標普全球 (SPGI) 2025 Q2 法說會逐字稿

Good morning, and welcome to S&P Global's second quarter 2025 earnings conference call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions) To access the webcast and slides, go to investor.spglobal.com. (Operator Instructions)

早安，歡迎參加標普全球 2025 年第二季財報電話會議。我想通知您，本次通話將被錄音以供廣播。（操作員指示）要存取網路廣播和幻燈片，請造訪 investor.spglobal.com。（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 second quarter 2025 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer; and Eric Aboaf, Chief Financial Officer. 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.

早安，感謝您參加今天的標準普爾全球 2025 年第二季財報電話會議。出席今天電話會議的有總裁兼執行長 Martina Cheung 和財務長 Eric Aboaf。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。

If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com. 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.

如果您需要新聞稿、財務報表或補充資料，可造訪 investor.spglobal.com 下載。今日電話會議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。

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.

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 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.

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。

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

收益報告包含依照 GAAP 計算的財務指標，與我們提供的非 GAAP 指標相對應。新聞稿和補充資料中包含了此類 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. We are aware that we have some media representatives with us on the call.

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。我們知道有一些媒體代表參加了這場電話會議。

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.

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. We're pleased with the strong results we saw in the second quarter this year. Revenue increased 6% year-over-year, with subscription revenue increasing 7%. We are balancing important strategic investments with disciplined expense management, which allowed us to deliver 150-basis points of trading 12-month margin expansion.

謝謝你，馬克。我們對今年第二季的強勁業績感到滿意。營收年增 6%，其中訂閱收入成長 7%。我們正在平衡重要的策略性投資和嚴格的費用管理，這使我們能夠實現 12 個月交易利潤率擴大 150 個基點。

We continue our track record of very strong capital returns, returning nearly $950 million to shareholders in the second quarter through dividends and share repurchases. Impressive financial results like these are the result of consistent execution across our divisions, but we are particularly pleased with the results we're seeing from our Market Intelligence division, which saw an acceleration to 7% organic constant currency revenue growth and more than 200-basis points of margin expansion in the quarter.

我們延續了強勁的資本回報記錄，第二季透過股息和股票回購向股東返還了近 9.5 億美元。這些令人印象深刻的財務表現是我們各部門一致執行的結果，但我們對市場情報部門的業績尤其滿意，該部門本季的有機固定匯率收入增長率加速至 7%，利潤率擴大超過 200 個基點。

The new leadership team in Market Intelligence has made real progress on a revenue transformation effort, and we are seeing the impact across the global book of business. They have also linked arms with our Chief Client office and embrace the opportunity to help each other engage more deeply with large customers, as I'll discuss in more detail shortly.

市場情報的新領導團隊在收入轉型工作中取得了真正的進展，我們正在看到其對全球業務的影響。他們也與我們的首席客戶辦公室攜手合作，抓住機會幫助彼此更深入地與大客戶接觸，我稍後會詳細討論。

We also continue to see strong growth in private markets revenue and we'll provide an update on our efforts in our Ratings business today as well. We are pushing forward in exciting ways to expand our leadership in artificial intelligence. In the last few months, we've introduced a number of exciting new products but also reached meaningful milestones with hyperscale partners to expand distribution of our differentiated data and thought leadership content while still preserving our intellectual property and direct customer relationships.

我們也繼續看到私人市場收入的強勁成長，今天我們還將提供有關我們評級業務的最新進展。我們正在以令人興奮的方式努力擴大我們在人工智慧領域的領導地位。在過去的幾個月裡，我們推出了許多令人興奮的新產品，同時也與超大規模合作夥伴一起達到了有意義的里程碑，以擴大我們差異化數據和思想領導內容的傳播，同時仍然保留我們的知識產權和直接客戶關係。

Before I move into the deeper discussion of our results, I wanted to provide a quick update on the Mobility separation we announced last quarter. We are excited to announce that Bill Eger, currently CEO of CARFAX, has been named the President of S&P Global Mobility and the CEO Designate for the planned stand-alone public company.

在深入討論我們的結果之前，我想簡要介紹一下我們上個季度宣布的行動業務分離的最新情況。我們很高興地宣布，CARFAX 現任執行長 Bill Eger 被任命為標普全球行動服務公司總裁和計畫中的獨立上市公司的指定執行長。

Bill is a tremendous leader with over 20-years of experience at CARFAX, and we look forward to introducing him to investors and analysts at the appropriate time. Edouard Tavernier will remain on as a strategic adviser through September 30 of this year. Edouard has been a great partner in our Executive Leadership team since the merger with IHS Markit.

Bill 是一位出色的領導者，在 CARFAX 擁有 20 多年的經驗，我們期待在適當的時候將他介紹給投資者和分析師。愛德華·塔維涅 (Edouard Tavernier) 將繼續擔任策略顧問直至今年 9 月 30 日。自從與 IHS Markit 合併以來，Edouard 一直是我們執行領導團隊的優秀合作夥伴。

We want to thank him for the incredible leadership and vision he has provided for the Mobility division over the years and wish him all the best going forward. Shifting to what we're seeing in the markets and the business now. I want to begin with the momentum we've created in our commercial team so far this year. We created the Chief Client Office as part of our leadership transition late last year.

我們要感謝他多年來為行動部門提供的卓越領導力和遠見，並祝福他未來一切順利。轉向我們現在在市場和業務中看到的情況。首先我想談談今年迄今為止我們商業團隊所創造的勢頭。作為去年年底領導層過渡的一部分，我們成立了首席客戶辦公室。

And we have seen a very promising first couple of quarters. The CCO is focused on making sure that our largest strategic customer accounts view S&P Global as an essential partner in their success. Currently, about 130 customers are part of our CCO initiative. And we will continue to add customers selectively over time.

我們已經看到了非常有希望的前幾個季度。CCO 致力於確保我們最大的策略客戶將標普全球視為其成功的重要合作夥伴。目前，約有 130 位客戶參與了我們的 CCO 計畫。而我們會隨著時間的推移繼續有選擇地增加客戶。

We're maintaining some flexibility as we continue to learn, but the ultimate goal will be to capture the largest and most strategic relationships we have, while making sure we can still provide individualized attention to these accounts and keep the team relatively small. We've strengthened relationships at the C-suite with these customers, and we've established efficient communication channels with dedicated reps who can help address any subject across all divisions.

我們在不斷學習的同時保持一定的靈活性，但最終目標是抓住我們擁有的最大和最具策略性的關係，同時確保我們仍然能夠為這些客戶提供個性化的關注，並保持團隊規模相對較小。我們加強了高階主管與這些客戶的關係，並建立了高效的溝通管道，並配備專門的代表，可以幫助解決所有部門的任何問題。

We continue to focus on increasing awareness with these customers and making sure that they know everything that we can do for them. This is especially impactful when we can align our world-class products with the strategic priorities of our customers, like private markets, wealth management, AI and energy transition.

我們將繼續致力於提高這些客戶的認知度，並確保他們了解我們可以為他們做的一切。當我們能夠將我們世界一流的產品與客戶的策略重點（如私人市場、財富管理、人工智慧和能源轉型）結合時，這一點尤其具有影響力。

In recent months, we've been able to demonstrate that value clearly to a number of customers, evidenced by a $20 million multiyear contract we signed for direct indexing in the wealth space and the multiyear strategic partnership we announced just last week with Barclays. That contract includes a comprehensive suite of S&P Global products, data and solutions powered by Capital IQ-Pro and will support Barclays businesses across the enterprise.

最近幾個月，我們已經能夠向許多客戶清楚地展示這一價值，我們簽署的價值 2000 萬美元的財富領域直接指數化多年期合約以及我們上周宣布的與巴克萊銀行的多年期戰略合作夥伴關係就是明證。該合約包括由 Capital IQ-Pro 提供支援的全套標準普爾全球產品、數據和解決方案，並將支援巴克萊銀行的整個企業業務。

I also wanted to provide an update on the transformation we're driving in our Market Intelligence division, with 7% organic constant currency revenue growth in the second quarter. It's clear our initiatives are already bearing fruit. Saugata and his team have led a remarkable effort to align the product and commercial teams and improve sales execution and customer engagement.

我還想介紹我們市場情報部門正在推動的轉型，第二季有機固定匯率營收成長了 7%。顯然我們的舉措已經取得成果。Saugata 和他的團隊做出了卓越的努力來協調產品和商業團隊並提高銷售執行力和客戶參與度。

With new leadership across the commercial organization, we have already seen the results of the discipline, operational excellence and focus on execution. We simplified sales incentive programs to better align with our key priorities with respect to customer retention, new sales, pipeline performance and competitive wins. Beyond the headline financial metrics, we're also seeing further improvement in retention rates with our net renewal rate up more than one full percentage point year-over-year.

隨著商業組織新領導階層的上任，我們已經看到了紀律、卓越營運和注重執行所帶來的成果。我們簡化了銷售激勵計劃，以便更好地與客戶保留、新銷售、通路績效和競爭優勢的關鍵優先事項保持一致。除了整體財務指標之外，我們還看到留存率進一步提高，淨續約率年增了一個百分點以上。

Our deep engagement with customers is helping them to realize more value from S&P Global products and allowing us to better realize the economics of that value while still improving win rates. Just to offer a few more examples in the second quarter alone. In addition to the deals I already mentioned, the team closed a multimillion dollar deal with a large global technology company that included a 20% increase in annual contract value.

我們與客戶的深度合作正在幫助他們從標普全球產品中實現更多價值，並使我們能夠更好地實現該價值的經濟效益，同時提高中標率。僅舉第二季的幾個例子。除了我已經提到的交易之外，該團隊還與一家大型全球科技公司達成了數百萬美元的交易，其中包括年度合約價值增加 20%。

Another multimillion-dollar deal with a global investment bank that included a 25% increase in ACV and a multimillion-dollar expansion deal with a large European bank. This is nowhere near a comprehensive list of wins in the quarter, but highlight the clear trends that we're seeing that our largest customers are looking for ways to consolidate vendors, and they increasingly view S&P Global as a strategic partner that can help them do that.

與全球投資銀行達成的另一項數百萬美元的交易包括 ACV 增加 25%，以及與一家大型歐洲銀行達成的數百萬美元的擴張交易。這遠不是本季度勝利的完整列表，但突顯了我們看到的明顯趨勢，即我們最大的客戶正在尋找整合供應商的方法，並且他們越來越多地將標普全球視為可以幫助他們做到這一點的戰略合作夥伴。

We're excited about what we're seeing in the division and remain confident in our ability to continue accelerating the organic growth and deliver the financial results we've guided to. These results are even more impressive given the uncertainty we saw to start the second quarter. Bill issuance declined 4% year-over-year in the second quarter.

我們對該部門的進展感到非常興奮，並對我們繼續加速有機成長和實現預期財務表現的能力充滿信心。考慮到第二季初我們看到的不確定性，這些結果更加令人印象深刻。第二季票據發行量較去年同期下降4%。

As noted in our last call, the issuance environment was negatively impacted by global trade and tariff uncertainty, especially in April. We saw market concerns moderate as we progress through the quarter, leading to better-than-expected bill issuance. Bank-owned bill issuance was materially below the levels we saw in the second quarter of last year.

