Bank of NT Butterfield & Son Ltd (NTB) 2024 Q1 法說會逐字稿

Good morning.

早安.

My name is [Dorvin], and I will be your conference operator today.

我的名字是 [Dorvin]，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the first-quarter 2024 earnings call for the Bank of N.T. Butterfield & Son Limited.

此時此刻，我謹歡迎大家參加北領地銀行 2024 年第一季財報電話會議。巴特菲爾德父子公司。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the call over to Noah Fields, Butterfield's Head of Investor Relations.

我現在想把電話轉給巴特菲爾德投資者關係主管諾亞·菲爾茲(Noah Fields)。

Thank you.

謝謝。

Good morning, everyone and thank you for joining us.

大家早安，感謝您加入我們。

Today, we will be reviewing our Butterfield's first-quarter 2024 financial results.

今天，我們將回顧巴特菲爾德 2024 年第一季的財務表現。

On the call, I'm joined by Michael Collins, Butterfield's Chairman and Chief Executive Officer; Craig Bridgewater, Group Chief Financial Officer; and Michael Schrum, President and Group Chief Risk Officer.

巴特菲爾德董事長兼執行長邁克爾柯林斯 (Michael Collins) 也參加了電話會議。 Craig Bridgewater，集團財務長；以及總裁兼集團首席風險長 Michael Schrum。

Following their prepared remarks, we will open the call up for a question-and-answer session.

在他們準備好的發言之後，我們將開始問答環節。

Yesterday afternoon, we issued a press release announcing our first quarter 2024 results.

昨天下午，我們發布了新聞稿，公佈了 2024 年第一季的業績。

The press release and financial statements, along with a slide presentation that we will refer to during our remarks on this call are available on the Investor Relations section of our website at www.butterfieldgroup.com.

新聞稿和財務報表以及我們將在本次電話會議發言中參考的幻燈片簡報可在我們網站 www.butterfieldgroup.com 的投資者關係部分取得。

Before I turn the call over to Michael Collins, I would like to remind everyone that today's discussions will refer to certain non-GAAP measures, which we believe are important in evaluating the company's performance.

在我將電話轉給麥可‧柯林斯之前，我想提醒大家，今天的討論將涉及某些非公認會計準則衡量標準，我們認為這些衡量標準對於評估公司績效非常重要。

For a reconciliation of these measures to US GAAP, please refer to the earnings press release and slide presentation.

有關這些措施與美國公認會計準則的協調表，請參閱收益新聞稿和幻燈片簡報。

Today's call and associated materials may also contain certain forward-looking statements which are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements.

今天的電話會議和相關資料也可能包含某些前瞻性陳述，這些陳述受到風險、不確定性和其他因素的影響，這些因素可能導致實際結果與這些陳述預期的結果有重大差異。

Additional information regarding these risks can be found in our SEC filings.

有關這些風險的更多資訊可以在我們向 SEC 提交的文件中找到。

I will now turn the call over to Michael Collins.

我現在將把電話轉給麥可柯林斯。

Thank you, Noah and thanks to everyone joining the call today.

謝謝諾亞，也感謝今天加入電話會議的所有人。

Butterfield's first-quarter 2024 results continue to benefit from our leading market positions and highly regarded international financial centers.

巴特菲爾德 2024 年第一季業績繼續受益於我們領先的市場地位和備受推崇的國際金融中心。

As a reminder, we operate well-established banking and wealth management franchises in Bermuda, Cayman Islands and the Channel Islands.

謹此提醒，我們在百慕達、開曼群島和海峽群島經營完善的銀行和財富管理特許經營業務。

We also offer specialized financial services in the Bahamas, Switzerland, Singapore and the UK, where we provide mortgages to high net worth clients with properties and prime central London.

我們也在巴哈馬、瑞士、新加坡和英國提供專業金融服務，為擁有房產和倫敦市中心黃金地段的高淨值客戶提供抵押貸款。

I will now turn to the first quarter highlights on page 4.

我現在將轉向第 4 頁上的第一季亮點。

Butterfield reported strong financial results in the first quarter with net income of $53.4 million and core net income of $55 million.

巴特菲爾德公佈第一季強勁的財務業績，淨利潤為 5,340 萬美元，核心淨利潤為 5,500 萬美元。

We reported core earnings per share of $1.17 with a core return on average tangible common equity of 24.5% for the first quarter of 2024.

我們公佈的 2024 年第一季每股核心收益為 1.17 美元，平均有形普通股核心回報率為 24.5%。

The net interest margin was 2.68% in the first quarter, a decrease of five basis points from the prior quarter, with the cost of deposits rising to 178 basis points from 172 basis points in the prior quarter.

一季淨利差為2.68%，較上季下降5個基點，存款成本由上季的172個基點上升至178個基點。

The increase in deposit costs was primarily the result of continued mix shift from demand deposits to term products as well as term deposit rollovers.

存款成本的增加主要是由於活期存款轉變為定期產品以及定期存款展期的持續混合。

The Board has again approved a quarterly cash dividend of $0.44 per share.

董事會再次批准每股 0.44 美元的季度現金股利。

We also continued to repurchase shares during the quarter totaling 1.2 million shares at an average price of $30.40 per share.

本季我們也持續回購股票，回購總量為 120 萬股，平均價格為每股 30.40 美元。

Before I turn the call over to Craig, I would like to welcome Butterfield's new General Counsel and Group Chief Legal Officer, Simon Des-Etages.

在將電話轉接給克雷格之前，我要歡迎巴特菲爾德的新任總法律顧問兼集團首席法務官西蒙·德-埃塔格斯 (Simon Des-Etages)。

Simon joined (technical difficulty) the planned retirement of Shaun Moris.

西蒙加入了（技術難度）肖恩·莫里斯的計劃退休。

Simon has over 30 years of legal experience in London, New York and Bermuda with the majority of that time spent in the banking sector.

Simon 在倫敦、紐約和百慕達擁有 30 多年的法律經驗，其中大部分時間都在銀行業工作。

I'm confident Butterfield will benefit from his extensive experience advising banks on legal and regulatory matters.

我相信巴特菲爾德將受益於他為銀行提供法律和監管事務諮詢的豐富經驗。

I will now turn the call over to Craig for details in the first quarter.

我現在將把電話轉給克雷格，以了解第一季的詳細資訊。

Thank you, Michael, and good morning.

