道富銀行 (STT) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to State Street Corporation's Second Quarter 2022 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at investors.statestreet.com. This conference call is also being recorded for replay.

女士們，先生們，早上好，歡迎來到道富公司 2022 年第二季度收益電話會議和網絡直播。今天的討論正在 State Street 的網站investors.statestreet.com 上進行現場直播。本次電話會議也正在錄製以供重播。

State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website. I would now like to introduce Ilene Fiszel Bieler, Global Head of Investor Relations at State Street. Please go ahead, Ilene.

State Street 的電話會議受版權保護，並保留所有權利。未經 State Street Corporation 的明確書面授權，不得對本次通話進行全部或部分重播或分發。此次電話會議的唯一授權廣播將在 State Street 網站上播放。我現在想介紹一下道富全球投資者關係主管 Ilene Fiszel Bieler。請繼續，艾琳。

Thank you. Good morning, and thank you all for joining us. On our call today, our CEO, Ron O'Hanley, will speak first. Then Eric Aboaf, our CFO, will take you through our second quarter 2022 earnings slide presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com. Afterwards, we'll be happy to take questions. During the Q&A, please limit yourself to 2 questions and then requeue. Before we get started, I'd like to remind you that today's presentation will include results presented on a basis that excludes or adjusts 1 or more items from GAAP.

謝謝你。早上好，感謝大家加入我們。在今天的電話會議上，我們的首席執行官 Ron O'Hanley 將首先發言。然後，我們的首席財務官 Eric Aboaf 將帶您瀏覽我們的 2022 年第二季度收益幻燈片演示，該幻燈片可在我們網站 Investors.statestreet.com 的投資者關係部分下載。之後，我們很樂意回答問題。在問答期間，請限制自己回答 2 個問題，然後重新排隊。在我們開始之前，我想提醒您，今天的演示文稿將包括基於從 GAAP 中排除或調整一項或多項項目而呈現的結果。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our slide presentation. In addition, today's presentation will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors such as those factors referenced in our discussion today and in our SEC filings, including the risk factors in our Form 10-K. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our views change. Now let me turn it over to Ron.

這些非公認會計原則措施與最直接可比的公認會計原則或監管措施的對賬可在我們幻燈片演示的附錄中找到。此外，今天的演示文稿將包含前瞻性陳述。由於各種重要因素，例如我們今天的討論和我們提交給美國證券交易委員會的文件中提到的那些因素，包括我們的 10-K 表格中的風險因素，實際結果可能與這些陳述存在重大差異。我們的前瞻性陳述僅在今天發表，即使我們的觀點發生變化，我們也不承擔任何更新它們的義務。現在讓我把它交給羅恩。

Thank you, Ilene, and good afternoon, everyone. This morning, we released our second quarter financial results. The second quarter operating environment continued to be impacted by the ongoing geopolitical events in Europe and the notable macroeconomic environment. The associated price and wage inflation, rising interest rates, fears of recession are driving declining equity and fixed income markets, currency volatility and concerns over market liquidity.

謝謝你，Ilene，大家下午好。今天早上，我們發布了第二季度的財務業績。第二季度的經營環境繼續受到歐洲正在進行的地緣政治事件和顯著的宏觀經濟環境的影響。相關的價格和工資通脹、利率上升、對經濟衰退的擔憂正在推動股票和固定收益市場下滑、貨幣波動以及對市場流動性的擔憂。

These factors created a number of fee revenue headwinds for our businesses. Despite the adverse market conditions, State Street performed well in the second quarter with a strong balance sheet and good sales momentum while delivering strong FX trading and significantly better NII growth year-over-year, coupled with well-controlled expenses and a healthy pretax margin. We remain focused on executing against our strategy and intensely managing what we can control to navigate through uncertainty, to drive further business momentum and achieve our medium-term goals.

這些因素給我們的業務帶來了許多費用收入的不利因素。儘管市場條件不利，道富銀行在第二季度表現良好，資產負債表強勁，銷售勢頭良好，同時提供強勁的外匯交易和顯著改善的 NII 同比增長，加上控制良好的費用和健康的稅前利潤率.我們仍然專注於執行我們的戰略，並集中管理我們可以控制的東西，以度過不確定性，推動進一步的業務發展勢頭並實現我們的中期目標。

Turning to Slide 3 of our presentation, I will review our second quarter highlights before Eric takes you through the quarter in more detail. Starting with our financial performance. 2Q '22 EPS decreased 8% year-over-year, though it was down just 2% year-over-year, excluding notable items, primarily a prior year gain on sale in 2Q '21. Weaker markets were the major driver of this decline. Total fee revenue for the quarter declined 6% year-over-year, primarily reflecting the impact of significantly lower global equity and fixed income market levels on servicing and management fees and the stronger U.S. dollar.

轉到我們演示文稿的幻燈片 3，我將回顧我們第二季度的亮點，然後 Eric 將帶您更詳細地了解本季度。從我們的財務業績開始。 2Q '22 EPS 同比下降 8%，儘管不包括值得注意的項目，主要是 21 年 2 季度的上一年銷售收益，但同比僅下降 2%。疲軟的市場是這種下跌的主要驅動力。本季度總費用收入同比下降 6%，主要反映了全球股票和固定收益市場水平顯著下降對服務和管理費用以及美元走強的影響。

Within total fee revenue, our Global Markets franchise continued to perform well with FX trading services revenue increasing 16% year-over-year, benefiting from higher FX market volatility, which drove higher spreads. Total revenue for the quarter declined 3% year-over-year, but was down just 1%, excluding notable items as lower total fee revenue was largely offset by a strong NII result which increased 25% relative to the year ago period.

在總費用收入中，我們的全球市場業務繼續表現良好，外匯交易服務收入同比增長 16%，受益於更高的外匯市場波動性，這推動了更高的點差。本季度總收入同比下降 3%，但僅下降 1%，不包括值得注意的項目，因為較低的總費用收入在很大程度上被強勁的 NII 結果所抵消，與去年同期相比增長了 25%。

In the face of market-related fee revenue headwinds in the second quarter, we remain highly focused on controlling the expense base. Second quarter total expenses were flat year-over-year and declined 1% excluding notable items. Our ongoing productivity actions largely offset higher-than-anticipated salary increases and planned business investments.

面對第二季度與市場相關的費用收入逆風，我們仍然高度關注控制費用基礎。第二季度總支出與去年同期持平，不包括值得注意的項目下降了 1%。我們正在進行的生產力行動在很大程度上抵消了高於預期的加薪和計劃的業務投資。

Turning to our business momentum, which you can see across the middle of the slide. We reported a strong quarter of new AUC/A asset servicing wins, which amounted to $972 billion with back office services accounting for 40% of these wins by AUC/A. As a result of this quarter's good sales performance, AUC/A won but yet to be installed increased to a record $3.6 trillion at quarter end.

談到我們的業務勢頭，您可以在幻燈片中間看到。我們報告了強勁的季度新 AUC/A 資產服務勝利，金額為 9720 億美元，後台服務佔 AUC/A 這些勝利的 40%。由於本季度良好的銷售業績，AUC/A 贏得但尚未安裝在季度末增加到創紀錄的 3.6 萬億美元。

During the second quarter, we also reported another Alpha client win, with 12 of State Street's 20 alpha clients now live as of quarter end. We were also awarded the title of Security Services Provider of the Year in the Financial News 20th Annual Trading and Technology Awards. Front office software and data also experienced good business momentum in the second quarter, with annual recurring revenue increasing 20% year-over-year to $251 million.

在第二季度，我們還報告了另一個 Alpha 客戶的勝利，截至季度末，道富的 20 個 Alpha 客戶中有 12 個現在已經上線。我們還在金融新聞第 20 屆年度交易和技術獎中獲得了年度安全服務提供商稱號。前台軟件和數據在第二季度也經歷了良好的業務發展勢頭，年度經常性收入同比增長 20% 至 2.51 億美元。

At Global Advisors, assets under management totaled $3.5 trillion at quarter end. Overall second quarter AUM and flows were negatively impacted by the weaker equity market environment but we still saw positive net inflows into both our cash and U.S. low-cost ETF franchises during the quarter. Even in a volatile environment, we continue to innovate and expand our capabilities to drive future growth. For example, Global Advisors continues to press forward in active ETFs and ESG as illustrated by the launch of the actively managed SPDR Nuveen Municipal Bond ESG ETF and a number of MSCI Climate Paris aligned ETFs.

在 Global Advisors，季度末管理的資產總額為 3.5 萬億美元。總體而言，第二季度的 AUM 和流量受到股市環境疲軟的負面影響，但我們仍然看到本季度現金和美國低成本 ETF 特許經營權的淨流入為正。即使在動蕩的環境中，我們也會繼續創新並擴大我們的能力以推動未來的增長。例如，Global Advisors 繼續推進主動型 ETF 和 ESG，推出主動管理型 SPDR Nuveen 市政債券 ESG ETF 和一些 MSCI 氣候巴黎調整型 ETF 就說明了這一點。

Last, in terms of business momentum, I was particularly pleased to see that State Street was recognized as the top provider in FX services by Euromoney Magazine in the second quarter. Importantly, State Street regained its #1 position overall for real money clients in addition to being ranked #1 for best service for real money clients. Our FX franchise supports and complements our core investment services business and has proven to be an effective deployment of our capital.

最後，在業務發展勢頭方面，我特別高興地看到道富銀行在第二季度被 Euromoney Magazine 評為外匯服務的頂級供應商。重要的是，道富銀行在為真實貨幣客戶提供的最佳服務中排名第一，並重新獲得了真實貨幣客戶的第一名。我們的外匯特許經營權支持和補充我們的核心投資服務業務，並已證明是我們資本的有效部署。

Turning to our balance sheet and capital. Despite a continued rise in interest rates, our CET1 capital ratio improved significantly to 12.9% at quarter end due to our active management of risk-weighted assets and the mitigating actions we executed in our investment portfolio in the second quarter. The strength of our balance sheet was highlighted in the second quarter with the release of the Federal Reserve's annual CCAR stress test results in June, following which we announced our intention to increase State Street's quarterly common stock dividend by 10% to $0.63 per share in the third quarter, subject to approval by our Board of Directors.

轉向我們的資產負債表和資本。儘管利率持續上升，但由於我們對風險加權資產的積極管理以及我們在第二季度在投資組合中執行的緩解措施，我們的 CET1 資本比率在季度末顯著提高至 12.9%。美聯儲在 6 月份發布的年度 CCAR 壓力測試結果在第二季度突顯了我們資產負債表的實力，隨後我們宣布打算將道富銀行的季度普通股股息提高 10% 至每股 0.63 美元。第三季度，須經我們董事會批准。

We were pleased to announce the intended increase to our quarterly common dividend as we recognize the importance of capital return to our shareholders. With that in mind, in the fourth quarter of this year, it remains our intention to resume our existing common share repurchase program in an amount reflecting interest rate levels and market conditions at that time.

由於我們認識到資本回報對股東的重要性，我們很高興地宣布增加我們的季度普通股息。考慮到這一點，在今年第四季度，我們仍然打算以反映當時利率水平和市場狀況的金額恢復我們現有的普通股回購計劃。

I'll now turn to our proposed acquisition of BBH Investor Services business which remains subject to regulatory approvals and other closing conditions. We continue to be excited about the business and its people, the franchise it represents and the opportunities the transaction represents for our collective clients, and for accelerating our strategy. I've mentioned previously that we've been engaged in ongoing dialogue with U.S. banking regulators regarding the regulatory review process and potential modifications to the transaction intended to facilitate resolution of that process.

我現在將轉向我們對 BBH 投資者服務業務的擬議收購，該業務仍需獲得監管部門的批准和其他成交條件。我們繼續對業務及其人員、它所代表的特許經營權以及交易為我們的集體客戶所代表的機會以及加速我們的戰略感到興奮。我之前提到過，我們一直在與美國銀行業監管機構就監管審查流程和旨在促進解決該流程的交易的潛在修改進行對話。

Based on those discussions, we have developed with BBH, proposed modifications to the transaction structure that the parties believe present a path forward. The proposed modifications include changes to the operating model and legal entity structure and changes to the regulatory approvals required to complete the transaction. As part of the proposed modified transaction, State Street is seeking amendments to the transaction terms, including the purchase price. Both BBH and our Board of Directors would need to review and approve the modified transaction in amended terms.

