富蘭克林資源 (BEN) 2024 Q1 法說會逐字稿

Welcome to Franklin Resources Earnings Conference Call for the quarter ended December 31, 2023. Hello. My name is Joanna, and I will be your call operator today. As a reminder, this conference is being recorded. (Operator Instructions) I would now like to turn the conference over to your host, Selene Oh, Chief Communications Officer and Head of Investor Relations for Franklin Resources. You may begin.

歡迎參加富蘭克林資源截至 2023 年 12 月 31 日的季度財報電話會議。您好。我叫喬安娜，今天我將擔任您的接線生。提醒一下，本次會議正在錄製中。 （操作員指示）我現在想將會議轉交給主持人、富蘭克林資源公司首席通訊官兼投資者關係主管 Selene Oh。你可以開始了。

Good morning, and thank you for joining us today to discuss our quarterly results. Statements made on this conference call regarding Franklin Resources, Inc., which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements.

早安，感謝您今天加入我們討論我們的季度業績。本次電話會議中有關富蘭克林資源公司的聲明並非歷史事實，而是 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。這些前瞻性聲明涉及許多已知和未知的風險，可能導致實際結果與此類前瞻性陳述明示或暗示的任何未來結果存在重大差異的不確定性和其他重要因素。

These and other risks, uncertainties and other important factors are just described in more detail in Franklin's recent filings with the Securities and Exchange Commission, including in the Risk Factors and the MD&A sections of Franklin's most recent Form 10-K and 10-Q filings.

這些和其他風險、不確定性和其他重要因素在富蘭克林最近向美國證券交易委員會提交的文件中進行了更詳細的描述，包括富蘭克林最近提交的10-K 表格和10-Q 表格的風險因素和MD&A部分。

Now I'd like to turn the call over to Jenny Johnson, our President and Chief Executive Officer.

現在我想將電話轉給我們的總裁兼執行長珍妮·約翰遜 (Jenny Johnson)。

Thank you, Selene. Hello, everyone, and thank you for joining us today to discuss Franklin Templeton's results for the first fiscal quarter of 2024. I'm joined by Matthew Nicholls, our CFO and COO; and Adam Spector, our Head of Global Distribution. We're happy to answer any questions you have in just a few minutes. But first, I'd like to call out some notable highlights from the quarter.

謝謝你，塞琳娜。大家好，感謝您今天加入我們討論富蘭克林鄧普頓 2024 年第一財季的業績。我們的財務長兼營運長 Matthew Nicholls 也加入其中。以及我們的全球分銷主管 Adam Spector。我們很樂意在幾分鐘內回答您的任何問題。但首先，我想指出本季的一些值得注意的亮點。

Our first fiscal quarter results reflect ongoing momentum in a number of significant areas across asset classes investment vehicles and geographies. Our efforts are always focused on meeting the varied investment needs of our diverse global client base across market cycles, while staying at the forefront of the asset management industry, driven by increased expectations of interest rate cuts by the Fed and other central banks amidst disinflation, the 2023 market rally was particularly concentrated in the last quarter of the calendar year, regardless of the market environment, investors remain cautious.

我們的第一財季表現反映了跨資產類別投資工具和地區的許多重要領域的持續成長動能。我們的努力始終專注於滿足全球多元化客戶群在不同市場週期的不同投資需求，同時在通貨緊縮中美聯儲和其他央行降息預期不斷增強的推動下，保持在資產管理行業的前沿， 2023年的市場反彈尤其集中在歷年的最後一個季度，無論市場環境如何，投資者都保持謹慎態度。

According to Morningstar, global money market assets stood at $7.7 trillion as of December 31, 2023, the highest level since Morningstar started collecting the data in 2007. Broadly speaking, our specialist investment managers see recession risks moderating and expect the global economy to slow over the course of 2024. But even as the economy slows, there are many opportunities for investors to put that cash to work into risk assets.

根據晨星公司的數據，截至2023 年12 月31 日，全球貨幣市場資產達到7.7 兆美元，這是自晨星公司2007 年開始收集數據以來的最高水準。總體而言，我們的專業投資經理認為衰退風險正在緩和，並預計全球經濟將放緩2024 年。但即使經濟放緩，投資者仍有許多機會將這些現金投入風險資產。

Specific to the equity markets, last year, we saw a small group of stocks dominate market returns with the top 5 stocks representing 23% of the S&P 500 total market cap. Compare that to the height of the dot-com bubble in March 2000 when that number was 18%. While our investment professionals regard companies like the Magnificent 7 as market leaders, the level of relative outperformance for these stocks is likely unsustainable.

具體到股票市場，去年我們看到一小部分股票主導了市場回報，其中前 5 名股票佔標準普爾 500 指數總市值的 23%。與 2000 年 3 月網路泡沫最高峰時的數字相比，當時這一數字為 18%。雖然我們的投資專業人員將 Magnificent 7 等公司視為市場領導者，但這些股票的相對優異表現水準可能是不可持續的。

We believe that this backdrop has created an opportunity for active managers like Franklin Templeton that offer a full range of investment capabilities across public and private markets, spanning geographic boundaries in vehicles of our clients' choice. With greater clarity on interest rates in 2024, and as investors look to deploy cash on the sidelines, we believe Franklin Templeton is well positioned.

我們相信，這種背景為富蘭克林鄧普頓這樣的主動型基金管理人創造了機會，他們可以在公共和私人市場上提供全方位的投資能力，跨越地理界限，為客戶選擇的投資工具提供服務。隨著 2024 年利率更加明確，並且投資者希望在場外配置現金，我們相信富蘭克林鄧普頓處於有利地位。

In short, 2024 is likely to be a year in which balance and diversification are once again rewarded. During the most recent quarter, our clients gravitated towards alternatives, multi-asset equity, ETFs and SMAs, which all saw positive long-term net flows. Continued client interest in private market strategies led to net inflows for our 3 largest alternative managers.

簡而言之，2024年很可能是平衡和多元化再次獲得回報的一年。在最近一個季度，我們的客戶傾向於另類投資、多元資產股票、ETF 和 SMA，這些都出現了正的長期淨流量。客戶對私募市場策略的持續興趣導致我們三大另類投資管理公司的資金淨流入。

Additionally, we continue to see aggregate positive net flows in non-U.S. regions. We are pleased to announce that our acquisition of Putnam Investments closed on January 1, with $148 billion in assets under management. Putnam adds complementary investment capabilities and a track record of strong investment performance. In fact, 87% or higher, a Putnam's mutual fund AUM outperformed peers over the 1, 3, 5 and 10-year periods.

此外，我們繼續看到美國以外地區的總淨流量為正。我們很高興地宣布，我們對 Putnam Investments 的收購已於 1 月 1 日完成，管理資產達 1,480 億美元。普特南增加了互補的投資能力和強勁的投資業績記錄。事實上，普特南共同基金的資產管理規模在 1 年、3 年、5 年和 10 年期間的表現優於同行，達到 87% 或更高。

The transaction also enhances our presence in the attractive retirement and insurance markets. The addition of Putnam brings Franklin Templeton's AUM to approximately $1.6 trillion.

這項交易也增強了我們在有吸引力的退休和保險市場的影響力。 Putnam 的加入使富蘭克林鄧普頓的資產管理規模達到約 1.6 兆美元。

In addition, Great-West Lifeco, a member of the Power Corporation group of companies has become a long-term shareholder in Franklin Resources consistent with its ongoing commitment to asset management. We are delighted to have the talented team at Putnam join us and pleased to have Great-West as a key stakeholder.

此外，Power Corporation 集團公司成員 Great-West Lifeco 已成為 Franklin Resources 的長期股東，這與其對資產管理的持續承諾一致。我們很高興 Putnam 的才華橫溢的團隊加入我們，也很高興 Great-West 成為主要利益相關者。

Turning now to specific results for the quarter, starting with assets under management. Ending AUM increased by 6% to $1.46 trillion from the prior quarter and increased by 5% from the prior year quarter, primarily due to market appreciation. Average AUM declined by 2% from the prior quarter to $1.39 trillion and increased by 3% from the prior year quarter.

現在談談本季的具體業績，首先從管理的資產開始。期末資產管理規模較上一季成長 6%，達到 1.46 兆美元，較去年同期成長 5%，主要是由於市場升值。平均資產管理規模較上一季下降 2%，至 1.39 兆美元，較去年同期成長 3%。

Our specialist investment managers continue to produce competitive investment returns across a broad array of strategies. Investment performance this quarter resulted in 61%, 46%, 60% and 61% of our strategy composite AUM outperforming their respective benchmarks on a 1, 3, 5 and 10-year period.

我們的專業投資經理人繼續透過廣泛的策略創造具有競爭力的投資回報。本季的投資表現使我們 61%、46%、60% 和 61% 的策略綜合資產管理規模在 1 年、3 年、5 年和 10 年期間優於各自的基準。

Notably, investment performance for the 5-year period jumped from 47% in the prior quarter to 60% in the recent quarter, primarily due to certain taxable fixed income strategies. With interest rates at current levels, fixed income opportunities are considered more attractive now and going forward may provide a better total return option over high-yielding cash equivalents.

值得注意的是，五年期間的投資業績從上一季的 47% 躍升至最近季度的 60%，這主要歸功於某些應稅固定收益策略。在目前的利率水準下，固定收益機會被認為更具吸引力，並且未來可能會提供比高收益現金等價物更好的總回報選擇。

On the mutual fund side, the majority of AUM beat their peer groups and improved percentile rankings quarter-over-quarter in the 1, 3 and 10-year periods. One of our largest funds managed for yield was the primary driver of the decline in 5-year performance. Turning to flows. Long-term net outflows inclusive of reinvested distributions were $5 billion compared to net outflows of $7 billion in the prior quarter and net outflows of nearly $11 billion in the prior year quarter.