正如我們上次電話會議中指出的那樣，發行環境受到全球貿易和關稅不確定性的負面影響，尤其是在 4 月。隨著本季的推進，我們看到市場擔憂有所緩和，導致票據發行情況優於預期。銀行票據發行量大幅低於去年第二季的水準。

Recall last year's second quarter included a triple-digit increase in bank loan issuance, which we lapped this quarter. Importantly, we saw some recovery in June, which was the second highest June we've seen since at least 2019, coming in just shy of last year's high watermark. Structured finance was strong in the second quarter, though we did see a modest decline as we lapped a 60% growth quarter from last year.

回想一下，去年第二季銀行貸款發放量實現了三位數的成長，而我們本季也實現了這一成長。重要的是，我們在 6 月份看到了一些復甦，這是自 2019 年以來我們看到的第二高的 6 月份，略低於去年的最高水位。結構性融資在第二季度表現強勁，儘管我們確實看到了小幅下滑，但與去年同期相比增長了 60%。

Equity markets were also stronger than we expected in the second quarter, with US equity markets rebounding quickly from the lows we saw in April. We also benefited from strong net inflows for our indices and strong volumes in our exchange traded derivatives. As Eric will discuss in a moment, our outlook for the rest of the year assumes flat bill issuance in the back half of the year and assumes that US equity markets are flat from June 30.

第二季股市表現也強於我們的預期，美國股市從 4 月的低點迅速反彈。我們也受惠於指數的強勁淨流入和交易所交易衍生性商品的強勁交易量。正如 Eric 稍後將要討論的那樣，我們對今年剩餘時間的展望假設下半年票據發行量持平，並假設美國股市從 6 月 30 日起持平。

To touch briefly on the broader macroeconomic picture, we're expecting one to two rate cuts from the US Fed in the second half of the year. And we're expecting a slow but positive GDP growth across all major economic zones. We're also expecting oil prices to be slightly lower in the back half compared to the first half, with dated Brent crude expected to be in the mid-60s.

簡單介紹一下更廣泛的宏觀經濟情勢，我們預計聯準會今年下半年將降息一到兩次。我們預計所有主要經濟區的 GDP 都將實現緩慢但積極的成長。我們也預計下半年油價將比上半年略低，布蘭特原油現貨價格預計將在 60 美元左右。

Now turning to private credits. While private credit still represents a relatively small portion of our total ratings revenue, our private credit strategy is an important part of our broader private market initiative. Our total private markets revenue saw solid growth in the second quarter, with the private credit component being a major driver of that growth.

現在轉向私人信貸。雖然私人信貸在我們的總評級收入中所佔比例仍然相對較小，但我們的私人信貸策略是我們更廣泛的私人市場計劃的重要組成部分。我們的第二季私人市場總收入實現了穩健成長，其中私人信貸部分是這一成長的主要推動力。

For decades, S&P has brought transparency, credibility and objective assessment of risk to the public debt markets. And we are focused on creating that same value in private credit markets. We offer an array of products in private markets including middle market CLO ratings, fund ratings, structured credit ratings, entity ratings, credit estimates and private credit analyses.

幾十年來，標準普爾為公共債務市場帶來了透明度、可信度和客觀的風險評估。我們致力於在私人信貸市場創造同樣的價值。我們在私人市場提供一系列產品，包括中階市場 CLO 評級、基金評級、結構化信用評級、實體評級、信用評估和私人信用分析。

Crucial to our and our customer success in this market is the fact that our criteria and methodologies are consistent across public and private markets. When assessing private credit, we utilize the same risk factors that we use to assess public market debt. That consistency across public and private markets empowers us to create similar customer value and realize similar economics across those markets.

對於我們和我們的客戶在這個市場上的成功來說，至關重要的是我們的準則和方法在公開市場和私人市場上保持一致。在評估私人信貸時，我們採用與評估公開市場債務相同的風險因素。公共和私人市場的一致性使我們能夠在這些市場中創造類似的客戶價值並實現類似的經濟效益。

That consistency is highly valued by the various important stakeholder groups we serve in private credit. We moved early several years ago to engage frequently and deeply with major private market participants to make sure we were well positioned to serve that market. We have very strong relationships with sponsors, bankers, institutional investors and asset owners.

這種一致性受到我們在私人信貸領域服務的各重要利害關係人群體的高度重視。幾年前，我們就開始與主要的私人市場參與者進行頻繁且深入的接觸，以確保我們能夠很好地服務於該市場。我們與贊助商、銀行家、機構投資者和資產所有者保持著非常牢固的關係。

These crucial stakeholders frequently reach out to S&P Global to leverage our expertise across the broad spectrum of risk, and we see incredible opportunities to further develop these relationships. We have taken a global approach over the last several years as well. Even before the spike in private credit that began in 2022, we were engaging with stakeholders, not just in the Americas, but also in Europe, the Middle East and in Asia.

這些關鍵的利害關係人經常與標普全球聯繫，以利用我們在廣泛風險領域的專業知識，我們看到了進一步發展這些關係的絕佳機會。過去幾年我們也採取了全球化策略。甚至在 2022 年私人信貸激增之前，我們就已經開始與利害關係人接觸，不僅在美洲，還包括歐洲、中東和亞洲。

Regions outside the US and Europe have rapidly developing and evolving credit markets, and there is a growing interest in private markets. Now looking to the latest in our AI innovation. In the last few months, we've seen some incredible progress in our AI and data distribution strategy as we work with hyperscale partners across the ecosystem.

美國和歐洲以外地區的信貸市場正在快速發展和演變，人們對私人市場的興趣日益濃厚。現在來看看我們最新的人工智慧創新。在過去的幾個月裡，我們與整個生態系統的超大規模合作夥伴合作，看到了我們的人工智慧和數據分發策略取得了令人難以置信的進展。

Through the introduction of AI-ready data sets from all divisions, we're able to make our differentiated data available through hyperscale platforms around the world. We've made our renowned thought leadership content from Commodity Insights available through Copilot, and we announced a collaboration with Anthropic to integrate S&P Global data sets with Claude through the model context protocol, or MCP.

透過引入來自各部門的 AI 就緒資料集，我們能夠透過遍布全球的超大規模平台提供我們的差異化資料。我們已透過 Copilot 提供 Commodity Insights 的著名思想領導內容，並宣布與 Anthropic 合作，透過模型上下文協議 (MCP) 將 S&P Global 資料集與 Claude 整合。

Through MCP, Claude users can access our proprietary data sets in real time during conversations but only for S&P Global subscribers. Our data is not part of Anthropics training data. These are just two examples of the many GenAI collaborations, leveraging our model agnostic Kensho LLM ready API. These integrations require customers to have subscriptions to these data sets from S&P Global.

透過 MCP，Claude 使用者可以在對話過程中即時存取我們的專有資料集，但僅限於 S&P Global 訂閱者。我們的資料不是 Anthropics 訓練資料的一部分。這只是眾多 GenAI 合作中的兩個例子，利用了我們與模型無關的 Kensho LLM 就緒 API。這些整合要求客戶訂閱標普全球的這些資料集。

And we maintain both the intellectual property rights and the direct customer relationships. We're really excited about the growth opportunities these partnerships present as we look to give customers access to our data and products wherever they want to work. Ultimately, we may also see new customers accessing content over these channels.

我們既維護知識產權，也維護直接的客戶關係。我們對這些合作夥伴關係帶來的成長機會感到非常興奮，因為我們希望客戶無論在哪裡工作都可以存取我們的資料和產品。最終，我們也可能會看到新客戶透過這些管道存取內容。

We also launched the GenAI powered Credit Companion for Ratings Direct on Capital IQ Pro. Credit Companion has been fine-tuned by our Ratings analysts who use it in their own research work, and now Ratings Direct customers will have access to this powerful tool. Credit Companion was designed to enhance credit analysis workflows and power's comparative credit risk analysis between peers.

我們也在 Capital IQ Pro 上推出了由 GenAI 提供支援的 Credit Companion for Ratings Direct。我們的評級分析師已對 Credit Companion 進行了微調，並將其用於自己的研究工作中，現在 Ratings Direct 客戶將可以使用這個強大的工具。Credit Companion 旨在增強信用分析工作流程和同業之間的比較信用風險分析。

It also provides intelligent summaries and insights from the vast library of published research. We're confident that credit companion can improve productivity and efficiency for our customers because we've seen it work for our own analysts already. We're also very excited about the innovation in the digital wealth space with our indices division.

它還提供了來自大量已發表研究成果的智慧摘要和見解。我們相信信用伴侶可以提高我們客戶的生產力和效率，因為我們已經看到它為我們自己的分析師發揮了作用。我們也對指數部門在數位財富領域的創新感到非常興奮。

We've recently developed the Spice index builder, which gives professionals access to over 400,000 indices and enables them to create custom indices. While we've enabled customer indices for some time, the launch of an AI-powered index builder can decrease the time to develop equity indices from an average of approximately one-month down to two-days.

我們最近開發了 Spice 指數建立器，它使專業人士可以存取超過 400,000 個指數並使他們能夠創建自訂指數。雖然我們啟用客戶指數已經有一段時間了，但推出人工智慧指數建構器可以將開發股票指數的時間從平均約一個月縮短至兩天。

Lastly, our efforts to upskill and develop our people are showing incredible progress. When we first started talking about Spark Assist, our internally developed AI assistance, we noted that in its first few months, we had seen 14,000 of our people start to use the tool, representing about 30% of our workforce. In the year since then, we've seen that increase to more than 65% of our people globally actively using Spark Assist.

最後，我們為提高員工技能和培養員工所做的努力正在取得令人難以置信的進展。當我們第一次談論我們內部開發的人工智慧輔助工具 Spark Assist 時，我們注意到，在最初的幾個月裡，我們已經看到 14,000 名員工開始使用該工具，約占我們員工總數的 30%。自那時起的一年裡，我們看到全球有超過 65% 的員工積極使用 Spark Assist。

Our people continue to build out new use cases and publish those sparks to our internal Spark store, so colleagues around the world can also use them. The number of Sparks on the store has more than doubled since February, with well over 3,000 published Sparks now available to our people. These innovations are enhancing the productivity of our people in meaningful ways.

我們的員工不斷建立新的用例並將這些火花發佈到我們的內部 Spark 商店，以便世界各地的同事也可以使用它們。自二月以來，商店中的 Sparks 數量增加了一倍多，目前已有超過 3,000 個已發布的 Sparks 可供我們的員工使用。這些創新正在以有意義的方式提高我們人民的生產力。

This innovation is all part of a year's long strategy we've had in place to build out this functionality with the ultimate goal of powering agentic ecosystems and really unlocking the potential of the data and technology we have at S&P Global. Building on the foundation of differentiated data, we've built an embedded powerful AI enablement tools through Kensho, and we now see GenAI enhancements are becoming a standard across our product portfolio.

這項創新是我們制定的長達一年的策略的一部分，旨在建立此功能，最終目標是為代理生態系統提供動力，並真正釋放標普全球的數據和技術潛力。在差異化資料的基礎上，我們透過 Kensho 建立了嵌入式強大的 AI 支援工具，現在我們看到 GenAI 增強功能正在成為我們整個產品組合的標準。

The next evolution is true grounded agentic ecosystems, and we are looking forward to sharing the broader multiyear vision for S&P Global's agenetic AI strategy at our Investor Day in November. Now turning to our financial results. Eric will walk through the second quarter results in more detail in a moment, but we've had a great first half of the year. In the second quarter, we had revenue growth in every division and our disciplined execution drove 150basis points of margin expansion on a trailing 12-month basis.

