標普全球 (SPGI) 2024 Q4 法說會逐字稿

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

早安，歡迎參加標普全球 2024 年第四季和全年財報電話會議。我想通知你，本次通話將被錄音以供播出。（操作員指令）

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，您可以開始啦。

Good morning, and thank you for joining today's S&P Global fourth-quarter and full-year 2024 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer; and Chris Craig, Interim Chief Financial Officer.

早安，感謝您參加今天的標普全球 2024 年第四季和全年財報電話會議。參加今天電話會議的有總裁兼執行長 Martina Cheung；以及臨時財務長克里斯·克雷格（Chris Craig）。

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.

我們今天早些時候發布了一份有關我們研究結果的新聞稿。此外，我們還發布了一份補充幻燈片，其中包含有關我們的結果和指導的更多資訊。如果您需要一份發布和財務時間表或補充文檔，可以從 investor.spglobal.com 下載。

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

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》所定義的前瞻性陳述，包括預測、估計和對未來事件的描述。任何此類陳述均基於當前預期和當前經濟狀況，並受風險和不確定性的影響，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。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的 10-K 表和 10-Q 表。

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. The press release contains financial measures calculated in accordance with GAAP that correspond to the non-GAAP measures we are 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.

在今天的新聞稿和電話會議中，我們提供了非 GAAP 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。新聞稿包含依照 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 指標的對帳。除非另有明確說明，我們今天討論的財務指標均指非 GAAP 調整指標。

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.

我還想提請您注意某些歐洲法規。任何擁有或預計獲得標普全球 5% 或以上所有權的投資者應聯繫投資者關係部，以更好地了解該立法對投資者和公司的潛在影響。

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

我們知道有一些媒體代表參加了電話會議。不過，這次電話會議是針對投資者的，我們希望媒體的問題可以直接向我們的媒體關係團隊提出，其聯絡資訊可以在新聞稿中找到。

At this time, I would like to turn the call over to Martina Cheung. Martina?

現在，我想將電話轉給 Martina Cheung。瑪蒂娜？

Thank you, Mark.

謝謝你，馬克。

By any measure, 2024 was an incredible year for S&P Global. Excluding Engineering Solutions, which was divested in 2023, revenue increased 15% and revenue from our subscription products increased 7%. We benefited from strong market trends, including record debt issuance for our Ratings business and strong equity valuations for our Index business. However, we also continue to demonstrate the discipline and operational excellence our shareholders have come to expect from us, delivering accelerated revenue growth in Commodity Insights and strong, steady growth in both Market Intelligence and Mobility despite some market headwinds on those two businesses.

無論以何種標準衡量，2024 年對標普全球來說都是不可思議的一年。不包括 2023 年剝離的工程解決方案，收入成長了 15%，來自我們的訂閱產品的收入成長了 7%。我們受益於強勁的市場趨勢，包括評級業務創​​紀錄的債務發行和指數業務強勁的股票估值。然而，我們也繼續展現股東所期望的紀律性和卓越運營，儘管這兩項業務面臨一些市場阻力，但大宗商品洞察的收入仍然加速增長，市場情報和移動性也都實現了強勁、穩定的增長。

We continue to take a balanced approach to profitability and investment, which allowed us to make important investments in technology, AI, and products while still expanding margins more than 300 basis points. We delivered 25% growth in adjusted EPS in 2024. This exceeded the midpoint of our initial guidance range by more than 13%.

我們繼續在獲利能力和投資方面採取平衡的方法，這使我們能夠在技術、人工智慧和產品方面進行重要投資，同時仍將利潤率擴大 300 個基點以上。2024 年，我們的調整後每股盈餘將成長 25%。這超出了我們最初指導範圍的中點 13% 以上。

Our disciplined approach to capital allocation allowed us to return $4.4 billion to shareholders over the course of 2024 through our cash dividends and the repurchase of 6.7 million shares. We expect to continue strong capital returns in 2025 as we recently announced the 52nd consecutive increase to our cash dividends and a newly approved share repurchase authorization up to $4.3 billion. In total, you'll see this would allow us to maintain our target of returning 85% or more of the $6 billion in adjusted free cash flow we are expecting in 2025.

我們嚴謹的資本配置方法使我們能夠在 2024 年透過現金股利和回購 670 萬股向股東返還 44 億美元。我們預計 2025 年將繼續實現強勁的資本回報，因為我們最近宣布連續第 52 次增加現金股息，並新批准了高達 43 億美元的股票回購授權。總的來說，您會發現這將使我們能夠保持我們的目標，即在 2025 年實現預計的 60 億美元調整後自由現金流的 85% 或更多的返還。

I've been very impressed with our people's ability to execute and deliver such strong results, embracing the leadership transition and the increased focus on our customers and our enterprise advantages. With that increased focus on serving our clients at the enterprise level, we announced the establishment of the Chief Client Office and the Enterprise Data Office. We're excited to share the successes from these initiatives with you as we progress through the year.

我對我們的員工的執行能力和提供如此強勁的成果印象深刻，他們接受了領導層的過渡並且更加關注我們的客戶和企業優勢。隨著我們更加重視為企業級客戶提供服務，我們宣布成立首席客戶辦公室和企業資料辦公室。我們很高興能在今年與您分享這些措施所取得的成功。

We're also pleased to share that our new Chief Financial Officer, Eric Aboaf, will be joining us officially on February 19. We are gaining momentum in our product innovation and AI initiatives across the organization as well, as I'll share with you in a moment.

我們也很高興地宣布，我們的新任財務長 Eric Aboaf 將於 2 月 19 日正式加入我們。我們整個組織的產品創新和人工智慧計畫也正在獲得發展勢頭，稍後我將與大家分享。

Lastly, we continue the cycle of optimizing our portfolio of businesses so that we are best positioned for long-term profitable growth. In 2024, we acquired best-in-class solutions to support strategic growth through Visible Alpha, ProntoNLP, and World Hydrogen Leaders. We also divested non-core businesses, Fincentric and PrimeOne.

最後，我們將繼續優化我們的業務組合，以便為長期獲利成長做好準備。2024 年，我們透過 Visible Alpha、ProntoNLP 和 World Hydrogen Leaders 獲得了一流的解決方案來支援策略成長。我們也剝離了非核心業務、Fincentric和PrimeOne。

One of my first priorities as CEO was to strengthen and deepen our relationship with key strategic customers at the highest levels of leadership. I had more than 100 meetings with some of our most important stakeholders to ensure a smooth transition of these key relationships. These important discussions include not just our customers, but also strategic commercial and technology partners. Together with our new Chief Client Officer, I met 85% of our largest strategic customers just in the last 100 days.

作為首席執行官，我的首要任務之一是加強和深化與最高領導層的關鍵策略客戶的關係。我與一些最重要的利害關係人舉行了 100 多次會議，以確保這些關鍵關係的順利過渡。這些重要的討論不僅包括我們的客戶，還包括策略性商業和技術合作夥伴。光是在過去 100 天裡，我和我們新任的首席客戶長就見了 85％ 的最大策略客戶。

We are instilling in our executive leadership team a clear need to be where our customers are. Our success depends on the value we create and deliver for our customers. So I've asked our division leadership to make these relationships a personal priority for them as well. This emphasis on customer engagement is a natural evolution for S&P Global. We've always made customer value a focus, but by making customer engagement a higher priority at the executive level, we are building stronger relationships so that we can accelerate our response to customers' challenges.

我們正在向我們的執行領導團隊灌輸這樣的明確觀念：我們需要專注於客戶所在的地方。我們的成功取決於我們為客戶創造和提供的價值。因此，我已要求我們部門的領導層將這些關係作為他們的個人優先事項。對標普全球來說，重視客戶參與是自然的發展過程。我們始終將客戶價值放在首位，但透過在高階主管層面更加重視客戶參與，我們正在建立更牢固的關係，以便我們能夠加快對客戶挑戰的反應。

This engagement can also serve as opportunities to partner or co-invest with our customers. One such example is the UBS Leveraged Loan Index partnership. Through these many meetings, I'm picking up a consistent set of themes which align very well with our competitive advantages and reinvigorate our optimism and confidence in our ability to compete and win.

此次合作也可以成為我們與客戶合作或共同投資的機會。瑞銀槓桿貸款指數夥伴關係就是一個這樣的例子。透過多次會議，我確定了一系列一致的主題，這些主題與我們的競爭優勢非常契合，並重振了我們對競爭和獲勝能力的樂觀和信心。

While generative AI is not a new topic for our customers, they're moving beyond just considering what this technology can do and focusing on use cases that can scale quickly and contribute to strong financial results. Customers increasingly turn to us to benefit from our years of experience scaling AI technology from Kensho.

雖然生成式人工智慧對我們的客戶來說並不是一個新話題，但他們不僅僅考慮這項技術能做什麼，還專注於能夠快速擴展並帶來強勁財務表現的用例。越來越多的客戶向我們尋求幫助，希望從多年來擴展 Kensho 的 AI 技術的經驗中獲益。

We can continue to see impactful headlines in market news on a near daily basis. Customers are deeply engaged to determine the potential impact to their business from tariffs, regional competitiveness, and other aspects of global trade. S&P Global is a world-class provider of data insights and thought leadership in these vital areas, and our customers are turning to us for that expertise.

我們幾乎每天都能在市場新聞中看到有影響力的頭條新聞。客戶深度參與以確定關稅、區域競爭力和全球貿易的其他方面對其業務的潛在影響。標普全球是這些重要領域的世界級數據洞察和思想領導力提供商，我們的客戶正在向我們尋求專業知識。

Customers continue to feel the impact of the innovation taking place in financial markets with the flow of capital to passive funds, but also increasing need to private markets and digital assets. Through our leadership in benchmarks, private credit, private equity workflow tools, and innovation like our stablecoin assessments, our customers see us as a critical partner in navigating this sea change over the coming years.

隨著資金流向被動基金，客戶持續感受到金融市場創新的影響，對私人市場和數位資產的需求也增加。透過我們在基準、私人信貸、私募股權工作流程工具以及穩定幣評估等創新方面的領導地位，我們的客戶將我們視為未來幾年駕馭這一巨變的重要合作夥伴。

Additionally, customers recognize our leadership and seek our insights in energy transition. Energy transition is a complex issue encompassing energy security, technology innovation, and the financing of the various investments needed over the coming decades, for example, in utilities. The depth and breadth of our expertise and data sets across oil, liquid natural gas, carbon, renewable energy, electric utilities, and reporting all help drive the 23% growth in revenue from our energy transition and sustainability products in the fourth quarter.

此外，客戶認可我們的領導地位並尋求我們在能源轉型方面的見解。能源轉型是一個複雜的問題，涉及能源安全、技術創新以及未來幾十年所需的各種投資（例如公用事業）的融資。我們在石油、液化天然氣、碳、再生能源、電力公用事業和報告方面的專業知識和數據集的深度和廣度都幫助推動了第四季度能源轉型和永續產品收入成長 23%。

As we look to 2025, we are hearing general expectations for some improvements in the macroeconomic environment. There is some variability by geographic region here, with caution and uncertainty around Europe and Asia providing some ballast against general optimism we're seeing in the US market. We are seeing strong demand for our products and some modest tailwinds from vendor consolidation. We continue to see the benefits from the breadth of our offerings as our enterprise approach allows us to meet more of our customers' needs in a more cost-effective way.

展望2025年，我們聽到了對宏觀經濟環境有所改善的普遍預期。這裡存在一些地理區域的差異，歐洲和亞洲的謹慎和不確定性為我們在美國市場看到的普遍樂觀情緒提供了一些緩衝。我們看到市場對我們的產品有強勁的需求，供應商整合也帶來了一些推動力。我們的企業方法使我們能夠以更具成本效益的方式滿足更多客戶的需求，因此我們不斷看到我們提供的廣泛產品所帶來的好處。

As we've discussed for some time now, we continue to see conditions in the financial services and market below what we would consider normal, though we do expect a gradual improvement over the course of the year. We are also experiencing a highly competitive environment in financial services and somewhat elevated price sensitivity, most notably impacting market intelligence.

正如我們一段時間以來所討論的那樣，我們仍然看到金融服務和市場的狀況低於我們認為的正常水平，儘管我們預計今年的情況會逐步改善。我們也面臨金融服務領域高度競爭的環境，價格敏感度提高，最明顯的影響是市場情報。

Now turning to the 2024 issuance environment, we saw nearly $4 trillion in billed issuance in 2024, significantly outpacing our expectations. With extremely favorable market conditions, including tight credit spreads and lowering interest rates, we saw many issuers take advantage in 2024 to refinance debt and felt very strong activity in CLO volumes, as well as repricing and an extended activity. While this does create a very difficult compare for 2025, we believe the refinancing walls and a recovering M&A environment will contribute to modest growth in billed issuance this year, as we'll discuss in more detail in a moment.

現在轉向 2024 年的發行環境，我們看到 2024 年的帳單發行量接近 4 兆美元，大大超出我們的預期。在極其有利的市場條件下，包括信貸利差收緊和利率下降，我們看到許多發行人在 2024 年利用這一優勢進行債務再融資，並且感受到 CLO 交易量的非常強勁的活動，以及重新定價和延長的活動。雖然這確實為 2025 年帶來了非常困難的比較，但我們相信，再融資壁壘和復甦的併購環境將有助於今年票據發行量的溫和增長，我們稍後將詳細討論。

As we look next to the Vitality Index, I'm encouraged that this index continues to accomplish its intended purpose. When we introduced this metric at our Investor Day in 2022, we discussed the importance of making sure we were prioritizing new products that can contribute to our financial performance over time. We also noted that new products would remain in the Vitality Index for a finite time and would eventually mature out. The focus is to make sure that revenue from maturing products is replaced by new and enhanced products that can scale quickly.

