富蘭克林資源 (BEN) 2022 Q2 法說會逐字稿

Welcome to Franklin Resources Earnings Conference Call for the 2 quarter and fiscal year 2022. Hello. My name is Greg, and I'll 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, Head of Investor Relations for Franklin Resources. You may begin.

歡迎參加 2022 年第二季度和財政年度的富蘭克林資源收益電話會議。您好。我叫格雷格，今天我將擔任您的電話接線員。提醒一下，本次會議正在錄製中。 （操作員說明）我現在想將會議轉交給您的主持人，富蘭克林資源公司投資者關係主管 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 fact or 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.

早上好，感謝您今天加入我們討論我們的季度業績。本次電話會議上關於富蘭克林資源公司的陳述，這些陳述不是歷史事實或 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述涉及許多已知和未知的風險不確定性以及其他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. Now I'd like to turn the call over to Jenny Johnson, our President and Chief Executive Officer.

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提交給證券交易委員會的文件中進行了更詳細的描述，包括在富蘭克林最近提交的 10-K 和 10-Q 表格的風險因素和 MD&A 部分。現在我想把電話轉給我們的總裁兼首席執行官珍妮約翰遜。

Thank you, Selene. Hello, everyone, and thank you for joining us today to discuss Franklin Templeton's results for our second fiscal quarter. I'm joined by Matt Nicholls, our CFO, who recently expanded his responsibilities to include Chief Operating Officer; and Adam Spector, our Head of Global Distribution. This quarter, global financial markets were impacted by a continuation of macroeconomic pressures due to increased inflation and related higher interest rates, both of which have been significantly exacerbated by geopolitical and economic shifts resulting from the Russia-Ukraine war.

謝謝你，賽琳娜。大家好，感謝您今天加入我們，討論富蘭克林鄧普頓第二財季的業績。我們的首席財務官 Matt Nicholls 加入了我的行列，他最近將職責擴大到包括首席運營官；和我們的全球分銷主管 Adam Spector。本季度，全球金融市場受到通脹加劇和相關利率上升導致宏觀經濟壓力持續的影響，而俄羅斯-烏克蘭戰爭導致的地緣政治和經濟變化顯著加劇了這兩種壓力。

This quarter's volatile market environment challenged industry flows, particularly in taxable fixed income strategies. We were impacted by these pressures and had $11.7 billion in long-term net outflows, although we continue to drive net inflows into key growth areas and our effective fee rate remains stable.

本季度動蕩的市場環境對行業流動構成挑戰，尤其是在應稅固定收益策略方面。我們受到這些壓力的影響，並有 117 億美元的長期淨流出，儘管我們繼續推動淨流入關鍵增長領域並且我們的有效費率保持穩定。

The heightened market volatility and implications of a rapidly changing investment environment remind us of the importance of the investments we've made over the past several years to diversify our business to better serve our clients through all market conditions. Our investment teams each look at the market through a different lens to provide deep expertise and investment specialization.

市場波動加劇以及快速變化的投資環境所帶來的影響提醒我們，我們在過去幾年所做的投資對於實現業務多元化以在所有市場條件下更好地為客戶服務的重要性。我們的投資團隊每個人都通過不同的視角看待市場，以提供深厚的專業知識和投資專業知識。

For instance, if you look at our fixed income franchise, Brandywine Global, Franklin Templeton Fixed Income, Templeton Global Macro and Western Asset, each of these specialist investment managers has a different interest rate outlook, resulting in varying investment outcomes across our products. And although we saw net outflows in certain U.S. and global taxable strategies, those were partially offset by inflows into short duration bank loans and corporate strategies.

例如，如果您查看我們的固定收益專營權 Brandywine Global、Franklin Templeton Fixed Income、Templeton Global Macro 和 Western Asset，這些專業投資經理中的每一個都有不同的利率前景，導致我們產品的投資結果不同。儘管我們看到某些美國和全球應稅戰略出現淨流出，但這些資金流入短期銀行貸款和企業戰略中被部分抵消。

Additionally, we've been able to benefit as investors look to reposition their portfolios in search for yield across asset classes. Our flagship income fund and alternative asset strategies of Benefit Street Partners and Clarion Partners, for example, represent important diversification tools for our clients.

此外，隨著投資者希望重新定位其投資組合以尋求跨資產類別的收益，我們已經能夠從中受益。例如，我們的 Benefit Street Partners 和 Clarion Partners 的旗艦收益基金和另類資產策略是我們客戶的重要多元化工具。

BSP and Clarion have been key contributors to our success and generated a combined $2 billion in long-term net inflows during the second quarter and each reached record highs in assets under management. Our multi-asset class category recorded $2.3 billion in positive net flows for the quarter, driven by the Franklin Income Fund that has an approach that is adjustable to changing market conditions, with $75 billion in U.S. AUM, the income fund has also seen increased interest from investors in Asia and Europe, and the strategy was recently launched into the SMA vehicle to meet client demand.

BSP 和 Clarion 是我們成功的關鍵貢獻者，在第二季度共產生了 20 億美元的長期淨流入，並且各自的管理資產均創下歷史新高。在富蘭克林收入基金的推動下，我們的多資產類別類別在本季度錄得 23 億美元的正淨流量，該基金的方法可以根據不斷變化的市場條件進行調整，美國資產管理規模為 750 億美元，收入基金的興趣也有所增加來自亞洲和歐洲的投資者，該策略最近被推出到 SMA 工具中以滿足客戶需求。

To illustrate how we've been able to diversify into other strategies, 17 of our top 20 funds with net inflows are outside of our largest 20 funds and on average, now exceed $5 billion in AUM. Close connectivity with our customers during periods of market uncertainty is extremely important as investors look to reposition their portfolios, and we've been actively engaging with our clients with thought leadership Franklin Templeton Institute and our specialist investment managers to help navigate how geopolitical and macroeconomic shifts impact their investment decisions and their long-term financial goals.

為了說明我們如何能夠分散到其他策略中，我們淨流入的前 20 支基金中有 17 支在我們最大的 20 支基金之外，平均而言，現在 AUM 超過 50 億美元。在市場不確定時期與我們的客戶保持密切聯繫非常重要，因為投資者希望重新定位他們的投資組合，我們一直以思想領導力與我們的客戶積極接觸，富蘭克林鄧普頓研究所和我們的專業投資經理幫助了解地緣政治和宏觀經濟如何變化影響他們的投資決策和長期財務目標。

Specifically, webinar attendance by financial advisers grew by 62% in the second quarter and video views increased by 90%. Turning to investment performance. Strong long-term investment performance resulted in 65%, 68% and 77% of our strategy composite AUM outperforming their respective benchmarks over a 3-, 5- and 10-year period.

具體而言，第二季度財務顧問的網絡研討會出席率增長了 62%，視頻觀看次數增長了 90%。轉向投資業績。強勁的長期投資表現導致我們 65%、68% 和 77% 的戰略綜合資產管理規模在 3 年、5 年和 10 年期間表現優於各自的基準。

There was a decrease in our 1-year investment performance primarily due to certain U.S. taxable fixed income strategies, which was partially offset by strong performance in global fixed income strategies, with notable improvements in performance for Templeton Global Bond Fund, whose performance is in the top decile for the 1-year period.

我們的 1 年投資業績下降主要是由於某些美國應稅固定收益策略，這部分被全球固定收益策略的強勁表現所抵消，鄧普頓全球債券基金的表現顯著改善，其表現在1 年期間的最高十分位數。

We continue to make progress on our corporate initiatives, which include growing alternative assets, advancing technology to customize portfolios in our SMAs and expanding our presence in wealth management and ETFs. Our alternative asset business continues to develop, growing 2.3% from the prior quarter to a record $158 billion in AUM, with contributions from a diverse group of strategies, including the aforementioned $2 billion of net inflows into Benefit Street Partners and Clarion Partners.

我們繼續在我們的企業舉措上取得進展，其中包括增加另類資產、推進技術以在我們的 SMA 中定制投資組合，以及擴大我們在財富管理和 ETF 中的影響力。我們的另類資產業務繼續發展，AUM 比上一季度增長 2.3%，達到創紀錄的 1580 億美元，這得益於多種策略的貢獻，包括上述 20 億美元的淨流入 Benefit Street Partners 和 Clarion Partners。

On April 1, we completed our acquisition of Lexington Partners, a leading global manager of secondary private equity and co-investment funds with total AUM of $57 billion as of March 31. That AUM will be included in our quarterly reporting starting in the third quarter, and we expect further growth as a result of new fundraising. When including Lexington, Franklin Templeton increased its presence in alternatives by 39% to become a $215 billion manager of alternative assets, an area of increasing importance for both individual and institutional investors.

4 月 1 日，我們完成了對 Lexington Partners 的收購，後者是全球領先的二級私募股權和聯合投資基金管理公司，截至 3 月 31 日，AUM 總額為 570 億美元。該 AUM 將包含在我們從第三季度開始的季度報告中，並且我們預計新的籌款活動會帶來進一步的增長。包括列剋星敦在內，富蘭克林鄧普頓在另類資產領域的佔有率增加了 39%，成為價值 2150 億美元的另類資產經理，這一領域對個人和機構投資者的重要性日益增加。

SMA AUM ended the quarter at $126.1 billion. We continued to make progress with SMA strategies, particularly in use of technology to customize portfolios. This quarter, Canvas, our recently acquired custom indexing solution, increased by 21% in AUM, driven by net inflows of $600 million and the number of partnerships grew by 15%.

