貝萊德 (BLK) 2022 Q2 法說會逐字稿

Good morning. My name is Jake, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc. Second Quarter 2022 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Gary S. Shedlin; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions)

早上好。我的名字是傑克，今天我將成為您的會議主持人。在這個時候，我想歡迎大家參加貝萊德公司 2022 年第二季度收益電話會議。今天電話會議的主持人將是董事長兼首席執行官 Laurence D. Fink；首席財務官 Gary S. Shedlin；總裁羅伯特·S·卡皮托；和總法律顧問 Christopher J. Meade。 （操作員說明）

Thank you. Mr. Meade, you may begin your conference.

謝謝你。米德先生，你可以開始你的會議了。

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

大家，早安。我是貝萊德的總法律顧問克里斯·米德。在開始之前，我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們提請您注意，貝萊德的實際結果當然可能與這些陳述不同。如您所知，貝萊德已向美國證券交易委員會提交報告，其中列出了可能導致貝萊德結果與我們今天所說的大不相同的一些因素。貝萊德不承擔任何責任，也不承諾更新任何前瞻性陳述。

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

因此，我將把它交給加里。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the second quarter of 2022. Before I turn it over to Larry to offer his comments, I'll review our financial performance and business results. While our earnings release discloses both GAAP and as-adjusted financial results, I'll be focusing today primarily on our as-adjusted numbers.

謝謝，克里斯，大家早上好。我很高興介紹 2022 年第二季度的業績。在我將其交給拉里發表評論之前，我將回顧一下我們的財務業績和業務業績。雖然我們的收益報告披露了 GAAP 和調整後的財務業績，但我今天將主要關注我們的調整後數據。

As a reminder, beginning in the first quarter of 2022, we updated our definitions of as-adjusted operating income, operating margin and net income, year-over-year financial comparisons referenced on this call will relate current quarter results to these recast financials. Global equity and debt markets delivered their first -- worst first half returns in decades as investors reacted to uncertainty associated with rising recession fears, surging inflation, interest rate hikes and geopolitical tensions. In total, these market declines, along with significant dollar appreciation against major currencies, reduce the value of BlackRock's assets under management by $1.7 trillion since December 31.

提醒一下，從 2022 年第一季度開始，我們更新了調整後營業收入、營業利潤率和淨收入的定義，本次電話會議中引用的同比財務比較將當前季度結果與這些重鑄財務數據相關聯。全球股票和債務市場取得了幾十年來首次——上半年最差的回報，因為投資者對與衰退擔憂加劇、通脹飆升、加息和地緣政治緊張局勢相關的不確定性做出反應。自 12 月 31 日以來，這些市場下跌以及美元兌主要貨幣大幅升值，使貝萊德管理的資產價值減少了 1.7 萬億美元。

Despite this challenging backdrop, BlackRock's comprehensive platform still generated industry-leading organic growth of over $175 billion of net inflows in the first half of 2022. BlackRock's second quarter results once again demonstrate the resilience of our platform and validate the investments we have consistently made to build the most comprehensive range of investment management and technology solutions in the industry. I cannot think of a time when the value of our diversified platform and our commitment to continuously investing for the long term ahead of client needs has been more evident.

儘管存在這一充滿挑戰的背景，貝萊德的綜合平台在 2022 年上半年仍產生了超過 1,750 億美元的淨流入，行業領先的有機增長。貝萊德第二季度的業績再次證明了我們平台的彈性，並驗證了我們一直在為打造業內最全面的投資管理和技術解決方案。我無法想像我們多元化平台的價值和我們致力於在客戶需求之前進行長期投資的承諾更加明顯。

Over the last 12 months, BlackRock's broad-based platform has generated over $460 billion of total net inflows, representing 5% organic base fee growth, providing a strong foundation to help immunize our base fees from the impact of double-digit market declines on our assets under management.

在過去 12 個月中，貝萊德基礎廣泛的平台產生了超過 4600 億美元的總淨流入，代表 5% 的有機基本費用增長，為幫助我們的基本費用免受兩位數市場下跌對我們的影響的影響奠定了堅實的基礎。管理的資產。

During a tumultuous second quarter, BlackRock delivered total net inflows of $90 billion, representing 4% annualized organic asset growth. Flows were positive across all product types and regions, demonstrating diversification of our differentiated platform, even in the face of macro and industry headwinds and an ability to quickly adapt to changing client needs.

在動蕩的第二季度，貝萊德實現了 900 億美元的總淨流入，代表 4% 的年化有機資產增長。所有產品類型和地區的流量都是積極的，這表明我們差異化平台的多元化，即使面對宏觀和行業逆風以及快速適應不斷變化的客戶需求的能力。

Importantly, second quarter flows did not reflect the funding of any significant AIG-related assets, which will now occur in the second half of this year. Second quarter annualized organic base fee decay of 1% reflected client portfolio repositioning, favoring lower-fee index and cash products and higher redemptions in active fixed income and equity mutual funds. Second quarter revenue of $4.5 billion was 6% lower year-over-year, primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees.

重要的是，第二季度的資金流動並未反映任何與 AIG 相關的重要資產的資金來源，這些資產現在將在今年下半年發生。第二季度年化有機基礎費用下降 1% 反映了客戶投資組合的重新定位，有利於費用較低的指數和現金產品以及主動固定收益和股票共同基金的更高贖回。第二季度收入為 45 億美元，同比下降 6%，主要是受市場顯著下降和美元平均 AUM 升值以及業績費用降低的影響。

Operating income of $1.7 billion was down 14% year-over-year, while earnings per share of $7.36 was down 30%, also reflecting meaningfully lower nonoperating income compared to a year ago. Nonoperating results for the quarter included $200 million of net investment losses, driven primarily by unrealized mark-to-market declines in the value of our unhedged seed capital investments and minority stake and investment.

營業收入 17 億美元，同比下降 14%，每股收益 7.36 美元，下降 30%，這也反映出非營業收入與一年前相比顯著下降。本季度的非經營性業績包括 2 億美元的淨投資損失，這主要是由於我們未對沖的種子資本投資和少數股權和投資的價值未實現按市值計價下跌。

Our as-adjusted tax rate for the second quarter was approximately 25%. We continue to estimate that 24% is a reasonable projected tax run rate for the remainder of 2022 though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們第二季度的調整後稅率約為 25%。我們繼續估計 24% 是 2022 年剩餘時間的合理預計稅率，但實際有效稅率可能會因非經常性或離散項目或稅收立法的潛在變化而有所不同。

Despite double-digit declines in equity and fixed income indexes year-over-year, second quarter base fee and securities lending revenue of $3.7 billion was down just 2% year-over-year. The negative impact of approximately $1.5 trillion of market beta and foreign exchange movements on AUM over the last 12 months was partially offset by 5% organic-base fee growth over the last year and the elimination of discretionary yield support money market fund waivers and higher securities lending revenue versus a year ago.

儘管股票和固定收益指數同比下降兩位數，但第二季度基本費用和證券借貸收入為 37 億美元，同比僅下降 2%。過去 12 個月大約 1.5 萬億美元的市場貝塔和外匯變動對 AUM 的負面影響被去年 5% 的有機基礎費用增長以及可自由支配的收益率支持貨幣市場基金豁免和更高證券的取消部分抵消貸款收入與一年前相比。

On a constant currency basis, we estimate second quarter base fee and securities lending revenue would have been flat year-over-year. Sequentially, base fee and securities lending revenue was down 4%, reflecting the impact of continued market declines on average AUM. On an equivalent day count basis, our effective fee rate was up approximately 0.3 basis points benefiting from the elimination of discretionary money market fund fee waivers and higher securities lending revenue.

在固定貨幣基礎上，我們估計第二季度基本費用和證券借貸收入將與去年同期持平。隨後，基本費用和證券借貸收入下降了 4%，反映了市場持續下降對平均 AUM 的影響。在同等天數的基礎上，我們的有效費率上升了約 0.3 個基點，這得益於取消了可自由支配的貨幣市場基金費用豁免和更高的證券借貸收入。

As a result of significant global equity and bond market declines during the quarter, including the impact of [excess] related dollar appreciation, we entered the third quarter with an estimated base fee run rate approximately 5% lower than our total base fees for the second quarter.

由於本季度全球股票和債券市場大幅下跌，包括[過度]相關美元升值的影響，我們進入第三季度的估計基本費用運行率比我們第二季度的總基本費用低約 5%四分之一。

Performance fees of $106 million decreased from a year ago, primarily reflecting lower revenues from alternative and long-only products. Our Aladdin business delivered record sales in the first 6 months of 2022, and demand for our technology solutions has never been stronger. Quarterly technology services revenue increased 5% from a year ago, reflecting this increased demand, but also reflected the currency impact of significant dollar appreciation on Aladdin's nondollar revenue. Annual contract value or ACV increased 10% year-over-year. On a constant currency basis, we estimate ACV would have increased 13% from a year ago. We remain committed to low to mid-teens growth in ACV over the long term, especially as periods of market volatility have historically underscored the importance of Aladdin and generated increased demand from clients.