基於這些討論，我們與 BBH 制定了對交易結構的修改建議，雙方認為這些修改提供了前進的道路。擬議的修改包括對運營模式和法人實體結構的更改以及對完成交易所需的監管批准的更改。作為擬議修改交易的一部分，道富正在尋求修改交易條款，包括購買價格。 BBH 和我們的董事會都需要以修改後的條款審查和批准修改後的交易。

During the third quarter, we intend to finalize the proposed structure and contractual terms and confirm our approach with regulators. Assuming the financial and operational aspects of the proposed modifications are timely finalized and contracted, subject to regulatory approval and other closing conditions, the parties are aiming to close the transaction at the end of the fourth quarter of 2022.

在第三季度，我們打算最終確定擬議的結構和合同條款，並與監管機構確認我們的方法。假設擬議修改的財務和運營方面及時敲定並簽訂合同，但需獲得監管部門的批准和其他成交條件，雙方的目標是在 2022 年第四季度末完成交易。

However, there exists significant timing uncertainty and risk that closing will extend beyond that time line. There can be no assurance that a mutually acceptable modified transaction will be entered into or as to the timing or outcome of any regulatory approvals and other closing conditions for this modified transaction. After September 6, 2022, either party can terminate the transaction without penalty, absent further agreement of the parties.

但是，存在重大的時間不確定性和關閉將超出該時間線的風險。無法保證雙方會接受修改後的交易，也不保證任何監管批准的時間或結果以及此修改後交易的其他成交條件。 2022 年 9 月 6 日之後，任何一方都可以在沒有雙方進一步協議的情況下終止交易而不受處罰。

To conclude, as we progress towards our medium-term targets in this uncertain environment, we remain particularly focused on maintaining and further improving our pretax margin performance, which despite the challenging market conditions, increased almost 29% for the quarter, excluding notable items. To help achieve this goal, in the face of inflationary pressure and a challenging revenue environment, we will continue to exhibit expense discipline and to drive our automation and productivity efforts. We also remain laser-focused on innovating for the benefit of our clients and driving organic growth, as demonstrated by the strong AUC/A wins in the second quarter, all while returning capital to our shareholders.

總而言之，隨著我們在這種不確定的環境中朝著我們的中期目標前進，我們仍然特別專注於維持和進一步改善我們的稅前利潤率表現，儘管市場條件充滿挑戰，但不包括值得注意的項目，該季度本季度增長了近 29%。為了幫助實現這一目標，面對通貨膨脹壓力和充滿挑戰的收入環境，我們將繼續表現出費用紀律並推動我們的自動化和生產力努力。我們還繼續專注於為客戶的利益進行創新並推動有機增長，正如第二季度強勁的 AUC/A 勝利所證明的那樣，同時將資金返還給我們的股東。

And with that, let me turn it over to Eric to take you through the quarter in more detail.

有了這個，讓我把它交給埃里克，帶你更詳細地了解這個季度。

Thank you, Ron, and good afternoon, everyone. I'll begin my review of our second quarter results on Slide 4. We reported EPS of $1.91 or $1.94 excluding acquisition and restructuring costs as detailed on the panel on the right side of the slide. As Ron noted earlier, the operating environment in the second quarter remained challenging, largely characterized by continued market volatility related to macroeconomic events and continued geopolitical uncertainties.

謝謝你，羅恩，大家下午好。我將在幻燈片 4 上開始審查我們的第二季度業績。我們報告的每股收益為 1.91 美元或 1.94 美元，不包括幻燈片右側面板中詳述的收購和重組成本。正如羅恩早些時候指出的那樣，第二季度的經營環境仍然充滿挑戰，主要特點是與宏觀經濟事件相關的市場持續波動和持續的地緣政治不確定性。

As you can see on the left panel of the slide, strong growth in both net interest income and FX trading enabled us to partially offset significant headwinds from lower equity and fixed income markets in the quarter that impacted other fee areas. Also evidenced by today's results, our approach to expense management remains very disciplined and deliberate. On a year-on-year basis, second quarter expenses were down even as we experienced higher-than-expected wage increases and continue to thoughtfully invest in the franchise.

正如您在幻燈片的左側面板中看到的那樣，淨利息收入和外匯交易的強勁增長使我們能夠部分抵消本季度股票和固定收益市場下跌影響其他費用領域的重大不利因素。今天的結果也證明了我們的費用管理方法仍然非常有紀律和深思熟慮。與去年同期相比，儘管我們經歷了高於預期的工資增長並繼續謹慎地投資於特許經營權，但第二季度的費用有所下降。

Lastly, you'll see that in the second quarter, we had a lower-than-expected tax rate. The bulk of the discrete tax items that contributed to our lower taxes were due to the reassessment of a deferred tax asset worth roughly $60 million. All things considered during the quarter, our business model demonstrated resilience against the challenging backdrop.

最後，您會看到，在第二季度，我們的稅率低於預期。導致我們降低稅收的大部分離散稅收項目是由於對價值約 6000 萬美元的遞延稅資產的重新評估。考慮到本季度的所有因素，我們的業務模式在充滿挑戰的背景下表現出彈性。

Turning to Slide 5. During the quarter, we saw period-end AUC/A decreased by 10% on a year-on-year basis and 8% sequentially. Amidst continued and uncertain economic conditions, the year-on-year change was largely driven by lower period end market levels across just about every equity and fixed income market around the world, partially offset by net new business and client flows. On a quarter-on-quarter -- the quarter-on-quarter decline was largely a result of the same lower period end market levels, as we've also started to see industry outflows from investment products as the risk off sentiment continues.

轉到幻燈片 5。在本季度，我們看到期末 AUC/A 同比下降 10%，環比下降 8%。在持續且不確定的經濟狀況下，同比變化主要是由於全球幾乎所有股票和固定收益市場的期末市場水平較低，部分被淨新業務和客戶流量所抵消。環比環比下降主要是由於期末市場水平較低，因為隨著避險情緒的持續，我們也開始看到投資產品的行業流出。

Similarly, at Global Advisors, quarter-end AUM decreased 11% year-on-year and 14%, sequentially. The year-on-year decline in AUM was also largely driven by lower period end market levels and institutional net outflows which was partially offset by positive net inflows in both our U.S. low-cost ETF complex and cash inflows in the quarter.

同樣，在 Global Advisors，季度末 AUM 同比下降 11%，環比下降 14%。資產管理規模的同比下降主要是由於期末市場水平較低和機構淨流出，這部分被我們的美國低成本 ETF 綜合體的正淨流入和本季度的現金流入所抵消。

Turning to Slide 6. On the left side of the page, you'll see second quarter total servicing fees down 7% year-on-year, largely driven by lower average equity and fixed income market levels, normal pricing headwinds, client activity and adjustments and the impact of currency translation, partially offset by net new business growth. Excluding the impact of currency translation, servicing fees were down only 4% year-on-year.

轉到幻燈片 6。在頁面左側，您將看到第二季度總服務費同比下降 7%，這主要是由於較低的平均股票和固定收益市場水平、正常的定價逆風、客戶活動和調整和貨幣換算的影響，部分被淨新業務增長所抵消。剔除貨幣換算的影響，服務費同比僅下降 4%。

I'd also highlight that from a segment perspective, we continue to see excellent revenue growth in our Alternative Client segment, both year-on-year and quarter-on-quarter. Sequentially, total servicing fees were down 5%, primarily as a result of the same drivers, lower average equity and fixed income market levels, client activity and adjustments and the impact of currency translation, partially offset by positive net new business.

我還要強調的是，從細分市場的角度來看，我們的另類客戶細分市場的收入同比和環比都繼續呈現出色的增長。隨後，總服務費下降了 5%，主要是由於相同的驅動因素、較低的平均股票和固定收益市場水平、客戶活動和調整以及貨幣換算的影響，部分被積極的淨新業務所抵消。

Within servicing fees, back office fees were down 7% year-on-year and 5% quarter-on-quarter, largely driven by the factors I just described. Middle Office Services was down 12% year-on-year and 8% quarter-on-quarter, primarily due to decreased client AUMs, driven by lower market levels and client transaction activity and adjustments. But we are seeing some compression in our legacy middle office book. It is an important component of our Alpha proposition when it connects to both the Front office and Back office and new wins generally come with contracts of 7 to 10 years. We continue to expect to see good growth over the medium term as evidenced by our large uninstalled middle office revenue backlog of more than $90 million, which I will talk more about in a moment.

在服務費中，後台服務費同比下降 7%，環比下降 5%，主要受我剛才描述的因素的推動。中台服務同比下降 12%，環比下降 8%，主要是由於市場水平下降以及客戶交易活動和調整導致客戶 AUM 減少。但我們看到我們遺留的中台賬簿出現了一些壓縮。當它連接到前台和後台時，它是我們 Alpha 命題的重要組成部分，新的勝利通常伴隨著 7 到 10 年的合同。我們繼續期望在中期內看到良好的增長，我們的大量未完成的中間辦公室收入積壓超過 9000 萬美元就證明了這一點，我稍後將對此進行更多討論。

Even against this challenging backdrop, we continue to be pleased with our Investment Services business momentum and robust pipeline. We recorded another strong quarter of new AUC/A wins worth $972 billion while AUC/A won, but yet to be installed amounted to $3.6 trillion at quarter end. As Ron mentioned earlier, during second quarter, we reported another new Alpha win, Allspring Global Investments taking the total number of Alpha clients to 20 and now have 12 implementations live.

即使在這種充滿挑戰的背景下，我們仍然對我們的投資服務業務勢頭和強大的管道感到滿意。我們記錄了另一個強勁的季度新 AUC/A 中標，價值 9720 億美元，而 AUC/A 中標，但尚未安裝在季度末達到 3.6 萬億美元。正如 Ron 之前提到的，在第二季度，我們報告了另一個新的 Alpha 勝利，Allspring Global Investments 將 Alpha 客戶總數增加到 20 個，現在有 12 個實施。

Lastly, in response to industry inflationary cost pressures, we've undergone a comprehensive analysis of our pricing across all our products' areas. The result of this analysis has led to the decision to begin to adjust our client pricing upwards in certain areas of servicing where the wage pressure is most acute and industry capacity is stretched. Ultimately, we believe these pricing changes will support the continued investment that allows us to best serve our clients.

最後，為了應對行業通脹成本壓力，我們對我們所有產品領域的定價進行了全面分析。這一分析的結果導致我們決定開始在工資壓力最嚴重且行業產能緊張的某些服務領域上調我們的客戶定價。最終，我們相信這些定價變化將支持持續投資，使我們能夠為客戶提供最佳服務。

Turning to Slide 7. Second quarter management fees were $490 million, down 3% year-on-year, primarily reflecting lower average equity and fixed income market levels, the impact of currency translation and a specific client repricing adjustment, partially offset by the elimination of money market fee waivers and the run rate impact of net ETF inflows. Management fees were down 6% quarter-on-quarter, largely due to equity and fixed income market headwinds, partially offset by the elimination of the same money market fee waivers.

轉到幻燈片 7。第二季度管理費為 4.9 億美元，同比下降 3%，主要反映了較低的平均股票和固定收益市場水平、貨幣換算的影響和特定的客戶重新定價調整，部分被抵消貨幣市場費用減免和 ETF 淨流入的運行率影響。管理費用環比下降 6%，主要是由於股票和固定收益市場的逆風，部分被取消相同的貨幣市場費用豁免所抵消。

As you can see on the bottom right of the slide, our franchise remains well positioned for growth. In ETFs, although we saw outflows in equity and commodity ETFs, we continue to see inflows into SPDR low cost and fixed income ETFs. In our Institutional Business, there's continued momentum in our target date franchise, notwithstanding outflows primarily from 1 large client with very low fee assets, which ultimately benefited the overall management fee rate this quarter. Across our cash franchise, we again saw another quarter of strong net inflows, this time worth $15 billion in the quarter, contributing to market share gains.

正如您在幻燈片右下角看到的那樣，我們的特許經營權仍然處於增長的良好位置。在 ETF 中，儘管我們看到股票和商品 ETF 流出，但我們繼續看到流入 SPDR 低成本和固定收益 ETF。在我們的機構業務中，我們的目標日期特許經營勢頭持續強勁，儘管資金主要來自 1 個收費資產非常低的大客戶，這最終使本季度的整體管理費率受益。在我們的現金特許經營中，我們再次看到另一個季度的強勁淨流入，這一次在本季度價值 150 億美元，為市場份額的增長做出了貢獻。

On Slide 8, FX trading services had yet another strong quarter. Relative to a period a year ago, second quarter FX trading services revenue was up 16%, primarily driven by higher FX spreads, partially offset by lower client FX volumes. Quarter-on-quarter, FX trading services revenue was down 8% as the benefit of higher FX spreads was more than offset by lower client FX volumes too.

