Affiliated Managers Group Inc (AMG) 2024 Q4 法說會逐字稿

Greetings and welcome to AMG fourth-quarter 2024 earnings conference call. (Operator Instructions)

問候並歡迎參加 AMG 2024 年第四季財報電話會議。（操作員指令）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Patricia Figueroa, Head of Investor Relations. Thank you. Please begin.

提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，投資者關係主管帕特里夏·菲格羅亞（Patricia Figueroa）。謝謝。請開始。

Good morning and thank you for joining us today to discuss AMG's results for the fourth quarter and full year 2024. Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements which could differ from our actual results materially, and AMG assumes no obligation to update these statements.

早安，感謝您今天加入我們討論 AMG 2024 年第四季和全年業績。在我們開始之前，我想提醒您，在本次電話會議中，我們可能會做出一些前瞻性陳述，這些陳述可能與我們的實際結果有重大差異，AMG 不承擔更新這些陳述的義務。

Also, please note that nothing on this call constitutes an offer of any products, investment vehicles, or services of any AMG Affiliate.

此外，請注意，本次電話會議中的內容並不構成任何 AMG 附屬公司提供的任何產品、投資工具或服務的要約。

A replay of today's call will be available on the Investor Relations section of our website, along with a copy of our earnings release and a reconciliation of any non-GAAP financial measures, including any earnings guidance announced on this call.

我們網站的「投資者關係」部分將提供今天電話會議的重播，同時提供我們的收益報告副本和任何非 GAAP 財務指標的對帳單，包括本次電話會議上宣布的任何收益指引。

In addition, this morning we posted an updated investor presentation to our website and encouraged investors to consult our site regularly for updated information.

此外，今天早上我們在我們的網站上發布了更新的投資者介紹，並鼓勵投資者定期查閱我們的網站以獲取更新的資訊。

With us today to discuss the company's results for the quarter and full year are Jay Horgan, President and Chief Executive Officer; Tom Wojcik, Chief Operating Officer; and Dava Ritchea, Chief Financial Officer.

今天與我們一起討論公司本季和全年業績的有總裁兼執行長 Jay Horgan；營運長 Tom Wojcik；以及財務長 Dava Ritchea。

With that, I'll turn the call over to Jay.

說完這些，我會把電話轉給傑伊。

Thanks, Patricia, and good morning everyone. AMG delivered record economic earnings per share in 2024, with full year earnings up 10% year over year, reflecting the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy. In 2024, we continued to strategically evolve AMG. Increasing our exposure to alternatives, which further enhances our long-term growth prospects.

謝謝，帕特里夏，大家早安。AMG 在 2024 年實現了創紀錄的每股經濟收益，全年收益同比增長 10%，反映了我們業務的持續發展以及我們嚴謹的資本配置策略的積極影響。2024年，我們繼續對AMG進行策略性演進。增加我們對替代品的接觸，這進一步增強了我們的長期成長前景。

Our private market Affiliates raised approximately $24 billion during the year, reflecting the ongoing demand for our Affiliates’ specialized strategies. Throughout the year, we continued to invest our capital and resources alongside our Affiliates, especially in collaboration with our Affiliates to develop new products for the U.S. wealth channel, including additional innovative alternative solutions across private markets and liquid alternatives.

我們的私募市場附屬公司在年內籌集了大約 240 億美元，反映了對我們附屬公司專業化策略的持續需求。在這一年中，我們與我們的關聯公司一起繼續投入資金和資源，特別是與我們的關聯公司合作為美國財富管道開發新產品，包括私人市場和流動性替代品中的其他創新替代解決方案。

AMG's unique model continues to attract outstanding firms seeking a strategic partner. This morning we announced a minority investment in a new Affiliate, NorthBridge Partners, a private markets manager specializing in industrial logistics real estate. The demand for real estate associated with last-mile logistics continues to grow, driven by the expanding digital economy and evolving supply chain dynamics.

AMG 獨特的模式不斷吸引尋求策略夥伴的優秀公司。今天上午，我們宣布對一家新的附屬公司 NorthBridge Partners 進行少數股權投資，這是一家專門從事工業物流房地產的私募市場管理公司。受數位經濟的不斷擴張和供應鏈動態的不斷發展的推動，與最後一哩物流相關的房地產需求持續成長。

Over the past decade, NorthBridge's experienced and entrepreneurial management team has delivered excellent performance for its LPs while also expanding its team, its geographical footprint, and diversifying its strategies. Taken together, the combination of these factors underpin NorthBridge's strong forward growth prospects. Our partnership with NorthBridge is in line with our strategy of investing in high-quality, independent firms operating in areas of secular growth, especially in private markets and liquid alternatives.

在過去的十年中，NorthBridge 經驗豐富且富有創業精神的管理團隊為其 LP 提供了出色的業績，同時也擴大了團隊、擴大了地理覆蓋範圍並實現了策略多元化。綜合起來，這些因素的結合支撐了 NorthBridge 強勁的未來成長前景。我們與 NorthBridge 的合作符合我們的策略，即投資在長期成長領域（尤其是私人市場和流動性替代品領域）營運的高品質獨立公司。

We believe that both private markets and liquid alternative strategies are well-positioned for future client demand and are areas where AMG's engagement and strategic capabilities can magnify our Affiliates’ success.

