Silvercrest Asset Management Group Inc (SAMG) 2024 Q3 法說會逐字稿

Good morning and welcome to the Silvercrest Asset Management Group Inc third quarter, 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

早安，歡迎參加 Silvercrest 資產管理集團 2024 年第三季財報電話會議。所有參與者將處於僅聽模式。您需要協助嗎？請按星號鍵，然後按零，向會議專家發出訊號。今天的演講結束後，將有機會提問。

Please note this event is being recorded before we begin. Let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections which are subject to a number of risks and uncertainties and many factors could cause actual results to differ materially from the statements that are made.

請注意，在我們開始之前正在記錄此事件。讓我提醒您，在今天的電話會議中，有關我們未來業績的某些陳述屬於前瞻性陳述。它們基於當前的預期和預測，這些預期和預測受到許多風險和不確定性的影響，並且許多因素可能導致實際結果與所做的陳述有重大差異。

Those factors are disclosed in our filings with the SEC under the caption risk factors. For all such forward-looking statements, we claim the protections provided by the Litigation Reform Act of 1,995. All forward-looking statements made on this call are made as of the date hereof and Silvercrest assumes no obligation to update them. I would now like to turn the conference over to Richard R. Hough, Chairman and CEO of Silvercrest. Please go ahead.

這些因素在我們向美國證券交易委員會提交的文件中的「風險因素」標題下進行了揭露。對於所有此類前瞻性陳述，我們主張受到 1,995 年《訴訟改革法案》所提供的保障。本次電話會議中所做的所有前瞻性陳述均截至本新聞稿發布之日作出，Silvercrest 不承擔更新這些陳述的義務。現在我想將會議交給 Silvercrest 董事長兼執行長 Richard R. Hough。請繼續。

Thank you and thanks for joining us for the third quarter of 2024 supportive markets and improving economic conditions help Silvercrest's assets under management growth during the third quarter. Pointing to improved topline revenue, the firm also saw improved business development results and will report a robust pipeline of new business opportunities. A persistent trend of the market's recovery since 2022 has been the narrow leadership of large cap growth equities.

感謝您和我們一起參與 2024 年第三季的支持性市場和不斷改善的經濟狀況，幫助 Silvercrest 的管理資產在第三季實現成長。該公司指出，收入有所改善，業務發展成果也有所改善，並將報告大量新商機。自 2022 年以來市場復甦的持續趨勢是大盤成長股的微弱領先。

We noted during our second quarter earnings call that despite progress in the market, large cap value and small cap stocks had actually declined during that quarter. We've been pleased to see broader company market participation throughout the third quarter and an increase in equities across the market cap spectrum which benefits Silvercrest diversified wealth management business as well as our exposure to the small cap institutional business.

我們在第二季財報電話會議上指出，儘管市場取得進展，但大盤股和小型股在該季度實際上有所下降。我們很高興看到整個第三季公司市場參與範圍更廣，整個市值範圍內的股票有所增加，這有利於 Silvercrest 多元化的財富管理業務以及我們對小盤機構業務的投資。

The increases during the quarter bode well for future revenue, we're optimistic about securing significant organic net flows over the next two quarters. Silvercrest's discretionary A increased by a billion dollars during the quarter to $22.6 billion. Primarily due to rising markets. This net increase in discretionary A which drives our revenue represents a 5% increase in the second quarter and a year over year increase of 10% since the third quarter of 2023 new client accounts and relationships increased during the quarter, led by new small cap opportunity mandates.

本季的成長對未來營收來說是個好兆頭，我們對未來兩季獲得大量有機淨流量持樂觀態度。Silvercrest 的可自由支配 A 股在本季度增加了 10 億美元，達到 226 億美元。主要是由於市場上漲。推動我們營收成長的全權委託A 的淨成長意味著第二季成長5%，自2023 年第三季以來同比成長10%，本季新客戶帳戶和關係在新的小盤機會的帶動下有所增加授權。

While we report discretionary outflows during the quarter, the outflows were revenue neutral to the firm overall total asset flows and market increases were a net positive for the firm and should drive an increase in fourth quarter revenue total. A at the end of the third quarter was $35.1 billion and total a increased year over year from the third quarter of 2023.