在幻燈片 8 上，外匯交易服務又一個強勁的季度。與去年同期相比，第二季度外匯交易服務收入增長了 16%，這主要是由於較高的外匯價差，部分被較低的客戶外匯交易量所抵消。外匯交易服務收入環比下降 8%，因為較高的外匯點差的好處也被較低的客戶外匯交易量所抵消。

Our second quarter securities finance revenues decreased slightly year-on-year, primarily driven by lower agency and enhanced custody balances due to lower markets, partially offset by higher spreads. Sequentially, revenues were up 11%, mainly reflecting higher spreads, partially offset by lower agency and enhanced custody balances.

我們第二季度的證券金融收入同比略有下降，主要是由於較低的市場導致代理機構減少和託管餘額增加，部分被較高的利差抵消。隨後，收入增長了 11%，主要反映了較高的利差，部分被較低的代理機構和增加的託管餘額所抵消。

Second quarter software and processing fees were down 11% year-on-year and 6% quarter-on-quarter, largely driven by lower Front office software and data revenue associated with CRD, which I'll turn to shortly. Finally, other fee revenues of negative $43 million in the second quarter declined both year-on-year and quarter-on-quarter. Both the year-on-year and quarter-on-quarter declines largely reflect negative market-related adjustments while the absence of prior period positive fair value adjustments on equity investments also contributed to the sequential decline.

第二季度軟件和處理費用同比下降 11%，環比下降 6%，主要是由於與 CRD 相關的前台軟件和數據收入下降，我稍後會談到這一點。最後，第二季度其他費用收入為負 4300 萬美元，同比和環比均有所下降。同比和環比下降在很大程度上反映了與市場相關的負面調整，而前期沒有對股權投資進行正面的公允價值調整也導致了環比下降。

While we saw pressure throughout the quarter, almost half of the $43 million came through in the second half of June.

雖然我們在整個季度都看到了壓力，但 4300 萬美元中的近一半是在 6 月下半月完成的。

Moving to Slide 9. Let me provide some details on the performance of our Front office software and data revenue in the second quarter on the left panel of this slide. As a reminder, CRD represents the majority of these revenues, but we also include Alpha Data Services, Alpha Data Platform and Mercatus revenues since they are part of our Front office offering.

轉到幻燈片 9。讓我在這張幻燈片的左側面板中提供有關我們的前台軟件和數據收入在第二季度的表現的一些詳細信息。提醒一下，CRD 代表了這些收入的大部分，但我們還包括 Alpha Data Services、Alpha Data Platform 和 Mercatus 收入，因為它們是我們前台服務的一部分。

On both a year-on-year and quarter-on-quarter basis, Front office software revenue declined as expected, primarily driven by the absence of several on-premise renewals in the prior periods as well as some episodic fees when compared to the prior year quarter, partially offset by higher software-enabled SaaS revenue.

在同比和環比的基礎上，前台軟件收入按預期下降，主要是由於前期沒有幾次本地續訂以及與前期相比的一些臨時費用年季度，部分被軟件支持的 SaaS 收入增加所抵消。

It is important to note, however, that the more durable and recurring software-enabled and professional services revenues have continued to grow nicely with a year-on-year growth of 15%, demonstrating success in deploying our cloud-based SaaS platform environment to more clients. Turning to some of the softer metrics enabled by CRD and Alpha on the right panel, you'll see that our annual recurring revenue has grown 20% year-on-year as we convert more clients to SaaS, which we expect will create a stickier and more profitable business model.

然而，值得注意的是，更持久和經常性的軟件支持和專業服務收入繼續保持良好增長，同比增長 15%，這表明我們成功部署了基於雲的 SaaS 平台環境更多的客戶。轉到右側面板上 CRD 和 Alpha 啟用的一些較軟的指標，您會看到隨著我們將更多客戶轉換為 SaaS，我們的年度經常性收入同比增長 20%，我們預計這將創造一個更具粘性的和更有利可圖的商業模式。

As for the middle office, we continue to have an extremely healthy backlog of uninstalled revenue worth $92 million, which is almost twice the prior year. Lastly, we are pleased to have announced another Alpha mandate win this quarter. We're also excited to have expanded an existing Alpha relationship this quarter, winning approximately $300 billion of new back office assets to custody from an asset owner client. This provides another proof point that our Alpha value proposition is working as we're gaining more of the wallet share over time.

至於中台，我們繼續積壓非常健康的卸載收入，價值 9200 萬美元，幾乎是去年的兩倍。最後，我們很高興宣布本季度再次贏得 Alpha 授權。我們也很高興本季度擴大了現有的 Alpha 關係，贏得了大約 3000 億美元的新後台資產，由資產所有者客戶託管。這提供了另一個證據，證明我們的 Alpha 價值主張正在發揮作用，因為隨著時間的推移，我們正在獲得更多的錢包份額。

Turning to Slide 10. Second quarter NII increased 25% year-on-year, primarily reflecting the impact of higher interest rates and continued growth in loan balances. Relative to the first quarter, NII was up 15%. The sequential increase was largely driven by the improvement in both short and long end rates, which benefited our yields, together with continued growth in loan balances, partially offset by lower investment portfolio balances.

轉到幻燈片 10。第二季度 NII 同比增長 25%，主要反映了利率上升和貸款餘額持續增長的影響。相對於第一季度，NII 增長了 15%。環比增長主要是由短期和長期利率的改善推動的，這有利於我們的收益率，加上貸款餘額的持續增長，部分被較低的投資組合餘額所抵消。

On the right side of the slide, we show our average balance sheet during the quarter. Average deposits were down 6% year-on-year and 2% quarter-on-quarter, primarily related to the impact from currency translation and dollar strengthening, which accounted for almost half of the year-on-year decline and 2/3 of the sequential decline. The investment portfolio is now down modestly, and we have almost 60% of our securities now in held to maturity. We're pleased that our balance sheet is well positioned to recognize this interest rate and NII tailwinds and also protect OCI.

在幻燈片的右側，我們展示了本季度的平均資產負債表。平均存款同比下降 6%，環比下降 2%，主要受貨幣換算和美元走強的影響，占同比降幅的近一半和 2/3。環比下降。投資組合現在小幅下降，我們有近 60% 的證券持有至到期。我們很高興我們的資產負債表能夠很好地識別這種利率和 NII 順風，並保護 OCI。

Turning to Slide 11. Second quarter expenses, excluding notable items, decreased 1% year-on-year or increased 2% adjusted for currency translation. In response to the revenue environment, we have been proactively managing our expenses, including lowering our incentive compensation, in addition to carefully executing on our continued productivity savings efforts which generated approximately $60 million in year-on-year gross saves or approximately $150 million year-to-date. These savings enabled us to continue to self-fund a good portion of the 4% to 6% higher wage rates we're facing and the targeted investments in the business, including the Alpha product, technology infrastructure and broader automation.

轉到幻燈片 11。第二季度費用（不包括值得注意的項目）同比下降 1%，或經貨幣換算調整後增長 2%。為了應對收入環境，我們一直在積極管理我們的費用，包括降低我們的激勵性薪酬，此外還謹慎執行我們持續的生產力節約努力，每年產生約 6000 萬美元的總節約或約 1.5 億美元-迄今為止。這些節省使我們能夠繼續為我們面臨的 4% 到 6% 的高工資率以及對業務的目標投資（包括 Alpha 產品、技術基礎設施和更廣泛的自動化）提供很大一部分資金。

Compared to 2Q '21, Compensation employee benefits was down 3% as lower incentive compensation, the impact of currency translation were partially offset by salary merit increases associated with wages and inflationary pressure and higher contractor spend. Excluding currency translation, compensation and employee benefits would have been up 1%.

與 21 年第二季度相比，薪酬員工福利下降了 3%，原因是激勵薪酬降低，貨幣換算的影響被與工資和通脹壓力以及更高的承包商支出相關的工資績效增長部分抵消。不包括貨幣換算、薪酬和員工福利將增長 1%。

Information Systems and communications expenses was down 2%, primarily due to the episodic credits related to vendor pricing optimization and infrastructure rationalization. Occupancy was down 4% due largely to currency translation. And other expenses were up 18%, primarily reflecting higher recoverable client-related expenses, which are offset in fee revenue, professional fees and travel costs.

信息系統和通信費用下降了 2%，主要是由於與供應商定價優化和基礎設施合理化相關的階段性信貸。主要由於貨幣換算，入住率下降了 4%。其他費用增長 18%，主要反映了較高的可收回客戶相關費用，這些費用被費用收入、專業費用和差旅費用所抵消。

On a quarter-on-quarter basis, expenses were down due to seasonal expenses in the first quarter. Headcount increased quarter-on-quarter as we continue to in-source some strategic technology functions from vendors as well as support growth in Alpha. Overall, in light of the current macroeconomic environment, we have had pretty healthy pretax margin for the quarter at approximately 29%, excluding notable items, supported by active expense management and strong NII growth.

與上一季度相比，由於第一季度的季節性支出，支出有所下降。由於我們繼續從供應商處採購一些戰略技術功能並支持 Alpha 的增長，員工人數環比增加。總體而言，鑑於當前的宏觀經濟環境，在積極的費用管理和強勁的 NII 增長的支持下，我們本季度的稅前利潤率約為 29%，不包括值得注意的項目。

Moving to Slide 12. On the right side of the slide, we show our capital highlights. We are quite pleased to report CET1 of 12.9%, up 100 basis points quarter-on-quarter. We're also happy with our performance under this year's CCAR with a calculated stress capital buffer well above the 2.5% minimum, resulting in a preliminary SCB at the floor. As a result, in June, we announced the planned 10% increase to our 3Q '22 quarterly common stock dividend, subject to Board approval, and it remains our intention to again begin our existing common share repurchase program in the fourth quarter in an amount reflecting market conditions at the time.

轉到幻燈片 12。在幻燈片的右側，我們展示了我們的資本亮點。我們很高興地報告 CET1 為 12.9%，環比增長 100 個基點。我們也對我們在今年 CCAR 下的表現感到滿意，計算出的壓力資本緩衝遠高於 2.5% 的最小值，導致 SCB 初步處於最低水平。因此，在 6 月，我們宣布計劃將 22 年第三季度的普通股股息增加 10%，但須經董事會批准，我們仍然打算在第四季度再次開始我們現有的普通股回購計劃，金額為反映當時的市場情況。

To the left of the slide, we show the evolution of our CET1 and Tier 1 leverage ratios. As you can see this quarter, even against the backdrop of a challenging operating environment, we drove stronger and higher capital levels. During the second quarter, we completed several of the previously announced RWA optimization actions across our trading, lending and investment portfolios, reducing RWA $12 billion quarter-on-quarter. We also shifted about $20 billion of AFS securities to HTM. As a result, we limited AOCI from the investment portfolio to under $500 million or 40 basis points of CET1, even with a roughly 60 basis point upward interest rate move across the 2- and 5-year part of the curve.

在幻燈片的左側，我們展示了我們的 CET1 和一級槓桿比率的演變。正如您在本季度所看到的，即使在充滿挑戰的運營環境的背景下，我們也推動了更強勁和更高的資本水平。在第二季度，我們在交易、貸款和投資組合中完成了多項先前宣布的風險加權資產優化行動，環比減少了 120 億美元的風險加權資產。我們還將大約 200 億美元的 AFS 證券轉移到 HTM。因此，我們將投資組合中的 AOCI 限制在 5 億美元以下，即 CET1 的 40 個基點，即使在曲線的 2 年和 5 年部分利率上升了大約 60 個基點。

You'll see a larger AOCI move in the GAAP books, but much of that is ratio hedged and offset by the appreciating dollar effect on RWA with an offsetting goodwill and intangibles as well. Given that we have now significantly reduced the OCI risk from interest rate shocks by 75%, we are now comfortable operating somewhat below our standard target ranges for both CET1 and Tier 1 leverage ratios.

您會在 GAAP 賬簿中看到更大的 AOCI 變動，但其中大部分是比率對沖和被 RWA 的升值效應抵消，商譽和無形資產也抵消了。鑑於我們現在已將利率衝擊帶來的 OCI 風險顯著降低了 75%，我們現在可以放心地在略低於 CET1 和一級槓桿比率的標準目標範圍的情況下運營。

Turning to Slide 13. We provide a summary of our second quarter results. Despite the continued volatile market environment, I am pleased with our quarterly performance, which demonstrates the strength of our business model. The current macroeconomic environment and persistent geopolitical uncertainties, notwithstanding, our strong growth in both net interest income and FX trading services enabled us to partially offset significant headwinds from both equity and fixed income markets highlighting the resiliency of our franchise. And our expenses remained well controlled, demonstrating the progress we are making in improving our operating model.

