RMR Group Inc (RMR) 2022 Q3 法說會逐字稿

Good day, and welcome to the RMR Fiscal Third Quarter 2022 Earnings Conference Call.

美好的一天，歡迎參加 RMR 2022 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, today's event is being recorded. I would now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please go ahead, sir.

請注意，今天的活動正在錄製中。我現在想將會議交給投資者關係總監 Michael Kodesch。請繼續，先生。

Good afternoon, and thank you for joining RMR's Third Quarter of Fiscal 2022 Conference Call. With me on today's call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan. In just a moment, they will provide details about our business and quarterly results followed by a question-and-answer session. would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on RMR's beliefs and expectations as of today, August 5, 2022, and actual results may differ materially from those that we project.

下午好，感謝您參加 RMR 2022 財年第三季電話會議。與我一起參加今天電話會議的是總裁兼執行長 Adam Portnoy；和財務長馬特喬丹。稍後，他們將提供有關我們業務和季度業績的詳細信息，然後進行問答環節。謹此聲明，未經公司事先書面同意，禁止對今天的電話會議進行錄音和轉播。今天的電話會議包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性陳述是基於 RMR 截至今天（2022 年 8 月 5 日）的信念和預期，實際結果可能與我們的預測有重大差異。

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be found on our website at www.rmrgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements.

該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會提交的文件中，您可以在我們的網站 www.rmrgroup.com 上找到該文件。投資者應注意不要過度依賴任何前瞻性陳述。

In addition, we may discuss non-GAAP numbers during this call, including adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin. A reconciliation of net income determined in accordance with U.S. generally accepted accounting principles to adjusted net income, adjusted earnings per share, adjusted EBITDA and the calculation of adjusted EBITDA margin can be found in our earnings release.

此外，我們可能會在本次電話會議中討論非 GAAP 數據，包括調整後淨利潤、調整後每股收益、調整後 EBITDA 和調整後 EBITDA 利潤率。根據美國公認會計原則確定的淨利潤與調整後淨利潤、調整後每股收益、調整後 EBITDA 以及調整後 EBITDA 利潤率的計算可以在我們的收益報告中找到。

And now I would like to turn the call over to Adam.

現在我想把電話轉給亞當。

Thanks, Michael, and thank you for joining us this afternoon. We are pleased to report another strong quarter of financial results with adjusted net income of $0.59 per share and adjusted EBITDA of $29.4 million.representing sequential quarter increases of 18% and 14%, respectively. As an alternative asset manager focused primarily on core commercial real estate, RMR's unique structure remains highly attractive in today's operating environment. Our competitive advantage is rooted in over 35 years of experience in managing commercial real estate as well as our large size and scale, which includes over 2,100 properties located throughout North America. This expertise is especially important today as we navigate the ongoing macroeconomic challenges related to rising inflation, increasing interest rates and slowing economic activity. These trends have resulted in significant reductions in commercial real estate transaction activity as buyers and sellers adjust to this new environment. While we have historically seen increases in AUM from growth in our existing publicly traded equity REITs. The last 2 years have demonstrated our success in raising private capital to grow our AUM away from these equity REITs. From almost $0 of private capital under management just 2 years ago, we have built a platform that currently has almost $4 billion of private capital assets under management. Access to private capital markets gives RMR an additional path for continued growth, especially during times like these with pronounced market volatility.

謝謝邁克爾，也謝謝你今天下午加入我們。我們很高興地報告另一個強勁的季度財務業績，調整後淨利潤為每股 0.59 美元，調整後 EBITDA 為 2,940 萬美元。比上一季分別增長 18% 和 14%。作為一家主要專注於核心商業房地產的另類資產管理公司，RMR 獨特的結構在當今的營運環境中仍然極具吸引力。我們的競爭優勢植根於超過 35 年的商業房地產管理經驗以及我們龐大的規模和規模，其中包括 2,100 多處遍布北美的房產。如今，當我們應對與通膨上升、利率上升和經濟活動放緩相關的持續宏觀經濟挑戰時，這種專業知識尤其重要。隨著買家和賣家適應這種新環境，這些趨勢導致商業房地產交易活動大幅減少。雖然我們從歷史上看，我們現有的公開交易股權房地產投資信託基金的成長導致了資產管理規模的成長。過去兩年已經證明，我們在籌集私人資本以擴大我們的資產管理規模（AUM）方面取得了成功，遠離了這些股權房地產投資信託基金。從兩年前管理的私人資本幾乎為 0 美元，我們建立了一個目前管理近 40 億美元私人資本資產的平台。進入私人資本市場為 RMR 提供了一條持續成長的額外途徑，尤其是在市場波動明顯的時期。

