標普全球 (SPGI) 2023 Q2 法說會逐字稿

Good morning, and welcome to S&P Global's Second Quarter 2023 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions)

各位早安，歡迎參加 S&P Global 2023 年第二季財報電話會議。我想提醒各位，本次通話將被錄音以供播出。（接線員指示）

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

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

Good morning, and thank you for joining today's S&P Global Second Quarter 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 Edouard Tavernier, President of S&P Global Mobility.

各位早安，感謝各位參加今天的 S&P Global 2023 年第二季財報電話會議。今天出席並發言的有總裁兼執行長 Doug Peterson，以及執行副總裁兼財務長 Ewout Steenbergen。在今天的問答環節，我們也將邀請 S&P Global Mobility 總裁 Edouard Tavernier 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業績。此外，我們也已上傳一份補充簡報，提供更多關於我們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 Forms 10-K and 10-Q 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，包括預測、估計及對未來事件的描述。任何此類陳述均基於目前的預期與當前經濟狀況，並受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所預期者出現重大差異。關於上述風險與不確定性的更多資訊，請參閱我們向美國證券交易委員會提交的 10-K 與 10-Q 表格。

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及本次電話會議中，我們提供非 GAAP 的調整後財務資訊。提供此資訊旨在使投資人能在不同期間之間對公司的營運表現進行有意義的比較，並以與管理層相同的視角來檢視公司的業務。財報新聞稿包含依 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；同時，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，以更充分了解該立法可能對投資人及公司造成的潛在影響。

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

我們知道本次通話中也有部分媒體代表與會。然而，本次通話的對象為投資人。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 unless explicitly noted otherwise.

謝謝你，Mark。談到本季重點之前，我想先提醒各位：除非另有明確說明，今天我們討論的財務指標皆指非 GAAP 的調整後指標。

We're pleased to report 7% revenue growth in the second quarter, excluding the impact of Engineering Solutions in all periods. We saw acceleration in revenue growth in Market Intelligence, Ratings and Indices while growth remained in the high single digits for both Commodity Insights and Mobility. As you will recall, we took decisive action to protect margins beginning in the second quarter of last year. And lapping those actions led to a modest contraction in adjusted operating margins year-over-year.

我們很高興報告，若排除各期間 Engineering Solutions 的影響，第二季營收成長 7%。我們看到 Market Intelligence、Ratings 與 Indices 的營收成長加速，而 Commodity Insights 與 Mobility 的成長則維持在高個位數。各位或許記得，我們自去年第二季起採取果斷行動以維護利潤率；而隨著這些行動進入比較基期，調整後營業利潤率年對年出現小幅收縮。

Our continued focus on delivering profitable growth and prudently managing our capital allocation combined to drive double-digit growth in adjusted earnings per share this quarter. We expect positive revenue growth in all divisions for the remainder of the year as well as continued double-digit adjusted EPS growth.

我們持續聚焦於實現具獲利性的成長並審慎管理資本配置，帶動本季調整後每股盈餘（EPS）達到雙位數成長。我們預期今年剩餘期間各事業部門皆將呈現正向營收成長，並持續實現調整後 EPS 的雙位數成長。

In addition to strong financial results, we remain focused on executing our long-term strategy with an emphasis on innovation. We continue to drive rapid advancement in our AI initiatives. We'll talk more about the guiding principles behind our AI strategy in a moment, but we already have a number of internal initiatives and pilot programs.

除了強勁的財務表現之外，我們仍專注於執行長期策略，並以創新為核心。我們持續推動 AI 計畫的快速進展。稍後我們會進一步說明 AI 策略背後的指導原則，但目前我們已經有多項內部計畫與試點專案。

Additionally, in May, we launched a conversational AI assistant called ChatIQ on Capital IQ Pro Labs for internal testing. We'll have more to say about ChatIQ as we get closer to a formal launch to external customers. But it's the first example of how Kensho will deploy LLM-based technology across S&P Global.

此外，我們於 5 月在 Capital IQ Pro Labs 上推出名為 ChatIQ 的對話式 AI 助理，供內部測試。隨著我們接近對外客戶的正式發布，我們將分享更多關於 ChatIQ 的資訊。不過，這是 Kensho 將以 LLM 為基礎的技術在 S&P Global 全面部署的第一個例子。

We're also very excited about some of the developments in our conversations with the largest participants in the private markets. We have an active and incredibly productive dialogue with private equity and private credit customers. We're currently exploring many ways that we can work together to apply our expertise in ratings, analytics and pricing across the credit markets. We'll have more specifics to share here as well as this dialogue develops into commercial opportunities.

我們也對與私募市場最大參與者的對話所取得的一些進展感到非常振奮。我們與私募股權與私募信貸客戶之間保持積極且極具成效的交流。目前我們正探索多種合作方式，將我們在評級、分析與定價方面的專長應用於整體信貸市場。隨著這些對話逐步發展為商業機會，我們也會在此分享更具體的內容。

We're seeing some early but encouraging signs of stabilization in the macro environment, which leads to a modest improvement to the macro outlook, helping to inform our financial guidance. Lastly, illustrating our commitment to disciplined stewardship of the business, we completed the divestiture of Engineering Solutions in the second quarter.

我們看到宏觀環境出現一些早期但令人鼓舞的穩定跡象，進而使宏觀展望小幅改善，並有助於我們制定財務指引。最後，為展現我們對於以紀律方式管理業務的承諾，我們已於第二季完成 Engineering Solutions 的剝離。

We continue to align our goals and operations against the 5 strategic pillars we introduced at Investor Day.

我們持續以投資人日所提出的五大策略支柱為基礎，對齊我們的目標與營運。

First, I want to provide an update on what we're seeing and hearing from our customers. We've mentioned over the last couple of quarters that we've seen some lengthening of the sales cycle, which we believe was driven by customer sensitivity around spending. Our cross-sell efforts are also creating larger contracts, which take longer to close. While sales cycles remain a bit longer than normal, we've started to see some stabilization, and customer conversations have been very constructive. We continue to see very high customer retention rates and contract expansions, evidenced by the 8% growth in subscription revenue across our 5 divisions.

首先，我想更新我們從客戶端所見所聞的情況。過去幾個季度我們提到，銷售週期有所拉長，我們認為主要原因是客戶對支出更為敏感。我們的交叉銷售也帶來更大型的合約，而這類合約通常需要更長時間才能成交。雖然銷售週期仍比正常略長，但我們已開始看到一些穩定跡象，且與客戶的對話非常具建設性。我們持續看到非常高的客戶留存率與合約擴張，這可由我們五大事業部門訂閱收入成長 8% 反映出來。

The value of our largest and most well-known products, those key brands and benchmarks that the markets rely on, is being recognized by our customers in a challenging and sometimes confusing macro environment. Customers are also emphasizing many of the same strategic priorities that we are, namely private markets, climate, energy transition and AI. This is evidenced in the 40% growth in energy transition revenue we saw in our Commodity Insights division in the second quarter.

在充滿挑戰、且有時令人困惑的宏觀環境中，市場仰賴的那些最大、最知名產品——關鍵品牌與基準指標——其價值正被客戶所認可。客戶也強調許多與我們相同的策略重點，即私募市場、氣候、能源轉型與 AI。這可由我們 Commodity Insights 事業部第二季能源轉型收入成長 40% 看出。

As customers navigate a market with higher interest rates, geopolitical uncertainty and rapidly evolving technology, we hear they trust S&P Global and they want to do more with us. We've worked hard to build that trust. And we're as confident as we've ever been in the long-term growth of the company.

當客戶在更高利率、地緣政治不確定性以及快速演進的科技環境中前行時，我們聽到他們信任 S&P Global，並希望與我們展開更多合作。我們一直努力建立這份信任。而我們對公司長期成長的信心，較以往任何時候都更為堅定。

Related to Ratings, global billed issuance returned to positive growth, increasing 8% year-over-year in the second quarter. We began to see some signs of stabilizing interest rates among central banks. While we did see some likely event-driven issuance in the second quarter ahead of the debt ceiling events in the United States, we're also seeing more economists, including our own, expecting only one or two more rate hikes from major central banks over the remainder of 2023.

就 Ratings 而言，全球計費發行量（billed issuance）在第二季回到正成長，年對年增加 8%。我們開始看到各國央行利率趨於穩定的一些跡象。雖然第二季在美國債務上限事件之前，我們確實看到一些可能由事件驅動的發行，但我們也看到包括我們自家在內的更多經濟學家預期，2023 年剩餘期間主要央行可能僅再升息一到兩次。

Overall, issuance saw a higher proportion of refinancing activity with issuers tracking market conditions closely. We expect those pockets of issuance to become more frequent as the market adjusts to the new normal of higher for longer.

整體而言，發行活動中再融資的占比更高，發行人也密切追蹤市場狀況。我們預期，隨著市場調整以適應「高利率維持更久」的新常態，這些發行熱點將更頻繁出現。

We're pleased with the strength we saw in corporate issuance, with both high-yield and investment-grade issuance increasing notably year-over-year, though the high-yield growth is coming off of a very low comparison. This strength is offset somewhat by a softer environment for bank loans and structured finance. Importantly, rating withdrawals, which are a measure of churn in Ratings, are down this year. That illustrates the strength of the S&P brand and the increasing value of a rating in an uncertain credit environment.

我們對企業發行的強勁表現感到滿意；高收益與投資級發行量皆顯著年對年增加，儘管高收益的成長是建立在非常低的比較基期之上。這股強勢部分被銀行貸款與結構性融資較疲弱的環境所抵銷。重要的是，評級撤銷（rating withdrawals）——衡量 Ratings 業務流失（churn）的指標——今年有所下降。這顯示 S&P 品牌的強度，以及在不確定的信貸環境中，評級的價值正持續提升。

Next, I'd like to focus on our strategic priority to grow and innovate. The June release of updates and enhancements of Capital IQ Pro was one of the largest and most significant in years. We completely reinvented RatingsDirect on Capital IQ Pro and launched loan pricing and analytics as well. Customers have already shown an incredibly positive reaction to the enhancements on Capital IQ Pro. And these new features have contributed to key competitive displacements and enhanced our competitive positioning.

接下來，我想聚焦於我們「成長與創新」的策略重點。6 月發布的 Capital IQ Pro 更新與功能強化，是多年來規模最大、也最具重要性的一次。我們在 Capital IQ Pro 上徹底重塑了 RatingsDirect，並同時推出貸款定價與分析功能。客戶對 Capital IQ Pro 的強化內容已展現極為正面的反應。這些新功能也促成了關鍵的競爭替換（competitive displacements），並提升了我們的競爭定位。

In Commodity Insights, we also launched the first offering of base shipping rates, incorporating alternative fuel pricing. This is significant as we expect the maritime sector's use of alternative fuels, including liquid natural gas, to grow significantly in the coming years.

在 Commodity Insights 方面，我們也推出了首個基礎航運費率（base shipping rates）產品，並納入替代燃料定價。這項推出具有重要意義，因為我們預期未來幾年海運產業對替代燃料（包括液化天然氣）的使用將大幅成長。

Our Sustainable1 team launched a new Nature & Biodiversity Risk dataset, assessing nature-related impacts and dependencies across the company's operations. This assessment can be applied across the asset, company and portfolio level, which gives our corporate and investor customers a greater ability to quantify both dependency and impact on location-specific ecosystems.

我們的 Sustainable1 團隊推出全新的「自然與生物多樣性風險」資料集（Nature & Biodiversity Risk dataset），用以評估自然相關的影響與依賴性，涵蓋公司營運的各個面向。此評估可應用於資產、公司與投資組合層級，使我們的企業與投資人客戶更能量化對特定地點生態系的依賴程度與影響。

As we introduced last quarter, our Vitality revenue metric consists of revenue derived from our new or substantially enhanced products. We're pleased that in the second quarter, Vitality revenue held steady at 11% of total revenue. I am both pleased and impressed that the top 4 contributors to our Vitality revenue in the quarter came from 4 different divisions, clearly demonstrating that our commitment to innovation and growth spans the entire organization.

如同我們在上一季所介紹的，我們的 Vitality 營收指標包含來自我們全新或大幅強化產品所帶來的營收。我們很高興第二季 Vitality 營收維持在總營收的 11%。我既感到欣慰也印象深刻的是，本季 Vitality 營收的前 4 大貢獻者來自 4 個不同事業部，清楚展現我們對創新與成長的承諾遍及整個組織。

Turning now to a topic that I know is on everyone's mind, artificial intelligence. I wanted to provide some color on S&P Global's key advantages and the guiding principles that will govern our use and the implementation of AI, both internally and within our products.

接下來談一個我知道大家都很關心的主題：人工智慧。我想補充說明 S&P Global 的關鍵優勢，以及將規範我們在內部與產品中使用與導入 AI 的指導原則。

We're thrilled with the progress that our teams have made building, testing and implementing tools in various use cases across the organization. While Kensho gives us an incredible advantage in this arena, it isn't our only one. The datasets we have, large, proprietary and truly differentiated, create a remarkable advantage for S&P Global as well.

我們對團隊在全公司各種使用情境中建置、測試並導入工具所取得的進展感到非常振奮。Kensho 在這個領域為我們帶來極大的優勢，但這並非唯一優勢。我們所擁有的大型、專有且真正具差異化的資料集，同樣為 S&P Global 創造了顯著優勢。

Our trusted brands also allow us to have conversations with industry partners, technology infrastructure providers and customers with credibility. We, through our brands, are known and trusted. And we know that trust will play a huge role in the success of any AI-based products that come to market in the coming years.

