StoneX Group Inc (SNEX) 2025 Q1 法說會逐字稿

Good day. And thank you for standing by. Welcome to the StoneX Group first quarter, fiscal year 2025 earnings call at this time, (Operator Instructions) I would now like to hand the conference over to your first speaker today, William J. Dunaway, Chief Financial Officer. Please go ahead.

再會。感謝您的支持。歡迎參加 StoneX Group 2025 財年第一季財報電話會議，（操作員指示）現在，我想將會議交給今天的第一位發言人，財務長 William J. Dunaway。請繼續。

Good morning. My name is William Dunaway. Welcome to our earnings conference call for the quarter ended December 31, 2024, our first quarter of fiscal 2025. After the market closed yesterday, we issued a press release reporting our results for the quarter and this release as well as a slide presentation which we will refer to on this call are available on our website at www.stonex.com. The presentation and an archive of the webcast will also be available on our website after the call's conclusion.

早安.我的名字是威廉·達納威。歡迎參加我們截至 2024 年 12 月 31 日的季度（即 2025 財年第一季）的收益電話會議。在昨天市場收盤後，我們發布了一份新聞稿，報告了本季度的業績，該新聞稿以及我們將在本次電話會議上參考的幻燈片演示文稿可在我們的網站 www.stonex.com 上找到。電話會議結束後，簡報和網路廣播的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 considered in conjunction with the most recent financial statements and notes there too included in the form 10-Q filed with the SEC. This discussion may contain forward-looking statements within the meaning of section 27 A of the Securities Act of 1933, as amended and section 21E of the Securities Exchange Act of 1934, as amended, these forward-looking statements involve known and unknown risks and uncertainties which are detailed in our filings with the sec. Although the company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions. There can be no assurances that the company's actual results will not differ materially from any results expected or implied by the company's forward-looking statements.

在開始之前，我們必須通知您，並且所有參與者都應注意，以下討論應結合向美國證券交易委員會提交的 10-Q 表格中包含的最新財務報表和註釋來考慮。本討論可能包含經修訂的 1933 年證券法第 27A 節和經修訂的 1934 年證券交易法第 21E 節所定義的前瞻性陳述，這些前瞻性陳述涉及已知和未知的風險和不確定性，這些在我們向美國證券交易委員會提交的文件中進行了詳細說明。儘管該公司認為其前瞻性陳述是基於對其業務和未來市場狀況的合理假設。無法保證公司的實際結果不會與公司前瞻性陳述所預期或暗示的結果有重大差異。

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. Readers are cautioned that any forward-looking statements are not guarantees of future performance, with that I will now turn the call over to Sean O'Connor the Company's Executive Vice Chairman for a brief intro.

無論是由於新資訊、未來事件或其他原因，本公司均不承擔公開更新或修改任何前瞻性聲明的義務。請讀者註意，任何前瞻性陳述都不能保證未來的業績，因此，我現在將把電話轉給公司執行副董事長肖恩·奧康納 (Sean O'Connor) 進行簡要介紹。

Thanks William. Good morning, everyone and thanks for joining our fiscal 2025, 1st quarter earnings call.

謝謝威廉。大家早安，感謝您參加我們的 2025 財年第一季財報電話會議。

I'm very pleased to report that we continue to build on the momentum we developed during fiscal 2024, with another record quarter to start fiscal 2025. Our second record quarter in a row, we have a different format for the earnings call this time based on feedback we received from some of you over the last couple of quarters. As always, please let us know if you have suggestions for us on the format and content of our earnings call and investor relation steps. So back to you, William.

我很高興地報告，我們將繼續鞏固 2024 財年形成的良好勢頭，並在 2025 財年開始時再創紀錄。這是我們連續第二個季度創下紀錄，根據過去幾季我們從你們那裡收到的一些回饋，這次我們的收益電話會議採用了不同的形式。像往常一樣，如果您對我們的收益電話會議和投資者關係步驟的形式和內容有任何建議，請告知我們。那麼回到你這裡，威廉。

Thank you, Sean. I'll be starting with slide number four in the slide deck. And as Sean just noted, it was a strong start to fiscal 2025, with first quarter net income coming in at $85.1 million and diluted earnings per share of $2.54 which represents 23% and 19% growth over the prior year quarter respectively.

謝謝你，肖恩。我將從幻燈片中的第四張投影片開始。正如肖恩剛才指出的那樣，2025 財年開局強勁，第一季淨收入達到 8,510 萬美元，每股攤薄收益為 2.54 美元，分別比去年同期增長 23% 和 19%。

In addition, these measures were up 11% and 9% versus our immediately preceding record fourth quarter.

此外，這些指標與我們先前創紀錄的第四季相比分別上漲了 11% 和 9%。

This represented a 19.5% ROE despite a 51% increase in book value over the last two years, we had record operating revenues of $944.3 million up 20% versus the prior year and up 3% versus the immediately preceding quarter.

儘管過去兩年帳面價值成長了 51%，但 ROE 仍達到 19.5%，我們的營業收入達到創紀錄的 9.443 億美元，比上年增長 20%，比上一季增長 3%。

As a reminder, our operating revenues include not only interest and fees, income earned on our client balances but also carried interest that is related to our fixed income trading activities, net operating revenues which nets off interest expense including that which is associated with our fixed income trading activities, as well as introducing broker commissions and clearing fees were up 17% versus a year ago and 8% versus the record achieved in the immediately preceding quarter.

提醒一下，我們的營業收入不僅包括利息和費用、客戶餘額所獲得的收入，還包括與我們的固定收益交易活動相關的附帶權益，扣除利息支出（包括與我們的固定收益交易活動相關的利息支出）後的淨營業收入，以及介紹經紀人佣金和清算費用比去年同期增長了 17%，比上一季的記錄增長了 8%。

Total compensation and expenses were up 17% versus the prior year quarter and 7% versus the immediately preceding quarter.

總薪酬和費用比去年同期增長了 17%，比上一季增長了 7%。

Variable compensation was up 9% versus the prior year. Less than the growth rate of net operating revenues, fixed compensation and related costs were up 24% versus a year ago and up 6% or $7.1 million versus the immediately preceding quarter.

浮動薪酬較前一年上漲了 9%。低於淨營業收入成長率的是，固定薪酬和相關成本比去年同期成長了 24%，比上一季成長了 6% 或 710 萬美元。

The current quarter includes $5.8 million in fixed compensation expense related to a departing executive officer excluding variable compensation and the charges related to departing executive officer. Total compensation and other expenses were up 2% versus the immediately preceding quarter.

本季包括與離任主管相關的 580 萬美元固定薪酬費用（不包括浮動薪酬和與離職高階主管相關的費用）。總薪酬及其他費用較上一季上漲 2%。

It is of note that the income before tax for the first quarter of fiscal 2025, includes gains of $5.7 million related to class action settlements received which are relate included in other gain. Looking at it from a longer standpoint, our trailing 12 month results show operating revenues up 18% net income of $276.8 million up 20% with earnings per share of $8.37 and an ROE of 17% for the trailing 12 month period.

值得注意的是，2025 財年第一季的稅前收入包括與收到的集體訴訟和解相關的 570 萬美元收益，這些收益包含在其他收益中。從長遠來看，我們過去 12 個月的業績顯示，營業收入成長 18%，淨收入為 2.768 億美元，成長 20%，每股收益為 8.37 美元，過去 12 個月的 ROE 為 17%。

We ended the first quarter of fiscal 2025, with a book value per share of $55.48.

我們結束了 2025 財年第一季度，每股帳面價值為 55.48 美元。

Next turning to slide number five in the earnings deck which compares quarterly operating revenues by product as well as key operating metrics versus a year ago.

