Moelis & Co (MC) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Moelis & Company earnings conference call for the third-quarter of 2025. To begin, I'll turn the call over to Mr. Matt Tsukroff.

下午好，歡迎參加 Moelis & Company 2025 年第三季財報電話會議。首先，我將把電話交給馬特·楚克羅夫先生。

Good afternoon and thank you for joining us for Moelis & Company's third quarter 2025 financial results conference call. On the phone today are Navid Mahmoodzadegan, CEO and Co-Founder; and Chris Callesano, Chief Financial Officer.

下午好，感謝各位參加 Moelis & Company 2025 年第三季財務業績電話會議。今天接聽電話的是執行長兼聯合創始人納維德·馬赫穆德扎德根 (Navid Mahmoodzadegan) 和首席財務官克里斯·卡列薩諾 (Chris Callesano)。

Before we begin, I would like to note that the remarks made on this call may contain certain forward-looking statements, which are subject to various risks and uncertainties, including those identified from time to time in the Risk Factors section of Moelis & Company's filings with the SEC. Actual results could differ materially from those currently anticipated. The firm undertakes no obligation to update any forward-looking statements.

在開始之前，我想指出，本次電話會議中發表的言論可能包含某些前瞻性陳述，這些陳述受到各種風險和不確定性的影響，包括 Moelis & Company 向美國證券交易委員會提交的文件中「風險因素」部分不時列出的風險和不確定性。實際結果可能與目前預期的結果有重大差異。該公司不承擔更新任何前瞻性聲明的義務。

Our comments today include references to certain adjusted financial measures. These measures, when presented together with comparable GAAP measures, are useful to investors to compare our results across several periods and to better understand our operating results.

我們今天的評論中會提及一些調整後的財務指標。這些指標與可比較的 GAAP 指標一起呈現，有助於投資者比較我們不同時期的業績，並更了解我們的經營業績。

The reconciliation of these adjusted financial measures with the relevant GAAP financial information and other information required by Reg G is provided in the firm's earnings release, which can be found on our Investor Relations website at investors.moelis.com.

本公司獲利報告提供了這些調整後的財務指標與相關 GAAP 財務資訊以及 Reg G 要求的其他資訊的核對情況，該報告可在我們的投資者關係網站 investors.moelis.com 上找到。

I will now turn the call over to Navid.

現在我將把通話交給納維德。

Thank you, Matt. It's great to be with all of you for my first earnings call as CEO. The firm had a very strong third quarter. We achieved adjusted revenue of $376 million for the quarter and $1.05 billion for the first nine months of 2025, representing increases of 34% and 37%, respectively, versus prior year periods.

謝謝你，馬特。很高興能和大家一起參加我作為CEO的第一次財報電話會議。該公司第三季業績非常強勁。本季調整後營收為 3.76 億美元，2025 年前九個月調整後營收為 10.5 億美元，分別比上年同期成長 34% 和 37%。

Our level of client engagement and new business origination continue to be robust, and our pipeline remains near all-time highs. To give you a sense of the firm's momentum, in just the past week, we advised clients on several significant transactions, including Essential Utilities on one of the largest US utility mergers in history, the Delaware Attorney General on OpenAI's recapitalization and the New York Giants on the landmark sale of a minority stake in the historic NFL franchise.

我們與客戶的互動程度和新業務拓展能力依然強勁，業務儲備也接近歷史最高水準。為了讓您了解公司的強勁發展勢頭，僅在過去一周，我們就為客戶提供了多項重大交易的諮詢服務，包括為 Essential Utilities 提供諮詢服務，促成了美國歷史上規模最大的公用事業合併案之一；為特拉華州總檢察長提供歷史諮詢服務，促成了 OpenAI 的資本重組；以及為紐約巨人隊提供股權服務，促成了這具有歷史價值的顧問服務，促成了 NFL 巨人隊出售的價值。

We remain active on the hiring front and finished the quarter with 170 managing directors. Year-to-date, we've hired 10 managing directors, including five MDs since our last earnings call. These MDs will enhance our expertise and global reach in key sectors and products, including technology, industrials, private capital advisory, capital markets and M&A.

我們在招募方面依然保持積極態勢，本季末共有 170 位總經理。今年以來，我們已經聘請了 10 位董事總經理，其中包括自上次財報電話會議以來聘請的 5 位董事總經理。這些董事總經理將增強我們在關鍵產業和產品領域的專業知識和全球影響力，包括技術、工業、私募資本諮詢、資本市場和併購。

Now let me discuss each of our businesses, beginning with M&A. Our business this quarter benefited from both an increase in larger strategic M&A and sponsor transactions, resulting in a meaningful increase in our average M&A fee.

現在讓我來逐一介紹我們的各項業務，先從併購開始。本季度，我們的業務受益於大型策略併購和發起人交易的增加，導致我們的平均併購費用大幅成長。

On the strategic side, we are seeing corporates lean into transformative deals to achieve scale and navigate rapid technological change. This activity is supported by improved clarity around trade policy and tariffs and a more accommodative regulatory environment.

從策略層面來看，我們看到企業正積極尋求變革性交易，以實現規模化並應對快速的技術變革。貿易政策和關稅的透明度提高，以及監管環境的更加寬鬆，都為這項活動提供了支持。

On the sponsor side, the significant pent-up need for sponsors to return to capital to LPs and a robust financing environment have accelerated sponsor activity. These dynamics set the stage for what we believe will be a steadily improving multiyear M&A cycle.

在發起人方面，發起人迫切需要向有限合夥人返還資金，以及強勁的融資環境，都加速了發起人的活動。這些動態為我們認為將會持續改善的多年併購週期奠定了基礎。

In Capital Structure Advisory, our team continues to be engaged on a healthy level of liability management assignments. While ample liquidity and access to diverse pools of capital are resulting in fewer traditional restructurings, our team is a leader in delivering out-of-court solutions for clients. Additionally, our recent investments in enhanced credit side coverage have diversified this business and position us well for future opportunities.

在資本結構諮詢方面，我們的團隊持續積極參與大量負債管理專案。儘管充足的流動性和多樣化的資本池使得傳統的重組減少，但我們的團隊在為客戶提供庭外解決方案方面處於領先地位。此外，我們近期在加強信貸方面的投資，使這項業務實現了多元化，並為我們未來的發展機會奠定了良好的基礎。

Turning to Capital Markets. Our Capital Markets business has been a standout performer with year-to-date revenues more than double the same period last year. We're on pace for a record year as our enhanced capabilities in public and private capital markets have positioned us to take advantage of a risk-on environment to raise capital around growth companies and emerging technologies. We believe the massive expansion in private credit has also created a significant opportunity to help clients access this important asset class.

