Artisan Partners Asset Management Inc (APAM) 2024 Q3 法說會逐字稿

Good day, and welcome to the Artisan Partners Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Brendan Hughes, Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Artisan Partners 2024 年第三季財報電話會議。[操作員說明] 請注意此事件正在被記錄。我現在想將會議交給投資者關係主管 Brendan Hughes。請繼續。

Welcome to the Artisan Partners Asset Management Business Update and Earnings Call. Today's call will include remarks from Eric Colson, CEO; Jason Gottlieb, President; and C.J. Daley, CFO. Following these remarks, we will open the line for questions.

歡迎參加 Artisan Partners 資產管理業務更新和財報電話會議。今天的電話會議將包括執行長 Eric Colson 的演講；賈森·戈特利布，總裁；和財務長 C.J. Daley。在這些發言之後，我們將開通提問專線。

Our latest results and investor presentation are available on the Investor Relations section of our website.

我們的最新業績和投資者介紹可在我們網站的投資者關係部分取得。

Before we begin today, I would like to remind you that comments made during today's call, including responses to questions, may include forward-looking statements. These are subject to known and unknown risks and uncertainties, including, but not limited to the factors set forth in our earnings release and detailed in our SEC filings.

在今天開始之前，我想提醒您，今天電話會議中發表的評論（包括對問題的答案）可能包含前瞻性陳述。這些都受到已知和未知的風險和不確定性的影響，包括但不限於我們的收益發布中列出的以及我們向 SEC 文件中詳細說明的因素。

These risks and uncertainties may cause actual results to differ materially from those disclosed in the statement, and we assume no obligation to update or revise any of these statements following the presentation.

這些風險和不確定性可能導致實際結果與聲明中揭露的結果有重大差異，我們不承擔在演示後更新或修改任何這些聲明的義務。

In addition, some of our remarks today will include references to non-GAAP financial measures. You can find a reconciliation of these measures to the most comparable GAAP measures in the earnings release and the supplemental materials, which can be found on our Investor Relations website.

此外，我們今天的一些言論將包括提及非公認會計準則財務指標。您可以在收益發布和補充資料中找到這些衡量標準與最具可比性的公認會計準則衡量標準的對賬，這些資料可以在我們的投資者關係網站上找到。

Also, please note that nothing on this call constitutes an offer or solicitation to purchase or sell an interest in any Artisan investment product or a recommendation for any investment service.

另請注意，本次電話會議中的任何內容均不構成購買或出售任何 Artisan 投資產品權益的要約或招攬，也不構成對任何投資服務的推薦。

I will now turn it over to Eric.

我現在將把它交給埃里克。

Thank you, Brendan, and thank you, everyone, for joining the call or reading the transcript. Artisan Partners brings together differentiated investment talent, broad opportunity sets and long-term asset allocation demand. Together, these three elements have tremendous power to compound client wealth and business value over time.

謝謝布倫丹，也謝謝大家加入電話會議或閱讀文字紀錄。Artisan Partners匯集了差異化的投資人才、廣泛的機會集合和長期的資產配置需求。隨著時間的推移，這三個要素共同發揮巨大的力量，可以使客戶的財富和商業價值不斷增加。

On these calls, we usually feature metrics showing the amount of wealth we have created and compounded for clients over time. This quarter, we want to highlight outcomes we have delivered for shareholders.

在這些電話會議中，我們通常會採用指標來顯示我們隨著時間的推移為客戶創造和複合的財富數量。本季度，我們希望強調我們為股東帶來的成果。

Since our IPO in 2013, we have returned to shareholders $36.47 per share in dividends relative to our IPO price of $30 per share. Since the IPO, we have generated an annualized total shareholder return of 12.38% with dividends reinvested. That is better than the S&P 500 at 12.05% and the Russell 2000 at 7.8%.

自 2013 年 IPO 以來，相對於每股 30 美元的 IPO 價格，我們向股東返還了每股 36.47 美元的股息。自首次公開發行以來，我們的年化總股東報酬率為 12.38%（股利再投資）。這優於標準普爾 500 指數的 12.05% 和羅素 2000 指數的 7.8%。

We have generated those outcomes while investing heavily in thoughtful growth, the third pillar of who we are. We have invested in new talent, expanding degrees of freedom and distribution to access new and growing areas of demand.

我們在取得這些成果的同時，大力投資於深思熟慮的成長，這是我們的第三個支柱。我們投資了新人才，擴大了自由和分配範圍，以滿足新的和不斷增長的需求領域。

These are long-term investments. They may take years to pay off, and we pay for them out of operating cash flows. They immediately hit our margins and reduced cash distribution to partners and shareholders. Investing in a manner that drives long-term shareholder value requires tremendous discipline. We are highly selective in investing in new talent and strategies. We seek to avoid mistakes, spend wisely and see things through over long time periods.

這些都是長期投資。它們可能需要數年時間才能還清，我們用營運現金流來支付。他們立即影響了我們的利潤，並減少了向合作夥伴和股東分配的現金。以推動長期股東價值的方式進行投資需要嚴格的紀律。我們在投資新人才和策略方面非常有選擇性。我們力求避免錯誤、明智地花錢並長期堅持下去。

This approach has allowed us to make significant cash distributions to our partners and shareholders while simultaneously building business value, extend the duration of existing compounders, thoughtfully build the next generation of compounders, maintain financial discipline and distribute cash flow through time. That is what we do.

這種方法使我們能夠向合作夥伴和股東進行大量現金分配，同時創造業務價值，延長現有複合器的期限，精心構建下一代複合器，維持財務紀律並隨著時間的推移分配現金流。這就是我們所做的。

On slide 2, I want to place our current phase of growth, or to be clear, spending into historical context. Our earliest investment strategies launched between 1995 and 2002, are style, market cap and geographically oriented. They were designed and launched in an era in which institutional allocators were focused on filling their nine boxes, manager selection sources of alpha, but alpha delivered inside of relatively constrained boxes.

