標普全球 (SPGI) 2022 Q1 法說會逐字稿

Good morning, and welcome to S&P Global's First Quarter 2022 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)

各位早安，歡迎參加標普全球（S&P Global）2022 年第一季財報電話會議。我想提醒各位，本次電話會議將被錄音以供播出。（接線員指示）如需收看網路直播並取得簡報投影片，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 for S&P Global. Sir, you may begin.

現在我想介紹標普全球投資人關係資深副總裁 Mark Grant 先生。先生，您可以開始了。

Thank you for joining today's S&P Global First Quarter 2022 Earnings Call. Presenting on today's call are Doug Peterson, President and Chief Executive Officer; and Ewout Steenbergen, Executive Vice President and Chief Financial Officer.

感謝各位參加今天的標普全球 2022 年第一季財報電話會議。今天出席並發言的有：總裁兼執行長 Doug Peterson，以及執行副總裁兼財務長 Ewout Steenbergen。

We issued a press release with our results earlier today. If you need a copy of the release and financial schedules, they can be downloaded at investor.spglobal.com.

我們已於今日稍早發布新聞稿公布業績。如需新聞稿與財務附表，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. 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. A discussion of these risks and uncertainties can be found in our Forms 10-K, 10-Q and other periodic reports filed with the U.S. Securities and Exchange Commission.

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》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述，包括對未來事件的預測、估計與描述。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存在重大差異。關於這些風險與不確定性的討論，請參閱我們向美國證券交易委員會提交的 10-K、10-Q 表格及其他定期報告。

In today's earnings release and during the conference call, we're providing adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the corporation's operating performance between periods and to view the corporation's business from the same perspective as management. The earnings release contains exhibits that reconcile the difference between the non-GAAP measures and the comparable financial measures calculated in accordance with U.S. GAAP.

在今日的財報新聞稿以及本次電話會議中，我們提供調整後（adjusted）的財務資訊。提供此資訊旨在使投資人能在不同期間之間對本公司營運表現進行有意義的比較，並以與管理階層相同的視角檢視本公司業務。財報新聞稿包含附表，用以調節非 GAAP 指標與依照美國 GAAP 計算之可比財務指標之差異。

I would also like to call your attention to a European regulation. Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact Investor Relations to better understand the potential impact of this legislation on the investor and the company.

我也想提醒各位注意一項歐洲法規。任何已持有或預期取得標普全球 5% 或以上所有權的投資人，應聯繫投資人關係部門，以更充分了解該立法對投資人及本公司的潛在影響。

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

我們知道本次電話會議中有部分媒體代表出席。然而，本次會議主要面向投資人；我們請媒體的提問改向我們的媒體關係團隊提出，其聯絡資訊可在新聞稿中找到。

At this time, I would like to turn the call over to Doug Peterson. Doug?

現在，我想把電話會議交給 Doug Peterson。Doug？

Thank you, Mark. Welcome to today's first quarter earnings call. I'd like to start by highlighting the historic event that occurred in the first quarter of 2022. We completed our merger with IHS Markit, and I'm incredibly excited to be joining you for our first quarterly earnings call as a combined company.

謝謝你，Mark。歡迎各位參加今天的第一季財報電話會議。我想先強調 2022 年第一季發生的一項歷史性事件：我們完成了與 IHS Markit 的合併。我非常興奮能以合併後公司的身分，與各位一起參加我們的首次季度財報電話會議。

The promise of the merger has already begun to manifest itself in our culture and our financial performance. Beginning with a few financial highlights. We reported strong financial results with adjusted pro forma revenue increasing 2% and adjusted pro forma diluted EPS increasing $0.01 year-over-year despite one of the most challenging issuance environments in recent history.

合併所帶來的承諾已開始在我們的文化與財務表現中顯現。先從幾項財務重點談起：儘管面臨近年來最具挑戰性的發行環境之一，我們仍繳出強勁的財務成果；調整後備考（adjusted pro forma）營收年增 2%，調整後備考稀釋每股盈餘（EPS）年增 0.01 美元。

We saw positive revenue growth in 5 of our 6 divisions, including double-digit growth in 3 of them. Adjusted pro forma expenses increased 8% as we continue to invest in events, people and technology, though much of this expense growth is nonrecurring as we'll discuss later on.

我們在 6 個事業部門中有 5 個實現正向營收成長，其中 3 個達到雙位數成長。隨著我們持續投資於活動、人才與科技，調整後備考費用增加 8%；不過，如我們稍後將討論的，這些費用成長中有相當部分屬於一次性。

We're updating our guidance to reflect the increased uncertainty caused by the macroeconomic and geopolitical landscape. And Ewout will walk through these details in a moment.

我們正在更新財測指引，以反映宏觀經濟與地緣政治情勢所帶來的不確定性上升。Ewout 稍後會說明相關細節。

I'd also like to share a few highlights from the first quarter. As I mentioned, we completed the merger with IHS Markit and had a number of exciting achievements. We announced a $12 billion accelerated share repurchase, or ASR, and launched the first tranche of $7 billion in March with the remainder to be executed by the end of the year.

我也想分享第一季的幾項重點。如我所提到的，我們完成了與 IHS Markit 的合併，並取得多項令人振奮的成果。我們宣布一項 120 億美元的加速庫藏股回購（accelerated share repurchase，ASR），並於 3 月啟動第一批 70 億美元，其餘部分將於年底前執行完成。

We took advantage of this still historically low interest rate environment to optimize our capital structure and lower our average cost of debt. And we had strong attendance at some of the industry's most important conferences, including CERAWeek, World Petrochemical Conference and TPM22.

我們把握利率仍處於歷史低位的環境，優化資本結構並降低平均負債成本。同時，我們在產業中幾個最重要的會議上也有很高的出席率，包括 CERAWeek、世界石化會議（World Petrochemical Conference）以及 TPM22。

While we've only been together for 2 months, we're already starting to see validation of our investment thesis, and the results of our comprehensive planning are paying off. We've begun leveraging technology like Kensho across the broader organization to automate processes and increase efficiencies.

雖然我們合併至今僅 2 個月，但已開始看到我們投資論點獲得驗證，而全面規劃的成果也正在顯現。我們已開始在更廣泛的組織中運用 Kensho 等技術，以自動化流程並提升效率。

We've begun development of several new products and features across the divisions. We're integrating our divisional commercial teams, and we've already closed synergy deals in multiple divisions.

我們已在各事業部門啟動多項新產品與新功能的開發。我們正在整合各事業部門的商務團隊，並且已在多個事業部門完成協同（synergy）交易。

I want to take a moment to touch on culture and leadership. We brought our combined leadership team together in person for the first time in March. We were thrilled to see so many of our colleagues brainstorming, planning, working and functioning as if they had already been together for years. We saw the free exchange of ideas, strong proposals for new growth engines and clear alignment on our strategy, purpose and values.

我想花點時間談談文化與領導力。我們在 3 月首次讓合併後的領導團隊面對面聚在一起。我們很高興看到許多同仁集思廣益、規劃、協作與運作，彷彿已共事多年。我們看到了想法的自由交流、對新成長引擎的強力提案，以及在策略、使命與價值觀上的明確一致。

We also heard a unified voice among our leadership in support of our People First initiatives and our commitment to diversity, equity and inclusion. We came away energized and full of confidence that we'll be able to take the absolute best, not only from each company but from each person in the organization, and create something exceptional at S&P Global.

我們也聽到領導團隊一致支持我們的「以人為本」（People First）倡議，以及對多元、平等與共融（diversity, equity and inclusion）的承諾。我們帶著滿滿能量與信心離開，相信我們能夠匯聚每家公司、乃至組織中每一位成員的最佳之處，在標普全球打造非凡的成果。

I have never been more inspired by our people. And I'm more excited than ever to work with them to drive sustainable, profitable growth.

我從未像現在這樣受到我們員工的啟發。我也比以往任何時候都更期待與他們一起推動可持續且具獲利性的成長。

When we announced the merger in November 2020, we noted that we needed regulatory approval in multiple jurisdictions. We received final regulatory approval on February 25, 2022, and officially closed the merger 3 days later on February 28.

當我們在 2020 年 11 月宣布合併時，我們提到需要在多個司法管轄區取得監管核准。我們於 2022 年 2 月 25 日取得最終監管核准，並在 3 天後、也就是 2 月 28 日正式完成合併交割。

We immediately went to work optimizing the capital structure, issuing $5.5 billion in new debt, most of which was used to refinance existing debt at lower rates. We completed that refinancing in April 2022.

我們隨即著手優化資本結構，發行 55 億美元新債，其中大部分用於以較低利率再融資既有債務。我們已於 2022 年 4 月完成該再融資。

In order to secure regulatory approval for the merger, we were required to divest a number of businesses. The table on this slide lays out the details of those divestitures. As we have shared with you before, the aggregate revenue from all of the businesses being divested is approximately $425 million, and the margins for each of these businesses are higher than the margins for each of the divisions they were in.

為了取得合併的監管核准，我們被要求剝離若干業務。本投影片中的表格列示了這些剝離交易的細節。如我們先前與各位分享，所有被剝離業務的合計營收約為 4.25 億美元，且這些業務各自的利潤率均高於其原所屬事業部門的利潤率。

We're confident that we negotiated well on behalf of our shareholders in these transactions, evidenced by the approximately 9.5x revenue multiple paid by the acquirers of these businesses in aggregate. Net after-tax proceeds will total $2.85 billion.

我們有信心在這些交易中已為股東爭取到良好條件，這可由收購方就這些業務合計支付約 9.5 倍營收倍數（revenue multiple）得到印證。扣除稅後的淨收益合計將達 28.5 億美元。

Now to recap the financial results for the first quarter. Revenue increased 2% to $3.1 billion. Our adjusted operating profit decreased 6% to $1.4 billion. Our adjusted pro forma operating profit margin decreased approximately 340 basis points to 45% as both profits and margin were negatively impacted by the decrease in Ratings transaction revenue and the expense growth I mentioned earlier. As you know, we measure and track adjusted segment operating profit margin on a trailing 12-month basis, which decreased 60 basis points to 47%.

接下來回顧第一季財務結果：營收成長 2% 至 31 億美元。調整後營業利益下降 6% 至 14 億美元。由於評級（Ratings）交易營收下滑，以及我先前提到的費用成長，獲利與利潤率均受到負面影響；調整後備考營業利益率下降約 340 個基點至 45%。如各位所知，我們以過去 12 個月（trailing 12-month）為基礎衡量並追蹤調整後分部營業利益率，該指標下降 60 個基點至 47%。

In addition to our strong overall revenue performance and continued expense management, we launched a $7 billion ASR and began optimizing our capital structure. Combined with tax effects of merger-related synergies and prudent investment, we increased adjusted pro forma diluted EPS year-over-year.

除了整體營收表現強勁與持續的費用管理外，我們也啟動了 70 億美元 ASR，並開始優化資本結構。結合合併相關協同效益的稅務影響與審慎投資，我們使調整後備考稀釋 EPS 較去年同期增加。

Looking across the 6 divisions, I'm encouraged by the fact that even in a challenging macroeconomic environment, we were able to deliver strong revenue across 5 of our 6 divisions, including double-digit growth in Commodity Insights, Mobility and Indices. In line with the expectations we laid out on our call in March, we did see a year-over-year decrease in Ratings, driven by an exceptionally soft issuance environment.

從 6 個事業部門來看，即使在具挑戰性的宏觀環境下，我仍受到鼓舞，因為我們在 6 個部門中的 5 個交出強勁營收表現，其中商品洞察（Commodity Insights）、移動（Mobility）與指數（Indices）均達到雙位數成長。與我們在 3 月電話會議中所提出的預期一致，評級（Ratings）出現年減，主因是發行環境異常疲弱。

During the first quarter, global bond issuance decreased 12%. This understates the impact to our business, however, as high-yield issuance declined far more dramatically. In the U.S., issuance in aggregate decreased 25% as investment-grade decreased 19%, high-yield decreased 75%, public finance decreased 15%, structured finance increased 9% due to large increases in mortgage-backed securities, offset by declines in structured credit. Bank loan ratings declined 35% year-over-year.

第一季期間，全球債券發行量下降 12%。然而，這低估了對我們業務的影響，因為高收益（high-yield）發行下滑幅度更為劇烈。在美國，整體發行量下降 25%，其中投資級（investment-grade）下降 19%、高收益下降 75%、公共融資（public finance）下降 15%；結構性融資（structured finance）因不動產抵押證券（mortgage-backed securities）大幅增加而成長 9%，但部分被結構性信用（structured credit）下滑所抵銷。銀行貸款評級（bank loan ratings）年減 35%。

European issuance decreased 14% as investment-grade decreased 11%, high-yield decreased 54% and structured finance increased 27% due to increases in RMBS and covered bonds, partially offset by declines in ABS, CMBS and structured credit. In Asia, issuance was flat.

歐洲發行量下降14%，其中投資級下降11%、高收益下降54%，而結構性融資因RMBS與擔保債券增加而上升27%，但ABS、CMBS與結構性信用的下滑部分抵銷了增幅。在亞洲，發行量持平。

The next 2 slides look at the difference we saw in the quarter between investment-grade issuance and the issuance of high-yield and leveraged loans. This slide shows that investment-grade issuance is resilient relative to other categories, decreasing only 5% year-over-year.

接下來2張投影片將檢視本季我們觀察到的投資級發行量，與高收益及槓桿貸款發行量之間的差異。本投影片顯示，相較於其他類別，投資級發行量更具韌性，年減僅5%。

This slide depicts the combination of high-yield issuance and leveraged loan volume. This quarter, we saw a decrease of over 50% from the incredible levels in the year-ago period. High-yield was particularly impacted by the uncertainty in the market, with issuance decreasing 68% year-over-year. While difficult to pinpoint exact causes, issuance in the first quarter was impacted, both by the pull-forward we witnessed and discussed last year as well as the intentional delay we're hearing from customers, as many issuers wait for clearer signs of stability before reentering the market.

本投影片呈現高收益發行量與槓桿貸款量的合計。本季我們看到相較去年同期的驚人水準下降超過50%。高收益尤其受到市場不確定性影響，發行量年減68%。雖然難以精確指出原因，但第一季的發行量同時受到我們去年所見並討論過的提前發行（pull-forward）影響，以及我們從客戶端聽到的刻意延後所影響，因為許多發行人正等待更明確的穩定跡象後才重新進入市場。

Now turning to some of the factors that made this quarter successful for S&P Global. We saw significant increases in engagement and usage of our products and our content this quarter. The metrics on this slide are clear evidence that in periods of increased uncertainty, whether that's in the macroeconomic picture, market volatility or geopolitical tensions, our customers turn to us. They turn to us for the insights, data and tools that they need to make well-informed business and investment decisions.

接著談談使本季對S&P Global而言成功的一些因素。本季我們看到客戶對我們產品與內容的互動與使用顯著增加。本投影片上的指標清楚證明，在不確定性升高的時期——無論是總體經濟情勢、市場波動或地緣政治緊張——客戶會轉向我們。他們依賴我們提供洞見、數據與工具，以做出充分知情的商業與投資決策。

It's also important to remember that S&P Global's stronger, more diverse product portfolio allows areas of the business to thrive in times of elevated volatility and uncertainty. Within the S&P Dow Jones Indices business, we saw more than 20% growth in revenue from our Exchange-Traded Derivatives, whose volumes are directly correlated with market volatility. In the commodities markets, our Global Trading Services business within Commodity Insights grew 17% year-over-year.

