StoneX Group Inc (SNEX) 2024 Q1 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the StoneX Group first quarter fiscal year 2024 earnings conference call.

歡迎參加 StoneX Group 2024 財年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Bill Dunaway, CFO.

現在我想將會議交給今天的發言人、財務長 Bill Dunaway。

Please go ahead.

請繼續。

Good morning.

早安.

My name is Bill Dunaway.

我叫比爾唐納韋。

Welcome to our earnings conference call for our first quarter ended December 31, 2023.

歡迎參加我們截至 2023 年 12 月 31 日的第一季財報電話會議。

After the market closed yesterday, we issued a press release reporting our results for the first fiscal quarter of 2024.

昨天收盤後，我們發布了一份新聞稿，報告了 2024 年第一財季的業績。

This release is available on our website at www.stonex.com as well as our slide presentation, which we'll refer to on this call in our discussions of our quarterly results.

此新聞稿可在我們的網站 www.stonex.com 以及我們的幻燈片簡報中獲取，我們將在本次電話會議上討論季度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.

電話會議結束後，網路廣播的簡報和存檔也將在我們的網站上提供。

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.

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.

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。

These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC.

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有重大差異。

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.

本公司不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

The readers are cautioned that any forward-looking statements are not guarantees of future performance.

請讀者註意，任何前瞻性陳述都不能保證未來的表現。

With that, I will now turn the call over to Sean O'Connor, the company's CEO.

現在，我將把電話轉給公司執行長 Sean O'Connor。

Thanks, Bill.

謝謝，比爾。

Good morning, everyone, and thanks for joining our fiscal 2024 first-quarter earnings call.

大家早安，感謝您參加我們的 2024 財年第一季財報電話會議。

The first quarter of fiscal '24 was a strong result for us, with earnings up 30% and EPS up 28% when excluding the one-off acquisition gain we realized in the prior period.

24 財年第一季對我們來說是一個強勁的業績，如果不包括我們在上一時期實現的一次性收購收益，收益增長了 30%，每股收益增長了 28%。

This represents a 20.5% ROE on tangible book and a 19.3% ROE on stated book.

這意味著有形帳面淨資產收益率為 20.5%，帳面淨資產收益率為 19.3%。

Both measures continue to be well ahead of our long-term 15% target.

這兩項指標均繼續遠遠領先我們 15% 的長期目標。

We are pleased to see that our business continues to generate superior long-term returns for our shareholders despite moderating market volatility.

我們很高興看到，儘管市場波動緩和，我們的業務仍繼續為股東帶來卓越的長期回報。

Turning to slide 3 in the earnings deck, which compares quarterly operating revenues by product versus a year ago.

轉向損益表中的投影片 3，投影片將以產品劃分的季度營業收入與一年前進行比較。

In aggregate, operating revenues were up 20%, with all products showing strong gains in revenues, except physical contracts which was down 14%.

總體而言，營業收入成長了 20%，除實物合約下降 14% 外，所有產品的收入均出現強勁成長。

We experienced robust volume growth in listed and OTC derivatives as well as securities.

我們經歷了上市和場外衍生性商品以及證券交易量的強勁成長。

Payment's volumes were flat with the prior year, while FX and CFD volumes declined.

支付交易量與去年持平，而外匯和差價合約交易量則有所下降。

On the revenue capture side, it was more of a mixed picture, reflecting a more normalized volatility environment.

在收入獲取方面，情況更加複雜，反映出更正常化的波動環境。

The standout was our FX/CFD rate per million, which was up 73% due to a combination of strong results this quarter and a difficult trading environment a year ago.

最引人注目的是我們每百萬人的外匯/差價合約匯率，由於本季的強勁業績和一年前艱難的交易環境，該匯率上漲了 73%。

Securities-related operating revenues were up 35%, although this number is somewhat distorted due to much higher interest rates in our fixed income business.

與證券相關的營業收入成長了 35%，儘管由於我們固定收益業務的利率高得多，這個數字有些扭曲。

Carried interest on our fixed income position is reflected in operating revenues while the offsetting interest expense to finance these positions is not.

我們固定收益部位的附帶利息反映在營業收入中，而這些部位融資的抵銷利息費用則沒有反映。

The rate per million numbers have been adjusted to reflect these offsetting expenses.

每百萬人的費率已進行調整，以反映這些抵銷費用。

Securities continued a trend of strong increases in volumes and a decrease in revenue capture as we continue to see strong growth in lower-margin products.

由於我們持續看到低利潤產品的強勁成長，證券持續保持銷售強勁成長和收入下降的趨勢。

Our aggregate client floats, including both listed derivative client equity and our FDIC sweep balances declined 26% versus record levels experienced in the prior year.

我們的客戶總流通量（包括上市衍生性商品客戶權益和 FDIC 清償餘額）與上一年的創紀錄水準相比下降了 26%。

Despite this, interest and fee income on the client balances increased 14% with $98.4 million due to us capturing higher interest rates in the current period.

儘管如此，由於我們在本期獲得了更高的利率，客戶餘額的利息和費用收入增加了 14%，達到 9,840 萬美元。

Turning now to slide 4 and looking at the same data over the trailing 12 months.

現在轉到投影片 4，查看過去 12 個月的相同數據。

We again see strong double-digit growth across most of our products, with exception of listed derivatives which was essentially unchanged and FX/CFD revenues which were down 9% versus the prior year.

我們的大多數產品再次出現兩位數的強勁成長，但上市衍生性商品除外，基本上沒有變化，外匯/差價合約收入較上年下降 9%。

Again, securities-related revenues were up significantly, but part of that is due to the carried interest components I just mentioned.

與證券相關的收入再次大幅成長，但部分原因是我剛才提到的附帶權益成分。

Volumes, which were up across the board, except for FX and CFDs are typically the most important indicator for us when it comes to measuring client engagement and market penetration.

在衡量客戶參與度和市場滲透率時，除外彙和差價合約外，交易量全面上升，通常是我們最重要的指標。

Revenue capture is largely a function of market conditions.

收入獲取很大程度取決於市場條件。

And here, again, we can see a mixed picture as market volatility retrace generally to lower levels as compared to the prior year in addition to a change in the product mix to lower margin products on the security side which I just mentioned.

在這裡，我們再次看到了喜憂參半的情況，因為市場波動性普遍回落至與上一年相比較低的水平，此外，我剛才提到的安全方面的產品組合也發生了變化，轉向了利潤率較低的產品。

Turning to slide 5 and a summary of our first quarter and our trailing 12-month results.

