使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the StoneX Group Inc. First Quarter Fiscal Year 2023 Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. I would now like to hand the conference over to your speaker host today, Mr. Bill Dunaway, Chief Financial Officer. Please go ahead, sir.
早上好,女士們,先生們。感謝您的支持,歡迎來到 StoneX Group Inc. 2023 財年第一季度電話會議。 (操作員說明)請注意,今天的會議可能會被錄製。我現在想把會議交給今天的演講主持人,首席財務官 Bill Dunaway 先生。請繼續,先生。
William John Dunaway - CFO
William John Dunaway - CFO
Good morning. My name is Bill Dunaway. Welcome to our earnings conference call for our first quarter ended December 31, 2022. After the market closed yesterday, we issued a press release reporting our results for the first fiscal quarter of 2023. This release is available on our website at www.stonex.com as well as a slide presentation, which we'll refer to on this call in our discussions of our quarterly results. You will need to sign on to the live webcast in order to view the presentation. The presentation and an archive of the webcast will also be available on our website after the call's conclusion.
早上好。我的名字是比爾·唐納威。歡迎參加我們截至 2022 年 12 月 31 日的第一季度收益電話會議。昨天收市後,我們發布了一份新聞稿,報告了我們 2023 年第一財季的業績。該新聞稿可在我們的網站 www.stonex 上獲取。 com 以及幻燈片演示文稿,我們將在本次電話會議上討論我們的季度業績時參考它。您需要登錄網絡直播才能觀看演示文稿。電話會議結束後,還將在我們的網站上提供網絡廣播的演示文稿和存檔。
Before getting underway, we are required to advise you, and all participants should note, the following discussion should be taken in conjunction with the most recent financial statements and notes thereto as well as the Form 10-Q filed with the SEC. This discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC. Although the company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the company's actual results will not differ materially from any results expressed or implied by the company's forward-looking statements.
在開始之前,我們需要告知您,並且所有參與者都應注意,以下討論應結合最近的財務報表及其附註以及向美國證券交易委員會提交的 10-Q 表格進行。本討論可能包含經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條含義內的前瞻性陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性,我們在提交給美國證券交易委員會的文件中對此進行了詳細說明。儘管公司認為其前瞻性陳述是基於對其業務和未來市場狀況的合理假設,但無法保證公司的實際結果不會與公司前瞻性陳述中明示或暗示的任何結果存在重大差異.
The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance. With that, I'll now turn the call over to Sean O'Connor, the company's CEO.
公司不承擔公開更新或修改任何前瞻性陳述的義務,無論是由於新信息、未來事件或其他原因。請讀者註意,任何前瞻性陳述都不是對未來業績的保證。有了這個,我現在將電話轉給公司首席執行官肖恩奧康納。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Thanks, Bill. Good morning, everyone, and thanks for joining our Fiscal 2023 First Quarter Earnings Call. The first quarter of fiscal 2023 was marked with the continuing effects of inflationary pressures on global markets and significant increases in short-term interest rates. Volatility continued in both financial and physical markets, however, at a more diminished level than we experienced for much of fiscal 2022, especially towards the end of the quarter.
謝謝,比爾。大家早上好,感謝您加入我們的 2023 財年第一季度財報電話會議。 2023 財年第一季度的特點是通脹壓力對全球市場的持續影響以及短期利率的顯著上升。然而,金融和實物市場的波動仍在繼續,其波動程度比我們在 2022 財年大部分時間所經歷的水平要低,尤其是在本季度末。
Turning to Slide 3 in the earnings deck, which compares quarterly operating revenues by product versus a year ago. Listed derivative revenues were essentially flat as higher volumes were offset by lower revenue capture. Revenue from over-the-counter derivatives were down 9% off the back of lower volumes and slightly tighter spreads. Physical revenues were up a strong 46% due to the addition of CDI as well as good results from the precious metals activity. This was despite a $4.2 million mark-to-market loss on derivatives held against inventories which should reverse next quarter. Securities operating revenues were up 91% as a result of significantly higher volumes and also interest rates.
轉到收益面板中的幻燈片 3,它比較了按產品分類的季度營業收入與一年前的情況。上市衍生品收入基本持平,因為交易量增加被收入減少所抵消。由於交易量減少和利差略微收緊,場外交易衍生品的收入下降了 9%。由於 CDI 的加入以及貴金屬活動的良好結果,實物收入強勁增長了 46%。儘管根據存貨持有的衍生品按市值計價損失了 420 萬美元,但下個季度應該會逆轉。由於交易量和利率顯著提高,證券營業收入增長了 91%。
While the higher interest rates helped drive the increase in securities operating revenue, we experienced significant increase in interest expense related to our fixed income trading as well. This happens as when we trade bonds, we earn the carried interest on our positions but also incur related interest expense on financing the securities, which results in a bit of a gross up on the income statement. We have changed our method of calculating securities rate per million revenue capture for this quarter and the prior year to address this and are now deducting the related interest expense associated with our fixed income trading.
雖然較高的利率有助於推動證券營業收入的增長,但我們的固定收益交易相關的利息支出也大幅增加。發生這種情況的原因是,當我們交易債券時,我們賺取了頭寸的附帶權益,但也為證券融資產生了相關的利息費用,這導致損益表的總額略有增加。我們已經更改了計算本季度和上一年每百萬收入捕獲的證券利率的方法以解決這個問題,現在正在扣除與我們的固定收益交易相關的相關利息費用。
Factoring this in, the securities rate per million declined 20% to $422 in the first quarter as compared to $529 in the prior year. Securities net operating revenues, which deducts the interest expense in aggregate as well as the clearing costs and IB commissions, increased 29% versus the prior year driven by increased volumes. Global Payments recorded their best ever quarter with revenues up 31% and volumes up 23% and revenue capture up 7%. Our FX and CFD revenue was down 32% largely due to tougher market conditions, which resulted in lower revenue capture, down 27% versus a year ago. Interest and fee income on client balances was $86.2 million, up over 900% as we realized the impact of the cumulative interest rate increases off the back of a 56% increase in our total client float, which now stands at $9.8 billion.
考慮到這一點,第一季度每百萬證券利率下降 20% 至 422 美元,而去年同期為 529 美元。在交易量增加的推動下,扣除利息支出總額以及清算成本和 IB 佣金的證券淨營業收入較上年增長 29%。 Global Payments 創下有史以來最好的季度收入增長 31%,交易量增長 23%,收入增長 7%。我們的外彙和差價合約收入下降了 32%,這主要是由於市場環境更加嚴峻,導致收入減少,與一年前相比下降了 27%。客戶餘額的利息和費用收入為 8620 萬美元,增長超過 900%,因為我們意識到在我們的總客戶浮動量增加 56%(目前為 98 億美元)後累積利率增加的影響。
Moving on to Slide 4, which shows the same data for the trailing 12 months. Over this longer period, we realized strong double-digit revenue growth across all products, except listed derivatives, which was up 9%. We have generally seen increases in both volumes and revenue capture over this period with the exception of securities and listed derivatives showing declines in revenue capture.
轉到幻燈片 4,它顯示了過去 12 個月的相同數據。在這段較長的時間裡,我們實現了所有產品的強勁兩位數收入增長,但上市衍生品除外,該產品增長了 9%。在此期間,我們普遍看到交易量和收入增加,但證券和上市衍生品的收入減少除外。
Turning now to Slide 5 and a summary of our first quarter and trailing 12-month results. We recorded operating revenues of $ 654.8 million, up 45% versus the prior year. Our operating revenues were boosted by interest both on our client float and also the interest that is embedded in our fixed income trading, as I mentioned earlier. Net operating revenues, which nets off the interest expense as well as introducing broker commissions and clearing costs, was up 22%.
現在轉到幻燈片 5 以及我們第一季度和過去 12 個月業績的總結。我們的營業收入為 6.548 億美元,比上年增長 45%。正如我之前提到的,我們的營業收入受到客戶浮動利息和固定收益交易中嵌入的利息的推動。扣除利息支出以及引入經紀人佣金和清算成本後的淨營業收入增長了 22%。
Total compensation and other expenses were up 19% versus the quarter -- for the quarter with variable compensation up 18%, slightly below the net operating revenue growth rate. Fixed compensation and related costs increased 8% versus a year ago and were in line with the immediately prior quarter.