我們值得信賴的品牌也讓我們能以可信度與產業夥伴、技術基礎設施供應商及客戶進行對話。透過我們的品牌，我們廣為人知且備受信任。我們也知道，信任將在未來幾年任何 AI 產品成功上市的過程中扮演關鍵角色。

As we more fully embrace the technological advances of our era, we need to make sure we do so with prudence and discipline. Particularly given the investment necessary to develop AI-driven tools, we want to take each step with a keen focus on creating customer value rather than simply creating tools because the technology exists. We will allocate the necessary capital to these new projects based on our confidence in the strategic and financial impact on the company.

當我們更全面擁抱這個時代的技術進步時，我們必須確保以審慎與紀律來推進。特別是考量開發 AI 驅動工具所需的投資，我們希望每一步都聚焦於創造客戶價值，而不是僅因技術存在就打造工具。我們將依據對其對公司策略與財務影響的信心，為這些新專案配置必要資本。

While Kensho is deeply engaged in AI research within S&P Global, we want to make sure we aren't dogmatic in our approach. We'll leverage leading technology regardless of whether it was developed at Kensho, developed elsewhere within the divisions or comes via a vendor or a partner.

雖然 Kensho 在 S&P Global 內部深度投入 AI 研究，我們仍希望確保方法上不流於教條。我們將運用領先技術，不論其是由 Kensho 開發、由各事業部內其他團隊開發，或是透過供應商或合作夥伴取得。

Lastly, we want to continue our practice of aggressively defending and protecting our intellectual property and our data. We have safeguards and restrictions embedded in our contracts that ensure third-parties and customers cannot independently monetize or build commercial products with our data without our consent and our economic participation.

最後，我們希望延續一貫作法，積極捍衛並保護我們的智慧財產與資料。我們在合約中嵌入保護措施與限制條款，確保第三方與客戶未經我們同意且未讓我們參與經濟利益的情況下，不能自行將我們的資料變現或以其建立商業產品。

We're committed to transparency with our shareholders. And we'll provide regular updates on our new product launches as they take place. We'll move fast. And we'll also make the necessary investments in time and resources to ensure success.

我們致力於對股東保持透明。我們也會在新產品推出時提供定期更新。我們會快速推進，同時也會投入必要的時間與資源以確保成功。

Shifting now to how we lead and inspire. During the second quarter, we further demonstrated our commitment to transparency and accountability through the publication of our annual Sustainability Impact Report and TCFD report. We also published for the first time our annual Diversity, Equity and Inclusion Report, highlighting our commitment to building a more diverse, equitable and inclusive company and world.

接著談談我們如何領導並激勵他人。第二季，我們透過發布年度《永續影響報告》與 TCFD 報告，進一步展現我們對透明度與問責的承諾。我們也首次發布年度《多元、公平與共融（DEI）報告》，凸顯我們致力於打造更具多元、公平與共融的公司與世界。

We're honored that so many respected organizations have recognized the efforts that we have made to build a company that always pursues excellence. As you can see on this slide, we have received recognition not just for our efforts in sustainability and equality but also in our governance and Board oversight and our civic contributions. I've never been more proud to be part of S&P Global.

我們很榮幸有這麼多備受尊敬的機構肯定我們為打造一個始終追求卓越的公司所做的努力。如同投影片所示，我們獲得的肯定不僅在永續與平等方面，也涵蓋公司治理與董事會監督，以及我們的公民貢獻。我從未像現在這樣以身為 S&P Global 一員為榮。

Of course, disciplined leadership means delivering on our ongoing operational and financial outcomes. We're pleased with the strong execution across all divisions this quarter. We saw positive revenue growth in all of our divisions in the second quarter, including accelerating revenue growth in Market Intelligence, Ratings and Indices. While our trailing 12-month margins have contracted 90 basis points year-over-year, we expect that trend to improve as we progress through this year and lap the issuance headwinds we saw through most of last year.

當然，有紀律的領導也意味著要交付持續的營運與財務成果。我們對本季各事業部的強勁執行感到滿意。第二季我們所有事業部的營收皆呈正成長，包括 Market Intelligence、Ratings 與 Indices 的營收成長加速。雖然我們過去 12 個月的利潤率年減 90 個基點，但我們預期隨著今年進展、並度過去年大部分時間所面臨的發行逆風後，該趨勢將有所改善。

With half of the year behind us, we still see many of the same macroeconomic factors impacting our business through the remainder of the year. While we no longer expect a technical recession globally, we do expect headwinds to persist from an economic slowdown, primarily in financial services end markets. We expect to continue to benefit from secular trends, though near-term volatility can impact different parts of the business in different ways.

今年已過半，我們仍看到許多相同的總體經濟因素在今年剩餘期間持續影響我們的業務。雖然我們不再預期全球會出現技術性衰退，但我們確實預期經濟放緩帶來的逆風仍將持續，主要集中在金融服務終端市場。我們預期仍將受惠於長期結構性趨勢，但短期波動可能以不同方式影響業務的不同部分。

While these market expectations are mostly unchanged from the first half, we wanted to reiterate our confidence in the multiyear financial targets we put out for the divisions and for the consolidated company at Investor Day.

雖然這些市場預期與上半年相比大致不變，我們仍想重申我們對投資人日所提出之各事業部與合併公司多年度財務目標的信心。

As you know, our Ratings financial results and guidance are closely tied to billed issuance. And for 2023, we now expect billed issuance to be up approximately 4% to 8% for the full year, up 1 point from our prior expectation. Our latest Ratings research group forecast calls for a decline in global market issuance, though also slightly improved from last quarter. As a reminder, market issuance can differ materially from billed issuance with divergence this year driven by declines in unrated debt and sovereign and international public finance, which don't impact billed issuance.

如各位所知，我們 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約成長 4% 至 8%，較先前預期上調 1 個百分點。我們最新的 Ratings 研究團隊預測顯示全球市場發行量將下滑，但也較上一季略有改善。提醒一下，市場發行量可能與計費發行量出現顯著差異；今年的差異主要來自未評級債務以及主權與國際公共融資的下滑，而這些不會影響計費發行量。

We have completed our July 2023 global refinancing study, and you can see one of the reasons for our optimism for our Ratings business over the next several years. There is over $8 trillion of debt rated by S&P Global maturing through 2026 and nearly $13 trillion maturing through 2028. This, in addition to assumed improvements in the macro environment over the next few years, gives us great confidence in our ability to drive profitable multiyear growth in Ratings.

我們已完成 2023 年 7 月全球再融資研究，各位可以看到這也是我們對未來幾年 Ratings 業務保持樂觀的原因之一。到 2026 年到期、由 S&P Global 評級的債務超過 8 兆美元；到 2028 年到期的則接近 13 兆美元。再加上我們假設未來幾年總體環境將改善，這讓我們對推動 Ratings 具獲利性的多年度成長能力充滿信心。

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 unless explicitly noted otherwise.

謝謝你，Doug。提醒一下，除非另有明確說明，我們今天討論的財務指標皆為非 GAAP 的調整後指標。

We're pleased with the financial performance of the business in the second quarter. The clear indicator is that the secular tailwinds continue to drive growth across our largest products, though some minor headwinds impact smaller parts of the business.

我們對第二季的財務表現感到滿意。最明確的指標是，長期結構性順風持續推動我們最大產品的成長，儘管一些輕微逆風影響了業務中較小的部分。

Adjusted earnings per share increased 11% year-over-year. This growth was driven by a combination of 4% revenue growth and a 6% reduction in fully diluted share count, partially offset by approximately 100 basis points of operating margin compression. Excluding the impact of Engineering Solutions in all periods, but including approximately $10 million from this year's tuck-in acquisitions, revenue growth would have been 7%.

調整後每股盈餘年增 11%。此成長由 4% 的營收成長與完全稀釋後股數減少 6% 共同帶動，但部分被約 100 個基點的營業利潤率壓縮所抵銷。若排除所有期間 Engineering Solutions 的影響，但納入今年補強式併購（tuck-in acquisitions）約 1,000 萬美元的貢獻，營收成長本可達 7%。

Revenue in the quarter was driven by growth across all remaining divisions, including Ratings, which saw a pickup in issuance activity in the quarter. While the debt markets remain a challenging environment for issuers, this is the third quarter in a row of sequential improvement. As Doug mentioned, we also saw acceleration in revenue growth across Market Intelligence and Indices with continued impressive growth in Commodity Insights and Mobility. We will walk through the divisions in more detail in a moment. Adjusted expenses were up 6% year-over-year, which we'll also discuss in more detail.

本季營收由其餘各事業部的成長所帶動，包括 Ratings；Ratings 在本季發行活動有所回升。雖然債務市場對發行人而言仍具挑戰，但這已是連續第三季呈現逐季改善。如 Doug 所提，我們也看到 Market Intelligence 與 Indices 的營收成長加速，同時 Commodity Insights 與 Mobility 持續展現令人印象深刻的成長。我們稍後會更詳細說明各事業部。調整後費用年增 6%，我們也將進一步說明。

Turning to our strategic growth initiatives. Sustainability and energy transition revenue increased 17% to $70 million in the quarter driven by climate and physical risk products and CI's energy transition products. We continue to see a shift in customer appetite away from buying pure ESG scores and towards more purchases of raw data, which we believe will benefit S&P Global in the long run.

接著談我們的策略性成長計畫。本季永續與能源轉型營收年增 17% 至 7,000 萬美元，主要由氣候與實體風險產品，以及 CI 的能源轉型產品所帶動。我們持續看到客戶偏好從購買純 ESG 評分轉向更多購買原始資料，我們相信長期而言這將使 S&P Global 受益。

We consistently hear from customers that our Trucost dataset is higher quality than the data from many competitors. And the breadth of our offerings across the commodity markets and ESG indices will contribute to strong growth for multiple years. That said, we are seeing some signs of adverse market sentiment, particularly from large financial institutions in the United States that are impacting our revenue growth in the short term as others in the space have also called out. We believe these headwinds are temporary while the growth drivers are secular.

我們一再聽到客戶表示，我們的 Trucost 資料集品質高於許多競爭對手的資料。而我們在商品市場與 ESG 指數方面的產品廣度，將在未來多年帶來強勁成長。儘管如此，我們也看到一些不利的市場情緒跡象，特別是來自美國大型金融機構，這在短期內影響了我們的營收成長；同業也曾提及此點。我們認為這些逆風是暫時的，而成長驅動因素則屬長期結構性。

Even though sustainability and energy transition revenue currently represents only a low single-digit percent of our total revenue, it is an important strategic driver of long-term growth. We will continue to make the necessary investments in people, data, product development and partnerships to drive long-term growth.

即使永續與能源轉型營收目前僅占我們總營收的低個位數百分比，它仍是推動長期成長的重要策略驅動因素。我們將持續在人才、資料、產品開發與合作夥伴關係上投入必要資源，以推動長期成長。

Given the uncertainty around the regulatory landscape and the political climate, particularly in the U.S., we can no longer confidently reiterate the previous 2026 target of $800 million in sustainability and energy transition. We'll continue to report this metric on a quarterly basis. And we will assess the potential for long-term revenue contribution from these important products as the market continues to evolve.

鑑於監管環境與政治氛圍（尤其在美國）的不確定性，我們已無法有把握地重申先前 2026 年永續與能源轉型營收 8 億美元的目標。我們將持續以季度為基礎揭露此指標。並且，隨著市場持續演變，我們將評估這些重要產品對長期營收貢獻的潛力。

Private market solutions revenue increased 5% to $106 million driven by strong growth in Market Intelligence products for private markets, offset by declines in Ratings private markets revenue. Vitality revenue, which is the revenue generated by innovation through new or enhanced products from across the organization, was $343 million in the second quarter, representing a 14% increase compared to prior year.

私募市場解決方案營收成長 5% 至 1.06 億美元，主要受私募市場的 Market Intelligence 產品強勁成長帶動，但部分被 Ratings 私募市場營收下滑所抵銷。Vitality 營收（即全組織透過新產品或強化產品所帶來的創新所產生之營收）在第二季為 3.43 億美元，較去年同期成長 14%。

Now turning to synergies. In the second quarter of 2023, we recognized $144 million of expense savings due to cost synergies. And our annualized run rate exiting the quarter was $574 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 second quarter and an annualized run rate of $68 million.

接著談協同效益。2023 年第二季，我們因成本協同效益認列 1.44 億美元的費用節省。以季度末的年化執行率計為 5.74 億美元。我們仍預期年底的年化執行率約為 6 億美元。我們在營收協同效益方面也持續取得進展，第二季達成 1,700 萬美元的協同效益，年化執行率為 6,800 萬美元。

Turning to expense growth. Total adjusted expenses increased 6% year-over-year as we are beginning to lap the proactive expense management actions taken last year. We saw a $23 million favorable impact from FX in the quarter. And the divestiture of Engineering Solutions was favorable by $50 million. We also generated incremental cost synergies that lowered expense growth by approximately $80 million relative to last year.

再來看費用成長。調整後總費用年增 6%，因為我們開始進入去年採取的主動費用管理措施的比較基期。我們在本季看到外匯帶來 2,300 萬美元的有利影響。出售 Engineering Solutions 亦帶來 5,000 萬美元的有利影響。我們也產生額外的成本協同效益，使費用成長相較去年降低約 8,000 萬美元。

As you will recall, we lowered accruals for incentive compensation in the second quarter of last year. This was done to reflect the headwinds we were facing, predominantly in our Ratings business. Incentive compensation resets each year. So we're seeing the natural increase in those expenses beginning this quarter. Incentive compensation and commissions were the largest single contributor to expense growth in the second quarter.

