StoneX Group Inc (SNEX) 2024 Q3 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 2024 third-quarter StoneX earnings call.

歡迎參加 StoneX 2024 年第三季財報電話會議。

(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 first speaker today, Bill Dunaway, CFO.

現在我想將會議交給今天的第一位發言人，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 third quarter ended June 30, 2024.

歡迎參加我們截至 2024 年 6 月 30 日的第三季財報電話會議。

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

昨天收盤後，我們發布了一份新聞稿，報告了 2024 年第三財季的表現。

This release is available on our website at www.stonex.com as well as a slide presentation, which we will refer to on this call and our discussions of our quarterly and year-to-date results.

新聞稿以及幻燈片簡報可在我們的網站 www.stonex.com 上獲取，我們將在本次電話會議以及我們對季度和年初至今業績的討論中參考該簡報。

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 are required to advise you and all participants should note that the following discussion should be taken in conjunction with the most recent financial statements and notes thereto as well as the Form 10-Q filed with the SEC.

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 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聲明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該公司前瞻性陳述明示或暗示的任何結果沒有重大差異。

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。

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'll 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 the call.

大家早安，感謝您加入通話。

Starting on slide 3 of the earnings deck.

從收益報告的幻燈片 3 開始。

The third quarter of fiscal 2024 was a solid result for us with net income of $61.9 million and EPS of $1.88 per diluted share.

2024 財年第三季我們取得了穩健的業績，淨利為 6,190 萬美元，攤薄後每股收益為 1.88 美元。

This represented a 15.7% ROE on stated book and 16.5% ROE on tangible book value despite a 19% increase in book value over the year and a 54% increase in book value over the last 2 years versus the comparative year ago period, which was a record quarter for us, where we're down 11% in net income and 13% in EPS.

儘管帳面價值較上年同期增長了 19%，且過去兩年賬面價值較去年同期增長了 54%，但賬面淨資產收益率為 15.7%，有形賬面價值淨資產收益率為 16.5%。說，這是一個創紀錄的季度，我們的淨利潤下降了11%，每股收益下降了13%。

On a consecutive quarterly basis, our earnings were up 17% and our diluted EPS was up 15%.

我們的獲利連續每季成長 17%，稀釋後每股收益成長 15%。

We had record operating revenues of $913.7 million, up 18% versus the prior year.

我們的營業收入達到創紀錄的 9.137 億美元，比上年增長 18%。

Our operating revenues include not only interest earned on our client float but also carried interest that is related to our fixed income trading activities.

我們的營業收入不僅包括客戶浮動利息，還包括與我們的固定收益交易活動相關的附帶利息。

Net operating revenues, which net off interest expense as well as introducing broker commission and clearing costs, were also a record and up 7% versus a year ago and up 11% versus the immediately prior quarter.

淨營業收入（扣除利息費用以及引入經紀商佣金和清算成本）也創歷史新高，較去年同期增長 7%，較上一季增長 11%。

Total compensation and other expenses were up 12% for the quarter, with variable compensation up 8%, which is in line with net operating revenue growth.

本季總薪酬和其他費用成長 12%，其中可變薪酬成長 8%，這與淨營業收入成長一致。

Fixed compensation and related costs were up 22% versus a year ago and were up 6% compared to the immediately prior quarter, due in large part to severance costs relating to an executive officer.

固定薪酬及相關成本較去年同期成長 22%，較上一季成長 6%，這在很大程度上是由於與高階主管相關的遣散費。

For the nine months to date, we recorded earnings of $184.1 million or $5.64 per share, down slightly versus the comparative period.

在迄今為止的 9 個月中，我們錄得收益 1.841 億美元，即每股收益 5.64 美元，與同期相比略有下降。

On a trailing 12-month basis, our operating revenues were $3.3 billion, up 21% versus the prior 12-month period and adjusted net income was $238.9 million, up 6%, with EPS of $7.21 per diluted share, down 4%.

在過去12 個月的基礎上，我們的營業收入為33 億美元，比前12 個月增長21%，調整後淨利潤為2.389 億美元，增長6%，攤薄後每股收益為7.21 美元，下降4%。

We ended our third quarter 2024 with book value just over $50.65, up 19% versus a year ago.

2024 年第三季結束時，我們的帳面價值略高於 50.65 美元，比去年同期成長 19%。

Now turning to slide 4 in the earnings deck, which compares quarterly operating revenues by product versus a year ago.

現在轉向損益表中的投影片 4，該投影片將按產品劃分的季度營業收入與一年前進行比較。

Generally speaking, the market environment was difficult for us with extremely low volatility.

整體而言，市場環境對我們來說很困難，波動性極低。

In fact, the VIX was close to all-time lows during much of the quarter, which negatively impacted revenue capture in most of our products.

事實上，波動率指數在本季的大部分時間都接近歷史低點，這對我們大多數產品的收入產生了負面影響。

Low volatility and the resulting tough trading environment have characterized most of this fiscal year.

低波動性和由此帶來的艱難貿易環境是本財年大部分時間的特徵。

This market complacency has been difficult to understand given the current geopolitical tensions, the election cycle here in the US and in many other countries as well as the uncertain economic situation.

考慮到當前的地緣政治緊張局勢、美國和許多其他國家的選舉週期以及不確定的經濟形勢，這種市場的自滿情緒很難理解。

As we know, volatility can change quickly and indeed, recent events over the last couple of days have proved this out.

眾所周知，波動性可能會迅速變化，事實上，過去幾天發生的事件已經證明了這一點。

And we are hopeful we may see better market conditions ahead.

我們希望未來能看到更好的市場狀況。

However, we continue to see good client engagement and market share increases as evidenced by generally increased volumes across most of our products.

然而，我們繼續看到良好的客戶參與度和市場份額的增加，我們大多數產品的銷售量普遍增加就證明了這一點。

The earnings power related to our enhanced client footprint should be evident with improved trading conditions.

隨著交易條件的改善，與我們擴大的客戶足跡相關的獲利能力應該是顯而易見的。

For the quarter, we saw strong revenue gains in listed derivatives with both our institutional segment seeing strong volume growth of 41% as we saw market gains with large institutional clients, offset by a 17% reduction in contract rates.

本季度，我們看到上市衍生性商品的強勁收入成長，我們的機構部門的銷售量強勁成長了 41%，因為我們看到大型機構客戶的市場收益，但被合約費率下降 17% 所抵銷。

Our commercial segment saw a 17% increase in volumes and a 10% increase in contract rates.

我們的商業部門銷量成長了 17%，合約價格成長了 10%。

Securities revenue was up 37% with volumes up 37%, rate per million down 9%.

證券收入成長 37%，交易量成長 37%，每百萬股利率下降 9%。

FX and CFD revenues were up 6% due to small gains in both volumes and spread capture.

由於交易量和點差捕獲小幅增長，外匯和差價合約收入增長了 6%。

OTC revenue was down 8%, largely due to volumes being down 10% versus a record prior year period.

OTC 營收下降 8%，主要是因為交易量比去年同期創紀錄的下降 10%。

Payments revenue was down 5% due to a lower revenue capture as a result of tighter spreads in most of our key payment corridors.

支付收入下降了 5%，因為我們大多數主要支付管道的利差收緊導致收入減少。

Physical revenues were down 17% versus last year's very strong quarter, due largely to a decline in our renewable fuels business.

