Evercore Inc (EVR) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Evercore third-quarter 2025 earnings conference call. Today's call is scheduled to last about one hour, including remarks by Evercore management and the question-and-answer session. (Operator Instructions)

早安，歡迎參加 Evercore 2025 年第三季財報電話會議。今天的電話會議預計持續約一小時，包括 Evercore 管理層的演講和問答環節。（操作說明）

I will now turn the call over to Katy Haber, Head of Investor Relations at Evercore. Please go ahead.

現在我將把電話交給 Evercore 的投資人關係主管 Katy Haber。請繼續。

Thank you, operator. Good morning, and thank you for joining us today for Evercore's third-quarter 2025 financial results conference call. I'm Katy Haber, Evercore's Head of Investor Relations. Joining me on the call today is John Weinberg, our Chairman and CEO; and Tim LaLonde, our CFO. After our prepared remarks, we'll open up the call for questions.

謝謝接線生。早安，感謝各位今天參加 Evercore 2025 年第三季財務業績電話會議。我是 Katy Haber，Evercore 的投資人關係主管。今天和我一起參加電話會議的還有我們的董事長兼執行長約翰·溫伯格，以及我們的財務長蒂姆·拉隆德。在我們發言完畢後，我們將開放提問環節。

Earlier today, we issued a press release announcing Evercore's third-quarter 2025 financial results. Our discussion of our results today is complementary to the press release, which is available at our website at evercore.com. This conference call is being webcast live in the For Investors section of our website, and an archive of it will be available for 30 days beginning approximately one hour after the conclusion of this call.

今天早些時候，我們發布了一份新聞稿，宣布了 Evercore 2025 年第三季的財務表現。我們今天對業績的討論是對新聞稿的補充，新聞稿可在我們的網站 evercore.com 上查閱。本次電話會議正在我們網站的「投資者關係」版塊進行網路直播，會議結束後約一小時，會議錄音將存檔，有效期為 30 天。

During the course of this conference call, we may make a number of forward-looking statements. Any forward-looking statements that we make are subject to various risks and uncertainties, and there are important factors that could cause actual outcomes to differ materially from those indicated in these statements. These factors include, but are not limited to, those discussed in Evercore's filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. I want to remind you that the company assumes no duty to update any forward-looking statements.

在本次電話會議期間，我們可能會發表一些前瞻性聲明。我們所做的任何前瞻性陳述都存在各種風險和不確定性，並且存在一些重要因素可能導致實際結果與這些陳述中指出的結果有重大差異。這些因素包括但不限於 Evercore 向美國證券交易委員會提交的文件中討論的因素，包括我們的 10-K 表格年度報告、10-Q 表格季度報告和 8-K 表格當前報告。我想提醒各位，本公司不承擔更新任何前瞻性聲明的義務。

In our presentation today, unless otherwise indicated, we will be discussing adjusted financial measures which are non-GAAP measures that we believe are meaningful when evaluating the company's performance. For detailed disclosures on these measures and the GAAP reconciliations, you should refer to the financial data contained within our press release, which is posted on our website. We continue to believe that it is important to evaluate Evercore's performance on an annual basis. As we have noted previously, our results for any particular quarter are influenced by the timing of transaction closings.

在今天的演示中，除非另有說明，我們將討論調整後的財務指標，這些指標是非GAAP指標，我們認為這些指標在評估公司績效時是有意義的。有關這些措施和 GAAP 調節的詳細揭露，請參閱我們網站上發布的新聞稿中包含的財務資料。我們仍然認為，對 Evercore 的表現進行年度評估非常重要。正如我們之前提到的，任何特定季度的業績都會受到交易完成時間的影響。

I will now turn the call over to John.

現在我將把通話轉給約翰。

Thank you, Katy.

謝謝你，凱蒂。

Evercore delivered record third-quarter results following a record first half with momentum across all business areas. We generated over $1 billion in adjusted net revenues, up 42% year over year, marking our best third quarter ever and the second best quarter in our history behind the fourth quarter of 2021. Our quarterly and year-to-date results reflect the strength of our diversified revenue streams, the impact of our senior managing director hiring and promotions over the past several years, and the benefits of a steadily improving market environment.

Evercore在上半年業績創紀錄的基礎上，第三季也取得了創紀錄的業績，所有業務領域均保持強勁成長勢頭。我們實現了超過 10 億美元的調整後淨收入，年增 42%，創下公司有史以來最好的第三季業績，也是公司歷史上第二好的季度業績，僅次於 2021 年第四季。我們的季度和年初至今的業績反映了我們多元化收入來源的強勁勢頭、過去幾年高級董事總經理的招聘和晉升所帶來的影響，以及市場環境持續改善帶來的益處。

We remain committed to delivering for our clients and shareholders by executing our long-term strategy, which includes focusing on areas of sector and geographic white space, broadening our client coverage, and expanding and deepening our product capabilities. We are working at closing out 2025 on a strong note and positioning ourselves for a successful 2026.

我們將繼續致力於透過執行長期策略為客戶和股東創造價值，該策略包括專注於行業和地理空白領域、擴大客戶覆蓋範圍以及擴展和深化產品能力。我們正努力以強勁的勢頭結束 2025 年，並​​為 2026 年的成功做好準備。

Throughout the third quarter and in October, market conditions and investment banking activity have continued to strengthen, supporting a more conducive environment to deal making. Announced M&A activity has advanced at a healthy pace, led by larger strategic transactions, while capital markets activity has accelerated.

第三季及10月份，市場狀況和投資銀行活動持續走強，為交易達成創造了更有利的環境。已公佈的併購活動進展順利，以大型策略交易為主導，同時資本市場活動也加速發展。

Transactions that were impacted by market volatility earlier this year are now returning to the market. In line with the momentum that we've experienced over the last several months, our backlogs continued to increase in the quarter, and client activity across the firm remains robust. We expect these trends to carry through year-end and into 2026.

今年稍早受市場波動影響的交易現在正在重返市場。與過去幾個月的發展動能一致，本季我們的積壓訂單持續增加，公司各部門的客戶活動依然強勁。我們預計這些趨勢將持續到年底，並延續到 2026 年。

It's worth noting that in many years, we've experienced significant positive seasonality in our business in the fourth quarter. This seasonality is likely to be less pronounced this year versus prior years, given the strength of our year-to-date results, the timing of some transactions closing that may have been impacted by the market volatility earlier in the year, and a possible timing impact from the government shutdown, which we are continuing to monitor closely. That said, we expect continued strengthening in the market and our business.

