StoneX Group Inc (SNEX) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the fourth-quarter, full-year 2024 StoneX Group earnings call.

歡迎參加 StoneX 集團 2024 年第四季全年財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Bill Dunaway, Chief Financial Officer.

我現在想把會議交給財務長比爾唐納韋 (Bill Dunaway)。

Sir, please go ahead.

先生，請繼續。

Good morning.

早安.

Welcome to our earnings conference call for our fourth quarter ended September 30, 2024.

歡迎參加我們截至 2024 年 9 月 30 日的第四季財報電話會議。

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

昨天收盤後，我們發布了一份新聞稿，報告了 2024 年第四財季的業績。

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 in our discussion of our quarterly and full fiscal-year results.

新聞稿可在我們的網站 www.stonex.com 上獲取，並提供幻燈片演示文稿，我們將在本次電話會議上討論季度和整個財年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 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 there too as well as the Form 10-K to be 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和註釋以及向 SEC 提交的 10-K 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.

本公司不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性陳述的義務。

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 our fiscal 2024 fourth-quarter earnings call.

大家早安，感謝您參加我們的 2024 財年第四季財報電話會議。

Starting on slide three of the earnings deck.

從收益表的第三張投影片開始。

The fourth quarter of fiscal 2024 was a record result for us with net income of $76.7 million and earning -- [diluted] earnings per share of [2 and 30%] (technical difficulty) versus the comparative period a year ago, we were up 51% in net income and 48% in EPS.

2024 財年第四季度，我們創下了創紀錄的業績，淨利潤為7670 萬美元，與去年同期相比，[稀釋]每股收益為[2% 和30%]（技術難度），我們的業績有所成長淨利佔 51%，每股收益佔 48%。

And as compared to the immediately preceding quarter, these measures were up 24% and 23% respectively.

與上一季相比，這些指標分別成長了 24% 和 23%。

This represented an 18.5% ROE on stated book and a 19.4% ROE on tangible book value.

這意味著帳面淨資產收益率為 18.5%，有形帳面價值淨資產收益率為 19.4%。

Despite a 21% increase in book value over the last year and a 60% increase over the last two years.

儘管帳面價值比去年增長了21%，比過去兩年增長了60%。

We had record operating revenues of $920.1 million, up 18% versus the prior year.

我們的營業收入達到創紀錄的 9.201 億美元，比上年增長 18%。

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

請注意，營業收入不僅包括我們的客戶浮動利息，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 nets off interest expense as well as introducing broker commissions and clearing costs were up 13% versus a year ago, but down 3% versus the record achieved in the immediately preceding quarter.

扣除利息支出以及介紹經紀商佣金和清算成本後的淨營運收入比去年同期增長了 13%，但與上一季創下的記錄相比下降了 3%。

Total compensation and other expenses were up 8% for the quarter with variable compensation up 7% in line with net operating revenue growth rate.

本季總薪酬及其他費用成長 8%，其中可變薪酬成長 7%，與淨營業收入成長率一致。

Fixed compensation and [related] costs were up 14% versus a year ago, but were down 4% compared to the immediately preceding quarter.

固定薪酬和[相關]成本較去年同期成長 14%，但較上一季下降 4%。

The strong finish to our fiscal year resulted in record full-year operating results for the third year in a row which we believe validates our strategy and underscores the robust earnings potential of our franchise.

我們財年的強勁結束導致連續第三年創紀錄的全年經營業績，我們相信這驗證了我們的策略並強調了我們特許經營的強勁盈利潛力。

Our full-year operating revenues were $3.4 billion, up 18% versus the prior year; net income was a record $260.8 million, up 9% with adjusted net income of $264.2 million, up 18%.

我們的全年營業收入為 34 億美元，比上年成長 18%；淨利潤達到創紀錄的 2.608 億美元，成長 9%，調整後淨利為 2.642 億美元，成長 18%。

EPS was $7.96 per share, up 7%.

EPS 為每股 7.96 美元，成長 7%。

The return on equity for the year was 16.9% on stated book and 17.8% on tangible book value.

以帳面價值計算，本年度股本回報率為 16.9%，以有形帳面價值計算，股本回報率為 17.8%。

We ended the 2024 fiscal year with book value per share of $53.62, up 21% versus a year ago.

2024 財年結束時，我們的每股帳面價值為 53.62 美元，比去年同期成長 21%。

Turning to slide 4 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 4，投影片將以產品劃分的季度營業收入與一年前進行比較。

Generally speaking, the market environment in the fourth quarter was similar to what it has been for most of the fiscal year with generally low volatility, some exceptions periodically in some of our products which negatively impacted revenue capture in most of our product areas except for foreign exchange and CFDs.

整體而言，第四季的市場環境與本財年大部分時間的市場環境相似，波動性普遍較低，但我們的某些產品會定期出現一些例外情況，這對除國外以外的大多數產品領域的收入產生了負面影響。

As we all know, volatility can change quickly.

眾所周知，波動性可能會迅速變化。

And indeed, recent events have proved this out and we are hopeful that we may see better market conditions ahead.

事實上，最近的事件已經證明了這一點，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 capture as evidenced by increased volumes across all of our products.

然而，我們仍然看到良好的客戶參與度和市場份額，我們所有產品的銷售量增加就證明了這一點。

The earnings power from our enhanced client footprint should be even more evident with improved trading conditions.

隨著交易條件的改善，我們擴大的客戶足跡帶來的獲利能力應該會更加明顯。

For the fourth quarter, we saw solid revenue gains of 20% in listed derivatives with strong volume growth of 46%, offset by a 15% reduction in contract rates.

第四季度，我們看到上市衍生性商品的營收穩健成長 20%，成交量強勁成長 46%，但被合約費率下降 15% 所抵銷。

Both factors were driven by institutional segment which continued to make gains with large institutional clients.

這兩個因素都是由機構部門推動的，機構部門繼續從大型機構客戶中獲得利益。

In addition, the commercial segment increased both volumes and rate per contract as compared to the prior year.

此外，與前一年相比，商業部門的每份合約數量和費率均有所增加。

OTC derivatives revenue was down 23%, largely due to revenue capture being down 26% offset by slightly higher volumes which were up 4%.

場外衍生性商品收入下降 23%，主要是由於收入下降 26%，但交易量略有增加（成長 4%）。

Securities revenue was up 34% with volumes up 34% and partially offset by 3% decline in rate per million.

證券收入成長 34%，交易量成長 34%，但被每百萬利率下降 3% 部分抵銷。

Over the last few years, we've seen the business mix switch to higher volume, lower margin products.

在過去的幾年裡，我們看到業務組合轉向更高產量、更低利潤的產品。

Although the impact of this on revenue capture has now flattened out.

儘管這對收入獲取的影響現已趨於平緩。

Payment's revenue was down 11%, a theme we've seen over the last couple of quarters due to much tighter spread than several of our key payments corridors with rate per million down 20%.

支付收入下降了 11%，這是我們在過去幾季看到的一個主題，原因是我們的幾個主要支付管道的利差要小得多，每百萬人的費率下降了 20%。

However, on a positive note, volumes were up 13% which was the third consecutive quarter year over year of volume growth.

然而，積極的一面是，銷量增長了 13%，這是銷量連續第三個季度同比增長。

FX and CFDs revenues were up 7% due to gains in both volumes and spread capture.

由於交易量和價差捕獲的增長，外匯和差價合約收入增長了 7%。

Our interest and fee income earned on our aggregate client float, including both listed derivative client equity and our money market FDIC sweep balances increased 10% versus the prior year as we achieved higher interest rates on those balances, but was partially offset by 2% decline in these balances versus the prior year.

我們透過總客戶浮存金賺取的利息和費用收入（包括上市衍生性商品客戶權益和我們的貨幣市場FDIC 週轉餘額）與前一年相比增加了10%，因為我們對這些餘額實現了更高的利率，但被2% 的下降部分抵消這些餘額與上一年相比。

Turning to slide 5 and looking at the same data over the full fiscal year for 2024.

前往投影片 5，查看 2024 年整個財政年度的相同數據。

We again see good revenue growth in listed derivatives, securities, FX, and CFDs while revenue was down for OTC derivative payments and physical commodities.

我們再次看到上市衍生性商品、證券、外匯和差價合約的收入成長良好，而場外衍生性商品支付和實體商品的收入則下降。

Volumes were up across the board for all products with the exception of FX and CFDs.

除外匯和差價合約外，所有產品的交易量均全面上升。

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

從長遠來看，這是我們衡量客戶參與度和市場滲透率的重要指標。

However, revenue capture is largely a function of market conditions.

然而，收入獲取很大程度取決於市場條件。

And we can again 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 significant increase in rate per million, up 32% versus the prior year.

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到與去年相比較低的水平，但外匯和差價合約除外，每百萬人的利率大幅上升，與去年相比增長了 32%。

In addition, we continue to see the effect of a change in product mix on the securities of rate per million with increased volumes in lower margin products.

此外，我們繼續看到產品組合的變化對百萬分率證券的影響，以及低利潤產品數量的增加。

Turning now to slide 6.

現在轉到投影片 6。

Our segment summary just to touch on the highlights before Bill gets into more details.

我們的部分摘要只是為了在比爾進入更多細節之前觸及要點。

For the quarter, segment operating revenues were up 18% and segment income was up 9% versus the prior year.

本季度，分部營業收入較上年同期成長 18%，分部營收成長 9%。

All segments were up in both revenue and income except for payments with institutional being the positive outlier.

除機構支付外，所有細分市場的收入和收入均有所成長。

Our commercial segment had a relatively flat quarter in both operating revenues and segment income.

我們的商業部門的營業收入和部門收入都相對持平。

Stronger listed revenue -- listed derivative revenue was largely offset by lower OTC derivative revenue.

上市收入成長－上市衍生性商品收入在很大程度上被場外衍生性商品收入下降所抵銷。

Operating revenues and segment income were down 20% and 29% respectively versus immediately prior record quarter.

與上一季相比，營業收入和部門收入分別下降 20% 和 29%。

As I noted earlier, institutional segment had a record quarter in both operating revenues and segment income with increases over the prior year of 30% and 41% respectively.

正如我之前指出的，機構部門的營業收入和部門收入均創歷史新高，較前一年分別成長 30% 和 41%。

In particular, driven by increases in equity market making derivative and interest income.

特別是在股票市場衍生性商品和利息收入增加的推動下。

On a sequential basis, operating revenues were up 9% and segment income was up 24%.

營業收入較上季成長 9%，部門營收成長 24%。

Self-directed retail had operating revenues up 13% and a 6% increase in segment income.

自營零售的營業收入成長了 13%，部門收入成長了 6%。

On a sequential basis, both operating revenues and segment income were up 8% and segment income up 8% again, demonstrating operational leverage [inherent in the] self-directed platform.

環比來看，營業收入和分部收入均成長 8%，分部收入再次成長 8%，展現了自主平台固有的營運槓桿。

In our payment segments, operating revenue is down 10% and segment income was down 23% principally due to the [tighter] FX spread in several of our key payment corridors.

在我們的支付部門，營業收入下降了 10%，部門收入下降了 23%，主要是由於我們幾個主要支付管道的外匯利差[收緊]。

On a sequential basis, operating revenues were down 5% and segment income was down 12%.

營業收入較上季下降 5%，部門收入下降 12%。

For the fiscal year as a whole, the summary was commercial and payment segments were roughly flat for the year in both operating revenue as well as segment income while institutional was up and self-directed retail was up significantly.

