標普全球 (SPGI) 2026 Q3 法說會逐字稿

Good morning, and welcome to S&P Global's third quarter 2026 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 S&P Global 2026 年第三季財報電話會議。在此提醒各位，本次通話將被錄音以供播出。(接線員指示) 如需收看網路直播與投影片，請前往 investor.spglobal.com。(接線員指示)

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.

現在我想介紹 S&P Global 投資人關係資深副總裁兼財務長 Mark Grant 先生。先生，您可以開始了。

Good morning, and thank you for joining today's S&P Global Third Quarter 2026 Earnings Call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer; and Eric Aboaf, Chief Financial Officer. In addition, Cathy Clay, CEO of S&P Dow Jones Indices, will be joining for the Q&A portion of today's call.

早安，感謝各位參加今天的 S&P Global 2026 年第三季財報電話會議。今天出席並發言的有總裁兼執行長 Martina Cheung，以及財務長 Eric Aboaf。此外，S&P 道瓊指數（S&P Dow Jones Indices）執行長 Cathy Clay 也將加入今天的問答環節。

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.

我們已於今日稍早發布新聞稿，公布本次業績結果。此外，我們也已上傳一份補充投影片，提供更多關於業績與財測指引的資訊。如需新聞稿與財務附表或補充投影片，可至 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.

今天電話會議中討論的事項可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括對未來事件的預測、估計與描述。

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.

任何此類陳述均基於目前的預期與當前經濟狀況，並受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所預期者出現重大差異。有關這些風險與不確定性的更多資訊，請參閱我們向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 表格。

In today's earnings documents and during the conference call, we are providing non-GAAP 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.

在今天的財報文件以及電話會議中，我們將提供非 GAAP 財務資訊。提供此資訊旨在讓投資人能在不同期間之間對公司的營運表現進行有意義的比較，並以與管理層相同的視角檢視公司的業務。

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

財報新聞稿包含依 GAAP 計算、且與我們所提供之非 GAAP 指標相對應的財務衡量；新聞稿與補充投影片亦包含 GAAP 與非 GAAP 指標之間的調節表。除非另有明確說明，我們今天討論的財務指標均指非 GAAP 調整後指標。

All financial information presented in the earnings documents and to be discussed on today's call reflect the company's results on a continuing operations basis unless otherwise stated, and prior periods have been recast accordingly to conform to this current presentation. At this time, I would like to turn the call over to Martina Cheung. Martina?

除非另有說明，財報文件中所呈現以及今天電話會議將討論的所有財務資訊，均反映公司以持續營運（continuing operations）基礎編製的結果；先前期間亦已相應重編，以符合本次呈列方式。現在，我想把電話交給 Martina Cheung。Martina？

Thank you, Mark, and thank you to everyone joining us this morning. I'm also very pleased to have Cathy Clay, CEO of S&P Dow Jones Indices, with us for the Q&A portion of the call. I'll start with a bigger picture before I get into the quarter.

謝謝你，Mark，也感謝今天早上加入我們的各位。我也很高興 S&P 道瓊指數執行長 Cathy Clay 能與我們一同參與問答環節。在進入本季表現之前，我會先從更宏觀的角度談起。

Our strategy rests on three priorities: advancing our market leadership, expanding into high-growth adjacencies and amplifying our enterprise capabilities and AI. Today, we're taking the next step on that first priority, sharpening our focus on the markets where we lead. S&P Global is the trust anchor in three of the world's most important markets: credit, equities and commodities. The strategic review we announced this morning is about putting our investments where we're strongest.

我們的策略建立在三項優先事項之上：推進我們的市場領導地位、拓展至高成長的相鄰領域，以及強化我們的企業級能力與 AI。今天，我們將在第一項優先事項上邁出下一步，進一步聚焦於我們領先的市場。S&P Global 是全球三個最重要市場中的信任錨點：信用、股票與大宗商品。我們今天早上宣布的策略檢視，旨在把投資放在我們最強的領域。

Now turning to the quarter. We delivered solid performance in the quarter, driven by strong execution and deep engagement with our customers and our AI initiatives are starting to show real traction. Revenue growth accelerated in Indices, Energy and Market Intelligence, and we expanded margins in each of these divisions.

接著談本季表現。本季我們交出穩健的表現，主要受惠於強勁的執行力、與客戶的深度互動，以及我們的 AI 計畫開始展現實質進展。指數、能源與市場情報（Market Intelligence）的營收成長加速，且我們在這三個事業部門的利潤率皆有所擴張。

Ratings revenue growth decelerated modestly as we expected. But the point I'd make is that the durable profitable growth of our benchmark franchise remains robust. Benchmarks revenue increased 7%, and total recurring revenue across the Enterprise increased 8%. With acceleration in subscription revenue, strong incremental margins and continued productivity gains, we delivered 60 basis points of margin expansion in the quarter.

評級（Ratings）營收成長如我們預期般小幅放緩。但我要強調的是，我們基準（benchmark）核心業務的可持續獲利成長仍然強勁。基準業務營收成長 7%，而企業端（Enterprise）整體的經常性收入合計成長 8%。在訂閱收入加速、強勁的增量利潤率以及持續的生產力提升帶動下，我們本季利潤率擴張 60 個基點。

On capital return, we have repurchased $4 billion in shares so far this year, and we are on track to complete more than $7 billion in repurchases by year-end. We're also seeing real improvement in customer traction and in our speed of execution. And that helped to drive revenue growth acceleration in both Market Intelligence and Energy.

在資本回饋方面，我們今年迄今已回購 40 億美元股票，並正按計畫在年底前完成超過 70 億美元的回購。我們也看到客戶採用動能與執行速度出現實質改善。這也有助於推動市場情報與能源兩大業務的營收成長加速。

Our benchmarks remain critical components of market infrastructure across credit, equities and commodities. Supply chain diversification and data centers are topics in nearly every customer conversation we have, and our customers are turning to S&P Global more than ever to make their most important decisions.

我們的基準指標仍是信用、股票與大宗商品等市場基礎設施中的關鍵組成。供應鏈多元化與資料中心幾乎出現在我們與每位客戶的對話中，而客戶比以往任何時候都更依賴 S&P Global 來做出最重要的決策。

As you saw in the release this morning, we also announced a strategic review for Capital IQ and associated data businesses, which I'll be discussing more in a moment. Turning to the operating environment. This year has brought geopolitical conflict, shifting rates and swings in commodity markets, but also strong activity across credit and equity markets. Our clients have remained resilient, and as AI and massive capital investment reshape markets, what we're seeing is that trusted benchmarks and data matter more than ever.

如同各位今早在新聞稿中所見，我們也宣布將對 Capital IQ 及其相關資料業務進行策略檢視，我稍後會進一步說明。接著談營運環境。今年出現地緣政治衝突、利率變動以及大宗商品市場波動，但信用與股票市場活動也相當強勁。我們的客戶展現韌性；隨著 AI 與大規模資本投資重塑市場，我們看到可信賴的基準與資料比以往任何時候都更重要。

In the debt markets, there was strong demand for rated debt in the quarter. The issuance environment was favorable with the impact of higher treasury yields, offset by continued near record tight credit spreads. And S&P Global remains the rating agency of choice for AI-related and hyperscaler issuance.

在債務市場方面，本季對評級債務的需求強勁。發行環境有利：較高的美國公債殖利率帶來影響，但被信用利差持續接近歷史最緊水準所抵銷。而 S&P Global 仍是 AI 相關與超大規模雲端業者（hyperscaler）發行的首選評級機構。

We continue to see above-average returns in the US equities market, and we made good progress in high-growth adjacencies like DeFi and prediction markets. In Energy, customers are adapting to geopolitical and supply chain volatility. Our Global Trading Services business stabilized in the third quarter, and renewals are returning to the levels we saw prior to the Iran conflict.

我們持續看到美國股票市場的報酬率高於平均水準，並在 DeFi 與預測市場等高成長相鄰領域取得良好進展。在能源方面，客戶正因應地緣政治與供應鏈波動。我們的全球交易服務（Global Trading Services）業務在第三季趨於穩定，續約水準正回到伊朗衝突前的水準。

Demand for our AI products is also very strong. During the quarter, we combined our MCP tools and Adaptive Retrieval agents into one holistic AI Data Portal offering. Demand for our mission-critical data is very strong, and we launched Ratings, Energy and Visible Alpha data in MCP during the quarter.

我們的 AI 產品需求也非常強勁。本季我們將 MCP 工具與 Adaptive Retrieval 代理整合為一個完整的 AI Data Portal 產品。我們的關鍵任務資料需求非常強勁，且本季我們在 MCP 中上線了 Ratings、Energy 與 Visible Alpha 的資料。

What we hear consistently from customers is that they are choosing S&P Global data because it's highly performant with lower error rates compared to other providers. And our Adaptive Retrieval agents are also resonating strongly with customers.

客戶一再回饋，他們選擇 S&P Global 資料是因為相較其他供應商，我們的效能更佳且錯誤率更低。而我們的 Adaptive Retrieval 代理也同樣獲得客戶高度共鳴。

We signed a large multiyear competitive displacement in the quarter that combined Cap IQ with our AI Data Portal Solutions from MI. We also signed a very large deal with a global energy company that combined an upstream win back with our AI-ready data.

本季我們簽下了一筆大型多年期的競品替換（competitive displacement）合約，將 Cap IQ 與我們市場情報（MI）的 AI Data Portal 解決方案結合。我們也與一家全球能源公司簽下了一筆非常大型的交易，結合了上游業務的回流（win back）以及我們可供 AI 使用的資料。

Negotiations with customers on AI rights are normalizing, and we're signing deals with robust pricing that protect our IP. Customers see the value in leveraging our AI-ready data while respecting our intellectual property.

與客戶就 AI 權利進行的談判正逐步常態化，我們也以具韌性的定價簽署合約，以保護我們的智慧財產權（IP）。客戶看見在尊重我們智慧財產權的同時，運用我們 AI-ready 資料的價值。

Sales cycle stabilized following some temporary noise last quarter, contributing to the acceleration in subscription revenue growth in both Market Intelligence and Energy. The strength of the S&P Global Ratings franchise was clear in the third quarter, with total billed issuance up 8% year-over-year. The first three quarters of this year are the three strongest quarters on record for billed issuance.

在上季出現一些短暫雜音後，銷售週期已趨於穩定，帶動市場情報與能源兩大業務的訂閱收入成長加速。S&P Global Ratings 的業務實力在第三季表現得十分明顯，總計計費發行量（billed issuance）年增 8%。今年前三季是我們有紀錄以來計費發行量最強的三個季度。

Hyperscaler issuance remained strong in the quarter, bringing the year-to-date total to approximately $240 billion, and we continue to expect between $250 billion and $300 billion for the full year. We've seen continued strength in investment-grade issuance outside of the hyperscalers.

