SEI Investments Co (SEIC) 2024 Q3 法說會逐字稿

Hello and welcome to SEI Q3 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 SEI 2024 年第三季財報電話會議。（操作員說明）

I would now like to hand the conference over to Brad Burke, Head of Investor Relations. You may begin.

我現在想將會議交給投資者關係主管 Brad Burke。你可以開始了。

Thank you, and welcome, everyone. We appreciate you joining us today for our third-quarter 2024 earnings call. On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, Chief Financial Officer; Michael Lane, who leads our investment management unit, advisor, and institutional businesses, and members of our executive committee, Jay Cipriano, Paul Klauder, Phil McCabe, Mike Peterson, Sneha Shah, and Sanjay Sharma.

謝謝大家，也歡迎大家。感謝您今天參加我們的 2024 年第三季財報電話會議。SEI 執行長 Ryan Hicke 出席了電話會議。肖恩‧德納姆，財務長； Michael Lane，領導我們的投資管理部門、顧問和機構業務，以及執行委員會成員 Jay Cipriano、Paul Klauder、Phil McCabe、Mike Peterson、Sneha Shah 和 Sanjay Sharma。

Before we begin, I would like to point out that our earnings press release can be found under the Investor Relations section of our website at seic.com. This call is being webcast live and a replay will be available on the Events and Webcast page of our website.

在開始之前，我想指出，我們的收益新聞稿可以在我們網站 seic.com 的投資者關係部分找到。本次電話會議正在進行網路直播，我們網站的活動和網路廣播頁面將提供重播。

We would like to remind you that during today's presentation, and in our responses to your questions, we have and will make certain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially.

我們想提醒您，在今天的演示中以及在回答您的問題時，我們已經並將做出某些前瞻性聲明，這些聲明存在可能導致實際結果產生重大差異的風險和不確定性。

Please refer to our notices regarding forward-looking statements that appear in today's earnings press release and in our filings with the Securities and Exchange Commission. We do not undertake to update any of our forward-looking statements.

請參閱我們今天的收益新聞稿以及我們向美國證券交易委員會提交的文件中有關前瞻性陳述的通知。我們不承諾更新我們的任何前瞻性陳述。

With that, I will now turn it over to our CEO, Ryan Hicke. Ryan?

現在，我將把它交給我們的執行長 Ryan Hicke。瑞安？

Thank you, Brad, and good afternoon, everyone. SEI had in many aspects and regards a record quarter. Our EPS of $1.19 is the second highest quarter in our company's history and excluding onetime items, it represents our highest ever EPS achieved, a product of top line growth and prudent expense management.

謝謝布拉德，大家下午好。SEI 在許多方面都創下了季度記錄。我們的每股收益為 1.19 美元，是我們公司歷史上第二高的季度，不包括一次性項目，它代表了我們有史以來最高的每股收益，這是營收成長和審慎費用管理的產物。

Combined assets under management, administration and advisement grew nearly 3.5% from the prior quarter, reaching new highs. We also had net sales events totaling $46 million, which is also a record quarter for SEI. And at the end of the quarter, we implemented modifications to our integrated cash program, which more than doubled the balances in the program.

管理、行政和諮詢資產總額較上一季成長近 3.5%，創下新高。我們還開展了總計 4,600 萬美元的淨銷售活動，這也是 SEI 創紀錄的季度。在本季末，我們對綜合現金計劃進行了修改，使該計劃的餘額增加了一倍多。

Sean will unpack our financial results and changes to our integrated cash program in more detail shortly. The increased attention and energy we have put into sales, client engagement, marketing and availing more SEI capabilities to the market is showing meaningful results. These results are an early manifestation of strategic changes over the last few quarters.

肖恩很快就會詳細介紹我們的財務業績和綜合現金計劃的變化。我們對銷售、客戶參與、行銷以及向市場利用更多 SEI 能力投入的更多關注和精力正在顯示出有意義的成果。這些結果是過去幾季策略變化的早期體現。

It should be noted that we did benefit in the third quarter with sales events that were delayed in the first half of the year, accelerating the closure in Q3. Over the last two years, we have been laser-focused on significantly increasing market activity, client engagement and enterprise positioning. We intend to win continuously in our core markets as well as expand our share of total addressable markets.

應該指出的是，我們確實在第三季受益，因為上半年推遲的銷售活動加速了第三季的關閉。在過去的兩年裡，我們一直專注於大幅增加市場活動、客戶參與和企業定位。我們打算不斷贏得核心市場，並擴大我們在整個潛在市場中的份額。

As we invest in our platforms and talent and increase market awareness of SEI and the value we can bring to clients. We will not relent on maximizing new client growth and client expansion in the segments and markets where we want to win.

隨著我們投資於我們的平台和人才，提高 SEI 的市場知名度以及我們可以為客戶帶來的價值。我們將不遺餘力地在我們想要贏得的細分市場和市場中最大限度地增加新客戶和擴大客戶。

For example, we continue to execute the blueprint for our private banking business by rightsizing expenses relative to the market opportunity, having a surgical focus on large segments like regional community banks and UK private client investment managers, where we believe SEI can take market share and power growth-oriented organizations looking to increase their wealth footprint.

例如，我們繼續執行私人銀行業務的藍圖，根據市場機會調整開支，重點關注區域社區銀行和英國私人客戶投資管理公司等大型細分市場，我們相信 SEI 可以在這些領域佔據市場份額，為尋求增加財富足跡的成長型組織提供動力。

We are also seeing real demand in this market for our data, cloud and integration transformation services. I believe this value proposition will resonate across other SEI segments as well. Our sales events in the Investment Managers business, which was a record quarter, also reflect the response we're seeing in our enterprise sales efforts. The momentum is truly broad-based.

我們也看到這個市場對我們的數據、雲端和整合轉型服務的真正需求。我相信這個價值主張也會在 SEI 的其他領域產生共鳴。我們投資管理業務的銷售活動創下了創紀錄的季度記錄，也反映了我們在企業銷售工作中看到的反應。這種勢頭確實具有廣泛的基礎。

We're having success with both traditional alternative managers, US clients, global clients, existing clients, and larger in-house providers looking to outsource. We expect the demand for these services will remain robust, and we will continue to invest in all parts of this business, including operational automation and AI to lead the market.

