標普全球 (SPGI) 2021 Q2 法說會逐字稿

Good morning. Welcome to S&P Global's Second Quarter 2021 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 S&P Global 2021 年第二季財報電話會議。我想提醒各位，本次電話會議將被錄音以供轉播。（接線員指示）如需收看網路直播與投影片，請前往 investor.spglobal.com。（接線員指示）

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

現在我想介紹 S&P Global 投資人關係資深副總裁 Chip Merritt 先生。先生，您可以開始了。

Thank you for joining today's S&P Global Second 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 S&P Global 2021 年第二季財報電話會議。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 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包含本季業績的新聞稿。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》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結果出現重大差異。就此，我們提醒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 及其他定期報告中的警示性陳述。

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 fourth quarter of 2021. 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 the registration or qualification under the securities law of any such jurisdiction. No offering of securities shall be made except by means of prospectus meeting requirements of Section 10 of the Securities Act of 1933.

此外，如同我們於去年年底宣布，S&P Global 與 IHS Markit 已簽訂具約束力的合併協議。3 月，兩家公司股東以壓倒性票數表決支持該合併。該合併仍待監管核准，我們目前預期將於 2021 年第四季完成交割。本次電話會議將提及該合併，但不構成出售或購買任何證券之要約或徵求任何購買或出售要約，亦不得在任何於註冊或依該司法管轄區證券法完成資格認定前，若該要約、徵求或出售屬違法之司法管轄區內進行任何證券出售。除非透過符合《1933 年證券法》第 10 條要求之公開說明書（prospectus），否則不得進行任何證券發行。

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 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，S&P Global 與 IHS Markit 已向 SEC 提交 Form S-4 註冊聲明，其中包含聯合委託書聲明與公開說明書。S&P Global 與 IHS Markit 亦已就擬議交易向 SEC 提交其他文件。敦促 S&P Global 或 IHS Markit 股票之投資人與證券持有人仔細閱讀完整的註冊聲明及聯合委託書聲明／公開說明書；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。提供此資訊旨在使投資人能在不同期間對本公司營運表現進行有意義的比較，並以管理階層相同的視角檢視本公司的業務。

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 a 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.

財報新聞稿與投影片包含附表，用以調節非 GAAP 指標與依美國 GAAP 計算之可比財務指標之差異。本次電話會議，特別是對我們展望的討論，包含對預期未來事件的陳述，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出現重大差異的因素，載於我們向 SEC 提交的文件及我們的網站。

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 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 S&P Global 5% 或以上持股的投資人，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.

我們知道本次電話會議中也有部分媒體代表與會。然而，本次電話會議主要面向投資人；我們請媒體的提問改向 Ola Fadahunsi 聯繫，電話為 (212) 438-2296。

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

此時，我想把電話會議交給 Doug Peterson。Doug？

Thank you, Chip. Welcome to today's earnings call. At the beginning of the quarter, we knew that the earnings in the second quarter of 2020 had been very strong due to a surge in liquidity-driven investment-grade issuance and from management actions we took to reduce spending to deal with the incredible uncertainty from the COVID pandemic. It's remarkable that the financial results we reported today surpassed those of a year ago. These results don't just happen. Our people make them happen, and I want to thank them all.

謝謝你，Chip。歡迎各位參加今天的財報電話會議。在本季一開始，我們就知道 2020 年第二季的獲利非常強勁，原因在於流動性驅動的投資級發行量激增，以及我們為因應 COVID 疫情帶來的巨大不確定性而採取的降低支出管理措施。值得注意的是，我們今天公布的財務結果超越了去年同期。這些成果並非偶然發生，是我們的同仁促成的，我要向大家致謝。

Now let's turn to our second quarter financial highlights. We reported very strong financial results, with revenue increasing 8% and all 4 businesses delivering revenue and adjusted operating profit growth. Indices delivered the strongest revenue growth based on the large gains in ETF AUM.

現在讓我們看第二季的財務重點。我們公布了非常強勁的財務表現，營收成長 8%，四大業務皆實現營收與經調整營業利益成長。指數業務在 ETF 資產管理規模（AUM）大幅增加的帶動下，營收成長最為強勁。

Adjusted expense growth was higher than normal at 9% largely due to significant cost controls in the prior period due to the pandemic and increased performance-related incentives this quarter. After raising guidance on our first quarter earnings call, 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.

經調整費用成長率為 9%，高於正常水準，主要是因為前一期間受疫情影響而實施顯著成本控管，以及本季與績效相關的獎酬增加。在第一季財報電話會議上上調指引之後，我們基於這些強勁成果與對今年剩餘期間的預期，再次上調 2021 年指引。Ewout 稍後將提供細節。

I'd also like to share some additional highlights from the second 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. Momentum for the merger with IHS Markit continues to build. Countless employees from both companies are working together on numerous integration planning work streams.

我也想分享第二季的其他重點。今年最重要的倡議仍是即將與 IHS Markit 合併。這對我們公司與客戶而言是極具變革性的機會。與 IHS Markit 合併的動能持續增強。兩家公司無數員工正共同投入多項整合規劃工作流程。

We continue to engage with global regulators in anticipation of closing the merger in the fourth quarter of 2021. While we don't have any new updates on the merger to share with you today, I can assure you that considerable progress is being made.

我們持續與全球監管機構溝通，以期在 2021 年第四季完成合併交割。雖然今天沒有新的合併進度可與各位分享，但我可以向各位保證，相關工作正取得相當進展。

The iconic Dow Jones Industrial Average celebrated 125 years this quarter, and we introduced several new ESG-related products. We'll provide further details on these accomplishments on today's call.

本季，具指標性的道瓊工業平均指數迎來 125 週年，我們也推出了多項新的 ESG 相關產品。我們將在今天的電話會議中進一步說明這些成果。

And finally, CRISIL named Amish Mehta as the new Managing Director and CEO effective October 1. Amish joined CRISIL as President and Chief Financial Officer in 2014 and assumed his current responsibilities as Chief Operating Officer in 2017. He has over 2 decades of diverse experience across telecommunications, oil and gas and business advisory services. Amish will succeed Ashu Suyash, who has decided to move on to set up her own venture.

最後，CRISIL 任命 Amish Mehta 自 10 月 1 日起擔任新任董事總經理兼執行長。Amish 於 2014 年加入 CRISIL，擔任總裁兼財務長，並於 2017 年接任現職營運長。他在電信、石油與天然氣以及商業顧問服務等領域擁有超過 20 年的多元經驗。Amish 將接替 Ashu Suyash；Ashu 已決定離任以成立自己的新事業。

Over the last 6 years, Ashu has led CRISIL's transformation to become a leading, agile and innovative global analytics company. Under her leadership, CRISIL has not only consolidated its ratings leadership position but also grown its global business. Ashu has been at the forefront of the ESG agenda for CRISIL and the launch of several new offerings and platforms in India and the global markets. I'd like to express our deep appreciation of Ashu's leadership and contributions.

過去 6 年來，Ashu 帶領 CRISIL 轉型，成為領先、敏捷且創新的全球分析公司。在她的領導下，CRISIL 不僅鞏固了其評級業務的領導地位，也擴大了其全球業務。Ashu 一直站在 CRISIL ESG 議程的最前線，並推動在印度及全球市場推出多項新產品與平台。我們對 Ashu 的領導與貢獻致上由衷的感謝。

To recap the financial results for the second quarter, revenue increased 8% to $2.1 billion. Our adjusted operating profit increased 8%, and our adjusted operating profit margin declined 40 basis points to 58.3%. As you know, we measure and track adjusted operating profit margin on a trailing 4-quarter basis, which increased 90 basis points to 54.5%. As a result, our adjusted diluted EPS increased 6%.

回顧第二季財務結果，營收成長 8% 至 21 億美元。經調整營業利益成長 8%，經調整營業利益率下降 40 個基點至 58.3%。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，該指標上升 90 個基點至 54.5%。因此，我們的經調整稀釋每股盈餘（EPS）成長 6%。

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 second quarter, global bond issuance decreased 9%. In the U.S., bond issuance in aggregate decreased 19% as investment-grade decreased 51%, high-yield decreased 8%, public finance decreased 7%, while structured finance increased 229% due to large increases in every category, particularly CLOs, which increased 580%.

每一季，我們都會重點說明幾項關鍵業務驅動因素與正在推進的重要專案。本季先從評級業務的債券發行趨勢談起。第二季全球債券發行量下降 9%。在美國，整體債券發行量下降 19%，其中投資級下降 51%、高收益下降 8%、公共融資下降 7%；而結構性融資因各類別大幅增加而成長 229%，尤其是 CLO，成長 580%。

European bond issuance decreased 11% as investment-grade decreased 32%, high-yield increased 104%, and structured finance increased 74% with gains in every asset class except ABS. Of particular note were CLOs, which increased more than 300%. In Asia, bond issuance increased 8% overall.

歐洲債券發行量下降 11%，其中投資級下降 32%、高收益增加 104%，結構性融資增加 74%，除 ABS 外各資產類別皆有成長。特別值得注意的是 CLO，增幅超過 300%。在亞洲，債券發行量整體增加 8%。

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

本投影片上的數據僅呈現債券發行。若納入銀行貸款量，全球整體發行量下降 2%。

One of the first questions investors ask whenever there is a strong quarter of issuance is how much of this was pull-forward? On this slide, we show the profile of bond maturity data from different points in time. As you can see, the upcoming maturities in the second half of this year and in the next few years have not changed much in the past 6 months. So despite the flurry of issuance in the last few months, there doesn't appear to have been much pull-forward activity.

每當發行出現強勁季度時，投資人最先問的問題之一是：其中有多少是「提前發行」（pull-forward）？在本投影片中，我們展示不同時間點的債券到期資料分布。如您所見，今年下半年及未來幾年的即將到期量，在過去 6 個月並未有太大變化。因此，儘管近幾個月發行活動頻繁，似乎並沒有出現太多提前發行的情況。

Since bank loan ratings are an important element of ratings revenue, and they're not included in our bond issuance slide, we like to disclose our bank loan rating revenue each quarter. The bank loan market continues to see strong demand amid the reopening of the economy and the vaccination rollout as potential inflation puts the floating rate asset class in focus. With an incredibly strong CLO market and retail investors continuing to pour money into loan ETFs and mutual funds, the market has easily digested these elevated volumes. In fact, assets at leverage loan funds jumped to an 18-month high at the end of June. All of this has contributed to an unprecedented level of bank loan rating revenue this year, with the first half of 2021 already exceeding all last year. Second quarter revenue was $157 million, more than triple the second quarter of 2020.

由於銀行貸款評級是評級收入的重要組成部分，且未納入我們的債券發行投影片，我們每季都會揭露銀行貸款評級收入。隨著經濟重啟與疫苗接種推進，加上潛在通膨使浮動利率資產類別受到關注，銀行貸款市場需求仍然強勁。在極為火熱的 CLO 市場，以及散戶投資人持續將資金投入貸款 ETF 與共同基金的帶動下，市場輕鬆消化了這些偏高的量。事實上，槓桿貸款基金的資產規模在 6 月底躍升至 18 個月高點。上述因素共同促成今年銀行貸款評級收入達到前所未有的水準，2021 年上半年已超越去年全年。第二季收入為 1.57 億美元，較 2020 年第二季增加逾三倍。

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.

接下來 2 張投影片將檢視美國與歐洲合併的高收益債發行與槓桿貸款量。世界其他地區的資料不易取得。

This slide shows that the combination of global leveraged loan and high-yield issuance in the first and second quarters of 2021 has dramatically exceeded any quarterly total in the past 3 years.

本投影片顯示，2021 年第一季與第二季全球槓桿貸款與高收益債發行的合計規模，已大幅超越過去 3 年任何單一季度的總量。

This slide depicts the combination of high-yield issuance and leveraged loan volume by the use of proceeds of the funds raised. The category with the largest increase in the second quarter was M&A and LBO activity.

本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。第二季增幅最大的類別為併購（M&A）與槓桿收購（LBO）活動。

The leveraged loan market and the CLO market are dependent on one another as many of the leveraged loans end up in CLOs. The CLO market continued at a torrid pace in the second quarter. Investor demand for floating rate investments, their search for yield and the relatively strong CLO performance during the 2020 pandemic have contributed to increased CLO issuance this year.

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進入 CLO。第二季 CLO 市場仍以極快速度成長。投資人對浮動利率投資的需求、對收益的追求，以及 CLO 在 2020 年疫情期間相對強勁的表現，皆促使今年 CLO 發行增加。

There are not a lot of companies in the world still selling a product they created 125 years ago. But on May 26, 1896, the Dow Jones Industrial Average was launched. Still serving as Wall Street's bellwether, at the end of 2020, $37 billion of ETF AUM was indexed or benchmarked against this iconic Dow Jones Index.

