標普全球 (SPGI) 2024 Q3 法說會逐字稿

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

早安，歡迎參加 S&P Global 2024 年第三季財報電話會議。我想通知您，本次通話正在錄音並進行廣播。（操作員說明）

To access the webcast and slides go to investor.spglobal.com. (Operator Instructions) I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations for S&P Global. Sir, you may begin.

若要存取網路廣播和幻燈片，請造訪investor.spglobal.com。 （操作員須知）我現在介紹一下標普全球投資者關係資深副總裁馬克‧格蘭特先生。先生，您可以開始了。

Good morning and thank you for joining 2024 earnings call. Presenting on today's call are Doug Peterson, President and Chief Executive Officer; Christopher Craig, Interim Chief Financial Officer; and Martina Cheung, Incoming President and Chief Executive Officer and current President of S&P Global Ratings.

早安，感謝您參加 2024 年財報電話會議。出席今天電話會議的有總裁兼執行長 Doug Peterson；克里斯多福‧克雷格，臨時財務長；以及標準普爾全球評級公司即將上任的總裁兼執行長、現任總裁Martina Cheung。

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

我們今天早些時候發布了一份新聞稿，公佈了我們的結果。此外，我們還發布了補充幻燈片，其中包含有關我們的結果和指導的更多資訊。如果您需要補充套牌的發布和財務時間表副本，可以在 Investor.spglobal.com 下載。

The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertain that may cause actual results to differ materially from results anticipated in these forward-looking statements.

今天的電話會議中討論的事項可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括對未來事件的預測、估計和描述。任何此類陳述均基於當前預期和當前經濟狀況，並存在風險和不確定性，可能導致實際結果與這些前瞻性陳述中預期的結果有重大差異。

Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the US Securities and Exchange Commission. In today's press release and during the conference call, we are 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.

有關這些風險和不確定性的更多資訊可以在我們向美國證券交易委員會提交的 10-K 和 10-Q 表格中找到。在今天的新聞稿和電話會議期間，我們提供非公認會計準則調整後的財務資訊。提供這些資訊是為了使投資者能夠對公司不同時期的經營業績進行有意義的比較，並從與管理層相同的角度看待公司的業務。

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

新聞稿包含根據 GAAP 計算的財務指標，與我們提供的非 GAAP 指標相對應，新聞稿和補充資料包含此類 GAAP 和非 GAAP 指標的調整表。除非另有明確說明，今日討論的財務指標均指非公認會計原則調整後的指標。

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

我還想提請您注意某些歐洲法規。任何擁有或預計獲得 S&P Global 5% 或以上所有權的投資者應聯繫投資者關係部門，以更好地了解該立法對投資者和公司的潛在影響。我們知道有一些媒體代表參加了電話會議。然而，這次電話會議是針對投資者的，我們要求媒體將問題轉給我們的媒體關係團隊，其聯絡資訊可以在新聞稿中找到。此時，我想將電話轉給 Doug Peterson。

Doug?

道格？

Thank You Mark. S&P Global delivered exceptional financial results and total revenue increased 16% year over year, marking the third consecutive quarter of accelerating revenue growth. Our ratings division continues to contribute meaningfully to our outperformance with transaction revenue increasing more than 80% year over year. Revenue from subscription products across the company increased 8% year over year as customers continue to turn to S&P Global to provide the benchmarks data thought leadership and tools they need to make crucial decisions in today's macroeconomic landscape.

謝謝你，馬克。S&P Global 取得了出色的財務業績，總收入年增 16%，標誌著營收連續第三個季度加速成長。我們的評級部門繼續為我們的優異表現做出重大貢獻，交易收入較去年同期成長超過 80%。隨著客戶繼續向 S&P Global 尋求在當今宏觀經濟情勢下做出關鍵決策所需的基準數據、思想領導和工具，整個公司的訂閱產品收入年增 8%。

We delivered 330 basis points of trailing 12-month margin expansion and 21% growth in EPS as we continue to invest prudently across the business and return capital to shareholders. Year to date, we have repurchased $2 billion in shares and plan to repurchase $1.3 billion more through year end. In addition to our strong financial results, we continue to invest in innovation, particularly around generative AI in our strategic initiatives, which will touch on shortly. We also continue the important work of optimizing our portfolio of products in order to create the most customer and shareholder value.

隨著我們繼續在整個業務領域進行審慎投資並向股東返還資本，我們實現了過去 12 個月利潤率擴張 330 個基點，每股收益增長 21%。今年迄今為止，我們已回購了 20 億美元的股票，並計劃在年底再回購 13 億美元。除了強勁的財務表現外，我們還繼續投資於創新，特別是在我們的策略舉措中圍繞生成人工智慧進行投資，這將很快涉及。我們也將繼續優化產品組合的重要工作，以創造最大的客戶和股東價值。

We closed the divestiture of centric during the third quarter and today announced the planned divestiture of PrimeOne. PrimeOne sits within our market intelligence division and won't have a material impact on either the division or the company's financial results. That said, the divestiture further enables the company to focus our efforts on the best opportunities to drive long-term profitable growth. Last week, we announced management changes in conjunction with our CEO transition, Martina will walk through that later in the call. Now turning to market and commercial conditions, the debt, equity, and commodities markets all continued to show improvement, benefiting our businesses with more than $1 trillion and build issuance in the third quarter, we've surpassed $3 trillion year to date.

我們在第三季完成了 centric 的剝離，今天宣布了 PrimeOne 的剝離計劃。PrimeOne 隸屬於我們的市場情報部門，不會對該部門或公司的財務表現產生重大影響。也就是說，此次剝離進一步使公司能夠將精力集中在推動長期獲利成長的最佳機會上。上週，我們宣布了與執行長交接有關的管理層變動，瑪蒂娜將在稍後的電話會議中詳細介紹這一點。現在轉向市場和商業狀況，債務、股票和大宗商品市場都繼續顯示出改善，使我們的企業受益超過 1 兆美元，並且第三季的發行量，今年迄今已超過 3 兆美元。

It's very encouraging to see how participants in the debt markets, both public and private consistently turned to S&P Global Ratings to help assess risk balance exposures across portfolios and assess credit conditions. The experience and expertise of our analysts, the breadth and depth of our coverage across credit, asset classes and geographies and the relevance of our methodologies and thought leadership has all serve the markets very well thus far in 2024.

看到公共和私人債務市場的參與者如何一致轉向標準普爾全球評級來幫助評估投資組合的風險平衡敞口並評估信用狀況，真是令人鼓舞。我們分析師的經驗和專業知識、我們對信貸、資產類別和地理的覆蓋範圍的廣度和深度，以及我們方法論和思想領導力的相關性，都在 2024 年迄今為止為市場提供了良好的服務。

We've also seen some improvement in equity markets is our flagship indices like the S&P 500 have performed very well year to date. We continue to see gradual increases in IPO volumes, which benefit some of our volume driven businesses and M&A activity has also started to show early signs of recovery. The commodities markets have remained strong as well, especially end markets like energy that are important to our business.

我們也看到股市有所改善，我們的旗艦指數（例如標準普爾 500 指數）今年迄今表現非常出色。我們繼續看到 IPO 數量逐漸增加，這有利於我們的一些數量驅動型業務，併購活動也開始顯示出復甦的早期跡象。大宗商品市場也保持強勁，尤其是能源等對我們業務至關重要的終端市場。

We continue to see retention rates improve year over year and commodity insights, and we're very pleased with both the execution and the market reception of the new products. That said, we've been calling out headwinds among our financial services customers for some time now, those have continued in the third quarter was elongated sales cycles as well as signs of increased price sensitivity and vendor consolidation.

我們繼續看到保留率和商品洞察力逐年提高，我們對新產品的執行和市場接受程度感到非常滿意。也就是說，我們一段時間以來一直在金融服務客戶中指出逆風，這些逆風在第三季度持續存在，包括銷售週期延長以及價格敏感性增加和供應商整合的跡象。

Vendor consolidation has historically been beneficial to S&P Global. Given the breadth and diverse the products that we offer, though the pricing environment has had an impact this year. For the last few quarters, we have noted our expectation that retention rates and financial services would be slightly below last year. That said, cancellations among our smaller customers and market intelligence caused retention rates to dip below our expectations slightly in the third quarter, and we expect that to continue to impact the business in the fourth quarter.

供應商整合歷來對 S&P Global 有利。鑑於我們提供的產品的廣度和多樣性，儘管今年的定價環境產生了影響。在過去的幾個季度中，我們預計保留率和金融服務將略低於去年。也就是說，我們的小客戶取消訂單和市場情報導致第三季的保留率略低於我們的預期，我們預計這將繼續影響第四季的業務。

We'll discuss the impact of all these moving pieces on our guidance in a moment. But the aggregate impact is that we are substantially increasing our outlook on revenue growth, operating margins and EPS for 2024.

我們稍後將討論所有這些變化對我們的指導的影響。但整體影響是，我們大幅提高了對 2024 年營收成長、營業利潤率和每股盈餘的預期。

Now let's turn to activity in the debt markets, for build issuance we saw a 76% increase year over year in the third quarter as we saw strong growth across all products. Refinancing activity remains very strong, including some pull forward out of 2025 and even out of 2026. But certainly, within the normal range is what we would expect at this time of the year. We're starting to see more activity beyond refinancing with some of the outperformance in the third quarter, driven by opportunistic issuance around dividend recapitalizations and the beginning of the recovery in M&A activity.

現在讓我們轉向債務市場的活動，第三季的發行量年增 76%，因為我們看到所有產品都強勁成長。再融資活動仍然非常強勁，包括一些提前到 ​​2025 年甚至 2026 年的活動。但可以肯定的是，在每年的這個時候，我們所期望的情況都在正常範圍內。在圍繞股息資本重組的機會主義發行以及併購活動開始復甦的推動下，我們開始看到除再融資之外的更多活動，第三季度表現出色。

Market conditions, specifically, the tight spreads and stability around the rate outlook have continued to be major drivers of issuance in the third quarter and inform our improved outlook for the remainder of 2024 as well. As we look to additional rate cuts over the next 12 to 18 months. We continue to expect strong demand among investors for public debt as the current yields are expected to moderate somewhat as rates come down.

市場狀況，特別是利差收窄和利率前景穩定，仍然是第三季發行的主要驅動因素，也為我們改善 2024 年剩餘時間的前景提供了依據。我們預計未來 12 至 18 個月將進一步降息。我們繼續預期投資者對公共債務的需求強勁，因為隨著利率下降，當前收益率預計將放緩。

Turning to vitality. New enhanced products generated $377 million in the third quarter. This represents 11% of our total revenue and is consistent with what we reported last quarter. Key contributors to our vitality index are updated from last quarter as we've seen strong demand for CARFAX list of things in the CARFAX banking insurance group. We also see strong growth in energy transition and climate and LNG price assessment products from commodity insights division.

轉向活力。新的增強型產品在第三季創造了 3.77 億美元的收入。這占我們總收入的 11%，與我們上季報告的情況一致。我們活力指數的主要貢獻者從上個季度開始更新，因為我們看到 CARFAX 銀行保險集團中對 CARFAX 清單的強勁需求。我們也看到商品洞察部門的能源轉型、氣候和液化天然氣價格評估產品強勁成長。

We're encouraged by the acceleration in the pace of innovation at S&P Global and look forward to maintaining our vitality index at or above the 10% target. Now turning to our latest initiatives around Generative AI, each quarter we've been highlighting just a few of the many ways we've been leveraging both traditionally AI and generative AI within S&P Global.