與去年非常強勁的季度相比，實體收入下降了 17%，這主要是由於我們的再生燃料業務下降。

Our aggregate client float, which includes both listed derivative client equity and our money market and FDIC sweep balances declined 10% versus 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以及我們的貨幣市場和 FDIC 清算餘額）比前一年下降了 10%。

Despite this, interest and fee income on these client balances increased 26% to $115.9 million due to us capturing a higher interest rate in the current period versus the year ago period.

儘管如此，由於我們本期的利率高於去年同期，這些客戶餘額的利息和費用收入增加了 26%，達到 1.159 億美元。

Turning to slide 5 and looking at the same data of the trailing 12 months.

前往投影片 5，查看過去 12 個月的相同數據。

We can again see good revenue growth across most of our products with the exception of physical contracts.

我們可以再次看到除實物合約之外的大多數產品的良好收入成長。

Volumes were up across the board, except for FX and CFDs which were down 12%.

除外匯和差價合約交易量下降 12% 外，交易量全面上升。

Again, on a long-term basis is an important indicator for us when it comes to measuring client engagement and market penetration.

同樣，在衡量客戶參與度和市場滲透率時，長期對我們來說是一個重要指標。

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, again, we see a mixed picture as market volatility generally retraced to lower levels compared to the prior year, with the exception of FX and CFDs, which experienced a higher increase in rate per million, up 34% versus the prior year.

而且，我們再次看到了喜憂參半的情況，因為與上一年相比，市場波動性普遍回落至較低水平，但外匯和差價合約除外，它們的每百萬利率增幅較高，與上一年相比增長了34%。

In addition, we continue to see the effect of the change in product mix and the securities revenue capture with increased volumes in lower-margin products.

此外，我們繼續看到產品結構變化和低利潤產品銷售增加帶來的證券收入捕獲的影響。

Turning now to slide 6, our segment summary and just a touch on a few highlights before Bill gets into more details.

現在轉到幻燈片 6，我們的部分摘要，並在比爾介紹更多細節之前簡單介紹一些要點。

For the quarter, segment operating revenues were up 18% and segment income was up 17% versus the prior year quarter.

本季度，與去年同期相比，分部營業收入成長 18%，分部營收成長 17%。

All segments were up both in terms of revenues and income, except for payments, which is marginally lower.

除支付業務略有下降外，所有業務部門的收入和收入均有所成長。

Our commercial segment had a record quarter in both operating revenues and segment income with segment income up 7% off the back of a 4% increase in operating revenues, with increased revenues in listed derivatives and interest offsetting the lower OTC and physical revenues.

我們的商業部門在營業收入和部門收入方面均創下了季度記錄，在營業收入增長4% 的基礎上，部門收入增長了7%，上市衍生品和利息收入的增加抵消了場外交易和實物收入的下降。

On a sequential basis, operating revenues and segment income were up 31% and 47%, respectively.

營業收入和分部收入較上季成長 31% 和 47%。

Our institutional segment realized a 34% increase in operating revenues, which translated into a 38% increase in segment income off the back of a strong increase in securities revenues and interest income.

我們的機構部門實現了營業收入成長 34%，在證券收入和利息收入強勁成長的推動下，部門收入成長了 38%。

On a sequential basis, operating revenues were up 10% and segment income was up 1%.

營業收入較上季成長 10%，部門營收較上季成長 1%。

Retail was again a standout this quarter, with operating revenues up 5%, driving a 60% increase in segment income, highlighting operational leverage we have in this digital offering.

本季零售業再次表現出色，營業收入成長 5%，帶動細分市場收入成長 60%，凸顯了我們在數位產品中的營運槓桿。

On a sequential basis, operating revenues were down 6% and segment income decreased 17%.

營業收入較上季下降 6%，部門收入下降 17%。

In our payments segment, operating revenues were down 4% and segment income was down 1%, primarily due to tighter FX spreads in our key payment corridors.

在我們的支付部門，營業收入下降了 4%，部門收入下降了 1%，這主要是由於我們主要支付管道的外匯利差收窄。

Operating revenues were up 4% and segment income was up 15% versus the immediately prior quarter.

與上一季相比，營業收入成長 4%，部門收入成長 15%。

On a trailing 12-month basis, we had operating revenue gains and segment income gains across the board.

在過去 12 個月的基礎上，我們的營業收入和部門收入全面成長。

Retail was again the standout with segment income up 209% followed by institutional up 17% and payments up 19%.

零售業再次表現突出，部門營收成長 209%，其次是機構營收成長 17%，支付營收成長 19%。

Turning now to slide 7, which sets out at the top of the page, our trailing 12-month financial performance over the last eight quarters.

現在轉向幻燈片 7，該幻燈片在頁面頂部列出了我們過去 8 個季度過去 12 個月的財務業績。

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

這些數字已根據我們先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，該會計處理出現在本收益表附錄中提供的對帳中。

On the left-hand side, the bars represent our trailing 12-month operating revenues 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, and as we have steadily expanded our footprint and capabilities.

正如您所看到的，這是一個平穩且強勁的上升趨勢，並且我們穩步擴大了我們的足跡和能力。

Our operating revenues are up 72% over this period for a 31% compound average growth rate.

在此期間，我們的營業收入成長了 72%，複合平均成長率為 31%。

Our adjusted pretax income has likewise grown significantly at a 22% CAGR.

我們調整後的稅前收入同樣以 22% 的複合年增長率大幅成長。

On the right-hand side, you can see our adjusted net income in the bars, which is up 40% over the last two years for an 18% CAGR.

在右側，您可以在長條圖中看到我們調整後的淨利潤，過去兩年成長了 40%，複合年增長率為 18%。

The dotted line on the right-hand side represents our adjusted ROE, which has remained above our 15% target, even though our capital has grown 54% over this period.

右側的虛線代表我們調整後的 ROE，儘管我們的資本在此期間增長了 54%，但 ROE 仍高於我們 15% 的目標。

The bottom half of the slide sets out our long-term performance, both measured in stockholders' return, which is the bottom left graph in which we have significantly outperformed both index shown, as well as our financial performance on the right-hand graph, which shows we have grown our stockholder equity, operating revenue and market capitalization at nearly 30% compound growth rate over the last 21 years.

投影片的下半部列出了我們的長期業績，均以股東回報來衡量，左下圖顯示我們的表現顯著優於所示的兩個指數，以及右側圖表中我們的財務業績，這表明我們的股東權益、營業收入和市值在過去21 年以近30% 的複合成長率成長。

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

現在，我將把您交給比爾唐納韋 (Bill Dunaway) 討論財務表現。

Bill, over to you.

比爾，交給你了。

Thank you, Sean.

謝謝你，肖恩。

I'll be starting on slide #8, which summarizes our consolidated income statement for the third quarter of fiscal '24.

我將從第 8 張投影片開始，該投影片總結了我們 24 財年第三季的合併損益表。

Sean covered many of the consolidated highlights related to the operating revenues for the quarter.

Sean 介紹了與本季營業收入相關的許多綜合亮點。

So I'll just mention one more item and then cover off on some of the consolidated expense fluctuations and then finish with a segment discussion.

因此，我將再提一項，然後彌補一些綜合費用波動，最後以細分討論結束。

Operating revenues for the current quarter included an $8.5 million realized gain on the sale of inventories carried at cost, for which losses on related derivative positions were recognized in the immediately preceding quarter as discussed on our last earnings call.

