標普全球 (SPGI) 2024 Q2 法說會逐字稿

Good morning, and welcome to S&P Global's second-quarter 2024 earnings conference call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions)

早安，歡迎參加 S&P Global 2024 年第二季財報電話會議。我想提醒各位，本次通話將錄音以供播出。(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 2024 earnings call. Presenting on today's call are Doug Peterson, President and Chief Executive Officer; and Chris Craig, Interim Chief Financial Officer. For the Q&A portion of today's call, we will also be joined by Martina Cheung, President of S&P Global Ratings.

早安，感謝各位參加今天的 S&P Global 2024 年第二季財報電話會議。今天出席簡報的有總裁兼執行長 Doug Peterson，以及代理財務長 Chris Craig。在今天的問答環節，我們也將邀請 S&P Global Ratings 總裁 Martina Cheung 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.

我們今天稍早已發布新聞稿公布本季業績。此外，我們也上傳了補充簡報投影片，提供更多關於業績與財測指引的資訊。如需新聞稿與財務附表或補充投影片，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.

今天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、估計以及對未來事件的描述。任何此類陳述均基於目前預期與當前經濟狀況，並受各項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。

Additional information concerning these risks and uncertainties can be found in our filings with the US Securities and Exchange Commission, including our most recently filed Form 10-K. In today's press 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.

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（SEC）提交的文件，包括最近提交的 Form 10-K。在今天的新聞稿以及本次電話會議中，我們提供非 GAAP 調整後的財務資訊。提供此資訊旨在使投資人能在不同期間之間對公司營運表現進行有意義的比較，並以與管理層相同的視角了解公司業務。

The press release contains financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we're providing, and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures. The financial metrics we'll be discussing today refer to non-GAAP-adjusted metrics unless explicitly noted otherwise.

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；新聞稿與補充投影片亦包含 GAAP 與非 GAAP 指標之間的調節表。除非另有明確說明，今天我們討論的財務指標均指非 GAAP 調整後指標。

I would also like to call your attention to certain European regulations. 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某些歐洲法規。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對投資人及公司可能造成的影響。

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有部分媒體代表與會。然而，本次通話主要面向投資人；我們請媒體的提問改向我們的媒體關係團隊提出，其聯絡資訊可在新聞稿中查詢。

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. S&P Global delivered an incredible first half in 2024 as the second quarter saw accelerated revenue growth, significant margin expansion, and the highest quarterly adjusted EPS in our company's history. Total revenue increased 16%, excluding the divestiture of engineering solutions.

謝謝你，Mark。S&P Global 在 2024 年上半年交出亮眼成績；第二季營收成長加速、利潤率顯著擴張，並創下公司史上最高的單季調整後每股盈餘（adjusted EPS）。總營收成長 16%，不含工程解決方案業務的處分影響。

Transaction revenue in our ratings division continues to drive significant outperformance at more than 60% growth. But revenue from all our subscription products across the company also increased 8% year over year in the second quarter, despite some of the market headwinds that are common across our industry this year.

我們評級事業部的交易型營收持續帶動顯著超預期表現，成長超過 60%。但即便今年產業普遍面臨一些市場逆風，公司各項訂閱型產品的營收在第二季仍年增 8%。

We delivered 450 basis points of margin expansion year over year and 30% growth in EPS as we captured market demand and contained our expense growth. As you saw last month, we also announced our CEO succession plan, which I'll discuss in a moment. We've been cultivating more than just our leaders at S&P Global, and we're pleased with the product innovation coming to the market in the second quarter.

在掌握市場需求並控制費用成長的同時，我們實現年增 450 個基點的利潤率擴張，以及 EPS 成長 30%。如各位上月所見，我們也宣布了執行長接班計畫，我稍後會談到。我們在 S&P Global 培育的不僅是領導人才；我們也對第二季推向市場的產品創新感到振奮。

The June release of Cap IQ Pro included significant enhancements, and we launched new benchmarks and Commodity Insights. We continue to accelerate our deployment of generative AI and launched new capabilities, both at the division and enterprise level.

6 月發布的 Cap IQ Pro 包含多項重大強化功能，我們也在 Commodity Insights 推出新的基準指標。我們持續加速生成式 AI 的部署，並在事業部與企業層級推出新能力。

We also continue to optimize our portfolio of businesses and products with Visible Alpha closing in the second quarter and the recent signing of an agreement to divest Fincentric, which we expect to close in the third quarter. We're excited that we get to cover key developments in each of our five strategic pillars this quarter, beginning with our customers.

我們也持續優化業務與產品組合：Visible Alpha 已於第二季完成交割；近期亦簽署協議處分 Fincentric，預期將於第三季完成交割。本季我們很高興能涵蓋五大策略支柱中各項關鍵進展，首先從客戶談起。

S&P Global rated more than $1 trillion of billed issuance in the second quarter. Growth was diversified across public and private markets as private market participants increasingly turned to S&P Global for expertise in assessing credit risk. Revenue from rating services in the private markets increased more than 70% year over year in the second quarter.

第二季，S&P Global 評級的計費發行量（billed issuance）超過 1 兆美元。成長動能分散於公開與私募市場；私募市場參與者愈來愈多地轉向 S&P Global，借助我們在信用風險評估方面的專業能力。第二季私募市場的評級服務營收年增超過 70%。

We continue to create new products from the combined datasets and solutions of S&P Global and IHS Markit to create incremental value for our customers. In the second quarter, we achieved nearly $200 million of annualized run rate revenue synergies. As Chris will discuss in a moment, this puts us ahead of the pace to achieve the $350 million in revenue synergies we're targeting in 2026.

我們持續運用 S&P Global 與 IHS Markit 合併後的資料集與解決方案，開發新產品，為客戶創造增量價值。第二季，我們達成近 2 億美元的年化 run-rate 營收協同效益。如 Chris 稍後將說明，這使我們達成 2026 年 3.5 億美元營收協同效益目標的進度超前。

It's remarkable that we're able to deliver these strong results despite the well-known market headwinds that continue to impact pockets of our business. Our diverse customer base and broad product portfolio provide for more stable financial performance for the company overall, as headwinds can often be offset by tailwinds. As an example, while renewal rates were slightly lower than last year in market intelligence this quarter, renewal rates were slightly higher than last year in Commodity Insights.

值得注意的是，儘管眾所周知的市場逆風仍持續影響我們部分業務，我們仍能交出如此強勁的成果。我們多元的客戶基礎與廣泛的產品組合，使公司整體財務表現更為穩健，因為逆風往往可由順風所抵銷。例如，本季 Market Intelligence 的續約率較去年略低，但 Commodity Insights 的續約率則較去年略高。

These market dynamics are not unexpected, and the financial impact was largely included in our initial guidance. Despite macroeconomic cyclicality, we continue to find ways to help our customers achieve their goals using our differentiated data and product offerings. This ability to align our product innovation and investment with customer needs was further demonstrated in the second quarter by the acceleration in revenue growth from our private market solutions and our sustainability and energy transition offerings.

這些市場動態並不令人意外，其財務影響在我們最初的財測指引中大致已納入。儘管宏觀經濟具有循環性，我們仍持續運用具差異化的資料與產品，協助客戶達成其目標。第二季，私募市場解決方案以及永續與能源轉型相關產品的營收成長加速，進一步展現我們能將產品創新與投資與客戶需求對齊的能力。

Turning back to billed issuance, it increased 54% year over year in the second quarter. We continue to see tight credit spreads contributing to favorable market conditions. We also saw modest improvement in some of the important macroeconomic indicators, particularly in North America, that have lent strength to the issuance environment.

回到計費發行量，第二季年增 54%。我們持續看到信用利差維持緊縮，促成有利的市場環境。我們也看到部分重要宏觀經濟指標出現溫和改善，尤其在北美，為發行環境提供支撐。

We continue to see particular strength in bank loans and structured finance, along with robust growth in high-yield investment-grade bonds. Refinancing activity was very strong in the quarter as we saw a pull forward of issuance from investment-grade issuers refinancing 2024 maturities, as well as speculative-grade issuers refinancing 2024 and future-year maturities.

我們持續看到銀行貸款與結構性融資特別強勁，同時高收益與投資級債券亦呈現穩健成長。本季再融資活動非常強勁；我們看到投資級發行人為再融資 2024 年到期債務而提前發行，投機級發行人亦為再融資 2024 年及未來年度到期債務而提前發行。

This leaves some uncertainty around the back half as we wait to see how much of the out-year refinancings get pulled into 2024. This continues to inform our view that the second half will be softer than the first half in terms of billed issuance and transaction revenue or ratings business. With the timing and likelihood of any rate cuts in the US market still uncertain, our base case still assumes a modest year-over-year decline in issuance in the fourth quarter.

因此，對於下半年仍存在一些不確定性，因為我們仍在觀察有多少原本屬於未來年度的再融資會被拉到 2024 年進行。這也持續支撐我們的看法：就計費發行量與交易型營收（亦即評級業務）而言，下半年將較上半年疲弱。由於美國市場降息的時點與可能性仍不明朗，我們的基本情境仍假設第四季發行量將出現溫和的年減。

Turning to Vitality, newer enhanced products generated $375 million in the second quarter. This represents 11% of our total revenue and an improvement from the 10% we reported last quarter. Key contributors to our Vitality Index are unchanged from last quarter, as we see strong demand for CARFAX listings and the CARFAX Banking and Insurance Group.

接著談 Vitality，較新的強化型產品在第二季創造 3.75 億美元營收。這占我們總營收的 11%，較上季所報告的 10% 有所提升。Vitality 指數的主要貢獻來源與上季相同；我們持續看到市場對 CARFAX 刊登服務以及 CARFAX 銀行與保險事業群的強勁需求。

We also see strong growth in energy transition and climate products from our Commodity Insights division and sustainable bonds from ratings. As you'll recall from last quarter, key contributors from our pricing valuations and reference data, as well as several thematic and factor-based indices, matured out of the Vitality Index at the end of the year.

我們也看到來自我們商品洞察（Commodity Insights）部門的能源轉型與氣候產品，以及來自評級業務的永續債券，均呈現強勁成長。如同各位從上季所回顧的，來自我們定價估值與參考資料的關鍵貢獻，以及數個主題式與因子型指數，於年底自 Vitality Index 中到期退出。

We're encouraged by the continued acceleration and pace of innovation of S&P Global and look forward to maintaining our Vitality Index at or above the 10% target. As we look to examples of that innovation, a common thread running through many of the products we're bringing to market is our enterprise expertise in generative AI.

我們對 S&P Global 持續加速的創新動能與速度感到振奮，並期待將我們的 Vitality Index 維持在 10% 目標或以上。在檢視這些創新案例時，我們推向市場的許多產品都有一個共同主軸：我們在生成式 AI 方面的企業級專業能力。

In the second quarter, we launched Chat AI on Platts Connect. Launched as a new platform combining Platts Dimensions Pro with IHS Connect, the Platts Connect platform provides access to a truly massive amount of data, research, and insights to power the global commodity markets.

在第二季，我們於 Platts Connect 上推出了 Chat AI。Platts Connect 平台作為結合 Platts Dimensions Pro 與 IHS Connect 的新平台推出，提供對極為龐大的資料、研究與洞見的存取，以驅動全球大宗商品市場。

With the depth and breadth of information in the platform, we knew users would need an intuitive way to navigate and find the information that would be critical to their daily workflows. Chat AI is a powerful customer tool developed through a partnership of Kensho and Commodity Insights that uses generative AI models to provide real-time responses to conversational user queries to help them quickly find the necessary data to make informed, faster decisions.

