標普全球 (SPGI) 2025 Q1 法說會逐字稿

Good morning, and welcome to S&P Global's first-quarter 2025 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 2025 年第一季財報電話會議。我想通知您，本次通話將被錄音以供廣播。（操作員指示）

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

現在我想介紹標普全球投資者關係資深副總裁馬克‧格蘭特先生。先生，您可以開始了。

Good morning, and thank you for joining today's S&P Global first-quarter 2025 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer; and Eric Aboaf, Chief Financial Officer.

早安，感謝您參加今天的標準普爾全球 2025 年第一季財報電話會議。出席今天電話會議的有總裁兼執行長 Martina Cheung；以及財務長 Eric Aboaf。

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. We also issued a release announcing the company's intent to separate its Mobility division into a standalone public company. That release can also be found at investor.spglobal.com.

我們今天早些時候發布了一份新聞稿，公佈了我們的結果。此外，我們還發布了補充幻燈片，其中包含有關我們的結果和指導的更多資訊。如果您需要一份發布和財務時間表或補充文件的副本，可以從 investor.spglobal.com 下載。我們也發布了一份新聞稿，宣佈公司打算將其行動部門分拆為獨立的上市公司。新聞稿也可在 investor.spglobal.com 上找到。

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.

今天電話會議討論的事項可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，包括預測、估計和對未來事件的描述。任何此類聲明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聲明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 和 10-Q 表格。

In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. The earnings release contains financial measures calculated in accordance with GAAP that correspond to the non-GAAP measures we're providing, and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures. The financial metrics we'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise.

在今天的收益發布和電話會議中，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。收益報告包含根據 GAAP 計算的財務指標，這些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都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這場電話會議。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，他們的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。

S&P Global had a solid first quarter with strong growth in all five of our divisions. Total revenue increased 8% year over year, and revenue from our subscription products increased 7%. We continue to demonstrate disciplined execution, driving year-over-year margin expansion up 240 basis points on a trailing 12-month basis and 9% growth in adjusted diluted EPS. We also continued our strong track record of capital allocation, returning over $900 million to shareholders in the first quarter through dividends and repurchases.

標普全球第一季表現穩健，五個部門均實現強勁成長。總營收年增8%，其中訂閱產品收入成長7%。我們持續展現嚴謹的執行力，推動利潤率在過去 12 個月內年增 240 個基點，調整後稀釋每股盈餘成長 9%。我們也延續了強勁的資本配置記錄，第一季透過股息和回購向股東返還了超過 9 億美元。

In addition to our strong financial results, we are acting decisively in our portfolio optimization efforts. As you saw us announce earlier this month, we have signed a definitive agreement to divest the OSTTRA joint venture to KKR, which we expect to close in the second half of this year. As we'll discuss in more detail shortly, we have also announced the intent to separate the Mobility division of S&P Global into a standalone public company. We expect this separation to be tax-free and to be completed in 12 to 18 months.

除了強勁的財務表現外，我們還在果斷地優化投資組合。正如您在本月初看到的我們宣布的那樣，我們已簽署最終協議，將 OSTTRA 合資企業剝離給 KKR，我們預計將在今年下半年完成。正如我們稍後將詳細討論的那樣，我們還宣布了將標普全球的行動部門分拆為獨立上市公司的意圖。我們預計此次分離將免稅，並將在 12 至 18 個月內完成。

We continue to innovate not just in our products themselves, but in how we bring those products to market and how we engage with our customers. We're encouraged by the early indications from our Chief Client office, as well as the continued momentum of new products and services introduced in the first quarter.

我們不僅在產品本身上不斷創新，還在如何將這些產品推向市場以及如何與客戶互動方面不斷創新。我們的首席客戶辦公室的早期跡像以及第一季推出的新產品和服務的持續成長勢頭令我們感到鼓舞。

Lastly, we plan to host an Investor Day in November. By November, we expect to have made significant progress on the planned separation of Mobility, and we look forward to providing a refreshed view of the multi-year strategy for S&P Global at that time.

最後，我們計劃在十一月舉辦投資者日。到 11 月，我們預計將在計劃中的行動業務分離方面取得重大進展，並期待屆時為標普全球的多年戰略提供全新的視角。

Now, turning to what we're seeing in the markets and starting with billed issuance. Billed issuance increased 9% year over year in the first quarter. Strength in billed issuance was driven by structured finance and bank loans. While we've continued to see spreads widen year to date, they are still below historical norms, and issuers saw an attractive window to issue debt in the first quarter. We expect billed issuance to moderate from Q1 levels for the remainder of 2025, and we have already seen declines in April.

現在，讓我們來看看我們在市場上看到的情況，首先從票據發行開始。第一季票據發行量年增 9%。票據發行的強勁成長是由結構性融資和銀行貸款推動的。儘管今年迄今利差持續擴大，但仍低於歷史標準，而且發行人在第一季看到了發行債券的誘人時機。我們預計，2025 年剩餘時間內票據發行量將從第一季的水平放緩，並且我們已經看到 4 月的下降。

We believe some of the strength in Q1, particularly in investment grade, was driven by the pull forward of some issuance to get ahead of April. We expect the tariff discussion and related market volatility is likely leading to some pushback of issuance as well, both of which put pressure on issuance volumes in the near term.

我們認為，第一季的部分強勁表現，尤其是投資等級債券的強勁表現，是由於部分債券的發行提前至 4 月之前所致。我們預計，關稅討論和相關的市場波動也可能導致發行量有所回落，這兩者都會在短期內對發行量造成壓力。

As we look at the broader macro and commercial conditions, it's clear that we are going through a phase of unpredictable market movements, geopolitical risk, and fluidity in the regulatory landscape. It is also clear to us at S&P Global that our customers need us more in times like these, not less.

當我們審視更廣泛的宏觀和商業環境時，很明顯我們正經歷一個市場走勢不可預測、地緣政治風險和監管環境不穩定的階段。標普全球也清楚地意識到，在這樣的時期，我們的客戶更需要我們，而不是更少需要我們。

In the first quarter, we saw a significant increase in engagement with our platforms, active users across Capital IQ platforms, Platts Connect, and automotiveMastermind increased on average 23% year over year in the first quarter, and we have continued to see strong engagement through April. Our customers are looking for insights, data, and tools to help them navigate, and S&P Global is a destination of choice for decision makers around the world.

在第一季度，我們看到平台參與度顯著提升，Capital IQ 平台、Platts Connect 和 automobileMastermind 的活躍用戶同比第一季平均成長了 23%，並且在整個四月份，我們持續看到強勁的參與度。我們的客戶正在尋找洞察力、數據和工具來幫助他們導航，而標普全球是全球決策者的首選目的地。

We also saw record attendance at two of our marquee conferences in the first quarter. CERAWeek, widely considered the world's preeminent energy conference, had over 10,000 attendees, including government officials and 1,600 C-Suite executives and Board Directors. For over 40 years, the energy industry has gathered at CERAWeek to confront some of the biggest challenges facing the world. This year was particularly impactful as we saw business leaders and government officials take advantage of our platform to make major product strategy and policy announcements from the CERAWeek stage.

第一季度，我們的兩場大型會議的出席人數也創下了紀錄。CERAWeek 被廣泛認為是全球最重要的能源會議，吸引了超過 10,000 名與會者，其中包括政府官員和 1,600 名 C 級高階主管和董事會成員。40 多年來，能源產業一直齊聚劍橋能源研究週 (CERAWeek)，共同應對世界面臨的一些最大挑戰。今年的影響尤其深遠，因為我們看到商界領袖和政府官員利用我們的平台在 CERAWeek 舞台上發布重大產品策略和政策公告。

We also had record attendance at our premier shipping and logistics conference, TPM25. More than ever, customers need insight into how to effectively manage logistics and supply chains. And it was encouraging to see so many industry leaders gather under the S&P Global banner to share ideas and insights on navigating the current environment.

我們在頂級航運和物流會議 TPM25 的出席人數也創下了紀錄。客戶比以往任何時候都更需要了解如何有效管理物流和供應鏈。看到如此多的產業領導者齊聚標普全球旗下，分享應對當前環境的想法和見解，令人鼓舞。

We know it's not enough to wait for our customers to come to us, so we have continued our proactive outreach to customers through our global commercial teams in conjunction with the Chief Client office. Like many of the individuals on this call, our customers are facing variables that are increasingly difficult to predict week to week.

我們知道等待客戶上門是不夠的，因此我們透過全球商業團隊與首席客戶辦公室合作，繼續主動聯繫客戶。就像這次電話會議中的許多人一樣，我們的客戶面臨的變數每週都變得越來越難以預測。

We are seeing a slowing pace of decision-making in the markets compared to our initial expectations. While we and many others expected some improvement in the M&A environment, many of our customers are less confident in both the timing and the magnitude of that recovery this year. We consistently hear about the pent-up demand, and we maintain strong optimism in the long term, but many customers are trying to stay flexible and preserve optionality in the very near term. We benefit, however, from the resilience of our business mix. With recurring revenue accounting for approximately 75% of our total revenue, we aren't overly reliant on market-driven factors for our results in any given year.

與我們最初的預期相比，我們看到市場決策的速度正在放緩。雖然我們和許多其他人都預計併購環境會有所改善，但我們的許多客戶對今年復甦的時間和幅度都不太有信心。我們不斷聽到有關被壓抑的需求的消息，我們對長期保持強烈的樂觀態度，但許多客戶正試圖保持靈活性並在短期內保留選擇性。然而，我們受益於業務組合的彈性。由於經常性收入約占我們總收入的 75%，因此我們在任何一年的業績中並不會過度依賴市場驅動因素。

Market volatility can also benefit areas of our business, as you can see in the results of our ETD business and Indices and the Global Trading Services business and Commodity Insights. These derivative products, built on the IP of S&P Global's Index and Commodity divisions, are crucial to procurement, hedging, and other strategies that see heightened demand in periods of volatility. Many of our products are mission-critical for our customers with annual and multi-year contracts, providing additional stability for our business through the cycle.

市場波動也會使我們的業務領域受益，正如您從我們的 ETD 業務和指數以及全球交易服務業務和商品洞察的結果中所看到的那樣。這些衍生產品建立在標普全球指數和商品部門的智慧財產權之上，對於採購、對沖和其他在波動時期需求增加的策略至關重要。我們的許多產品對於簽訂了年度和多年期合約的客戶來說都是至關重要的，為我們的業務在整個週期中提供了額外的穩定性。

Even within our Ratings business, nearly half of our revenue comes from non-transaction revenue, which is more stable, predictable, and consistent in its growth during volatile periods. Despite the near-term headwinds facing issuance, we expect continued growth in our non-transaction business in 2025.

即使在我們的評級業務中，我們近一半的收入也來自非交易收入，這種收入在動盪時期的成長更加穩定、可預測且一致。儘管短期內發行面臨阻力，但我們預計 2025 年非交易業務將持續成長。

That said, there are a number of market factors that can have incremental impact on our business in the near term, and it's important to pay close attention to how these factors are evolving over the year. Even with a very strong portfolio of market-leading products and services, we acknowledge the broad market factors like trade conflicts and supply chain risk, as well as the evolving geopolitical landscape. These things make it more challenging to foresee or plan for central bank actions or the level of capital markets activity that may take place in 2025.

話雖如此，但有許多市場因素可能會在短期內對我們的業務產生漸進影響，密切關注這些因素在一年內的發展非常重要。即使擁有非常強大的市場領先產品和服務組合，我們也承認存在貿易衝突和供應鏈風險等廣泛的市場因素，以及不斷變化的地緣政治格局。這些因素使得預測或規劃 2025 年可能發生的央行行動或資本市場活動水準變得更具挑戰性。

As we look to the global markets, we continue to see secular trends that will benefit S&P Global, like the continued shift from active to passive management and energy transition. For 2025 specifically, we expect asset prices in the equity market, as well as the mix of investment grade versus high yield in the near-term maturity walls, see modest headwinds relative to our initial outlook. However, we continue to see other factors, like the timing of issuance, market volatility and the fluidity of regulatory actions, as having positive impacts on part of our business and modestly negative impacts on others.