當我們查看活力指數時，我很高興看到該指數繼續實現其預期目的。當我們在 2022 年投資者日推出這項指標時，我們討論了確保優先考慮能夠長期為我們的財務表現做出貢獻的新產品的重要性。我們也注意到，新產品會在活力指數中保留一段時間，並最終成熟。重點是確保成熟產品的收入能夠被能夠快速擴展的新產品和增強型產品所取代。

At the beginning of 2024, we had a number of meaningful products mature out of the Vitality Index. Those products contributed a combined $330 million to the index in 2023, nearly 25% of the total index. By continuing to innovate and invest in fast-growing products, we were able to more than replace that mature revenue and end the year with an index of $1.5 billion, representing nearly 11% of total revenue. At the end of 2024, we had another group of products mature out of the Vitality Index. And we are confident that our focus on customer value and rapid innovation will once again enable us to deliver a Vitality Index at or above 10% this year.

2024年初，我們活力指數中已經誕生了一批有意義的產品。這些產品在 2023 年為該指數貢獻了總計 3.3 億美元，佔總指數的近 25%。透過不斷創新和投資快速成長的產品，我們不僅能夠彌補成熟的收入，還能以 15 億美元的指數結束這一年，佔總收入的近 11%。到 2024 年底，我們又有一批活力指數產品成熟。我們相信，對客戶價值的關注和快速創新將使我們今年的活力指數再次達到或超過 10%。

Turning to just a few examples of that innovation. As the world's leading provider of benchmarks, we continue to invest and innovate to launch new benchmark products and make our existing benchmarks better. In 2024, we expanded the collection of multi-asset class indices offered through S&P Dow Jones Indices, and we launched the Leveraged Loan Indices in partnership with UBS.

僅舉幾個此類創新的例子。作為全球領先的基準測試供應商，我們不斷投資和創新，推出新的基準測試產品並使我們現有的基準測試變得更好。2024 年，我們擴大了透過標準普爾道瓊斯指數提供的多元資產類別指數集合，並與瑞銀合作推出了槓桿貸款指數。

We continue to introduce new class price assessments every year, and 2024 saw the launch of new assessments for various chemicals, beef, and poultry. We also introduced a first-of-its-kind product in the digital asset space to assess stablecoins.

我們每年都會繼續推出新的類別價格評估，2024 年我們將推出針對各種化學物質、牛肉和家禽的新評估。我們也推出了數位資產領域的首創產品來評估穩定幣。

We know that data and technology lay at the heart of almost everything we do, so we continue to make meaningful investments in our internal technology and our technology products. We are finding new ways to leverage the remarkable data estate that we have. And just one example of that in 2024 was the introduction of the Markit Fixed Income Securities data in Capital IQ Pro.

我們知道數據和技術是我們所做的幾乎所有事情的核心，因此我們繼續對我們的內部技術和技術產品進行有意義的投資。我們正在尋找新的方法來利用我們擁有的大量數據。2024 年的其中一個例子就是在 Capital IQ Pro 中引入 Markit 固定收益證券數據。

Part of our focus on technology must include a strategy to leverage the incredible technological advancement taking place in the world today, such as generative AI. First, beginning with our people, we are continuing to build a culture that embraces AI, and we are empowering our people with the tools, training, and resources they need to thrive. In 2024, we introduced our internally developed copilot called S&P Spark Assist. Since introducing Spark Assist, we have seen over 1,300 different use cases developed and shared internally across what we call our Spark Store.

我們對科技的關注必須包括一項策略，以利用當今世界正在發生的令人難以置信的技術進步，例如生成性人工智慧。首先，從我們的員工開始，我們將繼續建立一種擁抱人工智慧的文化，並為我們的員工提供他們成長所需的工具、培訓和資源。2024 年，我們推出了內部開發的副駕駛，名為 S&P Spark Assist。自從推出 Spark Assist 以來，我們已經看到在我們所謂的 Spark Store 中開發和內部共享了超過 1,300 種不同的用例。

As we focus on developing AI skills across our entire workforce, we are seeing our people truly embrace the use of these powerful tools to automate workflows, more quickly ingest new information, and more efficiently generate their own work products. We firmly believe that as we embrace the use of AI internally, it will unlock significant potential for product innovation as well.

當我們專注於在整個員工隊伍中開發人工智慧技能時，我們看到我們的員工真正接受使用這些強大的工具來自動化工作流程，更快地獲取新訊息，並更有效地產生自己的工作產品。我們堅信，隨著我們內部採用人工智慧，它也將釋放巨大的產品創新潛力。

Just as we've learned with Kensho's incredible innovations over the years, tools and resources that improve our productivity and efficiency will likely benefit our customers as well. Through ongoing customer meetings, we hear again and again they want to be able to access and integrate S&P Global's data into their AI workflows.

正如我們多年來從 Kensho 的驚人創新中所了解的那樣，提高我們生產力和效率的工具和資源也可能使我們的客戶受益。透過持續的客戶會議，我們一次又一次地聽到他們希望能夠存取並將標普全球的數據整合到他們的人工智慧工作流程中。

In order to expand and facilitate how and where customers can connect to our data, we launched a new solution, Kensho LLM-ready API, that enables users to seamlessly integrate complex, high-priority S&P Global datasets into generative AI models for their own internal use. It integrates with large language models like GPT, Gemini, or Claude, allowing customers to use natural language to query our tabular datasets. This is all part of our ongoing effort to bring our data into this new era of GenAI and ensure that we are meeting customers where they are and where they are going in their AI journeys.

為了擴展和促進客戶連接我們資料的方式和地點，我們推出了一種新的解決方案 Kensho LLM-ready API，使用戶能夠將複雜、高優先級的 S&P Global 資料集無縫整合到生成式 AI 模型中，以供他們內部使用。它與 GPT、Gemini 或 Claude 等大型語言模型集成，允許客戶使用自然語言來查詢我們的表格資料集。這是我們持續努力的一部分，旨在將我們的數據帶入 GenAI 的新時代，並確保我們能夠滿足客戶在 AI 旅程中的需求。

We also embedded generative AI functionality in our major desktop applications, including ChatAI for Platts Connect, as well as ChatIQ and Document Intelligence for Capital IQ Pro, all with the same vision of empowering our customers to more quickly and effectively gain insights from our data with AI.

我們還在主要的桌面應用程式中嵌入了生成式 AI 功能，包括 Platts Connect 的 ChatAI、以及 Capital IQ Pro 的 ChatIQ 和 Document Intelligence，所有這些都秉承著同一個願景，即幫助我們的客戶更快、更有效地利用 AI 從我們的數據中獲取洞察。

We also identified and acquired market-leading solutions that we believe strengthen our competitive position in multiple areas while contributing to the immediate financial results of the company. These include Visible Alpha and ProntoNLP in our Market Intelligence division and World Hydrogen Leaders in our Commodity Insights division. With the ultimate goal of driving profitable, long-term revenue growth, we will continue to lean into these kinds of innovation, development of tools for our own efficiency and productivity, organic development of new products for our customers, partnerships to develop new products, and tuck-in acquisitions to accelerate the pace of scale and leadership.

我們也確定並獲得了市場領先的解決方案，我們相信這些解決方案可以增強我們在多個領域的競爭地位，同時為公司的直接財務表現做出貢獻。其中包括我們市場情報部門的 Visible Alpha 和 ProntoNLP，以及我們商品洞察部門的 World Hydrogen Leaders。為了實現推動獲利和長期收入成長的最終目標，我們將繼續依靠這些創新、開發提高自身效率和生產力的工具、為客戶有機開發新產品、建立合作夥伴關係開發新產品以及透過收購來加速規模和領導力的提升。

You'll notice that across these examples of innovation runs a common thread of generative AI. When we look at the potential for generative AI across the business over the next several years, there are seemingly endless opportunities to innovate and add value for our customers. Amid all this possibility, we will ensure that S&P Global remains an indispensable partner to our customers as they adopt AI into more and more of their workflows.

你會注意到，這些創新案例都體現了生成式人工智慧的共同主線。當我們展望未來幾年生成式人工智慧在整個業務領域的潛力時，我們發現似乎有無限的機會為我們的客戶進行創新和增加價值。在所有這種可能性中，我們將確保標普全球在客戶越來越多地採用人工智慧的工作流程中仍然是他們不可或缺的合作夥伴。

We're doing this in many ways, including building sophisticated GenAI experiences, laying the groundwork for agentic workflows, and investing in foundational AI capabilities that help our customers more quickly and effectively gain insights from our data. In the coming quarters and years, you'll see us lean more into practical applications that have the potential to move the needle on financial performance and enhance the value of our products.

我們正在透過多種方式實現這一目標，包括建立複雜的 GenAI 體驗、為代理商工作流程奠定基礎以及投資基礎 AI 功能，幫助我們的客戶更快、更有效地從我們的數據中獲取洞察。在未來的幾個季度和幾年裡，您將看到我們更傾向於實際應用，這些應用有可能推動財務表現的發展並提升我們產品的價值。

We will prioritize those use cases that improve our revenue growth potential, improve our operational productivity and efficiency, improve the capabilities and skills of our people, and safeguard the security around our proprietary data and our systems. This will require us to say no to a lot of things, but will allow us to effectively put investment dollars to work in ways that have the greatest potential to create real value. You've seen us do that in recent years with Spark Assist, ChatIQ, and many of the important innovations from our Kensho team. And we will continue to highlight our progress in this important area going forward.

我們將優先考慮那些可以提高我們的收入成長潛力、提高我們的營運生產力和效率、提高員工的能力和技能以及保障我們專有資料和系統安全的用例。這將要求我們對很多事情說不，但將使我們能夠有效地利用投資資金，以最有可能創造真正價值的方式運作。您已經看到我們近年來透過 Spark Assist、ChatIQ 以及 Kensho 團隊的許多重要創新做到了這一點。我們將繼續強調我們在這一重要領域取得的進展。

Now turning to our financial results, Chris will walk through the fourth-quarter results in more detail in a moment, but we are pleased and encouraged by the results we delivered for our shareholders in 2024. We continue to see strong growth in our market-driven and our subscription businesses, with total revenue increasing 14%, or 15% excluding the impact of Engineering Solutions.

現在談談我們的財務業績，克里斯稍後將更詳細地介紹第四季度的業績，但我們對 2024 年為股東帶來的業績感到高興和鼓舞。我們的市場驅動業務和訂閱業務持續保持強勁成長，總收入成長 14%，若不包括工程解決方案的影響則成長 15%。

We also delivered over 300 basis points of margin expansion in the year. As Chris will discuss in a moment, we saw some elevated expenses in 2024 related to incentive compensation and commission due to the very strong revenue beat this year. Were it not for that increase in compensation expense, we would have had year-over-year margin expansion in every division.

今年，我們也實現了超過 300 個基點的利潤率成長。正如克里斯稍後將討論的那樣，由於今年的收入非常強勁，我們看到 2024 年與激勵薪酬和佣金相關的一些費用有所增加。如果不是薪資費用增加的話，我們每個部門的利潤率都會比去年同期成長。

Now, I'll turn to Chris to review the financial results.

現在，我將請克里斯來回顧一下財務結果。

Thank you, Martina.

謝謝你，瑪蒂娜。

We finished 2024 with strong results as fourth-quarter revenue grew by 14% compared to the prior year, with growth across all of our divisions. Notably, our market-driven businesses, Ratings and Indices, each grew by over 20% in the quarter as we capitalized on favorable conditions in both the debt and equity markets.

我們以強勁的業績結束了 2024 年，因為第四季度的收入與前一年相比增長了 14%，並且我們所有部門都實現了增長。值得注意的是，由於我們利用債務和股票市場的有利條件，我們的市場驅動型業務、評級和指數在本季度均增長了 20% 以上。

Adjusted diluted earnings per share increased 20% year over year to $3.77. This is driven by a combination of our strong revenue growth, margin expansion of 260 basis points, and a 2% reduction in fully diluted share count.

調整後每股攤薄收益年增 20% 至 3.77 美元。這是由於我們強勁的營收成長、利潤率擴大 260 個基點以及全面稀釋股票數量減少 2% 等因素共同推動的。

Now turning to strategic investment areas where I'm excited to share that there was positive momentum across our key initiatives, all of which are helping drive sustainable growth for the company. Energy transition and sustainability revenue grew 23% to $104 million in the fourth quarter. Growth was driven primarily by strong performance in Commodity Insights' energy transition offerings and positive fund flows in sustainability-focused indices.

現在轉向策略投資領域，我很高興地告訴大家，我們的關鍵舉措都呈現出積極的勢頭，所有這些舉措都在幫助推動公司實現永續成長。第四季能源轉型和永續發展收入成長 23%，達到 1.04 億美元。成長主要得益於 Commodity Insights 能源轉型產品的強勁表現以及可持續發展指數的積極資金流動。

In private market solutions, revenue growth accelerated to 29% to $146 million in the fourth quarter. Growth was driven primarily by continued strong demand for our private market ratings and assessments within S&P Global Ratings.

在私募市場解決方案方面，第四季營收成長加速至 29%，達到 1.46 億美元。成長主要得益於對我們的私人市場評級和標準普爾全球評級內部評估的持續強勁需求。

For revenue synergies, we exited the fourth quarter with an annualized run rate of $284 million, representing 81% of the target synergies we expected to achieve in 2026. During the quarter, we realized $74 million in revenue synergies. We are pleased to see both cross-sell and new product revenue synergies coming in above our expectations in Q4.

就營收綜效而言，我們第四季的年化運作率為 2.84 億美元，占我們預期 2026 年實現的目標綜效的 81%。本季度，我們實現了 7,400 萬美元的營收綜效。我們很高興看到第四季度交叉銷售和新產品收入綜效都超出了我們的預期。

Finally, we generated approximately $409 million in Vitality revenue during the fourth quarter, resulting in an 11% Vitality Index. As previously highlighted, we anticipate a steady stream of innovative offerings to place any products graduating from the index, ensuring sustained momentum in our product lineup.