雖然我們報告了本季的可自由支配資金流出，但流出對公司整體總資產流動的收入是中性的，市場成長對公司來說是淨積極的，應該會推動第四季度總收入的增加。第三季末A為351億美元，總額較2023年第三季年增。

Up 13%. Despite these increases, Silvercrest has been investing in the future growth of the business which has resulted in higher total compensation and which we have adjusted for on a quarterly basis as a result. While topline revenue has increased, most metrics of the business are down due to these higher expenses.

上漲 13%。儘管有這些成長，Silvercrest 一直在投資於業務的未來成長，這導致了總薪酬的提高，我們因此按季度進行了調整。雖然總收入有所增加，但由於費用增加，大多數業務指標都下降了。

Silvercrest's pipeline of new institutional business opportunities increased during the third quarter by 20% and now stands at $1.2 billion. Importantly, the firm's pipeline does not yet include potential mandates for our global equity strategy which is a high capacity for very significant inflows. Over the past two quarters, we have worked to build the infrastructure to support that team and strategy while undertaking business development. We are optimistic about near term positive a flows and resulting revenue increases to result from the pipeline.

Silvercrest 的新機構業務機會在第三季增加了 20%，目前達到 12 億美元。重要的是，該公司的管道尚未包括我們的全球股票策略的潛在授權，這是非常大的資金流入的高容量。在過去的兩個季度中，我們在開展業務發展的同時，致力於建立基礎設施來支援團隊和策略。我們對近期的積極流動以及管道帶來的收入成長持樂觀態度。

I've consistently mentioned that Silvercrest has never had more business opportunities under the way we have made and will make investments to drive future growth in the business. We expect to make more hires to complement our outstanding professional team and to drive future growth.

我一直提到，Silvercrest 從未有過如此多的商業機會，我們將進行投資以推動未來的業務成長。我們期望招募更多員工來補充我們優秀的專業團隊並推動未來的成長。

Silvercrest continues to accrue a higher interim percentage of revenue for compensations for this purpose. And as mentioned, we will continue to adjust compensation levels to match these important investments in the business. And we will keep you informed of our plans and the progress of these investments. We continue to see substantial new opportunities globally for a firm with our high-quality capabilities coupled with superior client service, Scott A. Gerard. Why don't you address the financials and then we'll take questions.

Silvercrest 繼續為此目的累積更高的中期收入百分比。如前所述，我們將繼續調整薪酬水平，以配合這些重要的業務投資。我們將隨時向您通報我們的計劃和這些投資的進展。我們繼續在全球範圍內看到斯科特·A·杰拉德（Scott A. Gerard）一家擁有高品質能力和卓越客戶服務的公司面臨的大量新機會。為什麼不先談談財務問題，然後我們再回答問題。

Great. Thanks for it. As disclosed in the release for the third quarter, discretionary A as of September 30th was $22.6 billion and total A as of the end of the third quarter was $35.1 billion revenue for the quarter was $30.4 million and reported consolidated net income for the quarter was $3.7 million.

偉大的。謝謝你。正如第三季新聞稿中所披露的，截至9 月30 日的可自由支配A 為226 億美元，截至第三季末的總A 為351 億美元，該季度收入為3040 萬美元，報告的該季度合併淨利為3.7 美元百萬。

Looking further into the third quarter revenue increased year over year $5.7 million or approximately 2% primarily driven by increased discretionary A resulting from market appreciation partially offset by net client outflows. Expenses for the quarter increased year over year by $2.8 million or 12% primarily driven by increased compensation and benefits expense and to a lesser extent increased G&A expenses compensation and benefits for the quarter increased year over year by $1.9 million or approximately 11% primarily due to an increase in salaries and benefits.

