Broadridge Financial Solutions Inc (BR) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Broadridge Second Quarter and Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) You also note today's event is being recorded.

早安，歡迎參加布羅德里奇第二季和 2024 財年財報電話會議。 （操作員說明）您也注意到今天的事件正在被記錄。

At this time, I'd like to turn the floor over to Edings Thibault, Head of Investor Relations. Please go ahead.

現在，我想請投資人關係主管 Edings Thibault 發言。請繼續。

Thank you, Jamie, and good morning, everybody, and welcome to Broadridge's Second Quarter Fiscal Year 2024 Earnings Conference Call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com. Joining me on the call this morning are Tim Gokey, our CEO; and our Chief Financial Officer, Edmund Reese. Before I turn the call over to Tim, a few standard call-outs.

謝謝傑米，大家早上好，歡迎參加布羅德里奇 2024 財年第二季財報電話會議。我們的收益發布和本次電話會議附帶的幻燈片可以在 Broadridge.com 的投資者關係部分找到。今天早上和我一起參加電話會議的是我們的執行長 Tim Gokey；以及我們的財務長埃德蒙·里斯 (Edmund Reese)。在我把電話轉給提姆之前，我先說一些標準的說明。

One, we will be making forward-looking statements on today's call regarding Broadridge that involve risks. A summary of these risks can be found on the second page of the slides and a more complete description on our annual report on Form 10-K. Two, we'll also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Broadridge's underlying operating results.

第一，我們將在今天的電話會議上就涉及風險的布羅德里奇做出前瞻性聲明。這些風險的摘要可以在投影片的第二頁找到，更完整的描述可以在我們的 10-K 表格年度報告中找到。第二，我們也將提及幾項非公認會計原則措施，我們相信這些措施可以讓投資人更全面地了解布羅德里奇的基本經營績效。

An explanation of these non-GAAP measures and reconciliations to the comparable GAAP measures can be found in the earnings release and presentation. With that, let me now turn the call over to Tim Gokey. Tim?

這些非公認會計準則衡量標準的解釋以及與可比較公認會計準則衡量標準的調節可以在收益發布和演示中找到。現在，讓我將電話轉給提姆·戈基。提姆？

Thank you, Edings. Good morning, and it was great reconnecting with so many of you at our Investor Day in December. As you heard, we are more optimistic than ever about the near- and long-term growth opportunity that lies ahead. You'll hear many of those same themes today as I discuss our positive second quarter results and fiscal year outlook.

謝謝你，艾丁斯。早安，很高興在 12 月的投資者日與大家重新建立聯繫。正如您所聽到的，我們對未來的近期和長期成長機會比以往任何時候都更加樂觀。今天，當我討論我們積極的第二季業績和財年前景時，您會聽到許多相同的主題。

Before I do, let me comment on the unique and complex moment in which we find ourselves. At Davos 2 weeks ago, it was energizing to talk with our senior clients about the opportunities and challenges they see ahead. A lot of the discussion was on the promise of AI and how we move our industry forward.

在此之前，讓我先評論一下我們所處的獨特而複雜的時刻。兩週前在達沃斯，與我們的高級客戶談論他們所看到的未來​​機會和挑戰令人振奮。很多討論都是關於人工智慧的前景以及我們如何推動產業向前發展。

Broadridge's recent announcement of OpsGPT to leverage generative AI to transform Capital Markets operations was particularly timely. At the same time, the geopolitical challenges and uncertainties in the environment are clear which makes our highly recurring and resilient business model, all the more attractive. Against this backdrop, it was rewarding to hear our clients continues to think of Broadridge as an important partner for innovation and growth as well as for efficiency and resilience.

Broadridge 最近宣布推出 OpsGPT，利用生成式人工智慧來轉變資本市場運營，這一消息顯得尤為及時。同時，環境中的地緣政治挑戰和不確定性顯而易見，這使得我們高度經常性和彈性的商業模式更具吸引力。在此背景下，聽到我們的客戶繼續將 Broadridge 視為創新和成長以及效率和彈性的重要合作夥伴，我們感到很高興。

And with that, let me turn to the quarter. First, Broadridge's second quarter results marked another step toward our growth plans for both fiscal '24 and the next 3 years with healthy organic growth across both segments that was in line with our long-term goals. Second, physician growth trends remained positive, with stronger fund position growth and mid-single-digit equity position growth.

接下來，讓我談談本季。首先，布羅德里奇第二季的業績標誌著我們朝著 24 財年和未來 3 年的成長計畫又邁出了一步，兩個部門都實現了健康的有機成長，這符合我們的長期目標。其次，醫師成長趨勢仍積極，基金部位成長強勁，股票部位成長達到中個位數。

Third, we are executing against the growth plan we shared last month at our Investor Day by driving the democratization and digitization of investing, simplifying and innovating trading and modernizing wealth management. Fourth, we generated strong free cash flow in the quarter, keeping us on track to achieve our 100% FY '24 conversion objective and Edmund will discuss return more capital to shareholders.

第三，我們正在執行上個月在投資者日分享的成長計劃，推動投資的民主化和數位化、交易的簡化和創新以及財富管理的現代化。第四，我們在本季度產生了強勁的自由現金流，使我們有望實現 24 財年 100% 的轉換目標，Edmund 將討論向股東返還更多資本。

Finally, as we enter the seasonally larger second half of our fiscal year, we expect to deliver another strong set of results. We are reaffirming our guidance for 6% to 9% recurring revenue growth, 8% to 12% adjusted EPS growth, and importantly, strong closed sales.

最後，隨著我們進入季節性較大的財年下半年，我們預計將帶來另一組強勁的業績。我們重申對經常性收入增長 6% 至 9%、調整後每股收益增長 8% 至 12% 以及重要的是強勁的封閉銷售的指導。

Now let's turn from the headlines to Slide 4 to review our results, starting with our governance franchise. ICS recurring revenue rose 6% in the second quarter. New sales were the biggest driver of growth, a direct result of our focus on delivering innovation across our governance business. We are seeing growth from adding new broker-dealer clients and from sales of our global insights data to asset managers. We're seeing continued momentum in our regulatory composition and disclosure business, and we're benefiting from a strong growth in our digital solutions and customer communications.

現在，讓我們從頭條新聞轉到幻燈片 4 來回顧我們的結果，首先從我們的治理特許經營權開始。 ICS 第二季度經常性收入成長 6%。新銷售是成長的最大推動力，這是我們專注於在治理業務中提供創新的直接結果。我們看到新的經紀自營商客戶的增加以及向資產管理公司銷售我們的全球洞察數據帶來的成長。我們看到監管組成和資訊揭露業務持續成長，並且受益於數位解決方案和客戶溝通的強勁成長。

Increasing investor participation remains an important driver for our regulatory revenues, which rose 8% in the second quarter with mid-single-digit position growth across both equities and funds. In a seasonally small quarter, equity position growth was 6%. The biggest driver continues to be managed accounts, which represent just under 50% of physicians and which continues to grow at double digits compared to low single-digit growth for self-directed accounts.

投資者參與度的提高仍然是我們監管收入的重要推動力，第二季度監管收入增長了 8%，股票和基金頭寸均實現中個位數增長。在季節性小季度中，股票部位成長率為 6%。最大的推動力仍然是管理帳戶，其佔醫生的比例不到 50%，與自我管理帳戶的低個位數增長相比，其繼續以兩位數增長。

Fund and ETF physician growth increased from last quarter to 5%, and the slowdown in the growth of passive funds was offset by a pickup in the number of active fund positions. Looking ahead, as Edmund will outline, we expect mid-single-digit physician growth in the second half in both equities and funds as investor participation remains healthy.

基金和ETF醫師成長率較上季提高至5%，被動型基金成長放緩被主動型基金部位數量的回升所抵銷。展望未來，正如埃德蒙所概述的那樣，由於投資者的參與仍然健康，我們預計下半年股票和基金的醫師成長率將達到中個位數。

In December, you also heard us discuss the growth opportunities in our other ICS product lines. In Q2, we saw strong growth across issuer and data-driven fund solutions. In customer communications, strong growth in high-margin digital revenue offset lower print. I was particularly pleased with the continued digital transition as you all recall, is a key part of our strategy. In Q2, a significant proportion of this transition was driven by the successful onboarding of one of the largest U.S. wealth managers to our wealth and focused platform.

12 月，您也聽到我們討論其他 ICS 產品線的成長機會。在第二季度，我們看到發行人和數據驅動的基金解決方案強勁成長。在客戶溝通方面，高利潤數位收入的強勁成長抵消了印刷收入的下降。我對持續的數位轉型感到特別滿意，正如你們都記得的那樣，這是我們策略的關鍵部分。在第二季度，這一轉變的很大一部分是由美國最大的財富管理公司之一成功加入我們的財富和重點平台所推動的。

This is a platform we highlighted at our Investor Day, and it was great to see our printed digital strategy playing out. Four months then, wealth and focus is delivering lower costs and increased investor engagement for our client with industry-leading open rates and click-throughs. Capital markets revenues rose 10% to $262 million. Our focus on optimizing trading and connectivity in the front office continues to pay dividends in the form of strong growth in BTCS. On the post-trade side, we were helping to simplify our clients' back-office technology.

這是我們在投資者日強調的一個平台，很高興看到我們的印刷數位策略得到實施。四個月後，財富和關注為我們的客戶帶來了更低的成本和更高的投資者參與度，並提供了業界領先的開啟率和點擊率。資本市場收入成長 10%，達到 2.62 億美元。我們對優化前台交易和連接的關注繼續以 BTCS 的強勁增長形式帶來紅利。在交易後方面，我們幫助簡化客戶的後台技術。

I was pleased to see a new win at a regional bank who will be using multiple Broadridge products to drive their transition to self-clearing. We also continue to drive innovation in capital markets with distributed ledger and AI capabilities. Early this month, we launched our OpsGPT AI solution. OpsGPT uses generative AI to synthesize complex transactions, settlements and physicians data to enhance clients' sales resolution.

