StoneX Group Inc (SNEX) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the StoneX Group Inc. Q3 Fiscal Year 2023 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, Bill Dunaway.

美好的一天，感謝您的支持。歡迎參加 StoneX Group Inc. 2023 財年第三季度財報電話會議。 （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比爾·唐納韋 (Bill Dunaway)。

Welcome to the earnings conference call for our third quarter ended June 30th, 2023. After the market closed yesterday, we issued a press release reporting our results for our third 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 our year-to-date results.

歡迎參加截至2023 年6 月30 日的第三季度收益電話會議。昨天收盤後，我們發布了一份新聞稿，報告了2023 年第三財季的業績。此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和年初至今的業績時參考該幻燈片演示文稿。

The presentation and an archive of the webcast will also be available on our website after the call's conclusion. Before getting underway, we're 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.

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，所有參與者都應注意，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 in 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.

本討論可能包含經修訂的 1933 年證券法第 27A 條（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。

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.

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 it 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，我將把它交給公司首席執行官肖恩·奧康納 (Sean O'Connor)。

Good morning, everyone, and thanks for joining our earnings call. In the third quarter of fiscal 2023, we saw solid transactional volumes as well as revenue growth across almost all of our products despite volatility generally moderating versus the prior period.

大家早上好，感謝您參加我們的財報電話會議。在 2023 財年第三季度，儘管波動性與上一時期相比總體有所緩和，但我們幾乎所有產品的交易量和收入都實現了穩健增長。

Interest earnings on our client float increased significantly due to our capturing higher market rates that prevailed during this period. In aggregate, these results produced our strongest financial results ever with a $3.25 diluted EPS and a 23.1% ROE on tangible equity.

由於我們捕捉到了這一時期普遍存在的較高市場利率，我們的客戶浮存利息收入顯著增加。總的來說，這些結果產生了我們有史以來最強勁的財務業績，稀釋後每股收益為 3.25 美元，有形權益淨資產收益率為 23.1%。

We believe that our results for the quarter and indeed for the year-to-date are significant positive outliers in our industry as they have been for some years now. Turning to Slide 3 in the earnings deck, which compares quarterly operating revenues by product versus a year ago. Operating revenues were up a strong 47% in aggregate for the quarter and up 40% for the year-to-date despite the generally more subdued market conditions.

我們相信，我們本季度乃至今年迄今為止的業績在我們的行業中都是顯著的積極異常值，正如多年來的情況一樣。轉向收益表中的幻燈片 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。儘管市場狀況普遍較為低迷，但本季度運營收入總計增長了 47%，今年迄今增長了 40%。

Aggregate revenues were up 10% versus the immediately preceding quarter. Listed derivatives revenue was up a slight 1% despite a decrease in volumes of 5%, while revenue capture was up 9%. Revenues were down 3% versus the proceed in Q2. OTC derivative revenue was up 43% versus a year ago and up 24% versus the immediately preceding quarter with volumes surging 46% and revenue capture down slightly.

總收入較上一季度增長 10%。儘管交易量下降了 5%，上市衍生品收入仍小幅增長了 1%，而收入增長了 9%。與第二季度相比，收入下降了 3%。場外衍生品收入較去年同期增長 43%，較上一季度增長 24%，交易量猛增 46%，但收入略有下降。

Physical commodities revenues were up a strong 59% versus a year ago and up 50% versus the Q2 due to better results in Ags and energy as well as the addition of CDI, which was acquired in Q1 of this year. Securities revenues were up 76%, although this is inflated due to the gross-up of much higher interest revenue in our fixed income business, as a result of the Fed rate increases.

由於農業和能源業務的更好業績以及今年第一季度收購的 CDI 的加入，實物商品收入較去年同期強勁增長 59%，較第二季度增長 50%。證券收入增長了 76%，儘管由於美聯儲加息導致我們固定收益業務的利息收入大幅增加，這一數字有所誇大。

As was the case last quarter, this was a tough quarter for the equities business with lower volatility. On the other hand, the fixed income group turned in another strong result. Overall, ABV across the securities business was up 33%, although revenue capture declined 43%, reflecting both tougher market conditions and equities as well as a continued push into lower-margin products.

與上季度的情況一樣，對於波動性較低的股票業務來說，這是一個艱難的季度。另一方面，固定收益類別又取得了強勁的業績。總體而言，整個證券業務的 ABV 增長了 33%，儘管收入下降了 43%，這反映出市場條件和股票形勢更加嚴峻，以及對低利潤產品的持續推進。

Global Payments had another strong quarter with revenues up 23% versus a year ago and up 9% versus Q2. Volumes were down 2%, but revenue capture was up 21%. Our FX and CFD revenue was down 17%, largely due to tougher market conditions versus the exceptionally positive conditions in the prior year quarter, which resulted in volumes being down 20%.

Global Payments 的季度業績再次強勁，收入較去年同期增長 23%，較第二季度增長 9%。銷量下降了 2%，但收入增長了 21%。我們的外彙和差價合約收入下降了 17%，主要是由於市場條件更加嚴峻，而去年同期的條件異常樂觀，導致交易量下降了 20%。

Revenue capture was up 5% versus the prior year and represented a 49% increase over the immediately preceding quarter. This resulted in a 17% increase in FX CFD revenues versus the immediately preceding quarter. Interest and fee income on client balances was $92.2 million, up 329% from a year ago as we realized the impact of cumulative interest rate increases, although the aggregate client flow to reduce 3% and now stands at an aggregate $7.7 billion. This reduction in client float was realized on the FDIC sweep balances as larger retail securities clients moved into higher-yielding deposits.

收入比去年同期增長 5%，比上一季度增長 49%。這導致外匯差價合約收入較上一季度增長 17%。由於我們意識到累積利率上升的影響，客戶餘額的利息和費用收入為 9220 萬美元，比一年前增長了 329%，儘管總客戶流量減少了 3%，目前總計為 77 億美元。隨著較大的零售證券客戶轉向更高收益的存款，客戶流通量的減少是通過 FDIC 清償餘額實現的。

Versus the immediately preceding quarter, our interest earnings on our client float was down 11% and the aggregate client balances decline 10%. Moving on 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 bear, we realized strong revenue growth across all products, except listed derivatives, which was flat and FX CFDs, which were down 16%.

與上一季度相比，我們客戶浮動利息收入下降了 11%，客戶總餘額下降了 10%。轉到幻燈片 4，它顯示了過去 12 個月的相同數據。在這段較長的時期內，儘管現在面臨更具挑戰性的比較，我們實現了所有產品的強勁收入增長，但上市衍生品除外（持平）和外匯差價合約（下降 16%）。

We have generally seen increase in volumes across the board, while revenue capture has been more challenging generally with lower volatility. Turning to Slide 5 and a summary of our third quarter and trailing 12-month results. We recorded operating revenues of $776.9 million, up 47% versus the prior year and up 10% from the preceding quarter.

我們普遍看到交易量全面增加，而收入獲取通常更具挑戰性，波動性較低。轉向幻燈片 5 以及我們第三季度和過去 12 個月業績的摘要。我們的營業收入為 7.769 億美元，比上年增長 47%，比上一季度增長 10%。

Our operating revenues were boosted by interest both on our client float and also interest that is embedded in our fixed income trading, as I mentioned earlier. Net operating revenue, which nets off interest expense as well as introducing growth and commission and clearing costs, was up 17% versus a year ago.

