Hamilton Lane Inc (HLNE) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hamilton Lane's fiscal third-quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Tuesday, February 4, 2025. I would now like to turn the conference over to John Oh, Head of Shareholder Relations. Please go ahead.

女士們、先生們，早安，歡迎參加 Hamilton Lane 2025 財年第三季財報電話會議。（操作員指示）此通話於 2025 年 2 月 4 日星期二錄製。現在，我想將會議交給股東關係主管 John Oh。請繼續。

Thank you, [Joana]. Good morning, and welcome to the Hamilton Lane Q3 fiscal 2025 earnings call. Today, I will be joined by Erik Hirsch, Co-Chief Executive Officer; and Jeff Armbrister, Chief Financial Officer.

謝謝你，[喬安娜]。早安，歡迎參加 Hamilton Lane 2025 財年第三季財報電話會議。今天，我將與聯合執行長 Erik Hirsch 一起出席；以及財務長 Jeff Armbrister。

Earlier this morning, we issued a press release and slide presentation, which are available on our website. Before we discuss the quarter's results, we want to remind you that we will be making forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business.

今天早些時候，我們發布了一份新聞稿和幻燈片演示，可在我們的網站上查閱。在討論本季的業績之前，我們想提醒您，我們將做出前瞻性陳述。前瞻性陳述討論了我們目前對財務狀況、經營成果、計劃、目標、未來業績和業務的預期和預測。

These forward-looking statements do not guarantee future events or performance and are subject to risks and uncertainties that may cause our actual results to differ materially from those projected. For a discussion of these risks, please review the cautionary statements and risk factors included in the Hamilton Lane fiscal 2024 10-K and subsequent reports we file with the SEC. These forward-looking statements are made only as of today, and, except as required, we undertake no obligation to update or revise any of them.

這些前瞻性陳述並不保證未來事件或表現，並且受風險和不確定性的影響，可能導致我們的實際結果與預測結果有重大差異。有關這些風險的討論，請查看 Hamilton Lane 2024 財年 10-K 報告以及我們向美國證券交易委員會提交的後續報告中包含的警示聲明和風險因素。這些前瞻性陳述僅截至今天為止做出，除非另有要求，否則我們不承擔更新或修改任何前瞻性陳述的義務。

We will also be referring to non-GAAP measures that we view as important in assessing the performance of our business. Reconciliation of those non-GAAP measures to GAAP can be found in the earnings presentation materials made available on the Shareholders section of the Hamilton Lane website.

我們也會參考我們認為對評估業務績效很重要的非 GAAP 指標。這些非 GAAP 指標與 GAAP 的對帳表可在 Hamilton Lane 網站股東部分提供的收益報告資料中找到。

Our detailed financial results will be made available when our 10-Q is filed. Please note that nothing on this call represents an offer to sell or a solicitation of an offer to purchase interest in any of Hamilton Lane's products.

當我們提交 10-Q 表格時，我們將公佈詳細的財務結果。請注意，本次電話會議中的內容並不構成出售 Hamilton Lane 任何產品的要約或購買要約的邀請。

Let's start with the highlights. Year to date through the third quarter of fiscal 2025, our management and advisory fee revenue grew by 18%, while our fee-related earnings grew by 21% versus the prior year period. This translated into GAAP EPS of $4.15 based on $160 million -- excuse me, $167 million of GAAP net income, and non-GAAP EPS of $3.82 based on $208 million of adjusted net income.

讓我們先來看看亮點。截至 2025 財年第三季度，我們的管理和諮詢費收入比去年同期增長了 18%，而我們的費用相關收益比去年同期增長了 21%。這意味著基於 1.6 億美元（對不起，是 1.67 億美元的 GAAP 淨收入）的 GAAP 每股收益為 4.15 美元，基於 2.08 億美元的調整後淨收入的非 GAAP 每股收益為 3.82 美元。

We have also declared a dividend of $0.49 per share this quarter, which keeps us on track for the 10% increase over last fiscal year, equating to the targeted $1.96 per share for fiscal year 2025.

我們也宣布本季派息為每股 0.49 美元，這使我們有望實現比上一財年增長 10% 的目標，相當於 2025 財年每股 1.96 美元的目標。

With that, I'll now turn the call over to Erik.

說完這些，我現在將電話轉給艾瑞克。

Thank you, John, and good morning, everyone. Another very strong quarter for us. But before I cover the results, I'm going to spend a moment on culture. At Hamilton Lane, we talk a lot about culture. Why? Because we believe having a culture is essential to creating a successful firm. I find firms that never talk about culture either don't have one or have one that isn't worth talking about.

謝謝你，約翰，大家早安。對我們來說又是一個非常強勁的季度。但在介紹結果之前，我想先花一點時間討論文化。在漢密爾頓巷，我們經常談論文化。為什麼？因為我們相信，企業文化對於創造一家成功的公司至關重要。我發現從不談論文化的公司不是根本沒有文化，就是其文化不值得談論。

To be clear, we don't believe culture to be singular, nor do we believe there is a set recipe for success. But we do believe that creating a culture and maintaining it takes real work and focus at every level of the firm. So it is affirming when that culture is honored.

需要明確的是，我們不認為文化是單一的，也不認為成功有既定的秘訣。但我們確實相信，創造並維護一種文化需要公司各個層面的真正努力和專注。因此，當這種文化受到尊重時，它就得到肯定。

I am pleased to share that, once again, Hamilton Lane has been recognized as a Best Place to Work in Money Management by Pension & Investments for the 13th consecutive year. The firm has been recognized every year since the award's creation in 2012. Notably, only one of five firms receive the special honor and the only firm in all of private markets to achieve this distinction.

我很高興地告訴大家，漢密爾頓巷公司連續第 13 年被《退休金與投資》雜誌評為資金管理領域最佳工作場所。自 2012 年該獎項設立以來，該公司每年都獲得認可。值得注意的是，五家公司中僅有一家獲得這項特殊榮譽，也是所有私人市場中唯一獲得此殊榮的公司。

So you ask, as a shareholder, why do I care? Two reasons. One, our clients care. They want to associate with an organization they can be proud to call their partner and to work with people who love what they do. Two, our assets are our people. Attracting and retaining talent is essential to our business. Our culture and awards like this help us attract top talent and continue to expand our geographic footprint around the globe.