憑藉平台中資訊的深度與廣度，我們知道使用者需要一種直覺的方式來瀏覽並找到對其日常工作流程至關重要的資訊。Chat AI 是一項強大的客戶工具，由 Kensho 與 Commodity Insights 合作開發，運用生成式 AI 模型，針對使用者的對話式查詢提供即時回應，協助他們快速找到做出更明智、更快速決策所需的資料。

In addition to this AI-powered interface, Commodity Insights continues to bring new benchmark price assessments to market. Our Platts team introduced five daily price assessments for beef and four daily price assessments for poultry, as well as a new report with up-to-date coverage of the proteins market. These continue to broaden and strengthen our position in agriculture commodities.

除了這個 AI 驅動的介面之外，Commodity Insights 也持續將新的基準價格評估推向市場。我們的 Platts 團隊推出了牛肉五項每日價格評估與家禽四項每日價格評估，並發布一份新報告，提供對蛋白質市場的最新覆蓋。這些舉措持續擴大並強化我們在農業大宗商品領域的地位。

We also continue to scale new functionality in our differentiated energy transition offerings. We significantly enhanced our global integrated energy model in the second quarter, which now enables modeling and scenario building for energy demand in over 140 countries using deep data sets going back more than 30 years.

我們也持續擴展在具差異化的能源轉型產品中的新功能。第二季我們大幅強化了全球整合能源模型，現已可運用可追溯逾 30 年的深度資料集，對超過 140 個國家的能源需求進行建模與情境建構。

With our enterprise focus on artificial intelligence, we've continued to develop internal tools, including new functionality in the S&P Spark Assist platform we introduced earlier this year. Approximately 14,000 of our people are using Spark Assist internally after just a few short months. As we shared with you last quarter, this platform is designed to be cost effective, vendor agnostic, highly scalable, and secure by design.

在我們以人工智慧為企業重點的推動下，我們持續開發內部工具，包括今年稍早推出的 S&P Spark Assist 平台中的新功能。在短短幾個月內，約有 14,000 名同仁已在內部使用 Spark Assist。如同我們上季與各位分享的，該平台的設計目標是具成本效益、供應商中立（vendor agnostic）、高度可擴展，且在設計上即具備安全性。

By encouraging collaboration across the enterprise, we're able to quickly iterate on time-saving use cases and share those developments across the company. We're already seeing users leverage S&P Spark Assist to optimize code, rewrite configuration files for software migrations, and summarize complex documents. We've also used it to aggregate and digest feedback and ideas that we receive through our employee engagement surveys in town halls, empowering leadership to more effectively act on what matters the most to our people.

透過鼓勵跨企業協作，我們能快速迭代節省時間的使用案例，並將這些進展在公司內部分享。我們已看到使用者運用 S&P Spark Assist 來最佳化程式碼、為軟體遷移重寫設定檔，以及摘要複雜文件。我們也用它來彙整並消化在員工參與度調查與市政廳（town halls）中收到的回饋與想法，讓領導團隊能更有效地針對對同仁最重要的事項採取行動。

We believe this crowdsourced approach to developing tools shortens the time to discover and develop new applications using gen AI models. Leveraging LLMs from multiple sources allows us to benefit from the rapid innovation taking place across the technology ecosystem without being locked into a single vendor.

我們相信，這種群眾外包（crowdsourced）的工具開發方式，能縮短使用生成式 AI 模型發現並開發新應用的時間。採用多來源的 LLM，讓我們能受益於科技生態系中快速發生的創新，同時避免被單一供應商綁定。

Lastly, the June release of Cap IQ Pro brought powerful enhancements to the platform that we believe will strengthen our competitive position and create meaningful value for our customers. We fully integrated the fixed income data from IHS Markit, which brings data on more than 19 million government, agency, and corporate fixed income securities and makes it readily available through the Cap IQ Pro platform.

最後，6 月發布的 Cap IQ Pro 為平台帶來強大的功能強化，我們相信這將強化我們的競爭地位，並為客戶創造具實質意義的價值。我們已將 IHS Markit 的固定收益資料完整整合，涵蓋超過 1,900 萬檔政府、機構與公司固定收益證券的資料，並可透過 Cap IQ Pro 平台即時取得。

This was a tremendous undertaking made possible through the merger that will benefit our existing customers and help potential customers more easily see the incredible value in Cap IQ Pro. The June release also included a complete reimagining of the charting and visualization capabilities within Cap IQ Pro, deploying the technology and expertise that came to us through the ChartIQ acquisition.

這是一項龐大的工程，得以透過合併而實現，將使我們的既有客戶受益，並協助潛在客戶更容易看見 Cap IQ Pro 的驚人價值。6 月版本也對 Cap IQ Pro 的圖表與視覺化能力進行全面重塑，導入我們透過收購 ChartIQ 所獲得的技術與專業。

Back to the theme of generative AI, we also introduced transcript summarization within Cap IQ Pro. This new tool was built organically and not only provides a quick summary of earnings calls, it also organizes topics and sentiment and empowers the user to immediately click through and find the direct quotes behind the summaries. And it's built on a foundation of Scribe, developed by Kensho four years ago.

回到生成式 AI 的主題，我們也在 Cap IQ Pro 中推出逐字稿摘要功能。這項新工具為內部自研打造，不僅能快速摘要法說會內容，也能整理主題與情緒，並讓使用者可立即點選查看支撐摘要的原始引述。而其底層基礎是 Kensho 於四年前開發的 Scribe。

I want to take a moment to discuss an important acquisition that closed in the second quarter. Visible Alpha is well known and highly respected among both our customers and our investors, and we're excited to see the progress the market intelligence team has already made since closing the deal in May.

我想花點時間談談一項在第二季完成交割的重要收購案。Visible Alpha 在我們的客戶與投資人之間都享有盛名且備受尊敬，我們也很高興看到市場情報團隊自 5 月完成交易以來已取得的進展。

Visible Alpha compiles highly detailed financial models via direct feed from over 200 contributing brokers, with over 6,000 contributing analysts, including most of the analysts joining us on this call. Visible Alpha has the most detailed and comprehensive consensus estimates available anywhere in the world. We frequently hear from customers that they could not do their jobs without it.

Visible Alpha 透過來自 200 多家供稿券商的直接資料串流彙編極為細緻的財務模型，並有超過 6,000 名供稿分析師參與，其中也包括本次電話會議上多數與會的分析師。Visible Alpha 擁有全球任何地方都找不到的、最細緻且最全面的一致預估（consensus estimates）。我們經常聽到客戶表示，沒有它他們就無法完成工作。

S&P Global's position as a trusted partner across the financial markets is opening doors for Visible Alpha in private equity, banking, and consulting, and driving further penetration in asset management and research. Leveraging the strength of S&P Global's relationships, brand, and commercial teams, we've already seen a 5% increase in number of contributing brokers in just the last three months.

S&P Global 作為金融市場值得信賴的合作夥伴之地位，正為 Visible Alpha 在私募股權、銀行與顧問領域打開大門，並推動其在資產管理與研究領域的進一步滲透。憑藉 S&P Global 關係網、品牌與商務團隊的優勢，我們在過去短短三個月內，供稿券商數量已增加 5%。

In addition, we've generated over 150 sales leads and closed 10 deals already. We see numerous opportunities to leverage the Visible Alpha platform in conjunction with the differentiated data sets throughout S&P Global to create unique, deep sector content. We look forward to sharing new developments in the coming quarters.

此外，我們已產生超過 150 個銷售線索，並已完成 10 筆交易。我們看到許多機會，可將 Visible Alpha 平台與 S&P Global 全面且具差異化的資料集結合，打造獨特且深入的產業內容。我們期待在未來幾季分享新的進展。

Now turning to a very exciting announcement we made in the second quarter that fittingly comes under our fourth strategic pillar, lead and inspire, in June, we announced that I will be retiring from my role as President and CEO of S&P Global effective November 1st. Martina Cheung, the President of Ratings and Sponsor of Sustainable 1, will become the 11th CEO of S&P Global since we were listed on the New York Stock Exchange over 90 years ago.

接著談一項我們在第二季做出的、令人振奮的重大宣布，且恰如其分地歸屬於我們第四項策略支柱「領導與啟發」（lead and inspire）：6 月我們宣布，我將自 11 月 1 日起卸任 S&P Global 總裁兼執行長一職並退休。評級業務總裁、同時也是 Sustainable 1 贊助人（Sponsor）的 Martina Cheung，將成為 S&P Global 自 90 多年前在紐約證券交易所上市以來的第 11 任執行長。

We are very pleased to see our succession plan work the way it was designed, with development of strong internal leaders resulting in a unanimous decision from our Board of Directors. I'm focused on delivering strong results over the next few months as I work with Martina on a comprehensive transition plan before she takes over November.

我們非常高興看到接班計畫如設計般運作：透過培養強大的內部領導人才，使董事會做出一致同意的決定。在接下來幾個月，我將專注於交出強勁成果，同時與 Martina 共同推動完整的交接計畫，直到她於 11 月接任。

As you might have seen, I'll stay on the Board until the next shareholders meeting and on as an advisor until the end of 2025. Martina has already joined the Board of Directors and is working hard to get ready for November. We will have more to say on the transition next quarter, but it has been wonderful to see the outpouring of support and appreciation for Martina from customers, employees, and shareholders.

如各位可能已看到的，我將留任董事會至下一次股東會，並以顧問身分任職至 2025 年底。Martina 已加入董事會，並正積極為 11 月做好準備。我們將在下季就交接事宜提供更多說明，但看到客戶、員工與股東對 Martina 的大量支持與肯定，令人欣慰。

Turning to our financial results, with strong growth across every division, we continue to meet increasing market demand while maintaining expense discipline. We saw accelerating revenue growth in the quarter. And on a trailing 12-month basis, we have expanded our operating margin by 300 basis points.

回到我們的財務表現，隨著各事業部門皆呈現強勁成長，我們在維持費用紀律的同時，持續滿足不斷上升的市場需求。本季我們看到營收成長加速。以過去 12 個月（trailing 12-month）計算，我們的營業利益率已擴大 300 個基點。

Now let me turn to Chris Craig, our interim CFO, to review the financial results. Chris, over to you.

接下來我請我們的代理財務長 Chris Craig 來回顧財務結果。Chris，交給你。

Thank you, Doug. We finished the second quarter of 2024 with exceptional performance across the entire company, with three of five divisions achieving double-digit growth in both revenue and operating profit. Reported revenue grew by 14% year over year to a record $3.5 billion in the second quarter. And while parts of our market-driven businesses benefited from the tailwinds Doug highlighted earlier, we are also seeing strong performance across strategic investment areas, which I'll touch on shortly.

謝謝你，Doug。我們以全公司範圍的卓越表現結束 2024 年第二季，五個事業部門中有三個在營收與營業利益皆達到雙位數成長。第二季公告營收年增 14%，達到創紀錄的 35 億美元。此外，儘管我們部分受市場驅動的業務受惠於 Doug 先前提到的順風因素，我們也在策略投資領域看到強勁表現，我稍後也會談到。

Adjusted diluted earnings per share increased 30% year over year to $4.04. This was driven by a combination of our strong revenue growth, margin expansion of 450 basis points, and a 2% reduction in fully diluted share count.

經調整後稀釋每股盈餘較去年同期成長30%，達到4.04美元。這主要由我們強勁的營收成長、450個基點的利潤率擴張，以及完全稀釋後流通股數減少2%等多項因素共同推動。

Now turning to strategic investment areas, where I'm pleased to report we saw growth accelerate across all initiatives, sustainability in the energy transition revenue grew 23% to $87 million in the quarter, driven by strong demand for Commodity Insight's energy transition advisory services and subscription offerings. Our Sustainable 1 team continues to expand the company's sustainability and energy transition offerings, while leveraging cross-divisional industry expertise to provide our customers with broader solutions.

