雷蒙詹姆斯金融 (RJF) 2025 Q4 法說會逐字稿

Good evening, and welcome to Raymond James Financial's fiscal fourth-quarter and fiscal 2025 earnings call. This call is being recorded and will be available for replay on the company's Investor Relations website. I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us.

晚上好，歡迎參加 Raymond James Financial 的第四財季和 2025 財年財報電話會議。本次電話會議正在錄音，並將在公司投資者關係網站上提供回放。我是投資者關係資深副總裁克莉絲蒂沃夫。感謝您的參與。

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 the line for questions.

今天和我一起參加電話會議的有執行長保羅·舒克里和財務長布奇·奧爾洛格。今天審閱的簡報可在我們投資者關係網站上查閱。發言結束後，接線員將開放提問通道。

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 future strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions, and our level of success in integrating acquired businesses, anticipated results of litigation and regulatory developments, and general economic conditions.

請看第二張投影片。請注意，本次電話會議中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戰略目標、業務前景、財務業績、行業或市場狀況、收購的預期時間和收益、以及我們在整合被收購業務方面的成功程度、訴訟和監管發展的預期結果以及總體經濟狀況的信息。

In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts, and 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.

此外，諸如「相信」、「預期」、「預計」、「打算」、「計畫」、「估計」、「預測」等詞語，以及諸如「可能」、「將」、「可以」、「應該」和「會」等表示未來或條件的動詞，以及任何其他必然取決於未來事件的陳述，都旨在識別前瞻性陳述。

Please note that there can 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.

請注意，實際結果可能與這些聲明中表達的結果有重大差異，這一點無法保證。我們強烈建議您考慮我們在最新的 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查閱。

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

現在，我很高興將電話交給執行長保羅舒克里。保羅？

Thank you, Kristie. Good evening. Thank you all for joining us. I'm very pleased to report record results for both the fiscal fourth quarter and fiscal year 2025 this evening. And while the financial results are critically important, it's more than just numbers to us. It's a deep personal relationships our advisers, bankers, and associates have with their clients, which is a foundation to providing tailored financial advice. It's a long-standing values of the firm, always putting clients first, making decisions for the long term, having integrity and valuing independence, which guide all of the decisions that we make.

謝謝你，克里斯蒂。晚安.感謝各位的參與。今晚我非常高興地宣布，公司第四財季和 2025 財年均取得了創紀錄的業績。雖然財務表現至關重要，但對我們來說，這不僅僅是數字。我們的顧問、銀行家和同事與客戶之間建立了深厚的私人關係，這是提供量身定制的財務建議的基礎。這是公司長期以來秉持的價值觀：始終將客戶放在第一位，做出長遠的決策，堅持誠信，重視獨立性，這些價值觀引導著我們所做的所有決定。

These values, the personal relationships, and the differentiated financial advice across our diverse and complementary businesses contributed to our fifth consecutive year of record revenues and record net income in very different market environments.

這些價值觀、人際關係以及我們在多元化和互補業務中提供的差異化財務建議，使我們在截然不同的市場環境下連續第五年創下收入和淨利潤的新紀錄。

As we look ahead, many of our key business drivers also ended the year at record levels, including record client assets of $1.73 trillion, a record number of financial advisers of 8,943, record-trailing 12 production for recruited financial advisers of $407 million, and record net bank loans of $51.6 billion.

展望未來，我們的許多關鍵業務驅動因素也以創紀錄的水平結束了這一年，包括創紀錄的客戶資產 1.73 兆美元、創紀錄的財務顧問人數 8,943 人、創紀錄的過去 12 年新招募財務顧問的業績 4.07 億美元，以及創紀錄的淨銀行貸款 516 億美元。

We also have healthy pipelines for growth, including strong levels of adviser commitments to join over the coming year and strong investment banking pipelines. And importantly, we have the regulatory capital capacity and plenty of liquidity to support this growth.

我們也擁有健康的成長管道，包括未來一年即將加入的大量顧問承諾和強大的投資銀行業務管道。更重要的是，我們擁有足夠的監管資本和充足的流動性來支持這一成長。

Throughout the fiscal year, we have continued to develop and maintain industry-leading technology for our financial advisers, once again making significant investments of approximately $1 billion in technology. These investments include strategic AI initiatives designed to improve adviser efficiency and support regulatory oversight with the emphasis on enhancing the adviser and client experience. We filled new technology positions of Chief AI Officer and Head of AI Strategy to lead our development and implementation, which includes bringing experienced talent and fresh perspectives.

在本財年，我們持續為財務顧問開發和維護領先業界的技術，再次在技術方面投入了約 10 億美元。這些投資包括旨在提高顧問效率和支援監管的策略性人工智慧舉措，重點是提升顧問和客戶的體驗。我們設立了首席人工智慧長和人工智慧策略主管等新的技術職位，以領導我們的開發和實施工作，其中包括引入經驗豐富的人才和新的視角。

During the year, we earned the highest ranking for investor satisfaction among those working with a dedicated financial adviser or team of advisers. Importantly, we were also recognized as the most trusted company among advised investors in wealth management in the J.D. Power 2025 U.S. Investor Satisfaction Study.

在這一年中，我們在與專屬財務顧問或顧問團隊合作的投資者滿意度排名中名列前茅。更重要的是，在 J.D. Power 2025 年美國投資者滿意度調查中，我們也被評為財富管理領域最值得信賴的投資者公司。

In response to growing demand for private investment product alternatives for ultra-high net worth clients, we further developed the firm's private capital-raising expertise and broaden bespoke private investment alternatives for such clients. I'm proud of our many accomplishments this year and believe we are well-positioned to continue to invest in our business, our people and technology to drive growth across all our businesses.

為了滿足超高淨值客戶對私募投資產品替代方案日益增長的需求，我們進一步發展了公司的私募融資專業知識，並為這類客戶擴大了客製化的私募投資替代方案。我為今年所取得的許多成就感到自豪，並相信我們有能力繼續投資於我們的業務、員工和技術，以推動我們所有業務的成長。

Turning to our financial results for the quarter. The firm's values-based client-focused approach continues to generate steady performance. Quarterly net revenues of $3.7 billion grew 8% over the prior-year quarter and 10% over the preceding quarter.

接下來來看看本季的財務業績。公司以價值觀為導向、以顧客為中心的經營理念持續帶來穩定的績效。季度淨收入為 37 億美元，比上年同期成長 8%，比上一季成長 10%。

Pretax income of $731 million declined 4% compared to the year ago quarter and increased 30% from the preceding quarter. For fiscal 2025, we generated record net revenues of $14.1 billion, representing 10% growth and record pretax income of $2.71 billion, up 3% over fiscal 2024. These strong 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.

稅前收入為 7.31 億美元，較去年同期下降 4%，較上一季成長 30%。2025 財年，我們實現了創紀錄的淨收入 141 億美元，成長 10%；稅前收入也創下歷史新高，達到 27.1 億美元，比 2024 財年增長 3%。這些強勁的業績歸功於我們多元化且互補的業務，以私人客戶集團為核心，並輔以資本市場、資產管理和銀行部門。

Across our businesses, we continue to achieve success retaining and recruiting financial professionals who provide high-quality advice to their clients. In the Private Client Group, we ended the quarter with a record $1.6 trillion of client assets under administration, representing year-over-year growth of 11%. We had an outstanding year recruiting high-quality advisers onto our platform, a testament to our unique service-first culture, comprehensive capabilities, and strong balance sheet.

在各個業務領域，我們不斷成功留住和招募能夠為客戶提供高品質建議的金融專業人士。在私人客戶集團，我們本季末管理的客戶資產達到創紀錄的 1.6 兆美元，年增 11%。我們今年在平台上招募到大量優秀顧問，取得了卓越的成績，這證明了我們獨特的以服務為先的企業文化、全面的實力和強勁的資產負債表。

In fiscal year 2025, we had record-recruiting results of financial advisers to our domestic independent contractor and employee channels. With recruiting trailing 12-month production at their previous firms totaling $407 million, reflecting a 21% increase over last year's previous record. These recruited advisers had approximately $58 billion of client assets at the previous firms, also surpassing last year's record.

在 2025 財年，我們透過國內獨立承包商和員工管道招募財務顧問，取得了創紀錄的業績。招聘人員過去 12 個月在原公司創造的業績總計達 4.07 億美元，比去年創下的紀錄增長了 21%。這些新招募的顧問在前幾家公司管理的客戶資產約為 580 億美元，也超過了去年的紀錄。

Including assets recruited into our RIA and custody services division, we recruited total client assets over the past 12 months of nearly $63 billion across all of our platforms. Quarterly domestic net new assets were nearly $18 billion this quarter, representing a 5% annualized growth rate. We ended the fiscal year with a record number of financial advisers, 2% higher than the prior year and a reflection of solid adviser retention as well as strong recruiting results.

包括納入我們 RIA 和託管服務部門的資產在內，過去 12 個月裡，我們所有平台上的客戶資產總額都接近 630 億美元。本季國內淨新增資產接近 180 億美元，年化成長率為 5%。在本財年結束時，我們的財務顧問人數創下歷史新高，比上一年增長了 2%，這反映了顧問留任率高以及招聘業績強勁。

Based on our robust adviser recruiting pipeline and strong level of commitments to join in the coming quarters, we continue to be optimistic about our momentum and growth. 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.

基於我們強大的顧問招募管道以及未來幾季加入的強勁承諾，我們對自身的發展動能和成長前景依然保持樂觀。我們兼具顧問和客戶至上的文化，並結合領先的技術和解決方案，這種獨特的價值主張持續受到我們所有加盟管道的顧問的青睞。

Additionally, our strong balance sheet and commitment to independence is proving to be a differentiator for advisers evaluating alternatives.

