道富銀行 (STT) 2023 Q1 法說會逐字稿

Good morning, and welcome to State Street Corporation's First Quarter 2023 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. State Street's conference call is copyrighted, and all rights are reserved. This call may not be recorded for rebroadcast, distribution in whole or in part without expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website.

早上好，歡迎來到 State Street Corporation 的 2023 年第一季度收益電話會議和網絡直播。今天的討論將在 State Street 的網站 investors.statestreet.com 上進行現場直播。此電話會議也正在錄製以供重播。 State Street 的電話會議受版權保護，並保留所有權利。未經 State Street Corporation 明確書面授權，不得錄製此電話以進行全部或部分轉播、分發。此電話會議的唯一授權廣播將在 State Street 網站上進行。

I would now like to introduce Ilene Fiszel Bieler, Global Head of Investor Relations at State Street.

我現在想介紹道富銀行投資者關係全球主管 Ilene Fiszel Bieler。

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 first quarter 2023 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. (Operator Instructions)

謝謝。早上好，感謝大家加入我們。在我們今天的電話會議上，我們的首席執行官 Ron O'Hanley 將首先發言。然後，我們的首席財務官埃里克·阿博夫 (Eric Aboaf) 將帶您瀏覽我們 2023 年第一季度的收益幻燈片演示文稿，該演示文稿可在我們網站 investors.statestreet.com 的投資者關係部分下載。之後，我們很樂意回答問題。 （操作員說明）

Before we get started, I would like to remind you that today's presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our slide presentation, also available on the IR section of our website.

在我們開始之前，我想提醒您，今天的報告將包括在排除或調整 GAAP 中的一個或多個項目的基礎上呈現的結果。這些非 GAAP 措施與最直接可比的 GAAP 或監管措施的調節可在我們幻燈片演示的附錄中找到，也可在我們網站的 IR 部分找到。

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.

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 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，我們也不承擔更新這些陳述的義務。

Now let me turn it over to Ron.

現在讓我把它交給羅恩。

Thank you, Ilene, and good morning, everyone. Earlier today, we released our first quarter financial results. Before I review our financial highlights, I would like to briefly reflect on the eventful operating environment in the first quarter. Investors had to contend with significant market movements and volatility, driven by persistent inflation, continued Central Bank interest rate increases and the recent disruption to certain segments of the banking industry.

謝謝你，Ilene，大家早上好。今天早些時候，我們發布了第一季度的財務業績。在回顧我們的財務亮點之前，我想簡要回顧一下第一季度多變的經營環境。投資者不得不應對由持續通貨膨脹、中央銀行持續加息以及最近對銀行業某些部門造成的干擾所驅動的重大市場波動和波動。

First quarter global financial market performance was choppy. January produced a very strong start to the year with gains across most asset classes, including equities recording the strongest start to a year since 2019. However, investors remain cautious about the prospect of enduring inflation and a potential recession in the United States.

第一季度全球金融市場表現起伏不定。 1 月為今年開局強勁，大多數資產類別均有上漲，其中股票創下了自 2019 年以來最強勁的一年開局。然而，投資者仍對美國持續通脹和潛在衰退的前景持謹慎態度。

February saw that encouraging start [recede] as strong U.S. employment data led to growing concerns about the persistence of inflation, which in turn saw market expectations for Central Bank rate hikes increase, fixed income and equity markets declined and the U.S. dollar strengthened. March saw continued rising Central Bank rates, which in turn drove shocks to both the U.S. regional and international banking sectors and the need to resolve a number of banks. All this drove negative market sentiment contributing to large inflows into money market funds and a reversal of a number of the macro trends from the prior month. Both current interest rates and rate expectations decreased and the U.S. dollar weakened although relative comm returned to markets by the end of the quarter.

2 月份令人鼓舞的開局[消退]，因為強勁的美國就業數據導致對通脹持續存在的擔憂加劇，這反過來又導致市場對央行加息的預期增加，固定收益和股票市場下跌，美元走強。 3 月份央行利率持續上行，進而對美國地區和國際銀行業造成衝擊，並需要解決多家銀行的問題。所有這些都推動了負面的市場情緒，導致大量資金流入貨幣市場基金，並逆轉了上個月的一些宏觀趨勢。當前利率和利率預期均有所下降，美元走軟，儘管相關交易在本季度末重返市場。

Notwithstanding these events, all told, Global Financial Markets performed relatively well in the first quarter compared to the fourth quarter of last year with broad-based gains recorded across global equities, while U.S. treasuries experienced their best quarter since the first quarter of 2020. However, daily average equity and bond market levels both remained significantly below the year ago period, with average equity markets down approximately 10%, which created headwinds for our fee-driven businesses, impacting our year-over-year financial results, which I will discuss shortly.

儘管發生了這些事件，但總體而言，與去年第四季度相比，全球金融市場在第一季度的表現相對較好，全球股市錄得廣泛上漲，而美國國債則經歷了自 2020 年第一季度以來的最佳季度。然而，股票和債券市場的日均水平均顯著低於去年同期，平均股票市場下跌約 10%，這對我們的費用驅動型業務造成了不利影響，影響了我們的同比財務業績，我將對此進行討論不久。

Before I discuss our financial highlights, I would like to briefly comment on the recent events and parts of the banking sector. As the globally systemically important financial institution, State Street plays a critical role in the world's financial system. Our strong capital and liquidity positions, size, scale and sophisticated risk management allow us to help safeguard investors and assist in providing market stability during uncertain times. We demonstrated this ability at the start of COVID 3 years ago when we helped establish the money market mutual fund liquidity facility and the Main Street lending program.

在討論我們的財務亮點之前，我想簡要評論一下最近發生的事件和銀行業的部分情況。作為具有全球系統重要性的金融機構，道富銀行在全球金融體系中扮演著舉足輕重的角色。我們強大的資本和流動性頭寸、規模、規模和成熟的風險管理使我們能夠幫助保護投資者，並在不確定時期協助提供市場穩定性。 3 年前，當我們幫助建立貨幣市場共同基金流動性工具和主街貸款計劃時，我們在 COVID 開始時展示了這種能力。

During the first quarter in concert with 10 other large U.S. banks, State Street once again use its financial strength to help assist in stabilizing the financial system through the provision of liquidity to a financial institution in the U.S., reflecting our confidence in the American banking system. We stand ready to support the world's investors and the people they serve during this time of uncertainty for our investment servicing and asset management products, which offer clients opportunities, insights and liquidity.

第一季度，道富集團聯手美國其他10家大型銀行，再次發揮金融實力，通過向美國一家金融機構提供流動性，幫助穩定金融體系，體現了我們對美國銀行體系的信心.在這個充滿不確定性的時期，我們隨時準備為全球投資者和他們所服務的人們提供投資服務和資產管理產品支持，為客戶提供機會、洞察力和流動性。

Turning to Slide 3 of our investor presentation. I will review our first quarter highlights before Eric takes you through the quarter in more detail. Relative to the year ago period, first quarter EPS was $1.52 million, down 3% as the positive year-over-year benefit resulting from our continued common share repurchases as well as significantly stronger NII growth were offset by lower servicing and management fee revenues, which were impacted by weaker average market levels, continued business and personal investments to support growth and a loan loss provision related to State Street's support of the U.S. banking system, which I just mentioned.

轉向我們投資者介紹的幻燈片 3。在 Eric 帶您更詳細地了解本季度之前，我將回顧我們第一季度的亮點。與去年同期相比，第一季度每股收益為 152 萬美元，下降 3%，因為我們持續回購普通股以及顯著強勁的 NII 增長所帶來的同比正收益被較低的服務和管理費收入所抵消，受到平均市場水平疲軟、支持增長的持續業務和個人投資以及與我剛才提到的道富銀行支持美國銀行系統相關的貸款損失準備金的影響。

Turning to our business momentum. We remain highly focused on continuing to advance our enterprise outsourced solutions strategy across clients' front, middle and back office activities. For example, in March, we announced our agreement to acquire CF Global Trading. This transaction will further expand State Street's current outsourced trading capabilities, giving our firm the ability to provide these services to new clients and markets. Importantly, the acquisition will allow State Street to expand its liquidity providing capabilities and offer a complete global trading solution as part of our Alpha front-to-back platform. The transaction is expected to be completed by the end of 2023, subject to customary closing conditions.

談到我們的業務勢頭。我們仍然高度專注於在客戶的前台、中台和後台活動中繼續推進我們的企業外包解決方案戰略。例如，3 月份，我們宣布同意收購 CF Global Trading。此項交易將進一步擴大 State Street 目前的外包交易能力，使我們公司能夠向新客戶和市場提供這些服務。重要的是，此次收購將使 State Street 能夠擴展其流動性提供能力，並提供完整的全球交易解決方案，作為我們 Alpha 前端到後端平台的一部分。根據慣例成交條件，該交易預計將於 2023 年底完成。

AUC/A amounted to $37.6 trillion at quarter end, and we recorded asset servicing wins of $112 billion in the first quarter, about half of which were higher fee rate alternative mandates consistent with our strategy. Encouragingly, this was our second best quarterly sales performance by projected revenue within the alternative segments over the last 6 years. We also reported an additional alpha mandate during the first quarter as this strategy continues to resonate with clients. Our AUC/A installation backlog amounted to $3.6 trillion at quarter end.

截至季度末，AUC/A 達到 37.6 萬億美元，我們在第一季度記錄了 1120 億美元的資產服務收益，其中約一半是符合我們戰略的更高費率替代授權。令人鼓舞的是，這是我們在過去 6 年中按替代細分市場的預計收入計算的第二好的季度銷售業績。我們還在第一季度報告了額外的 alpha 授權，因為該策略繼續引起客戶的共鳴。我們的 AUC/A 安裝積壓在季度末達到 3.6 萬億美元。

At State Street Global Advisors, quarter-end assets under management totaled $3.6 trillion. While flows across our asset management businesses were negatively impacted by the various market factors in the first quarter, we continue to see a number of bright spots where we are focusing our efforts.

在 State Street Global Advisors，季度末管理的資產總計 3.6 萬億美元。雖然我們資產管理業務的流動在第一季度受到各種市場因素的負面影響，但我們繼續看到我們正在集中努力的一些亮點。

For example, in the U.S., our [SPDR] ETF franchise gained market share in both low-cost equity and low-cost fixed income, while we also had strong inflows into our gold ETFs amidst investor demand for safe haven assets. While aggregate flows to cash were slightly negative for the quarter, this largely resulted from seasonal outflow activity in January. However, Global Advisors gathered strong money market inflows of over $24 billion in the latter part of March amidst the market volatility.

例如，在美國，我們的 [SPDR] ETF 專營權在低成本股票和低成本固定收益中獲得了市場份額，同時由於投資者對避險資產的需求，我們的黃金 ETF 也有大量資金流入。雖然本季度總現金流量略有負數，但這主要是由於 1 月份的季節性資金流出活動所致。然而，在市場動蕩的情況下，Global Advisors 在 3 月下旬收集了超過 240 億美元的強勁貨幣市場資金流入。

Turning to our financial condition. State Street's balance sheet liquidity and capital position remain strong. Our CET1 ratio was a high 12.1% at quarter end, well above State Street's regulatory minimum. This balance sheet strength enabled us to continue to return capital to our shareholders in the first quarter while simultaneously supporting our clients and the U.S. banking system. We returned $1.5 billion of capital to our shareholders in Q1, including buying back $1.25 billion of our common shares and declaring over $200 million of common stock dividends.

談到我們的財務狀況。 State Street 的資產負債表流動性和資本狀況依然強勁。我們的 CET1 比率在季度末高達 12.1%，遠高於 State Street 的監管最低水平。這一資產負債表實力使我們能夠在第一季度繼續向股東返還資本，同時支持我們的客戶和美國銀行系統。我們在第一季度向股東返還了 15 億美元的資本，包括回購 12.5 億美元的普通股和宣布超過 2 億美元的普通股股息。

As we look ahead in this uncertain environment, we remain highly focused on maintaining a strong balance sheet position, while continuing to generate and return capital as part of our previously announced common stock repurchase program of up to $4.5 billion for 2023, subject to market conditions and other factors.

在這種不確定的環境中展望未來，我們仍然高度關注保持強勁的資產負債表狀況，同時繼續產生和返還資本，作為我們先前宣布的 2023 年高達 45 億美元的普通股回購計劃的一部分，視市場情況而定和其他因素。

To conclude, the first quarter included a number of significant events in global financial markets and with the global -- with the broader banking industry. While market conditions were volatile, many asset classes saw sequential quarter gains, although asset prices remained depressed relative to the year-ago period, which created year-over-year headwinds for our fee-driven businesses in the first quarter.