值得注意的是，多年來，我們的業務在第四季度都經歷了明顯的季節性成長。鑑於我們今年迄今的業績強勁，一些交易的完成時間可能受到年初市場波動的影響，以及政府停擺可能帶來的時間影響（我們正在繼續密切關注），今年的季節性因素可能不如往年那麼明顯。儘管如此，我們預計市場和我們的業務將繼續走強。

Overall, we continue to believe we are in the early stages of an investment banking recovery, driven by a combination of cyclical and structural factors. Global announced M&A as a percentage of global market cap remains well below historical averages, and pent-up demand from both corporates and sponsors, together with broader secular shifts such as accelerating impact of AI and other long-term trends, is driving new opportunities across sectors.

總體而言，我們仍然認為我們正處於投資銀行業復甦的早期階段，這是由週期性和結構性因素共同推動的。全球已宣布的併購交易佔全球市值的比例仍遠低於歷史平均水平，企業和贊助商的積壓需求，以及人工智慧加速影響等更廣泛的長期趨勢，正在推動各行業出現新的機會。

Turning to talent, we continue to make strong progress on our recruiting efforts. We successfully closed the Robey Warshaw transaction on October 1, which has been an important addition to our buildout in Europe and significantly enhances our ability to serve clients across the regions and around the world. Along with the five new investment banking SMDs from Robey Warshaw, four additional SMDs have committed to join our global investment banking practice: two in the US, with one focused on financial sponsors and the other on healthcare; and two in Europe, with one covering financial sponsors and another advising Nordic clients.

在人才方面，我們的招募工作持續取得顯著進展。我們在 10 月 1 日成功完成了 Robey Warshaw 的交易，這極大地促進了我們在歐洲的業務拓展，並顯著增強了我們為各地區乃至全球客戶提供服務的能力。除了來自 Robey Warshaw 的五位新的投資銀行高級董事總經理 (SMD) 外，還有四位高級董事總經理承諾加入我們的全球投資銀行業務：兩位在美國，一位專注於金融機構，另一位專注於醫療保健；兩位在歐洲，一位負責金融機構，另一位為北歐客戶提供諮詢服務。

So far, 2025 has been our strongest recruiting year to date. With our most recent joiners and commits, we now have 168 investment banking SMDs, up nearly 50% from the year-end 2021, positioning us well as the market strengthens. We continue to see a healthy pipeline of external candidates, and attracting and developing exceptional talent remains core to our strategy and future success.

到目前為止，2025 年是我們迄今為止招募業績最好的一年。隨著我們最新一批成員的加入和承諾，我們現在擁有 168 名投資銀行高級管理董事，比 2021 年底增長了近 50%，這使我們在市場走強時處於有利地位。我們持續看到外部候選人源源不斷，吸引和培養傑出人才仍然是我們策略和未來成功的核心。

Now, let me turn to the businesses. We experience broad-based strength across our diversified platform, both sequentially and year over year. In the third quarter and over the last 12 months, approximately 45% and 50% of total revenues, respectively, were from non-M&A sources. Our US M&A Advisory practice continued to gain momentum across sectors, including tech, infrastructure, and healthcare. Financial sponsor activity is steadily picking up, and we expect this positive trend to continue into next year. Evercore is well positioned to benefit as we have meaningfully built out our sponsor coverage effort in recent years.

現在，讓我來談談企業方面。我們的多元化平台實現了全面強勁的成長，無論是環比成長還是同比增長。第三季和過去 12 個月中，總營收的約 45% 和 50% 分別來自非併購來源。我們的美國併購諮詢業務在各個領域持續發展壯大，包括科技、基礎設施和醫療保健。財務贊助商的活動正在穩步增加，我們預計這一積極趨勢將持續到明年。由於近年來我們大力加強了贊助商覆蓋範圍，Evercore 已做好充分準備從中受益。

Our European Advisory business delivered its best quarter on record, with strong performance across sectors, products, and geographies. We are very pleased with our progress across the region and are seeing high-quality engagements with both corporates and sponsors. We expect this to continue as we welcome the Robey Warshaw team and expand our presence in Europe.

我們的歐洲諮詢業務取得了有史以來最好的季度業績，在各個行業、產品和地區都表現出色。我們對在整個地區取得的進展非常滿意，並看到了與企業和贊助商的高品質合作。我們預計隨著 Robey Warshaw 團隊的加入和我們在歐洲業務的拓展，這種情況將會持續下去。

As of the end of the quarter, we advised on four of the 11 largest global M&A transactions. We've continued to experience strong activity in October, including advising Carlyle on its EUR7.7 billion acquisition of BASF Coatings and Huntington Bancshares on its acquisition of Cadence Bank for $7.4 billion, representing our second transaction advising Huntington this year.

截至本季末，我們為全球 11 項最大的併購交易中的 4 項提供了諮詢服務。10 月我們繼續保持強勁的業務活動，包括為凱雷集團以 77 億歐元收購巴斯夫塗料公司提供諮詢服務，以及為亨廷頓銀行以 74 億美元收購凱登斯銀行提供諮詢服務，這是我們今年為亨廷頓提供諮詢服務的第二筆交易。

Next, our Strategic, Defense & Shareholder Advisory group remains busy as the number of activist campaigns in the US is at record levels. The liability management and restructuring business continued to see robust activity in the quarter, generally tracking in line with trends experienced earlier this year. We are seeing an increase in larger traditional restructuring assignments, and our backlog in this area remains strong as highly levered companies face ongoing challenges.

接下來，由於美國的激進主義活動數量達到創紀錄的水平，我們的策略、防禦和股東諮詢小組仍然非常忙碌。本季負債管理和重組業務持續保持強勁勢頭，整體上與今年稍早的趨勢保持一致。我們看到規模較大的傳統重組項目增加，而且由於高槓桿公司面臨持續的挑戰，我們在這一領域的積壓訂單仍然很多。

Our Private Capital Markets and Debt Advisory team continues to be active as the credit markets remain open and transaction activity picks up. Consistent with the strength we saw in the first two quarters of the year, our private capital advisory business delivered a record third quarter, driven in large part by GP-led continuation fund transactions. In fact, through the first nine months of 2025, PCA revenues have already exceeded full year 2024, which was our best year on record. We continue to see strong momentum in all areas of the business, including GP-led continuation funds, LP secondaries, and securitizations.

