LPL Financial Holdings Inc (LPLA) 2022 Q2 法說會逐字稿

Good afternoon, and thank you for joining the Second Quarter 2022 Earnings Conference Call for LPL Financial Holdings Inc. Joining on the call today are President and Chief Executive Officer, Dan Arnold; and Chief Financial Officer, Matt Audette. Dan and Matt will offer introductory remarks, and then the call will be open for questions. (Operator Instructions) The company has posted its earnings and press release and supplementary information on the Investor Relations section of the company's website, investor.lpl.com.

下午好，感謝您參加 LPL Financial Holdings Inc 的 2022 年第二季度收益電話會議。今天參加電話會議的有總裁兼首席執行官 Dan Arnold；和首席財務官 Matt Audette。 Dan 和 Matt 將進行介紹性發言，然後電話會議將接受提問。 （操作員說明）公司已在公司網站investor.lpl.com 的投資者關係部分發布了收益和新聞稿以及補充信息。

Today's call includes forward-looking statements, including statements about LPL's financial future and operating results, outlook, business strategies and plans as well as other opportunities and potential risks that management foresees. Such forward-looking statements reflect management's current estimates or beliefs and are subject to known and unknown risks and uncertainties that may cause actual results or the timing of events to differ materially from those expressed or implied in such forward-looking statements.

今天的電話會議包括前瞻性陳述，包括關於 LPL 的財務未來和經營業績、前景、業務戰略和計劃以及管理層預見的其他機會和潛在風險的陳述。此類前瞻性陳述反映了管理層當前的估計或信念，並受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果或事件發生的時間與此類前瞻性陳述中明示或暗示的存在重大差異。

For more information about such risks and uncertainties, the company refers listeners to the disclosures set forth under the caption Forward-looking Statements in the earnings press release as well as the risk factors and other disclosures contained in the company's recent filings with the Securities and Exchange Commission.

有關此類風險和不確定性的更多信息，公司請聽眾參閱收益新聞稿中的前瞻性陳述標題下的披露以及公司最近向證券交易委員會提交的文件中包含的風險因素和其他披露委員會。

During the call, the company will also discuss certain non-GAAP financial measures for a reconciliation of such non-GAAP financial measures to the comparable GAAP figures, please refer to the company's earnings release, which can be found at investor.lpl.com.

在電話會議期間，公司還將討論某些非 GAAP 財務措施，以便將此類非 GAAP 財務措施與可比 GAAP 數據進行核對，請參閱公司的收益發布，可在investor.lpl.com 上找到。

With that, I will now turn the call over to Mr. Arnold.

有了這個，我現在將把電話轉給阿諾德先生。

Thank you, Justin, and thanks to everyone for joining our call today. Over the past quarter, we remained focused on our mission of taking care of our advisers so they can take care of their clients. Amid persistent market volatility and geopolitical uncertainty, our advisers reinforced the value they provide to their clients by helping them navigate through times of uncertainty. In that spirit, I want to recognize our advisers for their continued care and dedication to their clients, especially when they need it most.

謝謝賈斯汀，也感謝大家今天加入我們的電話會議。在過去的一個季度中，我們仍然專注於照顧我們的顧問的使命，以便他們能夠照顧他們的客戶。在持續的市場波動和地緣政治不確定性的情況下，我們的顧問通過幫助客戶度過不確定時期來增強他們為客戶提供的價值。本著這種精神，我想感謝我們的顧問對客戶的持續關懷和奉獻，尤其是在他們最需要的時候。

With respect to our performance, our second quarter business results led to solid financial outcomes. At the same time, we continue to make progress on our strategic plan. I'll review both of these areas, starting with our second quarter business results.

就我們的表現而言，我們第二季度的業務成果帶來了穩健的財務成果。與此同時，我們在戰略計劃上繼續取得進展。我將從我們第二季度的業務結果開始審查這兩個領域。

In the quarter, total assets decreased to $1.1 trillion as continued solid organic growth was more than offset by lower equity markets. With respect to organic growth, the business continued to perform well despite market volatility. Second quarter net new assets were $37 billion, which included $25 billion from CUNA and represented 13% annualized growth. These quarterly results contributed to a 10% organic growth rate for the past 12 months.

本季度，由於持續穩健的有機增長被股市下跌所抵消，總資產減少至 1.1 萬億美元。在有機增長方面，儘管市場波動，該業務仍表現良好。第二季度淨新資產為 370 億美元，其中包括來自 CUNA 的 250 億美元，年增長率為 13%。這些季度業績促成了過去 12 個月內 10% 的有機增長率。

Looking at recruited assets, they were $44 billion in Q2, including $32 billion from CUNA. This brought our total recruited assets over the past 12 months to $84 billion, which is up $4 billion from the same period a year ago. These results were driven by the ongoing enhancements to our model and our expanded addressable markets.

從招募的資產來看，他們在第二季度為 440 億美元，其中 320 億美元來自 CUNA。這使我們在過去 12 個月中招募的總資產達到 840 億美元，比去年同期增加了 40 億美元。這些結果是由我們模型的持續改進和我們擴大的目標市場推動的。

Looking at same-store sales, our advisers continue to focus on serving their clients and differentiating their solutions in the marketplace. And while market volatility led some clients to moderate their activity in the quarter, periods of heightened uncertainty are often the environments that reinforce the value of professional advice and with time and can serve as a catalyst for advisers to grow their practices.

在同店銷售方面，我們的顧問繼續專注於為客戶提供服務並在市場上區分他們的解決方案。儘管市場波動導致一些客戶在本季度緩和了他們的活動，但不確定性加劇的時期往往是加強專業建議價值的環境，隨著時間的推移，可以成為顧問發展業務的催化劑。

With respect to retention, we continue to enhance the adviser experience through continued delivery of new capabilities and technology as well as the ongoing modernization of our service and operations functions. As a result, asset retention was approximately 98% in the second quarter and 98% over the past 12 months.

在保留方面，我們通過不斷提供新的能力和技術以及我們的服務和運營職能的持續現代化來繼續提升顧問體驗。因此，第二季度的資產保留率約為 98%，過去 12 個月為 98%。

Our second quarter business results led to solid financial outcomes of $2.24 of EPS prior to intangibles and acquisition costs, an increase of 21% from a year ago.

我們第二季度的業務業績導致不計無形資產和收購成本的每股收益為 2.24 美元，比一年前增長 21%。

Let's now turn to the progress we made on our strategic plan. As a reminder, our long-term vision is to become the leader across the entire advisor-centered marketplace, which for us means being the best at empowering advisers and institutions to deliver great advice to their clients and to be great operators of their businesses. To bring this vision to life, we are providing the capabilities and solutions that help our advisers deliver personalized advice and planning experiences to their clients. At the same time, through human-driven technology-enabled solutions and expertise, we're supporting advisers in their efforts to be extraordinary business owners. Doing this well gives us a sustainable path to industry leadership across the adviser experience, organic growth and market share.

現在讓我們談談我們在戰略計劃方面取得的進展。提醒一下，我們的長期願景是成為整個以顧問為中心的市場的領導者，這對我們來說意味著成為最擅長授權顧問和機構為其客戶提供出色建議並成為其業務的出色運營商的最佳人選。為了實現這一願景，我們正在提供能力和解決方案，幫助我們的顧問為他們的客戶提供個性化的建議和規劃體驗。同時，通過以人為本的技術解決方案和專業知識，我們支持顧問努力成為卓越的企業主。做好這件事讓我們在顧問經驗、有機增長和市場份額方面成為行業領導者的可持續發展之路。

Now to execute on our strategy, we have organized our work into 4 strategic plays, which I'll review in turn.

現在為了執行我們的戰略，我們將我們的工作組織成 4 個戰略遊戲，我將依次回顧。

Our first strategic play involves meeting advisers and institutions where they are in the evolution of their businesses by winning in our traditional markets while also leveraging new affiliation models to expand our addressable markets.

我們的第一個戰略遊戲涉及通過在我們的傳統市場中取勝，同時利用新的附屬模式來擴大我們的潛在市場，與他們正在業務發展中的顧問和機構會面。

Our recruiting in traditional markets continued to be a source of growth in Q2 with approximately $9 billion in assets. We continued to increase our win rates and expand the depth and breadth of our pipeline, notwithstanding a broader slowdown in adviser movement over the past couple of quarters. Historically, during the initial stages of elevated market volatility, advisers often focus on supporting existing clients and may pause on making strategic decisions like switching firms. However, after advisers have acclimated to the conditions, they will often use times like this to consider new options for their practice, likely creating an opportunity for us from a recruiting standpoint.

我們在傳統市場的招聘繼續成為第二季度增長的源泉，資產約為 90 億美元。儘管過去幾個季度顧問流動出現了更廣泛的放緩，但我們繼續提高勝率並擴大管道的深度和廣度。從歷史上看，在市場波動加劇的初始階段，顧問通常專注於支持現有客戶，並且可能會暫停做出戰略決策，例如更換公司。然而，在顧問適應了這些條件之後，他們通常會利用這樣的時間來考慮他們的實踐的新選擇，從招聘的角度來看，這可能會為我們創造機會。

With respect to our new affiliation models, Strategic Wealth, Employee and our enhanced RIA offering, we recruited over $2 billion in assets in Q2 and believe we are well positioned to drive continued growth across all 3 models. The second quarter saw a new high for recruited assets in our employee model as the value proposition for advisers has proven to be compelling. As a complement to our organic growth, we recently announced the acquisition of the Private Client Group business of Boenning and Scattergood, which we will onboard to our employee model early next year.

關於我們新的附屬模式、戰略財富、員工和我們增強的 RIA 產品，我們在第二季度招募了超過 20 億美元的資產，並相信我們有能力推動所有 3 種模式的持續增長。由於顧問的價值主張已被證明具有吸引力，第二季度我們的員工模型中的招聘資產創下新高。作為對我們有機增長的補充，我們最近宣布收購 Boenning 和 Scattergood 的私人客戶集團業務，我們將在明年初加入我們的員工模式。

With respect to large financial institutions, we onboarded CUNA in May, and we are on track to onboard People's United later this year. We continue to learn from each experience and use these findings to drive innovation that improves the transition to LPL and in turn helps make our offering even more appealing. As we look ahead, we expect to continue winning in this market as demand for our model grows.

對於大型金融機構，我們在 5 月加入了 CUNA，我們有望在今年晚些時候加入 People's United。我們繼續從每一次經驗中學習，並利用這些發現來推動創新，從而改善向 LPL 的過渡，進而幫助我們的產品更具吸引力。展望未來，隨著對我們車型需求的增長，我們預計將繼續在這個市場上獲勝。

Our second strategic play is focused on providing capabilities that help our advisers differentiate in the marketplace and drive efficiency in their practices. As a part of that focus, we continue to enhance ClientWorks, our core operating platform with the expansion of digitized workflows.