就整個財年而言，商業和支付部門的營業收入和部門收入基本上持平，而機構業務和自營零售業務則大幅成長。

As mentioned, the commercial segment was roughly flat with stronger results from listed derivatives and interest being offset by lower revenues from OTC derivatives and physical commodities.

如前所述，商業領域大致持平，上市衍生性商品和利息的強勁業績被場外衍生性商品和實體商品收入的下降所抵銷。

Our institutional segment grew operating revenues at 30% and second income 22% with all product shown gains with the exception of FX.

我們的機構部門營業收入成長了 30%，第二收入成長了 22%，除外匯外，所有產品均出現成長。

Self-directed retail was a standout with operating revenues up 19%, driving a 160% increase in segment income.

自營零售表現突出，營業收入成長 19%，帶動分部收入成長 160%。

Again, clearly demonstrating the operational leverage we have in a self-directed platform.

再次清楚地展示了我們在自主平台中擁有的營運槓桿。

The most significant [key] factor here was better revenue capture as we benefited from improved internalization of spread and a diversification of products traded.

這裡最重要的[關鍵]因素是更好的收入獲取，因為我們受益於利差內部化的改善和交易產品的多樣化。

Payment segment operating revenue is down 1% but up slightly in segment income in what has been the toughest market conditions we've had in many years for this business.

支付部門營業收入下降了 1%，但部門收入略有上升，這是我們多年來該業務面臨的最艱難的市場條件。

Turning to slide 7.

轉到投影片 7。

We set out at the top of the page.

我們在頁面頂部出發。

Our trailing-12 month financial performance over the last nine quarters.

我們過去 9 個季度過去 12 個月的財務表現。

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

這些數字已根據我們先前提交的文件中討論的與收益和 CDI 收購相關的會計處理進行了調整，並出現在這些收益表附錄中提供的調節表中。

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 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 63% over this period or a 28% CAGR.

在此期間，我們的營業收入成長了 63%，複合年增長率為 28%。

Our adjusted pretax income is likewise grown at an 11% CAGR.

我們調整後的稅前收入同樣以 11% 的複合年增長率成長。

On the right-hand side, you can see our trailing-12 months adjusted net income in the bars, which is up 23% over the last two years for 11% CAGR.

在右側，您可以在條形圖中看到我們過去 12 個月調整後的淨利潤，該淨利潤在過去兩年中增長了 23%，複合年增長率為 11%。

The dotted line represents our ROE which has remained constantly above our 15% target even though our capital has grown by [60%] 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 [60%]，但 ROE 始終保持在 15% 的目標之上。

The bottom half of the slide sets out our long-term performance, both measured in terms of shareholders' return, the bottom left-hand graph, which shows that we have significantly outperformed both industries shown as well as our financial performance on the bottom right-hand graph which shows we have grown our stockholders' equity, operating revenue, and market capitalization at nearly 30% CAGR for the last 21 years.

幻燈片的下半部分列出了我們的長期業績，均以股東回報來衡量，左下圖表明我們的業績顯著優於所示的兩個行業以及右下角的財務業績- 手形圖顯示過去21 年我們的股東權益、營業收入和市值以近30% 的複合年增長率成長。

With that, I'll hand you over to Bill Dunaway.

這樣，我就把你交給比爾唐納韋。

Bill?

帳單？

Thank you, Sean.

謝謝你，肖恩。

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

我將從第 8 號投影片開始，投影片總結了 24 財年第四季的合併損益表。

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 item and then cover off consolidated expense fluctuations and then finish with a segment discussion.

因此，我將只提及一項，然後涵蓋綜合費用波動，然後以分段討論結束。

Operating revenues for the current quarter were unfavorably impacted by $4.5 million and unrealized losses on derivative positions related to inventories carried at cost will record a realized gain on the sale of these inventories in the upcoming quarter.

本季的營業收入受到 450 萬美元的不利影響，與按成本記帳的庫存相關的衍生性商品頭寸的未實現損失將在下個季度記錄這些庫存銷售的已實現收益。

Similar in nature, the prior year quarter was unfavorably impact -- in the amount of

本質上類似，去年同期也受到了不利的影響——在數量上

[200,000].

[200,000]。

Moving on to consolidated expenses.

繼續討論合併費用。

Transaction based clearing expenses increased 25% to $85.5 million in the current period as a result of increases in listed derivative 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，本期基於交易的清算費用增加了 25%，達到 8,550 萬美元。

Introducing broker commissions increased 7% to $42 million in the current period.

本期介紹經紀商佣金增加了 7%，達到 4,200 萬美元。

Interest expense increased $70.3 million versus the prior year, primarily as a result of the $68.6 million increase in interest expense related to our institutional fixed income business as well as a $7.3 million increase in interest expense related to securities lending activities.

利息支出比前一年增加了 7,030 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 6,860 萬美元，以及與證券借貸活動相關的利息支出增加了 730 萬美元。

Interest paid on client balances on deposit declined $7.7 million as compared to the prior year.

與前一年相比，客戶存款餘額支付的利息減少了 770 萬美元。

Interest expense on corporate funding increased $1 million versus the prior year, principally due to incremental interest from our March 1, 2024, issuance of senior secured notes due 2031.

企業融資利息支出較前一年增加 100 萬美元，主要是由於我們於 2024 年 3 月 1 日發行 2031 年到期的優先擔保票據導致利息增加。

That issuance which allowed us to extend our debt maturity profile and increase our long-term capital was a refinancing of our senior secured notes which were due 2025.

這次發行使我們能夠延長債務期限並增加長期資本，這是 2025 年到期的優先擔保票據的再融資。

Interest expense on corporate funding decreased $9.8 million versus the immediately preceding quarter, which included incremental interest expense on the defeasement period following the notes due 2025 as well as a loss on the extinguishment of debt related to the write-off of unamortized original issue discount and deferred financing costs of these notes.

與上一季相比，企業融資利息支出減少了 980 萬美元，其中包括 2025 年到期票據後廢止期間的增量利息支出，以及與未攤銷的原始發行折扣和沖銷相關的債務清償損失。這些票據的遞延融資成本。

Variable compensation increased $7.9 million versus the prior year and represented 26% of net operating revenues in the current period, compared to 28% of net operating revenues in the prior-year period.

可變薪酬比前一年增加了 790 萬美元，佔當期淨營業收入的 26%，而上年同期佔淨營業收入的 28%。

Fixed compensation increased $14 million or 14% versus the prior year which was driven by non-variable salaries increasing [9.8] or 12%, principally resulting from a 10% increase in headcount resulting from an expansion of our capabilities among our business lines as well as in support areas to facilitate our business growth as well as annual merit increases.

固定薪酬比前一年增加了 1,400 萬美元，即 14%，這是由固定薪酬增長 [9.8] 或 12% 推動的，這主要是由於我們業務線能力的擴展導致員工人數增加了 10%例如在支援領域促進我們的業務成長以及年度績效成長。

Additional employee benefits increased $3.2 million or 14% versus the prior year.

額外員工福利比前一年增加 320 萬美元，或 14%。

Fixed compensation decreased 4% versus the immediately preceding quarter which included severance and acceleration of share based and long-term incentive compensation related to the departure of an executive officer.

固定薪酬較上一季下降 4%，其中包括與高階主管離職相關的遣散費和加速以股份為基礎的薪酬以及長期激勵薪酬。

Other fixed expenses increased $10.4 million as compared to the prior year, principally driven by a $5.9 million increase in depreciation and amortization, primarily due to the amortization of capitalized internally developed software, a $3.3 million increase in occupancy and equipment rental, principally driven by acquisition of additional space in London and the continued build-out of our offshore presence in India, a $2.9 million increase in non-trading technology and support and a $1.8 million increase in trading systems and market information.

其他固定費用與前一年相比增加了1,040 萬美元，主要是由於折舊和攤銷增加了590 萬美元（主要是由於資本化內部開發軟體的攤銷）、佔用和設備租金增加了330 萬美元（主要是由收購驅動）倫敦的額外空間以及繼續擴大我們在印度的離岸業務，非交易技術和支援增加了 290 萬美元，交易系統和市場資訊增加了 180 萬美元。

These were partially offset by a $1.2 million decrease in professional fees, primarily due to the recovery of certain legal fees under an insurance policy.

這些費用被專業費用減少 120 萬美元所部分抵消，這主要是由於根據保單收回了某些法律費用。

Compared to the immediately preceding quarter, other fixed expenses decrease $700,000, principally driven by a $5.3 million decrease in professional fees, partially offset by a $5 million increase in amortization as previously discussed.

與上一季相比，其他固定費用減少了 70 萬美元，主要是由於專業費用減少了 530 萬美元，部分被前面討論的攤銷增加 500 萬美元所抵消。

Finally, to close out the discussion of expenses, we had a favorable variance in bad debts, net of recoveries of $5.7 million versus the prior year with bad debts being relatively flat with the immediately preceding quarter.

最後，為了結束對費用的討論，我們在壞帳上有一個有利的差異，扣除與上一年相比的 570 萬美元的回收，壞帳與上一季相對持平。

The prior year quarter and immediately preceding quarter included other gains of $1.9 million and $1.8 million respectively related to proceeds received in class action settlements.

去年同期和上一季分別包括與集體訴訟和解中收到的收益相關的其他收益 190 萬美元和 180 萬美元。

Net income for the fourth quarter of fiscal '24 was $76.7 million, which represents an increase of 51% versus the prior year.

2024 財年第四季的淨利潤為 7,670 萬美元，比上年增長 51%。

Net income increased 24% versus the immediately preceding quarter.

淨利潤較上一季成長 24%。

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

現在轉到第 9 張投影片，我將提供有關我們營運部門的更多資訊。

Operating revenues in our commercial segment increased $3.3 million versus the prior year but declined [51] (technical difficulty) been a record quarterly performance for that segment.

我們商業部門的營業收入比前一年增加了 330 萬美元，但下降了 [51]（技術難度），這是該部門創紀錄的季度業績。

The increase versus the prior year was principally driven by an $11.7 million increase in listed derivative operating revenues, driven by improved performance in agricultural and LME market.

與前一年相比的成長主要是由於農業和 LME 市場業績改善所推動的上市衍生性商品營業收入增加了 1,170 萬美元。

In addition, interest earned on client balances increased $2 million as compared to the prior year due to higher interest rates realized on the client balance.

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 200 萬美元。

Operating revenues from physical transactions increased $2.4 million despite $3.7 million in loss of derivative positions related to inventories carried at cost described previously principally as a result of a strong performance in precious metals.

儘管與以成本記帳的庫存相關的衍生性商品部位損失了 370 萬美元，但實物交易的營業收入仍增加了 240 萬美元，這主要是由於貴金屬表現強勁。

Finally, operating revenues from OTC derivatives declined $13.7 million as compared to the prior year, primarily due to a 20% decline in OTC average rate per contract due to diminished commodity volatility which was partially offset by modest growth in OTC volumes.

最後，場外衍生性商品的營業收入與前一年相比下降了1,370 萬美元，主要是由於大宗商品波動性減弱導致每份合約的場外交易平均費率下降了20%，但場外交易量的小幅成長部分抵銷了場外交易衍生性商品的營業收入。

Hey, Bill.

嘿，比爾。

It's Sean.

是肖恩。

If I could just interrupt you.

如果我能打斷你就好了。

Your audio is going in and out a little bit.

您的音訊有一點進出。

So I don't know if it's your headset or you want to (multiple speakers) the phone.

所以我不知道這是你的耳機還是你想要（多個揚聲器）手機。

Okay, sorry about that.

好吧，對此感到抱歉。

Okay.