在共同基金方面，大多數資產管理規模在 1 年、3 年和 10 年期間都擊敗了同行，百分位數排名逐季提高。我們最大的收益管理基金之一是五年業績下滑的主要推動因素。轉向流量。包括再投資分配在內的長期淨流出量為 50 億美元，而上一季的淨流出量為 70 億美元，去年同期的淨流出量接近 110 億美元。

Reinvested distributions were $11 billion compared to almost $3 billion in the prior quarter and $12 billion in the prior year quarter. Alternative net inflows were $2.7 billion, driven by growth into private market strategies, which were partially offset by outflows in liquid alternative strategies. Our 3 largest alternative managers, Benefit Street Partners, Clarion Partners and Lexington partners, each had net inflows in the current quarter with a combined total of $3.8 billion. Client interest was strong across a number of alternative strategies on wealth management platforms under the alternatives by Franklin Templeton brand in the U.S.

再投資分配額為 110 億美元，而上一季的分配額接近 30 億美元，去年同期的分配額為 120 億美元。另類投資淨流入為 27 億美元，主要受到私募市場策略成長的推動，但流動性另類策略的流出部分抵銷了這一成長。我們最大的 3 家另類投資管理公司：Benefit Street Partners、Clarion Partners 和 Lexington Partners 在本季都有淨流入，總計 38 億美元。客戶對美國富蘭克林鄧普頓品牌的另類財富管理平台上的多種另類策略表現出濃厚的興趣。

Earlier this month, Lexington Partners announced the closing of its latest flagship global secondary fund with $22.7 billion of total capital commitments. Fund 10 ranks among the largest funds raised to date and significantly exceeded Lexington's prior secondary fund, which closed with $14 billion in 2020. Fund 10 attracted a diverse group of over 400 investors, including public and corporate pensions, sovereign wealth funds, insurance companies and wealth channel distribution partners globally.

本月早些時候，Lexington Partners 宣布關閉最新旗艦全球二級基金，總資本承諾達 227 億美元。 Fund 10 是迄今為止募集規模最大的基金之一，大大超過了Lexington 之前的二級基金，後者在2020 年募集了140 億美元。Fund 10 吸引了400 多名投資者，包括公共和企業養老金、主權財富基金、保險公司和全球財富通路分銷合作夥伴。

We are delighted that approximately 20% of the capital raised in the fund came from the wealth management channel, which demonstrates the power of our coordinated global distribution network. We successfully brought together the alternatives expertise of Lexington and our alternatives by Franklin Templeton specialist sales team and leveraged our generalist sales team who have deep relationships across the adviser market.

我們很高興該基金籌集的資金中約20%來自財富管理管道，這體現了我們協調的全球分銷網絡的力量。我們成功地將列剋星敦的另類投資專業知識與富蘭克林鄧普頓專業銷售團隊的另類投資專業知識結合在一起，並利用我們在顧問市場上擁有深厚關係的通才銷售團隊。

Also this month, Benefit Street Partners closed its fifth flagship private credit fund with $4.7 billion of total capital commitments. Reflecting the strong demand for the asset class, BSP exceeded its fundraising target. We believe the current market opportunity and backdrop for U.S. direct lending is attractive and BSP has significant underwriting experience, loan structuring expertise and focus on deep due diligence, which provides us with a significant competitive advantage. BSP also announced the completion of the merger between Franklin BSP Lending Corporation and Franklin BSP Capital Corporation, business development companies.

同樣在本月，Benefit Street Partners 關閉了第五支旗艦私人信貸基金，總資本承諾達 47 億美元。菲律賓央行超越了其籌款目標，反映出對該資產類別的強勁需求。我們認為，美國直接貸款當前的市場機會和背景具有吸引力，而且菲律賓央行擁有豐富的承保經驗、貸款結構專業知識並專注於深入的盡職調查，這為我們提供了顯著的競爭優勢。 BSP 也宣布完成業務開發公司 Franklin BSP Lending Corporation 和 Franklin BSP Capital Corporation 之間的合併。

BSP believes this transaction will be immediately accretive to its shareholders and unlock nearly $700 million of capital that can be deployed into a very attractive origination environment. For further context, alternative assets now represent 18% of our AUM and comprise approximately 25% of our total adjusted investment management fees for the last 12 months. In terms of other areas of activity during the quarter, multi-asset net inflows were $500 million, driven by Canvas, our custom indexing solution platform and Franklin Templeton Investment Solutions.

BSP 相信，這筆交易將立即為其股東帶來增值，並釋放近 7 億美元的資本，這些資本可以部署到非常有吸引力的創始環境中。進一步來說，另類資產目前占我們 AUM 的 18%，約佔過去 12 個月調整後投資管理費用總額的 25%。就本季的其他活動領域而言，在 Canvas、我們的客製化索引解決方案平台和富蘭克林鄧普頓投資解決方案的推動下，多資產淨流入為 5 億美元。

Canvas has achieved net inflows each quarter since the platform launched in September 2019, and AUM has more than doubled to approximately $6 billion since the close of the acquisition. This quarter, Canvas generated net inflows of approximately $400 million and continues to garner client interest across retail and institutional channels.

自 2019 年 9 月平台推出以來，Canvas 每季都實現了淨流入，自收購結束以來，其資產管理規模 (AUM) 成長了一倍多，達到約 60 億美元。本季度，Canvas 產生約 4 億美元的淨流入，並繼續吸引零售和機構通路的客戶興趣。

Equity net inflows were $200 million, including reinvested distributions of $8 billion, while active equities continued to be impacted industry-wide by the risk-off environment we saw positive net flows into all-cap growth, smart beta, all cap value, equity income, large-cap value and small-cap core strategies, among others.

股票淨流入為 2 億美元，包括 80 億美元的再投資分配，而主動股票繼續受到全行業避險環境的影響，我們看到全盤成長型、智慧貝塔、全盤價值、股權收入的淨流入為正、大盤價值和小盤核心策略等。

Although fixed income net outflows were $8.4 billion. Client interest drove positive net flows into tax-efficient global opportunistic mortgage-backed securities and multisector strategies. From a regional perspective, we continue to benefit from a regionally focused distribution model, which resulted in aggregate positive net flows in non-U.S. regions for the third consecutive quarter.

儘管固定收益淨流出為 84 億美元。客戶興趣推動淨流入節稅的全球機會性抵押貸款支援證券和多部門策略。從區域角度來看，我們繼續受益於以區域為中心的分銷模式，這導致非美國地區連續第三個季度出現總淨流量為正值。

For context, we now manage approximately $450 billion in non-U.S. markets, including emerging markets that are poised to grow. Although the U.S. saw long-term net outflows, we are pleased to see our U.S. gross sales, excluding reinvested distributions, improved by approximately 15% from the prior quarter.

就背景而言，我們現在在非美國市場管理約 4500 億美元的資產，其中包括即將成長的新興市場。儘管美國出現長期淨流出，但我們很高興看到我們在美國的總銷售額（不包括再投資分配）較上一季成長約 15%。

We continue to see the benefit of offering investors strategies in a range of investment vehicles. ETFs, for instance, generated net inflows of approximately $1 billion, representing the fifth consecutive quarter with net flows of approximately $1 billion, resulting in over a 40% increase in ETF AUM from the prior year quarter. Including Putnam, ETF AUM is approximately $20 billion. Importantly, we now offer ETFs from a dozen different specialist investment managers, truly bringing the best Franklin Templeton has to offer to the market.

我們繼續看到為投資者提供一系列投資工具策略的好處。例如，ETF 產生了約 10 億美元的淨流入，連續第五個季度實現約 10 億美元的淨流入，導致 ETF 資產管理規模較去年同期增長了 40% 以上。包括 Putnam 在內，ETF 資產管理規模約 200 億美元。重要的是，我們現在提供來自十幾個不同專業投資經理的 ETF，真正將富蘭克林鄧普頓最好的產品推向市場。

Earlier this month, we launched one of the industry's first bitcoin ETF, consistent with our emphasis on innovation and staying ahead of disruptive technologies. SMAs continue to grow in popularity industry-wide as individual investors look to customize their portfolios. According to Cirelli Associates, SMAs represent about $2 trillion in assets and are expected to reach $2.9 trillion by 2026.

本月早些時候，我們推出了業界首個比特幣 ETF，這與我們對創新和維持顛覆性技術領先地位的強調是一致的。隨著個人投資者希望自訂自己的投資組合，SMA 在整個行業中越來越受歡迎。據 Cirelli Associates 稱，SMA 代表約 2 兆美元的資產，預計到 2026 年將達到 2.9 兆美元。

Our SMA AUM ended the quarter at $125 billion and generated positive net flows for a third consecutive quarter. We continue to make progress with SMA strategies across platforms with Canvas, muni ladder and Franklin Income strategies, each in a positive flow territory for the quarter. Our institutional pipeline saw increased level of funding this quarter, bringing one but unfunded mandates to over $13 billion. The pipeline remains diversified by asset class and across our specialist investment managers.

