Moelis & Company (MC) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Moelis & Company first-quarter 2026 earnings conference call. To begin, I'll turn the call over to Mr. Matt Tsukroff.

下午好，歡迎參加 Moelis & Company 2026 年第一季財報電話會議。首先，我將把電話會議交給 Matt Tsukroff 先生。

Good afternoon and thank you for joining us for Moelis & Company's first-quarter 2026 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 2026 年第一季財務業績電話會議。今天在電話線上的有共同創辦人兼執行長 Navid Mahmoodzadegan，以及財務長 Chris Callesano。

Before we begin, I would like to note that the remarks made on this call may contain certain forward-looking statements that 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. Firm undertakes no obligation to update any forward-looking statements.

在開始之前，我想提醒各位，本次電話會議中的發言可能包含某些前瞻性陳述，並可能受到各種風險與不確定性的影響，包括 Moelis & Company 不時在向美國證券交易委員會（SEC）提交文件之「風險因素」章節中所識別者。實際結果可能與目前預期存在重大差異。本公司不承擔更新任何前瞻性陳述之義務。

Our comments today include references to certain adjusted financial measures. We believe these measures, when presented together with comparable GAAP measures, are useful to investors to compare our results across several periods to better understand our operating results. The reconciliation of these adjusted financial measures with developing 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.

我們今天的評論包含對若干經調整財務衡量指標的引用。我們相信，當這些指標與可比較的 GAAP 指標一併呈現時，能協助投資人跨多個期間比較我們的結果，以更好地理解我們的營運表現。這些經調整財務衡量指標與依 GAAP 編製之財務資訊（以及 Reg G 所要求的其他資訊）之調節表，已載於本公司的財報新聞稿中，可於我們的投資人關係網站 investors.moelis.com 查閱。

I will now turn the call over to Navid.

我現在把電話會議交給 Navid。

Thank you, Matt. It's great to be with you all this afternoon.

謝謝你，Matt。很高興今天下午能與各位相聚。

We have had an active start to the year with record first-quarter revenues of $320 million, record first-quarter levels of announced transaction activity, strong momentum in senior hiring and continued execution of our strategic growth priorities.

今年開局相當活躍：第一季營收創下 3.20 億美元新高、第一季已公告交易活動量創新高，高階人才招募動能強勁，並持續落實我們的策略性成長重點。

Since our last earnings call, we advised that a number of notable M&A transactions, including Clear Channel Outdoors' $6.2 billion sale to Mubadala Capital and TWG Global; Tri Pointe Homes $4.5 billion sale to Sumitomo Forestry; and Kennedy Wilson's $9.5 billion take private. Beyond M&A, we advised TowerBrook on its $1.2 billion continuation vehicle for EisnerAmper; and most recently, we acted as an active book runner on X-energy's $1.2 billion IPO.

自上次財報電話會議以來，我們就多筆具代表性的併購交易提供顧問服務，包括 Clear Channel Outdoors 以 62 億美元出售予 Mubadala Capital 與 TWG Global；Tri Pointe Homes 以 45 億美元出售予住友林業（Sumitomo Forestry）；以及 Kennedy Wilson 以 95 億美元私有化交易。除併購外，我們亦就 TowerBrook 為 EisnerAmper 設立之 12 億美元延續基金（continuation vehicle）提供顧問服務；而最近，我們也在 X-energy 12 億美元 IPO 中擔任主承銷商（active book runner）。

We entered 2026 with high levels of new business origination and a constructive outlook. While the war in the Middle East, disruptions in private credit, and the impact of AI on certain sectors have created some near-term headwinds in parts of the transactional environment, the same forces create new opportunities for our firm. We remain confident about the trajectory of our business, supported by our pipeline near all-time highs and the fundamental drivers of transaction activity firmly in place.

我們在 2026 年初即擁有高水準的新業務開發量，並對前景抱持建設性看法。儘管中東戰事、私募信貸市場的擾動，以及 AI 對部分產業的影響，已在交易環境的某些領域造成短期逆風，但同樣的力量也為本公司帶來新的機會。在接近歷史高點的案源儲備（pipeline）支撐下，以及交易活動的基本驅動因素仍然穩固，我們對業務發展軌跡依然充滿信心。

Let me briefly take you through an overview of what we're seeing in each of our major product areas. In M&A, corporates continue to seek scale to strengthen their strategic positioning especially amid rapid technological disruption. This dynamic is most pronounced in large-cap transactions, which continue to drive M&A volumes and is further supported by a more accommodative US regulatory backdrop. This location in various parts of the public equity markets is also driving take-private transactions, an area where our Board and special committee advisory practice is strong.

接下來我將簡要概述我們在各主要產品領域所觀察到的情況。在併購方面，企業持續尋求擴大規模以強化其策略定位，尤其是在科技快速顛覆的背景下。此一趨勢在大型股交易中最為明顯；大型交易持續帶動併購量，且在美國監管環境較為寬鬆的背景下獲得進一步支撐。此外，公開股權市場部分領域的錯價也正推動私有化交易，而我們在董事會與特別委員會顧問業務方面具備強勁實力。

In addition, our business continues to benefit from financial sponsors need to monetize an extensive backlog of investments. While the market is not yet seeing a broad-based increase in sponsor exit activity, our M&A revenues from sponsors grew double digits during the quarter.

此外，我們的業務也持續受惠於財務贊助者（financial sponsors）需要將大量累積的投資存量變現。雖然市場尚未看到贊助者退出活動全面回升，但本季我們來自贊助者的併購收入仍呈現雙位數成長。

In private capital advisory, the market for GP left secondaries continues to hit record levels, driven by sustained demand for liquidity solutions, increased adoption of continuation vehicles and a growing base of institutional investors seeking exposure to seasoned assets with more predictable return profiles.

在私募資本顧問（PCA）方面，由 GP 主導的次級市場（GP-led secondaries）規模持續創新高，主要受持續的流動性解決方案需求、延續基金（continuation vehicles）採用率提升，以及尋求投資於成熟資產、以獲得更可預測報酬特性的機構投資人基礎擴大所帶動。

Our thesis for PCA is playing out as expected with the team executing a number of live mandates and rapidly building a significant pipeline. With the recent addition of a Managing Director focused on private credit secondaries and another joining later this year, we will have seven senior bankers dedicated to GP-led secondaries, further strengthening our position in this important market for our sponsor clients.

我們對 PCA 的投資論點正如預期般逐步實現，團隊正在執行多項進行中的委任案，並快速建立起可觀的案源儲備。隨著近期新增一位專注於私募信貸次級市場的董事總經理（Managing Director），以及今年稍晚將再加入一位，我們將有七位資深銀行家專注於 GP 主導的次級交易，進一步強化我們在此一對贊助者客戶至關重要市場中的地位。

Turning to capital markets. Demand for growth capital from high-quality issuers is driving activity in our business, particularly in late-stage growth and pre-IPO issuance for AI, digital infrastructure and aerospace and defense oriented business models, just to name a few.

接著談資本市場。高品質發行人對成長資本的需求正推動我們業務活動，特別是在後期成長與 IPO 前融資領域，涵蓋 AI、數位基礎設施，以及航太與國防導向的商業模式等，僅舉數例。

IPO issuance is also strong with our team involved in a number of transactions coming to market in the near term. In addition, technology disruption is creating a more dynamic financing environment and accelerating opportunities for hybrid and structured solutions.

IPO 發行同樣強勁，我們的團隊正參與多筆近期將上市的交易。此外，科技顛覆正在創造更具動態的融資環境，並加速混合式與結構型解決方案的機會。

We are further investing to meet the opportunities we see in capital markets. We've recently hired two managing directors in the space, including a Managing Director focused on securitization who will help develop this important growth opportunity for the firm, and a managing director that complements our already strong private credit and debt capital markets capabilities.

我們也正進一步投資，以掌握我們在資本市場看到的機會。近期我們在該領域新聘兩位董事總經理，其中一位專注於證券化，將協助推動此一對本公司而言重要的成長機會；另一位則可補強我們既有強勁的私募信貸與債務資本市場能力。

In capital structure advisory, liability management continues to be the most active segment of the market. Increased lender selectivity is widening the gap between companies that can readily refinance and those requiring more complex solutions, which we expect will lead to more traditional restructurings over time.