我們對 S&P Global 創新步伐的加快感到鼓舞，並期待將我們的活力指數保持在 10% 或以上的目標。現在轉向我們圍繞生成式人工智慧的最新舉措，每個季度我們都會重點介紹我們在 S&P Global 內利用傳統人工智慧和生成式人工智慧的多種方式中的幾種。

In the third quarter, we had number of new use cases within our products and services, but also within our own internal processes that are very exciting. Within market intelligence, we introduced new advanced analytics solutions and GenAI functionality through Cap IQ Pro, which allows users to build predictive models, automate workflows and better identify patterns and data more quickly.

在第三季度，我們的產品和服務以及我們自己的內部流程中出現了許多令人興奮的新用例。在市場情報領域，我們透過 Cap IQ Pro 引入了新的高級分析解決方案和 GenAI 功能，使用戶能夠建立預測模型、自動化工作流程並更快地更好地識別模式和資料。

Within commodity insights, we enabled cloud delivery of AI-Ready Data on clean energy technology. This is a great example of our efforts to make sure that the investments we've made to prepare datasets for ingestion in AI models directly translate into benefits for customers and economics for our business. Also in commodity insights, we have introduced our AI powered chat bot called ChatAI to improve the user experience, answer customer questions in real time and help users more quickly discover the valuable insights in our chats connect platform.

在商品洞察中，我們啟用了有關清潔能源技術的人工智慧就緒資料的雲端交付。這是我們努力確保為人工智慧模型攝取資料集而進行的投資直接轉化為客戶利益和業務經濟效益的一個很好的例子。同樣在商品洞察方面，我們推出了名為 ChatAI 的人工智慧聊天機器人，以改善用戶體驗，即時回答客戶問題，並幫助用戶更快地發現我們的聊天連接平台中的有價值的見解。

Within mobility, we're leveraging GenAI and animation automation to embed the CARFAX Car Fox directly within the vehicle history reports the customers use. Soon, the animated Fox will appear on additional products, including Car Care, user dashboards and our listings products, driving deeper customer engagement and enhancing brand affinity.

在行動領域，我們利用 GenAI 和動畫自動化將 CARFAX Car Fox 直接嵌入到客戶使用的車輛歷史報告中。很快，動畫狐狸將出現在其他產品上，包括汽車護理、用戶儀表板和我們的清單產品，從而推動更深入的客戶參與並增強品牌親和力。

Lastly, we continue to invest in our people so they can take full advantage of these incredible technologies as they emerge through our recently launched Spark AI Academy our employees receive meaningful training on prompt engineering and other insights into how they can best leverage AI in their own daily work. Not only does this make our employees more productive, but it allows us to cross pollinate new use cases across the organization. It's been inspiring to see some of these early use cases emerge and co-development, document analysis, record keeping, and process improvement and the way people are sharing their new skills across S&P Global.

最後，我們繼續投資我們的員工，以便他們能夠充分利用這些令人難以置信的技術，因為它們是透過我們最近推出的Spark AI 學院出現的，我們的員工接受了有關即時工程的有意義的培訓，以及有關如何在自己的工作中最好地利用人工智慧的其他見解。這不僅提高了我們員工的工作效率，而且使我們能夠在整個組織中交叉傳播新的用例。看到一些早期用例的出現、共同開發、文件分析、記錄保存、流程改進以及人們在 S&P Global 分享新技能的方式，真是令人鼓舞。

We're confident that AI will be a strong influence to improve efficiency, productivity, the quality of life for years to come in that over time, you'll see these improvements in our growth and profitability. Turning to our financial results, with our consistent focus on innovation and execution, we're pleased with the exceptional financial results across the enterprise this quarter by serving our customers effectively and efficiently we delivered exceptional growth and profitability in the third quarter. Now let me turn to Chris Craig, our Interim CFO, to review the financial results. Chris, over to you.

我們相信，人工智慧將對未來幾年提高效率、生產力和生活品質產生強大影響，隨著時間的推移，您將看到我們的成長和獲利能力的這些改善。談到我們的財務業績，我們一貫注重創新和執行，我們對本季度整個企業的出色財務業績感到滿意，透過有效和高效地為客戶提供服務，我們在第三季度實現了卓越的成長和盈利能力。現在讓我請我們的臨時財務長克里斯·克雷格來回顧一下財務表現。克里斯，交給你了。

Thank you, Doug. We delivered strong performance in the third quarter of 2024 as revenue growth accelerated across three of five divisions, and we achieved solid margin expansion for the company. Revenue grew by 16% year over year to a second concession quarterly record of $3.6 billion in the third quarter as we continue to see strength across our market driven businesses.

謝謝你，道格。我們在 2024 年第三季取得了強勁的業績，五個部門中的三個部門的收入成長加速，並且公司的利潤率實現了穩健的成長。隨著我們繼續看到市場驅動型業務的強勁勢頭，第三季營收年增 16%，達到 36 億美元，創下第二個特許經營季度記錄。

As Doug noted earlier, we're seeing variation in the relative strength of different end markets this year. We are benefiting significantly from the strength in debt and equity markets, while some softness in the financial services sector is tempering growth in pockets of the business. Year to date, outperformance of the market driven businesses is also leading to elevated incentive compensation across the company.

正如道格之前指出的那樣，我們今年看到不同終端市場的相對實力存在差異。我們從債務和股票市場的強勢中受益匪淺，而金融服務業的疲軟正在抑制部分業務的成長。今年迄今為止，市場驅動型業務的優異表現也導致整個公司的激勵薪酬提高。

This is a great problem to have and will impact all our divisions to varying degrees, which I'll discuss in more detail momentarily. Adjusted diluted earnings per share increased 21% year-over-year to $3.89, this is driven by a combination of our strong revenue growth, margin expansion of 180 basis points and 2% reduction in fully diluted share count. Turning to expense growth, we saw total adjusted expenses increased by 12%. As I mentioned earlier, incentive compensation and commissions have been significant drivers to our expense growth this year. This was true in the third quarter, and we expect it to be even more pronounced in the fourth quarter.

這是一個很大的問題，並將在不同程度上影響我們所有的部門，我將立即更詳細地討論這個問題。調整後的稀釋每股收益同比增長 21% 至 3.89 美元，這是由於我們強勁的收入增長、利潤率擴張 180 個基點以及完全稀釋股票數量減少 2% 共同推動的。至於費用成長，我們發現調整後費用總額增加了 12%。正如我之前提到的，激勵薪酬和佣金是我們今年費用成長的重要推動力。第三季確實如此，我們預期第四季這情況會更加明顯。

Overall, while incentives are driving expense growth across our divisions and the enterprise, it is also a critical component of our strategy to align employee performance with our growth and profitability. The year-over-year variance in these expenses is particularly pronounced in ratings and industry where we are seeing the largest increase in performance-based incentives. It is important to note, however, that our consolidated results impact incentive competition in every division.

總體而言，雖然激勵措施正在推動我們各部門和企業的費用成長，但它也是我們將員工績效與我們的成長和獲利能力相結合的策略的重要組成部分。這些費用的年比差異在評級和行業中尤其明顯，我們看到基於績效的激勵措施增幅最大。然而，值得注意的是，我們的綜合業績會影響每個部門的激勵競爭。

We've also seen an increasing cloud costs throughout the year as we've moved many products to the cloud and have executed 15 data centres since the IHS Markit merger closed. This increase is reflected in the core and investment growth category along our strategic investments and the increase in certain operating expenses that come naturally as a business continues to grow. We also saw increased expenses associated with traditional compensation outside of incentives and commissions, reflecting the usual course of hiring in the annual merit increases across the company.

我們還發現，自 IHS Markit 合併結束以來，我們已將許多產品轉移到雲端並建立了 15 個資料中心，因此全年雲端成本不斷增加。這種成長反映在我們策略性投資的核心和投資成長類別以及隨著業務持續成長而自然出現的某些營運費用的增加。我們還發現，除了激勵和佣金之外，與傳統薪酬相關的費用也有所增加，這反映了整個公司年度績效成長中通常的招募過程。

While important remain transparent about the drivers of expense growth is just as important to reinforce the fact that the majority of these increased expenses come as a result of strong growth and fantastic financial results today. Now turning to strategic investment areas where we continued to deliver on our initiatives supporting growth across various parts of the business. Sustainability and energy transition revenue grew 15% to $90 million in the quarter.

儘管對費用成長的驅動因素保持透明也很重要，但同樣重要的是要強調這樣一個事實：這些增加的費用大部分是由於當今的強勁增長和出色的財務業績而產生的。現在轉向策略投資領域，我們持續實施支持業務各部門成長的措施。本季永續發展和能源轉型收入成長 15%，達到 9,000 萬美元。

Growth was driven primarily by strong demand for commodity insights, energy transition subscription offerings. In private market solutions revenue increased by 22% to $134 million. Growth was driven primarily by increased traction of our product offerings in the private market services of the S&P Global ratings. For revenues synergies have exited the third quarter with an annualized run rate of $249 million. During the quarter, we recognized $72 million in revenue synergies, which came from a mix of cross-sell activity and revenue generated from new products.

成長主要是由於對商品洞察和能源轉型訂閱產品的強勁需求所推動的。私募市場解決方案營收成長 22%，達到 1.34 億美元。成長主要是由於我們的產品在標準普爾全球評級的私人市場服務中的吸引力不斷增強。就營收而言，綜效已於第三季結束，年化運作率為 2.49 億美元。本季度，我們確認了 7,200 萬美元的收入協同效應，這來自交叉銷售活動和新產品產生的收入。

Turning to our divisions, market intelligence revenue increase 6% in the third quarter. Desktop grew 8% or 1% when excluding the impact from the visible alpha acquisition. We continue to see demand for our core products and desktop, but we also faced headwinds in the financial services end market. The elevated cancellations that we discussed in prior quarters continued to impact the organic desktop growth rate, and we expect that impact to continue through at least the end of the year.

談到我們的部門，第三季市場情報收入成長了 6%。如果排除可見的 alpha 收購的影響，桌面版成長了 8% 或 1%。我們繼續看到對我們的核心產品和桌面的需求，但我們在金融服務終端市場也面臨阻力。我們在前幾個季度討論的取消訂單增加繼續影響著有機桌面成長率，我們預計這種影響至少會持續到今年年底。

Data and advisory solutions grew 5%, driven by strong demand for high growth products such as alternative data from our market data valuations and analytics product suite. Enterprise Solutions grew 5% or 11% when excluding the impact of the Fincentric divestiture. Growth was driven by strong levels of primary loan restructuring in a minimal activity and several large multi-year software. Renewables, credit and risk solutions grew 4%, lapping a difficult comparison from the prior year.

受對高成長產品（例如來自我們的市場數據評估和分析產品套件的替代數據）的強勁需求的推動，數據和諮詢解決方案增長了 5%。如果排除 Fincentric 剝離的影響，企業解決方案成長了 5% 或 11%。成長是由少量活動中強勁的初級貸款重組和幾個大型多年期軟體推動的。再生能源、信貸和風險解決方案成長了 4%，與前一年相比成長了 4%。

Growth was driven by solid subscription performance for Ratings Express across North America, along with new use cases emerging from content, externalization, and digitization. Adjusted expenses increased 8% year over year due primarily to the growth drivers around compensation, commissions and strategic investments that I previously discussed. Operating profit increased 2% and operating margin decreased 130 basis points to 32%.