那你會問，身為股東，我為什麼關心這個？兩個原因。第一，我們的客戶關心我們。他們希望加入一個可以自豪地稱之為合作夥伴的組織，並與熱愛自己所做之事的人一起工作。二、我們的資產是我們的人民。吸引和留住人才對我們的業務至關重要。我們的文化和此類獎項幫助我們吸引頂尖人才並繼續擴大我們在全球的地理覆蓋範圍。

Juan and I are extremely proud and thankful for all the Hamilton Laners who come to work every day serving our clients and continuing to build a tremendous firm. Let's move on now to the results from the quarter, and I'll start with our total asset footprint. This stood at $956 billion and represents a 6% increase to our footprint year over year.

胡安和我對所有漢密爾頓員工感到非常自豪和感謝，他們每天來上班，為我們的客戶服務，並繼續打造​​一家偉大的公司。現在讓我們來看看本季的業績，我將從我們的總資產足跡開始。這一數字達到 9,560 億美元，與去年同期相比成長了 6%。

AUM stood at $135 billion at quarter end and grew $15 billion or 12% compared to prior year period. The growth came from both our specialized funds and customized separate accounts. AUA was up $38 billion or 5% year over year, primarily the result of market value growth and the addition of a variety of technology solutions and back-office mandates.

季度末，AUM 達到 1,350 億美元，較去年同期成長 150 億美元，增幅為 12%。成長既來自我們的專款，也來自客製化的獨立帳戶。AUA 年增 380 億美元，增幅 5%，這主要得益於市場價值的成長以及各種技術解決方案和後台任務的增加。

Turning now to fee-earning AUM. We produced another strong quarter of growth, largely driven by our specialized fund platform, where we are adding new product lines and expanding existing ones. Our total fee-earning AUM stood at approximately $71 billion and grew $7.9 billion or 13% relative to the prior year period.

現在來談談收費資產管理規模 (AUM)。我們又實現了一個強勁的成長季度，這主要得益於我們專業基金平台的推動，我們正在增加新的產品線並擴展現有的產品線。我們的總收費資產管理規模約為 710 億美元，較去年同期成長 79 億美元，增幅為 13%。

Taken separately, $2.9 billion of net fee-earning AUM came from our customized separate accounts, and, over the same period, $5 billion came from our specialized funds. Our blended fee continues to benefit from the shift of fee-earning AUM towards higher fee rate specialized funds, most notably our evergreen products, where growth remains impressive.

單獨來看，29 億美元的淨費用收入 AUM 來自我們客製化的獨立帳戶，而同期 50 億美元來自我們的專款。我們的混合費用繼續受益於收費型 AUM 向費率更高的專項基金的轉變，最值得注意的是我們的常青產品，其增長仍然令人印象深刻。

When we went public in 2017, our blended fee rate was 57 basis points. Today, it stands at over 60 basis points, excluding the impact from retro fees. Considering the size of the installed base, we believe this movement to be very significant.

2017年我們上市時，混合費率為57個基點。如今，扣除追溯費用的影響，該利率已超過 60 個基點。考慮到安裝基數的規模，我們認為這項措施非常重要。

Turning to customized separate accounts. Fee earning AUM here stood at $39.8 billion and grew 8% year over year. We continue to see growth coming from clients across type, mandate, size, and geographic location. And as we mentioned last quarter, our clients are increasingly including transaction exposure, namely secondaries and co-investments, in their separate accounts.

轉向客製化獨立帳戶。這裡的收費資產管理規模為 398 億美元，較去年同期成長 8%。我們持續看到不同類型、不同任務、不同規模和不同地理位置的客戶成長。正如我們上個季度提到的那樣，我們的客戶越來越多地在其獨立帳戶中納入交易風險，即二級市場和共同投資。

But that exposure in several instances is obtained via our specialized funds, and therefore, the AUM is captured there. For example, in our most recent secondary fund, 17% of the LPs were separate account clients, and those clients represented 29% of the capital raised, again, with all of that capital captured within specialized funds, not within SMAs.

但在很多情況下，這種風險敞口是透過我們的專款獲得的，因此，AUM 就被捕獲在那裡。例如，在我們最近的二級市場基金中，17% 的 LP 是獨立帳戶客戶，這些客戶佔籌集資本的 29%，同樣，所有這些資本都被納入專款，而不是 SMA。

Let's move now to our specialized funds where momentum continues to be strong. At quarter end, fee-earning AUM here stood at $31.2 billion. Over the past 12 months, we achieved positive net inflows of $5 billion, representing an increase of 19% relative to the prior year period.

現在讓我們來談談我們的專款，這些基金的發展勢頭持續強勁。截至季末，其收費業務 AUM 為 312 億美元。在過去的 12 個月中，我們實現了 50 億美元的淨流入，比去年同期成長了 19%。

This growth stemmed from additional closes for funds and market, robust investment activity and continued expansion of our evergreen platform. Starting with our institutional fundraising activity during the quarter and post quarter end, and I'll begin with our sixth Equity Opportunities Fund, which is our closed-end fund that co-invest alongside fund managers in equity transactions.

這一成長源於基金和市場的額外關閉、強勁的投資活動以及我們常青平台的持續擴張。從本季和季末的機構籌資活動開始，我將從我們的第六隻股票機會基金開始，這是我們的封閉式基金，與基金經理人共同投資於股票交易。

As a quick reminder, our fifth Equity Opportunities Fund closed in December of 2022 at approximately $2.1 billion. Since our last update, we've held additional closes for the sixth fund that have totaled nearly $578 million of LP commitments, which brought the total raise for this fund to over $1.1 billion, which is already half the amount raised in the prior fund and again, in less than one year of being in market.

簡單提醒一下，我們的第五檔股票機會基金於 2022 年 12 月關閉，規模約 21 億美元。自上次更新以來，我們已為第六隻基金進行了額外募集，共計近 5.78 億美元的 LP 承諾，這使該基金的總募集額超過 11 億美元，這已經是上一隻基金募集金額的一半，而且，這只基金在上市後不到一年的時間裡就已募集完成。

Similar to its prior fund, this fund has two economic arrangements for investors where management fees are based on either committed capital with a lower carried interest rate of 10% or net invested capital with a higher carried interest rate of 12.5%.

與先前的基金類似，該基金為投資者提供兩種經濟安排，管理費要么基於承諾資本（較低的附帶利率為 10%），要么基於淨投資資本（較高的附帶利率為 12.5%）。

From an overall fee standpoint, the difference in management fee paid is more than offset from the higher carried interest we expect to generate over the life of the fund, assuming a similar track record for this strategy. For more context, the prior fund's mix resulted in 49% of the dollars raised based on committed capital and 51% on net invested capital.