全球仍在銷售 125 年前所創造產品的公司並不多。但在 1896 年 5 月 26 日，道瓊工業平均指數（Dow Jones Industrial Average）正式推出。作為華爾街的風向球，截至 2020 年底，有 370 億美元的 ETF 資產管理規模（AUM）以這個具代表性的道瓊指數作為指數化或基準。

At the time of the Dow's introduction, investing in the stock market was considered highly speculative activity. And so in its early years, the Dow achieved little prominence outside of Wall Street. Ironically, it was the market crash of 1929 that brought the Dow's reputation to the attention of everyday investors as the index lost nearly 30% of its value over the course of 2 days. Before that, investors had been more focused on their individual stocks. But after the crash, investors were more interested in following general market conditions that Dow made that possible.

在道瓊指數推出之初，投資股市被視為高度投機的活動。因此在早期，道瓊在華爾街以外並未獲得太多關注。諷刺的是，1929 年的股市崩盤反而讓一般投資人注意到道瓊的聲譽，因為該指數在短短 2 天內下跌近 30%。在此之前，投資人更關注個別股票；但崩盤之後，投資人更有興趣追蹤整體市場狀況，而道瓊使這件事成為可能。

Each year, S&P Dow Jones Indices releases the annual survey of assets. This chart depicts the highlights of that survey for 2020. Asset levels in actively managed funds that benchmark against our indices increased 23% to $11.4 trillion. Assets and passive funds invested in products indexed to our indices increased 17% to $7.5 trillion.

每年，S&P Dow Jones Indices 都會發布年度資產調查。本圖表呈現 2020 年調查重點。以我們指數作為基準的主動式管理基金資產水準增加 23%，達 11.4 兆美元。投資於追蹤我們指數之產品的被動式基金資產增加 17%，達 7.5 兆美元。

Numerous indices support the $7.5 trillion, including the S&P 500, the largest with $5.4 trillion in assets. There are several other notable categories with considerable AUM growth, including sector indices that increased 24%, global indices that increased 62% and fixed income indices, which grew 86%.

支撐這 7.5 兆美元的指數種類眾多，其中最大的是 S&P 500，資產達 5.4 兆美元。另有數個資產管理規模（AUM）成長顯著的類別，包括產業指數成長 24%、全球指數成長 62%，以及固定收益指數成長 86%。

Just over a year ago, we featured the launch of the S&P Global Marketplace on our earnings call. Today, I'd like to share with you the tremendous reception it has received by our clients. The site currently features 139 tiles of content and solutions, representing all 4 divisions and Kensho. So far, we have booked 189 deals, and there have been 600,000 page views.

一年多前，我們在財報電話會議中介紹了 S&P Global Marketplace 的推出。今天，我想與各位分享客戶對其極為熱烈的回響。該網站目前提供 139 個內容與解決方案圖塊，涵蓋全部 4 個事業部門以及 Kensho。迄今我們已簽下 189 筆交易，頁面瀏覽量達 60 萬次。

We also recently launched Marketplace Workbench in partnership with Databricks, allowing clients access to a modern cloud-based platform for big data testing and analysis. This slide also depicts the most popular categories and the client types with the most active users. Congratulations to all those involved in creating a site that uses unique technology to simplify our clients' ability to identify, access, evaluate and utilize unique data and solutions. If you haven't visited marketplace.spglobal.com yet, I encourage you to do so.

我們近期也與 Databricks 合作推出 Marketplace Workbench，讓客戶可使用現代化的雲端平台進行大數據測試與分析。本投影片亦呈現最受歡迎的類別，以及最活躍使用者所屬的客戶類型。恭喜所有參與者打造出一個運用獨特技術的網站，簡化客戶辨識、存取、評估與運用獨特數據與解決方案的能力。若您尚未造訪 marketplace.spglobal.com，我鼓勵您前往看看。

Turning to our investments in ESG. We continue to launch new products and grow our ESG franchise across the company. After recording ESG revenue of $65 million in 2020, we delivered revenue of $43 million in the first half of this year, with second quarter revenue increased over 50% to $22 million versus the prior period.

接著談我們在 ESG 的投資。我們持續推出新產品，並在全公司擴大 ESG 版圖。2020 年 ESG 收入為 6,500 萬美元；今年上半年我們實現 4,300 萬美元收入，其中第二季收入較前期增加逾 50%，達 2,200 萬美元。

With the launch of social and sustainability framework alignment opinions that we introduced on our call last quarter, Ratings now has 4 products. Overall, Ratings completed 13 ESG Evaluations, 11 Green Evaluations, 16 SAM benchmark engagements and 10 social and sustainability framework alignment opinions in the quarter.

隨著我們在上季電話會議中介紹的社會與永續框架一致性意見（alignment opinions）推出，Ratings 現已有 4 項產品。整體而言，本季 Ratings 完成 13 件 ESG 評估、11 件綠色評估、16 件 SAM 基準參與（benchmark engagements），以及 10 件社會與永續框架一致性意見。

Market Intelligence launched electric quarterly reports tracking U.S. power purchase agreements. These provide our clients with broad new insights in how energy revenues and renewable power purchase agreement pricing are trending. Market Intelligence also entered into an agreement to provide Trucost carbon and environmental data to State Street's clients. These clients will access functionality, including mapping carbon footprint and other environmental data portfolios, TCFD reporting features, applying Trucost Carbon's Earnings at Risk, Paris alignment and physical risk data intelligence.

Market Intelligence 推出電力季度報告，追蹤美國電力購售協議（power purchase agreements）。這些報告為客戶提供全新且廣泛的洞見，了解能源收入與再生能源購電協議定價的趨勢。Market Intelligence 也與 State Street 達成協議，向其客戶提供 Trucost 碳與環境數據。這些客戶將可使用相關功能，包括碳足跡映射與其他環境數據投資組合、TCFD 報告功能、套用 Trucost Carbon 的 Earnings at Risk、巴黎一致性（Paris alignment）以及實體風險數據情報。

We launched a climate credit analytics product in partnership with Oliver Wyman to help banks comply with climate stress testing regulations. And we launched an SFDR data solution that allows firms operating in the European Union to meet newly formed sustainable finance disclosure regulation requirements by drawing on a wide range of ESG data sets from across S&P Global.

我們與 Oliver Wyman 合作推出氣候信用分析（climate credit analytics）產品，協助銀行遵循氣候壓力測試法規。我們也推出 SFDR 數據解決方案，讓在歐盟營運的機構可透過整合 S&P Global 各項 ESG 數據集，滿足新制定的永續金融揭露規範（SFDR）要求。

In Indices, we had $25.8 billion of ESG ETF AUM at the end of the second quarter. This is an increase of 290% since the end of the second quarter of last year. Our Indices business also launched ESG Dividend Aristocrats Index series, partnered with Evolve, for the launch of index ETFs that offset the carbon footprint of stocks and worked with a German federal pension plan that reallocated EUR 9 billion of assets to equity indices utilizing our EU climate transition benchmark.

在 Indices 方面，截至第二季末，我們的 ESG ETF 資產管理規模（AUM）為 258 億美元，較去年第二季末增加 290%。我們的 Indices 業務亦推出 ESG Dividend Aristocrats Index 系列，並與 Evolve 合作推出可抵銷股票碳足跡的指數 ETF，同時也與德國聯邦退休金計畫合作，將 90 億歐元資產重新配置至採用我們 EU climate transition benchmark 的股票指數。

Platts began publishing daily carbon credit price assessments, reflecting nature-based carbon credit and household device carbon credit projects that are intended to bring additional transparency to carbon prices and carbon trading activity. Platts launched the world's first daily carbon neutral LNG price assessment, which involves offsetting the carbon emissions through the purchase and retirement of carbon credits. Platts also strengthened its global suite of hydrogen prices with new hydrogen price assessments for the U.K. and a new 2-degree warming scenario to the market-leading global integrated energy model.

Platts 開始發布每日碳信用價格評估，涵蓋以自然為本的碳信用與家用裝置碳信用專案，旨在提升碳價與碳交易活動的透明度。Platts 推出全球首個每日碳中和 LNG 價格評估，透過購買並註銷碳信用來抵銷碳排放。Platts 亦以英國新增氫氣價格評估，以及在市場領先的全球整合能源模型中加入新的 2 度升溫情境，強化其全球氫氣價格體系。

Let me now turn to our outlook for global issuance and GDP. After issuance growth of 15% in 2019 and 17% in 2020, our Ratings Research Group's prior 2021 forecast called for a decrease of 2%. The latest forecast was issued earlier this week and calls for a decrease of 1% without international public finance.

接下來談我們對全球發行與 GDP 的展望。在 2019 年發行成長 15%、2020 年成長 17% 之後，我們 Ratings Research Group 先前對 2021 年的預測為下降 2%。最新預測於本週稍早發布，預期在不含國際公共財政（international public finance）的情況下下降 1%。

The level of issuance in 2020 remains, in aggregate, hard to beat, but the 2021 total should still come in at a historically high total, likely surpassing 2019. The 2 largest changes compared to the forecast last quarter include structured finance, which went from a 6% gain to a 20% gain; and nonfinancials, which went from a 7.5% decrease to a 12% decrease. 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.

2020 年的發行水準整體而言仍難以超越，但 2021 年總量仍應維持在歷史高位，且可能超過 2019 年。相較於上季預測，兩項最大變動包括：結構性金融由成長 6% 上修至成長 20%；非金融類由下降 7.5% 下修至下降 12%。請注意，這是債券發行量預測，並非收入預測。例如，它未涵蓋非交易型收入，也不包含槓桿貸款活動。

The peak of the pandemic appears to be behind us, particularly for the most advanced economies as vaccinations become widely available, severe COVID-19 cases fall and economies reopen. But we still see inevitable fits and starts with COVID risk still elevated. This is happening earlier and faster than previously assumed, driving both growth and inflation.

疫情似乎已過高峰，特別是對於最先進的經濟體而言，隨著疫苗廣泛可得、COVID-19 重症病例下降以及經濟重啟。但我們仍看到不可避免的反覆起伏，COVID 風險仍然偏高。這一切發生得比先前假設更早且更快，同時推動了成長與通膨。

The macro outlook continues to improve. We have raised our global growth forecast by 40 basis points to 5.9% in 2021. This reflects stronger performance across the board in the first half of the year. Our 2022 to 2024 outlook shows a stronger U.S. but lagging emerging markets.

總體前景持續改善。我們將 2021 年全球成長預測上調 40 個基點至 5.9%。這反映出今年上半年各方面表現更為強勁。我們對 2022 至 2024 年的展望顯示，美國更強，但新興市場落後。

Risks are shifting from the pandemic to the pace of the recovery. In particular, rising inflation in the U.S. and some emerging markets points to a possible bumpy transition from the ultra-low rates and easy financing conditions to the post-COVID-19 steady state. And with economies on demand, policy normalization and sustainability are coming into sharper focus.

風險正從疫情轉向復甦步伐。尤其是美國及部分新興市場通膨上升，顯示從超低利率與寬鬆融資條件過渡到後 COVID-19 的穩態，可能會是一段顛簸的轉換期。隨著經濟回到需求面，政策正常化與永續性也更受關注。

Finally, Platts is forecasting that oil will remain above $65 a barrel through 2021. This is positive for the health of the oil industry.

最後，Platts 預測 2021 年油價將維持在每桶 65 美元以上。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. Let me start with our second 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.

謝謝。讓我先從我們第二季的財務結果談起。Doug 已涵蓋強勁營收與調整後每股盈餘成長的重點。我將花點時間補充幾個其他項目。

While there were some modest divestitures since the second quarter of 2020, the revenue associated with them was not large enough to result in a difference between reported and organic revenue growth.

雖然自 2020 年第二季以來有一些小幅的資產剝離，但其相關營收規模不足以造成已報告營收成長與有機營收成長之間的差異。

Adjusted total expenses increased 9%, and I'll provide some additional color on this in the next slide.

調整後總費用增加 9%，我會在下一張投影片提供更多說明。

Our net interest expense declined 20% due to the refinancing of a substantial portion of our debt last year.

由於我們去年對相當大部分債務進行再融資，淨利息費用下降 20%。

The increase in the adjusted effective tax rate was due to an increase in taxes on foreign operations and the successful resolution of tax examinations in the prior year. Our full year tax rate guidance remains unchanged.

調整後有效稅率上升，係因海外營運稅負增加，以及前一年度成功解決稅務查核所致。我們對全年稅率的指引維持不變。

Our adjusted expense growth during the quarter was larger than normal at 9%. There are several reasons. First, second quarter 2020 expenses were impacted by pandemic-related management actions taken last year. Second, due to strong financial results year-to-date, performance-related costs, including incentives, commissions and royalties, have increased. Third, ForEx increased expenses. Finally, I want to make it clear that our business-as-usual expenses remain under control.