接著談到策略性投資領域，我很高興地報告，我們在所有計畫上的成長皆加速；在能源轉型方面的永續相關營收於本季成長23%至8,700萬美元，主要受惠於Commodity Insight能源轉型顧問服務與訂閱產品的強勁需求。我們的Sustainable 1團隊持續擴展公司的永續與能源轉型產品，同時運用跨事業部的產業專業，為客戶提供更全面的解決方案。

In private market solutions, revenue increased by 26% to $134 million. Growth was driven by debt, bank loan and CLO ratings, and demand for our private market solutions within market intelligence, which includes products like QVAL and iLEVEL.

在私募市場解決方案方面，營收成長26%至1.34億美元。成長動能來自債務、銀行貸款與CLO評級，以及市場情報（Market Intelligence）中對我們私募市場解決方案的需求，其中包含QVAL與iLEVEL等產品。

For revenue synergies, we exited the second quarter with an annualized run rate of $199 million. During the quarter, we recognized $54 million in revenue synergies, which came from a mix of cross-sell activity and revenue generated from new products.

在營收協同效益方面，我們於第二季結束時的年化運行率達1.99億美元。本季我們認列5,400萬美元的營收協同效益，來源包括交叉銷售活動以及新產品帶來的營收。

Turning to our divisions, market intelligence revenue increased 7% in the second quarter. Desktop grew 6% or 2% when excluding the impact from the Visible Alpha acquisition. Growth in the quarter was impacted by the continued softness in the financial services end market that we've highlighted previously. Nevertheless, we're focused on adding value for our customers by improving performance and introducing new content and capabilities, including the recent integration of markets fixed income securities data.

接著看各事業部，市場情報（Market Intelligence）營收在第二季成長7%。Desktop成長6%；若排除Visible Alpha收購案的影響，則成長2%。本季成長受到我們先前提及之金融服務終端市場持續疲弱的影響。儘管如此，我們仍專注於透過提升效能並推出新內容與新功能來為客戶創造價值，包括近期整合的市場固定收益證券資料。

Data and advisory solutions grew 6%, driven by expanded coverage and continued investment in the high-growth areas of our market data and valuations and industry and company data product offerings. Enterprise solutions grew 11% as loan platforms such as ClearPar and our primary markets group were beneficiaries of stronger equity and debt capital market activity in the quarter. For modeling purposes, it's important to note that the enterprise solutions business line includes Fincentric.

資料與顧問解決方案（Data and Advisory Solutions）成長6%，主要受惠於覆蓋範圍擴大，以及我們持續投資於高成長領域，包括市場數據與估值，以及產業與公司資料等產品。企業解決方案（Enterprise Solutions）成長11%，因ClearPar等貸款平台與我們的初級市場團隊在本季較強的股票與債券資本市場活動中受益。就建模而言，需要注意的是，企業解決方案業務線包含Fincentric。

Credit and risk solutions grew 5% due to demand for our RatingsXpress and RatingsDirect distribution platforms in North America and Europe. RatingsDirect is also benefiting from user adoption of Capital IQ Pro. Adjusted expenses increased 6% year over year, primarily driven by an increase in compensation and the impact of the Visible Alpha acquisition, partially offset by reduction in expenses associated with headcount and outside services. Operating profit increased 9% and operating margin increased 60 basis points to 32.9%. Trailing 12-month margins expanded 90 basis points to 33.3%.

信用與風險解決方案（Credit and Risk Solutions）成長5%，主要因北美與歐洲對我們RatingsXpress與RatingsDirect分發平台的需求。RatingsDirect亦受惠於用戶採用Capital IQ Pro。經調整後費用較去年同期增加6%，主要由薪酬增加及Visible Alpha收購案影響所致，部分被人力編制與外部服務相關費用下降所抵銷。營業利益成長9%，營業利益率提升60個基點至32.9%。過去12個月的利潤率擴張90個基點至33.3%。

Now turning to ratings, where we saw exceptional revenue growth of 33%, which exceeded our internal expectations, transaction revenue grew by 63% in the second quarter, fueled by increased bank loan and bond issuance. Non-transaction revenue increased 9%, primarily due to an increase in annual fee revenue and an increase in new mandates, particularly from the return of high-yield issuers.

接著談到評級（Ratings），我們看到33%的卓越營收成長，超出內部預期；第二季交易型營收成長63%，主要受銀行貸款與債券發行增加所帶動。非交易型營收成長9%，主要因年費收入增加以及新增委任案增加，尤其來自高收益發行人回歸。

Adjusted expenses increased 8%, driven by higher compensation, including incentives, as well as investments in strategic initiatives. This resulted in a 52% increase in operating profit and an 810-basis-point increase in operating margin to 65.8%. For the trailing 12 months. Ratings margin expanded 570 basis points to 60.9%.

經調整後費用增加8%，主要由較高的薪酬（含獎勵）以及對策略性計畫的投資所帶動。因此，營業利益增加52%，營業利益率提升810個基點至65.8%。就過去12個月而言。評級業務利潤率擴張570個基點至60.9%。

And now turning to Commodity Insights, revenue increased 12%, driven by strong performance across all business lines with price assessments and energy and resources data and insights both growing double digits. Notably, this marks the fifth consecutive quarter of double-digit growth in our price assessments business.

接著談到Commodity Insights，營收成長12%，主要由各業務線的強勁表現所帶動，其中價格評估以及能源與資源數據與洞察皆呈現雙位數成長。值得注意的是，這是我們價格評估業務連續第五個季度維持雙位數成長。

Price assessments and energy and resources data and insights grew 11% and 12% respectively. Both businesses benefited from strong performance in crude and refined products. In addition, we continue to see favorable commercial conditions across both segments, including strong subscription sales across Middle East, Africa, and Asia.

價格評估以及能源與資源數據與洞察分別成長11%與12%。兩項業務皆受惠於原油與精煉產品的強勁表現。此外，我們持續在兩個分部看到有利的商業環境，包括在中東、非洲與亞洲的訂閱銷售強勁。

Advisory and transactional services had an exceptional quarter, with revenue growing 32% or 27% when excluding the impact from the World Hydrogen Leaders acquisition. This is driven by strong trading volumes across key sectors in global trading services and a pickup in consulting activity, particularly for energy-transition-related initiatives.

顧問與交易型服務表現出色，本季營收成長32%；若排除World Hydrogen Leaders收購案影響，則成長27%。這主要由全球交易服務在關鍵領域的強勁交易量，以及顧問活動回升所帶動，尤其是與能源轉型相關的計畫。

Upstream data and insights revenue grew by 5% year over year, benefiting from meaningful contribution from organic investments, including our upstream energy transition offerings, as well as continued improvement in retention rates. For the full year, we expect low single-digit growth for upstream.

上游數據與洞察營收較去年同期成長5%，受惠於有機投資的顯著貢獻（包括我們的上游能源轉型產品），以及留存率持續改善。就全年而言，我們預期上游業務將呈現低個位數成長。

Adjusted expenses increased 8% due to higher compensation costs, ongoing investments and growth initiatives, and the acquisition of World Hydrogen Leaders. Operating profit for Commodity Insights increased 16%, and operating margin improved by 170 basis points to 47.3%. Trailing 12-month margin increased by 130 basis points to 46.8%.

經調整後費用增加8%，主要因薪酬成本上升、持續投資與成長計畫，以及收購World Hydrogen Leaders。Commodity Insights的營業利益成長16%，營業利益率提升170個基點至47.3%。過去12個月的利潤率提升130個基點至46.8%。

Now turning to mobility, revenue increased 8% year over year or 9% when excluding the impact of the divestiture of the after-sales business. Dealer revenue increased 11% year over year, driven by new business growth in products such as new car listings and continued success in CARFAX. Manufacturing declined modestly by 1%, driven by a decrease in one-time transaction revenue, particularly in our recall business, which can fluctuate based on the level of recall activity in any given period. This was partially offset by another strong quarter of subscription sales.

接著談到Mobility，營收較去年同期成長8%；若排除售後業務剝離的影響，則成長9%。經銷商（Dealer）營收較去年同期成長11%，主要由新車刊登等產品的新業務成長，以及CARFAX持續成功所帶動。製造端（Manufacturing）小幅下滑1%，主要因一次性交易型營收下降，特別是在我們的召回（recall）業務；該業務會隨各期間召回活動水準而波動。上述影響部分被另一個訂閱銷售強勁季度所抵銷。

Financials and other increased 13% as the business line benefited from historically high underwriting volumes. Adjusted expenses increased 7% due to planned investments in strategic growth initiatives, partially offset by a reduction in incentive compensation expense. This resulted in operating profit increasing by 10% for the quarter and operating margin improving by 60 basis points to 40.9%. Trailing 12-month margin contracted by 10 basis points to 38.8%.

Financials and other成長13%，因該業務線受惠於歷史高檔的承銷量。經調整後費用增加7%，主要因對策略性成長計畫的既定投資，部分被獎勵性薪酬費用下降所抵銷。因此，本季營業利益成長10%，營業利益率提升60個基點至40.9%。過去12個月的利潤率收縮10個基點至38.8%。

Now turning to S&P Dow Jones Indices, revenue increased 12%, primarily due to strong growth in asset-linked fees, which benefited from higher AUM and growth in our data and custom subscriptions offerings. Asset-linked fees were up 16%, driven by market appreciation and inflows. Impressively, the global ETF market saw record inflows in excess of $300 billion on a trailing 12-month basis, highlighting the continued shift to passive investing and opportunities for future growth.

接著談到S&P Dow Jones Indices，營收成長12%，主要因資產連結費用（asset-linked fees）強勁成長，受惠於較高的AUM以及我們數據與客製化訂閱產品的成長。資產連結費用成長16%，主要由市場上漲與資金流入所帶動。值得稱道的是，全球ETF市場在過去12個月的累計淨流入創下超過3,000億美元的紀錄，凸顯持續轉向被動投資的趨勢，以及未來成長機會。

Exchange-traded derivatives revenue grew 4%, primarily driven by strong volumes across our equity complex products. Data in custom subscriptions increased 6% year over year, driven by new business growth in end-of-day contracts and real-time data.

交易所交易衍生品營收成長4%，主要由我們股票相關複合產品的強勁交易量所帶動。數據與客製化訂閱較去年同期成長6%，主要由收盤（end-of-day）合約與即時數據的新業務成長所驅動。

Expenses increased 4% year over year, driven by investments in strategic growth initiatives and an increase in incentive compensation expense. Indices operating profit increased 15%. And impressively, operating margin expanded by 210 basis points to 70.7%. On a trailing 12-month basis, Indices operating margin expanded by 150 basis points to 69.8%.

費用較去年同期增加4%，主要由策略性成長計畫投資以及獎勵性薪酬費用增加所帶動。指數（Indices）營業利益成長15%。同時，營業利益率擴張210個基點至70.7%，表現亮眼。以過去12個月計，指數業務營業利益率擴張150個基點至69.8%。

Looking at the quarter holistically, we saw broad strength across the business. Market factors like issuance volumes and asset price appreciation contributed to strong growth in our market-driven businesses. And our subscription business lines benefited from the continued investment in our differentiated data, content, and workflow capabilities. We are pleased with the profitable growth delivered by the combination of strong customer demand and disciplined execution in the quarter.

從整體季度來看，我們在各項業務上都展現廣泛的強勁表現。發行量與資產價格上漲等市場因素，帶動我們市場驅動型業務的強勁成長。而我們的訂閱型業務線則受惠於持續投資於具差異化的數據、內容與工作流程能力。我們對本季在強勁客戶需求與嚴謹執行相結合下所交付的獲利性成長感到滿意。

And with that, I will now turn it back to Doug to discuss our outlook for the second half of the year. Doug?