1.06 億美元的業績費用比一年前減少，主要反映了替代產品和多頭產品的收入下降。我們的阿拉丁業務在 2022 年前 6 個月實現了創紀錄的銷售額，對我們的技術解決方案的需求從未如此強烈。季度技術服務收入同比增長 5%，反映了需求的增加，但也反映了美元大幅升值對阿拉丁非美元收入的貨幣影響。年度合同價值或 ACV 同比增長 10%。在固定貨幣基礎上，我們估計 ACV 將比一年前增加 13%。從長遠來看，我們仍然致力於 ACV 的低至青少年增長，特別是在市場波動時期歷來強調阿拉丁的重要性並產生客戶需求增加的情況下。

Total expense was flat year-over-year, reflecting lower compensation and direct fund expense partially offset by higher G&A expense. Employee compensation and benefit expense was down 6% year-over-year, primarily reflecting lower incentive compensation due to lower operating income and performance fees and lower deferred compensation expense, driven in part by the mark-to-market impact of certain deferred cash compensation programs partially offset by higher base compensation.

總費用與去年同期持平，反映出較低的薪酬和直接基金費用部分被較高的 G&A 費用所抵消。員工薪酬和福利費用同比下降 6%，主要反映由於較低的營業收入和績效費以及遞延薪酬費用較低導致的激勵薪酬較低，部分原因是某些遞延現金薪酬的按市值計價的影響計劃部分被較高的基本補償所抵消。

Direct fund expense decreased 5% year-over-year, primarily reflecting lower average index AUM. G&A expense was up 12% year-over-year primarily driven by higher T&E expense and other costs associated with return to office and ongoing strategic investments in technology, including the migration of Aladdin to the cloud. Sequentially, G&A expense was up 7%, primarily reflecting higher G&A expense.

直接基金費用同比下降 5%，主要反映了較低的平均指數 AUM。 G&A 費用同比增長 12%，主要是由於 T&E 費用和與返回辦公室相關的其他成本以及對技術的持續戰略投資，包括阿拉丁遷移到雲。隨後，G&A 費用增長了 7%，主要反映了 G&A 費用增加。

Our second quarter as-adjusted operating margin of 43.7% was down 320 basis points from a year ago, reflecting the immediate negative impact of markets and foreign exchange movements on quarterly revenue and the ongoing longer-term strategic investments we've been making in technology and our people. While we can't control near-term market volatility, we are always prepared for it. We have strong conviction in our strategy, our clients' increasing needs for whole portfolio and technology solutions, the growth of global capital markets and the strength of our proven operating model. The diversification and breadth of our business positions us to serve clients in a variety of environments, and we continue to believe that our growth engines including ETFs, alternatives, technology and whole portfolio solutions are well positioned to increase market share.

我們第二季度調整後的營業利潤率為 43.7%，比一年前下降了 320 個基點，反映出市場和外匯走勢對季度收入的直接負面影響以及我們在技術方面進行的持續長期戰略投資和我們的人民。雖然我們無法控制近期的市場波動，但我們始終為此做好準備。我們對我們的戰略、客戶對整體投資組合和技術解決方案日益增長的需求、全球資本市場的增長以及我們經過驗證的運營模式的實力有著堅定的信念。我們業務的多元化和廣度使我們能夠在各種環境中為客戶提供服務，我們仍然相信我們的增長引擎（包括 ETF、替代品、技術和整體投資組合解決方案）能夠很好地增加市場份額。

Whether it was during the financial crisis of 2008 or in the early days of the pandemic in 2020, BlackRock has always capitalized on market disruption and emerge stronger because the stability of our business model enables us to responsibly invest for the long term and continue playing offense when many others are forced to pull back. We have navigated these choppy waters before and are well prepared for what may lay ahead.

無論是在 2008 年的金融危機期間，還是在 2020 年大流行的初期，貝萊德始終利用市場動盪並變得更加強大，因為我們業務模式的穩定性使我們能夠負責任地進行長期投資並繼續進攻當許多其他人被迫撤退時。我們以前曾在這些波濤洶湧的水域航行過，並為可能發生的事情做好了充分的準備。

As always, we remain committed to optimizing organic growth in the most efficient way possible. We are continually focused on managing our entire discretionary expense base, and we'll be prudent in reevaluating our overall level of spend in the current environment.

與往常一樣，我們仍然致力於以最有效的方式優化有機增長。我們一直專注於管理我們的整個可自由支配費用基礎，我們將謹慎地重新評估當前環境下的整體支出水平。

Our capital management strategy remains, first, to invest in our business and then to return excess cash to shareholders through a combination of dividends and share repurchases. We repurchased approximately $1 billion worth of shares in the first half of this year, including $500 million in the second quarter. Our repurchases exceeded our planned run rate as we took advantage of what we viewed as attractive relative valuation opportunities in our stock.

我們的資本管理策略仍然是，首先投資於我們的業務，然後通過股息和股票回購相結合的方式將多餘的現金返還給股東。今年上半年，我們回購了價值約 10 億美元的股票，其中包括第二季度的 5 億美元。我們的回購超過了我們的計劃運行率，因為我們利用了我們認為股票中有吸引力的相對估值機會。

At present, based on our capital spending plans for the year, and subject to market conditions, including the relative valuation of our stock price, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year, consistent with previous guidance.

目前，根據我們今年的資本支出計劃，並根據市場情況，包括我們股價的相對估值，我們仍然預計在今年的餘額中每季度至少回購 3.75 億美元的股票，與之前的一致指導。

BlackRock's second quarter net inflows of $90 billion, once again demonstrate the stability of our diversified platform to adapt to changing markets and client needs. ETF market share has increased as investors use them as vehicles of choice for strategic and tactical portfolio reallocation. Illiquid alternatives continue to provide clients with higher income and uncorrelated returns, as the traditional hedge between stocks and bonds has weakened. And demand for cash management offerings is increasing amid rising rates. BlackRock was the beneficiary of each of these industry trends during the second quarter, enabling us to capture money in motion as investors recalibrated their portfolios.

貝萊德第二季度淨流入 900 億美元，再次證明了我們多元化平台適應不斷變化的市場和客戶需求的穩定性。隨著投資者將 ETF 用作戰略和戰術投資組合重新分配的首選工具，ETF 的市場份額有所增加。由於股票和債券之間的傳統對沖已經減弱，非流動性替代品繼續為客戶提供更高的收入和不相關的回報。隨著利率上升，對現金管理產品的需求也在增加。貝萊德是第二季度這些行業趨勢中的每一個的受益者，使我們能夠在投資者重新調整他們的投資組合時抓住流動資金。

BlackRock's second quarter ETF net inflows of $52 billion were positive across each of our product categories, core strategic and precision representing 7% annualized organic asset growth. Our strategic category drove nearly 70% of net inflows in the quarter led by continued demand for our diversified fixed income offering as clients utilize bond ETFs to reposition portfolios given the major shifts in the fixed income market.

貝萊德第二季度 ETF 淨流入 520 億美元，在我們的每個產品類別中都是正數，核心戰略和精確度代表了 7% 的年化有機資產增長。由於固定收益市場發生重大變化，客戶利用債券 ETF 重新定位投資組合，因此對我們多元化固定收益產品的持續需求帶動了本季度近 70% 的淨流入。

Core equity and higher fee precision ETFs also saw net inflows of $15 billion and $1 billion, respectively. We've invested for years to support the growth of fixed income ETFs both to create a diversified bond ETF platform and to deliver the liquidity and price transparency our clients expect, especially during times of market stress. And another challenging quarter for fixed income markets, our bond ETFs once again delivered for clients and generated $31 billion of net inflows.

核心股票和費用更高的精準 ETF 也分別淨流入 150 億美元和 10 億美元。多年來，我們一直投資支持固定收益 ETF 的增長，以創建多元化的債券 ETF 平台，並提供客戶期望的流動性和價格透明度，尤其是在市場壓力時期。對於固定收益市場來說，又是一個充滿挑戰的季度，我們的債券 ETF 再次為客戶交付，並產生了 310 億美元的淨流入。

Retail net outflows of $10 billion reflected industry pressures in active fixed income and world allocation strategies, partially offset by strength in index SMAs, (inaudible) bonds and our systematic multistrategy alternatives fund. Gross sales in U.S. active mutual funds have remained strong but were offset by elevated redemptions from long-duration fixed income, high-yield and growth equities.

100 億美元的零售淨流出反映了行業在積極的固定收益和全球配置策略方面的壓力，部分被指數 SMA、（聽不清）債券和我們系統化的多策略替代基金的強勢所抵消。美國主動型共同基金的銷售總額保持強勁，但被長期固定收益、高收益和成長型股票的贖回增加所抵消。

BlackRock's institutional franchise generated $26 billion of net inflows as we continue to partner with institutional clients to deliver investment expertise, greater customization, industry-leading risk management and the benefits of our global scale. BlackRock's Institutional active net inflows of $5 billion were led by growth in systematic active equity, illiquid alternatives, LifePath target-date funds and outsourced CIO solutions.

貝萊德的機構特許經營權產生了 260 億美元的淨流入，因為我們繼續與機構客戶合作，提供投資專業知識、更大的定制化、行業領先的風險管理以及我們全球規模的優勢。貝萊德 50 億美元的機構活躍淨流入主要來自系統活躍股票、非流動性替代品、LifePath 目標日期基金和外包 CIO 解決方案的增長。

We see continued demand for our outsourcing capabilities and are increasingly engaging with the world's most sophisticated institutions to partner with them on whole portfolio solutions. In March, we announced an assignment with AIG, where BlackRock will manage up to $150 billion of AIG's investment portfolio and execute an Aladdin mandate, roughly $400 million from this assignment funded during the second quarter. At present, we expect the Aladdin contract to be executed and the majority of the remaining AIG assets to be funded during the second half of 2022.