進一步來看，第三季營收年增 570 萬美元，約 2%，主要是由於市場升值導致可自由支配 A 增加，但部分被客戶淨流出所抵銷。本季的費用年增280 萬美元，即12%，主要是由於薪酬和福利費用增加，在較小程度上增加了一般管理費用本季度的薪酬和福利同比增加了190 萬美元，即約11% ，主要是由於工資和福利的增加。

And the accrual for bonuses based on the increased recurring cash compensation ratio over the past two years due in part to the investment in the next generation of portfolio managers and other associates. We increase the amount of the interim variable compensation accrual to potentially narrow the adjustment in the fourth quarter. Also, compensation and benefits expense for the quarter increased year over year as a result of increases in salaries due to merit-based increases, general and administrative expenses increased $5.9 million or approximately 13% primarily due to increases in professional fees, portfolio and systems expense.

獎金的應計額是基於過去兩年經常性現金薪酬比率的增加，部分原因是對下一代投資組合經理和其他同事的投資。我們增加了中期可變薪酬應計金額，有可能縮小第四季的調整範圍。此外，本季的薪資和福利費用較去年同期成長，原因是基於績效的成長導致薪資上漲，一般和管理費用增加了 590 萬美元，約 13%，主要是由於專業費用、投資組合和系統費用的增加。

Our expense reported net income attributable to Silvercrest or the class A shareholders for the third quarter was approximately $2.3 million or 24¢ per basic and diluted class A share adjusted EBITDA which we define as EBITDA without giving effect to equity based compensation expense and noncore and nonrecurring items was approximately $6.3 million or 20.9% of revenue for the quarter adjusted net income, which we define as net income without giving effect to noncore and nonrecurring items and income tax expense. Assuming a corporate rate of 26% was approximately $3.8 million for the quarter or 27¢ and 26¢ per adjusted basic and diluted earnings per share respectively.

我們的費用報告第三季歸屬於Silvercrest 或A 類股東的淨利潤約為230 萬美元，即每基本和稀釋A 類股調整後EBITDA 為24 美分，我們將其定義為EBITDA，不考慮基於股權的薪資費用以及非核心和非經常性費用項目約為630 萬美元，佔本季調整後淨利潤的收入的20.9%，我們將其定義為不考慮非核心和非經常性項目以及所得稅費用的淨利潤。假設本季公司稅率為 26%，則約為 380 萬美元，即調整後基本每股盈餘和稀釋每股盈餘分別為 27 美分和 26 美分。

Adjusted earnings per share is equal to adjusted net income divided by the actual class A and class B shares outstanding as of the end of the reporting period for basic adjusted EPS and to the extent dilutive. We add unvested restricted stock units and nonqualified stock options to the total shares outstanding to compute diluted adjusted EPS.

調整後每股盈餘等於調整後淨利除以截至報告期末基本調整後每股盈餘和稀釋程度的實際已發行 A 類和 B 類股票。我們將未歸屬的限制性股票單位和不合格股票選擇權加入已發行股份總數中，以計算稀釋調整後每股盈餘。

Looking at year-to-date September 30th of this year revenue increased year over year by $2.8 million or approximately 3% primarily driven by increased discretionary AUMs resulting from market appreciation partially offset by net client outflows expenses increased year over year by $6.9 million or 10% primarily driven by increased compensation and benefits expense. And again to a lesser extent, increased G&A compensation expense increased year over year by 4.8 million or approximately 10%. Again, primarily due to an increase in the accrual for bonuses and increase in salaries due to merit based increases.