此外，我們穩健的資產負債表和對獨立性的承諾，正成為顧問在評估各種方案時眼中的優勢所在。

To continue retaining and attracting the best advisers, we continue to make investments in our platform and offerings. For example, our private wealth adviser program offers education, training, and accreditation along with enhanced capabilities and product solutions. This enables advisers to meet the needs of their most sophisticated clients and create significant value for our advisers who progress through this rigorous program.

為了繼續留住和吸引最優秀的顧問，我們將繼續投資我們的平台和產品。例如，我們的私人財富顧問計劃提供教育、培訓和認證，以及增強的能力和產品解決方案。這使得顧問能夠滿足最複雜客戶的需求，並為通過這項嚴格計劃的顧問創造巨大價值。

We continue to make investments and implement solutions to automate and streamline processes, which in turn frees associates and advisers to do what they do best, which is to engage in human-to-human and deepened personal relationships, add more value, and importantly, have more capacity to grow their businesses by attracting new clients.

我們持續進行投資並實施解決方案，以實現流程的自動化和簡化，從而使員工和顧問能夠騰出精力去做他們最擅長的事情，即建立人與人之間更深入的個人關係，創造更多價值，更重要的是，讓他們有能力透過吸引新客戶來發展業務。

The Capital Markets segment delivered strong results in the fourth quarter, achieving revenues that represented the third highest level on record, surpassed only by those observed during the pandemic period. This strength demonstrates the potential resulting from the strategic investments we have made in this segment over the past few years. The fourth-quarter results were underpinned by solid performance throughout all of our capital markets businesses. Looking ahead, the investment banking pipeline remains strong. We are confident that we are well-positioned with motivated buyers and sellers, along with deep expertise across the industries we cover.

資本市場部門在第四季度取得了強勁的業績，收入達到歷史第三高水平，僅次於疫情期間的水平。這項優勢反映了我們過去幾年在該領域進行策略性投資所取得的成果。第四季業績得益於我們所有資本市場業務的穩健表現。展望未來，投資銀行業務前景依然強勁。我們有信心，憑藉積極的買家和賣家，以及在我們所覆蓋的行業中的深厚專業知識，我們擁有良好的市場地位。

We remain committed to continuing to enhance the platform by broadening and deepening our capabilities, whether through strategic hiring or acquisitions. For example, over the past two years, we've hired a number of experienced public finance investment bankers, which provided us growth opportunities across a number of domestic markets. We began to realize the returns on some of those investments as evidenced by our fourth quarter results.

我們將繼續致力於透過策略性招募或收購來拓展和深化我們的能力，從而不斷提昇平台實力。例如，在過去的兩年裡，我們聘請了許多經驗豐富的公共財政投資銀行家，這為我們在多個國內市場提供了成長機會。從第四季的業績可以看出，我們開始從其中一些投資中獲得回報。

As it pertains to acquisitions, we recently announced the acquisition of GreensLedge, a boutique investment bank recognized for its expertise in structured credit and securitizations, and the transaction we anticipate should close later this fiscal year. Notably, GreensLedge differentiates itself with deep relationships and expertise while operating on a balance sheet light model.

在收購方面，我們最近宣布收購 GreensLedge，這是一家精品投資銀行，以其在結構化信貸和證券化方面的專業知識而聞名，我們預計該交易將於本財年晚些時候完成。值得注意的是，GreensLedge憑藉著深厚的行業關係和專業知識脫穎而出，同時採用輕資產負債表模式運作。

In the Asset Management segment, net inflows into managed fee-based programs in the Private Client Group was strong during the quarter, annualizing at over 7% and reflect the complementary impact of being able to offer high-quality investment alternatives to our financial advisers as well as growth resulting from our successful recruiting efforts.

在資產管理領域，私人客戶集團的管理收費項目的淨流入在本季度表現強勁，年化增長率超過 7%，這反映了我們能夠為財務顧問提供高品質投資選擇所帶來的互補影響，以及我們成功的招聘工作帶來的增長。

In the Bank segment, loans ended the quarter at a record $51.6 billion, primarily reflecting robust 22% annual growth in securities-based lending balances, yet another synergistic impact from our growing Private Client Group business, as we are able to deploy our strong balance sheet in support of the clients. Importantly, the credit quality of the loan portfolio remains strong.

在銀行業務板塊，貸款額在本季度末創下 516 億美元的紀錄，主要反映了證券抵押貸款餘額強勁的 22% 年增長率，這再次反映了我們不斷增長的私人客戶集團業務的協同效應，因為我們能夠利用我們強大的資產負債表來支持客戶。重要的是，貸款組合的信用品質依然強勁。

Turning to capital deployment. Our long-standing priorities have remained unchanged, and that starts with investing in growth first organically and complemented with strategic acquisitions. We 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.

轉向資金部署。我們長期以來的優先事項始終未變，那就是先投資內生成長，並輔以策略性收購。我們將繼續尋求符合我們標準的收購機會，這些標準包括：文化契合度高、策略契合度好，以及估值能夠為股東帶來可觀回報。

As we continue to pursue both organic and inorganic growth opportunities, we also maintained our share repurchase program to effectively manage capital levels. As outlined in recent quarters, our capital deployment strategy is to repurchase shares on a consistent basis at a level which barring new development should keep our Tier 1 leverage ratio from growing beyond current levels.

在繼續尋求有機和無機成長機會的同時，我們也維持了股票回購計劃，以有效管理資本水準。正如最近幾季所概述的那樣，我們的資本部署策略是持續回購股票，除非出現新的發展，否則回購水準應能使我們的一級槓桿率不會超過目前的水準。

We continue to operate that guidance this quarter as we repurchased $350 million of common stock at an average share price of $166. We ended the quarter with a Tier 1 leverage ratio of 13.1%. In fiscal 2025, we returned capital of over $1.5 billion through common dividends and share repurchases.

本季我們繼續執行該指引，以平均每股 166 美元的價格回購了 3.5 億美元的普通股。本季末，我們的一級槓桿率為 13.1%。在 2025 財年，我們透過普通股股利和股票回購返還了超過 15 億美元的資本。

Now, I'll turn the call over to Butch Oorlog to review our financial results in detail. Butch?

現在，我將把電話交給 Butch Oorlog，讓他詳細回顧一下我們的財務表現。布奇？

Thank you, Paul. I'll begin on slide 6. The firm reported net revenues of $3.7 billion for the fiscal fourth quarter. Net income available to common shareholders was $603 million with earnings per diluted share of $2.95. Excluding expenses related to acquisitions, adjusted net income available to common shareholders equaled $635 million, resulting in adjusted earnings per diluted share of $3.11, and our adjusted pretax margin was 20.7%. We generated annualized return on common equity of 19.6% and annualized adjusted return on tangible common equity of 23.9%. Solid results for the quarter, particularly given our conservative capital base.

謝謝你，保羅。我將從第6張投影片開始。該公司公佈的第四財季淨收入為 37 億美元。歸屬於普通股股東的淨利為 6.03 億美元，每股稀釋收益為 2.95 美元。剔除與收購相關的費用後，歸屬於普通股股東的調整後淨利為 6.35 億美元，調整後每股稀釋收益為 3.11 美元，調整後稅前利潤率為 20.7%。我們實現了 19.6% 的年化普通股收益率和 23.9% 的年化調整有形普通股收益率。本季業績穩健，尤其考慮到我們較保守的資本基礎。

Turning to slide 7. Private Client Group generated pretax income of $416 million on record quarterly net revenues of $2.66 billion. Results were driven by higher PCG assets under administration compared to the previous year, the result of market appreciation, retention, and the consistent addition of net new assets. Pretax income declined year over year, primarily due to interest rate reductions totaling 125 basis points since September of 2024.

翻到第7張投影片。私人客戶集團實現稅前收入 4.16 億美元，季度淨收入創歷史新高，達到 26.6 億美元。與前一年相比，PCG 管理的資產規模擴大，推動了業績成長，這是市場升值、資產留存以及淨新增資產持續成長的結果。稅前收入較去年同期下降，主要原因是自 2024 年 9 月以來利率累計下調 125 個基點。

Our Capital Markets segment generated quarterly net revenues of $513 million and a pretax income of $90 million. Net revenues grew 6% year over year, driven primarily by higher debt underwriting, strong growth in affordable housing investments business revenues as well as solid improvements in both equity and fixed income brokerage revenues. Sequential results grew a robust 35% largely due to higher M&A revenues, underwriting and affordable housing investments revenues.

我們的資本市場部門季度淨收入為 5.13 億美元，稅前收入為 9,000 萬美元。淨收入年增 6%，主要得益於債務承銷額的增加、經濟適用房投資業務收入的強勁增長以及股票和固定收益經紀收入的穩步提升。環比業績強勁成長 35%，主要得益於併購收入、承銷收入和經濟適用房投資收入的成長。

The Asset Management segment generated record pretax income of $132 million on net revenues of $314 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 fee-based accounts. We had strong net inflows of approximately $3.6 billion or 7.3% annualized growth rate into managed programs on our platform. The Asset Management segment generated record revenues and pretax income in the fiscal year.