如各位所記得，我們在去年第二季下調了獎勵性薪酬的應計數。此舉是為了反映我們所面臨的逆風，主要來自 Ratings 業務。獎勵性薪酬每年會重設，因此我們從本季開始看到這些費用自然回升。第二季費用成長的最大單一貢獻來源為獎勵性薪酬與佣金。

The year-over-year impact of incentive compensation will be a similar driver of expense growth in the third quarter, though we expect expense growth to moderate meaningfully in the fourth quarter as the comparison becomes more favorable. The year-over-year impact of the reset of incentive compensation was a key driver of expense growth in each of our divisions, and we expect to see the same quarterly phasing in our division margin results in the third quarter and fourth quarter as well.

獎勵性薪酬的年對年影響在第三季仍將是費用成長的類似驅動因素，但我們預期第四季費用成長將明顯趨緩，因為比較基期將更有利。獎勵性薪酬重設的年對年影響，是我們各事業部費用成長的關鍵驅動因素；我們也預期在第三季與第四季的事業部利潤率結果中，將呈現相同的季度分布節奏。

Lastly, we continue to invest to drive long-term growth, and that was reflected this quarter. Core investment growth represents the investments we are making in strategic initiatives, people, cloud as well as the incremental investments we are making to fund our AI development at Kensho and within the divisions. Most importantly, we continue to expect approximately 50 to 100 basis points of adjusted operating margin expansion for the full year.

最後，我們持續投資以推動長期成長，本季亦有所反映。核心投資成長代表我們在策略性計畫、人才、雲端，以及為 Kensho 與各事業部 AI 開發所投入的增量投資。最重要的是，我們仍預期全年調整後營業利潤率將擴張約 50 至 100 個基點。

Now let's turn to the division results. Market Intelligence revenue increased 6% driven by strong growth in Data & Advisory Solutions and Enterprise Solutions. Desktop grew 4% in the second quarter driven by strong subscription growth as ACV growth outpaced revenue growth in the quarter, though this was offset by some modest softness in nonrecurring sales. Renewal rates remained strong in the mid- to high 90s. Data & Advisory Solutions and Enterprise Solutions both benefited from solid growth in subscription-based offerings. Credit & Risk Solutions continues to see strong new sales for RatingsXpress and RatingsDirect products as well as double-digit growth in Credit Analytics.

接著看各事業部表現。Market Intelligence 營收成長 6%，主要由 Data & Advisory Solutions 與 Enterprise Solutions 的強勁成長帶動。Desktop 在第二季成長 4%，受強勁訂閱成長推動，因本季 ACV 成長快於營收成長，但部分被非經常性銷售的些許疲弱所抵銷。續約率仍維持在 90% 中段至高段。Data & Advisory Solutions 與 Enterprise Solutions 皆受惠於訂閱型產品的穩健成長。Credit & Risk Solutions 持續看到 RatingsXpress 與 RatingsDirect 產品的新銷售強勁，以及 Credit Analytics 的雙位數成長。

Adjusted expenses increased 7% year-over-year due to the drivers previously discussed. Operating profit increased 4% and the operating margin decreased 70 basis points to 32.3%. On a trailing 12-month basis, margins improved to 220 basis points.

調整後費用年增 7%，原因為前述驅動因素。營業利益成長 4%，營業利潤率下降 70 個基點至 32.3%。以過去 12 個月（TTM）計，利潤率改善 220 個基點。

As we mentioned last quarter, 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 markets activity. We also expect revenue synergies to begin positively impacting results in the back half of the year.

如同我們上季提到的，隨著年度推進，我們知道比較基期將變得更容易。我們也持續預期 Enterprise Solutions 中那些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結果產生正面影響。

Last quarter, we signaled that we may come in at the low end of our previous guidance range. We're not trying to signal deterioration since April, though we do see modestly elevated risk to the back half. Given the heightened uncertainty, particularly within sustainability and energy transition, we're taking the formal step at this point to modestly lower the guidance by 50 basis points on revenue and operating margin.

上季我們曾表示，結果可能落在先前指引區間的低端。我們並非要暗示自 4 月以來情勢惡化，但我們確實看到下半年存在略為升高的風險。鑑於不確定性升高，特別是在永續與能源轉型領域，我們此時正式採取行動，將營收與營業利潤率指引各小幅下調 50 個基點。

Now turning to Ratings. In the second quarter, we saw a spike in issuance activity, particularly in May, which from a seasonality perspective is a very important month for debt markets. Revenue increased 7% year-over-year. This marks the third quarter in a row of sequential improvement in transaction revenue as we saw investment-grade and high-yield activity pick up. Non-transaction revenue increased 4% primarily due to annual fees and growth in CRISIL, though non-transaction growth was tempered by continued declines in ICR revenue.

接著談 Ratings。第二季我們看到發行活動激增，特別是在 5 月；從季節性角度來看，5 月是債券市場非常重要的月份。營收年增 7%。這是交易型營收連續第三季逐季改善，因投資等級與高收益活動回升。非交易型營收成長 4%，主要來自年費與 CRISIL 成長，但非交易型成長受到 ICR 營收持續下滑的抑制。

Adjusted expenses increased 12%. This resulted in a 4% increase in operating profit and a 180 basis point decrease in operating margin to 57.7%. On a trailing 12-month basis, margins are still impacted by last year's revenue declines.

調整後費用成長 12%。因此營業利益成長 4%，營業利潤率下降 180 個基點至 57.7%。以過去 12 個月（TTM）計，利潤率仍受到去年營收下滑的影響。

We raised our billed issuance assumption for 2023 and expect issuance to increase in the range of 4% to 8%, reflecting the stronger issuance trends in the first half.

我們上調了 2023 年計費發行量的假設，並預期發行量將成長 4% 至 8%，反映上半年較強的發行趨勢。

Our outlook for transaction revenue for the full year has improved somewhat, though some of this is offset by non-transaction revenue due to greater weakness in ICR than we initially anticipated. The net result is a 1 point increase in our Ratings revenue guidance range, and we now expect Ratings revenue growth of 5% to 7%. While we expect expense growth to moderate as we progress through the year, we are reiterating our margin guidance.

我們對全年交易型營收的展望有所改善，但其中一部分被非交易型營收所抵銷，因 ICR 的疲弱程度高於我們最初預期。綜合結果是我們將 Ratings 營收指引區間上調 1 個百分點，現預期 Ratings 營收成長 5% 至 7%。雖然我們預期費用成長將隨年度推進而趨緩，但我們重申利潤率指引。

And now turning to Commodity Insights. Revenue growth increased 8% driven by double-digit growth in both Price Assessments and Energy & Resources Data & Insights. Growth was tempered somewhat by declines in the Upstream business.

接著談 Commodity Insights。營收成長 8%，主要由 Price Assessments 與 Energy & Resources Data & Insights 兩者的雙位數成長帶動。成長部分受到 Upstream 業務下滑的抑制。

Upstream Data & Insights declined approximately 2% year-over-year. While subscription ACV growth is positive, we have deprioritized one-time sales in Upstream as we focus on higher-quality recurring revenue products. As such, we are lowering our expectations modestly for Upstream for the full year and now expect that business line to be flat to down slightly for the full year compared to our previous expectation for low single-digit growth.

Upstream Data & Insights 年對年下滑約 2%。雖然訂閱 ACV 成長為正，但在 Upstream 我們已降低一次性銷售的優先順序，轉而聚焦於更高品質的經常性營收產品。因此，我們小幅下調全年對 Upstream 的預期，現預期該業務線全年將持平至小幅下滑，相較於先前預期的低個位數成長。

Price Assessments and Energy & Resources Data & Insights grew 12% and 11%, respectively, compared to prior year, driven by strong performance in crude oil and fuels and refining products and strong commercial momentum in subscription products across both business lines.

Price Assessments 與 Energy & Resources Data & Insights 分別較去年同期成長 12% 與 11%，主要受原油與燃料、煉製產品的強勁表現帶動，且兩條業務線的訂閱產品皆展現強勁的商業動能。

Advisory and Transaction revenue also grew 12% driven by strength in Global Trading Services and strong performance in conference revenue in the quarter.

Advisory 與 Transaction 營收亦成長 12%，主要由 Global Trading Services 的強勢表現，以及本季會議營收的亮眼表現所帶動。

Adjusted expenses increased 5%, operating profit for CI increased 12% and operating margin improved 160 basis points to 45.6%. Trailing 12-month margins have improved 220 basis points.

調整後費用成長 5%，CI 的營業利益成長 12%，營業利潤率提升 160 個基點至 45.6%。過去 12 個月（TTM）利潤率已改善 220 個基點。

We see stronger trends for our benchmarks, data and insights. And we enjoy a position of trust in the commodity markets. We continue to expect strong subscription growth through the second half, and there is no change to our outlook for revenue or margins.

我們看到基準、數據與洞察的趨勢更為強勁，且在大宗商品市場中享有信任地位。我們仍預期下半年訂閱成長強勁，對營收或利潤率展望沒有變動。

In our Mobility division, revenue increased 10% year-over-year driven by continued new business growth in CARFAX, the contribution from Market Scan within the Dealer segment and strong underwriting volumes in the Financials and Other business line. Dealer revenue increased 12% year-over-year driven by the continued benefit of price increases within the last year and new store growth, particularly in CARFAX for Life and used car subscription products. Manufacturing grew 5% year-over-year driven by elevated recall activity and continued strength in marketing solutions. Financials and Other increased 9% as the business line continues to see healthy underwriting volumes and a favorable pricing environment similar to last quarter.

在 Mobility 事業部，營收年增 10%，主要由 CARFAX 持續的新業務成長、Dealer（經銷商）分部中 Market Scan 的貢獻，以及 Financials and Other 業務線強勁的承保量所帶動。Dealer 營收年增 12%，受惠於過去一年調價的持續效益與新門店成長，特別是在 CARFAX for Life 與二手車訂閱產品。Manufacturing 年增 5%，主要由較高的召回活動以及行銷解決方案的持續強勢所帶動。Financials and Other 成長 9%，因該業務線持續維持健康的承保量，且定價環境有利，與上季相近。

Adjusted expenses increased 13% due primarily to the drivers I discussed previously but also due to the inorganic contribution to expenses from the Market Scan acquisition. This resulted in a 5% increase in adjusted operating profit and 160 basis points of operating margin contraction year-over-year. Trailing 12-month margins have contracted 60 basis points.

調整後費用成長 13%，主要由我先前提到的驅動因素所致，同時也因 Market Scan 併購帶來的非有機費用貢獻。因此調整後營業利益成長 5%，營業利潤率年對年收縮 160 個基點。過去 12 個月（TTM）利潤率收縮 60 個基點。

As we noted last quarter, 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. Our guidance for Mobility for the full year is unchanged.

如同我們上季所述，我們預期 Market Scan 併購在全年將貢獻約 150 個基點的營收成長，但我們預期其在 2023 年將對調整後利潤率造成小幅稀釋。Mobility 全年指引維持不變。

Turning to S&P Dow Jones Indices. Revenue increased 3% primarily due to strong growth in exchange-rated derivatives volume and data subscriptions, partially offset by a modest decline in asset-linked fees. Asset-linked fees were down 1% year-over-year primarily driven by mix shift into lower-priced index ETF products, partially offset by market appreciation and modest year-over-year net inflows. Importantly, this decline was due to mix shift, not due to price concessions or renegotiated contracts.

接著談 S&P Dow Jones Indices。營收成長 3%，主要由交易所掛牌衍生品交易量與數據訂閱的強勁成長帶動，但部分被資產連結費用的小幅下滑所抵銷。資產連結費用年對年下降 1%，主要由產品組合轉向較低費率的指數 ETF 產品所致，部分被市場上漲與年對年小幅淨流入所抵銷。重要的是，這一下滑源於組合轉移，而非因價格讓步或合約重新議價。

Exchange-rated derivatives revenue increased 17% on increased trading volumes across all key contracts. Data & Custom Subscriptions increased 3% year-over-year driven by continued strength in end-of-day contract growth.

交易所定價衍生品收入因所有主要合約交易量增加而成長17%。數據與客製化訂閱年增3%，主要受惠於期末合約成長持續強勁。

During the quarter, expenses increased 15% year-over-year due to reasons previously discussed, operating profit in Indices decreased 2% and the operating margin decreased 330 basis points from last year's high-water mark to 68.6%. Trailing 12-month margins have contracted 30 basis points.

本季費用年增15%，原因如先前所述；指數業務的營業利益下降2%，營業利益率自去年高點下滑330個基點至68.6%。過去12個月的利潤率已收縮30個基點。

As reflected in today's results, we've seen market appreciation, though mix of AUM is playing an increasingly important role in asset-linked fees' revenue. And net inflows remain somewhat unpredictable in the near term. All of this is reflected in our new higher guidance range.

如今日結果所示，我們看到市場上漲，但資產管理規模（AUM）的組合在資產連結費用收入中扮演愈來愈重要的角色。而短期內淨流入仍略顯難以預測。這些因素都反映在我們新的、較高的指引區間中。

As we mentioned last quarter, our continued investments to drive long-term growth as well as the timing of expense recognition will impact the quarterly phasing of our margins. We expect relatively high expense growth in Indices in the third quarter as well before expense growth moderates in the fourth quarter. This will ultimately allow us to deliver margins within the new higher guidance range of 67.5% to 68.5%.

如同我們上季提到的，為推動長期成長而持續投入，以及費用認列時點，將影響我們利潤率在各季度的分布。我們預期第三季指數業務費用成長仍相對偏高，之後第四季費用成長將趨於緩和。最終，這將使我們能在新的、較高的指引區間67.5%至68.5%內交付利潤率。

Now let's move to the latest views from our economists who are forecasting global GDP growth of 2.9% in 2023. We're no longer calling for a global recession, though we do expect lower-than-normal economic activity through the remainder of the year. We continue to expect inflation above the target rates of central banks and energy prices like crude oil to remain above historical averages as well. As we consider how all of this will ultimately impact our financial performance in 2023, let's turn to our guidance.