在資本結構顧問（CSA）方面，負債管理仍是市場中最活躍的區塊。放款人選擇性提高，正擴大可輕易再融資的公司與需要更複雜解決方案的公司之間的差距；我們預期這將隨時間推移帶來更多傳統重整案（restructurings）。

Our CSA pipeline is meaningfully above last year's levels and ongoing technological disruption and volatility in commodity prices are creating new opportunities. Additionally, our growing creditor coverage is diversifying our CSA business, contributing to a larger share of revenue and positioning us well with the creditor community.

我們的 CSA 案源儲備明顯高於去年水準，而持續的科技顛覆與大宗商品價格波動也正在創造新的機會。此外，我們不斷擴大的債權人覆蓋（creditor coverage）正在使 CSA 業務更多元化，帶動收入占比提升，並使我們在債權人社群中具備良好定位。

Turning to talent. We have hired eight MDs year-to-date, two who have already joined and six who will join us over the course of the year. In addition to the PCA and Capital Markets hires previously mentioned, we've also invested across industries where we see attractive long-term opportunities. This includes recent Managing Director hires in key sectors, including energy and health care IT. In Europe, we've hired two managing directors to enhance our expertise in chemicals and deepen our sponsor coverage capabilities.

接著談人才。今年迄今我們已聘用八位董事總經理，其中兩位已到任，另有六位將在今年內陸續加入。除前述 PCA 與資本市場的招募外，我們也在看好長期機會的產業領域持續投資。這包括近期在能源與醫療保健 IT 等關鍵產業的新任董事總經理。在歐洲方面，我們聘用兩位董事總經理，以強化我們在化學領域的專業能力，並深化我們對財務贊助者的覆蓋能力。

We recently relocated to a new and expanded office in London to support our talent, our clients and our continued growth in the region. In general, we remain intensely focused on attracting the best and brightest talent and are excited about our high level of engagement and dialogue with world-class candidates.

我們近期搬遷至倫敦一處全新且更寬敞的辦公室，以支持我們的人才、客戶，以及在該地區的持續成長。整體而言，我們仍高度專注於吸引最優秀的人才，並對與世界級候選人之間高度頻繁的互動與對話感到振奮。

With respect to capital return during the quarter, we repurchased 1.9 million shares, including 895,000 shares in the open market while preserving the strength of our balance sheet with substantial cash and no debt.

就本季資本回饋而言，我們回購了 190 萬股股票，其中包括在公開市場回購 895,000 股；同時在維持資產負債表穩健的前提下，保有充裕現金且無負債。

Finally, we are actively testing and deploying AI tools across our business with broad adoption from our teams. We see AI as a clear productivity lever supporting our bankers and providing the best possible advice to clients and driving greater efficiencies throughout our organization.

最後，我們正積極在全公司測試並部署 AI 工具，且各團隊已廣泛採用。我們將 AI 視為明確的生產力槓桿，可支援我們的銀行家、為客戶提供最佳建議，並在整個組織中推動更高效率。

With a strong pipeline, including high levels of announced transaction activity and the most comprehensive capabilities at any point in our history, we are well positioned to support our clients and deliver long-term value for our shareholders.

憑藉強勁的案源管線，包括高水準的已公告交易活動，以及我們在歷史上任何時點最全面的能力，我們已做好充分準備，能夠支持客戶並為股東創造長期價值。

With that, I'll pass the call to Chris to review our financial results in more detail.

接下來，我把電話交給 Chris，請他更詳細地回顧我們的財務結果。

Thanks, Navid. Good afternoon, everyone.

謝謝你，Navid。各位下午好。

As Navid mentioned, we reported record first-quarter revenues of $320 million, an increase of 4% versus the prior year period. Our revenue growth was driven by year-over-year increases in M&A and private capital advisory, partially offset by decline in capital structure advisory capital markets. Our business mix for the first quarter was approximately two-third M&A and one-third non-M&A.

如 Navid 所提到，我們公布第一季營收創新高，達 3.20 億美元，較去年同期成長 4%。營收成長主要來自併購（M&A）與私募資本顧問業務的年增，部分被資本結構顧問之資本市場業務下滑所抵銷。第一季的業務組合約為三分之二來自併購、三分之一來自非併購。

Turning to expenses. Our first-quarter adjusted compensation expense ratio was 65.8%, down from 69% in the first quarter of 2025 and in line with our full-year 2025 adjusted compensation ratio. As the year progresses, our compensation ratio will depend on the trajectory of revenues and the pace and magnitude of hiring throughout the year.

接著談費用。第一季調整後薪酬費用比率為 65.8%，低於 2025 年第一季的 69%，並與我們 2025 年全年調整後薪酬比率一致。隨著年度推進，我們的薪酬比率將取決於營收走勢，以及全年招募的速度與規模。

Adjusted non-compensation expenses were $67 million for the first quarter, resulting in a 21% non-compensation expense ratio. Main drivers of the expense growth were higher deal-related costs and increased communication and technology expenses.

第一季調整後非薪酬費用為 6,700 萬美元，對應非薪酬費用比率為 21%。費用成長的主要驅動因素為較高的交易相關成本，以及通訊與科技費用增加。

As previously communicated, we currently anticipate our full-year 2026 non-compensation expenses grow at a similar rate to 2025 due to our ongoing investments in technology, including AI, increased deal-related travel expenses, and growth in headcount. Our adjusted pretax margin was 15% for the first quarter of 2026 as compared to 14% in the prior year period. Regarding taxes, our underlying corporate tax rate was 29.3% for the quarter before the discrete tax benefit related to the vesting of equity.

如先前所溝通，我們目前預期 2026 年全年非薪酬費用將以與 2025 年相近的速度成長，原因包括我們持續在科技（含 AI）上的投資、交易相關差旅費增加，以及人力規模成長。2026 年第一季調整後稅前利潤率為 15%，相較去年同期為 14%。在稅務方面，扣除與股權歸屬相關的一次性稅務利益前，本季基礎公司稅率為 29.3%。

Turning to capital allocation. We continue to maintain a strong balance sheet, ending the quarter with $354 million of cash and no debt, allowing us to continue investing in the business while also returning meaningful capital to shareholders.

接著談資本配置。我們持續維持強健的資產負債表，本季末現金為 3.54 億美元且無負債，使我們得以在持續投資業務的同時，也向股東回饋具意義的資本。

Board declared a regular quarterly dividend of $0.65 per share and, as Navid said, we repurchased 1.9 million shares during the quarter at an average price of $61.40 per share, including 1 million shares to settle employee tax obligations and 895,000 shares repurchased in the open market.

董事會宣告每股 0.65 美元的例行季度股利；並且如 Navid 所說，我們在本季以每股平均 61.40 美元回購 190 萬股，其中包括為結清員工稅務義務而回購的 100 萬股，以及在公開市場回購的 89.5 萬股。

Through the combination of net settlement and open market repurchases, we have offset more than half of our annual equity incentive compensation issuance. Including the dividend declared today, we have returned approximately $171 million of capital to shareholders with respect to the first quarter.

透過淨結算與公開市場回購的組合，我們已抵銷超過一半的年度股權激勵薪酬發行量。包含今日宣告的股利在內，就第一季而言，我們已向股東返還約 1.71 億美元的資本。

With that, we are happy to take your questions.

接下來，我們很樂意回答各位的提問。

(Operator Instructions) Devin Ryan, Citizens Bank.

(接線員指示) Devin Ryan，Citizens Bank。

I want to start with a question, kind of big picture just on the software sector. Obviously, you guys have made some investments there and have scaled nicely. Clearly, kind of one area that's getting caught up in some of this AI dislocation. But curious kind of what you're seeing kind of play out there relative to maybe what people were expecting heading into the year?

我想先從一個比較宏觀的問題開始，關於軟體產業。顯然你們在那裡做了一些投資，也擴張得相當不錯。很明顯，這也是在這波 AI 變動中受到影響的一個領域。但我想了解的是，相較於大家年初的預期，你們看到那邊的情況目前是如何發展的？

And I know it's not just one category. There's a lot of kind of subsectors to it. But where do you see activity there evolving? Do we see forced consolidation later this year? Are there take private to public companies? Maybe that's a catalyst. Just would love to get some sense of how you see this mapping out and then how important that is for kind of the broader M&A recovery, just given that it is a kind of important subsector?