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。淨營業收入（扣除利息支出以及引入的增長以及佣金和清算成本）比一年前增長了 17%。

Total compensation and other expenses were up 13% for the quarter, with variable compensation up 5% and fixed compensation up 23%. Versus the immediately preceding quarter, fixed compensation, excluding the retirement and reorganization charges recognized in the immediately preceding quarter was unchanged at $96.1 million.

本季度薪酬和其他費用總額增長 13%，其中可變薪酬增長 5%，固定薪酬增長 23%。與上一季度相比，固定薪酬（不包括上一季度確認的退休和重組費用）保持不變，為 9610 萬美元。

We reported $69.5 million in net income and $3.25 in diluted EPS for the quarter, while adjusted net income, which excludes acquisition-related items, was a record $71.8 million for the quarter. Our ROE is 21.6% on stated book value and 23.1% on tangible book value.

我們報告本季度淨利潤為 6,950 萬美元，稀釋後每股收益為 3.25 美元，而調整後淨利潤（不包括收購相關項目）為創紀錄的 7,180 萬美元。我們的淨資產收益率 (ROE) 按賬面價值計算為 21.6%，按有形賬面價值計算為 23.1%。

Our average gross yield on our client float was 397 basis points for the quarter versus 379 basis points for the immediately prior quarter. Book value per share closed the quarter at $64.9 up 24% versus a year ago and increased $3.77 during the quarter. Again, this quarter larger than our EPS due to positive changes in other comprehensive income.

本季度我們客戶浮存資金的平均毛收益率為 397 個基點，而上一季度為 379 個基點。本季度每股賬面價值為 64.9 美元，較去年同期增長 24%，本季度增加 3.77 美元。由於其他綜合收益的積極變化，本季度再次高於我們的每股收益。

Looking at the summary for the trailing 12 months. Our operating revenues were a record $2.7 billion, up 42% over the prior trailing 12-month period. Our net income was $240.1 million, up 48%. Our diluted EPS was $11.31 for the trailing 12 months, up 44%. ROE was 20.2% despite our equity increasing 48% over the last two years. Turning now to Slide 6, our segment summary, just to touch on the highlights before Bill gets into more detail.

查看過去 12 個月的摘要。我們的營業收入達到創紀錄的 27 億美元，比過去 12 個月增長 42%。我們的淨利潤為 2.401 億美元，增長 48%。過去 12 個月我們的稀釋後每股收益為 11.31 美元，增長了 44%。儘管過去兩年我們的股本增加了 48%，但淨資產收益率 (ROE) 仍為 20.2%。現在轉向幻燈片 6，我們的部分摘要，只是為了在比爾詳細介紹之前先介紹一下要點。

For the quarter, segment operating revenue was up 46% and segment income was up 22%. Our Commercial segment was up 61% in segment income off the back of a 48% increase in operating revenues, with strong performance on the OTC products and physical commodity side. Versus the immediately preceding quarter, segment revenues were up 15% and segment income was up 14%. It is interesting to note that in the commercial segment, OTC derivative and physical revenues both now exceed listed derivatives, which was by far the primary revenue driver in the segment 10 years ago.

本季度，分部營業收入增長 46%，分部收入增長 22%。由於營業收入增長 48%，我們的商業部門收入增長了 61%，OTC 產品和實物商品方面表現強勁。與上一季度相比，部門收入增長了 15%，部門收入增長了 14%。有趣的是，在商業領域，場外衍生品和實物收入現在都超過了上市衍生品，而上市衍生品是 10 年前該領域的主要收入驅動力。

Our institutional segment saw an 82% increase in revenues by the 5% reduction in segment income. The disparity between these two numbers is caused by the revenue increase being driven by the interest carry on to the fixed income side as well as higher interest paid on the client float. As mentioned earlier, the Equities business had a tough quarter, while fixed income had another good result as did our institutional FX.

我們的機構部門收入增長了 82%，但部門收入減少了 5%。這兩個數字之間的差異是由於固定收益方面的利息以及客戶浮動支付的較高利息推動的收入增長。如前所述，股票業務經歷了一個艱難的季度，而固定收益和我們的機構外匯業務則取得了另一個良好的業績。

The listed derivative business and securities clearing were boosted by interest and fee income. Versus the preceding quarter, segment revenue was up 5%, and segment income was down 19%. Retail was much improved from Q2, but with continued challenged market conditions, especially when compared to the exceptional results a year ago. Operating revenue was down 16% versus a year ago, but up 16% versus the preceding quarter.

上市衍生品業務和證券結算業務受到利息和手續費收入的推動。與上一季度相比，部門收入增長了 5%，部門收入下降了 19%。零售業較第二季度有了很大改善，但市場狀況仍然面臨挑戰，特別是與一年前的出色業績相比。營業收入較去年同期下降 16%，但較上一季度增長 16%。

Segment income was down 35% from a year ago, but up 258% from Q2. Global Payments revenue was up 20% and segment income was up 16% versus the prior quarter. Versus the preceding quarter, revenue was up 7% and segment income was up 80%, largely due to the reorganization charges recorded in the prior quarter. For the trailing 12 months, we had double-digit growth in segment operating revenue and segment income with the exception of retail, which was down.

部門收入較去年同期下降 35%，但較第二季度增長 258%。與上一季度相比，全球支付收入增長 20%，部門收入增長 16%。與上一季度相比，收入增長了 7%，部門收入增長了 80%，這主要是由於上一季度記錄的重組費用。過去 12 個月，我們的分部營業收入和分部收入均實現兩位數增長，但零售業務有所下降。

As we have said repeatedly, we take a long-term view on how we manage the company and how we 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 trailing 12 months rather than specific quarters taken in isolation. Turning now to Slide 7, which sets out our trailing 12-month performance over the last nine quarters. These numbers have been adjusted for the accounting treatment related to the gain in CDI acquisition as disclosed in our prior filings and which appear in the reconciliation provided in the appendix of this earnings stack.

正如我們一再說過的，我們對如何管理公司以及如何發展我們的特許經營權抱有長遠的眼光。因此，我們認為衡量我們的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。現在轉向幻燈片 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堆棧附錄中提供的調節表中。

On the left-hand side, the bars represent our trailing 12-month operating revenue over the last nine quarters. As you can see, this has been a smooth and strongly upward trend as we have steadily expanded the footprint and capabilities. Our trailing 12-month operating revenues are up $1.1 billion over this period for a 29% CAGR. Our adjusted pretax income likewise has grown significantly at a 33% compound annual growth rate.

左側的條形代表我們過去 9 個季度過去 12 個月的營業收入。正如您所看到的，隨著我們穩步擴大足跡和能力，這是一個平穩且強勁的上升趨勢。在此期間，我們過去 12 個月的營業收入增長了 11 億美元，複合年增長率為 29%。我們調整後的稅前收入同樣以 33% 的複合年增長率大幅增長。

On the right-hand side, you can see our adjusted net income in the buyers, which is up $104 million over the two years for a 37% CAGR. And the dotted line on the right-hand side represents our ROE, which has remained above our 50% target, even though our capital has grown by 48% over this period. With that, I'll hand you over to Bill Dunaway for a more detailed discussion of the financial results.