我很高興看到一家地區銀行取得了新的勝利，該銀行將使用多種 Broadridge 產品來推動向自我清算的過渡。我們也持續利用分散式帳本和人工智慧功能推動資本市場創新。本月初，我們推出了 OpsGPT AI 解決方案。 OpsGPT 使用生成式人工智慧來合成複雜的交易、結算和醫生數據，以提高客戶的銷售解析度。

As clients focus on reducing the cost and complexity of their operations, especially in the accelerated world of T+1, they see Broadridge as a natural partner given our deep subject matter expertise and early investment to leverage AI. This progress in innovation, combined with strong BTCS sales in the front office and wins in the back office reinforces how we are successfully helping our clients simplify and innovate in trading.

隨著客戶專注於降低營運成本和複雜性，尤其是在 T+1 的加速世界中，鑑於我們深厚的主題專業知識和利用人工智慧的早期投資，他們將 Broadridge 視為天然的合作夥伴。創新方面的進步，加上前台強勁的 BTCS 銷售和後台的勝利，強化了我們如何成功幫助客戶簡化交易並進行創新。

Turning now to wealth and investment management. Revenues rose 4% to $143 million as strong growth from UBS was partially offset by the E-Trade transition. In early January, we onboarded the first client for alternatives workflow module. As you know, alternatives are one of the fastest-growing asset classes. Wealth managers are offering these products to a rapidly growing set of investors. But many of the back office processes remain antiquated.

現在轉向財富和投資管理。瑞銀的強勁成長被電子貿易轉型部分抵消，營收成長 4% 至 1.43 億美元。一月初，我們為替代工作流程模組引進了第一個客戶。如您所知，另類資產是成長最快的資產類別之一。財富管理機構正在向快速成長的投資者群體提供這些產品。但許多後台流程仍然過時。

We are seeing strong interest in alternatives workflow as wealth firms seek to address this growing opportunity and challenge. Moving to closed sales. Closed sales rose 12% for the first half. As you know, the second half of the year typically accounts for the bulk of our closed sales. And I'm pleased to note that our current pipeline sits at record levels. As important, we're starting to see more movement within the pipeline, increasing our confidence in the second half. While our clients remain cautious, we are seeing them invest in products that drive revenue, improve productivity and meet regulatory requirements, which plays to the strength of our solutions.

隨著財富公司尋求應對這一日益增長的機會和挑戰，我們看到人們對另類工作流程產生了濃厚的興趣。轉向封閉式銷售。上半年成交額成長 12%。如您所知，下半年通常占我們已完成銷售的大部分。我很高興地註意到，我們目前的管道處於創紀錄的水平。同樣重要的是，我們開始看到更多的進展，這增強了我們對下半年的信心。儘管我們的客戶仍然保持謹慎態度，但我們看到他們投資於能夠增加收入、提高生產力並滿足監管要求的產品，這發揮了我們解決方案的優勢。

In governance, we have built a strong pipeline around our digital and print solutions for the new tailored shareholder reports. We're also experiencing increasing demand for our global insight data products from asset managers and we continue to see significant print and digital opportunities in customer communications. Capital markets clients are beginning to look to a world beyond the implementation of T+1, which is driving growing interest in our post-trade capabilities.

在治理方面，我們圍繞數位和印刷解決方案為新的客製化股東報告建立了強大的管道。我們還發現資產管理公司對我們的全球洞察數據產品的需求不斷增加，並且我們繼續在客戶溝通中看到重要的印刷和數位機會。資本市場客戶開始將目光投向 T+1 實施之外的世界，這促使人們對我們的交易後能力越來越感興趣。

And in wealth, we saw significant sales in the first half as we begin to convert our strong pipeline. The net result is that we remain on track to deliver strong closed sales for the year, in line with our guidance of $280 million to $320 million. Let's move to Slide 5 for some final thoughts on our quarter and outlook. First, I'll reiterate that Broadridge delivered second quarter results that keep us on track for continued growth with more than 6% recurring revenue growth constant currency and strong free cash flow.

在財富方面，隨著我們開始轉變我們強大的管道，我們在上半年看到了顯著的銷售。最終結果是，我們仍有望實現今年強勁的成交額，符合我們 2.8 億至 3.2 億美元的指引。讓我們轉到投影片 5，以了解有關我們季度和前景的一些最終想法。首先，我要重申的是，布羅德里奇第二季度的業績使我們走上了持續增長的軌道，在固定匯率和強勁的自由現金流的情況下，經常性收入增長超過 6%。

Second, those of you who attended our Investor Day last month, heard me talk about how we have made investments over the years to align our business with clear long-term growth trends, including the democratization of investing, the digitization of communications, the acceleration of trading, the growing importance of data in AI and an evolving regulatory environment. Being aligned with those drivers enables us to help our clients operate, innovate and grow. And in so doing, deliver steady and consistent growth for our investors.

其次，上個月參加投資者日的人聽我談論了多年來我們如何進行投資，以使我們的業務與明確的長期增長趨勢保持一致，包括投資民主化、通信數字化、加速交易、人工智能中數據日益重要以及不斷變化的監管環境。與這些驅動因素保持一致使我們能夠幫助客戶營運、創新和發展。以此為我們的投資者帶來穩定、持續的成長。

This quarter again illustrated how we are executing against those priorities in governance, capital markets and wealth and investment management. Among these drivers, AI, in particular, has the potential to drive step changes in client outcomes. We have committed to be a leader in AI within our space. In the not-distant future, AI will be incorporated into all products, and we are at work doing that across Broadridge. More fundamentally, companies with unique data will be in a differentiated position. And we believe that our position at the center of financial services gives us a unique opportunity to provide industry solutions that will make a difference.

本季再次說明了我們如何在治理、資本市場以及財富和投資管理方面執行這些優先事項。在這些驅動因素中，人工智慧尤其有可能推動客戶結果發生階躍變化。我們致力於成為我們領域內人工智慧的領導者。在不遠的將來，人工智慧將融入所有產品中，我們正在 Broadridge 致力於實現這一目標。更根本的是，擁有獨特數據的公司將處於差異化地位。我們相信，我們在金融服務中心的地位為我們提供了獨特的機會來提供具有影響力的行業解決方案。

That's a win-win formula for our clients and our shareholders. The products we've already introduced, including BondGPT, OpsGPT and distribution AI are a first step in that direction. Third, based on all that progress, we are reiterating our guidance for both recurring revenue and adjusted EPS growth as well as our outlook for closed sales for the full fiscal year. Fourth, we remain on track to deliver free cash flow conversion of 100% this year, while funding the internal investment we need to continue to deliver innovation to our clients.

這對我們的客戶和股東來說是一個雙贏的公式。我們已經推出的產品，包括 BondGPT、OpsGPT 和分發 AI，是朝這個方向邁出的第一步。第三，基於所有這些進展，我們重申對經常性收入和調整後每股收益成長的指導以及對整個財年已完成銷售的展望。第四，我們今年仍有望實現 100% 的自由現金流轉換，同時為我們繼續為客戶提供創新所需的內部投資提供資金。

That's an approach that will enable us to retain our investment-grade rating, fund internal investment and deliver a strong and growing dividend, while we execute strategic tuck-in M&A and as Edmund will discuss return additional capital to shareholders. And that brings me to my last point, which is that Broadridge is well positioned to deliver on the 3-year financial objectives we laid out in December, including 79% recurring revenue growth, constant currency, 5% to 8% of which are organic, 8% to 12% adjusted EPS growth as well as to continue to grow beyond FY '26 as we attack our $60 billion and growing market opportunity.

這種方法將使我們能夠保持投資級評級，為內部投資提供資金並提供強勁且不斷增長的股息，同時我們執行策略性併購，埃德蒙將討論向股東返還額外資本。這引出了我的最後一點，即 Broadridge 完全有能力實現我們在 12 月制定的 3 年財務目標，包括 79% 的經常性收入增長（按固定匯率計算），其中 5% 至 8% 是有機收入，調整後每股收益成長8% 至12%，並在26 財年之後繼續成長，因為我們將抓住600 億美元和不斷成長的市場機會。

Before I close, I want to thank our 15,000 talented, knowledgeable and hard-working associates. Yesterday, Broadridge was recognized as one of Fortune's most admired companies. This is the tenth time we've been recognized and that's a direct result of our associates' commitment delivering great service, resiliency and innovation that makes our clients and our industry stronger, and that enables better financial lives for millions of investors every day. Thank you.

在結束之前，我要感謝我們 15,000 名才華橫溢、知識淵博且勤奮的員工。昨天，布羅德里奇被《財星》雜誌評為最受尊敬的公司之一。這是我們第十次獲得認可，這是我們員工致力於提供優質服務、彈性和創新的直接結果，這些承諾使我們的客戶和我們的行業更加強大，並每天為數百萬投資者帶來更好的財務生活。謝謝。

And with that, let me turn it over to Edmund.

接下來，讓我把它交給艾德蒙。

Thank you, Tim, and good morning, everyone. I'm really pleased to be here to discuss the results for the second quarter. But before moving into the detailed review, it's important to highlight with the first half signals. For the seasonally larger second half and full year fiscal '24.

謝謝蒂姆，大家早安。我真的很高興能在這裡討論第二季的結果。但在進行詳細審查之前，重要的是要強調上半年的訊號。對於季節性較大的下半年和全年財年 '24。

First, we continue to execute the Broadridge Financial model in the second quarter results have us right on track to deliver another strong year of recurring revenue growth, margin expansion and adjusted EPS growth, right in line with our guidance. Second, strong free cash flow of positive $91 million through 2 quarters highlights the capital-light nature of our business and increases our confidence and our 100% free cash flow conversion objective in fiscal '24.

首先，我們在第二季度繼續執行布羅德里奇金融模型，結果使我們有望再次實現經常性收入成長、利潤率擴張和調整後每股盈餘成長的強勁成長，這與我們的指導一致。其次，連續兩季實現 9,100 萬美元的強勁自由現金流凸顯了我們業務的輕資本性質，並增強了我們的信心和 24 財年 100% 自由現金流轉換目標。

Third, the combination of strong free cash flow and modest M&A in fiscal '24, means that we expect higher capital return to shareholders through increased share repurchases in the second half of fiscal '24. And finally, the demand for our products is strong. First half sales were up 12% over last year, and our pipeline and current client discussions reinforce our conviction that we will meet our full year objectives. Additionally, our equity position testing shows mid-single-digit growth for the full year.

