StoneX Group Inc (SNEX) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the StoneX Group Q2 Financial Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, CFO, Bill Dunaway. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 StoneX Group 第二季度財務收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、首席財務官比爾·唐納韋 (Bill Dunaway)。請繼續。

Good morning. My name is Bill Dunaway. Welcome to our earnings conference call for our second quarter ended March 31, 2023. After the market closed yesterday, we issued a press release reporting our results for the second 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 and year-to-date results.

早上好。我叫比爾·唐納韋。歡迎參加我們截至 2023 年 3 月 31 日的第二季度收益電話會議。昨天收盤後，我們發布了一份新聞稿，報告了 2023 年第二財季的業績。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季度和年初至今的業績時參考該幻燈片演示文稿。

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. Before getting underway, we are required to advise you and all participants should note that 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.

您需要登錄實時網絡廣播才能觀看演示文稿。電話會議結束後，網絡廣播的演示文稿和存檔也將在我們的網站上提供。在開始之前，我們需要向您提供建議，所有參與者應注意，以下討論應結合最新的財務報表及其附註以及向 SEC 提交的 10-Q 表格進行。

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.

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，這些風險和不確定性在我們向 SEC 提交的文件中進行了詳細說明。儘管該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，但不能保證該公司的實際結果不會與公司前瞻性陳述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、未來事件還是其他原因。請讀者註意，任何前瞻性陳述都不能保證未來的業績。現在，我將把電話轉給公司首席執行官肖恩·奧康納 (Sean O'Connor)。

Thanks, Bill. Good morning, everyone, and thanks for joining our fiscal 2023 second quarter earnings call. In the second quarter of fiscal 2023, we continue to experience strong volume growth across all of our product offerings. However, while volatility continues to be moderately elevated in both financial and physical markets, it was significantly diminished compared to the 3 months ended March 31, 2022. The prior year period reflected the effects of the Russian invasion of Ukraine, which resulted in significant widening of spreads in many key markets in which our clients transact, making this a tough comparable quarter for us.

謝謝，比爾。大家早上好，感謝您參加我們的 2023 財年第二季度財報電話會議。在 2023 財年第二季度，我們所有產品的銷量繼續強勁增長。然而，雖然金融和實物市場的波動性繼續適度上升，但與截至 2022 年 3 月 31 日的三個月相比，波動性顯著減弱。上年同期反映了俄羅斯入侵烏克蘭的影響，導致波動性大幅擴大我們客戶進行交易的許多主要市場的利差，使本季度對我們來說是一個艱難的可比季度。

Turning first to Slide 3 in the earnings deck, which compares quarterly operating revenues by product versus a year ago. Product volumes were up, except for FX and CFDs, which were down 10% and listed derivatives down marginally. The outlier there was securities, which was up 65% as we continue to push further into lower-margin, higher-volume products. Revenue capture was down except for Global Payments, due largely to the exceptional conditions in the prior quarter as a result of the Ukraine situation.

首先看收益表中的幻燈片 3，該幻燈片將按產品劃分的季度營業收入與一年前進行比較。產品交易量有所增加，但外彙和差價合約除外，交易量下降了 10%，上市衍生品交易量略有下降。例外的是證券，隨著我們繼續進一步進軍利潤率較低、銷量較大的產品，該證券上漲了 65%。除全球支付外，其他收入均有所下降，這主要是由於烏克蘭局勢導致上一季度的特殊情況。

Revenue capture was up in all products except securities versus the immediately preceding quarter. Physical revenues were up a strong 33% due to good results from the ag, biofuel business as well as precious metals activities. Securities operating revenues were up 65%. As mentioned last time, our operating revenues and fixed income trading get boosted by higher carried interest on our positions, but we also incur related interest expense on financing these same securities, which results in a gross up on the income statement.

與上一季度相比，除證券外的所有產品的收入均有所增加。由於農業、生物燃料業務以及貴金屬業務的良好業績，實物收入強勁增長 33%。證券營業收入增長65%。正如上次提到的，我們的營業收入和固定收益交易因頭寸的附帶利息增加而得到提振，但我們也會為這些相同的證券融資而產生相關的利息費用，這導致損益表總額增加。

We now net off the interest in the rate per million metrics. On this basis, securities ADV increased 65%, while the rate per million declined 49% to $282, versus the immediately prior quarter, ADV was up 36% and the rate per million was down 33%. The decline in rate per million versus the prior year was due to the continued push by equity and fixed income groups into lower margin but higher volume products as well as tougher trading conditions on the equity side, which made it hard for us to internalize spreads.

我們現在扣除每百萬利率指標的利息。在此基礎上，證券日均交易量增長了 65%，而每百萬人的利率下降了 49%，至 282 美元，而上一季度，日均交易量增長了 36%，每百萬人的利率下降了 33%。每百萬利率較上年下降的原因是股票和固定收益集團繼續推出利潤率較低但交易量較大的產品，以及股票方面的交易條件更加嚴格，這使得我們很難將利差內部化。

On the security side, this was definitely a tough quarter for equities, but on the other hand, the fixed income group did exceptionally well, having one of their best quarters. Global Payments had another strong quarter, recording revenues up 21%, with volumes up 16% and revenue capture up 2%. Our FX/CFD revenue was down 38%, largely due to tougher market conditions versus the exceptionally positive conditions in the prior quarter, which resulted in volumes being down 10% and revenue capture being down 31% versus a year ago. Versus the immediately prior quarter, ADV was up 5% and rate per million was up 14%, so an improvement over our Q1.

在安全方面，這對股票來說絕對是一個艱難的季度，但另一方面，固定收益類別表現異常出色，是最好的季度之一。 Global Payments 的季度表現再次強勁，收入增長 21%，交易量增長 16%，收入增長 2%。我們的外匯/差價合約收入下降了 38%，主要是由於市場條件更加嚴峻，而上一季度的條件異常樂觀，導致交易量同比下降 10%，收入下降 31%。與上一季度相比，ADV 增長了 5%，每百萬人的比率增長了 14%，因此比第一季度有所改善。

Interest and fee income on client balances was $103.4 million, up 894% as we realized the impact of the cumulus interest rate increases, caused the back of a 22% increase in total client float, which now stands at around $8.6 million. Interest and fee income was up 20% over Q1, even though our client float reduced 12% as clients on the FDIC sweep started buying interest rates products to maximize yield. We also started to see some pressure to pay out higher rates to our clients on their funds.