我們的第二個戰略目標是提供能力，幫助我們的顧問在市場上脫穎而出並提高他們的實踐效率。作為該重點的一部分，我們將通過擴展數字化工作流程繼續增強我們的核心運營平台 ClientWorks。

For example, in the second quarter, we introduced enhancements to our Move Money solution, which makes it easier and more automated for advisers to support deposits and withdrawals within client accounts. Separately, we also enhanced the client management workflow for advisors by integrating goal-planning data into our Meeting Manager solution, which facilitates more efficient preparation for, and more value-added dialogue within, client reviews. These enhancements help advisers operate more effectively and increase their scalability to serve more clients.

例如，在第二季度，我們對 Move Money 解決方案進行了改進，使顧問能夠更輕鬆、更自動化地支持客戶賬戶內的存款和取款。另外，我們還通過將目標規劃數據集成到我們的會議管理器解決方案中來增強顧問的客戶管理工作流程，這有助於更有效地準備客戶評論，並在客戶評論中進行更多增值對話。這些增強功能有助於顧問更有效地運作並提高其可擴展性以服務更多客戶。

Let's next move to our third strategic play, which is focused on creating an industry-leading service experience that delights advisers and their clients and in turn, helps drive adviser recruiting and retention.

讓我們接下來進入我們的第三個戰略遊戲，它專注於創造行業領先的服務體驗，讓顧問及其客戶感到高興，進而幫助推動顧問的招聘和保留。

As a reminder, over the past 2 years we have transformed our service model into an omni-channel, Client Care Model, which includes voice, chat and digital support, thus giving advisers flexibility for when and how they access service. We continue to fine-tune this model to drive additional efficiency and an enhanced experience for advisers.

提醒一下，在過去的 2 年中，我們已將我們的服務模式轉變為全渠道的客戶服務模式，其中包括語音、聊天和數字支持，從而使顧問能夠靈活地選擇何時以及如何訪問服務。我們將繼續微調此模型，以提高顧問的效率和增強的體驗。

As part of the next phase of our transformation, we continue to expand and enrich our digital processing capabilities in order to provide greater flexibility, speed and accuracy for our advisers. Our transformation efforts are currently focused on core clearing functions, including money movement, account opening and account transfers, which collectively drive the majority of our operational processing. And while we remain early in these efforts, we are seeing solid progress as we are now processing millions of transactions for our advisers through the applications of robotics and AI. By expanding the automation of these critical processes, we continue to increase the scalability and efficiency of our platform while also enhancing the client experience.

作為我們下一階段轉型的一部分，我們將繼續擴展和豐富我們的數字處理能力，以便為我們的顧問提供更大的靈活性、速度和準確性。我們的轉型工作目前專注於核心清算功能，包括資金流動、開戶和賬戶轉賬，這些共同推動了我們大部分的運營處理。雖然我們仍處於這些努力的早期階段，但我們看到了堅實的進展，因為我們現在正在通過機器人技術和人工智能的應用為我們的顧問處理數百萬筆交易。通過擴展這些關鍵流程的自動化，我們繼續提高我們平台的可擴展性和效率，同時也增強了客戶體驗。

Our fourth strategic play is focused on developing a services portfolio that helps advisers and institutions run thriving businesses and deliver comprehensive advice to their clients. In the second quarter, our subscription base ended the period at nearly 3,900 with sequential growth moderating slightly in the wake of macro volatility.

我們的第四項戰略重點是開發服務組合，幫助顧問和機構經營蓬勃發展的業務，並為其客戶提供全面的建議。在第二季度，我們的訂閱基數接近 3,900，在宏觀波動之後，環比增長略有放緩。

As we work with advisers on existing services, we continue to identify new needs we can solve for on their behalf, which is a catalyst for further innovation that expands the value proposition of our existing services and surfaces opportunities for new services. One example relates to how former Waddell & Reed advisers utilized our Admin Solutions on an interim basis to help them during the onboarding process. And based on that insight, we created a set of solutions for shorter-term engagement with our services to solve for a specific need in time for advisers. And we are testing some of these with CUNA advisers as they transition to our platform.

當我們與現有服務的顧問合作時，我們會繼續確定我們可以代表他們解決的新需求，這是進一步創新的催化劑，可以擴展我們現有服務的價值主張並為新服務提供機會。一個例子與前 Waddell & Reed 顧問如何臨時利用我們的管理解決方案在入職過程中為他們提供幫助有關。基於這種洞察力，我們創建了一套解決方案，用於短期參與我們的服務，以便及時解決顧問的特定需求。我們正在與 CUNA 顧問一起測試其中的一些，因為他們過渡到我們的平台。

Looking at our pipeline for the second half of the year, we have several services in pilot and other offerings in the incubation phase. And as we move forward, we remain focused on enhancing and expanding our services portfolio to better support our advisers and drive growth.

看看我們下半年的管道，我們在孵化階段有幾項試點服務和其他服務。隨著我們向前邁進，我們將繼續專注於增強和擴展我們的服務組合，以更好地支持我們的顧問並推動增長。

In summary, in the second quarter, we continued to invest in the value proposition for advisers and their clients while driving growth and increasing our market leadership. As we look ahead, we remain focused on executing our strategy to help our advisers further differentiate and win in the marketplace and as a result, drive long-term shareholder value.

總之，在第二季度，我們繼續投資於顧問及其客戶的價值主張，同時推動增長並提高我們的市場領導地位。展望未來，我們將繼續專注於執行我們的戰略，以幫助我們的顧問進一步區分和贏得市場，從而推動長期股東價值。

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

有了這個，我會把電話轉給馬特。

All right. Thank you, Dan, and I'm glad to speak with everyone on today's call. In the second quarter, we remained focused on serving our advisers, growing our business and delivering shareholder value. Against a volatile market backdrop, we delivered another quarter of solid net new assets and earnings growth. In addition, we progressed the work to enhance our sweep program utilizing free credits to create the client cash account, substantially completed the integration of Waddell & Reed, signed an agreement to acquire Boenning and Scattergood, onboarded CUNA, and are preparing to onboard People's United. So as we look ahead, we continue to be excited by the opportunities to help our advisers differentiate and win in the marketplace.

好的。謝謝你，丹，我很高興在今天的電話會議上與大家交談。在第二季度，我們仍然專注於為我們的顧問服務、發展我們的業務和為股東創造價值。在動蕩的市場背景下，我們又實現了一個季度穩健的淨新資產和盈利增長。此外，我們推進了利用免費信用創建客戶現金賬戶來加強我們的掃地計劃的工作，基本完成了 Waddell & Reed 的整合，簽署了收購 Boenning 和 Scattergood 的協議，加入了 CUNA，並準備加入 People's United .因此，展望未來，我們繼續為有機會幫助我們的顧問在市場上脫穎而出並贏得勝利而感到興奮。

Now let's turn to our second quarter business results. Total advisory and brokerage assets were $1.1 trillion, down 8% from Q1 as continued organic growth was more than offset by lower equity markets. Total net new assets were $37 billion or a 13% annualized growth rate.

現在讓我們轉向我們第二季度的業務結果。諮詢和經紀資產總額為 1.1 萬億美元，比第一季度下降 8%，因為持續的有機增長被股市下跌所抵消。淨新資產總額為 370 億美元，年增長率為 13%。

Looking more closely at recruiting, Q2 recruited assets were the strongest in our history at $44 billion, which included $32 from CUNA. These results brought our 12-month total to $84 billion.

仔細觀察招聘，第二季度招聘的資產是我們歷史上最強勁的，達到 440 億美元，其中包括來自 CUNA 的 32 美元。這些結果使我們 12 個月的總額達到 840 億美元。

Now let's turn to our Q2 financial results. The combination of organic growth, rising interest rates, higher client cash balances, and expense discipline, led to EPS prior to intangibles and acquisition costs of $2.24. This was up 21% from a year ago and is the highest in our history.

現在讓我們轉向我們的第二季度財務業績。有機增長、利率上升、客戶現金餘額增加和費用紀律相結合，導致無形資產和收購成本之前的每股收益為 2.24 美元。這比一年前增長了 21%，是我們歷史上最高的。

Looking at our top line growth, gross profit reached a new high of $711 million, up $42 million or 6% sequentially. Looking at the components, commission and advisory fees net of payout were $205 million, down $22 million from Q1. The decrease was primarily driven by the seasonal increase in production bonus expense and lower advisory fees following the Q1 equity market decline.

從我們的收入增長來看，毛利潤達到了 7.11 億美元的新高，環比增長 4200 萬美元或 6%。從組成部分來看，扣除支出的佣金和諮詢費為 2.05 億美元，比第一季度減少 2200 萬美元。下降主要是由於第一季度股市下跌後生產獎金支出的季節性增加和諮詢費的下降。

In Q2, our payout rate was 87%, up about 90 basis points from Q1 due to typical seasonality. Looking ahead to Q3, we anticipate our payout rate will increase to roughly 88%, driven by the typical seasonal build in the production bonus as well as the onboarding of CUNA.

在第二季度，由於典型的季節性，我們的派息率為 87%，比第一季度增加了約 90 個基點。展望第三季度，我們預計我們的派息率將增加到大約 88%，這主要得益於典型的季節性生產獎金以及 CUNA 的加入。

Moving on to asset-based revenue. Sponsor revenue was $208 million in Q2, down $4 million sequentially as average assets decreased during the quarter, driven by lower equity markets. This was partially offset by an $8 million payment from a sponsor related to prior period activity.

轉向基於資產的收入。第二季度贊助商收入為 2.08 億美元，環比下降 400 萬美元，原因是本季度平均資產減少，受股市下跌的推動。這部分被讚助商支付的與前期活動相關的 800 萬美元所抵消。

Turning to client cash revenue, it was $156 million, up $71 million from Q1. This was driven by higher client cash balance as well as higher average short-term interest rates.

談到客戶現金收入，為 1.56 億美元，比第一季度增加 7100 萬美元。這是由較高的客戶現金餘額以及較高的平均短期利率推動的。

Looking at overall client cash balances, they were up in the period, ending the quarter at $70 billion. Within our ICA portfolio, we added capacity in Q2 as we saw further improvements in bank deposit demand, leading to an increase in balances of $8 billion, of which $3 billion are fixed rate and $5 billion are floating rate.

