標普全球 (SPGI) 2021 Q3 法說會逐字稿

Good morning. Welcome to S&P Global's Third Quarter 2021 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions) I would now like to introduce Mr. Chip Merritt, Senior Vice President of Investor Relations for S&P Global. Sir, you may begin.

早安。歡迎參加標普全球（S&P Global）2021 年第三季財報電話會議。我想提醒各位，本次通話將被錄音以供播出。（接線員指示）現在我想介紹標普全球投資人關係資深副總裁 Chip Merritt 先生。先生，您可以開始了。

Thank you for joining today's S&P Global Third Quarter 2021 Earnings Call. Presenting on today's call are Doug Peterson, President and CEO; and Ewout Steenbergen, Executive Vice President and Chief Financial Officer.

感謝各位參加今天的標普全球 2021 年第三季財報電話會議。今天出席並發言的有：總裁暨執行長 Doug Peterson，以及執行副總裁兼財務長 Ewout Steenbergen。

We issued a news 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本公司業績。如需新聞稿與財務附表，可至 investor.spglobal.com 下載。

Before we begin, I need to provide certain cautionary remarks about forward-looking statements. Except for historical information, 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. In this regard, we direct listeners to the cautionary statements contained in our Form 10-Ks, 10-Qs and other periodic reports filed with the U.S. Securities and Exchange Commission.

在開始之前，我需要就前瞻性陳述提供若干警示性說明。除歷史資訊外，今日電話會議所討論事項可能包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義之前瞻性陳述，包括對未來事件的預測、估計與描述。任何此類陳述均係基於目前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之結果存在重大差異。就此，我們請聽眾參閱我們向美國證券交易委員會（SEC）提交之 Form 10-K、10-Q 及其他定期報告中所載之警示性聲明。

In addition, as announced late last year, S&P Global and IHS Markit entered into a definitive merger agreement. In March, shareholders of both companies overwhelmingly voted in favor of the merger. The merger is pending regulatory approval, and we currently expect to close in the first quarter of 2022. This call will touch on the merger, but does not constitute an offer to sell or buy or the solicitation of any offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. No offering of securities shall be made except by means of prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

此外，如同我們於去年年底宣布，標普全球與 IHS Markit 已簽訂具約束力的最終合併協議。3 月，兩家公司股東以壓倒性票數表決支持合併。該合併仍待監管核准，我們目前預期將於 2022 年第一季完成交割。本次通話將提及該合併，但不構成出售或購買之要約或徵求任何購買或出售任何證券之要約，且在任何司法管轄區，如於依該司法管轄區證券法完成註冊或取得資格之前該等要約、徵求或出售屬違法者，亦不得在該等司法管轄區出售任何證券。任何證券之發行僅得以符合《1933 年證券法》第 10 條要求之招股說明書（prospectus）方式進行。

In connection with the proposed transaction, S&P Global and IHS Markit has filed a registration statement on Form S-4 with the SEC, which includes a joint proxy statement and a prospectus. S&P Global and IHS Markit have filed other documents regarding the proposed transaction with the SEC. Investors and security holders of S&P Global or IHS Markit stock are urged to carefully read the entire registration statement and joint proxy statement/prospectus, which is available on our website and sec.gov.

就擬議交易而言，標普全球與 IHS Markit 已向 SEC 提交 Form S-4 登記聲明，其中包含聯合委託書聲明與招股說明書。標普全球與 IHS Markit 亦已就擬議交易向 SEC 提交其他文件。我們敦促標普全球或 IHS Markit 股票之投資人與證券持有人仔細閱讀完整的登記聲明及聯合委託書聲明／招股說明書；該文件可於我們網站及 sec.gov 取得。

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.

在今日的財報新聞稿以及本次電話會議中，我們提供經調整的財務資訊。提供此資訊係為使投資人得以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角度檢視本公司業務。

The earnings release and the slides contain exhibits that reconcile the difference between the non-GAAP measures and the comparable financial measures calculated in accordance with U.S. GAAP. This call, especially the discussion of our outlook, contains statements about expected future events that are forward-looking and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from expectations can be found in our filings with the SEC and on our website.

財報新聞稿與簡報投影片包含附表，用以調節非 GAAP 指標與依美國一般公認會計原則（U.S. GAAP）計算之可比財務指標之差異。本次通話，特別是對我們展望的討論，包含對預期未來事件之陳述，屬前瞻性陳述並受風險與不確定性影響。可能導致實際結果與預期存在重大差異之因素，可見於我們向 SEC 提交之文件及我們網站。

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 give me a call to better understand the impact of this legislation on the investor and potentially 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% 或以上所有權之投資人，請致電與我聯繫，以更了解該立法對投資人以及可能對本公司造成的影響。

We're aware that we do 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 Ola Fadahunsi at (212) 438-2296.

我們知道本次通話中也有一些媒體代表與會。然而，本次通話係以投資人為對象；我們請媒體的提問改向 Ola Fadahunsi 洽詢，電話（212）438-2296。

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

此時，我想將電話交給 Doug Peterson。Doug？

Thank you, Chip. Welcome to today's third quarter earnings call. I'd like to start with some of the highlights of the quarter. We reported exceptional financial results with revenue increasing 13% and all 4 businesses delivering strong revenue and adjusted operating profit growth. Indices delivered the strongest revenue growth for the second straight quarter due to large gains in ETF AUM. Adjusted expenses increased 7% largely due to investment spending, commissions and royalties.

謝謝你，Chip。歡迎各位參加今天的第三季財報電話會議。我想先從本季幾項重點開始。我們公布了非常出色的財務成果：營收成長 13%，四大業務皆實現強勁的營收與經調整營業利益成長。由於 ETF 資產管理規模（AUM）大幅增加，指數業務連續第二季交出最強勁的營收成長。經調整費用增加 7%，主要因投資支出、佣金與權利金所致。

After raising guidance on both the first quarter and second quarter earnings calls, we're raising 2021 guidance again based on these strong results and our expectations for the remainder of the year. Ewout will provide details in a moment.

在第一季與第二季財報電話會議皆上調指引之後，基於這些強勁成果以及我們對今年剩餘期間的預期，我們再次上調 2021 年指引。Ewout 稍後將提供細節。

I would also like to share some additional highlights from the third quarter. The most important initiative of the year continues to be our upcoming merger with IHS Markit. This is an incredibly transformative opportunity for our company and our customers. The regulatory path to closing the merger is now becoming clear.

我也想分享第三季的其他幾項重點。今年最重要的計畫仍是我們即將與 IHS Markit 完成的合併。這對我們公司與客戶而言，是一次極具變革性的機會。完成合併的監管路徑如今正逐漸明朗。

We launched S&P Capital IQ Pro and Platts Dimensions Pro. And Sustainable1, our ESG business, is gaining momentum as we build internal capabilities and product offerings expand. I'll come back to all of these highlights in more detail, but let's start with the merger.

我們推出了 S&P Capital IQ Pro 與 Platts Dimensions Pro。此外，作為我們 ESG 業務的 Sustainable1，隨著我們建立內部能力並擴大產品供給，正持續累積動能。我稍後會更詳細回到這些重點，但我們先從合併談起。

When we announced the merger in November 2020, we noted that we needed regulatory approval in 5 jurisdictions: Canada, the European Union, Taiwan, the United Kingdom and the United States. We've made substantial progress with all these regulators, and there are a number of remedies we must undertake in order to complete the merger.

當我們在 2020 年 11 月宣布合併時，我們指出需要在 5 個司法管轄區取得監管核准：加拿大、歐盟、台灣、英國與美國。我們已在與所有監管機關的溝通上取得重大進展，且為完成合併，我們必須採取若干補救措施。

IHS Markit must divest the OPIS, the Coal, Metals & Mining and the PetChem Wire businesses. The sale of these assets to News Corp has already been announced. In addition, IHS Markit must divest its Base Chemicals business. S&P Global must divest CUSIP Global Services and Leveraged Commentary and Data, together with related family of leveraged loan indices.

IHS Markit 必須剝離 OPIS、Coal、Metals & Mining 以及 PetChem Wire 業務。這些資產出售予 News Corp 的交易已經宣布。此外，IHS Markit 必須剝離其 Base Chemicals 業務。標普全球必須剝離 CUSIP Global Services 與 Leveraged Commentary and Data，以及相關的槓桿貸款指數系列。

S&P Global and IHS Markit will begin the process of selling these additional businesses shortly. In order to provide time to undertake these sales processes, we now expect to close the merger in the first quarter of 2022. Collectively, the 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're in.

標普全球與 IHS Markit 將在不久後開始出售這些額外業務的流程。為提供時間完成這些出售流程，我們目前預期將於 2022 年第一季完成合併交割。合計而言，所有將被剝離業務的營收約為 4.25 億美元，且這些業務各自的利潤率均高於其所屬部門的利潤率。

In a moment, Ewout will provide an update on our merger synergy expectations. And you will see that despite these divestitures, we are raising both our cost and revenue synergy targets.

稍後 Ewout 將就我們對合併綜效的預期提供最新資訊。各位將會看到，儘管進行這些剝離，我們仍上調成本綜效與營收綜效目標。

To recap the financial results for the third quarter, revenue increased 13% to $2.1 billion. Our adjusted operating profit increased 18%, and our adjusted operating profit margin increased 250 basis points to 55.4%.

回顧第三季財務表現，營收成長 13% 至 21 億美元。我們的經調整營業利益成長 18%，經調整營業利益率提升 250 個基點至 55.4%。

As you know, we measure and track adjusted operating profit margin on trailing 4-quarter basis, which increased 130 basis points to 55.1%. As a result, our adjusted diluted EPS increased 24%.

如各位所知，我們以過去 4 季（trailing 4-quarter）為基礎衡量並追蹤經調整營業利益率；該指標提升 130 個基點至 55.1%。因此，我們的經調整稀釋每股盈餘（EPS）成長 24%。

Each quarter, we highlight a few key business drivers and important projects underway. This quarter, let's start with ratings bond issuance trends. During the third quarter, global bond issuance increased 3%. In the U.S., bond issuance in aggregate increased 6% as investment grade decreased 12%, high yield decreased 16%, public finance decreased 24% while structured finance increased 105% due to large increases in every category, particularly CLOs, which increased 340%.

每一季，我們都會重點說明幾項關鍵業務驅動因素與正在進行的重要專案。本季先從評級業務的債券發行趨勢談起。第三季全球債券發行量成長 3%。在美國，整體債券發行量成長 6%，其中投資級下降 12%、高收益下降 16%、公共融資下降 24%，而結構性融資因各類別大幅增加而成長 105%，尤其是 CLO 成長 340%。

European bond issuance increased 4% as investment-grade decreased 7%, high-yield decreased 4% and structured finance increased 70% with gains in every asset class except RMBS. Of particular note, CMBS increased 375%.

歐洲債券發行量成長 4%，其中投資級下降 7%、高收益下降 4%，結構性融資成長 70%，除 RMBS 外各資產類別皆有成長。特別值得注意的是，CMBS 成長 375%。

In Asia, bond issuance decreased 2% overall. The data on this slide only depicts bond issuance. When we include new bank loan volumes, overall global issuance increased 9%.

在亞洲，債券發行量整體下降 2%。本頁投影片的數據僅呈現債券發行量。若將新增銀行貸款量納入，全球整體發行量成長 9%。

The next 2 slides look at the combined high-yield issuance and leveraged loan volume for the U.S. and Europe. Data is not readily available for the rest of the world. This slide shows that the combination of global leveraged loan and high-yield issuance in the third quarter continued to be very strong, surpassing every quarter in 2018, '19 and '20.

接下來兩頁投影片檢視美國與歐洲合併後的高收益債發行量與槓桿貸款量。世界其他地區的資料不易取得。本頁顯示，第三季全球槓桿貸款與高收益債發行的合計規模仍然非常強勁，超越 2018、2019 與 2020 年的每一個季度。

This slide depicts the combination of high-yield issuance and leveraged loan volume by the use of proceeds of the funds raised. This quarter, both general corporate purpose and refinancing-related issuance was lower than the third quarter of 2020. The surge in activity is entirely due to M&A, LBOs, buybacks and dividends. These are opportunistic categories that aren't pull forward. The surge in issuance is not pulling forward issuance from future years, and it is additive to future financing needs.

本頁投影片依募集資金用途呈現高收益債發行與槓桿貸款量的合計情況。本季，無論是一般公司用途或與再融資相關的發行量，均低於 2020 年第三季。活動量的激增完全來自併購（M&A）、槓桿收購（LBO）、庫藏股回購與股利。這些屬於機會型類別，並非提前拉動（pull forward）。本次發行量的激增並未提前挪用未來年度的發行量，而是對未來融資需求的額外增加（additive）。

Since bank loan ratings are an important element of Ratings revenue, we like to disclose our bank loan ratings revenue each quarter. The unprecedented strength of bank loan ratings revenue continued in the third quarter, and year-to-date revenues already surpassed any of the previous 10 full years.

