普信集團 (TROW) 2025 Q4 法說會逐字稿

Good morning. My name is Daniel, and I will be your conference facilitator today. Welcome to T. Rowe Price's fourth quarter 2025 earnings conference call. (Operator Instructions)

早安.我叫丹尼爾，今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 2025 年第四季財報電話會議。（操作說明）

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

提醒各位，本次電話會議正在錄音，會議結束後不久即可在 T. Rowe Price 的網站上回放。現在我將把電話交給 T. Rowe Price 的投資者關係總監 Linsley Carruth。

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 Chair CEO and President; Rob Sharps and CFO, Jen Dardis, will discuss the company's results for about 15 minutes. Then we'll open it up to your questions. at which time we'll be joined by our Head of Global Investments, Eric Veiel. We ask that you limit it to one question per participant.

大家好，感謝各位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。今天的電話會議將持續約 45 分鐘。我們的董事長兼執行長兼總裁羅伯夏普斯和財務長珍達迪斯將討論公司業績約 15 分鐘。接下來我們將進入問答環節，屆時我們的全球投資主管艾瑞克維爾也將加入我們。我們要求每位參與者只能提一個問題。

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. Discussions related to the funds is intended to demonstrate their contribution to the organization's results and are not recommendations.

我想提醒各位，在本次電話會議期間，我們可能會做出一些前瞻性陳述，並提及某些非GAAP財務指標。請參閱補充資料中的前瞻性聲明語言以及與 GAAP 的調節表以及我們的新聞稿。與資金相關的討論旨在說明這些資金對組織成果的貢獻，而不是提出建議。

All investment performance references to peer groups on today's call are using Morningstar peer groups and for the quarter that ended December 31, 2025. Now I'll turn it over to Rob.

今天電話會議上所有關於投資績效與同業群體的比較均採用晨星同業群體數據，並截至 2025 年 12 月 31 日的季度。現在我把麥克風交給羅布。

Thank you, Linsley, and thank you all for joining today's call. 2025 brought the third straight year of strong global market returns, though it remains a narrow market dominated by a handful of mega cap stocks and with riskier names, outperforming quality and value. While this market growth served as a tailwind for our assets under management and investment advisory revenue, it was not an environment that was highly conducive to fundamental research, active management and long-term investing. But we did see some evidence of the market broadening in the fourth quarter, which would be a positive for fundamental research-driven active management.

謝謝林斯利，也謝謝各位參加今天的電話會議。 2025年是全球市場連續第三年強勁上漲，儘管市場仍然狹窄，由少數幾家市值龐大的公司主導，風險較高的股票表現優於優質價值股。雖然市場成長對我們的資產管理規模和投資諮詢收入起到了推動作用，但這種環境並不十分有利於基本面研究、積極管理和長期投資。但我們確實看到第四季市場有所擴張的跡象，這對以基本面研究為驅動的主動管理來說是一個好消息。

We closed the year with $1.78 trillion in assets under management, up over 10% from the start of the year despite $56.9 billion in net outflows. Net outflows were concentrated in our equity and mutual fund business with $75 billion of net outflows from equity and on a vehicle basis, almost $64 billion for mutual funds in 2025. Importantly, we saw an increase in gross sales which were higher than 2024 and up over 40% from 2023.

儘管淨流出資金達 569 億美元，但我們年底的資產管理規模仍達到 1.78 兆美元，比年初成長超過 10%。淨流出主要集中在我們的股票和共同基金業務，2025 年股票淨流出 750 億美元，以基金類型計算，共同基金淨流出近 640 億美元。重要的是，我們看到總銷售額有所成長，高於 2024 年的預期，比 2023 年成長超過 40%。

Offsetting these higher gross sales were redemptions that were greater than anticipated and were driven by performance shortfalls in certain strategies and from portfolio rebalancing due to elevated equity markets. We generated over $2 billion of free cash flow in 2025 and returned nearly $1.8 billion of cash to our stockholders.

抵銷這些較高總銷售額的是超出預期的贖回，贖回是由於某些策略的績效不佳以及由於股票市場高企而進行的投資組合再平衡所致。我們在 2025 年產生了超過 20 億美元的自由現金流，並向股東返還了近 18 億美元的現金。

We also extended our long history of increasing our regular dividend, marking our 39th consecutive year of increases since our IPO in 1986. We are building momentum across our strategic initiatives. I remain confident in our plan and our people, and I look forward to what's ahead. With that, alternative investment performance. We are seeing improvement in the performance of several key strategies and continue to have strong long-term performance across a range of strategies and asset classes.

我們也延續了提高定期股利的悠久傳統，自 1986 年 IPO 以來，我們已連續 39 年提高股利。我們的各項策略舉措正穩步推進。我對我們的計劃和團隊仍然充滿信心，並期待未來的發展。由此，另類投資表現。我們看到幾項關鍵策略的業績有所改善，並且在各種策略和資產類別中繼續保持強勁的長期業績。

While we're headed in the right direction, there remains room for further improvement. About half of our funds beat their peer groups across the time periods with 49%, 5%, 46% and 61% outperforming on the 1, 3, 5, and 10 year time periods, respectively. For the 3, 5 and 10 year time periods, asset-weighted performance is stronger with 72%, 54 and 79% of fund assets beating their peer groups for their respective periods.

雖然我們正朝著正確的方向前進，但仍有進一步改進的空間。在各個時間段內，我們約有一半的基金跑贏了同類基金，其中 49%、5%、46% 和 61% 的基金分別在 1 年、3 年、5 年和 10 年時間內跑贏了同類基金。在 3 年、5 年和 10 年的時間範圍內，資產加權表現更為強勁，分別有 72%、54% 和 79% 的基金資產在各自的時期內跑贏了同類基金。

For the one year time period, of fund assets beat their peer groups. On an asset-weighted basis, over half of our equity funds beat their peer groups on a three and five year basis and over 70% beat their peers for the 10-year time period. Fixed Income continued to deliver strong performance with over 75% of fund assets beating their peer groups across the 1, 3, 5- and 10 year time periods. Long-term performance in our Target Date franchise remained strong, with 81%, 55% and 98% of fund assets outperforming the 3-, 5- and 10-year time periods, respectively.

