LPL Financial Holdings Inc (LPLA) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for joining the Second Quarter 2023 Earnings Conference Call for LPL Financial Holdings Inc. Joining the call today are our President and Chief Executive Officer, Dan Arnold; and Chief Financial Officer and Head of Business Operations, Matt Audette.

下午好，感謝您參加 LPL Financial Holdings Inc. 2023 年第二季度收益電話會議。今天加入電話會議的是我們的總裁兼首席執行官 Dan Arnold；首席財務官兼業務運營主管 Matt Audette。

Dan and Matt will offer introductory remarks, and then the call will be open for questions. (Operator Instructions)

丹和馬特將進行介紹性發言，然後電話會議將開放提問。 （操作員說明）

The company has posted its earnings press release and supplementary information on the Investor Relations section of the company's website, investor.lpl.com.

該公司已在公司網站 Investor.lpl.com 的投資者關係部分發布了收益新聞稿和補充信息。

Today's call will include forward-looking statements, including statements about LPL Financial's future financial and operating results, outlook, business strategy and plans as well as other opportunities and potential risks that management foresees.

今天的電話會議將包括前瞻性陳述，包括有關 LPL Financial 未來財務和經營業績、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。

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.

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結果或時間存在重大差異。

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，該公司請聽眾參閱收益新聞稿中“前瞻性陳述”標題下所載的披露內容，以及該公司最近向證券公司提交的文件中包含的風險因素和其他披露內容和交易委員會。

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，該公司還將討論某些非公認會計準則財務措施。有關此類非 GAAP 財務指標與可比 GAAP 數據的調節表，請參閱該公司的收益報告，該報告可在 Investor.lpl.com 上找到。

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

現在，我將把電話轉給阿諾德先生。

Thank you, Tanya, and thanks to everyone for joining our call today.

謝謝你，塔尼婭，也感謝大家今天加入我們的電話會議。

Over the past quarter, our advisers continued to provide their clients for personalized financial guidance on the journey to help them achieve their life goals and dreams. To help support that important work, we remain focused on our mission, taking care of our advisers so they can take care of their clients.

在過去的季度中，我們的顧問繼續為客戶提供個性化的財務指導，幫助他們實現人生目標和夢想。為了幫助支持這項重要的工作，我們將繼續專注於我們的使命，照顧我們的顧問，以便他們能夠照顧他們的客戶。

This quarter, we continued to see the appeal of our model growth due to the combination of our robust and feature-rich platform, the stability and scale of our industry-leading model and our capacity and commitment to invest back into the platform. As a result, we continue to make progress toward our vision of becoming the leader across the adviser-mediated marketplace.

本季度，由於我們強大且功能豐富的平台、行業領先模型的穩定性和規模以及我們對該平台進行投資的能力和承諾，我們繼續看到了模型增長的吸引力。因此，我們繼續朝著成為顧問中介市場領導者的願景取得進展。

In that spirit, we remain focused on helping advisers and enterprises solve challenges and capitalize on opportunities better than anyone else and thereby serve as the most appealing player in the industry.

本著這種精神，我們仍然專注於幫助顧問和企業比其他人更好地解決挑戰並利用機遇，從而成為行業中最具吸引力的參與者。

With respect to our performance, we delivered another quarter of solid results while also continuing to make progress on the execution of our strategic plan. I'll review both of these areas, starting with our second quarter business results.

就我們的業績而言，我們又取得了一個季度的穩健業績，同時在戰略計劃的執行方面也繼續取得進展。我將從第二季度的業務業績開始回顧這兩個領域。

In the quarter, total assets increased to $1.2 trillion, as continued solid organic growth was complemented by higher equity markets. With respect to organic growth, second quarter organic net new assets were $22 billion, representing 7.4% annualized growth or approximately 8% when adjusted for seasonal tax payments. This contributed to organic net new assets over the past 12 months of $84 billion, representing approximately an 8% organic growth rate.

本季度，總資產增至 1.2 萬億美元，持續穩健的有機增長得到股市上漲的補充。就有機增長而言，第二季度有機淨新資產為 220 億美元，年化增長率為 7.4%，經季節性納稅調整後約為 8%。這使得過去 12 個月的有機淨新資產達到 840 億美元，有機增長率約為 8%。

In Q2, recruited assets were $19 billion, which represents a quarterly record, excluding periods when on-boarding large enterprises. This outcome was driven by the ongoing enhancements to our model as well as our expanded addressable markets.

第二季度，招聘資產為 190 億美元，創季度新高（不包括大型企業入職期間）。這一結果是由我們模型的持續改進以及我們擴大的潛在市場推動的。

Looking at same-store sales, our advisers remain focused on serving the clients and delivering a differentiated experience. As a result, our advisers are both winning new clients and expanding wallet share with existing clients, a combination that drove solid same-store sales in Q2.

就同​​店銷售而言，我們的顧問仍然專注於為客戶提供服務並提供差異化​​的體驗。因此，我們的顧問既贏得了新客戶，又擴大了現有客戶的錢包份額，這一組合推動了第二季度同店銷售的強勁增長。

With respect to retention, we continue to enhance the adviser experience through the delivery of new capabilities and technology as well as the evolution of our service and operations functions. As a result, asset retention for the second quarter and over the last 12 months was approximately 99%.

在保留方面，我們通過提供新的功能和技術以及服務和運營職能的發展，繼續增強顧問的體驗。因此，第二季度和過去 12 個月的資產保留率約為 99%。

Our second quarter business results led to solid financial outcomes of $3.94 of adjusted EPS, an increase of 76% from a year ago.

我們第二季度的業務業績帶來了穩健的財務成果，調整後每股收益為 3.94 美元，比去年同期增長 76%。

Let's now turn to the progress we made on our strategic plan. Now, our long-term vision is to become a leader across the adviser-centered marketplace, which, for us, means being the best at empowering advisers and enterprises to deliver great advice to their clients and to be great operators of their businesses.

現在讓我們談談我們的戰略計劃所取得的進展。現在，我們的長期願景是成為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幫助顧問和企業向客戶提供優質建議並成為其業務的出色運營商的人。

To bring this vision to life, we are providing the capabilities and solutions that help advisers deliver personalized advice and planning experiences to their clients. And, 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.

為了實現這一願景，我們提供功能和解決方案，幫助顧問向客戶提供個性化建議和規劃體驗。與此同時，通過以人為本、技術支持的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。做好這件事為我們在顧問經驗、有機增長和市​​場份額方面提供了一條可持續的行業領先之路。

Now to execute on our strategy, we organize our work around 2 primary categories: horizontal expansion, where we look to expand the ways that advisers and enterprises can affiliate with us, such that we can compete for all 300,000 advisers in the adviser-mediated market; and vertical integration, where we focus on providing capabilities that solve for a broader spectrum of adviser needs and, in doing so, create durable, differentiated value.

現在，為了執行我們的戰略，我們圍繞兩個主要類別組織我們的工作： 橫向擴展，我們希望擴大顧問和企業與我們合作的方式，以便我們能夠在顧問介導的市場中競爭所有 300,000 名顧問;垂直整合，我們專注於提供解決更廣泛顧問需求的能力，並在此過程中創造持久的、差異化的價值。

With that as context, let's start with our efforts around horizontal expansion. This work involves meeting advisers and enterprises where they are in the evolution of their businesses by creating flexibility in our affiliation models, so they can design the perfect practice for themselves and for their clients. As a result, this component of our strategy helps contribute to solid growth in our traditional markets, while also expanding our addressable markets through our new affiliation models.

以此為背景，讓我們從橫向擴展的努力開始。這項工作涉及通過在我們的隸屬模型中創建靈活性來與處於業務發展階段的顧問和企業會面，以便他們可以為自己和客戶設計完美的實踐。因此，我們戰略的這一組成部分有助於促進我們傳統市場的穩健增長，同時還通過我們新的聯盟模式擴大我們的潛在市場。

Now, over the quarter, we saw strong recruiting in our traditional independent market, reaching a new quarterly high of approximately $14 billion in assets. At the same time, due to the appeal of our model and the efficacy of our business development team, we maintained our industry-leading win rates while also expanding the breadth and depth of our pipeline.

現在，在本季度，我們看到傳統獨立市場的招聘強勁，資產達到約 140 億美元的季度新高。與此同時，由於我們的模型的吸引力和業務開發團隊的效率，我們保持了行業領先的勝率，同時也擴大了我們的渠道的廣度和深度。

With respect to our new affiliation models, Strategic Wealth, Employee and our enhanced RIA offering, we delivered our strongest quarter to date, recruiting roughly $4 billion in assets in Q2. And in each of these models, we continue to experience growing demand and expanding pipelines, which position them for increased contribution to our organic growth.

就我們的新聯屬模型、戰略財富、員工和增強的 RIA 產品而言，我們實現了迄今為止最強勁的季度業績，在第二季度招募了約 40 億美元的資產。在這些模型中，我們繼續經歷不斷增長的需求和不斷擴大的管道，這使它們能夠為我們的有機增長做出更大的貢獻。

Looking ahead, we expect to carry this recruiting momentum into Q3 for both our traditional independent market and our new affiliation models.

展望未來，我們預計將傳統獨立市場和新聯盟模式的招聘勢頭帶入第三季度。

Now, as a complement to our organic growth, we also recently announced the planned acquisition of Crown Capital, a California-based firm with approximately 260 advisers and $6.5 billion in client assets. This transaction will give Crown Capital's advisers access to our differentiated capabilities, technology and service, and we look forward to onboarding them early next year.