從整體客戶現金餘額來看，在此期間它們有所上升，本季度末達到 700 億美元。在我們的 ICA 投資組合中，我們在第二季度增加了產能，因為我們看到銀行存款需求進一步改善，導致餘額增加 80 億美元，其中 30 億美元是固定利率，50 億美元是浮動利率。

Looking more closely at our ICA yield, it was 134 basis points in Q2, up 32 basis points from Q1, primarily driven by the increase in the Fed Funds rate during the quarter.

仔細觀察我們的 ICA 收益率，第二季度為 134 個基點，比第一季度增加 32 個基點，主要是受本季度聯邦基金利率上升的推動。

As we look ahead to Q3, we expect our ICA yield to continue to increase. Based on where interest rates are today, and our historical betas, we expect our Q3 ICA yield to increase to approximately 195 basis points.

展望第三季度，我們預計我們的 ICA 收益率將繼續增加。根據今天的利率水平和我們的歷史貝塔值，我們預計我們的第三季度 ICA 收益率將增加到約 195 個基點。

Before moving on, I want to highlight that we updated our reporting of client cash balances this quarter. As we prepare for the introduction of the client cash account as our primary sweep overflow vehicle, we have updated our cash reporting to include these balances. In addition, purchased money market fund balances have been relocated to the endnotes of our release. The historical data reflecting these changes is available in our historical information file.

在繼續之前，我想強調一下，我們更新了本季度的客戶現金餘額報告。當我們準備引入客戶現金賬戶作為我們的主要清掃溢出工具時，我們更新了我們的現金報告以包括這些餘額。此外，購買的貨幣市場基金餘額已重新定位到我們發布的尾註。反映這些變化的歷史數據可在我們的歷史信息文件中找到。

Now let's turn to service and fee revenue, which in Q2 was $113 million, unchanged from Q1. Within our Services Group, we ended the quarter with nearly 3,900 subscriptions, which is up about 300 from last quarter. Our Services Group now generates roughly $32 million of annual revenue, while also contributing to organic growth by helping drive recruiting, same-store sales and retention.

現在讓我們轉向服務和費用收入，第二季度為 1.13 億美元，與第一季度持平。在我們的服務集團內，我們在本季度末擁有近 3,900 個訂閱，比上一季度增加了約 300 個。我們的服務部門現在創造了大約 3200 萬美元的年收入，同時還通過幫助推動招聘、同店銷售和留存率來促進有機增長。

Looking ahead to Q3, we expect service and fee revenue to increase by roughly $10 million sequentially, driven by revenues from our national adviser conference and IRA fees.

展望第三季度，我們預計服務和費用收入將連續增加約 1000 萬美元，這主要得益於我們的全國顧問會議收入和 IRA 費用。

Moving on to Q2 transaction revenue, it was $44 million, down $2 million sequentially due to decreased trading volume. As we look ahead to Q3, volumes in July have seasonally declined, which on a run rate basis would result in a decline in transaction revenue of around $10 million from Q2.

第二季度交易收入為 4400 萬美元，由於交易量下降，環比下降 200 萬美元。展望第三季度，7 月份的交易量出現季節性下降，按運行率計算，這將導致第二季度的交易收入下降約 1000 萬美元。

Now let's turn to expenses, starting with core G&A. It was $286 million in Q2. Looking ahead, we plan to stay disciplined on expenses while continuing to invest to drive growth. Given the increase in interest rates to date, including the rate hikes last week, we are poised to generate significant additional capital. Our framework for allocating this capital remains aligned with the returns we generate, which first and foremost, is investments to drive and support organic growth. Now that we are deeper into the rate cycle, we plan to accelerate some of these investments and anticipate up to $20 million of additional core G&A in 2022. This increases our 2022 core G&A outlook to a range of $1.170 billion to $1.195 billion.

現在讓我們談談費用，從核心 G&A 開始。第二季度為 2.86 億美元。展望未來，我們計劃在繼續投資以推動增長的同時，保持對開支的嚴格控制。鑑於迄今為止的利率上升，包括上週的加息，我們準備產生大量額外資本。我們分配這些資本的框架與我們產生的回報保持一致，這首先是推動和支持有機增長的投資。現在我們更深入地了解利率週期，我們計劃加快其中一些投資，並預計在 2022 年增加多達 2000 萬美元的核心 G&A。這將我們 2022 年的核心 G&A 前景提高到 11.7 億美元至 11.95 億美元的範圍。

Moving on to Q2 promotional expense, it was $84 million, down $4 million sequentially, primarily driven by lower conference expense.

繼續第二季度的促銷費用，為 8400 萬美元，比上一季度減少 400 萬美元，主要是由於會議費用降低。

Looking ahead to Q3, we expect promotional expense will increase to approximately $105 million, primarily driven by conference spend as we hosted our largest adviser conference of the year last week, which returned to an in-person format for the first time in 3 years.

展望第三季度，我們預計促銷費用將增加到約 1.05 億美元，主要是由於上週我們舉辦了我們今年最大的顧問會議，會議支出推動了該會議，該會議三年來首次恢復為面對面的形式。

Now let's move to Waddell & Reed. In total, we onboarded over $70 billion, as 99% of client assets joined our platform. We generated EBITDA of roughly $21 million in Q2 or $85 million on an annualized basis. At the end of the quarter, the run rate EBITDA benefit was approximately $100 million, bringing our estimated purchase multiple to 4.5x EBITDA. As we have now substantially completed the integration, going forward, we will no longer break out their stand-alone results.

現在讓我們轉到 Waddell & Reed。隨著 99% 的客戶資產加入了我們的平台，我們總共獲得了超過 700 億美元的資金。我們在第二季度產生了大約 2100 萬美元的 EBITDA 或按年計算的 8500 萬美元。在本季度末，運行率 EBITDA 收益約為 1 億美元，使我們估計的購買倍數達到 4.5 倍 EBITDA。由於我們現在已經基本完成了整合，未來我們將不再打破他們的獨立成果。

Turning to depreciation and amortization, it was $48 million in Q2, up $3 million sequentially. Looking ahead to Q3, we expect depreciation and amortization to increase by up to $5 million sequentially.

談到折舊和攤銷，第二季度為 4800 萬美元，比上一季度增加 300 萬美元。展望第三季度，我們預計折舊和攤銷將連續增加高達 500 萬美元。

As for interest expense, it was $29 million in Q2, up $2 million sequentially, as higher LIBOR rates increased the cost of our floating debt. Looking ahead to Q3, we expect interest expense to increase to approximately $33 million, primarily driven by the increase in LIBOR.

至於利息支出，第二季度為 2900 萬美元，比上一季度增加 200 萬美元，因為倫敦銀行同業拆借利率上升增加了我們浮動債務的成本。展望第三季度，我們預計利息支出將增加到約 3300 萬美元，主要受 LIBOR 增加的推動。

Moving on to capital management. Our balance sheet remained strong in Q2, with a leverage ratio at 2.1x and corporate cash of $241 million.

繼續進行資本管理。我們的資產負債表在第二季度保持強勁，槓桿率為 2.1 倍，公司現金為 2.41 億美元。

As for capital deployment, our framework remains focused on allocating capital aligned with the returns we get, investing in organic growth first and foremost, pursuing M&A where appropriate, and returning excess capital to shareholders. In Q2, we allocated capital to both organic growth and share repurchases, buying back $50 million of our shares.

至於資本配置，我們的框架仍然側重於根據我們獲得的回報分配資本，首先投資於有機增長，在適當的情況下進行併購，並將多餘的資本返還給股東。在第二季度，我們將資金分配給有機增長和股票回購，回購了 5000 萬美元的股票。

As we look ahead to Q3, given our improved level of cash generation, we plan to increase share repurchases to approximately $75 million.

展望第三季度，鑑於我們提高了現金產生水平，我們計劃將股票回購增加到約 7500 萬美元。

In closing, we delivered another quarter of strong business and financial results. As we look forward, we remain excited about the opportunities we see to continue investing to serve our advisers, grow our business and create long-term shareholder value.

最後，我們又交付了一個季度強勁的業務和財務業績。展望未來，我們仍然對我們看到的繼續投資以服務我們的顧問、發展我們的業務和創造長期股東價值的機會感到興奮。

With that, operator, please open the call for questions.

有了這個，接線員，請打開電話提問。

(Operator Instructions) And our first question comes from Alex Blostein from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Alex Blostein。

So Matt, maybe we'll just start off with some of the cash sweep dynamics. In one of the slides you guys referenced that the deposit betas on subsequent hikes beyond 100 basis points are running a little bit lower than what you experienced, I guess, in the last cycle. I guess just curious to get your thoughts on why that is. Is it just the pace of rate hikes has been too fast and we're going to likely play a little bit of a catch-up? Or do you think there's a reason to believe that, that's more sustainable? And maybe just as a follow-up to that, would love a comment on appetite for additional fixed duration as we saw you guys have done in the quarter?

所以馬特，也許我們會從一些現金清掃動態開始。在你們提到的一張幻燈片中，我猜想，在隨後的超過 100 個基點的加息中，存款貝塔值比你們在上一個週期中所經歷的要低一些。我想只是想知道你對為什麼會這樣的想法。只是加息步伐太快，我們可能會追趕嗎？或者你認為有理由相信這更可持續？也許只是作為對此的後續行動，我們是否希望像我們看到你們在本季度所做的那樣，對額外固定期限的胃口發表評論？

Sure, Alex. I think the -- maybe the operative point on that slide, the primary point on that slide is the betas in the prior cycle. I think we are just given how much cash is in the system, it's not a surprise to me that the betas so far have been a little bit better, but I would just emphasize a little bit. So I think the center of gravity and where pricing in the product is probably in the zone of last time, which just highlights it's not really a rate-sensitive product.

當然，亞歷克斯。我認為--也許是該幻燈片上的操作點，該幻燈片上的主要點是前一個週期中的貝塔。我認為我們只是知道系統中有多少現金，到目前為止，Beta 版更好一點我並不感到驚訝，但我只想強調一點。所以我認為產品的重心和定價可能在上次的區域，這只是強調它並不是真正對利率敏感的產品。

On your second question on fixed, right, I think our objective and goals here remain the same that I think you've heard for quite some time, which is to get into a range of 50% to 75% of the portfolio on the fixed rate side. And I think the primary driver on our ability to do that is really demand coming back. So if you look at where we ended the quarter even though we added some fixed rates because of the growth that we had, we're at about 25% of the portfolio. And I think what -- when you think about the demand that came back in the market, it's really starting to build up quite well with us being able to add $8 billion of balances in the quarter, there was more demand on the variable rate side, right?