本季調整後費用成長 9%，高於正常水準。原因有幾點。第一，2020 年第二季費用受到去年因疫情採取的管理措施影響。第二，由於年初至今財務結果強勁，與績效相關的成本（包括獎金、佣金與權利金）有所增加。第三，外匯（ForEx）使費用上升。最後，我要明確表示，我們日常營運費用仍在控制之中。

During the quarter, changes in foreign exchange rates had a positive impact on adjusted EPS of $0.03. The only meaningful impact was in Ratings, where adjusted operating profit was positively impacted by $15 million.

本季外匯匯率變動對調整後 EPS 產生每股 0.03 美元的正面影響。唯一顯著的影響出現在 Ratings，調整後營業利益增加了 1,500 萬美元。

Last 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 costs. These are costs related to completing the merger. They include legal fees, investment banking fees and filing fees.

上季我們新增了 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。第一類是交易成本，為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。

The second category is integration costs. These are costs to operationalize the integration. They include consulting, infrastructure and retention costs.

第二類是整合成本，為使整合得以落地運作的成本，包括顧問費、基礎設施成本與留任成本。

The third category is costs 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.

第三類是達成成本（costs to achieve），為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 second quarter, the non-GAAP adjustments collectively totaled to a net pretax loss of $75 million. They included $9 million for merger transaction costs, primarily legal fees; $39 million from merger integration costs, primarily consulting fees; $2 million for cost to achieve; a $3 million lease impairment; and $22 million in deal-related amortization. And there was an after-tax adjustment with respect to the revaluation of deferred tax liabilities related to a U.K. income tax rate change.

第二季期間，非 GAAP 調整項合計為稅前淨損 7,500 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）；3,900 萬美元的合併整合成本（主要為顧問費）；200 萬美元的達成成本；300 萬美元的租賃減損；以及 2,200 萬美元的交易相關攤銷。此外，另有一項稅後調整，係就英國所得稅率變動所致之遞延所得稅負債重估。

This quarter, all 4 divisions delivered increased revenue and adjusted operating profit. On a trailing 4-quarter basis, adjusted operating profit margin increased significantly in Platts and Market Intelligence, while Ratings had a modest gain and Indices had a decrease of 100 basis points. I'll provide color on the individual business results in a moment.

本季四個事業部門皆實現營收與調整後營業利益成長。以近四季為基礎，Platts 與 Market Intelligence 的調整後營業利益率顯著提升，Ratings 小幅上升，而 Indices 則下降 100 個基點。我稍後會就各業務結果補充說明。

Now turning to the balance sheet. Our balance sheet has low leverage and ample liquidity. We have cash and cash equivalents of $5.2 billion, debt of $4.1 billion, an undrawn revolver capacity of $1.5 billion and no commercial paper outstanding. 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。我們的資產負債表槓桿低、流動性充裕。我們持有現金及約當現金 52 億美元，負債 41 億美元，未動用循環信貸額度 15 億美元，且沒有任何商業本票未償。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 $1.6 billion in the first half of 2021, an increase of more than $100 million or 8% over the prior year period. Due to the pending merger with IHS Markit, share repurchases have been suspended.

2021 年上半年（排除特定項目）自由現金流為 16 億美元，較去年同期增加逾 1 億美元或 8%。由於與 IHS Markit 的合併尚待完成，股票回購已暫停。

Now let's turn to the division results. Ratings revenue increased 7% as strong investment-grade comps were more than offset by strength in bank loan ratings, structured finance and nontransaction activity. Adjusted expenses increased 10%, primarily due to increased incentives, salaries and ForEx. These resulted in a 5% increase in adjusted segment operating profit and a 100 basis point decrease in adjusted segment operating profit margin. On a trailing 4-quarter basis, adjusted segment operating profit margin increased 30 basis points to 63.4%. Please keep in mind that the 68.1% adjusted segment operating profit margin achieved in the second quarter is temporarily elevated based on the surge of issuance in high-yield, leveraged loans and structured finance.

現在來看各事業部門表現。Ratings 營收增加 7%，因投資等級可比基期強勁所帶來的影響，已被銀行貸款評等、結構性融資與非交易活動的強勢表現所抵銷並超越。調整後費用增加 10%，主要因獎勵、薪資與外匯（ForEx）增加。這使調整後部門營業利益增加 5%，調整後部門營業利益率下降 100 個基點。以近四季為基礎，調整後部門營業利益率上升 30 個基點至 63.4%。請留意，第二季達到的 68.1% 調整後部門營業利益率，因高收益、槓桿貸款與結構性融資發行量激增而暫時偏高。

In China, we see continued momentum and interest in our ratings. We completed 13 ratings in the second quarter and 31 in the first half of 2021 compared to 22 in all last year.

在中國，我們看到對我們評等的動能與興趣持續增強。我們在第二季完成 13 項評等，2021 年上半年完成 31 項，相較之下去年全年為 22 項。

Nontransaction revenue increased 19%, primarily due to a more than tripling in new entity ratings revenue, growth in fees associated with surveillance and Rating Evaluation Service revenue that more than doubled due to heightened levels of M&A activity. Investors' search for yields and increased risk appetite continues to enable weaker credits to raise debt.

非交易營收增加 19%，主要因新發行人評等（new entity ratings）營收增加逾三倍、與監測（surveillance）相關費用成長，以及因併購活動水準升高而使 Rating Evaluation Service 營收增加逾一倍。投資人尋求收益與風險偏好上升，持續使較弱的信用體得以發債融資。

Transaction revenue decreased with a substantial decline in investment-grade bond issuance from last year's record quarter, mostly offset by an increase in bank loan ratings activity, structured finance and high-yield bond issuance.

交易營收下降，主要因投資等級債券發行量自去年創紀錄季度大幅下滑；但銀行貸款評等活動、結構性融資與高收益債券發行增加，抵銷了大部分影響。

This slide depicts Ratings revenue by its end markets. The largest contributor to the increase in Ratings revenue was the 86% increase in structured finance driven by CLOs, ABS, CMBS and RMBS. In addition, corporates declined 2%, financial services revenue increased 4%, governments increased 5%, and the CRISIL and other category increased 12%.

本投影片按終端市場呈現 Ratings 營收。Ratings 營收增加的最大貢獻來源為結構性融資成長 86%，由 CLO、ABS、CMBS 與 RMBS 所帶動。此外，企業（corporates）下降 2%，金融服務營收增加 4%，政府增加 5%，CRISIL 與其他類別增加 12%。

Turning to S&P Dow Jones Indices. The segment delivered 16% revenue growth primarily due to gains in AUM linked to our indices. In the second quarter, adjusted expenses increased 19% largely due to increased incentives, salaries, royalties and new product investments. The adjusted segment operating profit increased 15%, and the adjusted segment operating profit margin decreased 80 basis points to 71.1%. On a trailing 4-quarter basis, the adjusted segment operating profit margin remained strong but decreased 100 basis points to 69.2%.

接著看 S&P Dow Jones Indices。該部門營收成長 16%，主要來自與我們指數連結之資產管理規模（AUM）增加。第二季調整後費用增加 19%，主要因獎勵、薪資、權利金與新產品投資增加。調整後部門營業利益增加 15%，調整後部門營業利益率下降 80 個基點至 71.1%。以近四季為基礎，調整後部門營業利益率仍然強勁，但下降 100 個基點至 69.2%。

Revenue growth was mixed this quarter. Asset-linked fees increased 28% primarily from gains in ETFs, augmented by smaller gains in mutual funds and insurance and over-the-counter derivative activity. Exchange-traded derivative revenue decreased 20% on reduced trading volumes. The second quarter of last year had elevated volatility related to the pandemic and the stock market recovery. Data and custom subscriptions increased 11%.

本季營收成長表現分歧。資產連結費用增加 28%，主要來自 ETF 的成長，並由共同基金、保險與場外衍生性商品活動的小幅增長所補強。交易所交易衍生品營收因交易量下降而減少 20%。去年第二季因疫情及股市復甦而波動性偏高。資料與客製化訂閱增加 11%。

While the prominence of our U.S. indices is widely understood, we have been partnering with exchanges around the world to expand our international presence. These include relationships with exchanges in Australia, Brazil, Canada, Japan, Korea and others.

雖然我們美國指數的知名度廣為人知，但我們一直與全球各地交易所合作，以擴大國際版圖。這些合作包括與澳洲、巴西、加拿大、日本、韓國等地交易所的關係。

This chart is a new disclosure that depicts the steady progress we are making to grow revenue in these markets. The revenue is split across asset-linked fees and data and custom subscriptions.

此圖表為新增揭露，呈現我們在這些市場推動營收成長所取得的穩健進展。營收分為資產連結費用，以及資料與客製化訂閱。

For our Indices division, over the past year, ETF net inflows were $173 billion, and market appreciation totaled $653 billion. This resulted in quarter-ending ETF AUM of $2.4 trillion, which is 51% higher compared to 1 year ago. Our ETF revenue is based on average AUM, which increased 56% year-over-year. Sequentially versus the end of the first quarter, ETF net inflows associated with our indices totaled $64 billion, and market appreciation totaled $158 billion.

就我們的指數（Indices）事業部而言，在過去一年中，ETF 淨流入為 1,730 億美元，市場升值合計為 6,530 億美元。這使得季末 ETF 管理資產（AUM）達到 2.4 兆美元，較 1 年前高出 51%。我們的 ETF 營收係以平均 AUM 為基礎計算，而平均 AUM 年增 56%。按季相較於第一季末，與我們指數相關的 ETF 淨流入合計為 640 億美元，市場升值合計為 1,580 億美元。

As I just noted, exchange-traded derivative revenue faced a strong comparison. Nevertheless, activity at the CBOE increased in the second quarter, with S&P 500 index options activity increasing 8% and VIX futures and options activity increasing 43%. Activity at the CME equity complex decreased 12%.

如我剛才提到的，交易所交易衍生品營收面臨強勁的比較基期。儘管如此，CBOE 在第二季的活動增加，S&P 500 指數選擇權活動增加 8%，VIX 期貨與選擇權活動增加 43%。CME 股票相關產品群的活動則下降 12%。

And here is another new disclosure. You have seen that the revenue from exchange-traded derivative activity can be very volatile from quarter-to-quarter. What I don't think is apparent is the strong underlying annual growth that has taken place. This chart depicts a 7-year CAGR of 9%. While the trend line is not perfectly upward sloping, the annual growth is much more consistent than the quarterly figures might suggest.

接著是另一項新的揭露。各位已看到，交易所交易衍生品活動帶來的營收可能在各季之間非常波動。我認為不那麼明顯的是，背後其實存在強勁的年度成長。此圖表呈現 7 年複合年成長率（CAGR）為 9%。雖然趨勢線並非完全一路向上，但年度成長的穩定性遠高於季度數字可能呈現的樣貌。

Market Intelligence delivered revenue growth of 8%. More than 1/3 of the revenue growth was from recent product investments, which increased by more than 40%. This was primarily from ESG, 451 Research, Panjiva, S&P Global Marketplace, aftermarket research and SME data.

Market Intelligence 營收成長 8%。其中超過 1/3 的營收成長來自近期產品投資，該部分成長超過 40%。主要來源包括 ESG、451 Research、Panjiva、S&P Global Marketplace、售後市場研究以及 SME 資料。

Adjusted expenses increased 6% primarily due to cost of sales and royalties. Adjusted segment operating profit increased 11%, and the adjusted segment operating profit margin increased 100 basis points to 35.4%. On a trailing 4-quarter basis, adjusted segment operating profit margin increased 100 basis points to 33.4%.

調整後費用增加 6%，主要由銷售成本與權利金所致。調整後分部營業利益增加 11%，調整後分部營業利益率提升 100 個基點至 35.4%。以近 4 季（trailing 4-quarter）計，調整後分部營業利益率提升 100 個基點至 33.4%。

Looking across Market Intelligence, there was solid growth in each category. Desktop revenue grew 5%. Data Management Solutions revenue grew 13%, and Credit Risk Solutions revenue grew 10%.

從 Market Intelligence 各項業務來看，每一類別皆有穩健成長。Desktop 營收成長 5%。Data Management Solutions 營收成長 13%，Credit Risk Solutions 營收成長 10%。

And now turning to Platts. Reported revenue increased 9%, an uplift over recent quarters. Our core subscriptions increased 9%, including about $2 million in benefits from the timing of contract renewals. It is notable that more than 1/4 of the growth came from new products, including ESG and LNG. Oil prices and commodity prices in general are at a level where most of our customers can profitably operate.

接著談 Platts。報告營收增加 9%，較近期幾季有所提升。我們的核心訂閱成長 9%，其中約 200 萬美元的效益來自合約續約時點的影響。值得注意的是，超過 1/4 的成長來自新產品，包括 ESG 與 LNG。油價與整體大宗商品價格目前處於多數客戶能夠獲利營運的水準。

Global Trading Services increased 4% mainly due to strong LNG and petroleum volumes, partially offset by lower natural gas volumes.