隨著信貸市場保持開放和交易活動逐漸增多，我們的私募資本市場和債務諮詢團隊繼續保持活躍。與今年前兩個季度的強勁勢頭一致，我們的私募資本諮詢業務在第三季度創下歷史新高，這主要得益於GP主導的延續基金交易。事實上，2025 年頭九個月，PCA 的收入已經超過了 2024 年全年的收入，而 2024 年是我們有史以來業績最好的一年。我們看到公司所有業務領域都持續保持強勁勢頭，包括 GP 主導的延續基金、LP 二級市場和證券化。

Similarly, our Private Funds Group generated a record third quarter. While the overall fundraising market remains challenging, our team continues to be active, operating at a very high level. Equity Capital Markets saw a resurgence in activity in the third quarter, particularly with IPOs, supported by lower levels of market volatility. Our Underwriting business remained active throughout the quarter as we continue to focus on our sector and product diversification efforts. We saw particular strength in tech and industrials, with Evercore serving as an active book runner on Karman's $1 billion follow-on offering. We also experienced a significant increase in convertible issuance, an area where we have been investing and expanding our capabilities.

同樣，我們的私募股權基金集團第三季​​也取得了創紀錄的業績。儘管整體募款市場依然充滿挑戰，但我們的團隊依然保持活躍，並以非常高的水平運作。第三季度，股票資本市場活動出現復甦，尤其是首次公開發行（IPO），這得益於市場波動性降低。本季度，我們的核保業務保持活躍，我們將繼續專注於產業和產品多元化發展。我們看到科技和工業板塊表現特別強勁，Evercore 積極參與了 Karman 10 億美元的後續發行，擔任簿記管理人。我們也經歷了可轉換債券發行量的顯著成長，這是我們一直在投資和擴展能力的領域。

Our Equities business, Evercore ISI, has achieved the number one ranking in Extel's All-American (sic - All-America) Research Survey for the fourth straight year. Additionally, the business had its best quarter since the fourth quarter of 2016, reflecting healthy levels of volatility and broad-based activity across products and services. Strong client engagement, combined with a constructive market backdrop and healthy client performance, all contributed to the quarter's results.

我們的股票業務部門 Evercore ISI 連續第四年在 Extel 的全美研究調查中排名第一。此外，該業務迎來了自 2016 年第四季以來最好的一個季度，反映出產品和服務方面健康的波動性和廣泛的活動。強勁的客戶參與度，加上良好的市場環境和健康的客戶表現，共同促成了本季的業績。

Lastly, Wealth Management achieved record quarter-end AUM of approximately $15.4 billion, driven by both market appreciation and strong new net client inflows.

最後，在市場升值和強勁的新客戶淨流入的推動下，財富管理業務實現了創紀錄的季度末資產管理規模，約 154 億美元。

Before I turn it over to Tim, I'd like to make a final comment. The strength of our third-quarter and year-to-date results reflects the power of our diversified platform, the continued execution of our strategy, and our commitment to our clients. As we look ahead, we're confident in our ability to continue delivering value for our clients, shareholders, and people.

在把發言權交給提姆之前，我想最後補充一點。我們第三季和年初至今的強勁業績反映了我們多元化平台的實力、我們策略的持續執行以及我們對客戶的承諾。展望未來，我們有信心繼續為客戶、股東和員工創造價值。

With that, let me turn it over to Tim.

那麼，接下來就交給提姆吧。

Thank you, John.

謝謝你，約翰。

Evercore's third-quarter results reflect an environment which has continued to strengthen across all our businesses. For the third quarter of 2025, net revenues, operating income, and EPS on a GAAP basis were $1 billion, $216 million, and $3.41 per share, respectively. My comments from here will focus on non-GAAP metrics, which we believe are useful when evaluating our results. Our standard GAAP reporting and reconciliation of GAAP to adjusted results can be found in our press release, which is on our website.

Evercore 第三季業績反映出公司所有業務環境持續走強。2025 年第三季度，以美國通用會計準則計算，淨收入、營業收入和每股盈餘分別為 10 億美元、2.16 億美元和 3.41 美元。接下來我將重點放在非GAAP指標，我們認為這些指標在評估我們的績效時很有用。我們的標準 GAAP 報告以及 GAAP 與調整後結果的調整表可以在我們網站上的新聞稿中找到。

Our third-quarter adjusted net revenues of $1 billion increased 42% versus the third quarter of 2024. Third-quarter adjusted operating income of $228 million increased 69% versus the third quarter of 2024. Adjusted earnings per share of $3.48 increased 71% versus the third quarter of last year. Our adjusted operating margin was 21.8%, up from 18.2% in the prior year period, an improvement of nearly 360 basis points.

我們第三季調整後淨收入為 10 億美元，比 2024 年第三季成長 42%。第三季調整後營業收入為 2.28 億美元，比 2024 年第三季成長 69%。經調整後的每股收益為 3.48 美元，比去年第三季增長了 71%。我們調整後的營業利益率為 21.8%，高於去年同期的 18.2%，提高了近 360 個基點。

Turning to the businesses, third-quarter adjusted advisory fees of $884 million increased 49% year over year, which is a record for the third quarter and reflects continued market share gains. While we recently have experienced a strong uptick in activity and expect that momentum to continue in the fourth quarter, the seasonality we typically see in our fourth-quarter advisory revenues is likely to be less pronounced this year versus prior years. This reflects the record results we've achieved year to date, as well as the impact of the market volatility in March and April which may have influenced the timing of certain transactions and related revenues and possible timing impacts from the government shutdown.

從業務方面來看，第三季調整後的諮詢費為 8.84 億美元，年增 49%，創下第三季紀錄，反映出市場佔有率的持續成長。雖然我們最近經歷了業務活動的強勁增長，並預計這種勢頭將在第四季度繼續，但與往年相比，我們通常在第四季度諮詢收入中看到的季節性波動今年可能會不那麼明顯。這反映了我們今年迄今取得的創紀錄的業績，以及 3 月和 4 月市場波動的影響，這可能影響了某些交易和相關收入的時間安排，以及政府停擺可能帶來的時間影響。

Our third-quarter underwriting revenues were $44 million, down 1% from a year ago but up 36% sequentially. Commissions and related revenue of $63 million in the quarter increased 15% year over year and was a record third quarter and the highest quarter in nearly a decade. The strength in the quarter was primarily related to higher revenues from trading commissions on stronger trading volumes, as well as higher subscription fees and good activity in convertibles and derivative products.

我們第三季的承保收入為 4,400 萬美元，比去年同期下降 1%，但環比成長 36%。本季佣金及相關收入為 6,300 萬美元，年增 15%，創下第三季紀錄，也是近十年來最高的季度收入。本季業績強勁主要得益於交易量增加帶來的交易佣金收入成長，以及訂閱費上漲和可轉換債券及衍生性商品交易活躍。

Third-quarter adjusted asset management and administration fees of $24 million rose 10% year over year, driven by market appreciation and net inflows. Third-quarter adjusted other revenue, net, was approximately $33 million, which compares to $26 million a year ago. Nearly two-thirds of the gain is related to interest income in the quarter, with most of the balance of other revenue related to gains in our DCCP hedge portfolio, which is correlated to the performance of the broader equity market.

