雷蒙詹姆斯金融 (RJF) 2025 Q2 法說會逐字稿

(audio in progress) fiscal 2025 second-quarter earnings call. This call is being recorded and will be available for replay on the company's Investor Relations website. I'm Kristina Waugh, Senior Vice President of Investor Relations. Thank you for joining us.

（音訊正在播放）2025 財年第二季財報電話會議。本次電話會議將會被錄音，並可在公司投資人關係網站上重播。我是投資者關係資深副總裁克里斯蒂娜‧沃夫 (Kristina Waugh)。感謝您加入我們。

With me on the call today are Chief Executive Officer, Paul Shoukry; and Chief Financial Officer, Butch Oorlog. The presentation being reviewed today is available on our Investor Relations website following the prepared remarks, the operator will open line for questions.

今天與我一起參加電話會議的還有執行長 Paul Shoukry；和財務長 Butch Oorlog。今天正在審查的簡報可以在我們的投資者關係網站上查閱，在準備好的發言之後，接線員將開通熱線回答問題。

Calling your attention to slide 2. Please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning futures, strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions, or our level of success in integrating acquired businesses. anticipated results of litigation in regulatory development.

請您注意投影片 2。請注意，本次電話會議中所做的某些陳述可能構成前瞻性陳述。這些聲明包括但不限於有關未來、策略目標、業務前景、財務結果、產業或市場狀況、我們收購的預期時間和收益，或我們整合收購業務的成功程度的資訊。訴訟在監管發展中的預期結果。

In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts or future or conditional verbs such as may, will, could, should, and would, as well as any other statements that necessarily depends on future events, are intended to identify forward-looking statements. Please note that there could be no assurance that actual results will not differ materially from those expressed in these statements. We urge you to consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q and Forms 8-K, which are available on our website.

此外，諸如相信、期望、預期、打算、計劃、估計、項目、預測或未來或條件動詞（例如可能、將、可以、應該和會）等詞語以及任何其他必然取決於未來事件的陳述旨在識別前瞻性陳述。請注意，我們無法保證實際結果不會與這些聲明中表達的結果有重大差異。我們敦促您考慮我們最新的 10-K 表格以及後續的 10-Q 表格和 8-K 表格中描述的風險，這些表格可在我們的網站上取得。

Now, I'm happy to turn the call over to CEO, Paul Shoukry. Paul?

現在，我很高興將電話轉給執行長 Paul Shoukry。保羅？

Thank you, Kristi. Good evening, and thank you all for joining us on the call today. Last week, we had our Global Top Financial Advisor Conference in Montreal. It was wonderful to spend time with our top advisors across our affiliation options from the US, Canada, and the UK. They are extremely pleased with Raymond James, expressing a deep appreciation for our unique advisor and client-focused culture, along with our robust platform.

謝謝你，克里斯蒂。晚上好，感謝大家今天參加我們的電話會議。上週，我們在蒙特婁舉辦了全球頂級財務顧問會議。能夠與來自美國、加拿大和英國的頂級顧問共度時光真是太好了。他們對雷蒙德詹姆斯非常滿意，對我們獨特的顧問和以客戶為中心的文化以及強大的平台表示深深的讚賞。

Just a week prior, we hosted all of our investment banking managing directors in Tampa. And they also conveyed enthusiasm for our unique combination of values and capabilities that enabled them to best serve clients.

就在一週前，我們在坦帕接待了所有投資銀行董事總經理。他們也對我們獨特的價值觀和能力組合表示了熱情，這種組合使他們能夠為客戶提供最好的服務。

Since the CEO succession announcement last year, I have been spending a large portion of my time traveling to meet with as many advisors, bankers, associates, and clients as possible. I know I have shared this before, but what I continue to hear with passion from advisors, bankers, and associates is the best professional decision that they ever made was joining Raymond James. And the biggest regret they have is they didn't join several years earlier.

自從去年宣布執行長繼任消息以來，我花了大量時間出行，盡可能多地會見顧問、銀行家、同事和客戶。我知道我之前已經分享過這一點，但我不斷聽到顧問、銀行家和同事熱情地說，他們做出的最好的職業決定就是加入 Raymond James。他們最大的遺憾是沒有早幾年加入。

That statement is really a testament to our special culture and all the fantastic associates who provide excellent service each day. Every now and then, we get external validation of this.

這句話確實證明了我們獨特的文化以及所有每天提供優質服務的優秀員工。我們時不時會得到外部驗證。

For example, this quarter, our advisors earned the number one ranking in the 2025 J.D. Power Survey for Advised Investor Satisfaction and Industry Trust. To all of our advisors, and the associates who support those advisors, congratulations, and thank you for earning this well-deserved recognition.

例如，本季度，我們的顧問在 2025 年 J.D. Power 諮詢投資者滿意度和行業信任度調查中排名第一。對於我們所有的顧問以及支持這些顧問的同事，我們表示祝賀，並感謝你們獲得這項當之無愧的認可。

My number one goal as CEO will be to reinforce and strengthen our unique culture that was established by Bob and Tom James and fortified by Paul Riley. And I am so fortunate to have a top-notch leadership team who share the same commitment. Our values base applying first approach has consistently led to strong results. And that was the case again in the fiscal second quarter.

作為首席執行官，我的首要目標是鞏固和加強由鮑勃和湯姆詹姆斯建立、保羅萊利鞏固的獨特文化。我非常幸運能擁有一支擁有同樣承諾的頂尖領導團隊。我們以價值觀為基礎的優先方法始終取得了顯著成果。而第二財季的情況也是如此。

We generated quarterly net revenues of $3.4 billion and pre-tax income of $671 million, up 9% and 10% over the year ago quarter respectively. For the first six months of fiscal 2025, we generated record net revenues of $6.9 billion in record pre-tax income of $1.4 billion, up 13% and 15% over the first half of fiscal 2024. These solid results were attributable to our diverse and complementary businesses, anchored by the Private Client Group and augmented with the capital markets, asset management, and bank segments.

我們本季的淨收入為 34 億美元，稅前收入為 6.71 億美元，分別比去年同期成長 9% 和 10%。2025財年的前六個月，我們創造了創紀錄的69億美元淨收入，創紀錄的14億美元稅前收入，分別比2024財年上半年增加13％和15％。這些穩健的表現歸功於我們多元化和互補性的業務，以私人客戶集團為基礎，並輔以資本市場、資產管理和銀行部門。

Across all of our businesses, we have achieved consistent success retaining and recruiting financial professionals who provide high-quality financial advice to their clients.

在我們所有的業務中，我們在留住和招募為客戶提供高品質財務建議的金融專業人士方面取得了持續的成功。

In the Private Client Group, we ended the quarter with $1.54 trillion of client assets under administration, representing year-over-year growth of 6%. Over the past 12 months, we recruited into our domestic independent contractor and employee channels, financial advisers with approximately $316 million of trailing 12-month production and $50 billion of client assets at their previous firms.

在私人客戶集團，我們本季管理的客戶資產為 1.54 兆美元，年增 6%。在過去的 12 個月中，我們招募了國內獨立承包商和員工管道中的財務顧問，這些顧問在之前的公司擁有約 3.16 億美元的過去 12 個月的產出和 500 億美元的客戶資產。

Including assets recruited into our RIA and Customer Services division, we recruited total client assets over the past 12 months of nearly $59 billion across all of our platforms. Quarterly domestic net new assets equaled $8.8 billion representing a 2.6% annualized growth rate on the beginning of the period domestic PCG assets.

包括我們 RIA 和客戶服務部門招募的資產在內，我們在所有平台上招募的客戶資產總額在過去 12 個月內接近 590 億美元。季度國內淨新增資產達 88 億美元，較期初國內 PCG 資產的年增率為 2.6%。

While NNA was lower this quarter, which was similar to what we experienced in the same quarter in fiscal 2024, we saw net new assets improved throughout the quarter and also had extremely strong months of new commits in March and April which should help our net new assets in the second half of the fiscal year. So we are very optimistic about our momentum and growing pipeline across all of our affiliation options.

雖然本季的 NNA 較低，與我們在 2024 財年同期的經歷類似，但我們看到整個季度的淨新資產都有所改善，並且 3 月和 4 月的新承諾月份也非常強勁，這應該有助於我們在本財年下半年的淨新資產。因此，我們對所有加盟選擇的發展勢頭和不斷增長的管道非常樂觀。

Our best of both world's value proposition where we offer a unique combination of an adviser and client-focused culture, coupled with leading technology and solutions continues to resonate with advisers across all of our affiliation options.

我們的最佳價值主張是提供顧問和以客戶為中心的文化的獨特組合，再加上領先的技術和解決方案，繼續引起我們所有附屬機構的顧問的共鳴。

In the Capital Markets segment, the investment banking pipeline is very strong but the timing of closings has been negatively impacted with market uncertainty and heightened volatility associated with tariff negotiations while investment banking closings are expected to remain challenged across the industry until we get more certainty, we are confident that we are well positioned with motivated buyers and sellers along with deep expertise across the industries we cover when the market becomes more conducive.