總薪酬和其他費用與本季度相比增長了 19%——可變薪酬的本季度增長了 18%,略低於淨營業收入增長率。固定薪酬和相關成本與一年前相比增長了 8%,與上一季度持平。
During the quarter, we acquired CDI, a global cotton merchant business based in Switzerland, with clients and producers in Brazil and West Africa as well as buyers in the APAC region. This acquisition resulted in a gain on acquisition of $23.5 million, both before and after tax. Excluding the acquisition gain of $23.5 million and the intangible amortizations we recorded, adjusted net income of $55.3 million, up 27% over the last year and up 2% on the immediately prior quarter. On the same basis, we achieved adjusted ROE of 19.7%. Including the gain on acquisition, and as reported, our earnings were $76.6 million, resulting in an ROE of 27.3%. We realized record operating revenues for both our Institutional and Global Payments segments.
本季度,我們收購了總部位於瑞士的全球棉花貿易公司 CDI,其客戶和生產商位於巴西和西非,買家則位於亞太地區。此次收購導致稅前和稅後 2350 萬美元的收購收益。不包括 2350 萬美元的收購收益和我們記錄的無形攤銷,調整後的淨收入為 5530 萬美元,比去年增長 27%,比上一季度增長 2%。在同樣的基礎上,我們實現了 19.7% 的調整後淨資產收益率。包括收購收益在內,據報導,我們的收益為 7660 萬美元,淨資產收益率為 27.3%。我們的機構和全球支付部門實現了創紀錄的營業收入。
Looking at the summary for the trailing 12 months. Operating revenues were a record $2.3 billion, up 33% over the prior year. Net income was a record $242 million, up 75%. And excluding the acquisition gain and the related intangible amortization, was $226.6 million, up 60%. Our diluted EPS was $11.59 for the trailing 12 months, up 70%. Our ROE was 23% despite equity increasing 47% over the last 2 years.
查看過去 12 個月的摘要。營業收入達到創紀錄的 23 億美元,比上年增長 33%。淨收入達到創紀錄的 2.42 億美元,增長 75%。不包括收購收益和相關的無形資產攤銷,為 2.266 億美元,增長 60%。我們過去 12 個月的稀釋每股收益為 11.59 美元,增長了 70%。儘管股本在過去兩年中增長了 47%,但我們的股本回報率為 23%。
Our financial results were boosted by higher interest and fee income on our client float as we started to realize the full benefit of the accumulated interest rate increases. As mentioned last quarter, our interest-earning assets generally take about 45 days to reprice to new rates. Our average gross yield on our client float was 303 basis points for the quarter versus 193 basis points for the fourth quarter. And our net interest and fee income after deducting what is paid to finance increased $36.3 million versus the prior year quarter.
我們的財務業績受到客戶浮動利率和費用收入增加的推動,因為我們開始意識到累積利率上漲的全部好處。正如上個季度所述,我們的生息資產通常需要大約 45 天的時間才能根據新利率重新定價。本季度我們客戶浮動的平均毛收益率為 303 個基點,而第四季度為 193 個基點。扣除支付給融資的款項後,我們的淨利息和費用收入比去年同期增加了 3630 萬美元。
We ended the quarter with a book value of $57.17, up 21% versus a year ago.
本季度結束時,我們的賬面價值為 57.17 美元,比一年前增長 21%。
Turning now to Slide 6, which is our segment summary. Just to touch on some highlights before Bill gets into more detail. For the quarter, segment operating revenue was up 44% and segment net income was up 19%, with very strong performances across all but one of our client segments. Our commercial client segment was up 26% in segment income off the back of a 20% increase in operating revenues, with strong performances from our physical business following the acquisition of CDI as well as the effect of higher interest rates. Our Institutional segment [revised] 113% increase in revenues, which translated into a 94% increase in segment income.
現在轉到幻燈片 6,這是我們的細分摘要。在 Bill 詳細介紹之前,先簡單介紹一些要點。本季度,分部營業收入增長了 44%,分部淨收入增長了 19%,除我們的一個客戶分部外,所有分部的表現都非常強勁。由於營業收入增長 20%,我們的商業客戶部門的部門收入增長了 26%,收購 CDI 後我們的實體業務表現強勁以及利率上升的影響。我們的機構部門[修訂]收入增長 113%,這轉化為部門收入增長 94%。
This was largely due to a much improved performance from our securities business in particularly equity market-making versus a softer quarter a year ago as well as the increase in interest and fee income. Retail had a tough quarter with more challenging market conditions, resulting in a lower revenue capture compared to a much more favorable environment last year. Operating revenue was down 27%, which resulted in a segment loss of $4.2 million, demonstrating that the high operational leverage we have with the digital platform works both ways. Global Payments revenue was up 31% and segment income was up 32% with solid increases in both volumes and revenue capture.
這主要是由於我們的證券業務在股票做市方面的業績與一年前疲軟的季度相比有了很大改善,以及利息和費用收入的增加。零售業經歷了一個艱難的季度,市場條件更具挑戰性,導致與去年有利得多的環境相比收入減少。營業收入下降了 27%,導致分部虧損 420 萬美元,這表明我們對數字平台的高運營槓桿作用是雙向的。全球支付收入增長 31%,分部收入增長 32%,交易量和收入均有穩步增長。
For the trailing 12 months, we had segment operating revenue and segment income up double digits across the board. These were strong quarterly results, but as we have said repeatedly, we take a long-term view on how we manage the company and grow our franchise. As such, we believe that the best way to gauge our results and progress is to look at longer-term performance, such as the trailing 12 months rather than specific quarters taken in isolation.
在過去的 12 個月裡,我們的分部營業收入和分部收入全面增長了兩位數。這些是強勁的季度業績,但正如我們反复說過的那樣,我們從長遠角度看待我們如何管理公司和發展我們的特許經營權。因此,我們認為衡量我們的結果和進展的最佳方式是查看長期表現,例如過去 12 個月,而不是孤立地查看特定季度。
Turning to Slide 7, which sets out our trailing 12-month financial performance over the last 9 quarters. These numbers have all been adjusted for the accounting treatment related to the gain in CDI acquisitions as disclosed in our prior filings, and which appear the reconciliation provided in the appendix at the end of this earnings deck. On the left-hand side, the bars represent our trailing 12-month operating revenue over the last 9 quarters. As you can see, this has been a smooth and strongly upward trend as we have steadily expanded our footprints and capabilities. Our operating revenues are up 64% over this period for a 28% compound average annual growth rate. Our adjusted pretax income likewise has grown significantly at a 40% CAGR.
轉到幻燈片 7,其中列出了我們在過去 9 個季度中過去 12 個月的財務業績。這些數字都已根據我們之前提交的文件中披露的與 CDI 收購收益相關的會計處理進行了調整,並且出現在本收益平台末尾的附錄中提供的對賬。在左側,條形代表我們過去 9 個季度過去 12 個月的營業收入。正如您所看到的,這是一個平穩且強勁的上升趨勢,因為我們穩步擴大了我們的足跡和能力。在此期間,我們的營業收入增長了 64%,複合年均增長率為 28%。我們調整後的稅前收入同樣以 40% 的複合年增長率顯著增長。
On the right side, you can see our adjusted net income in the bars, which is up 107% over 2 years for a 44% CAGR. The dotted line represents our ROE, which has remained above our 15% target, even though our capital has grown by 47% over this period. With that, I'll hand you over to Bill Dunaway for a discussion of the financial results. Bill?
在右側,您可以在條形圖中看到我們調整後的淨收入,它在 2 年內增長了 107%,複合年增長率為 44%。虛線代表我們的股本回報率,儘管我們的資本在此期間增長了 47%,但仍高於我們 15% 的目標。有了這個,我會把你交給 Bill Dunaway 來討論財務結果。賬單?
William John Dunaway - CFO
William John Dunaway - CFO
Thank you, Sean. I will be starting with Slide #8, which shows our consolidated income statement for the first quarter of fiscal 2023. Sean covered many of the consolidated highlights for the quarter, so I'll highlight a few more and then move on to a segment discussion. Transaction-based clearing expenses declined 5% to $67.3 million in the current period primarily due to lower fees and equity products and the decline in FX/CFD contracts average daily volume.
謝謝你,肖恩。我將從幻燈片 #8 開始,它顯示了我們 2023 財年第一季度的合併損益表。Sean 涵蓋了本季度的許多合併亮點,所以我將重點介紹幾個,然後繼續進行細分討論.本期基於交易的清算費用下降 5% 至 6,730 萬美元,這主要是由於費用和股票產品的減少以及 FX/CFD 合約日均交易量的下降。
Introducing broker commissions declined 4% to $36.8 million in the current period principally due to declines in our independent wealth management and retail FX/CFD business, which was partially offset by incremental expense from the CDI acquisition. Interest expense increased $138.6 million versus the prior year primarily as a result of the $93.3 million increase in interest expense related to our institutional fixed income business, which Sean noted earlier, as well as a $36.1 million increase in interest paid to clients on their deposits as a result of the significant increase in short-term interest rates.