資產管理部門實現稅前利潤 1.32 億美元，淨收入 3.14 億美元，創歷史新高。與上年同期相比，業績主要歸功於管理的金融資產增加，這得益於過去 12 個月的市場升值以及 PCG 收費帳戶的強勁淨流入。我們平台上的管理項目淨流入強勁，約 36 億美元，年化成長率達 7.3%。資產管理業務部門在本財政年度創造了創紀錄的收入和稅前利潤。

The Bank segment generated net revenues of $459 million and pretax income of $133 million. On a sequential basis, the bank segment net interest income was up slightly, primarily driven by continued loan growth. The September 2025 rate cut had minimal effect on our fourth quarter.

銀行業務部門實現淨收入 4.59 億美元，稅前利潤 1.33 億美元。與上一季相比，銀行業務淨利息收入略有成長，主要得益於貸款的持續成長。2025年9月的降息對我們第四季的影響微乎其微。

Turning to consolidated revenues on slide 8. Fourth-quarter net revenues grew 8% over the year-ago period and 10% sequentially.

接下來請看第 8 頁的合併收入。第四季淨收入年增 8%，季增 10%。

Asset management and related administrative fees of $1.88 billion grew 13% over the prior year and 8% over the preceding quarter. Record PCG fee-based assets equaled $1.01 trillion at quarter end, up 15% year over year and 7% over the preceding quarter.

資產管理及相關行政費用為 18.8 億美元，較上年成長 13%，較上一季成長 8%。PCG 的收費資產在季度末達到創紀錄的 1.01 兆美元，年增 15%，比上一季成長 7%。

As we look ahead, we expect fiscal first-quarter 2026 asset management and related administrative fees to be higher by approximately 6.5% over the fourth quarter level, driven by higher PCG assets and fee-based accounts at quarter end.

展望未來，我們預計 2026 財年第一季資產管理及相關行政費用將比第四季水準高出約 6.5%，主要原因是季度末 PCG 資產和收費帳戶數量增加。

Brokerage revenues of $616 million (sic - see slide 8, "$606 million") grew 8% year over year, mainly due to higher PCG revenues.

經紀業務收入為 6.16 億美元（原文如此 - 參見投影片 8，「6.06 億美元」），年成長 8%，主要原因是 PCG 收入增加。

Investment Banking revenues of $316 million were nearly flat with the year-ago quarter and increased 49% sequentially. The sequential increase was driven by significant increases in M&A and advisory revenues, along with robust results in debt underwriting, which were in part from large private placement transactions where frequency and magnitude are unpredictable as well as an increase in public finance activity in the quarter.

投資銀行業務收入為 3.16 億美元，與去年同期基本持平，較上季成長 49%。環比成長主要得益於併購和諮詢收入的大幅成長，以及債務承銷業務的強勁業績，其中部分原因是頻率和規模難以預測的大型私募交易，以及本季公共融資活動的增加。

Affordable housing investment results reported in other revenues, grew $25 million sequentially in what is typically a seasonally strong fiscal fourth quarter, but also reflected a 19% increase in fiscal year revenues, demonstrating continued growth of the business.

在其他收入中報告的經濟適用房投資業績環比增長 2500 萬美元，而第四財季通常是季節性強勁的財季，但同時也反映出本財年收入增長了 19%，表明該業務持續增長。

Moving to slide 9. Clients' domestic cash sweep and enhanced savings program balances ended the quarter at $56.4 billion, up 2% over the preceding quarter and representing 3.7% of domestic PCG client assets. Balances increased $2.2 billion or 4% in the month of September, growing nicely after fee billings had resulted in anticipated decreases earlier in the quarter. Based on October activity to date, domestic cash sweep and enhanced savings program balances have declined as anticipated, given October's record quarterly fee billings of approximately $1.8 billion.

切換到第9張投影片。客戶的國內現金掃款和增強儲蓄計畫餘額在本季末達到 564 億美元，比上一季成長 2%，佔國內 PCG 客戶資產的 3.7%。9 月餘額增加了 22 億美元，增幅為 4%，此前由於費用帳單導致本季度早些時候出現預期下降，因此當月實現了良好增長。根據 10 月至今的活動情況來看，國內現金清掃和增強儲蓄計畫的餘額如預期般下降，因為 10 月創紀錄的季度費用帳單約為 18 億美元。

Turning to slide 10. Combined net interest income and RJBDP fees from third-party banks was $653 million, down slightly from the prior quarter. Net interest margin in the Bank segment decreased 3 basis points to 2.71% for the quarter. The average yield on RJBDP balances with third-party banks decreased 5 basis points to 2.91% in part due to the impact of the September Fed interest rate cut.

翻到第10張投影片。第三方銀行的淨利息收入和 RJBDP 費用合計為 6.53 億美元，比上一季略有下降。本季銀行業務淨利差下降 3 個基點至 2.71%。受聯準會 9 月降息的影響，RJBDP 在第三方銀行的餘額平均收益率下降 5 個基點至 2.91%。

Based on current interest rates, including the full quarter impact of the September rate cut, in quarter end balances net of the $1.8 billion fiscal first quarter fee billings, we would expect the aggregate of NII and RJBDP third-party fees in the first quarter to be approximately flat with the fourth-quarter level. This is largely the result of the positive impact of a higher interest earning asset balance as of the September starting point offsetting the full quarter impact of the September Fed rate action.

根據目前的利率，包括 9 月降息的整個季度影響，在扣除 18 億美元的第一財季費用帳單後，季度末餘額預計第一季 NII 和 RJBDP 第三方費用總額將與第四季度水平大致持平。這主要是由於9月份較高的生息資產餘額的正面影響抵消了9月份聯準會利率行動的整個季度影響。

Keep in mind, there are many variables which could influence actual results, including any interest rate actions during the upcoming quarter and factors affecting our balance sheet, including changes in our loan and deposit balances.

請記住，有許多變數可能會影響實際結果，包括下一季的任何利率變動以及影響我們資產負債表的因素，包括我們的貸款和存款餘額的變動。

Turning to consolidated expenses on slide 11. Compensation expense was $2.39 billion, and the total compensation ratio for the quarter was 64.2%. Excluding acquisition-related compensation expenses, the adjusted compensation ratio was 64.0%, better than the 65% target level we shared at our Investor Day.

接下來請看第 11 頁的合併費用。薪酬支出為 23.9 億美元，本季總薪酬率為 64.2%。剔除與收購相關的補償費用後，調整後的補償率為 64.0%，高於我們在投資者日上公佈的 65% 的目標水準。

In fiscal year 2025, adjusted compensation expense included the amortization of transition assistance provided to recruited advisers and other retention awards to existing advisers in the aggregate amount of $355 million, representing an increase of approximately 11% compared to fiscal 2024.

2025 財年調整後的薪資支出包括向新招募的顧問提供的過渡援助和向現有顧問提供的其他留任獎勵的攤銷，總額為 3.55 億美元，比 2024 財年增長約 11%。

Non-compensation expenses of $602 million increased 11% over the year-ago quarter. A large portion of these costs support firm-wide growth initiatives, such as adviser recruiting, professional fees associated with investment banking activity, and higher investment sub-advisory fee expense.

非薪酬支出為 6.02 億美元，比去年同期成長 11%。這些成本中的很大一部分用於支援公司整體的成長計劃，例如顧問招聘、與投資銀行活動相關的專業費用以及更高的投資子顧問費用支出。

For the fiscal year, consistent with our prior guidance, we achieved 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.

本財年，與我們先前預期的一致，我們實現了全年非薪酬支出約 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。

A strong result, given our continued investments in technology, as well as the higher growth-related costs we incurred. We remain committed to investing to support growth across the business while maintaining discipline over controllable expenses.

考慮到我們對技術的持續投入以及與成長相關的較高成本，這是一個非常不錯的成績。我們將繼續致力於投資以支持業務成長，同時嚴格控制可控費用。

On slide 12, we provide key credit metrics for our Bank segment. We grew loans during the quarter by 3%, primarily in support of our clients with this loan growth continuing to be led by our securities-based loans, which grew 22% and residential mortgage loans, which grew 9% over the year. These two loan categories represent nearly 60% of our total loan book, reflecting 38% and 20% of the total.

第 12 頁，我們提供了銀行部門的關鍵信用指標。本季貸款成長了 3%，主要得益於對客戶的支持，其中證券抵押貸款（年增 22%）和房屋抵押貸款（年增 9%）繼續引領貸款成長。這兩類貸款占我們貸款總額的近 60%，分別佔總數的 38% 和 20%。

The credit quality of the loan portfolio remains strong. Criticized loans as a percentage of total loans held for investment were 1.28% at quarter end, and nonperforming assets remained low at 29 basis points of Bank segment assets. The bank loan allowance for credit losses as a percentage of total loans held for investment ended the quarter at 88 basis points.

貸款組合的信用品質依然良好。截至季末，受批評貸款佔投資貸款總額的比例為 1.28%，不良資產佔銀行部門資產的比例仍然很低，為 29 個基點。銀行貸款信貸損失準備金佔投資貸款總額的百分比在本季末為 88 個基點。

The bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 1.88%. We believe the total allowance represents an appropriate reserve but we continue to closely monitor economic factors that may affect our loan portfolios.

公司貸款信用損失銀行貸款準備金佔投資型公司貸款的百分比為 1.88%。我們認為總撥備金代表了適當的儲備，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。

Slide 13 represents the pretax margin trends for the past five quarters, highlighting the stability and strength of our diversified businesses and consistently achieving strong margins. During the fiscal fourth quarter, the adjusted pretax margin reached 20.7%. For the full fiscal year, we attained an adjusted pretax margin of 20%, successfully meeting our target margin objective.