北美地區的Ratings Express 穩定的訂閱業績以及內容、外部化和數位化中出現的新用例推動了成長。調整後費用年增 8%，這主要是由於我之前討論過的薪酬、佣金和策略性投資的成長驅動力。營業利益成長 2%，營業利益率下降 130 個基點至 32%。

Importantly, market intelligence margins would have expanded year over year were not for incentives and commission accruals related to the company's overall overperformance, particularly driven by stellar results in our Ratings and Indices divisions. Trailing 12-month margins expanded 60 basis points to 32.9%.

重要的是，如果沒有與公司整體超額業績相關的激勵措施和應計佣金，特別是在我們的評級和指數部門的出色業績的推動下，市場情報利潤將逐年擴大。過去 12 個月的利潤率擴大了 60 個基點，達到 32.9%。

Now turning to ratings, where we saw revenue growth accelerated to 36%, materially exceeding our internal expectations. Transaction revenue grew by 83% in the third quarter, driven by strong activity, particularly in investment grade and high-yield bonds during what has historically been a seasonally quiet summer period.

現在轉向評級，我們看到收入成長加速至 36%，大大超出了我們的內部預期。在強勁活動的推動下，第三季交易收入成長了 83%，特別是在歷來季節性淡季的夏季時期的投資等級債券和高收益債券方面。

Non-transaction revenue increased 4%. As we highlighted in the third quarter of last year, there was a one-time $19 million benefit from a cumulative catch-up related to commercial paper in 2023. Excluding the impact of that item last year, growth in non-transaction revenue would have been 8% year over year as a result of strong annual fee revenue and an increase in new rating mandates. Adjusted expenses increased 20%, primarily due to increased incentive compensation. This resulted in a 48% increase in operating profit and a 510 basis points increase in operating margin to 61.7%. For the trailing 12 months, ratings margin expanded 650 basis points to 61.9%.

非交易收入成長 4%。正如我們在去年第三季所強調的那樣，2023 年商業票據相關的累計追趕帶來了 1,900 萬美元的一次性收益。排除去年該項目的影響，由於強勁的年費收入和新評級要求的增加，非交易收入將年增 8%。調整後費用增加了 20%，主要是因為激勵薪酬增加。這使得營業利潤增加了 48%，營業利潤率增加了 510 個基點，達到 61.7%。過去 12 個月，評級利潤率擴大了 650 個基點，達到 61.9%。

And now turning to commodity insights, revenue increased 9%, driven by strong performance across the division, including double digit growth from two or four business lines. Price assessments, energy and resources, data & insights each grew 11%, driven by strength in our crude and refined product offerings. In addition, both business lines benefited from favourable commercial conditions across various regions, most notably Middle East, Africa and Asia.

現在轉向商品洞察，在整個部門的強勁業績（包括兩個或四個業務線的兩位數增長）的推動下，收入增長了 9%。在我們原油和精煉產品供應實力的推動下，價格評估、能源和資源、數據和見解均成長了 11%。此外，這兩條業務線都受益於各地區有利的商業條件，尤其是中東、非洲和亞洲。

Advisory and transaction services revenue grew by 6% or 5% when excluding the impacts from the world hydrogen leaders' acquisition. This was primarily driven by strong trading volumes across key sectors in Global Trading Services. Upstream data and insights revenue grew by 4%, driven by strong demand for subscription-based software and analytics products as well as continued improvement in retention rates. Adjusted expenses increased 10%, operating profit for commodity insights increased 8% and operating margin contracted by 60 basis points to 47.8%.

在排除世界氫能領導者收購的影響後，諮詢和交易服務收入增加了 6% 或 5%。這主要是由於全球貿易服務關鍵領域的強勁交易量所推動的。由於對訂閱制的軟體和分析產品的強勁需求以及保留率的持續提高，上游數據和洞察收入增長了 4%。調整後費用成長 10%，商品洞察營運利潤成長 8%，營運利潤率下降 60 個基點至 47.8%。

Similar to market intelligence, commodity insights margins would have expanded were not for incentive fee and commission accruals related to the enterprises overperformance. Trailing 12-month margin increased by 50 basis points to 46.7%.

與市場情報類似，如果沒有與企業超額績效相關的激勵費和佣金應計費用，商品洞察利潤率本來會擴大。過去 12 個月利潤率增加了 50 個基點，達到 46.7%。

Now turning to mobility, revenue increased 9% year over year, driven by double digit growth in two of three business lines. Dealer revenue increased 10% year over year, driven by strong subscription growth across CARFAX offerings. Manufacturing revenue growth accelerated to 2%, driven by a strong quarter of subscription sales.

現在轉向行動性，在三個業務線中有兩個兩位數成長的推動下，營收年增 9%。受 CARFAX 產品訂閱量強勁成長的推動，經銷商營收年增 10%。在訂閱銷售強勁的季度推動下，製造業收入成長加速至 2%。

As expected, we continued to see lower transactional revenue related to our recalled business, which can fluctuate based on the level recall activity in any given period. Financials and other increased 12% as a business line benefited from strong underwriting volumes and increased market penetration. Adjusted expenses increased 9%. This resulted in operating profit increasing by 8% for the quarter and an operating margin of 42.2%, which is unchanged compared to the prior year period.

正如預期的那樣，我們繼續看到與召回業務相關的交易收入下降，該收入可能會根據任何特定時期的召回活動水平而波動。金融及其他業務成長 12%，受益於強勁的承保量和市場滲透率的提高。調整後費用增加 9%。這導致本季營業利潤成長 8%，營業利潤率為 42.2%，與去年同期相比沒有變化。

Trailing 12-month margin contracted by 20 basis points to 38.8%. Now turning to S&P, Dow Jones Indices, revenue increased 18%, primarily driven by strong growth in Asset-Linked Fees which benefited from higher AUM. Asset-Linked Fees were up 22%, driven by market appreciation and inflows. For the third quarter, our global ETF AUM exceeded $4 trillion while we acquired a substantial portion of USETF equity flows. Exchange traded derivatives revenue grew 16%, primarily driven by strong volumes across our equity complex products.

過去 12 個月利潤率收縮 20 個基點至 38.8%。現在轉向標準普爾道瓊斯指數，收入增長了 18%，主要是由於資產掛鉤費用的強勁增長推動了資產掛鉤費用的強勁增長，而資產掛鉤費用受益於資產管理規模的提高。在市場升值和資金流入的推動下，資產掛鉤費用上漲了 22%。第三季度，我們的全球 ETF 資產管理規模超過 4 兆美元，同時我們收購了很大一部分 USETF 股權流量。交易所交易的衍生性商品收入成長了 16%，主要是由於我們的股票綜合產品銷售強勁。

Data and customer subscriptions increased 5% year over year. The commercial initiatives we have previously discussed are beginning to benefit this business line as ACV in the largest product group, increased mid teens in the third quarter. Adjusted expenses increased 15% year over year, primarily due to increased incentive compensation. Indices operating profit increased 19% and operating margin expanded by 80 basis points to 70.2%.

數據和客戶訂閱量較去年同期成長 5%。我們之前討論過的商業計劃正開始使該業務線受益，因為最大產品組中的 ACV 在第三季度增長了十幾歲。調整後費用年增 15%，主要是因為激勵薪酬的增加。指數營業利益成長 19%，營業利益率擴大 80 個基點至 70.2%。

On a trailing 12-month basis indices operating margin expanded by 200 basis points to 70%. As an enterprise, we delivered an unexceptional quarter with robust growth while managing expenses prudently. Our diverse product suite is contributing to our strong results and reinforcing the benefits we realized from having these incredible global brands together. I'm pleased with our team's strong execution during this period and look forward to finishing the year on a high note. And with that, I will now turn the call to Martina, provide an update on our leadership transition.

以過去 12 個月為基礎，指數營業利益率擴大了 200 個基點，達到 70%。作為一家企業，我們在謹慎管理開支的同時實現了強勁成長的不尋常季度。我們多樣化的產品套件為我們取得了強勁的業績做出了貢獻，並加強了我們透過將這些令人難以置信的全球品牌結合在一起而獲得的好處。我對我們團隊在此期間的強勁執行力感到滿意，並期待以高調結束這一年。現在，我將致電瑪蒂娜，提供有關我們領導層過渡的最新資訊。

Martina?

瑪蒂娜？

Thank you, Chris. Over the 14 years that I've been at S&P Global and under Doug's leadership have come to appreciate how this company has gone from strength to strength that development and our consistent track record of strong performance has been built on trusted brands, exceptional talent and a disciplined focus on exceeding our clients' expectations.

謝謝你，克里斯。在S&P Global 工作的14 年裡，在道格的領導下，我逐漸體會到這家公司是如何不斷壯大的，其發展和我們一貫的強勁業績記錄是建立在值得信賴的品牌、卓越的人才和嚴格專注於超越客戶的期望。

Over the last few months, I've been deeply engaged with our Board of Directors and every internal and external stakeholder group to make sure we continue that legacy of growth and customer delight. Dough and I've met jointly with many of our largest customers to hear directly from them how best we can position S&P levels to meet their needs in the coming years. I've also met with strategic partners, shareholders, regulators and vendors to make sure that we, as a leadership team had a clear understanding of the varying needs of each group so we can prioritize our investments in both time and capital in the most effective ways.

在過去的幾個月裡，我一直與我們的董事會以及每個內部和外部利害關係人團體進行深入接觸，以確保我們繼續保持成長和客戶滿意度的傳統。我和 Dough 與許多最大的客戶共同會面，直接聽取他們的意見，我們如何才能最好地定位標準普爾水平，以滿足他們未來幾年的需求。我還與策略夥伴、股東、監管機構和供應商會面，以確保我們作為領導團隊清楚地了解每個群體的不同需求，以便我們能夠以最有效的方式優先考慮時間和資本的投資。

I have spent a significant amount of time with our internal product, commercial and analytical teams as well. While I had broad experience in my career, including the privilege of leading two of our largest divisions, it's vital to me that I have a current and timely view of our products, our customer pain points, our innovation pipeline, our operations and the environment in which we're currently operating. I had met with leaders across the organization to gain insights into all these key areas.

我也花了很多時間與我們的內部產品、商業和分析團隊相處。雖然我在職涯中擁有豐富的經驗，包括有幸領導我們最大的兩個部門，但對我來說至關重要的是，我必須對我們的產品、客戶痛點、創新管道、營運和環境有及時的了解我們目前正在其中運作。我會見了整個組織的領導者，以深入了解所有這些關鍵領域。

And this will remain an important part of how our leadership team maintains a customer centric innovative and performed strategy going forward. I have also spent time hearing directly from our people on the topics that matter most to them and hosted nearly 40 town hall meeting, roundtable discussions and deep dives sessions across the organization to discuss everything from culture to organizational design and to make sure that our leadership is accessible and transparent with our people around the world.

這仍然是我們的領導團隊如何保持以客戶為中心的創新和執行策略的重要組成部分。我還花時間直接聽取員工對他們最關心的話題的意見，並在整個組織內主持了近40 場市政廳會議、圓桌討論和深入探討會議，討論從文化到組織設計的各個方面，並確保我們的領導層對我們世界各地的人們來說是可以訪問和透明的。

These experiences have made it crystal clear to me how incredible this organization is. Our core products are strong, our people are remarkable. There's a real sense of pride, excitement and optimism as we look to expand our vision of what we can accomplish in the coming years. Now many of you saw last week, we announced several leadership changes to ensure we have the right team in place to deliver this expanded vision. We have a strong culture developing leaders at S&P Global, and it's a testament to that culture that six of the seven leaders on this slide who are taking on new roles are internal promotions.