在右側，您可以看到我們調整後的買家淨收入，兩年內增加了 1.04 億美元，複合年增長率為 37%。右側的虛線代表我們的 ROE，儘管我們的資本在此期間增長了 48%，但 ROE 仍高於我們 50% 的目標。接下來，我將把您交給比爾·唐納韋 (Bill Dunaway)，讓您對財務業績進行更詳細的討論。

I'll be starting on Slide #8, which summarizes our consolidated income statement for the third quarter of fiscal '23. Sean covered many of the consolidated highlights for the quarter, so I'll just highlight a few and then move on to a segment discussion. On the expense side, transaction-based clearing expenses declined 11% to $66.7 million in the current period, principally due to lower fees in the equity ADR space and Global Payments as well as a decline in FX CFD and listed derivative volumes.

我將從第 8 張幻燈片開始，該幻燈片總結了 23 財年第三季度的合併損益表。 Sean 介紹了本季度的許多綜合亮點，因此我將僅重點介紹其中一些，然後繼續進行部分討論。在費用方面，本期基於交易的清算費用下降了 11%，至 6,670 萬美元，這主要是由於股票 ADR 領域和 Global Payments 的費用降低以及外匯差價合約和上市衍生品交易量的下降。

Introducing broker commissions increased 5% to $43.4 million in the current period, principally due to increased activity in our commercial segment, both in listed derivatives as well as the result of the CDI acquisition, which was effective October 31st, 2022. Interest expense increased $187.9 million versus the prior year, principally as a result of $144.9 million increase in interest expense related to our institutional fixed income business.

本期介紹經紀商佣金增加了5%，達到4,340 萬美元，主要是由於我們商業部門的活動增加，包括上市衍生品以及自2022 年10 月31 日生效的CDI 收購的結果。利息支出增加了187.9美元與上一年相比增加了 1.449 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 1.449 億美元。

And a $31.6 million increase in interest paid on client balances. Both of these were results of significant increase in short-term interest rates. Interest expense on corporate funding increased $4.2 million versus the prior year, also as a result of an increase in the short-term interest rates as well as an increase in average borrowings. Variable compensation increased $6.6 million versus the prior year due to the increase in net operating revenues and represented 30% of net operating revenues in the current period compared to 33% in net operating revenues in the prior year period.

客戶餘額支付的利息增加了 3160 萬美元。這都是短期利率大幅上升的結果。企業融資利息支出比上一年增加了 420 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。由於淨營業收入的增加，可變薪酬比上年增加了 660 萬美元，佔本期淨營業收入的 30%，而上年同期占淨營業收入的 33%。

Fixed compensation increased $17.8 million versus the prior year due to a 14% increase in headcount resulting from the expansion of our capabilities among our business lines as well as in support areas to facilitate this business growth, the effect of the annual merit increases and a $1.9 million increase in share-based compensation as compared to the prior year.

固定薪酬比上一年增加了 1780 萬美元，原因是我們的業務線以及支持領域的能力擴展，以促進業務增長，從而導致員工人數增加 14%、年度績效增長的影響以及 1.9 美元的薪酬增長。股權激勵較上年增加100萬元。

Other fixed expenses increased $6.8 million as compared to the prior year and $2.1 million versus the immediately preceding quarter. As compared to the prior year, trading systems and market information increased $3.4 million, travel and business development increased $1.3 million, and depreciation and amortization increased $2.1 million due to incremental depreciation related to internally developed software as well as higher amortization of intangibles that we acquired.

其他固定費用較上年增加 680 萬美元，較上一季度增加 210 萬美元。與上一年相比，交易系統和市場信息增加了340 萬美元，旅行和業務開發增加了130 萬美元，折舊和攤銷增加了210 萬美元，原因是與內部開發的軟件相關的增量折舊以及我們收購的無形資產攤銷增加。

Bad debt expense net of recoveries increased $7 million to $6.3 million in the current period versus a $700,000 recovery in the prior year period. This increase was principally related to increase in bad debt expense in our physical Ag and energy, retail OpEx and CFD and Financial Ag and Energy businesses.

扣除追償後的壞賬費用，本期增加了 700 萬美元，達到 630 萬美元，而去年同期的壞賬費用為 70 萬美元。這一增長主要與我們的實物農業和能源、零售運營支出和差價合約以及金融農業和能源業務的壞賬費用增加有關。

Net income for the third quarter of fiscal 2023 was $69.5 million, which represents a 42% increase versus $49.1 million in the prior year and is a 67% increase versus the immediately preceding quarter. Moving on to Slide #9. I'll provide some information on our operating segments. Our Commercial segment added $82.5 million in operating revenues versus the prior year and $32.6 million when compared to the immediately preceding quarter.

2023 財年第三季度的淨利潤為 6950 萬美元，比上一年的 4910 萬美元增長 42%，比上一季度增長 67%。繼續幻燈片 #9。我將提供一些有關我們運營部門的信息。我們的商業部門的營業收入與上年相比增加了 8250 萬美元，與上一季度相比增加了 3260 萬美元。

The increase over the prior year was driven by a $30.9 million increase in operating revenues from physical transactions due to increased activity in biodiesel feedstocks and the acquisition of CDI as well as a $21.7 million increase in OTC derivative operating revenues, most notably in Brazilian markets. In addition, interest earned on client balances increased $23.6 million as a result of a significant increase in short-term interest rates.

與上一年相比的增長是由於生物柴油原料活動增加和收購 CDI 導致實物交易營業收入增加 3090 萬美元，以及場外衍生品營業收入增加 2170 萬美元（尤其是在巴西市場）。此外，由於短期利率大幅上升，客戶餘額賺取的利息增加了 2,360 萬美元。

Average client equity declined 30% versus the prior year as the prior year period was one with elevated margin requirements following the Russian invasion of Ukraine. Fixed compensation and benefits increased $3 million versus the prior year, and other fixed expenses increased $2.1 million, including increases in nontrading technology and support, travel and business development and depreciation and amortization. Bad debt expense increased $5.4 million as compared to the prior year period.

平均客戶資產較上年下降 30%，因為上年期間俄羅斯入侵烏克蘭後保證金要求提高。固定薪酬和福利比上年增加了 300 萬美元，其他固定費用增加了 210 萬美元，包括非貿易技術和支持、差旅和業務開發以及折舊和攤銷的增加。壞賬費用較上年同期增加 540 萬美元。

Segment income was $117 million for the period, an increase over the prior year period and preceding quarter of 61% and 14%, respectively. Moving on to Slide #10. Operating revenues in our Institutional segment increased $172 million versus the prior year, primarily driven by $117.9 million increase in securities operating revenues compared to the prior year as a result of a 33% increase in the average daily volume of security transactions as well as the increase in interest rates.

該期間分部收入為 1.17 億美元，比去年同期和上一季度分別增長 61% 和 14%。繼續看幻燈片#10。機構部門的營業收入比上年增加了 1.72 億美元，主要是由於證券營業收入比上年增加了 1.179 億美元，這是由於日均證券交易量增加了 33% 以及在利率方面。

The increase in securities ABV was driven by an increase in client 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.

證券 ABV 的增長是由股票和固定收益市場客戶數量的增加推動的。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。

Interest and fee income earned on client balances increased $47.1 million versus the prior year as a result of an increase in short-term rates as well as a 30% increase in average client equity. This was partially offset by a 32% decline in average money market and FDIC sweep client balances versus the prior year. Interest and fee income on client balances was down $2.7 million versus the immediately preceding quarter as the decline in average client equity and money market FDIC client balances more than offset the increase in short-term rates.

