標普全球 (SPGI) 2025 Q3 法說會逐字稿

Good morning, and welcome to S&P Global's third-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年第三季財報電話會議。我想告知您，本次通話將被錄音並用於廣播。（操作說明）若要存取網路直播和投影片，請造訪 investor.spglobal.com。（操作說明）

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

現在我謹向大家介紹標普全球投資者關係資深副總裁兼財務長馬克‧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 third-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，感謝各位參加今日的標普全球2025年第三季財報電話會議。今天出席電話會議的有總裁兼執行長 Martina Cheung 和財務長 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.

我們今天早些時候發布了包含研究結果的新聞稿。此外，我們還發布了一份補充幻燈片，其中包含有關我們研究結果和指導意見的更多資訊。如果您需要新聞稿和財務報表或補充資料的副本，可以從 investor.spglobal.com 下載。

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

今天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》意義上的前瞻性陳述，包括對未來事件的預測、估計和描述。任何此類聲明均基於當前的預期和當前的經濟狀況，並受風險和不確定性的影響，這些風險和不確定性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 表格和 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.

在今天的獲利報告和電話會議中，我們將提供非GAAP調整後的財務資訊。提供這些資訊是為了讓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'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise.

獲利報告包含依照 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；新聞稿和補充資料中包含此類 GAAP 指標和非 GAAP 指標的調整表。除非另有明確說明，我們今天討論的財務指標均指非GAAP調整後的指標。

I would also like to call your attention to certain European regulations. Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact Investor Relations to better understand the potential impact of this legislation on the investor and the company. We are aware that we have some media representatives with us on the call. However, this call is intended for investors, and we would ask that questions from the media be directed to our Media Relations team, whose contact information can be found in the press release.

我還想提請您注意一些歐洲法規。任何持有或預期持有標普全球 5% 或以上股份的投資者都應聯繫投資者關係部門，以便更好地了解該立法對投資者和公司可能產生的影響。我們知道通話中有一些媒體代表在場。然而，本次電話會議僅面向投資者，媒體如有任何問題，請聯絡我們的媒體關係團隊，其聯絡方式可在新聞稿中找到。

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

此時，我想把電話交給張敏娜。瑪蒂娜？

Thank you, Mark. In the third quarter, we delivered record revenue, record operating profit and record EPS. On every headline financial metric, it was the strongest quarter we've ever had. Revenue increased 9% year-over-year, with subscription revenue increasing 6%. We continue to make important strategic investments while focusing on productivity and disciplined execution.

謝謝你，馬克。第三季度，我們實現了創紀錄的收入、創紀錄的營業利潤和創紀錄的每股盈餘。從所有主要財務指標來看，這是我們有史以來表現最好的季度。營收年增 9%，其中訂閱收入成長 6%。我們將繼續進行重要的策略性投資，同時專注於提高生產力並嚴格執行。

This allowed us to deliver 180 basis points of margin expansion on a trailing 12-month basis, and increase our adjusted EPS by 22%. We also returned nearly $1.5 billion to shareholders through dividends and buybacks since our last earnings call.

這使我們能夠在過去 12 個月內實現 180 個基點的利潤率擴張，並將調整後的每股盈餘提高 22%。自上次財報電話會議以來，我們也透過分紅和股票回購向股東返還了近 15 億美元。

We're also announcing today that we expect to launch an additional $2.5 billion share repurchase during the fourth quarter following our Investor Day. This will allow us to return approximately 85% of 2025 adjusted free cash flow while still using the net proceeds from the OSTTRA divestiture for additional share repurchases. We now expect to fund the acquisition of With Intelligence through a combination of $1 billion in incremental debt and cash on hand.

我們今天也宣布，在投資者日之後，我們預計將在第四季度啟動額外的 25 億美元股票回購計畫。這將使我們能夠在 2025 年調整後自由現金流的約 85% 的基礎上，繼續利用 OSTTRA 出售所得淨收益進行額外的股票回購。我們現在預計將透過新增 10 億美元債務和自有現金相結合的方式為收購 With Intelligence 提供資金。

The double-digit revenue growth in our Ratings and Indices businesses really highlight the incredible value of our global franchises. The investments we've made in prior years, particularly in capacity, new products and technology allow us to efficiently meet market demand in these periods of favorable market conditions.

我們評級和指數業務兩位數的營收成長，真正凸顯了我們全球特許經營權的巨大價值。我們在前幾年進行的投資，尤其是在產能、新產品和技術方面的投資，使我們能夠在當前市場條件有利的時期有效地滿足市場需求。

Market Intelligence also saw another quarter of revenue acceleration on both a reported and organic basis. Improvements in productivity and execution have supported the acceleration of revenue growth and margin expansion in the quarter. We continue to be pleased with the results the teams are delivering.

市場情報部門也發現，無論按報告數據還是有機成長來看，收入都連續第二季實現了加速成長。本季度，生產效率和執行力的提升推動了收入成長和利潤率的擴大。我們對各團隊所取得的成績依然感到滿意。

We've been focused on innovation across the company, and we made some very exciting announcements recently that we believe will accelerate our leadership in strategically important areas. As I'll discuss in a moment, we've announced a number of important advancements in AI. We also announced the planned acquisition of With Intelligence, and we announced an exciting partnership with both Cambridge Associates and Mercer. This multipronged approach to innovation and growth allows us to be nimble and decisive in our approach to strategic growth and combine assets in unique ways to serve our customers.

我們一直專注於公司各方面的創新，並且最近發布了一些非常令人振奮的消息，我們相信這些消息將加速我們在具有戰略意義的領域的領先地位。我稍後會談到，我們已經宣布了人工智慧領域的一些重要進展。我們還宣布了收購 With Intelligence 的計劃，並宣布與 Cambridge Associates 和 Mercer 建立令人興奮的合作夥伴關係。這種多管齊下的創新和成長方式使我們能夠靈活果斷地採取策略性成長策略，並以獨特的方式組合資產來服務我們的客戶。

We also wanted to call attention to our progress in artificial intelligence. And later in the call, I'll give a bit of a preview into some of what we'll be discussing at Investor Day. This morning, we announced in our press release that we have signed an agreement to divest our enterprise data management and businesses subject to customary closing conditions.

我們也想重點介紹我們在人工智慧領域的進展。在稍後的電話會議中，我將對投資者日上我們將要討論的一些內容進行一些預告。今天上午，我們在新聞稿中宣布，我們已簽署協議，將在滿足慣例成交條件的前提下剝離我們的企業資料管理和業務。

This is a continuation of our efforts to streamline and simplify our business while making sure that our products and services are strategically aligned. We will always strive to be good stewards of our portfolio of businesses, and we may continue to make tactical divestitures from time to time. However, with these announcements, we can say that this multiyear exercise of portfolio optimization within Market Intelligence is substantially complete.

這是我們持續努力精簡業務流程，同時確保產品和服務在策略上保持一致的另一個舉措。我們將始終努力善待我們的業務組合，並可能不時進行戰術性資產剝離。然而，隨著這些公告的發布，我們可以說，市場情報部門多年來的投資組合優化工作已基本完成。

Before I get into further details of our performance this quarter, I want to touch on some leadership announcements we've made recently. First, Dan Draper and Swamy Kocherlakota will be departing as previously announced, and second, MMark Eramo will be retiring.

在詳細介紹本季業績之前，我想先談談我們最近發布的一些領導層人事變動。首先，正如先前宣布的那樣，Dan Draper 和 Swamy Kocherlakota 將離開；其次，MMark Eramo 將退休。

I want to extend my heartfelt thanks to each of them for their meaningful contributions and leadership over the years and for their help to ensure a smooth transition. With Mark's retirement, Dave Ernsberger will assume the role of sole President of Commodity Insights. We're also thrilled to welcome Catherine Clay as the new CEO of S&P Dow Jones Indices, who will be joining next week.

我要衷心感謝他們多年來的卓越貢獻和領導才能，以及為確保平穩過渡所做的貢獻。隨著馬克退休，戴夫恩斯伯格將擔任商品洞察公司唯一的總裁。我們也非常高興地歡迎 Catherine Clay 出任標普道瓊斯指數公司新任首席執行官，她將於下周到任。

Now turning to the current market conditions. Billed Issuance increased 13% year-over-year in the quarter, with particular strength in high-yield and structured finance. Equity markets continued to perform well in the third quarter as equity prices and equity inflows, both contributed to a very strong quarter in our Indices business.

現在來談談當前的市場狀況。本季已發行債券年增 13%，其中高收益債券和結構性融資債券表現尤為強勁。第三季度，股票市場持續表現良好，股票價格和股票資金流入都為我們的指數業務帶來了非常強勁的業績。

With volatility tempering from the elevated levels we saw in the second quarter, our ETG growth moderated somewhat as well, but remained positive against a difficult compare from last year. While we have seen some pull forward of high-yield refinancing from the 2026 maturity wall, we remain encouraged by the fact that for high yield specifically, the Q4 maturity wall is 6% higher than what we saw at this point last year, while the one-year forward maturity wall also remains healthy.

由於波動性較第二季的高點有所緩解，我們的 ETG 成長也略有放緩，但與去年同期相比仍保持正成長。雖然我們看到一些高收益債券的再融資提前至 2026 年到期，但我們仍然感到鼓舞的是，就高收益債券而言，第四季度的到期日比去年同期高出 6%，而一年期遠期到期日也保持健康。

In investment grade, the Q4 roll is very modestly lower than what we saw last year, while the one-year forward maturity roll is still higher. Our outlook for the rest of the year assumes Billed Issuance growth in the mid- to high teens range in the fourth quarter and assumes that US equity markets are flat from September 30. Eric will walk through what that means for guidance in a moment.

投資等級債券中，第四季展期規模略低於去年同期水平，而一年期遠期展期規模仍較高。我們對今年剩餘時間的展望假設第四季度債券發行量增長在 15% 到 10% 之間，並假設美國股市從 9 月 30 日起保持穩定。埃里克稍後會詳細解釋這對指導意味著什麼。

Now turning to some very exciting news from earlier this month, we announced the planned acquisition of With Intelligence, which we expect to close by early 2026, subject to customary conditions. With Intelligence brings an incredible amount of differentiated data on private markets, including extensive data and private equity, private credit, infrastructure, hedge funds and family offices. Importantly, this data is sourced directly from asset allocators and fund managers.

現在就來談談本月初一些非常令人興奮的消息，我們宣布計劃收購 With Intelligence，預計將於 2026 年初完成，但需滿足慣例條件。With Intelligence 帶來了大量關於私募市場的差異化數據，包括廣泛的私募股權、私募信貸、基礎設施、對沖基金和家族辦公室的數據。重要的是，這些數據直接來自資產配置者和基金經理人。

S&P Global can combine that contributory data with our already massive data estate covering more than 50 million private companies. Our pricing and valuation data from MI, Credit Ratings and Estimates, energy data from CI and infrastructure and data center information from 451 Research. This unique combination of differentiated private markets data will allow S&P Global to provide essential intelligence to customers that they will not be able to get from any other provider.

標普全球可以將這些補充資料與我們已有的涵蓋超過 5,000 萬家私人公司的龐大資料資源結合。我們的定價和估值數據來自 MI、信用評級和估算，能源數據來自 CI，基礎設施和數據中心資訊來自 451 Research。這種獨特的差異化私募市場數據組合將使標普全球能夠為客戶提供其他任何供應商都無法提供的關鍵資訊。

The team at With Intelligence has built a truly incredible company, and we believe that we will be able to accelerate the growth of With Intelligence as part of S&P Global's Market Intelligence division. Our goal is to create the most comprehensive solution for private market participants anywhere in the world.

With Intelligence 團隊打造了一家真正了不起的公司，我們相信，作為 S&P Global 市場情報部門的一部分，我們將能夠加速 With Intelligence 的發展。我們的目標是為全球私募市場參與者打造最全面的解決方案。

We're excited to tell you more about our long-term vision for private markets at Investor Day in a couple of weeks, but this acquisition helps us take another meaningful step towards turning that vision into reality. The acquisition of With Intelligence is just one of the many ways we are adding to innovation. In the last few months, we've also made some very exciting announcements around our organic product innovation.

我們很高興能在幾週後的投資者日上向大家詳細介紹我們對私募市場的長期願景，但此次收購幫助我們朝著實現這一願景邁出了又一個有意義的步伐。收購 With Intelligence 只是我們眾多創新措施之一。在過去的幾個月裡，我們也圍繞著有機產品創新發布了一些非常令人興奮的消息。

In the third quarter, we announced AI-powered document search within iLEVEL. This comes quickly after the launch of automated data ingestion or ADI, in iLEVEL earlier this year. iLEVEL is already the leading platform for private markets portfolio monitoring. And while ADI made it easier for users to bring new data into the platform, Document Search makes it easier for them to get portfolio intelligence out of the platform.