本季的營業收入包括按成本記帳的庫存銷售實現的 850 萬美元收益，正如我們在上次財報電話會議上討論的那樣，相關衍生品頭寸的損失已在上一季度確認。

Similar in nature, the prior year quarter had a $3.6 million realized gain on physical inventories carried at cost.

本質上類似，上一季以成本計算的實體庫存實現了 360 萬美元的收益。

Moving on to consolidated expenses, transaction-based clearing expenses increased 21% to $81 million in the current period as a result of the increases in listed derivatives and securities volumes as compared to the prior year.

說到綜合費用，由於上市衍生性商品和證券交易量較前一年增加，本期基於交易的清算費用增加了 21%，達到 8,100 萬美元。

Introducing broker commissions were relatively flat with the prior year at $43.1 million in the current period.

本期介紹經紀商佣金為 4,310 萬美元，與前一年持平。

Interest expense increased $81 million versus the prior year, primarily as a result of the $72.7 million increase in interest expense related to our institutional fixed income business as well as a $5.2 million increase in interest expense related to securities lending activities, both of which were due to the increase in short-term interest rates.

利息支出比前一年增加了8,100 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7,270 萬美元，以及與證券借貸活動相關的利息支出增加了520 萬美元，兩者均是由於導致短期利率上升。

And, in addition, in the case of the fixed income business, increased volumes.

此外，固定收益業務的交易量也有所增加。

Interest paid on client balances on deposits declined $2.3 million as compared to the prior year due to the decline in average client float.

由於平均客戶流動資金下降，客戶存款餘額支付的利息比前一年減少了 230 萬美元。

Interest expense on corporate funding increased $9.2 million due to incremental interest on our March 1, 2024, issuance of senior secured notes due 2031 which allowed us to extend our debt maturity profile and bolster our liquidity.

由於我們於 2024 年 3 月 1 日發行 2031 年到期的優先擔保票據，利息增加，企業融資利息支出增加了 920 萬美元，這使我們能夠延長債務期限並增強流動性。

The proceeds of these notes were used to diffuse $348 million of senior secured notes, which were scheduled to mature in June of 2025 as well as to pay down existing borrowings on our revolving credit facility.

這些票據的收益用於分散 3.48 億美元的優先擔保票據，這些票據計劃於 2025 年 6 月到期，並用於償還我們循環信貸安排的現有借款。

While the funds from the issuance of the new notes were used to redeem the notes due 2025, the redemption is not incurred until June 17, 2024, in order to redeem those notes at par.

雖然發行新票據的資金用於贖回2025年到期的票據，但贖回要到2024年6月17日才會發生，以便以面額贖回這些票據。

This resulted in an incremental $6.8 million of interest expense during the diffusement period.

這導致擴散期間利息支出增加 680 萬美元。

In addition, upon completion of the redemption of the notes due 2025, we recognized $3.7 million loss on extinguishment of debt related to the write-off of unamortized original issue discount and deferred financing costs.

此外，在完成 2025 年到期票據的贖回後，我們確認了與未攤銷的原始發行折扣和遞延融資成本沖銷相關的 370 萬美元債務清償損失。

Partially offsetting the incremental interest expense on the diffused notes, we earned $3.9 million in interest income on the funds held in escrow up until the redemption date.

我們從贖回日之前託管的資金中賺取了 390 萬美元的利息收入，部分抵消了分散票據的增量利息支出。

Overall, this transaction was leverage neutral for us while extending out our maturity profile by six years.

總體而言，這項交易對我們來說是槓桿中性的，同時將我們的期限延長了六年。

Following the transaction, we have nearly $2.2 billion in long-term capital available to support our clients and our growth.

交易完成後，我們將擁有近 22 億美元的長期資本可用於支持我們的客戶和我們的發展。

Moving on.

繼續前進。

Variable compensation increased $10.1 million versus the prior year and represented 30% of net operating revenues in both the current and the prior year period.

可變薪酬比前一年增加了 1,010 萬美元，佔當期和去年同期淨營業收入的 30%。

Fixed compensation increased $20.8 million or 22% versus the prior year, which was partially driven by a $4.1 million increase in severance as compared to $4.1 million in severance costs as compared to $700,000 in the prior year as well as a $1.8 million in accelerated share-based and long-term incentive compensation related to the departure of an executive officer.

固與高階主管離職相關的基於長期激勵的薪酬。

In addition, non-variable salaries increased $8.8 million or 13% due to a 12% increase in headcount, resulting from an expansion of our capabilities among our business lines as well as in support areas that facilitate this business growth as well as annual merit increases.

此外，由於我們的業務線以及促進業務成長的支援領域的能力擴展以及年度績效成長，員工人數增加了 12%，因此固定薪資增加了 880 萬美元，即 13% 。

Fixed compensation increased 6% versus the immediately preceding quarter, primarily due to the increase in severance and acceleration of share risk compensation and long-term compensation I just noted.

固定薪酬比上一季增加了 6%，主要是由於我剛才提到的離職金增加以及股份風險薪酬和長期薪酬的加速。

Other fixed expenses increased $15.8 million as compared to the prior year, including a $6.1 million increase in professional fees, primarily due to an increase in legal fees, a $5 million increase in nontrading technology and support and a $3.5 million increase in occupancy and equipment rental, principally driven by the acquisition of additional space in London and the continued build-out of our offshore presence in India.

其他固定費用與前一年相比增加了1,580 萬美元，其中專業費用增加了610 萬美元，主要是由於法律費用增加，非貿易技術和支援增加了500 萬美元，以及佔用和設備租賃增加了350 萬美元，主要是由於在倫敦收購了更多空間以及在印度繼續擴大離岸業務而推動的。

Compared to the immediately preceding quarter, other fixed expenses increased $1.4 million, principally driven by a $700,000 increase in professional fees and a $700,000 increase in trade systems and market information.

與上一季相比，其他固定費用增加了 140 萬美元，主要是由於專業費用增加了 70 萬美元，以及交易系統和市場資訊增加了 70 萬美元。

Finally, to close off the discussion of expenses, we had a favorable variance in bad debt net of recoveries of $5.8 million and $900,000 versus the prior year in the immediately preceding quarters, respectively.

最後，為了結束對費用的討論，我們在前幾個季度的壞帳淨額中與去年同期相比分別有 580 萬美元和 90 萬美元的有利差異。

The other gain of $1.8 million in the current quarter of the class action settlement received in the Commodity Exchange Gold Futures and Options trading matter.

本季在商品交易所黃金期貨和選擇權交易案件中獲得的集體訴訟和解金中獲得的另外 180 萬美元收益。

Net income for the third fiscal quarter of 2024 was $61.9 million, which represents an 11% decline versus a very strong prior year period.

2024 年第三財季的淨利潤為 6,190 萬美元，與去年同期相比下降 11%。

Net income increased 17% versus the immediately preceding quarter.

淨利潤較上一季成長 17%。

Moving on to slide number 9.

繼續看第 9 號投影片。

I'll provide some more information on our operating segments.

我將提供有關我們營運部門的更多資訊。

Operating revenue in our commercial segment increased $9.5 million versus the prior year and $51.7 million when compared to the immediately preceding quarter.

我們商業部門的營業收入比前一年增加了 950 萬美元，比上一季增加了 5,170 萬美元。

The increase versus the prior year was principally driven by a $16.4 million increase in derivative operating revenues driven by increased volumes and widening spreads in London metals markets following the US and UK sanctions on Russian metals.

