普信集團 (TROW) 2023 Q4 法說會逐字稿

Good morning. My name is Norma, and I will be your conference facilitator today. Welcome to T. Rowe Price's Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes.

早安.我叫諾瑪，今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 2023 年第四季財報電話會議。 （操作員說明）謹此提醒，本次通話正在錄音，通話結束後不久即可在 T. Rowe Price 的網站上重播。

I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations. Please go ahead.

我現在將電話轉給 T. Rowe Price 投資者關係總監 Linsley Carruth。請繼續。

Hello, and thank you for joining us today for our fourth quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. Our CEO and President, Rob Sharps; CFO, Jen Dardis and Head of Global Investments, Eric Veiel will discuss the company's results for about 20 minutes, and then we'll open it up to your questions. (Operator Instructions).

您好，感謝您今天參加我們的第四季財報電話會議。新聞稿和補充資料文件可在我們的投資者關係網站 Investors.troweprice.com 上找到。今天的通話將持續約 45 分鐘。我們的執行長兼總裁 Rob Sharps；財務長 Jen Dardis 和全球投資主管 Eric Veiel 將討論公司業績約 20 分鐘，然後我們將回答您的問題。 （操作員說明）。

I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and reference certain non-GAAP financial measures. Please refer to the forward-looking statement language and the reconciliations to GAAP in the supplemental materials as well as in our press release.

我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述並參考某些非公認會計準則財務指標。請參閱補充資料以及我們的新聞稿中的前瞻性聲明語言以及公認會計原則的調節。

All investment performance references to peer groups on today's call are using Morningstar peer groups. Now I'll turn it over to Rob.

今天電話會議上對同儕團體的所有投資績效參考均使用晨星同儕團體。現在我會把它交給羅布。

Thank you, Linsley, and thanks to all of you for joining us. Before we get started, I want to share that in late November, Eric was named Head of Global Investments in recognition of his strong leadership as well as his extensive investment experience. I know he will continue to focus on pursuing superior outcomes for our clients, and both Jen and I congratulate him on his expanded role. Eric will provide today's update on our investment organization, followed by Jen, who will cover our financial results.

謝謝你，林斯利，也謝謝你們所有人加入我們。在我們開始之前，我想告訴大家的是，11 月底，Eric 被任命為全球投資主管，以表彰他強有力的領導力以及豐富的投資經驗。我知道他將繼續專注於為我們的客戶追求卓越的成果，Jen 和我都祝賀他擴大了職責。埃里克 (Eric) 將提供今天有關我們投資組織的最新信息，隨後由珍 (Jen) 介紹我們的財務業績。

With that, I will turn to 2023 results. While 2023 was a challenging year for us with substantial net outflows, it also brought progress. Investment performance improved, and we advanced important work to ensure our firm is positioned for future growth. We are already seeing a number of early indicators that support our confidence that better days are ahead. We have a long and solid track record of putting clients first and pursuing excellence. As we near our 88th anniversary, I am confident that we will build on this tradition, delivering compelling value for our clients, our associates and our shareholders.

接下來，我將轉向 2023 年的成果。雖然2023年對我們來說是充滿挑戰的一年，出現大量淨流出，但也帶來了進展。投資績效有所改善，我們推進了重要工作，以確保我們的公司為未來的成長做好準備。我們已經看到了一些早期指標，這些指標支持了我們對美好日子即將到來的信心。我們在客戶至上和追求卓越方面有著悠久而堅實的記錄。在我們成立 88 週年之際，我相信我們將繼承這項傳統，為我們的客戶、我們的員工和我們的股東創造令人信服的價值。

As I mentioned, we made meaningful progress against our strategic priorities in 2023. Our active ETF business is gaining traction with assets under management over $2.7 billion at the end of January. We launched the T. Rowe Price OHA Select Private Credit Fund, or OCREDIT, with over $1.5 billion of investable capital and are in the early stages of bringing this product to the wealth management channel. We acquired Retiree Inc. to enhance our ability to expand and retain relationships with pre-retiree and retiree clients by providing tax-aware retirement income and social security claiming strategies. This acquisition demonstrates our commitment to broadening and evolving our already strong retirement capabilities and deepens our position as a retirement leader. We partnered with the International Finance Corporation to create the T. Rowe Price Emerging Markets Blue Economy Bond Strategy, a pioneering blue bond strategy that will focus on private companies operating in emerging markets.

正如我所提到的，我們在 2023 年的策略重點方面取得了有意義的進展。我們的主動 ETF 業務正在獲得牽引力，截至 1 月底管理的資產超過 27 億美元。我們推出了 T. Rowe Price OHA Select 私人信貸基金 (OCREDIT)，可投資資本超過 15 億美元，目前正處於將該產品引入財富管理管道的早期階段。我們收購了 Retiree Inc.，透過提供具有稅務意識的退休收入和社會安全申報策略，增強我們擴大和維持與退休前和退休人員客戶關係的能力。此次收購顯示我們致力於擴大和發展我們本已強大的退休能力，並鞏固我們作為退休領導者的地位。我們與國際金融公司合作制定了 T. Rowe Price 新興市場藍色經濟債券策略，這是一項開創性的藍色債券策略，將重點放在在新興市場運營的私人公司。

We expanded our capital appreciation suite with the launch of the T. Rowe Price Capital Appreciation and Income Fund for investors seeking an income-oriented fund. We have an industry-leading position in our target date franchise, with strong investment performance and net inflows of $13.1 billion last year. Building on this strength, we continue to innovate and add new capabilities including moving beyond accumulation. The engagement and collaboration among our investment teams got back to what I would characterize as healthy pre-pandemic levels.

我們為尋求收入導向基金的投資者推出了 T. Rowe Price 資本增值和收入基金，擴大了我們的資本增值套件。我們在目標日期特許經營方面處於行業領先地位，投資業績強勁，去年淨流入達 131 億美元。在此基礎上，我們不斷創新並增加新的能力，包括超越累積。我們的投資團隊之間的參與和合作回到了我所說的大流行前的健康水平。

Our culture thrives on the energy around our teams engaging with corporate management teams, traveling together and debating risks and opportunities. This is how our investment platform delivers its best for clients. We are evolving as markets and our clients demand more, and we are ready to compete with additional vehicles, new capabilities and new experiences. Leading indicators support our confidence that there will be a slower pace of net outflows this year. We are seeing improved performance in large-cap growth funds and expect that the rebound in 2023 will reduce redemptions in 2024.