我們相信，私募市場和流動性另類策略都非常適合未來客戶的需求，而 AMG 的參與和策略能力則可以在這些領域擴大我們附屬公司的成功。

The NorthBridge team chose AMG because they were seeking a strategic partner that could provide both growth capital and proven capabilities to support the development of their business, while also actively preserving their independence.

NorthBridge 團隊選擇 AMG 是因為他們正在尋找一個既能提供成長資本又能提供經過驗證的能力來支持其業務發展，同時還能積極保持其獨立性的策略合作夥伴。

More broadly, our new investment pipeline remains strong, including several late stage opportunities, and we continue to focus on partner-owned firms operating in specialized areas of alternatives, given the incremental growth and further diversification that these firms can bring to AMG's overall business.

更廣泛地說，我們的新投資管道仍然強勁，包括幾個後期投資機會，我們將繼續專注於在另類投資專業領域運營的合作夥伴擁有的公司，因為這些公司可以為 AMG 的整體業務帶來增量增長和進一步的多樣化。

Stepping back, The growth investments we have strategically and deliberately made over the last several years have played a critical role in reshaping AMG's business profile. As we continue to execute on our strategy, investing our capital in firms and initiatives aligned with the long-term growth trends, we expect to accelerate the evolution of our exposures toward greater participation in alternatives, enhancing our long-term growth prospects and the stability of our cash flows.

回顧過去，我們在過去幾年中策略性地、有意識地進行的成長投資在重塑 AMG 的業​​務形象方面發揮了關鍵作用。隨著我們繼續執行我們的策略，將我們的資本投資於符合長期成長趨勢的公司和計劃，我們期望加速我們的風險敞口向更多參與替代性投資的轉變，增強我們的長期成長前景和現金流的穩定性。

By increasing our private market exposure, we expect the quantum and duration of long-locked capital in our business to grow. And as we expand and diversify our footprint and liquid alternatives, we expect that AMG's earnings power will be even more resilient across all stages of a market cycle.

透過增加我們的私人市場曝光度，我們預計我們業務中長期鎖定資本的數量和期限將會成長。隨著我們擴大和多樣化我們的業務範圍和流動性替代品，我們預計 AMG 的獲利能力將在市場週期的各個階段更加強勁。

Our diversified group of high-quality independent partner-owned firms, operating across private markets, liquid alternatives, and differentiated long-only strategies is not only a distinct competitive advantage, it also supports our capacity to continue investing across our opportunity set in the areas of highest growth and return to benefit our shareholders.

我們多元化的優質獨立合夥人公司集團，業務涉及私人市場、流動性替代品和差異化的多頭策略，這不僅是獨特的競爭優勢，而且還支持我們繼續在最高成長和回報領域投資於我們的機會，從而造福我們的股東。

Our opportunities to invest for growth are expanding, and with our strong capital position we have ample capital flexibility to execute on our growth opportunities and also return capital through share repurchases. As always, we remain disciplined as we evaluate capital allocation decisions. AMG enters 2025 with significant momentum across our business. Each element of our growth strategy -- from investing in new Affiliate partnerships, to investing in existing Affiliates and investing in AMG's capabilities to magnify our Affiliates’ success -- is driving the evolution of our business composition towards greater contribution of in-demand strategies. And as we continue to execute on our strategy, we see increasing opportunities to create meaningful additional shareholder value over time.

我們的成長投資機會正在擴大，憑藉強大的資本實力，我們擁有充足的資本彈性來抓住成長機會，並透過股票回購返還資本。像往常一樣，我們在評估資本配置決策時仍保持紀律。AMG 整個業務將以強勁勢頭邁入 2025 年。我們成長策略的每一個要素——從投資新的附屬夥伴關係，到投資現有的附屬公司，再到投資 AMG 的能力以擴大我們附屬公司的成功——都在推動我們業務結構的演變，以對需求策略做出更大的貢獻。隨著我們繼續執行我們的策略，我們看到越來越多的機會可以隨著時間的推移創造有意義的額外股東價值。

And with that, I'll turn it over to Tom.

現在，我將把麥克風交給湯姆。

Thank you, Jay, and good morning, everyone. AMG's 2024 results reflect the ongoing evolution of our business, which has been driven by strategically allocating our capital and resources to areas of long-term secular growth. With continued strength in private markets fundraising, increasing momentum in liquid alternatives, and expanding opportunities to invest for growth, we entered 2025 well-positioned to drive earnings growth and shareholder value. Net client cash outflows of $8 billion in the quarter continue to reflect ongoing strength and alternatives offset by industry headwinds and equities. Despite the challenges in equities, our long-term organic growth profile has improved meaningfully over the last five years. And given our ongoing strategy to evolve our business mix more toward alternatives, we expect further improvement in flow trends over time. Our private markets Affiliates raised $6 billion in the quarter, bringing full-year fundraising to $24 billion, representing annualized organic growth of approximately 20%. These inflows were driven by a broad base of Affiliates, including Comvest, EIG, Forbion, Pantheon, and Peppertree.