本期介紹經紀人佣金下降 4% 至 3680 萬美元,這主要是由於我們的獨立財富管理和零售 FX/CFD 業務下降,部分被 CDI 收購的增量費用所抵消。利息支出比上一年增加了 1.386 億美元,這主要是由於與我們的機構固定收益業務相關的利息支出增加了 9330 萬美元,肖恩早些時候指出,以及支付給客戶存款的利息增加了 3610 萬美元短期利率大幅上升的結果。
Interest expense on corporate funding increased $2.6 million versus the prior year, also as a result of the increase in short-term interest rates as well as an increase in average borrowings. Variable compensation increased $18.1 million versus the prior year due to the increase in net operating revenues and represented 31% of net operating revenues in the current period compared to 32% of net operating revenues in the prior year period.
公司融資的利息支出比上一年增加了 260 萬美元,這也是由於短期利率上升以及平均借款增加所致。由於淨營業收入的增加,可變薪酬比上一年增加了 1810 萬美元,佔本期淨營業收入的 31%,而去年同期為淨營業收入的 32%。
Fixed compensation increased $5.9 million versus the prior year with the growth principally related to salary and benefit costs of increased head count, which increased 13% as compared to the prior year, which was partially offset by an increase in deferred compensation. Other fixed expenses increased $23.7 million as compared to the prior year to $110.2 million, which also represented a $3.8 million increase over the immediately preceding quarter.
固定薪酬比上年增加 590 萬美元,增長主要與員工人數增加帶來的工資和福利成本有關,比上年增長 13%,部分被遞延薪酬的增加所抵消。其他固定費用比上年增加 2370 萬美元,達到 1.102 億美元,也比上一季度增加 380 萬美元。
As compared to the prior year, trading systems and market information increased $1.6 million primarily in our securities businesses. In addition, professional fees increased $4 million versus the prior year principally due to higher legal, accounting and other consulting fees. Nontrading technology and support increased $1.8 million due to nontrading software implementations, and selling and marketing expenses increased $1.9 million principally due to increased campaigns in our retail FX/CFD business as well as additional hosted conferences and marketing expenses across our businesses.
與上一年相比,交易系統和市場信息主要在我們的證券業務中增加了 160 萬美元。此外,專業費用比上一年增加了 400 萬美元,主要原因是法律、會計和其他諮詢費用增加。由於非交易軟件的實施,非交易技術和支持增加了 180 萬美元,銷售和營銷費用增加了 190 萬美元,這主要是由於我們零售 FX/CFD 業務的活動增加以及我們業務中額外舉辦的會議和營銷費用。
We continue to see an uptick in travel and business development, increasing $2.8 million as compared to the prior year. Finally, depreciation and amortization increased $3.6 million as compared to the prior year due to incremental depreciation related to internally developed software as well as higher amortization on leasehold improvements and intangibles acquired.
我們繼續看到旅遊和商業發展的增長,與上一年相比增加了 280 萬美元。最後,折舊和攤銷較上年增加 360 萬美元,原因是與內部開發的軟件相關的增量折舊以及租賃資產改良和收購的無形資產的更高攤銷。
We had bad debt expense, net of recoveries of $700,000 for the quarter versus a $200,000 recovery in the prior year period. Net income for the first quarter of fiscal 2023 was $76.6 million and represented an 84% increase over the prior year and a 46% increase versus the immediately preceding quarter. As Sean noted, net income includes a nontaxable gain on the acquisition of CDI in the current period.
我們有壞賬費用,扣除本季度 700,000 美元的回收,而去年同期為 200,000 美元。 2023 財年第一季度的淨收入為 7660 萬美元,比上年增長 84%,比上一季度增長 46%。正如肖恩指出的那樣,淨收入包括當期收購 CDI 的免稅收益。
Moving on to Slide #9. I'll provide some more information on our operating segments. Our Commercial segment added $29.8 million in operating revenues versus the prior year, however, declined $2.8 million when compared to the immediately preceding quarter. This increase was driven by a $20.7 million increase in interest earned on client balances versus the prior year as a result of a 25% increase in average client equity as well as a significant increase in short-term interest rates.
轉到幻燈片 #9。我將提供更多關於我們運營部門的信息。我們的商業部門的營業收入比上一年增加了 2980 萬美元,但是與上一季度相比減少了 280 萬美元。這一增長是由客戶餘額賺取的利息較上一年增加 2070 萬美元推動的,這是由於平均客戶資產增加 25% 以及短期利率顯著增加所致。
In addition, operating revenues from physical transactions increased $16.3 million compared to the prior year principally due to the acquisition of CDI as well as an increase in precious metals activities. These increases were partially offset by $3.9 million and $4.2 million declines in operating revenues from listed and OTC derivatives, respectively. Segment income was $82.8 million for the period, an increase over the prior year and preceding quarter of 26% and 3%, respectively.
此外,實物交易的營業收入比上一年增加了 1630 萬美元,這主要是由於收購了 CDI 以及貴金屬活動的增加。這些增長被上市和場外衍生品營業收入分別下降 390 萬美元和 420 萬美元所部分抵消。該期間的分部收入為 8280 萬美元,比去年和上一季度分別增長 26% 和 3%。
Moving on to Slide #10. Operating revenues in our Institutional segment increased to $182.2 million versus the prior year primarily driven by $115.5 million increase in securities operating revenues compared to the prior year as a result of a 56% increase in the average daily volume of securities transactions as well as the increase in interest rates. The increase in securities ADV was primarily driven by an increase in volumes in both equity and fixed income markets as a result of continued volatility and increased market share.
轉到幻燈片 #10。我們機構部門的營業收入比上一年增加到 1.822 億美元,這主要是由於證券營業收入比上一年增加了 1.155 億美元,這是由於平均每日證券交易量增加了 56% 以及增加在利率方面。證券 ADV 的增加主要是由於持續波動和市場份額增加導致股票和固定收益市場交易量增加。
As Sean mentioned earlier, the increase in interest rates also led to a significant increase in securities related interest expense for the period, which I will touch on momentarily. Operating revenues increased $3.1 million and $3.9 million in the listed derivative and FX products, respectively, driven by growth in both listed derivatives and FX contract volumes.
正如肖恩之前提到的,利率上升也導致該期間與證券相關的利息支出大幅增加,我稍後會談到這一點。受上市衍生品和外匯合約交易量增長的推動,上市衍生品和外匯產品的營業收入分別增加了 310 萬美元和 390 萬美元。
Finally, interest and fee income earned on client balances increased $56.7 million versus the prior year as a result of the increase in short-term rates as well as a 106% increase in average client equity. The rise in short-term interest rates drove an increase in interest expense for the period with interest expense increasing $132.9 million versus the prior year. Interest expense related to fixed income trading and securities lending activities increased $93.3 million and $2.2 million, respectively, as compared to the prior year, while interest paid to clients increased $33.1 million.
最後,由於短期利率上升以及平均客戶資產增加 106%,客戶餘額賺取的利息和費用收入比上一年增加了 5670 萬美元。短期利率的上升推動了當期利息支出的增加,利息支出比上一年增加了 1.329 億美元。與上一年相比,與固定收益交易和證券借貸活動相關的利息支出分別增加了 9330 萬美元和 220 萬美元,而支付給客戶的利息增加了 3310 萬美元。
Segment income increased 94% to $62 million in the current period as a result of the $50.3 million increase in net operating revenues. Variable compensation increased 37% or $13.1 million as a result of the growth in net operating revenues. Fixed compensation and benefits increased $1.7 million versus the prior year as we build out our product offering, while other fixed expenses increased $5.6 million, including a $1.7 million increase in professional fees, a $1.5 million increase in trading systems and market information. Segment income increased $17 million versus the immediately preceding quarter.
由於淨營業收入增加 5030 萬美元,本期分部收入增加 94% 至 6200 萬美元。由於淨營業收入的增長,可變薪酬增加了 37% 或 1,310 萬美元。隨著我們增加產品供應,固定薪酬和福利比上一年增加了 170 萬美元,而其他固定費用增加了 560 萬美元,包括專業費用增加 170 萬美元,交易系統和市場信息增加 150 萬美元。與上一季度相比,部門收入增加了 1700 萬美元。
Moving to the next slide. Operating revenues in our Retail segment declined $25.9 million versus the prior year, which was primarily driven by a $27.3 million decrease in FX and CFD revenues as a result of the 29% decline in RPM as well as a 10% decline in FX/CFD average daily volume as compared to the prior year. Operating revenues from securities transactions declined $4.1 million, while operating revenues from physical contracts added $2.5 million as compared to the prior year period. Operating revenues in the Retail segment declined $31.3 million versus the immediately preceding quarter.