在資本市場領域，投資銀行管道非常強勁，但由於市場不確定性和關稅談判帶來的波動性加劇，交易完成時機受到了負面影響，而在我們獲得更多確定性之前，預計整個行業的投資銀行交易仍將面臨挑戰，我們相信，當市場變得更加有利時，我們將擁有積極的買家和賣家以及我們所涵蓋行業的深厚專業知識，處於有利地位。

In the Asset Management segment, net inflows into managed fee-based programs in the Private Client Group were very strong during the quarter, annualizing at 8%. In the bank segment, loans ended the quarter had a record $48.3 billion. Primarily reflecting strong growth in securities-based lending balances. Most importantly, the credit quality of the loan portfolio remains solid.

在資產管理領域，本季私人客戶集團管理收費項目的淨流入非常強勁，年化成長率達 8%。在銀行領域，本季末的貸款額達到了創紀錄的 483 億美元。主要反映證券化貸款餘額的強勁成長。最重要的是，貸款組合的信用品質依然穩健。

Turning to capital deployment, I want to reiterate that our long-standing priorities have remained unchanged. And that starts with investing in growth, first organically, and complemented with strategic acquisitions. On last quarter's call, we explained that we're evaluating a few M&A opportunities. We also explained that those opportunities are often part of competitive processes and that we would not stretch on valuation, especially if we do not have conviction that we could generate strong risk adjusted returns for our shareholders at those prices.

關於資本部署，我想重申，我們的長期優先事項沒有改變。首先從投資成長開始，首先是有機成長，然後輔以策略性收購。在上個季度的電話會議上，我們解釋說我們正在評估一些併購機會。我們也解釋說，這些機會通常是競爭過程的一部分，我們不會在估值上讓步，特別是如果我們不確信我們能夠以這些價格為股東帶來強勁的風險調整回報。

At this point, we are no longer pursuing those aforementioned opportunities. While we will continue to pursue acquisition opportunities that meet our criteria of being a strong cultural fit, a good strategic fit, and at valuations that would generate attractive returns for our shareholders, given our strong capital and liquidity positions and what we believe are attractive long-term returns from buying back our own stock at the current level, we have resumed share repurchases.

此時，我們不再追求上述機會。我們將繼續尋求符合我們標準的收購機會，即具有高度的文化契合度、良好的策略契合度，以及能夠為股東帶來可觀回報的估值，但考慮到我們強大的資本和流動性狀況，以及我們認為以當前水平回購自己的股票將帶來具有吸引力的長期回報，我們已經恢復了股票回購。

During the quarter, we repurchased $250 million of common stock at an average share price of $146. Additionally, so far in April, we repurchased another $190 million of shares at an average price of $125 per share. Our current plan is to continue repurchasing shares on a more consistent basis, likely at an amount greater than the $250 million we repurchased the fiscal second quarter. We believe this balanced and more consistent approach will still leave us with ample capital liquidity to support our strong organic growth initiatives, as well as to continue pursuing attractive acquisition opportunities.

本季度，我們以平均每股 146 美元的價格回購了價值 2.5 億美元的普通股。此外，截至 4 月份，我們以平均每股 125 美元的價格回購了價值 1.9 億美元的股票。我們目前的計劃是繼續以更一致的方式回購股票，回購金額可能會超過我們在第二財季回購的 2.5 億美元。我們相信，這種平衡且更加一致的方法仍將為我們帶來充足的資本流動性，以支持我們強勁的有機成長計劃，並繼續尋求有吸引力的收購機會。

Now, I'll provide a few comments on our outlook before turning it over to Butch to go over our quarterly financial results in more detail. It goes without saying, but I'll say it anyway, the heightened market volatility and potential economic impacts associated with tariffs have created a highly uncertain market environment. While client sentiment on the markets and economy has declined significantly over the past quarter, the silver lining is clients are still confident with their financial plan. And satisfaction with their advisors has actually increased to 97% at Raymond James.

現在，我將對我們的前景發表一些評論，然後讓布奇更詳細地介紹我們的季度財務業績。不言而喻，但我還是要說，關稅加劇的市場波動和潛在的經濟影響造成了高度不確定的市場環境。儘管客戶對市場和經濟的情緒在過去一個季度大幅下降，但令人欣慰的是，客戶仍然對自己的財務計畫充滿信心。雷蒙德詹姆斯公司對顧問的滿意度實際上已經上升到了 97%。

These trends highlight the fact that clients really value having a financial advisor help them navigate these uncertain times, a similar dynamic that we experienced during the COVID pandemic. During these times, our vision will remain unchanged, to be the absolute best firm for financial professionals and their clients.

這些趨勢凸顯了一個事實，即客戶非常重視財務顧問幫助他們度過這些不確定的時期，這與我們在 COVID 大流行期間經歷的情況類似。在此期間，我們的願景將保持不變，那就是成為金融專業人士及其客戶最信賴的最佳公司。

In addition to our unique culture and robust platform, our strong balance sheet becomes increasingly important to prospective advisors who are seeking strength and stability for their businesses and their clients during these periods of stress. As I explained earlier, our advisor recruiting pipelines are strong and building rapidly across our affiliation options. We are also making significant investments to further strengthen our capabilities.

除了我們獨特的文化和強大的平台之外，我們強大的資產負債表對於那些在壓力時期為其業務和客戶尋求實力和穩定性的潛在顧問來說變得越來越重要。正如我之前解釋的那樣，我們的顧問招募管道非常強大，並且正在透過我們的附屬選擇迅速建立。我們也正在進行大量投資以進一步增強我們的能力。

For example, during the quarter, we established and filled a new role for the Chief AI Officer. Our leadership team has conviction that AI will be a game changer for our industry. But we also know that it's still too early to know exactly how that will play out over the coming years. So we established this dedicated function to monitor developments and use cases for AI with the goal of deploying it to help our financial professionals serve their clients more effectively and efficiently.

例如，在本季度，我們設立並填補了首席人工智慧長的新職位。我們的領導團隊堅信人工智慧將徹底改變我們的產業。但我們也知道，現在還無法確切知道未來幾年情況會如何發展。因此，我們建立了這個專門的功能來監控人工智慧的發展和用例，目的是部署它來幫助我們的金融專業人士更有效、更有效率地為他們的客戶服務。

We already use AI in many areas, primarily in the back office. And just last week, we rolled out an in-house proprietary AI search tool, which has been very well received. As an industry, we're still in the early stages of utilizing AI, but we are excited and well prepared to expand AI utilization for financial professionals and their clients in the future.

我們已經在許多領域使用人工智慧，主要是在後台辦公室。就在上週，我們推出了內部專有的 AI 搜尋工具，並獲得了廣泛好評。作為一個行業，我們仍處於利用人工智慧的早期階段，但我們很高興並做好了充分準備，在未來為金融專業人士及其客戶擴大人工智慧的利用。

During the quarter, we also announced a new leadership structure for our private capital business to help high network focused advisors better serve their clients with a wide variety of bespoke private investment alternatives. These are just a couple of examples of initiatives we are pursuing to continue investing in our platform for advisors and their clients. I look forward to our Analyst Investor Day in June, where we will discuss these initiatives and others in more detail.

在本季度，我們也宣布了私募資本業務的新領導結構，以幫助高網路重點顧問透過各種客製化的私人投資選擇更好地為客戶服務。這些只是我們為顧問及其客戶繼續投資平台而採取的舉措的幾個例子。我期待六月的分析師投資者日，屆時我們將更詳細地討論這些舉措和其他舉措。

In summary, while there is significant macro uncertainty, our value strategy and approach will remain largely unchanged. And our strong balance sheets should position us relatively well in any market environment.

總而言之，儘管存在很大的宏觀不確定性，但我們的價值策略和方法基本上將保持不變。我們強勁的資產負債表應該能讓我們在任何市場環境下處於相對有利的地位。

Now, we'll turn the call over to Butch Orlog to review our financial results in more detail. Butch?

現在，我們將把電話轉給 Butch Orlog，以更詳細地審查我們的財務結果。布奇？

Thank you, Paul. Let me get along to slide 6.

謝謝你，保羅。讓我轉到第 6 張投影片。

The firm reported net revenues of $3.4 billion for the fiscal second quarter, pre-tax income of $671 million, resulting in a pre-tax margin of 19.7%. Net income available to common shareholders was $493 million and earnings per diluted share of $2.36. Excluding expenses related to acquisitions, adjusted net income available to common shareholders equaled $507 million, an adjusted pre-tax margin of 20.3%, and adjusted earnings per diluted share of $2.42.

該公司公佈第二財季淨收入為 34 億美元，稅前收入為 6.71 億美元，稅前利潤率為 19.7%。普通股股東淨利為 4.93 億美元，每股稀釋收益為 2.36 美元。不包括與收購相關的費用，調整後普通股股東可支配的淨收入為 5.07 億美元，調整後稅前利潤率為 20.3%，調整後每股攤薄收益為 2.42 美元。

We generated annualized return on common equity of 16.4% and annualized adjusted return on tangible common equity of 19.7%. Strong results for the quarter, particularly given our conservative capital base. Turning to slide seven. Private client group generated pre-tax income of $431 million on quarterly net revenues of $2.49 billion. Results were driven by 6% higher PCG assets under administration compared to the previous year, the result of market appreciation, and the consistent addition of net new assets. Fiscal year to date, PCG generated record revenues and pre-tax income.

