Apollo Global Management Inc (APO) 2023 Q2 法說會逐字稿

Good morning, and welcome to Apollo Global Management's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) This conference call is being recorded.

早安，歡迎參加阿波羅全球管理公司2023年第二季業績電話會議。 （接線員指示）本次電話會議正在錄音中。

This call may include forward-looking statements and projections which do not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements. Apollo will be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in Apollo's earnings presentation, which is available on the company's website.

本次電話會議可能包含前瞻性陳述和預測，這些陳述和預測不保證未來事件或績效。有關這些陳述的風險因素，請參閱阿波羅最近提交給美國證券交易委員會 (SEC) 的文件。阿波羅將在本次電話會議上討論某些非公認會計準則 (non-GAAP) 指標，管理層認為這些指標與評估公司財務績效相關。這些非公認會計準則 (non-GAAP) 指標已與阿波羅獲利報告中的公認會計準則 (GAAP) 資料進行核對，該報告可在公司網站上查閱。

Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Apollo fund.

另請注意，本次電話會議中的任何內容均不構成出售或購買任何阿波羅基金權益的要約。

I will now turn the call over to Noah Gunn, Global Head of Investor Relations.

現在我將把電話轉給全球投資者關係主管 Noah Gunn。

Great. Thanks, Donna, and welcome again, everyone, to our call. We're really thankful for the opportunity to spend some time with you this morning.

太好了！謝謝，唐娜，再次歡迎大家參加我們的電話會議。我們非常感謝今天早上有機會和大家見面。

Earlier, we published our earnings release and financial supplement on the Investor Relations portion of our website. Within these documents, you can see that we generated very solid results that included record quarterly fee-related earnings of $442 million, or $0.74 per share, and record quarterly normalized spread-related earnings of $874 million, or $1.47 per share.

此前，我們在網站的「投資者關係」板塊發布了財報和財務補充文件。在這些文件中，您可以看到我們取得了非常穩健的業績，其中包括創紀錄的季度費用相關收益4.42億美元，合每股0.74美元，以及創紀錄的季度正常化利差相關收益8.74億美元，合每股1.47美元。

Together, these two earnings streams totaled $1.3 billion in the second quarter, increasing more than 40% year-over-year, demonstrating the strong, resilient and fully-aligned growth characteristics of our asset management and retirement services businesses. Combined with principal investing income and other holdco items, we reported normalized adjusted net income of $1.1 billion, or $1.80 per share, up 60% year-over-year.

這兩大獲利來源在第二季總計13億美元，年增超過40%，彰顯了我們資產管理和退休服務業務強勁、韌性十足且全面協調的成長特徵。加上本金投資收益和其他控股公司項目，我們報告的正常化調整後淨利潤為11億美元，合每股1.80美元，年增60%。

Joining me from our team to discuss our results in further detail are Marc Rowan, CEO; Jim Zelter, Co-President; and Martin Kelly, CFO. And we've received some feedback from some of you that we should attempt to shorten the length of our prepared remarks. So at the risk of making a false promise, Marc himself has ensured us that we'll be endeavoring to do that today.

我們團隊的執行長馬克羅文 (Marc Rowan)、聯合總裁吉姆澤爾特 (Jim Zelter) 和財務長馬丁凱利 (Martin Kelly) 將與我一起進一步詳細討論我們的業績。我們收到了一些回饋，建議我們盡量縮短準備好的發言稿的長度。因此，儘管可能做出虛假承諾，馬克本人還是向我們保證，我們今天將努力做到這一點。

So with that, I'll turn it over to Marc.

因此，我將把話題交給馬克。

Thanks, Noah, and we all can wish for certain things and hope that they come true.

謝謝你，諾亞，我們都可以許下某些願望並希望它們能夠實現。

In any event, as Noah said, it was truly a very, very strong quarter. Normalized SRE and FRE of $1.3 billion for the quarter, and we are on track to earn FRE and normalized SRE of $5 billion plus/minus for the year, which Martin will detail.

無論如何，正如諾亞所說，這確實是一個非常非常強勁的季度。本季標準化的SRE和FRE為13億美元，我們預計全年的FRE和標準化SRE收入將達到50億美元左右，馬丁稍後會詳細介紹。

One thing worth calling out is just how exceptionally strong SRE has been. Just to put it in context, Athene has now grown or will grow 30% SRE 2 years in a row. And they actually have hit their 2026 financial target, as laid out in our Investor Day some 2 years ago, in just 2 years. Not only are they doing an exceptional job, but clearly, Jim and Grant and the team have exceptionally sandbagged everyone. And the business continues to be very strong.

值得一提的是，SRE 的表現異常強勁。具體來說，Athene 的 SRE 已經連續兩年成長（或將連續兩年成長）30%。事實上，他們僅用兩年時間就實現了兩年前投資者日所製定的 2026 年財務目標。他們不僅工作出色，而且 Jim、Grant 和團隊顯然也為大家提供了極大的支持。目前，他們的業務依然保持強勁成長。

In addition to financial results, we had record inflows for the quarter on an organic basis. We had some $43 billion of inflows, including $8 billion that closed shortly after the quarter end. This closing shortly after a quarter end is actually a feature of the alternatives business. Many of our institutional investors prefer to close on the first of the month and have something in another quarter from an allocation point of view rather than in the prior month. And for many of our retail, high net worth focused funds, they also close on the first of the month. So I expect that we will be a little more careful in giving guidance quarter-by-quarter to account for how this business actually operates.

除了財務表現之外，本季我們的自然流入量也創下了紀錄。我們獲得了約430億美元的流入，其中80億美元是在季度結束後不久完成的。這種在季度結束後不久完成的資金流入實際上是另類投資業務的一個特徵。從配置的角度來看，我們的許多機構投資者更傾向於在每月1號完成資金流入，並在下一個季度而不是上個月進行投資。對於我們許多專注於零售和高淨值客戶的基金來說，它們也會在每月1號完成資金流入。因此，我預計我們會在逐季度發布業績指引時更加謹慎，以反映該業務的實際營運情況。

From my point of view, and as Martin and we have discussed previously, we generated positive operating leverage and margin expansion this quarter, and we expect this to continue over the next couple of years as we benefit from the investments that we've made in people and facilities and in upgrading our business over the past few years.

從我的角度來看，正如馬丁和我們之前討論過的，我們在本季度產生了積極的經營槓桿和利潤率擴張，我們預計這種情況將在未來幾年繼續下去，因為我們受益於過去幾年在人員和設施以及業務升級方面的投資。

In short, our strategic positioning is excellent and anchored by 3 really simple principles: one, purchase price matters; the second, excess return per unit of risk, that is what we do; and full alignment with our clients, both our institutional and our retail clients.

簡而言之，我們的策略定位非常出色，並基於三個非常簡單的原則：第一，購買價格很重要；第二，每單位風險的超額回報，這就是我們所做的；並與我們的客戶（包括機構客戶和零售客戶）完全保持一致。

It actually feels pretty good. Having not chased the hot dot during an era of money printing and zero rates, our opportunity set is just different than that of our peer group. Apollo has momentum.

感覺確實不錯。在印鈔和零利率時代，我們沒有追逐熱點，所以我們的機會組合與同行不同。阿波羅勢頭強勁。

In terms of the business, let me start for the quarter with the equity business. In the equity business, this year has really marked the end of an era. So if I think about what happened over the prior decade, and perhaps longer than a decade, there were these incredible tailwinds in the equity business, tailwinds from money printing, pulling forward of demand, fiscal stimulus and certainly from zero rates. We now find ourselves in an absence of tailwinds. Rates are higher. Growth is slower. Globalization is in retreat. People will have to go back to investing in the old fashioned way. They'll actually have to be very good investors. They will need to produce alpha.

就業務而言，本季我先從股票業務開始。在股票業務中，今年實際上標誌著一個時代的結束。所以，如果我回顧過去十年，甚至更久，你會發現股票業務中存在著令人難以置信的順風，包括印鈔票、提前需求、財政刺激，當然還有零利率。但現在我們發現自己缺乏順風。利率更高。增長更慢。全球化正在倒退。人們將不得不回歸傳統的投資方式。他們實際上必須非常優秀。他們需要創造阿爾法收益。

I believe that's what we've been doing. Demonstrated by the recent private equity results, the final close for Fund X in mid-July brought in capital just around $20 billion over a 12-month marketing period versus extending over -- versus continuing to market over an extended time line. The fund is now closed. Fund IX generated 36% gross IRRs, 24% net IRRs.

我相信這就是我們一直在做的事情。最近的私募股權業績表明，X基金在7月中旬最終關閉，在12個月的營銷期內帶來了約200億美元的資金，而不是繼續行銷，而是在更長的時間內持續行銷。該基金現已關閉。 IX基金的總內部報酬率為36%，淨內部報酬率為24%。

In the quarter, it's just a really interesting time in the private equity business between haves and have nots. Arconic and Univar, 2 very large financings which certainly came at a time that was challenging for the market, both executed better than expected, giving us increased confidence in the ability to get transactions we like done.

本季度，私募股權產業正處於一個非常微妙的時期，優勝劣汰，良莠不齊。 Arconic 和 Univar 這兩筆規模龐大的融資，無疑發生在市場充滿挑戰的時期，但其表現都優於預期，這讓我們對完成目標交易的能力更有信心。

Let me move on from the equity business and talk about the 2 drivers of the quarter and what I expect to drive the rest of the year. First, private credit. As I've said previously, private credit, these are 2 words that actually mean nothing. Private credit can be investment grade; private credit can be CCC.