這些經驗讓我清楚地體認到這個組織是多麼不可思議。我們的核心產品很強大，我們的員工也很出色。當我們展望未來幾年能夠實現的目標時，我們會感到真正的自豪、興奮和樂觀。你們中的許多人上週都看到，我們宣布了幾項領導層變動，以確保我們擁有合適的團隊來實現這一擴展的願景。S&P Global 擁有培養領導者的強大文化，這張幻燈片上擔任新職務的七名領導者中有六人是內部晉升，這證明了這種文化。

As we announced it last week, we are thrilled to welcome Eric Aboaf as our new CFO, and we expect him to join in February 2025. Eric brings a wealth of experience as a CFO in the financial services sector and have very strong track record of exactly the type of disciplined execution that we hope to continue here at S&P Global. We also announced last week that we are making some changes in our division leadership. Effective November 1, Saugata Saha will become the President of our market intelligence division having a previously led commodity insights. Yann Le Pallec will become the President of S&P Global Ratings, having most recently served as Global Head of rating services. We will have Co-Presidents of commodity insights Mark Eramo, who is our current Head of the fuels, chemicals and resource solutions business and Dave Ernsberger, who currently leads the market reporting and trading solutions business.

正如我們上週宣布的那樣，我們很高興歡迎 Eric Aboaf 擔任我們的新財務官，我們預計他將於 2025 年 2 月加入。Eric 在金融服務領域擔任財務官，擁有豐富的經驗，並且在嚴格執行紀律方面擁有良好的記錄，我們希望在 S&P Global 繼續保持這種紀律性。我們上週也宣布將對部門領導層進行一些調整。自 11 月 1 日起，Saugata Saha 將成為我們市場情報部門的總裁，此前曾領導過大宗商品洞察。Yann Le Pallec 將成為標普全球評級總裁，此前擔任評級服務全球主管。我們將有商品洞察聯合總裁馬克·埃拉莫（Mark Eramo）和戴夫·厄恩斯伯格（Dave Ernsberger），前者是我們現任燃料、化學品和資源解決方案業務主管，後者目前領導市場報告和交易解決方案業務。

S&P Global mobility will continue under the leadership of Edouard Tavernier and S&P Dow Jones Indices will continue to be led by Dan Draper. In addition to our division leadership, I also wanted to highlight two horizontals functions that we've introduced. First, in addition to his role as President of market intelligence Saugata Saha, will also serve as our Chief Enterprise Data Officer. In that role, Saugata, will lead enterprise-wide efforts to expand and connect S&P Global SaaS data estate, harnessing the full potential of the company's data capabilities for our customers. Lastly, Sally Moore will be assuming the newly created role of Chief Client Officer.

標準普爾全球流動性將​​繼續由愛德華·塔維尼爾 (Edouard Tavernier) 領導，標準普爾道瓊斯指數將繼續由 Dan Draper 領導。除了我們的部門領導之外，我還想強調我們引入的兩個橫向職能。首先，除了擔任市場情報總裁 Saugata Saha 之外，他還將擔任我們的首席企業數據長。在此職位上，Saugata 將領導整個企業範圍內擴展和連接 S&P Global SaaS 資料資產的工作，為我們的客戶充分利用公司資料能力的潛力。最後，莎莉摩爾將擔任新設立的首席客戶長一職。

Given the immense breadth of the data products and services that S&P Global brings to the markets, we often meet with customers who are buying several products from various divisions. As current Head of Strategy, M&A and partnerships, Sally has a deep understanding of our capabilities and strong relationships across the industry. In her new role, she will lead our commercial initiatives across the company to make sure that we are bringing the full power of S&P Global to our largest clients and shall establish an enterprise-wide capabilities to drive strategic account management at scale.

鑑於 S&P Global 為市場帶來的數據產品和服務的廣泛性，我們經常會遇到從不同部門購買多種產品的客戶。作為現任策略、併購和合作夥伴關係主管，Sally 對我們的能力以及整個產業的牢固關係有著深入的了解。在她的新角色中，她將領導我們整個公司的商業計劃，以確保我們將 S&P Global 的全部力量帶給我們最大的客戶，並建立企業範圍的能力來大規模推動策略客戶管理。

With our executive leadership team in place, we are in a strong position to execute against well-defined strategic initiatives. Benchmarks, private markets, sustainability and energy transition, enterprise data and generative AI, were all topics that we discussed at our Investor Day in 2022. And we plan to continue our strategic focus and investments in these areas.

有了我們的執行領導團隊，我們就能夠執行明確的策略計畫。基準、私人市場、永續發展和能源轉型、企業數據和生成人工智慧，都是我們在 2022 年投資者日討論的主題。我們計劃繼續在這些領域進行策略重點和投資。

Back in July, we established teams that senior leaders from across the organization to do deep reviews in the key strategic areas that we believe are aligned to our core competencies, competitive advantages and market opportunities. And it was encouraging to see the work these teams delivered as we believe each of these areas remains an attractive investment, and we identified important opportunities to drive incremental growth beyond what we had previously considered.

早在 7 月，我們就成立了由整個組織的高階領導組成的團隊，對我們認為與我們的核心能力、競爭優勢和市場機會相符的關鍵策略領域進行深入審查。看到這些團隊所做的工作令人鼓舞，因為我們相信每個領域仍然是一項有吸引力的投資，我們發現了推動增量成長超越我們先前考慮的重要機會。

We will have more to say about the strategic initiatives over time, but I wanted to assure you all that we continue to see very strong on potential in each of these areas. We remain committed to transparency and accountability around the investments we're making and the impact we're seeing on our performance as a result.

隨著時間的推移，我們將更多地談論這些策略舉措，但我想向大家保證，我們仍然看到這些領域的巨大潛力。我們仍然致力於我們正在進行的投資以及我們所看到的對我們業績的影響的透明度和問責制。

Now turning to our outlook for the remainder of 2024. Our financial guidance assumes global GDP growth of 3.2%, US inflation of 2.9% and an average price for Brent crude of $81 per barrel. These are all roughly in line with our previous expectations. While there's some variation and market expectations around the pace of rate cuts through the end of the year, our base case assumption is that we see at least one more rate cuts this year in the US, while encouraging for various parts of our business going forward, we would not expect the number of rate cuts in the remainder of 2024 to drive much variation in our financial results for 2024.

現在轉向我們對 2024 年剩餘時間的展望。我們的財務指引假設全球 GDP 成長 3.2%，美國通膨率為 2.9%，布蘭特原油平均價格為每桶 81 美元。這些都大致符合我們先前的預期。儘管到年底的降息速度存在一些變化和市場預期，但我們的基本假設是，美國今年至少還會再降息一次，同時對我們業務的各個部分的未來發展產生鼓勵，我們預計2024 年剩餘時間內的降息次數不會導致我們2024 年的財務表現太大變動。

Given stability in our macroeconomic outlook and the significant outperformance. Since we last provided guidance, we are increasing our outlook for 2024. We are increasing our billed issuance forecast for 2024 by 25% points. Given the outperformance in Q3 and our expectation that Q4 will likely see positive growth in billed issuance, we are now expecting total billed issuance to increase approximately 50% in 2024. These factors, combined with the exceptional results year to date, inform our decision to substantially increase our full year financial guidance for the company once again.

鑑於我們宏觀經濟前景的穩定性和顯著的優異表現。自從我們上次提供指導以來，我們正在提高對 2024 年的展望。我們將 2024 年的計費發行預測提高了 25%。鑑於第三季的優異表現以及我們預計第四季度票據發行量可能會出現正增長，我們目前預計 2024 年票據發行總量將增長約 50%。這些因素，加上今年迄今的出色業績，使我們決定再次大幅提高公司的全年財務指導。

This slide illustrates our current guidance for GAAP results. We are once again raising our enterprise outlook for the full year on all headline metrics, given the strength of the third quarter and our improved outlook for the fourth quarter. We now expect revenue growth in the range of 11.5% to 12.5%, adjusted margin expansion of 200 basis points to 250 basis points and adjusted diluted EPS in the range of $15.10 to $15.30, representing a 70% to 75% increase from our prior guidance.

這張投影片說明了我們目前對 GAAP 結果的指導。鑑於第三季的強勁表現以及第四季前景的改善，我們再次上調了全年所有總體指標的企業前景。我們目前預期營收成長在11.5% 至12.5% 範圍內，調整後利潤率擴張200 個基點至250 個基點，調整後攤薄每股收益在15.10 美元至15.30 美元範圍內，較我們先前的指引增長70%至75% 。

Additional details on our consolidated financial guidance can be found in our press release, but I also wanted to know we have increased our guidance for adjusted free cash flow to approximately $5.2 billion, up $500 million from our prior guidance. As I'll discuss in a moment, we continue to balance near-term profitability with the need to invest for future growth, and we continue to prioritize long-term profitable growth for the company as a whole.

有關我們綜合財務指引的更多詳細信息，請參閱我們的新聞稿，但我還想知道我們已將調整後自由現金流指引提高至約 52 億美元，比之前的指引增加了 5 億美元。正如我稍後將討論的，我們繼續平衡近期獲利能力與未來成長投資的需要，並且我們繼續優先考慮整個公司的長期獲利成長。

The strength of our market driven businesses so far in 2024 provides us with an opportunity to invest in our products, our people and our brands across divisions, while still delivering significant outperformance at the enterprise level. And that will be reflected in our outlook today. Specifically, as Chris discussed earlier, the strong outperformance thus far this year, will increase incentive compensation across the company in 2024 and will also provide capital to pull forward some planned future investment in technology into this year. This is a good thing.

2024 年迄今，我們市場驅動型業務的實力為我們提供了跨部門投資產品、員工和品牌的機會，同時仍在企業層面取得顯著的優異績效。這將反映在我們今天的展望中。具體來說，正如克里斯之前討論的那樣，今年迄今為止的強勁表現將增加 2024 年整個公司的激勵薪酬，並將提供資金以將一些計劃的未來技術投​​資推進到今年。這是一件好事。

And while it has the combined impact of tempering potential margin expansion in some divisions in 2024, we firmly believe that investing in our products and people will enhance our ability to deliver stronger enterprise financial results over the long term.

雖然它會抑制 2024 年某些部門潛在利潤擴張的綜合影響，但我們堅信，對我們的產品和人員的投資將增強我們長期提供更強勁企業財務業績的能力。

Moving to our divisional outlook, given the continued headwinds that Doug mentioned facing our financial services customers, we are tightening the range from market intelligence revenue growth in 2024. We now expect growth in the range of 6% to 6.5%. Following the very strong third quarter and the improved outlook for the fourth quarter, we are raising the guidance range for radiation is revenue growth by 12 percentage points and now expect revenue in the range of 26% to 28% for the full year. While this represents an even more significant increase from the initial guidance we provided back in February, we remind investors that our guidance reflects our expectations based on the best information and estimates available at the time. And ratings remains largely a market driven business that is difficult to predict in the near term.