本季超大規模雲端業者（hyperscaler）發行量維持強勁，使年初至今總額約達 2,400 億美元；我們仍預期全年將介於 2,500 億至 3,000 億美元之間。我們也看到除 hyperscaler 之外的投資等級發行持續強勁。

Excluding hyperscaler issuance in the third quarter, investment-grade issuance would have increased around 15%, while total billed issuance would have been up low single digits. We expect issuance to remain robust in absolute terms, but we are lapping a difficult year-over-year compare in the second half.

若排除第三季超大規模雲端業者（hyperscaler）的發行，投資級發行量約將增加15%，而總計計費發行量則將呈現低個位數成長。我們預期發行在絕對水準上仍將維持強勁，但下半年將面臨艱難的年對年比較基期。

Our updated guidance assumes high single-digit billed issuance growth for the full year, reflecting our continued expectations for $250 billion to $300 billion in hyperscaler issuance. We now expect 20% to 30% growth in M&A issuance this year given the strength of M&A-related issuance in the third quarter.

我們更新後的指引假設全年計費發行量為高個位數成長，反映我們仍預期超大規模雲端業者發行規模為2,500億至3,000億美元。鑑於第三季併購（M&A）相關發行的強勁表現，我們目前預期今年M&A發行量將成長20%至30%。

Moving on to Indices. S&P Dow Jones Indices remains the global leader in indices, both in terms of assets under management and in index-based derivatives. We had more than $600 billion in net inflows into our ETF products, and we ended the quarter with ETF assets under management up 26%. Continued market volatility drove a 15% increase in average daily volumes for our exchange traded derivatives. The strength of this franchise creates powerful opportunities for partnership and collaboration in new and existing markets.

接下來談指數業務。S&P道瓊指數（S&P Dow Jones Indices）在指數領域仍為全球領導者，無論是資產管理規模或以指數為基礎的衍生性商品皆然。我們的ETF產品淨流入超過6,000億美元，季末ETF資產管理規模成長26%。持續的市場波動帶動我們交易所交易衍生性商品的日均成交量增加15%。此一業務平台的強勢，為我們在新市場與既有市場中進行合作與協作創造了強大的機會。

We announced several agreements in the last few months that demonstrate the importance of partnering with S&P Dow Jones Indices for leading market participants. The extension of our S&P 500 options agreement with Cboe solidifies our partnership through the next 25 years and creates meaningful value for customers and shareholders.

過去幾個月我們宣布了數項協議，展現對主要市場參與者而言，與S&P道瓊指數合作的重要性。我們與Cboe延長S&P 500期權協議，鞏固未來25年的合作夥伴關係，並為客戶與股東創造可觀價值。

We're actively pursuing opportunities to expand the addressable market for our intellectual property in areas like prediction markets. And we continue to innovate and explore opportunities and partnerships that take advantage of the rapid innovation in this space, enabling our customers to leverage our products in new ways.

我們正積極尋求在預測市場等領域擴大我們智慧財產的可服務市場。我們也持續創新並探索機會與合作夥伴關係，善用此領域快速創新所帶來的優勢，讓客戶能以新的方式運用我們的產品。

We don't expect these announcements to have a meaningful impact on 2026 financial results, but we do expect to benefit in 2027 and beyond. As we expected, energy revenue growth accelerated in the quarter, though energy and commodities markets remain volatile.

我們不預期這些公告會對2026年的財務結果產生重大影響，但我們確實預期將在2027年及之後受益。如我們所預期，能源營收成長在本季加速，儘管能源與大宗商品市場仍然波動。

Oil prices remain elevated, and we expect oil to stay around $100 per barrel through the fourth quarter. We saw better traffic through the Strait of Hormuz with flows reaching almost two-thirds prewar levels. That made it easier for customers to transact with confidence and drive subscription growth in the quarter.

油價仍維持在高檔，我們預期原油在第四季將維持在每桶約100美元附近。我們看到荷莫茲海峽（Strait of Hormuz）的通行狀況改善，流量回升至戰前水準的近三分之二。這使客戶更能有信心地進行交易，並帶動本季訂閱成長。

We're also seeing market participants return to the derivatives products based on our benchmark prices as traders and others adjust to more volatile markets. LNG, refined products and chemicals remain more constrained, and our customers are using our data to help identify and plan for alternative sources and partnerships. I'd also say our recent acquisition of datacenterHawk could not have been timelier. Combined with 451 Research, S&P Global is now a leading provider of data center data and insights.

我們也看到市場參與者回流至以我們基準價格為基礎的衍生性商品，因交易員等人士正在適應更為波動的市場。液化天然氣（LNG）、成品油與化學品仍較為受限，我們的客戶正使用我們的數據來協助辨識並規劃替代來源與合作夥伴。我也要說，我們近期收購datacenterHawk可說正逢其時。結合451 Research之後，S&P Global如今已成為資料中心數據與洞察的領先供應商。

Demand for data center build-out is unprecedented, with our teams forecasting significant increases in demand for power, chips and materials to deliver that infrastructure. In fact, our team forecasts nearly $900 billion of CapEx this year for the six largest hyperscalers, nearly doubling from 2025 levels.

資料中心建置需求前所未見，我們的團隊預測，為了交付這些基礎設施，對電力、晶片與材料的需求將大幅增加。事實上，我們團隊預測，今年六大超大規模雲端業者的資本支出（CapEx）將接近9,000億美元，較2025年水準幾乎翻倍。

The intensity of investment in this area is benefiting every one of our divisions, highlighting growing convergence between financial markets and commodity markets. Obviously, this year, debt issuance and equity valuations have been driven higher by AI and data center investments.

此領域投資強度的提升正使我們各事業部門皆受益，凸顯金融市場與大宗商品市場之間日益加深的融合。顯而易見，今年債務發行與股權估值都因AI與資料中心投資而被推升。

Demand is also increasing for supply chain insights, counterparty credit analytics, power forecasts and logistics data among financial services and industrial customers who need to understand these dynamics in depth.

金融服務與工業客戶為了深入理解這些動態，對供應鏈洞察、交易對手信用分析、電力需求/供給預測以及物流數據的需求也在增加。

Demand for our AI products is strong. For several quarters, customers using our AI solutions have increased their spend with us at a much faster rate than average. In Market Intelligence, ACV growth is now 1.8 times the growth rate of non-AI customers. In Energy, it remains approximately 3 times. This is a strong signal of the value of our AI solutions to our customers. Over time, we believe growth rates will converge as more of our customers become AI customers.

我們的AI產品需求強勁。過去數個季度，使用我們AI解決方案的客戶，其在我們這裡的支出增速遠高於平均水準。在市場情報（Market Intelligence）業務中，AI客戶的ACV成長率目前是非AI客戶的1.8倍。在能源（Energy）業務中，仍約為3倍。這強烈顯示我們的AI解決方案對客戶具有價值。隨著更多客戶成為AI客戶，我們相信長期而言成長率將逐步趨同。

API call volume grew rapidly, up nearly 50% since Q2 and more than 4,000% year-over-year. More customers are expanding in-house solutions and integrations with frontier models powered by our data. Negotiations with customers on AI rights are normalizing, and we are signing deals with robust pricing that protect our IP. As I mentioned earlier, that comes down to the quality of our AI tools and our unique data sets like Visible Alpha.

API呼叫量快速成長，自第二季以來增加近50%，年增幅超過4,000%。更多客戶正在擴展內部解決方案，並以我們的數據為基礎，與前沿模型進行整合。與客戶就AI權利的談判正趨於常態化，我們也正以具韌性的定價簽署交易，以保護我們的智慧財產權。正如我先前提到的，這歸功於我們AI工具的品質，以及如Visible Alpha等獨特數據集。

Turning to slide 11. We announced today that we have initiated a strategic review of alternatives for Capital IQ and associated data businesses within Market Intelligence, including their potential separation. The businesses being considered for separation includes the Kensho Data & Platforms businesses within Market Intelligence, specifically Capital IQ and associated data businesses.

接著看第11頁投影片。我們今天宣布，已啟動對市場情報（Market Intelligence）內的Capital IQ及其相關數據業務之替代方案進行策略性檢視，包括其潛在的分拆。納入分拆評估的業務包含市場情報中的Kensho Data & Platforms業務，具體而言為Capital IQ及其相關數據業務。

While the exact perimeter remains under review, we expect to retain RatingsDirect and RatingsXpress as well as Enterprise Solutions. These businesses operate at scale with high recurring revenue and a large long-standing base of more than 15,000 clients and more than 355,000 users.

雖然確切範圍仍在檢視中，我們預期將保留RatingsDirect與RatingsXpress，以及企業解決方案（Enterprise Solutions）。這些業務具備規模化運營能力，擁有高比例經常性收入，並有超過15,000家客戶與超過355,000名使用者的長期龐大基礎。

Demand for their trusted data continues to grow as customers increasingly seek to integrate it directly into their own systems and tools. We are confident in the ability of these businesses to create incredible value for our customers while rapidly innovating to bring differentiated data and insights to the market in an AI-first way. And we believe separate ownership would give them the dedicated investment and focus needed to continue the revenue growth acceleration and rapid innovation that we delivered this quarter.

隨著客戶日益希望將其可信賴的數據直接整合至自身系統與工具中，對這些數據的需求持續成長。我們對這些業務有信心，能在以AI為優先（AI-first）的方式快速創新，為市場帶來差異化的數據與洞察，同時為客戶創造驚人的價值。我們也相信，若採取獨立所有權，將能提供其所需的專注投入與投資，以延續我們本季所展現的營收成長加速與快速創新。

Given the commercial and data relationships between S&P Global and the businesses under review, we would seek to keep our interest closely aligned in any transaction. At the same time, a more focused S&P Global would allow us to prioritize investments and reinforce our strength in the markets where we have the strongest position and are best enabled to create value.

鑑於S&P Global與受檢視業務之間的商業與數據關係，在任何交易中我們都會尋求讓彼此利益保持高度一致。同時，更聚焦的S&P Global將使我們能優先配置投資，並在我們最具優勢、也最能創造價值的市場中進一步強化實力。

S&P Global is deeply embedded in the world's credit, equities and commodities markets, providing trusted benchmarks, mission-critical data and insights that are essential to how those markets operate. Our expected go-forward portfolio benefits from durable secular tailwinds and attractive incremental margins. This allows us to invest while delivering consistent margin expansion over time.

S&P Global深度嵌入全球信用、股票與大宗商品市場，提供可信賴的基準、關鍵任務型（mission-critical）數據與洞察，這些對市場運作至關重要。我們預期的未來投資組合受惠於持久的結構性順風與具吸引力的增量利潤率。這使我們能在投資的同時，隨時間推進持續實現穩定的利潤率擴張。

We expect that when and if this process is completed, S&P Global will be a focused and synergistic organization of high-growth businesses positioned for strong growth in organic revenue, profit and EPS. We believe this portfolio can also generate significant free cash flow, enhancing our capital allocation flexibility and ultimately, our ability to return capital to shareholders.