在投影片 2 上，我想將我們目前的成長階段，或者明確地說，是將支出置於歷史背景中。我們最早在 1995 年至 2002 年間推出的投資策略包括風格、市值和地理導向。它們是在這樣一個時代設計和推出的：機構分配者專注於填充他們的九個盒子，即阿爾法的經理選擇來源，但阿爾法在相對受限的盒子內交付。

Our first-generation strategies have done and continue to do what we intend them to do, compound capital within agreed-upon guidelines. $1 million invested in each of these five strategies at inception would be worth $80 million today after fees. Had the same dollars been invested on the same dates in the corresponding indexes, the outcome would be a portfolio worth $41 million, about half as much as the Artisan outcome.

我們的第一代策略已經並將繼續做我們希望他們做的事情，即在商定的指導方針內複合資本。這五種策略一開始投資 100 萬美元，扣除費用後，如今的價值將達到 8,000 萬美元。如果相同的美元在相同的日期投資於相應的指數，結果將是價值 4,100 萬美元的投資組合，大約是 Artisan 結果的一半。

In the early 2000s, we expanded degrees of freedom, focusing on global mandates that provide our investment talent with more ways to generate returns and manage risk. Global strategy is also aligned with institutional allocators evolving away from the style box approach, and allocating on the basis of deconstructed risk factors or more purely on risk return optimization.

在 2000 年代初，我們擴大了自由度，專注於全球授權，為我們的投資人才提供更多產生回報和管理風險的方式。全球策略也與機構配置者保持一致，這些配置者逐漸擺脫了風格框架方法，並根據解構的風險因素或更純粹地根據風險回報優化進行配置。

Our first-generation strategies were aimed at US institutional investors. Our second-generation strategies targeted non-US clients, and we expanded our global distribution and vehicles in order to better reach those clients.

我們的第一代策略針對的是美國機構投資者。我們的第二代策略針對非美國客戶，我們擴大了全球分銷和管道，以便更好地接觸這些客戶。

Today, the strategies we launched between 2005 and 2011 represent nearly $59 billion of AUM, and we now manage over $40 billion in assets from clients outside of the US, approximately 26% of our total AUM.

如今，我們在 2005 年至 2011 年間推出的策略代表了近 590 億美元的 AUM，我們現在管理著來自美國以外客戶的超過 400 億美元的資產，約占我們總 AUM 的 26%。

Our latest current phase of growth has focused on even greater degrees of freedom, with more of an absolute return or outcome orientation, and more aligned with demand from the growing wealth channel. Since 2013, we have established five new investment teams.

我們目前最新階段的成長重點是更大的自由度，更多的是絕對回報或結果導向，並且更符合不斷增長的財富管道的需求。自2013年以來，我們新成立了5個投資團隊。

The Artisan Credit team, which takes a differentiated approach to high yield and long, short credit mixing bonds and loans, focusing less on hard assets and more on business value, and opportunistically navigating the credit quality and liquidity spectrum.

Artisan Credit 團隊對高收益和長期、短期信貸混合債券和貸款採取差異化方法，較少關注硬資產，更專注於商業價值，並機會主義地駕馭信貸品質和流動性範圍。

The Artisan Developing World team, which takes a differentiated view on emerging markets investing to generate EM returns via a large opportunity set of issuers whose growth is linked to those markets. The Antero Peak Group, whose leader, Chris Smith, was our first portfolio manager hired from a long short hedge fund background.

Artisan Developing World 團隊對新興市場投資持不同的觀點，透過大量發行人機會產生新興市場回報，這些發行人的成長與這些市場相關。Antero Peak Group 的領導者 Chris Smith 是我們聘請的第一位具有多空對沖基金背景的投資組合經理人。

The International Small Mid-team, which invests in inefficient and less liquid issuers across global markets. And our newest team, the EMsites Capital Group, which invests in local and hard currency debt across emerging and frontier markets and also runs a global macro strategy that uses derivatives extensively to isolate, take and manage risk.

國際中小型團隊，投資全球市場效率低且流動性較差的發行人。我們最新的團隊 EMsites Capital Group 投資於新興市場和前沿市場的本國貨幣和硬通貨債務，並運行廣泛使用衍生性商品來隔離、承擔和管理風險的全球宏觀策略。

This current phase of growth includes all four of our fixed income strategies and all five of our alternative strategies. These strategies have performed for clients and generated a meaningful business outcome for the firm. Since inception, our four fixed income strategies have generated 239 basis points of average annualized alpha net of fees. And our five alternative strategies have generated 331 basis points of average annualized alpha net of fees.

目前的成長階段包括我們所有四種固定收益策略和所有五種另類策略。這些策略為客戶帶來了成效，並為公司帶來了有意義的業務成果。自成立以來，我們的四種固定收益策略已產生 239 個基點的平均年化阿爾法淨費用。我們的五種替代策略已產生 331 個基點的平均年化 alpha（扣除費用）。

Our business model and approach to thoughtful growth is working in fixed income and alternatives. But we have a lot more work to do. And as Jason will discuss, as we think about new teams, we remain focused on degrees of freedom and increasing our access to the global wealth market.

我們的商業模式和深思熟慮的成長方法致力於固定收益和另類投資。但我們還有很多工作要做。正如傑森將討論的，當我們考慮新團隊時，我們仍然關注自由和增加進入全球財富市場的機會。

Thank you, Eric. The data on slide 3 is well known. We have used it before on these calls. It bears repeating in order to understand why we are focused on the areas Eric described. The US public equity market looks very different today than it did when Artisan Partners was founded in 1994. The number of US public companies peaked in 1996 at over 8,000. That number has since declined by over 40% to just over 4,600 in 2022. In the broader developed markets, the number of public companies peaked in 2007 at over 26,000 and has since declined by nearly 20% to just over 21,000 in 2022.

謝謝你，埃里克。第 3 張投影片上的數據是眾所周知的。我們之前曾在這些通話中使用過它。為了理解為什麼我們關注艾瑞克所描述的領域，需要重複一遍。如今的美國公共股票市場與 1994 年 Artisan Partners 成立時相比截然不同。美國上市公司的數量在 1996 年達到頂峰，超過 8,000 家。此後，這一數字下降了 40% 以上，到 2022 年僅略高於 4,600 人。在更廣泛的已開發市場，上市公司數量在 2007 年達到峰值，超過 26,000 家，此後下降了近 20%，到 2022 年僅略高於 21,000 家。

As the opportunity set has shrunk, allocators are increasingly accessing public equity returns using low-cost exposure and thematic ETFs. There are now more than twice as many ETFs as they are publicly traded US stocks. I want to be clear that these trends do not mean that the developed markets' public equity investing is a thing of the past. Trillions of dollars sit inside of style box strategies, and many allocators will continue to use style boxes long into the future.