第三，24財年強勁的自由現金流和適度的併購相結合，意味著我們預計透過在24財年下半年增加股票回購，將為股東帶來更高的資本回報。最後，對我們產品的需求強勁。上半年銷售額比去年增長 12%，我們的通路和當前客戶討論增強了我們將實現全年目標的信念。此外，我們的股權部位測試顯示全年實現中個位數成長。

So we continue to be encouraged by expanding investor participation in the financial markets, serving as a long-term tailwind for our business. These 4 items are the meaningful and significant signals from our results and the performance through the first half. So now turning to the financial summary on Slide 6, you see the performance for the second quarter. Recurring revenues rose to $899 million, up 6% on a constant currency basis, all organic. Adjusted operating income increased 1% as we modestly increased growth investments given above-trend event-driven revenue. AOI margin declined 100 basis points to 12.4%. Adjusted EPS was up 1% to $0.92.

因此，擴大投資者對金融市場的參與繼續鼓舞著我們，這是我們業務的長期推動力。這四點是我們上半年的業績和表現中有意義的、重要的訊號。現在轉到投影片 6 上的財務摘要，您可以看到第二季的業績。經常性收入增至 8.99 億美元，以固定匯率計算成長 6%，全部為有機收入。考慮到高於趨勢的事件驅動收入，我們適度增加了成長投資，調整後的營業收入成長了 1%。 AOI 利潤率下降 100 個基點至 12.4%。調整後每股收益成長 1%，至 0.92 美元。

And finally, we delivered closed sales of $58 million in the quarter, bringing our first half total to $106 million up 12% over the first half of fiscal '23. Let's get into the details of these results, starting with recurring revenue on Slide 7. Recurring revenue was within our full year guidance range and grew 6% to $899 million in Q2 '24. Our recurring revenue growth was driven by a combination of converting our backlog to revenue, fund position growth in ICS and double-digit trade volume growth in GTO. And on Slide 8, we can see recurring revenue growth across our ICS and GTO segments. ICS recurring revenue grew 6% to $493 million, driven by new sales, position growth and float income.

最後，我們在本季實現了 5,800 萬美元的成交額，使我們上半年的總銷售額達到 1.06 億美元，比 23 財年上半年成長了 12%。讓我們從幻燈片 7 上的經常性收入開始詳細了解這些結果。經常性收入在我們的全年指導範圍內，並且在 2024 年第二季度增長了 6%，達到 8.99 億美元。我們的經常性收入成長是由積壓訂單轉化為收入、ICS 基金部位成長和 GTO 兩位數交易量成長共同推動的。在投影片 8 上，我們可以看到 ICS 和 GTO 部門的經常性收入成長。受新銷售、部位成長和浮動收入的推動，ICS 經常性收入成長 6%，達到 4.93 億美元。

Regulatory revenue grew 8%, led by healthy fund and equity position growth and revenue from new sales. Data-driven Fund Solutions' revenue increased by 9% due to higher float revenue in our retirement and workplace products as well as growth in our data and analytics products. Issuer revenue was up 15%, driven by higher float income in our registered shareholder solutions and revenue from strong sales of our disclosure solutions. Customer Communications revenue was flat, with strong growth in higher-margin digital business was offset by a decline in lower margin print revenues. We expect print volumes to increase in the second half of fiscal '24 as we onboard new clients.

在健康的基金和股權成長以及新銷售收入的帶動下，監管收入增加了 8%。由於我們的退休和工作場所產品的浮動收入增加以及我們的數據和分析產品的成長，數據驅動的基金解決方案的收入增加了 9%。發行人收入成長了 15%，這得益於我們的註冊股東解決方案的浮動收入增加以及我們的揭露解決方案的強勁銷售帶來的收入。客戶通訊收入持平，利潤率較高的數位業務的強勁成長被利潤率較低的印刷收入的下降所抵消。隨著我們吸引新客戶，我們預計 24 財年下半年的印刷量將會增加。

And I will again pause here to note that customer communications continues to execute on its print to digital strategy, replacing declining print volumes with higher-margin digital revenues. Over the long term, we expect the combination to result in low single-digit top line growth with expanding margins and continued low double-digit earnings growth. Turning to GTO. Recurring revenue grew 8% to $405 million. Capital markets revenue increased 10%, led by new sales in equity and fixed income trading volume growth.

我想再次在此停下來指出，客戶溝通繼續執行其印刷到數位策略，以利潤率更高的數位收入取代印刷量的下降。從長遠來看，我們預計合併後將帶來低個位數的營收成長，同時利潤率不斷擴大，並持續保持低兩位數的獲利成長。轉向GTO。經常性收入成長 8%，達到 4.05 億美元。在股票新銷售和固定收益交易量成長的帶動下，資本市場收入成長了 10%。

I'll also note the continued strong performance in our front office BTCS solutions, which again had double-digit recurring revenue growth. Wealth and investment management revenue grew 4% as revenue from the UBS contract was partially offset by the successful transition of E-Trade to the Morgan Stanley platform. which occurred late in the fiscal first quarter. Looking ahead, we continue to have high confidence in both businesses and full year GTO growth being in line with our 5% to 8% organic growth objective. With second half growth in both capital markets and wealth more weighted to the third quarter, driven by the timing of license revenues relative to last year.

我還將注意到我們的前台 BTCS 解決方案的持續強勁表現，該解決方案再次實現了兩位數的經常性收入成長。財富和投資管理收入成長了 4%，因為 E-Trade 成功過渡到摩根士丹利平台，部分抵消了瑞銀合約的收入。這發生在第一個財季末。展望未來，我們繼續對兩項業務和全年 GTO 成長充滿信心，這符合我們 5% 至 8% 的有機成長目標。與去年相比，受許可收入時間的推動，資本市場和財富的下半年成長對第三季的影響更大。

Turning to Slide 9 for a discussion of volume trends. Position growth for both equity and funds remained at healthy levels in the second quarter. The long-term trends that we highlighted at Investor Day, more investor participation in financial markets and more positions per investor underpin that growth. Equity position growth was 6%, driven primarily by double-digit managed account growth and more modest growth in self-directed accounts. As we approach the spring proxy season, which typically generates over 80% of our equity communications, our testing is now extending into the second half of the year, giving us insight on the full year relative to our mid- to high single-digit range.

請參閱投影片 9，討論成交量趨勢。第二季股票和基金的部位成長仍維持在健康水準。我們在投資者日強調的長期趨勢、投資者對金融市場的更多參與以及每個投資者的部位增加支撐了這種成長。股票部位成長了 6%，主要是由兩位數的管理帳戶成長和自主帳戶的溫和成長所推動的。隨著春季代理季的臨近（通常會產生超過 80% 的股權溝通），我們的測試現已延伸至下半年，使我們能夠深入了解全年相對於中高個位數範圍的情況。

Equity position testing shows mid-single-digit growth for the second half of the year. As a result, we now expect mid-single-digit position growth for the full year of fiscal '24 keeping us on track to deliver our guidance of 6% to 9% recurring revenue growth. Mutual fund and ETF position growth improved from Q1 '23 to 5%, again driven by passive funds. We expect to see continued mid-single-digit growth for the second half of the year. And turning now to trade volumes on the bottom of the slide. Trade volumes rose 12% on a blended basis with strong growth in fixed income trading volumes, which benefited our capital markets revenue.

股票部位測試顯示今年下半年出現中個位數成長。因此，我們現在預計 24 財年全年的成長率將達到中個位數，這將使我們能夠實現 6% 至 9% 經常性收入成長的指導。共同基金和 ETF 持股成長從 2023 年第一季提高到 5%，同樣受到被動基金的推動。我們預計下半年將繼續實現中個位數成長。現在轉向幻燈片底部的交易量。綜合交易量成長了 12%，其中固定收益交易量強勁成長，這有利於我們的資本市場收入。

And let's now move to Slide 10 for the recurring revenue growth drivers. Recurring revenue growth of 6% constant currency was all organic and in line with our 5% to 8% 3-year organic growth objective. As I mentioned during Investor Day, we have a decade-long history of delivering 6 points or better of revenue from closed sales each year. In Q2 '24 had 8 points of contribution with 6 points in ICS and 10 points in GTO, including a boost from wealth management. With continued high retention from existing customers, revenue from net new business contributed 4 points of growth. Internal growth contributed 2 points to recurring revenue growth, including 1 point from position growth.

現在讓我們轉到投影片 10，了解經常性收入成長驅動因素。以固定匯率計算，6% 的經常性收入成長完全是有機成長，符合我們 5% 至 8% 的 3 年有機成長目標。正如我在投資者日期間提到的，我們有十年的歷史，每年從成交銷售中獲得 6 個百分點或更高的收入。 24 年第二季有 8 點貢獻，其中 ICS 貢獻 6 點，GTO 貢獻 10 點，其中包括財富管理的推動。由於現有客戶的持續高保留率，淨新業務收入貢獻了 4 個百分點的成長。內部成長為經常性收入成長貢獻了 2 個百分點，其中部位成長貢獻了 1 個百分點。

Foreign exchange had a 0.5 point benefit on recurring revenue growth. So I'll wrap up the revenue discussion with a view of total revenue on Slide 11. Total revenues grew 9% in Q2 to $1.4 billion, with recurring revenue being the largest contributor powering 4 points of growth. Low to no margin distribution revenues contributed 3 points to total revenue growth. Distribution revenue grew 9%, primarily due to postal rate increases which are a headwind to our adjusted operating income margin. We continue to expect distribution revenue to grow in the high single to low double-digit range, driven by further postal rate increases.

外匯對經常性收入成長有 0.5 個百分點的好處。因此，我將透過投影片 11 上的總營收來結束營收討論。第二季總營收成長 9%，達到 14 億美元，其中經常性營收是推動 4 個成長點的最大貢獻者。分銷收入的利潤率低至零，對總收入成長貢獻了 3 個百分點。分銷收入成長 9%，主要是由於郵政費率上漲，這對我們調整後的營業利潤率構成不利影響。我們繼續預計，在郵政費率進一步上漲的推動下，配送收入將在高個位數到低兩位數的範圍內成長。

Event-driven revenue was $55 million and added 1 point to growth. As anticipated, we saw more normalized levels of mutual fund proxy activity compared to lower levels in Q2 '23, driving a 47% increase in event-driven revenue over last year. I will also note that while contest activity is immaterial through the first half of the year, we expect the combination of increased mutual fund proxy activity and higher contest activity will now have us trending modestly above our historical $230 million to $250 million level for the full year.