我們的文化因團隊的活力而蓬勃發展，我們的團隊與企業管理團隊互動、一起旅行並討論風險和機會。這就是我們的投資平台為客戶提供最佳服務的方式。隨著市場和客戶需求的增加，我們不斷發展，我們已準備好以更多車輛、新功能和新體驗來競爭。領先指標支持了我們的信心，今年淨流出速度將會放緩。我們看到大盤成長型基金的表現有所改善，並預計 2023 年的反彈將減少 2024 年的贖回。

Key elements of strategic initiatives are delivering. We're seeing improving gross sales in our individual investor channel with Q4 having the highest gross sales of any quarter over the last 2 years. We saw positive momentum for net flows in our U.S. wealth management platform segment in Q4. And in EMEA, we were recently selected by a large U.K. wealth management firm to manage a custom multi-asset income fund.

策略舉措的關鍵要素是交付。我們看到個人投資者管道的總銷售額有所改善，第四季度的總銷售額是過去兩年中任何季度最高的。我們在第四季看到美國財富管理平台細分市場的淨流量呈現正面動能。在歐洲、中東和非洲地區，我們最近被一家大型英國財富管理公司選中來管理客製化的多元資產收益基金。

Despite a challenging year, our balance sheet remains solid, with $2.5 billion of cash and discretionary investments at the end of 2023. We continue to prioritize the dividend while maintaining ample liquidity to support our seed capital program, opportunistic buybacks and potential M&A. We recently announced a quarterly dividend of $1.24, which increased for the 38th consecutive year.

儘管是充滿挑戰的一年，我們的資產負債表仍然穩健，到2023 年底我們將擁有25 億美元的現金和可自由支配的投資。我們繼續優先考慮股息，同時保持充足的流動性，以支持我們的種子資本計劃、機會性回購和潛在的併購。我們最近宣布季度股息為 1.24 美元，連續第 38 年增加。

I want to underscore that the progress I've highlighted is a result of our associates' commitment to investment excellence, to superb client service and to driving our corporate strategy forward. We are grateful for their hard work and are confident that, together, we will return the firm to organic growth.

我想強調的是，我所強調的進步是我們員工致力於卓越投資、卓越客戶服務和推動我們企業策略向前發展的結果。我們感謝他們的辛勤工作，並相信我們將共同努力使公司恢復有機成長。

I'll now turn to Eric.

我現在請埃里克發言。

Thank you, Rob. After retreating in the third quarter, both equity and fixed income markets rebounded in the latter part of the fourth quarter, resulting in strong calendar year returns in most indices. Across asset classes, we delivered solid investment performance with 64% of our funds beating their peer group medians for the year. Strong equity performers included our U.S. Equity Research Fund, Capital Appreciation Fund and Mid-Cap Value Fund, which are top quartile performers for the 1-, 3-, 5- and 10-year time periods.

謝謝你，羅布。在第三季回落後，股票和固定收益市場在第四季後半段出現反彈，導致大多數指數的歷年回報率強勁。在各個資產類別中，我們都實現了穩健的投資業績，今年我們 64% 的基金超過了同業的中位數。表現強勁的股票包括我們的美國股票研究基金、資本增值基金和中盤價值基金，它們在 1 年、3 年、5 年和 10 年期間的表現均名列前茅。

2023 also marked the 16th year that our Capital Appreciation Fund managed by David Giroux, beat its Morningstar peer group average, tying the record for the most consecutive calendar years, a U.S. equity or multi-asset fund has done so under the same portfolio manager. Our 3 large-cap growth equity funds all delivered top quartile 1-year performance in 2023, turning around the performance challenges of 2022 that have driven recent outflows and while over 60% of the return for the Russell 1000 Growth benchmark came from the 7 largest names in 2023, our large-cap growth strategies delivered alpha from a much wider set of fundamental investment choices.

2023 年也標誌著我們由 David Giroux 管理的資本增值基金連續第 16 年超過晨星同行平均水平，追平了同一投資組合經理管理下的美國股票或多元資產基金連續歷年打破紀錄。我們的3 檔大型成長型股票基金在2023 年均實現了前四分之一的1 年業績，扭轉了2022 年導致近期資金外流的業績挑戰，而羅素1000 成長基準的回報率超過60% 來自7家最大的成長型股票基金到 2023 年，我們的大盤成長策略從更廣泛的基本投資選擇中帶來了阿爾法。

Strong performance in our target date suite continued with all vintages of both the flagship retirement suite and the newer Blend suite beating their peer group medians for the year. Overall, our multi-asset products had a strong year with just over half of the funds in their top quartile for the year.

我們的目標日期套件繼續保持強勁表現，旗艦退休套件和較新的 Blend 套件的所有年份都超過了今年同行組的中位數。整體而言，我們的多元資產產品今年表現強勁，超過一半的基金位於今年的前四分之一。

Our fixed income franchise had a solid year with 60% of the funds beating their peer group medians. Several of our noninvestment-grade funds, including High Yield, International, Low Duration and Muni Funds were all top quartile performers for the year. Most notably, Global Multi-Sector Bond Fund was the top performer in its peer group for the year, adding to its 5- and 10-year top decile performance.

我們的固定收益特許經營業務今年表現強勁，60% 的基金超過了同業組的中位數。我們的幾隻非投資等級基金，包括高收益基金、國際基金、低久期基金和市政基金，都是今年表現最好的四分之一。最值得注意的是，全球多部門債券基金是今年同類基金中表現最好的基金，其 5 年和 10 年表現也名列前茅。

Investment performance across our alternatives platform was strong in 2023, with liquid strategies outperforming their benchmarks and private strategies generating attractive absolute performance. I want to share a few highlights about our investment platform. As a fundamental research-driven investment organization, our over 900 investment professionals around the globe adhere to our rigorous investment process and leverage insights generated by our research platform.