我知道這不只是單一類別。它下面有很多子領域。但你們認為那裡的活動會如何演變？今年稍晚會出現被迫整併嗎？是否會有針對上市公司的私有化交易？也許那會成為催化劑。很希望能了解你們如何看待接下來的走向，以及鑑於它是重要的子產業，這對更廣泛的併購復甦有多重要？

Sure. Thanks for the question, Devin. So you're right. We have a great, great team in technology at the firm. And within our technology group, software is a really important set of subsectors within that group.

當然。謝謝你的問題，Devin。你說得沒錯。我們公司在科技領域有一支非常、非常強的團隊。而在我們的科技團隊中，軟體是其中一組非常重要的子領域。

So the events of this quarter, essentially what you've seen is a repricing of software stocks in the public markets due to years over what AI is going to do to a lot of these historically very sticky business models. That's caused a revaluation in the public markets, that clearly leads over into the private markets, both in terms of the private M&A market and lenders' desire to finance these types of companies.

就本季的事件而言，你看到的本質上是：由於市場多年來對 AI 將如何影響許多過去非常「黏著」的商業模式存在疑慮，公眾市場對軟體股進行了重新定價。這導致公眾市場的重新估值，並明顯外溢到私募市場，包含私募併購市場，以及放款人對為這類公司提供融資的意願。

And so it's definitely harder in the near term to navigate traditional software M&A at the same rate as you've seen over the last few years. I think if you take a step back, I think we're likely to see -- because right now, the market is putting sort of a broad brush on all of these SaaS business models. And I think what's likely to happen, if you sort of simplistically put all of these companies into three buckets, I think, in one bucket -- and time will tell, this will play out over a period of time -- there will be companies where the AI threat is misperceived, these companies will adapt and use AI to their advantage and prosper and grow through some of this disruption.

因此，短期內要以過去幾年那樣的速度推進傳統軟體併購，確實更難操作。但如果退一步看，我認為我們很可能會看到——因為目前市場對所有這些 SaaS 商業模式有點「一概而論」。我認為接下來可能會發生的是：若簡化地把這些公司分成三類，其中一類——時間會證明，這會在一段期間內逐步發展——會是 AI 威脅被誤判的公司；這些公司會調整並把 AI 轉為優勢，並在這波變動中茁壯與成長。

And I think those companies, you'll see active again in the M&A marketplace either as consolidators or as candidates for sale to other strategic or private equity firms. On the other end, I do think there's a category of company that the business models are going to be significantly disrupted.

而對於這些公司，你會看到它們在併購市場重新活躍，可能成為整併者，或成為出售給其他策略買家或私募股權機構的標的。在另一端，我確實認為有一類公司的商業模式將受到顯著衝擊。

And if those companies carry a lot of leverage, either because they're subject of a historical LBO, we're owned by a sponsor, et cetera, I do think you're going to likely see liability management and other actions to deal with those capital structures, which are not sustainable going forward given the disruption from AI.

如果這些公司背負較高槓桿，不論是因為過去的槓桿收購（LBO）、由贊助方持有等，我確實認為你很可能會看到負債管理以及其他行動，來處理那些在 AI 造成的衝擊下、未來將難以為繼的資本結構。

And I think there's a category in the middle of companies where it's just going to take some time to figure out what AI means for those businesses, and those companies will need time and the owners of those companies will need time to adapt to kind of the changing landscape. And I think for those companies, things like bespoke capital hybrid solutions, things that delever the capital structures and give the owners of those businesses more time or continuation vehicles.

我也認為中間還有一類公司，需要一些時間才能釐清 AI 對其業務的意義；這些公司需要時間，而其所有人也需要時間，去適應不斷變化的環境。對於這些公司而言，像是量身打造的資本混合型解決方案、能降低槓桿並為企業所有人爭取更多時間的方案，或延續型載體（continuation vehicles）等，將會很重要。

You'll notice that in each of these different buckets, we have great product expertise to service those companies to leverage the deep relationships our technology team has with companies and with sponsors and with their deep expertise and knowledge in these spaces. And so I think we're really well positioned as the market evolves and makes sense of AI disruption to these different categories of software companies. I think we're really well positioned to be able to provide great service to our clients to help them navigate that.

你會注意到，在上述每一個不同的類別中，我們都有很強的產品專業能力來服務這些公司，並能運用我們科技團隊與企業及贊助方之間的深厚關係，以及他們在這些領域的深度專業與知識。因此，隨著市場演變並逐步釐清 AI 對不同類型軟體公司的衝擊，我認為我們的定位非常有利。我認為我們非常有能力為客戶提供優質服務，協助他們應對這些變化。

That's terrific color. Thank you, Navid. And then just as my follow-up, I heard the comments on sponsor engagement in the prepared remarks, but just curious kind of what you think bring sponsors back.

這些補充說明很棒。謝謝你，Navid。接著作為追問，我聽到你在事先準備的發言中提到贊助商參與度的評論，但我想了解你認為要如何讓贊助商回來。

I mean, this is supposed to be the year of the mid-market sponsor exit first few months, obviously, not very conducive. But do you still see that as likely if kind of the macro conditions settle down? Or what do you think needs to change to just unlock that reacceleration in sponsor activity?

我的意思是，今年本來應該是中型市場贊助商退出的一年，但前幾個月顯然不太有利。但如果宏觀環境趨於穩定，你仍然認為這種情況可能發生嗎？或者你覺得需要改變什麼，才能解鎖並促成贊助商活動的再加速？

Look, I can tell you, Devin, there is significant desire and need for these sponsors to transact with these portfolio companies. So the demand is there. It's really a question of lining up that demand with market conditions that enable these transactions to happen.

你看，Devin，我可以告訴你，這些贊助商對其投資組合公司進行交易有很強烈的意願與需求。所以需求是在的。真正的問題是，如何讓這個需求與能促成交易發生的市場條件對齊。

So geopolitical uncertainty, a widening out of spreads in certain sectors because some of the dynamics that are playing out in private credit, those things in the near term aren't conducive to a full-scale reopening of the full breadth of the middle market M&A business, which is where a lot of the sponsor activity is.

因此，地緣政治不確定性、某些產業利差擴大（因為私募信貸正在發生的一些動態），這些因素在短期內都不利於中型市場併購業務全面重啟；而贊助商活動有很大一部分就在那裡。

I think it's coming. I think as we kind of hopefully get through the geopolitical uncertainty as some of the headlines around private credit subside, I do think sponsors are going to take advantage of the need to transact with these portfolio companies. So you're right, it hasn't happened quite yet, and our sponsor business is growing through that, so I'm really proud of that. But I do think it's going to take a little bit more time to see that full breadth of the market that we all anticipate will appear at some point, hopefully soon.

我認為它會到來。我想，當我們希望能度過地緣政治不確定性、以及私募信貸相關的新聞熱度降溫後，我確實認為贊助商會利用與這些投資組合公司進行交易的需求。所以你說得對，這還沒有真正發生，而我們的贊助商業務在此期間仍在成長，我對此非常自豪。但我確實認為，還需要一點時間，才能看到我們都預期終將出現的那種市場全面回暖的廣度，希望能在某個時間點、最好是很快。

Alex Bond, KBW.

Alex Bond，KBW。

I want to start on the restructuring side. You noted in the release that the revenue decline there year over year in the quarter. Can you just help us think about the magnitude of the decline there in the quarter? And then also if you could help put some context around the results here.

我想先從重整（restructuring）業務談起。你在新聞稿中提到，本季該部分營收年減。你能否協助我們理解本季降幅的程度？另外，也請你幫忙提供一些背景脈絡來解讀這裡的結果。

The commentary from some of your peers has continued to be relatively upbeat and you noted the pipeline here is up meaningfully year over year. So maybe if you could just speak to the drivers behind the year-over-year decline and maybe it's just timing. But any other color there would be helpful. And then additionally, any color around the pipeline would also be helpful. Thank you.

你的一些同業的評論仍相對樂觀，而你也提到這裡的案源（pipeline）年增幅度很大。所以也許你可以談談造成年減的驅動因素，或許只是時點問題。但任何額外的補充說明都會很有幫助。另外，關於案源的任何補充也會很有幫助。謝謝。

Yes. Look, we're not going to get into specific details of the quarter. But look, it's really just timing. The revenues in the quarter are a function of which transactions closed in the quarter. And so there's always going to be a little bit of variability depending upon the quarter and the business segment. But as I said, our team is doing a great job. They're working on a number of really important and significant mandates. We got a lot of momentum. Their pipelines are up in a really positive way.