在過去一年中，該基金的資產表現優於同類型基金。以資產加權計算，我們超過一半的股票基金在三年和五年內跑贏了同類基金，超過 70% 的股票基金在十年內跑贏了同類基金。固定收益產品持續保持強勁表現，超過 75% 的基金資產在 1 年、3 年、5 年和 10 年的時間內均跑贏同類產品。我們的目標日期基金系列長期表現依然強勁，分別有 81%、55% 和 98% 的基金資產在 3 年、5 年和 10 年期間的表現優於預期。

Several very strong quarters in 2020 that have been rolling off have been a recent drag on the five year performance numbers. Returns for the one year time period were weaker with 29% of fund assets outperforming peers. This was driven by a slightly lower weight to international equities than some peers and by security selection in some of the underlying portfolios, primarily in the second and third quarters of 2025.

2020 年幾個非常強勁的季度已經過去一段時間，這拖累了近五年的業績數據。一年期收益表現疲軟，僅有 29% 的基金資產跑贏同類型基金。這主要是由於國際股票的權重略低於一些同行，以及一些基礎投資組合中的證券選擇，主要是在 2025 年第二季和第三季。

Across alternatives, performance for the quarter was generally strong amid a more discerning credit backdrop. Credit selection continue to be highly effective as it successfully avoided any exposure to widely publicized frauds or failures. Beyond investment performance, in 2025, we continue to make progress on our strategic initiatives.

在其他投資標的方面，儘管信貸環境更加謹慎，但本季整體表現依然強勁。信貸篩選依然非常有效，因為它成功避免了任何廣為人知的詐欺或失敗案例。除了投資績效之外，在 2025 年，我們將繼續在策略性舉措方面取得進展。

We established a strategic collaboration with Goldman Sachs to pursue opportunities in wealth and retirement through codeveloped public private offerings and advice solutions. And in the fourth quarter, we launched the first co-branded model portfolios, including four portfolios that are now live on the [GO] wealth platform and a fit expected in the first half of 2026.

我們與高盛建立了策略合作關係，透過共同開發的公私合營產品和諮詢解決方案，尋求財富和退休領域的機會。第四季度，我們推出了首批聯名模型投資組合，其中包括四個目前已在 [GO] 財富平台上線的投資組合，預計將於 2026 年上半年完成適配。

In January, we launched one of the model series, the Goldman Sachs T. Rowe Price dynamic ETF portfolio on the Morgan Stanley platform. We extended our retirement leadership globally with a sub-advised retirement date fund series in partnership with the Japanese asset manager and two new retirement allocation funds with a strategic partner in Asia marking the first time a U.S. asset manager offered retirement-focused products to retail investors in Hong Kong and Singapore.

1 月，我們在摩根士丹利平台上推出了其中一個模型系列——高盛 T. Rowe Price 動態 ETF 投資組合。我們與日本資產管理公司合作推出了一系列子顧問退休日期基金，進一步鞏固了我們在全球退休領域的領先地位；同時，我們也與亞洲的戰略合作夥伴推出了兩隻新的退休配置基金，這標誌著美國資產管理公司首次向香港和新加坡的零售投資者提供以退休為重點的產品。

Additionally, we saw growth in the Canadian target date series we launched in 2024. We maintained our position as an industry leader in active target date solutions, building on over 20 years of product innovation and surpassing $560 billion in assets under management, across a diverse suite of solutions. We also helped clients navigate change and achieve better outcomes with the breadth of retirement solutions, including the launch of our innovative social security analyzer tool. We grew our active ETF business with the recent launch of two new active core ETFs, one focused on the U.S. and one on international. These active core strategies combine quantitative and fundamental research for alpha generation, and we believe this approach will compete effectively with passive.

此外，我們看到我們在 2024 年推出的加拿大目標日期系列也實現了成長。我們保持了在主動目標日期解決方案領域的行業領先地位，憑藉 20 多年的產品創新，管理資產規模超過 5600 億美元，涵蓋多種解決方案。我們也透過提供廣泛的退休解決方案，幫助客戶應對變化並取得更好的結果，包括推出我們創新的社會安全分析工具。我們最近推出了兩隻新的主動型核心 ETF，一隻專注於美國，一隻專注於國際，從而發展了我們的主動型 ETF 業務。這些主動核心策略結合了量化和基本面研究以產生超額收益，我們相信這種方法將有效地與被動策略競爭。

We also expanded our fixed income ETF range with three new muni strategies and on multi-sector ETF. All told, we launched 13 ETFs in 2025, bringing our total to 30, and we grew assets under management to over $21 billion at year-end. We continue to expand our alternatives business. At the start of January 2026, we had the first close for a T. Rowe Price managed private equity fund.

我們也透過三種新的市政債券策略和一隻多行業ETF擴大了固定收益ETF的產品範圍。2025 年，我們總共推出了 13 隻 ETF，使我們的 ETF 總數達到 30 只，到年底，我們的管理資產成長到超過 210 億美元。我們將繼續拓展另類投資業務。2026 年 1 月初，我們完成了由 T. Rowe Price 管理的私募股權基金的首次募集。

This strategy is a closed-end drawdown fund and seeks to create a portfolio of approximately 25 category-leading private companies. T. Rowe Price has exceptional access to late-stage private companies given our successful 18-year track record of investing over $24 billion across approximately 300 private companies. and our reputation for being thoughtful, long-term and value-added shareholders well beyond the IPO.