我們在傳統另類投資經理、美國客戶、全球客戶、現有客戶以及尋求外包的大型內部供應商方面都取得了成功。我們預計對這些服務的需求將保持強勁，我們將繼續投資該業務的各個部分，包括營運自動化和人工智慧，以引領市場。

SEI's third quarter earnings growth reflects both top line and margin growth across all of our business segments. In addition to the benefit from onetime items that Sean will discuss shortly. Some additional strategic highlights. Net cash flow in the advisor business grew by $1.1 billion, predominantly led by platform adoption in the RIA space.

SEI 第三季獲利成長反映了我們所有業務部門的營收和利潤成長。除了肖恩將很快討論的一次性物品的好處之外。一些額外的戰略亮點。顧問業務的淨現金流成長了 11 億美元，主要得益於 RIA 領域平台的採用。

Consolidation across custody and investment processing platform providers in the market, has created an opportunity to win more clients who view SEI as a key partner. This is a market segment where we believe SEI has significant opportunity for growth. expanding our technology and operational solutions as well as asset management.

市場上託管和投資處理平台提供者之間的整合創造了贏得更多將 SEI 視為關鍵合作夥伴的客戶的機會。我們認為 SEI 在這個細分市場擁有巨大的成長機會。擴展我們的技術和營運解決方案以及資產管理。

Beyond the third quarter, the trend of companies looking to scale and streamline their businesses with fewer strategic partners continues to grow, repositioning SEI as an enterprise partner and not just a single platform provider in a vertical market is gaining true traction. It's evidenced by existing clients turning to us to leverage the breadth of our capabilities.

第三季之後，尋求透過減少策略合作夥伴來擴展和簡化業務的公司趨勢繼續成長，將SEI 重新定位為企業合作夥伴，而不僅僅是垂直市場中的單一平台供應商，這一趨勢正在獲得真正的關注。現有客戶轉向我們尋求利用我們廣泛的能力就證明了這一點。

By selling to market with an enterprise approach, we believe we have an incredible growth opportunity to gain share against firms that only have a singular focus. We are also focused on reimagining and repositioning our asset management platforms for growth as the market continues to embrace new product types and asset classes, whether that be passive investments, the growth of alternatives, their place in more retail portfolios, we are increasing our choice of offering for our intermediary and OCIO clients.

透過以企業方式向市場銷售，我們相信我們擁有令人難以置信的成長機會，可以在與只專注於單一業務的公司的競爭中贏得市場份額。隨著市場繼續接受新的產品類型和資產類別，我們也專注於重新構想和重新定位我們的資產管理平台以實現成長，無論是被動投資、另類投資的成長、它們在更多零售投資組合中的地位，我們都在增加我們的選擇為我們的中介和 OCIO 客戶提供服務。

The continued consolidation and influx of private equity capital into the intermediary space creates disruption, but it can also create opportunity for SEI for us to position the breadth of our solution offering to a broader range of segments and allow us to strategically invest in the future of advice. Michael Lane's addition to the SEI team is a tremendous win for us in this space and beyond.

私募股權資本的持續整合和湧入中介領域造成了破壞，但它也可以為SEI 創造機會，使我們能夠將我們的解決方案提供給更廣泛的細分市場，並使我們能夠對未來進行策略性投資。Michael Lane 加入 SEI 團隊對於我們在這個領域及其他領域來說是一個巨大的勝利。

With our eyes on industry trends, we are confident that SEI's combination of stability, culture, balance sheet strength, client focus and willingness to invest in innovation and scalable solutions will drive competitive differentiation and accelerated growth.

著眼於行業趨勢，我們相信 SEI 的穩定性、文化、資產負債表實力、以客戶為中心以及投資創新和可擴展解決方案的意願相結合，將推動競爭差異化和加速成長。

We are focused on maximizing the enterprise value for our shareholders, and we are proud of the momentum we are seeing in the market and enthusiasm we have across the workforce to rethink opportunities for SEI. Before concluding, I want to thank our SEI employees for our outstanding performance this quarter.

我們專注於為股東實現企業價值最大化，我們對市場的勢頭以及員工重新思考 SEI 機會的熱情感到自豪。在結束之前，我要感謝 SEI 員工本季的出色表現。

You should take a moment to celebrate and reflect on what is possible. I congratulate everyone on their persistence, resilience and willingness to embrace change. We still have a lot of work to do to realize our full potential, and we will not be satisfied until we are hitting on all cylinders across this company. And speaking of change, I'd like to welcome Michael Lane to our earnings call to make some brief remarks.

你應該花點時間慶祝並思考什麼是可能的。我祝賀每個人的堅持、韌性和擁抱改變的意願。為了充分發揮我們的潛力，我們還有很多工作要做，只有在整個公司全力以赴的情況下，我們才會滿意。說到變革，我想歡迎邁克爾·萊恩參加我們的財報電話會議並發表一些簡短的演講。

Michael joined us last month for BlackRock to lead our investment management unit, advisor, and institutional businesses. As mentioned, I'm confident his experience, expertise and leadership will help us reimagine asset management and I capitalize on market opportunities and accelerate our growth. Michael has already made an extremely positive contribution to the leadership team in its early days. Michael?

麥可上個月加入貝萊德，領導我們的投資管理部門、顧問和機構業務。如前所述，我相信他的經驗、專業知識和領導力將幫助我們重新構想資產管理，而我將利用市場機會並加速我們的成長。邁克爾在領導團隊成立之初就已經做出了極其積極的貢獻。麥可？

Thank you, Ryan, and good afternoon, everyone. I set my first few weeks at SEI, getting up to speed in three areas: first, understanding the client segments that we do and do not serve; second, looking across SEI products and services to begin aligning what solutions exist that meet the needs of our existing client base and learning where we can leverage these products either individual investment products, custody services, outsourcing investment capability or technology to serve new clients.

謝謝瑞安，大家下午好。我在 SEI 的最初幾週，在三個方面加快了步伐：首先，了解我們服務和不服務的客戶群；其次，檢視SEI的產品和服務，開始調整現有的解決方案來滿足我們現有客戶群的需求，並了解我們可以在哪裡利用這些產品（個人投資產品、託管服務、外包投資能力或技術）來服務新客戶。

Third, getting to know our people and learning our history, structure, strategy and what is foundational and cannot be adjusted while challenging each person to think bigger about areas where there is opportunity for both improvement and expansion.