總而言之，第一季度包括全球金融市場和全球 - 更廣泛的銀行業的一些重大事件。儘管市場環境動盪不安，但許多資產類別都實現了季度環比增長，儘管資產價格與去年同期相比仍然低迷，這在第一季度對我們以費用為導向的業務造成了同比不利因素。

While our year-over-year revenue performance was durable, supported by significantly higher net interest income growth, our results this quarter were below our expectations. We need to do better, and I believe we are equipped and on track to do so by focusing on areas within our control and effectively executing our strategy. In keeping with the strategic priorities I outlined in January, we are driving forward with a number of actions. For example, our AUC/A to be installed is strong and by strengthening our implementation capabilities, we have line of sight into a meaningful amount of client onboarding beginning in 2Q.

儘管在淨利息收入增長顯著提高的支持下，我們的同比收入表現持久，但本季度的業績低於我們的預期。我們需要做得更好，我相信我們有能力通過專注於我們控制範圍內的領域並有效執行我們的戰略來做到這一點。為了與我在 1 月份概述的戰略重點保持一致，我們正在推進一系列行動。例如，我們要安裝的 AUC/A 很強大，通過加強我們的實施能力，我們可以預見到第二季度開始的大量客戶入職。

Within our software and data business, we expect to convert a meaningful number of CRD on-premises clients to more recurring SaaS revenue in the second quarter. Last, given the revenue and inflationary environments, we will continue to selectively reprice some services, proactively manage our cost, execute on our productivity efforts and stand ready to utilize additional expense levers at our disposal.

在我們的軟件和數據業務中，我們希望在第二季度將大量 CRD 本地客戶轉化為更多的經常性 SaaS 收入。最後，考慮到收入和通貨膨脹環境，我們將繼續有選擇地重新定價某些服務，主動管理我們的成本，執行我們的生產力努力，並隨時準備利用我們可以支配的額外費用槓桿。

With the focus on accountability and execution of our strategy, I continue to firmly believe in the ability of our diversified franchise to successfully meet the needs of the world's investors and the people they serve, while delivering value for and capital return to our shareholders. Now let me hand the call over to Eric, who will take you through the quarter in more detail.

通過專注於我們戰略的問責制和執行，我繼續堅信我們多元化的特許經營能夠成功滿足全球投資者和他們所服務的人們的需求，同時為我們的股東創造價值和資本回報。現在讓我把電話轉給埃里克，他將帶您更詳細地了解本季度。

Thank you, Ron, and good morning, everyone. I'll begin my review of our first quarter results on Slide 4. We reported earnings per share of $1.52 for the quarter, which included a $20 million -- $29 million provision or $0.06 of EPS impact associated with the extension of liquidity to a U.S. financial institution, as we participated in an industry consortium supporting the banking system. We were pleased to do our part.

謝謝你，羅恩，大家早上好。我將在幻燈片 4 上開始審查我們的第一季度業績。我們報告本季度每股收益為 1.52 美元，其中包括 2000 萬美元 - 2900 萬美元的準備金或 0.06 美元的與流動性擴展到美國相關的每股收益影響。金融機構，因為我們參與了支持銀行系統的行業聯盟。我們很高興儘自己的一份力量。

On the left panel of this slide, you can see that our first quarter '23 results reflected the year-on-year decline in both equity and fixed income markets, but was more than offset by strength in net interest income and strong momentum in our securities finance business. EPS was down just 3% as another quarter of significant buybacks reduced the number of shares outstanding. Against this challenging backdrop, we again held total expense growth to just 2% year-on-year even as we continue to thoughtfully invest in product and client growth initiatives.

在這張幻燈片的左側面板上，您可以看到我們 23 年第一季度的業績反映了股票和固定收益市場的同比下降，但被淨利息收入的強勁勢頭和我們的強勁勢頭所抵消證券金融業務。由於另外四分之一的重大回購減少了已發行股票的數量，每股收益僅下降了 3%。在這種充滿挑戰的背景下，我們再次將總費用同比增長率控制在 2%，同時我們繼續深思熟慮地投資於產品和客戶增長計劃。

Turning now to Slide 5. During the quarter, we saw period-end AUC/A decreased by 10% on a year-on-year basis, but increased 2% sequentially. Year-on-year, the decrease of AUC/A was largely driven by lower period end market levels across both equity and fixed income markets globally, which were both down in the 10% range. Quarter-on-quarter, AUC/A increased as a result of higher period end market levels and client flows.

現在轉到幻燈片 5。在本季度，我們看到期末 AUC/A 同比下降 10%，但環比增長 2%。與去年同期相比，AUC/A 的下降主要是由於全球股票和固定收益市場的期末市場水平較低，均在 10% 的範圍內下降。由於較高的期末市場水平和客戶流量，環比 AUC/A 有所增加。

At Global Advisors, we saw similar dynamics play out. Overall, our first quarter AUM was negatively impacted by volatile markets. Period end AUM decreased 10% year-on-year, but increased 4% sequentially. The year-on-year decline in AUM was largely driven by lower period end market levels and net outflows. Quarter-on-quarter, the increase in AUM was primarily driven by higher quarter end market levels, partially offset by some outflows.

在 Global Advisors，我們看到了類似的動態。總體而言，我們第一季度的 AUM 受到市場波動的負面影響。期末 AUM 同比下降 10%，但環比增長 4%。 AUM 的同比下降主要是由於較低的期末市場水平和淨流出。與上一季度相比，AUM 的增長主要是由較高的季度末市場水平推動的，部分被一些資金外流所抵消。

Turning to Slide 6. On the left side of the page, you'll see first quarter total servicing fees down 11% year-on-year, largely driven by lower average market levels, client activity and adjustments and normal pricing headwinds, partially offset by net new business. Excluding the impact of currency translation, servicing fees were down 10% year-on-year. Sequentially, total servicing fees were up 1%, primarily as a result of higher average equity market levels, partially offset by lower client activity and adjustments.

轉到幻燈片 6。在頁面左側，您會看到第一季度總服務費同比下降 11%，這主要是由於平均市場水平較低、客戶活動和調整以及正常定價逆風所驅動，部分抵消通過淨新業務。剔除貨幣換算的影響，服務費同比下降 10%。總服務費環比增長 1%，這主要是由於平均股票市場水平較高，部分被較低的客戶活動和調整所抵消。

On the bottom panel of this page, we've included some sales performance indicators, which highlight the good business momentum we again saw in the quarter. AUC/A wins in the first quarter totaled $112 billion with about half driven by wins across the growing alternative segment, especially in private markets. The fee rate on these alternative wins are generally more than 4x the total servicing fee average, which makes us a strong win quarter from a projected revenue standpoint.

在此頁面的底部面板上，我們包含了一些銷售業績指標，這些指標突出了我們在本季度再次看到的良好業務勢頭。第一季度 AUC/A 的贏額總計 1120 億美元，其中約一半來自不斷增長的替代市場，尤其是私募市場。這些替代性勝利的費率通常是總服務費平均值的 4 倍以上，這使我們從預計收入的角度來看是一個強勁的勝利季度。

At quarter end, AUC/A won, but yet to be installed totaled $3.6 trillion with Alpha representing a healthy portion which again reflects the unique value proposition of our strategy. Given the planning and preparation since these deals were announced, we expect significant onboardings of this uninstalled AUC/A next quarter.

在季度末，AUC/A 贏了，但尚未安裝總計 3.6 萬億美元，其中 Alpha 代表了一個健康的部分，這再次反映了我們戰略的獨特價值主張。鑑於自宣布這些交易以來的規劃和準備工作，我們預計下個季度將大量啟用此未安裝的 AUC/A。

Turning to Slide 7. First quarter management fees were $457 million, down 12% year-on-year, primarily reflecting lower average market levels and a previously reported client-specific pricing adjustment. Quarter-on-quarter, management fees were flat as higher market levels were partially offset by outflows in day count. As you can see on the bottom right of the slide, notwithstanding the difficult macroeconomic backdrop in the quarter, our franchise remains well-positioned as evidenced by our continued strong business momentum.

轉到幻燈片 7。第一季度管理費為 4.57 億美元，同比下降 12%，主要反映了較低的平均市場水平和之前報告的針對特定客戶的定價調整。由於較高的市場水平被日數的流出部分抵消，管理費環比持平。正如您在幻燈片右下角看到的那樣，儘管本季度宏觀經濟背景困難重重，但我們持續強勁的業務勢頭證明了我們的特許經營權仍然處於有利地位。

In ETFs, we continue to build on strategic growth segments which was reflected in net flows in our SPDR portfolio, low-cost equity and fixed income suites. In our institutional business, we saw net outflows while sustaining continued momentum in defined contribution with a target date franchise recording inflows of $6 billion. Across our cash franchise, consistent with industry trends late in the first quarter, we saw a flight to quality with significant net inflows worth 7% of cash AUM into SSGA money market funds since the week ending March 10, which largely reversed the seasonal outflows experienced earlier in the quarter.

在 ETF 中，我們繼續建立戰略增長部分，這反映在我們的 SPDR 投資組合、低成本股票和固定收益套件的淨流量中。在我們的機構業務中，我們看到淨流出，同時保持固定貢獻的持續勢頭，目標日期特許經營記錄流入 60 億美元。在我們的現金業務中，與第一季度末的行業趨勢一致，自 3 月 10 日結束的一周以來，我們看到大量淨流入 SSGA 貨幣市場基金，淨流入佔現金 AUM 的 7%，這在很大程度上扭轉了經歷的季節性流出本季度早些時候。

Turning now to Slide 8. Relative to the period a year ago, first quarter FX trading services revenue was down 5%, primarily reflecting lower client FX volumes, partially offset by higher spreads. As a reminder, the start of the war in Europe last year caused some unusually high FX trading activity in 1Q '22. Sequentially, FX trading services revenue ex notables was down 1%, with lower spreads offset by 6% higher client volumes. And consistent with the significant increases into industry-wide money market flows, our Global Link franchise experienced an increase of $20 billion or 13% into its money market cash sweep program during the last 3 weeks of March.

現在轉到幻燈片 8。與去年同期相比，第一季度外匯交易服務收入下降 5%，主要反映客戶外匯交易量下降，部分被利差上升所抵消。提醒一下，去年歐洲戰爭的爆發導致了 22 年第一季度的一些異常高的外匯交易活動。隨後，外匯交易服務收入（不包括知名人士）下降了 1%，客戶數量增加 6% 抵消了較低的利差。與全行業貨幣市場流量的顯著增加相一致，我們的 Global Link 特許經營權在 3 月的最後 3 週內其貨幣市場現金清掃計劃增加了 200 億美元或 13%。

Securities finance performed well in the first quarter with revenues up 14% year-on-year, driven by higher specials activity and an active focus on business returns, partially offset by lower balances, which was consistent with the industry. Sequentially, revenues were up 6%, again, mainly driven by higher specials activity, which was consistent with the market and securities lending industry environment.

證券金融在第一季度表現良好，收入同比增長 14%，這得益於更高的特殊活動和對業務回報的積極關注，部分被較低的餘額所抵消，這與行業一致。收入環比增長 6%，這主要是受特殊活動增加的推動，這與市場和證券借貸行業環境一致。

Moving on to software and processing fees. First quarter software and processing fees were down 18% year-on-year and 24% sequentially, primarily driven by lumpy on-premise renewals in the front office software revenues, which I'll turn to shortly. Lending fees for the quarter were down both year-on-year and sequentially, primarily due to a shift away from products with higher fees, but lower returns.

繼續討論軟件和處理費用。第一季度軟件和處理費用同比下降 18%，環比下降 24%，這主要是由於前台軟件收入的本地續訂不穩所致，我稍後會談到這一點。本季度的貸款費用同比和環比均有所下降，這主要是由於不再使用費用較高但回報率較低的產品。

Finally, other fee revenue increased $16 million year-on-year, primarily due to positive market-related adjustments and $27 million sequentially, largely due to fair value adjustments on equity investments.

最後，其他費用收入同比增長 1600 萬美元，主要是由於積極的市場相關調整和 2700 萬美元的環比增長，主要是由於股權投資的公允價值調整。

Moving to Slide 9. You'll see on the left panel that front office software and data revenue declined year-on-year, primarily as a result of lower on-premise renewals, partially offset by continued growth in software-enabled revenue. Timing of installations will vary quarter-on-quarter based on the size and scope of prior business wins and we expect several SaaS conversions and several on-premise renewals to come through in the second quarter. Year-on-year, our annualized recurring revenue was 16%. Our software-enabled revenue was up 11% year-on-year, but down sequentially due to the absence of an accounting true-up in the fourth quarter.