該策略是一個封閉式回撤基金，旨在創​​建一個由大約 25 家行業領先的私人公司組成的投資組合。鑑於 T. Rowe Price 在過去 18 年中成功投資了約 300 家私人公司，總額超過 240 億美元，並且我們以深思熟慮、著眼長遠和在 IPO 之後仍能為公司增值的股東而聞名，因此我們擁有接觸後期私營公司的絕佳渠道。

OHA enjoyed a second consecutive record fundraising year with over $16 billion of capital raising across the platform led by private lending strategies. Private credit deployment experienced a strong finish to the year, reflecting increased sponsor activity, and looking ahead, there continues to be an expectation of an acceleration in deal volume as the pipeline of pending private credit transactions remains robust.

OHA連續第二年創下籌款紀錄，透過私人貸款策略，在整個平台上籌集了超過160億美元的資金。私募信貸部署在年底取得了強勁的收官表現，反映出發起人活動的增加。展望未來，由於待處理的私募信貸交易管道依然強勁，預計交易量將進一步加速成長。

We made key organizational changes including the creation of the technology data and operations function to focus on integrating digital capabilities, data strategy and enterprise operations to accelerate execution, and the global strategy function to sharpen our strategic vision, integrate corporate development and product strategy and support our growth agenda.

我們進行了關鍵的組織變革，包括創建技術數據和營運職能部門，專注於整合數位化能力、數據策略和企業運營，以加快執行速度；以及創建全球戰略職能部門，以強化我們的戰略願景，整合企業發展和產品戰略，並支持我們的成長計劃。

We advanced our use of artificial intelligence across the firm, amplifying our investment professionals capabilities without replacing their judgment, improving the speed and personalization of client service and adopting new technologies with disciplined governance and thoughtful onboarding. The momentum we built in 2025 carried into 2026 with our announcement in January of a new strategic partnership with First Abu Dhabi Bank. Leveraging our collective strengths and capabilities, our partnership with FAB aims to deliver world-class investment solutions across public and private markets, tailored to meet the needs of investors throughout the Middle East.

我們在公司內部推進了人工智慧的應用，增強了投資專業人員的能力，但並未取代他們的判斷，提高了客戶服務的速度和個性化程度，並透過嚴格的管理和周全的引入流程採用了新技術。我們在 2025 年建立的勢頭延續到了 2026 年，我們在 1 月宣布與阿布達比第一銀行建立新的策略合作夥伴關係。憑藉我們共同的優勢和能力，我們與 FAB 的合作旨在為整個中東地區的投資者提供世界一流的公共和私人市場投資解決方案，以滿足他們的需求。

While we have had an institutional business in the Middle East for some time, this is our first strategic partnership in the region, and it reflects our commitment to growing and diversifying our business through innovative global partnerships. This partnership and all the progress we made in 2025 is a reflection of our associates' steadfast commitment to our clients, and I want to thank each of them for their dedication.

雖然我們在中東開展機構業務已有一段時間，但這是我們在該地區的第一個戰略合作夥伴關係，這體現了我們致力於透過創新的全球合作夥伴關係來發展和多元化我們的業務。這種合作關係以及我們在 2025 年取得的所有進展，都體現了我們員工對客戶的堅定承諾，我要感謝他們每一位的奉獻。

And now Jen will share an update on our financial results.

現在，Jen將為大家介紹一下我們的財務表現。

Thank you, Rob, and hello, everyone. I'll review our financial results before opening the line for Q&A. Our adjusted diluted earnings per share for Q4 2025 was $2.44, bringing full year adjusted diluted EPS to $9.72, which is up 4.2% from 2024 on higher average AUM, investment advisory revenue and lower average share count. As previously reported, we had $25.5 billion in net outflows Q4, bringing the full year to $56.9 billion. As Rob noted, in 2025, we experienced elevated redemptions from our legacy equity and mutual fund business.

謝謝你，羅布，大家好。在開放問答環節之前，我會先回顧我們的財務表現。我們 2025 年第四季的調整後稀釋每股收益為 2.44 美元，使全年調整後稀釋每股收益達到 9.72 美元，比 2024 年增長 4.2%，這主要得益於平均資產管理規模 (AUM) 增加、投資諮詢收入增加以及平均股份數量減少。正如先前報導的那樣，我們在第四季度淨流出資金為 255 億美元，使全年淨流出資金達到 569 億美元。正如羅布所指出的，2025 年，我們傳統的股票和共同基金業務的贖回量增加。

Despite these redemptions, strong equity market returns more than offset the net outflows and we ended the year with nearly $50 billion in additional equity assets under management. This trend where equity market appreciation has exceeded equity net outflows has been consistent over the past 3 years.

儘管出現了這些贖回，但強勁的股票市場回報足以抵消淨流出，到年底我們管理的股票資產增加了近 500 億美元。過去三年，股市上漲幅度超過股市淨流出的趨勢持續。

We saw encouraging momentum and signs of strength this quarter and in a few areas of our business, we ended the year with positive net flows. Fixed income and alternatives had positive net flows for the quarter and along with multi-asset, had positive net flows for the full year. Fixed income has now delivered 8 consecutive quarters of positive net flows. And our target date franchise ended the year with net inflows of $5.2 billion.

本季我們看到了令人鼓舞的發展勢頭和強勁的跡象，並且在我們的一些業務領域，我們以正淨流入結束了這一年。固定收益和另類投資在本季度實現了正淨流入，並且與多元資產一起，全年實現了正淨流入。固定收益產品已連續8季實現正淨流入。我們的目標日期業務在年底實現了 52 億美元的淨流入。

Our ETF business remains strong with $1.8 billion in net inflows during the quarter. This brings 2025 net inflows to nearly $10.5 billion. Within other investment vehicles for the full year, Trust continued to see strong net inflows in the DC channel, and we saw positive net flows to SMAs. In 2025, strong equity markets lifted the growth of our average AUM, increasing our investment advisory fees, net revenues and diluted EPS over the prior year.