轉向投影片 5，總結我們第一季和過去 12 個月的業績。

We recorded operating revenues of $784.2 million, up 20% versus the prior year.

我們的營業收入為 7.842 億美元，比上年增長 20%。

Our operating revenues are boosted by interest on our client float and also the interest that is embedded in fixed income trading that I mentioned earlier.

我們的營業收入是由客戶浮存利息以及我之前提到的固定收益交易中包含的利息所推動的。

Net operating revenues, which nets off interest expense as well as introducing broker commissions and clearing costs, was up 10% versus a year ago and up 4% versus the immediately prior quarter.

淨營業收入（扣除利息支出以及引入經紀商佣金和清算成本）較去年同期成長 10%，較上一季成長 4%。

Total compensation and other expenses were up 5% for the quarter, with variable compensation up 3% which is below the net operating revenue growth rate of 10%.

本季總薪酬和其他費用成長了 5%，其中可變薪酬成長了 3%，低於 10% 的淨營業收入成長率。

Fixed compensation and related costs increased 20% versus a year ago but were down 2% compared to the immediately prior quarter.

固定薪酬和相關成本較去年同期增加 20%，但較上一季下降 2%。

Adjusted net income which excludes both the gain on acquisition I mentioned earlier as well as amortization expense of intangibles acquired was $70 million for the current period, up 27% over last year and up 34% on the immediately preceding Q4.

本期調整後淨利（不包括我之前提到的收購收益以及所收購無形資產攤銷費用）為 7,000 萬美元，比去年增長 27%，比上一季增長 34%。

We realized diluted EPS of $2.13 and an ROE of 19.3% on stated book, and our book has increased 56% over the last two years.

我們實現的攤薄每股收益為 2.13 美元，淨資產收益率為 19.3%，過去兩年我們的帳面成長了 56%。

On a trailing 12-month basis, our operating revenues were up 32% versus the prior 12-month period, and adjusted net income was $237.7 million, up 5% during the prior 12-month period.

在過去 12 個月的基礎上，我們的營業收入比前 12 個月增長了 32%，調整後淨利潤為 2.377 億美元，比前 12 個月增長 5%。

We ended the quarter with book value of $47.08, up 24% from a year ago.

本季結束時，我們的帳面價值為 47.08 美元，比去年同期成長 24%。

Turning to slide 6, our segment summary and just to touch on the highlights before Bill gets into more detail.

轉向幻燈片 6，我們的部分摘要，並在比爾詳細介紹之前簡單介紹一下要點。

For the quarter, segment operating revenues were up 20% and segment income was up 25%, with good growth across all of our client segments.

本季度，分部營運收入成長 20%，分部營收成長 25%，我們所有客戶分部均實現良好成長。

Our commercial client segment was up 5% in segment income off the back of a 9% increase in operating revenues.

在營業收入成長 9% 的基礎上，我們的商業客戶部門的部門收入成長了 5%。

On a sequential basis, operating revenues were down 4% and segment income was down 1%.

與上一季相比，營業收入下降 4%，部門收入下降 1%。

Our institutional segment realized a 27% increase in operating revenues, which translated into a 5% increase in segment income.

我們的機構部門營業收入成長了 27%，這意味著部門收入成長了 5%。

On a sequential basis, operating revenues were up 2%, and segment income was up 19%.

營業收入較上季成長 2%，分部營收成長 19%。

Retail was really the standout this quarter, with operating revenues up 31%, driven by much improved revenue capture you saw earlier.

本季零售業確實表現出色，營業收入成長了 31%，這得益於您之前看到的收入捕獲大幅改善。

This growth in operating revenues combined with declines in fixed expenses led to $28.7 million in segment income for the current period versus a $4.2 million segment loss a year ago.

營業收入的成長加上固定費用的下降，導致本期部門收入為 2,870 萬美元，而去年同期部門虧損為 420 萬美元。

On a sequential basis, operating revenues were relatively unchanged and segment income increased 2%.

與上一季相比，營業收入相對不變，部門收入成長 2%。

In our payments segment, operating revenues were up 9% and segment income was up 8%.

在我們的支付部門，營業收入成長了 9%，部門收入成長了 8%。

On a sequential basis, revenues were up 12%, and segment income was up 8%.

環比成長 12%，部門收入成長 8%。

On a trailing 12-month basis, we had good operating revenue gains for our commercial, institutional. and payments segments while the retail segment operating revenues declined 11%.

在過去 12 個月的基礎上，我們的商業、機構營運收入取得了良好的成長。和支付部門，而零售部門營業收入下降了 11%。

A similar result for segment income with commercial segment being a standout up 29% versus the prior year trailing 12-month period.

商業部門的收入也出現了類似的結果，與去年過去 12 個月相比，成長了 29%。

Turning to slide 7 which sets out our trailing 12-month financial performance over the last nine quarters.

轉向幻燈片 7，其中列出了我們過去 9 個季度過去 12 個月的財務表現。

These numbers have been adjusted for the accounting treatment related to the gain in CDI acquisitions as disclosed in our prior filings and which appear in the reconciliation provided in the appendix of this earnings day.

這些數字已根據我們先前提交的文件中揭露的與 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財報日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.

左邊的長條代表我們過去 9 個季度過去 12 個月的營業收入。

As you can see, this has been a smooth and strongly upward trend as we have steadily expanded our footprint and capabilities.

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 75% over this period for a 32% compound average growth rate.

在此期間，我們的營業收入成長了 75%，複合平均成長率為 32%。

Our adjusted pre-tax likewise has grown significantly and represents a 34% CAGR.

我們調整後的稅前收入同樣顯著成長，複合年增長率為 34%。

On the right side, you can see our adjusted net income in the bars which is up 68% over the last two years for a 29% CAGR.

在右側，您可以在長條圖中看到我們調整後的淨利潤，在過去兩年中成長了 68%，複合年增長率為 29%。

The dotted line represents our ROE which has remained well above our 15% target, even though our capital has grown by 56% over this period.

虛線代表我們的 ROE，儘管我們的資本在此期間增長了 56%，但 ROE 仍遠高於 15% 的目標。

With that, I'll now hand you back to Bill Dunaway for a discussion of the financial results.

現在，我將把您交還給比爾唐納韋 (Bill Dunaway)，讓您討論財務表現。

Bill?

帳單？

Thank you, Sean.

謝謝你，肖恩。

I'll be starting with slide number 8, which summarizes our consolidated income statement for the first quarter of fiscal 2024.