謝謝傑伊，大家早安。AMG 的 2024 年業績反映了我們業務的不斷發展，這種發展源於我們將資本和資源策略性地分配到長期成長領域。隨著私募市場籌資能力持續增強、流動性替代品的勢頭增強以及投資成長機會的擴大，我們在 2025 年已做好充分準備來推動盈利增長和股東價值。本季 80 億美元的淨客戶現金流出持續反映出持續的強勁勢頭和替代方案被行業逆風和股票所抵消。儘管股市面臨挑戰，但過去五年我們的長期有機成長狀況仍顯著改善。鑑於我們持續的策略，將我們的業務組合更多地轉向替代品，我們預計隨著時間的推移，流量趨勢將進一步改善。我們的私募市場附屬公司本季籌集了 60 億美元，使全年籌資額達到 240 億美元，年化有機成長率約為 20%。這些資金流入主要由眾多附屬機構推動，包括 Comvest、EIG、Forbion、Pantheon 和 Peppertree。

The fundraising strength of AMG's private markets Affiliates reflects investors' conviction in their specialist investment strategies and the positive fundamentals of their sectors.

AMG 私募市場附屬公司的融資實力反映了投資者對其專業投資策略和其所在行業積極基本面的信心。

Our private markets Affiliates are at the forefront of secular growth trends and continue to generate outstanding investment performance across a number of high growth areas, including infrastructure, credit, private market solutions, and specialty areas including industrial decarbonization, life sciences, multi-family real estate, and now industrial logistics through our partnership with NorthBridge.

我們的私募市場附屬公司處於長期成長趨勢的前沿，並繼續在多個高成長領域創造出色的投資業績，包括基礎設施、信貸、私募市場解決方案以及工業脫碳、生命科學、多戶型房地產等專業領域，以及現在透過與 NorthBridge 的合作實現的工業物流。

In liquid alternatives, our Affiliates’ value proposition is gaining momentum with clients, and resulted in a second consecutive quarter of positive flows with $2 billion of net inflows driven primarily by AQR, Winton, Systematica, and Garda.

在流動性替代品方面，我們關聯公司的價值主張在客戶中越來越受歡迎，並連續第二個季度實現正向流動，淨流入 20 億美元，主要由 AQR、Winton、Systematica 和 Garda 推動。

Our Affiliates managing liquid alternative strategies have excellent long-term track records across both beta-sensitive and absolute return strategies, including global macro, relative value fixed income, tax-aware strategies, and trend-following. Many of our liquid alternative strategies are designed to protect against volatility and drawdowns, complementing our private markets and differentiated long-only strategies.

我們的關聯公司管理流動性替代策略，在貝塔敏感策略和絕對回報策略方面擁有出色的長期業績記錄，包括全球宏觀、相對價值固定收益、稅收意識策略和趨勢追蹤。我們的許多流動性替代策略都是為了防範波動和下跌而設計的，以補充我們的私人市場和差異化多頭策略。

As clients continue to focus on portfolio construction amid rising market volatility expectations, we see increasing opportunities for organic growth in liquid alternatives and continue to focus on growing AMG's exposures in this area.

隨著客戶在市場波動預期上升的情況下繼續專注於投資組合構建，我們看到流動性替代品的有機成長機會不斷增加，並繼續專注於增加 AMG 在這一領域的曝險。

In equities, we saw net outflows of approximately $16 billion in the quarter, reflecting industry and near-term performance headwinds, as well as some modest seasonality.

在股票方面，我們看到本季淨流出約為 160 億美元，反映了行業和近期業績的逆風，以及一些溫和的季節性因素。

We continue to collaborate with our Affiliates on developing new vehicles, including active ETFs, to optimize the delivery of their strategies and enhance their alignment with evolving client demand trends.

我們繼續與我們的附屬公司合作開發新的投資工具，包括主動型 ETF，以優化其策略實施，並增強其與不斷變化的客戶需求趨勢的一致性。

Multi-asset and fixed income were once again a positive contributor to net flows, with modest inflows in the quarter and approximately $3 billion of inflows for the full year. Our Affiliates managing multi-asset and fixed income strategies have consistently benefited from client demand trends, having generated net inflows in 13 of the last 15 years.

多種資產和固定收益再次成為淨流量的積極貢獻者，本季流入量適中，全年流入量約為 30 億美元。我們的關聯公司管理多種資產和固定收益策略始終受益於客戶需求趨勢，在過去 15 年中 13 年都實現了淨流入。

As we have discussed over the past several quarters, we have significantly invested in our Capital Formation capabilities, specifically to develop and distribute alternative products in the high-growth U.S. wealth markets. And those investments are paying off.

正如我們在過去幾個季度所討論的那樣，我們對資本形成能力進行了大量投資，特別是在高成長的美國財富市場開發和分銷替代產品。這些投資正在獲得回報。

Over the past five years, alternatives AUM on our U.S. wealth platform has grown more than 10-fold, ending the year at more than $6 billion in AUM. In 2024, we posted $2.5 billion in alternative net inflows to our U.S. wealth platform.

在過去五年中，我們美國財富平台上的另類資產管理規模成長了 10 倍多，年底的資產管理規模超過 60 億美元。2024 年，我們的美國財富平台的另類淨流入量達到 25 億美元。

In addition, we launched three new evergreen products and filed for two additional strategies that we anticipate will go live later this year. These include Credit Secondaries and Infrastructure offerings with Pantheon, a non-traded BDC with Combust and two trend-following strategies with Systematica.