謝謝你，邁克爾，早安。

On slide 6, we provide a summary of net interest income and net interest margin.

在投影片 6 中，我們提供了淨利息收入和淨利差的摘要。

In the first quarter, we reported net interest income before provision for credit losses of $87.1 million, a small increase versus the prior quarter.

第一季度，我們報告未計信貸損失撥備前的淨利息收入為 8,710 萬美元，較上一季小幅增長。

The net interest income benefited from an increase in average interest earning assets, but was muted by lower NIM and one less day than the fourth quarter.

淨利息收入受益於平均生息資產的增加，但因淨利差下降以及較第四季減少一天而受到抑制。

Average interest earning assets in the first quarter of 2024 of $13 billion was 3.2% higher than the prior quarter, driven by an increase in average deposit levels.

受平均存款水準上升的推動，2024 年第一季的平均生息資產為 130 億美元，比上一季成長 3.2%。

The yield on the interest earning assets was flat at 4.39%.

生息資產收益率持平於4.39%。

The yield on treasury assets during the quarter was comparable to the prior quarter at 4.71% and the investment portfolio yield at 2.23%, which was seven basis points higher than the prior quarter, reflecting the runoff of lower yield securities and increased yields for more recent purchases.

本季國債資產收益率與上季持平，為 4.71%，投資組合收益率為 2.23%，比上季度高出 7 個基點，反映出低收益證券的流失和近期收益率的上升。

Throughout the first quarter, the bank reinvested maturities, paydowns and some excess liquidity into a mix of US agency MBS securities and medium term US treasuries.

在整個第一季度，該銀行將到期日、還款額和部分過剩流動性再投資到美國機構MBS證券和中期美國國債。

The yield on loan balances decreased by 10 basis points to 6.58%, principally attributed to net paydowns and higher yielding loans.

貸款餘額收益率下降 10 個基點至 6.58%，主要歸因於淨還款額和貸款收益率較高。

Average investment balances decreased by $86.3 million or 0.07% to $5.2 billion compared to the prior quarter, mainly due to maturities and change in the fair value of the securities held.

平均投資餘額較上一季減少 8,630 萬美元或 0.07%，至 52 億美元，主要是由於所持證券的到期日和公允價值變動。

Slide 7 provides a summary of noninterest income, which totaled $55.1 million, down 8.1% versus the prior quarter, primarily due to seasonally higher card services fees included in banking revenue in the fourth quarter of the year.

投影片 7 提供了非利息收入摘要，總計 5,510 萬美元，較上一季下降 8.1%，主要是由於今年第四季銀行收入中包含的卡服務費季節性上漲。

Trust fees declined as a result of lower activity base fee income, while fees from asset management increased as a result of higher assets under management.

由於活動基本費用收入減少，信託費用下降，而由於管理資產增加，資產管理費用增加。

Noninterest income continues to be a stable and capital efficient source of revenue through the cycle with a fee income ratio of 38.6%.

在整個週期中，非利息收入仍然是穩定且資本高效的收入來源，費用收入率為 38.6%。

On slide 8, we present core noninterest expenses.

在投影片 8 上，我們展示了核心非利息支出。

Total core noninterest expenses were $86.9 million, a 3.8% decrease compared to $90.4 million in the prior quarter.

核心非利息支出總額為 8,690 萬美元，較上一季的 9,040 萬美元下降 3.8%。

The decline in core noninterest expenses is primarily attributable to lower salary and benefit costs as performance based incentive accruals decreased from the prior quarter.

核心非利息支出的下降主要是由於基於績效的應計激勵較上一季有所減少，導致工資和福利成本下降。

Expenses in the first quarter also benefited from incurring less technology and communications points.

第一季的支出也受益於技術和通訊點的減少。

We continue to expect a quarterly run rate for expenses to total about $88 million per quarter in the second half of 2024.

我們仍預計 2024 年下半年每季費用總額約為 8,800 萬美元。

As discussed previously, this contemplates the increase expenses resulting from the amortization of our new cloud-based IT investments and core banking system and branch upgrades, as well as costs for our new team service in the acquired book corporate trust clients, all while taking into consideration the expected benefit of the group-wide restructure announced in the third quarter of 2023.

如前所述，這考慮到我們新的基於雲端的IT 投資和核心銀行系統和分行升級的攤銷所導致的費用增加，以及我們在所收購的賬簿企業信託客戶中的新團隊服務的成本，同時考慮到考慮到 2023 年第三季宣布的集團範圍內重組的預期效益。

I will now turn the call similar to Michael Schrum to review the balance sheet.

我現在將類似於邁克爾·施魯姆（Michael Schrum）的呼籲轉向審查資產負債表。

Thank you, Craig.

謝謝你，克雷格。

Slide 9 shows that Butterfield's balance sheet remains liquid and conservatively managed.

投影片 9 顯示巴特菲爾德的資產負債表仍然具有流動性並且管理保守。

Period-end deposit balances increased to $12.1 billion from $12 billion at the prior quarter-end, indicative of the stabilization in the deposit base.

期末存款餘額從上一季末的 120 億美元增至 121 億美元，顯示存款基礎趨於穩定。

We continue to expect a medium term deposit level range between $11.5 billion and $12 billion, with the understanding that deposit flows can be cyclical due to the nature of some of the trust and larger institutional depositors.

我們仍預期中期存款水準將在 115 億美元至 120 億美元之間，但由於一些信託和較大機構儲戶的性質，存款流動可能呈現週期性。

Butterfield's low risk density of 34.4% continues to reflect the regulatory capital efficiency of the balance sheet with a lower risk weighted residential mortgages, now representing 69% of our total loan assets.

Butterfield 34.4% 的低風險密度繼續反映了資產負債表的監管資本效率，其中風險加權住宅抵押貸款目前占我們總貸款資產的 69%。

On slide 10, we show that Butterfield continues to have strong asset quality with low credit risk in the investment portfolio, which is now 100% comprised of at least AA rated US government guaranteed agency securities.

在投影片 10 中，我們顯示巴特菲爾德的投資組合持續保持良好的資產品質和較低的信用風險，目前投資組合 100% 由至少 AA 級的美國政府擔保機構證券組成。

Loan asset quality also continues to be excellent, with non-accrual loans remaining at 1.3% of gross loans and net charge-off of one basis point and our allowance for credit losses coverage ratio is consistent with the prior quarter at 0.5%.