放眼全球市場，我們繼續看到有利於標普全球的長期趨勢，例如從主動管理到被動管理的持續轉變以及能源轉型。具體到 2025 年，我們預期股票市場的資產價格以及近期到期債券中投資等級與高收益的組合將面臨與我們最初的展望相比溫和的阻力。然而，我們仍然認為其他因素，例如發行時機、市場波動和監管行動的流動性，對我們的部分業務產生了積極影響，而對其他業務產生了適度的負面影響。

The base case assumptions underpinning our outlook for 2025 reflect the changes we've seen in the environment since February. We originally assumed 3% global GDP growth and 2.3% US inflation. Our current view is that GDP growth will be lower than that forecast, though we do not assume a recession. We also expect inflation to be a bit higher than originally assumed in our guidance. We expect crude oil prices to average in the low 70s for the year, slightly above the levels we're seeing now, though we do expect volatility in the coming quarters.

我們對 2025 年前景的基本假設反映了我們自二月以來所看到的環境變化。我們最初假設全球GDP成長率為3%，美國通膨率為2.3%。我們目前的觀點是，GDP成長將低於預測，儘管我們不認為會出現經濟衰退。我們也預計通膨率將略高於我們最初預測的水平。我們預計今年原油價格平均將在 70 左右，略高於目前的水平，不過我們預計未來幾季會出現波動。

We've had a strong start to the year for billed issuance. But since the end of Q1, we have seen market volatility suppressing volumes, particularly in high yields, and we expect second-quarter issuance to decline double digits year over year before returning to more or less flat growth in the second half. As such, we now expect billed issuance to be approximately flat year over year compared to our initial outlook of low single-digit growth.

今年我們的票據發行業務開局良好。但自第一季末以來，我們看到市場波動抑制了發行量，尤其是高收益債券，我們預計第二季發行量將年減兩位數，然後在下半年恢復到基本持平的成長。因此，我們現在預計票據發行量將與去年同期基本持平，而我們最初預測的低個位數成長則為低。

Maturity walls for the remainder of 2025 and 2026 are still 3% to 5% higher than corresponding walls were a year ago, but our billed issuance assumptions now call for M&A volumes to be flat year over year compared to prior assumptions of modest improvements from 2024. We still see potential for one or more rate cuts from the US Fed in 2025.

2025 年剩餘時間和 2026 年的到期期限仍比一年前高出 3% 至 5%，但根據我們的帳單發行假設，目前併購交易量將與去年同期持平，而先前假設從 2024 年開始將略有改善。我們仍然認為聯準會在 2025 年可能會降息一次或多次。

As we highlighted last quarter, there is a range of potential outcomes beyond our base case assumptions, but we continue to reflect our current thinking and plan to update and refine as we move through the year. All these things are factored into the guidance as Eric will share with you in a moment.

正如我們上個季度所強調的那樣，除了我們的基本假設之外，還有一系列潛在的結果，但我們將繼續反思我們當前的想法，並計劃在今年內進行更新和完善。所有這些因素都已納入指導之中，Eric 稍後將與您分享。

One of the reasons S&P Global is able to deliver strong financial results through the cycle is our commitment to continued innovation and customer value. The first quarter included some important innovations in data, benchmarks, and artificial intelligence. We integrated Visible Alpha data as an add-on module in Capital IQ Pro, and we were thrilled that the team was able to get this important integration completed and ready for customers a full quarter ahead of schedule.

標普全球能夠在整個週期中取得強勁財務業績的原因之一是我們致力於持續創新和客戶價值。第一季在數據、基準和人工智慧方面出現了一些重要的創新。我們將 Visible Alpha 資料作為附加模組整合到 Capital IQ Pro 中，我們很高興團隊能夠提前一個季度完成這項重要的整合並為客戶做好準備。

We are also very excited to discuss the launch of iLevel Automated Data Ingestion. This joint innovation between our Market Intelligence and Kensho teams created an AI-powered tool that can pull in data from structured and unstructured sources, tag that data appropriately, and load it in to iLevel. This makes it faster and easier for customers to manage increasingly complex portfolios across private equity and private credit. Just as importantly, this tool was developed in a way that lets us leverage its capabilities in other products and even in our own internal workflows like our CRM. It's a great example of our cross-divisional teams creating scalable technology that's built once and deployed everywhere.

我們也非常高興地討論 iLevel 自動資料攝取的推出。我們的市場情報團隊和 Kensho 團隊之間的聯合創新創造了一種人工智慧工具，可以從結構化和非結構化來源提取數據，適當地標記這些數據，並將其加載到 iLevel 中。這使得客戶能夠更快、更輕鬆地管理私募股權和私人信貸中日益複雜的投資組合。同樣重要的是，該工具的開發方式使我們能夠在其他產品甚至我們自己的內部工作流程（如 CRM）中利用其功能。這是我們的跨部門團隊創建可擴展技術的一個很好的例子，該技術只需建置一次即可部署到任何地方。

We also introduced important benchmarks in our Fixed Income indices franchise, including a first-of-its-kind fixed income index in Europe utilizing rolling fixed maturity credits. In Platts, we introduced new commodity benchmarks in biofuels, fertilizers, chemicals, and metals. We encourage you to look through the quarterly release notes to see the continued rapid pace of new products and content in Commodity Insights.

我們也在固定收益指數系列中引入了重要的基準，包括歐洲首個採用滾動固定期限信貸的固定收益指數。在普氏能源資訊，我們引進了生物燃料、化肥、化學品和金屬等新的商品基準。我們鼓勵您瀏覽季度發布說明，以了解商品洞察中新產品和新內容的持續快速發展。

Turning to our financial results. Eric will walk through the first-quarter results in more detail in a moment, but we have had an impressive start to 2025. We saw strong growth in every division and 100 basis points of margin expansion in the quarter. Trailing 12-month margins improved 240 basis points to a record 49.3%.

談到我們的財務結果。Eric 稍後會更詳細地介紹第一季的業績，但我們在 2025 年已經取得了令人印象深刻的開局。本季度，我們每個部門都實現了強勁成長，利潤率擴大了 100 個基點。過去 12 個月的利潤率提高了 240 個基點，達到創紀錄的 49.3%。

Now, turning to the big announcement we made this morning. We're excited to announce today our intent to spin S&P Global's Mobility division into a standalone public company. We believe this separation will maximize shareholder value by enhancing S&P Global's strategic focus while creating a scaled and independent Mobility business. This decision is a result of a lengthy and very robust internal analysis, and the Board and management team are unanimously aligned that this is the right course of action to create value for our shareholders.

現在，我們來談談我們今天上午宣布的重大消息。今天，我們很高興地宣布，我們打算將標普全球的行動部門分拆為獨立的上市公司。我們相信，此次分離將透過增強標普全球的策略重點，同時創造規模化、獨立的行動業務，實現股東價值最大化。這項決定是經過長期且非常嚴格的內部分析的結果，董事會和管理團隊一致認為這是為股東創造價值的正確行動方針。

Looking at the financials of both S&P Global's core businesses, and S&P Global Mobility, we see that both have very attractive profiles. S&P Global's four core businesses -- Market Intelligence, Ratings, Commodity Insights, and S&P Dow Jones Indices -- generated nearly $13 billion in revenue in 2024 at an adjusted operating margin of approximately 50%. Mobility generated $1.6 billion at an adjusted operating margin of nearly 40%. Both businesses have a history of innovation, growth, discipline and strong competitive positioning, and we expect that to continue following the separation. We believe the separation will create some significant advantages for S&P Global going forward.

縱觀標普全球核心業務和標普全球行動業務的財務狀況，我們發現兩者都具有非常吸引人的狀況。標普全球的四大核心業務——市場情報、評級、大宗商品洞察和標普道瓊斯指數——在 2024 年創造了近 130 億美元的收入，調整後的營業利潤率約為 50%。行動業務創造了 16 億美元的收入，調整後的營業利潤率接近 40%。兩家公司都擁有創新、成長、紀律和強大競爭地位的歷史，我們預計在分離後，這些優勢仍將持續下去。我們相信，此次分離將為標普全球未來發展創造一些顯著的優勢。

Our four core divisions have similar characteristics, similar customer profiles, and greater ability to share technological and data resources across them. Our leadership team will be better able to focus attention, energy, and resources to accelerate product development and deepen customer relationships while executing against a more unified and cohesive strategy. We're excited to share more about that multi-year strategy at our Investor Day, which we plan to host in New York on November 13.

我們的四個核心部門具有相似的特徵、相似的客戶資料以及更強的技術和資料資源共享能力。我們的領導團隊將能夠更好地集中註意力、精力和資源，以加速產品開發和深化客戶關係，同時執行更統一和有凝聚力的策略。我們很高興在計劃於 11 月 13 日在紐約舉辦的投資者日上分享更多有關該多年期策略的資訊。

As a standalone public company, we believe the Mobility business will also be better able to execute its long-term growth strategy, independent of the priorities of S&P Global. Mobility will be a well-capitalized company, with strong, well-known brands like CARFAX, automotiveMastermind, Market Scan, and Polk.

作為一家獨立的上市公司，我們相信行動業務也將能夠更好地執行其長期成長策略，而不受標普全球優先事項的影響。Mobility 將成為一家資金雄厚的公司，擁有 CARFAX、automotiveMastermind、Market Scan 和 Polk 等強大知名品牌。

As our analysts and shareholders know, Mobility has incredible data and technology assets, creating significant customer value for dealerships, automotive OEMs and parts suppliers, as well as finance and insurance companies. We've seen significant growth in the users of CARFAX Car Care, now serving over 46 million consumers leveraging more than 35 billion vehicle history records. The vehicle history, forecasting, pricing, and incentive data of the Mobility business serve 100% of the top automotive OEMs, 94% of the supplier market and includes approximately 72 million lines of monthly forecast. This data and technology is deeply entrenched in the workflows of Mobility customers, creating a very strong competitive moat and positioning the business well for profitable long-term growth.

正如我們的分析師和股東所知，Mobility 擁有令人難以置信的數據和技術資產，為經銷商、汽車原始設備製造商和零件供應商以及金融和保險公司創造了巨大的客戶價值。我們看到 CARFAX Car Care 的用戶數量顯著增長，目前服務超過 4,600 萬消費者，利用超過 350 億筆車輛歷史記錄。行動業務的車輛歷史、預測、定價和激勵數據服務於 100% 的頂級汽車原始設備製造商、94% 的供應商市場，並包括約 7,200 萬行月度預測。這些數據和技術深深植根於行動客戶的工作流程中，形成了非常強大的競爭優勢，並為業務的長期獲利成長奠定了良好的基礎。

We are particularly encouraged by the resilience this business has demonstrated through the cycle. We acknowledge the additional attention to the automotive space during these times of trade conflict and supply chain disruption, but we remain very confident in the long-term growth of the Mobility business. The secular trends around EV transition, autonomous and software-defined vehicles, shifts in the sales motion of new vehicles, and continued growth in the used car markets all have the potential to increase the demand and addressable market of this business. With more than 70% of Mobility revenue tied to the used car market and more than 80% of revenue coming from subscription products, we remain confident that despite some of the end market challenges among automotive manufacturers, the Mobility business is largely insulated from direct impact.