事件驅動的收入為 5,500 萬美元，成長了 1 個百分點。正如預期的那樣，與 23 年第二季度的較低水平相比，我們看到共同基金代理活動的水平更加正常化，推動事件驅動的收入比去年增長 47%。我還要指出的是，雖然今年上半年的競賽活動並不重要，但我們預計，共同基金代理活動的增加和競賽活動的增加，將使我們的整體趨勢略高於2.3 億至2.5 億美元的歷史水平。年。

As I mentioned earlier, we have the flexibility to ramp up or ramp down investments based on performance, and we modestly increased growth investments in Q2 based on the above trend event-driven revenue. We are well positioned to stay committed to investing in long-term growth while still delivering our short-term fiscal '24 adjusted EPS guidance. Turning now to margins on Slide 12. Adjusted operating income margin was down 100 basis points from prior year to 12.4%.

正如我之前提到的，我們可以根據業績靈活地增加或減少投資，根據上述趨勢事件驅動的收入，我們在第二季度適度增加了成長投資。我們處於有利位置，可以繼續致力於長期成長投資，同時仍提供我們的短期 24 年調整後每股盈餘指引。現在轉向投影片 12 上的利潤率。調整後的營業利潤率比上年下降 100 個基點，至 12.4%。

Adjusted operating income margin continued to benefit from the operating leverage on our higher recurring in event revenue and the benefit from the Q4 '23 restructuring initiative to realign some of our businesses, and streamline our management structure. The net impact of higher distribution revenue and higher float income, which have an immaterial impact on earnings growth as I detailed at the Investor Day, contributed the positive impact of 45 basis points in the quarter. Those benefits were offset by the timing of other expense items and the impact of our growth investments as our outlook on the full year gave us the confidence to invest in product enhancements in our digital technology platforms.

調整後的營業利潤率繼續受益於我們較高的經常性活動收入的營業槓桿以及 23 年第四季度重組計劃的好處，該計劃旨在重新調整我們的部分業務並簡化我們的管理結構。正如我在投資者日詳述的那樣，較高的分配收入和較高的浮動收入對盈利增長產生的淨影響並不重大，但為本季度帶來了 45 個基點的積極影響。這些好處被其他費用項目的時間表和我們成長投資的影響所抵消，因為我們對全年的展望使我們有信心投資於數位技術平台的產品增強。

Looking ahead, we continue to expect adjusted operating income margin to increase year-over-year to approximately 20%. And I'll remind you that we remain focused on disciplined expense management and creating investment capacity. So we continue to expect to complete the restructuring initiative that began in Q4 '23 and have the remaining restructuring charge by the end of the fiscal year. This restructuring charge will be excluded from our calculation of adjusted operating income and adjusted EPS.

展望未來，我們持續預期調整後營業利潤率將年增至約20%。我要提醒您的是，我們仍然專注於嚴格的費用管理和創造投資能力。因此，我們繼續期望完成 23 年第 4 季開始的重組計劃，並在本財政年度結束時支付剩餘的重組費用。此重組費用將不包括在我們調整後營業收入和調整後每股收益的計算中。

Let's move ahead to close sales on Slide 13. Closed sales were $58 million in the quarter, bringing the first half total to $106 million, up 12% from the first half of 2023. I was also pleased to see a strong start to the second half with continued sales growth in January. More importantly, the pipeline momentum that Tim mentioned gives us increased confidence in meeting our full year objective. And I'll turn now to free cash flow on Slide 14.

讓我們繼續看幻燈片13 上的成交額。本季成交額為5800 萬美元，使上半年總額達到1.06 億美元，比2023 年上半年增長12%。我也很高興看到第二季度的強勁開局1 月份銷售額持續成長。更重要的是，蒂姆提到的管道勢頭增強了我們實現全年目標的信心。現在我將討論幻燈片 14 上的自由現金流。

Q2 '24 free cash flow was $168 million, $64 million better than last year. For the first half, free cash flow is a positive $91 million relative to the negative $115 million in the first half of 2023. These results are being driven by our continued strong earnings growth and lower client platform spend. Free cash flow conversion, calculated this trailing 12-month free cash flow over adjusted net earnings was 110% in Q2 '24 up from 51% last year. This is consistent with our expectations and has us on track for free cash flow conversion of 100% for fiscal year '24.

24 年第二季自由現金流為 1.68 億美元，比去年增加 6,400 萬美元。上半年，自由現金流為正 9,100 萬美元，而 2023 年上半年為負 1.15 億美元。這些結果是由我們持續強勁的獲利成長和較低的客戶平台支出所推動的。根據自由現金流轉換計算，2024 年第二季過去 12 個月的自由現金流與調整後淨利比為 110%，高於去年的 51%。這符合我們的預期，並使我們預計在 24 財年實現 100% 的自由現金流轉換。

On Slide 15, you can see that we remain committed to a balanced capital allocation policy. For the first half of the year, we invested $66 million on our technology platforms in converting clients to our platforms. Additionally, through the first 6 months, before option proceeds, we returned $330 million in capital to shareholders due to dividend and share repurchases. Given our expectations for 100% free cash flow conversion, we are positioned to return additional capital to shareholders. Based on our current outlook for limited M&A in fiscal 2024, we estimate $350 million to $450 million in total share repurchases, which includes an additional $200 million to $300 million in the second half.

在投影片 15 上，您可以看到我們仍然致力於平衡的資本配置政策。今年上半年，我們在科技平台上投資了 6,600 萬美元，將客戶轉化為我們的平台。此外，在選擇權收益之前的前 6 個月，我們透過股利和股票回購向股東返還了 3.3 億美元的資本。鑑於我們對 100% 自由現金流轉換的預期，我們準備向股東返還額外資本。根據我們目前對 2024 財年有限併購的展望，我們估計股票回購總額為 3.5 億至 4.5 億美元，其中包括下半年額外的 2 億至 3 億美元。

So moving to guidance on Slide 16, along with some concluding thoughts. We are successfully executing the Broadridge financial model in fiscal '24 and therefore, reaffirming our full year guidance on all of our key financial metrics. We continue to expect 6% to 9% recurring revenue growth, constant currency, adjusted operating income margin of approximately 20%, adjusted EPS growth of 8% to 12% and closed sales of between $280 million to $320 million. And I'll note that embedded in that full year guidance is high single-digit year-over-year adjusted EPS growth for both Q3 and Q4.

現在轉向幻燈片 16 上的指導以及一些結論性想法。我們在 24 財年成功執行了 Broadridge 財務模型，因此重申了我們對所有關鍵財務指標的全年指導。我們持續預期經常性營收成長6% 至9%（以固定匯率計算），調整後營業利潤率約20%，調整後每股盈餘成長8% 至12%，最終銷售額在2.8 億美元至3.2億美元之間。我要指出的是，全年指引中包含了第三季和第四季調整後每股盈餘較去年同期高個位數成長。

In addition to the guidance for fiscal '24, it's important that I highlight our high free cash flow business model. We are investing for the long term beyond 2024. And after 6 months in our fiscal year of strong free cash flow conversion, we are confident in our ability to consistently generate 100% free cash flow conversion. That free cash flow conversion, combined with our current outlook for limited M&A in the next 2 quarters, positions our capital return through dividends and share repurchases to reach a total of $700 million to $800 million in fiscal 2024.

除了 24 財年的指導之外，我還必須強調我們的高自由現金流業務模式。我們的投資目標是 2024 年以後的長期投資。在本財年的 6 個月自由現金流轉換強勁之後，我們對持續產生 100% 自由現金流轉換的能力充滿信心。這種自由現金流轉換，加上我們目前對未來兩季有限併購的展望，使我們透過股利和股票回購獲得的資本回報在 2024 財年達到 7 億至 8 億美元。

And finally, the drivers of growth, both strong demand and investor participation, combined with the investments that I mentioned earlier, give us confidence in meeting our 2024 to 2026 objectives in driving sustainable long-term growth. So with that, let's take your questions. Operator?

最後，成長的驅動力，包括強勁的需求和投資者的參與，再加上我之前提到的投資，使我們有信心實現 2024 年至 2026 年推動永續長期成長的目標。那麼，讓我們來回答你的問題。操作員？

(Operator Instructions) Our first question today comes from James Faucette from Morgan Stanley.

（操作員指示）我們今天的第一個問題來自摩根士丹利的 James Faucette。

Great. I just want to check some quick math on the Wealth segment. It looks like client losses were about a 3-point drag to constant currency recurring revenue growth. And if I presume that those losses were concentrated in the wealth business, without them that business probably would have grown about 6% to 7%. Are we kind of looking at that arithmetic about right?

偉大的。我只是想檢查一下有關財富部分的一些快速數學計算。看起來客戶損失對恆定貨幣經常性收入成長造成了約 3 個百分點的拖累。如果我假設這些損失集中在財富業務上，那麼如果沒有他們，該業務可能會成長約 6% 至 7%。我們看這個算術正確嗎？

So James, first, and thanks for the question on wealth. I think there's a couple of points to make in your question there. First, just generally for Broadridge. As I talked about during Investor Day, and as you see here, we just have a long history of retaining 97% to 98% of our existing recurring revenue. And when I set aside transitioning E-Trade to Morgan Stanley, I think we're right in line with that. And even with it, we're 3 points of contribution.

首先，感謝詹姆斯提出有關財富的問題。我認為你的問題中有幾點需要說明。首先，僅針對布羅德里奇。正如我在投資者日期間談到的，正如您在這裡看到的，我們長期以來一直保留著 97% 至 98% 的現有經常性收入。當我擱置將電子貿易轉移到摩根士丹利時，我認為我們的做法是正確的。即使這樣，我們也有 3 點貢獻。

So that's sort of the first point. I think that you can do the math on the wealth segment, we gave a good sense about exactly what the incremental wealth revenue would be for the year, just over $75 million. We said that would largely be offset by transitioning E-Trade. And so it gives you some sense about what the losses would be with the -- knowing those 2 components.