第三，了解我們的員工，了解我們的歷史、結構、策略以及什麼是基礎性的、不可調整的，同時挑戰每個人更大程度地思考有機會改進和擴展的領域。

Now what has become clear in a short period of time is that we have deep relationships with our wealth clients and serve them well. But these clients represent a very small percentage of the largest and fastest-growing financial advisors.

現在，我們在短時間內就清楚地認識到，我們與財富客戶有著深厚的關係，並為他們提供了良好的服務。但這些客戶在規模最大、成長最快的財務顧問中只佔很小的比例。

We have highly skilled people across both our institutional and advisor businesses that can be leveraged to help us move into new markets without increasing our cost of distribution. Our institutional business has room for growth beyond outsourced CIO.

我們的機構和顧問業務都擁有高技能人才，他們可以幫助我們進入新市場，而不會增加我們的分銷成本。除了外包 CIO 之外，我們的機構業務還有成長空間。

Both our advisor and our institutional businesses have focused on delivering the whole engine of SEI, including asset management, custody and technology delivered as a single product but we also must be willing to deliver the individual hearts of that engine. Parts delivery, be it investment products from our highly skilled in-house investment team, LSV, technologies or operational and administrative services will help us serve the largest and fastest growing client segments.

我們的顧問和我們的機構業務都專注於提供 SEI 的整個引擎，包括作為單一產品提供的資產管理、託管和技術，但我們也必須願意提供該引擎的各個核心。零件交付，無論是來自我們高技能的內部投資團隊的投資產品、LSV、技術或營運和管理服務，都將幫助我們為最大和成長最快的客戶群體提供服務。

I come to realize that SEI has more opportunities for growth than we can reasonably pursue. Our collective challenge across the leadership team will be where we prioritize, reallocate and invest to both secure and grow our position as a market leader. Now as I turn it to Sean to share more detail about the quarter's financial results.

我開始意識到 SEI 擁有比我們合理追求的更多的成長機會。我們整個領導團隊面臨的集體挑戰將是我們優先考慮、重新分配和投資，以確保和鞏固我們作為市場領導者的地位。現在，我請肖恩分享更多有關本季財務業績的詳細資訊。

I can honestly say that after five weeks, I am more excited about our growth prospects than when I accepted the opportunity to join this leadership team. And with that, I'll turn it over to Sean.

我可以誠實地說，五週後，我對我們的成長前景比我接受機會加入這個領導團隊時更加興奮。有了這個，我會把它交給肖恩。

Thanks, Michael. As Ryan mentioned, the third quarter was one of the strongest in SEI's nearly 56-year history. Before I get into our financial performance, I want to call out a few items that impact comparability. The current quarter benefited from an $8 million gain on the sale of real estate, which was recognized below the line, a $2 million benefit from some onetime items in our Private Banking business, and a large onetime performance fee from LSV, of which our portion was approximately $5.5 million.

謝謝，麥可。正如 Ryan 所提到的，第三季是 SEI 近 56 年歷史上最強勁的季度之一。在討論我們的財務表現之前，我想指出一些影響可比性的項目。本季受益於房地產銷售的 800 萬美元收益（在線下確認）、我們私人銀行業務中一些一次性項目的 200 萬美元收益，以及 LSV 的巨額一次性績效費，其中我們的部分約為550萬美元。

Our revenue increased by 13%, operating income increased by 33% and EPS increased by 37% versus the prior year, including a $0.09 EPS benefit from the three items I noted above. Financial results were also broadly favorable compared to the second quarter of this year. Each of our business segments realized revenue growth and margin expansion compared to both the prior year and second quarter.

與前一年相比，我們的收入增長了 13%，營業收入增長了 33%，每股收益增長了 37%，其中包括我上面提到的三項帶來的 0.09 美元每股收益收益。與今年第二季相比，財務業績也普遍有利。與去年和第二季相比，我們的每個業務部門都實現了收入成長和利潤率擴大。

Turning to our business unit performance. Revenue and profit growth in our private banking business was notably strong. Revenue growth was supported by healthy backlog implementation converting new clients on to SWP as well as growth through existing clients. The 17% operating margin realized in the third quarter or 15.5% excluding the items I noted earlier continues the momentum realized in the first half of the year.

轉向我們業務部門的業績。私人銀行業務收入和利潤成長尤為強勁。將新客戶轉為 SWP 的健康積壓實施以及現有客戶的成長為收入成長提供了支持。第三季實現了 17% 的營業利潤率（不包括我之前提到的項目），營業利潤率為 15.5%，延續了今年上半年實現的勢頭。

Our investment managers business continues to post strong performance with operating profit increasing by 19% and driven by significant sales and cross-selling to our existing clients in the alternative space as well as strength in CIT. Our institutional business realized modest revenue growth with versus last year, an improvement from the first half of the year when revenue declined by low single digits.

我們的投資管理業務持續表現強勁，營業利潤成長了 19%，這得益於我們在另類領域向現有客戶進行的大量銷售和交叉銷售以及 CIT 領域的實力。我們的機構業務收入與去年相比實現了小幅成長，比上半年收入下降了低個位數有所改善。

Operating profit grew at a stronger pace, up 11% from last year, driven by, among other things, our disciplined cost management efforts. The advisor business realized double-digit revenue and operating profit growth versus last year with a positive contribution from the integrated cash program and strong performance from separately managed accounts and ETFs offsetting outflows in traditional mutual fund products.

在我們嚴格的成本管理努力等因素的推動下，營業利潤成長強勁，比去年成長了 11%。與去年相比，顧問業務實現了兩位數的收入和營業利潤增長，這得益於綜合現金計劃的積極貢獻以及獨立管理帳戶和 ETF 的強勁表​​現，抵消了傳統共同基金產品的資金外流。

We have and will continue to actively expand strategies to increase inflows into new programs to offset the revenue impact of outflows in our traditional mutual fund products. On September 30, we modified our integrated cash program, resulting in the total balance reaching $2.4 billion on the last day of the quarter.

我們已經並將繼續積極拓展策略，增加新專案的資金流入，以抵銷傳統共同基金產品資金流出對收入的影響。9 月 30 日，我們修改了綜合現金計劃，導致本季最後一天總餘額達到 24 億美元。

We have seen balances fluctuate significantly since quarter end, and we anticipate they will continue to fluctuate. Given these fluctuations, it is difficult to give a precise outlook on how the increased balance will affect operating income. That said, based on current balances and a base case outlook for rate cuts, we could see a contribution from this program in the fourth quarter that would nearly double the $11 million realized in Q3.