現在，作為對我們有機增長的補充，我們最近還宣布計劃收購 Crown Capital，這是一家總部位於加利福尼亞州的公司，擁有約 260 名顧問和 65 億美元的客戶資產。此次交易將使 Crown Capital 的顧問能夠獲得我們差異化的能力、技術和服務，我們期待明年初讓他們加入。

With respect to large enterprises, we recently onboarded Bank of the West and are on track to onboard Commerce Bank in August. Looking ahead, we are encouraged by our growing momentum and strong pipeline across the broader enterprise market, including in our traditional bank and credit union space.

對於大型企業，我們最近加入了西方銀行，並有望在 8 月份加入商業銀行。展望未來，我們對更廣泛的企業市場（包括傳統銀行和信用合作社領域）的增長勢頭和強大渠道感到鼓舞。

Now, shifting to our vertical integration efforts. Here, we are focused on delivering value-added capabilities, services and technology that extend across an adviser's end-to-end business, all for the purpose of helping them differentiate and win in the marketplace and run thriving businesses.

現在，轉向我們的垂直整合工作。在這裡，我們專注於提供涵蓋顧問端到端業務的增值能力、服務和技術，所有這些都是為了幫助他們在市場中脫穎而出並獲勝，並經營蓬勃發展的業務。

In that spirit, this quarter, we launched a new performance optimization solution called Practice Hub. This capability delivers comprehensive data in a structured format, so advisers can better understand their performance on an absolute and relative basis. And over the coming months, we will further expand the functionality by enabling it to generate personalized insights around additional services, technology and solutions we offer in order to help advisers enhance the overall performance of their practice. Over time, we see Practice Hub becoming a key tenet of our adviser experience, leveraging the power of artificial intelligence to operate as a co-pilot for our advisers. And while we're still in early innings, we're excited about the growth opportunities that this innovation unlocks and how it will serve as an additional leverage point to help advisers run thriving businesses.

本著這種精神，本季度，我們推出了名為 Practice Hub 的新性能優化解決方案。此功能以結構化格式提供全面的數據，因此顧問可以在絕對和相對的基礎上更好地了解他們的表現。在接下來的幾個月中，我們將進一步擴展該功能，使其能夠圍繞我們提供的其他服務、技術和解決方案生成個性化的見解，以幫助顧問提高其實踐的整體績效。隨著時間的推移，我們看到實踐中心成為我們顧問體驗的一個關鍵原則，利用人工智能的力量作為我們顧問的副駕駛。雖然我們仍處於早期階段，但我們對這項創新所帶來的增長機會以及它將如何作為額外的槓桿點來幫助顧問經營蓬勃發展的業務感到興奮。

Now, in a separate play within our vertical integration strategy, we continue to expand and enhance our services portfolio and are encouraged by the evolving appeal of our value proposition and the seasoning of this business. As a result of demand in Q2, the number of advisers utilizing our Services Group continued to increase, and we ended the quarter with approximately 3,500 active users, up roughly 30% year-over-year.

現在，在我們的垂直整合戰略中，我們繼續擴大和增強我們的服務組合，並受到我們價值主張不斷變化的吸引力和該業務的成熟的鼓舞。由於第二季度的需求，使用我們服務團隊的顧問數量持續增加，截至本季度末，我們的活躍用戶約為 3,500 名，同比增長約 30%。

As we work with advisers to increase the utilization of existing services, we're also continuing to create new services, such as our Tax Planning solution, which is part of our broader suite of comprehensive advice and planning services. This new solution helps enable tax-intelligent advice that can deliver material savings to clients and help further differentiate adviser's value proposition. This service is receiving positive early feedback and demand in the marketplace, while also unlocking interesting synergies with our existing services portfolio.

在我們與顧問合作提高現有服務的利用率的同時，我們還繼續創造新的服務，例如我們的稅務規劃解決方案，它是我們更廣泛的綜合諮詢和規劃服務套件的一部分。這一新解決方案有助於提供稅務智能建議，為客戶節省大量資金，並幫助進一步區分顧問的價值主張。這項服務在市場上收到了積極的早期反饋和需求，同時也與我們現有的服務組合發揮了有趣的協同作用。

Now, as we continue to evolve our services portfolio, we are leveraging our structured approach to innovation in order to address the needs of our broader adviser base. In that spirit, we are creating streamlined versions of existing solutions to help advisers who may have less complex practices. Examples of these solutions include CFO Essentials, Digital Marketing and Payroll, all of which are progressing through our innovation pipeline. As we move forward, we remain focused on enhancing and expanding our services portfolio to better support our advisers and enterprises and to drive growth.

現在，隨著我們不斷發展我們的服務組合，我們正在利用我們的結構化創新方法來滿足更廣泛的顧問群體的需求。本著這種精神，我們正在創建現有解決方案的簡化版本，以幫助那些實踐不太複雜的顧問。這些解決方案的例子包括 CFO Essentials、數字營銷和薪資，所有這些解決方案都在我們的創新管道中取得進展。在我們前進的過程中，我們仍然專注於增強和擴大我們的服務組合，以更好地支持我們的顧問和企業並推動增長。

In summary, in the second quarter, we continued to invest in 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 to 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，同時推動增長並增強我們的市場領導地位。展望未來，我們仍然專注於執行我們的戰略，以幫助我們的顧問進一步脫穎而出並在市場中獲勝，從而推動長期股東價值。

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

這樣，我會將電話轉給馬特。

Thank you, Dan, and I'm glad to speak with everyone on today's call.

謝謝丹，我很高興在今天的電話會議上與大家交談。

In the second quarter, we remained focused on serving our advisers, growing our business and delivering shareholder value. This focus led to strong organic growth in both our traditional and new markets, and we continued to build momentum in our liquidity and succession offering. In addition, we entered into an agreement to acquire the wealth management business of Crown Capital, onboarded Bank of the West earlier this month and are preparing to onboard Commerce Bank later this quarter. We accomplished all of this while continuing to invest in our industry-leading value proposition. So as we look ahead, we continue to be excited by the opportunities we have to help our advisers differentiate and win in the marketplace.

第二季度，我們仍然專注於為顧問提供服務、發展業務和創造股東價值。這種關注導致我們的傳統市場和新市場實現了強勁的有機增長，並且我們繼續在流動性和繼任產品方面建立動力。此外，我們還簽署了收購 Crown Capital 財富管理業務的協議，本月早些時候加入了 West 銀行，並準備在本季度晚些時候加入 Commerce Bank。我們實現了這一切，同時繼續投資於我們行業領先的價值主張。因此，展望未來，我們繼續對幫助我們的顧問在市場上脫穎而出並獲勝的機會感到興奮。

Now let's turn to our second quarter business results. Total advisory and brokerage assets were $1.2 trillion, up 6% from Q1, as continued organic growth was complemented by higher equity markets. Total organic net new assets were $22 billion or a 7.4% annualized growth rate.

現在讓我們來看看第二季度的業績。諮詢和經紀資產總額為 1.2 萬億美元，較第一季度增長 6%，持續的有機增長得到了股市上漲的補充。有機淨新資產總額為 220 億美元，年化增長率為 7.4%。

Our Q2 recruited assets were $19 billion, which prior to large enterprises was a new record. This included $4 billion of recruited assets from our new affiliation models, which is also a new record.

我們第二季度招募的資產為190億美元，這是大型企業之前的新紀錄。其中包括通過我們新的聯盟模式招募的 40 億美元資產，這也是一個新紀錄。

Looking ahead to Q3, our momentum continues, and we are on pace to deliver another strong quarter of recruiting.

展望第三季度，我們的勢頭仍在繼續，我們正在努力實現又一個強勁的季度招聘。

As for our Q2 financial results, the combination of organic growth, rising interest rates and expense discipline led to adjusted EPS of $3.94.

至於我們第二季度的財務業績，有機增長、利率上升和費用紀律的結合導致調整後每股收益為 3.94 美元。

Looking at gross profit, it was $990 million, down $30 million or 3% sequentially. As for the components, commission and advisory fees net of payout were $218 million, up $3 million from Q1, primarily driven by organic growth and higher advisory fees.

毛利潤為 9.9 億美元，比上一季度減少 3,000 萬美元，即 3%。至於組成部分，扣除支出後的佣金和諮詢費為 2.18 億美元，比第一季度增加 300 萬美元，這主要是由有機增長和更高的諮詢費推動的。

In Q2, our payout rate was 86.7%, up about 50 basis points from Q1 due to typical seasonality. Looking ahead to Q3, we anticipate our payout rate will increase to 87.5%, driven by typical seasonality as well as the onboarding of Commerce Bank and Bank of the West.

第二季度，由於典型的季節性因素，我們的支付率為 86.7%，較第一季度上升約 50 個基點。展望第三季度，由於典型的季節性以及商業銀行和西方銀行的加入，我們預計我們的支付率將增至 87.5%。

With respect to client cash revenue, it was $396 million, down $42 million from Q1, driven by a sequential decline in cash balances.

客戶現金收入為 3.96 億美元，較第一季度減少 4200 萬美元，原因是現金餘額連續下降。

Looking at overall client cash balances, they ended the quarter at $50 billion, down $5 billion from Q1. The primary driver of the decrease was typical April seasonality when the majority of quarterly advisory fees and tax payments hit. As we moved beyond April, the pace of declines moderated in both May and June.

從整體客戶現金餘額來看，本季度末他們的現金餘額為 500 億美元，比第一季度減少 50 億美元。下降的主要驅動因素是典型的四月份季節性因素，當時大部分季度諮詢費和稅款都受到影響。隨著四月過去，五月和六月的下降速度都放緩了。

Within our ICA portfolio, the mix of fixed rate balances increased to roughly 60%, within our target range of 50% to 75%. Our ICA yield averaged 322 basis points in the quarter, up 2 basis points from Q1 as the increase in short-term rates was partially offset by a decline in higher-yielding floating rate balances.