With that said, there remains significant revenue opportunity within our publicly traded equity REITs. For the third fiscal quarter, almost 75% of our revenues came from our managed public real estate capital clients. With our publicly traded equity reach representing the vast majority of these revenues. Based on the capital structures of these equity REITs today, there is significant durability and limited downside to the revenues we generate from this AUM. Moreover, there is significant fee revenue upside without the need to grow AUM at these equity REITs. As we are highly incentivized to increase their respective share prices.

話雖如此，我們的公開交易股權房地產投資信託基金仍然存在巨大的收入機會。在第三財季，我們近 75% 的收入來自我們管理的公共房地產資本客戶。我們公開交易的股票佔這些收入的絕大多數。根據目前這些股權型房地產投資信託基金的資本結構，我們從該資產管理規模中產生的收入具有顯著的持久性和有限的下行空間。此外，這些股權型房地產投資信託基金的管理規模無需增加，費用收入就有顯著的上升空間。因為我們非常有動力提高各自的股價。

To put this in perspective, if we close the gap between enterprise value and the historical costs reach underlying assets, we could generate approximately $53 million of incremental revenues annually with close to 100% flow-through to EBITDA. This number is all the more remarkable because it excludes the potential for any incentive fees. Ultimately, this two-pronged approach growing internally and externally through both public and private capital markets enhances RMR's ability to thrive within almost any economic environment. Furthermore, our operating results this quarter highlight the benefits of this approach.

從長遠來看，如果我們縮小企業價值與基礎資產的歷史成本之間的差距，我們每年可以產生約 5,300 萬美元的增量收入，並且幾乎 100% 流入 EBITDA。這個數字更加引人注目，因為它排除了任何獎勵費用的可能性。最終，這種透過公共和私人資本市場實現內部和外部成長的雙管齊下的方法增強了 RMR 在幾乎任何經濟環境中蓬勃發展的能力。此外，我們本季的營運表現凸顯了這種方法的好處。

RMR arranged almost 5 million square feet of leases on behalf of our clients this quarter, more than doubling the previous quarter's activity with a weighted average lease term of approximately 19 years and average roll up in rent of almost 26%. Almost 80% of this quarter's leasing activity was executed at ILPT-owned assets, highlighting the continued robust demand for industrial and logistics properties and supporting our recent focus on acquiring well-leased and attractive industrial assets. Earlier this year, ILPT closed strategic acquisition of Monmouth Real Estate Investment Corporation, which includes approximately 26 million square feet of high-quality, e-commerce-focused industrial assets. ILPT's consolidated portfolio of well-located assets are currently 99% leased by strong credit quality tenants with a 9.2 years weighted average lease term.

本季度，RMR 代表客戶安排了近 500 萬平方英尺的租賃，是上一季活動的兩倍多，加權平均租賃期限約為 19 年，平均租金上漲近 26%。本季度近 80% 的租賃活動是在 ILPT 擁有的資產上執行的，這凸顯了對工業和物流房地產的持續強勁需求，並支持我們最近致力於收購租賃良好且有吸引力的工業資產。今年早些時候，ILPT 完成了對 Monmouth Real Estate Investment Corporation 的策略性收購，其中包括約 2,600 萬平方英尺的優質電子商務工業資產。 ILPT 位置優越的綜合資產組合目前 99% 是由信用品質良好的租戶租賃的，加權平均租賃期限為 9.2 年。

On prior calls, we discussed ILPT's long-term financing plans for the Monmouth acquisition. We alluded the sale of additional equity interest in an industrial joint venture that includes Monmouth assets and property sales. However, given the current interest rate environment, which has led to a meaningful deterioration in real estate market conditions, ILPT made the decision to pause any discussions with potential joint venture partners and buyers of assets. In conjunction with these decisions, ILPT reduced its quarterly dividend to preserve liquidity in the short term. We are comfortable that ILPT will weather these short-term challenges as the core operating fundamentals remain robust and represent strong tailwinds until Permenant financing solutions are put in place.