我們的ETF業務依然強勁，本季淨流入資金達18億美元。這將使 2025 年淨流入資金接近 105 億美元。在其他投資工具方面，全年來看，信託基金繼續在DC通路獲得強勁的淨流入，我們看到SMA帳戶也獲得了正的淨流入。2025 年，強勁的股票市場推動了我們平均資產管理規模的成長，使我們的投資諮詢費、淨收入和稀釋後每股收益比上一年有所增加。

Our Q4 adjusted net revenue of $1.9 million raised our full year adjusted net revenue to nearly $7.4 billion, an increase of 2.8% from 2024. Our Q4 investment advisory revenue of $1.7 billion increased 2.3% from the prior quarter and 4.2% from Q4 2024, driven by higher average AUM and partially offset by a lower effective fee rate. Our full year investment advisory revenues of $6.6 billion were up 3.1% from the prior year.

我們在第四季度調整後淨收入為 190 萬美元，使全年調整後淨收入接近 74 億美元，比 2024 年增長 2.8%。我們第四季的投資諮詢收入為 17 億美元，比上一季成長 2.3%，比 2024 年第四季成長 4.2%，主要得益於平均資產管理規模 (AUM) 的增加，但部分被較低的實際收費率所抵銷。我們全年的投資諮詢收入為 66 億美元，比上年增長 3.1%。

Our Q4 annualized effective fee rate, excluding performance-based fees, was 38.8 basis points, which is down from 39.1 basis points in Q3 2025. The decline in average effective fee rate continues to be driven by changes in our asset and vehicle mix. As client demand increasingly shifts towards lower-priced vehicles and strategies, we remain focused on delivering our investment strategies in our clients' vehicles of choice, while maintaining competitive fee rates.

我們第四季的年化有效費率（不含績效費）為 38.8 個基點，低於 2025 年第三季的 39.1 個基點。平均有效費率的下降持續受到資產和工具組合變化的影響。隨著客戶需求日益轉向價格更低廉的投資工具和策略，我們將繼續專注於以客戶選擇的投資工具提供我們的投資策略，同時維持具競爭力的收費標準。

Slide 19 in the supplement illustrates the changes in our vehicle mix over the past 5 years. Over time, we've seen a growing proportion of our gross sales going to fixed income and multi-asset and to lower-priced vehicles like ETFs, trust and SMAs, while redemptions remain primarily concentrated in higher-priced equity strategies and mutual funds. These sales and redemption patterns drive the change in our asset and vehicle mix.

補充資料中的第 19 張幻燈片展示了過去 5 年我們車輛組合的變化。隨著時間的推移，我們發現總銷售額中越來越多的部分流向了固定收益和多元資產產品，以及價格較低的投資工具，如 ETF、信託和 SMA，而贖回仍然主要集中在價格較高的股票策略和共同基金上。這些銷售和贖回模式推動了我們資產和車輛組合的變化。

Performance-based fees in Q4 of $14.2 million were predominantly from alternative strategies and were up from the prior quarter, but down from Q4 2024. Full year performance-based fees of $37.4 million were down from 2024 was $59.3 million.

第四季的業績提成營收為 1,420 萬美元，主要來自另類投資策略，雖然比上一季有所成長，但比 2024 年第四季有所下降。全年績效獎金為 3,740 萬美元，低於 2024 年的 5,930 萬美元。

Turning to expenses. Q4 adjusted operating expenses were $1.2 billion, bringing 2025 adjusted operating expenses, excluding carried interest expense to $4.6 billion, which is up 3.4% from 2024 $4.46 billion, and within the previously provided guidance of 2% to 4%.

接下來談談費用。第四季調整後的營運支出為 12 億美元，使得 2025 年調整後的營運支出（不包括附帶權益支出）達到 46 億美元，比 2024 年的 44.6 億美元成長 3.4%，符合先前提供的 2% 至 4% 的指導範圍。

Based on normal market conditions and assets at the end of 2025, we anticipate 2026 adjusted operating expenses, excluding carried interest expense, will be up 3% to 6% over 2025 $4.6 million. This range includes our ongoing expense management program that allows us to continue investing in growth areas of the market.

根據 2025 年底的正常市場狀況和資產狀況，我們預計 2026 年調整後的營運費用（不包括附帶權益費用）將比 2025 年增加 3% 至 6%，達到 460 萬美元。該範圍包括我們持續的費用管理計劃，使我們能夠繼續投資於市場成長領域。

We remain committed to maintaining a strong cash position and returning capital to stockholders. During Q4, we bought back $141 million worth of shares, bringing buyback for 2025 to $624.6 million or 2.8% of our shares outstanding. We closed the year with a strong balance sheet, holding $3.8 billion of cash and discretionary investments, up $735 million from the start of the year.

我們將繼續致力於保持強勁的現金流，並將資本返還給股東。第四季度，我們回購了價值 1.41 億美元的股票，使 2025 年的股票回購總額達到 6.246 億美元，占我們已發行股份的 2.8%。我們以強勁的資產負債表結束了這一年，持有 38 億美元的現金和可自由支配的投資，比年初增加了 7.35 億美元。

This allows us to support our recurring dividend while preserving the ability to pursue opportunistic acquisitions or partnerships and execute share buybacks. Our long-term approach to managing our business enables us to invest strategically in areas that strengthen our capabilities and drive meaningful results for our clients.

這使我們能夠在維持經常性股利的同時，保留進行機會性收購或合作以及執行股票回購的能力。我們採取長期經營策略，使我們能夠對能夠增強自身能力並為客戶帶來實際成果的領域進行策略性投資。

Combined with our continued focus on prudent expense oversight, we remain well positioned to navigate changing market cycles and evolving trends. And now we will open the line for Q&A.

結合我們持續對審慎費用控制的重視，我們仍然能夠很好地應對不斷變化的市場週期和發展趨勢。現在我們將開放問答環節。

(Operator Instructions) Alexander Blostein, Goldman Sachs.

