Broadridge Financial Solutions Inc (BR) 2027 Q1 法說會逐字稿

Good morning, and welcome to the Broadridge fiscal first-quarter 2027 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

早安，歡迎參加 Broadridge 2027 會計年度第一季財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

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

此刻，我想把會議交給投資人關係主管 Edings Thibault。請開始。

Thank you, Jamie. Good morning, everybody, and welcome to Broadridge's fiscal first-quarter 2027 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 CFO, Ashima Ghei. Before I turn the call over to Tim, a few standard reminders.

謝謝你，Jamie。各位早安，歡迎參加 Broadridge 2027 會計年度第一季財報電話會議。我們的財報新聞稿以及本次電話會議搭配的簡報投影片，可在 broadridge.com 的投資人關係專區找到。今天早上與我一同參與電話會議的有我們的執行長 Tim Gokey，以及財務長 Ashima Ghei。在我把電話交給 Tim 之前，先做幾點例行提醒。

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 will 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，我們在今天的電話會議中將就 Broadridge 發表前瞻性陳述，且其中涉及風險。這些風險的摘要可見於投影片第 2 頁，更完整的說明則載於我們的 Form 10-K 年度報告。第二，我們也會提及若干非 GAAP 指標；我們相信這些指標能讓投資人更完整理解 Broadridge 的基本營運成果。

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

這些非 GAAP 指標的說明，以及與可比 GAAP 指標的調節表，可在財報新聞稿與簡報中找到。現在我把電話交給 Tim Gokey。

Thank you, Edings, and good morning. It's the election day in the US, which is a fitting time to talk about shareholder engagement and the importance of giving investors a voice. So thank you to everyone who's already voted, and I encourage everyone eligible who hasn't yet voted to do so later today. Turning to Broadridge. Our business is performing very well.

謝謝你，Edings，早安。今天是美國的選舉日，正適合談談股東參與以及讓投資人發聲的重要性。因此，感謝所有已經投票的人，也鼓勵所有符合資格但尚未投票的人在今天稍晚去投票。回到 Broadridge。我們的業務表現非常出色。

We're benefiting from a positive market backdrop that's translating into momentum for our financial services clients, continued double-digit growth in positions, and rising demand for our solutions. And that in turn is enabling Broadridge to deliver strong financial results while funding investments in attractive new growth markets.

我們受惠於正向的市場環境，這正轉化為我們金融服務客戶的動能、持倉數持續雙位數成長，以及對我們解決方案的需求上升。而這也使 Broadridge 能在投入具吸引力的新成長市場投資的同時，交出強勁的財務成果。

Those investments build on our strong existing positions and are translating into tangible momentum, driving new products and client relationships, supporting increased investor engagement and unlocking productivity. So let's get to those results, starting with the headlines on slide 3. First, Broadridge delivered a strong financial quarter.

這些投資建立在我們既有的強勢地位之上，並正轉化為具體的動能，推動新產品與客戶關係、支持投資人參與度提升並釋放生產力。那麼我們就來看成果，先從投影片第 3 頁的重點摘要開始。第一，Broadridge 交出強勁的一季財務表現。

Recurring revenues rose 11% on a constant currency basis with double-digit growth across both our governance and GTO segments. Both sales increased by 10%. Second, those results are being driven by the execution of our strategy to democratize and digitize investing simplify and innovate trading and modernize wealth management.

經常性收入以固定匯率計成長 11%，我們的治理（Governance）與 GTO 兩大部門皆呈現雙位數成長。銷售額也成長 10%。第二，這些成果來自我們執行策略：讓投資更普及並數位化、簡化並創新交易，以及現代化財富管理。

Third, we're also putting in place the building blocks for attractive future growth by driving digital engagement, accelerating tokenization and scaling agentic-AI. Fourth, we continued to deliver strong free cash flow conversion and increased capital returns to our shareholders including repurchasing $200 million of our shares in Q1.

第三，我們也透過推動數位互動、加速代幣化並擴大 agentic AI 的規模，建立具吸引力的未來成長基礎。第四，我們持續展現強勁的自由現金流轉換率，並提高對股東的資本回饋，包括在第一季回購 2 億美元自家股票。

And last, we expect to deliver strong fiscal 2027 financial results, and we're reaffirming our full year guidance for all metrics. Let's move to the drivers of results, starting on slide 4 with our governance business, where we continue to drive democratization and digitization. Governance revenues rose 10% in constant currency driven in part by continued investor participation and very healthy physician growth.

整體股票持倉成長仍然強勁，達 16%，主要由全權委託帳戶成長帶動，且自主管理帳戶也持續成長。收入持倉成長為 11%。基金持倉成長在本季加速至 16%，相較於 2026 會計年度全年為 6%。雖然時點因素對本季數字有所貢獻，但我們的測試顯示成長可望持續回升至高個位數；Ashima 將在幾分鐘後分享更多。

Total equity position growth remained strong at 16%, led by growth in managed accounts and continued growth in self-directed accounts. Revenue position growth was 11%. Fund position growth accelerated to 16% in the quarter compared to 6% for the full year in fiscal '26. While timing contributed to this quarter's numbers, our testing is signaling a sustained pickup to high single-digit growth as Ashima will share in a few minutes.

我們也看到全球對我們委託書（proxy）解決方案的強勁興趣。本季，我們與一家領先的斯堪地那維亞財富管理機構完成一筆交易，協助其針對美國股票進行委託書投票；這延續了我們在上一會計年度末看到的強勁動能，我們也在亞太地區取得更多進展。上個月，Broadridge 與韓國證券保管結算院簽署合作備忘錄，開始就委託書投票流程的現代化展開合作——在當地推動委託書投票流程現代化。

We're also seeing strong interest globally for our proxy solutions. During the quarter, we closed a sale with a leading Scandinavian wealth manager to enable proxy voting for US equities, building on the strong momentum we saw at the end of last fiscal year, and we're making further inroads in Asia Pacific. Last month, Broadridge signed a memorandum of understanding with the Korean securities depository, to begin collaborating on modernizing the proxy voting process -- modernizing the proxy voting process out there.

隨著較新的金融市場在爭取全球資產流入方面加大競爭。他們正認知到公司治理的重要性。以及隨之而來的高效率、數位化且透明的投票機制。毫不意外地，他們將 Broadridge 視為這項工作的關鍵合作夥伴。接著談資本市場業務，我們在此持續簡化並創新交易。

As newer financial markets, step up their global competition for global asset flows. They are recognizing the importance of corporate governance. And with it, efficient, digitized and transparent voting. And no surprise, they see Broadridge as a key partner in that work. Turning next to capital markets, where we are simplifying and innovating trading.

我們本季表現非常強勁，經常性收入成長 17%，其中有機成長為 12%。在美國市場，我們的客戶正為 23/5 交易的啟動做準備，該機制將於 12 月 6 日開始。在 Broadridge，我們已完全準備就緒，能在前台與後台應用系統中支援這項轉換。這也進一步展現產業解決方案的威力。

We had a very strong quarter with 17% recurring revenue growth, including organic growth of 12%. In the US market, our clients are gearing up for the start of 23/5 trading, which will begin December 6. In Broadridge, we're fully prepared to enable that transition across our front and back-office applications. Further demonstrating the power of an industry solution.

展望未來，CQG 的併購已在強化我們的期貨與選擇權產品能力。本季，我們取得一家全球領先券商平台的前台解決方案委任案，提供涵蓋美國與歐洲的股票、期貨與選擇權套件。在後台方面。我們正擴大與一家日本大型銀行的合作關係，該行希望運用我們整合式的全球交易後平台。

In front of us, the acquisition CQG is already strengthening our futures and options offering. During the quarter, we won a mandate for a front office solution for a leading global brokerage platform, providing an equities, futures and options suite across both the US and Europe. In the back office. We're expanding our relationship with a major Japanese bank seeking to take advantage of our unified global post-trade platform.

我們也受惠於市場對我們公司行動（corporate actions）平台的強勁需求。接著談財富管理。收入成長 6%。在財富管理方面，我們受惠於加拿大市場的持續成長，部分由於我們將平台能力延伸至加拿大客戶所帶動。在美國市場，我們持續看到對我們財富平台能力的顯著興趣，部分也得益於我們在導入（onboarding）數家大型財富管理機構方面取得的進展。最後，我想特別提到已完成的銷售。

We're also benefiting from strong demand for our corporate actions platform. Moving now to wealth management. Revenues rose 6%. In wealth, we're benefiting from continued growth in Canada, driven in part by the extension of our platform capabilities across Canadian clients. In the US market, we continue to see significant interest in our wealth platform capabilities, aided in part by the progress we're making in onboarding several major wealth managers. Finally, I want to call out closed sales.

在 6 月以創紀錄的表現結束 2026 會計年度之後，我們很高興在第一季完成 3,600 萬美元的銷售額，較 2026 會計年度成長 10%。更重要的是，我們的商機管道（pipeline）持續強化，我們正穩健朝全年 2.9 億至 3.3 億美元的指引目標邁進。總結而言，在治理、資本市場與財富管理三大領域，我們在現有業務上執行到位；每一項業務都有很長的成長跑道與可觀的機會。

After a record finish to fiscal '26 in June, we are pleased to close $36 million in Q1 sales, up 10% on fiscal '26. More importantly, our pipeline continues to strengthen, and we are nicely on track to deliver our full year guidance of $290 million to $330 million. In sum, across governance, capital markets and wealth, we are executing well at our current businesses each of which has a long runway and substantial opportunity.