我將從第 8 號投影片開始，該投影片總結了我們 2024 財年第一季的合併損益表。

Sean covered many of the consolidated highlights for the quarter, so I will just cover a few other points and then move on to a segment discussion.

Sean 介紹了本季的許多綜合亮點，因此我將只介紹其他一些要點，然後繼續進行部分討論。

Transaction-based clearing expenses increased 10% to $74.3 million in the first quarter of fiscal 2024 as a result of the increase in listed derivatives and securities volumes as compared to the prior year.

由於上市衍生性商品和證券交易量較前一年增加，2024 財年第一季基於交易的清算費用增加了 10%，達到 7,430 萬美元。

Introducing broker commissions increased 6% to $39.1 million in the current period, principally due to increased activity in our commercial segment, both in listed derivatives as well as a result of the CDI acquisition which was effective October 31, 2022.

本期介紹經紀商佣金增加了 6%，達到 3,910 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於 2022 年 10 月 31 日生效的 CDI 收購。

Interest expense increased $81.7 million versus the prior year, primarily as a result of the $75.8 million increase in interest expense related to our institutional fixed income business, as well as a $6.7 million increase in interest expense related to securities lending activities, both of which were due to significant increase in short-term interest rates, and in addition, in the case of the fixed income business, increased volumes.

利息支出比上年增加 8,170 萬美元，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 7,580 萬美元，以及與證券借貸活動相關的利息支出增加了 670 萬美元，兩者均是由於由於短期利率大幅上升，此外，固定收益業務的交易量也有所增加。

Despite the increase in short-term rates, interest paid declines on deposits, declined $200,000 as compared to the prior year due to declines in average client flow.

儘管短期利率上升，但由於平均客戶流量下降，存款利息下降，與前一年相比下降了 20 萬美元。

In addition, interest expense on corporate funding declined $1.2 million versus the prior year as a result of lower average borrowings, partially offset by higher interest rates.

此外，由於平均借款減少，企業融資利息支出比前一年減少了 120 萬美元，但部分被利率上升所抵銷。

Variable compensation increased $3.4 million versus the prior year and represented 29% of net operating revenues in the current period compared to 31% of the net operating revenues in the prior year period.

可變薪酬比上年增加了 340 萬美元，佔本期淨營業收入的 29%，而上年同期佔淨營業收入的 31%。

This decline in variable compensation as a percentage of net operating revenues as a result of the increase in net interest and fee income earned on client balances as compared to the prior year.

由於客戶餘額賺取的淨利息和費用收入與上一年相比有所增加，導致可變薪酬佔淨營業收入的百分比下降。

And this revenue is generally not included in variable compensation payouts as well as the increase in net operating revenues in our retail segment which has an incrementally lower level of variable compensation associated with it.

此收入通常不包含在可變薪酬支出以及我們零售部門淨營業收入的增加中，該零售部門的可變薪酬水準逐漸降低。

Fixed compensation increased $15.7 million versus the prior year due to a 13% increase in head count resulting from an expansion of our capabilities among our business lines as well as in support areas to facilitate this business growth and a $2 million increase in share-based compensation as compared to the prior year.

固定薪酬比前一年增加了 1,570 萬美元，原因是我們在業務線和支援領域的能力擴展，以促進業務成長，從而導致人員數量增加 13%，以及基於股份的薪酬增加了 200 萬美元與上一年相比。

Fixed compensation declined 2% versus the immediately preceding quarter.

固定薪資較上一季下降 2%。

Other fixed expenses declined $2.1 million as compared to the prior year and $5.1 million versus the immediately preceding quarter.

其他固定費用較去年同期減少 210 萬美元，較上一季減少 510 萬美元。

As compared to the prior year, selling and marketing and occupancy and equipment rental, each decreased $1.2 million.

與前一年相比，銷售和行銷以及佔用和設備租賃各減少了 120 萬美元。

In addition, depreciation and amortization declined $1.5 million as compared to the prior year as certain intangible assets acquired have become fully amortized.

此外，由於收購的某些無形資產已全額攤銷，折舊和攤提比前一年減少了 150 萬美元。

These declines were partially offset by a $2.1 million increase in non-trading technology and support.

這些下降被非交易技術和支援增加 210 萬美元部分抵消。

We had favorable variances in bad debt net of recoveries of $1 million and $6.8 million versus the prior year and immediately preceding quarters, respectively.

與上一年和前幾季相比，我們的壞帳淨額差異有利，回收金額分別為 100 萬美元和 680 萬美元。

The decline versus the prior year was principally related to recoveries in our institutional segment, while the decline versus the immediately preceding quarter was a reduction in bad debt expense in our physical ag and energy business.

與前一年相比的下降主要與我們機構部門的復甦有關，而與上一季相比的下降是我們的實體農業和能源業務壞帳費用的減少。

Net income for the first quarter of fiscal 2024 was $69.1 million which represents a 10% decline versus the prior year.

2024 財年第一季淨利為 6,910 萬美元，較上年下降 10%。

However, as Sean noted, the prior year included a $23.5 million non-taxable gain on the acquisition.

然而，正如肖恩指出的那樣，上一年的收購包括 2,350 萬美元的非應稅收益。

Net income increased 36% versus the immediately preceding quarter.

淨利潤較上一季成長 36%。

Moving on to slide number 9, I'll provide some more information on our operating segment.

轉到第 9 號投影片，我將提供有關我們營運部門的更多資訊。

Our commercial segment added $16 million in operating revenues versus the prior year.

我們的商業部門的營業收入比前一年增加了 1,600 萬美元。

However, it declined $9.1 million when compared to the immediately preceding quarter.

然而，與上一季相比下降了 910 萬美元。

The increase over the prior year was principally driven by $11.1 million increase in interest earned on client balances as a result of the increase in short-term interest rates, which is partially offset by a 20% decline in average client equity, as compared to the prior year as a result of a decline in margin requirements driven by lower volatility.

與前一年相比的成長主要是由於短期利率上升導致客戶餘額賺取的利息增加了 1,110 萬美元，但與前一年相比，平均客戶資產下降 20% 部分抵消了這一增長。上一年的原因是波動性降低導致保證金要求下降。

In addition, operating revenue from listed and OTC derivatives increased $5.6 million and $2 million respectively as compared to the prior year, driven by higher client contract volumes.