自季度末以來，我們發現餘額大幅波動，並且預計餘額將繼續波動。考慮到這些波動，很難準確預測餘額增加將如何影響營業收入。也就是說，根據當前餘額和降息的基本情況前景，我們可以看到該計劃在第四季度的貢獻將幾乎是第三季實現的 1,100 萬美元的兩倍。

We will be able to better estimate the normalized run rate from this program in a few months when we report fourth quarter results. And LSV contributed $37 million to equity income, up over 20% from last year. driven by the large onetime performance fee I noted earlier, which contributed $5.5 million or $0.03 of EPS after taxes in the quarter.

當我們報告第四季度業績時，我們將能夠在幾個月內更好地估計該計劃的標準化運行率。LSV 貢獻了 3,700 萬美元的股權收入，比去年增長了 20% 以上。受我之前提到的巨額一次性績效費的推動，該費用為本季度貢獻了 550 萬美元或稅後每股收益 0.03 美元。

Note that we do not expect a similar performance fee in the fourth quarter as these are naturally episodic. SEI has also had an outstanding quarter for net sales events totaling $46 million most of which is recurring. Notice that we have increased the disclosure around sales events by segment in our press release, which should help put these trends into context.

請注意，我們預計第四季度不會出現類似的績效費用，因為這些費用自然是偶發的。SEI 季度的淨銷售活動也表現出色，總計 4,600 萬美元，其中大部分是經常性的。請注意，我們在新聞稿中按細分市場增加了有關銷售活動的揭露，這應該有助於將這些趨勢放在背景中。

Q3 events were primarily driven by both our private business -- private banking business, which has a mix of both recurring and nonrecurring events and an excellent quarter for recurring events in our investment managers business. Events in the private banking business were entirely attributable to new business in addition to the continued growth of our professional services and data cloud offerings.

第三季的事件主要是由我們的私人業務——私人銀行業務推動的，該業務混合了經常性和非經常性事件，並且我們的投資經理業務中的經常性事件表現出色。私人銀行業務的發展完全歸功於新業務以及專業服務和資料雲產品的持續成長。

In our investment managers business, Events were supported by significant new client closing in addition to multiple cross-sell to existing clients in the traditional and alternative markets. Our institutional business events were essentially flat in the quarter.

在我們的投資經理業務中，除了向傳統和另類市場的現有客戶進行多次交叉銷售外，大量新客戶的成交也為活動提供了支援。本季我們的機構業務活動基本持平。

With a couple of notable wins in the endowment and defined benefit space, offsetting defined benefit terminations. Turning to our asset balances. CI's AUM increased by 5%, and our AUA increased nearly 2.5% from the prior quarter, bringing total combined AUM and AUA to a new record of nearly $1.6 trillion.

在捐贈基金和固定福利領域取得了一些顯著的勝利，抵消了固定福利終止的影響。轉向我們的資產餘額。CI 的 AUM 增長了 5%，AUA 較上一季度增長了近 2.5%，使 AUM 和 AUA 合計達到近 1.6 兆美元的新紀錄。

Growth in the quarter reflects both market appreciation and positive net inflows. Growth in our private banking and institutional businesses was largely attributable to market appreciation. Our advisory business benefited from healthy net inflows, notably in our strategists and platform-only spaces, offsetting net outflows in our mutual fund products.

本季的成長反映了市場升值和正淨流入。我們的私人銀行和機構業務的成長主要歸功於市場升值。我們的諮詢業務受益於健康的淨流入，特別是在我們的策略師和純平台領域，抵消了我們共同基金產品的淨流出。

Our revised SMA pricing structure introduced on April 1 was a catalyst for strong growth in the third quarter. Our investment managers business, which is less sensitive to market changes saw assets increase by 3% and LSV benefited from strong equity market performance during the quarter, offsetting net outflows into passive products.

我們於 4 月 1 日推出的修訂後的 SMA 定價結構是第三季強勁成長的催化劑。我們的投資管理業務對市場變化不太敏感，資產成長了 3%，LSV 受益於本季強勁的股市表現，抵消了被動產品的淨流出。

Touching on capital allocation. We repurchased approximately 1.3 million shares for $86 million in the quarter. Over the last four quarters, we have returned $442 million of capital to shareholders through either repurchases or dividends, nearly 5% of our market capitalization. SEI continues to maintain a fortress balance sheet with no debt and a cash balance of $900 million as of quarter end.

談到資本配置。本季我們以 8,600 萬美元的價格回購了約 130 萬股股票。在過去的四個季度中，我們透過回購或股利向股東返還了 4.42 億美元的資本，接近我們市值的 5%。截至季末，SEI 繼續保持沒有債務的堡壘資產負債表和 9 億美元的現金餘額。

Before concluding, I'd like to reiterate Ryan's message to our employees. We should all be very proud of the strong results this quarter. And while we are proud of our record-setting quarter, I would also remind our investor community that the third quarter is just that, a single quarter. We remain focused on driving sustained growth for our business over the long term, and we continue to have a lot of work in front of us.

在結束之前，我想重申 Ryan 向我們的員工傳達的訊息。我們都應該為本季的強勁業績感到自豪。雖然我們為創紀錄的季度感到自豪，但我也要提醒我們的投資者群體，第三季只是一個季度。我們仍然專注於推動業務的長期持續成長，我們仍然有大量的工作要做。

Before concluding, I would like to welcome our new Head of Investor Relations, Brad Burke. Brad has deep experience leading investor relations and corporate finance functions in addition to being a former sell-side analysts. I know that many of you have worked with Brad in the past and we are all excited to have him join our team.

在結束之前，我要歡迎我們新任投資者關係主管布拉德伯克 (Brad Burke)。除了擔任前賣方分析師之外，布拉德在領導投資者關係和公司財務職能方面也擁有豐富的經驗。我知道你們中的許多人過去曾與布拉德共事過，我們都很高興他加入我們的團隊。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Owen Lau, Oppenheimer.

（操作員說明）Owen Lau，Oppenheimer。

Good afternoon and thank you for taking my question. So I want to start with a high-level question because when I saw the press release, I felt the energy level in this quarter, it's very different. Many segments have double-digit revenue growth and all segments have margin expansion. And you also have, I think, record level of net sales event.