同時，我們也看到一些強勁的新趨勢，未來 3 年、5 年與 10 年可能改變市場。好消息是，這些變化對 Broadridge 是正面的，因為它提高了客戶投資的需求。而 Broadridge 在把握正在形成的新市場機會方面，具備極佳的有利位置。

At the same time, we're seeing powerful new trends that have the potential change markets over the next 3, 5 and 10 years. The good news is the change is positive for Broadridge, because it increases the need for investment by our clients. And Broadridge is exceedingly well positioned to take advantage of the new market opportunities that are being created.

我們今天的成功執行，使 Broadridge 成為值得信賴的合作夥伴，協助客戶在明天適應下一階段。而我們已準備就緒。我們一直在數位互動、代幣化與 agentic AI 等核心主題上投入資源，有些甚至已投入多年，而這些努力如今正開始開花結果。因此，讓我們翻到投影片第 5 頁，回顧我們在這些面向的進展。第一，數位互動。

Our successful execution today positions Broadridge as a trusted partner to help our clients adapt to the next phase tomorrow. And we're ready. We've been investing in the core themes of digital engagement, tokenization and agentic AI, in some cases for years, and those efforts are now bearing fruit. So let's turn to slide 5 to review our progress on these fronts. First, digital engagement.

我們的常設投票指示（SBI）或 SBI 能力正在市場上快速累積動能。在過去幾週，高盛與特斯拉都推出了 SVI 參與計畫，讓零售股東以前所未有的便利性為其持股投票。埃克森美孚等公司早期活動的成功正在打開市場視野，我們預期未來幾個月將有更多藍籌公司發布相關公告。

Our standing voting instructions or SBI capability is gaining real momentum in the marketplace. Over the last few weeks, both Goldman Sachs and Tesla have launched SVI engagement programs to make it easier than ever for retail shareholders to vote their shares. The success of early campaigns from Exxon and others are opening eyes, and we anticipate further announcements on blue-chip remains in the months to come.

此外，在九月下旬，美國證券交易委員會（SEC）就共同基金如何實施其版本的 SVI 計畫提供了指引。即將推動改為電子預設（e-default）的舉措也正在提升數位互動。我們已於九月向 SEC 提交意見，重申我們支持該提案的核心目標。該提案為中介機構帶來新的要求與複雜性，我們正積極與客戶互動，了解他們為維持合規所需的事項。

Furthermore, in late September, the SEC provided guidance as to how mutual funds can implement their version of an SVI program. The upcoming move to e default is also increasing digital engagement. We submitted our comments to the SEC in September, reiterating our support for the proposals core objectives. The proposal creates new requirements and complexities for intermediaries, and we are actively engaging clients on what they need to stay compliant.

同時，具前瞻性的公司正將這項變革作為催化劑，推動與客戶更深入且更具價值的互動。因此，隨著客戶展望成功落實新規並以規模化方式提供量身打造的數位溝通所需，我們的財富與基金平台持續累積動能。

At the same time, forward-thinking firms are using the ship as a catalyst to drive deeper and more valuable engagement with their clients. As a result, our wealth and focused platform continues to gain momentum as clients look forward to what they will need to successfully implement the new rules and deliver tailored digital communications at scale.

接著談代幣化。Broadridge 正在建置基礎設施，協助市場支援代幣化資產，同時保留投資人、券商、客戶與發行人所需的治理與服務能力。首先，在代幣化股票方面，SEC 持續推進其支持創新的議程，並近期發布了這項創新豁免。

Turning next to tokenization. Broadridge is building the infrastructure that helps markets support tokenized assets while preserving the governance and servicing that investors, brokers and clients and issuers need. First, in tokenize equities, the SEC continues to advance its pro innovation agenda with this recently released innovation exemption.

該規則旨在鼓勵代幣化股票的新型交易市場。重要的是，委員會明確重申股東權利的重要性，包括投票作為代幣化股票的核心特徵。在多種股票代幣化模式之間，以及不同第一層（Layer 1）網路之間的競爭，顯示發行人與中介機構將面對更為多元且碎片化的環境，需要加以因應。

That rule is designed to encourage new marketplaces for tokenized equities. Importantly, the commission explicitly reiterated the importance of shareholder rights, including voting as a core feature of tokenize equities. The competition across the multiple models of equity tokenization and across the different level 1 network points to a more diverse and fragmented environment for issuers and intermediaries to navigate.

現在已清楚，代幣化股票的導入將使發行人、財富管理機構與投資人面臨更高的複雜度。Broadridge 正介入以降低該複雜度，提供可擴展、機構級的治理層，涵蓋所有代幣化股票模式。各模式的領導者都知道他們希望將強健治理作為其產品的一項特性，因此正轉向 Broadridge 協助其交付。

It's now clear that the introduction of tokenized equities will result in increased complexity for issuers, wealth managers and investors. Broadridge is stepping in to reduce that complexity by stating our scaled and institutional-grade governance layer to cover all models of tokenize equities. Leaders in each of the models know they want strong governance as a feature of their offerings and they're turning to Broadridge to help them deliver.

我們近期宣布與 Kraken Payward 達成協議以提供治理服務，並在我們與 Endo 與 ElpaCa 的既有合作關係基礎上再進一步。重要的是，這些新合作關係同時涵蓋全球代幣化股票（多為合成型）以及這些業者計畫引進美國市場的託管式代幣化模式。

We recently announced an agreement with Kraken Payward to provide governance services, building on our existing relationships with Endo and ElpaCa. Importantly, these new relationships cover both global tokenize equities to largely synthetic as well as the custodial tokenized model that these players are planning to bring to the US market.

我們也正與領先的市場基礎設施供應商合作。如同我們昨日宣布，Broadridge 將為紐約證券交易所（NYSE）規劃中的代幣化股票市場提供核心治理層，並以數位化過戶代理（transfer agency）服務支援發行人。我們也在治理與交易基礎設施方面支援 DTCC 的代幣化工作，並預期未來將隨時間推進，與其他市場基礎設施供應商發布更多公告。

We're also working with leading market infrastructure providers. As we announced yesterday, Broadridge will provide the core governance layer for the New York Stock Exchange's planned to tokenize equity marketplace, and we'll support issuers with digital transfer agency services. We're also supporting the DTCC's tokenization efforts across governance and trading infrastructure, and we anticipate further announcements with other market infrastructure providers over time.

總結而言，代幣化股票可帶來實質效益，但也伴隨新的複雜性。隨著我們以可橫向延伸的治理層來滿足這些新需求、並為發行人、中介機構與投資人簡化複雜度，Broadridge 將迎來顯著的成長機會。除股票之外，我們也正在建置交易基礎設施，以支援跨多種資產類別的代幣化證券。

In sum, tokenizes equities can bring real benefits and also come with new complexities. There's significant growth opportunity for Broadridge as we solve those new needs with the horizontal governance layer that simplifies complexity for issuers, intermediaries and investors. Outside of equities, we're building the trading infrastructure to support tokenize securities across multiple asset classes.

我們的數位帳本回購（Digital Ledger Repo，DLR）平台現已支援 G7 證券的跨境原子結算（atomic settlement），並可搭配代幣化美國公債，使我們能將市場領先的擔保品管理能力帶給全球客戶。根據已簽約且目前正在導入的客戶情況，我們預期未來六個月 DLR 交易量將進一步大幅提升。

Our Digital Ledger Repo DLR platform now supports cross-border atomic settlement for G7 securities alongside tokenized US Treasuries, enabling us to bring our market-leading collateral management capability to our global clients. Based on clients signed and currently in implementation, we expect further significant increases in our DLR volumes over the next six months.

在 DLR 的基礎上，我們推出 DLX 端到端平台，超越回購（repo）範疇，透過整合式作業層，連結跨多種資產類別的代幣化與傳統市場。第一個使用案例是支援 DTCC 的代幣化倡議。我們也正領導一個由近二十多家機構組成的使用者群組，協助他們開始接入並使用 DTCC 的新服務。

Building further on DLR, we launched DLX an end-to-end platform that goes beyond repost to connect tokenized and traditional markets across multiple asset classes through an integrated operating layer. The first use case is supporting the DTCC's tokenization initiative. And we're leading a user group of nearly two dozen institutions to help them as they begin to access and use the DTCC's new service.

最後談 AI，我們持續擴大代理式（agentic）能力的規模。我們現已將 AI 驅動的機構投票解決方案擴展至全球股票，並強化工作流程，使機構投票比以往更順暢且更具自主性。需求仍然強勁，我們在第一季又簽下另一家第一級（Tier 1）財富管理機構，加入我們持續成長的客戶名單。

Turning last to AI, where we continue to scale our agentic capabilities. We have now expanded our AI-powered institutional voting solution to include global equities and enhanced workflow to make institutional voting more seamless and independent than ever. Demand remains strong and we signed another Tier 1 wealth manager to our growing client roster in Q1.

全球需求模型也正在累積動能。該模型涵蓋超過 130 兆美元的全球資產，其預測式 AI 能力正為客戶提供無可比擬的未來資產流向可視性。我們近期與一家領先的顧問公司簽署協議，取代其長期使用的內部模型。我們也正透過（技術性困難）分享並運用該產能，實現實質的 AI 效率提升，並將這些能力用於資助投資與推動每股盈餘（EPS）成長。

A global demand model is also gaining momentum. Covering more than $130 trillion of global assets its predictive AI capability is giving our clients unrivaled visibility into future asset flows. We recently signed an agreement with a leading consulting firm replacing their long-standing in-house model. We're also delivering real AI efficiencies as (technical difficulty) share and using that capacity to fund investment and drive EPS growth.