是的。你看，我們不會深入到本季的具體細節。但你看，這真的只是時點問題。本季的營收取決於哪些交易在本季完成結案。因此，依季度與業務分部不同，總會有一些波動。但如我所說，我們的團隊做得非常好。他們正在處理多項非常重要且具規模的委任案。我們動能很強。他們的案源以非常正面的方式顯著增加。

And I do think some of the same volatility that we've been talking about in terms of raw material prices, input prices given the geopolitical uncertainty, [tech] disruption, AI disruption, some of those same themes that are potentially causing some near-term headwinds on the M&A side are creating opportunities for liability management and other things that our CSA teams get involved with. So I feel really good about the trajectory of that business and feel really great about our team.

而且我確實認為，我們一直在談的某些波動——例如原物料價格、投入成本在地緣政治不確定性下的變動、[科技]顛覆、AI 顛覆——其中一些同樣的主題，可能在短期內對併購端造成逆風，但也在負債管理以及我們 CSA 團隊參與的其他事項上創造機會。所以我對該業務的走勢感到非常樂觀，也對我們的團隊非常有信心。

Okay, great. Thanks for the color there. And then maybe just on the PCA side, you noted the stronger year-over-year revenues there, which makes sense given the build-out of the platform.

好的，很好。謝謝你的補充說明。接著談 PCA 方面，你提到該部分營收年增較強，考量到平台的建置擴張，這很合理。

But maybe if you could just help us think about the contribution here in the quarter, maybe how that progressed sequentially. And then also, any updated thoughts around where you sit in the competitive landscape and progress in terms of market share gains to date, that would be helpful as well. Thanks.

但也許你可以幫我們理解本季的貢獻度，以及它在季比上的進展。另外，若能更新你們在競爭版圖中的位置，以及迄今在市占率提升方面的進展，也會很有幫助。謝謝。

Yes. Look, we're building that team aggressively, as I mentioned. We'll have here, soon, seven managing direct -- senior folks managing directors, building that business for us. We love the team. They're doing a great job, getting great reviews from clients who they're going to see, and they're getting hired on and building up their pipeline pretty significantly.

是的。你看，如我提到的，我們正在積極擴編那個團隊。我們很快會有七位董事總經理——資深人士、董事總經理——來為我們打造這項業務。我們很喜歡這個團隊。他們做得非常好，從他們拜訪的客戶那裡獲得很好的回饋，而且他們也持續被聘用、並相當顯著地建立起他們的案源。

So it's still early days. We're starting to see kind of the fruits of that early start-up phase in that business. But I think I said in the prepared remarks, our thesis is spot on. The sponsor clients, we have these deep relationships with, want us to be in that business. They want to support us and hire us. They want us to be involved with their portfolio companies.

所以現在仍是早期階段。我們開始看到該業務早期創建期所結出的成果。但我想我在事先準備的發言中說過，我們的論點完全正確。我們與之有深厚關係的贊助商客戶，希望我們進入這項業務。他們希望支持我們並聘用我們。他們希望我們參與他們的投資組合公司。

And now that we've been able to put in place a world-class team in a really important product, both on the traditional GP-led secondary side and with private credit secondaries, both of those are growth areas and I suspect there'll be growth areas for a while. And we've got a great team there that's out there winning mandates and executing mandates. So I feel really good about that.

而現在我們已能在一個非常重要的產品領域建立世界級團隊，無論是在傳統的 GP 主導型次級市場（secondary）端，或是在私募信貸次級市場端，兩者都是成長領域，而且我預期還會成長一段時間。我們有一支很強的團隊在外贏得委任案並執行委任案。所以我對此感到非常樂觀。

Ryan Kenny, Morgan Stanley.

Ryan Kenny，Morgan Stanley。

So just to follow up on that last question on private capital advisory. So it sounds like it's starting to contribute to revenues, which is great to hear. Is it accretive yet to pretax income, the revenues less expenses? And is that something that can happen this year?

我想就上一題關於私募資本顧問（private capital advisory）再追問一下。聽起來它已開始對營收有所貢獻，這很高興聽到。那它對稅前盈餘是否已具增益性（accretive），也就是營收扣除費用後？而這是否有可能在今年發生？

I don't know. Chris, do you want to take that, Chris?

我不知道。Chris，你要不要回答這題，Chris？

Yes. I mean, it's hard to tell during the quarter, right? But I would say this year, I think there's -- sure, it could be accretive. Like Navid said, it's certainly growing. It's part of our non-M&A, right? You mentioned that two-third of our business is M&A, one-third is non-M&A. That's split between capital market, CSA, and now with PCA, that's a growing component of it.

好的。我的意思是，在季度期間其實很難判斷，對吧？但我會說，今年我認為——當然，它有可能具增益性。如 Navid 所說，它確實在成長。它是我們非併購（non-M&A）的一部分，對吧？你提到我們業務的三分之二是併購，三分之一是非併購。非併購這部分由資本市場、CSA 組成，而現在加上 PCA，它在其中是成長中的組成。

And then as a follow-up on private credit. So it came up a couple of times as one of the near-term headwinds. I'm wondering, are you seeing anything under the hood there? Or is this just headline specific with perceived risk impacting activity?

另外再追問私募信貸。它被提到幾次，作為短期逆風之一。我想知道，你們在更底層的情況中有看到什麼嗎？還是這只是特定新聞標題所致，因為對風險的觀感而影響了活動？

Yes. I don't think there's systemic risk in the private credit market and a lot of the headlines you're seeing around direct lending. Direct lending is a small part of the overall private credit complex. And most of the issues right now are around direct lending into software and concentration around some of those portfolios.

是的。我不認為私人信貸市場以及你在直接放貸相關新聞標題中看到的那些情況，存在系統性風險。直接放貸只是整體私人信貸版圖中的一小部分。而目前大多數問題都集中在對軟體領域的直接放貸，以及部分投資組合的集中度上。

I do think when things like the sort of revaluation of software companies happens, lenders, direct lenders, folks in the private credit industry tend to get a little more selective, intend to ask themselves the question of, right, what's next; are there risks that I haven't seen in other parts of the marketplace.

我確實認為，當像軟體公司這類的重新估值發生時，放款人、直接放貸機構以及私人信貸產業的參與者往往會變得更有選擇性，並會問自己：好，接下來是什麼；在市場其他部分是否存在我以前沒有看到的風險。

Now, put that aside, there's all sorts of other parts of the marketplace, many, many sectors that are really insulated from some of this technology disruption and/or our beneficiaries of the technology disruption. And so the direct lenders are actively lending -- continue to actively lend into all of those different bases and sectors at a very rapid pace.

現在，先把那個放一邊，市場上還有各式各樣的其他領域，許多、許多產業其實與這些科技顛覆相當隔離，並且／或者是科技顛覆的受益者。因此，直接放貸機構正積極放貸——並且持續以非常快的速度，對所有這些不同的客群與產業領域積極放貸。

But I do think it does cause folks to say, are there other spaces, right, and see risk that were mispriced risk essentially and cause them to be a little bit more cautious of lending in some of those areas. And so that's a flavor for some of the headwinds that I was talking [about].

但我確實認為，這會讓大家開始思考：是否還有其他領域，對吧，並看到一些本質上被錯誤定價的風險，從而使他們在某些領域的放貸上更為謹慎。所以這就是我剛才提到的一些逆風的樣貌[之一]。

Ken Worthington, JPMorgan Chase.

Ken Worthington，摩根大通。

As we think about the business environment for M&A and the puts and takes that you highlighted at the beginning of the call, how does the US compare with Europe and with Asia as we think about the outlook for M&A activity for the next few quarters?

當我們思考併購（M&A）的商業環境，以及你在電話會議一開始提到的各種利多與利空時，展望未來幾季的併購活動，美國與歐洲、亞洲相比如何？

So I think the US is still ahead of Europe. If you look at the announcements this quarter in Europe, there's a little bit of a pop. I think that's really due to a few larger cap transactions, but the volumes just aren't there in Europe yet. So Europe is still behind the US in terms of momentum in the M&A market. I think that will change over time. And certainly, we're super committed to our build in Europe. It's a critically important part of the world.