貸款資產品質也持續保持優異，非應計貸款仍佔貸款總額的 1.3%，淨沖銷額為 1 個基點，信貸損失撥備覆蓋率與上一季保持一致，均為 0.5%。

In terms of credit trends, we have additional disclosures in note 6 to the financial statements.

關於信用趨勢，我們在財務報表附註 6 中進行了額外揭露。

I would just point out that our past due and accruing facilities are expected to continue to be somewhat elevated over the next few quarters due to a sizable legacy hospitality facility in Bermuda, working through a receivership and sale process, which we expect to conclude later this year.

我只想指出，由於百慕達有規模龐大的遺留酒店設施，我們的逾期和應計設施預計將在未來幾個季度繼續有所提高，該設施正在通過破產管理和銷售流程進行工作，我們預計將在今年晚些時候結束年。

We remain well secured and continue to expect full recovery are all pass through and acquiring loan assets.

我們仍然有良好的保障，並繼續預計所有貸款資產都會全面恢復。

On slide 11, we present the average cash and securities balance sheet with a summary interest rate sensitivity, asset sensitivity increased in the first quarter of 2024 due to a lower asset duration with higher levels of cash and cash equivalents, along with durations of investments and fixed rate loans trending lower.

在投影片11 中，我們展示了平均現金和證券資產負債表，並總結了利率敏感性，由於資產期限較短、現金和現金等價物水平較高，以及投資期限和投資期限，2024 年第一季度資產敏感性上升。

Unrealized losses in the AFS portfolio included in OCI was $178.2 million at the end of the first quarter, an unfavorable movement of $14.3 million or 9% from $163.9 million at December 31, 2023, due to an increase in long-term market interest rates.

截至第一季末，OCI 中包含的 AFS 投資組合的未實現損失為 1.782 億美元，由於長期市場利率上升，較截至 2023 年 12 月 31 日的 1.639 億美元不利變動 1,430 萬美元，即 9%。

Our current forward rates, AFS, OCI is expected to improve by $52 million or 29% in the next 12 months and $83 million or 47% in the next 24 months, allowing for reinvestment in higher-yielding assets (technical difficulty) tangible book value growth.

我們目前的遠期利率、AFS、OCI 預計在未來12 個月內將提高5,200 萬美元或29%，在未來24 個月內將提高8,300 萬美元或47%，從而允許再投資於收益更高的資產（技術難度）有形帳面價值生長。

Slide 12 summarized regulatory and leverage capital levels.

投影片 12 總結了監管和槓桿資本水準。

Butterfield's capital levels continue to be conservatively above regulatory requirements, while not strictly a regulatory ratio, our TCE to TA ratio of 6.7% remains above our targeted range of 6% to 6.5%, and this is indicative of the health of our overall capital levels.

Butterfield 的資本水準繼續保守地高於監管要求，雖然不是嚴格的監管比率，但我們 6.7% 的 TCE 與 TA 比率仍然高於我們 6% 至 6.5% 的目標範圍，這表明我們整體資本水準的健康狀況。

I will now turn the call back to Michael Collins.

現在我將把電話轉回給麥可柯林斯。

Thank you, Michael.

謝謝你，麥可。

The outlook for tourism in Bermuda and Cayman is very positive with improved airlift and a good pipeline of cruise ships scheduled to visit the island.

百慕達和開曼群島的旅遊業前景非常樂觀，因為空運得到改善，並且有大量遊輪計劃訪問該島。

Bermuda continues to maintain its status as a world-class jurisdiction to host high profile international events.

百慕達繼續保持其作為舉辦高規格國際活動的世界級司法管轄區的地位。

Early next month sale GP, an offshoot of the America's Cup sailing race will be hosting televised races in Bermuda.

下個月初，美洲盃帆船賽的一個分支——Sale GP 將在百慕達舉辦電視轉播的比賽。

Butterfield is a proud supporter of the event, as we were with the America's Cup.

巴特菲爾德是這項賽事的自豪支持者，就像我們對美洲盃帆船賽的支持一樣。

In November, the TJ will once again hold the Butterfield Bermuda Championship in Bermuda at the Port Royal Golf course, where the event has been held since 2019 and is televised internationally.

11 月，TJ 將再次在百慕達皇家港高爾夫球場舉辦巴特菲爾德百慕達錦標賽，該賽事自 2019 年以來一直在這裡舉辦，並在國際上進行電視轉播。

In Cayman, the peak season for tourism is winding down, as we head towards summer after great season.

在開曼，旅遊旺季即將結束，隨著我們在一個美好的季節之後即將迎來夏季。

Available visitor statistics show air arrivals heading back towards records with bed capacity continuing to increase.

現有的遊客統計數據顯示，航空抵達人數回升至歷史最高水平，床位容量持續增加。

In addition to Bermuda and Cayman, the Channel Islands also benefited from strong economic contribution (technical difficulty) international business.

除了百慕達和開曼之外，海峽群島也受益於強勁的經濟貢獻（技術難度）國際業務。

At the end of 2023, the Bermuda government tabled legislation and moving to a corporate income tax from 2025.

2023 年底，百慕達政府提出立法，並從 2025 年開始徵收企業所得稅。

The legislation will implement minimum corporate income tax of 15%, a multinational enterprises with total global revenues in excess of EUR750 million in at least two of the previous four accounting periods.

該法案將對過去四個會計期間至少兩個會計期間全球總收入超過7.5億歐元的跨國企業實施15%的最低企業所得稅。

And will fall within the scope of the Pillar two global minimum tax rules.

並將落入支柱二全球最低稅規則的範圍內。

During the fourth quarter of 2023 reporting cycle, we saw a number of Bermuda reinsurers announced deferred tax assets in preparation for the expected implementation of a first ever corporate income tax in Bermuda.

在2023年第四季的申報週期中，我們看到許多百慕達再保險公司宣布了遞延稅資產，為百慕達首次實施企業所得稅做準備。

We do not expect the tax to impact our fuel directly in the near future, but we will be monitoring the progress closely.

我們預計稅收不會在不久的將來直接影響我們的燃料，但我們將密切關注進展。

At this point, reinsurers are mostly planning to accept the changes and maintain their significant and economically important operations in Bermuda.

目前，再保險公司大多計劃接受這些變化，並維持其在百慕達的重要且具有經濟重要性的業務。

In Cayman, the government has taken a less active approach legislatively with away (technical difficulty) position.