說到這裡，我現在把時間交還給 Doug，請他談談我們對今年下半年的展望。Doug？

Thank you, Chris. Our financial guidance assumes global GDP growth of 3.3%, US inflation of 3%, and an average price for Brent crude of $84 per barrel. We continue to see fluctuations in the market expectations for rate cuts, though our base case still assumes there will be one rate cut in the US in the second half of 2024. While the macroeconomic indicators that help inform our guidance are very similar to last quarter, we're significantly raising our financial outlook for the full year.

謝謝你，Chris。我們的財務指引假設全球 GDP 成長 3.3%、美國通膨 3%，以及布蘭特原油平均價格為每桶 84 美元。我們持續看到市場對降息預期出現波動，不過我們的基本情境仍假設 2024 年下半年美國將降息一次。雖然用以支撐我們指引的總體經濟指標與上季非常相近，但我們正大幅上調全年財務展望。

We're increasing our billed issuance forecast for 2024 by nearly 20 percentage points. Given the dramatic increase in issuance in the first half, we now expect growth in billed issuance to be approximately 25% compared to our prior range of 6% to 10%.

我們將 2024 年計費發行量（billed issuance）預測上調近 20 個百分點。鑑於上半年發行量大幅增加，我們現在預期計費發行量成長約 25%，相較於先前 6% 至 10% 的區間。

In our most recent study of debt financing, we examined the volume of debt set to mature over the next several years. We're presenting this data in a slightly different way than we have in the past in the hopes it's more easily interpreted by analysts and investors. Here, we compare the amount of S&P Global-rated debt set to mature over the next six months, 18 months, and so on, out more than seven years as of July 1 in each of the last three years.

在我們最近一項關於債務融資的研究中，我們檢視了未來數年將到期的債務規模。我們以與過去略有不同的方式呈現這些資料，希望分析師與投資人更容易解讀。在此，我們比較過去三年中各年 7 月 1 日時點，S&P Global 評級之債務在未來 6 個月、18 個月等，直至超過 7 年期間內將到期的金額。

As you can see, there is very little debt set to mature over the second half of 2024, though this is consistent with what we've seen in prior years. On a cumulative basis, the maturity walls coming over the next several years gives us confidence in the long-term strength of our business. Though the timing of that refinancing activity remains difficult to predict on a quarter-by-quarter basis.

如各位所見，2024 年下半年到期的債務非常少，不過這與我們在過去幾年看到的情況一致。從累計角度來看，未來數年的到期高峰（maturity walls）讓我們對公司業務的長期韌性更有信心。不過，那些再融資活動的時點仍難以按季度精準預測。

All of these factors impact our new full-year guidance calling for higher growth, stronger margins, and substantial generation of free cash. This slide illustrates our current guidance for GAAP results. We're once again raising our enterprise outlook for the full year on all headline metrics given the strength of the second quarter and our improved outlook for the second half.

所有這些因素都影響了我們新的全年指引：更高的成長、更強的利潤率，以及可觀的自由現金流產生。本頁投影片展示我們目前對 GAAP 結果的指引。鑑於第二季表現強勁以及我們對下半年展望改善，我們再次在所有主要指標上上調全年企業層面的展望。

We now expect revenue growth in the range of 8% to 10%, adjusted operating margin expansion of 125 to 175 basis points, and adjusted diluted EPS in the range of $14.35 to $14.60, representing a $0.50 increase from our prior guidance. Additional details on our consolidated financial guidance can be found on our press release, but I also wanted to note that we have increased our guidance for adjusted free cash flow to approximately $4.7 billion, up $200 million from our prior guidance, and reflecting the strong results year to date.

我們現在預期營收成長介於 8% 至 10%，調整後營業利潤率擴張 125 至 175 個基點，調整後稀釋每股盈餘（EPS）介於 14.35 至 14.60 美元，較先前指引上調 0.50 美元。關於合併財務指引的更多細節可見於我們的新聞稿；另外我也想指出，我們已將調整後自由現金流指引上調至約 47 億美元，較先前指引增加 2 億美元，反映年初至今的強勁表現。

Moving to our division outlook, our revenue guidance for market intelligence is unchanged, and we continue to expect revenue growth in the range of 6% to 7.5%. This guidance reflects the contribution from Visible Alpha, which closed in May, largely offset by the loss of revenue following the divestiture of Fincentric later this quarter.

接著看各事業部展望，我們對市場情報（Market Intelligence）的營收指引維持不變，仍預期營收成長介於 6% 至 7.5%。此指引反映 5 月完成交割的 Visible Alpha 貢獻，但在很大程度上被本季稍晚出售 Fincentric 後的營收流失所抵銷。

Importantly for models, Visible Alpha is reported in the desktop business line for market intelligence, which should accelerate on a reported basis in the second half, while Fincentric is reported in the enterprise solutions business, which should see a corresponding deceleration in the second half following the divestiture, particularly in the fourth quarter. We're raising our outlook for ratings business substantially following the second-quarter performance.

對模型而言很重要的是，Visible Alpha 會在市場情報的桌面端（desktop）業務線中列報，因此下半年在報表口徑下應會加速；而 Fincentric 則在企業解決方案（enterprise solutions）業務中列報，出售後下半年將出現相對應的放緩，尤其在第四季。在第二季表現之後，我們大幅上調對評級（Ratings）業務的展望。

We still expect the second half to be softer than the first, reflecting normal seasonality, but exacerbated by the level of pull forward that we believe took place thus far this year. For the second half, the favorable market conditions have improved visibility and formed a slightly more optimistic view around the third quarter and a modest year-over-year decline in both billed issuance and ratings transaction revenue in the fourth quarter.

我們仍預期下半年會比上半年疲弱一些，反映正常季節性，但也因我們認為今年迄今出現一定程度的提前拉貨（pull forward）而加劇。就下半年而言，有利的市場環境提升了能見度，使我們對第三季形成略為樂觀的看法；而第四季計費發行量與評級交易收入（ratings transaction revenue）則預期將出現溫和的年對年下滑。

Our revenue guidance for Commodity Insights is unchanged. We're slightly lowering and tightening the guidance range for mobility revenue growth. As we noted last quarter and this morning, the recall business has been abnormally soft year to date, and we expect that softness to continue in the second half.

我們對 Commodity Insights 的營收指引維持不變。我們將移動出行（mobility）營收成長指引區間略為下調並收斂。如同我們上季以及今天早上所提到的，召回（recall）業務今年迄今異常疲弱，我們預期這種疲弱將延續到下半年。

The recall business is non-recurring and difficult to predict, but the lowered outlook means that the remainder of the revenue is more predictable, recurring subscription, which gives us confidence in the tighter range of 8% to 9% revenue growth compared to the prior range of 8.5% to 10%.

召回業務屬於非經常性且難以預測，但下調展望意味著其餘營收將更偏向可預測、經常性的訂閱收入，這讓我們對將營收成長區間收斂至 8% 至 9% 更有信心，相較於先前 8.5% 至 10% 的區間。

We've also seen significant outperformance in our indices division in the first half, and we're raising our guidance again. We now expect revenue growth in the range of 10% to 12%, up from 9% to 11%. Importantly, this guidance assumes market levels are essentially flat from levels at the end of June.

我們也看到指數（Indices）事業部在上半年顯著超預期，因此再次上調指引。我們現在預期營收成長介於 10% 至 12%，高於先前的 9% 至 11%。重要的是，此指引假設市場水準基本上與 6 月底的水準持平。

Turning to our margin outlook, for market intelligence, while the revenue impacts from Visible Alpha and fin-centric are largely offsetting, the net impact is expected to be modestly dilutive to margins in 2024. As such, we're lowering the margin guidance for market intelligence to a range of 33% to 34%.

接著談利潤率展望：就市場情報而言，Visible Alpha 與 Fincentric 的營收影響大致互相抵銷，但淨影響預期在 2024 年對利潤率略具稀釋效果。因此，我們將市場情報的利潤率指引下調至 33% 至 34% 的區間。

For ratings, we're raising the margin guidance by 100 basis points to reflect the strong revenue outperformance, partially offset by higher expected incentive compensation expense. Commodity Insights margin guidance is unchanged.

就評級業務而言，我們將利潤率指引上調 100 個基點，以反映營收顯著超預期，但部分被較高的預期激勵薪酬費用所抵銷。Commodity Insights 的利潤率指引維持不變。

For mobility, given our expectations for softer revenue from the recall business, we now expect margins in the division to be slightly lower in the range of 38.5% to 39.5%, down 50 basis points from prior guidance. Our margin expectations for indices are unchanged despite the higher expected revenue growth as we plan to continue investing to position the business for growth through 2024 and beyond.

就 mobility 而言，鑑於我們預期召回業務營收較疲弱，我們現在預期該事業部利潤率將略低，介於 38.5% 至 39.5%，較先前指引下調 50 個基點。儘管預期營收成長更高，我們對指數事業部的利潤率預期維持不變，因為我們計畫持續投資，以在 2024 年及其後為業務成長做好布局。

With that, I'd like to invite Martina Cheung, President of S&P Global Ratings and Executive Lead for Sustainable 1, to join us. I'll turn the call back over to Mark for your questions. Mark?

接下來，我想邀請 S&P Global Ratings 總裁暨 Sustainable 1 執行負責人 Martina Cheung 加入我們。我將把電話會議交回給 Mark 進行提問。Mark？

(Event Instructions) Operator, we will now take the first question.

（活動說明）接線員，我們現在開始第一個問題。

Ashish Sabadra, RBC Capital Markets.

RBC Capital Markets 的 Ashish Sabadra。

Thanks for taking my question. Congrats to both Doug and Martina. I just wanted to kick off with MI. As we think about -- I was wondering if you could talk about the pipeline there. Also, if you could talk about what you're seeing on the sales cycle trend and how do we think about the desktop business going forward? Obviously, we see the acceleration from Visible Alpha, but just underlying growth in that business with getting all the info data there. Thanks.

謝謝讓我提問。恭喜 Doug 和 Martina。我想先從 MI 開始。在我們思考——我想請你談談那邊的銷售管線（pipeline）。另外，也請談談你們看到的銷售週期趨勢，以及我們該如何看待未來的桌面端（desktop）業務？顯然我們看到 Visible Alpha 帶來的加速，但就該業務本身、在把所有資訊與數據整合進去之後的內生成長而言，你們怎麼看？謝謝。

Thank you, Ashish. This is Doug. First of all, thank you for the question. And let me start by mentioning that the softness that we saw was something that we expected. As you know, there were over 60,000 seats that were eliminated from banks and investment banks since the COVID cycle. We saw softness as the interest rates had gone up. They spiked in 2022 with underlying inflation.

謝謝你，Ashish。我是 Doug。首先，謝謝你的問題。我先提到，我們看到的疲弱其實是我們預期之內。如你所知，自 COVID 週期以來，銀行與投資銀行已裁減超過 60,000 個席位（seats）。隨著利率上升，我們確實看到需求轉弱。在 2022 年，伴隨基礎通膨，利率大幅飆升。

We do see some of that business starting to come back. You saw very strong debt capital markets, equity capital markets. Some of the investment banks signaled that there was going to be a return of M&A. But we do see that within the large banks, so basically the sell side, that there is some talk about vendor consolidation. There's a slowdown in the negotiation of contracts.

我們確實看到部分業務開始回流。你也看到債務資本市場、股權資本市場非常強勁。一些投資銀行也釋出訊號，表示併購（M&A）將回溫。但我們也看到在大型銀行，也就是賣方（sell side）內部，出現一些供應商整併（vendor consolidation）的討論。合約談判的進度也放緩。

So let me talk about a few of the ways we think about it. First of all, as you know, we have enterprise contracts. The enterprise contracts are not negotiated by seat. They're not negotiated every single year. We see that we have a strong opportunity to bring more and more data to the discussion as people look at vendor consolidation. As we enhance our technology, we improve all of our different products and services that we have. You heard us talk about what we've been doing with the desktop by enhancing it with new services and new products.