第三季度，我們宣佈在 iLEVEL 中推出 AI 驅動的文件搜尋功能。此前不久，iLEVEL於今年稍早推出了自動資料採集（ADI）功能。 iLEVEL已成為私募市場投資組合監控領域的領先平台。雖然 ADI 讓使用者更容易將新資料匯入平台，但文件搜尋讓使用者更容易從平台取得投資組合資訊。

Just last week, we announced the launch of Document Intelligence 2.0 within Capital IQ Pro. The new Document Intelligence allows users to extract real insights across multiple documents simultaneously. We've brought deep research functionality and allowed users to leverage that within our data and content without ever having to leave the Capital IQ platform.

就在上週，我們宣佈在 Capital IQ Pro 中推出文檔智能 2.0。全新的文檔智慧功能使用戶能夠同時從多個文件中提取真正的洞察資訊。我們引入了深度研究功能，使用戶無需離開 Capital IQ 平台即可利用我們的數據和內容進行研究。

Users can now analyze multiple documents from different sources, including filings, transcripts, investor presentations, news and proprietary research, all simultaneously through a familiar conversational interface. We're not just making our products better either, we're also innovating new ways to let users interact with our data and content.

使用者現在可以透過熟悉的對話介面，同時分析來自不同來源的多個文檔，包括文件、筆錄、投資者簡報、新聞和專有研究。我們不僅在不斷改進產品，還在創新讓用戶與我們的數據和內容互動的新方式。

In recent months, we've announced collaborations with Microsoft Anthropic. Google, Salesforce, IBM and others, to make sure that wherever our customers are working, they are doing it with S&P Global's differentiated data. While still in early stages and with strong IP protections in place, we view these collaborations as important ways to reach new customers and help our existing customers to get the most out of the leading tools in the market. We'll have demos of all of these innovations available in the product showcase at our Investor Day in just a few weeks.

近幾個月來，我們宣布與微軟人道組織展開合作。Google、Salesforce、IBM 等公司，確保我們的客戶無論在哪裡工作，都能使用 S&P Global 的差異化資料。雖然仍處於早期階段，並且擁有強大的智慧財產權保護，但我們認為這些合作是接觸新客戶並幫助現有客戶充分利用市場上領先工具的重要途徑。我們將在幾週後的投資者日產品展示會上展示所有這些創新成果。

Back in September, we announced a strategic collaboration with investment firms, Cambridge Associates and Mercer to deliver comprehensive private markets performance analytics, and we expect to launch a beta by year-end. We also announced the collaboration with Centrifuge to bring the S&P 500 Index on chain, expanding access to the world's most widely recognized benchmark. Centrifuge is a decentralized infrastructure provider specializing in real-world asset integration. And this collaboration lets us enter the fund tokenization space by licensing the S&P 500 Index.

早在 9 月份，我們就宣布與投資公司 Cambridge Associates 和 Mercer 進行策略合作，以提供全面的私募市場績效分析，我們預計在年底前推出測試版。我們也宣布與 Centrifuge 合作，將標普 500 指數上鍊，擴大了對全球最受認可的基準指數的訪問。Centrifuge 是一家去中心化基礎設施供應商，專門從事現實世界資產整合。此次合作使我們能夠透過獲得標普 500 指數的授權進入基金代幣化領域。

In addition to the acquisition of With Intelligence, we also recently announced the completion of our acquisition of ARC Research. ARC Research is the leading independent provider of investment performance data benchmarking capabilities and insights in the private wealth market. It maintains the world's largest proprietary data set of more than 500,000 private client portfolios with decades of history. We're thrilled to add ARC Research's impressive capabilities to our wealth initiatives within S&P Dow Jones Indices.

除了收購 With Intelligence 之外，我們最近還宣布完成了對 ARC Research 的收購。ARC Research 是私人財富市場領先的獨立投資績效數據基準能力和洞察提供者。它擁有全球最大的專有資料集，包含超過 50 萬個私人客戶投資組合，並擁有數十年的歷史資料。我們非常高興能將 ARC Research 的卓越能力納入標普道瓊指數的財富管理計畫中。

We continue to look for new ways to meet our customers' needs and these recent announcements of organic innovation, strong partnerships and the acquisition of truly differentiated assets are all examples of S&P Global driving greater customer value. We're seeing that show up in our customer conversations as well.

我們不斷尋找滿足客戶需求的新方法，最近宣布的這些關於內部創新、強大的合作夥伴關係以及收購真正差異化資產的消息，都是標普全球為客戶創造更大價值的例證。我們在與客戶的對話中也看到了這一點。

In the third quarter, we had another major investment bank adopt Capital IQ Pro as its primary desktop solution in a competitive displacement, driven by the value in our data transparency, modeling flexibility and strategic support through a full migration to Capital IQ Pro, Visible Alpha and our GenAI capabilities. We also had a very strong expansion with a large global asset manager in the quarter where we were able to demonstrate clear customer value across multiple products, particularly within the software solutions of Market Intelligence and more than triple the total value of the contract.

第三季度，另一家大型投資銀行在競爭中採用了 Capital IQ Pro 作為其主要桌面解決方案，這得益於我們的數據透明度、建模靈活性以及透過全面遷移到 Capital IQ Pro、Visible Alpha 和我們的 GenAI 功能而提供的策略支援。本季度，我們與一家大型全球資產管理公司也實現了強勁的成長，我們能夠在多個產品中展現出清晰的客戶價值，尤其是在市場情報軟體解決方案方面，合約總價值更是達到了三倍多。

Perhaps the best example of S&P Global moving from strength to strength is in the area of artificial intelligence. S&P moved early and powerfully into the AI space many years ago, and we have continued to grow the business profitably ever since. As many of our investors will recall, we acquired Kensho back in 2018. Including that acquisition since 2018, we have invested over $1 billion in AI innovation across three developmental stages.

或許標普全球發展勢頭最強勁的例子就是人工智慧領域。標普多年前就已率先強勢進軍人工智慧領域，此後我們一直保持著這項業務的獲利成長。許多投資者應該還記得，我們​​在 2018 年收購了 Kensho。包括2018年以來的收購在內，我們在人工智慧創新領域已投資超過10億美元，涵蓋三個發展階段。

From 2018 through 2021, we invested to build out foundational capabilities through products like Kensho Link, Kensho Scribe, Kensho Nerd and Kensho Extract. These tools have enabled us to look across our global data estate, scrub, process of tag data and link that data across multiple data sets. We can also create machine-readable files from unstructured data like audio recordings of earnings transcripts and automate the ingestion and tagging of new data sets. These foundational capabilities are incredibly important in a world where machine-readable metadata is a prerequisite for usage of any data in an LLM.

從 2018 年到 2021 年，我們投資開發了 Kensho Link、Kensho Scribe、Kensho Nerd 和 Kensho Extract 等產品，以建立基礎能力。這些工具使我們能夠查看全球數據資產，清理、處理標籤數據，並將這些數據連結到多個數據集。我們也可以從非結構化資料（例如收入記錄的錄音）建立機器可讀文件，並自動擷取和標記新的資料集。在機器學習模型中，任何資料的使用都必須以機器可讀元資料為前提，因此這些基礎功能在當今世界顯得特別重要。

In 2022, we shifted to early innovation in GenAI. With the advent of large language models, our early actions in AI positioned us very well to leverage our expertise in the field and find exciting applications of LLMs in our ecosystem. We launched the first version of Document Intelligence as well as ChatIQ within Capital IQ Pro and conversational search in our S&P Global marketplace. As more and more of our customers were coming to us for help finding ways to marry S&P data with the rapidly evolving technology, we accelerated the deployment of GenAI in our products over the last three years.

2022年，我們轉向了GenAI的早期創新。隨著大型語言模型的出現，我們在人工智慧領域的早期行動使我們能夠很好地利用我們在該領域的專業知識，並在我們的生態系統中找到大型語言模型的令人興奮的應用。我們在 Capital IQ Pro 中推出了第一版文件智慧和 ChatIQ，並在 S&P Global 市場中推出了對話式搜尋功能。過去三年，隨著越來越多的客戶前來尋求幫助，希望找到將標普數據與快速發展的技術相結合的方法，我們加快了在產品中部署 GenAI 的速度。

You can see that on the slide, almost all of the new GenAI-powered products, features and enhancements were both leveraging the foundational AI technology built by Kensho over the past seven years. Importantly, our AI innovation serves as a powerful example of our ability to leverage our scale, our expertise and our fiscal discipline. The fact that we made such bold investments early on means that we've been able to innovate very efficiently from a financial perspective.

從幻燈片上可以看出，幾乎所有新的 GenAI 驅動的產品、功能和改進都利用了 Kensho 在過去七年中構建的基礎 AI 技術。重要的是，我們的人工智慧創新有力地證明了我們能夠利用自身的規模、專業知識和財務紀律。我們早期進行的這些大膽投資意味著，從財務角度來看，我們能夠非常有效率地進行創新。

Aside from 2022, we have delivered meaningful margin expansion every year since we acquired Kensho in 2018 while still accelerating our AI innovation. We are confident we'll be able to continue driving both technological innovation and margin expansion in the years to come, which brings me back to our stellar financial results in the third quarter.

除了 2022 年之外，自 2018 年收購 Kensho 以來，我們每年都實現了利潤率的顯著成長，同時也加速人工智慧創新。我們有信心在未來幾年繼續推動技術創新和利潤率擴張，這讓我想起了我們第三季出色的財務表現。

Eric will provide more details shortly, but our results in the third quarter really spotlight the hard work, dedication and spectacular execution of our teams around the world. Not only did we see accelerating revenue growth for S&P Global but we saw another consecutive quarter of acceleration in MI on both a reported and an organic basis. We also achieved meaningful margin expansion on a trailing 12-month basis in every single one of our divisions.

Eric 稍後會提供更多細節，但我們第三季的業績確實突顯了我們全球團隊的辛勤工作、奉獻精神和出色執行力。我們不僅看到標普全球的營收成長加速，而且看到市場基礎設施​​（MI）在報告數據和有機成長方面連續第二季加速成長。在過去 12 個月中，我們所有部門的利潤率都實現了顯著增長。

We are pleased with the results in the quarter and look forward to seeing many of you at our Investor Day in just a couple of weeks. Eric, over to you.

我們對本季的業績感到滿意，並期待在幾週後的投資者日上見到各位。艾瑞克，該你了。

Thank you, Martina, and good morning, everyone. Starting with slide 12. The third quarter demonstrated the power of our business as we delivered accelerating revenue growth and very significant margin expansion while still reinvesting in product innovation.

謝謝你，瑪蒂娜，大家早安。從第12張投影片開始。第三季展現了我們業務的實力，我們在實現加速收入成長和利潤率大幅提升的同時，仍然繼續投資於產品創新。

Reported and organic constant currency revenue both grew 9%, while expenses grew 2%, enabling us to deliver 330 basis points of year-on-year margin expansion to 52.1%. Excluding the contribution from OSTTRA, which was divested earlier this month, adjusted margins would have been 51.6% and margin expansion would have been slightly higher.

報告收入和有機固定匯率收入均成長了 9%，而支出成長了 2%，使我們能夠實現年比利潤率成長 330 個基點，達到 52.1%。如果排除本月稍早剝離的 OSTTRA 的貢獻，調整後的利潤率將達到 51.6%，利潤率擴張幅度還會略高一些。

Through our disciplined execution and continued capital returns, we delivered 22% growth in adjusted diluted EPS. While this slide demonstrates the diversity of our revenue streams across the divisions, we also want to provide some additional insight into the different types of products and services that generate that revenue for us.

透過我們嚴謹的執行和持續的資本回報，我們實現了調整後稀釋每股收益成長 22%。雖然這張投影片展現了我們各部門收入來源的多樣性，但我們也想進一步介紹為我們創造這些收入的不同類型產品和服務。

The majority of our revenue comes from the benchmarks we provide, all of Ratings, all of Indices, all of Platts within Commodity Insights as well as the distribution of our Ratings content through credit and risk solutions in MI. We also generate revenue from workflow tools and software by Capital IQ and the Enterprise Solutions business in Market Intelligence, and a portion of the Upstream business and Commodity Insights.

我們的大部分收入來自我們提供的基準、所有評級、所有指數、所有 Platts 商品洞察，以及透過 MI 的信用和風險解決方案分發我們的評級內容。我們也透過 Capital IQ 的工作流程工具和軟體以及市場情報企業解決方案業務，以及上游業務和商品洞察業務的一部分來創造收入。

Our proprietary content, research and data sets as well as data that is heavily curated, enhanced and linked makes up the rest of the Commodity Insights and a large portion of MI's data analytics and Insights business. What is left is data that is publicly available and not materially enhanced by S&P Global. That portion makes up about 12% of Market Intelligence and less than 5% of the company's total revenue.

我們專有的內容、研究和數據集，以及精心策劃、增強和連結的數據，構成了商品洞察的其餘部分，也是 MI 數據分析和洞察業務的很大一部分。剩下的都是公開可用的數據，並且沒有經過標普全球的實質增強。這部分業務約佔市場情報業務的 12%，不到公司總收入的 5%。

That means that over 95% of the revenue is derived from proprietary sources and the value that we generate for our customers really can't be replicated by any other single company. We plan to provide more detail around this breakdown at our Investor Day, where we thought it would be helpful in the current environment to at least provide this early view.