從整體費用的角度來看，假設該策略具有類似的業績記錄，則支付的管理費差額將遠遠超過我們預計在基金存續期間產生的更高的附帶權益。更詳細的資訊是，先前的基金組合顯示，49%的募集資金來自承諾資本，51%來自淨投資資本。

Of the $578 million raised since the first close, 13% came in on committed capital and 87% on net invested. This brings the total $1.1 billion raised to date at approximately 30% uncommitted and 70% on net invested. Given that it is still relatively early days for this fund, we expect that management fees from this fund will increase as we continue to invest the fund. We've closed on a few deals so far and the pipeline of opportunities is robust.

自首次募集以來籌集的 5.78 億美元中，13% 為承諾資本，87% 為淨投資。這使得迄今為止籌集的 11 億美元總額中約有 30% 未承諾，70% 為淨投資。鑑於該基金仍處於相對早期階段，我們預計隨著我們繼續投資該基金，該基金的管理費將會增加。到目前為止，我們已經完成了幾筆交易，並且機會眾多。

Moving now to our second infrastructure product. Quick refresher, the strategy for this product centers around direct equity and secondaries in the real assets and infrastructure space and generates management fees on a net invested basis. Our inaugural fund raised nearly $575 million of investor commitments in and alongside the fund.

現在轉到我們的第二個基礎設施產品。快速回顧一下，該產品的策略圍繞著實體資產和基礎設施領域的直接股權和二級市場，並根據淨投資產生管理費。我們的首檔基金在基金內外籌集了近 5.75 億美元的投資者承諾資金。

Through January 2025, we've now raised nearly $480 million in and alongside the fund to date, and we will look to wrap up fundraising in calendar year 2025.

截至 2025 年 1 月，我們迄今已籌集近 4.8 億美元，並計劃在 2025 年完成籌款。

Turning now to our retail evergreen funds. As of December 31, 2024, total AUM across our five existing offerings, including our newest infrastructure offerings, stood at nearly $9.5 billion, with the platform having grown nearly 66% in calendar 2024. Monthly net flows remain strong as we averaged nearly $294 million for the fourth calendar quarter of 2024.

現在來談談我們的零售常青基金。截至 2024 年 12 月 31 日，包括我們最新的基礎設施產品在內的我們現有的五種產品的總 AUM 接近 95 億美元，該平台在 2024 年增長了近 66%。每月淨流量保持強勁，2024 年第四季的平均淨流量接近 2.94 億美元。

For calendar year 2024, when you exclude the impact from the infrastructure products, we achieved nearly $264 million of monthly net inflows versus nearly $161 million of monthly net inflows for calendar 2023. This represents nearly 65% growth in average monthly net flows for our existing three products in market and demonstrates our ability to continue growing these platforms through strong performance and continued expansion of our distribution efforts.

對於 2024 年曆年，如果排除基礎設施產品的影響，我們實現的每月淨流入接近 2.64 億美元，而 2023 日曆年的每月淨流入接近 1.61 億美元。這意味著我們現有的三種產品在市場上的月平均淨流量增長了近 65%，也證明了我們有能力透過強勁的業績和持續擴大分銷力度來繼續發展這些平台。

As this platform and the overall sector continues to mature, I think we should all expect that this won't be a simple linear growth model. Market forces, calendar seasonality, portfolio rebalancing are all in play here, causing growth to be varied month to month. This is no different than our institutional business, where you've heard us say over and over that management focuses on year-over-year growth and pays little attention to monthly or quarterly variability.

隨著這個平台和整個產業不斷成熟，我認為我們都應該預料到這不會是一個簡單的線性成長模式。市場力量、日曆季節性、投資組合再平衡等都發揮作用，導致成長每月都有所不同。這與我們的機構業務沒有什麼不同，您已經聽我們一遍又一遍地說，管理層關注的是同比增長，而很少關注每月或每季度的變化。

For retail, while management is clearly watching net flows each month, our focus remains on creating a platform that is capable of creating substantial annualized growth, and that is exactly what we are doing.

對於零售業，雖然管理層顯然在關注每月的淨流量，但我們的重點仍然是創建一個能夠創造可觀年化成長的平台，而這正是我們正在做的事情。

Again, from 2022 to 2023, total evergreen AUM grew 76%. From 2023 to 2024, despite a substantially larger base, we grew 66%, all stemming from the combination of net new flows and performance.

同樣，從 2022 年到 2023 年，總常青 AUM 成長了 76%。從 2023 年到 2024 年，儘管基數大幅擴大，但我們仍實現了 66% 的成長，這一切都源自於淨新流量和業績的結合。

Now, a quick update on our technology partnerships. We continue to seek out partnerships with leading technology companies who are aligned with our mission of providing individual investors with greater access to private markets. On January 14 this year, we announced a new partnership with Republic, a leading global investment platform for private market assets.

現在，我們來簡要介紹一下我們的技術合作夥伴關係。我們將繼續尋求與領先的科技公司建立合作夥伴關係，這些公司與我們的使命一致，即為個人投資者提供更多進入私人市場的機會。今年1月14日，我們宣布與全球領先的私募市場資產投資平台Republic建立新的合作關係。

Through the partnership, we intend to launch digital blockchain solutions for retail investors, featuring low investment minimums and the potential for increased liquidity compared to traditional private market funds. Republic's leading digital solution and expertise in serving this market will enable us to offer individual investors the opportunity to tap into Hamilton Lane's long-standing private markets expertise, scale and platform, and the first offering is expected sometime in the first half of this year.

透過合作，我們打算為散戶投資人推出數位區塊鏈解決方案，與傳統私募市場基金相比，其特點是投資最低限額低且流動性潛力更大。Republic 領先的數位解決方案和服務該市場的專業知識將使我們能夠為個人投資者提供機會，利用 Hamilton Lane 長期的私募市場專業知識、規模和平台，預計首次發行將在今年上半年的某個時候進行。

And with that, I'll now pass the call to Jeff, who will cover the financials.

說完這些，我現在將電話轉給傑夫，他負責財務事宜。

Thank you, Erik, and good morning, everyone. Year to date for fiscal 2025, we've achieved strong growth in our business with management and advisory fees up 18% versus the prior year period. Our specialized funds revenue increased by $50.9 million or 28% compared to the prior year period. This was driven primarily by a $3.8 billion increase to fee-earning AUM in our evergreen platform and $2 billion raised in our latest secondary fund over the last 12 months.