在我們的 ICA 投資組合中，固定利率餘額的比例增加到大約 60%，在我們 50% 至 75% 的目標範圍內。本季度我們的 ICA 收益率平均為 322 個基點，比第一季度上升 2 個基點，因為短期利率的上升被高收益浮動利率餘額的下降部分抵消。

As for Q3, based on where client cash balances and interest rates are today, we expect our ICA yield to decline by a few basis points as the mix impact of lower floating rate balances is partially offset by the benefit of higher short-term interest rates.

至於第三季度，根據當前客戶現金餘額和利率的情況，我們預計 ICA 收益率將下降幾個基點，因為較低的浮動利率餘額的綜合影響被較高的短期利率的好處部分抵消。

As for service and fee revenue, it was $123 million in Q2, up $4 million from Q1, primarily driven by strong organic growth. Looking ahead to Q3, we expect service and fee revenue to increase by a few million sequentially, driven by revenues from our National Adviser Conference.

至於服務和費用收入，第二季度為 1.23 億美元，比第一季度增加 400 萬美元，主要是由強勁的有機增長推動的。展望第三季度，在全國顧問會議收入的推動下，我們預計服務和費用收入將連續增加數百萬美元。

Moving on to Q2 transaction revenue. It was $47 million, down $2 million sequentially due to decreased trading volume. As we look ahead to Q3, we expect transaction revenue to be relatively flat with Q2.

接下來是第二季度的交易收入。由於交易量減少，該金額為 4700 萬美元，比上一季度減少 200 萬美元。展望第三季度，我們預計交易收入將與第二季度相對持平。

Now let's turn to expenses starting with core G&A. It was $337 million in Q2. Looking ahead, given our strong levels of organic growth and the variable costs associated with supporting that growth, we are increasing the lower end of our 2023 core G&A range by $10 million. We now expect our 2023 core G&A to be in a range of $1.345 billion to $1.370 billion. To give you a sense of the near-term timing of the spend, in Q3, we expect core G&A to increase by $5 million to $10 million sequentially.

現在讓我們從核心 G&A 開始討論費用。第二季度為 3.37 億美元。展望未來，鑑於我們強勁的有機增長水平以及與支持這種增長相關的可變成本，我們將 2023 年核心 G&A 範圍的下限增加 1000 萬美元。目前，我們預計 2023 年核心管理費用將在 13.45 億美元至 13.70 億美元之間。為了讓您了解近期支出的時間安排，我們預計第三季度核心 G&A 將連續增加 500 萬美元至 1000 萬美元。

Moving on to Q2 promotional expense. It was $107 million, up $5 million sequentially, primarily driven by increased transition assistance resulting from strong recruiting and large enterprise onboarding. In Q3, we expect promotional expense to increase to approximately $125 million to $130 million, primarily driven by conference spend as we will host our largest adviser conference of the year next week as well as the onboarding of 2 large enterprises, Bank of the West and Commerce Bank.

接下來是第二季度的促銷費用。該數字為 1.07 億美元，比上一季度增加 500 萬美元，主要是由於強勁的招聘和大型企業入職導致過渡援助增加。在第三季度，我們預計促銷費用將增加至約1.25 億至1.3 億美元，這主要是由會議支出推動的，因為我們將在下週舉辦今年最大的顧問會議，以及兩家大型企業的入職，即Bank of the West 和Bank of the West。商業銀行。

Looking at share-based compensation expense. It was $17 million in Q2, down $1 million from Q1. In Q3, we expect share-based compensation expense to be roughly flat sequentially.

看看基於股份的補償費用。第二季度為 1700 萬美元，比第一季度減少 100 萬美元。在第三季度，我們預計股權激勵費用將大致持平。

Turning to depreciation and amortization. It was $58 million in Q2, up a modest $2 million sequentially given it was a low deployment quarter. Looking ahead to Q3, our plans for technology spend have not changed. We expect more deployments in the quarter. As a result, we expect depreciation and amortization to be roughly $65 million.

轉向折舊和攤銷。第二季度的銷售額為 5800 萬美元，由於部署季度較低，比上一季度小幅增長了 200 萬美元。展望第三季度，我們的技術支出計劃沒有改變。我們預計本季度會有更多部署。因此，我們預計折舊和攤銷約為 6500 萬美元。

Regarding capital management. Our balance sheet remained strong. We ended Q2 with corporate cash of $325 million, up $91 million from Q1. Our leverage ratio was 1.2x, down from 1.3x in Q1, driven by a combination of our continued growth and a higher interest rate environment, both of which have meaningfully improved our earnings power.

關於資本管理。我們的資產負債表仍然強勁。第二季度末，我們的公司現金為 3.25 億美元，比第一季度增加 9100 萬美元。我們的槓桿率為 1.2 倍，低於第一季度的 1.3 倍，這是由於我們的持續增長和較高的利率環境共同推動的，這兩者都顯著提高了我們的盈利能力。

I would also note that earlier this month, we increased the size of our parent revolver from $1 billion to $2 billion. Given the significant growth of our business in recent years, the added capacity enables us to operate comfortably within our target range of 1.5 to 2.5x and leaves us well positioned to capitalize on growth opportunities.

我還要指出的是，本月早些時候，我們將母公司左輪手槍的規模從 10 億美元增加到 20 億美元。鑑於近年來我們業務的顯著增長，增加的產能使我們能夠在 1.5 至 2.5 倍的目標範圍內舒適地運營，並使我們能夠充分利用增長機會。

As for capital deployment, our framework remains focused on allocating capital aligned with the returns we generate: investing in organic growth first and foremost, pursuing M&A where appropriate and returning excess capital to shareholders.

至於資本配置，我們的框架仍然側重於根據我們產生的回報來分配資本：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。

In Q2, we allocated capital across our entire framework. We continued to invest to drive and support organic growth. Specific to our liquidity and succession offering, momentum is building, and we continue to have a solid pipeline. To date, we've closed 15 deals for approximately $200 million, including 4 deals for around $50 million in Q2. With regards to capital return, we increased our share repurchases to $350 million in Q2 as we took advantage of the pullback in our share price.

在第二季度，我們在整個框架中分配了資本。我們繼續投資以推動和支持有機增長。具體到我們的流動性和繼任產品，勢頭正在增強，並且我們繼續擁有堅實的管道。迄今為止，我們已完成 15 筆交易，金額約為 2 億美元，其中第二季度有 4 筆交易，金額約為 5000 萬美元。在資本回報方面，我們利用股價回調的機會，將第二季度的股票回購增加到了 3.5 億美元。

As we look ahead to Q3, we plan to repurchase $250 million of our shares, consistent with our plan to execute on our $2 billion authorization over 2 years.

展望第三季度，我們計劃回購 2.5 億美元的股票，這與我們在 2 年內執行 20 億美元授權的計劃一致。

To summarize, our balance sheet is strong and we are well positioned to drive value through our capital allocation framework.

總而言之，我們的資產負債表強勁，我們有能力通過資本配置框架推動價值。

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，我們又一個季度實現了強勁的業務和財務業績。展望未來，我們仍然對繼續投資為顧問服務、發展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.

那麼，接線員，請打開提問電話。

(Operator Instructions) And our first question will come from Alex Blostein of Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的 Alex Blostein。

Dan, why don't we start with the kind of broader discussion around organic growth. We've obviously seen a very steady improvement in recruited assets from you guys over the last few quarters, 2Q of north of $18 billion. I think that was a record outside of the larger kind of enterprise recruitment that you've done. So maybe a little bit of color on what are you seeing on the ground in terms of various affiliation options that are driving this improvement? And how does this inform your net new asset growth expectations for the rest of the year?

丹，我們為什麼不從圍繞有機增長的更廣泛的討論開始呢？過去幾個季度，我們顯然看到你們招募的資產有了非常穩定的改善，第二季度超過了 180 億美元。我認為這是你們所做的大型企業招聘之外的記錄。那麼，也許您對推動這一改進的各種附屬選項的實際情況有一些了解？這對您今年剩餘時間的淨新資產增長預期有何影響？

7.

7.

Yes. Thanks, Alex. So look, as a jumping off point, as you said, we saw 7.4% growth during the quarter. And I think prior to seasonal tax payments, you get closer to the 8% is probably [more appropriate without the tax], if you think about the remainder of the year. And look, we also saw that momentum build over the last week where the growth has nearly doubled the 3 preceding quarters, excluding the impact of large enterprises. So as you said and quite proactively, really strong momentum in that traditional independent model and then our new affiliation models.

是的。謝謝，亞歷克斯。因此，正如您所說，作為一個起點，我們在本季度看到了 7.4% 的增長。我認為，在季節性納稅之前，如果您考慮到今年剩餘的時間，您可能會更接近 8%（不含稅更合適）。看，我們還看到上週勢頭增強，不包括大型企業的影響，增長幾乎是前三個季度的兩倍。正如您所說，傳統的獨立模式和我們新的附屬模式中的勢頭非常強勁。

Drivers of Q2 results or outcomes, I think you got to look at the 1% attrition rate or versus 99% for retention rates and look at that as a really solid and going consistent outcome over the past 3 quarters. And then that's complemented by the strong recruiting inside of [COVID] that we talked about.

作為第二季度業績或成果的驅動因素，我認為您必須關注 1% 的流失率或 99% 的保留率，並將其視為過去 3 個季度中真正可靠且持續一致的結果。然後我們談到的[新冠肺炎]內部的強大招聘補充了這一點。

I think if you look then into Q3 as we go sort of short term out into the next quarter, you saw good solid momentum building throughout the quarter across again, additional models and the affiliation models. So we expect to see that momentum pull into Q3. And then that certainly then is complemented by the larger enterprises that are being onboarded in third quarter. So that sets up what we think is a really interesting and solid order of growth. It's driven both by recruiting as well as low retention rates. And then we're also seeing that steady contribution from same-store sales, especially in a marketplace where we've had higher rates and equity markets moving up, advisers are getting opportunities in better (inaudible) capital, as you can see in our net buys from sales. And so we think that sets up well as we look forward to the rest of the year. I hope that (inaudible).