2023 年，我們的另類投資平台的投資表現強勁，流動性策略的表現優於基準，私募策略則產生了極具吸引力的絕對表現。我想分享一些關於我們投資平台的亮點。作為一個基礎研究驅動的投資組織，我們在全球擁有 900 多名投資專業人士，堅持我們嚴格的投資流程，並利用我們的研究平台產生的見解。

Over the last 10 years, we've more than doubled the investment professional ranks, including the scale up for TRPIM and the addition of OHA. We saw very little turnover in the past year with average portfolio manager tenure at T. Rowe of 17 years. Importantly, as Rob referenced, our team engagement is back to pre-pandemic levels. We conducted over 14,000 due diligence meetings last year and thanks in large part to our proprietary in-house corporate access capabilities, the majority of these meetings were held in person. Our analysts and PMs engaged in field research trips large and small. For example, 48 members of our emerging markets team spend 1 week traveling across China, digging deep on key topics across the technology, industrial and consumer sectors.

在過去 10 年裡，我們的投資專業團隊增加了一倍多，包括 TRPIM 的擴大和 OHA 的增加。去年，我們發現 T. Rowe 的投資組合經理平均任期為 17 年，人員流動率非常低。重要的是，正如羅布所提到的，我們的團隊參與度回到了疫情前的水平。去年，我們舉行了 14,000 多次盡職調查會議，其中大部分會議都是親自舉行，這在很大程度上要歸功於我們專有的內部企業訪問能力。我們的分析師和產品經理進行了大大小小的實地研究旅行。例如，我們新興市場團隊的 48 名成員花了 1 週時間遊歷中國，深入研究科技、工業和消費領域的關鍵議題。

The strength of our research platform can be seen in our U.S. equity research strategy, with over 25 TRPA analysts contributing to the portfolio and their focus area of expertise. Their insights delivered for clients in addition to the top quartile performance versus peers I mentioned earlier, it has demonstrated its ability to generate alpha over time with less tracking error. We have broadened this approach and now offer a global equity research strategy that leverages the insights of over 75 global analysts.

我們的研究平台的實力可以從我們的美國股票研究策略中看出，超過 25 名 TRPA 分析師為投資組合及其重點專業領域做出了貢獻。他們為客戶提供的見解除了與我之前提到的同行相比具有最高四分之一的性能外，它還證明了其隨著時間的推移以更少的跟踪誤差生成阿爾法的能力。我們擴展了這種方法，現在提供了一個全球股票研究策略，該策略利用了超過 75 位全球分析師的見解。

Our investment data insights team in collaboration with our data science team is generating ideas and enabling our investment professionals to be more efficient by leveraging capabilities like large language models to improve the delivery of data and insights to our portfolio managers and analysts. Our research.ai generative AI tool is in beta test with 80 investment professionals and represents a promising start to what is sure to be a continued investment in this area.

我們的投資數據洞察團隊與數據科學團隊合作，透過利用大型語言模型等功能來提高向投資組合經理和分析師提供數據和洞察的能力，從而產生想法，並使我們的投資專業人員更加高效。我們的 Research.ai 生成式人工智慧工具正在接受 80 名投資專業人士的 Beta 測試，這為該領域的持續投資奠定了良好的開端。

We recently established an equity solutions capability that will allow us to deliver customized versions of our fundamental equity investment strategies for large clients tailored to their specific objectives. This capability builds upon the strong success of our integrated equity team which combines fundamental and systematic processes and has demonstrated strong results across a wide variety of strategies, including U.S. Small-Cap Growth, U.S. Mid-Cap Core, Large Cap Value and global core. And our ESG teams continue to help our portfolio managers make informed decisions by understanding the risks and opportunities related to ESG and how they may impact the company's performance.

我們最近建立了股權解決方案能力，使我們能夠為大客戶提供根據其特定目標量身定制的基本股權投資策略的定製版本。這種能力建立在我們綜合股票團隊的巨大成功之上，該團隊結合了基礎流程和系統流程，並在多種策略中展現了強勁的成果，包括美國小型股成長型、美國中型股核心型、大型股價值型和全球核心型。我們的 ESG 團隊透過了解與 ESG 相關的風險和機會以及它們如何影響公司業績，繼續幫助我們的投資組合經理做出明智的決策。

We are also responding to client demand and developing new products like the T. Rowe Price Emerging Markets Blue Economy Bond Strategy that Rob mentioned. Pursuing excellent investment performance for our clients remains our top priority. The depth and breadth of our investment platform, which is rooted in our 3 pillars of people, process and culture gives us the tools to be able to do so.

我們也回應客戶需求並開發新產品，例如 Rob 提到的 T. Rowe Price 新興市場藍色經濟債券策略。為客戶追求卓越的投資績效仍是我們的首要任務。我們的投資平台的深度和廣度植根於我們的人員、流程和文化三大支柱，為我們提供了實現這一目標的工具。

I'll now turn it over to Jen to cover our financials.

我現在將把它交給 Jen 來報道我們的財務狀況。

Thank you, Eric. I'll review our financial results, and then we will open the line for questions. Our adjusted earnings per share for Q4 2023 was $1.72 bringing us to $7.59 for the year. 2023 was down from $8.02 in 2022 from lower average AUM and investment advisory revenue and higher expenses. We had $28.3 billion in net outflows this quarter, bringing full year outflows to $81.8 billion. During the fourth quarter, we had a handful of large redemptions in our sub-advisory and institutional channels that elevated net outflows. From an asset-class perspective, U.S. equity continued to be the main driver of net outflows.

謝謝你，埃里克。我將審查我們的財務業績，然後我們將開通提問熱線。我們 2023 年第四季的調整後每股收益為 1.72 美元，全年達到 7.59 美元。由於平均資產管理規模和投資諮詢收入較低以及費用較高，2023 年的收入較 2022 年的 8.02 美元有所下降。本季淨流出 283 億美元，全年流出達 818 億美元。第四季度，我們的子諮詢和機構管道進行了幾次大規模贖回，增加了淨流出。從資產類別角度來看，美國股市仍是淨流出的主要動力。

In our DC channel, Stable Value posted sizable net outflows in 2023 after delivering strong positive net flows in 2022, a sign that retirement investors may be seeking higher yield or reorienting toward a risk appetite. We are seeing encouraging signs in our smaller ticket retail business with improving net flows in both our direct and intermediary channels. Our target date suite ended the year with $13.1 billion of positive net flows and alternatives also posted positive flows for the year. Additional detail on alternative flows can be found on Page 20 of the annual version of our supplemental materials.