下午好，感謝您提出我的問題。所以我想從一個高層次的問題開始，因為當我看到新聞稿時，我感受到本季的能量水平，這是非常不同的。許多細分市場的收入成長達到兩位數，所有細分市場的利潤率都有所擴大。我認為，您還擁有創紀錄的淨銷售水平。

But my question is, is it a one-off quarter that all things happened in this quarter? Or this is an accumulation of what they have done over the past two years and it comes into fruition and it will be sustainable? Thanks.

但我的問題是，所有事情都發生在這個季度，是不是一次性的季度？或者說這是他們這兩年所做的事情的積累，已經結出碩果，並且可持續？謝謝。

Hey, Owen. How are you? I hope you're doing well. This is Ryan. I think that's a great question. So I think the answer is a little bit of all of the above. So when you think about all the strategic changes we have made and the things that we continue to prioritize across the organization, I would say we are satisfied with what we see in terms of short-term production and delivery but we stay very focused, as you know, in the medium to long term and ensuring that we don't get too far over our skis because some of these things are cyclical.

嘿，歐文。你好嗎？我希望你一切都好。這是瑞安。我認為這是一個很好的問題。所以我認為答案是以上所有的一點。因此，當您考慮我們所做的所有策略變革以及我們在整個組織中繼續優先考慮的事情時，我想說，我們對短期生產和交付方面所看到的感到滿意，但我們仍然非常專注，因為你知道，從中長期來看，確保我們不會超出我們的滑雪範圍，因為其中一些事情是週期性的。

When you look at the last quarter, as Sean talked about or what we're talking about right now, I think it's a more combined and focused execution across all business units, we definitely benefited a little bit in timing, especially in Sanjay's around banking in terms of sales. But we talked about that in Q1 and Q2 that some of that was a little bit lower than normal.

當你看看上個季度時，正如肖恩談到的或我們現在正在討論的那樣，我認為這是所有業務部門更加綜合和集中的執行，我們在時機上確實受益匪淺，特別是在桑傑圍繞銀行業務的方面在銷售方面。但我們在第一季和第二季談到，其中一些比正常情況低一些。

When we think about the run rate for SEI moving forward, we are really focused on leading indicators so what do our pipelines look like, what does the activity look like? How are we expanding our total addressable markets, how are we positioning the enterprise for broader breadth of capabilities. And then when we think about the earnings side of that, we're only focused, as you know, Owen, on expanding margins, focused on growing EPS but at the same time, we run this company with a medium to long-term lens.

當我們考慮 SEI 未來的運行率時，我們真正關注的是領先指標，那麼我們的管道是什麼樣的，活動是什麼樣的？我們如何擴大我們的整體目標市場，我們如何定位企業以獲得更廣泛的能力。然後，當我們考慮收​​益方面時，正如你所知，歐文，我們只專注於擴大利潤率，專注於增長每股收益，但與此同時，我們以中長期的眼光來運營這家公司。

So we're constantly thinking about investments that we can make to accelerate or expand our position for growth in the market. Great quarter. As Sean said, though, it is one quarter, but we like the underlying structural things that are happening around SEI.

因此，我們不斷考慮可以進行哪些投資，以加速或擴大我們在市場中的成長地位。很棒的季度。正如 Sean 所說，雖然只有四分之一，但我們喜歡 SEI 周圍發生的潛在結構性事情。

Got it. That's super helpful. And then going back to your FDIC cash program. When I look at the balance, I think it increased to $2.4 billion at the end of the third quarter but the average balance was only $1.2 billion.

知道了。這非常有幫助。然後回到您的 FDIC 現金計劃。當我查看餘額時，我認為第三季末餘額增加到 24 億美元，但平均餘額僅為 12 億美元。

I think Sean touched on, do you expect 4Q fees will -- like will be double to like $20 million or so? But my question is, could you please talk about the driver of that growth closer to quarter end? And what is the average spread you are capturing in this program right now?

我認為 Sean 談到，您是否預計 4Q 費用會翻倍，達到 2000 萬美元左右？但我的問題是，您能否談談接近季度末的成長驅動因素？您現在在此計劃中獲得的平均點差是多少？

Sure. Hey, Owen, it's Paul. Let me give a little bit of commentary there. As indicated, the modifications we made in the program effectuated on September 30, that actual day. So that's why the average is substantially different than the ending balance.

當然。嘿，歐文，我是保羅。讓我對此發表一些評論。如前所述，我們對計劃所做的修改於 9 月 30 日（即實際日期）生效。這就是為什麼平均值與期末餘額有很大不同的原因。

We modified the program on September 30, such that cash in no nonpositional cash is entirely allocated to the integrated cash program.

我們於9月30日修改了該計劃，將非定位現金中的現金全部分配給綜合現金計劃。

Our model portfolio as prior had 1% for operational cash but with the modifications we made sweep all cash that may be invested on a discretionary basis above the 1% unless the advisor trades away from the automatic suite into the money market fund and none of this is positional cash held by investors outside of a model.

我們的模型投資組合之前有 1% 用於營運現金，但經過修改後，我們將所有可酌情投資的現金都掃除了 1% 以上，除非顧問從自動套件交易到貨幣市場基金，而這些都不是是模型之外的投資者持有的頭寸現金。

So those are the modifications we made. Again, we're going to see -- we have seen fluctuations, but we think directionally, we should be nearly double where the contribution was in the third quarter in the fourth quarter. And the average rate or the yield is probably close to about 4% after the interest rate cut. So we made a slight adjustment to the credit rate that we give investors.

這些就是我們所做的修改。再次，我們將看到——我們已經看到了波動，但我們認為，從方向上看，第四季的貢獻應該是第三季的近兩倍。而降息後平均利率或者說收益率大概接近4%左右。因此，我們對給予投資者的信貸利率進行了輕微調整。

So even though the interest rates went down, we took the position of modifying the investor rate from 90 basis points to 100 basis points. So hopefully, that gives you some more color.

因此，儘管利率下降了，我們還是採取了將投資者利率從90個基點修改為100個基點的立場。希望這能給你更多的色彩。

Got it. Thanks, Paul.

知道了。謝謝，保羅。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Thanks and good afternoon, everyone. First, on the sales event strength in the quarter, I see the tables at the end of the press release, which are very helpful. But can you just give a little bit of additional color there. Private banks and investment managers saw a nice pickup as well as investment advisors. But how concentrated were the new wins there any that were really sizable? Was it more spread out?