我認為，如果您在短期內進入下個季度時審視第三季度，您會看到整個季度再次建立良好的堅實勢頭，包括其他模型和附屬模型。因此，我們預計第三季度將出現這種勢頭。然後，第三季度加入的大型企業肯定會補充這一點。因此，這建立了我們認為非常有趣且可靠的增長秩序。這是由招聘和低保留率推動的。然後我們還看到同店銷售的穩定貢獻，特別是在利率較高且股市上漲的市場中，顧問正在獲得更好（聽不清）資本的機會，正如您在我們的來自銷售的淨購買。因此，我們認為這一切順利，我們期待著今年剩下的時間。我希望如此（聽不清）。

I gotcha. And, Matt, a follow-up for you just around cash dynamics. So you guys are currently, I think, at about 60% fixed portion of the ICA portfolio, sort of well inside your long-term range, but that's been largely a function of outflows that are coming out of the variable balances. So as you look at the maturity ladder here over the next, call it, 12 months or so, and assuming the curve will stay kind of in line with the forward rate, what is your appetite to maybe reinvest some of these balances into floating rates to be at the lower range of your 50% to 75% allocation fixed? And then within that, maybe just a quick update on where July balances stand as well?

我明白了。馬特，關於現金動態的後續行動。因此，我認為，你們目前 ICA 投資組合的固定部分約為 60%，完全在你們的長期範圍之內，但這在很大程度上是可變餘額流出的函數。因此，當您查看接下來的期限階梯時，稱之為 12 個月左右，並假設曲線將與遠期利率保持一致，您是否有興趣將其中一些餘額再投資於浮動利率固定在50% 到75 % 分配的較低範圍內？然後，也許只是快速更新一下 7 月份的餘額狀況？

I think that was 2 follow-ups, Alex. 2, but we'll hit them. We'll hit them for you. So on the target range, I think we feel good where we are, which is right in the middle of the range at 60%. And I think you know this well, but just to reiterate, we did a lot of work on setting that target range and to be a range that we're comfortable with and a range of interest rate environments and primarily focused on stability of earnings and not trying to be clairvoyant on picking spots and moments to invest when we think the curve's good from an interest rate standpoint. So really like where we're positioned.

我認為這是兩次後續行動，亞歷克斯。 2，但我們會打擊他們。我們會為你打擊他們。因此，就目標範圍而言，我認為我們現在的位置感覺良好，即位於範圍中間的 60%。我想你很清楚這一點，但重申一下，我們做了很多工作來設定目標範圍，並成為一個我們感到滿意的範圍和一系列利率環境，主要關注收益的穩定性和當我們從利率的角度認為曲線良好時，不要試圖以洞察力來選擇投資地點和時機。所以真的很喜歡我們所處的位置。

I think the specific of your point, as those balances mature, we would intend to maintain that middle of the range. So I don't think we need to move. But to the extent your question was when things mature, would you redeploy them, that would be -- yes, that would be our perspective today. But it's really about being right in the middle of that range and being comfortable with that spot.

我認為您的具體觀點是，隨著這些平衡的成熟，我們打算維持該範圍的中間位置。所以我認為我們不需要搬家。但就你的問題而言，當事情成熟時，你會重新部署它們嗎？是的，這就是我們今天的觀點。但這實際上是關於處於該範圍的中間並對該位置感到舒適。

I'd highlight, too, in the environment for placing those cash rebalances from a fixed rate has continued to improve. So the demand is there. The pricing has improved, meaning the spread above where whatever term you are on the curve. We see a similar thing on the floating rate side. So we've got a good environment to place those deposits to the extent that we want to do so. But headline is we like where we are on the fixed rate.

我還要強調的是，從固定利率進行現金再平衡的環境持續改善。所以需求就在那裡。定價有所改善，這意味著價差高於曲線上的任何術語。我們在浮動利率方面也看到了類似的情況。因此，我們有一個良好的環境來將這些存款存放到我們想要的範圍內。但標題是我們喜歡固定利率的情況。

As far as how things are going in July, I'd say the headline is consistent with the broad adviser and investor engagement we've been seeing as well as the seasonality you would typically see in the month 1 of a quarter. So specifically on those cash balances, we have advisory fees primarily hit in the first month of the quarter, those are about $1.1 billion, so that will reduce cash in the month of July. And then beyond that, we've seen, again, continued strong levels of investor engagement, continued elevated levels of net buying activity. I'd say consistent with the pace in Q2, if you look at our trends there, we really peaked on that buying in Q1, so July is looking more like the pace that we saw in Q2.

至於 7 月份的情況，我想說，標題與我們所看到的廣泛顧問和投資者的參與以及您通常在季度第一個月看到的季節性是一致的。因此，具體而言，就這些現金餘額而言，我們的諮詢費用主要發生在本季度第一個月，約為 11 億美元，因此這將減少 7 月份的現金。除此之外，我們再次看到投資者參與度持續強勁，淨購買活動水平持續升高。我想說的是，與第二季度的步伐一致，如果你看看我們的趨勢，我們確實在第一季度的購買量上達到了頂峰，所以7 月份看起來更像是我們在第二季度看到的步伐。

And I think the cash balance declines themselves coming from that just continue to moderate lower than we saw earlier in the year. And I think so far, we're in July, it's about a $600 million decline above the advisory fees of $1.1 billion.

我認為現金餘額本身下降的原因是繼續溫和低於我們今年早些時候看到的水平。我認為到目前為止，7 月份的諮詢費比 11 億美元減少了約 6 億美元。

And maybe just to put that in context, when you look at the pace of decline we've seen since the moderation, which would be starting in May, it's about 1/5 the pace of decline that we saw earlier in the year, earlier in the year being January to April. So we're seeing that moderation. Balance is still coming down slightly, but a much, much, much slower pace.

也許只是將這一點放在上下文中，當你看看自 5 月份開始的放緩以來我們所看到的下降速度時，它大約是我們今年早些時候看到的下降速度的 1/5。一年中為一月至四月。所以我們看到了這種適度。平衡性仍然略有下降，但速度慢了很多很多。

And while we're talking to you all, I know you didn't ask about it, but I'll give you an answer to the fourth question you didn't ask, which is how's organic growth is going in the month of July. And kind of building on Dan's comments, the momentum, especially from a recruiting standpoint, just continues into July that we saw in the first and second quarter. So prior to bringing on Bank of the West, we're tracking in the 6% to 6.5% growth -- organic growth zone for July, which compare that to July of last year, which was in the low 4% range, so it's a nice improvement there.

當我們與大家交談時，我知道你們沒有問過這個問題，但我會回答你們沒有問的第四個問題，即 7 月份的有機增長情況。在 Dan 的評論的基礎上，這種勢頭，特別是從招聘的角度來看，一直持續到 7 月份，就像我們在第一季度和第二季度看到的那樣。因此，在引進西方銀行之前，我們正在追踪 7 月份 6% 至 6.5% 的有機增長區域，與去年 7 月份相比，去年 7 月份的增長率處於 4% 的低水平，因此那裡有一個很好的改進。

And then just under $5 billion of assets for Bank of the West will come on in July. When you add that, we're looking at organic growth of around 11% for the month.

西方銀行將在 7 月份投入近 50 億美元的資產。如果加上這一點，我們預計本月的有機增長約為 11%。

So taking a step back, we'd describe July as just the momentum we saw in Q2 just continuing in a real positive way.

因此，退一步來說，我們將 7 月描述為我們在第二季度看到的勢頭，以真正積極的方式持續下去。

And our next question will be coming from Devin Ryan of JMP Securities.

我們的下一個問題將來自 JMP 證券的 Devin Ryan。

Just want to start on the enterprise channel. Obviously, LPL now has a number of large validating wins there. And data that's built here with partners that you can now show to potential partners in the future. And so I'd just love to talk about how the narrative has changed with enterprises where you can really explicitly show them the value prop. And at the same time, it seems like the bar just around your regulatory and scale, which is only moving higher and higher for enterprises to operate through on broker-dealer. So just love to maybe hash it out a little bit and then what that means, if anything, for your pipeline there.

只是想從企業頻道開始。顯然，LPL 現在在那裡取得了許多重大的驗證勝利。與合作夥伴一起構建的數據現在可以向未來的潛在合作夥伴展示。因此，我只想談談企業的敘述方式發生了怎樣的變化，你可以真正明確地向他們展示價值支柱。與此同時，監管和規模似乎是一個門檻，對於企業通過經紀自營商運營來說，門檻只會越來越高。所以只是想稍微討論一下，然後看看這對你的管道意味著什麼（如果有的話）。

Devin, well, your hypothesis is right. Obviously, as the business model has seasoned in and we have the clients who have experienced real results, right, the evolution of the dialogue is sort of a natural one as you suggested. And I think -- so first and foremost, you start out with capabilities and make sure that hypothetically, they're going to enhance the economics; they're going to streamline and enhance the client experience; they're going to create a more scalable model and a more competitive one for even attracting and obtaining better advisers. And then I think as we've been -- you can ultimately make sure that you've got the capabilities to do that, and you can pull through those results and that creates then the opening and the white space to focus more time on then how do you help them to flow that business through the expansion of advisers in the practices as well as [build] (inaudible).