在我們的 DC 管道中，穩定價值在 2022 年實現強勁的正淨流量後，在 2023 年出現了相當大的淨流出，這表明退休投資者可能正在尋求更高的收益率或重新轉向風險偏好。我們在規模較小的門票零售業務中看到了令人鼓舞的跡象，直接和中間管道的淨流量都在改善。我們的目標日期套件在年底實現了 131 億美元的正淨流量，而替代品也實現了今年的正流量。有關替代流程的更多詳細信息，請參閱我們補充材料年度版的第 20 頁。

There are also some signs of strength across our individual equity and fixed income products with Capital Appreciation, All-Cap Opportunities, International Core and Global Multi-Sector Bond, all delivering over $1 billion in positive net flows in 2023. Looking at our income statement. Q4 adjusted net revenues were $1.7 billion for the quarter, bringing our full year adjusted total revenue to $6.5 billion. Our Q4 investment advisory revenue of about $1.5 billion was higher than Q4 of last year, but the $5.7 billion earned for the full year was lower than 2022 overall based on the trend in average assets.

我們的個人股票和固定收益產品也出現了一些強勢跡象，包括資本增值、全盤機會、國際核心和全球多部門債券，所有這些產品都在2023 年帶來了超過10 億美元的正淨流量。看看我們的損益表。第四季調整後淨收入為 17 億美元，使我們全年調整後總收入達到 65 億美元。我們第四季的投資諮詢收入約為 15 億美元，高於去年第四季度，但根據平均資產趨勢，全年賺取的 57 億美元總體低於 2022 年。

Our effective fee rate of 42.2 basis points in Q4 was up due to a little over $25 million in performance-based fees, predominantly on alternatives products that crystallized in the fourth quarter. Without these performance-based fees, our Q4 effective fee rate would have been more in line with the Q3 2023 fee rate.

我們第四季的有效費用率上升了 42.2 個基點，原因是基於績效的費用略高於 2500 萬美元，主要是第四季度具體化的替代產品。如果沒有這些基於績效的費用，我們第四季的有效費率將更符合 2023 年第三季的費率。

Turning to expenses, Q4 adjusted operating expenses were $1.2 billion, as I mentioned last quarter, Q4 included higher expenses compared to Q3 related to seasonal advertising and promotion, stock-based compensation and professional fees. As equity markets improved in 2023, we increased the investment in our brand to support future growth. Q3 2023 also included a nonrecurring benefit in G&A expenses. Full year 2023 adjusted operating expenses, excluding the carried interest expense, were $4.19 billion, up 3% over 2022's $4.07 billion and within the previously provided 2023 guidance range of 2% to 4%.

說到費用，第四季度調整後的營運費用為 12 億美元，正如我上季度提到的，第四季度的費用比第三季度更高，涉及季節性廣告和促銷、股票薪酬和專業費用。隨著 2023 年股市的改善，我們增加了對品牌的投資，以支持未來的成長。 2023 年第三季也包括一般管理費用中的非經常性福利。 2023 年全年調整後營運費用（不包括附帶利息費用）為 41.9 億美元，比 2022 年的 40.7 億美元增加 3%，處於先前提供的 2023 年指引範圍 2% 至 4% 之內。

Based on average market conditions over the last quarter, we expect 2024 adjusted operating expenses, excluding carried interest expense to be up 3% to 5% over 2023's $4.19 billion. This is up slightly from previously provided 2024 guidance due to the increase in equity markets and the impact this is expected to have on our market-driven expenses in 2024. We anticipate the 2024 non-GAAP effective tax rate will be in the range of 23% to 26%, reflecting lower expected valuation allowances related to our U.K.-based business and a lower state tax rate associated with income apportionment rules in certain jurisdictions.

根據上一季的平均市場狀況，我們預計 2024 年調整後的營運費用（不包括附帶利息費用）將比 2023 年的 41.9 億美元增加 3% 至 5%。由於股票市場的成長以及預計這將對我們 2024 年市場驅動的支出產生影響，這比之前提供的 2024 年指導略有上升。我們預計 2024 年非 GAAP 有效稅率將在 23 範圍內% 至26%，反映出與我們英國業務相關的預期估值津貼較低，以及某些司法管轄區與收入分配規則相關的較低州稅率。

Despite a challenging year, we remain committed to maintaining our strong balance sheet and returning capital to stockholders. We bought back $103 million worth of shares during the fourth quarter, bringing 2023 total buybacks to $254 million, and we've continued to buy back shares during the start of 2024.

儘管今年充滿挑戰，我們仍致力於維持強勁的資產負債表並向股東返還資本。我們在第四季回購了價值 1.03 億美元的股票，使 2023 年回購總額達到 2.54 億美元，並且我們在 2024 年初繼續回購股票。

As Rob mentioned, last week, we announced a quarterly dividend of $1.24 per share, a $0.02 per share increase. Between the dividend and buybacks, we've returned $1.38 billion to stockholders over the course of 2023 while also increasing our cash position over $300 million from the end of 2022. This strong financial position allows us continued flexibility to support the annual dividend and to pursue opportunistic share buybacks while also strategically investing in seed capital or M&A as opportunities arise.

正如 Rob 所提到的，上週我們宣布季度股息為每股 1.24 美元，每股增加 0.02 美元。在股息和回購之間，我們在2023 年向股東返還了13.8 億美元，同時從2022 年底開始，我們的現金頭寸增加了超過3 億美元。這種強勁的財務狀況使我們能夠繼續靈活地支持年度股利並追求機會主義的股票回購，同時在機會出現時策略性地投資種子資本或併購。

We remain focused on proactively managing our expenses to allow for the continued investment in our strategic priorities while ensuring our cost structure is appropriate for the size and scale of the firm. This financial discipline, along with our commitment to efficiency and process improvement positions us to fund our future growth through modest increases in expenses and the reallocation of existing expenditures.

我們仍然專注於主動管理我們的開支，以便對我們的策略重點進行持續投資，同時確保我們的成本結構適合公司的規模和規模。這種財務紀律，加上我們對效率和流程改善的承諾，使我們能夠透過適度增加開支和重新分配現有支出來為未來的成長提供資金。

With that, I'd like to ask the operator to open the line for questions.

說到這裡，我想請接線生開通提問線。

(Operator Instructions) Our first question comes from the line of Dan Fannon with Jefferies.