讓我先從股票業務說起，談談本季的兩大驅動因素，以及我預計今年剩餘時間將有哪些因素在推動。首先是私人信貸。正如我之前所說，私人信貸這兩個詞其實毫無意義。私人信貸可以是投資等級的，也可以是CCC等級的。

Barriers to entry in the private credit business are either quite low, anyone with a fund and a staff capable of evaluating investments can truly enter the private credit business, or barriers to entry can be extraordinarily high, and building a full ecosystem that allows you to serve the needs of your clients in a very sophisticated way. Think of the difference between a hotdog stand and a Michelin Star restaurant. Both are in the food business and both serve food. That is how we think about private credit and where people are positioned.

私人信貸業務的進入門檻要么很低，任何擁有資金和能夠評估投資的員工的人都可以真正進入；要么門檻極高，需要建立一個完整的生態系統，才能以非常複雜的方式滿足客戶的需求。試想熱狗攤和米其林星級餐廳的差別。兩者都屬於食品業，都提供食物。這就是我們對私人信貸的理解，也是人們的定位。

Financial markets, financial literacy around private credit has actually gotten quite sloppy. What is private credit? Well, if we start in the abstract, everything that is on a bank balance sheet is private credit. But most of the time, markets -- market pundits talk about private credit. They're talking about a very small sliver of a private credit universe that's focused on levered lending.

金融市場，以及圍繞私人信貸的金融知識，實際上已經變得相當混亂。什麼是私人信貸？抽像地說，銀行資產負債表上的所有內容都是私人信貸。但大多數時候，市場專家談論的是私人信貸。他們談論的只是私人信貸領域中非常小的一部分，專注於槓桿貸款。

Don't get me wrong, we like the levered lending business. Levered lending is actually a terrific business right now. It will not always be a terrific business. It is a cyclical business with low barriers to entry, but one that, at the right point in time, can be very lucrative.

別誤會，我們看好槓桿貸款業務。槓桿貸款目前確實是一門很棒的生意。但它不會一直都那麼好。它是一個週期性行業，進入門檻低，但在適當的時機，它可以帶來豐厚的利潤。

What we have tried to build is not a single fund, is not a single opportunity, we've tried to build an ecosystem. If I reflect on the past decade, we've invested some $8 billion, building 16 originating platforms. There are 4,000 people who work in these platforms, not Apollo employees, who are solely focused every single day on originating private credit.

我們試圖打造的並非單一的基金，也並非單一的機會，而是建構一個生態系統。回顧過去十年，我們投資了約80億美元，打造了16個創始平台。這些平台上有4000名員工，並非阿波羅的員工，他們每天專注於創始私人信貸。

And as you know, much, if not most of what they do is investment grade. That's important because the investment-grade market is at least 8x larger than the high-yield market and 8x larger than the levered lending market.

眾所周知，他們所做的大部分（如果不是全部）都是投資等級的。這點很重要，因為投資等級市場至少比高收益市場大8倍，比槓桿貸款市場大8倍。

This is a great time for private credit. This is not a quarter that's a great time for private credit, this is a secular change. Not only do we have higher base rates and regulatory change and change in market dynamics, we are in the beginning of a secular shift in how credit is provided to businesses and a shift that I believe will continue to gather speed.

這是私人信貸的黃金時代。但本季並非私人信貸的黃金時代，這是一個長期的變革。我們不僅面臨著更高的基準利率、監管變化和市場動態的變化，而且我們正處於企業信貸提供方式長期轉變的開端，我相信這種轉變將繼續加速。

To be successful in this market, you need a recurring supply of unique origination. This quarter, we originated some $23 billion, with 50% of that from platforms. Jim Zelter will detail some of these transactions. But in addition to the names you would expect that are traditionally associated with private credit, AT&T, Air France and Vonovia, borrowers value certainty, scale and speed to execution.

要想在這個市場取得成功，你需要持續不斷地提供獨特的貸款。本季度，我們貸款約230億美元，其中50%來自平台。 Jim Zelter將詳細介紹其中一些交易。除了AT&T、法國航空和Vonovia等傳統上與私人信貸相關的公司外，借款人也重視確定性、規模和執行速度。

In addition to origination, you need an integrated capital markets business. Because, after all, we want 25% of everything and 100% of nothing. Our ACS business, led by Craig Farr, has done an extraordinary job, extending our reach of private credit to clients and to non-clients. And in fact, this is among the greatest ways that we introduce the firm to people who are not yet clients of Apollo and show them what we're capable of.

除了發起業務之外，你還需要一個整合的資本市場業務。畢竟，我們不想什麼都佔25%，也不想什麼都不佔。我們的ACS業務由Craig Farr領導，他們做得非常出色，將我們的私人信貸業務拓展到了客戶和非客戶。事實上，這是我們向尚未成為Apollo客戶的人介紹公司並向他們展示我們能力的最佳方式之一。

This quarter, we raised some $7 billion of capital from third-party insurers, and we expect this to gather speed as the market continues to improve. For private credit, particularly investment grade, the way that consumers and businesses borrow is traditionally through the asset-backed market.

本季度，我們從第三方保險公司籌集了約70億美元的資金，預計隨著市場持續改善，這筆資金將加速成長。對於私人信貸，尤其是投資等級信貸，消費者和企業的傳統借貸方式是透過資產支持市場。

Asset-backed is, for the most part, private credit. This is a $20 trillion market, and one in which we have been playing for a very, very long time, more than $220 billion of volume to date, better than 200 relationships. We have currently more than $100 billion of AUM associated with ABF, $55 billion of which is third party. Most of what happens for us in ABF is investment grade, and it is a key driver of our insurance business for Athene and for our third-party insurance clients, and increasingly, for fixed income replacement for our traditional institutional clients.

資產支持證券主要指私人信貸。這是一個價值20兆美元的市場，我們在這個市場已經耕耘了很長時間，迄今為止交易量超過2,200億美元，擁有超過200個客戶。目前，我們與ABF相關的資產管理規模超過1,000億美元，其中550億美元來自第三方。我們在ABF的業務大多是投資等級的，它是我們為Athene和第三方保險客戶提供保險業務的關鍵驅動力，並且也日益成為我們為傳統機構客戶提供固定收益替代產品的關鍵驅動力。

One of the single most important factors in this market is that we are completely aligned with our client base. We own what they own, at the same time, at the same price. There is nothing that is more confidence inspiring than alignment.

在這個市場中，最重要的因素之一就是我們與客戶群完全一致。我們擁有他們所擁有的一切，同時，價格也一樣。沒有什麼比這種一致性更能激發信心了。

Let me move on from private credit to talk a little bit about the job Athene did in the quarter. Athene's results are in part driven by the ability of Apollo to source attractive investment-grade credit, but also by the incredibly talented team that has been building Athene for the past 14 years. Normalized SRE for the quarter was $874 million and normalized net spread was 166 basis points, truly the widest I can remember.

讓我從私人信貸業務轉到Athene在本季的表現。 Athene的業績部分得益於Apollo獲得具有吸引力的投資級信貸的能力，同時也得益於過去14年來一直致力於打造Athene的優秀團隊。本季標準化SRE為8.74億美元，標準化淨利差為166個基點，確實是我記憶中最寬的一次。

$19 billion of organic inflows in the quarter, up more than 50% year-over-year, #1 annuity market share. We now have line of sight to more than $60 billion of organic inflows this year. We are leaving, by some estimates, between $10 billion and $20 billion of annual originations on the table. Truly, we have an opportunity now to be selective and to build recurring franchises.

本季有機流入190億美元，年增超過50%，年金市佔率排名第一。我們今年的有機流入預計將超過600億美元。據估計，我們每年將損失100億至200億美元的初始資金。確實，我們現在有機會精挑細選，打造持續性的特許經營業務。

We've made progress this quarter in Japan through our reinsurance business and elsewhere in Asia, and I believe the business at Athene is gathering speed. Although as I've cautioned in private in prior quarters, and as I'm sure Martin will detail, these are truly exceptionally good times, and we are beneficiaries of the large floating rate position that we have carried for more than a decade.

本季度，我們透過再保險業務在日本以及亞洲其他地區取得了進展，我相信Athene的業務正在加速發展。儘管正如我在前幾個季度私下提醒過的那樣，而且我相信Martin也會詳細說明，現在確實是異常好的時期，我們也受益於十多年來持有的大量浮動利率頭寸。

Also recall that our business is built at the top of the capital structure on a senior secured basis and we sleep better at night. Credit experience in the quarter was incredibly benign, less than 2 basis points, which I'm sure Martin will detail.

還要記住，我們的業務建立在資本結構的頂層，採用優先擔保方式，這樣我們晚上就能睡得更好。本季的信貸體驗非常溫和，不到2個基點，我相信馬丁會詳細說明。

Surrenders or outflows also came in better than forecast. And if you recall from the chart we've included in this quarter as well as prior quarters as well as the education we've been doing, the primary driver of surrenders is not what happens at any point in time in interest rates. It is the timing of the expiration of programs that we put on 3 and 5 years ago, and for the most part, is highly predictable.

退保或資金流出也比預期好。如果您還記得我們本季以及前幾季的圖表以及我們一直在做的教育工作，就會發現退保的主要驅動因素並非利率在任何時間點的變化，而是我們3年或5年前實施的計劃到期的時間，而這些計劃的到期時間在很大程度上是高度可預測的。

It is difficult to imagine going from start-up or new business to where Athene is today. Right now, we have not done an inorganic transaction for a number of years, but we are the beneficiary of 4 very diverse channels: retail, PRT, reinsurance and funding agreements. All 4 of those channels are dependent on a stable and high-quality credit rating and having an infrastructure and a scale and an operating expense ratio that allow you to lever the business.

