Texas Capital Bancshares Inc (TCBI) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Texas Capital Bancshares Q3 2025 earnings call.

午安.感謝您參加德州資本銀行控股公司2025年第三季財報電話會議。

My name is [Matt]. I'll be the moderator for today's call.

我的名字是[馬特]我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作說明）

I'd like to pass the conference over to our host, Jocelyn Kukulka, Head of Investor Relations. Jocelyn, please go ahead.

接下來，我將把會議交給我們的主持人，投資者關係主管喬斯林·庫庫爾卡。喬斯林，請繼續。

Good morning and thank you for joining us for TCBI's third-quarter 2025 earnings conference call.

早安，感謝各位參加TCBI 2025年第三季財報電話會議。

I'm Jocelyn Kukulka, Head of Investor Relations.

我是投資者關係主管喬斯林·庫庫爾卡。

Before we begin, please be aware this call will include forward-looking statements that are based on our current expectations of future results or events. Forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from these statements.

在開始之前，請注意，本次電話會議將包含基於我們目前對未來結果或事件的預期而作出的前瞻性陳述。前瞻性陳述受已知和未知風險及不確定性的影響，可能導致實際結果與這些陳述有重大差異。

Our forward-looking statements are as of the date of this call. We do not assume any obligation to update or revise them.

我們所有前瞻性陳述均截至本次電話會議之日。我們不承擔更新或修改這些內容的義務。

Today's presentation will include certain non-GAAP measures, including, but not limited to, adjusted operating metrics, adjusted earnings per share, and return on invested capital.

今天的演示將包括一些非GAAP指標，包括但不限於調整後的營運指標、調整後的每股盈餘和投資資本回報率。

For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release on our website.

有關這些及其他非GAAP指標與對應GAAP指標的調節表，請參閱我們網站上的獲利新聞稿。

Statements made on this call should be considered together with the cautionary statements and other information contained in today's earnings release, our most recent annual report on Form 10-K, and subsequent filings with the SEC.

本次電話會議中發表的聲明應與今天發布的收益報告、我們最新的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的文件中所包含的警示性聲明和其他信息一併考慮。

We will refer to slides during today's presentation, which can be found along with the press release in the Investor Relations section of our website at texascapital.com (sic - texascapitalbank.com).

在今天的簡報中，我們將參考幻燈片，這些幻燈片以及新聞稿可以在我們網站 texascapital.com（原文如此 - texascapitalbank.com）的投資者關係部分找到。

Our speakers for the call today are Rob Holmes, Chairman, President, and CEO; Matt Scurlock, CFO. At the conclusion of our prepared remarks, our operator will open up the call for Q&A.

今天電話會議的發言人是董事長、總裁兼執行長羅伯·霍姆斯；財務長馬特·斯庫洛克。在我們發言結束後，我們的工作人員將開啟問答環節。

I'll now turn over the call to Rob for his opening remarks.

現在我將把電話交給羅布，請他致開幕詞。

In September of 2021, we announced a detailed and historically ambitious four-year plan to transform Texas Capital into Texas's first full-service financial services firm worthy of banking the best clients in our markets.

2021 年 9 月，我們宣布了一項詳細且雄心勃勃的四年計劃，旨在將德克薩斯資本轉型為德克薩斯州第一家全方位金融服務公司，以服務我們市場上最好的客戶。

We said at the time that the magnitude and timeline associated with this wholesale rebuilding of the firm was the result of an immense opportunity to create something of unique and durable value. That achievement of our vision would be defined by a series of specific and important measures of strategic and financial successes.

我們當時就說過，此次公司全面重建的規模和時間跨度，源自於一個創造獨特且持久價值的巨大機會。我們願景的實現將透過一系列具體而重要的策略和財務成功指標來衡量。

Despite the many expected and unforeseen challenges, we've been steadfast in our strategic objectives, transparent with necessary improvements to our business model, and unwavering in our commitment to deliver a differentiated offering for our clients and result for our shareholders.

儘管面臨許多預期之內和意料之外的挑戰，我們始終堅定不移地朝著戰略目標前進，坦誠地對業務模式進行必要的改進，並堅定不移地致力於為客戶提供差異化的產品和服務，為股東創造價值。

Thanks to the resolute work of our team, I am incredibly pleased to report third-quarter results, which confirm delivery of the remaining goal described at the beginning of our transformation in September of 2021.

感謝我們團隊的堅定努力，我非常高興地報告第三季業績，這證實了我們在 2021 年 9 月轉型之初提出的剩餘目標已經實現。

Achievement of a 1.3% return on average assets, well above the communicated target of 1.1%. These results mark an important milestone in our financial acknowledgement of the continued intensity in which we deliver distinctive value to our clients through our wholly differentiated and increasingly scalable platform.

平均資產回報率達到 1.3%，遠高於先前公佈的 1.1% 的目標。這些成果標誌著我們在財務上取得了重要里程碑式的成就，這證明了我們透過完全差異化且日益可擴展的平台，持續為客戶創造獨特價值的努力得到了認可。

When we began this transformation in 2021, we noted specifically the material gaps in our balance sheet and business model that required resolution to facilitate consistently high-quality client outcomes; acceptable risk-adjusted returns; and, ultimately, enhanced franchise value.

2021 年我們開始進行這項轉型時，我們特別注意到資產負債表和商業模式中存在重大差距，需要解決這些差距，以促進持續高品質的客戶成果；可接受的風險調整回報；並最終提高特許經營價值。

A critical early component of earning the right to bank the best clients in our markets was moving away from the legacy approach of relying on leverage to deliver financial performance and, instead, building a platform characterized by its resilience to market and rate cycles.

贏得市場上最佳客戶銀行服務資格的關鍵早期組成部分是摒棄依賴槓桿來實現財務業績的傳統方法，轉而建立一個能夠抵禦市場和利率週期波動的平台。

Since that September 2021 announcement, we've added 247 basis points of tangible common equity, the most of any bank in the country, with over [$20 billion] assets; and finished the third quarter with tangible common equity to tangible assets of 10.25%, an all-time high for the firm.

自 2021 年 9 月宣布以來，我們的有形普通股權益增加了 247 個基點，是全國所有銀行中增加最多的，資產超過 200 億美元；第三季末，有形普通股權益與有形資產之比達到 10.25%，創公司歷史新高。

This exceptionally strong capital position, coupled with liquid assets of 24%, continues to allow for a consistent and proactive market-facing posture, as we are now distinctly capable of supporting the diverse and broad needs of our clients in any operating environment.

憑藉極其雄厚的資本實力，加上 24% 的流動資產，我們能夠持續保持積極主動的市場姿態，現在我們完全有能力在任何經營環境下滿足客戶多樣化和廣泛的需求。

Prior to our transformation, existing operational silos resulted in limited scalability and disjointed market coverage. After developing well-defined and disciplined organizational routines early in the transformation, the extensive investments made across the franchise to deliver a higher-quality operating model is facilitating the intended results.

在我們進行轉型之前，現有的營運孤島導致可擴展性有限，市場覆蓋率也不連貫。在轉型初期就制定了明確且嚴謹的組織流程之後，整個特許經營體系進行了廣泛的投資，以提供更高品質的營運模式，從而促進了預期結果的實現。

Our now-cohesive platform enabled the entire company to effectively contribute to a third quarter that was the best in the firm's history, featuring record revenue of $340 million record pre-provision net revenue of $150 million, record net income-to-common of $101 million, record earnings per share of $2.18, and record tangible book value per share of $73.02.

我們現在統一的平台使整個公司能夠有效地為公司歷史上最好的第三季度做出貢獻，該季度創下了公司歷史上最佳業績，包括創紀錄的 3.4 億美元收入、創紀錄的撥備前淨收入 1.5 億美元、創紀錄的普通股淨收入 1.01 億美元、創紀錄的每股收益 2.18 美元以及創紀錄的每股有形賬面價值 73.02 美元。

As we also described in 2021, the foundation of our transformation is the deliberate evolution of our Treasury Solutions platform. The firm is no longer overly reliant on disconnected, high-cost, high-beta national deposit verticals. Index deposits now comprise only 6% of average total deposits and are down nearly $10 billion from 2020.

正如我們在 2021 年所描述的那樣，我們轉型的基礎是我們的財務解決方案平台的精心演進。該公司不再過度依賴分散、高成本、高風險的全國性存款業務。指數存款目前僅占平均總存款的 6%，比 2020 年減少了近 100 億美元。

This dramatic rebuilding of our funding base is, in large part, attributable to our best-in-class payments offering, which enables us to successfully compete for, win, and serve as the primary operating relationship for the best clients in our markets.

我們資金基礎的顯著重建，很大程度上歸功於我們一流的支付服務，這使我們能夠成功地與市場上最好的客戶競爭、贏得客戶，並成為他們的主要營運合作夥伴。

Our firm now provides faster, more seamless client onboarding than the major money-center banks and ongoing frictionless client journeys that match or exceed theirs with high-touch local service and local decisioning. This sustained focus resulted in an industry-leading 91% increase in treasury product fees over the past four years.

我們公司現在能夠提供比大型金融中心銀行更快、更順暢的客戶入職流程，並透過高度個人化的本地服務和本地決策，提供與大型銀行媲美甚至超越大型銀行的持續無摩擦客戶體驗。這種持續的專注使得過去四年財資產品費用實現了業界領先的 91% 的成長。

The strength of our balance sheet, breadth of our product offerings, and quality of our talent now ensure our clients never outgrow the services we can provide for them.