移動到下一張幻燈片。我們零售部門的營業收入與上一年相比下降了 2590 萬美元,這主要是由於 RPM 下降 29% 以及 FX/CFD 平均下降 10% 導致外彙和差價合約收入下降 2730 萬美元每日交易量與上一年相比。與去年同期相比,證券交易的營業收入下降了 410 萬美元,而實物合約的營業收入增加了 250 萬美元。零售部門的營業收入與上一季度相比下降了 3130 萬美元。
We recorded a $4.2 million segment loss in the current period versus segment income of $23.4 million in the prior year primarily as a result of the decline in the operating revenues. Other fixed expenses increased $6.5 million compared to the prior year, driven by a $1.1 million increase in selling and marketing, a $1.8 million increase in depreciation and amortization, $600,000 increase in non-technology and support costs and a $300,000 increase in travel and business development.
我們在本期記錄了 420 萬美元的分部虧損,而上一年的分部收入為 2340 萬美元,這主要是由於營業收入下降。其他固定費用較上年增加 650 萬美元,原因是銷售和營銷增加 110 萬美元,折舊和攤銷增加 180 萬美元,非技術和支持成本增加 600,000 美元,差旅和業務發展增加 300,000 美元.
Closing out the segment discussion on the next slide, operating revenues in Global Payments increased $13 million versus the prior year, driven by a 23% increase in the average daily volume and a 7% increase in the rate per million as compared to the prior year. Non-variable expenses increased $2.4 million and is primarily related to the expansion of our payment offerings.
關閉下一張幻燈片的細分討論,全球支付的營業收入比上一年增加了 1300 萬美元,這是由於平均每日交易量比上一年增加了 23%,每百萬人的費率比上一年增加了 7% .非可變費用增加了 240 萬美元,主要與我們支付產品的擴展有關。
Segment income was $32.3 million in the current period and represents a 32% increase over both the prior year and immediately preceding quarter.
本期分部收入為 3230 萬美元,比去年同期和上一季度增長 32%。
Moving on to Slide #13, which represents a bridge between operating revenues for the first quarter of last year to the current period across our operating segments. Overall operating revenues were $654.8 million in the current period, up $204.3 million or 45% over the prior year.
轉到幻燈片 #13,它代表了去年第一季度營業收入與我們各運營部門當期營業收入之間的橋樑。本期總營業收入為 6.548 億美元,比上年增長 2.043 億美元或 45%。
I have covered the changes in operating revenues for our segments. However, the $5.2 million positive variance in revenues in unallocated overhead is primarily related to an increase in unallocated interest income, net of an FX hedge-related loss as compared to the prior year period.
我已經介紹了我們部門營業收入的變化。然而,與去年同期相比,未分配間接費用收入的 520 萬美元正差異主要與未分配利息收入增加有關,扣除與外匯對沖相關的損失。
So next Slide #14 represents a bridge from 2022 first quarter pretax income of $52.5 million to pretax income of $95.6 million in the current period. The positive variance in unallocated overhead of $15.5 million was driven by the $5.2 million positive variance in revenues I just mentioned as well as a $23.5 million gain on acquisition, which was partially offset by a $4.1 million increase in variable compensation as a result of improved performance, a $2.3 million increase in professional fees, a $700,000 increase in depreciation and amortization, a $900,000 increase in trade systems and market information and a $1 million increase in travel and business development.
因此,下一張幻燈片 #14 代表了從 2022 年第一季度 5250 萬美元的稅前收入到本期 9560 萬美元的稅前收入的橋樑。 1550 萬美元的未分配間接費用的正差異是由我剛才提到的 520 萬美元的收入正差異以及 2350 萬美元的收購收益驅動的,這部分被績效改善導致的可變薪酬增加 410 萬美元所抵消,專業費用增加 230 萬美元,折舊和攤銷增加 700,000 美元,貿易系統和市場信息增加 900,000 美元,差旅和業務發展增加 100 萬美元。
Finally, moving on to Slide 15, which depicts our interest and fees earned on client balances by quarter as well as a table which shows the annualized interest rate sensitivity for a change in short-term rates. Interest and fee income, net of interest paid to clients and the effect of interest rate swaps increased $36.3 million to $44.3 million in the current period as compared to $8 million in the prior year. As noted in the table, we estimate a 100 basis point change in short-term interest rates, either up or down would result in a change to net income by $28.8 million or $1.40 per share on an annualized basis. With that, I would like to turn it back to Sean.
最後,轉到幻燈片 15,它按季度描述了我們從客戶餘額中賺取的利息和費用,以及一張顯示短期利率變化的年化利率敏感性的表格。本期利息和費用收入(扣除支付給客戶的利息和利率掉期的影響)增加 3,630 萬美元至 4,430 萬美元,而去年同期為 800 萬美元。如表中所示,我們估計短期利率變化 100 個基點,無論是上升還是下降,都會導致年淨收入變化 2880 萬美元或每股 1.40 美元。有了這個,我想把它轉回肖恩。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Thanks, Bill. Let's move on to the final slide, 16. We achieved very strong results in the fiscal first quarter 2023, delivering double-digit increases in operating revenues and net income, which resulted in diluted EPS of $3.62 and an ROE of over 27% for the quarter. These results included a $23.5 million nontaxable gain on the acquisition of CDI, which contributed $1.11 of earnings per diluted share and a significant increase in interest income, reflecting the growth in our client assets and higher interest rate environment.
謝謝,比爾。讓我們轉到最後一張幻燈片,16。我們在 2023 財年第一季度取得了非常強勁的業績,營業收入和淨收入實現了兩位數的增長,攤薄後每股收益為 3.62 美元,淨資產收益率超過 27%四分之一。這些業績包括收購 CDI 獲得的 2350 萬美元免稅收益,這貢獻了 1.11 美元的攤薄每股收益和利息收入的顯著增加,反映了我們客戶資產的增長和更高的利率環境。
While trading conditions moderated towards the end of the first quarter, the multiple drivers of our business, including our disciplined approach to acquisitions, the strong growth in client assets and our core operating performance, exemplify the diversity in our operating model. We believe that these multiple drivers and our ongoing investments position us to continue to empower our clients and drive our growth and deliver shareholder value.
雖然在第一季度末交易條件有所緩和,但我們業務的多重驅動因素,包括我們嚴格的收購方式、客戶資產的強勁增長和我們的核心運營績效,都體現了我們運營模式的多樣性。我們相信,這些多重驅動因素和我們正在進行的投資使我們能夠繼續為我們的客戶提供支持,推動我們的增長並為股東創造價值。
When our performance is viewed through a slightly longer-term lens such as trailing 12 months over the last 2 years, which evens out our quarterly anomalies, our results continue to show a strong upward trajectory, growing our revenues at a 28% CAGR and our adjusted earnings at a 44% CAGR. We continue to see strong growth in client trading volumes and client assets across all products and all client segments, which speaks to growth in our underlying client engagements.
當我們從一個稍微長期的角度來看我們的表現時,例如過去兩年的尾隨 12 個月,這平衡了我們的季度異常,我們的結果繼續顯示出強勁的上升軌跡,我們的收入以 28% 的複合年增長率增長,我們的調整後收益複合年增長率為 44%。我們繼續看到所有產品和所有客戶群的客戶交易量和客戶資產強勁增長,這說明我們的基礎客戶參與度有所增長。
We continue to invest in our financial ecosystem, expanding our products, capabilities and talent. We have a unique and a comprehensive financial ecosystem with a very large addressable market in front of us.
我們繼續投資我們的金融生態系統,擴大我們的產品、能力和人才。我們有一個獨特而全面的金融生態系統,我們面前有一個非常大的潛在市場。
I would just like to note that this week represents the 20th anniversary of the investment into what would become StoneX. 20 years ago, the stock price was $0.64 and the market value of the company was $1.5 million, and the annual operating revenues were well less than $10 million. Over the past 20 years, we have compounded operating revenues at 32% per annum, shareholder equity at 29% per annum. And by harnessing the phenomenal power of compounding, we have increased the market value of the company over 130 times.
我只想指出,本周是 StoneX 投資 20 週年。 20 年前,股價為 0.64 美元,公司市值為 150 萬美元,年營業收入遠低於 1000 萬美元。在過去的 20 年裡,我們的複合營業收入以每年 32% 的速度增長,股東權益以每年 29% 的速度增長。通過利用複利的驚人力量,我們將公司的市值增加了 130 多倍。
Our commitment to our clients, our discipline around risk and acquisitions and our long-term owner-based approach to investing into and growing our business have all been key underpinnings of the success. While we are proud of our track record and believe that it is largely unmatched by our peers, we also believe that we are still in the early stages of the opportunity that is available and in front of us. I have no doubt that the next 10 years are likely to be much more exciting for StoneX than the last 20 were. Operator, let's open for questions.