綜合來看，這是一個令人振奮的時刻。我們的產業正快速演進，創造出重大的新機會，而在這方面沒有任何公司比 Broadridge 更具優勢。我們一直在投資以滿足這股需求，而現在正開始看到多個領域出現實質進展。最後我用簡短回顧來總結我們的重點頭條。

Putting it all together, it's an exciting time. Our industry is evolving rapidly, creating significant new opportunity for which no one is better positioned than Broadridge. We've been investing to meet that demand, and we're now seeing the beginning of real traction across multiple areas. So let me close with a quick recap of our key headlines.

第一，我們交出強勁的第一季業績，包括 ICS 與 GTL 皆達到雙位數成長。第二，我們正運用現金流來擴大市場、提高股利並回購股份。第三，我們正按計畫再交出一年穩健且一致的營收與獲利成長，並重申所有指標的財測指引。

First, we delivered strong first-quarter results, including double-digit growth in both ICS and GTL. Second, we're putting our cash flow to work to expand our market grow our dividend and repurchase shares. Third, we're on track to deliver another year of steady and consistent top and bottom-line growth, and we're reaffirming our guidance on all metrics.

最後，關於將成長投資轉化為具體成果。我們正透過更佳的數位互動擴大觸及。我們正在為代幣化證券建立治理層，並建置作業基礎設施以連結傳統與數位資產。同時，我們也在交付新一代代理式（agentic）產品與工作流程，並運用 AI 創造內部效率，以資助投資並支援成長。

And last, for translating our growth investments into tangible results. We are widening access with better digital engagement. We're building the governance layer for tokenize or securities and the operating infrastructure to connect traditional and digital assets. And we're delivering new genic products and workflows while using AI to create internal efficiencies that will fund investment and support in growth.

在我把時間交給 Ashima 之前，我要感謝全球 16,000 名 Broadridge 同仁，將我們的策略落實為執行成果。他們為客戶創造卓越價值，進而也為數千萬仰賴本產業投資未來的人們帶來價值。我從未像現在這樣，對 Broadridge 服務客戶、凝聚同仁並為股東創造具吸引力的長期價值之能力感到如此有信心且充滿期待。

Before I turn it over to Ashima, I want to thank the 16,000 Broadridge associates worldwide who turn our strategy into execution. They're delivering exceptional value to our clients, and in turn, for the tens of millions who rely on our industry to invest in the future. I've never been more confident and excited about Broadridge's ability to serve our clients, engage our associates and create compelling long-term value for shareholders.

Ashima？

Ashima?

Thanks, Tim. Good morning. It's great to be here today to share our Q1 results. Before I begin my review, I want to make five key callouts. First, Broadridge is off to a strong start in fiscal '27. In our seasonally smallest quarter, recurring revenue grew 11% constant currency, including 9% organic growth. Closed sales also rose 10% to $36 million.

謝謝你，Tim。早安。很高興今天能在此分享我們第一季（Q1）業績。在我開始回顧之前，我想先提出五個重點。第一，Broadridge 在 2027 會計年度開局強勁。在我們季節性最小的一季，經常性收入以固定匯率計成長 11%，其中包含 9% 的有機成長。成交銷售額也成長 10%，達到 3,600 萬美元。

Second, underlying growth drivers remain positive with double-digit equity and fund position growth and continued trade volume growth. Third, we continue to be a buyer of Broadridge shares. We repurchased $100 million in Q1, bringing our total since January to $650 million. Fourth, we are delivering on AI productivity gains. AI savings were $6 million in the first-quarter, and we are on track for $25 million for the full year, enabling us to deliver strong bottom-line results and fund strategic growth initiatives.

第二，基本成長驅動因素仍然正向，股票與基金部位成長達雙位數，且交易量持續成長。第三，我們持續回購 Broadridge 股票。我們在第一季回購 1 億美元，使自一月以來的累計回購總額達到 6.5 億美元。第四，我們正在實現 AI 生產力提升。第一季 AI 節省成本為 600 萬美元，我們全年目標 2,500 萬美元正按計畫推進，使我們能交出強勁的獲利表現，並資助策略性成長計畫。

And finally, we are reaffirming our full year outlook, delivering 8% to 12% adjusted EPS growth while investing in our future growth. With that, let's go to the numbers on slide 6. Recurring revenues grew 11% on a constant currency basis, including 9% organic growth. Adjusted operating income margin was 13.8%. The lower year-on-year as we lapped record event-driven revenues in Q1 last year.

最後，我們重申全年展望：在投資未來成長的同時，將實現 8% 至 12% 的調整後每股盈餘（EPS）成長。接下來，讓我們看第 6 張投影片的數字。經常性收入以固定匯率計成長 11%，其中包含 9% 的有機成長。調整後營業利益率為 13.8%。年對年下降，因為我們去年第一季有創紀錄的事件驅動型收入，形成比較基期。

Adjusted EPS grew 3% to $1.56, above our expectations driven by timing benefits in our regulatory revenues and a lower effective tax rate. And closed sales were $36 million, up 10% from Q1 last year. Let's move to slide 7 to discuss our segment recurring revenue, starting with ICS or Governance segment. ICS recurring revenues rose 10% and to $568 million, including a one point benefit from acquisitions.

調整後 EPS 成長 3% 至 1.56 美元，高於我們的預期，主要受惠於監管收入的時點效益以及較低的有效稅率。已結案銷售額為 3,600 萬美元，較去年第一季成長 10%。接著到第 7 張投影片討論各事業部的經常性收入，先從 ICS（或稱治理）事業部開始。ICS 經常性收入成長 10% 至 5.68 億美元，其中併購帶來 1 個百分點的助益。

Regulatory revenues rose 17% in Q1 driven by 11% growth in equity revenue position and 16% growth in fund positions. The timing of certain fund communications resulted in a three-point benefit to regulatory revenues. Data-driven Fund Solutions revenues grew 10%. Organic growth was 4%, and which included a two-point headwind from lower interest rates.

第一季監管收入成長 17%，主要由股權持倉收入成長 11% 以及基金持倉成長 16% 所帶動。部分基金溝通作業的時點安排，使監管收入額外受惠 3 個百分點。以數據驅動的基金解決方案收入成長 10%。有機成長為 4%，其中包含因利率較低而帶來的 2 個百分點逆風。

Issuer revenues grew 4%, driven by strong growth in Disclosure Solutions which more than offset a two-point headwind from lower interest rates. Customer communications revenues rose 3%, with strong growth in digital solutions, offset by lower growth in print. The acquisition of Signal contributed 1 point to growth. For the year, we expect ICS recurring revenue to be within our 6% to 8% total recurring revenue growth guidance.

發行人收入成長 4%，主要由揭露解決方案的強勁成長所帶動，足以抵銷利率較低帶來的 2 個百分點逆風。客戶溝通收入成長 3%，數位解決方案強勁成長，但印刷業務成長較弱而部分抵銷。收購 Signal 對成長貢獻 1 個百分點。就全年而言，我們預期 ICS 經常性收入將落在我們 6% 至 8% 的總經常性收入成長指引範圍內。

Interest rates, which have been a modest headwind to growth for the last few quarters are expected to be neutral in Q2, and then be a modest tailwind to growth in the second half of the fiscal year. Turning to GTO. Revenues grew 13% in Q1, including 10% organic growth. Capital markets revenues grew 17% and driven by organic growth of 12% and a five-point contribution from the acquisition of CQG.

利率在過去幾季對成長造成溫和逆風，預期在第二季將轉為中性，並在本會計年度下半年成為溫和順風。接著看 GTO。第一季收入成長 13%，其中有機成長 10%。資本市場收入成長 17%，主要由 12% 的有機成長以及收購 CQG 帶來的 5 個百分點貢獻所驅動。

Higher term license revenues contributed 4 points to organic growth. Wealth and Investment Management revenues rose 6%, all organic, led by strong growth in Canada. Higher term license revenues contributed 3 points to growth. For the year, we continue to expect GTO recurring revenue growth at the higher end of our 6% to 8% guidance range, led by growth in capital markets with slower growth in wealth.

較高的定期授權收入對有機成長貢獻 4 個百分點。財富與投資管理收入成長 6%，全部為有機成長，主要由加拿大的強勁成長帶動。較高的定期授權收入對成長貢獻 3 個百分點。就全年而言，我們仍預期 GTO 經常性收入成長將落在 6% 至 8% 指引區間的較高端，主要由資本市場成長帶動，而財富業務成長較慢。

Let's move to slide 8 to review our key volume indicators. We continue to see healthy growth in investor participation across both equities and funds. Equity position growth was 16%, including 11% growth in rent positions. Looking ahead, our testing shows mid-teens total position growth in Q2 and low double-digit growth for the full year.

接著到第 8 張投影片回顧我們的關鍵量能指標。我們持續看到投資人參與度在股票與基金兩方面皆呈現健康成長。股權持倉成長 16%，其中包含租賃持倉成長 11%。展望未來，我們的測試顯示第二季總持倉成長約為 10% 多（mid-teens），全年則為低雙位數成長。

Q1 fund position growth was 16%, driven in part by the timing mix of certain jobs in the quarter. Putting time aside, our testing indicates high single-digit growth for the balance of the year, an acceleration from 6% in fiscal '26. In GTO, trade volumes rose 7% for the quarter, driven by growth in equity volumes. I'll wrap up my discussion of recurring revenue growth on slide 9.

第一季基金持倉成長 16%，部分受惠於本季某些作業的時點組合。撇開時點因素，我們的測試顯示今年剩餘期間將為高個位數成長，較 2026 會計年度的 6% 有所加速。在 GTO 方面，本季交易量成長 7%，主要由股票交易量成長帶動。我將在第 9 張投影片總結對經常性收入成長的說明。

In Q1, recurring revenue growth constant currency was 11%, primarily driven by 9 points of organic growth. Revenue from closed sales contributed 4 points of growth. Our retention rates were 98% for the quarter and internal growth contributed 7 points of growth. Acquisitions contributed 2 points of growth. Let's close our discussion of revenues on slide 10.