謝謝你，艾瑞克，大家早安。截至目前，2025 財年，我們的業務實現了強勁成長，管理和諮詢費較去年同期成長了 18%。我們的專款收入比去年同期增加了 5,090 萬美元，即 28%。這主要得益於我們常青平台的費用收入 AUM 增加了 38 億美元，以及過去 12 個月我們最新的二級基金籌集了 20 億美元。

Retro fees for the fiscal year were $20.7 million, primarily stemming from the final close of our most recent secondary fund versus $12.8 million from that same fund that held closes in the prior year period. As a reminder, investors that come into later closes during a fundraise pay retroactive fees dating back to the fund's first close.

本財政年度的追溯費用為 2,070 萬美元，主要源自於我們最近的二級基金的最終關閉，而去年同期關閉的同一基金的追溯費用為 1,280 萬美元。提醒一下，在募款期間較晚結束的投資人需要支付追溯至基金首次結束的追溯費用。

For the remainder of fiscal year 2025, our current direct equity funding market will be the primary driver of quarterly retro fees now that our secondary fund has finished fundraising. Our latest secondary fund represented our largest institutional fundraise and thus generated the largest amount of retro fees in our history during fiscal year 2024 and the first quarter of fiscal 2025. This is expected to have some impact on the year-over-year specialized funds revenue growth comparison going forward.

在 2025 財年的剩餘時間內，由於我們的二級基金已經完成融資，我們目前的直接股權融資市場將成為季度回溯費用的主要驅動力。我們最新的二級基金代表了我們最大的機構融資，因此在 2024 財年和 2025 財年第一季產生了我們歷史上最多的追溯費用。預計這將對未來專款收入年增率產生一定影響。

Moving on to customized separate accounts. Revenue increased $5.4 million or 6% compared to the prior year period due to the addition of new accounts, re-ups from existing clients, and continued investment activity. Revenue from our reporting, monitoring, data and analytics offerings increased by $2.9 million compared to the prior year period.

繼續客製化單獨的帳戶。由於增加新帳戶、現有客戶重新簽約以及持續的投資活動，收入比去年同期增加了 540 萬美元，即 6%。我們的報告、監控、數據和分析產品的收入與去年同期相比增加了 290 萬美元。

Lastly, the final component of our revenue is incentive fees. Year to date, incentive fees totaled $129 million and are up 163% relative to the prior year period. During the quarter, we generated strong incentive fees related to our secondary funds that was the result of our portfolio management and monetizing a portion of the portfolio in the secondary market as we are both an active participant on the buy and sell side.

最後，我們收入的最後一個組成部分是激勵費。今年迄今，激勵費用總額為 1.29 億美元，較去年同期成長 163%。在本季度，我們產生了與我們的二級市場基金相關的豐厚激勵費用，這是我們投資組合管理的結果，也是在二級市場將部分投資組合貨幣化的結果，因為我們都是買方和賣方的積極參與者。

Let's turn now to our unrealized carry balance. The balance is up 15% from the prior year period, while having recognized $181.9 million of incentive fees during the last 12 months. The unrealized carried balance now stands at approximately $1.3 billion.

現在我們來看看未實現的結轉餘額。該餘額比去年同期增長了 15%，同時在過去 12 個月內確認了 1.819 億美元的激勵費用。目前未實現結轉餘額約 13 億美元。

Moving to expenses. Total expenses year to date increased $67.2 million compared with the prior year period. Total compensation and benefits increased by $55.7 million relative to the prior year period, driven primarily by higher compensation associated with increased head count, incentive fee-related compensation and equity-based compensation.

轉向費用。今年迄今的總支出與去年同期相比增加了 6,720 萬美元。總薪酬和福利較上年同期增加了 5,570 萬美元，主要原因是員工人數增加導致的薪酬增加、與激勵費用相關的薪酬以及基於股權的薪酬。

G&A increased $11.6 million driven primarily by revenue-related expenses, including the third-party commissions related to our US evergreen product being offered on wirehouses that we've discussed on prior calls.

G&A 費用增加了 1,160 萬美元，主要原因是與收入相關的費用，包括與我們在之前的電話會議上討論過的在大型經紀公司提供的美國常青產品相關的第三方佣金。

And while we are seeing overall G&A expense increase with revenue-related expenses, which is a good thing and can be an indicator of growth to come, we continue to successfully offset this with cost savings and expense discipline in our other parts of the business where we have discretion.

雖然我們看到整體的一般及行政開支隨著與收入相關的開支而增加，這是一件好事，可以作為未來增長的指標，但我們繼續透過在我們有自由裁量權的其他業務領域節約成本和嚴格控制開支，成功地抵消了這一增長。

Fee-related earnings, or FRE, were up $28.5 million relative to the prior year period as a result of the management fee and fee-earning AUM growth discussed earlier. FRE margin for the quarter came in at 43%. Fiscal 2025 year-to-date FRE margin also came in at 43%.

由於前面討論過的管理費和收費 AUM 的成長，費用相關收益（FRE）比去年同期增加了 2,850 萬美元。本季的 FRE 利潤率為 43%。2025 財年迄今的 FRE 利潤率也達到了 43%。

As we've mentioned on our last call, we expect an incremental increase in our equity-based compensation expense that is associated with granting of certain performance awards. The full quarterly impact of that expense is flowing through this quarter's results, and we expect that to continue through the next five years.

正如我們在上次電話會議上提到的那樣，我們預計與授予某些績效獎勵相關的股權薪酬費用將逐步增加。該費用對整個季度的影響都反映在本季度的業績中，我們預計這種影響將持續到未來五年。

Our philosophy on growth and profitability remains unchanged. We manage our expenses in line with overall firm growth and aim to continue investing in supporting growth initiatives while also maintaining healthy management fee profitability.

我們對成長和獲利的理念保持不變。我們根據公司整體成長情況來管理我們的費用，並致力於繼續投資支持成長計劃，同時保持健康的管理費獲利能力。

I'll wrap up now with some commentary on our balance sheet. Our largest asset continues to be our investments alongside our clients in our customized separate accounts and specialized funds. Over the long term, we view these investments as an important component of our continued growth, and we'll continue to invest our balance sheet capital alongside our clients. In regard to our liabilities, we continue to be modestly levered, and we'll continue to evaluate utilizing our strong balance sheet in support of continued growth for the firm.

我現在將對我們的資產負債表做一些評論。我們最大的資產仍然是我們與客戶一起在我們客製化的獨立帳戶和專案基金中的投資。從長遠來看，我們將這些投資視為我們持續成長的重要組成部分，我們將與客戶一起繼續投資我們的資產負債表資本。就我們的負債而言，我們繼續保持適度的槓桿率，並將繼續評估利用我們強勁的資產負債表來支持公司的持續成長。

With that, we will now open up the call for questions.