在先前的電話會議中，我們討論了 ILPT 收購 Monmouth 的長期融資計劃。我們提到了出售一家工業合資企業的額外股權，其中包括蒙茅斯資產和房地產銷售。然而，鑑於當前的利率環境導致房地產市場狀況嚴重惡化，ILPT 決定暫停與潛在合資夥伴和資產買家的任何討論。結合這些決定，ILPT 減少了季度股息，以在短期內保持流動性。我們相信 ILPT 將經受住這些短期挑戰，因為核心營運基本面仍然強勁，並且在永久融資解決方案到位之前代表著強大的推動力。

OPI recently reported strong results this quarter that included growth in both same-property cash NOI and normalized FFO. Despite this quarter's strength, office fundamentals remain in a period of transition as tenants continue to assess their longer-term space needs and possible hybrid work environments. Over the last 3 years, OPI has carefully curated its portfolio, recycling capital into stronger well-leased core assets while continuing to have the security of the U.S. government as one of its largest tenants. Despite headwinds in the office space sector, we remain encouraged by OPI's leasing trends and our internal tenant activity metrics suggests OPI is seeing tenant engagement across its portfolio that exceeds national office sector averages.

OPI 最近報告了本季度的強勁業績，其中包括相同財產現金 NOI 和標準化 FFO 的成長。儘管本季表現強勁，但隨著租戶繼續評估其長期空間需求和可能的混合工作環境，辦公室基本面仍處於過渡時期。在過去 3 年裡，OPI 精心策劃了其投資組合，將資本回收到更強大、租賃良好的核心資產中，同時繼續擁有美國政府作為其最大租戶之一的安全保障。儘管辦公空間產業面臨阻力，但我們仍然對 OPI 的租賃趨勢感到鼓舞，而且我們的內部租戶活動指標表明，OPI 的整個投資組合中的租戶參與度超過了全國辦公大樓行業的平均水平。

Turning to our hotel and service retail businesses. At TravelCenters of America, business was remarkably strong with adjusted EBITDA of almost $123 million this quarter, representing a 67% year-over-year improvement. While inflation in a possible recession represent possible headwinds, TA has established a resilient business model that should withstand possible pressures on operating margins in the future.

轉向我們的酒店和服務零售業務。 TravelCenters of America 的業務非常強勁，本季調整後 EBITDA 接近 1.23 億美元，較去年同期成長 67%。雖然可能出現的經濟衰退中的通貨膨脹可能會帶來不利因素，但達盟已經建立了一種有彈性的商業模式，可以承受未來營運利潤率可能面臨的壓力。

At SVC, growth in normalized FFO and adjusted EBITDA reflects the continued benefits of SVC's portfolio diversity, a distinguishing factor when compared to other hotel-focused REITs. Just under half of SVC's assets are in the service retail sector led by thesis with TA. As I previously highlighted, TA's results continue to reinforce the strength of SVC's service retail portfolio. With aggregate coverage of its net lease portfolio's minimum rents being a very robust 2.8x as of June 30.

在 SVC，標準化 FFO 和調整後 EBITDA 的成長反映了 SVC 投資組合多樣性的持續優勢，與其他以飯店為主的 REIT 相比，這是一個顯著因素。 SVC 近一半的資產位於以 TA 為主導的服務零售領域。正如我之前強調的，TA 的業績繼續增強了 SVC 服務零售組合的實力。截至 6 月 30 日，其淨租賃投資組合的最低租金總覆蓋率非常強勁，高達 2.8 倍。

With regards to SVC's-owned hotels, the portfolio has benefited from the ongoing improvements to lodging industry fundamentals. Specific to SVC, hotel average daily rates this quarter were at historical peak levels and RevPAR growth exceeded the broader hotel industry average by over 18%. Since the beginning of the year, SVC has sold 59 hotels for almost $510 million and repaid $500 million of senior notes. The strength of SVC's results has led to it now being in compliance with all debt covenants, well ahead of prior expectations.