在開曼，政府在立法上採取了不那麼積極的態度，並放棄了（技術難度）立場。

Butterfield continues to benefit from capital efficient and recurring noninterest income, disciplined expense management and net interest earnings.

巴特菲爾德繼續受益於資本效率和經常性非利息收入、嚴格的費用管理和淨利息收入。

The bank has consistently maintained top quartile returns relative to US regional banks with operating returns on tangible equity in the range of 16% to 28% over the most recent economic cycle.

相對於美國區域銀行，該銀行的回報率始終保持在前四分之一，在最近的經濟週期中，有形股本的營運回報率在 16% 至 28% 之間。

Our strong returns require active capital management, which we deliver through regular quarterly cash dividends and share repurchases.

我們的強勁回報需要積極的資本管理，我們透過定期的季度現金股利和股票回購來實現這一目標。

Additionally, capital is utilized to support organic growth and contemplates potential M&A activity.

此外，資本也用於支持有機成長並考慮潛在的併購活動。

We remain committed to exploring growth opportunities through acquisitions and are regularly in contact with targets to assess potential prospects.

我們仍然致力於透過收購探索成長機會，並定期與目標公司聯繫以評估潛在前景。

We continue to look for accretive deals primarily in private trust, while also building organically from previous acquisitions and we will remain disciplined to ensure M&A is consistent with our strategic and financial objectives.

我們繼續主要在私人信託領域尋找增值交易，同時也從先前的收購中進行有機建設，我們將保持紀律，以確保併購符合我們的策略和財務目標。

Thank you.

謝謝。

And with that, we would be happy to take your questions.

因此，我們很樂意回答您的問題。

Operator?

操作員？

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Tim Switzer, KBW.

蒂姆·斯維策，KBW。

Hi, good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Good morning.

早安.

Did you guys talk about the level of noninterest income in Q1, it was a little bit above the run rate you guys talked about last quarter and a lot of it was the FX revenue, which there might be some one-timers in there.

你們是否談論過第一季的非利息收入水平，它比你們上個季度談論的運行率略高一點，其中很大一部分是外匯收入，其中可能有一些一次性收入。

Could you talk about what drove the upside and what your expectations are going forward?

您能談談是什麼推動了上漲以及您對未來的期望是什麼？

Yeah, this is Craig and I can speak to that.

是的，這是克雷格，我可以談談。

So you're right, so we do have capacity increases in FX revenues.

所以你是對的，我們的外匯收入確實增加。

And it's really due to just a handful of significant transactions that took place in our Channel Island segment.

這實際上是由於我們海峽群島部門發生的幾筆重大交易所致。

The bulk of the FX revenue on a quarter-to-quarter basis is really kind of from the pegged currencies in Cayman Islands versus USD as well as Bermuda dollars versus USD.

按季度計算的大部分外匯收入實際上來自開曼群島與美元以及百慕達元與美元的掛鉤貨幣。

And then if that accounts for somewhere around 70% of that FX revenue on a quarter-to-quarter basis.

然後，如果按季度計算，這佔外匯收入的 70% 左右。

And then just depending on client volumes and client transactions the FX would tend to kind of very, very far from quarter to quarter.

然後，僅根據客戶量和客戶交易，匯率往往會在每季之間出現非常非常大的變化。

So this quarter, we had a handful of large transactions, and that's a lot of subsegments.

因此，本季度，我們進行了一些大型交易，其中有許多細分市場。

The other piece is that we've also seen some positive results coming through on our asset management fees.

另一方面，我們在資產管理費方面也取得了一些正面的成果。

We are seeing more inflows into money market funds as an example, and I think as rates stay higher for longer, obviously customers are going to continue to see higher yields on their investments, any excess cash.

以我們看到更多資金流入貨幣市場基金為例，我認為，隨著利率在較長時間內保持在較高水平，顯然客戶將繼續看到更高的投資收益率以及任何多餘的現金。

So we have seen some favorable flows into our money market funds as well as just increases in the fair value of those portfolios that are managed by asset management, so that's largely driving through the first quarter

因此，我們看到一些有利的資金流入我們的貨幣市場基金，以及由資產管理管理的那些投資組合的公允價值增加，這在很大程度上推動了第一季的發展

(inaudible)

（聽不清楚）

Okay.

好的。

What are your going forward expectations with is some of that sustainable that you can repeat in coming quarters?

您對未來的期望是什麼？

I think (inaudible) if we see rates higher for longer, I think you'll still continue to see pretty good levels in our money market funds, which are definitely good.

我認為（聽不清楚）如果我們看到利率在較長時間內保持較高水平，我認為您仍然會繼續看到我們的貨幣市場基金的相當不錯的水平，這絕對是好的。

So we're earning fees on those.

所以我們透過這些賺取費用。

So that's been positive (inaudible) depending how the equity markets perform.

因此，這是積極的（聽不清楚），取決於股市的表現。

Again, that's going to basically support assets under management.

同樣，這將基本上支持管理下的資產。

So, perhaps we will see those levels continue to be where they are or increase slightly, again, dependent on market conditions.

因此，也許我們會看到這些水平繼續保持在原來的水平，或者再次略有上升，這取決於市場狀況。

And then I guess under that, you'll probably see a cyclical increases as you have seen in the past, so that in Bermuda currency, they come down, you'll see more kind of credit card volumes.

然後我想在此之下，您可能會看到像過去一樣的周期性增長，因此以百慕達貨幣計算，它們會下降，您會看到更多種類的信用卡數量。

And that's going to drive banking fees that obviously in Q4, we have seasonally high beams on the banking side as well.

這顯然會推高第四季的銀行費用，銀行方面也有季節性的高光。

Okay.

好的。

That's helpful.

這很有幫助。

And my other question is, I know you guys like to hold a lot of liquidity on the balance sheet, but the cash increased a little bit around 24% of earning assets.

我的另一個問題是，我知道你們喜歡在資產負債表上持有大量流動性，但現金在獲利資產的 24% 左右增加了一點。

Can you remind us like, what your target liquidity level is?

您能否提醒我們，您的目標流動性程度是多少？

And if there's any opportunity for you to deploy cash into either loan opportunities or higher yielding securities?

您是否有機會將現金投入貸款機會或更高收益的證券？

Yeah.

是的。

Thanks, Tim.

謝謝，蒂姆。

So it's Michael Schrum, I'll kick off and maybe Craig can convince you and that's well, yeah, you're absolutely right.