很難想像從一家新創公司或新公司發展到如今的Athene。目前，我們已經很多年沒有進行過非直接交易了，但我們受益於四個非常多元化的管道：零售、PRT、再保險和融資協議。這四個管道都依賴穩定且高品質的信用評級、基礎設施、規模以及能夠有效利用業務的營運費用率。

We could not have built the business we have today inorganically in a high rate environment. We were fortunate in a low rate environment to have been able to purchase inorganic blocks at a time when their contract rates were above market rates; therefore, our risk of surrender was very low.

在高利率環境下，我們不可能以無機油田的方式建立起如今的業務。幸運的是，在低利率環境下，我們能夠在無機油田合約利率高於市場利率的時候購買這些油田；因此，我們退保的風險非常低。

In contrast, in today's market, someone buying an inorganic block is actually buying a block where surrender charges and market value adjustments have degraded and is at much greater risk of a melting ice cube. In short, it is not a stable base on which to build the business, and will make it very difficult for people to achieve the kind of scale we have achieved.

相較之下，在當今市場，購買無機區塊實際上是購買了退保費用和市場價值調整已經降低的區塊，其冰塊融化的風險要大得多。簡而言之，它並非建立業務的穩定基礎，並且會使人們很難達到我們如今的規模。

Recall that we bought in Athene for some $11 billion at acquisition, and Athene will earn $3.1 billion plus/minus of normalized SRE for the fiscal year. In short, the team is doing an incredible job, and distribution and maturation in product has not yet even matured. There is more to come.

回想一下，我們收購 Athene 時花費了約 110 億美元，而 Athene 本財年的標準 SRE 收益將達到 31 億美元左右。簡而言之，團隊的工作非常出色，產品分銷和成熟度甚至還未成熟。未來還會有更多。

In an effort to keep on time, let me focus on one last topic which I know has been of interest to people. I really want to talk about the market environment, particularly the regulatory environment and the environment as it relates to our banking peers.

為了保證時間，我想最後再談一個大家感興趣的話題。我非常想談談市場環境，特別是監管環境以及與銀行業同業相關的環境。

In short, we have never had such a collaborative dialogue with the banking system. We have gone from not only being a great customer, to a partner of the banking system, to a true collaborator. The shape of our business, particularly our willingness to do very large investment-grade transactions, has made us an indispensable partner, and I do mean partner, with the banking system.

簡言之，我們從未與銀行體系進行過如此密切的合作對話。我們不僅是一位優秀的客戶，更是銀行體系的合作夥伴，最後成為真正的合作夥伴。我們的商業模式，尤其是我們願意進行大規模投資等級交易的意願，使我們成為銀行體係不可或缺的合作夥伴，我指的是真正的合作夥伴。

While some talk about the dancing of this being a great time for private credit, I've noticed that there's actually been dancing on both sides, both on the bank and the private credit side, as most banks put in an extraordinarily good quarter and are on their way to an extraordinarily good year.

雖然有些人說這是私人信貸的好時機，但我注意到，實際上銀行和私人信貸雙方都在跳舞，因為大多數銀行都在本季度表現異常出色，並且即將迎來異常出色的一年。

We are also very symbiotic. Recall that we want the asset, but do not want what the bank typically wants, which is the customer. The bank wants the customer and typically does not want most of or any of the asset.

我們也高度共生。回想一下，我們想要資產，但不想要銀行通常想要的東西，也就是客戶。銀行想要客戶，通常不想要大部分或全部資產。

If I step back, the U.S. financial system is the envy of the world. We raise 50% of the world's capital. And part of the reason we are the envy of the world is the structure of our system. Banks have their role and the investment marketplace has its role.

退一步來說，美國的金融體系令全世界羨慕不已。我們籌集了全球50%的資本。我們之所以令世界羨慕，部分原因在於我們的體系結構。銀行有其作用，投資市場也有其作用。

Our system has all types of participants, but the vast, vast majority of those participants borrow short and invest long or have short-term money. Think of an open-ended mutual fund, which has daily liquidity. Many hedge funds, quarterly liquidity. Banks, daily liquidity at least on deposits.

我們的系統有各種類型的參與者，但絕大多數參與者都是短期借款、長期投資，或持有短期資金。想想開放式共同基金，它有每日流動性。許多對沖基金有季度流動性。銀行至少在存款方面有每日流動性。

The ability to bring institutional investors, retirement systems and insurance companies who have long-dated liabilities or long-dated assets to this market make them ideal partners for the short-dated capital of the banking system and the open-ended mutual funds.

能夠將擁有長期負債或長期資產的機構投資者、退休系統和保險公司引入該市場，使他們成為銀行系統短期資本和開放式共同基金的理想合作夥伴。

In short, long-term locked-in liabilities are a source of stability and somewhat countercyclical for our financial system. It does not matter whether they are in funds which are themselves very stable or they are on retirement services balance sheet.

簡言之，長期鎖定負債是金融體系穩定的源泉，且具有一定的反週期性。無論這些負債是存放在本身非常穩定的基金中，還是存放在退休服務資產負債表上，都無關緊要。

Totality of the market from the investor side does no maturity transformation, has no access to the Fed window, does not benefit from U.S. government guarantee. And in our case, if you look at the retirement services balance sheet, we hold more Tier 1 capital and more Tier 2 capital than the vast majority of the top 10 banks in the U.S.

從投資人的角度來看，整個市場沒有期限轉換，無法利用聯準會窗口，也無法享受美國政府擔保。就我們而言，如果你看一下退休服務資產負債表，你會發現我們持有的一級資本和二級資本比美國十大銀行中的絕大多數都要多。

We do cash flow testing and scenario testing and provide a granularity to our portfolio that very few institutions, if any, can match. Our balance sheet is much more investment grade than the typical depository institution.

我們進行現金流量測試和情境測試，並為我們的投資組合提供極少機構（甚至沒有機構）能夠比擬的精細度。我們的資產負債表的投資等級遠高於典型的存款機構。

In short, our model is highly complementary to the banking system. We have never been more collaborative, and I expect this collaboration to increase as regulatory change gathers pace, both in the U.S., Europe and even the beginnings of regulatory change in Asia.

簡言之，我們的模式與銀行體系高度互補。我們的合作從未如此緊密，我預計隨著美國、歐洲乃至亞洲監管改革的加速推進，這種合作將會更加深入。

As we're nearing the end of summer, the team is in great shape and focused on executing the plan. We are sticking with no new toys. The upside from simply executing what's in front of us is incredibly strong.

夏末將至，團隊狀態極佳，專注於執行計畫。我們堅持不做任何新嘗試。只要執行眼前的計劃，就能獲得巨大的利益。

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

說完這些，我就把麥克風交給吉姆。

Thanks, Marc. Marc did a great job outlining our competitive positioning and our vision. And now I'll spend a few minutes translating how some of these important themes are playing throughout our firm with the investment environment, our investment performance and fundraising.

謝謝，馬克。馬克很好地概述了我們的競爭定位和願景。現在，我將花幾分鐘時間，解釋一下這些重要主題在我們公司投資環境、投資績效和融資方面是如何發揮作用的。

It's clear to us, and like many of you as well, the demand for private credit solutions has risen significantly as higher cost of capital have reduced the availability of traditional financing sources. We believe we're uniquely positioned to address this need for a few reasons: the scale of our capital resources, the speed of execution, and the sophistication and creativity of our investment underwriting.

我們和你們中的許多人一樣，都清楚地認識到，由於資本成本上升導致傳統融資管道減少，對私人信貸解決方案的需求大幅增長。我們相信，我們擁有獨特的優勢來滿足這項需求，原因如下：我們龐大的資本資源、快速的執行速度，以及我們投資承保的成熟度和創造力。

We are continuing to diligently build the largest alternative credit business in the industry, and our success to date is attributable to the expansive capabilities, or what we call the Apollo toolbox. From corporate to sponsors and everything else in between, we can flexibly serve clients that need capital in a collaborative and bespoke manner. Across Apollo, we are helping healthy and growing companies who are hamstrung by a limited open public market.

我們正持續努力打造業內最大的另類信貸業務，迄今為止的成功歸功於我們廣泛的能力，或者說，我們稱之為「阿波羅工具箱」。從企業到發起人，以及介於兩者之間的所有客戶，我們都能以協作和客製化的方式靈活地為需要資金的客戶提供服務。透過阿波羅，我們幫助那些因公開市場規模有限而陷入困境的健康成長型企業。

The second quarter was a prime example of this, a period that started with the fallout from the regional bank crisis and ended with the markets feeling a bit more accommodating. As you might expect, we were particularly active and deployed nearly $35 billion of capital across our platform during the quarter. Much of this activity was driven by the yield business across our various sourcing channels, including financing solutions to corporates, which we call high-grade alpha; our origination platforms; as well as more traditional originations through strategies such as large cap direct lending or leveraged lending, CRE debt and a variety of structured credit CLO originations.

第二季就是一個典型的例子，這段時期始於地區銀行危機的餘波，結束於市場略微寬鬆的時期。正如您所料，我們在本季特別活躍，在整個平台上部署了近350億美元的資金。這很大程度上是由我們各個融資管道的收益業務所推動的，這些管道包括面向企業的融資解決方案（我們稱之為高等級阿爾法）；我們的發起平台；以及透過諸如大盤股直接貸款或槓桿貸款、商業地產債務和各種結構化信貸CLO發起等策略進行的更傳統的發起。

In an extremely active quarter, one of the signature financing solutions we provided was for a company, Wolfspeed, a silicon carbide materials and device manufacturer. We led an investment group that provided a $1.25 billion secured note to the company as they undertook a significant growth initiative to meet accelerating demand. In this case, we worked with Wolfspeed to structure a non-dilutive and flexible credit solution which resulted in a unique win-win for the company's debt and equity investors.