轉到幻燈片 13。我們提供了第二季度業績的摘要。儘管市場環境持續動盪，但我對我們的季度業績感到滿意，這證明了我們商業模式的實力。儘管當前的宏觀經濟環境和持續的地緣政治不確定性，我們在淨利息收入和外匯交易服務方面的強勁增長使我們能夠部分抵消來自股票和固定收益市場的重大逆風，突出了我們特許經營的彈性。我們的開支得到了很好的控制，這表明我們在改進運營模式方面取得了進展。

Now turning to outlook. We would like to provide our current thinking regarding the third quarter. At a macro level, while market rate expectations have been volatile, our current interest rate outlook is broadly in line with the current forward which suggests the year-end [Fed] funds rate of 3.5%. We expect other major international central banks to continue raising rates, with the ECB expected to start increasing rates in third quarter. The current spot level of global equity markets would imply that average equity markets in 3Q would be down 7% to 8% quarter-on-quarter, and U.S. dollar appreciation to be about 1 percentage point of headwind to revenues and tailwind to expenses, which will be included in our guide.

現在轉向展望。我們想提供我們目前對第三季度的看法。在宏觀層面，雖然市場利率預期一直波動，但我們目前的利率前景與當前的遠期利率前景大致一致，即年底 [Fed] 基金利率為 3.5%。我們預計其他主要國際央行將繼續加息，預計歐洲央行將在第三季度開始加息。目前全球股市的現貨水平意味著第三季度的平均股市將環比下降 7% 至 8%，美元升值將對收入產生約 1 個百分點的不利影響，對支出產生不利影響。將包含在我們的指南中。

Now in terms of the third quarter of 2022 and on a stand-alone State Street basis. Given the implied declines in average global markets, we expect total fee revenue to be down about 2% on a sequential basis. And we expect both servicing fees and management fees to be down 4% quarter-on-quarter, driven by weaker market levels.

現在就 2022 年第三季度和獨立的道富銀行而言。鑑於全球平均市場的隱含下滑，我們預計總費用收入將環比下降約 2%。我們預計，受市場疲軟的推動，服務費和管理費將環比下降 4%。

Turning to NII. Following 1 of the strongest sequential increases in the NII for many years in 2Q, we expect to deliver further growth with NII expected to increase 5% to 9% quarter-on-quarter, driven by the tailwind from Central Bank rate hikes. This outlook includes our expectation for some initial deposit outflow and rotation in 3Q. And for the full year, on a stand-alone State Street basis, we expect NII to increase 24% to 27%, which is significantly better than our prior full year guide of 18% to 20%.

轉向 NII。繼第二季度 NII 連續多年出現最強勁的連續增長之一之後，我們預計在央行加息的推動下，NII 將實現進一步增長，預計環比增長 5% 至 9%。這一前景包括我們對三季度一些初始存款流出和輪換的預期。全年，在獨立的道富銀行基礎上，我們預計 NII 將增長 24% 至 27%，這明顯好於我們之前的全年指引 18% 至 20%。

Next, we expect total expenses, excluding notable items, to increase just under 1% quarter-on-quarter, driven by inflationary pressures on wages as we continue to target productivity initiatives and execute against our strategy with a deep focus on expense discipline. This focus enable us to drive positive total operating leverage, excluding notable items for the full year. Lastly, we would expect our 3Q tax rate to be approximately 20% for the quarter. And with that, let me turn the call back to Ron.

接下來，我們預計總支出（不包括重要項目）將環比增長略低於 1%，這是由於我們繼續以生產力計劃為目標並執行我們的戰略，重點關注支出紀律，這是受工資通脹壓力的推動。這一重點使我們能夠推動積極的總運營槓桿，不包括全年的顯著項目。最後，我們預計本季度第三季度的稅率約為 20%。有了這個，讓我把電話轉回給羅恩。

Thanks, Eric. Operator, we can now open the call for questions.

謝謝，埃里克。接線員，我們現在可以打開提問電話了。

Thank you, sir. (Operator Instructions) Your first question comes from Glenn Schorr of Evercore.

謝謝你，先生。 （操作員說明）您的第一個問題來自 Evercore 的 Glenn Schorr。

Thanks very much. In your prepared remarks, you talked about management fees driven by market others step up, also a client-specific pricing adjustment. I just wondered if you could just give us a little more color on that. So we don't know if it's a one-off or could be other adjustments going forward.

非常感謝。在您準備好的講話中，您談到了市場其他人加緊推動的管理費用，也是針對特定客戶的定價調整。我只是想知道你是否可以給我們更多的顏色。所以我們不知道這是否是一次性的，或者可能是未來的其他調整。

Sorry, Glenn, sorry you're breaking up on the audio. Could you -- I got bits of that, but could you repeat that, please, for the...

對不起，格倫，很抱歉你在音頻上打斷了你。你能不能——我知道了一些，但你能重複一遍嗎，拜託，因為...

Totally. In your prepared remark, (inaudible) 2Q [tenant] fees driven by markets, which is obviously going to happen. But you also said specific question adjustment. I wonder if you could give a little more detail, say, the size what kind of adjustment that was just in case you were thinking about that going forward?

完全。在你準備好的評論中，（聽不清）2Q [租戶] 費用由市場驅動，這顯然會發生。但是你也說了具體的問題調整。我想知道您是否可以提供更多細節，例如尺寸，以防萬一您正在考慮進行哪種調整？

Sure, Glenn. Let me try to cover that. And I think you're focused on servicing fees and management fees. So let me do them both so that we have a little bit of context for you. On Page 6 of the materials on servicing fees, you asked about the impact of client activity and adjustments.

當然，格倫。讓我試著解釋一下。我認為你關注的是服務費和管理費。因此，讓我同時做這兩件事，以便我們為您提供一些背景信息。在關於服務費的材料的第 6 頁，您詢問了客戶活動和調整的影響。

And on a year-on-year basis, largely due to the kind of lower levels of activities and sometimes that comes through with lower markets. That was worth about 1 percentage point of headwinds on a year-on-year basis and about 2 points on a quarter-on-quarter basis for that. On management fees, there was a series of impacts quarter-on-quarter. Most of that was driven by market. There was 1 client that we called out but that would have been worth at most 1 to 2 percentage points of fees for that quarter.

與去年同期相比，主要是由於活動水平較低，有時是由於市場較低。這相當於同比下降約 1 個百分點，環比下降約 2 個百分點。在管理費用方面，環比產生了一系列影響。其中大部分是由市場驅動的。我們召集了 1 個客戶，但在該季度，這最多只值 1 到 2 個百分點的費用。

Okay. And then I have just -- I know this would be included in your guidance but I'm looking for a little color. When markets -- I remember when they used to go up all the time, you keep temporary enthusiasm on fee rates -- on fees in general, servicing fees because some contracts have ceilings in them. My question is if and when we continue any downtrend in these markets, do those same contracts have floors? Should we expect more stable servicing fees if and when the markets continue to drag lower?

好的。然後我剛剛 - 我知道這將包含在您的指導中，但我正在尋找一點顏色。當市場——我記得他們過去一直在上漲的時候，你對費率保持暫時的熱情——一般的費用，服務費，因為有些合同有上限。我的問題是，當我們在這些市場繼續下跌趨勢時，這些相同的合約是否有底價？如果市場繼續走低，我們是否應該期待更穩定的服務費？

Glenn, I'll take that. You're accurate. We have a small number. They tend to be very large clients where you just do hit the top of the fee schedule or even in some cases, the fees continued to tail down. I don't think we're close to that yet in terms of that being meaningful. So I wouldn't expect to see that being a factor in the near term unless we see much more significant kind of market downturn.

格倫，我會接受的。你是準確的。我們的人數很少。他們往往是非常大的客戶，您只是在費用表中達到頂峰，甚至在某些情況下，費用繼續下降。我認為就有意義而言，我們還沒有接近這一點。因此，除非我們看到更嚴重的市場低迷，否則我預計不會在短期內看到這成為一個因素。

Your next question comes from Ken Usdin of Jefferies.

您的下一個問題來自 Jefferies 的 Ken Usdin。

Ron, just following up on your opening remarks and what we saw on the forward-looking statements. Just as you go forward and try to negotiate, I guess, just -- how do you think through your optionality, meaning that, of course, a price concession is probably your best outcome. If you can't get one, is that a go-not-go decision right there? And then if for some reason, you do walk away one side or the other, what becomes your next immediate steps in terms of either capital strategy or a go-forward strategy? Thanks.

羅恩，只是跟進你的開場白以及我們在前瞻性陳述中看到的內容。就像你前進並嘗試談判一樣，我想，只是 - 你如何看待你的選擇權，這意味著，當然，價格讓步可能是你最好的結果。如果你不能得到一個，那是一個不去的決定嗎？然後，如果出於某種原因，您確實離開了一方，那麼在資本戰略或前進戰略方面，您的下一個直接步驟是什麼？謝謝。

Yes, Ken, we're very much in the midst of this. So I don't want to get out ahead of it. Firstly, we remain committed to the combination on a strategic basis. But given that we foresee this being restructured in a way that it changes some of the operating model, some of the circumstances change. We do believe -- well, we know we believe some kind of a price adjustment would be warranted. I don't want to get ahead of where we are in discussions with BBH. They remain very amicable and both sides are committed to making this happen. We're committed to -- we like the business. We like the people. So obviously, if we don't get there, then there's a lot of options, and we come back to you at that time.

是的，肯，我們正身處其中。所以我不想提前離開。首先，我們仍然致力於在戰略基礎上進行合併。但鑑於我們預見到這種重組方式會改變一些運營模式，一些情況會發生變化。我們確實相信 - 好吧，我們知道我們相信某種價格調整是必要的。我不想超越我們與 BBH 的討論。他們仍然非常友好，雙方都致力於實現這一目標。我們致力於——我們喜歡這項業務。我們喜歡人民。所以很明顯，如果我們沒有到達那裡，那麼有很多選擇，我們會在那個時候回复你。

Okay. That's fair. And then secondly, Eric, on your NII update, the new guide. Just wondering how much of that update is a new curve? And if you can help us understand where you are on that? And what are you getting on new securities yields now versus what's rolling off the back book?

好的。這還算公平。其次，Eric，關於您的 NII 更新，新指南。只是想知道有多少更新是一條新曲線？如果你能幫助我們了解你在哪裡？你現在從新證券收益率上得到了什麼，而不是從背書上滾下來的？

Yes, Ken, the uptick in the NII guide, I think probably both for the third quarter and then the full year, which we've updated is primarily driven by the higher yield curve and expectations in the U.S. plus some expectation that the ECB is going to start to seriously raise rates in the third quarter. And we've said that once the ECB crosses 25 basis point positive rate threshold that begins to be accretive. So I think those are the major drivers.

是的，Ken，NII 指南中的上升，我認為可能是第三季度和全年的上升，我們更新的主要是由較高的收益率曲線和美國的預期以及對歐洲央行的一些預期推動將在第三季度開始認真加息。我們已經說過，一旦歐洲央行超過 25 個基點的正利率閾值，就會開始增值。所以我認為這些是主要驅動力。

On investment portfolio yields, I think you see that in our average balance sheet. They are up on average, almost 15 basis points quarter-on-quarter. And you will expect that, that kind of increase will continue to flow through the books.

關於投資組合收益率，我認為您可以在我們的平均資產負債表中看到這一點。它們平均上漲，環比上漲近 15 個基點。你會期望，這種增長將繼續流經書籍。

To the question of exactly what a new security comes in at versus an old security rolls out at, I think the best way to estimate that because it will vary by different parts of the book, whether it's the treasuries, whether it's the MBS, whether it's the foreign securities is we're basically replenishing securities that have an average duration of 2.8 years. So you can kind of see what an older security with that vintage would look like and compare it to what's in the market today. And you'll see a nice pickup, and that's what's flowing through and giving us the kind of quarter-on-quarter increase on average that you saw this quarter. And we'll expect to see another increase on average in that order of magnitude in the third quarter.

對於新證券與舊證券推出的確切價格問題，我認為最好的估計方法是因為它會因本書的不同部分而異，無論是國債，是否是 MBS，是否是外國證券，我們基本上是在補充平均期限為 2.8 年的證券。因此，您可以看到具有該年份的舊證券的外觀，並將其與當今市場上的證券進行比較。你會看到一個不錯的回升，這就是正在發生的事情，給我們帶來了你本季度看到的平均季度環比增長。我們預計第三季度平均還會看到該數量級的另一次增長。

Your next question comes from Betsy Graseck of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Betsy Graseck。

A couple of questions. First, just on the discussion around the forward look. I wanted to make sure I understood what types of things are being looked to change? Is this a function of you need to keep more data servicing, processing within certain countries to satisfy regulatory requirements? Or is there something else that's more not operational but more around what parts of the business you can do? I'm wondering if it's an expense issue or if it's a revenue opportunity issue.