接下來請看收益報告中的第五張投影片，其中比較了各產品的季度營業收入以及與去年同期相比的關鍵營運指標。

Well, in the first quarter of fiscal 2025, volatility continued to be generally low, with the exception of a select few products, we saw continued growth in client engagement represented by an increase in transactional volumes across all of our product offerings as well as a very strong growth in operating revenues derived from physical contracts.

嗯，在 2025 財年第一季度，波動性繼續保持普遍較低的水平，除少數幾款產品外，我們看到客戶參與度持續增長，這體現在我們所有產品的交易量都有所增加，以及實物合約產生的營業收入也呈現非常強勁的增長。

The spread capture continued to be challenged in certain areas particularly in OTC derivatives and payments due to diminished volatility and market conditions. Our recent events have shown that this can change rapidly so we can hopefully see that we may see better market conditions in the future.

由於波動性和市場條件減弱，利差捕獲在某些領域繼續受到挑戰，特別是在場外衍生性商品和支付領域。我們最近發生的事件表明這種情況可能會迅速改變，因此我們希望看到未來可能會看到更好的市場狀況。

Just touching on a few key highlights for the quarter, we saw operating revenues derived from physical contracts up 80% versus the prior year off the str off the back of strong growth in both our precious metals and our physical ag and energy businesses. Most notably in cotton and cocoa FX/CFD revenues were up 32% due to both a 7% increase in average daily volume as well as a 22% increase in RPM, driven by improved retention and product mix.

僅談及本季的幾個關鍵亮點，我們發現實物合約產生的營業收入較上年同期增長了 80%，這得益於我們的貴金屬和實物農業及能源業務的強勁增長。最顯著的是棉花和可可的外匯/差價合約收入增加了 32%，這得益於日均交易量增加了 7%，RPM 增加了 22%，這得益於保留率和產品組合的提高。

Securities revenues were up 27% with volumes up 40% which was partially offset by a 20% decline in rate per million due to continued growth in lower spread products such as US, treasuries and US listed equities combined with diminished market volatility, Payments, revenues were down a modest 4% versus a record year ago quarter but up 20% versus the immediately preceding quarter. OTC derivatives revenues were down 18% largely due to revenue capture being down 22%.

證券收入增長 27%，交易量增長 40%，但由於美國國債和美國上市股票等低利差產品的持續增長以及市場波動性的減弱，每百萬利率下降 20%，部分抵消了這一增長。支付收入與去年同期創紀錄的水平相比小幅下降 4%，但與上一季相比增長了 20%。場外衍生性商品收入下降 18%，主要是因為收入獲取下降 22%。

Our interest in fee income earned on our aggregate client phone including both listed derivative client equity and money market FDIC suite balances increased 9% versus the immediately prior versus the prior year, primarily driven by growth in client balances.

我們對包括上市衍生性商品客戶股票和貨幣市場 FDIC 套件餘額在內的總客戶電話所賺取的費用收入的利息較上年同期增長了 9%，這主要得益於客戶餘額的增長。

Turning to slide 6, this depicts a waterfall by product of net operating revenues from both the prior year quarter to the current one as well as the same for the trailing 12 month periods.

翻到幻燈片 6，它描繪了從去年同期到本季以及過去 12 個月的淨營業收入的瀑布圖。

Just a reminder, net operating revenues represents operating revenues less introducing broker commissions, clearing fees and interest expense for the quarter. Net operating revenues increased 17% with the largest gains coming from physical contracts up $35.1 million and FX/CFDs up $24.1 million, while interest and fee income on client balances increased $14.4 million.

提醒一下，淨營業收入代表營業收入減去本季的介紹經紀佣金、清算費和利息支出。淨營業收入成長 17%，其中最大增幅來自實物合約成長 3,510 萬美元和外匯/差價合約成長 2,410 萬美元，而客戶餘額的利息和費用收入增加了 1,440 萬美元。

Looking at the bottom of the graph for the trailing 12 month period shows a slightly different picture with large increases coming from interest and fee income securities and FX/CFDs contracts which represents well, the diversity of the StoneX model moving on to slide number seven, I will do a quick review of our segment performance.

查看過去 12 個月的圖表底部，可以看到略有不同的情況，利息和費用收入證券以及外匯/差價合約的大幅增長很好地體現了 StoneX 模型的多樣性。轉到第七張投影片，我將快速回顧我們的分部表現。

All segments were up in both net operating revenue and segment income with the exception of payment, which I noted earlier was modestly down from a record prior year quarter.

除支付部門外，所有部門的淨營業收入和部門收入均有所增長，我之前提到過，支付部門較去年同期的創紀錄水平略有下降。

In addition, we saw margin expansion across all segments with a very strong result in our self-directed retail segment. Our commercial segment grew net operating revenue 16% primarily driven by the strong performance in physical contracts which is partially offset by lower OTC derivative revenues.

此外，我們看到所有部門的利潤率都有所擴大，其中自主零售部門的業績非常強勁。我們的商業部門淨營業收入成長了 16%，這主要得益於實物合約的強勁表現，但場外衍生性商品收入的下降部分抵消了這一成長。

Segment income was 17% on a sequential basis, net operating revenues were 13% and segment income was up 15%.

分部營收季增 17%，營業淨收入成長 13%，分部營收成長 15%。

Our institutional segments on net operating revenues and segment income grow 17% and 20% respectively.

我們的機構分部的淨營業收入和分部收入分別成長17％和20％。

The growth in net operating revenues was principally driven by a $4.3 million increase in securities revenue and a $17.2 million increase in interest and fee income earned on client balances, partially offsetting the data operating revenue growth non-variable fixed expenses increased 17%. However, that was a 10% decline versus the immediately preceding quarter. On a sequential basis, both net operating revenues and segment income were relatively flat.

淨營業收入的成長主要得益於證券收入增加 430 萬美元以及客戶餘額利息和費用收入增加 1,720 萬美元，部分抵消了數據營業收入成長非可變固定費用增加 17% 的影響。然而，與上一季相比下降了 10%。與上一季相比，淨營業收入和分部利潤均相對持平。

Self-directed retail had a record quarter with net operating revenues up 41% and segment income up 98% which demonstrates the operating leverage in this business. This is primarily driven by increases in average daily volume rate per million in the FX/CFD contract.

自營零售本季創下紀錄，營業淨收入成長 41%，分部營收成長 98%，反映了該業務的經營槓桿作用。這主要是由於外匯/差價合約每百萬日平均交易量增加所致。

On a sequential basis net operating revenues were up 24% and that green income was up 91%. In our payment segment net operating revenues were down 5% and segment income was down 3% principally due to tighter FX spreads and several of our key payment corridors, while average daily volume was up 12% on a sequential basis that are operating revenues were up 21% and segment income up 38%.

與上一季相比，淨營業收入成長了 24%，綠色收入成長了 91%。在我們的支付部門，淨營業收入下降了 5%，部門收入下降了 3%，主要是由於外匯利差收窄以及我們的幾個主要支付管道，而日均交易量環比增長了 12%，營業收入增長了 21%，部門收入增長了 38%。

Next. Moving on to slide number eight, looking at our segment performance for the trailing 12 months, we saw strong growth in our institutional segment with net operating revenues up 22% and segment income increasing 26%. In addition, our self-directed retail segments increased net operating revenues and segment income 25% and 87% respectively.

下一個。我們繼續看第八張投影片，回顧過去 12 個月的分部業績，我們發現機構分部成長強勁，淨營業收入成長 22%，分部營收成長 26%。此外，我們的自營零售部門淨營業收入和部門收入分別成長了25％和87％。

Our commercial and payment segments were relatively flat on a segment income basis.

我們的商業和支付部門的部門收入相對持平。

Finally moving on to slide number nine, which depicts our interest and fees earned on client balances by quarter as well as a table which shows the annualized interest rate sensitivity for a change in short term interest rate, the interest and fee income net of interest paid to clients and the effective interest rate swaps increased $14.4 million to $77.4 million in the current period. This represents a $6 million decline from the immediately preceding quarter as we are starting to feel the effects of the FX and to reduce short term rates.