受市場升值和淨流入的推動，第三季調整後的資產管理和行政費用為 2,400 萬美元，年增 10%。第三季調整後其他淨收入約 3,300 萬美元，去年同期為 2,600 萬美元。近三分之二的收益與本季的利息收入有關，其餘大部分收入與我們的 DCCP 對沖投資組合的收益有關，而該投資組合與更廣泛的股票市場的表現相關。

Turning to expenses. The adjusted compensation ratio for the third quarter is 65%, down nearly 100 basis points from the prior year period and down 40 basis points from last quarter. Our compensation ratio for the quarter reflects the continued steady improvement we have seen in the investment banking environment and in our revenues.

接下來談談費用。第三季調整後的薪資比率為 65%，比上年同期下降近 100 個基點，比上一季下降 40 個基點。本季薪酬比率反映了我們在投資銀行環境和收入方面所看到的持續穩定改善。

We remain committed to investing in our business and executing on our strategic growth plan as reflected in the record SMD recruiting we've achieved so far this year. As we have mentioned on past calls, we are balancing our investments and growth, with striving to make further improvement in our compensation ratio over time. And based on our current visibility, we expect our full-year ratio to be generally in line with current levels.

我們將繼續致力於投資業務並執行策略性成長計劃，這體現在我們今年迄今為止取得的創紀錄的高階管理人才招募上。正如我們在先前的電話會議中提到的，我們正在平衡投資和成長，並努力隨著時間的推移進一步改善我們的薪酬比率。根據我們目前的了解，我們預計全年比率將與當前水準基本持平。

Adjusted non-compensation expenses in the quarter were $139 million, which is 13.2% of net revenue. This is an improvement of 260 basis points from a year ago and nearly 270 basis points compared to last quarter. The adjusted non-comp expenses of $139 million is up 18% from the third quarter a year ago.

本季調整後的非薪資支出為 1.39 億美元，佔淨收入的 13.2%。這比一年前提高了 260 個基點，比上一季提高了近 270 個基點。經調整的非競爭性支出為 1.39 億美元，比去年同期成長 18%。

As a reminder, the non-comp expense line consists of a mix of fixed and variable expenses. So some of the related line items are going to increase as client activity increases, and some of those are client billable expenses and are recouped over time. An example of this would be travel and related expenses which increase due to higher levels of client travel, as well as spend for conferences and client events.

提醒一下，非補償性支出項目包括固定支出和變動支出。因此，隨著客戶活動的增加，一些相關的項目也會增加，其中一些是客戶可計費的費用，這些費用會隨著時間的推移而收回。例如，由於客戶出差次數增加，差旅及相關費用也會增加，此外，參加會議和客戶活動的支出也會增加。

Other non-comp expenses increase as we build our business and execution capacity, like occupancy and equipment expenses, which reflected the acquisition of additional floors in our New York locations and new leases in Dubai, Paris, and London. Some of our non-comp expenses occur as we are investing in what we hope will provide improved efficiencies or competitive advantage in the near to medium term, such as increased technology spend, which includes investment in the development and implementation of newer technologies, as well as spend on licensing and consulting fees.

隨著我們業務和執行能力的提升，其他非競爭性支出也會增加，例如辦公室和設備費用，這反映了我們在紐約辦公地點購置了更多樓層，以及在杜拜、巴黎和倫敦簽訂了新的租賃合約。我們的一些非競爭性支出發生在我們投資於我們希望在中短期內提高效率或獲得競爭優勢的項目上，例如增加技術支出，包括投資於新技術的開發和實施，以及支付許可費和諮詢費。

Accordingly, we would expect our non-comp expenses for the full year to be up year over year on a percentage basis, generally consistent with what you've seen for the first nine months. As I've mentioned in the past, we continue to maintain a disciplined focus on our non-comp expenses while investing in areas that are necessary to support our growth.

因此，我們預計全年非補償性支出將比上年同期增加一定百分比，這與前九個月的情況基本一致。正如我之前提到的，我們將繼續嚴格控制非競爭性支出，同時投資於支持我們成長所需的領域。

Our adjusted tax rate for the quarter was 28.7%, down modestly from the third quarter of last year.

本季調整後的稅率為 28.7%，較去年第三季略有下降。

Turning to our balance sheet. As of September 30, our cash and investment securities totaled over $2.4 billion. In the third quarter, we repurchased approximately 170,000 shares at an average price of $326.62, and our share repurchase activity continued into the early part of the fourth quarter. Through the end of the third quarter, we have returned approximately $624 million of capital to shareholders through the repurchase of shares at an average purchase price of $264.72 and the payment of dividends.

接下來來看看我們的資產負債表。截至9月30日，我們的現金和投資證券總額超過24億美元。第三季度，我們以平均每股 326.62 美元的價格回購了約 170,000 股股票，我們的股票回購活動一直持續到第四季初。截至第三季末，我們已以平均每股 264.72 美元的價格回購股票和支付股息的方式，向股東返還了約 6.24 億美元的資本。

We have more than fully offset the dilution associated with RSU grants from our 2024 bonus cycle. And additionally, we have repurchased a number of shares that exceeds those issued for the initial payment related to the Robey Warshaw transaction.

我們已經完全抵消了 2024 年獎金週期中 RSU 授予帶來的股權稀釋。此外，我們回購的股份數量超過了為 Robey Warshaw 交易的初始付款而發行的股份數量。

Our second-quarter adjusted diluted share count was 44.6 billion shares. As we have mentioned previously, our shares outstanding are impacted by the changes in our share price due to the accounting for unvested RSUs, as our average share price increased 42% in the third quarter.

我們第二季調整後的稀釋後股數為 446 億股。正如我們之前提到的，由於未歸屬的限制性股票單位的會計處理，我們的流通股數量會受到股價變動的影響，因為我們第三季的平均股價上漲了 42%。

We continue to maintain a strong cash position and take into consideration our regulatory requirements, the current economic and business environment, cash needs for the implementation of our strategic initiatives, including hiring plans, and preserving a solid financial footing. While various geopolitical and macroeconomic uncertainties remain present, we enter the fourth quarter optimistic about the environment and are encouraged by the momentum we are experiencing across the firm. We believe we are well positioned and are confident in our ability to deliver strong results.

我們繼續保持強勁的現金狀況，並考慮到監管要求、當前的經濟和商業環境、實施策略性舉措（包括招聘計劃）的現金需求以及保持穩固的財務基礎。儘管各種地緣政治和宏觀經濟不確定性依然存在，但我們對第四季的環境持樂觀態度，並對公司目前的發展勢頭感到鼓舞。我們相信我們已做好充分準備，並有信心取得優異的成績。

With that, we will now open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions) Devin Ryan, Citizens Bank.