同樣重要的是要記得，S&P Global更強大且更多元的產品組合，使得在波動與不確定性升高時，業務的某些領域仍能蓬勃發展。在S&P Dow Jones Indices業務中，我們的交易所交易衍生品（Exchange-Traded Derivatives）營收成長超過20%，其交易量與市場波動度直接相關。在大宗商品市場方面，Commodity Insights旗下的Global Trading Services業務年增17%。

During the first quarter, we held a number of premier conferences, attracting thousands of leaders from multiple industries. Several of these conferences returned to being in-person events for the first time in 3 years.

第一季期間，我們舉辦了多場頂級會議，吸引來自多個產業的數千位領袖參與。其中數場會議為3年來首次恢復為實體活動。

One of these was CERAWeek. For some S&P Global Investors, CERAWeek may be unfamiliar. CERAWeek is the world's leading event for the energy industry, taking place in the first quarter each year and hosted in Houston, Texas.

其中之一是CERAWeek。對部分S&P Global投資人而言，CERAWeek可能較為陌生。CERAWeek是全球能源產業最具指標性的盛會，每年第一季舉行，並於德州休士頓主辦。

We were thrilled to welcome attendees back in person, and it was clear that all of the factors impacting the energy industry right now, industry and government leaders wanted to be there. We had record attendance with over 5,200 delegates, 900 speakers and 50 senior government officials. With the combined resources of S&P Global Platts and IHS Markit, we're confident that CERAWeek will continue to grow and set itself apart as the must-attend event for energy industry leaders.

我們非常高興能迎接與會者回到現場，且很明顯，當前影響能源產業的所有因素都使產業與政府領袖希望親臨現場。本次出席人數創下紀錄，超過5,200名代表、900位講者以及50位資深政府官員。憑藉S&P Global Platts與IHS Markit的整合資源，我們有信心CERAWeek將持續成長，並以能源產業領袖必參加的活動之姿脫穎而出。

We also hosted the Annual World Petrochemical Conference and the TPM conference in the first quarter. Both conferences aim to help industry leaders navigate some of the most pressing challenges facing our global economy.

第一季我們也主辦了年度世界石化大會（Annual World Petrochemical Conference）以及TPM大會。兩場會議皆旨在協助產業領袖因應全球經濟所面臨的一些最迫切挑戰。

WPC convened this year to discuss how the chemical industry can help facilitate and thrive in a world progressing towards more sustainable operations, including net-zero emissions targets. Our conferences bring people together to drive innovation and growth in different industries, but they also demonstrate the strength of S&P Global as a source and a destination for global leadership.

WPC今年召集各方討論化學產業如何在邁向更永續營運的世界中促成轉型並蓬勃發展，包括淨零排放目標。我們的會議讓人們齊聚一堂，推動不同產業的創新與成長，同時也展現S&P Global作為全球領導力來源與匯聚地的實力。

We're thrilled with the progress we've made as we celebrate the first anniversary of Sustainable1. ESG revenue growth accelerated on both a reported and organic basis in the first quarter, growing 57% year-over-year to reach nearly $50 million.

在慶祝Sustainable1成立一週年之際，我們對所取得的進展感到非常振奮。第一季ESG營收成長在報告基礎與有機基礎上皆加速，年增57%，接近5,000萬美元。

We continue to introduce new ESG-related products and product enhancements at a rapid pace. In the first quarter, we saw the launch of 17 ESG ETFs based on our indices. And we ended the first quarter with AUM in ESG ETFs growing 28% to surpass $33 billion. Our Indices and Commodity Insights teams collaborated to launch the S&P GSCI Electric Vehicle Metals Index, and we continue to enhance ESG scores made available through our Capital IQ Pro platform.

我們持續以快速節奏推出新的ESG相關產品與產品強化。第一季我們看到基於我們指數推出的17檔ESG ETF上市。第一季末，ESG ETF的資產管理規模（AUM）成長28%，突破330億美元。我們的指數與Commodity Insights團隊合作推出S&P GSCI Electric Vehicle Metals Index，並持續強化透過Capital IQ Pro平台提供的ESG評分。

One of the greatest advantages we have in ESG is the robust set of data that comes to us through the active participation of covered companies. Our 2021 Corporate Sustainability Assessment saw a 64% increase in the number of companies working with us directly to ensure the data sets behind our ESG scores are robust, accurate and comprehensive.

我們在ESG方面最大的優勢之一，是透過受評公司積極參與而取得的強大數據集。我們的2021年企業永續評估（Corporate Sustainability Assessment）中，與我們直接合作以確保ESG評分背後數據集強健、準確且全面的公司數量增加了64%。

Our coverage of more than 11,000 companies includes approximately 2,300 which provide data sets and disclosure directly to CSA. Our commitment to active partnership with covered companies ensures our ESG scores are informed by the best data available.

我們對超過11,000家公司的覆蓋範圍中，約有2,300家直接向CSA提供數據集與揭露資訊。我們致力於與受評公司建立積極夥伴關係，確保我們的ESG評分以可取得的最佳數據為依據。

Now turning to our outlook. We have updated our bond issuance forecast for the year to reflect the decrease seen in the first quarter as well as to better reflect the ongoing impact of macroeconomic uncertainty and the ongoing conflict in Ukraine.

接著談談我們的展望。我們已更新今年的債券發行量預測，以反映第一季所見的下滑，並更貼近總體經濟不確定性與烏克蘭持續衝突的持續影響。

We now expect Global issuance to decline approximately 5% year-over-year within a range of down 14% to flat in 2022. We expect Corporates to see a 12% decrease in issuance, partially offset by a 2% increase in Financial Services issuance. We expect U.S. Public Finance and Structured Finance to each soften by 7% and International Public Finance to shrink by about 1.5%.

我們目前預期2022年全球發行量將年減約5%，區間為年減14%至持平。我們預期企業發行量將下降12%，部分由金融服務發行量增加2%所抵銷。我們預期美國公共融資與結構性融資各自放緩7%，國際公共融資則約縮減1.5%。

As we evaluate the remainder of the year, we wanted to discuss some of the assumptions that underpin our guidance. Let me start with our response to the tragic events taking place in Ukraine and the impact on our business.

在評估今年剩餘期間時，我們想討論一些支撐我們指引的假設。首先，我想從我們對烏克蘭正在發生的悲劇事件的回應，以及其對我們業務的影響談起。

As we've shared with you previously, combined revenue from Russia and Belarus is less than 1% of our total revenue. We have suspended commercial operations in Russia and Belarus, including all customer contracts. We've suspended ratings of Russian entities and removed stocks and bonds listed or domiciled in Russia from our indices.

如同我們先前與各位分享的，來自俄羅斯與白俄羅斯的合計營收不到我們總營收的1%。我們已暫停在俄羅斯與白俄羅斯的商業營運，包括所有客戶合約。我們已暫停對俄羅斯實體的評等，並將在俄羅斯上市或註冊地在俄羅斯的股票與債券自我們的指數中移除。

While the direct financial impact on our business is not material, we acknowledge the indirect impact on the issuance environment and market volatility. We also wanted to illustrate some of the changes in the macroeconomic environment that inform our financial outlook for the company.

雖然對我們業務的直接財務影響並不重大，但我們也認知到其對發行環境與市場波動的間接影響。我們也想說明一些總體經濟環境的變化，這些變化會影響我們對公司財務展望的判斷。

In addition to lower debt issuance, we now expect slightly lower global GDP growth. Inflation is also likely to have a greater impact on our business and economy as a whole relative to our expectations earlier this year.

除了債務發行量較低之外，我們現在也預期全球GDP成長略低。相較於我們今年稍早的預期，通膨也可能對我們的業務以及整體經濟造成更大的影響。

We're seeing some upward pressure on compensation expense that we expect to continue throughout the rest of the year. Commodities prices remain elevated relative to our early expectations as well. To be clear, this is not meant to be a comprehensive list of all metrics that inform our outlook, but we wanted to help investors understand the changes in some of the assumptions we make about the global economy when formulating guidance.

我們看到薪酬費用有一些上行壓力，且預期將在今年剩餘期間持續。大宗商品價格相較於我們早先的預期也仍維持在高檔。需要說明的是，這並非涵蓋所有影響我們展望的指標清單，但我們希望協助投資人理解，在制定指引時，我們對全球經濟所做的一些假設出現了哪些變化。

Before handing it over to Ewout, I'd like to reiterate how pleased we are with the execution and success we've seen in a challenging quarter. Our ability to drive positive growth in both revenue and adjusted pro forma earnings per share in a quarter like this would have been much more challenging before our merger with IHS Markit.

在交棒給Ewout之前，我想再次強調，我們對於在充滿挑戰的一季中所展現的執行力與成功感到非常滿意。在這樣的一季中，我們仍能推動營收與調整後備考每股盈餘（adjusted pro forma EPS）雙雙正成長；若是在與IHS Markit合併之前，這將會困難得多。

The strength, stability and scale of our businesses gives us great confidence to invest for future growth and be optimistic about the years ahead. We remain committed to our strategic organic investments, as illustrated on this slide, and we remain confident these investments will power significant future growth and profitability for the company.

我們業務的實力、穩定性與規模，讓我們對投資未來成長充滿信心，並對未來幾年保持樂觀。我們仍致力於策略性的有機投資，如本投影片所示，且我們仍相信這些投資將為公司帶來顯著的未來成長與獲利能力。

With that, I'll turn it over to Ewout to walk through our results and guidance. Ewout?

接下來，我把時間交給Ewout，請他帶大家回顧我們的業績與指引。Ewout？

Thank you, Doug. I want to start by emphasizing the successful execution we saw this quarter. With 5 of our 6 divisions posting pro forma revenue growth, it's already clear that we are more resilient, both operationally and financially as a combined company.

謝謝你，Doug。我想先強調本季我們所展現的成功執行力。我們6個事業部中有5個呈現備考營收成長，這已清楚顯示，作為合併後的公司，我們在營運與財務面都更具韌性。

With our larger scale and more diversified revenue streams, we're more insulated to volatility in the debt issuance market. As such, we were able to grow pro forma revenue and adjusted EPS year-over-year even during a period of sharp decreases in issuance.

憑藉更大的規模與更多元的營收來源，我們更能隔離債務發行市場波動的影響。因此，即使在發行量大幅下滑的期間，我們仍能推動備考營收與調整後EPS年增。

Doug highlighted the headline financial results. I will take a moment to cover a few other items. But as a reminder, when we discuss financial results from operations and cash flows, we're discussing those results on an adjusted pro forma basis as if S&P Global and IHS Markit were combined for the entirety of all periods presented, unless explicitly called out as GAAP.

Doug 強調了主要的財務結果。我將花一點時間說明其他幾個事項。但提醒一下，當我們討論營運的財務結果與現金流量時，除非明確指出為 GAAP，否則我們是在調整後的備考（adjusted pro forma）基礎上討論，亦即假設 S&P Global 與 IHS Markit 在所呈列的所有期間全程合併。

Adjusted results also exclude the contribution from divested businesses in all periods. We have also made minor refinements to the recast pro forma financials for all 4 quarters of 2021, which can be found in the amended 8-K filed today.

調整後結果亦排除所有期間中已剝離業務的貢獻。我們也對 2021 年全部 4 個季度重述的備考財務資料進行了小幅修訂，詳見今日提交的修訂版 8-K。

Adjusted corporate unallocated expenses declined from a year ago, caused by a combination of reduced incentive and fringe costs as well as the release of certain benefits accruals. Our net interest expense increased 5% as we increased gross debt, partially offset by lower average rates due to refinancings.

調整後公司未分攤費用較去年下降，原因是激勵與附帶福利成本降低，以及釋放部分福利應計。我們的淨利息費用增加 5%，因為我們提高了總負債，部分被再融資帶來的平均利率下降所抵銷。

The decrease in adjusted effective tax rate was primarily due to tax deductions related to stock-based compensation and merger-related optimization of capital and liquidity structure. As we introduced last year, we'll continue to disclose these 3 categories of non-GAAP adjustments to provide insights into the type of expenses that we are incurring related to the merger and the synergies we have discussed.

調整後有效稅率的下降主要來自與股票基礎薪酬相關的稅務扣除，以及併購相關的資本與流動性結構最佳化。正如我們去年所介紹的，我們將持續揭露這 3 類非 GAAP 調整項目，以提供洞見，說明我們因併購及所討論的協同效益而產生的費用類型。

Transaction costs in the quarter were $281 million. These are costs related to completing the merger. They include legal fees, investment banking fees and filing fees. Integration costs in the quarter were $58 million. These are costs to operationalize the integration. They include consulting, infrastructure and retention cost.

本季度交易成本為 2.81 億美元。這些是完成合併相關的成本，包括法律費用、投資銀行費用及申報費用。本季度整合成本為 5,800 萬美元。這些是使整合落地運作的成本，包括顧問費、基礎設施及留任成本。

Cost to achieve synergies amounted to $88 million in the quarter. These are costs needed to enable expense and revenue synergies. They include lease terminations, severance, contract exit fees and investments related to product development, marketing and distribution enhancements.

本季度為實現協同效益所需成本（cost to achieve synergies）為 8,800 萬美元。這些是促成費用與收入協同所需的成本，包括租約終止、資遣費、合約退出費，以及與產品開發、行銷與通路強化相關的投資。

During the first quarter, the non-GAAP operating adjustments collectively totaled to $504 million, including a $1.3 billion gain on the sale of businesses and a $200 million contribution to the S&P Global Foundation, in addition to the merger-related items I mentioned. Given the growth in expenses this quarter, we wanted to provide some insight into the drivers, many of which are transitional. Importantly, we expect expense growth to moderate as we progress through the year, even excluding the impact of cost synergies.

第一季度，非 GAAP 營運調整項目合計為 5.04 億美元，其中包括出售業務的 13 億美元收益，以及對 S&P Global Foundation 的 2 億美元捐贈，另加上我先前提到的併購相關項目。鑑於本季度費用成長，我們希望提供一些驅動因素的說明，其中許多屬於過渡性因素。重要的是，隨著我們在今年逐步推進，即使不考慮成本協同的影響，我們也預期費用成長將趨於溫和。

In the first quarter, we recognized $8 million in additional T&E expenses as we saw a limited resumption of travel relative to the last 2 years. We also saw a $10 million increase in advertising expense associated with our Mobility division.

第一季度，隨著相較過去兩年出差活動有限度恢復，我們額外認列 800 萬美元的差旅與交際（T&E）費用。我們也看到與 Mobility 事業部相關的廣告費用增加 1,000 萬美元。

Investments in growth initiatives contributed $28 million of the increase. We're specifically disclosing the increase from what we are calling a step-up impact in the quarter. This relates to increases in expenses that we view as a reestablishment of baseline cost.

對成長計畫的投資使增幅增加了 2,800 萬美元。我們特別揭露本季度我們所稱的「階梯式上升（step-up）影響」所帶來的增加。這與我們視為重新建立基準成本的費用上升有關。

The return of in-person events included several major conferences in the first quarter, as Doug mentioned. Together, these live events added more than $20 million of incremental expense relative to last year when these events were still virtual.