由於短期利率上升以及平均客戶資產增加 30%，客戶餘額賺取的利息和費用收入比上一年增加了 4710 萬美元。這被貨幣市場平均下降 32% 和 FDIC 掃除客戶餘額與上一年相比部分抵消。客戶餘額的利息和費用收入較上一季度下降了 270 萬美元，因為平均客戶資產和貨幣市場 FDIC 客戶餘額的下降抵消了短期利率的上升。

The rise in short-term interest rates drove $182.9 million increase in interest expense versus the prior year. Interest expense related to fixed income trading and securities lending activities increased $144.9 million and $5.7 million, respectively, as compared to the prior year, while interest paid to clients increased $28.1 million. Segment income declined 5% to $45.1 million in the current period as a result of the $6.1 million decrease in net operating revenues as well as a $9.6 million increase in nonvariable expenses, including a $2.4 million increase in fixed comp and benefits, a $1.7 million increase in professional fees, an $800,000 increase in trade systems and market information and a $0.5 million increase in travel and business development.

短期利率上升導致利息支出較上年增加 1.829 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 1.449 億美元和 570 萬美元，而支付給客戶的利息則增加了 2810 萬美元。由於淨營業收入減少 610 萬美元，固定費用增加 960 萬美元，其中固定薪酬和福利增加 240 萬美元，增加 170 萬美元，導致本期部門收入下降 5%，至 4510 萬美元。在專業費用方面，貿易系統和市場信息費用增加了80萬美元，差旅和業務發展費用增加了50萬美元。

These negative variances were partially offset by a $13.1 million of decline in variable compensation as compared to the prior year. Segment income declined $10.7 million versus the immediately preceding quarter. Moving to the next slide. Operating revenues in our Retail segment declined $17 million versus the prior year, which is primarily driven by a $16.3 million decrease in FX and CFD revenues primarily as a result of a 25% decline in FX CFD average daily volumes, which was partially offset by a 7% increase in rate per million as compared to the prior year.

與上一年相比，可變薪酬減少了 1,310 萬美元，部分抵消了這些負面差異。與上一季度相比，該部門收入下降了 1070 萬美元。轉到下一張幻燈片。我們的零售部門的營業收入比上一年下降了1700 萬美元，這主要是由於外彙和差價合約收入減少了1630 萬美元，主要是由於外匯差價合約日均交易量下降了25%，但部分抵消了這一下降。與上一年相比，每百萬人的比率增加了 7%。

The current period, however, showed a nice improvement over the immediately preceding quarter with retail segment operating revenues increasing $12.9 million. Segment income declined 35% to $17.2 million in the current period, primarily as a result of the decline in operating revenues, which was partially offset by a $2.3 million decline in nonvariable direct expenses.

然而，本季度與上一季度相比有了很大的改善，零售部門的營業收入增加了 1,290 萬美元。本期部門收入下降 35% 至 1720 萬美元，主要是由於營業收入下降，但固定直接費用下降 230 萬美元部分抵消了營業收入下降。

Segment income increased $12.4 million versus the immediately preceding quarter. Closing off the segment discussion on the next slide. Operating revenues in Global Payments increased $8.9 million versus the prior year, driven by a 21% increase in the rate per million as compared to the prior year. Segment income increased 16% to 28.6% in the current period as a result of the growth in operating revenues, which was partially offset by a $3.3 million increase in fixed compensation as we continue to build out our payment capabilities.

與上一季度相比，該部門收入增加了 1240 萬美元。在下一張幻燈片上結束該部分的討論。 Global Payments 的營業收入比上年增加了 890 萬美元，原因是每百萬人的收入比上年增加了 21%。由於營業收入的增長，本期部門收入增長了 16% 至 28.6%，但隨著我們繼續增強支付能力，固定薪酬增加了 330 萬美元，部分抵消了這一增長。

Segment income increased $12.7 million or 80% versus the immediately preceding quarter as the preceding quarter included $10 million in reorganization and retirement costs. Moving on to Slide 13, which represents a bridge between operating revenues for the third quarter of the last year to the current period across our operating segments. Overall operating revenues were $776.9 million in the current period, up $248.1 million or 47% over the prior year.

由於上一季度包括 1000 萬美元的重組和退休成本，該部門收入比上一季度增加了 1270 萬美元，即 80%。接下來看幻燈片 13，它代表了我們各運營部門去年第三季度運營收入與本期運營收入之間的橋樑。本期總體營業收入為 7.769 億美元，比上年增長 2.481 億美元，即 47%。

This variance is primarily covered in the segment discussion. I just walked through, so I'll move on to the next Slide #14, which represents a bridge from 2022 third quarter pretax income of $70.9 million to pretax income of $94.5 million in the current period. The negative variance in unallocated overhead of $13.2 million was primarily driven by a $9.4 million increase in fixed compensation and benefits as a result of the build-out of our compliance and IT functions to support our continued business growth as well as the incremental costs associated with the acquisition of CDI.

這種差異主要在分段討論中討論。我剛剛走過，所以我將繼續看下一張幻燈片 #14，它代表了從 2022 年第三季度稅前收入 7090 萬美元到本期稅前收入 9450 萬美元的橋樑。未分配管理費用的負差異為 1,320 萬美元，主要是由於我們為支持持續業務增長而擴建了合規和 IT 職能，導致固定薪酬和福利增加了 940 萬美元，以及與業務相關的增量成本。收購CDI。

In addition, variable compensation increased $3.2 million as a result of increased -- improved company performance and additional headcount. Finally, moving on to Slide #15, which depicts our interest and fee income earned on client balances by quarter as well as the 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 $24.6 million to $43.9 million in the current period as compared to $19.3 million in the prior year.

此外，由於公司業績的改善和員工人數的增加，可變薪酬增加了 320 萬美元。最後，轉到幻燈片#15，它描述了我們按季度從客戶餘額中賺取的利息和費用收入，以及顯示短期利率變化的年化利率敏感性的表格。扣除支付給客戶的利息和利率掉期影響後的利息和費用收入，本期增加了 2460 萬美元，達到 4390 萬美元，而上一年為 1930 萬美元。

This represents a $10.7 million decline from the immediately preceding quarter, primarily driven by a decline in average client equity and money market FDIC sweep balances. As noted in the table, we estimate a 100 basis point change in the short-term interest rates either up or down, would result in a change to net income by $17 million or $0.82 per share on an annualized basis. With that, I'd like to pass it back over to Sean.

這比上一季度減少了 1,070 萬美元，主要是由於平均客戶資產和貨幣市場 FDIC 清償餘額下降所致。如表中所示，我們估計短期利率上升或下降 100 個基點，將導致年化淨利潤變化 1700 萬美元或每股 0.82 美元。有了這個，我想把它傳回給肖恩。

Let's move on to the final Slide #16. We achieved another set of excellent core operating results. Despite moderating volatility, our transactional revenue was up, as was interest on our client float, validating our business model, which continues to deliver best-in-class returns.

讓我們繼續看最後一張幻燈片#16。我們又取得了優異的核心經營業績。儘管波動性有所緩和，但我們的交易收入和客戶浮動利息均有所上升，驗證了我們的業務模式，該模式繼續提供一流的回報。

For the quarter, we recorded a diluted EPS of $3.25 and ROE on stated book value of 21.6% and an ROE on tangible book value of 23.1%. For the trailing 12 months, we have recorded net income of $240.1 million or $11.31 in EPS, equating to a 20.2% ROE on stated book.