在極度活躍的季度中，我們為一家名為 Wolfspeed 的碳化矽材料和設備製造商提供了標誌性的融資解決方案。我們牽頭一個投資集團，為該公司提供了 12.5 億美元的擔保票據，以支持其為滿足日益增長的需求而採取的重大增長舉措。在本案例中，我們與 Wolfspeed 合作建立了一套非稀釋性且靈活的信貸解決方案，為該公司的債務和股權投資者帶來了獨特的雙贏。

In another example of capabilities that happened more recently, we partnered with our client and our partner, Air France-KLM, one of the world's leading airlines. Following the execution of 2 successful innovative equity capital transactions with Air France, we announced last week that we have entered into an exclusive discussion to provide a EUR 1.5 billion capital solution through funds we manage and insurance affiliates to Air France-KLM's Flying Blue loyalty program.

另一個近期案例是，我們與客戶兼合作夥伴—世界領先的航空公司之一—法國航空-荷航集團攜手合作。繼與法國航空成功完成兩項創新股權資本交易後，我們上周宣布已進入獨家洽談階段，將透過我們管理的基金和保險關聯公司，為法國航空-荷航的「藍天飛行」忠誠度計畫提供15億歐元的資本解決方案。

Flying Blue is one of Europe's leading loyalty programs, and this transaction would further bolster the company's already strong capital position. We are proud to say that this would be the third of a unique series of capital solutions to Air France-KLM, increasing our total capital support to the company to more than EUR 2.5 billion over the last 12 months.

Flying Blue 是歐洲領先的忠誠度計劃之一，此次交易將進一步增強公司本已強大的資本實力。我們非常自豪地宣布，這將是我們為法國航空荷航集團提供的一系列獨特資本解決方案中的第三項，在過去12個月中，我們對該公司的總資本支持已超過25億歐元。

Amid our expanding opportunity set to originate investment-grade assets, debt origination activity across our 16 platforms remains strong. Notably, the acquisition of ATLAS SP Partners, the former CS business, the newest and largest asset-backed financing platform in our portfolio, is now fully closed, with both client and employee retention rates exceeding our expectations. ATLAS has been extremely active in the market, executing over 30 securitizations since March and has substantial near-term pipeline. Some of the other larger platforms, namely MidCap and Wheels, are writing business at attractive spreads and generating ROEs in the mid- to high teens range.

在我們不斷拓展投資等級資產發行機會的背景下，我們16個平台的債務發行活動依然強勁。值得注意的是，對ATLAS SP Partners（前身為CS業務）的收購現已完全完成，ATLAS SP Partners是我們投資組合中最新、規模最大的資產支援融資平台，其客戶和員工留存率均超出我們的預期。 ATLAS在市場上表現極為活躍，自3月以來已執行了30多項證券化項目，並擁有大量短期融資管道。其他一些規模較大的平台，例如MidCap和Wheels，以具吸引力的利差開展業務，並產生中高水準的淨資產收益率（ROE）。

While we've been actively deploying capital, we continue to prioritize generating excess return per unit of risk. Investment performance remained strong and consistent in the quarter. Marc touched on the equity business, and I'd like to add that our direct origination, corporate credit and structured credit strategies portfolios appreciated 4%, 3% and 2%, respectively, in the second quarter, with each category outperforming indexes we benchmark in the same period.

雖然我們一直在積極部署資本，但我們仍然優先考慮單位風險創造超額回報。本季的投資表現依然強勁且穩定。 Marc 談到了股票業務，我想補充一點，我們的直接發起、企業信貸和結構性信貸策略投資組合在第二季度分別上漲了 4%、3% 和 2%，每個類別的表現都優於我們同期的基準指數。

Performance across hybrid strategies also have been solid, with hybrid value and our more opportunistic credit strategies each returning in excess of 4% for the quarter. Through a period of weaker public market performance last year and some instability in the first half of the year, driving strong investment performance over the past year has not been easy. Through that lens, it's worth highlighting a few strategies in particular. ADS, our nontraded BDC we manage; Redding Ridge, our CLO originator; Accord+, our multi-asset opportunistic credit offering; and Structured Credit Recovery Fund IV have all outperformed relevant indexes over the last 12 months.

混合策略的表現也十分穩健，混合價值策略和我們更具機會主義的信貸策略本季的回報率均超過4%。由於去年公開市場表現疲軟，加上上半年市場波動較大，過去一年維持強勁的投資表現並非易事。因此，值得特別強調以下幾項策略。我們管理的非交易型BDC ADS、我們的CLO發起人Redding Ridge、我們的多元資產機會主義信貸產品Accord+以及結構化信貸復甦基金IV在過去12個月中均跑贏相關指數。

Turning our focus to fundraising. We generated a record organic inflows of $35 billion, driven by strong momentum at Athene as well as a third-party asset management business. Across third party, we raised $15 billion in the specific quarter, with an additional $8 billion slipping into the first few weeks of this current quarter.

我們將重點轉向融資。由於Athene強勁的勢頭以及第三方資產管理業務的推動，我們實現了創紀錄的350億美元的自然流入。本季度，我們透過第三方融資籌集了150億美元，本季前幾週又籌集了80億美元。

These -- the investments we made over the last 24 months to expand into adjacencies and white space opportunities, such as secondaries and clean transition, and ones where we believe we have a strategic edge, such as third-party insurance and global wealth, have begun to pay off. Some of the areas where we've seen recent momentum include third-party insurance, where we've developed a comprehensive client coverage network to ensure coordination across all parts of the firm, and established a curated solution set for this fast-growing client type.

過去24個月，我們為拓展鄰近領域和空白領域（例如二級市場和清潔轉型）以及我們認為擁有策略優勢的領域（例如第三方保險和全球財富）所做的投資已開始獲得回報。近期我們看到一些發展勢頭強勁的領域，包括第三方保險。我們在該領域建立了全面的客戶覆蓋網絡，以確保公司各部門的協調，並為這類快速增長的客戶類型製定了一套精心策劃的解決方案。

We think our expertise in managing retirement service balance sheets on both the asset and liability side is a meaningful differentiator in this market, and we're continuing to be very bullish on the long-term global growth opportunities in this business.

我們認為，我們在資產和負債方面管理退休服務資產負債表的專業知識是這個市場的一個有意義的差異化因素，我們繼續非常看好該業務的長期全球成長機會。

Next is our sidecars initiative, where we raised over $4 billion across 4 sidecars so far this year. And sidecars enable institutional investors to invest alongside various investment strategies, mostly credit related, with greater scale and flexibility than they would otherwise achieve in a commingled fund. This type of structure is growing in trend and a great way to partner with more sophisticated investors. We have a strong pipeline in the sidecar opportunities across the global institutional investor base for the remainder of '23, supported with a dialogue of over 60 investors.

接下來是我們的「側邊車」計劃，今年迄今為止，我們透過四個「側邊車」籌集了超過40億美元。 「側邊車」使機構投資者能夠同時投資各種投資策略，其中大部分是信貸相關策略，其規模和靈活性都比混合基金更高。這種結構正日益流行，也是與更成熟的投資者合作的絕佳方式。在2023年剩餘時間裡，我們在全球機構投資者群體中擁有豐富的「側邊車」投資機會，並與超過60位投資者進行了對話。

And finally, capital raise from individual investors continues to be a strategic priority. Through the substantial investment we've made in the new product creation and distribution expansion, we've built a diverse global wealth platform by asset class, product structure, distribution channel and geographic reach, all of which have helped migrate recent market-driven headwinds.

最後，面向個人投資者的融資仍然是我們的策略重點。透過對新產品研發和分銷管道拓展的大量投入，我們已建立了一個多元化的全球財富平台，涵蓋資產類別、產品結構、分銷管道和地理覆蓋，所有這些都幫助我們克服了近期市場帶來的不利因素。

We're focused on continuing to broaden our retail-focused product suite, and continue to expect launching 1 to 2 products each quarter into 2024. In terms of distribution expansion, we've made some notable progress for Apollo-aligned alternatives, AAA specifically, which is now offered on 5 bank platforms and has additional global U.S. and non-U.S. banks as well as RIAs and other wealth channels in the second half of the year.

我們專注於繼續拓寬以零售為中心的產品套件，並預計在 2024 年之前每季都會推出 1 到 2 款產品。在分銷擴展方面，我們在與 Apollo 一致的替代品方面取得了一些顯著進展，特別是 AAA，目前已在 5 個銀行平台上提供，並將在下半年增加全球美國和非美國銀行以及 RIA 和其他財富管道。

We've also seen the monthly inflows into Apollo debt solutions, I mentioned our non-traded credit BDC we manage, ramp following the strong investment performance that has occurred over the last 24 months. All this progress makes us confident in our ability to raise more global wealth capital this year versus last, so ahead of budget.

我們也看到，隨著過去24個月強勁的投資表現，阿波羅債務解決方案（我之前提到過，我們管理的非交易信貸BDC）的月度資金流入也在增加。所有這些進展讓我們對今年籌集更多全球財富資本的能力充滿信心，相較於去年，這比預算提前了。

A final note on our capital solutions business, ACS, with fee revenue generation has been strong and stable over the last several quarters. This business, which is part of the flywheel, is clicking for a variety of reasons, including greater demand for bespoke financing solutions, increasing integration and deployment across activity across the platform, and more organized and effective coverage of a variety of corporate clients.