關於你關於固定的第二個問題，對，我認為我們的目標和目標保持不變，我認為你已經聽到了很長一段時間，即進入固定投資組合的 50% 到 75% 的範圍率方面。而且我認為我們能夠做到這一點的主要驅動因素確實是需求回歸。因此，如果你看看我們在本季度結束時的情況，即使我們由於增長而增加了一些固定利率，我們在投資組合中的佔比約為 25%。而且我認為 - 當您考慮市場回升的需求時，隨著我們能夠在本季度增加 80 億美元的餘額，它真的開始很好地建立起來，可變利率方面的需求更多， 正確的？

So about $5 billion of that came on the variable rate side. But the $3 billion on the fixed rate side, that was the most that we put in place in quite some time, probably since the pandemic began. So I think it's encouraging to see.

因此，其中約 50 億美元來自可變利率方面。但是固定利率方面的 30 億美元，這是我們在相當長的一段時間內投入的最高金額，可能是自大流行開始以來。所以我認為這是令人鼓舞的。

And as we look ahead, it's going to be really about is the additional demand on the fixed rate side there. And the environment, I think, is conducive in general to that, whether it's the fed continuing to raise rates or probably more importantly, shrinking their balance sheet and taking cash out of the system, to the consumer side where consumer spending remains healthy, loan balances are growing. Those are all things that ultimately would lead to sweep demand overall and then ultimately, I think, some fixed rate demand.

正如我們展望未來，這將真正是關於那裡固定利率方面的額外需求。我認為，總體而言，環境有利於這一點，無論是美聯儲繼續加息，還是可能更重要的是，縮小資產負債表並將現金從系統中取出，到消費者支出保持健康的消費者方面，貸款餘額正在增長。這些都是最終會導致全面需求的事情，然後我認為最終會導致一些固定利率需求。

Great. And just maybe for my second question around organic growth. Obviously, and again, perhaps not surprisingly, with more volatility, we've seen moderation in organic growth across the industry in terms of just net new assets. If you were to unpack that a bit and think about sort of the slightly lower run rate ex the larger transactions that we've seen from you guys, how much of that is coming from just slower same-store sales versus lower recruiting versus some retention dynamics? Just would love to get a little more color on that as we think on the forward organic growth rate opportunity for the firm as a whole.

偉大的。也許只是關於有機增長的第二個問題。顯然，再一次，也許並不奇怪，隨著波動性的增加，我們看到整個行業的有機增長放緩，僅就淨新資產而言。如果您要打開包裝並考慮一下略低的運行率（例如我們從你們那裡看到的較大交易），其中有多少來自同店銷售較慢、招聘人數減少和保留率較低動力學？當我們考慮整個公司的未來有機增長率機會時，只是希望對此有更多的了解。

I'll take that one, Alex. And look, I think if you look at the quarter more closely, right, we saw solid new store activities. And if you look across our traditional markets, the new models ex the large institutions, you saw a good robust activity with some slowing relative to prior quarters in new store sales as we believe more to do with just that macro backdrop as we talked about.

我要那個，亞歷克斯。看，我想如果你更仔細地看這個季度，對，我們看到了紮實的新店活動。如果你看看我們的傳統市場，除了大型機構的新模式，你會看到一個良好的強勁活動，相對於前幾個季度的新店銷售有所放緩，因為我們認為更多地與我們談到的宏觀背景有關。

And I think, as advisers pivot through that and get a bit more acclimated to that environment and then begin to look forward, again, these types of conditions are usually an opportunity for us, as we believe there will be more demand, if you will, to explore looking at more into options and alternatives.

而且我認為，隨著顧問們對此進行調整併更加適應這種環境，然後開始展望未來，這些類型的條件通常對我們來說是一個機會，因為我們相信會有更多的需求，如果你願意的話, 以探索更多選項和替代方案。

And so I think you've seen just a little sluggish in new store sales, which is more backed up with the environment. The retention levels have remained as we pointed out, that 2% range in the past year to 2 years, we feel good about where that is, and that's at the lower end of kind of our target range. And so I haven't seen much variability there through the period.

因此，我認為您已經看到新店銷售略有低迷，這更多地受到環境的支持。正如我們指出的那樣，保留水平一直保持在 2% 的範圍內，在過去的一年到 2 年內，我們感覺很好，這是我們目標範圍的下限。因此，在此期間我沒有看到太多的變化。

And then same-store sales is where you see most of the headwind. Of course, this quarter, you have the April dynamic of tax payments that are a headwind on April. And then you saw the equity market volatile and move down much of the quarter. We saw a real sluggishness in April. And we saw some same-store sales pick back up in May slightly with the market and then June, it returned to a headwind. At our conference last week, I think in the dialogue with advisers, you're beginning to hear those advisers get to a place, I think, in this period where they're beginning to see more growth opportunities as they work through this period of volatility.

然後同店銷售是你看到最大阻力的地方。當然，本季度，4 月份的納稅動態是 4 月份的逆風。然後你看到股市波動並在本季度的大部分時間裡下跌。我們在四月看到了真正的低迷。我們看到一些同店銷售額在 5 月份隨著市場略有回升，然後在 6 月份又回到了逆風。在上週的會議上，我認為在與顧問的對話中，你開始聽到這些顧問到達一個地方，我認為，在這個時期，他們開始看到更多的增長機會，因為他們在這段時期工作揮發性。

And I think that's logical and normal as they see more opportunity to serve new clients who may not be being served as well by other advisers. And that ends up being quite frankly, a stimulus and a structural opportunity to demonstrate value to differentiate when required. So a headwind in the second quarter, I do think that structurally speaking, we still see good opportunity as we go forward on same-store sales. But that's the biggest headwind in the short. Let me pause there. I hope that helps.

我認為這是合乎邏輯和正常的，因為他們看到了更多機會為其他顧問可能無法提供服務的新客戶提供服務。坦率地說，這最終成為一種刺激和結構性機會，可以在需要時展示差異化價值。所以第二季度的逆風，我認為從結構上講，我們仍然看到了很好的機會，因為我們在同店銷售方面取得了進展。但這是短期內最大的不利因素。讓我停在那裡。我希望這會有所幫助。

(Operator Instructions) And our next question comes from Steven Chubak from Wolfe Research.

（操作員說明）我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

First off, I just wanted to unpack a recent announcement that you guys made in hiring Bill Sappington. And I was hoping you could just speak to the decision around the new hire. It certainly sends a strong signal that you guys are focused on growing some of your banking and lending solutions. It is a sizable revenue opportunity. It's one that many of your peers have pursued. But just wanted to get a sense if you could help us frame the long-term revenue opportunity here, especially since your advisers haven't historically been strong users of that lending product.

首先，我只是想解開你們最近在僱用比爾·薩平頓時發布的公告。我希望你能談談關於新員工的決定。這無疑發出了一個強烈的信號，即你們正專注於發展一些銀行和貸款解決方案。這是一個可觀的收入機會。這是您的許多同行所追求的。但只是想了解一下您是否可以幫助我們在這裡確定長期收入機會，特別是因為您的顧問歷來不是該貸款產品的強大用戶。

Yes. This is Dan. Look, from a strategic standpoint, we're trying to, I think, solve for 2 opportunities. One, we hear our advisers with the appetite to broaden their value to their clients and provide more of what I might call a holistic approach to that overall advice spectrum. And so it's logical that we would think about bringing lending capabilities, cash management solutions and integrate those in as part of the client experience and to create those products and solutions to add value to the end client.

是的。這是丹。看，從戰略的角度來看，我認為我們正試圖解決兩個機會。第一，我們聽到我們的顧問渴望擴大他們對客戶的價值，並提供更多我可能稱之為整體建議範圍的整體方法。因此，我們會考慮引入貸款功能、現金管理解決方案並將其整合為客戶體驗的一部分，並創建這些產品和解決方案來為最終客戶增加價值，這是合乎邏輯的。

And then if you -- by solving that, you create economics around that and that certainly is appealing from a strategic standpoint. So that's really what we're solving for. I think what we did was go out to the marketplace and say, hey, if we're going to do this right, let's go get the experience and the insight and the leadership to do that. We have been experimenting for a short period of time and just learning enough about it to probably ask smart questions and better identify where our opportunities were and then bring that leadership in to help us go operationalize and execute on that concept. So that's what we're doing.

然後，如果你——通過解決這個問題，你可以圍繞它創造經濟學，從戰略的角度來看，這肯定是有吸引力的。所以這就是我們正在解決的問題。我認為我們所做的就是去市場說，嘿，如果我們要正確地做這件事，讓我們去獲得經驗、洞察力和領導力來做這件事。我們已經進行了很短的一段時間的試驗，並且只是了解了足夠多的知識，以便可能提出聰明的問題並更好地確定我們的機會在哪裡，然後將領導力帶入幫助我們實施和執行該概念。這就是我們正在做的事情。

We think there's interesting possibilities to do that through good third-party partnerships that have tight integrations into the overall client experience and thus deliver compelling solutions to the end client via those advisers. So I hope that helps. That's our strategy.

我們認為，通過良好的第三方合作夥伴關係可以實現這一目標，這些合作夥伴關係緊密集成到整體客戶體驗中，從而通過這些顧問為最終客戶提供令人信服的解決方案。所以我希望這會有所幫助。這就是我們的策略。

Great. And just for my follow-up, maybe just unpacking some of the rate commentary that you made earlier, Matt. Two things I wanted to clarify. First, have you seen any change in client behavior in July in terms of cash allocations? How much of that cash, if any, has gone back into the market? And secondarily, you gave a lot of helpful color around fixed rate contracts. I noted that you had churned out some in the quarter. I'm just trying to gauge your sense of urgency there because the forward curve is pricing in cuts for next year. And there is some concern that if you still are running with a significant amount of floating rate ICA that the downside risk on cash sweep fees could be more acute if we do enter another easing patch.

偉大的。只是為了我的後續行動，也許只是解開你之前發表的一些利率評論，馬特。我想澄清兩件事。首先，您是否看到 7 月份客戶在現金分配方面的行為有任何變化？有多少現金（如果有的話）已經回到市場？其次，您為固定利率合同提供了很多有用的色彩。我注意到你在本季度生產了一些。我只是想衡量你在那裡的緊迫感，因為遠期曲線反映了明年的削減。並且有人擔心，如果您仍然使用大量浮動利率 ICA，如果我們確實進入另一個寬鬆補丁，現金掃除費用的下行風險可能會更加嚴重。

Yes. I'll take the second one first, Steve. I think that what I'd emphasize on the fixed rate side is we're below our target range, right? So I think from our perspective, if there's availability in the marketplace for fixed rate, we're interested in doing that. And I think what's encouraging, as I said to Alex, right, having the ability to add $3 billion just this quarter is really the most amount we've been able to do in a quarter since the pandemic. So I think it's encouraging. But our perspective, I think, is in line with the premise of your question that we'd like to increase fixed rates from here. It's just all about whether it's available in the market.