Global Trading Services 成長 4%，主要受惠於強勁的 LNG 與石油交易量，部分被較低的天然氣交易量所抵銷。

Adjusted expenses increased 10% primarily due to incentives, growth initiatives and commissions, and the adjusted segment operating profit increased 8%. Adjusted segment operating profit margin decreased 40 basis points to 57.9%. The trailing 4-quarter adjusted segment operating profit margin increased 170 basis points to 55.9%. While petrochemicals was the fastest-growing category this quarter, every category delivered meaningful growth.

調整後費用增加 10%，主要由獎勵、成長計畫與佣金所致；調整後分部營業利益增加 8%。調整後分部營業利益率下降 40 個基點至 57.9%。近 4 季調整後分部營業利益率提升 170 個基點至 55.9%。雖然本季石化是成長最快的類別，但每一個類別都交出具意義的成長。

And one final new disclosure. Here, you can see the impressive revenue growth that Global Trading Services has delivered over the past 10 years. While this category is volatile from quarter-to-quarter, it has demonstrated a 10-year CAGR of 18%.

最後再揭露一項新資訊。在此各位可以看到 Global Trading Services 在過去 10 年所帶來的亮眼營收成長。雖然此類別在各季之間波動，但其 10 年複合年成長率（CAGR）達 18%。

We're not providing 2021 GAAP guidance because given the inherent uncertainty around the merger, management cannot reliably predict all the necessary components of GAAP measures.

我們不提供 2021 年 GAAP 指引，因為鑑於合併本身固有的不確定性，管理層無法可靠地預測 GAAP 衡量指標所需的所有必要組成要素。

And this slide depicts our adjusted guidance. While we expect that the merger will occur in the fourth quarter of this year, we're providing adjusted guidance on a stand-alone basis.

本頁投影片呈現我們的調整後指引。雖然我們預期合併將於今年第四季發生，但我們提供的是以獨立公司（stand-alone）基礎編製的調整後指引。

The third column shows our new 2021 adjusted guidance, with all the line items that changed highlighted. We're making these changes because we now expect greater revenue growth primarily due to improved outlooks in Ratings and Indices. Therefore, our revenue guidance is increased from a mid-single-digit increase to a high single-digit increase. Corporate unallocated is decreased by $5 million to a new range of $135 million to $145 million due to less project spending than originally anticipated. Operating profit margin is increased by 40 basis points to a new range of 54.4% to 54.9%. And this results in a $0.40 increase to adjusted diluted EPS guidance to a new range of $12.95 to $13.15. And finally, free cash flow generation has been increased by $100 million to a range of $3.5 billion to $3.6 billion.

第三欄顯示我們新的 2021 年調整後指引，所有變動的項目皆已標示。我們之所以做出這些調整，是因為我們現在預期營收成長將更高，主要來自 Ratings 與 Indices 展望改善。因此，我們將營收指引由中個位數成長上調至高個位數成長。由於專案支出低於原先預期，Corporate unallocated 下調 500 萬美元至新的區間 1.35 億至 1.45 億美元。營業利益率上調 40 個基點至新的區間 54.4% 至 54.9%。因此，調整後稀釋每股盈餘（EPS）指引上調 0.40 美元至新的區間 12.95 至 13.15 美元。最後，自由現金流產生額上調 1 億美元至 35 億至 36 億美元的區間。

In conclusion, 2021 is turning out to be a very strong year for the company. All our businesses are delivering solid growth. We continue to expand our ESG product offerings, and we are very excited about the upcoming merger with IHS Markit.

總結而言，2021 年對公司來說正展現為非常強勁的一年。我們所有業務都交出穩健成長。我們持續擴大 ESG 產品供給，並且對即將與 IHS Markit 的合併感到非常振奮。

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 來回答各位的提問。

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

謝謝。（接線員指示）接線員，我們現在開始進行第一個問題。

Our first question comes from Manav Patnaik with Barclays.

第一個問題來自 Barclays 的 Manav Patnaik。

I guess just my first question is around just your ESG efforts. So the $22 million you called out this quarter growing 50%, I think, is that all the products that fall under this new Sustainable1 brand that you have? And can you just talk about whether -- what your annual forecast for that might look like just given the high-growth rates?

我想我的第一個問題是關於你們的 ESG 推動。你們提到本季 2,200 萬美元、成長 50%（我記得是這樣），那是否就是你們這個新的 Sustainable1 品牌底下的所有產品？另外，考量到這麼高的成長率，你們對其年度預測大概會是什麼樣子？

This is Doug. Thank you for joining the call today, and thanks for the question. As you know, we're very excited about what we've been doing with ESG. It's an area where we see a lot of growth, a lot of interest from our customers. And when we put together Sustainable1 for us, this is an ability -- provides us ability to look across the entire portfolio and provide the services and products that are being issued and being demanded by our customers so they can manage their own positions.

我是 Doug。感謝今天加入電話會議，也謝謝你的問題。如你所知，我們對 ESG 的進展感到非常興奮。這是一個我們看到大量成長、且客戶高度關注的領域。當我們建立 Sustainable1 時，這讓我們能夠橫跨整個產品組合，提供客戶所發行與所需求的服務與產品，協助他們管理自身部位。

As you know, we have products across Ratings, ESG Evaluations, Indices. Last year, our Indices grew 290% of ESG AUM, up to $25.8 billion. Across Market Intelligence, we launched the Climate Credit Analytics, which are being used by banks, by risk managers, by asset managers to look at the portfolio impact of climate. In Platts, we have a whole suite of price assessments. Voluntary carbon markets has just been launched as well as carbon-neutral LNG.

如你所知，我們在 Ratings、ESG Evaluations、Indices 等領域都有產品。去年，我們的 Indices 之 ESG AUM 成長 290%，達到 258 億美元。在 Market Intelligence 方面，我們推出 Climate Credit Analytics，銀行、風險管理人員與資產管理人都在使用，用以評估氣候對投資組合的影響。在 Platts，我們有一整套價格評估。自願性碳市場也已推出，以及碳中和 LNG。

So we see high demand in the market. We're having great engagement with our customers. We continue to develop new products and, in particular, around climate. This is an area where with our original acquisition of Trucost, we were able to bring in place a really strong set of climate analytics, including a person named Richard Mattison, who is the founder of Trucost, who's now the President of Sustainable1, which is our ESG business model, which is reporting to Martina Cheung. So we're very pleased with the progress.

因此我們看到市場需求很高，與客戶的互動也非常良好。我們持續開發新產品，特別是在氣候相關領域。這方面，透過我們最初收購 Trucost，我們得以建立一套非常強的氣候分析能力，其中包括 Richard Mattison（Trucost 創辦人），他目前是 Sustainable1（我們的 ESG 業務模式）的總裁，並向 Martina Cheung 匯報。因此，我們對進展非常滿意。

But let me hand it over to Ewout to talk a little bit more about the numbers.

不過我先把時間交給 Ewout，請他再多談一些數字。

Manav, with respect to the results, these are the complete results for our ESG operation across the company. So we have built a horizontal P&L where it includes all of our activities for ESG and all of our divisions.

Manav，關於這些結果，這是我們公司範圍內 ESG 營運的完整結果。因此我們建立了一個橫向的損益表（P&L），其中包含我們在 ESG 的所有活動以及所有事業部。

If you look at the growth so far this year, first quarter growth was 64%; second quarter, 53%. We still expect that this year, total revenues will end up approximately at $100 million. And then for 2024, the forecast is that will exceed $300 million in total ESG revenues. So we're growing very rapidly, and we are quite positive about the outlook.

如果你看今年迄今的成長，第一季成長 64%；第二季 53%。我們仍預期今年總營收最終約為 1 億美元。然後到 2024 年，預測總 ESG 營收將超過 3 億美元。因此我們成長非常快速，且對展望相當正面。

Got it. And then just a quick question on the Ratings margins. You talked about how it's elevated for the different categories. But just maybe on a multiyear outlook, like how should we think about what the -- what are the different factors that will drive the continued margin expansion of pretty healthy levels today?

了解。接著快速問一下 Ratings 的利潤率。你提到不同類別的利潤率都處於較高水準。但若以多年期展望來看，我們應該如何思考——有哪些不同因素會驅動在目前已相當健康的水準之上，利潤率仍能持續擴張？

With respect to the Ratings margins, I would like to point you at the trailing 4-quarter margins that were 63.4%, up 30 basis points. We've seen a very large increase in the margins in Ratings last year, 460 basis points. And for the full year, the best direction I can give to you is think about margin for the full year in line with where we are for a trailing 4-quarter basis.

就評級業務的利潤率而言，我想請你參考過去連續四個季度的利潤率，為 63.4%，上升 30 個基點。我們看到評級業務去年的利潤率大幅提升，增加了 460 個基點。至於全年，我能給你的最佳指引是：把全年利潤率視為與過去連續四個季度的水準大致一致。

From a longer-term perspective, we don't have new aspirational margin targets for our divisions. We think the right moment to announce those is after completion of the merger with IHS Markit. But a couple of factors that you have to take into consideration. Of course, there continue to be positive secular trends behind the Ratings business. As long as GDP is going up and we see positive economic momentum, there will be positive revenue growth for the Ratings business.

從較長期的角度來看，我們目前沒有為各事業部提出新的願景式利潤率目標。我們認為，宣布這些目標的適當時點是在與 IHS Markit 的合併完成之後。不過，有幾個因素你需要納入考量。當然，評級業務背後仍有正向的長期結構性趨勢。只要 GDP 持續成長、我們看到正向的經濟動能，評級業務就會有正向的營收成長。

Also, of course, all our businesses have always operating leverage. So operating leverage will be a benefit. We do think, over time, we need to invest in some analytical capacity because of the level of volumes that we're seeing. But that's a good problem to have. So some investments need to be made in analytical capacity.

另外，當然，我們所有業務一向都具備營運槓桿，因此營運槓桿會帶來助益。我們確實認為，隨著時間推移，基於我們所看到的業務量水準，我們需要投資一些分析能力。但這是個好問題。因此需要在分析能力上做出一些投資。

So that is the best I can give to you with respect to the outlook. But overall, I would say very strong results by the Ratings business and really topping a very strong year last year.

所以，以上是我就展望所能提供的最佳說明。但整體而言，我會說評級業務的表現非常強勁，而且是在去年非常強勁的一年基礎上再創佳績。

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

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

Wanted to shift gears over to China. Obviously, there's been a lot of news over the past few weeks, some -- I think there was a new data security law that would go into effect in a couple of months. And then we've just seen more broader risk in a number of different industries. Can you talk about what's going on there and the implications it might have for your business?

我想把話題轉到中國。顯然，過去幾週有很多新聞，其中一些——我想有一部新的資料安全法，將在幾個月後生效。然後我們也看到在多個不同產業出現更廣泛的風險。你能談談那邊正在發生什麼，以及這可能對你們業務帶來的影響嗎？

Thank you, Jeff. Yes, we have -- as you know, we built a domestic rating agency in China. 2 years ago when we launched that, we had the decision to go with a wholly owned subsidiary. In addition, we've been expanding our business with Market Intelligence on the ground as well, building an onshore China business.

謝謝你，Jeff。是的，我們——如你所知——在中國建立了一家本土評級機構。兩年前我們推出時，決定採用全資子公司形式。此外，我們也在當地擴展 Market Intelligence 的業務，建立在岸的中國業務。

We understand that the new data security law, which is going to be going into place in September, is related to managing domestic information. Since we've been building our businesses onshore as domestic onshore businesses, we think that we'll be able to meet the requirements of the domestic law. So the data security law for onshore businesses should -- we should be able to meet those requirements because we're building new businesses from scratch, and they're onshore businesses.

我們理解，將於 9 月實施的新資料安全法，與管理境內資訊有關。由於我們一直以在岸、本土化的方式來建立業務，我們認為能夠符合國內法律的要求。因此，針對在岸業務的資料安全法——我們應該能滿足這些要求，因為我們是從零開始建立新業務，而且它們都是在岸業務。

Related to the general business environment, clearly, there's a lot of noise at the macro level between the United States and China. We pay attention to that very closely. But at the financial services sector, we still see very open regulators. They're open to bringing in foreign players into the market. We continue to see foreign banks and foreign asset managers get licenses of 51% to 100% own licenses. And we continue to get excellent reception in the market for our domestic Chinese Ratings business.

至於整體商業環境，顯然在美中之間的宏觀層面有很多雜音。我們非常密切地關注。但在金融服務領域，我們仍看到監管機構相當開放。他們願意引入外資參與者進入市場。我們持續看到外資銀行與外資資產管理公司取得 51% 到 100% 持股的牌照。而我們在中國本土評級業務方面，也持續在市場上獲得非常好的回響。

Okay. That's helpful. And just keeping with the regulatory statement, maybe shifting back to the U.S., we've seen some announcements out of Washington in terms of some greater scrutiny on mergers. Are you seeing any additional pressure in terms of the INFO merger? And can you also just remind us what the milestones we need to be looking out for before the deal closes?