至於SVC旗下的飯店，其投資組合受惠於住宿業基本面的持續改善。具體到 SVC，本季酒店日均房價處於歷史最高水平，RevPAR 增長超過整體酒店行業平均水平 18% 以上。自今年年初以來，SVC 已以近 5.1 億美元的價格出售了 59 家酒店，並償還了 5 億美元的優先票據。 SVC 強勁的業績使其目前符合所有債務契約，遠遠超出了先前的預期。

DHC reported yet another sequential quarter of NOI growth in its same-property shop segment due primarily to rate increases and occupancy stabilization. A year ago, DHC began the process of transitioning management of 107 communities to new third-party regional operators, which completed late last year. This quarter, occupancy in the transition communities increased 210 basis points and NOI continues to improve, both positive signs that these regionally focused operators are driving improved operating results.

DHC 報告稱，其同一物業商店領域的 NOI 連續一個季度增長，這主要是由於費率上漲和入住率穩定。一年前，DHC 開始將 107 個社區的管理權移交給新的第三方區域營運商，並在去年年底完成。本季度，過渡社區的入住率增加了 210 個基點，NOI 持續改善，這兩個正面跡象表明這些以區域為重點的營運商正在推動經營業績的改善。

During the quarter, DHC repaid $500 million of 9.75% debt, sold an additional 10% equity interest in its existing Boston life science property joint venture and is making progress towards regaining compliance with its debt covenants. We are encouraged by recent trends at DHC and with continued capital investments in DHC's senior living assets and the recently announced restructuring plan at AlerisLife, we are hopeful that DHC's operating results will continue to improve in the coming quarters.

本季度，DHC 償還了 5 億美元的 9.75% 債務，出售了其現有波士頓生命科學財產合資企業的額外 10% 股權，並在重新遵守其債務契約方面取得了進展。我們對 DHC 的近期趨勢感到鼓舞，並且隨著對 DHC 高級生活資產的持續資本投資以及最近宣布的 AlerisLife 重組計劃，我們希望 DHC 的經營業績在未來幾個季度將繼續改善。

Finally, at our commercial mortgage REIT, Seven Hills Realty Trust, we continue to believe that the business has attractive long-term growth prospects. During the quarter, Seven Hills portfolio remained default-free and with new originations its aggregate committed capital was $735 million at quarter end. We expect that Seven Hills will benefit from the current rising interest rate environment because its portfolio consists of 100% and floating rate loan investments, which leaves it well positioned for continued earnings growth.

最後，在我們的商業抵押房地產投資信託基金七山房地產信託公司，我們仍然相信該業務具有有吸引力的長期成長前景。本季度，七山投資組合保持無違約狀態，隨著新項目的推出，其承諾資本總額在季度末達到 7.35 億美元。我們預計七座山將受益於當前利率上升的環境，因為其投資組合由 100% 和浮動利率貸款投資組成，這使其處於持續盈利增長的有利位置。

In closing, our public and private managed vehicles collectively have over $37 billion in assets under management today, which represents over $1.3 billion of growth per year on average since going public 7 years ago. As I highlighted earlier, there also remains significant opportunities for revenue growth without any AUM growth through share price improvements at our existing publicly traded equity REITs.

最後，我們的公共和私人管理工具目前管理的資產總計超過 370 億美元，這意味著自 7 年前上市以來平均每年增長超過 13 億美元。正如我之前所強調的，透過我們現有公開交易的股權房地產投資信託基金的股價改善，即使資產管理規模沒有任何成長，營收成長仍然存在重大機會。

Additionally, we remain optimistic that there are ample opportunities to grow private capital AUM either organically or through possible M&A activity in the years to come. With that, I'll now turn the call over to Matt Jordan, our Chief Financial Officer, who will review our financial results for the quarter.