我們雄厚的資產負債表、廣泛的產品線和優秀的人才，確保我們的客戶永遠不會超越我們能夠為他們提供的服務範圍。

Historically, our relatively low client (inaudible) was, in part, result of a narrow product offering, leading to overdependence on loan growth to drive earnings. We now approach the market based on our clients' needs, not our own, with tailored offerings for each stage of their life cycles and double the number of client-facing professionals providing advice, not just capital.

從歷史上看，我們相對較低的客戶數量（聽不清楚）部分原因是產品供應範圍狹窄，導致過度依賴貸款成長來推動獲利。我們現在以客戶的需求為導向，而不是以我們自己的需求為導向，針對客戶生命週期的每個階段提供量身定制的產品和服務，並將面向客戶的專業人員數量增加了一倍，他們不僅提供資金，還提供諮詢服務。

This cultural and structural shift is driving material success, with targeted clients and prospects of all sizes. The firm is now a top 5 Texas-based originator of SBA loans, evidencing our commitment and ability to effectively serve small businesses.

這種文化和結構上的轉變正在推動物質上的成功，目標客戶和潛在客戶規模各異。該公司目前是德州排名前 5 的 SBA 貸款發起機構，這證明了我們致力於有效服務小型企業並具備相應的能力。

We now have industry-specific coverage aligned with businesses that comprise 100% of the addressable Texas economy. We built the first full-service investment bank in the state, achieving one of the most successful launches in history.

我們現在擁有針對特定產業的報道，涵蓋了德州可觸及經濟的 100% 的企業。我們創建了該州第一家提供全方位服務的投資銀行，實現了歷史上最成功的開局之一。

This unique and sustainable competitive positioning results in over 90% of the new clients choosing Texas Capital for additional products and services, alongside traditional bank debt, signaling our increasing relevance and supporting the largest organic non-interest income growth rate of any bank in the country, with more than $20 billion in assets over the last four years.

這種獨特且可持續的競爭地位使得超過 90% 的新客戶選擇德州資本銀行提供額外的產品和服務，以及傳統的銀行債務，這表明我們的重要性日益提升，並支持了全國所有銀行中最高的非利息收入有機增長率，過去四年資產超過 200 億美元。

Strong execution across each area we noted for improvement is supported by a highly disciplined and analytically rigorous capital allocation process, focused solely on driving long-term shareholder value. We have and continue to bias capital towards franchise-accretive client segments, evidenced by our commercial loan growth, when excluding PPP loans and the divesture of the premium finance of $5.3 billion or nearly 80% since 2020. In times of market dislocation, we repurchased 12% of shares outstanding at a weighted average price of $59 per share.

我們發現，每個需要改進的領域都得到了強有力的執行，這得益於高度自律和嚴謹的分析性資本配置流程，該流程的唯一目標是推動股東的長期價值成長。我們一直以來都將資本偏向於能夠提升特許經營權的客戶群，這點從我們的商業貸款成長中可見一斑。當然，這還不包括 PPP 貸款以及自 2020 年以來剝離的 53 億美元（約佔 80%）的保費融資業務。在市場動盪時期，我們以每股 59 美元的加權平均價格回購了 12% 的流通股。

Taken together, we accomplished the most successful bank transformation in the last 20 years and are increasingly the first call for the premier clients at each of the markets we serve. Intentional decisions along the journey have positioned us to deliver attractive through-cycle shareholder returns with both higher quality earnings and a lower cost of capital, as we continue to scale high-value businesses through increased client adoption, improved client journeys, and realized operational efficiencies -- all timeless objectives we intend to remain focused on and consistent with creating lasting value.

總而言之，我們實現了近 20 年來最成功的銀行轉型，並且在我們所服務的每個市場中，我們都日益成為頂級客戶的首選。一路走來，我們做出了深思熟慮的決策，從而能夠透過提高獲利品質和降低資本成本，為股東帶來具有吸引力的周期性回報。我們將繼續透過提高客戶採納率、改善客戶體驗和實現營運效率來擴大高價值業務——這些都是我們將繼續專注並致力於創造持久價值的永恆目標。

None of this would be possible without the incredible commitment, creativity, and professionalism demonstrated by the Texas Capital employees. Your belief in a long-term vision of the firm; perseverance in the face of, at times, intense skepticism; and continued dedication to driving positive outcomes for our clients is the leading force behind the transformation.

如果沒有德州資本員工展現出的令人難以置信的奉獻精神、創造力和專業精神，這一切都不可能實現。您對公司長遠願景的信念；面對有時強烈的質疑所展現出的堅持不懈；以及為客戶帶來正面成果的持續奉獻，是推動公司轉型的主要動力。

It is truly remarkable to see the talent on this platform and the culture we are defining with our actions every day. I look forward to continuing to partner with each of you, as we never stop working to build something special for our clients who deserve nothing less.

這個平台上湧現的人才以及我們每天透過行動所塑造的文化，真的令人驚嘆。我期待繼續與各位合作，我們將始終致力於為客戶打造卓越的產品和服務，他們值得擁有最好的。

Thank you for your continued interest in and support of our firm.

感謝您一直以來對我們公司的關注與支持。

I'll turn it over to Matt for details on the financial results.

我將把財務表現的詳細資訊交給馬特。

Thanks, Rob, and good afternoon.

謝謝你，羅布，下午好。

Third-quarter total revenue increased $35.4 million or 12%, relative to Q3-adjusted total revenue last year, supported by 13% growth in net interest income and 6% growth in fee-based revenue. Linked-quarter adjusted total revenue increased 10% or $31 million, as continued balance sheet momentum resulted in an $18.4 million increase in net interest income. Broad contributions across Investment Banking drove a $12.6 million improvement in adjusted non-interest revenue.

第三季總收入較去年同期經調整後的總收入成長 3,540 萬美元，增幅達 12%，主要得益於淨利息收入成長 13% 和手續費收入成長 6%。上一季調整後的總收入成長了 10%，即 3,100 萬美元，這主要得益於資產負債表持續成長勢頭，淨利息收入增加了 1,840 萬美元。投資銀行各部門的廣泛貢獻推動調整後的非利息收入增加了 1,260 萬美元。

Total non-interest expense increased just $1.7 million compared to adjusted non-interest expense in Q2, as previously realized structural efficiencies continue to enable repositioning of the expense base in support of defined capability build. Taken together, year-over-year adjusted pre-provision net revenue increased 30% or $34.9 million to $149.8 million, an all-time record for the firm.

與第二季調整後的非利息支出相比，總非利息支出僅增加了 170 萬美元，因為先前實現的結構效率繼續使支出基礎能夠重新定位，以支持已確定的能力建設。綜合來看，經調整後的撥備前淨收入年增 30%，即 3,490 萬美元，達到 1.498 億美元，創下該公司歷史新高。

This quarter's provision expense of $12 million resulted from modest growth in gross LHI; $13.7 million of net charge-offs; and our continued view of the uncertain economic environment, which remains decidedly more conservative than consensus expectations, partially offset by the notable multi-quarter improvement in portfolio credit quality.

本季撥備支出 1,200 萬美元，原因是總 LHI 略有成長；淨沖銷 1,370 萬美元；以及我們對不確定經濟環境的持續看法，這種看法仍然比普遍預期更為保守，部分被投資組合信貸品質連續多個季度的顯著改善所抵消。

The firm's allowance for credit loss finished the quarter at $333 million or 1.79% of LHI, when excluding the impact of Mortgage Finance allowance and related loan balances, which is the highest level, relative to criticized loans since 2014.

該公司本季末的信貸損失準備金為 3.33 億美元，佔 LHI 的 1.79%，不包括抵押貸款融資準備金和相關貸款餘額的影響，這是自 2014 年以來相對於受批評貸款的最高水準。

As Rob noted, our record quarterly net income-to-common of $100.9 million represents a 36% increase compared to adjusted net income-to-common in Q3 last year. This continued financial progress, coupled with a consistently disciplined multiyear share repurchase approach, contributed to a 37% increase in quarterly earnings per share compared to adjusted earnings per share from a year ago.

正如羅布所指出的，我們創紀錄的季度普通股淨收入為 1.009 億美元，比去年第三季調整後的普通股淨收入增加了 36%。這一持續的財務進展，加上多年來始終如一的嚴格股票回購策略，使得季度每股收益比去年同期調整後的每股收益增長了 37%。

The firm continues to operate from a position of financial strength, with balance sheet metrics remaining exceptionally strong. Focus routines on target client acquisition are delivering risk-appropriate and return-accretive loan portfolio expansion, with any period growth LHI balances, excluding Mortgage Finance, growing approximately $100 million during the quarter; and total commitments, excluding Mortgage Finance, up $577 million or 8.2% annualized.

公司財務狀況依然穩健，資產負債表各項指標均表現非常優異。專注於目標客戶獲取的常規做法正在實現風險適宜且收益增值的貸款組合擴張，任何時期增長的 LHI 餘額（不包括抵押貸款融資）在本季度增長了約 1 億美元；總承諾額（不包括抵押貸款融資）增長了 5.77 億美元，年化增長率為 8.2%。

Average commercial loan balances increased 3% or $317 million during the quarter, featuring broad contributions across areas of industry and geographic coverage, with ending-period balances of approximately $1 billion or 9%, year over year.

本季平均商業貸款餘額成長 3% 或 3.17 億美元，各行業及地理覆蓋範圍均有廣泛貢獻，期末餘額約 10 億美元，較去年同期成長 9%。

As expected, real estate loans were flat quarter over quarter, including payoffs and paydowns of criticized assets. Despite a modest increase in real estate clients' new business volume, our expectation remains that payoffs will outpace originations over the duration of the year, resulting in lower fourth-quarter ending balances.