幾個問題。首先，只是圍繞前瞻性的討論。我想確保我了解正在改變哪些類型的事情？您是否需要在某些國家/地區保留更多數據服務和處理以滿足監管要求？或者還有其他一些更不具操作性的東西，但更多的是圍繞您可以做的業務的哪些部分？我想知道這是費用問題還是收入機會問題。

Betsy, it's Eric. Those are all the kinds of areas we're working through. And I think the heart of this when you do a banking deal, a global banking deal, this sort is the legal entity structure. And you obviously know we run a holding company, a bank, a series of banks and there's a series of entities that we have around the world. And obviously, creating a workable and a good path of combination can be done in different ways.

貝茜，是埃里克。這些都是我們正在努力的領域。我認為當你進行銀行交易時，全球銀行交易的核心是法律實體結構。你顯然知道我們經營著一家控股公司、一家銀行、一系列銀行，我們在世界各地擁有一系列實體。顯然，創建一個可行且良好的組合路徑可以通過不同的方式完成。

And part of what we've been working through is modifications on what might have been our original plan to make the transaction workable and attractive. That then has some ramifications to your point on the operating model that will have some amount of effect on perhaps the pace of expense or revenue synergies, and that's what we're working through.

我們一直在努力的部分工作是對我們最初的計劃進行修改，以使交易可行和有吸引力。然後，這會對您對運營模式的觀點產生一些影響，這可能會對費用或收入協同效應的速度產生一定的影響，這就是我們正在努力解決的問題。

What we have said, and we'd want to reiterate is that we are committed to finding a way to preserve the economic accretion that in the range that we had previously disclosed back in September. And so we're highly focused on that. And as a result, there are some changes that we're seeking on the transaction that including price that Ron mentioned.

我們已經說過並且我們想重申的是，我們致力於尋找一種方法來保持我們之前在 9 月份披露的範圍內的經濟增長。所以我們高度關注這一點。因此，我們正在尋求對交易進行一些更改，包括羅恩提到的價格。

Okay. And then you get this in front of regulators but if they don't agree by September 6, you've indicated you want to close by the end of the year. How should investors think about what you're expected thought process is going to be between that time period September 6 to 31?

好的。然後你在監管機構面前得到了這個，但如果他們在 9 月 6 日之前不同意，你就表示你想在今年年底前關閉。投資者應該如何看待您在 9 月 6 日至 31 日這段時間內的預期思維過程？

Yes. Betsy, it's Ron. I mean the September 6 date, it's basically the 1-year anniversary for the deal. And like a lot of transactions, they have an outside limit. So the way you should interpret that is what we've said is both parties remain committed. We've got to work through things. I mean the regulatory world and the political world has changed significantly since we announced this deal and what we're looking towards as a way to breakthrough and close it in a reasonable time period, and this time period doesn't seem reasonable to anybody, but it's actually better than some of the alternatives that we've been faced with.

是的。貝茜，我是羅恩。我的意思是 9 月 6 日，基本上是交易一周年紀念日。和許多交易一樣，它們有一個外部限制。所以你應該解釋的方式就是我們所說的雙方都保持承諾。我們必須解決問題。我的意思是，自從我們宣布這筆交易以來，監管世界和政治世界已經發生了重大變化，我們正在尋找一種在合理的時間內突破並完成交易的方式，而這個時間段對任何人來說似乎都不合理，但它實際上比我們面臨的一些替代方案要好。

So if you think about the September 6, it's an existing date. And assuming everything is going along fine and parties are agreeing, then we just agree to an extension of that to the close date.

因此，如果您考慮一下 9 月 6 日，那是一個現有的日期。假設一切進展順利並且各方都同意，那麼我們就同意將其延長至截止日期。

Got it.

知道了。

We're just disclosing and reminding everybody what the terms of the transaction are.

我們只是披露並提醒大家交易的條款是什麼。

Okay. No, that's helpful. And then just last for me, is I think you mentioned that given the restructuring of the balance sheet that you've made and the success with that, that you're now comfortable with running potentially below management targets for CET1 SLR. Could you remind us what the targets are and how much below you're willing to dip?

好的。不，這很有幫助。然後對我來說最後一點，我認為您是否提到過，鑑於您已完成資產負債表的重組並取得了成功，您現在對可能低於 CET1 SLR 的管理目標感到滿意。您能否提醒我們目標是什麼以及您願意跌到多少？

Sure, Betsy, it's Eric. I think the best place to see our capital ratios and targets is on Page 12 of the presentation deck. You see our -- what I'll call our standard CET1 targets are 10% to 11%, our standard leverage -- Tier 1 leverage targets of 5.25% to 5.75%. And what we've done, as you mentioned, is we've dramatically reduced the volatility risk from OCI which means that we're quite comfortable running below that. Directionally, that means on CET1, for example, could be up to 50 basis points below that. While we run at much lower risk and volatility levels in OCI and on a leverage basis, it tends to be up half of the -- of that amount.

當然，貝茜，是埃里克。我認為查看我們的資本比率和目標的最佳位置是演示文稿的第 12 頁。您會看到我們的——我稱之為標準 CET1 目標是 10% 到 11%，我們的標準槓桿——一級槓桿目標是 5.25% 到 5.75%。正如您所提到的，我們所做的是我們已經大大降低了 OCI 的波動風險，這意味著我們很樂意在低於該水平的情況下運行。從方向上看，這意味著在 CET1 上，例如，可能比該值低 50 個基點。雖然我們在 OCI 和槓桿基礎上的風險和波動性水平要低得多，但它往往是該數額的一半。

Your next question comes from Brennan Hawken of UBS. Please go ahead.

您的下一個問題來自瑞銀的布倫南霍肯。請繼續。

Actually, good afternoon. It's been a long day. So Eric, you referenced that you were considering some adjustments to the pricing model which make a lot of sense. Obviously, we're dealing with a very inflationary environment. Have you begun those discussions? And what has been the reaction from clients so far? Are you hearing from some of your clients that some of the competitors are also making similar moves just to be assured that you're not going to be out on your own pushing in that regard because it's normally when we think of pricing, of course, in the custody world, we typically -- it's typically a tougher place to get price increases. So kind of curious about that.

其實，下午好。這是漫長的一天。 Eric，您提到您正在考慮對定價模型進行一些調整，這很有意義。顯然，我們正在應對一個非常通貨膨脹的環境。你開始這些討論了嗎？到目前為止，客戶的反應如何？您是否從您的一些客戶那裡聽說，一些競爭對手也採取了類似的舉措，只是為了確保您不會在這方面自行推動，因為這通常是我們考慮定價的時候，當然，在託管世界中，我們通常 - 它通常是一個更難獲得價格上漲的地方。對此有點好奇。

Brennan, it's Ron. Why don't I start on this and Eric will fill in. We're early in this process, but yes, we have been out with clients and walk through our planned price increases with a few clients at this point. And there's a whole plan as Eric alluded. It's around the areas where we've got the most inflationary pressure, which might be specialty areas, areas where there's limited capacity in the marketplace, areas that are just growing very rapidly.

布倫南，我是羅恩。我為什麼不從這個開始，埃里克會填補。我們在這個過程的早期，但是，是的，我們已經與客戶合作，並在這一點上與一些客戶一起完成了我們計劃的價格上漲。正如埃里克所暗示的那樣，有一個完整的計劃。它圍繞著我們面臨最大通脹壓力的領域，可能是專業領域，市場容量有限的領域，以及增長非常迅速的領域。

And interestingly, the earliest ones have been -- in some ways, I think clients were not surprised that it was coming at them. So I'm not saying that's the way it's going to be. None of us enjoy paying more for something today than what we paid yesterday. But we're going at this in a very fact-based way. These tend to be sophisticated institutional buyers, and they know what's going on. So I can't speak for what others are doing. I just don't have a feel for that. But we're running our business in the way we believe we need to. And we think this is an important component of it.

有趣的是，最早的那些已經 - 在某些方面，我認為客戶對它的到來並不感到驚訝。所以我並不是說它會是這樣。我們沒有人喜歡今天為某樣東西付出比我們昨天付出的更多的錢。但我們將以一種非常基於事實的方式來解決這個問題。這些往往是老練的機構買家，他們知道發生了什麼。所以我不能代表別人在做什麼。我只是對此沒有感覺。但我們正在以我們認為需要的方式經營我們的業務。我們認為這是其中的一個重要組成部分。

Okay. Thank you for that. And then when we think about the -- you laid out, Eric, the expectation around ECB and whatnot. But as we see potential policy rates in different parts of the world diverging. Could you give us a reminder about the currency mix of your deposit -- of your deposits as it stands now? And whether or not you expect in the next -- in the foreseeable future, that shift at all as yield differentials widen between different currencies? Thank you.

好的。謝謝你。然後當我們考慮 - 你提出的，埃里克，對歐洲央行的期望等等。但正如我們所見，世界不同地區的潛在政策利率存在差異。您能否提醒我們一下您存款的貨幣組合——您現在的存款？你是否期望在下一個 - 在可預見的未來，隨著不同貨幣之間的收益率差異擴大，這種轉變會發生變化？謝謝你。

Sure, Brennan, it's Eric. And we actually added some additional disclosure in our addendum, our financial addendum this quarter. You'll find it on Page 8. That actually breaks out the balance sheet, including the total assets, the investment securities and deposits by the major currencies, USD, euros, pound sterling and so forth because we are quite focused on navigating this interest rate environment.

當然，布倫南，是埃里克。我們實際上在我們的附錄中添加了一些額外的披露，我們本季度的財務附錄。你會在第 8 頁找到它。這實際上打破了資產負債表，包括主要貨幣、美元、歐元、英鎊等的總資產、投資證券和存款，因為我們非常專注於導航這個興趣率環境。

And to be honest, securing the benefits of interest rate increases around the world, right? We position the balance sheet currency by currency. We have pricing plans and betas that are carefully developed currency by currency. I don't think we expect a lot of change in the composition of the balance sheet. I mean, the U.S. is clearly -- the U.S. Central Bank is clearly moving much more quickly, and with not only interest rates, but quantitative tightening. And that will potentially have a downward trend on U.S. currency deposits.

老實說，確保全球加息帶來的好處，對吧？我們按貨幣對資產負債表貨幣進行定位。我們有按貨幣精心開發的定價計劃和測試版。我認為我們預計資產負債表的構成不會發生很大變化。我的意思是，美國顯然是——美國中央銀行的行動顯然要快得多，不僅是利率，而且是量化緊縮。這可能會導緻美國貨幣存款呈下降趨勢。

On the other hand, with U.S. rates prevailing rates higher than what you see around the rest of the world, there's a natural draw into the U.S. from global investors. So it's hard to -- I think it's hard to actually forecast the currency composition and the deposit levels given those movements. But we're well prepared. And in fact, some of the interest rate or some of the NII increases that you saw this quarter are coming not only by virtue of the U.S. rate rises, but also those in pound sterling and some of the other Anglo-Saxon currencies. And we're positioning currency by currency as a result.

另一方面，由於美國的現行利率高於您在世界其他地區看到的利率，全球投資者自然會吸引到美國。所以很難 - 我認為鑑於這些變動，很難實際預測貨幣構成和存款水平。但是我們已經做好了充分的準備。事實上，您在本季度看到的部分利率或部分 NII 增加不僅是由於美國加息，還因為英鎊和其他一些盎格魯-撒克遜貨幣的加息。因此，我們正在逐個貨幣定位貨幣。

Your next question comes from Jim Mitchell of Seaport Global.

您的下一個問題來自 Seaport Global 的 Jim Mitchell。

Eric, maybe just on the securities portfolio. You had a pretty big shift into HTM to derisk the AOCI. But I'm just looking, it does have a materially higher yield. Is there something to think about in the HTM portfolio that you've kind of locked in longer duration or it's a little more credit risk in there. How do I think about the HTM portfolio versus AFS and how that can evolve? Does it hold back NII sensitivity or not?