最後，我們在第四季創造了約 4.09 億美元的活力收入，活力指數達到 11%。正如之前所強調的那樣，我們期待源源不絕的創新產品來取代任何從該指數畢業的產品，確保我們的產品陣容保持持續的發展勢頭。

Now turning to expenses, we saw a total increase of 9% in the fourth quarter. This is primarily driven by ongoing investments in our core business and growth initiatives, coupled with increased incentives, commissions, and compensation. The significant outperformance in our Ratings and Indices divisions during the fourth quarter increased incentive compensation across the enterprise.

現在談到費用，我們發現第四季總費用增加了 9%。這主要得益於我們對核心業務和成長計畫的持續投資，以及增加的獎勵、佣金和薪酬。我們評級和指數部門在第四季度的出色表現提高了整個企業的激勵薪酬。

Turning to our divisions, Market Intelligence revenue increased 5% in the fourth quarter, or 6% excluding acquisitions and divestitures, with positive revenue growth in every business line. We continue to see the effect of cancellations earlier in 2024 impacting revenue growth in the fourth quarter. However, the fourth quarter is the largest renewal quarter of the year in MI, and we are pleased to see retention rates improve to the highest rates we've seen since 2023. We also had significant competitive wins in each of the business lines in Market Intelligence and no significant competitive losses.

談到我們的部門，市場情報收入在第四季度增長了 5%，如果不包括收購和資產剝離，則增長了 6%，每個業務線的收入都實現了正增長。我們繼續看到 2024 年早些時候取消的影響對第四季度的收入成長產生影響。然而，第四季度是密西根州一年中續約率最高的季度，我們很高興看到留存率提高到 2023 年以來的最高水準。我們在市場情報的各個業務線中也都取得了顯著的競爭勝利，並且沒有遭遇重大的競爭失敗。

Lastly, we had a very strong quarter of net new sales for Capital IQ Pro. Importantly, annualized contract value, or ACV, growth outpaced revenue growth soundly in the fourth quarter. This should position Market Intelligence to see gradually improving revenue growth rates as we progress through 2025.

最後，本季 Capital IQ Pro 的淨新銷售額非常強勁。重要的是，第四季度年度合約價值（ACV）的成長遠遠超過了收入的成長。隨著 2025 年的到來，市場情報部門將能夠看到收入成長率逐步提高。

Desktop grew 8%, though growth would have been less than 1%, excluding Visible Alpha. Data and advisory solutions grew 4%, or 5% when excluding the impact of the PrimeOne divestiture, driven by strong demand for pricing and reference data, especially in the loan and CDS asset classes and industry and company data.

桌面業務成長了 8%，但如果不包括 Visible Alpha，成長率將不到 1%。數據和諮詢解決方案增長了 4%，如果排除 PrimeOne 資產剝離的影響則增長了 5%，這主要得益於對定價和參考資料的強勁需求，尤其是貸款和 CDS 資產類別以及行業和公司數據。

Enterprise solutions grew 6%, or 16% when excluding the impact of the Fincentric divestiture. Growth was driven by strong demand for our lending and solution offerings, including ClearPar and Notice Manager, and renewables for our enterprise data management software. Credit and risk solutions grew 2%, despite lapping a significant retroactive revenue benefit from a renewed and extended customer contract in the fourth quarter of 2023. Excluding this one-time item, the growth in the business line would have accelerated to 7%, primarily driven by strong renewables and net new sales.

企業解決方案成長了 6%，若排除 Fincentric 資產剝離的影響，則成長了 16%。成長的動力來自於對我們的貸款和解決方案產品（包括 ClearPar 和 Notice Manager）以及對我們的企業資料管理軟體的再生能源的強勁需求。儘管 2023 年第四季續約和延長客戶合約帶來了可觀的追溯收入收益，信貸和風險解決方案仍增加了 2%。除去這筆一次性項目，該業務線的成長將加速至 7%，主要得益於強勁的再生能源和淨新增銷售額。

Adjusted expenses increased 8% year over year, primarily driven by growth in compensation and cloud costs. Operating profit growth was positive in the quarter, while operating margin decreased 160 basis points to 32.6%. Full-year margin contracted 50 basis points to 32.5%. As Martina mentioned, incentive compensation was elevated due to the company's overall performance in 2024. Were it not for this impact, full-year margins in Market Intelligence would have expanded year over year.

調整後的費用年增 8%，主要由於薪資和雲端成本的成長。本季營業利潤成長為正，但營業利潤率下降 160 個基點至 32.6%。全年利潤率收縮50個基點至32.5%。正如 Martina 所說，由於公司 2024 年的整體表現，激勵性薪酬有所提高。如果不是因為這種影響，市場情報的全年利潤率將會逐年擴大。

As we noted in the slides, beginning with the first quarter of 2025, we will be reporting Market Intelligence results in three business lines. Enterprise solutions and credit and risk solutions will be unchanged, but we will be combining desktop with data and advisory solutions in a single reporting line called Data Analytics and Insights. This should make our results more easily comparable to others in the space.

正如我們在幻燈片中提到的，從 2025 年第一季開始，我們將報告三個業務線的市場情報結果。企業解決方案和信貸與風險解決方案將保持不變，但我們將把桌面與數據和諮詢解決方案結合到一個名為「數據分析與洞察」的報告線中。這應該會使我們的結果更容易與該領域的其他結果進行比較。

Now, turning to Ratings. In the fourth quarter, we saw refinancing activity drive issuance as spreads narrowed to historically low levels and the continued strength in CLO volumes. As a result, Ratings revenue increased 27%, exceeding our internal expectations.

現在，談談評級。在第四季度，我們看到再融資活動推動了發行，因為利差收窄至歷史低位，且 CLO 交易量持續強勁。結果，評級收入成長了27％，超出了我們的內部預期。

Transaction revenue grew by 54% in the fourth quarter, fueled by market conditions highlighted earlier that spurred robust demand for bond and bank loan ratings. This growth was further amplified by heightened activity in what is usually a seasonally low issuance period during the holiday season. Non-transaction revenue increased 8%, driven by an increase in annual and program fees and an increase in new rating mandates.

受先前強調的市場狀況刺激對債券和銀行貸款評級的強勁需求的推動，第四季度交易收入增長了 54%。在假期期間通常是季節性發行量較低的時期，而活動量的增加進一步促進了這種增長。非交易收入成長 8%，主要原因是年費和計劃費用增加以及新評級要求增加。

Adjusted expenses increased 10%, primarily due to increased incentive compensation. This resulted in a 42% increase in operating profit and a 630-basis-point increase in operating margin to 59.7%. For the full year, Ratings margin expanded 650 basis points to 63%.

調整後費用增加了 10%，主要由於激勵薪酬增加。這使得營業利潤增加了42%，營業利益率增加了630個基點，達到59.7%。全年評級利潤率擴大 650 個基點，達到 63%。

And now, turning to Commodity Insights. Revenue increased 10%, driven by double-digit growth in energy and resources data and insights and advisory and transactional services. Price assessments and energy and resources data and insights grew 9% and 10%, respectively. Growth was driven by strength in our traditional offerings, such as our crude and refined product suite. In addition, both business lines continue to benefit from favorable commercial conditions.

現在，我們來談談商品洞察。收入成長了 10%，這得益於能源和資源數據和見解以及諮詢和交易服務的兩位數成長。價格評估、能源和資源數據和見解分別增加了 9% 和 10%。成長的動力來自於我們傳統產品（例如原油和精煉產品系列）的強勁表現。此外，這兩條業務線都繼續受益於有利的商業條件。

Advisory and transactional services revenue grew by 27%, or 18% when excluding the impact from the World Hydrogen Leaders acquisition. This is primarily driven by continued strong demand for energy transition products and services, as well as strong trading volumes across all commodity sectors in global trading services. Upstream data and insights revenue increased by 3%, driven by growth in our research insights offerings and strong demand for subscription-based software and analytics products.

諮詢和交易服務收入成長了 27%，若不包括收購 World Hydrogen Leaders 的影響，則成長了 18%。這主要得益於對能源轉型產品和服務的持續強勁需求，以及全球貿易服務中所有商品領域的強勁交易量。上游數據和洞察收入成長了 3%，這得益於我們的研究洞察產品的成長以及對基於訂閱的軟體和分析產品的強勁需求。

Adjusted expenses increased 9%. Operating profit for Commodity Insights increased 11%, and operating margin expanded by 60 basis points to 45%. Full-year margin increased by 70 basis points to 46.8%.

調整後費用增加了 9%。Commodity Insights 的營業利潤成長了 11%，營業利潤率擴大了 60 個基點，達到 45%。全年利潤率增加70個基點至46.8%。

And now, turning to Mobility. Revenue increased 9% in the fourth quarter, driven by demand for the CARFAX product suite and strong performance from our insurance-related products. Dealer revenue increased 10% year over year, driven by continued new business growth at CARFAX and automotiveMastermind offerings.

現在我們來談談移動性。受 CARFAX 產品套件的需求和保險相關產品的強勁表現推動，第四季營收成長 9%。受 CARFAX 和 automobileMastermind 產品新業務持續成長的推動，經銷商營收年增 10%。

Manufacturing revenue increased 1%, as the business line continued to see lower transaction revenue related to our recall business, offsetting strong growth in our subscription-based offerings. The headwinds facing our recall business began in early 2024, and we expect to fully lap that headwind by the second quarter of 2025. Growth in financials and other accelerated to 18%, as the business line benefited from strong underwriting volumes and market share growth.

製造收入成長了 1%，因為該業務線與我們的召回業務相關的交易收入持續下降，抵消了我們基於訂閱的產品的強勁成長。我們的召回業務面臨的阻力始於 2024 年初，我們預計到 2025 年第二季將完全克服這種阻力。金融及其他業務的成長加速至 18%，因為該業務線受益於強勁的承保量和市場份額的成長。

Adjusted expenses increased 7%. This resulted in operating profit increasing by 12% for the quarter and operating margin expanding by 100 basis points to 34.7%. Full-year margin increased by 20 basis points to 39%.

調整後支出增加了7%。這使得本季營業利潤成長 12%，營業利潤率擴大 100 個基點至 34.7%。全年利潤率增加20個基點至39%。

Now, turning to S&P Dow Jones Indices. Revenue increased 21%, primarily driven by growth in asset-linked fees which benefited from higher AUM, as well as growth in data and custom subscriptions. Asset-linked fees were up 31%, driven by market appreciation and inflows. In the fourth quarter, we recorded net inflows of $486 billion, which, along with market appreciation, brought total ETF AUM to approximately $4.4 trillion.

現在，轉向標準普爾道瓊斯指數。收入成長了 21%，主要得益於資產管理規模增加帶來的資產掛鉤費用的成長，以及數據和客製化訂閱的成長。受市場升值和資金流入推動，資產掛鉤費用上漲 31%。第四季度，我們錄得 4,860 億美元的淨流入，加上市場升值，ETF AUM 總額達到約 4.4 兆美元。

Exchange-traded derivatives revenue grew 4%, primarily driven by an increase in realized revenue per contract, partially offset by slightly lower contract volumes. Data and custom subscriptions increased 5% year over year, as we continue to implement commercial initiatives across the various product offerings within the business line. However, growth in the fourth quarter was partially offset by a retrospective revenue adjustment. Excluding the impact of this one-time headwind, data and custom subscriptions would have grown by 10%.

交易所交易衍生性商品收入成長 4%，主要由於每份合約實現收入增加，但合約數量略有下降，部分抵消了這一增長。由於我們繼續在業務線內的各種產品中實施商業計劃，數據和客製化訂閱同比增長了 5%。然而，第四季的成長被追溯收入調整部分抵銷。排除此一次性不利因素的影響，數據和客製化訂閱將成長 10%。

Adjusted expenses increased 15% year over year, primarily due to increased incentive compensation, combined with continued investment in our strategic growth initiatives. Indices operating profit increased 24%, and operating margin expanded by 180 basis points to 67.9%. For the full year, Indices operating margin expanded by 140 basis points to 70.3%.

調整後的費用年增了 15%，這主要是由於激勵薪酬的增加以及對策略性成長計畫的持續投資。指數營業利益成長24%，營業利益率擴大180個基點至67.9%。全年而言，指數營業利益率擴大了 140 個基點，達到 70.3%。

2024 was a tremendous year, and our financial results reflect that. As we look to 2025 and beyond, the innovation and investment that we made in 2024 position us very well to continue delivering long-term profitable growth and create meaningful value for our shareholders.

2024 年是偉大的一年，我們的財務表現反映了這一點。展望 2025 年及以後，我們在 2024 年所做的創新和投資使我們能夠繼續實現長期獲利成長並為股東創造有意義的價值。

With that, I'll hand it back to Martina to walk through the outlook and the guidance.

說完這些，我將把它交還給 Martina，讓她介紹前景和指導。

Thank you, Chris.

謝謝你，克里斯。

Our financial guidance for 2025 assumes global GDP growth of 3%, US inflation of 2.3%, and an average price for Brent crude of $72 per barrel. These all represent some degree of mean reversion from the figures we've seen over the last couple of years, which we think should contribute to a stable issuance environment and a gradually improving backdrop for our financial services customers as we progress through 2025.

我們對 2025 年的財務指引假設全球 GDP 成長率為 3%，美國通膨率為 2.3%，布蘭特原油平均價格為每桶 72 美元。這些都代表了我們在過去幾年看到的數據的一定程度的均值回歸，我們認為，隨著我們進入 2025 年，這應該有助於為我們的金融服務客戶提供穩定的發行環境和逐步改善的背景。

We acknowledge, however, the degree of macro and geopolitical uncertainty that exists right now, and that there is a range of potential outcomes beyond our base case assumptions. Our base case assumption is that we see at least one more rate cut this year in the US.