截至今年9 月30 日，營收年增了280 萬美元，約3%，主要是由於市場升值導致可自由支配資產管理規模增加，部分被客戶淨流出費用年增了690 萬美元，即10% 。同樣，在較小程度上，G&A 補償費用年增了 480 萬美元，約 10%。同樣，這主要是由於獎金應計額的增加以及基於績效的加薪導致的工資增加。

G&A expenses increased by $2.1 million or approximately 11% primarily due to increases in travel and entertainment expenses, occupancy expense, professional fees, portfolio and systems expense recruiting expense and trader expense reported net income attributable to Silvercrest was approximately $7.9 million or 83¢ per basic and diluted class. A share adjusted EBITDA was approximately $21 million or 22.9% of revenue and adjusted net income was approximately $12.9 million or 93¢ and 89¢ per adjusted basic and diluted ups respectively.

G&A 費用增加了210 萬美元或約11%，主要是由於旅行和娛樂費用、佔用費用、專業費用、投資組合和系統費用、招聘費用和交易員費用的增加，報告的歸屬於Silvercrest 的淨利潤約為790 萬美元或每基本收入83 美分和稀釋類。股票調整後的 EBITDA 約為 2,100 萬美元，佔營收的 22.9%，調整後的淨利潤約為 1,290 萬美元，即調整後基本收益和稀釋後收益分別為 93 美分和 89 美分。

Take you look at the balance sheet, total assets were approximately $184.2 million as of September 30th compared to $199.6 million as of December 31st of last year, cash and cash equivalents were approximately $58.1 million as of September 30th. And this compared to December 31st of last year, which was at $70.3 million, there were no borrowings as of September 30th.

看看資產負債表，截至9月30日的總資產約為1.842億美元，而去年12月31日的總資產為1.996億美元，截至9月30日的現金和現金等價物約為5810萬美元。與去年 12 月 31 日的 7,030 萬美元相比，截至 9 月 30 日沒有借款。

Total class a stockholder's equity was approximately $84.6 billion as of the end of the third quarter. And we repurchased approximately $1.4 billion of class A shares that concludes my remarks, and we'll now open up the call for Q&A.

截至第三季末，A 類股東權益總額約 846 億美元。我們回購了大約 14 億美元的 A 類股票，我的演講結束了，現在我們將開始問答環節。

Thank you, Scott.

謝謝你，斯科特。

We will now begin the question and answer session to ask a question. You may press star then one on your touchtone phone. If you're using a speaker phone, please pick up your handset before pressing the keys to withdraw your question. Please press star. Then two again, it is star then one to ask a question at this time, we will pause momentarily to assemble our roster.

我們現在開始問答環節來提問。您可以按按鍵式電話上的星號，然後按一個。如果您使用免持電話，請在按按鍵撤回問題之前拿起聽筒。請按星號。然後又是兩位，此時是明星，然後是一位來提問，我們將暫停片刻以集合我們的名單。

The first question comes from Sandy Mehta with evaluate research. Please go ahead.

第一個問題來自桑迪·梅塔（Sandy Mehta）的評估研究。請繼續。

Morning Sandy.

早上好，桑迪。

Yes. Thank yes. Good morning, Rick and Scott on the global strategies. Could you provide some more details on the opportunity in terms of inflows? Also, in terms of the staffing, have you fully staffed up the team in including the business development officers as well as other new strategies that you've been developing several over the last few years, an update on the outlook for that in terms of inflows and, and also an OCIO update, please.

是的。謝謝是的。早安，里克和斯科特談全球戰略。您能否提供有關資金流入機會的更多詳細資訊？此外，在人員配置方面，您是否已為團隊配備了充分的人員，包括業務發展官員以及您在過去幾年中製定的其他新戰略，以及有關前景的最新信息請提供資金流入以及 OCIO 最新情況。

Okay. So let me, let me start with the global equity strategy. We have hired most of the primary portfolio management team of analysts and those executing the strategy. We have also hired administration and have trading covered, but that will be probably expanding a bit more. I could see us hiring another analyst. I think we're in the market for that now. With regards to business development at this stage, we're well covered by our internal capabilities and of course, the rest of the infrastructure at the firm to support a team like that is, is already here. We were able to attract this high-quality team in part because of the robustness of the infrastructure that we've built oriented towards the institutional business across compliance trading operations, technology, etcetera, the strong financials, the controls, you name it. So, we're, getting close.