那麼是邁克爾·施魯姆（Michael Schrum），我將開始，也許克雷格（Craig）可以說服你，那好吧，是的，你絕對是對的。

As we see the maturities in the investment portfolio kind of coming back, we've been sort of building the cash position a little bit here, just one.

當我們看到投資組合的到期日有所回升時，我們一直在此處建立一點現金頭寸，只是一個。

It's not adding any OCI risk at the moment.

目前它不會增加任何 OCI 風險。

We've got some deposit stabilization and some volatility prior to that.

在此之前，我們已經看到了一些存款穩定和一些波動。

Obviously, after the regional bank sort of volatility last year.

顯然，在去年地區銀行經歷了某種波動之後。

And so we've just been kind of building the cash position a little bit.

因此，我們只是稍微建立了現金部位。

I think in a stable environment, 15% to 20% of our deposits typically would be what we call working capital, cash positions, which is again because we don't have a central bank or lender of last resort, we don't have a Fed window.

我認為在穩定的環境中，我們存款的 15% 到 20% 通常是我們所說的營運資金、現金頭寸，這又是因為我們沒有央行或最後貸款人，我們沒有聯準會窗口。

So we have to manage our treasury effectively.

因此，我們必須有效地管理我們的金庫。

And because we have pervasive multicurrency accounts across a number of different markets, that ends up with liquidity flows kind of being sort of a little bit higher than you might otherwise normally see.

由於我們在許多不同的市場上都擁有普遍的多貨幣帳戶，因此最終的流動性流量會比您通常看到的要高一些。

So I think there are definitely opportunities for us to think about laddering out just as a reminder, cash and short-term securities are up to one year.

因此，我認為我們肯定有機會考慮逐步退出，只是提醒一下，現金和短期證券最長可達一年。

So it is a little bit of some of repricing lag on that, but it's not substantial duration.

因此，重新定價有一點滯後，但持續時間並不長。

So that again, would just like to continue to see the investment portfolio run down a little bit.

因此，我希望繼續看到投資組合略有下降。

And then as that happens and we're rolling it into higher yielding securities.

然後當這種情況發生時，我們將其轉變成收益率更高的證券。

But I'll let Craig add anything?

但我會讓克雷格添加一些東西嗎？

(technical difficulty) Maybe I'll add is that, what we did see during the quarter was I guess you saw an increase in deposits.

（技術難度）也許我要補充的是，我們在本季確實看到的是，我猜您看到了存款的增加。

So again, that was a contributor to the increase levels of liquidity that we have.

同樣，這也是我們流動性水準增加的因素。

So in addition to kind of managing the investment portfolio and the reinvestments there, (inaudible) you have deposits increase and obviously, we kind of have to see how these deposits behave before the investment income over time, that's it.

因此，除了管理投資組合和再投資之外，（聽不清楚）存款增加了，顯然，我們必須看看這些存款在投資收入隨著時間的推移之前的表現如何，就是這樣。

Okay, great.

好的，太好了。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

Alex Twerdahl, Piper Sandler.

亞歷克斯·特沃達爾，派珀·桑德勒。

Good morning.

早安.

(multiple speakers) Michael in your comments about expected medium term deposit range being $11.5 billion to $12 billion implies maybe a little bit of expected outflow over the next couple of quarters, which it's not atypical for the sort of the middle of the year, but do you in fact have line of sight on some deposits that are flowing out or expected to flow out in the near term?

（多名發言者）邁克爾在您關於預期中期存款範圍為 115 億美元至 120 億美元的評論中暗示，未來幾個季度可能會有一點預期資金外流，這在年中並不罕見，但是您實際上是否有註意一些正在流出或預計在短期內流出的存款？

And then would those deposits be non-interest bearing or would they have some costs associated with them that we can take into consideration in our modeling?

那麼這些存款是否是無息的，或者它們會產生一些與之相關的成本，我們可以在建模中考慮這些成本？

Yes.

是的。

Good question, Alex.

好問題，亞歷克斯。

So yes is the answer.

所以答案是肯定的。

I think, we do have a number of depositors that are sitting on the balance sheet, but the company itself is in liquidation is going through the courts, and it's just very difficult to predict how they're going to flow out.

我認為，我們的資產負債表上確實有很多儲戶，但公司本身正在清算，正在透過法院審理，很難預測他們將如何流出。

And as you've seen, we also have some what we expecting some of that to be in the sort of near to medium term.

正如您所看到的，我們也有一些我們期望的東西，其中一些在近中期會出現。

It's just depends on when exactly as the court process is completed and the liquidation proceeds and those would typically be non-interest bearing.

這僅取決於法院程序何時完成以及清算何時進行，而這些通常是不計息的。

There's a couple of those.

有幾個這樣的。

And then I think we're also sitting with some reasonably expensive deposit and we continue to see some mix shift.

然後我認為我們還持有一些相當昂貴的押金，並且我們繼續看到一些混合轉變。

And so I think the normalization period is probably still ongoing.

因此，我認為正常化時期可能仍在持續。

We're seeing some inflows and we've seen some money fund inflows at the moment.

目前我們看到了一些資金流入，也看到了一些貨幣基金的流入。

But I think there's still a little bit of ways a couple, maybe three quarters to go just to kind of make sure that we feel that this is completely stabilized.

但我認為仍然有一些方法，可能需要四分之三的時間來確保我們感覺情況已經完全穩定。

We came out of post COVID and financial assistance, monetary policy, pretty ramped up and then going into a much higher interest rate environment.

我們擺脫了新冠疫情和金融援助、貨幣政策的影響，大幅加強，然後進入了更高的利率環境。

So I think it's a normal sort of stabilization period here and yes, we do have some line of sight to some depositors and then this normal kind of volatility.

所以我認為這是正常的穩定期，是的，我們確實對一些儲戶有一定的關注，然後是這種正常的波動。

Okay.

好的。

And then you guys have made a pretty concerted effort to reduce the asset sensitivity in the loan portfolio over the last couple of years, is that process and that effort kind of done at this point, I mean, is the sort of the mix shift -- the mix between the fixed and the variable?

然後，你們在過去幾年中做出了相當一致的努力，以降低貸款組合中的資產敏感性，這個過程和此時所做的努力，我的意思是，是一種混合轉變 - - 固定和可變之間的混合？

Is that kind of what it's going to be at this point?

現在會是這樣嗎？

Yeah, I would say so.