然而，我們承認目前存在一定程度的宏觀和地緣政治不確定性，並且還存在一系列超出我們基本假設的潛在結果。我們的基本假設是，美國今年至少還會降息一次。

We recognize that market expectations around the pace of 2025 rate cuts have moderated over the last several months. But as we've seen in recent years, these rate movements are difficult to predict with a high degree of confidence. As such, we are taking a prudent approach to our forecast for billed issuance. We expect low single-digit growth in billed issuance in 2025 from a record high base in 2024.

我們意識到，過去幾個月來，市場對 2025 年降息步伐的預期有所緩和。但正如我們近年來所看到的，這些利率變動很難高度自信地預測。因此，我們對票據發行的預測採取了審慎的態度。我們預計，2025 年票據發行量將以 2024 年創紀錄的高基數實現低個位數成長。

Turning to our most recent refinancing study. When we compare these refinancing walls last year's study, we see that next 12-month maturities, meaning 2025 maturities now compared to 2024 maturities measured at this time last year, are approximately 4% higher than they were at this point last year. The maturities expected over the next three years, however, are approximately 1% lower than they were 12 months ago. Our billed issuance forecast takes both of these rates into account.

談談我們最近的再融資研究。當我們比較去年這些再融資牆的研究時，我們發現未來 12 個月的到期日，即現在的 2025 年到期日與去年同期測量的 2024 年到期日相比，比去年同期高出約 4%。不過，未來三年的預期到期日比 12 個月前低約 1%。我們的票據發行預測將這兩種利率都考慮在內。

The maturity walls make up just one of the factors we consider when providing an outlook on billed issuance. Given the record issuance year we've had and the deceleration we are expecting in 2025, we wanted to provide some additional context around our outlook for low-single-digit growth in billed issuance.

期限限制只是我們在預測票據發行前景時考慮的因素之一。鑑於今年的發行量創下了歷史新高，而 2025 年預計會出現減速，我們希望提供一些額外的背景信息，以預測賬單發行量將呈現低個位數增長。

Importantly, we saw an acceleration in the pull-forward of the 2025 maturity wall during the fourth quarter, which impacts our outlook in two ways. First, it drove stronger issuance than we expected during the fourth quarter of 2024. We saw that in our financial results, and it creates a more difficult compare this year. Second, it obviously decreases the amount of near-term maturities that are available to get refinanced in 2025.

重要的是，我們看到第四季 2025 年到期牆的提前加速，這在兩個方面影響了我們的前景。首先，它推動了 2024 年第四季的發行量超出了我們的預期。我們在財務結果中看到了這一點，這使得今年的比較更加困難。其次，它顯然減少了 2025 年可供再融資的近期到期債券數量。

We continue to expect favorable market conditions around stable rates and credit spreads, and we are encouraged by the robust maturity walls over the next few years, all of which inspires confidence that issuance will see positive growth in 2025. Our outlook for the Ratings division assumes the refinancing of 2025 maturities and modest pull-forward from the 2026 and later maturities. We also expect some improvement in the M&A environment relative to the last couple of years, and there should be some tailwinds to issuance as a result. Lastly, our expectation is that the mix of issuance is likely to shift slightly in favor of investment grade compared to what we saw in 2024.

我們繼續預期圍繞穩定利率和信用利差的有利市場條件，未來幾年強勁的期限壁壘也令我們感到鼓舞，所有這些都激發了我們對 2025 年發行量​​將實現正增長的信心。我們對評級部門的展望是假設對 2025 年到期的債券進行再融資，並適度提前 2026 年及以後到期的債券。我們也預計，與過去幾年相比，併購環境將有所改善，從而為發行帶來一些推動作用。最後，我們預計，與 2024 年相比，發行組合可能會略微轉向投資等級。

Against that backdrop, we are introducing our financial guidance for 2025. This slide illustrates our guidance for GAAP results. Moving to our adjusted guidance, we expect revenue growth in a range of 5% to 7% in 2025. We expect adjusted operating margin in a range of 49% to 50%, which represents up to 100 basis points of margin expansion beyond the high profitability level reported in 2024. Through a combination of robust organic revenue growth, disciplined execution, and strong capital return, we expect to generate adjusted diluted earnings per share in the range of $17 to $17.25, representing double-digit growth at the high end.

在此背景下，我們推出了 2025 年財務指引。這張投影片說明了我們對 GAAP 結果的指導。根據我們調整後的指引，我們預期 2025 年營收成長率將在 5% 至 7% 之間。我們預計調整後的營業利潤率將在 49% 至 50% 之間，這意味著利潤率將在 2024 年報告的高盈利水平基礎上擴大 100 個基點。透過強勁的有機收入成長、嚴格的執行和強勁的資本回報，我們預計調整後每股攤薄收益將在 17 美元至 17.25 美元之間，代表高端兩位數的成長。

Turning to our outlook by division. In Market Intelligence, we expect revenue growth in the range of 5% to 6.5%. We exited 2024 with a very strong renewal quarter with the highest retention rate we've seen in the last six quarters. That sets up the subscription business for improving growth, but we will still be lapping the elevated cancellations from the prior quarters. As a result, we expect the growth rate to be the lowest in the first quarter and improve as we progress through the year.

依部門來談談我們的展望。在市場情報方面，我們預計收入成長在 5% 至 6.5% 之間。2024 年，我們的續約表現非常強勁，留存率達到了過去六個季度以來的最高水準。這將為訂閱業務的改善成長奠定基礎，但我們仍將彌補前幾季較高的取消量。因此，我們預計第一季的成長率將最低，並隨著全年的推移而提高。

Due to the timing of revenue recognition, the lapping of acquisitions and divestitures, and the phasing of investments, we also expect margins to be the lowest in the first quarter. However, we expect to take a very disciplined approach to expense management in Market Intelligence this year and expect to deliver margins in the range of 33% to 34%, representing 50 to 150 basis points of margin expansion year over year.

由於收入確認的時間、收購和資產剝離的重疊以及投資的分階段，我們預計第一季的利潤率也將最低。然而，我們預計今年我們將採取非常嚴謹的市場情報費用管理方法，並預計利潤率將在 33% 至 34% 之間，這意味著利潤率將比去年同期擴大 50 至 150 個基點。

For Ratings, we expect revenue growth in the range of 3% to 5%, as billed issuance growth and modest price increases are somewhat offset by expected unfavorable mix of billed issuance. We continue to take a balanced approach to investments and profitability in Ratings, and through continued expense discipline and improved efficiencies, we expect to deliver margins in the range of 63% to 64%, despite the slower expected growth in 2025.

對於評級，我們預計收入成長在 3% 至 5% 之間，因為帳單發行量成長和適度的價格上漲在一定程度上被預期的不利帳單發行組合所抵消。我們將繼續在評級投資和盈利能力方面採取平衡的方法，透過持續控制費用和提高效率，儘管預計 2025 年的成長速度將放緩，但我們預計利潤率將在 63% 至 64% 之間。

In Commodity Insights, we expect revenue growth in the range of 7% to 8.5% and margins in the range of 47% to 48%. We expect continued robust demand for our energy transition products, as well as our market-leading tax price assessments. Given the long runway and secular tailwinds in this business, we continue to invest to further distance ourselves from competitors in the space. Despite the ongoing investments, we expect to deliver 20 to 120 basis points of margin expansion in CI, with an expected margin range of 47% to 48% in 2025.

在 Commodity Insights 中，我們預期營收成長在 7% 至 8.5% 之間，利潤率在 47% 至 48% 之間。我們預計我們的能源轉型產品和市場領先的稅收價格評估的需求將繼續保持強勁。鑑於該行業的長期發展前景和長期順風，我們將繼續投資，以進一步拉開與該領域競爭對手的距離。儘管持續進行投資，我們預計CI的利潤率將擴大20至120個基點，預計2025年的利潤率範圍為47％至48％。

In Mobility, we expect continued strong growth in the range of 7% to 8.5%. We have reinvested revenue upside in the last couple of years, which has tempered margin expansion, but we expect the necessary pace of investment to slow somewhat in 2025. As such, we are expecting margins in the range of 39% to 40%, representing approximately 50 basis points of margin expansion at the midpoint.

在行動領域，我們預計將繼續實現 7%-8.5% 的強勁成長。過去幾年，我們對收入成長進行了再投資，這抑制了利潤率的擴張，但我們預計 2025 年必要的投資速度將有所放緩。因此，我們預期利潤率在 39% 至 40% 之間，中間值代表利潤率擴大約 50 個基點。

Lastly, in Indices, our guidance assumes relatively flat equity asset prices from the end of 2024, given the very strong returns in the S&P 500 over the last two years. As such, we expect revenue growth in the range of 8% to 10%. Given margins are already above our medium-term targets, and given the attractive slate of investment opportunities in Indices, we are making the decision to reinvest incremental profit for future growth in 2025. As a result, we expect margins to remain relatively flat to 2024 levels and are guiding to a range of 69.5% to 70.5%.

最後，在指數方面，鑑於標準普爾 500 指數在過去兩年的強勁回報，我們的指導假設從 2024 年底起股票資產價格將相對持平。因此，我們預計收入成長在 8% 至 10% 之間。鑑於利潤率已經高於我們的中期目標，並且鑑於指數中具有吸引力的投資機會，我們決定將增量利潤再投資於 2025 年的未來成長。因此，我們預計利潤率將保持相對平穩，直至 2024 年的水平，並預計在 69.5% 至 70.5% 之間。

I refer you to our supplemental materials on our investor relations website for some additional details on our financial guidance, but we are also expecting to deliver approximately $6 billion in adjusted free cash flow in 2025. Since the merger closed, our free cash flow conversion rate, or adjusted free cash flow, as a percentage of adjusted net income, has been at or above 100% every year and peaked in 2024 as we optimized our working capital and streamlined cash collections. This does create a difficult compare for working capital and free cash flow growth in 2025, but we expect to maintain a free cash flow conversion rate at or above 100% in 2025 as well.

請您參閱我們投資者關係網站上的補充材料，以獲取有關我們的財務指導的更多詳細信息，但我們預計 2025 年將實現約 60 億美元的調整後自由現金流。自合併完成以來，隨著我們優化營運資金和簡化現金收集，我們的自由現金流轉換率或調整後自由現金流佔調整後淨收入的百分比每年都達到或超過 100%，並在 2024 年達到高峰。這確實為 2025 年的營運資本和自由現金流成長帶來了困難的比較，但我們預計 2025 年的自由現金流轉換率也將保持在 100% 或以上。

In closing, through the various leadership roles I've held over the last 15 years within S&P Global, I've seen the ins and outs of our businesses up close at every stage of the cycle. Our company sits at the crossroads of so many vitally important secular trends -- data and artificial intelligence, energy transition, active to passive management, and public and private market dynamics.

最後，透過過去 15 年我在標普全球擔任過的各種領導職務，我近距離地了解了我們業務在周期的每個階段的來龍去脈。我們的公司正處於許多至關重要的長期趨勢的交叉點——數據和人工智慧、能源轉型、主動到被動的管理以及公共和私人市場動態。

We also sit at the nexus of all the major global markets -- equity, fixed income, and commodities. We have the right people in place. We are making the right investments, and we are building the right strategy. It's an incredibly exciting time to be at S&P Global.

我們也處於所有主要全球市場的交匯處——股票、固定收益和商品。我們已安排好合適的人才。我們正在進行正確的投資，我們正在製定正確的策略。現在加入標普全球是一件非常令人興奮的事情。

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

說完這些，我們將把電話轉回給馬克來回答您的問題。

Thank you, Martina. (Event Instructions)

謝謝你，瑪蒂娜。(活動須知)

Operator, we will now take the first question.

接線員，我們現在來回答第一個問題。

Manav Patnaik, Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you. Good morning. Martina, maybe I just want to focus broadly on the Market Intelligence segment. Just first, in terms of the portfolio, the two divestitures you already did, just curious on what we should expect in terms of if there's other areas in there that you wanted to clean up.

謝謝。早安.瑪蒂娜，也許我只是想廣泛地關注市場情報部分。首先，就投資組合而言，您已經進行了兩次資產剝離，我只是好奇如果還有其他您想清理的領域，我們應該期待什麼。

And just to clarify, I think you talked about ACV and bookings and stuff being really good in the fourth quarter, but then in the prepared remarks that you still mentioned, there's a lot of desktop competition and pricing pressure. So was that ACV comment specific to a particular area within Market Intelligence? Just wanted to clarify that.

需要澄清的是，我認為您談到了第四季度的 ACV 和預訂量等情況非常好，但在您提到的準備好的評論中，桌面競爭和定價壓力很大。那麼 ACV 的評論是否針對市場情報中的某個特定領域？只是想澄清這一點。

Hi, Manav. Thanks so much for your question.

你好，Manav。非常感謝您的提問。

I would say as a matter of course and for our complete management team, we're always looking at optimizing across our overall portfolio to make sure we're the right owners of any particular products. And we want to make sure, of course, that the collection of products that we have is doing the best possible to create value for our clients and also, of course, for our shareholders. So that's something that we'll continue to do across the enterprise.

我想說，理所當然的是，對於我們整個管理團隊來說，我們始終致力於優化我們的整體產品組合，以確保我們是任何特定產品的合適所有者。當然，我們希望確保我們擁有的產品系列能夠盡最大努力為我們的客戶和股東創造價值。所以我們會在整個企業內繼續做這件事。

In terms of the Market Intelligence performance going into 2025, maybe I'll go back to a little bit of some of the remarks and add some additional context. So for example, in Q4, as we mentioned, we had very strong performance on retention. We had the lowest level of cancels that we had in well over a year. And we were able to do that through strong customer engagement and really strong differentiation in the products that we have.