此外，我們還推出了三款新的常青產品，並提交了另外兩項策略申請，預計這些策略將於今年稍後上線。其中包括與 Pantheon 合作的信用二級市場和基礎設施產品、與 Combust 合作的非交易 BDC 以及與 Systematica 合作的兩種趨勢追蹤策略。

In combination with the AMG Pantheon Fund, which recently crossed $4.5 billion in AUM, we will now have six alternative continuously offered solutions designed specifically for AMG's U.S. wealth platform, offering clients direct access to excellent investment capabilities from specialized independent firms. And we continue to work with our Affiliates to bring new products to market to capitalize on the multi-decade growth opportunity in alternatives in U.S. wealth.

結合 AMG Pantheon Fund（其資產管理規模近期突破 45 億美元），我們現在將擁有六種專為 AMG 美國財富平台設計的持續提供的替代解決方案，讓客戶可以直接獲得來自專業獨立公司的卓越投資能力。我們將繼續與我們的附屬公司合作，將新產品推向市場，以利用美國財富替代品領域數十年的成長機會。

Along with the growth that we are generating on the centralized AMG wealth platform, our Affiliates, especially Pantheon and AQR, continue to take advantage of tailwinds in wealth through their own product development and distribution capabilities, and as a result, AMG and our Affiliates are collectively one of the largest sponsors of alternative products for wealth markets globally, with more than $30 billion in total AUM.

隨著我們在集中式 AMG 財富平台上實現的成長，我們的附屬公司，尤其是 Pantheon 和 AQR，繼續透過自己的產品開發和分銷能力利用財富的順風，因此，AMG 和我們的附屬公司共同成為全球財富市場最大的替代產品贊助商之一，總資產管理規模超過 300 億美元。

And the success that we are having in the wealth channel is resonating not only with clients and existing AMG Affiliates, but also with New Investment Prospects, as accessing this attractive market requires scale and is difficult, if not impossible, for independent firms to do on their own, given the resources required to be effective in the channel.

我們在財富管道所取得的成功不僅引起了客戶和現有 AMG 附屬公司的共鳴，也引起了新投資前景的共鳴，因為進入這個有吸引力的市場需要規模，而對於獨立公司來說，考慮到有效利用該管道所需的資源，很難甚至不可能獨自做到這一點。

With our proven strategic capabilities to enhance our Affiliates' long-term success. The ongoing fundraising strength of our private markets Affiliates, and improving trends in liquid alternatives, we have entered 2025 in a position of strength.

憑藉我們經過驗證的策略能力來增強我們附屬公司的長期成功。憑藉我們私募市場附屬公司持續的融資實力以及流動性替代品不斷改善的趨勢，我們在 2025 年已處於強勢地位。

With that, I'll turn the call over to Dava to discuss our fourth quarter results and guidance.

說完這些，我將把電話轉給達瓦，討論我們第四季的業績和指引。

Thank you, Tom, and good morning, everyone. In 2024, we continued to strategically evolve our business to expand our exposure to secular growth areas, especially alternatives, and these efforts have contributed to our earnings results. We generated a record proportion of adjusted EBITDA and fee-related earnings from alternative strategies, and together with the disciplined ongoing execution of our capital allocation strategy, this contributed to our record economic earnings per share in 2024. With our strong balance sheet and business momentum, we are well positioned to generate further growth in 2025. In the fourth quarter, adjusted EBITDA of $282 million, down 5% year over year, included $70 million in net performance fee earnings. On a full year basis, we reported adjusted EBITDA of $973 million, up 4% versus 2023, which included $126 million in net performance fee earnings.

謝謝你，湯姆，大家早安。2024年，我們繼續策略性地發展我們的業務，擴大我們在長期成長領域，特別是另類投資領域的投資，這些努力為我們的獲利結果做出了貢獻。我們從替代策略中創造了創紀錄比例的調整後 EBITDA 和費用相關收益，再加上我們持續嚴格執行資本配置策略，這促成了我們在 2024 年創下每股經濟收益記錄。憑藉強勁的資產負債表和業務發展勢頭，我們有能力在 2025 年實現進一步成長。第四季度，調整後的 EBITDA 為 2.82 億美元，年減 5%，其中包括 7,000 萬美元的淨績效費收入。從全年來看，我們報告的調整後 EBITDA 為 9.73 億美元，較 2023 年成長 4%，其中包括 1.26 億美元的淨績效費收入。

These results primarily reflect higher fee-related earnings, which grew approximately 10% for both the quarter and the full year, driven by growth in average AUM and the impact of recent new investments. This was offset by lower net performance fees compared to the fourth quarter and full year 2023. Economic earnings per share of $6.53 for the fourth quarter, and $21.36 for the full year 2024, further benefited from the impact of a record year of share repurchases. On a full year basis, economic earnings per share grew 10%, demonstrating how our capital allocation strategy can create value for shareholders.