我們看到對我們的外包能力的持續需求，並且越來越多地與世界上最先進的機構合作，與他們就整個投資組合解決方案進行合作。 3 月，我們宣布與 AIG 的一項任務，貝萊德將管理高達 1500 億美元的 AIG 投資組合併執行阿拉丁任務，其中約 4 億美元來自第二季度資助的這項任務。目前，我們預計阿拉丁合同將在 2022 年下半年執行，剩餘的大部分 AIG 資產將獲得資金。

BlackRock's institutional index business generated net inflows of $21 billion led by continued strength in LDI solutions. Across institutional and retail clients, demand for alternatives continued with nearly $5 billion of net inflows across liquid and illiquid alternative strategies during the quarter driven by private credit, infrastructure and private equity.

貝萊德的機構指數業務產生了 210 億美元的淨流入，這得益於 LDI 解決方案的持續強勢。在機構和零售客戶中，在私人信貸、基礎設施和私募股權的推動下，本季度流動性和非流動性替代策略的淨流入近 50 億美元，對替代品的需求持續增長。

Fundraising momentum remains strong, and we have approximately $36 billion of committed capital to deploy for institutional clients in a variety of alternative strategies, representing a significant source of future base and performance fees.

籌資勢頭依然強勁，我們有大約 360 億美元的承諾資本可用於各種替代策略的機構客戶，這是未來基礎和業績費用的重要來源。

Finally, with cash becoming a more attractive asset class as rates rise, BlackRock's cash management platform generated $21 billion of net inflows in the second quarter, benefiting from the investments we've made to build this business in recent years. Net inflows were driven by U.S. government mandates and included inflows from Circle as we became the primary manager of their USDC cash reserves. In a rising rate environment, BlackRock is well positioned to grow market share by leveraging our scale, product breadth, technology and risk management on behalf of liquidity clients.

最後，隨著利率上升，現金成為更具吸引力的資產類別，貝萊德的現金管理平台在第二季度產生了 210 億美元的淨流入，這得益於我們近年來為建立這項業務所做的投資。淨流入受到美國政府指令的推動，包括來自 Circle 的流入，因為我們成為他們 USDC 現金儲備的主要管理者。在利率上升的環境中，貝萊德已準備好通過代表流動性客戶利用我們的規模、產品廣度、技術和風險管理來擴大市場份額。

As BlackRock has demonstrated throughout our history, challenging environments create unique opportunities for future growth, and we've always emerged stronger and more deeply connected with our clients. While we are not immune to market headwinds, the last few months have only given us more conviction and our strategy and ability to deliver differentiated growth over the long term. The diversification and breadth of our platform enabled us to serve clients across market environments, and we believe BlackRock is as well positioned as ever to meet the needs of all stakeholders.

正如貝萊德在我們的整個歷史中所證明的那樣，充滿挑戰的環境為未來的增長創造了獨特的機會，而且我們總是變得更強大，與客戶的聯繫更緊密。雖然我們不能倖免於市場逆風，但過去幾個月只是讓我們更有信心，我們的戰略和長期實現差異化增長的能力。我們平台的多元化和廣度使我們能夠為跨市場環境的客戶提供服務，我們相信貝萊德將一如既往地滿足所有利益相關者的需求。

With that, I'll turn it over to Larry.

有了這個，我會把它交給拉里。

Thanks, Gary. Good morning, everyone, and thank you for joining the call. The first half of 2022 brought on a combination of macro financial and economic challenges that investors haven't seen in decades. Rising energy prices disrupted supply chains in hawkish pivots of central banks to confront inflation has sparked the real assessment of growth, profitability and risk across financial markets.

謝謝，加里。大家早上好，感謝您加入電話會議。 2022 年上半年帶來了投資者幾十年未見的宏觀金融和經濟挑戰。能源價格上漲擾亂了中央銀行為應對通脹而採取鷹派立場的供應鏈，引發了對金融市場增長、盈利能力和風險的真實評估。

Central banks are trying to rein in supply-driven inflation running at multi-decade highs without triggering a deep recession. Demand in the economy now is about the same as it was in pre-COVID. But as pandemic restrictions have lifted, we're seeing that it's easier to restart demand than it is to restart supply. Countries and companies were already reevaluating their interdependencies following supply chain disruptions during the pandemic. And the Russian invasion Ukraine has only intensified the prioritization of supply chain resiliency, and security over cost of these supply chains and efficiencies of these supply chains.

各國央行正試圖在不引發深度衰退的情況下控制供應驅動的通脹在數十年來的高位。現在經濟中的需求與新冠疫情之前的需求大致相同。但隨著大流行限制的解除，我們看到重啟需求比重啟供應更容易。在大流行期間供應鏈中斷之後，國家和公司已經在重新評估它們的相互依賴關係。而俄羅斯入侵烏克蘭只是加強了對供應鏈彈性和安全的優先考慮，而不是這些供應鏈的成本和這些供應鏈的效率。

In the United States, the Fed's effort to fight inflation through faster rate hikes helped push the U.S. dollar to a 20-year high in the quarter, impacting consumers companies, portfolios in the United States and around the world. U.S. companies with international businesses, including BlackRock, are facing foreign exchange headwinds impacting the value of their overseas earnings. Markets are reflecting investor anxiety as investors evaluate the potential impact of these pressures. 2022 ranks as a worst start in 50 years for both stocks and bonds. With global equity markets down 20% and the aggregate bond index down about 10%.

在美國，美聯儲通過加快加息來對抗通脹的努力推動美元在本季度升至 20 年高位，影響了美國和世界各地的消費者公司、投資組合。包括貝萊德在內的擁有國際業務的美國公司正面臨影響其海外收益價值的外匯逆風。隨著投資者評估這些壓力的潛在影響，市場反映了投資者的焦慮。 2022 年對於股票和債券來說都是 50 年來最糟糕的開端。全球股市下跌 20%，債券指數下跌約 10%。

While BlackRock is not immune to these markets and foreign exchange headwinds, we see it as an opportunity to strengthen our relationship with all our clients worldwide. And it is during these uncertain times like these, that the resiliency and diversification of our platform is most evident. BlackRock generated $175 billion of total net inflows in the first half of 2022, including $90 billion in the second quarter. And these flows do not yet include any funding of the significant portion of the large client mandate we announced last quarter.

雖然貝萊德不能倖免於這些市場和外匯逆風，但我們認為這是一個加強我們與全球所有客戶關係的機會。正是在這樣的不確定時期，我們平台的彈性和多樣化最為明顯。貝萊德在 2022 年上半年創造了 1,750 億美元的總淨流入，其中包括第二季度的 900 億美元。而且這些資金流還不包括我們上個季度宣布的大客戶授權的很大一部分的任何資金。

The substantial organic growth demonstrates our ability to deliver industry-leading flows even in these most challenging environments. Even after the worst first half declines in decades, BlackRock's assets are over -- are up over $2.5 trillion since the beginning of 2019. And what I'm most impressed with -- at the same period, we generated $1.5 trillion of AUM through organic growth alone. No one else in the industry has come close to that. Our strategic investments over the years, including iShares, ETFs, private markets, active whole portfolio solutions at Aladdin have allowed us to build a comprehensive platform to solve our clients' needs across market environments.

顯著的有機增長表明，即使在這些最具挑戰性的環境中，我們也有能力提供行業領先的流量。即使在經歷了幾十年來最嚴重的上半年跌幅之後，貝萊德的資產已經結束——自 2019 年初以來已經增長了超過 2.5 萬億美元。我印象最深的是——在同一時期，我們通過有機資產產生了 1.5 萬億美元的資產管理規模獨自成長。業內沒有其他人能接近這一點。多年來，我們的戰略投資，包括 iShares、ETF、私人市場、阿拉丁積極的整體投資組合解決方案，使我們能夠建立一個全面的平台來解決客戶在各種市場環境中的需求。

I cannot think of a time when BlackRock's strategic focus has been better aligned to the market and the needs of our clients than it is today. We see more and more clients looking for a partner who can provide a truly whole portfolio approach across index, across active in cash, across private markets, but all underpinned by global insights and our industry-leading risk management technology.

我想不出有什麼時候貝萊德的戰略重點比今天更符合市場和客戶的需求。我們看到越來越多的客戶正在尋找能夠提供跨指數、跨活躍現金、跨私人市場的真正完整的投資組合方法的合作夥伴，但所有這些都以全球洞察力和我們行業領先的風險管理技術為基礎。

Only BlackRock can offer that. That is why clients are entrusting us with more of their portfolios. That is why BlackRock has seen such a substantial increase in OCIO mandates. That is why we had record Aladdin mandates this year. Connectivity with clients is even more important in a volatile and uncertain environment. Our clients more than ever are turning to BlackRock to help them navigate uncertainty. There have been incredible demand for clients for insight from BlackRock.