是的，我會這麼說。

I think what's happening with interest rates one day two cuts in the next day.

我認為一天兩次降息第二天會發生什麼情況。

It's a longer-term increases.

這是一個長期的成長。

But I think if we kind of think that, the Fed has kind of done hiking here and we're kind of most customers would be looking probably to come into floating rate, most sophisticated customers, I think.

但我認為，如果我們這麼認為，聯準會已經在這方面完成了升息，我們大多數客戶可能會尋求浮動利率，我認為是最成熟的客戶。

And so I would probably not expect for people to go kind of go 3 to 5-year fixed here at this point, it's going to be obviously different for each market.

因此，我可能不會期望人們在此時進行 3 到 5 年的固定，每個市場的情況顯然會有所不同。

But I would suspect that we are probably sitting at the 50% for the medium term.

但我懷疑，從中期來看，我們可能會處於 50% 的水平。

Those are repricing from here to like 27, right?

這些價格從這裡重新定價到 27 左右，對嗎？

So there's not a particular lumpy tranches in those repricing.

因此，這些重新定價中並沒有特別不穩定的部分。

But as they come up, I think we should probably see that fixed percentage of total kind of either stable or declining.

但當它們出現時，我認為我們可能應該看到總數中的固定百分比要么穩定，要么下降。

Okay.

好的。

And then in terms of the M&A, Michael, your comments on silicon for a private trust business or continue to be acquisitive, just given the change in geographies and sort of the spread of that business over the last with the Credit Suisse transaction, are there any geographies that make more sense today than they did a couple of years ago and either from just sort of a synergistic standpoint or another standpoint.

然後，就併購而言，邁克爾，您對私人信託業務矽的評論或繼續收購，只是考慮到地理位置的變化以及該業務在瑞士信貸交易中的最後傳播情況，是否存在任何今天比幾年前更有意義的地理區域，無論是從協同的角度或其他角度來看。

And then just remind us overall what the criteria is of that's changed at all over the last couple of years in terms of the appetite for the revenues, they seek out the size of the businesses, et cetera?

然後提醒我們，過去幾年在收入需求、他們尋求業務規模等方面發生了根本變化的標準是什麼？

Yes.

是的。

Hi.

你好。

It's Michael Collins.

這是麥可·柯林斯。

So geography-wise that hasn't changed.

所以從地理角度來看，這一點沒有改變。

So whether on the banking side, in terms of Bermuda and Cayman, Guernsey and Jersey or on the trust side if you add in Geneva and Singapore and Bahamas, that hasn't changed.

因此，無論是在銀行業方面，就百慕達和開曼、根西島和澤西島而言，還是在信託方面，如果加上日內瓦、新加坡和巴哈馬，情況都沒有改變。

So there's -- the offshore world is very small and there's some very good jurisdictions and there's some jurisdictions that aren't quite as good.

因此，離岸世界非常小，有一些非常好的司法管轄區，也有一些司法管轄區不太好。

So we know what they are, we're in the right places.

所以我們知道它們是什麼，我們來對地方了。

Singapore obviously is a particular growth area.

新加坡顯然是一個特殊的成長地區。

We're top five or six private trust company in Singapore.

我們是新加坡排名前五、六的私人信託公司。

Now we never imagine that we can sort of compete in the banking world there.

現在我們從來沒有想過我們可以在銀行界競爭。

So we know exactly where we want to be, which is the fee income.

所以我們確切地知道我們想要達到的目標，也就是費用收入。

So geographies are exactly the same.

所以地理位置是完全一樣的。

And when you look at trust, private trust companies are pretty bigger.

當你看信託時，私人信託公司規模相當大。

Ones are pretty much across those geographies.

幾乎遍布這些地區。

So that's going to stick in terms of criteria, it's still going to be private trustee.

因此，就標準而言，它仍然是私人受託人。

There's obviously other fee income businesses that private equity likes company administration, fund administration, which is very technology intensive.

私募股權顯然還有其他收費收入業務，例如公司管理、基金管理，這些都是技術密集的。

We don't want to be in those business, we want to stay in private trusts, which we've been in for seven years.

我們不想從事這些業務，我們想留在私人信託公司，我們已經從事了七年。

So we're going to stick to that.

所以我們將堅持這一點。

The only thing I'd say is in terms of our price appetite, so basically 8 times EBITDA, maybe a little bit more 10 times EBITDA.

我唯一想說的是就我們的價格偏好而言，基本上是 EBITDA 的 8 倍，也許 EBITDA 的 10 倍多一點。

That's a bigger, if it's a bigger acquisition opportunity and the two ways we can do it, it's a small trust company or a larger trust company.

這是一個更大的，如果這是一個更大的收購機會，我們可以透過兩種方式做到這一點，它是一家小型信託公司或一家更大的信託公司。

If we acquire a larger trust company and it's from a reputable seller than we can acquire the legal entity. if it's a little more difficult, we would just to sort of an asset purchase and choose each trust one by one.

如果我們收購一家更大的信託公司，並且它來自信譽良好的賣家，那麼我們就可以收購法人實體。如果稍微困難一點，我們就對資產購買進行排序，然後逐一選擇每個信託。

So essentially, nothing's changed.

所以本質上，什麼都沒有改變。

I would say, if it's the right opportunity, we might consider paying a bit more in terms of geography and what we would be buying, it's consistent.

我想說，如果有合適的機會，我們可能會考慮在地理位置和我們要購買的產品方面多花一點錢，這是一致的。

Okay.

好的。

Appreciate taking my questions.

感謝回答我的問題。

Thanks Alex.

謝謝亞歷克斯。

Thank you

謝謝

(Operator Instructions)

（操作員說明）

Eric Spector, Raymond James.

艾瑞克·斯佩克特，雷蒙德·詹姆斯。

Hi, good morning.

早安.

It's Eric on the line for Dave Feaster, congrats on a good quarter and I appreciate you taking the questions.

我是 Eric 接聽戴夫·菲斯特 (Dave Feaster) 的電話，祝賀本季度表現良好，也感謝您提出問題。

Just wanted to start on and NII and NIM kind of mentioned rate sensitivities is up a little bit quarter over quarter.

只是想開始，NII 和 NIM 提到的利率敏感度逐季略有上升。

Just curious, kind of how you think about NIM, NII for longer environment and if you're considering any actions to manage rate sensitivity here going forward?