我認為美國仍然領先歐洲。如果你看本季歐洲的公告案，有一點點回升。我認為那主要是因為幾筆較大型的交易，但歐洲的量能目前還沒起來。所以就併購市場的動能而言，歐洲仍落後於美國。我認為這會隨時間改變。而且我們也非常堅定地投入在歐洲的建置。那是全球極其重要的一個區域。

If you're going to have a world-class investment bank on a global basis, you have to be strong in Europe, and we're committed to that region. But the pace of the M&A market, the dynamism of the M&A market is still not what we're seeing in the United States. Asia, there is pockets of activity in Asia, a little less on the cross-border side that we're seeing, but there's still activity there, and we have a presence there, and that's obviously as well.

如果你要打造一家全球層級、世界一流的投資銀行，你就必須在歐洲很強，而我們對該區域是承諾投入的。但併購市場的節奏、併購市場的活躍度，仍然不如我們在美國看到的。亞洲方面，亞洲有一些活動的口袋區域；我們看到的跨境活動相對少一些，但仍然有活動，我們也在那裡有布局，這當然也很重要。

Thank you. Okay. And maybe just following up on Europe. Why is Europe maybe not coming together like we're seeing in the US M&A market? Is it a financing issue? Is it a sentiment issue? Is it just like a sector mix issue? What would you sort of put your finger on as to why we're not seeing the same level of engagement?

謝謝。好的。那也許再追問一下歐洲。為什麼歐洲沒有像美國併購市場那樣逐步成形？是融資問題嗎？是情緒／信心問題嗎？還是像產業結構組合的問題？你會把原因歸結在哪一點，為什麼我們看不到同等程度的參與度？

I think it's a longer philosophical question that one could take a lot of time answering, but let me give you my views. Look, part of it is I think a different relationship between government and enterprise in some of those markets.

我認為這是一個更長、更偏哲學性的問題，可以花很多時間回答，但我先分享我的看法。你看，其中一部分原因是，我認為在某些市場，政府與企業之間的關係不同。

I think there's a different and more difficult regulatory environment in some of those markets. I think there's a different approach to entrepreneurialism in Europe in some of those markets that you see in the United States. And I think there is a different pace to capital formation in parts of Europe, and you see in the United States.

我認為在某些市場，監管環境不同且更具挑戰。我認為歐洲在某些市場對創業精神的態度，與你在美國看到的也不一樣。我也認為歐洲部分地區的資本形成速度，與美國相比是不同的。

So I think you could talk about it for a long time, but I think some of the pillars of why you see a healthy growing dynamic M&A markets in the United States. Europe is just a little bit behind the United States in some of those areas.

所以我覺得可以談很久，但我認為你之所以在美國看到健康、成長且具動能的併購市場，其中一些支柱因素，在歐洲的某些面向上只是比美國稍微落後一些。

James Yaro, Goldman Sachs.

James Yaro，高盛。

I just want to touch a little bit more on the restructuring backdrop in 2026. Could you just comment a little bit on your view as to whether that could improve to a lesser or greater extent as a result of issues within private credit. And maybe if that's true, then the cadence over which that could occur? And then just maybe if you could also comment on the mix of M&A versus non-M&A revenue.

我想再多談一點 2026 年的重整（restructuring）背景。你能否稍微評論一下，你認為私人信貸內部的一些問題，是否可能讓重整業務的前景在改善幅度上更大或更小？如果是的話，這可能發生的節奏會是怎樣？另外，也請你談談併購（M&A）與非併購收入的組合。

Yes. I mean, the mix was two-third M&A, one-third non-M&A split between CSA and capital markets. Generally, we don't give a breakdown, but I would say they're in the same ZIP code depending on the quarter. And then again, now we have PCA in that area, and that's growing nicely.

好的。我的意思是，組合大約是三分之二來自併購（M&A），三分之一來自非併購，非併購部分在 CSA 與資本市場之間分配。一般我們不會提供更細的拆分，但我會說依季度不同，兩者大致在同一個量級。然後同樣地，現在我們在那個領域也有 PCA，而且成長得不錯。

Look, on the outlook for restructuring generally. There's still significant maturity walls as you kind of look out to the '28 to '29 to '30 timeframe. I think something like $2 trillion of maturities that are set to hit the leverage loan in the high-yield market during those time periods. So those maturity walls have to be dealt with. Some of that are prior maturity walls got kicked out to '28, '29 and '30 and some of those companies may or may not be able to continue to refinance

至於整體重整的展望。當你把時間拉到 2028、2029、2030 年那段期間，仍然存在相當可觀的到期高牆（maturity walls）。我認為在那些期間，槓桿貸款與高收益市場將有大約 2 兆美元的到期量要到來。所以這些到期高牆必須被處理。其中一部分原本較早的到期高牆已被延後到 2028、2029、2030 年，而其中一些公司未必能夠持續再融資

And down the road, I do think some of the tech disruption and the disruption we talked about, some of the factors that come out of some of the geopolitical events in terms of raw material prices and fuel prices that are impacting some sectors, all of those things create stress with companies that have levered balance sheets.

再往後看，我確實認為一些科技顛覆以及我們談到的那些顛覆因素，再加上一些地緣政治事件所帶來的因素——例如原物料價格與燃料價格——正在影響某些產業；所有這些都會讓資產負債表槓桿較高的公司承受壓力。

And all of those are areas where our structuring teams are actively involved in conversations with clients. So I do think we're in for continued liability management opportunities. And we think over time, liability management will turn into more traditional restructuring as well. Default rates are still sort of low, but we do think there's plenty of activity for a number of years on the restructuring side.

而這些都是我們重整團隊正積極與客戶對話的領域。所以我確實認為，我們將持續面臨負債管理（liability management）的機會。而且我們認為，隨著時間推進，負債管理也會轉化為更傳統的重整。違約率目前仍算偏低，但我們確實認為在重整端，未來數年仍會有相當多的活動。

Okay. That's super helpful. I just wanted to touch again on the private equity backdrop. You made the comment that sponsor M&A is growing double digits. I assume that's a year-on-year comment, but correct me if I'm wrong.

好的。這非常有幫助。我想再談一下私募股權（private equity）的背景。你提到贊助商併購（sponsor M&A）呈現雙位數成長。我猜那是年對年（YoY）的說法，但如果我理解錯了請糾正我。

And then I just wanted to touch on what's driving your business to outperform the broader market on the sponsor side. Is it that you're taking market share? Or are there specific types of sponsors that are particularly strong that you're seeing, whether it's in terms of geography, the size of deals that they're transacting in or something else?

另外我也想了解，是什麼驅動你們在贊助商端的業務表現優於整體市場。是你們在搶市占嗎？或者你們看到某些特定類型的贊助商特別強勁——不論是地理區域、他們交易的規模，或其他因素？

Yes. Just to clarify, that is a year-over-year growth number. And look, just like if we don't do well in one space in a quarter, I don't want -- you shouldn't make too big a deal [but] I don't want to make too big of a deal it [the other way] when we do well in the space relative to the market either.

是的。先澄清一下，那是一個年對年（YoY）的成長數字。而且你看，就像如果我們在某個領域某一季表現不佳，我不希望——你也不應該把它看得太嚴重；同樣地，當我們在該領域相對於市場表現較好時，我也不想（從另一個方向）把它看得太嚴重。

So look, I think, generally, sponsors has always been very much part of the DNA and fabric of our firm. We cover corporates actively. We cover sponsors actively. We have dedicated sponsor coverage teams. And really, even before sponsors were [invoke], we were doing that from the early days of the firm.

所以你看，我認為整體而言，贊助方（sponsors）一直都是我們公司DNA與文化的一部分。我們積極覆蓋企業客戶。我們也積極覆蓋贊助方。我們有專門的贊助方覆蓋團隊。而且其實，甚至在贊助方被[引入]之前，我們從公司早期就一直在做這件事。

So I think our teams do a great job and are very focused on covering those entities like we cover corporates. We think that's a very symbiotic thing to do to understand all the players in a particular ecosystem or the corporate and sponsor. And so I think really, it's just -- we do a good job of covering them, and it's really an important thing we focus on.