好的。

Fixed compensation and benefits increased $1.8 million versus the prior year, primarily due to increased head count but decrease $2.6 million versus the immediately preceding quarter, primarily due to decreased employee benefits and severance costs.

固定薪資和福利與前一年相比增加了 180 萬美元，主要是由於員工數量增加，但與上一季相比減少了 260 萬美元，主要是由於員工福利和遣散費減少。

Other fixed expenses increased $600,000 versus the prior year, but were down $2.4 million versus the immediately preceding quarter with the decline versus the immediately preceding quarter being driven by a decline in professional fees.

其他固定費用比前一年增加 60 萬美元，但比上一季減少 240 萬美元，與上一季相比下降的原因是專業費用下降。

Partially offsetting these increases, we had a positive variance in bad debt net of recoveries of $7.6 million compared to the prior year.

與前一年相比，我們的壞帳淨回收額出現了 760 萬美元的正差異，部分抵消了這些成長。

Segment income was $89.2 million for the period, an increase of 1% versus the prior year period, but declining 29% versus immediately preceding quarter.

該期間的部門收入為 8,920 萬美元，比去年同期增長 1%，但比上一季下降 29%。

As a reminder in the first quarter of fiscal '24, we started to allocate a portion of our corporate expenses to each of our four operating segments, including costs associated with compliance, technology, credit and risk, and human resources and occupancy.

作為提醒，24 財年第一季度，我們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、信用和風險以及人力資源和占用相關的成本。

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

我們已經在本期的每個細分市場中提供了這種分配，並且我們將在未來繼續這樣做。

However, we have not calculated similar allocations 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 $127.6 million versus the prior year, primarily driven by $100.2 million increase in securities operating revenues compared to the prior year as a result of a 34% increase in the overall average daily volume of security transactions most notably in equity markets as well as higher interest income related to our fixed income dealing activities as a result of an increase in interest rate.

我們機構部門的營業收入比上年增加了1.276 億美元，主要是由於證券營業收入比上年增加了1.002 億美元，這是由於證券交易（尤其是股票交易）的日均交易量整體增加了34 %市場以及由於利率上升而與我們的固定收益交易活動相關的利息收入增加。

Outside of our fixed income activities, interest and fee income earned on client balances, which is associated with our listed derivative and security clearing activities increased $8.7 million versus the prior year as a result of an increase in interest rates realized on these balances, which was partially offset by a 15% decline in average money market and FDIC sweep balances versus the prior year.

除了我們的固定收益活動之外，與我們的上市衍生品和證券清算活動相關的客戶餘額賺取的利息和費用收入比上一年增加了 870 萬美元，原因是這些餘額實現的利率上升，與前一年相比，貨幣市場平均下降15% 和FDIC 清償餘額部分抵消了這一影響。

Average client equity increased 1%.

平均客戶資產增加 1%。

Interest and fee income earned on client balances up $3.1 million versus the immediately preceding quarter.

與上一季相比，客戶餘額賺取的利息和費用收入增加了 310 萬美元。

Interest expense increased (technical difficulty) [$69.6 million] versus the prior year with interest expense related to fixed income trading and (technical difficulty) [security] lending activities increasing [$68.6 million and $7.3 million] respectively, while interest paid declined $9.8 million.

與前一年相比，利息支出（技術難度）增加了[6,960 萬美元]，其中與固定收益交易和（技術難度）[證券]借貸活動相關的利息支出分別增加了[6,860 萬美元和730 萬美元]，而支付的利息則減少了980 萬美元。

Segment income increased 41% to $77.3 million in the current period, primarily as a result of the $43.7 million increase in net operating revenue, which was partially offset by $5.2 million increase in fixed compensation benefits as well as a $5.5 million increase in other fixed expenses.

本期部門收入增加 41%，達到 7,730 萬美元，主要是由於淨營業收入增加 4,370 萬美元，但部分被固定薪資福利增加 520 萬美元以及其他固定費用增加 550 萬美元所抵銷。

As compared to the prior year, we had increases in professional fees, selling and marketing costs, trade systems and market information, and operations charges.

與前一年相比，我們的專業費用、銷售和行銷成本、貿易系統和市場資訊以及營運費用有所增加。

Segment income increased $15.1 million versus the immediately preceding quarter.

與上一季相比，部門收入增加了 1510 萬美元。

For the current period, the allocation of corporate costs to our institutional segment was $13.2 million.

本期，分配給我們機構部門的企業成本為 1,320 萬美元。

Moving to the next slide, operating revenues in our self-directed retail segment increased $11.9 million versus the prior year driven by a $7 million increase in FX and CFD revenues as a result of a (technical difficulty) [7. -- 7%] increase in ADV and a 3% increase in rate per million as compared to the prior year.

轉向下一張投影片，由於（技術困難）[7.與前一年相比，ADV 增加了 7%，每百萬人的比率增加了 3%。

Operating revenues increased $8.1 million versus the immediately preceding quarter, driven by an 11% increase in ADV, partially offset by a modest decline in RPM.

營業收入與上一季相比增加了 810 萬美元，這主要得益於 ADV 成長 11%，但 RPM 的小幅下降部分抵消了這一影響。

Segment income was $29.8 million in the current period, which represents a [6%] increase over the prior year.

本期分部收入為 2,980 萬美元，較上年增長 [6%]。

This was the result of the 13% increase in operating revenues, partially offset by increases of $1.5 million and $2.9 million in fixed compensation and other fixed expenses respectively as compared to the prior year.

這是由於營業收入增加了 13%，但與前一年相比，固定薪酬和其他固定費用分別增加了 150 萬美元和 290 萬美元，部分抵消了這一增長。

The increase in fixed expenses as compared to the prior year, principally due to higher amortization of capitalized, internally developed software, and increased nontrading technology costs, partially offset by lower selling and marketing costs and other expenses.

與前一年相比，固定費用增加，主要是由於資本化、內部開發的軟體攤銷增加以及非貿易技術成本增加，但部分被銷售和行銷成本及其他費用減少所抵消。

Segment income increased $2.2 million compared to the immediately preceding quarter, which also included a gain of $1.8 million related to the proceeds received in the class action settlement.

與上一季相比，部門收入增加了 220 萬美元，其中還包括與集體訴訟和解中收到的收益相關的 180 萬美元的收益。

For the current period, the allocation of corporate costs for our self-directed retail segment was $11.8 million.

本期，我們自營零售部門的企業成本分配為 1,180 萬美元。

Closing out the segment discussion on the next slide, operating revenues in our payments segment declined 10% versus the prior year, despite a 13% increase in ADV as the rate per million declined 20% 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，我們的支付細分市場的營業收入與上一年相比下降了10%，儘管日均交易量(ADV) 增長了13%，每百萬人的費率比前一年下降了20%。

Segment income declined 23%, $24.8 million in the current period as the result of the decline in operating revenues along with a [$1.6 million] increase in fixed compensation and benefits.

由於營業收入下降以及固定薪資和福利增加[160萬美元]，本期部門收入下降了23%，即2,480萬美元。

Segment income decreased $3.4 million versus the immediately preceding quarter.

與上一季相比，該部門收入減少了 340 萬美元。

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

本期支付部門的企業成本分配為 530 萬美元。

And with that, I'd like to turn it back over to Sean.

說到這裡，我想把它轉回給肖恩。

Thanks, Bill.

謝謝，比爾。

Apologies, everyone, for the poor audio.

抱歉，大家，音頻很差。

Bill, I think you need to switch up your headset immediately.

比爾，我認為你需要立即更換耳機。

So anyway, let me proceed.

無論如何，讓我繼續吧。

So slide 13 sets off the high-level strategic objectives that we are focused on.

因此，投影片 13 列出了我們關注的高層策略目標。

This approach and strategy has remained unchanged for 15 years and has served us well and we presented it before.

這種方法和策略 15 年來一直沒有改變，對我們很有幫助，我們之前也介紹過。

Given that this is your end, however, we thought we'd like to review this and perhaps provide some examples of how we put the strategy into action during 2024.

然而，考慮到這就是您的結局，我們想對此進行審查，並或許提供一些示例來說明我們如何在 2024 年期間將該策略付諸實施。

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

我們仍然處於一個非常有建設性的產業環境中，這與我們的策略一致，這在幻燈片中進行了總結。

The comprehensive and significant response from the regulators around the world to the financial crisis resulted in massive increase in cost due to more complex processes and [over site] as well as dramatically increased capital requirements.

世界各地監管機構對金融危機採取了全面而重大的應對措施，由於流程和[現場]更加複雜，以及資本要求大幅增加，導致成本大幅增加。

This has 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, resulting in a fairly dramatic consolidation in our industry.

鑑於成本和資本要求，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，從而導致我們的行業出現相當大的整合。

The increased capital requirements, especially the Basel capital rules which are punitive to trading operations have forced banks to reevaluate their strategy and focus on larger Tier-1 clients.

資本要求的提高，尤其是對交易操作具有懲罰性的巴塞爾資本規則，迫使銀行重新評估其策略，並將重點放在較大的一級客戶上。

The large banks and aggregates still account for the majority share of market, but they are retreating, which has created significant opportunities for us.

大型銀行和綜合體仍然佔據市場的大部分份額，但它們正在撤退，這為我們創造了重大機會。

Both of these factors, the lower end consolidation and the withdrawal by larger banks, has directly and positively impacted StoneX and has 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 still think there is a long way to go in this reordering of the market structure.

我們仍然認為市場結構的重新排序還有很長的路要走。

And with our broad and unparalleled capabilities and product set, we are ideally placed to continue to take advantage and win market share.

憑藉我們廣泛且無與倫比的能力和產品組合，我們處於繼續佔據優勢並贏得市場份額的理想位置。

Additionally, starting several years ago, we started the process to reinvent our largely high-touch business and to become more digitized.

此外，從幾年前開始，我們開始重塑我們的高接觸業務並變得更加數位化。

Technology is an overwhelming force in our world and our industry, and if harness, can provide tremendous benefits to existing customers as we add more value and become embedded with them allows us to dramatically expand our addressable market and to enhance our operating margins.

科技在我們的世界和產業中是一股壓倒性的力量，如果加以利用，可以為現有客戶帶來巨大的利益，因為我們可以增加更多價值並融入他們，使我們能夠大幅擴展我們的目標市場並提高我們的營業利潤。

This initiative gathered momentum with the acquisition of gain four years ago, which was a totally digital trading platform for active traders around the world.

這項舉措隨著四年前收購 Gain 的收購而勢頭強勁，這是一個面向全球活躍交易者的完全數位化交易平台。

This platform was totally integrated with digital marketing and client journeys through onboarding to trading of thousands of products with settlement and execution of trades, all automated including the internalization of trading spreads.

該平台與數位行銷和客戶旅程完全集成，包括數千種產品的交易、結算和執行交易，所有這些都是自動化的，包括交易點差的內部化。

Although somewhat delayed by COVID, we have now started to leverage these digital assets and expertise throughout this StoneX franchise.

儘管受到新冠肺炎疫情的影響，我們現在已經開始在整個 StoneX 特許經營權中利用這些數位資產和專業知識。

We are now able to deliver our institutional grade, high-touch service in a digital self-service format to smaller clients and will no longer be constrained by a high-touch approach or by geographical reach.

我們現在能夠以數位自助服務的形式向小型客戶提供機構級的高接觸服務，並且將不再受到高接觸方法或地理範圍的限制。

Every client everywhere is now a potential client for us.