此外，由於客戶合約增加，上市和場外衍生性商品的營業收入較前一年分別增加了 560 萬美元和 200 萬美元。

These increases were partially offset by a $3.1 million decline in operating revenues from physical transactions, primarily in our physical ag and energy business.

這些成長被實體交易（主要是我們的實體農業和能源業務）營業收入下降 310 萬美元部分抵消。

Fixed compensation and benefits increased $1.8 million versus the prior year and $400,000 versus the immediately preceding quarter.

固定薪資和福利比前一年增加 180 萬美元，比上一季增加 40 萬美元。

Other fixed expenses increased $5.1 million versus the prior year and $3.3 million versus the immediately preceding quarter.

其他固定費用較前一年增加 510 萬美元，較上一季增加 330 萬美元。

As compared to the prior year, we had increases in travel and business development, professional fees, selling and marketing and depreciation and amortization.

與前一年相比，我們在旅行和業務開發、專業費用、銷售和行銷以及折舊和攤提方面有所增加。

We had a positive variance in bad debts net of recoveries of $600,000 as compared to the prior year and $7.9 million as compared to the immediately preceding quarter, with both of these variances driven by declines in bad debts in our physical ag and energy business.

與前一年相比，我們的壞帳淨額出現了60 萬美元的正差異，與上一季相比則出現了790 萬美元的正差異，這兩個差異都是由我們的實物農業和能源業務的壞帳下降所推動的。

Segment income was $87.2 million for the period, an increase of 5% over the prior year; however, a 1% decline versus the immediately preceding quarter.

當期分部收入為8,720萬美元，較上年成長5%；然而，與上一季相比下降了 1%。

For the first time this quarter, we have started to allocate a portion of our corporate expenses to our four operating segments, including costs associated with compliance, technology, credit and risk, human resources and occupancy.

本季我們首次開始將部分公司費用分配給我們的四個營運部門，包括與合規性、技術、信用和風險、人力資源和占用率相關的成本。

We have provided this allocation in each of our segments for the current period and we'll continue to do so prospectively.

我們已經在本期的每個細分市場中提供了這種分配，並且我們將繼續這樣做。

However, we have not calculated similar allocations from previously reported periods.

然而，我們尚未計算出先前報告期間的類似分配。

For the current period, this allocation of corporate costs for our commercial segment was $8.8 million.

本期，我們商業部門的企業成本分配為 880 萬美元。

Moving on to slide number 10.

繼續看第 10 號投影片。

Operating revenues in our institutional segment increased $92.2 million versus the prior year, primarily driven by an $80.6 million increase in securities operating revenues compared to the prior year as a result of a 47% increase in the average daily volumes of security transactions as well as an increase in interest rates.

我們機構部門的營業收入比上年增加了9,220 萬美元，主要是由於證券營業收入比上年增加了8,060 萬美元，這是由於日均證券交易量增加了47%，而且證券營業收入比上年增加了8,060 萬美元。利率增加。

The increase in securities ADV was driven by an increase in client volumes in both equity and fixed income markets.

證券日均交易量的成長是由股票和固定收益市場客戶數量的增加所推動的。

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.

正如肖恩之前提到的，利率的上升也導致了這段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 $1.2 million versus the prior year as a result of the increase in short-term interest rates which is partially offset by 27% and 31% decline in average client equity and average money market and FDIC client sweep balances, respectively, versus the prior year.

由於短期利率上升，客戶餘額賺取的利息和費用收入比上年增加了 120 萬美元，但部分被平均客戶資產和平均貨幣市場下降 27% 和 31% 以及 FDIC 客戶掃描所抵消分別與上年相比。

Interest and fee income on client balances down $4 million versus the immediately preceding quarter.

客戶餘額的利息和費用收入比上一季減少了 400 萬美元。

The rise in short-term interest rates drove an $81.81 million increase in interest expense versus the prior year.

短期利率上升導致利息支出較上年增加 8,181 萬美元。

Interest expense related to fixed income trading and securities lending activities increased $75.8 million and $6.7 million, respectively, as compared to the prior year, while interest paid declines decreased $1.4 million due to the decline in client balances.

與去年相比，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 7,580 萬美元和 670 萬美元，而由於客戶餘額下降，支付的利息減少了 140 萬美元。

Segment income increased 5% to $65.2 million in the current period as a result of the $5.4 million increase in net operating revenues, a $1 million decline in other fixed expenses, primarily lower professional fees in non-trading technology and support, as well as a favorable variance in bad debt expense of $300,000 versus the prior year quarter.

由於淨營業收入增加了 540 萬美元，其他固定費用減少了 100 萬美元，主要是非交易技術和支援方面的專業費用降低，以及壞帳費用與去年同期相比有利差異為 30 萬美元。

This was partially offset by a $3.7 million increase in fixed compensation and benefits.

這被固定薪資和福利增加 370 萬美元部分抵消。

Segment income increased $10.2 million versus the immediately preceding quarter.

與上一季相比，部門收入增加了 1,020 萬美元。

For the current period, the allocation of corporate costs for our institutional segment was $12.8 million.

本期，我們機構部門的企業成本分配為 1,280 萬美元。

Moving on to the next slide, operating revenues in our retail segment increased $22 million versus the prior year, driven by a $27 million increase in FX and CFD revenues as a result of an 84% increase in rate per million as compared to the prior year.

轉到下一張投影片，我們零售部門的營業收入比前一年增加了 2,200 萬美元，這是由於外匯和差價合約收入增加了 2,700 萬美元，每百萬人的匯率比去年增加了 84% 。

Operating revenues were relatively flat with the immediately preceding quarter.

營業收入與上一季相對持平。

Segment income was $28.7 million in the current period compared to a segment loss of $4.2 million in the prior year period.

本期分部營收為 2,870 萬美元，而去年同期分部虧損為 420 萬美元。

This was a result of a 31% increase in operating revenues as well as a $2.9 million decline in fixed compensation and benefits as well as a $6.4 million decline in other fixed expenses as 1compared to the prior year.

這是由於與前一年相比，營業收入增加了 31%，固定薪資和福利減少了 290 萬美元，其他固定費用減少了 640 萬美元。

The decline in fixed compensation was partially driven by FX hedge gains on positions we established the hedge compensation expense in some of our foreign jurisdictions.

固定薪資下降的部分原因是我們在一些外國司法管轄區建立了對沖薪資費用的部位的外匯對沖收益。

The decline in other fixed expenses was driven by a $2.3 million decline in selling and marketing as well as a $2.7 million decline in depreciation and amortization.