我們預期，一旦此流程完成（若完成），S&P Global將成為一個聚焦且具協同效應的高成長業務組合，並在有機營收、利潤與每股盈餘（EPS）方面具備強勁成長動能。我們也相信，該投資組合可產生可觀的自由現金流，提升我們資本配置的彈性，並最終增強我們回饋股東資本的能力。

There is no definitive timetable for completing this strategic review. What I can tell you is that maintaining continuity for our customers and our colleagues throughout this process is of the utmost importance. Existing contracts and service commitments remain in place, and we will ensure that our valued customers continue to receive the innovative products and differentiated data they rely on today.

完成此策略性檢視並無明確的時間表。我能告訴各位的是，在整個過程中維持對客戶與同仁的連續性至關重要。既有合約與服務承諾將持續有效，我們也將確保珍視的客戶能持續獲得他們今日所依賴的創新產品與差異化數據。

While this process is underway, we will be thoughtful about the impact it could have on our customers, our people and our shareholders. We'll provide updates at appropriate times, but we are very early in this process. And we expect the earliest meaningful update we would be able to provide will be on our February earnings call.

在此流程進行期間，我們將審慎評估其可能對客戶、員工與股東造成的影響。我們會在適當時點提供更新，但目前仍處於非常早期的階段。我們預期，最早能提供具實質意義的更新，將是在我們2月的財報電話會議上。

With subscription growth accelerating, margins expanding and an improving outlook, we're pleased with the excellent results we delivered in the third quarter. We're excited about the opportunities to come for Capital IQ and its related businesses, and we are excited about the prospects for S&P Global. We look forward to finishing the year strong.

隨著訂閱成長加速、利潤率擴張以及展望改善，我們對第三季交出的優異成績感到滿意。我們對Capital IQ及其相關業務未來的機會感到振奮，也對S&P Global的前景充滿期待。我們期待以強勁表現完成今年。

Now I'll hand it over to Eric to take you through the details of the quarter and the guidance.

現在我把時間交給 Eric，請他帶大家了解本季的細節以及財測指引。

Thank you, Martina, and good morning, everyone. Starting with slide 14. We delivered a strong third quarter financial result with 7% revenue growth, both on an organic constant currency and all-in basis as M&A and FX had only modest net impacts. We saw revenue acceleration in three of our four divisions, which I'll come back to shortly.

謝謝你，Martina，各位早安。先從第 14 頁投影片開始。我們第三季交出強勁的財務表現，營收成長 7%，無論以有機固定匯率口徑或整體口徑皆然，因為併購（M&A）與匯率（FX）對淨影響僅屬溫和。我們四個事業部中有三個出現營收加速，稍後我會再回到這點。

Adjusted expenses grew 5% as we invested in key growth areas funded with productivity initiatives and held total headcount flat year-over-year. We thus delivered 60 basis points of year-on-year margin expansion to 53.5%. Excluding OSTTRA from the prior year period, our third quarter 2026 margin expansion would have been up 120 basis points.

調整後費用成長 5%，我們在關鍵成長領域加大投資，並以生產力提升措施提供資金來源，同時將總人力年對年維持持平。因此，我們實現年對年 60 個基點的利潤率擴張至 53.5%。若排除前一年同期的 OSTTRA，我們 2026 年第三季的利潤率擴張將達 120 個基點。

We delivered 8% growth in adjusted operating profit and 9% growth in EPS, driven by more than $6 billion in share repurchases over the last 12 months, including another $2.6 billion in share buybacks launched in the third quarter. EPS growth was partly tempered by the timing of tax expenses in the quarter.

調整後營業利益成長 8%，每股盈餘（EPS）成長 9%，主要受過去 12 個月超過 60 億美元的庫藏股回購所帶動，其中包含第三季啟動的另外 26 億美元股票回購。EPS 成長部分受到本季稅費認列時點的影響而有所抑制。

I'll now turn to our divisions, starting with Ratings on slide 15. Ratings revenue grew 2% in the quarter. As expected, growth moderated from the first half of the year against tougher comparisons. Issuance was up 8% and transaction revenue increased 1%.

接下來談各事業部，先看第 15 頁的評級（Ratings）。本季評級營收成長 2%。如預期，面對較嚴峻的比較基期，成長率較上半年放緩。發行量成長 8%，交易型營收成長 1%。

Both were led by considerable strength in investment grade, up 28%, which benefited from several large M&A and hyperscaler deals, partly offset by high yield, bank loans and structured finance, all of which had difficult prior year comparisons.

兩者皆由投資級（investment grade）的顯著強勁表現所帶動，投資級成長 28%，受惠於數筆大型併購案以及超大規模雲端服務商（hyperscaler）交易；部分被高收益（high yield）、銀行貸款與結構性融資的表現所抵銷，這些領域去年同期的比較基期都較為艱難。

This quarter, the mix shift out of high yield and bank loans into investment grade led to a wider-than-usual variance between billed issuance growth and transaction revenue growth. However, year-to-date, that variance shrinks to less than 2 percentage points with issuance and revenue growth up 15% and 13%, respectively.

本季由高收益與銀行貸款轉向投資級的組合變化，導致「計費發行量」成長與交易型營收成長之間的差異大於往常。不過，年初至今該差異縮小至不到 2 個百分點，發行量與營收成長分別為 15% 與 13%。

We expect billed issuance growth to generally mirror transaction revenue growth over time. Nontransaction revenue grew 4%, primarily driven by higher annual fee revenue as well as CRISIL. Growth in nontransaction decelerated modestly given the much tougher comparison, which will continue into the fourth quarter as well.

我們預期，隨著時間推移，計費發行量成長通常會與交易型營收成長大致一致。非交易型營收成長 4%，主要由較高的年度費用收入以及 CRISIL 所帶動。由於比較基期明顯更嚴峻，非交易型業務的成長略有放緩，而這種情況在第四季也將持續。

When looking at combined transaction and nontransaction revenue, as you can see on the slide, the 10% growth in financials and 8% growth in CRISIL and other revenue was tempered somewhat by the slower growth in governments and corporates as well as a modest decline in structured finance. All that said, we're also very pleased to have closed the OpenZeppelin acquisition yesterday, which gives us a leading position in the smart contract space and reinforces our progress in DeFi.

若觀察交易型與非交易型營收合計，如投影片所示，金融類營收成長 10%，CRISIL 與其他營收成長 8%；但政府與企業類較慢的成長，以及結構性融資的小幅下滑，對整體有所抑制。儘管如此，我們也非常高興昨天完成 OpenZeppelin 的收購，這讓我們在智慧合約領域取得領先地位，並強化我們在 DeFi 的進展。

Adjusted expenses increased by 7%, driven by higher compensation costs and continued investments in strategic initiatives, partially offset by our productivity efforts. While margins contracted approximately 130 basis points in the quarter, this can be impacted by the timing of expenses. Year-to-date, Ratings margins have expanded just over 100 basis points.

調整後費用增加 7%，主要由較高的人事薪酬成本與持續投入策略性計畫所致，部分被我們的生產力提升努力所抵銷。雖然本季利潤率約收縮 130 個基點，但這可能會受到費用認列時點的影響。年初至今，評級事業部利潤率已擴張略高於 100 個基點。

Now turning to S&P Dow Jones Indices on slide 16. Indices maintained its strong momentum, reporting the 14th consecutive quarter of record revenue. Revenue in the quarter grew 20% with strength in both asset-linked fees and exchange-traded derivatives. Revenues associated with asset-linked fees grew 24% year-over-year, with growth driven by a balanced mix of market appreciation and net inflows into products based on S&P Dow Jones Indices.

接著看第 16 頁的 S&P 道瓊指數（S&P Dow Jones Indices）。指數業務維持強勁動能，連續第 14 季創下營收新高。本季營收成長 20%，資產連結費用與交易所交易衍生品兩者皆表現強勁。與資產連結費用相關的營收年對年成長 24%，成長動能來自市場上漲與流入以 S&P 道瓊指數為基礎產品的淨資金流入之間的均衡組合。

As the world's largest index business by AUM, we achieved a new record quarter for ETF AUM of $6.5 trillion in the quarter, and our strategic initiatives are contributing to another number one ranking in total ETF market flow capture among the index providers. Exchange-traded derivatives revenue increased 19%, its fourth consecutive quarter of double-digit growth led by strength in SPX ETD volumes.

作為全球以資產管理規模（AUM）計最大的指數業務，我們本季 ETF AUM 創下 6.5 兆美元的新高紀錄；我們的策略性計畫也促成我們在指數供應商中，再次於 ETF 市場資金流量攫取（flow capture）總量排名第一。交易所交易衍生品（ETD）營收增加 19%，連續第四季維持雙位數成長，主要由 SPX ETD 成交量的強勁表現所帶動。

Last month, as Martina mentioned, together with Cboe Global Markets, we announced the extension of our exclusive licensing agreement through 2051. The new agreement builds on more than 40 years of collaboration and positions us well to drive further innovation and growth. The contract extension will not impact 2026 financial results, but we do expect a couple of percentage points of incremental total index revenue growth in 2027. We'll provide more detail when we give 2027 guidance in February.

上個月，如 Martina 所提到，我們與 Cboe Global Markets 一同宣布將獨家授權協議延長至 2051 年。新協議建立在超過 40 年的合作基礎上，使我們具備良好條件推動進一步的創新與成長。合約延長不會影響 2026 年的財務結果，但我們預期 2027 年整體指數營收成長將額外增加約數個百分點。我們將在 2 月提供 2027 年指引時，分享更多細節。

Data and custom subscriptions revenue grew 7% or 5% organically, supported by continued new business growth in end-of-day contracts. Adjusted expenses were up 14% year-over-year, driven by investments in growth initiatives and higher compensation costs. Indices operating profit grew 22% and operating margin expanded 150 basis points to 71.9%.

資料與客製化訂閱營收成長 7%，若以有機口徑則成長 5%，主要受惠於日終（end-of-day）合約的新業務持續成長。調整後費用年對年增加 14%，主要由成長計畫投資與較高的人事薪酬成本所帶動。指數事業部營業利益成長 22%，營業利潤率擴張 150 個基點至 71.9%。

Now turning to S&P Global Energy on slide 17. Energy revenue rebounded to 6% on both a reported and organic constant currency basis, benefiting from continued strong demand for Platts benchmarks as well as our differentiated data, research and thought leadership.

接著看第 17 頁的 S&P Global Energy。能源事業部營收回升至 6%，無論以申報口徑或有機固定匯率口徑皆為 6%，受惠於 Platts 基準價格的持續強勁需求，以及我們具差異化的數據、研究與思想領導力。

We delivered this healthy growth despite ongoing geopolitical uncertainty and the negative impact of sanctions worth about 0.5 point. In the third quarter, we saw improvements in the operating environment. Impacted customers in the Middle East have begun to stabilize and adapt to the current landscape. This was reflected in our accelerating organic growth, rising sales and solid GTS volumes.

即便地緣政治不確定性仍在，且制裁帶來約 0.5 個百分點的負面影響，我們仍交出這樣健康的成長。第三季我們看到營運環境有所改善。受影響的中東客戶已開始趨於穩定，並適應目前的局勢。這反映在我們有機成長加速、銷售上升以及穩健的 GTS 交易量上。

The near-term environment remains uncertain, but we continue to believe these headwinds are transitory, and we continue to expect organic constant currency growth to normalize in 2027 to within the 6% to 8% average range we outlined at our 2025 Investor Day.