我們對客戶的承諾、我們對風險和收購的紀律以及我們以所有者為基礎的長期投資和發展業務的方法都是成功的關鍵基礎。雖然我們為自己的業績感到自豪,並相信它在很大程度上是同行無法比擬的,但我們也相信,我們仍處於可用機會的早期階段,而且就在我們面前。我毫不懷疑未來 10 年對 StoneX 來說可能比過去 20 年更令人興奮。接線員,讓我們開始提問。
Operator
Operator
(Operator Instructions) I'm showing we have a question coming from the line of Daniel Fannon with Jefferies.
(操作員說明)我正在展示我們有一個來自 Daniel Fannon 和 Jefferies 的問題。
Unidentified Analyst
Unidentified Analyst
This is actually [June] on behalf of Dan. So maybe you can just start off with a quick discussion on the current environment and maybe just on 2023, how has that started versus what was the backdrop of 2022.
這實際上是代表丹的[六月]。因此,也許您可以從對當前環境的快速討論開始,也許就在 2023 年,與 2022 年的背景相比,這是如何開始的。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Sure. Obviously, things can change fast in our business. So these general comments can change by the minute. I think if you go back to our discussion at year-end, my view was we were going to continue to see somewhat elevated volatility, which is obviously a key driver for our business. And that volatility would be higher than it was pre-pandemic, but maybe slightly lower than it had been for the last 2 years. And I think that's what we still see.
當然。顯然,我們的業務變化很快。因此,這些一般性意見隨時可能發生變化。我想如果你回到我們年底的討論,我的觀點是我們將繼續看到波動性有所上升,這顯然是我們業務的關鍵驅動力。而且這種波動性將高於大流行前的水平,但可能略低於過去兩年的水平。我認為這就是我們仍然看到的。
Things obviously quieted down last quarter over the Christmas period. And maybe it was just the way the days fell over Christmas. It might also be that it was such a rough last quarter that I think a lot of people sort of closed down -- in the beginning of December, [went home]. We've seen things pick up to a more normal cadence here in January. So I think we're going to see an environment that is moderately good for us on the volatility side, not quite as good as it was in COVID but better than it was pre-COVID. And I think that will continue for some time yet.
在聖誕節期間,上個季度的情況明顯平靜下來。也許這就是聖誕節的日子。也可能是上個季度如此艱難,我認為很多人都在 12 月初關閉了,[回家了]。我們已經看到 1 月份這裡的節奏變得更加正常。因此,我認為我們將看到一個在波動性方面對我們適度有利的環境,雖然不如 COVID 好,但比 COVID 之前要好。我認為這將持續一段時間。
On the other side, we're obviously now starting to feel the full impact of interest rate increases. We always forget how quick and how fast these interest increases came about. And we really only started to see them showing up in our financial results by any magnitude in the fourth quarter. And obviously, now we're starting to get to the point where we've seen that interest really kick in. And I think we're going to be in an environment where interest rates are sort of either side of 4% for a while. I mean I'm not sure they'll stay at 5%, which is where it looks like they're going. But I don't see a sort of a 2% environment out there anytime soon. That's obviously very attractive for us, and that's a much better environment than we've had at any point in time over the last 4 years, I mean, and certainly better than last year.
另一方面,我們現在顯然開始感受到加息的全面影響。我們總是忘記這些興趣增加的速度和速度。我們真的只是在第四季度才開始看到它們以任何幅度出現在我們的財務業績中。很明顯,現在我們開始達到我們已經看到興趣真正開始的地步。而且我認為我們將在一段時間內處於利率在 4% 左右的環境中.我的意思是我不確定他們會保持在 5%,這看起來像是他們要去的地方。但我不會很快看到那種 2% 的環境。這顯然對我們非常有吸引力,而且這比我們過去 4 年任何時間點的環境都要好得多,我的意思是,肯定比去年好。
I mean, last year, as I said, we only saw a very small benefit from the interest rates. So I would say if you put those 2 things together, I think it's a pretty good environment for us, honestly. The interest rate impact is material. And I think we're still in a decent environment for volatility. So that would be my view. So as I said, things can change dramatically -- quickly in our business. Obviously, volatility changes faster than interest rates do. But I think this is going to be a good environment for us for at least 12 to 18 months. I mean beyond that, hard to know how far interest rates might go down, but I still don't see them going to below 2%. So anything above 2.5% for us is a very attractive environment in our business. Does that answer your question, [June?]
我的意思是,正如我所說,去年我們只從利率中看到了非常小的好處。所以我想說,如果你把這兩件事放在一起,老實說,我認為這對我們來說是一個非常好的環境。利率影響重大。而且我認為我們仍處於波動的良好環境中。這就是我的觀點。所以正如我所說,事情可能會發生巨大變化——在我們的業務中變化很快。顯然,波動性變化比利率變化更快。但我認為這對我們來說將是至少 12 到 18 個月的良好環境。我的意思是除此之外,很難知道利率會下降多少,但我仍然認為利率不會低於 2%。因此,對我們而言,高於 2.5% 的任何東西都是我們業務中非常有吸引力的環境。這是否回答了您的問題,[六月?]
Unidentified Analyst
Unidentified Analyst
Yes, yes, absolutely. That was super helpful. And then since you mentioned interest rates and just it seems like markets pricing interest rates going down maybe at some point this year or next, so just on the way down as your earnings sensitivity to rates sort of similar -- will be somewhat similar on the way up versus way down? Or is there some kind of dynamic here?
是的,是的,絕對。那非常有幫助。然後,既然你提到了利率,而且市場定價的利率似乎會在今年或明年的某個時候下降,所以隨著你的收益對利率的敏感性有點相似——在向上還是向下?或者這裡有某種動態?
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Yes, it will be the same. I mean the assets sort of might take a little quicker to reprice from the way down. But the dynamic will be the same. I mean obviously, our incremental take of interest as it goes up reduces because we pay more [weight] to clients. And on the way down, same thing happens. We take more of the interest rate on the way down. So it's a little bit muted each way as you get sort of above 3%. But it should be symmetrical.
是的,它會是一樣的。我的意思是資產可能需要更快地重新定價。但動力是一樣的。我的意思是,很明顯,隨著我們對客戶的支付更多[權重],我們對利息的增加會減少。在下降的路上,同樣的事情發生了。我們在下降的過程中採取更多的利率。因此,當您獲得超過 3% 時,每種方式都會有點靜音。但它應該是對稱的。
Unidentified Analyst
Unidentified Analyst
And maybe just in terms of margin balance -- margin requirements and client balances, do you see any dynamics between that related to interest rates -- interest rate changes?
也許就保證金餘額而言——保證金要求和客戶餘額,你是否看到與利率相關的任何動態——利率變化?
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Yes. We have seen some small changes here and there. I mean I think they're largely immaterial. But certainly, in our equity clearing business, we've seen some retail clients take money or full deposits. I don't know if that's because they could find higher interest rates elsewhere or people were starting to buy into the market rather than having money on the sidelines. But we've seen that go down 1% or something. And then on the other side of our business, it obviously depends on the volatility in the markets because that somewhat drives how much margin people have to leave with us.
是的。我們在這里和那裡看到了一些小的變化。我的意思是我認為它們在很大程度上是無關緊要的。但可以肯定的是,在我們的股票清算業務中,我們已經看到一些零售客戶拿走了錢或全額存款。我不知道那是因為他們可以在其他地方找到更高的利率,還是因為人們開始買入市場而不是持觀望態度。但我們已經看到下降了 1% 左右。然後在我們業務的另一方面,這顯然取決於市場的波動,因為這在某種程度上決定了人們必須離開我們的利潤率。
So if volatility moderates a little bit, we may see a little bit of a pullback on our aggregate client balances. The top sort of, I guess, 10% or 15% of our client balances tends to be more volatile. But there's a core level of client balances there, which sort of just underpins our client footprint, right? And as long as markets are reasonably active, that's probably going to be reasonably stable. But it could move around on the margin just a little bit for those reasons.
因此,如果波動略有緩和,我們可能會看到客戶總餘額略有回落。我猜,我們客戶餘額中 10% 或 15% 的頂級類型往往波動更大。但是那裡有一個核心級別的客戶餘額,這只是支撐我們的客戶足跡,對吧?只要市場相當活躍,它就可能相當穩定。但由於這些原因,它可能會略微移動一點點。
Unidentified Analyst
Unidentified Analyst
Got it. Got it. And just specifically on the Retail business. You mentioned capture rate decline was mostly due to diminishing market volatility. So going forward, what would you describe as a normalized rate? And maybe you can go a little bit more in depth on the dynamics of just market volatility and the rate that we're seeing here.