接下來看看我們經濟學家的最新觀點，他們預測2023年全球GDP成長2.9%。我們不再預期全球衰退，但仍預期今年剩餘時間的經濟活動將低於常態。我們仍預期通膨高於各國央行目標水準，且原油等能源價格也將維持在歷史平均之上。考量這些因素最終將如何影響我們2023年的財務表現，接著來看我們的指引。

This slide represents our GAAP guidance for headline metrics. Adjusted guidance for the company reflects the results through the first half as well as our most recent views on the macroeconomic environment and market conditions.

本頁呈現我們依GAAP編製的主要指標指引。公司的調整後指引反映上半年實際結果，以及我們對總體經濟環境與市場狀況的最新看法。

Our full year guidance is largely unchanged on a consolidated basis as outperformance in Ratings and Indices is offset by slightly lower expectations for Market Intelligence as we've begun to signal last quarter. We have provided the granular guidance on corporate unallocated expense, deal-related amortization, interest expense and tax rate in the supplemental deck posted to our IR site. The final slides in this deck illustrate our revenue and margin guidance by division, reflecting the drivers that I mentioned previously.

在合併基礎上，我們的全年指引大致不變：評級與指數的優於預期表現，被我們如上季開始提示的、對市場情報（Market Intelligence）略為下修的預期所抵銷。我們已在發布於投資人關係（IR）網站的補充簡報中，提供公司未分攤費用、交易相關攤銷、利息費用與稅率等更細項的指引。本簡報最後幾頁按事業部呈現收入與利潤率指引，反映我先前提到的驅動因素。

In conclusion, we're pleased with the results from the second quarter, particularly with a return to strong double-digit growth in both Ratings transaction revenue and our adjusted diluted EPS. With multiple variables at play in the markets, we're encouraged by the fact that the tailwinds tend to impact the largest parts of our business while the headwinds are impacting relatively small contributors to our financial results.

總結而言，我們對第二季的結果感到滿意，尤其是評級交易收入與調整後稀釋每股盈餘（EPS）雙雙回到強勁的兩位數成長。在市場多項變數交織之下，我們受到鼓舞的是：順風因素往往影響我們業務中占比最大的部分，而逆風因素則主要影響對財務結果貢獻相對較小的項目。

It takes tremendous effort from many talented people to deliver results like these. And I would like to thank my colleagues around the world for their relentless drive to power global markets. We're looking forward to delivering a strong second half of the year.

要交出這樣的成果，需要許多優秀人才付出巨大的努力。我也要感謝全球各地的同仁，以不懈的動力推動全球市場運作。我們期待在下半年交出強勁表現。

And with that, I would like to invite Edouard Tavernier, President of S&P Global Mobility, to join us. And I will turn the call back over to Mark for your questions.

接下來，我想邀請S&P Global Mobility總裁Edouard Tavernier加入我們。並把電話會議交回給Mark進行提問。

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

謝謝你，Ewout。（接線員指示）接線員，我們現在開始第一個問題。

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

第一個問題來自RBC Capital Markets的Ashish Sabadra。

In the prepared remarks, there was a reference to lengthening of the sales cycle. I was wondering if you could provide any incremental color where you were -- where explicitly you're seeing it, in which particular division or it's been across the board.

在事先準備的發言中，有提到銷售週期拉長。我想請問能否補充一些細節：你們具體是在哪裡看到這個現象？是某個特定事業部，還是全面性的？

Ashish, this is Doug. Can you please repeat the question? You talked about the sales cycle for all divisions or for a specific product? I'm sorry, I didn't pick up your question.

Ashish，我是Doug。你可以再重複一次問題嗎？你是在問所有事業部的銷售週期，還是某個特定產品？抱歉，我剛剛沒有聽清楚你的問題。

Sorry about that, Doug. Yes, I was just wondering if you could provide more color on where you're seeing that lengthening of the sales cycle. Has it been focused on a particular division? Or has that been across the board?

抱歉，Doug。是的，我想請你多談談你們在哪裡看到銷售週期拉長。這是集中在某個特定事業部嗎？還是全面性的？

Got it. Thank you, Ashish. Well, first of all, we've seen that in the last quarter and going forward that people are thinking very cautiously about expense management, especially in the financial services sector. This is an area where people have been looking at how they're going to be managing their own expenses. They're looking at the environment, which we described as quite difficult. Given inflation, given the interest rate environment, there's not a lot of deal flow. So this is where we're mainly seeing slowdown in some of the sales cycle.

了解。謝謝你，Ashish。首先，我們在上一季就看到這個情況，且往前看，人們在費用管理上變得非常謹慎，尤其是在金融服務業。大家都在檢視如何管理自身費用。他們也在觀察我們所描述的相當艱困的環境。在通膨與利率環境之下，交易流量不多。因此，我們主要是在部分銷售週期上看到放緩。

So although this stabilized in the second quarter, it had actually -- we started seeing it in the fourth quarter and first quarter of this year, and now we're seeing it in the second quarter. But it did stabilize. As you recall, we also have some cases where it's taking us longer to renegotiate with our customers because we're bringing them more value. We're bringing together multiple products. So sometimes consolidating products and consolidating contracts takes a little bit more.

雖然第二季已趨於穩定，但其實我們在去年第四季與今年第一季就開始看到，現在第二季仍有出現，不過確實已穩定下來。如你所知，我們也有一些情況是與客戶重新談判需要更長時間，因為我們提供了更多價值，把多項產品整合在一起。因此，有時候整併產品與整併合約確實會多花一些時間。

But let me hand it over to Edouard since he's on the call as well to tell us a little bit about what he's seeing in the mobility sector in the same sense.

不過我也把問題交給同樣在線上的Edouard，請他談談在同樣的脈絡下，他在移動出行（mobility）領域看到的情況。

Thank you, Doug. So in the mobility sector, we're seeing trends similar to what Doug has described in the sense that in the first couple of quarters of the year, we did see a slight softening of retention rates and a slight lengthening of sales cycles. And what that pertains to is the normalization of the sector after a couple of years of really, really elevated kind of retention rates. So at this point, we feel the situation has normalized, it's stabilized. Our retention rates remain very, very strong by historical standards, slightly less elevated than the past couple of years, and business -- kind of new business momentum is now stabilized. Thank you.

謝謝你，Doug。在移動出行領域，我們看到的趨勢與Doug描述的相似：在今年前兩個季度，我們確實看到續約率略為走軟、銷售週期略為拉長。這主要反映在經歷了過去幾年非常、非常高的續約率之後，產業正在回歸常態。就目前而言，我們認為情況已正常化並趨於穩定。以歷史標準來看，我們的續約率仍然非常、非常強勁，只是相較過去幾年不再那麼偏高；而新業務動能目前也已穩定。謝謝。

Thanks, Ashish.

謝謝你，Ashish。

Our next question comes from Heather Balsky with Bank of America.

下一個問題來自美國銀行（Bank of America）的Heather Balsky。

I was curious, on the call, you talked about the near-term challenges in climate and sustainability and some of the pressure you're seeing. And you talked about, essentially, you pulled your long-term target. But also earlier in the call, you reiterated your view on mid-term growth for your businesses. I'm curious, given the pressure you're seeing in the sustainability area, kind of what do you see offsetting that, that gives you confidence in your target?

我想了解一下，你們在電話會議中談到氣候與永續在短期面臨挑戰，以及你們看到的一些壓力。你們也提到基本上撤回了長期目標的時間點。但在會議較早時，你們又重申了對各項業務中期成長的看法。我想問的是，考量你們在永續領域看到的壓力，你們認為有哪些因素可以抵銷，讓你們對目標仍有信心？

Heather, this is Ewout. So just to be very clear about sustainability and energy transition, we're not backing away from the $800 million target. We are currently backing away from the timing around that because we're not 100% certain anymore that we can hit that by 2026. Why? Because we are still continuing to see very positive trends with respect to the longer-term secular trends around ESG. We think that all of those underlying drivers are still there.

Heather，我是Ewout。先把永續與能源轉型說清楚：我們並沒有放棄8億美元的目標。我們目前撤回的是達成該目標的時間點，因為我們不再百分之百確定能在2026年前達成。原因是什麼？因為就ESG的長期結構性趨勢而言，我們仍持續看到非常正面的走勢。我們認為所有這些底層驅動因素仍然存在。

But in the short term, we are impacted by some uncertainties, uncertainties about the regulatory landscape, the political climate, mostly in the U.S. We're seeing some on the buy-side firms reconsidering what they want to do around sustainability. But we see continued actually pocket of strength in our business. Think about our climate activities, think about ESG raw data, energy transition, all of these products continue to grow very well.

但短期內，我們受到一些不確定性影響，包括監管環境與政治氛圍的不確定性，主要在美國。我們也看到部分買方機構正在重新評估他們在永續方面想要採取的作法。不過，我們的業務其實仍有持續的強勁區塊。想想我們的氣候相關業務、ESG原始數據、能源轉型——這些產品都持續成長得很好。

I also would like to point out that we expect a reacceleration of our sustainability and energy transition revenues growth in the second half of this year. So growth will come back in the second half of this year. And we're still very positive and optimistic about the outlook for the medium and long term.

我也想指出，我們預期今年下半年永續與能源轉型收入成長將重新加速。因此，下半年成長會回來。而對於中長期展望，我們仍非常正面且樂觀。

Thanks, Heather.

謝謝你，Heather。

Our next question comes from Seth Weber with Wells Fargo Securities.

下一個問題來自Wells Fargo Securities的Seth Weber。

I wanted to ask about the Ratings -- the operating margin in the Ratings business, which came down, with revenue going up. I know you addressed some of the kind of short-term expense headwinds there. But can you just talk a little bit more about your confidence for margins to get -- to ramp higher through the back half of the year in the Ratings business specifically?

我想問關於評級（Ratings）業務——評級業務的營業利益率在收入上升的情況下卻下滑。我知道你們提到了一些短期費用逆風。但能否再多談一點，特別是在評級業務方面，你們對今年下半年利潤率能夠回升、逐步走高的信心來源？

First of all, I think this is exactly in line with our expectations, the margin development in Ratings, and let me explain why that's the case. We're saying what we said for the company as a whole, we are seeing now also this quarter for Ratings with respect to the expense reset of incentive compensation compared to last year. Last year, in the second quarter, we saw a large change in the accrual for incentive compensation across the board but also in Ratings, both for the short-term and the long-term incentive compensation accruals, and we are resetting that for this year based on the strong performance of the company and the strong performance of the Ratings business as well. So we are overall very positive about the medium- and long-term perspective and outlook.

首先，我認為評級業務的利潤率走勢完全符合我們的預期，我來解釋原因。我們對公司整體所說的情況，現在在評級業務本季也同樣出現：相較去年，獎勵性薪酬的費用重設。去年第二季，我們看到獎勵性薪酬的應計出現大幅調整，這在各部門都有、在評級業務也有，涵蓋短期與長期獎勵性薪酬的應計；而今年我們會基於公司與評級業務的強勁表現，重新設定這些應計。因此，整體而言，我們對中長期的觀點與展望仍非常正面。

If you look at where we are from a trailing 12-month perspective for margin for Ratings, we're at 55.2%. We're guiding this year to 56% to 57%. And then as you know, we have our [IR] targets for 2025 and 2026, 58% to 60%. So you will continue to see strong margin improvement of Ratings over the next few periods.

如果從評級業務的過去12個月（TTM）利潤率角度來看，我們目前是55.2%。我們對今年的指引是56%到57%。然後如你所知，我們對2025年與2026年有[IR]目標，為58%到60%。因此，在接下來幾個期間，你將持續看到評級業務利潤率的強勁改善。

Thanks, Seth.

謝謝你，Seth。

Our next question comes from Manav Patnaik with Barclays.

下一個問題來自巴克萊（Barclays）的Manav Patnaik。

I just want to focus on the Market Intelligence revenue. I guess, you lowered it by 50 basis points. Did I hear you right by saying most of that was because of the, I guess, the sustainability trends you talked about? And I was just curious like, Doug, you mentioned the weakness mainly in the financial services end market. I'm guessing that's most exposed here in Market Intelligence. In the spirit of all the vendor consolidation and those kinds of things that pick up in this period, are there any, I guess, trends or just strategy to be a winner in that area?

我想聚焦在市場情報（Market Intelligence）的營收。我想，你們把它下調了50個基點。我聽得沒錯吧，你說其中大部分是因為你提到的、我想是永續發展趨勢？另外我也想了解，Doug，你提到疲弱主要出現在金融服務終端市場。我猜這在市場情報這邊的曝險最大。在這段期間供應商整併等趨勢升溫的情況下，在那個領域是否有任何趨勢，或是你們要成為贏家的策略？

Manav, you are absolutely right. Where we are with the business at this moment is exactly the same place where we thought the business would be when we had our last call in April. The business is performing in line with expectations. And the only reason why we are making the change with respect to the guidance range has to do with the short-term uncertainty around sustainability and energy transition.

Manav，你完全說對了。我們目前這項業務所處的位置，與我們在4月上次電話會議時所預期的完全一致。業務表現符合預期。而我們之所以調整指引區間，唯一原因是圍繞永續發展與能源轉型的短期不確定性。

So to give you a little bit more color around it, if you look at some of the key drivers of Market Intelligence, ACV growth is good. Closing rates are good. Retention rates are good. User growth is good. We see a lot of new product launches bringing to the -- being brought to the market by Market Intelligence. So overall, we believe the business is in a very good shape.