好的，這很有幫助。延續監管的話題，或許再把焦點轉回美國。我們看到華盛頓方面有一些公告，提到對併購案加強審查。你們在 INFO 這筆合併案上是否感受到任何額外壓力？另外，也請提醒我們，在交易完成前有哪些里程碑需要關注？

Yes. Thank you on that. As you know, we're obviously engaged right now, very, very -- almost continuously with the regulators for our own merger. It's a very constructive dialogue engagement that we're having with them.

是的，謝謝你的提問。如你所知，我們目前顯然正在就我們自己的合併案與監管機構進行非常、非常——幾乎是持續不斷的——溝通。我們與他們的對話互動非常具建設性。

And when it comes to what we're seeing ourselves that our merger is really about combining 2 very complementary businesses. We're engaged with the antitrust regulators and have proposed a divestiture of INFO's OPIS and coal businesses based on that feedback. But we don't really see any major roadblocks coming up in our way, but we do continue to track the environment very closely. And we do continue to expect that the transaction will close in the fourth quarter of this year.

至於我們自身所看到的情況，我們的合併主要是結合兩項高度互補的業務。我們正與反壟斷監管機構接洽，並根據他們的回饋，提出剝離 INFO 的 OPIS 與煤炭業務。但我們並未看到有任何重大障礙會阻礙我們前進，不過我們仍會非常密切地追蹤整體環境。我們也仍預期該交易將在今年第四季完成。

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

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

You went out of your way to talk about the lack of pull-forward given this -- despite the strong debt issuance here recently. Can you talk, if you would, Doug, about the future here in terms of debt issuance? And obviously, the stock, the total amount of debt outstanding has grown significantly here. How does that make you feel going forward for your Ratings business going forward given how strong high-yield has been here recently and we have few quarters of record investment-grade here over the last year and stuff? But I mean, how optimistic are you going forward for your Ratings business?

你特別強調，儘管近期債務發行很強勁，但並沒有出現提前拉貨（pull-forward）。Doug，如果可以的話，你能談談未來債務發行的走向嗎？而且很明顯，股票——也就是未償債務總量——已大幅成長。考量到近期高收益市場表現強勁，且過去一年投資級有幾個季度創下紀錄等等，這讓你對未來評級業務的展望有何感受？我的意思是，你對評級業務未來有多樂觀？

This is something that, obviously, we watch very closely. And this last quarter had some of the largest swings I've ever seen since I've been in this company of different asset classes of issuance. As an example, the -- in the U.S., corporates were down 63% year-on-year of issuance. Europe was down 35% in corporates. Investment-grade globally was down 26%, although high-yield was up 27%. You saw some of the numbers. CLOs were up almost 500% globally, 580% in the U.S. So we saw a lot of swings.

這是我們顯然非常密切關注的事情。而上一季在不同資產類別的發行量方面，出現了我自從加入這家公司以來所見過最大的一些波動。舉例來說——在美國，企業債發行量年減 63%。歐洲企業債年減 35%。全球投資級年減 26%，但高收益卻年增 27%。你也看到一些數字。CLO 在全球幾乎成長 500%，在美國成長 580%。所以我們看到很多波動。

But we take a step back and we look at a few really important factors for going forward on issuance, both for what's going to be the rest of the year, which we mentioned we expect will be down about 1% for total issuance. And I'll come back to that in a second. But we look at economic growth, which is starting to become very robust. We do think it will level out once we get through the pandemic but at a pretty robust level for the U.S., Europe and Asia. That's beneficial for us.

但我們會退一步，從幾個對未來發行量非常重要的因素來看，不論是今年剩餘時間會如何——我們提到預期全年總發行量約下降 1%，我等一下再回到這點——我們會看經濟成長，這正開始變得非常強勁。我們確實認為，一旦度過疫情後會趨於平穩，但在美國、歐洲與亞洲仍會維持相當強勁的水準。這對我們有利。

Once debt goes on to balance sheets as bonds or as rated loans, it typically continues to be rated loans or a rated bond. So we see the pipeline of that, that's been increasing. In addition, we watch things like mergers and acquisitions, which are very robust right now, which are helping the current environment, especially for high-yield and loans.

一旦債務以債券或受評級貸款的形式進入資產負債表，它通常會持續作為受評級貸款或受評級債券存在。因此我們看到那條管線一直在增加。此外，我們也關注像併購這類活動，目前非常活躍，正在支撐當前環境，特別是對高收益與貸款市場。

But when you look at the ability for markets around the world to shift from being bank markets to capital markets, you look at overall economic growth, you look at low interest rates, which we expect are going to continue for some time in the major developed markets, these are all things that are beneficial for our long-term outlook for Ratings.

但當你觀察全球市場從銀行主導市場轉向資本市場的能力、觀察整體經濟成長、再看低利率——我們預期在主要已開發市場低利率還會持續一段時間——這些都是對我們評級業務長期展望有利的因素。

Since you did ask the question very briefly on 2021 forecast, we expect that the overall market is going to be down about 1%. Last quarter, we said that was going to be down about 2%. So that's a short-term view. That doesn't include loans, which we still think are also going to be robust for the rest of the year.

既然你也簡短問到 2021 年的預測，我們預期整體市場將下滑約 1%。上一季我們說預期會下滑約 2%。所以這是短期觀點。這不包含貸款部分；我們仍認為貸款在今年剩餘時間也會維持強勁。

My follow-up question, if I could ask, Market Intelligence was very strong here, obviously, up 8% organically. I haven't seen a number like that in quite a while. I mean, obviously, it tells me that the underlying health of your end markets there, your customers there is quite good. Can you maybe comment on that? And also what's driving that strong growth? And do you think it will continue here?

如果我可以追問，Market Intelligence 這季表現非常強，顯然有機成長 8%。我已經好一段時間沒看到這樣的數字了。我的意思是，這顯示你們終端市場、你們客戶的基本健康狀況相當不錯。你能否評論一下？另外，是什麼在驅動這樣的強勁成長？你認為它會持續嗎？

Craig, we saw growth across the Market Intelligence product lines. Desktop, as you've seen, 5% growth. You recall, last quarter, the growth in Desktop was a bit lower. And we told you that, that would be -- just be temporary. And we are happy to see it coming back to mid-single-digit growth. Also, the Data Management Solutions and Credit Risk Solutions grew a bit faster than what we would expect from a longer-term perspective.

Craig，我們看到 Market Intelligence 各產品線都有成長。Desktop 如你所見成長 5%。你還記得上一季 Desktop 的成長率稍低，我們也告訴你那只是暫時的。我們很高興看到它回到中個位數成長。此外，Data Management Solutions 與 Credit Risk Solutions 的成長也比我們從長期角度所預期的略快一些。

Overall, what we are seeing is healthy commercial activities and sales levels during the second quarter, particularly sales to U.S. corporates has been very strong. And we also have seen very strong renewals in our book of business. So overall, book of business growing very well, active users going up by 10%. And I think it's an overall reflection of the positive economic environment that we're in at the moment.

整體而言，我們在第二季看到健康的商業活動與銷售水準，尤其是對美國企業客戶的銷售非常強勁。我們也看到在既有業務組合中有非常強勁的續約表現。因此整體來看，業務組合成長得很好，活躍用戶增加了 10%。我認為這整體反映了我們目前所處的正向經濟環境。

Our next question is from Andrew Nicholas with William Blair.

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

This is Trevor Romeo in for Andrew. First, just kind of wanted to touch on Platts. It was nice to see the revenue growth acceleration there. I know you mentioned $2 million came from contract timing, but still seemed like a nice kind of sequential increase in the past few quarters. So I was just wondering if you could spend a minute or 2 diving a bit deeper into the growth drivers there and kind of how sustainable that is going forward.

我是 Trevor Romeo，代替 Andrew 提問。首先想稍微談一下 Platts。很高興看到那裡的營收成長加速。我知道你提到有 200 萬美元來自合約時點的影響，但看起來過去幾季仍有不錯的逐季提升。所以我想請你花一到兩分鐘更深入說明一下那裡的成長驅動因素，以及未來這樣的成長有多可持續。

Definitely, one of the stronger quarters in terms of revenue growth of Platts over the last few years. And if you take that $2 million matter out from a timing perspective, you still see very significant growth driven by strong commercial momentum in the core and insights businesses. But also the Global Trading Services volumes are growing.

確實，這是 Platts 在過去幾年中就營收成長而言較強的一季之一。即使把那 200 萬美元的時點因素排除，你仍會看到由核心與洞察（insights）業務強勁的商業動能所帶動的顯著成長。此外，全球交易服務（Global Trading Services）的交易量也在成長。

What we're seeing in general is our customers are getting healthier with the current commodity prices. So clearly, the commodity price environment is helping our customers, and that is ultimately also helping the growth of the Platts business.

我們整體看到的是，在目前的商品價格水準下，我們的客戶財務狀況正在改善。因此，商品價格環境顯然正在幫助我們的客戶，而這最終也在推動 Platts 業務的成長。

Got it. And then on the Indices segment, I've noticed a few recent announcements related to, I guess, kind of new S&P cryptocurrency indices. So I was just kind of wondering if you could broadly talk about your long-term vision for those types of indices and how you're thinking about the size of that opportunity.

了解。接著關於指數（Indices）部門，我注意到最近有一些公告，與新的標普加密貨幣指數相關。所以我想更廣泛地請教你們對這類指數的長期願景，以及你們如何看待這個機會的規模。

Thanks, Trevor. Well, first of all, when -- we're looking at the cryptocurrency market and digital finance more broadly than just indices. We don't necessarily have a clear strategy to articulate there yet, but it's something that we see growing for opportunities for research and analytics and other things around that. But we started it with the index business.

謝謝你，Trevor。首先，我們在看加密貨幣市場以及更廣義的數位金融時，不僅僅是從指數的角度出發。我們目前還不一定有一個很清楚、可以對外完整闡述的策略，但我們確實看到在研究、分析以及其他相關領域有成長機會。而我們是先從指數業務開始切入。

The market for cryptocurrency assets, it's growing. You can see that there's a lot of interest in it. And this also goes beyond just crypto into obviously as well blockchain. We announced the first indices in partnership using the data pricing from a company called Lukka that we have an investment in. It's a New York-based company that provides data and analytics as well as crypto asset software.

加密貨幣資產市場正在成長，你可以看到市場對它有很高的興趣。而且這不僅限於加密貨幣，顯然也延伸到區塊鏈。我們宣布了第一批指數，並與我們投資的一家公司 Lukka 合作，使用其資料定價（data pricing）。Lukka 是一家位於紐約的公司，提供資料與分析，以及加密資產軟體。

We have launched since then a few different indices, 8 to date. There's an S&P Bitcoin, S&P Ethereum. We have a Cryptocurrency MegaCap Index and a couple that provide broad index, which includes values from over 240 coins. We have a team that is looking at this quite carefully in addition to using some of our expertise from Kensho to analyze the trends in the market.

自那之後我們已推出幾個不同的指數，目前累計 8 個，包括 S&P Bitcoin、S&P Ethereum。我們也有加密貨幣 MegaCap 指數，以及幾個提供更廣泛覆蓋的指數，納入超過 240 種代幣的數值。我們有一個團隊正非常仔細地研究這個領域，同時也運用 Kensho 的部分專業能力來分析市場趨勢。

We think that this is going to become an asset class that, over time, would potentially become more acceptable to investors. We see that many of the major financial institutions have started trading desks or businesses around this. So this is an area we will continue to invest to grow in it. It's quite small right now. And I don't have enough ability to give you any market sizing or pricing on it yet because this is really a brand-new market.

我們認為，這將會成為一種資產類別，隨著時間推移可能會更被投資人接受。我們看到許多大型金融機構已開始設立交易部門或圍繞此建立相關業務。因此這是我們會持續投資、推動成長的領域。目前規模仍相當小，而我也還無法提供任何市場規模或定價的估算，因為這確實是一個全新的市場。

Our next question is from Jeff Meuler with Baird.

下一個問題來自 Baird 的 Jeff Meuler。

I guess I was surprised by how strong Ratings' nontransactional revenue was in the quarter and how much it accelerated in a slightly down ratings environment. I was hoping you could talk through how mix is impacting, I guess, Ratings' nontransactional revenue and how sustainable the growth is.

我想我對本季評級（Ratings）的非交易性（nontransactional）營收如此強勁、以及在評級環境略為下滑的情況下仍能加速成長感到意外。我希望你能說明一下，組合（mix）如何影響評級的非交易性營收，以及這樣的成長有多可持續。

Yes, we have seen growth in nontransaction by all the underlying components. So that's the reason why you saw such a strong growth in the nontransaction this quarter. So let me expand a bit on that.