下一個發展階段是真正的紮根代理生態系統，我們期待在 11 月的投資者日上分享標普全球代理 AI 策略更廣泛的多年願景。現在來談談我們的財務結果。艾瑞克稍後將更詳細地介紹第二季的業績，但我們今年上半年的業績非常出色。在第二季度，我們每個部門的收入都實現了成長，而我們嚴格的執行力推動利潤率在過去 12 個月內成長了 150 個基點。

We're encouraged by the results so far and confident that we'll be able to deliver a strong second half as well. Eric, over to you.

我們對目前的結果感到鼓舞，並有信心我們也能夠在下半年取得強勁的成績。艾瑞克，交給你了。

Thank you, Martina, and good morning, everyone. Starting with slide 13, you'll see on the left panel that despite the challenging operating environment experienceds earlier in the quarter, we achieved relatively strong growth across all divisions. Reported and organic constant currency revenue each grew 6% and expenses grew 4%, allowing us to deliver 70 basis points of margin expansion year-over-year and adjusted diluted EPS growth of 10%.

謝謝你，瑪蒂娜，大家早安。從第 13 張幻燈片開始，您會在左側面板看到，儘管本季早些時候經歷了充滿挑戰的營運環境，但我們所有部門都實現了相對強勁的成長。報告營收和有機固定匯率收入分別成長 6%，支出成長 4%，這讓我們的利潤率年增 70 個基點，調整後稀釋每股盈餘成長 10%。

As Martina mentioned earlier, we're confidently moving forward in our commercial initiatives, and we're continuously innovating our products and services to meet the evolving needs of our customers. This was evident in our second quarter results and provides us with great momentum as we move into the second half of 2025.

正如 Martina 之前提到的，我們正滿懷信心地推進我們的商業計劃，並不斷創新我們的產品和服務，以滿足客戶不斷變化的需求。這在我們第二季的業績中得到了體現，並為我們進入 2025 年下半年提供了巨大的動力。

Slide 14 illustrates the progress we are making in key strategic growth areas. Energy Transition Sustainability revenue grew 7% to $93 million in the quarter, driven by demand for data and insights from Market Intelligence and sustainability products in our indices division. Growth was partially offset by the softness in demand for our consulting services and commodity insights, mainly driven by some of the regulatory uncertainty around energy and energy transition.

幻燈片 14 展示了我們在關鍵策略成長領域的進展。本季度，能源轉型永續性收入成長 7%，達到 9,300 萬美元，這得益於市場情報和我們指數部門永續性產品對數據和見解的需求。成長部分被我們諮詢服務和商品洞察需求的疲軟所抵消，這主要是由於能源和能源轉型方面的一些監管不確定性所致。

While this represents a lower growth rate than we're used to in this product family, we remain confident in the long-term growth for noncarbon energy sources, and we expect that this growth to reaccelerate as we get more clarity around the regulatory environment and its impact on the energy mix. Moving to private markets. Revenue increased by 11% year-over-year to $148 million.

雖然這代表著比我們在該產品系列中習慣的增長率要低，但我們仍然對非碳能源的長期增長充滿信心，並且我們預計，隨著我們對監管環境及其對能源結構的影響更加清晰，這種增長將再次加速。轉向私人市場。營收年增11%至1.48億美元。

As Martina mentioned, growth was driven by demand for middle market CLOs, ABS and project finance ratings, as well as strength in private market solutions within Market Intelligence. We continue to pursue the many opportunities in private credit and expect the Ratings business to be the leading contributor to private markets revenue growth for the full year as well.

正如 Martina 所提到的，成長是由中端市場 CLO、ABS 和專案融資評級的需求以及市場情報中私人市場解決方案的實力所推動的。我們將繼續尋求私人信貸領域的眾多機會，並預計評級業務將成為全年私人市場收入成長的主要貢獻者。

I'm pleased to report we've achieved 95% of our targeted revenue synergies. We exited the second quarter with run rate revenue synergies of $332 million and remain ahead of pace to achieve our target of $350 million by 2026. Finally, we delivered a Vitality Index at or above our 10% target. In the second 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.

我很高興地報告，我們已經實現了 95% 的目標收入綜效。我們在第二季結束時的運行收入綜效為 3.32 億美元，並將繼續保持領先地位，以實現 2026 年 3.5 億美元的目標。最終，我們實現了活力指數達到或超過了 10% 的目標。在第二季度，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 reported revenue increased 5% in the second quarter, but organic constant currency growth was a strong 7%. As Martina mentioned earlier, this is the result of significant improvements to execution and customer engagement in the division, and we're confident we'll be able to achieve the full year guidance we've reiterated today.

談到我們的部門。Market Intelligence 報告稱，第二季營收成長了 5%，但有機固定匯率成長率高達 7%。正如 Martina 之前提到的，這是部門執行力和客戶參與度顯著提升的結果，我們有信心實現今天重申的全年目標。

Data analytics and Insights reported revenue growth of 6%, with organic revenue growth accelerating to 5% year-over-year. Second quarter revenue in the business line includes a net contribution from Visible Alpha less the lost revenue from the PrimeOne divestiture. Enterprise Solutions benefited from strong demand for our subscription-based offerings, including Wall Street and Notice Manager.

數據分析和洞察報告收入成長 6%，其中有機收入成長加速至 5%。該業務線第二季的收入包括 Visible Alpha 的淨貢獻減去 PrimeOne 資產剝離造成的收入損失。企業解決方案受益於我們訂閱制的產品（包括華爾街和通知管理器）的強勁需求。

Reported revenue growth of 2% includes the impact of $21 million in Concentric revenue in the year ago period. Excluding that impact, organic growth accelerated to 10% year-over-year. Credit and risk solutions grew 7%, benefiting from demand for ratings data feeds that are catering to client needs for digitization and automation.

報告的營收成長 2%，其中包括去年同期 Concentric 營收 2,100 萬美元的影響。排除此影響，有機成長率較去年同期加速至 10%。信貸和風險解決方案成長了 7%，受益於對滿足客戶數位化和自動化需求的評級資料來源的需求。

Adjusted expenses increased 2% year-over-year, primarily driven by higher compensation and currency translation. But this was partially offset by the impact of the divestitures I mentioned earlier and productivity savings. This resulted in Market Intelligence's operating margin improving by 240 basis points to 35.3%. Finally, we anticipate that reported revenue growth will continue to accelerate in the second half of 2025 as Market Intelligence lapse cancellations from 2024 and the division benefits from the broader revenue transformation.

調整後支出較去年同期成長 2%，主要原因是薪資增加和貨幣換算增加。但這被我之前提到的資產剝離和生產力節省的影響部分抵消了。這使得 Market Intelligence 的營業利潤率提高了 240 個基點，達到 35.3%。最後，我們預計，隨著市場情報從 2024 年開始取消訂單，以及該部門受益於更廣泛的收入轉型，報告收入成長將在 2025 年下半年繼續加速。

Now turning to ratings on slide 16. While tariff-related concerns brought about considerable volatility in the debt capital markets in early April, as the quarter progressed, we saw an improvement in financing conditions, which led to a resurgence in issuance volumes. Ratings revenue increased 1% year-over-year, exceeding our internal expectations.

現在轉到投影片 16 上的評級。儘管與關稅相關的擔憂在 4 月初導致債務資本市場出現相當大的波動，但隨著本季的進展，我們看到融資條件有所改善，導致發行量回升。評級收入年增 1%，超出了我們的內部預期。

However, there was mixed performance among our revenue categories. Transaction revenue decreased by 4% in the second quarter as we saw softer demand relating to bank loan and structured finance ratings. This was partially offset by moderate growth in revenue related to high yield and investment-grade issuance. Non-transaction revenue increased 8%, primarily due to an increase in annual fee revenue.

然而，我們的收入類別表現參差不齊。由於銀行貸款和結構性融資評級相關需求疲軟，第二季交易收入下降了 4%。這被高收益和投資等級發行相關收入的溫和成長部分抵消。非交易收入成長8%，主要由於年費收入增加。

Our expectations for revenue growth in the back half of the year haven't materially changed, but flowing through the second quarter performance drives an increase in our full year financial guidance, and we now expect growth in the range of 2% to 5%. Adjusted expenses increased 2%, with investment spending mitigated by decreased performance-related incentives.

我們對下半年營收成長的預期沒有實質變化，但第二季的業績推動了我們全年財務預期的提高，現在我們預期成長率在 2% 至 5% 之間。調整後的支出增加了 2%，投資支出因績效相關激勵措施的減少而減少。

And now turning to commodity insights. Revenue increased 8% following the seventh consecutive quarter of double-digit growth in energy resources data and Insights, our two largest business lines, price assessments in energy resources data and insights each grew 10%. We continue to see commercial momentum as we transition more customers to enterprise contract relationships.

現在來談談商品洞察。繼能源資源數據和洞察連續第七個季度實現兩位數增長之後，我們的兩大業務線——能源資源數據和洞察的價格評估分別增長了 10%，收入也增長了 8%。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。

We're approximately 1/3 of the way through the eligible customer base in that transition and expect to be nearly halfway through by year-end. While we expect strong growth in both of these lines in the second half as well, we expect some modest headwinds in price assessments from incremental sanctions that have been introduced in recent weeks, which might cause a 1 to 2 percentage point headwind at most, just in price assessments in the back half.

在此次轉型中，我們已經完成了約三分之一的合格客戶群，預計到年底將完成近一半。雖然我們預計下半年這兩條線路也將出現強勁增長，但我們預計最近幾週實施的增量製裁將對價格評估造成一些溫和的阻力，最多可能導致下半年價格評估下降 1 至 2 個百分點。

Advisory and transactional services revenue grew 5%. Once again, we had a record quarter in Global Trading Services that was fueled by market volatility. However, the complexity of the energy market, regulatory environment and uncertain spending for many of our customers led to a decline in our consulting revenue in the quarter, which mitigated some of that GTS growth.

諮詢和交易服務收入增加了5%。在市場波動的推動下，我們的全球交易服務再次創下新高。然而，能源市場的複雜性、監管環境以及許多客戶的不確定支出導致我們本季的諮詢收入下降，削弱了部分 GTS 成長。

Upstream data and Insights revenue grew 1% year-over-year as growth was impacted by elevated cancellations due to the customer consolidation we've seen in the energy space. As we discussed last quarter, some softness in upstream is likely to continue. We expect slight revenue declines in the second half, which could persist into early next year as well.

上游數據和洞察收入年增 1%，因為我們在能源領域看到的客戶整合導致取消量增加，從而影響了成長。正如我們上個季度所討論的那樣，上游的疲軟趨勢可能會持續下去。我們預計下半年收入將略有下降，並且這種下降趨勢可能會持續到明年年初。

We're actively engaged with clients in accelerating product innovation to stabilize growth in this line going forward. Given the around sanctions and upstream, we are modestly reducing our revenue guidance for commodity insights for the full year by 50-basis points. We expect to manage expenses in a way that will allow us to still deliver the margin guidance we've reiterated this morning.

我們積極與客戶合作，加速產品創新，以穩定未來該產品線的成長。鑑於周圍的製裁和上游，我們將全年商品洞察的收入預期小幅下調 50 個基點。我們希望以一種能夠讓我們仍然能夠實現今天上午重申的利潤率指導的方式管理費用。

Adjusted expenses increased 5% due to higher compensation costs and ongoing investment in growth, offset by productivity initiatives. Operating profit for Commodity Insights increased 10% and operating margin improved by 130 basis points to 48.6%. Now turning to Mobility. Revenue increased 10% year-over-year. The strength of the business model and the essential nature of the Mobility products is increasingly evident, allowing us to raise our full year forecast despite some lingering uncertainty around tariffs and manufacturing.