（操作說明）亞歷山大·布洛斯坦，高盛。

So maybe starting with just a question around how you guys are planning from an operating perspective for 2026. I heard this expense guidance. So maybe just remind us the ability to flex up or down in the embedded the environment for equities is maybe flattish for the year. I just want to understand the key assumptions there. And then bigger picture, when you guys zoom out, obviously, the overall margins remain relatively healthy, but below what you guys have been in the past with prospects of organic base growth still somewhat challenged.

那麼，或許可以先問一個關於你們在 2026 年的營運規劃的問題。我聽說了這項費用指引。所以，或許應該提醒我們，在目前股票市場環境下，股價上下波動的能力可能會比較有限，今年的市場環境可能比較穩定。我只是想了解其中的關鍵假設。從更宏觀的角度來看，當你們把目光放長遠時，顯然，整體利潤率仍然相對健康，但低於你們過去的水平，而且有機增長的前景仍然受到一定挑戰。

How do you guys think about the margins for our price in totality kind of over the medium term over the next couple of years?

你們覺得未來幾年，我們產品的整體價格在中期的利潤率如何？

Yes, Alex, thank you for the question. The biggest factor in any single year on our operating margin is equity market return. As we've discussed in the past, there's a portion of our expense base, about 1/3 of it that's variable. But the biggest driver of our revenue is equity market returns. That said, we understand the dynamic of the revenue outlook with regard to flow and fee pressure.

是的，Alex，謝謝你的提問。每年影響我們營業利益率的最大因素是股票市場報酬。正如我們之前討論過的，我們的支出基礎中有一部分（大約三分之一）是可變的。但我們收入的最大驅動力是股票市場回報。也就是說，我們了解流量和費用壓力對收入前景的影響。

And we're going to need to balance going forward. investing to position ourselves for success long term and ensuring that we have world-class talent with a commitment to being a highly efficient organization with an ongoing focus on productivity. So we have a number of initiatives to drive cost savings to fund those investments.

展望未來，我們需要在投資、為長期成功做好準備以及確保擁有世界一流人才、致力於成為高效組織並持續關註生產力之間取得平衡。因此，我們採取了一系列措施來節省成本，為這些投資提供資金。

But I'm really not going to comment on what I think the margin profile will look like over time because, as I said, the market return has such a significant influence on that.

但我真的不想評論隨著時間的推移，利潤率趨勢會如何變化，因為正如我所說，市場回報對此有著非常大的影響。

And maybe if I can talk specifically about expenses and the guide for 2026. We had talked last time about the two-third of our controllable expenses that we were managing towards low single-digit growth that's included in this plan. And as Rob mentioned, that's a balance of cost savings efforts and also earmarking funds to be able to invest in some of our growth areas, new vehicles such as ETFs, SMAs, models, in alternatives and in our partnerships where we're introducing new products and also in things like ---

或許我可以具體談談費用以及 2026 年的指導方針。上次我們討論過，我們正在努力將可控支出的三分之二控制在個位數低成長水平，這已納入該計劃。正如羅布所提到的，這需要在節約成本和撥出專款投資於一些成長領域之間取得平衡，例如ETF、SMA、模型等新工具，以及另類投資和合作夥伴關係，在這些合作關係中，我們正在推出新產品，以及其他方面。---

And then if you look at our market-driven expenses, that's what's driving it slightly higher into the range. And it's really two big drivers there. One is on what we call distribution expenses. That's things like ---, trailer fees or revenue share those increase with assets under management as opposed to revenue, and we saw tailwinds in growth in AUM at the end of the year, and we have our normal market growth assumptions, kind of moderate equity market growth in 2026 as well as modest fixed income growth.

然後，如果你看一下我們受市場因素影響的費用，你會發現正是這些費用推高了價格區間。實際上，這主要有兩個驅動因素。其中一項是所謂的配送費用。例如——，拖吊費或收入分成，這些費用會隨著管理資產規模的成長而增加，而不是隨著收入的成長而增加。我們在年底看到了管理資產規模成長的順風，我們對市場成長也有著正常的預期，即2026年股票市場將溫和成長，固定收益也將適度成長。

The second thing that's within there is our year-end compensation. And again, that generally runs with revenue, but there are some accounting implications from our LTI program that are driving that a little higher this year.

第二項內容是我們的年終薪酬。而且，這通常與收入有關，但我們的長期激勵計劃的一些會計影響使得今年的收入略有上升。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

More of a longer-term question for you just on tokenization. Just curious if you could just talk a little bit about how you're experimenting with tokenization and blockchain. Where do you see some of the most compelling use cases and value to be unlocked. I'm curious how you see this all playing out over the next 12, 24 months versus longer term? And where might there be scope for differentiation?

關於代幣化，這更像是一個需要長期考慮的問題。我只是好奇您能否簡單談談您是如何嘗試使用代幣化和區塊鏈的。您認為哪些方面最能激發用戶興趣，最有價值？我很想知道您如何看待這件事在未來12個月、24個月以及更長遠的時間裡的發展趨勢？那麼，哪些方面可能存在差異化空間呢？

Michael, it's Eric. I'll take that one. We're -- first of all, we've been investing in our digitization capabilities going back to '22 when we first brought on a team and have built it out internally to develop expertise in this area. We think about it along three different vectors. First, there is an efficiency opportunity within tokenization for middle and back office savings that I think could be consequential in time.

邁克爾，我是埃里克。我選那個。首先，我們從 2022 年就開始投資數位化能力，當時我們組建了第一個團隊，並在內部不斷建設，以發展這方面的專業知識。我們可以從三個不同的角度來考慮這個問題。首先，代幣化為中後台營運帶來了效率提升的機會，我認為這在一段時間內可能會產生重大影響。

There's a product opportunity as you move more traditional finance assets on chain. You open up opportunity to accelerate some of the trends that we're seeing, whether that's the convergence of public and private, whether it's fractionalization or mass customization, and then there's a distribution opportunity. It opens up a new generation of investors who are native to mobile and crypto. We're working on all three of those. I would say on the efficiency front within investments, we're doing a lot of work on end-to-end processes that we think will really impact over time from a cost savings perspective, our middle and back office and potentially even some front-office opportunity.