是的，我們看到非交易性營收在所有底層構成項目上都有成長。因此你才會在本季看到非交易性營收如此強勁的成長。讓我稍微展開說明。

So one component is new entity credit ratings. It's about 1/3 of the overall growth in nontransaction that came from new entity credit ratings. Another 1/3 of the growth came from surveillance, and that's being helped by the larger number of bonds outstanding based on the surge of issuance last year. And then the rest is a buildup of Ratings Evaluation Services driven by the M&A, the positive M&A environment that Doug already explained, program fees. And also the CRISIL results were very strong this quarter. So you could say all the underlying components were really pointing to a positive direction.

其中一個構成項目是新發行人（entity）的信用評級，約占非交易性整體成長的三分之一。另一個三分之一的成長來自監測（surveillance），這受惠於未償債券數量增加，而未償規模的增加是基於去年發行量大幅攀升。其餘部分則是評級評估服務（Ratings Evaluation Services）的累積，主要由併購（M&A）所帶動，也就是 Doug 先前已解釋的正向併購環境、方案費用（program fees）。此外，CRISIL 本季的表現也非常強勁。所以可以說，所有底層構成項目都確實朝正向發展。

What I can say is in terms of outlook for the full year for nontransaction, we are now expecting high single-digit growth in this category.

就全年展望而言，對於非交易性營收，我們目前預期該類別將呈現高個位數成長。

Okay. And then just given the Marketplace slide and what I would think would be a good opportunity post merger close, if you could help me understand, to what extent is this -- and I see like the most active user categories. But to what extent is Marketplace expanding your reach into new customer relationships? To what extent is it increasing your relationships with existing? And how important are the partnerships, I think, Snowflake and now Databricks, to the go-to-market versus a, I guess, internal go-to-market effort?

好的。接著，考量 Marketplace 的投影片，以及我認為在併購完成後會有不錯的機會，如果你能幫我理解：在多大程度上，Marketplace 正在把你們的觸角延伸到新的客戶關係？在多大程度上，它是在加深你們與既有客戶的關係？另外，合作夥伴（我想是 Snowflake，現在還有 Databricks）對於你們的上市策略（go-to-market）有多重要，相較於我想的內部 go-to-market 推動？

Yes. Thanks, Jeff. This is really an important part of our -- if you want to call it, our distribution and client engagement strategy across the company. We realized a few years ago that our customers, that the use cases were going to be shifting and that the different profiles of the users of our businesses were going to be shifting. More people are going to be using models and modeling. They're going to be wanting to get data that have been curated. It had been cleaned. It was easy to use.

是的，謝謝你，Jeff。這其實是我們全公司層面非常重要的一部分——如果你要這麼稱呼的話——我們的分銷與客戶互動策略。幾年前我們就意識到，客戶的使用情境（use cases）將會轉變，而我們各項業務的使用者樣貌也會轉變。會有更多人使用模型與建模；他們會希望取得已經整理（curated）、清理（cleaned）且容易使用的資料。

And then we realized over the last couple of years as we started launching that there were many users that also would like to have tools that they could quickly analyze data or even directly link it into their own data. So this is where Databricks and Snowflake come in.

接著在過去幾年，當我們開始推出這些產品時，我們也意識到有許多使用者希望擁有一些工具，能夠快速分析資料，甚至直接把資料連結到他們自己的資料中。這就是 Databricks 和 Snowflake 發揮作用的地方。

We've added, as you see, 169 different titles with ESG and credit analytics and some other data -- market data being the most highly used so far.

如你所見，我們已新增 169 個不同的標題（titles），涵蓋 ESG 與信用分析以及其他一些資料——目前使用率最高的是市場資料（market data）。

When it comes to our customers, the profile of the personas that are using it are slightly different, but they're the same customers. So it's a lot of corporate customers, hedge funds, asset managers, risk managers inside financial institutions. So many times, it's similar types of customers that we already have, but it's different profile personas inside of those customers that are using this new data and these new analytical tools.

就客戶而言，使用它的角色輪廓（personas）略有不同，但仍是同一批客戶。也就是很多企業客戶、避險基金、資產管理公司，以及金融機構內部的風險管理人員。因此很多時候，是我們既有的相似客戶類型，但在這些客戶內部，使用這些新資料與新分析工具的是不同的角色。

We see a lot of people using Python when they bring the data over into their own systems to do data science analytics. But it's something that we're quite excited about. And we're also learning. We get a lot of ideas from our -- directly from our clients of new ways to enhance it or new data sets that they'd like to see included in it. But we're really pleased with the results of this. I would recommend that everybody go take a look at it. If this was a call that Chip Merritt could have a chance to share his screen, he would. And he'd show us all of the different opportunities you have to use data for what you're actually doing in your jobs every day. And thanks for the question.

我們看到很多人在把資料導入他們自己的系統後，使用 Python 來做資料科學分析。但這是我們非常興奮的事情，我們也在學習。我們從客戶那裡直接得到很多想法，包括如何以新方式強化它，或他們希望納入哪些新的資料集。我們對目前的成果非常滿意。我會建議大家都去看看。如果這通電話能讓 Chip Merritt 有機會分享螢幕，他一定會這麼做，並向我們展示你在日常工作中實際使用資料的各種不同機會。謝謝你的問題。

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

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

Congrats on a solid quarter. My question was on product innovation. You highlighted 1/3 of the revenue growth in Market Intelligence as well as 1/4 of revenue growth in Platts coming from new products. And we've seen acceleration -- revenue growth acceleration in both these businesses.

恭喜本季表現穩健。我的問題是關於產品創新。你提到市場情報（Market Intelligence）營收成長的三分之一，以及 Platts 營收成長的四分之一，來自新產品。而且我們也看到這兩項業務的營收成長正在加速。

My question was how do you think about product innovation post INFO merger? With more incremental data and capabilities, how do you think about your ability to innovate going forward?

我的問題是，在 INFO 併購之後，你們如何看待產品創新？在擁有更多增量資料與能力的情況下，你們如何看待未來的創新能力？

Ashish, we are really excited about the opportunity to even further accelerate our product innovation together with IHS Markit because you know our strategy, if you take a few step backwards. Our strategy is we are growing in our core businesses because of positive secular trends. But then we would like to grow, in addition to that, based on all the new product innovation. And we're investing in that now for the last 2, 3 years. We have a very specific investment program. And we're very happy that this year, you are seeing some of the clear benefits coming out of it in growth in our segments and some of the growth items that you already pointed out.

Ashish，我們對於與 IHS Markit 一起進一步加速產品創新這個機會感到非常興奮，因為你也了解我們的策略——如果你把視角稍微拉遠幾步。我們的策略是：在核心業務方面，受惠於正向的長期結構性趨勢（secular trends），我們正在成長；除此之外，我們也希望透過各種新產品創新來推動額外成長。過去 2 到 3 年我們一直在投入這方面的投資。我們有一個非常明確的投資計畫。而我們也很高興今年你已經看到一些明確的效益開始反映在各部門的成長，以及你剛才指出的一些成長項目上。

With IHS Markit, actually, we believe we are even better positioned for future growth because we are strengthening 3 of our 4 divisions. And those divisions will be very complementary in terms of nature of activities that are coming together.

透過 IHS Markit，實際上，我們相信我們在未來成長方面的布局會更佳，因為我們正在強化四大事業部中的三個。而這些事業部在即將整合的業務性質上將具有高度互補性。

And then on top of it, we will also grow even more in the growth adjacencies, the markets around ESG, energy transition, private company data, the third-party assessments and so on. So even the growth adjacencies, we will be stronger positioned to grow in the future based on the combined company.

此外，我們也將在成長鄰近領域進一步加速成長，包括 ESG、能源轉型、私營公司數據、第三方評估等周邊市場。因此，即便是在成長鄰近領域，基於合併後的公司，我們在未來的成長定位也會更強。

So actually, it's one of the key reasons why we are doing this merger because the combined company, in our view, can grow faster than the 2 companies will be able to achieve stand-alone.

所以實際上，這也是我們進行這次合併的關鍵原因之一，因為在我們看來，合併後的公司成長速度將快於兩家公司各自獨立運作所能達成的成長。

That's very helpful color. And maybe just a quick question on cost synergies, particularly post the INFO merger. You have obviously given that target. But in addition, both S&P and INFO independently were pursuing cost takeout initiatives. So post the merger, how should we think about it? Would you plan to combine all of that? And also any update that you can provide on S&P's independent cost takeout synergies -- cost takeout initiatives?

這些說明非常有幫助。我想再快速問一下成本綜效，特別是在 INFO 併購之後。你們顯然已經給出了目標。但除此之外，S&P 和 INFO 各自也都在推動成本削減計畫。因此在合併之後，我們應該如何看待？你們會把這些全部整合在一起嗎？另外，關於 S&P 自身的成本削減綜效——成本削減計畫——是否有任何最新進展可以分享？

Overall, I see all of those productivity programs are moving forward in a way and we're making a lot of good progress. A couple of the questions you asked, let me break those down.

整體而言，我看到所有這些生產力計畫都在推進，而且我們取得了相當不錯的進展。你問到的幾個問題，我先分開來回答。

So first, the S&P Global productivity program that we have today, the $120 million productivity program, we're planning to give you an update either during the third or the fourth quarter earnings call. We would like to do that update as close as possible to the completion of the merger so that you know how far we have been able to come on a stand-alone basis. But what I can say is we were at $49 million at the end of last year. And we're making very significant progress this year with respect to that program.

首先，關於我們目前的 S&P Global 生產力計畫，也就是 1.2 億美元的生產力計畫，我們計畫在第三季或第四季的財報電話會議上向各位更新。我們希望把更新時間盡可能安排在併購完成附近，讓大家了解我們在獨立運作下已經推進到什麼程度。不過我可以說的是，截至去年年底我們已達到 4,900 萬美元，而今年在該計畫上我們正取得非常顯著的進展。

I can't talk too much about IHS Markit, but they have a stated productivity and efficiency program to expand margins by 100 basis points every year. Of course, that will be all combined into synergies and expense synergies that we're going to achieve after the completion of the transaction.

我不能對 IHS Markit 談太多，但他們有一項已公開的生產力與效率計畫，目標是每年將利潤率擴張 100 個基點。當然，在交易完成後，這些都會整合進我們將要實現的綜效與費用綜效之中。

I cannot give you any update on those numbers. What we have said is we will come back to you, if appropriate, after the completion of the transaction with updates, if we have any updates to those numbers. But clearly, we are working in the integration planning on further substantiating and supporting those synergy numbers from a bottoms-up perspective. And we are getting more and more comfortable over time with respect to those numbers.

我無法就這些數字提供任何更新。我們已經說過，如有需要，在交易完成後我們會再回來向各位更新（如果這些數字有任何更新）。但很明確的是，在整合規劃中，我們正以自下而上的方式進一步驗證並支撐這些綜效數字，而且隨著時間推進，我們對這些數字也越來越有把握。

The expectation is that then the combined company in the future will be able to expand margins by 200 basis points for the first few years. So all of those commitments are still in place.

預期是，合併後的公司在未來前幾年將能把利潤率擴張 200 個基點。因此，所有這些承諾仍然維持不變。

That's very helpful color. Congrats on such a solid quarter.

這些補充非常有幫助。也恭喜你們交出如此穩健的一季。

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're forecasting 2021 global debt issuance to decline 1%, excluding loans. Can you discuss your outlook for the individual debt categories, including loans, and how you expect the evolving macro and interest rate environment to impact issuance?

你們預測 2021 年全球債務發行量（不含貸款）將下滑 1%。能否談談你們對各個債務類別（包括貸款）的展望，以及你們預期不斷演變的總體環境與利率環境將如何影響發行量？

Yes. Thanks, George. So first of all, let me go through the components then of that 1% down. We look at the corporates, and we -- corporates so far are down this year about 12% overall, as I mentioned earlier. So far this year, in corporates, they're down 40% in the second quarter. But we expect that overall, they're going to be down about 12%. So that's that category.

好的，謝謝你，George。首先，我先拆解一下這個下滑 1% 的組成。我們看企業債——如我先前提到的，今年迄今企業債整體約下滑 12%。今年迄今在企業債方面，第二季下滑了 40%。但我們預期全年整體將約下滑 12%。這就是該類別的情況。

Financial services have actually been a little bit more robust than we had originally expected. We thought they were going to be up about 4%, but we think it will go up as high as 10%, but our midpoint is about 7.5%.

金融服務其實比我們原先預期更為強勁。我們原本認為會成長約 4%，但我們認為可能高達 10%，而我們的中位數預估約為 7.5%。

Just as an anecdote on that. The last quarter, Bank of America issued $28 billion. JPMorgan issued $23 billion. It looks like the banks are starting to use our balance sheets again. And in Europe, all of the largest -- of the 10 largest issuers in Europe that were all in the $4 billion to $6 billion range, almost all of those, exception of one, were a financial institution. So we think financial issuance will be up for the year.