由於銀行貸款評級是評級業務收入的重要組成部分，我們希望每季揭露我們的銀行貸款評級收入。第三季銀行貸款評級收入延續前所未有的強勁表現，且年初至今的收入已超越過去10個完整年度中的任何一年。

The leveraged loan market and the CLO market are dependent on one another as many of the leveraged loans end up in CLOs. As you can see here, CLO issuance continued to accelerate in the third quarter.

槓桿貸款市場與CLO市場彼此相互依存，因為許多槓桿貸款最終會被納入CLO。如您在此所見，第三季CLO發行持續加速。

During the third quarter, we rebranded our Market Intelligence platform as S&P Capital IQ Pro. This recognizes the value of the Capital IQ brand as we continue to upgrade the platform with additional content and functionality. We currently have approximately 290,000 active Desktop users, of which 90,000 are utilizing S&P Capital IQ Pro.

第三季期間，我們將Market Intelligence平台重新品牌為S&P Capital IQ Pro。此舉肯定了Capital IQ品牌的價值，因為我們持續以更多內容與功能升級該平台。目前我們約有290,000名活躍的Desktop使用者，其中90,000名正在使用S&P Capital IQ Pro。

The inaugural release of S&P Capital IQ Pro includes a number of capabilities not found in the Market Intelligence platform. A new Kensho-enabled Document Viewer incorporates AI-based search to speed up users' discovery of text-based insights across filings and transcripts. It's based on technology that Kensho originally developed for U.S. security and military agencies and is now reengineered for S&P Capital IQ Pro. For example, it gives investors the ability to quickly screen comments made over years of earnings calls within minutes.

S&P Capital IQ Pro的首次發布包含多項在Market Intelligence平台中未提供的功能。全新的Kensho驅動文件檢視器（Document Viewer）整合以AI為基礎的搜尋，加速使用者在申報文件與逐字稿中發掘文字型洞見。其技術源自Kensho最初為美國安全與軍事機構所開發，現已重新工程化以用於S&P Capital IQ Pro。舉例而言，它讓投資人能在數分鐘內快速篩選多年財報電話會議中的評論。

The new platform features frequent coverage of private markets, including data around fundraising trends, dry powder, fund performance and LP investor allocations. Also included is the ability for users to screen on nontraditional industry criteria, such as crypto, therapeutics and clean tech.

新平台提供對私募市場的高頻覆蓋，包括募資趨勢、乾粉（dry powder）、基金績效以及LP投資人配置等相關數據。亦包含讓使用者可依非傳統產業條件進行篩選的能力，例如加密貨幣、治療領域與潔淨科技。

S&P Capital IQ Pro also includes Ratings' direct coverage of corporates and financial institutions. Our users can now incorporate the full suite of S&P Capital IQ Pro tools and functionality and interact with S&P Global Ratings content in ways not previously possible.

S&P Capital IQ Pro亦納入評級業務對企業與金融機構的直接覆蓋。我們的使用者如今可運用S&P Capital IQ Pro完整的工具與功能套件，並以過去無法做到的方式與S&P Global Ratings內容互動。

Platts has been on a long journey to consolidate its product platforms as well with the acquisitions of BENTEK, Eclipse, cFlow, Petromedia and others. There's been a tremendous effort to consolidate all of these capabilities into a single platform.

Platts也透過收購BENTEK、Eclipse、cFlow、Petromedia等，長期推動其產品平台的整合。公司投入了巨大的努力，將所有這些能力整合到單一平台中。

This quarter, Platts introduced Platts Dimensions Pro, which provides users with a seamless one-stop shop experience across Platts benchmark price assessments, news and analytics, spanning 13 commodities, including energy transition. And like S&P Capital IQ Pro, this content is available on a web-based portal that is mobile-friendly via machine-to-machine delivery and as an Excel Add-In.

本季，Platts推出Platts Dimensions Pro，為使用者提供無縫的一站式體驗，涵蓋Platts基準價格評估、新聞與分析，橫跨13項商品（包括能源轉型）。且如同S&P Capital IQ Pro，這些內容可透過網頁式入口網站取得，並支援行動裝置；同時也可透過機器對機器（machine-to-machine）傳輸交付，以及以Excel增益集（Add-In）形式提供。

Periodically, we like to provide updates on new product launches. The first 2 charts on this slide depict the acceptance by market participants of our JKM marker for liquefied natural gas and our low sulfur marine fuel assessment. Both have exhibited very strong growth recently.

我們會定期提供新產品上市的最新進展。本投影片前兩張圖表呈現市場參與者對我們液化天然氣JKM指標以及低硫船用燃料評估的接受度。兩者近期皆展現非常強勁的成長。

The chart on the right shows the cumulative number of new assessments we have launched in the energy transition space in the last 4 years. These include a new suite of Australian hydrogen prices covering what is expected to be one of the key producers of this future fuel.

右側圖表顯示我們在過去4年於能源轉型領域推出的新評估項目的累計數量。其中包括一套新的澳洲氫氣價格，涵蓋預期將成為此未來燃料關鍵生產國之一的市場。

The methane performance certificate, which reflects production of natural gas in the U.S. with 0 methane emissions and upstream values for the measured carbon emissions associated with crude oil production and transportation, covering an initial suite of 14 crudes from around the world and aiming to provide the backbone for low-carbon crude trading. Buyers can start to make active choices based on the relative carbon impact of different crude sources with this crude carbon intensity product.

甲烷績效證書（methane performance certificate）反映在美國以0甲烷排放生產的天然氣，以及與原油生產與運輸相關的已量測碳排放之上游數值；其初始套件涵蓋全球14種原油，並旨在為低碳原油交易提供基礎架構。透過此原油碳強度產品，買方可依不同原油來源的相對碳影響開始做出主動選擇。

Turning to our investments in ESG. Our Sustainable1 milestones and product launches continue to build. Third quarter Sustainable1 revenue increased 58% to $24 million versus the prior period.

接著談我們在ESG方面的投資。我們的Sustainable1里程碑與產品上市持續累積。第三季Sustainable1收入較前期增加58%，達2,400萬美元。

With the launch of Second Party Opinions, ratings now has 5 products Overall, Ratings completed 10 ESG evaluations, 13 Green evaluations, 13 SAM Benchmark Engagements and 11 Social & Sustainability Framework Alignment Opinions in the quarter.

隨著第二方意見（Second Party Opinions）的推出，評級業務目前共有5項產品。整體而言，本季評級業務完成10項ESG評估、13項綠色（Green）評估、13項SAM基準互動（SAM Benchmark Engagements）以及11項社會與永續框架一致性意見（Social & Sustainability Framework Alignment Opinions）。

In Market Intelligence, we're close to wrapping up the annual CSA survey. And so far in 2021, corporate participation increased 34% to over 1,800 companies. On the back of these surveys, we relaunched our S&P Global ESG scores on 8,000 companies during the quarter. We're targeting to have scores on more than 11,000 companies by the end of this year's assessment cycle in the first quarter of 2022.

在Market Intelligence方面，我們即將完成年度CSA調查。截至目前，2021年企業參與度增加34%，超過1,800家公司。基於這些調查，我們於本季重新推出針對8,000家公司的S&P Global ESG分數。我們的目標是在2022年第一季、也就是本年度評估週期結束前，將分數覆蓋擴大至超過11,000家公司。

In Indices, we had $26.5 billion of ESG ETF AUM at the end of the third quarter. This is an increase of 178% since the end of the third quarter of last year. Our Indices business also added to its ESG Indices offerings with the launch of the S&P/NZX 50 Tilted Index with the New Zealand Stock Exchange. Platts added products to both its suite of carbon assessments and its recycled plastic offerings.

在指數（Indices）方面，第三季末我們的ESG ETF資產管理規模（AUM）為265億美元，較去年第三季末增加178%。我們的指數業務亦透過與紐西蘭證券交易所合作推出S&P/NZX 50 Tilted Index，擴充其ESG指數產品。Platts則在其碳評估套件與再生塑膠產品方面皆新增了產品。

And finally, S&P Global is a founding member of Novata, a new technology platform designed to provide private equity firms and the private markets with ESG measurement, data collection and benchmarking capabilities to help improve the management and tracking of ESG performance.

最後，S&P Global是Novata的創始成員之一。Novata是一個全新的科技平台，旨在為私募股權公司與私募市場提供ESG衡量、資料蒐集與基準比較能力，以協助改善ESG績效的管理與追蹤。

By providing rich detailed data on a wide array of ESG topics, the Corporate Sustainability Assessment is an integral part of our ESG scores. Since we purchased the capability from RobecoSAM in late 2019, we've expanded the number of corporate participants by about 500 companies. And the group has almost doubled corporate participation in the last 4 years. Today's participating companies represent 45% of global market capitalization.

透過在廣泛ESG主題上提供豐富且細緻的資料，企業永續評估（Corporate Sustainability Assessment, CSA）是我們ESG分數不可或缺的一部分。自我們於2019年末自RobecoSAM收購該能力以來，我們已將企業參與者數量擴增約500家公司。而該團隊在過去4年幾乎將企業參與度提高了一倍。當前參與公司代表全球市值的45%。

In addition, you can see this is a global endeavor. We view the CSA input as a key differentiator to our Sustainable1 efforts.

此外，您也可以看到這是一項全球性的工作。我們將CSA的輸入視為我們Sustainable1工作的一項關鍵差異化因素。

Let me now turn to our outlook for global issuance and GDP. The 2021 issuance forecast continued to creep higher and is now relatively flat versus 2020 issuance. The latest forecast was issued earlier this week and also covers 2022 issuance for the first time.

接下來談我們對全球發行量與GDP的展望。2021年發行量預測持續小幅上修，目前相較於2020年的發行量大致持平。最新預測於本週稍早發布，並且首次涵蓋2022年的發行量。

2022 issuance is forecast to decline 2%. This is based on a 7% decrease in nonfinancial corporates, a 1% increase in financial services, a 3% increase in structured finance and a 2% increase in U.S. public finance.

預測2022年發行量將下滑2%。此預測基於：非金融企業下降7%、金融服務上升1%、結構性融資上升3%，以及美國公共融資上升2%。

Looking forward, inflation concerns, prospects for rising rates, high cash balances and possible tax reform, all translate to headwinds for issuance in 2022. We expect that they will lead to a second year of contraction in issuance totals.

展望未來，通膨疑慮、升息前景、高額現金餘額以及可能的稅制改革，都將轉化為2022年發行量的逆風。我們預期這些因素將導致發行總量連續第二年收縮。

Please note that this is a bond issuance forecast. This is not a revenue forecast. For example, it doesn't address nontransaction revenue and doesn't include leveraged loan activity.

請注意，這是債券發行量預測，而非收入預測。例如，它未涵蓋非交易型收入，也不包含槓桿貸款活動。

The macro outlook is little changed from 3 months ago. Our economists expect growth to moderate in 2022 with growth in Europe and many emerging markets improving, while growth rates drop in the U.S. and China. Commodity prices have rebound due to strong retail sales, weather events and supply chain imbalances. However, inflation pressures appear to be peaking with some emerging market central banks raising rates, U.S. Federal Reserve moving up its tapering time line and the ECB firmly on hold for now.

宏觀展望與3個月前相比變化不大。我們的經濟學家預期2022年成長將趨於溫和：歐洲與許多新興市場的成長改善，而美國與中國的成長率下滑。由於零售銷售強勁、天氣事件以及供應鏈失衡，大宗商品價格已反彈。然而，通膨壓力似乎正在觸頂，部分新興市場央行已升息、美國聯準會提前其縮減購債（tapering）時程，而歐洲央行（ECB）目前則仍堅定按兵不動。

Finally, Platts Analytics believes that current fundamentals should remain supportive of oil prices in the mid-70s. This is positive for the health of the oil industry.

最後，Platts Analytics認為，當前基本面應可持續支撐油價維持在70多美元的中段水準。這對石油產業的健康狀況是正面的。

I will now turn the call over to Ewout Steenbergen, who is going to provide additional insights into our financial performance and outlook. Ewout?

接下來我將把電話會議交給Ewout Steenbergen，他將就我們的財務表現與展望提供更多洞見。Ewout？

Thank you, Doug. While we have excellent third quarter results and an exciting merger pending, I would like to start my discussion today with our latest thinking around our merger synergy targets. There has been an extensive effort throughout the company to identify and validate potential merger synergies. While the initial synergy targets that we introduced at the time of the merger announcement were developed by a very limited number of senior managers, the latest figures take into consideration in-depth planning and analysis by countless employees across both companies.