轉到幻燈片 9。您會在左側面板上看到前台軟件和數據收入同比下降，這主要是由於內部續訂率較低，部分被軟件支持收入的持續增長所抵消。安裝時間將根據先前贏得的業務的規模和範圍逐季變化，我們預計第二季度將進行數次 SaaS 轉換和數次本地更新。與去年同期相比，我們的年化經常性收入為 16%。我們的軟件收入同比增長 11%，但由於第四季度沒有進行會計調整，環比下降。

Turning to some of the other alpha business metrics on the right panel, we are pleased to report another alpha mandate win this quarter in the asset owner client segment. In addition to the reported win this quarter, we expect significant middle office installations in 2Q as we've completed the preparations to begin to onboard a portion of a large mandate won back in 2021.

轉向右側面板上的其他一些 alpha 業務指標，我們很高興地報告本季度在資產所有者客戶群中贏得了另一個 alpha 授權。除了本季度報告的勝利外，我們還預計第二季度會有大量的中台辦公室安裝，因為我們已經完成了準備工作，開始在 2021 年贏得部分大型任務。

Turning to Slide 10. First quarter NII increased 50% year-on-year, but declined 3% sequentially to $766 million. The year-on-year increase was largely due to higher short-term rates and proactive balance sheet positioning, partially offset by lower deposits. Sequentially, the decline in NII performance was primarily driven by additional client rotation out of noninterest-bearing deposit balances, partially offset by higher short-term market rates from Central Bank hikes.

轉到幻燈片 10。第一季度 NII 同比增長 50%，但環比下降 3% 至 7.66 億美元。同比增長主要是由於較高的短期利率和積極的資產負債表定位，部分被較低的存款所抵消。因此，NII 業績的下降主要是由於更多客戶從無息存款餘額中轉出，部分被中央銀行加息導致的短期市場利率上升所抵消。

On the right of the slide, we show our average balance sheet during the first quarter. Year-on-year average assets declined 6% and 2% sequentially. Average deposits declined 3% quarter-on-quarter, which is relatively consistent with our expectation for first quarter seasonality and client pricing preferences during periods of rising rates. Of note, average weekly deposit levels at quarter end increased 5% as we compare with the week ended March 10. The stress in the regional bank space primarily affected consumer and corporate depositors rather than the institutional asset manager and asset owners that we serve. We, in contrast, saw some risk off deposit inflows at the end of the quarter.

在幻燈片的右側，我們展示了第一季度的平均資產負債表。平均資產同比分別下降 6% 和 2%。平均存款環比下降 3%，這與我們對第一季度季節性和利率上升期間客戶定價偏好的預期相對一致。值得注意的是，與截至 3 月 10 日的一周相比，季度末的平均每周存款水平增加了 5%。區域銀行領域的壓力主要影響消費者和企業存款人，而不是我們服務的機構資產管理者和資產所有者。相比之下，我們在本季度末看到了一些存款流入的風險。

Our operational deposits as a percentage of total deposits remains consistent at 75%. These are determined by regulatory guidance. U.S. dollar client deposit betas were 80% to 90% during the quarter as expected. Foreign currency deposit betas for the quarter continued to be much lower in the 30% to 45% range depending on currency. Our international footprint continues to be an advantage.

我們的運營存款佔總存款的百分比始終保持在 75%。這些由監管指南確定。正如預期的那樣，本季度美元客戶存款貝塔係數為 80% 至 90%。本季度的外幣存款貝塔係數繼續低得多，在 30% 至 45% 的範圍內，具體取決於貨幣。我們的國際足跡仍然是一個優勢。

Turning to Slide 11. Our first quarter expenses, excluding notable items, increased just 2% year-on-year or up approximately 4% adjusted for currency translation. In the light of the current revenue environment, we are actively managing expenses while continuing to carefully invest in strategic elements of the company, including Alpha, private markets, technology and operations automation.

轉到幻燈片 11。我們第一季度的支出（不包括重要項目）同比僅增長 2%，或根據貨幣換算調整後增長約 4%。鑑於當前的收入環境，我們正在積極管理費用，同時繼續謹慎投資於公司的戰略要素，包括 Alpha、私募市場、技術和運營自動化。

Compensation and employee benefits increased 5% year-on-year, primarily driven by higher salary increases associated with wage inflation and higher headcount attributable to lower attrition rates and in-sourcing. Total noncompensation expenses, on the other hand, decreased 1% year-on-year as continued productivity and optimization savings more than offset increases in certain variable costs and professional services. On a line-by-line basis for noncompensation expenses, information systems and communications expenses were down 2% due to benefits from ongoing optimization efforts, partially offset by technology and infrastructure investments.

薪酬和員工福利同比增長 5%，這主要是由於工資上漲帶來的更高薪資增長以及更低的離職率和內包帶來的更高員工人數。另一方面，非薪酬總支出同比下降 1%，這是因為持續的生產力和優化節省的資金足以抵消某些可變成本和專業服務的增長。由於持續的優化工作帶來的好處，信息系統和通信費用在非補償費用的逐行基礎上下降了 2%，部分被技術和基礎設施投資所抵消。

Transaction processing was down 9%, mainly reflecting lower subcustody costs from declining market levels as well as lower broker fees and other expenses were up 9%, mainly reflecting higher professional fees, travel and marketing costs.

交易處理下降了 9%，主要反映了市場水平下降導致的分託管成本下降以及經紀費用下降，其他費用上升了 9%，主要反映了更高的專業費用、差旅和營銷成本。

Moving to Slide 12. On the left side of the slide, we show the evolution of our CET1 and Tier 1 leverage ratios, followed by our capital trend on the right of the slide. As you can see, we continue to navigate the operating environment with extremely strong capital levels, which are well above our targets, let alone the regulatory minimums. As of quarter end, our standardized CET1 ratio was up slightly year-on-year but down 1.5 percentage points quarter-on-quarter to 12.1%, which was largely driven by the continuation of our share repurchase program and the expected normalization of RWAs that we discussed last quarter.

轉到幻燈片 12。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，隨後是我們在幻燈片右側的資本趨勢。如您所見，我們繼續以極其強勁的資本水平駕馭運營環境，這遠高於我們的目標，更不用說監管最低限度了。截至本季度末，我們的標準 CET1 比率同比略有上升，但環比下降 1.5 個百分點至 12.1%，這主要是由於我們的股票回購計劃的繼續和 RWAs 的預期正常化所推動我們討論了上個季度。

Tier 1 leverage ratio was flattish at 5.9%. Our LCR for State Street Corporation increased a couple of percentage points quarter-on-quarter to 108% and 4 percentage points quarter-on-quarter to 124% for State Street Bank & Trust, where most of our business is transacted. We were quite pleased to return $1.5 billion of capital to our shareholders in the first quarter, consisting of $1.25 billion of common share repurchases and $212 million in common stock dividends.

一級槓桿率持平於 5.9%。 State Street Corporation 的 LCR 環比增加了幾個百分點，達到 108%，道富銀行和信託的 LCR 環比增加了 4 個百分點，達到 124%，我們的大部分業務都在這裡進行。我們很高興在第一季度向股東返還了 15 億美元的資本，其中包括 12.5 億美元的普通股回購和 2.12 億美元的普通股股息。

Lastly, given the high level of capital [across] every measure, positive pull to par in AOCI and our strong earnings trajectory, we continue to expect to return up to $4.5 billion of capital in the form of buybacks at pace this year, subject to market conditions, of course.

最後，考慮到每項指標的高資本水平、AOCI 的積極拉動以及我們強勁的盈利軌跡，我們繼續預計今年將以回購的形式返還高達 45 億美元的資本，具體取決於當然是市場條件。

Turning to Slide 13, which provides a summary of our first quarter results. While there is certainly still work to do, we are pleased with the durability of our business this quarter against a very challenging backdrop and the continued competitive strength of our global franchise.

轉到幻燈片 13，它提供了我們第一季度業績的摘要。雖然肯定還有工作要做，但我們對本季度業務在非常具有挑戰性的背景下的持久性和我們全球特許經營的持續競爭實力感到滿意。

Next, I'd like to provide our current thinking regarding the second quarter. At a macro level, our rate outlook is broadly in line with the current forwards, which suggests the Fed, ECB and Bank of England, all continue to hike to varying degrees in 2Q. In terms of markets, we currently expect average U.S. equity in global bond markets to be up about 1% to 2% quarter-on-quarter and international equity markets to be flattish.

接下來，我想提供我們目前對第二季度的看法。在宏觀層面，我們的利率前景與當前的遠期基本一致，這表明美聯儲、歐洲央行和英國央行都將在第二季度繼續不同程度地加息。就市場而言，我們目前預計全球債券市場的平均美國股票將環比上漲約 1% 至 2%，而國際股票市場將持平。

Regarding fee revenue in 2Q and on a sequential quarter basis, we expect overall fee revenue to be up 4% to 5%, with servicing fees up 1% to 2% and management fees approximately flat to up 1%. We expect to see a significant increase in front office software and data revenues as we have line of sight to a number of on-premise renewals and SaaS conversions in 2Q.

關於第二季度和環比的費用收入，我們預計整體費用收入將增長 4% 至 5%，其中服務費將增長 1% 至 2%，管理費將大致持平至增長 1%。我們預計前台軟件和數據收入將顯著增加，因為我們預計第二季度會有一些內部部署續訂和 SaaS 轉換。

In our other fee revenue line, which we know is difficult to forecast, we intend to adopt in 2Q the new accounting guidance recently issued regarding renewable energy investments. We'd expect to see a sequential quarter uptick in total other revenues of between $5 million to $15 million, though this estimate always depends on market levels. As we adopt this accounting change, our effective tax rate for 2Q '23 is expected to be approximately 21%. The adoption will be roughly neutral to EPS.

在我們知道難以預測的其他費用收入方面，我們打算在第二季度採用最近發布的有關可再生能源投資的新會計準則。我們預計其他總收入的連續季度將增長 500 萬至 1500 萬美元，儘管這一估計始終取決於市場水平。由於我們採用了這一會計變更，我們預計 2023 年第二季度的實際稅率約為 21%。採用將對 EPS 大致保持中性。

Regarding NII, we now expect NII in the second quarter to decrease 5% to 10% sequentially, primarily driven by the noninterest-bearing deposit rotation and interest-bearing deposit betas as quantitative tightening and rate hikes continue into 2Q.

關於 NII，我們現在預計第二季度的 NII 將環比下降 5% 至 10%，這主要是由於量化緊縮和加息持續到第二季度，無息存款輪換和有息存款貝塔值推動。

Turning to expenses. We remain focused on driving productivity and controlling costs in this environment. We expect that second quarter expenses will be flat on a sequential quarter basis, excluding the 1Q seasonal compensation cost of $181 million. Overall, we will offset some of the 2Q NII trends with higher fee revenues as business momentum builds in 2Q and through the year, and we continue to actively manage expenses.

談到開支。在這種環境下，我們仍然專注於提高生產力和控製成本。我們預計第二季度支出將與連續季度持平，不包括 1.81 億美元的第一季度季節性補償成本。總體而言，隨著第二季度和全年業務勢頭的增強，我們將通過更高的費用收入來抵消第二季度 NII 的一些趨勢，並且我們將繼續積極管理費用。

And with that, let me hand the call back to Ron.

就這樣，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，我們現在可以打開問題電話了。

(Operator Instructions) First question comes from Ken Usdin of Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Ken Usdin。

Just wanted to follow up on the NII side of things. So Eric, maybe you can just kind of walk through how much of that 5% to 10% in the second quarter is simply the averaging act? And also just you made a point in a release about how (inaudible) had increased significantly in the early March to the end, what we think about in terms of your expectations for deposit growth, both on an end-of-period and average basis going forward as well?

只是想跟進 NII 方面的事情。所以埃里克，也許你可以看看第二季度的 5% 到 10% 中有多少只是平均行為？另外，您在一份新聞稿中提到了（聽不清）如何在 3 月初至月底顯著增加，我們對您對存款增長的預期有何看法，無論是期末還是平均也往前走？

Yes, Ken, it's Eric. The largest driver of our NII trends right now, whether it's the fourth quarter or the first quarter or first quarter to second quarter, is really the level of noninterest-bearing deposits. Those came down this past quarter about $5 billion. We had expected them to come down about $3.5 billion. And we do a fair amount of forecasting on this. If you think about January, February, March, it usually comes through in a U-shape, and we actually had some of the opposite play through in March. And so that's what's been driving some of the change in NII. And in contrast, we've actually seen good flows in interest-bearing deposits at the same time. So there's a fair amount going on under the surface.