本季度，我們的稀釋每股收益為 3.25 美元，賬面淨資產收益率為 21.6%，有形賬面淨資產收益率為 23.1%。過去 12 個月，我們錄得淨利潤 2.401 億美元，每股收益 11.31 美元，相當於賬面淨資產收益率 20.2%。

Our book value per share now stands at $64.9 up 24% versus a year ago. When our performance is used through a slightly longer-term lens such as trailing 12 months over the last two years, which evens out quarterly anomalies, our results continue to show strong upward trajectory, growing our revenues at a 29% compound annual growth rate and our adjusted earnings at a 37% compound annual growth rate.

我們的每股賬面價值目前為 64.9 美元，比一年前增長 24%。當我們通過稍微長期的視角來衡量我們的業績時，例如過去兩年過去12 個月的業績，從而消除了季度異常情況，我們的業績繼續呈現強勁的上升軌跡，我們的收入以29% 的複合年增長率增長，我們的調整後收益複合年增長率為 37%。

While trading conditions moderated with generally lower volatility, we believe that our growing and diverse business and multiple earning drivers will continue to drive growth and to deliver shareholder value. We continue to see growth in client trading volumes and new client acquisitions across our products and across our client segments, which again validates our business model and our growing relevance in our market. We continue to invest in our financial ecosystem, expanding our products, our capabilities and our talent.

雖然交易條件有所緩和，波動性普遍較低，但我們相信，我們不斷增長和多元化的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。我們繼續看到我們的產品和客戶群的客戶交易量和新客戶獲取量的增長，這再次驗證了我們的商業模式和我們在市場中日益增長的相關性。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。

We have a unique and broad financial ecosystem with a very large addressable market in front of us. Operator, let's open the line and see if we have any questions at this point.

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。接線員，讓我們打開線路，看看此時是否有任何問題。

We will now conduct the question-and-answer session. (Operator Instructions) Please stand by while we compile the Q&A roster. Our first question comes from Yehuda Weil of Blackbird Financial.

我們現在將進行問答環節。 （操作員說明）我們正在整理問答名單，請稍候。我們的第一個問題來自 Blackbird Financial 的 Yehuda Weil。

I just have two questions. The first is, can you give us a picture of how much you're spending on growing StoneX One in marketing and infrastructure? And two, do you feel any pressure to pay higher interest rates on client flow or leaving to a competitor?

我只有兩個問題。第一個是，您能否向我們介紹一下您在營銷和基礎設施方面為 StoneX One 的發展投入了多少資金？第二，您是否感到有壓力為客戶流量支付更高的利率或將其留給競爭對手？

Dealing with the interest rate question first. I guess, over the last 2 or 3 quarters, as interest rates ratcheted up above 3%, 3.5%, we started to hear from most of our clients that they wanted to see some of that interest moved over to them. That has happened gradually.

首先解決利率問題。我想，在過去的兩三個季度中，隨著利率升至 3%、3.5% 以上，我們開始聽到大多數客戶表示，他們希望看到部分利息轉移到他們身上。這是逐漸發生的。

I don't think we've seen any greater push in the last quarter than we did in the previous quarter. At the moment, I think we're paying out on average about across and we have a variety of client bases and different payouts. On balance, I think it's about 40% of the nominal interest rate we pay out, I think that's pretty much stabilized.

我認為上一季度我們沒有看到比上一季度更大的推動力。目前，我認為我們的平均支出大約為 100%，而且我們擁有各種客戶群和不同的支出。總的來說，我認為這大約是我們支付的名義利率的 40%，我認為這已經相當穩定了。

On our FDIC sweep, we haven't really changed our interest rate there, we still capture the vast majority of the interest on that sweep. We have locked some of the larger clients who had large cash balances and moved into treasuries. The bulk or the bulk of the remainder of the clients in our FDIC sweep have relatively small balances and not easy for them to go buy treasuries or move the money around because the balances are relatively small.

在我們的 FDIC 掃描中，我們並沒有真正改變我們的利率，我們仍然獲得了掃描中的絕大多數利息。我們鎖定了一些擁有大量現金餘額的大客戶，並將其轉入國債。我們 FDIC 掃蕩中的大部分或其餘客戶的餘額相對較小，他們不容易購買國債或轉移資金，因為餘​​額相對較小。

That's the biggest impact, I think, we've seen is on the FDIC sweep and that started happening probably 6-9 months ago. On StoneX One we continue to develop StoneX One. It has been launched. It is out there. We are not spending material amounts of money marketing it at this point. I think we're ramping that up slowly. It's not a significant number.

我認為，我們所看到的最大影響是 FDIC 的清理，這可能開始發生在 6-9 個月前。在 StoneX One 上，我們繼續開發 StoneX One。它已經推出了。它就在那裡。目前我們還沒有花費大量資金進行營銷。我認為我們正在慢慢提高這一點。這不是一個重要的數字。

I think as I've said before, with all these digital initiatives of ours, you should see them as slow incremental moves, not things where we're going to flip the switch and you'll see the needle move immediately. I believe over time, though, there will be critically important for our growth, and we're very optimistic and have high hopes for these digital initiatives, including StoneX One.

我認為，正如我之前所說，對於我們所有這些數字舉措，您應該將它們視為緩慢的漸進舉措，而不是我們將打開開關，您會立即看到針移動的事情。但我相信，隨著時間的推移，這對我們的增長至關重要，我們非常樂觀，對包括 StoneX One 在內的這些數字計劃寄予厚望。

It's rolling out slowly. We're starting to see some traction. We are adding features to that, and you should see that start to ramp up at a moderate rate over time is how I would think about it. Does that answer your questions?

它正在慢慢地推出。我們開始看到一些吸引力。我們正在為此添加功能，您應該看到，隨著時間的推移，我會如何看待它以適度的速度開始增加。這能回答你的問題嗎？

Our next question comes from Daniel Fannon of Jefferies LLC.

我們的下一個問題來自 Jefferies LLC 的 Daniel Fannon。

I wondered just to chat about the environment because volumes and activity, frankly, your revenues have been strong for an extended period of time. As you look at the health of your markets, the health of your customers, I know it's very hard to predict volumes, but just want to get a sense of how you're thinking about sustainability and maybe factors like inflation that we haven't seen historically are ultimately going to make this more of a sustained kind of backdrop. Just curious about your thoughts around that backdrop.

我只是想談談環境，因為數量和活動，坦率地說，你們的收入在很長一段時間內一直很強勁。當你觀察市場的健康狀況、客戶的健康狀況時，我知道很難預測數量，但只是想了解你如何看待可持續發展，以及我們還沒有考慮到的通脹等因素。從歷史上看，最終將使這成為一個更持久的背景。只是好奇你對這個背景的想法。

Yes. I mean I don't want to get too far into the realm of prognostication on the financial markets because there's so many crosscurrents and unknowns at the moment. What I would say is I think what our financial results are showing is there has definitely been a moderation in the heightened volatility we saw of the two years over COVID.

是的。我的意思是，我不想在金融市場的預測領域走得太遠，因為目前有太多的逆流和未知因素。我想說的是，我認為我們的財務業績顯示，我們看到的兩年來因新冠肺炎而加劇的波動性肯定有所緩和。

That's definitely flattening out. I think you've seen that being reflected in the industry broadly. I think you're seeing it being reflected in our numbers in, particularly in the revenue capture numbers. We're starting to see for the first time in two years, some of those revenue capture numbers either being down slightly or not growing. If you go back the last 8 quarters, every one of those charts, our revenue capture was higher and our volume was higher.