謝謝你，Doug。儘管我們第三季業績表現優異，且一項令人振奮的合併案正在進行中，我今天想先從我們對合併綜效目標的最新想法談起。公司上下已投入大量努力，以辨識並驗證潛在的合併綜效。當初在宣布合併時提出的初始綜效目標，是由極少數資深主管所制定；而最新數字則納入兩家公司無數員工所進行的深入規劃與分析。

We have increased our total synergy target and now estimate that there will be $530 million to $580 million of cost synergies and $330 million to $360 million of revenue synergies. As you can see in the slide, this takes into consideration new synergies identified as well as those who we'll no longer be able to achieve due to required divestitures. Correspondingly, the proceeds of the divestitures will contribute to additional capacity for share repurchases.

我們已提高總綜效目標，並估計將有5.30億至5.80億美元的成本綜效，以及3.30億至3.60億美元的收入綜效。如投影片所示，這已納入新辨識的綜效，以及因必須進行資產剝離而將無法再達成的綜效。相應地，資產剝離所得將為額外的股票回購提供更多資金能力。

I also want to point out that on a run rate basis, we have already achieved approximately $25 million of these synergies. This is primarily from not backfilling open positions created through normal attrition.

我也想指出，以執行率（run rate）計算，我們已經實現約2,500萬美元的這些綜效。這主要來自於未補實因正常人員流失而產生的職缺。

Today, we're only providing an update on the merger synergy targets. We'll give you a full update on the financial targets of the merged company after we complete the transaction.

今天，我們僅就合併協同效益目標提供最新進展。在完成交易後，我們將就合併後公司的財務目標向各位提供完整更新。

Turning to our third quarter financial results. Doug covered the highlights of strong revenue and adjusted earnings per share growth. I will take a moment to cover a few other items.

接著談第三季財務結果。Doug 已說明營收強勁以及調整後每股盈餘成長的重點。我將花一點時間補充幾項其他事項。

Adjusted corporate unallocated expenses increased 18% due to company-owned life insurance proceeds in the prior period. Our net interest expense improved 13% due to the refinancing of a substantial portion of our debt last year. The decrease in the adjusted effective tax rate was primarily due to a refinement of tax accruals on foreign operations related to both a prior and current period.

調整後公司層級未分攤費用增加 18%，係因前期有公司持有的人壽保險（COLI）理賠收入。由於我們去年對相當大部分債務進行再融資，淨利息費用改善 13%。調整後有效稅率下降主要是因為針對海外營運之稅務應計項目進行精細化調整，涉及前期與本期。

During the quarter, changes in foreign exchange rates had a positive impact on adjusted EPS of $0.02. The only meaningful impact was in Ratings, where adjusted operating profit was positively impacted by $5 million.

本季外匯匯率變動對調整後 EPS 產生每股 0.02 美元的正面影響。唯一具實質意義的影響出現在 Ratings（評級）業務，調整後營業利益因而增加 500 萬美元。

In the second quarter, we introduced 3 new categories to provide insights into the type of expenses that are going to be incurred related to the pending merger. The first category is transaction cost. These are costs related to completing the merger. They include legal fees, investment banking fees and filing fees. The second category is integration cost. These are costs to operationalize the integration. They include consulting, infrastructure and retention costs. The third category is cost to achieve. 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.

在第二季，我們新增了 3 個類別，以提供與待完成合併相關、將會發生之費用類型的洞見。第一類為交易成本（transaction cost），即完成合併所需的成本，包括法律費用、投資銀行費用與申報費用。第二類為整合成本（integration cost），即使整合得以落地營運的成本，包括顧問費、基礎設施與留任成本。第三類為達成成本（cost to achieve），即促成費用與營收協同效益所需的成本，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 third quarter, the non-GAAP adjustments collectively totaled to a net pretax loss of $73 million. They included $9 million for merger transaction costs, primarily legal fees; $45 million for merger integration costs, primarily consulting fees; a $3 million gain on the sale of an office building in India; and $21 million in deal-related amortization.

第三季期間，非 GAAP 調整項合計為稅前淨損 7,300 萬美元。其中包括 900 萬美元的合併交易成本（主要為法律費用）；4,500 萬美元的合併整合成本（主要為顧問費）；出售印度一棟辦公大樓的 300 萬美元收益；以及 2,100 萬美元的交易相關攤銷。

This quarter, all 4 divisions delivered solid gains in revenue and adjusted operating profit with Indices delivering the largest gains. On a trailing 4-quarter basis, adjusted operating profit margin increased in all 4 divisions with Indices leading with a gain of 170 basis points. I'll provide color on the individual business results in a moment.

本季四大事業部門的營收與調整後營業利益均呈現穩健成長，其中 Indices（指數）增幅最大。以過去 4 季（trailing 4-quarter）為基礎，四大部門的調整後營業利益率皆提升，Indices 以 170 個基點的增幅領先。我稍後將就各業務表現補充說明。

Now turning to the balance sheet. Our balance sheet continues to be very strong with low leverage and ample liquidity. We have cash and cash equivalents of $5.9 billion and debt of $4.1 billion. Our adjusted gross debt to adjusted EBITDA improved since the end of last year to 1.8x.

接著看資產負債表。我們的資產負債表仍然非常強健，槓桿偏低且流動性充裕。我們持有現金及約當現金 59 億美元，負債 41 億美元。自去年底以來，我們的調整後總負債對調整後 EBITDA 比率改善至 1.8 倍。

Free cash flow, excluding certain items, was $2.6 billion in the first 9 months of 2021, an increase of more than $300 million or 15% over the prior year period. Due to the pending merger with IHS Markit, share repurchases have been suspended.

2021 年前 9 個月（排除特定項目後）的自由現金流為 26 億美元，較去年同期增加逾 3 億美元或 15%。由於與 IHS Markit 的合併仍在進行中，股票回購已暫停。

Now let's turn to the division results and begin with S&P Dow Jones Indices, which delivered extraordinary revenue growth of 28% primarily due to gains in AUM linked to our indices. Please note that the ETF revenue included a $5 million breakup fee due to the termination of our indices as the basis for several ETFs.

接著看各部門表現，先從 S&P Dow Jones Indices 開始。該部門營收大幅成長 28%，主要來自與我們指數連結之資產管理規模（AUM）增加。請注意，ETF 營收包含 500 萬美元的解約費（breakup fee），係因我們的指數不再作為數檔 ETF 的基準而終止所致。

In the third quarter, adjusted expenses increased 4% largely due to royalties and compensation, partially offset by reduced legal costs. The adjusted segment operating profit increased a whopping 40%, and the adjusted segment operating profit margin increased 660 basis points to 71.8%. On a trailing 4-quarter basis, the adjusted segment operating profit margin increased 170 basis points to 70.7%.

第三季調整後費用增加 4%，主要因權利金與薪酬上升，部分被法律費用下降所抵銷。調整後部門營業利益大增 40%，調整後部門營業利益率提升 660 個基點至 71.8%。以過去 4 季為基礎，調整後部門營業利益率提升 170 個基點至 70.7%。

Every category increased revenue this quarter. Asset-linked fees increased 36% primarily from gains in ETFs, augmented by gains in mutual funds and insurance and over-the-counter derivative activity that exceeded 20%. Exchange-traded derivative revenue increased 15% on increased trading volumes at the CBOE. Data and custom subscriptions increased 8%.

本季各類別營收均成長。資產連結費用（asset-linked fees）增加 36%，主要來自 ETF 成長，並受共同基金與保險，以及場外衍生品活動（均超過 20%）的成長帶動。交易所交易衍生品營收因 CBOE 交易量增加而成長 15%。資料與客製化訂閱成長 8%。

For our Indices division, over the past year, ETF net inflows were $223 billion, and market appreciation totaled $524 billion. This resulted in quarter-ending ETF AUM of $2.5 trillion, which is 43% higher compared to 1 year ago.

就我們的 Indices 部門而言，過去一年 ETF 淨流入為 2,230 億美元，市場增值合計 5,240 億美元。因此，季末 ETF AUM 達 2.5 兆美元，較一年前高出 43%。

Our ETF revenue is based on average AUM, which increased 48% year-over-year. Sequentially versus the end of the second quarter, ETF net inflows associated with our indices totaled $55 billion, and market depreciation totaled $16 billion. Exchange-traded derivative activity was mixed during the quarter. Activity at the CBOE increased with S&P 500 Index options activity increasing 39% and VIX futures and options activity increasing 31%. Activity at the CME equity complex decreased 6% due primarily to a 22% decrease in Micro E-mini volumes.

我們的 ETF 營收係以平均 AUM 為基礎計算，年增 48%。與第二季末相比，本季與我們指數相關的 ETF 淨流入合計 550 億美元，市場減值合計 160 億美元。本季交易所交易衍生品活動表現分歧。CBOE 活動增加，其中 S&P 500 指數選擇權活動增加 39%，VIX 期貨與選擇權活動增加 31%。CME 股票複合產品活動下降 6%，主要因 Micro E-mini 交易量下降 22%。

Ratings delivered very strong revenue growth, increasing 14% with strength in bank loan ratings, structured finance and nontransaction activity. Adjusted expenses increased 9% primarily due to increased salaries, headcount at CRISIL, growth initiatives and incentives. This resulted in a 17% increase in adjusted segment operating profit and a 160 basis point increase in adjusted segment operating profit margin. On a trailing 4-quarter basis, adjusted segment operating profit margin increased 40 basis points to 63.8%.

Ratings（評級）營收成長非常強勁，增加 14%，主要受銀行貸款評級、結構性融資及非交易性活動帶動。調整後費用增加 9%，主要因薪資上升、CRISIL 人員編制增加、成長計畫及獎勵所致。因而調整後部門營業利益增加 17%，調整後部門營業利益率提升 160 個基點。以過去 4 季為基礎，調整後部門營業利益率提升 40 個基點至 63.8%。

In China, we see continued momentum and interest in our ratings. We completed 15 ratings in the third quarter, bringing the year-to-date total to 46 compared to 22 in all last year. Nontransaction revenue increased 15% primarily due to growth in fees associated with surveillance, increased new entity ratings activity, CRISIL and Rating Evaluation Services revenue. Transaction revenue increased as a 150% increase in bank loan ratings activity and strong structured product issuance more than offset a decline in corporate bond issuance.

在中國，我們看到對我們評級的動能與興趣持續提升。我們在第三季完成 15 件評級，使年初至今總數達 46 件，相較去年全年為 22 件。非交易性營收增加 15%，主要來自與監測（surveillance）相關費用成長、新增主體評級活動增加、CRISIL 以及 Rating Evaluation Services 的營收成長。交易性營收增加，因銀行貸款評級活動成長 150% 與結構性產品強勁發行，足以抵銷公司債發行下滑的影響。

This slide depicts Ratings revenue by its end markets. The largest contributor to the increase in Ratings revenue was the 48% increase in structured finance driven by CLOs, CMBS and ABS. In addition, corporates increased 14%, financial services increased 8%, government decreased 12%, and the CRISIL and other category increased 14%.

本頁按終端市場呈現 Ratings 營收。Ratings 營收增加的最大貢獻來源為結構性融資成長 48%，主要由 CLO、CMBS 與 ABS 帶動。此外，企業（corporates）成長 14%，金融服務成長 8%，政府下降 12%，CRISIL 與其他類別成長 14%。

Market Intelligence delivered reported revenue growth of 7% and 8% on an organic basis. More than 1/3 of the revenue growth was from recent product investments, which increased by 40% led by ESG and the S&P Global Marketplace. Adjusted expenses increased 4% primarily due to higher investment spending, particularly in ESG, S&P Global Marketplace, SME and China, additional infrastructure spending supporting our cloud initiatives and S&P Capital IQ Pro and data which is primarily license fees tied to aftermarket research revenue. Adjusted segment operating profit increased 13%, and the adjusted segment operating profit margin increased 190 basis points to 35.7%. On a trailing 4-quarter basis, adjusted segment operating profit margin increased 90 basis points to 33.8%.

Market Intelligence（市場情報）報告營收成長 7%，以有機基礎計算成長 8%。超過 1/3 的營收成長來自近期產品投資，該部分成長 40%，主要由 ESG 與 S&P Global Marketplace 帶動。調整後費用增加 4%，主要因投資支出提高，特別是在 ESG、S&P Global Marketplace、SME 與中國；另有支持雲端計畫的額外基礎設施支出，以及 S&P Capital IQ Pro 與資料相關支出（主要為與售後研究營收連動的授權費）。調整後部門營業利益增加 13%，調整後部門營業利益率提升 190 個基點至 35.7%。以過去 4 季為基礎，調整後部門營業利益率提升 90 個基點至 33.8%。

Looking across Market Intelligence, there was solid growth in each category. Desktop revenue grew 6%, Data Management Solutions revenue grew 12%, Credit Risk Solutions revenue grew 7%.