最後要說的是我們的資本解決方案業務ACS，其費用收入在過去幾季一直保持強勁穩定。這項業務是飛輪的一部分，其蓬勃發展得益於多種因素，包括對客製化融資解決方案的需求增加、平台內各項活動的整合和部署不斷加強，以及對各類企業客戶的覆蓋更加有序、更加有效。

Through the first half of this year, we've syndicated over $6 billion across 100-plus institutional investors and are currently in the market with in excess of 30 transactions. As a bonus, we're reaching many investors who are new to the Apollo franchise through this indication, as many of our syndication partners have never invested in Apollo Fund prior. ACS has really been the integral part of our flywheel, and I want to emphasize one of Marc's themes from earlier is one of the ways we partner with banks across a broader financial landscape.

今年上半年，我們已與100多家機構投資者聯合投資了超過60億美元，目前市場上已有超過30筆交易。此外，我們也透過此合作接觸了許多新加入阿波羅基金的投資者，因為我們的許多聯合投資合作夥伴此前從未投資過阿波羅基金。 ACS一直是我們飛輪的重要組成部分，我想強調的是，Marc之前提到的一個主題是我們與更廣泛的金融領域中的銀行合作的方式之一。

With that, I'll turn it over to Martin to go through our financial results.

說完這些，我將把時間交給馬丁來報告我們的財務表現。

Great. Thanks, Jim. I'll provide a bit more context on our financial results and outlook before we open it up for questions.

太好了。謝謝，吉姆。在開始提問之前，我會先介紹我們的財務表現和前景。

So as Marc and Jim have both referenced, our second quarter results completed a very strong first half and position us well to meet or exceed our 2023 financial targets. We've discussed how this year is one of execution, and you're seeing these efforts materialize in a material -- in a meaningful way.

正如馬克和吉姆所提到的，我們第二季的業績為上半年畫上了圓滿的句號，這讓我們有充分的理由實現甚至超越2023年的財務目標。我們已經討論過，今年是執行力十足的一年，而各位也正在看到這些努力以實質性的、有意義的方式付諸實踐。

In the Asset Management segment, FRE revenues for the first half of the year increased by 26% over the comparable period, FRE costs by 22% and overall FRE by 29%. The FRE margin increased by over 100 basis points as a consequence.

資產管理業務上半年的FRE營收年增26%，FRE成本成長22%，整體FRE成長29%。 FRE利潤率因此成長了100多個基點。

In Retirement Services, Athene's business continues to exceed all our estimates, with normalized SRE year-to-date growing in excess of 50% over the comparable period, aided by strong organic growth trends and an expanding net investment spread.

在退休服務領域，Athene 的業務繼續超越我們的所有預期，在強勁的有機成長趨勢和不斷擴大的淨投資利差的推動下，年初至今的正常化 SRE 較同期成長超過 50%。

Focusing on the second quarter, and starting with our Asset Management business, our record quarterly FRE was anchored by fee-related revenue growth of approximately 25% quarter-over-quarter. Within that, management fees increased almost 20% and capital solutions fees remained very strong and are tracking well ahead of our initial expectations for the full year.

聚焦第二季度，先從資產管理業務開始，我們創紀錄的季度FRE得益於手續費相關收入季增約25%。其中，管理費成長近20%，資本解決方案費維持強勁，遠超過我們對全年的初步預期。

Total fee-related expenses increased only modestly on a sequential basis, reflecting our commitment to disciplined expense management this year. Slowing growth in the comp expense line reflects a declining pace of hiring, with just over 100 net new Apollo employees added in the first half of the year, some 40% of the headcount growth in the same period last year. The combination of strong revenue growth and decelerating cost growth drove more than 200 basis points of FRE margin expansion quarter-over-quarter, bringing our FRE margin to 55% in the first half of the year.

總費用相關支出環比僅小幅增長，反映了我們今年對嚴格費用管理的承諾。綜合費用成長放緩反映了招募速度的放緩，上半年阿波羅淨新增員工略超過100人，約佔去年同期員工總數成長的40%。強勁的收入成長和放緩的成本成長共同推動了FRE利潤率環比增長超過200個基點，使我們上半年的FRE利潤率達到55%。

Moving to Retirement Services. Our record normalized SRE of $874 million increased 8% quarter-over-quarter, resulting in 166 basis points of normalized net spread. On a sequential basis, normalized net spread increased by 5 basis points due to higher floating rate income on the margin deployment spreads and yields on cash balances, net of higher new business and financing costs. Earnings accretion from a higher interest rate environment has exceeded our initial projections in the first 2 quarters of this year.

轉向退休服務。我們創紀錄的8.74億美元標準化退休收入較上季成長8%，帶來166個基點的標準化淨利差。環比成長5個基點，這得益於保證金配置利差的浮動利率收益以及現金餘額收益率的提高（扣除新業務和融資成本的增加）。今年前兩個季度，高利率環境帶來的獲利成長已超出我們的初步預期。

Looking forward, we expect normalized SRE in the second half of the year to approximate the amount we earned in the first half, reflecting 4 primary components: one, continued strong organic growth at a $60 billion-plus annual pace; two, current interest rate conditions, both interest rate levels and curve shape; three, ADIP, the strategic third-party capital -- sidecar capital that we manage, supporting approximately 40% of total Athene inflows this year, including buying down origination from the first half; and four, a transaction with Venerable which closed in July, where Venerable recaptured approximately $3 billion of older payout annuities. This transaction will be reflected as an outflow in the third quarter and will release capital for deployment into the strong new business environment. In connection with this transaction, we will recognize a benefit within SRE in the order of $50 million that we will treat as a onetime notable item and exclude from normalized SRE.

展望未來，我們預計下半年正常化的SRE將接近上半年的盈利水平，這主要體現在四個方面：第一，持續強勁的有機增長，年增長率超過600億美元；第二，當前的利率狀況，包括利率水平和曲線形狀；第三，我們管理的戰略第三方資本－側車資本（ADIP），支撐了今年Athene總流入量的約40%，其中包括買斷上半年的原始資金；第四，與Venerable於7月完成的交易，Venerable收回了約30億美元的舊支付年金。這筆交易將在第三季反映為資金流出，並將釋放資本用於強勁的新業務環境。與這筆交易相關，我們將在SRE中確認約5000萬美元的收益，並將其作為一次性重要項目，不計入正常化的SRE。

Corresponding to this SRE profile, we expect normalized net spread to range between 160 and 165 basis points in the third and fourth quarters. This spread and earnings profile would result in approximately 30% year-over-year growth in normalized SRE in 2023.

根據上述SRE狀況，我們預期第三季和第四季的正常化淨利差將在160至165個基點之間。此利差和獲利狀況將使2023年正常化SRE年增約30%。

Assuming the current level and shape of the forward interest rate curve holds and ADIP supports a full pro rata share of Athene's incremental growth, we currently expect normalized SRE growth in 2024 to be in line with our longer-term guidance of low double-digit annualized growth.

假設遠期利率曲線的當前水平和形狀保持不變，並且 ADIP 支持 Athene 增量增長的全部比例份額，我們目前預計 2024 年的正常化 SRE 增長將符合我們對低兩位數年化增長的長期指導。

As it relates to credit quality, Athene continues to experience a very low level of asset impairments across its portfolio, which aligns with its focus and high concentration in senior secured, top of the capital structure credit.

就信貸品質而言，Athene 的整個投資組合中的資產減損水準仍然非常低，這與其對優先擔保、資本結構信貸的重點和高度集中相一致。

Since the beginning of 2020, a period that has included COVID-19, the Russia-Ukraine war, the regional bank crisis and the significant move higher in rates, Athene has incurred average annualized impairments of only 11 basis points, including just 2 basis points annualized in the most recent quarter, which is consistent with its long-term average of 9 basis points.

自 2020 年初以來，經歷了新冠疫情、俄烏戰爭、地區銀行危機和利率大幅上升，雅典娜的平均年化減值僅為 11 個基點，其中最近一個季度的年化減值僅為 2 個基點，與其長期平均 9 個基點的水平一致。

Overall, we believe Athene's credit profile remains very strong and is well positioned to withstand a more difficult credit backdrop if one were to emerge.

總體而言，我們認為 Athene 的信用狀況仍然非常強勁，並且能夠很好地抵禦更困難的信貸環境（如果出現）。

In terms of capital allocation, we continue to assess how to best deploy free cash flow on a regular basis based on its highest returning use for shareholders. So far this year, we've allocated more capital towards share repurchases and strategic investments, given the long-term value we see in our stock price as well as the abundance of organic growth initiatives we have highlighted, which create revenue growth without the need for capital. We've deployed over $230 million of capital towards opportunistic share repurchases in the first half of 2023, in addition to immunizing employee stock issuance, with the resulting reduction in our share count over the past 2 quarters from 590 million to 595 million shares.

在資本配置方面，我們持續定期評估如何以股東最高回報為導向，最佳配置自由現金流。鑑於我們股價的長期價值，以及我們強調的眾多有機成長計劃（這些計劃無需資本投入即可創造收入增長），今年迄今為止，我們已將更多資本用於股票回購和戰略投資。除了免除員工股票發行的義務外，我們還在2023年上半年投入了超過2.3億美元的資本用於機會性股票回購，這導致我們的股票數量在過去兩個季度從5.9億股減少到5.95億股。

And lastly, in response to some index eligibility questions we've received, it's worth noting that we reported positive GAAP earnings in the second quarter as well as cumulatively over the last 4 quarters. This is the final S&P index eligibility criteria that needs to be satisfied.