好的。讓我從全球股票策略開始。我們聘請了大部分主要的投資組合管理團隊的分析師和執行策略的人員。我們還聘請了管理人員並涵蓋了交易，但這可能會進一步擴大。我可以看到我們聘請另一位分析師。我認為我們現在就在市場上。就現階段的業務發展而言，我們的內部能力已經很好地覆蓋了，當然，公司支援這樣的團隊的其他基礎設施也已經具備了。我們能夠吸引這支高素質的團隊，部分原因是我們為機構業務建立了穩健的基礎設施，涵蓋合規交易營運、技術等，強大的財務狀況、控制措施等等。所以，我們正在接近。

Obviously, the key parts were the expensive parts early on when that team joined us in I believe the second quarter and we have spent the past few months, not only making sure that we were ready to take on a significant amount of business but introducing the capability to a significant asset allocator globally. The opportunity is absolutely enormous for us.

顯然，當團隊在第二季度加入我們時，關鍵部分是早期昂貴的部分，我們花了過去幾個月的時間，不僅確保我們準備好承擔大量業務，而且引入了成為全球重要資產配置者的能力。對我們來說，機會絕對是巨大的。

The team in its past has managed billions and billions of dollars. Number one, so they have experience doing it and are well known in the marketplace. Number two, if you look at asset flows in the business, global equity, at least if you look at the international stage is the highest in demand capability right now, that is where a lot of flows are going. That and private equity.

該團隊過去管理過數十億美元。第一，他們有這方面的經驗並且在市場上廣為人知。第二，如果你看看企業中的資產流動，全球股權，至少如果你看看國際舞台，目前需求能力最高，這就是大量資金流向的地方。那和私募股權。

Third, when you look at the large families and institutions outside of the US, they very much want exposure to global equities. They do not divide place in quite the same way that we do in the United States. But we make a much stronger distinctions between different asset classes in equity markets with the biggest exposure in the United States. So, this, gives us a really credible capability in talking to those larger families outside of the US, which as you know, has been an increasing part of our business.

第三，當你看看美國以外的大家族和機構時，他們都非常希望投資全球股票。他們的劃分方式與我們在美國的劃分方式不同。但我們對美國風險敞口最大的股票市場的不同資產類別進行了更嚴格的區分。因此，這使我們能夠真正可靠地與美國以外的大家庭進行交談，正如您所知，這已成為我們業務中越來越重要的一部分。

I have not included the potential for global equity in our pipeline. I announced in my introductory remarks that we have a pipeline now of $1.2 billion. That is up 20% or $200 million basically from the second quarter where we stood at a billion. So, anything that would flow over the next couple of quarters into the global equity would be in addition to the pipeline of $1.2 billion.

我沒有將全球公平的潛力納入我們的計劃中。我在介紹性發言中宣布，我們現在有 12 億美元的籌措資金。這比第二季的 10 億美元成長了 20%，即 2 億美元。因此，未來幾季流入全球股票的任何資金都將不包括在 12 億美元的管道中。

I obviously, since I spoke extensively about my expectations in my opening remarks, I'm very, very optimistic for quite significant inflows over the next two quarters to the extent that we could even see nice organic net organic flows for 2024 as a result of, of those flows, but we will keep you posted and of course, put out a press release when, when we think that is going to come to fruition on the pipeline.