現在，世界各地的每個客戶都是我們的潛在客戶。

As we continue down this digital journey, not only will we be able to scale, but we should see significant operating leverage as already evidenced in what we have now renamed our self-directed retail segment which we believe will serve to dramatically increase margins over time and allow StoneX to increasingly exhibit characteristics of a FinTech [styled] company.

隨著我們繼續這一數位化之旅，我們不僅能夠擴大規模，而且我們應該看到顯著的營運槓桿，正如我們現在更名為自主零售部門所證明的那樣，我們相信隨著時間的推移，這將有助於大幅提高利潤率並讓 StoneX 越來越多地展現出金融科技公司的特徵。

First in our strategy, the first pillar there is building our ecosystem.

首先，在我們的策略中，第一個支柱是建立我們的生態系統。

We want to stay relevant to our clients, existing and new by adding products and services to create the best financial ecosystem to connect them to the global financial markets.

我們希望透過添加產品和服務來創建最佳的金融生態系統，將他們與全球金融市場連接起來，從而與現有客戶和新客戶保持聯繫。

We continue to invest in our ecosystem by attracting talent as well as investing in technology to expand our products and capabilities to better serve our clients.

我們繼續透過吸引人才和投資技術來投資我們的生態系統，以擴展我們的產品和能力，從而更好地為客戶服務。

While these investments result in increased costs and expenditures oftentimes well in advance of the ultimate benefits being achieved, they are essential to achieve the strategic objective.

雖然這些投資通常會導致成本和支出增加，而遠早於實現最終效益，但它們對於實現策略目標至關重要。

None of these projects in isolation will result in a significant change to our current growth trajectory.

這些單獨的項目都不會導致我們目前的成長軌跡發生重大變化。

And certain of these initiatives may not be viable in the long run.

從長遠來看，其中某些舉措可能不可行。

However, in aggregate and over time, we believe that these initiatives will bend our growth curve upwards.

然而，總的來說，隨著時間的推移，我們相信這些舉措將使我們的成長曲線向上彎曲。

In addition, because many of these are digital in nature, we should see operational leverage and scalability start to kick in as well as a steady improvement in margins.

此外，由於其中許多本質上都是數位化的，因此我們應該看到營運槓桿和可擴展性開始發揮作用，並且利潤率穩步提高。

In our precious metals business, we continue to expand our ecosystem and integrate into the global supply chain.

在貴金屬業務中，我們不斷拓展生態系統，融入全球供應鏈。

During the year, we signed an agreement to acquire [silver recycler] in the UK, one of only two companies accredited by the LBMA for the delivery of -- good delivery silver to the London Bullion Market giving us a reliable access to metal while internalizing the refining margin and responsibly reusing and recycling secondary waste materials.

年內，我們簽署了收購英國[白銀回收商]的協議，該公司是LBMA 認可的僅有的兩家公司之一，可以向倫敦金銀市場交付合格交割白銀，使我們能夠可靠地獲得金屬，同時內部化精煉利潤以及負責任地再利用和回收二次廢料。

We are also launching our own CME approved vault in New York which will allow our clients to deliver and receive physical gold in settlement of derivative contracts as well as hold precious metals inventory for our end clients.

我們還在紐約推出了自己的經 CME 批准的金庫，這將使我們的客戶能夠在衍生性商品合約結算中交付和接收實體黃金，並為我們的最終客戶持有貴金屬庫存。

On the equity side, we continue to grow our electronic market making platform on the domestic NMS equity leveraging our longstanding institutional relationships over 20 years from the international equity side.

在股票方面，我們利用我們在國際股票方面20多年來的長期機構關係，繼續發展我們在國內NMS股票上的電子做市平台。

During fiscal 2024, we traded a record 118 billion shares.

2024 財年，我們的股票交易量達到創紀錄的 1,180 億股。

We believe that the ability to custody assets and provide prime brokerage solutions is the central and defining requirement for hedge funds which then leads to execution and other revenue sources.

我們認為，託管資產和提供大宗經紀解決方案的能力是對沖基金的核心和決定性要求，從而帶來執行和其他收入來源。

Up until a few years ago, hedge funds were a new client segment opportunity for us because -- large incumbent firms are not servicing midsize hedge funds appropriately.

直到幾年前，對沖基金對我們來說還是一個新的客戶群機會，因為大型現有公司沒有為中型對沖基金提供適當的服務。

Over the last few years, we have expanded our US prime brokerage capability into a global multi-asset class offering.

在過去幾年中，我們已將我們的美國大宗經紀業務能力擴展到全球多元資產類別產品。

Last year, we expanded in the UK to include repo financing and securities lending as well as continued investment in our technology platforms across trading, regulatory reporting, middle and back-office operations, all designed to augment client engagement and drive growth within our security and prime offerings.

去年，我們在英國進行了擴張，包括回購融資和證券借貸，以及對交易、監管報告、中後台營運等技術平台的持續投資，所有這些都是為了增強客戶參與度並推動我們的安全和業務增長。

During 2024 we saw the US prime business grow about 30%.

2024 年，我們看到美國主要業務成長了約 30%。

In addition, we're able to internalize capabilities and spreads from our other existing business lines.

此外，我們能夠將其他現有業務線的能力和傳播內部化。

Some of this growth has -- was fueled by the growth in the ETF space where we offer a unique custody and execution solution for the new wave of alternative ETF being launched.

這種成長在一定程度上是由 ETF 領域的成長所推動的，我們為正在推出的新一波另類 ETF 提供獨特的託管和執行解決方案。

Our outsource trading business part of our broader prime offering continue to grow and receive some prestigious awards such as best outsource solution from hedge fund magazine and Hedgeweek, all signs of the growing awareness in the market of this capability.

我們的外包交易業務是我們更廣泛的主要產品的一部分，不斷增長，並獲得了一些享有盛譽的獎項，例如對沖基金雜誌和Hedgeweek 頒發的最佳外包解決方案，所有這些都表明市場對這種能力的認識不斷增強。

We believe our capabilities in this business, which is becoming more integral part of our prime offering are best in class.

我們相信，我們在這項業務中的能力是同類中最好的，它正成為我們主要產品中不可或缺的一部分。

And during this year, we expand into the credit and sell-side outsource trading, both of which are new approaches for the industry.

今年，我們擴展到信貸和賣方外包交易，這都是產業的新途徑。

The crypto market is now emerging as a regulated market best served in the long-term by well capitalized and regulated firms such as StoneX.

加密貨幣市場現在正在成為一個受監管的市場，從長遠來看，最好由 StoneX 等資本充足且受監管的公司提供服務。

We have made some additional new hires for StoneX Digital on the execution side in the US.

我們在美國的執行方面為 StoneX Digital 招募了一些新員工。

Our goal is to provide institutions with access to digital trading, custody, and services.

我們的目標是為機構提供數位交易、託管和服務。

To this end, we established the infrastructure to become a digital asset custodian in Ireland and we are currently waiting for regulatory approval.

為此，我們在愛爾蘭建立了成為數位資產託管機構的基礎設施，目前正在等待監管部門的批准。

Carbon trading is another growing market and our primary role to date has been to provide our clients with access to select carbon trading instruments.

碳交易是另一個不斷成長的市場，迄今為止我們的主要作用是為客戶提供選擇碳交易工具的機會。

We continue to make good incremental progress and have a small but growing revenue stream and client base in carbon trading.

我們持續取得良好的漸進進展，在碳交易方面擁有雖小但不斷成長的收入來源和客戶群。

We continue to add new trading revenues and exchanges and products to our ecosystems to better serve our clients.

我們不斷在我們的生態系統中添加新的交易收入、交易所和產品，以更好地服務我們的客戶。

StoneX recently became a member of the ASX exchange in Australia, _____ the ABAXX for carbon trading and LNG in Singapore, and we now offer another 170 new list of products to our clients.

StoneX 最近成為澳洲 ASX 交易所、新加坡碳交易和液化天然氣 ABAXX 的成員，現在我們向客戶提供另外 170 種新產品清單。

In addition, we recently joined the Montreal Exchange, the TMX.

此外，我們最近也加入了蒙特利爾交易所 (TMX)。

A Montreal office which has traditionally offered commodity trading and risk management has now expanded to offer broad expertise in listed products including listed fixed income products.

蒙特婁辦事處傳統上提供商品交易和風險管理服務，現已擴大到提供上市產品（包括上市固定收益產品）的廣泛專業知識。

We continue to evaluate other potential trading venues.

我們繼續評估其他潛在的交易場所。

We have been expanding our capabilities and expertise in physical commodities to provide a comprehensive service from risk management to logistics and supply chain management to our clients.

我們一直在擴大我們在實體商品方面的能力和專業知識，為客戶提供從風險管理到物流和供應鏈管理的全面服務。

At the beginning of fiscal 2023, we acquired CDI, a physical cotton brokerage business based in Brazil and Switzerland, which now has almost doubled its gross revenue after its first year, validating the original thesis that clients see value in combining hedging services with the sale of physical commodities and the related logistical arrangements.

2023 財年伊始，我們收購了CDI，這是一家總部位於巴西和瑞士的實體棉花經紀公司，第一年後其總收入幾乎翻了一番，驗證了最初的論點，即客戶認為套期保值服務與銷售結合的價值實體商品及相關的物流安排。

In addition, many clients see value in embedding their hedges into a physical contract which simplifies it accounting treatment.

此外，許多客戶認為將避險嵌入實體合約中是有價值的，這可以簡化會計處理。

With this in mind, we are now offering the bundled service to coffee producers in Brazil and have seen some very encouraging early results.

考慮到這一點，我們現在向巴西的咖啡生產商提供捆綁服務，並看到了一些非常令人鼓舞的早期成果。

We are likely to see this approach expanding to other products and regions as clients clearly see the value add of the strategy where we are uniquely placed.

我們很可能會看到這種方法擴展到其他產品和地區，因為客戶清楚地看到我們處於獨特地位的策略的附加價值。

We also acquired a small coffee team in Ethiopia, a big coffee producing country.

我們也在咖啡生產大國埃塞俄比亞收購了一支小型咖啡團隊。

Furthermore, we acquired a well-respected specialty coffee team in US focused on helping clients source specialty coffee from around the world.

此外，我們在美國收購了一支備受尊敬的精品咖啡團隊，專注於幫助客戶從世界各地購買精品咖啡。

We continue to believe that there's a sizable opportunity for us to expand our self-directed offering to include all of the StoneX products and capabilities from CFDs to stocks, crypto, precious metals, coins, payments, futures, and foreign exchange.

我們仍然相信，我們有很大的機會擴展我們的自主產品，以涵蓋從差價合約到股票、加密貨幣、貴金屬、硬幣、付款、期貨和外匯的所有 StoneX 產品和功能。

Doing this will dramatically expand the addressable market for our self-directed platform.

這樣做將大大擴大我們自主平台的潛在市場。

We continue to offer new OTC products to address client needs and have invested in our technology stack to do this faster and more effectively.

我們繼續提供新的 OTC 產品來滿足客戶的需求，並投資於我們的技術堆疊，以更快、更有效地實現這一目標。

We're now introducing dozens of new products every month, some of which are new and industry leading which drives incremental revenue as well as positions StoneX as a leading innovator focusing on adding value to our clients.

現在，我們每個月都會推出數十種新產品，其中一些是業界領先的新產品，可推動收入增量，並使 StoneX 成為專注於為客戶增加價值的領先創新者。

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

我們是一家以客戶為中心的企業，我們需要不斷努力擴大我們的客戶足跡，這是我們策略的第二個支柱，並將我們的客戶足跡擴展到新市場，並擴大我們現有客戶的市場份額。

We will also seek to serve new client segments and channels.