正如預期的那樣，房地產貸款環比持平，其中包括對受批評資產的償還和減免。儘管房地產客戶的新業務量略有成長，但我們仍預計，在今年內，還款額將超過新增業務量，導致第四季末餘額下降。

As anticipated, average Mortgage Finance loans increased 3% linked quarter to $5.5 billion, as seasonal home buyer activity hits its annual high during the third quarter, with ending-period balances of $6.1 billion, reflecting initial pull-through from the late-quarter reduction in mortgage rates. We continue to expect full-year average balances to increase approximately 10%, which is predicated on a $1.9 trillion origination market.

正如預期的那樣，平均抵押貸款融資貸款環比增長 3%，達到 55 億美元，因為季節性購房者活動在第三季度達到年度最高水平，期末餘額為 61 億美元，反映了季度末抵押貸款利率下降帶來的初步回升。我們仍然預計全年平均餘額將成長約 10%，這是基於 1.9 兆美元的貸款發放市場規模。

As noted on previous calls, sustained success winning high-quality deposit relationships continues to allow for the select reduction of higher cost deposits, where we are unable to earn an adequate return on the aggregate relationship. These trends are evidenced, in part, by our sustained ability to effectively grow client-interest-bearing deposits, which, when excluding multiyear contraction and index deposits, are up $3.3 billion or 22%, year over year; while also effectively managing deposit betas, which are 70% cycle to date, accounting for the late-September rate cut.

正如先前的電話會議中所提到的，持續成功地贏得高品質的存款關係，使我們能夠選擇性地減少成本較高的存款，因為我們無法從整體關係中獲得足夠的回報。這些趨勢的部分證據體現在我們持續有效地增長客戶計息存款的能力上，如果排除多年萎縮和指數存款，該存款​​同比增長 33 億美元，增幅達 22%；同時，我們也有效地管理了存款貝塔係數，迄今為止，該係數處於 70% 的周期水平，這已考慮了 9 月下旬的降息。

This impact is also observed with the structural reduction in the ratio of average Mortgage Finance deposits-to-average mortgage financial loans, which remained at 90% this quarter, down significantly from 116% in Q3 of last year. The result of which continues to positively affect margin, while also improving liquidity value. We expect this ratio to decline to roughly 85% during the fourth quarter, as loan volumes come off their seasonal peak and deposit balances predictably declined with the remittance of property tax and insurance payments.

這一影響也體現在平均抵押貸款存款與平均抵押貸款貸款比率的結構性下降上，本季該比率維持在 90%，較去年第三季的 116% 大幅下降。其結果持續對利潤率產生正面影響，同時也提高了流動性價值。我們預計，隨著貸款量從季節性高峰迴落，存款餘額隨著房產稅和保險費的繳納而按預期下降，第四季度這一比例將下降至約 85%。

Our modeled earnings at risk were relatively flat quarter over quarter, with current and prospective balance sheet positioning continuing to reflect a business model that is intentionally more resilient to changes in market rates. This is most readily depicted by our 13% increase in year-to-date net interest income, 12% increase in year-to-date adjusted total revenue, and 31 basis points increase in quarterly net interest margin, despite short-term rates being approximately 100 basis points lower over the first nine months of this year.

我們模擬的風險收益環比基本持平，當前和未來的資產負債表狀況繼續反映出一種有意增強對市場利率變化的適應能力的商業模式。這一點最能體現在我們年初至今的淨利息收入增長了 13%，年初至今的調整後總收入增長了 12%，季度淨息差增長了 31 個基點，儘管今年前九個月的短期利率下降了約 100 個基點。

We continue to effectively manage duration against this backdrop, as previously executed swaps that have matured over the last few quarters were only partially replaced with both additional securities and new forward-starting receive fixed swaps.

在此背景下，我們繼續有效地管理久期，因為過去幾季到期的先前執行的互換僅部分被額外的證券和新的遠期固定收益互換所取代。

During the third quarter, approximately $1.5 billion in swaps matured at roughly 2.95% receive rate, while another [250] matured on October 1 at 3.25%. Based on purchases made earlier in the year through early October, a series of received fixed SOFR swaps have recently or will become active. $200 million became active on August 1 at a blended receive rate of 3.94%; $100 million became effective September 1 at a rate of 3.76%; $200 million became effective October 1 at a blended rate of 3.58%; $100 million becomes effective on November 1 at 3.55%; and another $100 million becomes effective December 1 at a receive rate of 3.32%.

第三季度，約有 15 億美元的互換合約到期，收益率約為 2.95%；另有 250 份互換合約於 10 月 1 日到期，收益率為 3.25%。根據今年稍早至10月初的購買情況，一系列已收到的固定SOFR互換合約近期已生效或即將生效。其中，2億美元於8月1日生效，綜合利率為3.94%；1億美元於9月1日生效，利率為3.76%；2億美元於10月1日生效，綜合利率為3.58%；1億美元於11月1日生效，利率為3.55%；1億美元於12月12%生效。

We do still anticipate future interest rate derivative or securities actions over the remainder of the year, as we look to augment potential rates fall earnings generation at materially better terms than available during our deliberate pause through the mid-part of last year.

我們仍然預計在今年剩餘時間內會採取利率衍生品或證券行動，因為我們希望以比去年年中我們刻意暫停期間更好的條件來增加潛在的利率下降帶來的收益。

Net interest margin expanded 12 basis points this quarter to 3.47%, supported by increased loan yields, growth in loans, and previously noted improvements in deposit pricing.

本季淨利差擴大 12 個基點至 3.47%，這得益於貸款收益率上升、貸款成長以及先前提到的存款定價改善。

The total allowance for credit loss, including off-balance sheet reserves of $333 million, remains near our all-time high, which, when excluding the impact of Mortgage Finance allowance and related loan balances, was flat linked quarter at 1.79% of total LHI and the top decile among the peer group.

包括 3.33 億美元的表外準備金在內的信貸損失準備金總額仍接近歷史最高水平，若不計入抵押貸款融資準備金及相關貸款餘額的影響，則與上季度持平，佔總貸款損失準備金的 1.79%，在同業群體中處於前 10%。

Ending-period reserves as a multiple of non-accrual loans increased to 3.5 times, benefiting from steady allowance levels and a $17.5 million reduction in previously identified problem credits. Positive grade migration trends continued across the portfolio, with total criticized loans down $108 million or 17% linked quarter and $368 million or 41% year over year. Criticized loans-to-total LHI finished the quarter at 2.19%, the lowest level since 2022, with [watchlist] loans also declining to multiyear lows.

期末準備金（以非應計貸款的倍數表示）增至 3.5 倍，這得益於穩定的撥備水平以及先前確定的問題信貸減少了 1750 萬美元。整個投資組合的評級上升趨勢持續，受批評貸款總額環比下降 1.08 億美元，降幅 17%；年減 3.68 億美元，降幅 41%。備受詬病的貸款佔總貸款收入比（LHI）在本季度末降至 2.19%，為 2022 年以來的最低水平，而 [觀察名單] 貸款也降至多年來的最低水平。

Despite continued notable portfolio improvements, we remain focused on proactively assessing the credit impact of a wide range of macroeconomic and portfolio-specific scenarios. Intended is the regular assessment of loans to non-depository financial institutions, which 80% are loans-to-mortgage credit intermediaries within our well-described and long-held Mortgage Finance business. This is, in part, characterized by short dwell times, robust monitoring, and direct collateral access.

儘管投資組合持續取得顯著改善，但我們仍專注於積極評估各種宏觀經濟和投資組合特定情境對信用的影響。旨在對非存款金融機構的貸款進行定期評估，其中 80% 是我們在已明確描述且長期持有的抵押貸款融資業務中的抵押貸款信貸中介機構。這在某種程度上體現了停留時間短、監控力度大以及可直接取得抵押品等特點。

The remaining portion, which equates to 8% of our total September 30 loan balances, is comprised of high-quality asset managers or finance companies covered within our designated industry verticals with which we often have direct operating relationships supported by multiple product touchpoints, heavily structured credit agreements, and utilization of in-house field examiners when applicable. As of September 30, 99.7% of these credits were rated in our past category, with only $23 million in special mention.

剩餘部分相當於我們 9 月 30 日貸款餘額總額的 8%，由我們指定行業垂直領域內的高品質資產管理公司或金融公司組成，我們通常與這些公司建立直接的營運關係，並透過多個產品接觸點、結構嚴謹的信貸協議以及在適用情況下利用內部現場審查員來提供支援。截至 9 月 30 日，這些信貸中有 99.7% 被評為我們過去的類別，只有 2,300 萬美元獲得特別提及。

Consistent with prior quarters, capital levels remain at or near the top of the industry. Total regulatory capital remains exceptionally strong, relative to both the peer group and our internally assessed risk profile. CET1 finished the quarter at 12.4%, a 69 basis points increase from prior quarter with strong capital generation, again, augmented by a reduction in risk weightings associated with enhanced credit structures in the Mortgage Finance portfolio.

與前幾季一致，資本水準仍處於或接近行業最高水準。與同業群體和我們內部評估的風險狀況相比，監管資本總額依然非常強勁。CET1 本季末達到 12.4%，比上一季成長 69 個基點，這得益於強勁的資本生成，同時，抵押貸款融資組合中增強的信貸結構降低了相關的風險權重。

By quarter end, approximately 54% of the Mortgage Finance loan portfolio had migrated to the enhanced credit structures, bringing the blended risk weighting to 62%. Our continued client dialogues suggest another 10% to 15% of funded mortgage loan balances could migrate into the structure over the next two quarters, further improving both our credit positioning and return on allocated capital.