只有貝萊德可以提供。這就是為什麼客戶將更多的投資組合委託給我們的原因。這就是為什麼貝萊德的 OCIO 授權如此大幅增加的原因。這就是為什麼我們今年有創紀錄的阿拉丁任務。在動盪和不確定的環境中，與客戶的聯繫更為重要。我們的客戶比以往任何時候都更多地求助於貝萊德來幫助他們應對不確定性。客戶對貝萊德的洞察力有著難以置信的需求。

During the recent months of volatility, we have hosted numerous large-scale events to share our market outlook. In addition, our direct connectivity with our clients. In the first half of the year, the BlackRock Investment Institute had hosted calls reaching a record number of clients, providing unique global insights, further amplifying our connectivity and reinforcing our voice with our clients globally. This connectivity enables us to better understand the challenges our clients are facing. And our comprehensive solutions have enabled us to help clients reallocate risk, rebalance, increase liquidity and capture opportunities in response to market moves.

在最近幾個月的動盪中，我們舉辦了許多大型活動來分享我們的市場前景。此外，我們與客戶的直接聯繫。今年上半年，貝萊德投資研究所舉辦的電話會議吸引了創紀錄的客戶數量，提供了獨特的全球見解，進一步擴大了我們的聯繫，並加強了我們與全球客戶的聲音。這種連通性使我們能夠更好地了解客戶面臨的挑戰。我們的綜合解決方案使我們能夠幫助客戶重新分配風險、重新平衡、增加流動性並抓住機會以應對市場變化。

Our iShares business is one of the examples where our continuous innovation has allowed us to deliver new solutions for clients and for -- growth for the firm. 20 years ago, in December of 2002, iShares launched the first U.S. domicile bond ETF, innovation that went on to break down many barriers in fixed income investing.

我們的 iShares 業務是我們持續創新使我們能夠為客戶提供新的解決方案並為公司發展提供新解決方案的例子之一。 20 年前的 2002 年 12 月，iShares 推出了第一隻美國本土債券 ETF，這一創新繼續打破了固定收益投資的許多障礙。

Today, both individual investors and large institutions are using bond ETFs for convenient, efficient exposures to thousands of global bonds and to make quick specialized recalibrations to their portfolio. In other words, they're using bond ETFs for active investing. The challenges associated with high inflation to rising interest rates are attracting more first-time bond ETF users and prompting existing investors to find new ways to use ETFs in their portfolios for active investing.

如今，個人投資者和大型機構都在使用債券 ETF 來方便、高效地投資數千種全球債券，並對其投資組合進行快速的專業調整。換句話說，他們正在使用債券 ETF 進行積極投資。高通脹對利率上升帶來的挑戰正在吸引更多首次使用債券 ETF 的用戶，並促使現有投資者尋找新方法在其投資組合中使用 ETF 進行積極投資。

In the second quarter, we generated $31 billion of fixed income ETF net inflows led by record flows in the month of May. Fixed income ETFs once again delivered the market quality that clients expected from us in stressed markets, providing liquidity, providing price transparency. U.S. fixed in ETF trading volume reached new records. In fact, the second quarter average volumes was up over 50% compared to last year.

在第二季度，我們在 5 月份創紀錄的流量帶動了 310 億美元的固定收益 ETF 淨流入。固定收益 ETF 再次提供了客戶在壓力市場中對我們的期望的市場質量，提供流動性，提供價格透明度。美國固定ETF交易量創歷史新高。事實上，第二季度的平均銷量與去年相比增長了 50% 以上。

Our growth this quarter highlights the diversity of our fixed income ETF product range and our ability to serve clients as their needs change. As we still see this is the early days of a major transformation of how people invest in fixed income, we expect the bond ETF industry will nearly triple and reach $5 trillion in AUM at the end of the decade, driving significant growth in the broader ETF industry. When you consider that we build our fixed income ETF platform in an extremely low yield environment, it is particularly exciting to consider how rising rates will bring a whole new set of investors into these funds.

我們本季度的增長凸顯了我們固定收益 ETF 產品範圍的多樣性以及我們在客戶需求變化時為客戶提供服務的能力。正如我們仍然看到的那樣，這是人們投資固定收益方式的重大轉變的早期階段，我們預計債券 ETF 行業將在本十年末達到近三倍並達到 5 萬億美元的資產管理規模，從而推動更廣泛的 ETF 顯著增長行業。當您考慮到我們在收益率極低的環境中構建我們的固定收益 ETF 平台時，考慮到利率上升將如何為這些基金帶來全新的投資者，這尤其令人興奮。

Beyond liquidity and market access, investors also turned to iShares ETF for long-term investments. We saw growth in each of our ETF product categories in the quarter for $52 billion of total ETF net inflows. BlackRock's active platform demonstrated continued momentum in systematic equities, LifePath target-date, alternative strategies and great opportunities in our industry-leading fixed income platform like SIO.

除了流動性和市場准入之外，投資者還轉向 iShares ETF 進行長期投資。在本季度，我們的每個 ETF 產品類別都出現了增長，ETF 淨流入總額達 520 億美元。貝萊德的活躍平台在我們行業領先的固定收益平台（如 SIO）中展示了系統股票、LifePath 目標日期、替代策略和巨大機會的持續發展勢頭。

We believe we'll outpace industry flows and active management due to our strong long-term investment performance and our diversified platform. While market volatility impacted shorter-term performance in some funds, long-term performance remains strong with approximately 85% of our active taxable fixed income and fundamental equity AUM above medium and benchmark here for the 5-year period.

我們相信，由於我們強勁的長期投資業績和多元化的平台，我們將超越行業流動和主動管理。雖然市場波動影響了一些基金的短期表現，但長期表現依然強勁，我們 5 年期間約 85% 的主動應稅固定收益和基本股票資產管理規模高於中值和基準。

The diversity of our broad investment management platform enables us to capture changes in demand within active or as investors change our allocations to index or private markets. We saw this phenomenon in fixed income during the quarter where active fixed income net outflows were offset by inflows in fixed income ETFs and index LDI strategies as certain clients look to reallocate or immunize their portfolios. We also saw it as client demand shifted to cash as the interest rate environment improved, and we continue to see strong demand for illiquid alternative strategies with clients growing their allocations to private markets to improve portfolio diversification and to fix sources of yield and uncorrelated returns.

我們廣泛的投資管理平台的多樣性使我們能夠捕捉活躍或投資者改變我們對指數或私人市場的配置的需求變化。我們在本季度的固定收益中看到了這種現象，由於某些客戶希望重新分配或免疫其投資組合，因此固定收益 ETF 和指數 LDI 策略的流入抵消了積極的固定收益淨流出。我們還看到，隨著利率環境的改善，客戶需求轉向現金，我們繼續看到對非流動性替代策略的強勁需求，客戶增加了對私人市場的配置，以改善投資組合多元化並確定收益來源和不相關的回報。

In alternatives, we raised nearly $8 billion through committed and net flows across liquid and illiquid strategies. In liquid, flows were driven by private credit and infrastructure and liquid flows were led by our systematic multi-strategy funds, which takes a credit-oriented approach. Since 2021, BlackRock raised over $55 billion of gross capital across our entire alternatives platform.

在替代方案中，我們通過流動性和非流動性策略的承諾和淨流動籌集了近 80 億美元。在流動性方面，流動性由私人信貸和基礎設施驅動，流動性流動由我們系統的多策略基金引領，採取信貸導向的方式。自 2021 年以來，貝萊德通過我們的整個替代平台籌集了超過 550 億美元的總資本。

One of the biggest long-term opportunities in alternatives will be the intersection of infrastructure and sustainability. Recent supply shocks have only increased the focus on energy security and compounded the need for infrastructure investments. Last month, we announced it a perpetual infrastructure strategy that will partner with leading infrastructure businesses over the long term to help drive the energy transition from shades of brown to shades of green. This will help address the historic long-term investment opportunity presented by the global transition to a low-carbon economy.

替代方案中最大的長期機會之一將是基礎設施和可持續性的交叉點。最近的供應衝擊只會增加對能源安全的關注，並加劇了對基礎設施投資的需求。上個月，我們宣布了一項永久性基礎設施戰略，該戰略將與領先的基礎設施企業長期合作，以幫助推動能源從棕色陰影過渡到綠色陰影。這將有助於應對全球向低碳經濟轉型所帶來的歷史性長期投資機會。

By 2050, an estimated $125 trillion of investments is needed globally to reach a net 0. That applies an annual investment needs to grow to over $4 trillion compared to the $1 trillion a year -- that is being achieved this year. As a fiduciary, we're working with clients to help them understand, to help them navigate and for clients to choose and help that transition.

到 2050 年，估計全球需要 125 萬億美元的投資才能達到淨 0。與今年的 1 萬億美元相比，每年的投資需要增長到 4 萬億美元以上。作為受託人，我們正在與客戶合作，幫助他們理解、幫助他們導航，並讓客戶選擇並幫助他們完成過渡。

BlackRock's cash management platform reached record AUM levels in the quarter and generated $21 billion of net inflows. Surging short-term rates, flattening yield curves and now an inverted yield curve has made cash not just a safe place, but now also a more profitable place as investors wait as they evaluate how to optimize their portfolios for the future. Even during low rate environments, we invested in our cash business and have grown our share, positioning us well to benefit from the resurgence of client demand as rates rise.