第一季經常性收入以固定匯率計成長 11%，主要由 9 個百分點的有機成長所驅動。已結案銷售帶來 4 個百分點的成長貢獻。本季留存率為 98%，內生成長貢獻 7 個百分點。併購貢獻 2 個百分點的成長。接著在第 10 張投影片結束我們對收入的討論。

Total revenue increased 5% to $1.7 billion, driven by 7 points of growth from recurring revenue. Lower event-driven revenue offset 3 points of growth to total revenue. As event-driven revenues returned to more normalized levels after a record quarter last year. We expect event-driven revenues to continue to be at our historic average levels of $60 million to $70 million per quarter for the balance of fiscal '27.

總收入成長 5% 至 17 億美元，主要由經常性收入帶來 7 個百分點的成長所驅動。事件驅動型收入下降抵銷了總收入成長的 3 個百分點。因事件驅動型收入在去年創紀錄的一季後回到較正常化水準。我們預期在 2027 會計年度剩餘期間，事件驅動型收入將持續維持在歷史平均水準，每季約 6,000 萬至 7,000 萬美元。

Low to low margin distribution revenues grew 4% primarily driven by higher postage rates and contributed 1 point to total revenue growth. Turning now to margins on slide 11. Adjusted operating income margin was 13.8%, a decrease of 200 basis points from Q1 '26 as operating leverage from our scale business, was offset by lower event-driven revenues and higher growth investments.

低毛利至低利潤的配送收入成長 4%，主要由較高的郵資費率帶動，並對總收入成長貢獻 1 個百分點。接著看第 11 張投影片的利潤率。調整後營業利益率為 13.8%，較 2026 會計年度第一季下降 200 個基點；規模型業務帶來的營運槓桿，被較低的事件驅動型收入以及較高的成長投資所抵銷。

For the quarter, margin dilution from lower interest rates was offset by an improved mix of distribution revenue resulting in no material net impact on AOI margins. Let's move on to earnings on slide 12. Q1 adjusted EPS grew 3% to $1.56 with a lower tax rate and lower share count offsetting lower adjusted operating income.

本季因利率較低造成的利潤率稀釋，被配送收入組合改善所抵銷，因此對 AOI 利潤率沒有實質淨影響。接著到第 12 張投影片談獲利。第一季調整後 EPS 成長 3% 至 1.56 美元，較低的稅率與較少的流通股數抵銷了較低的調整後營業利益。

First-quarter earnings benefited from a lower tax rate of 14%, reflecting the timing of discrete tax items. Looking ahead, we continue to expect our full year tax rate will be approximately 22%. In addition, Broadridge recorded a $40 million non-cash loss driven by the decrease in the value of our digital asset holdings.

第一季獲利受惠於 14% 的較低稅率，反映特定一次性稅務項目的時點影響。展望未來，我們仍預期全年稅率約為 22%。此外，Broadridge 因數位資產持有部位價值下跌，認列 4,000 萬美元的非現金損失。

Net non-cash loss is reported in other non-operating income and was excluded from our calculation of adjusted EPS. Given the volatile nature of digital assets, we expect to continue to recognize non-GAAP gains and/or losses as we mark our Canton holdings to market every quarter just as we did last year when we recognized a $227 million non-cash gain.

該非現金淨損失列示於其他非營業收入（損失）中，並已自我們計算調整後 EPS 時排除。鑑於數位資產的波動性，我們預期將持續在每季按市價評價 Canton 持有部位時，認列非 GAAP 的收益及／或損失；就如同去年我們曾認列 2.27 億美元的非現金收益。

In addition, we also recorded a $15 million restructuring charge related in part to our AI and productivity initiatives. Let's turn to sales now on slide 13. Broadridge reported closed sales of $36 million an increase of 10% from the first-quarter of fiscal '26. Our pipeline remains strong, and we are reaffirming our guidance for full year closed sales of $290 million to $330 million.

此外，我們也認列 1,500 萬美元的重組費用，部分與我們的 AI 與生產力提升計畫相關。接著在第 13 張投影片看銷售。Broadridge 公布已結案銷售額為 3,600 萬美元，較 2026 會計年度第一季成長 10%。我們的商機管道仍然強勁，並重申全年已結案銷售指引為 2.90 億至 3.30 億美元。

Turning to our cash flow on slide 14. Broadridge generated free cash flow of $76 million, up from $13 million a year ago. We remain on track to deliver free cash flow conversion of over 100% in fiscal '27. Turning next to capital allocation on slide 15. We continue to take a balanced approach to capital allocation. In Q1, we invested (technical difficulty) clients onto our wealth and capital markets platform.

接著看第 14 張投影片的現金流。Broadridge 產生自由現金流 7,600 萬美元，高於一年前的 1,300 萬美元。我們仍按計畫在 2027 會計年度實現超過 100% 的自由現金流轉換率。接著在第 15 張投影片談資本配置。我們持續採取均衡的資本配置策略。第一季，我們將（技術問題）客戶導入我們的財富與資本市場平台。

We also took advantage of the compelling value in Broadridge shares, repurchasing an additional 1.1 million shares for $200 million in the first-quarter. That brings our total repurchases to 3.9 million shares since the beginning of the calendar year. We also returned an additional $111 million to our shareholders in Q1 via our dividend.

我們也把握 Broadridge 股票具吸引力的價值，在第一季額外回購 110 萬股、金額 2 億美元。使得自日曆年初以來的回購總量達到 390 萬股。我們也在第一季透過股利向股東額外返還 1.11 億美元。

With a leverage ratio of two times at the end of the quarter, we have a strong balance sheet and are well positioned to repurchase additional shares and or pursue strategic tuck-in acquisitions. Let's start to wrap by reviewing our fiscal '27 guidance on slide 16. As I said in my call outs, Broadridge is on track to deliver strong fiscal '27 results, and we are reaffirming our guidance on all measures.

本季末槓桿比率為 2 倍，我們擁有強健的資產負債表，並具備良好條件可進一步回購股票及／或進行策略性的小型併購。最後，讓我們在第 16 張投影片回顧 2027 會計年度指引，開始收尾。如同我在重點提示中所說，Broadridge 正按計畫交出強勁的 2027 會計年度成果，我們並重申所有指標的指引。

We expect fiscal '27 recurring revenue growth constant currency of 6% to 8%, adjusted operating income margin of approximately 21% and adjusted EPS growth of 8% to 12%. And last, we expect closed sales of $290 million to $330 million. A quick call out regarding our outlook for the second-quarter. We expect Q2 EPS to be approximately 12% to 14% of our full year results.

我們預期 27 財年經常性收入在固定匯率下成長 6% 至 8%，調整後營業利益率約 21%，以及調整後 EPS 成長 8% 至 12%。最後，我們預期已完成的銷售額為 2.90 億美元至 3.30 億美元。簡要說明一下我們對第二季的展望。我們預期第二季 EPS 約為全年結果的 12% 至 14%。

As growth in recurring revenue is offset by more normalized event-driven revenues and tax rate. I'll wrap by summarizing my key points. Broadridge is off to a very good start to the year, delivering strong Q1 results. The demand and secular trends driving our growth remained very healthy, and the testing showed low double-digit equity and high single-digit fund position growth for the year.

因為經常性收入的成長被較為正常化的事件驅動型收入與稅率所抵銷。我將以總結我的重點作結。Broadridge 在本年度開局非常良好，交出強勁的第一季表現。推動我們成長的需求與長期結構性趨勢依然非常健康，而測試結果顯示，今年股票部位成長為低雙位數、基金部位成長為高個位數。

We're putting our cash flow to work to invest in growth and enhance shareholder returns. And last, we remain very much on track to deliver another strong year of recurring revenue and adjusted EPS growth in fiscal '27. As we move to Q&A, I just want to remind you that we will be hosting an Investor Day in New York City on December 8 at the event, which will be open to institutional investors in person and to everyone online, we will be updating all of you on our growth strategies and providing our latest set of financial objectives for fiscal year '27 to '29. I hope we'll see many of you there.

我們正運用現金流來投資成長並提升股東報酬。最後，我們仍非常按部就班，預計在 27 財年再度交出強勁的經常性收入與調整後 EPS 成長。在進入問答之前，我想提醒各位，我們將於 12 月 8 日在紐約市舉辦投資人日活動，現場將對機構投資人開放，同時也會提供線上參與；屆時我們將向各位更新成長策略，並提供 27 至 29 財年的最新一組財務目標。希望到時能見到各位中的許多人。

With that, let's move to Q&A.

那麼，我們進入問答環節。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 Dan Perlin。

Good results here. I wanted to ask on the on the tokenization of equities here. Clearly, you've strengthened your position over the last several quarters. I think the question that's a little bit still outstanding is just how does the economics of these future models compare maybe relative to more traditional models that you process for?

這次的結果很不錯。我想問一下關於股票代幣化。顯然你們在過去幾個季度強化了自身的地位。我想仍有一個問題尚待釐清：這些未來模式的經濟性，與你們目前處理的較傳統模式相比，會是怎樣的差異？

Yes, Dan, thank you very much for that. And as you say, we're really excited. We do see tokenization as a significant driver of change across the industry and a significant -- somewhere between a long-term tailwind and generational opportunity for Broadridge. And as I mentioned in my remarks, there are multiple models of tokenization for equities at multiple level one networks all of which introduces complexity for brokers and issuers.