短期環境仍不確定，但我們仍相信這些逆風屬於暫時性因素；我們也持續預期，有機固定匯率成長將在 2027 年回歸常態，落在我們於 2025 年投資人日所提出的 6% 至 8% 平均區間內。

CERA grew 5% or 6% organically when accounting for the divestiture of upstream software. Organic growth benefited from the broad-based increases across our offerings, particularly insights and analytics and consulting. We remain pleased to see ongoing traction in our upstream data transformation with a return to positive revenue growth and encouraging feedback from our early customers of CERA Titan.

CERA 成長 5%；若將上游軟體業務出售（divestiture）的影響納入考量，則有機成長為 6%。有機成長受惠於各項產品線的廣泛提升，尤其是洞察與分析（insights and analytics）以及顧問服務。我們仍樂見上游數據轉型持續取得進展，營收重回正成長，且 CERA Titan 的早期客戶回饋令人鼓舞。

Platts revenue increased 7% in the quarter, driven by strong growth in price assessments. Growth in GTS revenue stabilized from last quarter as well despite a challenging compare from last year. The third quarter of 2025 and the third quarter of '26, are tied for the second highest quarterly revenue on record.

Platts 營收本季增加 7%，主要由價格評估（price assessments）的強勁成長所帶動。儘管去年同期比較基期具挑戰，GTS 營收成長仍較上季趨於穩定。2025 年第三季與 2026 年第三季並列為史上第二高的單季營收。

As Martina mentioned, demand for our AI products has been very strong, and our discrete AI products in Energy contributed around 50 basis points to our revenue growth this quarter. Adjusted expenses grew by just 2%, driving margin expansion of 190 basis points to 48.1%. Energy's modest expense growth in the quarter was driven by higher technology and compensation costs, almost fully offset by productivity programs and expense discipline.

如 Martina 所提到，我們的 AI 產品需求非常強勁，能源事業部的獨立 AI 產品本季對營收成長貢獻約 50 個基點。調整後費用僅成長 2%，帶動利潤率擴張 190 個基點至 48.1%。

Turning to Market Intelligence on slide 18. Revenue growth accelerated to 7% on both the reported and organic constant currency basis in the third quarter. We saw particular strength in Kensho Data & Platforms, and Kensho Data itself was Market Intelligence's fastest-growing business. We remain encouraged by the strong customer adoption and demand for our AI-ready data. Similar to our Energy division, our discrete AI products contributed approximately 0.5 point of growth to Kensho Data & Platforms this quarter.

接著看第 18 頁的市場情報（Market Intelligence）。第三季營收成長加速至 7%，無論以申報口徑或有機固定匯率口徑皆為 7%。我們在 Kensho Data & Platforms 看到特別強勁的表現，其中 Kensho Data 是市場情報成長最快的業務。我們對客戶對我們 AI-ready 數據的強勁採用與需求，仍感到鼓舞。與能源事業部類似，我們的獨立 AI 產品本季對 Kensho Data & Platforms 的成長貢獻約 0.5 個百分點。

Sales cycles have normalized following a slight elongation last quarter, and we are no longer seeing a negative impact to revenue growth. In fact, we saw a small benefit in the quarter from some true-ups on contracts that renewed after the second quarter ended. We saw improved sales and renewal rates in 3Q as we closed on several of the large deals that have extended from second quarter, while also ensuring that our intellectual property was protected for the long term.

銷售週期在上季略為拉長後已回歸正常，我們不再看到對營收成長造成負面影響。事實上，本季我們因部分在第二季結束後續約的合約進行調整（true-ups）而獲得些許助益。第三季我們在完成數筆自第二季延續至今的大型交易之際，也確保我們的智慧財產在長期內受到保護，因此銷售與續約率均有所改善。

In the third quarter, subscription revenue grew 6% and 7% on an organic basis, benefiting from broad-based growth across our subscription franchises. Kensho Data & Platforms revenue growth accelerated to 10% or 6% organically. We saw acceleration in Kensho Data driven by strong adoption of our AI-ready data fees with growth comfortably in the double digits.

第三季，訂閱營收成長6%，以有機基礎計算成長7%，受惠於我們各訂閱業務線的廣泛成長。Kensho Data & Platforms 營收成長加速至10%，或以有機基礎計算為6%。Kensho Data 的加速成長來自我們 AI-ready 資料費用的強勁採用，成長率穩健維持在兩位數。

Enterprise Solutions reported revenue grew 2%, reflecting the divestiture of EDM and thinkFolio, while organic revenue was up a strong 8%. This was driven by broad-based growth across products, particularly in lending solutions like WSO.

Enterprise Solutions 公布營收成長2%，反映出售 EDM 與 thinkFolio 的影響；但有機營收強勁成長8%。此表現由各產品線的廣泛成長所帶動，尤其是如 WSO 等放貸解決方案。

Enterprise Solutions organic subscription revenue grew 7%, also driven by strength across products. This performance really demonstrated the critical nature of these products in our customers' workflows and also in the markets themselves.

Enterprise Solutions 的有機訂閱營收成長7%，同樣由各產品線的強勁表現所驅動。這項表現充分展現這些產品在客戶工作流程以及市場本身中的關鍵性。

Market Intelligence's adjusted expenses increased 5% year-over-year, driven by inorganic expenses from the With Intelligence acquisition as well as higher technology costs, partially offset by the impact of recent divestitures and productivity programs. Market Intelligence delivered 110 basis points of operating margin expansion to 36.2% in the quarter.

Market Intelligence 的調整後費用年增5%，主要由 With Intelligence 收購帶來的非有機費用以及較高的科技成本所致，部分被近期資產剝離及生產力計畫的影響所抵銷。Market Intelligence 本季營業利潤率擴張110個基點至36.2%。

Now shifting to our outlook, starting with slide 19. As a reminder, with our spin of Mobility Global completed on July 1, historical Mobility results were moved to discontinued operations. Consistent with the guidance we provided in the second quarter, our full year guide on both a GAAP and adjusted basis excludes the contributions from Mobility for the whole year. Slide 19 outlines our GAAP guidance.

接著談我們的展望，先看第19頁投影片。提醒一下，隨著我們於7月1日完成 Mobility Global 的分拆，過往 Mobility 的業績已移列為停業單位。與我們在第二季提供的指引一致，我們全年 GAAP 與調整後口徑的指引均排除 Mobility 全年的貢獻。第19頁投影片概述我們的 GAAP 指引。

Slide 20 shows our adjusted guidance. Given the outperformance in both Ratings and Indices year-to-date, we are raising our full year guidance for organic constant currency growth to a range of 7.5% to 8.5%. We're also increasing our guidance for adjusted operating margin expansion. We now expect total operating margin expansion in the range of 75 to 100 basis points.

第20頁投影片顯示我們的調整後指引。鑑於 Ratings 與 Indices 年初至今的優於預期表現，我們將全年有機固定匯率成長指引上調至7.5%至8.5%的區間，同時也上調調整後營業利潤率擴張指引。我們目前預期整體營業利潤率擴張介於75至100個基點。

Excluding the impact of OSTTRA, which was divested late last year, we would expect margin expansion of 125 to 150 basis points. While we expect slightly higher interest expense as a result of the expected bond offering later this quarter, we expect the EPS impact to be more than offset by lower corporate unallocated expense and a lower share count. So we're raising our guidance for adjusted EPS as well to a range of $17.70 to $17.95.

若排除去年底剝離的 OSTTRA 影響，我們預期利潤率擴張將為125至150個基點。雖然由於預期在本季稍晚進行債券發行而使利息費用略為提高，但我們預期其對 EPS 的影響將被較低的公司未分攤費用以及較低的流通股數所抵銷，且抵銷幅度更大。因此我們也將調整後 EPS 指引上調至每股17.70至17.95美元。

Now turning to our division guidance on slide 21. As I mentioned, we are raising our outlook for Ratings, given our expectation for high single-digit billed issuance for the year. We now expect organic constant currency revenue growth of 6.5% to 8%.

接著看第21頁投影片的事業部門指引。如我先前提到，基於我們對全年開票發行量（billed issuance）為高個位數成長的預期，我們上調 Ratings 的展望。我們目前預期有機固定匯率營收成長為6.5%至8%。

In the fourth quarter, this implies a slight decline year-over-year in transaction revenue as we have been signaling all year and a modest growth in non-transaction revenue as we lap a difficult comparison from the fourth quarter of last year. For the full year, we expect Ratings margin expansion to be towards the lower end of the 75 to 100 basis point range we just discussed for the company as a whole.

就第四季而言，這意味著交易營收將如我們全年以來所提示的那樣，年對年略為下滑；而非交易營收則在去年第四季高基期的比較下呈現溫和成長。就全年而言，我們預期 Ratings 的利潤率擴張將落在我們剛才討論之公司整體75至100個基點區間的較低端。

For Indices, we now expect organic constant currency growth in the range of 17% to 18.5%, as we continue to benefit from strong equity valuations and strong net flows. For the full year, we expect Indices margins to be towards the higher end of the 75 to 100 basis point company range.

就 Indices 而言，我們目前預期有機固定匯率成長介於17%至18.5%，持續受惠於強勁的股權估值與強勁的淨流入。就全年而言，我們預期 Indices 的利潤率將落在公司整體75至100個基點區間的較高端。

For Energy, there is some nuance to the upstream software divestiture that impacts reported revenue growth in both the third quarter and the fourth quarter just due to timing. We continue to expect organic constant currency growth of 4.5% to 6% for the full year. However, the upstream software divestiture was completed on September 1.

就 Energy 而言，上游軟體業務剝離在時點上有些細微差異，因而僅因時間因素影響第三季與第四季的公布營收成長。我們仍預期全年有機固定匯率成長為4.5%至6%。不過，上游軟體業務的剝離已於9月1日完成。

So only one month of that impact was seen in the reported results in 3Q. We will see a full quarter's impact in the fourth quarter. So the delta between organic and reported revenue growth will be wider in Q4. We also saw a benefit from very strong onetime sales in the third quarter that are harder to predict and may not reoccur in the fourth quarter.

因此第三季公布結果僅反映其中一個月的影響；第四季則會反映整整一季的影響。因此第四季有機與公布營收成長之間的差距將更大。此外，第三季我們也受惠於非常強勁的一次性銷售，這類銷售較難預測，且可能不會在第四季重現。

Importantly, on an organic constant currency basis, we expect subscription growth to continue to improve in the fourth quarter. For the full year, we expect margin expansion in Energy to be strong, but modestly below the range we are guiding to for the full company. Margins in the fourth quarter will be negatively impacted by inorganic activity, including the absence of upstream software and the addition of datacenterHawk.