SMA AUM 在本季度結束時為 1261 億美元。我們繼續在 SMA 策略方面取得進展，特別是在使用技術定制投資組合方面。本季度，我們最近收購的自定義索引解決方案 Canvas 的資產管理規模增長了 21%，這得益於 6 億美元的淨流入和 15% 的合作夥伴數量增長。

Wealth Management AUM ended the quarter at $34.1 billion. Fiduciary Trust International generated its sixth quarter of consecutive positive long-term net inflows, and we continue to explore ways to accelerate growth of the business via acquisitions. We also experienced growth in our ETF business in the quarter, with positive net flows and approximately $13 billion in AUM, which are balanced between actively managed and passive strategies.

財富管理資產管理規模在本季度末為 341 億美元。 Fiduciary Trust International 連續第六個季度實現長期淨流入，我們將繼續探索通過收購加速業務增長的方法。我們的 ETF 業務在本季度也實現了增長，淨流量為正，資產管理規模約為 130 億美元，在主動管理策略和被動策略之間取得平衡。

Looking briefly at our financial results, adjusted revenues were $1.6 billion, a decrease of 6% from the prior quarter, primarily due to lower average AUM, 2 fewer calendar days and a decrease in performance fees. Expenses were flat quarter-over-quarter, but would have been lower had it not been for nonrecurring or certain episodic items that are included in our adjusted results.

簡要回顧一下我們的財務業績，調整後的收入為 16 億美元，比上一季度下降 6%，主要是由於平均 AUM 較低、日曆天數減少 2 和績效費減少。費用環比持平，但如果不是我們調整後的業績中包含的非經常性或某些偶發性項目，費用會更低。

Adjusted operating income was $577 million, and importantly, our adjusted effective fee rate stayed relatively consistent at 38.5 basis points. With $6.8 billion in cash and investments as of March 31, the ongoing strength of our balance sheet enables us to invest with confidence in the business and make sure we're positioned appropriately in an ever-evolving industry.

調整後的營業收入為 5.77 億美元，重要的是，我們調整後的有效費率相對穩定在 38.5 個基點。截至 3 月 31 日，我們擁有 68 億美元的現金和投資，資產負債表的持續強勁使我們能夠對業務充滿信心地進行投資，並確保我們在不斷發展的行業中處於適當的位置。

In closing, it's a transformative time in the asset management industry, while the economic climate and geopolitical tensions present additional complexities and uncertainties. Over the past 2 years, we've made significant strides to expand our capabilities and provide our clients with deep expertise and specialization.

最後，這是資產管理行業的變革時期，而經濟環境和地緣政治緊張局勢帶來了額外的複雜性和不確定性。在過去的 2 年中，我們在擴展能力和為客戶提供深厚的專業知識和專業化方面取得了長足的進步。

It's this broad diversity that is allowing us to navigate through the current volatility I would like to thank our employees for their tireless work and ongoing efforts on behalf of our clients. Now let's turn it over to your questions. Operator?

正是這種廣泛的多樣性使我們能夠應對當前的波動。我要感謝我們的員工代表我們的客戶所做的不懈工作和持續努力。現在讓我們把它交給你的問題。操作員？

(Operator Instructions) Your first question comes from the line of Craig Siegenthaler from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Craig Siegenthaler。

Matt, congrats on the CEO appointment.

馬特，祝賀 CEO 被任命。

Thank you.

謝謝你。

So given your large fixed income franchise across Western, Brandywine and Franklin, I wanted to get your perspective on how investors are reacting to rising rates. And my question really is, are you seeing a different flow pattern or behavior between the retail and institutional channel. And then when the money is leaving, do you see where it's going? Is it going into cash, private credit, equities? And are you able to recapture it?

因此，鑑於您在 Western、Brandywine 和 Franklin 的大型固定收益特許經營權，我想了解您對投資者對利率上升的反應的看法。我的問題實際上是，您是否看到零售渠道和機構渠道之間存在不同的流動模式或行為。然後當錢離開時，你看到它去哪裡了嗎？它會進入現金、私人信貸、股票嗎？你能重新奪回它嗎？

I'm going to let Adam get into details, but I mean we're definitely seeing good flows into like short-duration bank loans, corporate strategies. I mean so there -- so it's not all -- there's more of a kind of a shift in where it's going. But, Adam, do you want to go into a little bit more detail?

我將讓亞當詳細介紹，但我的意思是，我們肯定會看到良好的資金流入，例如短期銀行貸款、公司戰略。我的意思是那裡——所以這還不是全部——它的發展方向更像是一種轉變。但是，亞當，你想更詳細一點嗎？

Sure. Thanks, Jenny. First of all, I would say that the changes that we've seen are not really all that different on the institutional and the retail side. We see pretty similar patterns going on right now. That's really a part, I think, driven by the fact of how professional the wealth channel is these days. I don't see it behaving that much differently than the institutional channel.

當然。謝謝，珍妮。首先，我想說的是，我們所看到的變化在機構和零售方面並沒有太大的不同。我們現在看到非常相似的模式正在發生。我認為，這確實有一部分是由如今財富渠道的專業性這一事實所驅動的。我認為它的行為與機構渠道沒有太大不同。

What we've seen is that core type strategies, intermediate duration was hit the worst. I think if you take a look at active flows for U.S. mutual funds as an example, for the month of March, the industry, without something like $71 billion and 75% or so of that was in core taxable fixed income. So that part of the market got hit really, really hard.

我們看到的是核心類型策略，中間持續時間受到的打擊最嚴重。我認為，如果你以美國共同基金的活躍流動為例，3 月份該行業沒有 710 億美元左右的資金，其中 75% 左右是核心應稅固定收益。所以這部分市場受到了非常非常嚴重的打擊。

Where is that money going? As Jenny see, we see short duration picking up a lot. Our short duration sales in some of our funds was up over 80%. We see it going to some credit strategies, floating rate and importantly, also to private credit, where we're a significant player. And that, in part, is propelling the growth in our alts business, where, in our private markets businesses, as Jenny said earlier, we had $2 billion worth of growth in the quarter.

這筆錢去哪兒了？正如 Jenny 所看到的，我們看到短期持續時間增加了很多。我們的一些基金的短期銷售額增長了 80% 以上。我們認為它將用於一些信貸策略，浮動利率，重要的是，也用於私人信貸，我們是一個重要的參與者。這在一定程度上推動了我們的替代業務的增長，正如珍妮早些時候所說，在我們的私人市場業務中，我們在本季度實現了價值 20 億美元的增長。

The other place, especially in some of our wealth channels that we've seen a pivot to is alternative sources of yield to fixed income. And we're really pleased that we have the ability to offer our clients the income fund, which is 1 of our largest funds at Franklin and 1 of our top really flow generators for the quarter, where we saw an increase in our net of over $2 billion quarter-over-quarter.

另一個地方，特別是在我們的一些財富渠道中，我們已經看到轉向固定收益的替代收益來源。我們真的很高興我們有能力為我們的客戶提供收益基金，這是我們在富蘭克林最大的基金之一，也是本季度我們最大的真正流量發生器之一，我們看到我們的淨額增加了環比 20 億美元。

And I think we have to assume some of that money from fixed income is following to their. So we feel good, Craig, in general, about being able to retain a portion of the outflows even though the segment where we're strongest had the worst outflows in the industry.

而且我認為我們必須假設固定收益中的一些資金正在追隨他們。所以我們感覺很好，克雷格，總的來說，即使我們最強大的部分流出行業中最嚴重的流出，我們也能夠保留一部分流出。

And just as my follow-up on a similar topic, as we try to forecast the model bond flows, do you think it gets worse from here, just because we've only had 1 rate hike and there could be 8 or 9 more? And I know that's more of a short duration front end of the curve sort of comment and the long end might matter more, but I would love your perspective on this topic, given what you're seeing from clients.

就像我對類似主題的後續行動一樣，當我們試圖預測模型債券流動時，你是否認為它會變得更糟，僅僅因為我們只加息一次，可能還會加息 8 或 9 次？而且我知道這更像是曲線評論的短期前端，而長期可能更重要，但考慮到您從客戶那裡看到的情況，我會喜歡您對這個話題的看法。

Yes. I think the good news is 1 of the themes that we are really pleased to see across the business is the diversification. So if you ask about a number of rate hikes like that, it's going to impact our various specialist investment managers in different ways because we have very different and differentiated positioning along the curve.

是的。我認為好消息是我們非常高興地看到整個業務的主題之一就是多元化。因此，如果您詢問類似的加息次數，它將以不同的方式影響我們的各種專業投資經理，因為我們在曲線上的定位非常不同和差異化。

So what I think that means is that regardless of the action the Fed takes, we're going to have products that are in the performance sweet spot where we'll be able to continue. One of the -- continue to grow. One of the things we're really pleased with is the fact that our sales is more diversified than it's ever been before, which means we think we have the ability to grow regardless of the macro environment.

所以我認為這意味著無論美聯儲采取何種行動，我們都將擁有處於性能最佳狀態的產品，我們將能夠繼續。其中之一——繼續增長。我們真正感到滿意的一件事是，我們的銷售比以往任何時候都更加多樣化，這意味著我們認為我們有能力在任何宏觀環境下實現增長。

Next up, we have Bill Katz from Citi.