只是好奇，您如何看待長期環境中的 NIM、NII，以及您是否正在考慮採取任何行動來管理未來的利率敏感度？

Yeah hi, it's Craig.

是的，嗨，我是克雷格。

I'm sorry, I guess I mean, we had previously kind of spoke or just spoke about them troughing kind of in Q1, Q2.

抱歉，我想我的意思是，我們之前曾在第一季、第二季談論過或只是談論過它們。

We think that is a sale I think towards probably towards the public, I guess towards the end of Q2, we'll start to see some improvement in overall NIM.

我們認為這可能是面向公眾的銷售，我想在第二季末，我們將開始看到整體淨利差的一些改善。

And obviously, this is obviously kind of dependent on really the cost of funds on the deposit pricing.

顯然，這顯然取決於存款定價的資金成本。

We are actively watching this because the pricing and the average duration or term deposits about three months.

我們正在積極關注這一點，因為定價和平均期限或定期存款約為三個月。

So that's actually grown or reprice but really it has taken a NII to kind of what we are.

因此，這實際上是成長或重新定價的，但實際上它已經使國家資訊基礎設施達到了我們的水平。

We price of those, but in a higher for longer rate environment, we expect there will probably still have continued pricing pressures on deposits.

我們對此進行定價，但在長期利率較高的環境下，我們預期存款可能仍將面臨持續的定價壓力。

So we're thinking carefully about that.

所以我們正在仔細考慮這一點。

So that's going to probably kind of needs any increases in NIM at this point based on the current market environment.

因此，根據當前的市場環境，此時可能需要增加淨利差。

On the positive side, as you'll see, we've (inaudible) lot of back LTC portfolio and you would have seen the increase in the yield on our investment portfolio be stood at [223] for Q1 and as we continue to ladder back to portfolio and invest at higher rates.

從積極的一面來看，正如您將看到的，我們有（聽不清楚）大量的LTC 投資組合，您會看到我們的投資組合的收益率在第一季度增長為[223]，並且隨著我們繼續階梯式成長回到投資組合併以更高的利率進行投資。

So we're going to see some positive contribution to them from their

因此，我們將看到他們的一些積極貢獻

--

--

But I think with regards to the cost of deposits and cost of funding, and that's probably going to keep it more or less stable to trending up at this point.

但我認為，就存款成本和融資成本而言，這可能會使其或多或少保持穩定，呈上升趨勢。

Yes, Eric, sorry, it's Michael Schrum.

是的，艾瑞克，抱歉，我是麥可‧施魯姆。

I think if you look at ROC, I right and the domestic portfolio is pretty large compared to the size of the balance sheet.

我認為如果你看看 ROC，我是對的，與資產負債表的規模相比，國內投資組合相當大。

And so having gone through this sort of whole increase in rates and building a large negative, but relatively large negative positions in HTM and although totally unrealized.

因此，經歷了這種整體的利率上漲，並在 HTM 中建立了巨大的負頭寸，但相對較大的負頭寸，儘管完全沒有實現。

I think we're also just kind of finally seeing that OCI burn down and sort of being cautious about laddering and sitting on a bit of cash, right, which I think, we're not sort of a mark-to-market shop.

我認為我們也終於看到 OCI 被燒毀，並對階梯和坐擁一點現金持謹慎態度，對吧，我認為，我們不是一家按市值計價的商店。

We just kind of need to manage through the different parts of the cycle.

我們只是需要管理週期的不同部分。

And as you can see, earnings are coming through.

正如您所看到的，收入正在實現。

So I thinks it's kind of steady when we say high for longer.

所以我認為當我們長時間保持高水準時，它會變得穩定。

I mean, some people talking about increases in rate side.

我的意思是，有些人在談論利率方面的成長。

I think we also want to be mindful of the risk positions that we have there and make sure that we're not adding to those risk positions as we go through.

我認為我們還想注意我們在那裡的風險頭寸，並確保我們在經歷過程中不會增加這些風險頭寸。

That's helpful.

這很有幫助。

And then just curious, I mean, you talked a little bit about M&A, but just kind of curious about capital return more broadly has obviously been pretty active repurchasing stock the last few quarters and TCE is now above that 66.5% level and regulatory capital very strong.

然後只是好奇，我的意思是，您談到了一些關於併購的問題，但只是對更廣泛的資本回報感到好奇，在過去的幾個季度中，回購股票顯然相當活躍，TCE 現在高於66.5%的水平，監管資本非常多強的。

Just curious how you think about capital priorities and your appetite for repurchases, do you expect a similar pace that we've seen last couple of quarters?

只是好奇您如何看待資本優先事項和回購意願，您是否預計會出現與過去幾季類似的速度？

Kind of any color there would be helpful.

任何顏色都會有幫助。

Yeah, thanks, Eric.

是的，謝謝，艾瑞克。

It's Michael Schrum.

我是麥可‧施魯姆。

So yeah, we're actually calling in from that Cayman in at the moment.

是的，我們現在實際上是從開曼群島打來的。

We just we were down here just for our Board meetings and the Board is very supportive at these levels, very attractive, reasonably attractive valuations.

我們只是來這裡參加董事會會議，董事會在這些層面上非常支持，非常有吸引力，估值相當有吸引力。

Obviously, half an eye to what's the M&A pipeline, organic growth opportunities and the semi quite a bit of opportunity here and the lending side in Cayman, the economy's booming because tower cranes everywhere.

顯然，半關注什麼是併購管道、有機成長機會和半這裡的相當多的機會，以及開曼群島的貸款方面，經濟蓬勃發展，因為塔式起重機無處不在。

So that's a positive in terms of covers the capital consumption and at least replacing the amortization that we're seeing in the loan book at the moment.

因此，這對於覆蓋資本消耗並至少取代我們目前在貸款帳簿中看到的攤銷而言是積極的。

But yeah, very, very supportive in terms of the current strategy, which is obviously, first priority is the dividend, and we kept that at $0.44 a share.

但是，是的，非常非常支持當前的策略，顯然，首要任務是股息，我們將其保持在每股 0.44 美元。

Secondly, obviously supporting our core markets in terms of organic growth and or any credit deterioration, which we're not really seeing obviously seen a little bit of migration.

其次，顯然在有機成長和/或任何信用惡化方面支持我們的核心市場，我們並沒有真正看到明顯的一點遷移。

Again, a few lumpy bank, lumpy loans there and some legacy positions, but in a very confident about the underpinning valuations there.