是的，肯，是埃里克。目前，無論是第四季度還是第一季度，還是第一季度到第二季度，我們 NII 趨勢的最大驅動力實際上是無息存款的水平。這些在上個季度下降了約 50 億美元。我們曾預計它們會減少約 35 億美元。我們對此進行了大量預測。如果你想想 1 月、2 月、3 月，它通常以 U 形出現，而我們實際上在 3 月經歷了一些相反的過程。這就是推動 NII 發生一些變化的原因。相比之下，我們實際上同時看到了生息存款的良好流動。因此，表面下發生了相當多的事情。

As we look into second quarter, we expect this pace of noninterest-bearing deposits to continue -- to continue to rotate. So if you step back last year, we had periods where noninterest-bearing deposits were up $1 billion, then down $2 billion, then down $4 billion and down $2 billion, right? It's been quite volatile. And right now, we're expecting noninterest-bearing deposits probably to come down another $4 billion, $5 billion into the second quarter. And if you think about it, when you earn 5% or more for those kinds of deposits on the asset side, and then pay 0. That can be a significant -- that's a significant amount of NII, right? Every $1 billion is worth $12 million, sometimes $15 million per quarter. And so that's what we are seeing flowing through.

展望第二季度，我們預計無息存款的增長速度將繼續下去——繼續輪換。因此，如果你退後一步，去年我們有一段時間無息存款增加 10 億美元，然後減少 20 億美元，然後減少 40 億美元，再減少 20 億美元，對嗎？它一直很不穩定。現在，我們預計無息存款可能會在第二季度再減少 40 億美元、50 億美元。如果你考慮一下，當你從資產端的這類存款中賺取 5% 或更多，然後支付 0。這可能是一個很大的數字——這是一個很大的 NII，對吧？每 10 億美元價值 1200 萬美元，有時每個季度價值 1500 萬美元。這就是我們所看到的。

The hard work we're trying to do from a forecasting standpoint, and forecasting is always hard, is where does the trend -- how does the trend play out? And we do some of what you probably do, which is we've looked at the last peak in the last low of noninterest-bearing deposits. The peak was 22%. The last low was 18%. On the other hand, in dollar terms, the last peak was $50 billion, and the last low was about $30 billion and right now, we're sitting at about $39 billion. And so that's what's really playing through the NII forecast.

從預測的角度來看，我們正在努力做的艱苦工作，而且預測總是很困難，趨勢在哪裡 - 趨勢如何發揮作用？我們做了一些你可能會做的事情，那就是我們研究了無息存款的最後一個低點的最後一個高峰。峰值為22%。最後一個低點是 18%。另一方面，以美元計算，上一個峰值是 500 億美元，上一個低點是大約 300 億美元，而現在，我們大約是 390 億美元。這就是 NII 預測的真正意義所在。

And then as we play that out, we expect to see some of that noninterest-bearing deposit rotate into interest-bearing deposits. But to be honest, some of our clients who are sophisticated institutions are also looking at some of the other strong rates that they can get either in treasuries or money market funds. And so at this point in the cycle, with the high level of prevailing rates, we expect deposits probably to trend down another few billion into the second quarter. But this is all kind of dependent on client behavior and activity as we take a look at our forecast.

然後，當我們這樣做時，我們希望看到一些無息存款轉為有息存款。但老實說，我們的一些成熟機構客戶也在關注他們可以從國債或貨幣市場基金中獲得的其他一些強勁利率。因此，在周期的這一點上，由於現行利率處於高位，我們預計存款可能會在第二季度再下降幾十億美元。但這完全取決於客戶的行為和活動，因為我們看一下我們的預測。

Yes, Eric. And just one follow-up to that is just that -- the types of changes in client activity, is this a different behavior than you've seen in the past in terms of where the ins and outs are coming from? I mean, obviously, we're all expecting deposits to come down as were you and then the events of the last month came through. So our clients just making different decisions with what they're doing with their even operational cash? Or how would you kind of describe what's happening across the client base?

是的，埃里克。對此的一個後續行動就是——客戶活動的變化類型，就來龍去脈的來源而言，這是否與您過去看到的行為不同？我的意思是，很明顯，我們都希望存款會像您一樣下降，然後上個月的事件就發生了。因此，我們的客戶只是對他們正在使用的運營現金所做的事情做出不同的決定？或者您如何描述整個客戶群正在發生的事情？

Yes. I think clients are -- the clients are making a variety of different decisions here. And I think part of what why we're seeing -- what we're seeing is that we've not lived in an environment where interest rates are at 5%, right, whether you put that at the Fed or in 3- and 6-months treasuries, right? And so clients have a fair amount of alternatives, and they're thinking about how to deploy, how to maximize interest and yields for their own clients, especially the kind of clients we have who are over time will always be price sensitive.

是的。我認為客戶是——客戶在這裡做出各種不同的決定。而且我認為我們所看到的部分原因 - 我們所看到的是我們沒有生活在利率為 5% 的環境中，對吧，無論你把它放在美聯儲還是 3- 和6個月的國債，對吧？因此，客戶有相當多的選擇，他們正在考慮如何部署，如何為他們自己的客戶最大化利益和收益，尤其是我們擁有的那種隨著時間的推移總是對價格敏感的客戶。

When it comes to the operational nature of the deposits, you can see from our disclosure, and we added some of this, clients are incredibly sticky and stable from an operational standpoint. Operational deposit balances were steady, and the operational percentages continue to be in a very narrow band. You have clients with several billions of dollars each often, but they typically have hundreds, if not thousands of individual accounts with very significant transactional and payment flows, and that's why they're categorized as operational in nature. And so that behavior hasn't changed.

關於存款的運營性質，您可以從我們的披露中看到，並且我們添加了其中一些內容，從運營的角度來看，客戶的粘性和穩定性令人難以置信。業務存款餘額穩定，業務百分比繼續處於非常狹窄的範圍內。您的客戶通常每個人都擁有數十億美元，但他們通常擁有數百個（如果不是數千個）具有非常重要的交易和支付流程的個人賬戶，這就是為什麼他們在本質上被歸類為運營賬戶。所以這種行為沒有改變。

What we -- that behavior of core custodial deposits is deeply ingrained in the structure of those accounts, the processing we do for them, the avoidance of overdrafts that they always trying to -- that they don't want to -- that they don't want. I think what we're seeing instead is clients on the margin will find for their discretionary, the last dollar of -- of $100 of deposits, they're going to be rate-seeking. And at these prevailing rates, there's -- they're going to look here and there. Now sometimes, we match them with those rates. So we'll offer deposits at exception rates. Sometimes we help them with their sweeps or some of their treasury repo interest. And so there's a variety of different ways we serve our clients, and we'll continue to do that. But clearly, at this point in the rate cycle, you kind of have some of the patterns that you and we would expect to have.

我們 - 核心託管存款的行為在這些賬戶的結構中根深蒂固，我們為他們所做的處理，避免透支，他們總是試圖 - 他們不想 - 他們不想'想要。我認為我們所看到的是，邊緣客戶會發現他們的自由裁量權，最後一美元 - 100 美元的存款，他們將尋求利率。按照這些普遍的利率，他們會四處尋找。現在有時，我們將它們與這些利率相匹配。因此，我們將以例外利率提供存款。有時我們會幫助他們進行清掃或部分國債回購利息。因此，我們為客戶提供多種不同的服務方式，我們將繼續這樣做。但很明顯，在利率週期的這一點上，你有一些你和我們期望的模式。

The next question comes from Brennan Hawken of UBS.

下一個問題來自瑞銀的 Brennan Hawken。

This is Adam Beatty in for Brennan. Just a quick follow-up on NII and in particular, the geographic mix of deposits. So you've got kind of fairly steady trends, U.S. kind of going up and a higher beta, as you've called out in the past and then non-U.S. somewhat going down with a lower beta. Just wondering if you expect based on what you're seeing right now with your clients, those trends to continue, in particular, will we continue to see pressure on non-U.S. deposit balances? And could those betas maybe be going up outside the U.S. as you say, the competing yields are somewhat higher?

這是布倫南的亞當比蒂。只是對 NII 的快速跟進，特別是存款的地理組合。所以你有一種相當穩定的趨勢，美國有點上升和更高的貝塔，正如你過去所說的那樣，然後非美國有點下降，貝塔較低。只是想知道您是否期望根據您現在與客戶看到的情況，這些趨勢會繼續下去，特別是，我們會繼續看到非美國存款餘額的壓力嗎？這些貝塔值是否會像您所說的那樣在美國以外的地區上升，競爭收益率會更高一些？

Thanks for the question. I think we'll continue to see a range of behaviors across the geographies. I mean, I think the way I would describe them is in the U.S. with prevailing rates of where they are, you have this noninterest-bearing to interest-bearing rotation on one hand. And then you have clients nudging on pricing in general. And we're kind of at that point where clients now have incentives just like we do to find a place to settle out with us.

謝謝你的問題。我認為我們將繼續看到跨地區的一系列行為。我的意思是，我認為我描述它們的方式是在美國，在它們所在的地方有現行利率，一方面你有這種無息到有息的輪換。然後你會有客戶在一般情況下推動定價。我們正處在這樣一個時刻，客戶現在有像我們一樣的動機去尋找一個與我們和解的地方。

I think in Europe and pound sterling, it's still new, right? We've just been at the kind of the first, maybe half, 2/3 of the rate increases. And there, the betas continue to be in that 20%, 30%, 40%, 50% range and are quite attractive for us. They're good for clients because the clients tend to have somewhat fewer alternatives in those international jurisdictions relative to the U.S. on one hand and on the other, there tends to be a more -- there tends to be less price sensitivity on the deposits. And we do expect that to continue. And I think with more rate increases flowing through in the international jurisdictions, that allow us to continue to lag modestly the deposit rates that we offer to see those play through.

我認為在歐洲和英鎊，它仍然是新的，對吧？我們剛剛經歷了第一次，也許一半，2/3 的加息。在那裡，貝塔值繼續在 20%、30%、40%、50% 的範圍內，對我們來說非常有吸引力。它們對客戶有利，因為一方面，相對於美國，客戶在這些國際司法管轄區的選擇往往較少，另一方面，往往有更多 - 對存款的價格敏感性往往較低。我們確實希望這種情況繼續下去。而且我認為，隨著國際司法管轄區的利率增加更多，這使我們能夠繼續適度地落後於我們提供的存款利率，以確保這些利率得以實現。

Great. That makes sense. And then just turning to the buyback, pretty healthy in the quarter. You still got the kind of not-to-exceed target out there. So just wondering how you're thinking about that in terms of deposit trends and capital needs and whether some of the disruption in the banking backdrop has maybe affected your thinking around the buyback?

偉大的。這就說得通了。然後轉向回購，本季度非常健康。你仍然有那種不能超過的目標。所以只是想知道你在存款趨勢和資本需求方面是如何考慮的，以及銀行業背景的一些中斷是否可能影響了你對回購的想法？

Yes. Good question, and it's something that we've been very deliberate and thoughtful about. You can imagine, as we saw the events in March unfold, we've been thinking daily and weekly about how stable is the broader banking system. The starting point for us is we've got an incredibly strong balance sheet, right? Our capital ratios are in the 12% range. That's 100 basis points above the top end of our range, 200 basis points higher than the bottom of our range. It's 400 basis points above the regulatory requirements, and you know many run much thinner in terms of regulatory requirements. And we've always chosen to run with this kind of -- with a healthy buffer.

是的。好問題，這是我們一直深思熟慮的問題。你可以想像，當我們看到 3 月份發生的事件時，我們每天和每週都在思考更廣泛的銀行系統有多穩定。我們的出發點是我們擁有非常強大的資產負債表，對嗎？我們的資本比率在 12% 左右。這比我們範圍的上限高 100 個基點，比我們範圍的底部高 200 個基點。它比監管要求高出 400 個基點，而且你知道許多人在監管要求方面要低得多。我們一直選擇以這種方式運行——使用健康的緩衝區。

So I think on one hand, the starting point for us is important in our ongoing decisioning around capital return, and we're conscious of that. On the other hand, just like you say, we assess the market conditions in the environment, not for us, because this is not about us, it's about what's happened in some of the other parts of the banking system. We assess those. And if we would had economic and banking conditions like they were at the beginning of March, I think we'd have a -- we'd make different statements around our capital buyback.