貝萊德的現金管理平台在本季度達到創紀錄的 AUM 水平，並產生了 210 億美元的淨流入。短期利率飆升、收益率曲線趨平以及現在的收益率曲線倒掛使現金不僅是一個安全的地方，而且現在也是一個更有利可圖的地方，因為投資者在等待他們評估如何優化未來的投資組合。即使在低利率環境下，我們也投資於我們的現金業務並增加了我們的份額，使我們能夠很好地從利率上升時客戶需求的複蘇中受益。

BlackRock's diverse cash management offerings, including governments, prime municipals, ESG strategies allow us to serve all our clients' cash allocation needs. Market volatility, growing cost pressures and increasing complexities and optimizing whole portfolios have only underscored the need for robust enterprise operating and risk management technology. The value of Aladdin's integrated end-to-end technology platform and leading risk analytics became particularly evident in these market conditions. When portfolio managers needed real-time information, sophisticated tools to manage risk exposures and make investment decisions. We saw record Aladdin [client] (corrected by company after the call) mandates in the first half of 2022, expanding our range of technology solutions with strong demand for our newer capabilities, including Aladdin accounting, eFront and whole portfolio view.

貝萊德的多樣化現金管理產品，包括政府、主要城市、ESG 戰略，使我們能夠滿足所有客戶的現金分配需求。市場波動、成本壓力增加、複雜性增加以及優化整個投資組合都凸顯了對穩健的企業運營和風險管理技術的需求。在這些市場條件下，阿拉丁集成的端到端技術平台和領先的風險分析的價值變得尤為明顯。當投資組合經理需要實時信息時，需要復雜的工具來管理風險敞口並做出投資決策。我們在 2022 年上半年看到了創紀錄的阿拉丁 [客戶]（在電話會議後由公司更正）授權，擴大了我們的技術解決方案範圍，對我們的新功能有強烈的需求，包括阿拉丁會計、eFront 和整體投資組合視圖。

The market environment has also reinforced the need for offerings like Aladdin Wealth. Users of Aladdin Wealth by financial advisers at our largest clients have increased by more than 40% since the onset of market turbulence this year as financial advisers look to assess portfolio risk for all their clients for their entire business.

市場環境也加強了對阿拉丁財富等產品的需求。自今年市場動蕩開始以來，我們最大客戶的財務顧問對 Aladdin Wealth 的用戶增加了 40% 以上，因為財務顧問希望評估其所有客戶的整個業務的投資組合風險。

BlackRock's technology and risk management capabilities are also supporting the growth of our OCIO business. Since the beginning of 2019 and with the anticipated funding of the $150 billion AIG mandate later this year, we all have raised over $430 billion for major OCIO and fixed income insurance outsourcing assignments. As the trend towards outsourcing increases, BlackRock is well positioned to capture this opportunity and be a trusted partner for our clients.

貝萊德的技術和風險管理能力也在支持我們的 OCIO 業務的增長。自 2019 年初以來，隨著今年晚些時候 AIG 授權 1500 億美元的預期資金，我們都為主要的 OCIO 和固定收益保險外包任務籌集了超過 4300 億美元。隨著外包趨勢的增加，貝萊德已做好充分準備抓住這一機會，並成為我們客戶值得信賴的合作夥伴。

Another major trend defining our industry over the past several years has been interest in sustainable investing. And we continue to see strong client demand for sustainable strategies. BlackRock manages nearly $475 billion in dedicated sustainable AUM on behalf of our clients, and we saw over $20 billion of net inflows across active index and cash management in the quarter.

過去幾年定義我們行業的另一個主要趨勢是對可持續投資的興趣。我們繼續看到客戶對可持續戰略的強烈需求。貝萊德代表我們的客戶管理著近 4750 億美元的專門可持續資產管理規模，我們在本季度看到超過 200 億美元的淨流入活躍指數和現金管理。

One note -- particularly noteworthy strategy we announced in May was an $800 million commitment raised for the BlackRock Impact Opportunity Fund. This fund is first of its kind, a return-seeking multi-alternative strategy that invest in businesses and projects owned and led by or serving people of color.

一個注意事項——我們在 5 月宣布的特別值得注意的戰略是為貝萊德影響機會基金籌集了 8 億美元的承諾。該基金是同類基金中的首創，是一種尋求回報的多元替代策略，投資於由有色人種擁有和領導或服務於有色人種的企業和項目。

The topic of sustainable investing has sparked a lot of debate in recent months. In many ways, it reminds me my early days being in the mortgage market. When I started my career working as a mortgage trader in the 1970s, shocking? Mortgage loans were first being securitized into bonds. There were lots of questions from investors, lots of questions from policymakers, lots of questions from regulators alike. While the mortgage market has since had many ups and downs, it is today a $10 trillion market. And with the appropriate underwriting standards, it has played a vital role in delivering attractive returns to investors and making homeownership affordable for millions.

最近幾個月，可持續投資的話題引發了很多爭論。在許多方面，它讓我想起了我在抵押貸款市場的早期經歷。當我在 1970 年代開始我作為抵押貸款交易員的職業生涯時，令人震驚嗎？抵押貸款首先被證券化為債券。投資者提出了很多問題，政策制定者提出了很多問題，監管機構提出了很多問題。雖然抵押貸款市場此後經歷了許多起伏，但今天它是一個 10 萬億美元的市場。通過適當的承保標準，它在為投資者提供有吸引力的回報和使數百萬人負擔得起房屋所有權方面發揮了至關重要的作用。

Just 2 years ago, the sustainable investing was not a priority for many clients. It is now one of the fastest-growing segments of the asset management industry, and one of the topics our clients are asking more questions than in any part of our business. I continue to believe that we are in the early days of this trend. Two years ago, I said, I believe it will fundamentally reshape finance. I still believe that. But as in the early days of the mortgage market, there are a lot of questions. And with the mortgage market, the key to avoiding excesses and missteps is through better data and through better analytics. That's why BlackRock is so focused on leveraging and creating better ESG data and analytics to help our clients better understand risk and opportunities in their portfolio, including those related to global transition to a low-carbon economy.

就在 2 年前，可持續投資還不是許多客戶的優先事項。它現在是資產管理行業增長最快的部分之一，也是我們客戶提出的問題比我們業務的任何部分都多的主題之一。我仍然相信我們正處於這一趨勢的早期階段。兩年前，我說過，我相信它將從根本上重塑金融。我仍然相信這一點。但就像抵押貸款市場的早期一樣，存在很多問題。對於抵押貸款市場，避免過度和失誤的關鍵是通過更好的數據和更好的分析。這就是為什麼貝萊德如此專注於利用和創建更好的 ESG 數據和分析，以幫助我們的客戶更好地了解其投資組合中的風險和機遇，包括與全球向低碳經濟轉型相關的風險和機遇。

ESG data indexing is still an evolving area. And we are working with our partners to assess and refine the best available data to help our clients meet their investment objectives in alignment with ESG preferences. We have long encouraged companies to report on sustainability issues so that investors better analyze how companies are navigating the transition to a low-carbon economy and other critical investment considerations. We believe that common taxonomy and coordinated high-quality disclosure framework will allow investors to more effectively compare data across companies and geographies.

ESG 數據索引仍然是一個不斷發展的領域。我們正在與我們的合作夥伴合作，評估和完善可用的最佳數據，以幫助我們的客戶實現符合 ESG 偏好的投資目標。長期以來，我們一直鼓勵公司報告可持續性問題，以便投資者更好地分析公司如何在向低碳經濟轉型和其他關鍵投資考慮因素中導航。我們相信，共同的分類和協調的高質量披露框架將使投資者能夠更有效地比較公司和地區的數據。

We must also recognize that the energy transition itself is a journey and will not occur overnight. It is not going to be a straight line. It can only work if the energy transition is fair and just. To ensure that the continuity of affordable energy during the transition, companies will need to invest in both fossil fuels like natural gas and renewable sources of energy. That is why we are working with energy companies throughout the world who are essentially meeting society's energy needs, and we will play a critical role in helping any successful transition.

我們還必須認識到，能源轉型本身就是一段旅程，不會一蹴而就。這不會是一條直線。只有在能源轉型公平公正的情況下，它才能發揮作用。為確保過渡期間負擔得起的能源的連續性，公司將需要投資於天然氣等化石燃料和可再生能源。這就是為什麼我們與世界各地的能源公司合作，這些公司基本上滿足了社會的能源需求，我們將在幫助任何成功的轉型中發揮關鍵作用。

Another area that has been increasingly interested with our clients as digital assets. BlackRock has been studying the ecosystem, particularly in areas that are relevant to our clients, including stablecoin, crypto assets, tokenization, permissional blockchains. Last quarter, we announced our minority investment in Circle, a global Internet payment company, an issuer of USD coin. A stable coin that is one of the fastest-growing digital assets in the world. As part of our relationship, we became their primary manager of their USDC cash reserves with assets invested entirely in short-term U.S. treasuries.

我們的客戶對數字資產越來越感興趣的另一個領域。貝萊德一直在研究生態系統，特別是與我們的客戶相關的領域，包括穩定幣、加密資產、代幣化、許可區塊鏈。上個季度，我們宣布對全球互聯網支付公司、美元硬幣發行商 Circle 進行少數股權投資。一種穩定的硬幣，是世界上增長最快的數字資產之一。作為我們關係的一部分，我們成為他們 USDC 現金儲備的主要管理者，其資產完全投資於短期美國國債。

The digital asset space is a developing area that has attracted increased attention from investors and policymakers, and we are encouraged by the discussion of the debate that is occurring about the creation and implementation of an appropriate regulatory approach and framework. The crypto asset market has witnessed a steep downturn in valuations over recent months, but we are still seeing more interest from institutional clients about how to efficiently access these assets, using our technology and product capability. This is a space that we are continuing to explore to help our clients who want to learn more and to help them who wanted to participate in these assets and to do it in a transparent and an efficient way.