這意味著超過 95% 的收入來自專有資源，我們為客戶創造的價值是其他任何公司都無法複製的。我們計劃在投資者日上提供更多關於此次細分的信息，我們認為在當前環境下，至少提供這種初步信息會有所幫助。

Slide 13 illustrates the progress we are making in key strategic growth areas. Energy transition and sustainability revenue grew 6% to $96 million in the quarter, driven by demand for Data and Insights from Commodity Insights and Sustainability products in our Indices division.

第 13 張投影片展示了我們在關鍵策略成長領域的進展。本季能源轉型和永續發展收入成長 6% 至 9,600 萬美元，這主要得益於市場對我們指數部門商品洞察和永續發展產品的數據和洞察的需求。

Moving to Private Markets. Our revenue growth doubled from last quarter, accelerating to 22% year-over-year to $164 million. Growth was primarily driven by Ratings benefiting from strength in private debt issuance and middle-market CLOs. S&P is committed to bringing increased transparency to the private markets and our acquisition of With Intelligence as well as our recent partnerships will enable us to further deliver on this mission while reinforcing our leadership position and accelerating our revenue growth.

轉向私募市場。我們的營收較上季翻了一番，年增22%，達到1.64億美元。成長主要得益於評等機構受惠於私募債務發行和中端市場CLO的強勁表現。標普致力於提高私募市場的透明度，我們收購 With Intelligence 以及最近的合作關係將使我們能夠進一步實現這一使命，同時鞏固我們的領導地位並加速我們的收入成長。

We are very excited to announce that in the third quarter, we achieved our merger revenue synergy target on a run rate basis, well in advance of the timeline we laid out back in 2022. We exited the quarter with $255 million of run rate synergies and thus no longer expect to report on these synergies going forward. Finally, our ability to innovate across our business remained a key growth driver in the third quarter. We continue to deliver a Vitality Index at or above our 10% target.

我們非常高興地宣布，在第三季度，我們按運行率實現了合併收入協同效應目標，遠遠提前於我們在 2022 年制定的時間表。本季末，我們實現了 2.55 億美元的營運綜效，因此預計未來不再報告這些協同效應。最後，我們在業務各環節的創新能力仍是第三季成長的關鍵驅動力。我們持續維持活力指數達到或超過10%的目標。

Turning to our divisions. On slide 14, Market Intelligence accelerated revenue growth on both a reported and organic basis in the third quarter. We're particularly encouraged by the 8% organic constant currency growth, which represents the strongest organic growth in MI in six quarters. Continued strength in subscription was augmented by double-digit growth in our volume-driven products. We look forward to finishing the year strong.

接下來談談我們的部門。第 14 頁顯示，市場情報部門第三季報告的收入和有機收入均實現了加速成長。我們對 8% 的自然成長率（以固定匯率計算）尤其感到鼓舞，這是 MI 六個季度以來最強勁的有機成長。訂閱業務的持續強勁成長，得益於我們銷售驅動型產品兩位數的成長。我們期待以強勁的勢頭結束今年。

Data Analytics and Insights had revenue growth of 5%, with organic revenue growth up 6% year-over-year, aided by especially strong demand for industry and company data. Enterprise Solutions benefited from an increase in issuance volumes in the secondary loan markets and strong demand for our lending workflow solutions as well as robust growth in subscription products.

數據分析與洞察業務的收入成長了 5%，其中有機收入年增 6%，這主要得益於對產業和公司數據的強勁需求。企業解決方案部門受益於二級貸款市場發行量的增加、對我們貸款工作流程解決方案的強勁需求以及訂閱產品的強勁成長。

Reported revenue growth of 9% included the impact of $10 million in Fincentric revenue in the year ago period. Excluding that impact, organic growth accelerated to 13% year-over-year. Credit and Risk Solutions grew 6% on a reported and organic basis, continuing to benefit from demand for Ratings data feeds that are catering to client needs for digitization and automation.

報告顯示，營收成長 9%，其中包括去年同期 Fincentric 1,000 萬美元的營收。剔除此因素的影響，有機成長較去年同期成長13%。信用與風險解決方案業務按報告和自然增長計算增長了 6%，繼續受益於對評級資料來源的需求，這些資料來源滿足了客戶對數位化和自動化的需求。

Adjusted expenses increased 1% year-over-year, largely driven by higher base compensation expense, partially offset by productivity savings and elevated incentive compensation last year. This resulted in Market Intelligence's very significant operating margin expansion of 360 basis points to 35.6%.

調整後的費用年增 1%，主要原因是基本薪酬支出增加，部分被生產力提高帶來的節省和去年較高的激勵性薪酬所抵消。這使得市場情報公司的營業利潤率大幅成長了 360 個基點，達到 35.6%。

We are raising the low end of the guidance range for revenue growth given the acceleration in organic growth we've seen over the last two quarters. While we continue to expect some incremental investment expense to land in the fourth quarter, we are raising our guidance range for MI margins by 75 basis points at the midpoint for the full year.

鑑於過去兩季我們看到的有機成長加速，我們將營收成長預期範圍的下限上調。儘管我們仍然預計第四季度將出現一些新增投資支出，但我們將全年 MI 利潤率的預期範圍中位數提高了 75 個基點。

Now turning to Ratings on slide 15. In the third quarter, strong investor demand and resilient market sentiment contributed to a favorable financing environment and supported our growth in issuance volumes. Ratings revenue increased 12% year-over-year, well above our internal expectations and with the growth balance between both transaction and non-transaction revenues.

現在來看第 15 頁的評分。第三季度，強勁的投資者需求和堅韌的市場情緒創造了良好的融資環境，並支撐了我們的發行量成長。評級收入年增 12%，遠超我們的內部預期，且交易收入和非交易收入之間實現了成長平衡。

Transaction revenue grew 12% in the third quarter, benefiting from a particular strength in high-yield and bank loan issuance. Favorable market conditions supported refinancing activity as high-yield issuers took advantage of spreads and we continue to see elevated demand in structured finance.

第三季交易收入成長了 12%，這主要得益於高收益債券和銀行貸款發行的強勁表現。有利的市場環境支撐了再融資活動，高收益債券發行人利用利差獲利，我們繼續看到結構性融資需求強勁。

Non-transaction revenue also increased by 12% driven primarily by higher annual fee revenue. Contributions from initial Issuer Credit Ratings or ICR and Rating Evaluation Services, or RES, were both above our expectations as well. In fact, the third quarter was a record for us in RES revenue.

非交易收入也成長了 12%，主要原因是年度手續費收入增加。初始發行人信用評等 (ICR) 和評等評估服務 (RES) 的貢獻也都超出了我們的預期。事實上，第三季我們的再生能源收入創下了歷史新高。

Adjusted expenses declined 4% based on the lapping of elevated incentive compensation last year and continued productivity improvements. This contributed to the division's 540 basis points of margin expansion to 67.1%. We are raising our outlook to reflect the third quarter's outperformance and our assumption of continued favorable market conditions in the fourth quarter.

由於去年較高的激勵性薪酬到期以及生產力持續提高，調整後的費用下降了 4%。這使得該部門的利潤率提高了 540 個基點，達到 67.1%。我們上調了業績預期，以反映第三季的優異表現以及我們對第四季市場狀況持續向好的預期。

We expect Billed Issuance growth in the mid- to high teens range in the fourth quarter, driven by continued refinancing activity and opportunistic issuance. While we expect M&A volumes to improve going forward, we continue to expect 2025 volumes to be below historical norms, including in the fourth quarter.

我們預計第四季債券發行量將成長至十幾到二十幾個百分點，這主要得益於持續的再融資活動和機會性發行。雖然我們預計未來併購交易量將有所改善，但我們仍然預計 2025 年的交易量將低於歷史平均水平，包括第四季度。

And now turning to Commodity Insights on slide 16. Revenue increased 6%, largely driven by the eighth consecutive quarter of double-digit growth in Energy & Resources, Data & Insights. Energy & Resources Data & Insights and Price Assessments grew 11% and 7%, respectively.

現在請看第 16 頁的商品洞察部分。營收成長 6%，主要得益於能源與資源、數據與洞察業務連續第八個季度實現兩位數成長。能源與資源數據與洞察以及價格評估分別成長了 11% 與 7%。

Our commercial momentum persists as we continue to transition more customers to enterprise contract relationships though growth was somewhat tempered by the incremental sanctions, we called out last quarter. As I'm sure many of you saw, United States recently introduced additional sanctions just last week, and I'll walk you through the expected impact shortly.

雖然上個季度我們指出的逐步製裁在一定程度上抑制了成長，但我們仍保持著商業勢頭，繼續將更多客戶過渡到企業合約關係。正如你們許多人所看到的，美國上週剛剛出台了新的製裁措施，我稍後會向你們介紹這些制裁措施的預期影響。

Advisory and transactional services revenue grew 4%. We had another record quarter in Global Trading Services. However, we continue to see the impact of headwinds we called out last quarter primarily in consulting and non-subscription revenue associated with the uncertainty in the energy markets.

諮詢和交易服務收入成長了 4%。全球貿易服務業務又創下了一個季度的歷史新高。然而，我們仍然看到上個季度提到的不利因素的影響，主要體現在與能源市場不確定性相關的諮詢和非訂閱收入方面。

Upstream Data and Insights revenue declined 2% year-over-year as expected. The decline was driven by customer consolidation in the energy space and lower oil prices weighed on discretionary spending. We expect these headwinds to persist through the fourth quarter and likely into next year.

如預期，上游數據和洞察業務收入年減 2%。能源領域的顧客整合以及油價下跌抑制了可自由支配支出，是造成下滑的主因。我們預計這些不利因素將持續到第四季度，甚至可能延續到明年。

The Upstream business has some truly valuable and differentiated data, and we're working diligently to help our customers realize the value of our offering. As we mentioned last quarter, we are actively intervening by engaging with clients, accelerating product innovations and aligning commercial incentives to stabilize the business and reposition it for growth.

上游業務擁有一些真正有價值且與眾不同的數據，我們正在努力幫助我們的客戶實現我們產品的價值。正如我們上個季度所提到的，我們正在積極幹預，透過與客戶互動、加速產品創新和調整商業激勵措施來穩定業務並重新定位其以實現成長。

Adjusted expenses increased 6%, largely driven by the lap of a one-time credit related to higher royalty and conference costs and higher compensation expense, partially offset by productivity initiatives. Operating profit for Commodity Insights increased 7% and operating margin expanded by 30 basis points year-over-year to 48.1%.

調整後的費用增加了 6%，主要原因是與更高的版稅和會議費用以及更高的薪酬支出相關的一次性抵免額的到期，部分被提高生產力的舉措所抵消。Commodity Insights 的營業利潤年增 7%，營業利潤率年增 30 個基點至 48.1%。

We are tightening the ranges for both revenue growth and operating margin for the full year. While we continue to expect strong revenue growth and margin expansion in CI for full year 2025 and beyond, we do expect the modest headwinds we discussed today to persist into at least the early part of next year.

我們將收緊全年營收成長和營業利潤率的預期範圍。儘管我們繼續預期 CI 在 2025 年全年及以後將實現強勁的收入成長和利潤率擴張，但我們預計今天討論的這些小幅不利因素至少會持續到明年年初。

As I mentioned a moment ago, we have seen some additional sanctions introduced recently that could impact our Commodity Insights business. In total, we expect the sanctions introduced since we gave our initial guidance in February that contribute a headwind of approximately $6 million, the Commodity Insights in 2025 and approximately $20 million of headwinds in 2026. This, of course, assumes the current sanctions remain in place and no new sanctions are introduced.

正如我剛才提到的，最近發布了一些新的製裁措施，這些措施可能會影響我們的商品洞察業務。總的來說，我們預計自 2 月我們給出初步指導以來實施的製裁將造成約 600 萬美元的不利影響，2025 年商品洞察報告將造成約 2000 萬美元的不利影響，2026 年將造成約 2000 萬美元的不利影響。當然，這假設目前的製裁措施繼續有效，並且沒有發布新的製裁措施。

Now turning to Mobility on slide 17. Revenue grew 8% year-over-year, highlighting the mission-critical nature of the division's products and strong execution, notwithstanding the ongoing tariff and regulatory uncertainty lingering across the OEM and manufacturing end markets. revenue increased 10% year-over-year, driven by strong performance in products such as CARFAX and automotive mastermind.

現在來看第 17 頁的「移動性」部分。儘管OEM和製造終端市場持續面臨關稅和監管方面的不確定性，但該部門的收入仍同比增長8%，凸顯了其產品的關鍵性以及強大的執行力。此外，CARFAX和汽車大師等產品的強勁表現也推動了營收年增10%。

Manufacturing revenue declined 3% year-over-year as tariffs and related uncertainty weighed on consulting revenues and discretionary spending at automotive OEMs. Financials and other increased 12% as the business line continues to benefit from the strong underwriting volumes and commercial momentum.

受關稅及相關不確定性影響，汽車原始設備製造商的諮詢收入和可自由支配支出受到影響，製造業收入較去年同期下降 3%。財務及其他業務成長了 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 grew 6%, driven by continued advertising and promotional investment but offset by strong operating leverage and the lapping of elevated incentive compensation last year. Segment margins improved 110 basis points year-over-year to 43.3%. Lastly, we remain on track to meet our key milestones for our spin-off of our Mobility division. We will continue to keep investors updated on the progress of the separation.