（操作員指示）Devin Ryan，Citizens Bank。

Thanks so much. Good morning, John. Good morning, Tim. Congrats on the strong quarter. Want to just ask a question about the current environment and kind of the trajectory. Obviously, really good trends in the quarter and you talked about kind of some larger strategic transactions leading the recovery, but now, sponsors are steadily picking up.

非常感謝。早安，約翰。早安，提姆。恭喜你們本季業績出色。我想問一下關於當前環境和發展軌蹟的問題。顯然，本季的發展趨勢非常好，您也談到了一些引領復甦的大型策略交易，但現在，贊助商正在穩步增加。

So can you maybe just explain kind of what you're seeing in terms of the breadth of activity, how that's evolved over the last few months, and just expectations here as we exit the year, relative to maybe where we were in the middle of the year where it seemed like you guys maybe disproportionately benefited, but now things are broadening out and that is helping you as well? So love to get some color there. Thank you.

那麼，您能否解釋一下您目前看到的業務範圍，以及過去幾個月來業務發展的變化情況，還有，在年底之際，您對業務的預期與年中相比有何不同？當時看來，你們似乎獲得了不成比例的收益，但現在業務範圍擴大了，這對你們也有幫助。所以很喜歡那裡增添一些色彩。謝謝。

Sure. Thanks, Devin. We are seeing a continued strengthening in the market generally, and we're seeing it really across the board. Really, almost every sector that we cover seems to have real activity. The larger deals started earlier. We're seeing mid-sized deals really build.

當然。謝謝你，德文。我們看到市場整體持續走強，而且這種趨勢是全面性的。事實上，我們所報導的幾乎每個行業似乎都有實際的活躍度。較大的交易開始得更早。我們看到中等規模的交易正在真正形成。

And frankly, across the board, in terms of the industry sectors, large and small deals are being considered. The engagement level with Boards and management teams is very high. Our backlogs right now are as high as they have ever been. And clearly, as you look at the measurements, the CEO confidence index is building and quite high.

坦白說，就各個行業領域而言，無論大小交易都在考慮之中。與董事會和管理團隊的互動程度非常高。我們目前的積壓訂單數量達到了歷史最高水準。很明顯，從各項指標來看，CEO信心指數正在上升，而且相當高。

And on sponsors, we are in many conversations more than we've been in a long time. And we are actually in many bake-offs also. The bake-off level has really picked up. So generally, it's quite complete and quite thorough in terms of the activity level. And we see this continuing to build through the end of the year, and we also anticipate that this will continue to build into 2026.

至於贊助商方面，我們目前的洽談比以往任何時候都更加頻繁。我們實際上也參加了很多烘焙比賽。烘焙比賽的水平確實提高了不少。所以總的來說，就活動水平而言，它相當完整、相當全面。我們看到這種情況會持續到年底，我們也預期這種情況會持續到 2026 年。

Brendan O'Brien, Wolfe Research.

Brendan O'Brien，Wolfe Research。

Good morning. Thank you for taking my questions. So I just want to ask on comp leverage. The top-line results have been very impressive year to date. However, despite the strong revenue growth, you have only been able to lower the comp ratio by about 70 bps, implying an incremental comp margin of about 63% versus historically in the low 50s.

早安.謝謝您回答我的問題。所以我想問薪酬槓桿的問題。今年迄今為止，整體業績非常亮眼。然而，儘管收入成長強勁，但您僅能將同工同酬率降低約 70 個基點，這意味著同工同酬利潤率增量約為 63%，而歷史平均水平在 50% 左右。

Now, I understand that you have been leaning into recruiting quite a lot this year and have had a lot of success adding talent to the platform, but I just want to get a sense as to how you are thinking about the incremental comp margins in the coming years and whether you expect to see any improvements from the current levels if the pace of hiring slows relative to this year's record level.

我知道你們今年在招聘方面投入了很多精力，並且在為平台增加人才方面取得了很大的成功，但我只是想了解一下你們是如何看待未來幾年薪酬增長幅度的，以及如果招聘速度相對於今年的創紀錄水平有所放緩，你們是否預期薪酬水平會有任何改善。

Yeah. Hi, Brendan, and thanks for the question. As you pointed out, we have made comp leverage. I just want to make that clear first point. Two years ago, our comp ratio was 67.6, so we're down 260 basis points from two years ago. Last year, our comp ratio was 66% in the relevant quarter, and so we're down 100 basis points from that. That's in the context of having added 18 partners and one senior advisor, which is our biggest partner hiring year ever.

是的。你好，Brendan，謝謝你的提問。正如你所指出的，我們已經利用了薪資槓桿。我只想先明確這一點。兩年前，我們的薪資比率為 67.6，所以比兩年前下降了 260 個基點。去年同期，我們的薪酬比率為 66%，因此我們比當時下降了 100 個基點。這是在我們新增 18 位合夥人和 1 位高級顧問的背景下發生的，這是我們有史以來合夥人招募人數最多的一年。

And so what we are trying to focus on here is not micromanaging or sub-optimizing the comp ratio, but optimizing the overall value creation and strength of our platform and our ability to serve our clients and create value for the shareholders in the medium and long term. Honestly, I actually feel pretty good about where we landed relative to adding 18 partners and one senior advisor this year.

因此，我們在這裡努力關注的不是對薪酬比率進行微觀管理或次優優化，而是優化我們平台的整體價值創造和實力，以及我們服務客戶和為股東在中長期創造價值的能力。說實話，考慮到今年新增了 18 位合夥人和 1 位高級顧問，我對我們最終的成果感到非常滿意。

Having said that, that doesn't mean that we're not still striving to make improvement. As I mentioned, we've made 260 basis points in the last two years, 100 so far quarter versus quarter last year. And I think I mentioned in our comments we would expect to end this year somewhat similar to where we were this quarter. Now, in order to accomplish that, because we are down 40 basis points from last quarter and down 70 basis points from the first quarter, mathematically, that would require us to be a little bit lower in the fourth quarter than we are this quarter in order to accomplish that. And then as we look out long term, we're striving to make additional progress, although we don't want to do it at the expense of building long-term profitability and value.