（操作員說明）我們的第一個問題來自 Dan Fannon 和 Jefferies 的線。

Rob, I was hoping you could enhance or expand upon your comments around 2024 improvements. I think you highlighted some gross sales trends in the fourth quarter, improving, plus we know investment performance has gotten better. So curious about maybe the sales profile as we start the year, how redemptions maybe are tracking? And just a little more color around the positive outlook.

Rob，我希望您能圍繞 2024 年的改進增強或擴展您的評論。我認為您強調了第四季度的一些銷售趨勢，即改善，而且我們知道投資績效已經變得更好。我們很好奇新年伊始的銷售情況，贖回情況如何？並為積極的前景增添一點色彩。

Dan, thank you for the question. Our base case for 2024 is that we will have outflows, but we do expect improvement from 2023. First, the investment strategies with the most substantial outflows in 2022 and '23 had much better performance in 2023, that should translate into lower client redemptions and improve sales over time. And in fact, we are seeing evidence of that already. You're beginning to see improvements in gross sales in some of those strategies. And if you look at our notified terminations or if you look at our at risk as we go into '24, I feel like we're in a meaningfully better position than we were going into 2023.

丹，謝謝你的提問。我們對2024 年的基本預測是，我們將出現資金外流，但我們確實預計2023 年將有所改善。首先，2022 年和23 年資金外流最多的投資策略在2023 年的表現要好得多，這應該會轉化為較低的客戶贖回和隨著時間的推移提高銷售量。事實上，我們已經看到了這方面的證據。您開始看到其中一些策略的銷售額有所改善。如果你看看我們通知的終止，或者如果你看看我們進入 24 年時面臨的風險，我覺得我們的處境比進入 2023 年要好得多。

I'd point out a handful of other things. One, I think we expect the contribution from OHA and new vehicles, ETFs and SMA to build going forward. I feel like we are beginning to see some momentum build there. And when we combine all of that with some early-stage sales momentum from some of our strategic initiatives, I'm confident that this will be a better year. How much better, I'd say, is to be determined. To some extent, I think it is dependent on continued execution from an investment performance perspective, it's contingent on risk appetites in the marketplace and levels of volatility. It's contingent on some -- more -- greater risk appetite and lengthening time horizons as some of the money on the sidelines reengages and extends time horizons.

我想指出一些其他的事情。第一，我認為我們預計 OHA 以及新工具、ETF 和 SMA 的貢獻將繼續向前發展。我覺得我們開始看到那裡出現了一些勢頭。當我們將所有這些與我們的一些策略舉措帶來的一些早期銷售動力結合起來時，我相信今年將是更好的一年。我想說的是，有待確定。在某種程度上，我認為這取決於投資績效角度的持續執行，取決於市場的風險偏好和波動程度。這取決於一些——更多——更大的風險偏好和延長的時間範圍，因為一些場外資金重新參與並延長了時間範圍。

But as I look across our distribution channels and across our strategies, there are a number of areas where I'm encouraged. First and foremost, target date, we had an excellent year in 2023 we expect another strong year in 2024. January retirement date flows were just shy of $3 billion. We had net flows in target dates in Q4, which is unusual seasonally. They were modest, but nonetheless, first Q4 where we've had positive flows since 2019.

但當我審視我們的通路和策略時，有很多領域令我感到鼓舞。首先，也是最重要的，目標日期，我們在 2023 年度過了出色的一年，我們預計 2024 年又將是強勁的一年。1 月份退休日期流量略低於 30 億美元。我們在第四季的目標日期實現了淨流量，這在季節性上是不尋常的。儘管規模不大，但自 2019 年以來我們在第一個第四季就實現了正流量。

But beyond that, whether it's in RPS core market or USI wealth or our individual investment, there are pockets where I think we are beginning to see better trends. So in light of that, I think we're pretty confident that we will have a better year in '24 than we had in '23, and I think we'll build momentum throughout the course of the year.

但除此之外，無論是在 RPS 核心市場還是 USI 財富或我們的個人投資，我認為我們已經開始看到更好的趨勢。因此，有鑑於此，我認為我們非常有信心 24 年會比 23 年更好，而且我認為我們將在這一年中建立勢頭。

Our next question comes from the line of Mike Brown with KBW.

我們的下一個問題來自 KBW 的 Mike Brown。

Wanted to start with on OHA. How would you characterize the next chapter of the story there, right? So where is the investments around OHA currently? Where is the incremental investment dollars going in for that business? And then OCREDIT has $1.5 billion of investable capital. Can you just give us a view into how the monthly flows have been there and any view you have into perhaps where the flows could progress here in 2024?

想從 OHA 開始。你會如何描述故事的下一章，對吧？那麼目前圍繞 OHA 的投資在哪裡？該業務的增量投資資金流向何處？ OCREDIT 擁有 15 億美元的可投資資本。您能否向我們介紹每月的流量狀況以及您對 2024 年流量可能進展的看法？

Sure. Thank you for the question. Specifically with regard to OCREDIT, OCREDIT raised over $100 million since the end of September, when we went effective with the SEC, and we expect a similar amount throughout the course of Q1 and momentum to build throughout the course of the year as we launch on additional adviser and broker-dealer platforms. I'd say it's a very competitive market for private credit in the wealth channel and non-traded BDCs and the benign credit environment has made it difficult to differentiate on performance.

當然。感謝你的提問。具體而言，就 OCREDIT 而言，自 9 月底我們與 SEC 生效以來，OCREDIT 籌集了超過 1 億美元，我們預計第一季度的融資金額將與 OCREDIT 類似，並且隨著我們推出其他顧問和經紀自營商平台。我想說，對於財富管道和非交易 BDC 的私人信貸來說，這是一個競爭非常激烈的市場，良性的信貸環境使得績效難以區分。

But we continue to be very confident that the combination of T. Rowe Price and OHA's home office relationships in the wealth channel, and T. Rowe Price's field support, combined with OHA's long-term track record in private credit and relationships with issuers will lead to success with both OCREDIT and follow-on products. We are hearing from the wealth platforms that they're interested in follow-on products as they build their relationship with T. Rowe Price and OHA and private market alternatives and we're evaluating our alternatives there.