由於薪酬成本增加和持續的成長投資，調整後支出增加了 5%，但被生產力措施所抵消。Commodity Insights 的營業利潤成長了 10%，營業利潤率提高了 130 個基點，達到 48.6%。現在轉向移動性。營收年增10%。商業模式的優勢和行動產品的本質日益明顯，儘管關稅和製造業方面仍存在一些不確定性，但我們仍可上調全年預測。

Deal with revenue increased 11% year-over-year, driven by new business growth in products such as CARFAX and automotiveMastermind. Manufacturing revenue grew 3% year-over-year, impacted by the low recall transactional revenue and sensitivity to tariff-related uncertainty. Financials and other increased 12% as the business line continues to benefit from strong underwriting volumes and commercial momentum.

交易收入較去年同期成長 11%，這得益於 CARFAX 和 automobileMastermind 等產品的新業務成長。製造收入年增 3%，受召回交易收入低和對關稅相關不確定性的敏感度的影響。金融及其他業務成長了 12%，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 7% and driven by higher compensation and increased advertising and promotional investment we've called out previously. Margins for the segment improved 140 basis points year-over-year to 42.3%. Finally, as we announced last quarter, we plan to separate the Mobility business from S&P Global. We are on track to meet our key milestones, and we'll keep investors updated on the progress of the separation.

調整後的費用增加了 7%，這得益於我們之前提到的薪資增加以及廣告和促銷投資增加。該部門的利潤率年增 140 個基點，達到 42.3%。最後，正如我們上個季度宣布的那樣，我們計劃將行動業務從標普全球分離出來。我們正按計畫實現關鍵里程碑，並將向投資者通報分離的進度。

Now turning to S&P Dow Jones Indices. Revenue increased 15%, primarily due to strong growth in fees, which benefited from higher AUM and strength in exchange-traded derivative revenue. Revenue associated with asset-linked fees was up 17% in the second quarter. This was driven by higher ETF and mutual fund AUM, which benefited from both market appreciation and net inflows.

現在轉向標準普爾道瓊斯指數。收入增長了 15%，主要由於費用的強勁增長，這得益於更高的 AUM 和交易所交易衍生品收入的強勁增長。第二季與資產掛鉤費用相關的收入成長了 17%。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。

Exchange-traded derivatives revenue grew 15%, primarily driven by a 12% increase in average daily volumes across our product suite, including SPX and VIX CTD. Data and custom subscriptions increased 8% year-over-year, driven by new business growth in NFA contracts, which saw mid-teens growth for the second consecutive quarter and growth in our custom subscription offerings, partially offset by real-time offerings.

交易所交易衍生性商品收入成長了 15%，主要得益於我們的產品套件（包括 SPX 和 VIX CTD）的平均每日交易量成長 12%。數據和客製化訂閱年增 8%，這得益於 NFA 合約新業務的成長（連續第二個季度實現中等幅度的成長）以及客製化訂閱產品的成長，但即時產品的成長部分抵消了這一成長。

Adjusted expenses increased 12% year-over-year due to various factors, including a normalization of bad debt expense, strategic investments and compensation expense. Indices operating profit increased 16%, and operating margin improved 60-basis points to 71.3%. Our outlook for 2025 assumes US equity markets are flat from June 30 through the end of the year, and we expect modest year-over-year growth in ETDs.

調整後費用年增 12%，原因包括壞帳費用、策略投資和薪酬費用的正常化等多種因素。指數營業利潤成長 16%，營業利益率提高 60 個基點至 71.3%。我們對 2025 年的展望假設美國股市從 6 月 30 日到年底將保持平穩，並且我們預計 ETD 將同比小幅增長。

Now turning to guidance. slide 20 outlines our enterprise guidance on a GAAP and adjusted basis. We are now expecting total revenue growth in the range of 5% to 7%, and continue to expect 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。幻燈片 20 概述了我們根據 GAAP 和調整後基礎制定的企業指導。我們現在預計總收入成長率在 5% 至 7% 之間，並繼續預期調整後的利潤率將在 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 higher growth in Ratings, Indices and Mobility, partially offset by slightly lower growth in Commodity Insights. We now expect adjusted diluted EPS in the range of $17 to $17.25 in line with the initial guidance we provided back in February and representing 10% growth year-over-year at the high end.

正如我將在下一張投影片中討論的那樣，我們確實預計評級、指數和流動性的增長會略高，但大宗商品洞察的增長會略低，從而部分抵消這一增長。我們現在預計調整後的稀釋每股收益將在 17 美元至 17.25 美元之間，與我們 2 月提供的初步指引一致，且最高年增 10%。

Moving to our division outlook. Our revenue guidance for Market Intelligence is unchanged as we expect continued strong performance. For ratings, based on the current expectation for flattish Billed Issuance in the second half, we expect revenue growth of 2% to 5%, which is slightly higher than previous guidance given the outperformance in 2Q.

轉向我們的部門展望。由於我們預期市場情報將繼續保持強勁表現，因此我們對市場情報的收入預期保持不變。對於評級，基於目前對下半年票據發行持平的預期，我們預期營收將成長 2% 至 5%，鑑於第二季的優異表現，這一數字略高於先前的預期。

For Indices, we've seen a strong recovery from the April equity market lows and now expect revenue growth back in line with our initial forecast of 8% to 10%. For Mobility, we are slightly raising our outlook for the full year, given the strength of our subscription business. While we do expect some impact on the trade uncertainty in the manufacturing line, which is more than made up by the strength we're seeing in the dealerships and financials.

對於指數，我們看到股市從 4 月的低點強勁復甦，現在預計收入成長將恢復到我們最初預測的 8% 至 10% 的水平。對於行動業務，鑑於我們訂閱業務的強勁表現，我們略微上調了全年的預期。雖然我們確實預期貿易不確定性會對製造業產生一定影響，但我們在經銷商和金融領域看到的強勁表現足以彌補這一影響。

We are lowering outlook slightly for commodity insights based on the external factors I described previously. On the next slide, we are reiterating the margin outlook for all five of our divisions. While we do expect somewhat higher revenue in Ratings, Mobility and Indices, we also expect margin impact from the Astra divestiture and planned strategic investments that will drive future growth.

根據我之前描述的外部因素，我們略微下調了對商品洞察的展望。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、移動性和指數的收入會增加，但我們也預期阿斯特拉資產剝離和計畫中的策略投資將對利潤率產生影響，從而推動未來的成長。

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

謝謝你，埃里克。（接線員指示）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。

Really nice acceleration in the organic growth in MI this quarter up to 7%, really the highest we've seen in a while. You talked about a number of the steps that you took to drive it like the sales execution and simplifying the incentives there and the customer engagement. I was wondering if you could just talk about your ability to sustain that level of growth?

本季 MI 的有機成長率確實加速至 7%，這是我們一段時間以來看到的最高值。您談到了為推動這一目標而採取的一些措施，例如銷售執行、簡化激勵措施和客戶參與度。我想知道您是否可以談談您維持這種成長水準的能力？

I notice you didn't raise the MI organic growth target for the year. And also just wondering if AI contributed there, and if you're able to share any sort of incremental revenue metrics or usage on AI?

我注意到您沒有提高今年的 MI 有機成長目標。另外，我只是想知道人工智慧是否做出了貢獻，以及您是否可以分享任何類型的增量收入指標或人工智慧的使用情況？

Toni, it's Martina. Thanks so much for the question. Maybe just to start with some comments on the, I will call it, the revenue transformation that Saugata and his leadership team have implemented in Market Intelligence. I'd break that down maybe into three areas. Firstly, starting with the overall structure and operating model for the commercial teams, silos, for example, having clear account ownership.

東尼，我是瑪蒂娜。非常感謝您的提問。也許只是先就 Saugata 和他的領導團隊在市場情報中實施的收入轉型發表一些評論。我將其分為三個方面。首先，從商業團隊的整體結構和營運模式著手，例如打破各自為政的局面，明確帳戶所有權。

Those were some key changes that were implemented. On the incentive piece of it, the team actually took our incentive comp plans down from north of 60 to about 10, and this was after a lot of consideration around buying assurance of customers. So it really reduces the amount of friction, if you like, that the sales teams are handling as they deal with customers and engage with customers.

這些是已實施的一些關鍵變更。在激勵方面，團隊實際上將我們的激勵補償計劃從 60 多降到了 10 左右，這是在對購買客戶保證進行了大量考慮之後做出的。因此，如果您願意的話，它確實可以減少銷售團隊在與客戶打交道和與客戶互動時遇到的摩擦。

And the last point I would make, and I think there's been a really strong partnership here between the finance team under Eric as well as Saugata leadership team is really fine-tuning the metrics that we focus on across Market Intelligence, whether it's ACV growth, competitive wins, new sales, NRR, et cetera. Now I think as it relates to the sustainability of this, -- we're certainly very encouraged by the strength of organic ACV growth.

我要說的最後一點是，我認為 Eric 領導下的財務團隊和 Saugata 領導團隊之間建立了非常牢固的合作關係，真正地調整了我們在市場情報方面關注的指標，無論是 ACV 成長、競爭優勢、新銷售額、NRR 等等。現在，我認為就其可持續性而言，有機 ACV 成長的強勁勢頭令我們感到非常鼓舞。

in the quarter that was in line with both reported revenue and organic constant currency revenue, both of which accelerated. So we're quite comfortable with that. We feel that execution is very strong, and it was not just sort of a one-time thing or low-hanging fruit, it was a really fundamental of the commercial teams. And I feel that's going to win the day going forward.

本季度，報告營收和有機固定匯率營收均保持同步成長，且均有所加速。所以我們對此很滿意。我們覺得執行力非常強，這不僅是一次性的事情或唾手可得的成果，而是商業團隊的真正基礎。我相信這將會在未來取得勝利。

Now I think in terms of the back half of the year, we've also said that we'd expect lapping cancels from second half last year to have an impact on revenue growth as well. But we're really happy with the execution on this. Eric, is there anything you want to add before I touch on AI.

現在我認為就今年下半年而言，我們也表示，我們預計去年下半年取消的重疊訂單也會對營收成長產生影響。但我們對於這次的執行效果非常滿意。艾瑞克，在我談到人工智慧之前，你還有什麼要補充的嗎？

I'd just say, Toni, that as Martin described, we're pleased with the execution first quarter, second quarter, but there are two more quarters to go. And the performance that you've seen was in line with our budgets and plans on a quarterly basis. And that's why we've kept our guidance as is. We're comfortable with it, but two more quarters to go here.

東尼，我只想說，正如馬丁所描述的，我們對第一季、第二季的執行感到滿意，但還有兩個季度要完成。您所看到的表現與我們的季度預算和計劃一致。這就是我們維持現有指導方針的原因。我們對此感到滿意，但還剩兩個季度。

And Toni, as it relates to GenAI, the MI team is extremely innovative in this area. In the quarter, they launched actually six enhancements to customers around generative AI. Now we don't disclose the numbers, but we do expect that to contribute to revenue over time. One thing that I was excited to see in the quarter from a GenAI perspective, is we told you in the last call that the team had acquired Pronto NLP.