與前一年相比的成長主要是由於美國和英國對俄羅斯金屬實施制裁後倫敦金屬市場交易量增加和價差擴大所致，衍生性商品營業收入增加了 1,640 萬美元。

In addition, interest earned on client balances increased $10.2 million as compared to the prior year due to higher interest rates realized on client balances.

此外，由於客戶餘額實現的利率提高，客戶餘額賺取的利息比前一年增加了 1,020 萬美元。

Offsetting these increases, operating revenues from physical transactions declined $11.7 million despite the realized gain on the sale of physical inventories carried at costs I mentioned earlier, principally due to very strong performance in renewable fuels in the prior year.

儘管以我前面提到的成本計算的實物庫存銷售實現了收益，但實物交易的營業收入卻下降了 1170 萬美元，抵消了這些增長，這主要是由於上一年可再生燃料的表現非常強勁。

Finally, operating revenues from OTC derivatives declined $5.7 million as compared to the prior year, primarily due to a 10% decline in OTC volumes primarily in Brazilian markets.

最後，場外衍生性商品的營業收入與前一年相比下降了 570 萬美元，主要是由於巴西市場的場外交易量下降了 10%。

Fixed compensation and benefits increased $3.5 million versus the prior year and $3 million versus the immediately preceding quarter, primarily due to increased headcount and $600,000 in severance costs in the current period.

固定薪資和福利比前一年增加 350 萬美元，比上一季增加 300 萬美元，主要是由於本期員工人數增加和 60 萬美元的遣散費。

Other fixed expenses increased $4.6 million versus the prior year but were down $500,000 versus the immediately preceding quarter.

其他固定費用比上年增加 460 萬美元，但比上一季減少 50 萬美元。

As compared to the prior year, we had increases in special fees and selling and marketing.

與前一年相比，我們的特殊費用以及銷售和行銷費用有所增加。

Partially offsetting these increases, we had a positive variance in bad debt net of recoveries of $5 million compared to the prior year.

與前一年相比，我們的壞帳淨回收額出現了 500 萬美元的正差異，部分抵消了這些成長。

Segment income was $125.7 million for the period, an increase of 7% versus the prior year and 47% versus the immediately preceding quarter.

該期間的部門收入為 1.257 億美元，比上一年增長 7%，比上一季增長 47%。

As a reminder, in the first quarter of fiscal 2024, we started to allocate a portion of our corporate expenses in each of our four operating segments, including costs associated with compliance, technology, credit and risk, human resources, and occupancy.

提醒一下，在 2024 財年第一季度，我們開始在四個營運部門中分配一部分公司費用，包括與合規性、技術、信用和風險、人力資源以及佔用率相關的成本。

We've provided this allocation in each of our segments to the current period and will 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，並將在未來繼續這樣做。

However, we have not calculated similar allocation for previously reported periods.

然而，我們尚未計算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 $8.9 million.

本期，我們商業部門的企業成本分配為 890 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 $127.8 million versus the prior year, primarily driven by a $99.6 million increase in securities operating revenues compared to the prior year as a result of a 37% increase in the average daily volume of securities transactions as well as the increase in interest rates.

機構業務部門的營業收入較前一年增加 1.278 億美元，主要是由於證券營業收入較上年增加 9,960 萬美元，這是由於日均證券交易量增加 37%，以及利率增加。

The increase in securities ADV was driven by an increase in client volumes in both equities 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量的增加所推動的。

Interest income earned on client balances increased $13.6 million versus the prior year as a result of the increase in interest rates realized on these balances, which was partially offset by 9% and 24% declines in average client equity and average money market and FDIC client sweep balances, respectively, versus the prior year.

由於客戶餘額實現的利率上升，客戶餘額賺取的利息收入較上一年增加了 1,360 萬美元，但部分被平均客戶資產、平均貨幣市場和 FDIC 客戶掃款下降 9% 和 24% 所抵消分別與上年相比。

Interest and fee income earned on client balances was up $4.7 million versus the immediately preceding quarter.

客戶餘額賺取的利息和費用收入比上一季增加了 470 萬美元。

The increase in securities ADV grew at $79.4 million increase in interest expense versus the prior year.

與前一年相比，證券 ADV 的利息支出增加了 7,940 萬美元。

Interest expense related to fixed income trading and securities lending activities increased $72.7 million and $5.2 million, respectively, as compared to the prior year, while interest paid to clients decreased $3.8 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 7,270 萬美元和 520 萬美元，而由於客戶餘額下降，支付給客戶的利息減少了 380 萬美元。

Segment income increased 38% to $62.2 million in the current period, primarily as a result of a $37.4 million increase in net operating revenues, which was partially offset by a $4.2 million increase in fixed compensation and benefits as well as a $1.6 million increase in other fixed expenses.

本期分部收入增加 38%，達到 6,220 萬美元，主要是由於淨營業收入增加 3,740 萬美元，但固定薪資和福利增加 420 萬美元以及其他收入增加 160 萬美元部分抵消了這一增長。 。

Segment income increased $900,000 versus the immediately preceding quarter.

與上一季相比，部門收入增加了 90 萬美元。

For the current period, the allocation of corporate costs for our institutional segment was $13.1 million.

本期，我們機構部門的企業成本分配為 1,310 萬美元。

Moving on to the next slide.

轉到下一張投影片。

Operating revenues in our retail segment increased $4.7 million versus the prior year, driven by a $4.8 million increase in FX and CFD revenues as a result of an 8% increase in rate per million as compared to the prior year.

我們零售部門的營業收入比去年增加了 470 萬美元，這是由於外匯和差價合約收入增加了 480 萬美元，每百萬人的匯率比上年增加了 8%。

Operating revenues declined $5.8 million versus the immediate preceding quarter despite an 8% increase in ADV due to a decline in RPM, which was at an all-time high in the preceding quarter.

儘管由於 RPM 下降（上一季創歷史新高），ADV 增長了 8%，但營運收入仍較上一季下降了 580 萬美元。

Segment income was $27.6 million in the current period, which represents a 60% increase over the prior year.

本期分部營收為2,760萬美元，較上年成長60%。

This was a result of the 5% increase in operating revenues as well as $1.7 million and $2.5 million decline in fixed compensation and other expenses, respectively, as compared to the prior year.

這是由於與前一年相比，營業收入增加了 5%，固定薪酬和其他費用分別減少了 170 萬美元和 250 萬美元。

In addition, in the current quarter, we received $1.8 million in the Gold Fixed class action matter.

此外，在本季度，我們在 Gold Fix 集體訴訟案件中收到了 180 萬美元。

For the current period, the allocated corporate costs for retail segment were $11.9 million and segment income declined $5.6 million compared to the immediately preceding quarters.

本期分配給零售部門的企業成本為 1,190 萬美元，與前幾季相比，部門收入下降了 560 萬美元。

Closing out the segment discussion on the next slide, operating revenues in our payments segment declined 4% versus the prior year despite a 6% increase in ABV as the rate per million declined 13% as compared to the prior year.

在下一張投影片中結束對細分市場的討論時，儘管ABV 增加了6%，但我們的支付細分市場的營業收入仍比去年下降了4%，每百萬人的比率比去年下降了13%。

Segment income declined 1% to $28.2 million in the current period as a result of the decline in operating revenues, which was partially offset by a $1.1 million decrease in fixed compensation and benefits.