這些結果主要反映了更高的費用相關收益，受平均 AUM 成長和近期新投資的影響，本季和全年費用相關收益均成長了約 10%。與 2023 年第四季和全年相比，淨績效費較低，但抵消了這一影響。第四季每股經濟收益為 6.53 美元，2024 年全年每股經濟收益為 21.36 美元，進一步受益於創紀錄的股票回購年的影響。全年來看，每股經濟收益成長了 10%，這表明我們的資本配置策略能夠為股東創造價值。

Now moving to first quarter guidance. A reconciliation slide has been posted to the investor relations section of our website where you can find detailed modeling items for the first quarter.

現在轉到第一季指引。對帳幻燈片已發佈到我們網站的投資者關係部分，您可以在其中找到第一季的詳細建模項目。

We expect adjusted EBITDA to be in the range of $220 million and $230 million. This is based on current AUM levels reflecting our market blend, which was up 2% quarter to date as of February 4, includes net performance fees of $10 million to $20 million, and includes no earnings contribution from the investment we announced in NorthBridge, which will start in Q2 and will be modestly positive earnings contributor in 2025 with strong future upside potential.

我們預計調整後的 EBITDA 在 2.2 億美元至 2.3 億美元之間。這是基於反映我們市場組合的當前 AUM 水平得出的，截至 2 月 4 日，本季度該組合上漲了 2%，包括 1000 萬至 2000 萬美元的淨績效費，並且不包括我們宣布的對 NorthBridge 的投資帶來的收益貢獻，該投資將於第二季度開始，並將在 2025 年收益帶來強勁的正行貢獻。

Turning to performance fee earnings, looking at the bigger picture, the mix of strategies deployed by our Affiliates that generate performance fees is diverse across both liquid alternatives and private markets.

談到績效費收入，從更大的角度來看，我們的關聯公司部署的產生績效費的策略組合在流動性替代品和私人市場中是多種多樣的。

And historically, during times of volatility and stress, we have seen strong performance from our absolute return strategies, many of which are designed to protect against market volatility and downturns. We continue to believe $150 million is a reasonable expectation for our annual performance fees, and consistent with our prior 5-year performance fee earnings average.

從歷史上看，在波動和壓力時期，我們的絕對回報策略表現強勁，其中許多策略旨在防範市場波動和低迷。我們仍然相信，1.5 億美元是我們年度績效費的合理預期，並且與我們之前 5 年的績效費收益平均值一致。

In the first quarter, where our results are primarily driven by Affiliates who report to us on a one-quarter lag, we expect performance fee earnings to be $20 million to $30 million below the year-ago period. And while we are starting the year lower than where we have been in the past, we remain confident that performance fees will continue to contribute meaningfully to our earnings over the long-term, including a growing contribution from private markets carried interest in the future.

在第一季度，我們的業績主要受到向我們報告滯後一個季度的關聯公司的推動，我們預計績效費收入將比去年同期低 2,000 萬至 3,000 萬美元。儘管我們今年的開局低於過去，但我們仍然相信，長期來看，績效費將繼續對我們的盈利做出有意義的貢獻，包括未來來自私人市場附帶權益的不斷增長的貢獻。

We expect first quarter economic earnings per share to be between $5.02 and $5.26, assuming an adjusted weighted average share count of 30.7 million shares for the quarter.

我們預計第一季每股經濟收益在 5.02 美元至 5.26 美元之間，假設本季調整後的加權平均股數為 3,070 萬股。

Finally, turning to the balance sheet and capital allocation. We focused on strengthening our balance sheet and enhancing our capital flexibility in 2024, with strong results. We issued $850 million of long-duration debt, paid down $750 million of short-term senior debt, and extended our undrawn $1.25 billion revolver for five years.

最後，談談資產負債表和資本配置。2024 年，我們專注於強化資產負債表並增強資本靈活性，並取得了強勁的業績。我們發行了 8.5 億美元的長期債務，償還了 7.5 億美元的短期優先債務，並將未動用的 12.5 億美元循環信貸延長了五年。

With these actions, the weighted average duration of our debt is now more than 20 years, and we continue to be in a strong liquidity position with $625 million in cash and $475 million in investments across GP commitments, seed capital, and other strategic investments. Our current leverage position remains below historical averages, and our cash plus balance sheet investments equal our existing debt maturity through 2034. This provides us with a lot of capital flexibility as we look out over the next few years.

透過這些行動，我們債務的加權平均期限現在已超過 20 年，我們繼續保持強大的流動性狀況，擁有 6.25 億美元現金和 4.75 億美元的 GP 承諾、種子資金和其他戰略投資。我們目前的槓桿率仍低於歷史平均水平，我們的現金加上資產負債表投資等於我們到 2034 年的現有債務到期金額。展望未來幾年，這為我們提供了很大的資本彈性。

In terms of capital allocation, in the fourth quarter, we repurchased $120 million in shares, bringing us to approximately $700 million for the year, or 13% of our shares outstanding.

在資本配置方面，第四季度，我們回購了價值 1.2 億美元的股票，使全年回購金額達到約 7 億美元，占我們已發行股票的 13%。

On a full-year basis, given a combination of factors including our strong liquidity position, strength of the balance sheet, current leverage levels, and our view of the value of our business, we were compelled to take a more opportunistic view on the quantum of repurchases in 2024.