話雖如此，但這並不意味著我們不再努力改進。正如我之前提到的，過去兩年我們實現了 260 個基點的成長，與去年同期相比，本季成長了 100 個基點。我想我在之前的評論中提到過，我們預計今年年底的業績將與本季大致相同。現在，為了實現這一目標，因為我們比上個季度下降了 40 個基點，比第一季度下降了 70 個基點，從數學上講，為了實現這一目標，我們需要在第四季度比本季略低一些。從長遠來看，我們努力取得更大的進步，但我們不希望以犧牲長期獲利能力和價值為代價。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Good morning, John. Good morning, Tim. Thanks for taking my question. I'd love to drill into those comments, Tim, because I hear you that you're adding a great deal of talent. I hear you that the level of competition for talent is intense, and you've made reference to the fact that it's both about recruiting and retention, given the caliber of bankers that you have.

早安，約翰。早安，提姆。謝謝您回答我的問題。提姆，我很想深入探討這些評論，因為我聽出你的觀點，你為團隊注入了許多優秀人才。我明白你的意思，人才競爭非常激烈，你也提到過，鑑於你們銀行家的素質，招募和留住人才都是一個重要議題。

So clearly, the environment is challenging. I doubt that's going to change. I mean, you guys have spoken, regardless of 4Q and timing and all that other nonsense, the environment is getting better and it seems like the bullish brackets are punching back in a really sort of strong way. So that doesn't seem like it's going to fade.

很顯然，環境充滿挑戰。我懷疑這種情況會改變。我的意思是，你們已經表達過意見了，不管第四季度業績、時間安排以及其他種種無稽之談，市場環境正在好轉，看漲的投資者似乎正在以非常強勁的方式進行反擊。所以看來這種現像不會消失。

But do we need to give up the ghost on the low 60s? Because you did 40% revenue year over year, comp leverage 100 bps. Yes, it's improved from the really bad levels of 2023. But in order for us to be thinking about -- for investors, the way investors are talking about it is like where are we going to get to in 2027. And most of that underwrites low-60s comp ratios. Given what you know today, is that realistic? Or do we need to re-underwrite things in a more meaningful way?

但我們真的要放棄60年代中期的低收入戶嗎？因為你們的營收年增了 40%，所以同業拆借槓桿率為 100 個基點。是的，比2023年糟糕的水平有所改善。但為了讓我們思考——對於投資者來說，投資者談論的方式是，我們會在 2027 年達到什麼高度。其中大部分支撐了60%左右的薪酬比率。以你目前所了解的情況來看，這現實嗎？或者我們需要以更有意義的方式重新審視這些事物？

Yeah. Thanks, Brennan, for your question.

是的。謝謝布倫南的提問。

The way to think about this is there will not be a quick return to those kinds of levels, not a quick return. What we've talked about is making gradual progress over time. And I'd reiterate that the comp ratio you saw is down 260 basis points. We've talked about, in my last response, that we think the fourth quarter will be better on a comp ratio perspective than the third quarter, because mathematically, that's what's required to get us to this type of level for the full year. And so that's the first point.

應該這樣理解：不會很快恢復到那種水平，不會很快恢復。我們討論的是如何隨著時間的推移取得循序漸進的進展。我再次重申，您看到的薪資比率下降了 260 個基點。我在上次回覆中已經提到，我們認為從薪資比率的角度來看，第四季會比第三季更好，因為從數學角度來看，這是讓我們全年達到這種水平所必需的。這是第一點。

Second point would be we're focused on maximum -- first and foremost, serving our clients and providing excellent services to them. But with respect to the shareholders, we're focused on creating value in the medium and longer term. One of the ways we do that is increasing our earnings per share and our cash flow per share over time. And if one models it out, what you'd see is that there's this trade-off between investment and growth, and that the way to create the most value is to grow. And then to improve or provide some improved margins as we progress, that's what we're focused on.

第二點是，我們專注於做到最好——首先也是最重要的，是服務好我們的客戶，並為他們提供優質的服務。但就股東而言，我們專注於在中長期創造價值。我們實現這一目標的方法之一是隨著時間的推移提高每股收益和每股現金流。如果建立模型來分析，你會發現投資和成長之間有權衡取捨，而創造最大價值的方式就是成長。然後，隨著我們不斷發展，我們將努力提高利潤率，這就是我們關注的重點。

And so the short answer to your question is there certainly is not a quick return. What I talked about in the past is each year trying to make progress. And when we can make additional progress, then I would invite you to raise that question again, and we'll see what the art of the possible is at that point. But it's not a quick return to those levels.

因此，對於你的問題，簡而言之，肯定不會有快速回報。我過去常說的是，每年都要努力進步。當我們能夠取得進一步進展時，我邀請您再次提出這個問題，屆時我們將看看可能性究竟有多大。但這並不意味著很快就能恢復到之前的水準。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Good morning, and thanks for taking my question. John, you touched on this a bit, but perhaps, could you expand a little bit on the impact of the government shutdown on your business in terms of timeline and whether any of the effects will be permanent? And then could you differentiate between the impacts on the equity capital markets and M&A?

早上好，感謝您回答我的問題。約翰，你剛才稍微提到了這一點，但或許你能再詳細說說政府停擺對你的企業在時間上的影響，以及這些影響是否會是永久性的嗎？那麼，您能否區分這些因素對股權資本市場和併購的影響？

Sure. Thanks, James. We think that we don't really know exactly what the impact of the government shutdown is going to be. Clearly, if it gets settled in the near term, we think it'll be just a temporary blip and we will move forward with dispatch on all the things that are coming in and being looked at.

當然。謝謝你，詹姆斯。我們認為，我們並不真正了解政府停擺究竟會產生什麼影響。顯然，如果短期內能夠解決這個問題，我們認為這只是暫時的波動，我們將繼續推進所有正在處理和研究的事項。

If it goes a lot longer, you could see it having some impact. Although I think our view is with the things that we're working on that may be slowed down, we don't think any of them right now are going to be sidelined.

如果這種情況持續更長時間，可能會產生一些影響。雖然我認為我們正在進行的一些專案可能會放緩進度，但我們認為目前沒有任何專案會被擱置。

We just think that they're kind of moving slowly and that none of them are being pulled apart. So our view is that the government slowdown is going to become more of an impact if it goes longer, but we don't think it's a permanent impact, and we think that there would be a rapid recovery as soon as things start to open up again.

我們認為他們的進展比較緩慢，而且他們之間還沒有任何分裂的跡象。因此，我們認為，如果政府放緩經濟政策的持續時間更長，其影響將會更大，但我們認為這不會是永久性的影響，我們認為一旦經濟活動開始重新開放，就會迅速復甦。

In terms of ECM and M&A, both of those are moving forward slowly. I think that the staffing levels, the SEC, the FCC, and the Justice Department clearly are going to slow things down on some of these deals. ECM has a workaround that can be done, but we do think it will be slowed. On the M&A side, with respect to Justice, it's going to go slower there too.