但我們仍然非常有信心，T. Rowe Price 和 OHA 在財富管道的總部關係、T. Rowe Price 的現場支持以及 OHA 在私人信貸和與發行人關係方面的長期記錄相結合，將引領行業發展。OCREDIT和後續產品的成功。我們從財富平台得知，他們對後續產品感興趣，因為他們與 T. Rowe Price 和 OHA 以及私人市場替代品建立了關係，我們正在評估我們的替代品。

Look, if you take a step back with regard to OHA, fee-basis AUM in alternatives for us was up 10% in 2023. They have just under $12 billion in capital commitments that are uninvested at this point. You will see a redemption in January when we report monthlies for slightly over $1 billion in the alternatives category. But even despite that, we're pretty confident that we'll see OHA building momentum in 2024, and we expect an acceleration in flows this year.

看看，如果你退一步考慮 OHA，我們的替代品的收費 AUM 到 2023 年增長了 10%。他們目前有近 120 億美元的資本承諾尚未投資。當我們在一月份報告另類投資類別的月度略高於 10 億美元時，您將看到贖回。但即便如此，我們仍然非常有信心看到 OHA 在 2024 年形成勢頭，我們預計今年的流量將加速。

I think it's important to remember that some of the capital raised for OHA in 2023 was for distressed and deployment is trigger-based. So that only will go into flows as it's deployed. But if you look at the underlying performance of OHA strategies, it's very strong. If you look at our pipeline, it's healthy and as strong as it's been since we closed the deal in private credit in particular, and OHA is in the market launching OLEND, which is a dedicated senior private lending fund, and that's a part of the market where demand has been strong. It's very early days there, but I would say initially, interest has been encouraging from seed and anchor investors.

我認為重要的是要記住，2023 年為 OHA 籌集的部分資金用於不良資產，並且部署是基於觸發的。因此，只有在部署時才會進入流程。但如果你看看 OHA 策略的基本表現，你會發現它非常強勁。如果你看看我們的管道，你會發現它很健康，而且與我們完成私人信貸交易以來一直一樣強勁，OHA 正在市場上推出 OLEND，這是一個專門的高級私人貸款基金，它是需求一直強勁的市場。現在還處於早期階段，但我想說，最初，種子投資者和錨定投資者的興趣一直令人鼓舞。

So collectively, when we look at the contribution from OHA in '24 and beyond, we're confident that it will build and become more substantial over the course of this year and years to come.

因此，總的來說，當我們審視 OHA 在 24 年及以後的貢獻時，我們相信它將在今年和未來幾年內不斷發展並變得更加實質。

Our next question comes from the line of Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的克雷格·西根塔勒 (Craig Siegenthaler)。

My question is on the fixed income flows, which inflected negatively in the quarter. So some of that, I think, was seasonal and related to tax loss harvesting, so not reoccurring, but how should we think about the forward trajectory, especially given the potential for industry rebalancings and duration extensions with Fed rate cuts around the corner and also record money market AUM on the sidelines?

我的問題是關於固定收益流量，該流量在本季出現負面影響。因此，我認為其中一些是季節性的，與稅收損失收穫有關，因此不會再次發生，但我們應該如何考慮未來的軌跡，特別是考慮到行業再平衡和期限延長的潛力，美聯儲降息即將到來，而且創紀錄的貨幣市場資產管理規模處於觀望狀態？

Yes, Craig, thank you for the question. I think we do anticipate that as some of that money comes off the sidelines that it will look to fixed income given higher rates and better potential for absolute return. I think -- look, I think we're underestimated in terms of our fixed income capabilities. We have a strong fixed income team and a global platform with a number of strategies with good results across plus sectors and in the core, including Global Multi-Sector and QM Bond. We're also very focused on launching new vehicles and deepening our go-to-market and sales capabilities in fixed income. With higher rates, offering more attractive total returns, we intend to compete aggressively.

是的，克雷格，謝謝你的提問。我認為我們確實預計，隨著其中一些資金脫離場外，考慮到更高的利率和更好的絕對回報潛力，它將尋求固定收益。我認為——看，我認為我們的固定收益能力被低估了。我們擁有強大的固定收益團隊和全球平台，其中包括全球多部門和 QM 債券等多項策略，在多個領域和核心領域都取得了良好的成果。我們也非常注重推出新車並深化我們在固定收益領域的上市和銷售能力。憑藉更高的利率，提供更具吸引力的總回報，我們打算積極競爭。

Specifically, as it relates to Q4 flows, much of what you saw was a sizable redemption in a short duration strategy, and I wouldn't consider that to be predictive of flows going forward. We also have a pretty meaningful stable value and floating rate franchise, which really benefited from the rate environment as people wanted to be short duration and rates were rising in 2022, and we saw the other side of that a little bit in 2023. But as I think about our potential in fixed income, it's an area where we are making investments, and we are intent on growing going forward.

具體來說，由於它與第四季度的流量相關，您看到的大部分都是短期策略中的大規模贖回，我不認為這可以預測未來的流量。我們也擁有相當有意義的穩定價值和浮動利率特許經營權，這確實受益於利率環境，因為人們希望短期存續，並且 2022 年利率上升，而我們在 2023 年看到了另一面。我認為我們在固定收益方面的潛力，這是我們正在投資的領域，我們致力於未來的成長。

I would just -- I would just simply add, I think Rob covered it well. Arif Husain, who is leading our fixed income team is highly motivated. The team is highly motivated to really emphasize to the market broadly, our capabilities, and I think have put together a plan to do that. And as Rob mentioned, the sectors where I think we have a very strong performance. I would just add to that, to the extent that taxes come back into view for folks as the year winds on, our municipal team is also very strong, and we have some interesting product in that area as well.

我只是——我只是簡單地補充一下，我認為羅布講得很好。領導我們固定收益團隊的阿里夫·侯賽因 (Arif Husain) 幹勁十足。團隊非常積極地向市場廣泛強調我們的能力，我認為已經制定了一個計劃來做到這一點。正如羅布所提到的，我認為我們在這些領域表現非常強勁。我想補充一點，隨著時間的推移，稅收重新回到人們的視野中，我們的市政團隊也非常強大，我們在該領域也有一些有趣的產品。

Our next question comes from the line of Kenneth Worthington with JPMorgan.

我們的下一個問題來自摩根大通的肯尼斯‧沃辛頓。

Investors domiciled outside the U.S. account for, I think, 8.6% of your business today. Where do you expect that to go -- I'm sorry, first, what portion of your resources are focused outside the U.S.?