轉向資本市場。我們的資本市場業務表現突出，今年迄今的收入是去年同期的兩倍多。我們有望創下歷史新高，因為我們在公共和私人資本市場的能力不斷增強，使我們能夠利用風險偏好環境，為成長型公司和新興技術籌集資金。我們認為，私募信貸的大規模擴張也為幫助客戶獲得這個重要的資產類別創造了重要的機會。

And finally, as we look at Private Capital Advisory, we expect this business to be a key engine of growth, becoming a meaningful fourth pillar of our business and complementing our leading sponsor franchise. On our Q2 earnings call, we highlighted three significant hires, including our new Global Head of PCA.

最後，展望私募資本諮詢業務，我們預期這項業務將成為成長的關鍵引擎，成為我們業務的重要第四支柱，並與我們領先的發起人特許經營業務形成互補。在第二季財報電話會議上，我們重點介紹了三個重要的人事任命，其中包括我們新的全球 PCA 主管。

Since their joining, we have had seamless integration with our sector and sponsor coverage teams and seen substantial growth in active mandates focused on GP-led secondaries. We are very excited about our team's early momentum and expect PCA to become a significant contributor to our firm. We are continuing to hire talent at all levels and plan to build this business into a market leader.

自他們加入以來，我們與行業和贊助商覆蓋團隊實現了無縫整合，並且專注於 GP 主導的二級市場的活躍委託業務實現了顯著增長。我們對團隊早期的發展動能感到非常興奮，並期望PCA成為我們公司的重要貢獻者。我們正在各個層級持續招募人才，並計劃將這家公司打造成為市場領導者。

Looking ahead, we are optimistic about the continued improvement in the transaction environment. In the very near term, the US government shutdown, depending upon how long it goes, could slow the pace of regulatory reviews potentially affecting deal closing time lines. However, from where we sit today, this is not impacting our clients' appetite for strategic transactions, and we expect continued acceleration in deal activity.

展望未來，我們對交易環境的持續改善持樂觀態度。在短期內，美國政府停擺持續時間的長短可能會減緩監管審查的速度，這可能會影響交易完成的時間。然而，就目前情況來看，這並沒有影響客戶對策略交易的興趣，我們預期交易活動將繼續加速成長。

I'll now pass the call to Chris to discuss our financial results before I wrap up with a few closing remarks. Chris, over to you.

接下來我將把電話交給克里斯，讓他討論我們的財務業績，最後我再做幾句總結演講。克里斯，該你了。

Thanks, Navid, and good afternoon, everyone. As Navid mentioned, we generated adjusted revenues of $376 million for the third quarter of 2025, an increase of 34% from the prior year period. For the first nine months of 2025, we generated adjusted revenues of $1.05 billion, representing an increase of 37% from the prior year period.

謝謝納維德，大家下午好。正如納維德所提到的，我們2025年第三季的調整後營收為3.76億美元，比去年同期成長了34%。2025 年前九個月，我們實現了調整後的營收 10.5 億美元，比去年同期成長了 37%。

The increase during the quarter and the first nine months of the year were driven by significant growth in our M&A and Capital Markets businesses, partially offset by a decline in Capital Structure Advisory. Our business mix for the third quarter and first nine months of 2025 was approximately two-third M&A and one-third non-M&A.

本季及今年前九個月的成長主要得益於併購和資本市場業務的顯著成長，但部分被資本結構諮詢業務的下滑所抵銷。2025 年第三季和前九個月，我們的業務組合大約是三分之二是併購，三分之一是非併購。

Turning to expenses. Our adjusted compensation expense ratio for the third quarter was 66.2% bringing our year-to-date ratio to 68%, down from 69% in the first half of 2025. Adjusted non-compensation expenses were $53 million for the third quarter, resulting in a 14% non-compensation expense ratio. Our adjusted non-compensation expenses for the first nine months of 2025 were $163 million, resulting in a non-compensation expense ratio of 15.6%.

接下來談談費用。第三季調整後的薪資費用率為 66.2%，使年初至今的費用率為 68%，低於 2025 年上半年的 69%。第三季調整後的非薪資支出為 5,300 萬美元，非薪資支出率為 14%。2025 年前九個月，我們調整後的非薪酬支出為 1.63 億美元，非薪酬支出率為 15.6%。

The main drivers of the expense growth during the first nine months of the year were increased deal-related T&E and client conferences, continued investments in technology and data, including AI and higher occupancy costs as a result of headcount growth.

今年前九個月支出成長的主要驅動因素是：與交易相關的差旅費和客戶會議增加、對技術和數據（包括人工智慧）的持續投資以及由於員工人數成長而導致的更高辦公室成本。

Our adjusted pre-tax margin was 22.2% for the third quarter, bringing our adjusted pre-tax margin to 18.2% for the first nine months of the year, a significant improvement compared to the same three and nine-month periods in the prior year. Our tax rate for the third quarter was 29.5%, consistent with the prior quarter.

第三季調整後的稅前利潤率為 22.2%，使今年前九個月的調整後稅前利潤率達到 18.2%，與去年同期相比有了顯著改善。第三季稅率為 29.5%，與上一季持平。

Turning to capital return. The Board declared a regular quarterly dividend of $0.65 per share, consistent with the prior quarter. And during the third quarter, we repurchased approximately 206,000 shares of our common stock on the open market for a total cost of $14.5 million.

轉向資本回報。董事會宣布派發每股 0.65 美元的季度常規股息，與上一季一致。第三季度，我們在公開市場上回購了約 206,000 股普通股，總成本為 1,450 萬美元。

Finally, we continue to maintain a strong balance sheet with approximately $620 million of cash and liquid investments and no debt.

最後，我們繼續保持強勁的資產負債表，擁有約 6.2 億美元的現金和流動投資，且無任何債務。

I will now pass the call back to Navid.

現在我將把電話轉回給納維德。

Thank you, Chris. I wanted to briefly touch on the three areas that I am intensely focused on in my new role: clients, culture and growth.

謝謝你，克里斯。我想簡單談談我在新職位上重點關注的三個領域：客戶、文化和發展。

First, clients. Clients will continue to remain at the center of everything we do. Our success flows directly from the success of our clients. Second, culture, maintaining and protecting our collaborative team-based culture enables us to provide the highest quality advice to clients and attract and retain the best talent in the world. Finally, growth.

首先是客戶。客戶仍將是我們一切工作的核心。客戶的成功就是我們的成功。其次，文化方面，維護和保護我們以團隊合作為基礎的文化，使我們能夠為客戶提供最高品質的建議，並吸引和留住世界上最好的人才。最後，是成長。

We have a tremendous opportunity to hire and develop difference makers to fill white space and further build leading centers of excellence throughout our firm.

我們擁有絕佳的機會來招募和培養能夠帶來改變的人才，以填補空白，並進一步在我們公司內部建立領先的卓越中心。

As we think about the opportunities ahead, we've never felt better about the quality and capabilities of our franchise and how well we are positioned to advise our clients in a more active market environment.