現在，我們將開始提問。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作員指示） 摩根大通的肯沃辛頓。

Thanks for taking the question. I wanted to dig further into the greater adoption of funds in evergreen products by your SMA customers. So maybe first, what is driving this migration? Is it as simple as product breadth or features? Or is there something else that's migrating from one structure to the other?

感謝您回答這個問題。我想進一步深入了解您的 SMA 客戶對常青產品基金的更多採用。那麼首先，是什麼推動了這種遷移？它是否像產品廣度或功能一樣簡單？或者是否有其他東西從一個結構遷移到另一個結構？

And given the fees are generally higher on the funds and the evergreen side, are clients willing to pay the higher price for these funds? Or are they getting sort of SMA pricing when they transition from one structure to the other?

鑑於基金和常青基金的費用通常較高，客戶是否願意為這些基金支付更高的價格？或者當他們從一種結構轉換到另一種結構時，他們是否會獲得某種 SMA 定價？

Thanks, Ken. It's Erik. Let me take that in pieces. I think to the first part of what's driving SMAs wanting to have some specialized fund exposure, I think that's as simple as an increased awareness of the benefits of secondaries and co-investing done well.

謝謝，肯。是埃里克。讓我把它分解開來。我認為，對於促使 SMA 希望獲得一些專業基金投資的第一部分原因，我認為這很簡單，就是提高對二級市場和共同投資好處的認識。

You can see just from the fee selection on our current co-investment fund that investors are willing to pay more fee longer term in exchange for less fee early so that they have a more positive early IRR experience. And the secondary market is showing you that it's a great J-curve mitigator, it's a great diversifier. Co-investment's similar.

您可以從我們目前共同投資基金的費用選擇中看出，投資者願意長期支付更多費用，以換取早期更少的費用，從而獲得更積極的早期 IRR 體驗。二級市場向您展示了它是一個很好的 J 曲線緩解器，一個很好的多元化器。共同投資也類似。

Again, a huge portion of the co-investing volume that we do is coming to us fee free because we're providing a capital solution to the lead GP who's leading that transaction. So again, also a cost benefit to the customer and the diversification benefit to the customer. That's the driver.

再說一遍，我們進行的共同投資量中很大一部分都是免費的，因為我們為主導該交易的首席 GP 提供了資本解決方案。因此，這對客戶來說也是一種成本效益和多樣化利益。那是司機。

In terms of institutional adoption on evergreen, it's early, but I think we should fully expect that we're going to see that as a tool that institutional investors will utilize over time. Some people will value the more frequent valuation dates. Some people will value the liquidity mechanisms. Some people will value the type of investing that's occurring in those vehicles.

就機構對常青樹的採用而言，現在還為時過早，但我認為我們應該充分期待，我們會看到它成為機構投資者隨著時間的推移會利用的一種工具。有些人會重視更頻繁的估值日。有些人會重視流動性機制。有些人會重視對這些工具的投資類型。

And so today, they are paying a higher rate. But I think we're all rational here, and we understand that over time, it's not likely that we're going to see no fee compression in the evergreen space. We will. We've seen that certainly in the public equity markets and I think ours will be no different. How quickly that occurs and what's the impact is all sort of to be determined.

所以今天他們支付的費用更高了。但我認為我們都是理性的，我們明白隨著時間的推移，我們不太可能看到常青領域沒有費用壓縮的情況。我們將。我們在公開股票市場上確實看到了這一點，我認為我們的市場也不會例外。這種現象發生的速度有多快以及會產生什麼影響都有待確定。

But the volume and simple scale of that business that's sort of -- that's sitting out there is massive. And so I think certainly from our end, we're thinking about very large scale even if that comes over time at a slightly reduced fee rate, but I think offering more choice to both the retail customer and the institutional customer is the key here. That's what's happening. And I think we'll sort of watch as this whole sector matures.

但該業務的規模和簡單規模是巨大的。因此我認為從我們的角度來看，我們正在考慮非常大規模，即使隨著時間的推移費率會略有降低，但我認為為零售客戶和機構客戶提供更多選擇是關鍵。這就是正在發生的事情。我認為我們將關注整個行業的成熟。

Great. Thank you very much.

偉大的。非常感謝。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Thank you for taking the time again. I was hoping we can dig into the wealth dynamics and the update you guys provided on evergreen funds were really helpful. Is it possible to break down the trends that you guys have seen over the last couple of months between gross sales and gross redemptions?

感謝您再次抽出時間。我希望我們能夠深入了解財富動態，你們提供的有關常青基金的最新消息確實很有幫助。您能否分析一下過去幾個月中看到的總銷售額和總兌換率之間的趨勢？

And then more importantly, I guess, when you think about the gross sales dynamic in the channels and in the products where you guys are competing in most aggressively, how do you envision the competitive dynamic evolving? We've seen a number of other firms coming out with secondary products and then private equity dedicated product as well.

然後更重要的是，我想，當您考慮您競爭最激烈的通路和產品的總銷售動態時，您認為競爭動態將如何發展？我們看到許多其他公司也推出了二級產品以及私募股權專用產品。

So it feels like it's getting a little more crowded. I definitely understand that the TAM is large, but curious how you see that competitive set evolve?

因此感覺好像變得更加擁擠了。我當然知道 TAM 很大，但您好奇如何看待競爭格局的演變？

Sure, Alex. Erik. So -- happy to take that. I think there's no question that this is the area of focus for a whole multitude of firms and franchises that are all eager to launch products, are launching products and so there's absolutely more choice on the shelf today.

當然，亞歷克斯。埃里克。所以——很高興接受這個。我認為毫無疑問，這是眾多公司和特許經營商關注的領域，他們都渴望推出產品，正在推出產品，因此今天貨架上的選擇絕對更多了。

So what does that mean? I think, for us, not unexpected. I don't think it means that everyone is going to be uniformly successful. I think scale, brand, head start, technology, all matter immensely. We feel good about where we are. And frankly, as we look at some of the dynamics we see going forward, we feel even better about how we're positioned for some of the inevitable changes that we see coming.

那麼這意味著什麼？我想，對我們來說，這並不令人意外。我認為這並不意味著每個人都會獲得成功。我認為規模、品牌、先發優勢、技術都很重要。我們對目前的狀況感到很滿意。坦白說，當我們展望未來的一些動態時，我們對自己如何應對即將到來的一些不可避免的變化感到更加滿意。

I think the amount of time and effort we spend talking about tokenization and different strategic partnerships, I think should be a sort of a foreshadowing of where we see some of the retail movement beginning to go. Our view is that retail investors are going to want sort of simple, faster, cheaper, easier. And we think the token world blockchain really offers that.