該業務在整個週期中表現出的韌性令我們特別受鼓舞。我們承認，在貿易衝突和供應鏈中斷期間，汽車領域受到了額外的關注，但我們對行動業務的長期成長仍然非常有信心。電動車轉型、自動駕駛和軟體定義汽車的長期趨勢、新車銷售趨勢的變化以及二手車市場的持續成長都有可能增加該業務的需求和潛在市場。由於超過 70% 的移動出行收入與二手車市場相關，超過 80% 的收入來自訂閱產品，我們仍然相信，儘管汽車製造商面臨一些終端市場挑戰，但行動出行業務基本上不會受到直接影響。

We expect both companies to be well capitalized, and we will provide the details around capital structure and capital allocation as the transaction progresses. We expect the transaction to qualify as tax-free to shareholders for US federal tax purposes. We anticipate the process taking between 12 and 18 months and will be subject to market conditions and the satisfaction of customary regulatory approvals. We are committed to keeping investors up-to-date as we move through this process, and investors can expect a number of milestones over the next 12 to 18 months.

我們預計兩家公司都將擁有充足的資本，並且我們將在交易進度過程中提供有關資本結構和資本配置的詳細資訊。我們預計，根據美國聯邦稅收規定，此交易對股東而言將享有免稅待遇。我們預計該過程將需要 12 至 18 個月，並且取決於市場條件和常規監管批准的滿足情況。我們致力於在這過程中讓投資者隨時了解最新進展，投資者可以期待未來 12 到 18 個月內取得一系列里程碑。

With that, I'll turn the call over to Eric Aboaf, our new CFO, to review the financial results. Eric, welcome to the call. Over to you.

說完這些，我將把電話轉給我們的新任財務長 Eric Aboaf，來審查財務結果。艾瑞克，歡迎來電。交給你了。

Thank you, Martina, and good morning, everyone. I'm delighted to be joining my very first earnings call here at S&P Global and especially pleased to be able to talk through such strong results this quarter.

謝謝你，瑪蒂娜，大家早安。我很高興能夠參加標普全球的第一次財報電話會議，尤其高興能夠談論本季如此強勁的業績。

Starting with slide 18, you'll see on the left panel that we delivered a very strong start to 2025, with solid growth in every division and 9% organic constant currency revenue growth for the company. Revenue growth of 8% and expense growth of 6% allowed us to deliver 100 basis points of margin expansion year over year and 9% in adjusted diluted EPS growth.

從第 18 張投影片開始，您會在左側面板看到，我們在 2025 年取得了非常強勁的開局，每個部門都實現了穩健的成長，公司有機固定匯率收入成長了 9%。營收成長 8%，支出成長 6%，使我們的利潤率年增 100 個基點，調整後稀釋每股盈餘成長 9%。

As Martina mentioned earlier, we continue to engage proactively with customers across the board this quarter while maintaining strict discipline on expenses. That focus and execution helped us to deliver a strong first quarter and also positions us well to deliver strong results for the rest of 2025.

正如 Martina 先前所提到的，本季我們繼續積極與各界客戶溝通，同時嚴格控制開支。這種專注和執行幫助我們在第一季取得了強勁的業績，也為我們在 2025 年剩餘時間內取得強勁業績奠定了基礎。

Slide 19 illustrates the progress we continue to make in key strategic growth areas. Sustainability and energy transition revenue grew 20% to $93 million in the quarter, driven by strong demand for Commodity Insights' energy transition products and data and insights from Market Intelligence. We continue to see very strong demand for our sustainability offerings in all divisions and saw a number of competitive wins in the quarter, especially around our physical risk solutions.

幻燈片 19 展示了我們在關鍵策略成長領域不斷取得的進展。本季度，永續發展和能源轉型收入成長 20%，達到 9,300 萬美元，這得益於 Commodity Insights 能源轉型產品以及 Market Intelligence 的數據和見解的強勁需求。我們繼續看到所有部門對我們的永續發展產品的需求非常強勁，並在本季度取得了許多競爭勝利，特別是在我們的實體風險解決方案方面。

Moving to private markets. Revenue increased by 21% year over year to $140 million. Growth was driven by debt and bank loan ratings, as well as continued strength in iLevel and other private market solutions within Market Intelligence. Private credit continues to be a significant driver of growth for us, and we continue to see strong demand for an S&P Global rating on debt, whether it is issued in the public or the private markets.

轉向私人市場。營收年增21%至1.4億美元。成長的動力來自於債務和銀行貸款評級，以及市場情報中 iLevel 和其他私人市場解決方案的持續強勁表現。私人信貸繼續成為我們成長的重要動力，我們繼續看到對標準普爾全球債務評級的強勁需求，無論是在公開市場還是私人市場發行。

We are also nearing the finish line on our revenue synergies. We exited the first quarter with run rate revenue synergies of $311 million and remain ahead of pace to achieve our target of $350 million by 2026.

我們的所得綜效也即將完成。我們在第一季結束時實現了 3.11 億美元的運行收入協同效應，並將繼續保持領先地位，以實現 2026 年 3.5 億美元的目標。

Finally, we are pleased that we continue to deliver a Vitality Index at or above our 10% target. In the first quarter, we saw contributions from new and enhanced products in every division and are pleased to see the financial impact of the product investments we've made in recent years.

最後，我們很高興看到活力指數繼續達到或超過我們的 10% 目標。在第一季度，我們看到了每個部門新產品和增強型產品的貢獻，並很高興看到近年來我們所做的產品投資所產生的財務影響。

Turning to our divisions. Market Intelligence revenue increased 5% in the first quarter, with the net impact of acquisitions and divestitures creating a roughly 30-basis-point headwind to growth. Revenue from our Data, Analytics & Insights products accelerated on both the reported and an organic basis in the first quarter to 7% and 4% year over year, respectively. First-quarter revenue in the business line includes the net contribution from Visible Alpha less the lost revenue from the PrimeOne divestiture.

談到我們的部門。市場情報收入在第一季成長了 5%，但收購和資產剝離的淨影響對成長造成了約 30 個基點的阻力。第一季度，我們的數據、分析和洞察產品的收入按報告和有機基礎計算分別年增 7% 和 4%。該業務線第一季的收入包括 Visible Alpha 的淨貢獻減去 PrimeOne 剝離造成的收入損失。

Enterprise Solutions benefited from an increase in issuance volumes in the debt and equity capital markets, as well as strong growth in subscription products. Reported revenue growth of 1% includes the impact of $21 million in Fincentric revenue in the year ago period. Excluding that impact, organic growth was 8% year over year.

企業解決方案受益於債務和股權資本市場發行量的增加，以及訂閱產品的強勁成長。報告的營收成長 1%，其中包括去年同期 Fincentric 營收 2,100 萬美元的影響。除去此影響，有機成長率為 8%。

Credit & Risk Solutions grew 6%, supported by strong new sales and price realization, particularly for RatingsXpress subscriptions. Consistent with the commentary we made during our last call, margins were below the full-year guidance range in the first quarter, but actually came in slightly better than we initially expected based on some tight expense controls we put in place at the start of the year. Margins of 32.8% improved slightly year over year.

信用與風險解決方案成長了 6%，這得益於強勁的新銷售和價格實現，尤其是 RatingsXpress 訂閱。與我們在上次電話會議上的評論一致，第一季的利潤率低於全年指導範圍，但由於我們在年初實施了一些嚴格的費用控制，實際上略好於我們最初的預期。利潤率為 32.8%，較去年同期略有提高。

We expect some modest improvement in the quarterly revenue growth rates in 2025 as we progress through the year. We see strong growth in the sales pipeline and stable renewal rates, and we expect both of those dynamics to continue as we lap more of the cancellations from 2024. We're also encouraged by the continued momentum we're seeing in our competitive win rates and Market Intelligence as our enterprise approach continues to resonate with more and more customers.

我們預計，隨著時間的流逝，2025 年的季度營收成長率將略有提高。我們看到銷售管道強勁成長且續訂率穩定，我們預計，隨著 2024 年取消訂單的情況增多，這兩種動態都將持續下去。隨著我們的企業方法繼續引起越來越多客戶的共鳴，我們也對我們的競爭成功率和市場情報持續成長的勢頭感到鼓舞。

Now, turning to Ratings on slide 21. As Martina mentioned earlier, we saw issuers take advantage of favorable financing conditions and open market windows to drive growth in issuance volumes in the first quarter. Q1 was actually the fifth consecutive quarter of more than $1 billion in revenue for our Ratings division. Ratings revenue increased 8% year over year as we saw positive growth across all revenue categories.

現在，翻到第 21 張投影片上的「評級」。正如 Martina 之前提到的，我們看到發行人利用有利的融資條件和開放的市場窗口來推動第一季發行量的成長。第一季實際上是我們評級部門收入連續第五個季度超過 10 億美元的季度。由於我們看到所有收入類別呈現正成長，評級收入較去年同期成長 8%。

Transaction revenue grew by 7% in the first quarter as heightened refinancing activity increased bank loan and structured finance fees. Non-transaction revenue increased 10%, primarily due to an increase in annual fee revenue and elevated issuer credit rating, or ICR, revenue. Importantly, much of our growth in ICR came from private market mandates as more and more participants in the private markets are looking to capture the value that comes from an S&P Global rating.

由於再融資活動的增加導致銀行貸款和結構性融資費用增加，第一季交易收入增加了 7%。非交易收入增加了 10%，主要原因是年費收入增加以及發行人信用評級（ICR）收入提高。重要的是，我們在 ICR 的大部分成長來自私人市場授權，因為越來越多的私人市場參與者希望獲得標準普爾全球評級帶來的價值。

Given the pullback we've seen in April issuance volumes, we do expect billed issuance to be down low-double digits in the second quarter and flattish in the second half. This will primarily impact the cadence of transaction revenue while non-transaction revenue continues to grow at a healthy pace each quarter. As Martina mentioned earlier, we benefit from the strong base of non-transaction revenue in our Ratings business, and we expect non-transaction revenue to grow faster than transaction revenue in a year like 2025. That provides some additional stability to our Ratings business through the cycle.

鑑於四月發行量出現回落，我們預計第二季票據發行量將下降兩位數左右，下半年將持平。這將主要影響交易收入的節奏，而非交易收入將每季繼續以健康的速度成長。正如 Martina 先前所提到的，我們受益於評級業務中強大的非交易收入基礎，我們預計在 2025 年這樣的年份，非交易收入的成長速度將快於交易收入。這為我們的評​​級業務在整個週期中提供了一些額外的穩定性。

Adjusted expenses increased only 4% in the quarter. We continue to actively monitor the issuance environment and manage expense levers in our market-driven businesses tightly to preserve margins and ensure we're positioned to deliver against the profitability targets we set out for 2025.

本季調整後支出僅成長4%。我們將繼續積極監控發行環境，嚴格管理市場驅動型業務的費用槓桿，以保持利潤率並確保我們能夠實現 2025 年設定的獲利目標。

Now, turning to Commodity Insights. Revenue increased 9% following the sixth consecutive quarter of double-digit growth in energy and resource data and insights. Price assessments and data and insights grew 8% and 10%, respectively. We continue to see commercial momentum as we transition more customers to enterprise contract relationships. We are approximately one quarter of the way through the eligible customer base in that transition and expect to be nearly halfway through by year-end.

現在，我們來談談商品洞察。能源和資源數據及洞察連續六個季度實現兩位數成長，營收成長了 9%。價格評估和數據與洞察分別增加了 8% 和 10%。隨著我們越來越多的客戶轉向企業合約關係，我們繼續看到商業發展勢頭。在這轉變過程中，我們已經完成了合格客戶群的大約四分之一，預計到年底將完成近一半。

Advisory and transactional services revenue grew 19%. As Martina noted earlier, times of volatility and uncertainty drive increased demand for a number of our products, and we saw this positive impact in the first quarter. We had a record quarter in Global Trading Services and record attendance at CERAWeek, both of which contributed to the outsized growth we saw here too.