我們實現了 16.4% 的普通股年化回報率和 19.7% 的有形普通股年化調整回報率。本季業績強勁，特別是考慮到我們保守的資本基礎。翻到第七張幻燈片。私人客戶集團季度淨收入為 24.9 億美元，稅前收入為 4.31 億美元。業績成長的原因是，PCG 管理的資產較前一年成長了 6%，這是市場升值的結果，也是淨新資產持續增加的結果。本財年迄今為止，PCG 創造了創紀錄的收入和稅前收入。

Our capital market segment generated quarterly net revenues of $396 million and pre-tax income of $36 million. Net revenues grew 23% year over year, driven primarily by higher investment banking and fixed income brokerage revenues. However, sequential results declined 18%, largely due to the lower investment banking revenues.

我們的資本市場部門季度淨收入為 3.96 億美元，稅前收入為 3,600 萬美元。淨收入年增 23%，主要得益於投資銀行和固定收益經紀收入的成長。然而，連續業績下降了 18%，主要原因是投資銀行收入下降。

The asset management segment generated pre-tax income of $121 million on net revenues of $289 million. Results were largely attributable to higher financial assets under management, compared to the prior year quarter due to market appreciation over the 12-month period and strong net inflows into PCG-B-based accounts.

資產管理部門的淨收入為 2.89 億美元，稅前收入為 1.21 億美元。業績主要歸因於與去年同期相比管理的金融資產增加，這歸因於 12 個月期間市場升值以及 PCG-B 帳戶的強勁淨流入。

Sequentially, although market values declined, we had strong net inflows of approximately $3.7 billion into managed programs on our platform. The asset management segment generated record revenues and pre-tax income fiscal year to date. The bank segment generated net revenues of $434 million and pre-tax income of $117 million. On a sequential basis, bank segment net interest income grew 1%, driven by continued long growth and a 7-basis point expansion of net interest margin to 2.67%, resulting from a favorable shift in asset mix, along with a higher portion of lower cost deposits.

儘管市值有所下降，但我們平台上的管理項目淨流入仍然強勁，約為 37 億美元。資產管理部門本財年迄今創造了創紀錄的收入和稅前收入。銀行部門的淨收入為 4.34 億美元，稅前收入為 1.17 億美元。以環比計算，銀行部門淨利息收入增長 1%，這得益於持續的長期增長和淨息差擴大 7 個基點至 2.67%，這得益於資產組合的有利轉變以及低成本存款佔比的提高。

Turning to consolidated revenues on slide 8. Second quarter net revenues grew 9% over the prior year and declined 4% sequentially. Asset management and related administrative fees of $1.73 billion grew 14% over the prior year and decreased 1% compared to the preceding quarter. The sequential decline was primarily due to fewer billing days in the quarter.

轉向幻燈片 8 上的合併收入。第二季淨收入較上年同期成長 9%，較上季下降 4%。資產管理及相關行政費用為 17.3 億美元，較上年成長 14%，較上一季下降 1%。連續下降主要是由於本季的計費天數減少。

PCG fee-based assets equal $873 billion at quarter end, up 9% year over year, and slightly lower compared to the preceding quarter. As we look ahead, we expect third quarter asset management and related administrative fees to be relatively flat with the second quarter. Although PCG assets and fee-based accounts are slightly lower sequentially at quarter end, the third quarter will benefit from one additional billing day in the quarter.

本季末，PCG 費用資產達到 8,730 億美元，較去年同期成長 9%，較上季略有下降。展望未來，我們預期第三季資產管理及相關管理費用將與第二季持平。儘管季末 PCG 資產和收費帳戶較上季略有下降，但第三季將受益於本季增加一個計費日。

Brokerage revenues of $580 million grew 10% year over year, primarily due to higher fixed income brokerage revenues. Despite these strong results in our second quarter, the fixed income market at the start of the third quarter is challenging, as market and interest rate uncertainty caused a significant headwind for the business near term. Our revenues in this business could be unfavorably impacted, while the uncertainty persists.

經紀收入 5.8 億美元，年增 10%，主要由於固定收益經紀收入增加。儘管我們第二季取得了強勁的業績，但第三季初的固定收益市場仍充滿挑戰，因為市場和利率的不確定性在短期內為業務帶來了巨大的阻力。由於不確定性仍然存在，我們在該業務上的收入可能會受到不利影響。

Investment banking revenues of $216 million increased 21% year over year, but declined 34% sequentially. The sequential decline reflected lower investment banking activity broadly. As you may remember, the prior quarter reflected near record M&A results.

投資銀行營收 2.16 億美元，年增 21%，但季減 34%。環比下降反映出投資銀行活動普遍減少。您可能還記得，上一季的併購業績接近創紀錄。

Moving to slide 9, client's domestic cash sweep and enhanced savings program balances ended the quarter at $57.8 billion, down 3%, compared to the preceding quarter and representing 4.2% of domestic PCG client assets.

轉到投影片 9，客戶的國內現金清掃和增強儲蓄計畫餘額在本季末為 578 億美元，與上一季相比下降 3%，佔國內 PCG 客戶資產的 4.2%。

Domestic cash sweep and enhanced savings program balances have decreased so far, this fiscal quarter. Not surprising given the timing of tax payments with the current program balance aligning roughly with April's quarterly fee billings of approximately $1.5 billion.

本財政季度迄今，國內現金清掃和增強儲蓄計畫餘額已減少。考慮到納稅時間，這並不奇怪，因為當前計劃餘額與 4 月份約 15 億美元的季度費用賬單大致相符。

Turning to slide 10, combined net interest income and RJBDP fees from third-party banks was $651 million at 3% sequential decline, primarily the result of two fewer billing days in the quarter. Net interest margin in the bank segment grew 7 basis points to 2.67% for the quarter, the result of the factors I described earlier. The average yield on RJBDP balances with third-party banks decreased 12 basis points to 3%, primarily due to the full quarter impact of rate cuts that occurred late in the preceding quarter.

轉到投影片 10，來自第三方銀行的合併淨利息收入和 RJBDP 費用為 6.51 億美元，季減 3%，主要原因是本季結算日減少了兩天。銀行部門淨利差本季成長 7 個基點至 2.67%，這是我之前描述的因素造成的。RJBDP 在第三方銀行的餘額平均收益率下降 12 個基點至 3%，這主要是由於上一季末降息對整個季度的影響。

Based on current interest rates and quarter-end balances, net of third-quarter fee billings We would expect the aggregate of NII and RJBDP third-party fees to be relatively unchanged in the fiscal third quarter, as we expect the effect of slightly lower balances in the bank deposit program to be offset by one additional billing day. Keep in mind, there are many variables that will impact actual results, including any interest rate actions during the upcoming quarter and factors impacting our balance sheet, including changes in our loan and deposit balances.

根據當前利率和季末餘額，扣除第三季費用帳單，我們預計 NII 和 RJBDP 第三方費用總額在第三財季將保持相對不變，因為我們預計銀行存款計劃餘額略低的影響將被一個額外的計費日所抵消。請記住，有許多變數會影響實際結果，包括下一季的任何利率行動以及影響我們資產負債表的因素，包括貸款和存款餘額的變化。

Turning to consolidated expenses on slide 11. Compensation expense was $2.2 billion, and the total compensation ratio for the quarter was 64.8%. Excluding acquisition-related compensation expenses, the adjusted compensation ratio was 64.5%. Non-compensation expenses of $528 million increased 2% sequentially, mostly due to a relatively modest bank loan provision for credit losses, compared to the prior quarter where the provision was near zero, and higher communications and information processing expenses.

轉到第 11 張投影片上的合併費用。薪資費用為22億美元，本季總薪酬比率為64.8%。不包括收購相關的薪酬費用，調整後的薪酬率為64.5%。非薪資費用為 5.28 億美元，季增 2%，主要原因是銀行貸款信貸損失準備金相對較少（上一季該準備金接近零），以及通訊和資訊處理費用增加。

Through the first half of the fiscal year, we are on track for full year non-compensation expenses of approximately $2.1 billion, excluding the bank loan provision for credit losses, unexpected legal and regulatory items, and non-GAAP adjustments presented in our non-GAAP financial measures. Importantly, we remain committed to investing to support growth across the business while maintaining discipline over controllable expenses.

在本財年上半年，我們預計全年非薪酬支出約為 21 億美元，不包括銀行貸款信貸損失準備金、意外的法律和監管項目以及非公認會計準則財務指標中列示的非公認會計準則調整。重要的是，我們仍然致力於投資以支持整個業務的成長，同時對可控支出保持紀律。

On slide 12, we provide key credit metrics for our bank segment. We grew loans during the quarter by 2%, primarily in support for our clients with this loan growth continuing to be led by our securities-based loans, and to a lesser extent, residential mortgage loans. The credit quality of the loan portfolio remains strong.

在第 12 張投影片上，我們提供了銀行部門的關鍵信貸指標。本季我們的貸款成長了 2%，主要是為了支持我們的客戶，而這筆貸款成長繼續由我們的證券貸款以及較小程度的住宅抵押貸款所主導。貸款組合的信用品質依然強勁。

Criticized loans as a percentage of total loans held for investment decreased to 1.14% at quarter end and non-performing assets remain low at 34 basis points of bank segment assets. The bank loan allowance for credit losses as a percentage of total loans or investment ended the quarter at 93 basis points, down 2 basis points from the prior quarter.

截至本季末，不良貸款佔投資貸款總額的比例下降至 1.14%，不良資產仍維持在較低水平，佔銀行分部資產的 34 個基點。本季末，銀行貸款信貸損失準備金佔總貸款或投資的百分比為 93 個基點，比上一季下降 2 個基點。

The allowance percentage has trended lower largely due to the loan mix shift towards more security space loans and residential mortgages which carry lower allowance levels. These two loan categories represent well over half of our total loan book, reflecting 36% and 20% respectively.