接下來，我們有來自花旗的 Bill Katz。

Okay. So maybe coming to expenses for a moment. It seem to be a few sort of ins and outs as I see it. Just wondering if you could unpack a little bit about what is the right start point for expenses into new quarter? And how should we be thinking about the expense outlook, maybe with and without the impact of Lexington? And does the charge you took for TA, does that have any sort of incremental synergies or other impacts as we look out over the next several quarters?

好的。所以也許會花點時間。在我看來，這似乎是一些來龍去脈。只是想知道您是否可以稍微了解一下新季度支出的正確起點是什麼？我們應該如何考慮費用前景，可能有或沒有列剋星敦的影響？您對 TA 的收費是否會在我們未來幾個季度中產生任何形式的增量協同效應或其他影響？

Okay, Bill. Maybe it's best if I just update some guidance, and I'll also give some breakdown inclusive of Lexington so we can sort of reset where we're at, not give both annual guidance and some quarterly guidance for next quarter on the breakdowns. We expect full year '22 adjusted operating expenses to be in the range of $3.9 billion to $3.95 billion, excluding performance fees, but now including Lexington Partners.

好的，比爾。也許我最好只更新一些指導，我也會給出一些包括列剋星敦在內的細分，這樣我們就可以重新設置我們所處的位置，而不是同時給出年度指導和下個季度的一些季度指導。我們預計 22 年全年調整後的運營費用將在 39 億美元至 39.5 億美元之間，不包括績效費，但現在包括 Lexington Partners。

You may recall last quarter, I had said that our expense guide for '22 on adjusted operating expenses would be $3.9 billion to $3.95 billion, excluding both performance fees and excluding Lexington. But now it's excluding performance fees and including Lexington Partners, so that's 1 important change due to market conditions and revenues and assets under management and so forth.

您可能還記得上個季度，我曾說過，我們對 22 年調整後的運營費用的支出指南為 39 億美元至 39.5 億美元，不包括績效費和列剋星敦。但現在它不包括績效費，包括列剋星敦合夥人，所以這是一個重要的變化，因為市場條件和收入以及管理的資產等等。

Given we've now closed Lexington, as I mentioned, I'll give a few line items, which I hope will be useful for the third quarter. We expect G&A to be in the range of $140 million, again, inclusive of Lexington occupancy to be around $57 million and information services and technology to be -- information systems, sorry, and technology to be around $125 million, and that's all inclusive of Lexington.

鑑於我們現在已經關閉了列剋星敦，正如我所提到的，我將提供一些項目，希望它們對第三季度有用。我們預計 G&A 將再次在 1.4 億美元的範圍內，包括列剋星敦的入住率約為 5700 萬美元，信息服務和技術將——信息系統，抱歉，技術約為 1.25 億美元，這包括列剋星敦。

That's very helpful. And maybe coming back to alternatives as my follow-up. Jenny, I heard you talk about the sort of the good growth out of Clarion and Benefit Street sort of adding $2 billion, but I also think you mentioned you had some outflows on the liquid side.

這很有幫助。也許會回到替代品作為我的後續行動。珍妮，我聽說你談到了 Clarion 和 Benefit Street 的良好增長，增加了 20 億美元，但我也認為你提到你在流動性方面有一些流出。

So wondering if you could maybe unpack that a little bit more. And then as you think about Lexington, where are they in their flagship capital raising cycle? And how do you see the opportunity to sort of leverage it more broadly through the Franklin footprint?

所以想知道你是否可以再打開一點。然後，當您想到列剋星敦時，他們處於旗艦融資週期的哪個階段？您如何看待通過富蘭克林足跡更廣泛地利用它的機會？

Yes. Look, so some of the outflows were in some of our macro strategies on the alternative side. As far as Lexington and the capital raise, I mean, and we're not talking specifically about the fundraise. But if you look at -- when we announced the deal, I think they had $34 billion in fee generating revenue -- or AUM, and now they're up to $42 billion. And so you can look at comparable secondaries and see sort of how they've done on their rate versus others. And we're really excited about it, but we're not giving any more specific details on this particular fund raise.

是的。看，所以一些流出是在我們的一些宏觀策略中的另一邊。至於列剋星敦和籌資，我的意思是，我們並不是專門談論籌款。但如果你看一下——當我們宣布這筆交易時，我認為他們有 340 億美元的費用產生收入——或 AUM，現在他們高達 420 億美元。因此，您可以查看可比較的二級市場，並了解他們在比率方面與其他公司相比的表現。我們對此感到非常興奮，但我們沒有就這次特定的籌資活動提供任何更具體的細節。

Jenny, the 1 thing I might add to that is that the distribution team has been working with Lexington. Obviously, they have a long history of accomplished fundraising on their own. The areas where we think we're going to be able to add the most at Franklin Templeton are in the retail distribution of their products as well as in select markets.

珍妮，我可能要補充的一件事是發行團隊一直在與列剋星敦合作。顯然，他們在自己完成籌款方面有著悠久的歷史。我們認為我們能夠在富蘭克林鄧普頓增加最多的領域是他們產品的零售分銷以及特定市場。

We've had a number of examples already where they might be strong in a particular country or segment, but they don't quite know everyone in the market or there's a country where they don't really have a presence. So just like we do with the rest of our specialist investment managers, it's really an opt-in model, and we've had discussions with them about where they're strong and where they need some help, and we're filling in the gaps, which we think will help their already strong sales process get even better.

我們已經有很多例子，他們可能在特定國家或細分市場表現強勁，但他們並不完全了解市場上的每個人，或者在某個國家他們並沒有真正的存在。因此，就像我們對其他專業投資經理所做的那樣，這實際上是一種選擇加入的模式，我們已經與他們討論過他們的優勢以及他們需要幫助的地方，我們正在填寫差距，我們認為這將有助於他們已經強大的銷售流程變得更好。

And I think actually, Adam, I think that's a great point. I mean you talk about sort of the big areas of growth. Alternatives is obviously our big area of focus. I mean BCG came out and said, 2025 also represent 16% of AUM, but 46% of global AUM revenue. So as we all know, flows -- all flows aren't created equal.

我認為實際上，亞當，我認為這是一個很好的觀點。我的意思是你談到了一些大的增長領域。替代品顯然是我們重點關注的領域。我的意思是 BCG 出來說，2025 年也佔 AUM 的 16%，但佔全球 AUM 收入的 46%。所以我們都知道，流——所有的流都不是平等的。

And the big opportunity, we think, is in the retail channel you just, again, take the $13 trillion in assets in the top 4 largest wirehouses. 1% move is $130 billion, and they've all stated that they know that the democratization of alternatives is really important as we've seen the reduction of companies going public and more and more private credit.

我們認為，最大的機會在於零售渠道，您再次獲得前 4 大電訊公司 13 萬億美元的資產。 1% 的變動是 1300 億美元，他們都表示他們知道替代方案的民主化非常重要，因為我們已經看到上市公司的減少和越來越多的私人信貸。

And so we think taking our vast retail distribution capabilities and marrying it with these alternatives it's really complicated. There's a lot of training that goes on. It's not just getting it on the platform. There's a lot of material that has to be there, but it's just a tremendous opportunity.

因此，我們認為將我們龐大的零售分銷能力與這些替代品結合起來真的很複雜。有很多培訓正在進行。這不僅僅是在平台上獲得它。有很多材料必須在那裡，但這只是一個巨大的機會。

And Lexington, part of their fund raise has been successful in the retail channel. So we're excited about the opportunities. We actually think secondary private equity is a great way because you don't have the J curve issue for the retail or the wealth channel to actually access private equity.

而列剋星敦，他們的部分募資已經在零售渠道獲得成功。所以我們對這些機會感到興奮。實際上，我們認為二級私募股權是一種很好的方式，因為您沒有 J 曲線問題讓零售或財富渠道實際獲得私募股權。

And your next question comes from the line of Brennan Hawken from UBS.

您的下一個問題來自瑞銀的 Brennan Hawken。

I just had a follow-up on the, Matt, the expense -- updated expense guide, really helpful to hear. What for the full year, does that expectation include what we've seen so far quarter-to-date? Or would that be as of 3/31 when you cut that? How should we think about that when we watch the markets and calibrate for that?

我剛剛對費用進行了跟進，馬特，更新了費用指南，真的很有幫助。對於全年而言，該預期是否包括我們迄今為止所看到的季度？或者當你削減它時會是 3/31 嗎？當我們觀察市場並為此進行校準時，我們應該如何考慮這一點？

It includes market to date. But of course, we obviously know how volatile the market is, Brandon. And I think we've highlighted in the past that approximately 35% to 40% of our adjusted expense base is variable along with market and performance and I think we've also added to that, that the other piece of 60% to 65% in terms of long-term effectiveness and efficiencies we continue to review. But -- so if the market gets tougher, we're equipped to make moves, further moves.

它包括迄今為止的市場。但當然，我們顯然知道市場的波動性，布蘭登。而且我認為我們過去曾強調，我們調整後的費用基數中約有 35% 到 40% 會隨著市場和業績而變化，我認為我們還補充說，另一部分 60% 到 65%在長期有效性和效率方面，我們將繼續審查。但是——因此，如果市場變得更加艱難，我們就有能力採取行動，進一步行動。

Great. That's helpful. And then -- how is it that you guys -- we hear a lot about some competitors continuing to make investments and whatnot. How are you balancing expense discipline and holding the line with continuing to make investments in the business that are so important to your competitive positioning and maintaining your strength in the marketplace.