是的，Dan，非常感謝你的提問。如你所說，我們確實非常興奮。我們確實將代幣化視為推動整個產業變革的重要力量，對 Broadridge 而言也是一項重大——介於長期順風與世代級機會之間的機會。正如我在發言中提到的，股票代幣化在多個第一層網路上存在多種模式，這些都會為券商與發行人帶來複雜性。

And as you know, we're not here to pick which model will prevail. What we're doing is building a horizontal governance layer across all those models and networks to simplify complexity for our clients. And there's no better positioned to do that because of the institutional scale, the regulatory knowledge and the network that we bring.

而且如你所知，我們不是來押注哪一種模式會勝出。我們正在做的是在所有這些模式與網路之上建立一個橫向的治理層，為客戶簡化複雜性。憑藉我們具備的機構級規模、法規知識與網路效應，沒有誰比我們更適合做這件事。

And -- so the most active players in each model are telling us that they believe government is important. They want to partner and they're coming to us. And across the different models, as you think about the economics -- it is really -- it depends a little bit on where things end up being held. We think most of these will end up being held with wealth managers, and that looks very much like our existing beneficial model.

因此——各模式中最積極的參與者都在告訴我們，他們相信治理很重要。他們希望合作，也正主動找上我們。而在不同模式之間，談到經濟性——其實——會在某種程度上取決於最終資產是在哪裡被持有。我們認為多數最終會由財富管理機構持有，而那看起來就非常像我們現有的受益人（beneficial）模式。

To the extent that it is issuer driven, we also are serving 80% of the Fortune 500 at economics that are better than they are on the beneficial side. So we think all of this translates into opportunity for Broadridge that will grow positions as it gathers steam, and we see those positions being processed at economics equal to or superior to today's model.

若是由發行人主導，我們也為《財富》500 強中的 80% 提供服務，其經濟性優於受益人端。因此我們認為，隨著代幣化逐步加速，這一切都將轉化為 Broadridge 的機會、帶動部位成長；而我們也預期這些部位的處理經濟性將與今日模式相當或更佳。

Alex Kramm, UBS.

UBS 的 Alex Kramm。

Just actually wanted to come back to the mutual fund position growth, I think that's a positive surprise. I know there were some one-timers in there, but I think the full year outlook this definitely points to acceleration. So any new trends there? Any new clients, anything to point to why this may be a more structural acceleration here?

我其實想回到共同基金部位成長這點，我認為這是個正向的驚喜。我知道其中有一些一次性因素，但從全年展望來看，這確實指向加速。所以這裡有任何新的趨勢嗎？有任何新客戶或其他因素可以說明，為什麼這可能是更結構性的加速嗎？

Yes. I will. Alex, first of all, thank you for the question. I'll start and then add in. I think we're clearly seeing a pickup there, nice in the first-quarter, and there was some timing in there. But as Ashima said, the testing is showing increases over last year. I'm not sure that we are seeing specific drivers. It is -- there's been more success relatively speaking. The long-term trend has been towards passive, but active has done quite well recently as well. And -- so we just see a lot of positivity here.

是的，我來回答。Alex，首先謝謝你的問題。我先說，然後再補充。我認為我們確實看到回升，第一季表現不錯，其中也有一些時點因素。但如 Ashima 所說，測試顯示相較去年有所增加。我不確定我們是否看到非常明確的單一驅動因素。這——相對而言，近期表現更成功一些。長期趨勢一直偏向被動型，但主動型最近也表現相當不錯。因此——我們在這裡看到很多正向訊號。

Okay. Good. And then just a very quick follow-up, and this may be a little bit too much in the weeds, but -- you haven't talked about your credit trading platform in a while, LTX. And I bring it up because there's been some consolidation here in the space recently with obviously ICP market access and trade by buying Trumid. So just wondering that consolidation may allow for maybe more players to surface again.

好的，很好。接著非常快速追問一下，這可能有點太細節了，但——你們有一段時間沒談到你們的信用交易平台 LTX 了。我提起它是因為這個領域最近出現一些整併，顯然 ICE 透過收購 Trumid 來整合 ICP 的市場接入與交易。所以想請教，這樣的整併是否可能讓更多參與者再次浮現。

So I was just wondering you're spending more time on that? I know it's small, but so specifically, are you getting, I guess, incoming calls from dealers or the buy side, we're wondering what this consolidation means and if there's maybe a new player that needs to evolve here?

所以我想問的是，你們是否會在這方面投入更多時間？我知道它規模不大，但更具體地說，你們是否開始接到交易商或買方的來電，想了解這次整併意味著什麼，以及是否可能需要出現一個新的第三方玩家？

Yes, Alex, thank you for the question. And just a reminder for everyone else, LTX is our next-generation fixed income trading platform, and it leverages enhanced AI tools to help investors and dealers find liquidity and counterparties to trade more efficiently. And it's been a long time coming. We are pleased with the recent progress.

是的，Alex，謝謝你的問題。也提醒其他人一下，LTX 是我們的新一代固定收益交易平台，運用強化的 AI 工具，協助投資人與交易商更有效率地找到流動性與交易對手。這一路走來花了很長時間。我們對近期的進展感到滿意。

And just bringing everyone back on the history, I think the most exciting development was last spring when we announced five Tier 1 banks, including Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America and TD has signed on as liquidity players. And then over the summer, we launched agentic capabilities to really help our buy-side clients trade.

回顧一下歷史，我認為最令人振奮的發展是在去年春天，我們宣布有五家第一級（Tier 1）銀行——包括高盛、摩根大通、摩根士丹利、美國銀行與道明銀行——已簽約成為流動性提供者。接著在夏季，我們推出了代理式（agentic）能力，真正幫助我們的買方客戶進行交易。

Now with the consolidation, Alex, you talked about between Trumid and Tradeweb and ICE and Market Access, Trumid really was that sort of third player in the market. And so I think it's an interesting question as to whether with them now becoming part of Tradeweb as that happens, will institutions be looking for a different third alternative. So I do think it creates a time of opportunity. We're certainly talking to our dealer co-investors about that and about the way forward.

至於整併，Alex，你提到 Trumid 與 Tradeweb，以及 ICE 與 MarketAxess 之間的整合；Trumid 的確曾是市場上的第三個玩家。因此我認為這是個有趣的問題：當他們成為 Tradeweb 的一部分、整合逐步發生時，機構是否會尋找不同的第三種替代方案。所以我確實認為這帶來了一段機會期。我們當然也正與我們的交易商共同投資者討論這點，以及未來的推進方向。

Obviously, it's very low volumes at this stage. So that task now is to really build those volumes and continue with both the buy side and the sell side. We do think there's a long runway of growth in credit trading and that there's a gap here. But we'll just have to see where it goes. And I would just remind you that it's very much in launch phase. It's immaterial to our results, it's immaterial to our outlook, but I would view it really is a nice option for our shareholders.

顯然，在這個階段成交量仍非常低。因此接下來的任務就是實際把成交量做起來，並持續同時推進買方與賣方兩端。我們確實認為信用交易有很長的成長跑道，而且這裡存在缺口。但我們還得觀察後續發展。我也想提醒各位，這仍非常處於推出（launch）階段。它對我們的業績不具重大性，對我們的展望也不具重大性，但我會把它視為對股東而言一個很好的選擇權。

Scott Wurtzel, Wolfe Research.

Wolfe Research 的 Scott Wurtzel。

Just wondering if you can talk a little bit about the client policy or custom policy engine product a little bit more. Maybe some of the early demand that you're seeing out of that?

想請問你能否再多談一些客戶政策或自訂政策引擎（custom policy engine）這項產品？例如你們目前看到的一些早期需求情況？

Yes, Scott, thank you very much. This is one that we're really excited about because it's been a long-standing issue in the industry. And there's been a lot of stuff sort of talked about in terms of are the major proxy advisers to into scales one way or the other. But just completely separate from that. When you look at just from the asset manager perspective, the challenge that they have today is -- there are lots of data points out there.

是的，Scott，非常感謝。這是我們非常興奮的一項，因為這一直是業界長期存在的問題。而且外界也談了很多，像是主要的委託書顧問是否在某些評分尺度上偏向某一方之類的。但先完全撇開那點不談。從資產管理人的角度來看，他們今天面臨的挑戰是——外面有非常多的資料點。

They have many, many things to vote. And the current approach brings together all of that into a pretty comprehensive report, but because of the work to create that comprehensive report, they don't get it until literally like about a week before the election. And so at least no time to react. And it also leaves the issuers are very unhappy, because they don't have any time to get in touch with asset managers if there's something in there that they don't agree with.

他們需要表決的事項非常、非常多。而現行作法會把所有這些內容彙整成一份相當全面的報告，但也因為製作這份全面報告需要時間，他們往往要到選舉前大約一週才拿到。因此幾乎沒有時間反應。這也讓發行人非常不滿，因為如果報告裡有他們不同意的內容，他們也沒有時間去聯繫資產管理人。

And so we're really turning that model on its head. We're using AI to bring in the data points much, much earlier. We're not producing that report, but what we're doing is letting the asset managers with their policies, say, what would their vote be? They get that now something like 6 weeks ahead of time, so they then can have time to say, yes, that's fine. Or this is a controversial one.

所以我們正在把這個模式徹底翻轉。我們運用 AI 更早、提前很多把資料點納入。我們不再產出那份報告；我們做的是讓資產管理人依照他們的政策，去判斷他們會怎麼投票。他們現在大概可以提前 6 週拿到這個結果，因此就有時間說：是的，這樣可以。或者：這是一個具爭議的案子。

I want to do more work. And then at the same time, those data points not this year, but beginning next year, we'll also go to the corporate issuers. So they'll have the opportunity to comment on them right within the application. The asset managers will see that. And so it really provides a much smoother workflow for the industry.