本季末，我們的 SMA 資產管理規模達到 1,250 億美元，並連續第三季產生正淨流量。我們繼續在 Canvas、市政階梯和富蘭克林收入策略等跨平台的 SMA 策略上取得進展，本季均處於正流量區域。本季我們的機構管道融資水準有所增加，使一項但尚未獲得資金的委託達到了 130 億美元以上。管道仍然按資產類別和我們的專業投資經理多元化。

Turning briefly to financial results. Adjusted operating income declined by 18.5% to $417 million from the prior quarter, an increase by 5.5% from the prior year quarter. We continue to focus on strong expense discipline and our net cash and investments position allows us to continue to invest in growth and innovation for the benefit of clients, shareholders and employees.

簡要談談財務業績。調整後營業收入較上季下降 18.5%，至 4.17 億美元，較去年同期成長 5.5%。我們繼續注重嚴格的費用紀律，我們的淨現金和投資狀況使我們能夠繼續投資於成長和創新，以造福客戶、股東和員工。

Finally, in December, Franklin Templeton was recognized as one of the best places to work in money management by pension and investments. This recognition is a source of pride for us and the credit goes to all of our employees around the world who worked tirelessly on behalf of our clients. I'd like to sincerely thank them for their hard work and dedication to our organization.

最後，在 12 月，富蘭克林鄧普頓被公認為退休金和投資資金管理領域的最佳工作場所之一。這種認可讓我們感到自豪，這一切都歸功於我們在世界各地為客戶不懈努力的所有員工。我衷心感謝他們的辛勤工作和對我們組織的奉獻。

Now let's open it up to your questions. Operator?

現在讓我們來解答您的問題。操作員？

(Operator Instructions) First question comes from Alex Blostein from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Alex Blostein。

So maybe just to get some of the numbers questions out of the way, obviously, with Putnam closed, maybe, Matt, you can give us an update of couple of items, but maybe one, where do you see the management fee, excluding performance fees and kind of catch-up fees jumping off point for the first quarter, first calendar quarter of this year and just broader update, I guess, on accretion and contribution for Putnam for this year.

因此，也許只是為了解決一些數字問題，顯然，隨著普特南關閉，也許，馬特，你可以給我們更新幾個項目，但也許有一個，你在哪裡看到管理費，不包括績效我想，今年第一季的費用和追趕費用的起點是今年第一個日曆季度，以及更廣泛的更新，關於普特南今年的成長和貢獻。

Okay. Alex, I mean that should probably just give you the forward guide to put things into perspective, that will help get through the Putnam update also. So in terms of the effective fee rate, remember, last quarter, I mentioned we expect it to be around 39 basis points consistent with previous quarters.

好的。亞歷克斯，我的意思是，這可能應該為您提供前瞻性指南，讓您正確看待事物，這也將有助於完成普特南更新。因此，就有效費率而言，請記住，上個季度，我提到我們預計其約為 39 個基點，與前幾個季度一致。

We actually ended up at 39.7 or a little bit higher. The reason for that is about 1 basis point or 0.9 basis points was to do with the Lexington catch up fees. So if you think about that for the second quarter, fiscal second quarter guide, we're expecting that to be consistent again excluding these episodic catch-up fee or any other episodic management fee events to about the high 38, so high 38 basis points, very consistent with the previous quarter and other quarters that we presented recently.

實際上我們最終得到了 39.7 或更高一點。原因約為 1 個基點或 0.9 個基點，與列剋星敦追趕費有關。因此，如果你考慮第二季度，第二財季指南，我們預計，排除這些偶發性追趕費或任何其他偶發性管理費事件，這一點將再次保持一致，達到約38 個基點，如此高的38 個基點，與我們最近介紹的上一季和其他季度非常一致。

So that's in terms of EFR. I'll give the annual EFR guide in the second, which includes Putnam. Of course, we closed Putnam on January 1. And so our first full quarter will actually be this guide I'm giving you now. I thought it would be useful to provide the guide for the fiscal second quarter, inclusive of Putnam, but I will call out the individual components. Putnam, you can see that we're being disciplined with our expenses around Franklin and being transparent about the difference between Franklin and expenses and Putnam additions.

這就是 EFR 的情況。我將在第二部分提供年度 EFR 指南，其中包括 Putnam。當然，我們在 1 月 1 日關閉了普特南。因此，我們的第一個完整季度實際上是我現在向您提供的指南。我認為提供包括普特南在內的第二財季指南會很有用，但我會列出各個組成部分。普特南，你可以看到我們在富蘭克林周圍的開支方面受到嚴格約束，並且對富蘭克林和開支與普特南新增項目之間的差異保持透明。

So I mentioned the EFR already being in the high 38s excluding any sort of one-off episodic revenue. In terms of compensation and benefits, assuming a $50 million performance fee quarter, including Putnam, we'd expect total comp and benefits to be approximately $815 million. This includes $65 million of comp and benefits for Putnam. Just for further perspective, we expect to be able to bring that down to about $50 million to $55 million by the end of the fiscal year. Again, this assumes $50 million of performance fees.

所以我提到，不包括任何一次性的間歇性收入，EFR 已經高達 38 美元以上。在薪資和福利方面，假設季度績效費為 5,000 萬美元（包括 Putnam），我們預計薪資和福利總額約為 8.15 億美元。這包括 Putnam 6500 萬美元的薪資和福利。為了進一步展望，我們預計到本財年結束時能夠將其減少至約 5,000 萬至 5,500 萬美元。同樣，這假設績效費為 5,000 萬美元。

Information Systems and Technology, we expect to be $155 million for the quarter, this includes $25 million for Putnam, and we expect to bring that $25 million down to between $15 million and $20 million by the time we reach the end of our fiscal year. Occupancy, we expect to be approximately $80 million. Recall in the last call, I mentioned that we're going to have a period of double rent based on our consolidation of New York City office space of $12 million.

資訊系統和技術方面，我們預計本季的營收為1.55 億美元，其中包括Putnam 的2,500 萬美元，我們預計到本財年結束時，將這2,500 萬美元減少到1,500 萬美元至2,000 萬美元之間。我們預計入住率約為 8000 萬美元。回想一下，在上次電話會議中，我提到我們將根據紐約市辦公空間 1200 萬美元的合併情況，實施一段時期的雙倍租金。

Last quarter, I mentioned $8 million, but that was only for a short quarter in terms of how long we're -- 2 months out of the 3 for the double rent. This time, we have for 3 months, which is $12 million for the double rent and $10 million for Putnam in this context. I wouldn't guide $10 million down yet because we're still working on real estate optimization.

上個季度，我提到了 800 萬美元，但就我們的租金而言，這只是很短的一個季度——3 個月中的 2 個月是雙倍租金。這次，我們有 3 個月的期限，在這種情況下，雙倍租金為 1200 萬美元，普特南為 1000 萬美元。我還不會指導削減 1000 萬美元，因為我們仍在致力於房地產優化。

And for G&A, we expect the consolidated amount to be $175 million, which includes $35 million for Putnam. We expect this to come down to about $30 million by the time we reached the end of the fiscal year. In terms of what this means for annual guide, you'll recall that in the last guide we gave, I mentioned that our fiscal 2024 at the -- then levels of markets and revenue expectations was expected to be about flat to 2023.

對於 G&A，我們預計合併金額為 1.75 億美元，其中包括 Putnam 的 3,500 萬美元。我們預計到本財年結束時，這一數字將降至 3,000 萬美元左右。就這對年度指南意味著什麼而言，您會記得在我們提供的上一份指南中，我提到我們 2024 財年的市場和收入預期水準預計到 2023 年將持平。

Excluding Putnam, and excluding performance fees and excluding the double rent in New York City, I would now guide that amount, which excludes Putnam to about 1% to 2% higher, but that's because we now anticipate all else from any of -- that revenue would be 5% higher for the year, including Putnam and excluding performance fees, but including the $50 million of double rent.

不包括普特南、不包括績效費以及紐約市的雙倍租金，我現在將指導該金額（不包括普特南）高出約1% 到2%，但那是因為我們現在預計所有其他因素-包括 Putnam 在內，不包括績效費，但包括 5000 萬美元的雙倍租金，今年的收入將增加 5%。

We would currently expect total adjusted operating expenses for fiscal '24 to be about $4.55 billion to $4.6 billion. And for perspective, this assumes the Putnam expenses addition to this is about $375 million to $380 million.

我們目前預計 24 財年調整後的營運支出總額約為 45.5 億至 46 億美元。從長遠來看，假設 Putnam 的額外費用約為 3.75 億至 3.8 億美元。

In terms of the EFR, back to your first question, for the year, inclusive of Putnam because Putnam has a slightly lower effective fee rate, it brings the overall amount down to -- down about 0.2 basis points. So it brings the number for the guide for the year to about the mid-38, mid- to slightly better than mid-38. This excludes any catch-up fees, episodic fees on performance fees, as I mentioned at the beginning.

就 EFR 而言，回到你的第一個問題，今年，包括普特南，因為普特南的有效費率略低，它使總體金額下降約 0.2 個基點。因此，今年指南的數字約為 38 中，比 38 中稍好。正如我在開頭提到的，這不包括任何追趕費、演出費的偶發費。

Great. Okay. I think I got all of that or most of it, and I'm sure folks will follow up as well. I guess my only other follow-up for you. I think we talked about Putnam being around $150 million contribution to operating income on exit run rate. Can we just get an update on where that stands now? Obviously, their asset base is a little bit higher as well, but just want to get a sense whether $150 million is still kind of the run rate number we should be thinking about by the end of your fiscal year.