東尼，就 GenAI 而言，MI 團隊在這個領域極具創新精神。本季度，他們實際上向客戶推出了六項圍繞生成式人工智慧的增強功能。現在我們不會透露具體數字，但我們確實希望隨著時間的推移這將會增加收入。從 GenAI 的角度來看，我很高興在本季看到一件事，那就是我們在上次電話會議中告訴您，團隊已經收購了 Pronto NLP。

And in Q2, they were very quickly able to launch GenAI-driven filings analytics powered by Pronto NLP, which is already now available in express feed and on Snowflake. And so lots and lots of great innovation, very strong customer reception and adoption of the enhancements that the teams have launched both in Q1 and Q2. And I would say more to come in terms of how we think about scaling that going forward.

在第二季度，他們很快就推出了由 Pronto NLP 提供支援的 GenAI 驅動的文件分析功能，該功能現已在 Express Feed 和 Snowflake 上提供。因此，團隊在第一季和第二季推出的增強功能得到了大量出色的創新、客戶的熱烈歡迎和採用。關於我們如何考慮未來擴大這一規模，我還會透露更多。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

You've had really strong margin and expense management this quarter, particularly in Market Intelligence. And again, I understand you're not raising the margin guide, but wanted to ask about what you were doing to achieve these better expenses or if there was something onetime in the quarter that we should be mindful of?

本季你們的利潤和費用管理非常出色，特別是在市場情報方面。再次，我知道您沒有提高利潤率指南，但我想問一下，您做了什麼來實現這些更好的費用，或者本季是否有我們應該注意的事情？

Is, it's Eric. There are really two factors here. First, as we described in some of our prepared remarks, we continue on driving productivity across our various divisions. I mentioned that, in particular, in MI and CI, ratings. It's true in a number of different areas, and that's helping to control spend and create some room for investments.

是的，是埃里克。這裡其實有兩個因素。首先，正如我們在一些準備好的演講中所描述的那樣，我們將繼續推動各部門的生產力。我特別提到了 MI 和 CI 的評級。在許多不同領域都是如此，這有助於控制支出並為投資創造一些空間。

At the same time, there is patterning of investment spending, in particular, in MI, which just because of what we're launching on the product, region, sales side is more back-end loaded this year. And are important for us to continue to drive growth on an ongoing basis. So a little bit of both cases or both drivers that you've seen here.

同時，投資支出模式也呈現出變化，特別是在密西根州，這只是因為我們今年在產品、地區和銷售方面推出的產品更具後端負載。對於我們持續推動成長至關重要。您在這裡看到的是兩種情況或兩種驅動因素的組合。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

I appreciate the commentary on the Chief Client Office. I just wanted to talk about that a little bit more. I'm wondering if you can maybe share a little bit more about your criteria for moving strategic clients into the Chief Client Office.

我很欣賞對首席客戶辦公室的評論。我只是想再多談一點這個。我想知道您是否可以分享一些有關將策略客戶轉移到首席客戶辦公室的標準。

Scott, it's Martina. Thanks so much for the question. Well, I mentioned that we have around 130 clients in the Chief Client Office. And specifically, we would think about -- we think very selectively is how we characterize it in terms of additional clients that we would add over a period of time. This is a group of clients that's managed by a reasonably tight team.

史考特，我是瑪蒂娜。非常感謝您的提問。嗯，我提到過，我們的首席客戶辦公室有大約 130 個客戶。具體來說，我們會考慮——我們非常有選擇性地思考如何根據我們在一段時間內增加的額外客戶來描述它。這是一群由相當緊密的團隊管理的客戶。

And our goal there is really to deliver the best possible experience and of course, partner with those clients for value creation, and we do that with a tightly knit team that can provide deep independent and individualized attention to those clients. So if I was to maybe characterize as the saying, we'll be selective in how we add clients over time to this.

我們的目標實際上是提供盡可能最好的體驗，當然，與客戶合作創造價值，我們透過一個緊密團結的團隊來實現這一目標，該團隊可以為這些客戶提供深入、獨立和個性化的關注。因此，如果我可以用一句話來概括，我們會有選擇地隨著時間的推移增加客戶。

We think there is a lot to be done. We've learned a ton in the first couple of quarters here, and there's a lot more to be done. We think some of the deals that we talked about, including the Barclays deal for example, are really emblematic of the type of engagements that we're working on with these clients and continuing to see really good and strong momentum in strategic areas like direct indexing.

我們認為還有很多工作要做。我們在前幾個季度學到了很多東西，還有很多工作要做。我們認為，我們談到的一些交易，例如巴克萊交易，真正像徵著我們與這些客戶合作的類型，並繼續看到直接索引等戰略領域的良好和強勁勢頭。

Ashish Sabadra, RBC Capital Markets.

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

Just wanted to follow up on Toni's question on MI. Obviously, pretty strong momentum. So just on the competitive wins, just wanted to better understand how these competitive displacement driven by also products, if those are resonating much better with customer in addition to better execution? And then just maybe on enterprise solution, the 10% growth that we saw really strong acceleration there. Can you provide more color about the puts and takes going forward?

只是想跟進 Toni 關於 MI 的問題。顯然，勢頭相當強勁。因此，僅就競爭優勢而言，只是想更了解這些由產品驅動的競爭性位移，以及它們是否除了更好的執行力之外，還能更好地引起客戶的共鳴？然後也許就在企業解決方案方面，我們看到了 10% 的強勁成長。您能否提供更多關於未來利弊的詳細資訊？

Ashish, this is Martina. Thanks for the question. I would say that we've seen pretty broad uptake from the competitive displacements across the full range of our products. And it is I would say, coupled with the very strong execution from the sales teams. And I think one of the things that's been quite remarkable was Saugata and the Leadership team's ability to put in place a single account ownership across the entire book.

Ashish，這是 Martina。謝謝你的提問。我想說的是，我們已經看到我們所有產品系列的競爭性替代品獲得了相當廣泛的應用。我想說的是，再加上銷售團隊的強大執行力。我認為其中一件非常了不起的事情是 Saugata 和領導團隊能夠在整個帳簿中建立單一帳戶所有權。

And so we see that being a combination of these additional intention and engagement as well as the ability to really tell the story very, very strongly with the incredible breadth and depth that we have. I will say there have been a lot of enhancements and additions that are really resonating. Very proud again of the teams who were able to get the Visible Alpha integration onto Cap IQ Pro one quarter ahead, for example, that's been very, very well received by our clients.

因此，我們認為這是這些額外的意圖和參與以及以我們所擁有的令人難以置信的廣度和深度非常非常有力地講述故事的能力的結合。我想說的是，有很多增強和添加確實引起了共鳴。我們再次為能夠提前一個季度將 Visible Alpha 整合到 Cap IQ Pro 中的團隊感到非常自豪，這受到了我們客戶的一致好評。

And so it's broad-based, I would say, and execution-oriented and delivered as well. Let me hand over to Eric on the enterprise solutions performance.

所以我想說，它具有廣泛的基礎，並且以執行為導向，並且能夠交付。讓我將企業解決方案績效交給 Eric。

Ashish, I'd just add, enterprise solution really showed good growth this quarter. Part of that was our workflow solution in Wall Street office, which is well regarded and was one of the reinvestments over the last couple of years. And so that -- we're seeing a real significant product lift there. Notice Manager was another breakout.

Ashish，我想補充一點，企業解決方案本季確實表現出了良好的成長。其中一部分是我們在華爾街辦公室的工作流程解決方案，該解決方案廣受好評，是過去幾年的再投資之一。因此，我們看到那裡的產品銷售量顯著提升。通知經理又取得了突破。

And so it really shows as we reinvest in products, services, data functionality, the value we bring our clients and the take-up we're getting. So we're quite pleased with the performance.

因此，當我們對產品、服務、數據功能進行再投資時，我們為客戶帶來的價值以及我們獲得的支援就真正體現出來了。因此我們對性能非常滿意。

Alex Kramm, UBS.

瑞銀集團的亞歷克斯·克拉姆（Alex Kramm）。

Just a lengthy discussion from you Martina on the private credit side. Just wondering if you can talk a little bit more about your traction in particular when it comes to competitive dynamics. Obviously, a lot of it is still white space, I think. So -- but also, we're hearing and seeing some of the smaller rating agencies a lot more active in that space so far. So just wondering how you think you can find the same leadership position in that market that you have, for example, on the public corporate side?

馬丁娜，您剛才就私人信貸方面進行了冗長的討論。我只是想知道您是否可以再多談談您的吸引力，特別是在競爭動態方面。顯然，我認為其中許多仍然是空白。所以——但同時，我們也聽到和看到一些小型評級機構到目前為止在該領域更加活躍。所以我想知道您認為如何在該市場中找到與您在上市公司方面相同的領導地位？

Alex, thanks for the question. Maybe just to take a step back, there's maybe two framing responses first. Obviously, we don't compete on outcomes. We compete on quality from the perspective of our ratings. So our view has always been, we're raising wherever it comes, whether it's public or private with a consistent methodology, which we believe is enhanced value for investors and other market participants given the nature of allocations between public and private.

亞歷克斯，謝謝你的提問。也許只是退一步來看，首先可能有兩種框架響應。顯然，我們不會就結果展開競爭。我們從收視率的角度進行品質競爭。因此，我們的觀點一直是，無論資金來自哪裡，無論是公共部門還是私人部門，我們都將採用一致的方法進行融資，考慮到公共部門和私人部門之間分配的性質，我們相信這將為投資者和其他市場參與者帶來更高的價值。

The second point I would make is we've been extremely engaged over the last several years and made a lot of investments in areas that private credit has grown and, in particular, as you know, we've seen a lot of growth in ABS and other structured finance asset classes over the last couple of years. And we've been making sure that we have the talent and capacity to meet the demand.

我想說的第二點是，過去幾年我們一直積極參與，並在私人信貸成長的領域進行了大量投資，特別是如你所知，過去幾年我們看到 ABS 和其他結構性金融資產類別的大幅成長。我們一直確保我們擁有滿足需求的人才和能力。

I would also say that as part of the overall engagement that we've been doing, we hear from the largest sponsors that they want to do more with us. And so we'll continue to invest there. Generally, I would say we're very pleased with the strong growth from private credit. It's benefiting across the various different asset classes.

我還想說，作為我們一直在進行的整體合作的一部分，我們從最大的贊助商那裡聽說他們希望與我們進行更多合作。因此我們將繼續在那裡投資。總的來說，我想說我們對私人信貸的強勁成長感到非常高興。它使各種不同的資產類別受益。

And maybe the only other point I would mention here is, from our perspective, consistent with the methodology being comparable between public and private, we've also made the point in the past that we would definitely see similar value and then also similar economics, whether we rate public private. Maybe just one other characterization of the market that I think is sort of interesting here.

也許我在這裡要提到的另一點是，從我們的角度來看，與公有製和私有製可比的方法一致，我們過去也曾指出，無論我們對公有製還是私有製進行評級，我們都肯定會看到相似的價值，然後還有相似的經濟效益。也許這只是我認為有趣的市場的另一個特徵。

We see issuers being more agile in moving between public and private. So as you know, the high-yield market had quite a challenge '22 and '23. And during '22 and '23, we saw more deals refinancing from public to private. In '24 and year-to-date '25, we've seen more deals and deal volume migrate from private back to public.

我們發現發行人在公開發行和私人發行之間轉換時更加靈活。如你所知，高收益市場在 22 年和 23 年面臨相當大的挑戰。在 2022 年和 2023 年期間，我們看到更多從公開市場到私人市場的再融資交易。在 2024 年以及 2025 年年初至今，我們看到更多的交易和交易量從私人市場轉回公開市場。

And so this is a very interesting thing. And it really, for us, reinforces the importance of an S&P Global rating and a comparable methodology for investors and market participants.