謝謝大家，下午好。首先，關於本季的銷售活動強度，我看到新聞稿末尾的表格，這非常有幫助。但你能不能在這裡添加一點額外的顏色。私人銀行和投資經理以及投資顧問都出現了良好的回升。但那些真正規模可觀的新勝利的集中程度又是如何？是不是更加分散了？

And then were there any individual wins that spanned across segments, which we might expect to see a little bit more just given that enterprise sales approach you've discussed?

那麼，考慮到您所討論的企業銷售方法，是否有跨越各個細分市場的個人勝利，我們可能會看到更多的勝利？

Yeah. Crispin, hope you are doing well. This is Ryan. I'm going to go first with a quick answer to your question, and then we'll let some of the unit leads give some more color. I think the thing that we are proud of this quarter with the sales events is when you unpack those sales events, there is not one name or one deal that drove that.

是的。克里斯平，希望你一切都好。這是瑞安。我將首先快速回答您的問題，然後我們將讓一些單位領導提供更多的色彩。我認為我們在本季度的銷售活動中感到自豪的事情是，當你解開這些銷售活動時，沒有一個名字或一項交易推動了這一點。

It was a breadth of deals it was deals that were priced where we want them price where our value proposition is really resonating in segments where we want to win. So as a leadership team, I think we are really convinced that the sales events especially when you look at their ability to translate into revenue when installed and profitable revenue, we feel strong about that.

這是一系列交易，這些交易的定價符合我們想要的價格，我們的價值主張在我們想要贏得的細分市場中真正產生了共鳴。因此，作為一個領導團隊，我認為我們確實相信銷售活動，特別是當你看到它們在安裝後轉化為收入和盈利收入的能力時，我們對此感到很強大。

So we did not do anything with lowering pricing, chasing deals that we would have liked nor did we do anything on the expense side that would really deteriorate a client experience. So I think when we look at the sales event, we're going to continue to be really, really focused on segments where we can win, replenish, install, refresh.

因此，我們沒有採取任何降低價格、追逐我們想要的交易的措施，也沒有採取任何會真正惡化客戶體驗的費用方面措施。因此，我認為，當我們審視銷售活動時，我們將繼續真正、真正專注於我們可以贏得、補充、安裝、更新的細分市場。

But I'll let Sanjay, Phil, Michael, Paul give some color on what they're seeing in the market right now. But I think it's a great question, Crispin. And not only were we happy with the top-line number, we're actually happier when you unpack it, it's an area we want to win.

但我會讓桑傑、菲爾、麥可、保羅對目前在市場上看到的情況發表一些看法。但我認為這是一個很好的問題，克里斯平。我們不僅對營收數字感到滿意，而且當你打開它時我們實際上更高興，這是我們想要贏得的領域。

This is Sanjay. Ryan, I'll actual -- what you call earlier. Our go-to-market strategy in terms of different segments, digital community banks here in US market, the investment managers in the UK, that is resonating well with our clients.

這是桑傑。瑞安，我會實際——你之前所說的。我們針對不同細分市場的進入市場策略，美國市場的數位社區銀行，英國的投資經理，與我們的客戶產生了良好的共鳴。

And the wins we are having -- we have this quarter as well as our pipeline we are seeing, that resonating very well with respect to our strategy.

我們所取得的勝利——我們本季所取得的成果以及我們所看到的管道，與我們的策略產生了很好的共鳴。

Our pipeline is pretty solid. And I just saw it, it is in terms of the quality of pipeline and our ability to deliver that backlog and realize revenue.

我們的管道非常穩固。我剛剛看到了，這是就管道的品質以及我們交付積壓訂單和實現收入的能力而言的。

And Crispin, this is Phil McCabe. I'll jump in real quick. As far as overall sales were concerned in IMS, we had record sales with the quarter. We had a record number of new names we had sales across all products and jurisdictions. We are particularly strong in private assets, semi-liquid products and CITs. They were the bright spots.

克里斯平，這是菲爾麥凱布。我會很快跳進去。就 IMS 的整體銷售額而言，我們本季的銷售額創歷史新高。我們在所有產品和司法管轄區的銷售新名稱數量創歷史新高。我們在私人資產、半流動產品和企業所得稅方面尤其強大。他們是亮點。

We're gaining significant traction in EMEA. And other than that, the pipeline is very, very strong and I think the team is doing really well. As far as concentration is concerned, it was 40% new business and 60% cross sales, and we cross-sold over 90 different clients throughout the quarter. So there was no major concentration. So we are just -- it's a very, very healthy business, and the pipeline is very strong.

我們在歐洲、中東和非洲地區獲得了巨大的關注。除此之外，管道非常非常強大，我認為團隊做得非常好。就集中度而言，新業務佔 40%，交叉銷售佔 60%，整個季度我們交叉銷售了 90 多個不同的客戶。所以沒有主要集中。所以我們只是——這是一個非常非常健康的業務，而且管道非常強大。

And Crispin, this is Paul. Just real quick, $1.1 billion in net positive cash flow for the advisor market, nice adoption across all of our product mix. 114 new qualified advisors. That's a record for us over the last 3 years in one quarter. So that's great.

克里斯平，這是保羅。很快，顧問市場就實現了 11 億美元的淨正現金流，我們所有產品組合都得到了很好的採用。 114 位新的合格顧問。這是我們過去三年單季的記錄。那太好了。

Pipeline is strong. And we're really super optimistic about some of the things that Michael is going to do in helping us reimagine going upmarket to larger investors and larger RIAs that he talked about. So we think our TAM is going to increase by some of the VC has in the marketplace.

管道堅固。我們對麥可將要做的一些事情非常樂觀，這些事情可以幫助我們重新構想向他談論的更大的投資者和更大的 RIA 進入高端市場。因此，我們認為我們的 TAM 將隨著市場上的一些風險投資而增加。

Thanks, Paul. This is Jay. Good evening, everyone. Yeah, I've mentioned in prior calls that we are excited about the opportunities we saw in the institutional market in the OCIO market beyond defined benefit that manifests itself this quarter and deals in the endowments in municipality space -- and when we look at the pipeline across those with health care foundations, unions, not for profits, we're -- it's a very robust pipeline and we continue to be optimistic about further growth opportunities there.