我們也將尋求服務新的客戶群和管道。

We have all the capabilities to service clients of all types and have a large addressable market in front of us with very low market penetration currently.

我們有能力為各種類型的客戶提供服務，並且擁有廣泛的潛在市場，但目前市場滲透率非常低。

Obviously, as we enhance our ecosystem, we are able to offer a more compelling value proposition to both our existing and potential clients.

顯然，隨著我們增強生態系統，我們能夠為現有和潛在客戶提供更具吸引力的價值主張。

We have grown our client footprint significantly over the last 10 years assisted by the positive industry environment are outlined in upfront.

在前面概述的積極的行業環境的幫助下，過去 10 年我們的客戶足跡顯著增長。

We believe that our unique global financial ecosystem allows us to be the counterparty of choice and places us in a strong position to win market share.

我們相信，我們獨特的全球金融生態系統使我們能夠成為首選的交易對手，並使我們在贏得市場份額方面處於有利地位。

We have now leveraged the considerable marketing assets we have especially on the digital side to aggressively grow the StoneX brand and market awareness.

我們現在利用我們擁有的大量行銷資產，特別是在數位方面，積極提高 StoneX 品牌和市場知名度。

Over the last year, we have seen a dramatic uptick in all marketing metrics.

去年，我們看到所有行銷指標都急劇上升。

Unique visitors are up over 100%.

獨立訪客成長超過 100%。

Our Google rankings are up 2000%.

我們的 Google 排名上升了 2000%。

New leads generated have doubled, et cetera.

產生的新銷售線索增加了一倍，等等。

Monthly searches for StoneX are up 14% compared to the prior year average, an indication of increased brand awareness and our growing interest in our digital touch points.

StoneX 的每月搜尋量與去年平均水平相比增長了 14%，這表明品牌知名度不斷提高，以及我們對數位接觸點的興趣日益濃厚。

Of course, the ultimate measure is the onboarding of new clients.

當然，最終的衡量標準是新客戶的加入。

And indeed, during 2024. we continue to stay in a very high level of new account onboarding.

事實上，在 2024 年，我們的新帳戶註冊量持續保持在非常高的水平。

And in fact, Q3 was an all-time quarterly record for us in terms of client onboarding.

事實上，就客戶入職而言，第三季是我們歷史上的季度記錄。

In addition, we continue to actively market the StoneX brand and acquire clients through events that we host to educate our clients on how best to utilize the financial markets to add value to their business.

此外，我們繼續積極行銷 StoneX 品牌，並透過舉辦活動來吸引客戶，以教育客戶如何最好地利用金融市場為其業務增加價值。

We have a very good track record over the years of converting attendees to revenue producing clients following these events.

多年來，我們在這些活動之後將與會者轉化為創收客戶方面擁有良好的記錄。

During the year, we hosted over 280 events and we attended well over 500 third-party events globally continuing to spread the word of the StoneX franchise.

這一年裡，我們舉辦了 280 多場活動，並參加了全球 500 多場第三方活動，繼續傳播 StoneX 特許經營權。

A key part of our strategy is to build the best financial ecosystem so we can service most if not all of our client needs.

我們策略的關鍵部分是建立最好的金融生態系統，以便我們能夠滿足大部分（即使不是全部）客戶的需求。

This requires us to ensure we continue to cross-sell our capabilities to our existing clients, to ensure that we are leveraging this ecosystem to broaden and deepen our relationships with our existing clients.

這要求我們確保繼續向現有客戶交叉銷售我們的能力，以確保我們利用這個生態系統來擴大和加深我們與現有客戶的關係。

This has now become deeply embedded in the StoneX culture and it is something we now actively track and measure.

現在，這已深深植根於 StoneX 文化中，我們現在正在積極追蹤和衡量這一點。

Revenue from cross sales has doubled in the last year.

去年交叉銷售的收入翻了一番。

And of course, this is relatively high margin revenue.

當然，這是相對較高的利潤率收入。

In many cases, our clients are now trading more than just one product or utilizing more than one of our capabilities.

在許多情況下，我們的客戶現在交易的不僅僅是一種產品或利用我們的多種功能。

This is how the value of a true franchise gets monetized.

這就是真正的特許經營權的價值如何貨幣化的。

During the year, we entered into agreement to acquire Octo Finances, a leading fixed income trading firm in Paris with expertise in bonds and convertible securities, debt capital markets, and credit research.

年內，我們達成協議收購 Octo Finances，這是一家巴黎領先的固定收益交易公司，在債券和可轉換證券、債務資本市場和信貸研究方面擁有專業知識。

Octo has a client footprint of over 500 clients including banks, insurance companies, debt funds, mutual funds, and wealth managers.

Octo 擁有超過 500 家客戶，包括銀行、保險公司、債務基金、共同基金和財富管理機構。

We believe we'll be able to significantly enhance the Octo product offering while the acquisition provides us with broad access into the EU institutional market.

我們相信，我們將能夠大幅增強 Octo 產品供應，同時此次收購為我們提供了進入歐盟機構市場的廣泛機會。

As you've all noticed, we have changed our retail segment to retail and self-directed.

正如你們都注意到的，我們已經將零售部門改為零售和自營。

As I mentioned earlier, we are looking to take our retail digital platform and expand its capabilities to include all of the StoneX products and capabilities.

正如我之前提到的，我們希望利用我們的零售數位平台並擴展其功能，以包含 StoneX 的所有產品和功能。

Together with our proven digital marketing team, this will allow us to expand our addressable market for all of these StoneX products globally.

與我們久經考驗的數位行銷團隊一起，這將使我們能夠在全球範圍內擴大所有這些 StoneX 產品的潛在市場。

The self-directed retail platform is a powerful concept, allowing us to provide a curated list of products in bespoke ways to different sets of clients while leveraging the ability to digitally market, onboard, service, and execute the resulting trades effectively and efficiently.

自主零售平台是一個強大的概念，使我們能夠以客製化的方式向不同的客戶群提供精選的產品列表，同時利用數位行銷、入駐、服務和有效且高效地執行最終交易的能力。

This is a multiyear project but we have already started delivering on the potential in small and meaningful ways.

這是一個多年的項目，但我們已經開始以小而有意義的方式發揮潛力。

On the agricultural side, our StoneX Plus offering which utilizes the self-directed retail platform has gathered momentum, reaching new clients are not traditionally serviced by our high touch team.

在農業方面，我們利用自主零售平台的 StoneX Plus 產品已蓄勢待發，吸引了傳統上我們的高接觸團隊無法提供服務的新客戶。

We now have over 300 active clients and strong and accelerating adoption with many of these clients now large enough to warrant a high touch relationship.

我們現在擁有 300 多個活躍客戶，採用率不斷提高，其中許多客戶現在已經足夠大，足以保證建立高度接觸的關係。

Now that we have proven that this is a viable product, we are able to digitally market to hundreds of thousands of farmers around the world looking for risk management advice and the ability to hedge price risk without the obvious constraints of our high touch model or geographic reach.

現在我們已經證明這是一個可行的產品，我們能夠以數位方式向世界各地數十萬農民進行行銷，尋求風險管理建議和對沖價格風險的能力，而不受我們的高接觸模式或地理的明顯限制抵達。

During the year, we established an office in GIFT City in India to facilitate the trading of precious metals markets into this very important subcontinent.

年內，我們在印度GIFT城設立了辦事處，以促進貴金屬市場在這個非常重要的次大陸的交易。

We also joined the local IIBX exchange becoming the first international entity to be trading and self-clearing member of this exchange.

我們也加入了當地的 IIBX 交易所，成為該交易所交易和自我清算會員的第一個國際實體。

Over time, we believe that our presence in GIFT City will provide broader access for our other products and capabilities into the Indian subcontinent.

隨著時間的推移，我們相信，我們在 GIFT City 的存在將為我們的其他產品和能力進入印度次大陸提供更廣泛的管道。

We believe that the legacy introducing broker structure in the futures and securities business is an outdated model and will evolve as technology allows self-directed retail clients to effectively and efficiently trade directly with larger clearing and custodian firms without the need for an intermediary to provide the client service and onboarding.

我們認為，期貨和證券業務中傳統的介紹經紀商結構是一種過時的模式，並將隨著技術的發展而發展，技術允許自主零售客戶有效且有效率地直接與較大的清算和託管公司進行交易，而無需中介機構提供客戶服務和入職。

Indeed, this is one of the advantages we saw in acquiring GAIN four years ago to provide a self-directed offering to smaller clients.

事實上，這是我們四年前收購嘉盛集團時看到的優勢之一，旨在為小客戶提供自主服務。

During the year, we facilitated a number of our introducing brokers to transition their clients directly to us which provided us with an improved margin and the clients with a more effective and efficient solution.

年內，我們協助一些介紹經紀商將他們的客戶直接轉移給我們，這為我們提供了更高的利潤，並為客戶提供了更有效和高效的解決方案。

We believe this to be a long-term trend.

我們相信這是一個長期趨勢。

We continue to invest and grow our EU presence post Brexit with an expanding office in Frankfurt to service our existing European based clients and allowing us to more effectively market to new clients in Europe which may not be adequately covered in a post Brexit world.

英國脫歐後，我們繼續投資並擴大我們在歐盟的業務，在法蘭克福擴大了辦事處，為我們現有的歐洲客戶提供服務，並使我們能夠更有效地向歐洲的新客戶進行行銷，這些客戶在英國脫歐後的世界中可能無法充分覆蓋。

We have upgraded our regulatory presence in Germany with a full BaFin license and upgrade our EEX membership.

我們升級了我們在德國的監管機構，獲得了 BaFin 的完整許可，並升級了我們的 EEX 會員資格。

Over the last few years, we dramatically expanded our product capability in Singapore, adding fixed income, foreign exchange, and commodity expertise which should allow us to increase our market penetration in Asia.

在過去幾年中，我們大大擴大了在新加坡的產品能力，增加了固定收益、外匯和大宗商品專業知識，這將使我們能夠提高在亞洲的市場滲透率。

We have also expanded our licensing to facilitate a broader payments and securities offering.

我們還擴大了許可範圍，以促進更廣泛的支付和證券發行。

All of these initiatives have gathered momentum in the region, one where we are still underrepresented and represents a significant opportunity for us.

所有這些舉措都在該地區聚集了勢頭，我們在該地區的代表性仍然不足，這對我們來說是一個重大機會。

Moving on to the third pillar of our strategy, we will not achieve the necessary growth and scale unless we continue to embrace technology to digitize our offering, to not only enhance client engagement but increase scalability and margin.

轉向我們策略的第三個支柱，除非我們繼續採用技術來數位化我們的產品，否則我們將無法實現必要的成長和規模，不僅提高客戶參與度，而且提高可擴展性和利潤。

This initiative requires a rethink of our processes from front to back, which has been underway for some years but is now accelerating.

這項舉措需要從前到後重新思考我們的流程，而這個過程已經進行了幾年，但現在正在加速。

Many of the product's initiative mentioned above are digital in nature, so I'll not mention them again.

上面提到的許多產品舉措本質上都是數位化的，所以我不再提及它們。

But the advantage of the digital offering is they dramatically expand your addressable market so that every client everywhere is a potential client.

但數位產品的優勢在於它們極大地擴展了您的潛在市場，使世界各地的每個客戶都是潛在客戶。

It offers scalability and operational leverage to enhance margins.

它提供可擴展性和營運槓桿來提高利潤。

We increasingly use technology on the trading side.

我們越來越多地在交易方面使用科技。

Many of our trading platforms are designed to aggregate trading and internalize spread, so we can maximize the client revenue opportunity, provide a better price to our clients, and minimize our hedging costs.