轉向我們的部門前景，鑑於道格提到的我們的金融服務客戶面臨的持續阻力，我們正在收緊 2024 年市場情報收入成長的範圍。我們目前預計成長範圍為 6% 至 6.5%。繼第三季表現強勁以及第四季前景改善後，我們將輻射收入成長指引提高了 12 個百分點，目前預計全年營收將在 26% 至 28% 範圍內。雖然這比我們在 2 月提供的初步指引有更顯著的成長，但我們提醒投資者，我們的指引反映了我們基於當時可用的最佳資訊和估計的預期。評級在很大程度上仍然是一項市場驅動的業務，短期內很難預測。

The issuance environment in 2024 has progressed well beyond what we expected at the beginning of the year. And we have adjusted our guidance as we saw the market dynamics evolving throughout the year. We are pleased that our decisions to preserve and invest in capacity in prior years have allowed us to meet the elevated demand in 2024, and we look forward to finishing the year strong.

2024年的發行環境進展遠遠超出我們年初的預期。隨著我們看到全年市場動態的變化，我們調整了我們的指導。我們很高興前幾年做出的保留和投資產能的決定使我們能夠滿足 2024 年不斷增長的需求，我們期待今年的強勁表現。

In commodity insights, we are tightening the range and raising the low end to reflect the strength we've seen throughout the year. We now expect revenue growth in the range of 9% to 9.5%. In mobility, we are tightening the range as well, and we now expect revenue in the range of 8% to 8.5%. Lastly in the indices, the continued strength in AUM exchange traded derivatives and subscription ACV led to an improved outlook for the year. We are raising our guidance by 3 percentage points to a new the range of 13% to 15%. Turning to division margins.

在商品洞察方面，我們正在收緊範圍並提高低端，以反映我們全年看到的實力。我們目前預計營收成長在 9% 至 9.5% 之間。在移動性方面，我們也在收緊範圍，我們現在預計收入在 8% 至 8.5% 範圍內。最後，在指數方面，交易所交易衍生性商品 AUM 和認購 ACV 的持續走強導致今年前景有所改善。我們將指導值上調 3 個百分點，達到 13% 至 15% 的新範圍。轉向部門利潤。

In market intelligence, we now expect margins in the range of 32.5% to 33% tightening and slightly lowering our prior range due to the updated revenue outlook and the elevated expenses associated with compensation that were discussed earlier. In ratings, we now expect higher revenue to improve margins as well and now expect full year margins in the range of 61% to 62%. In commodity insights, we are tightening the guidance to a range of 46.5% to 47%, reflecting the strong revenue growth, planned strategic investments, and the end impact of compensation expenses. In mobility, we are tightening the guidance to a range of 38.5% to 39%, reflecting the performance year to date and the continued investments to drive future growth. In indices, we expect higher growth to drive improved margins, somewhat offset by incentive compensation and strategic investments.

在市場情報中，由於收入前景的更新以及前面討論的與薪酬相關的費用增加，我們現在預計利潤率將收緊並略微降低我們之前的範圍，即 32.5% 至 33%。在評級方面，我們現在預計更高的收入也會提高利潤率，目前預計全年利潤率在 61% 至 62% 之間。在商品洞察方面，我們將指導範圍收緊至 46.5% 至 47%，反映了強勁的收入成長、計畫中的策略性投資以及薪資支出的最終影響。在流動性方面，我們將指導範圍收緊至 38.5% 至 39%，反映了今年迄今的業績以及推動未來成長的持續投資。在指數方面，我們預期較高的成長將推動利潤率的提高，但激勵薪酬和策略投資會在一定程度上抵消這一影響。

We now expect margins in the range of 69.5% to 70.5%. As we continue to prioritize enterprise growth and identify areas for incremental investment in both people and products, we are thrilled to be able to make those incremental investments while still passing on much of the revenue upside from this year to the margins. Compared to the initial guidance we provided at the beginning of the year, we now expect five to six percentage points more revenue growth, 100 basis points to 150 basis points of further margin expansion and nearly 10% higher adjusted EPS. We believe that this enterprise mindset and focus on solving for the collective whole will drive strong, profitable growth and long-term shareholder value for years to come.

我們現在預計利潤率在 69.5% 至 70.5% 之間。隨著我們繼續優先考慮企業成長並確定人員和產品方面需要增量投資的領域，我們很高興能夠進行這些增量投資，同時仍將今年的大部分收入成長轉嫁給利潤。與我們年初提供的初步指引相比，我們現在預計營收成長將增加 5 至 6 個百分點，利潤率將進一步擴大 100 個基點至 150 個基點，調整後每股盈餘將增加近 10%。我們相信，這種企業思維和專注於解決整體問題將在未來幾年推動強勁的獲利成長和長期股東價值。

With that, we will turn the call back to Mark for your questions.

這樣，我們會將電話轉回給馬克，詢問您的問題。

Thank you, Martina. (Operator Instructions)

謝謝你，瑪蒂娜。（操作員說明）

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Thanks for taking the question. I just wanted to drill down further on the MI segment, the execution that has been a bit choppy and so just as we think about with the new leadership changes and some of the portfolio rationalization that we have seen, is there further opportunity for more rationalization there? Or how do we get there the business on a more steady execution, thanks.

感謝您提出問題。我只是想進一步深入研究 MI 領域，執行有點不穩定，因此，正如我們思考新的領導層變動和我們所看到的一些投資組合合理化，是否還有進一步合理化的機會那裡？或者我們如何更穩定地執行業務，謝謝。

Hi, Ashish, it's Martini here. Thank you very much for the question. Well in market intelligence as we said during the prepared remarks, we've certainly seen a little bit of an uptick there and cancellations and some of our smaller customers. We have talked about some pricing pressure, tightening of budgets and some longer sales cycles.

嗨，阿什什，我是馬蒂尼。非常感謝你的提問。正如我們在準備好的發言中所說的那樣，在市場情報方面，我們確實看到了一些成長和取消以及一些較小的客戶。我們已經討論了一些定價壓力、預算緊縮和一些更長的銷售週期。

I think an important point here is that this is really around the end markets, Ashish and some of the headwinds that we're seeing with those end markets. Now as we move forward, we're continuing to drive innovation in our products within market intelligence. We're very focused on touch points with our customers and making sure we're meeting their needs. And maybe I would say, while these are some cyclical headwinds and it's a little bit difficult to call where a trough might be here. But we're very confident that the value we're creating for the customers will be evident as we move through a cyclical recovery there as well.

我認為這裡重要的一點是，這實際上是圍繞終端市場、Ashish 以及我們在這些終端市場看到的一些不利因素。現在，隨著我們的前進，我們將繼續在市場情報中推動我們產品的創新。我們非常注重與客戶的接觸點，並確保滿足他們的需求。也許我會說，雖然這些都是一些週期性的逆風，但很難判斷這裡可能會出現低潮。但我們非常有信心，隨著我們也經歷週期性復甦，我們為客戶創造的價值將是顯而易見的。

And perhaps to answer your question on the portfolio optimization piece of it, yes, we've announced two divestitures this year, but this is part of our ongoing model around portfolio optimization. We are always very disciplined and examining businesses and product lines across the company to make sure there are fit for our strategy and that we are the right owners that those businesses. And so that's something that will continue to do in the future.

也許是為了回答您關於投資組合優化部分的問題，是的，我們今年宣布了兩次資產剝離，但這是我們圍繞投資組合優化正在進行的模型的一部分。我們總是非常自律，並檢查整個公司的業務和產品線，以確保它們適合我們的策略，並且我們是這些業務的正確所有者。因此，這將是未來繼續做的事情。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. Martina, I wanted to ask you a bit of a broad question about where you see as the biggest areas of opportunity for investment in your mind. Just any I imagine AI is probably up there, but just any others you've identified where you feel like the opportunity is really there for the company? Thanks.

非常感謝。瑪蒂娜，我想問你一個廣泛的問題，關於你認為哪裡是你心目中最大的投資機會領域。我認為人工智慧可能就在那裡，但你認為公司確實有機會的其他地方呢？謝謝。

Hi, Toni. Thanks for the question. I as we said in the opening remarks, we spent a lot of time in the last several months collectively, the team myself about meeting with customers and quite frankly, this is a phenomenal business and one that we, as a new leadership team will have to make even better. I highlighted five secular trends in the presentation and in each of these five we had discussed during the investor day in 2022. And I'll tell you the thing that got me most excited is not only is it was the work that we did in the last months and the reaffirmation of the strategy that we have. But we've also identified other areas within those five where we think we've got good opportunities for maybe new incremental growth. So those would be the things I would highlight there and a lot of excitement with the new leadership team to go after it.

嗨，托尼。謝謝你的提問。正如我們在開場白中所說，在過去的幾個月裡，我們團隊花了很多時間與客戶會面，坦率地說，這是一項非凡的業務，我們作為新的領導團隊將擁有這樣的業務做得更好。我在演講中強調了五個長期趨勢，我們在 2022 年投資者日討論了這五個趨勢。我會告訴你，最讓我興奮的事情不僅是我們在過去幾個月所做的工作以及對我們策略的重申。但我們也確定了這五個領域中的其他領域，我們認為這些領域可能有很好的機會實現新的增量成長。因此，這些就是我要強調的事情，並且對新領導團隊的追求感到非常興奮。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. Martina, I was just wondering with all the work you've done leading up to taking overhead. You know, I think you ended with a question on the comment on solving for the collective whole in. It seems like with five big business as well as a whole lot going on. So, I was just curious if the comment you made calculation and MI if you have any thoughts on the broader company and portfolio in terms of where it stand today.

謝謝。瑪蒂娜，我只是想知道你為承擔管理費用所做的所有工作。你知道，我想你最後提出了一個關於解決集體整體問題的評論問題。看起來有五個大生意以及很多事情正在發生。所以，我只是好奇你是否對更廣泛的公司和投資組合的現狀有任何想法，以及你所做的計算和 MI 的評論。

Hi, Manav and thanks so much for the question. Look, you've seen us be very disciplined around capital management and over the past several years and very specifically under Doug as CEO. And we're going to remain committed to capital management and returns to our shareholders. So, I'll start by saying that with that, we will continue to look at whether it's M&A, whether it's portfolio management with the same level of discipline that we always do. And as I said in the last question, we're going to test constantly, are we the right owners for businesses, are we reinvesting the right amount, or should we be reprioritizing and redirecting investments. And those are all things that we do as a new leadership team going forward.

你好，馬納夫，非常感謝你的提問。看，您已經看到我們在資本管理方面非常嚴格，在過去幾年中，特別是在道格擔任執行長的領導下。我們將繼續致力於資本管理和股東回報。因此，我首先要說的是，我們將繼續關注是否是併購，是否是與我們一致所做的同樣嚴格的投資組合管理。正如我在上一個問題中所說，我們將不斷測試，我們是否是企業的正確所有者，我們是否進行了正確的再投資，或者我們是否應該重新確定投資的優先順序和重新調整投資方向。這些都是我們作為新的領導團隊未來要做的事情。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

Good morning. Thanks for taking my question. I just wanted to hit on the synergy topic. I mean, good to see that run rate increasing there. And just wondering in the context maybe some of the choppiness that we're seeing in market intelligence and the outperformance in some of the other segments. Are we seeing any sort of change in geography in terms of where the synergies are impacting by division?

早安.感謝您提出我的問題。我只是想談談協同作用的話題。我的意思是，很高興看到運行率在那裡增加。只是想知道在這種情況下，我們在市場情報中看到的一些波動以及其他一些細分市場的表現是否出色。就協同效應受到分工影響的方面而言，我們是否看到了地理上的任何變化？

Thanks, Scott. This is Doug. When we look at the synergy performance of the company, we're very pleased across the board. We're ahead of us of what we've had with our expectations.