展望未來機遇，我們從未像現在這樣對我們特許經營的品質和能力以及我們在更加活躍的市場環境中為客戶提供諮詢的能力感到如此自信。

With that, let's open the line up for questions.

接下來，我們開始接受提問。

(Operator Instructions)

（操作說明）

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Hi, good afternoon. Thanks for taking the questions. A little esoteric here. Maybe first on restructuring. One of the narratives in the market is the disruptive nature of AI, particularly in parts of the tech sector. Are you seeing this risk start to pop up in your dialogue with your clients on the restructuring side? And is AI a theme that you think might be meaningful to restructuring as we look out over the next one to two years?

您好，下午好。謝謝您回答問題。這裡有點深奧。或許首先應該進行重組。市場上的一種說法是人工智慧具有顛覆性，尤其是在科技業的某些領域。在與客戶進行重組方面的對話中，您是否開始注意到這種風險？展望未來一到兩年，您認為人工智慧是否是重組中一個有意義的主題？

Yeah. Thanks for the question, Ken. Look, I think AI is going to have a profound impact on our economy and sectors of our economy and companies in particular. It's obviously early days there in terms of the direct disruptive impact AI is going to have. But I do think, to your point, while it's still early days, I do think that disruption is going to create opportunities for us on the restructuring side as the rollout of AI and the impact on AI becomes apparent to corporate P&Ls.

是的。謝謝你的提問，肯。我認為人工智慧將對我們的經濟、經濟部門以及企業產生深遠的影響。顯然，人工智慧將帶來的直接顛覆性影響現在還處於早期階段。但我認為，正如你所說，雖然現在還處於早期階段，但隨著人工智慧的推廣及其對企業損益表的影響變得顯而易見，這種顛覆性變革將為我們在重組方面創造機會。

And so early days, I don't know that we've seen sort of a direct set of mandates that have come from that, but I think that's on the horizon.

所以現在還處於早期階段，我不知道我們是否已經看到由此而來的一系列直接指令，但我認為這指日可待。

Okay. Great. Sort of in the same vein, different topic, private credit. There seems to be differing perspectives between the banks and the alternative asset managers in terms of the state of the private credit markets. So for you guys as a third party in the market, are the recent higher profile defaults that we're seeing a concern to you? And do you see risk to M&A if we start to see "more cockroaches" emerge in private credit?

好的。偉大的。類似地，但主題不同，私人信貸。銀行和另類資產管理公司對私人信貸市場的狀況似乎有不同的看法。那麼，身為市場上的第三方，你們是否對近期出現的高調違約事件感到擔憂？如果私募信貸領域開始出現更多“害群之馬”，您認為這會對併購構成風險嗎？

Sure. Look, we -- as you point out, we've seen an explosion of private credit as an asset class. That's generally good for our business because it gives us more opportunities to advise clients on accessing the private credit market. That's an area that's outside of the traditional banking system and banks that have advisory franchises attached to them. So we like the growth of private credit.

當然。你看，正如你所指出的，我們已經看到私人信貸作為一種資產類別出現了爆炸性增長。這對我們的業務來說通常是好事，因為這給了我們更多機會向客戶建議如何進入私人信貸市場。這是一個超越傳統銀行體系和擁有諮詢特許經營權的銀行的領域。因此，我們樂見私人信貸的成長。

We have deep sponsor relationships and lots of active dialogues with companies and sponsors trying to match sources of capital with our client base, alternative sources of capital with our client base. So big picture, very good for our business, as I highlighted in our remarks. Our Capital Markets business is benefiting from that.

我們與贊助商建立了深厚的合作關係，並與眾多公司和贊助商積極開展對話，努力將資金來源與我們的客戶群相匹配，將替代資金來源與我們的客戶群相匹配。所以從大局來看，這對我們的業務非常有利，正如我在發言中所強調的。我們的資本市場業務正從中受益。

I don't think the -- a couple of the high-profile situations -- by the way, there were banks involved in some of those situations as well. I don't think those were particularly insulated as private credit situations or explicitly private credit situations.

我不認為——順便說一句，其中幾起備受矚目的事件中，也有銀行牽涉其中。我不認為這些情況特別具有私人信貸性質，或並非嚴格意義上的私人信貸性質。

But look, when that much capital goes out in an asset class into all bunch of companies, there's going to be some mistakes. There's going to be some idiosyncratic situations that pop up. That's not a surprise that you'll see some of those, but I don't think there's a systemic problem with private credit. I'm not a believer in that scenario. I think private credit is going to continue to grow.

但是你看，當如此大量的資金投入到某一資產類別的所有公司時，肯定會出現一些錯誤。總是會有一些特殊情況出現。出現一些這樣的情況並不奇怪，但我認為私人信貸並不存在系統性問題。我不相信這種情況。我認為私人信貸將會持續成長。

There's a need for that source of capital to provide for companies and for growth. And there's lots of companies that find that source of capital really attractive. And I think that trend is going to continue, and it's good for our business.

企業發展和成長都需要這種資金來源。很多公司都覺得這種資金來源非常有吸引力。我認為這種趨勢還會持續下去，這對我們的業務有好處。

Okay, great. Thank you for the insights. Very much appreciate it.

好的，太好了。感謝您的見解。非常感謝。

Thank you, Ken.

謝謝你，肯。

Devin Ryan, Citizens JMP.

Devin Ryan，Citizens JMP。

Hey thanks good afternoon everyone.

嘿，謝謝大家，下午好。

Hey Devin.

嘿，德文。

I want to start with just a kind of broad M&A question. Obviously, tracking some of the headline numbers, the recovery started kind of earlier in the summer and it seemingly continued, but a lot of that activity was driven by kind of larger deals, and so that helped the headline, but it wasn't as broad of a recovery.

我想先問一個比較廣泛的併購問題。顯然，從一些主要數據來看，復甦在夏季早些時候就開始了，而且似乎一直在持續，但許多復甦活動是由較大的交易推動的，因此這有助於提升主要數據，但復甦的範圍並不廣泛。

So I love to get a sense of how you're seeing kind of the breadth in the market today, whether that's smaller deals or sponsor deals, how the pace of those transactions are trending? And if it is really reaccelerating there and broadening, kind of when did that pick up? And any other framing around that would be helpful.

所以我很想了解您如何看待目前市場的廣度，無論是小額交易還是贊助交易，這些交易的速度趨勢如何？如果這種情況真的在那裡重新加速發展並擴大範圍，那麼這種發展是從什麼時候開始的呢？任何其他相關的框架都將有所幫助。

Sure. Yes. Thanks for the question, Devin. So I think you're right. It's definitely a larger transaction-driven market today.

當然。是的。謝謝你的提問，德文。所以我覺得你是對的。現今的市場無疑更加重視交易量。

We see that certainly on the strategic side and also on the sponsor side. There's definitely a flight to size, a flight to quality in terms of the volume of sponsor transactions that are getting done today. And so I think both -- on both -- in both markets, larger transactions are definitely in the middle of the fairway.