我們的許多交易平台旨在聚合交易和內部化點差，因此我們可以最大限度地提高客戶收入機會，為客戶提供更好的價格，並最大限度地降低對沖成本。

In this regard, we have a solid incremental process on combining flows.

在這方面，我們有一個堅實的漸進式流程來組合流程。

The broad diversification we have amongst client types makes internalization easier as there is a higher probability of offsetting trades.

我們客戶類型的廣泛多元化使得內部化變得更加容易，因為抵消交易的可能性更高。

This is part of the reason we are seeing much higher revenue capture in the self-directed retail business over the last two years.

這是我們在過去兩年中看到自主零售業務收入大幅成長的部分原因。

We have also internalized some of the equity and index hedging arising from our self-directed flows leading to higher margins and better capital treatment.

我們也將自主流動所產生的一些股票和指數對沖內部化，從而帶來更高的利潤和更好的資本待遇。

Our electronic metals trading platform, PMX, has now become one of the market leading execution venues -- achieving a record daily notional trading volume of over $3.6 billion per day.

我們的電子金屬交易平台 PMX 現已成為市場領先的執行場所之一，每日名義交易量創紀錄，超過 36 億美元。

We are also very active on Bloomberg FXGO where we are ranked number one overall for all metal related products.

我們在 Bloomberg FXGO 上也非常活躍，在所有金屬相關產品中我們總體排名第一。

Stonehedge offering as a chief critical mass and is now the go-to solution for the large grain elevators in the Midwest.

Stonehedge 是主要的關鍵群體，現在是中西部大型穀物升降機的首選解決方案。

This offering provides our clients with real-time enterprise solution to managing the incoming deliveries in multijurisdictional formats and to immediately hedge any resulting exposures.

該產品為我們的客戶提供即時企業解決方案，以管理多司法管轄區格式的傳入交貨並立即對沖任何由此產生的風險。

For the third straight year, we have doubled volumes on the platform and now have over 620 locations and 900 traders set up on the platform.

我們的平台交易量連續第三年翻了一番，目前平台上已設立 620 多個網點和 900 多個交易者。

This offering is a great example of how to use technology to provide a value-add to our large commercial clients and to embed ourselves as a long-term partner in the business.

該產品是一個很好的例子，說明如何利用技術為我們的大型商業客戶提供增值，並使我們成為業務中的長期合作夥伴。

We are now looking to expand this offering to include other commodity products and an expanded set of jurisdictions.

我們現在正在尋求擴大此產品範圍，以包括其他商品和更多的司法管轄區。

During the year, we launched LoanMatch, an innovative product platform that brings together increased transparency, liquidity, and lower transaction costs to the loan market.

今年，我們推出了 LoanMatch，這是一個創新產品平台，為貸款市場帶來了更高的透明度、流動性和更低的交易成本。

This platform allows institutional and bank clients to participate in open matching by entering orders on a confidential basis which are then matched up and executed with pre-agreed costs.

該平台允許機構和銀行客戶透過在保密的基礎上輸入訂單來參與公開匹配，然後以預先商定的成本進行匹配和執行。

We continue to enhance our digital platform for our OTC and structured products to allow commercial clients -- commercial hedging clients to run intricate scenarios to determine the best product for their needs and to get quotes instantly.

我們繼續增強我們的場外交易和結構性產品的數位平台，以允許商業客戶——商業對沖客戶運行複雜的場景，以確定最適合他們需求的產品並立即獲得報價。

Our risk management team has made significant strides and is able to more easily aggregate and analyze data with real-time monitoring to harm risk monitoring across the entire organization.

我們的風險管理團隊取得了重大進步，能夠透過即時監控更輕鬆地匯總和分析數據，以損害整個組織的風險監控。

We have a number of projects underway

我們有多個項目正在進行中

(technical difficulty)--

（技術難度）——

Hello?

你好？

We have a number of projects underway throughout many of our support areas to better utilize technology to create efficiency and scalability in our infrastructure which over time should drive operational leverage.

我們在許多支援領域正在進行許多項目，以更好地利用技術來提高基礎設施的效率和可擴展性，隨著時間的推移，這將提高營運槓桿率。

Probably the most significant of these is an organization-wide technology solution to better and more effectively manage clients onboarding and ongoing monitoring and maintenance of client data.

其中最重要的可能是組織範圍內的技術解決方案，以更好、更有效地管理客戶加入以及客戶資料的持續監控和維護。

This includes the onboarding KYC requirements as well as the required periodic reviews of all our different types of clients in all our jurisdictions.

這包括入職 KYC 要求以及對我們所有司法管轄區所有不同類型客戶的定期審查。

This has grown to be an enormous and overly manual process complicated by different regulations in different jurisdictions and also for all of our various different types of clients.

對於我們所有不同類型的客戶來說，這已成為一個巨大且過於手動的過程，由於不同司法管轄區的不同法規而變得複雜。

The technology solution will harmonize and simplify approach globally and will be significantly more efficient with a lot of client self-service options.

此技術解決方案將在全球範圍內協調和簡化方法，並透過大量客戶自助服務選項顯著提高效率。

This project is well underway and we're looking forward to seeing the first modules delivered in early 2025.

該專案正在順利進行，我們期待在 2025 年初交付第一批模組。

We are in the late stages of a complete rework of our global payment system architecture resulting in over 90% of our clients migrated to our new cloud-based system which offers significantly higher STP rates on payments.

我們正處於對全球支付系統架構進行徹底改造的後期階段，導致超過 90% 的客戶遷移到我們新的基於雲端的系統，該系統可提供顯著更高的直通式支付率。

Our internally built [XPAY] System will deliver an ability for payments at scale and will eliminate costly vendor-based solutions.

我們內部建構的 [XPAY] 系統將提供大規模支付能力，並將消除昂貴的基於供應商的解決方案。

Generally speaking, we continue to simplify our technology stack and have retired a number of large vendor systems.

總的來說，我們繼續簡化我們的技術堆疊，並已經淘汰了一些大型供應商系統。

Our IT teams continue to improve key metrics such as resiliency, latency, and security.

我們的 IT 團隊不斷改善彈性、延遲和安全性等關鍵指標。

Several years ago, we took a strategic decision to [refrac] our cost base by utilizing best cost locations.

幾年前，我們做出了一項策略決策，透過利用最佳成本地點來[重新調整]我們的成本基礎。

This applies to both technology costs as well as operational, accounting, and other support function.

這既適用於技術成本，也適用於營運、會計和其他支援職能。

This has already had a significant impact on our cost structure and our use of these locations will likely to continue to grow over time.

這已經對我們的成本結構產生了重大影響，隨著時間的推移，我們對這些地點的使用可能會繼續增長。

We currently have around 550 staff in India and over 300 in Poland.

目前，我們在印度擁有約 550 名員工，在波蘭擁有 300 多名員工。

As mentioned in previous calls, a core part of our systems architecture is the data lake which allows us to normalize data from all our books and record systems to be accessed in one place.

如同先前的電話會議中所提到的，我們系統架構的核心部分是資料湖，它使我們能夠規範化所有書籍和記錄系統中的數據，以便在一個地方存取。

We continue to make excellent progress with this.

我們在這方面繼續取得巨大進展。

In addition, we have now introduced StoneX ID for each of our individual clients globally, allowing us to more easily match up transactional and client data globally.

此外，我們現在還為全球每位個人客戶引入了 StoneX ID，使我們能夠更輕鬆地匹配全球交易和客戶資料。

We are also looking to centralize all market data into a data hub which should dramatically decrease the costs associated with data. [So as we all know continue to supply] spiral.

我們還希望將所有市場數據集中到一個數據中心，這將大大降低與數據相關的成本。 [所以眾所周知繼續供應]螺旋。

And 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。

The most important thing we can do is to continue to create a capital runway for our continued growth.

我們能做的最重要的事情就是繼續為我們的持續成長創造資本跑道。

This is why one of the things we focus on is ROE and compounding our capital.

這就是為什麼我們關注的事情之一是股本回報率和複利我們的資本。

It's interesting to note that 10 years ago, we had a little over $300 million in stockholders' equity and only a slightly lower number of shares outstanding as we do now.

有趣的是，10 年前，我們的股東權益略高於 3 億美元，而流通股數量僅略低於現在。

Over this 10-year period, we've more than tripled our own shareholders' funds, acquired 15 businesses, and significantly expanded our client footprint, all financed organically from retained earnings and the unbelievable power of compounding.

在這 10 年期間，我們的股東資金增加了兩倍多，收購了 15 家企業，並顯著擴大了我們的客戶範圍，所有資金均來自留存收益和令人難以置信的複利能力。

During this growth, we have achieved our 15% ROE target, certainly not every year and every quarter, but on average over the period, we are pretty close.

在這一成長過程中，我們實現了 15% 的 ROE 目標，當然不是每年和每個季度，但平均而言，我們已經非常接近了。

This has happened despite the investments made in technology and infrastructure, the cost of developing these new capabilities, the integration of a large number of acquisitions, and despite low interest rates for extended periods of time, achieving our ROE targets will be a continuing important metric for us and we believe as we digitize our platform and gain scale that our margins and ROE should increase.

儘管在技術和基礎設施方面進行了投資，開發這些新功能的成本很高，整合了大量收購，儘管利率長期處於低位，但實現我們的股本回報率目標將是一個持續的重要指標對我們來說，我們相信，隨著我們平台的數位化和規模的擴大，我們的利潤和股本回報率應該會增加。

Part of our strategy here is to make sure we selectively approach the capital markets and raising additional capital when the capital is appropriately priced.

我們的策略之一是確保我們有選擇地進入資本市場，並在資本定價適當時籌集額外資本。

During the year, we successfully refinanced our senior secured notes that we issued as part of the acquisition of gain four years ago.

今年，我們成功地為四年前作為收購收益的一部分而發行的優先擔保票據進行了再融資。

We upsized the transaction from original $350 million to $550 million and extended the duration of our long-term capital stack and the yield spread significantly lower than our initial issues.

我們將交易規模從最初的 3.5 億美元擴大到 5.5 億美元，並延長了我們長期資本堆疊的期限，並且收益率利差顯著低於我們最初的發行。

So finally to wrap up, let's move to the final slide number 14.

最後，讓我們來看最後一張投影片 14。

This was another strong quarter despite more difficult market conditions with solid results across nearly all products and client segments.

儘管市場條件更加困難，本季仍表現強勁，幾乎所有產品和客戶群都取得了穩健的業績。

We achieved earnings of $76.7 million, a diluted EPS of $2.32, and an ROE on stated book of 18.5%.

我們獲利 7,670 萬美元，攤薄後每股收益為 2.32 美元，帳面淨資產收益率為 18.5%。

This quarter capped the best fiscal year in StoneX's history with earnings of $260.8 million, diluted EPS of $7.96, and an ROE of 16.9%.

本季是 StoneX 史上最好的財年，獲利為 2.608 億美元，攤薄後每股收益為 7.96 美元，淨資產殖利率為 16.9%。

Our stated book value per share is now $53.62, up 21% from last year.

我們的每股帳面價值目前為 53.62 美元，比去年增長 21%。

We continue to see strong growth in our client base with record onboarding steps in Q3 '24 and a high sustained level of client onboarding for several years now.

我們繼續看到我們的客戶群強勁成長，24 年第 3 季的客戶入職步驟創紀錄，並且客戶入職數量多年來一直保持高水準。

This is being driven in part by the effect of increasing capital requirements being applied for trading activities at the larger banks under the Basel regime as well as smaller players being squeezed out by higher regulatory costs.