知道了。知道了。並且專門針對零售業務。您提到捕獲率下降主要是由於市場波動性減弱。那麼展望未來,您將什麼描述為標準化利率?也許你可以更深入地了解市場波動的動態和我們在這裡看到的速度。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Yes. So we have data around sort of revenue capture in that business over a long period of time. And it's pretty damn stable over a period of time. What we do see is, in the short term, weekly, monthly, even quarterly, there can be quite a lot of volatility in that revenue capture. So I would say something around $90, $95 in terms of revenue capture on the CFDs is sort of about where we think the long-term average is. I mean that obviously also differs with product mix because we make a lot less on the FX than we do say on indices. So something in that region is probably where we'd like to see it. Now we are at $82 this quarter. So we were significantly below the sort of $95, $100-type level that we see as the long-term average.
是的。因此,我們有關於該業務在很長一段時間內的某種收入獲取的數據。而且在一段時間內它非常穩定。我們確實看到,在短期內,每週、每月,甚至每季度,收入的波動性都很大。所以我想說 90 美元左右,就差價合約的收入捕獲而言,95 美元大約是我們認為的長期平均水平。我的意思是,這顯然也與產品組合不同,因為我們在外匯上的收益比我們在指數上所說的要少得多。所以那個地區的某些東西可能是我們希望看到的地方。現在我們本季度的價格為 82 美元。因此,我們明顯低於我們視為長期平均水平的 95 美元、100 美元類型的水平。
But if you look at the prior quarter a year ago, we're at $115. And in the immediately preceding quarter, we are at $140. So I would say we're sort of massively overachieved in those quarters. And you trend back to the mean at some point. We're probably going to see a couple of quarters where we're going to underperform to bring that average back in line with the sort of $95, $100 type levels that we think is sort of the long-term average.
但如果你看看一年前的上一季度,我們的價格是 115 美元。而在緊接的前一個季度,我們的價格為 140 美元。所以我想說我們在這些方面有點超額完成。你會在某個時候回到均值。我們可能會看到幾個季度表現不佳,以使該平均水平回到我們認為是長期平均水平的 95 美元、100 美元類型的水平。
So we certainly saw exceptional market conditions over the last 12 to 18 months in that business. Our revenue capture was above trend. And now we've seen a bit of a tougher environment and now we're below trend. So we should be evening out somewhere in the middle here over time.
因此,在過去的 12 到 18 個月裡,我們當然看到了該行業異常的市場狀況。我們的收入高於趨勢。現在我們看到了一些更艱難的環境,現在我們低於趨勢。所以隨著時間的推移,我們應該在中間的某個地方晚上出去。
Unidentified Analyst
Unidentified Analyst
Understood. And maybe, Bill, just a quick one for you. I understand that the business is doing well, but how are you thinking about fixed expenses for 2023?
明白了。也許,比爾,給你一個快速的。我知道業務做得很好,但您如何考慮 2023 年的固定費用?
William John Dunaway - CFO
William John Dunaway - CFO
Well, certainly, it's something that we look to try to continue to control, right? And the increase was relatively modest from Q4 into Q1 here. We're cognizant that, obviously, we're riding the tailwind a bit of higher interest rates and slightly elevated volatility. So I think that the growth that we kind of saw over Q4 to Q1 is probably more indicative of what we would expect going forward versus when you looked at Q1 versus last year Q1 with a relatively sizable increase in fixed expenses kind of due to what Sean's talked about on previous calls, us trying to digitize the business and expand our offerings. But our expectation is that would moderate here on a go-forward basis like it did from Q4 to Q1.
好吧,當然,這是我們希望繼續控制的事情,對吧?從第四季度到第一季度,增長相對溫和。我們意識到,很明顯,我們正順應利率上升和波動性略有上升的趨勢。所以我認為我們在第四季度到第一季度看到的增長可能更能說明我們對未來的預期,而不是你看第一季度和去年第一季度的情況,由於肖恩的在之前的電話中談到,我們試圖將業務數字化並擴展我們的產品。但我們的預期是,這會像從第四季度到第一季度那樣在前進的基礎上緩和。
Unidentified Analyst
Unidentified Analyst
Got it. Got it. And then just lastly on M&A. Do you think you're still sort of digesting the CDI acquisition or kind of looking for more opportunities at this point?
知道了。知道了。最後是併購。你認為你現在還在消化 CDI 的收購還是在尋找更多機會?
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
I'll take that, Bill, if you like.
如果你願意,我會接受的,比爾。
William John Dunaway - CFO
William John Dunaway - CFO
Okay.
好的。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
So CDI is a relatively small deal for us. I mean it had a disproportionate impact on our financial statements through sort of how you have to account for these things. That deal is going to be digested, I think, pretty easily and quickly by us. So it is not a gating factor for us looking at anything else at this point. And we're always in the market. We're always looking at opportunities. I would say, and I've said this on previous calls, up until now, we've seen financial businesses hit peak earnings, and we've seen owners want to put sort of [stack] multiples on peak earnings, which obviously is of no interest to us. And I think we were well served not getting involved in any acquisitions on that basis.
所以 CDI 對我們來說是一筆相對較小的交易。我的意思是它對我們的財務報表產生了不成比例的影響,就像你必須如何解釋這些事情一樣。我認為,這筆交易將被我們很容易、很快地消化掉。所以這不是我們在這一點上看其他任何東西的門控因素。我們總是在市場上。我們一直在尋找機會。我想說的是,我在之前的電話會議上已經說過,到目前為止,我們已經看到金融業務達到了收益峰值,而且我們已經看到所有者希望對收益峰值進行某種程度的 [堆疊] 倍數,這顯然是我們不感興趣。而且我認為我們得到了很好的服務,沒有在此基礎上參與任何收購。
What we're now seeing is, obviously, as you read in the press and see everywhere is a totally different environment, right? Some of these businesses are now not performing so well, and they've realized that it was maybe a little bit of a COVID sort of bump that got them there. And additionally, funding has dried up for a lot of the sort of start-up businesses, and a lot of them are sort of halfway down the road of building out their capabilities. So we're seeing a lot of those kind of opportunities.
我們現在看到的是,很明顯,正如您在媒體上看到的那樣,到處都是一個完全不同的環境,對吧?其中一些企業現在表現不佳,他們已經意識到,這可能是某種 COVID 的顛簸讓他們走到了這一步。此外,許多初創企業的資金已經枯竭,其中許多企業在建立能力的道路上已經走到了一半。所以我們看到了很多這樣的機會。
We're not a -- we don't like to take sort of -- I guess we start businesses all the time ourselves, but we don't think of ourselves as venture capitalists. So we will look at those businesses. And if we think there is real capability there and real opportunity and with a modest amount of additional investment by us, we can bring those to accounts and grow our ecosystem. That's sort of interesting.
我們不是——我們不喜歡——我想我們自己一直在創業,但我們不認為自己是風險投資家。因此,我們將研究這些業務。如果我們認為那裡有真正的能力和真正的機會,並且通過我們進行少量的額外投資,我們就可以將它們付諸實踐並發展我們的生態系統。這有點有趣。
But I think we're getting into a more interesting and more rational environment now for M&A. So I think it's still going to take another 6 to 12 months for that to sort of settle down and for people to become totally rational around prices. But that could happen. I'm not saying that will mean we go buy anything because I think we've expanded our footprint. We filled in a lot of our gaps. And so our gaps are fewer and our needs are less. And our default is always focused on organic growth. That's the way we can add to shareholder value the best, right? When we buy something, we have to make it significantly better than it was when we bought it. Otherwise, we've added no value.
但我認為我們現在正在進入一個更有趣、更理性的併購環境。所以我認為還需要 6 到 12 個月的時間才能穩定下來,讓人們對價格變得完全理性。但那有可能發生。我並不是說這將意味著我們去購買任何東西,因為我認為我們已經擴大了我們的足跡。我們填補了很多空白。所以我們的差距越來越小,我們的需求也越來越少。我們的默認設置始終專注於有機增長。這是我們可以最好地增加股東價值的方式,對嗎?當我們買東西的時候,我們必須讓它比我們買的時候好得多。否則,我們沒有增加任何價值。
So our default is to grow our ecosystem. I think we have a tremendous run at the moment. We seem to be garnering market share all over the place. And the story is exciting at the moment, and I think clients and talent and so on are taking notice of us. So our default is just to continue doing what we think we're good at, which is growing our business organically. And if we see an opportunity to do it faster through a good accretive acquisition that is well priced, we'll always think about that.
所以我們的默認是發展我們的生態系統。我認為我們目前的表現非常出色。我們似乎在各地都獲得了市場份額。目前這個故事很激動人心,我認為客戶和人才等都在關注我們。所以我們默認只是繼續做我們認為自己擅長的事情,這就是我們業務的有機增長。如果我們看到有機會通過價格合理的良好增值收購來更快地做到這一點,我們將始終考慮這一點。
Operator
Operator
(Operator Instructions) And our next question coming from the line of Paul Dwyer with Punch & Associates Investment.