數字資產領域是一個發展中的領域，越來越受到投資者和政策制定者的關注，我們對關於創建和實施適當監管方法和框架的辯論的討論感到鼓舞。近幾個月來，加密資產市場的估值急劇下滑，但我們仍然看到機構客戶對如何利用我們的技術和產品能力有效地獲取這些資產感興趣。這是一個我們正在繼續探索的空間，以幫助希望了解更多信息的客戶，並幫助希望參與這些資產的客戶，並以透明和有效的方式進行。

BlackRock continues to innovate in a variety of areas to expand the choices we offer clients to help them achieve their goals. Last fall, we announced the BlackRock Voting Choice initiative, which uses technology to help eligible institutional clients participate and proxy voting decisions. In the second quarter, we further expanded the opportunities for eligible clients, including public and private pension funds, insurance companies, endowments, foundations, sovereign wealth funds to participate in proxy voting decisions.

貝萊德繼續在多個領域進行創新，以擴大我們為客戶提供的選擇，幫助他們實現目標。去年秋天，我們宣布了貝萊德投票選擇計劃，該計劃使用技術幫助符合條件的機構客戶參與和代理投票決策。第二季度，我們進一步擴大了符合條件的客戶參與代理投票決策的機會，包括公共和私人養老基金、保險公司、捐贈基金、基金會、主權財富基金。

Following years of work on technology and regulatory barriers, nearly half of our clients' index equity assets including pension funds representing more than 60 million people have simple and efficient options to vote their preferences if they choose. The client assets currently available for voting choice nearly 25% are held by clients who have so far elected to exercise their own voting preference, and we're working to expand choice even further. We're committed to a future where every investor, even individual investors can ultimately have the option to participate in proxy voting processes as they choose.

經過多年在技術和監管障礙方面的努力，我們客戶近一半的指數股票資產（包括代表超過 6000 萬人的養老基金）擁有簡單而有效的選項來投票他們的偏好（如果他們選擇的話）。目前可供投票選擇的客戶資產中有近 25% 由迄今為止選擇行使自己的投票偏好的客戶持有，我們正在努力進一步擴大選擇範圍。我們致力於實現每個投資者，甚至個人投資者最終都可以選擇參與代理投票流程的未來。

Over the course of BlackRock's 34-year history, and in the years since the financial crisis and our acquisition of BGI, markets have experienced various periods of volatility and uncertainty. BlackRock has always come through stronger. It is through periods like this, clients more deeply connected with BlackRock's platform, and we have more opportunities to work with our clients to continue to differentiate ourselves, and we are working with more and more of our stakeholders worldwide. We have always emphasized the connection between BlackRock taking a long-term view of our business and delivering differentiating growth for our shareholders. Many of BlackRock's biggest successes have grown out of times of uncertainty and disruption. I see more opportunities for BlackRock today than ever before, and I'm incredibly excited about our future.

在貝萊德 34 年的歷史中，以及自金融危機和我們收購華大基因以來的幾年中，市場經歷了不同時期的波動和不確定性。貝萊德歷來更強大。正是通過這樣的時期，客戶與貝萊德平台的聯繫更加緊密，我們有更多機會與客戶合作以繼續與眾不同，我們正在與全球越來越多的利益相關者合作。我們一直強調貝萊德以長遠的眼光看待我們的業務與為我們的股東提供差異化增長之間的聯繫。貝萊德的許多最大成功都是在不確定和混亂時期取得的。我今天看到貝萊德的機會比以往任何時候都多，我對我們的未來感到無比興奮。

As we look to realize those opportunities, we will continue to invest for the future and evolve ahead of our clients' changing needs. The diversification, the resiliency of our platform allows us to pursue critical investments while maintaining our focus on expenses and our own margins.

在我們尋求實現這些機會的同時，我們將繼續為未來投資，並在客戶不斷變化的需求之前不斷發展。我們平台的多元化和彈性使我們能夠進行關鍵投資，同時保持對費用和自身利潤的關注。

We'll continue to manage what we can control, bringing together the entire firm to serve every one of our clients, big or small, to strategically invest in the highest growth opportunity in the future, leveraging our scale to deliver benefits to our clients and operating more efficiently. We will continue to drive forward on our commitments to our clients, to our shareholders, to our employees. And as I said earlier, I believe that BlackRock's position has never been stronger.

我們將繼續管理我們可以控制的事情，將整個公司聚集在一起，為我們的每一位客戶提供服務，無論大小，戰略性地投資於未來的最高增長機會，利用我們的規模為我們的客戶和更有效地運作。我們將繼續履行對客戶、股東和員工的承諾。正如我之前所說，我相信貝萊德的地位從未如此強大。

With that, operator, let's open it up for questions.

有了這個，操作員，讓我們打開它來提問。

(Operator Instructions) Your first question comes from Michael Cyprys with Morgan Stanley's.

（操作員說明）您的第一個問題來自摩根士丹利的 Michael Cyprys。

Just a question on the OCIO mandate wins. I was just hoping you could update us on some of the dialogue and conversations that you're having with asset owners there. Maybe you talk a little bit about the opportunity set that you see over the next couple of years. And how does this macro environment impact the sort of pendulum swinging between in-sourcing and outsourcing?

只需提出有關 OCIO 授權的問題即可。我只是希望您能向我們介紹您與那裡的資產所有者進行的一些對話和對話。也許你會談論一下你在未來幾年看到的機會集。這種宏觀環境如何影響內包和外包之間的那種鐘擺？

Well, I would say that dialogue is becoming more robust than any time in our history. And much of it has to do with the uncertainty in the world, the complexities of markets. And no organization can bring the resources, the scale, the Aladdin technology, the completeness of investment platform than we can.

好吧，我想說對話正變得比我們歷史上任何時候都更加強大。這在很大程度上與世界的不確定性和市場的複雜性有關。沒有任何組織能比我們帶來資源、規模、阿拉丁技術、投資平台的完整性。

I think the conversations we're having are because of that. And we are showing more and more clients the benefits that what we can provide to them. And I think this is -- we are going to see an acceleration of OCIO mandates because we can provide our services cheaper than in-house. We can provide as a fiduciary to their needs, a more systematic approach using the investment technology, the breadth of our investment scale across all our products from obviously, from cash to alternatives gives us a very unique advantage.

我認為我們正在進行的對話正是因為如此。我們正在向越來越多的客戶展示我們可以為他們提供的好處。我認為這是 - 我們將看到 OCIO 授權的加速，因為我們可以提供比內部更便宜的服務。作為受託人，我們可以根據他們的需求提供更系統的方法，使用投資技術，我們所有產品的投資規模廣度，從現金到替代品，顯然給我們帶來了非常獨特的優勢。

And we see this as a real huge opportunity for us. Obviously, it's been noted about AIG. We had another big U.S. pension fund where -- we were -- it was announced this week that we are now going to manage their entire defined contribution platform. We are working with other companies right now with more opportunities. I am incredibly excited because this is probably the greatest example of One BlackRock.

我們認為這對我們來說是一個真正的巨大機會。顯然，AIG 已經引起了人們的注意。我們有另一家大型美國養老基金——我們曾經——本周宣布，我們現在將管理他們的整個固定繳款平台。我們現在正在與其他公司合作，機會更多。我非常興奮，因為這可能是 One BlackRock 最好的例子。

The uniqueness of our platform by having a One culture that interconnects areas of active investing, index investing, investment technology, having the ability to provide alternatives, whether that may be some decarbonization investments across the board to other sites to private credit. But having the ability to work with these clients in a One BlackRock comprehensive way has really shown to our clients that no firm can provide this, and this is the virtue of having 1 -- a 1 connected organization.

我們平台的獨特性在於擁有一種將積極投資、指數投資、投資技術等領域相互聯繫起來的文化，能夠提供替代方案，無論這可能是對其他地點的全面脫碳投資，還是私人信貸。但是，能夠以 One BlackRock 全面的方式與這些客戶合作，確實向我們的客戶表明，沒有任何一家公司可以提供這種服務，這就是擁有 1 - 1 連接組織的優點。

We're not a multi-boutique organization. We are -- our enterprise is interconnected across the board and we're able to provide that dialogue across the whole organization. And it shows up in these client conversations, whether that is the General Dynamics conversation or whether that is the British Air, these previously announced mandates.

我們不是一家多精品店組織。我們是——我們的企業是全面互聯的，我們能夠在整個組織中提供這種對話。它出現在這些客戶對話中，無論是通用動力公司的對話還是英國航空公司，這些先前宣布的授權。

And as I said, the dialogues in OCIO has never been greater. And I'm very excited about these opportunities. But let's be clear, you cannot underscore the need for One BlackRock and culture to make this work. Then you overlay our technology, overlay the completeness of our investment platform. It's a pretty compelling story.

正如我所說，OCIO 中的對話從未如此廣泛。我對這些機會感到非常興奮。但讓我們明確一點，你不能強調 One BlackRock 和文化的必要性來實現這項工作。然後你覆蓋我們的技術，覆蓋我們投資平台的完整性。這是一個相當引人入勝的故事。

Now we'll take our next question, and that will come from Craig Siegenthaler with Bank of America.