從 Market Intelligence 各類別來看，每一類別均有穩健成長。桌面端（Desktop）營收成長 6%，資料管理解決方案（Data Management Solutions）營收成長 12%，信用風險解決方案（Credit Risk Solutions）營收成長 7%。

And now turning to Platts. Reported revenue increased 8%. Our core subscriptions increased 7%. It's notable that more than 1/3 of the growth came from new products, primarily ESG and LNG.

接著看 Platts。報告營收增加 8%。我們的核心訂閱成長 7%。值得注意的是，超過 1/3 的成長來自新產品，主要為 ESG 與 LNG。

Global Trading Services had a great quarter, increasing 14% mainly due to strong LNG and petroleum volumes. GTS activity often picks up when commodity prices become more volatile. Adjusted expenses increased 11% primarily due to growth initiatives, incentives and commissions. In addition, expenses in the third quarter last year were aided by management actions.

Global Trading Services 本季表現出色，成長 14%，主要因 LNG 與石油交易量強勁。當大宗商品價格波動加劇時，GTS 活動往往會升溫。調整後費用增加 11%，主要因成長計畫、獎勵與佣金所致。此外，去年第三季費用亦受管理層措施影響而有所助益。

Adjusted segment operating profit increased 5%, and adjusted segment operating profit margin decreased 110 basis points to 54.6%. The trailing 4-quarter adjusted segment operating profit margin increased 70 basis points to 55.6%. While there was revenue growth in every category, petrochemicals, natural gas, power and renewables and shipping, all delivered double-digit growth.

調整後部門營業利益增加 5%，調整後部門營業利益率下降 110 個基點至 54.6%。以過去 4 季為基礎，調整後部門營業利益率提升 70 個基點至 55.6%。雖然各類別營收皆成長，但石化、天然氣、電力與再生能源以及航運均呈現雙位數成長。

Because the company now anticipates closing the merger with IHS Markit in the first quarter of 2022, we're able to provide 2021 GAAP guidance for the first time. This slide depicts our new GAAP guidance.

由於公司目前預期將於 2022 年第一季完成與 IHS Markit 的合併，我們得以首次提供 2021 年 GAAP 指引。本頁呈現我們新的 GAAP 指引。

And this slide depicts our adjusted guidance. Third column shows our new 2021 adjusted guidance with all the line items that changed highlighted. We're making these changes primarily due to greater revenue growth in Ratings and Indices.

本頁呈現我們的調整後指引。第三欄顯示我們新的 2021 年調整後指引，並以標示方式突顯所有變動的項目。我們進行這些調整主要是因 Ratings 與 Indices 的營收成長更強。

Therefore, our revenue guidance has increased from high single-digit increase to a low double-digit increase. Corporate unallocated is increased by $5 million to a new range of $140 million to $150 million due to increased incentives and a charitable contribution.

因此，我們的營收指引已由「高個位數成長」上調至「低雙位數成長」。公司層級未分攤費用因獎勵增加及慈善捐款而上調 500 萬美元，新的區間為 1.4 億至 1.5 億美元。

Operating profit margin is increased by a range of 40 to 60 basis points to a new range of 55% to 55.5%. This results in a $0.50 to $0.55 increase to adjusted diluted EPS guidance to a new range of $13.50 to $13.65. And finally, free cash flow generation has been increased by $100 million to a range of $3.6 billion to $3.7 billion.

營業利益率上調40至60個基點，至新的區間55%至55.5%。這使得調整後稀釋每股盈餘（EPS）指引上調0.50至0.55美元，至新的區間13.50至13.65美元。最後，自由現金流產生量上調1億美元，至36億至37億美元的區間。

In conclusion, 2021 is turning out to be an exceptionally strong year for the company. All our businesses are delivering solid growth. We continue to expand our ESG product offerings, and we are making great progress on the upcoming merger with IHS Markit.

總結來說，2021年正成為公司異常強勁的一年。我們所有業務都實現了穩健成長。我們持續擴展ESG產品供給，並且在即將與IHS Markit合併方面取得了重大進展。

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

接下來，我把電話交回給Chip，進行提問環節。

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

謝謝。（接線員指示）接線員，我們現在開始第一個問題。

Our first question comes from Manav Patnaik with Barclays.

第一個問題來自巴克萊（Barclays）的Manav Patnaik。

I just had a question on the Capital IQ Pro platform that you talked about. It seems like that's been in the works for some time, perhaps it's out a little bit later than you guys had anticipated. But just talk about how you think that improves your competitive positioning? Or is there any changes in that side of the market from the competitive angle?

我想問一下你們提到的Capital IQ Pro平台。看起來這項工作已經進行了一段時間，可能比你們原先預期晚了一點推出。但能否談談你們認為它如何改善你們的競爭定位？或者從競爭角度來看，市場那一端是否有任何變化？

Thank you, Manav. This is Doug. Well, first of all, welcome, everyone, to the call. We had a lot to report today, and I'm pleased that you picked up that we've been able to launch the Capital IQ Pro platform.

謝謝你，Manav。我是Doug。首先，歡迎各位參加本次電話會議。我們今天有很多內容要報告，我也很高興你注意到我們已經能夠推出Capital IQ Pro平台。

It -- what it brings is its ability to, first of all, consolidate many, many different information sources that we've had in the company across the years. It has a much better interface that you've seen if you started using it. It also incorporates new Kensho capabilities and improved search. It also has the data for ESG. It's easier to use for our risk services data.

它——首先帶來的是把我們公司多年來累積的許多不同資訊來源加以整合的能力。如果你已經開始使用，你會看到它的介面好很多。它也納入了新的Kensho能力與改良的搜尋功能。它也包含ESG資料。對於我們的風險服務資料而言，也更容易使用。

So across the board, it provides us with a competitive advantage of comprehensive data, ease of use as well as new tools that make it easier to download data, to move them into spreadsheets for charting, et cetera. So we think it's an incremental leap forward, and it gives us a much more competitive platform for the market.

因此整體而言，它在全面性資料、易用性以及新工具方面為我們帶來競爭優勢，這些新工具讓下載資料、把資料移到試算表做圖表等工作更容易。我們認為這是一次增量式的躍進，讓我們在市場上擁有更具競爭力的平台。

Got it. And then, Doug, just on the issuance forecast for next year, I know you gave us the moving pieces by category. But just high level from a macro standpoint, I mean, down 2% volume doesn't sound that bad compared to the strong 2 years that we've had. But just curious on where you think the positives and negatives could be to that number?

了解。接著，Doug，關於明年的發行量預測，我知道你按類別給了我們各項變動因素。但從宏觀角度高層次來看，發行量下滑2%相較於我們過去兩年的強勁表現，聽起來並不算太糟。不過我想了解，你認為這個數字可能有哪些正面與負面因素？

Yes. This is something, as you know, we've seen a really interesting mix of the issuance this year. You saw the very strong issuance in loans, which is driven by M&A. We've seen so far, in the quarter, we saw a drop of corporates in U.S. of 30%, while we saw an increase of structured finance of over 100%. So that's -- those are really big swings.

是的。你也知道，今年我們看到發行結構出現非常有趣的組合。你看到貸款發行非常強勁，這是由併購（M&A）所帶動。到目前為止，在本季我們看到美國公司債下滑30%，同時結構性融資增加超過100%。所以——這些都是非常大的波動。

We do see that the M&A activity should continue forward. There's a lot of M&A activity in the pipeline, which would bode well for loan issuance. That's not something that's in the bond forecast itself. But in the bond forecast, we see that in corporates, it's going to be down about 7%. There continues to be a strong liquidity for those types of issuers. The trend is right now, there's not a very big pipeline of issuance of corporates that we see.

我們確實看到併購活動應會持續。併購案源管線中有大量活動，這對貸款發行有利。這並未納入債券發行預測本身。但在債券發行預測中，我們看到公司債將下滑約7%。這類發行人仍有強勁的流動性。當前趨勢是，我們看到公司債的發行管線並不大。

Financial services had, had strength the last couple of quarters. As you saw this quarter, financial institutions was up about 5%. In the U.S., it was actually up about 30%. So you did see some strength in that. So we do think that there's going to be some continuation, up about 1% -- sorry, it's 1% for 2022.

金融服務在過去幾季表現強勁。如你在本季所見，金融機構發行量約成長5%。在美國實際上成長約30%。因此你確實看到一些強勢。我們確實認為會有一定程度的延續，2022年約成長1%——抱歉，是2022年成長1%。

For structured finance, we do think that there's going to be some continuation of interest in CLOs, but I'm not sure if that will continue across all asset classes with about a 3% increase. U.S. public finance close to flat, around 2% up. And then finally, total, when you look across all of those, given the volume of corporates, which we had down 7%, that would bring the total down about 2% in 2022.

至於結構性融資，我們確實認為對CLO的興趣會有一定延續，但我不確定是否會在所有資產類別都持續，整體約成長3%。美國公共融資接近持平，約成長2%。最後，當你把所有類別加總來看，考量公司債量體且我們預估其下滑7%，將使2022年總量約下滑2%。

And as we said on the call, this is an initial issuance forecast of bonds. It's not a revenue forecast.

而且如我們在電話會議中所說，這是一份債券的初步發行量預測，並不是營收預測。

Our next question is from Kevin McVeigh with Credit Suisse.

下一個問題來自瑞士信貸（Credit Suisse）的Kevin McVeigh。

Congratulations on the results. Doug, you talked about ESG just within the context of longer-term opportunities. I mean, you're scaling it. It seems like the revenue was $24 million, up from $22 million. And I think in the past, you've talked about $100 million target and exceeding kind of $300 million by 2024. Are you still comfortable with that? And is there a potential, just puts and takes on that as we think about bringing in IHS to the extent you can talk about that?

恭喜你們的業績表現。Doug，你在談到ESG時把它放在較長期機會的脈絡下。我是說，你們正在擴大規模；看起來營收是2,400萬美元，從2,200萬美元上升。我記得過去你們談過1億美元目標，以及到2024年超過3億美元。你們仍然對此有信心嗎？另外，當我們把IHS納入考量時，是否存在潛在的影響因素（利多與利空）——在你能談的範圍內？

Kevin, this is Ewout. Let me first take the first part of your question, and then I will hand it over to Doug.

Kevin，我是Ewout。我先回答你問題的第一部分，然後再交給Doug。

First, with respect to the revenue outlook for ESG for the full year, yes, we're still expecting to come in approximately $100 million of revenues for the full year. And one of the reasons is that there is some seasonality with respect to SAM revenues. Usually, it's a bit higher in the fourth quarter.

首先，就全年ESG營收展望而言，是的，我們仍預期全年營收約為1億美元。其中一個原因是，SAM營收具有一定季節性，通常第四季會高一些。

So we're year-to-date at $67 million of ESG revenues. And again then we expect this to go up in the fourth quarter to approximately $100 million for the full year. So we are on track with respect to our forecast on the 40% CAGR that we expect over the next few years. And you see that we have a lot of positive momentum, a lot of new product launches, a lot of new initiatives going on, a lot of investments in ESG initiatives. So let me hand it over here to Doug.

因此截至目前，我們ESG營收年初至今為6,700萬美元。然後我們預期第四季會上升，使全年約達1億美元。所以就我們預期未來幾年40%年複合成長率（CAGR）的預測而言，我們進度符合預期。你也看到我們有很多正向動能，許多新產品推出、許多新計畫在進行中，並且在ESG相關計畫上有大量投資。接下來我把問題交給Doug。

Thank you, Kevin. And just a couple of points strategically in our -- for our positioning. We have been able to put together the Sustainability1 group under the leadership of Martina Cheung. And this has provided us with the ability to look across the entire organization for ways that we can link data and put together the latest needs for the market.

謝謝你，Kevin。我再補充幾點策略面、關於我們的定位。我們已在Martina Cheung的領導下成立Sustainability1團隊。這讓我們能夠從整個組織的角度，尋找可以連結資料的方法，並整合市場最新需求。

As you saw, we launched the partnership with the Ford Foundation, Hamilton Lane and Omidyar for the Novata platform for the private markets and private equity. So we're looking across all the different types of opportunities to bring ESG data into the market so you have the most transparency, the most comprehensive, consistent approach to providing those ESG solutions to the market.