那我來談談我們思考這件事的幾種方式。首先，如各位所知，我們有企業合約。企業合約不是以席位（seat）來談判的。也不是每一年都逐一重新談判。我們看到，當客戶在考量供應商整併時，我們有很強的機會把越來越多的數據帶入討論。隨著我們強化技術，我們也在提升我們所擁有的各種產品與服務。各位也聽到我們談到，我們如何透過新增服務與新產品來強化桌面端（desktop）。

But with that, let me turn very quickly to a couple of the products themselves. As you know, the desktop was enhanced with Visible Alpha. Visible Alpha is a must-have product and service. As I said in the prepared remarks, probably everybody on this call is using it. We've seen a great increase in people coming to the product. When we closed the deal, we had 180 contributing brokers. Now we have over 200.

不過在此之下，讓我很快轉到幾個產品本身。如各位所知，桌面端已整合並強化了 Visible Alpha。Visible Alpha 是必備的產品與服務。正如我在事先準備的發言中所說，這通電話上的人可能幾乎都在使用它。我們看到使用該產品的人數大幅增加。在我們完成交易時，我們有 180 家提供貢獻的券商。現在已超過 200 家。

We also saw that with the new release of the desktop really good results from the new visualization tools that we added. Let me mention one of the other subsegments on enterprise solutions, which grew at 11%. That also was very much driven by what we saw happening with the capital markets improving. So we see, as you know, many different aspects to market intelligence. The last thing I want to mention is we did reiterate our guidance, which is in line with what we said earlier this year. Thanks for the question.

我們也看到，隨著桌面端的新版本推出，我們新增的新視覺化工具帶來了非常好的成果。我再提一下企業解決方案中的另一個子分項，成長了 11%。這也在很大程度上受益於我們看到資本市場改善所帶動的動能。因此，如各位所知，我們在市場情報（market intelligence）上看到許多不同面向。最後我想提的是，我們也重申了我們的指引，與今年稍早所說的一致。謝謝你的提問。

Manav Patnaik, Barclays.

Manav Patnaik，巴克萊。

Thank you. If I could just follow up on that in market intelligence. Firstly, could you help us with the annualized contribution, both from Visible Alpha and I guess what's lost from Fincentric? And just along those lines, what we should anticipate in terms of your continued participation in this vendor consolidation? and are there other things like Fincentric that could be cleaned up there as well?

謝謝。如果我可以就市場情報再追問一下。首先，你們能否協助我們了解 Visible Alpha 的年化貢獻，以及我想 Fincentric 流失的部分各是多少？另外，沿著這個脈絡，我們應該如何預期你們在這波供應商整併中的持續參與？以及是否還有其他像 Fincentric 這樣也可能被清理／剝離的項目？

Yes, let me start with what we believe is really important for us is our capital allocation model. As you know, we believe that it's really important to continually be looking at our portfolio to ensure that everything that's in part of S&P Global contributes to the whole, that helps the enterprise be stronger, that we see opportunities for some sort of consolidation either through technology, through sales cycles, through product research, et cetera.

好的，我先從我們認為對我們非常重要的資本配置模型談起。如各位所知，我們認為持續檢視我們的投資組合非常重要，以確保 S&P Global 組合中的每一項都能對整體做出貢獻、讓企業更強健，並且讓我們看到透過技術、銷售週期、產品研發等方式進行某種整併的機會。

So we believe that this was -- both of these transactions, Visible Alpha coming in and Fincentric going out, were both really valuable for overall for S&P Global. Now when you think about the modeling that I mentioned on the prepared remarks, Visible Alpha roughly adds about 1% of growth. And Fincentric basically takes out about 1% of growth.

因此我們認為，這兩筆交易——引進 Visible Alpha 與出售 Fincentric——對 S&P Global 整體而言都非常有價值。另外，回到我在事先準備的發言中提到的模型假設，Visible Alpha 約莫增加約 1 個百分點的成長。而 Fincentric 基本上則減少約 1 個百分點的成長。

As I mentioned also, they're in different segments. The Visible Alpha is in the desktop segment, and the Fincentric is in the enterprise solution segment. So you're going to see slightly different growth rates in each of those based on the Visible Alpha coming in and Fincentric going out.

我也提到過，它們屬於不同的分部。Visible Alpha 在桌面端分部，而 Fincentric 在企業解決方案分部。因此，基於 Visible Alpha 的納入與 Fincentric 的退出，你會在各分部看到略有不同的成長率。

To the second part of your question about vendor consolidation or discussions with the different organizations, we bring incredible strength because of the data and the analytics we have across the entire platform. Not only do we have the traditional market intelligence and financial services, desktop, and other solutions, we also have information, for example, which we've been investing in private credit, private markets.

至於你問題的第二部分，關於供應商整併或與不同機構的討論，我們因為在整個平台上擁有的數據與分析能力而具備極強的優勢。我們不僅有傳統的市場情報與金融服務、桌面端及其他解決方案，我們也有資訊服務，例如我們一直在投資的私募信貸、私募市場等領域。

We have a really strong sustainability platform, which is becoming more and more important. So we can bring data services, data sets from across S&P Global, make it very relevant to any discussion we're having as people look at consolidating their data relationships. Mark is going to add to this.

我們也有非常強的永續平台，而這正變得越來越重要。因此，當客戶在整併其數據合作關係時，我們可以把來自 S&P Global 各處的數據服務與資料集帶入，讓其與我們正在進行的任何討論高度相關。Mark 會補充說明。

Yes. Hey, Manav, just to make sure we're really clear here, the percentage points' impact that we're talking about were to market intelligence, revenue growth, not to the company as a whole. Thanks.

是的。嗨，Manav，為了確保我們講得非常清楚，我們所談的百分點影響，是針對市場情報（Market Intelligence）的營收成長，而不是針對整個公司。謝謝。

George Tong, Goldman Sachs.

George Tong，高盛。

Hi, thanks. Good morning. You raised your billed issuance outlook from 6% to 10% to about 25% for the full year. In terms of issuance category, where did your outlook for the year change the most for billed issuance and what were the drivers?

嗨，謝謝。早安。你們把全年計費發行量（billed issuance）的展望從 6% 到 10% 上調到約 25%。就發行類別而言，你們對全年計費發行量的展望在哪些類別的變化最大？驅動因素是什麼？

Hi, George. It's Martina. Thanks so much for the question. I would say we saw growth in the billed issuance outlook for the full year across all categories, but I would say accelerated growth in high yield and bank loan ratings. We did see very strong issuance in the first half in investment grade, but that was characterized more by an acceleration in Q1, slightly tapering off in Q2.

嗨，George。我是 Martina。非常感謝你的提問。我會說，我們看到全年計費發行量展望在所有類別都有所成長，但我會說高收益與銀行貸款評級（bank loan ratings）的成長加速更為明顯。我們確實在上半年看到投資級發行非常強勁，但其特徵更像是第一季加速、第二季略為趨緩。

A lot of that refinancing activity in investment grade was done last year and in Q1, so a bit of a taper off there overall. Some more modest expectations for investment grade for the full year. High yield of BLR, very strong growth. I would say maybe a couple of sub-asset classes to highlight. CLOs is expected to have a very strong year from an issuance standpoint, for example, and a number of other sub-asset classes in structured finance that are seeing quite a bit of growth, for example, the data center securitizations. Hope that helps. Thanks for the question.

投資級的許多再融資活動在去年以及第一季已完成，因此整體上有些趨緩。因此我們對全年投資級的預期相對較為溫和。高收益與 BLR 的成長非常強勁。我想也許可以點出幾個子資產類別。例如，就發行面而言，CLO 預期今年會非常強勁；另外在結構性融資中也有多個子資產類別出現相當可觀的成長，例如資料中心證券化。希望這有幫助。謝謝你的提問。

Thanks, George.

謝謝，George。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes. Hi, good morning. I wanted to ask about the index business and what you're seeing there specifically with data and subscriptions. I know at one point we had talked about growth accelerating here, so just curious on what type of trends you're seeing generally in the index business and on the subscription side.

是的。嗨，早安。我想問指數業務，以及你們在數據與訂閱方面具體看到的情況。我知道之前我們曾談到這裡的成長正在加速，所以想了解你們在指數業務整體以及訂閱端看到的趨勢是什麼。

Yes, so let me start with what we're seeing thematically. As you know and as Chris mentioned in the prepared remarks, we've seen massive flows from active to passive. That continues to be a trend. And within that space, a lot of the flows go to US equities. And within US equities, S&P Dow Jones Indices picks up the bulk of that. So you've seen that coming through last quarter in terms of volume.

好的，那我先從主題面談我們看到的情況。如各位所知，也如 Chris 在事先準備的發言中提到，我們看到資金大量從主動式轉向被動式。這仍然是一個趨勢。而在這個領域中，許多資金流向美國股票。在美國股票之中，S&P Dow Jones Indices 承接了其中大部分。因此你在上個季度就看到這在交易量方面的反映。

There was also some increase in the value, the AUM value, so we benefited from that with the 16% growth in the asset-linked fees. As you know, some of those fees are going to be seen on a lagged basis, so we expect that we built into our guidance the expectation that the market was going to remain flat for the rest of the year, but we would see some increase as those average flows continue to come through the rest of the year.

資產管理規模（AUM）價值也有所上升，因此我們受益於此，資產連結費用（asset-linked fees）成長了 16%。如各位所知，其中部分費用會以落後（lagged）的方式反映，因此我們在指引中納入的假設是：今年剩餘時間市場維持持平，但隨著平均資金流在今年其餘時間持續反映，我們會看到一些增長。

In terms of themes, we continue to see a lot of interest in different types of asset classes. So within even the asset class of the S&P 500, large cap US, we've had new partnerships with some large asset managers with new types of S&P 500 funds, the S&P 500 quality, the S&P 500 economic ETF.

就主題而言，我們持續看到市場對不同類型資產類別有很高的興趣。因此，即便是在 S&P 500 這個資產類別（美國大型股）之內，我們也與一些大型資產管理公司建立了新的合作夥伴關係，推出新類型的 S&P 500 基金，例如 S&P 500 品質（quality）、S&P 500 經濟 ETF。

We also see a lot of innovation around fixed income and credit through the CBOE iBoxx emerging market bond index. We've also seen some really interesting new products coming out that bring in mid-cap using our indices, the Vanguard S&P Global 1200 ADR.

我們也透過 CBOE iBoxx 新興市場債券指數，在固定收益與信用領域看到大量創新。我們也看到一些非常有趣的新產品推出，使用我們的指數納入中型股，例如 Vanguard S&P Global 1200 ADR。

So across the board, we're seeing a lot of new interest asset classes. Another one which we want to mention very briefly relates to the private markets and private credit. This is an area where we have a lead. We already have strong positions in private credit indices, and we'll be building that out much more as we take advantage of this asset class, which has a lot of interest in the markets. Thanks, Faiza.

因此整體而言，我們看到對許多新的資產類別出現濃厚興趣。另外一個我們想非常簡短提到的是私募市場與私募信貸。這是我們具備領先優勢的領域。我們在私募信貸指數方面已經有很強的布局，並且會在把握這個在市場上備受關注的資產類別之際，進一步大幅擴展。謝謝你，Faiza。

Heather Balsky, Bank of America.

Heather Balsky，美國銀行。

Hi, thank you very much. I was going to ask about investment spend, especially given the success you're seeing in terms of your strategic investment. How are you thinking about the pace of spending going forward, especially as issuance continues to recover? Any changes in philosophy there?