再補充一些細節，如果你看市場情報的一些關鍵驅動因素，ACV成長良好；成交率良好；留存率良好；用戶成長良好。我們也看到市場情報推出許多新產品並推向市場。整體而言，我們認為這項業務狀態非常良好。

At the end of the day, we are very excited about the potential of Market Intelligence, particularly combining the two companies together in that segment and the potential it will have with respect to commercial growth. And we fully expect to hit our Investor Day targets for Market Intelligence.

歸根結底，我們對市場情報的潛力感到非常振奮，特別是把該領域的兩家公司結合在一起，以及其在商業成長方面的潛力。我們也完全預期能達成投資人日（Investor Day）對市場情報所設定的目標。

Thanks, Manav.

謝謝你，Manav。

Our next question comes from Toni Kaplan with Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的Toni Kaplan。

Wanted to go back to the sustainability revenue streams. You mentioned seeing the shift from scores to data. I wanted to understand better if that has pricing implications. And also, is it harder to build a moat when it's the data, not either ratings or scores, that are being demanded by customers? And then maybe -- I know Trucost is very high quality, but maybe you could talk about how its proprietary and other data brands within ESG where you have an advantage.

我想回到永續相關的營收來源。你提到看到需求從評分（scores）轉向資料（data）。我想更了解這是否會影響定價。另外，當客戶需求的是資料而不是評級或評分時，建立護城河是否更困難？再者——我知道Trucost品質很高，但也許你可以談談在ESG領域中，Trucost的專有資料以及你們其他資料品牌，在哪些方面具備優勢。

Thank you, Toni. Let me just take a step back one second and talk about what we're hearing in the markets. I've been traveling this year. And I've been in -- every continent I've been in except for Africa and Australia, but I've been around the world. I've been traveling a lot. And in every single conversation I have, we talk about sustainability, climate, ESG, energy transition. This is on everyone's mind. And depending on where you are in the world, it's either moving faster, maybe a little bit slower in the U.S., than it had been before.

謝謝你，Toni。讓我先退一步，談談我們在市場上聽到的聲音。我今年一直在出差。我去過——除了非洲與澳洲之外，我去過的每個大洲我都去過，基本上跑遍全球。我旅行很多。而在我每一場對話中，我們都會談到永續、氣候、ESG、能源轉型。這是每個人都在關注的議題。而視你所在的地區而定，推進速度不同——在美國可能比以前慢一些。

But there's also a shift going on in the way that regulators and investors think about their accountability to deliver their own views on climate change and on energy transition. They -- investors and regulators no longer want whoever is managing their money or who they're regulating to just make a decision based blindly on a score. They want them to have their own opinion based on their own analysis and building models from the bottom up.

但同時，監管機構與投資人對於自身在氣候變遷與能源轉型議題上必須負起責任、並提出自身觀點的方式，也正在發生轉變。投資人與監管機構不再希望資金管理人或其所監管的對象，只是盲目地依據某個分數做決策。他們希望能基於自身分析形成自己的看法，並自下而上建立模型。

So when you think about that shift taking place in the markets, you then -- we bring the kind of data which has time series on it. We've had information that goes back 15, 20, 30 years. Trucost last quarter grew 38%. Our climate service, which is something that people are using for modeling climate change and physical risk, that grew 78%. So we're seeing that some of these, I call them proprietary data or modeling services that we have, are really in high growth and high demand.

因此，當你想到市場上正在發生這種轉變時，我們提供的是帶有時間序列的資料。我們擁有可追溯15年、20年、30年的資訊。Trucost上季成長38%。我們的氣候服務（climate service）——人們用它來建模氣候變遷與實體風險——成長78%。所以我們看到，我稱之為專有資料或建模服務的這些產品，正處於高成長且需求旺盛的狀態。

As you know, we also built a Climate Credit Analytics model with Oliver Wyman. That grew over 50% in the second quarter. And so we see across the globe that people are starting to make decisions themselves, and they can no longer rely on just one single data input. They need to have the data. So I think that we have a great head start by having bought Trucost 7 years ago. We had the S&P Dow Jones Sustainability products, which started over 20 years ago.

如你所知，我們也與Oliver Wyman共同建立了氣候信用分析（Climate Credit Analytics）模型。該產品在第二季成長超過50%。因此我們看到，全球各地的人開始自行做決策，他們不能再只依賴單一資料輸入。他們需要資料本身。所以我認為，我們在7年前收購Trucost，已取得很好的先行優勢。我們也有S&P道瓊永續（S&P Dow Jones Sustainability）產品，這些產品在20多年前就已開始。

And let me hand it over to Edouard, who can give a little bit of color also for the automotive and mobility sector.

接著我把問題交給Edouard，他也可以就汽車與移動出行（automotive and mobility）領域提供一些補充說明。

We have a couple of good examples actually of what Doug was talking about in Mobility and the opportunities we're able to unlock now as part of S&P Global in partnership with S1. Doug mentioned Climanomics. We launched in June a version of Climanomics which assesses physical risk for the automotive sector, where we were able to feed all our supply chain data on the automotive sector within the Climanomics platform. That's one example.

其實我們有幾個很好的例子，正好呼應Doug在移動出行（Mobility）以及我們現在作為S&P Global一部分、並與S1合作所能解鎖的機會。Doug提到Climanomics。我們在6月推出了Climanomics的一個版本，用於評估汽車產業的實體風險；我們能把汽車產業的所有供應鏈資料導入Climanomics平台。這是一個例子。

The bigger one actually is we are now building a carbon accounting dataset for the mobility sector. And as you know in automotive, the key question mark is can Scope 3 emissions pertain into vehicles on the road and the upstream supply chain of the battery. And in this space, we have a unique opportunity with our proprietary data to become the source of record of carbon accounting data for the automotive industry. So a couple of examples here about how raw data itself, combined with our S1 expertise, can really create some unique and defensible products.

更大的例子其實是：我們正在為移動出行領域建立一套碳會計（carbon accounting）資料集。如你所知，在汽車產業，關鍵的疑問是範疇三（Scope 3）排放是否涵蓋道路上行駛的車輛，以及電池上游供應鏈。在這個領域，我們憑藉專有資料擁有獨特機會，成為汽車產業碳會計資料的權威來源（source of record）。以上是幾個例子，說明原始資料本身結合我們的S1專業能力，如何能打造出一些獨特且具防禦性的產品。

Thanks, Toni.

謝謝你，Toni。

Our next question comes from George Tong with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的George Tong。

You've maintained your outlook for Commodity Insights revenue growth for the full year. Can you talk about the sensitivity of Commodity Insights revenue to a pullback in oil prices? What are the puts and takes in the various parts of the business?

你們維持對大宗商品洞察（Commodity Insights）全年營收成長的展望。你能談談大宗商品洞察的營收對油價回落的敏感度嗎？在業務各個部分之間，有哪些拉動與抵消因素？

Thanks, George. Well, as we've talked about over many years, the sensitivity to the price of oil in the Commodity Insights business is actually not very important to get to really low oil prices, like below the 60s, into the 50s and 40s. And similarly, the same thing happens. It needs to get well over $100 before it starts creating sensitivity to the markets and to the industry.

謝謝你，George。正如我們多年來一直談到的，在大宗商品洞察業務中，對油價的敏感度其實並不大，除非油價真的跌到非常低，例如跌破60美元、進入50美元甚至40美元區間。同樣地，另一端也是如此：必須遠高於100美元，才會開始對市場與產業產生敏感度。

What we're actually seeing is a lot of interest and a lot of growth outside of what would be oil and gas. As you know, we have a large sustainability set of products and climate change products, energy transition within Commodity Insights. We also see a lot of interest and a lot of growth in what we've done in terms of combining the product sets from the old Platts business with the ENR business from IHS Markit. This is where you're taking prices and benchmarks and adding in forecasting and research and analytics. So we see a lot of interest in what we're doing. Our customers are asking for more.

我們實際看到的是，在傳統油氣之外有大量興趣與成長。如你所知，在大宗商品洞察內，我們有一大套永續產品與氣候變遷產品，以及能源轉型相關產品。我們也看到，市場對於我們把舊Platts業務的產品組合與IHS Markit的ENR業務結合所做的事情，興趣與成長都很強。這就是把價格與基準（benchmarks）再加上預測、研究與分析。我們看到大家對我們正在做的事情很有興趣，客戶也在要求更多。

And we're layering on top of that artificial intelligence tools, analytical tools, better vision, better charting capabilities, ability to use our platforms more simply. We've taken multiple products and combined them into one or two solutions. So across the board, we're seeing that our clients need more. They need to understand more about what's happening in the energy market. So the sensitivity to the price of oil really doesn't kick in until the oil price drops a lot or gets really, really expensive. Thanks, George.

此外，我們在其上叠加人工智慧工具、分析工具、更好的視覺化、更好的圖表功能，以及讓客戶更簡單地使用我們平台的能力。我們把多個產品整合成一到兩個解決方案。因此整體而言，我們看到客戶需要更多——他們需要更了解能源市場正在發生什麼。油價的敏感度真的要等到油價大幅下跌或變得非常、非常昂貴時才會顯現。謝謝你，George。

Our next question comes from Faiza Alwy with Deutsche Bank.

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

I wanted to ask about the index business, and a couple of questions there. First, wanted to get a sense of what you're assuming in terms of your AUM and how you're thinking about ETD revenues in the back half of the year. I think you had previously talked about a pretty significant decline, so curious if that's still the case. And then just last question around that is you talked about a mix impact on the fees associated with the AUM-related revenues. Give us a bit more perspective on what's going on there.

我想問指數業務（index business），有幾個問題。第一，想了解你們對AUM的假設是什麼，以及你們如何看待今年下半年ETD營收。我記得你們之前談到可能會有相當顯著的下滑，所以想確認是否仍是如此。最後一個問題是，你們提到與AUM相關營收的費率受到組合（mix）影響。請再多給我們一些觀點，說明那邊發生了什麼。

Absolutely, Faiza. And let me combine all three of your questions in one answer. So first of all, the business is seeing very healthy flows. We have seen very strong U.S. equity flows at $53 billion. We have also seen very solid fixed income flows for the quarter. That was at $6.5 billion. So we think the business is seeing really the positive impact from the overall positive sentiments around the markets we have seen over the last couple of weeks and months. So that's first.

當然可以，Faiza。讓我把你這三個問題合併用一個答案來回應。首先，業務正呈現非常健康的資金流入。我們看到美國股票的資金流入非常強勁，達到530億美元。我們也看到本季固定收益的資金流入相當穩健，為65億美元。因此，我們認為，過去幾週與幾個月市場整體偏正面的情緒，確實對業務帶來了正向影響。這是第一點。

Then with respect to the outlook for the remainder of the year in terms of our assumptions, we have assumed no further market appreciation from the June 30 level onwards. And we have also -- looking at the ETD volumes, we have assumed that volumes for ETDs remain at a positive place but coming down slightly from where we were in the first half of this year. I also would like to point out that if you look at where we ended the quarter from an overall AUM perspective, we're about 19% up compared to the point where we were at the end of the second quarter of last year. So certainly, the starting point for the second half of this year is very strong.

接著，關於今年剩餘期間的展望與我們的假設，我們假設自6月30日的水準起不再有進一步的市場升值。另外——就ETD的交易量來看，我們假設ETD的量能仍維持在正向水準，但會較今年上半年略為回落。我也想指出，若從整體AUM的角度看本季結束時的位置，我們相較去年第二季末約成長了19%。因此，今年下半年的起點確實非常強勁。

If you look at mix, yes, there is always going to be some kind of a mix in flows to certain products versus other products. We have seen that in the past as well. That will normally normalize over time. So we think this is more short-term noise due to that flow seasonality. But from a medium- and long-term perspective, we believe that there is still a correlation between AUM levels as a key driver of overall AUM fees growth for the business. So in other words, if you combine all of these trends together, we're very happy that we could raise the guidance for the index business for the second time in a row. And we're very optimistic about the outlook for the remaining of the year for the index business.

如果看產品組合（mix），是的，資金流向某些產品相對於其他產品，總會出現某種程度的組合變化。我們過去也看過這種情況，通常會隨時間回歸常態。因此，我們認為這更多是由於資金流的季節性所造成的短期雜訊。但從中長期角度來看，我們相信AUM水準仍與AUM費用整體成長之關鍵驅動因素存在相關性。換句話說，把這些趨勢綜合起來，我們非常高興能夠連續第二次上調指數業務的指引。我們也對今年剩餘期間指數業務的展望非常樂觀。

Thanks, Faiza.

謝謝你，Faiza。

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 guidance. I think you made this comment, and hopefully I'm not misquoting here, that you're lowering the guide officially, but you're not trying to signal anything. I'm not sure what that really means. So maybe you can flesh it out a little bit. You talked to the low end last quarter at 6.5%. Now you're lowering the range, but you're still leaving it very wide. So theoretically, the midpoint is actually higher than what you said before. So maybe just help us kind of like say what has changed, if anything, and then maybe just flesh out the margin of the guide as well.

我想再回到Market Intelligence的指引。我記得你提到過這樣的評論——希望我沒有引述錯——你說你們正式下調指引，但並不是要傳遞任何訊號。我不太確定這到底代表什麼意思，所以也許你可以再多說明一下。上季你談到低端是6.5%。現在你下調了區間，但仍然保留得很寬。理論上，中位數其實比你之前說的還高。所以也許請你協助我們釐清：到底有沒有任何改變、改變了什麼；另外也請再說明一下這個指引區間的幅度。

Happy to clarify that, Alex. So what I've said before is we think the business in all the aspects is performing in line with expectations, what we had a quarter ago. So we don't see any deterioration in any of the underlying business lines within Market Intelligence. And it is actually exactly where we thought it would be at this point in time. And also, with respect to the book of business, the ACV growth, retention levels, sales cycles and so on, we see exactly what we would expect to see at this moment.