我認為，我們在討論標記化和不同的策略夥伴關係上花費的時間和精力應該預示著我們看到一些零售運動開始走向何方。我們的觀點是，散戶想要的是更簡單、更快、更便宜、更容易的東西。我們認為代幣世界區塊鏈確實提供了這一點。

And so again, we're playing a long race here, and so there's a lot of education to be done. But we think establishing those partnerships today, locking in strategic relationships, the fact that we're already sort of nipping at a $10 billion platform puts us ahead of a whole lot of people. But it's going to be competitive. We fully expect that. We're prepared to compete. We expect to compete.

所以，我們還要進行一場持久戰，還有很多教育工作要做。但我們認為，今天建立這些合作夥伴關係、鎖定戰略關係，以及我們已經佔據 100 億美元平台的事實，讓我們領先於許多人。但競爭將會十分激烈。我們充分期待這一點。我們已做好競爭的準備。我們期待競爭。

But I don't think you're hearing from us or, frankly, others that are sober that this is going to be easy and that we're not -- we're all going to have to just sort of work harder. So that's what I would sort of say about that.

但我認為，我們或坦白說，其他人並沒有意識到這會很容易，而且我們並非如此——我們都必須更加努力。我對此事想說的就是這些。

In terms of the first part of the question, I will tell you that, for myself and management, we solely focus on net inflows. All the numbers that we reported today are net. We are -- we have seen some minor redemptions across the totality of the platform.

關於問題的第一部分，我會告訴你，就我本人和管理層而言，我們只關注淨流入。我們今天報告的所有數字都是淨值。我們看到整個平台都有一些小幅贖回。

I think that's totally to be expected. I sort of alluded to it in the call. One, you can be a victim of your own success. So if you've had really strong performance, like we have for the last sort of five-plus years, clients who entered that vehicle a long time ago have now seen that value swell significantly and might want to harvest some gain, trim back exposure, rebalance. I think part of the beauty of these vehicles is it allows clients to do that.

我認為這是完全可以預料到的。我在通話中提到過這一點。第一，你可能會成為自己成功的受害者。因此，如果您的表現確實很強勁，就像我們過去五年多的表現一樣，很久以前進入該領域客戶現在已經看到該價值大幅增長，並且可能希望獲得一些收益，削減風險，重新平衡。我認為這些車輛的美妙之處在於它允許客戶做到這一點。

And so my point of trying to focus in on any one month or look at any single month of flow relative to performance and try to extrapolate out some big trend line, I think that's a mistake. I think people need to sort of look at this in a much wider aperture and to sort of think about what's happening at a trend line, not what's happening on month to month. And that's certainly how we're looking at the business and how we're managing the business.

因此，我的觀點是試圖專注於任何一個月或查看任何一個月相對於表現的流量並試圖推斷出一些大的趨勢線，我認為這是一個錯誤。我認為人們需要從更廣闊的視角來看待這個問題，思考趨勢線上發生的事情，而不是月復一月發生的事情。這當然就是我們看待業務和管理業務的方式。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作員指示） 摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Thanks for taking the question. So you guys continue to put up strong growth across the evergreen fund complex, and yet you've also been able to navigate the third-party commission expenses nicely with notable margin expansion year on year.

感謝您回答這個問題。因此，你們繼續在常青基金綜合體中實現強勁成長，同時也能夠很好地控制第三方佣金支出，利潤率逐年顯著擴大。

So maybe you could talk a little bit about some of the steps that you're taking from an expense efficiency standpoint to be able to drive the margin expansion, absorbing the third-party commission costs there? How should we think about as well, more broadly, incremental margins on the evergreen products?

那麼，您是否可以從費用效率的角度談談您採取的一些措施，以便推動利潤率擴大，吸收第三方佣金成本？更廣泛地說，我們應該如何看待常青產品的增量利潤？

And as we think about the FRE margin profile for Hamilton Lane, how should we expect that to trend as we look out over the next year or 2? Is it more continued expansion from here? Or is it should we be thinking more stability?

當我們思考 Hamilton Lane 的 FRE 利潤率狀況時，我們應該預期未來一兩年其趨勢會如何？從現在起還會繼續擴張嗎？或者我們應該考慮更多的穩定性？

Mike, it's Erik. Thanks for the question. I think it's more stability. I think you sort of alluded to it. I think given the growth that we're seeing, with a lot of that growth coming from the wires and the fact that, in that first year, fund flows to us are definitely not margin accretive, the fact that we're holding margin, I think, is noteworthy. Team here has done a very, very good job on that.

麥克，我是埃里克。謝謝你的提問。我認為它更穩定。我想您已經暗示過這一點。我認為，考慮到我們所看到的成長，其中很大一部分是成長來自電匯，而且在第一年，流向我們的資金絕對不會增加利潤，因此，我們持有保證金的事實是值得注意的。這裡的團隊在這方面做得非常非常好。

I think we're seeing two cost benefits. One, we've invested a lot of balance sheet capital very successfully into technology partnerships, and we're really reaping the benefit of that. So whether that's data ingestion or data management or analytic systems, tasks that would have historically been done by people, we are increasingly benefiting from those tasks being done faster, more efficiently by technology.

我認為我們看到了兩方面的成本效益。首先，我們非常成功地將大量資產負債表資本投入到技術合作夥伴關係中，並且真正從中獲益。因此，無論是資料擷取、資料管理或分析系統，這些過去由人們完成的任務，現在都越來越多地受益於科技以更快、更有效率的方式完成。

The second thing is as the business continues to scale and mature, we're also just re-examining insurance, vendor relationships, all the things that you would expect a maturing business to look at as ways to sort of gain some cost efficiency. And again, kudos to the team for doing that and showing good financial management.

第二件事是，隨著業務不斷擴大和成熟，我們也在重新審視保險、供應商關係以及成熟的企業所需關注的所有事項，以提高成本效益。再次向團隊表示祝賀，因為他們做到了這一點，並且表現出了良好的財務管理能力。

And so I think the combo of that is being able and has been able to kind of offset what we've been seeing on sort of the rising commission fees.

所以我認為，這兩種方式結合起來，能夠並且已經能夠抵消我們所看到的佣金費用上漲的影響。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Mike Brown, Wells Fargo.

（操作員指示）富國銀行的麥克布朗。

Wanted to just clarify your comments on the equity-based comp. Can you just maybe circle back on that and unpack a little bit? Like what's the -- what should we expect maybe for the back half of this year and then into next year in terms of growth year over year? And also, when we think about the shares outstanding, any view on how that could traject from here on a kind of a year-over-year basis as well?