最後，針對我們收到的一些指數資格問題，值得一提的是，我們報告的第二季度 GAAP 盈利為正，並且過去四個季度的累計盈利也為正。這是需要滿足的最終標準普爾指數資格標準。

In terms of market taxonomy, Apollo is included within the financial services industry group according to the global industry classification standard. Reflecting our differentiated business mix, this classification places us within a geographically unique position relative to our direct alternative asset management peers in an underweight sector relative to the total market index.

就市場分類而言，根據全球產業分類標準，阿波羅被納入金融服務業組別。這個分類反映了我們差異化的業務組合，使我們在地域上相對於直接另類資產管理同行處於獨特的地位，因為我們的行業佔整體市場指數的比重較低。

Combined with our leading governance characteristics, shareholder rates, earnings growth and long-term stock outperformance relative to the broader market, we believe that Apollo is well suited to be a core holding within investor portfolios.

結合我們領先的治理特徵、股東比率、獲利成長以及相對於大盤的長期股票優異表現，我們認為阿波羅非常適合成為投資者投資組合中的核心持股。

And with that, I'll turn the call back to the operator for Q&A.

說完這些，我會將電話轉回接線生進行問答。

(Operator Instructions) Today's first question is coming from Glenn Schorr of Evercore.

（操作員指示）今天的第一個問題來自 Evercore 的 Glenn Schorr。

Just a quickie on the originations. I mean you have 16 for a reason, and not all of them are going to be clicking at once, but you had a full quarter of ATLAS. We're hanging in the $100 billion of origination range on an annualized basis. What do you think takes us to the 150? Can you do it with the current suite of platforms you have? Is this just an environment thing? Just curious on your thoughts there.

簡單介紹一下發起交易的情況。我的意思是，您有16個是有原因的，而且並非所有交易都會同時進行，但您有整整四分之一的ATLAS交易。以年化計算，我們的發起交易金額徘徊在1000億美元的範圍內。您認為什麼能讓我們達到150億美元？您能用現有的平台套件做到這一點嗎？這只是環境問題嗎？我很好奇您的想法。

Thanks, Glenn. I think it's a combination of both. I think there is -- all 16, we are happy with the progress. As you know, we really have not leaned into the consumer. We've really leaned into much more of the corporate. I think there's a secular opportunity. But I think the 16, we feel, as we integrate them over time, consistent risk, reporting, funding, financing and the holistic approach, we still very -- we still feel comfortable that the 5-year objective of the 150, that the 16 in our stable today, we think that they have the organic and secular growth. We don't really feel we need to add a lot more.

謝謝，格倫。我認為是兩者的結合。我認為——我們對所有16家公司的進展都感到滿意。如你所知，我們其實並沒有過度依賴消費者業務。我們實際上更傾向於企業業務。我認為這存在長期機會。但我認為，隨著我們逐步整合這16家公司，包括一致的風險、報告、資金、融資和整體方法，我們仍然非常——我們仍然對150家公司的5年目標感到滿意，我們認為目前我們穩定的16家公司已經實現了有機成長和長期成長。我們真的不覺得需要增加更多。

There may be some consolidation in a few of those for optimization, but we feel very comfortable that we have the strategic lead and the strategic organization from which to get to our 5-year goals with what we've put together today.

為了優化，其中一些可能會進行整合，但我們感到非常放心，因為我們擁有策略領導力和策略組織，可以透過我們今天所建立的策略來實現我們的五年目標。

The next question is coming from Alex Blostein of Goldman Sachs.

下一個問題來自高盛的亞歷克斯·布洛斯坦。

So the supply of investment opportunities is clearly rising from the banking crisis. We talked a little bit about that last quarter. And clearly, there's more evidence of that this quarter. Can you talk a little more about the demand for these type of investment strategies, specifically for, I guess, private investment-grade credit?

因此，銀行業危機顯然增加了投資機會的供給。我們在上個季度對此進行了一些討論。顯然，本季有更多證據表明了這一點。能否再談談這類投資策略的需求，特別是對私人投資等級信貸的需求？

Historically, that's largely been taken out by insurance clients. I think, Marc, you highlighted that there's an opportunity to expand beyond noninsurance client base. So I was wondering if you could elaborate a little bit more on that? And how that informs your go-forward third-party fundraising strategy?

從歷史上看，這部分資金主要來自保險客戶。馬克，我想你強調了拓展非保險客戶群以外的領域的機會。所以，你能不能再詳細闡述這一點？這對你未來的第三方融資策略有何影響？

Yes. Let me take a deep dive, and maybe Marc has a couple of comments, Al. As Marc described, history, private credit, it's a big word, big concept, it's been narrowly executed with leverage lending. When you see what's going on with the banks and the funding crisis, which became then really a profitability challenge, there's really two large areas of opportunity. One is there are clearly assets that do not belong today on their balance sheet.

是的。讓我深入探討一下，也許馬克有幾點意見，艾爾。正如馬克所描述的，歷史上，私人信貸是一個很大的詞，一個很大的概念，它只是透過槓桿貸款被狹隘地執行。當你看到銀行的現狀和融資危機（這實際上成為了盈利能力的挑戰）時，你會發現實際上有兩大機會。一是，有些資產顯然不屬於今天的資產負債表。

Look at the dispositions that PacWest made. We did a secured financing. It was literally AAA risk at almost 10%. A few other folks bought portfolios. So the selling of portfolios is one activity, and that will continue over the next several years as they optimize our balance sheets.

看看PacWest的處置情況。我們進行了擔保融資，風險等級接近AAA，接近10%。其他一些人購買了投資組合。所以，出售投資組合是其中一項活動，未來幾年，隨著我們資產負債表的優化，這將繼續下去。

The larger opportunity is the secular business organization. There are lines of business where they are in, where they have been the day-to-day originator and purveyor of credit to companies. And those are businesses, because their cost of capital change and has changed and their liquidity and the regulatory changes, that thus do not make sense as an operating business.

更大的機會在於世俗商業組織。他們涉足一些業務領域，在這些領域，他們一直是公司日常信貸的發起者和提供者。由於這些業務的資本成本、流動性和監管變化，這些業務作為營運業務是沒有意義的。

So you have a business sector, which is origination, you have a disposition. We're going to be active in both of those, and there's partnerships that we are in and that we'll create on both sides of the ledger.

所以，你有一個業務部門，也就是發起部門，你有一個處置部門。我們將積極參與這兩個部門，並且我們已建立合作夥伴關係，並將在帳簿的兩端建立合作夥伴關係。

Alex, just to complete the thought, insurance companies have, for a very long time, been buyers of private placements, but they've done it in a very, very narrow way. If you're in the retirement services business today, or more broadly, in the insurance business, and your opportunity set is solely investment-grade corporates, you have no competitive edge in the investment landscape. You are looking for a solution, and that solution is beyond what, I'll call, the traditional private placement market. But the insurance market is growing. It's well acceptance of investment-grade private credit, and this is about execution.

亞歷克斯，補充一下，保險公司長期以來一直是私募債券的買家，但他們的購買範圍非常狹窄。如果你現在從事退休服務業務，或者更廣泛地說，從事保險業務，而你的機會僅限於投資等級公司債，那麼你在投資領域就沒有競爭優勢。你正在尋找一個解決方案，而這個解決方案超越了我所謂的傳統私募債券市場。但保險市場正在成長。它對投資等級私募債券的接受度很高，關鍵在於執行力。

The other interesting opportunity is, we, as an industry, have basically spent the last 35 years serving the small alternatives bucket of our large institutional clients. We have an opportunity at the investment-grade side to serve the fixed income bucket of our large institutional clients. This is in the very early stages.

另一個有趣的機會是，我們這個產業在過去35年基本上一直在為大型機構客戶提供小型另類投資產品。我們有機會在投資等級領域為大型機構客戶提供固定收益產品。這還處於非常早期的階段。

And it's always interesting to go in and see these accounts. First question we ask, is a single A-rated private credit an alternative? They haven't been confronted with that question today. If they think it's an alternative, they're not right for the opportunity because then they're comparing it against things that are in 20% rates of return. If they think it is not an alternative and they think it is just fixed income, then it is offering 200 to 300 basis points above their fixed income. We are in the early days of an education process, and I believe that the market for private investment grade could be as large outside the insurance industry as it is inside the insurance industry.

親自查看這些帳戶總是很有趣。我們首先會問，單一的A級私人信貸是否是一種替代方案？如今他們還沒有面臨這個問題。如果他們認為這是一種替代方案，那麼他們就不適合這個機會，因為他們會將其與回報率20%的債券進行比較。如果他們認為這不是替代方案，而只是固定收益產品，那麼它提供的收益率會比他們的固定收益產品高出200到300個基點。我們正處於教育過程的早期階段，我相信，保險業以外的私人投資等級市場可能與保險業內部一樣龐大。

The next question is coming from Patrick Davitt of Autonomous Research.

下一個問題來自 Autonomous Research 的 Patrick Davitt。

The Q-over-Q change in the kind of retail annuity sales channel was, I think, worse than many expected, given what we've seen in others in the marketplace. And you mentioned you're leaving some business on the table for various reasons. So do you think this is a share loss issue? Or is there something else you can point to that explains the divergence with what we've seen from some of the other annuity guys?