現在我們將提出下一個問題，這將來自美國銀行的 Craig Siegenthaler。

We have a question on client rebalancing. So from your recent conversations with investors, is there a general trend for how they're thinking about portfolio rebalancing? And I also want to hear how the ETF vehicle, which is still in flowing nicely fits into that dynamic?

我們有一個關於客戶再平衡的問題。那麼，從您最近與投資者的對話來看，他們對投資組合再平衡的看法是否存在總體趨勢？我還想听聽仍在流動的 ETF 工具如何很好地適應這種動態？

So Craig, it's Rob here. As you know, so far, the volatility has disrupted all of the traditional portfolio allocations. It's a rare moment when both equities and bonds have declined in value. So the traditional 60/40 allocations are very out of balance and the hedge between stocks and bonds has certainly weakened. So portfolio liquidity profiles have been impacted. And what I mean by that is many institutions have gone to their maximum in alternative or private equity allocations, hoping to fund that from the liquid portion, meaning the equity side and the bond side.

克雷格，這裡是羅布。如您所知，到目前為止，波動性已經擾亂了所有傳統的投資組合配置。這是股票和債券價值都下跌的罕見時刻。因此，傳統的 60/40 配置非常失衡，股票和債券之間的對沖肯定減弱了。因此，投資組合的流動性狀況受到了影響。我的意思是，許多機構在另類或私募股權配置方面已經達到了最大程度，希望從流動性部分（即股權方面和債券方面）為其提供資金。

And now with that liquid portion declining, they are short in the demands to draw down for private equity allocations, which are also probably declined this quarter. So they're going to have to rebalance and they're going to have to get closer to their target allocations. And this means that there's a lot of money that's going to be reallocated and clients are going to need a partner with the comprehensive capabilities that Larry was just discussing to rethink their target allocations and to rethink the models that they're using.

現在隨著流動性部分的下降，他們缺乏提取私募股權配置的需求，本季度也可能下降。所以他們將不得不重新平衡，他們將不得不更接近他們的目標分配。這意味著要重新分配大量資金，客戶將需要一個具有拉里剛剛討論的綜合能力的合作夥伴，以重新考慮他們的目標分配並重新考慮他們正在使用的模型。

And BlackRock today, I believe, is the only global asset manager that can meet those client demands in every reallocation scenario whether moving to fixed income, equity cash of private markets or index are active on a diversified platform that could reposition this portfolio.

我相信，今天的貝萊德是唯一一家能夠在各種重新分配情況下滿足客戶需求的全球資產管理公司，無論是轉向固定收益、私募市場的股票現金還是活躍在可以重新定位該投資組合的多元化平台上的指數。

And what they're looking for is inflation protection. They're looking for solutions for a rising rate environment. They're looking for cash solutions. They're looking for more private equity and in some point, liquidity in private equity, and they're looking for outsourcing partners because not only is this complex but the operational cost and efficiencies play a very, very big role in that.

他們正在尋找的是通脹保護。他們正在為利率上升的環境尋找解決方案。他們正在尋找現金解決方案。他們正在尋找更多的私募股權，在某種程度上，私募股權的流動性，他們正在尋找外包合作夥伴，因為這不僅複雜，而且運營成本和效率在其中起著非常非常重要的作用。

Now during the last several years, keep in mind the market structure has changed. And it's changed that reallocations are not being done in individual stocks and bonds, but they're being done in index and ETFs because they're cheaper, better, faster, and more liquid. And that plays exactly into the strategy that we have outlined. And that is one of the reasons why during this volatile period, we have seen inflows into the ETF and index markets.

現在，在過去的幾年裡，請記住市場結構已經發生了變化。重新分配不是在個股和債券中進行，而是在指數和 ETF 中進行，因為它們更便宜、更好、更快、流動性更強，這已經改變了。這完全符合我們概述的戰略。這就是為什麼在這個動盪時期，我們看到資金流入 ETF 和指數市場的原因之一。

So I hope that answers the question, and we are predicting that this volatility and this reallocation is only going to increase as rates continue to rise, we see volatility in equity markets and these portfolio reallocations have to occur.

所以我希望這能回答這個問題，我們預測這種波動性和這種重新分配只會隨著利率的繼續上升而增加，我們看到股票市場的波動性和這些投資組合的重新分配必鬚髮生。

We'll now move to our next question, which will come from Brennan Hawken, UBS.

我們現在將轉到下一個問題，該問題將來自瑞銀的 Brennan Hawken。

Just curious, Gary, you indicated that you would be assessing the environment and being focused on managing the discretionary expense base. So I'm curious maybe to drill into that a little bit. Does that mean we should be rethinking the core G&A expense growth previously indicated? How should we think about that specifically when we're considering how to update a forecast for you.

只是好奇，加里，您表示您將評估環境並專注於管理可自由支配的費用基礎。所以我很好奇也許可以深入研究一下。這是否意味著我們應該重新考慮之前指出的核心 G&A 費用增長？當我們考慮如何為您更新預測時，我們應該如何具體考慮這一點。

Brennan, thanks for the question. So just looking at expenses in terms of where they came in for the quarter, as we mentioned, the operating expense year-over-year comparison was essentially flat. I think as expected, we saw Flex in our what I would call our more variable related expense or asset-related expense and incentive compensation.

布倫南，謝謝你的問題。因此，正如我們所提到的，僅從本季度的支出來看，運營費用與去年同期相比基本持平。我認為正如預期的那樣，我們在我們所謂的更多可變相關費用或資產相關費用和激勵薪酬中看到了 Flex。

And when you look at what optically happened to the margin year-over-year, effectively, all of that decline was associated with what I would call our historical discretionary investments, which are both in people, technology growth initiatives and a return to office. So we talked about salary increases. We've been growing some headcount and trying to get our people back to the office. We're actually getting out to see clients more. So T&E is up. We're trying to ensure that we have an incredibly safe work environment for our employees. So health and safety protocol costs are up and obviously higher tech costs, which are primarily tied to that -- to the cloud migration for Aladdin that we've talked about.

當你從視覺上看利潤率同比發生的變化時，實際上，所有這些下降都與我所說的我們歷史上的可自由支配投資有關，這些投資包括人員、技術增長計劃和重返辦公室。所以我們談到了加薪。我們一直在增加一些員工人數，並試圖讓我們的員工回到辦公室。我們實際上正在走出去更多地見客戶。所以 T&E 起來了。我們正在努力確保為員工提供極其安全的工作環境。因此，健康和安全協議成本上升，顯然更高的技術成本主要與此相關——與我們討論過的阿拉丁的雲遷移有關。

We have long had a philosophy of what I would call a growth and higher model. We're coming off effectively 2 years, but obviously, last year, in particular, our fastest growth rates ever and we're continuing to invest to support that embedded growth as well as the significant near-term opportunities that you've heard both from Larry and Rob on the call, especially in places like OCIO. But we are mindful of the current environment, and we are proactively managing the pace of what I would call certain of our discretionary investments.

長期以來，我們一直有一種我稱之為增長和更高模式的哲學。我們實際上已經結束了 2 年，但顯然，去年，尤其是我們有史以來最快的增長率，我們將繼續投資以支持這種嵌入式增長以及您聽說過的重大近期機會來自拉里和羅布的電話，尤其是在像 OCIO 這樣的地方。但我們注意到當前的環境，我們正在積極管理我所說的某些可自由支配投資的步伐。

So we just give you an idea of some of the things we're doing. We are delaying certain senior hires into next year. We're also trying to juniorize a number of other roles where appropriate. And while I would say these actions will not materially impact our 2022 results. I think they clearly position us well for next year should some of these market headwinds persist.

因此，我們只是讓您了解我們正在做的一些事情。我們將某些高級員工的招聘推遲到明年。我們還嘗試在適當的情況下降低其他一些角色。雖然我想說這些行動不會對我們 2022 年的業績產生重大影響。我認為，如果其中一些市場逆風持續存在，他們顯然為我們明年做好了準備。

Now that's not to say we're cutting back -- let me be very clear. I would say that our estimated headcount growth for the year will be generally consistent with the earlier guidance we gave, but roughly 100% of that growth will be at the more junior levels of the organization and something like 40% or so of that growth will get in our iHub locations.

現在這並不是說我們正在削減 - 讓我非常清楚。我想說的是，我們今年估計的員工人數增長將與我們之前給出的指導基本一致，但大約 100% 的增長將出現在組織的初級級別，大約 40% 左右的增長將進入我們的 iHub 位置。

We're also, as you mentioned, we're continuing to evaluate the pace of our core G&A spend. And while there is no material change to the plans we communicated in January, we would clearly expect the year-over-year increase to come in closer to the bottom end of that previously communicated 15% to 20% range in terms of core G&A.

正如您所提到的，我們還在繼續評估我們核心 G&A 支出的速度。雖然我們在 1 月份傳達的計劃沒有重大變化，但我們顯然預計核心 G&A 方面的同比增長將接近之前傳達的 15% 至 20% 範圍的底端。

And I would just say, at the outset, we said this in a couple of our comments. We've invested for years to develop industry-leading franchises in a number of these growth areas. And I think this quarter is yet another example of how those investments are allowing us to deliver differentiated growth going forward. And I think that we've shown throughout our history that we're pretty pragmatic and agile and being able to both manage our expense, but also to continue executing on critical investments.