客戶餘額的利息和費用收入為 1.034 億美元，增長 894%，因為我們意識到累積利率上升的影響導致客戶總流動資金增加 22%，目前約為 860 萬美元。儘管由於 FDIC 掃款客戶開始購買利率產品以實現收益最大化，我們的客戶流通量減少了 12%，但利息和費用收入比第一季度增長了 20%。我們還開始看到一些壓力，要求我們向客戶的基金支付更高的利率。

Moving to Slide 4, which shows the same data for the trailing 12 months. Over this longer period and despite more challenging comparisons now coming to date, we realized strong revenue growth across all products, except listed and OTC derivatives, which were up only single digits. Securities was up 57%, due somewhat to the accounting impact of the interest mentioned earlier and physical contracts were up 41%. We have generally seen increases in volumes across the board, while revenue capture is starting to become more challenging generally.

轉到幻燈片 4，它顯示了過去 12 個月的相同數據。在這段較長的時間內，儘管目前的比較更具挑戰性，但我們所有產品的收入都實現了強勁增長，上市和場外衍生品除外，這些產品僅增長了個位數。證券上漲 57%，這在一定程度上是由於前面提到的利息的會計影響，而實物合約上漲了 41%。我們普遍看到銷量全面增長，而收入獲取普遍開始變得更具挑戰性。

Turning to Slide 5 and a summary of our second quarter and trailing 12-month results. Again, just to remind everyone, we're comparing against our best -- one of our best ever quarters a year ago. We recorded operating revenues of $704.4 million, up 29% versus the prior year and up 8% from the preceding quarter. Our operating revenues are boosted by interest both on the client float and also interest embedded in our fixed income trading, we mentioned earlier. Net operating revenue, which nets off interest expense as well as introducing broker commissions and clearing costs, was flat versus a year ago.

轉向幻燈片 5，總結我們第二季度和過去 12 個月的業績。再次提醒大家，我們正在與一年前最好的季度進行比較。我們的營業收入為 7.044 億美元，比上年增長 29%，比上一季度增長 8%。我們之前提到過，我們的營業收入是由客戶浮動利息和固定收益交易中嵌入的利息推動的。淨營業收入（扣除利息費用以及引入經紀商佣金和清算成本）與一年前持平。

During the quarter, we incurred $14.6 million of retirement and reorganization charges, the bulk of which relates to the Global Payments segment. These costs will be recovered over the next 18 to 24 months through lower variable compensation. Total compensation and other expenses was up 7% for the quarter, with variable compensation down 2% and fixed compensation up 33%, substantially due to the restructuring charges mentioned earlier. Fixed compensation, which includes the retirement and reorganization charges, was up $13.1 million or 16% versus the prior year, with nonvariable salaries increasing $10.7 million compared to the prior year as a result of a 15% increase in headcount related to our ongoing initiatives to digitize and expand our product offering as well as annual merit increases.

本季度，我們產生了 1,460 萬美元的退休和重組費用，其中大部分與全球支付部門有關。這些成本將在未來 18 至 24 個月內通過較低的可變薪酬來收回。本季度薪酬和其他費用總額增長 7%，其中可變薪酬下降 2%，固定薪酬增長 33%，這主要是由於前面提到的重組費用。固定薪酬（包括退休和重組費用）比上年增加了 1,310 萬美元，即 16%，固定薪酬比上年增加了 1,070 萬美元，原因是我們持續採取的舉措使員工人數增加了 15%。數字化並擴大我們的產品供應以及年度績效增長。

Versus the immediately preceding quarter, fixed compensation, again, excluding the retirement and reorganization charges, was up $15.5 million or 19%. This was driven by increased payroll taxes and 401(k) related expenses of around $4 million related to the start of the new calendar year. Accruals for paid time off increased $2.2 million as employees increased their remaining accruals in the prior period -- sorry, utilized the remaining accruals in the prior period and the current period return to more normalized levels.

與上一季度相比，固定薪酬（不包括退休和重組費用）增加了 1,550 萬美元，即 19%。這是由於與新日曆年開始相關的工資稅和 401(k) 相關費用增加約 400 萬美元。帶薪休假的應計費用增加了 220 萬美元，因為員工增加了上一期間的剩餘應計費用 - 抱歉，使用了上一期間的剩餘應計費用，本期恢復到更正常的水平。

In addition, we experienced a decline in deferred compensation of $4 million versus the preceding quarter. Excluding all of these items, fixed compensation was up 7% on the preceding quarter, reflecting annual merit increases and some incremental new hires. We recorded $1.95 in EPS for the quarter, and the charges mentioned earlier, had an impact of around $0.50 on EPS. Without these charges, our EPS would have been roughly similar to Q1 when excluding the acquisition gain on CDI. Our ROE was 13.8%, and the charges noted earlier, impacted this by roughly 3.4%.

此外，與上一季度相比，我們的遞延薪酬減少了 400 萬美元。排除所有這些項目，固定薪酬比上一季度增長了 7%，反映了年度績效增長和一些新員工的增量。我們本季度的每股收益為 1.95 美元，前面提到的費用對每股收益產生了約 0.50 美元的影響。如果沒有這些費用，排除 CDI 的收購收益，我們的每股收益將與第一季度大致相似。我們的 ROE 為 13.8%，前面提到的費用影響了大約 3.4%。

Looking at the summary for the trailing 12 months. Our operating revenues were a record $2.5 billion, up 36% over the prior trailing 12-month period. Our net income was a record $219.7 million, up 49%. Our diluted EPS was $10.43 for the trailing 12 months, up 45%. ROE was 19.5% despite equity increasing 45% over the last 2 years. Our average yield on our client float was 379 basis points for the quarter versus 303 basis points for the prior quarter and our net interest and fee income increased $93 million versus the prior year quarter.

查看過去 12 個月的摘要。我們的營業收入達到創紀錄的 25 億美元，比過去 12 個月增長了 36%。我們的淨利潤達到創紀錄的 2.197 億美元，增長 49%。過去 12 個月我們的稀釋後每股收益為 10.43 美元，增長了 45%。儘管過去 2 年股本增長了 45%，但 ROE 仍為 19.5%。本季度我們客戶浮存金的平均收益率為 379 個基點，而上一季度為 303 個基點，我們的淨利息和費用收入比去年同期增加了 9300 萬美元。

Our book value per share increased $3.15 during the quarter, significantly larger than our reported EPS due to positive changes in other comprehensive income to close at $60.32, up 21% versus a year ago. Turning now to Slide 6, our segment summary and just to touch on some of the highlights before Bill gets into more detail. For the quarter, segment operating revenue was up 30% and segment income was down 5% due to the exceptional results a year ago and also due to the restructuring charges mentioned earlier.