顯然，因為我在開場白中廣泛談論了我的期望，所以我對未來兩個季度的相當大的資金流入非常非常樂觀，以至於我們甚至可以看到 2024 年良好的有機淨有機流量，因為，但我們會隨時向您通報情況，當然，當我們認為這將在管道上實現時，我們會發布新聞稿。

I think I mentioned previously of the last quarter that the value pipeline, value equity pipeline had really reduced, but that has picked back up, which is really nice to see our growth pipeline is smaller than it was in the second quarter. And that is because we won a couple of really meaningful mandates. So that's really good news and the OCIO portion of the $1.2 billion pipeline stands at about $600 million. That portfolio to answer your final question is about $1.6 billion in total right now.

我想我之前提到過上個季度的價值管道、價值股權管道確實減少了，但現在已經回升，很高興看到我們的成長管道比第二季要小。這是因為我們贏得了一些真正有意義的任務。所以這真是個好消息，12 億美元的管線中 OCIO 部分約為 6 億美元。回答您最後一個問題的投資組合目前總計約為 16 億美元。

Okay. I believe towards the end of the prepared.

好的。我相信年底已經做好準備了。

Thank you. Thank you so much and just one follow up. I believe you had some buybacks mentioned at the end of your comments. Can you update us on the buyback activity? I generally it's been very slow. And how do you look at the use of cash in terms of buybacks versus saving money for a potential acquisition which, you know, nobody knows when that may or may not happen.

謝謝。非常感謝您，只需跟進一次。我相信您在評論末尾提到了一些回購。您能否向我們介紹回購活動的最新情況？我一般都很慢。您如何看待現金在回購方面的使用與為潛在收購節省資金，您知道，沒有人知道這種情況何時會發生或可能不會發生。

Thank you. Exactly. And, and you know, if you looked at our past history, Sandy, we had a lot of cash on the balance sheet and then boom, we had a really meaningful creative acquisition when we merged with Cortina, which gave us the growth equality capabilities. In fact, the inflows that I just mentioned with the pipeline, we're primarily into the, the small cap opportunity portfolio, which is, which is with that team.

謝謝。確切地。而且，你知道，如果你看看我們過去的歷史，桑迪，我們的資產負債表上有很多現金，然後繁榮，當我們與Cortina 合併時，我們進行了一次非常有意義的創造性收購，這給了我們增長平等的能力。事實上，我剛才提到的資金流入，我們主要進入的是小型股機會投資組合，也就是該團隊的資金流入。

So yeah, all of a sudden, you don't know when that's going to going to happen. We think it's really important to buy back shares when we have the cash to do so and we think it's a compelling value. I view it as acquisition by another means, we're just buying ourselves instead of somebody else.

所以，是的，突然之間，你不知道什麼時候會發生。我們認為，當我們有足夠的現金時，回購股票非常重要，我們認為這是一個令人信服的價值。我認為這是另一種方式的收購，我們只是收購自己而不是別人。

However, it is slow to put to work primarily because we have volume restrictions as we are in the market, and we are very active in the market. We're careful about it, of course, but, but we're being much more aggressive this time around in the market than we were the last time we did a buyback in order to, to affect as much as of, of that buyback as soon as we can.

然而，投入工作的速度很慢，主要是因為我們在市場上有數量限制，而且我們在市場上非常活躍。當然，我們對此很謹慎，但是，這次我們在市場上比上次回購時更加激進，以便影響盡可能多的回購盡快。

The reason we chose this form of a buyback in talking to our counselors and advisers at the, at the different banks we work with and elsewhere is because it does give us the flexibility to stop the buyback. Should something be coming to fruition? And we have the use of that cash. If that were to happen in the meantime, we're going to support our security. And, and, and, and buy back shares as often as we can and we will continue to reevaluate this as we go along and as, cash bills.

我們在與我們合作的不同銀行和其他地方的顧問和顧問交談時選擇這種形式的回購的原因是，它確實使我們能夠靈活地停止回購。應該有什麼成果嗎？我們可以使用這些現金。如果這種情況同時發生，我們將支持我們的安全。並且，以及，以及，盡可能頻繁地回購股票，我們將繼續重新評估這一點，以及現金帳單。

Right? And Sandy, just a reminder that the plan, we disclosed it middle of August. It's a up to $12 million buyback plan. So, we had roughly six weeks of available purchasing time through the end of the third quarter. And so that resulted in about $1.4 million repurchase.