就 2025 年的市場情報表現而言，也許我會回顧一些評論並添加一些額外的背景資訊。例如，正如我們所提到的，在第四季度，我們在保留方面表現非常出色。我們的取消率達到了一年多來的最低水準。我們透過強大的客戶參與度和產品的真正差異化實現了這一目標。

Importantly, we saw good competitive wins and no competitive losses in that quarter. And we did that without needing to pull forward any of the pipeline from Q1, for example. So we do feel that we are starting off with the new leadership team in a good balance. The new leadership team in a good position. The new leadership team has been incredibly focused on making sure that we're aligning our go-to-market efforts to best meet our customers' needs and also focused on simplifying and making sure that we are completely overall focused on growth in the business.

重要的是，我們在那個季度看到了良好的競爭勝利，沒有競爭損失。例如，我們做到了這一點，而不需要從 Q1 中拉出任何管道。因此，我們確實感到，我們與新領導團隊的合作從一開始就保持了良好的平衡。新一屆領導班子工作進展順利。新的領導團隊非常注重確保我們調整行銷努力以最好地滿足客戶的需求，同時也注重簡化並確保我們完全專注於業務成長。

To your question on the ACV and the specific pressures, that was a comment overall for Market Intelligence. And specifically just calling back to the earlier quarters last year where we did see elevated cancellations and we did see some softness that we were calling out in the financials and market, in Q4, we had that very strong retention rate with lower cancellations.

對於您關於 ACV 和具體壓力的問題，這是市場情報的整體評論。具體來說，回顧去年前幾季度，我們確實看到取消量有所增加，也看到財務和市場存在一些我們所呼籲的疲軟現象，但在第四季度，我們的留存率非常高，取消量較低。

So on the one hand, we would expect to continue to experience and lap the cancellations from earlier in the year. That informs our view on maybe a softer start to the year and gradual improvement throughout the course of the year as we lap those cancellations. But also, we saw what we think is the beginnings of a recovery in the financial and markets. And we'd expect that to gradually improve throughout the course of the year as well.

因此，一方面，我們預計將繼續經歷並彌補今年早些時候的取消情況。我們認為，今年年初的情況可能會比較溫和，但隨著這些取消訂單的情況逐漸好轉，情況可能會在全年逐漸改善。但同時，我們也看到了金融和市場復甦的開始。我們也希望這一情況在全年內能夠逐步改善。

Thanks for the question.

謝謝你的提問。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Good morning. Just to follow up on Market Intelligence, and hopefully I'm not asking the same question again, but on ACV growth, can you be more specific how much that ACV growth actually was and how much of revenue that typically encompasses?

早安.只是為了跟進市場情報，希望我不會再問同樣的問題，但關於 ACV 成長，你能否更具體地說明 ACV 成長實際上是多少以及通常包含多少收入？

And then related to that, there's new management in that segment. You talked a little bit about the changes that you're doing on a company-wide basis, but can you maybe be specific in terms of what has happened so far in terms of any changes in go-to-market strategy? Any other things that have been implemented to maybe squeeze out that extra couple percent of growth that we're all hoping for?

與此相關，該部門有了新的管理層。您談到了在公司範圍內進行的變革，但您能否具體說明迄今為止在行銷策略方面發生了哪些變化？還有其他什麼措施可以實現我們都希望的額外幾個百分點的成長嗎？

Great. Hi, Alex. Thanks so much for the question.

偉大的。你好，亞歷克斯。非常感謝您提問。

What I would say is, on the ACV growth, that was -- contributed to a point or two of additional revenue growth for us, faster revenue growth for us. But maybe just to take a step back on what happened in Q4, Q4 is actually our largest renewable quarter, and that's one of the reasons why we're very, very pleased with the results that we saw there and the positioning for us going into 2025.

我想說的是，就 ACV 成長而言，這為我們帶來了一到兩個百分點的額外收入成長，也為我們帶來了更快的收入成長。但也許只是回顧一下第四季度發生的情況，第四季度實際上是我們最大的可再生能源季度，這也是我們對那裡看到的結果以及我們進入 2025 年的定位感到非常滿意的原因之一。

And then to the management changes, I would say it's a new leadership team. We are very focused on simplification, eliminating silos in the business, making sure that the business lines are communicating and working very well together to ensure that we're bringing the greatest value to our customers.

然後談到管理階層的變化，我想說這是一個新的領導團隊。我們非常注重簡化，消除業務孤島，確保業務線之間能夠良好溝通、協同合作，從而確保為客戶帶來最大的價值。

We're also incredibly focused on making sure that we can accelerate where possible the go-to-market strategy around new products. And some of those that are very interesting and give us a great step in the door with our clients would be some of the new additions to our desktop, for example, Document Intelligence and ChatIQ, but also things like getting our Markit Fixed Income data out onto our desktop product, as well as our Kensho LLM-ready APIs. So a lot of innovation focused on execution, focused on making sure that the team is operating at the highest level of efficiency and integrating GenAI where possible.

我們也非常注重確保盡可能加快新產品的上市策略。其中非常有趣的一些功能，讓我們在與客戶的溝通上邁出了一大步，包括我們桌面上的一些新功能，例如 Document Intelligence 和 ChatIQ，還有將 Markit 固定收益數據輸出到我們的桌面產品上，以及我們的 Kensho LLM-ready API。因此，許多創新都集中在執行上，專注於確保團隊以最高效率運作並盡可能整合 GenAI。

Hey, Alex, just one quick thing. This is Mark. We had just a little bit of feedback in the room here. I wanted to clarify one point. The ACV growth in Market Intelligence was about a point or two faster than the revenue growth in MI, so we just wanted to make sure we get that clearly. Thanks.

嘿，亞歷克斯，還有一件事。這是馬克。我們在這裡的房間裡收到了一點回饋。我想澄清一點。市場情報的 ACV 成長比 MI 的收入成長快一到兩個百分點，所以我們只是想確保我們清楚地了解這一點。謝謝。

Hey, Alex, just one point I'd also add on. Subscription revenue growth actually grew about 4%, and recurring variable revenue increased about 20%, primarily driven by enterprise solutions, lending, and Notice Manager and ClearPar products. On a combined basis, subscription revenue came in at 6% overall, which came in at the low end of our guidance.

嘿，亞歷克斯，我只想補充一點。訂閱收入實際上成長了約 4%，經常性變動收入成長了約 20%，這主要得益於企業解決方案、貸款以及 Notice Manager 和 ClearPar 產品。整體而言，訂閱收入佔比為 6%，處於我們預期的低端。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes. Hi. Thank you. So I wanted to ask about Ratings outlook. I think, Martina, you mentioned that you're being prudent. So curious around how much visibility do you have at this point? What are you expecting in terms of an M&A contribution? And maybe the best way to answer this is if you could give us any color with respect to quarterly cadence around revenue growth within the Ratings segment.

是的。你好。謝謝。所以我想詢問一下評級前景。我覺得，瑪蒂娜，你有提到你很謹慎。所以很好奇您現在的可見度有多高？您對併購貢獻有何期望？也許回答這個問題的最好方式是，您能否為我們提供有關評級部門季度收入成長的詳細資訊。

Hi, Faiza. Thanks so much for the question.

你好，Faiza。非常感謝您提問。

Maybe just to answer the last question there, the last part of that, we don't guide on a quarterly basis, but let me take a step back and give you a little bit of context for how we're thinking about the Ratings outlook. Our base case, as we outlined, includes, we would say, kind of modest expectations. On the rate cut front, it's one more cut to about 4.1%, for example in the US in 2025.

也許只是為了回答最後一個問題，最後一部分，我們不以季度為基礎提供指導，但讓我退一步，給你一些我們對評級前景的看法。正如我們所概述的，我們的基本情況包括了可以說是比較適度的預期。在降息方面，將再一次降息至 4.1% 左右，例如美國在 2025 年就會降息一次。

I think, importantly, we don't assume a protracted trade war. We do not assume massive changes around economic growth, both in the US and as well as across our existing assumptions for our forecast for economic growth in other regions. And I think it's important to note that we would assume we continue to see favorable conditions with tight spreads as we go throughout the year for 2025.

我認為，重要的是，我們並不認為貿易戰會長期持續。我們並不認為經濟成長會發生重大變化，無論是在美國還是在我們對其他地區經濟成長的預測中。我認為值得注意的是，我們假設在 2025 年全年我們將繼續看到利差緊張的有利條件。

Then, more specifically, we had in Q4 an interesting quarter. We had been signaling throughout the course of last year that we did expect the back half of the year to be slower. And then, obviously, as we went through into Q3, we were still signaling we thought Q4 was going to be a bit softer. And then Q4 outperformed, as you saw in our financial results. The result there, of course, is that it has reduced the level of maturities that we were anticipating to come to market in 2025.

更具體地說，我們第四季的表現很有趣。我們在去年全年都曾發出訊號，表示我們預計下半年的成長會比較慢。然後，顯然，當我們進入 Q3 時，我們仍然表示我們認為 Q4 會稍微疲軟一些。正如您在我們的財務結果中看到的，第四季度表現優異。當然，結果是，它降低了我們預期 2025 年上市的債券到期水準。

Now that being said, as I said in the prepared remarks, we're still about 4% higher relative to this time last year in terms of in-year maturities. So the low-single-digit guide on the billed issuance point is a combination of full maturity drawdown for '25, some very modest pull-forward from '26 and outyears. And then we have modeled in what I would characterize as modest expectations for recovery in M&A. We're not overly optimistic on that. We're still keeping a very balanced view on what we'd expect from an opportunistic issuance standpoint.

話雖如此，正如我在準備好的發言中所說，就年內到期金額而言，與去年同期相比，我們仍高出約 4%。因此，帳單發行點的低個位數指導是 2025 年完全到期提取和 2026 年及以後年份的一些非常溫和的提前提取的組合。然後，我們根據我所描述的對併購復甦的適度預期建立了模型。我們對此並不太樂觀。我們對於從機會發行的角度所期望的情況仍然保持非常平衡的看法。

I guess the only other point I would make just on the issuance point is just calling your attention to the fact that we expect a slight skew towards investment grade. And of course, if that comes under frequent issuer programs, you wouldn't see it in the billed issuance guide. And so that's all taken into consideration. And then maybe just the other point on non-transaction, we'd expect to see that go around the same level as the transaction driven primarily by surveillance fees.

我想，關於發行點，我唯一想說的另一點就是請您注意，我們預計投資級評級將略有傾斜。當然，如果這屬於頻繁發行計劃，那麼您就不會在帳單發行指南中看到它。這些都已考慮在內。然後也許只是關於非交易的另一點，我們預計它會與主要由監控費用驅動的交易處於相同的水平。

Thanks for your question.

感謝您的提問。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

Thanks for taking my question. I wanted to focus on the margins. Margins are now -- the margin guidance are more at the higher end of the midterm guidance and was better than I think what we were expecting. You mentioned a disciplined approach to expense management, as well as balanced approach in investments and profitability more than MIN ratings. How should we think about the incremental margins going forward and not only for '25 but over the next several years? Thanks.

感謝您回答我的問題。我想把焦點集中在邊緣。現在的利潤率——利潤率指引處於中期指引的高端，而且我認為比我們預期的要好。您提到了比 MIN 評級更嚴格的費用管理方法以及平衡投資和盈利能力的方法。我們該如何看待未來的增量利潤，不僅是25年，還包括未來幾年？謝謝。

Yeah. Hi, Ashish. Thanks so much for your question.

是的。你好，Ashish。非常感謝您的提問。

And maybe just to take a step back, we're obviously very pleased with the 2024 full-year results on margins and achieving our IR Day margin range. As you see from our guidance in 2025, we're at the high end of the guidance range from IR Day, and that is several factors.

也許只是退一步來說，我們顯然對 2024 年全年利潤率業績以及實現 IR Day 利潤率範圍感到非常滿意。正如您從我們 2025 年的指引中看到的那樣，我們處於 IR Day 指引範圍的高端，這是有幾個因素的。

First, we are extremely disciplined around expense management. One of the core operating motions for this leadership team is making sure that we are putting every next dollar to work in the place where we can see the greatest return for value creation for our customers but also long-term shareholder value. And that is giving us some ideas around how we can actually be more efficient. We're looking at location strategy. We're looking at efficiency throughout our infrastructure, our cloud spend, et cetera.

首先，我們對費用管理極為嚴格。這個領導團隊的核心營運動議之一是確保我們將每一分錢都用在能夠為客戶創造最大價值、同時也為股東帶來長期價值的地方。這為我們如何真正提高效率提供了一些想法。我們正在研究位置策略。我們正在關注整個基礎設施、雲端運算支出等方面的效率。

And then very importantly, we're integrating AI across the organization. You heard us talk about Spark Assist. We have almost 30,000 users on Spark Assist. Every one of those users is finding ways to spend less time doing some of the more mundane tasks and more time on the value-added tasks. So that's an area of great excitement for us. And some of that productivity gain is reflected in the margin guidance that we provided today.

然後非常重要的是，我們正在整個組織中整合人工智慧。您聽到我們談論了 Spark Assist。Spark Assist 上我們有近 30,000 名用戶。每位使用者都在想辦法減少花在做一些比較平凡的任務上的時間，而把更多的時間花在增值任務上。所以這對我們來說是一個非常令人興奮的領域。部分生產力成長反映在我們今天提供的利潤率指引中。

And should I add, we do spend a fair amount of time looking at the incredible margins. And it's worth noting that at the market-driven business, we have reasonably high incredible margins in the high double digits.