調整後的費用增加了 6%，主要原因是廣告和促銷投資的持續成長，但卻被強勁的營運槓桿和去年較高的激勵性薪酬所抵消。分部利潤率年增 110 個基點，達到 43.3%。最後，我們仍按計劃實現我們分拆移動出行部門的關鍵里程碑。我們將繼續向投資者通報分拆進度。

Now turning to S&P Dow Jones Indices on slide 18. Revenue increased 11% with double-digit growth in asset-linked fees, which benefited from both higher AUM and net inflows and in data and custom subscription revenue. Revenue associated with asset-linked fees grew 14% in the third quarter.

現在請看第 18 張投影片，了解標普道瓊指數。收入成長了 11%，其中資產相關費用實現了兩位數成長，這得益於更高的資產管理規模和淨流入，以及數據和客製化訂閱收入的成長。第三季與資產掛鉤費用相關的收入成長了 14%。

This was driven by higher equity market appreciation and strong net inflows into products based on S&P Dow Jones Indices. Exchange-traded derivatives revenue were up 1% against a difficult year-over-year comparison, supported by higher average daily volumes in our SPX CTDs.

這主要得益於股票市場上漲以及基於標普道瓊斯指數的產品資金淨流入強勁。儘管同比基數較高，但交易所交易衍生性商品收入仍成長了 1%，這主要得益於 SPX CTD 平均每日交易量的增加。

Data and custom subscriptions increased 10% year-over-year, driven by new business growth in end-of-day contracts, which posted low double-digit growth and growth in our real-time offerings. Adjusted expenses were up 7% year-over-year, driven by strategic investments, partially offset by lower incentives.

數據和客製化訂閱年增 10%，這主要得益於當日合約新業務的成長（實現了兩位數的低成長）以及即時產品的成長。經調整後的費用年增 7%，主要得益於策略性投資，但部分被較低的激勵措施所抵銷。

Indices operating profit grew 12% and operating margin expanded 100 basis points to 71.2%. Our outlook for 2025 assumes US equity markets are flat from September 30 through the end of the year, and we expect modest year-over-year growth in ETE volumes in the fourth quarter.

指數營業利益成長12%，營業利益率擴大100個基點至71.2%。我們對 2025 年的展望假設美國股市從 9 月 30 日到年底保持平穩，並且我們預計第四季度 ETE 銷量將實現溫和的同比增長。

Now turning to guidance. Slide 19 outlines our enterprise guidance on a GAAP and adjusted basis. We are raising our enterprise outlook for total revenue growth and margins. We now expect total revenue growth in the range of 7% to 8%, and we expect adjusted margins in the range of 50% to 50.5%. We're also showing guidance for margin ex-OSTTRA for year-on-year comparability purposes.

現在進入指導環節。第 19 頁概述了我們按 GAAP 和調整後的基礎制定的企業指導方針。我們提高了對企業總收入成長和利潤率的預期。我們現在預計總營收成長在 7% 到 8% 之間，調整後利潤率預計在 50% 到 50.5% 之間。為了便於與去年同期進行比較，我們也提供了扣除 OSTTRA 後的利潤率指引。

As I'll discuss on the next slide, we expect higher revenue growth for Ratings and Indices and we tightened our ranges to the upper end for Market Intelligence and Mobility, while we slightly lowered the higher end of the range for Commodity Insights.

正如我將在下一張投影片中討論的那樣，我們預計評級和指數的收入成長將更高，我們將市場情報和行動領域的預期範圍收緊至上限，同時略微降低了商品洞察的預期範圍上限。

We now expect adjusted diluted EPS in the range of $17.60 to $17.85, 4 percentage points above the initial guidance we provided back in February, and representing growth of 12% to 14% year-over-year. We expect the additional share repurchases we announced this morning to be neutral to adjusted EPS in 2025, given how late we are in the year but we expect a reduction in share count to more than offset the additional interest expense in 2026 and beyond and be slightly accretive to EPS.

我們現在預計調整後的稀釋每股收益將在 17.60 美元至 17.85 美元之間，比我們 2 月份提供的初步指導高出 4 個百分點，同比增長 12% 至 14%。鑑於今年已接近尾聲，我們預計今天早上宣布的額外股票回購計劃對 2025 年的調整後每股收益 (EPS) 不會產生影響，但我們預計 2026 年及以後的股票數量減少將足以抵消額外的利息支出，並略微提高每股收益。

Moving to the division outlook on slide 20. Our revenue guidance for Market Intelligence was lifted towards the upper end of our prior range to 5.5% to 6.5%, reflecting our strong execution and the acceleration in organic growth year-to-date.

接下來是第 20 頁的部門展望。我們將市場情報業務的收入預期上調至先前預期範圍的上限，達到 5.5% 至 6.5%，這反映了我們強勁的執行力以及今年迄今為止有機成長的加速。

For Ratings, based on the current expectation for mid- to high teens Billed Issuance in the fourth quarter, we expect revenue growth of 6.5% to 8.5%, which is above previous guidance, including our outperformance in the third quarter. We trimmed our outlook for Commodity Insights at the upper end of our prior range due to the sanctions and the other factors I discussed previously.

對於評級業務，根據目前對第四季度已發行債券數量在 15% 到 10% 之間的預期，我們預計收入增長 6.5% 至 8.5%，高於先前的預期，包括我們在第三季度的優異表現。由於制裁以及我之前討論過的其他因素，我們將商品洞察的預期下調至先前預期範圍的上限。

For Mobility, we raised the revenue guidance range towards the upper end of our prior range. For Indices, we now expect 10% to 12% revenue growth, reflecting market strength and higher net inflows. Our updated outlook is now well above our initial 8% to 10% outlook in February.

對於行動出行業務，我們將收入預期範圍上調至先前預期範圍的上限。對於指數基金，我們現在預計營收將成長 10% 至 12%，這反映了市場強勁和更高的淨流入。我們更新後的預期遠高於2月最初預測的8%至10%。

On the next slide, we are raising our margin outlook for the enterprise with higher margins in nearly every division as I discussed previously. We are pleased with the financial results the team delivered in the third quarter. These results highlight the vital importance of our products to our customers, especially in the dynamic environment we've seen thus far in 2025. We continue to focus on rapid innovation, prudent strategic investment and disciplined execution. We saw the results of that focus in the third quarter.

在下一張投影片中，我們將提高對企業的利潤率預期，正如我之前討論的那樣，幾乎每個部門的利潤率都有所提高。我們對團隊在第三季所取得的財務表現感到滿意。這些結果凸顯了我們的產品對客戶的重要性，尤其是在我們迄今為止在 2025 年所看到的動態環境中。我們將繼續專注於快速創新、審慎的策略投資和嚴謹的執行。我們在第三季看到了這種策略的成效。

As we look forward to Investor Day in a couple of weeks, we're excited to tell you more about what's coming next. We have a compelling strategy that we believe will drive revenue growth and margin expansion in the years to come.

距離投資者日還有幾週時間，我們非常期待與您分享接下來的計劃。我們制定了一項極具吸引力的策略，我們相信該策略將在未來幾年推動收入成長和利潤率擴張。

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

那麼，我就把電話轉回給馬克，回答你們的問題。

Thank you, Eric. (Event Instructions)

謝謝你，埃里克。（活動須知）

Operator, we will now take the first question.

操作員，我們現在開始回答第一個問題。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. Market Intelligence organic growth of 8% was really a standout this quarter. I was hoping you could expand more on the success there, whether you're seeing a better market environment, higher pricing or just more success with your new product introductions?

非常感謝。市場情報部門本季實現了 8% 的有機成長，這確實非常亮眼。希望您能詳細介紹那方面的成功，無論是市場環境改善、定價上漲，還是新產品上市更成功？

And thanks for the color on sort of the AI and everything associated there. It sounds like you have been investing nicely in those types of technologies. It sounds like you've continuously invested there and don't need to like really ramp that up, that it will scale. So just wanted to sort of hear your thoughts on MI in terms of growth drivers and investment? Thanks.

感謝您對人工智慧及其相關領域的見解。聽起來你對這些類型的技術進行了相當不錯的投資。聽起來你已經持續在那方面投入了資金，不需要真正加大投入，它就能規模化發展。所以，我想聽聽您對MI在成長動力和投資方面的看法？謝謝。

Hi, Toni, it's Martina. Thanks so much for the question. And let me first respond and then I'll hand over to Eric. So yes, we were extremely pleased with the results in the quarter, and it is a a continuation of the strong execution that we've seen from the Market Intelligence leadership team throughout the course of this year. You'll recall that we've talked a lot about the revenue transformation that the team has undergone.

嗨，東尼，我是瑪蒂娜。非常感謝你的提問。讓我先回答一下，然後再把麥克風交給艾瑞克。是的，我們對本季的業績非常滿意，這延續了市場情報領導團隊在今年以來一直保持的強勁執行力。您應該還記得，我們​​之前多次討論過團隊所經歷的收入轉型。

That includes greater alignment, producing the silos amongst the sales teams and reducing the incentives and simplifying the overall revenue model. And in addition to that, as you said, we've had incredible product innovation that we're very excited about. So all those things have contributed. We also have worked very closely or work very closely between the Market Intelligence sales teams as well as the Chief Client Office. And as a result of that, we've seen competitive wins, and we've seen some really great deals in the quarter.

這包括加強協調，打破銷售團隊之間的壁壘，減少激勵措施，並簡化整體收入模式。除此之外，正如您所說，我們還有令人振奮的卓越產品創新。所以所有這些因素都起到了作用。市場情報銷售團隊和首席客戶辦公室之間也一直保持著非常密切的合作關係。因此，我們取得了一些競爭性勝利，並在本季度達成了一些非常好的交易。

So maybe just one example of the competitive win with a major investment bank who chose Capital IQ Pro as their primary desktop. And did that because we could bring not just the comprehensive nature of the desktop but also Visible Alpha as well as great excitement in the generative AI capabilities that we've announced. And so those are some good examples of the growth drivers in focus.

舉個例子，一家大型投資銀行選擇 Capital IQ Pro 作為主要桌面系統，或許能說明競爭中的勝利。之所以這樣做，是因為我們不僅可以帶來桌面系統的全面性，還可以帶來可見的 Alpha 功能，以及我們宣布的生成式 AI 功能帶來的巨大興奮。以上就是一些我們重點關注的成長驅動因素的典型例子。

The other point that I would make, and yes, in response to your observation around the fact that we've been innovating and investing for a decade now. We see that with the acquisition of Kensho and really the foundational capabilities that Kensho has developed over many years. And as I said in the prepared remarks, that's allowed us to build and innovate very economically from a financial perspective. We'd anticipate continuing to do that going forward. Eric, maybe over to you as well for more comments.

我還要補充一點，是的，這是針對您提到的我們已經進行了十年的創新和投資這一事實的回應。我們看到，收購 Kensho 以及 Kensho 多年來累積的基礎能力確實發揮了作用。正如我在準備好的演講稿中所說，這使我們能夠從財務角度以非常經濟的方式進行建設和創新。我們預計未來會繼續這樣做。艾瑞克，或許也該輪到你發表更多看法了。

Sure. Toni, we've been really pleased with the momentum around growth in MI. Pipeline has been healthy. Sales are up around 10% on a year-to-date basis. So we've got good momentum. That's translated into nice ACV growth. ACV has been ticking up quarter after quarter after quarter. In the first quarter, we said it was a bit over reported revenue. In the second quarter, we said it had ticked up. In the third quarter, I can also confirm that it's up again.

當然。Toni，我們對密西根州的成長動能感到非常滿意。管道狀況良好。今年迄今為止，銷售額成長了約 10%。所以我們目前勢頭良好。這意味著可觀的年度合約價值成長。年度合約價值（ACV）每季都在穩定成長。第一季度，我們曾表示實際收入略高於報告收入。第二季度，我們說過它有所上升。第三季度，我也可以確認它再次上漲。

And on an organic ACV basis, which is how we describe the business, we're growing in the 6.5% to 7% range. There's always a bit of ups and downs in the reported growth because of the volumetric and transaction revenues that come in. That's what got us to 8% reported -- I'm sorry, 8% organic this quarter. But we're seeing the momentum that we really wanted to see, and it's a result of a lot of the actions that Martina just summarized.

以我們用來描述業務的有機年度合約價值 (ACV) 計算，我們的成長率在 6.5% 到 7% 之間。由於銷售量和交易收入的波動，報告的成長數據總是會有些起伏。這就是我們本季報告成長率達到 8% 的原因——抱歉，是 8% 的有機成長率。但我們看到了我們真正想看到的勢頭，這是馬蒂娜剛才總結的許多行動的結果。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Hi. Thank you, good morning. I wanted to ask about Ratings. I think you made some comments around the maturity wall for 2026 and some pull forward in high yield and lower maturity wall for investment grade. And then you also said that RES revenue was strongest ever. So I'm curious how you would characterize sort of where we are in terms of normalization of Ratings, Issuance and how we should think about growth over the next few years in Ratings?