其他固定費用的下降是由於銷售和行銷費用減少了 230 萬美元，以及折舊和攤提費用減少了 270 萬美元。

Segment income increased $700,000 versus the immediately preceding quarter.

與上一季相比，部門收入增加了 70 萬美元。

For the current period, the allocation of corporate costs for our retail segment was $11.5 million.

本期，我們零售部門的企業成本分配為 1,150 萬美元。

Closing out the segment discussion on the next slide, operating revenues in our payments segment increased $5.2 million versus the prior year, driven by a 10% increase in the rate per million as compared to the prior year.

在下一張幻燈片中結束對細分市場的討論時，我們的支付細分市場的營業收入比上一年增加了520 萬美元，這是由於每百萬人的費率比上一年增加了10%。

Segment income increased 8% to $35 million in the current period as a result of the growth in operating revenues, which was partially offset by a $1.8 million increase in fixed compensation and a $900,000 increase in other fixed expenses as compared to the prior year.

由於營業收入的成長，本期部門收入成長了8%，達到3,500 萬美元，但與前一年相比，固定薪酬增加了180 萬美元，其他固定費用增加了90 萬美元，部分抵銷了這一增長。

Segment income increased $2.7 million or 8% versus the immediately preceding quarter.

部門收入較上一季增加 270 萬美元，即 8%。

For the current period, the allocation of corporate costs for our payments segment was $5.1 million.

本期支付部門的企業成本分配為 510 萬美元。

Moving on to slide number 13 which represents the bridge between operating revenues for the first quarter of last year to the current period across our operating segment.

接下來看第 13 張投影片，它代表了我們營運部門去年第一季的營運收入與本期營運收入之間的橋樑。

Overall operating revenues were $784.2 million in the current period, up $129.4 million or 20% over the prior year.

本期整體營業收入為 7.842 億美元，較上年增加 1.294 億美元，即 20%。

This variance is primarily covered in our segment discussion I just walked through, so I'll move on to the next slide, number 14, which represents a bridge from our 2023 first quarter pre-tax income of $95.6 million to pre-tax income of $95.7 million in the current period.

這種差異主要在我剛剛瀏覽過的部分討論中進行了介紹，因此我將轉到下一張幻燈片，即第14 號幻燈片，它代表了從2023 年第一季度稅前收入9560 萬美元到稅前收入9,560 萬美元的橋樑。本期為 9,570 萬美元。

The negative variance in corporate of $19.6 million was primarily driven by a $10.7 million increase in fixed compensation and benefits as well as a $3.9 million increase in variable compensation.

該公司的負差異為 1,960 萬美元，主要是由於固定薪酬和福利增加了 1,070 萬美元，以及可變薪酬增加了 390 萬美元。

The increase in fixed compensation and benefits was primarily driven by a build-out of our compliance, IT and other functional areas to support our continued business growth.

固定薪資和福利的增加主要是由於我們的合規、IT 和其他職能領域的擴張所推動的，以支持我們的持續業務成長。

Finally, moving on to slide number 15 which depicts our interest and fees earned on client balances by quarter as well as a table which shows the annualized interest rate sensitivity for a change in short-term interest rates.

最後，轉到第 15 號投影片，它描述了我們按季度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度的表格。

Interest and fee income, net of interest paid to clients, and the effective interest rate swaps increased $12.4 million to $62.1 million in the current period as compared to $49.7 million in the prior year.

本期利息和費用收入（扣除支付給客戶的利息）以及實際利率互換增加了 1,240 萬美元，達到 6,210 萬美元，而上一年為 4,970 萬美元。

As noted in the table, we estimate the 100-basis point change in short-term interest rates, either up or down, would result in a change to net income by $15.3 million or $0.49 per share on an annualized basis.

如表所示，我們估計短期利率變化 100 個基點，無論是上調還是下調，都將導致年化淨利潤變化 1530 萬美元，即每股 0.49 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.

謝謝，比爾。

And let's move to the final Slide, number 16.

讓我們轉到最後一張投影片，第 16 號。

We achieved very strong results in fiscal first quarter 2024, delivering good growth across all of our segments and nearly all of our products despite moderating market volatility.

儘管市場波動緩和，我們在 2024 財年第一季取得了非常強勁的業績，所有細分市場和幾乎所有產品均實現了良好成長。

We delivered operating revenue of $784.2 million, up 20%, earnings of $69.1 million and value to the EPS of $2.13, up 30% and 28%, respectively, when excluding the one-off acquisition gain we realized in the prior period.

剔除上一期間實現的一次性收購收益後，我們將營業收入 7.842 億美元，成長 20%，獲利 6,910 萬美元，每股收益 2.13 美元，分別成長 30% 及 28%。

This represents a 20.5% ROE on tangible book and 19.3% on stated book, both well ahead of our long-term 15% target.

這意味著有形帳面淨資產收益率為 20.5%，帳面淨資產收益率為 19.3%，均遠高於我們 15% 的長期目標。

We are pleased to see that our business continues to generate long-term superior returns for our shareholders despite moderating volatility, which demonstrates the multiple drivers of our results and the diversification of our business.

我們很高興地看到，儘管波動性有所緩和，我們的業務仍繼續為股東帶來長期卓越的回報，這表明了我們業績的多重驅動因素和業務的多元化。

When our performance is viewed 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 a strong upward trajectory, growing our operating revenues at a 32% CAGR and our adjusted earnings at a 29% CAGR.

當我們從稍微長期的角度來看我們的業績時，例如過去兩年過去12 個月的業績，這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，我們的營業收入以32% 的複合年增長率成長，調整後的獲利年複合成長率為 29%。

We continue to see strong growth in client trading volumes across most of our products and all client segments which speaks to growth in our underlying client base and client engagement.

我們的大多數產品和所有客戶群的客戶交易量持續強勁成長，這表明我們的基礎客戶群和客戶參與度不斷增長。

While we consider ourselves to be a 22-year-old start-up, we have the privilege of being custodians of legacy businesses that were leaders and innovators in our industry, a legacy we aim to continue and enhance.

雖然我們認為自己是一家擁有 22 年歷史的新創企業，但我們有幸成為行業領導者和創新者的傳統企業的託管人，我們的目標是延續和加強這項傳統。

As we begin our 2024 fiscal year, we celebrate the 100-year anniversary of our namesake legacy company, Saul Stone & Company.

在 2024 財年開始之際，我們慶祝我們的同名傳統公司 Saul Stone & Company 成立 100 週年。

It is remarkable that what started as a door-to-door ad wholesaler has since grown into a global financial franchise spanning over 80 offices across all continents.