本季度我們的每股賬面價值增加了 3.15 美元，明顯高於我們報告的每股收益，原因是其他綜合收益出現積極變化，收於 60.32 美元，比去年同期增長 21%。現在轉向幻燈片 6，我們的部分摘要，只是在比爾詳細介紹之前觸及一些要點。本季度，由於一年前的出色業績以及前面提到的重組費用，分部營業收入增長了 30%，分部收入下降了 5%。

Our commercial client segment was up 47% in segment income off the back of a 20% increase in operating revenues, with strong performances in precious metals and also the effect of higher interest rates. Versus the immediately preceding quarter, segment revenues were up 21% and segment income was up 24%. Our Institutional segment realized a 79% increase in revenues, which translated into a 12% increase in segment income. The disparity in those 2 gross numbers is due to revenue being increased by the interest carry on fixed income.

由於貴金屬表現強勁以及利率上升的影響，營業收入增長了 20%，我們的商業客戶部門收入增長了 47%。與上一季度相比，部門收入增長 21%，部門收入增長 24%。我們的機構部門收入增長了 79%，這意味著部門收入增長了 12%。這兩個總數字的差異是由於固定收益利息收入增加所致。

The fixed income business, as mentioned earlier, is one of the best quarters, and the equity business experienced a much more challenging one, while the listed derivatives business and securities clearing were boosted by interest and fee income. Versus the preceding quarter, segment revenue was up 6% and segment income was down 10%. Retail had another difficult quarter with continued challenging market conditions, especially when compared to the exceptional results a year ago. Operating revenue was down 35%, but up 11% versus the preceding quarter. Segment income swung to a profit of $4.8 million versus a loss of $4.2 million in the preceding quarter, but was still down 89% from a year ago.

如前所述，固定收益業務是最好的季度之一，權益業務則經歷了更具挑戰性的季度，而上市衍生品業務和證券清算則受到利息和費用收入的推動。與上一季度相比，部門收入增長 6%，部門收入下降 10%。零售業又經歷了一個艱難的季度，市場條件持續充滿挑戰，尤其是與一年前的出色業績相比。營業收入下降 35%，但較上一季度增長 11%。部門收入扭虧為盈 480 萬美元，而上一季度為虧損 420 萬美元，但仍較去年同期下降 89%。

Global Payments revenue was up 21% and segment income was down 33% due largely to the bulk of the reorganization charges being charged here. Segment income would have exceeded last year's without these charges. For the trailing 12 months, we have segment operating revenue and segment income up double digits, except for Retail, which was down. We have said repeatedly, we take a long-term view on how we manage the company and grow our franchise. And as such, we believe that the best way to gauge our results and progress is to look at longer-term performance, such as trailing 12-month results rather than specific quarters taken in isolation.

Global Payments 收入增長了 21%，而部門收入下降了 33%，這主要是由於大部分重組費用在這裡收取。如果沒有這些費用，部門收入將超過去年。在過去 12 個月中，我們的分部營業收入和分部收入均實現兩位數增長，但零售業務則有所下降。我們一再說過，我們以長遠的眼光來管理公司和發展我們的特許經營權。因此，我們認為衡量業績和進展的最佳方法是著眼於長期業績，例如過去 12 個月的業績，而不是孤立地考慮特定季度的業績。

Turning to Slide 7, which sets out our trailing 12-month financial performance over the last 9 quarters. These numbers have been adjusted for the accounting treatment related to the gain in the CDI acquisition as disclosed in our prior filings and which appear in the reconciliation provided in the appendix of this earnings deck. On the left-hand side, the bars represent 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 footprint and capabilities.

轉向幻燈片 7，其中列出了我們過去 9 個季度過去 12 個月的財務業績。這些數字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，這些會計處理出現在本收益表附錄中提供的調節表中。左側的條形代表過去 9 個季度過去 12 個月的營業收入。正如您所看到的，隨著我們穩步擴大我們的足跡和能力，這是一個平穩且強勁的上升趨勢。

Our operating revenues are up 63% over this period for a 28% CAGR. Our adjusted pretax income, likewise, has grown significantly at a 25% CAGR. Our pretax earnings dipped this quarter due to the reorganization charges mentioned earlier. On the right-hand side, you can see the adjusted net income with the bars, which is up 62% over the last 2 years for a 27% CAGR. The dotted line represents our ROE, which has remained above our 15% target, even though our capital has grown by 45% over this period.

在此期間，我們的營業收入增長了 63%，複合年增長率為 28%。同樣，我們調整後的稅前收入也以 25% 的複合年增長率大幅增長。由於前面提到的重組費用，我們本季度的稅前收益有所下降。在右側，您可以通過條形圖看到調整後的淨利潤，在過去 2 年中增長了 62%，複合年增長率為 27%。虛線代表我們的 ROE，儘管我們的資本在此期間增長了 45%，但 ROE 仍高於我們 15% 的目標。

With that, I'll hand you over to Bill Dunaway for a discussion of the financial results in more detail. Bill, over to you.

接下來，我將把您交給比爾·唐納韋 (Bill Dunaway)，讓您更詳細地討論財務業績。比爾，交給你了。

Thank you, Sean. I'll be starting on Slide #8, which shows our consolidated income statement for the second quarter of fiscal 2023. Sean covered many of the consolidated highlights in the quarter, so I'll highlight a few and then move on to a segment discussion. Transaction-based clearing expenses declined 10% to $69.2 million in the current period, principally due to lower fees and equity ADRs as well as the decline in FX/CFD contracts, average daily volume and listed derivative contract volumes.

謝謝你，肖恩。我將從幻燈片 #8 開始，該幻燈片顯示了我們 2023 財年第二季度的綜合損益表。Sean 介紹了本季度的許多綜合亮點，因此我將重點介紹其中一些，然後繼續進行細分討論。本期交易清算費用下降 10%，至 6,920 萬美元，主要是由於費用和股票 ADR 下降，以及外匯/差價合約合約、日均交易量和上市衍生品合約交易量的下降。

Introducing broker commissions declined 2% to $42.2 million in the current period, principally due to declines in our independent wealth management and retail FX/CFD businesses. Interest expense increased $164.6 million versus the prior year, primarily as a result of the $117 million increase in interest expense related to our institutional fixed income business and a $36.6 million increase in interest paid to client balances on deposit as a result of significant increase in short-term interest rates.