如 Doug 所提到，實體活動的回歸在第一季度包含數場大型會議。合計而言，這些現場活動相較去年（當時仍為線上舉辦）增加了超過 2,000 萬美元的增量費用。

Step-up costs also incorporate a comprehensive process to align compensation practices across our employee base. One of these changes is to harmonize the timing of annual merit increases to March from April. The pull-forward of the merit increase caused 1 month of impact in the first quarter that did not occur in the year-ago period. We also recognized $15 million in additional expense related to the ongoing cloud transition.

階梯式上升成本也包含一項全面流程，用以在全體員工中對齊薪酬制度。其中一項變更是將年度調薪的時間由 4 月統一調整至 3 月。調薪時點提前使第一季度產生 1 個月的影響，而去年同期並未發生。此外，我們也因持續的雲端轉型而額外認列 1,500 萬美元費用。

Free cash flow, excluding certain items, was $701 million in the first 3 months of 2022. Note that this is meant to reflect the estimated free cash flow of the combined company as if the merger were closed on January 1, 2022. We will provide some additional color on the drivers of our cash balance and our gross debt in the next few slides.

2022 年前三個月，扣除特定項目後的自由現金流為 7.01 億美元。請注意，這旨在反映合併後公司在假設併購於 2022 年 1 月 1 日完成交割情況下的估計自由現金流。我們將在接下來幾張投影片中，進一步說明現金餘額與總負債的驅動因素。

Now turning to the balance sheet. Our balance sheet continues to be very strong, with ample liquidity. As of the end of the first quarter, we had cash and cash equivalents of $4.4 billion and debt of $11.4 billion. Our adjusted gross debt to adjusted EBITDA at the end of the first quarter was 2.57x.

接著看資產負債表。我們的資產負債表仍然非常強健，流動性充裕。截至第一季度末，我們的現金及約當現金為 44 億美元，負債為 114 億美元。第一季度末，我們的調整後總負債／調整後 EBITDA 為 2.57 倍。

As you can see, our cash balance declined sequentially to $4.4 billion. The single largest driver in the reduction was the $7 billion in cash paid to fund the first tranche of our 2022 $12 billion accelerated share repurchase program. We also received net proceeds from divestitures of $2.6 billion and net proceeds of $2.3 billion from the issuance of debt.

如各位所見，我們的現金餘額較前一季下降至 44 億美元。下降的最大單一因素是支付 70 億美元現金，用於資助 2022 年 120 億美元加速庫藏股回購計畫（accelerated share repurchase program）的第一批次。我們也自剝離交易取得 26 億美元的淨收益，並自發行債務取得 23 億美元的淨收益。

Now to gross debt. We issued $5.5 billion of new debt in the first quarter, $3.5 billion of which has been allocated to refinancing existing debt. After the quarter closed, we also made a final debt redemption payment of $600 million, which brought our adjusted gross debt leverage down to 2.47x.

再看總負債。我們在第一季度發行了 55 億美元的新債，其中 35 億美元已用於再融資既有債務。季度結束後，我們也進行了最後一筆 6 億美元的債務贖回付款，使我們的調整後總負債槓桿降至 2.47 倍。

Now I'd like to provide an update on our synergy progress. In the first quarter, we have achieved $23 million in cost synergies, and our current annualized run rate is $135 million. While we are already seeing significant progress in pipeline and customer conversations with only 1 month as a combined company, revenue synergies are negligible. The cumulative integration and cost to achieve synergies through the end of the first quarter is $365 million.

接下來我想更新我們的協同效益進展。第一季度我們已實現 2,300 萬美元的成本協同，目前年化執行率（run rate）為 1.35 億美元。雖然作為合併後公司僅 1 個月，我們已在銷售管線與客戶對話方面看到顯著進展，但收入協同仍可忽略不計。截至第一季度末，累計整合成本與為實現協同效益所需成本合計為 3.65 億美元。

Now let's turn to the division results and begin with Market Intelligence. Market Intelligence delivered revenue growth of 7%, with growth across all product lines. Expenses increased 8%, primarily due to factors I mentioned earlier: investments in technology, especially cloud transition costs, and continued investment in strategic initiatives like ESG.

現在我們來看各事業部表現，先從 Market Intelligence 開始。Market Intelligence 營收成長 7%，各產品線均有成長。費用增加 8%，主要由我先前提到的因素所致：對科技的投資，尤其是雲端轉型成本，以及對 ESG 等策略性計畫的持續投資。

Segment operating profit increased 5%, and the segment operating profit margin decreased 60 basis points to 29%. On a trailing 12-month basis, adjusted segment operating profit margin decreased 60 basis points to 30%.

部門營業利益增加 5%，部門營業利益率下降 60 個基點至 29%。以過去 12 個月（trailing 12-month）計，調整後部門營業利益率下降 60 個基點至 30%。

You can see on the slide our operating profit from the OSTTRA joint venture that complements the operations of our Market Intelligence division. The JV contributed $26 million in adjusted operating profit to the company. Because the JV is a 50%-owned joint venture operating independent of the company, we do not include the financial results of OSTTRA in the Market Intelligence division.

各位可在投影片上看到我們來自 OSTTRA 合資企業的營業利益，該合資企業補強了我們 Market Intelligence 事業部的營運。該合資企業為公司貢獻 2,600 萬美元的調整後營業利益。由於該合資企業為公司持股 50% 且獨立營運，我們不將 OSTTRA 的財務結果納入 Market Intelligence 事業部。

Looking across Market Intelligence, there was solid growth in each category. And on a pro forma basis, Desktop revenue grew 7%, Data & Advisory Solutions revenue grew 12%, Enterprise Solutions revenue grew 2% and Credit & Risk Solutions revenue grew 8%.

綜觀 Market Intelligence，各類別均有穩健成長。以備考基礎計，Desktop 營收成長 7%，Data & Advisory Solutions 營收成長 12%，Enterprise Solutions 營收成長 2%，Credit & Risk Solutions 營收成長 8%。

As Doug discussed at length, Ratings faced a challenging issuance environment in the first quarter, with revenue declining 15% year-over-year. Expenses increased 7%, primarily due to compensation expense and information service costs, partially offset by lower occupancy costs. This resulted in a 25% decrease in segment operating profit and 820 basis points decrease in segment operating profit margin. On a trailing 12-month basis, adjusted segment operating profit margin decreased approximately 105 basis points to 62%.

如 Doug 詳細說明，Ratings 在第一季度面臨具挑戰性的發行環境，營收年減 15%。費用增加 7%，主要由薪酬費用與資訊服務成本所帶動，部分被較低的辦公場地成本所抵銷。這導致部門營業利益下降 25%，部門營業利益率下降 820 個基點。以過去 12 個月計，調整後部門營業利益率約下降 105 個基點至 62%。

Nontransaction revenue increased 7%, primarily due to growth in fees associated with Surveillance and growth in CRISIL revenue. Transaction revenue decreased 31% on the soft issuance already discussed.

非交易型營收增加 7%，主要由與 Surveillance 相關費用成長以及 CRISIL 營收成長所帶動。交易型營收在前述疲弱發行環境下下降 31%。

This slide depicts Ratings revenue by its end markets. The largest contributors to the decrease in Ratings revenue were a 21% decrease in Corporates and a 12% decrease in Structured Finance, driven predominantly by Structured Credit. In addition, Financial Services decreased 9%, Governments decreased 11% and the CRISIL and Other category increased 12%.

本投影片呈現 Ratings 依終端市場劃分的營收。Ratings 營收下降的最大貢獻因素為 Corporates 下降 21% 與 Structured Finance 下降 12%，主要由 Structured Credit 所驅動。此外，Financial Services 下降 9%，Governments 下降 11%，而 CRISIL 與 Other 類別增加 12%。

And now turning to Commodity Insights. Revenue increased 14%. The return of in-person conferences, most notably CERAWeek and World Petrochemical Conference, drove 70% year-over-year growth in advisory and transactional services revenue. Excluding the impact of CERAWeek, revenue growth would have been 8% year-over-year.

接著看 Commodity Insights。營收增加 14%。實體會議的回歸，尤其是 CERAWeek 與 World Petrochemical Conference，帶動顧問與交易型服務營收年增 70%。若排除 CERAWeek 的影響，營收年增將為 8%。

Global Trading Services had a great quarter, increasing 17%, mainly due to strong fuel oil and iron ore volumes. As Doug noted earlier, GTS revenue often picks up when commodity prices become more volatile, which we certainly witnessed in the first quarter.

Global Trading Services 本季度表現出色，成長 17%，主要受惠於燃料油與鐵礦石交易量強勁。如 Doug 先前所指出，當大宗商品價格波動加劇時，GTS 營收往往會上升，而我們在第一季度確實見證了這一點。

Expenses increased 18%, primarily due to cost associated with the return of in-person conferences and headcount and compensation expense. Excluding the impact of CERAWeek, expenses would have increased 10% year-over-year.

費用增加18%，主要由於恢復實體會議相關成本，以及人員編制與薪酬費用所致。若排除CERAWeek的影響，費用年增將為10%。

Segment operating profit increased 8%, and the segment operating profit margin decreased 210 basis points to 43%. The trailing 12-month adjusted segment operating profit margin decreased approximately 200 basis points to 43%.

分部營業利益增加8%，分部營業利益率下降210個基點至43%。過去12個月的調整後分部營業利益率約下降200個基點至43%。

In addition to the exceptional quarter in Advisory & Transactional Services, we saw strong demand driving growth in Price Assessments and Energy & Resources Data & Insights. Growth was partially offset by a modest decrease in Upstream Data & Insights, though we note positive signs of inflection in the Upstream business.

除諮詢與交易服務（Advisory & Transactional Services）表現出色的季度外，我們也看到強勁需求帶動價格評估（Price Assessments）以及能源與資源數據與洞察（Energy & Resources Data & Insights）的成長。成長部分被上游數據與洞察（Upstream Data & Insights）的小幅下滑所抵銷，但我們注意到上游業務出現正向的拐點跡象。

But for the suspension of commercial operations in Russia, Upstream would have had its second consecutive quarter of positive ACV growth, which is a leading indicator for revenue. We also saw a dramatic improvement in retention in the Upstream business as retention rates improved by more than 10 full percentage points over the last 12 months.

若非暫停在俄羅斯的商業營運，上游業務本可連續第二個季度實現ACV正成長，而ACV是營收的領先指標。我們也看到上游業務的留存率大幅改善，過去12個月留存率提升超過10個完整百分點。

In our Mobility division, revenue increased 10% year-over-year, driven primarily by strength in Planning Solutions and Used Car offerings. Expenses grew 11% on increased advertising expense in the quarter and headcount growth in 2021 as the business restores capacity to better align with strong growth over the past 18 months.

在我們的移動出行（Mobility）事業部，營收年增10%，主要由規劃解決方案（Planning Solutions）與二手車產品的強勁表現所帶動。由於本季度廣告費用增加，以及2021年人員編制成長（隨著業務恢復產能以更好地匹配過去18個月的強勁成長），費用增加11%。

This resulted in an 8% growth in adjusted operating profit and 80 basis points of margin contraction year-over-year. On a trailing 12-month basis, the adjusted segment operating profit margin increased approximately 400 basis points to 39%.

因此，調整後營業利益成長8%，利潤率年減80個基點。以過去12個月計，調整後分部營業利益率約增加400個基點至39%。

Dealer revenue increased to 12% year-over-year, benefiting from successful prior-year-period promotions and from retention rates that remain above pre-COVID levels. Growth in manufacturing was 3% year-over-year related to the well-publicized supply chain challenges faced by automotive OEMs. Financials and Other increased 12%, driven primarily by strength in our insurance underwriting products.

經銷商（Dealer）營收年增12%，受惠於去年同期成功的促銷活動，以及留存率仍高於COVID前水準。製造業務年增3%，與汽車OEM面臨且廣為人知的供應鏈挑戰相關。金融及其他（Financials and Other）年增12%，主要由我們保險承保產品的強勁表現所帶動。

S&P Dow Jones Indices delivered strong revenue growth of 14% year-over-year, primarily due to gains in AUM linked to our indices. During the quarter, expenses increased 9%, largely due to strategic investments, increased compensation and IT costs.

S&P道瓊指數（S&P Dow Jones Indices）營收年增14%，主要由與我們指數連動的資產管理規模（AUM）增加所帶動。本季度費用增加9%，主要因策略性投資、薪酬增加及IT成本上升。

Segment operating profit increased 16%, and the segment operating profit margin increased 130 basis points to 69.3%. On a trailing 12-month basis, the adjusted segment operating profit margin increased approximately 10 basis points to 68%.

分部營業利益增加16%，分部營業利益率提高130個基點至69.3%。以過去12個月計，調整後分部營業利益率約增加10個基點至68%。

Every category increased revenue this quarter. Asset-Linked Fees increased 15%, primarily from AUM-driven gains in ETFs, mutual funds and insurance. Exchange-Traded Derivative revenue increased 22% on increased trading volumes. Data & Custom Subscriptions increased 4%.

本季度各類別營收皆成長。資產連動費用（Asset-Linked Fees）增加15%，主要來自ETF、共同基金與保險的AUM帶動增長。交易所交易衍生品（Exchange-Traded Derivative）營收因交易量增加而成長22%。數據與客製化訂閱（Data & Custom Subscriptions）增加4%。

Over the past year, ETF net inflows were $286 billion, and market appreciation totaled $244 billion. This resulted in quarter-ending ETF AUM of $2.9 trillion, which is 22% higher compared to 1 year ago. Our ETF revenue is based on average AUM, which increased 24% year-over-year. Sequentially, versus the end of the fourth quarter, ETF net inflows associated with our indices totaled $68 billion, and market depreciation totaled $123 billion.

過去一年，ETF淨流入為2,860億美元，市場升值合計2,440億美元。因此，季末ETF AUM達2.9兆美元，較一年前高出22%。我們的ETF營收以平均AUM為基礎計算，平均AUM年增24%。按季比較（相較第四季末），與我們指數相關的ETF淨流入合計680億美元，而市場貶值合計1,230億美元。

Within our Engineering Solutions division, we saw 7% revenue growth, driven primarily by growth in nonsubscription offerings, most notably the Boiler Pressure Vessel Code, or BPVC, which was last released in August of 2021. Investment in growth initiatives and an increase in royalty expense led to a 5% increase in adjusted expenses. This resulted in segment operating profit growth of 17% and 160 basis points of year-over-year margin expansion.

在我們的工程解決方案（Engineering Solutions）事業部，營收成長7%，主要由非訂閱型產品成長所帶動，其中最顯著的是鍋爐與壓力容器規範（Boiler Pressure Vessel Code，BPVC），其最近一次發布於2021年8月。對成長計畫的投資以及權利金費用增加，導致調整後費用增加5%。因此分部營業利益成長17%，利潤率年增160個基點。

On a trailing 12-month basis, the adjusted segment operating profit margin contracted approximately 115 basis points to 20%. Subscription revenue in Engineering Solutions increased 3% year-over-year, while nonsubscription revenue increased 60% over the same period.