值得注意的是，這家最初是一家挨家挨戶的廣告批發商，現已發展成為一家全球金融特許經營企業，在各大洲設有 80 多個辦事處。

This milestone is a powerful reflection of our unwavering commitment to our clients, our disciplined approach to risk management, capital allocation and acquisitions, and our perpetual focus on sustainable business growth.

這一里程碑有力地反映了我們對客戶堅定不移的承諾、我們對風險管理、資本配置和收購的嚴格方法，以及我們對永續業務成長的永久關注。

Our longstanding track record sets a standard which we believe is largely unmatched in our industry, yet we recognize we are still far from realizing the full scope of opportunities and market share available to us.

我們長期的業績記錄樹立了一個標準，我們相信該標準在我們的行業中基本上是無與倫比的，但我們認識到我們仍然遠未實現我們所能獲得的全部機會和市場份額。

I would like to emphasize that the greatest asset of StoneX is our people.

我想強調的是，StoneX 最大的資產就是我們的員工。

We have an extremely talented team that continues to deliver phenomenal value to our shareholders.

我們擁有一支極為才華洋溢的團隊，不斷為我們的股東創造非凡的價值。

Above all, we embody a customer-first mentality that permeates our business globally.

最重要的是，我們體現了客戶至上的心態，這種心態滲透到我們的全球業務中。

Operator, let's open the line for question.

接線員，讓我們打開提問線。

(Operator Instructions) Daniel Fannon, Jefferies.

（操作員說明）Daniel Fannon，Jefferies。

Thank.

感謝。

Good morning, Sean.

早安，肖恩。

Good morning, Bill.

早安，比爾。

Are you guys well?

你們還好嗎？

Good morning, Dan.

早上好，丹。

How are you?

你好嗎？

I'm good.

我很好。

Thanks.

謝謝。

To start, I was hoping we could -- the retail FX business, the fee per million there or RPM was record.

首先，我希望我們能夠－零售外匯業務，每百萬美元的費用或每千次展示收益（RPM）創紀錄。

So can you just talk about what's happening in that business?

那麼您能談談該行業正在發生的事情嗎？

And its level is probably not sustainable, but what's a reasonable outlook for that number?

它的水平可能不可持續，但這個數字的合理前景是多少？

Well, the way we look at it internally is we have a rate per million and revenue capture target that we believe is somewhat sustainable through the cycles.

嗯，我們內部看待這個問題的方式是，我們有一個每百萬人的比率和收入獲取目標，我們認為這在整個週期中是可持續的。

It depends obviously on two things.

這顯然取決於兩件事。

It depends firstly on market volatility, and it also depends a little bit on the business mix.

首先取決於市場波動，還有一點取決於業務組合。

Now, obviously, foreign exchange is a pretty big part of that business.

現在，顯然，外匯是該業務的相當大的一部分。

But we also trade indices, we trade commodities, we trade gold, we trade lots of things.

但我們也交易指數，我們交易商品，我們交易黃金，我們交易很多東西。

And they obviously have very -- there's a decently wide disparity between the rate per million and all of those products.

顯然，他們的每百萬人的比率與所有這些產品之間存在相當大的差距。

That said, I mean, we shoot for something around $85, $90 in terms of rate per million through the cycle.

也就是說，我的意思是，就整個週期中每百萬人的費率而言，我們的目標是約 85 至 90 美元。

And from memory, don't hold me to this, but I think we've been down as low as in the low 50s, and we've been as high as $140.

根據我的記憶，不要讓我相信這一點，但我認為我們已經跌至 50 美元以下，而我們已經高達 140 美元。

So there is quite a wide range.

所以範圍相當廣。

And we knew that when we looked at the gain business -- what was that -- almost four years ago now that there was some inherent volatility in how their business worked and the revenue capture that came out of that.

我們知道，當我們在大約四年前審視收益業務時——那是什麼——現在他們的業務運作方式以及由此產生的收入捕獲存在一些固有的波動性。

But I think the portfolio within our broad and more diversified business, you don't feel that volatility quite as much as gain business as well as stand-alone business, but there is some inherent volatility in there.

但我認為，在我們廣泛且更加多元化的業務中，您不會感覺到波動性與收益業務和獨立業務一樣大，但其中存在一些固有的波動性。

Bill, I don't know if you have any data points there.

比爾，我不知道你那裡是否有任何數據點。

I just don't have it in front of me.

我只是沒有它在我面前。

Yeah.

是的。

No, I mean, obviously, we've been averaging well north of that here the last three quarters.

不，我的意思是，顯然，過去三個季度我們的平均值遠高於這個水平。

It's just been very good performance we think here over that time period and obviously comparing to what was the low point post the acquisition gain in the prior year quarter.

我們認為，在這段時間內，這是非常好的表現，顯然與上一年季度收購收益後的低點進行了比較。

We've seen that steadily creep up and been good here the last three quarters.

我們看到這種情況穩步上升，並且在過去三個季度表現良好。

Yeah.

是的。

I would say, Dan, that I think we all realize we are trading at the top of the range here.

丹，我想說，我想我們都意識到我們正處於交易區間的頂部。

I don't think that that is sustainable long term.

我認為這從長遠來看是不可持續的。

I think this business does tend to even out over periods.

我認為這項業務確實會隨著時間的推移而趨於平衡。

I mean it's great that we've had two or three quarters in a row here where you've been at the upper end, but it's likely to settle.

我的意思是，很高興我們連續兩到三個季度處於領先地位，但情況很可能會穩定下來。

It's going to be reversion to the mean that we anticipate.

這將回歸到我們預期的平均值。

Understood.

明白了。

Okay.

好的。

And then just following up on just the interest income and thinking about the -- understanding the chart and about the sensitivity of rates.

然後只是追蹤利息收入並思考——理解圖表和利率的敏感度。

But I believe you have swaps that are rolling off as well, Bill.

但我相信你也有掉期交易，比爾。

So could you talk about just the dynamics as we think about the rest of this year, and what some of the positives and negatives associated with your interest income, and what that could look like?

那麼，您能否談談我們對今年剩餘時間的看法，以及與您的利息收入相關的一些正面和負面因素，以及可能會是什麼樣子？

Sure.

當然。

Yeah.

是的。

Thanks, Dan.

謝謝，丹。

I would say we did have some swaps that rolled off here in December.