這絕對是趨於平緩。我想您已經看到這一點在行業中得到了廣泛的體現。我認為您已經看到它反映在我們的數據中，特別是收入捕獲數據中。我們兩年來第一次開始看到，其中一些收入捕獲數字要么略有下降，要么沒有增長。如果你回顧過去 8 個季度，每一個圖表，我們的收入都更高，我們的銷量也更高。

I definitely think we're seeing a more subdued volatility showing up with tougher revenue captured numbers. On the other side, we are still seeing broadly growth in volumes. I think that's us really gaining market share continuously. I do think there is probably generically, I think volume in the industry is probably starting to flatten as well, just with tougher market conditions and the excitement of COVID and all that dislocation in the rearview mirror now, I think it's become a more stable market that's probably not showing the industry growth you've seen before.

我絕對認為我們會看到波動性更加減弱，收入數據也更加嚴峻。另一方面，我們仍然看到銷量大幅增長。我認為這才是我們真正不斷獲得市場份額的原因。我確實認為，總體而言，我認為該行業的銷量可能也開始趨於平緩，只是隨著市場條件更加嚴峻，新冠疫情令人興奮，以及現在後視鏡中的所有混亂，我認為它已經成為一個更加穩定的市場這可能沒有顯示出您以前見過的行業增長。

Despite that, we are putting up numbers that show growth. If you put those two things together, I would say I think we still feel good about our transactional revenue growing. I don't think we're going to grow like we did in the two years during COVID, where every number was up 40%.

儘管如此，我們仍然提供了顯示增長的數字。如果你把這兩件事放在一起，我想說我認為我們仍然對交易收入的增長感到滿意。我認為我們不會像新冠疫情期間的兩年那樣實現增長，當時每個數字都增長了 40%。

I think there's a lot of market share out there for us to get. We continue to see banks pushing clients out. There's the next wave of additional capital requirements that the banks are going to have to deal with. We've just seen this movie now for 15 years that banks are continuously recalibrating which of the clients on the trading side, they want to keep. The capital requirements for our kind of business is not very friendly for banks. The Basel III requirements aren't great if you're holding collateral. I think banks are now having to put even more capital up.

我認為我們可以獲得很多市場份額。我們繼續看到銀行將客戶拒之門外。銀行將不得不應對下一波額外的資本要求。 15 年來，我們剛剛看過這部電影，銀行不斷重新調整他們想要保留的交易方面的客戶。我們這種業務的資本要求對銀行來說不是很友好。如果您持有抵押品，巴塞爾協議 III 的要求並不理想。我認為銀行現在不得不投入更多資本。

I think all of that bodes well for us in gaining market share. I think we feel pretty good about that environment on the transactional side. Clearly not going to be like COVID, but I think there's going to be a place for us to still continue to grow our transactional revenue. Now all of that can change very quickly if you have a bump in volatility. There are a number of things that you could throw out there that would argue for that. You've got an election coming up. You've got unbelievable political device that's going on, which could go badly.

我認為所有這些都預示著我們獲得市場份額的好兆頭。我認為我們對交易方面的環境感覺非常好。顯然不會像新冠疫情那樣，但我認為我們仍然會有一個地方繼續增加我們的交易收入。現在，如果波動性加劇，所有這些都可能會很快發生變化。你可以拋出很多可以證明這一點的東西。即將舉行選舉。你正在實施令人難以置信的政治手段，但結果可能會很糟糕。

You've got an unprecedented level of debt issuance by the U.S. government, Fitch downgrade, I mean all of these things could inject some volatility in the market. If that happens, you're going to see above-trend growth because that of course, will boost revenue capture that will boost volumes. Absent to anything else, I think we see a steady path for us to grow our volumes at an industry level and then tack on some market share gains, I would say.

美國政府發行的債券達到了前所未有的水平，惠譽下調了評級，我的意思是所有這些事情都可能會給市場帶來一些波動。如果發生這種情況，您將看到高於趨勢的增長，因為這當然會增加收入，從而增加銷量。如果不考慮其他因素，我認為我們看到了一條穩定的道路，可以在行業層面上增加我們的銷量，然後增加一些市場份額，我想說。

Then outside of the transactional side, then you've got to take a view on inflation because interest is a big component of our bottom line and take a view on where you think interest rates may settle. I think the market has generally as far as I can see, got it wrong. They have continuously underestimated the Fed's result here. The Fed has just pushed through and has got rates to a level that I don't think anyone thought there would be 12-18 months ago.

然後，在交易方面之外，您必須考慮通貨膨脹，因為利息是我們利潤的重要組成部分，並考慮您認為利率可能會穩定的水平。我認為，據我所知，市場總體上是錯誤的。他們一直低估了美聯儲的結果。美聯儲剛剛將利率提高到了 12-18 個月前沒有人想到的水平。

I think there's now starting to be a growing consensus that it may be higher for longer. If you go back 12-18 months ago, everyone thought would be seeing rate cuts part now and that doesn't seem to be happening. Obviously, these things are open to what your views are and how you see things panning out. It feels to me that we're still in a pretty good environment here for a time. Anyway, I hope I answered your question, lots of rambling but there you go.

我認為現在越來越多的人開始達成共識，即它可能會在更長時間內保持較高水平。如果你回到 12-18 個月前，每個人都認為現在會看到降息，但這似乎並沒有發生。顯然，這些事情取決於你的觀點以及你如何看待事情的發展。我感覺我們這裡暫時還是處於一個非常好的環境。無論如何，我希望我回答了你的問題，雖然有很多廢話，但你就可以了。

I appreciate the color.

我很欣賞它的顏色。

The other thing I'd just like to add just looking at our quarter there, I mean, in a funny way, I mean, we have this exceptional quarter, but when I look at it, our business really wasn't firing on all cylinders, we had a really good result on the commercial side, largely driven by OTC trading, that largely driven in Brazil, physical business on the renewable side.

我想補充的另一件事是，看看我們的季度，我的意思是，以一種有趣的方式，我的意思是，我們有一個特殊的季度，但當我看到它時，我們的業務確實並沒有在所有方面都火爆。氣缸方面，我們在商業方面取得了非常好的結果，這主要是由場外交易推動的，這主要是在巴西推動的可再生能源方面的實體業務。

Our retail business is struggling versus a year ago, but improved versus the quarter before. Our payments business, steady upward trajectory, so that's good. Our institutional business is really challenged. If I look at that, we've only got two of our four sector segments that we're doing well and the other two were doing so well.

我們的零售業務與一年前相比陷入困境，但與上一季度相比有所改善。我們的支付業務穩步上升，所以這很好。我們的機構業務確實面臨挑戰。如果我看一下，我們的四個部門中只有兩個部門做得很好，而另外兩個部門做得很好。

Yet, we still produced record results. I think, and maybe we're never going to see every cylinder in our business firing all at one time, but we certainly didn't see either exceptional market conditions. We didn't see every one of our businesses firing at the same time. What we did see is a very good interest rate environment, obviously. I still think there's upside for us if we can get some of these other businesses doing what we think they can do right.

然而，我們仍然取得了創紀錄的成果。我認為，也許我們永遠不會看到我們業務中的每個氣缸同時啟動，但我們當然沒有看到任何特殊的市場條件。我們並沒有看到我們所有的企業同時開火。顯然，我們確實看到了非常好的利率環境。我仍然認為，如果我們能讓其他一些企業做我們認為他們能做對的事情，我們就有好處。

Just on the interest rate side, looking at Slide 15. Balance is coming down. Is that just lower margin requirements at some of the clearing houses and then as you think about, I guess, if rates keep rising, is there, I know it was asked just briefly, I think in that other question, but we shouldn't -- the sensitivity table here implies both rates going up and down and what that means for your EPS, but are you assuming the same pass-through? Or are you assuming changes in pass-through as the rate dynamic shifts?