到季末，抵押貸款融資貸款組合中約有 54% 已轉移到增強型信貸結構，使綜合風險權重達到 62%。我們與客戶的持續對話表明，未來兩個季度，另有 10% 至 15% 的已發放抵押貸款餘額可能會轉移到該結構中，從而進一步改善我們的信貸狀況和分配資本的回報率。

Turning to our full-year 2025 outlook, we're reaffirming our revenue guidance of low-double-digit percent growth, reflecting confidence in the durability of our diversified earnings platform and ability to drive consistent client engagement across a range of market conditions.

展望 2025 年全年業績，我們重申先前對營收成長的預期，即實現兩位數百分比的成長，這反映了我們對多元化獲利平台的持久性以及在各種市場條件下持續提升客戶參與度的能力的信心。

Importantly, our guidance is unchanged, despite now including 225 basis points rate cuts over the remainder of the year, one in October and one in December, with the forward curve assuming an (inaudible) rate of 3.75% at year end.

重要的是，儘管今年剩餘時間將降息 225 個基點（10 月一次，12 月一次），但我們的指導意見保持不變，遠期曲線假設年底利率為 3.75%（聽不清楚）。

Given continued success effectively matching our expense base with stated firm-wide priorities, we are decreasing our non-interest expense outlook to mid-single-digit percent growth from mid- to high-single percent growth previously communicated. This reduction is driven by sustained realization of structural efficiencies, partially offset by continued platform build-out, including modest growth in non-sales and benefit-related expense associated with putting new capabilities into the market.

鑑於我們持續成功地將支出基礎與公司既定的優先事項相匹配，我們將非利息支出預期成長率從先前公佈的個位數中高成長率下調至個位數中成長率。這項減少主要得益於結構效率的持續提高，但部分被持續的平台建設所抵消，其中包括與將新功能推向市場相關的非銷售和收益相關支出的小幅增長。

The full-year provision outlook remains 30 basis points to 35 basis points of loans held for investment, excluding Mortgage Finance, which should enable the preservation of industry-leading coverage ratios, while effectively supporting our clients' growth needs.

全年撥備預期仍為投資性貸款（不包括抵押貸款）30 至 35 個基點，這將有助於保持行業領先的覆蓋率，同時有效支持客戶的成長需求。

Taken together, this outlook suggests continued earnings momentum, on the back of what clearly a historic quarter for our firm.

綜上所述，這一前景表明，在公司經歷了歷史性的季度之後，獲利勢頭將持續強勁。

Operator, we'd now like to open up the call for questions. Thank you.

接線員，現在我們開始接受提問。謝謝。

(Operator Instructions)

（操作說明）

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Just want to start with: If I could pick anything apart in this quarter, it seems like maybe the loan growth (technical difficulty) the period end was a little bit lower on (technical difficulty) than the average. Just wondering if there's paydowns because it does look like the -- you guys had pretty nice growth in commitments. I think they were 11% or so QoQ.

首先我想說的是：如果要挑剔本季的任何問題，似乎期末貸款成長（技術難度）可能略低於平均值（技術難度）。我只是想知道是否有償還計劃，因為看起來——你們的承諾金額增長得相當不錯。我認為他們環比增長了大約 11%。

I know you guys (technical difficulty) loan growth, per se, (technical difficulty) fourth quarter (technical difficulty) the puts-and-takes and any forward outlook you might have.

我知道你們（技術難題）貸款成長本身，（技術難題）第四季（技術難題）買賣交易以及你們可能有的任何前瞻性展望。

Yeah. You bet, Michael. You broke up a little bit so if you have a follow-on, feel free to go and ask.

是的。當然，邁克爾。你們之間好像有點隔了一段時間，所以如果你有後續問題，隨時可以去問。

I think at this point, our track record suggests we are uniquely differentiated in our ability to effectively access the right type of capital for our clients. Our focus is squarely on providing the right solution for them, not on where it ultimately shows up in our financials.

我認為，就目前而言，我們的業績記錄表明，我們在為客戶有效獲取合適類型的資金方面具有獨特的優勢。我們始終專注於為他們提供合適的解決方案，而不是最終在我們的財務報表中反映出來。

With that that backdrop, we were highly active this quarter in terms of capital distribution, with really strong client acquisition trends across the entirety of the platform.

在這種背景下，本季我們在資本分配方面非常活躍，整個平台的客戶獲取趨勢都非常強勁。

As you noted, for those clients that are best served in the bank markets, we continue to be an industry leader. C&I commitments this quarter increased by $576 million or 11% annualized, up 12.6%, $2.4 billion year over year.

正如您所指出的，對於那些在銀行市場獲得最佳服務的客戶而言，我們仍然是行業領導者。本季工商業承諾增加 5.76 億美元，年化成長率為 11%，年成長 12.6%，達到 24 億美元。

According to middle-market league tables, in Q3, we arranged access to more syndicated bank debt than anyone in the country, other than J.P. Morgan. So we noted in the prepared remarks that full-year client growth continues to be broad-based across corporate, middle market, and business banking in the last, particularly in the last four years, trying to assure we have a platform and solution set that's tailored for each stage of our clients' life cycle.

根據中階市場排行榜，在第三季度，我們獲得的銀團貸款比摩根大通以外的任何一家公司都多。因此，我們在準備好的演講稿中指出，在過去的四年裡，尤其是在過去四年裡，公司、中端市場和商業銀行的全年客戶成長持續廣泛，我們努力確保我們擁有一個平台和一套解決方案，能夠滿足客戶生命週期的每個階段的需求。

For clients whose capital needs are best met outside of the bank markets, we delivered a highly successful debt capital markets transactions and high-yield term loan B and private credit this quarter. with, importantly, an increased volume of repeat clients, which supports a more granular; repeatable; and, we certainly think, higher-quality fee base.

對於那些資金需求較適合在銀行市場之外滿足的客戶，本季我們成功完成了多項債務資本市場交易、高收益B類定期貸款和私募信貸業務。更重要的是，回頭客數量顯著增加，這有助於我們建立更精細、可複製且我們認為更高品質的收費系統。

And then, finally, after clearing the first trade on the last day of the last quarter, Equity Capital Markets business participated in a series of IPOs this quarter, which provides yet another capability for clients looking to access capital.

最後，在上一季最後一天完成第一筆交易後，股票資本市場業務在本季度參與了一系列 IPO，這為尋求獲得資金的客戶提供了另一種能力。

So as we think about our ability to support clients when you combine record-high capital levels for the firm, which, in most cases, is industry-leading; and then, improved capabilities across the firm, that should drive really strong revenue growth in terms of -- related with finding capital for our clients, whether our balance sheet is the best spot forward or not.

因此，當我們思考如何更好地支持客戶時，結合公司創紀錄的資本水平（在大多數情況下，這在業內處於領先地位）以及公司整體能力的提升，無論我們的資產負債表是否處於最佳狀態，這都應該能夠推動公司在為客戶尋找資金方面實現強勁的收入增長。

I really appreciate the color. That's really helpful, Matt.

我非常喜歡這個顏色。這真的很有幫助，馬特。

Just as my follow-up, just as you think about Investment Banking and trading line item, obviously, really good results. I know you guys have talked about $50 million a quarter run rate at some point. Can you just update maybe some expectations there?

正如我的後續報道，就像你想到投資銀行和交易項目一樣，顯然，結果非常好。我知道你們之前討論過每季5000萬美元的營收目標。您能否更新一下這方面的預期？

And then, would you expect any near-term headwinds maybe from the government shutdown, as (technical difficulty) or things like that?

那麼，您是否預期政府停擺、技術困難或其他類似情況會在短期內帶來任何不利影響？

Yeah. I'll talk about the outlook, Michael; and then, [Robbie] would talk about the Investment Banking business, in general.

是的。邁克爾，我將談談前景；然後，羅比將談談投資銀行業務的整體情況。

Obviously, the Q3 fees were on the high end of the guide, which is (inaudible) the fourth consecutive quarter for us in [TS] reporting a year-over-year growth in excess of 20%.

顯然，第三季的費用處於指導方針的高端，這（聽不清楚）是我們[TS]連續第四個季度報告同比增長超過20%。

We did have a record Investment Banking quarter that, despite some meaningfully sized transactions, was really characterized by the volume of client interactions; the breadth of the capabilities that they chose to utilized; and then, as I mentioned, the increased granularity and repeatability of those fees.

我們確實迎來了一個創紀錄的投資銀行季度，儘管有一些規模可觀的交易，但其真正的特點是客戶互動量大；他們選擇利用的能力範圍廣；然後，正如我提到的，這些費用的精細化和可重複性也提高了。

We're nearing full-year fee income guide to $230 million to $235 million, with expectations for fourth-quarter non-interest income of $60 million to $65 million, on the back of $35 million to $40 million, again, in the Investment Banking business.

我們預計全年手續費收入將達到 2.3 億美元至 2.35 億美元，預計第四季非利息收入為 6,000 萬美元至 6,500 萬美元，其中投資銀行業務的收入預計為 3,500 萬美元至 4,000 萬美元。

I don't really have anything to add, Matt, other than it is a much healthier earnings in the Investment Bank.

馬特，我沒什麼要補充的了，除了投資銀行的收益要健康得多。

As Matt mentioned, it's much broader, in terms of product and clients; it's much more granular; and it's much more repeatable. Now, the whole platform is working in unison: debt, equity, M&A, sales, trading, rates, FX -- all of it. Most clients use more than one of those products at a time.