我想說的是，我們確實在 12 月進行了一些掉期交易。

And I would anticipate that that will probably give us somewhere in the neighborhood of 40 to 50 basis points in total of increase, if you're looking at the overall portfolio going forward, irrespective of what happens to -- the Fed decisions, obviously, would be -- we'll change that.

我預計，如果你著眼於未來的整體投資組合，無論發生什麼情況，這可能會為我們帶來總計 40 到 50 個基點的成長，無論聯準會的決定如何，顯然，我們會改變這一點。

But those rolling off, we should see an uptick there based upon current level of interest rates.

但根據目前的利率水平，我們應該會看到那些滾動的利率上升。

But obviously, it remains to be seen what happens with the Fed.

但顯然，聯準會會發生什麼事還有待觀察。

Right.

正確的。

Okay.

好的。

And then just as we think about the securities business in fixed income area that you guys have been growing and having success in, is there -- are you still hiring there?

然後，正如我們想到你們一直在發展並取得成功的固定收益領域的證券業務一樣，你們還在招聘嗎？

Should we think about this -- just what's been happening, just a continuation of what you started in that business, just scaling?

我們是否應該考慮一下這一點——正在發生的事情，只是您在該業務中開始的業務的延續，只是擴展？

Or when you think about investment, is there more people infrastructure, other things that are happening within that business as we think about this year?

或者，當您考慮投資時，是否有更多的人員基礎設施以及我們今年所考慮的業務中正在發生的其他事情？

I think there are probably two things happening in our fixed income business *but in securities generally, for us is, one, we continue to grow into adjacent products, and I think fixed income has exemplified that probably over the last two years as we've expanded that product set.

我認為我們的固定收益業務中可能發生了兩件事*但在證券領域，對我們來說，一般來說，第一，我們繼續發展到相鄰的產品，我認為固定收益可能在過去兩年中證明了這一點，因為我們「我們擴展了該產品集。

And yes, I think we are looking to continue to expand.

是的，我認為我們正在尋求繼續擴張。

And some of those areas are beachheads at this moment, and we want to expand them more fully, so we continue to hire people.

其中一些領域目前是灘頭陣地，我們希望更全面地擴展它們，因此我們繼續招募人員。

I would say the other thing that's exercising our minds is our securities businesses, both fixed income and equity, are largely US businesses.

我想說的另一個考驗我們頭腦的事情是我們的證券業務，包括固定收益和股票，主要是美國企業。

Trading products in the US with US client.

在美國與美國客戶交易產品。

And what we're starting to do now is leverage that capability globally.

我們現在開始做的是在全球範圍內利用這種能力。

And I think that's an enormous opportunity for us.

我認為這對我們來說是一個巨大的機會。

I mean everyone across the world trades the products we trade.

我的意思是世界各地的每個人都交易我們交易的產品。

They trade treasury, they trade mortgages, they trade high yield, they trade US equities.

他們交易國債、抵押貸款、高收益債券、美國股票。

And that for us is still pretty new territory.

對我們來說這仍然是一個相當新的領域。

So we started to hire people.

所以我們開始招募人員。

We have a team that we brought on I think about nine months ago, if I'm not mistaken.

如果我沒記錯的話，我們有一支團隊，我想是九個月前引進的。

In Singapore, they've got off to a great start.

在新加坡，他們有了一個好的開始。

I mean it's still a very small business for us, but we're starting to see that there is appetite, there is opportunity.

我的意思是，這對我們來說仍然是一個非常小的業務，但我們開始看到有胃口，有機會。

We have a small team in London that we're starting to grow and same thing on the equity side.

我們在倫敦有一個小團隊，我們正在開始成長，在股權方面也是如此。

So I think it's a combination of growing, leveraging our capabilities internationally, and continuing to grow into product adjacencies as we see opportunities to fill off our product offerings.

因此，我認為這是成長、利用我們的國際能力以及在我們看到充實我們的產品供應的機會時繼續向產品鄰近領域發展的結合。

I would say on the fixed income side, the other thing that is notable is we seem to be doing, I would say, significantly better than a lot of our peers are doing at the moment.

我想說，在固定收益方面，另一件值得注意的事情是，我想說，我們的表現似乎比許多同行目前的表現要好得多。

Not really sure why that is but -- and we're starting to see a lot of inbounds from people who are interested in coming to work for us.

不太清楚為什麼會這樣，但是──我們開始看到很多有興趣為我們工作的人。

I mean I think their view has been you guys have grown more than -- most people over the last three, four years.

我的意思是，我認為他們的觀點是，你們在過去三、四年裡比大多數人成長得更多。

You guys seem to be doing something right, and you guys seem to be the team I would like to join.

你們似乎正在做正確的事情，而你們似乎就是我想加入的團隊。

So that's giving us lots of opportunities as well, right?

所以這也給了我們很多機會，對嗎？

When talent wants to join you, that gives you lots of choice and lots of opportunities.

當人才想要加入你時，這會給你很多選擇和很多機會。

So I guess that's how we think about it.

所以我想這就是我們的想法。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess building upon that a little bit in terms of future growth, can you talk about the inorganic backdrop now for M&A and maybe how big of a -- I know you have a lot of organic growth that you're looking to build and been focused on, but how do you think about complementing that with M&A as you think about the next one to two years?

然後我想在未來成長的基礎上，您能談談現在併購的無機背景嗎？也許有多大——我知道您正在尋求建立很多有機增長並一直關注，但在您考慮未來一到兩年時，您如何考慮透過併購來補充這一點？

Yes.

是的。

I think this comes up regularly on our earnings calls.

我認為這個問題經常出現在我們的財報電話會議上。

And I think just some historical perspective, we seem to have done a couple of decent-sized M&A deals almost every year or so with the exception of the COVID period.

我認為，從歷史角度來看，除了新冠疫情期間，我們幾乎每年都會完成幾筆規模較大的併購交易。

I mean, certainly, we did our largest acquisition being gained right at the start of COVID.

我的意思是，當然，我們在新冠疫情爆發之初就進行了最大的收購。

But during COVID, pricing just became crazy to peak earnings and peak multiples, and that's not a good time to be a buyer of the business.

但在新冠疫情期間，定價變得瘋狂，達到了盈利峰值和市盈率峰值，這並不是購買該業務的好時機。

So things -- we honestly didn't see anything that interested us.

所以，老實說，我們沒有看到任何讓我們感興趣的東西。

I would say the market is starting to normalize a bit now.

我想說市場現在開始有點正常化了。

We are seeing more opportunities, but I'm not sure it's yet a very conducive environment for us.