德文，好吧，你的假設是正確的。顯然，隨著商業模式的成熟，並且我們擁有體驗過實際結果的客戶，對吧，正如您所建議的，對話的演變是一種自然的發展。我認為，首先也是最重要的是，你從能力開始，並確保假設它們會提高經濟效益；他們將簡化並增強客戶體驗；他們將創建一種更具可擴展性和更具競爭力的模型，甚至可以吸引和獲得更好的顧問。然後我認為，正如我們一直以來的那樣，你最終可以確保你有能力做到這一點，並且你可以完成這些結果，然後創造空缺和空白，以便將更多時間集中在上面您如何幫助他們通過擴大實踐中的顧問以及[構建]（聽不清）來開展業務。

And I think that's sort of the rhythm that we're finding where you produce those positive outcomes of enhanced risk management, operational efficiency and enhanced economics. And now we're in that stage of very intentionally working to help them grow organically their ultimate results within their wealth management programs and platform.

我認為這就是我們正在尋找的節奏，在這種節奏中，您可以產生增強風險管理、運營效率和增強經濟效益的積極成果。現在，我們正處於非常有意識地努力幫助他們在財富管理計劃和平台內有機增長最終成果的階段。

I think the other thing that we've been able to do just with the seasoning is completely reimagine and transform the onboarding or change management effort to bring these programs onto the platform. That's always somewhat of an obstacle to work through any time as part of the value proposition. And I think the easier and lower we can make that hurdle, and then with the experience of being able to [reference player] outcomes, that certainly then is helping, I think, streamline hopefully now and make the model more appealing, but also make it sort of more regional accessible, right? (inaudible) And so that's where we are in the dialogue is being able to use those outcomes, have a dialogue with larger enterprises, traditionally the banks, but also expanding that value proposition outside of just banks to that broader enterprise by marketplace.

我認為我們能夠通過調味做的另一件事是完全重新構想和轉變入職或變更管理工作，以將這些程序帶到平台上。作為價值主張的一部分，這始終是解決任何時候的障礙。我認為我們可以越容易和降低這個障礙，然後憑藉能夠[參考玩家]結果的經驗，這肯定會有所幫助，我認為，現在希望簡化並使模型更具吸引力，但也使它更具有區域性，對嗎？ （聽不清）因此，我們在對話中能夠利用這些成果，與大型企業（傳統上是銀行）進行對話，同時將價值主張從銀行之外擴展到更廣泛的市場企業。

And so as we do that, it's a longer sales cycle, but the pipeline continues to grow. And we feel really confident as we go forward because it's a (inaudible) contributor to organic growth.

因此，當我們這樣做時，銷售週期會更長，但渠道會繼續增長。當我們前進時，我們感到非常有信心，因為它是有機增長的（聽不清）貢獻者。

Okay. Dan, appreciate the color there. Just a follow-up on some of the technology initiatives. So I think last year, you guys have spent $270 million on technology. That's clearly growing again this year, and that's going to be many multiples of really the vast majority of your peers. And so I'd love to just maybe dig in a little bit deeper. And if you can frame just the degree and importance of kind of this technology differentiation that you think you're building at LPL from those peers. And you touched on AI, Dan, in the prepared remarks and application there. So just kind of interplay with that and maybe how you're thinking about AI applications just more broadly to improve the experience for advisers and also help reduce costs at the firm over time.

好的。丹，欣賞那裡的顏色。只是一些技術舉措的後續行動。所以我想去年你們在技術上花費了 2.7 億美元。今年這一數字顯然再次增長，而且將是絕大多數同行的數倍。所以我想更深入地研究一下。如果你能準確地描述出你認為你在 LPL 中與其他同行相比所建立的這種技術差異化的程度和重要性。丹，你在準備好的評論和應用中談到了人工智能。因此，這只是一種相互作用，也許你如何更廣泛地思考人工智能應用程序，以改善顧問的體驗，並隨著時間的推移幫助降低公司的成本。

Yes, absolutely. So we do think that the quality of the capability set, if you think about that vertical integration concept that we described to you, we think that is one of the most important elements of creating the model and driving organic growth. So with that as context then, we think investing in that vertical integration strategy or reinvesting in that platform to enhance capabilities is a significant priority and we should allocate the capital appropriately relevant to that priority.

是的，一點沒錯。因此，我們確實認為能力集的質量，如果您考慮一下我們向您描述的垂直整合概念，我們認為這是創建模型和推動有機增長的最重要要素之一。因此，以此為背景，我們認為投資於垂直整合戰略或再投資於該平台以增強能力是一個重要的優先事項，我們應該適當地分配與該優先事項相關的資本。

So if I gave you a bit of a framework to think about where we invest there, I give it to you over kind of 6 elements. One would be the end plan experience. So that's the adviser helping them with holistic advice to continue to enrich one of the key elements of the art of being a financial adviser's all being advice.

因此，如果我給你一個框架來思考我們在那裡投資的地方，我會給你超過 6 個要素。其中之一就是最終計劃的體驗。因此，顧問幫助他們提供全面的建議，以繼續豐富財務顧問藝術的關鍵要素之一。

Third one is the wealth management platform and that's been [good] for how they solve the needs of clients next (inaudible) on their advice. And then the other 3 elements are more about helping them operate successful and thriving advising businesses. So think about flexibility to building the perfect practice for them. That's where you get the affiliation models. That's where you also get the investment in service -- business services portfolio that we've been talking a lot about. That's where you also get the investment in our operating platform, right? We want to make sure that we create a favorable and efficient platform, which all of these advisers can practice on. And then ultimately, I think we've got an enhancement of our overall service [meetings]. Those are the 6 categories that I call them commercial categories or in the context of needs for our clients that we're investing both technology capital for technology purposes and then also non-technology investing, think about services.

第三個是財富管理平台，這對於他們下一步如何根據建議解決客戶的需求（聽不清）來說[很好]。其他三個要素更多的是幫助他們成功經營和蓬勃發展的諮詢業務。因此，請考慮靈活地為他們構建完美的實踐。這就是您獲得從屬關係模型的地方。這也是您獲得服務投資的地方——我們一直在談論的商業服務組合。這也是您獲得我們運營平台投資的地方，對嗎？我們希望確保創建一個有利且高效的平台，所有這些顧問都可以在這個平台上進行實踐。最終，我認為我們的整體服務[會議]得到了增強。這些是我稱之為商業類別的 6 個類別，或者在我們客戶的需求背景下，我們既投資技術資本用於技術目的，也投資非技術投資，考慮服務。

And if we're creating this integrated platform, it creates better workflows and better services wrapped around that technology that ultimately help these advisers to train advisers and run thriving businesses and we think that's a winning formula to continue to create a more appealing platform that drives more successful outcomes for advisers (inaudible).

如果我們創建這個集成平台，它會圍繞該技術創建更好的工作流程和更好的服務，最終幫助這些顧問培訓顧問並經營蓬勃發展的業務，我們認為這是一個成功的公式，可以繼續創建一個更具吸引力的平台，推動為顧問帶來更成功的結果（聽不清）。

With respect to your question around AI and where we sprinkle that in, in terms of that investment, along the operating platform itself and within our service model, we're already using AI, both in terms of think about robotics, machine learning as a way to scale predictable and [seeable] operating processes. We're using AI in terms of enhancing the efficacy of our data analytics and determining next steps, action associated with our risk management efforts within our operating platform. We've created new digital capabilities that are now taking as much as 15% to 20% of the volume that has traditionally come into our service model to help folks with a better digital experience to incorporate some AI into that.

關於你關於人工智能的問題，以及我們在投資方面、操作平臺本身以及我們的服務模型中的投入，我們已經在使用人工智能，無論是在機器人技術、機器學習作為擴展可預測和[可見]操作流程的方法。我們使用人工智能來提高數據分析的效率，並確定與我們運營平台內的風險管理工作相關的後續步驟和行動。我們創建了新的數字功能，這些功能目前占我們傳統服務模式容量的 15% 到 20%，以幫助人們獲得更好的數字體驗，並將一些人工智能融入其中。

And I think with generative AI, where you get into using AI for more creative activities, we see the interesting opportunity to continue to enhance both the adviser and the investor experience on Uber chance personalization. I think also we see it as an opportunity to create efficiency in our own models where you think about those creative jobs, take them marketing, take engineers big again in service and operations, and you begin to really think about enhancing the scalability of the model.

我認為，通過生成人工智能，您可以使用人工智能進行更具創造性的活動，我們看到了繼續增強顧問和投資者在 Uber 機會個性化方面的體驗的有趣機會。我認為我們也將其視為在我們自己的模型中創造效率的機會，您可以考慮那些創造性的工作，將其用於營銷，讓工程師在服務和運營方面再次發揮作用，並且您開始真正考慮增強模型的可擴展性。

So that's the reason we invest. It gives you a little flare for kind of how we're allocating that investment and then how we're beginning to explore and utilize AI. We've been using it for a couple of years, but I think with this new generative AI or NAI, it opens up some interesting possibilities. We're just in the early innings of imagine. We like to ask and challenge ourselves. Imagine if we could create AI as an additional team member for every single practice, which is a highly efficient scale of the team and that's a pretty cool initiative being to solve for (inaudible). I hope that helps.

這就是我們投資的原因。它讓您對我們如何分配投資以及我們如何開始探索和利用人工智能有一些了解。我們已經使用它好幾年了，但我認為通過這種新的生成式 AI 或 NAI，它開闢了一些有趣的可能性。我們正處於想像的早期階段。我們喜歡問自己、挑戰自己。想像一下，如果我們可以為每一個實踐創建人工智能作為額外的團隊成員，這是一個高效的團隊規模，並且這是一個非常酷的解決方案（聽不清）。我希望這有幫助。

Our next question will come from Steven Chubak of Wolfe Research.

我們的下一個問題將來自沃爾夫研究中心的史蒂文·丘巴克。

This is Michael Anagnostakis on for Steven. I did want to start off going back maybe to the organic growth side. Certainly nice to see the ramp there through the end of the quarter. I did want to ask on the competitive dynamics. A larger independent player is planning to undergo a rather substantial restructuring effort. Looks like some of the resulting attrition has been a relatively significant contributor to your recruiting year-to-date. Can you help us size how significant of a tailwind that's been? And how sustainable is this source of organic growth?