你好。謝謝，早安。我想問一下評分方面的問題。我認為你曾就 2026 年的到期問題發表過一些評論，也提到過高收益債券的提前贖回以及投資級債券較低的到期問題。然後您也提到，RES的收入創歷史新高。所以我很好奇，您如何描述我們目前在評級和發行正常化方面所處的位置，以及我們應該如何看待未來幾年評級領域的成長？

Hi, Faiza, thank you for the question. So we have seen this year growth beyond what we actually expected at the beginning of the year. And it's quite remarkable given the record issuance that we saw in 2024. Q3, as we have said and you pointed out, they're very strong high yield and bank loans. We saw opportunistic issuance.

你好，Faiza，謝謝你的提問。所以，今年的成長超過了我們年初的預期。考慮到 2024 年的唱片發行量，這確實令人矚目。第三季度，正如我們所說，也正如您所指出的，它們都是非常強勁的高收益債券和銀行貸款。我們發現了投機性發行。

We saw M&A, again, not at historical averages, but more than we would have anticipated earlier in the year, and that those were all contributing to the Billed Issuance growth that we saw. The second point I would make around Q4 is seasonally, we usually see maybe not as fast growth from an Issuance perspective in Q4. However, we are expecting Q4 to look more or less similar to Q3, probably 1% or 2% below or above Q3, which is why we guided to mid- to high teens there for Issuance. And that would be a combination of factors. We are seeing opportunistic issuance with spreads that really record levels.

我們再次看到併購活動，雖然沒有達到歷史平均水平，但比我們年初預期的要多，而這些都促成了我們看到的已發行票據的增長。關於第四季度，我想提出的第二點是季節性因素，我們通常會看到第四季的發行量成長速度可能不會那麼快。然而，我們預計第四季度的情況與第三季大致相似，可能比第三季低或高 1% 或 2%，這就是為什麼我們對發行量給出的預期是 15% 到 10% 的原因。那將是多種因素共同作用的結果。我們看到一些投機性發行，其利差真的達到了歷史新高。

And we're seeing a little bit of pull forward from 2026 from a refinancing perspective. And we do expect Issuance across both investment-grade and high yield. I would just mention the investment grade may fall into our frequent issuer fees, so you wouldn't see that necessarily in our transaction fees in Q4. And maybe just again, there consistent levels of M&A that we saw in Q3. I think as it relates to your overall question on how we feel about the outlook.

從再融資的角度來看，我們看到一些原本計劃在 2026 年到期的項目提前了。我們預計債券發行將涵蓋投資等級和高收益等級債券。我只想提一下，投資等級債券可能會計入我們的經常發行人費用中，因此您不一定會在第四季度的交易費用中看到它。或許，併購活動依然維持著第三季我們所看到的穩定水準。我認為這與你提出的關於我們對前景感受的整體問題有關。

Look, at this point, we are looking at maturity walls through 2026 that are about 8% higher than they were this time last year. And our maturity walls through 2028 are quite strong. And so we're excited about the Ratings business going forward. Let me maybe pass it over to Eric to talk a little bit about the non-transaction revenue as well.

你看，目前我們看到的到 2026 年的到期債務比去年同期高出約 8%。到 2028 年，我們的成熟度障礙非常堅固。因此，我們對評級業務的未來發展感到興奮。或許我可以把麥克風交給 Eric，讓他也談談非交易收入。

Faize, what I like about the Ratings business has got both that transactional component that Martina just described in the non-transaction, which is really around surveillance and the, I'll call it, the accumulated set of clients and Ratings that we support and monitor for our clients.

Faize，我喜歡評級業務的一點是，它既有Martina剛才在非交易部分描述的交易成分（實際上是圍繞監控），也有我稱之為“客戶和評級累積集合”的部分，我們為客戶提供支援和監控。

And so what that creates is a bit of a flywheel or a ballast to growth that creates continuity for us that's quite strong. It includes both RES and ICRs, which were up over 20% this quarter. It includes some of the CP monitoring. CP was up strongly.

因此，這就形成了一種飛輪效應或成長的配重，為我們創造了相當強大的持續性。其中包括 RES 和 ICR，這兩項指標本季均上漲超過 20%。其中包括一些 CP 監測。CP大幅上漲。

So the 12% was up this quarter on a year-on-year basis was really quite strong. We don't expect it to be that strong every quarter, but it's the kind of continued revenue momentum that or revenue engine, I would say, that really creates continued growth in the business at a nice and consistent pace and is a really important part of our franchise.

因此，本季年增 12%，這個數字確實相當強勁。我們並不指望每個季度都能保持如此強勁的勢頭，但這種持續的收入成長勢頭，或者說收入引擎，我認為，能夠真正以良好而穩定的速度為業務帶來持續增長，並且是我們特許經營權中非常重要的一部分。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Good morning. Thank you for the slide on the AI spend over the years and how that's helped margins. I wanted to just ask within MI itself going forward, how big a role do you think AI will have in helping expand those margins in a meaningful way because it's always been, obviously, one of the more competitive areas that you've always had to invest. I'm just trying to think about how that changes that balance.

早安.感謝您提供的關於人工智慧領域歷年支出及其如何提升利潤率的幻燈片。我想問的是，在MI產業內部，您認為人工智慧在未來將如何幫助擴大利潤空間？因為很明顯，這始終是競爭最激烈的領域之一，需要不斷投資。我只是想弄清楚這會如何改變這種平衡。

Hi, Manav. Let me start, and I'll hand over to Eric as well. We're excited about AI, and we have been for quite some time and we do you think that our historical investment there and innovations over the last decade have positioned us extraordinarily well, especially in Market Intelligence.

你好，馬納夫。我先開始，然後把麥克風交給艾瑞克。我們對人工智慧充滿熱情，而且這種熱情已經持續了相當長一段時間。我們認為，過去十年我們在人工智慧領域的投資和創新使我們處於非常有利的地位，尤其是在市場情報領域。

I'd characterize the benefit there in two ways because, of course, we will be able to innovate economically from a financial perspective, as I've mentioned in the prepared remarks, based on the foundational capabilities that we have. But bear in mind, we'll get growth and we'll get productivity in both cases in Market Intelligence. So on the growth side, you'll see us continuing the rapid pace of innovation within our current product state.

我可以從兩個方面來描述這種好處，因為，當然，正如我在準備好的演講稿中提到的，我們將能夠基於我們所擁有的基礎能力，從財務角度進行經濟創新。但請記住，無論哪種情況，市場情報都能帶來成長和生產力提升。因此，在成長方面，你會看到我們在現有產品狀態下持續保持快速創新的步伐。

And we monetize that in two ways. The first would be in features and enhancements that we wouldn't separately monetize but would be part of ongoing conversations around how we create value for customers. The second will be in actual add-ons. So a good example of that would be the ADI or Automated Document Ingestion that we launched for iLEVEL, which has really great uptake in our iLEVEL customer base as an add-on. And then, of course, we will launch new products.

我們透過兩種方式將其變現。第一點是指我們不會單獨進行貨幣化的功能和改進，但這些功能和改進將是我們圍繞如何為客戶創造價值而進行的持續討論的一部分。第二點將是實際的附加元件。一個很好的例子就是我們為 iLEVEL 推出的 ADI（自動文件導入）功能，它作為一項附加功能，在我們的 iLEVEL 客戶群中獲得了非常好的反響。當然，之後我們也會推出新產品。

In the quarter, for example, we launched a new product combining ProntoNLP's capabilities with our machine [able] transcripts, and it really allows users to extract sentiment and characteristics from -- excuse me, filings, not transcripts in a much more efficient way. And then remember that we will also partner with new distribution channels, the hyperscale partners and others such as Salesforce and IBM to ensure that we monetize there as well.

例如，本季度我們推出了一款新產品，將 ProntoNLP 的功能與我們的機器可讀轉錄文本相結合，它真正允許用戶以更高效的方式從——抱歉，是文件，而不是轉錄文本——中提取情感和特徵。此外，我們也會與新的通路、超大規模合作夥伴以及 Salesforce 和 IBM 等公司合作，以確保我們也能在這些通路中獲利。

One example I wanted to give you there is in a way in which we would think about these partners as greater channels for customer acquisition is that with the IBM partnership, we will make S&P Global agents available within IBM's systems so that IBM's customers can actually access S&P Global maritime and trade insights, procurement insights and economic and country risk insights. And so these are all ways in which we're increasing the monetization capabilities, which will drive commercial value. Maybe let me hand over to Eric on the productivity side.

我想舉個例子，我們可以把這些合作夥伴視為更大的客戶獲取管道。透過與 IBM 的合作，我們將使 S&P Global 的代理商能夠進入 IBM 的系統，以便 IBM 的客戶能夠真正獲得 S&P Global 的海事和貿易洞察、採購洞察以及經濟和國家風險洞察。因此，這些都是我們提高獲利能力、進而創造商業價值的方式。或許我可以把提高生產力方面的工作交給艾瑞克。

Manav, it's Eric. As much as we're interested in AI on driving top line growth, and there's just a series of examples there and more to come. The benefits around productivity, I think, are beginning and are real. And I'll give you a couple of examples. For example, MI and our other businesses together, we consolidated our data operations into an enterprise data office or about 6,000 employees within MI that moved into that group. It's now 8,000 in total across the company.

馬納夫，我是艾瑞克。我們對人工智慧在推動營收成長方面的作用非常感興趣，目前已經有很多例子，未來還會有更多例子出現。我認為，提高生產力帶來的好處已經開始顯現，而且是實實在在的。我舉幾個例子。例如，MI 和我們的其他業務部門一起，我們將資料營運整合到企業資料辦公室，MI 內部約有 6,000 名員工轉移到了該部門。目前全公司共有 8,000 人。

And what we're able to do is begin to reduce some of the redundant activities, consolidate workflows, process map and begin to actually consolidate tools. And a lot of those tools that we're now using are, in fact, AI driven. We actually moved about 6,000 of our data operators onto an internally developed content workflow tool that was vibe-coded. And actually, then reduce some of our licensing costs for some of the fragmented or, I guess, multiplicity of tools that we previously had.

我們可以開始減少一些冗餘活動，整合工作流程，繪製流程圖，並開始真正整合工具。而我們現在使用的許多工具，其實都是人工智慧驅動的。我們實際上將大約 6,000 名資料操作員遷移到了一個內部開發的內容工作流程工具上，該工具採用 vibe 編碼。實際上，我們還可以降低之前一些分散的或數量眾多的工具的許可費用。

And that in and of itself has actually driven multiple millions of dollars of savings this year. But it's not just in MI. We're doing this across the company. In Commodities Insights, as you know, we have a large role of researchers, where they leverage off of our data. But we've started to use AI tools for content creation, for first drafts of research reports, to update and synthesize data sets, so both structured and unstructured data.

而這本身實際上已經為今年節省了數百萬美元。但這種情況不僅發生在密西根州。我們正在全公司範圍內推行這項措施。如您所知，在商品洞察領域，我們擁有大量研究人員，他們充分利用我們的數據。但是我們已經開始使用人工智慧工具進行內容創作，用於撰寫研究報告的初稿，以及更新和綜合資料集，包括結構化資料和非結構化資料。

And that, too, has already created multimillions of dollars of savings this year and is part of what's actually helping with the margin expansion. So we see these -- the benefit of GenAI at the beginning and with more to come. And in truth, it's a real aid to the business, both for accelerating top line growth but also to expand margins at the same time.

而這也已經為公司今年節省了數百萬美元，並且是利潤率擴張的真正原因之一。因此，我們看到了這些——GenAI 在初期帶來的好處，以及未來更多的好處。事實上，這對企業來說確實大有裨益，既能加速營收成長，又能同時擴大利潤率。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Great. Good morning, guys. Thank you for taking my question. Martina, just wondering if you can talk a little bit more about the strength of the Private Markets growth that you saw given the meaningful acceleration there. And following the partnerships that you made with Cambridge and Mercer and the pending acquisition of With Intelligence, just how you feel about the overall positioning of your private market data sets as we head towards the end of the year here? Thanks.

偉大的。各位早安。感謝您回答我的問題。瑪蒂娜，鑑於私募市場成長的顯著加速，我想請你再詳細談談你所看到的私募市場成長的強勁勢頭。繼您與劍橋大學和美世顧問公司建立合作關係，以及即將收購 With Intelligence 之後，隨著年底臨近，您對貴公司私募市場資料集的整體定位有何看法？謝謝。

Hi, Scott. Yeah, we have a strong quarter, and that was driven largely by very strong issuance within Ratings. And in there, it was across a multitude of products not just debt ratings, but also structured finance. We saw data center securitizations, middle market CLOs and other issuance driven by private markets participants. And so very good performance. We're excited as well, to your point, around the growth opportunities that we are afforded with the announcement of the partnership of Cambridge and Mercer, but also With Intelligence.