考慮到我們在市場上其他公司的情況，我認為零售年金銷售通路的環比變化比許多人預期的要差。您提到由於各種原因，你們放棄了一些業務。那麼您認為這是一個份額損失的問題嗎？或者您能指出其他一些原因來解釋我們與其他一些年金公司的情況有差異的原因嗎？

This is a high-quality problem, Patrick. We have, as I mentioned, 4 channels. We have the retail channel, we have the PRT channel, we have the reinsurance channel and we have the funding agreement channel, all of which are organic. And one could also look at reinsurance as being onshore and then offshore, given the progress we're making in Japan and Asia.

帕特里克，這是一個高品質的問題。正如我所提到的，我們有四個管道。零售通路、PRT通路、再保險通路和融資協議通路，所有這些通路都是有機成長的。考慮到我們在日本和亞洲的進展，人們也可以將再保險業務視為先在岸再離岸的業務。

We, therefore, make choices about business. We thought we would do substantially more business this year than last year. Recall that last year was some $48 billion of organic inflows. We're now confirming and essentially provide a guidance that we will do north of $60 billion. And I believe that we are leaving between $10 billion and $20 billion on the table.

因此，我們會對業務做出選擇。我們預計今年的業務量會比去年大幅增加。回想一下，去年的有機資金流入約480億美元。現在我們確認，並實質上提供了指導，我們的業務量將超過600億美元。我認為，我們預留了100億到200億美元的資金。

But in the context of the budget that we put out internally, some $60 billion, we have the luxury of choosing the highest quality business, the right business mix, the right profile of liabilities and the right net spread. So most of the business that was left on the table in the quarter was, I'll call, transactional. Transactional does not mean bad, it just means we elected to do other business versus transactional business, and MYGAs are primarily transactional business. Anytime we want to add MYGAs, we can add MYGAs. We chose not to for the quarter given that we were already doing $19 billion of organic inflows.

但考慮到我們內部公佈的約600億美元預算，我們有能力選擇最優質的業務、合適的業務組合、合適的負債結構和合適的淨利差。因此，本季剩下的大部分業務，我稱之為交易性業務。交易性並不意味著不好，只是意味著我們選擇做其他業務而不是交易性業務，而MYGA主要就是交易性業務。任何時候我們想增加MYGA，都可以增加。考慮到我們已經有190億美元的有機流入，我們決定在本季不增加。

The next question is coming from Michael Brown of KBW.

下一個問題來自 KBW 的邁克爾布朗。

Okay. Great. So I appreciate the updates on the updated views on the normalized SREs. As we look out to 2024, obviously, the activity has been really robust across the platform. I guess kind of following up on that retail channel question, how do you expect activity to hold up as you get into the kind of rate cutting cycle that the forward curve does expect?

好的。太好了。我很感謝您對標準化 SRE 的更新。展望 2024 年，顯然整個平台的活動都非常強勁。我想繼續剛才那個零售通路的問題，隨著利率下調週期的到來，您預計活動將如何持續？正如遠期曲線所預期的。

I understand that's baked into your guidance today, but is it fair to assume that the demand stays high? And then obviously, the PRT business has been picking up. And just interested to hear your thoughts about how the opportunity there could evolve.

我知道這已經體現在您今天的業績指引中了，但假設需求持續高企是否合理？顯然，PRT 業務一直在回升。我很想聽聽您對該領域機會未​​來如何發展的看法。

Look, it is clear to us that consumers prefer higher rates to lower rates. Consumers have not, particularly retirees, have not had good options to finance their retirement. Now they do, and you're seeing it across the board in the annuity market.

瞧，我們很清楚，消費者更喜歡高利率而不是低利率。消費者，尤其是退休人員，一直以來都沒有好的退休資金選擇。現在他們有了，而且在年金市場上，你可以看到這種情況普遍存在。

To think that annuities are not impacted by interest rates is just to ignore the obvious. What's happening to us is actually quite interesting. We are growing in a growing annuity market, but we're also in the midst of growing our distribution. Each of the last few years, we have added immense new distribution banking partners. We will add the largest or second largest provider of annuities in this country at some point this -- I think we -- this quarter, and that will not mature until a year from now. And then we have 2 or 3 other very large providers coming on.

認為年金不受利率影響的想法只是無視於顯而易見的事實。我們的情況其實很有意思。我們正處於一個不斷成長的年金市場中，但我們的分銷管道也在不斷拓展。過去幾年，我們每年都新增了大量分銷銀行合作夥伴。我們將在本季某個時候——我想是——引入國內最大或第二大年金提供商，而這要到一年後才會成熟。之後，我們還會迎來兩、三家大型供應商。

So I do think the overall market share for retail will be impacted by rates if, in fact, rates go down. That doesn't mean a negative or substantially negative, but it will, on the margin, be a negative force. Having said that, our distribution is still building so quickly that I doubt we will see any real decline in retail.

所以我確實認為，如果利率真的下降，零售的整體市佔率將會受到影響。這並不意味著負面或大幅負面影響，但在某種程度上會成為一種負面力量。話雖如此，我們的分銷管道仍在快速擴張，我懷疑零售業務不會真正下滑。

More interesting to me is also the diversity of channels. PRT is gathering speed. High rates or higher rates are really causing all plans who are close to fully funded status to consider derisking. And even those that were in equity are thinking of taking chips off the table given the very shallow rally, let's say, in equities, so I expect PRT to be very, very active over the next few years, U.S. and overseas.

對我來說，更有趣的是頻道的多樣性。 PRT 正在加速發展。高利率或更高的利率確實促使所有接近全額注資的計劃考慮降低風險。即使是那些持有股票的計劃，鑑於股市的漲幅非常小，也在考慮放棄籌碼。因此，我預計未來幾年 PRT 在美國和海外都會非常活躍。

Japan, as I've mentioned on previous quarters, is exactly where we want it to be. It's on track. And I think reinsurance is also going to be a very important part of our business.

正如我在前幾個季度提到的，日本市場正朝著我們期望的方向發展。一切進展順利。我認為再保險也將成為我們業務中非常重要的一部分。

So in summary, I think we're leaving business on the table this year, and I am optimistic that, notwithstanding the forward curve, we will see continued increases in business.

總而言之，我認為我們今年將放棄一些業務，我樂觀地認為，無論未來曲線如何，我們都將看到業務持續成長。

The next question is coming from Michael Cyprys of Morgan Stanley.

下一個問題來自摩根士丹利的邁克爾·賽普里斯。

Maybe just circling back to private wealth. I was hoping you could elaborate a bit more on the traction that you're seeing across the products in the private wealth channel and the distribution build-out, as well as how you're thinking about the pipeline of strategies to bring to the market next. Would also be curious, any sort of lessons learned that you take away from some of the earlier products that you have brought into the private wealth channel?

也許回到私人財富的話題。我希望您能更詳細地闡述您在私人財富管道中看到的產品的吸引力和分銷管道的拓展，以及您如何考慮下一步將推向市場的策略。另外，您從先前引入私人財富管道的一些產品中獲得了哪些經驗教訓？

Yes, Michael, let me give you a little bit of a tour. I mean it's been 36 months, plus or minus, since we really laid out the objectives. And certainly, in terms of products, I think bucketing them into three areas: the existing flagship products that we had and creating the right types of vehicles and feeders for the large wires and others. Then there was a second, obviously, creating a variety of yield products, whether private BDC and private REIT and others. But again, not only for the traditional global wealth channels, Morgan Stanley and BofA, et cetera, but also the independent IBD channels, the RIA channels.

是的，邁克爾，讓我帶你簡單了解。從我們真正設定目標到現在已經過了3​​6個月左右。當然，就產品而言，我認為應該將其分為三個領域：我們現有的旗艦產品，以及為大型線路和其他線路打造合適的投資工具和饋線。然後，顯然還有第二個目標，那就是創造各種收益產品，包括私人BDC、私人REIT等等。當然，這不僅針對傳統的全球財富管理管道，例如摩根士丹利和美國銀行等，也針對獨立的IBD管道和RIA管道。

And then the third big bucket is newer products, like our AAA product, which we are very excited with the momentum. So I think we feel we have the product set, not only in the U.S., but globally. But I think the lessons really are, I mean certainly, we want to when we expect and the clients expect strong investment performance like we've done for 33 years. But the use of technology, the use of education, Apollo Academy, in particular, those are all -- and the ability to service, those are all the full service products that our partners are expecting out of us.

第三大板塊是新產品，像是我們的AAA產品，我們對它的發展動能感到非常興奮。所以我認為我們擁有完善的產品體系，不僅在美國，而且在全球。但我認為真正的經驗教訓是，我的意思是，我們當然希望在預期的時間和客戶期望強勁的投資績效時，就像我們33年來一直在做的那樣。但科技的運用、教育的運用，尤其是阿波羅學院，這些都很重要──以及服務能力，這些都是我們的合作夥伴期待我們提供的全方位服務產品。

We see the puck going in, global wealth having a tremendous impact on our business. It's a big secular train -- a big secular trend. It really parallels what we see going on in private credit. And one, if you look at the -- take a broad step back around the globe in terms of demographics, in terms of savers, in terms of vehicles, we think there's a massive amount of white space.

我們看到了冰球的進入，全球財富正在對我們的業務產生巨大的影響。這是一列巨大的長期列車——一個巨大的長期趨勢。它與我們在私人信貸領域看到的狀況非常相似。首先，如果你縱觀全球人口結構、儲戶數量和車輛數量，我們認為存在著巨大的空白。

We have been broadly embraced. The market wants alternatives and providers as well as products. So I think the early lessons are, it's not just about performance, it's that you need to bring all your skills to the marketplace. You cannot underestimate the service needs, the technology needs and the education needs. So it's really a full service effort across our firm. And everything we've done, we've had to replicate and -- but huge opportunity globally.