隨著機會的減少，配置者越來越多地使用低成本曝險和主題 ETF 來獲得公共股權回報。目前 ETF 的數量是美國公開交易股票數量的兩倍多。我想澄清的是，這些趨勢並不代表已開發市場的公共股權投資已成為過去。樣式盒策略中有數兆美元，許多分配者將在未來很長一段時間內繼續使用樣式盒。

On an absolute basis, there may be more dollars in actively managed developed market public equity strategies than ever before. But the public equity opportunity set has been shrinking, competition for alpha has been increasing, differentiation is more difficult and incremental demand for active management in different areas of the market.

從絕對角度來看，積極管理的已開發市場公共股權策略的資金可能比以往任何時候都多。但公共股權機會集不斷縮小，阿爾法競爭不斷加劇，差異化更加困難，市場不同領域對主動管理的需求不斷增加。

Meanwhile, alternatives are here to stay. Quality of investment talent matters, and sophisticated institutions, RIAs and individuals will pay a premium fee for a premium outcome. At Artisan, we remain consistent with who we are as a high value-added, talent-oriented investment firm. We have historically operated in spaces where talent matters, clients recognize it, premium investment outcomes are realized and attractive financial outcomes follow.

同時，替代方案也將繼續存在。投資人才的品質很重要，成熟的機構、RIA 和個人將為優質成果支付高額費用。在 Artisan，我們始終堅持作為一家高附加價值、以人才為導向的投資公司的定位。歷史上，我們一直在人才至關重要、客戶認可、實現優質投資成果以及有吸引力的財務成果的領域開展業務。

What has been changing is the location of the most attractive opportunity sets for alpha and incremental demand for active management. That is why we have been and continue to invest our incremental time and capital towards fixed income and alternatives.

正在改變的是對阿爾法最具吸引力的機會集的位置以及對主動管理的增量需求。這就是為什麼我們一直並將繼續將增量時間和資本投資於固定收益和另類投資。

Slide 4 shows the outcome we have achieved to date with our four fixed income strategies and two of our five alternative strategies. Since inception, the Credit team's flagship high income strategy has generated 171 basis points of annual outperformance versus the benchmark, net of fees. And the strategy's high income fund is ranked number four funds of 302 funds in its slipper category. We have raised $9.7 billion of net inflows for the high income strategy since inception. And year-to-date, the strategy has seen net inflows of nearly $1.4 billion.

投影片 4 顯示了我們迄今為止透過四種固定收益策略和五種替代策略中的兩種所取得的成果。自成立以來，信貸團隊的旗艦高收入策略扣除費用後，年度業績較基準高出 171 個基點。該策略的高收益基金在其拖鞋類別的302檔基金中排名第四。自高收入策略啟動以來，我們已籌集了 97 億美元的淨流入資金。今年迄今為止，該策略已實現淨流入近 14 億美元。

In 2017, the Credit team broadened its degrees of freedom, restructured the credit opportunity strategy to allow the team to invest in a broad universe of instruments and take advantage of opportunities in less liquid, distressed and other special situations.

2017年，信貸團隊擴大了自由度，重組了信貸機會策略，使團隊能夠投資於廣泛的工具，並利用流動性較差、陷入困境和其他特殊情況下的機會。

The Credit team has used those degrees of freedom effectively, generating an average annual return of 10.29% since inception and after fees. That performance compares well to other credit hedge funds as well as to private credit and direct lending funds, which are typically far less liquid.

信貸團隊有效地利用了這些自由度，自成立以來（扣除費用後）的平均年回報率為 10.29%。這一業績與其他信用對沖基金以及私人信貸和直接貸款基金相比，這些基金的流動性通常要低得多。

We continue to focus on marketing and credit opportunities and are seeing promising pipeline of opportunities.

我們繼續專注於行銷和信貸機會，並看到了有希望的機會。

Our second credit-oriented team, the EMsites Capital Group is similarly using degrees of freedom to generate return and manage risk. Across the team's three strategies, they are invested in 66 countries, they own local currency positions in 32 countries, and they use derivatives extensively.

我們的第二個以信用為導向的團隊，EMsites Capital Group 同樣利用自由度來產生回報和管理風險。在團隊的三個策略中，他們在 66 個國家進行投資，在 32 個國家擁有當地貨幣頭寸，並廣泛使用衍生性商品。

In addition to the excellent absolute and relative performance shown on the slide, Global Unconstrained has been highly efficient in delivering return per unit of risk. Since inception, its sharp ratio is 1.88. We think that speaks for itself.

除了幻燈片中顯示的出色的絕對和相對錶現外，Global Unconstrained 在提供單位風險回報方面也非常高效。自成立以來，其銳利比率為1.88。我們認為這不言而喻。

The Msite Capital Group now manages over $2.3 billion in AUM, with a high-quality institutional anchors in each of the three strategies. Two of the team's strategies will pass the three year mark with Artisan in the first half of next year, which historically has been an important milestone for our teams, increasing the addressable market of investors and allocators.

Msite Capital Group 目前管理著超過 23 億美元的資產管理規模，在這三個策略中均擁有高品質的機構錨定。該團隊的兩項策略將在明年上半年與 Artisan 一起度過三年大關，這對我們的團隊來說是歷史上的一個重要里程碑，擴大了投資者和配置者的潛在市場。

We believe the near, medium and long-term business opportunities are very promising. The Credit team and the Msites Capital Group are just two examples of what we have been doing and what we expect to continue to do, great talent, high degrees of freedom, solid demand for active management.

我們相信近期、中期和長期的商機是非常有前途的。Credit團隊和Msites Capital Group只是我們一直在做的事情和我們期望繼續做的事情的兩個例子，優秀的人才，高度的自由度，對主動管理的堅實需求。

I will now hand the call back to Eric for some closing remarks on thoughtful growth.