埃里克，也許只是在證券投資組合上。你有一個相當大的轉變到 HTM 來取消 AOCI。但我只是在看，它確實有更高的產量。在 HTM 投資組合中是否有一些事情需要考慮，您已經鎖定了更長的期限，或者那裡有更多的信用風險。我如何看待 HTM 產品組合與 AFS 以及如何發展？它是否會抑制 NII 的敏感性？

Jim, it's Eric. We're quite careful about managing our NII sensitivity holistically across the book. I think what you'll see is that because we use HTM to protect against interest rate and OCI volatility, it's more natural that if we have a blended book of short-, medium- and longer-term securities that we would move more of the medium and longer-term securities into HTM because thereby, we get the most protection while we give up the least amount of sale optionality. So that's why you're just seeing a higher yield. I think you'll see that generally be true, and you can follow that in our disclosures accordingly.

吉姆，我是埃里克。我們非常謹慎地在整本書中全面管理我們的 NII 敏感性。我想你會看到，因為我們使用 HTM 來防止利率和 OCI 波動，如果我們有一個混合的短期、中期和長期證券賬簿，我們會更自然地移動更多的中期和長期證券進入 HTM，因為這樣，我們得到了最大的保護，同時我們放棄了最少的銷售選擇權。所以這就是為什麼你只是看到更高的產量。我認為您會發現這通常是正確的，您可以在我們的披露中相應地遵循這一點。

Okay. Great. And then when I think about the yet to be installed business, I mean it continues to grow. I know there's a long tail to getting those installed. But are we at a point where this -- mean I think we've looked in the past, and I think we all get a little frustrated that we see these big wins, and it's hard to determine or see it in the numbers. Are we at a point where this is getting to materiality and that we could see a nice acceleration inorganic growth next year when this stuff gets installed?

好的。偉大的。然後當我想到尚未安裝的業務時，我的意思是它會繼續增長。我知道安裝這些有很長的路要走。但是我們是否處於這樣的地步 - 意思是我認為我們已經回顧了過去，而且我認為我們都對看到這些重大勝利感到有些沮喪，而且很難從數字中確定或看到它。我們是否已經到了實質性的階段，並且明年安裝這些東西時我們可以看到一個很好的加速無機增長？

Yes. I think you've got the right broad time frame. I mean the -- I guess the way I would describe it is the larger the deal, the more complex and more transformative it is for our clients, right? That's the -- they're fundamentally changing their operating model, they're harmonizing systems and processes, and we're co-investing with them to build for them a front, middle and often back-office model that will suit them for a decade or more. As you think about the $3.6 trillion of AUC/A to be installed, 2023 is an important year. We expect that about 1/3. This will move around, but about 1/3 will likely be installed by the end of that year and perhaps as much as half of the revenue associated with those wins.

是的。我認為你有正確的廣泛時間框架。我的意思是——我想我描述它的方式是，交易規模越大，對我們的客戶來說就越複雜和更具變革性，對吧？那就是——他們正在從根本上改變他們的運營模式，他們正在協調系統和流程，我們正在與他們共同投資，為他們建立一個適合他們的前台、中間和通常是後台的模式十年或更長時間。當您考慮要安裝的 3.6 萬億美元 AUC/A 時，2023 年是重要的一年。我們預計大約為 1/3。這將會改變，但到那年年底可能會安裝大約 1/3，並且可能高達與這些勝利相關的收入的一半。

Your next question comes from Brian Bedell of Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Bedell。

Eric, if you could just repeat that comment on the 1/3 of the $3.6 trillion. Was that by the end of next year? Did you say -- I just missed that.

埃里克，如果你能在 3.6 萬億美元的 1/3 上重複這個評論。是到明年年底嗎？你說 - 我只是錯過了。

Yes, that's correct. By the end of 2023.

對，那是正確的。到 2023 年底。

Got it. Got it. Just back to the BBH strategy. So good to hear that you're both committed to this. If it -- if you are able to close it with any amended terms and amended structures, can you just remind us or I guess if you have comments on the deposit strategy, which was obviously bringing the BBH deposits on balance sheet? And then there was an opportunity to bring potentially a large portion of balances over out of -- from their $60 billion of off balance sheet or third-party bank, I should say, arrangements. Is that -- would that still be doable? Or does the structure change that calculus?

知道了。知道了。回到 BBH 策略。很高興聽到你們都致力於此。如果它——如果你能夠用任何修改後的條款和修改結構來結束它，你能提醒我們嗎？或者我猜你是否對存款策略有意見，這顯然是把 BBH 存款帶到資產負債表上？然後有機會從他們 600 億美元的資產負債表外或第三方銀行（我應該說）安排中帶來潛在的大部分餘額。那是 - 這仍然可行嗎？還是結構改變了微積分？

Brian, it's -- we're still in the process of nailing down both the legal entity and the operating model changes, and we're working through those and working towards developing a firm view of when and how the deposit and sweep program is operated, and how we may in the future, use that program, take advantage of some of the cash and deposit optionality. But that's in process at this point. And we'll certainly provide an update in the course of the third quarter I expect as we nail down the modifications.

布賴恩，我們仍在確定法人實體和運營模式的變化，我們正在努力解決這些問題，並努力製定關於何時以及如何運營存款和清掃計劃的堅定觀點，以及我們將來如何使用該程序，利用一些現金和存款的選擇權。但目前正在進行中。我們肯定會在我預計的第三季度期間提供更新，因為我們確定了修改。

Yes. That makes sense. And then maybe just excluding BBH and just looking at everything on a State Street-only basis, should we be thinking -- do you think in this cycle, we should be thinking of deposit runoff to be sort of similar to the last cycle? I think we were down more than 15% in average deposit levels from start of Fed hiking to the trough in 2019. Is that a reasonable starting point to think about that deposit runoff? Or is something different in the cycle that would make you think that you wouldn't have that?

是的。那講得通。然後可能只是排除 BBH 並僅在 State Street 的基礎上查看所有內容，我們是否應該考慮 - 您是否認為在這個週期中，我們應該考慮將存款徑流與上一個週期類似？我認為，從美聯儲開始加息到 2019 年的低谷，我們的平均存款水平下降了 15% 以上。這是考慮存款流失的合理起點嗎？還是周期中的某些不同之處會讓您認為您不會擁有它？

I think the last cycle is always going to be indicative, but you remember, there were moving parts in the last cycle, including the SLR rule was in flux and there was -- we -- many of us on the banking side had to navigate the size of our balance sheet independently what was happening at the interest rate environment and quantitative tightening. I think what I've said in the past is relevant over the -- since the kind of the pre-COVID time period, our deposits are up roughly $60 billion. We think that half of that can easily be ascribed to the quantitative easing that we had, and that will reverse out.

我認為最後一個週期總是具有指示性的，但你記得，在上一個週期中有一些變化的部分，包括 SLR 規則在不斷變化，而且 - 我們 - 我們銀行方面的許多人都必須導航我們資產負債表的規模獨立於利率環境和量化緊縮下發生的情況。我認為我過去所說的是相關的——因為在 COVID 之前的時期，我們的存款增加了大約 600 億美元。我們認為，其中一半可以很容易地歸因於我們實施的量化寬鬆政策，而這種情況將會逆轉。

Now that's estimated. It's always hard to forecast this because the interest rate environment is moving up quickly. There's also a risk off environment. So we've got to see how that plays out. I've said that we could see $6 billion to $10 billion of outflows per year, per $1 trillion of U.S. balance sheet tightening. I do think because the interest rate environment is higher and has moved faster, right? We're likely to see closer to the $10 billion per trillion in the first year and then maybe lighten out in the second and third year. But those are all the scenarios we're working through. I think from our perspective, we're extremely flush from a liquidity standpoint.

現在估計出來了。總是很難預測這一點，因為利率環境正在迅速上升。還有一個避險環境。所以我們必須看看結果如何。我說過，美國資產負債表每收緊 1 萬億美元，我們每年就會看到 60 億到 100 億美元的資金外流。我確實認為是因為利率環境更高並且移動得更快，對吧？我們可能會在第一年看到接近 100 億美元/萬億美元，然後可能會在第二年和第三年減倉。但這些都是我們正在處理的所有場景。我認為從我們的角度來看，從流動性的角度來看，我們非常充足。

The deposits are valuable, so we're monetizing them for the purpose of the P&L. And we expect over time to be able to not only get to the higher levels of NII that we have in the past. I think we were in the $695 million range with our peak during the last cycle, I think our forecast -- and it's hard to forecast this perfectly. But the forecast that we've built put us at or above that level in this next cycle. And part of that is that while there is some tightening and erosion of total deposit levels, you also have higher U.S. rates, higher global rates and in particular, we'll have a move in ECB and European rates, at least based on the current forwards.

存款很有價值，所以我們將它們貨幣化以用於盈虧。我們希望隨著時間的推移，不僅能夠達到我們過去擁有的更高水平的 NII。我認為我們在上個週期達到峰值時處於 6.95 億美元的範圍內，我認為這是我們的預測——而且很難完美地預測這一點。但我們建立的預測使我們在下一個週期達到或高於該水平。部分原因是，雖然總存款水平出現了一些收緊和侵蝕，但美國利率和全球利率也會上升，特別是歐洲央行和歐洲利率會有所變動，至少基於目前前鋒。

Right, that's great color. Thank you so much.

沒錯，顏色真好。太感謝了。

Sure. Your next question comes from Steven Chubak of Wolfe Research. Please go ahead.

當然。您的下一個問題來自 Wolfe Research 的 Steven Chubak。請繼續。

So Eric, I wanted to better understand just some of the guidance items that you outlined specific to both fees and expenses. And on the fee side, certainly, the guys that you offer suggest greater resiliency compared with some of the more acute declines that we've seen in some of the market proxies. Just want to get a sense as to what's driving that better outcome?

所以埃里克，我想更好地理解你概述的一些針對費用和支出的指導項目。在費用方面，當然，與我們在某些市場代理中看到的一些更嚴重的下跌相比，您提供的那些人表明具有更大的彈性。只是想了解是什麼推動了更好的結果？

And specific to expenses, I was hoping you can give some bookends in terms of what range of expense growth we should be contemplating? You cited inflationary pressures multiple times, the need to maybe revisit pricing with some of your clients, but you also have some FX tailwinds. So I was hoping to get some perspective on what sort of expense growth range we should be thinking about for the remainder of this year?

具體到費用，我希望你能就我們應該考慮的費用增長范圍提供一些書擋？您多次提到通脹壓力，可能需要與您的一些客戶重新審視定價，但您也有一些外匯順風。所以我希望對今年剩餘時間我們應該考慮什麼樣的費用增長范圍有所了解？

Sure. Let me start on fees. The real environmental challenge is if you just extend out the current spot levels of that equity markets are sitting at, the average -- the daily average for third quarter is going to be down 7% to 8% versus the average for second quarter. And that's the basis by which we earn revenues both in servicing fees and management fees. So that's the headwind that we have. We're hoping that some of the market related, the lumpy stuff that we have in other revenues doesn't repeat. And that might give us a little bit of insulation.

當然。讓我從收費開始。真正的環境挑戰是，如果你只是擴大股票市場的當前現貨水平，即平均水平——第三季度的日平均水平將比第二季度的平均水平下降 7% 至 8%。這是我們賺取服務費和管理費收入的基礎。這就是我們面臨的不利因素。我們希望一些與市場相關的、我們在其他收入中的笨拙的東西不會重複。這可能會給我們一點絕緣。

So that's why I said servicing and management fees could be down in the 4% range sequentially, but total fees, perhaps closer to 2%, so less so. And obviously, volatility levels in markets help currency trading and other activities. But we've got to play out and see how the summer months happen. I think on expenses, I'm just trying to guide quarter-by-quarter. I think if you add up first quarter, second quarter, the guide of just under a percentage point for the third quarter. And you can put a range around that and estimate fourth quarter.

所以這就是為什麼我說服務和管理費可能會連續下降 4%，但總費用可能接近 2%，所以降幅較小。顯然，市場波動水平有助於貨幣交易和其他活動。但我們必鬚髮揮作用，看看夏季是如何發生的。我認為在費用方面，我只是想按季度進行指導。我想如果你把第一季度、第二季度加起來，第三季度的指導值不到一個百分點。您可以圍繞該範圍設定一個範圍並估計第四季度。

And so we're -- I think that's what we've done from a guidance standpoint. I think what we are willing to say is because we have kind of an overall view of fee revenues for third quarter, we can guesstimate into fourth quarter as can you. I think NII, we have quite a solid view of the full year, which we provided. We're comfortable of saying and we said in our prepared remarks that we expect to drive positive total operating leverage for the year, adjusted for notables. But we feel confident in that given the current market environment.