這就是第一點。我認為你可以對財富部分進行數學計算，我們很好地了解了今年增量財富收入的具體情況，略高於 7500 萬美元。我們說過，這將在很大程度上被電子貿易轉型所抵消。因此，它可以讓您了解了解這兩個組成部分後會產生什麼損失。

Got it. Got it. Okay. That's helpful. And then more broadly, I guess, obviously, constructive to see the year-to-date closed sales number. And I think you had previously spoken about some of that being adversely impacted by European tech discretionary weakness. But you've now reiterated the closed sales outlook. Your tone seems particularly bullish on that. So can you give a little more insight into maybe if there is an improvement in the overall demand environment, what you think is motivating that? And how Broadridge is -- are there incremental opportunities for Broadridge to take advantage of?

知道了。知道了。好的。這很有幫助。然後更廣泛地說，我想，顯然，看到今年迄今為止的已成交銷售數字是有建設性的。我認為您之前曾談到其中一些受到歐洲科技自由裁量權弱點的不利影響。但您現在重申了已結束的銷售前景。你的語氣似乎對此特別樂觀。那麼，您能否更深入地了解一下，如果整體需求環境有所改善，您認為是什麼推動了這種改善？布羅德里奇的情況如何——布羅德里奇是否有更多的機會可以利用？

Yes, James, it's Tim. I'll take that one. And first of all, thanks for the question because I think we do feel really good about where we are on this. And as a reminder, obviously, closed sales don't have much impact on this year. This year is really supported by the conversion of our strong backlog, the $400 million we talked about at the beginning of the year. So this is all a question about future growth.

是的，詹姆斯，是提姆。我會接受那個。首先，感謝你提出這個問題，因為我認為我們確實對目前的進展感到非常滿意。提醒一下，顯然，成交銷售對今年沒有太大影響。今年的真正支持是我們強大的積壓訂單的轉換，也就是我們在年初談到的 4 億美元。所以這都是關於未來成長的問題。

And we saw a strong first half. January was strong. The -- and the one thing I would just want to point out for you and our listeners is that, that growth that we've seen so far really came from the areas that we've been investing in, like the front office and like wealth management, which is really nice to see. And as we look at the second half, we're having really good conversations around tailored shareholder reports, around digital communications, continued front-office discussions, continued wealth discussions. And it's true that we've heard caution from other tech companies and that we have been seeing weakness in Europe previously and that sales cycles remain extended.

我們看到了上半場的強勁表現。一月很強勁。我只想向你們和我們的聽眾指出的一件事是，迄今為止我們所看到的成長確實來自我們一直在投資的領域，例如前台辦公室等財富管理，這真是令人高興。當我們展望下半年時，我們圍繞量身定制的股東報告、數位通訊、持續的前台討論、持續的財富討論進行了非常好的對話。確實，我們聽到了其他科技公司的謹慎態度，而且我們之前已經看到歐洲的疲軟，而且銷售週期仍然延長。

I think partly what we're seeing now is, as we said, those conversations were extended, but they didn't go away and some of those are now coming through. And we're seeing that clients really are willing to spend on areas that drive revenue, that lower costs, that have specific regulatory needs, all of those really fit very well. So we are seeing that conversion of that strong pipeline improving. And you should have heard in the tone, and we do feel a lot -- some very good confidence in achieving our sales guidance of $280 million to $320 million, which is obviously a nice uptick on last year and really returns us to the long-term growth trend there.

我認為我們現在看到的部分情況是，正如我們所說，這些對話已經延長，但它們並沒有消失，其中一些現在正在進行。我們看到客戶確實願意在能夠增加收入、降低成本、有特定監管需求的領域進行投資，所有這些都非常適合。所以我們看到這個強大的管道的轉換正在改善。你應該從語氣中聽到，我們確實感受到了很多——對實現 2.8 億至 3.2 億美元的銷售指導充滿信心，這顯然比去年有了很大的增長，真正讓我們回到了長期——期限內有成長趨勢。

Our next question comes from David Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Tim and Edmund. I'll combine my two questions upfront. The first is really on headwinds and tailwinds. The first part is really on revenue. Edmund, you talked about event-driven revenue likely coming in above the historical trend line average of $230 million to $250 million. So that seems like a nice tailwind and then the other, you seem to be guiding more toward the bottom half of your range on record growth mid-single digit versus the 6% to 9%.

提姆和埃德蒙。我將預​​先結合我的兩個問題。第一個是真正的逆風和順風。第一部分其實是關於收入的。 Edmund，您談到事件驅動的收入可能會高於 2.3 億至 2.5 億美元的歷史趨勢線平均值。因此，這似乎是一個很好的順風車，然後另一個，你似乎更多地引導到創紀錄的中個位數增長範圍的下半部分，而不是 6% 到 9%。

So maybe you could just walk through those walk through those two dynamics and how they might balance out in the guide? And then the second is really on expenses. SG&A, as you called out in your remarks, was up more than revenue in support of the ramp in event driven. Can you talk about the evolution of operating expenses in the back half of the year?

那麼也許您可以在指南中逐步了解這兩種動態以及它們如何平衡？第二個確實是費用。正如您在演講中指出的那樣，SG&A 的成長超過了收入，以支持事件驅動的成長。能否談談下半年營業費用的變化？

Yes, thanks for the question and I think it's an important one and gives us an opportunity to emphasize our confidence in being in line with the full year guidance that we have. Your first question is really on headwinds and tailwinds relative to the overall guidance and how we think about event as part of that. Let me first maybe make a comment on the event and then talk about the overall recurring revenue guidance itself and the headwinds and the tailwinds.

是的，感謝您提出這個問題，我認為這是一個重要的問題，讓我們有機會強調我們對符合全年指導的信心。你的第一個問題實際上是關於相對於總體指導的逆風和順風以及我們如何看待事件作為其中的一部分。首先讓我對這事件發表評論，然後談談整體經常性收入指引本身以及不利因素和有利因素。

On event, thus far, as we talked about in the prepared remarks, through the first half of the year, we have seen strong event. And while headlines might suggest sort of higher contest activity, it was really driven by a recovery in the mutual fund proxy activity given the low levels that we saw in Q4 '23, we expect that to continue in the back half of the year. And there could likely be some more contest activity. But I did mention that we started increasing investments in Q2 in this current quarter because of the outlook on the full year, including the outlook on the event-driven revenue. And it's good when we have these types of transparency earlier in the year, because, as you know, we have a number of unfunded investments that when we are performing above our expectations.

關於事件，到目前為止，正如我們在準備好的發言中談到的那樣，在今年上半年，我們看到了強勁的事件。雖然頭條新聞可能表明競賽活動有所增加，但考慮到我們在23 年第四季度看到的低水平，這實際上是由共同基金代理活動的複蘇推動的，我們預計這種情況將在今年下半年持續下去。而且可能還會有更多的競賽活動。但我確實提到，由於全年前景，包括事件驅動收入的前景，我們在本季開始增加第二季的投資。當我們在今年稍早實現這些類型的透明度時，這是件好事，因為如您所知，當我們的表現超出我們的預期時，我們有許多沒有資金支持的投資。

We go deeper in that list and increase those investments. We're able to do that because it drives long-term growth and still allows us to be within our overall guidance of 8% to 12%. And so I think as we think about strength in event being above those levels, we'll continue to look for opportunities to invest while we have the opportunity to do it. Overall, on the recurring revenue guidance, as I've said before, I think it really comes down to 3 items and those 3 items are our ability to be able to convert our revenue backlog to revenue and as you know, we've had a long history of being able to do that, driving over 6 points of growth from that, and we had a very, very strong quarter.

我們會更深入地研究該清單並增加這些投資。我們之所以能夠做到這一點，是因為它可以推動長期成長，並且仍然使我們能夠保持在 8% 至 12% 的整體指導範圍內。因此，我認為，當我們考慮高於這些水平的情況時，我們將在有機會的情況下繼續尋找投資機會。總的來說，關於經常性收入指導，正如我之前所說，我認為它實際上可以歸結為3 個項目，這3 個項目是我們能夠將收入積壓轉化為收入的能力，正如你所知，我們已經能夠做到這一點有著悠久的歷史，並由此推動了超過 6 個百分點的成長，我們度過了一個非常非常強勁的季度。

So I continue to feel very confident that we will be right in line with our expectations there. We had included in our guidance, mid- to high single-digit position growth. The testing is now showing mid-single-digit growth. So that allows us to stay right in line with the guidance. And I think the third item that I'll mention here has been float income, which really is a first half event and no change to that thinking. So I think halfway through the year, we're still very comfortable about where we are and still being within that 6% to 9% range.

因此，我仍然非常有信心，我們將符合我們的期望。我們已將中高個位數的持股成長納入我們的指導中。測試目前顯示中等個位數的成長。這樣我們就可以與指導保持一致。我認為我在這裡要提到的第三項是浮動收入，這確實是上半年的事件，這種想法沒有改變。因此，我認為今年過半，我們對自己的現狀仍然感到非常滿意，並且仍然在 6% 到 9% 的範圍內。

On expenses, look, I am really, really pleased about not just the long history of being able to drive margin expansion here. I know you know very well, 50 basis points over the last 10 years, including 77 basis points in our last 3-year objectives. But we have been able to execute based on the operating leverage that we have in the business, based on our move to digital, based on the initiatives that we have been taking to realign our businesses and not only deliver margin expansion but create investment capacity. I do not get hung up in any particular quarter when it comes to margin expansion.

在費用方面，我真的非常高興，不僅僅是因為能夠在這裡推動利潤率擴張的悠久歷史。我知道你們很清楚，過去10年成長了50個基點，其中包括我們過去3年目標的77個基點。但我們已經能夠根據我們在業務中擁有的營運槓桿、基於我們向數位化的轉變、基於我們一直在採取的調整業務的舉措來執行，不僅實現利潤率擴張，而且創造投資能力。當談到利潤率擴張時，我不會在任何特定的季度陷入困境。

As I think about the full year, it is playing out just as we expected. We still expect to be approximately at 20% AOI margin. But more importantly, we're creating that capacity to be able to invest in the items that Tim mentioned in his prepared remarks. So we'll be right there as the year completes.