撥備率呈下降趨勢，主要是因為貸款結構轉向了更多具有較低撥備水準的擔保空間貸款和住宅抵押貸款。這兩類貸款占我們貸款總額的一半以上，分別佔36%和20%。

With regard to the relatively smaller corporate loan book, the bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 1.94%. We believe the total allowance represents an appropriate reserve, but we continue to closely monitor economic factors that may impact our loan portfolios, including any potential impact of tariff negotiations on certain corporate borrowers, any effect of which will affect our third-quarter provision. Slide shows the pre-tax margin trend over the past five quarters, demonstrating the resilience of our diverse business mix to consistently deliver strong margins.

對於規模相對較小的企業貸款，銀行對企業貸款的信用損失準備佔投資性企業貸款的比例為1.94%。我們認為總撥備代表了適當的儲備，但我們將繼續密切關注可能影響我們貸款組合的經濟因素，包括關稅談​​判對某些企業借款人的任何潛在影響，其任何影響都將影響我們第三季的撥備。幻燈片展示了過去五個季度的稅前利潤率趨勢，顯示我們多元化業務組合的韌性能夠持續提供強勁的利潤率。

On slide 14, at quarter end, our total assets were $83.1 billion, 1% sequential increase, resulting primarily from loan growth. Liquidity and capital each remain very strong. RJF corporate cash at the parent ended the quarter at approximately $2.5 billion, well above our $1.2 billion target. With a tier 1 leverage ratio of 13.3% and total capital ratio of 24.8%, we remain well above regulatory requirements.

在第 14 張投影片中，截至季末，我們的總資產為 831 億美元，季增 1%，主要得益於貸款成長。流動性和資本均保持強勁。母公司 RJF 的企業現金在本季末約為 25 億美元，遠高於我們的 12 億美元目標。我們的一級槓桿率為 13.3%，總資本比率為 24.8%，仍遠高於監管要求。

As Paul mentioned, our capital levels provide significant flexibility to continue being opportunistic and invest in growth. The effective tax rate for the quarter was 26.2%. An increase over the preceding quarter, as the benefit from the excess share-based compensation that vested in the preceding quarter did not recur this quarter. For the fiscal year 2025, we estimate our effective tax rate for the year to be approximately 25%.

正如保羅所提到的，我們的資本水準提供了極大的靈活性，可以繼續抓住機會並投資成長。本季有效稅率為26.2%。較上一季增加，因為上一季歸屬的超額股權激勵收益在本季沒有再次出現。對於 2025 財年，我們估計該年度的有效稅率約為 25%。

Slide 15 provides a summary of our capital actions over the past five quarters. As Paul mentioned, we have been actively repurchasing shares. Over the past five quarters, we have returned to shareholders over $1.5 billion through common dividends and share repurchases, and we have been actively repurchasing shares in April.

投影片 15 總結了我們過去五個季度的資本行動。正如保羅所提到的，我們一直在積極回購股票。過去五個季度，我們透過普通股股息和股票回購向股東返還了超過15億美元，我們在四月一直在積極回購股票。

We remain committed over the long term to operate our businesses at capital levels in line with our stated targets. With our strong capital levels, we are well positioned to continue investing in organic growth, prudently pursue acquisitions that meet our criteria of being a good cultural and strategic bid. And we are well positioned to meet the needs of our clients and advisors in uncertain and challenging market conditions. That concludes our prepared remarks.

我們始終致力於長期按照既定目標以資本水準運作我們的業務。憑藉強大的資本水平，我們有能力繼續投資於有機成長，審慎地進行符合我們良好文化和策略標準的收購。在充滿不確定性和挑戰性的市場條件下，我們完全有能力滿足客戶和顧問的需求。我們的準備好的演講到此結束。

Operator, will you please open the line for questions?

接線員，請開通熱線以便回答問題好嗎？

(Operator Instructions) Michael Cho, JPMorgan.

（操作員指示）摩根大通的 Michael Cho。

Hey, good evening, guys. Thanks for taking my question here. I just wanted to start on, the wealth business, particularly in the name of Paul, you kind of called out nuances in NNA during the quarter and that improves sequentially throughout. I guess I was hoping you could just flesh out some of those comments in terms of the magnitude of improvement into April? And maybe any particular segments or channels that you might call out? And if possible, if you could talk through the size or the magnitude of pipeline today, maybe versus last year this time, just to help us get a sense of direction here?

嘿，大家晚上好。感謝您在這裡回答我的問題。我只是想從財富業務開始，特別是以保羅的名義，你在本季度指出了 NNA 中的細微差別，並且這種情況在整個過程中不斷改善。我希望您能就四月份的改善程度來充實一些評論？或許您會提到任何特定的部分或管道？如果可能的話，您是否可以談談今天的管道規模或規模，也許與去年同期相比，只是為了幫助我們了解方向？

Thanks. Yeah, thanks for that question, Michael. The pipeline, mean, NNA is tough to measure month to month or even quarter to quarter. The sales cycle takes a long time from the initial conversations to the time that advisors affiliate with the firm. So what I would just tell you high level is that throughout the quarter, the actual NNA improved, and as well as the new commits, particularly in the months of March, which was a very strong month, followed by another good month in April.

謝謝。是的，謝謝你的提問，麥可。管道、平均值、NNA 很難逐月甚至逐季衡量。從最初的對話到顧問加入公司，銷售週期需要很長一段時間。因此，我只想告訴高層的是，整個季度，實際的 NNA 都有所改善，新的承諾也有所改善，特別是在 3 月份，這是一個非常強勁的月份，隨後 4 月份也是一個不錯的月份。

These are new commits that will be affiliating with us at a future date. So that's not reflected in the NNA number. And so -- and this is really from a variety of firms and across our affiliation options. So what I would tell you is that we're really optimistic about the pipelines and that our value proposition of the best of both worlds, where we provide culture that's advisor and client focused with capabilities, technologies, and solutions.

這些是未來將與我們合作的新承諾。所以這並沒有反映在 NNA 數字中。所以 — — 這確實來自各種公司和我們的附屬選擇。所以我想告訴你的是，我們對管道非常樂觀，我們的價值主張是兩全其美，我們提供以顧問和客戶為中心的文化，注重能力、技術和解決方案。

And now increasingly important is the strong balance sheet that we have, because advisors are looking for a source of strength and stability for their businesses. And a lot of these roll ups or even other strategics, they don't have tangible capital, for example. And so they're looking for a source of strength and stability, so they can grow their businesses and provide good service for their clients through any market environment.

現在，我們擁有的強勁資產負債表變得越來越重要，因為顧問們正在尋找其業務實力和穩定性的來源。例如，許多此類整合或其他策略都沒有有形資本。因此，他們正在尋找力量和穩定的源泉，以便他們能夠在任何市場環境下發展業務並為客戶提供良好的服務。

Great. Thanks for that, Paul. If I could just switch gears quickly, Butch, you talked about moving pieces in the balance sheet and some nuances across the segment. I was hoping you could just talk through what you're seeing in terms of loan demand. I mean, you called out bank loans grew slightly this quarter, quarter to quarter. If anything, notable considerations in terms of what you're seeing in terms of loan demand exiting the quarter and maybe into the fiscal third quarter as well? hanks.

偉大的。謝謝你，保羅。布奇，如果我可以快速轉換話題，你談到了資產負債表中的變動部分以及整個部門的一些細微差別。我希望您能談談您所看到的貸款需求情況。我的意思是，您說本季銀行貸款較上季略有成長。如果有的話，就本季結束以及可能進入第三財季的貸款需求而言，您認為有什麼值得注意的考慮嗎？謝克斯。

Sure, with regard to loan demand during the quarter, I would say exiting the quarter, loan demand has been tepid on the corporate side, as you would expect, given the volatility. And so, yeah. We remain poised and ready to opportunistically make investments when the returns return to a reasonable risk adjusted target the level for us.

當然，關於本季的貸款需求，我想說，在本季結束時，考慮到波動性，企業方面的貸款需求一直不溫不火，這是意料之中的。是的，是的。當收益回到合理的風險調整目標水準時，我們仍將保持鎮定並隨時準備進行投資。

But that said, we've continued to see significant demand for our SBL loans. During the quarter, we had SBL loan growth of over $600 million and total loan growth of over 2% in balances, so strong loan growth on the balance sheet overall during the quarter. And exiting the quarter, we've still seen a strong demand in SBL loan growth during April. That's so far in April, which is seasonally a typically strong month, a time for us, and quarter for us with respect to SBL loan growth given clients' needs for liquidity around tax payments.

但話雖如此，我們仍然看到對 SBL 貸款的巨大需求。本季度，我們的 SBL 貸款成長超過 6 億美元，總貸款餘額成長超過 2%，因此本季資產負債表上的貸款整體成長強勁。在本季結束後，我們仍然看到 4 月份 SBL 貸款成長需求強勁。這是截至目前為止的四月份情況，從季節性來看，四月份通常是 SBL 貸款增長強勁的月份，考慮到客戶在納稅方面的流動性需求，四月份對我們來說也是一個時間段，也是一個季度。

Great. Thanks, Butch.

偉大的。謝謝，布奇。

Devin Ryan, Citizens JMP.

德文·瑞安（Devin Ryan），公民 JMP。

Great. Hey, Paul. Hey, Butch. How are you?