就利率而言，請看幻燈片 15。餘額正在下降。這是否只是某些清算所的保證金要求較低，然後當你思考時，我想，如果利率持續上升，是否存在，我知道只是簡單地問過，我認為在另一個問題中，但我們不應該——這裡的敏感度表意味著利率上升和下降，以及這對你的每股收益意味著什麼，但你是否假設相同的傳遞？或者您是否假設隨著利率動態變化，傳遞也會發生變化？

Well, Bill can tell you what his assumptions are on that. Let me answer the first part of your question. In terms of the interest rate numbers there and declines and so on, I think the aggregate decline in our client float. The biggest and most impactful portion of that was the FDIC sweep. We had to think about the calculus do we up our payout to all our clients to the level where we keep the marginal clients? Or do keep it where it is and maybe lose some of those large marginal clients who have the flexibility to go buy treasuries.

好吧，比爾可以告訴你他對此的假設是什麼。讓我回答你問題的第一部分。就那裡的利率數字和下降等而言，我認為我們客戶浮動的總下降。其中最大和最有影響力的部分是聯邦存款保險公司 (FDIC) 的清理。我們必須考慮一下，我們是否會將向所有客戶的支出提高到保留邊際客戶的水平？或者保持原樣，也許會失去一些可以靈活購買國債的大型邊際客戶。

Our calculus was unless you're going to push the rates all the way pretty close to the T-bill rate. That's what it's going to take to keep that marginal line. We're probably better off letting some of those marginal clients trade out of the FDIC sweep. We lost about $300 million of the FDIC sweep, which is a very lucrative part of our client float.

我們的計算是除非你打算將利率一直推到非常接近國庫券利率。這就是保持這條邊際線所需要的。我們最好讓一些邊際客戶在 FDIC 掃蕩之外進行交易。我們在 FDIC 清償中損失了約 3 億美元，這是我們客戶流動資金中非常有利可圖的部分。

The remainder of our FDIC the vast majority of it are a collection of very small individual balances. The propensity or the ability for those clients to move that cash out is probably pretty limited, and it's not impactful to each of them individually, but obviously impactful for us is in an aggregate. On the other side, on the derivative collateral side, I think we had a small number of very large funds that had big balances with us. We're trading particular strategies who withdrawn from those strategies. Those funds weren't very impactful for us because we had very high payouts to those clients because the funds were in the hundreds of millions of dollars individually and there was a lot of trading volume.

我們 FDIC 的其餘部分絕大多數都是非常小的個人餘額的集合。這些客戶轉移現金的傾向或能力可能相當有限，這對他們每個人都沒有單獨的影響，但顯然對我們的影響是總體的。另一方面，在衍生品抵押品方面，我認為我們有少數非常大的基金，在我們這裡有大量餘額。我們正在交易從這些策略中撤出的特定策略。這些資金對我們的影響不是很大，因為我們向這些客戶支付了非常高的費用，因為這些資金單獨達數億美元，而且交易量很大。

We were able to pay back a lot of those funds and still get our desired returns. Those funds have left, but on the margins weren't as impactful on our interest retention. I think that's really what's happened. I mean obviously, if volatility remains subdued and you generally see collateral levels move down by the exchanges, we will see that impact. I think it was more of the two things I mentioned. Bill, maybe you want to just touch on how we think about the payouts and variables up and down.

我們能夠償還大部分資金，並且仍然獲得我們想要的回報。這些資金已經離開，但對我們的利息保留影響不大。我認為這確實是發生的事情。我的意思是，顯然，如果波動性仍然較低，並且您通常會看到交易所的抵押品水平下降，我們就會看到這種影響。我認為更多的是我提到的兩件事。比爾，也許你只想談談我們如何看待支出和上下變量。

Just to echo Sean's point, certainly, on that commercial side, we saw earlier in the quarter, particularly the Ag markets, the margin requirements fall off. With volatility coming in the harvest, we did see them start to pick back up later in the quarter of June, but the "Big Delta," as Sean pointed out, is the institutional in the FDIC side.

當然，為了呼應肖恩的觀點，在商業方面，我們在本季度早些時候看到，特別是農業市場，保證金要求下降。隨著收穫季節的波動，我們確實看到它們在 6 月季度晚些時候開始回升，但正如 Sean 指出的那樣，“大三角洲”是 FDIC 方面的機構。

Assumptions on the sensitivity, we adjust those, we tweak those on a quarter-by-quarter basis, Dan, but not sizably, but it's pretty much right down there as far as retention right around what we're retaining right now as far as clients, paying off the clients and how much we're retaining. We wouldn't anticipate at this point that going, paying out much more than we are now. I think we're pretty close to the high watermark on what we would pay to clients and we'd actually potentially see maybe that improve a little bit.

關於敏感性的假設，我們調整這些，我們每個季度調整這些，丹，但幅度不大，但就保留率而言，它幾乎就在那裡，就我們現在保留的內容而言客戶、還清客戶以及我們保留了多少。我們目前預計支付的金額不會比現在多得多。我認為我們已經非常接近向客戶支付的費用的高水位線，而且我們實際上可能會看到這一點有所改善。

As we've talked in the past, we have some interest rate swaps on that we lagged into early in the cycle of this uptick in interest rates that those are going to, some of those are going to start to roll off. Some of those are lower rates than obviously, current market environment is. We would actually anticipate probably having a little bit more incremental margin on a go-forward basis. Right now, they're level set at what we're seeing currently.

正如我們過去所說，我們有一些利率互換，我們在利率上升週期的早期就滯後了，其中一些將開始下降。其中一些利率明顯低於當前市場環境。我們實際上預計未來可能會有更多的增量利潤。現在，它們與我們目前所看到的水平相同。

Just on the expenses and the outlook, with revenue growth, there's obviously always growth in the variable component. As you look at the, for you guys, next year fiscal year or just the broader investment spend, is there any trajectory that's different than what we've been seeing as you think about your planning and/or projects that might be coming online or otherwise rolling off that maybe there's a little bit of benefit.

僅就支出和前景而言，隨著收入的增長，可變部分顯然總是會增長。當你們看到明年的財政年度或更廣泛的投資支出時，當你們考慮可能上線的計劃和/或項目時，是否存在與我們所看到的不同的軌跡？否則的話，也許會有一點好處。

Good question, Dan, because we're heading into our budget and planning cycle here as we speak. We've obviously seen our costs ramp up significantly during the COVID years. Part of that was just this massive increase in volumes. We saw a significant increase in our clients' footprints, market share, all of those things. There was a pretty big lift in our spend. If you look backwards at the trajectory, it was at the same ratio as our revenue was going up.

丹，這是個好問題，因為就在我們講話的時候，我們正在進入預算和規劃週期。顯然，我們的成本在新冠疫情期間顯著增加。部分原因是數量的大幅增加。我們看到客戶的足跡、市場份額等所有方面都顯著增加。我們的支出有了相當大的提升。如果你回顧一下這個軌跡，就會發現它與我們的收入增長的比率相同。

I think we were -- we had some deficits that we had to catch up in certain areas, certain other support areas. I think we feel we have backfilled that now, and I think we could take on a fair amount of future growth without any significant investment in certain areas. We are pushing hard now to try and get our cost curve refactored down. I think we spent a lot of money. We put in a lot of infrastructure. We've invested in a lot of stuff.