是的。我會先拿第二個，史蒂夫。我認為我在固定利率方面要強調的是我們低於我們的目標範圍，對吧？所以我認為從我們的角度來看，如果市場上有固定利率的可用性，我們有興趣這樣做。而且我認為令人鼓舞的是，正如我對亞歷克斯所說的那樣，對，能夠在本季度增加 30 億美元確實是自大流行以來我們在一個季度內能夠做到的最大數額。所以我認為這是令人鼓舞的。但我認為，我們的觀點符合您提出的問題的前提，即我們希望從這裡提高固定利率。這只是關於它是否在市場上可用。

Now with respect to your first question, so balances in July. I think when you look at what you would typically see in the first month of the quarter, I'd just remind you that advisory fees are primarily charged or the -- or month 1 is the biggest month of the quarter. So that typically would reduce cash. But I think that was offset by the continued organic growth that we have as well as the volatility, at least in the first half of July. So those 2 things kind of netted off. And I'd say July cash balances were relatively flat. But I'd add that the mix improved, meaning we saw further demand or capacity on the ICA side. So ICA balances actually went up while the money market overflow went down.

現在關於你的第一個問題，所以在 7 月結餘。我認為，當您查看本季度第一個月通常會看到的情況時，我只想提醒您，主要收取諮詢費，或者 - 或第一個月是本季度最大的月份。所以這通常會減少現金。但我認為這被我們持續的有機增長和波動所抵消，至少在 7 月上半月是這樣。所以這2件事有點被淘汰了。我會說 7 月份的現金餘額相對持平。但我要補充的是，組合有所改善，這意味著我們看到了 ICA 方面的進一步需求或產能。所以 ICA 餘額實際上上升了，而貨幣市場溢出下降了。

And maybe just to complete the July update, even though you didn't ask it, just give a little bit of color on the NNA front, which has those same dynamics of advisory fees in the first month of the quarter as well as that choppy macro. And I think when you factor those things in July, it's looking like something that you would expect in that environment, which is organic growth, call it, in the 4% zone. And that is prior to any additional CUNA onboarding, which we have about $5 billion to go on the direct side of CUNA. So I hope that helps, and gave you a little answer.

也許只是為了完成 7 月的更新，即使你沒有問它，只是在 NNA 前面給出一點顏色，它在本季度的第一個月具有相同的諮詢費動態以及波濤洶湧宏。我認為，當你在 7 月份考慮這些因素時，它看起來就像你在那個環境中所期望的那樣，這就是有機增長，稱之為 4% 區域。那是在任何額外的 CUNA 入職之前，我們有大約 50 億美元可以直接用於 CUNA。所以希望對你有所幫助，並給你一點答案。

And our next question comes from Michael Cyprys from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Great. Just had a question on expenses. As we think about the moving pieces for this year, but also into '23, I know probably not going to get any sort of guidance there. But I saw you increase the core G&A growth expense guidance here for '22, I think that implies around 10.5% growth to 13% growth for this year. So I guess, would you be surprised that, that level of growth persisted into '23? And just any sort of help on the moving pieces as we kind of build our models out to '23 here just in terms of some of the moving pieces around expenses that are coming in to the run rate this year from some of the acquisitions as well as the large mandate wins and initiatives that you have going on, just in terms of helping us with the run rate impact as we think about a full year impact in '23? But at the same time, I imagine there are some synergies and some expenses that will be falling out. So just any help there would be appreciated.

偉大的。剛剛有一個關於費用的問題。當我們考慮今年以及 23 年的活動時，我知道可能不會在那裡得到任何指導。但我看到你在這裡增加了 22 年的核心 G&A 增長費用指導，我認為這意味著今年的增長約為 10.5% 至 13%。所以我想，你會對這種增長水平持續到 23 年感到驚訝嗎？當我們在這裡建立我們的模型到 23 年時，就移動部分提供任何形式的幫助隨著大型任務的勝利和您正在進行的舉措，就在我們考慮 23 年全年影響時幫助我們應對運行率影響？但與此同時，我想會有一些協同效應和一些費用將會下降。因此，我們將不勝感激任何幫助。

Yes, sure, of course. I mean I think the key thing, I'll just start with the driver of the increase and specifically, where we are in the interest rate cycle. And I think you probably recall in the past few quarters, we talked about the economics of interest rates going up and our perspective on that, which is really for that first 100 basis points or so increase, that the benefits of that really having that fall to the bottom line and improve operating margin.

是的，當然，當然。我的意思是我認為關鍵的事情，我將首先從增長的驅動因素開始，特別是我們在利率週期中的位置。我想你可能還記得在過去的幾個季度裡，我們談到了利率上升的經濟性以及我們對此的看法，這實際上是前 100 個基點左右的增長，真正有那個下降的好處底線並提高營業利潤率。

And once we got beyond that, really looking to our capital allocation framework to drive those decisions. And sitting here now well above 100 basis points, I think we feel well positioned to really allocate capital across all 3 of our primary areas, including what you're asking about on the expense front.

一旦我們超越了這一點，就會真正尋求我們的資本分配框架來推動這些決策。現在坐在這裡，遠高於 100 個基點，我認為我們有能力在我們的所有 3 個主要領域真正分配資本，包括你在費用方面的問題。

And I think when we look at how and where to allocate that, we do focus, first and foremost, on investments to really drive and support organic growth. And the investments that we've identified to accelerate into this year, that $20 million is really focused on that, in areas where we typically spend, like technology, capabilities, serving and supporting our advisers. We see opportunities in M&A. The Boenning and Scattergood is a good example of that, that we recently signed. And then, of course, returning capital to shareholders. And as I highlighted in the prepared remarks, we plan to increase our buyback to $75 million, up from $50 million in this quarter.

而且我認為，當我們研究如何以及在何處分配這些資金時，我們確實首先關注投資，以真正推動和支持有機增長。我們已經確定將加速到今年的投資，即 2000 萬美元真正集中在我們通常花費的領域，例如技術、能力、服務和支持我們的顧問。我們在併購中看到了機會。 Boenning and Scattergood 就是一個很好的例子，我們最近簽下了它。然後，當然，將資本返還給股東。正如我在準備好的評論中強調的那樣，我們計劃將我們的回購從本季度的 5000 萬美元增加到 7500 萬美元。

Now to your question about next year, right? I think what we'll do is really share our thinking on next year when we typically do, which is when we get closer to the end of this year. But I'd just emphasize, we'll continue to apply our capital allocation framework to really drive how and where we allocate that capital. Really focused on making sure we remain flexible and can make decisions really at that time. So we'll give you an update then.

現在回答你關於明年的問題，對吧？我認為我們要做的是真正分享我們對明年的想法，就像我們通常做的那樣，也就是我們接近今年年底的時候。但我只想強調，我們將繼續應用我們的資本分配框架來真正推動我們分配資本的方式和地點。真正專注於確保我們在那個時候保持靈活並能夠真正做出決定。所以我們會給你一個更新。

And I would just highlight from a share repurchase standpoint with the $75 million planned for next quarter, we are getting close to completing our current authorization. So that's something that we'll naturally work to refresh with a new one, and we'll also give you an update after we do that as well.

我只想從股票回購的角度強調，計劃在下個季度進行 7500 萬美元，我們即將完成目前的授權。因此，我們自然會努力更新一個新的內容，並且我們也會在這樣做之後為您提供更新。

Okay. And maybe just on the capital management front, the $75 million of buybacks you mentioned for the next quarter, should we expect that pace to be sort of sustained into the fourth quarter and beyond? How are you thinking about that? And then just more broadly on M&A, clearly, you saw the transaction announced in the quarter. I think it was an employee model. So I guess where else might M&A be additive to the platform at this point? And what sort of properties are you seeing out there? And how much time are you guys spending on that?

好的。也許只是在資本管理方面，你提到的下一季度的 7500 萬美元回購，我們是否應該預計這種步伐會持續到第四季度及以後？你是怎麼想的？然後在更廣泛的併購方面，很明顯，你看到了本季度宣布的交易。我認為這是一種員工模式。所以我猜想此時併購還能在哪些方面對平台有所幫助？你在那裡看到了什麼樣的房產？你們花了多少時間在這上面？

Yes. I mean I think on the M&A front, all about anything that can accelerate our strategy, whether it's -- when you look at the different types of M&A that we've done from our traditional markets to helping advance our entry into the new market, and on the technology side in advancing capabilities that we otherwise would have had to build.

是的。我的意思是，我認為在併購方面，所有可以加速我們戰略的東西，無論是 - 當你看看我們從傳統市場完成的不同類型的併購，以幫助我們進入新市場時，在技術方面，我們將不得不建立這些能力。

So I think it goes -- all goes back to our strategy and whether it can advance that or not. And of course, if it's a price that makes financial sense and if it's a growth acquisition, operationally we're in a position to be able to bring it on to it. So I think that perspective that we've had for a while is really the same.

所以我認為這一切都可以追溯到我們的戰略，以及它是否可以推進這一點。當然，如果這是一個具有財務意義的價格，並且如果它是一項增長性收購，那麼從運營上講，我們有能力將其付諸實踐。所以我認為我們已經有一段時間的觀點真的是一樣的。

On share repurchases, I'd just go back to what I said at answering the prior question, it's really about our framework and what the opportunities are to allocate capital. I think with where interest rates are, we do expect to have more capital to allocate, and we'll be focused then on the opportunities we see on organic growth and M&A and returning capital to shareholders through share repurchases. So just depending on what the opportunities look like, but if share repurchases make sense, we would allocate capital there. We'll just have to see what it looks like at the time.

關於股票回購，我只想回到我在回答之前的問題時所說的話，這實際上是關於我們的框架以及分配資本的機會。我認為在利率水平上，我們確實希望有更多的資本可以分配，然後我們將專注於我們看到的有機增長和併購以及通過股票回購向股東返還資本的機會。因此，僅取決於機會的樣子，但如果股票回購有意義，我們將在那里分配資金。我們只需要看看它當時的樣子。

And our next question comes from Brennan Hawken from UBS.

我們的下一個問題來自瑞銀的布倫南霍肯。

I'd like to start with a follow-up to Steven and Alex's questions. So the floating rate ICA contracts, it looks like they're still being done at flat to Fed Funds. Matt, you indicated that demand was improving and we certainly saw that on the volume side this quarter. But when do you think that, that demand is going to translate into prices as well, thinking back to the historical premium to the Fed Fund rate that you typically get on the floating rate?