現在，我將把電話轉回給埃里克，請他就深思熟慮的增長發表一些結束語。

Thank you, Jason. I want to come back to the compounding power of talent, broad opportunity sets and long-term demand. While we've added only one new stand-alone team in the past five years, we have spent significantly to bring on new talent and build new capabilities across our platform, which includes investing in talent and degrees of freedom for first and second generation strategies. We have done so through market volatility with discipline, and we are confident that this spend will contribute meaningfully to our financial outcomes over time.

謝謝你，傑森。我想回到人才、廣泛的機會集和長期需求的複合力量。雖然我們在過去五年中只增加了一個新的獨立團隊，但我們投入了大量資金來引進新人才並在我們的平台上建立新能力，其中包括對第一代和第二代策略的人才和自由度進行投資。我們在市場波動中嚴格遵守紀律，做到了這一點，我們相信隨著時間的推移，這筆支出將為我們的財務成果做出有意義的貢獻。

While we have invested the compounding power of our existing businesses has fueled a healthy return for shareholders through steady cash dividends and a competitive total shareholder return. Five years ago, on September 30, 2019, our stock price closed at $28.24 per share.

在我們投資現有業務的同時，我們透過穩定的現金股利和具有競爭力的股東總回報，為股東帶來了健康的回報。五年前，2019 年 9 月 30 日，我們的股價收在每股 28.24 美元。

Since then, we have distributed cumulative dividends of $16.94 per share, representing over 60% of our beginning market valuation. We have done that while spending significantly to build underlying business value and the next generation of wealth compounders.

此後，我們累計派發每股 16.94 美元的股息，占我們初始市場估值的 60% 以上。我們在做到這一點的同時，也投入了大量資金來建構潛在的商業價值和下一代財富複合器。

On September 30, 2024, our stock price closed at $43.32 per share, which has resulted in an annualized total shareholder return over the past five years of over 18% with dividends reinvested, more than the S&P 500, -- or Russell 2000 indices.

2024 年 9 月 30 日，我們的股價收在每股 43.32 美元，過去五年的年化總股東回報率超過 18%（股息再投資），超過標準普爾 500 指數或羅素 2000 指數。

We stay true to who we are as an investment firm. We focus on high value-added investing. We maintain a high-quality home for entrepreneurial talent. We invest in thoughtful growth while maintaining a partnership mindset. We believe the outcomes for clients, talent and shareholders validate our approach, and you can expect us to continue to execute as we have in the past with a focus on the areas we highlighted today.

作為一家投資公司，我們始終忠於自己。我們專注於高附加價值投資。我們為創業人才打造高品質的家園。我們投資於深思熟慮的成長，同時保持合作夥伴心態。我們相信，客戶、人才和股東的成果驗證了我們的方法，您可以期待我們繼續像過去一樣執行，並專注於我們今天強調的領域。

I will now turn it over to CJ to discuss our most recent financial results.

現在我將把它交給 CJ 來討論我們最近的財務表現。

Thanks, Eric. An overview of financial results begins on slide 7. Third quarter results reflect the quality of our business model, which drives durable growth and long-term returns for clients and shareholders. Compared to the June quarter, revenues rose 3%, adjusted operating income was up 12% and our adjusted operating margin improved by 280 basis points.

謝謝，埃里克。財務表現概述從幻燈片 7 開始。第三季業績反映了我們業務模式的質量，這推動了客戶和股東的持久成長和長期回報。與 6 月季度相比，營收成長 3%，調整後營業收入成長 12%，調整後營業利潤率提高 280 個基點。

More specifically, assets under management ended the September quarter at $168 billion, up 6% from last quarter, and up 23% from the September 2023 quarter.

更具體地說，截至 9 月季度的管理資產達到 1,680 億美元，較上季度增長 6%，較 2023 年 9 月季度增長 23%。

Net client cash outflows during the quarter were approximately $750 million. Third quarter net outflows were lumpy and partially offset by a previously disclosed $860 million inflow into our emerging markets debt opportunity strategy. Average AUM for the quarter was up 3% sequentially and up 14% compared to the September 2023 quarter.

本季客戶現金流淨額約為 7.5 億美元。第三季淨流出波動較大，並被先前揭露的流入我們新興市場負債機會策略的 8.6 億美元部分抵銷。該季度的平均資產管理規模較上季成長 3%，與 2023 年 9 月季度相比成長 14%。

In the fourth quarter, we expect the equity Artisan funds to complete their annual income and capital gains distributions. Based on our current estimates and assumptions, we expect fourth quarter distributions to result in approximately $600 million of net client cash outflows from investors who choose not to reinvest their distributions.

第四季度，我們預計 Artisan 股權基金將完成年度收入和資本利得分配。根據我們目前的估計和假設，我們預計第四季度的分配將導致選擇不對其分配進行再投資的投資者產生約 6 億美元的淨客戶現金流出。

Our complete GAAP and adjusted results are presented in our earnings release. Revenues for the quarter increased in line with average AUM, up 3% compared to the June 2024 quarter and up 12% compared to the prior year third quarter. Both periods benefited from higher average AUM.

我們完整的公認會計準則和調整後的業績已在我們的收益報告中公佈。本季營收成長與平均資產管理規模一致，較 2024 年 6 月季度成長 3%，較去年第三季成長 12%。這兩個時期都受益於平均資產管理規模的提升。

Our average recurring fee rate for the quarter was 69 basis points, consistent with last quarter.

本季我們的平均經常性費用率為 69 個基點，與上季一致。

Looking ahead, we are on track to record some performance fee revenue in the fourth quarter. The amount remains relatively small as a percentage of total revenues. As a reminder, approximately 3% of total AUM across 14 accounts are a performance fee component to their fee structure. Performance fees are recorded when earned on the measurement date, which, in the fourth quarter, those opportunities are at December 31, 2024.