這是一件非常有趣的事。對我們來說，這確實強調了標準普爾全球評級以及投資者和市場參與者可比方法的重要性。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

I wanted just to ask about the second half ratings revenue assumption. I really saw and heard you say that you pushed up the '25 rating revenue assumption really by just the second quarter outperformance. That does surprise me a little bit. Maybe I was just kind of asking you why did you keep the second half performance, assuming June was the strongest month of issuance in the second quarter. And I'm assuming that, that issuance momentum continued into July.

我只是想問一下下半年收視率收入的假設。我確實看到和聽到您說，僅憑第二季度的優異表現，您就提高了 25 評級收入假設。這確實讓我有點吃驚。也許我只是想問你，既然 6 月是第二季發行量最大的月份，那為什麼還要維持下半年的表現呢？我估計這種發行勢頭將持續到 7 月。

Andrew, it's Martina. Thanks for the question. Look, I think the back half, there's a few things here. First and foremost, we're still looking at the market situation with the volatility and the uncertainty. And while we think the volatility will be manageable in the second half, there's always a chance of the flare up and something like what we saw with the April freeze.

安德魯，我是瑪蒂娜。謝謝你的提問。看，我認為後半部分，這裡有幾件事。首先，我們仍在關注波動性和不確定性的市場情勢。雖然我們認為下半年的波動性將是可控的，但總有爆發的可能性，就像我們在四月份的凍結中看到的那樣。

And so we're watching that very closely. A couple of other things that I would emphasize here. So from a refinancing perspective, the back half of this year is roughly flat compared to the back half of '24. And even though we see about 7% increase in the maturity walls through '26, we're not anticipating a huge amount of pull forward that we may have seen similar in last year. And so that's on the refi side.

因此我們正在密切關注此事。我在這裡還要強調另外幾點。因此，從再融資的角度來看，今年下半年與 24 年下半年相比大致持平。儘管我們看到到 26 年到期的牆會增加 7% 左右，但我們預計不會出現去年可能出現的大幅上漲。這就是再融資方面的情況。

On the opportunistic side, I think we've been pretty careful about making overly heroic assumptions on M&A. We know there's a lot of pent-up demand, but our view is generally kind of flat year-over-year and that hasn't changed, although we would expect that to hit -- if it doesn't hit this year, will hit potentially in '26. So more of a function for '26.

從機會主義的角度來看，我認為我們在併購方面一直非常謹慎，不會做出過於大膽的假設。我們知道有很多被壓抑的需求，但我們的觀點是，與去年同期相比，需求總體持平，這一點沒有改變，儘管我們預計需求將達到——如果今年沒有達到，那麼可能在 26 年達到。因此這更像是‘26’的一個功能。

So generally, I would say those are the things. Of course, it can all surprise to the upside or downside. At this point, it's possible that there is a potential for an upside surprise. But it's certainly very, very much dependent on the volatility in the markets.

所以總的來說，我想說的就是這些。當然，一切都可能帶來驚喜，無論是好是壞。目前來看，有可能出現意外的驚喜。但它確實很大程度取決於市場的波動性。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Actually, I just wanted to circle back to Mobility. Can you just remind us what the milestones we should be tracking for the spin-off over the next year or so what we should be expecting?

實際上，我只是想回到移動性問題。您能否提醒我們，在未來一年左右的時間裡，我們應該關注哪些分拆里程碑以及我們應該期待什麼？

Jeff, it's Eric. There are a series of, I'll call it, internal and external milestones, as you know, we kicked this off at earnings last quarter. We've been industriously beginning to work on carve-out day one operations, and that's now in full mode and proceeding. And that's primarily a set of internal milestones that we track, and we're tracking too nicely.

傑夫，我是埃里克。有一系列我稱之為內部和外部里程碑的事情，正如你所知，我們在上個季度的收益中啟動了這一進程。我們一直在勤奮地開始進行第一天的剝離工作，目前這項工作已全面展開並正在順利進行中。這主要是我們追蹤的一組內部里程碑，而且我們追蹤得非常好。

There are then filings and various regulatory submissions that we typically would do in the fall time period, and those are typically private as well, but those are important milestones for us. There is the -- it's part of both of those. There's the naming of the CEO and that we did in today's announcement and the management team now will follow over the next few months so that we have the full team in place.

我們通常會在秋季進行備案和各種監管提交，這些通常也是私密的，但對我們來說是重要的里程碑。這是——它是兩者的一部分。我們在今天的公告中宣布了執行長的任命，管理團隊將在接下來的幾個月內跟進，以便組建完整的團隊。

And then into next year, as we get further along, we finalize the -- all the filings, answer questions, we'll naturally do some sort of investor day for Mobility, but that would be next year, not this year and then proceed with a road show. What we will do is continue to keep you updated on a quarter-by-quarter basis. We'll tell you how we're tracking.

然後到明年，隨著我們進一步推進，我們將完成所有文件，回答問題，我們自然會為 Mobility 舉辦某種投資者日活動，但那將是明年，而不是今年，然後進行路演。我們將繼續按季向您通報最新情況。我們會告訴您我們是如何追蹤的。

We still feel quite comfortable with our original timeline of 12 to 18 months from date of announcement and are moving along well.

我們對於最初宣布日期起 12 至 18 個月的時間表仍然感到很滿意，並且進展順利。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So let's continue with the Mobility conversation. You raised the revenue guidance, which is great. But there may be some pull forward for auto activities in the first half which could normalize in the second half. Your revenue guidance also implies that your growth in the second half will be maybe slightly slower than the first half. It's pulled forward the main reason for the slowdown? Or is there any other thing that you want to call out?

那麼讓我們繼續討論移動性。您提高了收入預期，這很好。但上半年汽車活動可能會提前，下半年可能會恢復正常。您的營收預期也暗示下半年的成長可能會比上半年略慢一些。這是造成成長放緩的主要原因嗎？或者您還有什麼其他想說的話嗎？

Owen, thanks for the question. It's Martina. Yes, we've been really pleased with the overall performance of the Mobility business with double digit in the dealer and financial parts of the business. I would say that the -- it would be a little bit hard to sort of characterize that as being mostly driven by pull forward. It's possible there was a little bit of that in the financials to the extent that people were buying new cars ahead of the tariffs.

歐文，謝謝你的提問。我是瑪蒂娜。是的，我們對行動業務的整體表現感到非常滿意，經銷商和財務部分的成長都達到了兩位數。我想說的是——將其描述為主要由前拉驅動有點困難。財務上可能存在一些這樣的情況，因為人們在關稅實施前購買新車。

But really, the CARFAX business has performed very, very strongly and that's actually been really a key driver in the actual performance of the business as well. And so some of the bright spots there includes continued adoption and build towards the $100 million customer target for new car listings and for CARFAX Car Care for life. And so we see very strong performance there as well.

但實際上，CARFAX 業務表現非常強勁，這實際上也是業務實際表現的關鍵驅動因素。因此，其中的一些亮點包括繼續採用並朝著新車上市和 CARFAX 汽車終身護理 1 億美元的客戶目標邁進。因此我們也看到了非常強勁的表現。

And as you know, that's a huge part of the overall book of business. Going into the back half, I think we've talked a little bit about some of the hesitancy with the manufacturing segment in terms of planning, forecasting, et cetera. But I will say that we're starting to engage with manufacturers for the Mobility team. They're here whether it's certainty in terms of the environment or uncertainty in the environment.

如您所知，這是整個業務帳簿的重要組成部分。進入後半部分，我想我們已經討論了一些製造業在規劃、預測等方面的猶豫。但我要說的是，我們正開始與製造商合作組成行動團隊。無論環境是確定性的還是不確定性的，它們都在這裡。

And they're doing things like helping the OEMs to think about their EV inventories, they are helping OEMs to think about potentially tilting or rotating back to new ICE models in the US, for example. And of course, they serve the top 40 OEMs globally by volume. So that team is very focused going into the back half. The only other point maybe to make on the back half of this year is a very tough comp vis-a-vis the back half of last year. And so those are all the factors that contribute to that.

他們正在做的事情包括幫助 OEM 考慮他們的電動車庫存，例如，他們正在幫助 OEM 考慮在美國可能傾斜或旋轉回新的 ICE 車型。當然，他們為全球銷售排名前 40 的原始設備製造商提供服務。因此球隊非常專注於後半部分。關於今年下半年，唯一需要指出的是，與去年下半年相比，今年下半年的競爭非常激烈。這些都是造成這種情況的因素。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

I guess I'll ask on Commodity Insights. Can you just provide a little bit more color on the sanctions you mentioned in terms of the revenue impact? And also, if I may. The upstream business has been a very, very low growth business for many, many years now. So just curious on your thoughts on why that fits well in the portfolio.

我想我會在 Commodity Insights 上詢問。您能否從收入影響的角度更詳細地介紹一下您提到的製裁措施？另外，如果可以的話。多年來，上游業務一直是成長非常非常低的業務。所以我只是好奇你對為什麼它適合投資組合的看法。

Manav, it's Eric. Let me take those in turn. First, on sanctions. There's been a series of sanctions here over the last few years that have been building up. Those are across many, many different jurisdictions and in different forms and flavors. What we have seen is there are some additional announcements out of the EU, out of the UK.

Manav，我是 Eric。讓我依序討論這些。第一，關於制裁。過去幾年來，這裡實施了一系列制裁。這些法律跨越許多不同的司法管轄區，形式和特徵也各不相同。我們看到歐盟和英國發布了一些額外公告。

They're not dramatic, but every one of those has some impact on certain clients potentially and operations. So we think it's relatively contained, but it will affect one of our businesses there. But just 1 to 2 percentage points, not more than that in the second half of the year. So I think it's quite manageable and something we just need to operate through.

這些影響並不大，但每一個都會對某些客戶和營運產生潛在影響。因此我們認為它的影響相對可控，但它會影響我們在那裡的一項業務。但只有1到2個百分點，不會比下半年更高。所以我認為這是相當容易管理的，我們只需要努力去解決。

In terms of upstream. Upstream is an area of the commodities and energy space. It's gone through some real changes. If you look at the US upstream producers, for example, and go through the top 20, something on the order of almost half of them have had and been involved in some sort of M&A. So there's just some real transition going on in the client base for us and for that matter, for all providers to this space.

就上游而言。上游是商品和能源領域的一個領域。它經歷了一些真正的變化。例如，如果你看看美國上游生產商，並查看排名前 20 位的生產商，你會發現其中幾乎有一半都曾進行過或參與過某種形式的併購。因此，對於我們以及該領域的所有提供者來說，客戶群正在發生一些真正的轉變。

And so we're just signaling that we need to live through some amount of consolidation. Now typically, when clients merge, it's not that they still need our services. But occasionally, what will happen is they'll move up in the rate card right on the different tiers. They may drop some small subset of products. There's usually a list of 50 to 100 products that they each procure from us.

因此，我們只是發出訊號，表明我們需要經歷一定程度的整合。現在通常情況下，當客戶合併時，並不意味著他們仍然需要我們的服務。但偶爾，會發生的情況是，它們會在不同層級的價目表上上升。他們可能會放棄一些小部分產品。他們通常會從我們這裡購買 50 到 100 種產品。

And so you get a modest effect, and that's what we're signaling. In terms of the importance, Upstream is heavily integrated with the rest of our product services and offerings, right? In a way, the upstream producers are served by that data and insights business. They buy and are involved in the price assessments activity.