偉大的。這很有幫助。然後 - 你們怎麼樣 - 我們聽到了很多關於一些競爭對手繼續進行投資之類的事情。您如何平衡開支紀律，並在繼續投資對您的競爭定位和保持您在市場中的實力如此重要的業務方面保持一致。

I think...

我認為...

Go ahead, Jenny.

來吧，珍妮。

Sorry, Matt, I was just going to say, you answer more details, but I would say philosophically, you will always see us thinking in terms of what's the long-term right for the business. versus any kind of short term. So we're going to work hard to reduce costs where we can reduce costs, but never at the expense of strategically positioning us for the long term.

抱歉，馬特，我只是想說，你回答了更多細節，但我會從哲學上說，你總是會看到我們在思考什麼是對業務的長期權利。與任何類型的短期相比。因此，我們將在可以降低成本的地方努力降低成本，但絕不會以長期戰略定位為代價。

So we're making some significant investments in wealth technology, for example, and even in the blockchain space and others, because we think they're going to be important over the long run. It will take a little time for us to pay off meaningfully and hit the bottom line, but they will be really important for us in the long-term positioning of the business.

因此，我們正在對財富技術進行一些重大投資，例如，甚至在區塊鏈領域和其他領域，因為我們認為它們從長遠來看會很重要。我們需要一點時間才能獲得有意義的回報並達到底線，但它們對我們的業務長期定位非常重要。

So go ahead, Matt.

所以繼續吧，馬特。

Yes, the only thing I'd add to that is I think part of your question, Brent, is how are we doing that? Where are we finding the money from when we are managing to reduce expenses and keep up with where the market is going in this volatility. It's basically because we've also been through a very significant merger, remember. So when you go through significant mergers even at the holding company level, where we focused most of the cost synergies, we had that created some flexibility for the company.

是的，我唯一要補充的是，布倫特，我認為你的部分問題是我們如何做到這一點？當我們設法減少開支並跟上市場在這種波動中的走勢時，我們從哪裡找到資金。這基本上是因為我們也經歷了一次非常重要的合併，請記住。因此，即使在控股公司層面進行重大合併時，我們也專注於大部分成本協同效應，這為公司創造了一些靈活性。

And it continues to create flexibility for the company in terms of our operation and how we run the firm. And we have to focus on 1 thing at a time, but we certainly earmarked other areas where we can make moves when we have time to make the moves candidly. So that's where we get the additional flexibility from as we take in.

它繼續在我們的運營和我們經營公司的方式方面為公司創造靈活性。我們必須一次只專注於一件事，但當我們有時間坦率地採取行動時，我們當然會指定其他可以採取行動的領域。這就是我們在接受時獲得額外靈活性的地方。

Next up, we have Alex Blostein from Goldman Sachs.

接下來，我們有來自高盛的 Alex Blostein。

So, Jenny, maybe just to build on some of your comments around the alternatives and the wealth management and all kind of your aspirations there with Lexington especially coming into the fold now. We've seen a number of players, both kind of traditional and the old trying to tackle the channel.

所以，珍妮，也許只是為了建立你對替代方案和財富管理的一些評論，以及你對列剋星敦的各種願望，尤其是現在。我們已經看到許多玩家，無論是傳統的還是老的都試圖解決這個問題。

But outside of Blackstone, most people have had a part of time really making a dent at least so far in a sizable way. So maybe help us frame what the asset base is there today across all of your kind of illiquid product on the wealth channel, wirehouses and the like. And if you look out the next couple of years, what would you consider to be a success? What would you want that to look like?

但在 Blackstone 之外，至少到目前為止，大多數人都曾有過一段時間確實取得了一定的成績。因此，也許可以幫助我們確定當今財富渠道、電匯等所有非流動性產品的資產基礎。如果你展望未來幾年，你認為什麼是成功的？你希望它看起來像什麼？

I'm trying to think we publicly mentioned what percentage of our alternatives are in the retail channel. I don't think so. Here's what I would say. It is really complicated. We are digging in -- I think Franklin Templeton has 1 of the strongest wealth distribution capabilities in the industry. And so probably out of the gate, the view was, "Oh, this should be easy. We should be able to take our alternative products and be able to bring them right in that channel." The reality is it requires -- the simplest thing is to actually get on the platforms.

我試圖認為我們公開提到了零售渠道中有多少百分比的替代品。我不這麼認為。這就是我要說的。這真的很複雜。我們正在挖掘——我認為富蘭克林鄧普頓擁有業內最強大的財富分配能力之一。所以很可能走出大門，觀點是，“哦，這應該很容易。我們應該能夠採用我們的替代產品並能夠將它們直接帶入那個渠道。”現實是它需要 - 最簡單的事情就是實際進入平台。

The much more difficult thing is the level of training and detail that's required at each of the financial advisers, their understanding how to sell alternatives into positioning in their products, the marketing material that goes in with that, the reporting, the follow-up reporting capabilities.

更困難的是每位財務顧問所需的培訓水平和細節，他們了解如何銷售替代品以定位其產品，與之相關的營銷材料，報告，後續報告能力。

And so like our investment in case, right, that's 1 of the types of things that enables the streamlining of a wealth manager to be able to bring alternatives. You really have to -- it's if you walk into a kitchen today, and we -- the good news is, we have all of the ingredients to be able to deliver really, really well.

因此，就像我們對案例的投資一樣，這是使財富管理機構的精簡能夠帶來替代方案的類型之一。你真的必須 - 如果你今天走進廚房，而我們 - 好消息是，我們擁有能夠提供非常非常好的所有成分。

The difficulty is, it's all about bringing those things together and executing on it to be able to kind of make the best meal. And so we are putting a lot of resources. I got to tell you, this is 1 of my probably top 2 priorities in the firm, and our top 2 priorities is to get this right.

困難在於，這一切都是為了將這些東西放在一起並執行它，以便能夠做出最好的一餐。所以我們投入了大量資源。我得告訴你，這可能是我在公司的兩個首要任務之一，而我們的首要任務是把這件事做好。

And so we're making sure that we're scaling up our teams to be able to fill the alternatives, making sure that we have the specialists within each of our alternatives to be able to address the wealth market as well as supporting that with the material and the training.

因此，我們確保我們正在擴大我們的團隊，以便能夠填補備選方案，確保我們在每個備選方案中都有專家，以便能夠解決財富市場問題，並通過材料和培訓。

It took Blackstone, from what I understand, several years before they were able to really make a dent in the wealth channel. The good news is they paved the road a bit for the rest of us, but it is complicated. It's more complicated than I think we understood initially.

據我所知，Blackstone 花了幾年時間才真正在財富渠道上有所作為。好消息是他們為我們其他人鋪平了道路，但這很複雜。它比我認為我們最初理解的要復雜。

Got you.

得到你。

Adam, you like to add?

亞當，你喜歡補充嗎？

Yes, I can add a couple of things to that. We don't break out specifically the illiquid alternatives, but alternatives in general, in the retail channel for us are over $14 billion, and our gross sales in that channel have been over $1 billion a quarter for the last few quarters. So we see strong momentum there.

是的，我可以添加一些東西。我們沒有特別列出流動性較差的替代品，但總的來說，零售渠道中的替代品對我們來說超過 140 億美元，過去幾個季度我們在該渠道的總銷售額超過 10 億美元。因此，我們看到了強勁的勢頭。

And as Jenny said, excellence in that area requires really good product, which we think we have, a significant distribution force, which we have, good relationships with the home offices, which we have. But then that all need to be knit together with really superior training, education, product people, product structuring, et cetera.

正如珍妮所說，該領域的卓越需要我們認為我們擁有的非常好的產品，我們擁有的重要分銷力量，與我們擁有的家庭辦公室的良好關係。但是，所有這些都需要與真正優秀的培訓、教育、產品人員、產品結構等結合在一起。

And that's where a lot of our attention is at this point because we think we have all the pieces. It's bringing it together and bringing it into our partner firms.

這就是我們目前關注的重點，因為我們認為我們擁有所有的部分。它將它們整合在一起並將其帶入我們的合作夥伴公司。

Great. And my follow-up is back to Western for a second. -- fully appreciate the industry dynamics, and we've obviously seen the flows for longer duration, more maybe credit-sensitive funds, face a lot of flow headwinds in the last couple of months, and that may continue. But as I think about the relative position of Western against some of the other larger bond platforms.

偉大的。我的後續行動又回到了西方。 - 充分了解行業動態，我們顯然已經看到資金流持續時間更長，可能更多是對信用敏感的基金，在過去幾個月面臨很多資金流逆風，而且這種情況可能會持續下去。但是當我想到西方與其他一些較大的債券平台的相對位置時。

The relative investment performance has suffered quite a bit as well, and that's not uncommon, I guess, in times of more kind of credit or duration-related dislocation for Western just given the nature of the way they invest. How well understood is that with clients? So in other words, do you guys think that the relative underperformance at Western could have a longer-lasting effect on their ability to recoup some of the outflows that they're seeing right now?

相對投資表現也受到了相當大的影響，我猜，考慮到西方投資方式的性質，在更多種類的信貸或與久期相關的錯位時期，這種情況並不少見。客戶對此的理解程度如何？所以換句話說，你們認為西方的相對錶現不佳可能會對他們收回他們目前看到的一些資金外流的能力產生更持久的影響嗎？

I would say a couple of things. So 1 is, I mean you talk to Western and they feel they have a lot of conviction that the market is overestimating the Fed increase. Now we have different fixed income teams, Brandywine, Franklin Templeton Fixed Income that believe that that's not the case, right? That's the benefit that we have of diverse managers who are truly independent.