此外，我們仍然樂觀地認為，未來幾年有充足的機會有機地或透過可能的併購活動來增加私人資本的資產管理規模。現在，我將把電話轉給我們的財務長馬特喬丹，他將審查我們本季的財務表現。

Thanks, Adam, and good afternoon, everyone. In the third fiscal quarter, we reported adjusted net income of $9.8 million or $0.59 per share and adjusted EBITDA of $29.4 million, both representing significant sequential quarter increases in each metric finishing above the midpoint of our guidance. Total revenues were $53 million this quarter, which was over $7 million higher on a year-over-year basis and almost $4 million higher on a sequential quarter basis. The sequential quarter increase in revenues was primarily attributable to the full quarter impact of ILPT's Monmouth acquisition, increases in construction management fees and fee growth tied to the continued strong operating performance of Sonesta and TA.

謝謝亞當，大家下午好。在第三財季，我們報告調整後淨利潤為980 萬美元或每股0.59 美元，調整後EBITDA 為2940 萬美元，這兩項指標均代表每個指標的連續季度顯著增長，均高於我們指導的中點。本季總營收為 5,300 萬美元，年增超過 700 萬美元，季增近 400 萬美元。營收季增主要歸因於 ILPT 收購 Monmouth 的整個季度影響、施工管理費的增加以及與 Sonesta 和 TA 持續強勁的營運績效相關的費用成長。

Looking ahead to the fourth quarter, we expect to generate between $50 million and $52 million of revenues based on the current enterprise values of our managed equity REITs as well as our expectations of continued increases in construction management fees.

展望第四季度，根據我們管理的股權 REIT 的當前企業價值以及我們對建築管理費持續增加的預期，我們預計將產生 5000 萬至 5200 萬美元的收入。

Turning to expenses for the quarter. Cash compensation this quarter was $32.2 million, which was an increase of $500,000 sequentially and our corresponding cash reimbursement rate improved slightly this quarter to approximately 44%. While wage inflation and labor scarcity both remain a headwind, especially in Greater Boston, our employee retention rates have remained ahead of industry benchmarks, and we continue to leverage technology, secondary hiring locations and select outsourcing solutions to mitigate these headwinds.

轉向本季的支出。本季的現金薪酬為 3,220 萬美元，比上一季增加了 50 萬美元，相應的現金報銷率本季略有提高，達到約 44%。雖然薪資上漲和勞動力稀缺仍然是一個不利因素，尤其是在大波士頓地區，但我們的員工留任率仍然領先於行業基準，我們繼續利用技術、二級招聘地點和選擇外包解決方案來緩解這些不利因素。

Looking ahead, we expect cash compensation to remain at approximately $32 million for the fourth quarter and our reimbursement rate to remain at 44%. As a result of these collective expectations, guidance for the fourth quarter remains unchanged with adjusted earnings per share forecasted to range from $0.57 to $0.60 per share and adjusted EBITDA should range from $28 million to $30 million.

展望未來，我們預計第四季現金薪酬將維持在約 3,200 萬美元，報銷率將維持在 44%。由於這些集體預期，第四季度的指引保持不變，調整後每股收益預計為 0.57 美元至 0.60 美元，調整後 EBITDA 為 2,800 萬美元至 3,000 萬美元。

RMR's quarterly dividend of $0.40 per share remains well covered at a current payout ratio of approximately 55%. We closed the quarter with almost $200 million in cash and continue to have no debt. We believe our balance sheet leaves us position to pursue a variety of strategies to expand our platform. Before we begin the question-and-answer portion of the call, I would like to first acknowledge RMR's recently published sustainability report. Our sustainability report provides a comprehensive overview of our long-term ESG goals, including RMR's 0 emission promise, whereby we have pledged to reach net 0 greenhouse gas emissions across the properties we directly managed by 2050, with a target of reaching a 50% reduction by 2030. We would encourage those listening to go to RMR sustainability website where readers can see a collective overview of the successes we've had thus far in driving energy, emissions, water and waste reductions, as well as our contributions to the communities we operate in and the investments we are making in our people.