如你所見，我們與福特基金會（Ford Foundation）、Hamilton Lane以及Omidyar合作，為私募市場與私募股權推出Novata平台。我們正在檢視各種不同機會，把ESG資料帶入市場，讓市場擁有最高透明度、最全面且一致的方法，來提供這些ESG解決方案。

So this is something that we're looking at across the board in all the different aspects of how markets are starting to use ESG data. You should expect that we're going to continue to invest in this area. You should hear from us every quarter that we've spent some money or invested in a different division to increase our sales force, our technical capabilities. And if you ask a question about where might we still be targeting some longer-term look at acquisitions, ESG would clearly be on that list.

因此，對於市場開始如何使用ESG資料的各個面向，我們都在全面檢視。你應該預期我們會持續在這個領域投資。你每一季都應該會聽到我們提到：我們在某個部門投入資金或進行投資，以擴大銷售團隊、提升技術能力。若你問我們在較長期、可能仍會鎖定哪些併購方向，ESG顯然會在清單上。

Super helpful. And then just real quick, it seems like you're able to walk up the cost synergies and even the upper end of the revenue synergies despite some additional divestments to get the deal over the goal line. Any thoughts on kind of the broader, I guess, categories of what the expense synergies are and then maybe where some of that revenue comes in as well? Is that just you're kind of coming together? Or just any thoughts as to what drove that upside there?

非常有幫助。接著很快問一下：看起來你們即使為了讓交易順利完成而做了一些額外的資產剝離，仍能上調成本綜效，甚至上調營收綜效的上限。對於費用綜效的大方向類別，以及部分營收來源可能來自哪裡，有沒有什麼想法？那是否只是因為你們正在整合？或是能否談談是什麼驅動了這部分的上修？

Kevin, the short answer here is that based on a lot of bottoms-up work by large groups of people with a lot of rigor substantiating synergy opportunities, we have been able to find higher opportunities than we thought before. So let me expand a bit on that.

Kevin，簡短的回答是：基於大量人員以高度嚴謹的方式自下而上（bottoms-up）進行工作、並佐證綜效機會，我們得以找到比先前預期更高的機會。讓我稍微展開說明。

You recall when we announced the transaction, we said that we had $350 million of revenue synergies and $480 million of cost synergies. That was based on very thorough process during due diligence. However, that was done by a smaller group of senior executives because, of course, a smaller group of people were aware that we're working on that transaction.

你還記得我們宣布交易時提到，營收綜效為3.5億美元、成本綜效為4.8億美元。那是基於盡職調查期間非常徹底的流程。然而，當時是由較小的一群資深主管完成，因為當然，只有較少的人知道我們正在進行這筆交易。

Since then, we have had work streams in place and 4 submission rounds with respect to synergies through a very rigorous process. And we have been able to look much deeper into all the synergy categories from integrating corporate functions to optimizing real estate and technology, going very deep in procurement through clean room activities, procurement, I already mentioned, eliminating duplicative costs. So many of those areas. And based on all of that very detailed work, we are confident now that we can raise those synergy targets, both for cost and revenues.

自那之後，我們已建立工作流程，並就協同效應透過非常嚴謹的流程進行了 4 輪提交。我們也得以更深入檢視所有協同效應類別，從整合公司職能到優化不動產與科技，並透過 clean room 活動在採購方面做了非常深入的工作；我先前也提到過採購，以及消除重複成本等。涵蓋了許多領域。基於所有這些非常細緻的工作，我們現在有信心能夠上調這些協同效應目標，包含成本與營收兩方面。

Congrats again.

再次恭喜。

Thank you, Kevin.

謝謝你，Kevin。

Our next question is from Andrew Nicholas with William Blair.

下一個問題來自 William Blair 的 Andrew Nicholas。

Maybe I'll start with a follow-up to the last question, which is just on the timing of cost synergies. I believe of the $480 million that you'd outlined initially, $390 million were expected in the first 2 years. This additional $100 million or so, is that kind of a first 2-year opportunity? Or is that part of a longer tail?

我先接續上一題追問一下，主要是關於成本協同效應的時程。我記得你們最初提出的 4.8 億美元中，有 3.9 億美元預期在前兩年實現。這次新增的大約 1 億美元，是屬於前兩年的機會嗎？還是會落在更長尾的期間？

Andrew, what we are looking at is very similar trajectories with respect to expense synergies and revenue synergies that we told you before. So 3-year cost synergy ramp, which is more front-end loaded and then 5-year ramp for revenue synergies, which is more gradual over the 5-year period of time.

Andrew，我們目前看到的走勢，與先前告訴你們的費用協同效應與營收協同效應的軌跡非常相似。因此，成本協同效應是 3 年的爬坡期，且較偏前期集中；營收協同效應則是 5 年的爬坡期，在 5 年期間內會較為逐步、漸進。

Understood. And then my next question, appreciate you taking them. It was just on the implied guidance for fourth quarter spend. Obviously, after a really good quarter, it still looks like you're expecting more acceleration in spend. So I'm just wondering, one, what the major drivers of that increased spend are in the fourth quarter and then also as a jumping-off point for 2022.

了解。接著下一個問題，謝謝你們回答。是關於第四季支出的隱含指引。顯然在一個非常好的季度之後，看起來你們仍預期支出會進一步加速。所以我想請教：第一，第四季支出增加的主要驅動因素是什麼？第二，作為 2022 年的起點，這代表什麼？

Sure. Well, I have to be careful about 2022 because we're not providing guidance on that at this point in time. But let me give you some more details about the outlook for the remainder of the year.

好的。不過我必須對 2022 年謹慎一些，因為我們目前不提供 2022 年的指引。但我可以就今年剩餘期間的展望提供更多細節。

So what you see, Andrew, is a bit of direction of different initiatives going in opposite direction. So at first, we have the productivity program, where we take benefit so far this year from an expense growth perspective as well as the prerealized synergies on the S&P Global side that we mentioned in the prepared remarks. And of course, we're also taking benefit from the operating leverage.

Andrew，你看到的是一些不同計畫的方向彼此相反。首先，我們有生產力計畫，從費用成長的角度來看，我們今年迄今已取得效益，另外也有我們在事先準備稿中提到的 S&P Global 端已預先實現的協同效應。當然，我們也受益於營運槓桿。

But what goes in the opposite direction is the strategic investments we are making and the strategic initiatives, for example in ESG, for example in the energy transition in Platts, and then also our variable expenses are going up. I consider those good expenses because they are directly linked to our sales levels and our revenue levels. So think about incentive compensation, commissions and cost of sales.

但相反方向的是我們正在進行的策略性投資與策略性計畫，例如 ESG，例如 Platts 的能源轉型；此外，我們的變動費用也在上升。我認為這些是好的費用，因為它們與我們的銷售水準與營收水準直接連動。可以想像成獎酬激勵、佣金以及銷售成本。

So we expect those underlying trends to continue in the fourth quarter. Specifically, I would like to call out Platts because the Platts expenses might be a little higher in the fourth quarter, similar to what you saw in the third quarter because here you see particularly those variable expenses being a bit higher as well as the investments in the new initiatives.

因此，我們預期這些基本趨勢在第四季會持續。特別是我想點出 Platts，因為 Platts 的費用在第四季可能會稍高，類似你在第三季看到的情況；主要是這些變動費用較高，以及對新計畫的投資。

But that is also paying off because, as we mentioned, 1/3 of the revenue growth in Platts is coming from those new products. I hope that's helpful.

但這也正在帶來回報，因為如我們所提到，Platts 的營收成長有三分之一來自這些新產品。希望這對你有幫助。

Yes, it is.

是的，很有幫助。

Our next question is from Hamzah Mazari with Jefferies.

下一個問題來自 Jefferies 的 Hamzah Mazari。

My question was just around if you could just update us on the capital allocation framework going forward. I know the deal time line is sort of Q1. You also outlined how much free cash you're generating this year. Just update us on your thoughts on return of cash post deal closing? And then have the cost to achieve synergies changed at all with the updated cost synergy figures?

我的問題是，能否更新一下未來的資本配置框架。我知道交易時程大概在第一季。你們也說明了今年會產生多少自由現金流。想請更新一下你們對於交易完成後回饋現金（return of cash）的想法？另外，隨著成本協同效應數字更新，達成協同效應的成本（cost to achieve synergies）是否有任何變化？

So let me first take the capital return philosophy. You're absolutely right that we're building up significant cash as a company. And our thinking about returning that because, obviously, this is temporarily elevated, returning that cash, the thinking about that is the following.

我先談資本回饋的理念。你說得完全正確，我們公司正在累積相當可觀的現金。至於如何回饋這些現金——顯然這是暫時性偏高——我們的思考如下。

So first, we have a catch-up to do because for the last 1.5 years, we have not been able to do share buybacks. And the same applies, by the way, for IHS Markit. So IHS Markit can also not do share buyback, so it's also building up its cash position.

首先，我們需要補做一段，因為過去 1.5 年我們無法進行庫藏股回購。順帶一提，IHS Markit 也是如此。IHS Markit 也不能做庫藏股回購，因此也在累積其現金部位。

Then what we should add is some of the proceeds of the divestitures that will help with the capital return capacity. And then very quickly after the completion of the transaction, we would like to move to our new capital return target of at least 85% of free cash flow.

接著，我們還會加入部分資產剝離（divestitures）的處分所得，這將有助於提升資本回饋的能力。然後在交易完成後不久，我們希望轉向新的資本回饋目標：至少將自由現金流的 85% 回饋給股東。

So if you add up all of those pieces, then we're speaking about a very meaningful capital return number that we will be able to achieve after the completion of the transaction. I cannot give you a numerical answer on that right now. But what we are planning to do is give you the financial targets of the combined company in the first quarter, again after we complete the merger.

因此，把這些部分加總起來，我們談的是在交易完成後可達成一個非常可觀的資本回饋規模。我目前無法給你一個數字答案。但我們的規劃是在第一季、也就是完成合併之後，再向你們提供合併後公司的財務目標。

With respect to your second part of the question, the cost to achieve. So we are looking still at those 3 different categories with respect to our merger-related costs. So we have transaction cost, integration cost and cost to achieve.

至於你問題的第二部分，也就是達成成本（cost to achieve）。我們仍然將與合併相關的成本分為 3 類：交易成本（transaction cost）、整合成本（integration cost）以及達成成本（cost to achieve）。

Cost to achieve in my view, are, of course, the best category of cost because it's an investment to ultimately achieve those synergies. What we are looking at in terms of the overall best estimates with respect to the spend, the integration cost and the cost to achieve combined, we're looking at approximately 1.1x the overall cost and revenue synergies. So that's our best estimate in terms of what we expected to spend for integration and cost to achieve. But again, that is an investment in order to achieve ultimately those higher synergy numbers.

在我看來，達成成本當然是最好的成本類別，因為它是一項投資，最終用來實現那些協同效應。就我們對支出、整合成本與達成成本合計的整體最佳估計而言，我們預估約為整體成本與營收協同效應的 1.1 倍。這是我們對整合與達成成本預期支出的最佳估計。但再次強調，這是一項投資，目的是最終實現更高的協同效應數字。

Very helpful. And my follow-up question, I'll turn it over, is just around the China Ratings business. I know you outlined sort of completing 15 domestic ratings. But do you view that environment as having changed for your business? Or not really? A lot of the headlines around China are a little more -- it seems like it's tougher, but maybe it doesn't impact your business domestically. So just any thoughts there.

非常有幫助。我的追問是關於中國評級（China Ratings）業務。我知道你們提到完成了大約 15 個境內評級。但你們是否認為那個環境對你們的業務已經有所改變？還是其實沒有？關於中國的新聞標題看起來更——似乎更嚴峻，但也許不影響你們在境內的業務。想聽聽你們的看法。

Yes. Thanks, Hamzah. And as you mentioned, we did complete 15 ratings in the third quarter. It's actually 46 year-to-date, and that compares to 2022 and all of 2020.

是的，謝謝你，Hamzah。如你所提到，我們在第三季完成了 15 個評級。其實年初至今是 46 個，這可與 2022 年以及 2020 年全年相比。

So we know that growth isn't going to be a straight line. There's a lot of interest in our ratings. As you see, there's some credit events taking place in China right now. And those are bringing a lot of attention to our ratings and our methodology, how we think about informing the market.

因此我們知道成長不會是一條直線。市場對我們的評級有很高的興趣。正如你所見，中國目前正發生一些信用事件，而這些事件讓市場更關注我們的評級與方法論，以及我們如何思考並為市場提供資訊。

We see a big uptick in people attending our webinars, downloading our research. And we've also been pleased that we've been able to rate companies across the entire credit sector from AAA to BBB and then different types of companies, financial, structured products and our first nonfinancial corporates.