這一點在策略層面和贊助商層面都得到了體現。從當今贊助交易的數量來看，確實存在著追求規模和品質的趨勢。因此，我認為在這兩個市場中，較大的交易肯定處於中間位置。

I do think we've seen and are starting to see a broadening of that market. What's really been missing on the sponsor side, especially is that heavy flow middle market, sub-$1 billion kind of flow of transactions. I do think it's starting to broaden out. We saw evidence in the third quarter of an uptick in volume of sponsor activity, not just deal size and dollar volume, but volume of transactions.

我認為我們已經看到並正在看到這個市場不斷擴大。贊助商方面真正缺乏的是，尤其是交易額低於 10 億美元的中階市場交易量。我認為它正在逐漸擴大範圍。我們在第三季看到了贊助商活動量上升的跡象，不僅是交易規模和金額，還有交易數量。

And I do think that's what's coming, a broadening of that sponsor flow, that middle market flow I think, is hopefully in the offing as we roll into 2026. That's what it feels like to us. But you're right on the larger transactions, higher quality transactions, that's been driving a lot of the business over the last couple of quarters for us and for the industry.

而且我認為，隨著我們邁入 2026 年，贊助商流量和中階市場流量的擴大有望成為現實。我們就是這麼覺得的。但你說得對，更大規模、更高品質的交易，在過去幾個季度一直是推動我們和整個產業業務成長的主要動力。

Yeah. Great color. And then a follow-up here just on compensation. So revenues up really strong year-to-date, 37% comp, expense up 24%. So nice to see some leverage there.

是的。顏色很棒。然後，這裡還有一個關於補償的後續問題。今年迄今為止，營收成長強勁，年增 37%，支出成長 24%。很高興看到這方面有了些進展。

Obviously, we don't know the full year revenues, but it would be good just to get a sense of how you would frame the 68% comp ratio year-to-date. Like is that a good number on the year? Or is there potentially -- is that one step toward potentially additional leverage as we get better visibility on the full year? And that's one part of the question.

顯然，我們不知道全年的收入，但最好能了解您如何看待今年迄今為止 68% 的同業拆借比率。這個數字今年算好數字嗎？或者，這是否意味著——隨著我們對全年情況有更清晰的了解，這是否是朝著獲得更大優勢邁出的一步？這是問題的一部分。

The second part is just based on where we are in this kind of M&A recovery that you talked about, Navid, still seems like a fair amount of revenue upside for Moelis as conditions normalize. And so just trying to think about how much more comp leverage there may be in that scenario to the extent the 37% year-to-date is just the beginning of potentially much more revenue upside from here. Thank you.

第二部分只是基於我們目前所處的併購復甦階段，正如你所說，Navid，隨著情況正常化，Moelis 的收入成長空間似乎仍然相當可觀。因此，我們不妨思考一下，在這種情況下，同業拆借槓桿效應可能會有多大，以至於今年迄今的 37% 只是未來潛在更大收入成長的開始。謝謝。

Thanks, Devin. Let me try to take -- tackle that question. So I think we kind of look back historically at this time last year. I think our year-to-date comp ratio was 75%. We ended the year at 69% when you factored in the fourth quarter. And now year-to-date, we're at 68%. So I think we are making progress towards a more normalized comp ratio.

謝謝你，德文。讓我來嘗試回答這個問題。所以我覺得我們應該要回顧一下去年這個時候的情況。我認為我們今年迄今的同業拆借比率為 75%。如果將第四季度考慮在內，我們全年的完成率為 69%。今年迄今為止，我們已經達到了 68%。所以我認為我們在實現更正常的薪酬比例方面取得了進展。

And I think we've committed that as the market improves, as we realize a return on many of these investments, we've been making great investments in very, very talented people in big TAMs that as we see a return in that, as the market improves, depending upon market conditions and what the competitive environment looks like for talent, we want to bring that comp ratio down further. We'll see what that means for the fourth quarter. Right now, 68% is our best guess. But last year, we were at 75%, and we ended up at 69% depending upon the fourth quarter.

我認為我們已經承諾，隨著市場好轉，隨著我們從許多投資中獲得回報，我們一直在對大TAM地區非常有才華的人才進行大量投資，隨著我們看到這些投資的回報，隨著市場好轉，根據市場狀況和人才競爭環境，我們希望進一步降低薪酬比率。我們拭目以待，看看這對第四季意味著什麼。目前，我們的最佳估計是 68%。但去年，我們的佔比是 75%，而最終佔比則取決於第四季的情況，為 69%。

So we appreciate very much the flexibility our investors and the confidence our investors have shown in us to exceed normal ratios for a period of time here. That's enabled us and given us flexibility to do great things that we're really excited about in terms of continuing to build the firm. But these kinds of ratios aren't where we want to be. We want to be at more normalized ratios, and we're committed to getting there over time.

因此，我們非常感謝投資者的靈活性和對我們的信任，允許我們在一段時間內超越正常的比率。這使我們能夠靈活地去做一些我們非常興奮的事情，從而繼續發展壯大公司。但我們並不希望達到這樣的比例。我們希望達到更正常的比例，並且我們致力於隨著時間的推移實現這一目標。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Good afternoon and thanks for taking the questions. So we're nine, ten months into the second Trump administration. Companies do appear more comfortable with the regulatory backdrop. Maybe you could just talk about the antitrust dialogues that you're having with -- in the boardroom. And then maybe you could also just talk about the broader deregulatory impacts and whether that's driving deal activity as well.

下午好，感謝各位回答問題。現在距離川普第二任期開始已經過了九到十個月。企業似乎對當前的監管環境更加適應。或許你可以談談你在董事會會議上進行的反壟斷對話。然後，或許你也可以談談更廣泛的放鬆管制的影響，以及這是否也在推動交易活動。

Sure. Well, look, as I noted in our remarks, clearly, the more accommodative regulatory outlook, the perception that the government is going to be more accommodating on improving transactions. Clearly, in the last administration, there was a view that bigger is worse.

當然。正如我在演講中提到的，很明顯，監管前景更加寬鬆，人們普遍認為政府將在改善交易方面採取更寬鬆的態度。顯然，上屆政府有一種觀點認為，越大越糟。

And I think as we look at the landscape, I don't think that's the view of the current administration. And so that is allowing for companies to think big and pursue larger transactions, which may have been more difficult in the prior administration.

我認為，綜觀全局，這並非現任政府的觀點。因此，這使得企業能夠放眼未來，進行更大規模的交易，而這在上一屆政府時期可能更加困難。

So that's driving the ambition and a lot of the transactional activity we're seeing today. And unless and until the administration acts in ways that are unforeseen, I think that trend will continue.