我只想說，一開始，我們在一些評論中說過這一點。多年來，我們一直在投資，在其中一些增長領域開發行業領先的特許經營權。我認為本季度是這些投資如何使我們能夠實現差異化增長的又一個例子。而且我認為，在我們的整個歷史中，我們已經證明我們非常務實和敏捷，既能夠管理我們的開支，又能夠繼續執行關鍵投資。

Your next question will come from Dan Fannon with Jefferies.

您的下一個問題將來自 Dan Fannon 和 Jefferies。

I wanted to follow up on just the fixed income commentary. You've talked a lot about iShares and some of the dynamics there, but obviously, active is a big portion of your business in the market and performance there has just come under some pressure. So how are you thinking about allocations or kind of trends within the broader active fixed income product set for you guys?

我只想跟進固定收益評論。你已經談了很多關於 iShares 和那裡的一些動態，但顯然，活躍是你在市場上業務的很大一部分，那裡的表現剛剛承受了一些壓力。那麼，你們如何看待更廣泛的活躍固定收益產品中的分配或趨勢呢？

Well, I would say the shape of the yield curve is going to play a big role in that. It is my view that we're going to continue to see Fed tightening. So if the market expectations for another 75, first of all, that's over a period -- a short period of time, you would see money market rates funds providing about a 2% return. You're going to see money run into that. It's going to be -- you're paid to keep your money in the short end.

好吧，我想說收益率曲線的形狀將在其中發揮重要作用。我認為我們將繼續看到美聯儲收緊政策。因此，如果市場對另一個 75 的預期，首先，那是在一段時間內——很短的一段時間內，你會看到貨幣市場利率基金提供大約 2% 的回報。你會看到錢跑進去。這將是 - 你得到報酬以保持你的錢在短期內。

I expect to see a further steepening of an inverted yield curve and where we're going to see short rates higher than the 10-year treasury. And I do believe funds like SIO (inaudible) industry-leading fund will continue to have industry-leading inflows. So across the board, I think we're going to see, on the active side, quite a bit of opportunities.

我預計收益率曲線倒掛將進一步變陡，短期利率將高於 10 年期國債。而且我確實相信像 SIO（聽不清）行業領先的基金這樣的基金將繼續擁有行業領先的資金流入。所以總的來說，我認為我們會看到，在積極的一面，相當多的機會。

And then as I said in my prepared remarks related to fixed income ETFs, will continue to drive more and more fixed income flows, whether that may be in a passive way. But what I really do believe and what we've been saying now for the last 5, 6, 7 years was the utilization of fixed income ETFs for active investments and exposures.

然後正如我在準備好的與固定收益 ETF 相關的評論中所說，將繼續推動越來越多的固定收益流動，無論這可能是以被動方式。但我真正相信以及我們在過去 5、6、7 年中一直在說的是利用固定收益 ETF 進行主動投資和風險敞口。

What we have already witnessed with the rise even in the 10-year area, we're seeing more and more insurance companies looking to put money to work especially in the credit side. So we're going to continue to see more and more interest in private credits. Obviously, spreads have widened. There's some views that we're going to continue to see even further rising credit spreads. This presents huge opportunities for a lot of long liability insurance companies. And so in the institutional space, we're going to see money moving across the yield curve. Well, we're going to see movements both in and around from private to public. Rob, did you want to add anything from that point?

我們已經見證了即使在 10 年期間的增長，我們看到越來越多的保險公司希望將資金投入工作，尤其是在信貸方面。因此，我們將繼續看到對私人信貸越來越感興趣。顯然，價差已經擴大。有一些觀點認為，我們將繼續看到信用利差進一步上升。這為許多長期責任保險公司提供了巨大的機會。因此，在機構領域，我們將看到資金在收益率曲線上移動。好吧，我們將看到從私人到公共的內外運動。 Rob，你想從那時起添加什麼嗎？

Yes, I do. I know that people that are long fixed income don't like to see rising rates. However, with this environment, it's actually going to be a good thing for many institutions who need fixed income in their portfolios to meet their long-term goals. So we expect to see a lot of allocation and it's not only going to go to fixed income ETFs. It's going to go the top performing and diversified fixed income funds that have been consistently performing.

是的，我願意。我知道長期固定收益的人不喜歡看到利率上升。然而，在這種環境下，對於許多需要投資組合中的固定收益來實現長期目標的機構來說，這實際上是一件好事。因此，我們預計會看到大量配置，而不僅僅是固定收益 ETF。它將成為一直表現最好的多元化固定收益基金。

So what I would expect is that people that use large cap dividend paying stocks as a surrogate for fixed income during this period of very, very low rates, will now reverse that and be able to get some yield into their portfolio that they desperately need for the long term. And I expect to see some flows out of what was called high yield and certainly high yield over the last couple of years wasn't necessarily high yield. And I think there'll be the demand for treasuries, for U.S. investment-grade, munis and TIPS and a lot of that is going to come through ETFs, but it will also come through individual bonds and issues that are being offered by companies going forward.

所以我期望的是，在這個利率非常非常低的時期，使用大盤股派息股票作為固定收益替代品的人，現在將扭轉這種局面，並能夠在他們的投資組合中獲得一些他們迫切需要的收益長期。而且我預計會看到一些所謂的高收益流出，而且過去幾年的高收益肯定不一定是高收益。而且我認為對美國投資級、市政債券和 TIPS 的美國國債會有需求，其中很大一部分將來自 ETF，但也將來自個別債券和公司發行的債券。向前。

Your last question will come from the line of Brian Bedell with Deutsche Bank.

您的最後一個問題來自德意志銀行的 Brian Bedell。

I apologize I entered the call a little bit late, but just curious, just a couple of follow-ups. Rob, your commentary on the reallocation plan that was really in depth, so thanks for that. Do you see the net result of that being higher fixed income allocations from pension plans over the long term versus sort of intentional 60-40. I know that's antiquated 60-40. And then longer term, you talked about pension plans revisiting the private allocations as well. Naturally, they've hit their targets now. Do you see them raising their thresholds to alternatives? .

我很抱歉我加入電話有點晚了，但只是好奇，只是幾個跟進。 Rob，您對重新分配計劃的評論非常深入，非常感謝。您是否看到長期養老金計劃中更高的固定收入分配與有意的 60-40 相比的淨結果。我知道那是過時的60-40。然後從長遠來看，你談到養老金計劃也重新審視了私人分配。當然，他們現在已經達到了目標。您是否看到他們提高了替代品的門檻？ .

So I think it's going to be hard until we assess where the marks came out on alternatives at the end of this quarter. But it's hard for me to believe that they're going to be up. So I think just because of the market movement, it's going to be hard for them to enter into new private equity. And also, there's still a lot of powder dry in the private equity space. But I do think that it's going to -- the reallocations are going to drive more money into fixed income than ever before because the 60-40 mix is pretty simplistic. And within that fixed income space, there are many more flavors today that people have the opportunity to buy and some of those are going to provide some really good inflation protection and just overall good yield that they haven't been able to get for a long time.

因此，我認為在我們評估本季度末替代品的分數之前，這將是困難的。但我很難相信他們會站起來。所以我認為僅僅因為市場運動，他們很難進入新的私募股權。而且，私募股權領域還有很多粉。但我確實認為它會 - 重新分配將比以往任何時候都將更多的資金投入固定收益，因為 60-40 的組合非常簡單。在這個固定收益空間內，今天人們有機會購買更多口味，其中一些將提供一些非常好的通脹保護和整體良好的收益，這是他們長期以來無法獲得的時間。

So I think the mix of that 40 is going to be different, and it's going to ultimately be better for the long term for our clients. And therefore, there'll be more going into fixed income. And secondly, when you see the volatility of equities, there are people that are afraid of that. And they really don't need it. So that could also drive more money into fixed income now that it will have a yield.

所以我認為這 40 個的組合會有所不同，從長遠來看，最終對我們的客戶來說會更好。因此，將有更多的資金進入固定收益。其次，當您看到股票的波動性時，有些人對此感到害怕。他們真的不需要它。因此，既然它會產生收益，這也可能會將更多資金推向固定收益。

Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

女士們，先生們，我們已經到了規定的提問時間。芬克先生，您有什麼結束語嗎？

Thank you, operator. I want to thank everybody for joining the call this morning and for your interest in the firm BlackRock. Our second quarter performance, as I said, is a direct result of our commitment in serving our clients, staying close to their needs. Our commitment in serving them focusing on their long-term needs. Hopefully, you could see why we're so excited. So excited about the opportunities ahead of us. Our differentiating strategy is producing industry-leading flows and our expectation of industry-leading flows in the future. So everyone, please have a great summer, try to get rested up. We're going to have very exciting times the latter part of this new year. So everyone have an enjoyable quarter and stay safe.

謝謝你，接線員。我要感謝大家今天早上參加電話會議，感謝大家對貝萊德公司的興趣。正如我所說，我們第二季度的業績是我們致力於為客戶服務、緊貼他們的需求的直接結果。我們致力於為他們提供服務，專注於他們的長期需求。希望你能明白為什麼我們如此興奮。對我們面前的機會感到非常興奮。我們的差異化戰略是產生行業領先的流量以及我們對未來行業領先流量的期望。所以大家，請度過一個美好的夏天，盡量休息一下。在這個新年的後半部分，我們將度過非常激動人心的時刻。所以每個人都有一個愉快的季度並保持安全。

This concludes today's teleconference. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。