隨著更多傳統金融資產在鏈上轉移，產品市場出現了機會。你為加速我們看到的一些趨勢創造了機會，無論是公私融合，還是碎片化或大規模定制，然後還有分銷的機會。它為新一代投資者敞開了大門，這些投資者天生就熟悉行動端和加密貨幣。我們正在努力完成這三件事。就投資效率而言，我們正在對端到端流程進行大量改進，我們認為從長遠來看，這些改進將真正從成本節約的角度影響我們的中後台，甚至可能影響一些前台業務。

On the product side, we've already talked about how we've registered with the SEC, our active crypto ETF that we hope to have in market in '26 that will use a blend of fundamental and quantitative analysis to bring a multi token ETF to a market. And then on the distribution side, I think that's a more open opportunity for us, and we'll explore everything from partnerships to de novo builds.

在產品方面，我們已經討論過我們如何向美國證券交易委員會註冊，以及我們希望在 2026 年推出的主動型加密貨幣 ETF，該 ETF 將結合基本面分析和量化分析，將多代幣 ETF 推向市場。至於分銷方面，我認為這對我們來說是一個更開放的機會，我們將探索從合作到全新開發的各種可能性。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

My question is on the update on the potential migration of private into the 401(k) channel. So we should be getting the DOL update shortly, maybe not this month as planned due to the government shutdown. But how do you think this plays out across the industry with single partnerships or multi-partner models, and also, where is T. Rowe Price on the product launch front with your new Goldman Sachs partnership, which will also include some OHA and credit?

我的問題是關於私人資產可能遷移到 401(k) 管道的最新進展。所以我們應該很快就能收到勞工部的最新消息，但由於政府停擺，可能不會像原計劃那樣在本月發布。但您認為這種模式在整個產業中，無論是單一合作夥伴還是多合作夥伴模式，將會如何發展？此外，T. Rowe Price 與高盛的新合作關係，以及其中還將包括一些 OHA 和信貸產品，在產品發布方面進展如何？

Yes, Craig, thank you for the question. So not a lot new since we've commented on this in the last few calls. Our multi-asset team has really researched the investment case for -- including private market alternatives and defined contribution solutions, including target date funds. And they believe that the investment case is strong. That said, there is a mixed view among planned sponsors based on lack of clarity with regard to fiduciary risk, and change, just kind of not only around fee but also around liquidity.

是的，克雷格，謝謝你的提問。所以，由於我們在最近幾次電話會議中已經討論過這個問題，所以並沒有太多新內容。我們的多元資產團隊對投資案例進行了深入研究，包括私募市場替代方案和固定繳款解決方案，包括目標日期基金。他們認為這項投資理由充分。也就是說，由於對受託風險缺乏清晰的認識，計劃發起人對此看法不一，而且這種變化不僅圍繞費用，也圍繞流動性。

And it's a dynamic ultimately that we're going to need to navigate.

而這最終是我們都需要應對的動態變化。

As you said, the DOL comments are due to come back from the OMB. There'll be a public comment period. We may not get real clarity on what the ultimate guidance looks like for several months. What we want to do is have a flexible approach that's responsive to our clients' interest. So with regard to the specific question about the Goldman Sachs T.

正如你所說，勞工部的意見還需要白宮管理和預算辦公室的回應。將設立公眾意見徵詢期。可能要幾個月後，我們才能真正清楚地了解最終的指導方針是什麼。我們希望採取靈活的方式，回應客戶的需求。所以，關於高盛T.的具體問題，

Rowe Price retirement date offering, we continue to work on product design and plan to have the offering in market in -- around midyear this year. We think there's a segment of the market that will be early adopters and kind of ultimately kind of feel that interest could grow. But my sense is that penetration of the overall opportunity set will evolve relatively slowly and won't be substantial for some period of time.

Rowe Price 退休紀念版產品，我們將繼續進行產品設計，並計劃在今年年中左右將產品推向市場。我們認為，市場中有一部分人會成為早期採用者，最終會覺得這種興趣可能會成長。但我的感覺是，整體機會集的滲透率將發展得相對緩慢，並且在一段時間內不會有實質的提高。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

I wanted to talk about the Target Date business. You showed some outflows in the fourth quarter, something we haven't seen in a few years. So I wanted to get a little bit more context around the momentum and/or outlook for that business as we think about 2026, whether that's kind of backlog, kind of new win opportunities and/or losses that might be within the periphery as of now.

我想談談目標日期業務。你們在第四季出現了一些資金外流，這是我們幾年來都沒有見過的情況。因此，我想進一步了解該業務的發展勢頭和/或前景，因為我們要展望 2026 年，無論是積壓訂單、新的獲勝機會，還是目前可能的損失。

Yes, Dan, thanks for the question. And if I may, maybe I'll take the opportunity to zoom out and talk about flows more broadly and then drill down on the target date business. Flows in the fourth quarter were meaningfully softer than we anticipated, especially in the month of December. The weakness was largely driven by equities with particular pressure in growth equity portfolios driven by a handful of institutional losses and some rebalancing given the robust equity market returns in 2025. But as you cite, outflows in the retirement date funds, which are not necessarily unusual for the month of December, but are unusual for the full fourth quarter were also a factor.

是的，丹，謝謝你的提問。如果可以的話，我想藉此機會從宏觀角度談談流程，然後再深入探討目標日期業務。第四季的資金流動明顯低於我們的預期，尤其是在 12 月。疲軟主要由股票市場驅動，成長型股票投資組合尤其承壓，原因是少數機構投資者蒙受損失，以及考慮到 2025 年股市強勁回報而進行的一些再平衡操作。但正如您所提到的，退休基金的資金流出也是一個因素，這在 12 月並不一定不尋常，但在整個第四季度卻很不尋常。

About one-third of the Q4 retirement date outflows were driven by M&A activity where our client was acquired and the plans were consolidated and we ended up losing the mandate. We also lost a handful of lumpy or larger mandates that weren't M&A related. But if you look at the broader trend, I think what you see is that fully active target date funds are losing share to passive and blend. Given our position as the largest fully active target date fund manager, that's going to be a headwind for us.