我想說幾件事。所以 1 是，我的意思是你和西方人交談，他們覺得他們非常確信市場高估了美聯儲的加息。現在我們有不同的固定收益團隊，Brandywine，Franklin Templeton Fixed Income，他們認為情況並非如此，對吧？這就是我們擁有真正獨立的多元化經理的好處。

And Western is really good at communicating with the clients about their positioning and why they're positioned the way they are. And the one thing is we've gone back and looked at Western's performance over rising rate cycles, and I have to tell you, they bounce back very quickly. I mean in 100% of the cases that we looked at back to [2000], and even before that, within the next 6 months, they outperformed the benchmark.

Western 非常擅長與客戶就他們的定位以及他們為何如此定位進行溝通。有一件事是我們回顧了西方在利率上升週期中的表現，我必須告訴你，它們反彈得很快。我的意思是，在我們回顧到 [2000] 的 100% 案例中，甚至在此之前，在接下來的 6 個月內，它們的表現都超過了基準。

So are they right or wrong? There's strong conviction on their positioning. They have great relationships with clients, and they are doing a great job of communicating their positioning. It remains to be seen whether they're correct or not.

那麼他們是對還是錯？他們的定位有很強的信念。他們與客戶建立了良好的關係，並且在傳達他們的定位方面做得很好。它們是否正確還有待觀察。

Yes. I'll add a couple of things to that. First of all, Jenny said they have great relationships with clients. If you take a look at some of the industry metrics, they are literally off the chart in how they score in terms of their client engagement and client service. So very strong client relationships. And when you talk about performance, look, they had a 1-year period that was really tough as the correlations broke down and their duration hedge didn't pay off against the credit.

是的。我將對此添加一些內容。首先，珍妮說他們與客戶的關係很好。如果您查看一些行業指標，它們在客戶參與度和客戶服務方面的得分確實超出了圖表。如此強大的客戶關係。當你談論業績時，你看，他們有一個非常艱難的 1 年期，因為相關性崩潰了，而且他們的久期對沖沒有得到信貸的回報。

That's essentially what happened. But look at their long-term performance. 95% of their assets are outperforming on the 3-year, 98% are outperforming on the 5-year. That is not a manager that's performance challenge. That's a manager that has soft performance in the short run, and our confidence in our sales force -- still have the utmost confidence in them.

基本上就是這樣。但看看他們的長期表現。他們 95% 的資產在 3 年表現優異，98% 在 5 年表現優異。那不是經理，而是績效挑戰。那是一位在短期內表現不佳的經理，我們對銷售團隊的信心——仍然對他們充滿信心。

And it's -- Alex, it's a different -- it's really addressing a slightly different question, but while we're on the topic, I think it's worth noting from a financial perspective, the operating income impact of the flows you're referencing, I'm not just referencing Western, I'm referencing just the broader parts of fixed income, are relatively low compared to the positive operating income impact we're getting from the growth in alternatives and other growth areas that we've referenced.

它是 - 亞歷克斯，這是一個不同的 - 它確實解決了一個稍微不同的問題，但是當我們談到這個話題時，我認為從財務角度來看值得注意的是，你所引用的流量對營業收入的影響，我不僅指的是西方，我指的是固定收益的更廣泛部分，與我們從我們提到的替代品和其他增長領域的增長中獲得的積極營業收入影響相比，它們相對較低。

Next, we have Ken Worlingson from JPMorgan.

接下來是摩根大通的 Ken Worlingson。

I wanted to follow up on Alex's question and your response to Bill Katz. So from a higher level, can you talk about the integration of the various alternative platforms? So you now have Lexington in the mix, like how are you thinking about -- like where are you going to integrate them? And where are you going to not integrate them?

我想跟進亞歷克斯的問題以及您對比爾卡茨的回應。那麼從更高的層面，你能不能談談各種替代平台的整合？所以你現在有列剋星敦在組合中，比如你在想什麼——比如你要在哪裡整合它們？你打算在哪裡不整合它們？

And so maybe start out with distribution. In terms of integrating distribution, are you kind of combining the different alternative sales forces together? Are they being like cross-trained but being kept separate? And then how are you kind of folding their expertise into your broader sales focus?

所以也許從分發開始。在整合分銷方面，您是否將不同的替代銷售力量結合在一起？他們是否像交叉訓練但被分開？然後，您如何將他們的專業知識融入您更廣泛的銷售重點？

And then the other part of my question is really on product development. How aggressive do you want to be in terms of product development, new products for maybe other distribution channels where you have good relationships in Franklin? And how quickly can you get those products out?

然後我的問題的另一部分實際上是關於產品開發的。在產品開發方面，您希望為其他與富蘭克林有良好關係的分銷渠道提供新產品有多積極？你能多快把這些產品拿出來？

So why don't I start, Adam, and then I'll turn it over to you. Here's the good news. Each of those managers had their own -- in most cases, it was really institutional. And so they have institutional sales teams, institutional relationships, and we've left those alone, so why mess with success. But on the retail side, there has to be a leveraging of the broader Franklin Templeton.

那我為什麼不開始，亞當，然後我會把它交給你。這是好消息。這些經理中的每一個都有自己的——在大多數情況下，這真的是製度性的。所以他們有機構銷售團隊，機構關係，我們已經不管這些了，所以為什麼要搞砸成功。但在零售方面，必須利用更廣泛的富蘭克林鄧普頓。

And so -- and this goes for our 18 specialized investment managers where you have institutional capability, you have what we call IPMs, institutional portfolio managers, who are really product specialists, who sit with the investment team, can be called in by the distribution team to come in and talk about the specific products.

所以——這適用於我們的 18 名專業投資經理，你有機構能力，你有我們所謂的 IPM，機構投資組合經理，他們是真正的產品專家，與投資團隊坐在一起，可以被分配調用團隊進來討論具體的產品。

And they reside with the investment team. So they're really an extension of it. And so we can call on those to help support any of the distribution capabilities. So you could say that line is broadly divided by institutional and wealth channel.

他們與投資團隊同住。所以它們實際上是它的延伸。因此，我們可以呼籲他們幫助支持任何分發功能。所以你可以說這條線被機構和財富渠道廣泛劃分。

But there's always a little bit of gray in there. And so if there are relationships that 1 has on an institutional that they don't have, our institutional centralized team will bring in and make an introduction into any of our specialized investment managers.

但那裡總是有一點點灰色。因此，如果 1 與他們沒有的機構有關係，我們的機構集中團隊將引入並介紹我們的任何專業投資經理。

And it's imperative for us to make sure that there's good collaboration there. So our goal is to continue to have the great momentum. As you can see with Lexington, the fact that they've increased from $34 billion to $42 billion pre close, that obviously, they have a tremendous distribution team. But we also feel strongly that -- as I mentioned, that secondary private equity is ideal in the wealth channel.

我們必須確保那裡有良好的合作。所以我們的目標是繼續保持強勁勢頭。正如您在列剋星敦看到的那樣，他們已經從收盤前的 340 億美元增加到 420 億美元，顯然，他們擁有一支龐大的分銷團隊。但我們也強烈認為——正如我所提到的，二級私募股權是財富渠道的理想選擇。

As far as product capability, one of the ways in which we think that the wealth channel is going to be able to access the alternatives is things like 401(k) plans where you have a managed account that has an allocation to alternatives. And so we have a centralized product team that is going in and thinking about where they can pull in the capabilities to present a great combined solution.

就產品能力而言，我們認為財富渠道將能夠訪問替代品的方式之一是諸如 401(k) 計劃之類的東西，在該計劃中，您擁有一個可分配給替代品的託管賬戶。所以我們有一個集中的產品團隊，他們正在考慮他們可以在哪裡引入能力來展示一個偉大的組合解決方案。

And we expect our teams to work together to help build those really solution-oriented type of products. Adam, do you want to add anything to that?

我們希望我們的團隊共同努力，幫助構建那些真正以解決方案為導向的產品。亞當，你想補充什麼嗎？

Sure. I think the 1 thing, Jenny, I would put in at the top is that, hopefully, it goes without being said, but the one place where we're not going to integrate anything is on the investment teams or the investment process, right? These terms are absolutely distinct. Jenny is right that really, our distribution model in general is a general specialist model where the folks, who sit at the center, are responsible for knowing their clients better than anyone else and then bringing in the right specialists from the various specialized investment managers.

當然。我認為珍妮，我要放在首位的是，希望不用說，但我們不會整合任何東西的地方是投資團隊或投資流程，對吧?這些術語是絕對不同的。 Jenny 說得對，真的，我們的分銷模式總體上是一種通用專家模式，在這種模式下，處於中心位置的人們負責比其他任何人都更了解他們的客戶，然後從各種專業投資經理那裡引進合適的專家。

On the outside, institutionally, we're actually adding specialists alternative salespeople to introduce the various alternative SIMs to the relevant gatekeepers in the institutional markets. We also see an uptake in the use of our salespeople outside of the U.S. where some of the alternative firms don't have as significant of a presence.

在外部，從制度上講，我們實際上是在增加專業的替代銷售人員，以向機構市場的相關看門人介紹各種替代 SIM。我們還看到我們在美國以外的銷售人員的使用有所增加，在美國以外的一些替代公司沒有那麼重要的存在。

Again, it's really an opt-in model, and we help each firm as they need it. On the wealth platforms, branding is an important consideration. And I think how we're tackling that at this point is that each of our alternative SIMs are going to retain their own branding, but the distribution effort will be under FT alternatives.