謝謝，斯科特。這是道格。當我們看到公司的協同績效時，我們對整體感到非常滿意。我們的表現超出了我們的預期。

We see in particular cross-sell as one of the areas that has done incredibly well. I want to talk about cross-selling talk about cross-sell intra division. We are also very excited about the new role that Sally Moore is going to have, which is going to bring up a lot more opportunity across divisions for cross-sell. And then within the divisions on new products, new services, we've been quite successful, getting things out in it. For example, we've had 23 new products this year so far for market intelligence. Those products are all doing well, and we continue to be on track to do deliver synergies.

我們特別認為交叉銷售是做得非常好的領域之一。我想談談交叉銷售，談談部門內的交叉銷售。我們也對莎莉摩爾將擔任的新角色感到非常興奮，這將為跨部門的交叉銷售帶來更多機會。然後在新產品、新服務的部門中，我們非常成功，並取得了一些成果。例如，今年到目前為止，我們已經推出了 23 款新產品用於市場情報。這些產品都表現良好，我們將繼續有望實現協同效應。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Hi, thank you. I wanted to ask about ratings. I think, Doug, in your comments you mentioned some pull forward from 2025 and even 2026. This year, it's certainly been a very strong year for issuance. And I'm curious if you have any early thoughts around 2025. And I know a few years ago, you talked about a 6% to 9% of the long-term growth rate over 25% to 26% growth rate. Do you think that is achievable and what are some of the factors to consider?

你好，謝謝。我想問一下收視率。Doug，我認為您在評論中提到了 2025 年甚至 2026 年的一些進展。今年無疑是發行非常強勁的一年。我很好奇您對 2025 年左右是否有任何早期想法。我知道幾年前，您談到了6％至9％的長期增長率超過25％至26％的增長率。您認為這是可以實現的嗎？

Hi, Faiza, this is Martina. Thanks so much for the question. Yes, we have seen certainly a higher level of issuance than we anticipated earlier in the year. And this is the third time, I believe that we've seen that we've raised guidance for ratings. The business itself when it comes to refinancing and the levels that we've seen of pull-forward, etc. If we look at 2025 maturities and where they stand right now, how much was pulled forward into 2024, it's not dramatically different from what we would have seen in the last couple of years. And so, when we say as we usually do in our calls, that there is a healthy maturity wall anywhere from $2 trillion to $2.8 trillion each year over the next five years. That is still very much the case for us.

嗨，法伊扎，我是瑪蒂娜。非常感謝您的提問。是的，我們確實看到了比我們今年早些時候預期的更高的發行水平。我相信這是我們第三次提高評級指引。業務本身在再融資方面以及我們所看到的提前水平等。太大不同我們在過去幾年就會看到。因此，當我們像通常在電話會議中那樣說時，未來五年每年都會有 2 兆美元到 2.8 兆美元的健康到期牆。對我們來說，情況仍然如此。

Now we always also say that we can't predict with exact precision, the actual timing of refinancing and so much about this year, for example, has been related to spreads. So, to the extent that we see certain things continuing to move ahead, that could impact more pull forward or less move forward. Moreover, I would say for us, the biggest correlation in issuance overall is actually GDP growth.

現在我們也總是說，我們無法準確預測再融資的實際時間，例如今年的許多事情都與利差有關。因此，如果我們看到某些事情繼續向前發展，這可能會影響更多的前進或更少的前進。此外，我想說，對我們來說，整體發行量最大的相關性實際上是 GDP 成長。

And so this is something that we would pay very close attention to over the next several years as we think about the ratings business and any of the other businesses that are impacted by GDP growth. And then finally, to your point on the 6% to 9% Investor Day, this was really a target from '23 to 2025, 2026 for a multiyear target. And I would say for the enterprise as a whole, we are very much on track for reaching that target and with ratings.

因此，當我們考慮評級業務和任何其他受 GDP 成長影響的業務時，我們將在未來幾年密切關注這一點。最後，就您在 6% 至 9% 投資者日的觀點而言，這實際上是從 23 日到 2025 年、2026 年的多年目標。我想說，對於整個企業來說，我們非常有望實現該目標和評級。

David Motemaden, Evercore.

大衛莫特馬登，Evercore。

Hey thanks. Good morning. Just wanted to follow up on the competition and market intelligence. It sounded like that the pricing competition picked up a little bit this quarter. I'm wondering if you could just elaborate on that and maybe secondly, specifically within market intelligence. Martina, if you're thinking about maybe incremental areas of investment that are needed to reach the 7% to 9% revenue growth target. Thank you.

嘿謝謝。早安.只是想跟進競爭和市場情報。聽起來本季的定價競爭加劇。我想知道您是否可以詳細說明這一點，也許其次，特別是在市場情報方面。Martina，如果您正在考慮實現 7% 至 9% 收入成長目標所需的增量投資領域。謝謝。

Great. Thanks, David. Let me start, as we've mentioned, there has been headwinds on this area for many, many quarters. This isn't something new for us. We saw this when the investment banks and that both the buy side and the sell side, we're pulling back when inflation has gone up quite dramatically. Interest rates were spiking. There were a lot of trends which have slowed down the environment. We've seen the slowdown of the sales cycle. So as opposed to business, certainly being pricing, we have seen some price sensitivity. This is just a residual impact of all of the changes and the expense management that we saw in the area.

偉大的。謝謝，大衛。首先，正如我們所提到的，這個領域在許多季度都面臨阻力。這對我們來說不是什麼新鮮事。當通貨膨脹大幅上升時，投資銀行以及買方和賣方都在撤資，我們就看到了這一點。利率飆升。有很多趨勢減緩了環境的發展。我們看到銷售週期放緩。因此，與商業（當然是定價）相反，我們看到了一些價格敏感度。這只是我們在該領域看到的所有變化和費用管理的殘餘影響。

We have seen something that we discussed. We call vendor consolidation that historically has been very beneficial to us. We have the kind of data sets in a way that many organizations where we start talking with them, they don't realize how many things we have. It gives us an opportunity to bring more and more capabilities where we have these discussions. So yes, we have seen some consolidation, we've seen some sales cycle slowdown, we've seen some pricing pressure overall, but it is an incredibly strong business. The synergies have been coming along and the integration's gone incredibly well, Martina over to you.

我們已經看到了我們討論過的東西。我們稱之為供應商整合，這在歷史上對我們非常有利。我們擁有這樣的資料集，許多組織在我們開始與他們交談時，他們並沒有意識到我們擁有多少東西。它使我們有機會在討論中引入越來越多的功能。所以，是的，我們看到了一些整合，我們看到了一些銷售週期放緩，我們看到了總體上的一些定價壓力，但這是一項非常強勁的業務。綜效一直在顯現，整合進展得非常順利，瑪蒂娜（Martina）交給你了。

Thanks, Doug, and thanks for the question. I would say that as it relates to market intelligence growth rates going forward, as Doug commented, and so we've discussed in the earlier remarks as well. This is really a story of end markets, and we're not we're never going to be the one to call it trough, but we very firmly believe that with the increased touch points, the innovation that we've seen in the business as we come through the recovery, we'll see the value come back into some of the areas that have been little challenge to out with the end market challenges that we've seen so far. Thanks for the question.

謝謝道格，也謝謝你的提問。我想說的是，正如道格評論的那樣，這與未來的市場情報增長率有關，因此我們也在之前的評論中進行了討論。這確實是一個終端市場的故事，我們永遠不會成為那個稱之為低谷的人，但我們非常堅信，隨著接觸點的增加，我們在業務中看到的創新當我們經歷復甦時，我們將看到價值重新回到一些領域，這些領域在我們迄今為止所看到的終端市場挑戰中幾乎沒有受到挑戰。謝謝你的提問。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Thank you. Doug, I just want to say, and I thought you've done a great job running the company here just for last 11 years. I wish all the best going forward here. You're a tough act for Martina to follow here. But Martina my question to you is, as you think about what your plans for the company here, what do you plan on potentially doing different here going forward? Of course, we don't want to screw up anything here, it's the number one thing. But what are your plans to potentially do anything different here to enhance shareholder value? Thank you.

謝謝。道格，我只想說，我認為你在過去 11 年裡在這裡經營公司做得很好。我祝這裡一切順利。對瑪蒂娜來說，你在這裡很難效法。但瑪蒂娜，我問你的問題是，當你思考你對公司的計劃時，你計劃未來在這裡做哪些不同的事情？當然，我們不想在這裡搞砸任何事情，這是第一件事。但是，您計劃採取哪些不同的措施來提高股東價值？謝謝。

Thanks for the question, Craig and I completely agree with you that Doug is very hard act to follow. I can tell you, we are focused really here on this wonderful company as great as it is and how much better we can make it. And the new leadership team, as it's been announced, Doug have some different functions and what we had before. And those are some areas where we plan to connect the dots a bit more across the divisions through the chief commercial officer and have really scales capability for strategic accounts. And through our enterprise data office, we're looking at ways in which we can connect our data together so that it provides us with some really interesting and easier pathways to growth across the organization. As you know, we have one of the deepest and richest data estates in the business, and we're very excited about the potential for that. Thanks for the question.

謝謝你的提問，克雷格和我完全同意你的觀點，道格的行為很難遵守。我可以告訴你，我們真正關注的是這家出色的公司，儘管它很偉大，但我們可以讓它變得更好。正如已經宣布的那樣，在新的領導團隊中，道格的職能與我們之前的功能有所不同。在這些領域，我們計劃透過首席商務官將各部門之間的點更多地連接起來，並真正具備擴展戰略客戶的能力。透過我們的企業資料辦公室，我們正在尋找將資料連接在一起的方法，以便為我們提供一些真正有趣且更容易的整個組織的成長途徑。如您所知，我們擁有業內最深入、最豐富的數據資產之一，我們對此潛力感到非常興奮。謝謝你的提問。

Andrew Steinerman, J.P. Morgan.

安德魯‧史坦納曼，摩根大通。

Hi, this is Alex Hess on for Andrew, on industry business, can you walk through some of what gives you conviction in the price actions falling through the year? I know you guys touched on ACV number.

大家好，我是安德魯 (Andrew) 的亞歷克斯·赫斯 (Alex Hess)，關於行業業務，您能否介紹一些讓您確信全年價格走勢下跌的因素？我知道你們提到了 ACV 號碼。

And how we should maybe think about the relative strengths that you're calling out in that index data custom piece versus a challenging end market for financial services and versus one of your peers calling out some softness in their ETF business? So it would be helpful maybe to get your thoughts on the landscape in the Index segment.

我們應該如何考慮您在指數數據定製文章中所指出的相對優勢，與充滿挑戰的金融服務終端市場相比，以及與您的同行之一所指出的 ETF 業務疲軟相比？因此，了解您對指數板塊的看法可能會有所幫助。

Sure. Hi, Alex. This is Chris. Thank you for your question. So first, we are solving for long-term customer relationship and growth at indices. We will see some acceleration in the data and custom in line with what we expected next quarter. We want to take the necessary steps and time to make sure we preserve long-term relationships rather than sell even for short-term economics with our pricing. That said, data and customer did increase 5% year over year. The commercial initiatives we previously discussed earlier in the year are really starting to pick up now. ACV in the largest group at the end of day data revenue. We see that going to mid-teens this quarter, and you really expect to see some ACV acceleration later on in the year.