嗨，非常感謝。我想問的是投資支出，特別是考量到你們在策略性投資方面看到的成功。你們如何看待未來支出節奏，尤其是在發行活動持續復甦之際？在理念上有任何改變嗎？

Heather, let me take that. As you know, we always believe that it's important for us to have investment in new products, new areas, new services. You saw the benefit of many of those this quarter. Our Vitality Index, which is revenue that we start the beginning of the year with at about a 10% approach to what we want to see for the percentage of our revenue, that grew this quarter to 11%. That's a very important indicator for us to see growth in the innovation, the investments we're making.

Heather，我來回答。如你所知，我們一直認為投資於新產品、新領域、新服務對我們很重要。你在本季看到了其中許多投資帶來的效益。我們的 Vitality Index（活力指數）衡量的是我們在年初既有收入中，約以 10% 作為我們希望看到的收入占比目標；本季成長到 11%。這對我們而言是非常重要的指標，用來觀察創新成長以及我們正在進行的投資。

As you know, we've been investing in a couple of key areas. Private markets is one. Another relates to sustainability and energy transition. Artificial intelligence is one, and there's many other subcategories that are important for us.

如你所知，我們一直在幾個關鍵領域投資。私募市場是一個。另一個與永續發展與能源轉型相關。人工智慧也是一個，此外還有許多對我們很重要的子類別。

We know that the ability to continue to have loyal customers, the ability for us to generate positive pricing is always going to be based on the value that we bring to our markets, the value we bring to our customers. So you're going to see us continue to set aside capital to invest. And fortunately, we've been very successful the last few years. That doesn't mean that we are successful with everything we do, but we're very pleased with the track record we have. Thanks so much for the question, Heather.

我們知道，能夠持續擁有忠誠客戶、以及我們能夠實現正向定價的能力，永遠都建立在我們為市場帶來的價值、以及我們為客戶帶來的價值之上。因此你會看到我們持續預留資本用於投資。而且幸運的是，過去幾年我們非常成功。這不代表我們做的每一件事都成功，但我們對自身的成績紀錄感到非常滿意。非常感謝你的提問，Heather。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

Thanks so much. I wanted to ask about AI. You had a very early head start when you bought Kensho, but maybe just talk about how you're viewing the competitive position now. Have competitors closed the gap by working with Microsoft, and also maybe just talk about your opportunity to use your proprietary data within new AI products. Thanks.

非常感謝。我想問關於 AI。你們在收購 Kensho 時很早就取得先發優勢，但能否談談你們現在如何看待競爭地位？競爭對手是否透過與 Microsoft 合作而縮小差距？另外也請談談你們在新 AI 產品中運用自有專有資料的機會。謝謝。

Thanks, Toni, for that. I'm going to start and then hand it over to Martina, who can give some practical applications. As you know, when we first bought Kensho six years ago, we had a vision that artificial intelligence tools were going to be used by people like us on this call to enhance our decision making, to allow us to make decisions faster with more data. And we're seeing that play out, especially now that artificial intelligence has moved into generative AI.

謝謝你，Toni。我先說明，接著交給 Martina，她可以分享一些實務應用。如你所知，六年前我們首次收購 Kensho 時，我們的願景是：像我們今天這通電話上的人，會使用人工智慧工具來強化決策，讓我們能以更多資料更快做出決定。我們正看到這個願景逐步實現，尤其是現在人工智慧已經進入生成式 AI 的階段。

As you know, we have in place a system of governance where we have a Chief AI Officer for the company. We have an AI council. We have a system towards ensuring that we have the right kind of training across the entire company. We have an accelerator if we see a really good opportunity that we want to move fast on.

如你所知，我們已建立一套治理架構，公司設有首席 AI 官（Chief AI Officer）。我們有 AI 委員會。我們也有一套機制，確保全公司都能接受適當的訓練。如果我們看到非常好的機會並希望快速推進，我們也有加速器機制。

But really, at the foundation of everything is an open architecture model. We've built something called S&P Spark Assist, which is now used by over 14,000 users. S&P Spark Assist allows us to bring our models into our model garden and use it as a co-pilot. It means that we can be agnostic toward which model is best. We think that it's bringing us all kinds of new opportunities.

但真正作為一切基礎的是開放式架構模型。我們打造了一個名為 S&P Spark Assist 的工具，目前已有超過 14,000 名使用者。S&P Spark Assist 讓我們能把模型帶入我們的「模型花園」並作為副駕（co-pilot）使用。這表示我們可以對哪一個模型最好保持中立、不預設立場。我們認為這為我們帶來各式各樣的新機會。

You saw this quarter we announced the launch of Chat AI on Platts Connect. This is a really good product. I actually used myself this quarter the transcript summaries on Cap IQ Pro. Those are really valuable, but I think Martina can add some to this with applications that she's seeing on the ground in ratings.

你在本季也看到我們宣布在 Platts Connect 上推出 Chat AI。這是一個非常好的產品。我本季也親自使用了 Cap IQ Pro 上的逐字稿摘要功能。那些非常有價值，但我想 Martina 可以補充一些她在評級業務第一線看到的應用。

Yes, great. Thanks, Doug. Thanks for the question. I would say in ratings that we've had, like most other organizations, dozens of pilots underway. We're very excited overall about the potential for gen AI to improve quality, to create efficiency and time to market for our core ratings business.

好的，很棒。謝謝你，Doug。謝謝你的提問。我會說，在評級業務方面，我們和大多數其他組織一樣，同時進行了數十個試點專案。整體而言，我們對生成式 AI 改善品質、提升效率，以及縮短我們核心評級業務的上市時間（time to market）的潛力感到非常興奮。

And one example I thought would be interesting is what you've mentioned in the past that we had focused in on a tool to help our CLO credit analysts with making sense of very complex CLO documentation. And that proved to be fortuitous given the very, very busy year that we've seen so far in CLOs.

其中一個我覺得有趣的例子，是你過去提到我們聚焦的一項工具：協助我們的 CLO 信用分析師理解非常複雜的 CLO 文件。而鑑於我們今年迄今在 CLO 方面看到非常、非常繁忙的一年，這項投入也證明相當及時。

And we're excited about this tool, which we're deploying out into production for our analysts over the second half of the year and its ability to help save time for the analysts so they can focus in on the important jobs of getting the ratings done.

我們對這個工具感到很興奮；我們將在今年下半年把它部署到正式生產環境供分析師使用，它能幫助分析師節省時間，讓他們能專注於完成評級這項重要工作。

Just a minor point for us, more major point for market intelligence, but as a rating agency with a very large pool of credit analysts using RatingsDirect on Cap IQ Pro, we're super excited about the work that market intelligence is doing to build out a gen AI interface on RatingsDirect and Cap IQ Pro, and we've been helping them do that as well. Thanks for the question.

對我們而言這只是個小重點，但對市場情報（Market Intelligence）而言是更大的重點：作為一家評級機構，我們有非常龐大的信用分析師群體在 Cap IQ Pro 上使用 RatingsDirect；我們對市場情報團隊正在建置 RatingsDirect 與 Cap IQ Pro 的生成式 AI 介面感到非常振奮，我們也一直在協助他們推進這項工作。謝謝你的提問。

Thanks, Toni.

謝謝你，Toni。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Yes. Hey, good morning, everyone. Just wanted to come back to market intelligence and the performance there. And I'm particularly interested in the cyclical upside and downside. We obviously all realized that since market came in, the business is a little bit more cyclical. And when I look at this quarter, non-subscription and recurring variable, both up double digits or more than double digits. So it seems like the cyclical side is helping you a little bit already.

是的。各位早安。我想回到市場情報以及那邊的表現。我特別關心景氣循環帶來的上行與下行影響。我們顯然都意識到，自從 Market 併入之後，這項業務的景氣循環性更強一些。而我看本季，非訂閱收入與經常性可變收入（recurring variable）都成長了雙位數，甚至超過雙位數。所以看起來景氣循環面已經在某種程度上對你們有所助益。

So can you maybe just talk about where you think you are on the more cyclical elements in that business and what the biggest things we should still be looking for, i.e., IPO markets opening up, et cetera to drive cyclical upside even higher. And maybe you can dimensionalize that in terms of revenue potential upside from -- as markets open up. Thank you.

那你能否談談你認為該業務中較具景氣循環性的要素目前處於什麼位置？以及我們還應該關注哪些最重要的因素，例如 IPO 市場重新開放等，來推動景氣循環上行更進一步？也許你可以從收入角度量化一下：隨著市場重新開放，潛在的上行空間有多大。謝謝。

Yes. Thanks, Alex. As you know, we already built in our expectation into the guidance that we gave. But when we look at some of the cyclicality that took place, we grew in the enterprise solution sub-segment almost 11%, and this included some revenue that came from some non-subscription revenue, things like -- we had strong growth in lending solutions and markets. We had very strong growth in regulatory and compliance. And these were -- these are some of the areas that really are driven by volume.

是的。謝謝你，Alex。如你所知，我們已在所提供的財測指引中納入了我們的預期。但當我們回頭看已發生的一些景氣循環因素時，我們在企業解決方案（enterprise solution）子分部成長了將近 11%，其中包含一些來自非訂閱收入的貢獻，例如——我們在放貸解決方案與市場（lending solutions and markets）方面有強勁成長。我們在法規與合規（regulatory and compliance）方面也有非常強勁的成長。而這些——這些領域有些確實是由交易量所驅動的。

If you ask me what are some of the key factors that we're going to be watching very closely, obviously, interest rates is number one. We gave you our expectation of one interest rate decrease of 25 basis points at the end of the year. It would be in the fourth quarter, more likely towards the end of the fourth quarter. We see that the markets have different views on that in the recent earnings calls. A couple of banks show that they would have up to three interest rate declines this year. But we're not including any of that into our own guidance.

如果你問我有哪些我們將會非常密切關注的關鍵因素，顯然，利率是第一位。我們已向各位提供我們的預期：年底會有一次利率下調 25 個基點。這將發生在第四季，更可能是在第四季末。我們看到市場在近期的財報電話會議中對此有不同看法。有幾家銀行表示今年可能會有多達三次降息。但我們並未把這些納入我們自己的指引之中。

The other factor we're going to look at quite closely is M&A revenue and M&A activity in the investment banks. M&A is still relatively weak. It's not on a track for what we would normally have seen. It was incredibly strong in 2020, 2021. Ever since then, it's been quite weak. And so we did see some green shoots of M&A activity this quarter, but there's a lot of pent-up capital, a lot of firepower in private credit, in private equity. There's a lot of private equity that's sitting on the sidelines getting ready for exits.

我們將會相當密切關注的另一個因素，是投資銀行的併購（M&A）收入與併購活動。併購仍相對疲弱。它並未走在我們通常會看到的軌道上。2020 年、2021 年曾極為強勁。自那之後，一直相當疲弱。因此，我們確實在本季看到一些併購活動的萌芽，但仍有大量積壓的資金、私募信貸與私募股權中有很大的火力。也有大量私募股權資金在場邊觀望，準備退出。

There's a lot of M&A activity that's ready, we believe, from corporates who are going to be looking at how they're going to be managing their own balance sheets and their own capital positions. So it's our view that over time, these are going to be some tailwinds that would benefit us, but that's not built into our guidance for this year. Thanks, Alex.

我們認為，企業端也有許多已準備就緒的併購活動，因為它們將會考量如何管理自身的資產負債表與資本部位。因此，我們的看法是，隨著時間推移，這些將成為有利的順風，對我們有幫助，但這並未納入我們今年的指引。謝謝，Alex。

Scott Wurtzel, Wolfe Research.

Wolfe Research 的 Scott Wurtzel。

Hey, good morning, guys. Thanks for taking my question. I wanted to ask on the revenue synergy side. Obviously, it seems like you're making very good progress there against your targets. I know going back the last few quarters, we've talked about maybe a little bit more shift from cross-sell to new product development. So just wondering if you can maybe help contextualize a little bit more in terms of the synergies that were recognized during the quarter in terms of new product versus cross-sell. Thanks.