所以，這就是推動我們今天看到的雄心壯志和大量交易活動的原因。除非政府採取出乎意料的行動，否則我認為這種趨勢將會持續下去。

And it's not just the types of deals that are going to be allowed. It's the types of flexibility around remedies and being more accommodative towards solutions to potential problems. And again, this is in the US. So we'll see what happens outside the United States, a different regulatory scheme. But clearly, in the US, it feels like everyone in the ecosystem is assuming that many things are now possible that weren't possible before.

而且，允許的交易類型也不僅僅是這些。它指的是補救措施方面展現出的靈活性，以及​​對潛在問題解決方案的更包容性。再次強調，這是在美國發生的情況。所以我們將看看美國以外的地方會發生什麼，那裡有不同的監管體系。但顯然，在美國，生態系統中的每個人似乎都認為，許多以前不可能的事情現在都成為可能了。

In terms of deregulation generally, I think that has added to the risk on environment and the feeling that our economy is going to continue to grow and there is a premium for growth and people need to invest in growth and future opportunities. And I think that's sort of adding a little bit of fuel to the fire, both in terms of where the stock market is, which obviously helps dealmaking activity, where the financing markets are. All of those corroborate enhanced deal making.

就整體放鬆管製而言，我認為這加劇了環境風險，也加劇了人們認為經濟將繼續成長、成長會帶來溢價、需要投資於成長和未來機會的感受。我認為這在某種程度上火上澆油，無論是股市的走勢（這顯然有助於交易活動）還是融資市場的走勢。所有這些都證實了交易達成率的提高。

Yeah. Okay. That makes sense. So you're obviously investing in building out the secondaries business. So you clearly have a view on the importance of this offering.

是的。好的。這很有道理。所以很明顯，你們正在投資發展二級市場業務。顯然，您對這項服務的重要性有自己的看法。

But just I'd love to get your perspective on how you think about the right mix of secondaries versus regular way in terms of historical context, sponsor exits, i.e., IPOs and M&A in a more normal backdrop for sponsor activity that at some point will be here?

但我很想聽聽您對二級市場融資與常規融資方式的正確組合的看法，尤其是在歷史背景、發起人退出（例如IPO和併購）以及發起人活動在未來某個時候將會更加正常的背景下？

Yeah. So I think the GP-led secondaries, the continuation vehicles, which is kind of the first part of the PCA business that we're investing in, I think that, that product is here to stay for a long time.

是的。所以我認為，由普通合夥人主導的二級市場基金、延續基金（這算是我們投資的PCA業務的第一部分），我認為，這種產品將會長期存在。

I think irrespective of whether or not the M&A market is open or the IPO market is open, there's going to be a category of company and a category of sponsor that -- where the sponsors look at that company and say, I have more to add to this business.

我認為，無論併購市場是否開放，或者IPO市場是否開放，都會存在這樣一類公司和一類發起人——發起人會看著這樣的公司說，我可以為這家企業增添更多價值。

I see more upside in this business longer term. I want to continue to own and manage this business or this set of businesses. And yes, I need to get some return back to some of my investors who need liquidity, but I'm not prepared to sell this company yet and I'm not prepared to take it public yet.

我認為從長遠來看，這個行業還有更大的上漲空間。我希望繼續擁有並管理這家企業或這一系列企業。是的，我需要為一些需要流動資金的投資者帶來一些回報，但我目前還沒有準備出售這家公司，也沒有準備好讓它上市。

And so we think there's a permanence to the CV product that isn't directly tied to how healthy the M&A market is or how healthy the IPO market is. Clearly, there are some categories of transactions maybe over the last couple of years where one of the primary drivers was, hey, you can't sell the company right now or you can't take it public right now, and we got to get liquidity. But I think there's a much broader category of situation that is going to be around for a long time, which is why we're investing so heavily in that product.

因此，我們認為CV產品具有持久性，它與併購市場的健康狀況或IPO市場的健康狀況沒有直接關係。顯然，在過去幾年中，某些類型的交易的主要驅動因素之一是，嘿，你現在不能出售公司，或者你現在不能讓公司上市，我們必須獲得流動性。但我認為還有一種更廣泛的情況會長期存在，這也是我們大力投資該產品的原因。

As it relates to the IPO market, look, I love the healthy IPO market. I think it's good for the M&A market. I think sponsors getting a return, whether it's through the M&A market or the IPO market is good for deal making. It's good to increase confidence in putting more money out and buying more companies and investing in more things.

至於IPO市場，我當然喜歡健康的IPO市場。我認為這對併購市場有好處。我認為，無論是透過併購市場還是IPO市場，贊助商獲得回報對交易達成都是有益的。增強信心，從而投入更多資金、收購更多公司、投資更多項目，是件好事。

I think those things come together. I don't view it as if the IPO market is healthy, it takes away from the M&A market. I think these markets work very much together in terms of kind of creating a positive capital cycle.

我認為這些因素是相互關聯的。我不認為IPO市場是健康的，它會削弱併購市場。我認為這些市場在創造積極的資本週期方面發揮著非常重要的協同作用。

Excellent, thank you so much.

太好了，非常感謝。

Ryan Kenny, Morgan Stanley.

瑞安‧肯尼，摩根士丹利。

Hi, thanks for taking my question. I wanted to follow up on the regulation comment. So clearly, it's a more supportive environment. And my question is, when you talk to your corporate clients, are they hearing and feeling that message similarly?

您好，感謝您回答我的問題。我想就監管方面的評論做個後續說明。顯然，這是一個更有利於支持的環境。我的問題是，當您與您的企業客戶交談時，他們是否也聽到和感受到了類似的訊息？

And is there any nuance in regulation that we should think about in certain industries like technology? Do you need to see a few deals in each industry get approved first before others get comfortable moving? Any thoughts there, maybe industry by industry would be helpful.

在科技等特定產業，監管方面是否存在我們應該考慮的細微差別？是否需要先看到各行業中一些交易獲得批准，其他人才會放心行動？大家有什麼想法嗎？或許按行業劃分會更有幫助。

Yeah. Look, I think you rightly point out that against this backdrop of a more accommodative antitrust or regulatory backdrop, there are definitely nuances as it relates to certain types of cross-border deals, economic companies that are have security sensitivities, CFIUS and other issues like that. You're seeing some noise around certain types of media companies, right, and what's approvable and what may not be approvable.

是的。你看，我認為你指出得對，在當前這種更寬鬆的反壟斷或監管背景下，對於某些類型的跨境交易、具有安全敏感性的經濟公司、CFIUS 以及其他類似問題，肯定存在一些細微差別。你現在看到一些關於某些類型媒體公司的爭議，對吧？這些爭議涉及哪些內容可以被批准，哪些內容可能無法批准。

So I think there are idiosyncrasies in some of these sectors. But I think generally, putting aside some of those idiosyncrasies in some of the sectors, the overall thrust is a much more accommodative thrust. But you're right to point out that it's not -- there are elements in some of these sectors given the political landscape that create some nuance.