展望未來，我們預計在第四季錄得一些績效費收入。該金額佔總收入的百分比仍然相對較小。需要提醒的是，14 個帳戶的總 AUM 中約有 3% 是其費用結構中的績效費組成部分。績效費是在衡量日期賺取時記錄的，在第四季度，這些機會是在 2024 年 12 月 31 日。

Adjusted operating expenses for the quarter were down from the second quarter of 2024, primarily from a seasonal decline in certain compensation-related expenses. Partially offsetting the decline is a charge for the acceleration of a lease for office space no longer in use. In comparison to the same quarter last year, adjusted operating expenses were up $14 million or 8%, primarily from higher revenue-based incentive compensation.

該季度調整後營運費用較 2024 年第二季有所下降，主要是由於某些薪酬相關費用的季節性下降。加速租賃不再使用的辦公空間的費用部分抵消了下降的影響。與去年同期相比，調整後的營運費用增加了 1,400 萬美元，即 8%，主要是由於基於收入的激勵薪酬增加。

Adjusted operating income increased 12% sequentially and 21% compared to last year's September quarter. Adjusted net income per adjusted share improved 12% compared to last quarter and 23% compared to the September 2023 quarter.

調整後營業收入較上季成長 12%，與去年 9 月季度相比成長 21%。調整後每股淨利較上一季成長 12%，較 2023 年 9 月季度成長 23%。

Year-to-date, revenues are up 12% compared to the same period in 2023 on higher average AUM. Adjusted operating expenses increased 10% from the 2023 nine-month year-to-date period, primarily from higher incentive compensation on elevator revenues. Also contributing to the increase in compensation and benefits are higher fixed compensation expenses from a 4% increase in the number of full-time associates and annual salary increases.

今年迄今為止，由於平均資產管理規模較高，營收較 2023 年同期成長了 12%。調整後的營運費用較 2023 年至今的 9 個月增加了 10%，主要是因為電梯收入的激勵補償增加。全職員工人數增加 4% 以及年薪增加導致固定薪資支出增加，也導致薪資和福利增加。

Amortization of long-term incentive compensation increased primarily from the $5 million impact of the retirement acceleration clause discussed during the first quarter call. We expect LTI amortization to be $16 million in the fourth quarter of this year, excluding the mark-to-market impacts.

長期激勵薪資攤提的增加主要來自第一季電話會議期間討論的退休加速條款帶來的 500 萬美元影響。我們預計今年第四季的 LTI 攤銷將為 1600 萬美元，不包括按市值計算的影響。

Higher revenues year-to-date led to a 17% improvement in adjusted operating income and an 18% improvement in adjusted net income per adjusted share over the comparable prior year period.

年初至今營收的增加導致調整後營業收入較上年同期成長 17%，調整後每股淨利成長 18%。

In calculating our non-GAAP measures, non-operating income includes only interest expense and interest income. Although the income generated on our seed investments adds to shareholder economics, we fully exclude these from investment gains from our adjusted results to provide transparency into our core business operations.

在計算我們的非公認會計準則指標時，營業外收入僅包括利息支出和利息收入。儘管我們的種子投資產生的收入增加了股東的經濟效益，但我們將這些收入完全排除在調整後績效的投資收益之外，以便為我們的核心業務運營提供透明度。

Turning to slide 11. Our balance sheet remains strong. We currently have $158 million of seed capital in our investment products with significant amounts of realizable capacity. As those products begin to scale, we will redeem the seed capital to deploy into new products, reinvest in the business or return it to shareholders. In addition, our $100 million revolving credit facility remains unused.

轉到投影片 11。我們的資產負債表仍然強勁。目前，我們的投資產品擁有 1.58 億美元的種子資本，具有大量的可變現能力。隨著這些產品開始規模化，我們將贖回種子資本以部署到新產品中，再投資於業務或將其回饋給股東。此外，我們的 1 億美元循環信貸額度仍未使用。

We continue to return capital to shareholders on a consistent and predictable basis through quarterly cash dividend payments and a year-end special dividend. Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of $0.82 per share with respect to the September 2024 quarter, which represents approximately 80% of the cash generated in the quarter. Our variable dividend is up 15% over the prior quarter and 26% over the same quarter last year, reflecting strong growth in our earnings since those previous periods.

我們繼續透過季度現金股利和年終特別股息，以一致且可預測的方式向股東返還資本。根據我們的股利政策，我們的董事會宣布 2024 年 9 月季度的季度股息為每股 0.82 美元，約佔該季度產生的現金的 80%。我們的可變股息比上一季成長 15%，比去年同期成長 26%，反映出我們的獲利自上一季以來強勁成長。

That concludes my prepared remarks, and I will now turn the call back to the operator.

我準備好的發言到此結束，現在我將把電話轉回給接線生。

(Operator Instructions)

（操作員說明）

Alex Bolstein, Goldman Sachs.

亞歷克斯·博爾斯坦，高盛。

First, I wanted to just touch base on margins and expense outlook. But really, in light of kind of the structural changes you guys are kind of pursuing with the business and the way you sort of outlined, adding incremental strategies and incremental capabilities to the existing teams perhaps instead of like adding new teams like you maybe have done over the last decade or so.

首先，我想談談利潤率和費用前景。但實際上，鑑於你們所追求的業務結構性變化以及你們概述的方式，可能會向現有團隊添加增量策略和增量能力，而不是像您可能所做的那樣添加新團隊在過去十年左右的時間裡。

So how does that change the margin profile at all of the business? Does the incremental margin look better, look worse, look about the same, and maybe your kind of updated thoughts on where operating margins could go in this business over the next couple of years?

那麼這將如何改變所有業務的利潤狀況呢？增量利潤看起來更好，看起來更差，看起來差不多，也許您對未來幾年該業務的營業利潤可能會走向何方有最新的想法？

And I guess as part of that CJ, maybe just kind of hit on your early expectations for 2025 expenses, that would be great.

我想作為 CJ 的一部分，也許只是滿足了您對 2025 年支出的早期預期，那就太好了。

Sure. Thanks, Alex. I'll take that. So as you know, we -- part of our financial model and principles is having a high percentage of variable expenses. That percentage fluctuates anywhere between 50% and 60%. We're currently in the low 50's. So a large amount of our margin expansion is predicated upon revenue growth.