由於營業收入下降，本期部門收入下降 1%，至 2,820 萬美元，但固定薪資和福利減少 110 萬美元部分抵消了這一下降。

Segment income increased $3.6 million versus the immediately preceding quarter.

與上一季相比，部門收入增加了 360 萬美元。

And for the current period, the allocation of corporate costs for our payments segment was $5.3 million.

本期支付部門的企業成本分配為 530 萬美元。

With that, I'd 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。

Moving on to slide 13, which sets up the high-level strategic objectives that we are focused on.

繼續看投影片 13，其中設定了我們關注的高層策略目標。

This basic approach and strategy has been unchanged for over 15 years and has served us well.

這一基本方法和策略 15 年來一直沒有改變，並且對我們很有幫助。

And we have mentioned and discussed it on numerous calls before, but I think it's probably worth repeating again.

我們之前已經在多次電話會議中提到和討論過這一點，但我認為可能值得再次重複。

We remain in a constructive industry environment, which aligns with our strategy, which is summarized on this slide.

我們仍然處於一個建設性的產業環境中，這與我們的策略一致，這一點在這張投影片中進行了總結。

Following the financial crisis, there was a comprehensive and significant response from the regulators around the world to create a more robust and durable financial market.

金融危機發生後，世界各地監管機構採取了全面而重大的應對措施，以創造更穩健和持久的金融市場。

The key impacts of this were a massive increase in costs due to more complex process and oversight as well as dramatically increased capital requirements.

其主要影響是由於更複雜的流程和監督以及資本要求的大幅增加而導致成本大幅增加。

This made it difficult for smaller firms and those with narrow product offerings to generate sufficient revenue to remain viable given the cost and capital requirements.

考慮到成本和資本要求，這使得規模較小的公司和產品範圍狹窄的公司很難產生足夠的收入來維持生存。

As a result, there has been and continues to be a fairly dramatic consolidation in our industry.

因此，我們的行業已經並將繼續進行相當大的整合。

This can be evidenced by looking at clearing FCMs and broker dealers, the number of which has massively declined.

這一點可以透過清算期貨經紀商和經紀商來證明，它們的數量已大幅下降。

We have directly participated in this process through some of our acquisitions and have also benefited indirectly as clients have been forced to find new firms for their business.

我們透過一些收購直接參與了這一過程，並且由於客戶被迫為其業務尋找新公司而間接受益。

In addition, we have seen a fairly significant withdrawal from our markets by the big banks as capital requirements have forced them to reevaluate this strategy.

此外，我們也看到大銀行大量撤出我們的市場，因為資本需求迫使它們重新評估這項策略。

The large banks in aggregate still account for the majority share of the market, but they are retreating, which creates a significant opportunity for us.

大型銀行總體上仍佔據市場大部分份額，但它們正在撤退，這為我們創造了重大機會。

Generally speaking, the Basel capital rules are punitive for the trading type operations we have.

一般來說，巴塞爾資本規則對我們的交易類型操作是懲罰性的。

And if adopted fully, I'm certain the banks withdraw from our market will continue to accelerate as they increasingly focus on their Tier 1 core customers.

如果完全採用，我確信銀行退出我們市場的速度將繼續加快，因為它們越來越關註一級核心客戶。

Both of these factors, the lower end consolidation and the withdrawal by the larger banks have directly and positively impacted StoneX and have allowed us to post CAGRs close to 30% over the last 20 years.

低端整合和大型銀行退出這兩個因素都對 StoneX 產生了直接而積極的影響，並使我們在過去 20 年中實現了接近 30% 的複合年增長率。

We think there's still a long way to go in this reordering of the market structure.

我們認為市場結構的重組還有很長的路要走。

And with our broad and unparalleled capability and product set, we are dearly placed to continue to take advantage.

憑藉我們廣泛且無與倫比的能力和產品組合，我們處於有利地位，可以繼續利用這一優勢。

The most significant strategic priority for us in the context of the market dynamics I've just mentioned, is to keep building our ecosystem.

在我剛才提到的市場動態背景下，我們最重要的策略重點是繼續建立我們的生態系統。

We want to be the most relevant firm in the space by having the best ecosystem to connect clients to the global financial markets.

我們希望透過擁有最好的生態系統將客戶與全球金融市場連結起來，成為該領域最相關的公司。

This makes us an attractive destination for new clients looking for a single partner to satisfy their trading needs and allows us to remain relevant to our existing clients.

這使我們成為尋找單一合作夥伴來滿足其交易需求的新客戶的有吸引力的目的地，並使我們能夠與現有客戶保持聯繫。

I believe StoneX is now becoming known as a growing and best-in-class financial services franchise.

我相信 StoneX 現在已成為一家不斷成長的一流金融服務特許經營商。

Secondly, we are a client-centric business, and we need to consistently work at growing our client footprint into new markets and expanding market share where we have existing clients.

其次，我們是一家以客戶為中心的企業，我們需要不斷努力將客戶足跡擴展到新市場，並擴大現有客戶的市場份額。

We will also seek to serve new channels, segments and markets and increasingly look to cross-sell all of our various capabilities to all of our existing clients.

我們還將尋求服務新的管道、細分市場和市場，並越來越多地尋求向所有現有客戶交叉銷售我們的各種能力。

In addition, we will not achieve the necessary growth in scale unless we continue to embrace technology and digitize our offering.

此外，除非我們繼續擁抱技術並將我們的產品數位化，否則我們將無法實現必要的規模成長。

This will not only enhance client engagement but increase scalability and margins.

這不僅會增強客戶參與度，還會提高可擴展性和利潤。

This initiative requires a rethink of our processes from front to back and has been underway for some years now, but has been accelerated with the acquisition of GAIN, which itself is a digital business.

這項舉措需要從前到後重新思考我們的流程，並且已經進行了幾年，但隨著收購本身就是數位業務的嘉盛集團而加速。

Success on the technology side should allow us to accelerate revenue growth by more effectively gaining market share, drive margins through better revenue capture on the execution side and allow us to achieve better operational leverage.

技術方面的成功應該使我們能夠透過更有效地獲得市場份額來加速收入成長，透過在執行方面更好地獲取收入來提高利潤率，並使我們能夠實現更好的營運槓桿。

These three factors together could and should be a powerful driver of our bottom line and net margins.

這三個因素一起可以而且應該成為我們利潤和淨利潤的強大驅動力。

Finally, our business is supported by capital, and we need to underpin our growth with internally generated capital, access capital markets when appropriate and approach acquisitions in a disciplined manner.

最後，我們的業務得到資本的支持，我們需要用內部產生的資本來支撐我們的成長，在適當的時候進入資本市場，並以嚴格的方式進行收購。

Our business requires regulatory capital for the client activity we take on.

我們的業務需要監管資本來支持我們所進行的客戶活動。

We believe that most of this capital should be in the form of permanent equity capital to provide the fortress balance sheet that will define a long-term client franchise.

我們認為，大部分資本應以永久股權資本的形式提供，以提供堡壘資產負債表，從而定義長期客戶特許經營權。

Moving on to the last slide.

繼續看最後一張投影片。

And in conclusion, we achieved solid results in the third fiscal quarter 2024, delivering record operating revenues of $914 million, up 18%.

總而言之，我們在 2024 年第三財季取得了堅實的業績，營業收入達到創紀錄的 9.14 億美元，成長 18%。

Earnings was $61.9 million and a diluted EPS of $1.88. This represents a 15.7% ROE on stated book ahead of our long-term 15% target.