最後，請看第九張投影片，它按季度展示了我們客戶餘額所賺取的利息和費用，以及一個表格，該表格顯示了短期利率變化的年化利率敏感度，扣除支付給客戶的利息和有效利率互換後的利息和費用收入在本期增加了 1,440 萬美元，達到 7,740 萬美元。由於我們開始感受到外匯的影響並降低短期利率，這比上一季下降了 600 萬美元。

As noted in the table, we estimate 100 basis point change in short term interest rates either up or down would result in a change to net income by $27.7 million or [78] per share on an annualized basis.

如表所示，我們估計短期利率上升或下降 100 個基點的變化將導致淨收入發生 2,770 萬美元或[78]/年的變化。

On a final note, before I turn it back to Sean for a strategy update yesterday, our board of directors approved a three for two stock split of its common stock. The stock split will be affected as a stock dividend, entitling each stockholder of record to receive one additional share of common stock for every two shares owned. Additional shares issued as a result of the stock dividend will be distributed after the close of trading on March 21, 2025, to stockholders of record at the close of business on March 11, 2025, cash will be distributed in lieu of fractional shares based on the opening price of the share of common stock on March 12, 2025, trade and expected to begin on a stock split adjusted basis on the market open on March 24, 2025.

最後要說的是，在昨天我將策略更新轉交給 Sean 之前，我們的董事會批准了普通股三拆二的股票分割。股票分割將以股票紅利的形式產生，每位登記股東每持有兩股股票將獲得一股額外的普通股。因股票股利而發行的額外股份將於 2025 年 3 月 21 日交易結束後分配給 2025 年 3 月 11 日交易結束時登記在冊的股東，將根據 2025 年 3 月 12 日普通股的開盤價以代替零零股票進行交易，並預計 2025 年在股票市場開盤後預計

With that, I will hand you back to Sean.

說完這些，我就把你交還給肖恩。

Thanks William in our prior earnings call covering the full fiscal year 2024, results. I reviewed our overall corporate strategy in some detail. So, I will not repeat all of that each quarter, but rather focus on any significant updates or developments that we believe are noteworthy.

感謝威廉在我們先前的收益電話會議上介紹 2024 財年全年業績。我詳細回顧了我們的整體公司策略。因此，我不會每季重複所有這些內容，而是專注於我們認為值得注意的任何重大更新或發展。

As you no doubt saw there was an announcement late last year about some management changes. So, perhaps that's a good place to start. So, turning to slide 11, it's been 22 years since I took the position in what is now StoneX and became CEO from humble beginnings, just 10 people and less than $10 million in equity. We have gone into our financial franchise with nearly 5000 employees and over $3 billion in revenue and market capitalization.

正如您所看到的，去年年底發布了一些有關管理變更的公告。所以，也許這是一個好的起點。那麼，翻到第 11 張投影片，從我出身卑微（只有 10 名員工和不到 1000 萬美元的股權）擔任現在的 StoneX 的執行長到現在已經 22 年了。我們已進入金融特許經營領域，擁有近 5,000 名員工，收入和市值超過 30 億美元。

These achievements are really a testament to the incredible team at StoneX whose hard work has made this journey possible and provided me with an experience beyond my wildest dreams, leading this company has been an enormous privilege and one for which I am deeply grateful.

這些成就真正證明了 StoneX 團隊的出色表現，他們的辛勤工作使這次旅程成為可能，並為我提供了超越我最瘋狂夢想的體驗，領導這家公司對我來說是一個巨大的榮幸，我對此深表感激。

However, I believe that the time had come to start the transition to the next generation of exceptionally capable leaders out of a fast moving industry and it's important that every level, we are bringing in new talent and moving our proven leaders into new areas to look at things in new ways. We have constantly done this throughout the organization and is part of our success. Changes are always best done from a position of strength when things are going well, when you have momentum behind you and a very strong bench in position and ready to go with this in mind. I was pleased that late last year, we announced that Philip Smith and Charles Lyon have taken on day to day leadership of Stonex as CEO and President respectively. With these changes, I have transitioned to the role of Executive Vice Chairman, remaining a full time employee, a member of the Executive Committee and with a focus on strategy, Philip Charles and I have worked together for 20 years and I have complete confidence in their ability to build on our track record of success.

然而，我相信現在已經到了從快速發展的行業中開始向下一代非常有能力的領導者過渡的時候了，重要的是，我們在每個層面上都引進新的人才，並將我們經驗豐富的領導者調到新的領域，以新的方式看待事物。我們在整個組織內不斷地這樣做，這是我們成功的一部分。當事情進展順利時，當你擁有強大的動力和強大的後備力量並隨時準備做出改變時，最好從強勢地位出發進行改變。我很高興，去年年底，我們宣布菲利普史密斯和查爾斯里昂分別擔任 Stonex 的執行長和總裁，負責公司的日常領導工作。隨著這些變化，我已轉任執行副董事長一職，仍然是一名全職員工、執行委員會成員，並專注於戰略，菲利普·查爾斯和我已經一起工作了 20 年，我完全相信他們有能力在我們成功的記錄的基礎上再接再厲。

I have asked Philip and Charles to join us today on the call to introduce them to you and perhaps they can each give you a little background on themselves. So, Philip and Charles over to you guys.

我邀請了菲利普和查爾斯今天參加我們的電話會議，向你們介紹他們，也許他們可以分別向你們介紹自己的背景。那麼，菲利普和查爾斯交給你們了。

Good morning. Thank you, Sean. I am Philip Smith, previously, Chief Executive of Europe, Middle East and Africa. I have been with StoneX since 2004, following the acquisition of global currencies limited A UK based emerging market foreign exchange provider, which today, is our payment segment. This UK based business has been the foundation upon which we have successfully built out the full StoneX product offering in London over the last 20 years.

早安.謝謝你，肖恩。我是菲利普‧史密斯 (Philip Smith)，曾任歐洲、中東和非洲執行長。我於 2004 年加入 StoneX，當時 StoneX 收購了英國新興市場外匯供應商 global currencies limited，如今，該公司已成為我們的支付部門。這家英國企業是我們過去 20 年來在倫敦成功推出全套 StoneX 產品的基礎。

I am both humbled and excited to be appointed the group Chief executive for StoneXin politics. One might say I have climbed to the top of the greasy pole, but I see this as being given a huge opportunity to continue on the adventure that is StoneX. This is a company like no other with a successful track record, like no other and all that is down to the leadership of Sean O'Connor, a mentor for whom I have worked since 2004.

我很榮幸也很高興被任命為 StoneXin 政治集團的執行長。有人可能會說我已經爬到了最巔峰，但我認為這是繼續 StoneX 冒險的巨大機會。這是一家與眾不同的公司，擁有著獨一無二的成功記錄，這一切都歸功於肖恩·奧康納 (Sean O’Connor) 的領導，自 2004 年以來，我一直為他的導師工作。

I have poured my heart and soul into the success of this company and feel a huge level of excitement for the opportunities that lay ahead.

我全心投入這家公司的成功中，並對未來的機會感到無比興奮。

The disciplined approach to expanding the StoneX ecosystem by geography, by product or by acquisitions of teams and businesses has resulted in StoneX being the premier financial services firm that it is today. We shall continue along these successful lines each and every day to ensure we maintain our relevance to our clients, our counterparties and the broader market like shown, I too have worked with Charles since 2004, and have a huge amount of respect and friendship with him. I view this next phase of the management of StoneX with excitement and enthusiasm. Thank you.