當然。謝謝，亞歷克斯。我會接受的。如您所知，我們的財務模型和原則的一部分是可變費用的比例很高。該百分比在 50% 到 60% 之間波動。我們目前處於 50 歲以下。因此，我們的利潤成長很大程度上取決於收入的成長。

From a fixed expense side, I'd say, over the last three years, we've invested very heavily in new teams, new capabilities. Our expenses have grown pretty rapidly over the last three years. I think you should see a pause on that. I think we'll still have inflationary expense increase pressures just like everybody else. But I think we've largely built out the infrastructure to support our new Msites team as well as additional capabilities.

從固定費用來看，我想說，在過去三年中，我們在新團隊、新能力方面投入了大量資金。過去三年我們的開支成長得相當快。我認為你應該暫停一下。我認為我們仍然會像其他人一樣面臨通膨費用增加的壓力。但我認為我們已經在很大程度上建立了基礎設施來支援我們新的 Msites 團隊以及其他功能。

With respect to guidance going into fourth quarter and to next year, the fourth quarter, we do have an opportunity to add performance fees. It's our greatest opportunity to add those performance fees. We're currently tracking pretty well with about 5 of 14 performance accounts in the money, but we're always very cautious on guiding the performance fees because the measurement date is the end of the year. And so there's still more than two months left to go before we actually crystallize those.

關於進入第四季和明年第四季的指導，我們確實有機會增加績效費用。這是我們增加這些績效費用的最佳機會。目前，我們的追蹤情況相當不錯，14 個績效帳戶中約有 5 個是盈利的，但我們在指導績效費方面始終非常謹慎，因為衡量日期是年底。因此，距離我們真正具體化這些目標還有兩個多月的時間。

On the expense side, you saw some improvement on the expenses relative to revenues, especially on the comp ratio side. We would expect that to continue into the fourth quarter. That was primarily the benefit of higher revenues and the expansion that we get on the fixed expense space. So as well as some of our newer teams, which we've been carrying their expenses have started to add some accounts in the third quarter, which helps reduce the subsidies on the rev share.

在費用方面，您看到費用相對於收入有所改善，特別是在比較方面。我們預計這種情況將持續到第四季。這主要是收入增加和固定費用空間擴大的好處。因此，我們的一些新團隊（我們一直在承擔費用）已經開始在第三季添加一些帳戶，這有助於減少對收益份額的補貼。

Alex, I'll chime in. It's Eric. When you look at what we've done since adding on the Credit team in 2014 and created operational leverage then to add other credit teams and then provide other degrees of freedom to our existing teams and to extend that to what we did with China, the China Post venture team and their ability to do privates and other teams will be able to look at privates.

亞歷克斯，我來插話。是埃里克。當你看看我們自2014 年增加信貸團隊並創建營運槓桿以來所做的事情，然後添加其他信貸團隊，然後為我們現有的團隊提供其他程度的自由度並將其擴展到我們對中國所做的事情時，中國郵政創業團隊以及他們做私事的能力和其他團隊將可以看私事。

We've created the operational footprint for that at. And as we've created the global macro, each one of these add-ons does give operational leverage. And by adding on a few individuals to enhance the existing teams, I think it's definitely more powerful to margin expansion.

我們已經為此創建了營運足跡。當我們創建了全域巨集時，這些附加元件中的每一個都確實提供了操作槓桿。透過增加一些人來增強現有團隊，我認為這對於利潤擴張來說肯定更有力。

And one strategy-related question for you guys as well. When we look at some of the gross sales trends, international value has been an important driver of growth over the last several years. It looks like things are starting to slow there a bit from, again, gross sales perspective, and that's obviously impacting net flows as well. Anything you can point to underneath the surface, what's driving that? I don't know if it's a capacity comment or something else that's impacting flows in that business.

還有一個與策略相關的問題想問你們。當我們觀察一些總銷售趨勢時，國際價值一直是過去幾年成長的重要驅動力。從總銷售的角度來看，情況似乎開始放緩，這顯然也影響了淨流量。你可以指出表面之下的任何事情，是什麼推動了它？我不知道這是容量評論還是其他因素影響了該業務的流量。

No, I think that we've always been cautious of capacity. We think the number one driver for revenue growth is our ability to compound performance at an absolute and a relative rate. And so we've always been very cautious on how we manage flows for our more mature strategies.

不，我認為我們一直對產能持謹慎態度。我們認為營收成長的第一推動力是我們以絕對和相對速度複合績效的能力。因此，我們對於如何管理流量以實現更成熟的策略始終非常謹慎。

And when you break down the flow spectrum, I know everybody wants to see us grow at all costs and all means to put up a net flow, but the power of compounding of revenue growth is amazing, and we've seen it over the last five years.

當你分解流量範圍時，我知道每個人都希望看到我們不惜一切代價、不惜一切手段實現淨流量增長，但收入複合增長的力量是驚人的，我們在過去已經看到了這一點五年。

And with regards to international value, we just have a capacity management and flow management and delivering for clients mentality. So they'll be a little bit more lumpy inflows as we manage that on a go-forward basis.

至於國際價值，我們只是有能力管理和流程管理以及為客戶提供服務的心態。因此，當我們在未來的基礎上進行管理時，它們的流入將會更加不穩定。

John Dunn, Evercore ISI.

約翰‧鄧恩，Evercore ISI。

Could you kind of maybe take us through some of the major puts and takes of the non-US institutional business as far as gross sales and net redemption or gross redemption's?

您能否帶我們了解非美國機構業務的一些主要看跌期權和賣出期權，涉及總銷售額和淨贖回或總贖回？

On the non-US institutional business has been fairly strong for us. You can see, since we, really in the mid-2000, added on our global equity strategies and built out the appropriate strategies for that marketplace of increasing non-US clients, our institutional business translated well due to the consultant marketplace, and we've grown the total asset base up to 26% of clients outside the US.

我們在非美國機構業務上一直相當強勁。您可以看到，自從我們實際上在2000 年中期就增加了我們的全球股權策略，並為不斷增加的非美國客戶市場製定了適當的策略，我們的機構業務由於顧問市場而得到了良好的轉化，而我們'美國以外客戶的總資產基礎已增至 26%。

This year, it's been slightly by single-digit positive. We have a large client base of over 200-plus client relationships there. And the emerging market debt has more recently certainly been adding to that, and we think that's a very strong story on a go forward basis when you look at the premise of the Msights team, a big part of the premise was institutional clients. Looking at their emerging markets allocation, you saw a downtick in allocations about two, three years ago.