正如 Matt 所提到的，它在產品和客戶方面範圍更廣；它更加細緻；而且它更易於重複。現在，整個平台都在協同運作：債務、股權、併購、銷售、交易、利率、外匯——所有的一切。大多數客戶同時使用不只一種產品。

So we're really, really encouraged about the business; really happy with the team we have on the platform. I think they've proved it to be a highly valuable, client-accretive practice.

所以我們對這項業務真的非常有信心；對我們平台上的團隊非常滿意。我認為他們已經證明這是一種非常有價值、能帶來更多客戶的做法。

I don't know of a de novo investment bank that's grown as fast as we have become profitable, as quickly as we did, across the entirety of the platform: from sales and trading, doing close to $300 billion of notional trades, to date. They have crossed it today. As a matter of fact, we'll see.

我不知道有哪家新成立的投資銀行能像我們一樣發展如此迅速，盈利速度如此之快，而且是在整個平台上：從銷售和交易，到迄今為止完成近 3000 億美元的名義交易。他們今天已經過河了。事實上，我們拭目以待。

So we're really excited about the quality of earnings.

所以我們對獲利品質感到非常興奮。

Woody Lay, KBW.

伍迪萊，KBW。

I wanted to start on NII. I appreciate the comment about how despite a 125 basis points reduction in short-term rates, you were able to increase NII 13%, year to date. In light of the September cut and the expected additional cuts from here, how do you think about your ability to continue to grow NII with that backdrop?

我想開始學習NII。我很欣賞您關於儘管短期利率下降了 125 個基點，但您今年迄今仍能實現淨利息收入增長 13% 的評論。鑑於 9 月的減薪以及預計未來還會進一步減薪，您認為在這種背景下，貴公司能否繼續實現淨利息收入的成長？

Yeah. The other stats that we quoted related to that year-to-date performance would be our revenue (technical difficulty) and PPNR up 12% and 35%, respectively, with a 100 basis points reduction in short-term rates. So I think, for us, that experience suggests it's really less about the absolute level of rates and it's more about the timing.

是的。我們引用的其他與年初至今業績相關的統計數據包括：收入（技術困難）和淨利潤率分別增長了 12% 和 35%，短期利率下降了 100 個基點。所以我覺得，對我們來說，那次經驗表明，真正重要的不是利率的絕對水平，而是時機。

As you know, it does take us a quarter or two for the balance sheet to fully reprice after a series of cuts, with implied force, and, therefore, our guidance, suggesting that's going to hurt again in October and December.

如您所知，在一系列削減措施之後，資產負債表需要一到兩個季度的時間才能完全重新定價，這其中蘊含著一定的壓力，因此，我們的業績指引表明，10 月和 12 月的業績將再次受到影響。

Against that backdrop, we think about 4Q net interest income is $255 million to $260 million, with net interest margin around 3.3%. As you know, our variable loan portfolio will absorb those changes in rates before we can effectively reprice deposits.

在此背景下，我們認為第四季淨利息收入為 2.55 億美元至 2.6 億美元，淨利差約為 3.3%。如您所知，在能夠有效重新定價存款之前，我們的浮動利率貸款組合會吸收這些利率變動。

We continue to really pleased with the ability to increasingly compete in deposit space based on the value that we had and not just price. So we noted in the prepared remarks that cycle-to-date beta of 70% included those September cuts, which, after repricing the deposit base over the last few weeks, should get current levels back to about that 80% interest-bearing deposit beta that we experienced through Q2.

我們非常高興能夠憑藉自身的價值（而不僅僅是價格）在存款領域不斷增強競爭力。因此，我們在準備好的發言稿中指出，迄今為止的周期β值為70%，其中包括9月份的降息，在過去幾週對存款基礎進行重新定價後，目前的水平應該會回到我們在第二季度經歷的約80%的計息存款β值。

Also, consistent with previous quarters, the guide contemplates only 60% interest-bearing deposit beta across the next two cuts, which reflects, at least, our expectation for increased liquidity costs, as folks look to more aggressively extend credit; and then sustained, composition of average commercial non-interest bearing at about 13% of total deposits.

此外，與前幾季一致，該指南預計未來兩次降息期間，計息存款的β值僅為60%，這至少反映了我們對流動性成本上升的預期，因為人們會更積極地擴大信貸規模；然後，平均商業非計息存款的組成將維持在總存款的13%左右。

I would just add that we were before, highly commoditized as a bank. Now, people bank with us for a lot more reasons than price of liabilities or capital, which allows us to demand more. I think it's a direct reflection of the quality of product, service, and advice that we deliver to our clients.

我還要補充一點，以前我們作為一家銀行，業務高度同質化。現在，人們選擇在我們銀行開戶的原因遠不止負債或資本的價格，這使我們能夠要求更高的價格。我認為這直接反映了我們為客戶提供的產品、服務和建議的品質。

Got it. That's helpful color.

知道了。這是個很有幫助的顏色。

Next, I wanted to move to credit. Dating back to 2021, it's been a remarkable transformation. It's easy for us to see, from an earnings standpoint, a capital standpoint because we can see the numbers. But I know that there's been a credit transformation, as well. It seems like some time-to-market unfairly punishes you, based on some of the legacy that predate your leadership.

接下來，我想轉到信貸方面。自 2021 年以來，這已經是一場顯著的變革。從獲利和資本的角度來看，我們很容易看出問題所在，因為我們可以看到具體的數字。但我知道信貸體係也發生了轉變。似乎有些產品上市時間對你不公平，這主要是因為你上任之前的一些歷史遺留問題所造成的。

I'd love to just hear about the credit transformation dating back to 2021.

我很想了解一下2021年以來的信貸轉型狀況。

(technical difficulty), I'll take it and you take the specifics.

（技術難題），我來處理，你負責具體細節。

Look, I think, this quarter, criticized loans down $38 million or 41% that Matt discussed is on par with strategy, right? We're really, really aggressive when it comes to client solutioning and we're very, very conservative as it relates to risk.

我認為，本季度，Matt 提到的貸款減少了 3,800 萬美元，降幅達 41%，這與策略相符，對吧？我們在為客戶制定解決方案時非常積極進取，但在風險方面卻非常保守。

Whether it's credit risk, operating risk, market risk -- whatever risk you want to contemplate, we think client selection is the number 1 mitigant. I think that client selection, if you're making the right clients, do the right things, even when there's a problem. Most of the time, more of than not, versus adverse client selection, you're not having those problems.

無論是信用風險、營運風險、市場風險—無論您想考慮何種風險，我們都認為客戶選擇是最重要的緩解措施。我認為，選擇客戶，如果你找對了客戶，即使遇到問題，也要做正確的事。大多數情況下，與不利的客戶選擇相比，你不會遇到這些問題。

I think that really manifests itself here recently, with a lot of banks being caught without collateral or without the proper underwriting and diligence by their teams. As you know, that did not happen here. So I'm really pleased with the intensity of the risk platform, how they proactively manage the loan book, but also our bankers.

我認為這種情況最近在這裡表現得特別明顯，許多銀行被發現沒有抵押品，或者其團隊沒有進行適當的承銷和盡職調查。如你所知，這種情況並沒有在這裡發生。所以我對風險平台的強度、他們積極主動地管理貸款組合的方式以及我們銀行家的表現都非常滿意。

Our bankers are very focused on client selection as it relates to risk, just as much as they are on treasury or other parts of the platform. So I think it's foundational to what we've built and goes along with being well capitalized.

我們的銀行家非常注重客戶選擇，尤其是在風險方面，就像他們專注於資金管理或平台的其他部分一樣。所以我認為這是我們所建立的一切的基礎，也與充足的資金密切相關。

The only thing I would add to that, Woody, is that the metrics that (inaudible) portfolio [health] in coverage today are certainly as strong as they've been since we started the transformation but, in a lot of cases, as strong as they've been in over a decade.

伍迪，我唯一要補充的是，目前（聽不清楚）投資組合（健康）覆蓋範圍的指標當然和我們開始轉型以來一樣強勁，但在很多情況下，也是十多年來最強勁的。

Rob generally demands constant monitoring and multiple portfolio or scenario-specific stresses every quarter. We, today, really see no systemic or industry-specific themes in the credit book. Most of what's remaining in criticized is idiosyncratic in nature.

Rob 通常要求每季進行持續監控和多次針對特定投資組合或場景的壓力測試。如今，我們在信貸帳簿中確實看不到任何系統性或行業特定的主題。其餘受到批評的大部分內容都具有特殊性。

Matt Olney, Stephens.

馬特·奧爾尼，史蒂芬斯。

First off, great to see all the green check marks on slide 4. Great execution.

首先，很高興看到第 4 張投影片上的所有項目都打上了綠色對勾。執行得非常出色。

As far as capital, I think the presentation knows that the risk-weighted assets at the bank, now in the top quintile of the peer group; and that TC ratio in the top quartile -- I think, from our side, we're trying to weigh if this capital could be a deployment opportunity in the next few years for you? Or do you feel like having this excess capital gives you a competitive advantage as you add new customers, which could suggest you want to continue to maintain these capital ratios close to current levels?

就資本而言，我認為報告中提到，該銀行的風險加權資產目前處於同業前20%；總成本率也處於前25%——我認為，就我們而言，我們正在努力權衡這筆資本在未來幾年內是否可能成為貴行的投資機會？或者，您是否認為擁有這些多餘的資金能讓您在拓展新客戶時獲得競爭優勢，這可能意味著您希望繼續將這些資本比率維持在接近當前水準的水平？

Thanks, Matt. I appreciate the question.