而且我應該補充一下，我們確實花了相當多的時間來研究令人難以置信的利潤。值得注意的是，在市場驅動的業務中，我們的利潤率高達兩位數。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much. I wanted to go back to Market Intelligence as well. Martina, you said in the prepared remarks you're experiencing a highly competitive environment and elevated price sensitivity in MI. I was just hoping to get just a little bit more color on that, which -- are there specific areas of Market Intelligence seeing more competition than previously? I know it is always a competitive space. And are you seeing sort of startups or large vendors more competing on price or just coming into the market? Just anything on the competitive angle would be helpful and the pricing as well. Thanks.

非常感謝。我也想回到市場情報。瑪蒂娜，你在準備好的演講中說過，你在密西根州經歷了高度競爭的環境和高度的價格敏感度。我只是希望對此有更多的了解，市場情報中哪些特定領域的競爭比以前更加激烈？我知道這始終是一個競爭激烈的領域。您是否看到新創公司或大型供應商在價格上展開更多競爭或剛進入市場？從競爭角度來看，任何內容都會有幫助，定價也是如此。謝謝。

Hi, Toni. Thanks so much for your question.

你好，托尼。非常感謝您的提問。

I would say that the comment in the prepared remarks is largely a reflection on what we were seeing in the financial end markets. We commented throughout the course of last year that in addition to the softness -- somewhat softness in the markets, that we did see increased competition and price sensitivity. Now, all that being said, in Q4, we saw a couple of trends which are important for us and things that we want to continue to focus on.

我想說，準備好的評論在很大程度上反映了我們在金融終端市場看到的情況。我們在去年全年都評論說，除了市場略有疲軟之外，我們還看到競爭和價格敏感度的增加。現在，綜上所述，在第四季度，我們看到了一些對我們來說很重要的趨勢以及我們希望繼續關注的事情。

The first is competitive breadth in terms of all of the products that we can bring, not just through the Market Intelligence, but we're also seeing opportunities to connect in other products, for example, Commodity Insights products. That breadth allows us to position ourselves for opportunities where we can benefit from better consolidation activity with our clients. We want to make sure we're very focused on that going forward.

首先是我們可以帶來的所有產品的競爭廣度，不僅是透過市場情報，而且我們還看到了與其他產品建立聯繫的機會，例如商品洞察產品。這種廣度使我們能夠抓住機會，並從與客戶進行更好的整合活動中獲益。我們希望確保我們今後高度關注這一點。

Another thing I would say is that we have an opportunity here and we're seeing it already in the conversations that have taken place through the Chief Client Office, but we think that there could be some good opportunities here just to make sure that we're bringing everything that we can to our clients. In some cases, our clients may not even know the full picture of how they can benefit from the products and services that they're purchasing from us. And so strengthening the relationships is a way for us to make sure they're getting the most value and that we're getting opportunities to demonstrate more ways to create value for them. So that's on the competitive environment, but also how we differentiate ourselves.

我想說的另一件事是，我們在這裡有一個機會，而且我們已經在首席客戶辦公室的對話中看到了這一點，但我們認為這裡有一些好的機會，只是為了確保我們為客戶帶來一切我們能提供的。在某些情況下，我們的客戶甚至可能不知道他們能從我們這裡購買的產品和服務中獲益的全部情況。因此，加強關係是我們確保他們獲得最大價值的一種方式，也是我們獲得機會展現更多為他們創造價值的方式。這與競爭環境有關，但也是我們如何脫穎而出。

I think on price, we believe we have a very differentiated set of capabilities and we will always try to align the price with the value that we create for our clients. Obviously, we don't sort of guide forward on that, but that's really at the intersection of the value we create for our clients and the economics that we have with them.

我認為在價格方面，我們相信我們擁有一套非常差異化的能力，我們將始終努力使價格與我們為客戶創造的價值保持一致。顯然，我們不會對此進行引導，但這實際上是我們為客戶創造的價值和我們與他們之間的經濟效益的交匯點。

Thanks for the question.

謝謝你的提問。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Thank you so much. With all the, I guess, luster coming out of Washington, D.C., I just was wondering, can you talk a little bit about your exposure to US federal government as a client, specifically from a DOGE impact? And then more broadly, with some of the moves that the President has talked about or potentially talked about, what do you think the impacts could be on your business, for instance, increased tariffs in China?

太感謝了。我想，鑑於華盛頓特區的各種光彩，我只是想知道，您能否談談您作為客戶對美國聯邦政府的接觸情況，特別是 DOGE 的影響？更廣泛地說，總統已經談到或可能談到的一些舉措，您認為會對您的業務產生什麼影響，例如中國提高關稅？

Hello, Jeff. Thanks for your question.

你好，傑夫。感謝您的提問。

First, our exposure -- to your first question, our exposure to the US government contracts is less than 1% of our consolidated revenue. And then just really looking at exchange rates, for 2025, we do expect variability in exchange rates that could impact revenue, but we do have natural hedges in place from the geographic distribution of our people, as well as an active hedging program to mitigate any EPS risk from foreign exchange rates. And just for modeling purposes, our guidance assumes that foreign exchange rates as of mid-January.

首先，對於您的第一個問題，我們的風險敞口是，我們對美國政府合約的風險敞口不到我們合併收入的 1%。然後真正看一下匯率，對於 2025 年，我們確實預計匯率變動可能會影響收入，但我們確實根據員工的地理分佈建立了自然對沖，並且有一個積極的對沖計劃來減輕外匯匯率帶來的每股收益風險。僅出於建模目的，我們的指導假設外匯匯率截至 1 月中旬。

And Jeff, maybe just to add in there as well, when we think about the overall impact of tariffs on our businesses, we've been going very deep with our division presidents across the Board on this. And just as a reminder, we don't expect to see a protracted trade war here. That being said, we do see a potential for some small impact across the divisions. That's taken into consideration as part of the guidance that we provided today.

傑夫，也許我只是想補充一點，當我們考慮關稅對我們業務的整體影響時，我們已經與董事會各部門總裁就此進行了深入的討論。需要提醒的是，我們預計這裡不會發生一場曠日持久的貿易戰。話雖如此，我們確實看到了對各部門產生一些小影響的可能性。這已被考慮作為我們今天提供的指導的一部分。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi. Thanks. Good morning. You mentioned MI growth should gradually improve over the course of this year. And I know you talked about some of the recent strength you've seen in ACV performance. Can you elaborate on what you're seeing in the business and external environment that should drive accelerating MI growth over the course of the year?

你好。謝謝。早安.您提到 MI 成長應該會在今年逐步改善。我知道您談到了 ACV 表現中近期的一些優勢。您能否詳細說明您所看到的、將在今年推動 MI 加速成長的業務和外部環境因素？

Hi, George. It's Martina. Thanks so much for the question.

你好，喬治。是瑪蒂娜。非常感謝您提問。

Well, we will be, as I commented, lapping higher cancellations from 2024 in the first part of the year. So as you think about the course of the year, as I said, we would be expecting a softer first half compared to second half with gradual improvement in both the book of business from an ACV standpoint as we lapped those cancellations, but also the external environment for financial services where we had been highlighting that softness throughout the course of last year.

嗯，正如我所說，從 2024 年開始，我們將在今年上半年解決更高的取消率。因此，當您思考今年的進程時，正如我所說，我們預計上半年將比下半年更加疲軟，從 ACV 的角度來看，隨著我們處理了這些取消訂單，業務賬簿將逐漸改善，而且金融服務的外部環境也同樣如此，我們在去年全年都強調了這種疲軟。

The, I would say, competitive differentiation that we have has contributed to some strong competitive wins. We're excited about that. Of course, our goal is to continue that. But importantly, I think we saw no competitive losses in Q4, which was, I think, a really good sign for the stepped up initiatives around go-to-market with the Market Intelligence commercial team. And overall, we continue to work across the organization, partnering closely with the Chief Client Office as well.

我想說，我們的競爭差異化為我們贏得了一些強而有力的競賽勝利。我們對此感到非常興奮。當然，我們的目標是繼續這樣做。但重要的是，我認為我們在第四季度沒有看到競爭損失，我認為這對於市場情報商業團隊加強市場進入措施來說是一個非常好的訊號。總體而言，我們將繼續在整個組織內開展工作，並與首席客戶辦公室密切合作。

So thanks so much for that question, George.

非常感謝你提出這個問題，喬治。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯·斯坦納曼。

Hi, Martina. After a few years of big swigs and ratings revenues, '22 down, '24 up, do you feel like the Ratings revenue market has entered a period of kind of, let's call it, more regular growth over the next few years, kind of more in line with your medium-term targets for Ratings revenues? And specifically, when you mentioned that the M&A volumes are assumed for '25 to be more gradual of an improvement in billed issuance, could you just be more specific about those assumptions around M&A volumes in your billed issuance guide?

你好，瑪蒂娜。經過幾年的大幅成長和評級收入，22 年下降，24 年上升，您是否覺得評級收入市場在未來幾年進入了一種更為規律的增長時期，更符合您對評級收入的中期目標？具體來說，當您提到假設 25 年的併購量在帳單發行量中將更加漸進地改善時，您能否在帳單發行指南中更具體地說明併購量的假設？

Hi, Andrew. Thanks for the question.

你好，安德魯。謝謝你的提問。

I would say we definitely have hit back to, well, in fact, higher than even 2021, which was the last high-water mark and certainly higher than pre-pandemic levels with the 2024. So to some extent, I think '25 is difficult because you have that very challenging comparison, but the market volumes generally we see as being back to the levels that we would have expected. And that, as you know, has informed our views on our billed issuance guidance as well as our overall guidance for 2025.

我想說的是，我們肯定會反彈至 2021 年之前的水平，這是上次的最高水位，而且肯定高於 2024 年疫情前的水平。因此，從某種程度上來說，我認為 25 年是困難的，因為你有一個非常具有挑戰性的比較，但我們總體上看到市場交易量已經回到了我們預期的水平。如您所知，這影響了我們對帳單發行指引以及 2025 年整體指引的看法。

On M&A, we are always balanced. We know that there's very healthy optimism in the market around M&A. We've been, I would say, prudent, and we have modest expectations from M&A volumes and opportunistic issuance this year. We always look at this, as you know, with the facts and the information that we have at a given point in time, and this is -- issuance in particular is inherently challenging to predict, but this is how we see it today. And of course, to the extent that we see things that could change our guidance range, we would certainly come back to you on that.

在併購方面，我們始終保持平衡。我們知道市場對於併購有著非常樂觀的態度。我想說，我們一直很謹慎，我們對今年的併購量和機會性發行抱持適度的​​期望。如你所知，我們總是根據特定時間點掌握的事實和資訊來看待這個問題，尤其是發行本身就很難預測，但這就是我們今天的看法。當然，如果我們發現一些事情可能會改變我們的指導範圍，我們一定會就此向您報告。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

Hi. Good morning. Thanks for taking my question.

你好。早安.感謝您回答我的問題。

Martina, in your prepared remarks, I think I caught you saying that you'd lean more into practical AI applications in the coming quarters and years. And so I'm just curious, as capabilities on generative AI have evolved over the past 12 to 24 months, have your thoughts evolved in terms of the opportunities, threats, investment requirements on this front? And is it fair to say that as it relates to 2025 specifically, generative AI is maybe more an efficiency gain than a top-line driver? Or how would you kind of bifurcate the impact in 2025 specifically? Thank you.

馬丁娜，在你的準備好的發言中，我想我聽到你說過在未來幾季和幾年裡你會更傾向於實際的人工智慧應用。所以我很好奇，隨著生成式人工智慧的能力在過去 12 到 24 個月中不斷發展，您對這方面的機會、威脅、投資要求的看法是否有所變化？那麼，是否可以說，具體到 2025 年，生成式人工智慧可能更多是一種效率提升，而不是收入驅動力？或者您會如何具體地劃分 2025 年的影響？謝謝。

Hi, Andrew. Thanks so much for the question.

你好，安德魯。非常感謝您提問。

Well, we have, I would say -- we're about, as you said, kind of two years or so into generative AI, and we absolutely continue to believe that this is really fundamentally transformational technology, and our ability to integrate that technology and apply that technology both to our internal operations, as well as to our products, is of core importance to us. We weren't surprised, I would say, in terms of how the capabilities have evolved most recently in the sense that similar to other technology innovations, we would have expected the cost to decrease over a period of time.

嗯，我想說的是——正如您所說，我們進入生成式人工智慧領域大約有兩年時間了，我們絕對會繼續相信，這確實是一項從根本上變革的技術，而我們整合這項技術並將其應用於我們的內部運營和產品的能力對我們來說至關重要。我想說，對於最近的功能發展我們並不感到驚訝，因為與其他技術創新類似，我們預計成本會在一段時間內下降。

But I would note that we have been creating our products, either internal or external products, out of our BAU investment over the past several years. We have a really strong innovation flywheel with Kensho, which everybody in the organization has been benefiting from as well as, obviously, our clients.

但我想指出的是，過去幾年來我們一直在利用 BAU 投資創造我們的產品，無論是內部產品還是外部產品。我們透過 Kensho 擁有了非常強大的創新飛輪，組織中的每個人以及我們的客戶都從中受益。

Fair to say, certainly, that '24 is more of an efficiency drive. That being said, we're obviously not separating out the detailed specifics here, and we do have a very healthy pipeline of ways in which we plan to generate value both on the efficiency front and the revenue front as we go forward.

公平地說，『24』更注重效率。話雖如此，我們顯然不會在這裡分離出詳細的細節，而且我們確實有一個非常健全的方法管道，計劃在未來在效率方面和收入方面創造價值。

I would also say that our ability to continue to prioritize investments in this area is going to be important. We have done this out of BAU. We've been able to balance the margin expansion this year, for example, in the guidance and continue to invest in generative AI. We're going to want to make sure we can continue to invest going forward to generate more and more value from this technology.