我們看到參加我們網路研討會、下載我們研究報告的人數大幅增加。我們也很高興能夠對整個信用領域的公司進行評級，從 AAA 到 BBB，並涵蓋不同類型的公司：金融機構、結構性產品，以及我們第一批非金融企業。

But more to your question about the environment, we continue to see the financial regulators are very interested in reforming and updating their financial markets. We would see that when it comes to the ratings industry, there's interest in seeing more from us. They're talking about some reforms that would make the ratings industry more transparent and make it -- change some of the floors for what would be defined as a noninvestment-grade rating.

但更回到你關於環境的問題，我們持續看到金融監管機構對改革與更新其金融市場非常有興趣。就評級產業而言，我們看到他們希望從我們這裡看到更多。他們正在討論一些改革，將使評級產業更透明，並且——調整一些門檻（floors），例如對何者會被定義為非投資級評級的界定。

But very importantly, we also see a whole slew of international financial firms getting licenses to operate 100% owned or more than 51% owned operations in China. Recently, Goldman Sachs received approval to take full ownership of its securities JV. Others include Fidelity, JPMorgan, Citi, BlackRock, et cetera. So we do think that in the financial markets, we see a very different rhetoric and a willingness to open and reform the markets compared to what you see sometimes in other parts of the markets.

但非常重要的是，我們也看到一大批國際金融機構取得許可，在中國以 100% 持股或超過 51% 持股的方式營運。近期高盛獲准取得其證券合資企業的完全所有權。其他還包括 Fidelity、JPMorgan、Citi、BlackRock 等等。因此我們確實認為，在金融市場方面，我們看到的論述與開放、改革市場的意願，與你在其他市場領域有時看到的情況非常不同。

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

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

Just on the divestiture and the $420 million of revenues for the divestitures, I believe the ones that are already announced, OPIS, CMM and PetroChem, those were $129 million. I just wanted to confirm if that number is still right. And I was wondering if you could provide any incremental details on the other businesses, any further details on revenues for other businesses?

關於資產剝離以及剝離業務的 4.2 億美元營收，我記得已宣布的那些——OPIS、CMM 和 PetroChem——是 1.29 億美元。我想確認這個數字是否仍然正確。另外想請問，你們是否能就其他業務提供任何額外細節，例如其他業務的營收更多資訊？

Indeed, that number is still correct. Approximately $125 million revenue for OPIS and its related businesses like the Coal, Metals & Mining, and as Doug said in his prepared remarks, $425 million for all of the divestitures, including OPIS combined.

是的，那個數字仍然正確。OPIS 及其相關業務（例如煤炭、金屬與礦業）的營收約為 1.25 億美元；而如 Doug 在事先準備稿中所說，所有資產剝離合計（包含 OPIS）約為 4.25 億美元。

Okay. That's helpful. And then just a question on the Cap IQ Pro. Obviously, that's gaining pretty good traction with the rollout there. My question was how does that help you post the integration with IHS Markit? Does it make it easier for you to cross-sell IHS data into the Cap IQ customer base with the rollout of the IQ Pro, a pretty solid rollout of the Cap IQ Pro platform?

好的。這很有幫助。接著想請教一下 Cap IQ Pro。顯然，隨著那邊的推出，它的推廣進展相當不錯。我的問題是，在與 IHS Markit 完成整合之後，這對你們有什麼幫助？隨著 IQ Pro 的推出，以及 Cap IQ Pro 平台相當扎實的推廣，是否讓你們更容易把 IHS 的數據交叉銷售到 Cap IQ 的客戶群？

Yes, Ashish, it definitely does. Having the Capital IQ Pro developed and delivered is important to us. It gives us confidence of our ability to integrate new data sets. It also is something that's on the desktop of already 90,000 users, which is growing rapidly. We believe that, that gives us the ability to integrate new data sets.

是的，Ashish，確實如此。開發並交付 Capital IQ Pro 對我們很重要。這讓我們對整合新資料集的能力更有信心。而且它已經在 90,000 名使用者的桌面端上，且用戶數正在快速成長。我們相信，這讓我們有能力整合新的資料集。

As you know, related to the Market Intelligence business, we also have the Data Marketplace, which has the tiles for different data sets, which are already curated, have the contracts around them. That's another aspect of the Market Intelligence business that is going incredibly well that will help us integrate the data lake and the data products also of IHS Markit.

如你所知，與 Market Intelligence 業務相關的，我們也有 Data Marketplace，其中有針對不同資料集的圖塊（tiles），這些資料集已經過整理與策展，也已具備相應的合約安排。這也是 Market Intelligence 業務中進展非常順利的另一個面向，將有助於我們整合 IHS Markit 的資料湖與資料產品。

So the progress technologically, how we've moved our operations to the cloud, the upgrade and updates we've been doing to the back end as well as now the ability to deliver that front end of S&P Capital IQ Pro are all going to help facilitate the integration.

因此，從技術進展來看，我們如何把營運遷移到雲端、我們對後端所做的升級與更新，以及現在能夠交付 S&P Capital IQ Pro 的前端能力，這些都將有助於促進整合。

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

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

I wanted to switch over to the Indices business. The performance has really been remarkable the past few quarters. And I think you've had 3 straight quarters adjusted operating margin above 70%. Is that the new bar going forward? Is that sustainable?

我想把話題轉到指數（Indices）業務。過去幾個季度的表現確實非常亮眼。我想你們已經連續 3 個季度的調整後營業利益率都高於 70%。這會是未來的新基準嗎？這樣的水準可持續嗎？

Jeff, this is Ewout. With respect to the outlook for margins for Indices, I can only give you the outlook for 2021, and that is approximately 70% margin for the full year. We will get back to you in the first quarter when we do our fourth quarter earnings call with respect to specific guidance for 2022.

Jeff，我是 Ewout。關於指數業務的利潤率展望，我只能提供 2021 年的展望，也就是全年約 70% 的利潤率。至於 2022 年的具體指引，我們會在第一季進行第四季財報電話會議時再回覆。

Okay. I thought I'd try, but thank you anyhow. And then just moving back to the merger. Can you just remind us where we stand in terms of milestones in terms of what we're looking for over the next few months?

好的。我想我試試看，但還是謝謝你。接著回到併購案。你們能否提醒我們，目前在里程碑方面的進度如何？未來幾個月我們應該關注哪些事項？

Let me take that. And what we're looking over the next few months is to continue to meet the requirements that we've agreed with the regulators on where we're going to be divesting of some businesses so that we can close the transaction.

我來回答。未來幾個月我們要做的是，持續滿足我們與監管機構已達成一致的要求，也就是我們將剝離部分業務，以便完成交易交割。

As you saw this week or last week, we were able to reach some agreements with the EC for the approval of some conditions and what they call remedies, which include the divestiture of OPIS that they include what's now the divestiture of CUSIP and then also LCD and loan indices. We have about 6 months from now to close the LCD and the loan indices. And those are not conditions to close the transaction, CUSIP is.

如你本週或上週所見，我們已能與歐盟執委會（EC）就核准的一些條件以及他們所稱的補救措施（remedies）達成部分協議，其中包括剝離 OPIS、目前也包括剝離 CUSIP，另外還有 LCD 與貸款指數。我們從現在起大約有 6 個月時間來完成 LCD 與貸款指數的交割。而這兩項並不是完成整體交易交割的條件；CUSIP 才是。

And then with the CMA in the U.K., we also have the condition of the OPIS transaction and now something else is being added, that's called base chemicals. And we heard from them this morning that in general, they approve of that as a remedy that they would expect meets the needs.

接著在英國的競爭與市場管理局（CMA）方面，我們也有 OPIS 交易這項條件，現在又新增了一項稱為基礎化學品（base chemicals）的內容。我們今天早上收到他們的回覆，整體而言，他們認為這作為補救措施，預期能符合其需求。

We also want to make sure that over the next 3 or 4 months that we have time to follow through on a very thorough and robust process to get full value for all of these divestitures. So in a sense right now, getting those divestitures, meeting the requirements of those regulators are the remedies that they saw that created competitive positions that they thought would be too strong.

我們也希望在接下來 3 到 4 個月內，能有時間完成一個非常周全且強健的流程，以便讓所有這些剝離資產取得完整價值。某種程度上，目前推進這些剝離、滿足監管機構的要求，就是他們所提出的補救措施，因為他們認為某些競爭地位會變得過於強勢。

Completing those divestitures is going to be the gating factor. But we also want to do it, as I said, in a way that's professional, robust, and we get full value. So you should be watching that.

完成這些剝離將是關鍵的門檻因素（gating factor）。但我們也希望如我所說，以專業、嚴謹的方式來做，並取得完整價值。所以你們應該關注這一點。

We'll be providing more information as things crop up that we can talk about. But be assured that this is something that's on the top of our list right now, things we have to get done.

隨著有新進展、且在我們可談論的範圍內，我們會提供更多資訊。但請放心，這是我們目前最優先的事項之一，是我們必須完成的工作。

Okay. Really appreciate the color.

好的。非常感謝你提供這些細節。

If I may build on Doug's answer, with respect to milestones, we also have, of course, the milestones around the merger planning process. And I think we're well underway, a lot of positive initiatives that are going on in both organizations.

如果我可以補充 Doug 的回答，關於里程碑，我們當然也有併購規劃流程相關的里程碑。我認為我們已經進展順利，兩個組織內都有許多正向的倡議正在推進。

And we are looking at, for example, getting ready for day 1 and being able to operate as one combined company on day 1, system integrations, people planning, synergies and so on. So also a lot of milestones that we are working on, on the more overall planning process.

例如，我們正在為 Day 1 做準備，確保在 Day 1 能以一家合併後的公司運作，包括系統整合、人力規劃、協同效益等等。因此，在更整體的規劃流程上，也有很多我們正在推進的里程碑。

Our next question is from Toni Kaplan with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Toni Kaplan。

Wanted to ask about the recurring revenue within the Ratings business. It's very strong again at 15%, fourth quarter of double-digit growth. Going forward, should we expect sort of a similar growth rate there?

我想問一下評級（Ratings）業務中的經常性收入。它再次非常強勁，達到 15%，而且第四季也維持雙位數成長。往前看，我們是否應該預期那邊大致會有類似的成長率？

And just broadly, has there been any change from issuers when deciding whether to enter a frequent issuer program, especially as debt balances continue to rise? Or has that not really changed at this point?

另外更廣泛地問，發行人在決定是否加入頻繁發行人計畫（frequent issuer program）時，有沒有任何改變？特別是在債務餘額持續上升的情況下？還是目前其實沒有太大變化？

Indeed, a very positive, continued positive revenue growth in the nontransaction category for Ratings. And we also expect that to continue for the full year. So the outlook for nontransaction revenue is now low double-digits growth.

確實，評級業務中非交易類（nontransaction）收入持續呈現非常正向的成長。我們也預期這種趨勢會延續到全年。因此，非交易類收入的展望目前是低雙位數成長。

What you see is -- underneath is a couple of developments. First, we are seeing that surveillance fees are going up. That is being helped last year by the very high level of bond issuance activity and this year, of course, by bank loan rating activity where we also are receiving surveillance fees. So indeed, some part of that, you may expect to also continue in the future beyond 2021.

你所看到的背後有幾項發展。第一，我們看到監測費（surveillance fees）正在上升。去年這受惠於非常高的債券發行活動水準；而今年，當然也受惠於銀行貸款評級活動，我們同樣會收取監測費。因此，其中一部分你也可以預期在 2021 年之後的未來仍會延續。

Then what we also see is a lot of activity with respect to initial credit ratings this year, Rating Evaluation Service, which is helped by the M&A environment. And then CRISIL also is doing very well and is also showing very healthy growth. So all of the underlying categories in nontransaction revenue doing very well.

另外，我們也看到今年初始信用評級（initial credit ratings）活動非常活躍，評級評估服務（Rating Evaluation Service）也受惠於併購（M&A）環境。此外，CRISIL 的表現也非常好，並展現非常健康的成長。因此，非交易類收入的所有底層類別都表現得很強。

That's really helpful color. And just for my follow-up, given that I know you're less exposed to sort of some of the labor pressures we're seeing across some of our diversified names, but that being said, can you comment on if you're seeing any headwinds on the labor side? Is it harder to find people? Just wanted to understand what's going on with your employment.

這些細節非常有幫助。接著我的追問是，鑑於我知道你們相對較不受我們在一些多元化公司看到的勞動力壓力影響，但即便如此，你們能否評論一下是否在勞動力方面看到任何逆風？是否更難找到人？我只是想了解你們的人力雇用狀況。

Absolutely, Toni. We're monitoring this very closely, both indeed from a quality of people that we can attract and retain as well as overall from a cost perspective because, of course, the largest cost category we have is staff cost as a company. It's about 70% of our overall cost base.