以過去12個月計，調整後分部營業利益率約收縮115個基點至20%。工程解決方案的訂閱營收年增3%，而非訂閱營收在同期間增加60%。

Now moving to our guidance. This slide depicts our new GAAP guidance, and this slide depicts our updated 2022 adjusted pro forma guidance. For revenue, we now expect a low single-digit increase year-over-year, reflecting the issuance environment, partially offset by the strength we are seeing in our non-Ratings businesses.

接下來談我們的財測。本投影片呈現我們新的GAAP財測，而本投影片呈現我們更新後的2022年調整後備考（adjusted pro forma）財測。就營收而言，我們目前預期年增為低個位數，反映發行環境的影響，部分由我們非評級（non-Ratings）業務所展現的強勁表現所抵銷。

We now expect corporate unallocated expense between $85 million and $95 million, approximately $30 million lower than our previous guidance on lower forecast incentive compensation and professional fees. Interest expense is expected in the range of $360 million to $370 million, down $10 million from prior guidance. This is due to a slightly lower average cost of debt than we initially expected.

我們目前預期公司未分攤費用（corporate unallocated expense）介於8,500萬至9,500萬美元，較先前財測低約3,000萬美元，原因是預估激勵薪酬與專業費用較低。利息費用預期介於3.6億至3.7億美元，較先前財測下調1,000萬美元。這是因為平均負債成本略低於我們最初預期。

We expect capital expenditures of approximately $165 million and free cash flow, excluding certain items, in the range of $4.8 billion to $4.9 billion. There is no change to our expectations for deal-related amortization, operating profit margin expansion or tax rate.

我們預期資本支出約1.65億美元；自由現金流（排除特定項目）介於48億至49億美元。我們對交易相關攤銷、營業利益率擴張或稅率的預期沒有變動。

This slide illustrates our guidance by division. For Ratings, we now expect revenue to decline low to mid-single digits and for margins to be in the low to mid-60s. This compares to previous guidance calling for low single-digit revenue growth and margins in the mid-60s. Our outlook for Other segments is unchanged from previous guidance.

本投影片說明我們按事業部劃分的財測。就評級（Ratings）而言，我們目前預期營收將下滑低至中個位數，利潤率落在低至中60%區間。相較之下，先前財測預期營收低個位數成長、利潤率在中60%區間。我們對其他分部（Other segments）的展望與先前財測一致。

Overall, we are incredibly encouraged by the team's ability to execute so well even in the current macro environment. We're focused on the enormous long-term opportunity ahead of us as a combined company, and we are more confident than ever in our ability to execute against that opportunity. Our differentiated data, insights, analytics and services help our customers to thrive and accelerate progress.

整體而言，即使在目前的總體環境下，團隊仍能如此出色地執行，令我們深受鼓舞。我們聚焦於作為合併後公司所面臨的龐大長期機會，並且比以往任何時候都更有信心能夠把握並落實該機會。我們具差異化的數據、洞察、分析與服務，協助客戶蓬勃發展並加速進展。

And with that, let me turn the call back over to Mark for your questions.

接下來，我把電話交回給Mark，進行提問。

Thank you, Ewout. (Operator Instructions) Operator, we'll now take our first question.

謝謝你，Ewout。（接線生指示）接線生，我們現在開始第一個問題。

Our first question comes from George Tong with Goldman Sachs.

第一個問題來自高盛（Goldman Sachs）的George Tong。

You've updated your full year outlook for debt issuance. Can you discuss what your expectations are for issuance on a quarterly basis directionally? And how much of your guidance increase or guidance update reflects performance in the quarter compared to performance over the rest of the year?

你們更新了全年債務發行的展望。能否就季度層面方向性地談談你們對發行量的預期？另外，你們這次上調或更新財測中，有多少反映了本季度的表現，相較於今年剩餘期間的表現？

Thanks for that question. This is Doug. Let me start with that. Well, knowing that issuance is going to be one of the key questions that we're going to be talking about, let me just review a little bit what we saw during the quarter and then some of the expectations for the rest of the year.

謝謝這個問題。我是Doug。我先回答。鑑於發行量將是我們討論的關鍵問題之一，我先簡要回顧本季度我們看到的情況，然後談談對今年剩餘時間的一些預期。

As you know, it was a very weak quarter for issuance. We saw that the total global issuance was down 9%, excluding bank loan ratings; and 12%, including bank loan ratings. We saw, as an example, U.S. bonds were down 22%; U.S. corporates were down almost 50%; and high-yield globally was down 68%, and the U.S. was down 75%.

如你所知，本季度發行非常疲弱。我們看到全球總發行量下降9%（不含銀行貸款評級）；若包含銀行貸款評級則下降12%。例如，美國債券下降22%；美國企業債下降接近50%；全球高收益債下降68%，而美國下降75%。

So with that backdrop, as you see, we've looked towards the rest of the year. We expect that issuance during the second quarter will be recovering, but not necessarily to the full extent that it would have been compared to last year.

在這樣的背景下，如你所見，我們把目光放到今年剩餘時間。我們預期第二季度的發行將會回升，但不一定能完全達到相較去年同期的水準。

And the second half of the year, the comparables are not quite as difficult as they were earlier in the year. And we do believe that there will be a rebound in issuance given the situation and current positioning in the market.

而在下半年，可比基期不像年初那麼艱難。我們也相信，考量市場情勢與目前的市場部位配置，發行量將會出現反彈。

But let me hand it over to Ewout, who will provide some more color.

不過我先把時間交給Ewout，他會提供更多補充說明。

Indeed, as Doug said, we're expecting still the second quarter to see some impact with respect to our quarterly expectations, but then to see some improvement in the second half of this year, and particularly also because the comps will get easier during the second half of this year.

確實，如Doug所說，我們預期第二季度在季度預期上仍會受到一些影響，但在今年下半年會看到改善，特別是因為下半年的可比基期會變得更容易。

I also would like to point out, of course, the benefits we have of the broader company we are at this point in time because 5 of our -- the 6 divisions are performing in line or better than expectations. We will see during the course of this year coming in the benefits from our cost synergies, the benefits from our buyback program and so on.

我也想指出，當然，以我們目前更廣泛的公司組合而言，我們有其優勢，因為6個事業部中有5個表現符合或優於預期。今年過程中，我們將逐步看到成本協同效益、庫藏股回購計畫等帶來的效益。

So that should help drive the earnings per share growth in a very strong way during the rest of the year. Hence, that we're still guiding to double-digit EPS growth for the full year. So definitely, those elements will help to strengthen the performance of the company during the course of 2022.

因此，這些因素應能在今年剩餘時間強力推動每股盈餘（EPS）成長。也因此，我們仍維持全年EPS雙位數成長的指引。毫無疑問，這些要素將有助於在2022年期間強化公司的整體表現。

Got it. That's helpful. And just to follow-up on that point. You mentioned that 5 of the 6 divisions are performing in line or better than expectations. Can you elaborate on which of the segments actually outperformed your initial expectations heading into the quarter? And what were the key factors driving the upside performance?

了解。這很有幫助。我想就這點再追問一下。你提到 6 個事業部中有 5 個的表現符合或優於預期。你能否進一步說明，在本季開始前，你們原先預期中，哪些業務分部實際上超出你們的初始預期？推動超預期表現的關鍵因素是什麼？

Yes. Let me give you a quick overview for each of the divisions, and happy to go deeper in some of the next questions. But for example, Market Intelligence, we're incredibly excited about the opportunity. The first conversations we're having with customers are really showing the benefit of the combined company. And we saw actually the subscription revenue going up in a very strong way, actually growing more in the double-digit space.

可以。我先快速概述各個事業部的情況，也很樂意在接下來的問題中再深入說明。以 Market Intelligence 為例，我們對這個機會感到非常振奮。我們與客戶的初步對話確實顯示出合併後公司所帶來的效益。而我們也看到訂閱收入以非常強勁的方式上升，實際上呈現雙位數成長。

Commodity Insights, very strong commercial momentum. The main issue with respect to the Russian revenue impact will be in Commodity Insights. But we expect to be able to offset a significant part of that based on the very strong commercial momentum we are seeing, and also very excited about what we can offer our customers on a combined basis.

Commodity Insights 方面，商業動能非常強。與俄羅斯收入影響相關的主要問題會出現在 Commodity Insights。不過，基於我們所看到的強勁商業動能，我們預期能抵消其中相當大的一部分；同時，我們也對以合併後的整體能力為客戶提供的方案感到非常興奮。

Mobility, clearly, some positive trends as well, as we have pointed out, particularly because we see higher retention of our customers. The Index business, a strong AUM growth. Keep in mind, we are looking at this year over year. And of course, we started at much lower AUM levels at the beginning of 2021. And then also, the derivative activity and volumes are much higher. And then you also saw Engineering Solutions growing in a healthy way during the quarter.

Mobility 方面也明顯出現一些正向趨勢，正如我們先前指出的，特別是因為我們看到客戶留存率提高。Index 業務方面，AUM 成長強勁。請記得，我們是以年對年來看；而且 2021 年初的 AUM 基期要低得多。此外，衍生品活動與交易量也高出許多。你也看到 Engineering Solutions 在本季以健康的步伐成長。

So overall, we think that our businesses are very well positioned, 5 of the 6, and that the issues with respect to the debt issuance environment are very isolated within the Ratings divisions itself. And also, keep in mind that we have a significant component in Ratings with respect to nontransaction revenue. So that is clearly also an element of stability and offset for the overall transactional revenue.

總體而言，我們認為我們的業務（其中 6 個中的 5 個）都處於非常有利的位置；而與債務發行環境相關的問題，主要是非常集中地出現在 Ratings 事業部本身。另外也請記得，Ratings 中有相當大一部分屬於非交易性收入，因此這也明顯提供了穩定性，並對整體交易性收入形成抵銷。

Our next question comes from Manav Patnaik with Barclays.

下一個問題來自 Barclays 的 Manav Patnaik。

So the negative 5% issuance forecast obviously is much different than what Moody's reported yesterday. And I was just hoping for -- is there some sensitivity perhaps you can provide us in terms of, if things get worse, how that would impact your guidance? Or does the EPS range account for that flat to down 14% that you talked about earlier?

你們對發行量的預測為負 5%，這顯然與穆迪昨天公布的數字差異很大。我想請教——你們是否能提供一些敏感度分析，例如如果情況變得更糟，會如何影響你們的指引？或者你們的 EPS 區間是否已經涵蓋你們先前提到的持平到下滑 14% 的情境？

Yes. Well, first of all, let me share with you a little bit more about what our outlook is for the full year and what some of the sensitivities are in that forecast.

是的。首先，我想再多分享一些我們對全年展望的看法，以及該預測中的一些敏感度。

As you know, we're expecting that the overall issuance of bonds will be down 5% for 2022. But if you look at what the components are in the Corporates, we already saw very weak issuance in the first quarter. And so we've forecasted to be a 12% decline for the full year, with a downside of up to 25%. And it could recover and have a 5% -- down 5% for full year.

如你所知，我們預期 2022 年整體債券發行量將下滑 5%。但如果看企業（Corporates）這一塊的組成，我們在第一季已經看到發行非常疲弱。因此我們預測全年將下滑 12%，下行情境最多可能下滑 25%。而若出現復甦，全年也可能是下滑 5%。

We do see strength in Financial Services. They continue to outpace the issuance last year. We expect it for the full year will be up 2%. But again, with the current environment, that could drop to up to 5% down.

我們確實看到金融服務（Financial Services）仍具強勢，持續超越去年發行量。我們預期全年將成長 2%。但同樣地，在目前環境下，這也可能轉為最多下滑 5%。

Structured Finance and U.S. Public Finance could be down at 7% this year. That's what our current forecast is, and they could also see downside up to 12%. And then there's other factors, such as International Public Finance, that as well would be down 2%.

結構性金融（Structured Finance）與美國公共金融（U.S. Public Finance）今年可能下滑 7%，這是我們目前的預測；下行情境也可能最多下滑 12%。此外還有其他因素，例如國際公共金融（International Public Finance）也將下滑 2%。

But as you know, we're very close to the markets. We watch what's happening. Our forecast is based on many, many different factors. We look at what is the current situation of maturing bonds in the market, whether it's on people's balance sheets.

但如你所知，我們非常貼近市場。我們會觀察正在發生的事情。我們的預測是基於非常多不同因素。我們會看市場上到期債券的現況，以及它們是否在各方的資產負債表上。

As you know, there was very little -- hardly any issuance at all of either loans, high-yield loans or high-yield bonds, during the first quarter. There's a pipeline out there that still wants to go to the markets. We also know that there is a set of M&A transactions which have not been completed. There's $1 trillion of private equity capital on the sideline that still has not been deployed.

如你所知，第一季不論是貸款、高收益貸款或高收益債券，發行量都非常少——幾乎沒有。市場上仍有一個管線，想要進入資本市場。我們也知道有一批尚未完成的併購（M&A）交易。還有 1 兆美元的私募股權資金仍在場邊，尚未投入。

So we look at all of these factors and weigh them together to come up with our estimate for the year of 5% down. So this isn't just one single factor that goes into it. We're looking across many, many different factors. And as Ewout just said, we also expect that through the year, there will be recovery in issuance as we keep going deeper into the year.

因此我們會把所有這些因素一起納入考量並加以權衡，得出全年下滑 5% 的估計。這不是只靠單一因素得出的結論；我們是跨越非常多不同因素來看。正如 Ewout 剛才所說，我們也預期隨著年度推進，發行量會逐步復甦。

Got it. And then maybe somewhat similarly, just on the Indices side of the business, what's embedded in the assumption in terms of at least the asset-linked fees portion of the business?

了解。那接著可能有點類似地，就指數（Indices）業務而言，在假設中，至少就資產連結費用（asset-linked fees）這部分，你們內含了什麼樣的假設？

Yes, we are also always looking, Manav, at the actual asset levels. And then we are assuming, with respect to the growth and market appreciation, a very modest development for the remainder of the year. But keep in mind that this is a business where we have the natural offset, the partial hedge, because if the asset levels will come down, we see the derivative trading activity going up and the other way around.

是的，Manav，我們也一直在看實際的資產水位。就成長與市場升值而言，我們假設今年剩餘期間的發展非常溫和。但請記得，這個業務有天然的抵銷效果、部分避險：如果資產水位下降，我們會看到衍生品交易活動上升，反之亦然。

And as you have seen this quarter, actually, the Index business has performed very well based on those kind of dynamics. So if you look at it historically, the Index business actually has been growing revenues for many, many years in a row in very volatile market circumstances, very different circumstances over the years. And that is exactly due to the dynamics of the business and the business model that we have, the different revenue streams in the Index business.

而且如你在本季所見，Index 業務其實在這類動態下表現得非常好。若從歷史來看，Index 業務在多年來、在非常波動且各不相同的市場環境中，收入其實連續多年成長。這正是因為我們的業務動態與商業模式，以及 Index 業務中不同的收入來源。

Our next question comes from Toni Kaplan with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Toni Kaplan。

I wanted to ask about the margins. You kept the adjusted pro forma operating margin flat. Obviously, there'll be some Ratings weakness. I'm imagining that's maybe offset by some of the other segments.

我想問一下利潤率。你們把調整後的備考（pro forma）營業利潤率維持不變。顯然 Ratings 會有一些疲弱。我猜這可能被其他分部的表現所抵銷。

But just talk about anything sort of on the cost side, maybe labor inflation, how that's trending? Just what are the risks to the margin guide? And what gives you the sort of confidence to stay at that level despite the Ratings weakness?