同樣，這確實是一種選擇加入的模式，我們會根據需要為每家公司提供幫助。在財富平台上，品牌是一個重要的考慮因素。而且我認為我們目前正在解決的問題是，我們的每個替代 SIM 卡都將保留自己的品牌，但分銷工作將在 FT 替代方案下進行。

So there's really a single point of contact in the wealth channel, but the individual brands remain. That also really enables us to do some interesting things in terms of multi-affiliate products in that channel. The product development is going well. We're focused both on onetime raise products as well as evergreen products.

所以財富渠道確實有一個單一的接觸點，但個別品牌仍然存在。這也確實使我們能夠在該渠道的多附屬產品方面做一些有趣的事情。產品開發進展順利。我們專注於一次性提高產品和常青產品。

And then another area of ours that you know we're focused on is ESG, and the inclusion of ESG into alternative products is something we've focused on as well, which we think will yield significant results.

然後你知道我們關注的另一個領域是 ESG，將 ESG 納入替代產品也是我們關注的事情，我們認為這將產生顯著的結果。

Okay. Great. And just a simple reporting question. there's a pretty big gap for Lexington between fee-paying AUM and AUM. How are you going to report it? Are you reporting the fee paying? Or are you going to report the total AUM, and we'll just sort of get the gap to close the fee rate or...?

好的。偉大的。只是一個簡單的報告問題。在列剋星敦，付費 AUM 和 AUM 之間存在相當大的差距。你打算怎麼舉報？您是否報告了支付的費用？還是您要報告總資產管理規模，我們只是為了縮小費率或......？

Yes. I mean, yes, just to be -- just so we're consistent with how we report other things, we're going to report all of the AUM. We're going to be very transparent about the fee rates. I mean if you take the full AUM, the effective fee rate is probably something like low 60s. If you include just the fee-based AUM, it's going to be in the mid-80s to low 80s plus performance fees. So that's the way we will do it.

是的。我的意思是，是的，只是為了讓我們與報告其他事情的方式保持一致，我們將報告所有 AUM。我們將對費率非常透明。我的意思是，如果你拿全 AUM，有效費率可能是 60 多歲的低水平。如果你只包括收費的 AUM，它將在 80 年代中期到 80 年代中期加上績效費。所以這就是我們將這樣做的方式。

Next we have Robert Lee from KBW.

接下來是來自 KBW 的 Robert Lee。

Really 2. First, maybe just can you update us on the wealth management channel? I know you've talked a bit about it in a place we wanted to do some more acquisitions. But it's up to $35 billion had inflows. Can you maybe dig a little deeper in some of the -- your initiatives there on continuing to drive that kind of very sticky growth business? And then I'll have a follow-up on fintech.

真的 2. 首先，也許你能在財富管理頻道上更新我們嗎？我知道你在我們想做更多收購的地方談了一些。但高達 350 億美元的資金流入。您是否可以更深入地挖掘一些 - 您在那裡繼續推動這種非常粘性的增長業務的舉措？然後我將對金融科技進行跟進。

Yes. So it's -- we really like that business. We have said that we -- it's a strategic priority for us to grow it. As you mentioned, it had 6 consecutive quarters of positive net flows. It's one of those businesses, I think, the average relationship is something like 16 years. It's a great sticky business, so we like it.

是的。所以它 - 我們真的很喜歡這項業務。我們已經說過，我們 - 發展它是我們的戰略重點。正如您所提到的，它連續 6 個季度出現正淨流量。這是其中一項業務，我認為，平均關係大約是 16 年。這是一個很好的粘性業務，所以我們喜歡它。

We had done the 2 acquisitions, and we're really pleased because the AUM of those specific entities is up like at 29%. So we're continuing to look for more opportunities. Those opportunities will have to be additive either geographically or bring some sort of capability, and we're always looking. It is an area that you've seen private equity buying up and consolidating.

我們完成了兩次收購，我們非常高興，因為這些特定實體的 AUM 增長了 29%。因此，我們將繼續尋找更多機會。這些機會必須在地理上具有附加性或帶來某種能力，我們一直在尋找。這是一個你已經看到私募股權收購和整合的領域。

So we don't want to chase assets. We usually like somebody who's looking for a long-term home to add capability to their -- to what they can offer to clients by having the broader fiduciary trust. And this is 1 of those businesses -- it's older than Franklin Templeton, it's probably close to 80 years now. And they really understand multigenerational wealth, which means education around errors and things. And so it's the right home for people who have that type of client.

所以我們不想追逐資產。我們通常喜歡那些正在尋找長期住所的人，以增加他們的能力——通過擁有更廣泛的信託信任，他們可以為客戶提供什麼。這是其中的一項業務——它比富蘭克林鄧普頓更老，現在可能已經接近 80 年了。他們真正了解多代財富，這意味著圍繞錯誤和事物進行教育。因此，對於擁有此類客戶的人來說，它是正確的家。

Okay. Great. And then maybe as a follow-up, you mentioned in the press release, for example, and I know it's been, I think, an interest of yours for many years is financial technology and talk about history of innovation and embracing it. But can you maybe -- I don't know if there's specific examples that you could call out or point to besides maybe the Embark transaction that maybe beneath the surface you feel like have been helped you differentiate on distribution or performance front? Or maybe they're just early investments, but you're particularly excited about the potential to help kind of accelerate growth over the next several years?

好的。偉大的。然後也許作為後續行動，你在新聞稿中提到，例如，我知道你多年來一直感興趣的是金融技術，談論創新的歷史並擁抱它。但是你能不能——我不知道你是否可以提出或指出除了 Embark 交易之外的具體例子，你覺得可能在表面下幫助你在分佈或性能方面區分？或者也許它們只是早期的投資，但你對在未來幾年幫助加速增長的潛力感到特別興奮？

Yes. So I'll talk about -- actually at a wealth adviser fintech conference as we speak. The advisor engine, which we acquired, which has Juncture, which is the CRM system, it's for RIAs and helps them build their business. It's a small acquisition, but it's a great way to speak to -- I think there's something like 12,000 users on the CRM system.

是的。因此，我將談論-實際上是在我們講話的財富顧問金融科技會議上。我們收購的顧問引擎有 Juncture，即 CRM 系統，它用於 RIA 並幫助他們建立業務。這是一筆小額收購，但它是一種很好的交流方式——我認為 CRM 系統上有大約 12,000 名用戶。

So it just gives us another way to talk to that channel. [Go], which was developed in-house is our gold optimization engine. As that gets integrated, it's a cloud-based kind of financial planning platform, it gets integrated with other platforms. It helps us to sell our models and deliver our models through those and clients could choose open architecture.

所以它只是為我們提供了另一種與該頻道交談的方式。內部開發的 [Go] 是我們的黃金優化引擎。隨著它的集成，它是一種基於雲的財務規劃平台，它與其他平台集成。它幫助我們銷售我們的模型並通過這些模型交付我們的模型，客戶可以選擇開放式架構。

They can choose our proprietary models. So any of these -- the adviser -- when it became fee-based, the client values the investment as a piece of it, but they also expect the adviser to do a lot more things like tax efficiency, which is, of course, why Canvas is so significant.

他們可以選擇我們的專有模型。因此，其中任何一個——顧問——當它變得收費時，客戶將投資視為投資的一部分，但他們也希望顧問做更多的事情，比如稅收效率，當然，為什麼 Canvas 如此重要。

So financial planning, tax efficiency, education, it really -- the fee-based adviser is now expected to deliver what the ultra-high net worth channel used to just deliver to clients, even including estate planning and trust planning. So anything that we can do that helps that adviser build their business and create loyalty is how we think of that fintech ecosystem.

因此，財務規劃、稅收效率、教育，實際上——收費顧問現在有望提供超高淨值渠道過去只提供給客戶的東西，甚至包括遺產規劃和信託規劃。因此，我們能做的任何事情都可以幫助該顧問建立業務並建立忠誠度，這就是我們對金融科技生態系統的看法。

So as I mentioned, Adviser Engine, I think that the Juncture platform has advisers and about $600 billion in assets, it just allows us to communicate and to share our capabilities. It's obviously their discretion. And so it helps us just build deeper relationships.

所以正如我提到的，顧問引擎，我認為 Juncture 平台有顧問和大約 6000 億美元的資產，它只是讓我們能夠交流和分享我們的能力。這顯然是他們的自由裁量權。所以它幫助我們建立更深層次的關係。

Jenny, I would also add that it really helps us talk to a wider group of people at an investment advisory firm. Instead of just talking to people who are in the CIO organization, you're now talking to the business management group, and you're talking about how they want to run their business and you're talking to them about how to help grow their business, which, in the end, helps position you better when you're actually trying to sell an investment product.

珍妮，我還要補充一點，它確實有助於我們在投資諮詢公司與更廣泛的人交談。您現在不是在與 CIO 組織中的人交談，而是在與業務管理團隊交談，您正在談論他們想要如何經營業務，您正在與他們談論如何幫助他們發展最終，當您實際嘗試銷售投資產品時，這有助於您更好地定位。

Next up, we have Michael Cyprys from Morgan Stanley.