第 13 張投影片展示了過去五個季度的稅前利潤率趨勢，突顯了我們多元化業務的穩定性和實力，並持續實現了強勁的利潤率。在第四財季，調整後的稅前利潤率達到 20.7%。在整個財政年度，我們實現了 20% 的調整後稅前利潤率，成功達到了我們的利潤率目標。

On slide 14, at quarter end, our total assets were $88.2 billion, a 4% sequential increase, resulting primarily from loan growth and higher corporate cash balances. We continue to have strong levels of liquidity and capital.

第 14 頁顯示，截至季末，我們的總資產為 882 億美元，季增 4%，主要原因是貸款成長和公司現金餘額增加。我們依然擁有充足的流動資金和資本。

During the quarter, to take advantage of a favorable market environment, reflecting very tight credit spreads and attractive benchmark yields, the firm issued $1.5 billion of senior notes with the mix of 10-year and 30-year maturities as well as amending and extending the maturity of the revolving credit facility. These actions resulted in additional liquidity on hand for deployment in our growth and to meet client needs as well as providing additional capacity in our committed borrowing facility should the need arise over the next five years.

本季度，為了利用有利的市場環境（反映出信貸利差非常小，基準收益率也很有吸引力），該公司發行了 15 億美元的高級票據，期限包括 10 年和 30 年，並修改和延長了循環信貸安排的期限。這些措施為我們帶來了額外的流動資金，可用於業務成長和滿足客戶需求，並在未來五年內如有需要，為我們承諾的借款額度提供額外的容量。

RJF corporate cash at the parent ended the quarter at $3.7 billion, $2.5 billion over our target level of $1.2 billion, an increase over the prior quarter level, resulting from the proceeds of the senior notes offering.

RJF 母公司本季末的現金餘額為 37 億美元，比我們設定的 12 億美元的目標水準高出 25 億美元，比上一季水準有所成長，這主要得益於高級票據發行所得款項。

Our capital levels provide significant flexibility to continue being opportunistic in our pursuit of strategic acquisitions and to invest in organic growth. With a Tier 1 leverage ratio of 13.1% and a total capital ratio of 24.1%, we remain well above regulatory requirements with approximately $2.6 billion of excess capital capacity to deploy before reaching our targeted Tier 1 capital ratio of 10%.

我們的資本水準為我們提供了極大的靈活性，使我們能夠繼續抓住機會進行策略性收購，並投資內生成長。目前，我們的一級資本槓桿率為 13.1%，總資本比率為 24.1%，遠高於監管要求，在達到 10% 的一級資本比率目標之前，我們還有大約 26 億美元的超額資本可供部署。

The effective tax rate for the quarter was 17.4%, reflecting the favorable impact of nontaxable corporate-owned life insurance gains and the favorable resolution of certain historical tax matters in the quarter. Looking ahead, we estimate our effective tax rate for fiscal 2026 to be approximately 24% to 25%.

本季度實際稅率為 17.4%，反映了免稅公司所有的人壽保險收益的有利影響以及本季​​度某些歷史稅務事項的有利解決。展望未來，我們預計 2026 財年的實際稅率約為 24% 至 25%。

Slide 15 provides a summary of our capital actions over the past five quarters. Through the combination of common dividends paid and share repurchases, we returned over $450 million of capital to shareholders during the quarter and more than $1.5 billion over the fiscal year.

第 15 頁總結了我們過去五個季度的資本行動。透過支付普通股股息和回購股票，我們在本季向股東返還了超過 4.5 億美元的資本，在本財年返還了超過 15 億美元。

Additionally, and other debt capital actions, in August, we utilized nearly $100 million of liquidity to redeem our outstanding subordinated notes. We maintain our long-term commitment to operating our businesses at capital levels consistent with established targets.

此外，在 8 月份，我們利用近 1 億美元的流動資金和其他債務資本行動，贖回了我們未償還的次級票據。我們將繼續長期致力於以符合既定目標的資本水平運營業務。

I'll now turn the call back to Paul for some final remarks.

現在我將把電話轉回給保羅，請他作最後總結。

Thank you. As we enter fiscal 2026, we are more confident about our competitive positioning and path forward than we have ever been. While in some ways, there's more competition in our space, we are confident that our long-standing approach is becoming increasingly differentiated and unique. We are focused on the long term in providing a stable platform for our advisers, bankers, and associates, where so many of our competitors are increasingly looking for an exit in three to five years or even less.

謝謝。進入 2026 財年，我們對自身的競爭地位和未來發展方向比以往任何時候都更有信心。雖然在某些方面，我們所處的領域競爭更加激烈，但我們相信，我們長期以來採取的方法變得越來越有差異化和獨特。我們專注於長期發展，為我們的顧問、銀行家和合作夥伴提供一個穩定的平台，而我們的許多競爭對手卻越來越傾向於在三到五年甚至更短的時間內退出。

We attract and retain financial advisers with our unique culture, leading service, and robust platform, whereas many of our competitors compete with the largest check. We value independence to foster an environment where our advisers can provide objective advice to their clients, whereas many of our competitors change their comp plans every year to cross-sell more bank products.

我們憑藉著獨特的企業文化、領先的服務和強大的平台來吸引和留住財務顧問，而我們的許多競爭對手則依靠最高的支票金額來競爭。我們重視獨立性，以創造一個顧問能夠為客戶提供客觀建議的環境，而我們的許多競爭對手每年都會改變他們的佣金計劃，以交叉銷售更多的銀行產品。

We are focused on sustainable growth and quality over quantity, whereas many of our competitors are focused on growth at all costs. We strive to maintain a strong balance sheet with strong levels of capital liquidity, whereas many of our competitors have significantly higher levels of leverage.

我們注重永續成長和品質而非數量，而我們的許多競爭對手則不惜一切代價追求成長。我們努力保持穩健的資產負債表和充足的資本流動性，而我們的許多競爭對手的槓桿率則高得多。

As I said at the beginning of the call, this is way more than just numbers to us. We deeply value the personal relationships that we are so blessed to create in our business. We are confident our tried and tested approach will continue to endure in both good times and more challenging times and help us deliver on our vision of being the absolute best firm for financial professionals and their clients.

正如我在通話開始時所說，這對我們來說遠不止是數字那麼簡單。我們非常珍惜在工作中建立的人際關係。我們相信，我們久經考驗的方法將在順境和逆境中繼續發揮作用，並幫助我們實現成為金融專業人士及其客戶的最佳公司的願景。

So I want to end this call by thanking our advisers, bankers, and associates for the great service and advice they provide to their clients and delivering on our firm's mission to help clients achieve their financial objectives.

最後，我要感謝我們的顧問、銀行家和同事們，感謝他們為客戶提供的優質服務和建議，並履行我們公司的使命，幫助客戶實現他們的財務目標。

That concludes our prepared remarks. Operator, will you please open the line with questions?

我們的發言稿到此結束。接線生，請您接通電話提問好嗎？

(Operator Instructions) Michael Cho, JPMorgan.

（操作說明）Michael Cho，摩根大通。

Hi, good evening. Thanks for taking my question. I just wanted to start on recruiting. Paul, you noted that the net new asset growth was about 5%. And the quarter saw some nice acceleration from last quarter. Can you flush out which segments, whether it's independent or employee that's kind of seeing more uplift more recently?

您好，晚上好。謝謝您回答我的問題。我只是想開始招募工作。保羅，你提到淨新增資產成長率約為 5%。本季業績較上季有顯著成長。能否具體說明一下，是自由工作者還是僱員，哪些群體近期出現了更明顯的成長？

And ultimately, what do you think is more -- is resonating more with advisers today than, call it, 9 to 12 months ago? Or is it really just more advisers in motion across the industry that's ultimately benefiting? Thanks.

最後，您認為現在的顧問們更能產生共鳴的是什麼？比起9到12個月前，什麼更能引起他們的共鳴？或者說，最終受益的其實是整個產業流動顧問數量的增加？謝謝。

Thanks, Michael. The recruiting success that we've been having has really been broad-based across all of our affiliation options, the employee, independent contractor, and the RIA custody channels. And we're entering 2026, I mean, as we said, in fiscal '25, we recruited production advisers with prior production of over $400 million, which was up 21% over last year's record. So really phenomenal recruiting results in the pipeline as we look at fiscal 2026, extremely strong, probably the strongest it's ever been entering the fiscal year.

謝謝你，麥可。我們在招募方面的成功確實非常廣泛，涵蓋了我們所有的合作方式，包括員工、獨立承包商和 RIA 託管管道。我們正在進入 2026 年，我的意思是，正如我們所說，在 2025 財年，我們招募了生產顧問，他們之前的產量超過 4 億美元，比去年的記錄增長了 21%。因此，展望 2026 財年，我們的招募業績非常出色，勢頭強勁，可能是進入新財年以來最強勁的一次。

And so what's resonating with advisers is what has always resonated here at Raymond James, which is our best of both world's value proposition, where we have the culture, the adviser, and client-focused culture that we have, the values long-term oriented putting -- always putting clients first in everything that we do and coupling that with the resources and the platform and the technology and the products and services that we offer that they can offer to their clients.

因此，能夠引起顧問共鳴的，正是 Raymond James 一直以來所秉持的理念，那就是我們兼具兩方面優勢的價值主張：我們擁有以顧問和客戶為中心的文化，秉持著長期導向的價值觀——始終將客戶放在首位，並將這些與我們提供的資源、平台、技術、產品和服務相結合，供他們提供給他們的客戶。

And so that consistent long-term approach in a world where there's so much noise from short-term players, levered back players is really -- and there's M&A consolidation in the industry, which is causing disruption, too. So having a stable platform like Raymond James, where they have confidence that their business, their employees, their team and their -- most importantly, their clients will have a stable platform for the long term is really what resonates the most.