我想再多做一些工作。同時，這些資料點不是今年，但從明年開始，也會提供給公司發行人。因此他們可以在應用程式內直接就這些資料點提出意見。資產管理人也會看到這些意見。所以這確實為整個產業提供了更順暢的工作流程。

And so -- we really like the value proposition, it's taking a different angle on it. And we're seeing a lot of interest from asset managers. So as you know, we had through last proxy season, signed asset managers was just under $1 trillion in assets, and we're seeing continued momentum in that pipeline. We're really pleased with the win we had this first-quarter with a very large wealth manager and wealth managers here.

因此——我們非常喜歡這個價值主張，因為它是從不同角度切入。而且我們看到資產管理人對此有很高的興趣。如你所知，在上一個委託書季結束時，我們簽約的資產管理人所代表的資產規模略低於 1 兆美元，而我們在這個銷售管線中仍持續看到動能。我們對第一季拿下的一個非常大型財富管理機構（以及此類財富管理機構）感到非常滿意。

They do vote for they often have a sort of a house policy for voting the managed accounts. And so that will bring a nice set of additional assets, and we expect to have further announcements as we move forward.

他們確實會投票，而且他們通常會針對受管理帳戶的投票採用某種「內部統一政策」。因此這將帶來一組可觀的新增資產，我們也預期隨著後續推進，還會有更多公告。

Great. That's helpful. And then just as a quick follow-up. Just on the internal trading volume growth. I know there was maybe a little bit of a tougher compare from 4Q to 1Q, but anything to call out on the deceleration there just given some of the kind of consistent double-digit growth that we had seen over the past couple of years?

很好。這很有幫助。接著我快速追問一下。關於內部交易量的成長。我知道從第四季到第一季的比較可能稍微更具挑戰，但就過去幾年我們看到相對穩定的雙位數成長而言，這次增速放緩有沒有什麼需要特別說明的？

Not much to call out there, Scott. We were happy with the internal trade growth of 7%. That was supported by higher equity volumes. And we continue to see good growth around that area.

Scott，這部分沒有太多需要特別說明的。我們對內部交易成長 7% 感到滿意。這主要是由較高的股票交易量所支撐。而且我們仍持續看到該領域有不錯的成長。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

What's your current thinking on sharing AI cost savings with your clients? And to what extent are you using that capability to drive new sales activity?

你們目前對於把 AI 的成本節省與客戶分享的想法是什麼？以及你們在多大程度上運用這項能力來推動新的銷售活動？

Yes, Patrick, thank you very much. It is -- it's a great question. And it's -- as we just -- I'm going to step back for a second, as we think about AI -- there's the revenue opportunity, there's a speed to market opportunity. There's the internal product -- internal productivity opportunity. And I will touch on those. But let me start with where you are on sharing savings with clients.

是的，Patrick，非常感謝。這——這是個很好的問題。而且——就我們對 AI 的思考而言——有營收機會、有加速上市（speed to market）的機會，也有內部生產力提升的機會。我會逐一談到。但我先從你問到的「與客戶分享節省」這點開始。

I think the place that is most relevant is in our Managed Services business, where we serve over 70 clients with doing the operations in addition to providing the technology and we are applying AI there. We've gotten a lot of efficiencies, about 25% so far with clear line of sight to getting and near 50%. And the conversations today we're having with clients about that is we're not really talking about managed services.

我認為最相關的地方是在我們的受託管理服務（Managed Services）業務：我們為超過 70 家客戶提供技術之外，也代為執行營運作業，而我們正在那裡導入 AI。到目前為止我們已取得很多效率提升，大約 25%，而且清楚可見有機會接近 50%。而我們目前與客戶就此進行的對話，其實已不太是在談受託管理服務本身。

We're talking about AI partnership and talking about -- it doesn't make sense for each of those clients to invest independently in AI for operations. That's something we can do on our side, and then give them immediate savings and then share in the savings as we go forward. So I think that's one where it's very explicit.

我們談的是 AI 夥伴關係，並且在談——讓每一家客戶各自獨立投資營運用 AI 並不合理。這件事我們可以在我們這邊做，然後立刻把節省帶給他們，並在未來持續推進時與他們分享節省成果。所以我認為這一塊是非常明確的。

I think in some of the technology-based products, it's a little bit less clear as to how that will work out over time. But what we are seeing is the ability to introduce products faster to onboard clients more quickly. And we like the demand that we're seeing for our AI-driven products. Now -- so I wouldn't -- I'd be remiss if I didn't have to talk about some of the internal efficiencies that we're getting.

我認為在某些以技術為基礎的產品上，長期而言要如何落地就沒那麼清楚。但我們看到的是：我們能更快推出產品、更快讓客戶上線。而且我們很喜歡目前市場對我們 AI 驅動產品的需求。另外——如果我不談談我們取得的一些內部效率提升，那就說不過去了。

There's the $25 million that we talked about last quarter. I really like the way we're seeing that come in. If you look at -- it's fully built into our run rate, if you look at this quarter, we realized roughly 1/4 of that amount. And that's something that will certainly continue as we move forward and look at other areas. And as we have now, we'll use that as a mix of delivering earnings to shareholders but also investing because there's so much opportunity right now.

包括我們上季提到的 2,500 萬美元。我非常喜歡我們看到這部分逐步落地的方式。如果你看——它已完全納入我們的常態化營運（run rate）；以本季來看，我們大約實現了其中的四分之一。而這項成果在我們往前推進、並尋找其他領域時，肯定會持續。而且如同我們現在的做法，我們會把它用於一部分回饋股東的獲利，同時也用於投資，因為目前機會非常多。

All right. Terrific. I appreciate that comprehensive answer. And then on the regulation e-delivery effort that the SEC is working on. Is there a risk, I guess, that, that could expand into a review of preference management processing fees that the ICI is pushing for?

好的。太棒了。感謝你那麼全面的回答。接著關於 SEC 正在推動的電子交付（e-delivery）監管工作。我想問是否存在一個風險：這可能會擴大到檢視 ICI 正在推動的「偏好管理（preference management）」處理費用？

Yes, it is -- Patrick, it is -- when you look across the more than 100,000 comments, that was definitely was not a theme. Certainly, it's something is ICI's job to advocate on behalf of their members. We're not hearing that actually from individual funds. We hear from ICI, not from individual funds. And as we talk to the SEC, this is just not something that's on the horizon.

是的，Patrick，這——當你檢視超過 100,000 則意見時，那絕對不是一個主題。當然，代表其會員發聲是 ICI 的工作。但我們其實沒有從個別基金那裡聽到這樣的聲音。我們聽到的是 ICI 的說法，而不是個別基金。而且我們與 SEC 溝通時，這並不是他們近期關注的方向。

And if it were on the horizon, until we collectively see what the -- what the penetration is, how brokers, how quickly they move, what the investor uptake is, what the opt back is. We don't really know where all that settles out for a number of years. So if there were a review, it would be more appropriate in the future. And as you know, we've really argued that thinking about this on a per communication basis is not really the right way to think about it.

而且即便它真的成為近期方向，在我們共同看到——滲透率是多少、券商會如何以及多快推動、投資人採用程度如何、回復選擇（opt back）的情況如何——之前，我們其實在好幾年內都不會知道最終會落在什麼狀態。所以如果真的要檢視，也會更適合在未來進行。而且如你所知，我們一直主張：用「每一次溝通」作為思考基礎，其實不是正確的思考方式。

When you look at the activities that we do from agenda sourcing, keeping track of investor preferences, bringing all that to -- sending the notices but taking them back, tabulating voting, providing a unified bill across the industry. It's a 24/7 365 platform, and it really should be more like a per position per year kind of thing, because none of those activities they get paid for, we only get paid for the communication. So that's something that we've talked to our industry partners about as things evolve, but I think it's pretty far in the future.

當你看我們所做的各項活動，從議程來源蒐集、追蹤投資人偏好、把所有這些整合起來——發送通知但也要收回、彙整投票結果、在全產業提供統一帳單。這是一個全年無休、365 天 24/7 的平台，而它其實更應該像是「按持倉、按年」的計費方式，因為那些他們收費的活動，我們都沒有收費，我們只對溝通這一塊收費。所以，隨著事情演進，這是我們已經和產業夥伴討論過的方向，但我認為那還是相當久以後的事。

Peter Heckmann, DA Davidson.

Peter Heckmann，DA Davidson。

A lot of my questions have been already addressed. I just want to check in on -- thoughts on the M&A pipeline and allocating excess cash between share repurchase and M&A. You've had a couple of decent sized deals so far rather last fiscal year, but -- how are you thinking about M&A is adding capability and adding scale? .

我很多問題其實都已經被回答了。我只是想再確認一下——你們對併購（M&A）案源管線的看法，以及在股票回購與併購之間如何分配多餘現金。你們在上一個會計年度做了幾筆規模不小的交易，但——你們目前如何看待透過併購來補強能力與擴大規模？.

I'll let Ashima comment on share repurchase, and I'll jump in on M&A.

我先請 Ashima 談談股票回購，我再補充併購（M&A）。

Sure. Let me start off, Peter. So as you know, we completed a $200 million share repurchase in the first-quarter. And that was directly linked to the compelling valuation that we see on our shares. More broadly, we're expecting another strong year, like I said, with free cash flow conversion over 100% we're sitting at a 2x leverage ratio.

好的。Peter，我先開始。如你所知，我們在第一季完成了 2 億美元的股票回購。那是直接基於我們認為公司股價具備很有吸引力的估值。更廣泛來看，我們預期今年仍會是強勁的一年；如我先前提到，自由現金流轉換率超過 100%，而我們目前的槓桿比率約為 2 倍。

So that essentially gives us the capacity to do both repurchase shares and fund attractive M&A that -- all of that while continuing to fund organic growth and dividend. And as we do that, we will continue to look at M&A and making the trade-off given the compelling value that we have with our shares but find the right strategic M&A in that regard.