偉大的。嘿，保羅。嘿，布奇。你好嗎？

Good, Devin. How are doing?

很好，德文。怎麼樣？

Paul, I'm doing well. I want to come back to the kind of recruiting backdrop. And obviously, there's maybe more M&A of late than there has been in the market. And so I just love to get a sense of how much of the recruiting backlog right now is coming from maybe some of the M&A affected firms? Or just maybe also just kind of the level of advisers in motion kind of whether it's much more elevated today than it has been in a while because of the M&A. So that's kind of one piece of it.

保羅，我很好。我想回到招募背景上來。顯然，最近的併購交易可能比市場上的併購交易要多。所以我很想知道現在有多少招募積壓來自一些受到併購影響的公司？或者可能只是顧問的水平由於併購而比以前提高了很多。這就是其中的一部分。

But then the other side, market volatility can obviously affect pipelines as well. So just whether we're only maybe a few weeks into kind of post tariff world. But whether you're seeing kind of this volatility impact, that pipeline at all, or maybe change sentiment around advisers' willingness to move, maybe it has nothing to do with the M&A firms, but more broadly, advisers in motion? Thanks.

但另一方面，市場波動顯然也會影響管道。那麼，我們是否只需要幾週的時間就可以進入後關稅時代呢？但是，無論您是否看到了這種波動性影響、這種管道，或者可能改變了顧問的行動意願，也許這與併購公司無關，但從更廣泛的意義上講，與顧問的行動有關？謝謝。

Yeah. Our recruiting momentum has been strong over the last several years with or without M&A. And that's really just the consistency of putting advisers, treating them like clients, and respecting the relationship advisers have with their clients and that best of both worlds value proposition that I discussed. So as you know, our recruiting success has been consistent over the past several years, and certainly has been building up, and our pipelines were looking good before even recent M&A as was announced.

是的。無論是否有併購，過去幾年我們的招募動能一直很強勁。這其實就是始終如一地把顧問當成客戶來對待，尊重顧問與客戶之間的關係，以及我討論過的兩全其美的價值主張。如您所知，過去幾年來我們的招募工作一直很成功，而且一直在不斷積累，甚至在最近宣布併購之前，我們的人才管道就已經很好了。

Now with that being said, whenever there's a change of control, potentially change the leadership and culture and capabilities and service levels that always creates a catalyst for advisers to take a look at other options. And so, to the extent, those advisers are looking for the type of culture and capabilities that Raymond James provides, and that would absolutely increase the opportunities with those advisers that are interested.

話雖如此，每當控制權發生變化時，領導階層、文化、能力和服務水準都可能發生變化，這總是會促使顧問考慮其他選擇。因此，在某種程度上，這些顧問正在尋找雷蒙德詹姆斯所提供的文化和能力類型，這絕對會增加那些有興趣的顧問的機會。

Okay. Great. Thanks, Paul. And just a follow-up also on the loan book as well. So Butch I heard the comment about provision in the third quarter or at least anything related to tariffs would be considered. Then I just wanted to see if that's a generic comment or if there's anything in the loan book that would maybe warrant closer attention because of tariffs? So I'm not aware of anything that's maybe directly, but obviously, there's always kind of second derivative of volatility, but just figure I ask since you had mentioned that. Thanks.

好的。偉大的。謝謝，保羅。並且也跟進了貸款帳簿。所以布奇，我聽到了關於第三季撥款的評論，或者至少任何與關稅相關的事情都會被考慮。然後我只是想看看這是否是一個通用的評論，或者貸款帳簿中是否有任何內容可能由於關稅而需要更加關注？所以我不知道任何可能直接的事情，但顯然，總是存在著波動性的二階導數，但既然你提到了這一點，我只是想問一下。謝謝。

Yeah, sure. Thanks, Devin. The nature of the comment was more to make sure it's understood that the volatility commenced on April 2. And so the effects of the volatility both on the economic forecast that underpins the provision, as well as anything specific to our loan book was not reflected in our second quarter results. So that will be -- impact our third quarter.

是的，當然。謝謝，德文。該評論的性質更多的是為了確保人們了解波動始於 4 月 2 日。因此，波動對支撐該準備金的經濟預測以及我們貸款帳簿的具體影響均未反映在我們的第二季業績中。所以這將影響我們的第三季。

That's really more of a comment around credit versus -- I mean, a comment around accounting versus credit. It's just from an accounting perspective to the extent that we have new assumptions that are given to us on the CECL models that hasn't been reflected in these results yet, just because the timing of the macroeconomic changes that we anticipate will come to the new models would be following the end of this quarter that we're talking about today.

這實際上更多的是關於信用與——我的意思是，關於會計與信用的評論。只是從會計角度來看，我們在 CECL 模型中得到了一些新的假設，但這些假設尚未反映在這些結果中，因為我們預計新模型中出現的宏觀經濟變化的時間將在我們今天討論的這個季度末之後。

Right. Exactly. Okay. That's what I assume. But I appreciate the clarification. Thanks, guys.

正確的。確切地。好的。我就是這麼認為的。但我很感謝你的澄清。謝謝大家。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Thanks. One more on M&A. Just for the quarter, I wanted to confirm just any change in attrition in the period to make the numbers lower? It was just timing of the onboarding?

謝謝。再談併購。就本季而言，我想確認該期間的人員流失情況是否有任何變化，導致數字降低？這只是入職時間的問題嗎？

And then to follow up on Devin's question, curious of how your view of adviser moving for the industry in a period of volatility like we see? So historically, if you look back after periods of this type of movement or adviser movement for the industry slow, knowing that your competitive positioning is better today, but just curious about the overall industry trends.

然後繼續回答 Devin 的問題，我很好奇您對顧問在我們所見的動盪時期為行業帶來的變化有何看法？因此，從歷史上看，如果你回顧一下行業這種類型的運動或顧問運動緩慢的時期，就會知道你今天的競爭地位更好，但只是對整個行業趨勢感到好奇。

Yeah. I mean this period of volatility is different. So one of our best recruiting years in history was during the financial crisis when advisers are looking for a source of strength and stability, and with all the industry disruption and M&A and firms exiting the business. We were huge beneficiaries of that, because we have a strong balance sheet.

是的。我的意思是這個波動期是不同的。因此，我們歷史上招募最好的年份之一就是在金融危機期間，當時顧問們正在尋找力量和穩定的源泉，並且伴隨著所有的行業混亂、併購和公司退出業務。我們是其中的巨大受益者，因為我們擁有強大的資產負債表。

As we do today, we have a strong balance sheet. And I think we are viewed by advisers in the industry as a source of strength and stability for their businesses and for their clients. So we think that there's still movement just based on the pipelines and the discussions that we're having and the home office visits that we're having. And I've been traveling across the country, meeting with very high-quality prospects that are interested in moving.

正如我們今天所做的那樣，我們擁有強大的資產負債表。我認為，業內顧問將我們視為他們業務和客戶的力量和穩定來源。因此，我們認為，僅根據我們正在進行的管道和討論以及正在進行的總部訪問，仍然會有進展。我走遍了全國，並會見了有意搬家的優質潛在客戶。

And so we're still optimistic about the pipeline and the recruiting activity going forward. And what I would tell you around the retention is, this quarter didn't have any significant or notable adviser attrition like the prior quarters did with the super-OSJ or two. So the retention looks good. And so again, we're pretty optimistic about net new assets as we look in the second half of fiscal '25 and beyond.

因此，我們仍然對未來的管道和招募活動持樂觀態度。關於留任，我想告訴你的是，本季沒有任何重大或值得注意的顧問流失，就像前幾季的超級 OSJ 一樣。因此保留率看起來不錯。因此，我們對 25 財年下半年及以後的淨新資產持非常樂觀的態度。

Great. That's helpful. And then Butch, just a follow-up on the cash comments. Just want to make sure I heard you correctly. The $1.5 billion from billing and another $1.5 billion, I think, is what you said for tax payments and if that's correct, how does that compare to historical levels? And is there any other change just given maybe some selling of derisking and cash build in this type of market backdrop?

偉大的。這很有幫助。然後布奇，只是對現金評論的後續評論。只是想確認我聽清楚了你的意思。我認為，您所說的 15 億美元來自帳單，另外 15 億美元用於納稅，如果這是正確的，那麼與歷史水平相比如何？在這種市場背景下，考慮到可能出現一些風險降低和現金累積的拋售，是否還會發生其他變化？

Thanks, Dan. The indication was that the balances are down since quarter end, roughly equivalent to that $1.5 billion fee billings that came out account in April. So it's not in addition to or an increment of that. That basically is where our cash balances sit, just net of those collection of those fees.

謝謝，丹。有跡象表明，自季度末以來餘額有所下降，大致相當於 4 月份帳戶中的 15 億美元費用帳單。所以它不是對它的補充或增加。這基本上就是我們的現金餘額，扣除這些費用。

And overall, that's a pretty good result, considering the tax payments that we experienced in April as well. So to have the cash be down commensurate with the quarterly fee billings in April is a pretty good result.

總體而言，考慮到我們四月繳納的稅款，這是一個相當不錯的結果。因此，四月現金下降與季度費用帳單下降相稱是一個相當不錯的結果。

Great, thank you.

太好了，謝謝。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Okay, thank you very much. As you look ahead to -- well, first of all, Paul, congrats into you in the new role. So in terms of the interest-earning asset dynamic, I'm sort of curious, loans grew nicely but the earning assets were sort of down sequentially.