所以我們 - 我認為這就是我們從指導的角度所做的。我認為我們願意說的是因為我們對第三季度的費用收入有一個整體看法，我們可以猜測到第四季度。我認為 NII，我們對全年提供了相當可靠的看法。我們可以放心地說，我們在準備好的評論中說，我們預計今年將推動積極的總運營槓桿，並針對知名人士進行調整。但鑑於當前的市場環境，我們對此充滿信心。

And part of that is we have some visibility, as we've described on fees, a good bit of visibility on NII. And to be honest, while there are some wage and inflationary pressures because the P&L is lighter, we've proactively adjusted the incentive line to compensate for that. And we're committed to navigating through this environment in a thoughtful way and deliver results that are as positive and as appropriate as possible.

其中一部分是我們有一些可見性，正如我們在費用方面所描述的那樣，對 NII 有很好的可見性。老實說，雖然由於損益較輕而存在一些工資和通脹壓力，但我們已經主動調整了激勵線以彌補這一點。我們致力於以深思熟慮的方式在這個環境中導航，並提供盡可能積極和適當的結果。

That's really helpful color. And just 1 follow-up on the -- some of the expense commentary Eric, you offered. One of the questions we've been fielding from a lot of folks pertains to the longer-term expense growth algorithm. You guys have done a really good job of reining in expenses on an absolute basis over the past few years. Clearly, the inflationary pressures are starting to build as we think about your efficiency agenda that you guys have prosecuted on, but at the same time, the inflationary pressure is building simultaneously. How do you see that expense growth algorithm evolving over time?

這顏色真的很有幫助。並且僅對您提供的一些費用評論 Eric 進行了 1 次跟進。我們從很多人那裡得到的問題之一與長期費用增長算法有關。在過去的幾年裡，你們在絕對控制開支方面做得非常好。顯然，當我們考慮你們起訴的效率議程時，通貨膨脹壓力開始增加，但與此同時，通貨膨脹壓力也在同時增加。您如何看待費用增長算法隨著時間的推移而演變？

Yes. And I think we'll know more over the course of the year, but I think there are some inflationary pressures, some of which we can look for ways to at least limit, but we can't really avoid. So let me give you an example.

是的。而且我認為我們會在一年中了解更多，但我認為存在一些通脹壓力，其中一些我們可以尋找至少限制的方法，但我們無法真正避免。所以讓我給你舉個例子。

On the $8 billion expense base that we have, about $2.5 billion of that is salaries. Now salaries historically have moved up about 2 percentage points a year, maybe 3 but right now, if you look at merit increases, the higher salary replacement rates for new hires versus exits, bidding back selectively a talent, salary costs are up closer to 4% to 6% on a run rate basis on a base of $2.5 billion. So you could do the math there and start to get a sense that, that creates an additional headwind that we didn't have and that headwind could be worth an extra point of expenses on the total $8 billion base.

在我們擁有的 80 億美元支出基礎上，其中約 25 億美元是工資。現在工資從歷史上看每年上漲約 2 個百分點，也許是 3 個百分點，但現在，如果你看績效增長，新員工的薪酬替代率高於離職員工，有選擇地收回人才，工資成本接近 4以 25 億美元為基礎，按運行率計算 % 至 6%。因此，您可以在那裡進行數學計算並開始感覺到，這會產生我們沒有的額外逆風，並且在總 80 億美元的基礎上，這種逆風可能值得額外的支出點。

It's that kind of environment that we're operating in. I mean we need to see if that persists into next year. Do we have a recession or not, what happens to labor markets. And then the other part of that is working through where we are on noncomp expenses, where vendors come to us sometimes and say, look, we feel the need to adjust, and we're obviously trying to manage and rein that in. And I think that's another factor.

我們就是在這種環境下運作的。我的意思是，我們需要看看這種情況是否會持續到明年。我們是否有經濟衰退，勞動力市場會發生什麼。然後另一部分是解決我們在非補償費用方面的情況，供應商有時會來找我們說，看，我們覺得有必要調整，我們顯然正在努力管理和控制它。我認為這是另一個因素。

So I think we see some of those. We're trying to telegraph them, but we're also committing to -- committed to achieve and deliver on our medium-term targets. And some of that's going to be by finding in some ways to maybe limit or contain or offset. But in other ways, they may come through. The interest rate environment will give us a tailwind. And then you heard us describe some of the selective changes that we're discussing with clients around pricing and top line pricing.

所以我認為我們看到了其中一些。我們正在努力向他們傳達信息，但我們也致力於——致力於實現並實現我們的中期目標。其中一些將通過以某種方式找到可能限制、遏製或抵消的方式。但在其他方面，他們可能會通過。利率環境會給我們帶來順風。然後您聽到我們描述了一些我們正在與客戶討論的有關定價和頂線定價的選擇性變化。

So there are a number of different factors. I think I'm not -- it's early to give a fulsome view of what next year portends. But I would say that we're conscious, we're in a dynamic environment. We're conscious that there are some elements that we can control and others that aren't as controllable. But we're also committed to getting to our medium-term targets. And I think that provides a good set of goals for us and that we're committed to.

所以有很多不同的因素。我想我不是——現在對明年的預兆給出一個完整的看法還為時過早。但我會說我們是有意識的，我們處於一個動態的環境中。我們意識到有些元素是我們可以控制的，而另一些則不是可控的。但我們也致力於實現我們的中期目標。我認為這為我們提供了一套很好的目標，並且我們致力於實現這一目標。

Please Let me help just build on Mosaic. Sorry, go ahead Ron.

請讓我幫助建立在馬賽克上。對不起，繼續吧，羅恩。

Yes, Steve, what I would add to that is that throughout this period that we've been managing expenses over the last several years as we've been quite clear on, we've also been investing in the business, particularly around automation and technology. There's still payoffs expected from that. We've seen some. There's more in the future. So the other bit of this we'll be continuing to manage that algorithm between how much we continue to spend on automating more to get the future productivity savings.

是的，史蒂夫，我要補充的是，在過去幾年中，我們一直在管理費用，因為我們非常清楚，我們也一直在投資業務，特別是圍繞自動化和技術。仍然有預期的回報。我們見過一些。未來還有更多。因此，另一方面，我們將繼續管理該算法，我們將繼續在自動化上花費多少，以節省未來的生產力。

It's great color. Thanks so much for taking my questions.

這是很棒的顏色。非常感謝您提出我的問題。

Your next question comes from Gerard Cassidy of RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的 Gerard Cassidy。

Hi, Ron. Hi, Eric. Guys, maybe Eric, you've, in the past, given us an update on the variable rate pricing of your fee revenues. What percentage of fee revenues today would you consider variable pricing, which are greatly influenced by market levels, of course? And second -- and Ron, when you talked about -- talking about price increases for some of the products for your customers, is that for both the variable rate type pricing as well as fixed rate pricing?

嗨，羅恩。嗨，埃里克。伙計們，也許 Eric，您過去曾向我們提供有關您的費用收入的可變利率定價的最新信息。您會考慮在今天的費用收入中佔多少百分比，當然，這在很大程度上受市場水平的影響？第二個——當你談到羅恩時——談到為你的客戶增加一些產品的價格，這既適用於浮動利率類型定價，也適用於固定利率定價？

Yes. Let me -- Gerard, let me start. Our pricing schedules, there's a lot of history behind them on the servicing fee side. I would say that -- and we disclosed this in our Q with some specificity, but about half of the revenues earned through the servicing fee schedules are market level dependent. So the kind of assets under custody levels. There's then a portion that is driven by transactional or activity of volumes and then the balance is fixed. So there is a mix. And that's what you're seeing flowing through the P&L at this point. They are complex schedules. They -- you can measure them with a ruler in some cases, just because they span the world. They span the products in regions and [entities] and often have some history associated with them. But that's a broad basis.

是的。讓我——杰拉德，讓我開始吧。我們的定價時間表，在服務費方面有很多歷史。我會這麼說——我們在 Q 中具體披露了這一點，但通過服務費表獲得的收入中約有一半取決於市場水平。所以託管資產的種類。然後有一部分是由交易量或交易量活動驅動的，然後餘額是固定的。所以有一個混合。這就是您在此時看到的損益表中的內容。它們是複雜的時間表。它們——在某些情況下，你可以用尺子測量它們，因為它們跨越了世界。它們跨越區域和[實體]的產品，並且通常有一些與之相關的歷史。但這是一個廣泛的基礎。

Yes. And then, Gerard, just the second part of your question, are we going at the asset-based fee, the variable fee or the fixed fee. I mean, it's a little bit of both. And again, we're trying to be reasonable firstly, to our clients, but also to ourselves and really tying this to where there's real inflationary pressures. And also recognizing that we have a commitment to generating really good service for our clients, right? Service better than our competitors. So it's less about is that the variable or the fixed. It's where are we having these pressures and therefore, where do we need a price increase.

是的。然後，杰拉德，只是你問題的第二部分，我們是以資產為基礎的費用、可變費用還是固定費用。我的意思是，兩者都有一點。再說一次，我們首先要對我們的客戶講道理，對我們自己也講道理，並將其與真正的通脹壓力聯繫起來。並且還認識到我們致力於為客戶提供真正優質的服務，對嗎？服務比我們的競爭對手更好。所以更重要的是變量或固定。這是我們在哪裡有這些壓力，因此，我們需要在哪裡漲價。

Very good. And then just as a quick follow-up, Eric, in the held-to-maturity portfolio, the duration was 2.8 years, as you pointed out. Can you share with us the OCI accretion back into capital? About how many basis points a year do you think you'll see in that? And then second, what's the average yield of that HTM portfolio today? Thank you.

很好。正如你所指出的，作為一個快速跟進，埃里克，在持有至到期投資組合中，久期為 2.8 年。您能否與我們分享 OCI 增加回資本的情況？您認為您會在其中看到每年大約多少個基點？其次，今天該 HTM 投資組合的平均收益率是多少？謝謝你。

Sure. Let me do that in pieces. Then the HTM portfolio, I think there's good data for you and others in the financial addendum. And you can find that on Page 9 of our addendum. The -- we described the AFS portfolio both on average and on an end-of-period basis in the HTM portfolio. And I think in total, the yield on AFS right now is about 91 basis points, on the held-to-maturity about 155 basis points. And that's just because of the duration that we tend to put in held-to-maturity to protect it from OCI.

當然。讓我分段做。然後是 HTM 投資組合，我認為財務附錄中有對您和其他人來說很好的數據。您可以在我們附錄的第 9 頁上找到它。 - 我們在 HTM 投資組合中對 AFS 投資組合進行了平均和期末的描述。我認為總體而言，目前 AFS 的收益率約為 91 個基點，持有至到期約為 155 個基點。這只是因為我們傾向於將其置於持有至到期日以保護其免受 OCI 的影響。

In terms of the accretion that will come through, we expect the accretion to start towards the fourth quarter, in particular, a little bit in the third and then into the fourth quarter. And we're looking at accretion in the $100 million to $200 million range of capital. It will bounce around quarter-by-quarter as different maturities come through. But that's a healthy amount of capital accretion, and that could be worth 10, 15 basis points of capital and could certainly help us fund the future buybacks and other returns of capital to shareholders, which, as we've said, we'd like to restart in the fourth quarter and continue on from there.

就將要實現的增長而言，我們預計增長將在第四季度開始，特別是在第三季度，然後是第四季度。我們正在考慮增加 1 億至 2 億美元的資本。隨著不同期限的到來，它將逐季反彈。但這是一個健康的資本增值量，可能值 10、15 個基點的資本，當然可以幫助我們為未來的回購和其他資本回報提供資金給股東，正如我們所說，我們希望在第四季度重新開始並從那裡繼續。

Your next question comes from Mike Mayo of Wells Fargo Securities. Please go ahead.

您的下一個問題來自 Wells Fargo Securities 的 Mike Mayo。請繼續。

First, thanks for changing the time of your conference call, given so much else happening today. So on the pricing due to inflation, I mean, it all makes sense. It's all logical. But can you actually get that done? We've talked about pricing going down for the last 3 decades. Now it seems like you have more of a reason to increase pricing than ever before.

首先，感謝您更改電話會議的時間，因為今天發生了很多其他事情。因此，關於通貨膨脹導致的定價，我的意思是，這一切都是有道理的。這一切都是合乎邏輯的。但你真的能做到嗎？我們已經討論過過去 3 年價格下降的問題。現在，您似乎比以往任何時候都更有理由提高定價。

Ron, you've been on the other side of this. you're getting the phone call, "hi this is State Street, we'd like to increase the pricing by 5%." And then you're like, well, we're going to go to these other 3 or 4 or 5 providers. So how much confidence do you have that you can pass on some of these price increases to your customers?