因此你會得到適度的效果，這就是我們所要表達的。就重要性而言，Upstream 與我們其他的產品服務和產品緊密結合，對嗎？從某種程度上來說，上游生產商受益於數據和洞察業務。他們進行購買並參與價格評估活動。

A number of the offerings we have are actually packaged across the different products, including the energy resources and data insights product family. And so it's really part of the full suite of that we offer. And so it's important, and that's why we've described in our prepared remarks, how we're focused on the client set as it's evolving, which is really an external evolution.

我們提供的許多產品實際上都打包在不同的產品中，包括能源資源和數據洞察產品系列。因此它實際上是我們提供的全套產品的一部分。所以這很重要，這就是為什麼我們在準備好的發言中描述了我們如何專注於客戶群的演變，這實際上是一種外部演變。

But really working through how do we serve them even more industriously, how do we roll out the next wave of products to them, how do we serve them at both the C-suite and throughout the different divisions that they operate in because that's what's going to pull us through this. And as we go through the next couple of quarters, I think put us in a positive and healthy position.

但真正要解決的是我們該如何更勤奮地為他們服務，如何向他們推出下一波產品，如何為高階主管以及他們所在的不同部門提供服務，因為這些才是我們能夠度過難關的關鍵。隨著我們進入接下來的幾個季度，我認為我們將處於積極和健康的狀態。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

I wanted to go back to the MI segment. Can you talk about how much lapping cancellations will benefit growth in the second half, quantify that, if you can? And how much of the assumption of stronger growth in the second half depends on an improving external customer environment?

我想回到 MI 部分。您能否談談取消重疊航班對下半年的成長有多大益處，如果可以的話，請量化一下？下半年更強勁成長的假設在多大程度上取決於外部客戶環境的改善？

George, let me do that in in reverse order. The customer environment, in our minds, has been relatively good over the last few quarters. You've seen banks, asset managers, the other client sets in MI doing well overall in their respective industries and operations. And so between that and their continued need for the data, the insights, the analytics, the workflow tools, the software.

喬治，讓我按相反的順序來做。我們認為，過去幾季的客戶環境相對較好。您已經看到銀行、資產管理公司以及 MI 中的其他客戶群在各自的行業和營運中整體表現良好。因此，他們持續需要數據、洞察力、分析能力、工作流程工具和軟體。

And so forth that we provide, we feel that's -- there's good demand that we're seeing quarter-by-quarter here and in a consistent manner. In terms of cancellations, they have a small -- lapping the cancellations provide a small benefit to us, and that's helpful. But the real driver of the revenue growth is primarily the upswing that we've seen in sales, in net renewals, cancels have been well contained.

我們認為，我們提供的服務逐季度都有良好的需求，而這種需求保持一致。就取消而言，他們有一點——取消會為我們帶來一點好處，這是有幫助的。但收入成長的真正動力主要是我們看到的銷售額、淨續約量的上升，取消量得到了很好的控制。

There are always some amount in any business. And so we're quite pleased with the trajectory. And we just want to work through every quarter, but we feel good about the business, and that's why we've reaffirmed our guidance for the year. And we'll take it from there.

任何生意總有一些金額。因此我們對這一發展軌跡非常滿意。我們只是想完成每個季度的工作，但我們對業務感到滿意，這就是我們重申今年指導的原因。我們將從那裡開始。

Craig Huber. Huber Research Partners.

克雷格·胡貝爾。Huber 研究合作夥伴。

We spend a lot of time talking about products and services, which is great. I wanted to ask, though, on a different subject about your sales force, the size of your sales force across your five segments here. Just is your internal investment spending around sales in terms of the quality and the quantity of salespeople you have in each of your segments?

我們花了很多時間討論產品和服務，這很好。不過，我想問一個關於你們銷售隊伍的不同問題，你們五個部門的銷售團隊規模是多少。就您每個部門的銷售人員的品質和數量而言，您的內部投資支出是否圍繞銷售？

Is it materially any different the investment spending you guys are doing there? And what area, what segment are you spending the most on to help beef up the quality and size of the sales force this year?

你們在那裡進行的投資支出有實質的不同嗎？今年您在哪個領域、哪個環節投入最多，幫助增強銷售團隊的品質和規模？

Craig, it's Martina. Thanks so much for the question. I would say that we are definitely enhancing the capabilities for our quota carriers across divisions, but also for other teams that support them, whether it's the customer services teams or the specialist teams were integrating GenAI tools. We're integrating those on top of our actual CRM and broader commercial applications.

克雷格，我是瑪蒂娜。非常感謝您的提問。我想說的是，我們不僅正在增強各部門配額承運商的能力，而且還在增強支援他們的其他團隊的能力，無論是客戶服務團隊還是專家團隊都在整合 GenAI 工具。我們將它們整合到我們實際的 CRM 和更廣泛的商業應用程式之上。

And so it's -- I would say it's a variety of things. We're working very hard on actually having greater consistency in how we track metrics, et cetera, with the help of Eric and his team. So a variety of things. We don't quantify the size of it externally, but we track the capacity and make sure we're making the appropriate investments across the divisions and regions, quite frankly.

所以——我想說它是各種各樣的東西。在 Eric 和他的團隊的幫助下，我們正在努力提高追蹤指標等方面的一致性。各種各樣的事情。坦白說，我們不會對外量化其規模，但我們會追蹤其產能，並確保在各個部門和地區進行適當的投資。

And with the CCO, as I've said, this is quite a small team covering a broad set of our largest and most strategic clients. And we intend to continue to have that team be a tight-knit team and may selectively add to it over a period of time. So it's a very big focus area for us. And I'm glad you asked the question.

正如我所說，CCO 是一個相當小的團隊，負責我們最大和最具策略性的客戶。我們打算繼續讓這個團隊成為一個緊密團結的團隊，並可能在一段時間內有選擇地擴充成員。所以這是我們非常關注的領域。我很高興你問了這個問題。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

I was hoping you could speak a bit more to the strategic and/or economic considerations underlying your data partnerships with Copilot with Anthropic. Just curious, do you envision more of your data being consumed that way via those channels over time? And how does that impact the go-to-market motion, if that's the case?

我希望您能多談談您與 Copilot 和 Anthropic 建立數據合作夥伴關係背後的策略和/或財務考慮。只是好奇，您是否設想隨著時間的推移，更多的數據會透過這些管道被消費？如果是這樣的話，這會對上市動議產生什麼影響？

And then maybe relatedly, is there potential there for some cannibalization in your view, maybe relative to how you might monetize that same customer if you see were within your ecosystem? Any color there would be great.

然後也許相關的是，在您看來是否存在某種蠶食的可能性，也許與您在生態系統中如何將同一客戶貨幣化有關？任何顏色都很棒。

Andrew, it's Martina. Thanks much for the question. The hyperscale partners are, I would say, a category that has emerged quite distinctly over the last year or so. And of course, we've mentioned Microsoft and Anthropic here. We've also got other discussions and other partnerships that have already been executed on. I can get this in two ways.

安德魯，我是瑪蒂娜。非常感謝您的提問。我想說，超大規模合作夥伴是過去一年左右出現的一個相當明顯的類別。當然，我們在這裡提到了微軟和 Anthropic。我們還進行了其他討論並建立了其他合作夥伴關係，並且已經實施。我可以透過兩種方式獲得它。

So the first is in the same way that our clients required us to be able to provide our data over Snowflake, for example, these are other channels through which our clients would like to interact with our data. And of course, we will always provides our data or insights, et cetera, where our clients want to interact with it. That's incredibly important.

因此，首先，我們的客戶要求我們能夠透過 Snowflake 提供我們的數據，例如，這些是我們的客戶希望與我們的數據互動的其他管道。當然，我們將始終向客戶提供我們想要與之互動的數據或見解等。這非常重要。

Key to these partnerships is that we require the clients to actually license the data to be able to get access through these channels. And also -- it is a distribution partnership in the sense that these LLM are not given access to our data to train their own models. And so that's one way to make the point. The second thing that I would say on this is that as we evolve here, we're going to have clients on the very sophisticated end of the spectrum that will want sort of, call it, like a multichannel access, whether it is Snowflake, whether it is LLMs, Desktop or own Express Feed, et cetera.

這些合作關係的關鍵在於我們要求客戶實際授權資料才能透過這些管道存取。而且，這是一種分銷合作關係，因為這些法學碩士無法存取我們的資料來訓練他們自己的模型。這是一種表達觀點的方式。我想說的第二件事是，隨著我們的發展，我們將擁有非常複雜的客戶，他們想要某種所謂的多管道訪問，無論是 Snowflake、LLM、桌面還是自己的 Express Feed 等等。

And then we will have clients kind of middling levels of sophistication that may expect to see both used Desktop enhanced features as well as get data through Copilot or something like that and others who will just expect us to integrate AI enhancements into the desktop. And a lot of those clients who want all of it. A lot of those clients will expect to see some form of agentic all the way through kind of a much more transformational agentic solution, and we're going to meet the clients where their needs are.

然後，我們將擁有中等複雜程度的客戶，他們可能期望看到使用桌面增強功能以及透過 Copilot 或類似的東西來獲取數據，而其他人則只期望我們將 AI 增強功能整合到桌面中。很多客戶都想要這一切。許多客戶都希望透過某種更具變革性的代理解決方案來看到某種形式的代理，我們將滿足客戶的需求。

We're very excited about the work that Kensho is doing. I do want to share a couple of things that I got extremely excited about in the quarter. So with Anthropic, for example, the Kensho team used the MCP or model context protocol server that they set up in Q2, and that's really allowing for kind of standard interoperability with any model. And we saw it first in action with the Anthropic partnership.

我們對 Kensho 所做的工作感到非常興奮。我確實想分享一些本季讓我非常興奮的事情。以 Anthropic 為例，Kensho 團隊使用了他們在第二季度建立的 MCP 或模型上下文協定伺服器，這實際上允許與任何模型進行標準互通。我們在與 Anthropic 的合作中首次看到了它的作用。

More importantly or as importantly, is that the Kensho team is using in partnership with EDO a product called Kensho Grounding, which allows for a trusted retrieval of S&P Global data that is searched for through LLM, and that's incredibly important, obviously, for accuracy and for the integrity of using the LLM of the channel. And then the last point I would make is the Kensho team just published a white paper on IP protection.

更重要的是，或者同樣重要的是，Kensho 團隊正在與 EDO 合作使用一種名為 Kensho Grounding 的產品，該產品允許對透過 LLM 搜尋的 S&P Global 資料進行可信檢索，這對於準確性和使用管道 LLM 的完整性顯然非常重要。我要說的最後一點是 Kensho 團隊剛剛發布了一份關於 IP 保護的白皮書。

And in there, they're exploring the use of watermarking, for example, in AI as a way to enhance IP protection. And so we're thinking about this really holistically and I'm very excited with the work that the teams are doing.

他們正在探索在人工智慧中使用浮水印等技術來增強智慧財產權保護。因此，我們正在全面考慮這個問題，我對團隊正在做的工作感到非常興奮。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

I wanted to follow up on the Indices margin since you Indices that there's going to be some pressure in the back half of the year. So I was curious if you could talk about if there's been some incremental expenses there because I normally think about that relatively fixed expense base and obviously, the revenue has been strong.