好的，非常感謝。當你展望未來時－首先，保羅，恭喜你擔任新的職務。因此，就生息資產的動態而言，我有點好奇，貸款成長良好，但生息資產卻是環比下降。

As you think through maybe the funding mix and the loan demand commentary you mentioned, how do you see the intermediate term view for earning asset growth? Is it flattish here or a remix within the loan category? Or could you actually see some kind of incremental expansion? Thank you.

當您思考您提到的融資組合和貸款需求評論時，您如何看待獲利資產成長的中期觀點？這裡的情況是持平的還是貸款類別內的混合情況？或者你實際上能看到某種形式的漸進式擴張嗎？謝謝。

Yeah. Thanks, Bill. We saw maturities in the AFS portfolio of $350 million during quarter two. That was redeployed as part of funding the loan balances. And with respect to that dynamic, we see more of that dynamic continuing in our Q3, and as well as our Q4 to continue to reprice from the securities book into loans. In Q3, we approximate that to be about $275 million. In Q4, about $325 million.

是的。謝謝，比爾。我們發現第二季 AFS 投資組合的到期金額為 3.5 億美元。這筆資金被重新部署作為貸款餘額融資的一部分。就這種動態而言，我們看到這種動態將在第三季和第四季繼續延續，繼續從證券帳簿重新定價為貸款。在第三季度，我們估計這一數字約為 2.75 億美元。第四季約為 3.25 億美元。

I would say on the loan side of the equation, securities-based loans, as Butch mentioned, have continued to grow in April. And so that's through the volatility in the month of April as well. Again, some of that is related to the tax payments and liquidity needs around that, but we would expect those to continue to grow.

我想說，就貸款而言，正如布奇所提到的，證券類貸款在 4 月繼續增長。這也是四月波動的情況。同樣，其中一些與稅收和流動性需求有關，但我們預計這些將繼續增長。

And then the corporate loans, as we've always said, that's going to be market dependent. And right now, the demand for corporate loans are still very tepid certainly during this period of market volatility in April. And so we wouldn't expect those to grow meaningfully until there's more clarity, and certainty in the market, and then there's more loan demand at prices that generate good risk adjustment terms.

然後，正如我們一直所說，企業貸款將依賴市場。目前，在四月市場波動的時期，企業貸款需求仍然非常低迷。因此，我們預計這些數字不會出現有意義的成長，直到市場變得更加清晰和確定，並且貸款需求增加，價格能夠產生良好的風險調整條款。

Okay. Just as a follow-up, I'm sort of curious a little bit of a nested question, so I apologize in advance. You mentioned that you were looking at a couple of transactions. I was wondering if you could give us maybe the nature of the kind of transactions you're looking at. And as you look ahead, is a 10% tier 1 leverage ratio still the appropriate bogey to which you are looking to manage the platform on? Thank you.

好的。作為後續問題，我有點好奇一個嵌套的問題，所以我先道歉。您提到您正在查看幾筆交易。我想知道您是否可以告訴我們您正在關注的交易類型的性質。展望未來，10% 的一級槓桿率是否仍是您管理平台的適當標準？謝謝。

Yeah, the 10% target is still a good target for us. We're obviously above that now, which is why we are going to be more consistent going forward with buybacks. Because even that $400 million to $500 million buyback a quarter going forward, if that's the target now, which could change based on all set of circumstances, but that's kind of the target just to look to $400 million to $500 million per quarter.

是的，10% 的目標對我們來說仍然是一個很好的目標。我們現在顯然已經超過了這個水平，這就是為什麼我們在未來會更持續地進行回購。因為即使現在的目標是每季回購 4 億到 5 億美元，但這可能會根據各種情況而改變，但每季回購 4 億到 5 億美元就是一個目標。

That really just keeps our capital ratios where they are, which gives us plenty of capacity for our top priority, which is growth, both organic growth persuasion. And of course, we don't talk about the acquisitions unless we're announcing it for ourselves. So I'm not going to get into the details around that.

這實際上只是讓我們的資本比率保持在現有水平，這為我們的首要任務提供了充足的能力，即成長，包括有機成長說服力。當然，除非我們自己宣布，否則我們不會談論收購。所以我不會談論這個細節。

Okay, thank you.

好的，謝謝。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Thabnks so much for taking my questions. Paul, I wasn't planning to ask you on buyback, but you just, I guess, open the [common], so to speak. It's certainly encouraging to see you guys so active in April. I think when you mentioned the $250 million buyback floor. My initial concern was that you would continue to accrete more capital and that ratio would continue to build, essentially, it wouldn't be sufficient buyback and at least maintain the ratio and even drive it towards that target.

非常感謝您回答我的問題。保羅，我本來不打算問你回購的事，但我想，你只是打開了[共同的]，可以這麼說。看到你們四月如此活躍確實令人鼓舞。我想當您提到 2.5 億美元的回購底線。我最初擔心的是，你會繼續累積更多的資本，而這個比率會繼續增加，本質上，它不會有足夠的回購，至少不會維持這個比率，甚至不會推動它朝著這個目標前進。

You mentioned $400 million to $500 million as a run rate. So I'm just trying to understand, I mean, my interpretation of your remarks is don't underwrite $250 million the floor, underwrite something closer to $400 million to $500 million a quarter, which will ensure that your capital ratios are at least stable, but not necessarily building from here. Is that correct?

您提到運行率是 4 億到 5 億美元。所以我只是想理解，我的意思是，我對你的言論的理解是不要承銷最低 2.5 億美元的資金，而要承銷接近每季度 4 億到 5 億美元的資金，這將確保你的資本比率至少是穩定的，但不一定從現在開始建立。對嗎？

Yeah, that's a good interpretation of it. And of course, if loan growth accelerates, then that may cause us to slow down buybacks, or if there's acquisition opportunities like we saw last quarter when we stopped when we slowed down buybacks as we're evaluating live acquisition opportunities. So there's always factors to consider.

是的，這是一個很好的解釋。當然，如果貸款成長加速，那麼這可能會導致我們放慢回購速度，或者如果有收購機會，就像我們上個季度看到的那樣，我們在評估即時收購機會時放慢了回購速度。因此總有一些因素需要考慮。

But absent those, the $400 million to $500 million that you're talking about to keep the capital ratios really from growing much further from here is a good assumption and it's something you could underwrite the models.

但是如果沒有這些，您所說的 4 億到 5 億美元可以真正阻止資本比率從現在開始大幅增長，這是一個很好的假設，您可以為模型提供擔保。

All right. That's great. And then for a follow-up, just on the outlook for NII and NIM. You had noted that the spread revenues were expected to be flat sequentially, which is certainly encouraging. The one trend that we did notice which surprised positively was the deposit beta, which came in we believe around 90% just want to understand how you're managing deposit costs, what assumptions you're making on as we get further cuts?

好的。那太棒了。然後進行後續討論，僅討論 NII 和 NIM 的前景。您已經注意到，預計利差收入將與上一季持平，這無疑是令人鼓舞的。我們確實注意到的一個令人驚訝的趨勢是存款測試版，我們相信大約 90％ 的人只是想了解您如何管理存款成本，當我們進一步削減時您做出了什麼假設？

And if you can just unpack some of the component pieces that support that flattish spread revenue guide, which maybe came in a little bit better than we had been anticipating, given some of the quarterly trends.

如果您能分析出支持該平穩利差收入指南的一些組成部分，考慮到一些季度趨勢，該指南可能比我們預期的要好一些。

And that's based on spot balances. So if we can grow loan balances more there might be some upside to that and vice versa if loan balances declined for a quarter. So that's just our conservative estimate for the quarter is to for BDP fees and NII to remain relatively flat sequentially.

這是基於現貨餘額的。因此，如果我們能夠進一步增加貸款餘額，可能會有一些好處，反之亦然，如果貸款餘額在一個季度內下降。因此，我們對本季的保守估計是，BDP 費用和 NII 將保持相對穩定。

The deposit beta assumption, I mean, really, it's two different -- primarily two different buckets. There's the higher-yielding buckets that enhanced savings program, for example, which had nearly 100% deposit beta because they're tracking with Fed funds target.

我的意思是，存款貝塔假設實際上是兩個不同的——主要是兩個不同的桶。例如，有收益更高的儲蓄計劃，其存款貝塔值接近 100%，因為它們追蹤聯邦基金目標。

And then there's the cash we bucket where the cost of those deposits is much lower, and therefore, the deposit betas are much lower as well. So it's a little hard to calculate that deposit beta quarter-over-quarter, just given the timing of the rate cuts last quarter. But that's what we're using to forecast for the upcoming quarter.

然後，我們儲存的現金的存款成本要低得多，因此存款貝塔係數也要低得多。因此，考慮到上個季度降息的時間，計算季度間存款貝塔值有點困難。但這就是我們用來預測下一季的數據。

Very helpful. Thanks for taking my questions.

非常有幫助。感謝您回答我的問題。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, guys. Thank you for the question. A little bit of a bigger picture question on NNA, sales related to the quarterly or the monthly trends that we've seen. But as you sort of zoom out, ratio used to do kind of 5% plus NNA. And I get it. It's really not a perfect metric, and there's a lot that kind of goes into it. But it just feels like you've been at kind of a 3% run rate over the last few quarters.