諮詢和交易服務收入成長19%。正如 Martina 之前指出的那樣，動盪和不確定的時期推動了我們許多產品的需求增加，我們在第一季度看到了這種積極影響。我們在全球交易服務方面創下了季度紀錄，而 CERAWeek 的出席人數也創下了紀錄，這兩個因素都促成了我們在這裡看到的超額成長。

Upstream data and insights revenue grew by 1% year over year, with growth tempered by somewhat elevated cancellations due to the customer consolidation we've seen in the energy space. We expect that consolidation to impact upstream a bit more in the remaining quarters of 2025.

上游數據和洞察收入年增 1%，但由於能源領域的客戶整合導致取消量增加，成長受到抑制。我們預計，在 2025 年剩餘的幾個季度中，整合將對上游產生更大的影響。

Adjusted expenses increased 8% due to higher compensation costs and ongoing investment in growth initiatives. Operating profit for Commodity Insights increased 11%, and operating margin improved by 90 basis points to 48.1%.

由於薪酬成本增加和對成長計劃的持續投資，調整後支出增加了 8%。Commodity Insights 的營業利潤成長了 11%，營業利潤率提高了 90 個基點，達到 48.1%。

Now, turning to Mobility. Revenue increased 9% year over year, but this includes a roughly 70-basis-point headwind from currency impacts, largely due to exposure to the Canadian dollar. Dealer revenue increased 11% year over year, driven by new business growth in products such as CARFAX and automotiveMastermind. Dealer revenue benefits from its higher exposure to the used car market, which is generally more resilient for this cycle than the new car market.

現在，轉向移動性。營收年增 9%，但其中包括貨幣影響帶來的約 70 個基點的阻力，這主要是由於受加元影響。經銷商營收年增 11%，這得益於 CARFAX 和 automobileMastermind 等產品的新業務成長。經銷商的收入受益於其在二手車市場的較高曝光率，而二手車市場在這一週期中的彈性通常比新車市場更強。

Manufacturing increased 1%, with growth impacted by the decline in the transaction revenue related to the recall business. As a reminder, we began calling out the impact of the decline in recalls earlier last year and will lap that impact beginning in the second quarter.

製造業成長了 1%，但成長受到召回業務相關交易收入下降的影響。提醒一下，我們從去年年初就開始關注召回率下降的影響，並將從第二季開始緩解這一影響。

Financials and other increased 11% as the business line continues to benefit from strong underwriting volumes and commercial momentum.

金融及其他業務成長了 11%，因為該業務線繼續受益於強勁的承保量和商業勢頭。

Adjusted expenses increased 8% due primarily to the increased advertising and promotional investment. That investment has helped drive significant growth in CARFAX Car Care, which now has approximately 46 million users, a nearly 65% increase since our Investor Day in 2022. Margins for the segment improved 40 basis points year over year to 38.5%.

調整後費用增加了 8%，主要原因是廣告和促銷投資增加。這項投資推動了 CARFAX Car Care 的顯著成長，目前該公司擁有約 4,600 萬用戶，自 2022 年投資者日以來成長了近 65%。該部門的利潤率年增 40 個基點，達到 38.5%。

Now, turning to S&P Dow Jones Indices. Revenue increased 15%, primarily due to strong growth in asset-linked fees, which benefited from higher AUM and continued strength in exchange-traded derivative revenue. Revenue associated with asset-linked fees was up a strong 18% in the first quarter. This was driven by higher ETF and mutual fund AUM, benefiting from both market appreciation and net inflows.

現在，轉向標準普爾道瓊斯指數。收入成長了 15%，主要由於資產掛鉤費用的強勁成長，受益於更高的 AUM 和交易所交易衍生性商品收入的持續強勁。第一季與資產掛鉤費用相關的收入強勁成長 18%。這是由於 ETF 和共同基金 AUM 增加所致，受益於市場升值和淨流入。

As a reminder, there is a slight delay in revenue recognition in our asset-linked fees, which allows us to continue benefiting from higher equity valuations we saw during the fourth quarter of last year. We do expect growth in asset-linked fees to moderate in 2Q and beyond given the declines we've seen in market valuations since we gave our initial guidance.

提醒一下，我們的資產掛鉤費用的收入確認略有延遲，這使我們能夠繼續受益於去年第四季看到的更高的股票估值。鑑於我們給予初步指引以來市場估值的下降，我們確實預期資產掛鉤費用的成長將在第二季及以後放緩。

Exchange-traded derivatives revenue grew 11%, primarily driven by the strong volumes in SPX products and price realization.

交易所交易衍生性商品收入成長 11%，主要得益於 SPX 產品交易量和價格實現的強勁成長。

Data and custom subscriptions increased 7% year over year, driven by new business growth in end-of-day contracts, which saw mid-teens growth in the quarter. Revenue from custom subscriptions, however, somewhat offset the very strong growth in end-of-day contracts.

數據和客製化訂閱年增 7%，這得益於日終合約新業務的成長，本季該業務實現了十五六倍的成長。然而，客製化訂閱的收入在一定程度上抵消了日終合約的強勁成長。

Adjusted expenses increased 15% year over year, primarily due to increased investments in strategic growth initiatives, as well as an increase in compensation expense. Indices operating profit increased 15%, and operating margin remained unchanged year over year at a very strong 72.9%.

調整後支出較去年同期成長 15%，主要原因是對策略成長計畫的投資增加，以及薪資支出增加。指數營業利潤成長 15%，營業利潤率與去年同期相比保持不變，仍為強勁的 72.9%。

Now, turning to guidance. Given our new debt issuance expectations and the current equity market levels, slide 25 outlines our enterprise guidance on a GAAP and adjusted basis. We are now expecting total revenue growth in the range of 4% to 6%, with adjusted margins in the range of 48.5% to 49.5%. We remain confident in our ability to deliver solid revenue growth, strong margins, and growth in adjusted EPS this year.

現在，轉向指導。鑑於我們對新債發行的預期和當前的股票市場水平，第 25 張投影片概述了我們根據 GAAP 和調整後的基礎制定的企業指導。我們現在預計總收入成長率在 4% 至 6% 之間，調整後的利潤率在 48.5% 至 49.5% 之間。我們仍然有信心，我們今年能夠實現穩健的收入成長、強勁的利潤率和調整後的每股盈餘成長。

As I'll discuss on the next slide, we do expect slightly lower growth in Ratings and Indices, our two market-driven and highest margin businesses, but we plan to manage expenses so that we can preserve margin guidance in all five divisions this year. However, due to the planned closing of the OSTTRA sale later this year, we will see slightly lower operating income with no corresponding revenue impact, which will directly impact margins for the year. The OSTTRA impact and the mix shift in revenue are the primary drivers for the change to our enterprise margin guidance.

正如我將在下一張幻燈片中討論的那樣，我們確實預計評級和指數（我們的兩個市場驅動型和利潤率最高的業務）的增長將略有下降，但我們計劃管理費用，以便我們今年能夠保持所有五個部門的利潤率指導。然而，由於 OSTTRA 出售計劃於今年稍後完成，我們的營業收入將略有下降，但不會對收入產生相應的影響，這將直接影響今年的利潤率。OSTTRA 的影響和收入的組合變化是我們企業利潤率指導變化的主要驅動因素。

We expect to use the proceeds from OSTTRA for additional share repurchases, which will offset much of the EPS impact. And our discipline on both expenses and strong capital returns allows us to keep the high end of our EPS guidance intact. Given the market volatility and variability in our market-driven businesses, we think it's prudent to widen the range a bit and now expect adjusted diluted EPS in the range of $16.75 to $17.25.

我們預計將使用 OSTTRA 的收益進行額外的股票回購，這將抵消大部分每股盈餘的影響。我們對費用和強勁資本回報的嚴格控制使我們能夠保持 EPS 指導值的高端不變。鑑於市場波動性和我們市場驅動型業務的變化性，我們認為稍微擴大範圍是明智之舉，現在預計調整後的稀釋每股收益將在 16.75 美元至 17.25 美元之間。

Moving to our division outlook. Our revenue guidance for Market Intelligence is unchanged. For Ratings, based on the current expectation for flattish billed issuance this year, we expect revenue growth to be flat to up 4%, slightly lower, but also a slightly broader range compared to our previous guidance. Revenue guidance for Commodity Insights and Mobility are also unchanged. For Indices, we've obviously seen the market pullback, particularly in US equities, since we gave our initial guidance. Given that pullback, we now expect revenue growth in the range of 5% to 7%. This guidance assumes the S&P 500 is flat from April 15 through the end of the year, modest growth in ETD volumes, and subscription growth similar to what we saw in the first quarter.

轉向我們的部門展望。我們對市場情報的收入預期保持不變。對於評級，基於目前對今年票據發行持平的預期，我們預計營收成長將持平至成長 4%，略低於我們先前的指引，但幅度也略大。商品洞察和移動性的收入預期也沒有改變。對於指數，自從我們給出初步指導以來，我們明顯看到市場回調，尤其是美國股市。考慮到這一回調，我們現在預計收入成長將在 5% 至 7% 之間。該指引假設標準普爾 500 指數從 4 月 15 日到年底持平，ETD 交易量適度增長，訂閱量增長與第一季類似。

On the next slide, we are reiterating the margin outlook for all five of our divisions. While we do expect somewhat lower revenue in Ratings and Indices, we expect to offset that impact with expense discipline and modest adjustments to incentive compensation. We have multiple levers that we can pull as needed this year, and we've proactively identified and prioritized those. We want to make sure we are prudent and don't pull them too early, or too aggressively though, and preserve our ability to invest in the important revenue growth opportunities we see over the next few years.

在下一張投影片中，我們將重申所有五個部門的利潤前景。雖然我們確實預期評級和指數的收入會有所下降，但我們預計透過控制費用和適度調整激勵薪酬來抵消這種影響。今年，我們可以根據需要採取多種措施，並且我們已經主動確定並優先考慮這些措施。我們希望確保我們保持謹慎，不要過早或過於積極地撤資，並保留我們在未來幾年投資於重要收入成長機會的能力。

With that, I'll turn the call back over to Mark for your questions.

說完這些，我將把電話轉回給馬克來回答您的問題。

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

謝謝你，埃里克。（活動說明）接線員，我們現在來回答第一個問題。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much. Congratulations on the Mobility announcement. I was hoping you could just give some color on timing. So why now? And then maybe the implementations for RemainCo, are there any data sets that you'll continue to try to license from the spun entity once that happens? And then I know it's early, but any initial thoughts on dissynergies? Thanks.

非常感謝。恭喜 Mobility 公告發布。我希望您能對時間安排給予一些說明。那為什麼是現在呢？然後也許是 RemainCo 的實施，一旦發生這種情況，您是否會繼續嘗試從分拆實體獲得任何資料集的許可？我知道現在還為時過早，但對於不協同效應有什麼初步想法嗎？謝謝。

Hi, Toni. It's Martina. Thanks for the question.

你好，托尼。我是瑪蒂娜。謝謝你的提問。

Well, as I mentioned during the prepared remarks, this is something that we have been thinking about very deeply for some time. We've done an incredibly deep and rigorous assessment, including multiple rounds of dialogue around this, with our Board of Directors and consulting with external advisers on this also. So we've come to the conclusion that this is the best path to long-term shareholder value and that the tax-free spin here is the right path forward for us.

嗯，正如我在準備好的發言中提到的那樣，這是我們一段時間以來一直在深入思考的事情。我們進行了非常深入和嚴格的評估，包括與董事會就此進行多輪對話，並就此諮詢了外部顧問。因此，我們得出結論，這是實現長期股東價值的最佳途徑，而免稅政策對我們來說是正確的前進道路。

I would say, certainly would have more details with respect to data sets that we would license. At this point, we're very much in the mode of business as usual and continuing to focus while the process is running in the background.