所以我認為，一方面，起點對我們來說對於我們正在進行的圍繞資本回報的決策很重要，我們意識到了這一點。另一方面，就像你說的，我們評估環境中的市場狀況，而不是為我們評估，因為這與我們無關，而是關於銀行系統其他一些部分發生的事情。我們評估那些。如果我們的經濟和銀行業狀況像 3 月初那樣，我認為我們會有——我們會圍繞我們的資本回購做出不同的聲明。

And so we feel like there's been a fair amount of healing since the beginning, middle of March, and we think that gives us that factors into our thinking. And then what we'll do is we'll continue to evaluate conditions, right, if market conditions and systemic conditions get more concerning for the system, we'll -- we may pace these differently if they continue to be at these levels of stability that we're at, we feel confident that we can and should continue to proceed. But it will be a week-by-week reassessment. Our buybacks aren't once and done. They're done over the course of the next 8 to 10 weeks. And this is one of those quarters where you do them more linearly than not. And so we'll evaluate. But our position of strength is just -- I think quite high and gives us a fair amount of latitude.

因此，我們覺得自 3 月中旬開始以來已經有了相當大的治愈，我們認為這讓我們在思考時考慮到了這一點。然後我們要做的是，我們將繼續評估條件，是的，如果市場條件和系統條件對系統的影響越來越大，我們將 - 如果它們繼續處於這些水平，我們可能會採取不同的步伐我們所處的穩定性，我們相信我們能夠而且應該繼續前進。但這將是每週的重新評估。我們的回購併非一蹴而就。他們將在接下來的 8 到 10 週內完成。這是你更線性地做它們的那些季度之一。所以我們會評估。但我們的實力地位只是——我認為相當高，給了我們相當大的自由度。

The next question comes from Betsy Graseck of Morgan Stanley.

下一個問題來自摩根士丹利的 Betsy Graseck。

Could we talk a little bit about the expense outlook and how you're thinking about managing it? I know that you mentioned 2Q and -- specifically, but I just wanted to get your thoughts on how you're thinking about operating leverage either on a total rev basis or more on a fee basis? I really what I'm trying to get at is how you think about the NII piece as we think about operating leverage for the 2Q and for the full year?

我們能否談談費用前景以及您如何考慮管理它？我知道你提到了 2Q 和 - 特別是，但我只是想了解你如何考慮以總收入或更多費用為基礎的運營槓桿？我真正想了解的是，當我們考慮第二季度和全年的運營槓桿時，您如何看待 NII 的部分？

Betsy, there's a couple of different ways we look at this. And clearly, we're one quarter into the year, we've started to give some outlook for second quarter. And we need to see how the conditions and the environment plays out because equity markets up or down, bond markets up or down by more than a percentage point or 2 is going to impact our revenues. And so I think it's still early in the year.

Betsy，我們有幾種不同的方式來看待這個問題。很明顯，我們已經進入今年的四分之一，我們已經開始對第二季度做出一些展望。我們需要了解條件和環境如何發揮作用，因為股票市場上漲或下跌，債券市場上漲或下跌超過一個或兩個百分點將影響我們的收入。所以我認為現在還為時過早。

We set out this year to drive positive operating leverage and continue to look for ways to do that. But we need more information about the external conditions to really see that. I think as we think about the opportunities here, though, NII will trend positively for the year but not as positively as we would have expected. So that's a consideration. You saw that we took up our fee guide for the second quarter, and so that gives us a little more ballast or breathing room or momentum to be honest. And we'll continue to manage expenses quite actively.

我們今年著手推動積極的經營槓桿，並繼續尋找實現這一目標的方法。但我們需要更多關於外部條件的信息才能真正看到這一點。不過，我認為，當我們考慮這裡的機會時，NII 將在今年呈積極趨勢，但不會像我們預期的那樣積極。所以這是一個考慮因素。你看到我們採用了第二季度的費用指南，所以說實話，這給了我們更多的鎮流器或喘息空間或動力。我們將繼續非常積極地管理開支。

I would say in the last 1.5 years, as NII was up 20%, 30%, 40%, 50%, right, we didn't spend that on the expense line, right? We were quite conscious of continuing to drive investment but also productivity and calibrated in our expense growth. And so as we look forward, we'll continue to do that. But obviously, with -- we'll keep track of the direction of revenues and obviously try to adapt where we can.

我會說在過去的 1.5 年裡，NII 增長了 20%、30%、40%、50%，對吧，我們沒有把它花在費用線上，對吧？我們非常清楚要繼續推動投資，但也要提高生產力，並調整我們的費用增長。因此，當我們展望未來時，我們將繼續這樣做。但顯然，我們將跟踪收入的方向，顯然會盡力適應。

And then just a quick follow-up on the other fee line that you discussed the $50 million increased Q2. Could you just give us a sense of how we should think about the trajectory of that? Are you going to be increasing your investment into renewables and so that should be a growing line in line with increase in investments to renewables? Or is that a onetime step up? And that's -- just a little color there.

然後快速跟進您討論的第二季度增加 5000 萬美元的其他費用。您能告訴我們應該如何考慮它的發展軌跡嗎？您是否打算增加對可再生能源的投資，因此這應該與對可再生能源的投資增加一致？或者這是一次性的提升？那就是 - 那裡只有一點顏色。

Yes. It's -- the revenue impact on that line is a little bit of both, and we're still discerning all the specifics and doing the forecasting. In second quarter, we have -- we need to do a year-to-date catch up. That's how the accounting guidance is written and then there will be some additional revenues in the third and fourth quarter, not as much as there would be from the second quarter catch-up.

是的。這是——對這條線的收入影響有點兩者兼而有之，我們仍在辨別所有細節並進行預測。在第二季度，我們有 - 我們需要做一個年初至今的追趕。會計指南就是這樣寫的，然後第三和第四季度會有一些額外的收入，而不是第二季度的追趕收入。

So we're trying to map that out. And as the quarter proceeds, we'll try to get a little more guidance out. But that line will tend to have -- instead of kind of being centered around 0 will be centered around a slightly higher number in the coming quarters. And we'll try to get some guidance out on that as we go through all the forecasts.

所以我們正在嘗試將其映射出來。隨著本季度的進行，我們將嘗試獲得更多指導。但這條線往往會 - 而不是以 0 為中心，而是在未來幾個季度以略高的數字為中心。在我們完成所有預測時，我們將嘗試就此提供一些指導。

The next question comes from Gerard Cassidy of RBC.

下一個問題來自 RBC 的 Gerard Cassidy。

Eric, can you share with us how you guys are investing your cash in your securities portfolio in terms of durations that you're looking at? Are you trying to shorten the duration of the portfolio as you reinvest the cash proceeds that come off of every quarter? What's your thinking about that?

埃里克，你能和我們分享一下你們是如何根據你所關注的期限將現金投資到你的證券投資組合中的嗎？當您將每個季度產生的現金收益再投資時，您是否試圖縮短投資組合的期限？你對此有何看法？

Gerard, it's Eric. We're -- we've been quite careful over the years of running a portfolio with a modest amount of duration. I think it's typically in the 2.5 years to 2.8 years and in that -- that provides us some amount of benefit from what historically has been steepness in the yield curve. It's also given us some ability to create some amount of stabilization in NII without taking the opportunity to benefit from interest rate rises, which is what we've been able to do over the last 2 years.

杰拉德，是埃里克。我們 - 多年來，我們一直非常謹慎地運行一個持續時間適中的投資組合。我認為這通常是在 2.5 年到 2.8 年內——這為我們提供了從歷史上一直陡峭的收益率曲線中獲得的一些好處。它還使我們有能力在 NII 中創造一定程度的穩定性，而無需抓住機會從利率上升中獲益，這是我們在過去兩年中能夠做到的。

We like that amount of duration because it also protects the income statement as rates fall, and we'll see if that -- if there is -- if there are rate cuts late in the year or next year or the year after that. So that gives us some stability as well. I think what I'd tell you, though, is we spend as much time on duration and curve shape as we do on carefully also running some MBS portfolios where there's some additional yield pickup, but you've got to be careful in terms of the level of convexity risk that you take.

我們喜歡這樣的持續時間，因為它還可以在利率下降時保護損益表，我們將看看是否會在今年晚些時候或明年或後年降息。所以這也給了我們一些穩定性。不過，我想我要告訴你的是，我們在久期和曲線形狀上花費的時間與我們在仔細運行一些 MBS 投資組合上花費的時間一樣多，其中有一些額外的收益率回升，但你必須小心您承擔的凸性風險水平。

And then because of our deposit franchise, as was mentioned earlier, we're doing this around the globe. We've got about 1/3 of our balance sheets in international jurisdictions, and that gives us real opportunities in pound sterling, euro, Canadian, Aussie dollars, et cetera, to invest. And we may run somewhat different duration levels in those different currencies, we might be shorter in one, longer in other, partly to reflect our views on the rate cycle and where each of those are. So there's a range of kind of approaches that we take there, and we find that our flexibility gives us some opportunities to deliver some good yields in NII, but obviously being careful. We don't want to stretch for duration. We don't want to stretch for yield. We want to continue to run a conservative portfolio like we have for many, many years.

然後由於我們的存款特許經營權，正如前面提到的，我們正在全球範圍內這樣做。我們大約 1/3 的資產負債表位於國際司法管轄區，這為我們提供了以英鎊、歐元、加元、澳元等進行投資的真正機會。我們可能會對這些不同的貨幣運行不同的持續時間水平，我們可能會在一種貨幣中更短，在另一種貨幣中更長，部分原因是為了反映我們對利率週期以及每種貨幣所在位置的看法。所以我們在那裡採取了一系列的方法，我們發現我們的靈活性給了我們一些機會在 NII 中提供一些好的收益，但顯然要小心。我們不想延長持續時間。我們不想為收益而努力。我們希望像多年來一樣繼續經營保守的投資組合。

Very good. And then just a follow-up on your comments about deposits. I think you said that the low point of non-interest-bearing were at $30 billion, you're sitting at $39 billion now. And 2-part question. If rates just stay here, let's say the Fed doesn't start cutting rates later this year and next year and we get a 4.75%, 5% Fed funds rate. Do you sense that the noninterest-bearing deposits could approach that $30 billion on a go-forward basis? And second, on your operational accounts, do you guys have to pay any interest on those accounts?

非常好。然後只是跟進您對存款的評論。我想你說過無息的最低點是 300 億美元，你現在是 390 億美元。和兩部分的問題。如果利率保持不變，假設美聯儲不會在今年晚些時候和明年開始降息，我們將獲得 4.75%、5% 的聯邦基金利率。您是否認為無息存款在未來可能接近 300 億美元？其次，對於您的運營賬戶，你們是否需要為這些賬戶支付任何利息？

Yes. Let me do that in reverse order. The operational accounts are sometimes interest-bearing, sometimes non-interest-bearing. So there's a wide variety of different pricing structures. But they tend to be -- remember -- and these are thousands of accounts often times -- for each of the asset managers or asset owners that we custody for. And it's less about the pricing in those accounts than about the nature of the accounts and the payment transactions that clients are funding in effect with the deposits that they leave with us.

是的。讓我以相反的順序來做。業務賬戶有時是生息的，有時是不生息的。所以有各種各樣不同的定價結構。但它們往往是——記住——而且這些賬戶通常是數以千計的——對於我們託管的每個資產管理者或資產所有者。與其說是這些賬戶的定價，不如說是賬戶的性質和客戶用他們留給我們的存款進行的有效支付交易。

In terms of non-interest-bearing deposits, I do think we'll continue to see a trend downwards. We saw a $5 billion trend this past quarter, which was $1 billion or $2 billion more than we had expected even back at that early -- even back when we last gave guidance. We expect probably another $4 billion, $5 billion will come out in the second quarter. And then I think we do believe that there is going to begin to be some stabilization. I'd be inclined to think that we'll get to that $30 billion probably later this year. But this is where there's no amount of crystal balling that we can provide. It's hard to really be sure it could be at that level. It could be around that level. There's -- we've seen movements in non-interest-bearing month by month that are plus/minus $4 billion or $5 billion.

就無息存款而言，我確實認為我們會繼續看到下行趨勢。我們在上個季度看到了 50 億美元的趨勢，這比我們早前預期的多 10 億美元或 20 億美元——甚至在我們上次給出指導時也是如此。我們預計第二季度可能還會有 40 億美元、50 億美元。然後我認為我們確實相信將會開始出現一些穩定。我傾向於認為我們可能會在今年晚些時候達到 300 億美元。但這是我們無法提供的任何水晶球。很難真正確定它能達到那個水平。它可能在那個水平附近。有 - 我們已經看到每月無利息的變動正負 40 億美元或 50 億美元。

Even in April, as an example, we've had days where non-interest bearings were in the $44 billion level, so $5 billion above the recent average and days when they were at the $34 billion level. So it's that kind of range and volatility that we're trying to forecast through. But clearly, the trends here, and I think the last benchmark of that -- around that $30 billion level, maybe one that we approach potentially later this year.