所以我認為我們的團隊做得非常好，而且非常專注於像覆蓋企業一樣去覆蓋這些機構。我們認為，為了理解某個生態系中的所有參與者——無論是企業端還是贊助方——這是一件非常互利共生的事情。因此我認為，歸根結底就是——我們把覆蓋工作做得很好，而這也是我們重點關注的一個非常重要的事項。

So again, I don't want to overstate the market. The market is still not fully open in terms of -- and back to the demand the desire for activity. The level of actual activity is not meeting the demand yet. And I think once that happens, we're going to be particularly well positioned to reap the benefit of it.

所以再說一次，我不想把市場的狀況講得太誇張。市場在——就需求、以及對活動的意願而言——仍然還沒有完全打開。實際發生的活動量目前還沒有達到需求。我認為一旦出現那種情況，我們將會處於特別有利的位置去收穫其帶來的好處。

Brennan Hawken, BMO Capital.

BMO Capital 的 Brennan Hawken。

So Navid, you spoke to expanding relationships in the creditor community in the capital structure advisory in the restructuring business, which I thought was kind of interesting. Could you drill down on that a little bit, like which parts of the credit community have you been focused on? Is that shift or expansion in relationships sort of centered around an opportunity set that you believe is likely to become more robust?

所以 Navid，你談到在重組業務中的資本結構顧問（capital structure advisory）方面，擴展與債權人社群的關係，我覺得這點挺有意思的。你能否再深入說明一下，例如你們主要聚焦於信貸社群中的哪些部分？這種關係的轉變或擴張，是否是圍繞著你認為未來可能會變得更為強勁的一組機會而展開的？

And I don't think you touched on this before when you were talking about the fact that 1Q started off a little slower, but you had recently taken up your outlook for the year. Do you still expect that business to be flat to up here as we progress through '26?

另外，我覺得你先前在談到第一季一開始稍微慢一些、但你們最近又上調了全年展望時，沒有提到這點。隨著我們進入 2026 年，你仍然預期這項業務會持平到成長嗎？

Sure. Thanks for the question. So yes, look, a couple of years ago, we hired a couple of senior professionals to really focus in on the creditor side of the business. Really, over the last number of years, the creditor side of the business has really evolved.

當然。謝謝你的問題。所以是的，你看，幾年前我們聘請了幾位資深專業人士，專門聚焦在業務的債權人端。其實在過去幾年裡，債權人端的業務確實已經演變了很多。

I think post financial crisis and then for a number of years thereafter, a lot of the action in the creditor community really revolved around hedge funds. And I think over time, that's really shifted more to CLOs. And in order to make sure that we had best-in-class coverage of CLOs and the other constituents in the credit marketplace, we had to be more intentional about covering those players actively and really making decisions as we were going after corporate opportunities in the restructuring world, making a decision are really going to focus on a company side situation or we're going to focus on a creditor-side situation.

我認為在金融危機之後、以及其後的好幾年，債權人社群中的許多活動主要圍繞著避險基金。而我認為隨著時間推移，這已經更多轉向 CLO（擔保貸款憑證）。為了確保我們對 CLO 以及信貸市場中其他參與者提供一流的覆蓋，我們必須更有意識地去主動覆蓋這些角色；並且在我們追求重組領域的企業端機會時，做出判斷：我們究竟要聚焦在公司端的情境，還是要聚焦在債權人端的情境。

Because a healthy balance, I think, between those two businesses is important to have the biggest TSA business you can have. And I think having a group of people who are really intentional about building relationships to make sure we were well positioned, especially, I think this is really, again, part of the secret sauce of how we go to market.

因為我認為，在這兩類業務之間保持健康的平衡，對於打造你所能擁有的最大 TSA 業務非常重要。而且我認為，擁有一群非常有意識地建立關係的人，以確保我們處於有利位置——尤其我認為這其實也是我們市場打法的「秘密配方」之一。

Our CSA business, like all of our sectors, all of our product businesses are deeply collaborative with our sector teams. And so especially where we had a good relationship with the company knowledge in a sector to make sure we were lining up with the right creditors, if we were chasing a creditor assignment and being really intentional about that, it's been really, really important and it's opened up a lot of opportunities for us.

我們的 CSA 業務和我們所有的產業、所有的產品線一樣，都與產業團隊進行深度協作。因此，特別是在我們在某個產業中與公司端有良好關係、並且具備公司端知識的情況下，若我們是在追求一個債權人端的委任案，我們就能確保與合適的債權人對接，並且非常有意識地去做這件事；這一直非常、非常重要，也為我們打開了很多機會。

So that's what I was referring to in the comments. And I think the investment in that side of the business being more intentional there has really paid off.

所以這就是我在評論中所指的內容。而且我認為，在業務的那一端投入更多、並更有意識地經營，確實已經帶來了很好的回報。

And no change to the outlook, right, just to confirm?

那麼展望沒有變化，對吧？只是確認一下？

Yes, I think I mentioned in the prepared remarks that our pipelines are up meaningfully, and we'll see how the year plays out, but we do expect growth in our CSA business [here].

是的，我想我在事先準備的發言中提到，我們的案源管線（pipelines）顯著上升；至於今年會如何發展我們再觀察，但我們確實預期我們的 CSA 業務會成長[在這裡]。

Great. Great. The next one is a little more ticky-tacky, so probably more for Chris, accounting oriented. Comp expense of $210 million, how close is that to a floor for you guys on comp? And if that layer above the floor is a little thinner than normal, is that a statement of optimism around the ability to accrue against more robust revenues as the year progresses?

很好。很好。下一個問題比較偏枝節，可能更適合 Chris，偏會計面向。薪酬費用（comp expense）為 2.10 億美元，這離你們薪酬的底線（floor）有多接近？如果底線之上的那一層比平常薄一些，這是否代表你們對於隨著年度推進、能夠針對更強勁的營收進行更多計提（accrue）抱持樂觀？

I mean, I'd say a couple of things. Our Q1 comp ratio is down, right, over 300 basis points from this time last year. Q1 had equity comp in there and it's higher, right, due to the acceleration of retirement eligible equity awards. So I think you're aware of that.

我的意思是，我會說幾點。我們第一季的薪酬比率下降了，對吧，相較去年同期下降超過 300 個基點。第一季包含了股權薪酬，而且它更高，對吧，原因是加速了符合退休資格的股權獎勵。所以我想你也知道這件事。

However, those awards are fully considered in our 65.8% full-year estimated comp accrual. So I think right now, we are projecting that 65.8% for our best estimate for the year. And as always, we plan to evaluate and adjust the comp in the year to develop [titering] revenues, investment in the business and the competitive landscape.

不過，這些獎勵已經完全納入我們全年預估薪酬計提比率 65.8% 的考量之中。所以我認為目前我們仍以 65.8% 作為我們對今年的最佳估計。並且一如既往，我們計畫在年度內評估並調整薪酬，以因應[逐步變化的]營收、對業務的投資以及競爭態勢。

Brendan O'Brien, Wolfe Research.

Wolfe Research 的 Brendan O'Brien。

I guess to start. Just from what we can see in the public data, it seems like you have been having a lot more success with strategic clients in terms of share than what you have historically. I just want to get a sense as to whether this is a concerted effort on your part to focus more of your efforts on strategic clients, just given some of the software activity among sponsors and whether you view this as being more sustainable share gains that you could hold on to as sponsor activity begins to recover?

我想先從這點開始。從我們在公開資料中看到的情況，你們在策略型客戶（strategic clients）方面的市佔表現似乎比過去歷史上成功得多。我想了解一下，這是否是你們有意識地把更多資源聚焦在策略型客戶上——考量到贊助方在軟體領域的一些活動——以及你們是否認為，當贊助方活動開始復甦時，這會是更可持續的市佔提升、你們能夠維持住？

Yes. Thanks for that observation and for the question. I agree with you. I think our platform and our bankers and the quality of the hiring we've been doing laterally, I think all of that has attributed to a more active transactional activity around strategics to go impair with our always historical strength with sponsors.

是的。謝謝你的觀察與提問。我同意你的看法。我認為我們的平台、我們的銀行家、以及我們近年來橫向招募（lateral hiring）的品質，這些都促成了我們在策略型客戶周邊更活躍的交易活動，並與我們一向在贊助方方面的歷史強項相互補強。

And so that's very intentional. And I do think from my perspective, our best sector bankers know a lot of companies and transact with a lot of companies. They also understand sponsor space. They also understand our product capabilities and work collaboratively with our product folks and those are the kinds of people we're hiring. Those are the kinds of people we're developing through our internal development pipeline.