各位早安。謝謝讓我提問。我想就營收協同效益方面請教。顯然，看起來你們在達成目標方面進展非常順利。我知道回顧過去幾季，我們談到可能會從交叉銷售稍微轉向新產品開發。所以想請你們協助再多一些脈絡：本季所認列的協同效益中，新產品相較於交叉銷售各占多少？謝謝。

Thank you, Scott. Let me take that and talk about what we're seeing are really important. We still mostly see cross-sell. That's the most important source of our growth, but we are now very successfully launching new products. We had over 21 products that were launched so far this year in market intelligence. We have nine in the Commodity Insights area, and then we have a good pipeline between the rest of the year of another -- about 15 between those two divisions.

謝謝你，Scott。我來回答並談談我們看到哪些是真正重要的。我們仍主要看到交叉銷售。那是我們成長最重要的來源，但我們現在也非常成功地推出新產品。今年迄今在 Market Intelligence 我們已推出超過 21 項產品。在 Commodity Insights 領域有 9 項，此外在今年剩餘時間，這兩個事業部合計還有約 15 項的良好產品管線。

In indices, we've launched a series of new approach to providing custom indices using the fixed income and credit indices that were from IHS Markit. But as I said, the cross-sell has been really, really important. We probably underestimated the value and the power of the S&P Global brand, and we also probably underestimated the diversified relationships that we have.

在指數業務方面，我們推出了一系列新方法，利用源自 IHS Markit 的固定收益與信用指數來提供客製化指數。但如我所說，交叉銷售一直非常、非常重要。我們可能低估了 S&P Global 品牌的價值與力量，也可能低估了我們所擁有的多元化客戶關係。

If you think about the financial services business at IHS Markit, it was a financial services business. But at S&P Global, we've always had a very strong corporate business, governments, academics, all types of financial services. It's buy side, sell side, it's sovereign wealth funds, et cetera. So we believe that we've had the opportunity to bring that very powerful set of clients, diversified clients, and bring them to many, many more products and services for the financial services products. That's been one of the big upsides.

如果你想想 IHS Markit 的金融服務業務，它就是一個金融服務業務。但在 S&P Global，我們一直有非常強的企業端業務、政府、學術界，以及各類型的金融服務客戶。包括買方、賣方、主權財富基金等等。因此我們相信，我們有機會把這一組非常強大且多元的客戶，帶到更多、更多金融服務產品的產品與服務上。這一直是其中一個很大的上行空間。

But let me just take one step back and point to a couple of things we already talked about. Adding 19.4 million bond prices into Cap IQ Pro, that was one of our synergy opportunities. That's something that's tangible. You can see that. We've also had in Commodity Insights a whole new set of products. We talked earlier about Chat AI, which was added to a feature. So that takes what we have from artificial intelligence, layered on top of Commodity Insights platform. That platform was a merger of Platts Dimensions Pro and Connect, which was the IHS Markit platform.

但讓我先退一步，指出幾件我們已經談過的事情。把 1,940 萬筆債券價格加入 Cap IQ Pro，這是我們其中一個協同機會。這是具體可見的。你可以看得到。我們在 Commodity Insights 也推出了一整套全新產品。我們先前提到 Chat AI，被加入到一項功能中。因此，這把我們的人工智慧能力疊加在 Commodity Insights 平台之上。該平台是 Platts Dimensions Pro 與 Connect 的合併，而 Connect 是 IHS Markit 的平台。

So there, you can see it everywhere in the company. We're at $199 million run rate. That was $54 million in the quarter. And we're on track. We're actually ahead of track, and we're very, very pleased with that. And so keep asking, and we will keep delivering. Thank you so much.

所以，你在公司各處都能看到。我們目前的年化運行率（run rate）為 1.99 億美元。本季為 5,400 萬美元。而且我們進度如期。事實上我們超前進度，我們對此非常、非常滿意。所以請繼續提問，我們也會持續交付成果。非常感謝。

Andrew Nicholas, William Blair.

William Blair 的 Andrew Nicholas。

Hi, good morning. This is Tom Roesch on for Andrew. In the first quarter, you guys talked about a number of private deals being refinanced in the public markets. I was wondering if you could provide any color on what you saw this quarter in the sense of refis coming from private to public markets, and if you kind of see that trend continuing where more data is coming from the private markets to the public. Thank you.

嗨，早安。我是代替 Andrew 的 Tom Roesch。在第一季，你們談到有不少私募交易在公開市場再融資。我想請問你們能否分享本季看到的情況：就私募轉向公開市場的再融資而言，以及你們是否認為這個趨勢會持續，也就是更多資料會從私募市場流向公開市場。謝謝。

Hey, Tom. This is Martina. Thanks for the question. Yes, it's been interesting, certainly some different trends in the two quarters. As you said, we certainly saw more in the first quarter go from private to public. We actually saw -- going both directions in the second quarter. Some of that we see as being more attractive pricing in the private markets compared to what might have been available in the first quarter.

嗨，Tom。我是 Martina。謝謝你的問題。是的，這很有意思，兩個季度確實出現一些不同趨勢。如你所說，我們在第一季確實看到更多從私募轉到公開。而在第二季，我們其實看到——兩個方向都有。其中一部分原因是，相較於第一季可能取得的條件，私募市場的定價在某些情況下更具吸引力。

But I think all of this goes to the original thesis and strategy that we've had around private markets, which is, number one, we see it as opportunity. We've had a very specific strategy around it. And we have continued to say since Investor Day that we will be ready to serve the debt wherever it comes, whether it's the public market or private market.

但我認為，這一切都回到我們對私募市場的最初論點與策略：第一，我們把它視為機會。我們對此有非常明確的策略。而且自投資人日以來，我們持續強調：無論債務融資來自哪裡——公開市場或私募市場——我們都會準備好提供服務。

And you see that strategy on the private side play out with the results in Q2, the 70% growth in our private market revenues in ratings, obviously as well as the broader public market bond rating growth that we've seen on the transaction side as well. So this is a good story for us. These two trends are complementary for us. We've got the right capacity, we've got the right expertise around this, and we feel good about our position to serve the debt either way going forward. Thanks for the question.

你也看到這個私募端策略在第二季的結果中展現出來：我們在評級業務的私募市場收入成長 70%，當然也包括我們在交易端所看到的更廣泛的公開市場債券評級成長。所以這對我們而言是個好故事。這兩個趨勢對我們是互補的。我們具備合適的產能，也具備相關領域的專業能力，並且對於未來無論哪種方式來服務債務，我們都對自身的定位感到樂觀。謝謝你的提問。

Thanks, Tom.

謝謝你，Tom。

Owen Lau, Oppenheimer.

Oppenheimer 的 Owen Lau。

Hi, good morning. Thank you for taking my question. So for rating, one of your competitors guided to high teens growth for the full year, and you have around 14% to 16% growth. I mean, it's not that way off, but I'm curious to see if you have done any analysis to try to understand the delta and different assumptions. And also, how much impact for your run rate cut, I think, at the end of the fourth quarter assumption would impact your rating revenue guidance. Thanks.

嗨，早安。謝謝讓我提問。關於評級業務，你們的一位競爭對手指引全年成長在高十幾個百分點，而你們大約是 14% 到 16% 的成長。我的意思是，差距不算太大，但我很好奇你們是否做過任何分析，試著理解這個差異以及不同的假設。另外，你們對 run rate 的下修，我想是在第四季末的假設，會對你們的評級收入指引造成多大影響？謝謝。

Thanks so much. Owen, as you know, we don't plan with competitors in mind, if that's if that's a clear way to say it. We feel very good about the strategy that we set out. Obviously, the overperformance comes in a variety of ways. First, it is very strong market revenues, but we've also been able to meet that demand either because we've had a specific strategy, as in the case of private markets, but also in other cases where we've preserved analyst capacity and expertise over the last couple of years and we can handle the additional volumes. So we feel very good about that.

非常感謝。Owen，如你所知，我們不會以競爭對手為基準來做規劃，如果這樣說比較清楚的話。我們對自己所制定的策略非常有信心。顯然，超預期表現可能來自多種因素。首先，市場收入非常強勁，但我們也能滿足這些需求：一方面是因為我們有特定策略，例如在私募市場的案例；另一方面，在其他情況下，我們在過去幾年保留了分析師產能與專業能力，因此能夠承接額外的量能。所以我們對此感到非常有信心。

I would say, overall, our growth rate with the new guidance, 14% to 16%, reflects a couple of key drivers that Doug highlighted in his remarks. First is that we continue to hear anecdotally from the market that issuers are avoiding, in particular, Q4. And so that certainly has a tapering effect on the back half of the year for us overall.

我會說，整體而言，我們在新指引下的成長率 14% 到 16%，反映了 Doug 在發言中提到的幾個關鍵驅動因素。第一是，我們持續從市場上聽到一些非正式的回饋，發行人正在避免，特別是第四季。因此，這確實會對我們整體下半年帶來一定的趨緩效果。

I would say we've also -- I think you maybe alluded to this, a little bit of a tougher comp in the back half, whether it's lapping that one-time CP revenue from the second half of last year but also a very, very strong Q4 from last year. And as Doug said, we'd expect a modest year-over-year decline in Q4. But overall, if you look at the full year, we feel really good about it. It reflects growth, not just on the transaction side, but on the key strategic areas.

我也會說，我們同時也——我想你可能也提到了——下半年比較基期也更具挑戰性，無論是去年下半年一次性的 CP 收入形成的比較基期，或是去年第四季非常、非常強勁。而如 Doug 所說，我們預期第四季將出現溫和的年對年下滑。但整體來看，如果看全年，我們對此感覺非常好。這反映的不只是交易端的成長，也包括關鍵策略領域的成長。

Strong performance and growth as reflected in the second quarter on things like our annual fees, where we continue to align the value with the economics that we have with the customer, and good growth in other areas, such as new mandates. So a great story for us overall, I think. Thanks for the question.

第二季的強勁表現與成長也反映在像是我們的年費等項目上，我們持續讓價值與我們與客戶之間的經濟效益對齊；其他領域也有不錯的成長，例如新的委任案（new mandates）。所以我認為，整體而言對我們來說是一個很好的故事。謝謝你的提問。

Thanks, Owen.

謝謝，Owen。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Great. Thank you. I believe, three months ago, you guys said in market intelligence that you expected to perhaps see some improvements in the growth rates of market intelligence revenue in the second half of the year. You obviously have your guidance here. You kept flat for the revenue outlook for the full year. Given what's happened in the first half of the year, do you still feel that's possible, just given the new products you've cited here?

很好。謝謝。我記得三個月前，你們在市場情報（Market Intelligence）方面提到，預期今年下半年市場情報收入的成長率可能會有所改善。你們現在也給出了指引。你們維持全年收入展望不變。考量今年上半年的情況，你們仍然覺得這種改善有可能發生嗎？尤其是考量你們在這裡提到的新產品。

Craig, it's possible. As you heard in a couple questions ago, I talked about some of the potential tailwinds that we could see in the business, whether it's related to rates, to M&A activity. But we don't build the guidance based on wishful thinking. We have to build on what we see, what our expectations are. So the guidance is built right now based on what we see in the market, and that's why we've guided for the top-line growth to be consistent where it was the last time we provided guidance. Thanks, Craig.

Craig，是有可能的。如你在前幾個問題中聽到的，我談到了一些我們可能在業務上看到的潛在順風因素，無論是與利率相關，或是與併購（M&A）活動相關。但我們不會基於一廂情願來建立指引。我們必須根據我們所看到的情況、以及我們的預期來制定。因此，目前的指引是基於我們在市場上所看到的狀況，這也是為什麼我們指引的營收成長率，會與上一次提供指引時保持一致。謝謝，Craig。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，JPMorgan。

Hi, Doug. On MI, could you just tell us directionally how MI-organic ACV growth did in the second quarter compared to the organic revenue growth? And with the possibility of acceleration, my question is, is organic ACV growth at MI accelerating?