謝謝，保羅。這是傑伊。大家晚上好。是的，我在之前的電話會議中提到過，我們對在OCIO 市場的機構市場中看到的機會感到興奮，這些機會超出了本季度體現出來的固定收益以及市政空間捐贈的交易- 當我們看到與醫療保健基金會、工會合作的管道，不以盈利為目的，我們——這是一個非常強大的管道，我們繼續對那裡的進一步增長機會持樂觀態度。

And then, Crispin, and I'll answer just to close with the second part of your question. So we've got three client conferences in October -- we had a large advisor event out in Arizona, Jay had an institutional client event with Michael Lane in Austin and then Sanjay had about 100 clients in the event.

然後，克里斯平，我將回答您問題的第二部分。因此，我們在10 月召開了三場客戶會議——我們在亞利桑那州舉辦了一場大型顧問活動，Jay 與Michael Lane 在奧斯汀舉辦了一場機構客戶活動，然後Sanjay 大約有100 名客戶參加了該活動。

On your question around the enterprise visioning, I still think we're still in the early innings. What is really refreshing to see though is the content for these client conferences are now a much broader exposure to SEI capabilities instead of just unit capabilities. So again, caveat this would we have to execute, but I don't even think we've gotten started on the full enterprise positioning of SEI in the market.

關於你關於企業願景的問題，我仍然認為我們仍處於早期階段。但真正令人耳目一新的是，這些客戶會議的內容現在更加廣泛地展示了 SEI 的能力，而不僅僅是單位的能力。再次強調，我們必須執行這一點，但我甚至認為我們還沒有開始在市場上對 SEI 進行全面的企業定位。

Great. Thank you, Ryan, and everyone. That's all very helpful. And then just one last question from me. Just in the release, you mentioned positive net flows in the quarter. calling out investment advisors and investment managers.

偉大的。謝謝瑞安和大家。這一切都非常有幫助。我還有最後一個問題。就在新聞稿中，您提到了本季的正淨流量。召集投資顧問和投資經理。

Can you just give a little bit more detail there as it relates to products or specific types of clients that drove the flows there?

您能否提供更多細節，因為它與推動那裡流量的產品或特定類型的客戶有關？

Paul, do you want to start?

保羅，你想開始嗎？

Sure. So once again, we talked about $1.1 billion. We saw adoption in our strategies and our SMAs. Some of the repricing we had done on April 1, certainly helped contribute to that. We see a headwind in the marketplace around the SEI mutual funds.

當然。所以我們再一次談了 11 億美元。我們在我們的策略和 SMA 中看到了採用。我們在 4 月 1 日進行的一些重新定價無疑對此做出了貢獻。我們看到 SEI 共同基金市場面臨逆風。

Frankly, we see a headwind in the industry around active mutual funds. So that's not uncommon, but that denominator is getting lower.

坦白說，我們看到該行業圍繞主動型共同基金面臨逆風。所以這並不罕見，但分母正在變得越來越低。

Those assets are staying on platform and redistributing amongst our other product mix. ETFs are strong, direct indexing is strong, launched an opportunity in direct indexing around fixed income, which is a major differentiation in the marketplace.

這些資產保留在平台上，並在我們的其他產品組合中重新分配。ETF 很強勁，直接指數化也很強勁，圍繞固定收益推出了直接指數化的機會，這是市場的主要差異化。

And then finally, we had strong cash flow on our AUA side which is predominantly on our RIA side. When we talk about AUA, those are larger relationships that we signed. We had a large one in the third quarter.

最後，我們的 AUA 方面擁有強勁的現金流，主要是 RIA 方面。當我們談論 AUA 時，這些是我們簽署的更大的關係。我們在第三季有一個大的。

Some of that asset does get redistributed in assets under management as they see the breadth of the capabilities. So hopefully, that gives you some more detail.

當他們看到功能的廣度時，其中一些資產確實會在管理下的資產中重新分配。希望這能為您提供更多細節。

The only thing I would add on the IMS side that we didn't cover, we're benefiting from three or four major tailwinds. One is the globalization of the business. Another one is the convergence of public and private markets. Third is the retailization of alts. And the fourth is just private assets and private credit in general.

我要補充的唯一一點是我們沒有涉及的 IMS 方面，我們正受益於三到四個主要有利因素。一是業務全球化。另一個問題是公共和私人市場的整合。第三是另類商品的零售化。第四個是一般的私人資產和私人信貸。

So all of those industry themes are tailwinds for us and they're causing us to have significant cross-sell and those cross-sells are matriculating and falling to the bottom line very, very quickly.

因此，所有這些行業主題對我們來說都是順風，它們導致我們進行大量的交叉銷售，而這些交叉銷售正在迅速增長並很快降至底線。

Great. Thank you. Appreciate taking my questions.

偉大的。謝謝。感謝回答我的問題。

(Operator Instructions) Jeff Schmitt, William Blair.

（操作員說明）傑夫·施密特，威廉·布萊爾。

I may have missed it, but could you discuss the revenue growth drivers in private banks, like how much was from new clients versus existing clients versus the professional services piece, which I know is ramping now. And then how much is just speeding up the backlog, maybe driving some of that, too?

我可能錯過了，但您能否討論一下私人銀行的收入成長驅動因素，例如新客戶與現有客戶與專業服務部分的收入比例，我知道專業服務部分現在正在增加。那麼，有多少只是加速了積壓，也許也推動了其中一些？

Jeff, it's Sanjay here. So the company all three things you called out, our backlog delivery is solid. You have seen that if you look at our trend line over the last eight quarters, in terms of backlog delivery, in terms of operating expense management in terms of signing new clients. You could see consistently, we are improving.

傑夫，我是桑傑。因此，公司所有你提到的三件事，我們的積壓交付都是可靠的。如果你看看我們過去八個季度的趨勢線，你會發現，在積壓交付、營運費用管理和新客戶簽約方面。你可以看到，我們一直在進步。

And as the new sales of the new revenue growth the professional services as well as an FDA cloud offering. Those two offerings are helping not only with the change management on the client side, which is helping us with the backlog delivery, but it is also helping with the sales cycle.

隨著新收入的新銷售成長，專業服務以及 FDA 雲端產品也隨之成長。這兩項產品不僅有助於客戶端的變更管理（這有助於我們處理積壓的交付），而且還有助於銷售週期。

I think about any changes on the client side when they're moving from a platform to other platform, it's a significant undertaking for the clients. The clients generally make these kind of -- based on these kind of projects once in 15, 20 years.