因此這是非常有意識的。而且從我的角度來看，我們最優秀的產業銀行家認識很多公司，也與很多公司進行交易。他們也理解贊助方領域。他們也理解我們的產品能力，並與我們的產品同仁協作；而這正是我們正在招募的那類人才。這也是我們透過內部人才培育管線所培養的那類人才。

And I think really what you're seeing is, yes, intentionality to make sure we're covering corporates the right way. And to think big in terms of larger opportunities, we definitely have a concerted effort at the firm to make sure we're thinking about the largest transactions and are pursuing the largest opportunities, but it's also, I think, a testament to our hiring and our talent development and the maturation of our plan.

我認為你們真正看到的是：沒錯，我們是有意識地確保以正確的方式覆蓋企業客戶。並且以更宏觀的角度去思考更大的機會；公司內部確實有一項一致且集中的努力，確保我們在思考最大型的交易並追逐最大的機會，但同時我認為這也證明了我們的招募、人才培育，以及我們計畫逐步成熟的成果。

That's helpful color. And then for my follow-up, I just wanted to touch or drill down a bit more on the comp ratio. I understand there's a lot of uncertainty on the back half of the year at this point. But just struggling to reconcile the record 1Q pipeline commentary and just the overall optimism on activity trends across the business with the flat comp accruals. So I guess it would just be helpful to understand (technical difficulty) for the remainder of the year in the 1Q accrual and how we could think about comp leverage if activity continues on this positive trend?

這些補充說明很有幫助。接著我想追問一下，我想再稍微觸及或更深入探討一下薪酬比率（comp ratio）。我理解目前對於下半年仍有很多不確定性。但我有點難以把你們對第一季創紀錄的案源管線（pipeline）的評論，以及對全公司業務活動趨勢的整體樂觀情緒，與薪酬提列（comp accruals）持平這件事對起來。所以我想了解的是，（技術問題）第一季提列中對於今年剩餘期間的假設是什麼，以及如果活動延續這種正向趨勢，我們該如何看待薪酬槓桿（comp leverage）？

So I think on the last call, as we were looking into 2026, even though we had made, I think, meaningful progress over the last couple of years to bring our comp ratio down, yes, I think I was pretty clear that we don't intend to be finished there. And our goal is to continue to work the comp ratio down as the investments that we've made over the last number of years in our people started to show up in terms of increased revenue as the market improved and as our business continues to grow.

我想在上一次電話會議上，當我們展望2026年時，儘管我認為過去幾年我們在降低薪酬比率方面已取得相當有意義的進展，但沒錯，我當時也相當清楚地表示，我們不打算就此結束。我們的目標是，隨著過去幾年在人才上的投資開始反映在營收增加上——隨著市場改善、以及我們的業務持續成長——我們將繼續努力把薪酬比率往下調。

That's still exactly the plan. And I'm hopeful and optimistic that we'll see that as we roll through the next few quarters and have a great year this year. The first quarter was up. It wasn't up a lot. You can see what percentage was up. And I do think as we roll forward, in fact, if we see the kind of growth numbers that I hope we see and I anticipate we'll see, we will revisit comp ratio in subsequent quarters.

這仍然完全是既定計畫。我也抱持希望並保持樂觀，隨著接下來幾個季度推進、並且今年能有一個很好的年度表現，我們會看到這一點。第一季是成長的。成長幅度不算大。你們可以看到成長的百分比。而我確實認為，隨著我們往前推進，事實上如果我們看到我希望且預期會看到的那種成長數字，我們會在後續季度重新檢視薪酬比率。

Yes, I agree. I think it's just a little too early. Just like last year, we started out at 69%. And as the year progressed and saw our revenues come in and our investments, we were able to lower it over 300 basis points. So we're hopeful. I'm not sure that it would be the same pace as we did last year, but we're still hopeful to make increases and improvement on our comp ratio this year.

是的，我同意。我認為現在確實還稍微早了一點。就像去年一樣，我們一開始是69%。隨著年度推進、看到營收進來以及我們的投資，我們得以把它降低了超過300個基點。所以我們抱持希望。我不確定是否能像去年那樣的速度，但我們仍希望今年能在薪酬比率上有所提升與改善。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

I wanted to ask you about the pipeline here. So your pipeline's at, I guess, all-time highs. Public backlog does seem to support a good second quarter here, but it does seem like there's a lot of market uncertainty, could certainly elongate some of the deal closings for the industry, maybe impact the pace of new deals.

我想問一下你們的案源管線。所以你們的管線我想是處於歷史新高。公開披露的待完成交易存量（public backlog）似乎支持第二季會有不錯的表現，但看起來市場不確定性仍然很高，這很可能會拉長本產業一些交易的結案時間，也可能影響新交易的節奏。

So as you think about the next quarter or two, can you just maybe give us a view on how you think those could shape up relative to the prior year? Any color there would just be helpful just given kind of one of the pockets of softness in the market currently.

所以當你們思考接下來一到兩個季度時，能否請你們談談你們認為相較於去年同期可能會呈現什麼樣的走勢？鑑於目前市場存在一些偏弱的區塊，任何補充說明都會很有幫助。

Sure. Look, we feel really good about the overall level of our pipeline, as we mentioned in the prepared remarks, and we have I think the highest at this point in a year, the first quarter in terms of our announced pipeline, deals that have been announced that are waiting to close. So I think those are both really good data points as we kind of think about the rest of the year.

當然。你看，我們對整體案源管線的水位感覺非常好，正如我們在事先準備的發言中提到的；而且就已公告的管線而言——也就是已宣布、正在等待完成交割的交易——我認為在一年中的這個時間點、第一季，我們目前是最高的。所以當我們思考今年剩餘時間時，我認為這兩點都是非常好的數據指標。

But you're correct that, at the end of the day, we have to transact against that pipeline. Our teams are working extremely hard to service clients and give great advice and try to get transactions done, but some of that is out of our control.

但你說得沒錯，歸根結底，我們必須把這些管線轉化為實際成交。我們的團隊正非常努力地服務客戶、提供優質建議並嘗試完成交易，但其中有些因素並不在我們的控制範圍內。

And as I pointed to in the remarks as well, some of the factors in the marketplace coming out of the geopolitical environment, AI disruption, do create some near-term headwinds that we're working through, but they also create some opportunities in other parts of our business. So a long way of saying we'll see how the year plays out, but we're optimistic the business is in a really good spot. And our teams are working exceptionally hard to make this a growth year.

而且如同我在發言中也指出的，市場上一些因素——源自地緣政治環境、AI帶來的顛覆——確實會造成一些短期逆風，我們正在應對，但它們也在我們業務的其他部分創造了一些機會。所以長話短說，我們會看看今年會如何發展，但我們對業務目前處於非常好的位置感到樂觀。我們的團隊也正以極大的努力，讓今年成為成長的一年。

Okay. Great. And I wanted to ask maybe another question on the comp ratio [come out of maybe] a little bit of a different way, and again, with the theme of kind of wide range of outcomes here. So if we have a better environment here and continues to accelerate and you see revenue growth pick up from here, what would kind of be the level that could actually push that comp ratio down 100 basis points from that 65.8% level?

好的。很好。我還想再問一個關於薪酬比率的問題，可能從稍微不同的角度切入，同樣呼應目前結果可能有很大區間的主題。如果環境變得更好並持續加速、你們看到營收成長從這裡開始回升，那大概需要什麼樣的水準，才能把薪酬比率從65.8%的水準再往下壓100個基點？

And then conversely, if revs were to be more flattish for the year, could you hold the comp ratio flat to last year? Just trying to think through as you're investing and then maybe the push and pull on some of your fixed comp costs.

反過來，如果今年營收比較偏向持平，你們能否把薪酬比率維持在與去年相同的水準？我只是想釐清，在你們持續投資的同時，固定薪酬成本在拉扯之間會如何影響。

Yes. I don't think we're going to get into any sort of algorithm or percentages. I would say, yes, if the environment improves and ultimately have revenues of what we would expect, we will have an improvement in comp ratio.

是的。我想我們不會進入任何演算法或百分比的細節。我會說，是的，如果環境改善，最終營收達到我們的預期，我們的薪酬比率就會有所改善。

I'm not going to give you the percentage because, again, we don't know what kind of investments we're making. We're making all sorts of estimates based on revenues, investments and the competitive landscape at the end of the year.