因此，這基本上讓我們同時具備回購股票與資助具吸引力的併購（M&A）的能力——同時也能持續投入有機成長與股利。在此過程中，我們會持續評估併購，並在考量我們股票具備的吸引價值之下，做出取捨，找到合適且具策略性的併購。

Yes. And I'll just add on. This is another chapter in our long history of very balanced capital allocation. Starting with an investment-grade credit rating, making internal investments to drive organic growth, paying a strong dividend, pursuing attractive M&A when it's out there and then using the rest to buy back shares. And it's been the same algorithm for a long time.

是的。我再補充一下。這是我們長期以來非常均衡的資本配置歷史中的另一個篇章。從維持投資等級的信用評等開始，進行內部投資以推動有機成長、支付穩健的股利、在有機會時追求具吸引力的併購（M&A），然後把剩餘資金用來回購股票。而這套「演算法」已經維持很長一段時間了。

It gives different results at different times, depending on what the conditions are. Over a long period, it's resulted in about half of that final being put to share repurchase versus tuck-in M&A. As Ashima said, we do see our shares right now as a very strong value, which is why we've been leaning into that. And as we move through '27, we expect continued healthy levels of share repurchase.

在不同時點、不同環境下，它會產生不同的結果。長期來看，最終大約有一半資金用於股票回購，另一半用於補強型（tuck-in）併購。正如 Ashima 所說，我們確實認為目前公司股價非常有價值，這也是我們近期更偏向回購的原因。而隨著我們走到 2027 年，我們預期股票回購仍會維持在健康的水準。

That said, we do continue to look at tuck-in opportunities and there are some very attractive ones that are out there. So if the right property presents itself, we have the flexibility to do both. Given the compelling value in our shares, if you see us do something, you'll know that we think it is something very special. So we're feeling good about it.

話雖如此，我們也持續在看補強型（tuck-in）機會，市場上確實有一些非常有吸引力的標的。所以如果出現合適的資產，我們也有彈性兩者並行。在我們認為股價具備高度吸引力的前提下，如果你看到我們去做某件事，你就會知道我們認為那一定是非常特別的機會。所以我們對此感覺很好。

And then last thing, and I know you know this, but we can't overlook the dividend. We've always viewed a strong and growing dividend as a pillar of long-term value creation, and we've increased it every year we've been a public company in almost all years by double digits. So that's another pillar that we also think about.

最後一點，而且我知道你也很清楚，我們不能忽略股利。我們一直把穩健且成長的股利視為長期創造價值的支柱，而且自從成為上市公司以來，我們每年都提高股利，幾乎每一年都是雙位數成長。所以這也是我們會一併考量的另一個支柱。

Ross Cole, Needham.

Ross Cole，Needham。

This is Ross Cole on for Kyle Peterson. I know you touched on this a bit earlier in terms of the AI savings going back to clients through price. But could you maybe touch a little bit more on GTO pricing and what you're seeing in terms of renewal pricing and win rates compared to competitors?

我是 Ross Cole，代替 Kyle Peterson 提問。我知道你們稍早有稍微提到，AI 帶來的節省會透過價格回饋給客戶。但你們能否再多談一點 GTO 的定價，以及你們在續約定價與得標率（win rates）方面，相較競爭對手看到的情況？

Yes. As we look at GTO, it's been a strong year, a strong start to the year, and we really like what we're seeing going forward. When we look, I don't have a GTO number for renewals in front of me. But when we look at across providers, we renewed nearly $800 million last fiscal year. Literally zero losses to AI, zero losses in proxy.

好的。就 GTO 而言，今年表現強勁、年初開局也很強，我們對後續看到的狀況非常滿意。至於續約，我手邊沒有 GTO 的續約數字。但從跨供應商的角度來看，我們在上一個會計年度續約了將近 8 億美元。因 AI 而流失的案子是零，在委託書（proxy）方面的流失也是零。

When you look at the upsells versus any concessions that would come in, the net renewal numbers are always positive as a net renewal number is over 100%. So we feel good about things. Our model, though, is not to -- you look at software companies, you'll see a lot of them growing by pushing price lever, and that has not been our business model.

如果看加購（upsell）相對於任何可能出現的讓利（concessions），淨續約（net renewal）數字一向是正向的，淨續約率也都超過 100%。所以我們對整體狀況感覺很好。不過，我們的模式並不是——你看一些軟體公司，會看到很多公司透過拉動價格槓桿來成長，但那不是我們的商業模式。

Our business model is to have happy clients that want to do the next thing with us. And so we always have a healthy discussion at renewal time and generally results in something positive with some additional services to the client. And so we really like that model. And we really like the way that continues to make us systemically more important for our clients and to continue to deepen the relationship that we have.

我們的商業模式是讓客戶滿意，讓他們願意跟我們一起做下一件事。因此在續約時，我們總是會有一場健康的討論，通常也會以對客戶增加一些額外服務、帶來正向結果作結。所以我們很喜歡這個模式。而且我們也很喜歡它持續讓我們在系統性上對客戶更重要，並持續深化我們之間的關係。

And then switching gears a little bit. So just to confirm, with the Q1 margin dropped a couple of percentage points versus last year, which seems but it also seems to be relatively in line with prior years. Do you see the adjusted operating margin kind of playing out similarly as it has in prior years where the first two quarters tend to go to lower before increasing in the final two quarters probably just due to mix changes, thus getting to that 21% guide. Is that a good way to think about it, like kind of like the previous years?

接著稍微換個話題。我想確認一下，第一季的利潤率相較去年下降了幾個百分點，雖然看起來下降，但似乎也大致符合過往年度的型態。你們是否認為調整後營業利潤率會像以往年度那樣走勢：前兩季通常較低，後兩季再拉升，可能主要是組合（mix）變化所致，從而達到你們指引的 21%？這樣理解是否合理，也就是大致沿用過去幾年的模式？

Yes, Ross, I'll take that. The short answer to your question is, yes. The longer answer is, yes, our margins declined about 200 basis points, but that conversion was driven by, like I said in my remarks, the combination of lower event revenues and remember, these lower event revenues typically carry higher incremental margins.

是的，Ross，我來回答。你這個問題的簡短答案是：是的。較長的答案是：是的，我們的利潤率大約下降了 200 個基點，但這個變化主要是由我在發言中提到的兩個因素共同驅動：事件型收入較低，以及請記得，事件型收入通常具有較高的增量利潤率。

So it was a combination of that and higher investments that we've been making on platform, tokenization, AI, some of the initiatives we spoke about, which essentially offset the leverage in our recurring revenues. We do expect a similar trend in the second-quarter as we'll have pretty much the same story. We will lap elevated levels of event-driven and higher investment spend.

因此，這是事件型收入較低，加上我們在平台、代幣化（tokenization）、AI 以及我們提到的一些計畫上的投資增加，兩者共同作用，基本上抵消了我們經常性收入帶來的營運槓桿。我們預期第二季也會有類似趨勢，因為故事大致相同。我們將會面對去年較高水準的事件驅動收入與較高投資支出的比較基期（lap）。

But as we move to the second half of the year, we expect both of these pressures to moderate exactly the way you said it, which will keep us well on track to deliver on full year margins of 21%.

但隨著進入下半年，我們預期這兩股壓力都會如你所說地趨於緩和，這將使我們非常有把握按計畫達成全年 21% 的利潤率。

Yes. I think just to give sort of a way to think about it, there are some factors, and you'll see these repeat in each year, and we'll talk about them. But factor one is just the seasonality of our business in which -- we get a lot of our revenue in the second half. And -- but there are fixed costs to go throughout the year. So you generally see across all the years, higher margins in the second half than in the first half.

是的。我想提供一個思考框架：有幾個因素，而且你會看到它們每年都會重複出現，我們也會談到。第一個因素是我們業務的季節性——我們有相當多的收入是在下半年認列。但全年都有固定成本需要支出。因此你通常會看到各年度都是下半年利潤率高於上半年。

Then you layer on top of that, the timing of event-driven revenue, which comes in at -- again, because the fixed cost is already there, it comes into higher margins. So based on the timing that would affect the margin in the quarter. And then the last piece is the timing of our investments. And as you know, when we're having a good year, we often use that to reinvest and pull forward our road map and the timing of when we do that can also affect our margins.

接著在此之上，再疊加事件驅動收入的時間點；同樣地，因為固定成本已經存在，這些收入會以較高的利潤率流入。所以其發生的時間點會影響當季利潤率。最後一塊是我們投資的時間點。如你所知，當我們年度表現良好時，我們常會利用這個機會再投資、把產品路線圖（road map）提前，而我們進行這些投資的時間點也會影響利潤率。

So we manage the company on an annual basis. targeting that sort of annual increase in operating margin. And we always try to tell you about those factors as we go through so that you can try to disentangle that.

因此，我們以年度為基礎來管理公司。目標是實現那種年度營業利益率的提升。而且我們也總是嘗試在過程中向各位說明這些因素，讓各位能夠嘗試把它們拆解開來。

(Operator Instructions) James Faucette, Morgan Stanley.

(接線員指示) Morgan Stanley 的 James Faucette。

And thanks for all the detail. I know we've kind of gone around and we talked a little bit about timing, but I want to go back to margin -- margin expansion you guys are looking for a little bit of acceleration in expansion here. Can you -- and I apologize for this, but can you just recap for us what we should be paying attention to as kind of the key drivers for the -- a bit of margin expansion acceleration expected for the coming fiscal year? .