我們受到了廣泛的歡迎。市場需要替代品、供應商和產品。所以我認為早期的經驗教訓是，這不僅僅是關乎業績，而是需要你把所有的技能帶到市場上。你不能低估服務需求、技術需求和教育需求。所以這其實是我們公司全方位服務的體現。我們所做的一切，都必須複製──但在全球範圍內，這蘊藏著巨大的機會。

The next question is coming from Rufus Hone of BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Rufus Hone。

I wanted to get your thoughts around the potential longer-term outlook for the normalized net spread. You're expecting it to only trend down slightly in the second half of the year. I guess I'm most curious around where exactly you think the net spread can settle out longer term. And whether you can offset potential spread compression with higher percentage of originations from platforms through being more selective around new business and the back book running off at lower net spreads. Any detail there would be great.

我想了解一下您對正常化淨利差長期前景的看法。您預計下半年淨利差只會略有下降。我最想知道的是，您認為淨利差的長期走勢究竟會如何。以及您是否可以透過提高平台發起業務的比例來抵消潛在的利差壓縮，例如更加重視重新業務的篩選，以及降低淨利差來降低帳簿管理成本。如果能提供更多細節就更好了。

So Rufus, it's Martin. We -- I guess we distill the spread conversation into normalized top line spread, which is 160 basis points, plus or minus. And then that pulls through after costs and financing and so on to 115 basis points.

魯弗斯，我是馬丁。我們－我想，我們把利差的討論提煉成標準化的頂線利差，也就是上下浮動160個基點。扣除成本、融資等因素後，這個數字是115個基點。

And so we've clearly seen some benefit in there from rates as well as higher growth and higher at the margin deployment. We do -- we target business which, at the margin, drives a net spread in the order of 115 basis points. We have a question which we're addressing internally now, which is the rate exposure and how do we hedge it, which we'll walk through an update on.

因此，我們清楚地看到了利率、更高成長和更高利潤率部署帶來的一些好處。我們的目標是那些利潤率能夠帶來約115個基點淨利差的業務。我們目前內部正在解決一個問題，那就是利率風險敞口以及如何對沖，我們將在後續更新中逐步介紹。

But we look at net spread, so that's what we focus on. And given the growth profile and given the contribution from ADIP and given where we think we can deploy incremental growth, that also combines to a dollar guidance number of low double digit, which is what we're focused on next year and thereafter.

但我們關注的是淨利差，所以這才是我們關注的重點。考慮到成長前景、ADIP 的貢獻，以及我們認為可以部署增量成長的領域，這些因素綜合起來，我們得出的指導性美元數字是低兩位數，這也是我們明年及以後關注的重點。

Next year, we'll also include the full benefit or full detriment, depending on your point of view, of ADIP being fully ramped and taking its full share. So more of the business will -- more of the SRE will go to ADIP on a comparable basis in '24 versus '23, and all that is factored into Martin's guidance.

明年，我們還將涵蓋ADIP全面投入並佔據全部份額所帶來的全部好處或全部壞處，這取決於您的觀點。因此，與2023年相比，2024年將有更多業務——更多SRE（業務再投資）將以可比較基礎分配給ADIP，所有這些都已納入Martin的業績指引中。

The next question is coming from Benjamin Budish of Barclays.

下一個問題來自巴克萊銀行的本傑明·布迪什 (Benjamin Budish)。

I wanted to ask, you mentioned some white space opportunities earlier in the prepared remarks, and it's been a hot summer. I'm just thinking about the clean energy transition strategy. And I was wondering if you can kind of give us a refresh of like where you are, but more importantly, how you think that can evolve over the next, say, like 5 to 10 years as a potential strategy that could really scale in the way that some of your other like major drawdown fund strategies have scaled?

我想問一下，您之前在準備好的發言中提到了一些空白領域的機會，而且今年夏天天氣很熱。我正在考慮清潔能源轉型策略。請問您能否簡單介紹一下您的現狀，更重要的是，您認為這項策略在未來5到10年內會如何發展，並成為一項能夠像您的其他一些大型提取基金策略那樣真正實現規模化的潛在策略？

Thanks for the question. It's Marc. Look, we look at this, and we and through our peer group and the banking system, quite frankly, we're going to be financing energy transition movements towards sustainability for the rest of our professional careers.

謝謝你的提問。我是馬克。你看，我們研究這個問題，坦白說，我們透過我們的同行和銀行系統，將在我們的餘生中為實現可持續發展的能源轉型運動提供資金。

The scale of money required is like nothing else we've ever seen. And so we step back and we think about what that is. What kind of money? Is it equity? Is it debt? Is it hybrid? When we look at the market, most of what we see is debt and hybrid.

所需資金規模是我們從未見過的。所以我們退一步思考，這到底是什麼。什麼樣的資金？是股權融資？是債務融資？還是混合融資？縱觀市場，我們看到的大多是債務融資和混合融資。

Our goal is to build the leading financier of energy transition sustainability worldwide by having put together a perpetual evergreen fund focused on doing that. In addition, we will raise bespoke, drawdown equity funds from time to time, but those will be, in my opinion, smaller than the opportunity that we see.

我們的目標是打造全球領先的能源轉型永續性融資機構，為此我們已組建了一支專注於此的永久性常青基金。此外，我們還會不時募集客製化的、可提取的股票基金，但在我看來，這些基金的規模將小於我們所看到的機會。

We announced, either last quarter or at the beginning of the year, that we had made initial funding and initial capitalization with a few billion dollars of seed capital. That capital is getting deployed quite rapidly. Our pipeline is growing. And I expect this vehicle to have the potential to be among the largest vehicles on our platform.

我們在上個季度或年初宣布，我們已經完成了數十億美元的種子輪融資和初始資本化。這些資金正在快速部署。我們的產品線正在不斷擴大。我預計這款產品有潛力成為我們平台上最大的產品之一。

But let's get the money invested that we have first. Let's show investors that we've done a good job with it. Let's really define the types of opportunities and the return requirements, but I am equally optimistic that there's a great opportunity here, but it's a debt and hybrid opportunity primarily.

但首先，我們要把現有的資金投入投資。我們要向投資人證明，我們在這方面做得很好。我們要真正明確投資機會的類型和回報要求，但我同樣樂觀地認為，這裡面有一個很好的機會，但這主要是一個債務和混合投資機會。

The next question is coming from Adam Beatty of UBS.

下一個問題來自瑞銀的亞當比提。

I noticed the deal with Yellow and wanted to broaden that out into maybe potential opportunity in restructuring and distressed assets and situations, which seems like it could be a sweet spot for Apollo.

我注意到了與 Yellow 的交易，並希望將其擴大到重組和不良資產和情況中的潛在機會，這似乎對 Apollo 來說是一個甜蜜點。

Firstly, in terms of the backdrop, so far, the level of corporate distress has been maybe a little bit more benign than folks expected. So wondering what you're seeing and kind of the near-term outlook for that? And then maybe some details on how Apollo is positioned and how much you might want to lean into that opportunity?

首先，就背景而言，到目前為止，企業困境的程度可能比人們預期的要溫和一些。所以，您想知道您看到了什麼，以及短期前景如何？然後，能否請您詳細談談阿波羅的定位，以及您希望在多大程度上利用這個機會？

Well, I mean I would just start off by saying we agree. It's been -- the credit markets have been overall benign. And when we see where the economy is going in terms of cost of capital, our view is you are going to see more companies having a bit of a challenge in '24 and '25, especially with the maturity wall.

嗯，我的意思是，我首先要說的是，我們同意這一點。信貸市場整體上一直表現良好。而當我們觀察經濟在資本成本方面的走向時，我們認為，在2024年和2025年，你會看到更多公司面臨一些挑戰，尤其是在期限障礙方面。

But as we've talked about in this call, so much of our business right now, the lion's share of our business, vast majority are to investment-grade counterparties, and we feel very good about the health and robust nature of those companies.

但正如我們在這次電話會議中談到的那樣，我們目前的大部分業務，我們業務的最大份額，絕大多數都是投資級交易對手，我們對這些公司的健康和穩健性感到非常滿意。

Certainly, we have roots and history in our hybrid and our equity business of doing things as the market turns more challenging. We expect to be at the top of the heap in doing that, but in a measured, thoughtful way like we've done for 30 years.

當然，我們的混合型和股票型業務根基深厚，經驗豐富，能夠在市場更具挑戰性時做出調整。我們期望在這方面保持領先地位，但會像過去30年一樣，採取審慎、深思熟慮的方式。

At this time, I'd like to turn the floor back over to Mr. Gunn for closing comments.

現在，我想把發言權交還給岡恩先生，請他發表最後評論。

Thanks very much for your help this morning, Donna, and thanks to everyone else for joining and your continued interest in our business. If you have any follow-up questions regarding anything discussed on today's call, please feel free to reach out to us, and we look forward to speaking with you again next quarter. Enjoy the rest of your summer.

唐娜，非常感謝您今天早上的幫助，也感謝其他所有人的參與以及對我們業務的持續關注。如果您對今天電話會議中討論的任何內容有任何後續問題，請隨時聯繫我們，我們期待下個季度再次與您溝通。祝您夏天愉快！

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們，先生們，感謝各位的參與。今天的活動到此結束。您可以掛斷電話或退出網路直播，享受接下來的精彩時光。