例如，即使在 4 月份，我們也有幾天的無息負債處於 440 億美元的水平，因此比最近的平均水平高出 50 億美元，而在幾天內，它們處於 340 億美元的水平。所以這就是我們試圖預測的那種範圍和波動性。但很明顯，這裡的趨勢，我認為是最後一個基準——大約 300 億美元的水平，可能是我們今年晚些時候可能接近的水平。

The next question comes from Jim Mitchell of Seaport Global.

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

Maybe just a little bit on the fee income story. You talked about a pretty hefty sequential growth, but not necessarily coming from the servicing line. So -- but you talked about great momentum in servicing and onboarding. So how do we think about the trajectory on the servicing fee line as you onboard? Is it more of a back half story? And how are you thinking about full year with servicing fees?

也許只是一點關於費用收入的故事。您談到了相當可觀的連續增長，但不一定來自服務線。所以 - 但你談到了服務和入職方面的巨大勢頭。那麼，當您上船時，我們如何看待服務費線上的軌跡？它更像是一個後半部分的故事嗎？您如何考慮全年收取服務費？

Jim, it's Ron. So maybe I'll start here. On servicing fees, we -- as Eric noted, we do expect growth, and it's driven by a couple of things. One is we've been carrying, for a while now, a fair amount of AUC/A to be implemented. A lot of that was tied to some systems development that needed to occur that is occurring. So we're expecting to see a hefty amount of that AUC/A to get installed.

吉姆，是羅恩。所以也許我會從這裡開始。在服務費方面，我們——正如 Eric 指出的那樣，我們確實預計會增長，而且它是由幾件事驅動的。一是我們已經有一段時間了，要實施相當數量的 AUC/A。其中很多與正在發生的需要發生的某些系統開發有關。所以我們期待看到大量的 AUC/A 被安裝。

Secondly, the wins this quarter were -- while it was a low AUC/A amount, it was much more traditional back office plus this very large alternatives, both of which are easier to install or they take less time to install. So we're actually quite pleased with how 2023 is shaping up from a sales perspective and it's good that it's shaping up early in the year. So with all that, we do expect to have a meaningful amount of servicing fee growth. That, coupled with depending on what you believe about markets tends to wash over everything that I'm talking about. But if you believe that there's some kind of market stability, we feel pretty good about the year as we would look forward.

其次，本季度的勝利是——雖然 AUC/A 數量較低，但它是更傳統的後台加上這個非常大的替代品，兩者都更容易安裝或安裝時間更短。因此，從銷售的角度來看，我們實際上對 2023 年的發展情況感到非常滿意，而且它在今年年初就開始發展是件好事。因此，儘管如此，我們確實希望服務費能有可觀的增長。那，再加上取決於你對市場的看法，往往會掩蓋我正在談論的一切。但是，如果您相信存在某種市場穩定性，那麼我們對這一年的預期會非常好。

And Jim, it's Eric. Just to round that out, Ron's covered servicing fees -- management fees should give us some lift as well as we have some equity market appreciation -- equity and bond market appreciation into the second quarter.

吉姆，是埃里克。為了解決這個問題，羅恩的服務費——管理費應該給我們帶來一些提升，我們也有一些股票市場升值——第二季度股票和債券市場升值。

I think if you go through the trading lines, second quarter is usually good. We'll have to see just how much volumes play through in spread. So -- but you've seen we've been making nice headway given the market volatility with specials and sec finance that will likely continue. In the software and processing line, we had one of the lowest on-premise renewal quarters this in 1Q. And that one just varies.

我認為如果你通過交易線，第二季度通常會很好。我們必須看看有多少交易量在價差中發揮作用。所以——但你已經看到，鑑於特價商品和證券融資可能會持續的市場波動，我們一直在取得不錯的進展。在軟件和處理線中，我們在第一季度的內部續訂季度是最低的之一。而那個只是變化。

If you just you look at some of the materials in the deck, that could be $6 million, it could be $60 million. That was literally the swing from fourth quarter to first quarter. We expect as we had said some sizable upticks there as well. So there's a range of areas. And in effect, from a management standpoint, we're focused on every one of the opportunities and businesses and harnessing the client momentum that we've been seeing.

如果你只看甲板上的一些材料，那可能是 600 萬美元，也可能是 6000 萬美元。這實際上是從第四季度到第一季度的波動。正如我們所說的那樣，我們預計那裡也會有一些相當大的上漲。所以有一系列的領域。實際上，從管理的角度來看，我們專注於每一個機會和業務，並利用我們一直看到的客戶勢頭。

Yes, sure, Eric. Yes, I appreciate all that. But in terms of the sequential increase of 4% to 5%, it seems like a lot of it is coming from some of these lumpy revenue streams that don't necessarily continue further out whether it's other kind of catch up, whether it's software processes jumping back. But when we think about sort of the momentum in the back half and that sort of new run rate in the second quarter, is that sustainable as you gain momentum in some of the more annuity-like revenue streams? Or do we kind of have to push out a little longer? I'm just trying to get a sense of beyond 2Q, you have a nice jump in 2Q, but is that really sustainable?

是的，當然，埃里克。是的，我很感激這一切。但就 4% 到 5% 的連續增長而言，似乎其中很多來自這些不穩定的收入流，無論是其他類型的追趕，還是軟件流程，這些收入流不一定會持續下去往回跳。但是，當我們考慮下半年的某種勢頭和第二季度的那種新運行率時，隨著你在一些更像年金的收入流中獲得動力，這種勢頭是否可持續？還是我們需要再推遲一點？我只是想了解 2Q 之後的情況，你在 2Q 有一個很好的跳躍，但這真的可持續嗎？

Yes. No, I understand the perspective. I think what though, remind you on software and processing, we had an unusually low print in the first quarter. So the first part of the follow-up in second quarter is rebound and then continuation. On-premise revenues have averaged about $30 million a quarter, for example. That's a reasonable kind of average that one could expect, but we printed $6 million this past quarter. So it's that kind of, I think, rebound we're expecting in the second quarter and then it should it should stay within the averages.

是的。不，我理解這個觀點。我想雖然提醒你關於軟件和處理，但我們在第一季度的打印量異常低。所以二季度的後續第一部分是反彈，然後是延續。例如，本地收入平均每季度約為 3000 萬美元。這是人們可以預期的合理平均水平，但我們在上個季度印刷了 600 萬美元。所以我認為，這是我們在第二季度期待的那種反彈，然後它應該保持在平均水平之內。

And then beyond that, to your point, there are the more annuity-like areas, whether it's the software-enabled, the SaaS revenues in software, whether it's some of the -- we have very flow-oriented FX and securities finance books. And then as Ron mentioned, we're seeing increasing momentum in servicing fees and management fees, and the servicing fee momentum is spread as we've mentioned, both in terms of back office and in middle office, which gives us additional diversity.

然後除此之外，就您而言，還有更多類似年金的領域，無論是軟件支持，軟件中的 SaaS 收入，還是某些——我們有非常面向流量的外彙和證券金融書籍。然後正如羅恩提到的那樣，我們看到服務費和管理費的增長勢頭越來越大，而且服務費的增長勢頭正如我們提到的那樣，無論是在後台還是在中台，這都為我們提供了更多的多樣性。

It's hard for us to predict the second half of the year, and I'll hesitate every April to reestimate the full year. But I think we'll know more as we get to June and July, and I'll certainly give -- be able to give you an indication. But we're certainly seeing momentum of activity with clients and expect some of these on-boardings to come through. And we think that provides a step up and then there should be some continuation beyond second quarter that will be positive.

我們很難預測下半年，每年四月我都會猶豫是否重新估計全年。但我認為我們會在 6 月和 7 月時了解更多，我肯定會給出 - 能夠給你一個指示。但我們肯定會看到與客戶的活動勢頭，並希望其中一些入職能夠通過。我們認為這提供了一個進步，然後在第二季度之後應該會有一些持續，這將是積極的。

The next question comes from Stephen Chubak of Wolfe Research.

下一個問題來自 Wolfe Research 的 Stephen Chubak。

This is actually Sharon Long on for Stephen. For NII, I know you noted that you -- it will still be up, but maybe not as meaningfully as the 20% you had guided to you previously. Is there any numbers you can put around that, for example, assuming that the NIB rotation continues as expected, and you get to that $30 billion number sometime in the year?

這實際上是 Sharon Long 對 Stephen 的看法。對於 NII，我知道你注意到你 - 它仍然會上升，但可能不像你之前指導的 20% 那樣有意義。您是否可以給出任何數字，例如，假設 NIB 輪換按預期繼續進行，並且您在一年中的某個時候達到 300 億美元的數字？

Yes. I mean the -- this is where the forecast just have a wide range of outcomes. I think given the first quarter report and what we expect in the second quarter, we don't think that one can reach at up 20% for the full year. I think what we're wrestling with is just what's the pace of rotation and what's the pace of some of the price sensitivity that we see in the U.S. clients at this point in the cycle. And that's what's harder to determine.

是的。我的意思是——這就是預測產生廣泛結果的地方。我認為，鑑於第一季度報告和我們對第二季度的預期，我們認為全年增長 20% 是不可能的。我認為我們正在努力解決的只是輪換的速度是多少，以及我們在周期的這個點上看到的美國客戶的一些價格敏感性的速度是多少。這就是更難確定的。

So there's a range of forecasts we have. And if I had to kind of share with you, I'd say if one thinks of it in a more (inaudible) way and expects more rotation and more price sensitivity, NII could be up 5% to 10% this year instead of 20%. On the other hand, if one is optimistic and believe some of the history, where there is real attenuation in the noninterest-bearing deposits, NII could be up 10% to 15%. So there's a larger range than usual in the forecast that we have. And to be honest, just like I quoted some of the April year-to-date data and the range of levels that we're seeing, we expect that those -- we expect to be -- that there will be quite a bit of range in the outcomes, just really hard to predict but maybe that gives you some perspective.

所以我們有一系列的預測。如果我不得不與你分享，我會說如果人們以一種更（聽不清）的方式思考它並期望更多的輪換和更高的價格敏感性，NII 今年可能會上漲 5% 到 10%，而不是 20% %。另一方面，如果樂觀並相信一些歷史，即無息存款實際衰減，NII 可能會上漲 10% 至 15%。因此，我們的預測範圍比平時更大。老實說，就像我引用了今年 4 月至今的一些數據和我們所看到的水平範圍一樣，我們預計這些——我們預計——會有相當多的結果範圍很大，真的很難預測，但也許這會給你一些看法。

It's probably a larger range than you're looking for. But we're trying to be as transparent and forthcoming as we can give the facts and the information that we have here.

它可能比您正在尋找的範圍更大。但我們正努力盡可能透明和坦率地提供我們在這裡掌握的事實和信息。

The next question comes from Ebrahim Poonawala of Bank of America.

下一個問題來自美國銀行的 Ebrahim Poonawala。

I guess just a couple of quick follow-ups, Eric, one on NII. I heard all your comments on the -- in the Q&A. I just sort of make sense of is the customer behavior that surprised you today versus January given that you probably assume that rates were going a little bit higher than where we were back in Jan? Or is it the events of the last month that have changed customer behavior and increase the intensity of repricing?

我想只是幾個快速跟進，埃里克，一個關於 NII。我在問答環節中聽到了你們對 - 的所有評論。考慮到您可能認為利率會比我們在 1 月份的水平高一點，我只是想知道今天與 1 月份相比讓您感到驚訝的客戶行為是什麼？或者是上個月的事件改變了客戶行為並增加了重新定價的強度？

No, I don't think it's really the events the last month, which are really in very different client segments, different geographies. Those are very different from what we do and who we serve. And we had a little bit of a flight to quality -- not flight to quality, we had a bit of this risk-off sentiment with deposits. But that's just a whole different ecosystem than to those clients that we serve.