偉大的。好的。我想我已經了解了全部或大部分，我相信人們也會跟進。我想我對你唯一的後續行動。我想我們談到普特南在退出運行率上對營業收入的貢獻約為 1.5 億美元。我們能否了解目前情況的最新情況？顯然，他們的資產基礎也更高一些，但只是想了解 1.5 億美元是否仍然是我們在財年結束時應該考慮的運行率數字。

Yes. So just to break that down further, so I'll start the call with all these numbers. But just to break this down a little bit further. So in terms of revenue, obviously, we don't normally guide revenue, but we want to be useful in terms of modeling purposes for the second quarter, again, fiscal second quarter, Putnam revenues stand-alone would be about $160 million.

是的。為了進一步細分，我將用所有這些號碼開始通話。但只是為了進一步分解這一點。因此，就收入而言，顯然，我們通常不會指導收入，但我們希望在第二季度的建模目的方面有用，同樣，第二財季，普特南的獨立收入約為 1.6 億美元。

Of that, $135 million is management fee revenue and $25 million is in the other revenue item, that's for the TA basically. We would have said between $85 million and $100 million of expenses in the first 9 months, so through our fiscal year, $85 million to $100 million. And by the time we reach the end of 9, 30th, at the end of our fiscal, yes, our expense savings for the full 2025 would be at least $150 million. This translates to get specifically to your question around operating income addition, Alex. This translates into probably between $150 million and $170 million of operating income contribution from the transaction.

其中，1.35 億美元是管理費收入，2,500 萬美元是其他收入項目，基本上是 TA 的收入。我們會說前 9 個月的支出為 8,500 萬至 1 億美元，因此整個財年的支出為 8,500 萬至 1 億美元。是的，到 9 月 30 日，也就是我們的財政年度結束時，我們 2025 年全年的開支節省將至少達到 1.5 億美元。亞歷克斯，這就是專門針對您關於營業收入增加的問題。這意味著該交易可能帶來 1.5 億至 1.7 億美元的營業收入貢獻。

In terms of how we think this translates into. Obviously, there's a lot of moving parts below the line, but how this translates into accretion dilution, it's probably just very slightly accretive, maybe one centers about that. In the second fiscal quarter, so the first fiscal quarter that we'd have on Putnam it's accretive right away.

就我們的想法而言，這會轉化為。顯然，在線下有很多移動部件，但這如何轉化為吸積稀釋，它可能只是非常輕微的吸積，也許有人集中於此。在第二財季，也就是我們在普特南的第一個財季，它會立即增值。

And by the time we reach the full year, it's probably near high single digit cents accretion and that translates into about a 3% accretive situation for full year '24. Remembering that's only 9 months of Putnam that's where we expect things to be. Assuming revenue stays where it is today, and markets stay where they are today and so on.

當我們到達全年時，它可能會接近高單位數美分的成長，這意味著 24 年全年的成長約為 3%。請記住，普特南只有 9 個月的時間，這正是我們所期望的情況。假設收入保持在當前水平，市場保持在當前水平等等。

The next question comes from Craig Siegenthaler from Bank of America.

下一個問題來自美國銀行的克雷格·西根塔勒。

My question is on the alternatives net flow trajectory. If we back out the 2 flagship fundraisers at Lexington and Benefit Street, there would have been a large swing in net flows over the last 12 to 18 months. So I wanted your perspective on the flow trajectory in terms of net flows from alts. And are you expecting other funds to kind of step up and fill in that gap?

我的問題是關於替代方案的淨流量軌跡。如果我們退出列剋星敦和福利街的 2 場旗艦募款活動，過去 12 至 18 個月的淨流量將會大幅波動。所以我想聽聽您對替代品淨流量的流量軌跡的看法。您是否期望其他基金能夠挺身而出並填補這一空缺？

Thanks, Craig. So in the last 2 years, we have had about $40 billion in fundraising for our private markets. That was offset a bit by $12 billion in net outflows in the liquid alternatives. That just gives you a little bit of perspective there. We anticipate this year of fundraising between $10 billion and $15 billion in the private markets. And I would expect in this environment to have that translate into alternative asset revenue growth that's at the mid-single digits.

謝謝，克雷格。因此，在過去 2 年裡，我們為私募市場籌集了約 400 億美元的資金。這被流動性替代品 120 億美元的淨流出所抵消。這只是給了你一點視角。我們預計今年私募市場的募款金額將在 100 億至 150 億美元之間。我預計在這種環境下，另類資產收入的成長將達到中個位數。

So far, in Q1, you've probably seen that we raised $5 billion in the private markets and that between closing of Lexington's flagship fund and BSP. In the same period, we had about $1.1 billion in net outflows in the liquid alts. Just to kind of look forward for the rest of the year, we can't talk about specific funds. But the areas that we think there's strong interest is alternative credit, specifically like direct lending, we see interest both in the U.S. and Europe. There's opportunities in the alternative credit in special situations, opportunistic real estate debt as well as CLOs.

到目前為止，在第一季度，您可能已經看到我們在私人市場以及列剋星敦旗艦基金和 BSP 關閉之間籌集了 50 億美元。同一時期，流動性替代品的淨流出約為 11 億美元。只是為了展望今年剩餘時間，我們不能談論具體的資金。但我們認為人們強烈感興趣的領域是替代信貸，特別是直接貸款，我們在美國和歐洲都看到了興趣。特殊情況下的替代信貸、機會性房地產債務以及抵押貸款債券都有機會。

And just on that real estate debt point, as you see less and less of the regional banks having retracted in that space, we think there's both an opportunity to do very well there and strong client interest in that space. With respect to secondary, just as a reminder, Lexington does a lot more than just their flagship offering. They have offerings in middle market and co-invest offerings.

就房地產債務而言，隨著您看到越來越少的地區性銀行撤回該領域，我們認為既有機會在該領域做得很好，也有客戶對該領域的濃厚興趣。關於中學，提醒一下，列剋星敦所做的不僅僅是他們的旗艦產品。他們在中間市場提供產品並共同投資產品。

2023 was the third consecutive year where secondary industry surpassed the $100 billion in the fund raise, and we think that, that -- there just continues to be strong demand. And just again, a supply demand issue that keeps feeds very high, where you had $6 trillion deployed in private equity and only, say, $150 billion deployed in secondaries and strong demand by the LPs and GPs because of liquidations being down and distributions being down to have a portion of their secondary portfolios picked up.

2023 年是第二產業融資額連續第三年超過 1,000 億美元，我們認為，需求將持續強勁。再說一遍，供需問題使供給量保持在非常高的水平，私募股權投資有6 萬億美元，而二級市場投資只有1500 億美元，而由於清算減少和分配減少，有限合夥人和普通合夥人的需求強勁獲得部分二級投資組合的支持。

With respect to real estate, our 3 largest funds at Clarion are perpetually fundraising. We see opportunities to continue to expand in Europe. And then we're incredibly excited about the success that we had in the wealth channel with Lexington, where 20% of the fund raise of Lex 10 fund came from the wealth channel. And this has been years of building up our capabilities with the FT alternatives where we built both a team of specialists, the 30-plus specialists to help assist our wholesaling team.

在房地產方面，我們 Clarion 最大的 3 個基金一直在籌集資金。我們看到了繼續在歐洲擴張的機會。然後，我們對與 Lexington 在財富管道取得的成功感到非常興奮，Lex 10 基金 20% 的資金籌集來自財富管道。經過多年的努力，我們建立了 FT 替代方案的能力，建立了一支由 30 多名專家組成的專家團隊來幫助我們的批發團隊。

We've leveraged our academy to not only educate our own force, but also to help our distribution partners educate their advisers on how to think about this. And so it's a lot of years in the making, and we're really excited to see it come together with this fundraise. But that same expertise is going to be very helpful in both private credit as well as real estate.

我們利用我們的學院不僅教育我們自己的力量，還幫助我們的分銷合作夥伴教育他們的顧問如何思考這個問題。因此，它已經醞釀了很多年，我們非常高興看到它與這次籌款活動結合在一起。但同樣的專業知識對於私人信貸和房地產都將非常有幫助。

And Jenny, I would add 2 things in terms of the momentum we've had in the wealth channel. One is the success we've had to date with things like Lexington, mean that we're able to now have more meaningful conversations with our distribution partners about calendar placement many quarters into the future, which really helps us plan our product launches.

珍妮，關於我們在財富管道中的勢頭，我想補充兩點。一是我們迄今為止在列剋星敦等項目上所取得的成功，這意味著我們現在能夠與我們的分銷合作夥伴就未來多個季度的日曆放置進行更有意義的對話，這確實有助於我們規劃產品發布。

At the same time, we're now in a position where our distribution partners want to work with us to co-create products. So we're working on doing that together so that the products we come to market with in the wealth management channel are meeting their needs. The final item is that a lot of our success to date has been in the U.S. market in terms of wealth management, and we're now building out our specialist capabilities, our education, our academy, et cetera, in markets outside of the U.S. where we hope to have a similar level of success in the wealth management channels there.

同時，我們現在的分銷合作夥伴希望與我們合作共同創造產品。因此，我們正在共同努力，以便我們在財富管理管道中推出的產品能夠滿足他們的需求。最後一點是，迄今為止，我們在財富管理方面取得的大部分成功都是在美國市場，我們現在正在美國以外的市場建立我們的專業能力、我們的教育、我們的學院等等。我們希望在那裡的財富管理管道取得類似的成功。

The next question comes from Bill Katz from TD Cowen.