我不會給你具體百分比，因為同樣地，我們也不知道我們會做出什麼樣的投資。我們會在年底基於營收、投資以及競爭態勢做各種估算。

And yes, I think -- sorry, what was your second part of the question?

另外，是的，我想——抱歉，你問題的第二部分是什麼？

Just how to think about the comp ratio of revenue was to be more flattish year over year?

就是如果營收年對年比較偏持平，該如何看待薪酬比率？

Yes. I mean, right now, we're not expecting that. But sure, if it was flat versus last year, we had an increase in heads, there's a possibility that you would have to adjust that. We don't expect that at this time.

是的。我的意思是，就目前而言，我們並不預期會那樣。但當然，如果相較去年持平，而我們的人頭數增加了，那就有可能需要做出調整。我們目前不預期會發生這種情況。

Nathan Stein, Deutsche Bank.

Nathan Stein，德意志銀行（Deutsche Bank）。

I wanted to follow-up on Devin's question earlier in the call. So you said in your prepared remarks, large strategic transactions have been driving M&A volumes. That's consistent with what we've seen in the data and also the trend last year. I was hoping you could talk about what's going to get that core middle market strategic deals to really pick up speed here?

我想跟進一下剛才電話會議中Devin先前的問題。所以你在事先準備的發言中提到，大型策略性交易一直在推動併購（M&A）量能。這與我們在數據中看到的情況一致，也符合去年的趨勢。我希望你能談談，接下來要如何讓核心的中型市場（middle market）策略性交易真正開始加速？

Look, some stability, as I mentioned earlier, I do think if you're a sponsor and you own a company, you've waited to monetize it because you're holding out for a price. And you see war break out of the Middle East, and that reduces the likelihood after waiting this long to monetize that asset that you're going to actually hit the mark. You're waiting for a little bit, right? If you see credit spreads gap out a little bit because there's disruption in the private credit industry, you're waiting a little bit to see that play out.

你看，正如我先前提到的，市場出現了一些穩定性。我確實認為，如果你是贊助方並且擁有一家公司，你一直在等待將其變現，因為你在等待一個理想的價格。而當你看到中東爆發戰爭，這會降低這項資產在等待這麼久之後變現、最終能達到你預期價格的可能性。所以你會再等一等，對吧？如果你看到因為私募信貸產業出現擾動而使得信用利差略為擴大，你也會再等一等，看看事情如何發展。

High-quality assets have been trading. There is activity in the marketplace. But there's also a bunch of -- a whole suite of company portfolio sitting inside private equity firms, people have been waiting to do something, and they have a price in mind of what they want for the asset, and they're waiting for the optimal moment to go ahead and monetize that asset.

高品質資產一直都有在成交。市場上是有活動的。但同時也有一大批——整套的公司投資組合——仍放在私募股權公司裡，人們一直在等著採取行動；他們心中對資產想要的價格有一個目標，並在等待最佳時點來將該資產變現。

If they haven't done a CV or if they haven't done a refinancing or something like that. And I think it just takes some time. But these assets do have to move. There's no doubt in my mind that these assets have to move, and they will come to market. And it will just take time for that middle market to open up. That's coming.

如果他們還沒有做過 CV，或是還沒有做再融資之類的事情。我認為這只是需要一些時間。但這些資產確實必須流動。我毫不懷疑這些資產必須流動，而且它們會進入市場。只是需要時間讓中型市場重新打開。這正在到來。

Daniel Cocchiara, Bank of America.

Daniel Cocchiara，美國銀行。

Sticking with comp and just hiring. I was wondering if you could talk to us about the competitive dynamics you're seeing on this front, and whether or not you're seeing any added pressure maybe from like the bulge brackets and their ability to retain talent. Thank you.

延續薪酬以及招募這塊。我想請你談談你們在這方面看到的競爭態勢，以及你們是否看到來自大型投行（bulge bracket）及其留才能力所帶來的額外壓力。謝謝。

Sure. Look, it's competitive. There's no doubt hiring great people, what I call difference makers. It's super competitive. It's rare that you're talking to somebody who is great in a space where they're not talking to one other firm as well. So we have to compete against both bracket firms. We have to compete against other independent firms, and we have to compete against people doing other things and staying at the firms are at.

當然。你看，競爭很激烈。毫無疑問，招募優秀的人才——我稱之為能帶來差異的人——競爭非常激烈。很少會遇到某個人在某個領域非常出色，但同時沒有也在和另一家機構接觸。所以我們必須同大型投行競爭。我們也必須同其他獨立機構競爭，還要同那些選擇做其他事情、或留在原本公司的人競爭。

So what we're looking for, again, are people who want to be part of a collaborative environment, will fit in great and be accretive to our culture, and [to our different spaces]. And finding and cultivating those relationships takes time. And it's definitely hand-to hand combat to get those people here on terms that make sense for us and for them.

因此我們在尋找的，仍然是那些想成為協作環境一部分的人，能很好地融入並為我們的文化帶來正向增益，並且[在我們不同的業務領域]也能帶來增益。而建立並培養這些關係需要時間。而且要在對我們和對他們都合理的條件下把人招進來，確實是短兵相接的競爭。

But yes, hired eight people this quarter. We're excited about all those hires. It's my number one focus as CEO of the company, is not just to make sure our bankers that are here continue to think Moelis & Company is the best place to work with the best culture, but also to recruit other super talented people from all over the world to join us, and we're -- think we do a great job. Our teams do a great job of identifying those people. And as a senior management team, we spent a lot of time developing those relationships and trying to get those people to yes.

不過，是的，本季我們聘用了八位同仁。我們對這些招募都很興奮。作為公司 CEO，我的首要重點不僅是確保目前在這裡的銀行家持續認為 Moelis & Company 是擁有最佳文化、最適合工作的地方，同時也要從全球各地招募其他極具才華的人加入我們；而且我們——認為我們做得很好。我們的團隊在辨識這些人選方面做得非常出色。作為高階管理團隊，我們也花很多時間去經營這些關係，努力讓這些人點頭加入。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Just had a quick follow-up on non-compensation expense. Obviously, you heard the guidance and pretty consistent with what you guys had said previously. It was a little bit higher than we had modeled. I think we were a little bit low and had it building through the year.

我想就非薪酬費用簡單追問一下。顯然你們剛才提到的指引，和你們先前所說的相當一致。但它比我們模型預估的稍微高一些。我想我們之前估得有點低，並且假設它會在全年逐步上升。

And I think the guidance implies kind of more of a steadier pace. But in the other expense line, obviously, that jumped up pretty meaningfully. I know there could be some kind of lumpy deal costs and things like that. So I'm just curious what drove that kind of step up and how much of that is kind of core versus like transitory or just one-off items?

而我認為這個指引暗示的是比較穩定的節奏。不過在其他費用那一行，顯然跳升得相當明顯。我知道可能會有一些不均勻的交易成本之類的項目。所以我想了解是什麼驅動了這種階梯式上升，以及其中有多少屬於核心性支出，多少屬於短暫性的或一次性項目？

Yes. I mean, so I would say that other expenses, this line includes cost that don't warrant their own separate category. So there are things like client conferences are in there, certain deal related capital markets underwriting expenses, but we have other things like insurance, education, business taxes and just a number of other items.

是的。我的意思是，我會說其他費用這一行包含了那些不足以單獨列為一個類別的成本。所以其中包括像是客戶會議（client conferences）、某些與交易相關的資本市場承銷費用；但也包含其他項目，例如保險、教育、營業稅，以及其他一些項目。

The individual, like you pointed out, individual non-comp line items fluctuate quarter to quarter, but in aggregate, they generally balance each other out. And we still anticipate full-year non-comp expenses to grow at a similar rate 2025.

如你所指出的，個別的非薪酬費用項目會在季度之間波動，但合計來看，它們通常會彼此抵消、趨於平衡。而我們仍預期全年非薪酬費用在 2025 年將以類似的增速成長。

I'll now turn the call back over to Navid Mahmoodzadegan for closing remarks.

我現在把電話交回給 Navid Mahmoodzadegan 作結語。

Thank you all for joining today. Really appreciate it, and we look forward to speaking to you all soon. Thanks so much.

感謝各位今天參與。非常感激，也期待很快再與各位交流。非常謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。