獲利為 6,190 萬美元，攤薄後每股收益為 1.88 美元。這意味著帳面淨資產收益率為 15.7%，高於我們 15% 的長期目標。

For the trailing 12 months, we generated net income of $234.8 million and EPS of $7.21 per diluted share.

過去 12 個月，我們的淨利潤為 2.348 億美元，攤薄後每股收益為 7.21 美元。

In some ways, the clearest and best measure of financial performance is the growth in book value per share, which for the last year is up 19%.

在某些方面，衡量財務表現最清晰、最好的指標是每股帳面價值的成長，去年每股帳面價值成長了 19%。

We are pleased to see that our business continues to generate strong long-term returns for our stockholders despite lower volatility and more challenging trading conditions, which demonstrates the multiple drivers of our results and the diversification of our business.

我們很高興地看到，儘管波動性較低且交易條件更具挑戰性，但我們的業務繼續為股東帶來強勁的長期回報，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 the quarterly anomalies, our results continue to show a strong upward trajectory, growing operating revenues at a 31% CAGR, which is up 72% over the last two years and our adjusted earnings at an 18% CAGR, which is up 40% over the last few years.

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，營業收入以31% 的複合年成長率成長，這過去兩年成長了 72%，調整後獲利複合年增長率為 18%，比過去幾年成長了 40%。

Over these last 12 months, we continue to see growth in online trading volumes across most of our products and in operating revenues across all of our segments, which speaks to the growth of our underlying client base and engagement.

在過去 12 個月中，我們的大多數產品的線上交易量和所有細分市場的營業收入持續成長，這說明了我們基礎客戶群和參與度的成長。

This should result in enhanced long-term earnings power as trading conditions improve.

隨著交易條件的改善，這應該會導致長期獲利能力增強。

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

謹此提醒，我們將在 2024 財年慶祝同名傳統公司 Saul Stone & Company 成立 100 週年。

Again, remarkable to think what started as a small door-to-door egg wholesaler has since grown into a global financial franchise spanning over 80 offices across six continents.

同樣，令人驚嘆的是，這家公司最初是一家小型挨家挨戶雞蛋批發商，後來發展成為一家全球金融特許經營公司，在六大洲設有 80 多個辦事處。

Our long-standing track record sets the standard, we believe is largely unmatched in our industry.

我們長期的業績記錄樹立了標準，我們相信在我們的行業中很大程度上是無與倫比的。

Yet we recognize we are still far from realizing the full scope of the opportunities and the market share available to us.

然而我們認識到，我們還遠遠沒有充分認識到我們所擁有的機會和市場份額。

With that, operator, let's open the line for questions.

那麼，接線員，讓我們打開提問線路。

(Operator Instructions) Dan Fannon, Jefferies.

（操作員說明）Dan Fannon，Jefferies。

Thanks.

謝謝。

Good morning, Sean and Bill.

早安，肖恩和比爾。

How are you, guys?

夥計們，你們好嗎？

Hey, Dan.

嘿，丹。

How are you?

你好嗎？

Yeah, how are you?

是啊，你好嗎？

Good.

好的。

Good.

好的。

Thanks.

謝謝。

I'd like to start just on the short term, just given all that's happened during the last handful of trading days.

考慮到過去幾個交易日發生的一切，我想從短期開始。

I would be curious about what you've seen through your platform, both from a volume perspective, which I assume is elevated, but maybe also on the balance side.

我很好奇你透過你的平台看到了什麼，無論是從交易量的角度來看，我認為交易量有所提高，但也可能是在平衡方面。

I'm curious if you would characterize this as good or bad volatility as we get to some of these very quick moves and extremes.

我很好奇，當我們遇到一些非常快速的波動和極端情況時，您是否會將這種波動描述為好的或壞的波動。

And I know volatility has been low as you highlighted, Sean, in your prepared remarks, but just a little more context around more recent would be helpful.

我知道，肖恩，正如您在準備好的演講中所強調的那樣，波動性一直很低，但了解更多最近的背景情況會有所幫助。

Well, I think as we've always said, moderate volatility and reasonable interest rates are the best environment for us.

嗯，我認為正如我們一直說的，適度的波動和合理的利率對我們來說是最好的環境。

Very extreme volatility at the time that we saw at the onset of COVID or in the financial crisis or during the Ukraine war, that can be less helpful because clients end up defaulting.

在新冠疫情爆發、金融危機或烏克蘭戰爭期間，我們看到了非常劇烈的波動，這可能沒有什麼幫助，因為客戶最終會違約。

There's a lot of market dislocation, which is difficult to handle.

市場錯位很多，很難處理。

We make a lot of money in those environments, but you can end up with bad debts and charge-offs and the like.

我們在這些環境中賺了很多錢，但最終可能會產生壞帳和沖銷等。

I would say the recent volatility over the last 5 days, in my opinion, didn't get to the extreme volatility that I've just described.

我想說，在我看來，最近 5 天的波動並沒有達到我剛才所描述的極端波動。

So there's obviously a spike in volatility.

因此，波動性顯然會急劇上升。

I think, obviously, there were some people who were probably caught offsides by it a little bit.

我認為，顯然，有些人可能因此而有點越位。

But we didn't see major market dislocations.

但我們沒有看到重大的市場混亂。

The market was orderly, but volume spiked, spreads spiked.

市場秩序良好，但成交量激增，價差大幅上漲。

And obviously, that's good for us, right?

顯然，這對我們有好處，對吧？

So the last five days were a good trading environment for us.

所以過去五天對我們來說是一個好的交易環境。

But not extreme.

但並不極端。

We didn't see any major dislocations.

我們沒有看到任何重大錯位。

And as far as we are aware, it's no major damage that we've heard about out there.

據我們所知，這並不是我們所聽說的重大損害。

So I would say high volatility, but without any major problems if that answers your question.

所以我會說波動性很高，但如果這回答了你的問題，那麼就沒有任何重大問題。

Yeah.

是的。

That's helpful.

這很有幫助。

And I guess in terms of balances and like risk or what's happened, any changes that's worth noting there?

我想就餘額和風險或發生的事情而言，有什麼值得注意的變化嗎？

Nothing that we can discern at the moment.

目前我們無法辨別什麼。

Obviously, in that environment, there are lots of margin calls that have to be made.

顯然，在這種環境下，必須發出大量保證金通知。

All of that was done in an orderly fashion, didn't see any major problems.

一切都在有條不紊地進行，沒有發現什麼大問題。

What does tend to happen though, if this volatility continues, and I think we were at extreme low volatility.

如果這種波動持續下去，會發生什麼，我認為我們的波動性極低。

So even though the mix is probably going to come off the 60 spike it hit, I think we may be in for slightly higher volatility and not cut back down to the low.

因此，儘管該組合可能會從其觸及的 60 峰值中回落，但我認為我們可能會面臨稍微更高的波動性，並且不會回落至低點。

When that tends to happen, you get recalibrated off a new volatility basis, which may require more balances to be put up to sustain the same level of activity.

當這種情況發生時，您就會根據新的波動性基礎進行重新校準，這可能需要建立更多餘額才能維持相同程度的活動。

That's certainly what we saw maybe 18 months ago.

這肯定是我們 18 個月前看到的情況。

I mean one of the reasons we had much higher client balances was the exchange requirements were higher because of the COVID and Ukraine war situation, right, had elevated volatility.