但請談談成本端的情況，例如勞動力通膨的趨勢如何？利潤率指引的風險有哪些？在 Ratings 疲弱的情況下，你們為何仍有信心維持在這個水準？

You're right. There are many different elements that go in the mix with respect to our margin expectation. But let me first reemphasize our margin expectations.

你說得對。我們對利潤率的預期是由許多不同要素共同構成。不過我先再次強調我們的利潤率預期。

So what we are guiding to is still 130 basis points margin expansion during 2022. And the reason is we will see some natural growth in our businesses. We, of course, have our business-as-usual expense growth based on the activities of the business. We, of course, have some impact of the overall compensation environment.

我們目前的指引仍是 2022 年利潤率擴張 130 個基點。原因在於，我們的業務會有一些自然成長；當然也會有隨業務活動而來的日常費用成長；同時，整體薪酬環境也會帶來一些影響。

We have done some targeted increases in certain job groups. We have raised the merit in certain jurisdictions a bit higher than we have done in previous years. But then, at the same time, we also have several management actions that we are taking.

我們已針對特定職群做了一些定向加薪；在某些司法管轄區，我們也把績效調薪（merit）幅度提高到略高於以往年度。但同時，我們也正在採取多項管理行動。

Definitely, in the current environment, we're, of course, very careful from an expense perspective. So we will see benefits from some of those management actions. We also have the benefit of some of our variable expenses that will come down during the course of this year.

在目前環境下，從費用角度來看我們當然非常謹慎。因此我們會從部分管理行動中看到效益。我們也會受惠於部分變動費用在今年進程中下降。

And then if you layer on top of that the cost synergies, that will be very meaningful and significant. We're actually very pleased that in an environment -- macro environment where we are today, that we, as a company, still can improve our margins, increase our margins in a very significant way.

此外再疊加成本綜效，將會非常有意義且顯著。我們其實很高興，在當前這樣的總體環境下，我們作為一家公司仍能改善利潤率，並以非常顯著的幅度提升利潤率。

That's great. And then just on the revenue side, I'm sure you mentioned it. I just happened to miss it. The organic growth expectation for the year, are you still sort of expecting the same 6.5 to 8 for the next 2 years? Just any update on overall organic growth. And maybe just how the different levers -- is pricing easier this year because of the rising cost environment, et cetera?

很好。接著就收入端，我確定你有提到，只是我剛好漏聽了。今年的有機成長預期，你們是否仍大致預期未來兩年維持在 6.5% 到 8%？有機成長整體是否有任何更新？另外，關於不同槓桿——在成本上升的環境下，今年是否更容易調價，等等？

Yes. Toni, with respect to our own effort, 6.5% to 8% revenue growth for '22 and then '23 combined, we have no reason to back away from that at this point in time. But obviously, we will continue to monitor that very closely.

是的，Toni，就我們自身的努力而言，2022 年與 2023 年合計 6.5% 到 8% 的收入成長，我們目前沒有理由在此時退縮。但顯然，我們會持續非常密切地監控。

And the reason is that, as we mentioned, 5 of our 6 divisions are performing in line or better than expected. So the main question is, when is the issuance environment coming back? And we have been in that movie many times before.

原因在於，如同我們提到的，我們6個事業部中有5個的表現符合或優於預期。因此主要問題是：發行環境何時會回來？而這種情況我們過去已經看過很多次了。

If you look back for the last decade, there's maybe 3 situations where the issuance environment was negative, and there were impacts on the Ratings revenue. But what we usually have seen then is after 1 or a few quarters, that came back in a very strong way.

如果回顧過去十年，發行環境轉為負面的大概有3次，並對評級（Ratings）收入造成影響。但我們通常看到的是，經過一季或幾季之後，發行活動會以非常強勁的方式回升。

So it is really the matter of the uncertainty about the timing when that is coming back. So for that reason, we have no reason at this moment to back away from our revenue expectations for '22 and '23 combined.

因此，真正的問題在於對其回升時間點的不確定性。基於這個原因，我們目前沒有理由下調我們對2022年與2023年合計的營收預期。

Our next question comes from Ashish Sabadra with RBC Capital Markets.

下一個問題來自RBC Capital Markets的Ashish Sabadra。

So first, on the cost synergies, pretty good progress in the quarter itself. So I was wondering if you could drill down further on how -- what kind of traction you're seeing on that front. How should we think about the quarterly cadence this year? And any initial feedback from the cost takeout?

首先，關於成本綜效，本季本身的進展相當不錯。我想請你們再深入說明一下——在這方面你們看到什麼樣的推進力？我們應該如何看待今年每季的節奏？以及削減成本方面有沒有任何初步回饋？

Yes. Thank you, Ashish. I think it's important, first, to point out that we are in these results only 1 month in as a combined company. So in that context that we're already being able to report $123 million of cost synergies on an annualized basis, we think, actually, that's already a very strong indicator.

是的。謝謝你，Ashish。我認為首先重要的是指出，在這些結果中，我們作為合併後公司才剛滿1個月。在這樣的背景下，我們已能以年化基礎報告1.23億美元的成本綜效，我們認為這其實已是一個非常強的指標。

With respect to the absolute number and the phasing of our cost synergies, nothing has changed compared to our information that we provided on March 1 during the merger call. But what is important to point out is that we made good progress. We are very comfortable and confident that we can hit those numbers.

就成本綜效的絕對金額與實現節奏而言，與我們在3月1日併購電話會議中提供的資訊相比，沒有任何改變。但重要的是，我們已取得良好進展。我們對達成這些數字感到非常安心且有信心。

And you recall that we said that we will be able to achieve about $600 million of cost synergies in total, and that we expect something like 35% to 40% in 2022. So realized in this year. And as I said, we are very confident that we're on track to hit those numbers.

你也記得我們說過，我們總計將能實現約6億美元的成本綜效，並且預期2022年可實現約35%到40%。也就是在今年落地。正如我所說，我們非常有信心正按計畫達成這些數字。

That's great color. And then maybe a follow-up question on the revenue synergies. Again, there was a reference to Kensho being used across the broader organization to automate processes, and then also the strength in subscription on the MI front.

這些說明很有幫助。接著可能追問一下營收綜效。同樣地，剛才提到Kensho正在更廣泛的組織中被用來自動化流程，另外也提到MI端訂閱業務的強勁表現。

So question there was, any initial feedback from your customers as you started integrating some of the IHS Markit data into the global marketplaces, and traction or ability to cross-sell, upsell those INFO products into SMB customer base than the other way around?

我的問題是：當你們開始把一些IHS Markit的資料整合進全球市場平台時，客戶有沒有任何初步回饋？以及在交叉銷售、向上銷售方面，是否能把那些INFO產品賣進SMB客群（而不是反過來）？目前的進展或能力如何？

Let me start with that. We've been thrilled with the response we've been getting from our customers as we started being -- the merger and working together. We've been able to get all of our teams merged within the division's commercial team. So they're out listening to customers. Ewout and I have been out listening to customers and hearing what they talk about.

我先回答這個。我們對客戶的回應感到非常振奮，因為我們開始——完成合併並一起合作。我們已經把各事業部的商務團隊全部整合在一起。因此他們正在外面傾聽客戶。我和Ewout也一直在外面聽客戶、了解他們在談什麼。

They're talking a lot about ESG, about energy transition, about some of the key thesis of this deal where we began with. In addition, they're interested in data and AI and machine learning, how they can link their data with ours.

他們談很多ESG、能源轉型，以及這筆交易一開始的幾個核心主題。此外，他們也對資料、AI與機器學習很感興趣，想了解如何把他們的資料與我們的資料連結起來。

And we've seen that our commercial organizations have already been out in the market. We have strong pipelines of cross-sell within all the divisions. We also have a set of products that we'll be looking at over time.

我們也看到，我們的商務組織已經走向市場。我們在所有事業部都有強勁的交叉銷售管線。我們也有一組產品會隨時間推進評估。

As you know, the merger will be very powerful for us, but the main synergies coming from the revenue side are built towards the back end. But we're already seeing very, very strong relationships with customers, very good dialogue, and with all of the different areas that were the core thesis of the deal itself.

如你所知，這次合併對我們將非常有力，但營收端的主要綜效會更偏向在後期逐步顯現。不過我們已經看到與客戶之間非常、非常強的關係、非常好的對話，而且涵蓋了這筆交易本身的所有不同核心主題領域。

That's great color, Doug. Congrats on solid results.

這些說明很有幫助，Doug。恭喜你們交出穩健的成果。

Thanks, Ashish.

謝謝你，Ashish。

Our next question comes from Alex Kramm with UBS.

下一個問題來自UBS的Alex Kramm。

Maybe just as a follow-up to what you just talked about on the Market Intelligence commercial opportunities. Can you maybe give a little bit more detail how exactly you've integrated the sales force?

也許延續你剛才談到的Market Intelligence商務機會，能否再多提供一些細節，說明你們究竟如何整合銷售團隊？

I think historically speaking, S&P, over the last few years, has moved to a very enterprise license approach. I think IHS Markit was very product specialist-focused. So just wondering what exactly commercially you've made changes on already? And if there's opportunity to maybe, as you align things, to pick up a little incremental revenue synergies quickly.

我認為從歷史來看，S&P在過去幾年已轉向以企業授權（enterprise license）為主的模式；而IHS Markit則更偏向產品專家導向。我想了解你們在商務面目前已經做了哪些具體改變？以及當你們對齊這些做法時，是否有機會更快取得一些額外的營收綜效？

Yes. So thank you for that. As you pointed out, we had really 2 different approaches. At Market Intelligence at S&P Global, we generally had more of an approach that was an enterprise model. It gave us an opportunity for customers to have all of the users having access to the products and services, where financial services comes in with an approach where some of their products are priced more on a per user basis or a volume basis.

是的，謝謝你的提問。正如你指出的，我們確實有兩種不同的方法。在S&P Global的Market Intelligence，我們一般更偏向企業模式。這讓客戶能讓所有使用者都能存取產品與服務；而金融服務端則採用一種做法，其中一些產品的定價更偏向按使用者（per user）或按量（volume）計價。

There are some of the products within the new Market Intelligence, which came from IHS Markit, that are going to be priced differently because they're installed software, which, for us, is an exciting new area, also some of the enterprise services that are provided as well. So some of those are not going to necessarily fit within the product merger.

在新的Market Intelligence中，有一些產品來自IHS Markit，因為它們是已安裝的軟體，因此會採用不同的定價方式；對我們而言這是令人興奮的新領域，另外也包含一些所提供的企業服務。因此其中一些不一定能直接納入產品合併的框架。

But there are a lot of opportunities that we've seen of moving data, which is within the IHS Markit, things like bond pricing, reference pricing, moving that into the Desktop. In addition, there's data that we have for even something that we've had as long as Compustat, where some of that data can be moved into the products and services that are software solutions.

但我們看到很多機會，可以把IHS Markit內部的資料——例如債券定價、參考定價——導入Desktop。此外，我們也有一些資料，甚至像Compustat這種我們擁有很久的資料，其中部分資料也可以導入作為軟體解決方案的產品與服務中。

So the commercial teams have been brought together. There's been immediate cross-training so that every single person from both of the 2 companies understand the products of each other. We've also seen opportunities for the traditional cross-sell customers that don't have products on one side or the other that we started servicing.

因此商務團隊已經整合在一起。我們也立即進行交叉訓練，讓兩家公司每一位成員都了解彼此的產品。我們也看到一些機會，針對傳統的交叉銷售客戶——也就是在某一方或另一方尚未採用產品的客戶——我們已開始提供服務。

And as I mentioned, some of the biggest themes in ESG. We have the new scores, which we have 11,000 scores, which we've taken and put them into the Desktop. We can put those into many other areas. So we see ESG as a theme, data is a theme.

而且如我提到的，ESG是其中一些最大的主題。我們有新的評分（scores），共有11,000個評分，我們已把它們放進Desktop。我們也可以把這些評分放到許多其他領域。因此我們把ESG視為一個主題，資料也是一個主題。

There's a lot of interest in credit risk. Private markets is another area. So it's only been 1 month for this quarter since we closed. It's been 2 months since we closed, but the enthusiasm, the momentum is excellent.

市場對信用風險也很有興趣。私募市場（Private markets）是另一個領域。因此，從本季來看，自我們完成交割以來只有1個月；從交割至今已經2個月，但大家的熱情與動能都非常好。

And maybe a direct follow-up standing or keeping it on Market Intelligence. Still a very large portion of the combined business seems to be true subscription-based, but just wondering if you could talk about the cyclicality in this business a little bit more. When I look at your press release, recurring variable fees were down 13% year-over-year. And I guess that hit the Enterprise Solutions revenue only up 2%.

再直接追問一個，仍然聚焦在Market Intelligence。合併後業務中仍有很大一部分看起來確實是以訂閱為基礎，但我想請你們再多談一些這個業務的循環性。當我看你們的新聞稿時，經常性可變費用（recurring variable fees）年減13%。我想這也使得Enterprise Solutions營收僅成長2%。

So maybe just flesh out what exactly those variable components are that were impacting you on a year-over-year basis. And as you think about the remainder of the year with capital markets a little bit choppy, what the impacts could be here on the Market Intelligence side that we should be thinking about as this business seems a little bit more cyclical than maybe the core Market Intelligence previously.

所以能否更具體說明一下，究竟是哪些可變組成項在年對年基礎上影響了你們？以及當你們看今年剩餘時間、資本市場有些波動時，Market Intelligence端可能會受到哪些影響？我們應該如何看待——因為這個業務看起來比先前核心的Market Intelligence更具循環性。

Alex, yes, let me give you a bit of the breakdown and explanation what is happening exactly in recurring variable. You're right. If you look at MI as a whole, approximately 83% is subscription-based, 5% is nonsubscription. And then you have that category in between that is subscription variable at approximately 12%.

Alex，是的，我來稍微拆解並說明一下經常性可變（recurring variable）這部分到底發生了什麼。你說得對。如果看MI整體，約83%是訂閱制，5%是非訂閱制。然後中間還有一個類別，約12%是訂閱可變（subscription variable）。

There, you see a bit more impact from market fluctuations, capital market fluctuations, because that's the business that has some of those capital markets platforms, some of the origination platforms, some of the equity platforms. And that is being impacted by some of the general M&A and capital market activity and issuance environment that we are seeing, both in fixed income and equity in the markets.

在那一塊，你會看到市場波動、資本市場波動帶來更大的影響，因為那部分業務包含一些資本市場平台、一些承銷/發行（origination）平台、一些股票平台。而它正受到我們所看到的一般併購（M&A）與資本市場活動、以及發行環境的影響，這些影響同時出現在市場的固定收益與股票領域。

And yes, that is a market and a business where you see a bit of that impact. But overall, you see that the Market Intelligence, nevertheless, was growing in a very strong way. And when we see more stability in the markets over time, when we see the M&A environment coming back, we would also expect to see the subscription variable component growing faster again. So that's the underlying dynamic that is happening in the MI business.