當然。嗨，亞歷克斯。這是克里斯。謝謝你的提問。因此，首先，我們正在解決長期客戶關係和指數成長的問題。我們將看到數據和客製化方面的一些加速，符合我們下季度的預期。我們希望採取必要的步驟和時間來確保我們保持長期關係，而不是為了短期經濟效益而以我們的定價出售。也就是說，數據和客戶確實年增了 5%。我們之前在今年早些時候討論過的商業計劃現在確實開始復甦。截至日終數據收入，ACV 是最大的集團。我們預計本季這一數字將達到十幾歲左右，並且您確實預計今年晚些時候會看到 ACV 加速成長。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi thanks, good morning. I wanted to dive a little bit deeper into market intelligence. Can you elaborate on what you would need to see with respect to external market conditions for our growth performance to improve and what the low watermark for MI growth should be, including when you would expect to see growth the bottom out?

你好，謝謝，早安。我想更深入了解市場情報。您能否詳細說明您需要看到什麼外部市場條件才能改善我們的成長業績，以及 MI 成長的低水位應該是多少，包括您預計何時看到成長觸底？

Hey, George, it's Martina. Thanks for the question. Well, the low watermark in my parlance, as I mentioned, trough in response to all of the earlier questions that we're not going to be the one to call a trough, but with very good conviction here, George, that with the innovation that's going into the core products with the increased touch points that we have with the customers, that as we emerge from this cycle out, we'll see the recovery reflected in our financials as well as that with our customers.

嘿，喬治，我是瑪蒂娜。謝謝你的提問。好吧，正如我所提到的，用我的話來說，低谷是為了回應所有早期的問題，我們不會成為那個稱之為低谷的人，但喬治在這裡非常有信心，隨著創新這將進入核心產品，增加我們與客戶的接觸點，當我們擺脫這個週期時，我們將看到我們的財務狀況以及與客戶的財務狀況所反映的復甦。

And you look at say it's too early to tell, but and it could differ by discrete sector within financial services. But we are hearing a little bit agreeing to hear and there continued pressure in other places. I would say we watch this very, very carefully, but we feel good that we have the products in place, the investments in new products that Doug mentioned, which were quite excited about and to continue to really engage as closely as possible with our customers. Thanks for the question.

你會說現在下結論還為時過早，但是金融服務中的不同部門可能會有所不同。但我們聽到了一些同意的聲音，並且其他地方持續存在壓力。我想說，我們非常非常仔細地關注這一點，但我們感覺很好，我們已經有了適當的產品，對道格提到的新產品的投資，我們對此感到非常興奮，並將繼續與我們的客戶盡可能密切地接觸。謝謝你的提問。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yes. Hey, good morning, everyone. Can you talk a little bit more about what you're seeing in commodity insights and your outlook here going forward. I mean, I think this year, you're punching nicely above your kind of medium-term Investor Day targets. I know the energy market backdrop is pretty good, but I think things like energy transition are still early. So, I think as you look going forward or do you think some of the cyclicality is going to get worse or another secular side? You see we're just at the beginning a lot of maybe some prolonged like upside. So maybe the cyclical versus secular? It's really the heart of the question. Thanks.

是的。嘿，大家早安。您能多談談您在商品洞察中看到的內容以及您對未來的展望嗎？我的意思是，我認為今年，您的目標遠遠超出了中期投資者日目標。我知道能源市場背景相當好，但我認為能源轉型之類的事情還處於早期階段。所以，我認為，當你展望未來時，或者你認為某些週期性會變得更糟還是另一個長期的方面？你看，我們才剛開始，很多可能是長期的上升趨勢。那麼也許是周期性與長期性？這確實是問題的核心。謝謝。

Hi, Alex. It's Martina. Thanks so much for the question out we were quite excited as we have been for several years now about commodity Insights business and the performance there. And one of the things that excites us as we go forward is the breadth. And if you like, sort of an embedded diversification across the various different commodity pieces, whether it's oil and gas power and some of the other areas we've been investing in, in particular, we see in addition to great performance for the larger core product areas.

嗨，亞歷克斯。是瑪蒂娜。非常感謝您提出的問題，我們對此感到非常興奮，因為我們多年來一直專注於商品洞察業務及其表現。在我們前進的過程中，讓我們興奮的事情之一就是廣度。如果你願意的話，可以說是跨各種不同商品的嵌入式多元化，無論是石油和天然氣發電還是我們一直投資的其他一些領域，特別是，我們除了更大的核心業務的出色表現之外，也看到了產品領域。

We've also seen really nice performance in some of the newer investment areas. For example, we're seeing rapid growth around some of our energy transition products. In particular, we had our new – Clean Energy Technology product that's been launched. That's been very well received in the market and lots of other stuff that the teams are doing there, whether it's a voluntary carbon markets, low-carbon assessments, etc. So, we think that we're making the right investments here in the areas that will continue to grow going forward and sustaining very good positions and discipline around the core products in the business. And overall, we think a good story going forward here. Thanks to the question.

我們在一些較新的投資領域也看到了非常好的表現。例如，我們看到一些能源轉型產品的快速成長。特別是，我們推出了新的清潔能源技術產品。這在市場上非常受歡迎，團隊正在那裡做很多其他事情，無論是自願碳市場、低碳評估等。保持良好的地位和紀律。總的來說，我們認為這是一個很好的故事。感謝提問。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Hey, Good morning. This is Ryan here on for Jeff. Just on the private market solutions, it sounds like the revenues there were up 22% in Q3, and you're seeing some strength from the buzz going on in private credit going on at the moment. I was just curious how you think your products are positioned to succeed and win share as the market itself and gets more competitive going forward? Thank you.

嘿，早安。我是傑夫的瑞安。僅就私人市場解決方案而言，聽起來第三季的收入成長了 22%，而且您可以從目前私人信貸的熱潮中看到一些力量。我只是很好奇，您認為您的產品如何定位才能成功並贏得市場本身的份額，並在未來變得更具競爭力？謝謝。

Hi, Ryan. It's Martina here. Thanks for the question. Where private markets are something that we've been investing in and growing very fast and over the last several years and it impacts us across the portfolio. We have phenomenal products and market intelligence, for example, eye level on Wall Street office which has come up with two products. And some of the conversations that Doug and I have been having, as we've said, that in our transition meetings with senior clients. We also, have been making great strides in the ratings division with our private markets, ratings and assessments as well as seeing some really interesting opportunities in the index business also.

嗨，瑞安。這是瑪蒂娜。謝謝你的提問。私募市場是我們在過去幾年中一直投資並快速成長的領域，它對我們的整個投資組合產生了影響。我們擁有非凡的產品和市場情報，例如，華爾街辦事處的目光水平就推出了兩款產品。正如我們所說，道格和我在與高級客戶的過渡會議中進行了一些對話。我們也透過私人市場、評級和評估在評級部門取得了長足進步，並在指數業務中看到了一些非常有趣的機會。

So overall, this is a transversal opportunity for us. We're excited about it. We're going to continue to invest and prioritize within this area because there are so many ways in which we can play in this market and we're going to be very disciplined and thoughtful about prioritizing within the private market opportunity, too, to put the money where we can get the best return, deliver the best value for our customers and an overall return for our shareholders. But it's a good story there for us. Thanks very much, Ryan.

總的來說，這對我們來說是一個橫向機會。我們對此感到興奮。我們將繼續在這一領域進行投資並優先考慮，因為我們可以透過多種方式在這個市場上發揮作用，並且我們也將非常自律和深思熟慮地優先考慮私募市場機會，以將我們可以獲得最佳回報、為客戶提供最佳價值、為股東帶來整體回報的資金。但這對我們來說是一個好故事。非常感謝，瑞安。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yes, thank you. Good morning. Just can you address the mobility revenue guidance for the second quarter in a row? You've trimmed the high end. There are multiple positive callouts for vitality and subscription growth looks good. Is it still recall activity headwinds? Or just any other callouts on mobility guidance?

是的，謝謝。早安.您能談談連續第二季的行動收入指引嗎？你已經修剪了高端。有多種積極的活力和訂閱增長看起來不錯。召回活動仍面臨阻力嗎？或只是關於移動指南的任何其他標註？

Hey Jeff, Thanks for the question. This is Chris again. So, first mobility's sort of core subscription growth really did a terrific this quarter coming in at a little over double digits -- low double digits. Even with the CDK outage of still we see strong growth in the subscription business. So yes, the challenge continues to be recalled but coming into next year we will really have an easy lap when we look at 2025 mode because of the recall. So that does continue to be the headwind in that market.

嘿，傑夫，謝謝你的提問。這又是克里斯。因此，第一個移動性的核心訂閱成長在本季度確實表現出色，略高於兩位數——低兩位數。即使 CDK 中斷，我們仍然看到訂閱業務的強勁成長。所以，是的，挑戰繼續被召回，但進入明年，當我們考慮 2025 模式時，由於召回，我們真的會輕鬆一圈。因此，這確實仍然是該市場的阻力。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hi, good morning and thanks for taking my question. Curious if you could talk about where you're seeing in terms of the pace of AI adoption among your customers, what, if anything, do you see holding them back from further adoption of some of the AI products that you are rolling out, It is a budgetary? is it in terms of data accuracy? And then I don't know if it's relevant or not, but if you could talk about your own learning system rolled out AI maybe what others can learn from that? Thank you.

你好，早安，感謝您提出我的問題。很好奇，如果您能談談您在客戶中採用人工智慧的速度，您認為是什麼（如果有的話）阻礙了他們進一步採用您正在推出的一些人工智慧產品，它是預算嗎？是在數據準確性方面嗎？然後我不知道這是否相關，但如果你能談談你自己推出的人工智慧學習系統，也許其他人可以從中學到什麼？謝謝。

Hi, Jason, it's Martina. Thanks to the question. I think it goes without saying, but suppose maybe I'll make the point anyway, a large model is only as good as the quality and quantity of data that it's trained on, and we have lots of high-quality data. And so, we feel really good about how we are integrating generative AI into our products.

嗨，傑森，我是瑪蒂娜。感謝提問。我認為這是不言而喻的，但無論如何，我想也許我會指出這一點，大型模型的好壞取決於它所訓練的資料的品質和數量，而且我們擁有大量高品質的資料。因此，我們對如何將生成式人工智慧整合到我們的產品中感到非常滿意。

I would say probably two areas I think about that one is how do we take existing products and make them better? And the second is the extent to which we see opportunities to create maybe new versions of products, different cuts of data using generative AI, and we have tremendous momentum, I would say.

我想說，我可能會考慮兩個領域，其中之一是我們如何利用現有產品並使它們變得更好？第二個是我們在多大程度上看到了創造新版本產品的機會，使用生成式人工智慧對資料進行不同的切割，我想說，我們擁有巨大的動力。

You've seen a lot of that on one of the slides, for example, in our presentation that Doug highlighted. And to your point, we have a lot of our customers because we had Kensho since 2018. And Kensho has been riding the wave of machine learning, natural language processing and then all the way into to GenAI and between that and just incredible the breadth and depth of data that we have. We have a lot of our clients actually saying, hey, could you come in and talk to us about how you're thinking about using your data? What can we learn from that?

您在一張投影片上已經看到了很多這樣的內容，例如，在道格強調的我們的簡報中。就您而言，我們擁有許多客戶，因為自 2018 年以來我們就有了 Kensho。Kensho 一直順應機器學習、自然語言處理的浪潮，然後一路進入 GenAI，我們擁有的資料的廣度和深度令人難以置信。實際上，我們的許多客戶都在說，嘿，您能進來和我們談談您如何考慮使用您的數據嗎？我們可以從中學到什麼？

And those have been some really interesting and fruitful conversations and a lot of engagement from our customers on AI-Ready Data as well. So those are just some examples internally we as Doug said, we're making really, really incredible progress on the rollout of Spark assist. Both the training on GenAI as well as the use of Spark assist is just as a tool internally. And I can say that we are all very excited about the uptake and adoption across our own employees and the types of use cases that we're seeing and we're able to share those earnings with our clients to make the conversations are even more interesting. And what I would say that the Spark assist approach that we have taken, we have not necessarily seen many other organizations doing the same things. We have a lot of shares in terms of our learnings with our customers and great, great dialogue. Thanks for the question.

