束。簡報投影片的 PDF 版本可至 investor.spglobal.com 下載。約 2 小時後將提供整場會議的重播。包含音訊與投影片的網路直播將在 S&P Global 的網站上保留 1 年。僅音訊的電話重播將保留 1 個月。我謹代表 S&P Global 感謝各位參與，並祝各位有美好的一天。