我想先跟進 Steven 和 Alex 的問題。因此，浮動利率 ICA 合同，看起來它們仍然與聯邦基金持平。馬特，您表示需求正在改善，我們當然在本季度的數量方面看到了這一點。但是你認為這種需求什麼時候會轉化為價格，回想一下你通常在浮動利率上獲得的聯邦基金利率的歷史溢價？

Sure, Brennan. I mean, I think -- remember, I think well back when it peaked, right? We -- I think the Fed Funds -- the variable contracts were in the Fed Funds of maybe plus 20, plus 25. And I think that was at the peak, right? So where we are now with just the amount of demand and volume, I would just emphasize, was a big, big positive in the quarter. And moving from contracts that were Fed funds through Fed funds minus a couple of basis points to now starting to get some that are Fed funds plus even in the 5 range or so. It's been a pretty quick improvement. So it's hard to know if that trend continues. I just will say when you look at the marketplace and the factors that would drive demand just continue to be there. So it would not surprise me from a balance standpoint if demand continued to increase.

當然，布倫南。我的意思是，我認為 - 記住，我回想起它達到頂峰的時候，對吧？我們——我認為聯邦基金——可變合約在聯邦基金中可能是加 20，加 25。我認為那是在頂峰，對吧？因此，我只想強調，我們現在只有需求量和數量，這在本季度是一個很大的積極因素。並且從聯邦基金的合約通過聯邦基金減去幾個基點到現在開始得到一些聯邦基金甚至在 5 左右的範圍內。這是一個相當快的改進。所以很難知道這種趨勢是否會持續下去。我只想說，當您查看市場時，推動需求的因素仍然存在。因此，如果需求繼續增加，從平衡的角度來看，我不會感到驚訝。

And whether the spreads go from the 5-ish zone that we just saw up to that 20 or 25 that we saw at the peak, that's harder to know, but keep in mind with Fed funds at 225 to 250, the spread that we're talking about is a relatively small piece of that overall amount.

並且價差是否從我們剛剛看到的 5-ish 區域上升到我們在峰值時看到的 20 或 25，這很難知道，但請記住聯邦基金在 225 到 250 之間的價差，我們重新談論的只是總金額中相對較小的一部分。

Sure, sure. And I didn't realize that you are seeing some small improvements in price. So that's certainly encouraging, and it makes sense. On the other asset-based fees, Matt, I believe you flagged an $8 million payment related to prior period activity. Should we consider that to be one-time in nature? Or is there a reason why that might be recurring?

一定一定。而且我沒有意識到您看到價格上有一些小的改進。所以這當然是令人鼓舞的，而且是有道理的。關於其他基於資產的費用，馬特，我相信你標記了與前期活動相關的 800 萬美元付款。我們應該認為這是一次性的嗎？或者是否有原因導致這種情況再次發生？

Yes, its prior period related, so not recurring.

是的，它與前期相關，因此不會重複出現。

And our next question comes from Devin Ryan from JMP Securities.

我們的下一個問題來自 JMP Securities 的 Devin Ryan。

First question, I just want to dig in a little bit more around if we can get some more flavor on just the pool of advisers in motion today. And what you're seeing both there and you touched a little bit, Matt, on kind of NNA properties. But just how that's been evolving in the current backdrop, if there's any affiliation model that people are gravitating to in this environment? And then whether in terms of just the strategy, whether people are seeking LPL out or if you're kind of aggressively proactively going after either M&A targets or recruiting. So we're hearing kind of 2 sides in the market. I know some people are having a lot of success as you are and some aren't seeing much at all. So just love to get a little flavor for that.

第一個問題，如果我們能對今天的顧問群有更多了解，我只想深入挖掘一下。馬特，你在那裡看到的東西，你對 NNA 的一些屬性有一點觸動。但是，在當前的背景下，這種情況是如何演變的，如果在這種環境中人們傾向於採用任何從屬模式呢？然後無論是就戰略而言，人們是否正在尋求 LPL，或者你是否積極主動地追求併購目標或招聘。所以我們聽到市場上有兩種說法。我知道有些人和你一樣取得了很大的成功，而有些人根本沒有看到很多。所以只是喜歡為此加點味道。

Yes, Devin, let me take a stab at that and a couple of questions in there. If I don't get it all, please just circle back. So I think with respect to the opportunity set, I think you've heard us talk about for the good past year, there's been slower movement or less movement, if you will, than historical norms in the overall marketplace. And we've continued to expand our participation rate and grow our share during that period of time.

是的，德文，讓我試一試，並在那裡提出幾個問題。如果我不明白，請轉回。因此，我認為關於機會集，我認為您已經聽到我們談論過去一年的好消息，如果您願意的話，與整個市場的歷史規範相比，運動速度較慢或運動較少。在此期間，我們繼續擴大參與率並增加我們的份額。

And I think that's probably reflective of the second quarter as well that we just saw and we are very proactive in the marketplace across all different models, affiliation models, in terms of making sure that we create awareness for the solutions that we have, the sort of horizontal expansion we've gone on with these multiple affiliation models. We want to make sure that people are aware of the different solutions and problems that we can help them solve for.

而且我認為這可能也反映了我們剛剛看到的第二季度，我們在所有不同的模型、附屬模型的市場上都非常積極主動，以確保我們對我們擁有的解決方案產生意識，排序在橫向擴展的過程中，我們已經使用了這些多重關聯模型。我們希望確保人們了解我們可以幫助他們解決的不同解決方案和問題。

And certainly, our ongoing investment in the vertical integration of our capabilities is making the model more and more appealing to advisers again in all different segments. And so we want to make sure that people are aware of that capability set within the base of innovation and the change that's going on.

當然，我們對能力垂直整合的持續投資正在使該模型再次對所有不同領域的顧問越來越有吸引力。因此，我們希望確保人們意識到創新基礎中的這種能力以及正在發生的變化。

And the team has done a really good job, I think, of creating structure and using data and insights to go to the market in a smart way and a crisp way to tell that story in a consistent way.

我認為，團隊在創建結構、使用數據和洞察力以一種聰明的方式進入市場方面做得非常好，並且以一種清晰的方式以一致的方式講述這個故事。

And so we're very intentional about trying to be good at attracting new advisers and very intentional about constantly working on how can we improve and get better at that. So I think this combination of the capabilities that we've built, matched with the growing efficacy of our ability to recruit, is leading to that sort of consistent up and to the right kind of results related to our new store sales.

因此，我們非常有意識地試圖擅長吸引新顧問，並且非常有意識地不斷努力研究如何改進和變得更好。因此，我認為我們已經建立的這種能力的組合，與我們不斷增長的招聘能力相匹配，正在導致與我們的新店銷售相關的那種一致的上升和正確的結果。

And again, we see a really strong pipeline, notwithstanding what's going on in the marketplace across all of our different models, that is very encouraging. I think that the employee-based solution that we have, still retains the independent principles. We're seeing it continuing to really resonate out in the marketplace as more and more people become aware of it, and understand the combination of value they get by preserving sort of that principles and most appealing attributes of the independent model. We think that has very interesting growth prospects. I hope that helps.

再一次，我們看到了一個非常強大的管道，儘管我們所有不同模型的市場正在發生什麼，這非常令人鼓舞。我認為我們現有的基於員工的解決方案仍然保留了獨立原則。隨著越來越多的人意識到它，並了解通過保留這種原則和獨立模型最吸引人的屬性而獲得的價值組合，我們看到它繼續在市場上引起真正的共鳴。我們認為這具有非常有趣的增長前景。我希望這會有所幫助。

That's helpful. Maybe just a quick follow-up here on the services business. And you mentioned there's some new services in pilot and incubation at the moment. I'm not sure if you can give any more detail on what those might look like or what buckets they fit into?

這很有幫助。也許只是對服務業務的快速跟進。你提到目前有一些新的試點和孵化服務。我不確定您是否可以提供更多關於這些可能是什麼樣子或它們適合哪些桶的詳細信息？

And then if you think about kind of the bigger picture as you continue to scale, is there room for pricing uplift, as it sounds like a lot of the advisers are getting a lot of value out of it and maybe arguably even underpricing some of the services. Or really, is it just more about the differentiation of that platform? And so it just helps growth and stickiness. Just love to get more color as kind of the longer-term vision.

然後，如果您在繼續擴大規模時考慮更大的圖景，是否存在定價提升的空間，因為聽起來很多顧問從中獲得了很多價值，甚至可以說甚至低估了一些服務。或者說真的，僅僅是該平台的差異化？所以它只是有助於增長和粘性。只是喜歡獲得更多顏色作為長期願景。

Yes, it's a good question. And look, strategically, the hypothesis was, hey, there's real problems and challenges to help these advisers better operate their businesses that we could solve for in a more effective way and in a cheaper rate for them, thus creating real alternatives and real appeal.

是的，這是個好問題。從戰略上看，假設是，嘿，幫助這些顧問更好地經營他們的業務存在真正的問題和挑戰，我們可以以更有效的方式和更便宜的價格為他們解決這些問題，從而創造真正的替代方案和真正的吸引力。

And then if you can then integrate them from an automation and a technology standpoint, and when I take the service human center and that technology around it, well, that would be a great way to not only create scalability and efficiency in the overall delivery of those services, i.e., do them for a lower cost, but then again, improve and enhance the value of it.

然後，如果你能從自動化和技術的角度整合它們，當我採用服務人力中心和圍繞它的技術時，那將是一個很好的方式，不僅可以在整體交付中創造可擴展性和效率這些服務，即以較低的成本提供服務，但又一次提高和提高了它的價值。

So I think that's the journey we're on. That's the journey we're on with the first generation of solutions that we offer to the marketplace. I think Admin, CFO, Marketing, as the professional services that we started with.

所以我認為這就是我們正在進行的旅程。這就是我們向市場提供的第一代解決方案的旅程。我認為 Admin、CFO、Marketing 是我們開始時的專業服務。

I think as we continue to refine them and improve and enhance them, that will give us potential pricing power in certain of those solutions and services or continue to innovate on how you offer them to the marketplace, and it could be that you turn those, that holistic sort of CFO solution into different discrete solutions, think about bookkeeping as a derivative of that, that might have a lower price point but solve for a unique need within the old CFO scope. And so there's another number of iterations that we can take to create product expansion that have different price points that actually make it more accessible and easier for us to serve a broader set of advisers.