補充一個例子。上一季，美國銀行發行了 280 億美元；摩根大通發行了 230 億美元。看起來銀行開始再次運用我們的資產負債表。在歐洲，前十大發行人中，發行規模都在 40 億到 60 億美元區間，幾乎除了其中一家之外，其他幾乎都是金融機構。因此我們認為金融類發行量今年將上升。

Structured finance, we think, will be up about 20% for the year. We see that the structured finance market is still going quite strong. As we mentioned in the second quarter, it was up over 147% overall. We don't think that, that pace will continue in structured finance, but we see it up 20%. We had originally said in our prior forecast it would be up about 6% in 2021 as opposed to now raising it to 20%.

結構性融資方面，我們認為全年將成長約 20%。我們看到結構性融資市場仍然相當強勁。正如我們在第二季提到的，整體成長超過 147%。我們不認為結構性融資會以那樣的速度持續，但我們仍預期成長 20%。我們先前的預測是 2021 年約成長 6%，現在則上調至 20%。

We look at public finance. We still think that's going to be down about 5%. Public finance issuers have not been as active. If there is an infrastructure program approved in Washington and we do see a revitalization of infrastructure investment in the U.S., public finance will probably go along with that. So overall, we see bond issuance down about 1% when you add all of that up together.

我們看公共融資，仍然認為將下滑約 5%。公共融資發行人並沒有那麼活躍。如果華盛頓通過基礎建設計畫，且我們確實看到美國基礎建設投資回溫，公共融資可能也會隨之增加。因此把這些加總起來，我們看到債券發行量整體約下滑 1%。

We think that loans are going to continue to be strong. I don't have a specific number for the year what they're going to be up, but they'll continue to be up. You saw the numbers of how strong they've been compared to the prior years. But the pipeline is strong. The M&A pipeline is strong.

我們認為貸款將持續強勁。我沒有一個全年具體的成長數字，但它們會持續成長。你也看到相較於前幾年，貸款數據有多強。不過目前的案源管線很強，併購（M&A）管線也很強。

When it comes to interest rates, interest rates are still quite low. Spreads are low, and interest rates are low. Spreads are not at the lowest they've ever been, but they're close to low areas, especially after the spike that we saw last year in the end of the first quarter and into the second quarter when the pandemic first started. So we do think that there's going to be a lot of strength in loans and then subsequently from that CLOs as well for the rest of the year.

就利率而言，利率仍然相當低。利差很低，利率也很低。利差並非歷史最低，但已接近低檔區間，特別是在我們去年第一季末到第二季、疫情剛開始時看到的利差飆升之後。因此我們確實認為，今年剩餘時間貸款將非常強勁，進而也會帶動 CLO 的發行。

Just one other tidbit. We see that in the ABS area, which goes between the loans and ABS, we see a lot of activity related to autos, related to corporate banks, corporate restructurings of their balance sheets, et cetera. So we still see a lot of activity, interest rate-driven. But recall that last year, there was a lot of liquidity issuance that was driven by investment-grade corporates. That has basically gone away, and you saw that from the big drop. And that's been substituted now by loans, by structured finance, by ABS, et cetera. We think that, that's going to continue for the rest of the year. And then as I mentioned in an earlier question, we see that all of this positions us well for the long run.

再補充一點。我們看到在 ABS 領域——介於貸款與 ABS 之間的那一塊——有很多與汽車相關的活動，也有與企業銀行、企業資產負債表重整等相關的活動。因此我們仍看到大量由利率驅動的活動。但請記得，去年有大量由投資級企業所帶動的「流動性」發行；那基本上已經消退了，你也從大幅下滑中看到了。而現在則由貸款、結構性融資、ABS 等所取代。我們認為這種情況將在今年剩餘時間持續。並且如我在先前的問題中提到的，我們認為這一切讓我們在長期上處於有利位置。

Very helpful. You're increasing your guidance for revenue growth to high single digits from mid-single digits previously. Can you elaborate on your latest segment growth expectations for the year, including how much of the upwardly revised guidance reflects 2Q outperformance versus an improved second half outlook?

非常有幫助。你們把營收成長指引從先前的中個位數上調到高個位數。能否進一步說明你們最新的全年各業務分部成長預期，包括上調指引中有多少反映第二季的優於預期表現，以及有多少來自對下半年展望的改善？

George, let me give you the components by each of our segments. I only give you guidance for a full year basis. And I think you probably can derive from that the outlook for the second half of the year.

George，我按各分部把組成拆給你。我只提供全年口徑的指引。我想你應該可以從中推導出下半年的展望。

So for Ratings, we are now expecting revenue growth at a high single-digit level. So that's up from mid last quarter to now high single digits. Market Intelligence is still at a level of mid- to high single digits. Platts has gone up from mid- to mid- to high single-digit revenue growth. And the index business now we are expecting low double-digit revenue growth. That's up from high single digits to low double digits.

就 Ratings 而言，我們現在預期營收成長為高個位數水準，從上一季的中個位數上調至目前的高個位數。Market Intelligence 仍維持在中到高個位數。Platts 從中個位數上調至中到高個位數的營收成長。指數業務方面，我們現在預期營收成長為低雙位數，從高個位數上調至低雙位數。

So 3 of the 4 segments we're increasing the revenue outlook for the full year. And then also for the company as a whole, the revenue outlook has been increased to high single-digit growth.

因此四個分部中有三個，我們上調了全年營收展望。同時，就公司整體而言，營收展望也上調至高個位數成長。

Our next question is from Owen Lau with Oppenheimer.

下一個問題來自 Oppenheimer 的 Owen Lau。

Quick question on Kensho Scribe. I think it was recently launched for commercial use. Could you please talk about the traction there? And then broadly speaking, could you please talk about the progress of deploying Kensho into the overall business? And what have you learned so far?

關於 Kensho Scribe 的簡短問題。我想它最近已推出供商業使用。您能否談談那邊的採用動能？另外更廣泛地說，您能否談談將 Kensho 部署到整體業務中的進展？以及到目前為止你們學到了什麼？

Owen, we continue to be very excited about all the Kensho initiatives that are continuing within the company. Kensho, in the meantime, has developed a complete AI toolkit for unstructured data with many different elements that are in that toolkit about entity linking, data extraction, speech to text, search, Codex, named entity recognition, many other initiatives that have been developed. And those tools are being used across the company.

Owen，我們對公司內持續推進的所有 Kensho 計畫仍然感到非常振奮。同時，Kensho 已為非結構化資料開發出一套完整的 AI 工具組，工具組中包含許多不同的元素，例如實體連結（entity linking）、資料擷取、語音轉文字、搜尋、Codex、命名實體辨識，以及許多其他已開發的計畫。而這些工具正在公司各處被使用。

Let me give you 2 specific examples, including the one that you were referring to with respect to Scribe. So Scribe is the speech-to-text algorithm engine. And we are using that for our own businesses, for example, for our earnings call transcript business. And the more you can teach those algorithms based on the actual activity, the better they become, the stronger is your engine. So all of our activities with respect to our earnings call transcript business is now being done through Kensho Scribe. And the quality is really very high at the moment and further improving over time.

我給你兩個具體例子，包括你提到的與 Scribe 相關的例子。Scribe 是語音轉文字的演算法引擎。我們正在自家業務中使用它，例如用於我們的財報電話會議逐字稿業務。你越能根據實際活動去訓練這些演算法，它們就會變得越好、引擎也越強。因此，我們目前所有與財報電話會議逐字稿業務相關的作業都已透過 Kensho Scribe 來完成。目前品質確實非常高，並且會隨時間持續提升。

That's indeed being sold now also to external customers. So we have a few external customers now that are interested in this engine because it's one of the best products that is out there. And so we are actually very excited about the fact that Kensho can now pivot to external customers as well with some of its products.

這項產品現在也確實開始對外部客戶銷售。我們目前已有一些外部客戶對這個引擎感興趣，因為它是市面上最好的產品之一。因此，我們對 Kensho 現在也能以部分產品轉向服務外部客戶這件事感到非常興奮。

Let me give you a second example. This is about Market-on-Close in the Platts business. At 26 markets now this is being implemented, and we have reduced 75% of the time between the market close and publishing our prices, which is, of course, very important for our customers because the closer that time gap, the better it is for them, 14 markets still to go.

我再給你第二個例子，這與 Platts 業務中的 Market-on-Close 有關。目前已在 26 個市場導入，我們已將收盤到發布價格之間的時間縮短了 75%。這對客戶當然非常重要，因為時間差越小，對他們越有利；目前還有 14 個市場尚待導入。

So in other words, Kensho initiatives are continuing, and we continue to be very excited about the transformative nature that Kensho is bringing to S&P Global.

換句話說，Kensho 的各項計畫仍在持續推進，我們也持續對 Kensho 為 S&P Global 帶來的轉型性影響感到非常振奮。

Got it. That's very helpful. And then a follow-up question, something related to the INFO acquisition. But could you please remind us the benefit of owning the data versus like renting the data from S&P point of view? For example, can you like create additional products or services by owning that data versus maybe you may not be able to do by renting that data?

了解。這非常有幫助。接著追問一個與 INFO 收購相關的問題：能否請您提醒我們，從 S&P 的角度來看，擁有資料相較於像是向外部「租用」資料的好處是什麼？例如，擁有資料是否能讓你們創造額外的產品或服務，而租用資料可能做不到？

Owen, thank you for the question. When we look at the IHS Markit merger and when we originally conceived of it and as we continue to go through our analysis to work on our integration planning, we see that there's lots of opportunities across the company. It goes well beyond just the data. There are many different ways that we can have complementary data usage.

Owen，謝謝你的問題。當我們看 IHS Markit 的合併案，無論是最初構想時，或是我們持續進行分析並推動整合規劃時，我們都看到公司各處存在大量機會。這遠不僅僅是資料本身；我們可以在許多不同面向上實現互補性的資料使用。

As an example, the fixed income indices is one of the ones that we talk a lot about because they have fixed income data. They've got the fixed income business that already exists. They have the reference data. So we can quickly put their index business together with ours, increase our asset class coverage as well as innovate in new areas like multi-asset class indices.

例如，固定收益指數是我們經常談到的一項，因為他們擁有固定收益資料，也有既有的固定收益業務，並且具備參考資料（reference data）。因此，我們可以快速把他們的指數業務與我們的結合，提升我們在資產類別的覆蓋範圍，同時也能在多資產類別指數等新領域進行創新。

So beyond just the data usage and the data linkage across the company, there's many more opportunities. As an example, deploying some of IHS Markit's software, software tools, workflow tools, things that we don't have as much at S&P Global, bringing that expertise into 2 markets -- into new markets like ESG, like climate, we're very excited about things like that.

因此，除了公司內部的資料使用與資料連結之外，還有更多機會。再舉例來說，導入 IHS Markit 的一些軟體、軟體工具、工作流程工具等——這些是 S&P Global 相對較少的——把那方面的專業帶進兩個市場、以及帶進像 ESG、像氣候等新市場，我們對這些都非常興奮。

So the combination goes well beyond data. Data is fundamental to it. Bringing those data together like their Data Lake and our Marketplace reference data that can be used across our company, that's sort of a nice to have. It's necessary. But beyond that, to be sufficient and to really make this exciting, it goes also into analytics, into research, into software tools, et cetera. So we continue to be excited about this. And data is fundamental to it, but it goes well beyond that.

所以這個組合遠不止資料。資料是其根本。把這些資料整合在一起，例如他們的 Data Lake 與我們的 Marketplace 參考資料，並能在公司內部廣泛使用，這算是一個加分項；它是必要的。但除此之外，若要達到充分條件、真正讓這件事令人興奮，還包括分析、研究、軟體工具等等。因此我們仍然對此感到興奮。資料是基礎，但遠不止於此。

Our next question comes from Kevin McVeigh with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Kevin McVeigh。

I think you folks did a really nice job talking about kind of the debt cycle overall. Ewout, you talked about kind of client searching for yield as you're going a little bit further down the credit stack. Where are we in that process? And then how do we reconcile that? Because, obviously, it feels like the bond market is a lot healthier relative to the last cycle, maybe not as much excess. So Doug, does that help offset maybe some of the tougher comps as we push this duration out a little bit? Just any puts and takes around that?

我認為你們在談整體債務循環方面做得非常好。Ewout，你提到客戶在尋找收益時，會在信用結構中往更下層走。我們在這個過程中目前處於什麼位置？另外我們該如何調和這點？因為很明顯，相較於上一個循環，債券市場看起來健康得多，可能也沒有那麼多過剩。Doug，這是否有助於抵消當我們把久期拉長一些時、可能面臨較艱難的比較基期？想請你談談其中的利弊權衡。

Yes. When we look at the debt cycle and we try to see where we are, clearly, the interest rates are quite low. But there's -- if you want to think it's almost like a supply and a demand issue. There's an incredible amount of supply of liquidity. A lot of that liquidity is positioning for a higher rate or an inflationary market, which means that they've moved into floating rate instruments. And so you see a large amount of funds have moved into floating rate instruments, which means that there's a lot of liquidity available for floating rate loans and CLOs. So you can see that there's been a shift of liquidity in that direction.