今年，這一數字略有上升。我們在那裡擁有超過 200 多個客戶關係的龐大客戶群。最近新興市場的債務肯定會增加這一點，我們認為，當你看看 Msights 團隊的前提時，這是一個非常強大的故事，其中很大一部分前提是機構客戶。看看他們的新興市場配置，你會發現大約兩、三年前配置有所下降。

Over the last couple of years, you've seen heavy outflows in the whole category we're approaching our three-year track record. We have an asset base that meets all searches and so we're in that foundational growth mode, and we think the institution business outside the US is strong and is growing. It will be growing with the greater opportunities with Msights in the emerging market that strategy.

在過去的幾年裡，您已經看到整個類別的資金大量流出，我們正在接近三年的記錄。我們擁有滿足所有搜尋的資產基礎，因此我們處於基本成長模式，我們認為美國以外的機構業務很強勁且正在成長。隨著 Msights 在新興市場策略中獲得更多機遇，它將繼續成長。

Got it. And then maybe going back to capacity, but looking at it from the different direction. What areas would you highlight as having the most capacity?

知道了。然後也許會回到產能，但從不同的方向來看。您認為哪些領域的容量最大？

Well, obviously, the emerging market debt team and Msights, we just brought on, and we have under $3 billion in that strategy and that can handle 10 times that. So from an opportunity set, your more recent teams you brought on have quite a bit of scale opportunity than you look at the larger cap equity strategies have quite a bit of capacity there as well. So there's a good amount of capacity still in global value, global opportunities and global equity have good capacity in those strategies.

嗯，很明顯，我們剛剛引入了新興市場債務團隊和 Msights，我們在該策略上的投資不到 30 億美元，可以處理這個數字的 10 倍。因此，從機會集來看，你最近引進的團隊擁有相當多的規模機會，而不是你看到的更大的資本股權策略也有相當多的能力。因此，全球價值、全球機會和全球公平在這些策略中仍然有很大的能力。

Jason, would do you add anything else?

傑森，你還有什麼要補充的嗎？

No, I think those are the main ones, really the three key areas where we've been maybe a little bit more limited in our ability is international value. As people recall, we have soft closed the high income fund. The strategy is still open as Brian and the Credit team seek to broaden out their institutional client base. And then inevitably small cap will always be a more capacity-constrained area within the growth franchise. But for the most part, we still have a fair bit of capacity across the remainder of the platform.

不，我認為這些是主要的，實際上我們的能力可能有點有限的三個關鍵領域是國際價值。人們記得，我們​​已經軟關閉了高收入基金。由於布萊恩和信貸團隊尋求擴大他們的機構客戶群，因此策略仍然開放。然後不可避免地，小型股將永遠是成長特許經營中容量更受限的領域。但在大多數情況下，我們在平台的其餘部分仍然擁有相當多的容量。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Maybe a conceptual question for you guys. I'm just looking back to page 3 and your sort of comments around sort of the migration of the franchise and sort of the market structure of the equity market. Many of us on the call cover a lot of the alternative managers and they speak to just the import of having origination and global footprints from a deal sourcing perspective as incremental keys to drive alpha across a lot of the buckets that you sort of laid out on the right-hand chart at the management dispersion.

也許對你們來說是一個概念性問題。我只是回顧一下第三頁，以及您對特許經營權遷移和股票市場市場結構的評論。我們中的許多人在電話會議中涵蓋了許多另類經理，他們談到從交易採購的角度來看，擁有起源和全球足蹟的重要性，作為在您所佈局的許多桶中推動阿爾法的增量關鍵右邊的圖表顯示了管理分散度。

So as you think about where you do need to spend looking ahead, is there a need to build up any origination capacity or -- is it really just a function of stock picking and allocation as sort of the key sort of area of expertise for Artisan.

因此，當你考慮未來確實需要在哪些方面進行投資時，是否需要建立任何原創能力，或者——這實際上只是選股和分配的功能，作為 Artisan 的關鍵專業領域。

Bill, it's Jason. I think it's primarily the latter. So I think it's all about security selection and stock picking. And obviously, you have to have the right time horizon when you're evaluating your companies, but it also comes back to the one comment that we've been highlighting for a little while now, which is continuing to broaden out the toolkit as well, and that can come in many different forms, securities, countries, what have you. And it also comes in the form of making sure we have the right talent embedded on each of the teams to expand that opportunity set.

比爾，這是傑森。我認為主要是後者。所以我認為這一切都與證券選擇和選股有關。顯然，當你評估你的公司時，你必須有正確的時間範圍，但這也回到了我們已經強調了一段時間的一條評論，它也在繼續擴大工具包，這可以有多種不同的形式，證券、國家，等等。它還以確保我們每個團隊都擁有合適的人才來擴大機會集的形式出現。

So I think it is -- it does come back to the basics of you got to pick the right stocks in order to outperform. I think the good news is we feel like we've got strong capabilities and it bears itself out in the numbers, but we're continuously trying to evolve the teams to make sure that we can stay one step ahead. And that's what I think you've heard from us and you'll continue to hear from us on the existing franchises that are deep into the equity markets.

所以我認為它確實回到了你必須選擇正確的股票才能跑贏大盤的基本原則。我認為好消息是，我們感覺自己擁有強大的能力，並且在數字上得到了證實，但我們正在不斷努力發展團隊，以確保我們能夠保持領先一步。這就是我認為您從我們那裡聽到的，並且您將繼續從我們那裡聽到我們關於深入股票市場的現有特許經營權的信息。

And then as you think about other areas, there might be the need for that, but certainly not with our existing franchises today.

然後當你考慮其他領域時，可能會有這樣的需要，但肯定不是我們今天現有的特許經營權。

Great. And just as a follow-up, C.J, maybe one or maybe two more for you, if I could sneak it in. Can you comment a little bit about just the fee rate dynamics on the fixed income side. Was that influenced this particular quarter just given either the timing of the EMsights sites win or any fee waivers associated with those kind of mandates?