因此，在一個充斥著短期參與者和槓桿參與者的喧囂的世界裡，堅持長期策略是非常重要的——而且產業內併購整合也在造成混亂。因此，擁有像 Raymond James 這樣穩定的平台，讓他們有信心他們的業務、員工、團隊以及——最重要的是——他們的客戶能夠長期擁有一個穩定的平台，這才是最能引起共鳴的。

Great. Thanks for all that color. If I could just switch gears on AI. Paul, you called out in your comments and in the release today, you talked to some milestones throughout the fiscal year around AI and new Chief AI Officer as well as AI strategy. Can you flesh out a little bit ultimately what you're trying to achieve with Raymond James' AI initiatives? And I guess, looking ahead, I mean, how does the prospective resource allocation into these initiatives, ultimately, impact the $1 billion of tech spend you called out in the future years? Thanks.

偉大的。謝謝你帶來的繽紛色彩。如果我能把話題轉向人工智慧就好了。保羅，你在今天的評論和新聞稿中提到了本財年人工智慧領域的一些里程碑事件，以及新的首席人工智慧長和人工智慧策略。您能否詳細說明一下，Raymond James 的人工智慧計畫最終想要實現什麼目標？展望未來，我的意思是，未來幾年對這些計劃的資源分配，最終會對您提到的未來幾年10億美元的技術支出產生怎樣的影響？謝謝。

Yeah. I think the way we think about AI is really in three buckets. The first is to support our infrastructure, the resiliency, the cybersecurity apparatus, and help using AI to essentially create a more resilient and secure platform for our advisers, bankers, and clients.

是的。我認為我們對人工智慧的思考方式可以分為三個面向。首先，要支援我們的基礎設施、韌性、網路安全機制，並利用人工智慧為我們的顧問、銀行家和客戶創建一個更具韌性和安全性的平台。

Secondly, increasing efficiency and consistency of service which from your resourcing question, it's not that we expect to need less resources to support the business, but that the resources we have and that we will continue to add, we'll be able to do more with AI, and what they do in terms of the service they deliver will be actually higher quality and more consistent with the help of technology.

其次，提高服務效率和一致性，從您提出的資源問題來看，這並不是說我們預計需要更少的資源來支援業務，而是說我們現有的資源以及我們將繼續增加的資源，將使我們能夠利用人工智慧做更多的事情，並且在技術的幫助下，他們提供的服務品質將更高，一致性也將更強。

And then finally is to help our financial advisers and bankers provide more bespoke and tailored advice to a larger number of clients. So creating, again, efficiency and higher-quality advice to their clients through the use of data-driven insights.

最後，我們希望幫助我們的財務顧問和銀行家為更多客戶提供更個人化和客製化的建議。因此，他們再次利用數據驅動的洞察力，為客戶提供更有效率、更高品質的建議。

So we're really excited about the AI investments. We're very focused on it. We've built out the team. We're budgeting for a significant increase in the AI expense next year. And we think that over time, this will continue to differentiate us. I mean, these are investments that the smaller regional firms and a lot of the independent firms can't afford to make.

所以我們對人工智慧領域的投資感到非常興奮。我們非常關注這件事。我們已經組建好了團隊。我們已為明年人工智慧支出的大幅成長做好了預算。我們認為，隨著時間的推移，這將繼續使我們脫穎而出。我的意思是，這些投資是規模較小的區域性公司和許多獨立公司負擔不起的。

Some of the P/E backed firms are willing to make that long-term investment because, again, these are payback periods of multiple years. So if your exit period is two to three years from now, it may or may not make sense to make a long-term technology investment for your advisers and clients.

一些私募股權支持的公司願意進行這種長期投資，因為這些投資的回報期長達數年。因此，如果您的退出期在兩到三年之後，那麼對您的顧問和客戶進行長期技術投資可能有意義，也可能沒有意義。

And so we're really excited about the investment. We think the upside is significant. And this will continue -- we're confident that we'll continue to differentiate us in the marketplace.

因此，我們對這項投資感到非常興奮。我們認為上漲空間很大。這種情況將會持續下去——我們有信心繼續在市場上保持差異化優勢。

Perfect. Thanks, Paul.

完美的。謝謝你，保羅。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

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

偉大的。你好，保羅。嗨，布奇。你好嗎？

Hey, Devin.

嘿，德文。

I want to start with one on loan growth, obviously, been a really nice story for you. A lot of it's been coming from securities-based loans recently, but you did see a little bit of residential mortgage growth and C&I growth sequentially in the quarter. So as we start to see interest rates moving lower from here, just curious what you're expecting in terms of demand and opportunity there. And whether you expect SBLs could actually maybe accelerate as rates come down?

我想先談談貸款成長，顯然，這對你來說是一個非常好的故事。最近許多成長都來自證券抵押貸款，但本季住宅抵押貸款和工商業貸款也較上季略有成長。隨著利率開始走低，我很好奇您對這方面的需求和機會有何預期。您是否認為隨著利率下降，證券借貸（SBL）的成長速度實際上可能會加快？

And then also kind of expectations for some of these other categories, could they become more interesting or just see more demand really ultimately just trying to get a sense of the pace expected? Can you keep this up or even accelerate? And then what the mix of growth might look like?

此外，對於其他一些類別，我們也有類似的預期，它們是否會變得更有趣，或者需求是否會更大？最終，我們只是想了解預期的發展速度。你能保持這個速度，甚至加快速度嗎？那麼，這種成長模式可能會呈現怎樣的組合呢？

Yeah. Our expectation continues to be in a lower rate environment and also with the growth of our Private Client Group business that the securities-based loan category will continue to be the highest growth category as it has been for the past several years now. It's over 60% of our loan balances between that and mortgages.

是的。我們預計，在利率環境走低以及私人客戶集團業務成長的背景下，證券抵押貸款類別將繼續保持成長最快的類別，就像過去幾年一樣。這筆貸款和抵押貸款占我們貸款餘額的 60% 以上。

So we will continue, I think, to shift more of the balance sheet to support the Private Client Group business, both through securities-based loans and through residential mortgages. And we think a lower rate environment will drive more demand and potentially accelerate demand there. It's up 22% year over year, and we think with lower rates that, that can actually accelerate.

因此，我認為我們將繼續把更多的資產負債表資源轉移到支持私人客戶集團業務上，包括透過證券抵押貸款和房屋抵押貸款。我們認為，較低的利率環境將刺激更多需求，並有可能加速該領域的需求成長。年比成長 22%，我們認為，隨著利率下降，這一成長速度實際上可能會加快。

Got it. Okay. That's great. And then just a follow-up here. Just want to hit on a couple of items from the model that were kind of stand out. So PCG brokerage strength, was that mostly trails that support kind of that big growth? Or were there any gains in there?

知道了。好的。那太棒了。然後，這裡還有一個後續問題。我只想重點說說這款模型中比較突出的幾個面向。所以PCG經紀業務的實力，主要體現在支撐其大幅成長的各項指標嗎？或者說，其中有什麼收穫嗎？

And then just on the debt underwriting strength, I heard the comment, some private placements in there, which can be kind of lumpy and then also strengthen public finance. I'm just curious if we can kind of parse that out a little bit and get a sense of how much the placements were. Is that a seasonal thing versus how much was public finance better? Just be helpful just given how much that was up relative to the prior quarter. Thanks.

然後，就債務承銷實力而言，我聽到有人評論說，其中一些私募配售可能會有些波動，但也會加強公共財政。我只是好奇我們能否稍微分析一下，了解一下排名情況。這是否與季節性因素有關，還是與公共財政狀況改善程度有關？考慮到與上一季相比增幅如此之大，這確實很有幫助。謝謝。

Yeah. Thanks. So as it relates to the brokerage revenues in the PCG side, you'll notice that there was an acceleration, 7% growth over the prior year quarter and 14% growth over the preceding quarter in insurance and annuity products. We saw a spike in those, driven primarily by clients in anticipation of rate cuts and rate-cutting environment, trying to lock in some annuity pricing. So I would say that, that was outsized in the PCG area.

是的。謝謝。因此，就 PCG 的經紀收入而言，你會注意到成長速度加快，保險和年金產品比上一季成長了 7%，比上一季成長了 14%。我們看到這類交易激增，主要是由於客戶預期利率會下降，且利率環境會下降，因此試圖鎖定一些年金價格。所以我覺得，PCG 區域的情況有點特別。

And then as it relates to -- on the debt underwriting side, yes, we had a significant quarter in debt underwriting, both in public and in private debt underwriting. And we did mention that on the private debt underwriting side, we had a couple of large transactions that drove some of that increase. But what we're seeing in is growth in those our capacity and to capture the market, market opportunities that exist on debt underwriting. So we did have some -- a couple of large transactions, but we do continue to grow our capacity to service our clients in that area. And this quarter kind of reflects the capacity that we brought on to be able to do that.

至於債務承銷方面，是的，我們在公共債務承銷和私人債務承銷方面都取得了顯著的季度業績。我們也提到過，在私募債務承銷方面，我們有幾筆大額交易推動了部分成長。但我們看到的是，我們的能力不斷成長，能夠抓住債務承銷市場中存在的市場機會。所以，我們確實有一些——幾筆大筆交易，但我們會繼續提高我們在該領域為客戶提供服務的能力。本季業績某種程度上反映了我們為此所引入的能力。

Over the last year or so, we've added over 12 to 15 very senior, very experienced public finance bankers from a large bank who exited the business. And in addition to the great foundation and bankers that we already had, they've really helped us increase our capacity and momentum in public finance. So we're really going to get excited about -- as we look forward there, especially if again, that's another potential tailwind from lower rates, so making investments across all of our businesses.