只是想澄清一下您對股權補償的評論。您能否再回過頭來談談這個問題並稍微解釋一下？例如，我們對今年下半年以及明年的年成長率有何預期？此外，當我們考慮流通股時，您認為從現在起，其年比變化趨勢將如何？

Yeah, Mike, this is Jeff. Just on the equity-based comp expense, as we've mentioned on prior calls, we expect that to be at a run rate of about $30 million per year. This quarter is the first quarter that you had that fully impacting the expense and that's about a $7 million increase in the quarter. So 7 times 4, 28, that's where we're coming up with the about $30 million per year impact on the equity-based comp.

是的，麥克，這是傑夫。僅就股權補償費用而言，正如我們在先前的電話會議上提到的那樣，我們預計其運行率約為每年 3000 萬美元。本季是第一個完全影響費用的季度，本季費用增加了約 700 萬美元。所以 7 乘以 4，28，這就是我們得出的對股權投資每年約 3000 萬美元的影響。

And just -- Mike, it's Erik. As a reminder, so you've got two pieces of equity comp. You had an award to a variety of employees that was done in 2022. And then you had a more recent award done to the two Co-CEOs in sort of taking over the new role. Our Board set what we think is very aggressive stock targets.

而且──麥克，我是埃里克。提醒一下，您有兩部分股權補償。您於 2022 年頒發了獎項給各類員工。最近，你們又為兩位聯合執行長頒發了獎項，以表彰他們接任新的職位。我們的董事會設定了我們認為非常正面的庫存目標。

If you think about where the stock was for -- at the time of both of those awards, it was sort of in the sub $80 a share range. And there were three target triggers. One was at $150, one was at $190 a share, and then the last target was $230 a share. So I think significant alignment with shareholders, a big go-get for management and the team on increasing shareholder value and aligning incentives with that.

如果您想想當時的股票價格——在這兩次獲獎時，其股價都在每股 80 美元以下。並且有三個目標觸發器。一個目標是每股 150 美元，一個目標是每股 190 美元，最後一個目標是每股 230 美元。因此，我認為與股東的高度一致，對於管理層和團隊來說，在提高股東價值和使激勵措施與之保持一致方面具有重大意義。

So to Jeff's point, we crossed over the $150 and $190 mark this year. Again, both needed to be a kind of a 20-day volume-weighted average price. They both were and so that's there. The shares are not in employees' hands because there was also a clause that has sort of X number of years of service, which has not been met.

正如傑夫所說，今年我們的收入已經突破了 150 美元和 190 美元的大關。再次強調，兩者都需要是某種 20 天成交量加權平均價格。他們都是這樣的，所以事情就是這樣的。這些股票並不在員工手中，因為還有一條規定服務年資為 X 年，但尚未達到。

So we continue to have a good retention tool there. And I think sort of owners of that are continuing to be very focused on that last part of the target, which was that $230 a share.

因此我們在那裡繼續擁有良好的保留工具。我認為這些公司的所有者將繼續高度關注目標的最後一部分，即每股 230 美元。

Great. Erik, can you just maybe clarify on the incremental equity-based comp? Is that an incremental $30 million to kind of where you were running at? Or is that kind of an all-in number?

偉大的。埃里克，你能否解釋一下增量股權補償？這是否意味著您之前所投入的資金增加了 3,000 萬美元？還是這是全押數字？

Well, I think what Jeff said was, you've seen the full amount in one quarter. And so that -- the amount that you saw in this current quarter will be similar to what you will see in future quarters for the next --

嗯，我認為傑夫說的是，你已經在一個季度內看到了全部金額。因此，您在本季看到的金額將與下一季看到的金額相似--

5 years.

5年。

Yeah, next 5 years.

是的，接下來的五年。

Okay. Thank you for that. Is there ever any discussion internally about perhaps changing the way that you show your equity-based comp in your adjusted financials? A number of your peers actually kind of screwed that (inaudible) analysts and investors, of course, can kind of add it back or kind of look at it under both lenses, but is that something that you guys ever talk about internally and something you might consider?

好的。謝謝你。你們內部是否曾經討論過，或許可以改變在調整後的財務報表中展現股權激勵的方式？你們的許多同行實際上都認為（聽不清楚）分析師和投資者當然可以將其加回來或從兩個角度來看待它，但這是你們內部討論過的事情嗎？

I think we're certainly open to it. This is again new for us having just kind of crossed over this quarter and are beginning to deal with that. So we would certainly welcome feedback on what we think analysts and shareholders find to be most beneficial and helpful.

我想我們當然對此持開放態度。這對我們來說又是一個新問題，我們剛剛度過這個季度並開始處理這個問題。因此，我們當然歡迎分析師和股東就我們認為最有益和最有幫助的回饋。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Aidan Hall, KBW.

艾丹·霍爾（Aidan Hall），KBW。

Great. Thank for taking my question. Maybe just on the base comp, excluding the equity-based comp and kind of the incentive fee-related compensation. Did see a stepdown there and nice kind of defending the margin with the ramp in the equity-based comp. And I heard your comments about just like utilizing technology to kind of change some of the historically manual tasks at the firm.

偉大的。感謝您回答我的問題。也許只是基本薪酬，不包括股權薪酬和與激勵費相關的薪酬。確實看到了那裡的下降，並且透過股權補償的上升很好地捍衛了利潤率。我聽到了您關於利用技術來改變公司一些歷史上手工任務的評論。

But is this level of like that base comp the right way to think about kind of run rate from here? Are there like changes that you guys have implemented more recently to kind of see those changes? Or is that not a fair extrapolation over quarter over quarter?

但是，從現在起，這種基礎水準是否是思考運行率的正確方式呢？你們最近是否實施了類似的變革以便能夠看到這些變化？或者說，這對季度環比來說不是一個合理的推論嗎？

Sure. It's Erik. I think there's a couple of pieces here. I think we have been certainly focused on margin protection. We had the benefit this year of, obviously, from an employee standpoint, there's been more incentive comp flowing through the business.

當然。是埃里克。我認為這裡有幾件事情。我認為我們一直非常注重利潤保護。顯然，從員工的角度來看，今年我們受益的是，企業獲得了更多的激勵補償。

Obviously, the equity incentive piece of sort of reaching those targets. So I think, as management, we're thinking about comp in a multi-lever perspective and looking at sort of pulling different levers at different times to make sure that we're achieving the end result, which is having happy and retained employees. And so we have the luxury of having multiple levers in our hands that we can adjust to sort of achieve that ultimate goal.