不，我不認為這真的是上個月的事件，這些事件實際上發生在非常不同的客戶群，不同的地區。這些與我們的工作和服務對象截然不同。而且我們有點逃避質量——而不是逃避質量，我們對存款有一些避險情緒。但與我們服務的客戶相比，這只是一個完全不同的生態系統。

I think what's really happening here and what we've been trying to estimate, but maybe is unestimatable or unforecastable is just how do clients operate when prevailing rates are at 5% in the United States, right? We've not had that scenario in our -- for some of us in our careers, right? But for some of us, going back many, many -- probably 2 decades. And so the data is thin on that question. And I think what we've seen is back in January, when we had given some of our NII guidance for the quarter, just on noninterest-bearing deposits, we had seen one quarter where they were up a little bit, one quarter where they were down $5 billion. And then the third to fourth quarter, they were down $2 billion, right?

我認為這裡真正發生的事情以及我們一直試圖估計的，但可能無法估計或無法預測的是，當美國現行利率為 5% 時，客戶如何運作，對嗎？我們在我們的職業生涯中沒有遇到過這種情況 - 對於我們中的一些人來說，對嗎？但對我們中的一些人來說，可以追溯到很多很多——可能是 2 年前。所以關於這個問題的數據很少。我認為我們在 1 月份就看到了，當時我們給出了本季度的一些 NII 指導，只是關於無息存款，我們看到一個季度略有上升，一個季度減少了 50 億美元。然後第三到第四季度，他們減少了 20 億美元，對嗎？

So you're in this situation where you're trying to guess, forecast, estimate we can -- we've got to use all those words. And I think we thought we might have reached some attenuation, but we didn't. There was another step of rotation playing through. It's not a rational for clients to do that. And so they've shifted. Now they shift from noninterest-bearing to interest-bearing. They shift across currency sometimes because of their sophistication. I think what's interesting is that we actually got more deposits in the U.S., and we had some outflows in -- or some net reductions in Europe and in Asia.

所以你在這種情況下你試圖猜測，預測，估計我們可以 - 我們必須使用所有這些詞。而且我認為我們認為我們可能已經達到了一定程度的衰減，但我們沒有。還有另一個輪換步驟。客戶這樣做是不合理的。所以他們已經轉移了。現在他們從不生息轉變為生息。由於其複雜性，它們有時會跨貨幣轉移。我認為有趣的是，我們實際上在美國獲得了更多的存款，而我們在歐洲和亞洲有一些資金流出——或者一些淨減少。

And so you kind of have a real mix out there. And I think what we're realizing is all the data sets we have are actually not -- there's not enough data on this question of deposit or, I'll call it, deposit or pricing behavior because that's what this is about. And that's what we're trying to better estimate. But the clients we're serving, we're continuing to serve, the momentum in the business is clear. And just like NII went up faster than we had thought, I think there's a trend here that it's coming down a bit sequentially. It's still going to be up for the full year, but we'll need to see how much.

所以你在那裡有一個真正的組合。我認為我們正在意識到的是，我們擁有的所有數據集實際上都不是——關於這個存款問題的數據不足，或者我稱之為存款或定價行為，因為這就是問題所在。這就是我們試圖更好地估計的。但是我們正在服務的客戶，我們將繼續服務，業務發展勢頭很明顯。就像 NII 的上升速度比我們想像的要快一樣，我認為這裡有一種趨勢，它正在按順序下降。它仍然會在全年上漲，但我們需要看看有多少。

Got it. And just a separate question. I know it's small for you, but the other element that your provision is higher, the credit portfolio rating, remind us of the credit sensitivity that we should expect from the balance sheet from an economic downturn, if there are more rating agency downgrades, like what that means from a credit cost provisioning perspective as we look forward?

知道了。只是一個單獨的問題。我知道這對你來說很小，但你的撥備較高的另一個因素，信用組合評級，提醒我們，如果有更多評級機構下調評級，我們應該從經濟衰退的資產負債表中預期信用敏感性，比如從我們期待的信貸成本撥備角度來看，這意味著什麼？

Yes, it's good question. I mean the -- aside from the provision that's calculated using all the CECL techniques and fairly regimented that we had for that -- for the one cash placement that we made, the provision was about $15 million. I think for us, provisions have been in the $5 million, $10 million, $15 million range typically. We've seen a little bit of migration or change in ratings in a half dozen credits. But it's the kind of thing that plays through. And part of that is we have higher prevailing rates, and that puts a little bit of pressure in different parts of the economy. And I think it's probably fairly typical.

是的，這是個好問題。我的意思是——除了使用所有 CECL 技術計算的準備金和我們為此進行的相當嚴格的準備金——對於我們進行的一次現金配售，準備金約為 1500 萬美元。我認為對我們來說，準備金通常在 500 萬美元、1000 萬美元、1500 萬美元的範圍內。我們在六個學分中看到了一點點遷移或收視率變化。但這是一種貫穿始終的事情。部分原因是我們有更高的現行利率，這給經濟的不同領域帶來了一點壓力。我認為這可能相當典型。

I think the -- we run quite a high-quality and high-grade lending book. Even where we're a little more down market, we call BB's down market, right? So we have -- we have a ratings distributions that are typically in the A or A- or even better range. So we'll have some sensitivity to economic conditions. You can go back to around the start of COVID, right? The number of banks built reserves that can give you a sense of sensitivity. But what we -- we feel like we're well reserved now given what we know, both on the economic conditions and individual positions that we hold. It's highly diversified. It's high quality. And we'll obviously -- we'll continue to monitor. But feel like it's a reasonably stable with a little bit of drift down situation just given the direction of rates in the economy.

我認為 - 我們經營著一本高質量和高品位的貸款書。即使我們處於低端市場，我們也稱其為 BB 的低端市場，對嗎？所以我們有 - 我們的評級分佈通常在 A 或 A- 甚至更好的範圍內。所以我們會對經濟狀況有一定的敏感性。你可以回到 COVID 開始的時候，對吧？銀行建立儲備的數量可以給你一種敏感的感覺。但我們——我們覺得，鑑於我們所知道的，無論是經濟狀況還是我們持有的個人立場，我們現在都非常保守。它是高度多樣化的。這是高質量的。我們顯然會 - 我們會繼續監控。但感覺這是一個相當穩定的情況，只是考慮到經濟利率的方向。

The next question comes from Mike Mayo of Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Mike Mayo。

As you know, the markets been a little [jittery since] the Silicon Valley. And can you just make it crystal clear. I mean, I think I know the answer, but I need you to really explain why this is an earnings issue and not a liquidity issue? And on the earnings issue, just to make sure I heard you correctly, your non-interest-bearing deposits went from $44 billion down to $39 billion. You think base case, it might go down to $34 billion, but the low end of the range, which is possible later this year would be $30 billion. That would be going maybe non-interest-bearing deposits from $44 billion down to $30 billion, that would be $14 billion less than free money.

如您所知，自矽谷以來，市場有點[緊張不安]。你能不能把它說得一清二楚。我的意思是，我想我知道答案，但我需要你真正解釋為什麼這是一個收益問題而不是流動性問題？在收益問題上，為了確保我沒聽錯，你們的無息存款從 440 億美元下降到 390 億美元。你認為基本情況可能會下降到 340 億美元，但今年晚些時候可能會下降到 300 億美元。這可能會使無息存款從 440 億美元下降到 300 億美元，這將比自由資金少 140 億美元。

You said it was $12 million to $15 million per $1 billion. So just taking the worst case, you go down to the $30 billion. It hurts you $15 million. We're talking about $200 million of earnings lost which might be around 7% or 8% of your EPS, if you look at kind of a run rate sort of thing. So first, is my math correct there that, that is the earnings issue and then reassure if it's appropriate, that this is not a liquidity issue.

你說每 10 億美元是 1200 萬到 1500 萬美元。所以只考慮最壞的情況，你會下降到 300 億美元。它讓你損失了 1500 萬美元。我們談論的是 2 億美元的收益損失，如果你看一下運行率之類的東西，這可能是你每股收益的 7% 或 8% 左右。因此，首先，我的數學是否正確，那就是收益問題，然後再保證這是否合適，這不是流動性問題。

Mike, why don't I start? I think that as you're calculating the worst case, I think your math roughly is correct. We're doing all we can to avoid the worst case. But I think your math and how you get to the earnings impact is right, assuming the in effect, 100% margin on the deposits.

邁克，我為什麼不開始呢？我認為當你計算最壞的情況時，我認為你的數學大致是正確的。我們正在竭盡全力避免最壞的情況發生。但我認為你的數學和你如何計算收益影響是正確的，假設存款保證金實際上是 100%。

In terms of liquidity, there's nothing here that approaches a liquidity issue, right? These are custody deposits. As Eric noted, they're operating deposits. And they give you a sense and a little more explanation of why we've got X number of clients but a multiple number of accounts. And if you think about it, a mutual fund company probably has at least one account per fund they have with us, if not more, it's to actually run their funds.

就流動性而言，這裡沒有什麼可以解決流動性問題，對嗎？這些是託管存款。正如 Eric 指出的那樣，他們正在經營存款。他們讓您了解並更多地解釋為什麼我們有 X 數量的客戶，但有多個帳戶。如果你想一想，一家共同基金公司可能在我們這裡擁有的每個基金至少有一個賬戶，如果不是更多，那是為了實際運營他們的基金。

If you look at the liquidity coverage ratio, which Eric walked you through, it's up at 124% now. It's actually gone up, not down. So yes, this is an earnings issue and one that we intend to offset to the extent possible with the primary source of our revenue, which is fees as well as continued careful management of expenses.

如果你看看 Eric 帶你了解的流動性覆蓋率，它現在已經上升到 124%。它實際上是上升了，而不是下降了。所以，是的，這是一個收入問題，我們打算盡可能地用我們收入的主要來源來抵消，這是費用以及對費用的持續謹慎管理。

And then a follow-up to that. You said you're not changing your buyback. So you have $4.5 billion for the year. You've done $1.25 billion. So you have $3.25 billion left with the current market decline, that would be 14% of your market cap. So to the extent you see this as a step down, but not life-threatening, what's your appetite towards completing that buyback? And how soon are you able to enter the market?

然後是後續行動。你說你不會改變你的回購。所以你今年有 45 億美元。你已經做了 12.5 億美元。因此，當前市場下跌還剩下 32.5 億美元，這將是您市值的 14%。因此，在某種程度上，您認為這是一種退步，但不會危及生命，您對完成回購有何胃口？您多久可以進入市場？

I mean, Mike, I think Eric explained it well. If you look at our capital levels, and the fact that we held off buying back shares for quite a large amount of -- basically for most of last year. We feel comfortable continuing the buyback. We're obviously conscious of the environment. So we feel comfortable doing that. And we certainly feel comfortable about ourselves, but there is a system in which we live.

我的意思是，邁克，我認為埃里克解釋得很好。如果你看看我們的資本水平，以及我們推遲大量回購股票的事實——基本上是去年的大部分時間。我們很樂意繼續回購。我們顯然意識到了環境。所以我們覺得這樣做很舒服。我們當然對自己感到舒服，但我們生活在一個系統中。

And to the extent to which the system started to look very different from what it is today, look a whole lot more like or even worse than what we saw in March, we're certainly not going to ignore that. But our -- based on what we know now and our financial strength, we think it's actually quite prudent to do so. And our forecasting puts us -- I mean, we don't think about it in terms of market cap, we think about it in terms of what's our CET1 ratio, our capital ratio, and this will still put us above our range. So well within our range. I mean, so this is something that at this point, we feel very comfortable doing.

就係統開始看起來與今天的情況大不相同的程度而言，看起來比我們在 3 月份看到的更像甚至更糟，我們當然不會忽視這一點。但是我們——根據我們現在所知道的和我們的財務實力，我們認為這樣做實際上是非常謹慎的。我們的預測讓我們——我的意思是，我們不考慮市值，我們考慮我們的 CET1 比率，我們的資本比率，這仍然會讓我們超出我們的範圍。所以在我們的範圍內。我的意思是，在這一點上，我們覺得這樣做很舒服。

And Mike, it's Eric. I'd just underscore, right, the capital and liquidity strength and ratios are just incredibly high and cost by every measure that one can see. And we've shared quite a bit of that. And that's the reason why we're comfortable at this point, proceeding with our buyback. We'll -- I said in my prepared remarks, we do it through the rest of the year. I said we do it at pace. And even within a quarter, we typically start buybacks the day after earnings and then we will operate and execute on them, subject to market conditions, of course, but typically execute on them over the 8 to 10 weeks of available days during the quarter. So it's -- we'll -- we've got good confidence in the broader system and enormous confidence in our particular position here.