謝謝你，馬特。感謝您的提問。

I think it's more than fair. If I repeat myself from previous calls, forgive me, but as you know, we have a very disciplined capital menu that we follow literally every day.

我覺得這非常公平。如果我重複了之前電話裡說過的話，請原諒，但正如您所知，我們有一套非常嚴格的資金管理方案，我們每天都嚴格執行。

The first is (inaudible) organic growth with new clients. There's an abundance of demand in the new organic growth with new and deepening clients; then, the vendors investing in the platform, products, and services.

首先是（聽不清楚）透過新客戶實現的自然成長。隨著新客戶的湧入和現有客戶的深入發展，新的有機成長帶來了大量的需求；此外，供應商也在投資平台、產品和服務。

I would argue we built the most broad, relevant product platform in banking in the last 10 years; with all of our capabilities, done a pretty good job with that, getting a return.

我認為，在過去的 10 年裡，我們建立了銀行業最廣泛、最相關的產品平台；憑藉我們所有的能力，我們在這方面做得相當不錯，並獲得了回報。

Then, you move on to -- not in the conventional capital menu but I look at bond repositioning and loan portfolio acquisition that we did in the third quarter of last year. And then, we move to distribution policy. We're not going to do a dividend but we bought back 12% of the company at an average price of $59 per share below book value -- all below book value.

然後，我們繼續下去——雖然不在傳統的資本菜單中，但我會關注我們在去年第三季進行的債券重新定位和貸款組合收購。接下來，我們討論分銷政策。我們不會派發股息，但我們以低於帳面價值的平均每股 59 美元的價格回購了公司 12% 的股份——全部低於帳面價值。

And then, you get to M&A, which is, we sold a company for $3.5 billion, which really was the foundational component that made this turnaround possible. By the way, we did that before other banks tried and failed.

然後，就到了併購環節，我們以 35 億美元的價格出售了一家公司，這確實是實現公司扭虧為盈的基礎性因素。順便說一句，我們這樣做的時候，其他銀行都沒嘗試過，而且都失敗了。

So I think we've proved to be really good stewards of capital, including the expense capital. We took out $270 million of NIE and put that back plus more in rebuilding the platform that's achieving these returns.

所以我認為我們已經證明自己是優秀的資本管理者，包括費用資本。我們從NIE公司取出了2.7億美元，並將這筆錢以及更多資金投入重建平台的工作中，正是這個平台實現了這些回報。

So the last thing on that capital menu would be (inaudible) bank M&A. Until you get to profitability, that was [red] on the menu. We look at it. We study it. We focus on it. We're ready for it. But it was red on the capital menu. Now, maybe it's yellow because we have the earnings but we need the currency.

所以，資本菜單上的最後一項就是（聽不清楚）銀行併購。在實現盈利之前，那可是菜單上的[紅色]項目。我們來看看。我們研究它。我們重點關注這一點。我們已經準備好了。但在首都的菜單上，它是紅色的。現在，也許它是黃色的，因為我們有收入，但我們需要貨幣。

We're super focused on tangible book value per share. That's paramount to us. That's gone up 40% since the beginning of the transformation. I think the average bank is 30% or 31%.

我們非常重視每股有形帳面價值。這對我們來說至關重要。自轉型開始以來，這一數字已經成長了 40%。我認為銀行的平均利率是 30% 或 31%。

So while doing a transformation, we outperformed. I would just hope that we get the benefit of the doubt that we can outperform, going forward; and we'll be good stewards and be highly sensitive to red, yellow in book value.

所以在進行轉型的過程中，我們表現得很好。我只希望我們能得到信任，相信我們未來能夠取得優異的成績；我們會盡職盡責，對帳面價值的波動保持高度敏感。

(multiple speakers)

（多位發言者）

But Matt, let me add one quick thing because you mentioned it. It is absolutely a benefit go-to-market with clients. You cannot deny it. I have the CEO of one of the fastest-growing companies of a specific industry here today at lunch with me and we talked about that.

但馬特，既然你提到了，我就補充一點。這絕對是面向客戶的有利的市場推廣方式。你無法否認這一點。今天我請到了一家特定行業發展最快的公司的執行長來和我共進午餐，我們談到了這件事。

We were on the cover of their debt deal. They do treasury with us. They do their corporate card with us. We talked about how well capitalized we were and how comfortable they were with us because of that.

我們登上了他們債務協議的封面。他們和我們一起管理財務。他們透過我們辦理公司信用卡。我們談到了我們雄厚的資金實力，以及正因如此，他們才對我們感到放心。

So it is undoubtedly a competitive position in the market.

因此，這無疑是一種具有市場競爭力的地位。

Okay. Got it.

好的。知道了。

And then, just following up on that, some of your commentary, Rob, on the M&A front. As you think about what you're building and then, what you prefer to build organically versus acquire, are there certain businesses that lend itself more towards M&A? For example, Depository versus Investment Banking or Wealth Management. What would the M&A focus be, if and when that comes to pass?

然後，羅布，我想就你剛才說的併購方面發表一些評論。當你思考你要打造什麼，以及你更傾向於有機成長還是收購時，是否存在某些業務更適合併購？例如，存款業務與投資銀行或財富管理業務。如果併購成為現實，重點會是什麼？

I think that I think you should assume that we look at everything out of discipline, fintech; depository -- well, you name it. We also recognize that our best return would be realizing the revenue and cost synergies of the transformation.

我認為你應該假設我們從學科角度看待一切，金融科技；存款機構——等等等等。我們也體認到，實現轉型帶來的收入和成本綜效才是我們獲得最佳回報的方式。

We have so many costs that we don't have to add to to realize revenues and earnings and return already embedded in the platform.

我們已經有很多成本，無需增加這些成本就能實現收入、利潤和回報，這些成本已經深深植根於平台之中。

Matt just talked about our new Equities business. We don't have a return on that yet. Our new corporate cards, 16th largest transaction volume card in the country, we don't have a return on that yet. But they are also -- they're doing so well. We fully expect to get a super return in the near term.

Matt剛才談到了我們新的股票業務。我們目前還沒有這方面的效益。我們新推出的公司信用卡，是全國交易量排名第 16 的信用卡，但我們目前還沒有看到任何回報。但他們也做得非常好。我們完全有信心在短期內獲得豐厚的回報。

So we have a lot of revenue and expense synergies that we can realize without doing M&A.

因此，我們無需進行併購即可實現許多收入和支出方面的協同效應。

Brett Rabatin, Hovde Group. .

Brett Rabatin，Hovde集團。。

I wanted to ask about the expense guide. You obviously trended a little bit for the full year and, obviously, for 4Q, relative to maybe prior expectations. But it does suggest mid-single digit. It does suggest a little growth in the fourth quarter.

我想諮詢一下費用指南。顯然，你全年的業績略有好轉，而且第四季的業績也明顯低於先前的預期。但這確實顯示數字在個位數中間。這確實表明第四季度略有增長。

Can you maybe talk about the fourth quarter, in terms of expenses? And then, just as you guys think about it, the build -- I know you're really efficient at this point but the build that might happen in '26 with additional initiatives?

您能否談談第四季的支出狀況？然後，正如你們所想，建設——我知道你們現在效率很高，但是隨著2026年其他舉措的實施，建設可能會發生什麼變化呢？

Let me take that, Brett.

布雷特，讓我來接。

We do expect non-interest expense of about $195 million in the fourth quarter, as salaries and benefits move into the low [120s]; and then, other non-interest expense drifts above $70 million due to higher occupancy, marketing costs, and primary legal and professional that's associated with putting new capabilities into market. That puts you at about $778 million for the full year, which is right on top of the now-revised lower-expense guide of mid-single digit.

我們預計第四季度非利息支出約為 1.95 億美元，因為工資和福利支出將達到 12 億美元左右；此外，由於入住率上升、營銷成本增加以及與將新功能推向市場相關的主要法律和專業費用，其他非利息支出將超過 7000 萬美元。這樣算下來，全年支出約 7.78 億美元，正好高於目前修訂後的中個位數低支出預期。

It's probably too early to talk about expectations for 2026. But to Rob's commentary, we do think we have a track record of effectively positioning the expense base against the most productive sources directly aligned with the strategic objectives so that the thing you should expect to continue.

現在談論2026年的預期可能還為時過早。但正如羅布所評論的，我們確實認為我們在有效地將支出基礎與最高效的來源直接聯繫起來，以實現戰略目標方面，已經取得了良好的記錄，因此您應該期待這種情況會繼續下去。

Okay. That's helpful.

好的。那很有幫助。

And then, the other question I had was, just given the solid improvement in criticized assets, I thought it was interesting, Rob -- you sounded, like, during your prepared comments that maybe you're a little more cautious or conservative, relative to the macro environment expectations.

然後，我的另一個問題是，鑑於受批評資產的穩健改善，我覺得很有意思，羅布——你在事先準備好的評論中聽起來好像，相對於宏觀環境預期，你可能更加謹慎或保守一些。

Any color on that and what that might mean and how you're thinking about the go-forward?

關於這一點，您有什麼具體說明嗎？這可能意味著什麼？您對未來的發展有何考慮？

No, I think that that's -- if you ask anybody that works here or knows me, I am highly paranoid. And so we are always looking at downside scenarios, doing tabletop exercises, trying to understand -- Ilike, as you know, we've talked about before, we're doing table tops on tariffs six months before Trump was elected because he was talking about it during his campaign. We didn't even know if he'd be elected.