我認為我們——我們有一些赤字，我們必須在某些領域、某些其他支持領域彌補。我認為我們現在已經回補了這一點，而且我認為我們可以在未來實現相當大的增長，而無需在某些領域進行任何重大投資。我們現在正在努力嘗試降低成本曲線。我想我們花了很多錢。我們投入了大量基礎設施。我們已經投資了很多東西。

If anything, I would like to see that trajectory flatten. I think there's some scope for us to reprioritize, maybe think about reallocating spend rather than just adding. That's the view from management at the moment is we need to push harder at the moment and make sure we set ourselves up.

如果有的話，我希望看到這個軌跡變平。我認為我們還有一定的空間可以重新確定優先順序，也許可以考慮重新分配支出，而不僅僅是增加支出。目前管理層的觀點是，我們目前需要更加努力，確保我們做好準備。

I think we've made all the investments we need to. I don't think there's going to be any method reduction in investments, but I certainly would like to see the trajectory flatten significantly from where it's been over the last two years. We'll see if we can get there, but that's the marching orders we've kept in all our people as we head into our planning cycle.

我認為我們已經進行了所需的所有投資。我認為投資不會有任何減少，但我當然希望看到投資軌跡較過去兩年大幅趨於平坦。我們將看看是否能到達那裡，但這是我們在進入計劃週期時向所有員工傳達的行軍命令。

I guess I would just add there, Dan. I mean that being said, we're taking the steps necessary to try to control that. I mean, there inflationary pressures are still there. I mean we've seen increases in market information, medical benefit costs have been going up, we're not a unicorn here. I mean we're subject to the same market events that everyone else is. We're going to do everything we can. I mean there is going to be -- there's still that inflationary pressure that it's going to make some of the third-party costs difficult to maintain, but just we have to up our game about adherence to who we're paying and what we're paying and make sure it's the right number. There is certainly some pressure there.

我想我就在那裡補充一下，丹。我的意思是，話雖這麼說，我們正在採取必要的措施來控制這種情況。我的意思是，通脹壓力仍然存在。我的意思是，我們已經看到市場信息的增加，醫療福利成本一直在上升，我們不是這裡的獨角獸。我的意思是，我們和其他人一樣都會受到同樣的市場事件的影響。我們將竭盡全力。我的意思是，仍然存在通貨膨脹壓力，這將使一些第三方成本難以維持，但我們必須加強我們的遊戲，遵守我們支付的對象和我們支付的費用。重新付款並確保號碼正確。那里肯定有一些壓力。

Lastly, just on M&A in the environment and valuations maybe were coming in, maybe not so much now. Or just curious about the dialogue and/or prospects as you think about capital deployment and potential inorganic opportunities today?

最後，就環境中的併購而言，估值可能正在增加，但現在可能不會那麼多。或者只是對對話和/或前景感到好奇，當您思考今天的資本部署和潛在的無機機會時？

I would say we're seeing a little bit more activity, and we're engaging more with potential opportunities. I think you've asked this question prior. I would say, 18 months ago, we weren't looking at much at all. I would definitely say that the cadence has increased. Our hit rate is extremely low because we like to be very disciplined around this. Iit's good to see that there are more opportunities and the opportunities are generally speaking, at more reasonable prices.

我想說的是，我們看到了更多的活動，並且我們正在更多地利用潛在的機會。我想你之前已經問過這個問題了。我想說，18 個月前，我們根本沒有關注太多。我肯定會說節奏增加了。我們的命中率極低，因為我們喜歡在這方面非常自律。很高興看到有更多的機會，而且一般來說，機會的價格更合理。

They may not be the prices we like, but I would say they're more real. I think it's certainly getting into an environment where there may be an opportunity down the line to find some small bolt-on type acquisitions, if we're lucky. Definitely looking a little bit more favorable, but I wouldn't bank on anything, frankly. I think our hit rate is very low. We're very disciplined. Frankly, we have a lot going on internally, which is occupying a lot of our time and energy. The opportunities have to be very compelling to compete with what we already have on the table.

它們可能不是我們喜歡的價格，但我想說它們更真實。我認為，如果我們幸運的話，它肯定會進入一個可能有機會找到一些小型補強型收購的環境。確實看起來更有利一些，但坦率地說，我不會指望任何東西。我認為我們的命中率很低。我們非常有紀律。坦白說，我們內部有很多事情，佔用了我們很多時間和精力。這些機會必須非常引人注目，才能與我們現有的競爭。

On a separate but related matter, I think what we are seeing is a lot of talent acquisition. I would say that our -- I guess, our brand and our credibility and our reputation in the market has certainly been significantly enhanced over the last three years. We are now entertaining conversations with impressive people, teams of people from larger competitors who are interested in potentially moving over here.

在一個單獨但相關的問題上，我認為我們看到的是大量人才的收購。我想說的是，我們的品牌、我們的信譽以及我們在市場上的聲譽在過去三年里肯定得到了顯著提高。我們現在正在與令人印象深刻的人進行對話，他們是來自較大競爭對手、有興趣搬到這裡的團隊。

We've acquired some of those small teams. Some of those teams can be as impactful as a small acquisition in terms of the revenue they bring. I wouldn't discount the talent acquisition as a way to drive revenue. In certain areas, we are bringing in some really nice people, not significant numbers, but I think teams and individuals that will make a difference. I think that's part of what we do is business as usual. I think that environment has become more positive for us as we become better known in the market. Some of these people are telling us that I noticed StoneX, I'm unhappy, I'm at a big bank, I don't like it there, I was thinking about joining you guys, and I spoke to all my investors and I've got incredible reviews on how great StoneX was, and I had no idea. Now I really want to come work with you guys.

我們已經收購了其中一些小團隊。就其帶來的收入而言，其中一些團隊的影響力堪比小型收購。我不會低估人才收購作為增加收入的一種方式。在某些領域，我們引進了一些非常好的人，雖然人數不多，但我認為團隊和個人會有所作為。我認為這是我們一切照舊的一部分。我認為，隨著我們在市場上的知名度越來越高，環境對我們來說變得更加積極。其中一些人告訴我們，我注意到了 StoneX，我不高興，我在一家大銀行，我不喜歡那裡，我正在考慮加入你們，我與所有投資者進行了交談，我人們對StoneX 的出色評價令人難以置信，但我對此一無所知。現在我真的很想和你們一起工作。

It's great when you hear that, and we're starting to hear that a lot from people. Would just add that in as well.

當你聽到這個消息時真是太棒了，我們已經開始從人們那裡聽到很多這樣的消息。也只需添加它即可。

I'm showing no further questions at this time. We'll go ahead and turn the conference back to you for closing comments.

我目前沒有提出任何進一步的問題。我們將繼續將會議轉回給您進行總結評論。

Well, thanks, everyone. Thanks for your attention. I wish everyone enjoy the rest of the summer and also just a shout out to the very talented and amazing team at StoneX who continues to deliver phenomenal results for all our shareholders. Well done team. Great performance. Thanks, everyone. We'll see you in the fall.

嗯，謝謝大家。感謝您的關注。我希望每個人都享受這個夏天剩下的時間，同時也向 StoneX 非常有才華和令人驚嘆的團隊致敬，他們繼續為我們所有股東帶來驚人的業績。幹得好，團隊。很好的表現;很好的績效。感謝大家。我們秋天見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。