就股權資本市場和併購而言，這兩項業務的進展都很緩慢。我認為，人員配備水平、美國證券交易委員會、聯邦通信委員會和司法部顯然會拖慢其中一些交易的進程。ECM 有一個變通方法，但我們認為這會減慢速度。在併購方面，就Justice而言，進展也會放緩。

So I think generally, my comments are consistent that it just depends, and it depends how long this goes. We don't anticipate that this is going to have a meaningful impact as we finish out this year. So we think it's going to -- it will resolve itself, and we think that when it does resolve itself, we think that the deals that are being contemplated will be rapidly brought to the market.

所以我覺得總的來說，我的觀點是一致的，那就是這要視情況而定，也取決於這種情況會持續多久。我們預計，到今年年底，這不會產生實質影響。所以我們認為這件事會自行解決，而且我們認為，當這件事最終解決時，正在考慮的交易將會迅速推向市場。

Ryan Kenny, Morgan Stanley.

瑞安‧肯尼，摩根士丹利。

Hi. Good morning. Thanks for taking my question. I have another government-related question, which is on regulatory environment. Can you update us on what you're seeing there, especially on time to close deals? And are you seeing an improved environment across the board? Or are there some industries where scrutiny is higher?

你好。早安.謝謝您回答我的問題。我還有一個與政府相關的問題，是關於監管環境的。您能否向我們介紹一下您那邊的情況，特別是關於完成交易的時間安排？您是否看到整體環境有所改善？或者說，某些行業受到的審查更為嚴格嗎？

What we're seeing is that the way the government is looking at this is consistent. And obviously, people have said that Big Tech has been focused on by government. We're seeing that the deals that we're working on seem to be moving through the system quite well.

我們看到的是，政府看待這個問題的方式是一致的。顯然，人們都認為政府一直將重點放在大型科技公司身上。我們看到，我們正在推進的交易似乎進展得相當順利。

We think that the regulatory environment, many people expect, and I think we would expect that there continues to be a loosening of the regulatory overlay. But that's going to be somewhat specific in terms of how that's addressed. In general, we think that it's a more benign environment, and we think that the art of the possible is quite broad right now. And so I think we will see how things go and as these different deals that are being contemplated are brought, but we feel quite optimistic.

我們認為，許多人預期監管環境會繼續放鬆，我認為我們也會預期監管限制會繼續放寬。但具體如何解決這個問題，還需要具體說明。總的來說，我們認為這是一個更良性的環境，而且我們認為目前各種可能性都非常廣泛。所以，我想我們會拭目以待，看看事情會如何發展，以及正在考慮的各種交易最終會如何達成，但我們感到相當樂觀。

Nathan Stein, Deutsche Bank.

內森‧斯坦，德意志銀行。

Hey, everyone. Good morning. I wanted to ask about potential impacts related to some unexpected losses at, let's say, traditional banks and private funds in recent weeks, call it, tricolor, first brands, et cetera. I guess just combined with the government shutdown, you sounded like that was more transitional. But are these headlines making clients in general more hesitant to transact?

大家好。早安.我想詢問一下，最近幾週傳統銀行和私人基金（例如三色旗銀行、第一品牌銀行等）的一些意外損失可能會產生哪些潛在影響。我猜再加上政府停擺，你的說法聽起來更像是過渡性的。但這些新聞標題是否會讓顧客普遍更猶豫是否要進行交易？

I think that people are looking at these losses right now, and I think there's a broad narrative that these losses are fairly isolated. In our experience, and we've talked to a lot of our bankers, and I certainly have been in some Boardrooms since these situations, I think people are looking at this as being something that is a possibility, but that it's not broadly impacting the market.

我認為人們現在都在關注這些損失，而且我認為普遍的說法是這些損失相當孤立。根據我們的經驗，我們與許多銀行家交談過，而且在這些情況發生後，我當然也參加過一些董事會會議，我認為人們認為這是一種可能性，但它不會對市場產生廣泛的影響。

And people aren't thinking that this is going to shut down the credit markets or it's going to limit the credit markets. I think people think that this is just something that happens in all markets. There are always going to be some trips, but this is not a system-wide issue. And for the most part, I think people are forging ahead.

人們並不認為這會導致信貸市場關閉或限制信貸市場。我認為人們會覺得這種情況在所有市場都會發生。總是會有一些出差，但這並不是系統性的問題。而且我認為，大多數人都在勇往直前。

(Operator Instructions) Alex Bond, KBW.

（操作員說明）Alex Bond，KBW。

Hey. Good morning, everyone. Wondering if you could just share your outlook for DCM business more broadly here for the fourth quarter. The IPO market is obviously still heating up, but you mentioned some of the impact or, I guess, the still unknown impact of the government shutdown here. So yeah, maybe if you could just share how you're thinking about how your pipeline is shaping up for the back end of the year here. Thank you.

嘿。各位早安。想請您分享一下您對第四季DCM業務的整體展望。IPO市場顯然仍在升溫，但你提到了政府停擺帶來的一些影響，或者說，目前尚不清楚的影響。所以，您能否分享一下您對今年下半年銷售通路規劃的看法？謝謝。

We are seeing a strengthening pipeline. We are seeing that there are significant deals kind of lining up in the market. And we are quite optimistic that these deals will see their way through. As we've said, if the government stays shut, there will be some slowdown. In many cases, there is a workaround that can be done, but this will slow down.

我們看到人才儲備正在不斷增強。我們看到市場上有許多重要的交易正在醞釀中。我們非常樂觀地認為這些交易最終會達成。正如我們所說，如果政府繼續關閉，經濟活動將會出現放緩。很多情況下，都有變通辦法，但這會減慢速度。

Having said that, the backlog is building, and there is quite a broad optimism that these will get done. In addition, I think there's a growing appetite of investors that they really like the IPO market right now with respect to what it offers in terms of investment opportunities. And so I think we think that we have this cloud of the slowdown or of the government shutdown, but we think that this will lift and that the market will go well. And in fact, and we do have a really, really quite a strong backlog that it has built.

儘管如此，積壓的工作越來越多，但人們普遍樂觀地認為這些工作最終都會完成。此外，我認為投資人對IPO市場越來越感興趣，他們非常喜歡目前IPO市場所提供的投資機會。所以我覺得我們現在雖然籠罩在經濟放緩或政府停擺的陰雲之下，但我們認為這種情況會消散，市場也會好轉。事實上，我們已經累積了相當可觀的訂單積壓。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券。

Hey. Good morning. Maybe you could talk a little bit about Europe. You had a record year and a record quarter in the third quarter. Obviously, that doesn't include Robey Warshaw yet. So can you, I guess, number one, give us a lay of the land of Europe and the environment? And secondly, even after Robey Warshaw, how much white space in terms of investment do you see?