下一個問題來自 TD Cowen 的 Bill Katz。

So first question, maybe switch up the conversation a little bit, just talk about capital. You announced a pretty sizable repurchase authorization, have some equity that you have issued in consent with the transaction of Putnam. Looking at your balance sheet, it looks like you're saying about sort of net cash of 0 if you sort of adjust for the debt. How should we be thinking about maybe the tempo or pacing of capital deployment or buyback as we think through the year?

所以第一個問題，也許稍微轉換一下話題，只談資本。你們宣布了相當大的回購授權，並擁有一些為同意普特南交易而發行的股權。看看你的資產負債表，如果你對債務進行某種調整，你所說的淨現金似乎是 0。當我們思考這一年時，我們應該如何考慮資本部署或回購的節奏或步調？

Yes. Thanks, Bill. I'll take that. And then, Jenny, maybe you'd like to comment also. So as usual, Bill, we're focused on making sure that we maintain our dividend and the same trajectory that's been on since the 1980s. We are very focused on organic growth investments. There is a ton going on, as you all know, in the industry. And there's a lot of call on capital for internal growth and internal projects and investments. So they're our 2 most important things.

是的。謝謝，比爾。我會接受的。然後，珍妮，也許你也想發表評論。因此，比爾，像往常一樣，我們的重點是確保維持我們的股息以及自 20 世紀 80 年代以來的相同軌跡。我們非常注重有機成長投資。眾所周知，這個行業正在發生很多事情。內部成長、內部項目和投資需要大量資金。所以它們是我們最重要的兩件事。

Then we've got debt service coming up this year are $250 million. Obviously, if the market becomes more reasonably priced in terms of debt, perhaps we access the debt markets at the end of the year or stuff like that. But we want to position ourselves to be able to pay that debt down with our cash. We're absolutely going to hedge our employee grants as we always explain.

今年我們的償債金額為 2.5 億美元。顯然，如果市場對債務的定價變得更加合理，也許我們會在年底進入債務市場或類似的事情。但我們希望自己能夠用現​​金償還債務。正如我們一直解釋的那樣，我們絕對會對沖我們的員工補助金。

And then what I'd say is that -- and this is sort of the interplay between M&A and share repurchases. We've been very active, obviously, as you know, in terms of M&A to make sure we've got the right strategies at both institutional and retail and so on as we've discussed extensively. And when that slows down, which it has done for us, we've got 1 or 2 more payments in the next 1 to 2 years in terms of M&A. But once that's done, we'll be in a position where the M&A we look at is even much more strategic involving shares like we've done with Putnam, Great-West Life, for example, or it's involving much smaller M&A transactions to fill in gaps, a few gaps that we've got.

然後我想說的是——這就是併購和股票回購之間的相互作用。顯然，如您所知，我們在併購方面一直非常積極，以確保我們在機構和零售等方面都制定了正確的策略，正如我們廣泛討論的那樣。當這種速度放緩時（正如它為我們所做的那樣），我們在未來 1 到 2 年內在併購方面多支付 1 到 2 筆款項。但一旦完成，我們將處於這樣一個境地：我們所關注的併購更具戰略性，涉及股票，就像我們對Putnam、Great-West Life 所做的那樣，或者涉及規模小得多的併購交易來填補空缺。在差距中，我們有一些差距。

And that means we can be more opportunistic with our share repurchases. And as you've seen from the last couple of quarters, we certainly picked that up a little bit. But the backdrop is complicated, market's quite volatile and a lot going on globally that influences the market. So we're constantly assessing that backdrop. But I would say that we would hope what else remaining equal to move into more of a capital return position as we've demonstrated, both with dividend and share repurchase over the last couple of quarters in the future versus just being very much focused on M&A.

這意味著我們可以在股票回購方面更加投機。正如您在過去幾個季度中看到的那樣，我們確實有所進步。但背景複雜，市場波動較大，全球發生的許多事情影響市場。因此，我們不斷評估這一背景。但我想說的是，我們希望還有什麼可以保持不變，以進入更多的資本回報狀態，正如我們所展示的那樣，在未來的最後幾個季度進行股息和股票回購，而不是僅僅非常關注併購。

Okay. That's super helpful. And just as a follow-up, Jenny, perhaps for yourself or Matt, or Adam. Any sense or can you give us an update on how the insurance mandates are -- the momentum is building there. I think there was some $20-odd billion that should flow in. So once the deal has been completed, and then how you think about the backlog behind that? And maybe the broader question underneath that is what are the early stage discussions with the enhanced distribution opportunity now that the transaction is complete?

好的。這非常有幫助。作為後續行動，珍妮，也許是為了你自己、馬特或亞當。您是否可以為我們介紹一下保險規定的最新情況——那裡的勢頭正在增強。我認為應該有大約 20 億美元流入。所以一旦交易完成，那麼您如何看待背後的積壓？也許更廣泛的問題是，交易完成後，與增強的分銷機會的早期討論是什麼？

Well, so I mean, obviously, we have the $25 billion that we've talked about with Great-West Life, and that will come in kind of through the year. And it's a mix of multiple our SIMs with the bulk of it actually going to Western, but goes -- it has alternatives in there. And as well as fixed income and equity. And we announced that we're going to be a sub-adviser (inaudible) And part of that is because we -- when we acquired Western, we acquired real expertise in understanding the insurance space, and we've been able to leverage that capability more broadly. But Adam, you want to talk about some additional things that you're seeing.

嗯，所以我的意思是，很明顯，我們已經與 Great-West Life 談論過 250 億美元，這將在今年實現。它是我們多個 SIM 卡的混合體，其中大部分實際上都流向西方國家，但它還有其他選擇。還有固定收益和股權。我們宣布我們將成為副顧問（聽不清楚）部分原因是我們——當我們收購 Western 時，我們獲得了了解保險領域的真正專業知識，並且我們已經能夠利用這一點更廣泛的能力。但是亞當，你想談談你所看到的一些其他事情。

Okay. I would say just in terms of scale, our insurance business is about $170 billion now, and that's not including the flows we've talked about from the power-related companies. So it's a very significant business. As Jenny said, to be successful in a lot of the general account area, you've not only need to have investment expertise, but really insurance, domain-specific expertise, technology compliance.

好的。我想說，就規模而言，我們的保險業務現在約為1700億美元，這還不包括我們談到的電力相關公司的流量。所以這是一項非常重要的業務。正如珍妮所說，要在許多普通帳戶領域取得成功，您不僅需要擁有投資專業知識，還需要真正的保險、特定領域的專業知識和技術合規性。

We're one of the few firms we think to combine both of those. And then the partnership with Power Corp. has also allowed us to co-create products with them that we think will be very successful in the marketplace, and you're seeing some launches there as well. The team there has been -- Putnam has been very successful in the DC channel as well as in insurance. And we think bringing those salespeople on to our team now that they have a wider array of products to sell will really hockey stick our efforts there as well.

我們是少數幾家認為將這兩者結合的公司之一。與 Power Corp. 的合作也使我們能夠與他們共同創造我們認為將在市場上非常成功的產品，並且您也看到了一些產品的發布。 Putnam 的團隊在 DC 通路和保險領域都非常成功。我們認為，既然這些銷售人員有更廣泛的產品可供銷售，那麼將他們引入我們的團隊將真正讓我們的努力繼續下去。

And just a little bit more perspective on the $25 billion, Bill, just to be clear. But right now, for all intents purposes, for modeling purposes, we don't have any of that in. I mean we have a little bit, but it's not really nothing's really hit the revenue line yet. We expect, as Jenny mentioned, about 2/3 of this to be kind of investment grade and a little bit emerging market and other corporate credit across a broad range of our specialist investment managers.

比爾，我要澄清一點，那就是對 250 億美元的更多看法。但現在，出於所有意圖的目的，出於建模的目的，我們還沒有任何這些。我的意思是我們有一點，但還沒有真正達到收入線。正如 Jenny 所提到的，我們預計其中約 2/3 是投資等級信貸，還有一點新興市場和其他企業信貸，涵蓋我們廣泛的專業投資經理。

As you think about modeling, I think it's probably appropriate to think about the effective fee rate being in the mid-teens. I think Jenny mentioned that as a whole. This will likely to begin in earnest later on this quarter that we're in now. So kind of March time, maybe March, April, that sort of thing. And of course, we will update you when we have large inflows associated with this, we will provide that context and make sure we're transparent with you about when that comes in.

當您考慮建模時，我認為考慮將有效費用率控制在十幾歲左右可能是合適的。我認為珍妮整體上提到了這一點。這可能會在我們現在所處的本季晚些時候正式開始。那麼三月的時間，也許是三月、四月之類的。當然，當我們有大量與此相關的資金流入時，我們會向您通報最新情況，我們將提供相關背景信息，並確保我們對您的資金流入時間保持透明。

But just to be clear, beyond the $25 billion, we expect to grow -- there's a lot of opportunities to grow beyond the $25 billion. And even with this, we're just alongside other asset managers that also have important relationships with the Power group of companies. So we're just alongside them. We're increasing market share, frankly, where it should be aligned with what we -- the capabilities regarding the size of our franchise.

但需要明確的是，除了 250 億美元之外，我們預計還會成長——有很多機會可以實現超過 250 億美元的成長。即便如此，我們與其他資產管理公司一樣，也與 Power 集團公司有著重要的關係。所以我們就和他們並肩作戰。坦白說，我們正在增加市場份額，這應該與我們的特許經營規模能力一致。

The next question comes from Daniel Fannon from Jefferies.