造成這種情況的部分原因是巴塞爾制度下大型銀行交易活動的資本要求不斷提高，而小型銀行則因監管成本上升而被擠出。

We believe that this constructive market environment are unique and increasingly recognized ecosystem combined with the outlook for generally improved market volatility despite the prospect of declining interest rates puts a tailwind behind our business for the next year or so.

我們相信，這種建設性的市場環境是獨特的、日益被認可的生態系統，再加上市場波動性普遍改善的前景，儘管利率下降的前景為我們未來一年左右的業務帶來了推動力。

In fiscal 2025, we believe we will see accelerated cadence of delivery of our platforms which will more tightly integrate our offering by client type and make it more engaging for clients to interact with our financial ecosystem.

到 2025 財年，我們相信我們的平台交付節奏將加快，這將根據客戶類型更緊密地整合我們的產品，並使客戶更容易與我們的金融生態系統互動。

Our self-directed digital offering allows us the potential to massively expand our addressable market, targeting clients globally which are too small or geographically remote for our current high touch approach.

我們自主的數位產品使我們有潛力大規模擴展我們的目標市場，瞄準全球範圍內對於我們目前的高接觸方法而言規模太小或地理位置偏遠的客戶。

We believe that this has the potential to both accelerate our revenue growth and drive our operating margins as a result of the leverage digital platform affords.

我們相信，由於數位平台提供的槓桿作用，這有可能加速我們的收入成長並提高我們的營業利潤率。

We continue to invest in our financial ecosystem by expanding our products and capabilities and talent.

我們透過擴展我們的產品、能力和人才，繼續投資我們的金融生態系統。

We have a unique and comprehensive financial ecosystem with a very large addressable market in front of us which should only increase the expansion of our self-directed offering.

我們擁有獨特而全面的金融生態系統，眼前有一個非常大的潛在市場，這只會增加我們自主產品的擴展。

While we have good market share in certain niche segments of the market, a lot of white space remains in areas where we already have client relationships and demonstrable capabilities and we now need to monetize these opportunities.

雖然我們在某些​​細分市場擁有良好的市場份額，但在我們已經擁有客戶關係和可證明能力的領域仍然存在大量空白，我們現在需要將這些機會貨幣化。

One thing will always be confident for the StoneX team, we'll continue to dedicate ourselves to better serve our growing client footprint around the world by providing them with the best financial ecosystem and the best client service to access the global financial markets.

StoneX 團隊始終充滿信心的一件事是，我們將繼續致力於更好地服務全球不斷增長的客戶足跡，為他們提供進入全球金融市場的最佳金融生態系統和最佳客戶服務。

The executive team and I are extremely proud of the talented StoneX team and continue to propel us to new heights.

我和執行團隊對才華橫溢的 StoneX 團隊感到非常自豪，並將繼續推動我們達到新的高度。

On that final note, we can open for questions.

最後一點，我們可以提出問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

I guess to start, I've got several questions on the segments just in terms of the quarter and maybe the outlook but -- and really centered around capture rates.

我想首先，我對這些細分市場有幾個問題，只是就季度而言，也許還有前景，但真正集中在捕獲率方面。

So starting with the commercial segment, can you expand upon what happened in the listed as well as the OTC segment to take the lower fee per million in the quarter?

那麼，從商業領域開始，您能否擴展上市和場外交易領域發生的情況，以在本季降低每百萬美元的費用？

Bill, do you want to take that?

比爾，你想接受這個嗎？

Is Bill with us?

比爾和我們在一起嗎？

Please bear with us.

請耐心等待。

Dan, can you hear me?

丹，你聽得到我說話嗎？

We're having some audio

我們有一些音頻

(multiple speakers)--

（多位發言者）——

Yeah, I can hear you.

是的，我聽得到你的聲音。

So Dan, I guess the story with the commercial business was we had a tremendous quarter last quarter.

所以丹，我想商業業務的故事是我們上個季度的表現非常出色。

That was a little bit driven by the LME.

這在一定程度上是由 LME 推動的。

We had a good pop in volatility on the LME.

倫敦金屬交易所 (LME) 的波動性大幅上升。

And I think you saw that with some of our industry competitors.

我想您在我們的一些行業競爭對手身上也看到了這一點。

That obviously was a bit more muted this quarter, so that certainly had an impact on some of our revenue capture rates particularly on the OTC side.

本季的情況顯然更加溫和，因此這肯定對我們的一些收入捕獲率產生了影響，特別是在場外交易方面。

So the OTC market was a tougher market for us, but very solid on the derivatives side and feel good about continued underlying growth.

因此，場外交易市場對我們來說是一個更艱難的市場，但衍生性商品方面非常穩固，並且對持續的潛在成長感到滿意。

So I think the noise you're seeing maybe quarter to quarter is a reflection of market conditions primarily the LME elevated conditions and then returning to normal.

因此，我認為您可能每個季度看到的噪音反映了市場狀況，主要是倫敦金屬交易所的狀況升高，然後恢復正常。

Does that answer

這有答案嗎

(multiple speakers)--

（多位發言者）——

Sorry, guys.

抱歉，夥計們。

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

What happened, Bill?

發生了什麼事，比爾？

Okay, I tried to switch (technical difficulty) and didn't work but you covered the question perfectly, so.

好吧，我嘗試切換（技術難度）但沒有成功，但你完美地涵蓋了這個問題，所以。

Is that on to your question, Dan?

丹，這就是你的問題嗎？

Yes, so I guess we -- so we should look at last quarter as more of an abnormal level and this quarter is more of a, I don't know, you call normalized?

是的，所以我想我們——所以我們應該把上個季度看作更多的是異常水平，而這個季度更多的是，我不知道，你稱之為正常化？

Yeah, I would say derivative, Dan.

是的，我會說導數，丹。

That was the highest that we've seen, right?

這是我們見過的最高的，對吧？

And it came out of the LME business which Sean touched on.

它來自肖恩提到的倫敦金屬交易所業務。

So I would say last quarter was an anomaly, and I think if you looked historically in that commercial segment, you were at high 5s, low 6s, 6.5, and we had spiked up over 7 in that June quarter, but I would expect it to be lower than that.

所以我想說上個季度是一個反常現象，我認為如果你從歷史上看這個商業領域，你會發現你處於高5、低6、6.5，而我們在6 月份的季度飆升超過7，但我預計會是這樣。

And the OTC this is probably the low watermark that we've seen over the trailing probably 12 to 15 quarters.

OTC 這可能是我們在過去 12 到 15 個季度中看到的低水位線。

And it was just -- touched on just a little bit more difficult market environment with lower volatility.

這只是觸及了波動性較低的更困難的市場環境。

Okay.

好的。

That's helpful.

這很有幫助。

And then similarly on the institutional segment, the listed derivatives also seeing the rate for contract coming in just -- is that just mix or can you talk about what happened there?

同樣，在機構領域，上市衍生品也看到合約利率只是——這只是混合，還是你能談談那裡發生了什麼？

Yeah, I think.

是的，我想。

We very excited actually about our listed derivative business on the institutional side.

實際上，我們對機構方面的上市衍生性商品業務感到非常興奮。

And if you look at it through a longer-term lens, I think the nature of that business says really transformed in many ways, and even if you go back longer, I mean, the traditional business of FCStone was really to clear what they called the locals.

如果你從更長遠的角度來看，我認為該業務的本質在很多方面都發生了真正的轉變，即使你回溯得更久，我的意思是，福四通的傳統業務實際上是為了清除他們所謂的東西當地人。

Basically, it was the floor traders, that was the business they had.

基本上，是場內交易員，這就是他們的業務。

So it was a bunch of small proprietary trading shops and the like, and it was a good business and we did very well, but that business has now transitioned into a truly institutional business.

所以這是一群小型自營交易商店之類的，這是一項很好的業務，我們做得很好，但該業務現在已經轉變為真正的機構業務。

And the scale of the business is completely different.

而且業務規模完全不同。

We're dealing with very large ETFs, funds, very large institutions that are looking to access the derivative markets.

我們正在與尋求進入衍生性商品市場的大型 ETF、基金和大型機構打交道。

And we're very pleased about that.

我們對此感到非常高興。

That's the direction we want to move in.

這就是我們想要前進的方向。

And I think the reason we accessing that market is for all the reasons I mentioned in the strategic section, the big banks aren't that interested in that business anymore.

我認為我們進入該市場的原因是我在策略部分提到的所有原因，大銀行不再對該業務感興趣。

So these relatively large players are coming to us.

所以這些比較大的玩家都來找我們。

They like our ecosystem, they love our service.

他們喜歡我們的生態系統，喜歡我們的服務。

So that business has changed.

所以這個生意已經改變了。

Now when you're dealing with these very big customers, there's obviously a different risk in different economics.

現在，當你與這些非常大的客戶打交道時，不同的經濟狀況顯然有不同的風險。

On the risk side, a lot of these businesses are very low risk because they tend to just be long only and they leave a lot of cash with you.

在風險方面，許多此類企業的風險非常低，因為它們往往只是做多，並為您留下大量現金。

They're not proprietary trading firms.

他們不是自營貿易公司。

But they are pretty demanding on the commission side.

但他們對佣金的要求相當高。

So you have to probably accept a lower commission rate, but obviously the business is so much bigger.

因此，您可能必須接受較低的佣金率，但顯然業務規模要大得多。

So I think we're seeing a little bit of a change both in risk profile to a much more positive risk profile, a larger customer base we really want, but it's at a lower price point.

因此，我認為我們看到風險狀況發生了一些變化，風險狀況變得更加積極，我們真正想要的客戶群更大，但價格更低。

So I would say that's the summary.

所以我想說這就是總結。

Bill, do you agree with that?

比爾，你同意嗎？

I mean?

我是說？

Yeah, exactly right.

是的，完全正確。

Okay.

好的。

That helpful.

很有幫助。

And then just on the payments business, you talked about just the market dynamics in the quarter.

然後就支付業務而言，您談到了本季的市場動態。

So you're continuing to see a little bit of softness within that segment.

因此，您將繼續看到該細分市場中的一些疲軟跡象。

There also was some -- potential inorganic activity with the CAB payments transaction.

CAB 支付交易也存在一些潛在的無機活動。

Could you maybe tie those two together in terms of what the longer-term outlook in terms of igniting growth in the payment segment is?

您能否將這兩者聯繫起來，看看刺激支付領域成長的長期前景是什麼？

Yeah, sure.

是的，當然。

So I think we have been a leading disruptor in the payment business.

所以我認為我們一直是支付業務的領先顛覆者。

I mean we help people get money into non-G20 countries.

我的意思是，我們幫助人們將資金投入非 G20 國家。

That was a very opaque part of the market where clients were paying sometimes 5-percentage points in spread to acquire Kenyan Shilling or whatever it is was.

那是市場非常不透明的部分，客戶有時需要支付 5 個百分點的利差才能購買肯亞先令或其他東西。

And a lot of times I didn't even know they were being charged that, right, because it was very hard to find the rates.

很多時候我甚至不知道他們被收取這樣的費用，對吧，因為很難找到費率。

And I think we went in and professionalized that market, gave it transparency, became a super easy provider to banks and NGOs and people because they can come to one place and we could handle payments to 185 markets.

我認為我們進入了這個市場並使其專業化，賦予其透明度，成為銀行、非政府組織和人們的超級便捷提供商，因為他們可以來到一個地方，而我們可以處理向 185 個市場的付款。

We could do it at best execution.