不，我覺得那是──如果你問任何一個在這裡工作或認識我的人，他們都會告訴你我疑心很重。因此，我們一直在研究不利情況，進行桌面演練，試圖了解——正如你所知，我們之前討論過，我們在川普當選前六個月就開始進行關稅方面的桌面演練，因為他在競選期間就談到了這個問題。我們甚至不知道他是否會當選。

So we try to look around corners best we can. We don't always get it right. We're not perfect. But that's why we focus so much on it. So it's nothing more than a conservative posture and stance that is how we run the business.

所以我們盡量留意轉角處的情況。我們並非總能做對。我們並不完美。但正因如此，我們才如此重視它。所以，這只不過是一種保守的姿態和立場，這就是我們經營業務的方式。

Ben Gerlinger, Citi.

本‧格林格，花旗銀行。

With respect to the Mortgage Finance, I know, quarter to quarter, it can have volatilities with the [home-selling] season and equity levels and all that but, over the last couple of years, you guys have made tremendous strides on both sides of that silo, you could say, of the business.

關於抵押貸款融資，我知道，每個季度都會受到房屋銷售季節和淨值水平等因素的影響而出現波動，但是，在過去的幾年裡，你們在這個業務的各個方面都取得了巨大的進步。

When you think about just the yield -- we think full year so you can encapsulate peak to trough -- what would be an appropriate yield or what you guys might think for next year?

如果只考慮收益率——我們指的是全年收益率，這樣才能涵蓋從峰值到谷值的情況——那麼，明年合適的收益率是多少？或者你們覺得明年的收益率應該是多少？

Yeah. Too early, Ben, on next-year guide. I think we're safe from the fourth quarter, which is what we're giving guidance today to think about Mortgage Finance at about 3.8%. That's with an 87% self-funding ratio and two Fed cuts.

是的。本，現在談明年的指​​南還為時過早。我認為第四季應該沒問題，我們今天給出的預期是，抵押貸款融資成長率約為 3.8%。這是在87%的自籌資金率和聯準會兩次降息的情況下取得的成績。

Right. No. I got you. That's fair.

正確的。不。我接到你了。這很合理。

It seems like you guys are obviously going to oscillate but I would assume, probably, four-plus [full year].

看起來你們的狀況顯然會波動，但我估計，大概會持續四年以上。

As you know, Ben -- we alluded to it in the discussion on NII and margin -- it takes a couple of months for the reduction in deposit cost to flow through to yield. So if you think about the third-quarter yield of 4.32% down to a $3.80 in a seasonally slow quarter, that's about as punitive an impact to the Mortgage Finance yield as you could see.

如你所知，本——我們在討論淨利息收入和保證金時也提到過——存款成本的降低需要幾個月的時間才能反映到收益率上。因此，如果你考慮到第三季收益率從 4.32% 下降到 3.80 美元（這是一個季節性淡季），那麼這對抵押貸款融資收益率的影響可以說是非常嚴重的了。

We're still talking about an aggregate NIM of [20, 30] and NII of [255 to 260], which gets back to some of the earlier commentary on the improved defensibility of the revenue profile, despite what's happening with short-term interest rates.

我們仍在討論綜合淨利差為 [20, 30] 和淨利息收入為 [255 至 260]，這又回到了先前關於收入狀況的辯護能力有所提高的一些評論，儘管短期利率發生了變化。

Got you. Okay. Fair enough.

抓到你了。好的。很公平。

And then, with the core loan yield, it was up 14 bps, linked quarter. Was that -- so is something you use idiosyncratic in there? Or is it just hedging and the new production being added?

此外，核心貸款殖利率季增 14 個基點。那是——所以你在那裡使用的某些東西是特有的？還是這只是避險和新增產量？

It was primarily new production. There was about $3 million pick-up in linked-quarter fees that flowed into loan yield. But that's honestly been steadily building for the last year or so, as our transaction volumes increase.

主要是新生產的。與季度相關的費用增加了約 300 萬美元，這些費用流入了貸款收益。但說實話，這種情況在過去一年左右的時間裡一直在穩步增長，因為我們的交易量不斷增加。

Again, if we think about 50 basis points coming out between now and the end of the year, that could push that LHI yield, inclusive of Mortgage Finance, down to, call it, [6] or so.

再說，如果我們考慮從現在到年底之間有 50 個基點的利率下調，那麼包括抵押貸款融資在內的 LHI 收益率可能會下降到，比如說，[6] 左右。

And then, we totally gave (inaudible) a clear guidance on the hedge profile as we could in the prepared remarks.

然後，我們在準備好的發言稿中盡可能地對沖策略給出了明確的指導（聽不清楚）。

Yeah. I've got to read the transcript on that one. That was too much. But I appreciate all the color.

是的。我得看看那份文字記錄。那太過分了。但我很欣賞這些色彩。

Yes. We can't say it again.

是的。我們不能再說一遍了。

Janet Lee, TD Securities.

Janet Lee，TD證券。

Is there a Mortgage Finance self-funding ratio? I appreciate the table that you guys included there. It looks like that 85% self-funding ratio for the fourth quarter has to do with some seasonality factors. If I were to look into just over an intermediate term, is there a structural opportunity to reduce that further as you get more client deposits? Or is this is 85%-ish level the right level for you guys?

是否有抵押貸款融資自籌資金比例？我很感謝你們提供的表格。看來第四季 85% 的自籌資金率與一些季節性因素有關。如果我著眼於中期發展，隨著客戶存款的增加，是否有進一步降低成本的結構性機會？或者說，你們覺得85%左右的水平就合適嗎？

Great question, Janet. I'll hit that question, specifically. Then, Rob, you can please talk about the business, which is an important one for us.

問得好，珍妮特。我會專門回答這個問題。那麼，羅布，你可以談談生意上的事了，這對我們來說很重要。

That's how funding ratio peaked, at 148%, for us. The impact on this quarter's margin of the year-over-year change in self-funding ratio is 12 basis points. It's been incredibly impactful for us to effectively drive relevance with, primarily, depositors in the Commercial Bank, which has enabled us to lessen reliance on those Mortgage Finance deposits.

我們的資金充足率最高達到了 148%。自籌資金比率年變動對本季利潤率的影響為 12 個基點。有效地提高與商業銀行儲戶的相關性對我們產生了巨大的影響，這使我們能夠減少對抵押貸款存款的依賴。

So as I think we've said maybe for the past three or four calls, we're going to continue to focus a lot of resources, a lot of investment on continuing to expand the treasury and deposit law with Commercial clients. To the extent that we continue to grow that at $3 billion or 20%-plus year over- year, it will give us opportunities to lessen reliance on those Mortgage Finance deposits.

正如我們在過去三、四次電話會議中提到的那樣，我們將繼續投入大量資源和資金，繼續擴大與商業客戶的資金和存款法律業務。如果我們能夠繼續維持每年 30 億美元或 20% 以上的成長速度，這將為我們帶來減少對抵押貸款融資存款依賴的機會。

So it's absolutely a trend that we hope to continue. It both improves the margin; the data profile; as well as, importantly for us, the quality of our liquidity base, which is something that we focus a lot on, internally.

所以，這絕對是我們希望繼續保持的趨勢。它既能提高利潤率，又能改善數據概況；而且對我們來說更重要的是，還能提高流動性基礎的質量，這是我們內部非常關注的事情。

And our relevance to our clients. Quarterly treasury fees have grown 91% since the beginning of the transformation. So we're pretty good at it.

以及我們與客戶之間的關聯性。自轉型開始以來，季度財務費用增加了 91%。所以我們在這方面相當擅長。

What I would just say is the Mortgage business remains very, very important to the firm. But it's wholly different than it was when we started. So think of it as an industry vertical, not just a place to win money.

我想說的是，抵押貸款業務對公司來說仍然非常非常重要。但這和我們剛起步的時候已經完全不同了。所以，不妨把它看作是一個垂直產業，而不僅僅是一個賺錢的地方。

We're doing [whole loan] trading, [TBA], [spec pool] trading. We're doing hedging. We're doing some of our largest treasury service operating accounts with mortgage clients.

我們正在進行[整筆貸款]交易、[待定]交易、[投機性資金池]交易。我們正在進行避險。我們正在為抵押貸款客戶開展一些規模最大的財務服務營運業務。

If you look at it as a segment or sector like healthcare or [TNT] or energy, it's a very profitable, very good business. We're bringing it down to [RWA] in the business. We're increasing the margin of the business. Our diversity of revenue coming from that segment is very broad. So it's way more than just the yield in the warehouse, even though that's still a big part of the income statement.

如果把它看作一個細分領域或產業，例如醫療保健、[TNT] 或能源，它就是一個利潤豐厚、非常好的產業。我們正在將業務水準降低到 [RWA]。我們正在提高企業的利潤率。此業務板塊的收入來源非常多元化。所以，這遠遠不止是倉庫的產量，儘管產量仍然是損益表的重要組成部分。

Got it. Just on your commentary on expenses, this line around reflecting maturation of the platform, should I -- maybe I'm reading into this too much but does that mean that you have enough people and businesses in place without you needing to, like, hire a lot more talent into your company as you have in the past few years? How should I interpret that commentary?

知道了。關於您提到的費用問題，您提到這反映了平台的成熟度，我——也許是我過度解讀了——但這是否意味著您已經擁有足夠的人員和業務，而無需像過去幾年那樣為公司招聘更多的人才？我該如何解讀這段評論？

I think you should look at doing a transformation with the expense discipline we've had over the last four years; and last year, keeping NIE flat while dramatically improving the earnings base of the franchise; and no, we'll do it in a very careful way.