正確的？桑迪，只是提醒一下我們在八月中旬披露了該計劃。這是一項高達 1200 萬美元的回購計畫。因此，到第三季末，我們大約有六週的可用採購時間。因此，回購金額約為 140 萬美元。

All right, great. Thank you so much.

好吧，太好了。太感謝了。

You're welcome.

不客氣。

Once again, if you have a question, please press star, then one, the next question comes from Christopher Sakai with Singular research. Please go ahead.

再次，如果您有問題，請按星號，然後一個，下一個問題來自 Singular 研究的 Christopher Sakai。請繼續。

Yes, I just a question on adjusted the margin. Do you still, are you still trying to get it back to 27% in the long.

是的，我只是一個關於調整保證金的問題。從長遠來看，你還在努力將其恢復到 27% 嗎？

Term?

學期？

Yeah, long term. This is a business that as a mature business it runs into, into the upper 20s as an even top margin. And so yeah, that's what that's what we're aiming for. I was very clear over the past year and a half two years, however, that we would be hitting earnings, we would be hitting even the in order to set up the next stage of our, our company's growth.

是的，長期的。作為一項成熟的業務，該業務的利潤率甚至達到了 20 多歲。是的，這就是我們的目標。然而，在過去的一年半兩年裡，我非常清楚，我們將實現盈利，甚至將實現盈利，以便為我們公司的下一階段發展奠定基礎。

And also, to be super prudent about the next generation and redundancy in the business. We have a history of very successfully transitioning the business to the next generation. And when I joined the firm, you know, I'm an example of that as are many of my colleagues, but going back, you know, 10 years, there was a GAAP kind of in the middle between very senior people and very junior. We've really filled that in well, but we've also been able to successfully hire and then build new capabilities.

而且，對下一代和業務冗餘要非常謹慎。我們有著非常成功地將業務過渡到下一代的歷史。當我加入公司時，你知道，我和我的許多同事一樣就是一個例子，但是回想起來，你知道，10 年前，在非常資深的人員和非常初級的人員之間存在一種 GAAP 。我們確實很好地填補了這一點，但我們也能夠成功地僱用並建立新的能力。

The OCIO team would be an example of that where we've been able to organically grow something from scratch. Let's not forget that I've mentioned in the past, it's not just about this global equity team in order to win large mandates and serve the biggest families, it's all the rest of the infrastructure. And as you grow, you have to put a little bit more investment in that and then grow grow into it. You have to be credible that you have a very robust institutional quality offering.

OCIO 團隊就是一個例子，我們能夠從頭開始有機地發展一些東西。我們不要忘記，我過去曾提到過，這不僅僅是為了贏得大量任務並為最大的家庭服務的全球股權團隊，而是所有其他基礎設施。隨著你的成長，你必須在這方面投入更多的投資，然後不斷成長。您必須相信您擁有非常強大的機構優質產品。

If you're going to talk to families with a couple of $100 million and as we've grown in capacity fills, we have to, we have to invest in aspects of the business in order to set the stage for the next piece of growth. We've also announced, I think in the second quarter that we were greenfielding an organic growth opportunity in Atlanta. We have our full ma license in Singapore. We have clients there now.

如果你要與擁有一億美元資產的家庭交談，並且隨著我們產能的增加，我們必須對業務的各個方面進行投資，以便為下一個成長奠定基礎。我們也宣布，我想在第二季度，我們將在亞特蘭大開闢一個有機成長機會。我們在新加坡擁有完整的馬執照。我們現在在那裡有客戶。

We have employees that is going to be important as we look at different time zones in dealing with not only clients but trading opportunities and global equity. So, you know, this is a very broad and we're, investing in other business development. This is a very broad-based effort that we have always been successful at growing into.