從全年來看，考慮到我們強勁的流動性狀況、資產負債表的實力、當前的槓桿水平以及我們對業務價值的看法等多種因素，我們不得不對 2024 年的回購量採取更投機取巧的看法。

We will continue to apply our disciplined capital allocation framework, which is embedded across all elements of our investment process and culture, to make long-term value-maximizing decisions on behalf of our shareholders.

我們將繼續運用貫穿我們投資流程和文化各要素的嚴謹的資本配置框架，為我們的股東做出長期價值最大化的決策。

And as Jay mentioned, we have real momentum on the new investment side with several opportunities in late stages, so we anticipate that we will deploy a balance of capital between both new investments and share repurchases. Based on this, we expect to repurchase at least $400 million in shares in 2025, subject to market conditions and new investment activity.

正如傑伊所提到的，我們在新投資方面有著真正的發展勢頭，後期有幾個機會，因此我們預計我們將在新投資和股票回購之間部署平衡的資本。基於此，我們預計 2025 年將回購至少 4 億美元的股票，具體取決於市場狀況和新的投資活動。

We are confident in our ability to execute our disciplined capital allocation strategy and generate meaningful shareholder value over time.

我們有信心執行嚴謹的資本配置策略，並隨著時間的推移創造有意義的股東價值。

Now, we are happy to take your questions.

現在，我們很樂意回答您的問題。

(Operator Instructions)

（操作員指令）

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Hi, this is Trevor Dodds on for Dan. Can you discuss in more detail the pipeline for new investments and how that compares to this time a year ago? Also, did the change in administration have any impact on conversations or dialogue with prospective Affiliates?

大家好，我是 Trevor Dodds，代表 Dan 報道。您能否更詳細地討論一下新的投資計劃以及與去年同期相比的情況？此外，行政管理變動是否對與潛在附屬機構的對話或交流產生影響？

Okay, thanks, Trevor, for your question this morning and good morning to you. So maybe I'll take that one. So as I said in my prepared remarks, our pipeline has and continues to be strong. NorthBridge was just one of those prospects in our pipeline, and we had announced that this morning.

好的，謝謝你，特雷弗，謝謝你今天早上的問題，早安。所以也許我會選擇那個。正如我在準備好的發言中所說，我們的管道一直很強大並且將繼續保持強勁。NorthBridge 只是我們候選項目之一，我們今天早上已經宣布了這一消息。

When we look across our pipeline, we still have several in the later stages, in terms of development. Maybe I'll take a second and talk about NorthBridge, and then relate it to the broader environment for M&A for us and then I'll address your question on the change in administration. So taking it from the top maybe on NorthBridge.

當我們回顧我們的管道時，我們發現從開發角度來看，我們仍有幾個處於後期階段。也許我會花一點時間談論 NorthBridge，然後將其與我們的更廣泛的併購環境聯繫起來，然後我會回答你關於政府變動的問題。因此可能從 NorthBridge 的頂部開始。

So NorthBridge, very high-quality independent firm operating in an area of secular growth, which is our strategy to invest in businesses and areas of secular growth. It is a private markets manager and it specializes in industrial logistics and importantly, it's picking up on key trends like the e-commerce environment, accelerating consumer demand for shorter delivery times and the onshoring of supply chains. So we think this opportunity has a real upside for us.

因此，NorthBridge 是一家在長期成長領域運作的非常高品質的獨立公司，這是我們投資於長期成長的企業和領域的策略。它是一家私人市場管理公司，專注於工業物流，重要的是，它正在關注電子商務環境、消費者對更短交貨時間的需求以及供應鏈的在岸化等關鍵趨勢。因此我們認為這個機會對我們來說確實有好處。

We're excited about adding a new private markets manager and excited about adding a real estate manager since those are diversifying for us, and that really does give you some sense for a broader pipeline which is predominantly in areas of alternatives, and specifically in private markets and liquid alternatives. Sort of our attractiveness in the market, I think has never been better, mainly because we are unique in that we offer both strategic resources to independent firms, but we also preserve their independence over time, so they really get the best of both worlds.

我們很高興能夠增加一位新的私人市場經理，也很高興能夠增加一位房地產經理，因為這些對我們來說是多元化的，而且這確實能讓我們了解更廣泛的管道，主要是在替代品領域，特別是在私人市場和流動性替代品領域。我認為我們在市場上的吸引力從未如此強大，主要是因為我們的獨特之處在於我們既為獨立公司提供戰略資源，又能長期保持他們的獨立性，因此他們真正享受到兩全其美的局面。

And when you think about why NorthBridge chose AMG, they really did choose us, because we have a history of magnifying our Affiliates’ success through engagement, through strategic engagement, and they were looking for growth capital for their funds and the growth of their funds. They were also looking for some seed capital which we are going to provide, and they were attracted to our strategic business development help as well as product development and distribution capabilities. All of those things factored into why they chose us.

當您思考 NorthBridge 為何選擇 AMG 時，您會發現他們確實選擇了我們，因為我們一直致力於透過參與、透過策略參與來擴大我們附屬公司的成功，而他們則在為他們的基金尋找成長資本並實現基金的成長。他們也正在尋找我們提供的一些種子資金，並且被我們的策略業務發展幫助以及產品開發和分銷能力所吸引。所有這些因素都是他們選擇我們的因素。

When we look more broadly at our pipeline, we see that dynamic playing out, and we think that we compete very well in this environment. Independent firms looking for the benefits of a strategic partner but also leaving them alone in terms of the operations of the day to day and their investment strategies.