嘿。早安.或許你可以稍微談談歐洲。你們今年的業績創下紀錄，第三季的業績也創下紀錄。顯然，這其中還不包括羅比·沃肖。那麼，我想問的第一點是，您能否為我們介紹一下歐洲的地理概況和環境狀況？其次，即使在羅比沃肖之後，你認為在投資方面還有多少空白空間？

Thanks, Jim. We've been really focused on Europe, and we have built out Europe significantly. As you know, a couple of years ago, we brought in a Spanish team and we've built that. We have really built out our France team. More recently, we've brought in Scandinavia and we also have an Italy team. And so we've really, really tried to address the market. And then obviously, there's Robey Warshaw, who have not -- who have -- we closed that deal the beginning of October, and it's just now kind of getting really geared in.

謝謝你，吉姆。我們一直非常重視歐洲市場，並且已經在歐洲取得了顯著的業務拓展。如你所知，幾年前，我們引進了一支西班牙團隊，並組建了這支團隊。我們已經真正組建好了法國隊。最近，我們引進了斯堪的納維亞半島的球隊，我們還有一支義大利隊。因此，我們真的真的盡力去滿足市場需求。當然，還有羅比沃肖，他們還沒有——他們已經——我們在 10 月初完成了交易，現在才真正開始步入正軌。

We're feeling very optimistic about Europe. In terms of the activity level, they did have a record quarter. It was broadly across sectors. We're seeing a growing strength. I think, in some ways, adding the throw weight of all of these different professionals who we think are really outstanding is really helping our momentum generally around Europe, and not just in the UK, but through the continent. And we see this continuing.

我們對歐洲的前景非常樂觀。就業務活動水準而言，他們的確創下了季度紀錄。這種情況在各行業都普遍存在。我們看到實力正在增強。我認為，在某種程度上，這些我們認為非常傑出的專業人士的加入，確實有助於我們在歐洲的整體發展勢頭，不僅在英國，而且在整個歐洲大陸。而且這種情況還會持續下去。

In terms of white space, there's a tremendous amount of white space. As we fill out countries, there's just many, many companies which we've never covered before that we're now able to cover and cover quite well. We obviously aren't going to be the biggest, but we think that the quality of the people that we've hired, we're going to be able to really serve some very, very strong companies that we've really never had relationships before with, and that will really continue to build the momentum. So I think that in terms of as we think of our growth worldwide, we really do anticipate that Europe is going to be quite a constructive part of really what we're able to offer in terms of growth for shareholders.

就留白而言，留白非常多。隨著我們對各國的了解不斷深入，我們發現有很多以前從未報道過的公司，現在我們能夠報道它們，而且報道得相當不錯。我們顯然不會成為規模最大的公司，但我們相信，憑藉我們所聘請的人才的素質，我們將能夠真正服務於一些我們以前從未有過合作關係的非常非常強大的公司，這將真正繼續推動公司的發展勢頭。因此，我認為，就我們全球成長而言，我們確實預期歐洲將是我們能夠為股東提供的成長中相當有建設性的一部分。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Hey. Thanks for taking my follow-up. You guys have spoken to the non-M&A piece reaching a half on a TTM basis, which is great and very encouraging to see. As M&A turns back on, where would you expect that share of non-M&A revenue to drift to? Is it reasonable to think it'll go from like half to about 40%? Or are you more thinking maybe it's more like a third? What's the right way to think about that? Thanks.

嘿。感謝您回覆我的後續問題。你們提到非併購部分在過去12個月中實現了50%的成長，這非常棒，令人鼓舞。隨著併購活動重新活躍起來，您認為非併購收入的份額會朝哪個方向發展？認為它會從大約一半增長到大約 40% 是否合理？還是你覺得它更像是第三種情況？對此正確的思考方式是什麼？謝謝。

Well, it's really hard to say. I mean, as you know, if you look at our full year to date, non-M&A was 50% as we've gotten into the third quarter, and M&A has continued to pick up. Now, it was at 45% for the quarter. As M&A continues to strengthen, that will go down some, although I would say that our non-M&A businesses are firing on all cylinders.

嗯，這真的很難說。我的意思是，正如你所知，如果你看一下我們今年迄今為止的業績，進入第三季度時，非併購交易佔比為 50%，而併購交易則持續增長。現在，該季度佔比為 45%。隨著併購活動的持續加強，這一比例將會下降，但我認為我們非併購業務目前正處於高速發展階段。

If you look at our PCA business, which is the secondary business and continuation vehicles, or you look at the PFG business, which is our fundraising business, or you look at the restructuring business, all of those businesses are running full out, and each of them is looking at record quarters and doing very well. And so I think that the M&A business is a powerful part of our overall offering to clients, and it probably will overpower some of the other places as it gets stronger and stronger.

如果你看看我們的 PCA 業務（即二級市場業務和延續工具），或者看看 PFG 業務（即我們的融資業務），或者看看重組業務，所有這些業務都在全力運轉，而且每個季度都創下了紀錄，業績都非常好。因此，我認為併購業務是我們為客戶提供的整體服務中一個強有力的組成部分，而且隨著其發展壯大，它可能會超越其他一些領域。

But having said that, I think we've got a formidable, diverse set of businesses that are going to continue to be quite influential in terms of the percentage of our M&A and non-M&A offerings. And so I think that you will see M&A start as it really picks up. And if it gets really, really strong, it will continue.

但即便如此，我認為我們擁有一系列實力雄厚、業務多元化的企業，它們在我們併購和非併購業務中所佔的比例方面將繼續發揮相當大的影響力。所以我認為，隨著併購活動真正開始活躍起來，你會看到併購活動也隨之增加。如果它真的非常非常強，它就會持續下去。

You've asked, is it going to be 40% or 30%. It's hard to know, but I don't see it getting a lot below 40%, but we'll just have to see. And a lot of it has to do with, does M&A really pick up. We are so well conditioned and ready for the continuing growth and strength of M&A. We may not have seen a lot of activity coming through there.

你問，是 40% 還是 30%。很難說，但我認為它不太可能跌破 40%，但我們拭目以待。而這很大程度取決於併購活動是否真的會活躍起來。我們已經做好充分準備，迎接併購業務的持續成長和強勁發展。我們可能沒有看到很多活動經過那裡。

Thank you. There are no further questions in the queue at this time, so I would like to conclude today's Evercore third-quarter 2025 earnings conference call. You may now disconnect.

謝謝。目前隊列中沒有其他問題，因此我想結束今天的 Evercore 2025 年第三季財報電話會議。您現在可以斷開連線了。