當我回顧全年時，情況正如我們預期的那樣。我們仍然預計 AOI 利潤率約為 20%。但更重要的是，我們正在創造這種能力，以便能夠投資蒂姆在他準備好的演講中提到的項目。因此，今年結束時我們就會在那裡。

Our next question comes from Dan Perlin from RBC Capital.

我們的下一個問題來自 RBC Capital 的 Dan Perlin。

I just wanted to maybe revisit the wealth expectation as we just go into kind of the third and fourth quarters here. So you said that E-Trade kind of came off, I think you said late in the quarter. And so I don't want to get over our skis kind of jumping into the March quarter. So the expectation is that the $143 million that you printed, it could step down from there despite the fact that new sales look pretty robust in that area? Is that a fair assumption? As we think about modeling that second half?

我只是想重新審視財富預期，因為我們剛剛進入第三和第四季。所以你說電子貿易有點成功，我想你是在本季末說的。所以我不想忘記我們的滑雪板跳入三月季度。因此，儘管該領域的新銷售看起來相當強勁，但您印製的 1.43 億美元的預期可能會從那裡下降？這是一個公平的假設嗎？當我們考慮為下半年建模？

Yes. Dan, it's Tim. No, we don't see it stepping down. It is -- E-Trade was off for pretty much the entire quarter. And so I think the balance you saw in this quarter will be similar going forward. There may be some other factors up and down, but the net of those two is positive.

是的。丹，是提姆。不，我們沒有看到它下台。事實是——電子貿易幾乎整個季度都處於關閉狀態。因此，我認為您在本季看到的平衡未來將會相似。可能還有其他一些因素的影響，但這兩個因素的淨值是正面的。

Okay. Got it. That's super helpful.

好的。知道了。這非常有幫助。

And I'll just add to Tim's point, then you heard me mention that we do expect both the capital markets and the wealth management for the full year to be within that 5% to 8% sort of longer-term 3-year objectives. We feel good about that. And I think that will be more weighted for both of those businesses, again, to the third quarter relative to the fourth quarter.

我只想補充一下蒂姆的觀點，然後你聽到我提到我們確實預計全年資本市場和財富管理都將在 5% 至 8% 的長期 3 年目標之內。我們對此感覺很好。我認為，相對於第四季度，這兩項業務在第三季度的權重將會更大。

Got it. That's super helpful. Tim, this is kind of a bigger picture question. You alluded to it a little bit, but you said you talked to a bunch of clients at Davos, and I'm -- we turned the page on the calendar here. So just the operating environment, the expectations, the pace of commitment from clients. I'm just trying to figure out where the pockets of, I guess, incremental demand in your view, will come from? And then maybe the speed with which you think clients are willing to put capital back into their business.

知道了。這非常有幫助。提姆，這是一個更大的問題。你稍微提到了這一點，但你說你在達沃斯與一群客戶進行了交談，我——我們在這裡翻過了日曆上的一頁。所以只是營運環境、期望、客戶承諾的步伐。我只是想弄清楚，我想，在您看來，增量需求的口袋將來自哪裡？然後也許是您認為客戶願意將資本重新投入業務的速度。

Yes. Thanks, Dan. And I -- these days, it's a little bit embarrassing to talk about Davos, I guess, but it is a great opportunity to connect with a bunch of clients all at the same time. So it was a really useful set of discussions. And I think the nice demand that we're seeing for the second half, it really is those 2 factors I talked about before, which is it's a little bit of catch-up of discussions that were already taking place. And then it is -- then it's new discussions.

是的。謝謝，丹。我想，現在談論達沃斯有點尷尬，但這是一個同時與一群客戶建立聯繫的好機會。所以這是一組非常有用的討論。我認為下半年我們看到的良好需求，確實是我之前談到的兩個因素，那就是它是對已經發生的討論的一點追趕。然後就是——然後是新的討論。

And we are seeing -- and it is -- people are being cautious. So they're really looking at areas where they see very tangible returns or they have very specific needs that they need to address. And many of our products fit into that arena. But we're -- as we look at incremental demand going forward, there is a big industry change around tailored shareholder reports. We have a great solution for that, that really saves our clients' money over any other way they could implement it. That is not only going to be a nice driver of sales in the second half, but it's really improving our whole relationship with the fund industry as being part of the solution.

我們看到──確實如此──人們變得謹慎。因此，他們真正關注的是那些可以看到非常實際的回報或有需要解決的非常具體需求的領域。我們的許多產品都適合這個領域。但當我們考慮未來的增量需求時，圍繞著客製化股東報告發生了巨大的行業變化。我們為此提供了一個很好的解決方案，與其他任何實施方式相比，這確實可以為客戶節省金錢。這不僅會成為下半年銷售的良好推動力，而且作為解決方案的一部分，它確實改善了我們與基金行業的整體關係。

The digital communications, those conversations continue to be very robust, really across all of our wealth management firms as they are looking to how do they better engage their clients and do so at lower cost. And with the conversion of one of the large wealth management players and the success of that, that I think is a great proof point on that. The -- and while we're just talking about communications, I don't want to actually skip over the fact that the -- when you look at our omnichannel communication strategy, it had the 2 parts that had the long-term conversion to digital, but had a pretty extended midterm period of -- that market is still 50% unvended.

數位通訊、這些對話仍然非常活躍，實際上在我們所有的財富管理公司中都是如此，因為他們正在尋求如何更好地吸引客戶並以更低的成本做到這一點。隨著大型財富管理公司之一的轉型及其成功，我認為這是一個很好的證明。雖然我們只是在談論溝通，但我實際上不想跳過這樣一個事實：當您查看我們的全通路溝通策略時，它有兩個部分，這些部分可以長期轉換為數位化，但中期階段相當長——該市場仍有50% 未售完。

And there are a lot of in-house players that are basically losing scale as the world goes more digital and are, therefore, choosing to outsource. And we have some of those conversations going as well. So I think all sides of the communications will have some nice sales in the second half. Continued strength in front office. A lot of discussions there. As you know, we're sort of #3, but #1 and #2 are really not investing in their business, and our clients are looking for long-term partners and so having a lot of great discussions there.

隨著世界變得更加數位化，許多內部參與者基本上正在失去規模，因此選擇外包。我們也正在進行其中一些對話。所以我認為下半年通信各方都會有一些不錯的銷售。前台部門的持續實力。那裡有很多討論。如您所知，我們排名第三，但排名第一和排名第二的公司實際上並沒有投資於他們的業務，而我們的客戶正在尋找長期合作夥伴，因此在那裡進行了很多精彩的討論。

And then the wealth side, double sales in the first half, and I said a really good discussions around the components that we have -- that we've talked about with clients having those components in their hands to trial them in a sandbox environment, seeing how they play out. And so we see really -- some really nice strength across multiple dimensions of the strategy.

然後是財富方面，上半年銷售額翻了一番，我說圍繞我們擁有的組件進行了非常好的討論 - 我們已經與擁有這些組件的客戶討論過在沙盒環境中試用它們，看看他們的表現如何。因此，我們確實看到了該戰略多個維度的一些非常好的優勢。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林·佩勒。

Just maybe a quick follow-up on the wealth side. When you think about the cross-selling opportunities and what you -- what kind of progress you've been making that either is embedded in the closed sales now or obviously could be embedded in the year ahead. Maybe just comment again on how that's been progressing after UBS is now more up and running?

也許只是財富方面的快速跟進。當您考慮交叉銷售機會以及您所取得的進展時，這些進展要么包含在現在已完成的銷售中，要么顯然可以包含在未來一年中。也許只是再次評論一下瑞銀現在更加正常運作後進展如何？

Darrin, it's Tim. Thank you because it's a -- we think it's a great topic for us. We talked at our Investor Day about how the pipeline has really accelerated over the past year as now at over $200 million. And so then the question has really been about how to begin to convert that pipeline into sales. And what I just talked about is as we have live software and it makes a huge difference for our clients to be able to demo, hands-on keys, have a sandbox, see the software with their own data inside.

達林，我是提姆。謝謝你，因為我們認為這對我們來說是一個很好的話題。我們在投資者日上討論了過去一年中該管道如何真正加速發展，目前已超過 2 億美元。因此，問題實際上是如何開始將管道轉化為銷售。我剛才談到的是，因為我們有即時軟體，這對我們的客戶來說是一個巨大的變化，能夠演示、親自操作金鑰、擁有沙箱、查看包含自己資料的軟體。

And so I think that is one of the things that has really led to the strong first half and why we feel like we have a good traction in the second half. And it is across a pretty broad set of components. Remember that for UBS, there were 29 different components that we invested in and modernized and brought to the cloud. And so whether that's tax or it's client onboarding or it's corporate actions, many clients see a little bit different path in terms of what their immediate need is and sort of their -- on their transition to sort of a north star. And so we're having just lots of good conversations both in the U.S. and in Canada. So it's -- we feel good about where we are.

所以我認為這是真正導致上半場表現強勁的因素之一，也是我們感覺下半場有良好牽引力的原因之一。它涉及相當廣泛的組件。請記住，對於 UBS，我們投資並現代化了 29 個不同的組件，並將其引入雲端。因此，無論是稅收、客戶入職還是公司行為，許多客戶在他們的直接需求和向北極星的過渡方面看到了一些不同的路徑。因此，我們在美國和加拿大都進行了很多很好的對話。所以，我們對自己所處的位置感覺良好。

And just one point to add to Tim. We quantified what we expect in terms of incrementality from wealth at $28 million to $30 million in incremental sales, and we still, as Tim just said, we feel very good about that number.

我只想向提姆補充一點。我們量化了我們對財富增量的預期，從 2800 萬美元的增量銷售到 3000 萬美元的增量銷售，而且正如蒂姆剛才所說，我們仍然對這個數字感到非常滿意。

And then just one quick follow-up. Just to revisit the BRCC, the customer communications business. I know you talked about the obvious digital transformation from print. I mean, maybe just help us understand how to think about the growth profile of that business? I know it's -- it had been challenged a little bit after you first closed the deal and then it went to pretty strong positive growth rates pretty consistently. I think it was flat right now. Just remind us again what your expectations are for that?