我認為，隨著我們繼續完善它們並改進和增強它們，這將使我們在某些解決方案和服務中具有潛在的定價能力，或者繼續創新您將它們提供給市場的方式，並且您可能會轉變這些解決方案和服務，將整體的 CFO 解決方案轉換為不同的離散解決方案，將簿記視為其衍生品，它可能具有較低的價格點，但可以解決舊 CFO 範圍內的獨特需求。因此，我們可以進行其他多次迭代來創建具有不同價格點的產品擴展，這實際上使我們更容易獲得和更輕鬆地為更廣泛的顧問提供服務。

So you've got both dynamics. It's product innovation needs, different positioning in the marketplace that will drive price points. And to your point, if you create more value, then you can also charge more for historically consistent, but valuable existing services. So I think all of those spectrums of possibilities are there for us. We are heavily into the innovation and trying to learn and understand what problems or challenges we're hearing from advisers and then how we can turn that into a service.

所以你有兩種動力。產品創新需求、市場中的不同定位將推動價格點。就您的觀點而言，如果您創造更多價值，那麼您還可以為歷史一致但有價值的現有服務收取更多費用。所以我認為所有這些可能性範圍都為我們準備好了。我們非常熱衷於創新，並試圖了解和了解我們從顧問那裡聽到的問題或挑戰，然後我們如何將其轉化為服務。

You mentioned some things that are in the incubation phase and or what I might call, pilot-based -- bookkeeping is one of those that we think will be an interesting opportunity that we'll go to market later this year on and then we've got another probably 5 or 6 that are in that incubation phase that would then logically move to a pilot. I hope that helps.

你提到了一些處於孵化階段的東西，或者我可能稱之為試點的東西——簿記是我們認為將是一個有趣的機會之一，我們將在今年晚些時候進入市場，然後我們還有可能有 5 或 6 個處於孵化階段，然後從邏輯上轉移到試點。我希望這會有所幫助。

And our next question comes from Gerald O'Hara from Jefferies.

我們的下一個問題來自 Jefferies 的 Gerald O'Hara。

Maybe just sticking with the business solutions for a moment. Can you maybe give us a little bit of color or context around kind of the stickiness of the subscriptions and what those kind of renewal terms look like or how long the contracts are? Or anything to just give us some insight as to the longer-term kind of opportunity there?

也許只是暫時堅持業務解決方案。您能否就訂閱的粘性以及這些續訂條款的外觀或合同的期限向我們提供一些顏色或背景信息？或者有什麼可以讓我們對那裡的長期機會有所了解？

Yes. So there's a variety of different solutions and services that are offered, right? So you have the professional services that I mentioned before, Admin, CFO, marketing, business strategy, then you have some business solutions that we've created that are more like M&A solutions, our assurance plan, remote office, resilience plan and even now paraplanning as a solution.

是的。因此，提供了各種不同的解決方案和服務，對吧？因此，您擁有我之前提到的專業服務、管理、首席財務官、營銷、業務戰略，然後您擁有我們創建的一些業務解決方案，更像是併購解決方案、我們的保障計劃、遠程辦公室、彈性計劃，甚至現在超規劃作為一種解決方案。

And so they're slightly different in the value that they create, and they're slightly different in how an adviser may use them. And so they're distinctively different when they have when you think about contracts and things of that nature. But if you take the professional services, generally speaking, that's a 1-year contract to start, that typically speaking, we have done that as a way to present it to the marketplace to make sure that it's not a longer-term commitment, as people got acclimated to the service, understood whether that added value to them or not, but then gave us enough time, i.e., a year, to make sure that they had been informed and had used it enough to really understand whether it created value for them or not.

因此，它們創造的價值略有不同，顧問使用它們的方式也略有不同。因此，當您考慮合同和類似性質的事物時，它們會明顯不同。但是，如果您採用專業服務，一般來說，這是一份為期 1 年的合同，通常來說，我們這樣做是為了將其展示給市場，以確保它不是長期承諾，因為人們習慣了這項服務，了解這是否為他們增加了價值，但隨後給了我們足夠的時間，即一年，以確保他們已被告知並已充分使用它來真正了解它是否為他們創造了價值他們與否。

And I think you have high retention rates on those different types of services. We're also though learning into the marketplace, as I said in my remarks. We saw some advisers that moved over from Waddell & Reed on our admin services that used those for a shorter time frame, I think their intent was to say, hey, I just want these to help me transition over to LPL. So their vision was just one term on that contract and then ultimately would find a different long-term solution. So that's a good learning for us and an opportunity to innovate around that and create a different type of solution for a shorter-term specific need in time. That might have a higher price associated with it, but still create that value that they need for that short period of time.

而且我認為您對這些不同類型的服務的保留率很高。正如我在講話中所說，我們也在向市場學習。我們看到一些顧問從 Waddell & Reed 轉移到我們的管理服務上，他們使用這些服務的時間更短，我認為他們的意圖是說，嘿，我只是希望這些能幫助我過渡到 LPL。所以他們的願景只是該合同的一個條款，然後最終會找到一個不同的長期解決方案。因此，這對我們來說是一次很好的學習，也是一個圍繞它進行創新並及時為短期特定需求創建不同類型解決方案的機會。這可能會帶來更高的價格，但仍然會在短時間內創造他們需要的價值。

So that was a good example in learning where you might have had higher attrition rates on the surface of the admin services for that period of time, but it was more related to how they were using the service, then dissatisfactory.

因此，這是一個很好的例子，可以幫助您了解在這段時間內您可能在管理服務表面上的流失率更高，但這更多地與他們如何使用服務有關，然後是不滿意。

So again, I think as we innovate on this portfolio and we offer them to the marketplace, we're seeing how people use them in different ways, it's a good learning experience and evolution for us in terms of making sure we fine-tune the value and that we -- they're well positioned in the marketplace to meet those specific needs of the advisers that are looking for help.

再說一次，我認為當我們在這個產品組合上進行創新並將它們提供給市場時，我們正在看到人們如何以不同的方式使用它們，這對我們來說是一個很好的學習經驗和進化，以確保我們微調價值和我們 - 他們在市場上處於有利地位，可以滿足尋求幫助的顧問的特定需求。

So net out is, I think, high retention rates. And again, our opportunity is to continue to create awareness and to make sure that we expand that portfolio, so that we reach more advisers with a variety of different solutions that they need. And we think that there's a significant amount of value to be added. It also creates great stickiness and around that overall relationship with us and also has a residual knock-on effect of improving and enhancing the overall performance of the practice, I think high tailwind to same-store sales and higher retention rates that come along with those additional services as part of the relationship and even help us with new store sales as a differentiated more appealing model.

所以淨出是，我認為，高保留率。同樣，我們的機會是繼續提高知名度並確保我們擴大該組合，以便我們為更多顧問提供他們需要的各種不同解決方案。我們認為有大量的價值需要增加。它還創造了巨大的粘性，圍繞與我們的整體關係，還具有改善和提高實踐整體績效的殘餘連鎖效應，我認為同店銷售的高順風和隨之而來的更高保留率附加服務作為關係的一部分，甚至幫助我們將新店銷售作為差異化更具吸引力的模式。

Okay. That's helpful. And then as a follow-up, I think around -- about this time last year, you kind of gave some color with respect to the RIA relaunch and sort of how that strategy was coming along, I guess, the sort of early days, maybe encouraging pipeline comments along those lines. But I think you also ended by saying you kind of need to go out and sell it. So hoping you might be able to give us a little bit of an update as to how that's coming along.

好的。這很有幫助。然後作為後續行動，我想 - 大約在去年的這個時候，你對 RIA 的重新啟動以及該策略是如何進行的，我猜是早期的那種，也許鼓勵沿著這些思路發表管道評論。但我認為你最後還說你需要出去賣掉它。所以希望你能給我們一些關於它是如何發生的更新。

Yes, good question. And I think we -- that was like a year ago, we kind of relaunched, if you will, or went to the marketplace in a more offensive posture relative to our RIA offering. And we continue to go to the marketplace, looking for those opportunities for folks to leverage us as a vertically integrated strategic partner, that are RIAs only.

是的，好問題。而且我認為我們 - 就像一年前一樣，如果你願意的話，我們有點重新推出，或者以相對於我們的 RIA 產品更具攻擊性的姿態進入市場。我們繼續進入市場，尋找機會讓人們利用我們作為垂直整合的戰略合作夥伴，這只是 RIA。

We continue to add capabilities and pricing that we believe is competitive and compelling and you're seeing that show up in the recruiting that we've had over the past 12 months. That said, I think there's more that we can do and more opportunity and more -- we can be more intentional about how we go to the market and really establish ourselves as a differentiated strategic partner and a value-added partner and not just a custodian to RIAs. And so we have more to play there that you'll hear more about in the coming quarters.

我們繼續增加我們認為具有競爭力和吸引力的功能和定價，您會在過去 12 個月的招聘中看到這一點。話雖如此，我認為我們可以做的還有更多機會和更多——我們可以更加專注於如何進入市場，真正將自己確立為差異化戰略合作夥伴和增值合作夥伴，而不僅僅是託管人到 RIA。所以我們有更多的東西可以在那裡玩，你會在接下來的幾個季度聽到更多的消息。

And our next question comes from Kyle Voigt from KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Maybe a follow-up question on capital management. Your current leverage ratio is roughly 2.1x, which is towards the bottom end of your range, your targeted range. I guess when you consider that ratio is calculated using LTM EBITDA, and the rate sensitivity you've disclosed, it's relatively easy to see how that leverage ratio can very quickly move below 1.5x without paying down any debt and still investing significantly in the business. I guess, how do you view your optimal leverage ratio in a period with rapidly growing EBITDA? And I guess, would you be willing to kind of let this trend significantly below your target as we look out this year?

也許是關於資本管理的後續問題。您當前的槓桿比率約為 2.1 倍，接近您的目標範圍的底端。我想當你考慮到這個比率是使用 LTM EBITDA 計算的，以及你披露的利率敏感性時，很容易看出這個槓桿比率是如何在不償還任何債務的情況下迅速降至 1.5 倍以下並且仍然對業務進行大量投資的.我想，在 EBITDA 快速增長的時期，您如何看待您的最佳槓桿率？而且我想，在我們今年展望的時候，您是否願意讓這種趨勢大大低於您的目標？

Yes, Kyle. I think we're just starting with the range. I think the 2x to 2.75x, we think, is the right range to operate in. And it does a handful of things. But I think the balance sheet strength is key and supportive of recruiting and supporting our advisers that are with us. It's really, really important. And I think in addition to that, positioning us to have flexibility to deploy capital based on the opportunities that we see including M&A, investments in organic growth, are important as well.