我認為你應該考慮利用我們過去四年來一直堅持的費用控制原則進行轉型；去年，我們在保持 NIE 不變的同時，大幅提高了特許經營的盈利基礎；而且，我們會非常謹慎地進行轉型。

But are we looking to add talent to the platform? Absolutely. Do we need to add the operating risk and controls in the accounting and the compliance and everything behind that talent? No, we don't. That's there.

但我們是否希望為該平台增添人才？絕對地。我們是否需要將營運風險和控制措施納入會計核算、合規以及人才背後的所有環節？不，我們沒有。就在那裡。

So the incremental headcount that we add now is very small on the margin versus what we were doing before. Before, we would have to add talent. We had to build a whole infrastructure behind that talent from the front to the middle to the back office. I think that's what most people will miss.

因此，與先前相比，我們現在新增的員工人數微乎其微。以前，我們需要引進人才。我們必須為這些人才建立一整套基礎設施，從前台到中台再到後台。我想這正是大多數人會懷念的。

Now, we're through that process. Now, the incremental headcount that we add to the front office -- not middle and back, we're focused on front -- we are excited about adding; and our clients are looking for us to add it. We'll do it in a very disciplined way.

現在，我們已經完成了這個過程。現在，我們非常樂意增加前台部門的人員——不是中後台，我們專注於前台——我們的客戶也希望我們增加這些人員。我們會以非常嚴謹的方式完成這項工作。

Anthony Elian, J.P. Morgan.

安東尼·埃利安，摩根大通。

Matt, can you go over the maturities of CDs in 4Q? What rates they're recurring at and the posted rates you've seen recently?

Matt，可以介紹一下第四季到期的CD嗎？他們目前的利率是多少？你最近看到的公佈利率又是多少？

$765 million matures in 4Q at a weighted average rate of 4.22%. Posted rates are currently at 4%. You would obviously see those step down, Tony, if the Fed realizes the forward curve. .

第四季到期的7.65億美元，加權平均利率為4.22%。目前公佈的利率為 4%。東尼，如果聯準會實現遠期曲線目標，你肯定會看到這些指標下降。。

That's clear.

這一點很清楚。

And then, Rob, slide 4, it's clear all the progress you've made -- the company has made -- over the past several years, including achieving your ROA target in 3Q. I'm wondering what happens now, right? Is it just purely about execution, some incremental hires? Should we expect new targets at some point to get announced?

然後，羅布，第 4 張幻燈片清楚地展示了你和公司在過去幾年中取得的所有進展，包括在第三季度實現了你的 ROA 目標。我很好奇接下來會發生什麼，對吧？只是執行層面的問題，以及一些小規模的招募嗎？我們是否可以期待在某個時候公佈新的目標？

Great question.

問得好。

Look, I don't think a lot of public companies give four-year guidance. We recognize in the middle of the transformation in a wholesale change -- literally touching the entirety of the platform -- how important that was for a number of reasons.

你看，我認為很多上市公司都不會給出四年期的業績指引。在平台進行全面變革的過程中，我們意識到這在許多方面都非常重要。

One, for you all to have some to anchor on our progress; two, to earn (inaudible) credibility, et cetera. So this was never the end, the [1:1]. Quite the contrary: This is a milestone. We're really excited about the future.

第一，讓你們所有人都能對我們的進展有所了解；第二，贏得（聽不清楚）信譽，等等。所以這從來都不是結局。[1:1]恰恰相反：這是一個里程碑。我們對未來充滿期待。

I don't contemplate giving long-term guidance again but we'll see. Certainly, I think we've been the most transparent management team in banking since we started this, if you go back and look at my September 1, 2021, call. We'll continue to be very, very transparent.

我目前不考慮再次提供長期指導，但我們拭目以待。當然，我認為自從我們開始做這件事以來，我們一直是銀行業最透明的管理團隊，如果你回顧我 2021 年 9 月 1 日的電話會議，就會明白這一點。我們將繼續保持高度透明。

But I think that realizing the revenue and cost synergies that we discussed in the markets that we are, with the capital that we have, and the talent on the platform, and our investment in technology and ops is just super exciting. That alone will keep us really, really busy for a long time.

但我認為，在我們目前的市場中，利用我們擁有的資本、平台上的人才以及我們在技術和營運方面的投資，實現我們討論過的收入和成本協同效應，這真是令人無比興奮。光是這件事就夠我們忙上好一陣子了。

The demand by new clients and current clients on the platform is quite extraordinary.

新舊客戶對平台的需求非常旺盛。

Jon Arfstrom, RBC.

Jon Arfstrom，RBC。

Congrats on hitting, achieving, or exceeding the 1:1 hurdle. I think that's notable.

恭喜你達到、實現或超越了 1:1 的目標。我認為這很值得注意。

Just, Rob, on the client selection topic, are you seeing anything from any market disruption from the recent Texas consolidation? There have been a lot of bank deals. I'm not sure if those banks have your clients. But are there more clients in motion, right now?

羅布，關於客戶選擇這個主題，你有沒有看到最近德克薩斯州的整合對市場造成任何衝擊？銀行間達成了許多交易。我不確定那些銀行是否有您的客戶。但目前是否有更多客戶正在辦理相關手續？

That's such a great question.

這真是個好問題。

We are so front-footed an end market that we were already calling on all the prospects of clients that may be at a competitor bank anyway. So when we hear of an announcement of a transaction and we look at which clients we're calling on in terms of prospects, we focus, like, hey, there may be a disruption in the market, you should be doing something different. Usually, we shouldn't be doing something different. We're already calling on those clients and prospects and, frankly, winning those clients and prospects,

我們身為終端市場開拓者，已經主動聯繫了所有可能原本就位於競爭對手銀行的潛在客戶。所以，當我們聽到交易公告，並查看我們正在聯繫的潛在客戶時，我們會關注，嘿，市場可能會出現動盪，你應該採取一些不同的做法。通常情況下，我們不應該做任何與眾不同的事情。我們已經開始聯繫這些客戶和潛在客戶，坦白說，我們正在贏得這些客戶和潛在客戶。

Some of those banks have sold -- not really interested in those prospects. Because we just -- I don't want to be negative at all, whatsoever, but we're calling on all the high-quality clients and prospects in our markets already.

有些銀行已經出售了這些資產——它們對這些前景並不真正感興趣。因為我們只是——我一點也不想說消極的話，但是我們已經在聯繫市場上所有高品質的客戶和潛在客戶了。

Now, I will say on disruption in the market through M&A in the past, we've had a lot of great talent. Like, a lot of great talent from banks that have been acquired.

現在，關於過去透過併購對市場造成的衝擊，我想說，我們曾經擁有許多優秀的人才。例如，很多優秀人才都來自被收購的銀行。

The commitment question came up earlier in the call, up 11%, annualized. What does that signal to you? Do you feel like demand for credit is accelerating? Is this increase from existing clients or new clients or something else?

在先前的電話會議中已經討論過承諾問題，年化成長率為 11%。這對你來說意味著什麼？你覺得信貸需求正在加速成長嗎？這是現有客戶的成長、新客戶的成長，還是其他原因造成的？

I would say it's more timing than signaling anything else. Again, we're not concerned about when high-quality clients and prospects borrow but to be there when.

我認為這更多的是時機問題，而不是其他什麼訊號。再次強調，我們關注的不是優質客戶和潛在客戶何時借貸，而是要在他們需要藉貸的時候出現。

So I think it's more of a timing thing than anything else, Jon.

所以我覺得這更多的是時機問題，而不是其他問題，喬恩。

The only thing to add to that, Jon: As we mentioned in the comments, what's really important is that two years ago, three years ago, all of the fees in the Investment Bank were basically generated by new client acquisitions, which is different than anyone else in the market.

Jon，我唯一要補充的是：正如我們在評論中提到的，真正重要的是，兩年前、三年前，投資銀行的所有費用基本上都是透過獲取新客戶產生的，這與市場上的任何其他機構都不同。

You are just now starting to see repeat business flow through the Investment Bank and contribute to fees, which is why we've made such a point on the call to emphasize the repeatability and increasingly granular nature of that line item, which obviously signaled a lot of client receptivity and adoption but also suggest the continued growth in those categories, alongside a continuing higher floor of revenue.

您現在才開始看到回頭客透過投資銀行流入並帶來費用，這就是為什麼我們在電話會議上如此強調該項收入的可重複性和日益細化的性質，這顯然表明客戶對此接受度很高，並且正在積極採用，同時也表明這些類別將繼續增長，同時收入底線也將持續提高。

Yeah. That sounds good. I appreciate the granularity comment. I'll leave it there. Thanks a lot. Nice job.

是的。聽起來很好。我感謝您對細節的關注。我就說到這兒吧。多謝。幹得漂亮。

Thanks, Jon.

謝謝你，喬恩。

There are no additional questions waiting at this time.

目前沒有其他問題待問。

I'll pass the call back to Rob Holmes, Chairman and CEO, for any closing remarks.

我將把電話轉回給董事長兼執行長羅伯·霍姆斯，請他作總結發言。

I don't usually do this but I'll do it this time.

我通常不會這樣做，但這次我會這樣做。

I want to thank all the employees listening for all their dedication and focus. It's been a long four years. I hope you're very, very proud.

我要感謝所有在場聆聽的員工，感謝他們的敬業精神和專注。這四年過得真漫長。我希望你感到非常非常自豪。

Thanks, all.

謝謝大家。

That concludes the call. Thank you for joining. You may now disconnect your lines.

通話到此結束。感謝您的參與。現在您可以斷開線路了。