嗨，斯科特。是的，我們本季業績強勁，主要得益於評級業務內部強勁的債券發行。而且，它涉及眾多產品，不僅限於債務評級，還包括結構性融資。我們看到資料中心證券化、中端市場CLO和其他由私募市場參與者推動的證券發行。表現非常出色。正如您所說，我們也對劍橋和美世宣佈建立合作夥伴關係所帶來的成長機會感到興奮，同時也對 With Intelligence 的發展前景感到興奮。

And this is an area where we are responding to needs of customers in the market and gaps in the market. So I'll give you one example here first with Cambridge and Mercer. There is a gap in the market right now to be able to actually get like-for-like comparisons for benchmark performance at the fund level, the deal level, the asset level.

在這個領域，我們正在響應市場中客戶的需求，並填補市場空白。我先舉一個劍橋和美世的例子。目前市場上存在一個缺口，即無法在基金層面、交易層面和資產層面進行基準績效的同類比較。

And with Cambridge and Mercer, we've worked with them their two leading companies in the space, and we've created a common classification system and really a global standard. So that when companies report in iLEVEL, without needing to change their own reporting formats, we can interpret and concord their outcomes with this global standards, which Cambridge and Mercer have helped us to tune with their data.

我們與劍橋和美世這兩家業內領先的公司合作，創建了一個通用的分類系統，並真正制定了一個全球標準。因此，當公司使用 iLEVEL 進行報告時，無需更改其自身的報告格式，我們就可以解釋其結果並與這些全球標準進行協調，而劍橋和美世已幫助我們用他們的數據調整了這些標準。

And that gives them more accurate and easy like-for-like comparisons to do benchmarking and understand exposures, et cetera. So that's wonderful. With Intelligence is bringing those data that has been critical for us in areas for use cases around deal sourcing, allocation and also performance benchmarking.

這樣一來，他們就可以進行更準確、更輕鬆的同類比較，從而進行基準測試並了解風險敞口等等。那真是太好了。With Intelligence 為我們帶來了在交易來源、分配以及績效基準測試等領域對我們至關重要的數據。

And these are areas that we've been developing organically over the last many years, and With Intelligence really allows us to accelerate those initiatives. The team has built an incredible database also with some very unique data. And as we look to the more closely, we looked at it, the more excited we got about the quality of the data. So you put all those things together and it gives us a great story and a great opportunity to expand our private markets revenues going forward, and we're excited to talk about it more at Investor Day.

而這些領域是我們過去多年來一直在逐步發展的，With Intelligence 真正讓我們加速這些舉措。該團隊還建立了一個非常棒的資料庫，其中包含一些非常獨特的數據。我們越仔細觀察，就越對數據的品質感到興奮。綜上所述，這為我們提供了一個精彩的故事和絕佳的機會，讓我們能夠在未來擴大私募市場的收入，我們非常期待在投資者日上對此進行更深入的探討。

Thanks for the question.

謝謝你的提問。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Thanks for taking my question. One quick housekeeping question. Can you help us size the EDM and thinkFolio divestiture. But more importantly, I also wanted to follow up on an earlier question regarding MI. Like with an 8% organic constant currency growth this quarter and improving ACV growth, the enterprise wins that you've talked about and then maybe blend in the acquisition of With Intelligence, how do you view your prior midterm guidance of 7% to 9% MI revenue growth going forward? Thanks.

謝謝您回答我的問題。一個關於客房服務的小問題。您能否幫助我們評估 EDM 和 thinkFolio 的剝離規模？但更重要的是，我還想跟進之前關於 MI 的一個問題。就像本季有機成長率（以固定匯率計算）為 8%，ACV 成長不斷改善一樣，再加上您提到的企業客戶的成功，以及對 With Intelligence 的收購，您如何看待先前中期給出的 MI 收入成長 7% 至 9% 的預期？謝謝。

Ashish, it's Eric. Let me tackle those in order. But as you know, we're still in 2025, and so it's a little premature to get into 2026. EDM and thinkFolio were not material to our consolidated financials. The revenues are relatively small, even relative to MI. And so it's -- to us, it was a good opportunity to exit. It will be slightly accretive to MI revenue growth on an organic basis, and accretive to -- slightly accretive to margin to MI as well in 2026. So we're pleased with how this helps us reshape the portfolio.

阿什什，我是艾瑞克。讓我按順序來解答這些問題。但如你所知，現在還是 2025 年，所以現在談論 2026 年還為時過早。EDM 和 thinkFolio 對我們的合併財務報表沒有實質影響。即使與MI相比，其收入也相對較小。所以對我們來說，這是一個很好的退出機會。到 2026 年，這將略微提升 MI 的有機收入成長，並略微提升 MI 的利潤率。因此，我們對這種做法如何幫助我們重塑投資組合感到滿意。

But as you said, for 2026, what we'll do is be quite transparent about our guidance. We'll make sure that there's clarity around the expected impact around each of the divestitures, and With Intelligence acquisition, which we're really quite excited about as another vehicle for accelerating our growth in MI going into the future.

但正如您所說，對於 2026 年，我們將採取完全透明的方式來發布我們的指導方針。我們將確保明確每次資產剝離的預期影響，以及對 With Intelligence 的收購，我們對此感到非常興奮，因為這將成為我們未來在 MI 領域加速成長的另一個途徑。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Good morning, everyone. Just wanted to come back on the AI discussion for a minute. I probably need to go back and trends, but I think you gave a lot of detail here on how you think your business is breaking down? And if I heard the number correctly, I think in Market Intelligence, you think maybe just 12% of the business is maybe not as proprietary as the rest of it.

各位早安。我想再簡單談談人工智慧的話題。我可能需要回顧一下趨勢，但我認為你在這裡已經詳細闡述了你認為你的業務是如何陷入困境的？如果我沒聽錯的話，在市場情報領域，你可能認為只有 12% 的業務不像其他業務那樣具有專有性。

So can you just speak to that a little bit more? What gives you comfortable that, that's the right number, as obviously, there's a lot of change coming from AI, maybe workflows change, maybe certain things will get in-sourced over time by some of the largest customers. So maybe help us a little bit if the message is, hey, almost 90% of Market Intelligence, you feel really strong around the AI defensiveness. Thank you.

能再詳細談談這一點嗎？是什麼讓你確信這個數字是正確的？顯然，人工智慧會帶來很多變化，工作流程可能會改變，一些最大的客戶可能會隨著時間的推移將某些業務內部化。所以，如果資訊是：嘿，幾乎 90% 的市場情報都認為 AI 防禦性很強，那麼也許可以幫我們一點忙。謝謝。

Describe that in a little more detail. MI really is a composition of a number of different product lines. And maybe think about how we report because it gives you a window into how we think about the -- what is really unique to our franchise. So the first business, credit and risk solutions is really around our own benchmarks and models. It's the Data Feeds, Ratings Express, Ratings Direct and really completely proprietary in nature.

請更詳細地描述一下。MI實際上是由多個不同的產品線組成的。或許可以思考我們的報道方式，因為它能讓你了解我們是如何思考──我們品牌的真正獨特之處。因此，第一個業務、信貸和風險解決方案實際上是圍繞著我們自己的基準和模型展開的。它是數據饋送、評級快訊、評級直通車，本質上完全是專有的。

The next portion of MI is Enterprise Solutions, that's really workflow and software tools. And we've got some of our premier assets in there, WSO, iLEVEL, ClearPar, Debt Domain, I mean, you can go on and on. But each one of those is a unique construct that clients have embedded deeply into their own workflows and their own processes, and so are quite important to what they do. And I don't think there's an easy way to replicate those from the outside, given that they are both embedded and they have proprietary data within them.

MI 的下一部分是企業解決方案，也就是工作流程和軟體工具。我們的一些頂級資產也在那裡，例如 WSO、iLEVEL、ClearPar、Debt Domain，我的意思是，你可以一直列舉下去。但這些都是客戶自己深深嵌入工作流程和流程中的獨特結構，因此對他們的工作非常重要。而且我認為，鑑於它們都是嵌入式的，並且其中包含專有數據，因此沒有簡單的方法可以從外部複製它們。

And then there's our Data Analytics and Insights business, which is really the mix of data feeds and desktop. And I think on that one, you've got to think about it in a couple of parts. About half of that is literally proprietary curated enhanced data and advisory kind of information.

此外，還有我們的數據分析和洞察業務，它實際上是資料來源和桌面端的結合。我認為這個問題需要從幾個方面來考慮。其中大約一半是專有的、經過精心整理的增強型數據和諮詢資訊。

And so you've got just the examples of our franchise that you know well. It could be some of the fixed income pricing, Compustat, the maritime data, if you operate in the commodity space, evaluation, analytics, the advisory solutions, the events, that's literally half of Data Insights and Analytics.

以上就是您熟悉的我們加盟店的一些例子。這可能包括一些固定收益定價、Compustat、海事數據，如果您在商品領域運營，則還包括評估、分析、諮詢解決方案、事件，這實際上佔了數據洞察和分析的一半。

We've got a quarter of that that product line that is a mix of workload tools and benchmark models. A good portion of Cap IQ is in that, and that's, again, integrated into our clients and has a mix of that workflow tools, but it has been built up off of that proprietary and enriched and enhanced data that we provided, I just mentioned.

我們有四分之一的產品線是工作負載工具和基準測試模型的混合。Cap IQ 的很大一部分都包含在其中，而且，它已經整合到我們的客戶系統中，並整合了多種工作流程工具，但它是建立在我們剛才提到的我們提供的專有、豐富和增強的資料之上的。

And then the last quarter of Data Analytics and Insights, I think, is what you would describe as not as defensible. It's the undifferentiated data. It's things like the ownership data that comes in 13F filings you can get from the SEC or you can get from us. It's the directories information.

然後，我認為，數據分析和洞察的最後一個季度，可以說是不太站得住腳的。這是未經區分的數據。例如，您可以從美國證券交易委員會 (SEC) 取得 13F 文件中揭露的所有權數據，或者您可以從我們這裡取得。這是目錄資訊。

It's a transactional data. It's the assemblage of press releases that we provide to clients. And we even put a portion of Cap IQ in there because we think some of that can be can be replicated in pieces. But we took a conservative assessment there as well. So all in all, it adds up to about 12% of MI, about 5% of the total company.

這是交易數據。這是我們提供給客戶的新聞稿彙編。我們甚至把Cap IQ的一部分也放了進去，因為我們認為其中一些內容可以部分複製。但我們在那方面也採取了保守的評估方法。總的來說，這約佔 MI 的 12%，約佔公司總規模的 5%。

And our view is -- our business really is about adding more and more data and in particular proprietary data every year and expanding and deepening our workflow integration with our clients. And so in a way, it's a moving process that's always being enhanced and enriched and it's what keeps us -- what's kept us differentiated in this business for decades, and we need to be vigilant. We need to be careful. We need to be active in this area, but we also feel it's really quite defensible and strong and foundational what we provide and not something that can be replicated.

我們的觀點是——我們的業務實際上是每年增加越來越多的數據，特別是專有數據，並擴展和深化我們與客戶的工作流程整合。因此，從某種意義上說，這是一個不斷發展、不斷改進的過程，也正是這一點讓我們——讓我們在這個行業中保持了幾十年的差異化優勢，我們需要保持警惕。我們需要謹慎行事。我們需要在這個領域保持積極性，但我們也覺得我們提供的服務非常具有防禦性、強大性和基礎性，而且是無法被複製的。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO資本市場。

Thanks so much. Just wanted to go back to the quarterly results. The adjusted operating margin was really impressive, especially when looking at Ratings and the Market Intelligence business. Were there any onetime items in there? And I'm just wondering how sustainable you think that margin expansion is? Thanks.

非常感謝。我只是想回顧一下季度業績。調整後的營業利潤率非常亮眼，尤其是考慮到評級和市場情報業務。裡面有隻賣過一次的商品嗎？我想知道您認為這種利潤率擴張的可持續性如何？謝謝。

Jeff, it's Eric. I think that was a particularly strong margin expansion quarter. If you recall a year ago, there were some incentive compensation adds that we made. And on a year-on-year basis, the kind of the impact of those incentive changes was about a 3 percentage point tailwind to expenses. And that's not something that is necessarily repeat.

傑夫，我是埃里克。我認為那是一個利潤率擴張尤為強勁的季度。如果你還記得的話，一年前我們增加了一些激勵性薪水。從年際角度來看，這些激勵措施的變化對支出產生了約 3 個百分點的利好作用。而且這不一定會重複發生。

It happens when it happens. And so you guys just factored that into our expense growth rate. And I think even with that, we feel quite strong and quite confident about the revenue growth substantially exceeded expense growth even adjusted for the incentives. I would say that if you're thinking about margin expansion, the trailing 12 months data that we provide is actually probably even more indicative of overall performance and something to take another look at as well.

事情發生的時候自然會發生。所以你們就把這一點考慮進我們的支出成長率裡了。即使考慮到激勵措施，我認為我們仍然對收入成長遠超支出成長感到非常有信心，而且這一成長勢頭強勁。我認為，如果您正在考慮利潤率擴張，那麼我們提供的過去 12 個月的數據實際上可能更能反映整體業績，也值得您再次關注。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Thank you. Martina, to your company's credit for many, many years, you guys have had most of your contracts with clients on an enterprise-wide basis as opposed to a per seat model. Can you talk about that a little bit here because obviously, a lot of fears out there in the marketplace that AI is going to displace a lot of the white-collar workers out there, et cetera, and that could hurt payments to data providers, analytic companies, et cetera, like your company. But just talk about that competitive moat, if you would, that you guys had in place for well over 10 years now.