當我們更廣泛地審視我們的管道時，我們看到了這種動態正在發揮作用，我們認為我們在這種環境中具有良好的競爭力。獨立公司尋求策略夥伴的利益，但在日常營運和投資策略方面也不干涉他們。

So it’s a very attractive environment for us to participate. To your question on the administration, look, I think the administration change probably does favor more new investments for us. Anytime there's the potential for lower regulation and, more business development, it generally is pro-investment, pro-risk on, and so we do think that it has the opportunity to be attractive to us in this environment to accelerate our new investment pipeline.

所以這對我們來說是一個極具吸引力的參與環境。對於您關於政府的問題，我認為政府的變動可能確實有利於我們進行更多的新投資。任何時候，只要有放鬆監管、促進業務發展的潛力，通常就會有利於投資，有利於風險，因此我們確實認為，在這種環境下，它有機會吸引我們加速新的投資管道。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen 公司。

Okay, thank you very much for taking the question. Congrats on the small transaction today. As you think about the pipeline from here, Jay is the is the go forward, the NorthBridge kind of model where you have a minority stake in a smaller franchise that you can then sort of lever through your more advanced global distribution platform, or could there be some larger deals that might move the flow and/or strategic needle a little bit more quickly at the end of the day.

好的，非常感謝您回答這個問題。恭喜今日小額交易。當您從這裡思考管道時，Jay 認為這是向前發展的 NorthBridge 類型的模型，在這種模型中，您擁有較小特許經營權的少數股權，然後您可以透過更先進的全球分銷平台來利用這些股權，或者可能會有一些更大的交易，這些交易最終可能會更快地推動流程和/或策略指針。

Yeah, I mean, the short answer is both actually, Bill, to put it direct, I think we have a number of sort of mid-sized firms that we think can triple, or do even more than a triple, and frankly using our resources to help them get there. As Tom said in his prepared remarks, we're actually a pretty significant player in bringing private markets products and liquid alternative products to the wealth channels.

是的，我的意思是，簡而言之，比爾，直接地說，我認為我們有許多中型公司，我們認為它們的規模可以擴大兩倍，甚至超過兩倍，坦率地說，我們會利用我們的資源來幫助他們實現這一目標。正如湯姆在他的準備好的演講中所說，我們實際上是將私人市場產品和流動性替代產品引入財富管道的重要參與者。

So I think we look at our pipeline and say there's a number of firms that are choosing us and we are choosing them because we can accelerate their growth. But we also have some larger new investments in our pipeline, where we might be able to put even more capital, and they just happen to be larger franchises, but the growth dynamics there are attractive as well. We do have the reputation in the market of being a very supportive partner, whatever the needs of the firm really is. So in some cases we are much more active with our Affiliates. In other cases, we're still strategically engaged, but we have more of a business development, longer term perspective, and they engage with us as needed.

因此，我認為，我們會看看我們的管道，並說有很多公司選擇了我們，我們選擇他們是因為我們可以加速他們的成長。但我們也有一些更大規模的新投資正在籌備中，我們可能會投入更多的資金，而且它們恰好是更大的特許經營權，但那裡的成長動力也很有吸引力。無論公司的真正需求是什麼，我們在市場上都享有非常支持的合作夥伴的聲譽。因此在某些情況下，我們對我們的關聯公司更加積極。在其他情況下，我們仍然進行策略參與，但我們更多的是著眼於業務發展和更長遠的視角，並且他們會根據需要與我們合作。

So when we look at the pipeline, we have a mix of all of the above, both relatively small and much larger transactions. All in the category of, and I've said before, sort of enterprise value between, $250 to $750, of which we would typically buy either a minority or a bare majority stake in all cases, leaving the business alone.

因此，當我們查看管道時，我們會混合上述所有內容，既有相對較小的交易，也有較大的交易。我之前說過，這類企業的價值在 250 美元到 750 美元之間，我們通常會購買其中的少數股權或多數股權，而不會對企業本身進行控制。

So that's kind of our opportunity set. Now there are times where we might actually go beyond that, and you've seen us do that in prior years and that's not off the table for us. We actually think that there's some attractive opportunities out there for us, but we would obviously make sure that the bar was high when we make those investments.

這就是我們的機會。有時我們實際上可能會超越這個目標，而且你們已經看到我們在前幾年做到了這一點，這對我們來說並不是不可能。我們確實認為，對我們來說，存在一些有吸引力的機會，但我們在進行這些投資時顯然會確保高標準。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大‧布洛斯坦 (Alexander Blostein)。

Hey, good morning, everyone. This is Luke on for Alex. Thanks for taking the question. So the last few quarters you've provided really helpful detail into your retail alts product pipeline. I was hoping you could give us an update on the trends you are seeing evolve from both a client demand perspective and distribution fee arrangements and how active are you guys currently in developing active ETFs for your Affiliates. Thank you.

嘿，大家早安。這是盧克 (Luke) 為亞歷克斯 (Alex) 表演的。感謝您回答這個問題。因此，在過去幾個季度中，您為零售替代產品管道提供了非常有用的細節。我希望您能從客戶需求角度和分銷費用安排兩個角度向我們介紹您所看到的趨勢，以及您目前為關聯公司開發主動型 ETF 的積極性如何。謝謝。

Yeah, thanks, Luke for your question. I think Tom, you're well positioned to take that one.