重要的是，以有機固定匯率基礎來看，我們預期第四季訂閱成長將持續改善。就全年而言，我們預期 Energy 的利潤率擴張將相當強勁，但會略低於我們對公司整體所提供的指引區間。第四季利潤率將受到非有機活動的負面影響，包括上游軟體的缺席以及 datacenterHawk 的加入。

For Market Intelligence, for the full year, we continue to expect organic constant currency growth of 5.5% to 7%. Though with only two months left in the year, we are reasonably comfortable that we will be slightly above the midpoint of that range. For the full year, we expect margin expansion near the high end of the range we discussed for the whole company. Lastly, for the fourth quarter, we expect adjusted free cash flow of approximately $1.6 billion. With that, let me turn the call back over to Mark for your questions.

就 Market Intelligence 而言，全年我們仍預期有機固定匯率成長為5.5%至7%。雖然今年僅剩兩個月，但我們相當有把握最終將略高於該區間的中點。就全年而言，我們預期利潤率擴張接近我們先前討論之公司整體區間的高端。最後，就第四季而言，我們預期調整後自由現金流約為16億美元。接下來我把電話交回給 Mark 來回答各位的提問。

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

謝謝你，Eric。（接線員指示）接線員，我們現在開始第一個問題。

Ashish Sabadra, RBC Capital Markets.

RBC Capital Markets 的 Ashish Sabadra。

Congrats on the solid quarter and announcing the strategic review. My question was just around the timing. Why did you decide to launch the strategic review now? And also, as we think about the RemainCo, how does the strategic review enhance both the financial profile as well as the quality of the RemainCo?

恭喜本季表現穩健，也恭喜宣布啟動策略檢討。我的問題主要在於時點。為什麼你們決定在現在啟動策略檢討？另外，當我們思考 RemainCo 時，策略檢討將如何同時提升 RemainCo 的財務輪廓以及其品質？

Ashish, it's Martina. Thanks so much for the question. Maybe just to comment on the timing and why now, this is really a question of long-term positioning for both S&P Global as well as Cap IQ and the associated businesses. And I think it's important to recognize that as we enter into this review, we're coming at it from a position of strength really.

Ashish，我是 Martina。非常感謝你的提問。先就時點以及為何是現在做個回應：這其實是關於 S&P Global 以及 Cap IQ 與相關業務的長期定位問題。我認為重要的是要認知到，我們進行這次檢討時，確實是站在強勢的基礎上。

With Cap IQ and the associated data businesses, you saw that acceleration in the third quarter, particularly on Kensho Data where the commercial execution and just the growing demand for our super high quality and performant data is really taking hold. And so we're excited about that.

就 Cap IQ 與相關資料業務而言，你們已看到第三季的加速成長，特別是在 Kensho Data 上；我們在商業執行力，以及市場對我們超高品質且高效能資料日益增加的需求，確實正在形成動能。因此我們對此感到振奮。

You also have seen that we are the trust anchor for three of the world's most important markets, the credit markets, the equity markets and the commodities markets. And so while we have the potential to see if under a new owner, the KDP portions of the business that are in the perimeter could grow faster, could innovate faster.

你們也看到，我們是全球三個最重要市場的信任錨點：信用市場、股票市場與大宗商品市場。因此，雖然我們有機會評估在新所有者之下，位於範圍內的 KDP 業務部分是否能成長更快、創新更快。

We also have an opportunity to look at a more focused portfolio within S&P Global and then make sure that we are actually focusing our investments in the markets where we are leading and where we are the strongest. And also that would result in, I think, a very favorable financial profile. Eric, do you want to comment on that?

同時，我們也有機會在 S&P Global 內檢視一個更聚焦的投資組合，並確保我們把投資真正聚焦在我們領先、且最具優勢的市場上。我認為這也將帶來非常有利的財務輪廓。Eric，你要不要補充說明？

Yes, Ashish, I'd just say it's premature at this point. We're working down -- working through the perimeter of potential review and potential separation as we learn more, and we'll certainly come back to you. And certainly by the February earnings call, we'll look forward to giving you more of an update.

是的，Ashish，我只能說就目前而言還言之過早。隨著我們了解更多情況，我們正在逐步推進——梳理潛在審查與潛在分拆的範圍邊界，我們一定會再回覆你。當然，最晚在二月的財報電話會議上，我們也期待能向你提供更多更新。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

I also wanted to ask a little bit about the review. You've said in the past that Cap IQ is approximately 6% of revenue. It sounds like maybe there's some additional pieces of Kensho Data & Platforms that are being considered here.

我也想再問一下關於這次審查的情況。你們過去曾表示 Cap IQ 約占營收的 6%。聽起來似乎還有 Kensho Data & Platforms 的一些額外部分也在此次考量之列。

And so I was wondering if there was any way to give either a range or an approximate size inclusive of this additional data. And I know there was a Bloomberg article about this early last month. And so just wondering if you've had any inbounds in the meantime.

因此我想請問，是否能提供一個區間或大致規模（包含這些額外資料業務）。我也知道上個月初彭博有一篇相關報導。所以也想了解一下，這段期間你們是否收到任何主動接洽（inbounds）。

Toni, thanks for the question. I would say that the businesses under review here are the Cap IQ business and the associated data businesses. So those data businesses would include financials, SNL, Visible Alpha. And what we said is what is not in the perimeter is Enterprise Solutions, RatingsDirect and RatingsXpress.

Toni，謝謝你的提問。我會說，目前納入審查的業務是 Cap IQ 業務以及其相關的資料業務。因此，這些資料業務將包括 Financials、SNL、Visible Alpha。而我們所說不在此次範圍內的則是 Enterprise Solutions、RatingsDirect 與 RatingsXpress。

Now it's a review. And so the overall fine-tuning, if you like, of the perimeter, obviously, is going to occur as we continue through this evaluation and the process and something we can come back on. We certainly expect to come back with more clarity potentially on that in February when we do our next earnings call. Maybe on the process itself and if we've had inbounds, Eric, do you want to comment on that?

目前這是一項審查。因此，如果你願意這麼說，範圍邊界的整體微調，顯然會在我們持續推進評估與流程的過程中逐步完成，之後我們也可以再回來更新。我們確實預期在二月下一次財報電話會議時，可能就此提供更清楚的說明。至於流程本身以及是否有收到主動接洽，Eric，你要不要補充一下？

Sure. Toni, we've had a good amount of work that we've been doing over the last month, in particular, in terms of the perimeter, as Martina described. We've also been front-footed in terms of going out and exploring interest. We've gotten quite a bit of interest from a number of different potential firms on the other side. We've got ahead and signed NDAs with a number of them.

當然。Toni，過去一個月我們做了相當多的工作，特別是在 Martina 所描述的範圍界定方面。我們也採取更積極主動的作法，對外探索市場興趣。我們已從多家不同的潛在對手方公司獲得相當多的興趣。我們也已提前與其中多家簽署保密協議（NDA）。

We've engaged with advisers. So we're tackling this expeditiously. Obviously, there's no certainty of an outcome one way or the other. But we're tackling this expeditiously and certainly update you as we have more to share.

我們也已聘請顧問。因此我們正以迅速的步調推進。當然，無論結果如何，目前都沒有任何確定性。但我們正加速處理，並且在有更多可分享的資訊時一定會更新各位。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to ask about the Ratings business. Martina, I believe your Ratings research team just put out something in the last day or so, forecasting slower market issuance in 2027, which I know is different from billed issuance. And I know it's early, but it would be great to hear your take on if the strong issuance growth this year indicates perhaps slower growth next year and how we should think about the puts and takes under various macro and credit scenarios?

我想問一下評級（Ratings）業務。Martina，我相信你們的評級研究團隊在最近一兩天發布了一份內容，預測 2027 年市場發行量將放緩；我知道這與計費發行量（billed issuance）不同。我也知道現在談還早，但很希望聽聽你的看法：今年強勁的發行量成長是否意味著明年可能成長較慢？以及在不同的總體經濟與信用情境下，我們應如何看待各項利多利空因素的拉鋸？

Faiza, thanks so much for the question. Yes, it is a little bit too early for 2027 commentary. And look, we look forward to providing more specifics on that in February. Now that said, I would say we look at this market overall over the medium term as being high growth with very strong secular tailwinds. And this is an area where we have extremely strong refinancing walls around $11 trillion over the next 4 years.

Faiza，非常感謝你的提問。是的，現在對 2027 年做評論確實還稍早。不過我們也期待在二月提供更具體的說明。話雖如此，我會說，從中期來看，我們認為整體市場仍屬高成長，且有非常強勁的長期結構性順風。在這方面，未來 4 年約有 11 兆美元的再融資到期壓力（refinancing walls），規模非常可觀。

We also see continued demand in areas like private credit, huge demand in project finance. And we also see incredible appetite, I think, for structured finance as well as investment grade. In fact, we pay, as you know, a lot of attention to fund flows, and we've seen quite a good deal of inflows into investment-grade funds this year, which we've seen has been a very solid appetite for some of the larger deals that have been done by the hyperscalers.

我們也看到私募信貸（private credit）等領域需求持續存在，專案融資（project finance）需求也非常龐大。此外，我認為市場對結構性融資（structured finance）以及投資級（investment grade）也有驚人的胃納。事實上，如你所知，我們非常關注資金流向（fund flows），今年我們看到投資級基金有相當可觀的資金流入，這也顯示市場對超大規模雲端服務商（hyperscalers）所做的一些大型交易有非常穩健的需求。

So -- and I think maybe just one comment on the hyperscaler growth because that was such a factor this year and certainly, it was faster than we thought it was going to be. So you saw us raise our estimate for the full year for hyperscaler growth. That's an area where we'll look at the announced CapEx from the hyperscalers into 2027.

所以——我想也許再補充一點關於 hyperscaler 成長的看法，因為這是今年的一大因素，而且確實比我們原先預期更快。因此你也看到我們上調了全年 hyperscaler 成長的估計。在這個領域，我們會觀察 hyperscalers 已公布、延伸到 2027 年的資本支出（CapEx）。

And similar to what we did this year, we'll make an assessment of how much of that we think will be funded by the debt markets versus the equity markets, and we'll also make an assessment on how much we think will be actually done in year.

並且類似於我們今年所做的，我們會評估其中有多少我們認為會由債務市場而非股權市場來籌資；同時也會評估我們認為實際會在當年度落地執行的比例。

And some of the leading indicators we're paying attention to there will include the remaining performance obligations of the hyperscalers, which is a good indication of go-forward growth and demand. And those RPOs or remaining performance obligations remain quite high.

而我們在那裡關注的一些領先指標，將包括 hyperscalers 的剩餘履約義務（RPO，remaining performance obligations），這是衡量未來成長與需求的良好指標。而這些 RPO（剩餘履約義務）仍維持在相當高的水準。

The latest Visible Alpha sell-side estimates there for those hyperscalers is just under $3 trillion for 2027. It's not a forecast of CapEx. It's a good leading indicator and reference point, though, for how we think this is going to play out. Thanks for the question.

Visible Alpha 最新的賣方一致預估顯示，這些 hyperscalers 在 2027 年的該項數字略低於 3 兆美元。這不是對 CapEx 的預測。但它確實是我們用來判斷後續走勢的一個很好的領先指標與參考點。謝謝你的提問。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Eric, you mentioned the expected bond offering impacting interest expense. Can we get a little bit more color in terms of size, et cetera?