嗨，Doug。關於 MI，你能否從方向性角度告訴我們，第二季 MI 的有機 ACV 成長相較於有機營收成長表現如何？以及在可能加速的情況下，我的問題是：MI 的有機 ACV 成長是否正在加速？

Well, we don't report on ACV. It's not a metric that we use. We report on revenue. We -- obviously, we do look at our sales pipelines, and we're very pleased with what I mentioned earlier with the opportunities we see in cross-sell, with the power of the brand, with the ability to open doors for new clients. We have a very strong pipeline of innovation that's coming through. We're incredibly pleased with Visible Alpha. I can't just -- I almost can gush about it, what the opportunities are there, what it means for our ability to cross-sell because of Visible Alpha.

嗯，我們不揭露 ACV。那不是我們使用的指標。我們揭露的是營收。我們——當然，我們確實會看我們的銷售管線，而我們對我先前提到的機會感到非常滿意，包括交叉銷售的機會、品牌的力量、以及為新客戶打開大門的能力。我們有非常強的創新管線正在推進。我們對 Visible Alpha 非常滿意。我簡直——我幾乎可以滔滔不絕地談它：那裡有哪些機會、以及 Visible Alpha 對我們交叉銷售能力的意義。

So I think that for us to keep looking forward, this is a really powerful franchise. Whether it's in the desktop area, the data and advisory, the industry research that we're providing, it's in the enterprise solutions, and then in the credit and risk solutions. We know credit and risk solutions is an area that is in growing demand because of what's happening in the volatility of the market.

所以我認為，對我們而言，持續向前看，這是一個非常有力的特許經營（franchise）。無論是在桌面端（desktop）、我們提供的數據與顧問服務、產業研究、企業解決方案，或是信用與風險解決方案。我們知道信用與風險解決方案是需求正在成長的領域，因為市場波動所帶來的影響。

So across the board, we're quite pleased with our progress. You can also see it from what we're delivering from the synergies, but we don't use ASV. That's not one of the metrics that we report on. Thanks, Andrew.

因此整體而言，我們對進展相當滿意。你也可以從我們交付的協同效益中看得出來，但我們不使用 ASV。那不是我們對外揭露的指標之一。謝謝，Andrew。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Yes, thank you. I just want to make sure there's nothing in mobility beyond the recall weakness or variability. I get it. The subs growth looks good. Vitality products sound good. But the reason I ask is you also lowered the segment margin guidance. And I know there's a range of products there, but I think a lot of the recall products are lower margin. So I'm just trying to confirm there wasn't a change in the subs booking trajectory or trends from the CDK ransomware impact on some of your clients or anything else. Thank you.

是的，謝謝。我只是想確認，行動出行（mobility）業務除了召回（recall）疲弱或波動之外，沒有其他問題。我理解。訂閱（subs）成長看起來不錯。Vitality 產品聽起來也不錯。但我之所以這樣問，是因為你們也下調了該分部的利潤率指引。我知道那裡有一系列產品，但我認為很多召回相關產品的利潤率較低。所以我只是想確認，訂閱預訂（booking）軌跡或趨勢沒有改變，例如 CDK 勒索軟體事件對你們部分客戶造成的影響，或任何其他因素。謝謝。

Hey, thanks for your question. Well, for sure, when we look at the subscription growth, it's actually been tremendous this quarter. When you look back, 81% of the revenue is driven out of subscription growth and that grew up 10.5%. In terms of the recall activities, actually, very high margin business. It comes through, so when we do see that loss and slowdown in recall, that actually does impact margins fairly significantly.

嗨，謝謝你的提問。確實，當我們看訂閱成長時，本季其實非常亮眼。回頭看，81% 的收入是由訂閱成長所驅動，而訂閱成長達到 10.5%。至於召回活動，其實是高利潤率的業務。因此當我們看到召回的流失與放緩時，實際上會對利潤率造成相當顯著的影響。

Thanks, Jeff.

謝謝，Jeff。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO Capital Markets。

Thanks so much. I know you don't provide specific guidance by quarter, but I was wondering if you can provide any color between what you're expecting 3Q, 4Q, anything to call out. You mentioned you expected decline in issuance in the fourth quarter, but anything else on the revenue or expense line, that will be helpful for us. Thank you.

非常感謝。我知道你們不提供按季度的具體指引，但我想請問你們是否能提供一些 3Q、4Q 的方向性說明，有沒有什麼需要特別指出的。你們提到預期第四季發行量會下滑，但在收入或費用端還有沒有其他事項，能對我們有所幫助。謝謝。

As you mentioned, we don't provide guidance by quarter. You already mentioned the one thing that we've seen, which relates to some issuance potentially between the third and fourth quarter, but there's nothing else. Chris, do you want to add anything?

如你所提到的，我們不提供按季度的指引。你已經提到我們看到的一件事，也就是第三季與第四季之間可能會有一些發行量的變化，但除此之外沒有其他事項。Chris，你要補充什麼嗎？

No, nothing else.

不，沒有其他了。

Okay, great. Thank you. Thanks, Jeff.

好的，很棒。謝謝。謝謝你，Jeff。

Russell Quelch, Redburn Atlantic.

Russell Quelch，Redburn Atlantic。

Hi, guys. In Commodity Insights, this is the fourth quarter of double-digit top-line growth. The midpoint of the guidance implies 6.7% growth to H2. So I'm wondering why you're expecting such a strong slowdown in H2 in Commodity Insights. It seems much more than a tough comp. And if I look at seasonality, it's normally the other way around, as in the second half is normally stronger than the first half. So can you just address that for me please?

嗨，各位。在 Commodity Insights，這是連續第四季營收（top-line）呈現雙位數成長。指引的中位數意味著下半年（H2）成長 6.7%。所以我想知道，為什麼你們預期 Commodity Insights 在下半年會出現這麼明顯的放緩。看起來不只是因為比較基期偏高。而且如果我看季節性，通常是相反的，也就是下半年通常比上半年更強。所以能否請你們就此為我說明一下？

Yes, let me mention -- first of all, Commodity Insights has had a really good run. It's an important area for the global markets. You see that everywhere we go, every single conversation I ever have, we're talking about energy transition, we're talking about ESG, we're talking about what's happening with the future of metals, mining. As you see, we launched some new products related to ag, beef and poultry benchmarks.

是的，我先提一下——首先，Commodity Insights 的表現確實一路走得很好。這是全球市場非常重要的一個領域。你會看到我們走到哪裡都一樣，我每一次對話都在談能源轉型、在談 ESG、在談金屬與採礦未來會發生什麼。如你所見，我們也推出了一些與農業、牛肉與家禽基準相關的新產品。

But when you look at the overall dynamic in the business, we've had a really, really strong performance in the advisory and transaction services area. It grew at 32% in the quarter. This is an area that is -- it's more volume driven. It's transaction driven. We don't want to necessarily project for the rest of the year that that kind of level of transaction services is going to continue.

但當你看整體業務動態時，我們在諮詢與交易服務領域的表現非常、非常強勁。該領域本季成長 32%。這個領域——它更偏向由量驅動。也就是由交易驅動。我們不一定希望在對今年剩餘時間的展望中，假設這種水準的交易服務會持續下去。

So we've guided to the level which is more of a blend of the rates coming from upstream, from price assessments, from energy resources and data and insights. So that's what -- you can see the difference that brought us back down to a level from the 8% to 9%. Thanks, Russell.

因此我們給出的指引水準，更像是把上游的費率來源（例如價格評估、能源資源以及數據與洞察）做一個綜合。所以這就是——你可以看到差異，讓我們從 8% 到 9% 的水準回落到較低的水準。謝謝你，Russell。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Thank you. Just a big-picture question in terms of when you put together guidance overall, how do you think about visibility in the current environment relative to maybe where it's been in years past? Is client behavior a bit more difficult to project across some of the different line items, or how should we think about the quality of the forecast at this point?

謝謝。我想問一個較宏觀的問題：在你們整體制定指引時，相較於過去幾年，你們如何看待目前環境下的可見度？客戶行為在不同的收入項目上是否更難預測？或者我們應該如何看待此時此刻預測的品質？

Well, I think that's half a year left. We believe that we've got a pretty good view on what the pipeline is for the rest of the year. As I mentioned throughout, there are certain factors which are maybe a little bit more market driven, like interest rates and M&A.

嗯，我認為現在還剩下半年的時間。我們相信，對於今年剩餘時間的業務管線（pipeline）我們有相當不錯的掌握。如我一直提到的，有些因素可能更受市場驅動，例如利率與併購（M&A）。

There's always going to be uncertainty around that. We have to work closely with our analysts that are close to the markets. There's analysts that are working all the time with the buy side, the sell side. We get feedback from them. We also have relationships directly with bankers to understand what they're seeing in their pipelines of debt capital markets, equity capital markets, M&A.

這些方面總是會存在不確定性。我們必須與貼近市場的分析師密切合作。有些分析師一直在與買方、賣方合作。我們會從他們那裡得到回饋。我們也與銀行家直接保持關係，以了解他們在債務資本市場、股權資本市場以及併購（M&A）管線中看到的情況。

So we have an informal and formal way to gather information to use for our guidance for the rest of the year. And we look very carefully at that. And it's something that we've built into this year. You see the results of that. Overall, we're incredibly pleased with where we are.

因此，我們有非正式與正式的方式來蒐集資訊，用於我們對今年剩餘時間的指引。我們也非常仔細地檢視這些資訊。而且這也是我們今年已經納入考量的部分。你們也看到了其結果。整體而言，我們對目前的狀況感到非常滿意。

But with that, Surinder, thank you very much for joining the call. And let me wrap it up and close the call. I want to thank everyone again for joining the call today and for your questions.

不過，Surinder，非常感謝你加入這通電話會議。我也來做個總結並結束本次電話會議。我要再次感謝大家今天參與電話會議並提出問題。

I also want to thank Martina for joining us. Martina, thank you very much for being on the call. I want to congratulate her here, she's in the room, for her appointment as the next CEO of S&P Global. At the next earnings call, you're going to hear a lot more about the transition, which is starting to take place, and it's going incredibly well.

我也要感謝 Martina 與我們一同參與。Martina，非常感謝你參加這通電話會議。我也要在此恭喜她——她就在會議室裡——獲任命為 S&P Global 的下一任執行長（CEO）。在下一次財報電話會議上，你們會聽到更多關於交接的內容；交接已開始進行，而且進展非常順利。

I also want to thank all of our people, as always. We have tremendous people in this company that delivered a strong quarter. We've got incredible, really good initiatives that we're developing and delivering in energy transition, sustainability, with private markets, with generative AI. We continue to make great progress on our synergies from the merger, and we're very pleased with all of that.

我也一如既往要感謝我們所有同仁。我們公司有非常優秀的人才，帶來了強勁的一季表現。我們在能源轉型、永續發展、私募市場以及生成式 AI 方面，正在開發並交付非常出色、非常好的計畫。我們也持續在併購帶來的協同效益上取得很大進展，對此我們都非常滿意。

So I also hope that everybody gets a little bit of time this summer. So enjoy some time over the summer, and I look forward to seeing everyone on the next call. Thank you all very much.

所以我也希望大家今年夏天能稍微有點時間休息。祝大家夏天過得愉快，也期待在下一次電話會議上再見到各位。非常感謝大家。

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

今天上午的電話會議到此結束。簡報投影片的 PDF 版本可至 investor.spglobal.com 下載。完整電話會議的重播將在約兩小時後提供。含音訊與投影片的網路直播將在 S&P Global 網站上保留一年。僅音訊的電話重播將保留一個月。我謹代表 S&P Global，感謝各位參與，並祝各位有美好的一天。