(操作員說明)我們的下一個問題來自 Punch & Associates Investment 的 Paul Dwyer。
Paul Dwyer - Director of Research
Paul Dwyer - Director of Research
Maybe just to follow up on CDI. Can you spend -- I think it's only like a $40 million deal. Can you talk about what drove this gain on the acquisition?
也許只是為了跟進 CDI。你能花錢嗎——我認為這只是一筆 4000 萬美元的交易。你能談談是什麼推動了這次收購的收益嗎?
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Yes. I mean I don't want to get too much in the weeds on this, but this was a sole proprietorship. And I think we sort of said some of this when we announced we were doing the deal a quarter ago. One of our top employees in Brazil joined the company, I think 5, 6 years ago to become sort of the heir apparent. We were sad to see him go, and he was a tough competitor in the cotton business for us. And when the principal wanted to sell his business, he immediately thought of us and said this is right up StoneX's ally. Let's call them.
是的。我的意思是我不想在這件事上扯太多,但這是一家獨資企業。而且我認為當我們在一個季度前宣布我們正在做這筆交易時,我們有點說了一些。我們在巴西的一名高級員工加入了公司,我想是在 5、6 年前成為繼承人。看到他離開我們很難過,對我們來說,他在棉花行業是一個強有力的競爭者。當校長想要出售他的公司時,他立即想到了我們並說這正是 StoneX 的盟友。讓我們打電話給他們。
And there was no process. We just did a deal. I think the owner took the view that if I can just get my capital out of the business, and there was a big tax advantage for him, he had let the profits remain inside the company because, as I understand it is -- tax treatment would be -- he would be taxed on anything he took out of the company. But if he sold the company, that would be a tax-free receipt for him. So there was a significant tax advantage for him to sell a business that accumulated sort of capital over the years.
而且沒有流程。我們剛剛做了一筆交易。我認為所有者的觀點是,如果我能夠將我的資本從企業中取出,並且對他來說有很大的稅收優勢,他會讓利潤留在公司內部,因為據我所知 - 稅收待遇會是——他將從公司拿走的任何東西都要被徵稅。但如果他賣掉公司,那對他來說就是一張免稅收據。因此,出售一家多年來積累了某種資本的企業對他來說具有顯著的稅收優勢。
So the [pressure] price is sort of in the $30 million, which was tangible book value. That was the deal we did. And there were a few sort of add-on payments based on the results of the company on a cash basis up until December. So we made some small additional payments. So that's the deal we did. I think that's the deal he wanted. There wasn't huge amounts of negotiation. I think that's the deal he was looking for.
所以[壓力]價格大約在 3000 萬美元,這是有形的賬面價值。那是我們所做的交易。直到 12 月,還有一些基於公司業績的附加付款。所以我們做了一些小額的額外付款。這就是我們所做的交易。我認為這就是他想要的交易。沒有大量的談判。我認為這就是他正在尋找的交易。
The difference is, for him, he always accounts for his base -- his company on a cash basis, which is how Swiss GAAP does it. We have to account for the business on a mark-to-market basis. And their business, they have a significant portion of their next year's revenue contracted in. So we obviously had to mark that to market, which led to some of the gains. So we've now brought forward some portion of their next year's revenue. And because we sort of -- that came as part of the acquisition, that was sort of part of the gain we realized.
不同之處在於,對他來說,他總是以現金為基礎核算他的公司,這就是 Swiss GAAP 的做法。我們必須在按市值計價的基礎上對業務進行核算。而他們的業務,他們明年的收入中有很大一部分被承包了。所以我們顯然必須將其標記為市場,這導致了一些收益。所以我們現在已經提前了他們明年收入的一部分。因為我們有點——這是收購的一部分,這是我們實現的收益的一部分。
Additionally, we have to go through an independent valuation process when we acquire businesses. And we use a third party to do that. They do it for all our acquisitions. And they have to value the business independently, and they do look at things like the value of the relationships, the suppliers and so on. So there is an intangible write-up of the value of the contracts and the suppliers.
此外,我們在收購業務時必須經過獨立的估值流程。我們使用第三方來做到這一點。他們為我們所有的收購都這樣做。他們必須獨立地評估業務,他們確實會考慮關係、供應商等的價值。因此,合同和供應商的價值是無形的。
I mean if it were up to me, I would prefer, and I think Bill agrees, we prefer never to write up those intangibles because we just have to write them back down. And for me, intangibles aren't worth anything really. It's not hard cash, and that's how we think. So part of that is just sort of an accounting anomaly that happens. So we will have to write some of that down. But that's really the gist of it. So it was sort of a bizarre outcome when we saw how much of a gain would show on a relatively small acquisition, but that's the reason.
我的意思是,如果由我來決定,我寧願,而且我想比爾也同意,我們寧願永遠不要寫下那些無形資產,因為我們只需要將它們寫下來。對我來說,無形資產真的一文不值。這不是現金,這就是我們的想法。所以其中一部分只是發生的會計異常。所以我們將不得不寫下其中的一些內容。但這確實是它的要點。因此,當我們看到相對較小的收購會顯示出多少收益時,這是一個奇怪的結果,但這就是原因。
Paul Dwyer - Director of Research
Paul Dwyer - Director of Research
Yes. Okay. Sounds like a nice deal. On Global Payments, it seems like it's continuing to accelerate in its growth. Can you just spend a little more time talking about what the drivers have been to get the acceleration and just the general landscape for that segment?
是的。好的。聽起來很划算。在 Global Payments 方面,它似乎在繼續加速增長。您能否再多花點時間談談驅動程序是如何獲得加速的,以及該細分市場的總體情況?
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Yes. I mean definitely, we sort of feel that, that business has got sort of renewed energy and we're starting to invest in the business in sort of new angles, which I think maybe 3, 4, 5 years ago, we weren't doing so much because our core business was sort of on (inaudible). And that's always frustrating to me is when businesses do well, people stop investing because they're sort of busy making money, right? And I think we've always got to do both. You've got to take advantage and make hay while the sun shines, but you've also got to sort of -- you've got to think about investing in your business because we want to grow the franchise. And sometimes those market conditions that make your business profitable or sustainable in the long term unless you invest.
是的。我的意思是肯定的是,我們有點覺得,該業務已經獲得了某種新的活力,我們開始以某種新的角度對該業務進行投資,我想這可能是 3、4、5 年前,我們還沒有做這麼多是因為我們的核心業務有點像(聽不清)。令我感到沮喪的是,當企業表現良好時,人們會停止投資,因為他們有點忙於賺錢,對吧?我認為我們總是必須兩者兼顧。你必須利用優勢,在陽光明媚的時候收割乾草,但你也必須——你必須考慮投資你的業務,因為我們想擴大特許經營權。有時,除非您投資,否則那些使您的企業長期盈利或可持續發展的市場條件。
So I think with the payments business, we pushed them really hard about 2, 3 years ago to really think about how to sort of reinvest and grow the business. And they are -- we're making big investments in that business right now. And not a lot of that is showing up yet in the P&L. But I think it sort of energized the team. We've got a lot more sort of younger people in the team. We've recruited people. All these new initiatives are very much technology based. So we've recruited sort of younger technology-based people.
所以我認為在支付業務方面,我們在大約 2、3 年前非常努力地推動他們真正考慮如何進行再投資和發展業務。他們是——我們現在正在對該業務進行大量投資。損益表中還沒有顯示出很多。但我認為這在某種程度上激發了團隊的活力。我們團隊中有更多類型的年輕人。我們招人了。所有這些新舉措都非常依賴技術。所以我們招募了一些年輕的技術人員。
So sort of feel good about the general sort of tone of the business and where it's taking us and our local payments capability when we launched that, I think, would be very significant, potentially for us. In terms of why the business is doing better now, I think this perversely was one of the businesses that didn't experience a COVID kind of tailwind. People stopped investing overseas. I mean the payments where we really make a lot of money are with corporations are investing and making larger size payments into the subsidiaries, a lot of that slowed down during COVID and is now picking up.
因此,我認為,當我們推出這項業務時,對業務的總體基調以及它將我們和我們的本地支付能力帶到何處感覺良好,這對我們來說可能非常重要。就為什麼現在業務做得更好而言,我認為這反常地是沒有經歷過 COVID 順風的業務之一。人們停止了海外投資。我的意思是,我們真正賺到很多錢的付款是與公司一起進行投資並向子公司支付大筆款項,其中很多在 COVID 期間放緩,現在正在回升。
So I think, on the margin, I would say that sort of high-level takeaway is COVID was sort of a tough environment for this business, and we're getting back to a more normalized environment, which is a little bit the opposite of some of our other businesses, right? So that's what I would describe it generally. Yes.