是的，凱爾。我認為我們只是從範圍開始。我認為 2x 到 2.75x，我們認為，是正確的操作範圍。它做了一些事情。但我認為資產負債表實力是招募和支持與我們在一起的顧問的關鍵和支持。這真的，真的很重要。我認為除此之外，根據我們看到的機會（包括併購、對有機增長的投資），讓我們能夠靈活地部署資本也很重要。

And I think to the point of your question, I think as we get deeper into the interest rate cycle or even where we are right now, I think we feel comfortable and like being positioned on the lower end of that range as the interest rates get higher and higher and the amount of EBITDA that's driven by that -- by those economics is a larger percentage of it.

我認為就你的問題而言，我認為隨著我們深入了解利率週期，甚至我們現在所處的位置，我認為我們感覺很舒服，並且喜歡在利率上升時處於該範圍的低端越來越高，而由這些經濟驅動的 EBITDA 數量佔其中的比例更大。

I think if we end up dropping below the low end of that range and maybe I wouldn't say significantly to your question, but maybe by a small amount for a short period of time, I think that's okay. I think our center of gravity and focus is being really deliberate and thoughtful about not only where we allocate that capital, but when we allocate that capital. So I think that's our perspective. Overall, we want to allocate that capital to drive value and I think we feel good where we're positioned today.

我認為，如果我們最終跌至該範圍的低端以下，也許我不會對您的問題說太多，但可能會在短時間內降低少量，我認為沒關係。我認為我們的重心和重點不僅在於我們在哪里分配資本，而且在何時分配資本方面都經過深思熟慮和深思熟慮。所以我認為這是我們的觀點。總的來說，我們希望分配這些資本來推動價值，我認為我們今天所處的位置感覺很好。

Understood. And as a follow-up on client cash, I appreciate the commentary on July, but just a question on the idea of potential sorting and adviser behavior around client cash. Are you seeing any incremental signs of more yield-seeking behavior whether that's demand for money -- treasury or short duration fixed income instruments? And given that we've just gotten the most recent rate hikes last week and obviously acknowledging that's a very small sample size. Just wondering if there's been any change in behavior you've seen recently that's been notable?

明白了。作為客戶現金的後續行動，我很欣賞 7 月份的評論，但只是對圍繞客戶現金的潛在分類和顧問行為的想法提出的問題。無論是對貨幣的需求——國債還是短期固定收益工具，你是否看到任何尋求收益行為的增量跡象？鑑於我們上周剛剛獲得了最近的加息，並且顯然承認這是一個非常小的樣本量。只是想知道您最近看到的行為是否有任何值得注意的變化？

Yes. I think I got your question, Kyle, it's breaking up there. But I think when you look at the rate sensitivity of our cash and the question is, has anything changed? I think the answer is no. And I think just maybe a couple of reminders of the cash that we have in sweep on our business is largely operational. And that's why we tend to have some of the lowest cash as a percent of AUM in the industry where it's usually in the 5% zone. And the primary factor that tends to move that up and down is really market sentiment as opposed to rate-seeking behavior.

是的。我想我明白了你的問題，凱爾，它在那兒分手了。但我認為，當您查看我們現金的利率敏感性時，問題是，有什麼變化嗎？我認為答案是否定的。而且我認為可能只是一些提醒我們在業務中獲得的現金在很大程度上是可操作的。這就是為什麼我們傾向於在行業中擁有一些最低的現金佔 AUM 的百分比，通常在 5% 區域。傾向於上下波動的主要因素實際上是市場情緒，而不是尋求利率的行為。

And I think when you look at just the last couple of quarters and especially this quarter, I think you're seeing that play out. Just looking at Q2 as interest rates have gone up meaningfully during the quarter, our cash balances actually grew both in dollars and as a percent of AUM, up to 6.5%, just given the volatility that you saw in the quarter.

而且我認為，當您僅查看最後幾個季度，尤其是本季度時，我認為您已經看到了結果。僅看第二季度，由於本季度利率顯著上升，我們的現金餘額實際上以美元和占 AUM 的百分比增長，高達 6.5%，只是考慮到您在本季度看到的波動性。

So I think the cash tends to be operational and even looking back at Q1, the last couple of quarters, I think you're seeing empirical data that really validates that the cash -- the rate-seeking behavior is really not in the cash that we have.

所以我認為現金往往是可操作的，甚至回顧第一季度，最後幾個季度，我認為你看到的經驗數據確實證實了現金——尋求利率的行為實際上並不存在於我們有。

And our next question comes from Craig Siegenthaler from Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

I wanted to come back to the pure RIA channel, which you just relaunched a little more than a year ago. Can you provide us an update on how this channel is doing? And I was also interested in how the competitive landscape is evolving with both the merger of 2 of the biggest RIA custodians and also some changes to the macro backdrop year-to-date?

我想回到純粹的 RIA 頻道，你一年多前剛剛重新啟動了這個頻道。您能否向我們提供有關此頻道的最新進展？我還對競爭格局如何隨著兩家最大的 RIA 託管人的合併以及年初至今宏觀背景的一些變化而演變感興趣？

Yes. So I think with respect to the RIA business, look, the last 2 quarters, you've seen our affiliation models collectively, we've recruited in each of those quarters, a little over $2 billion in assets. And certainly, the RIA solution is a significant contributor to that. So again, we're seeing good traction with our offering in the marketplace today.

是的。所以我認為關於 RIA 業務，看，過去兩個季度，你已經看到了我們的聯合模式，我們在每個季度都招募了超過 20 億美元的資產。當然，RIA 解決方案對此做出了重要貢獻。因此，我們再次看到我們在當今市場上提供的產品具有良好的吸引力。

As I shared with you, though, we see the opportunity to be a more significant vertically integrated strategic partner than just a custodian. And so that's one of the things that we're trying to be intentional about both in terms of how we think about our offering, our pricing and even potentially our branding of that offering.

不過，正如我與您分享的那樣，我們看到了成為更重要的垂直整合戰略合作夥伴的機會，而不僅僅是託管人。因此，這是我們在如何看待我們的產品、我們的定價甚至可能是我們對該產品的品牌方面都試圖有意考慮的事情之一。

And so there's more to play out there that you'll hear more about as we go forward. But we do see the opportunity, given the size of that market to continue to win share there. I do think with the consolidation of 2 large custodians, that creates disruption or some potential change in the marketplace. And usually, where there's change, if they're well prepared, chance favors the prepared and you can capitalize on that opportunity. And so I think we certainly see that as one of the possibilities and opportunities amongst a number, to win share as we go forward.

因此，隨著我們前進，您會聽到更多關於那裡的內容。但我們確實看到了機會，因為該市場的規模將繼續在那裡贏得份額。我確實認為，隨著 2 家大型託管人的合併，這會造成市場中斷或一些潛在的變化。通常，在發生變化的地方，如果他們做好了充分的準備，機會就會有利於準備好的人，你可以利用這個機會。因此，我認為我們當然認為這是許多人中的一種可能性和機會，在我們前進的過程中贏得份額。

So I hope that helps give you a little bit more color and context on the opportunity we see and how we're trying to be intentional about capitalizing.

因此，我希望這有助於為您提供更多關於我們看到的機會以及我們如何努力有意利用資本的色彩和背景。

And I wanted to do my follow-up on the bank channel. So 2 big wins last year, 2 this year with both CUNA and People's United coming shortly. What's the potential for additional bank channel wins? Can you keep the streak of 2 wins per year alive next year? And also, is the macro backdrop making it a little tougher to find the next win, just with banks focusing more internally right now?

我想在銀行頻道上做我的跟進。所以去年有 2 場大勝利，今年 2 場，CUNA 和人民聯隊很快就會到來。額外的銀行渠道獲勝的潛力是什麼？明年你能保持每年2連勝嗎？此外，宏觀背景是否讓尋找下一場胜利變得有點困難，只是銀行現在更加關注內部？

Yes. Good question. And so look, as we go forward, our pipeline continues to build across a larger spectrum of financial institution clients. So I think it's that typical momentum where you have some success, you continue to iterate and evolve your value proposition, and that tends to create more dialogue and more opportunity. So we certainly see that demand picking up.

是的。好問題。因此，隨著我們的前進，我們的管道將繼續在更大範圍的金融機構客戶中建立。所以我認為這是你取得一些成功的典型動力，你繼續迭代和發展你的價值主張，這往往會創造更多的對話和更多的機會。因此，我們當然看到需求回升。

And one of the biggest hurdles is just the whole onboarding change in a transition process. We continue to learn and apply those insights and new innovations, I'd like to say now make our onboarding and transition process, a differentiated capability. And that's one of the things that we saw as a big opportunity to reduce one of the barriers, if you will, of making that transition and the change.

最大的障礙之一就是過渡過程中的整個入職變更。我們將繼續學習和應用這些見解和新的創新，我想說現在使我們的入職和過渡過程成為一種差異化的能力。這是我們認為是減少障礙之一的重要機會之一，如果你願意的話，可以進行過渡和改變。

And so we think that the track record of steady wins, the ongoing evolution and a feel of our model, smooth transitions, is increasingly making us confident in the durability of this -- of the growth in this channel. So that maybe answers your first question.

因此，我們認為，穩定獲勝的記錄、持續的演變和我們模型的感覺、平穩的過渡，正越來越使我們對這一渠道的增長的持久性充滿信心。所以這可能回答了你的第一個問題。

Your second question around the banks and their interest and their willingness to have this dialogue. Now I think the significant opportunity we have to add value across sort of a spectrum of economics, meets risk management, meets operational efficiency, meets potential growth in their programs, notwithstanding the market volatility. There's a lot of reasons to have a dialogue and a discussion. And again, we see those opportunities to explore those possibilities continuing to evolve in a constructive way. So macro hasn't really altered the trajectory of this.

你的第二個問題是關於銀行及其興趣和進行這種對話的意願。現在我認為，儘管市場波動很大，但我們必須在各種經濟領域增加價值、滿足風險管理、滿足運營效率、滿足其計劃的潛在增長的重大機會。有很多理由進行對話和討論。再一次，我們看到探索這些可能性的機會繼續以建設性的方式發展。所以宏觀並沒有真正改變這個軌跡。

And I am showing no further questions. I would now like to turn the call back over to Dan Arnold for closing remarks.

我沒有再提出任何問題。我現在想將電話轉回給丹·阿諾德（Dan Arnold）以結束髮言。

I'd just like to thank everyone for taking the time to join us this afternoon, and we look forward to speaking with you again next quarter. Have a great day.

我只想感謝大家今天下午抽出時間加入我們，我們期待下個季度再次與您交談。祝你有美好的一天。

Thank you. You may now disconnect.

謝謝你。您現在可以斷開連接。