所以我認為這些領域中存在一些特殊情況。但我認為，整體而言，撇開某些領域的特殊情況不談，整體趨勢是更具包容性的。但你指出並非如此是對的——考慮到當前的政治形勢，某些領域確實存在一些細微差別。

Thanks, appreciate it. And then just a follow-up separately. In the quarter, there was the $19.1 million benefit to revenues from the gain on Moelis Australia. Can you just unpack what drove that? And should we expect more share sales ahead?

謝謝，感激不盡。然後又單獨進行了一次後續跟進。本季度，Moelis Australia 的收益為公司帶來了 1,910 萬美元的收入成長。能詳細說說是什麼原因導致這種情況嗎？我們是否應該預期未來會有更多股票出售？

Yeah. We booked a gain of $19 million as a result of, like you said, selling the shares in MA Financial Group. That was our Australian JV when they went public or they went public on ASX back in 2017. So we were thinking owning the shares or equity in MA Financial is not a strategic investment for us. However, maintaining that partnership and alliance with them is what's strategic. So as a result, from time to time, we sell down a portion of those shares and as we've done historically, we reclassified that gain from other income to revenues.

是的。正如你所說，我們出售了 MA Financial Group 的股票，因此獲得了 1,900 萬美元的收益。那是我們澳洲的合資企業，他們在 2017 年在澳洲證券交易所上市。所以我們認為，持有 MA Financial 的股份或股權對我們來說並非一項策略性投資。然而，與他們的夥伴關係和聯盟才是策略所在。因此，我們會不時地出售一部分股份，並且像以往一樣，我們將這部分收益從其他收入重新歸類為營業收入。

And the rationale for that is many of our investment bankers, Moelis bankers worked on helping build this business over the years. And as a result, we consider these gains equivalent to revenues. So we do still have some investment, and it is possible from time to time periodically. Last time we did it was a year ago at this time, we will sell some additional shares down. But again, the important thing is we continue with that strategic alliance with MA Financial.

原因在於，我們許多投資銀行家，Moelis 的銀行家，多年來一直致力於幫助建立這項業務。因此，我們認為這些收益等同於所得。所以我們仍然有一些投資，而且可以時不時地進行投資。上次我們這樣做是在一年前的這個時候，我們將進一步減持部分股份。但再次強調，重要的是我們要繼續與 MA Financial 保持策略聯盟。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Good afternoon. Thanks for taking my question. I'd like to follow up on that Moelis Australia question. So you said that you had reclassified the revenue from other income to adjusted revenue and that, that movement was EPS neutral. That EPS neutral clause, does that just applies to the reclassification of revenue, not the impact of the gain, right?

午安.謝謝您回答我的問題。我想就 Moelis Australia 的問題做個後續討論。所以你說你把其他收入重新分類為調整後收入，而這項變動對每股盈餘沒有影響。那個每股收益中性條款，是不是只適用於收入的重新分類，而不適用於收益的影響，對嗎？

Yeah. We reclassify it. So the gain is $19 million. It's booked in other income, and we reclassify it to revenues. That's right.

是的。我們對其進行重新分類。所以收益是1900萬美元。它被計入其他收入，我們將其重新歸類為營業收入。這是正確的。

Got it. Got it. Okay. Were there any expenses tied to that gain? Like did that impact the comp ratio? Should we back that out of the adjusted revenue to think about what a sort of core comp ratio is? Can you maybe help us understand how that gain might impact the expenses?

知道了。知道了。好的。這項收益是否伴隨任何費用？那會對薪酬比率產生影響嗎？我們是否應該從調整後的收入中扣除這部分成本，以便思考核心薪酬比率究竟是多少？您能否幫我們了解一下，這項收益可能會對支出產生哪些影響？

Yeah. I mean, I think, again, like I said, our rationale is bankers do work on this, right? So we've built this business over the years. And for the evaluation of comp purposes, we do reward people for their contribution to this value creation. So we don't book.

是的。我的意思是，我認為，就像我剛才說的，我們的理由是銀行家確實在做這件事，對吧？所以，我們多年來一直致力於發展這項業務。就薪酬評估而言，我們會獎勵那些為創造價值做出貢獻的人。所以我們不預訂。

They're an equity method investment, right? So we just pick up below the line any of their P&L, and we don't receive that portion or a portion of their revenue. So as a result, we just wait until we have a realized gain and we take that realized gain and we book it to revenues.

它們屬於權益法投資，對嗎？所以，我們只承擔他們損益表下的所有費用，而沒有獲得他們收入的一部分。因此，我們只需等到獲得實際收益後，再將該實際收益計入收入即可。

Got it. Okay. And then on the MD count, it looks like that's down by three quarter-over-quarter. And you did have a -- it looks like you had a $6.5 million benefit from comp forfeiture. I know that there was a sort of senior person who left in restructuring, but was there sort of more elevated churn here this quarter, which led to that?

知道了。好的。然後，從MD數量來看，似乎比上一季下降了三個季度。而且你似乎也從補償金沒收中獲得了 650 萬美元的收益。我知道重組過程中有一位資深員工離職，但本季人員流動是否更加頻繁，從而導致了這種情況？

Or was that just sort of a single isolated incident? Or have you been more actively managing or refocusing the talent pool? Any color on that would be great.

還是那隻是一起孤立事件？或者您是否更積極地管理或重新調整了人才庫？任何顏色都行。

Yeah. If you kind of look year-over-year, I think our MD count has gone from 157 at this point last year to 170 today. And when you look at that, that's the increase, the gross number of MDs is roughly split kind of half and half between internal promotes and external hiring.

是的。如果從同比來看，我認為我們的MD數量已經從去年同期的157例增加到今天的170例。從這個角度來看，成長的原因是，醫學博士的總數大致由內部晉升和外部招聘各佔一半。

There have been some levers in that, which is what gets you to your kind of net adds of, call it, 13 over the last 12 months. But it's -- again, as I said, a combination of internal promotes and external hiring that makes the difference.

這其中有一些槓桿作用，正是這些槓桿作用使得你在過去 12 個月中實現了淨增 13 個用戶。但是，正如我所說，內部晉升和外部招聘相結合是關鍵所在。

Yeah. And those forfeitures, right, of compensation. So it really depends, right? So it is ex-employees. It could be competing or other reasons. Sometimes they're booked to other income for GAAP purposes. Sometimes they're not. Sometimes they're just credited directly to compensation.

是的。還有那些沒收的賠償金，對吧。所以這真的要看情況，對吧？所以是前僱員。可能是競爭或其他原因。有時候，出於公認會計準則（GAAP）的目的，它們會被計入其他收入。有時並非如此。有時它們會直接計入補償金。

So we just reclassify it to compensation. That's where we think it belongs, and that's where the expense was originally booked. So that's why we do that reclassification. It really just depends on how GAAP books it.