是的，那確實是一個市場與業務領域，你會看到一些這方面的影響。但整體而言，你會看到市場情報（Market Intelligence）仍以非常強勁的方式成長。隨著時間推移，當我們看到市場更趨穩定、當我們看到併購（M&A）環境回溫時，我們也預期訂閱的變動性組成部分會再次更快成長。因此，這就是MI業務正在發生的基本動態。

Our next question comes from Andrew Nicholas with William Blair.

下一個問題來自William Blair的Andrew Nicholas。

I wanted to start with issuance or drilling to the issuance expectations a bit further. I realized that it was a really tough first quarter on that front. But I'm curious, when you gave your guidance on March 1 with the merger call, I think you had some sense of at least February weakness in high-yield.

我想先從發行（issuance）談起，或更深入一些談談對發行的預期。我知道第一季在這方面非常艱難。但我好奇的是，當你們在3月1日於合併電話會議中給出指引時，我想你們應該已經掌握到至少2月份高收益（high-yield）市場走弱的一些跡象。

Could you spend some time talking about maybe what specifically changed in the outlook over the past 2 months? Has it been a weaker-than-expected April? Or are there certain subsegments or asset classes that have deteriorated more quickly than you expected? That would be helpful.

你能否花點時間談談，過去兩個月展望中究竟有哪些具體變化？是4月比預期更弱嗎？或者是否有某些子領域或資產類別惡化速度比你們預期更快？這會很有幫助。

Well, first of all, thank you for the question. And drilling down a little bit more, there's really 2 key factors. First of all, if you looked at the high-yield issuance in February then into March and into April, it has been quite weak. There's times when we've gone an entire week and even longer without even one issuer coming to market.

好的，首先謝謝你的提問。再更深入一點，其實主要有兩個關鍵因素。第一，如果你看2月的高收益發行，接著到3月、再到4月，確實一直相當疲弱。有時候我們甚至會看到整整一週、甚至更久，完全沒有任何發行人進入市場。

Given the external environment, that's also had a change. If you go back to the beginning of March, the last time we spoke, there had -- the invasion of Ukraine had just started. We hadn't seen yet the major impact on the markets, the volatility of the energy markets and commodity markets. And we also, at the time, didn't have any clear guidance yet from the Fed what they were going to be doing on interest rates.

在外部環境方面，也出現了變化。如果回到3月初、也就是我們上次對話的時候，烏克蘭遭入侵才剛開始。我們當時還沒有看到對市場的重大影響，尚未看到能源市場與大宗商品市場的波動；而且在那個時間點，我們也還沒有從聯準會（Fed）得到任何明確指引，了解他們在利率方面將採取什麼行動。

So if I take a step back and look at very specific dynamics in the high-yield market itself, when will that be coming back and what are our expectations, and then second, the overall macroeconomic geopolitical environment, and then more specifically in the U.S., we're just starting to get a window into what will be the programs that the Fed is going to institute to try to combat inflation and the timing of some of their interest rate increases.

所以如果我退一步來看：第一，是高收益市場本身非常具體的動態——它何時會回來、我們的預期是什麼；第二，是整體的宏觀經濟與地緣政治環境；再更具體到美國，我們才剛開始看到一些端倪，了解聯準會將推出哪些計畫來對抗通膨，以及他們升息時點的安排。

Makes sense. And then sticking with Ratings for my follow-up. Obviously, transaction revenue has had headwinds we've talked about. Can you talk a little bit about your expectations for nontransaction revenue growth, if I didn't miss that.

了解。那我追問一下，仍然聚焦在評級（Ratings）。很明顯，交易型收入（transaction revenue）一直面臨我們談過的逆風。你能否談談你們對非交易型收入（nontransaction revenue）成長的預期？如果我沒有漏聽的話。

Obviously, a really strong year last year on that front. I think there were some onetime items in 2021. But if you could talk about your expectations for nontransaction revenue in that segment, that would be helpful.

去年在這方面表現非常強勁。我想2021年也有一些一次性項目。但如果你能談談該部門非交易型收入的預期，會很有幫助。

So if you look at nontransaction, there is a bit of a mix of elements that go into that bucket. What we see is particularly strength in annual fees. So for example, that is surveillance. And of course, with more bonds and loans outstanding after the very strong issuance environment over the last 2 years, we see some benefit from that. Also, frequent issuer fees are going in that category, so that is also very stable.

如果你看非交易型收入，這個籃子裡其實包含多種不同元素。我們看到特別強的是年度費用（annual fees）。例如，這包括監測（surveillance）。當然，過去兩年發行環境非常強勁，使得未償債券與貸款存量增加，我們也因此受益。另外，常態發行人費用（frequent issuer fees）也歸在這個類別，因此也非常穩定。

And at the same time, we see also the CRISIL performance that goes in nontransaction being very strong. So CRISIL is growing very rapidly, both on the domestic Indian Ratings business as well as in the Global Research, Risk and Benchmarking business.

同時，我們也看到CRISIL的表現（也計入非交易型收入）非常強勁。CRISIL成長非常快速，無論是在印度國內的評級業務，或是在全球研究、風險與基準（Global Research, Risk and Benchmarking）業務方面都是如此。

Where we see in the nontransaction bucket the revenue are not moving up, it's mostly Rating Evaluation Services, less M&A activity. So that is impacting Rating Evaluation Service. And also, New Issuer Credit Ratings, given the current environment, we also see less activity there.

在非交易型收入這個籃子裡，我們看到收入沒有上升的部分，主要是評級評估服務（Rating Evaluation Services），因為併購（M&A）活動較少，這會影響評級評估服務。此外，新發行人信用評級（New Issuer Credit Ratings）在目前環境下活動也較少。

Nevertheless, of course, 7% is a nice growth for nontransaction. We would probably see that slowing down that growth a little bit for the remainder of the year, but I would expect it still to be in a positive territory.

儘管如此，非交易型收入成長7%仍是不錯的表現。我們可能會看到今年剩餘期間該成長率略為放緩，但我預期仍會維持在正成長區間。

Our next question comes from Andrew Steinerman with JPMorgan.

下一個問題來自JPMorgan的Andrew Steinerman。

I also wanted to ask about issuance. When looking at Slide 18, the minus 5% forecast, I just wanted to know if that issuance forecast is for all credit issuance or just rated issuance? I know usually they're similar. But in this case, my question is, is there a large difference between the minus 5%? And if I ask you just for kind of rated issuances, and I don't quite get that footnote, like is China included in credit for the minus 5% or not?

我也想問關於發行的問題。看第18頁投影片，-5%的預測，我想確認這個發行預測是針對所有信用發行，還是僅針對已評級（rated）的發行？我知道通常兩者相近。但在這個情況下，我的問題是：這個-5%之間是否存在很大差異？另外，如果我只問大概的已評級發行，我不太理解那個註腳——例如，中國是否包含在這個-5%的信用發行裡，還是不包含？

Yes. Take this as an estimate for global issuance. This is what our team looks at. It includes all markets and all types of issuance. It's the exact same base that we use when we talk about what the overall issuance has been quarter-by-quarter.

是的。請把這視為全球發行量的估計。這是我們團隊所觀察的數據。它涵蓋所有市場與所有類型的發行。這與我們在談論每季整體發行量時所使用的基礎完全相同。

And would rated issuance be much different than minus 5%?

那已評級的發行量會和-5%差很多嗎？

Right. Yes. Rated issuance would be -- if you look at -- you could adjust a little bit for Asia, where the fees are not quite the same. And there's issuance in China, still a different kind of a market, but that's the forecast that we use. It's the basis we use for the guidance that we've provided.

對，是的。已評級發行量——如果你看——你可以針對亞洲做一些調整，因為那裡的費率不太一樣。另外，中國的發行仍然是不同型態的市場，但這就是我們使用的預測，也是我們所提供指引的基礎。

Our next question comes from Hamzah Mazari with Jefferies.

下一個問題來自Jefferies的Hamzah Mazari。

This is Hans Hoffman filling in for Hamzah. Could you just comment a bit on what you're seeing across your European revenue base? And how that region did relative to your expectations, either by segment or overall?

我是代替Hamzah提問的Hans Hoffman。你能否稍微評論一下你們在歐洲收入基礎（European revenue base）所看到的情況？以及該地區的表現相對於你們的預期如何，不論是按部門或整體而言？

Yes. When we look at Europe, there's a couple of different factors. First of all, on the Rating side, it was similar to the rest of the world. The issuance levels were down. We saw that in Europe itself that, for the quarter, the Corporate issuance was down about 25%; Financial Services was down 13%. That compares to, in the U.S., Corporates are down almost 50%; Financial Services were down less in the U.S., 5% versus the 13% in Europe.

可以。當我們看歐洲時，有幾個不同因素。首先，在評級（Rating）方面，情況與世界其他地區相似：發行水準下降。我們看到在歐洲本身，就該季度而言，公司（Corporate）發行約下降25%；金融服務（Financial Services）下降13%。相較之下，在美國，公司發行下降接近50%；金融服務在美國下降較少，為5%，而歐洲則是13%。

But in addition, Europe did have some strong structured finance issuance. But overall, Europe continues to be a market that we're quite interested in because we see the transformation from a banking market to a capital market.

此外，歐洲也有一些強勁的結構性金融（structured finance）發行。但整體而言，歐洲仍是我們非常感興趣的市場，因為我們看到它正從以銀行為主的市場轉型為資本市場。

There's also very strong growth in ESG. Europe is one of the sectors and one of the regions of the world that's really setting the fastest pace on ESG. We see a lot of interest there for the different ESG funds we've launched.

ESG也有非常強勁的成長。歐洲是全球在ESG推進速度最快的產業與地區之一。我們看到市場對我們推出的各類ESG基金有很高的興趣。

We've seen fastest growth for S&P 500 ESG and Dow Jones Sustainable Indices that have been launched. Europe is the pacesetter there. And we also know that in Europe, there's been a slower uptake of inflation. Right now, inflation is not quite as high as it is in the U.S.

我們看到S&P 500 ESG與道瓊永續指數（Dow Jones Sustainable Indices）推出後成長最快，而歐洲在這方面是領跑者。我們也知道在歐洲，通膨的升溫較慢；目前通膨還沒有美國那麼高。

The ECB has not moved as fast when they are looking at increasing the core rates. So right now, the negative side of Europe is clearly that you've got the Ukraine invasion and that horrific war that's going on there. And we'll have to see what kind of impact that has on Europe. Europe is also impacted potentially by the energy markets.

歐洲央行（ECB）在考慮提高核心利率時，行動也沒有那麼快。因此目前歐洲的負面因素很明顯：烏克蘭遭入侵，以及那場正在發生的可怕戰爭。我們還需要觀察這對歐洲會造成什麼影響。歐洲也可能受到能源市場的影響。

But net-net, our European businesses have been on the same pace as the rest that we've seen in the U.S. But there are a few downsides, but we also see a lot of upsides as the market doesn't have the same inflation impacts as well as the opportunities for the capital markets to play a much larger role.

但總體而言，我們在歐洲的業務步調與我們在美國看到的其他業務相當一致。確實有一些下行因素，但我們也看到不少上行空間，因為市場受到的通膨衝擊較小，同時資本市場有機會扮演更大的角色。

Okay. That was helpful. And then just for my follow-up, could you just -- in terms of the portfolio post the deal, can you just comment on whether there are any further noncore assets that you're looking to prune? Or is sort of most of that behind you now? And any update on your view and how you're thinking about where your long-term leverage should be given the combined portfolio?

好的，這很有幫助。那我追問一下——就交易完成後的投資組合而言，你能否評論是否還有任何進一步的非核心資產（noncore assets）是你們想要修剪（prune）的？還是說大部分都已經處理得差不多了？另外，對於在合併後投資組合下，你們認為長期槓桿水準（long-term leverage）應該是多少，你們目前的看法與思考是否有更新？

Yes. First, on the portfolio, we are very committed on driving growth and success of each of our businesses at this point in time. We see multiple opportunities, as we mentioned during the prepared remarks, of value creation across the enterprise.

是的。首先就投資組合而言，在目前這個時間點，我們非常致力於推動旗下每一項業務的成長與成功。正如我們在事先準備的發言中提到的，我們看到在整個企業範圍內有多個創造價值的機會。

There's a lot of cross-links we are seeing with respect to revenue synergies. And I think it's really exciting to see what we can do altogether.

我們看到在營收協同方面有很多交叉連結。我認為看到我們能夠整體一起做到什麼，真的非常令人振奮。

Having said that, you know us, and our management style and philosophy will always be very disciplined portfolio managers. And we will always determine, ultimately, over time, if we are the best owners of certain assets, but at this moment, really, are focused on driving the economic value generation of the portfolio of businesses we have at S&P Global.

話雖如此，你們也了解我們，我們的管理風格與理念一向是非常自律的投資組合管理者。我們也會一如既往地、最終在時間推移中判斷，我們是否是某些資產的最佳擁有者；但在此刻，我們真正聚焦的是推動我們在 S&P Global 所擁有之業務組合的經濟價值創造。

Our next question comes from Owen Lau with Oppenheimer.

下一個問題來自 Oppenheimer 的 Owen Lau。

So energy companies have been doing very well this year. Could you please remind us the competitive advantage of the Commodity Insight business? I mean, the demand of your offerings during this volatile period and how investors can understand better this business, given that revenue is up 14% year-over-year.

能源公司今年表現非常好。能否請您提醒我們 Commodity Insight 業務的競爭優勢是什麼？我的意思是，在這段波動期間，你們產品與服務的需求情況如何？以及在營收年增 14% 的背景下，投資人要如何更好地理解這項業務？

Thanks, Owen. Well, first of all, in this environment, the combination of Platts and IHS, the energy, natural resources business is providing the knowledge and the resources that the markets look to in a volatile environment like this.

謝謝你，Owen。首先，在這樣的環境下，Platts 與 IHS 的結合——也就是能源與天然資源業務——正在提供市場在此類波動環境中所倚賴的知識與資源。

Clearly, there's a combination of volatility in the energy markets, both with gas and in oil. You see the commodities related to agriculture also going -- undergoing a lot of volatility. And we have a combination of the benchmarks, which are embedded in people's contracts, in the research and the analytics.

很明顯，能源市場存在波動性，無論是天然氣或原油。你也看到與農業相關的大宗商品同樣正在——經歷很大的波動。我們同時具備基準價格（已嵌入人們的合約之中）、研究以及分析能力。

We have advisory services. We also have the energy transition that people are looking to. We have a combination of new products and services that were coming together with IHS Markit in carbon markets, in battery metals, in things that are the transition energy economy.

我們有顧問服務。我們也有大家正在關注的能源轉型。我們與 IHS Markit 結合後，在碳市場、電池金屬，以及屬於轉型能源經濟的各項領域，帶來了一系列正在整合的新產品與服務。

So we think that the 2, together, really bring a powerful voice that people are looking to. And let me just end with something we talked about on the earnings -- on the prepared transcript, which was related to CERAWeek.

因此我們認為，兩者結合確實帶來了市場正在尋求的一個強而有力的聲音。最後我想用我們在財報——在事先準備的逐字稿中談到的一點作結，也就是與 CERAWeek 相關的內容。

CERAWeek is the premier conference for the energy industry. And this year, there are over 5,000 participants. And it was a very, very lively dialogue, including government officials talking about what's the future of commodities. And we're really at the center of that dialogue and think that it's one of the best times for us and one of the most exciting things about the combination.