偉大的。作為後續行動，C.J，如果我可以偷偷地講的話，也許再給你一兩個。您能否簡單評論一下固定收益方面的費率動態。考慮到 EMsights 網站獲勝的時間或與此類授權相關的任何費用減免，這是否會影響本季？

And then you had mentioned that some of the subsidies that you've been providing to some of these newer teams is abating. Which particular line would we see that most? Is that more the incentive compensation line, the LTI line or a combination of all of that?

然後您提到，您向其中一些新團隊提供的一些補貼正在減少。我們最常看到哪一行？是更多的激勵補償線、LTI 線還是所有這些的組合？

Sure, Bill. So the latter question, the subsidy, when we bring on a new team such as EMsights, we provide compensation guarantees for the first several years. And so they earn into the 25% rev share. So you're starting to see EMsights earn into the rev share as they bring on accounts, which improves our sort of our comp ratio with respect to the incentive comp line.

當然，比爾。所以後一個問題，補貼，當我們引入像EMsights這樣的新團隊時，我們會在前幾年提供補償保證。因此他們獲得了 25% 的收益分成。因此，您開始看到 EMsights 在開戶時賺取收入分成，這提高了我們相對於激勵補償線的補償比率。

And then on the fixed income side, the fee rate is really -- I mean, I know you noted in your note that you were off by [310 of a basis point]. Some of that is rounding just a more precise calculation on our end. But the overall actual decline is related to sort of just an exchange of kicks between outflows in our higher fee equity pooled accounts and bringing on large institutional accounts for someone like EMsights, where you have founder fee type rates early in the process to build scale. So you're seeing a little bit of an exchange of kicks there.

然後在固定收益方面，費率實際上是 - 我的意思是，我知道您在筆記中指出您的費用是[310個基點]。其中一些只是在我們這邊進行了更精確的計算。但整體實際下降與我們較高費用的股權池帳戶的流出和為EMsights 等公司引入大型機構帳戶之間的交換有關，在這種情況下，你可以在建立規模的過程的早期就獲得創始人費用類型的費率。所以你會看到那裡有一些踢球的交換。

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Just one around seed capital needs over the near term there. What's the latest outlook around the needs there? And Wonder if you could just give us a little bit of an update in terms of new product development? In terms of -- especially within the private market side, what sort of new strategies could we see being introduced next?

短期內只有一筆種子資金需求。那裡的需求的最新前景如何？想知道您可否為我們介紹一下新產品開發的最新情況？就特別是在私人市場方面而言，我們接下來會看到什麼樣的新策略被引入？

So I'll start with seed. On the seed capital side, we continue to have a very large amount of seed out with respect to our historical levels, about $158 million. We are starting to recoup some of that seed as we gain traction in some of our -- some of these strategies. And to the extent we need further seed for the foreseeable future, we believe we have enough dry powder on the balance sheet to take care of that over the foreseeable future.

所以我將從種子開始。在種子資本方面，相對於歷史水平，我們繼續擁有大量種子資金，約 1.58 億美元。隨著我們在某些​​策略中獲得牽引力，我們開始收回一些種子。如果我們在可預見的未來需要更多的種子，我們相信我們的資產負債表上有足夠的乾粉來在可預見的未來解決這個問題。

On your -- on the second part of your question, it's Jason. At a high level, we're having really productive conversations pretty much across every asset class right now, both in the traditional world of lift outs as well as in the M&A category. So private equity, secondary private equity, we're in conversations with some market neutral activity, fixed income and real estate.

關於你的問題的第二部分，是傑森。從高層來看，我們現在幾乎在所有資產類別上都進行了非常有成效的對話，無論是在傳統的剝離領域還是在併購類別中。因此，私募股權、二級私募股權，我們正在與一些市場中性活動、固定收益和房地產進行對話。

I'd say the most productive area that we have focused on, where we have a little bit more traction is in the real estate space. We're in some latter stage conversations, as you've heard from us repeatedly. Latter stage conversations don't necessarily mean materialization. A lot of things can happen and break down. But I would say that's probably the key area of focus for us right now is in the world of private real estate.

我想說，我們關注的最富有成效的領域是房地產領域，我們在該領域的吸引力更大。正如您多次從我們那裡聽到的那樣，我們正在進行一些後期對話。後期的對話並不一定意味著具體化。很多事情都可能發生並崩潰。但我想說，我們現在關注的關鍵領域可能是私人房地產領域。

Got you. Very helpful color there. And just one follow-up, if I may, just a bit of housekeeping. In terms of the international value team, the new PM addition there. Should we expect any kind of expense or cost implications as the team ramps up? Or is it sort of like the capabilities and has largely already been built there.

明白你了。那裡的顏色非常有用。如果可以的話，只有一個後續行動，只是一些內務處理。在國際價值團隊方面，有新的PM的加入。隨著團隊的壯大，我們是否應該預期會產生任何費用或成本影響？或者它有點像功能並且基本上已經在那裡構建了。

Yes, there's going to be some cost and some expense just from the acquisition of talent, but to the latter half of the question, I think we are building in a lot of efficiency and scale, having gone from one fixed income team to now our second team having two very big operating systems in place. We can now utilize one of those two. So it's not a complete de novo build.

是的，僅僅收購人才就會產生一些成本和費用，但對於問題的後半部分，我認為我們正在提高效率和規模，從一個固定收益團隊發展到現在我們的團隊第二個團隊擁有兩個非常大的作業系統。我們現在可以利用這兩者之一。所以這不是一個完整的從頭開始建構。

So we are definitely going to get the benefit of the foundational work that's been achieved and completed over the past decade. But there will be some cost on just the pure talent side as we continue to think about ways to build out talent and depth around Brian and the team underneath the international value franchise.

因此，我們肯定會從過去十年中所取得和完成的基礎工作中受益。但隨著我們繼續思考如何圍繞布萊恩和國際價值特許經營團隊培養人才和深度，僅在純粹的人才方面就會產生一些成本。

This concludes our question-and-answer session and concludes the conference call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。