我認為，當客戶端從一個平台遷移到另一個平台時，客戶端會發生任何變化，這對客戶來說是一項重大任務。客戶通常每 15 年、20 年基於此類專案製作一次。

In SEI, we are running 20-plus of such projects as the year and that's it, we are bringing our best expertise in terms of professional services, enterprise capabilities, and data cloud. And that is what is really helping us not only with the revenue realize at a faster pace, but also winning new business.

在SEI，我們今年運行了20多個這樣的項目，僅此而已，我們在專業服務、企業能力和數據雲方面帶來了我們最好的專業知識。這不僅真正幫助我們更快實現收入，而且還贏得了新業務。

Ryan, do you want to add?

瑞安，你想補充一下嗎？

No, it's perfect.

不，它很完美。

Okay. And then you've been managing expenses in that segment really well. Obviously, we're down last year. I think year-to-date, they're up less than 1%. But can you talk -- and I know you've touched on this before, but like how much of that is coming from R&D cuts versus maybe more efficiency initiatives? And then how should we think about that growth for '25?

好的。然後你就很好地管理了該領域的費用。顯然，我們去年的表現有所下滑。我認為今年迄今為止，它們的漲幅還不到 1%。但你能談談嗎——我知道你之前已經談到過這個問題，但例如其中有多少來自研發削減，而不是更多的效率舉措？那我們該如何看待 25 年的成長呢？

So that's a great question. If you look at our focus on backlog delivery, our focus on professional services and data cloud, as I talked about, that is helping us with the overall FSC improvement. I think about the end of the day, when our clients are consuming our platform, they are relying on us from the bases outsourcing perspective, they're relying on us from the technology platform perspective and that way we are differentiating also with respect to competition.

這是一個很好的問題。如果你看看我們對積壓交付的關注，我們對專業服務和數據雲的關注，正如我所說，這正在幫助我們整體 FSC 的改進。我認為歸根結底，當我們的客戶使用我們的平台時，他們從基礎外包的角度依賴我們，從技術平台的角度依賴我們，這樣我們在競爭方面也能實現差異化。

Regarding the margin management of expense management, R&D expenses, we have been very judicious because that's something very, very critical for us to keep pace with the change in the industry. The new products and solutions we need to invest in, in terms of solution expansion and segment expansion and continue to provide superior services to our clients that's absolute priority for us.

關於費用管理、研發費用的利潤管理，我們一直都非常明智，因為這對我們跟上產業變化的步伐非常非常關鍵。我們需要在解決方案擴展和細分市場擴展方面投資新產品和解決方案，並繼續為客戶提供優質服務，這是我們的絕對優先事項。

Our motto is that okay, we are going to help our clients to grow their business, and we are not compromising on R&D expenses as part of our expense management. What we have really realized our margin expansion is through efficiency improvements.

我們的座右銘是，好吧，我們將幫助我們的客戶發展他們的業務，並且作為我們費用管理的一部分，我們不會在研發費用上做出妥協。我們真正意識到利潤率的擴大是透過效率的提高。

We are investing in AI. We are investing in automation. We are investing in how we can better manage our backlog delivery. So those are the differentiating factors which are helping with our excellent management.

我們正在投資人工智慧。我們正在投資自動化。我們正在投資如何更好地管理我們的積壓交付。這些都是有助於我們實現卓越管理的差異化因素。

Jeff, I'd actually add and you talked about this a little bit in New York when Sean and I were with you also continue to think about the company though, not just with the vertical lens with a horizontal lens as we drive more leverage and efficiency across our technology footprint, as we think about our operational footprint, all the unit leads benefit from that focus and energy that we're putting and optimizing there.

傑夫，我實際上想補充一點，當肖恩和我和你在一起時，你在紐約談到了這一點，但也繼續思考公司，而不僅僅是垂直鏡頭和水平鏡頭，因為我們推動了更多的槓桿作用和我們的技術足跡的效率，當我們考慮我們的營運足跡時，所有部門領導都受益於我們在那裡投入和優化的重點和精力。

And they're actually starting to collaborate more, we're able to accelerate more delivery of things. We're able to prioritize differently. So Sanjay's team has done an amazing job of managing the expenses in the vertical. But as a leadership team, we continue to think about horizontally what can we be doing foundationally that really drives true scale and infrastructure.

他們實際上開始更多地合作，我們能夠加速更多的交付。我們能夠以不同的方式確定優先順序。因此，Sanjay 的團隊在管理垂直支出方面做得非常出色。但作為一個領導團隊，我們繼續橫向思考我們可以做些什麼來真正推動真正的規模和基礎設施。

Because one of the other things we talk about, we are certainly happy with the sales events in this quarter, but we expect greater things in the future, and we're not going to stop investing in the infrastructure and all the things required to absorb that and deliver a great client experience. But those are things are done horizontally across the company.

因為我們談論的其他事情之一，我們當然對本季的銷售活動感到滿意，但我們預計未來會有更大的事情，並且我們不會停止對基礎設施和吸收所需的所有東西的投資並提供出色的客戶體驗。但這些事情是在整個公司橫向完成的。

Okay. Yeah, that makes sense. Very helpful. So thank you.

好的。是的，這是有道理的。非常有幫助。所以謝謝你。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Ryan for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。現在我想將電話轉回給瑞安，讓他發表結束語。

Thank you. Thank you for everybody for attending the call today. I would just leave you with Sean's remarks from earlier, it was a really great quarter, but it was one quarter. We're focused on the long term. We're focusing what we need to do to maximize SEI's capability and potential.

謝謝。感謝大家今天參加電話會議。我只想給你們留下肖恩早些時候的言論，這是一個非常偉大的季度，但只是一個季度。我們著眼於長期。我們專注於最大限度地發揮 SEI 的能力和潛力。

We like where we see ourselves right now. We'll continue to lean into more secular trends where we can win but we're really focused on how do we create the same momentum in energy and success across all of our units and capabilities that we're starting to see emerge in a few of them. I appreciate everybody's time and look forward to seeing everybody, hopefully, in person in Q4.

我們喜歡現在的自己。我們將繼續傾向於更長期的趨勢，在這些趨勢中我們可以獲勝，但我們真正關注的是如何在我們的所有部門和能力中創造相同的能量和成功動力，我們開始看到在一些部門中出現其中。我感謝大家抽出時間，並期待在第四季與大家見面。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。