透過地理、產品或團隊和企業收購來擴展 StoneX 生態系統的嚴謹方法，使 StoneX 成為如今首屈一指的金融服務公司。我們每天都會沿著這些成功的路線繼續前進，以確保我們與客戶、交易對手和更廣泛的市場保持相關性，正如所示，我也從 2004 年開始與查爾斯合作，並且對他懷有極大的尊重和友誼。我滿懷興奮和熱情地展望 StoneX 管理的下一階段。謝謝。

Thank you, Philip, and Sean. Good morning, all. I am Charles Lyon. I started my career at StoneX in 1999, after college as my first job and I worked at StoneX in my entire career, I began working on the international equity market making desk, eventually helping to lead the growing equity trading business through business expansion acquisitions and new product growth.

謝謝你，菲利普和肖恩。大家早安。我是查爾斯·里昂。我於 1999 年在 StoneX 開始了我的職業生涯，大學畢業後，這是我的第一份工作，我的整個職業生涯都在 StoneX 工作，我開始在國際股票做市部門工作，最終透過業務擴張收購和新產品增長幫助領導不斷增長的股票交易業務。

Over the years, my roles expanded to oversee securities clearing, fixed income trading, equity derivatives, prime brokerage, outsourced trading, wealth management, and self directed trading. I have also helped to manage our derivatives and FX activities both exchange traded and over the counter. My role has evolved over the years and my recent focus has been working with our technology operations, trading and risk teams which are all critical to ensuring that we are well positioned to maximize the incredible opportunity in front of us at StoneX. It is an overwhelming privilege to continue serving the teams, clients and shareholders of the organization focusing on developing and deploying our group strategy for future success. Thank you very much.

多年來，我的職責範圍擴大到監督證券清算、固定收益交易、股票衍生性商品、大宗經紀、外包交易、財富管理和自主交易。我還幫忙管理我們的場內和場外衍生性商品和外匯活動。多年來，我的角色一直在演變，最近的重點是與我們的技術營運、交易和風險團隊合作，這些團隊對於確保我們能夠最大限度地利用 StoneX 面臨的難以置信的機會至關重要。能夠繼續為組織的團隊、客戶和股東提供服務並專注於制定和部署我們的集團策略以取得未來的成功，我深感榮幸。非常感謝。

Thanks guys. I am very excited and confident that Philip and Charles have the experience skills, the internal support and most of all the passion to continue our amazing strategy.

謝謝大家。我非常高興並相信菲利普和查爾斯擁有豐富的經驗、技能、內部支持以及最重要的熱情來繼續我們令人驚嘆的策略。

Moving on to highlight a few strategy updates. We just last week closed the acquisition of Octo Finance, a leading fixed income trading firm in Paris with experience in bond and convertible securities, debt, capital markets and credit research. Octo is a footprint of over 500 clients including banks, insurance companies, debt funds, mutual funds and wealth managers.

接下來重點介紹一些戰略更新。我們上週剛完成對 Octo Finance 的收購，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豐富的經驗。Octo 擁有超過 500 個客戶，包括銀行、保險公司、債務基金、共同基金和財富管理公司。

The acquisition provides us with broad access into the EU institutional market and we believe we will be able to significantly enhance and grow the octo product offering. We have already been, we have already been working closely with OCTO while we are waiting for regulatory approval and have collaborated on a number of successful capital markets mandates validating the rationale and fit with StoneX.

此次收購為我們進入歐盟機構市場提供了廣闊的管道，我們相信我們將能夠顯著增強和擴大八元選擇權產品供應。在等待監管部門批准的同時，我們與 OCTO 密切合作，並合作完成了多項成功的資本市場授權，以驗證了 StoneX 的合理性和契合度。

In early December 2024, we received approval from the Central Bank of Ireland as a virtual asset service provider allowing us to operate a digital asset business in Europe as one of the first such approved entities, this will allow us to provide execution and custody services for digital assets, which will be integrated into our suite of prime brokerage services, complementing our existing capabilities and equities, ETS futures and treasuries. As I mentioned in the last call during 2024, we saw the US prime business grow by about 30% as we were able to internalize capabilities and spreads from our other existing business lines. Some of this growth was fueled by growth in the ETF space where we offer a unique custody and execution solution for the new wave of alternative ETFs being launched. This strong momentum continued into Q1, with record revenues for that business.

2024 年 12 月初，我們獲得愛爾蘭中央銀行的批准，成為虛擬資產服務提供商，允許我們作為首批獲批實體之一在歐洲運營數位資產業務，這將使我們能夠提供數位資產的執行和託管服務，這些服務將整合到我們的大宗經紀服務套件中，補充我們現有的能力和股票、ETS 期貨和國債。正如我在 2024 年的上次電話會議中提到的那樣，由於我們能夠將其他現有業務線的能力和利差內部化，我們看到美國主要業務增長了約 30%。這一成長部分得益於 ETF 領域的成長，我們為新一波另類 ETF 提供獨特的託管和執行解決方案。這一強勁勢頭持續至第一季度，該業務的收入創下歷史新高。

Early in the quarter, we completed our acquisition of JBR Recovery, a Silver Recycler in the UK. One of only two companies accredited by the London Bullion market for good delivery silver to the London Bullion markets giving us a reliable access to metal while internalizing the refining margin and facilitating responsible reuse and recycling of secondary or waste materials.

本季度初，我們完成了英國銀回收商 JBR Recovery 的收購。我們是僅有的兩家獲得倫敦金銀市場認可、能夠向倫敦金銀市場提供優質交割白銀的公司之一，這為我們提供了可靠的金屬獲取管道，同時實現了精煉利潤的內部化，並促進了二次或廢料的負責任的再利用和回收。

We are also launching our own CME approved vault in New York which will allow our clients to deliver and receive physical gold in settlements of derivative contracts as well as allow us to hold precious metals for our end clients. We believe that this should be approved by the CME in Q2, the last six quarters or so have seen growing earnings momentum for our business. Despite declining volatilities over that period and more recently declining interest rates, we remain very optimistic about our trajectory and our ability to sustain it. For the medium to long term. Our diversified businesses served to offset some of the market headwinds and we have an enormous addressable market in front of us. While it is difficult to be precise, we believe that we have single digit market share in certain niche markets where we have traditionally focused. But in the broader financial markets where we now compete, our market share barely rises to a single percentage point. We believe that our growth strategy is underpinned by the following obstructive market dynamics driven by regulation that will enable us to capture market share from larger banks, leveraging our geographic footprint to expand into markets where we are underrepresented, adding new products and services to our ecosystem, the whitespace to create new revenue streams, cross selling our existing ecosystem of products and services to our growing client base and scaling our self-directed offering to broaden our addressable market and overcoming the limitations of a high touch approach and geographic reach.

我們還將自己在紐約推出經 CME 批准的金庫，這將允許我們的客戶在衍生合約結算中交付和接收實體黃金，並允許我們為最終客戶持有貴金屬。我們相信這應該會在第二季度得到芝加哥商品交易所的批准，過去六個季度左右，我們的業務盈利勢頭不斷增長。儘管在此期間波動性有所下降，而且最近利率也有所下降，但我們對我們的發展軌跡和維持這種軌蹟的能力仍然非常樂觀。就中長期而言。我們的多元化業務抵消了部分市場阻力，我們面前有一個巨大的潛在市場。雖然很難準確判斷，但我們相信，在我們傳統上關注的某些利基市場中，我們的市場份額為個位數。但在我們現在競爭的更廣泛的金融市場中，我們的市佔率僅僅上升了一個百分點。我們相信，我們的成長策略以監管驅動的以下阻礙性市場動態為基礎，這些動態將使我們能夠從大型銀行手中奪取市場份額，利用我們的地理覆蓋範圍擴展到我們代表性不足的市場，為我們的生態系統增加新產品和服務，創造新收入來源的空白，向我們不斷增長的客戶群交叉銷售我們現有的產品和服務生態系統，並擴大我們的自主產品範圍，以擴大我們的方式，以擴展我們現有的產品和服務生態

We decided that based on the feedback received, it might be informative for us to focus on one of our businesses each quarter and to give you perhaps a deeper dive into what we are doing at StoneX. So, we will start that this quarter and Philip will be kicking us off with payments. Philip over to you.