Eric，你提到預期的債券發行會影響利息費用。能否就規模等方面提供更多細節？

Jeff, I think as we've described before, as we've expanded our planned buyback for the year, which is expected now to be $7 billion, twice the original $3.5 billion that we announced back in February. We'll be issuing a little more debt. The expectation right now is about $2 billion of debt at prevailing market rates, and that obviously factors into interest expense that we'll actually cover.

Jeff，我想如同我們先前所說，隨著我們擴大今年規劃的庫藏股回購規模——目前預期為 70 億美元，是我們二月宣布的原始 35 億美元的兩倍。我們會多發行一些債務。目前的預期是在現行市場利率下發行約 20 億美元的債務，而這顯然會反映在我們將涵蓋的利息費用中。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Could you maybe talk about the adjustment in the CapEx spend? And if it's just a timing issue or there's other considerations that we should be thinking about?

你能否談談資本支出（CapEx）調整的原因？這只是時點上的問題，還是還有其他我們需要考量的因素？

It's -- Surinder, it's just the usual timing quarter-by-quarter and kind of within and outside the year and then just the effect of some of our ongoing spend in technology to support the franchise and the growth that we're seeing.

Surinder，這只是一般常見的季度間時點差異，以及年度內與跨年度的配置，另外也反映我們在科技方面持續投入，以支撐我們的核心業務（franchise）以及我們所看到的成長。

Curt Nagle, Bank of America.

Curt Nagle，美國銀行。

Great. So I think you commented that AI revenues drove like 50 bps of growth in Energy. What was that in 2Q? And would you be able to give a comparable metric for MA (sic - MI), i.e., how much AI revenues contributed to growth in that segment?

很好。我想你提到 AI 收入在能源（Energy）業務帶來大約 50 個基點的成長。那在第二季（2Q）是多少？另外，你是否能提供一個可比的指標給 MA（原文如此 - MI），也就是 AI 收入對該分部成長的貢獻有多少？

Curt, it's Eric. The way to think about this is that AI functionality features have been a big part of our conversation with clients across the wide range of products and services that we offer. In addition, there are some discrete areas where we actually charge for either AI data, AI-ready portal access or even more sophisticated search functionality around textual large information sets.

Curt，我是 Eric。可以這樣理解：AI 功能特性一直是我們與客戶討論的重點，涵蓋我們提供的廣泛產品與服務。此外，也有一些明確的領域，我們確實會就 AI 資料、AI 就緒的入口（portal）存取，甚至是針對大型文字資訊集合的更進階搜尋功能收費。

And that's what we were -- I was mentioning here in the prepared remarks. It was about 50 basis points in the Energy business. It was about 50 basis points of a tailwind in the Market Intelligence business and something that we see as a nice tailwind.

而這就是——我在事先準備的講稿中所提到的部分。在能源（Energy）業務約為 50 個基點。在市場情報（Market Intelligence）業務也約為 50 個基點的順風，我們認為這是一個不錯的順風因素。

We didn't describe it in first quarter and second quarter because it's been building over time, and we're quite pleased with what we've seen. But anyway, it's a nice tailwind, one that we expect to continue. And like I said, 50 basis points in the Energy business and 50 basis point tailwind in Kensho Data & Platforms.

我們在第一季和第二季沒有特別描述，因為這是隨時間逐步累積形成的，而我們對目前看到的結果相當滿意。不過無論如何，這是一股不錯的順風，我們預期會持續。而且如我所說，能源業務有 50 個基點的貢獻，Kensho Data & Platforms 也有 50 個基點的順風。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just wanted to ask on the sales cycle trends that you're seeing in that sort of maybe positive inflection that occurred during the quarter. Just wondering, is this sort of now standardized across all of your AI product sales such that like we may not be seeing this incremental lengthening going forward?

我想請教一下你們所觀察到的銷售週期趨勢，以及本季出現的那種可能偏正向的拐點。想確認的是，這是否已經在你們所有 AI 產品的銷售上都標準化了，因此未來我們可能不會再看到這種額外拉長的情況？

Scott, it's Martina. Yes, I would say that we saw some very good execution in both Market Intelligence and in Energy around the sales cycles. In the Energy division, the renewals are really back to what we would have seen prewar levels.

Scott，我是 Martina。是的，我會說我們在 Market Intelligence 與能源業務的銷售週期上都看到非常好的執行。在能源事業部，續約基本上已回到戰前水準。

And that is with an incredible focus on getting through those conversations around AI rights. We saw the same thing in Market Intelligence, very deep focus on making sure that we assert our rights while protecting the economic upside.

而這是在我們高度聚焦、努力推進那些關於 AI 權利的對話之下達成的。在 Market Intelligence 我們也看到同樣的情況：非常專注於確保我們主張自身權利，同時保護經濟上的上行空間。

And the good news is that our clients across both have recognized that and are accepting what we have now done, which is essentially standard Ts and Cs across all of the areas of the business. So this is something that was really more of an impact prior. And so we would see that as something that we solve for going forward. And I think kudos to the commercial teams in both divisions who did a great job with that. Thanks for the question.

好消息是，兩邊的客戶都已經認可並接受我們現在所做的事情，也就是在各個業務領域基本上採用標準化的條款與條件（Ts and Cs）。因此，這件事更多是先前造成的影響。所以我們認為，往後這會是我們已經解決的問題。我也要稱讚兩個事業部的商務團隊，他們在這方面做得非常出色。謝謝你的提問。

Alex Kramm, UBS.

Alex Kramm，UBS。

I hear Cathy is on the call. So I guess I have to ask an index question. First off, good to get the Cboe out of the way. But you also, I think, made some prepared remarks about just the opportunity sets on the derivative side in general. So maybe Cathy can double-click on what she expects to see there over the next couple of years.

我聽說 Cathy 也在線上。所以我想我得問一個指數相關的問題。首先，很高興把 Cboe 的事情先處理好。但我也記得你們在事先準備的發言中提到，整體而言衍生品端有一些機會集合。所以也許 Cathy 可以更深入說明一下，她預期未來幾年那邊會看到什麼。

In particular, I saw the Kalshi announcement yesterday. It sounds like you're looking to explore some opportunities with them. So there weren't any product announcements. So just wondering what could be on the horizon there? And sorry, to be specific here, I think you have an existing relation with Hyperliquid. So maybe you have to wait for that to do something with Kalshi. Maybe talk about that.

特別是我昨天看到 Kalshi 的公告。聽起來你們正在考慮與他們探索一些機會。但目前沒有任何產品公告。所以想請問那邊未來可能會有哪些方向？另外抱歉我想更具體一點，我記得你們與 Hyperliquid 已有既有關係。所以也許你們得等那邊先有進展，才會與 Kalshi 做些事情。能否談談這點？

And then just lastly, how do you think about growth in that area and how to not cannibalize existing relationships with Cboe and CME? Sorry, that was a lot, but I know Cathy is on the call.

最後，你們如何看待該領域的成長，以及如何避免侵蝕與 Cboe 和 CME 的既有合作關係？抱歉問題有點多，但我知道 Cathy 也在線上。

Alex, it is Cathy. Thanks so much. Appreciate the question. So I'll start with Cboe. Of course, we're so excited to be able to bring that deal across the line. This extension does a couple of things. As Martina and Eric talked about, this really accelerates the economics into SPDJI by six years. And it also gives us a nice incremental tailwind of growth in the years following 2027.

Alex，我是 Cathy。非常感謝。謝謝你的提問。我先從 Cboe 談起。當然，我們非常興奮能夠把這筆交易順利完成。這次延長合作帶來幾個效果。如 Martina 和 Eric 所提到，這確實把經濟效益提前了六年反映到 SPDJI。同時也讓我們在 2027 年之後的年度獲得一個不錯的額外成長順風。

I would say, Alex, the equally important outcome, though, of this extension is that it really provides clarity and certainty for all market participants that are key to this really valued ecosystem. And that certainty is really what keeps those market participants investing with confidence in SPX and VIX. So we're really pleased to extend this partnership with the partner over 40 years that has built this incredible ecosystem.

我會說，Alex，這次延長合作同樣重要的成果是：它為所有市場參與者提供了清晰度與確定性，而這些參與者對這個高度珍視的生態系至關重要。而這種確定性，正是讓這些市場參與者能夠持續以信心投資於 SPX 與 VIX 的原因。因此，我們非常高興能與這位合作超過 40 年、共同打造出這個卓越生態系的夥伴延續合作。

And we think there's more innovation to do with Cboe. Obviously, in the press release on the announcement, we talked about tokenized index options whenever that comes. We have a great record of innovating with Cboe over the years, and we continue to think about opportunities to do that. When we look over into, let's say, prediction markets, this is really nascent, obviously, in very early days, but we see an incredible opportunity and a lot of white space to participate both as an index provider in these markets.

我們也認為與 Cboe 還有更多創新可做。當然，在公告的新聞稿中，我們提到未來若時機成熟，可能會有代幣化的指數期權。多年來我們與 Cboe 的創新紀錄非常好，也會持續思考相關機會。再看向例如預測市場（prediction markets），這顯然仍非常新、還在非常早期的階段，但我們看到巨大的機會與大量尚待開發的空白領域，讓我們能以指數提供者的角色參與其中。

So providing our indices into these prediction markets for the decision resolution mechanisms that are key for the marketplace, but also as we announced in the Kalshi announcement, using that data to create new innovative indices off of prediction markets data. So again, very early days, but we're really excited to participate in these new markets in a meaningful way.

也就是把我們的指數提供給這些預測市場，用於市場運作所關鍵的結果判定（decision resolution）機制；同時也如我們在 Kalshi 公告中所說，運用那些資料，基於預測市場資料打造新的創新指數。因此，再次強調，雖然仍在非常早期，但我們對能以有意義的方式參與這些新市場感到非常興奮。

And we're also going to be innovating in these markets with Cboe and CME, our long-standing partners. So we just think there's so much opportunity both from index and data in these new markets.

而且我們也會與 Cboe 與 CME 這些長期合作夥伴一起，在這些市場中持續創新。我們認為在這些新市場中，無論是指數或資料面向，都有非常多的機會。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

Just on the portfolio that you're considering for the review, I guess you've given us some of the growth profile of that business. I was just curious if you could help us with the margin profile, especially once you move the high-margin Ratings businesses. And then I also just wanted to understand why Enterprise Solutions kind of is being retained and perhaps the margin profile there as well.

關於你們正在考慮納入檢視的那個投資組合，我想你們已經提供了一些該業務的成長概況。我想請教你們能否協助說明其利潤率概況，特別是在你們把高利潤率的 Ratings 業務移出之後。另外我也想了解，為什麼 Enterprise Solutions 似乎會被保留，以及那邊的利潤率概況大概如何。

Manav, thanks for the question. So I think as we mentioned earlier, it's a little bit too early. It's a bit premature really to comment on the growth and margin profile of the in-scope products and services for the strategic review. And that's really -- we're going to have to just nail down the perimeter before we can do that. But of course, we are working quickly on that, and we'll come back as soon as we can.