在過去一年左右的時間裡，我們從一家大型銀行聘請了 12 到 15 位資深且經驗豐富的公共財政銀行家，他們之前已退出該業務領域。除了我們原有的強大基礎和銀行家之外，他們也確實幫助我們提高了公共財政方面的能力和勢頭。所以，展望未來，我們真的會感到非常興奮，尤其是如果利率下降再次帶來潛在的利多因素，我們將在所有業務領域進行投資。

And one thing I'm most excited about with the results that we generated this fiscal year and this quarter is that every business really contributed to the fantastic, the record results that we generated this year. So it really was a broad-based contribution across all of our business.

在本財年和本季取得的業績中，最令我興奮的是，每個業務部門都為我們今年取得的輝煌的、創紀錄的業績做出了貢獻。所以這確實是對我們整個業務的廣泛貢獻。

Great to see, and appreciate the color there. Thanks guys.

很高興看到這些，也很欣賞那裡的色彩。謝謝各位。

Thanks, Devin.

謝謝你，德文。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Thanks. Paul, I wanted to follow up on the net new assets. Obviously, the number is stronger this quarter, but your commentary does sound rather similar to what we've heard for the last several quarters. So is some of this just timing of onboarding? Or do you see this kind of level of growth as kind of the new normal as we look ahead into fiscal '26?

謝謝。保羅，我想跟進一下新增淨資產的情況。顯然，本季的數據更加強勁，但你的評論聽起來與我們過去幾季聽到的非常相似。所以，這其中一部分原因只是入職時間安排的問題嗎？或者，您認為這種成長水準將成為我們展望 2026 財年的新常態？

Yeah. The net new asset numbers have increased over the past few quarters as well. So it is a reflection of the record recruiting results.

是的。過去幾個季度，新增淨資產數量也有所增加。所以，這反映了創紀錄的招募成果。

And to your point, not all the assets come immediately. So there is a lag impact in terms of when we recruit the advisers and when the assets are on board, although it's happening fairly quickly, actually. So I think the other factor there that is just the competitive environment. And so there's still very rich deals out there from the roll-ups and aggregators.

正如你所說，並非所有資產都能立即到位。因此，在招募顧問和資產入庫之間存在滯後影響，儘管實際上進展相當迅速。所以我認為另一個因素就是競爭環境。因此，透過整合和聚合平台，仍然可以獲得非常豐厚的交易機會。

And then from time to time, with bank M&A, next quarter, for example, there will be a platform that we'll lose just through bank M&A. I think it's a $2.7 billion of assets. So there's movement out there that is a reflection of the competitive environment and the M&A environment. But when we look at the retention, still very solid, and then the recruiting has never been stronger. So the recruiting activity both in the fiscal '25 and as we enter into '26 is extremely robust and showing no real signs of slowing down. So we're really excited as we enter fiscal '26.

然後，隨著銀行併購的進行，例如下個季度，我們可能會失去一個平台。我認為資產總額為27億美元。因此，市場上的種種動態反映了競爭環境和併購環境的變化。但從員工留存率來看，仍然非常穩固，而且招募情況也從未如此強勁。因此，2025 財年以及進入 2026 財年，招募活動都非常強勁，並且沒有絲毫放緩的跡象。所以，我們對即將到來的 2026 財年感到非常興奮。

Great. That's helpful. And then -- but just a follow-up on spending priorities as you think about 2026 and how that compares to 2025 and maybe areas where you're spending a little bit more or less are the priorities and how they may be different?

偉大的。那很有幫助。然後——關於您在考慮 2026 年的支出優先事項，以及它與 2025 年相比有何不同，您在哪些方面支出略多或略少，這些優先事項有何不同？

Yeah, I appreciate that question. So we haven't -- as we think about our spending, we continue to invest in growth in our spending where we're growing the business. So we have some additional incremental spend occurring in areas such as recruiting and investments, sub-advisory fee expense, the latter being associated just with growth in assets, and the recruiting is a cost associated with the successful recruiting efforts. So we're going to have incremental costs.

是的，我很感謝你的提問。所以我們沒有——在考慮支出時，我們繼續投資於業務成長領域的支出。因此，我們在招聘和投資等領域出現了一些額外的增量支出，子顧問費支出（後者僅與資產增長有關），而招聘則是與成功招聘工作相關的成本。所以我們將面臨增量成本。

And then, of course, we're always committed to continue to invest in technology and that continues to be a very high priority of areas. As we mentioned -- we already mentioned our commitment level, including AI, and that will continue -- has been a priority of ours, but we believe it's a differentiator, and it will continue to be a priority for us as we move forward.

當然，我們始終致力於持續投資技術，這仍然是我們高度重視的領域。正如我們之前提到的——我們已經提到我們對人工智慧的投入程度，而且這種投入還會繼續下去——一直是我們的優先事項，但我們相信這是一個差異化因素，而且隨著我們不斷前進，它仍將是我們的優先事項。

So we're very focused and disciplined on managing the controllable expenses and then the growth-oriented investments will just -- will occur as we continue to grow.

因此，我們非常注重控制可控支出，而成長導向投資則會隨著我們的持續成長而自然發生。

And we have such a unique opportunity to continue growing in each one of our businesses, and we are a growth firm. So what you heard Butch say is that we're going to continue to invest heavily in growth to take advantage of this unique opportunity to continue gaining market share and providing more resources for financial professionals to provide differentiated, tailored advice to their clients across all of our businesses.

我們擁有獨特的機遇，可以在我們所有的業務領域繼續發展壯大，而我們是一家成長型公司。所以，你聽到 Butch 的意思是，我們將繼續大力投資成長，以利用這一獨特的機會繼續獲得市場份額，並為金融專業人士提供更多資源，以便在我們所有業務中為客戶提供差異化的、量身定制的建議。

So some of the recruiting, for example, we're going to start breaking out next quarter. The upfront money amortization that hits the compensation expense in the Private Client Group business because just this year, for example, we recruited advisers that had $400 million of production at their prior firms. I mean, that's a size of -- that's about a medium-size acquisition in our industry, and we're doing it one by one. And all of the consideration is going to a retentive benefit versus doing an acquisition where only a relatively small portion goes to retention, and most of it goes to a seller.

例如，我們將在下個季度開始進行一些招聘工作。前期資金攤提會影響私人客戶集團業務的薪資支出，因為例如今年，我們招募的顧問在先前的公司創造了 4 億美元的表現。我的意思是，這在我們行業中算是中等規模的收購，而且我們正在逐一進行。而且所有對價都用於留住人才，而收購中只有相對較小的一部分用於留住人才，大部分都給了賣家。

And so what we want to do, if we did an acquisition, we would non-GAAP that expense. Of course, we're doing it one by one, which is much superior in terms of the retention and the recruiting one by one, making sure they really fit on the platform. So while we won't non-GAAP that amortization, we will break it out for all of you to see because it is an investment in the future that is worth calling out.

因此，如果我們進行收購，我們希望將這筆費用計入非GAAP費用。當然，我們是一個一個地進行，這在留存率和招聘方面要好得多，我們可以一個一個地確保他們真正適合這個平台。因此，雖然我們不會按照非公認會計準則進行攤銷，但我們會將其單獨列出供大家查看，因為這是一項值得強調的未來投資。

Understood. Thank you.

明白了。謝謝。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Okay, thank you very much. I apologize for hoarse voice, feeling under the weather. Maybe just starting on the opportunity on the earning asset side. I was wondering if you could talk about how you might fund some of that growth. Would you look to maybe bring some of the third-party sweep deposits back on to balance sheet, run off some of the investment securities portfolio, or how to think about that into play? Thank you.

好的，非常感謝。抱歉，我喉嚨有點啞，覺得身體不舒服。或許可以先從獲利資產方面入手。我想請您談談您打算如何為部分成長提供資金。您是否考慮過將某些第三方自動轉帳存款重新納入資產負債表，或剝離一些投資證券組合，或如何考慮將這些因素納入考量？謝謝。

Yeah, all of the above, Bill. We have plenty of capacity with third-party banks, so we'll be able to bring that on balance sheet to fund growth. We also can continue to a certain extent, running down some of the securities portfolio.

是的，以上都對，比爾。我們與第三方銀行擁有充足的融資能力，因此我們可以將這些資金納入資產負債表，為成長提供資金。我們也可以在一定程度上繼續減持部分證券投資組合。

And then we have a very diversified funding apparatus where we can gather deposits both that to the Private Client Group, Raymond James Bank, and TriState Capital Bank have very substantial treasury management capabilities and depository capabilities to diversify our funding sources. So we have ample funding capabilities and are staying ready to support continued growth going forward.

此外，我們擁有非常多元化的融資機制，可以吸收存款，私人客戶集團、雷蒙德·詹姆斯銀行和三州資本銀行都擁有非常強大的資金管理能力和存款能力，從而使我們的融資來源多元化。因此，我們擁有充足的資金能力，並隨時準備好支持未來的持續成長。

Okay. And then just as a follow-up. Just coming back to expenses for a moment, it seems like a big theme going into new year. Can you help us maybe ring-fence us a little bit of any kind of guidepost for nonoperating expense or kind of targeted pretax margin as you look ahead, maybe pre-provision pretax margin? Thank you.

好的。然後，作為後續。再回到開支這個話題上來，這似乎是新年裡的重要主題。您能否幫助我們為非經營性支出或目標稅前利潤率（例如撥備前稅前利潤率）設定一些指導方針？謝謝。

The last guidance we put out in our Analyst Investor Day was that we want to generate pretax margins of over 20%, which we were able to do this fiscal year. We'll update that target as appropriate in the next Analyst Investor Day sometime in the May/June period. But in the meantime, that target stands.