我們決定，根據收到的回饋，我們每季應該專注於一項業務，並讓您更深入地了解我們在 StoneX 所做的事情。因此，我們將從本季開始，Philip 將為我們開始付款。菲利普交給你了。

Thank you, Sean, and good morning to all listening in, as Sean mentioned, I'll be providing a deeper dive into our payments business, which is a business near and dear to my heart. That is where I began my career 30 years ago this year.

謝謝你，肖恩，大家早上好，正如肖恩所提到的，我將深入探討我們的支付業務，這是我非常關心的業務。今年是30年前，我的職業生涯就是從這裡開始的。

Firstly, a high-level overview on slide 13, this business started out as a specialized foreign exchange trading firm where we sought to help clients obtain better execution in emerging and frontier currencies not well served by larger banks. This ended up becoming a payments capability, facilitating facilitating clients who looking to get local currency into a local bank account efficiently and effectively.

首先，第 13 張投影片上有高層概述，該業務最初是一家專門的外匯交易公司，我們試圖幫助客戶在大型銀行無法很好服務的新興和前沿貨幣方面獲得更好的執行。這最終成為一種支付能力，方便那些希望將當地貨幣有效率地轉入當地銀行帳戶的客戶。

StoneX has over the last 20 years developed what we believe to be the largest correspondent banking network of any nonbank financial institution in the world which allows us to seamlessly deliver local currency into local bank accounts in over 180 countries. We have successfully disrupted the traditional payments channels which were highly inefficient and opaque throughout the non-G 20 markets.

在過去的 20 年裡，StoneX 開發了我們認為是世界上任何非銀行金融機構中最大的代理銀行網絡，這使我們能夠將當地貨幣無縫地轉移到 180 多個國家的當地銀行帳戶。我們成功地顛覆了非 G20 市場中效率極低且不透明的傳統支付管道。

We believe StoneX payments is the premier gateway to the global payments ecosystem, facilitating seamless cross border transactions across a vast array of currencies engineered as a world class API driven solution. It combines advanced automation with superior execution capabilities and transparency, ensuring efficiency, security, and reliable payment processing for enterprises worldwide. As you can see from the slide, we provide access to 140 currencies in over 180 current countries which is effectively every country except those that are sanctioned.

我們相信 StoneX 支付是全球支付生態系統的首要門戶，可促進跨多種貨幣的無縫跨境交易，並設計為世界一流的 API 驅動解決方案。它將先進的自動化與卓越的執行能力和透明度相結合，確保全球企業的高效、安全和可靠的支付處理。正如您從幻燈片中看到的，我們目前提供超過 180 個國家的 140 種貨幣，這實際上涵蓋了除受制裁國家以外的所有國家。

This service is provided to over 2000 active clients. We achieved this with a network of over 385 correspondent banks in country and over 400 staff located around the world.

該服務提供給超過 2000 名活躍客戶。我們透過全國 385 多家代理商銀行和遍布全球 400 多名員工的網路實現了這一目標。

Turning to slide 14. This helps explain who we serve with our clients Split between four segments, international development organizations, financial institutions, Corporates and Educational Institutions. So, starting with international development organizations, this is made up of charitable nonprofits NGOs and Supernational agencies, all of whom are sending funds around the world funding their global field operations or directly paying vendors and supplier invoices.

翻到第 14 張投影片。這有助於解釋我們服務的對象，我們的客戶分為四個部分：國際發展組織、金融機構、企業和教育機構。因此，從國際發展組織開始，它由慈善非營利組織、非政府組織和超國家機構組成，所有這些組織都向世界各地發送資金，資助其全球實地業務或直接支付供應商和供應商發票。

In the last quarter, this segment represented approximately 40% of the revenue generated, Financial institutions these are the 80 plus global commercial banks, central banks, credit unions, as well as regional and community banks who use the payments capability of StoneX to satisfy the demands of their banking and commercial client base worldwide. This segment now also includes six nonbank financial institutions who offer StoneX payment services to their underlying corporate clients.

上個季度，該部分收入約佔總收入的 40%，金融機構包括 80 多家全球商業銀行、中央銀行、信用合作社以及區域和社區銀行，它們使用 StoneX 的支付功能來滿足其全球銀行和商業客戶群的需求。該部門目前還包括六家非銀行金融機構，它們為其基礎企業客戶提供 StoneX 支付服務。

And in the last quarter, this segment represented approximately 55% of the revenue generated Corporates and universities. I put together being the two smallest segments, the areas we are actively expanding into with over 20,000 commercial clients within the overall StoneX group we are leveraging that client base to cross sell our payments capability. We've also spent the last few quarters enhancing our client facing platforms and hiring specialist teams to launch the payments capability of StoneX to universities and colleges globally where we believe there is a meaningful opportunity to add value as a true last mile payment provider from an organic growth perspective, we are proud to report that in the last four quarters, Stonex added 134 IDO clients, seven banks and financial institutions and 39 Corporates and universities, and we see a robust pipeline growing well into our new fiscal year.

上個季度，該部分收入約佔企業和大學總收入的 55%。我把這兩個最小的部分放在一起，我們正在積極擴展這些領域，整個 StoneX 集團擁有超過 20,000 個商業客戶，我們正在利用該客戶群來交叉銷售我們的支付能力。我們還在過去幾季中加強了面向客戶的平台，並聘請了專業團隊，向全球的大學和學院推出 StoneX 的支付功能，我們相信從有機增長的角度來看，作為真正的最後一英里支付提供商，這是一個有意義的增值機會，我們很自豪地報告，在過去四個季度中，Stonex 增加了 134 個 IDO 客戶、7 家銀行和金融家，Sex的通路將強勁成長。

Among the recent additions to our client base, you will find esteemed organizations such as NatWest Bank, MUFG and Visa.

在我們最近增加的客戶群中，您會發現 NatWest Bank、MUFG 和 Visa 等知名組織。

We also continue to expand our correspondent banking network of over 385 banks which enables us to navigate market conditions prudently without the risk of concentration or revenue dependence on any specific payment corridors. By region in the last four quarters, we added nine new correspondent banks in A PAC, 11 in EMEA and nine in the Americas. We believe that our brand, our balance sheet, our formidable track record as a provider to some of the world's largest institutions and our expertise in connecting to high and low value clearing systems around the world allows us to dynamically manage our infrastructure and add or replace endpoints with great efficiency to meet our client demands.

我們也將繼續擴大我們的代理銀行網絡，該網絡由 385 多家銀行組成，這使我們能夠審慎地應對市場狀況，而不會面臨集中或收入依賴任何特定支付管道的風險。按地區劃分，在過去四個季度中，我們在 A PAC 增加了 9 家新的代理行，在歐洲、中東和非洲地區增加了 11 家，在美洲增加了 9 家。我們相信，我們的品牌、我們的資產負債表、我們作為世界上一些最大機構的供應商的卓越業績記錄以及我們在連接世界各地高價值和低價值清算系統方面的專業知識使我們能夠動態地管理我們的基礎設施並以極高的效率添加或替換端點，以滿足客戶的需求。

Moving to slide 15. This sets out our annual financial performance for the payment segment since 2019.

移至投影片 15。這列出了我們自 2019 年以來支付部門的年度財務表現。

It is worth reminding our investors that over the last 20 years, we have seen a consistent double digit year on year revenue growth in this product line with 2024, seeing the 1st year on year decline, albeit by 1%.

值得提醒我們的投資者，在過去的 20 年裡，我們看到該產品線的收入連續保持兩位數的同比增長，但到 2024 年，將首次出現同比下降，儘管下降了 1%。

The first financial quarter is historically, historically, a strong quarter for us due to the calendar year end seasonality of funding from our IDO client base and large corporate flows that come through our F I clients. This is reflected in the Q1,2025, revenue of $58.1 million which represents our second strongest quarter in the history of this business. It is a 20% increase in operating revenue on the immediately preceding quarter and a 4% decrease year on year, which in itself was an all time record quarter albeit in an outlier period of volatility and emerging market dislocation that has normalized in 2024.