我想說，我們肯定會有更多關於我們授權的資料集的細節。此時，我們處於正常業務模式，並繼續專注於在後台運行的流程。

And Toni, it's Eric. We've obviously done an initial look at the financials. As you can expect, the carve-out process has begun and is fairly intense. High-level view of dissynergies, stranded costs, and so forth suggest that they're relatively material to our overall financials. But those are the kinds of topics we'll update you on as we move along later this summer, this fall, and into next spring.

東尼，我是埃里克。我們顯然已經對財務狀況進行了初步審查。正如您所預料的，剝離過程已經開始，並且進展相當順利。從高層角度來看，綜效、擱淺成本等因素對我們的整體財務狀況相對重要。但這些是我們將在今年夏末、秋季和明年春季向您更新的話題。

Thanks, Toni.

謝謝，托尼。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes. Hi. Thank you so much. I wanted to ask about Market Intelligence and your confidence in the ability to accelerate revenue as we go through the year. Maybe you can comment on what you're hearing from your customers, how bookings have trended, and any other color around the end markets. Thank you.

是的。你好。太感謝了。我想問一下市場情報以及您對我們今年加速收入的能力的信心。也許您可以評論您從客戶那裡聽到的消息、預訂趨勢以及終端市場的任何其他顏色。謝謝。

Hi, Faiza. Thanks for the question. We have had a very good start to the year with Market Intelligence and been quite encouraged with several of the core metrics there, including some of the ones that Eric mentioned. We've seen stable retention rates, good sales pipelines, and ACV faster than revenue, which, of course, is a great indicator for the strength of the business going forward.

你好，Faiza。謝謝你的提問。今年我們在市場情報方面取得了非常好的開局，並且對其中的幾個核心指標感到非常鼓舞，其中包括 Eric 提到的一些指標。我們看到了穩定的留任率、良好的銷售管道以及 ACV 比收入成長更快，這當然是未來業務實力的一個很好的指標。

Remember that Eric also mentioned we will be lapping 2024 early year cancels as we go throughout the year. That gives us a lot of confidence in an acceleration, as we had indicated in our last call, for a stronger second half compared to first half of the year. So good indications there.

請記住，艾瑞克也提到，我們將在全年過程中持續彌補 2024 年初取消的損失。正如我們在上次電話會議中所指出的，這讓我們對下半年的加速發展充滿信心，認為下半年的表現將比上半年更加強勁。那裡有很好的跡象。

From a customer standpoint, we have made several, I would say, improvements to how the sales teams are aligned to customers, particularly from an account management standpoint. That has really helped teams to have more direct connections and engagement with the customers. And we've been hearing very positive feedback on that realignment, also hearing very positive feedback on joint go-to-market between the Market Intelligence sales teams and our Chief Commercial Office.

從客戶的角度來看，我想說，我們在銷售團隊與客戶的協調方式上做出了幾項改進，特別是從客戶管理的角度來看。這確實幫助團隊與客戶建立了更直接的聯繫和互動。我們聽到了關於此次調整的非常積極的反饋，也聽到了關於市場情報銷售團隊和我們的首席商務辦公室之間的聯合上市的非常積極的反饋。

And we're starting to see some great deals there. So we, for example, closed a large counterparty manager deal with a large investment bank. In the quarter, we also closed a large primary market issue book deal with a commercial bank in the first quarter. So all in, good momentum, good first quarter, and we'll continue moving ahead.

我們開始在那裡看到一些很棒的交易。例如，我們與一家大型投資銀行達成了一項大型交易對手管理交易。本季度，我們也與一家商業銀行完成了一筆大額一級市場發行簿記交易。總的來說，勢頭良好，第一季表現良好，我們將繼續向前發展。

Thanks for the question.

謝謝你的提問。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. Eric, could you maybe talk about the levers as you guys talk about managing expenses and/or some of the puts and takes might be in the range of expectations?

謝謝。艾瑞克，當你們談論管理費用時，你能否談談槓桿，以及/或一些可能在預期範圍內的投入和產出？

Sure. The levers here are, as you'd expect, and then the ones that we've actually, I think, pulled and addressed over the last couple of years during the ups and downs of the environment but also the same ones that you'd expect at any well-run company. Clearly, headcount and hiring for backfills is a lever that we monitor closely, especially in this environment where there's uncertainty, there is incentive compensation, which will float up and down with revenue and performance. There's a third-party spend, professional services, obviously, which has a degree of flexibility. And then finally, there is investments, though I think those are the ones that we typically want to protect except in very extreme circumstances.

當然。正如您所期望的，這裡的槓桿是我們在過去幾年環境起伏期間實際上已經拉動和解決的槓桿，但也是您在任何一家運作良好的公司中所期望的槓桿。顯然，員工總數和補充人員的招募是我們密切監控的一個槓桿，特別是在這個充滿不確定性的環境中，激勵性薪酬會隨著收入和績效而上下浮動。顯然，有第三方支出和專業服務，具有一定程度的靈活性。最後，還有投資，儘管我認為，除非在極端情況下，我們通常想要保護的是投資。

So part of what I've done is I've settled in over the last two months is literally spent time division by division, circling those, making sure we're ready, selectively making some tactical adjustments. But those are the areas where we're vigilant, we'll continue to stay vigilant and disciplined during this environment.

因此，我所做的事情之一就是在過去兩個月花時間逐個部門地進行檢查，確保我們做好準備，並有選擇地進行一些戰術調整。但這些都是我們要警惕的領域，在這種環境下，我們將繼續保持警覺和紀律。

Thanks, Surinder.

謝謝，Surinder。

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. On the issuance guidance, thanks for providing that incremental color on M&A assumptions. My question was the flat issuance assumptions for the back half of the year. Does that include any kind of pull forward, or what are your assumptions around high-yield spreads as well as rate volatility? Thanks.

感謝您回答我的問題。關於發行指南，感謝您對併購假設提供的增量說明。我的問題是下半年發行量持平的假設。這是否包括任何形式的提前，或者您對高收益利差以及利率波動有何假設？謝謝。

Hi, Ashish. Thanks for the question.

你好，Ashish。謝謝你的提問。

Well, as we mentioned, we would expect our billed issuance to be roughly flat for the full year, so modestly more cautious than what we had during our last call. Maybe I can break it down a little bit for you. So from a refi standpoint, we still expect the '25 refis to go ahead. We saw a little bit, we think, in pull forward in investment grades ahead of April. But broadly speaking, we're seeing the '25 refis come to market as we considered what we have less expectation of this year is pull forward from 2026 and beyond, especially for high yields, you would have less of an incentive to come to market in a volatile environment.

嗯，正如我們所提到的，我們預計全年的帳單發行量將基本持平，因此比我們上次電話會議時的預期要謹慎一些。也許我可以稍微為你解釋一下。因此，從再融資的角度來看，我們仍然預期 25 年再融資將會繼續進行。我們認為，四月之前投資等級有所提升。但從廣義上講，我們看到 25 年再融資進入市場，因為我們認為我們對今年的期望較低，因為從 2026 年及以後開始，特別是對於高收益，在動蕩的環境中，你進入市場的動力就會較小。

On the M&A piece, we did say flat year over year. I think it's worth mentioning, we still see potential for some opportunistic issuance, although we've moderated that a little bit in the full-year guide that we provided for billed issuance.

在併購方面，我們確實表示同比持平。我認為值得一提的是，我們仍然看到一些機會性發行的潛力，儘管我們在為帳單發行提供的全年指南中對此進行了些許調整。

And I think maybe the last point I would make on this is, as we know, this is incredibly difficult to predict at this point. There are risks to the downside and the upside on this. I mean, contemplated in our range is there's a possibility of negative year-over-year growth, for example, in transaction revenues. However, there's also risk to the upside. We know that there's a lot of pent-up demand in M&A. And we think from a timing standpoint, it's more likely at this point to hit in 2026, but we know issuers are good at coming to market when they see an opportunity. And so it's possible we could see some of that this year in the second half as well.

我想我要說的最後一點是，正如我們所知，目前這一點很難預測。這其中既有下行風險，也有上行風險。我的意思是，我們考慮到有可能出現年比負成長，例如交易收入。然而，上行也存在風險。我們知道併購領域存在著大量被壓抑的需求。我們認為，從時間角度來看，它更有可能在 2026 年實現，但我們知道發行人善於在看到機會時進入市場。因此，今年下半年我們也有可能會看到一些這樣的情況。

Thanks for your question, Ashish.

謝謝你的提問，Ashish。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Two quick ones. One, what's the share count implied in the '25 guide? And did it change since February?

兩個簡單的。一、25 年指引中隱含的股票數量是多少？自二月以來，情況有改變嗎？

And secondly, you talked a lot about the strong balance sheet and the share buyback activity. What's the view on S&P's M&A ambitions at this point?

其次，您談了很多關於強勁的資產負債表和股票回購活動。目前對標準普爾的併購野心有何看法？

Andrew, let me take the first part of that question. I think for share count, you just start with the share count as it's disclosed, factor in the buybacks at reasonable price expectations, and then just calculate that going forward for the quarters and the rest of the year, and I think you should be able to get to what you need.

安德魯，讓我來回答這個問題的第一部分。我認為對於股票數量，你只需從披露的股票數量開始，考慮合理價格預期的回購，然後計算未來幾個季度和今年剩餘時間的股票數量，我想你應該能夠得到你需要的結果。

Great. Hi, Andrew. Regarding your question on M&A ambitions going forward, I'd reiterate a point that I made on the last call, which is we certainly have no intention of any type of transformative M&A as we go forward. We're really focused on what we think are very high-quality organic growth opportunities within each of the divisions and across the divisions, and that's where we're executing as we go throughout the year.

偉大的。你好，安德魯。關於您關於未來併購目標的問題，我想重申我在上次電話會議上提出的觀點，那就是我們絕對無意進行任何類型的變革性併購。我們真正關注的是我們認為的每個部門內部以及跨部門的非常高品質的有機成長機會，這也是我們全年都在執行的方向。

I would say, consistent with how we have taken advantage of certain opportunities in the past, if we see a tuck-in that is very attractive for either a core business or very attractive for one of our strategic growth teams, of course, we would consider that. And of course, we always do that through the lens of shareholder value as well as the value we create for our customers.

我想說的是，與我們過去利用某些機會的方式一致，如果我們發現某個收購對於核心業務或我們的某個策略成長團隊非常有吸引力，我們當然會考慮。當然，我們始終從股東價值以及我們為客戶創造的價值的角度來做到這一點。

Thanks for the question, Andrew.

謝謝你的提問，安德魯。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Hey. Good morning, guys, and thank you for taking my question. I just wanted to touch on the topic of private credit and wondering if you can share how that performed on the rating side relative to expectations during the quarter and maybe talk about what you're assuming in terms of growth contribution from private credit for the balance of the year. Thanks.

嘿。大家早安，謝謝你們回答我的問題。我只是想談談私人信貸的話題，想知道您是否可以分享本季私人信貸在評級方面的表現與預期相比如何，並談談您對今年剩餘時間私人信貸對增長的貢獻的假設。謝謝。

Hi, Scott. It's Martina. Thanks for the question.

你好，斯科特。我是瑪蒂娜。謝謝你的提問。

Well, we continue to execute at the highest level as we can and are happy with the performance that we've seen in private credit overall across the organization through the really strong products we have in Ratings, in Market Intelligence, as well as opportunities for our benchmarks in index. Specifically in Ratings, we've always said that we would rate the business or the deals wherever they come. And we've made very good strides with the majority of the sponsors that we've engaged with.