接下來，我們有來自摩根士丹利的 Michael Cyprys。

Just on the SMA front, I was hoping you could maybe elaborate a bit more on some of the initiatives there. I think you mentioned that the Franklin income strategy, you're now offering that in SMA. Maybe you could talk a little bit about how you navigated some of the challenges and complexity of offering such a strategy like that in SMA? And how you're thinking about offering other additional strategies in the SMA wrapper?

就 SMA 而言，我希望您能詳細說明那裡的一些舉措。我認為您提到了富蘭克林收入策略，您現在在 SMA 中提供該策略。也許您可以談談您如何應對在 SMA 中提供此類策略的一些挑戰和復雜性？您如何考慮在 SMA 包裝器中提供其他附加策略？

Yes. The complexities largely come from a technological and operational standpoint. And that's where Legg Mason had a real lead on the industry, the #1 provider of model-based SMAs, really strong technology and operational platform that we are now onboarding legacy Franklin strategies on to, which is accelerating their growth. So if you take a look recently of what we've been, where we've been flattish in SMAs, it's really because we've seen some outflows on the legacy side with groups like Western and ClearBridge, but strong inflows onto newer SIMs that we've onboarded onto the platform, like Martin Currie, Franklin Templeton Fixed Income, the Canvas platform. So again, we see diversification paying off well in the SMA space. We think that the other way that this could really go is adoption outside of the United States, where we have some interest in some of our distribution partners to grow SMAs there as well.

是的。複雜性主要來自技術和運營的角度。這就是 Legg Mason 在行業中真正處於領先地位的地方，它是基於模型的 SMA 的第一大供應商，非常強大的技術和運營平台，我們現在正在採用傳統的富蘭克林戰略，這正在加速他們的發展。因此，如果你看看我們最近的情況，我們在 SMA 中一直持平，這真的是因為我們已經看到 Western 和 ClearBridge 等集團在傳統方面出現了一些資金外流，但新的 SIM 有大量資金流入我們已經加入了這個平台，比如 Martin Currie、Franklin Templeton Fixed Income、Canvas 平台。因此，我們再次看到多樣化在 SMA 領域獲得了良好的回報。我們認為，真正可行的另一種方式是在美國以外的地方採用，我們對我們的一些分銷合作夥伴也有興趣在那裡發展 SMA。

Great. And just a follow-up question for Matt. With the $6 billion of cash and investments on the balance sheet, maybe you could just help flesh out how much which you think is truly excess here that you're sitting with today? I think you had called out around $4 billion after regulatory capital and product development. Is that the right number we should be thinking about that's truly excess, or maybe you can help bridge the remaining gap there?

偉大的。只是對馬特的一個後續問題。有了資產負債表上的 60 億美元現金和投資，也許你可以幫助充實你認為今天你坐在那裡的真正過剩的金額？我認為您在監管資本和產品開發之後籌集了大約 40 億美元。這是我們應該考慮的正確數字嗎？這真的是多餘的，還是您可以幫助彌補剩餘的差距？

Yes. I mean I think we would define pure excess as being a lot lower than that. You know how conservative we are, Mike, so I think we put it around $1 billion. But as I've mentioned beforehand, if you're talking about M&A, for example, these transactions are structured in a way that is sensible in this market, in particular, the capability to be able to do larger things with in a structured way, so you need less upfront is something that means that, that amount of excess cash, let's say, can be stretched to create a much larger opportunity if there is one out there for us.

是的。我的意思是我認為我們會將純粹的過剩定義為遠低於此。你知道我們有多保守，邁克，所以我認為我們將其定為 10 億美元左右。但正如我之前提到的，例如，如果你在談論併購，這些交易的結構在這個市場上是明智的，特別是能夠以結構化的方式做更大的事情的能力，所以你需要更少的前期資金，這意味著如果有機會的話，多餘的現金可以用來創造更大的機會。

Got it. And any help on bridging from the $4 billion down to the $1 billion that you referenced?

知道了。對從 40 億美元到你提到的 10 億美元有什麼幫助嗎？

Well, we have -- there's a little bit of regulatory capital in there, a few hundred million dollars. I think we put that on the chart. Then we have a -- we have a -- we call it a supplemental liquidity provision internally where we like to have several months of operating expenses in the form of cash on our balance sheet.

嗯，我們有——那裡有一點監管資本，幾億美元。我想我們把它放在圖表上。然後我們有一個 - 我們有一個 - 我們在內部稱之為補充流動性規定，我們希望在資產負債表上以現金的形式有幾個月的運營費用。

So that's the second thing. The third thing is we spent $1 billion. We put that in the footnote in the commentary just to make sure this was clear that the cash and investments are as at 3/31, but we spent $1 billion of cash on the upfront consideration for Lexington. And that bridges the gap really, yes. And then you got the $1 billion surplus that we just talked about.

所以這是第二件事。第三件事是我們花了 10 億美元。我們將其放在評論的腳註中，以確保清楚地表明現金和投資截至 3/31，但我們在列剋星敦的前期考慮中花費了 10 億美元現金。這確實彌合了差距，是的。然後你就得到了我們剛才談到的 10 億美元的盈餘。

Next, we have Dan Fannon from Jefferies.

接下來，我們有來自 Jefferies 的 Dan Fannon。

I wanted to just follow up on, I guess, that topic and your appetite here for M&A given, obviously, you just closed on a large deal and you've been acquisitive for some time. So as you think about this backdrop, is there certain property -- you've obviously been linked also in some of the news more recently with other larger properties. So can you talk about your appetite for larger M&A in the short term? And longer term, where those kind of product gaps I think, are mostly in alts, but are you looking also in other kind of more traditional areas that you could also round out your product offering?

我想，我想跟進這個話題和你對併購的興趣，顯然，你剛剛完成了一筆大交易，而且你已經收購了一段時間。因此，當您考慮這種背景時，是否存在某些屬性-您顯然在最近的一些新聞中也與其他更大的屬性聯繫在一起。那麼，您能否談談您在短期內對更大規模併購的興趣？從長遠來看，我認為這些產品差距主要存在於替代品中，但您是否也在尋找其他更傳統的領域，您也可以完善您的產品供應？

So I would say we haven't changed -- any time there is -- we've obviously just done a big deal and the markets are choppy so the bar gets raised, but we're always running the business for the long term. So that's first. With respect to product gaps, I would say that, in the alternative space, we actually feel really good about the breadth of capabilities that we have.

所以我想說我們沒有改變——任何時候都沒有改變——我們顯然剛剛做了一件大事，市場動盪，所以標準提高了，但我們總是長期經營業務。所以這是第一個。關於產品差距，我想說的是，在替代領域，我們實際上對我們擁有的能力的廣度感到非常滿意。

Infrastructure is probably the one hole that's broadly left and then it's more about geographic. If the Clarion, for example, may not have a lot in Asia. So it's always hard to sell a real estate manager if there isn't some local product or Benefit Street safe thing, more U.S.-focused so if there were capabilities. But bar is very high for us now. We've also said wealth management is important for us. And I would say from traditional problem -- I'm trying to think, but the only area would be if there was an ETF manager that made sense for us that could be an interesting sort of traditional.

基礎設施可能是廣泛存在的一個漏洞，然後它更多地與地理有關。例如，如果 Clarion 在亞洲可能沒有很多。因此，如果沒有一些本地產品或 Benefit Street 安全的東西，那麼出售房地產經理總是很困難，如果有能力，則更關注美國。但是現在對我們來說門檻很高。我們也說過財富管理對我們很重要。我會從傳統問題說 - 我正在嘗試思考，但唯一的領域是如果有一個對我們有意義的 ETF 經理，這可能是一種有趣的傳統。

We have so far gone with the organic growth on that and really like the capabilities we have, but if there was the right opportunity, maybe that would make sense for us. So then, of course, obviously, wealth management.

到目前為止，我們已經實現了有機增長，並且非常喜歡我們擁有的能力，但如果有合適的機會，也許這對我們來說是有意義的。那麼，當然，顯然是財富管理。

Yes. And there's some specialists in the alternative asset area, where we do have a couple of gaps, and we've talked about those. I mean I think just at a high level, it's worthwhile making the point that from 0, pretty much 0, 3 years ago or so, we about 15% of our AUM is now in alt. So I think that probably translates into something like 18-or-so-percent of revenue and probably more like 20% plus in operating income.

是的。在另類資產領域有一些專家，我們確實有一些差距，我們已經討論過這些。我的意思是，我認為在高水平上，值得指出的是，從 0、幾乎 0、3 年前左右，我們大約 15% 的 AUM 現在處於 alt 中。所以我認為這可能會轉化為收入的 18% 左右，並且可能更多地轉化為營業收入的 20% 以上。

And our objective overall is to, Jenny mentioned earlier that half of revenues are going to eventually come from alts in some form or other private markets to broadly defined. And we intend to continue to increase that percentage contribution from alternative assets.

我們的總體目標是，珍妮早些時候提到，一半的收入最終將來自某種形式的替代品或其他廣義上的私人市場。我們打算繼續增加另類資產的百分比貢獻。

Got it. And then a follow-up on flows and just the institutional backlog. First off, if you could maybe talk about the makeup of that historically? When like Mason disclosed it, it was a lot of Western, and I do want to follow up on Western as well and talk about if you could give us the numbers of kind of the makeup of what would be the core and core plus AUM because those numbers are pretty stark in terms of the performance.