從歷史上看，第一財季對我們來說是一個強勁的季度，這得益於我們 IDO 客戶群的資金在年末的季節性，以及透過我們的 F I 客戶獲得的大量企業資金流入。這反映在 2025 年第一季的營收為 5,810 萬美元，這是我們業務歷史上第二強勁的季度。與上一季相比，營業收入成長了 20%，與去年同期相比下降了 4%，儘管處於波動和新興市場混亂的異常時期（2024 年已恢復正常），但這本身就是一個創歷史新高的季度。

We saw a 12% increase in average daily volume year on year to $84 million an increase of nearly 100% from 2020. And whilst our revenue per million contracted by approximately 17% year on year, the underlying revenue was bolstered by a 15% year on year growth in our transaction. Volumes of payments processed.

我們看到日均交易量年增 12%，達到 8,400 萬美元，比 2020 年增長了近 100%。雖然我們的百萬收入年減了約 17%，但交易額年增 15%，推動了基礎收入的成長。處理的付款量。

This growth was driven consistently across both our international development organizations and our financial institutions segments.

這一增長是由我們的國際發展組織和金融機構部門持續推動的。

We believe the overall US dollar strength, particularly in the November and December months also drove more demand than wehave seen previously in the customary seasonality of these segments. Of the 140 currencies we provide to our clients, we saw healthy geographical diversification across our top corridors with noteworthy demand in key central Asian Sub Saharan, African and Latin American markets. Whilst we do expect subsequent quarters to normalize in terms of volume. We have seen a strong start to the calendar year in January with several new clients working towards their first transactions with us.

我們認為，美元整體走強，尤其是在 11 月和 12 月，也推動了這些領域的需求，比我們之前在這些領域的常見季節性中看到的要大。在我們提供給客戶的 140 種貨幣中，我們看到主要貨幣走廊的地理分佈十分健康，其中主要中亞撒哈拉以南地區、非洲和拉丁美洲市場的需求顯著。儘管我們確實預計後續幾季的交易量將恢復正常。我們看到，今年一月開局強勁，已有數位新客戶與我們進行首次交易。

Moving to slide 16, we can highlight some of the current strategic initiatives for the payments business.

轉到第 16 張投影片，我們可以重點介紹支付業務的一些當前策略舉措。

We start with building our ecosystem, the payments technology journey which began in earnest in 2022, when we embarked on a significant overhaul and an inhouse rebuild of our entire front to back stoneX payments technology stack. This included client facing platforms, trading and risk management modules and a bespoke core payments engine built from scratch patent pending.

我們從建立我們的生態系統開始，支付技術之旅於 2022 年正式開始，當時我們開始對整個前後端 stoneX 支付技術堆疊進行重大改革和內部重建。其中包括面向客戶的平台、交易和風險管理模組以及正在申請專利的客製化核心支付引擎。

This large increase in payment processing capacity will take us from millions of payments per year to millions of payments per month. This has allowed us to eliminate vendor dependencies and service our clients from an in house platform that is optimized for the future of payments rather than beholden to the off the shelf limitations of the past.

支付處理能力的大幅提升將使我們的支付處理量從每年數百萬筆增加到每月數百萬筆。這使我們能夠消除對供應商的依賴，並透過針對未來支付進行最佳化的內部平台為客戶提供服務，而不受過去現成的限制。

With this significant increase in the payment capacity, the start of the [CDIC] system. Our investment in technology is also extended to include machine learning to enhance data validation which improves efficiency and driving delivery speeds whilst also reducing errors in payment settlement data.

隨著支付能力的大幅提升，[CDIC]系統也開始啟動。我們對科技的投資也擴展到包括機器學習，以增強資料驗證，從而提高效率並推動交付速度，同時減少支付結算資料中的錯誤。

Moving on to growing and diversifying our client base.

繼續擴大和多樣化我們的客戶群。

Whilst we have long focused on the value of providing world class FX payout solutions and infrastructure. We are now actively so facilitating FX repatriations and payings as demanded by our growing client base in Brazil, which is one of our largest payment corridors and where we possess a FX banking license. Our clients benefit from the ability to seamlessly process both pay ins and payouts in local currency at scale.

我們長期以來一直專注於提供世界一流的外匯支付解決方案和基礎設施的價值。目前，我們正積極促進外匯匯回和支付，以滿足巴西不斷增長的客戶群的需求，巴西是我們最大的支付管道之一，我們在那裡擁有外匯銀行執照。我們的客戶受益於能夠大規模無縫處理當地貨幣的支付和存入。

As an example of this capability, we recently completed an integration with Amazon to be their cross border payment provider for sellers in Brazil.

作為此功能的一個例子，我們最近完成了與亞馬遜的整合，成為巴西賣家的跨境支付提供者。

We were also recently granted a similar license in Colombia where we launched our services in mid 2024, and have already onboarded over 200 clients locally.

我們最近也在哥倫比亞獲得了類似的許可，並於 2024 年中期在哥倫比亞推出了我們的服務，並且已經在當地擁有超過 200 名客戶。

We believe that our legacy expertise in global effect liquidity management, treasury and cross border money movement presents a compelling case for expanding aggressively into bidirectional [omni] channel payment processing, particularly in the emerging markets. We specialize in.

我們相信，我們在全球流動性管理、財務和跨境資金流動方面的傳統專業知識，為我們積極擴展到雙向[全]通路支付處理領域，尤其是在新興市場提供了令人信服的理由。我們專注於。

We intend to continue to execute on this strategy exploring both organic and inorganic options to attain new capacities and market share.

我們打算繼續執行這項策略，探索有機和無機選擇，以獲得新的產能和市場份額。

Moving on to digitizing our business. We often find that whilst the top tier banks and FIS have scope and budget for sophisticated product development and integrations with our market. Leading API is there are tiers of institutions that do not possess their own front end applications for cross border payments or streamline workflows in all140 currencies that we can offer to further penetrate this market. We have launched a low touch plug and play white label instance of our web based connect payments platform, which will allow tier two and tier three financial institutions to easily integrate with us and supplement their existing online banking functionality with competitive cross border payments in 140 currencies.

繼續推進我們的業務數位化。我們經常發現，雖然頂級銀行和金融機構有足夠的空間和預算來開發複雜的產品並與我們的市場整合。領先的 API 是指有幾層機構沒有自己的跨境支付前端應用程式或簡化所有 140 種貨幣的工作流程，而我們可以提供這些應用程式來進一步滲透這個市場。我們已經推出了基於網路連線支付平台的低接觸即插即用白標實例，這將允許二級和三級金融機構輕鬆地與我們整合，並透過 140 種貨幣的有競爭力的跨境支付來補充其現有的網路銀行功能。

In a similar vein, we have launched a partnership with Fiserv who is a leading provider of core banking technology solutions to hundreds of banking institutions of all shapes and sizes. In conjunction with Fiserv's payment exchange. APIs community banks, credit unions and other bank users of the system will have the opportunity to directly leverage stoneX institutional grade infrastructure resulting in improved global reach, ultra competitive pricing for their clients and robust transparency in their cross border payment life cycles. These opportunities represent hundreds of new clients that will not have to deal with the inconvenience of new integrations to launch enhanced services for their underlying clients.

同樣，我們與 Fiserv 建立了合作夥伴關係，Fiserv 是一家領先的核心銀行技術解決方案提供商，為數百家各種規模的銀行機構提供服務。與 Fiserv 的支付交換結合。API 社群銀行、信用合作社和該系統的其他銀行用戶將有機會直接利用 stoneX 機構級基礎設施，從而提高全球影響力、為客戶提供極具競爭力的價格，並在跨境支付生命週期中實現強大的透明度。這些機會意味著數百個新客戶將不必處理新整合帶來的不便，即可為其基礎客戶推出增強服務。

In summary, having achieved the second best financial performance for a quarter on record in Q1, with our strategic focus and investments to target the areas I have just covered such as increasing our payment processing capability more than tenfold and extensive investment in technology.