CERAWeek 是能源產業的頂級會議。今年有超過 5,000 名與會者。現場對話非常、非常熱烈，包含政府官員也在討論大宗商品的未來。我們正處於這場對話的核心，並且認為這對我們而言是最好的時機之一，也是這次結合最令人興奮的事情之一。

Got it. And I have 2 quick follow-up. One is cloud. You mentioned some of the cloud initiatives and investments. Could you please talk about some of your near-term and long-term goal of this initiative?

了解。我有兩個快速追問。第一個是雲端。你提到一些雲端的倡議與投資。能否談談這項倡議的短期與長期目標？

And then another quick one is on buyback. Should we expect -- from a modeling perspective, should we expect you would start the second tranche of the $5 billion remaining in the third quarter? Or not the right way to think about that?

第二個快速問題是回購。從建模角度來看，我們是否應該預期你們會在第三季啟動剩餘 50 億美元的第二個 tranche？還是這樣想不太對？

Let me start with the question about cloud. And one of the -- another one of the exciting things about the transformation with the merger is that we have an opportunity to have scale in all of our negotiations and discussions with our providers when it comes to cloud and our digital transformation.

我先回答雲端的問題。併購帶來的轉型中，另一個令人振奮之處在於：在雲端與數位轉型方面，我們在與供應商的所有談判與討論中，有機會取得規模優勢。

Both S&P Global and IHS Markit were far advanced on cloud transformation. We're able to bring those 2 programs together and get scale. In addition, we have really interesting opportunities in data and data sciences that you'll be hearing much more about in the future. But I'll let Ewout answer the other part of your question.

S&P Global 與 IHS Markit 在雲端轉型上都已經走得很前面。我們能把這兩個計畫整合在一起並取得規模效益。此外，在資料與資料科學方面也有非常有趣的機會，未來你們會聽到更多。不過我先讓 Ewout 回答你問題的另一部分。

And maybe one quick addition on cloud. There is a bit of a bubble cost, mostly in Market Intelligence, because we are still in the transition there in that particular segment from on-prem to the cloud. So we would expect, over time, to see that expense growth to go away. So it's more transitional in terms of the expense impact on the Market Intelligence segment.

另外在雲端再補充一點：目前有一點「泡沫成本」，主要在 Market Intelligence，因為在那個特定部門，我們仍處於從地端（on-prem）轉移到雲端的過渡期。因此我們預期，隨著時間推移，那部分費用成長會消失。就對 Market Intelligence 部門的費用影響而言，這比較屬於過渡性的。

With respect to the buyback question, Owen, we expect that the current $7 billion ASR program will be completed at the beginning of August. And then we are ready to enter into the next phase of our buyback program to complete the full $12 billion at the end of 2022.

關於回購的問題，Owen，我們預期目前 70 億美元的 ASR 計畫將在 8 月初完成。接著我們已準備好進入回購計畫的下一階段，以在 2022 年底完成總額 120 億美元的回購。

Our next question comes from Craig Huber with Huber Research Partners.

下一個問題來自 Huber Research Partners 的 Craig Huber。

My first question, historically, you guys have generally raised prices in your legacy portfolio, call it, 3% to 4%. How are you thinking about pricing this year, particularly with the new IHS assets? Or just the pricing would be up, similar in that part of the portfolio this year?

我的第一個問題是，歷史上你們在既有產品組合（姑且這麼稱呼）通常會把價格上調 3% 到 4%。你們今年對定價的想法是什麼，特別是加入新的 IHS 資產之後？或者說，今年那部分產品組合的定價也會以類似幅度上調嗎？

I think if you look at that, Craig, we always start with what is the added value we deliver for our customers. What is -- what will contribute in terms of usage? What kind of data sets are these, proprietary data sets, hard-to-achieve data sets? How are we embedded in workflows and processes? That is the starting point.

Craig，我認為如果你看這件事，我們一向從「我們為客戶提供了什麼附加價值」開始思考。使用量會帶來什麼貢獻？這些資料集是什麼類型——是專有資料集、難以取得的資料集嗎？我們在工作流程與流程中嵌入得有多深？這是起點。

And then we look at the overall value we generate for the enterprise and think about what is appropriate in terms of pricing and price increases for such a contract going forward. So we don't just look at that simply by a percentage. We always look at, first, what do we deliver to the customers, and then reason back to what is appropriate in terms of the economic level of the fee that we will charge to the customer.

接著我們會看我們為企業整體創造的總體價值，並思考就未來合約而言，什麼樣的定價與漲價幅度是合適的。因此我們不會只用一個百分比來簡化看待。我們總是先看我們交付給客戶的是什麼，然後再回推到：就我們將向客戶收取的費用之經濟水準而言，什麼是合適的。

And then also on the cost synergy side, as you think out here longer term, if there's going to be any upside to your cost synergy target, what segment or segments do you guys think it most likely would come in?

另外在成本協同方面，當你們把時間拉長來看，如果成本協同目標有任何上行空間，你們認為最可能會出現在哪個或哪些部門？

Yes, that is a bit speculative, Craig, as you understand. So I have to be careful, answer that question in a too specific way. But you know our management philosophy and approach. We always will be looking to raise the bar, to find new opportunities, to leave no stone unturned.

是的，Craig，正如你所理解的，這有點偏推測性，所以我必須小心，不要用過於具體的方式回答。但你也知道我們的管理理念與做法。我們一向會提高標準、尋找新機會、不放過任何一個角落。

We will be looking across the whole company about what we can do better, more efficient, where we can integrate, where we have opportunities to automate, where we can use AI and Kensho across the board. So that is what we are planning to do.

我們會在全公司範圍內檢視：哪些事情可以做得更好、更有效率；哪些地方可以整合；哪些地方有自動化機會；以及我們如何在各方面運用 AI 與 Kensho。這就是我們的規劃方向。

I think you know that the biggest areas of integration will be in Market Intelligence, Commodity Insights and in Corporate. So if we will find upside ultimately in synergies, most likely, it's in those areas. But again, we will be continuing to look for opportunities across the board.

我想你也知道，整合幅度最大的領域會在 Market Intelligence、Commodity Insights，以及公司層級（Corporate）。因此如果最終在協同效益上找到上行空間，最可能就在這些領域。但同樣地，我們會持續在各方面尋找機會。

Our next question comes from Jeff Silber with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Jeff Silber。

I know it's late. I'll just ask one, and forgive me if you covered this already. I know you've talked about some of the cost synergies, but I want to just focus specifically on Ratings, where there probably won't be a lot of cost synergies given the merger. How quickly can you adjust your expenses in that division when we see a kind of Ratings drop that we saw in the first quarter and something that you're expecting in the second quarter?

我知道時間有點晚了，我只問一個問題；如果你們已經談過也請見諒。我知道你們談到一些成本協同，但我想特別聚焦在 Ratings。由於併購的關係，那裡可能不會有太多成本協同。當我們看到像第一季那樣的 Ratings 下滑、以及你們預期第二季也會出現的情況時，你們能多快調整該部門的費用？

Well, first of all, clearly, Ratings has different levers they can pull. If we need to, we could move costs. When it comes to compensation, we could slow down hiring, we could slow down investments. But at the same time, as Ewout mentioned earlier, there are times where there's variability in the issuance environment where you've seen big drops.

首先，很明顯，Ratings 有不同的槓桿可以拉動。如果需要，我們可以調整成本。在薪酬方面，我們可以放慢招募、放慢投資。但同時，如同 Ewout 先前提到的，發行環境有時會出現波動，你也看過大幅下滑的情況。

We've always mentioned that you could see a quarter or 2 quarters with very weak issuance. So we also want to make sure that we don't cut too quickly, too fast. We think that the markets are complex. There is growing. People want to see a variety of opinions.

我們一直提到，你可能會看到一季或兩季的發行非常疲弱。因此我們也要確保不會切得太快、太急。我們認為市場很複雜，而且在成長。人們希望看到多元的觀點。

We're also investing in ESG across the Ratings team. We have a specialized unit within the Ratings business that is doing sustainability analytics. We're seeing high growth there. We want to make sure that all of our analysts are ready to provide any type of support for those markets.

我們也正在 Ratings 團隊中投資 ESG。我們在 Ratings 業務內有一個專門單位在做永續分析。我們看到那裡有很高的成長。我們要確保所有分析師都已準備好，能為那些市場提供各類型的支援。

So clearly, there's a lot of levers we can pull, and we will already do some of those. But at the same time, we want to make sure that we keep investing in that business because it's so critical to our overall franchise.

所以很明顯，我們有很多槓桿可以拉動，而且我們也已經會採取其中一些。但同時，我們要確保持續投資這項業務，因為它對我們整體的特許經營（franchise）至關重要。

And one quick addition to Doug's answer. Although you're right, Jeff, that the direct cost synergies in Ratings will be relatively small, Ratings will be a beneficiary of cost synergies in the Corporates segment that is being allocated to all divisions. And because Ratings has a very large base in revenues and employees based on those allocation keys, Ratings will be, in the end, also significant beneficiary from the corporate cost synergies that we will accomplish.

再對 Doug 的回答補充一點。Jeff，雖然你說得對，Ratings 的直接成本協同會相對較小，但 Ratings 會受益於公司層級（Corporates）部門所實現、並分攤到所有事業部的成本協同。由於 Ratings 在營收與員工數上基礎很大、且是依這些分攤鍵（allocation keys）來分配，最終 Ratings 也會成為我們將達成之公司層級成本協同的重要受益者。

Our next question comes from Jeff Meuler with Baird.

我們的下一個問題來自 Baird 的 Jeff Meuler。

On Mobility, you stressed that the retention rate is up relative to pre-pandemic. Just curious if you have the root cause analysis or have the thesis as to why? I guess, my concern would be cyclically used car sales are great, maybe unsustainably so right now. But I know there's other things in there, the CARFAX for Life initiative, automotiveMastermind, whatnot. So curious as to why it's up and if you think it's sustainable?

關於 Mobility，你提到留存率相較於疫情前有所提升。我想了解你們是否做過根因分析，或對於為什麼會這樣有什麼假設？我想，我的擔憂是景氣循環下二手車銷售目前表現很好，可能在當下有點不可持續。但我知道還有其他因素在裡面，例如 CARFAX for Life 計畫、automotiveMastermind 等等。所以想請教為什麼會上升，以及你們認為是否可持續？

Yes. There's a couple of opportunities there. One of them is that the overall mobility industry itself, the automotive industry is going through a lot of change. And this is a time when dealers, OEMs as well as suppliers to the OEMs are looking for more and more information about the supply chain, about the supply chain disruption.

是的。那裡有幾個機會。其中之一是整體移動出行產業本身、也就是汽車產業，正在經歷大量變革。此時經銷商、OEM（原始設備製造商）以及 OEM 的供應商，都在尋求越來越多關於供應鏈、以及供應鏈中斷的資訊。

They wanted to understand more about what's happening at the dealer level, who's walking in the cars, who's walking into the dealership. In addition, there's been a lot of changes in the financing environment. As you know, the dealers as well as the OEMs have been using a lot of information in the last few years with different types of rebates, with low interest rate loans, low interest rate leases.

他們想更了解在經銷商層級發生了什麼事、有哪些人來看車、有哪些人走進經銷商門市。此外，融資環境也出現了很多變化。如你所知，過去幾年經銷商與 OEM 透過不同類型的回饋（rebates）、低利率貸款、低利率租賃，使用了大量資訊。

And so the market is really going through a lot of changes, in addition to electric vehicles and autonomous vehicles. And with all of that, there is a value in having this data and analytics that come from the Mobility division embedded in people's workflow. And we just see that there's a high need for it right now in this disruptive environment and a lot of change going on. So this is an area that we're pleased to see that -- this kind of stickiness, especially in this kind of an environment.

因此市場正經歷許多變化，另外還有電動車與自動駕駛車的發展。綜合這些因素，Mobility 事業部提供的資料與分析若能嵌入人們的工作流程，就具有價值。我們看到在這種充滿破壞性、變動很大的環境下，當下對此有很高的需求。所以我們很高興看到——這種黏著度（stickiness），尤其是在這樣的環境中。

Got it. And then apologies if you gave this in response to Manav's question. I missed it. But the revenue and EPS guidance ranges, do they embed the issuance forecast range? Or do you use the minus 5% point estimate?

了解。然後如果你在回覆 Manav 的問題時已經提過，先說聲抱歉，我可能漏聽了。但營收與 EPS 指引區間，是否已經納入發行量（issuance）的預測區間？還是你們採用 -5% 的點估計？

It's based on management's best estimates, our own internal forecasting models, which is the midpoint, the best estimate point that the Ratings Research Group has put out in terms of the issuance outlook. So that is that minus 5% level.

這是基於管理層的最佳估計、我們自己的內部預測模型，也就是 Ratings Research Group 對發行前景所提出的中位數、最佳估計點。因此就是 -5% 的水準。

Our next question comes from Faiza Alwy with Deutsche Bank.

我們的下一個問題來自德意志銀行（Deutsche Bank）的 Faiza Alwy。

Just a couple of clarifying questions, I guess. The first one on the commodity business. I understand that growth was particularly strong this quarter because of the Advisory & Transactional Services. But it does seem like you're calling for some deceleration in the back half, just in the -- or in the rest of the year in the underlying business.

我想問幾個釐清問題。第一個是關於大宗商品業務。我理解本季成長特別強，主要是因為 Advisory & Transactional Services。但看起來你們對下半年——或今年剩餘期間——基礎業務的成長，似乎在預期會放緩。

So I'm curious if you could just talk about some of the drivers in that business? Like how correlated is it to oil prices or other commodities? Or are you just being conservative on that business?

所以我想請你談談這項業務的一些驅動因素？例如它與油價或其他大宗商品價格的相關性有多高？還是你們只是對這項業務採取較保守的看法？

Yes, Faiza. First of all, welcome to the call, and we are very happy that you're part of the analyst group now covering us as a company. So first, on Commodity Insights, in terms of the expectation in terms of revenue growth for the year, we have said mid-single digits. And then in terms of margins, mid- to high 40s.

是的，Faiza。首先，歡迎加入這通電話會議，我們也很高興你現在成為分析師團隊的一員、開始覆蓋我們這家公司。先談 Commodity Insights：就今年的營收成長預期而言，我們說的是中個位數（mid-single digits）。至於利潤率，則是 40% 中段到高段（mid- to high 40s）。

And nothing has changed there compared to what we said to you a few months ago. And what you see is, maybe, first, I should speak about the impact of the Russian situation and the fact that we have suspended our commercial activities with Russian customers.

相較於幾個月前我們對你所說的，這些都沒有改變。你看到的情況，或許我應該先談俄羅斯局勢的影響，以及我們已暫停與俄羅斯客戶的商業活動這件事。

Overall, not material for the company as a whole, but the largest impact is in Commodity Insights. But as I said at the answer of a previous question, we are very pleased to see the commercial momentum in the Commodity Insights business. And we expect that they are able to make up a significant part of that during the course of this year.