RMR 每股 0.40 美元的季度股息仍然得到充分支付，目前的派息率約為 55%。本季結束時，我們擁有近 2 億美元的現金，並且仍然沒有債務。我們相信，我們的資產負債表使我們能夠採取各種策略來擴展我們的平台。在我們開始電話問答部分之前，我想先感謝 RMR 最近發布的永續發展報告。我們的永續發展報告全面概​​述了我們的長期 ESG 目標，包括 RMR 的零排放承諾，即我們承諾到 2050 年，我們直接管理的物業將實現溫室氣體淨零排放，目標是減少 50%到2030 年。我們鼓勵聽眾訪問RMR 可持續發展網站，在那裡讀者可以看到我們迄今為止在推動能源、排放、水和廢物減少方面取得的成功的集體概述，以及我們對我們所在社區的貢獻我們對員工進行經營和投資。

That concludes our formal remarks. Operator, would you please open the line to questions.

我們的正式發言到此結束。接線員，請開通提問線路。

(Operator Instructions)

（操作員說明）

Today's first question comes from Bryan Maher with B. Riley FBR.

今天的第一個問題來自 Bryan Maher 和 B. Riley FBR。

A couple of questions for me. On the Sonesta front, we know that you bought, well, Sonesta bought 4 properties in Manhattan earlier this year in conjunction with SVC's contribution. Do you have any thoughts on Sonesta's growth trajectory kind of going forward over the next year or 2 as it relates to buying more hotels in gateway markets?

有幾個問題問我。在 Sonesta 方面，我們知道您在今年早些時候購買了 Sonesta 在曼哈頓購買的 4 處房產，其中包括 SVC 的出資。您對 Sonesta 在未來一兩年內的成長軌跡有何想法，因為它與在門戶市場購買更多飯店有關？

Sure. Bryan, thanks for that question about Sonesta. Yes. Sonesta, you're right to focus on Sonesta, it's really had a great quarter and really showcasing the improvements they're having in the operations, especially over the last quarter into the summer. With regards specifically to your question about how it's planning to grow, I would say the real focus at Sonesta is on growing its franchising business. We're not ruling out that it could also make acquisitions -- outright acquisitions of hotels. But I would say the focus is really on growing its franchise, the number of hotels that franchise. It has a really good base, about 1,200 hotels, roughly 300 that manages itself and then around 900 that are franchises. Its franchising business is really starting to pick up pace. And I expect that's going to be the majority of where you'll see unit growth coming.

當然。布萊恩，謝謝你提出關於索尼斯塔的問題。是的。 Sonesta，你對 Sonesta 的關注是正確的，它確實度過了一個很棒的季度，並真正展示了他們在運營中所取得的進步，特別是在夏季的最後一個季度。具體到你關於公司計劃如何發展的問題，我想說索尼斯塔的真正重點是發展其特許經營業務。我們不排除它還可以進行收購——直接收購酒店。但我想說，重點實際上是增加其特許經營權，即特許經營酒店的數量。它擁有非常好的基礎，大約有 1,200 家酒店，大約 300 家是自我管理酒店，然後是大約 900 家特許經營酒店。它的特許經營業務確實開始加快步伐。我預計這將是您將看到的單位增長的大部分。

And again, just to tie it all back together, that's, of course, as we grow revenues at Sonesta that benefits RMR. And of course, as we grow cash flow at Sonesta that indirectly helps SVC through its 34% ownership in Sonesta. So that's principally how we're thinking about growing at Sonesta, and we feel pretty good about it.

再次強調一下，當然，我們 Sonesta 的營收成長有利於 RMR。當然，隨著我們在 Sonesta 現金流的成長，SVC 透過其持有 Sonesta 34% 的股權間接地幫助了 SVC。這就是我們在 Sonesta 發展的主要思路，我們對此感覺非常好。

Okay. And then over the years you've talked a lot about acquisition opportunities, you have a lot of cash on the balance sheet. I think if memory serves me that might have slowed down a little bit, but you were getting inbound inquiries that you were looking at. Is there anything going on there given the capital markets dislocation of the past a couple few months and talk on Wall Street of weakness because there's no deal activities. Is that ramping up at all with people approaching you to revisit some of that?