下一個問題來自 Jefferies 的 Daniel Fannon。

A couple of clarifications. Matt, I just want to confirm the 1Q guide for comp that was, I believe, $815 million around that included $50 million of performance fees. Did the full year guide of the $455 million to $466 million assume a $50 million a quarter performance fee contribution?

一些澄清。馬特，我只是想確認第一季的補償指南，我相信大約是 8.15 億美元，其中包括 5000 萬美元的績效費。 4.55 億美元至 4.66 億美元的全年指引是否假設季度業績費貢獻為 5,000 萬美元？

Yes, plus the $93 million that we had this -- in the first quarter. So it's $93 million, $50 million, $50 million, $50 million.

是的，加上我們第一季的 9,300 萬美元。所以是 9,300 萬美元、5,000 萬美元、5,000 萬美元、5,000 萬美元。

Yes. Got it. Okay. That's helpful. And then just on the Lexington what's happened -- I'd like to just clarify what's in the numbers now in terms of AUM and flows that we've seen as of 12/31. And then in terms of catch-up fees, we got the disclosure for this quarter and last, but should we assume given the final close in January, another round of catch-up fees here for the March quarter?

是的。知道了。好的。這很有幫助。然後就列剋星敦發生了什麼 - 我想澄清一下截至 12 月 31 日我們所看到的資產管理規模和流量方面的數字。然後就追趕費用而言，我們獲得了本季度和上一季度的披露信息，但考慮到一月份的最終收盤價，我們是否應該假設，三月份季度的另一輪追趕費用？

So there's no more catch-up fees to book at this point. The fund had its last fundraising in the -- by 12/31 and that's when they sent the press release out that indicated that we have $22.7 billion of additional AUM. And that's all included in our reported numbers.

因此，此時無需再支付後續費用。該基金於 12 月 31 日進行了最後一次融資，當時他們發布了新聞稿，表明我們有 227 億美元的額外 AUM。這些都包含在我們報告的數字中。

And the would BSP's fundraise be in there as well? 12/31?

菲律賓央行的募款也會在那裡嗎？ 12/31？

No, not yet.

還沒有。

The next question comes from Brennan Hawken from UBS.

下一個問題來自瑞銀集團的布倫南·霍肯。

So you spoke earlier about fixed income and the attractiveness and demand and a shift from cash and short duration investments. What are you specifically seeing as far as RFP activity? And could you talk about Western and their level of engagement with their client base?

因此，您之前談到了固定收益、吸引力和需求以及現金和短期投資的轉變。就 RFP 活動而言，您具體看到了什麼？您能談談西方公司以及他們與客戶群的互動程度嗎？

Yes. So Brennan, maybe just a little bit of color kind of on the industry everybody talked about the $7.7 trillion in money market funds and what's going to be transferring from cash into other investments. And first of all, Western's money market fund is primarily institutional and institutions tend to build in the first 2 quarters and then spend in the second 2 quarters.

是的。所以布倫南，也許只是對這個行業有點色彩，每個人都在談論 7.7 兆美元的貨幣市場基金以及將從現金轉移到其他投資的內容。首先，西方的貨幣市場基金主要是機構基金，機構傾向於在前兩個季度建立，然後在後兩個季度支出。

Having said that, and we don't have a meaningful presence in the retail money market business. However, obviously, we have relationships with those distributors, which we do that's where you're going to capture the transition. So even if you don't have the money market plus, it doesn't mean you get the transition. So we've had actually good interest and positive flows in some categories in our fixed income. Unfortunately, it's masked. It's masked a bit by some performance challenges we've had in the core strategies. Over half of our top 10 gross selling funds are in the fixed income space.

話雖如此，我們在零售貨幣市場業務中並沒有有意義的存在。然而，顯然，我們與這些經銷商有關係，我們這樣做就是您要捕捉轉變的地方。因此，即使您沒有貨幣市場附加，也不代表您獲得了過渡。因此，我們的固定收益中的某些類別實際上擁有良好的利息和積極的流動。不幸的是，它被蒙蔽了。它被我們在核心策略中遇到的一些效能挑戰所掩蓋。我們銷售前十名的基金中有一半以上屬於固定收益領域。

And actually, from a vehicle standpoint, were positive flows in ETFs and muni ladder SMAs. So it's really important to think about this as being vehicle-agnostic. And our fixed income gross sales are up 8%. We've had the greatest portion of our institutional pipeline is actually fixed income in multisector credit, high-yield, global income and Western, to your question about Western, they represent the largest portion of that.

事實上，從投資工具的角度來看，ETF 和市政階梯 SMA 的流量為正。因此，將其視為與車輛無關非常重要。我們的固定收益總銷售額成長了 8%。我們的機構管道的最大部分實際上是多部門信貸、高收益、全球收入和西方的固定收益，對於你關於西方的問題，它們代表了其中的最大部分。

So Western is having good conversations or clients -- been -- have a lot of very good performing strategies but have struggled, obviously, in their core strategy. Global (inaudible) positive in things like tax efficient, global opportunistic, (inaudible) back securities. But I think the most -- and by the way, Putnam brings in really top-performing fixed income performance as well plus additional products and things like stable value, ultrashort duration, intermediate core and really the performance in munis as well.

因此，西方國家正在與客戶進行良好的對話，或者客戶有很多非常好的執行策略，但顯然在他們的核心策略上卻遇到了困難。全球（聽不清楚）在稅收效率、全球機會主義、（聽不清楚）支持證券等方面積極。但我認為最重要的是，順便說一句，普特南帶來了真正表現最佳的固定收益業績，以及額外的產品和穩定價值、超短久期、中間核心以及市政債券的業績等。

So we think cash is still attractive. And frankly, some people would argue the risk reward, you got cash yielding 5% and same high yield, yielding 7.5%, that you're not going to see the full rotation until you see some rate cuts as opposed to just peaking. And we just think we're incredibly well positioned, both in public fixed income, traditional fixed income as well as private credit to be able to capture this. And our view is what we're seeing is it demonstrates that we're well positioned there. I don't know, Adam, if you want to add anything?

因此我們認為現金仍然具有吸引力。坦白說，有些人會爭論風險回報，你得到了5% 的現金收益率和同樣高的收益率（7.5%），除非你看到一些降息而不是僅僅見頂，否則你不會看到全面輪換。我們只是認為我們在公共固定收益、傳統固定收益以及私人信貸方面都處於非常有利的位置，能夠抓住這一點。我們的觀點是我們所看到的，它表明我們在這方面處於有利位置。我不知道，亞當，你還想補充什麼？

Yes. Jenny, I would just add that I think you're spot on that we've really seen strength in a number of areas of fixed income that was masked by some of the outflows in Core and Core Plus. But the performance in Core and Core Plus turned around. If you take a look at the end of the year, Core is up 37 basis points in the index, Core Plus 124. And traditionally, those products get very, very strong inflows after the Fed stops hiking. So we're in the position now from a performance standpoint as well as in the rate cycle, where those products are poised to do quite well.

是的。珍妮，我想補充一點，我認為你說得很對，我們確實看到了許多固定收益領域的實力，但這些實力被核心和核心附加的一些資金外流所掩蓋。但 Core 和 Core Plus 的表現卻出現了逆轉。如果你看看今年年底，Core 指數（Core Plus 124）上漲了 37 個基點。傳統上，在聯準會停止升息後，這些產品會獲得非常非常強勁的資金流入。因此，從性能和費率週期的角度來看，我們現在所處的位置是，這些產品有望表現良好。

Great. And then just, Matthew, I wanted to reconfirm because a lot of times when you speak to expenses, you speak to it ex some items, but it sounds like the $4.55 billion and the $4.6 billion for the fiscal quarter would be inclusive of the double rent would also include the expectation -- the actual performances from this past quarter plus [50] expected the next few as well as the 9 months of Putnam. Do I have that correct?

偉大的。然後，馬修，我想再次確認一下，因為很多時候，當你談論支出時，你會談論一些項目，但聽起來財政季度的 45.5 億美元和 46 億美元將包括雙倍租金還包括預期——上個季度的實際表現加上[50] 對接下來幾季以及普特南9 個月的預期。我說的對嗎？

That's right. Yes. And just to -- the reason why I went through the detail is because I want to be very clear that if you take Putnam out of the equation, our expenses are up like 1% or something like that year-over-year. And that's only because -- and again, we don't normally talk about revenue on -- from a guide perspective, it's almost impossible to guide, as you know. But that does assume 5% higher revenue. So just if you often people ask us about margin, the relationship between revenue and expenses and leverage and operating leverage in the system -- well you can see that if we expect revenue to go up 5%, we only expect our expenses to go up between 1% and 2% on a foundational level.

這是正確的。是的。我之所以詳細說明這一點，是因為我想非常清楚地表明，如果將普特南排除在外，我們的開支將比去年同期增加 1% 左右。這只是因為——再說一次，我們通常不會談論收入——從指南的角度來看，正如你所知，幾乎不可能進行指導。但這確實假設收入增加了 5%。因此，如果人們經常問我們關於利潤率、收入和支出之間的關係以及系統中的槓桿和營運槓桿的問題，那麼您可以看到，如果我們預計收入成長 5%，我們只期望支出會成長基礎水平在1% 到2% 之間。

And then in addition to that, we're adding Putman. But of course, we're in the process of reducing expenses around the Putnam acquisition. That's when you get to all these -- when you put all that together, you get to the $4.55 billion to $4.6 billion. Next year, we expect that to be a further reduction in expenses. I mentioned $375 million for 9 months of expenses for Putnam, we expect on a dollar-for-dollar basis for that to come down for 2025.