知道了。然後是對流量和機構積壓的跟進。首先，您能否談談歷史上的構成？當 Mason 透露時，它是很多西方的，我也想跟進西方，並談談你是否能給我們提供核心和核心加上 AUM 的構成數量，因為這些數字在性能方面非常明顯。

And if I remember correctly, I think most of that is institutional. So in terms of the potential for redemptions, as you think about that book maybe in the context of the institutional backlog as a whole for the firm and then kind of looking at the Western potential risk of some of the institutional AUM kind of some context around kind of the more near-term dynamics and conversations with clients and flow trends.

如果我沒記錯的話，我認為其中大部分是製度性的。因此，就贖回的潛力而言，當您考慮這本書時，可能是在公司整體機構積壓的背景下，然後在西方的一些機構 AUM 的潛在風險方面考慮一種更近期的動態和與客戶的對話以及流動趨勢。

Sure. First of all, have we had challenges in Core and Core Plus? Absolutely. But they're still very, very significant asset gatherers and among our top funds for gross sales. So while the net hasn't been strong, we still see a real commitment of clients there. And I think that shows in the funding pipeline where we still have a significant chunk of Western product in there.

當然。首先，我們在 Core 和 Core Plus 中遇到過挑戰嗎？絕對地。但它們仍然是非常、非常重要的資產收集者，也是我們銷售總額最高的基金之一。因此，儘管網絡並不強大，但我們仍然看到那裡客戶的真正承諾。我認為這表明我們仍然有很大一部分西方產品在籌資渠道中。

But if you take a look at that, and we don't really break it down by SIM, but I don't believe there's any one SIM that accounts for more than 25% of that funding pipeline. So again, as we continue to diversify our business, we're seeing diversification on the wealth front as well as on the institutional front.

但是，如果您看一下，我們並沒有真正按 SIM 對其進行細分，但我認為沒有任何一個 SIM 佔該資金渠道的 25% 以上。同樣，隨著我們繼續使我們的業務多樣化，我們看到財富方面以及機構方面的多元化。

The other thing about Western is they manage a lot more than Core and Core Plus. And as sales have slowed down in those areas, we've seen a pickup in some of the other areas. And again, Western is more active than some of their other funds. And you don't get to a point where you have 95% of your assets outperforming over the 3 year without taking some risk in the shorter term.

關於西方的另一件事是他們管理的比 Core 和 Core Plus 多得多。隨著這些地區的銷售放緩，我們看到其他一些地區的銷量有所回升。再一次，西方比他們的其他一些基金更活躍。而且你不會在不承擔短期風險的情況下讓 95% 的資產在 3 年內表現出色。

And right now, that risk hasn't paid off. But I think the market understands well the way that Western manages money, and it will pay off over time. As Jenny said, every time they've had a dip like this before, they've come roaring back.

而現在，這種風險還沒有得到回報。但我認為市場非常了解西方管理資金的方式，並且隨著時間的推移它會得到回報。正如珍妮所說，每次他們以前經歷過這樣的跌勢，他們都會咆哮回來。

And we have a follow-up question from Bill Katz from Citi.

我們有來自花旗的比爾卡茨的後續問題。

Maybe 2-parter. Jenny, you mentioned that getting the ultra into the retail wealth management is sort of 1 or 2 of your key priorities. Can you maybe expand on what your top priority is? And then for Matt, I'm sorry to belabor the question here. Can you just come back and unpack the expense numbers a little bit more and pretty substantial improvement in efficiency so I appreciate revenues are down. How much of the incremental savings is coming from the legacy business versus maybe more synergized opportunity with Lexington?

也許是 2-parter。珍妮，你提到讓超級投資者進入零售財富管理是你的主要優先事項中的一到兩個。您能否詳細說明您的首要任務是什麼？然後對於馬特，我很抱歉在這裡提出這個問題。你能不能再回來把費用數字拆開一點，效率有了相當大的提高，所以我很感激收入下降了。與列剋星敦的協同機會相比，有多少增量節省來自傳統業務？

Yes. So I mean I would say our priorities, 1 is to making sure that we have the right product capabilities for the future. And so that's why we keep our eye open on M&A opportunities; two, is making sure that we're able to distribute them in all the channels where appropriate.

是的。所以我的意思是我會說我們的優先事項，1 是確保我們擁有適合未來的產品能力。這就是我們密切關注併購機會的原因；第二，確保我們能夠在所有適當的渠道中分發它們。

And so bringing that -- we recognize, as I said, not all flows are equal that alternatives accounted for 15% of AUM and 46% of revenues is a really important area of growth. So we've got to figure out how to get that done right. And then I think from a disruption, we think about making sure that right now, that we're not just focused on what has to be done now, but we're focused on looking around the corners.

因此，正如我所說，我們認識到，並非所有流量都相同，替代品佔 AUM 的 15%，收入的 46% 是一個非常重要的增長領域。所以我們必須弄清楚如何把它做好。然後我認為，從中斷的角度來看，我們現在考慮確保，我們不僅專注於現在必須做的事情，而且我們專注於環顧四周。

And so that's why we keep our eye on fintech investments, we think blockchain could be very disruptive. So those are kind of the high-level strategic initiatives that we think about. And then it's about operating this business as effectively and efficiently as we can. There's -- fees only go one way in this business, and so you have to be constantly pushing yourself to make sure you're as efficient as possible.

這就是我們關注金融科技投資的原因，我們認為區塊鏈可能會非常具有顛覆性。因此，這些是我們考慮的高級戰略舉措。然後是關於盡可能有效和高效地運營這項業務。在這項業務中，費用只有一種方式，因此您必須不斷推動自己，以確保您盡可能高效。

We made the decision to outsource a lot of our back office and that was a recognition that the -- honestly, the service providers had become more efficient than we could be. Initially, we were the largest global manager and there wasn't any service provider that could cover us completely.

我們決定將我們的很多後台部門外包出去，這是對 - 老實說，服務提供商變得比我們更有效率的認識。最初，我們是最大的全球經理，沒有任何服務提供商可以完全覆蓋我們。

Now there is, and so those are all ways to continue to reinvent the way we operate our company to make sure that we always have efficiencies to deal with the fee pressure as well as the capability to invest in new opportunities.

現在有了，所以這些都是繼續重塑我們公司運營方式的方法，以確保我們始終有效率來應對費用壓力以及投資新機會的能力。

And in terms of the cost question -- expenses question, Bill, there is 0, I mean it might be a tiny amount, but there are 0 cost synergies associated with the Lexington transaction. It's all about revenue synergies there for us as it is by the way, across all of the alternative asset firms that we -- or SIMs that we've acquired.

就成本問題而言——費用問題，比爾，有 0，我的意思是可能很小，但與列剋星敦交易相關的成本協同效應為 0。順便說一句，這對我們來說都是關於收入協同效應的，在我們所有的另類資產公司——或者我們已經收購的 SIM 卡上。

There may be -- these things like workday financial and implementing that across the firm and modest expense savings around that, but that doesn't really -- frankly, it doesn't move the needle. So there are 0 of the expense reductions I've referred to from the Lexington transactions or from legacy in response to the market dynamics.

可能會有 - 這些事情比如工作日財務和在整個公司中實施以及圍繞這一點的適度開支節省，但這並不是真的 - 坦率地說，它並沒有起到作用。因此，我從列剋星敦交易或遺產中提到的費用減少為 0，以響應市場動態。

Actually, I just want to add 1 more on a priority because I can't believe I'm embarrassed if I missed it. Look, sustainable finance is here to stay, and we made the hire of (inaudible) so that we can have a voice at the top of the table. We think ESG is probably the long term. It's really about long-term impact the companies as well as to the community and environment.

實際上，我只想在優先級上再添加 1，因為我不敢相信如果我錯過了它會感到尷尬。看，可持續金融將繼續存在，我們聘請了（聽不清），以便我們可以在表的頂部發表意見。我們認為 ESG 可能是長期的。這實際上是對公司以及對社區和環境的長期影響。

And you look at Europe where [ESG] recognized with the current conflict and prices of oil that people may change their priorities of how they think about it. But the reality is, in our own world, we see 40% of the pipeline coming from really Article 8 and 9 type products, and we think that's here to stay. So making sure that we're on product development. And as Adam mentioned, including in the alternative space, making sure that we have top sustainable finance type of products is really important to us.

你看看歐洲，[ESG] 認識到當前的衝突和石油價格，人們可能會改變他們思考問題的優先事項。但現實是，在我們自己的世界中，我們看到 40% 的管道來自真正的第 8 條和第 9 條類型的產品，我們認為這將繼續存在。因此，請確保我們正在進行產品開發。正如亞當所提到的，包括在替代領域，確保我們擁有頂級可持續金融類型的產品對我們來說非常重要。

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

今天的問答環節到此結束。我現在想將電話轉給富蘭克林總裁兼首席執行官珍妮·約翰遜以徵求最終意見。

Well, once again, I would just like to really thank our employees for their hard work and remaining focused on our clients and each other. And particularly this time. This has been a quarter of really massive outreach to clients. And thank you all for participating in this call, and we look forward to speaking to you again next quarter. Thank you, operator.

好吧，我想再次感謝我們的員工的辛勤工作，並始終專注於我們的客戶和彼此。尤其是這一次。這是對客戶進行大規模推廣的四分之一。感謝大家參與本次電話會議，我們期待下個季度再次與您交談。謝謝你，接線員。

Thank you. Thank you, presenters. This concludes today's conference call. Thank you all for joining. You may all disconnect.

謝謝你。謝謝各位主持人。今天的電話會議到此結束。謝謝大家的加入。你們都可以斷開連接。