好的。多年來，您談論了很多收購機會，資產負債表上有大量現金。我想如果我沒記錯的話，速度可能會慢一點，但你正在收到你正在查看的入站查詢。鑑於過去幾個月資本市場的混亂以及華爾街因沒有交易活動而疲軟的言論，那裡是否發生了什麼事？隨著人們接近你重新審視其中的一些內容，這種情況是否加劇？

I'm not sure the ramping up is the right word, but we are in discussions or had discussions with groups. Just to recap for you, maybe less so, but for others, Bryan, in 2020, 2021, we had a very concerted outgoing engagement where we were actively calling on partners. We were calling them, we were asking for meetings. Really beginning in the last 6 months or so, we've been stepping back and not so much go making outbound calls, we're getting -- we're sort of sitting back and waiting for inbound calls. And they have been occurring. I would say every quarter, we get 1, 2, 3 inquiries either from groups that we've talked to in the past that circle back and want to check in and/or talk at a high level about something and/or there's something going on where potential acquisition has actually retained an adviser and is engaged in a process. And of course, we're on the short list of folks that they would call.

我不確定「加強」這個詞是否正確，但我們正在討論或與團體進行了討論。只是為了讓你回顧一下，也許不那麼重要，但對於其他人來說，布萊恩，在 2020 年、2021 年，我們進行了一次非常協調的離職活動，我們積極呼籲合作夥伴。我們打電話給他們，要求會面。從過去 6 個月左右開始，我們一直在退後一步，不再去撥打外線電話，我們只是坐下來等待呼入電話。而且它們一直在發生。我想說的是，每個季度，我們都會收到1、2、3 個詢問，這些詢問要么來自我們過去曾與之交談過的團體，這些團體想要檢查和/或高層討論某件事和/或有事情發生潛在收購實際上已聘請顧問並正在進行流程。當然，我們也在他們會打電話的簡短名單上。

So there's nothing imminent to speak of in terms of, we're not in the process of negotiating a PSA, a purchase and sale agreement or anything like that. But we have a pretty regular dialogue. It's -- it comes and goes. But I'd say, on average, every quarter, there's at least a couple of conversations that occur.

因此，沒有什麼迫在眉睫的事情可談，我們沒有在談判 PSA、購買和銷售協議或類似協議。但我們有相當定期的對話。它來了又走。但我想說，平均每個季度，至少會發生幾次對話。

Yes. Just 2 more for me. On the JV front, which you referenced in your prepared comments, which has really grown quite a bit over the past couple few years. Can you talk a little bit more about the JV partners or potential partners? Has that broadened out over the past year or 2 as whatever sovereign wealth funds or other large private capital sources have seen what you've done and want to participate in that, can you give us some more color on that?

是的。對我來說還有 2 個。在合資企業方面，您在準備好的評論中提到了這一點，在過去的幾年裡，合資企業確實有了很大的發展。能多談談合資夥伴或潛在合作夥伴嗎？在過去的一兩年裡，這種情況是否有所擴大，因為無論主權財富基金或其他大型私人資本來源都看到了您所做的事情並希望參與其中，您能給我們更多關於這方面的資訊嗎？

Well, there's nothing to point to specifically in terms of we're suddenly taking on a mandate with a new partner to speak of. But I can tell you that, yes, very much so we have had increasing dialogue over time with groups. I would say the groups that we are focused on talking to what we've had the most conversations with tend to be other sovereign wealth funds, and that's because -- and I think this is a good thing. The sovereign wealth funds we are doing business with us have referred us to other sovereign wealth funds and sometimes without our prompting, which is no greater complement than that, that they say they're enjoying the relationship with us and they suggest us to others. And so we immediately get a pretty good audience through that. And that's happened on a handful of occasions already.