當然可以，Toni。我們正非常密切地監控這件事，既包括我們能吸引並留住的人才品質，也包括整體成本面，因為我們公司最大的成本類別當然是人員成本，約占我們整體成本基礎的 70%。

We, by the way, see this both as a risk as -- and as an opportunity because if there are a lot of people on the move in the labor market, it's also a clear opportunity to pick up some really good talent as a company. Moreover, with the hybrid working model that we are introducing, we also think that it is attractive as an employer that we can offer that. And it also offers a possibility to look at talent in a much wider geographical area that we're looking at before.

順帶一提，我們同時把這視為風險與機會：如果勞動市場有很多人正在流動，對公司而言也是一個明確的機會，可以招募到一些非常優秀的人才。此外，隨著我們導入混合式工作模式（hybrid working model），我們也認為這會讓我們作為雇主更具吸引力。我們也能在比以往更廣泛的地理範圍內尋找人才。

So we're closely monitoring this. At this point in time, our economists believe that the inflation pressure should be transitory. So that's more our base case. But we're definitely running stress tests to think about if inflation would be more permanent, what that would mean for the company and what management actions we can take.

因此我們正密切監控。目前我們的經濟學家認為通膨壓力應該是暫時性的，所以這是我們較基準的情境。但我們也確實在做壓力測試，思考如果通膨更為持久，對公司意味著什麼，以及管理層可以採取哪些行動。

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

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

My first question, typically, you guys raised prices on average 3% to 4% per year. For your legacy business this year, is that a reasonable range? And is there any areas around that are significantly higher or lower than that? And I have a follow-up.

我的第一個問題是，通常你們平均每年調漲價格 3% 到 4%。對你們今年的既有（legacy）業務而言，這樣的區間合理嗎？是否有任何領域顯著高於或低於這個範圍？我還有一個追問。

Craig, as you know, we typically will price somewhere around 2%, 3%. We try to look at what are the trends in the markets on inflation, but that would continue to be our expectation going forward. But we don't have any further guidance or update on that right now.

Craig，如你所知，我們通常的定價調整大約在 2%、3% 左右。我們會觀察市場上通膨的趨勢，但這仍會是我們對未來的預期。不過目前我們沒有進一步的指引或更新。

Okay. And then my other question, Doug, your outlook for debt issuance this upcoming year is, I guess, down 2%, excludes bank loans if I heard you right. Can you just comment, if you would, what's your best assessment how you think bank loan issuance will do next year given the huge strength you guys have seen this year?

好的。那我的另一個問題是，Doug，你對明年債務發行量的展望，我想是下降 2%，如果我沒聽錯的話，這不包含銀行貸款。你能否評論一下，你對明年銀行貸款發行量的最佳評估是什麼？考量到你們今年看到的強勁表現。

I don't have a bank loan issuance forecast from the team. And I do -- I would only say that we do see a very strong pipeline for M&A and LBOs. That is always one of the most important elements that figures into that. But we'll be providing more guidance on that at our next earnings call.

我沒有從團隊那邊拿到銀行貸款發行的預測。而且我——我只能說，我們確實看到併購（M&A）與槓桿收購（LBO）的案源非常強勁。這一直是其中最重要、會納入考量的要素之一。但我們會在下一次財報電話會議上提供更多相關指引。

Our next question is from Andrew Steinerman with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Andrew Steinerman。

I'll be quick. Ewout, could you just help us a little bit more understanding of the fourth quarter, just a comment about the 4 segments and how they're likely to do on an organic revenue growth basis to puzzle into the full year '21 guide that you gave on Slide 43?

我會很快。Ewout，你能否再幫我們多理解一點第四季的情況，針對四個事業部門各自的評論，以及它們在有機營收成長基礎上可能的表現，讓我們能拼湊到你在第 43 頁投影片給出的 2021 全年指引？

Sure, Andrew. We're looking now at outlook with respect to revenue growth for our divisions. The Index business, double-digit revenue growth; Ratings, low double digit. We have Platts at high single digits, and we have MI at mid- to high single digits.

當然可以，Andrew。我們目前在看各事業部門的營收成長展望。指數（Index）業務為雙位數營收成長；評級（Ratings）為低雙位數。Platts 為高個位數，而 MI 為中到高個位數。

And then with respect to the margin outlook for the full year, we have, as I said before, Indices around 70%; Ratings, mid-60s; Platts, mid-50s; and then MI, mid-30s. So continued positive momentum, healthy top line growth and healthy margins for all of our segments.

至於全年利潤率展望，如我先前所說，指數約 70%；評級為 60% 中段；Platts 為 50% 中段；MI 則為 30% 中段。因此，我們各個部門都持續呈現正向動能，營收端成長健康、利潤率也健康。

And that's for the full year. Correct, Ewout?

而這是針對全年。對嗎，Ewout？

Those are full year, correct.

是的，這些是全年數字，沒錯。

Okay, will puzzle into fourth quarter. I appreciate that.

好的，這樣就能拼湊到第四季了。感謝。

Our next question is from George Tong with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 George Tong。

You've now increased your guidance for debt issuance and Ratings revenue 3 quarters in a row. Why shouldn't the factors that drove outperformance persist into 2022?

你們已經連續三個季度上調債務發行與評級營收的指引。為什麼推動超預期表現的因素不會延續到 2022 年？

I don't have any reason whatsoever to try to give a forecast in 2022 right now that goes beyond what our own team, who are the people in the markets every day, have looked at. Clearly, there's a lot of factors which go into the decision of organizations to issue debt or to undertake an M&A deal and what sort of instrument did they undertake to finance it with, whether it's a loan, how that gets packaged in CLO, et cetera.

我完全沒有任何理由在此刻嘗試對 2022 年做出超出我們內部團隊評估範圍的預測；我們的團隊每天都在市場第一線。顯然，機構是否發債或進行一筆併購交易，以及用什麼工具來融資——例如是貸款、如何打包成 CLO（擔保貸款憑證）等等——都涉及許多因素。

There is a lot of liquidity in the market. We do see a strong M&A pipeline right now. And so those are things that we'll factor in when we bring you the full year update and our guidance on our next earnings call.

市場上流動性非常充裕。我們目前也確實看到強勁的併購案源。因此，當我們在下一次財報電話會議提供全年更新與指引時，會把這些因素納入考量。

Okay. Got it. You increased your synergy target associated with the INFO merger. Which businesses do you expect these incremental synergies to come from predominantly? Or is it relatively even the space across the business?

好的，了解。你們上調了與 INFO 併購相關的協同效益目標。你們預期這些新增的協同效益主要會來自哪些業務？還是說在各業務之間相對平均？

George, it will be across the board in many different categories in all of the segments as well as also in the functional areas. Let me give you a couple of examples of that so that you can get a more feel behind it.

George，這會是全面性的，涵蓋所有事業部門的多個不同類別，也包括各項職能領域。我舉幾個例子，讓你更有感。

So first, a lot of work has been underway in what we call the procurement's clean room. So about $2.5 billion of spend of both companies has been analyzed there, 25,000 active contracts. And that has led to some opportunities, further opportunities that have been identified. Also, there is a clean room for cross-sell, and we have found about 200 synergies with respect to cross-sell through that clean room activity.

首先，我們在所謂的採購「潔淨室」（procurement clean room）已經進行了大量工作。兩家公司合計約 25 億美元的支出在那裡被分析，涵蓋 25,000 份有效合約。這也帶來了一些機會，並識別出更多進一步的機會。另外，交叉銷售也有一個潔淨室，我們透過該潔淨室的活動，已找出約 200 項與交叉銷售相關的協同效益。

And then what we did not expect before were certain synergy benefits from segments that we basically did not have on the list before. So we now have synergies also being identified in Ratings, in Transportation, in CMS and in CRISIL. So those are a couple of examples. But I would say, in general, really more opportunities in all of the areas across both organizations, and of course, then the combined company in the future.

此外，先前我們並未預期會從某些原本不在清單上的部門獲得特定的協同效益。因此，我們現在也在評級（Ratings）、運輸（Transportation）、CMS 以及 CRISIL 中識別出協同效益。以上是幾個例子。但整體而言，我會說在兩家組織的各個領域，當然也包括未來的合併公司，都還有更多機會。

Our next question is from Owen Lau with Oppenheimer.

下一個問題來自 Oppenheimer 的 Owen Lau。

I'll be quick. Could you please talk about the rationale behind and how you come down to the conclusion to divest CUSIP and LCD? And then are all these divestitures contingent to the completion of the INFO deal?

我會很快。你能否談談出售 CUSIP 與 LCD 的理由，以及你們是如何得出這個結論的？另外，這些出售是否都以 INFO 交易完成為前提？

Yes. Thank you, Owen. Well, as you know, these are businesses that the EC and the CMA have looked at with a lot of depth. They go to the market, they go to market participants to ask them to look at the businesses as we bring them together and to give them feedback as to what would look -- what would be the competitiveness of those businesses.

是的，謝謝你，Owen。如你所知，這些業務是歐盟執委會（EC）與英國競爭與市場管理局（CMA）深入審視的項目。他們會去市場上，向市場參與者徵詢意見，請他們評估當我們把這些業務結合在一起時，這些業務的競爭性會是什麼樣子——並回饋他們的看法。

So when it comes to the discussion with the EC, they determined that CUSIP and LCD and the loan indices would create some sort of an additional competitive advantage. And in the discussions with them and looking at their understanding and belief of the market position, we agreed that, that would be a remedy that would meet their needs to ensure that we didn't have a dominant position in the market.

在與 EC 的討論中，他們認定 CUSIP、LCD 以及貸款指數會形成某種額外的競爭優勢。在與他們討論、並基於他們對市場地位的理解與判斷後，我們同意這將是一項補救措施（remedy），可滿足他們的需求，以確保我們不會在市場上形成支配地位。

So this is a -- this is something that they look at. You can actually read their letter that has been published that they have a very short couple of paragraphs that describe their views of that and how they feel about it. But they've also given us what they call an approval with conditions, which we think was a very positive aspect.

因此，這是——這是他們會審視的事項。你其實可以閱讀他們已公開發布的信函，裡面有非常簡短的幾段文字，描述他們的觀點以及他們的看法。此外，他們也給了我們所謂「附條件核准」（approval with conditions），我們認為這是非常正面的。

Similarly, with the CMA, they go to market, they listen to market participants. And they came back with a discussion about the base chemicals business that would also create a competitive issue in the U.K. And in discussions and negotiations with them, we also agreed that, that would be a condition that we would meet in order to get approval on the transaction.

同樣地，CMA 也會去市場上聽取市場參與者的意見。之後他們回來與我們討論基礎化學品（base chemicals）業務，認為這在英國也會造成競爭問題。在與他們的討論與協商中，我們也同意，為了取得該交易的核准，我們會滿足這項條件。

So these are what the regulators do. They look at the market, they speak with market participants, and then we discuss these with them. And in these cases, we've agreed that we would make these divestitures in order to close the deal.

這就是監管機關的作法。他們檢視市場、與市場參與者溝通，然後我們再與他們討論。在這些案例中，我們同意為了完成交易而進行這些出售。

You asked about conditionality. It's our understanding in the case of the CMA, we would need to have a buyer identified that they would vet of the base chemicals business and also the OPIS business in which we already have a buyer. And in the case of the EC, we'd have to have a buyer identified for the OPIS and related businesses, which we already have.

你問到條件性。據我們理解，在 CMA 的情況下，我們需要為基礎化學品業務找到一個他們會審核（vet）的買家；另外 OPIS 業務我們已經有買家。在 EC 的情況下，我們需要為 OPIS 及相關業務找到買家，而我們也已經有了。

And then for CUSIP, we'd have to have a buyer we have identified and vetted before we can close the deal. But for LCD and loan indices, we have 6 months from now, and we could close the deal without having a buyer for that transaction.

至於 CUSIP，在我們完成交易之前，必須先找到並通過審核的買家。但對於 LCD 與貸款指數，我們從現在起有 6 個月時間；即使尚未為該交易找到買家，我們也可以先完成交易。

The next question is from Jeff Meuler with Baird.

下一個問題來自 Baird 的 Jeff Meuler。

On the Cap IQ and Platts upgraded platforms, as you upgrade an existing client, is there incremental revenue at the point of upgrade? Or is this all about driving usage and then you capture the better monetization on the back end? And then on the expense side, is there a sizable opportunity to save on cost as you sunset some of the legacy platforms eventually?