是的。當我們看債務循環並試圖判斷所處位置時，很明顯利率相當低。但如果你把它視為供需問題：市場上有極大量的流動性供給。這些流動性中有很大一部分是在為更高利率或通膨型市場做布局，這意味著它們轉向浮動利率工具。因此你會看到大量資金流入浮動利率工具，代表浮動利率貸款與 CLO 有大量可用流動性。你可以看到流動性正朝那個方向移動。

But when we look at this more in the longer run, there is a debt cycle, which is -- we're going through right now, but that's going on to people's balance sheets. There is a large amount of that issuance has been investment-grade, and the investment-grade has been holding up. The debt levels and interest rate coverage levels are still strong. We've been holding to our standards for what would be an investment-grade issuer. And then when you look at the many, many high-yield issuers who have been coming out, clearly, the market understands the risk they're taking when they invest in a deep, high-yield issuance.

但從更長期來看，確實存在一個債務循環——我們現在正經歷其中一段——而這會反映在人們的資產負債表上。大量發行屬於投資級，而投資級表現仍然穩健。負債水準與利息保障倍數仍然強勁。我們也一直維持我們對投資級發行人的標準。至於許多、許多出來發行的高收益發行人，市場顯然理解當他們投資於深度高收益發行時所承擔的風險。

But we think that when you look at some of the slides that we showed today of the balance sheets, of the maturity schedules which are coming up, that this bodes well in the long run for the overall markets. That doesn't mean that every single quarter is going to be -- always be up. We saw this quarter a lot of movement of some very strong growth in some areas, a lot of decreases in others. And we expect that we're going to see that, especially as the markets reaccommodate.

但我們認為，從今天展示的一些投影片來看——包括資產負債表、以及即將到期的到期結構（maturity schedules）——這在長期而言對整體市場是正面的。這並不表示每一個季度都會——永遠都會上升。我們在本季度看到一些領域出現非常強勁的成長，同時其他領域則有不少下滑。我們預期會持續看到這種情況，特別是在市場重新調整之際。

Super helpful. And then just real quick on the buyback, Ewout. I know you're restricted right now with the deal, but can you just remind us of when you could potentially be back in the market pending deal closure? And how we should think about that relative to capital allocation overall?

非常有幫助。接著很快問一下回購，Ewout。我知道你們目前因為交易而受限，但你能否提醒我們，在交易完成之前提下，你們何時可能重新回到市場進行回購？以及相對於整體資本配置，我們應該如何看待？

Absolutely, Kevin. Buybacks, we would probably not be able or most likely not be able to do buybacks before the completion of the merger. Then our thinking at the moment is that after completion of the merger, we do a catch-up. And a catch-up is in relation to the loss period that we're not able to return capital to our shareholders at the level of our capital targets, the at least 75% return of capital targets that we were not able to achieve since the mid of last year until the fourth quarter of this year.

當然可以，Kevin。回購方面，在合併完成之前，我們大概無法、或很可能無法進行回購。我們目前的想法是，在合併完成後進行一次「補回」（catch-up）。所謂補回，是針對我們在受限期間無法依照資本目標把資本返還給股東的缺口——也就是至少 75% 的資本返還目標——自去年年中到今年第四季這段期間我們無法達成的部分。

Also, you have to take into account there that IHS Markit itself cannot do any share buybacks. So you have to take that in consideration, as well as potential proceeds of some of the divestitures.

此外，你也必須考量 IHS Markit 本身也不能進行任何股票回購。因此這點要納入考量，還有一些資產剝離（divestitures）可能帶來的處分收益。

We would like to do that catch-up because we would like to go as quickly as possible into the rhythm of our new capital return target of at least 85% of our free cash flow. And the combined company will be a company that very soon, after the completion, will get to a level of approximately $5 billion or north of $5 billion of free cash flow, very significant amount. So we would like to go back into a normal rhythm as quickly as possible.

我們希望進行這個補回，因為我們希望盡快回到新的資本返還目標節奏——也就是至少將自由現金流的 85% 返還。合併後的公司在完成後不久，自由現金流將達到約 50 億美元或高於 50 億美元的水準，金額非常可觀。因此，我們希望盡快回到正常節奏。

I can't give you specific numbers. I know there's a big question on The Street about numbers in terms of the buybacks and the catch-up. I can't give you specific numbers. But philosophically, this is the way we would like to approach this. And overall, I think we will be in a very good position to get back into our normal rhythm with respect to our capital return targets.

我無法提供具體數字。我知道市場上對於回購與補回（catch-up）相關的數字有很大的疑問。我無法提供具體數字。但從理念上來說，這是我們希望採取的方式。整體而言，我認為我們將處於非常有利的位置，能夠就資本回饋目標回到我們正常的節奏。

We will now take our final question from Toni Kaplan with Morgan Stanley.

我們現在將進行最後一個問題，來自摩根士丹利（Morgan Stanley）的 Toni Kaplan。

I was hoping you could give some additional color regarding how you're thinking about any potential benefits from the proposed infrastructure bill.

我希望您能就您如何看待擬議中的基礎建設法案可能帶來的任何潛在效益，提供更多說明。

Yes. Thanks, Toni. Well, first of all, I'm encouraged to see that there is a bipartisan process going on in Washington around infrastructure. It's something that we need in this country, both the bipartisanship as well as investment in infrastructure.

好的。謝謝你，Toni。首先，我很受鼓舞地看到華盛頓在基礎建設議題上正進行兩黨合作的程序。這是我們國家所需要的——不僅需要兩黨合作，也需要對基礎建設的投資。

We think that there will be a few potential benefits from that. The first is just general economic growth. We have done a lot of research and analysis on infrastructure over the years, and infrastructure generally leads to growth beyond just the investment in infrastructure itself. We estimate that it's somewhere about 1.7 to 1.9x additional economic growth that comes from infrastructure.

我們認為這可能帶來幾項潛在效益。第一是整體經濟成長。我們多年來對基礎建設做了大量研究與分析，而基礎建設通常會帶來超出基礎建設投資本身的成長。我們估計，基礎建設可帶來約 1.7 到 1.9 倍的額外經濟成長。

So when you build an airport, around an airport, you get rental cars, you get gas stations, you get activity inside the airport from people buying food and gifts, et cetera. So we see that there is a potential economic benefit, which should help growth. It also helps jobs. All of that helps business climate generally, which obviously is beneficial to us.

例如，當你建造一座機場，在機場周邊會出現租車服務、加油站，機場內也會因人們購買食物、禮品等而帶來活動。因此我們看到存在潛在的經濟效益，這應有助於成長。它也有助於就業。所有這些通常都能改善商業環境，而這顯然對我們有利。

More specifically, if there is an infrastructure bill, we do think that despite much of it being discussed as being funded by the public sector that there will be opportunities for public-private partnerships, which would bring with them potentially debt financing. The municipal bond market could take on more activity if there's going to be local investment in infrastructure. And then the companies themselves, construction companies, the large projects, they're going to need financing as they go through the projects themselves.

更具體而言，如果有基礎建設法案，我們確實認為，儘管其中多數被討論為由公共部門出資，但仍會有公私合營（PPP）的機會，而這可能伴隨債務融資。如果地方層級要投資基礎建設，市政債券市場可能會承接更多活動。此外，企業本身——建築公司、大型專案——在專案推進過程中也將需要融資。

So we think that this will be, in general, beneficial to the overall economy. I think it's a good signal from Washington. And then overall, it could have some benefits to us, particularly for the Ratings business.

因此我們認為，整體而言這將有利於整體經濟。我認為這是華盛頓釋出的良好訊號。總體來看，這也可能為我們帶來一些效益，特別是對評級（Ratings）業務。

That's helpful. And just looking at first half index margins were about 71%, and that's typically your highest incremental margin business with margin degradation usually coming from reinvestment. So just thinking about that, how should we think about the medium-term targets for margins within index? Should we sort of build off the low 70s number? Or are there additional investments that you might want to make that could bring that level down?

這很有幫助。再看上半年指數業務的利潤率約為 71%，而這通常是你們增量利潤率最高的業務，利潤率下滑通常來自再投資。因此就此而言，我們應如何看待指數業務利潤率的中期目標？我們是否應以 70% 出頭的數字為基礎來推估？或者你們是否可能進行額外投資，導致該水準下降？

Toni, I can give you some guidance for the full year 2021 margins for the index business that we expect to be at the high 60s level. If you look at the trailing 4-quarter level for index, it was 69.2%. So more or less the same margins for the full year as we have today on a trailing 4-quarter basis.

Toni，我可以就 2021 全年指數業務的利潤率提供一些指引，我們預期會在 60% 高段（high 60s）的水準。若你看指數業務過去四個季度（trailing 4-quarter）的水準，是 69.2%。因此，全年利潤率大致會與我們目前以過去四季為基礎的水準相同。

It's exactly for the reason that you are mentioning. In fact, for a business that is having such a high margins, the best thing you can do from a value creation perspective is to grow that business as fast as you can. So investing in new product initiatives, we believe, is a very positive thing for the index business. And that is exactly what we are doing at this point in time. We're investing in ESG indices. We're investing in Kensho new economy indices, in multi-asset class indices, in new capabilities with respect to rapid index development.

原因正如你所提到的。事實上，對於一個利潤率如此高的業務，從價值創造的角度來看，最好的做法就是盡可能快速地擴大該業務。因此，我們認為投資於新產品計畫對指數業務是非常正面的事情，而這正是我們目前正在做的。我們正在投資 ESG 指數；投資 Kensho 新經濟指數；投資多資產類別指數；並投資於快速指數開發相關的新能力。

So overall, these levels of investments are still relatively modest from a bigger picture perspective, but good investments that should position our index business for future growth.

總體而言，從更宏觀的角度看，這些投資規模仍相對溫和，但都是良好的投資，應能使我們的指數業務為未來成長做好定位。

Thank you, Toni. Thanks so much. And thank you, everyone, for joining the call today and for your support. As you can see, we're very pleased with the performance of this quarter, and we're also very excited about all we've been doing at the company and all we can do.

謝謝你，Toni。非常感謝。也謝謝各位今天參與電話會議並給予支持。如各位所見，我們對本季的表現非常滿意，也對公司正在做的一切以及我們能做的一切感到非常振奮。

Going back, we highlighted today the Dow Jones Index, which was the Dow Jones Industrial Index, which is 125 years old. And at the same time, we're bringing brand-new, innovative research and analytics to the markets through what we talked about with Kensho, with ESG Evaluations, with climate analytics with the Credit Climate Analytics, with new benchmarks from Platts, with our China expansion. And so we have so much new innovation going on. We're also excited about that to see how that starts to play out and also highlighted by what we've been doing with the Marketplace.

回顧一下，我們今天重點提到了道瓊指數（Dow Jones Index），也就是道瓊工業指數（Dow Jones Industrial Index），已有 125 年歷史。同時，我們也透過我們談到的 Kensho、ESG 評估（ESG Evaluations）、氣候分析（包括 Credit Climate Analytics 的氣候分析）、Platts 的新基準、我們在中國的擴張，將全新且創新的研究與分析帶入市場。因此我們有非常多新的創新正在進行。我們也對此感到興奮，期待看到這些如何開始發揮作用，同時也由我們在 Marketplace 所做的工作所凸顯。

But on top of that, we're excited about the IHS Markit merger. The progress is good. We're very pleased with all of the things we're learning about the company across both teams, especially the quality of the people.

除此之外，我們也對 IHS Markit 的合併感到振奮。進展良好。我們對兩個團隊在公司各方面所學到的一切感到非常滿意，尤其是人才的品質。

But I want to end by thanking our employees again who have been working under what I would call unusual circumstances. But it's exciting to start opening up our offices again to see people at the offices, to get a little bit of travel going again. So again, thank you to our employees. Thank you, everyone, on the call, and I hope everyone gets at least a little bit of time to enjoy part of the summer. Thanks again.

最後我想再次感謝我們的員工，他們一直在我所稱的非比尋常的情況下工作。不過，能夠開始重新開放辦公室、在辦公室看到同事、也能再次開始一些出差行程，令人振奮。因此，再次感謝我們的員工。也謝謝各位參與電話會議，並希望大家至少能抽出一些時間享受夏天的一部分。再次感謝。

That concludes this morning's call. A PDF version of the presenters' slides is available now for downloading from investor.spglobal.com. Replays of the entire call will be available in 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.

今天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。整場電話會議的重播將於 2 小時後提供。含音訊與投影片的網路直播將在 S&P Global 網站上保留 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。