我們可以以最佳執行力做到這一點。

We could do it at spreads that we might lower.

我們可以以我們可能降低的點差來做到這一點。

So we totally disrupted the traditional correspondent banking market and we dramatically lowered spreads in the process and I think established ourselves as a meaningful participant in that market.

因此，我們完全顛覆了傳統的代理銀行市場，並在此過程中大幅降低了利差，我認為我們已成為該市場的有意義的參與者。

I still think we've got a long way to go in terms of the addressable market, but I think we -- well known in the business.

我仍然認為，就目標市場而言，我們還有很長的路要走，但我認為我們在業界眾所周知。

So that's the business we're in.

這就是我們的業務。

And I think there have been some other people who have try to follow in our footsteps. certainly CAB payments is one of those as well as some others.

我認為還有其他一些人試圖追隨我們的腳步。當然，CAB 付款以及其他一些付款就是其中之一。

And we know the CAB payments folks.

我們認識 CAB 的付款人員。

We really like what they've done.

我們真的很喜歡他們所做的事情。

It's a business we've looked at previously.

這是我們之前研究過的一項業務。

And we still think there's a lot of commercial rationale for us to combine with someone like [CAB] payments.

我們仍然認為我們與 [CAB] 支付等公司結合有很多商業理由。

The real issue we had recently was just a value discussion around price.

我們最近遇到的真正問題只是圍繞價格的價值討論。

And as you saw, they announced there was an earnings warning during the process, which complicated matters.

正如你所看到的，他們宣佈在過程中發出獲利警告，這使得事情變得複雜。

But we would still love to see if we could do something with those guys, if we could.

但如果可以的話，我們仍然很想看看是否可以與這些人一起做些什麼。

I think it would be very additive to our business.

我認為這對我們的業務有很大幫助。

But we're also seeing an environment there where there's just like a lot of the rest of our businesses, relatively benign market conditions.

但我們也看到了一個環境，​​就像我們的許多其他業務一樣，市場條件相對良性。

And as a result spreads have contracted.

結果利差縮小了。

And it never really lasts for long, but certainly (laughter) across the board we've never seen tighter spreads in all of the key corridors we have.

它永遠不會真正持續很長時間，但可以肯定的是（笑聲），我們在所有關鍵走廊中從未見過更緊密的傳播。

And that's somewhat to a certain extent.

這在某種程度上是這樣的。

We've professionalized that market.

我們已經使這個市場專業化。

We've made it more transparent and there are other players in the market.

我們讓它變得更透明，市場上還有其他參與者。

So we created that problem in a funny way.

所以我們以一種有趣的方式創造了這個問題。

But our job is really to always provide our clients with best execution.

但我們的工作實際上是始終為客戶提供最佳執行。

We can't influence margins in the market.

我們無法影響市場的利潤。

We are price takers if you like.

如果您願意，我們是價格接受者。

But what we can do is we can grow our footprint and we can grow our clients and we can service the h**l out of our clients and we can build a better ecosystem for them that attracts more of their business.

但我們能做的是，我們可以擴大我們的足跡，我們可以擴大我們的客戶，我們可以為客戶提供全面的服務，我們可以為他們建立一個更好的生態系統，吸引更多的業務。

Those are the things we can control.

這些是我們可以控制的事情。

And I would say is a common theme through our results, I think what you're seeing is we're doing that well because our volumes are growing, our onboarding is high.

我想說這是我們結果的一個共同主題，我認為你看到的是我們做得很好，因為我們的銷售量正在成長，我們的入職率很高。

You can see that in some of the stats.

您可以在一些統計數據中看到這一點。

What's tougher for us to deal with is the market environment where volatility is much more benign than it has been.

對我們來說更難應對的是波動性比以往溫和得多的市場環境。

And you're seeing that show up pretty much in every product with just lower revenue capture, right?

您會發現這種情況幾乎出現在每種產品中，只是收入較低，對嗎？

And we have price paper on that.

我們有相關的價格文件。

I don't think there's much we can do to influence spreads in the market.

我認為我們無能為力影響市場的利差。

It is what it is, right?

就是這樣，對吧？

Okay, that's helpful

好的，這很有幫助

(multiple speakers)--

（多位發言者）——

(multiple speakers) that's certainly -- the point with payment.

（多位發言者）這當然是付款的重點。

To answer your second question, we have, I think a lot of exciting ideas in the pipeline on our own payments business.

為了回答你的第二個問題，我認為我們有很多關於我們自己的支付業務的令人興奮的想法。

We've recruited a bunch of new people.

我們招募了一批新人。

We're going after new market segments.

我們正在尋找新的細分市場。

We're looking at collaborations with other folks.

我們正在考慮與其他人合作。

I mean, I can't get into lots of detail on this stuff but we certainly see a way for us to dramatically expand and diversify our client base.

我的意思是，我無法詳細介紹這些內容，但我們確實找到了一種方法來大幅擴展我們的客戶群並使我們的客戶群多樣化。

We certainly have a proven ecosystem.

我們當然擁有經過驗證的生態系統。

We have all the major banks in the world dealing with us.

世界上所有主要銀行都與我們有業務往來。

There's a lot more business we can get from them.

我們可以從他們那裡獲得更多業務。

So there are lots of levers we can pull and a lot of hard work ahead of us to execute on all of those opportunities.

因此，為了抓住所有這些機會，我們可以利用很多槓桿，並且需要付出很多艱苦的努力。

And hopefully, at some point, we get a little bit of help from the market and spreads normalize a little bit.

希望在某個時候，我們能從市場得到一點幫助，利差能稍微正常化。

They're about as tight as we've ever seen them right now.

它們幾乎是我們現在見過的最緊的。

Okay.

好的。

Understood.

明白了。

And then just on as we think about expenses and a lot of the commentary you gave around digitizing the business and the efficiencies that come with it, as you look to the next year in your budget and thinking about how we should think about fixed cost growth and the balance of investment versus some of that digitization, how do you think about the longer-term growth of that fixed cost base?

然後，當我們考慮費用以及您對業務數位化及其帶來的效率的許多評論時，當您展望明年的預算並思考我們應該如何考慮固定成本增長時以及投資與部分數位化的平衡，您如何看待固定成本基礎的長期成長？

Yeah, unfortunately, as you know Dan, some of the stuff is you have to spend the money first before you can save it, right

是的，不幸的是，正如你所知，丹，有些事情是你必須先花掉錢，然後才能存錢，對吧

(laughter).

（笑聲）。

So if you want to digitize, you have to build the infrastructure and the technology stack before you can start to see the back end savings.

因此，如果您想要數位化，則必須先建立基礎設施和技術堆棧，然後才能開始看到後端節省。

Now, we're part of the way through that.

現在，我們已經完成了部分工作。

So we are -- even though we continue to invest, I think we are now starting to see some real savings.

因此，儘管我們繼續投資，但我認為我們現在開始看到一些真正的節省。

Now, some of them maybe don't show up in absolute reductions.

現在，其中一些可能不會出現絕對減少。

But what we're seeing is we're able to handle growth without any incremental costs.

但我們看到的是，我們能夠在不增加任何成本的情況下應對成長。

So we're seeing some scalability and some operational leverage starting to come in.

因此，我們看到一些可擴展性和一些營運槓桿開始出現。

I would say, as a general point and Bill, correct me if I'm wrong.

我想說的是，作為一個一般觀點，比爾，如果我錯了，請糾正我。

I mean, we're looking for pretty flat expense growth scenarios for the next year or two.

我的意思是，我們正在尋找未來一兩年支出成長相當平穩的情境。

I mean, I don't think it's going to come down, but I certainly think we'll be at or around inflationary type increases.

我的意思是，我不認為它會下降，但我當然認為我們將處於或接近通膨型成長。

We're working very hard to do that.

我們正在非常努力地做到這一點。

And that's hard to do when your business is growing and you're trying to expand, right?

當您的業務不斷增長並試圖擴張時，這很難做到，對嗎？

Because you're having to realize efficiency somewhere else to pay for those investments you continue to make in your business.

因為您必須在其他地方實現效率來支付您繼續在業務中進行的投資。

So I think that's the goal we have.

所以我認為這就是我們的目標。

It could be hard work to get there.

到達那裡可能會很困難。

You've also got the regulators are in business to increase your costs and make things more difficult for you.

監管機構也會增加你的成本，讓你的處境變得更加困難。

So we've got a cost push from the regulators.

因此，我們受到監管機構的成本所推動。

We got a cost push because we want to invest in our business and expand our ecosystem, which we think is fundamental to our long-term success.

我們之所以會增加成本，是因為我們希望投資我們的業務並擴大我們的生態系統，我們認為這是我們長期成功的基礎。

But the offset to that should be -- we should start to see some efficiencies and some operational leverage from some of the technology spend we've put in place already.

但對此的抵消應該是——我們應該開始從我們已經投入的一些技術支出中看到一些效率和一些營運槓桿。

So our hope is that nets out to a pretty small number.

所以我們希望淨值能減少到一個相當小的數字。

So, would you agree with that?

那麼，你同意嗎？

Yeah, exactly

是的，正是如此

(multiple speakers)--

（多位發言者）——

And then just in terms of the fourth quarter, just some of the expense, like the one-time or non-recurring stuff looks like D&A was a bit high professional services a little bit low.

然後就第四季而言，只有一些費用，例如一次性或非經常性費用，看起來 D&A 有點高，專業服務有點低。

I don't know if that's just -- are those good jumping off points or understanding the context of what you said earlier in terms of the marginal growth, but just on the line item basis or any one saw the severance number but any other one-time items to just be aware of in the

我不知道這是否只是——這些是好的起點，還是理解你之前所說的邊際增長的背景，但只是在行項目的基礎上，或者任何人都看到了遣散費，但任何其他人都沒有看到- 需要注意的時間項目

(multiple speakers)--

（多位發言者）——

I would say that the D&A, as you touched on is probably on a run rate going forward is probably more in the high $14 million, maybe around $15 million on a quarterly basis.

我想說的是，正如您所提到的，D&A 可能是未來的運行率，可能會更高，按季度計算可能會高達 1400 萬美元，甚至可能在 1500 萬美元左右。

There was some additional assets -- software put in service in Q4 and nearing up the policies around the world around that.

還有一些額外的資產——第四季度投入使用的軟體，並圍繞該軟體完善了世界各地的政策。

But I would say that's a touch high and as we touched on, there was a little bit of insurance recovery on professional fees.

但我想說，這有點高了，正如我們談到的，專業費用有一點保險賠償。

So I think we came in at $14.5 million, it's probably at least in the immediate future, probably more $15 million, $16 million number.

所以我認為我們的收入為 1450 萬美元，至少在不久的將來可能會增加到 1500 萬美元、1600 萬美元。

(Operator Instructions)

（操作員說明）

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

好的，我現在想將電話轉回給肖恩·奧康納，讓其致閉幕詞。

Well, thanks, everyone.

嗯，謝謝大家。

Thanks for joining us again.

感謝您再次加入我們。

I know it was a little bit of a long call.

我知道這個電話有點長。

Hopefully, you stayed with us.

希望你能留在我們身邊。

Very pleased with the overall results and as I said, thrilled with the StoneX team for all their hard work and thanks to all our customers for trusting us with your business.

對整體結果非常滿意，正如我所說，對 StoneX 團隊的辛勤工作感到興奮，並感謝所有客戶對我們業務的信任。

And on a final note, just like to wish all of those in the US, Happy Thanksgiving next week and happy holidays to everyone else.

最後，祝所有在美國的人下週感恩節快樂，祝其他人節日快樂。

Thanks, all.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。