所以我認為,在邊際上,我想說的是,COVID 對這項業務來說是一個艱難的環境,我們正在回到一個更正常的環境,這與我們的一些其他業務,對嗎?這就是我一般描述的內容。是的。
Paul Dwyer - Director of Research
Paul Dwyer - Director of Research
Okay. That's perfect. And then really nice operating leverage again this quarter. Just big picture, how do you think about continuing to be able to drive, again I guess, segment income relative to unallocated costs, particularly if the interest rate benefits are now starting to be more accurately reflected in the business.
好的。那很完美。然後本季度再次出現非常好的運營槓桿。大局觀,你如何看待繼續能夠推動,我想,相對於未分配成本的部門收入,特別是如果利率收益現在開始更準確地反映在業務中。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Well, when you say we got better operating leverage, my response to that would be finally. So we always seem to be investing so much in trying to make our infrastructure more efficient, more scalable. But in the short term, it's just a net add in costs. And you sort of hope that, at some point, you start to see those benefits of scalability and that operational leverage sort of come to the fore.
好吧,當你說我們獲得了更好的運營槓桿時,我對此的回應是最終的。因此,我們似乎總是在努力使我們的基礎架構更高效、更具可擴展性方面投入大量資金。但在短期內,這只是成本的淨增加。你有點希望,在某個時候,你開始看到可擴展性和運營槓桿的優勢。
So it's been a long time in coming. And hopefully, we're now getting to the point where we will see our aggregate sort of unallocated cost base sort of level out. And if we can continue to keep the volumes and the revenues going up, I mean, we should have very significant operating leverage going forward.
所以它已經很長時間了。希望我們現在已經到了可以看到未分配成本基數趨於平穩的地步。如果我們能夠繼續保持銷量和收入的增長,我的意思是,我們應該在未來擁有非常重要的運營槓桿。
It's hard to do because not only are you trying to digitize your business and leverage technology better, but there's always a continual push on costs from the regulators and the environment, right? The regulators are always imposing more and more costs on us, more and more processes. Some of that's good. Some of that maybe is -- more than is required, but you have to continuously sort of work with that environment.
這很難做到,因為您不僅要嘗試將業務數字化並更好地利用技術,而且監管機構和環境總是會不斷推動成本,對嗎?監管機構總是對我們施加越來越多的成本,越來越多的流程。其中一些很好。其中一些可能是 - 超過要求,但您必須不斷地在該環境中工作。
And then as we're all digitizing, so you have to deal with things like cybersecurity and all the costs that are related to that. And those costs are going up faster than even the high inflation we're seeing at the moment. So there's -- even though we're starting to flatten out at some point, there are some real pushes to costs here that we've managed to work with, and there's going to be a challenge going forward. But we definitely feel we should be tapping out. We've made some major investments over the last 10 years. I think we're starting to see a little bit of the payoff for that. So hopefully, that will continue.
然後,由於我們都在數字化,所以你必須處理網絡安全等問題以及與之相關的所有成本。這些成本的上升速度甚至超過了我們目前看到的高通脹。所以有 - 儘管我們在某個時候開始趨於平緩,但我們已經設法解決了這裡成本的一些真正推動因素,並且未來將面臨挑戰。但我們絕對覺得我們應該挖掘出來。在過去的 10 年裡,我們進行了一些重大投資。我認為我們開始看到一些回報。所以希望這會繼續下去。
Obviously, it always looks better when you have interest coming in and a positive environment because your revenues growing kind of faster than your cost at that point. And always remember that without interest, we have 0 cost against that, right? There's no operational costs, no systems cost. So the operational leverage on interest is 100%, right? So that also skews the numbers a little bit. So I sort of rambled on it. Did I answer your question, Paul?
顯然,當您有興趣進入並擁有積極的環境時,它總是看起來更好,因為此時您的收入增長速度快於成本增長速度。永遠記住,沒有利息,我們的成本為 0,對吧?沒有運營成本,沒有系統成本。所以利息的運營槓桿是 100%,對嗎?所以這也稍微扭曲了數字。所以我有點漫不經心。保羅,我回答你的問題了嗎?
Paul Dwyer - Director of Research
Paul Dwyer - Director of Research
Yes. No, that's great. That's perfect. And then just last for me, in terms of just being able to continue to grow the core business, it sounds like you're having no issues with market share gains, but any color you can add just to the current competitive landscape and the ability to keep taking market share?
是的。不,那太好了。那很完美。最後對我來說,就能夠繼續發展核心業務而言,聽起來你在市場份額增加方面沒有問題,但你可以為當前的競爭格局和能力添加任何顏色繼續佔據市場份額?
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Yes. I mean we seem to be organically sort of growing our market share in line with what's happened over the last 5 to 10 years, which is 10% to 15% incremental growth in customers and activity. And we're giving you guys some of the data now on revenue capture. I mean there was always the argument that you tend to face revenue capture pressure. But if you look at it over sort of 5 or 10 years, we haven't seen any material decline in our margins on the revenue capture side. That may happen at some point, and it's happened in some of our activities. But generally speaking, we managed to maintain our pricing. And we've managed to increase our market share in our client base.
是的。我的意思是,我們似乎在有機地增加我們的市場份額,這與過去 5 到 10 年發生的事情一致,即客戶和活動的增量增長 10% 到 15%。我們現在正在為你們提供一些關於收入獲取的數據。我的意思是,總是有人認為您往往會面臨收入獲取壓力。但如果你在 5 年或 10 年的時間裡觀察它,我們在收入獲取方面的利潤率並沒有出現任何實質性下降。這可能會在某個時候發生,並且它已經發生在我們的一些活動中。但總的來說,我們設法維持了我們的定價。我們已經設法增加了我們在客戶群中的市場份額。
And I don't see any reason why that won't continue. I mean I do think maybe the environment has given us a boost because volatility was high and revenue capture was higher. So it sort of looked a bit better than it was. But underlying that trend has been a pretty steady kind of organic growth in customers. And that's the core long-term driver for us. And I think we feel good. That's a fact. And in some ways, relative to the comments I made at the end, I think the next 10 years is going to be much more exciting than the last 20. And the reason I say that is I think we're getting to sort of a tipping point in scale, in acceptability from counterparties. People know who we are. People want to come and work here. Clients see the value in our offering.
而且我看不出有任何理由不能繼續下去。我的意思是我確實認為環境可能給了我們提振,因為波動性很高,收入也更高。所以它看起來比實際情況要好一些。但在這種趨勢的基礎上,客戶的有機增長相當穩定。這是我們的核心長期驅動力。我認為我們感覺很好。這是事實。在某些方面,相對於我在最後發表的評論,我認為未來 10 年將比過去 20 年更令人興奮。我這麼說的原因是我認為我們正在走向某種規模的臨界點,交易對手的接受度。人們知道我們是誰。人們想來這里工作。客戶看到我們產品的價值。
I mean 5 or 10 years ago, we were a tiny little business that no one had heard of. And if I think back 10 years ago where we were sitting and how we managed to grow, I'm sort of like holy (expletive), how did we manage to pull that off, right? And I think this does become a little bit easier as you get a little bit of scale and as you grow your ecosystem. So not that I'm saying it's easy, but I think there's an opportunity for us to continue that trend and feel confident about it. So anyway, we'll see, but that would be my view .
我的意思是在 5 或 10 年前,我們是一家沒有人聽說過的小公司。如果我回想 10 年前我們坐在那里以及我們如何成功成長,我有點像神聖(咒罵),我們是如何成功的,對吧?而且我認為隨著規模的擴大和生態系統的發展,這確實會變得更容易一些。所以我並不是說這很容易,但我認為我們有機會繼續這種趨勢並對此充滿信心。所以無論如何,我們會看到,但那是我的觀點。
Operator, anyone else?
接線員,還有其他人嗎?
Operator
Operator
I'm not showing any further questions at this time.
我現在不顯示任何進一步的問題。
Sean Michael O'Connor - President, CEO & Executive Director
Sean Michael O'Connor - President, CEO & Executive Director
Okay. Well, thanks, everyone, for attending. I appreciate your support, and we will be speaking to you in 3 months' time. Thanks very much. Bye-bye.
好的。嗯,謝謝大家的出席。感謝您的支持,我們將在 3 個月後與您聯繫。非常感謝。再見。
Operator
Operator
Ladies and gentlemen, that does conclude conference for today. Thank you for your participation. You may now disconnect.
女士們,先生們,今天的會議到此結束。感謝您的參與。您現在可以斷開連接。