我認為，目前居住在美國境外的投資者佔你們業務的 8.6%。您希望這會去哪裡 - 抱歉，首先，您的資源的哪一部分集中在美國以外？

Second, you announced some management changes on the non-U.S. side of the business. Can you flesh out the opportunity there and what you hope the new managers will accomplish? And third, what do you expect for growth in the non-U.S. business versus the U.S over the intermediate term?

其次，你們宣布了一些非美國業務方面的管理層變動。您能否具體說明那裡的機會以及您希望新經理能夠實現的目標？第三，您對中期內非美國業務相對於美國業務的成長有何預期？

Ken, one more time. The last question was relative growth in EMEA and APAC versus U.S. What were the other 2?

肯，再來一次。最後一個問題是歐洲、中東和非洲和亞太地區與美國的相對成長。另外兩個是什麼？

Yes. The first is what portion of your resources are focused on the non-U.S. business. And you announced some management changes to the non-U.S. business, I think, earlier this week or late last week. What are the opportunities you want those new managers to focus on?

是的。第一個是您的資源的哪一部分專注於非美國業務。我認為，您在本週早些時候或上週晚些時候宣布了對非美國業務的一些管理層變動。您希望新經理關注哪些機會？

Yes -- from -- I'll take the last one first. We expect relative growth outside of the U.S. to be greater than what it is in the U.S. But the arithmetic of that is not that challenging, given that we have a relatively small base from which that we would need to grow off of. We have a number of focus markets outside of the U.S. both in Asia Pacific and EMEA, and those are the areas where we're really concentrating our resources. Japan, Australia, Germany, Italy, the U.K. and Canada. And we would expect each of those markets to meaningfully outgrow the U.S. over the course of the next several years.

是的——來自——我先拿最後一個。我們預計美國以外地區的相對成長將高於美國國內的相對成長，但考慮到我們需要成長的基礎相對較小，因此計算起來並不那麼具有挑戰性。我們在美國以外的亞太地區和歐洲、中東和非洲地區擁有許多重點市場，這些是我們真正集中資源的領域。日本、澳洲、德國、義大利、英國和加拿大。我們預計這些市場在未來幾年內的成長將顯著超過美國。

In fact, I would say, if you were to look at our flow trends before 2023, we had positive contribution reasonably consistently I think in each year over the last many years from APAC, and I think you'd have to go back a couple of years, but we had several years of positive contribution from EMEA before 2021.

事實上，我想說，如果你要看看 2023 年之前我們的流量趨勢，我認為在過去的許多年裡，亞太地區每年都做出了相當一致的積極貢獻，而且我認為你必須回顧一下但在2021 年之前，歐洲、中東和非洲地區已經為我們做出了數年的積極貢獻。

In terms of the resources outside of the U.S. I think it's important first to realize that some of those are decked against global investment strategies. So not all of them are specific to AUM raised outside of the U.S. But we have roundly 8,000 associates and about 1,300 of those associates are domiciled outside of the U.S. Again, a number of those people are investment professionals that we are leveraging for global and multiregional strategies. So I think if you're thinking about the profitability of those regions that may not be -- the associated account may not be the right way to look at it.

就美國以外的資源而言，我認為首先要認識到其中一些資源不利於全球投資策略。因此，並非所有這些人都專門針對在美國境外籌集的AUM。但我們有大約8,000 名員工，其中約1,300 名員工居住在美國境外。同樣，其中許多人都是投資專業人士，我們正在利用他們進行全球和多區域業務策略。所以我認為，如果你正在考慮這些地區的獲利能力，那麼關聯帳戶可能不是正確的看待方式。

What I will say is that we are profitable, if you look at our EMEA and our APAC businesses and you look at the revenue from clients domiciled there, and you deck direct expenses and allocate some other meaningful expenses against those. We are profitable in those areas. And I also think that we've built ahead. So those are areas where we can get some very meaningful leverage off of the existing investments that we've made in distribution as well as the global investment platform that we've developed.

我要說的是，如果你看看我們的歐洲、中東和非洲和亞太地區業務，看看居住在那裡的客戶的收入，然後你計算直接費用並根據這些費用分配一些其他有意義的費用，我們是盈利的。我們在這些領域是獲利的。我還認為我們已經取得了進展。因此，在這些領域，我們可以從我們在分銷方面進行的現有投資以及我們開發的全球投資平台中獲得一些非常有意義的槓桿作用。

Our next question comes from the line of Brennan Hawken with UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。

Jennifer, I know you said that the fee rate ex the performance fee would be flat quarter-over-quarter. But is it possible to quantify that impact in dollars? And is it right that those performance fees come from SMAs within OHA, and should we think about that just happening in the fourth quarter from time to time?

詹妮弗，我知道你說過，除績效費外的費用率將環比持平。但是否可以用美元來量化這種影響？這些績效費用來自 OHA 內的 SMA 是否正確？我們是否應該考慮一下第四季時不時發生的情況？

So I think the number I've given in the commentary -- thanks, Brennan, for the question, was $25 million was the amount for Q4. And as you know, OHA has a number of performance-based fees. These are the ones specifically that crystallize in year. And yes, that's typically the kind of accounts it would be. And yes, most of those happened during the fourth quarter, but they can happen through the year.

所以我認為我在評論中給出的數字 - 謝謝布倫南提出的問題，2500 萬美元是第四季度的金額。如您所知，OHA 有多種基於績效的費用。這些是在年份中具體結晶的。是的，這就是典型的帳戶類型。是的，其中大部分發生在第四季度，但也可能發生在全年。

And our next question comes from the line of Alexander Blostein with Goldman Sachs.

我們的下一個問題來自高盛的亞歷山大‧布洛斯坦 (Alexander Blostein)。

I was hoping you could expand on your buyback commentary, seeing a bit of a pickup, I guess, in the fourth quarter, and I think you alluded to remaining active on share repurchases so far in the first quarter. Given T. Rowe's robust balance sheet and obviously strong cash flow generation, can you just kind of help us frame what the buyback opportunity is for 2024?