我們在分析師投資者日上發布的最新業績指引是，我們希望實現超過 20% 的稅前利潤率，而我們在本會計年度已經實現了這一目標。我們將在五月/六月期間舉行的下一次分析師投資者日上酌情更新該目標。但同時，這個目標依然存在。

And being able to do that with the level of growth that we're experiencing is just truly phenomenal because not only are we growing, but what we're also doing and we're also focused on is ensuring that we're providing extremely good service to our existing advisers, bankers, and clients.

能夠在我們目前的發展速度下做到這一點，真是太棒了，因為我們不僅在發展，而且我們還在努力確保為現有的顧問、銀行家和客戶提供非常好的服務。

And so doing that, we're also investing in technology, which is increasingly differentiating us from our competitors, particularly the smaller regional competitors who just can't afford to make the investments in the technology in some of the independent competitors as well. We're really excited about being able to deliver over 20% margin with our growth profile.

因此，我們也在投資技術，這使我們與競爭對手，特別是那些規模較小的區域性競爭對手，以及一些獨立競爭對手，形成了越來越大的差異化優勢，因為他們根本無力承擔技術方面的投資。我們非常高興能夠憑藉我們的成長勢頭實現超過 20% 的利潤率。

Thank you very much.

非常感謝。

Brennan Hawken, Bank of Montreal.

布倫南·霍肯，蒙特利爾銀行。

Good afternoon. Thanks for taking my question. Would like to -- so you guys have clearly delivered the message you focused on discipline, making growth investments. Encouraging to see you hit the $2.1 billion non-comp rents line for last -- for the just finished the fiscal year. How should we be thinking about that line, and how much of that balance is going to grow when we move into 2026 on the back of some of those growth investments? Thanks.

午安.謝謝您回答我的問題。希望你們能清楚傳達出你們注重紀律、進行成長型投資的訊息。令人鼓舞的是，你們在剛結束的財政年度中，非競爭性租金收入達到了 21 億美元。我們該如何看待這條線，以及隨著一些成長投資的推進，到 2026 年，這條線的平衡會有多少成長？謝謝。

Yeah. We're still -- we'll provide that on the next earnings call. We're still working on our budgets as we speak. A lot of it will be growth focused as Butch said. So we'll look at the some of the line items that are directly correlated to growth like the FDIC insurance expense, the investment advisory expense that support the fee-based assets, et cetera.

是的。我們目前仍處於—我們將在下次財報電話會議上提供相關資訊。我們現在仍在製定預算。正如布奇所說，很多工作都將以成長為重點。因此，我們將檢視一些與成長直接相關的項目，例如聯邦存款保險公司 (FDIC) 保險費用、支持收費資產的投資諮詢費用等等。

So what I would point to now is more of just the margin targets that I just shared with Bill in response to his question that for now, our target is still to generate over 20% margin on an adjusted basis.

所以我現在想強調的，是我剛才在回答比爾的問題時提到的利潤率目標，那就是目前我們的目標仍然是在調整後的基礎上實現超過 20% 的利潤率。

Understood. And the securities-based loans, they've been growing really well, flagged those in some of your prepared remarks, Paul. And so just kind of curious about whether or not you think this -- based on what you hear from both the advisers that you have within RJF, but also the third-party companies that TriState works with, is pace sustainable? Are you actually seeing maybe a little bit more demand as we see rates come down and this really sort of attractive high-risk appetite backdrop, can we even see it accelerate?

明白了。證券抵押貸款發展勢頭良好，保羅，你在事先準備好的演講稿中也提到了這一點。所以，我很好奇，根據您從 RJF 內部顧問以及 TriState 合作的第三方公司那裡聽到的信息，您是否認為這種速度是可持續的？隨著利率下降，以及高風險偏好帶來的誘人前景，您是否真的看到需求略有增加？我們甚至可以看到需求加速成長嗎？

Yeah. They're floating rate loans to your point. And so the lower short-term rates go, the more attractive those loans become all else being equal. So that certainly contributed to the 22% year-over-year growth that we experienced this fiscal year. And as we kind of start fiscal '26, the momentum and the growth there continues to be attractive. So we do see a lot of tailwinds right now in terms of those balances continuing to grow.

是的。沒錯，它們是浮動利率貸款。因此，在其他條件相同的情況下，短期利率越低，這些貸款就越有吸引力。因此，這無疑促成了我們本財年年增 22%。隨著我們進入 2026 財年，目前的動能和成長動能依然十分誘人。因此，我們目前確實看到許多利好因素，這些利好因素將推動這些平衡持續成長。

Great. Thanks for taking my question.

偉大的。謝謝您回答我的問題。

Thanks, Brennan.

謝謝你，布倫南。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good evening, Paul. Hope everyone's doing well. My question is on the strong recruiting pipeline. And I'm curious, how has the pipeline been impacted, not just from bank M&A you highlighted an outflow, but also from IBD mergers that are going on in the background, and they may be driving elevated inputs?

謝謝。晚上好，保羅。希望大家都好。我的問題是關於強大的招募管道。我很好奇，除了您提到的銀行併購造成的資金流出之外，投資銀行併購也對資金流動造成了怎樣的影響，這些併購可能正在幕後推動資金流入增加？

Yeah. I mean, M&A activity in the industry always creates opportunity. And so I think there's another transaction just announced a couple of days ago, for example, and that's a catalyst for people to look at for advisers to say, okay, if I'm going to have to move to a new home one way or the other, I want to make sure that the new home fits the characteristics of what's best for me, my team, and most importantly, their clients. And so it has created certainly opportunities for us to grow one by one with the advisers that we find mutual fit with. We're a great home for them, and we determine their a great fit to affiliate with us.

是的。我的意思是，業界的併購活動總是會創造機會。因此，我認為幾天前宣布的另一項交易，例如，可以作為催化劑，讓人們關注顧問們，讓他們思考，好吧，如果我無論如何都要搬到新家，我希望確保新家符合我、我的團隊以及最重要的，他們的客戶的最佳需求。因此，這無疑為我們創造了機會，讓我們能夠與那些我們認為彼此契合的顧問逐步成長。我們這裡是他們的好歸宿，我們認為他們非常適合加入我們。

Thanks, Paul. And I'm not sure if you quantified the impact from the GreensLedge acquisition. But is there any accretion numbers behind that we should think about as the deal closes?

謝謝你，保羅。我不確定你是否量化了 GreensLedge 收購的影響。但是，在交易完成時，我們是否應該考慮其中的任何增值數據？

No, it will close later in the fiscal year. And really, based on its size, it's really not something that we have provided or dimensioned in terms of accretion dilution. It's really more of a long-term strategic play for us, so we're excited about the opportunity for it to contribute over the next several years.

不，它將在本財年晚些時候關閉。實際上，根據它的大小，我們並沒有針對吸積稀釋效應進行提供或設計。對我們來說，這實際上是一項長期的策略舉措，因此我們很高興它有機會在未來幾年做出貢獻。

It's not something that we would provide 12- or 18-month accretion numbers on. But it is strategic, and that creates an opportunity for us to provide our existing institutional clients, a securitization capability and advisory capability that we did not have prior -- as well as providing GreensLedge their clients an M&A and capital markets capability that they didn't necessarily have prior. So it's a very synergistic opportunity that over the long term, we think will be very meaningful to our business.

我們不會提供12個月或18個月的增值數據。但這是策略性的，這為我們提供了一個機會，讓我們能夠為現有的機構客戶提供我們以前沒有的證券化能力和諮詢能力，同時也為 GreensLedge 的客戶提供他們以前不一定擁有的併購和資本市場能力。因此，這是一個極具協同效應的機會，我們認為從長遠來看，這對我們的業務將非常有意義。

Thanks, Paul.

謝謝你，保羅。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Hey, guys. This is Michael on for Alex. We just wanted to get some clarification around the somewhat slower pace of buybacks in the quarter. Specifically, was this related to GreensLedge acquisition in the quarter, or should we take it as a signal that maybe there's something bigger that's imminent?

嘿，夥計們。這裡是邁克爾替亞歷克斯解說。我們只是想了解本季股票回購速度略有放緩的原因。具體來說，這是否與本季對 GreensLedge 的收購有關，或者我們應該將其視為即將發生更大事件的訊號？

Hi. so I appreciate that question. There were -- we did purchase pretty consistently throughout the quarter. There were a couple of pauses, a couple of periods during the quarter, but that we paused the buybacks. One was related to the senior note offering, and that was really the item that caused us to pause during the quarter.

您好，我很感謝您的提問。確實有——我們在整個季度都保持著相當穩定的採購量。本季曾有過幾次暫停，幾次暫停回購，但我們暫停了股票回購。其中一件與高級票據發行有關，而這正是導致我們本季暫停的原因。

We would also point out that, in terms of use of liquidity for capital actions, we utilized $98 million during the quarter to redeem subordinated notes as a debt capital action. So the way we were thinking about the use of liquidity is the addition of the share repurchases of $350 million plus the nearly $100 million of debt capital actions that we took, landed us within that guidance of deployment of that liquidity by between 450 -- between the $400 million and $500 million a quarter.

我們也要指出，在資本行動中使用流動性方面，我們在本季度動用了 9,800 萬美元來贖回次級票據，作為一項債務資本行動。因此，我們考慮使用流動性的方式是，加上3.5億美元的股票回購以及我們採取的近1億美元的債務資本行動，使我們每季度的流動性部署達到4億至5億美元，符合預期。

And that target has not changed. So it doesn't necessarily mean we'll hit it exactly every single quarter, but $350 million of repurchases were still meaningful and we're not changing our target to buy $400 million to $500 million a quarter going forward.