很樂意釐清，Alex。我之前說過的是，我們認為業務在各個面向的表現都符合我們一季前的預期。因此，我們沒有看到Market Intelligence內任何底層業務線出現惡化。事實上，它正如我們在此時點所預期的那樣。此外，就業務存量（book of business）、ACV成長、留存水準、銷售週期等等而言，我們看到的也完全符合此刻我們所預期會看到的狀況。

But as we have highlighted during the call, there is uncertainty about sustainability and energy transition. Particularly, ESG scores is a part of the revenue stream for the Market Intelligence business, and we are a bit prudent here deliberately in order to change the guidance here. We're not pointing to any point in this guidance range. We're just lowering the guidance at this point in time.

但正如我們在電話會議中強調的，永續與能源轉型方面存在不確定性。特別是，ESG評分是Market Intelligence業務收入來源的一部分，因此我們在這裡刻意採取較為審慎的態度，因而調整了指引。我們並不是要指向這個指引區間中的任何特定點位；我們只是選擇在此時點下調指引。

But as we have said, we are actually really positive and optimistic about the outlook of Market Intelligence. We see a lot of positive trends underneath the business. And I've mentioned those before, but let me just give another couple of examples of that. The combination of the capabilities is working. So we're seeing a lot of new products that is in development with respect to combining Market Intelligence and financial services of IHS Markit. We see increased value realization with customers and actually a slight pickup in pricing in the business. We see also benefit from trends of consolidation of data vendors, and we are one of the beneficiaries of that. So many positive things that are positive trends for Market Intelligence, we're just really prudent, and that's the main reason around the sustainability revenues in the near term.

不過如同我們所說，我們其實對Market Intelligence的展望非常正面且樂觀。我們看到業務底層有許多正向趨勢。我之前提過一些，但我再舉幾個例子。能力的整合正在發揮效果。因此，我們看到許多新產品正在開發中，重點在於把Market Intelligence與IHS Markit的金融服務能力結合起來。我們看到客戶的價值實現提升，且業務定價也略有回升。我們也看到資料供應商整併的趨勢帶來好處，而我們是受益者之一。總之，Market Intelligence有很多正向趨勢；我們之所以更審慎，主要原因是短期內永續相關收入的不確定性。

Thanks, Alex.

謝謝你，Alex。

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

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

I'm sorry to keep honing in on Market Intelligence, but I wanted to focus on margins. I know you slightly lowered the adjusted operating margin guidance. But it still implies a pretty steep ramp in the second half of the year. Are there any timing issues or cost cuts that are impacting this? And if not, how do you expect to see that margin acceleration in the back half?

抱歉我一直聚焦在Market Intelligence，但我想把重點放在利潤率。我知道你們略微下調了調整後營業利潤率指引，但它仍暗示今年下半年會有相當陡峭的拉升。這裡是否有任何時點因素或成本削減在影響？如果沒有，你們預期下半年利潤率加速的動能會從哪裡來？

Jeff, thank you so much for that question. You're absolutely right that we see quite some seasonality in margins in Market Intelligence, but by the way, also in several of our other segments during this year. And that has to do with the reason that I mentioned before around incentive compensation, where we saw a large pullback in incentive compensation in the second and third quarter of last year. So that is what we are going to lap this year. But then in the end, in the fourth quarter, we have much easier comps.

Jeff，非常感謝這個問題。你說得完全正確：我們在Market Intelligence的利潤率上確實看到相當程度的季節性；順帶一提，今年我們其他幾個部門也有類似情況。這與我先前提到的激勵薪酬有關——去年第二季與第三季我們的激勵薪酬出現了大幅回落。今年我們會在這個基礎上形成同比（lap）。但到了第四季，我們的比較基期就容易得多。

And just to give you a data point for the company as a whole, that would mean that we are expecting from an expense perspective that expenses for the company as a whole for this year will still end up in low single-digit growth territory for the company as a whole. So you would expect there for that reason that the fourth quarter margins are going to be really strong and the expense growth in the fourth quarter is going to be really low in order to achieve those outcomes.

再給你一個全公司層面的數據點：這代表從費用角度來看，我們預期公司今年整體費用最終仍會落在低個位數成長的區間。因此，基於這個原因，你會預期第四季的利潤率會非常強勁，而第四季的費用成長會非常低，才能達成這些結果。

So also, let me give you another data point in terms of margin expansion for the company as a whole. We still expect 60 to 160 basis points margin expansion for the company as a whole. And for Market Intelligence, you're also looking at quite a significant increase in margins over the next 2 quarters from a trailing 12-month level now of 32.4% to a range of 33.5% to 34.5% for the whole year of 2023. So yes, third quarter, still a little bit depressed by the expense seasonality, but fourth quarter, very strong margins and expenses really low. That's the overall trend that you should expect for Market Intelligence and the other divisions.

另外，再提供一個關於全公司利潤率擴張的數據點：我們仍預期全公司利潤率將擴張60到160個基點。而對Market Intelligence而言，你也會看到未來兩季利潤率將顯著上升：從目前過去12個月（trailing 12-month）的32.4%，提升到2023年全年33.5%到34.5%的區間。所以是的，第三季仍會因費用季節性而略顯受壓，但第四季利潤率會非常強，且費用會非常低。這就是你應該預期的Market Intelligence以及其他部門的整體趨勢。

Thanks, Jeff.

謝謝你，Jeff。

Our next question comes from Andrew Nicholas with William Blair.

下一個問題來自William Blair的Andrew Nicholas。

This is Tom Roesch on for Andrew Nicholas. I wanted to ask a question around AI. And I was curious about what your strategy is for allocating Kensho resources to assist with developing AI capabilities across the segments. Given S&P's extensive portfolio, it seems like resources could be stretched in there. So I was wondering if you guys take more like a holistic approach, where there's universal capability across the segments developing AI, or if there are specific segments where you are focusing AI development.

我是代替Andrew Nicholas提問的Tom Roesch。我想問一個關於AI的問題。我很好奇你們在分配Kensho資源、以協助各部門發展AI能力方面的策略是什麼。考量到S&P龐大的產品組合，資源似乎可能會被拉得很分散。所以我想了解，你們是採取較整體性的做法，讓各部門都發展通用的AI能力；還是你們會把AI開發聚焦在特定部門？

Andrew, let me start and then I'm going to hand it over to Ewout. I want to go back to a period 6 and 7 years ago when we first made our investment in Kensho in a Round B, and we started thinking about what the future was going to look like. And we actually see that future playing right now. We felt that in 5 years from then, which is now, and 10 years from then, which is 5 years from now, that people like us would be making decisions assisted by artificial intelligence and machine learning tools.

Andrew，我先回答，然後我會把問題交給Ewout。我想回到6、7年前我們在B輪首次投資Kensho的那段時間，當時我們開始思考未來會是什麼樣子。而我們其實正看到那個未來正在發生。我們當時認為，從那時起的5年——也就是現在——以及10年——也就是從現在起的5年後——像我們這樣的人將會在人工智慧與機器學習工具的輔助下做決策。

And in the last year or so, it's become apparent that there's another leg to that stool. It's not just artificial intelligence and machine learning, it's also generative AI. We've been embracing that across the company. Kensho has developed an expertise in different types of generative AI models. They're a go-to source in the company for learning about what we can do and what are the different models we could be applying. As you saw in our prepared remarks, we have a governance approach around AI, which is to ensure that we're always thinking about our customers. We have a hybrid methodology, a philosophy about using multiple types of models and sources, whether that's internally driven from Kensho or the divisions or externally from open sources or from partnerships.

而在過去一年左右，已經很明顯還有另一個支柱：不只是人工智慧與機器學習，還包括生成式AI。我們一直在全公司範圍內擁抱這件事。Kensho已在不同類型的生成式AI模型上建立了專業能力。他們是公司內部學習「我們能做什麼」以及「可以應用哪些不同模型」的首選來源。正如你在我們事先準備的發言中所看到的，我們對AI採取治理（governance）方法，以確保我們始終以客戶為中心來思考。我們也採取混合式方法論與理念，使用多種類型的模型與來源，不論是由Kensho或各事業部內部驅動，或是外部的開源來源或合作夥伴關係。

When you look at the needs for developing AI solutions, you end up actually having to stack multiple models on top of each other. And you require really careful management of your data so that you can protect it as well as ensure that it will be then used and displayed in the right way.

當你檢視開發 AI 解決方案的需求時，實際上你最後會發現必須把多個模型一層層堆疊在一起。而且你需要非常謹慎地管理你的資料，才能在保護資料的同時，確保之後會以正確的方式被使用與呈現。

And then the third part of our governance is to ensure that we're all protecting our data. This is one of the first things we did when we started seeing generative AI models. We took a step back to make sure that we could protect our data and our IP.

接著，我們治理的第三個部分是確保我們都在保護我們的資料。這是我們在開始看到生成式 AI 模型時做的第一批事情之一。我們先退一步，確認我們能夠保護我們的資料與我們的智慧財產（IP）。

But let me hand it over to Ewout and then over to Edouard to talk a little bit more about some of the things we're seeing in the company.

不過我先把時間交給 Ewout，然後再交給 Edouard，請他們多談一些我們在公司裡看到的情況。

Tom, one of the things that I am really excited about is that on the one hand, we have Kensho, which is a relatively small group but really an innovation accelerator within the company. And then we have all of our colleagues around the world because we have so many data scientists, technology engineers, data experts, experts in a lot of specific areas and fields around the company. And you have to bring all of those together in order to get the acceleration with the opportunities that generative AI and large language models are bringing for us as a company.

Tom，我非常興奮的一點是：一方面，我們有 Kensho，這是一個相對小的團隊，但在公司內部確實是創新加速器。另一方面，我們在全球各地也有所有同事，因為公司裡有非常多資料科學家、技術工程師、資料專家，以及在許多特定領域與專業範疇的專家。你必須把這些力量整合在一起，才能把生成式 AI 與大型語言模型為公司帶來的機會加速落地。

So Kensho is focusing on a couple of areas that will have the biggest impact for the company as a whole. This could be use cases that we are developing. But also, think about collecting the data and structuring the data in token sets that are the best readable for large language models. And that's actually, from a technical perspective, a really important challenge.

因此，Kensho 正聚焦在幾個對整體公司影響最大的領域。這可能是我們正在開發的使用案例；同時也包括思考如何蒐集資料並將資料結構化成 token 集合，讓大型語言模型最容易讀取。而從技術角度來看，這其實是一個非常重要的挑戰。

But the good thing is Kensho has been doing that kind of work already for the last 5 years. We have experience with working with AI for the last 5 years. We know how to prioritize this for the last 5 years. We know how to track the economic benefits. And we have been doing that for the last 5 years. So we have a lot of experience around dealing with this. And we're not trying to invent this for the first time at this moment.

但好消息是，Kensho 在過去 5 年其實就一直在做這類工作。我們過去 5 年都有與 AI 合作的經驗；我們知道如何在過去 5 年裡為這些工作排定優先順序；我們知道如何追蹤經濟效益；而且我們也確實在過去 5 年一直這麼做。所以我們在應對這件事上累積了很多經驗，並不是此刻才第一次嘗試發明這套做法。

But then on the other hand, we also have the crowdsourcing. So we have a lot of colleagues that are contributing to these kind of initiatives to collect data for large language models and many other initiatives. And we are experimenting across the board.

但另一方面，我們也有群眾外包（crowdsourcing）。因此有很多同事在為這類計畫做出貢獻，包含為大型語言模型蒐集資料，以及許多其他計畫。我們也在各個面向全面進行實驗。

So let me hand it over to Edouard because there's also a lot of great experimentation and development going on in Mobility.

所以我把時間交給 Edouard，因為在 Mobility 也有很多很棒的實驗與開發正在進行。

Thank you, Ewout. Thank you, Doug. And just to add to what you said, I want to bring up one example of how we're thinking about innovating at scale with a new technology like generative AI. And as Doug said, our experience in earlier forms of AI and our cloud investment over the past 2 years, I think, puts us in good stead to harness this new technology. But I think we have to recognize there's a step change here.

謝謝你，Ewout。謝謝你，Doug。補充你剛才所說的，我想舉一個例子，說明我們如何思考用生成式 AI 這樣的新技術來進行規模化創新。正如 Doug 所說，我們在較早期的 AI 形式上的經驗，以及過去 2 年在雲端的投資，我認為讓我們具備良好基礎去掌握這項新技術。但我也認為我們必須承認，這裡存在一個階躍式的變化（step change）。

And so as we think about how do we enable our organization, one of the big strengths of our strategy is to upskill our people and make sure we familiarize them with this technology. Earlier in July, within Mobility, we actually launched internal solution called [Autopilot], which is all about bringing the tool to hundreds of our colleagues within the Mobility division. And we've already seen dozens of use cases developed over the past 2 or 3 weeks. And we learn every day from this particular solution. We learn not just about large language models, but we learn about data curation. We learn about what kind of UIs do we need to develop, what kind of business governance do we need around it. And that's a great example of one of the ways in which, as an organization, we're learning and we're harnessing this new technology.