同樣，有一些不穩定的銀行、不穩定的貸款和一些遺留頭寸，但對那裡的基礎估值非常有信心。

So it shouldn't attract that level of risk-weighted assets.

因此，它不應該吸引這種程度的風險加權資產。

And then thirdly, obviously, M&A and or buybacks.

第三，顯然是併購和/或回購。

And things you spoke about, the pipeline for M&A was kind of sitting on a lot of capital.

你談到的事情是，併購管道坐擁大量資本。

And so we want to return our capital to shareholders.

因此，我們希望將資本返還給股東。

And so we've been pretty active.

所以我們一直都非常活躍。

And I would expect us subject to market conditions to continue.

我預計我們會根據市場情況繼續下去。

And if we need to be out later in the year, we'll do that.

如果我們需要在今年晚些時候出去，我們會這麼做。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just one last one for me.

然後是我的最後一件事。

Curious if you can provide just an update I mean, given that the core banking system upgrades was completed this quarter.

我的意思是，考慮到核心銀行系統升級已於本季完成，我很好奇您能否提供更新。

Just curious how that went and then maybe just some color on the Credit Suisse acquisition on its first full quarter since the final tranche closed just curious, if you could provide some color on just trends broadly there?

只是好奇事情進展如何，也許只是瑞士信貸收購自最後一部分結束以來第一個完整季度的一些色彩只是好奇，您是否可以提供一些有關那裡廣泛趨勢的色彩？

And how the team broad has been doing?

整個團隊的表現如何？

Yes, right.

是的，沒錯。

So yes, maybe I'll kick off and Craig can catch as well, core banking system upgrades.

所以，是的，也許我會開始，克雷格也可以趕上核心銀行系統升級。

I mean, it's always good.

我的意思是，這總是好的。

It goes right to their nobody's really it's not a -- something that's necessarily positive and actually rolling out a bunch of new functionality.

它直接針對他們的任何人，實際上這不是一個必然是積極的並且實際上推出了一堆新功能的東西。

So what we did was that like-for-like conversion, some fairly major upgrade.

所以我們所做的就是類似的轉換，一些相當重大的升級。

It was moving to a cloud infrastructure as you can see the expenses and the capital picture has changed slightly in terms of software as a service rather than the capital depreciation on those lines.

它正在轉向雲端基礎設施，因為您可以看到費用和資本狀況在軟體即服務方面略有變化，而不是這些線路上的資本折舊。

I think, generally speaking, it went well.

我認為，總的來說，進展順利。

There's no write offs.

沒有註銷。

There's obviously a few client impacting things, and we apologize to the clients, but they're all still with us.

顯然有一些客戶影響了事情，我們向客戶道歉，但他們仍然和我們在一起。

And I think what we're excited about is the opportunity to roll out additional functionality now.

我認為我們感到興奮的是現在有機會推出額外的功能。

And we have a pretty good steady platform, since we are operating.

而且自從我們運作以來，我們有一個非常好的穩定的平台。

It's a lot faster for clients.

對於客戶來說速度要快得多。

And so this does not a lot of noise.

所以這不會產生太多噪音。

Our call centers broadly, we're able to deal with the elevated volumes, most of the volumes from the implementation came from the OTP functionality.

從廣義上講，我們的呼叫中心能夠處理增加的數量，實施中的大部分數量來自 OTP 功能。

So one-time password functionality, inability to log in, we use splash screens, et cetera.

因此，一次性密碼功能、無法登入、我們使用閃屏等等。

And so it was really kind of user guide, walk throughs on our side internally it went very well like all that stuff.

所以這確實是一種使用者指南，在我們內部進行了演練，它像所有這些東西一樣運作得非常好。

But the training program is very good.

但培訓計劃非常好。

And we ended up, as I said, not having any real reconciliation issues at the back end of a process issue.

正如我所說，我們最終在流程問題的後端沒有任何真正的協調問題。

So I think at this point, I think everybody is feeling like that was how we more of the operation operational risk moment when we went live, and that's kind of in the rearview mirror and now we can add new functionality in terms of Credit Suisse.

所以我認為在這一點上，我認為每個人都感覺這就是我們上線時更多的操作操作風險時刻，這有點像後視鏡，現在我們可以在瑞士信貸方面添加新功能。

Craig, can just talk a little bit about that.

克雷格，可以簡單談談這一點。

Yeah.

是的。

And then depending on the ITP, some like you said, it's kind of going -- according to plan that it is working with us on amortize the expenses related to that as well as the hosting fees.

然後取決於 ITP，有些像你說的那樣，根據計劃，它正在與我們合作攤銷與此相關的費用以及託管費用。

And really one of the important things in the IT upgrade was to kind of get all the current version of the weight remain court.

事實上，IT 升級中最重要的事情之一就是讓所有當前版本的權重保持在法庭上。

So I guess the positive thing is that now looking to apply for funding for the application of kind of a new pack set.

所以我認為積極的事情是，現在正在尋求申請資金來申請一種新的包集。

So cover kind of getting that into kind of regular routine when it comes to maintaining that sort of deposit.

因此，在維持此類存款時，請將其納入常規程序。

Only on Credit Suisse side, again, that's going well, the assets came we would have five initiatives have come over.

只有瑞士信貸方面，一切進展順利，我們將有五項措施的資產到位。

The people have come over and all settled into teams ahead of trust has been very active kind of getting around to see those teams having tunnels, and that's making sure what

人們已經過來，所有人都在信任之前就已經融入了團隊，他們非常積極地四處走動，看看那些有隧道的團隊，這就是為了確保什麼

(inaudible) .

（聽不清楚）。

And so that's all well and really, it's just a matter of making sure we service those clients well, get to know them and then see how we can leverage this relationships.

所以這一切都很好，實際上，問題只是確保我們為這些客戶提供良好的服務，了解他們，然後看看我們如何利用這種關係。

That's helpful.

這很有幫助。

Thanks for taking the questions.

感謝您提出問題。

(inaudible) Thank you.

（聽不清楚）謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Noah Fields for any closing remarks.

我想將會議轉回給諾亞·菲爾茲（Noah Fields）發表閉幕詞。

Thank you Dorvin, and thanks, everyone, for dialing in today, and we look forward to speaking to you next quarter.

謝謝 Dorvin，也謝謝大家今天撥通電話，我們期待下個季度與您交談。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。