我還要說，我們繼續優先考慮這一領域的投資的能力也將非常重要。我們已經透過 BAU 完成了此項工作。例如，今年我們已經能夠平衡利潤率的擴張，在指導範圍內，並繼續對生成式人工智慧進行投資。我們希望確保我們能夠繼續投資，以從這項技術中創造越來越多的價值。

Thanks for the question.

謝謝你的提問。

Peter Christiansen, Citi.

花旗銀行的 Peter Christiansen。

Good morning. Thanks for the question. Great to be part of the call.

早安.謝謝你的提問。很高興參加此次通話。

Martina, I'd like to talk about synergy realization. You seem to be executing really well there in terms of the degree of realization we see happening in '25, and if you could talk to how you see some of the elements of the Vitality Index or some of these AI products contributing to synergy realization and whether that could present an uplift to overall benefits there. Thank you.

瑪蒂娜，我想談談協同效應的實現。從我們在 25 年看到的實現程度來看，你們似乎執行得非常好，如果你可以談談你如何看待活力指數的一些要素或一些人工智慧產品對協同效應實現的貢獻，以及這是否可以提升那裡的整體效益。謝謝。

Hi, Pete. Thanks so much for your question.

嗨，皮特。非常感謝您的提問。

Yeah, we are very pleased on the synergy realization. We came into the year ahead of target on both the cross-selling new product synergies, so overall quite excited, and we expect to continue the pace of realization and synergies through the timeline as we had planned. So that's an area of good momentum for us.

是的，我們對協同效應的實現感到非常高興。我們提前完成了交叉銷售新產品協同效應的目標，因此總體而言非常興奮，我們希望按照我們計劃的時間表繼續實現協同效應。所以這對我們來說是一個發展勢頭良好的領域。

I might separate out a little bit how we think about the Vitality Index and AI products. So on the Vitality Index, these are products which, as you know, will come in and out of the index depending on their level of maturity. We have a very robust governance process for making sure that we're tracking the Vitality revenues, and we are pleased to be targeting at or above 10% for 2025. That is a great indication of our ability to have strong, innovative product launches and generate returning investment from those products.

我可能會稍微分離一下我們對活力指數和人工智慧產品的看法。因此，在活力指數中，這些產品將根據其成熟度進入或退出指數。我們擁有非常強大的治理流程，以確保我們追蹤活力收入，並且我們很高興將 2025 年的目標定為 10% 或以上。這充分錶明我們有能力推出強勁的創新產品，並從這些產品中獲得回報。

As it relates to AI, I do think that we will see continued innovation through AI. I think this is going to come through both enhancements to our current products. So just to give you a couple of examples there, the Document Intelligence capability and the ChatIQ capability on Capital IQ Pro were launched just a few months ago, and we've already had about 60,000 users benefiting from those capabilities on Capital IQ Pro, for example.

就人工智慧而言，我確實認為我們將看到透過人工智慧持續實現創新。我認為這將透過對我們現有產品的增強來實現。舉幾個例子，Capital IQ Pro 上的文件智慧功能和 ChatIQ 功能幾個月前剛推出，我們已經有大約 60,000 名用戶從 Capital IQ Pro 上的這些功能中受益。

We've also had our new product, the one that I was mentioning, just to give you that as an example, the Kensho LLM-ready API. We're having dozens of conversations with our clients right now because of the need and interest from our clients to integrate our data into their own LLM applications internally. So I would expect to see more of that type of activity as we go forward. We have lots of innovation in the pipeline, and that will contribute to our ability to grow our business in the next several years.

我們還有新產品，就是我剛才提到的那個，僅舉一個例子，Kensho LLM-ready API。由於客戶有需求並且有興趣將我們的數據內部整合到自己的 LLM 應用程式中，因此我們目前正在與客戶進行數十次對話。因此我希望在未來看到更多此類活動。我們有大量創新正在醞釀中，這將有助於我們在未來幾年內實現業務成長。

Thanks so much for the question, Pete.

非常感謝你提問，皮特。

David Motemaden, Evercore.

大衛‧莫特馬登 (David Motemaden)，Evercore。

Hey, good morning. Thanks for squeezing me in here. I just had a follow-up question on Market Intelligence.

嘿，早安。謝謝你把我擠在這裡。我剛剛對市場情報有一個後續問題。

Martina, you had mentioned some good competitive wins, no losses in the quarter within Market Intelligence, and that was done without the need to pull forward any from the first-quarter pipeline. I'm wondering if you could just talk a little bit about the pipeline and what you're seeing. It sounds like some execution you guys have been doing has been successful, but I'm wondering if you're seeing any signs of improvement in the external environment at all.

瑪蒂娜，您曾提到，市場情報部門在本季度取得了一些良好的競爭勝利，沒有出現任何損失，而且這一切都是在無需從第一季度的渠道中提前提取任何內容的情況下實現的。我想知道您是否可以簡單談一談管道以及您所看到的情況。聽起來你們所做的一些執行已經成功了，但我想知道你們是否看到外部環境有任何改善的跡象。

Yeah. Hi, David. Thanks so much for the question.

是的。你好，大衛。非常感謝您提問。

We are seeing a gradual improvement overall in the external environment. That's reflected in the pipeline, which started off at a good strong point for 2025.

整體來看，外部環境正在逐步改善。這反映在管道上，該管道為 2025 年打下了良好的開端。

Thanks for the question.

謝謝你的提問。

Owen Lau, Oppenheimer.

歐文劉、奧本海默。

Hi. Good morning. Thank you for taking my question.

你好。早安.感謝您回答我的問題。

Maybe a broader question for me on slide 7, Martina, you talk about elevating engagement with customers. As you get to know more customers and partners, is there anything you have learned from these conversations that you could do something differently to enhance the value of your products in the future? Thanks.

馬丁娜，第 7 張投影片上的問題可能對我來說比較廣泛，您談到了提升與客戶的互動。當您了解更多客戶和合作夥伴時，從這些對話中您是否學到了什麼，以便將來可以採取不同的措施來提升產品的價值？謝謝。

Hi, Owen. Thanks so much for the question.

你好，歐文。非常感謝您提問。

And yes, absolutely very constructive conversations with our customers, as well as our partners. There are a lot of things that we picked up. I think maybe I could bucket them into probably like three categories. Obviously, we're looking for, as we do this, indications on how our customers are feeling their own sentiment and their own progress in their businesses. It's an incredibly critical point of reference for us, clearly, as we think about growing our relationships with them. And that's reflected in the guide, of course, that we provided, as well as some of the thoughts that we have, for example, around how we grow in different divisions and across the enterprise.

是的，我們與客戶以及合作夥伴的對話絕對非常有建設性。我們學到了很多。我想也許我可以將它們分為三類。顯然，我們在這樣做的時候，正在尋找一些跡象，表明我們的客戶如何感受自己的情緒以及他們在業務中取得的進展。顯然，當我們考慮發展與他們的關係時，這對我們來說是一個非常重要的參考點。當然，這反映在我們提供的指南中，也反映出我們的一些想法，例如我們如何在不同部門和整個企業中發展。

The second point I would make is the broad and very high enthusiasm amongst our strategic accounts for the Chief Client Office. As a concept, the idea of having that single point of contact very, very well received. The team has been able to already do hundreds of meetings and a number of very broad top-to-top management meetings where we've been able to showcase what we're already doing and the value we're creating, as well as what more we can do. And of course, that's generating its own pipeline and potential opportunities as well.

我要說的第二點是，我們的策略客戶對首席客戶辦公室展現了廣泛而高漲的熱情。作為一個概念，擁有單一聯絡點的想法非常非常受歡迎。團隊已經舉行了數百次會議和許多非常廣泛的高階管理會議，我們在會議上展示了我們正在做的事情和我們正在創造的價值，以及我們還可以做些什麼。當然，這也會產生自己的管道和潛在機會。

So I think the more we can do of that, the better. The better we understand our customers at the most senior levels and their strategies, the better we can respond and innovate. We're excited about the Chief Client Office for that, but we also see all of our division teams, without exception, really leaning in and stepping up. And it's great to see that activity, which we plan to continue going forward.

因此我認為我們做得越多越好。我們越了解最高層的客戶和他們的策略，就越能做出反應和創新。我們對首席客戶辦公室的這項舉措感到非常興奮，但我們也看到，我們所有的部門團隊，無一例外，都在努力投入並加強。我們很高興看到這項活動，我們計劃繼續進行。

Thanks, Owen.

謝謝，歐文。

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

Hi. Thank you for taking my question, also squeezing me in.

你好。感謝您回答我的問題，也給了我參與的機會。

Martina, I just want to ask you a little bit more about the Ratings issuance environment and just the visibility that you have to that. I know it's notoriously hard to do. And just given the change in administration in the US, the geopolitical environment, do you feel like you have better visibility than normal going into a year where things are recovering, or do you feel like it's less because of what's going on?

瑪蒂娜，我只想多問您一些有關評級發布環境以及您對此的了解。我知道這非常難做到。考慮到美國政府的變動和地緣政治環境，您是否覺得在經濟復甦的一年裡，您的能見度會比平常更好，還是覺得由於目前的情況，您的能見度會降低？

And maybe you could just talk about what could put things in the debt issuance environment above your expectations versus below your expectations. And if there's specific areas, like maybe IPOs picking up, or just point us to a few things that we should look for as potential milestones one way or the other.

或許您可以談談哪些因素可能導致債務發行環境超出您的預期，哪些因素可能導致債務發行環境低於您的預期。如果有特定領域，例如 IPO 的興起，或者只是指出我們應該以某種方式尋找作為潛在里程碑的幾件事。

Hi, Shlomo. Thanks for your question.

你好， Shlomo。感謝您的提問。

Well, with Ratings being a market-driven business, and of course, you see this with index as well, we do come in with a broader guidance range than we do for the subscription businesses. And of course, that allows us a little bit more flexibility because of the inherent difficulty in predicting what's going to happen in these markets.

嗯，評級是一種市場驅動的業務，當然，您也可以在指數中看到這一點，因此我們確實比訂閱業務提供了更廣泛的指導範圍。當然，這為我們提供了更多的靈活性，因為預測這些市場未來發展的內在難度很高。

I would say the level of volatility that we are seeing is, we'll say, not completely foreign in the sense that this market has experienced intense volatility over a period of time now. And our ability to predict where the market is going to go was really informed by what we're hearing from our customers. That's obviously -- the most important part of this is actually getting the feedback directly from the customers. And that's obviously informing our guidance as we go forward.

我想說，我們所看到的波動程度並非完全陌生，因為這個市場在一段時間內經歷了劇烈的波動。我們預測市場走向的能力實際上是由我們從客戶那裡聽到的信息決定的。顯然，其中最重要的部分實際上是直接從客戶那裡獲得回饋。這顯然為我們今後的前進提供了指導。

But of course, we're also, as I had mentioned, looking at the maturity walls, we're looking at the issuance environment from the perspective of interest rates and spreads, as well as opportunistic activity. Those are all features of the bottom-up bills that we do when we're creating the billed issuance guide, for example. And I would say maybe some of the other things to think about into the long-term would be GDP rates over a longer period of time. Issuance, ultimately, is much more closely correlated to GDP, but our guidance for this year, of course, has an embedded base case for GDP.

但當然，正如我所提到的，我們也在關注期限，從利率和利差以及機會活動的角度來審視發行環境。例如，這些都是我們在創建帳單發行指南時自下而上的帳單的特徵。我想說，也許長期內需要考慮的其他一些事情是更長時期內的 GDP 成長率。最終，發行量與 GDP 的相關性更為密切，但我們對今年的指引當然包含 GDP 的基本情況。

Maybe just -- I mean, potentially a little bit of additional color. I mean, sector by sector, last year, I had highlighted infrastructure, I had highlighted data center AVS issuance, I'd highlighted private credit. We expect to see ongoing momentum in sub-asset classes like that as well as we go into 2025. So hopefully, that's helpful.

也許只是——我的意思是，可能會增加一點色彩。我的意思是，逐個行業，去年我強調了基礎設施，強調了資料中心 AVS 發行，強調了私人信貸。我們預計，在進入 2025 年之際，此類子資產類別仍將保持持續成長的勢頭。希望這會有所幫助。

Thanks, Shlomo.

謝謝， Shlomo。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey. Good morning, and thanks for taking my question. And apologies in advance, I'm going to ask a two-parter here.

嘿。早上好，感謝您回答我的問題。我提前道歉，在這裡我要問兩個問題。

So the first, there was a comment in the prepared remarks that you're now expecting, or you're now seeing the refi walls over the next three years to be down 1%. So I thought previously you had talked about the refi walls being pretty supportive for the next several years. So it's great that there's any change in expectations if you're expecting more -- maybe more subdued issuance over the next few years.

首先，在準備好的評論中有一個評論說您現在預計，或者您現在看到未來三年的再融資牆將下降 1%。所以我認為您之前談到過再融資牆在未來幾年將起到很大的支持作用。因此，如果您預計未來幾年發行量可能會更加低迷，那麼預期會發生任何變化都是很好的。

And then I also wanted to follow up, I don't think it was asked yet, on the Mobility segment. The guidance for the 7% to 8.5% growth, I think it's pretty similar to your long-term targets, but 2024, my understanding was a little bit subdued because of a lack of recall activity. So I thought we might see the growth step up a bit this year. So maybe you didn't assume any recall activity, again, for this year, but I was curious if you'd comment on that as well. Thanks.

然後，我還想跟進一下關於移動領域的問題，我認為還沒有人問過。7% 至 8.5% 的成長預期，我認為這與您的長期目標非常相似，但對於 2024 年，由於缺乏召回活動，我的理解有些低迷。所以我認為今年我們可能會看到成長加快。所以也許您沒有假設今年有任何召回活動，但我很好奇您是否也會對此發表評論。謝謝。

Yeah. Hi, Jason. Thanks so much for the questions.