本期介紹經紀商佣金下降 2%，至 4,220 萬美元，主要是由於我們的獨立財富管理和零售外匯/差價合約業務下降。利息支出比上一年增加了 1.646 億美元，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 1.17 億美元，以及由於短期存款大幅增加而支付給客戶存款餘額的利息增加了 3660 萬美元。 - 期限利率。

Interest expense on corporate funding increased $4.3 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 declined $2.3 million versus the prior year due to the decline in net operating revenues as well as a change in product mix and represented 30% of net operating revenues in the current period compared to 31% of net operating revenues in the prior year period.

企業融資利息支出比上一年增加了 430 萬美元，這也是由於短期利率上升以及平均借款增加的結果。由於淨營業收入下降以及產品組合的變化，可變薪酬比上一年減少了 230 萬美元，佔當期淨營業收入的 30%，而上年同期占淨營業收入的 31% 。

Sean covered earlier on this call, the fluctuations in fixed compensation, so I'll move on to other fixed expenses, which increased $6.5 million as compared to the prior year to $106.4 million. However, this is a $3.8 million of decline versus the immediately preceding quarter. As compared to the prior year, non-trading technology and support increased $3.4 million due to software implementations and ongoing support.

Sean 早些時候在本次電話會議上談到了固定薪酬的波動，因此我將繼續討論其他固定費用，該費用與上一年相比增加了 650 萬美元，達到 1.064 億美元。然而，與上一季度相比，這一數字下降了 380 萬美元。與上一年相比，由於軟件實施和持續支持，非交易技術和支持增加了 340 萬美元。

Travel and business development increased $2.8 million. Depreciation and amortization increased $1.8 million due to incremental depreciation related to internally developed software as well as higher amortization of leasehold improvements in intangibles acquired. And finally, occupancy and equipment rental increased $1.8 million as compared to the prior year. Offsetting these increases, professional fees declined $2.5 million as compared to the prior year, principally due to lower legal fees.

旅行和業務發展增加了 280 萬美元。由於與內部開發的軟件相關的折舊增量以及收購的無形資產租賃改良的攤銷增加，折舊和攤銷增加了 180 萬美元。最後，入住率和設備租金比上一年增加了 180 萬美元。與上一年相比，專業費用減少了 250 萬美元，主要是由於法律費用降低，抵消了這些增長。

Bad debt expense net of recoveries declined $9.3 million to $3 million in the current period versus $12.3 million in the prior year period. The prior year comparable period included a $6.4 million other gain related to a foreign exchange antitrust class action settlement received, while the immediately preceding quarter includes a $23.5 million gain on the acquisition of CDI. Net income for the second quarter of fiscal 2023 was $41.7 million, which represents a 35% decline versus a very strong $64 million in the prior year and is a 46% decline versus the immediately preceding quarter, which included the gain on the acquisition of CDI I just noted.

扣除回收費用後的壞賬費用本期下降了 930 萬美元，降至 300 萬美元，而去年同期為 1,230 萬美元。去年同期包括與收到的外匯反壟斷集體訴訟和解相關的 640 萬美元其他收益，而上一季度包括收購 CDI 的 2350 萬美元收益。 2023 財年第二季度的淨利潤為 4170 萬美元，與上一年強勁的 6400 萬美元相比下降了 35%，與上一季度相比下降了 46%，其中包括收購 CDI 的收益我剛剛注意到。

Moving on to Slide #9. I'll provide some more information on our operating segments. Our Commercial segment added $36 million in operating revenues versus the prior year and $37.7 million compared to the immediately preceding quarter. This increase was driven by a $37.1 million increase in interest earned on client balances as a result of the significant increase in short-term rates. Average client equity declined a modest 2% versus the prior year. In addition, operating revenues from physical transactions increased $14.7 million compared to the prior year as a result of growth in both Physical Ag & Energy and precious metals activities.

繼續幻燈片 #9。我將提供有關我們運營部門的更多信息。我們的商業部門的營業收入與上年相比增加了 3600 萬美元，與上一季度相比增加了 3770 萬美元。這一增長是由於短期利率大幅上漲導致客戶餘額利息增加 3710 萬美元所致。平均客戶資產較上年小幅下降 2%。此外，由於實物農業和能源以及貴金屬活動的增長，實物交易的營業收入比上年增加了 1,470 萬美元。

These increases were partially offset by $12 million and $4.5 million decline in operating revenues derived from listed and OTC derivatives, respectively, with the prior year being a very strong performance, as Sean noted earlier. Versus the immediately preceding quarter listed and OTC derivative revenues increased $7.2 million and $15.4 million, respectively. Fixed compensation and benefits increased $3.3 million versus the prior year and other fixed expenses increased $2.6 million, including increases in selling and marketing, travel and business development and depreciation and amortization.

正如 Sean 早些時候指出的，這些增長被上市衍生品和場外衍生品營業收入分別下降 1200 萬美元和 450 萬美元所部分抵消，而上一年的業績非常強勁。與上一季度相比，上市和場外衍生品收入分別增加了 720 萬美元和 1,540 萬美元。固定薪酬和福利比上年增加了 330 萬美元，其他固定費用增加了 260 萬美元，包括銷售和營銷、旅行和業務開發以及折舊和攤銷的增加。

Bad debt expense declined $7.4 million as compared to the prior year. Segment income was $102.9 million for the period, an increase over the prior year period and preceding quarters of 47% and 24%, respectively. Moving on to Slide #10. Operating revenues in our Institutional segment increased to $159.7 million versus the prior year, primarily driven by $101.5 million increase in securities operating revenues compared to the prior year as a result of the 65% increase in average daily volume of securities transactions as well as the increase in interest rates.

壞賬費用比上一年減少了 740 萬美元。該期間分部收入為 1.029 億美元，比去年同期和前幾個季度分別增長 47% 和 24%。繼續看幻燈片#10。機構業務部門的營業收入較上年增加至 1.597 億美元，主要是由於證券營業收入較上年增加 1.015 億美元，這是由於日均證券交易量增加 65% 以及在利率方面。

The increase in securities ADV was driven by an increase in volumes in both equity and fixed income markets. 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'll touch on momentarily. Interest and fee income earned on client balances increased $55.2 million versus the prior year as a result of the increase in short-term interest rates as well as a 61% increase in average client equity. The rise in short-term rates drove a $156 million increase in interest expense versus the prior year.