第四季退休金流出約有三分之一是由併購活動造成的，我們的客戶被收購，計劃被合併，最終我們失去了委託。我們也失去了一些與併購無關的、規模較大的委託項目。但從更廣泛的趨勢來看，我認為你會發現，完全主動目標日期基金的市場份額正在被被動型和混合型基金蠶食。鑑於我們是規模最大的全主動目標日期基金管理公司，這對我們來說是一個不利因素。

On the positive side, I think we're really well positioned to mitigate or offset that headwind with our very strong blend and hybrid offerings, which incorporate a component of passive. The blend area is the fastest-growing category within target date. It's actually growing faster than passive. And T. Rowe Price is gaining market share in the blend category.

從積極的方面來看，我認為我們憑藉非常強大的混合型和混合型產品（其中包含被動式成分），完全有能力減輕或抵消這種不利因素。在目標日期內，混合領域是成長最快的類別。實際上，它的成長速度比被動收入還要快。T. Rowe Price 在混合型產品類別中正在獲得市場份額。

So we believe that we'll continue to grow our retirement date franchise going forward. Whether or not that growth is consistent with the levels that it's been in the past, I think, to some extent, will depend on the intensity of the shift away from active and our ability to capture a portion of that with our blend and hybrid offering, but also to grow and gain market share from a new dollar perspective within that category.

因此，我們相信我們的退休日期服務業務未來會繼續發展壯大。這種成長是否能與過去的水準保持一致，我認為在某種程度上取決於主動型投資的轉變強度，以及我們能否透過混合型產品抓住其中的一部分市場，同時也要從新的美元角度看待這一類別，從而實現成長並獲得市場份額。

Just as a more current data point, we did have $1.7 billion of target date inflows in the month of January. I'll also kind of take the opportunity to share some perspective on the 2026 flow outlook. Flows have been volatile and difficult for us to predict. But our base pace reflects continued pressure in equities, partially offset by inflows in retirement date fund and consistent with the previous comment with a continued shift towards blend, steady growth in fixed income and accelerating growth in alternatives. The intensity of equity outflows is the biggest factor for our overall flows.

以最近的數據為例，1 月我們確實有 17 億美元的目標日期資金流入。我也會藉此機會分享我對 2026 年流量前景的一些看法。資金流動一直波動不定，難以預測。但我們的基本成長率反映了股票市場的持續壓力，部分被退休基金的資金流入所抵消，並且與先前的評論一致，即繼續向混合型投資轉變，固定收益穩步增長，另類投資加速增長。股票資金外流的強度是我們整體資金流動的最大影響因素。

To get back to positive flows, we need equity outflows to moderate. We're confident that, that will happen over time with strong performance. In January, we did have just under $6 billion of outflows, but the pipeline suggests that the rest of the quarter being February and March has the potential to improve from those levels.

要恢復正向資金流動，我們需要減緩股權流出。我們相信，隨著業績的強勁成長，這種情況終將發生。1 月份，我們的資金流出量接近 60 億美元，但管道顯示，本季剩餘時間（2 月和 3 月）的資金流出有可能從這些水準有所改善。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Maybe, Rob, just following up on that last point. I know the market had a bit of a shock just yesterday, and I would expect your comments are sort of higher level taking over the course of the year. But just curious, how would you expect that sort of impact to translate to near-term equity flows? How do advisers and retail customers tend to respond to that sort of disruption. And could you maybe talk about the sort of mix across the equity franchise?

羅布，或許我只是想就最後一點做個補充。我知道昨天市場出現了一些波動，我預計你的評論會更專注於今年的整體市場走勢。但我很好奇，您認為這種影響會如何轉化為近期的股權流動？顧問和零售客戶通常會如何應對這類幹擾？能否談談股權投資領域的組合情況？

How exposed is the business to software and services and the areas which the market is sort of worrying maybe under some kind of near-term threat from AI developments?

該業務在軟體和服務領域面臨的風險有多大？市場是否對人工智慧發展可能帶來的近期威脅感到擔憂？

Yes, I'll start and welcome input from Eric and Jen, who I'm sure have a perspective on the topic. With regard to how equity market returns impact flows, it depends by client type. I think there are certain client types that tend to react more quickly and other client types that have a commitment to the asset class and allocation framework that got them in some instance with the drawdown in the market may actually be inclined to rebalance and add to equities. I would say the net effect to us over a period longer than days or weeks really isn't that substantial. I think in the very short term, you may see a knee-jerk reaction to a sharp drawdown in the market in certain segments.

好的，我先開始，也歡迎 Eric 和 Jen 提出意見，我相信他們對這個主題一定有自己的看法。至於股票市場回報如何影響資金流動，這取決於客戶類型。我認為有些類型的客戶反應更迅速，而另一些類型的客戶則對某種資產類別和配置框架有承諾，正是這些承諾讓他們在市場下跌時獲利，他們實際上可能傾向於重新平衡並增加股票配置。我認為，從幾天或幾週的時間跨度來看，對我們的淨影響其實並不大。我認為在很短的時間內，某些板塊可能會對市場大幅下跌做出過激反應。

But ultimately, there are a number of puts and takes. And as I've said in my earlier comment, despite robust market returns last year, that actually caused a bit of a drag as some of our clients rebalanced away from strategies that add significant absolute returns.

但歸根結底，其中有很多付出和收穫。正如我之前的評論中所說，儘管去年市場回報強勁，但這實際上造成了一些拖累，因為我們的一些客戶調整了投資組合，減少了那些能帶來顯著絕對回報的策略。

So -- that's -- again, I'd say not something that is a meaningful factor in our outlook from a flow perspective. In terms of our exposure to software and services, I'll ask Eric to offer his perspective. I think a lot of the consternation in the market is over some of the private equity sponsors having significant deals and exposure to PE firm. It's an active largely liquid public manager, we have the ability to adapt and adjust to changing market environment. So our positioning can obviously be very fluid.