除此之外，我們還加入了普特曼。當然，我們正在減少收購普特南的開支。當你得到所有這些的時候——當你把所有這些加在一起時，你就得到了 45.5 億到 46 億美元。明年，我們預計費用將進一步減少。我提到 Putnam 9 個月的開支為 3.75 億美元，我們預計以美元計算，2025 年這一數字將會下降。

I said to you that for the year, we expect to actually realize $85 million to $100 million of expenses, expense savings from the Putnam transaction. For a full year, that's $150 million at least in expense savings, and that's what translates into about $150 million to $170 million of operating income addition.

我對你們說過，今年我們預計將實際實現 8,500 萬至 1 億美元的費用，也就是普特南交易帶來的費用節省。對於一整年來說，這至少可以節省 1.5 億美元的費用，這相當於增加約 1.5 億至 1.7 億美元的營業收入。

Yes. That's -- that $150 million, that's the run rate when you exit your fiscal year basically right?

是的。那就是——那 1.5 億美元，這基本上就是你結束財政年度時的運行率，對嗎？

That's exactly right. Yes. So on the last day, at the very least on the -- I think we could be a little bit better than this. But on the last day, [9, 30] when you times that number of savings by the year, it's $150 million at least.

完全正確。是的。所以在最後一天，至少在——我認為我們可以比這更好一點。但在最後一天，[9, 30]，如果將每年的節省金額乘以該數字，則至少為 1.5 億美元。

The next question comes from Michael Cyprys from Morgan Stanley.

下一個問題來自摩根士丹利的邁克爾·賽普里斯（Michael Cyprys）。

I wanted to ask about retirement with Putnam and the Great-West strategic relationship, this accelerates your push into the retirement channel. I hope you could talk about some of the steps you're taking and may take over the next 12 months to capture the growth opportunity that you see. Maybe you could elaborate on that as well as which products you think might resonate the most.

我想問一下普特南的退休問題以及大西部的戰略關係，這會加速你進入退休通道。我希望您能談談您正在採取的以及未來 12 個月內可能採取的一些步驟，以抓住您所看到的成長機會。也許您可以詳細說明這一點以及您認為哪些產品最能引起共鳴。

Adam, you want to take that?

亞當，你想要那個嗎？

Yes. So first of all, the Putnam acquisition gave us capabilities. And I think those capabilities are really important in terms of things like stable value where there's $18 billion in assets, ultrashort and target date. If you take a look at target date, it's a third of industry DC AUM right now, had $150 billion in net flow last year. We can now play in that segment where we haven't really been able to play effectively historically.

是的。首先，收購普特南給了我們能力。我認為這些能力對於 180 億美元資產的穩定價值、超短期和目標日期等方面非常重要。如果你看一下目標日期，你會發現它目前佔產業 DC AUM 的三分之一，去年的淨流量為 1500 億美元。我們現在可以在歷史上無法真正有效發揮的領域中發揮作用。

So from a product standpoint, we're in a much stronger position. I would also say that from a sales force position, when we took folks in from Putnam, one of the areas where we added most significantly within that retirement and somewhat in the insurance channel as well. So we just have a much, much larger field force. So that lets us be better partners both of those things, both the expanded field force, the expanded products.

因此，從產品的角度來看，我們處於更有利的地位。我還想說，從銷售人員的角度來看，當我們從普特南引進人員時，這是我們在退休人員以及保險管道中增加最顯著的領域之一。所以我們的現場人員規模要大得多。因此，這讓我們成為更好的合作夥伴，無論是擴大的現場人員還是擴大的產品。

We're better partners with the power-related companies, but with all of our insurance partners. And I think that's what's really important to mention is this is not just about being stronger with one partner, it's about being stronger in insurance and retirement across the board.

我們與電力相關公司是更好的合作夥伴，但與我們所有的保險合作夥伴也是更好的合作夥伴。我認為真正值得一提的是，這不僅僅是與一個合作夥伴變得更強大，而是在保險和退休方面全面加強。

Putnam's DC assets are about 30% of overall AUM. It's just a real strength in bringing that DNA into Franklin will be a real benefit in the relationship with Empower allows us to build some custom products together that we can go to market with that we think will really help us win because we can have multiple sales forces now selling the same products, which just gives us leverage.

Putnam 的 DC 資產約佔整體 AUM 的 30%。將這種DNA 引入富蘭克林是一種真正的優勢，這將是與Empower 的關係中的真正好處，使我們能夠共同建立一些客製化產品，我們可以將這些產品推向市場，我們認為這將真正幫助我們獲勝，因為我們可以進行多次銷售現在迫使我們銷售相同的產品，這給了我們槓桿作用。

Great. And just a follow-up question on the technology front. Just curious how you're thinking about front to back outsourcing opportunities and evolving the tech stack from here. Maybe you could speak to some of the opportunities that you might see from improving data integration across the multiple systems that you have, what sort of factors go into consideration? And any sort of lessons learned you might take away from others that have partnered externally on this front.

偉大的。這只是技術方面的後續問題。只是好奇您如何考慮從前端到後端的外包機會並從這裡發展技術堆疊。也許您可以談談透過改進您擁有的多個系統的資料整合可能會看到的一些機會，需要考慮哪些因素？您可以從在這方面進行外部合作的其他人那裡汲取任何經驗教訓。

Yes. Thanks, Mike, I'll take that and then Jenny, maybe would like to comment. Because we're all very involved in these very critical decisions for the company. So as you know, we outsourced transfer agency, fund administration and parts of that technology, as we've described beforehand. We then moved on to understanding the potential opportunity for effectively partnering with one single provider for our investment technology platform.

是的。謝謝，麥克，我會接受的，然後珍妮，也許想發表評論。因為我們都積極參與公司的這些非常關鍵的決策。如您所知，正如我們之前所描述的，我們外包了轉帳機構、資金管理和部分技術。然後，我們繼續了解與我們的投資技術平台的單一提供者有效合作的潛在機會。

That's a huge undertaking a process that takes a year, 18 months just to go through all the analysis. What I'd say on this is the #1 point is and most important to us, candidly, is that all of our specialist investment teams are on board with moving to a single investment technology platform. We've done a huge amount of work, and I'd say that we are close to deciding on who that partner should be.

這是一項艱鉅的任務，光是完成所有分析就需要一年 18 個月的時間。坦白說，我想說的是，第一點對我們來說最重要的是，我們所有的專業投資團隊都同意轉向單一投資技術平台。我們已經做了大量的工作，我想說，我們即將決定該合作夥伴應該是誰。

It's going to be a long time to implement. I wish it was faster, but it's slower. It's a very long and complicated process. We're probably going to take something like 3 years to implement. So to give you guide on expense reductions and how it's going to be applied internally is really premature at this stage. But we are encouraged by what we see and what we think we can achieve from this transaction. But candidly, there's so many other demands to invest like artificial intelligence, data, additional teams and resources that they require to be leading in the industry, that while we expect long-term savings to be meaningful over time, we've got a lot of other things to circulate those savings into.

實施起來還需要很長時間。我希望它更快，但它更慢。這是一個非常漫長且複雜的過程。我們可能需要大約 3 年的時間來實施。因此，現階段向您提供有關費用削減以及如何在內部應用的指導確實為時過早。但我們對所看到的以及我們認為可以從這次交易中實現的目標感到鼓舞。但坦白說，還有很多其他投資需求，如人工智慧、數據、額外的團隊和資源，這些都是他們在行業中處於領先地位所需要的，雖然我們預計隨著時間的推移，長期節省會變得有意義，但我們已經有很多將這些儲蓄用於其他用途。

But again, we'll share that with you when we're through the process with the partner that we expect to announce here in the coming quarter or 2 or so. So that's sort of the update and whether Jen, do you want to add anything to that?

但同樣，當我們與合作夥伴完成我們預計將在下個季度或兩個季度左右宣布的流程時，我們將與您分享這一點。這就是更新內容，Jen，您是否想對此添加任何內容？

No, Matt, that was perfect.

不，馬特，那太完美了。

The next question comes from Patrick Davitt from Autonomous.

下一個問題來自 Autonomous 的 Patrick Davitt。

First, on Putnam, as we try to kind of level set our model expectations. Could you give an update on how the net flow picture tracked from announcement through the December quarter with and without reinvested dividends.

首先，在普特南，我們試著設定我們的模型期望水準。您能否提供有關從公告到 12 月季度（有或沒有再投資股息的情況下）淨流量情況如何追蹤的最新資訊。

Yes. Excluding reinvested dividends, it's slightly positive. No, obviously, we closed the transaction, as you know, Patrick, on January 1, I'd say, in the quarter before that and the period we're in now, it's kind of flattish, excluding reinvested dividends. So slightly positive.

是的。不包括再投資股息，它略為積極。不，顯然，我們在 1 月 1 日完成了交易，帕特里克，你知道，我想說的是，在那之前的季度和我們現在所處的時期，交易有點平淡，不包括再投資股息。所以有點積極。

And I'm just going to throw one thing in. I mean Putnam's got 85% of their AUM beating their peers in all time periods. 87% of mutual funds are -- or 91% of mutual funds are rated 4- and 5-star ratings. So both on the equity and fixed income, they've got phenomenal performance.

我只想拋出一件事。我的意思是，Putnam 85% 的 AUM 在所有時間段內都擊敗了同行。 87% 的共同基金或 91% 的共同基金獲得 4 星級和 5 星評級。因此，無論是在股票還是固定收益方面，他們都有驚人的表現。

Great. And then one housekeeping item. It wasn't clear to me earlier when you were talking about this, but the $5.5 billion-ish win from Great-West announced last week, is that a part of the $25 billion? Or should we consider it incremental?