證券日均交易量的增加是由股票和固定收益市場交易量的增加推動的。正如肖恩之前提到的，利率的上升也導致了這一時期與證券相關的利息支出的大幅增加，我稍後會談到這一點。由於短期利率上升以及平均客戶資產增加 61%，客戶餘額賺取的利息和費用收入比上一年增加了 5520 萬美元。短期利率上升導致利息支出較上年增加 1.56 億美元。

Interest expense related to fixed income trading and securities lending activities increased to $117.5 million and $3.4 million, respectively, as compared to the prior year in the immediately preceding quarter, while interest paid to clients increased $32.6 million. Segment income increased 12% to $55.8 million in the current period as a result of the $5.1 million increase in net operating revenues.

與上年同期相比，上一季度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至 1.175 億美元和 340 萬美元，而支付給客戶的利息增加了 3260 萬美元。由於淨營業收入增加了 510 萬美元，本期部門收入增長了 12%，達到 5580 萬美元。

Fixed compensation and benefits increased $2.2 million versus the prior year as we build on our product offering, while other fixed expenses increased $1 million. Bad debt expense declined $2 million as compared to the prior year period. Segment income declined $6.2 million versus the immediately preceding quarter. Moving on to the next slide. Operating revenues in our Retail segment declined $41.4 million versus the prior year, which was primarily driven by a $37.5 million decrease in FX and CFD revenues as a result of a 26% decline in rate per million as well as a 22% decline in FX, CFD, ADV as compared to the prior year.

由於我們加強了產品供應，固定薪酬和福利比上一年增加了 220 萬美元，而其他固定費用增加了 100 萬美元。壞賬費用比去年同期減少了 200 萬美元。與上一季度相比，該部門收入下降了 620 萬美元。轉到下一張幻燈片。我們零售部門的營業收入比上年下降了 4140 萬美元，這主要是由於每百萬人的匯率下降 26% 以及外匯下降 22%，導致外彙和差價合約收入減少 3750 萬美元。 CFD、ADV 與上一年相比。

Operating revenues from securities transactions declined $3.6 million. Operating revenues in the retail segment increased to $8.1 million versus the immediately preceding quarter. Segment income declined 89% to $4.8 million in the current period, primarily as a result of the decline in operating revenues. We moved to Retail marketing employees to our central marketing department, which drove the $3.2 million of decline in fixed compensation and benefits. These costs were then allocated back to the retail segment through an allocation process, which partially drove the $5.1 million increase in other fixed expenses as compared to the prior year.

證券交易營業收入下降 360 萬美元。零售部門的營業收入較上一季度增至 810 萬美元。本期部門收入下降 89% 至 480 萬美元，主要是由於營業收入下降。我們將零售營銷員工轉移到中央營銷部門，這導致固定薪酬和福利減少了 320 萬美元。然後，這些成本通過分配流程分配回零售部門，這在一定程度上推動了其他固定費用與上一年相比增加了 510 萬美元。

In addition, we saw a $900,000 increase in depreciation and amortization, a $600,000 increase in non technology and support and a $0.5 million increase in travel and business development. Closing out the segment on the next slide, operating revenues in Global Payments increased to $8.8 million versus the prior year, driven by a 16% increase in the average daily volume and a 2% increase in the rate per million as compared to the prior year. Fixed compensation increased $12.7 million as compared to the prior year, primarily driven by the reorganization cost Sean noted earlier as well as incremental hires related to the build-out of our payment offerings. Segment income was $15.9 million in the current period and represents a 33% and 51% declines versus the prior year and immediately preceding quarters, respectively.

此外，折舊和攤銷增加了 90 萬美元，非技術和支持增加了 60 萬美元，差旅和業務開發增加了 50 萬美元。在下一張幻燈片中結束該細分市場時，Global Payments 的營業收入較上年增加至 880 萬美元，原因是日均交易量較上年增加 16%，每百萬人的費率較上年增加 2% 。與上一年相比，固定薪酬增加了 1270 萬美元，這主要是由肖恩之前提到的重組成本以及與我們的支付產品擴建相關的增量招聘推動的。本期分部收入為 1,590 萬美元，與上一年和前一季度相比分別下降 33% 和 51%。

Moving on to Slide #13, which represents the bridge between operating revenues for the first quarter of -- second quarter of last year to the current period across our operating segments. Overall operating revenues were $704.4 million in the current period, up $159.7 million or 29% over the prior year. I've covered the changes in the operating segments for our segment -- operating revenues for our segments. However, a $3.4 million negative variance in revenues and unallocated overhead, primarily related to the outcome of the elimination of central treasury activities between business segments and corporate.

接下來看幻燈片 #13，它代表了我們各運營部門從去年第一季度到第二季度的運營收入與當前期間的運營收入之間的橋樑。本期總體營業收入為 7.044 億美元，比上年增加 1.597 億美元，即 29%。我已經介紹了我們部門的運營部門的變化——我們部門的運營收入。然而，收入和未分配管理費用出現了 340 萬美元的負差異，這主要與取消業務部門和公司之間的中央財務活動的結果有關。

The next slide, #14, represents a bridge from 2022 second quarter pretax income of $87.4 million to pretax income of $57.5 million in the current period. The negative variance and unallocated overhead of $19.8 million was partially driven by the $3.4 million negative variance in revenues I just noted as well as a $2.5 million increase in variable compensation and a $12.4 million increase in fixed compensation and benefits, which was partially due to the movement in the retail marketing team in the central department as I touched on earlier.

下一張幻燈片 #14 代表從 2022 年第二季度稅前收入 8740 萬美元到本期稅前收入 5750 萬美元的橋樑。 1980 萬美元的負差異和未分配管理費用部分是由於我剛才提到的 340 萬美元的收入負差異以及可變薪酬增加 250 萬美元和固定薪酬和福利增加 1240 萬美元造成的，這部分是由於正如我之前提到的，中央部門零售營銷團隊的變動。

In addition, we saw a $4.3 million increase in interest expense on corporate funding, a $1.7 million increase in occupancy and equipment rental and a $1.8 million increase in non-trading technology and support. These increases were partially offset by a $2.6 million decline in professional fees, an increase in -- as well as an increase in central allocation to the operating segments, particularly retail.