謝謝。Martina，值得稱讚的是，貴公司多年來一直以企業級模式而非按席位模式與客戶簽訂合約。您是否可以在這裡稍微談談這個問題，因為很明顯，市場上有很多人擔心人工智慧會取代許多白領工人等等，這可能會損害數據提供者、分析公司等（例如貴公司）的收益。但請談談你們已經建立超過 10 年的競爭優勢。

Thanks, Craig, for the question. What I would say is that the nature of our enterprise subscription models really protects us from, I would say, volatility in many forms. And we've seen, as you know, over the last 10 years, headcount and end markets go up and go down and go up and go down.

謝謝克雷格的提問。我想說的是，我們企業訂閱模式的性質確實能夠保護我們免受多種形式的波動影響。如您所知，在過去的 10 年裡，我們看到員工人數和終端市場經歷了起伏。

And so I'm not making any predictions around the impact of AI on R&R end users because I think it's not the only factor, quite frankly, that will impact drivers of increases or decreases. What I would say is that we are really thoughtful in how we add to the quality of what we do and the usability of what we do with our products, whether it is in Commodity Insights, in Market Intelligence and Ratings and Index.

因此，我不會對人工智慧對研發終端用戶的影響做出任何預測，因為坦白說，我認為人工智慧並不是影響研發投入成長或減少的唯一因素。我想說的是，我們非常注重如何提高我們產品的品質和可用性，無論是在商品洞察、市場情報、評級還是指數方面。

And as you know, we are actually really bringing to bear not just AI capabilities, but Agentic workflows there as well, which we're being asked to do by our clients to help them to be as efficient as they can possibly be. And so our view is create value be on -- be proactive with our customers and helping them to realize value from AI as well and overall focus on higher levels of engagement with our customers and making sure that we can get the best experience with them as possible. Thanks for the question.

如您所知，我們實際上不僅運用了人工智慧能力，還運用了智慧代理工作流程，這是客戶要求我們做的，目的是幫助他們盡可能提高效率。因此，我們的觀點是創造價值——積極主動地與客戶互動，幫助他們從人工智慧中獲得價值，並整體上專注於與客戶進行更高水準的互動，確保我們能夠為他們提供盡可能最好的體驗。謝謝你的提問。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Hi, Martina, I know you spoke just a little bit about the With Intelligence acquisition already. I'd like to to hear a little bit more here. We're definitely intrigued by the private data space. There's a lot of providers in that space. So if you could help us compare With Intelligence to BlackRock's who I see as the closest up here in terms of relative data coverage across asset classes.

嗨，Martina，我知道你之前已經稍微談過With Intelligence的收購案。我想再多聽一些。我們對私有資料領域非常感興趣。這個領域有很多服務提供者。所以，如果您能幫助我們將 With Intelligence 與 BlackRock 進行比較，我認為 BlackRock 在資產類別資料覆蓋範圍方面是最接近的。

I know With Intelligence heritage, which is further back, started with hedge fund data and then expanded through acquisitions into other asset classes. And so if you could just compare the two providers and give us that kind of insight, I think we'll understand the positioning better.

我知道 With Intelligence 的歷史可以追溯到更早的時候，它最初是做對沖基金數據的，然後透過收購擴展到其他資產類別。所以，如果您能對這兩個供應商進行比較，並給我們這方面的見解，我想我們就能更好地了解它們的市場定位。

Hi, Andrew. Thanks for the question. Yes, we are very excited about the acquisition, and the team indeed has emerged or matured, let's say, from their hedge fund beginnings into being a truly multi-asset class platform. It's private equity, private credit, and areas that are very, very fast growing as well, like infrastructure and then quite unique data around family offices, for example. And so true multi-asset class scales covering the largest funds, information on 30,000 managers, 30,000 investors. And the quality of the data, quite frankly, is something that got us very, very excited.

你好，安德魯。謝謝你的提問。是的，我們對此次收購感到非常興奮，可以說，該團隊已經從對沖基金起步，發展成為一個真正的多資產類別平台。它包括私募股權、私募信貸，以及一些成長非常非常迅速的領域，例如基礎設施，還有圍繞家族辦公室的非常獨特的數據。因此，真正的多元資產類別規模涵蓋最大的基金，包含 30,000 名經理和 30,000 名投資者的資訊。坦白說，數據的品質讓我們非常非常興奮。

And that's really a testament to the phenomenal execution of the With Intelligence team. I think when you take that with a combination of what we already have within Market Intelligence and the organic growth that we've had there with our company data and with the data we've been collecting over the last several years, you've got something quite compelling.

這充分證明了 With Intelligence 團隊卓越的執行力。我認為，將這些與我們在市場情報領域已有的資源，以及我們公司數據和過去幾年收集的數據所帶來的自然增長結合起來，就能得到一些非常有吸引力的東西。

And then, of course, you tag on the potential with the Cambridge-Mercer partnership as well. And look, ultimately, we are confident that we can expand and accelerate the growth of With Intelligence within the Market Intelligence team and the teams are really just sort of itching to get going here. So very exciting for us.

當然，劍橋大學與默瑟大學的合作也蘊含著巨大的潛力。最後，我們有信心能夠擴大並加速市場情報團隊內部的「With Intelligence」業務成長，團隊成員們也真的迫不及待地想要開始這項工作了。這對我們來說真是太令人興奮了。

Thanks, Andrew.

謝謝你，安德魯。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hey, good morning and thank you for taking my question. In response to an earlier question, you said that the Market Intelligence ACV has grown 6.5% to 7.5%. So I take it to mean that that's a good indicator for the underlying subscription growth of that business. But you also currently have a long-term target for 7% to 9% growth for Market Intelligence. So I'm curious if that long-term target still holds or that's under view. Thank you.

嗨，早上好，謝謝你回答我的問題。在回答先前的問題時，您提到市場情報的年度合約價值成長了 6.5% 至 7.5%。所以我認為這意味著這是衡量該業務潛在訂閱成長的一個好指標。但你們目前也為市場情報設定了7%至9%的長期成長目標。所以我很想知道，那個長期目標是否仍然有效，或者它是否已被重新考慮。謝謝。

Jason, it's Eric. We did go into ACV growth, which is a real, I think, important proxy for organic revenue growth on a consistent basis. And as we described, it's been ticking up over the last few quarters, which is the kind of trajectory we'd like to see. It's particularly in line with the trajectory of adding to sales, right? As sales are up each year, you'd expect ACV to actually continue to increase and accelerate.

傑森，我是艾瑞克。我們確實研究了 ACV 成長，我認為這是衡量有機收入持續成長的一個重要指標。正如我們所描述的，在過去的幾個季度裡，它一直在穩步上升，這正是我們希望看到的趨勢。這與銷售額成長的趨勢非常吻合，對吧？隨著銷售額逐年增長，預計 ACV 實際上會繼續成長並加速成長。

And we've seen that from the low 6% range in the beginning of the year to the 6.5% to 7% range now. The work hasn't finished. We continue to sharpen our execution. We continue to invest in the broad range of products in MI as Martina described. And it's a little premature to get into '26 guidance or multiyear targets, but that's exactly what we'll cover at Investor Day in just a few weeks.

我們已經看到，從年初的 6% 左右的低位，到現在的 6.5% 到 7% 的區間。工作還沒完成。我們將繼續提升執行力。正如 Martina 所描述的那樣，我們將繼續投資 MI 的各類產品。現在談論 2026 年的業績指引或多年目標還為時過早，但這正是我們將在幾週後的投資者日上討論的內容。

But we're quite, I think, proud and confident in the -- in that stabilization phase that we navigated through late last year and the beginning of this year in MI and the acceleration quarter after quarter after quarter. And so I think it bodes quite well for revenue growth, organic revenue growth, organic ACV growth in the coming quarters. And we'll just -- why don't we just talk more about it at Investor Day when we see you there.

但我認為，我們對去年底和今年年初在密西根州順利度過的穩定階段以及隨後一個季度又一個季度的加速增長感到非常自豪和自信。因此，我認為這預示著未來幾季營收成長、有機營收成長和有機年度合約價值成長都將相當不錯。我們不妨在投資人日見到您時，再詳細談談這件事。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi. Thank you very much for taking my question. Martina, I just wanted to ask you a little bit about what the pace of portfolio moves. You said you're kind of getting to an end state of what you expected in Market Intelligence, and I'm looking forward to hearing kind of the vision over there at Analyst Day. But I wanted to ask, once you're done with that and kind of the spin-off of the Mobility division, is there going to be a focus on other divisions in the same way?

你好。非常感謝您回答我的問題。瑪蒂娜，我只是想問你一下投資組合的變動速度如何。您說您在市場情報方面已經基本達到了預期目標，我很期待在分析師日上聽到您對此的展望。但我想問的是，一旦你們完成了這項工作，也就是移動出行部門的分拆，是否會以同樣的方式關注其他部門？

In other words, should we see -- do you see yourself making portfolio moves within a Commodity Insights in a way that you just wouldn't do so much at the same time. So should we be seeing more of it but just focused in other areas. And then also, if you don't mind just circling back to what Toni asked about in terms of the market growth and -- market improvement and market intelligence, versus your execution. It just wasn't clear to me whether you're seeing improvement in the end markets or not, if you could just address that as well. Thank you.

換句話說，我們是否應該看到——您是否認為自己會在商品洞察領域進行投資組合調整，而這種調整是您平時不會同時進行的。所以我們應該會看到更多這樣的作品，但重點放在其他領域嗎？另外，如果您不介意的話，我想再回到托尼之前問到的關於市場成長、市場改善和市場情報，以及您的執行力的問題。我不太清楚您是否在終端市場看到了改善，如果您也能談談這方面的情況就太好了。謝謝。

Hi, Shlomo, thanks for the question. Well, we are, I think, as we said, substantially complete with the portfolio optimization that we embarked on within Market Intelligence over the last several years with the announcement of EDM and thinkFolio. And look, we are always going to be good stewards of shareholder dollars. We're going to make sure that our products align with our strategy, our customers need and balance that with value realization for our shareholders.

你好，Shlomo，謝謝你的提問。我認為，正如我們所說，隨著 EDM 和 thinkFolio 的發布，我們在過去幾年中在市場情報部門開展的投資組合優化工作基本上已經完成。而且，我們始終會好好管理股東的每一分錢。我們將確保我們的產品與我們的策略、客戶需求保持一致，並在實現股東價值的同時，兼顧到這一點。

And so from time to time, we may do tactical divestitures, certainly nothing at the level of something like Mobility, for example. And we'll continue to do that very tactically as we go forward. I think in terms of the end market conditions in Market Intelligence, I would really just point you to how we think about our business. And a great example there is the Desktop. The Capital IQ Pro Desktop continues to perform strongly. And it's growing faster than the end market.

因此，我們可能會不時進行一些戰術性資產剝離，當然不會像 Mobility 那樣進行大規模的資產剝離。我們將繼續採取非常有策略的做法。我認為，就市場情報的最終市場狀況而言，我只想向您指出我們是如何看待我們業務的。桌上型電腦就是一個很好的例子。Capital IQ Pro Desktop 的表現依然強勁。而且它的成長速度比終端市場還要快。

And so we're very focused on our execution. We're very focused on the strength that we bring in our products, the partnership that MI has would achieve client office and our ability to really consolidate as much as we can for our customers with us so that they can reduce their spend, and we can increase our value with them. So we're quite committed to that course of action, and the team is executing very well. Thanks for the question.

因此，我們非常注重執行力。我們非常注重我們產品的優勢，MI 的合作夥伴關係將實現客戶辦公室的目標，並使我們能夠盡可能地為客戶整合資源，從而幫助他們減少支出，同時增加我們為他們創造的價值。所以我們非常堅定地執行這個行動方案，團隊也執行得非常好。謝謝你的提問。

Russell Quelch, Rothschild & Co.

羅素·奎爾奇，羅斯柴爾德公司

Yeah, good morning. Thanks for taking my question. I think you mentioned on the last call, Martina, that you started the discrete data by Microsoft Copilots, but it was limited to some of your Commodity Insight data. My question here is, have you made any progress in integrating any more S&P's data sets into that platform? Are you seeing any sort of notable uptick in data usage as you leverage this and some of those other AI-based distribution channels you mentioned earlier? And perhaps when should we expect to see this in the revenue?

早安.謝謝您回答我的問題。瑪蒂娜，我想你在上次通話中提到過，你開始使用 Microsoft Copilots 處理離散數據，但這僅限於你的一些商品洞察數據。我的問題是，您在將更多標普資料集整合到該平台方面取得任何進展了嗎？當您利用這個管道以及您之前提到的其他一些基於人工智慧的分發管道時，您是否看到數據使用量有任何明顯的增長？那麼，我們大概什麼時候才能在營收方面看到這些成長呢？

Hi, Russell, thanks for the question. Yes, so the Commodity Insights data availability in Copilot has really captured quite a bit of attention with our Commodity Insights customers. And the team has been able to monetize that as an add-on to subscriptions with existing clients. So that's been great. And we've been working with Microsoft on getting additional data sets in there for example, with Market Intelligence.