好吧，我們繼續盡可能地以最高水平執行，並且對整個組織透過評級、市場情報中真正強大的產品以及指數基準機會所看到的私人信貸整體表現感到滿意。具體來說，在評級中，我們一直表示，無論業務或交易來自哪裡，我們都會對其進行評級。我們與大多數贊助商的合作都取得了非常好的進展。

There's a lot of demand, as Eric said in his remarks, for an S&P rating, whether it's public or private. And so that's been, I think, a strong contribution. We've cited the mix there in the past. We've certainly seen some great results in middle-market CLOs, for example, in NAVs and other private credit opportunities. I would say for the remainder of the year, just given some of the really tough year-over-year comps, as well as a little bit of moderation in the environment around issuance generally, I wouldn't say we have heroic assumptions for growth specifically in private credit for the remainder of this year.

正如埃里克在演講中所說，對標準普爾評級的需求很大，無論是公開的還是私人的。所以，我認為，這是一個巨大的貢獻。我們過去曾在那裡引用過這種混合。我們確實看到了中端市場 CLO 的一些出色成果，例如 NAV 和其他私人信貸機會。我想說，就今年剩餘時間而言，考慮到一些確實艱難的同比數據，以及整體發行環境的略微緩和，我不會說我們對今年剩餘時間私人信貸的增長有過於樂觀的預期。

Thanks for your question, Scott.

謝謝你的提問，斯科特。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yes. Hey. Good morning, everyone. I'm going to have another boring cost question, but it is Eric's first call, so I think it's okay. It sounds like you mentioned that all the work on the cost base so far has been more as a do we need to pull any sort of levers to show margin expansion, et cetera, if the environment is a little bit tougher. Just wondering how you think about the cost base holistically.

是的。嘿。大家早安。我又要問一個無聊的費用問題，但這是 Eric 第一次打電話，所以我認為沒關係。聽起來您提到過，到目前為止，成本基礎上的所有工作都更像是，如果環境變得更加艱難，我們是否需要採取任何形式的槓桿來顯示利潤率擴張等等。只是想知道您如何從整體上考慮成本基礎。

I know it's only been a couple of months for you, but obviously, you come from a lower margin company. And I think if you compare some of the peers, in particular, Market Intelligence, the margins don't compare as well anymore for S&P Global. So given that you have a history of cost programs in a couple of years, you did a big transaction a few years ago, I was just wondering if there's room for maybe a more holistic rebasing of the cost program and where that will come from? Thank you.

我知道這對您來說才幾個月，但顯然您來自一家利潤率較低公司。我認為，如果你與一些同行進行比較，特別是市場情報，你會發現標準普爾全球的利潤率不再那麼高。因此，考慮到您有幾年的成本計劃歷史，幾年前您進行了一筆大交易，我只是想知道是否有空間對成本計劃進行更全面的重新調整，以及這將從何而來？謝謝。

Alex, it's Eric. Thank you for the question.

亞歷克斯，我是艾瑞克。謝謝你的提問。

As you say, in every company, and this one included, there's typically -- and I've seen it here already -- a recent history over the last few years, but certainly embedded in our budgets for this year and our guidance for this year to do more than just ration headcount up or down. That's not what we're focused on. That we do to make tactical adjustments during the year.

正如你所說，在每家公司，包括這家公司，通常都有——我已經在這裡看到了——過去幾年的近期歷史，但肯定已經融入到我們今年的預算和指導方針中，我們所做的不僅僅是增加或減少員工人數。這不是我們關注的重點。我們這樣做是為了在年內做出戰術調整。

I think what I've started to appreciate is that there's a range of initiatives that we've launched over the last year across our various businesses, some of those, as you know, for example, in MI, we've been removing silos, simplifying operations, consolidating areas of activities in other areas like Commodities Insights. We've had a real push on using GenAI for productivity and some of the analytical and research functions. So there is some systemic efforts underway that I think are part of what will help us deliver our expectations and guidance for this year.

我想我開始意識到的是，去年我們在各個業務部門推出了一系列舉措，其中一些舉措，如你所知，例如在 MI，我們一直在消除孤島，簡化運營，整合其他領域的活動領域，如商品洞察。我們真正致力於使用 GenAI 來提高生產力以及實現一些分析和研究功能。因此，我們正在進行一些系統性的努力，我認為這些努力將有助於我們實現今年的期望和指導。

To the question of, is there more, well, there's always more to do. And that's the kind of work that we start planning on now for next year, and we'll start planning on next year for the year after because it's a muscle that's, I think, developed here, but we can continue to refine it, and that's what the management team will do together.

對於是否還有更多事情要做的問題，嗯，總是有更多的事情要做。這就是我們現在開始為明年計劃的工作，我們也將開始為後年計劃，因為我認為，這是我們在這裡發展起來的一項能力，但我們可以繼續完善它，這就是管理團隊將共同做的事情。

Thanks, Alex.

謝謝，亞歷克斯。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Good morning. Martina, I just wanted to confirm, I mean, it sounds like from everything you're saying, you're not yet seeing any major changes in your customer behavior. So I was just hoping you could just help elaborate on that, maybe focusing more on the MI and subscription businesses really.

早安.瑪蒂娜，我只是想確認一下，我的意思是，從你所說的一切來看，你還沒有看到客戶行為有任何重大變化。所以我只是希望你能幫助詳細說明這一點，也許實際上更多地關注 MI 和訂閱業務。

Yeah. Thanks, Manav, and that is true when it comes to the subscription businesses. Clearly, in this kind of environment, we've signaled that we see some behavioral changes in Ratings, for example, as I mentioned, with some issuers on the sidelines. So we certainly see that downside in the market-sensitive areas like Ratings and a little bit in Index as well.

是的。謝謝，Manav，對於訂閱業務來說，這確實如此。顯然，在這種環境下，我們已經發出信號，表明評級機構的行為發生了一些變化，例如，正如我所提到的，一些發行人持觀望態度。因此，我們確實看到評級等市場敏感領域以及指數中也存在這種下滑趨勢。

I would say that we're paying really close attention to the subscription businesses and looking very closely at this, obviously, by sector. The fact that we have, for the most part, multi-year deals really serves as a ballast in times like this. But of course, we have to be very strongly engaged with our customers to get a sense for when there may be more pressures.

我想說的是，我們非常關注訂閱業務，並且顯然會按行業密切關注這項業務。事實上，在大多數情況下，我們簽訂的是多年期合同，這在當前形勢下確實起到了穩定器的作用。但當然，我們必須與客戶密切合作，才能了解何時可能出現更多壓力。

One of the other things that we've been extremely disciplined about since last year is making sure that we're positioned increasingly to benefit from vendor consolidation opportunities. And we have heard in a couple of recent discussions with large clients that they may be accelerating vendor consolidation. And of course, we're prioritized there through the work that we've been doing as well with the Chief Client Office. And so those are some examples.

自去年以來，我們一直非常嚴格對待的另一件事是確保我們能夠從供應商整合機會中獲益。我們在最近與一些大客戶的討論中聽說，他們可能正在加速供應商整合。當然，我們與首席客戶辦公室的合作也使我們獲得了優先地位。這些就是一些例子。

I would also say that there are upside opportunities. We have, as you know, some of the strongest supply chain data around multiple sectors, regions. We also, just simply by virtue of what we do, are being used -- our data is being used by our clients even more. We saw that in the very significant uptick year over year in platform usage, for example, across MI and CI, as well as Mobility in the first quarter.

我還想說，還有上行機會。如您所知，我們擁有多個行業和地區的最強大的供應鏈數據。僅僅因為我們所做的事情，我們的客戶就更多地使用我們的數據。我們發現，平台使用率年比顯著上升，例如第一季 MI 和 CI 以及 Mobility 的使用率。

So overall, we're watching very closely. We don't see massive changes in behavior. We're certainly not hearing that from our customers and engaging very, very strongly to make sure we're positioned for growth opportunities as they arise.

所以總的來說，我們正在密切關注。我們沒有看到行為有巨大的改變。我們當然沒有從客戶那裡聽到這種聲音，我們非常積極地參與其中，以確保我們能夠抓住出現的成長機會。

Thanks, Manav.

謝謝，Manav。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi. Thanks. Good morning. You mentioned you're not seeing any major changes in customer behaviors. Can you talk a little bit more about what you're seeing with pipeline performance and sales cycles?

你好。謝謝。早安.您提到您沒有看到客戶行為有任何重大變化。能否再多談談您對通路績效和銷售週期的看法？

Yeah. Hi, George. It's Martina.

是的。你好，喬治。我是瑪蒂娜。

We are, right now, seeing our sales pipelines as expected. And that is one of the things that gives us very good confidence as we think about our subscription businesses throughout the rest of the year. Again, I think the behaviors, as we've engaged more closely with our customers across the divisions, all the way from our division presidents down through the sales teams to the extent that we're hearing places where our customers may be feeling more or less pressure. A lot of times, we are positioned to benefit from better consolidation efforts, for example, definitely something that we're paying very close attention to.

目前，我們的銷售管道正如預期的那樣。當我們考慮今年剩餘時間的訂閱業務時，這是讓我們非常有信心的事情之一。再次，我認為，隨著我們與各部門的客戶進行更密切的接觸，從部門總裁到銷售團隊，我們了解到客戶在哪些地方可能會感受到或多或少的壓力。很多時候，我們都可以從更好的整合努力中受益，這絕對是我們密切關注的事情。

And I think what comes in line with this, and I mentioned it, in particular, for example, for MI, but also the other divisions, is that we're seeing quite stable renewal performance, particularly in Market Intelligence, where that is something that we had highlighted as core objective for this year. And between that and the fact that we'll be lapping some counsel for early '24, we see that as good indicators for a strong second half in MI in particular.

我認為與此相符的是，我特別提到過，例如對於 MI，以及其他部門，我們看到了相當穩定的更新表現，特別是在市場情報方面，這是我們今年強調的核心目標。考慮到這一點以及我們將在 24 年初提出一些建議，我們認為這對 MI 下半年的強勁表現來說是一個好兆頭。

Thanks for the question, George.

謝謝你的提問，喬治。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi. Good morning. This is Tom Roesch on for Andrew Nicholas. I was wondering if you could touch on the Commodity Insights end markets and kind of what you're seeing there. And then also, are you expecting any pressure from tariffs such as trade war in general in that segment on the end markets? Thank you.

你好。早安.我是湯姆‧羅斯 (Tom Roesch)，代替安德魯‧尼可拉斯 (Andrew Nicholas) 報道。我想知道您是否可以談談商品洞察終端市場以及您在那裡看到的情況。另外，您是否預期關稅（例如貿易戰）會對終端市場造成壓力？謝謝。

Hi, Thomas. It's Martina. Thank you for the question.

你好，托馬斯。我是瑪蒂娜。謝謝你的提問。

I think we've seen really strong growth in Commodity Insights so far this year. We've benefited across businesses as a result of some of the unique data that we have. We've been able to launch new price assessments in a number of areas like biofuels, ag, et cetera. And we highlighted the particular strength also of the energy transition and sustainability parts of that business, where our growth in CI with the combination of the Commodity Insights data, et cetera, with the sustainability data is now beginning to give the team opportunities to launch new innovative products also.

我認為今年到目前為止我們已經看到了商品洞察的強勁成長。由於我們擁有一些獨特的數據，我們各個企業都從中受益。我們已經能夠在生物燃料、農業等多個領域推出新的價格評估。我們也強調了該業務的能源轉型和永續性部分的特殊優勢，我們在 CI 方面的成長以及商品洞察數據等與永續性數據的結合現在也開始為團隊提供推出新創新產品的機會。

One example there is we recently launched a product that integrates our climate risk analytics on to our ag data so that our users can actually understand the impact of extreme weather events on crops, for example. So really unique and differentiated insights not only in the products that we offer today, but also in what we're rolling out as we go forward. So strong performance there, strong engagement with our clients. Clearly, Eric mentioned that there is a little bit of consolidation in upstream. That's something that we've contemplated as part of the full-year guidance that we're giving.