此外，我們還看到企業融資利息支出增加了 430 萬美元，佔用和設備租賃增加了 170 萬美元，非貿易技術和支持增加了 180 萬美元。這些增長被專業費用減少 260 萬美元、運營部門（尤其是零售部門）中央撥款的增加以及增加所部分抵消。

Finally, moving on to Slide #15, which detects 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 interest rates. The interest and fee income net of interest paid to clients and the effect of interest rate sweeps increased to $43.2 million to $54.6 million in the current period as compared to $11.4 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 of $21 million or $1.02 per share on an annualized basis.

最後，轉到幻燈片 #15，它按季度檢測我們從客戶餘額中賺取的利息和費用，以及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掃蕩的影響）增至 4,320 萬美元至 5,460 萬美元，而上一年為 1,140 萬美元。如表中所示，我們估計短期利率上升或下降 100 個基點，將導致淨利潤變化 2100 萬美元，即年化每股收益 1.02 美元。

With that, I would like to turn it back over to Sean.

有了這個，我想把它轉回給肖恩。

Thanks, Bill. Let's move to the final slide, Slide #16. We achieved another set of very good core operating results with moderating market conditions offset by higher interest earnings on our client float. This quarter, we are comparing against a very strong quarter a year ago and also has significant reorganization charges, which should be recovered with lower variable compensation over time.

謝謝，比爾。讓我們轉到最後一張幻燈片，幻燈片 #16。我們取得了另一組非常好的核心經營業績，市場環境的緩和被客戶浮存利息收入的增加所抵消。本季度，我們與一年前非常強勁的季度進行比較，並且還存在大量重組費用，這些費用應該隨著時間的推移以較低的可變薪酬來收回。

For the quarter, we recorded EPS of $1.95 and an ROE of 13.8%. Adjusting for the reorganization charges, results would have been in line with the first quarter results, excluding the gain on the CDI acquisition. For the trailing 12 months, we recorded net income of $219.7 million or $10.43 in EPS, equating to a 19.5% ROE on stated book. Our book value is now $60.32 per share, up 21% versus a year ago. When our performances are used through a slightly longer-term lens such as trailing 12 months over the last 2 years, which evens out quarterly anomalies, our results continue to show a strong upward trajectory, growing revenues at a 28% CAGR and adjusted earnings at a 27% CAGR.

本季度，我們的每股收益為 1.95 美元，淨資產收益率為 13.8%。調整重組費用後，不包括收購 CDI 的收益，結果將與第一季度的結果一致。過去 12 個月，我們錄得淨利潤 2.197 億美元，每股收益 10.43 美元，相當於賬面淨資產收益率 19.5%。我們的賬面價值目前為每股 60.32 美元，比一年前增長 21%。當我們從稍微長期的角度來看我們的業績時，例如過去 2 年過去 12 個月的表現，從而消除了季度異常情況，我們的業績繼續顯示出強勁的上升軌跡，收入以 28% 的複合年增長率增長，調整後的收益為複合年增長率為 27%。

While trading conditions moderated towards the end of the quarter, we believe that our growing and diverse business and multiple earning drivers will continue to drive growth and deliver shareholder value. We continue to see strong growth in client trading volumes across asset classes and products as well as segments, which speaks to growth in our underlying client base and client engagement. We continue to invest in our financial ecosystem, expanding our products, capabilities and talent. We have a unique and broad financial ecosystem with a very large addressable market in front of us.

雖然交易狀況在本季度末有所緩和，但我們相信，我們不斷增長的多元化業務以及多種盈利驅動因素將繼續推動增長並創造股東價值。我們繼續看到跨資產類別、產品以及細分市場的客戶交易量強勁增長，這表明我們的基礎客戶群和客戶參與度的增長。我們繼續投資於我們的金融生態系統，擴大我們的產品、能力和人才。我們擁有獨特而廣泛的金融生態系統，面前有一個非常大的潛在市場。

Operator, let's see if we have any questions. I'm sure Dan is onto the line.

接線員，讓我們看看是否有任何問題。我確信丹正在接電話。

(Operator Instructions) Our first question comes from the line of Daniel Fannon from Jefferies LLC.

（操作員說明）我們的第一個問題來自 Jefferies LLC 的 Daniel Fannon。

So I want to just follow up on just the environment at a high level. You've talked about higher volumes and lower spreads was kind of something is just kind of a takeaway for the quarter. But maybe as you think about the end markets to healthier customer base kind of activity levels is you obviously you have tough comps from how great things have been. But as you look underneath, does it feel the sustainability of activity levels is kind of -- I was hoping to get a little more color around and knowing that you can't predict volumes, but generally, the trends seem like they're holding it up at least reasonably well.

所以我只想對高水平的環境進行跟踪。您談到了更高的交易量和更低的利差，這只是本季度的一個要點。但也許當你考慮終端市場到更健康的客戶群活動水平時，你顯然會從多麼偉大的事情中獲得艱難的補償。但當你往下看時，你是否覺得活動水平的可持續性有點——我希望能有更多的色彩，並且知道你無法預測交易量，但總的來說，趨勢似乎正在持續下去至少還算不錯。

Okay. So I guess you sort of have to pass that question out into 2 things. I mean, in terms of revenue capture, we obviously were comparing against a phenomenal quarter a year ago. So revenue capture was down versus that. I would say, excluding that, if you look maybe over the last 3 quarters, I would say there are signs generally whether you look at the VIX or whether you look at volatility in sort of metals markets and elsewhere, that volatility has declined generally over the last 2, 3 quarters.

好的。所以我想你必須把這個問題分成兩件事。我的意思是，就收入獲取而言，我們顯然是在與一年前的驚人季度進行比較。因此，與此相比，收入有所下降。我想說的是，排除這一點，如果你看看過去的三個季度，我會說，無論你看VIX還是看金屬市場和其他地方的波動性，總體上有跡象表明波動性普遍下降過去2、3個季度。

I think it's probably still somewhat elevated in general terms versus, say, 2019, but it's certainly nowhere near where it was a year ago. So it seems to be flattening up. Now we could be entering -- volatility can change fast, right? I mean, as we've seen with sort of the bank drama. And then what's going on with all the Californian banks, I'd like to know. But anyway, I think we sort of may be flattening out there, and we could see periods of higher volatility. So that's on the volatility side.