所以我們把它重新歸類為賠償。我們認為它應該記在那裡，而且這筆費用最初也是記在那裡的。所以這就是我們進行重新分類的原因。這完全取決於GAAP（美國通用會計準則）如何記帳。

Okay. So it's not necessarily an indication that there was -- anything was elevated here this quarter?

好的。所以這並不一定表示本季有什麼指標異常升高？

No, no, not at all.

不，不，完全不是。

Got it. Thanks for taking my questions. Of course, thank you.

知道了。謝謝您回答我的問題。當然，謝謝。

Brendan O'Brien, Wolfe Advisors.

布倫丹‧奧布萊恩，沃爾夫顧問公司。

Hey, good afternoon, and thanks for taking my questions. To start, I just wanted to follow up on Ken's first question on the restructuring outlook earlier and maybe drill down more specifically to your business. You did a good job outlining some of the bigger concerns on the credit side, but at the same time, the Fed lowering rates should help to alleviate some of the stresses put on corporate balance sheets. And so just given these puts and takes, I just wanted to get a sense as to how you're thinking about the outlook for this business, both in 4Q and into 2026.

嗨，下午好，謝謝你回答我的問題。首先，我想就 Ken 先前提出的關於重組前景的第一個問題做個後續說明，並更具體地探討一下貴公司的情況。您很好地概述了信貸方面的一些較大擔憂，但與此同時，聯準會降低利率應該有助於緩解企業資產負債表面臨的一些壓力。鑑於以上種種看法，我只是想了解一下您對這家公司在第四季度以及到 2026 年的前景有何看法。

Sure. Look, we -- as I think you all know, we have an outstanding practice in CSA and restructuring, a great team that's been successful for a long time and continues to be successful. We are seeing more muted level, to your point, around ample Capital Markets, good economy. We are seeing less new origination of business than we saw a year ago.

當然。聽著，我想你們都知道，我們在 CSA 和重組方面擁有傑出的實踐經驗，我們擁有一支長期以來一直取得成功並將繼續取得成功的優秀團隊。正如您所說，在資本市場充裕、經濟狀況良好的情況下，我們看到市場水準更加穩定。與一年前相比，我們看到的新業務數量有所減少。

I remind everybody that last year was a record year for our CSA business, up 30% over the year prior. And so I think we've sort of outlined that business was unlikely to be flat this year, likely to be down a little bit. And part of that is the market environment and part of it is a tough comp over last year.

我提醒大家，去年是我們CSA業務創紀錄的一年，比前一年成長了30%。所以我覺得我們已經大致表明，今年的業務不太可能持平，可能會略有下降。一部分原因是市場環境，一部分原因是與去年相比業績比較艱難。

That's helpful color. And then just drilling down a bit more on the sponsor side and specifically exits. Obviously, that's been a big area of focus over the past few years. But with the IPO market reopening, one of your peers citing a notable uptick in bake-offs and the secondary market already eclipsing last year's record level. It feels like exit activity has really taking a step function higher.

這是個很有幫助的顏色。然後，我們再深入研究一下贊助商方面，特別是退出機制。顯然，這在過去幾年裡一直是重點關注的領域。但隨著 IPO 市場重新開放，你的一位同行指出，股票篩選數量顯著增加，二級市場已經超過了去年的紀錄水準。感覺退出活動確實出現了階躍式增長。

Just want to get a sense as to what you're seeing or hearing from sponsors on the outlook for exits and if you're seeing any signs of activity on the exit side, in particular, broadening out beyond the highest quality assets.

我只是想了解一下您從贊助商那裡了解到的關於退出前景的信息，以及您是否看到任何退出方面的活動跡象，特別是是否正在將退出範圍擴大到最高質量的資產之外。

Yeah. Look, I think we said that in our remarks and in one of the other questions. We're definitely seeing the broadening. I think that's kind of what's been missing is kind of just the heavy volume of middle market activity, and we think that's coming. We're seeing signs of that already.

是的。你看，我想我們在發言中以及在其他一個問題中都提到過這一點。我們確實看到了這種趨勢的擴大。我認為目前所缺少的就是大量的中端市場活動，我們認為這種情況即將到來。我們已經看到一些跡象了。

Our engagement level, dialogue level, pitch activity in our sponsor universe is very high. So our outlook for that business is good and getting better. And I do think as you kind of roll forward here into 2026, there's likely to be further improvement in the overall level of sponsor activity. We're definitely seeing that as well. Again, supported by ample financing, pent-up demand and need for sponsors to get liquidity.

我們在贊助商群體中的參與度、對話程度和推廣活動都非常高。因此，我們對這項業務的前景持樂觀態度，而且還在不斷好轉。而且我認為，隨著時間推移進入 2026 年，贊助商的整體活動水平可能會進一步提高。我們也確實看到了這一點。同樣，充足的資金、被壓抑的需求以及贊助商獲得流動資金的需求也為此提供了支持。

The fact that there's an active -- more active strategic environment now helps, too, because sometimes those businesses are sold to strategics and not sponsors. And you're seeing it on take privates, some large-scale take privates here recently. So there's more take private activity as sponsors look at companies that are better off in the private markets.

如今活躍的策略環境也起到了積極作用，因為有時這些企業會被出售給策略投資者而不是贊助商。而且你最近在一些私人包機中也看到了這種情況，一些大規模的私人包機就是如此。因此，私有化活動越來越多，因為贊助商會關注那些在私人市場發展得更好的公司。

We're seeing it with holdco financings. We're seeing it with CVs. And so there is a lot of activity around sponsors these days, and we're really well positioned to capitalize on given that, that's been a fundamental and important business for us since the beginning of Moelis & Company.

我們在控股公司融資中看到了這種情況。我們在履歷中也看到了這種情況。因此，如今贊助商方面有很多活動，有鑑於此，我們完全有能力從中獲利，因為自 Moelis & Company 成立以來，贊助商一直是我們的一項基本而重要的業務。

Great, thank you for taking my questions.

太好了，謝謝你回答我的問題。

Thank you.

謝謝。

Alex Bond, KBW.

Alex Bond，KBW。

Hey, good afternoon, guys. Thanks for taking the questions. Now that we're a decent way through the fourth quarter, just wondering if you could share how you're starting to think about the pace of your hiring activity in 2026 relative to this year. Maybe assuming we continue to see a gradual improvement in M&A volume, should we expect hiring to be at a similar level next year relative to this year? And then also just maybe how you're thinking about the hiring trajectory specifically for the PCA business?

嘿，各位下午好。謝謝您回答問題。現在第四季已經過去一段時間了，我想請您分享一下，您如何看待 2026 年的招募活動速度與今年相比的變化。假設併購交易量持續逐步改善，我們是否可以預期明年的招募水準與今年持平？此外，您能否具體談談您對PCA業務的招募規劃？

Sure. Thank you for the question. Yeah, look, we're -- we still have -- as I mentioned, we hired 5 people this quarter, 5 MDs this quarter, 10 for the year. We have a number of active dialogues that we're trying to get over the finish line today. And as you know, recruiting is a 365 year-round affair.