我是邁克爾·阿納格諾斯塔基斯 (Michael Anagnostakis) 替史蒂文 (Steven) 發言。我確實想開始回到有機增長方面。當然很高興看到季度末的坡道。我確實想問一下競爭動態。一家較大的獨立參與者正計劃進行相當大的重組工作。看起來由此產生的一些人員流失對您今年迄今為止的招聘做出了相對重要的貢獻。您能幫助我們估量一下這股順風的影響有多大嗎？這種有機增長來源的可持續性如何？

Yes. So look, I think if you look at the marketplace, right, and what you're really getting at is how do we think about sizing of the marketplace, and at least up through second quarter, if you look at the opportunity set, adviser movement has largely remained pretty flat at around 5% turnover for the last year, which is a lower level movement than historical norms, as you well know.

是的。所以，我認為，如果你看看市場，對吧，你真正了解的是我們如何考慮市場規模，至少到第二季度，如果你看看機會集，顧問去年的營業額變動基本上保持在5%左右，這是一個低於歷史正常水平的變動，正如你所知。

That said, there has been a mix shift in that sort of turnover, but we're seeing positive movement or more positive movement in the traditional independent market and there's been a slowdown from the wires. As we look out sort of and look forward at some of what competition is doing, whether it be through integrations, restructurings, et cetera, those things can create more churn or more turnover in the marketplace. And we think we are well positioned across all of our different affiliation models to make sure that we can capitalize should that opportunity increase and more turnover occur in the marketplace that we're well positioned, capitalized and win much greater share of that opportunity, [for making moves].

也就是說，這種營業額出現了混合變化，但我們看到傳統獨立市場出現了積極的變化或更積極的變化，而且電報的速度也有所放緩。當我們審視並展望競爭正在發生的一些事情時，無論是通過整合、重組等，這些事情都會在市場上造成更多的流失或更多的營業額。我們認為，我們在所有不同的從屬模式中都處於有利位置，以確保我們能夠利用市場中機會增加和營業額增加的情況，我們處於有利位置，資本充足並贏得更大的機會份額，[用於進行動作]。

So we do think about structurally our opportunity, but we're always trying to position for different market opportunities that may emerge within the structural strategy.

因此，我們確實從結構上考慮了我們的機會，但我們總是試圖針對結構戰略中可能出現的不同市場機會進行定位。

Very helpful. And then just switching over to expenses. Understanding it's a bit early maybe to be thinking about 2024 as we think about rate cuts coming down the pike and the strong organic growth you're seeing, how should we be thinking about core G&A growth beyond '23? It sounds like 4% to 5% is the first building block to run the business, but how much incremental investment should we be anticipating?

很有幫助。然後就轉向費用。考慮到 2024 年可能還為時過早，因為我們正在考慮降息以及您所看到的強勁有機增長，那麼我們應該如何考慮 23 年後的核心 G&A 增長？聽起來 4% 到 5% 是運營業務的第一個基石，但我們應該預期多少增量投資？

Yes. I mean I think that we're -- as you could imagine, we're in the midst of planning for '24 right now, and we'll share our thinking on it later in the year as we typically do. But I think to your question and maybe just highlight a little bit of how we're approaching it, which is, as we normally do, is focusing first on the investments really to drive and support organic growth. And at the same time, making sure that we're delivering appropriate and compelling operating leverage and really balancing those 2 things.

是的。我的意思是，我認為我們——正如你可以想像的那樣，我們現在正在為 24 週年做計劃，我們將像往常一樣在今年晚些時候分享我們對此的想法。但我認為，對於你的問題，也許只是強調一下我們的處理方式，就像我們通常所做的那樣，首先關注真正推動和支持有機增長的投資。與此同時，確保我們提供適當且令人信服的運營槓桿，並真正平衡這兩件事。

And I think when you look at '23, the macro environment provided an opportunity for us to accelerate investments that we otherwise would have done in '24 and beyond. And that was driven by the opportunity that, that macro represented. So I think when we're planning for '24, it will all depend on what that macro outlook looks like. Of course, there's a scenario as you described that the rates could start to come down.

我認為，當你回顧 23 年時，宏觀環境為我們提供了加速投資的機會，而我們原本會在 24 年及以後進行投資。這是由該宏所代表的機會推動的。因此，我認為當我們為 24 年做計劃時，這完全取決於宏觀前景。當然，正如您所描述的，在一種情況下，利率可能會開始下降。

So we will certainly factor that in, and we've got -- I think our history demonstrates we've got the flexibility to adjust based on that environment. And we've also got, I think, the confidence to invest in things that -- where we have the confidence they're going to drive growth. So we'll focus on balancing those things. And we'll share more color on those plans as we typically do at our year-end earnings call. But the headline would be our principles and our approach are going to remain the same.

因此，我們肯定會考慮到這一點，而且我們已經——我認為我們的歷史表明，我們可以根據環境靈活調整。我認為，我們也有信心投資於那些能夠推動增長的事情。所以我們將專注於平衡這些事情。我們將像通常在年終財報電話會議上那樣分享這些計劃的更多內容。但標題是我們的原則，我們的方法將保持不變。

Great. And if I could just squeeze a quick housekeeping one in here. Tax rate was elevated during the quarter. What drove that? And if you could provide an update on what the go-forward outlook for tax, that would be helpful.

偉大的。如果我能在這裡快速擠一管家務就好了。本季度稅率有所提高。是什麼推動了這一點？如果您能提供有關稅收前景的最新信息，那將會很有幫助。

Yes. I think about tax rate just as a kind of a core normalized tax rate in the 26% to 27% zone. We've been running below that for a while, primarily from tax benefits from employee stock sales and deductions that have come from that. And there were just fewer in the quarter. And that's why it kind of moved back up to that -- closer to that normalized 26%, 27%. So I think all else equal, if you're looking for a placeholder for going forward. I think 26% to 27% is the best way to think.

是的。我認為稅率只是 26% 至 27% 區域的一種核心標準化稅率。一段時間以來，我們一直低於這一水平，主要是因為員工股票銷售的稅收優惠以及由此產生的扣除。本季度的數量有所減少。這就是為什麼它又回到了這個水平——更接近標準化的 26%、27%。所以我認為，如果你正在尋找一個佔位符來繼續前進，那麼其他一切都是平等的。我認為26%到27%是最好的思考方式。

And our next question will be coming from Dan Fannon of Jefferies.

我們的下一個問題將來自傑富瑞 (Jefferies) 的丹·範農 (Dan Fannon)。

In addition to strong organic growth, you've also been active on the inorganic side. So was hoping you could talk about just the pipeline and conversations and how we should think about inorganic uses of -- or for growth as we think about the remainder of this year and kind of the current backdrop of what's out there.

除了強勁的有機增長之外，你們在無機方面也很活躍。因此，我們希望您能談談管道和對話，以及我們在考慮今年剩餘時間以及目前的背景時應如何考慮無機用途或增長。

Yes. So as we go forward, we'll continue to use M&A as a complement to our organic growth. So no change there as you suggested. And I think, look, as we -- in order to do that or execute well on that, we're consistently assessing the marketplace and the landscape and are typically focused on 3 categories of opportunity, the first are transactions to grow in our markets where we can capitalize on our market leadership and add scale. In those cases, we're able to create value for the advisers and those practices when they transition onto our platform. And we look across the landscape of, well, think about anywhere from smaller broker-dealers and RIAs upward. Examples of that is bidding Boenning & Scattergood, Waddell & Reed and, of course, most recently, Crown Capital.

是的。因此，隨著我們的前進，我們將繼續利用併購作為我們有機增長的補充。所以沒有按照你的建議進行更改。我認為，為了做到這一點或執行得很好，我們不斷評估市場和格局，通常關註三類機會，第一類是在我們的市場中增長的交易我們可以利用我們的市場領導地位並擴大規模。在這些情況下，當顧問和這些實踐轉移到我們的平台上時，我們能夠為他們創造價值。我們縱觀整個格局，考慮從小型經紀交易商和 RIA 向上的任何地方。例如，競標 Boenning & Scattergood、Waddell & Reed，當然還有最近競標的 Crown Capital。

So again, I think we remain focused on the marketplace. We do think there will be ongoing consolidation, and we remain positioned to explore those opportunities.

因此，我認為我們仍然專注於市場。我們確實認為整合將會持續進行，並且我們仍將探索這些機會。

I think a complement to that, we also look to places or transactions that could add capabilities, right, where we can create value for advisers and ultimately, help them drive efficiency into their practices or enhance growth. Any time we think about that type of transaction, we'll, of course, look at it through the lens of build, buy or partner as capabilities and transactions include advisory world employees and those (inaudible). We continue to really evolve how we think about investing back into those capabilities and how they ultimately create value in unintended places when we originated those transactions. So we like that type of opportunity.

我認為對此的補充是，我們還尋找可以增加能力的地方或交易，對吧，我們可以為顧問創造價值，並最終幫助他們提高實踐效率或促進增長。任何時候我們考慮這種類型的交易，當然，我們都會從構建、購買或合作夥伴的角度來看待它，因為能力和交易包括諮詢界員工和那些（聽不清）。我們繼續真正改變我們對投資這些能力的看法，以及它們最終如何在我們發起這些交易時在意想不到的地方創造價值。所以我們喜歡這種機會。

And then finally, the third is just deploying capital against the liquidity and succession needs that are out in the marketplace. And certainly, this gives us a pathway to put capital to work that meets our disciplined return thresholds and solving a really important question for advisers in the marketplace in a rather differentiated or unique way. And we've got a continued opportunity internally with respect to helping our advisers. There are already on a platform with that question and we're beginning to see external exploration as well as how we help advisers take part on the platform with that type of need. So that's the framework. That's kind of where we've got our focus, and we continue to assess the marketplace for those opportunities for meanwhile.