我認為總體而言，與 2019 年相比，這一數字可能仍然有所上升，但肯定遠不及一年前的水平。所以它似乎正在扁平化。現在我們可以進入——波動性可以快速變化，對嗎？我的意思是，正如我們在銀行戲劇中看到的那樣。我想知道加州所有銀行的情況如何。但無論如何，我認為我們可能會趨於平緩，並且我們可能會看到波動性較高的時期。這是波動性方面的。

On the volume side, we've certainly seen continued strong volumes. I think we might, depending on the kind of economic situation, we think may transpire. We may also see that start to moderate slightly. I mean if we go into a highly credit constrained environment and a recession, I think you probably got to say volumes aren't going to continue to increase at the same pace and all things being equal, would probably moderate a little bit. So that's my anticipation. I would say, though, the other factor to take into account is just the competitive environment. I think we're making market share gains, right? So I think banks are struggling. I think they're starting to again consider whether they should be in some of these businesses.

在成交量方面，我們確實看到了持續強勁的成交量。我認為，根據我們認為可能發生的經濟形勢，我們可能會發生這種情況。我們也可能會看到這種情況開始略有放緩。我的意思是，如果我們進入信貸高度受限的環境和經濟衰退，我想你可能會說交易量不會繼續以同樣的速度增長，並且在所有條件相同的情況下，交易量可能會略有放緩。這就是我的預期。不過，我想說，另一個需要考慮的因素是競爭環境。我認為我們正在擴大市場份額，對嗎？所以我認為銀行正在苦苦掙扎。我認為他們開始再次考慮是否應該參與其中一些業務。

We continue to see us onboarding clients from banks. So even in a more moderated environment, we may still see some decent growth through market share gains. So I think it's a pretty good environment for us. And obviously, you've got interest rates at a high level. So I think all in all, this is a pretty good environment for us over the next kind of 3 to 6 quarters. It obviously depends on sort of the overall economic conditions and how dire those get, absent something really bad, I think it's going to be a decent run for us here. I mean taking all those factors into account.

我們繼續看到我們吸引來自銀行的客戶。因此，即使在更加溫和的環境下，我們仍可能通過市場份額的增長看到一些可觀的增長。所以我認為這對我們來說是一個非常好的環境。顯然，利率處於高水平。所以我認為總而言之，這對我們未來 3 到 6 個季度來說是一個非常好的環境。這顯然取決於總體經濟狀況以及經濟狀況的嚴重程度，如果沒有真正糟糕的情況，我認為這對我們來說將是一個不錯的運行。我的意思是考慮所有這些因素。

That's helpful. And then I guess just upon one of the areas where you are taking share is fixed income. Can you talk about your offerings, what you're doing there? You've hired some people, you've built this business organically, but thinking about prospectively, are you allocating more dollars, resources to this to continue this trajectory?

這很有幫助。然後我想你所分享的領域之一就是固定收益。您能談談您的產品以及您在那裡做什麼嗎？你已經僱傭了一些人，你已經有機地建立了這個業務，但是展望未來，你是否會為此分配更多的美元和資源來繼續這個軌跡？

I don't think we're allocating more dollars in terms of sort of limits or inventory or whatever. I mean this business has ramped up pretty fast over the last 5 years and seems to have sort of stabilized. What we are seeing is just a lot more volume, and we certainly are picking up a lot of market share in this business. I was just traveling for 2 weeks, and I certainly the fixed income guys [off] and I came in and they like 10 new people here, and they all come from firms who were competitors of ours who are not doing so well. I mean we've got some people from Credit Suisse, we've got some people from other places.

我不認為我們會在限製或庫存或其他方面分配更多的資金。我的意思是，這項業務在過去 5 年裡增長得相當快，而且似乎已經趨於穩定。我們所看到的只是數量的增加，而且我們確實在這項業務中獲得了很大的市場份額。我剛剛出差了兩週，當然是固定收益人員[下班]，我進來了，他們喜歡這裡的 10 名新人，他們都來自我們競爭對手的公司，但業績不太好。我的意思是，我們有一些來自瑞士信貸的人，也有一些來自其他地方的人。

So we certainly seem to be attracting talent, and we certainly seem to be outperforming our competitors, and talents normally follows that, right? So I think the fixed income guys have done a phenomenal job. I do think, as we've said now for a couple of quarters, there's a lot of activity in the more commoditized products, right? We've seen just a lot of activity in T-bills and in treasuries. And as all this turmoil is going on with the banking sector, that is giving us a lot of volume.

所以我們看起來確實在吸引人才，而且我們的表現也確實優於我們的競爭對手，而人才通常也會隨之而來，對嗎？所以我認為固定收益人員做得非常出色。我確實認為，正如我們在幾個季度中所說的那樣，更加商品化的產品有很多活動，對吧？我們看到國庫券和國庫券方面有很多活動。由於銀行業正在發生所有這些動盪，這給我們帶來了大量的交易量。

Now we're making money out of it. But in terms of rate per million revenue capture, it's a lot lower revenue capture than some of our other products. But certainly, we're seeing very good results from our fixed income guys doing a great job. And I think we're becoming -- I definitely think in that area we are showing market share gains. I think it's showing up with our clients perceive us. I think we're sort of stepping into the void created by some of these other banks who are withdrawing. So out of everything there we're seeing lots of market share gains and enhancement of that franchise for us.

現在我們正在從中賺錢。但就每百萬收入獲取率而言，它比我們的其他一些產品要低得多。但當然，我們看到固定收益人員的出色工作取得了非常好的成果。我認為我們正在——我絕對認為在該領域我們正在展示市場份額的增長。我認為這體現在我們的客戶對我們的看法上。我認為我們正在步入由其他一些銀行撤資造成的空白。因此，我們看到了很多市場份額的增長和特許經營權的增強。

Okay. That's helpful. And then just following up on the reorg and some of the expense items in the quarter that I think you said were mostly any kind of Global Payments related, but why now? Kind of what -- do we see this kind of flowing through other portions or segments of the business as you kind of go through this? Or just a little more context would be helpful.

好的。這很有幫助。然後只是跟進本季度的重組和一些費用項目，我認為您所說的大部分與全球支付相關，但為什麼是現在呢？當您經歷這種情況時，我們是否看到這種情況流經業務的其他部分或部門？或者更多的背景知識會有所幫助。

Yes, it's just strange how all the stuff always seems to hit in one quarter no matter how you sort of think it's going to be different. We've had a lot of people who have been with us for a long period of time, who've helped grow our businesses. They were very highly paid people. A lot of them have taken a lot of their compensation in stock. A lot of them are sort of getting to their 60s. And I think sort of post sort of a 3 tough year period during COVID, it sort of became time, I think, for some of these people to think about retirement.