Manav，謝謝你的提問。我想如我們先前提到的，現在談策略性檢視範圍內產品與服務的成長與利潤率概況還稍微太早。坦白說，現在就評論有點言之過早。這主要是因為——我們必須先把範圍邊界確定下來，才能進一步說明。不過我們當然正在加速推進，會在可行的第一時間回來更新。

The other point that I would make is we are not including RatingsDirect and RatingsXpress. I don't know if that was part of your question if that was in scope or not, but I heard you mention it, so I just wanted to make sure that was clear. And then with respect to Enterprise Solutions, look, I'd go back to the points that I was making earlier.

另外我想補充的是，我們不包含 RatingsDirect 與 RatingsXpress。我不確定這是否是你問題的一部分、或你在問它們是否在範圍內，但我聽到你提到，所以想確保這點很清楚。至於 Enterprise Solutions，嗯，我會回到我先前提到的幾點。

We are leaders in the credit markets, the equity markets and the energy markets. And market participants make decisions sometimes underpinning trillions of dollars every single day off the back of the information that we provide as well as the mission-critical workflows that serve those markets.

我們在信貸市場、股票市場與能源市場都是領導者。市場參與者每天都會依據我們提供的資訊，以及支撐這些市場的關鍵任務工作流程（mission-critical workflows）來做決策，而這些決策有時牽動的是以兆美元計的資金規模。

And we have -- the credit and loan anchor in the markets is really our Enterprise Solutions, Lending Solutions suite, WSO, ClearPar and the other products that comprise the Lending Solutions suite. And those are areas where we actually reinforce the ways in which we cover and inform the markets and also how we generate additional high-quality and proprietary content that is unique to S&P Global. And so think about it from that perspective that we're looking at this from the perspective of the credit markets, the equity markets and the commodity markets.

而在市場中，信貸與貸款的核心支柱其實就是我們的 Enterprise Solutions：Lending Solutions 產品套件、WSO、ClearPar，以及其他構成 Lending Solutions 套件的產品。這些領域不僅強化我們覆蓋與洞察市場的方式，也讓我們能產出更多高品質、具專有性的內容，而這些內容是 S&P Global 獨有的。因此，請從這個角度理解：我們是以信貸市場、股票市場與大宗商品市場的視角來看待這件事。

And I would also say that to the point that I made earlier around, can this unlock value both for Cap IQ Pro and those businesses, the data businesses, but also for S&P Global, I do see this as a potential opportunity to do both. And the go-forward S&P Global business will have a very strong financial profile and potentially greater flexibility from a capital allocation perspective, including returning more capital to shareholders.

我也會說，回到我先前提到的重點：這是否能同時為 Cap IQ Pro 與那些業務（資料業務）解鎖價值，同時也為 S&P Global 解鎖價值——我確實認為這可能是一個同時達成兩者的機會。而未來的 S&P Global 業務將具備非常強健的財務概況，並且在資本配置的角度可能擁有更大的彈性，包括向股東回饋更多資本。

George Tong, Goldman Sachs.

George Tong，高盛。

Cap IQ and Kensho have been central to your AI strategy and recent customer wins. If those businesses are separated, how would that affect your broader AI strategy? And which AI capabilities would remain with S&P?

Cap IQ 與 Kensho 一直是你們 AI 策略與近期客戶勝利的核心。如果這些業務被分拆，會如何影響你們更廣泛的 AI 策略？以及哪些 AI 能力會保留在 S&P？

George, thanks for the question. You're absolutely right. Kensho has been a phenomenal asset that has contributed massively to Cap IQ, to Market Intelligence over the years since we acquired it in 2018. And over the years, they've actually contributed the linking technology.

George，謝謝你的提問。你說得完全正確。自從我們在 2018 年收購 Kensho 以來，Kensho 一直是極為出色的資產，多年來對 Cap IQ、對 Market Intelligence 都做出了巨大的貢獻。而且多年來，他們其實也貢獻了連結技術。

They've contributed transcripts technology, search models. And then, of course, most recently, the build-out of our APIs, our MCPs and our Adaptive Retrieval agents. And so they've really been very focused on helping to drive the growth, particularly within Cap IQ and the associated data businesses.

他們貢獻了逐字稿技術、搜尋模型。當然，最近還包括我們 API、我們的 MCP，以及我們的 Adaptive Retrieval 代理的建置擴展。因此，他們確實非常專注於協助推動成長，特別是在 Cap IQ 以及相關數據業務之內。

And so I think here, we would look at the Kensho team as being very important to the perimeter. We don't know exactly how that's going to shape up. But what I will absolutely say is that we would make sure that all of the momentum that Sally is building up in KDP with the Kensho Labs team and the other Kensho engineers that, that is absolutely continuing at pace. And we are -- honestly, we have faster innovation now than we've ever had.

因此我想在這裡，我們會把 Kensho 團隊視為對邊界範圍非常重要的一部分。我們還不確定最終會如何成形。但我可以非常明確地說，我們會確保 Sally 正在 KDP 與 Kensho Labs 團隊以及其他 Kensho 工程師所建立的所有動能，絕對會持續並加速推進。而且坦白說，我們現在的創新速度比以往任何時候都更快。

And then on the other side, we'll make sure that S&P Global retains the capabilities that we need to continue to integrate AI into our products, whether it is in -- you saw us announce something recently in iLEVEL. You see great momentum within Energy for our AI products there and the integration of AI into our core processes and workflows, including for our analysts, our researchers and others. So we're going to make sure that we're kept whole here, George, and scale the capabilities in the best way that we can as we go forward.

另一方面，我們也會確保 S&P Global 保留我們所需的能力，以便持續把 AI 整合進我們的產品中；無論是在——你們看到我們最近在 iLEVEL 宣布的一些內容。你們也看到在 Energy 領域，我們的 AI 產品以及 AI 導入核心流程與工作流（包括分析師、研究人員及其他人員）方面都有很好的動能。所以 George，我們會確保在這裡保持完整，並在未來以我們能做到的最佳方式擴大相關能力。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

I wanted to ask you about AI cost savings. I've been pretty impressed this year, your margin progression in some of your segments here. Can you annualize for us, tell us the annualized AI cost savings either for the whole company and/or by segment? I mean you're good enough and I think smart enough to tell us the AI contribution to two of your segments for the revenue side, but can you do it on the cost side of things?

我想問一下 AI 的成本節省。今年你們某些部門的利潤率提升讓我印象很深。你們能否把 AI 成本節省年化，告訴我們全公司和/或按部門拆分的年化 AI 成本節省？我的意思是，你們夠厲害、也夠聰明，能在收入端告訴我們 AI 對你們兩個部門的貢獻；那在成本端也能做到嗎？

Craig, it's Eric. You're right. We are expanding our use of AI across just around -- just about every workflow and process that we have here with the emphasis has been on data operations, on researchers, on the software development and product development life cycle, which is a big part of our work and our analysts. And it's really been a success. AI, though, functionality is part and parcel of workflow redesign, simplification and change. It has to do with the teams and how we're structured, layers and so forth.

Craig，我是 Eric。你說得對。我們正在擴大 AI 的使用範圍，幾乎涵蓋我們這裡的每一個工作流與流程；重點放在資料營運、研究人員、軟體開發與產品開發生命週期（這是我們工作很大的一部分），以及我們的分析師。而且確實非常成功。不過，AI 的功能是工作流重新設計、簡化與變革不可分割的一部分。這也涉及團隊以及我們的組織方式、層級等。

And so there's a big component of AI in our productivity efforts. But they are intermingled and deeply intertwined as you'd expect. And what we're focused on, as you can see from the margin expansion we've delivered that each year where we plan and budget for a couple of percentage points of productivity gains across the board. Some of that's directly AI. Some of that is non-AI. Most of it is actually mixed and integrated because that's how we transform the company.

因此，在我們的生產力提升工作中，AI 佔了很大一部分。但如你所料，這些因素彼此交織、深度融合。而我們關注的是——從我們已實現的利潤率擴張可以看到——每一年在規劃與預算中，我們都會設定全公司範圍內約幾個百分點的生產力提升。其中一部分是直接來自 AI。一部分則不是 AI。

And what we're doing with that is some of that productivity literally gets reinvested in our growth, feature functionality and product launches because that's how we want to direct it and then some we deliver to the bottom line.

而我們對這些生產力提升的運用是：其中一部分會直接再投資於成長、功能特性與產品發布，因為這是我們希望導向的方向；另外一部分則會反映到最終利潤。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Could you just review some of the puts and takes S&P assumed its fourth quarter credit issuance, specifically talking about AI associated? And when I say AI associated, I don't just mean hyperscaler financing for the fourth quarter. I know fourth quarter could be a brief quarter for issuance seasonally. I also have a very small brief housekeeping question. Could you provide us the organic constant currency revenue growth -- I'm sorry, yes, ACV growth for MI, the ACV growth for MI on an OCC basis.

你能否回顧一下 S&P 對第四季信用發行所做的一些正負因素假設，特別是與 AI 相關的部分？我說的 AI 相關，不只是指第四季超大規模雲端業者（hyperscaler）的融資。我知道第四季在季節性上可能是發行較短的一季。另外我還有一個很小的例行問題。你能否提供 MI 的有機固定匯率營收成長——抱歉，是的，MI 的 ACV 成長，按 OCC 口徑的 MI ACV 成長。

Andrew, it's Eric. There are a number of the puts and takes for fourth quarter issuances. We certainly expect investment grade to continue to be a good tailwind. We talked about the double-digit growth there, and that will continue. There'll probably be some continued offset with rising rates around high yield and leverage loans and so forth. And then governments, we'll kind of see as they play out. So those kinds of puts and takes.

Andrew，我是 Eric。第四季發行有不少正負因素。我們當然預期投資級仍會是良好的順風。我們談到那裡有雙位數成長，而且會持續。高收益與槓桿貸款等方面，可能會因利率上升而持續出現一些抵銷影響。至於政府端，我們會視其發展而定。大致就是這些正負因素。

I think hyperscaler issuance, we described how we've had quite a bit of issuances so far through the third quarter, but we expect several more in the fourth quarter. And that will be a nice tailwind. So a number of different moving parts.

至於 hyperscaler 的發行，我們說明過截至第三季我們已經有相當多的發行量，但我們預期第四季還會有幾筆。那將會是個不錯的順風。所以有多個不同的變動因素。

Back on MI specifically, we saw a real nice growth there, 7% organic constant currency. And then ACV is -- came in nicely around 6.5%, ticked up a bit from the 6% range. It's something we're pleased to and demonstrates the momentum we're seeing in the business and the underlying traction that we're seeing with our clients.