好吧，就我們突然接受新合作夥伴的授權而言，沒有什麼特別值得一提的。但我可以告訴你，是的，非常重要，因此隨著時間的推移，我們與團體的對話越來越多。我想說的是，我們重點討論的對象往往是其他主權財富基金，這是因為──我認為這是一件好事。與我們開展業務的主權財富基金將我們推薦給其他主權財富基金，有時在我們沒有提示的情況下，這並不比這更好的補充，他們說他們很享受與我們的關係，並向其他人推薦我們。因此，我們立即獲得了相當多的觀眾。這種情況已經發生過幾次了。

And so we are in dialogue with other folks. We mentioned several -- a couple of few quarters ago that we have had a more direct and focused effort in and around family offices and high net worth individuals. There's definitely been several conversations with that sort of constituent of potential partners that have occurred as well. And so I'd say the dialogue is progressing well. And that's why you've heard us tactfully a couple of quarters ago, say things like we're more focused on sort of growing it internally or organically ourselves rather than relying on having to jump start it through M&A. It doesn't mean you won't engage in M&A. Just means that we are increasingly gaining confidence that we are going to be able to continue to grow the business or grow that sort of AUM growth through that means in that channel, just doing it ourselves.

所以我們正在與其他人對話。我們提到幾個季度前，我們在家族辦公室和高淨值人士及其周圍進行了更直接、更集中的努力。當然也與潛在合作夥伴進行了多次對話。所以我想說對話進展順利。這就是為什麼你在幾個季度前巧妙地聽到我們說，我們更專注於內部或有機地發展它，而不是依靠透過併購來啟動它。這並不意味著您不會參與併購。這意味著我們越來越有信心，我們將能夠繼續發展業務或透過該管道實現資產管理規模的成長，而我們自己就可以做到。

Okay. And just last for me. You're sitting on almost $200 million in cash. Thinking about a year ago, you did that big $7 per share special dividend. Clearly, you don't have the nearly $400 million you had a year ago. But is there any thought as we look out over the next quarter or 2 of a potential special dividend or otherwise return capital?

好的。對我來說只是最後一次。您坐擁近 2 億美元的現金。回想一年前，您派發了每股 7 美元的巨額特別股息。顯然，你現在的資產已經不如一年前的近 4 億美元了。但是，當我們展望下一個或兩個季度的潛在特別股息或其他資本回報時，是否有任何想法？

Yes. It's probably a little early for us to have any sort of serious dialogue around that at the Board. I think what we've been thinking about is using that capital sort of similar, just sort of ties back to your private capital sourcing question prior. As we think about growing private capital AUM and additional separate managed accounts, joint ventures, possibly engaging in fund raising around the specific fund of some sort, I think we more and more in that some of that capital could be used for co-investment. Typically, if you're going to put a vehicle together in the simplest example, you put a couple of hundred million dollars of equity together as a sponsor, they typically look for some sort of investment.

是的。對我們來說，在董事會就此問題進行任何形式的認真對話可能還為時過早。我認為我們一直在考慮的是使用類似的資本，只是與先前的私人資本採購問題有某種關聯。當我們考慮增加私人資本管理規模和額外的獨立管理帳戶、合資企業，可能圍繞某種特定基金籌集資金時，我認為我們越來越多地認為其中一些資本可以用於共同投資。通常，如果你要在最簡單的例子中組裝一輛車，你作為贊助商投入了數億美元的股權，他們通常會尋求某種投資。

As you sort of start off in that business, your co-investment is probably going to be a little larger than it might be when you're more established. And so that's sort of why we keep that money in reserve is sort of to help us think through those types of strategies and they have it there as those opportunities present. We also, as I said, we're not -- when we talk about M&A and it's opportunistic, but we do get inbound calls. Some of them are interesting conversations. We like to keep that liquidity if any of those conversations actually came to fruition.

當你剛開始從事這項業務時，你的共同投資可能會比你更成熟時的投資更大。因此，這就是為什麼我們保留這筆資金是為了幫助我們思考這些類型的策略，並且隨著這些機會的出現，他們將其保留在那裡。正如我所說，我們也不是——當我們談論併購時，這是機會主義的，但我們確實接到了來電。其中一些是有趣的對話。如果這些對話確實取得了成果，我們希望能保持這種流動性。

(Operator Instructions)

（操作員說明）

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Adam Portnoy for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回亞當·波特諾伊（Adam Portnoy）發表閉幕詞。

Thank you for joining us today. Operator, that concludes our call.

感謝您今天加入我們。接線員，我們的通話結束了。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝你，先生。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。