是的，謝謝盧克提出您的問題。我認為湯姆，你很適合擔任這個角色。

Yeah, thanks, Jay, and thanks, Luke. So as I talked about in my prepared remarks and really as we've been talking about now over the course of the last couple of years, AMG has pivoted pretty hard with respect to our strategy to really support our Affiliates and to attract the next new investment prospect through our capabilities in the U.S. wealth channel, and more broadly as we think about product development, the ability to use our balance sheet to see the exciting new product opportunities.

是的，謝謝傑伊，謝謝盧克。因此，正如我在準備好的發言中談到的，以及我們在過去幾年中一直在談論的，AMG 在我們的戰略方面做出了相當大的轉變，以真正支持我們的附屬公司，並通過我們在美國財富渠道的能力來吸引下一批新的投資前景，更廣泛地說，當我們考慮產品開發時，我們能夠利用我們的資產負債表來發現令人興奮的新產品機會。

And when you kind of take a full step back, the most unique and interesting thing that we have at AMG are the investment capabilities that exist across our Affiliates around the world in long-only asset classes, in liquid alternative asset classes, and in private market asset classes. In 2024, we aggressively ramped our pace of getting new products to market.

如果回顧一下，AMG 最獨特、最有趣的事情是，我們的全球附屬公司在多頭資產類別、流動性另類資產類別和私人市場資產類別中均擁有投資能力。2024年，我們積極加快新產品推向市場的腳步。

It's been quite some time since we've launched a new product into the U.S. wealth space, and last year we successfully launched three. And filed for two more. So we now have six continuously offered products that are available. We also had a drawdown, so sort of a traditional more closed in private equity style fund in the market in the US wealth channel last year. So we really feel like we're off to the races with respect to alternatives in U.S. wealth.

我們距離上一次在美國財富領域推出新產品已經過了很長一段時間，去年我們成功推出了三款產品。併申請了另外兩個。所以我們現在有六種持續提供的產品。我們也經歷了一次縮水，所以去年美國財富通路市場上的私募股權基金風格更加傳統、更加封閉。因此，我們真的感覺，就美國財富的選擇而言，我們已經開始了競爭。

In terms of the forward product development pipeline, we really view our opportunity set in the space as being a conduit to deliver excellent independent partner-owned alternative product across the spectrum of liquid alternatives and private markets to the U.S. wealth space through this sort of single channel that is AMG. And it allows us to bring really differentiated independent partner-owned firm products, but with sophisticated product development and salesforce efforts that can really comprehensively cover the channel, and we don't think there's anyone else in the industry who brings together that combination of unique investment expertise and the ability to educate advisers, work with home offices, and really get those products into the market.

就前瞻性產品開發管道而言，我們確實將我們在該領域的機會視為一種管道，透過 AMG 這種單一管道，向美國財富領域提供涵蓋各種流動性替代品和私人市場的優秀獨立合作夥伴擁有的替代產品。它使我們能夠提供真正差異化的獨立合夥人擁有的公司產品，但透過複雜的產品開發和銷售團隊的努力，可以真正全面覆蓋管道，我們認為，業內沒有其他人能夠將獨特的投資專業知識和培訓顧問、與家庭辦公室合作的能力結合在一起，並真正將這些產品推向市場。

With respect to the long-only side, we do see active ETFs as a really interesting and exciting opportunity. There's been a tremendous amount of innovation that's taken place there over the course of, not only the last decade, but really some acceleration over the course of the last couple of years, particularly with respect to adoption of actively managed ETFs.

就多頭方面而言，我們確實認為主動式 ETF 是一個非常有趣且令人興奮的機會。在過去十年中，那裡發生了大量創新，而且在過去幾年中確實取得了一些加速，特別是在採用主動式管理 ETF 方面。

We had a couple that were launched this past year by some of our Affiliates. We are spending a lot of time with a group of Affiliates thinking about the right way to enter those markets, and we see it as a really exciting opportunity again to combine excellent investment expertise with where client demand is going in the market with respect to the ability to generate returns, but also putting those returns in an appropriate wrapper that clients can consume.

我們的一些附屬機構去年推出了一些產品。我們花了很多時間與一組附屬機構思考進入這些市場的正確方法，我們認為這再次是一個真正令人興奮的機會，將出色的投資專業知識與客戶在市場中的需求相結合，以產生回報，同時也將這些回報放在客戶可以消費的適當包裝中。

So it's a great question, Luke, and it's really a big part of our strategy, and we think it's a big growth driver for us in the future.

所以這是一個很好的問題，盧克，這確實是我們策略的重要組成部分，我們認為這是我們未來的一個巨大的成長動力。

Thank you. Ladies and gentlemen, this brings us to the end of the question-and-answer session. We would like to thank you for your participation and interest in AMG. You may now disconnect your lines or log off the webcast and enjoy the rest of your day.

謝謝。女士們、先生們，問答環節到此結束。我們感謝您對 AMG 的參與和關注。現在您可以斷開線路或退出網路廣播並享受剩餘的時光。