嘿，大家好。謝謝你的提問。關於 NNA 的一個更大問題，即與我們所看到的季度或月度趨勢相關的銷售情況。但當你縮小範圍時，比例曾經是 5% 加上 NNA。我明白了。這確實不是一個完美的指標，其中涉及很多因素。但感覺過去幾季的運行率一直保持在 3% 左右。

So as you look forward, what's been, I guess, the problem in the last year or so? What do you think could change to get you guys back to this 5%-plus? Or is the 5%-plus still a realistic target?

那麼展望未來，我猜想，過去一年左右出現了什麼問題？您認為可以採取哪些改變才能讓你們的成長率回到 5% 以上？或者說 5% 以上仍是一個現實的目標？

Well, just last quarter, we were above 3%. I mean we were 4% last quarter. And then you excluded that kind of OSJ departure, we're kind of in the mid-5%s last quarter. So I would just I would -- this is just. Just between this quarter and then the year ago quarter, where it was sub-3% range.

嗯，就在上個季度，我們的成長率超過了 3%。我的意思是上個季度我們的成長率是 4%。然後排除 OSJ 的這種偏離，我們上個季度的成長率大約在 5% 左右。所以我只想——這只是。就在本季和去年同期之間，這一數字還低於 3%。

But listen, we are optimistic. Again, it's hard to look at it quarter to quarter. Big picture, we're optimistic about our recruiting pipelines and we're optimistic that we can continue to be best-in-class NNA growers just as we have been year after year after year. And so there's nothing in our calculus or in our expectations that's changing around that. We're very optimistic about the recruiting pipeline.

但聽著，我們很樂觀。再一次，逐季觀察這個問題很困難。總體而言，我們對我們的招募管道感到樂觀，我們也樂觀地認為，我們可以繼續成為一流的 NNA 種植者，就像我們年復一年一樣。因此，我們的計算或預期中沒有任何內容會改變這一點。我們對招募管道非常樂觀。

So the months of March and April were very strong for us in terms of new commits. And that's just continuing to accelerate in terms of the interest in Raymond James we are certainly a destination of choice for high-quality financial advisers across the industry across all of our channels. And so, we're really excited about the recruiting momentum and the retention of our existing advisers and the NNA trajectory going forward.

因此，就新承諾而言，三月和四月對我們來說非常強勁。就人們對雷蒙德詹姆斯的興趣而言，這種興趣還在繼續加速，我們無疑是整個行業中透過我們所有管道的高品質財務顧問的首選目的地。因此，我們對招募勢頭、現有顧問的保留以及 NNA 未來的發展軌跡感到非常興奮。

Great. That's helpful. For my follow-up, I wanted to dig a little more into the comment you made around the private investment platform. Maybe spend a minute on kind of what does that look like today at RayJay. And I'm curious both in terms of sort of manufacturing capabilities, and if there's anything you're looking to add there from an asset management side, and more importantly, on the distribution side as you sort of look at the footprint you have in the wealth channel and how you can monetize that with alternative managers?

偉大的。這很有幫助。作為後續行動，我想更深入地探討您對私人投資平台的評論。也許花一點時間來了解 RayJay 如今的情況是什麼樣的。我很好奇，無論是在製造能力方面，還是在資產管理方面，您是否希望添加任何內容，更重要的是，在分銷方面，您是否考慮過您在財富渠道中的足跡，以及如何通過另類經理將其貨幣化？

Yeah. We have a lot of upsides in that business. We've made a lot of progress over the last 5 years in building out the platform, the capabilities, the resources, the expertise the internal research around it. And so -- and we have a lot of high net worth focused advisers and clients that are interested in the products.

是的。我們在該業務上有很多優勢。過去五年來，我們在建立平台、能力、資源、專業知識和內部研究方面取得了很大進展。所以——我們有很多專注於高淨值的顧問和客戶對這些產品感興趣。

And it's a wide range -- it captures a wide range of products, everything from the alternative private equity mutual fund type products all the way to we have a private PIC desk that we call it, private investments for clients with $50 million and above of investable assets and everything in between.

而且它的範圍很廣——涵蓋了各種各樣的產品，從另類私募股權共同基金類型的產品一直到我們稱之為私人 PIC 服務台的產品，為擁有 5000 萬美元及以上可投資資產的客戶提供私人投資，以及介於兩者之間的所有產品。

This is an open architecture platform for us, just like most of the rest of our wealth platform is really an open architecture platform. So we bring in the best providers across all of the product types, to the extent that we provide our own products. For example, we hired a new head of private placements to kind of work with our capital market clients to the extent that they want to raise capital from our Private Client Group business. So that's an example of collaboration and synergy between the businesses that could be win-win for clients and client group and capital markets business alike.

對我們來說，這是一個開放式架構平台，就像我們其他大部分的財富平台一樣，這是一個開放式架構平台。因此，我們引入了所有產品類型的最佳供應商，甚至提供我們自己的產品。例如，我們聘請了一位新的私募主管，負責與我們的資本市場客戶合作，以便他們能夠從我們的私人客戶集團業務中籌集資金。這是企業之間合作與協同的一個例子，可以為客戶、客戶群和資本市場業務帶來雙贏。

[But we're excited about the opportunity the penetration is] still relatively low. It's not for every client, even very high net worth clients, a lot of them like having liquidity, and these are by definition less liquid but certainly, there's a growing appetite amongst clients for -- in our advisers for these types of products.

[但我們對這個機會感到興奮，因為滲透率]仍然相對較低。它並不適合每個客戶，即使是高淨值客戶，其中許多人喜歡流動性，而這些產品從定義上來說流動性較低，但可以肯定的是，客戶對我們的顧問對這類產品的興趣越來越大。

That's great. Thanks so much.

那太棒了。非常感謝。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，Seaport Global Securities。

Hey, good evening. Paul, just maybe a follow-up on capital return. I appreciate the quarterly comments. But when we think about keeping ratios flat, capital levels flat, you're at 13.3% tier 1 leverage. You had a target out there of 10% doesn't sound like a deal is in the near term. So is it -- we just don't expect to get to 10 without deals? Or can you kind of push that ratio down from here? Because when you look at just the math of 13.3 % versus 10%, that's a couple of billion of excess capital versus your target.

嘿，晚上好。保羅，也許只是對資本回報的後續關注。我很感謝季度評論。但當我們考慮保持比率平穩、資本水準穩定時，一級槓桿率將達到 13.3%。您設定的目標是 10%，聽起來不像是短期內可以達成的交易。那麼，如果沒有達成協議，我們就不可能達到 10 個國家的水準嗎？或者您能從現在開始降低這個比例嗎？因為當你只看 13.3% 與 10% 的數學計算時，你會發現與目標相比，資本過剩了幾十億美元。

Yeah. Certainly, I mean we would like to deploy that through growth investments, both organically and through acquisitions. But we -- the first thing we have to do is ensure that it doesn't continue growing. And that's why we're significantly increasing the amount and also the consistency of the buybacks, which again, to your point, still gives us plenty of capacity for growth, which is our top priority as far as deploying capital goes.

是的。當然，我的意思是我們希望透過成長投資（包括有機成長和收購）來實現這一目標。但我們——我們要做的第一件事就是確保它不會繼續成長。這就是為什麼我們要大幅增加回購金額和一致性，正如您所說，這仍然為我們提供了充足的成長能力，就資本部署而言，這是我們的首要任務。

And so that would be the plan going forward is to continue looking for growth opportunities. We have not given up on M&A. And in fact, M&A opportunities sometimes present themselves in periods of volatility and uncertainty like we're in today. And so, we're still very actively pursuing acquisition opportunities across our businesses as well.

所以未來的計畫就是繼續尋找成長機會。我們並沒有放棄併購。事實上，併購機會有時會出現在像我們今天所處的動盪和不確定時期。因此，我們仍在積極尋求業務範圍內的收購機會。

So is it -- the 10% more of a target with assuming growth, but you're not going to get to that target with buybacks, you just need to have some investments to get there?

那麼，假設成長，目標就會增加 10%，但你無法透過回購達到這個目標，你只需要進行一些投資就可以實現這個目標嗎？

Yeah. I mean that's really the way we're going to get down to 10% is hopefully through growth investments. That would be the ideal way to get down to 10% investing in top line growth.

是的。我的意思是，我們希望透過成長投資將這一比例降至 10%。這將是將投資於營業額成長降至 10% 的理想方式。

Okay. Great. And then maybe just thinking through on the NII side with three to four cuts in the forward curve, it's bouncing around. But can you just update your NII sensitivity. You highlighted some asset turnover in the low-yielding AFS book and being reinvested in higher-yielding assets. Does that help offset maybe pressures from a few rate cuts? How do we think about that bigger picture?

好的。偉大的。然後也許只要從 NII 方面考慮，遠期曲線就會出現三到四次下調，它就會出現波動。但是您能更新您的 NII 敏感度嗎？您強調了低收益 AFS 帳簿中的部分資產週轉率以及對高收益資產的再投資。這是否有助於抵消幾次降息所帶來的壓力？我們如何看待這個更大的圖像？

I think the bigger picture is that rate cuts can actually result in increased loan balances, both for securities-based loans and corporate loans alike. And so we don't think that rate cuts would necessarily be bad for NII over the long term.

我認為，從更大角度來看，降息實際上可以增加貸款餘額，包括證券貸款和公司貸款。因此，我們認為長期來看，降息未必會對 NII 造成不利影響。

We actually think it would potentially be beneficial to NII, as it helps loan balances grow at lower rates. So there are static analysis you can do, and we can share that with you just the deposit beta assumption based on the static balances. But I think what's more interesting and realistic is what would happen dynamically to balances if rates were to be lower over a longer period of time.