舉個例子，我們最近推出了一款產品，將氣候風險分析整合到農業數據中，以便用戶能夠真正了解極端天氣事件對農作物的影響。因此，我們不僅對目前提供的產品有真正獨特和差異化的見解，而且對我們未來推出的產品也有真正獨特和差異化的見解。因此，我們在那裡表現強勁，與客戶的互動也十分密切。顯然，埃里克提到上游有一點整合。這是我們作為全年指導方針的一部分所考慮的。

And then I think pressures from tariffs, if I were to take a little bit of a step back on this, I think generally speaking, we certainly would be watching very closely, working closely with our customers. These are the types of areas where our customers will actually use the data more. We saw really strong uptick, for example, in usage of Path Connect in Q1. And obviously, we see that upside as well through the GTS revenues, which had very strong results in the first quarter.

然後我認為關稅的壓力，如果我稍微退一步來看這個問題，我認為總的來說，我們肯定會密切關注，並與我們的客戶密切合作。這些是我們的客戶實際上會更多地使用數據的領域類型。例如，我們看到第一季 Path Connect 的使用量出現強勁成長。顯然，我們也從 GTS 營收中看到了這一優勢，GTS 營收在第一季表現非常強勁。

So we're largely insulated, I would say, Thomas, specifically from the direct impacts of the tariffs. But clearly, we're very strongly engaged with our customers to make sure that we don't see anything else that we would need to address going forward.

因此，我想說，托馬斯，我們基本上沒有受到關稅的直接影響。但顯然，我們與客戶保持密切的聯繫，以確保我們不會看到任何需要我們在未來解決的問題。

Thanks for the question.

謝謝你的提問。

Craig Huber, Huber Research Partners.

Craig Huber，Huber 研究夥伴。

Thank you. Just want to get back, if I could, on Mobility question in the whole why-now and stuff. I mean, obviously, in the past, you guys have talked about it being a core part of operations. It's done really well underneath S&P. I'm just wondering, again, just elaborate a little bit further, what's changed here why you want to spin it off now and stuff?

謝謝。如果可以的話，我只想回到關於整個「為什麼是現在」之類的移動性問題。我的意思是，顯然，在過去，你們已經談論過它是營運的核心部分。在標準普爾的指導下，它表現得非常好。我只是想知道，再說得更詳細一點，這裡發生了什麼變化，為什麼你現在想要將其剝離等等？

I mean in the past, you said it was core. Now, it's not core. I'm just trying to understand better. Obviously, your stock has moved in line, right in line with the S&P 500 here over the last 24 months. I mean, a lot of stocks would love to have that sort of performance. I mean, just what's changed? A little bit more there. Thank you.

我的意思是，過去你說它是核心。現在，它不是核心。我只是想更好地理解。顯然，您的股票走勢與過去 24 個月的標準普爾 500 指數一致。我的意思是，很多股票都希望有這樣的表現。我的意思是，到底發生了什麼變化？還有一點。謝謝。

(technical difficulty)

（技術難度）

Craig, I'm going to take your question and respond to it from the top again. I think we lost audio there momentarily.

克雷格，我將回答你的問題並再次從頂部進行回答。我認為我們暫時失去了音訊。

You're asking why now and what's changed. I would say this is something we've been thinking about for quite some time. We've done a very rigorous and deep analysis around this. To be clear, the Mobility business is a phenomenal business. It has a very long history of innovation, of strong growth, and it's got incredibly talented leaders across the business.

您現在問的是為什麼以及發生了什麼變化。我想說這是我們思考了很久的事情。我們對此進行了非常嚴格和深入的分析。需要明確的是，行動業務是一項非凡的業務。它有著悠久的創新歷史和強勁的成長勢頭，並且在整個業務領域擁有非常才華橫溢的領導者。

We believe that the plan to do a tax-free spin is really the best opportunity for long-term shareholder value here. It allows Mobility to pursue its profitable growth trajectory and, for S&P Global, excluding Mobility, allows our four core divisions to grow and be very closely aligned with our strategy. So that's really the thinking here, Craig.

我們相信，免稅分拆計畫確實是實現長期股東價值的最佳機會。它使 Mobility 能夠追求其獲利成長軌跡，而對於標普全球而言，除 Mobility 之外，我們的四個核心部門能夠發展並與我們的策略緊密結合。這就是真正的想法，克雷格。

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 questions. I actually have two quick questions here. The first one is, could you please talk about how do you bridge the flat billed business, the 0% to 4% Ratings revenue growth. Is it mainly driven by pricing, or there's another -- like some mix shift going on that we should be aware of?

你好。早安.感謝您回答我的問題。我實際上這裡有兩個簡單的問題。第一個問題是，您能否談談如何彌補固定收費業務，即 0% 至 4% 的評級收入成長。它主要是由定價驅動的嗎，還是還有其他因素——例如我們應該注意的一些混合變化？

And then the second part is about the sale of OSTTRA. Could you please talk about how do you plan to use the proceeds? And if there's additional buyback, have you baked that into your guidance? Thanks.

第二部分是關於 OSTTRA 的出售。您能談談您計劃如何使用這筆收益嗎？如果還有額外的回購，您是否將其納入了您的指導中？謝謝。

Hi, Owen. Thanks for the question. I'll take the first one and then hand over to Eric.

你好，歐文。謝謝你的提問。我先拿第一個，然後交給 Eric。

So the revenue guidance at 0% to 4% for Ratings, obviously, we've widened the range there. And that really contemplates the possible variety of ways in which billed issuance could shape up. So we wanted to be prudent in how we were guiding for the full year around revenues.

因此，評級的收入預期為 0% 至 4%，顯然，我們已經擴大了該範圍。這確實考慮了票據發行可能形成的多種方式。因此，我們希望謹慎地指導全年收入。

To be clear, the path back to the 0% to 4% is informed by our expectations for the rest of the year in the non-transaction side, which we expect to grow around the mid-single-digit range. And then there are a variety of potential scenarios on the billed issuance side with risk both the upside and downside as I had mentioned earlier in the call. So that's the path back to that wider range of 0% to 4%.

需要明確的是，回到 0% 到 4% 的路徑取決於我們對今年剩餘時間非交易的預期，我們預計非交易方面的成長將在中等個位數左右。然後，正如我在電話會議中早些時候提到的那樣，票據發行方面存在各種潛在情況，既有上行風險，也有下行風險。這就是回到 0% 至 4% 這一更寬的路徑。

And Owen, just to follow up on OSTTRA, we're very pleased to have announced the sale. It will bring in proceeds of about $1.4 billion on an after-tax net basis. And we expect to close sometime this fall, and expect to use those proceeds for additional buybacks in the latter part of the year, and it is included in our overall guidance.

歐文，為了跟進 OSTTRA 的情況，我們很高興宣布此次出售。它將帶來約 14 億美元的稅後淨收益。我們預計將在今年秋季某個時候完成交易，並預計將利用這些收益在今年下半年進行額外的回購，這也包含在我們的整體指導中。

Thanks, Owen.

謝謝，歐文。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Thank you so much. I had a question on your guidance, specifically looking at the free cash flow. I realize you reduced guidance slightly for revenue growth and operating profit margin. But it looks like the reduction in guidance for free cash flow is in excess of that despite the fact that you're also expecting about $10 million less in CapEx. Is there something going on in the free cash flow line that's different from three months ago that we should be aware of? Thanks.

太感謝了。我對您的指導有一個疑問，特別是關於自由現金流。我知道您略微下調了營收成長和營業利潤率的預期。但看起來自由現金流的指導減少幅度超過了這個數字，儘管您預計資本支出也會減少約 1000 萬美元。自由現金流與三個月前有什麼不同，我們該注意嗎？謝謝。

Hi, Jeff. It's Eric. There are just some puts and takes in there, in particular, some timing on taxes, working capital, and so forth that are just realigning that a little bit. Obviously, if those change -- those tend to change now and then, and we just thought it would be appropriate update given the headlights we now have.

你好，傑夫。我是埃里克。這其中存在一些投入和產出，特別是稅收、營運資本等一些時間安排，只是稍微調整了一下。顯然，如果這些發生變化——這些往往會時不時地發生變化，我們只是認為，考慮到我們現在擁有的前燈，這將是適當的更新。

Thanks, Jeff.

謝謝，傑夫。

Shlomo Rosenbaum, Stifel Nicolaus.

什洛莫·羅森鮑姆，斯蒂費爾·尼古拉斯。

Hi. Thank you for taking my question. Martina, maybe you could give us a little bit of inside baseball on how you kind of set the guidance. It seems like the changes are in Ratings and Indices, which are already seeing some impact from the environment, but the other ones you're leaving it the same.

你好。感謝您回答我的問題。瑪蒂娜，也許您可以向我們透露一些關於您如何制定指導的內部消息。看起來變化出現在評級和指數中，它們已經受到環境的一些影響，但其他方面則保持不變。

Is leaving it the same just because you have not seen an impact yet? Or is leaving the guidance in the other divisions because you are looking at the range of outcomes and the kind of net back to neutral? I'm just trying to understand your thinking over there.

只是因為還沒看到影響就放棄它了嗎？或者，由於您正在考慮結果範圍和淨回歸中性的情況，因此保留其他部門的指導？我只是想了解你的想法。

Hi, Shlomo. Thanks for the question.

你好，什洛莫。謝謝你的提問。

I would say we spent quite a lot of time bottom up with all of the divisions, understanding what we're seeing in key metrics, whether it's renewals, retention, cancels, new sales pipelines, et cetera, and really been quite rigorous in thinking about any potential impacts. And this is contemplated essentially in the full year, including in the changes to Ratings and maintaining the other divisions. But we don't net out at the aggregate level. We go bottom up division by division to get to the answer. So hopefully, that helps.

我想說，我們花了大量時間自下而上地了解所有部門，了解我們在關鍵指標中看到的情況，無論是續約、保留、取消、新銷售管道等等，並且非常嚴格地考慮任何潛在的影響。這基本上是在全年考慮的，包括對評級的改變和對其他部門的維持。但我們並沒有從整體層面上得出淨值。我們自下而上逐一部門尋找答案。希望這能有所幫助。

Thanks so much for the question.

非常感謝您的提問。

Russell Quelch, Redburn Atlantic.

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

Hi. Good morning. I appreciate the impact of the lower equity markets have on Indices revenue outlook. I wanted to pick up on the 9% growth in data and customs subscription revenues in Q1 within the Index business. That looks like the highest print you've ever reported in that line in terms of growth.

你好。早安.我了解股票市場下跌對指數收入前景的影響。我想了解一下指數業務第一季數據和海關訂閱收入 9% 的成長。就成長而言，這似乎是你們在該領域報告過的最高數字。

So are you managing to drive competitive displacement in benchmark Index subscriptions. If so, maybe what areas? Or is that more pricing? And maybe could that help offset some of the pressure on asset-linked fees as we look out for the rest of the year?

那麼，您是否設法推動基準指數訂閱的競爭性置換？如果是的話，可能是哪些領域？或者說這是更高的定價？也許，當我們展望今年剩餘時間時，這是否有助於抵消資產掛鉤費用的部分壓力？

Russell, it's Eric. We're quite pleased with the performance of Indices this quarter in aggregate and across its various product lines. Part of what boosted the data and customs subscriptions line was end-of-day data, which is quite rich in terms of what we provide and quite valuable for our clients and saw some real uptick there. It was largely offset by some custom data feeds that that came in a little lower. But overall, we're pleased with the performance.