邁克，是埃里克。我只是強調，對，資本和流動性實力和比率非常高，並且從人們可以看到的每一項衡量標準來看都是成本。我們已經分享了很多。這就是為什麼我們在這一點上感到舒服，繼續我們的回購。我們將——我在準備好的發言中說過，我們會在今年餘下的時間裡這樣做。我說我們按節奏做。甚至在一個季度內，我們通常會在收益後的第二天開始回購，然後我們將根據市場情況對其進行操作和執行，當然，但通常會在本季度可用的 8 到 10 週內執行。所以它 - 我們將 - 我們對更廣泛的系統充滿信心，並對我們在這裡的特定位置充滿信心。

On earnings, we'll work through the earnings issue. NII was -- is something that we can figure our balance sheet to earn when rates move up and the balance sheet does give some of that back when rates come down. And we'll obviously continue to drive our focus on fees and manage expenses and drive what really is a multiyear trajectory.

關於收益，我們將解決收益問題。 NII 是 - 我們可以計算出我們的資產負債表在利率上升時賺取的東西，而當利率下降時資產負債表確實會回饋一些。而且我們顯然會繼續推動我們對費用和管理費用的關注，並推動真正的多年軌跡。

One last time, crystal clear. So there's nothing about the reduction in the "free money" non-interest-bearing deposits or anything else in your results that would give you pause to continue buying back your stock?

最後一次，晶瑩剔透。因此，您的結果中沒有關於“免費資金”無息存款的減少或任何其他會讓您停下來繼續回購股票的事情嗎？

None.

沒有任何。

The next question comes from Rob Wildhack of Autonomous Research.

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

I wanted to unpack some of the RWA dynamics in the quarter. RWAs were up 7% sequentially, but the overall balance sheet, I think, was down 3% or 4%. So can you just give us some color on what was going on there?

我想解開本季度的一些 RWA 動態。 RWAs 連續上漲 7%，但我認為整體資產負債表下降了 3% 或 4%。那麼你能給我們一些關於那裡發生的事情的顏色嗎？

Sure, Rob. It's Eric. And I think there's some materials on RWA, both in the earnings deck on Page 12 and then further back in the addendum. I think if you remember, fourth quarter, we had a particularly low print in RWA, which we had signaled at our fourth quarter earnings call in January. Overdrafts came in lower than expected. Some of the risk-weighted assets associated with the FX books came in lower because of the late December move in dollar rates.

當然，羅伯。是埃里克。我認為有一些關於 RWA 的材料，都在第 12 頁的收益平台上，然後在附錄中更遠的地方。我想如果你還記得的話，第四季度，我們在 RWA 中的印刷量特別低，我們在 1 月份的第四季度財報電話會議上已經發出信號。透支額低於預期。由於 12 月下旬美元利率的變動，與外匯賬簿相關的一些風險加權資產走低。

And so we had expected a rebound of about $10 billion, $15 billion of RWA from fourth quarter to first quarter. And you saw we got about $8 billion or $9 billion of that. We still came in a little light on overdrafts, which is fine. Part of that is the amount of cash in the system and the cash and deposits that we're holding on behalf of our clients. You see RWA is still down year-over-year. And that's because of a fair number of optimization efforts. We felt like there's real opportunities for us to grow the franchise on one hand but deploy RWAs in very high quality and higher returning ways on the other and support our clients.

因此，我們預計第四季度到第一季度的 RWA 將反彈約 100 億美元，即 150 億美元。你看到我們得到了大約 80 億美元或 90 億美元。我們仍然對透支有一點了解，這很好。其中一部分是系統中的現金數量以及我們代表客戶持有的現金和存款。你看 RWA 仍然同比下降。這是因為大量的優化工作。我們覺得我們有真正的機會一方面發展特許經營權，另一方面以非常高質量和更高回報的方式部署 RWA 並支持我們的客戶。

And so we've been adjusting the deployment across the FX books, you think about how much we want to deploy in the forward space and the long-dated forwards versus spot and securities finance, there are different amounts. But we're quite well off when it comes to capital and our plans here really to continue to find ways to smartly deploy additional capital and additional RWA to drive organic growth.

因此，我們一直在調整外匯賬簿的部署，你想想我們想在遠期空間和長期遠期與現貨和證券融資中部署多少，數量不同。但在資本方面我們相當富裕，我們的計劃確實是繼續尋找方法來巧妙地部署額外資本和額外 RWA 以推動有機增長。

And then I appreciate the color on the to-be installed business and the on-prem enterprise trajectory from here. But could you just remind us how long those installs typically take to convert to revenue?

然後我從這裡開始欣賞待安裝業務和本地企業軌蹟的顏色。但是您能否提醒我們這些安裝通常需要多長時間才能轉化為收入？

Yes. When we described the installation going into the second quarter, we were describing those as realized revenue installations. So in effect, the way the accounting works typically is when we win, we don't book the revenues, but it's only at the installation date that you begin to book them.

是的。當我們描述進入第二季度的安裝時，我們將這些描述為已實現的收入安裝。因此，實際上，會計工作的典型方式是當我們獲勝時，我們不記入收入，但只有在安裝日期你才開始記入收入。

So you'll see both the backlog assets under custody in the second quarter begin to come down and some of the servicing and middle office revenues float upwards. And similarly, for the software and data processing areas, you'll see something in that direction as well.

因此，您會看到第二季度託管的積壓資產開始下降，一些服務和中台收入增加。同樣，對於軟件和數據處理領域，您也會在那個方向看到一些東西。

The next question comes from Vivek Juneja of JPMorgan.

下一個問題來自摩根大通的 Vivek Juneja。

A couple of questions. Firstly, CRD revenues. I know you said it should -- Eric, the on-premise revenue should bounce back in the second quarter. But just want to step back and look at it on a full year basis, the entire CRD revenues, what is your expectation at this point for full year growth in that -- looking at all those 3 subcomponents together?

幾個問題。首先，CRD 收入。我知道你說過它應該 - 埃里克，內部收入應該會在第二季度反彈。但只想退後一步，從全年來看，整個 CRD 收入，您目前對全年增長的預期是什麼——一起看所有這 3 個子組件？

Yes. I don't -- Vivek, I don't know that we -- in January, we went into that level of detail. I think what we've said in the past is that there's a range of revenue growth in our different fee categories. We've described back office is growing towards the -- traditional back office growing closer to the lower single-digit revenue growth. We described middle and front office, which would include CRD at high single-digit growth. There will be years when it could be double-digit revenue growth.

是的。我不——Vivek，我不知道我們——在 1 月份，我們進入了那個級別的細節。我認為我們過去所說的是我們不同費用類別的收入增長范圍。我們已經描述了後台辦公室正在朝著 - 傳統後台辦公室越來越接近較低的個位數收入增長。我們描述了中台和前台，其中包括高個位數增長的 CRD。未來幾年收入可能會實現兩位數的增長。

So that's what we said about that category, this category. I think what we see in particular, in software is the on-premise revenues over time will -- may not be as heavy. But we do see real momentum in the combination of the software enabled in SaaS. But all in, that should grow in the higher single-digit revenues typically though there'll be some range around that in a given year.

這就是我們所說的那個類別，這個類別。我認為我們特別看到的是，在軟件方面，隨著時間的推移，本地收入可能不會那麼重。但我們確實看到了 SaaS 中支持的軟件組合的真正勢頭。但總而言之，這應該會以較高的個位數收入增長，儘管在特定年份會有一定範圍。

Okay. And then going back to this question that's come up on the large amount of new business that remains to be installed in servicing, and you said you should see a pickup in 2Q. Ron and Eric, what's your expectation for how much of that do you expect would get installed over the course of this year, 2Q, 3Q, 4Q? By the time we exit this year, how much should be done. And therefore, what benefit should there be [defeased] from that?

好的。然後回到這個問題，這個問題是關於仍有待安裝在服務中的大量新業務，你說你應該在第二季度看到一個回升。 Ron 和 Eric，您對今年第 2 季度、第 3 季度、第 4 季度的安裝量有何期望？到今年我們退出時，應該完成多少。所以，那有什麼好處呢？

Yes. I think the fact there are a couple of ways to think about that because what happens here is that it gets onboarded in tranches. So we might onboard the assets under custody and administration. But there are multiple services that we're often providing for those assets. So we had a couple of wins over the last year or 2 years with $1 trillion. Those $1 trillion wins would have had some custody, some accounting, they might have had some performance analytics. They would have had some middle office services in many cases because they were Alpha mandates.

是的。我認為事實上有幾種方法可以考慮這個問題，因為這裡發生的是它是分批加入的。因此，我們可能會在託管和管理下加入資產。但是我們經常為這些資產提供多種服務。因此，我們在過去一年或兩年中以 1 萬億美元贏得了幾次勝利。那些 1 萬億美元的勝利本來會有一些保管，一些會計，他們可能有一些績效分析。在許多情況下，他們會有一些中間辦公室服務，因為它們是 Alpha 任務。

So there's 3, 4 or 5 kind of, I'll call it, revenue installations, right, for each of the balances that sit there when we describe them as assets under custody and administration. I think roughly, our view is that we'd expect about half of the backlog in custody and administration to come through during the course of this year. I'll say that roughly, right? It tends to vary.

因此，當我們將它們描述為受監管和管理的資產時，有 3 種、4 種或 5 種，我稱之為收入裝置，正確的是，對於每一種餘額。我粗略地認為，我們的觀點是，我們預計大約一半的保管和管理積壓工作將在今年完成。我會大致說一下，對吧？它往往會有所不同。

And then the revenue pieces, it won't be quite at that level because the revenues come through over time as you get the different, I'll call it, layers of services that are provided associated with that assets under custody administration. But what we'll do is we'll -- I think it's -- that may be some kind of broad perspective. What we'll try to do each quarter is give you more and more visibility as we get to those implementation points. Because remember, these are implementations where not only have we configured a front-to-back offering that we've -- that we've designed for clients, but clients need to reconfigure many of their processes and systems in parallel with that to adopt. And so it's a joint effort on both sides.

然後是收入部分，它不會完全達到那個水平，因為收入會隨著時間的推移而增加，因為你會得到不同的，我稱之為，與託管管理下的資產相關的服務層。但我們要做的是——我認為——這可能是某種廣泛的觀點。我們將在每個季度嘗試做的是在我們到達這些實施點時為您提供越來越多的可見性。因為請記住，在這些實施中，我們不僅配置了我們為客戶設計的從前到後的產品，而且客戶需要同時重新配置他們的許多流程和系統才能採用.因此，這是雙方的共同努力。

If I may sneak in one more, just CF Global. Any color on what that could add to your fee revenue, Eric? And when do you expect that to start to add?

如果我可以再潛入一個，那就是 CF Global。 Eric，有什麼可以增加您的費用收入的顏色嗎？你預計什麼時候開始增加？

Yes. I mean, CF Global for us is a very attractive opportunity. We've historically done some outsourced trading over the years in the U.S. and Asia, we weren't particularly large in that space in Europe. This gives us some real heft and credibility in Europe. It's an acquisition that will close likely at the end of the year. So I think it's really a 2024 topic. And we're looking at a business like that between what we have and what we're adding to be in the $30 million to $50 million range of revenues next year and we've got some of that today. But this -- what we purchased in CF Global really is distinguishing in terms of capabilities, product lines lets us build around what we have and then drive some real incremental growth.

是的。我的意思是，CF Global 對我們來說是一個非常有吸引力的機會。多年來，我們一直在美國和亞洲進行一些外包交易，我們在歐洲的這個領域並不是特別大。這給了我們在歐洲一些真正的影響力和信譽。這是一項很可能在年底完成的收購。所以我認為這真的是一個 2024 年的話題。我們正在尋找這樣的業務，介於我們擁有的業務和我們正在增加的業務之間，明年的收入將達到 3000 萬至 5000 萬美元，而我們今天已經有了一些。但這 - 我們在 CF Global 購買的產品確實在功能方面與眾不同，產品線讓我們能夠圍繞我們擁有的東西進行構建，然後推動一些真正的增量增長。

And so something we're very excited about because it fits into being the enterprise outsourcer. You do that for a custody, accounting, middle office, front office, and we do it for the CIOs of small and midsized companies. And it's really -- it fits very well with our positioning and strength.

所以我們非常興奮，因為它適合成為企業外包商。你為託管、會計、中台、前台做這件事，而我們為中小型公司的首席信息官做這件事。它真的 - 它非常適合我們的定位和實力。

There are no further questions at this time. I will turn the call over to Mr. O'Hanley for closing remarks.

目前沒有其他問題。我會將電話轉給 O'Hanley 先生作結束語。

Thanks, operator, and thanks to all on the call for joining us.

謝謝接線員，也感謝所有來電加入我們的人。

Ladies and gentlemen, this does conclude your conference call for today. We thank for the patience and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的耐心等待，請您斷開線路。