最後，第三個只是根據市場上的流動性和繼任需求來部署資本。當然，這為我們提供了一條將資本投入到滿足我們嚴格的回報門檻的途徑，並以一種相當差異化或獨特的方式解決市場上顧問的一個非常重要的問題。我們在內部有持續的機會來幫助我們的顧問。平台上已經存在這個問題，我們開始看到外部探索以及我們如何幫助顧問參與具有此類需求的平台。這就是框架。這就是我們關注的重點，同時我們將繼續評估市場以尋找這些機會。

That's helpful. And then, Matt, just a follow-up on the promotional spend guide, the step-up, which you cited associated with the onboarding as well as the conference. Can you separate out that so we get a sense of kind of the economics associated with some of these larger onboarding enterprise customers?

這很有幫助。然後，馬特，這只是促銷支出指南的後續行動，即您提到的與入職和會議相關的升級。您能否將其分開，以便我們了解與一些較大的入職企業客戶相關的經濟學？

Yes. Well, directionally. I mean, I think when you look at the guide for Q3, it's really driven by 3 factors. Conference timing is the biggest. Second's onboarding of the 2 large enterprises. And third is really supporting organic growth. So I think when you look at conference spend, that is -- that first bucket, that is the biggest driver. As a reminder, it's our largest conference. It happens in Q3 every year. We've got over 8,000 attendees coming, which is a new record for us, which we're excited about, just the engagement from our clients and their guests and being in person with us. So it's our largest conference and the largest that that conference has been. So that's the biggest component of the sequential change.

是的。嗯，有方向。我的意思是，我認為當你查看第三季度的指南時，它實際上是由三個因素驅動的。會議時間是最大的。其次是兩家大型企業的入駐。第三是真正支持有機增長。所以我認為，當你看看會議支出時，那就是——第一個桶，這是最大的驅動力。提醒一下，這是我們最大的會議。每年第三季度都會發生這種情況。我們有超過 8,000 名與會者參加，這對我們來說是一個新記錄，我們對此感到興奮，我們的客戶及其客人的參與以及親自與我們在一起。這是我們最大的會議，也是該會議以來規模最大的一次。所以這是連續變化的最大組成部分。

Now we do have 2 large enterprises that we are onboarding in 1 quarter, right? So that would typically be elevated, both Bank of the West and Commerce.

現在我們確實有 2 家大型企業在 1 季度內入駐，對吧？因此，西方銀行和商業銀行的利率通常都會升高。

And then the last thing I would hit is just overall recruiting momentum. When you look at the strong quarters we had in Q1 and Q2 and the strength of our pipeline coming into Q3, the related transition assistance that would come from that would also be a driver.

我要打擊的最後一件事就是整體招聘勢頭。當你看到我們在第一季度和第二季度的強勁表現以及進入第三季度的管道實力時，由此產生的相關過渡援助也將是一個驅動因素。

But broadly, that first bucket, conferences, is going to be the largest piece of it.

但總的來說，第一部分，即會議，將是其中最大的一部分。

And our next question will come from Michael Cyprys of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的邁克爾·賽普里斯。

You guys have had some early success with your newer RIA-only model. I was hoping you could talk about your competitive positioning there, how your offering and pricing differs from others in the marketplace on the RIA-only model. And as you look out over the next 12 to 24 months, what sort of enhancements that you might be able to make to that offering to further accelerate growth from here?

你們已經通過新的僅 RIA 模型取得了一些早期成功。我希望您能談談您在那裡的競爭定位，您的產品和定價與市場上其他僅 RIA 模型的產品和定價有何不同。展望未來 12 到 24 個月，您可以對該產品進行哪些改進，以進一步加速增長？

Yes. Thanks for the question, Michael, and happy to provide some color on our enhanced RIA model. So headline is, look, the RIA market, as you know, is large and fast growing, which presents some interesting strategic opportunities. So we have been investing to position ourselves for outsized share gains there. And how we think about allocating those investments, well, first and foremost, it's created a differentiated offering in the marketplace. And while at the same time, improving our awareness that we are a competitive and credible alternative to more of the incumbents in the marketplace.

是的。感謝 Michael 提出問題，並且很高興為我們的增強型 RIA 模型提供一些顏色。因此，標題是，正如您所知，RIA 市場規模龐大且增長迅速，這提供了一些有趣的戰略機會。因此，我們一直在投資，以便在那裡獲得巨大的股票收益。我們如何考慮分配這些投資，首先也是最重要的是，它在市場上創造了差異化的產品。與此同時，提高我們的意識，即我們是市場上更多現有企業的競爭者和可信替代者。

So as we do this, our right to win continues to increase, and we believe that positions us well as we go forward, both in the near term and the long term.

因此，當我們這樣做時，我們獲勝的權利就會不斷增加，我們相信，無論是在短期還是長期，這都使我們在前進中處於有利地位。

And if I give you a little bit more color, as you asked on sort of how we think about enhancing the value proposition. Certainly, the flexibility in our model to handle all assets in a more integrated way on our platform continues to be an advantage. Certainly, then that's complemented by the vertical integration strategy where we're able to provide value not just at the traditional clearing and custody level within the ecosystem, but also with respect to technology operating platforms, wealth management platforms, all the way down into if you think about the business services that we've been innovating over the last 3 years. And so it's an end-to-end values play that we think makes for the most interesting differentiation for RAAs that are out there. So they don't have to build that or if they have built that stuff and have operated it in an inefficient way or one that doesn't add value, we can do it in a more efficient expected way. We think that's an appealing angle to take the marketplace.

如果我給你多一點顏色，正如你問我們如何考慮增強價值主張。當然，我們的模型在平台上以更集成的方式處理所有資產的靈活性仍然是一個優勢。當然，還有垂直整合戰略的補充，我們不僅能夠在生態系統內傳統的清算和託管層面提供價值，而且還能夠在技術運營平台、財富管理平台，一直到如果你想想我們在過去三年裡一直在創新的商業服務。因此，我們認為這是一種端到端的價值遊戲，它為現有的 RAA 帶來了最有趣的差異化。因此，他們不必建造那個東西，或者如果他們建造了那個東西並以一種低效的方式或不增加價值的方式運營它，我們可以以一種更有效的預期方式來做到這一點。我們認為這是佔領市場的一個有吸引力的角度。

And then finally, as we grow in both the results, the solutions, the success and then greater awareness for our presence in the marketplace, we think those things position us well to continue to drive more growth from here. And I think we've seen good progress over the last 1.5 years. We're encouraged by that.

最後，隨著我們在成果、解決方案、成功以及對我們在市場中的地位的認識方面不斷進步，我們認為這些事情使我們能夠繼續推動更多增長。我認為過去 1.5 年我們已經取得了良好的進展。我們對此感到鼓舞。

Great. And just a follow-up question on the centrally managed assets. That continues to grow in line with the rest of the business holding steady, about 15% of advisory assets, it looks like. So hoping you could talk about some of the initiatives as you think about expanding penetration of centrally managed assets there. How are you thinking about building out the product set here as you look out over the next year or two?

偉大的。這只是關於集中管理資產的後續問題。這一數字繼續增長，而其餘業務保持穩定，大約佔諮詢資產的 15%。因此，希望您在考慮擴大集中管理資產的滲透率時能夠談論一些舉措。展望未來一兩年，您如何考慮在此構建產品集？

Yes, it's a really interesting question. As you said, there's some cool opportunities, we think, to continue to enhance the feel of that model and reduce the cost in both that combination ultimately, I think, drives greater and greater utilization. So with the evolution of models-based practices, our continued ability to enhance our platform that really sets up for that efficient models-based practice and even then partnering with our sponsors to integrate their capabilities within that model's marketplace is where some cool innovation and work is going on. And that not only adds value for our advisers; it also creates value for our sponsors that will then create economic opportunities for us.

是的，這是一個非常有趣的問題。正如您所說，我們認為，有一些很酷的機會可以繼續增強該模型的感覺並降低這兩種組合的成本，我認為最終會推動越來越大的利用率。因此，隨著基於模型的實踐的發展，我們持續增強我們的平台的能力，該平台真正為高效的基於模型的實踐奠定了基礎，甚至與我們的讚助商合作，將他們的能力整合到該模型的市場中，這就是一些很酷的創新和工作的地方正在進行。這不僅為我們的顧問增加了價值；它還為我們的讚助商創造價值，從而為我們創造經濟機會。

I think as you look at continued what I might call interest value for an end investor, think self-indexing or individual indexing and/or tax overlay. And I think we're deploying some of those capabilities in the second half of this year, they just further strengthen the value of the advice that the adviser is providing to their clients, but also to the sense that we can do that in the centrally managed platform in a highly efficient and integrated way for the adviser creates greater fuel and leads into the model. And then finally, just the expansion of the investment content available there, we've really expanded our SMAs this year. On the equity side, we're adding fixed income SMAs in the second half of this year. And so ultimately, that turns it into a true UMA, which will only drive further utilization.

我認為，當您繼續關注我所說的最終投資者的利息價值時，請考慮自我索引或個人索引和/或稅收疊加。我認為我們將在今年下半年部署其中一些功能，它們只是進一步增強了顧問向客戶提供的建議的價值，而且從某種意義上說，我們可以集中地做到這一點以高效和集成的方式管理平台，為顧問創造更多的燃料並引導進入模型。最後，只是擴大了那裡可用的投資內容，我們今年確實擴大了 SMA。在股票方面，我們將在今年下半年添加固定收益移動平均線。因此最終，這會將其變成真正的 UMA，這只會推動進一步的利用。

So those are the ways we think about some of the ways of enhancing the capabilities to continue to drive the appeal of that model and thus the [better yields].