當然。謝謝你的提問。是的，你看，我們——我們仍然——正如我所提到的，我們本季招募了 5 名員工，5 名醫學博士，全年招募 10 名。我們正積極推動多項對話，力求今天完成。如你所知，招募是一項全年無休的工作。

And our focus is on building out PCA, as you mentioned, that's a really important strategic priority for us to make sure we get that team built out fully because we think there's a significant opportunity to go take advantage of. And we're focused on other big TAMs where we're still light on coverage or where there's still white area that we can fill in and go after big opportunities.

正如您所提到的，我們的重點是發展 PCA，這對我們來說是一個非常重要的策略重點，我們要確保團隊全面發展，因為我們認為這是一個值得把握的重要機會。我們專注於其他大型 TAM 市場，在這些市場中，我們的覆蓋範圍仍然較薄弱，或者仍然存在空白領域，我們可以填補這些空白，並抓住重大機會。

So hiring continues to be a very important priority. We have lots of great conversations happening and a lot of focus on trying to convert those and have people join us. The hiring activity that we've had over the last three or four years has been really spectacular. The success we've seen in Capital Markets and oil and gas and tech and the early signs in PCA have just given us a lot of confidence to continue to attack the hiring opportunity and continue to grow the franchise.

因此，招募仍然是一項非常重要的工作。我們正在進行許多精彩的對話，並且非常注重將這些對話轉化為實際行動，吸引人們加入我們。在過去三、四年裡，我們的招募活動非常成功。我們在資本市場、石油天然氣和科技領域的成功，以及在個人護理分析領域出現的早期跡象，都給了我們很大的信心，讓我們繼續抓住招聘機會，繼續發展壯大業務。

Obviously, we want to do that in a prudent way. We want to do that in a way that's consistent with our culture that's critical. And we want to bring in people on the platform that can really thrive as partners of the firm.

顯然，我們希望以謹慎的方式做到這一點。我們希望以符合我們文化的方式來做到這一點，這一點至關重要。我們希望吸引那些能夠真正成為公司合夥人的人才加入這個平台。

Great, makes sense. I'll leave it there. Thank you.

太好了，有道理。我就說到這兒吧。謝謝。

Nathan Stein, Deutsche Bank.

內森‧斯坦，德意志銀行。

Everyone, good afternoon.

各位下午好。

Hi Nathan.

你好，內森。

I wanted to ask a bigger picture question. So the group sold off today, early this afternoon after the Fed comments came out. Do you guys -- how do you guys think about maybe the change in the marketplace just given the Fed comments today?

我想問一個更宏觀的問題。因此，在美聯儲發表講話後，該板塊今天下午早些時候遭到拋售。你們覺得──鑑於聯準會今天的講話，市場可能會發生怎樣的變化？

Look, as I said, I don't -- you can always sort of impute go-forward market activity based on perceptions of interest rates and where interest rates are going. And clearly, that's a variable in transactional activity, but it's not the only variable in transaction activity.

正如我所說，我並不——你總是可以根據對利率的看法以及利率的走向來推斷未來的市場活動。顯然，這是交易活動中的一個變量，但不是交易活動的唯一變量。

As I said before, the need for strategic acquirers to get scale, efficiencies and position themselves well for technology change, the need for requirement for sponsors to return capital and keep that return of capital and deployment cycle going, all of those things are driving a lot of what's happening in the M&A market.

正如我之前所說，策略性收購者需要擴大規模、提高效率並為技術變革做好充分準備，發起人需要回報資本並保持資本回報和部署週期持續進行，所有這些因素都在推動併購市場的發展。

Cost of money is a variable. And clearly, low interest rates and ample credit is a positive to the marketplace, but it's not the only variable. And so I don't read the market commentary is -- the Fed commentary is fundamentally changing our outlook for the business. We'll see what rolls forward, but I don't believe it's going to fundamentally change the direction of travel and what we're seeing in terms of demand in the environment for transactions.

資金成本是一個變數。顯然，低利率和充足的信貸對市場來說是利好消息，但這並不是唯一的影響因素。因此，我不看市場評論——聯準會的評論從根本上改變了我們對業務的展望。我們拭目以待，但我認為這不會從根本上改變發展方向，也不會改變我們目前在交易環境中看到的需求狀況。

Great. And then if I could just ask a follow-up on pipelines in general. across different sectors. You guys have done a lot to build out your tech offering in the last few years. So maybe just talk about your M&A -- let's just say, M&A deal pipelines within tech and any other sectors you'd like to highlight?

偉大的。然後，我能否再問一下關於管道建設的整體情況，特別是不同產業的管道建設？過去幾年，你們在科技產品方面做了很多工作。那麼，或許可以談談你們的併購業務——比如說，科技領域的併購交易計劃，以及你們想重點介紹的任何其他領域？

Thanks. I was sitting down to look through our different sectors to get ready for this call and anticipating someone would ask the question of what sectors are hot and what aren't. And what I saw in our activity levels and our pipelines was pretty good broad-based strength across most, if not all, of our sectors.

謝謝。我當時正坐下來查看我們不同的行業板塊，為這次電話會議做準備，並預料到會有人問哪些行業板塊熱門，哪些行業板塊不熱門。我從我們的業務活動水平和專案儲備中看到，即使不是全部，我們的大部分業務領域都展現出了相當不錯的整體實力。

Certainly, tech is at the top of the list in terms of where we're seeing a lot of activity. But we're also seeing a lot of activity in parts of health care and industrials and in sports media and entertainment and the world of data centers and AI and digital infrastructure.

當然，就目前我們看到的活躍領域而言，科技領域絕對名列前茅。但我們也看到醫療保健、工業、體育媒體和娛樂、資料中心、人工智慧和數位基礎設施等領域也湧現出大量活躍的領域。

And we're seeing it, I'll say, pretty much across the board in terms of industries where we're seeing activity, M&A pipeline building, et cetera, et cetera. So I wouldn't want to suggest it's narrow. It's pretty broad-based. Is there a follow-up?

而且，我可以說，我們看到這種情況幾乎遍及各個行業，各個行業都在積極開展併購活動，併購項目正在不斷增加等等。所以我不想說它的範圍很窄。它的基礎相當廣泛。是否有後續跟進？

That concludes our question-and-answer session. I will now turn the call back over to Navid for closing remarks.

我們的問答環節到此結束。現在我將把電話交還給納維德，請他作總結發言。

Great. Well, thanks, everybody. Really appreciate your time today, and we look forward to seeing you all again soon. Thanks so much.

偉大的。謝謝大家。非常感謝您今天抽出時間，我們期待很快能再次見到您。非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。