羅恩，你一直站在另一邊。你接到電話，“嗨，這裡是道富，我們想將價格提高 5%。”然後你會說，好吧，我們將去找其他 3 或 4 或 5 家供應商。那麼，您有多少信心可以將其中一些價格上漲轉嫁給您的客戶？

It's a good question, Mike. I would say that what's changed over the years is virtually everybody, you go back 15, 20 years ago, virtually everybody bought the same service. It was custody fund accounting. It was publicly listed markets. It was fairly consistent and plain, and it was very easy to do, as you said. I think what's changed is that even -- certainly, in the medium to large managers, you're seeing a broad product base, some of which are actually reasonably complicated to do, whether it's complicated because of the skills required, complicated because of the technology that's required.

這是個好問題，邁克。我想說的是，這些年來幾乎每個人都發生了變化，回到 15、20 年前，幾乎每個人都購買了相同的服務。這是託管基金會計。它是公開上市的市場。正如你所說，這是相當一致和簡單的，而且很容易做到。我認為改變的是，即使——當然，在中型到大型管理人員中，你會看到一個廣泛的產品基礎，其中一些實際上相當複雜，無論是因為所需的技能而復雜，還是因為所需的技術。

And it's in those areas where we're seeing the highest inflationary pressures. And we think that we offer a superior capability. We think that in many cases, there's just limited capacity in the marketplace. And we also think that it's a time where -- that everybody is seeing the same kind of pressure the last 10, 15, 20 years, the world's been enjoying, in effect, the great deflation. And that's not what's going on now. So it's always dangerous to utter those words. This time is different, so I won't. But we do think there's a set of circumstances in a targeted set of areas where pricing adjustments are required. And that we believe that clients will understand. And again, very early reads, but they seem to be.

正是在那些我們看到通脹壓力最高的領域。我們認為我們提供了卓越的能力。我們認為，在許多情況下，市場容量有限。我們還認為，在過去 10 年、15 年、20 年，每個人都看到了同樣的壓力，世界實際上一直在享受大通貨緊縮。這不是現在發生的事情。所以說這些話總是很危險的。這次不一樣，所以我不會。但我們確實認為在需要調整定價的目標領域存在一系列情況。我們相信客戶會理解的。再一次，非常早期的閱讀，但他們似乎是。

And as a compromise, are you talking more about compensating deposit balances, like the trust banks had in the past when rates were higher?

作為一種妥協，你是否更多地談論補償存款餘額，就像過去利率較高時的信託銀行那樣？

No.

不。

Okay. I just -- final -- we want to get paid more because our costs are up for us and everybody else. And so 1/3...

好的。我只是——最後——我們希望得到更多的報酬，因為我們和其他人的成本都在上升。所以1/3...

Mike, that's on deposits, remember, we've been underearning on deposits against what cost us to hold deposits, which is preferred securities, right, for -- now several years, we barely offset that at the height of the last interest rate increase in 2017 and '18. And so -- we're just trying to get to par on deposit spreads. And obviously, as deposit rates rise, we give a reasonable proportion of that back to our clients and we do that purposely. That's part of the social contract. But that feels like it's going back to a normalized level, the wage and salary and non-comp pressures that we're seeing are not different than what others are seeing in the rest of the economy. And that on a net basis is quite different.

邁克，那是關於存款的，記住，我們在存款方面的收入一直低於我們持有存款的成本，這是首選證券，對，因為 - 幾年來，我們在上次加息的高峰期幾乎沒有抵消這一點在 2017 年和 18 年。所以——我們只是想達到存款利差的標準。顯然，隨著存款利率的上升，我們會將其中的合理比例返還給我們的客戶，而且我們是故意這樣做的。這是社會契約的一部分。但這感覺就像它正在回到正常水平，我們看到的工資和薪水以及非薪酬壓力與其他經濟體中其他人看到的沒有什麼不同。而這在淨基礎上是完全不同的。

Okay. That's good clarification. Thank you. And then just last on that, your cost going higher. I thought a lot of banks seem to have an advantage just like you. You had billion of expenses, $1 billion in comp, but comp and society is going up less than other inflation, right, like food, rent, gas, everything else is going up a lot more than employee costs. And what we've been hearing, at least anecdotally, among the banks is that some of those employee cost pressures have been waning in the most recent months and weeks. But what I hear from you is that that's not the case? Or even if it is the case, you're still talking about kind of 2x historical growth than in the past.

好的。這是很好的澄清。謝謝你。然後再堅持下去，你的成本會更高。我認為很多銀行似乎都像你一樣有優勢。你有 10 億美元的開支，10 億美元的薪酬，但薪酬和社會的漲幅低於其他通貨膨脹，對，比如食品、租金、汽油，其他一切的漲幅都遠遠超過員工成本。我們從銀行中聽到的，至少是傳聞，其中一些員工成本壓力在最近幾個月和幾週內一直在減弱。但我從你那裡聽到的是，事實並非如此？或者即使是這樣，你仍然在談論比過去 2 倍的歷史增長。

Mike, what I would say is what you say about comp costs lagging behind other inflationary expenses, I mean, that is true, and that's typical, right? That's typically how kind of inflation works its way into and through labor markets. I would say that we've certainly seen a much higher than trend pressure on us and I would venture since we're swimming in the same pool of skills here. I would say certainly with our nearing competitors in -- particularly in the skilled areas that we need.

邁克，我想說的是你所說的補償成本落後於其他通貨膨脹費用，我的意思是，這是真的，這是典型的，對吧？這通常是通貨膨脹進入和通過勞動力市場的方式。我會說，我們當然已經看到了遠高於趨勢的壓力，我會冒險，因為我們在這裡游泳在同一個技能池中。我肯定會說與我們臨近的競爭對手——尤其是在我們需要的技術領域。

And as Eric noted, in some of the -- when we're replacing somebody that's come in at a much or a significantly higher cost than before. Now I think it's also true that if you believe that there's a recession facing us or that in any event, there will be less kind of economic growth going forward than what we see now for a period of time. That's likely to take pressure off it, but there's still a very real move up in select areas around our expenses. And I actually don't think it would be different for a comparable institution.

正如 Eric 指出的那樣，在某些情況下，當我們更換成本比以前高得多或顯著高的人時。現在我認為，如果你認為我們面臨經濟衰退，或者無論如何，未來一段時間內的經濟增長將比我們現在看到的要少，這也是事實。這可能會減輕壓力，但在我們支出的特定領域仍然存在非常實際的上升。實際上，我認為對於一個可比較的機構來說，情況不會有什麼不同。

Your next question comes from Rob Wildhack of Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Rob Wildhack。

Ron, just a quick 1 for me. I wanted to ask about the drop in RWAs in the quarter. Could you talk about what the drivers are there? And what kind of RWA outlook or assumption is embedded in your guidance going forward?

羅恩，對我來說只是一個快速的 1。我想問一下本季度 RWA 的下降情況。你能談談那裡的驅動程序嗎？您未來的指導中包含什麼樣的風險加權資產展望或假設？

Yes. We -- as you recall, Rob, we had, in the first quarter, consciously deployed more RWA in some of our business activities, in particular in trading and in lending, just because we were -- we had a surplus amount of capital and so we put it to work and had some good revenues. This quarter, we're writing that back in, partly because we were driving -- we were committed to driving our capital ratios upward. And partly, to be honest, we've found some opportunities for optimization. So I talked about more of a -- more than a $10 billion reduction quarter-on-quarter. That came across businesses and securities finance that came in the lending book where some of the loans qualified for margin loan treatment, which comes at a different RWA level.

是的。我們——正如你所記得的，Rob，我們在第一季度有意識地在我們的一些業務活動中部署了更多的風險加權資產，特別是在交易和貸款方面，只是因為我們——我們有過剩的資本和所以我們把它投入使用並獲得了一些不錯的收入。本季度，我們將其重新寫入，部分原因是我們正在推動 - 我們致力於推動我們的資本比率上升。部分，老實說，我們發現了一些優化的機會。所以我談到了比上一季度減少超過 100 億美元的問題。這涉及到貸款簿中的業務和證券融資，其中一些貸款符合保證金貸款處理的條件，這些貸款處於不同的風險加權資產水平。

And then we had some amount of credit, I'll call it, sort of credit light in the investment portfolio that was 100% risk-weighted that we allowed to roll off. So there were some tactical adjustments that we made in that -- on that basis. We also tend to have some volatility in RWA. The FX derivatives book can move around by $3 billion, $4 billion, and that was -- that we got a good balance there. So I think about 1/3, I'd say, was of the $10 billion to $12 billion quarter-on-quarter reduction was a good balance, and we'll take those.

然後我們有一定數量的信貸，我稱之為投資組合中的一種信貸，它是 100% 風險加權的，我們允許滾銷。因此，我們在此基礎上進行了一些戰術調整。我們也傾向於在風險加權資產中出現一些波動。外匯衍生品賬簿可以移動 30 億美元，40 億美元，那是 - 我們在那裡取得了很好的平衡。所以我認為大約 1/3，我會說，是 100 億至 120 億美元的季度環比減少是一個很好的平衡，我們會接受這些。

But that could actually -- that $3 billion to $4 billion could bounce back up in the third quarter, and we're obviously we're obviously considering that we continue to accrete through the P&L every quarter. And I think we're quite comfortable with our capital ratio trajectory into the third quarter and also in such a way that we can prepare for buybacks in the fourth quarter as well.

但這實際上可能 - 30 億至 40 億美元可能會在第三季度反彈，而且我們顯然正在考慮我們繼續通過每個季度的損益表增加。而且我認為我們對進入第三季度的資本比率軌跡非常滿意，並且我們也可以為第四季度的回購做準備。

Your next question comes from Vivek Juneja of JPMorgan. Please go ahead.

您的下一個問題來自摩根大通的 Vivek Juneja。請繼續。

Firstly, I want to echo Mike's comments that about changing the timing of the call. I'm glad. I would take that 1 step further and say in the future, it will be helpful if you even think of another day, so it will be not on such a crazy day for all of us, so we can actually pay a little more attention to it.

首先，我想回應 Mike 關於更改通話時間的評論。我很高興。我會更進一步說，將來，如果你能想到另一天會有所幫助，所以這對我們所有人來說都不會是這樣瘋狂的一天，所以我們實際上可以多關註一點它。

But moving past that, the price increases that you're talking about on the servicing contracts, given that these are longer-duration contracts, Ron, when should we expect that they could start to go through? Is it a year out? Or do you think you could actually go -- these could go into effect in a fairly short order? what kind of timing would you point to?

但是，除此之外，您所說的服務合同的價格上漲，鑑於這些合同期限較長，羅恩，我們應該期望他們什麼時候可以開始執行？有沒有過年了？或者你認為你真的可以去——這些可以在相當短的時間內生效？你會指出什麼樣的時機？

Yes. that it's a good question. And again, because we're trying to be very fact-based and tie it to where there's increases and where we feel we need to do this. The answer is, it varies. In some cases, it's around particular transactions or asset class types where we can institute in other cases. There is an agreement that we need to secure from the client but our goal is to -- I mean, obviously, the pressure is now. So we want to put it in as soon as possible.

是的。這是個好問題。再說一次，因為我們試圖以事實為基礎，並將其與增長的地方以及我們認為需要這樣做的地方聯繫起來。答案是，它因人而異。在某些情況下，它圍繞特定的交易或資產類別類型，我們可以在其他情況下進行。我們需要從客戶那裡獲得一項協議，但我們的目標是——我的意思是，顯然，壓力是現在。所以我們想盡快把它放進去。

Again, we're early in this process. So we'll see what we accomplished in terms of overall timing. But I think given our approach, which, again, is based on facts and the realities of client situations, we're optimistic that we can accomplish something here.

同樣，我們處於這個過程的早期。因此，我們將看到我們在總體時間方面取得的成就。但我認為，鑑於我們的方法，再次基於事實和客戶情況的現實，我們樂觀地認為我們可以在這裡完成一些事情。

There are no further questions from the phone lines. At this time, I'll turn the conference back over to Mr. Ron O'Hanley for closing remarks.

電話線沒有進一步的問題。此時，我將把會議轉回給 Ron O'Hanley 先生做閉幕詞。

Well, thank you, operator, and thank you all for participating in the call, and thank you for your support.

好的，謝謝接線員，謝謝大家的參與，謝謝大家的支持。

Ladies and gentlemen, this does indeed conclude your conference call for today. We would like to thank you all for participating and ask that you please disconnect your lines.

女士們，先生們，這確實結束了你們今天的電話會議。我們要感謝大家的參與，並要求您斷開線路。