因此，這些是我們思考增強能力的方法，以繼續推動該模型的吸引力，從而獲得[更好的收益]。

Our next question will be coming from Kyle Voigt of KBW.

我們的下一個問題將來自 KBW 的 Kyle Voigt。

Maybe a few follow-ups for me. Matt, you had record EBITDA margins in the first half of the year at 54%. I guess my question's not as much about 2024, but more of a longer-term question about margins. If we think about LPLA continuing to kind of gain scale and drive growth over the coming years, do you think there's still significant operating leverage left in the model from where you sit today at 54%. And if so, can you kind of help quantify how you think about those longer-term incremental margins?

也許對我來說有一些後續行動。 Matt，今年上半年您的 EBITDA 利潤率達到了創紀錄的 54%。我想我的問題並不是關於 2024 年，而是關於利潤率的長期問題。如果我們認為 LPLA 在未來幾年將繼續擴大規模並推動增長，您是否認為該模型中目前的運營槓桿率（54%）仍然存在巨大的運營槓桿？如果是這樣，您能否幫助量化您對這些長期增量利潤的看法？

Yes. I mean I think when you -- if you look at our margins and history here is very helpful and the macro environment, the interest rate environment, of course, is going to inform those. But I think when you've looked historically, I think not only us, but our industry, when you're in periods where interest rates are near their lows, like running in the -- which we, in our recent past, of course, have seen, when you're running with margins in the 35%, 40% range, you're doing somewhat well in that environment. And when you're in an environment like we're in now, with interest rates high, getting up to that 50% and above, I think it's just running at a good level as well. And I think those are just good bookends to think about in general.

是的。我的意思是，我認為，如果你看看我們的利潤率和歷史記錄，這會非常有幫助，而宏觀環境、利率環境當然會告訴你這些。但我認為，當你回顧歷史時，我認為不僅是我們，還有我們的行業，當你處於利率接近低點的時期時，就像我們在最近的過去一樣，當然，我們已經看到，當您的利潤率在35%、40% 範圍內運行時，您在該環境中表現得不錯。當你處於像我們現在這樣的環境中時，利率很高，達到 50% 及以上，我認為它也運行在一個很好的水平。我認為這些都是值得思考的好書擋。

I think as far as what we can deliver in the future, I think, ultimately, it's going to be connected to our ability to deliver a compelling value proposition to clients, our ability to continue to expand and grow across our affiliation models as we get scale in each of those areas. We're able to balance delivering not only a great experience for those clients, but also doing it in an efficient way that allows us to deliver earnings to the bottom line and always balancing how much of that to then reinvest to drive further growth from here.

我認為，就我們未來能夠提供的服務而言，最終，這將與我們向客戶提供令人信服的價值主張的能力以及我們在我們的聯盟模式中繼續擴展和發展的能力有關。在每個領域都具有規模。我們不僅能夠為這些客戶提供良好的體驗，而且還能以有效的方式實現平衡，使我們能夠實現盈利，並始終平衡其中的多少再投資以推動進一步增長。

So I think the opportunity, if we're successful in all those areas, is indexing to the macro environment point that I made to most certainly drive more operating leverage. And I think ultimately, the balance and judgment about how much of that to reinvest to further expand our value proposition and further drive growth as judgment calls that we'll make. But I think the opportunity's there if we're successful.

因此，我認為，如果我們在所有這些領域取得成功，機會就會與我提出的宏觀環境點掛鉤，這肯定會推動更多的運營槓桿。我認為最終，我們將做出判斷，平衡和判斷有多少資金用於再投資，以進一步擴大我們的價值主張並進一步推動增長。但我認為如果我們成功的話機會就在那裡。

Understood. And then just a follow-up on the cash discussion. You've previously noted that 4% as being around a floor level on cash as a percentage of assets. It sounds like you're now slightly below that 4% level in July to date. But it seems, as you said, you're continuing to see that slowing, cash declines, excluding those fee billings. I just wanted to reconfirm whether anything has changed at all from an adviser behavior standpoint over the past months or quarters that would lead to a different view in terms of defining that floor level of cash at around 4%.

明白了。然後是現金討論的後續行動。您之前已經註意到，現金佔資產的百分比約為 4% 的下限。聽起來目前的增長率略低於 7 月份迄今為止 4% 的水平。但正如您所說，您似乎繼續看到現金減少的放緩，不包括這些費用。我只是想再次確認過去幾個月或幾個季度從顧問行為的角度來看是否發生了任何變化，這會導致在將現金下限水平定義為 4% 左右方面產生不同的觀點。

No. I mean, I think keep in mind, month 1 of any quarter, you typically see a cash balance decline. But I think as we maybe take a step back and the nature of the cash that we have in these accounts is largely operational, it's typically small balances for rebalancing, paying fees, facilitating customer withdrawals. And I think when we just look at our experience, when clients are fully deployed into the market, cash does typically bottom out at those levels required to manage the account. And that's typically meant a natural 4%, around 4%. And I think when we look at the market we're in now, I think it's fair to say that advisers and their clients are especially engaged when you've got a strong fixed income market that we've been in for quite some time, that's now getting coupled with a strengthened equity market. And that's leading to net buying activity and levels that are roughly double historical levels.

不。我的意思是，我認為請記住，任何季度的第一個月，您通常都會看到現金餘額下降。但我認為，我們可能會退一步，我們在這些賬戶中擁有的現金本質上主要是可操作的，它通常是用於重新平衡、支付費用、促進客戶提款的小額餘額。我認為，當我們看看我們的經驗時，當客戶完全部署到市場時，現金通常會觸底到管理賬戶所需的水平。這通常意味著自然的 4%，大約 4%。我認為，當我們審視我們現在所處的市場時，我認為可以公平地說，當我們擁有一個強大的固定收益市場並且我們已經進入相當長一段時間時，顧問及其客戶尤其參與其中，現在，這與股市走強相結合。這導致淨購買活動和水平大約是歷史水平的兩倍。

So I think as we sit here, at least looking at the end of the quarter, which is where I'd focus at roughly 4% of AUM, I think the dynamics of our cash and the transactional nature hasn't changed. I think we're getting pretty close to what we would think would be full levels of deployment and kind of reaching a point of natural resistance on moving much lower. Now could it go below 4%? Of course. But I think based on what we see in our analysis, we don't think it would go below 4% by a substantial amount.

因此，我認為，當我們坐在這裡時，至少在本季度末時，我將重點關注 AUM 的大約 4%，我認為我們的現金動態和交易性質並沒有改變。我認為我們已經非常接近我們所認為的全面部署水平，並且達到了進一步降低的自然阻力點。現在可以跌破4%嗎？當然。但我認為，根據我們的分析，我們認為這一比例不會大幅低於 4%。

Our last question will come from Brennan Hawken of UBS.

我們的最後一個問題將來自瑞銀集團的布倫南·霍肯。

I've just got one left. Most of mine have been asked and answered. Any way or guidance you can provide for thinking about how the upcoming deals, the deals that you've announced and we have coming down the pike could impact the payout rate? I know in the past, sometimes, some of the deals have had an impact. Anything coming from these upcoming deals?

我只剩下一張了我的大部分問題都已被詢問和回答。您可以提供任何方式或指導來思考即將到來的交易、您已經宣布的交易以及我們即將進行的交易可能會如何影響支付率？我知道過去有時有些交易會產生影響。這些即將到來的交易有什麼好處嗎？

Yes. And you're -- Brennan, you talked about the large enterprise onboardings, Bank of the West and Commerce?

是的。布倫南（Brennan），您談到了大型企業的入職、西方銀行和商業銀行？

Exactly.

確切地。

Yes. Yes. I think as a general point, those larger enterprises have a higher payout rate. We have a lower -- from an AUM standpoint, we've got an advantage in serving them from a scale standpoint on the cost side. So operating margins are always compelling or compelling on those. But yes, the payout rate would, all else equal, go up. So if we -- I did give a little color on payout rate for next quarter at 87.5%, and that would be driven by a handful of things, but primarily, the seasonal build and the production bonus, but also bringing on those large enterprises that, in general, have a higher payout than the average.

是的。是的。我認為一般而言，那些規模較大的企業的支付率較高。我們的資產管理規模較低，但從成本方面的規模角度來看，我們在為他們提供服務方面具有優勢。因此，營業利潤率總是令人信服或令人信服的。但是，是的，在其他條件相同的情況下，支付率會上升。因此，如果我們——我確實對下季度 87.5% 的支付率進行了一些說明，這將是由一些因素驅動的，但主要是季節性建設和生產獎金，但也會吸引那些大型企業一般來說，其支出高於平均水平。

Okay. So the 87.5% would fully bake in the impact of those 2 deals?

好的。那麼 87.5% 的人會充分考慮這兩筆交易的影響嗎？

No, it would be the following quarter would because they're going to be joining during the quarter, but it's just as a headline point when we bring on large enterprises, they'll typically buy us up to pay out a little bit, not dramatically, but a little.

不，這將是下個季度，因為他們將在本季度加入，但這只是我們引入大型企業時的一個頭條新聞，他們通常會收購我們並支付一點費用，而不是戲劇性地，但有一點。

And I'm showing no further questions. At this time, I would like to turn the call back to Dan Arnold for closing remarks.

我沒有再提出任何問題。此時，我想將電話轉回給丹·阿諾德（Dan Arnold），讓其致閉幕詞。

Thanks to everyone for taking the time to join us this afternoon. We look forward to speaking with you again next quarter.

感謝大家今天下午抽出時間來參加我們的活動。我們期待下個季度再次與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。