總而言之，我們在第一季取得了有史以來第二好的財務業績，我們的策略重點和投資都集中在我剛才提到的領域，例如將我們的支付處理能力提高十倍以上，並對技術進行了大量投資。

You add all these initiatives with client on boarding currently at an all time high with the enormous total addressable market in terms of opportunity ahead of us. And I strongly believe that StoneX is well positioned to see significant growth in this business line for many, many more years to come. Thank you, Sean.

您可以將所有這些措施與客戶入職情況相加，目前這些措施處於歷史最高水平，就我們面前的機會而言，總可尋址市場巨大。我堅信 StoneX 有能力在未來許多年內實現該業務線的顯著成長。謝謝你，肖恩。

Thanks Philip. And maybe next quarter we will hear from Charles and he can cover some of the exciting things that he's working on in the securities area. So let's move on to the final slide. Number 17.

謝謝菲利普。也許下個季度我們會聽到查爾斯的消息，他可以介紹他在證券領域正在研究的一些令人興奮的事情。讓我們繼續看最後一張投影片。17號。

This was another record quarter for us with broad based strength across most of our products and segments. We achieved cheap earnings of $85.1 million a diluted EPS of $2.54 and an ROE on stated book of 19.5%. Our earnings and EPS were up 23 and 19% respectively.

這是我們又一個創紀錄的季度，我們的大多數產品和部門都表現強勁。我們實現了 8,510 萬美元的廉價收益，稀釋每股收益為 2.54 美元，帳面淨資產收益率為 19.5%。我們的收益和每股收益分別成長了23％和19％。

Looking ahead, we continue to be well positioned to capitalize on the ongoing industry transformation driven by regulatory changes and market consolidation. These shifts not only create significant opportunities for StoneX to expand market share but also provide a substantial runway for growth.

展望未來，我們將繼續處於有利地位，利用監管變化和市場整合推動的持續產業轉型。這些轉變不僅為 StoneX 擴大市場份額創造了重大機遇，也為其成長提供了堅實的基礎。

Our ecosystem underpinned by broad and diverse offerings enables us to deliver innovative solutions that simplify client operations, expand their market reach and create long term value central to our strategy, the disciplined use of capital supported by fortress balance sheet over the past decade, we have triple shareholder funds acquired more than 15 businesses expanded our client footprint, primarily financed organically through retained earnings and the remarkable power of compounding we anticipate our recent acquisitions combined with selective access to capital markets will continue to drive meaningful growth and further strengthen our position in the market.

我們的生態系統以廣泛而多樣化的產品為基礎，使我們能夠提供創新的解決方案，簡化客戶運營，擴大他們的市場範圍並創造長期價值。這是我們策略的核心，在過去十年中，透過堡壘資產負債表對資本的嚴格使用，我們已經將股東資金增加了兩倍，收購了 15 多家企業，擴大了我們的客戶覆蓋範圍，主要透過留存收益和卓越的複合能力進行有機融資，我們預計我們最近的收購加上選擇性進入資本市場將繼續推動我們有意義的成長並進一步加強我們在市場中的地位。

The evolving regulatory landscape, shifting market dynamics and are increasingly recognize ecosystem along with the prospect of improved market volatility. Despite declining interest rates still provide a favorable environment for our business. As we continue to move forward, we --remain committed to expanding the client base in both new and existing markets while deepening client relations, existing client relationships through effective cross selling strategies.

監管環境不斷演變，市場動態不斷變化，生態系統日益受到重視，市場波動性也隨之改善。儘管利率下降仍然為我們的業務提供了有利的環境。隨著我們不斷前進，我們將繼續致力於擴大新市場和現有市場的客戶群，同時透過有效的交叉銷售策略深化客戶關係和現有客戶關係。

The thing that will always be constant for the StoneX team is to dedicate ourselves to better serve our growing client footprint around the world by providing them with the best financial ecosystem and client services to access the global financial markets. We're all extremely proud of the talented team who continue to propel us to new and record heights. So with that operator, let's open the line and see if we have any questions.

StoneX 團隊始終不變的就是致力於更好地服務我們在全球不斷成長的客戶群，為他們提供最佳的金融生態系統和客戶服務，以進入全球金融市場。我們都為這支才華橫溢的團隊感到非常自豪，他們不斷推動我們達到新的高度。那麼，讓我們和那位接線生接通電話，看看我們是否有任何問題。

Thank you. And as a reminder to ask a question,(Operator Instructions)

謝謝。並提醒大家提出一個問題，（操作員指示）

Our first question off line of Daniel Fannon from Jefferies. Your line is open.

我們的第一個問題是來自 Jefferies 的 Daniel Fannon。您的線路已開通。

Thanks, good morning, gentlemen.

謝謝，先生們，早安。

Appreciate the additional color this quarter. I guess to start just looking at the results, the physical contracts, you know, continued at a record quarter. Could you talk about what drove that revenue? And I guess maybe the sustainability of that result.

欣賞本季的新增色彩。我想先看看結果，你知道，實體合約繼續創下新高。您能談談推動這項營收成長的因素嗎？我想也許這個結果具有可持續性。

William. Do you want to handle that?

威廉。你想處理這個嗎？

Will, you.

你會。

Need, I am on mute. My apologies, sir, Sean. Thank you. Dan, the key drivers, there was kind of threefold this quarter. It was a combination of precious metals which, had saw, a fair amount of volatility around, proposed tariffs that might, that might occur in the first quarter of 2025, fiscal for us as well as just really good client activity. --So strong activity there. And then in addition, the acquisition of CD I two years ago continues to grow, they have expanded into coffee as well a bit. But really, they did quite a bit of new business into the first quarter, so really nice strong performance there. And then finally, as you have seen, the cocoa prices have been quite volatile here over the last probably 12 months, which has led to a lot of activity. And that business has really grown for us. You know, as far as sustainability, --there's, a lot of, continued, --noise around tariffs in the precious metal state. So it's, sort of be interesting to see how that plays out, could be volatility the upside or downside for us. So, you know, that remains to be seen. But, you know, I think that, --the cocoa business, it seems like volatilely staying around there and the cotton business, --it's a really nice acquisition we did that continues to I would say probably outperform what we originally expected of it.

需要，我靜音了。抱歉，先生，肖恩。謝謝。丹，本季的關鍵驅動因素有三倍。它是貴金屬的組合，已經看到了相當大的波動，提議的關稅可能會在 2025 年第一季度發生，這對我們來說是財政上的，也是非常好的客戶活動。 ——那裡的活動非常活躍。此外，兩年前收購的 CD I 繼續成長，他們也稍微擴展到了咖啡領域。但實際上，他們在第一季完成了相當多的新業務，因此表現確實非常強勁。最後，正如您所看到的，過去 12 個月這裡的可可價格一直波動很大，這導致了許多活動。我們的業務確實得到了成長。你知道，就永續性而言，貴金屬國家圍繞關稅的爭論持續不斷。因此，看看事情會如何發展，這很有趣，對我們來說，波動可能是好處，也可能是壞處。所以，你知道，這還有待觀察。但是，你知道，我認為，可可業務似乎波動不大，而棉花業務，這是我們做的一次非常好的收購，我想說，它的表現可能會超出我們最初的預期。

Okay, great. That's helpful. And then the retail business, I feel like it's a kind of a broken record where every quarter you continue to have really good results, the fee for the R PM, I think that might be a record. But can you talk to, you've done a lot of things on the back end with the technology, you're broadening beyond just FX I think into the, in this asset class or this offering. And so again, sustainability of some of the results that you're putting up is this, how would you characterize this quarter versus, the outlook as we, as we look out, for this fiscal rest of this.