整體而言，對公司整體並不重大，但最大的影響在 Commodity Insights。不過如同我在前一個問題的回答中所說，我們很高興看到 Commodity Insights 業務的商業動能。我們預期他們在今年過程中能彌補其中相當大的一部分。

So that's clearly a positive. You're right that revenues looked a bit high during the quarter, 14%. But take into account that we had that CERAWeek event that had a significant impact on revenues during the first quarter. If you take CERAWeek out, the revenue increase was approximately 8% during the quarter. So still strong, but definitely at a different level.

所以這顯然是正面的。你說得對，本季營收看起來有點高，達到 14%。但請把 CERAWeek 活動納入考量，該活動在第一季對營收有顯著貢獻。如果把 CERAWeek 排除，本季營收增幅約為 8%。仍然強勁，但確實是在不同的水準。

Final commentary is we are really excited to see what is happening in that business because you could say there is, in fact, really, a benefit of 2 trends at the same time. Traditional energy doing well, of course. With the current commodity prices, you see that producers are in a healthy situation.

最後補充，我們對這項業務正在發生的事情感到非常興奮，因為可以說它同時受惠於兩個趨勢。傳統能源表現良好，當然，在目前的大宗商品價格下，你會看到生產商處於健康的狀態。

And then there is so much focus, at the same time, on energy transition that we will have a benefit of helping our customers on both angles. And that's clearly driving some of the underlying growth in this division, and therefore, we are overall very, very optimistic and positive about the outlook for Commodity Insights.

同時，能源轉型也受到高度關注，因此我們能從協助客戶這兩個面向中受益。這顯然正在推動該事業部的一些基礎成長，因此我們整體而言對 Commodity Insights 的前景非常、非常樂觀且正面。

Great. And then just on the Ratings margins, specifically, if we assume like a downside scenario, where maybe issuance volumes are at the low end of what you've talked about, which is, I believe, it was down 13%. Like is it fair to think about Ratings margins sort of in line with what you did this quarter, like around 59%? Is that the right way to think about those margins?

很好。接著關於 Ratings 的利潤率，具體來說，如果我們假設一個下行情境，例如發行量落在你們所談區間的低端，我相信你們提到的是下滑 13%。那麼是否可以合理地認為 Ratings 的利潤率大致會與本季相近、約 59%？這樣理解對嗎？

Well, we're not giving any particular guidance on a downside scenario in a quantitative way. So I would like to be careful to answer your question in too much specifics.

嗯，我們不會以量化方式對下行情境提供任何特定指引，所以我回答你的問題時會謹慎，避免過於具體。

I think the overall perspective that we have on the Ratings business is that, at some point, we will see the issuance environment coming back. We have seen this in many times in the past. At some point, this will improve. And we really think that we should lower the level of anxiety around all of this because there is uncertainty around timing.

我們對 Ratings 業務的整體看法是：在某個時間點，我們會看到發行環境回升。過去我們已多次見到這種情況；在某個時間點，它會改善。我們也認為應該降低大家對此的焦慮程度，因為不確定性主要在於時間點。

But ultimately, we have always said there could be 1 or a few quarters where Ratings revenue will be under pressure. But if you are having a mid- to long-term perspective of the company, nothing has changed with respect to outstanding debt. Nothing has changed with respect to overall trends and correlations with GDP and other growth drivers.

但歸根究柢，我們一直說，可能會有 1 個或幾個季度 Ratings 營收承受壓力。但如果你以公司中長期的角度來看，未償債務（outstanding debt）沒有改變；與 GDP 及其他成長驅動因素的整體趨勢與相關性也沒有改變。

So the secular trends in this business are still there. Maybe short term, there could be some fluctuations. But if the perspective is more mid to long term, I think nothing is different with respect to the overall activity of the markets, and also the economics of the business, both the top line growth and the margin expectations for the Ratings business.

因此，這項業務的結構性（secular）趨勢仍然存在。短期可能會有一些波動，但若視角拉到中長期，我認為市場整體活動並沒有不同，業務的經濟性也沒有不同——包括營收成長（top line growth）與 Ratings 業務的利潤率預期。

Our next question comes from Simon Clinch with Atlantic Equities.

我們的下一個問題來自 Atlantic Equities 的 Simon Clinch。

Just quickly on the Rating side. I was wondering if you could help me just reconcile how to think about the transactional revenue streams relative to our own assumptions around the global issuance growth?

我想很快問一下 Ratings 這邊。我想請你幫我釐清：在我們自己對全球發行成長的假設之下，該如何理解交易型（transactional）營收來源？

Because clearly, in the first quarter, the transaction revenues a lot more than the issuance due to mix, I presume. I'm just wondering, as the growth comes back, do we -- should we anticipate growth to far outpace issuance on the upside? And what are the nuances that we need to consider?

因為很明顯第一季交易營收成長遠高於發行量，我猜是因為組合（mix）因素。我想問的是，當成長回來時，我們——是否應預期在上行時，成長會大幅超過發行量？以及我們需要考量哪些細節？

Yes. Well, first of all, you're right that there's a different kind of mix and different sort of revenue profile. This last quarter, we did have many of the issuers that were out in the market, which were the frequent issuers that have a different pricing profile than those which are more transactional.

是的。首先，你說得對，確實存在不同的組合與不同的營收輪廓。上一季，我們確實有許多在市場上發行的發行人，屬於頻繁發行者（frequent issuers），其定價輪廓與較偏交易型的發行人不同。

So we do look carefully at the mix. The more high-yield, sometimes there's a higher volumes, higher pricing there as opposed to some of the frequent issuers. So it's something to watch, but there's no necessary -- no specific guideline, but mix is important when you look at the transaction revenues.

因此我們會仔細觀察組合。較多高收益（high-yield）時，有時會帶來較高的量與較高的定價，相較之下，一些頻繁發行者則不同。這是需要關注的點；我們沒有必然——也沒有特定的指引，但在看交易營收時，組合很重要。

Okay. That's great. And just as a follow-up to the question about Commodity Insights. I was kind of curious, as you get the conference business coming back, as we had in the first quarter, does that typically lead to better growth, organic growth, when you strip away the conference benefit in the first quarter. Does that generally lead to better growth in the future quarters versus environments where you just don't have that conference business?

好的，很棒。再追問一個關於 Commodity Insights 的問題。我有點好奇，當會議業務回來時——就像我們在第一季看到的那樣——通常是否會帶來更好的成長、也就是在剔除第一季會議貢獻後的有機成長？相較於沒有會議業務的環境，這是否通常會讓未來幾季的成長更好？

Yes. The conferences are clearly a critical part of our brand-building and relationship-building. As you know, across all of our businesses, we think about our relationships as long-term professional relationships that we manage in a way that we always want to bring the best products and best services.

是的。這些會議顯然是我們品牌建立與關係建立的關鍵部分。如你所知，在我們所有業務中，我們將與客戶的關係視為長期的專業關係來經營，我們始終希望提供最好的產品與最好的服務。

And our conferences serve as a way to convene thought leadership. They allow us to convene the leaders across industries. And that always gives us opportunities to improve our ACV, improve our relationships, improve our access to clients.

而我們的會議也作為匯聚思想領導力的平台。它們讓我們能夠召集各產業的領導者。這也總是帶給我們機會去提升我們的 ACV、改善我們的關係、提升我們接觸客戶的能力。

So it's not -- you can't find necessarily a direct relationship. But there's definitely an indirect relationship over time that allows us to build our customer revenues and ensure that we are really relevant to the markets.

因此，這並不是——你不一定能找到直接的關聯。但隨著時間推移，確實存在一種間接的關聯，使我們能夠建立客戶收入，並確保我們對市場而言真正具有相關性。

Our last question comes from Shlomo Rosenbaum with Stifel.

我們的最後一個問題來自 Stifel 的 Shlomo Rosenbaum。

I just want to start just on the energy side, Doug, maybe you could talk a little bit. The legacy INFO assets took a little bit of time to turn whenever there was an upturn in the energy markets, but we used to get some good indications in terms of accelerated consulting business and other things that were kind of a precursor to things getting a lot better.

我想先從能源面向開始，Doug，也許你可以稍微談一下。過去的 INFO 傳統資產在能源市場回升時需要一點時間才會轉向，但我們以前常會看到一些良好的跡象，例如顧問業務加速以及其他一些可視為情況將大幅改善的前兆。

I was wondering if you're seeing the same things in the business right now. Is the fact that some of the energy prices spiking have to do with the war, making it that it's not the same kind of demand that we would have normally seen? Just a little bit of context around that. And then I have a quick follow-up.

我想知道你現在是否在業務中也看到同樣的情況。能源價格飆升是否與戰爭有關，導致需求型態與我們通常會看到的不太一樣？想請你提供一些背景。然後我還有一個簡短的追問。

Yes. I think there's 3 factors I'd like to mention. One of them, and you talked about, which is the war and the very specific environment right now with the volatility of energy prices as other commodity prices, including metals and agriculture. This is creating a lot of demand for knowledge, for thought leadership, for opening up stronger relationships.

是的。我想提到 3 個因素。其中之一就是你提到的戰爭，以及目前這個非常特殊的環境：能源價格以及其他商品價格（包括金屬與農產品）的波動。這正在創造對知識、思想領導力以及建立更強關係的龐大需求。

And the second, I would say, really relates to energy transition, which is a longer-term view that companies and governments are very interested in what will be the long-term impact of the shift to cleaner and renewable energy environment. And there's a lot of discussion going on right now about transition energy, what's the future of natural gas. These also open up opportunities for all of the businesses.

第二個因素我會說與能源轉型更相關，這是一個較長期的觀點：企業與政府都非常關注轉向更潔淨與可再生能源環境的長期影響。目前也有很多討論在進行，例如過渡能源、天然氣的未來是什麼。這些也為所有業務帶來機會。

And then the third is, it relates to the -- all of this together is the Upstream business. As Ewout talked about earlier, the Upstream business had been -- really had been decreasing over the last few years. And it seems as if in this current environment and with all of the investments that have been made that, that business is now going to be seeing a bottom and starting to grow again. So we think that net-net, all of the businesses together position us very well to be able to address all of the needs and the opportunities in the future of the energy and commodities businesses.

第三個因素是——把這些綜合起來，與上游（Upstream）業務有關。正如 Ewout 先前提到的，上游業務在過去幾年一直——確實一直在下滑。而看起來在目前的環境下，加上已投入的各項投資，該業務現在將觸底並開始再度成長。因此我們認為，整體而言（net-net），所有業務合在一起讓我們具備非常好的定位，能夠因應未來能源與大宗商品業務的所有需求與機會。

Okay. Great. And then a quick question. Just -- you talked about targeted merit increases and increased retention. What has retention been since the acquisition closed a couple of months ago? Just the overall level of people that are -- you really want to retain to really drive this business forward.

好的。很好。接著一個簡短問題。你提到有針對性的績效調薪以及提高留任。自併購在幾個月前完成以來，留任情況如何？就整體而言，那些你們——你們非常希望留住、以推動這項業務向前發展的人員比例如何？

On the fringes, is it a little bit more challenging? Are you happy with the way that you're retaining the people? It really is key for the deal, so I wanted to just hear how you're doing 2 months in.

在邊緣地帶是否稍微更具挑戰？你對留住人才的情況滿意嗎？這對這筆交易確實很關鍵，所以我想聽聽你們在 2 個月後的進展。

Yes. Thank you for that. And 2 months in, we're thrilled with the results. Our people are excited. They're motivated. One of the key indicators we look at is people changing their LinkedIn profile to say S&P Global, which is very high. We find that the people have been motivated by the vision, the purpose and the values of S&P Global as we've come together.

是的。謝謝你的提問。進行到第 2 個月，我們對結果非常振奮。我們的員工很興奮、也很有動力。我們觀察的一個關鍵指標是大家把 LinkedIn 個人檔案改成顯示 S&P Global，這個比例非常高。我們發現，隨著我們走到一起，員工受到 S&P Global 的願景、使命與價值觀所激勵。

And it's too early. It's just really 1 month in, 2 months in for us to give you any trends. But all of the informal indicators are very strong, that we've been able to bring the team together that's very motivated, and people want to ensure that we have a successful future. Thanks, Shlomo.

而現在還太早。對我們而言才剛 1 個月、2 個月，還無法提供任何趨勢。但所有非正式指標都非常強勁，顯示我們已能把團隊凝聚在一起、動力十足，大家也希望確保我們擁有成功的未來。謝謝你，Shlomo。

Well, let me finish and thank everyone for joining the call. And I want to elaborate on the question that Shlomo just asked, which is about how things are going.

那麼，讓我做個結尾並感謝各位參與本次電話會議。我也想延伸 Shlomo 剛才提出的問題，也就是關於目前進展如何。

We're thrilled that we were able to close this quarter and be able to have that merger come together after 15 months. All of the teams have come together so well, as you've heard us discuss during this call, the ability to find opportunities, from what we're hearing from our customers to bring our organization together at every single level, including our commercial teams that are out there, looking for ways to sell and to innovate and bring new products to the market.

我們非常高興能在本季完成交割，並在 15 個月後讓這次合併順利完成。正如你們在本次電話會議中聽到我們討論的，各個團隊的整合非常順利；我們能夠發掘機會，從客戶的回饋中得知需求，並在每一個層級把組織凝聚在一起，包括我們在前線的商務團隊，他們正在尋找銷售、創新並將新產品推向市場的方法。

In addition, we think that we're off to a great start on integration, and the ability to bring the 2 teams together in a way that not only do we create value through cost synergies, but that we're also positioning ourselves for growth for the future. The more we get to know about IHS Markit and S&P Global together, the more we know that we validated that this was the right thing to do, that the 2 companies together are stronger than either would have been alone.

此外，我們認為整合工作有一個非常好的開始；我們能夠把兩個團隊結合在一起，不僅透過成本協同創造價值，也讓我們為未來成長做好定位。我們對 IHS Markit 與 S&P Global 合在一起了解得越多，就越確信我們已驗證這是正確的決定：兩家公司合在一起比任何一方單獨運作都更強大。

And finally, when it comes to what Shlomo just asked about our people, we're very excited to see the way that our people have come together with a strong executive committee that's developed a set of visions and purposes and values that, across the company, we're all talking about, we're committed to. And we think that we're off to a fantastic start. And we appreciate all of the questions today and all the support from the analysts as well as our shareholders, and very importantly, our people. So again, thank you very much for the call today.

最後，回到 Shlomo 剛才問到的人才面向，我們非常興奮地看到員工如何凝聚在一起；我們建立了一個強而有力的執行委員會，制定了一套願景、使命與價值觀，整個公司都在談論、也都承諾遵循。我們認為我們有一個極佳的開局。也感謝今天所有的提問，以及分析師與股東的支持，還有非常重要的——我們的員工。因此，再次非常感謝各位今天參與本次電話會議。

That concludes this morning's call. A PDF version of the presenter slides is available now for downloading from investor.spglobal.com. Replays of the entire call will be available in about 2 hours. The webcast with audio and slides will be maintained on S&P Global's website for 1 year. The audio-only telephone replay will be maintained for 1 month. On behalf of S&P Global, we thank you for participating and wish you a good day.

本次上午的電話會議到此結束。簡報投影片的 PDF 版本現已可於 investor.spglobal.com 下載。約 2 小時後將提供整場電話會議的重播。含音訊與投影片的網路直播將在 S&P Global 網站保留 1 年。僅音訊的電話重播將保留 1 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。