我們看到了更多的機會，但我不確定這對我們來說是否是一個非常有利的環境。

I mean we tend to be very disciplined around price, how we can add value to the acquisition.

我的意思是，我們在價格以及如何為收購增加價值方面往往非常嚴格。

I mean buying a business at a fair price and not being able to do anything to change that business has absolutely nothing for our shareholders.

我的意思是，以合理的價格購買一家企業，而無法採取任何措施來改變該企業，這對我們的股東來說絕對沒有任何意義。

So we have to make sure we can acquire a business at attractive pricing that we can transform that business in some shape or form.

因此，我們必須確保我們能夠以具有吸引力的價格收購一項業務，以便我們能夠以某種形式對該業務進行轉型。

And we just -- I think we're looking at more things now, and I think there are more things coming through.

我認為我們現在正在研究更多的事情，而且我認為還會有更多的事情發生。

And some of them look a little bit interesting, but I think we're still ways away from the environment where we might see ourselves doing something.

其中一些看起來有點有趣，但我認為我們距離我們可能看到自己做某事的環境還有很遠的距離。

But you never know, I mean things can changed pretty rapidly.

但你永遠不知道，我的意思是事情可以很快改變。

I would also make the point that we tend to report discrete acquisitions because you sort of have to do that.

我還要指出的是，我們傾向於報告離散收購，因為你必須這樣做。

But we acquired talent too just like what I was talking about with the fixed income business.

但我們也獲得了人才，就像我在固定收益業務中所說的。

And when we acquire experienced people or teams of people, they tend to bring business with them.

當我們獲得經驗豐富的人員或團隊時，他們往往會帶來業務。

They tend to bring relationships with them, revenue and so on.

他們往往會帶來與他們的關係、收入等等。

And those are ways that we can grow inorganically in a way, right?

這些是我們可以在某種程度上無機成長的方式，對嗎？

Because we're bringing in new books of business, new capabilities, new product expertise.

因為我們正在引進新的商業書籍、新的能力、新的產品專業知識。

And we're doing a lot of that.

我們正在做很多這樣的事情。

So that certainly is a much lower risk way for us to grow our business.

因此，對於我們發展業務來說，這無疑是一種風險低得多的方式。

It's oftentimes much more impactful in the short term.

它在短期內通常會產生更大的影響。

It just happens to be bite size or much smaller bite size chunks, right?

它只是恰好是一口大小或更小的一口大小的塊，對嗎？

So we are doing that.

所以我們正在這樣做。

And I think the aggregate results of the talent acquisition has been material over the last three, four, five years; and we continue to do that.

我認為過去三、四年、五年人才引進的整體成果非常重要；我們將繼續這樣做。

So anyway, hopefully, that's helpful.

無論如何，希望這對您有所幫助。

Yeah.

是的。

No, that is.

不，就是這樣。

I guess just lastly for me, you have been operating above your long-term target of 15% ROE for some time.

我想對我來說最後一點是，一段時間以來，你們一直在高於 15% ROE 的長期目標營運。

As the business scales and grows and diversifies, I mean do we think you're at a level where we can take that goal should be something above that, given the business and how it looks today?

隨著業務規模的擴大、成長和多元化，我的意思是，考慮到業務及其今天的情況，我們是否認為您處於可以實現該目標的水平？

I remember about 10 or 15 years ago, probably, when we had a couple of years in a row when we were below 15% and I got asked the exact same question is, should you lower your long-term target because it doesn't look realistic?

我記得大概 10 或 15 年前，當我們連續幾年低於 15% 時，我被問到了完全相同的問題：你是否應該降低你的長期目標，因為它不會看起來很現實嗎？

I would say to achieve a 15% ROE in our marketplace and in our environment, which is quite competitive, over a long period of time, I think is a compelling and a robust target to try and achieve.

我想說的是，在我們的市場和環境中，在相當長的一段時間內，在競爭相當激烈的環境中實現15% 的股本回報率，我認為這是一個令人信服且穩健的目標，需要努力實現。

I think we've also said that there could be long stretches of time where we operate below that target and when we operate above that target because market environment can cause that to happen for periods of time.

我認為我們也說過，我們可能會在很長一段時間內低於該目標，而當我們高於該目標時，因為市場環境可能會導致這種情況發生一段時間。

And I don't think it's helpful if we continually change our long-term target, either bringing it down when times are tough or putting it up when we're in a positive environment.

我認為，如果我們不斷改變我們的長期目標，要么在困難時期降低目標，要么在我們處於積極環境中時提高目標，這沒有什麼幫助。

So honestly, I prefer not to do that.

老實說，我寧願不要這樣做。

I think we've embedded in our business and throughout our compensation structures and so on, there's mentality around.

我認為我們已經將心態融入我們的業務和整個薪酬結構等。

We have to do better than 15%.

我們必須做得比15%更好。

And I think it's a challenging target.

我認為這是一個具有挑戰性的目標。

I think our business is operating above trend a little bit at the moment.

我認為我們的業務目前的營運情況略高於趨勢。

Interest rates, obviously, are constructive at the moment.

顯然，目前利率具有建設性。

I would say volatility is not anymore, it was.

我想說的是，波動性已經不再是了。

But to your point, there might be, at some point, scale benefits compounded with technology that may cause us to think about raising that level at some point.

但就你的觀點而言，在某些時候，規模效益與技術的結合可能會導致我們考慮在某個時候提高這個水準。

If we think, the entire structure and the cost structure of the business has materially changed.

如果我們認為，業務的整個結構和成本結構已經發生了重大變化。

But I'm not sure we want to do that anytime soon, but it's something we should think about I think I would say.

但我不確定我們是否想很快做到這一點，但我想我會說這是我們應該考慮的事情。

Understood.

明白了。

Thanks for taking all my questions.

感謝您回答我所有的問題。

Okay.

好的。

Thank you, Dan.

謝謝你，丹。

Operators, are there any other questions?

各位運營商，還有其他問題嗎？

(Operator Instructions) I'm showing no further questions at this time.

（操作員說明）我目前沒有提出任何進一步的問題。

I would like to turn the call back to Sean O'Connor for closing remarks.

我想將電話轉回給肖恩·奧康納，讓其致閉幕詞。

Thank you, and thanks, everyone, for joining our first-quarter conference call.

謝謝你們，也謝謝大家參加我們的第一季電話會議。

We look forward to speaking to you in the next three months.

我們期待在接下來的三個月內與您交談。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。