謝謝你們提供這麼多細節。我知道我們有點繞了一圈，也稍微談到時點，但我想回到利潤率——你們在利潤率擴張方面，似乎在這裡尋求擴張速度的些許加快。你能不能——也先跟各位致歉——請你們幫我們回顧一下，在即將到來的會計年度，預期利潤率擴張加速的關鍵驅動因素，我們應該重點關注哪些？.

Absolutely. I'll just reiterate what we just spoke about. If you think about the business, we have a seasonal business. The second half is the much larger portion of our entire revenue. So even in a BAU setup, we do see our margins increasing year-on-year. Second, if you remember, we had a record event-driven fee last year. A lot of it was concentrated in Q1 and Q2.

當然可以。我就重申一下我們剛才談到的內容。如果你從業務角度來看，我們的業務具有季節性。下半年占我們全年營收的比重大得多。因此，即使是在 BAU（照常營運）的情境下，我們也確實看到利潤率逐年提升。第二，如果你還記得，我們去年有一筆創紀錄的事件驅動型費用。其中很大一部分集中在第一季和第二季。

So as we grow over that and this year, we're expecting much more normalized levels of event-driven fee, call it $60 million to $70 million every quarter. And if you compare to the compares that we had last year, you would automatically see the margins continue to increase more in the second half of the year versus the first half of the year.

因此，當我們在此基礎上成長、並且今年我們預期事件驅動型費用會回到更正常化的水準，大約每季 6,000 萬到 7,000 萬美元。如果你拿去跟去年同期的比較基期相比，你會自然而然看到下半年相較上半年，利潤率會持續有更明顯的提升。

And I will also point out we have been ramping up our investments in our growth areas, platform, AI, tokenization, et cetera which we started doing more of in the second half of last year. So again, if you think about the seasonality of that, we -- you will see more of the grow-over on those investments in the first half of the year before they get to more normalized levels that we saw in the past year.

另外我也要指出，我們一直在加速對成長領域的投資，包括平台、AI、代幣化（tokenization）等等，而這些投資在去年下半年開始加大力度。所以同樣地，若考慮其季節性，你——你會在上半年看到這些投資的年增幅較大，之後才會回到我們在過去一年看到的較正常化水準。

So those -- all of those factors will lead to our margins just increasing as we go through the year -- Yes. I do want to -- we are talking about margins, I gave you the answer. But I do want to remind you, with all this, margins to us are a means to an end, right? What we are making sure is that we are in a good position to deliver on our full year EPS guidance of 8% to 12%.

所以——所有這些因素都會使我們的利潤率在一年當中逐步上升——是的。我確實想要——我們在談利潤率，我也已經回答了你的問題。但我也想提醒各位，對我們而言，利潤率是達成目標的手段，對吧？我們要確保的是，我們處於一個良好的位置，能夠達成我們全年 EPS 指引 8% 到 12%。

You might see volatility in event fee as we go through we will moderate our investments, as we always do. The important message I want to leave you with is we will deliver on our 8% to 12% earnings guidance.

在過程中你可能會看到事件費用的波動；我們也會像一貫做法那樣調整投資節奏。我想留給各位最重要的訊息是：我們將達成 8% 到 12% 的獲利指引。

Got it. And then I want to ask about the opportunity set. We've had -- and really I would like to get your perspective on innovation exemption. We saw the announcements, but from -- that they're going to be permitted. But I think a lot of people felt like in a lot of ways, there's still restrictions there that could encumber a lot of really innovation being attempted.

了解。接著我想問一下機會集合（opportunity set）。我們一直——而且我真的想聽聽你們對「創新豁免」（innovation exemption）的看法。我們看到相關公告，表示——它們將被允許。但我想很多人覺得，從很多方面來看，仍然存在一些限制，可能會妨礙許多真正嘗試的創新。

So from your perspective, do you think that we're likely to see meaningful benefit from the innovation exemption? And is it happening, not happening? And how should we think about the impact on record growth?

所以從你們的角度，你們認為我們很可能會從創新豁免中看到實質性的好處嗎？它是在發生、還是沒有發生？以及我們應該如何看待它對記錄（record）成長的影響？

Yes, I'll take this one. I think with the regulatory change that the SEC is making here. They are collectively beginning to pave the way for a long-term framework in the absence of congressional action. And -- what we liked about the exemptive relief is very specific about preserving shareholder rights, including voting and dividends. And so we like that reinforces our focus on governance and investor communications for tokenize assets.

是的，這題我來回答。我認為，隨著 SEC 在此推動的監管變革，在缺乏國會立法行動的情況下，他們正逐步共同鋪陳一個長期框架。而——我們喜歡這項豁免性救濟（exemptive relief）的一點是，它非常明確地強調保護股東權利，包括表決權與股利。因此我們喜歡它能強化我們對治理以及代幣化資產投資人溝通的聚焦。

I think the innovation exemption specifically allows for these tokenized security venues, that will be one of the models that are out there. and there are limits on the volumes of that. So I think there will be some good experimentation there. But I'd like to just remind you that that's not the only model out there. There's what people like Kraken and Endo are doing globally.

我認為創新豁免本身，特別允許這些代幣化證券交易場域（venues），那會是市場上存在的其中一種模式。而且在交易量方面是有限制的。所以我認為那裡會有一些不錯的實驗空間。但我也想提醒各位，那並不是唯一的模式。還有像 Kraken 和 Endo 在全球所做的那些模式。

They have also announced that they're going to be bringing that to the US with a custodial model is what the DTCC is doing, and we're working specifically with them. There's what the New York Stock Exchange is doing and just the announcement yesterday, where we're partnering with the New York Stock Exchange to bring on chain governance and integrated bill transfer agency services into their infrastructure for tokenizes equity, which is separate from the TSP, they're going to have an ATS.

他們也宣布將把這些帶到美國；DTCC 正在做的是一種託管模式，而我們正與他們進行具體合作。另外還有紐約證券交易所正在做的事，以及昨天的公告：我們將與紐約證券交易所合作，把鏈上治理（on chain governance）與整合式股務轉讓代理（transfer agency）服務導入他們的基礎設施，用於代幣化股權（tokenizes equity）；這與 TSP 是分開的，他們將會有一個 ATS。

So it will be fully rented. It will be under the National Market System. So there are lots of different models out there and we are playing in all of them. I do think, by the way, the fact there are so many models does make it a bit poses challenge for issuers in terms of how they bring all those votes back and give an integrated view.

所以它將會是完全受監管的。它將納入全國市場體系（National Market System）。因此市場上有許多不同的模式，而我們在每一種模式中都有參與。順帶一提，我確實認為，模式如此多元，對發行人而言在如何把所有投票彙整回來、並提供整合式視圖方面，確實會帶來一些挑戰。

The fact that we are already serving 80% of the Fortune 500 to provide that integrated view for registered and beneficial. We're extending that all the different permutations of tokenized equities that will really simplify that complexity and provide a great value proposition to corporate issuers. So we think all this translates into opportunity. How fast it comes is -- it's unclear.

我們目前已為《財富》500 強中 80% 的公司提供已登記（registered）與受益（beneficial）的整合式視圖服務。我們正把這能力延伸到代幣化股權的各種不同排列組合，這將大幅簡化複雜性，並為企業發行人提供很強的價值主張。因此我們認為，這一切都會轉化為機會。至於會多快到來——目前還不明朗。

But what we do think that as it comes, the faster it comes what it's going to do is drive position growth because these are bringing additional investors from outside the US here is bringing new ways of holding shares. And so we see more positions at economics that I said earlier that are equal to or superior to what we're doing today.

但我們確實認為，當它到來時，來得越快，就越會推動持倉（position）成長，因為這些機制會把美國以外的額外投資人帶進來，也會帶來新的持股方式。因此我們看到更多持倉，而其經濟性（economics）如我先前所說，與我們今天所做的相當，甚至更優。

And it's really just we talked about position growth and how different ways of innovation have spurred position growth, and we see this as the next wave and really getting on to the next S curve. We'll see how quickly it develops. But I think it really bodes well for the long-term health of US Capital Markets and Broadridge.

而且這其實就是——我們談到持倉成長，以及不同的創新方式如何促進持倉成長；我們把這視為下一波浪潮，真正進入下一條 S 曲線。我們會看看它發展得有多快。但我認為，這確實非常有利於美國資本市場與 Broadridge 的長期健康發展。

And with that, ladies and gentlemen, 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.

那麼，各位女士先生，今天的問答環節就到此結束。我想把時間交回給管理層，請他們做任何結語。

Well, I just wanted to thank you all for joining us today and just reiterate three key messages from today. We delivered a strong first-quarter. It is our smallest quarter, but the strength of that quarter makes us feel incrementally better about the full year. Second, that the investments that we're making in tokenization, in AI and digital assets are really beginning to really beginning to play out in terms of results.

好的，我只是想感謝各位今天加入我們，並再次重申今天的三個關鍵訊息。我們交出了一個強勁的第一季。第一季是我們最小的一季，但這一季的強勁表現讓我們對全年感到更有信心。第二，我們在代幣化、AI 與數位資產上的投資，確實開始——確實開始在成果上逐步展現。

And we like the returns that we're seeing on those. And finally, third, that we're on track for a good year for fiscal '27 and beyond. Thank you again for joining us, and we look forward to seeing you at our Investor Day in December.

而且我們喜歡我們在這些投資上看到的回報。最後第三，我們正朝著 2027 會計年度以及之後的良好年度邁進。再次感謝各位加入我們，也期待在 12 月的投資人日與各位見面。

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

那麼，今天的電話會議與簡報到此結束。感謝各位參與。各位現在可以掛線。