我們的員工非常重要，因為我們在不同時區不僅要與客戶打交道，還要處理交易機會和全球股權。所以，你知道，這是一個非常廣泛的領域，我們正在投資其他業務發展。這是一項基礎非常廣泛的努力，我們一直在成功地成長。

In the past, we, we didn't necessarily make as large investments, and we were able to grow quickly through those investments. So, there may have been a slight hiccup in or pull down in EBITDA, but we grow through it. So, it wasn't even noticeable. This, we're getting ahead of it just a bit as I forecast that we would, but I'm quite optimistic that we're going to see the fruits of this over the next year.

過去我們,我們不一定做那麼大的投資,透過這些投資我們能夠快速成長。因此，EBITDA 可能會出現輕微的波動或下降，但我們會透過它來實現成長。所以，甚至沒有被注意到。正如我預測的那樣，我們稍微領先了一點，但我非常樂觀地認為我們將在明年看到結果。

Okay. Sounds good. One question as well or your new hiring is, this can,you give an idea, are you hiring salaries at, at market rates or are you hiring at higher than market rates? Can you give us an idea of that?

好的。聽起來不錯。您的新招聘還有一個問題是，您可以給出一個想法，您是按照市場價格招聘工資還是以高於市場價格招聘？可以跟我們介紹一下嗎？

I would argue that we're hiring people at competitive competitive rates. We do not need to, to overpay to attract people to our firm. This is an incredible place to work with a very strong culture. We have very low employee turnover. People really commit their care here and we're very proud of that when you have that kind of entrepreneurial environment where people have a lot of autonomy and purpose.

我認為我們正在以具有競爭力的價格招募人才。我們不需要支付過高的費用來吸引人們加入我們的公司。這是一個令人難以置信的工作場所，有著非常濃厚的文化。我們的員工流動率非常低。人們真的在這裡付出了他們的關懷，當你擁有這樣的創業環境時，人們擁有很大的自主權和目標，我們對此感到非常自豪。

You, can, you have to be competitive to get the best talent, but you certainly don't need to overpay.

你，可以，你必須具有競爭力才能獲得最好的人才，但你當然不需要支付過高的費用。

Okay, great. Thanks.

好的，太好了。謝謝。

Once again, if you have a question, please press star, then one, this concludes our question-and-answer session. I would like to turn the conference back over to Richard R Hough for any closing remarks.

再次，如果您有問題，請按星號，然後按一個，我們的問答環節到此結束。我想將會議轉回理查德·R·霍夫 (Richard R Hough) 發表閉幕詞。

Great. Thank you and thank you for joining us for our third quarter results. I appreciate the tension in the and the questions. Just to emphasize we ended the third quarter with a increase of a billion which represents a nice quarter over quarter, 5% increase and we're up 10% year over year. That is revenue that has not yet been recognized. So that's a good forward-looking visibility into the firm.

偉大的。感謝您和我們一起了解我們的第三季業績。我很欣賞問題和問題中的緊張氣氛。只是想強調一下，我們第三季末的成長率為 10 億，這代表著季度環比的好成績，成長率為 5%，年成長率為 10%。這是尚未確認的收入。因此，這是對公司良好的前瞻性了解。

And as I emphasized several times during the call, I'm quite optimistic about our net organic flows. Looking forward at least over the next couple of quarters. Thanks to the progress we've made with the business development investments that we've made in the business.

正如我在電話會議中多次強調的那樣，我對我們的淨有機流量非常樂觀。至少展望未來幾季。感謝我們在業務發展投資上的進展。

Thanks so much for joining us. I look forward to updating everyone at the end of the fourth quarter.

非常感謝您加入我們。我期待在第四季末向大家通報最新情況。

The conference has concluded. Thank you for attending today's presentation. You may now disconnect.

會議結束了。感謝您參加今天的演講。您現在可以斷開連線。