關於 Cap IQ 與 Platts 的升級平台，當你們替既有客戶升級時，在升級當下是否會帶來增量營收？還是這主要是為了提升使用量，然後在後端再捕捉更好的變現？另外在費用端，當你們最終逐步淘汰一些舊平台時，是否有顯著的成本節省機會？

There's a few aspects to this. One is related to something you mentioned, and that is as we improve our capabilities, make it easier to find data to search it, to chart it, to download it, et cetera, that makes the products more sticky. It makes more people use the product. It brings more people to the platform, which is a virtuous cycle, which then allows us to have stronger negotiations when it comes to price increases.

這裡有幾個面向。其中一個與你提到的有關：當我們提升能力，讓資料更容易被找到、被搜尋、被製圖、被下載等等，產品就會更具黏著度。會有更多人使用產品，也會帶來更多人到平台上，形成良性循環，進而讓我們在談價格調升時有更強的談判力。

So there is not necessarily a direct increase that comes from the launch of these platforms, but it does give us that virtuous cycle. In addition, it makes it easier for -- to plug in and add new data sets, which do sometimes bring new contracts and new revenue along with those.

因此，這些平台的推出不一定會直接帶來立即的營收增加，但它確實能帶來那個良性循環。此外，它也讓我們更容易——把新的資料集接上來並加進去，而這些有時會帶來新合約與新增營收。

In addition, you asked about the expense side of this. As we redeploy resources from turning off and changing older platforms, it allows us to either have an expense save or, in many cases, it allows us to redeploy those programmers and developers into areas where the highest growth opportunities like what we've talked about earlier, something on ESG, private markets, the areas that we're quite excited about with the merger with IHS Markit, how we're going to be able to bring energy transition products, further credit and risk products, et cetera. So we can get some savings, but also look at how we're going to redeploy our development talent to the highest opportunities for the future growth.

另外，你也問到費用端。當我們把資源從關閉與改造舊平台的工作中重新部署出來時，這讓我們要嘛能節省費用，要嘛在很多情況下，能把那些程式設計師與開發人員重新部署到成長機會最高的領域——例如我們先前談到的 ESG、私募市場，以及我們對與 IHS Markit 併購後的機會感到相當興奮的領域：我們將如何推出能源轉型產品、進一步的信用與風險產品等等。所以我們可以取得一些節省，同時也能思考如何把我們的開發人才重新配置到未來成長機會最高的地方。

Our next question is from Shlomo Rosenbaum with Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Ewout, I apologize if I missed this, but the divested businesses are here going to be $425 million in revenue, but what would the EBIT or EBITDA of those businesses be on a collective basis?

Ewout，如果我漏聽了先跟你道歉，但這些被出售的業務營收將是 4.25 億美元；那麼這些業務合計的 EBIT 或 EBITDA 會是多少？

Shlomo, no, we haven't mentioned that specifically. But what Doug said during his prepared remarks is that the margins on these businesses are higher than the margins of the respective segments where these businesses are reported today. So these are businesses with a bit higher margins than you see on average.

Shlomo，不，我們沒有特別提到那一點。不過 Doug 在其事先準備的發言中提到，這些業務的利潤率高於目前它們所歸屬並在其中揭露的各自分部的利潤率。因此，這些業務的利潤率會比你所看到的平均水準略高一些。

However, if you think about it, the revenues of those 4 businesses is approximately 4% of the revenues of the pro forma combined company. So therefore, the overall impact on the margins of the company is relatively modest. And then also take into consideration that the overall synergy numbers we have moved up with this announcement.

然而，如果你仔細想想，那 4 項業務的營收約占合併後備考公司營收的 4%。因此，對公司整體利潤率的影響相對有限。另外也請把我們在本次公告中上調的整體協同效益數字一併納入考量。

So if the synergies are moving up, so is that going to offset -- in other words, how should I think of the offset? Should I think of it in terms of the share repurchases is going to be the primary offset or some of the increased synergies? How are you guys thinking of that in terms of the lost EBIT?

所以如果協同效益上調，那是否會抵銷——換句話說，我該如何看待這個抵銷效果？我應該把主要抵銷來源理解為股票回購，還是部分來自協同效益增加？就 EBIT 的流失而言，你們是怎麼思考的？

Yes. The way to think about it is maybe 3 elements. So you could say the starting point for the combined company, the margins are slightly -- modestly lower based on these divestments.

是的。思考方式大概可以分成 3 個要素。你可以說，合併後公司的起點是：由於這些剝離，利潤率會略微——小幅——降低。

But then we will see 2 positives coming out of it. One is higher synergy opportunity, which will help to drive the margins then further up in the future as well as the proceeds of these divestments will help with additional buyback capacity, which is also, of course, a positive then for the EPS in order to offset the lost earnings.

但接著我們會看到兩個正面因素。第一是更高的協同效益機會，將有助於在未來進一步推升利潤率；第二是這些剝離所帶來的處分所得，將提升額外的回購能力，這當然也會對 EPS 形成正面助益，以抵銷流失的獲利。

Okay. If you wouldn't mind a follow-up. Just one thing I haven't heard before was kind of a termination fee on ETFs. Could you just elaborate on that a little bit more? Are they going to internal indices that they're creating on their own? Or what happened all of a sudden?

好的。如果不介意我追問一下。有一件我之前沒聽過的事，是關於 ETF 的終止費。你能否再多說一點？他們是改用自己建立的內部指數嗎？還是突然發生了什麼？

As you know, in the Index business, occasionally, an organization will rebalance or maybe they might bring together some indices and switch to another party. And when we have a contract in place with an index provider, or sorry, an ETF provider that's using our index, if they switch, it could be that built in the contract, there's an early cancellation fee. And that would be the case that we saw during this quarter.

如你所知，在指數業務中，偶爾某個機構會進行再平衡，或可能把一些指數整併後改用另一家供應商。當我們與某個指數供應商——抱歉，是 ETF 供應商——簽有合約，而對方使用的是我們的指數時，如果他們改用其他指數，合約中可能會內建提前解約費。本季我們看到的就是這種情況。

We will now take our final question from Alex Kramm with UBS.

接下來我們將進行最後一個提問，來自 UBS 的 Alex Kramm。

Just one quick follow-up on the upside to synergies. Can you -- I know you've given a lot of color, but can you give a little bit more detail in terms of what you were able to look into now given that the deal is not closed and what is still prevented?

就協同效益上修再追問一個很快的問題。你能否——我知道你已經提供很多說明——但能否再多給一點細節，說明在交易尚未完成的情況下，你們現在能夠深入到哪些層面、以及仍有哪些事情受到限制？

I guess what I'm asking, and I know I'm getting ahead of myself here, what further synergy opportunities may be out there that you haven't been able to tackle as, for example, you may look at the IHS Markit stand-alone cost base a little bit further once you own the company or other things that you already have in your mind that you're just not willing to put numbers around yet. And again, I know I'm getting ahead of myself a little bit.

我的意思是——我知道我可能問得有點超前——是否還存在一些你們尚未能著手的進一步協同效益機會？例如，一旦你們擁有公司後，可能會更進一步檢視 IHS Markit 的獨立成本基礎，或是你們腦中已經有其他想法，只是目前還不願意對外給出數字。再次強調，我知道我有點超前了。

Thanks, Alex, and really appreciate you joining the call today. I think you should see this in the following way. We do have, of course, certain restrictions legally with respect to how far we can look into certain details with respect to financials, in terms of commercial agreements, in terms of procurement agreements because the 2 companies are still run as stand-alone entities at this point in time.

謝謝你，Alex，也非常感謝你今天加入電話會議。我認為你可以用以下方式來看待這件事。由於目前兩家公司仍以獨立實體運作，因此在法律上，我們對於能深入檢視某些細節的程度確實有一定限制，例如財務細節、商業協議、採購協議等。

So the way how you can solve for that partially is through so-called clean rooms, where you have a separate, segregated area where people can look into those particular details. But that can never be shared with any of the respective organizations.

因此，部分解法是透過所謂的「潔淨室」（clean rooms），也就是設置一個獨立、隔離的區域，讓特定人員可以查看那些特定細節。但這些資訊永遠不能與任何一方的組織分享。

So definitely, after we are able to complete the transaction, we have an opportunity to look even more deeper into all of that and further make those synergy numbers more robust compared to what we have now. But again, as I said before, we think that we have a very rigorous process in place.

所以，等我們完成交易之後，確實會有機會更深入地檢視所有這些內容，並讓協同效益數字比目前更為扎實。不過，如我先前所說，我們認為我們已建立一套非常嚴謹的流程。

We have already had 4 submission rounds, bottom-up substantiation of all of the synergies. We'll have a fifth round before the ultimate completion of the transaction. And then definitely, of course, we'll then learn more after we can start to operate as a combined company.

我們已經進行了 4 輪提報，並以自下而上的方式對所有協同效益進行佐證。在交易最終完成前，我們還會有第 5 輪。之後當然，等我們能以合併後公司開始運作時，我們也一定會學到更多。

Great. Thank you, Alex. And I'm going to make some closing remarks. And first of all, I want to thank everyone for joining the call today. And as you saw, we had very strong performance in the third quarter. We delivered exceptional financial results with a 13% top line growth, an adjusted diluted EPS of 24% growth.

很好。謝謝你，Alex。接下來我做一些結語。首先，我要感謝各位今天參與電話會議。如各位所見，我們第三季表現非常強勁：營收（top line）成長 13%，調整後稀釋 EPS 成長 24%，交出卓越的財務成果。

We launched new product platforms. We advanced our ESG propositions and many, many more things going on. And as we're able to talk about, we're moving forward on the IHS Markit merger. This is something that we're very excited about. The path towards regulatory approval is getting clear.

我們推出了新的產品平台，推進了我們的 ESG 方案，還有許多、許多其他進展。同時，如我們所能談到的，我們正持續推進 IHS Markit 的合併案，這讓我們非常振奮。通往監管核准的道路正變得更加明朗。

We now have to execute on the divestitures that we discussed today to achieve the full value. But also, we don't want to rush. We want to have time to close and also to make sure that we can execute those transactions well.

我們現在必須執行今天討論的資產剝離，以實現完整價值。但同時，我們也不想操之過急。我們希望有時間完成交割，並確保能把這些交易執行到位。

As you know, we also have integration planning going on, which is identifying synergies. But more importantly, it's also identifying strategies for our businesses, how we're going to work together, how we're going to address the needs of our customers, how we're going to be bringing together technology and very importantly, data and then most importantly, our people and our culture. And all of this work is going extremely well.

如各位所知，我們也在進行整合規劃，這會辨識協同效益。但更重要的是，也在為我們的業務辨識策略：我們將如何協作、如何滿足客戶需求、如何整合技術——以及非常重要的資料——並且最重要的是，我們的人才與企業文化。而這些工作進展都非常順利。

But today on this call, I also want to thank our people. They've been working now for 600 days. It sounds like a lot. It's 600 days people have been working from home and working remotely, starting to come back to the offices. And when they do, I'd love to welcome them depending on which offices we are around the world.

但在今天這通電話會議上，我也想感謝我們的同仁。他們已經工作了 600 天。聽起來很多——確實是 600 天——大家在家工作、遠端工作，並開始回到辦公室。當他們回來時，依我們在全球各地的辦公室所在地，我也很期待能歡迎他們回來。

But our people have been dedicated. They've been working hard. They've been able to deliver the kind of results that you saw earlier as well as work on this exciting transformation for the company with the merger.

我們的同仁一直非常投入，努力工作。他們不僅交出了你們先前看到的那種成果，也同時投入這項令人振奮的公司轉型——也就是透過合併所帶來的轉型。

They've been diligent. They're helping rethink and reimagine the future of the work. And I want to thank them for all of their dedication and commitment to making this company what it is and looking forward to the future for building an even better company.

他們做事嚴謹，並協助重新思考與想像未來的工作樣貌。我想感謝他們的所有付出與承諾，讓公司成為今天的樣子，也展望未來，打造一家更好的公司。

And then finally, I want to thank everyone on the call, the analysts for your questions and also the shareholders for your support. And thank you very much. Looking forward to a great fourth quarter and the holidays at the end of the year. Thanks, everyone.

最後，我要感謝所有參與電話會議的各位：分析師，謝謝你們的提問；股東，謝謝你們的支持。非常感謝。期待第四季表現出色，也預祝各位在年底佳節愉快。謝謝大家。

This 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.

本次上午的電話會議到此結束。簡報投影片的 PDF 版本目前已可於 investor.spglobal.com 下載。約 2 小時後將提供整場會議的重播。

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.

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。我們謹代表 S&P Global 感謝各位參與，並祝各位有美好的一天。