因此，當我們思考如何賦能組織時，我們策略的一大優勢是提升員工技能（upskill），並確保大家熟悉這項技術。7 月稍早，在 Mobility 內部，我們實際上推出了一個名為 [Autopilot] 的內部解決方案，核心是把這個工具帶給 Mobility 事業部數百位同事。我們在過去 2 到 3 週已經看到數十個使用案例被開發出來。我們也每天都從這個解決方案中學習：不只是學大型語言模型，也學資料策展（data curation）；學我們需要開發什麼樣的 UI；以及需要什麼樣的業務治理（business governance）。這是一個很好的例子，說明我們作為一個組織，如何一邊學習、一邊掌握這項新技術。

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

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

I'd like to hear more about your outlook for Ratings for the debt issuance for the year, please, if you can just kind of go into investment-grade, high-yield bank loans. And I'd particularly like to hear about if you're overly concerned of what's going on in the commercial real estate market, not so much what the impact is on the CMBS market. But if things continue to get worse there, do you think there could be some negative domino effects in the whole banking sector, financial sector out there?

我想請你們多談談今年債務發行的 Ratings 展望，麻煩你們也談一下投資等級、高收益，以及銀行貸款。另外我也特別想聽聽你們是否過度擔心商用不動產市場正在發生的事情——不是指對 CMBS 市場的影響有多大，而是如果那邊情況持續惡化，你們是否認為可能在整個銀行業、金融業出現一些負面的骨牌效應？

Okay. Thanks, Craig. Let me give you some color just on the issuance market generally and then dig into a couple of questions you asked. Overall, as you know, in the last quarter, the issuance was strong. It was up 8%, billed issuance, including bank loans. Bank loans is actually quite weak during the quarter. But the -- we saw, on the other hand, a lot of volatility and a lot of lumpiness in debt issuance. There were some characteristics of markets like corporates in the U.S. was up 80%. Overall investment grade globally was up 20%. It was up in the U.S., overall, it was up 19%, et cetera. And then overall, high yield was up 90% during the quarter. But on the other hand, structured credit, CLOs were down 46% in Europe, 42% in the U.S.

好的。謝謝你，Craig。我先就整體發行市場提供一些背景，再深入回應你問的幾個問題。整體而言，如你所知，上個季度發行表現強勁；計費發行量（billed issuance）（包含銀行貸款）成長 8%。不過銀行貸款在該季度其實相當疲弱。另一方面，我們也看到債務發行出現很大的波動與不均勻（lumpiness）。市場有一些特徵，例如美國企業債上升 80%；全球投資等級整體上升 20%；在美國整體上升 19%，等等。然後整體高收益在該季度上升 90%。但另一方面，結構性信用方面，CLO 在歐洲下滑 46%，在美國下滑 42%。

So there's a lot of lumpiness in markets. And that has to do with uncertainty as to ratings, what's happening with interest rates, what's happening with inflation, yield, et cetera, spreads. So there's a lot of market instability still out there. We saw yesterday the U.S. Fed raised interest rates by 25 basis points. This morning, the ECB raised interest rates by 25 basis points. So the markets are looking for some stability of rates and spreads and growth rates, et cetera.

所以市場存在很大的不均勻性。這與對評等的不確定性、利率走勢、通膨、殖利率等因素，以及利差（spreads）有關。因此市場上仍有相當多的不穩定。昨天美國聯準會升息 25 個基點；今天早上歐洲央行也升息 25 個基點。因此市場正在尋求利率、利差與成長率等方面的某種穩定性。

Now with that backdrop, let me give you what are a couple of the forecast that we have for the rest of the year. We've increased our range for billed issuance for the rest of the year from a range of 4% to 8%. The previous was 3% to 7%, that's last quarter. And the quarter before that, it was actually 2% to 6%. So we've seen it improving throughout the year, what we expect for the rest of the year. And if you look at the -- what we're expecting for the rest of the year, if you look at the 4% to 8% and with the guidance range we just gave, it means that we're going to be growing in kind of the mid-double-digit range for the rest of the year in billed issuance.

在這樣的背景下，我來提供我們對今年剩餘時間的幾項預測。我們把今年剩餘時間的計費發行量成長區間上調至 4% 到 8%。上一季的區間是 3% 到 7%；再前一季其實是 2% 到 6%。因此我們看到，對於今年剩餘時間的預期一路在改善。若你看我們剛給的 4% 到 8% 指引區間，這意味著今年剩餘時間的計費發行量將以大約「中雙位數」的幅度成長。

A couple of the different areas I can share with you. As you know, our Ratings research team produces forecasts and summaries of what they're going to see going forward. We use that as one of the inputs for billed issuance. It's a different methodology than the billed issuance, but I want to give you that information anyway. We see the corporates growing at about 13% for the rest of the year with a range between 5% and 20%; financial services, flat for the rest of the year, with a range that could be down as much as 5%, up 4%; structured finance, down about 13% for the year, with a range of down 18% to down 8%; and then U.S. public finance could be down about 5% with a range down 10% or up 2%. So these are the factors that we're using. We are expecting that once we see these factors I mentioned, like inflation, interest rates, spreads, et cetera, as that starts to improve, we think we'll see a better outcome.

我可以再分享幾個不同領域的情況。如你所知，我們的 Ratings 研究團隊會產出對未來的預測與摘要。我們把這些作為計費發行量的其中一項輸入。這套方法論與計費發行量的計算不同，但我仍想把資訊提供給你。我們看到：企業債在今年剩餘時間約成長 13%，區間介於 5% 到 20%；金融服務今年剩餘時間大致持平，區間可能下滑最多 5%、或上升 4%；結構性融資全年約下滑 13%，區間為下滑 18% 到下滑 8%；而美國公共融資可能下滑約 5%，區間為下滑 10% 或上升 2%。這些就是我們使用的因素。我們預期，一旦我提到的這些因素（如通膨、利率、利差等）開始改善，我們將看到更好的結果。

One last thing I want to mention is M&A. M&A has been incredibly weak. This last quarter, second quarter, it was one of the weakest levels we've seen. It was as low as the second quarter of 2020 when we saw the beginning of the pandemic, when everything came to a halt. I've been speaking with a lot of banks to understand what their outlook is for M&A because that's a big driver of levered loans of the lending market, of the high-yield market, et cetera. We're seeing from the bankers that we're speaking with that they're expecting that at the end of this year and into the first quarter of next year, they're expecting that M&A will pick up again as the market conditions improve. They've told me that there's a pretty large backlog and a big pipeline waiting to -- for people to start doing deals, but it's not happening as long as there's still some uncertainty in the markets.

最後我想提一下併購（M&A）。併購一直非常疲弱。上一季，也就是第二季，是我們見過最疲弱的水準之一，低到接近 2020 年第二季——也就是疫情剛開始、所有事情幾乎停擺的時候。我一直在和許多銀行交流，以了解他們對併購的展望，因為併購是槓桿貸款、放貸市場與高收益市場等的重要驅動因素。我們從正在交流的銀行家那裡看到，他們預期今年年底到明年第一季，隨著市場條件改善，併購將再度回升。他們告訴我，目前有相當大的積壓（backlog）與很大的交易管線（pipeline）在等待人們開始做交易，但只要市場仍存在一些不確定性，交易就不會發生。

So thanks, Craig. Thanks for the question.

所以謝謝你，Craig。謝謝你的提問。

Our next question comes from Andrew Steinerman with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的 Andrew Steinerman。

This is Alex Hess on for Andrew Steinerman. I just wanted to just ask about the adjusted expense maybe sort of cadence for the year. You guys spoke to incentive comp being elevated year-on-year in 2Q. Maybe what does that look like for the back half of the year? And then also, if you could maybe more qualitatively flesh out what went into core investment growth and overall compensation expense, that would be very helpful.

我是代替 Andrew Steinerman 的 Alex Hess。我想問一下調整後費用在全年可能的節奏。你們提到第二季（2Q）激勵性薪酬較去年同期偏高。那麼下半年會是什麼樣子？另外，如果你們能更定性地說明核心投資成長以及整體薪酬費用的構成，那會非常有幫助。

Thanks, Alex. Just generally, I would like to say expenses are under control. They are in line with expectations. And we expect the overall expense growth for the full year to be relatively modest. So let me give you a little bit more color around this.

謝謝你，Alex。整體而言，我想說費用是受控的，符合預期。我們預期全年整體費用成長將相對溫和。讓我再補充一些背景說明。

So the key driver of the expense growth this quarter was a swing in the incentive compensation that we already discussed. As I mentioned, we also expect that to create elevated expenses in the third quarter, and then we will see it significantly coming down in the fourth quarter. We still expect to hit our margin targets for this year. And as I said before, I think it's also maybe good to point that overall, we're looking at expenses in absolute dollars that are on a declining trend. So we have now seen 2 quarters in a row that, in absolute dollars, our expense is coming down. And actually, the third quarter, we expect sequentially further that our expenses will be down relative to the second quarter. So very much in line with expectations.

本季費用成長的關鍵驅動因素，是我們先前已討論過的激勵性薪酬的變動。如我所提，我們也預期這會使第三季費用維持偏高，然後在第四季顯著回落。我們仍預期今年能達成我們的利潤率目標。而且如我之前所說，我想也值得指出，整體來看，我們以絕對金額計的費用呈下降趨勢。我們已連續兩季看到以絕對金額計的費用在下降。實際上，我們預期第三季費用將較第二季再度季比下降。整體非常符合預期。

To your question about what is going into the growth bucket, it's a couple of areas that go in the growth bucket. The first is our strategic investment spend. So that is the $150 million budget that we have for this year to invest in some of our key initiatives to drive future growth. The second is the additional spend with respect to cloud and also the additional usage of GPUs for our gen AI developments that we are buying from our cloud providers. And then the third, that is the BAU growth. So these are costs related to BAU growth. Think, for example, about additional data that we have to purchase for additional product development within our divisions. So those elements go into the growth bucket. But overall, we don't see that really as an expense. We see that as an investment in the future and future growth for our businesses.

至於你問到成長項目包含哪些內容，主要有幾個領域。第一是我們的策略性投資支出，也就是今年用於投資若干關鍵計畫、以推動未來成長的 1.5 億美元預算。第二是與雲端相關的額外支出，以及我們向雲端供應商採購、用於生成式 AI（gen AI）開發的 GPU 使用量增加。第三是 BAU（例行營運）成長，也就是與日常業務成長相關的成本。舉例來說，為了在各事業部進行更多產品開發，我們需要購買更多資料。這些要素都歸入成長項目。但整體而言，我們不把這真正視為費用，而是視為對未來以及我們業務未來成長的投資。

Our next question comes from Owen Lau with Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Owen Lau。

So I have a quick follow-up to your AI strategy. One of the competitors has partnered with Microsoft. Could you please talk about the plus and minus of using an in-house AI compared to outsourcing it to a large tech firm, why in-house AI, such as Kensho or the hybrid approach, fits into S&P overall strategy?

我想就你們的 AI 策略快速追問一下。有一家競爭對手與微軟合作。你能否談談使用自建 AI 與外包給大型科技公司各自的優缺點？以及為什麼自建 AI（例如 Kensho）或混合式做法，符合標普全球（S&P）的整體策略？

Yes. Thank you, Owen. And this is something we thought a lot about. And as I started my last comment a few minutes ago, we've been thinking about the AI strategy for over 7 years. This isn't something that we're just jumping into right now. We've had a lot of experience of how we can use AI not only as a productivity tool but also as a tool to drive growth and new product ideas. We've also been developing our datasets.

好的。謝謝你，Owen。這是我們深思熟慮過的事情。正如我幾分鐘前上一段評論的開頭所說，我們思考 AI 策略已超過 7 年。這不是我們現在才突然投入的。我們在如何運用 AI 方面累積了很多經驗，不僅把它當作提升生產力的工具，也把它當作推動成長與新產品構想的工具。我們也一直在建置我們的資料集。

And as you recall, at the same time when we acquired Kensho, we also came up with the Marketplace. And the Marketplace now has over 225 tiles, which have information and data, which not only can markets use in new ways, we can also use that. So we've been on an approach to cleaning up our data, making it usable. And we feel that the need for -- I used the word before, stacking different capabilities and solutions as models, it's going to be the way that you can deliver the most valuable insights and solutions to our customers.

而且你會記得，在我們收購 Kensho 的同時，我們也推出了 Marketplace。Marketplace 現在有超過 225 個「tile」，提供資訊與資料，不僅市場可以用新的方式使用，我們自己也能使用。因此，我們一直在推動資料清理，讓資料可用。我們認為——我之前用過「堆疊」不同能力與解決方案作為模型的說法——這將是向客戶交付最有價值洞見與解決方案的方式。

As an example, you might need to take your data and turn it from being raw data into something that can be used by a model to learn or to be used in order to develop a new application. That data might -- the application might then need a different application on top of it so that the customer can use it. So it has capabilities to be able to use in spreadsheets, to be downloaded, to search on it, et cetera.

舉例來說，你可能需要把資料從原始資料轉換成可供模型學習使用的形式，或用來開發新的應用程式。接著，該應用程式之上可能還需要另一個應用層，讓客戶能夠使用它。因此它需要具備可在試算表中使用、可下載、可搜尋等能力，等等。

So we feel that there's a need to have multiple applications. And that's why the hybrid approach is the one that we're going to be pursuing. That doesn't mean that we're not going to work with some of the providers that you just described. We already have a really strong relationship with AWS in our cloud strategy. They're developing a really compelling AI strategy. We've been using over the past, NVIDIA chips. We were one of the first groups ever who were using them in the way they're being used now for AI. We have a really strong relationship with Microsoft. There's also open tools that are being used.