然後只是一個快速跟進。回顧一下 BRCC，即客戶溝通業務。我知道您談到了印刷業明顯的數位轉型。我的意思是，也許只是幫助我們了解如何思考該業務的成長概況？我知道，在你第一次完成交易後，它受到了一些挑戰，然後它一直保持相當強勁的正成長率。我認為現在是平的。請再次提醒我們您對此有何期望？

Yes. Thank you for that and I just have to put in one more time in plug that we really think this quarter was a great demonstration of how our broader omnichannel communication strategy is working. And the growth rates will be ticked up and down, as you just said, Darrin, in any particular quarter. But longer term, what we are -- that strategy is really the one we talked about from before, which is to leverage our scale, our synergies and technology to be the low-cost provider in the industry.

是的。謝謝您，我只需要再花一點時間，我們真的認為本季很好地展示了我們更廣泛的全通路溝通策略的運作方式。正如您剛才所說，達林，在任何特定季度，成長率都會上下波動。但從長遠來看，我們的策略確實是我們之前討論過的策略，即利用我們的規模、協同效應和技術，成為產業中的低成本供應商。

To consolidate print, which is still 50% unvended as in-house operations lose scale and then to drive print to high digital -- drive from print to high-margin digital. So that remains the strategy. As we think about how all that plays into sort of long-term growth expectations, we continue to see not any given quarter, but over many quarters, we expect sort of low single-digit top line growth with expanding margins and low double-digit earnings growth. So that's really sort of the profile you should expect from that business.

為了整合印刷品，由於內部業務規模縮小，印刷品仍有 50% 未售出，然後將印刷品推向高數位化——從印刷品轉向高利潤數位化。所以這仍然是策略。當我們思考所有這些因素如何影響長期成長預期時，我們仍然不會看到任何特定的季度，但在許多季度中，我們預計收入將出現較低的個位數成長，同時利潤率不斷擴大，且兩位數的成長率較低獲利成長。因此，這確實是您應該從該業務中獲得的形象。

Our next question comes from Peter Heckmann from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

Going back to tailored shareholder reports and some of the compliance market there. Can you talk about how you're thinking about the opportunity around tailored shareholder reports for Broadridge? I'm sure it's dependent upon the wins. But I guess, how do you feel how you position there?

回到客製化的股東報告和一些合規市場。您能否談談您如何看待為布羅德里奇量身定制股東報告的機會？我確信這取決於勝利。但我想，你覺得你在那裡的位置怎麼樣？

Yes. Peter, thank you. And remember that when the industry moved to 30e-3, we got a sort of an uptick. We argued against it, but we got a sort of a $30 million uptick. And we had commented that when the -- when the world moved away from 30e-3 that we would have a headwind of about $30 million in revenue. And what I'm really pleased about is as we look at the -- now is the help our clients solve the issues that tailored shareholders, and I'll come back to this in a second, the issues that it creates.

是的。彼得，謝謝你。請記住，當行業轉向 30e-3 時，我們得到了一定程度的提升。我們對此表示反對，但我們得到了大約 3000 萬美元的加價。我們曾評論說，當世界擺脫 30e-3 時，我們的收入將面臨約 3000 萬美元的逆風。我真正感到高興的是，現在我們正在幫助我們的客戶解決為股東量身定制的問題，我稍後會回到這個問題，也就是它所產生的問題。

I think we're going to see that revenue more than replaced, which is very nice. The challenge that clients face with tailored shareholder reports, just to remind people what it is. It's taking the 150-page or so annual and semiannual reports that people receive and it is saying, what are the key data points that are inside there that people really care about and creating a condensed, much more readable sort of 2- to 3-page summary that is much more digestible for investors. So that's good. The challenge it creates for our clients is that those reports, the new regulation has them (inaudible) tailored. It has to be specific to the share class that, that client has.

我認為我們將看到收入不僅僅是被取代，這是非常好的。客戶面臨的挑戰是量身訂做的股東報告，只是為了提醒人們這是什麼。它利用人們收到的 150 頁左右的年度和半年度報告來說明，其中人們真正關心的關鍵數據點是什麼，並創建一個簡潔的、更易讀的 2 到 3-頁面摘要對於投資者來說更容易理解。所以這樣很好。它給我們的客戶帶來的挑戰是，新法規對這些報告進行了客製化（聽不清楚）。它必須特定於該客戶擁有的共​​享類別。

So in the past, you would have gotten a report and you have a table and you said, we'll have to look up your share class and try to figure out for you what it means, now it has to be specific to you. That dramatically increases the number of SKUs. We talked in an earlier call about a fund we talked to that had something like 120 to 150 different reports and now that's going to be 1,200 different reports. That makes it very hard to print the reports in advance and inventory them. So the solution that we have is because we've invested in digitizing all of this and a digital database of all the latest regulatory reports, we can -- for that percent of things that is print, which is -- a lot of this is digital, it's 80% digital, but there's still a lot of print. We can print that in line right in our facility and put multiple things in the same envelope significantly savings on -- creating significant savings on all the inventory but also all the postage and the envelopes and all of that.

因此，在過去，您會收到一份報告，並有一張表格，然後您說，我們必須查找您的股票類別並嘗試為您找出它的含義，現在它必須針對您。這大大增加了 SKU 的數量。我們在之前的一次電話會議中談到，我們採訪過的一家基金有大約 120 到 150 份不同的報告，而現在將有 1,200 份不同的報告。這使得提前列印報告並盤點它們變得非常困難。因此，我們擁有的解決方案是因為我們投資了所有這些數位化以及所有最新監管報告的數位資料庫，我們可以 - 對於印刷的內容的百分比，即 - 其中很多是數位化，80%是數位化的，但仍然有很多印刷品。我們可以在我們的設施中直接列印該訊息，並將多個物品放入同一個信封中，從而顯著節省費用 - 不僅節省了所有庫存，還節省了所有郵資和信封等費用。

And so that ability to consolidate multiple reports into a single envelope all digitally in line, it creates a very significant savings for our clients over any other way of doing it. So we're having a really -- a high percent of funds are coming to us for that. And in fact, many funds that used to do this themselves on the registered side are also coming to us for that. So that's the whole sort of print output and mailing side of things. The other thing I'm really pleased, though, about is moving upstream into the composition side of things. And historically, that work has been done by others, by Donnelley Financial and by Confluence. And one of the other unique things in the regulation is that the reports need to be tagged with XBRL and -- which is great for digital delivery and extraction of data points. That can be a very laborious process.

因此，能夠以數位方式將多個報告合併到一個信封中，與任何其他方式相比，它為我們的客戶節省了非常可觀的費用。因此，我們確實有很大一部分資金是為此而來。事實上，許多過去在註冊方面自己做這件事的基金也來找我們做這件事。這就是列印輸出和郵寄方面的全部內容。不過，另一件讓我真正高興的事情是向上游移動到事物的組合方面。從歷史上看，這項工作是由 Donnelley Financial 和 Confluence 等其他公司完成的。該法規的其他獨特之處之一是報告需要使用 XBRL 標記，這對於數位交付和數據點提取非常有用。這可能是一個非常費力的過程。

And the composition engine that we have is pretty unique in that it's -- first of all, it's built in a way that makes it very easy to have many versions of same thing. And is also built with the XBRL tagging sort of natively embedded in it so that you don't have to come back as a second process. So it's a much better solution on the composition side. We're a newer player there, but we've seen a lot of client interest and that's really enabling us to move upstream to have a much deeper relationship with the asset managers.

我們擁有的合成引擎非常獨特，因為它——首先，它的建造方式使得很容易擁有同一件事的多個版本。並且還內建了 XBRL 標記，因此您不必作為第二個流程返回。因此，從構圖角度來看，這是一個更好的解決方案。我們是那裡的新參與者，但我們看到了很多客戶的興趣，這確實使我們能夠向上游邁進，與資產管理公司建立更深入的關係。

And our next question comes from Patrick O'Shaughnessy from Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的帕特里克·奧肖內西。

So for GTO, in past quarters, I seem to recall you guys speaking to a 5% to 7% growth outlook for that business both in, I think, fiscal '24 as well as the medium term. And today, I heard you speak to 5% to 8% growth. So I'm curious if anything has changed in terms of your outlook for that business? And then I think specific to this year, is faster or higher trading volumes may be a bigger contributor to growth than you had previously anticipated?

因此，對於 GTO，在過去的幾個季度中，我似乎記得你們談到該業務在 24 財年以及中期的成長前景為 5% 至 7%。今天，我聽到您談到 5% 到 8% 的成長。所以我很好奇您對該業務的看法是否改變了？然後我認為具體到今年，更快或更高的交易量是否可能比您之前預期的更能對成長做出更大的貢獻？

Patrick, thanks for that question. We did. I'll emphasize that we did come out at an Investor Day and one of the big changes and an important change for us is moving our growth objectives, our 3-year growth objectives for organic growth from 5% to 7% to 5% to 8%. Now the strong growth that we expected in fiscal '24 has a lot to do with that. But the investments that we've been making in the strength that we've been saying, Tim said earlier, our front office capital markets business and even the strength in wealth management, given the incremental sales that we have, we think that GTO will be a contributor there as well.

派崔克，謝謝你提出這個問題。我們做到了。我要強調的是，我們確實在投資者日宣布了這一重大變化，對我們來說，一個重要的變化是將我們的成長目標，即有機成長的3 年成長目標從5% 調整為7% ，再調整為 5%。8%。我們預計 24 財年的強勁成長與此有很大關係。但蒂姆早些時候表示，我們一直在對我們一直在說的實力進行投資，我們的前台資本市場業務，甚至是財富管理的實力，考慮到我們的銷售增量，我們認為 GTO 將也成為那裡的貢獻者。

Those are our objectives of 5% to 8% over the next 3 years. And I think you're going to see each of the GTO businesses playing -- performing right in line with that, both capital markets and wealth management here.