我們實際上認為它可能對 NII 有利，因為它可以幫助貸款餘額以較低的利率成長。因此，您可以進行靜態分析，我們可以與您分享基於靜態餘額的存款貝塔假設。但我認為更有趣和現實的是，如果利率在較長時期內處於較低水平，餘額將會發生什麼動態變化。

Okay, fair enough. Thanks.

好吧，夠公平。謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hi. Good evening, everyone. Maybe just one for me just on non-comp expenses. I heard in the prepared remarks that you're on track for the $2.1 billion for the full year. I think first half annualized is coming in a bit under that. So just wondering if you could speak to some of the push and pull factors in the back half of the year.

你好。大家晚上好。對我來說，也許只是一項非補償費用。我在準備好的演講中聽說您計劃實現全年 21 億美元的目標。我認為上半年的年化成長率會略低於這個數字。所以我只是想問您是否可以談談今年下半年的一些推動和拉動因素。

And if markets stay near current levels down quarter-to-date meaningfully, that lead to non-comps coming in lower than the $2.1 billion guide, just given some of the offsets on advisory fees.

如果市場在本季迄今仍維持在當前水準附近並大幅下跌，那麼考慮到部分諮詢費的抵消，非同業拆借收入將低於 21 億美元的指導水準。

Yeah. Thanks, Kyle. With respect to our non-comp expenses, it's not unusual for us to have a ramp up as we move deeper into our fiscal year. And so, we believe that ramp-up will occur in certain of the line items, especially in our communications and IT expense lines. And therefore, we believe that it would be too early to make a call to adjust that on comp expectation of that guidance we remain committed to invest long term, especially in our leading technology. So any impact from this -- the current volatility would not likely impact our long-term thinking with respect to that.

是的。謝謝，凱爾。就我們的非經營性支出而言，隨著財政年度的深入，支出增加並不罕見。因此，我們相信某些項目的費用將會增加，尤其是通訊和 IT 費用。因此，我們認為現在就調整預期還為時過早，我們仍然致力於長期投資，特別是在我們領先的技術方面。因此，由此產生的任何影響——當前的波動不太可能影響我們對此的長期思考。

And then also keep in mind that a significant portion of those non-comp expenses are variable and move with revenues, things like FDIC insurance and sub-advisory fees. So that aspect is something that we'll keep an eye on. But definitely, not the time to us and are thinking to provide any revised expectation on that level.

還要記住，這些非補償費用的很大一部分是可變的，並且隨著收入而變動，例如聯邦存款保險公司 (FDIC) 保險和次級諮詢費。因此我們會密切關注這一方面。但肯定的是，現在還不是時候，我們正在考慮在這一層面上提供任何修改後的預期。

Thanks. I'lljust ask one model follow-up as well just on administrative comp within PCG. It was down quarter-on-quarter and year-on-year, looked a bit off trend just wondering if there's anything to call out for that administrative compensation line within the PCG segment in the quarter?

謝謝。我只想問一個模型後續問題，關於 PCG 內部的行政補償。它比上一季和去年同期都有所下降，看起來有點偏離趨勢，只是想知道本季 PCG 部門的行政薪酬項目是否有值得注意的地方？

Yeah. Kyle, the one thing to think about that is it's hard with respect to comp that there are different elements that would affect subcomponents within the comp from quarter to quarter. So although the percentage change was, as you noted for the quarter, we would advise you to think about it long term.

是的。凱爾，需要考慮的一件事是，對於公司而言，很難有不同的因素會在每個季度影響公司內部的子組件。因此，儘管百分比變化如您在本季所指出的那樣，但我們建議您從長遠角度考慮。

And if you look at year-to-date, the six-month year-to-date relative to the prior year year-to-date, it's up 5%, which is consistent for that six-month period, which is consistent with with what we'd expect in the given growth in the business and the growth and the elements of those types of expense components.

如果你看一下年初至今的情況，相對於去年同期，今年六個月的成長率是 5%，這與六個月期間的成長率一致，也與我們對業務成長、成長以及這些類型的費用組成部分的要素的預期一致。

Great. Thank you.

偉大的。謝謝。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Great. Thank you. I just wanted to ask about the new Chief AI Officer role. I was hoping you could talk about the responsibilities for this new function, what resources will be at their disposal. What sort of additions do you have here? And how will you go about measuring success? Thank you.

偉大的。謝謝。我只是想問新任首席人工智慧長的職位。我希望您能談談這個新職能的職責以及他們可以使用哪些資源。您在這裡添加了什麼內容？您將如何衡量成功？謝謝。

We're really glad you asked that question. And it's something that we plan on talking more about at the Analyst Investor Day in June. But the new Chief AI Officer, Stuart Feld, who was an internal promotion, so one of our senior leaders in technology is really -- and you will have a dedicated team really focused on evaluating kind of, call it, a lookout function, which is somewhat unique in that usually, we outsource lookout functions to consulting firms.

我們非常高興您提出這個問題。我們計劃在六月的分析師投資者日上進一步討論這個問題。但新任首席人工智慧長 Stuart Feld 是從內部提拔上來的，他是我們技術方面的一位高級領導，你將擁有一個專門的團隊，專注於評估一種稱之為監視功能的功能，這有點獨特，因為我們通常將監視功能外包給諮詢公司。

But we think the leadership team has conviction that AI will be such a game changer for our industry. And it will occur relatively rapidly, that we need to have that function internally also because the way we use AI will be very different than how many of our competitors we anticipate will use AI, whereas, we're really wanting to use AI to help our financial professionals and our financial advisers better serve their clients, where many of our competitors have used technology and are planning on using AI to essentially try to get around their financial advisers to go direct to their clients.

但我們認為領導團隊堅信人工智慧將徹底改變我們的產業。而且它會相對較快地發生，我們也需要在內部擁有此功能，因為我們使用人工智能的方式與我們預期的許多競爭對手使用人工智能的方式非常不同，而我們真正希望使用人工智能來幫助我們的金融專業人士和財務顧問更好地服務他們的客戶，我們的許多競爭對手已經使用技術併計劃使用人工智能，基本上試圖繞過他們的財務顧問直接面向他們的客戶。

And that is not our goal. Our goal is to use AI to better empower our advisers and financial professionals so they could provide even better service to their clients. And so, this function will be monitoring changes in model developments, third-party providers and vendors who are coming up with new AI solutions, what competitors are doing, and essentially use cases for Raymond James given our unique approach of really betting on the financial professional to provide great advice to their clients.

但這不是我們的目標。我們的目標是利用人工智慧來更好地增強我們的顧問和金融專業人士的能力，以便他們可以為客戶提供更好的服務。因此，此功能將監控模型開發的變化、提出新 AI 解決方案的第三方提供者和供應商、競爭對手的所作所為，以及 Raymond James 的基本用例，因為我們獨特的方法真正押注金融專業人士為他們的客戶提供出色的建議。

And so they've already made pretty good progress. And there will be a lot more to talk about over the coming years. And certainly, we'll talk about it more at the Analyst and Investor Day in terms of how they're structuring their work and thinking around AI.

所以他們已經取得了相當不錯的進展。未來幾年還會有更多的事情要談。當然，我們將在分析師和投資者日上更多地討論他們如何建立他們的工作和圍繞人工智慧的思考。

Great. And just a quick follow-up on that. Just curious around use cases that you've identified. Just curious how many you've identified; how many you have in production, and any sort of lessons learned from your initial foray into it so far?

偉大的。對此我做一個簡單的跟進。只是對您確定的用例感到好奇。只是好奇你們已經辨識出多少個；你們生產了多少個產品？從你們最初的嘗試到現在，你們學到了什麼經驗教訓？

Yeah. I think I would defer the specifics to the experts at our Analyst Investor Day in terms of the number of actual use cases and what we've learned from. So a better discussion for Analyst Investor Day.

是的。我認為，就實際使用案例的數量以及我們從中學到的東西而言，我會將具體細節留給分析師投資者日的專家。因此，分析師投資人日的討論會更好。

Fair enough. There's more to it. Thank you

很公平。還有更多。謝謝

There are no further questions at this time. I would like to turn the call back over to Paul Shoukry.

目前沒有其他問題。我想將電話轉回給 Paul Shoukry。

Great. Well, I want to thank everyone for your time this evening, and also just thank again our financial advisers for the excellent service and the advice they're providing to their clients through these volatile periods of time. And you see with the client survey showing 97% satisfaction with their advisers through this turbulent period and the J.D. Power award, number one for online satisfaction for an advice firm; and most importantly, number one in being the most trusted firm.

偉大的。好吧，我要感謝大家今晚抽出時間，也再次感謝我們的財務顧問在這些動盪時期為客戶提供的優質服務和建議。您會發現，客戶調查顯示，在這段動盪時期，客戶對其顧問的滿意度達到 97%，並且在 J.D. Power 獎中，諮詢公司在線滿意度排名第一；最重要的是，它是最值得信賴的公司之一。

And so, I just want to thank all of our advisers and associates and thank all of our clients as well for entrusting Raymond James. Thank you very much, and have a great evening.

因此，我只想感謝我們所有的顧問和同事，也感謝我們所有的客戶都信任雷蒙詹姆斯。非常感謝，祝您有個愉快的夜晚。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。