我想跟進指數保證金，因為您指出今年下半年將會出現一些壓力。所以我很好奇您是否可以談談是否存在一些增量費用，因為我通常會考慮相對固定的費用基礎，而且顯然收入一直很強勁。

Jason, it's Eric. It's really a result of our investment planning and patterning over the course of this year, we've been reinvesting in the technology and operating infrastructure there, which is an important part of table stakes in this business. And one that every few years, you've got to do a refresh on. But it's also a set of products -- new products that we're launching. And you know this business well in indices.

傑森，我是艾瑞克。這實際上是我們今年投資規劃和模式的結果，我們一直在那裡對技術和營運基礎設施進行再投資，這是該業務的重要組成部分。每隔幾年，你就必須更新一次。但這也是一組產品——我們正在推出的新產品。您對指數方面的業務非常了解。

You've got a planned seeds in many different areas. The product rollout has a lot of time, workload intensity to it and the benefits come over multiple years. And then we have to prune the broad array of product offerings and then deepen some of the larger ones. So it's really about our investment spending and support for growth that we think will really pay dividends over the next few years and drive the kind of inflows we've been seeing and the kinds of revenue growth that we've grown accustomed to.

您已在許多不同地區播種了計劃種子。產品推出需要花費大量時間，工作量很大，而且效益需要多年才能顯現。然後，我們必須精簡廣泛的產品系列，並深化一些較大的產品系列。因此，我們認為，這實際上是關乎我們的投資支出和對成長的支持，這將在未來幾年真正帶來回報，並推動我們所看到的資金流入和我們已經習慣的收入成長。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Private credit question, I recognize it will be hard to precisely answer given there's a lot of pockets, but any perspective would be helpful. Just what is your hit rate in terms of what percentage of private credit activity you're monetizing? And how that's evolved over time or just any types of activity where your monetization has been particularly good or other areas where maybe it's lagging thus far, but you see a big opportunity?

私人信貸問題，我知道由於涉及面很廣，所以很難準確回答，但任何觀點都會有所幫助。就您將多少比例的私人信貸活動貨幣化而言，您的命中率到底是多少？隨著時間的推移，情況如何發展？或者只是在任何類型的活動中，您的貨幣化表現特別好，或者在其他領域，可能迄今為止還比較滯後，但您看到了巨大的機會？

Jeff, this is Martina. Thanks so much for the question. I would say, look, it's really hard without a clear denominator to be able to give you something that would be comparable and accurate in this area. What I would say is that we've seen the uptick in adoption across all parts of S&P Global Ratings, for example. So we see it in both the transaction and non-transaction lines in the transaction line, very fast growth in structured finance.

傑夫，這是瑪蒂娜。非常感謝您的提問。我想說，看，如果沒有一個明確的標準，就很難提供你這個領域可比較且準確的東西。我想說的是，我們已經看到標準普爾全球評級各部門的採用率都在上升。因此，我們看到，無論是交易業務或非交易業務，結構性融資都成長非常快。

We've also seen debt ratings and we see it now in infrastructure and other asset classes also in the transaction line. And of course, in the non-transaction line, you're going to see it in the surveillance piece of it for deals in prior years as well as with ICRs and res. And so we see it hitting across the piece for Ratings, continue to anticipate very strong growth there, as Eric had indicated.

我們也看到了債務評級，現在我們在基礎設施和其他資產類別的交易中也看到了它。當然，在非交易線中，您將在前幾年的交易監控部分以及 ICR 和 res 中看到它。因此，我們看到它對評級產生了全面影響，並繼續預計那裡將出現非常強勁的增長，正如埃里克所指出的那樣。

I would say outside of ratings, we have some really interesting other opportunities here also with the collection of assets that we have and the fact that we're see increased demand for kind of we'll call it the democratization, if you like, a private credit. We see an uptick in demand for things like valuations. We also see the index team really beginning to launch and innovate in this area.

我想說，除了評級之外，我們還有一些非常有趣的其他機會，包括我們擁有的資產集合，以及我們看到對某種私人信貸的需求不斷增加，如果你願意的話，我們稱之為民主化。我們看到對估值等方面的需求上升。我們也看到指數團隊真正開始在這一領域進行和創新。

And so off the back of, let's say, they're very successful Cambridge Associates index we've just launched in Q2 with Cambridge Associates, a new interface for clients to allow for customization and benchmarking. So this is an area where we're investing and innovating both within Ratings as well as across the rest of the piece. And -- we're excited to tell the private credit and the broader private market story when we get to Investor Day.

因此，可以說，他們非常成功，我們剛剛在第二季度與 Cambridge Associates 合作推出了 Cambridge Associates 指數，這是一個供客戶進行客製化和基準測試的新介面。因此，這是我們在評級以及其他部分進行投資和創新的領域。而且——當我們迎來投資者日時，我們很高興講述私人信貸和更廣泛的私人市場故事。

Russell Quelch, Rothchild in Redburn.

拉塞爾·奎爾奇，雷德本的羅斯柴爾德。

I wondered if we could get a bit more detail on the Barclays deal. Was that a competitive displacement? And exactly what products did that entail? I wanted to know, did you take like a bundled or enterprise approach when it came to pricing? And is this a strategy that maybe you'll look to replicate with other clients in the Chief Client Office? And will this make sales a bit more lumpy in Market Intelligence going forward.

我想知道我們是否可以了解有關巴克萊交易的更多細節。這是一次競爭性取代嗎？那麼這到底需要什麼產品呢？我想知道，在定價方面，您是否採取了捆綁式或企業式定價方式？您是否希望在首席客戶辦公室中向其他客戶複製此策略？這是否會使未來市場情報中的銷售情況變得更加不穩定？

Russell, thanks for the question. Maybe to take a step back, what I'd first say is that the Barclays deal is emblematic of the types of true strategic partnerships that we're working on with our clients who are part of CCO. This is a partnership that is anchored in a series of principles that two of the teams hammered out over the last several months.

拉塞爾，謝謝你的提問。也許退一步來說，我首先要說的是，巴克萊交易象徵著我們與 CCO 旗下客戶建立的真正策略夥伴關係。此次合作以兩支團隊在過去幾個月中達成的一系列原則為基礎。

And so it really does allow Barclays to access a wide range of products and data over the CapIQ Pro platform and also enables the Barclays team to submit their pricing data, for example, across a variety of financial instruments for inclusion in our pricing and reference data and valuation products. And so it's a full 360 relationship that positions us very well to partner with Barclays and other areas.

因此，它確實允許巴克萊銀行透過 CapIQ Pro 平台存取廣泛的產品和數據，同時也允許巴克萊銀行團隊提交他們的定價數據，例如，跨越各種金融工具，以納入我們的定價和參考資料和估值產品。因此，這是一種全方位的關係，使我們能夠與巴克萊銀行和其他地區建立良好的合作關係。

When it relates -- as it regards to or -- as it relates to lumpiness, I would say that we will across our CCO coverage, we're going to work really diligently with our clients to identify opportunities and convert opportunities. I wouldn't necessarily see this as being a contributor to revenue lumpiness. But at the same time, we're not necessarily -- we won't necessarily wait for renewal dates and things like that if we see opportunities to be more strategic with them.

當它涉及或涉及塊狀時，我想說，我們將透過我們的 CCO 覆蓋範圍，與我們的客戶一起認真努力地尋找機會並轉化機會。我不認為這會是造成收入不穩定的因素。但同時，如果我們看到有機會對他們採取更具策略性的措施，我們不一定會——我們不一定會等待續約日期和諸如此類的事情。

So that's a flavor of it, I would say, Russell, thanks for the question.

這就是它的一部分，我想說，拉塞爾，謝謝你的提問。

Surinder Thind, Jefferies.

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

Just focusing on the investments and just a big picture here, two related items. One is, should we get outperformance in the year, should that generally flow to margins? Or do you think you'll just reinvest it back in the business? And then philosophically, when we think about all of the change and all of the opportunity ahead, should we be entering a period of maybe elevated investment relative to historical?

只關注投資和整體情況，這裡有兩個相關項目。一是，我們今年是否應該取得優異的業績，這是否應該轉化為利潤率？或者您認為您只是將其重新投資於業務？然後從哲學角度來看，當我們思考未來的所有變化和所有機會時，我們是否應該進入一個相對於歷史而言投資增加的時期？

Surinder, it's Eric. Let me start. Clearly, we have a need to continue to reinvest in our business. That's across products, across coverage in sales. It's across technology and all the ways that Martina described how we increasingly distribute our offerings through a variety of different channels. And that's important for us to do, and is a way to both -- and in a balanced way, to be honest, drive revenue growth and margin because with those investments come higher revenues.

Surinder，我是 Eric。讓我開始吧。顯然，我們需要繼續對我們的業務進行再投資。這是跨產品、跨銷售覆蓋範圍的。Martina 描述了我們如何透過各種不同的管道越來越多地分銷我們的產品，這涉及技術以及所有方式。這對我們來說很重要，這是一種平衡的方式，老實說，它可以推動收入成長和利潤率，因為這些投資會帶來更高的收入。

Those we'd like to recapture in further investments in subsequent periods and then further revenues in subsequent periods to that. And at the same time, we do want to expand margins. And I think you saw that in our -- effectively in our guide -- our full year guide this year, which was both around revenue growth, continued investment.

我們希望在後續期間透過進一步的投資重新獲得這些收益，然後在後續期間獲得更多的收入。同時，我們確實希望擴大利潤率。我想你們在我們的指南中看到了這一點——實際上在我們今年的全年指南中，它圍繞著收入成長和持續投資。

And then continued productivity that actually funds those investments in such a way that we can continue to grow while also widening our margins. So clearly, some are both, and it's balanced and important part of the business model. And I think this year, the guide and the first half performance shows it's working quite well.

然後持續的生產力實際上為這些投資提供資金，使我們能夠繼續成長，同時擴大我們的利潤率。顯然，有些是兩者兼而有之，這是商業模式的平衡且重要的一部分。我認為今年的指南和上半年的表現表明它運行得相當好。

Yes. And Surinder, the only other point I would add to that is we're obviously between Eric, myself and the rest of the executive leadership team working on the overall medium-term plan, which we look forward to sharing with you at investor day, and we're excited about the opportunities for the business overall going forward. Well, I'll take it home here. Thank you all for joining us today.

是的。蘇林德，我唯一想補充的一點是，我們顯然是在埃里克、我本人和其他執行領導團隊之間制定整體中期計劃，我們期待在投資者日與大家分享該計劃，我們對未來業務整體發展的機遇感到興奮。好吧，我就把它帶回家。感謝大家今天的參與。

As we close out of the second quarter, I want to take a moment to reflect on our performance and extend my gratitude to everybody who contributed to our success. I'm deeply proud of our team's execution this quarter. We remain focused on generating long-term profitable growth and delivering consistent value to our shareholders.

在我們結束第二季度之際，我想花點時間回顧我們的表現，並向所有為我們的成功做出貢獻的人表示感謝。我對我們團隊本季的表現深感自豪。我們始終致力於實現長期獲利成長並為股東提供持續的價值。

With our unique strength in industry benchmarks, data technology and combined with the incredible talent of our people, we're very well positioned for future success. And I look forward to sharing more with you in the future. Thank you once again for joining us on today's call.

憑藉我們在行業基準、數據技術方面的獨特優勢，以及員工的非凡才能，我們為未來的成功做好了充分的準備。我期待將來能與大家分享更多。再次感謝您參加今天的電話會議。

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

謝謝。今天早上的通話到此結束。演講者投影片的PDF版本可從investor.spglobal.com下載。完整電話會議的回放將在約兩小時後提供。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。我謹代表標普全球感謝您的參與並祝您有美好的一天。