所以我們認為需要多個應用程式，這也是我們將採取混合式做法的原因。這不代表我們不會與你剛提到的一些供應商合作。我們在雲端策略上已與 AWS 建立非常強的合作關係；他們正在打造非常有吸引力的 AI 策略。過去我們也一直在使用 NVIDIA 晶片；我們是最早一批以目前這種方式把它們用於 AI 的團隊之一。我們與微軟也有非常強的合作關係。此外也有一些正在使用的開放工具。

We also have people developing our own LLM model. So we think that we can use this. We think that we have a really good network of people across the company that Ewout just described that are using different types of models. So we believe that we can have governance, we can have controls. We've had controls in place for the last 5 years since we've owned Kensho to manage and track everything we're doing in AI. We're going to continue to use that same discipline for everything we're doing in AI to make sure that we're also controlling where we're investing and how we're moving forward. So it's our belief that a hybrid model is the right one for us and something that's going to create the most value for our shareholders.

我們也有人在開發我們自己的 LLM（大型語言模型）。因此我們認為可以善用這些。我們認為公司內部有一個非常好的跨部門人才網絡，正如 Ewout 剛描述的，他們在使用不同類型的模型。所以我們相信我們可以建立治理與控管。我們自從擁有 Kensho 以來的過去 5 年，已建立控管機制來管理並追蹤我們在 AI 上所做的一切。我們會延續同樣的紀律來管理所有 AI 相關工作，確保我們也能控管投資方向以及推進方式。因此我們相信混合式模型最適合我們，並且能為股東創造最大價值。

Our next question comes from Jeff Meuler with Baird.

我們的下一個問題來自 Baird 的 Jeff Meuler。

Edouard, Ewout said, I think, in the description of Mobility growth that there was new store growth for CARFAX, new subscription products. That's always a little surprising to me but good to hear given that I think of it as a more penetrated product. So just maybe if you can give us some color there, is this further penetration of the heritage products? Is it something in terms of innovation or new versions of the used car products that are going through an upgrade cycle? And then just any other growth drivers you want to highlight for CARFAX. I think there was a call-out of the service line opportunity on CARFAX for Life.

Edouard，Ewout 在描述 Mobility 成長時提到，我想是 CARFAX 有新門市成長、新的訂閱產品。這對我來說總是有點意外，但也很高興聽到，因為我一直把它視為滲透率較高的產品。你能否補充一些背景：這是傳統產品的進一步滲透嗎？還是與創新或二手車產品新版本、正在進入升級週期有關？另外，還有沒有其他你想強調的 CARFAX 成長驅動因素？我記得你們特別提到 CARFAX for Life 的服務線機會。

Thanks, Jeff. So on the -- I can give you quite a simple answer to that question. You're right that we work with most dealerships in North America, we work with most global OEMs and we work with most suppliers. In that sense, we feel quite penetrated because we have relationships with most of the potential customers out there. But we also have a portfolio of offerings, whether it's at CARFAX, Mastermind or elsewhere. And within that portfolio, we have more mature offerings. But we have lots of fairly young offerings which have been developed over the past 5 or 6 years and which have a lot of mark-to-market penetration to go.

謝謝你，Jeff。關於這點——我可以給你一個相當簡單的回答。你說得對，我們與北美大多數經銷商合作，與全球大多數 OEM（原始設備製造商）合作，也與大多數供應商合作。從這個意義上說，我們覺得滲透率相當高，因為我們與大多數潛在客戶都建立了關係。但我們也有一個產品組合，不論是在 CARFAX、Mastermind 或其他地方。在這個組合中，有較成熟的產品；但也有許多在過去 5 到 6 年開發、仍相當年輕的產品，還有很大的市場滲透空間。

So if you take a look at the examples that Ewout mentioned, products like CARFAX for Life, used car listings, Mastermind or supply chain and technology are all products which have a huge amount of runway ahead of them, right? They're still younger products. They're evolving very fast. And we have a long way to go before we get to full penetration.

所以如果你看 Ewout 提到的例子，像是 CARFAX for Life、二手車列表、Mastermind，或供應鏈與科技等，都是仍有很長成長跑道的產品，對吧？它們仍是較新的產品，演進非常快。我們距離完全滲透還有很長一段路。

So think of -- so if I take a step back and now think about those secular drivers, think of them as follows. We have a lot of product innovation. And from a commercial execution, we have a lot of white space with all of these offerings we've developed over the past 5 or 6 years, which are maybe 30%, 40%, 50% penetrated. And then we have all of these secular tailwinds, which are those massive disruptions going on in the industry, which are creating demand for information. And we see we're very well positioned to capture that demand. Thank you, jeff.

所以——如果我退一步，從那些結構性驅動因素來看，可以這樣理解：我們有大量的產品創新；在商業執行上，對於這些過去 5 到 6 年開發的產品與服務，我們仍有很大的「白地」空間，可能只滲透了 30%、40%、50%。同時我們也有各種結構性順風，也就是產業中正在發生的巨大顛覆，正在創造對資訊的需求。我們看到自己具備非常好的定位來掌握這些需求。謝謝你，Jeff。

Our last question comes from Russell Quelch with Redburn.

我們最後一個問題來自 Redburn 的 Russell Quelch。

A question on fixed income indices, please. Given you have lots of data on corporate debt at the point of issuance and you now own an incumbent brand in the space post the IHS acquisition and the underlying market for benchmarking fixed income is accelerating as we see sort of greater participation in that space, do you see this as a major opportunity for S&P Global?

請問關於固定收益指數的問題。鑑於你們在公司債發行時點擁有大量資料，而且在收購 IHS 之後，你們在該領域也擁有一個既有的品牌；同時，隨著我們看到該領域參與度提高，用於固定收益基準化的底層市場正在加速成長。你們是否認為這對標普全球（S&P Global）而言是一個重大機會？

And perhaps if so, can you talk about what you're doing to invest behind that opportunity and the speed at which you think that can start delivering increased revenue growth and the degree to which it influences your 10% medium-term growth ambition for Indices?

而且或許如果是這樣，您能談談您正在做些什麼來投資把握這個機會，以及您認為它能以多快的速度開始帶來更高的營收成長，並且它在多大程度上影響您對指數業務中期 10% 成長目標的企圖？

Yes. Thank you, Russell. Thanks for joining the call today. We -- if you take a step back, one of the key drivers of our merger with IHS Markit was to look at what we think is happening with the transformation of capital markets globally. As you know, in the U.S., the capital markets for corporate financing is somewhere north of 70%, and the market is probably even higher than that. In Europe, it's probably only about 35%, maybe 40% at the most. And across Asia, it's in the 20% range.

是的。謝謝你，Russell。感謝你今天加入電話會議。我們——如果你退一步看，我們與 IHS Markit 合併的一個關鍵驅動因素，是著眼於我們認為全球資本市場轉型正在發生的事情。如你所知，在美國，用於企業融資的資本市場占比在 70% 以上，而且這個比例可能還更高。在歐洲，可能只有大約 35%，最多也許 40%。而在整個亞洲，約在 20% 左右。

We think that, that transition of capital markets globally is going to continue. We see the United States has a very sophisticated set of institutional investors that can go across the entire stack of capital. In Europe, we're starting to see more of that. In fact, one of the signals, which is positive for a business in Europe, is the withdrawal of liquidity programs like the LTRO from the central bank, from the ECB.

我們認為，全球資本市場的這一轉型將會持續。我們看到美國擁有一套非常成熟的機構投資人，能夠覆蓋整個資本結構。在歐洲，我們也開始看到更多這樣的情況。事實上，其中一個訊號——對歐洲的業務而言是正面的——是中央銀行（歐洲央行，ECB）正在退出像 LTRO 這類流動性計畫。

We're also known now with the combination of the products and services. Starting with Market Intelligence, we have the data services from DVA, which provide prices on over 13 million securities, loans, swaps, other types of fixed income products and loans. That's a really incredible set of data, which we've now added into Capital IQ Pro. And that kind of data is used by the markets.

隨著產品與服務的結合，我們現在也更為人所知。從 Market Intelligence 開始，我們擁有來自 DVA 的數據服務，為超過 1,300 萬種證券、貸款、掉期以及其他類型的固定收益產品與貸款提供價格。這是一套非常驚人的數據集合，我們現在已將其加入 Capital IQ Pro。而這類數據正被市場使用。

We have the ability to expand into private credit as well. The private credit asset class is right now about $1.5 trillion, of which $1 trillion is probably out in the market in place. And there's another $500 billion which is dry powder, which is going to be available as that asset class continues to grow. We have ways we can serve that.

我們也有能力擴展到私募信貸。私募信貸這個資產類別目前約為 1.5 兆美元，其中約 1 兆美元可能已在市場上配置到位。另有約 5,000 億美元的乾粉（dry powder），將在該資產類別持續成長的過程中可供投入。我們有方法可以服務這一領域。

So if I look across the entire stack of capital, but let's now look only at the debt and credit side, in the debt and credit side, we have credit ratings. We have private information, private market information. We've got pricing information about bonds and loans and swaps. We also are now covering the issuance with issuance data. We have Wall Street Office, WSO, which is supporting the underlying -- underwriting of loans, et cetera. So we have -- we are covering products, data services, software services across the entire stack of debt and credit.

因此，如果我放眼整個資本結構，但現在只看債務與信貸端，在債務與信貸端，我們有信用評等。我們有私有資訊、私募市場資訊。我們有關於債券、貸款與掉期的定價資訊。我們現在也透過發行數據來覆蓋發行端。我們有 Wall Street Office（WSO），用於支援貸款等的底層——承銷流程，等等。所以我們——在債務與信貸的整個鏈條上，涵蓋了產品、數據服務、軟體服務。

And finally, also in our index business that you asked about, we also have a set of credit products, iTraxx, CDX, et cetera, that are providing information for the markets, and we can use those for Indices. And we're seeing opportunities there not only in the fixed income indices themselves but also extending into ESG fixed income indices as well as multi-asset class indices.

最後，在你問到的指數業務方面，我們也有一系列信貸產品，例如 iTraxx、CDX 等，為市場提供資訊，而我們可以將這些用於指數。我們看到的機會不僅在固定收益指數本身，也延伸到 ESG 固定收益指數以及多資產類別指數。

But let me hand it over to Ewout, who can supplement some of what I just said.

不過讓我把話筒交給 Ewout，他可以補充我剛才所說的一些內容。

Yes. Let me give you a couple of additional data points in addition to what Doug said. If you think about the expenses for the index business, actually this is the only division where the growth initiatives were a little bit higher than the incentive compensation we said. And that's for a good reason. Because as Doug highlighted, there are so many areas of growth initiatives in our index business. Think about fixed income data that we can sell together with the indices itself, multi-asset class, sustainability, factor-based thematics, Kensho and so on and so forth.

好的。除了 Doug 所說的之外，我再給你幾個補充數據點。如果你看指數業務的費用，實際上這是唯一一個部門，其成長計畫投入略高於我們所提到的激勵性薪酬。這是有充分理由的。因為如 Doug 強調的，指數業務有非常多的成長計畫領域。想想我們可以與指數本身一起銷售的固定收益數據、多資產類別、永續、因子主題（factor-based thematics）、Kensho 等等。

But the most important thing here is, as we have told you at our Investor Day, this is going to be a business that we are committed to deliver double-digit growth in '25 and 2026 at a level of margins in the high 60s. So of course, phenomenal outlook for this business given all the growth initiatives. So we think it's the right thing to do to invest into this business line, both in fixed income but also in many of the other categories that I just mentioned. So thanks, Russell.

但這裡最重要的是，正如我們在投資人日所告訴各位的，這將是一項我們承諾在 2025 年與 2026 年實現雙位數成長的業務，且利潤率水準在 60% 後段（high 60s）。因此，鑑於所有成長計畫，這項業務的前景當然非常出色。所以我們認為，投資這條業務線是正確的做法，不僅在固定收益，也包括我剛才提到的許多其他類別。謝謝你，Russell。

Thank you, Russell. And I want to thank everyone for joining the call today and your excellent questions. And I also want to thank Edouard for joining us today.

謝謝你，Russell。我也想感謝今天加入電話會議的每一位，以及你們提出的精彩問題。我也要感謝 Edouard 今天與我們一同參與。

I'm so excited about the progress that we're making at S&P Global and our focus on growth and innovation, which you heard about. I'm thrilled that we're at the forefront of AI and gen AI and that we've got Kensho that's going to help lead us and bring that together. I'm also very excited that we're at the center of what's happening in global markets and in particular, sustainability and energy transition. This is something that's changing every day. And we're having the most important dialogues and building the products and solutions that people need.

我對我們在 S&P Global 取得的進展，以及我們對成長與創新的聚焦感到非常振奮，這些你們也都聽到了。我很高興我們站在 AI 與生成式 AI 的最前沿，而且我們擁有 Kensho，將協助引領我們並把這些整合起來。我也非常興奮，我們正處於全球市場正在發生之事的核心，特別是在永續與能源轉型方面。這些每天都在改變。而我們正在進行最重要的對話，並打造人們所需要的產品與解決方案。

And as always, I want to thank our people. I feel fortunate that this year, I've been able to travel again and I've been meeting with our people in Tokyo, Dubai, London and Denver. And I'm always inspired by their passion and their commitment to S&P Global. And I'm always impressed by their great work.

一如既往，我要感謝我們的同仁。我覺得很幸運，今年我又能再次出差，並與我們在東京、杜拜、倫敦與丹佛的同仁見面。我總是被他們的熱情與對 S&P Global 的投入所鼓舞，也總是對他們出色的工作印象深刻。

So again, thank you, everyone, for joining the call today. And I hope that everybody gets a chance to enjoy the rest of the summer, and have a great day. Thank you so much.

所以再次感謝各位今天加入電話會議。我也希望大家都有機會享受夏天剩下的時光，祝各位有美好的一天。非常感謝。

Thank you. 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 2 hours.

謝謝。本次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。整場電話會議的重播將在 2 小時後提供。

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.

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。