好的，太好了。這很有幫助。然後是零售業務，我覺得它就像一張破紀錄，每個季度你都會繼續取得非常好的成績，R PM 的費用，我認為這可能是一個紀錄。但是您能否談談，您利用這項技術在後端做了很多事情，我認為您正在將業務範圍擴展到外匯之外，擴展到這個資產類別或這個產品。所以，您提出的一些結果的可持續性是這樣的，您如何描述本季以及我們對本財年剩餘時間的展望？

Fiscal year?

財政年度？

Well, I would say the driver you alluded to there, the revenue capture is --H1 is excellent. I mean, and, and much improved and I think what we have seen over probably six or eight quarters is a steady sort of improvement in our revenue capture in that business. And, I think there's a lot of technology, a lot of expertise that's gone into that. And I would say, we probably close to being at the high water mark. I mean, we just can't keep squeezing more and more juice out of the orange. So, that may fluctuate a little bit and, and hopefully the sort of with a slow upward bias, I would say. But, we are really blowing out the product suite there I think I sort of highlighted that in the last call. And, I think we see our self-directed business becoming a broader based business and if we can keep that sort of revenue capture where it is, but expand into other products and other asset classes, that's where we are really going to see meaningful growth. Charles. I don't know if you have any comments on the sort of revenue capture or anything you would like to add.

嗯，我想說，您提到的驅動因素，收入獲取是——H1 非常好。我的意思是，而且有很大改善，我認為我們可能已經看到了六個或八個季度以來該業務的收入穩步改善。而且我認為這裡面涉及了很多技術和專業知識。我想說，我們可能已經接近最高水位線了。我的意思是，我們無法繼續從橙子中榨出越來越多的汁。因此，這可能會有一點波動，並且我希望能夠出現緩慢上升的趨勢。但是，我們確實正在大力推廣該產品套件，我想我在上次通話中已經強調過這一點。而且，我認為我們的自主經營業務正在成為一項更廣泛的業務，如果我們能夠維持這種收入來源，但擴展到其他產品和其他資產類別，那麼我們將真正看到有意義的成長。查爾斯。我不知道您對這種收入獲取方式有何評論或想要補充的內容。

I do. And Daniel, we have had a consistent focus on trying to stabilize and have consistency around those results. I think we have made improvements around some of the back end and not so much technology side, but just around the way that we think of how we operate, in the space. But the mindset is to be able to produce consistent results. And to Sean's point, the future growth is going to be around. How do we expand very thoughtfully and consistently the products that we offer and move into other spaces and continue to move into securities and other, more mainstream spaces and add clients. So, I think Sean said it right that we've, put a lot of effort towards stabilizing that CPR and a capture. Now it's going to come from new clients, new products.

我願意。丹尼爾，我們一直致力於穩定和保持一致的結果。我認為我們在後端方面做出了一些改進，而不是技術方面，而是在我們思考如何在這個領域運作的方式方面。但心態是為了能夠產生一致的結果。正如肖恩所說，未來的成長將會圍繞著。我們如何非常周到且持續地擴展我們提供的產品並進入其他領域並繼續進入證券和其他更主流的領域並增加客戶。所以，我認為肖恩說得對，我們為穩定心肺復甦術和捕獲付出了很多努力。現在它將來自新客戶、新產品。

Great, that's helpful. And then maybe one for Philip on the payment side, understand the context of the growth, new customers. But can you talk just about the rates coming down year over year and quarter, the mix that you're seeing of transactions today [vis] previous periods and how we should be thinking about that going forward versus you know, what, what we have seen is that a downward trend or, consistently given the mix of business and how your outlook is.

太好了，很有幫助。然後也許菲利普在支付方面可以了解成長的背景，新客戶。但是，您能否談談利率逐年下降、逐季下降的情況，以及您今天看到的交易組合與前期相比的情況，以及我們應該如何看待未來的這種趨勢，而我們所看到的是下降趨勢，或者說，考慮到業務組合和您的前景，這種趨勢是持續下降的。

Sure, I think, I think the way the way to think about it is, we have, we have diversity of payment corridors and we want to maintain as diverse, a business as diverse, a revenue stream as possible. But there will always be moments and periods where dollar scarcity in certain payment corridors widens the spread and you know, whilst the volumes may not necessarily increase the profit per transaction increases significantly. We have no control over that. These are, specific to countries specific to regional disparities between, --central banks directives and some commercial banks. Follow through, we struggle to predict and we would not want to be predicting such events reoccurring but it, does go through a cycle where, certain corridors, the dollar scarcity will happen on a, on a regular basis. But you can't predict that regularity. I think the key thing is to ensure that we are maintaining an increase in volume because that's what we can control, we can't control the spread and we can't control the dollar scarcity in specific regions or countries. But what we can do is just constantly be building out our capabilities, building out of increased client base, diversifying the client base itself and trying to ensure that we're not in any way over exposed or overconcentrated in any particular corridor, any particular region where that widening of spread every certain period of time isn't distorting our numbers, our figures too, greatly. So, that's our objective. We are very happy when there's a, when there's a dollar scarcity, we have no ability to build a business around that. All we can do is maintain increased volumes and that's providing a better service to our clients and providing access for more clients to utilize our ecosystem. So, that's, that's basically our objective and and increasing our client base, increasing the volume that comes through our channels is what we control and what we are driving. If that helps.

當然，我認為，我認為思考這個問題的方式是，我們擁有多樣化的支付管道，我們希望盡可能保持業務的多樣化和收入來源的多樣化。但總是會出現這樣的時刻和時期：某些支付管道的美元稀缺會擴大利差，你知道，雖然交易量不一定會增加，但每筆交易的利潤會大幅增加。我們對此沒有控制權。這些是針對特定國家、特定地區之間的差異、——中央銀行指示和一些商業銀行。接下來，我們很難預測，我們也不想預測此類事件再次發生，但它確實會經歷一個週期，在某些管道，美元短缺會定期發生。但你無法預測這種規律。我認為關鍵是要確保我們保持交易量的成長，因為這是我們可以控制的，我們無法控制價差，也無法控制特定地區或國家的美元稀缺性。但我們所能做的就是不斷增強我們的能力，擴大客戶群，實現客戶群本身的多樣化，並努力確保我們不會以任何方式過度暴露或過度集中在任何特定的渠道、任何特定的地區，在這些地區，每隔一定時期擴大傳播範圍不會嚴重扭曲我們的數字和數據。這就是我們的目標。當美元短缺時，我們會非常高興，但我們沒有能力圍繞這一點開展業務。我們所能做的就是保持成長的業務量，為我們的客戶提供更好的服務，並讓更多客戶能夠利用我們的生態系統。所以，這基本上就是我們的目標，而擴大我們的客戶群，增加透過我們的管道獲得的業務量是我們所控制的，也是我們所推動的。如果有幫助的話。

That's helpful. Alright, thanks for taking my questions.

這很有幫助。好的，感謝您回答我的問題。

Thank you again.(Operator Instructions)

再次感謝您。 （操作員指示）

Okay. Thanks operator and thanks everyone for joining us. I hope you like the new format. If not let us know. And hopefully enjoyed getting to know Charles and Philip. So, with that, let's close the call down and look forward to seeing you in three months time. Thanks all.

好的。感謝操作員，也感謝大家的加入我們。我希望你喜歡新的格式。如果沒有，請告知我們。並希望能夠認識查爾斯和菲利普。那麼，我們就此結束本次通話，期待三個月後與您見面。謝謝大家。

Thanks everyone.

謝謝大家。

Participation in today's conference. This does include a program you may now disconnect everyone. Have a great day.

參加今天的發表會。這確實包括一個您現在可以斷開所有人連接的程式。祝你有美好的一天。