這個目標沒有改變。所以這並不一定意味著我們每季都能完全達到這個目標，但 3.5 億美元的回購仍然意義重大，我們不會改變未來每季回購 4 億至 5 億美元的目標。

Got it. That's helpful. And then just based on some of the earlier remarks, it does sound like you guys are gearing to do additional M&A still. Maybe can you expand on some of the financial parameters, the criteria that you guys would look for a larger-sized deal, and then specifically, timing of accretion or anything else you're willing to share? Thanks.

知道了。那很有幫助。根據之前的一些發言來看，你們似乎還在準備進行更多的併購活動。或許您可以詳細說明一下一些財務參數，您在進行較大規模交易時會考慮哪些標準，以及具體而言，增值的時間安排或其他您願意分享的內容？謝謝。

Yeah. The criteria for a larger-sized deal is actually very consistent with the criteria for a small deal or even recruiting a team of financial advisers. And that is it has to be, most importantly, a good cultural fit with the organization. We're in the people business and the people that we have are representatives and ambassadors of the firm in one way, shape or form. And so having a good cultural fit is so critical to it being accretive over the long term, both qualitatively and quantitatively.

是的。較大規模交易的標準實際上與較小規模交易的標準，甚至與組建財務顧問團隊的標準非常一致。最重要的是，他/她必須與組織的文化高度契合。我們從事的是人力資源產業，我們擁有的員工在某種程度上都是公司的代表和形像大使。因此，良好的文化契合度對於長期的質和量的成長至關重要。

And then if it's a good cultural fit and only if it's a good cultural fit, when we look at the strategic fit and where we really want 1 plus 1 to give us something greater than 2. In other words, we want to make the firm joining the family better, and -- but we also want the firm joining our family to make us better.

然後，如果文化契合度高，而且只有在文化契合度高的情況下，我們才會考慮策略契合度，以及我們真正希望 1 加 1 能得到大於 2 的結果。換句話說，我們希望讓加入我們大家庭的公司變得更好，而且——我們也希望加入我們大家庭的公司讓我們變得更好。

And we have a track record of keeping leadership. If you look at our fixed income and public finance leadership today, it's operated by the Morgan Keegan leadership, which we acquired back in 2012, as an example. And that's consistent and true with all of our acquisitions.

而且我們一直保持著領先地位。例如，看看我們目前的固定收益和公共財政領導層，它是由我們在 2012 年收購的摩根基根領導層運營的。這一點與我們所有的收購都一致且正確。

If you look at our consumer investment banking operation, it's run by the person who ran the firm that we acquired in that space still all these years later. And TriState, we keep it as an independent firm with their leadership team still fully intact. And so again, keeping the best of both firms to make both of us better. That's what we really mean by 1 plus 1 equaling something more than 2 and being a good strategic fit.

如果你看看我們的消費投資銀行業務，你會發現，時隔多年，它仍然由我們收購的那家公司的負責人經營。至於 TriState，我們將其保留為獨立公司，其領導團隊也將完全保持不變。因此，我們再次強調，取長補短，取長補短，這樣才能使我們雙方都變得更好。這就是我們所說的 1 加 1 大於 2，並且具有良好戰略契合度的真正意義。

And then finally, the financials have to make sense for us and for the seller. And so the valuation, of course, has to make sense for shareholders on both sides. And so those are the three criteria we look for. And we continue to remain disciplined. We have lots of capital, lots of liquidity. We are buyers, so we are looking for opportunities in all of our business -- across all of our businesses and that meet those criteria.

最後，財務數據必須對我們和賣方都合理。因此，估值當然必須對雙方股東都有道理。所以，以上就是我們考察的三個標準。我們將繼續保持自律。我們擁有大量資金和充足的流動資金。我們是買家，所以我們正在尋找我們所有業務領域中符合這些標準的機會。

That's helpful. Thanks, guys.

那很有幫助。謝謝各位。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Great, thanks. Good afternoon. First, just a question on digital assets. Curious what sort of appetite you're seeing from advisers and their clients? Maybe you can remind us on how they're able to access to what extent digital assets on the platform today? And how do you envision that access and product potentially expanding over time, whether it's ETFs, futures, derivatives, spot, et cetera? Thank you.

太好了，謝謝。午安.首先，我想問一個關於數位資產的問題。很好奇顧問及其客戶對這方面的需求如何？或許您可以提醒我們一下，他們目前是如何在平台上獲得多大程度的數位資產的？您認為隨著時間的推移，無論是 ETF、期貨、衍生性商品、現貨等等，這種准入和產品範圍可能會如何擴大？謝謝。

Our advisers and clients are really focused on long-term financial planning. So we're different than the day traders using the e-brokers to kind of speculate in assets on a daily basis.

我們的顧問和客戶都非常注重長期財務規劃。所以我們和那些每天使用電子經紀商進行資產投機的日內交易者有所不同。

Now with that being said, digital assets is increasingly becoming a part of the conversation even as long-term financial planning -- in terms of long-term financial planning because the new administration is certainly creating the guardrails and the infrastructure still in process, but certainly, headed in the right direction in terms of creating the guardrails and the infrastructure to support digital assets in a more robust manner.

話雖如此，數位資產正日益成為長期財務規劃的一部分——就長期財務規劃而言，是因為新政府無疑正在建立保障措施和基礎設施，這些措施和基礎設施仍在建設中，但肯定朝著正確的方向前進，以更穩健的方式建立保障措施和基礎設施來支持數位資產。

And so we have opened up on a limited basis, the ETFs, the Bitcoin ETFs for advisers and their clients. And so that's the extent of it. But again, it's not the interest level is not maybe as widespread here as you would see at one of the day trading firms.

因此，我們已有限度地向顧問及其客戶開放了比特幣 ETF。事情就是這樣。但話說回來，這裡的興趣程度可能不像在一些日內交易公司那麼普遍。

Got it. And then just a follow-up question, two-parts. Maybe you could just elaborate on what limited basis means and to what extent that might evolve over time?

知道了。然後還有一個後續問題，分成兩個部分。您能否詳細解釋一下「有限基礎」的含義，以及這種基礎會隨著時間推移而發生怎樣的變化？

And then the follow-up question I had was just around the investments you're making in the business from AI to recruiting. How would you just sort of characterize that level of investment spend right now? And as you think about into next year, do you think that that level and pace and speed of that investment spend would accelerate? Does it remain stable or does it decel? Thanks.

然後我的後續問題是關於你們在業務方面的投資，從人工智慧到招募。您如何概括描述目前這種投資支出水準？展望明年，您認為這種投資支出的水平、速度和力度會加快嗎？它會保持穩定還是減速？謝謝。

Yeah. Well, we're still in early innings in terms of investing in AI. So that investment spend is definitely increasing and accelerating substantially as a part and becomes essentially a bigger part. It's not that our total IT spend accelerates, it's that the AI portion of the IT spend grows as a proportion of the total IT spend.

是的。嗯，我們在人工智慧領域的投資還處於起步階段。因此，投資支出無疑正在大幅增加和加速成長，並且其份額正在顯著增大。並非我們的 IT 總支出加速成長，而是人工智慧在 IT 支出中所佔的比例成長。

And then in terms of the digital asset restrictions, certain types of accounts, certain types of a -- certain portion of the total investable assets, and what we could certainly revisit that over time as advisers and clients demand change, we can change. And that's the regulatory kind of infrastructure becomes more mature, so we'll continue to evaluate that.

至於數位資產限制，某些類型的帳戶，某些類型的資產——可投資資產總額的一定比例，隨著顧問和客戶要求改變，我們當然可以隨著時間的推移重新審視這些限制​​，我們可以做出改變。隨著監管基礎設施日趨成熟，我們將繼續對此進行評估。

We always -- we're a client-first organization. So we constantly evaluating what the client needs are, what advisers are asking for. Advisers are the absolute best advocates for clients in the industry. And we will -- we have always and will always continue to meet the demands of advisers and their clients as those preferences and the regulatory environment matures.

我們始終－我們是一家以客戶為中心的企業。因此，我們會不斷評估客戶的需求以及顧問的要求。顧問是業界客戶最優秀的代言人。我們將——過去如此，將來也必將如此——隨著顧問及其客戶的需求和監管環境的成熟，繼續滿足他們的需求。

Great. Thank you.

偉大的。謝謝。

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

我們的問答環節到此結束。現在我將把電話轉回給執行長保羅·舒克里，請他作總結發言。

Well, great. We certainly don't take anyone's time or interest in Raymond James for granted. So thank you for your time this evening. We're just again just ecstatic that we were able to deliver our fifth-consecutive year of record revenues and record earnings.

太好了。我們絕不會把任何人對 Raymond James 的時間和興趣視為理所當然。非常感謝您今晚抽出時間。我們再次欣喜若狂，因為我們連續第五年實現了創紀錄的收入和利潤。

And I would just want to thank the -- again, the advisers, the bankers and the associates contributing to those fantastic results by developing deep personal relationships with their clients and continuing to deliver really great financial advice to their clients.

我還要再次感謝顧問、銀行家和同事們，感謝他們與客戶建立深厚的個人關係，並持續為客戶提供非常好的財務建議，從而為取得這些優異的成績做出貢獻。

So thanks for your time, and I look forward to seeing you all of you soon.

感謝各位抽出時間，期待很快能與大家見面。

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

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