我的意思是，我們擁有更高客戶餘額的原因之一是，由於新冠疫情和烏克蘭戰爭局勢的波動性加劇，交易要求更高。

So we may see a little bit of an uptick in balances just because margins get recalibrated or higher volatility levels.

因此，我們可能會看到餘額略有上升，因為保證金得到重新調整或波動性水平更高。

Got it.

知道了。

Okay.

好的。

And then just in terms of the quarter itself, obviously, revenue is quite strong.

就本季本身而言，顯然收入相當強勁。

But we're continuing to see the fixed expense base grow.

但我們繼續看到固定費用基礎成長。

I think there were some things you called out, Bill, in terms of the one-timers around severance.

比爾，我認為你在一次性遣散費方面提出了一些要求。

But if I look the nine-month number versus this year versus last year, just on a reported basis, fixed expenses are growing at a pretty healthy rate.

但如果我看看今年與去年相比的九個月數字，僅根據報告，固定支出正在以相當健康的速度成長。

So wanted to get a sense of as you think about this transition longer term of more digitization and frankly, trying to get more efficient, where we think we are in that process because understanding variable comp will move with revenues, but I would have thought there'd be a little bit more higher incremental margin on the fixed side in a period like this.

因此，當您考慮更多數位化的長期轉變時，我想了解一下，坦白說，試圖提高效率，我們認為我們處於這個過程中，因為了解可變補償將隨著收入而變化，但我本以為那裡在這樣的時期內，固定端的增量保證金會更高一些。

Sure, Dan.

當然，丹。

So sure.

非常確定。

Yeah.

是的。

I mean, so certainly, as I called out on a little bit, I mean, we had fixed compensation non-variable compensation up about $6 million sequentially.

我的意思是，所以當然，正如我所指出的那樣，我的意思是，我們的固定薪酬、非可變薪酬連續增加了約 600 萬美元。

The vast majority of that, as I touched on during my portion was related to some severance and some acceleration.

正如我在我的部分中提到的，其中絕大多數與一些遣散費和一些加速有關。

So I think that certainly, we wouldn't expect to have that level on a go-forward basis.

所以我認為，我們當然不會期望在未來的基礎上達到這個水準。

We've seen a build-out of occupancy equipment rental.

我們看到了佔用設備租賃的增加。

We are trying to take steps to go offshore with some of our development and the digitization.

我們正在嘗試採取措施將我們的一些開發和數位化業務轉移到海外。

So we have taken some additional space in India, which is flowing through and we'd like to think we'll see the benefits of that going forward.

因此，我們在印度佔據了一些額外的空間，這些空間正在流經印度，我們希望未來能看到這樣做的好處。

So obviously, I think that we have seen a pretty good growth.

顯然，我認為我們已經看到了相當好的成長。

We would like to think that certainly, it's a focus for us going forward to try to drive the operating margin that we have and really focus on the growth in the fixed side.

我們認為，當然，我們未來的重點是努力提高我們的營業利潤率，並真正專注於固定業務的成長。

Some of them end up being a little bit out of your control, like professional fees, et cetera.

其中一些最終有點超出您的控制範圍，例如專業費用等。

But certainly, it is an area of focus for us.

但當然，這是我們關注的一個領域。

So we would expect the growth in it, certainly not to continue to be at the rate it was in the year over year that we've seen here, as you noted.

因此，我們預計它的增長肯定不會繼續像我們在這裡看到的那樣逐年增長，正如您所指出的。

I would say, Dan, there's two big buckets of, I guess, some compensation costs or two ways to think about it, right?

我想說，丹，我想有兩大桶補償成本或兩種思考方式，對嗎？

We've got our institutional high-touch business where there's a lot of variable comp.

我們的機構性高接觸業務有許多可變的薪酬。

And that business continues to grow, and we continue to recruit teams of people and hire people and expand that business.

業務持續成長，我們繼續招募人員團隊並僱用人員並擴大業務。

And that, obviously, adds to fixed compensation and obviously, variable comp when the revenues grow.

顯然，當收入成長時，這會增加固定薪酬和可變薪酬。

So I don't think that's going to stop growing.

所以我認為這種成長不會停止。

I mean I think what we've got to make sure is that, that growth is delivering the incremental revenue, we hope it's going to deliver.

我的意思是，我認為我們必須確保的是，成長正在帶來增量收入，我們希望它能夠實現。

On the technology side, certainly for the client-facing technology, you have to build it and spend the money in the hope that down the line, you'll see the revenue.

在技​​術方面，當然對於面向客戶的技術，你必須建立它並花錢，希望最終你能看到收入。

And I think we're starting to see that.

我想我們已經開始看到這一點了。

And, again, I think it's the old game retail platform is doing exceptionally well.

而且，我再次認為，舊的遊戲零售平台表現得非常好。

And that's where we hope to see real margins because there's almost 0 variable comp attaching to that, but there's a high fixed cost element because you've got a lot of developers and so on.

這就是我們希望看到真正利潤的地方，因為附加的可變補償幾乎為 0，但固定成本因素很高，因為你有很多開發人員等等。

And what we're trying to do there is we factor that cost base by pushing as much of that cost to more efficient locations.

我們試圖做的就是透過將盡可能多的成本轉移到效率更高的地點來考慮成本基礎。

So we've got, Bill, correct me if I'm wrong, but round numbers, we've got 400-plus people now in India.

所以，比爾，如果我錯了，請糾正我，但從整數來看，我們現在在印度有 400 多人。

We've got 300-plus people in Poland.

我們在波蘭有 300 多人。

We've got people that we're spinning up in some other lower cost places.

我們正在其他一些成本較低的地方派駐人員。

And there's a pretty big delta on the cost there.

而且那裡的成本有相當大的增量。

I mean it's 50% or greater in some of those regions.

我的意思是，其中一些地區的比例達到 50% 或更高。

So you get a lot of efficiencies if we can refactor the cost base.

因此，如果我們能夠重構成本基礎，您將獲得很大的效率。

Now we're having to build offices to do that.

現在我們必須建立辦公室才能做到這一點。

You think some of that costs come through.

你認為其中一些成本是可以負擔的。

But I think that's going to refactor that cost base.

但我認為這將重構成本基礎。

And as we start to see that revenue come through, I think, hopefully, we should start to see operational leverage coming from that.

當我們開始看到收入出現時，我認為，希望我們應該開始看到由此產生的營運槓桿。

And we'll have a high fixed cost, but we'll have very high operational leverage once the revenues cover the costs.

我們的固定成本很高，但一旦收入覆蓋成本，我們將擁有非常高的營運槓桿。

The other thing we're doing internally is we're undergoing a little bit of an internal reorg to try to simplify our tech stack, try and centralize and get some efficiency out of things we believe are utility functions within the company.

我們在內部做的另一件事是，我們正在進行一些內部重組，以嘗試簡化我們的技術堆疊，嘗試集中化並從我們認為是公司內部實用功能的東西中獲得一些效率。

So we're working hard to try to see that we can make that spend as efficient as possible.

因此，我們正在努力確保我們能夠盡可能提高支出效率。

So I don't know at the end of the day, what that means, I mean, you may still see costs go up because you may find we continue to expand on the high-touch side, and we continue to add people.

所以我不知道最終這意味著什麼，我的意思是，你可能仍然會看到成本上升，因為你可能會發現我們繼續在高接觸方面擴張，並且我們繼續增加人員。

But hopefully, what you should see is that's offset with incremental revenues over time.