是的。嗨，傑森。非常感謝您的提問。

So on the refi walls and three years out, we mentioned that because it is a reflection of the pull-forward that we saw in 2024, and in particular in Q4 of 2024, so no further impact to the guidance range that we've provided for 2025. It's more a point of context.

因此，關於再融資牆和三年後的情況，我們提到這一點，因為它反映了我們在 2024 年，特別是 2024 年第四季度看到的提前趨勢，因此不會對我們為 2025 年提供的指導範圍產生進一步影響。這更關乎背景。

And then from the Mobility standpoint, the 7% to 8.5% growth, few things impacting this. We do expect strong growth across all products in Mobility. The recall business impact was reasonably small and isolated to the manufacturing segment last year. We are seeing also, I would say, some great opportunities within our CARFAX business. We've seen great results from the integration of Market Scan, good flows on dealers, et cetera.

然後從移動性的角度來看，7％到8.5％的增長率，很少有因素對此產生影響。我們確實預計行動領域所有產品都將強勁成長。去年召回業務影響相對較小，且僅限於製造部門。我想說，我們也在 CARFAX 業務中看到了一些巨大的機會。我們看到了市場掃描的整合所帶來的巨大成果、經銷商的良好流程等等。

Maybe just to highlight a couple of puts and takes that are taken into consideration as part of the guidance range. The team has called out vehicle affordability, for example, with some higher prices still remaining in the US. That can have multiple impacts. It can put a little bit of pressure on the OEMs, for example, but it can also afford us the opportunity to provide either incentive sales and marketing advice and/or planning solutions advice. So some of the minor, I would say, headwinds in the Mobility sector are taken into consideration as part of the guidance for 2025.

也許只是為了強調作為指導範圍的一部分而被考慮的幾個因素。例如，團隊指出，汽車價格仍然較高，但美國市場汽車價格仍然較高。這會產生多重影響。例如，它可以給 OEM 帶來一點壓力，但它也可以為我們提供激勵銷售和行銷建議和/或規劃解決方案建議的機會。所以我想說，移動出行領域的一些小阻力已被考慮在內，作為 2025 年指引的一部分。

Jeffrey Meuler, Baird.

傑弗裡·穆勒，貝爾德。

Yeah, thank you. Your Market Intelligence employee headcount growth has been, I guess, higher than I would have expected given the end market environment. I heard you stress that you'll be very disciplined on expense management there this year.

是的，謝謝。我想，考慮到最終的市場環境，你們的市場情報員工人數成長比我預期的要高。我聽到您強調說，今年您將嚴格控制費用管理。

But maybe more broadly, can you just address, is that, I guess, investment ahead of revenue? Is there a productivity opportunity that you're now getting after more aggressively? And then does the 35% to 37% still stand as an intermediate term margin target or anything that changes that on AI portfolio actions, market challenges, et cetera? Thank you.

但也許從更廣泛的角度來看，您能否回答一下，這是否是先投資後收入？現在您是否正在更積極地追求提高生產力的機會？那麼 35% 到 37% 是否仍然是中期保證金目標，或者任何會因為 AI 投資組合行動、市場挑戰等而改變這一目標的事情？謝謝。

Hey, Jeff. Thanks for your question.

嘿，傑夫。感謝您的提問。

First, the MI headcount increased about 6%, which is essentially in line with the revenue growth. Second, what you are seeing in there is through the acquisition of Visible Alpha. There were about 700 employees or so that came over with that acquisition. So that growth is actually in line with our expectations.

首先，MI員工數量增加了約6％，這與收入成長基本一致。其次，您所看到的是透過收購 Visible Alpha 來實現的。此次收購帶來約 700 名員工。因此這種增長實際上符合我們的預期。

And Jeff, I would say that the IR Day target, we're still continuing to maintain our focus on working towards our IR Day targets across the enterprise. And you've seen us obviously achieve the IR Day targets substantially in 2024 and at the enterprise level, of course, for 2025 as well. But we continue to maintain our focus on that.

傑夫，我想說的是，我們仍將繼續專注於在整個企業內努力實現 IR Day 目標。而且您已經看到，我們在 2024 年明顯實現了 IR Day 目標，當然在企業層面，2025 年也同樣實現了。但我們仍將重點關注這一點。

Craig Huber, Huber Research Partner.

Craig Huber，Huber 研究合夥人。

Thank you for taking the question. Martina, I'm curious, you said you spoke to a number, a lot of your customers when you first started up as CEO. Can you just give us a flavor of the optimism that you're hearing out there, how that may have changed? Obviously, we have a big change here in the administration in Washington, D.C. Can you just touch upon the policies that Trump is putting in place here and how you feel that that backdrop is favorable and negative parts of it, if they're already in your head? Thank you.

感謝您回答這個問題。瑪蒂娜，我很好奇，你說過，當你剛擔任執行長時，你與很多客戶進行了交談。您能否為我們介紹一下您所聽到的樂觀情緒，以及這種情況可能發生了哪些變化？顯然，華盛頓特區的政府發生了重大變化。謝謝。

Hi, Craig. Thanks so much for the question.

你好，克雷格。非常感謝您提問。

I think the engagement and the sentiment, I would say, differs by region. So within the US, for example, we've seen quite a lot of optimism in the private markets. We've seen optimism for M&A, deal flow. We've seen, obviously, consistent with some of the financials reporting really strongly, some optimism there as well, and interest in our products.

我認為參與度和情感因地區而異。例如，在美國，我們看到私人市場中相當樂觀的情緒。我們看到了併購和交易流程的樂觀情緒。顯然，我們看到一些財務報告表現非常強勁，市場也抱持著一定的樂觀情緒，並且對我們的產品很感興趣。

I think that maybe varies a little bit, depending on if you're in Europe or Asia, where you may have some more muted feedback, let's say, and more kind of a neutral outlook. And so feedback tends to vary. I think in every one of these conversations, everyone has another opportunity for us to help our clients in some way.

我認為這可能會有所不同，取決於你是在歐洲還是亞洲，你可能會得到一些更溫和的回饋，或者說是更中立的看法。因此反饋往往會有所不同。我認為在每一次對話中，我們每個人都有另一個機會以某種方式幫助我們的客戶。

The number of times that I've been able to say, hey, we cover that from a research standpoint, in this division or that group, and then provide some of the research or point to where they can access the information, that's very valuable for our customers, and we'll continue to do that. We always say that we're here in the good times as well as the challenging times. And to the extent that our customers are concerned, we're here to help them with information to make their decisions as well.

我曾經多次說過，嘿，我們從研究的角度，在這個部門或那個小組中涵蓋了這一點，然後提供一些研究或指出他們可以在哪裡獲取信息，這對我們的客戶非常有價值，我們會繼續這樣做。我們總是說，我們既經歷了順境，也經歷了逆境。對於客戶關心的問題，我們也會提供他們信息，幫助他們做出決策。

Thanks for the question.

謝謝你的提問。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Good morning, guys. Thank you for taking my question. You mentioned some reinvestment on the Index side of the business, given where margins are now. Just wondering if you can share a little bit more color on your prioritization of investments there and where those dollars are going. Thanks.

大家早安。感謝您回答我的問題。您提到了考慮到目前的利潤率，對指數業務的一些再投資。只是想知道您是否可以分享更多關於您在那裡的投資優先順序以及這些資金的去向的信息。謝謝。

Hi, Scott. Thanks for the question.

你好，斯科特。謝謝你的提問。

Well, we're excited. We see really a wide range of opportunities across asset classes in the Index division. We've seen opportunities in the multi-asset class indices, factors, thematics, the sustainability indices, and I think we also see opportunities to continue to invest over the next several years in ETDs and the liquid ecosystem. So really a lot of opportunities, a strong addressable market, and a very innovative team there, and so that's the reason why we are prioritizing investments and having a very modest margin expansion in 2025.

嗯，我們很興奮。我們確實看到指數部門跨資產類別的廣泛機會。我們在多元資產類別指數、因素、主題和永續性指數中看到了機會，我認為我們也看到了未來幾年繼續投資 ETD 和流動生態系統的機會。所以那裡確實有很多機會、強大的潛在市場和一支非常創新的團隊，這就是我們優先考慮投資並在 2025 年實現適度利潤擴張的原因。

Thanks, Scott.

謝謝，斯科特。

Russell Quelch, Redburn Atlantic.

羅素‧奎爾奇 (Russell Quelch)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Martina, thank you for squeezing me in. You talked about private credit being a major TAM opportunity in Ratings previously. Can you provide an update on where you are in terms of executing on this opportunity? Wondering if you can be specific, perhaps, around how much revenue private credit is contributing to Ratings right now. Any thoughts around sort of cadence of growth, new products you're working on here, conversations with the private credit houses would be useful. And perhaps just on a separate note, do you have any view on the TAM opportunity for the Ratings business that might come if Fannie and Freddie are privatized?

瑪蒂娜，謝謝你擠出時間給我。您之前談到私人信貸是評級中一個主要的 TAM 機會。您能否提供有關您利用此機會的最新進展？想知道您是否可以具體說明目前私人信貸為評級貢獻了多少收入。關於成長節奏、您正在研發的新產品以及與私人信貸機構的對話的任何想法都會很有用。另外，您是否認為如果房利美和房地美被私有化，TAM 可能會為評級業務帶來機會？

Hey, Russell. Thanks so much for the question.

嘿，拉塞爾。非常感謝您提問。

So private credit, indeed, in Ratings has been a strong opportunity. One of the things that we have also said in addition to recognizing that opportunity is that we would rate deals wherever they come, whether it's in the public market or the private market. We also, of course, recognized back in 2022 the absolute importance of making sure that we were engaged at the right levels with the private market issuers. And we've been very focused on that. You see that reflected in the results. The strong growth in the overall credit revenues for S&P Global were very much reflecting the strong growth in Ratings.

因此，私人信貸在評級中確實是一個很好的機會。除了認識到這個機會之外，我們還說過的一件事是，我們會對來自任何地方的交易進行評級，無論是在公開市場還是私人市場。當然，早在 2022 年，我們也意識到確保與私募市場發行人進行適當層面的接觸絕對重要。我們一直非常關注這一點。您可以看到結果反映了這一點。標普全球整體信貸收入的強勁成長在很大程度上反映了評級的強勁成長。

I would say that we have an incredible overall breadth of solutions around the private markets in addition to private credit. And that's something that we're excited about as we go forward. It's the software businesses, the marquee businesses, Wall Street Office, iLEVEL, but it's also the valuation solutions that we offer, which are very much in demand. It's the private indices and the opportunity to innovate further there, as well as the work that we're doing in credit ratings. And so I would say we would see a continuation of the hard work that the teams are doing across the divisions. We don't break out the revenue numbers by division, but this continues to be a top area of focus for us.

我想說，除了私人信貸之外，我們在私人市場方面擁有令人難以置信的廣泛的解決方案。這是我們未來前進的動力。不僅是軟體業務、知名業務、華爾街辦公室、iLEVEL，還有我們提供的估值解決方案，這些都非常受歡迎。這是私人指數和進一步創新的機會，以及我們在信用評級方面所做的工作。因此我想說，我們會看到各部門的團隊將繼續努力。我們沒有按部門公佈收入數字，但這仍然是我們關注的重點領域。

And I think on your last question with respect to Fannie and Freddie, we're not going to speculate right now what that could look like. But certainly, if there are more facts coming to the table on that, we'll certainly get back to you on it.

關於您提到的最後一個問題，關於房利美和房地美，我們現在不打算猜測情況會是什麼樣子。但可以肯定的是，如果有更多事實可供查證，我們一定會及時回覆您。

All right. So I'm going to go to some closing remarks. I want to say thanks so much for everybody joining us. I'm incredibly proud of our colleagues' performance in 2024. We've had incredible execution, great results. Our people are focused on the right priorities: customer engagement and rapid innovation.

好的。因此我要講一些結束語。我要向大家表達衷心的感謝。我對我們的同事在 2024 年的表現感到無比自豪。我們的執行力令人驚嘆，成果斐然。我們的員工專注於正確的優先事項：客戶參與和快速創新。

I do want to pause a second and give just a really, really special thank you to Chris Craig for work as Interim CFO. I have enjoyed working with Chris for every minute of that Interim CFO time period and look forward to continuing to work with you.

我確實想暫停一下，對 Chris Craig 擔任臨時財務長的工作表示非常非常特別的感謝。我很享受在擔任臨時財務長期間與克里斯共事的每一分鐘，並期待繼續與您合作。

And then looking ahead, our focus remains clear. We have a really collaborative leadership team that is focused on delivering customer value. We're building on our legacy of disciplined execution. We have solid 2025 guidance, and we're going to continue to create long-term profitable growth and shareholder value.

展望未來，我們的重點仍然明確。我們擁有一支真正具有協作精神的領導團隊，致力於實現客戶價值。我們正在繼承和發揚嚴格執行的傳統。我們有穩健的2025年指引，並將持續創造長期獲利成長和股東價值。

And so let me just say, this is the beginning. With our unparalleled data and technology, our benchmarks and our people, we're going to continue to unlock our potential, and I look forward to sharing more. Thank you.

我只想說，這只是個開始。憑藉我們無與倫比的數據和技術、我們的基準和我們的人才，我們將繼續釋放我們的潛力，我期待分享更多。謝謝。

Thank you. That concludes this morning's call.

謝謝。今天早上的通話到此結束。

A PDF version of the presenters' 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.

演講者幻燈片的 PDF 版本可從 investor.spglobal.com 下載。整個通話的回放將在大約兩小時後提供。帶有音訊和幻燈片的網路直播將在標普全球網站上保留一年。純音訊電話回放將保留一個月。

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

我謹代表標普全球感謝您的參與並祝您有美好的一天。