嗨，Russell，謝謝你的提問。是的，Copilot 中商品洞察數據的可用性確實引起了我們商品洞察客戶的相當多的關注。團隊已經能夠將其作為現有客戶訂閱服務的附加功能來實現盈利。那真是太好了。我們一直在與微軟合作，將更多的資料集添加到其中，例如市場情報資料。

Now we have been on a journey, as you know, and you can see to partner with many of these players around the industry and the method and approach there is to ensure that we're enabling our clients to maximize the value they get out of these various channels.

如您所知，我們一直在努力與業內眾多參與者建立合作關係，並採用相應的方法和途徑，以確保我們的客戶能夠最大限度地利用這些不同的管道來創造價值。

Today, this is licensing additional channels for customers, and it's actually quite common for our customers to license our content via multiple channels already. So very consistent with what we've done in the past. And many of these players have actually approached us. So after our first few announcements, we actually got quite a bit of reverse inquiry from the LLM and hyperscale players to work with them also.

如今，這相當於為客戶提供額外的管道授權，事實上，我們的客戶透過多個管道獲得我們內容的授權已經非常普遍了。這與我們過去的做法非常一致。而且很多球員都主動聯絡我們。所以，在我們發布最初幾項公告之後，我們實際上收到了來自 LLM 和超大規模企業的一些反向諮詢，希望也能與他們合作。

And we have a huge amount of interaction with our clients depending on which partner it is that they want to work with and work with us as well. And as I mentioned, with the example of IBM and there are other examples beyond that, we look at this as a means to tap into new clients as well. So new client acquisition channels also.

我們與客戶的互動非常頻繁，這取決於他們希望與哪位合作夥伴合作，以及他們是否也希望與我們合作。正如我之前提到的，以 IBM 為例（除此之外還有其他例子），我們也把這看作是拓展新客戶的手段。因此，也需要新的客戶獲取管道。

Look, the last point I'd make is we're learning as much about these players as they're learning with us as we go through these partnerships. In many cases, the strategies for the LLM players and the hyperscale players are actually quite unique and different.

最後我想說的是，透過這些合作關係，我們對這些球員的了解和他們從我們身上學到的東西一樣多。在許多情況下，LLM 參與者和超大規模參與者的策略實際上是非常獨特和不同的。

So we don't necessarily see any more of these players with exactly the same strategy as another. And as we evolve, we're very flexible in how we can work and how we can create additional value. And as we evolve, we'll likely see these relationships evolving with the pace of the technology as well. So exciting time. One additional point I would make here, and just for the absence of doubt, we are very conscious of how we protect our IP in all of these arrangements.

因此，我們不一定會再看到其他玩家採用完全相同的策略。隨著我們不斷發展，我們在工作方式和創造更多價值方面也變得非常靈活。隨著我們不斷發展，這些關係也可能隨著科技的發展而不斷演變。真是激動人心的時刻。我還要補充一點，為了避免任何誤解，我們非常重視在所有這些安排中如何保護我們的智慧財產權。

And importantly, we don't add all of our data into these channels either. There are some data that we think are best provided through our own platforms. So more to come on that, I would say, Russell, in a couple of weeks, but it's definitely creating quite a bit of value for us and our clients. Thanks for the question.

更重要的是，我們也不會把所有資料都加到這些管道中。有些數據我們認為最好透過我們自己的平台提供。關於這一點，我想說，Russell，大概幾週後會有更多消息，但它無疑為我們和我們的客戶創造了相當大的價值。謝謝你的提問。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Thank you. Good morning. Can you just run through where you have revenue sensitivity to IPO volumes just with the backlog, I guess, building into '26, but also does the materiality even rise to a level where we see it in numbers as we think through the short-term impact? Obviously, really good MI numbers in Q3, government shutdown potentially impact in Q4. Thank you.

謝謝。早安.您能否簡要說明一下，在 2026 年積壓訂​​單的情況下，IPO 數量對收入的敏感度如何？但同時，當我們考慮短期影響時，這種敏感度是否達到了我們可以用數字體現的程度？顯然，第三季MI數據非常出色，但政府停擺可能會對第四季產生影響。謝謝。

Jeff, it's Eric. I think the revenue sensitivity to IPO volumes specifically are primarily in MI around some of the volumetric and transactional usage revenues that we report. In fact, if you look in our supplement, as the capital markets accelerated in third quarter, you would have seen that the -- what we call the non-subscription transaction revenue growth in MI was 13%. The recurring variable revenue was up 11%, right?

傑夫，我是埃里克。我認為，收入對 IPO 交易量的敏感度主要體現在 MI 的一些交易量和交易使用收入方面，這些收入是我們報告的。事實上，如果你查看我們的補充資料，你會發現，隨著資本市場在第三季加速成長，我們稱之為MI的非認購交易收入成長了13%。經常性可變收入成長了 11%，對嗎？

Those are really coming through, in particular, in the Enterprise Solutions space where you've got kind of usage metering and pricing in effect on a number of the products and subproducts. So that's, I think, the immediate one. The broader one is since you have more IPOs in the marketplace, there'll be more debt and equity issuances. And those tend to help the franchise broadly as well.

這些變化尤其在企業解決方案領域中反映得更為明顯，許多產品和子產品都採用了某種使用量計量和定價機制。所以，我想，這是眼下最迫切的問題。更廣泛的原因是，由於市場上IPO數量增多，債務和股權發行量也會增加。而且這些往往對整個特許經營權也有幫助。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good morning. Historically, you've delivered pricing increases in the 3% to 4% range. As you increasingly include AI functionalities into your products and drive product upgrade cycles, how do you see your pricing increases trending going forward?

您好，謝謝。早安.從歷史數據來看，你們的價格上漲幅度在 3% 到 4% 之間。隨著您在產品中不斷融入人工智慧功能並推動產品升級週期，您認為未來的價格上漲趨勢會如何？

Hi, George, it's Martina. I'll start there and hand over to Eric. We will always face any pricing conversations that we have with our clients on the value that we generate from our clients. And we certainly see and hear a lot of very positive feedback from our clients from not just the AI enhancements, but the additions to content, the additions to various different features and enhancements that we've got across the entire portfolio. And so that can show up in multiple ways.

嗨，喬治，我是瑪蒂娜。我先從這裡開始，然後交給艾瑞克。我們與客戶進行的任何定價談判，都將始終圍繞著我們從客戶身上創造的價值。我們確實看到並聽到了客戶對人工智慧增強功能以及內容添加、各種不同功能添加和我們在整個產品組合中改進的許多積極反饋。因此，這種情況會以多種方式表現出來。

It can show off in retention. It can show up in new sales, and it can show up in actual price increases. This wouldn't be something we'd expect to actually break out separately. But let me turn over to Eric and see what else he has had here.

它在用戶留存方面表現出色。它可能體現在新增銷售額中，也可能反映在實際價格上漲。我們原本不認為這會單獨拿出來討論。不過，讓我把鏡頭轉向艾瑞克，看看他還帶來了什麼。

Hey, George, I would just add that the AI benefits will come through the revenues over time and a multiplicity of ways, as Martina described. The execution focus that we have right now is actually rolling out those offerings within products, as new products, et cetera. And then really monitoring and surveilling the usage of those offerings, right? Just we want to see them each go up an S curve of usage, usage by our existing clients, the usage by new clients, the amount and depth of usage and repeat usage.

嘿，喬治，我只想補充一點，正如瑪蒂娜所描述的那樣，人工智慧帶來的好處將隨著時間的推移，透過多種方式體現在收入上。我們目前的執行重點實際上是將這些服務以現有產品、新產品等的形式推出。然後真正監控和監控這些產品的使用情況，對吧？我們只是想看到它們的使用情況都呈現 S 形曲線上升，包括現有客戶的使用情況、新客戶的使用情況、使用量和使用深度以及重複使用情況。

That's the way we can ensure that we monitor and see where clients are getting the value that they're looking for and playing that back to clients is exactly what they like to see because they're trying to understand how to get the benefits of AI through their ecosystem and ours, and it's a natural way to do it. So that's the focus right now, and I think will pay dividends over time.

這樣我們就能確保我們能夠監控並了解客戶在哪裡獲得了他們想要的價值，並將這些資訊回饋給客戶正是他們所樂見的，因為他們正試圖了解如何透過他們的生態系統和我們的生態系統獲得人工智慧帶來的好處，而這是一種自然而然的方法。所以這就是我們目前的重點，我認為隨著時間的推移，這將會帶來回報。

Yeah. And George, maybe just one other point I would add is don't forget that we will also launch new products using generative AI. So think about us launching agents. Think about the reference they made to the ProntoNLP filings product as well. And so those are other ways that we would think about commercial value from generative AI and product related. Thanks for the question.

是的。喬治，我可能還要補充一點，別忘了我們還會推出使用生成式人工智慧的新產品。所以，請考慮一下我們推出代理商的可能性。想想他們也提到了 ProntoNLP 的文件處理產品。因此，這些是我們思考生成式人工智慧及其產品相關商業價值的其他方式。謝謝你的提問。

Sean Kennedy, Mizuho.

Sean Kennedy，瑞穗銀行。

Good morning. Really nice results, especially in Market Intelligence. Great to see. So I had a follow-up question on the data partnerships. How do we think about the incremental margin profile from the current and future partnerships? You touched on this a bit earlier, but is the potential new customers still need a S&P subscription? Or are you exploring different revenue models like consumption to help fully unlock the value of your data assets in the GenAI era. Thank you.

早安.結果非常不錯，尤其是在市場情報方面。太好了。因此，我還有一個關於數據合作關係的後續問題。我們如何看待當前和未來合作關係帶來的增量利潤率？您之前稍微提到過這一點，但潛在的新客戶是否仍然需要訂閱標準普爾指數？或者，您是否正在探索不同的收入模式，例如消費模式，以幫助在 GenAI 時代充分釋放您的數據資產的價值？謝謝。

Hey, Sean, thanks. I'll start, and certainly, we can -- Eric, if there's anything else you want to add, you can chime in as well. So right now, Sean, we -- all of the has been done off the basis of customer needing to have a license with us. Frankly, some of that is actually because some of the capabilities may not yet exist depending on the partner in question to actually license a new customer over that channel. So that's why we say we look forward to customer acquisition with new customers on a go-forward basis.

嘿，肖恩，謝謝。我先來，當然可以──艾瑞克，如果你還有什麼要補充的，也可以隨時插話。所以現在，肖恩，我們——所有這一切都是基於客戶需要擁有我們頒發的許可證這一前提而進行的。坦白說，部分原因是某些功能可能尚未具備，這取決於相關合作夥伴是否能夠透過該管道向新客戶授予許可。所以這就是為什麼我們說我們期待在未來不斷吸引新客戶的原因。

So right now, it's very much on the current license base. The revenue model going forward, look, I mean, we may consider additional ways to monetize. We're a little far away from that at this point. Again, some of it is just where the LLM and hyperscale partners are in their own journeys. But we're being proactive in thinking about that and the full opportunity there as well. Eric, anything else that you'd add to that?

所以目前，它很大程度上是基於現有的授權協議。展望未來，收入模式方面，我的意思是，我們可能會考慮其他獲利方式。目前我們離那個目標還有一段距離。再說，其中一些因素只是 LLM 和超大規模合作夥伴在各自發展歷程中所處的階段。但我們正在積極主動地思考這個問題，並充分利用其中的機會。艾瑞克，你還有什麼要補充的嗎？

No, I think that's really a clear summary. We're excited about this space, the protections we have between permissioning and licensing and the paywall are just natural both defensive mechanisms, but also ways to monitor young usage. And as we get more usage, there's more value, and that has a very virtuous and positive benefit to our results, including the financial results and growth over time.

不，我覺得這已經是一個非常清晰的總結了。我們對這個領域感到興奮，我們在許可和授權以及付費牆之間所採取的保護措施既是自然而然的防禦機制，也是監控年輕用戶使用情況的方法。隨著使用量的增加，價值也會增加，這對我們的業績，包括財務業績和長期成長，都具有非常正面和良性的影響。

Thanks, Sean. Okay. Well, I do want to say a huge thank you to all of the colleagues at S&P who delivered a phenomenal Q3. I'm very proud of everyone and a huge thanks to all of you. Thank you to all of our participants on the call today for your questions. And we're excited to see you in two weeks.

謝謝你，肖恩。好的。在此，我要衷心感謝標普的所有同事，他們共同創造了非常出色的第三季業績。我為每個人感到非常驕傲，並衷心感謝大家。感謝今天所有參加電話會議並提出問題的參與者。我們非常期待兩週後見到你。

Thanks again. Take care.

再次感謝。小心。

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。今天上午的電話會議到此結束。演講者投影片的PDF版本可從investor.spglobal.com下載。整場電話會議的錄音回放將在大約兩小時後提供。包含音訊和幻燈片的網路直播視訊將在標普全球網站上保留一年。電話錄音重播將保留一個月。謹代表標普全球，感謝您的參與，並祝福您有美好的一天。