是的，奇怪的是，無論你如何認為它會有所不同，所有的東西似乎總是在一個季度內出現。我們有很多人長期與我們在一起，幫助我們發展了業務。他們是收入很高的人。他們中的很多人都拿了很多股票作為報酬。他們中的很多人都快到 60 多歲了。我認為，在新冠疫情期間經歷了三年的艱難時期後，我認為，對於其中一些人來說，現在是時候考慮退休了。

We have to start thinking about transitions. And so that's really what happens. So I think we feel very comfortable about it. I think we've got a good bench. But these people have done a fantastic job for us, helped us build a great business, have built a great bench behind them. But at some point, people want to go do other things. And when that happens, particularly when people have a lot of stock, we typically, if someone retires, we invest all of their stock immediately because they deal with us and build a great business, and that hit comes immediately, right? So that's really what happened. We -- in our precious metals business -- our senior guy run, well, in fact, it was sorting the whole metals business. We've got a great person following up. They've been working on a transition for the better part of 2 years.

我們必須開始考慮轉型。這就是真正發生的事情。所以我認為我們對此感到非常舒服。我認為我們有一個很好的板凳。但這些人為我們做了出色的工作，幫助我們建立了偉大的企業，並在他們身後建立了一個偉大的後盾。但在某些時候，人們想做其他事情。當這種情況發生時，特別是當人們擁有大量股票時，我們通常，如果有人退休，我們會立即投資他們所有的股票，因為他們與我們打交道並建立了一項偉大的業務，而這種衝擊會立即到來，對吧？這就是真正發生的事情。我們——在我們的貴金屬業務中——我們的高級人員負責管理，事實上，它正在對整個金屬業務進行分類。我們有一個很棒的人在跟進。兩年來的大部分時間裡，他們一直在致力於轉型。

The guy headed up by precious metals activities in Asia and then the head of our Global Payments business, all sort of at the same time, decided this was a good time for them to sort of move on. So we've got young talented people in their space. I feel very comfortable about it, but there's just the cost of all of that, right? That cost will be recovered because we have modified the variable comp structures. I mean all of the senior people were big draws out of the variable comp pool given that they started and then we hear originally, and we've managed to skinning that up a little bit. So I think we've got a leaner comp structure going forward, and we certainly will recover these costs pretty quickly. And then there'll be an enduring benefit from there on, right? So anyway, that's the story Dan.

負責亞洲貴金屬活動的那個人和我們全球支付業務的負責人同時認為這是他們繼續前進的好時機。所以我們在他們的領域擁有年輕的才華橫溢的人。我對此感到很舒服，但是這一切都是有代價的，對嗎？由於我們修改了可變薪酬結構，該成本將被收回。我的意思是，所有高級人員都從可變薪酬池中脫穎而出，因為他們剛開始，然後我們聽到了最初的消息，我們已經設法將其剝皮一點。因此，我認為我們未來的薪酬結構將會更加精簡，而且我們肯定會很快收回這些成本。然後就會有持久的好處，對嗎？無論如何，這就是丹的故事。

That's helpful. And then just in terms of all the disruption that's happening, do you -- have you -- is M&A kind of moving up the priority list as you're seeing potential businesses or carve-outs of other firms that maybe aren't doing as well that are more attractive today?

這很有幫助。然後，就正在發生的所有顛覆而言，當你看到潛在的業務或其他可能表現不佳的公司的剝離時，併購是否會在優先事項列表中上升？那麼今天哪些更有吸引力？

I would say we haven't really seen that yet. But definitely, what we are seeing is a pickup in talent coming over, which for us is a little bit the same thing, right? In some ways, if you can pick up a team and we just picked up a team of 5 fixed income traders, very competent team, well known in the market. When they come across and generally speaking, can bring their clients with them, that's almost better than us making an acquisition at some level, right, because we don't have to pay for it. And we get a bunch of guys who come over, bring their business with them and sort of fit in seamlessly to our culture.

我想說我們還沒有真正看到這一點。但毫無疑問，我們看到的是人才的增加，這對我們來說有點相同，對吧？在某些方面，如果你能挑選一個團隊，而我們剛剛挑選了一個由 5 名固定收益交易員組成的團隊，非常有能力的團隊，在市場上眾所周知。當他們遇到時，一般來說，可以帶來他們的客戶，這幾乎比我們在某種程度上進行收購要好，對吧，因為我們不必為此付費。我們有一群人過來，帶來了他們的業務，並且無縫地融入了我們的文化。

So we're seeing a lot of that happening at the moment, which, in some ways, I think, is a better and low-risk way to grow our business, and I think we're going to see more of that. There are obviously a lot of people out of Credit Suisse and other people looking. So I think it's a good environment for us to pick up talent.

因此，我們目前看到很多這樣的事情發生，我認為，從某些方面來說，這是一種更好、低風險的業務增長方式，而且我認為我們將會看到更多這樣的事情。顯然有很多瑞士信貸銀行和其他人在尋找。所以我認為這對我們來說是一個吸收人才的良好環境。

I think clients are also looking where to move to. So there's a good opportunity to pick up clients. So we're seeing that kind of, I guess, opportunity rather than acquisitions. But I think you're right, at some point, there are going to be some acquisitions. I think this is a tough environment for some people in the financial markets. I mean it's great for us, but some people are struggling and there should be some opportunities. But nothing I can say we looking at seriously at the moment.

我認為客戶也在尋找搬到哪裡。所以這是一個接客戶的好機會。因此，我認為我們看到的是機會而不是收購。但我認為你是對的，在某個時候，將會有一些收購。我認為對於金融市場上的一些人來說，這是一個艱難的環境。我的意思是這對我們來說很棒，但有些人正在掙扎，應該有一些機會。但我無話可說，我們目前正在認真考慮。

Are there any other questions? Operator ?

還有其他問題嗎？操作員 ？

(Operator Instructions)

（操作員說明）

Okay. It looks like we don't have any questions. So I'd like to thank everyone for joining us on the call. I'd like to thank all the great team members of StoneX for another great performance this quarter, and we look forward to speaking to all of you in 3 months' time. Thanks so much.

好的。看來我們沒有任何問題了。因此，我要感謝大家加入我們的電話會議。我要感謝 StoneX 的所有優秀團隊成員在本季度的又一次出色表現，我們期待在 3 個月後與你們所有人交談。非常感謝。

This does conclude the program. You may now disconnect. Thank you.

這確實結束了該程序。您現在可以斷開連接。謝謝。