但希望您應該看到的是，隨著時間的推移，這會被增量收入所抵消。

And hopefully, if we do our jobs right, the cost may still grow, but what we should see is increasing margins.

希望如果我們的工作做得好，成本可能仍然會增加，但我們應該看到的是利潤的增加。

And I think that's how we should think about it, right?

我認為我們應該這樣思考，對吧？

We really focus now on trying to be efficient, making sure we're using technology to create operational leverage as we go forward.

我們現在真正專注於提高效率，確保我們在前進的過程中利用技術創造營運槓桿。

So we want revenues to grow, costs may grow, but what we definitely want to see is increased margins.

因此，我們希望收入成長，成本可能會成長，但我們絕對希望看到的是利潤率的增加。

Understood.

明白了。

Makes sense?

有道理嗎？

Yeah.

是的。

Thanks.

謝謝。

And then as I think about rates and prospectively, the potential for cuts, can you remind us on the swaps that are rolling off or what else might be offset to lower interest rates on your interest income?

然後，當我考慮利率和未來削減的可能性時，您能否提醒我們正在滾動的掉期或其他什麼可能會抵消您利息收入利率的降低？

Sure, Dan.

當然，丹。

The vast majority of all the swaps are rolled off.

絕大多數掉期都被展期了。

The one we do still have on is pretty close to current market rates or just maybe 50 bps lower than what we saw.

我們仍然持有的利率非常接近當前市場利率，或僅比我們看到的低 50 個基點。

So we do have, in the earnings deck, still that sensitivity table that shows about a $20 million delta for a 100 basis point drop.

因此，在損益表中，我們仍然有敏感度表，顯示下降 100 個基點將產生約 2000 萬美元的增量。

And either increase or drop or obviously the drop is what everybody focused on now.

要么增加，要么下降，或者顯然是下降，這是現在每個人關注的焦點。

But what I will say is that does factor in that there is a fair amount that we are paying clients, particularly on the institutional side, where it is just a spread on the business.

但我要說的是，這確實考慮到我們向客戶支付了相當多的費用，特別是在機構方面，這只是業務的利差。

So there's probably about one-third of those balances that with the drop in rates, it's really not going to affect our overall capture on a net basis.

因此，隨著利率的下降，這些餘額中可能有大約三分之一，這實際上不會影響我們的整體淨捕獲量。

And there's another probably one-third where it will partially affect it and then a one-third that you're not really paying interest on.

還有三分之一可能會部分影響它，然後還有三分之一你實際上並不需要支付利息。

So overall, it's captured in the net interest rate sensitivity table, but it won't be a dollar-for-dollar drop on the downside.

因此，總體而言，它已包含在淨利率敏感度表中，但不會出現下行趨勢。

So there will be -- it will be some muted by the fact that we are just earning a spread on some of it.

因此，由於我們只是賺取其中一些差價，這一事實將會減弱。

Does that make sense?

這樣有道理嗎？

Yes.

是的。

No, it does.

不，確實如此。

I guess then just following up, Sean, just on the environment.

我想接下來只是跟進肖恩，只是關於環境。

This location like this, does this create more inorganic opportunities?

這樣的位置，是否會創造更多無機機會？

It's been for you guys a little bit quiet for several quarters, but the organic growth has been positive.

幾個季度以來，你們的情況有些平靜，但有機成長一直是積極的。

So curious about just the dialog and opportunity set as you think about M&A in this environment?

當您在這種環境下思考併購時，對對話和機會集感到好奇嗎？

Yeah.

是的。

We're just dealing with the organic opportunity.

我們只是在處理有機機會。

I mean I think we've seen some really good organic growth at the moment.

我的意思是，我認為我們目前已經看到了一些非常好的有機成長。

And it feels to us that the banks are really struggling and having to refocus their business.

我們感覺銀行確實在苦苦掙扎，必須重新調整業務重點。

I mean, we're hearing it from a number of banks now.

我的意思是，我們現在從許多銀行那裡聽到了這樣的消息。

So we're seeing a lot of talent becoming available and a lot of clients being shaken loose.

因此，我們看到大量人才湧入，但也有大量客戶流失。

So the organic opportunity for us is pretty significant.

因此，對我們來說，有機機會非常重要。

And as I think I've discussed before, if we can bring on teams of people, that's almost like an acquisition, right?

正如我之前討論過的，如果我們能夠組建團隊，那幾乎就像是收購，對吧？

It's not recorded or accounted for as an acquisition, but the net result is the same.

它沒有被記錄或會計為收購，但最終結果是相同的。

You end up with a big chunk of incremental revenue coming across, if you do that right.

如果你做得正確的話，你最終會獲得一大筆增量收入。

So that's very constructive at the moment.

所以目前這非常有建設性。

In terms of acquisitions, I think as I said previously, we're definitely seeing more come across our desks, and we're looking at a bunch of stuff.

在收購方面，我認為正如我之前所說，我們肯定會看到更多的收購出現在我們的辦公桌上，我們正​​在考慮很多事情。

There's nothing we can mention at this point that's significant.

目前我們還沒有什麼可以提及的重要事情。

But certainly, it seems like the environment is getting better. if you have extreme dislocation, that generally provides a lot more opportunity for us.

但可以肯定的是，環境似乎正在變得更好。如果你有極端的錯位，通常會提供我們更多的機會。

I don't think what we saw in the last five days is extreme.

我認為過去五天我們所看到的情況並不極端。

I think I said that earlier.

我想我之前就說過了。

I mean, it was a blip and it was good to see volatility going up a little bit.

我的意思是，這只是暫時現象，很高興看到波動性略有上升。

I don't think that's going to create any discrete opportunities of itself.

我認為這本身不會創造任何離散的機會。

But it does feel like the private equity bid is a little bit going away.

但感覺私募股權的出價確實有點消失了。

Higher interest rates have made that harder.

更高的利率讓這變得更加困難。

It does look like a lot of these start-ups that were spun up on unrealistic expectations during the COVID period when money was free and available to all those businesses are four, five years in now and a lot of them are struggling.

看起來確實有很多新創公司是在新冠疫情期間，在不切實際的期望下成立的，當時資金是免費的，所有這些企業都可以使用，但現在已經過去四五年了，其中很多都在苦苦掙扎。

So from that sense, it's becoming quite interesting.

所以從這個意義上來說，它變得非常有趣。

I think there are going to be a lot of interesting opportunities coming out of that.

我認為這將會帶來很多有趣的機會。

Now a lot of those businesses may just not be viable at all and not interesting to us.

現在，許多這樣的業務可能根本不可行，而且我們也沒有興趣。

But I do think there's a lot of stuff where the chickens are coming home to roost, and that does give us some opportunities.

但我確實認為，有很多事情是不勞而獲的，這確實給了我們一些機會。

So we'll see how it goes.

所以我們會看看事情進展如何。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

You're welcome.

不客氣。

Thank you.

謝謝。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to Sean O'Connor for closing remarks.

現在我想請肖恩·奧康納（Sean O'Connor）發表結束語。

Well, thanks, everyone, for taking the time to listen.

好的，謝謝大家抽空聆聽。

We appreciate it.

我們很感激。

And for everyone here in the Northern Hemisphere, anyway, enjoy the rest of the summer and we'll speak to you in three months' time.

不管怎樣，對於北半球的每個人來說，享受夏天剩下的時間，我們將在三個月後與您交談。

Thanks so much.

非常感謝。

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。