我希望你能詳細闡述你的回購評論，我想在第四季度會看到一些回升，而且我認為你提到在第一季迄今為止仍然積極進行股票回購。鑑於 T. Rowe 穩健的資產負債表和明顯強勁的現金流生成，您能否幫助我們了解 2024 年的回購機會是什麼？

Sure. Our priorities with regard to capital allocation haven't changed. We want to first and foremost, invest in the company; second, protect and raise the regular dividend and put ourselves in a position to have the flexibility to make appropriate acquisitions as the opportunities present themselves. But we also kind of generate a lot of cash flow and historically have been opportunistic with regard to our share repurchase.

當然。我們在資本配置方面的優先事項並沒有改變。我們首先要投資的是公司；第二，保護和提高定期股息，使我們能夠靈活地在機會出現時進行適當的收購。但我們也產生了大量現金流，而且從歷史上看，我們在股票回購方面一直是機會主義的。

I'd say what has changed the margin last year was that the buyback was more muted given lower free cash flow after the dividend. I think if you think about the order of magnitude for potential over the course of 2024 based on our planning, it's not going to go back to the $1 billion a year or the levels that you saw in years before 2023. But I think we will be opportunistic, and we'll take advantage of opportunities in the marketplace to repurchase shares. And over time, I have an objective of taking the share count lower.

我想說，去年利潤率改變的原因是，鑑於股利後自由現金流較低，回購更加溫和。我認為，如果你根據我們的規劃考慮 2024 年潛力的數量級，它不會回到每年 10 億美元或 2023 年之前的水平。但我認為我們會機會主義，我們將利用市場上的機會回購股票。隨著時間的推移，我的目標是減少股票數量。

So I think you could think about the levels of 2023 as a base case, but there are a lot of contingencies and Alex, there could be quite a bit of variability around that. And as you note, we do have a strong balance sheet and kind of given the right opportunity, we certainly would have the potential to outspend cash flow, but that's on our base case.

因此，我認為您可以將 2023 年的水平視為基本情況，但存在很多意外情況，Alex，這方面可能存在相當大的變化。正如您所指出的，我們確實擁有強大的資產負債表，如果有合適的機會，我們當然有可能超出現金流，但這是我們的基本情況。

Our next question comes from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題來自邁克爾·賽普里斯 (Michael Cyprys) 與摩根士丹利 (Morgan Stanley) 的對話。

Great. Just wanted to come back to your commentary on the Retiree Inc. acquisition. I was hoping you could maybe elaborate a bit on the strategic rationale, the opportunity set you see there, how you see this helping enhance the growth profile of T. Rowe. And then more broadly, if you could just comment on how you're thinking about M&A at this point where it could be most additive to T. Rowe.

偉大的。只是想回到您對 Retiree Inc. 收購的評論。我希望您能詳細說明策略原理、您在那裡看到的機會，以及您如何看待這有助於提高 T. Rowe 的成長狀況。更廣泛地說，如果您能評論一下您目前對併購的看法，這對 T. Rowe 來說可能是最有幫助的。

Yes. Specifically, as it relates to Retiree, they have a set of proprietary algorithms that help retirement investors make the transition from accumulation to decumulation and look at optimizing social security elections as well as which assets to liquidate first and when to take withdrawals from your tax deferred retirement investments.

是的。具體來說，與退休人員相關的是，他們擁有一套專有演算法，可以幫助退休投資者從累積過渡到遞減，並考慮優化社會安全選擇以及首先清算哪些資產以及何時從遞延稅金中提取資金退休投資。

We showed a slide in the supplement with regard to the portion of our AUM that are in defined contribution plans as well as retirement-related overall. And if you think about our individual investor business, one of our strategic initiatives is retirement advisory services. So for our advisory capabilities to be able to incorporate differentiated guidance with regard to how to most tax efficiently support your lifestyle and cash flow needs in retirement, that's value add. And that's really where we've rolled it out initially.

我們在補充資料中展示了一張關於我們的資產管理規模中固定繳款計劃以及與退休相關的總體部分的幻燈片。如果您考慮我們的個人投資者業務，我們的策略舉措之一就是退休諮詢服務。因此，我們的諮詢能力能夠就如何最有效地稅收支持您的生活方式和退休後的現金流需求提供差異化的指導，這就是增值。這確實是我們最初推出的地方。

Longer term, we see a tremendous amount of opportunity to incorporate it into, for instance, our record-keeping offerings to differentiate the offering for plan sponsors and participants. But also, I think we have a meaningful potential to partner with people in the wealth channel with our intermediary partners. So I think it's very early days for us exploring kind of what the potential is.

從長遠來看，我們看到了巨大的機會將其納入我們的記錄保存產品中，以區分計劃發起人和參與者的產品。而且，我認為我們具有與財富管道中的人們以及我們的中介合作夥伴合作的巨大潛力。所以我認為我們現在探索潛力還為時過早。

In terms of our approach to M&A, it's still the same. We're looking for things that add capabilities that make us more important to our clients and that fits strategically and culturally and make financial sense.

就我們的併購方式而言，仍然是一樣的。我們正在尋找能夠增加功能的東西，使我們對客戶更重要，並且符合策略和文化並具有財務意義。

Thank you. I'm currently showing no further questions at this time. I'd like to hand the conference back over to Mr. Sharps for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我想把會議交還給夏普斯先生做閉幕詞。

All right. Very good. Thank you. Well, thank you all for joining us today and for your interest in T. Rowe Price. As I said at the outset, '23 was a challenging year for us, but we also made a lot of progress, better investment performance, a lot of advancement with regard to our strategic work to position us for future growth, and that's beginning to translate into results that give us some confidence that we do see better days ahead and have the potential to continue to deliver great value for clients, associates and shareholders. So again, thank you, and good day.

好的。非常好。謝謝。好的，感謝大家今天加入我們並感謝您對 T. Rowe Price 的興趣。正如我一開始所說的那樣，23 年對我們來說是充滿挑戰的一年，但我們也取得了很多進步，投資業績更好，在我們的策略工作方面取得了很大進步，為我們未來的成長做好了準備，而且這已經開始轉化為結果讓我們有信心，我們確實會看到更好的日子，並有潛力繼續為客戶、員工和股東創造巨大價值。再次感謝您，祝您有美好的一天。

This concludes today's conference call. You may now disconnect. Thank you for your participation. Everyone, have a wonderful day.

今天的電話會議到此結束。您現在可以斷開連線。感謝您的參與。祝大家有美好的一天。