這些都是一些非常有趣且富有成效的對話，我們的客戶也對人工智慧就緒資料進行了大量的參與。因此，這些只是我們內部的一些例子，正如 Doug 所說，我們在 Spark 輔助的推出方面取得了非常非常令人難以置信的進展。無論是GenAI的訓練或是Spark輔助的使用，都只是內在的工具。我可以說，我們都對我們自己的員工的接受和採用以及我們所看到的用例類型感到非常興奮，並且我們能夠與客戶分享這些收入，使對話變得更加有趣。我想說的是，我們所採取的 Spark 輔助方法，我們不一定看到許多其他組織在做同樣的事情。我們與客戶分享了很多經驗教訓以及精彩的對話。謝謝你的提問。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good morning and thank you for taking my question. Could you please give us more color on the sustainability products? What is the outlook there and how should we think about the new product launches? Thanks.

早安，感謝您提出我的問題。您能為我們提供更多有關永續發展產品的資訊嗎？那裡的前景如何？謝謝。

Hi Owen, this is Martina. Thanks, much for the question. Will this be the area that said, we announced a change in when we did our leadership announcement last week as the plan forward here is to move the sustainable one business and combine it with the energy transition products assets within commodity insights. And that merged group will essentially still function as a horizontal from within commodity insights. Now this is very exciting for us. As I said earlier, the commodity insights division has some of the most unique and proprietary ways to think about and measure energy transition. It's incredibly helpful, for example, for our financial services customers as they are thinking about whether or not their financing some of these new technologies, what their finances emissions are, etc.

嗨，歐文，我是瑪蒂娜。謝謝，非常感謝這個問題。這是否是我們所說的這一領域，我們上週發布領導層公告時宣布了一項變化，因為這裡的計劃是推動可持續業務，並將其與商品洞察中的能源轉型產品資產結合起來。合併後的團隊本質上仍將作為商品洞察中的橫向部門發揮作用。現在這對我們來說非常令人興奮。正如我之前所說，商品洞察部門擁有一些最獨特和專有的方法來思考和衡量能源轉型。例如，對於我們的金融服務客戶來說，這非常有幫助，因為他們正在考慮是否為這些新技術提供資金，他們的財務排放量是多少等等。

And so pulling together of these capabilities, allows us to create some really unique and forward looking out ways in which we can help our clients as they're navigating the transition. And I think, as importantly, will allow us to bring those really high value commodity insights products to multiple different sectors outside of the commodity sector. So, we're quite excited about it, and we'll talk more about it next year. Well, thanks for the question.

因此，將這些能力結合在一起，使我們能夠創造出一些真正獨特且前瞻性的方式，幫助我們的客戶完成轉型。我認為，同樣重要的是，這將使我們能夠將那些真正高價值的商品洞察產品帶到商品領域之外的多個不同領域。所以，我們對此感到非常興奮，明年我們將更多地討論它。嗯，謝謝你的提問。

Russell Quelch, Redburn Atlantic.

拉塞爾·奎爾奇，《雷德本大西洋》。

Hi thanks for having me on. I want to get back to market intelligence, please specifically the desktop business folks, you mentioned some cyclical headwind to sales and pricing has been a narrative for many quarters now.

您好，謝謝您邀請我參加。我想回到市場情報，特別是桌面業務人員，您提到銷售和定價的一些週期性逆風現在已經是許多季度的敘述。

I wonder, is this more a function of locker structural growth in financial service headcount sort of high competition in this area that permanently restrict growth opportunities in terms of time on pricing. I also wondered how S&P's thinks it can win market share in desktops. And if I can give you can give us a flavor perhaps of what customer sets you are targeting, what asset classes you're targeting, what geographies you're targeting, it's that would be very helpful.

我想知道，這是否更多是金融服務人員數量結構性成長的結果，是該領域激烈競爭的結果，永久限制了定價時間的成長機會。我還想知道標準普爾認為它如何才能贏得桌上型電腦市場份額。如果我可以讓您了解您的目標客戶群、您的目標資產類別、您的目標地理位置，這將非常有幫助。

Hi Russell, it's Martini here. Thanks, much for the question. Well, as we mentioned earlier, we do think this is an end markets consideration. And here's the point that I would make on this. Structural is something that can play to our strengths as much as anything else. And a good example of that is the growth in sponsor business. For example, with private credit, and that's an area where you'll see us actually being able to pick up additional business as opposed to, let's say, other parts of the financial services vertical that are a bit more constrained right now.

嗨，拉塞爾，我是馬蒂尼。謝謝，非常感謝這個問題。嗯，正如我們之前提到的，我們確實認為這是終端市場的考慮因素。這就是我要強調的一點。結構性因素和其他因素一樣可以發揮我們的優勢。贊助商業務的成長就是一個很好的例子。例如，在私人信貸方面，您會看到我們實際上能夠獲得更多業務，而不是金融服務垂直領域的其他部分，這些部分目前受到更多限制。

But I also mentioned that we are seeing some green shoots in some of the additional area in the additional sectors, some good green shoots and some banking areas, for example, with some of our banking clients. All that being said, we have such an incredible breadth of offerings within market intelligence and when you think about visible alpha, which has performed really well this year on top of the desktop growth, these are all areas where we think we can continue to engage our clients at the highest levels. We'd also expect for our strategic accounts, selling more new function as the Chief Client Officer to be able to really connect the dots more effectively across divisions and increased due to higher levels of long-term value with our customers. So thanks for the question.

但我也提到，我們在其他部門的一些額外領域看到了一些萌芽，一些好的萌芽和一些銀行領域，例如我們的一些銀行客戶。話雖這麼說，我們在市場情報方面擁有如此廣泛的產品，當你想到可見的阿爾法時，它今年在桌面增長之上表現得非常好，這些都是我們認為我們可以繼續參與的領域我們的客戶處於最高水平。我們也期望我們的策略客戶，作為首席客戶長銷售更多新職能，能夠真正更有效地跨部門連接各個點，並由於與客戶的長期價值更高水平而增加。謝謝你的提問。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Thank you. Following up on the creation of the Chief Client Officer role. You've talked about connecting the dots with the client level. Can you provide a bit more colour on the site, so that should at challenges that's being addressed? Is the idea to have a more integrated approach to sales here or customer service or how should we think about that?

謝謝。跟進首席客戶官角色的創建。您已經談到了將這些點與客戶端層級連接起來。您能否在網站上提供更多顏色，以便應對正在解決的挑戰？我們的想法是採用更全面的銷售或客戶服務方法，還是我們應該如何考慮？

Hi Surinder, Thanks very much for the question. And so yes we are. it is in fact, some of the things that you mentioned in your question around a bit more consistency in how we do things. The connecting the dots is an important point because our sales teams today, we are quite independent. So, as we go across the entire book of business and the results that we can have been that we'll have customers who are buying more products of our byproducts from more than one division, but maybe don't even know at the full breadth and depth of the products that we actually have.

你好，Surinder，非常感謝你的提問。是的，我們確實如此。事實上，您在問題中提到的一些事情是關於我們做事方式更加一致的。將這些點連接起來是很重要的一點，因為我們今天的銷售團隊非常獨立。因此，當我們瀏覽整本業務手冊時，我們可能會發現，我們的客戶會從多個部門購買更多的副產品，但可能甚至不了解全部情況以及我們實際擁有的產品的深度。

And probably one of the most common things that Doug and I have heard as we've been going out with senior clients over the last several months, if I didn't know you did that. So, you know, a good first point here for Sally and this team will be making sure that our customers understand the full breadth and depth of everything that we do. She will also be looking to bring some consistency around the overall go-to-market practices that we have and really bolstering the strategic relationships that we have with our clients going forward. Thanks to the question.

這可能是道格和我在過去幾個月與高級客戶交往時聽到的最常見的事情之一，如果我不知道你這樣做的話。所以，你知道，對莎莉和這個團隊來說，首先要確保我們的客戶了解我們所做的一切的全部廣度和深度。她還將尋求使我們的整體上市實踐保持一定的一致性，並真正加強我們與客戶未來的策略關係。感謝提問。

Thanks, surrender. I want to thank everyone for joining the call today and especially your great questions. Over the past 11 years, I've had the honor of leading S&P Global through significant transformation that we've always strived to deliver exceptional value to our shareholders and our customers. This is my 44th earnings call, and I've had hundreds of meetings with analysts, investors, and I've always appreciated the discussion and the dialogue and the tough questions that you have asked.

謝謝，投降。我要感謝大家參加今天的電話會議，特別是你們提出的重要問題。在過去的 11 年裡，我有幸領導 S&P Global 進行重大轉型，我們始終致力於為股東和客戶提供卓越的價值。這是我的第 44 次財報電話會議，我已經與分析師、投資者進行了數百次會議，我一直很欣賞你們提出的討論、對話和尖銳的問題。

I have always learned. I want to thank our 40,000 people at the company. They are the heart, the soul, and the brain of S&P Global and the reason for success, and I know they're going to continue to deliver growth and innovation the years ahead.

我一直都在學習。我要感謝公司的 4 萬名員工。他們是 S&P Global 的心臟、靈魂和大腦，也是成功的原因，我知道他們將在未來幾年繼續帶來成長和創新。

I want to thank Martina and congratulate her on her new role. I'm confident that she is going to be a great CEO who will be a fabulous addition to the company with the full support of our people and a great knowledge and commitment to our customers, the communities, and our shareholders. I'm very excited about what lies ahead and that we have a world-class Board, a talented management team, and we're very well positioned for the future. I can't thank you all enough. This has been the best run I've ever had.

我要感謝瑪蒂娜並祝賀她擔任新職務。我相信，在我們員工的全力支持、豐富的知識以及對客戶、社區和股東的承諾下，她將成為一位偉大的首席執行官，為公司帶來精彩的補充。我對未來感到非常興奮，我們擁有世界一流的董事會、才華橫溢的管理團隊，我們為未來做好了充分的準備。我對你們感激不盡。這是我跑過的最好的一次。

Thank you so much, Doug. After those heartfelt words and for your remarkable leadership that has transformed S&P Global. You grew our market cap from $16 billion to $165 billion, while fundamentally strengthening our capabilities through the IHS market acquisition. But beyond these impressive numbers, you've led with extraordinary empathy and wisdom creating a legacy that I'm deeply honored to follow upon. So, thank you to everyone who joined today's call. I look forward to speaking with you on our next earnings call.

非常感謝你，道格。在這些衷心的話語以及您卓越的領導力改變了標普全球之後。您將我們的市值從 160 億美元增加到 1,650 億美元，同時透過 IHS 市場收購從根本上增強了我們的能力。但除了這些令人印象深刻的數字之外，你們還以非凡的同理心和智慧領導了我創造的遺產，我非常榮幸能夠繼承這一遺產。所以，感謝所有參加今天電話會議的人。我期待在下一次財報電話會議上與您交談。

Thank you. That concludes this morning call. (Operator Instructions)

謝謝。今天早上的電話會議到此結束。 （操作員說明）