回到 MI 本身，我們看到非常不錯的成長，按有機固定匯率計為 7%。而 ACV 也表現良好，大約在 6.5% 左右，較 6% 左右的區間略有上升。我們對此感到滿意，這也顯示了我們在業務上看到的動能，以及我們在客戶端看到的底層牽引力。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

So I have a broader picture question. Given the spin-off of Mobility and now the strategic review for Cap IQ and, Martina, could you please talk about what will S&P Global look like in three years? And which area do you think S&P can drive faster revenue growth after all these restructuring?

我有一個更宏觀的問題。鑑於 Mobility 的分拆，以及現在對 Cap IQ 的策略性檢視，Martina，你能否談談三年後的 S&P Global 會是什麼樣子？在完成這些重組之後，你認為 S&P 在哪個領域能推動更快的營收成長？

And then I have a quick one for Cathy. Good to hear from you, by the way. So it looks like Kalshi, it's a preferred relationship, but not exclusive. Could you please comment on what that means and why not making these exclusive just like your relationship with Cboe?

另外我有一個給 Cathy 的快問。順帶一提，很高興聽到你的聲音。看起來與 Kalshi 是優先合作關係，但不是獨家。你能否評論這代表什麼，以及為什麼不像你們與 Cboe 的關係那樣做成獨家？

Owen, it's Cathy. Thanks for the question. I'm going to start with you. In the prediction markets, as I mentioned, this is very, very new terrain. And so we are wanting to partner with those that have the most opportunity in the space. Kalshi, of course, is the largest prediction market as of today.

Owen，我是 Cathy。謝謝你的提問。我先回應你。在預測市場方面，如我提到的，這是非常、非常新的領域。因此我們希望與在這個領域最具機會的夥伴合作。當然，就目前而言，Kalshi 是最大的預測市場。

But also, Owen, as I mentioned, we are excited to continue to innovate with our other partners like Cboe and CME in this space. And so that's an appropriate strategy when there's a lot of unknowns in a new market. And so we're just looking forward to working with these different partners and really finding the opportunity set. So that's exactly what we're doing, Owen, and I'll pass it to Martina.

但同時，Owen，如我提到的，我們也很期待在這個領域與其他夥伴（例如 Cboe 與 CME）持續創新。因此，在一個充滿未知的新市場中，這是一個合適的策略。所以我們很期待與這些不同的夥伴合作，並真正找出機會集合。這正是我們正在做的事，Owen，我把問題交給 Martina。

Thanks, Cathy. Owen, I think for S&P Global, the way for all of us and for our shareholders to think about this particular review that we've announced is that we did not announce a change in the strategy for S&P Global. Our priorities are consistent with what we set out at IR Day last year, which is around advancing our market leadership, expanding into high-growth adjacencies and expanding our enterprise capabilities and AI. And really the Cap IQ and associated data business review that we announced is getting at advancing our market leadership. It's that first priority.

謝謝你，Cathy。Owen，我認為對於 S&P Global 而言，讓我們所有人以及股東看待我們所宣布這項特定檢視的方式是：我們並未宣布改變 S&P Global 的策略。我們的優先事項與我們去年投資人日（IR Day）所提出的一致，也就是推進我們的市場領導地位、擴展至高成長的相鄰領域，以及擴大我們的企業能力與 AI。實際上，我們所宣布的 Cap IQ 及相關數據業務檢視，正是為了推進我們的市場領導地位。這就是第一項優先事項。

And what that allows us to do, if we do actually execute a transaction here is to have an S&P Global that is focused in the areas where we are clear leaders in the debt markets, the equity markets and the commodity markets with unique benchmarks, differentiated IP coming from those benchmarks and critical tools, mission-critical workflows and models that inform trillions of dollars of decision-making every year. And that's really how I would encourage you to think about it over the next several years.

而這讓我們能夠做到的是：如果我們確實在此執行一項交易，S&P Global 將能聚焦於我們在債務市場、股權市場與大宗商品市場中明確具備領導地位的領域，並擁有獨特的基準、由這些基準所衍生的差異化智慧財產（IP），以及關鍵工具、任務關鍵型工作流程與模型，這些每年為數兆美元的決策提供資訊依據。這就是我會鼓勵你在未來幾年用來思考這件事的方式。

This doesn't necessarily change anything that we would have to do with -- in fact, it doesn't change anything within Indices, within Ratings or within Energy. This is really about the Market Intelligence businesses and specifically Cap IQ and the associated businesses.

這不一定會改變我們在——事實上，它不會改變指數（Indices）、評級（Ratings）或能源（Energy）內部的任何事情。這真正關乎的是市場情報（Market Intelligence）業務，特別是 Cap IQ 及其相關業務。

But I would look at the go-forward S&P Global portfolio as a very strong portfolio with very unique assets and more flexibility around capital allocation, including returning capital to shareholders. Thanks, Owen.

但我會將未來的 S&P Global 投資組合視為一個非常強健的組合，擁有非常獨特的資產，並在資本配置方面具備更大的彈性，包括向股東返還資本。謝謝你，Owen。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行（Wells Fargo）。

Can you talk about how integrated Cap IQ and the other businesses under review are with the rest of S&P? And maybe you could compare to how integrated they are versus what we saw with Mobility?

你能談談 Cap IQ 與其他正在檢視中的業務，與 S&P 其他部分的整合程度嗎？也許你可以比較一下它們的整合程度，與我們在 Mobility 看到的情況相比如何？

Jason, I would say that there are cross-division commercial agreements. So for example, the Rating analysts actually use Cap IQ. And then we have -- obviously, we've got a little bit of sort of a data foundation under Cap IQ that helps with some other parts of the business as well.

Jason，我會說各事業部之間有交叉部門的商業協議。例如，評級分析師實際上會使用 Cap IQ。然後我們——很明顯地，在 Cap IQ 之下有一點類似數據基礎的東西，也能協助業務的其他部分。

I would not say that this is deeply complicated in the sense that, for example, Enterprise Solutions has completely different technology, underpinning their platforms and everything else outside of KDP is separate.

我不會說這在整合上非常複雜；例如，企業解決方案（Enterprise Solutions）有完全不同的技術來支撐其平台，而除了 KDP 之外的其他部分都是分開的。

Ratings is on their own stack, Index is on their own stack and Energy is on their own stack. And so we've actually been paying very close attention to how integrated this is. And I think we've proven, frankly, that we can do large complicated transactions.

評級（Ratings）有自己的技術堆疊，指數（Index）有自己的技術堆疊，能源（Energy）也有自己的技術堆疊。因此，我們其實一直非常密切地關注這些整合程度。而且坦白說，我認為我們已經證明我們能完成大型且複雜的交易。

We have a team that has solid playbook on large M&A, and this is one where we've got working and we're pretty happy that we've got the capabilities in hand to do this without disruption to our customers and our shareholders. Thanks for the question.

我們有一個團隊，對大型併購（M&A）有成熟的作戰手冊；而這一案我們正在推進，我們也相當滿意我們已具備相關能力，能在不干擾客戶與股東的情況下完成。謝謝你的提問。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Can you just talk more on how you're structuring the AI-ready data distribution deals in terms of contract duration and revenue terms to continue to grow alongside your clients as they ramp usage in addition to continuing to grow as you make more data sets available and add logos?

你能否再多談談你們如何在合約期限與收入條款方面，來設計「AI 就緒」的數據分發交易，以便在客戶逐步提升使用量的同時持續與其共同成長；此外，當你們提供更多數據集並新增客戶（logos）時，也能持續成長？

Jeff, thanks for the question. I would say that deals themselves that we've seen really nice price increases on broader renewals and that has helped to drive subscription growth. We'd expect to continue to see that as well.

Jeff，謝謝你的提問。我會說，我們看到在更廣泛的續約中，交易本身出現了相當不錯的價格上調，而這也有助於推動訂閱成長。我們也預期未來會持續看到這種情況。

Now what I would say is, as our clients are looking at the Adaptive Retrieval product in particular, and this is the agents where you can essentially query more new -- do more nuanced queries across multiple data sets from S&P Global, that's where we're seeing a potential for consumption-based pricing models.

我想說的是，當客戶特別在評估 Adaptive Retrieval 產品時——這是代理（agents），你基本上可以在 S&P Global 的多個數據集上進行更細緻的新查詢——我們在這裡看到了採用按使用量計費（consumption-based）定價模型的潛力。

And it also complements just the increased interest in new data sets that we are seeing with our clients. And I would go back to the first client that we announced last quarter as a good example for the Adaptive Retrieval.

而且這也與我們看到客戶對新數據集興趣提升相互補充。我會回到我們上季宣布的第一位客戶，作為 Adaptive Retrieval 的一個很好的例子。

That client was taking Adaptive Retrieval for the existing data sets for which they were licensed, but also with a view to licensing new data sets also because they knew they could get some very good performance from the agent across more data sets. And so that's how we're working.

那位客戶採用 Adaptive Retrieval 來使用他們已取得授權的既有數據集，同時也有意再授權新的數據集，因為他們知道代理在更多數據集上能帶來非常好的效能。因此，我們就是這樣在推進。

Sally and the team, in particular, in the Kensho Data & Platforms business are partnering very closely. There's just huge client engagement around this. And I think that we will, over time, see growth rates converge here between the AI growth rates and normal growth rates as more and more of our clients actually adopt and move to AI-type products. Thanks for the question, Jeff.

Sally 與團隊，特別是在 Kensho Data & Platforms（KDP）業務中，正在非常緊密地合作。客戶在這方面的參與度非常高。我認為隨著越來越多客戶實際採用並轉向 AI 類型產品，長期來看，我們將看到 AI 的成長率與一般成長率在此趨於收斂。謝謝你的提問，Jeff。

All right. Well, before we close, let me say a huge thank you to all of our people at S&P Global for driving the great results we delivered this quarter. I also wanted to give a special thank you to Steve Kemps, who is retiring as our Chief Legal Officer. For more than a decade, Steve has been a trusted colleague and an excellent source of wisdom and insight for me, our leadership team and our Board of Directors.

好的。在結束之前，我想對 S&P Global 所有同仁致上由衷的感謝，感謝大家推動我們本季交出優異的成果。我也想特別感謝即將自我們首席法務長職位退休的 Steve Kemps。十多年來，Steve 一直是我、我們的領導團隊以及董事會值得信賴的同事，也是極佳的智慧與洞見來源。

And I'm excited for our new Chief Legal Officer, Thomas Kim, who has already hit the ground running. We want to extend a warm welcome to Thomas and wish Steve all the best in his well-earned retirement. And thank you all again for joining the call this morning.

我也很期待我們的新任首席法務長 Thomas Kim，他已經迅速上手。我們要熱烈歡迎 Thomas，並祝福 Steve 在實至名歸的退休生活中一切順利。也再次感謝各位今天早上參加本次電話會議。

That concludes this morning's call. A PDF version of the presenter slides is available for downloading from investor.spglobal.com. The 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.

今天早上的電話會議到此結束。簡報投影片的 PDF 版本可至 investor.spglobal.com 下載。完整電話會議的重播將在約兩小時後提供。含音訊與投影片的網路直播將在 S&P Global 網站上保留一年。僅音訊的電話重播將保留一個月。我謹代表 S&P Global，感謝各位參與，並祝各位有美好的一天。