顯然，股權激勵是實現這些目標的一部分。因此我認為，作為管理層，我們應該從多槓桿的角度考慮薪酬，並考慮在不同時間拉動不同的槓桿，以確保我們實現最終結果，即擁有快樂且能留住員工。因此，我們手中擁有多個槓桿，可以透過調整這些槓桿來實現最終目標。

So I wouldn't necessarily extrapolate all of this out, with the exception of the carried interest portion of the comp. That sort of flow-through of basically seeing about 48% or so of that flowing to employees, that ratio has stayed static for years and years and years. So that part, you can extrapolate.

因此，除了可比較公司的附帶權益部分外，我不一定會推斷出所有這些。這種流動性基本上可以看到約 48% 流向了員工，這個比例多年來一直保持不變。因此，您可以推斷那部分。

Our decision around what we do with the bonus pool can vary year to year. And so that one is not one that I would say, well, now I have some sort of a formula. I think what you can look at is the total comp ratio. That has remained very, very steady, frankly since we've been public and if you had looked back years prior to that as well.

我們對於如何處理獎金池的決定每年都會有所不同。所以我不會說那個，好吧，現在我有某種公式。我認為您可以查看的是總體補償比率。坦白說，自從我們上市以來，這種情況一直保持非常非常穩定，如果你回顧一下幾年前的情況也是如此。

Appreciate the thoughts.

感謝您的想法。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Thanks for taking the follow up. Erik, you actually kind of answered the second part of my question. But I guess what I'm trying to get to is, compensation is ultimately fungible across all of these firms you guys included and people play around with geography, however they do it.

感謝您的跟進。艾瑞克，你實際上回答了我的問題的第二部分。但我想我要表達的是，薪酬最終在你們在內的所有這些公司中都是可以互換的，人們會根據地理位置來選擇，不管他們怎麼做。

But when I think about what you're ultimately trying to manage the business to, is it fair to think about like kind of total operating income margin as opposed to FRE margin, especially given this dynamic with equity-based comp, and in quarters and years where you're going to have a lot of incentive compensation that could sort of subsidize some of the FRE comp? But at the end of the day, it's the total operating income margin that we should be thinking about?

但是，當我考慮您最終試圖將業務管理到什麼程度時，考慮總營業收入利潤率而不是 FRE 利潤率是否公平，尤其是考慮到股權激勵的動態，以及在您將獲得大量激勵性薪酬的季度和年份，這些薪酬可能會補貼部分 FRE 薪酬？但歸根究底，我們應該考慮的是總營業收入利潤率？

And if that's the case, should we be thinking about stability in that margin as well? Or is there room for total operating income margin to improve?

如果事實確實如此，我們也應該考慮該邊緣的穩定性嗎？或者總營業收入利潤率還有進步的空間嗎？

So thanks for the follow up, Alex. It's Erik, still. I think that is the right way to think about it in terms of also sort of stability in the operating margin. But I think if I sort of think about margin from whether it's FRE or operating margin over a longer time period, I certainly see levers for us to pull to continue to have some amount of margin expansion.

非常感謝 Alex 的跟進。他依然是埃里克。我認為從營業利益率的穩定角度來看，這也是正確的思考方式。但我認為，如果我從較長時期內的經常性收入或營業利潤率來考慮利潤率，我肯定會看到我們可以利用槓桿來繼續實現一定程度的利潤率擴大。

I mean we have had that since going public. And I don't think that big picture, longer-term macro dynamic is changing. I think today, we're kind of in the eye of a bit of a storm here where certainly meaningful for us increase in equity-based comp and expense around the commissions and so the business sort of, I'll use kind of air quotes and say, kind of weathering that with a stable margin, I think, goes back to good job by management to continue to sort of push through all of that.

我的意思是我們自上市以來就有這種現象。我不認為整體和長期宏觀動態正在改變。我認為今天，我們正處於一場風暴的中心，這對我們來說無疑具有重大意義，股權薪酬和佣金等費用的增加，因此，對於業務來說，我會使用一種空中引號，並且說，通過穩定的利潤率來抵禦這種影響，我認為，這要歸功於管理層的良好工作，繼續推動所有這些工作。

But that dynamic will change over time. The amount of flows that are coming from the wire relative to the installed base will not be as dramatic as it is here in the earlier years of being on those platforms. So the commission impact for the totality of the business will reduce over time. We're still in kind of the very early innings of this.

但這種動態會隨著時間而改變。相對於已安裝的用戶群，來自有線網路的流量數量不會像這些平台剛推出時的那麼驚人。因此，佣金對整個業務的影響將會隨著時間的推移而減少。我們仍處於這一問題的早期階段。

Now, by the way, if it didn't reduce over time, that would be a great thing as well. But I think as we just get bigger, bigger, bigger, I think that's probably unrealistic. But again, that's a first-class problem. And the equity comp impact is not a forever issue. And so again, we're sort of sitting here with a moment in time of dealing with both of those simultaneously.

順便說一句，如果它不會隨著時間的推移而減少，那也是一件好事。但我認為，隨著我們變得越來越大，這可能不切實際。但這又是一個一流的問題。而且股權補償影響並不是一個永遠存在的問題。所以，我們再次坐在這裡，花點時間同時處理這兩件事。

That's perfect. Thank you.

那很完美。謝謝。

There are no further questions. I will turn the call back over to Erik Hirsch for closing comments.

沒有其它問題了。我將把電話轉回給 Erik Hirsch 進行最後發言。

I'll reiterate. We thought terrific quarter. Juan and I are extremely proud of the firm for the hard work, the effort. And I go back to where I started, culture matters. We think what we're building here is special. When I look at the number of people applying for open positions, it's never been higher than it is today. People want to be part of this team. We're thrilled with that. We think what we have in front of us is exciting, a lot of growth opportunity. We appreciate your time. We appreciate the support, and thanks for the call today.

我再重申。我們認為這是一個非常棒的季度。胡安和我對於公司的辛勤工作和努力感到非常自豪。我回到起點，文化很重要。我們認為我們在這裡建造的東西很特別。當我看到申請空缺職位的人數時，我發現這個數字從來沒有像今天這樣高。人們想成為這個團隊的一份子。我們對此感到非常興奮。我們認為，我們面前的前景令人興奮，有很多成長機會。我們非常感謝您抽出時間。我們感謝您的支持，並感謝您今天的來電。

Ladies and gentlemen, this concludes your conference for today. We thank you for participating, and we ask that you please disconnect your lines. Goodbye.

女士們、先生們，今天的會議到此結束。感謝您的參與，並請您斷開線路。再見。