拉塞爾，我是艾瑞克。我們對本季指數的整體表現以及各個產品線的表現感到非常滿意。推動數據和海關訂閱業務成長的部分原因是每日收盤數據，就我們提供的內容而言，這些數據非常豐富，對我們的客戶來說非常有價值，並且在那裡看到了一些真正的成長。它在很大程度上被一些稍低的自訂資料來源所抵消。但總體而言，我們對錶現感到滿意。

Thanks, Russell.

謝謝，拉塞爾。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey. Good morning, and thanks for taking my question. I'm curious if you talk about the sensitivity of the Mobility business to auto tariffs. Have you seen any impact that so far, the conversations with your customers changing at all? How do you expect that to trend going forward? Thank you.

嘿。早上好，感謝您回答我的問題。我很好奇您是否談論了行動業務對汽車關稅的敏感度。到目前為止，您是否看到與客戶的對話發生了任何變化？您預計未來趨勢會如何？謝謝。

Hi, Jason. Thanks for the question.

你好，傑森。謝謝你的提問。

This is obviously something we're paying very close attention to. Maybe just to give some color around, firstly, what we think is happening and likely to happen in the automotive sector. So we certainly see pressures in reduced imports, potential for lower actual manufacturing in some cases for a variety of different reasons, including imported components, et cetera. And so that could put downward pressure on existing inventories, upward pressure on prices.

這顯然是我們密切關注的事情。首先，讓我們來簡單介紹一下我們認為汽車產業正在發生什麼以及可能會發生什麼。因此，我們確實看到進口減少的壓力，在某些情況下，由於各種不同的原因，包括進口零件等，實際製造可能會下降。因此，這可能會對現有庫存造成下行壓力，對價格造成上行壓力。

And so we would expect and we are anticipating that there could be some budget pressures, for example, in dialogue with our OEM manufacturing clients. However, recall that this is largely on a subscription basis. And there, we are reasonably insulated from those impacts, but we're also very much engaged with helping our manufacturer clients to actually navigate this journey.

因此，我們預計可能會存在一些預算壓力，例如與我們的 OEM 製造客戶對話時。然而，請記住，這主要是基於訂閱。在那裡，我們合理地避開了這些影響，但我們也非常致力於幫助我們的製造商客戶真正度過這趟旅程。

The other point that I would make is the business overall is about 70% used car-related. And there, we actually see that the used car market could actually benefit from some of this anticipated change in higher prices for new cars and lower inventory for new cars. So that's another piece of this. And of course, the vehicle history, the vehicle pricing, the incentive sales and marketing data, these are all really critical data sets for dealers, particularly in this kind of environment.

我想說的另一點是，整體業務約有 70% 與二手車有關。我們實際上看到，二手車市場實際上可以從新車價格上漲和新車庫存減少的預期變化中受益。這是另一部分。當然，車輛歷史、車輛定價、激勵銷售和行銷數據，這些都是經銷商真正重要的數據集，尤其是在這種環境下。

So all in all, we're paying close attention. We certainly see some pressure on our end customers, but we are not directly impacted by that at this point. And that's one of the reasons why you see us maintain and have confidence in our guide for the full year.

總而言之，我們正在密切關注。我們確實看到最終客戶面臨一些壓力，但目前我們並沒有受到直接影響。這也是我們保持並對全年指南充滿信心的原因之一。

Thanks for the question, Jason.

謝謝你的提問，傑森。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yeah, thank you. Maybe just taking a step back as the portfolio gets to steadier state just given the number of divestitures, including some of the smaller businesses within the segments and the forced divestitures. I guess what are the -- how would you summarize the most important capabilities acquired at this point from the IHS Markit acquisition? And where do they show up the most in financials? I'm guessing private markets and energy transition growth are in part enabled by that, but just how would you summarize that overall? Thank you.

是的，謝謝。考慮到資產剝離的數量，包括一些細分市場中的小型企業和強制資產剝離，隨著投資組合進入更穩定的狀態，也許只是退後一步。我想問的是——您如何總結目前從 IHS Markit 收購中獲得的最重要的能力？它們在金融領域最常出現在哪裡？我猜測私人市場和能源轉型成長在一定程度上得益於此，但您如何總結這一總體情況？謝謝。

Hi, Jeff. Thanks for the question.

你好，傑夫。謝謝你的提問。

Well, IHS Markit, from an acquisition standpoint, benefited us tremendously across three of our four divisions ex-Mobility. The areas where we've seen incredible positive momentum. First, if we start with S&P Dow Jones and the iBox franchise that has very -- in fixed income, for example, and we've been able to launch really new innovative products there, including the ability to enhance our multi-asset class offerings within Market Intelligence, products across including our enterprise solution products.

嗯，從收購的角度來看，IHS Markit 為我們四個部門（除行動部門外）中的三個部門帶來了巨大的利益。我們在這些領域看到了令人難以置信的積極勢頭。首先，如果我們從標準普爾道瓊斯指數和 iBox 特許經營權開始，那麼在固定收益領域，我們已經能夠在那裡推出真正創新的產品，包括增強我們在市場情報中的多資產類別產品的能力，包括我們的企業解決方案產品在內的產品。

We also have incredibly strong maritime data that came in, which, of course, is so critical now. And the private credit capabilities, as you mentioned, be it Wall Street Office or iLevel and the valuations business, so these are -- I mean, it's really just a huge number of very high-value, high-growth products there in Market Intelligence that came through the acquisition.

我們還獲得了令人難以置信的強大海事數據，這當然現在至關重要。正如您所提到的，私人信貸能力，無論是華爾街辦公室還是 iLevel 和估值業務，這些都是——我的意思是，這實際上只是透過收購在市場情報中獲得的大量高價值、高成長的產品。

And of course, in Commodity Insights, this is a business that is really 360 commodities we were able to round out our capabilities in several areas, including petrochemicals, including in the renewables area as part of the merger between the energy resources business and Platts, and we're so well positioned. And last but not least, of course, CERAWeek, which has given us just such an incredible stage from which to host these amazing dialogues every year.

當然，在商品洞察中，這是一個真正涵蓋 360 種商品的業務，我們能夠完善在多個領域的能力，包括石化產品，包括可再生能源領域，這是能源資源業務和普氏合併的一部分，我們處於非常有利的地位。最後但同樣重要的是，劍橋經濟研究週 (CERAWeek) 為我們提供了一個如此不可思議的舞台，讓我們每年都能在此舉辦這些精彩的對話。

So this has been, I think, very, very important for us and incredibly important for our growth going forward. And of course, you see that with Eric's comment earlier that we're about 90% of the revenue synergies that we had anticipated from the deal, which continues to perform very well.

所以我認為這對我們來說非常非常重要，對我們未來的發展也極為重要。當然，正如 Eric 之前所說，我們已經實現了預期從該交易中獲得的 90% 的收入協同效應，而且該交易的表現仍然非常出色。

Thanks for the question, Jeff.

謝謝你的提問，傑夫。

Sean Kennedy, Mizuho.

肖恩‧甘迺迪 (Sean Kennedy)，瑞穗。

Good morning. Congrats on the results. So I was wondering how a sustained period of lower oil and other energy prices might affect Commodity Insights growth and how it may be different versus the last period of lower energy prices in 2020? Thank you.

早安.恭喜取得成果。所以我想知道，石油和其他能源價格持續走低會如何影響商品洞察的成長，以及與 2020 年上一次能源價格走低時期相比有何不同？謝謝。

Hi, Sean. It's Martina here. What I would say is our business doesn't move directly in line with the price of commodities. So we charge a license or subscription for the use of the price assessments, whether it's oil or natural gas, or any of the other many, many dozens of commodity prices that we price on a daily basis.

你好，肖恩。我是瑪蒂娜。我想說的是，我們的業務並不會直接隨商品價格變動。因此，我們對使用價格評估收取許可費或訂閱費，無論是石油還是天然氣，還是我們每天定價的其他數十種商品價格。

So I would say, at its most extreme, to the extent that the price got so low and impacted actual providers or resulted in bankruptcies or shutdowns, I mean that certainly you would see maybe some impact there. Remember, though, our view for this year is that we expect prices to be in the low 70s, which is actually a little bit higher than where they are right now. All of that is contemplated in the guide that we provided, and we don't see, at this point of the year, massive downside or upside from that expected price range.

所以我想說，在最極端的情況下，如果價格變得如此之低並影響實際供應商或導致破產或倒閉，那麼你肯定會看到一些影響。不過請記住，我們預計今年的價格將在 70 美元出頭，這實際上比現在的價格要高一點。所有這些都已在我們提供的指南中考慮到，我們認為，在今年的這個時候，預期價格範圍不會大幅下跌或上漲。

Thanks, Sean.

謝謝，肖恩。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Yeah. Hey, everyone. Martina, you briefly touched on it, but it'd be great to hear a bigger update on the Chief Client Office role and how those conversations are progressing with clients. And then any kind of early wins you can share from that office?

是的。嘿，大家好。瑪蒂娜，你只是簡單地提到了這一點，但如果能聽到有關首席客戶辦公室職位的更多最新消息以及與客戶的對話進展情況就更好了。那麼您可以分享一下該辦公室早期取得的一些勝利嗎？

Yeah. Hi, Josh.

是的。你好，喬希。

Well, we're progressing, I would say, very nicely with Chief Client Office. We are, across the Board, including all of our Division Presidents, out engaging with our senior clients -- senior executives at our largest strategic clients in partnership with the Chief Client Office. And I would say that it's positioned us, as I mentioned a little bit earlier in the call, really strongly for certainly for opportunities around vendor consolidation.

嗯，我想說，我們在首席客戶辦公室的工作進展非常順利。我們整個董事會，包括所有部門總裁，都在與我們的高級客戶——我們最大的策略客戶的高級管理人員以及首席客戶辦公室合作——進行接觸。我想說的是，正如我在電話會議中早些時候提到的那樣，它為我們提供了非常強大的優勢，可以抓住供應商整合的機會。

But we've also seen strong renewals in some cases for very large deals and also new business, which is really exciting, several to mention. One example is a large deal with an investment bank for counterparty manager and other for primary markets issue book for a large commercial bank, multi-year, multimillion-dollar new deal that we've won for corporate actions for another bank. And so really interesting.

但在某些情況下，我們也看到了非常大的交易和新業務的強勁續約，這確實令人興奮，值得一提的是。一個例子是，我們與一家投資銀行達成了一筆大交易，為交易對手經理和其他大型商業銀行的一級市場發行書，我們為另一家銀行贏得了一項多年期、數百萬美元的新交易，以進行公司行動。這真的很有趣。

We're continuing to build pipelines across all sectors. We've certainly seen some really nice early wins in financial clients, but we'll continue to build out across all sectors as we go throughout the year. So it's encouraging, and I think we're off to a good start there with that effort.

我們正在繼續建造各個領域的管道。我們確實在金融客戶方面取得了一些非常好的早期勝利，但我們將在今年繼續向所有領域拓展。這是令人鼓舞的，我認為我們的努力已經有了一個好的開始。

I'll wrap up with that one. Thank you so much for your question, Josh.

我就就此結束吧。非常感謝你的提問，喬希。

So I will just say thanks so much to everybody who joined the call today for your questions. We've had a very impressive start year, and we're excited to continue executing throughout the course of the year.

因此，我只想對今天參加電話會議並提出問題的所有人表示衷心的感謝。我們今年的開局非常令人印象深刻，我們很高興能夠在今年繼續保持這樣的勢頭。

I do want to welcome Eric and thanks him for a phenomenal first call. We're very excited to have him onboard. And mostly, also thank you so much to our customers and to our employees.

我確實想歡迎 Eric 並感謝他第一次來電的出色表現。我們非常高興他能加入我們。最重要的是，我也非常感謝我們的客戶和員工。

And with that, we will close the call. Thank you.

就這樣，我們的通話就結束了。謝謝。