這些是我們未來 3 年 5% 到 8% 的目標。我認為你會看到每個 GTO 業務都在發揮作用——資本市場和財富管理的表現都與此一致。

All right. And as you guys are just to being able to modulate your investment spend due to higher event-driven revenue. Can you maybe give a little bit more detail on kind of the type of spending that represents? Are you bringing on more consultants? Are there other kind of very short-term expenditures that you're able to ramp up?

好的。由於事件驅動的收入增加，你們只是能夠調整你們的投資支出。您能否更詳細地介紹一下所代表的支出類型？您會聘請更多顧問嗎？您是否可以增加其他類型的短期支出？

Yes, Patrick, it's a great question. It is one of the things that we're very clear with all of our businesses on is that the investments we're making are our onetime investment. So we have -- we, as do many firms have a whole set of relationships with external providers for building technology, consulting other kinds of things. And so when we have the ability to incrementally invest, it is not adding associates that are going to be here for the long run, but it is really going deeper into projects that may be already underway and accelerating those, but leveraging largely third parties for things that are already in motion that we can accelerate.

是的，派崔克，這是一個很好的問題。我們對所有業務都非常清楚的一件事是，我們所做的投資是我們的一次性投資。因此，我們和許多公司一樣，與外部供應商建立了一整套關係，以建立技術、諮詢其他類型的事情。因此，當我們有能力增量投資時，並不是增加長期存在的員工，而是真正深入研究可能已經在進行的項目並加速這些項目，而是主要利用第三方來實現我們可以加速已經在發生的事情。

And our next question comes from Brendan Miles from JPMorgan.

我們的下一個問題來自摩根大通的布倫丹·邁爾斯。

I'm on for Puneet. Jane, by the way, of course, from JPMorgan. So thanks for all the updates on wealth, so it's been really cool, I've been following the stock to watch sort of like the J curve on your investments in the platform unfold on the free cash flow generation. So that's exciting to see. Quickly on cap markets kind of bouncing off this last question. It seems like it was a great quarter in capital markets. Could you just give us a quick update on the state of the market in that business? And then maybe like a technical question quickly on AI, asking AI question. For the OpsGPT and BondGPT sort of products that you guys are rolling out, I understand you have access to like tons of incredible data. Is that data just kind of data that's in your custody? Or is it data that you own?

我去普尼特。順便說一句，當然是來自摩根大通的簡。感謝所有有關財富的更新，這真的很酷，我一直在關注該股票，觀察平台投資的 J 曲線在自由現金流產生方面的表現。所以這很令人興奮。很快，資本市場就回答了最後一個問題。資本市場似乎經歷了一個偉大的季度。您能給我們快速介紹一下該產業的市場狀況嗎？然後也許就像一個關於人工智慧的快速技術問題，問人工智慧問題。對於你們正在推出的 OpsGPT 和 BondGPT 之類的產品，我知道你們可以存取大量令人難以置信的數據。這些數據只是您保管的數據嗎？還是您擁有的數據？

Yes. So let me just start with the last one and then come back to the broader capital market because I'm pleased to be able to talk about AI. It is an area that we're investing in, as I talked about earlier, we expect to be a leader in our space, and it is a real natural place for mutualization where -- because we're doing this for many clients, a particular activity and because really getting value out of this often depends on the nuances of a specific activity.

是的。因此，讓我從最後一個開始，然後回到更廣泛的資本市場，因為我很高興能夠談論人工智慧。這是我們正在投資的一個領域，正如我之前談到的，我們希望成為我們領域的領導者，這是一個真正自然的互惠互利的地方——因為我們正在為許多客戶這樣做，特定的活動，因為真正從中獲得價值通常取決於特定活動的細微差別。

We can invest more than it makes sense for any one client to invest, and we can have better data than any one client would have. So it's a really nice opportunity for a mutualized benefit and to -- and for the benefit of our clients. Now in terms specifically of the data, we obviously -- we do house lots of data across clients. We are being very careful on this in terms of how we leverage our models that we are at this point, doing that client by client. It is -- we are -- it is -- that data is owned by our clients and we're extremely careful about that. Could there be a longer opportunity with client permission to have across those pools, that could be possible in the future, but it is -- would be specifically with our clients' permission.

我們可以進行超越任何一位客戶投資意義的投資，而且我們可以擁有比任何一位客戶更好的數據。因此，這確實是實現互利共贏的好機會，也是為了我們客戶的利益。現在就數據而言，顯然我們確實保存了跨客戶的大量數據。我們在如何利用目前的模型、逐個客戶地處理這一問題方面非常謹慎。數據是由我們的客戶擁有的，我們對此非常小心。在獲得客戶許可的情況下，是否有更長的機會跨越這些池，這在未來是可能的，但確實是在得到我們客戶的許可的情況下。

When we look at things like OpsGPT, today, when there's, say, a fail, there's a whole research process that it kicks off and you have knowledgeable and fairly expensive ops people looking up in this database and then that database and then cross referencing it. And by working out what's the reason for the fail and then contacting the other party about it? That sort of research process can be easily automated here. And it is not sort of looking at the Internet of things like that, it's using AI to write SQL queries to real databases to get real data to put that together and join it and be able to present an answer to an ops professional who can quickly validate it and really cut out tons of time.

當我們今天看到像OpsGPT 這樣的東西時，當出現失敗時，就會啟動一個完整的研究過程，並且有知識淵博且相當昂貴的操作人員在這個數據庫中查找，然後在該數據庫中查找，然後交叉引用它。找出失敗的原因，然後聯絡對方？這種研究過程在這裡可以輕鬆自動化。它並不是像那樣看待物聯網，而是使用人工智慧將SQL 查詢寫入真實資料庫，獲取真實數據，將其組合在一起並加入其中，並能夠向運維專業人員提供答案，維運專業人員可以快速驗證它並確實節省了大量時間。

And this is just -- we're just scratching the surface in terms of what will be possible. But I think our clients are very excited about it and very excited about the idea that we'd be taking on this investment really on behalf of the industry to really help drive a lot of efficiency. And remember, we're a technology company, not so much a people company. So as we make things more efficient, that's not coming out of our personnel that's really helping our clients save money. So that's AI, and I'm sure we'll be talking about it a lot more. The other part was just the state of the market on capital markets?

這只是——對於可能發生的事情，我們只是觸及了表面。但我認為我們的客戶對此感到非常興奮，並且對我們真正代表行業進行這項投資以真正幫助提高效率的想法感到非常興奮。請記住，我們是一家科技公司，而不是一家人才公司。因此，當我們提高工作效率時，我們的員工並沒有真正幫助我們的客戶省錢。這就是人工智慧，我相信我們會更多地討論它。另外就是資本市場的行情？

For the drivers of growth in capital markets, and I'd probably hit 3 things, and thanks for asking the question, Brendan, because it does allow me to come back to an item that Patrick mentioned. But there are probably 3 things that I'd point out there. One is the continued double-digit growth in our front office capabilities as we brought on BTCS, we just continue, as Tim talked about earlier, to see strength in that business. Two, and this is the case across each of our different business units is our ability to be able to convert the revenue backlog into revenue, particularly given the investments that we have been making in our post-trade solutions.

對於資本市場成長的驅動因素，我可能會提到三件事，感謝布倫丹提出這個問題，因為它確實讓我回到了帕特里克提到的一個項目。但我可能要指出三件事。一是隨著我們引入 BTCS，我們的前台能力持續實現兩位數增長，正如蒂姆之前談到的，我們只是繼續看到該業務的實力。第二，我們每個不同業務部門的情況都是如此，我們有能力將積壓的收入轉化為收入，特別是考慮到我們在交易後解決方案中進行的投資。

We continue to see strength in our capital markets post-trade solutions converting new clients into revenue. That is a strong boost for that business. And the third, and this is a point that Patrick mentioned, we did see strength in some of the trading volumes in the quarter. We go into our planning cycles not expecting significant growth from trading volumes almost assuming flat. But as I mentioned, the fixed income trading, in particular, has continued to have strong growth over the past couple of quarters, and that is also driving a boost in capital markets. And again, most importantly, having us very confident that, that business, along with wealth will be within our 5% to 8% objective here.

我們繼續看到我們的資本市場交易後解決方案將新客戶轉化為收入的優勢。這對該業務來說是一個強有力的推動。第三，帕特里克提到的這一點，我們確實看到了本季某些交易量的強勁。當我們進入計劃週期時，預計交易量幾乎持平，不會出現顯著增長。但正如我所提到的，特別是固定收益交易在過去幾季持續強勁成長，這也推動了資本市場的提振。再說一遍，最重要的是，讓我們非常有信心，該業務以及財富將在我們 5% 到 8% 的目標之內。

And I'm sorry, I have to just add one other thing, which is -- when you take our capital markets -- capital market is a very esoteric business. You take our capital markets team, put in front of any even very top tier client. And it is a very impressive team. And the -- you see that in the innovation with digital ledger repo, with LTX, with AI across all those areas that are at the leading edge of where capital markets are going, front to back, we are showing real thought leadership and having great conversations with clients.

很抱歉，我必須補充另一件事，那就是——當你考慮我們的資本市場時——資本市場是一個非常深奧的行業。您帶領我們的資本市場團隊，面對任何甚至是非常頂級的客戶。這是一支非常令人印象深刻的團隊。你會看到，在數位帳本回購、LTX、人工智慧等所有領域的創新中，這些領域都處於資本市場發展的前沿，從前到後，我們展示了真正的思想領導力，並擁有偉大的思想領導力。與客戶的對話。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想將發言權交還給管理階層，讓他們發表結束語。

Jamie, thank you very much, and thank all of you for joining us this morning. As I hope you heard, we see a long runway for growth ahead. And as we enter our seasonally larger second half, we are on track to deliver another strong year and to continue to make a difference for investors everywhere and for our clients, our associates and our shareholders.

傑米，非常感謝你，也感謝大家今天早上加入我們。正如我希望您聽到的那樣，我們看到未來的成長還有很長的路要走。隨著我們進入季節性較大的下半年，我們有望再創強勁的一年，並繼續為世界各地的投資者以及我們的客戶、員工和股東帶來改變。

Thank you very much for your interest this morning.

非常感謝您今天早上的關注。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們先生們，我們今天的電話會議和演示就到此結束。我們感謝您的加入。現在您可以斷開線路。