偉大的。然後是一件家事用品。早些時候，當你談論這個時，我並不清楚，但是 Great-West 上週宣布的 55 億美元左右的勝利，是 250 億美元的一部分嗎？或者我們應該考慮它是漸進的嗎？

Incremental.

增加的。

Yes. I think that's from the -- yes, from the retirement channel. So.

是的。我認為這是來自——是的，來自退休管道。所以。

So it is incremental.

所以它是增量的。

Incremental.

增加的。

And the next question comes from Brian Bedell from Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·比德爾（Brian Bedell）。

Just one clarification also. I think I'm not sure you mentioned this, but the alternative was I think the $5 billion of private markets to play with them correctly, $5 billion of private markets, less about $1 billion of liquid also is that for the quarter just reported or for the current month quarter.

也只是一處澄清。我想我不確定你是否提到過這一點，但另一個選擇是，我認為50 億美元的私人市場能夠正確地發揮作用，50 億美元的私人市場，減去大約10 億美元的流動性也是剛報告的季度或當月季度。

Well, so BSP -- so they closed their fund in this quarter. And so you don't see those flows in last quarter. So we're talking about in Matt, what was the date that they closed the [4.7].

嗯，BSP——所以他們在本季度關閉了他們的基金。所以你在上個季度看不到這些流量。所以我們在 Matt 中討論的是，他們關閉 [4.7] 的日期是哪一天。

Like a week ago...

就像一週前一樣...

This quarter. So -- and just the different BSP charges when they call capital, so they don't have catch-up fees like Lexington does.

本季。因此，BSP 在調用資本時收取的費用不同，因此他們不像列剋星敦那樣收取追繳費用。

Yes. Perfect. Okay. That's clear. And then just more broadly, I guess, just the ETF franchise are growing nicely. Maybe Jenny, if you want to -- and Adam also or Matt, just talk a bit about the -- your long-term vision for active semitransparent ETFs, you've already got 12 managers, using these products to $20 billion in the total ETF, which of course, includes a lot of smart beta. But just how you're thinking about this over, say, the next 2 or 3 years the demand from the marketplace for ETFs, but whether you think it might cannibalize mutual funds where you actually think you can develop strategies that will be incrementally growing sales on top of your mutual fund tranches?

是的。完美的。好的。很清楚。我想，從更廣泛的角度來看，ETF 業務的成長勢頭良好。也許珍妮，如果你想——還有亞當或馬特，談談你對主動半透明 ETF 的長期願景，你已經有 12 名經理，使用這些產品總計 200 億美元ETF，其中當然包括很多smart beta。但你如何看待這個問題，比如說，未來 2 到 3 年市場對 ETF 的需求，但你是否認為這可能會蠶食共同基金，而你實際上認為你可以製定策略來逐步增加銷售額在你的共同基金部分之上？

Yes. So I think the key to think about with ETFs and frankly, SMAs A lot of the growth is driven from the fact that the world has moved more towards fee-based and how distribution fees are paid and things like traditional mutual funds. And then obviously, the tax efficiencies and ETFs. So we view it as our expertise is our investment -- risk-adjusted investment capabilities, risk-adjusted returns. We have a very small passive suite in the ETFs, but we really focus on active management. And we are agnostic to the vehicle in which we deliver that. So we look at the ETF as a vehicle which works really well in certain channels.

是的。因此，我認為考慮ETF 的關鍵是，坦白說，SMA 的成長很大程度上是由這樣一個事實推動的：世界已經更多地轉向基於費用的方式以及如何支付分銷費以及傳統共同基金之類的事情。顯然，還有稅收效率和 ETF。因此，我們將其視為我們的專業知識就是我們的投資——風險調整後的投資能力、風險調整後的回報。我們在 ETF 中擁有非常小的被動組合，但我們真正專注於主動管理。我們對實現這一目標的工具不可知。因此，我們將 ETF 視為一種在某些管道中運作良好的工具。

And on the wealth side, you're starting to see more growth internationally in ETFs, more discussions like in places I just came from Asia, where you haven't seen the kind of penetration there, but they're interested in them. And then things like SMAs are also very much growing in the wealth channel. And we look at Canvas as a great way to bring tax optimization to the SMA platform. So that it can be leveraged as a tool to provide tax-efficient active SMAs to the market.

在財富方面，你開始看到國際上ETF的更多增長，更多的討論，就像我剛從亞洲來的地方一樣，在那裡你還沒有看到那裡的滲透率，但他們對它們很感興趣。然後像 SMA 這樣的東西在財富管道中也正在快速成長。我們將 Canvas 視為將稅務優化引入 SMA 平台的好方法。這樣就可以將其用作向市場提供節稅的主動 SMA 的工具。

We've had close to $1 billion in a quarter in flows in the ETFs. I think we're now over $21 billion when we've added Putnam into that and have had really great success diversifying our strategies into these other types of vehicles. So the Franklin Income Fund, now we have the Franklin Income-focused ETF, which has again been really well received in the market since it was launched as well as having traction outside the U.S.

我們一個季度的 ETF 資金流量接近 10 億美元。我認為，當我們將普特南納入其中時，我們現在的規模已超過 210 億美元，並且在將我們的策略多元化到其他類型的車輛方面取得了巨大的成功。因此，富蘭克林收入基金，現在我們有了以富蘭克林收入為重點的 ETF，自推出以來，它再次受到市場的熱烈歡迎，並且在美國以外的地區也很受歡迎。

So ETFs are incredibly important to us. Yes, it will probably cannibalize some of the mutual funds. But for -- in our case, where we have been underpenetrated in the areas of retirement, that's actually been an area where the tax benefit of ETFs hasn't made a difference, and you're seeing very strong support from mutual funds to the retirement channel. So as we grow there, we're able to make up for any of that cannibalization in that retirement channel while also growing our ETFs.

因此，ETF 對我們來說非常重要。是的，它可能會蠶食一些共同基金。但對我們來說，我們在退休領域的滲透率還不夠，這實際上是一個 ETF 的稅收優惠並沒有產生影響的領域，而且你會看到共同基金對退休基金的大力支持。退休通道。因此，隨著我們在那裡的發展，我們能夠彌補退休管道中的任何蠶食，同時也增加我們的 ETF。

So Adam, do you want to add anything to that?

亞當，你想補充什麼嗎？

Yes. I would just reiterate the point that, for us, ETFs is about the vehicle, not about being passive, just to put some numbers around that 24% of our assets are smart beta and 36% are active. So our passive ETF business, it's only 40% of our AUM is in passive and it was only 20% -- passive was only 20% of our ETF flow for the quarter. So as more and more people begin to consider active management within an ETF wrapper, we think that's great to us.

是的。我想重申一點，對我們來說，ETF 是一種工具，而不是被動的，只是為了說明我們 24% 的資產是 smart beta 資產，36% 是主動資產。所以我們的被動 ETF 業務，我們的 AUM 中只有 40% 是被動的，而且只有 20%——本季被動的只占我們 ETF 流量的 20%。因此，隨著越來越多的人開始考慮在 ETF 包裝中進行主動管理，我們認為這對我們來說很好。

And to the point about cannibalization, we would also say that direct indexing is the real threat to mutual funds, and that's where we're so thrilled to have Canvas on board to see the growth there to see our ability to actually use Canvas to manage active portfolios now as well. We think that puts us in a very good position.

說到蠶食，我們還想說，直接指數化是對共同基金的真正威脅，這就是我們非常高興 Canvas 加入的地方，我們可以看到那裡的增長，看到我們實際使用 Canvas 進行管理的能力。現在也有活躍的投資組合。我們認為這使我們處於非常有利的位置。

And I think that Canvas is (inaudible) is more of a threat to the passive mutual fund that has and passive ETF.

我認為 Canvas（聽不清楚）對被動型共同基金和被動型 ETF 來說更像是一種威脅。

We had another question come in to clarify a point around guidance on performance fees. So just to be clear, the [815] guide that I gave around the fiscal second quarter guidance, includes an assumption of $50 million of performance fees. The annual guide of $4.55 billion to $4.6 billion is excluding performance fees. Just as you know, we always give our annual guide excluding performance fees. I just want to be clear on that. That's fully inclusive of Putnam. It includes the double rent, but it excludes performance fees.

我們提出了另一個問題來澄清有關績效費指導的一點。因此，需要明確的是，我圍繞第二財季指導給出的 [815] 指南包括 5000 萬美元績效費的假設。年度指導價為 45.5 億至 46 億美元，不包括績效費。如您所知，我們總是提供不包括表演費的年度指南。我只是想澄清這一點。這完全包括普特南。它包括雙倍租金，但不包括演出費。

Thank you. This concludes today's Q&A session. I would now like to hand the call back over to Jenny Johnson, Franklin's President and CEO for final comments.

謝謝。今天的問答環節到此結束。我現在想將電話轉回富蘭克林總裁兼執行長珍妮·約翰遜 (Jenny Johnson)，以徵求最終意見。

Great. Well, thank you, everybody, for participating in today's call. And once again, I just want to thank our employees for their hard work and dedication to be able to deliver this quarter. And we look forward to speaking to you all again next quarter. Thanks, everybody.

偉大的。好的，謝謝大家參加今天的電話會議。我想再次感謝我們的員工的辛勤工作和奉獻精神，才能夠實現本季的業績。我們期待下個季度再次與大家交談。謝謝大家。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。