所以——這——我再次強調，從流程的角度來看，這並不是影響我們前景的一個重要因素。關於我們接觸軟體和服務的情況，我將請艾瑞克談談他的看法。我認為市場上的許多擔憂都源自於一些私募股權投資機構與私募股權公司之間存在重大交易和投資曝險。這是一家活躍且流動性較強的上市資產管理公司，我們有能力適應不斷變化的市場環境。因此，我們的定位顯然可以非常靈活。

I would say that our overall mix is no more exposed than the market as a whole. But I'll ask for Eric to give a little bit more specific commentary in terms of software exposure.

我認為，我們整體的產品組合所面臨的風險並不比整個市場更大。但我希望 Eric 能就軟體暴露情況給予更具體的評論。

Sure. So with almost roughly $1 trillion in equity assets across a wide variety of different types of portfolios, we're obviously going to have a lot of different types of mandates with different types of exposure to software. As you think about what happened yesterday and the disruption risk of AI, specifically some very unique opportunities that were brought forward by Anthropic. We have been studying these opportunities and risks for a long time and have very deep research on them and have been positioned for events like this in many of our portfolios. That doesn't mean that in every portfolio, we're perfectly positioned for what happened in a single day of market action.

當然。因此，我們擁有近 1 兆美元的股票資產，涵蓋各種不同類型的投資組合，顯然我們將會有許多不同類型的投資委託，對軟體的投資曝險也各不相同。當你思考昨天發生的事情以及人工智慧帶來的顛覆性風險時，特別是Anthropic公司提出的一些非常獨特的機會。我們長期以來一直在研究這些機會和風險，並對其進行了非常深入的研究，並且已經在我們的許多投資組合中為此類事件做好了準備。但這並不代表我們每個投資組合都能完美應對單日市場波動。

But what happened yesterday in terms of the potential disruption of AI across different parts of the software industry is not a surprise to us.

但昨天人工智慧可能對軟體產業的各個領域造成顛覆性影響的事件，對我們來說並不意外。

Ken Worthington, JP Morgan.

Ken Worthington，摩根大通。

Along those same lines on the AI disruption, what is Oak Hill's exposure to investments potentially disrupted by. And ultimately, do you think the problems could be big enough in private credit to drive market share shifts? And where might Tero fit into those share shifts if they're big enough to discuss here today.

同樣地，關於人工智慧帶來的顛覆性影響，橡樹山投資公司在可能受到人工智慧顛覆性影響的投資領域中面臨哪些風險？最後，您認為私人信貸領域的問題是否嚴重到足以導致市場佔有率改變？如果這些市佔率的變化幅度大到值得今天在這裡討論，那麼 Tero 在這些變化中又將扮演什麼角色呢？

Yes, look, I'm not going to comment on OHA's underlying exposures. But what I will say is that they have an extraordinary rigorous credit process. And to the extent that we go into a credit environment where defaults are more prevalent, we think that OHA's process and performance will be a differentiating factor relative to the rest of the industry. I might just take the opportunity to comment on OHA more broadly. OHA is doing well.

是的，我不會對 OHA 的潛在風險敞口發表評論。但我必須指出的是，他們的信貸審批流程非常嚴格。而且，隨著信貸環境惡化，違約現像日益普遍，我們認為 OHA 的流程和績效將成為其相對於業內其他公司的差異化優勢。我或許可以藉此機會更廣泛地談談 OHA。OHA運作良好。

They had a second consecutive year of record capital raising with particular strength in private lending. The T. Rowe Price and OHA teams are working very well together on opportunities across wealth, insurance and the broader institutional market. As a matter of fact, the T. Rowe Price client-facing teams helped OHA bring in over $3 billion in new institutional commitments with much of that in 2025.

他們連續第二年創下融資紀錄，尤其在私人貸款方面表現強勁。T. Rowe Price 和 OHA 團隊在財富管理、保險和更廣泛的機構市場領域開展了非常良好的合作，共同掌握各種機會。事實上，T. Rowe Price 的客戶服務團隊幫助 OHA 獲得了超過 30 億美元的新機構承諾，其中大部分將在 2025 年實現。

As we referenced earlier, OHA is deeply involved in our collaboration with Goldman Sachs. Their private credit capabilities are designed into several of the investment strategies, including the co-branded retirement date fund and multi-auto offering for wealth. We do plan to do a spotlight on OHA and our efforts and alternatives on one of the earnings calls later this year and anticipate having let August join us for that call.

正如我們之前提到的，OHA深度參與了我們與高盛的合作。他們的私人信貸能力被融入到幾項投資策略中，包括聯名退休日期基金和多車財富產品。我們計劃在今年稍後的財報電話會議上重點介紹 OHA 以及我們的努力和替代方案，並預計 August 會和我們一起參加那次電話會議。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

You were speaking earlier to M&A and the sort of noise created in the target date sort of DC plan sales process. plus maybe a few misses on some plans. A couple of questions on that, a couple of follow-ups. Were there any particular factors that caused the misses and how are you adjusting your offering in order to enhance your competitive positioning? And can you speak to the pipeline.

您之前談到了併購，以及在目標日期之類的DC計劃銷售過程中產生的各種幹擾，再加上一些計劃可能出現的偏差。關於這一點，我還有幾個問題和一些後續問題。導致業績下滑的具體因素有哪些？為了提升競爭力，你們正在如何調整產品和服務？能談談管道方面的問題嗎？

I know those sales cycles are likely pretty long. So how are we looking as we move forward on that front?

我知道這些銷售週期可能相當長。那麼，我們在這方面進展如何？

Yes. In terms of the Q4 activity, I think it's relatively straightforward. When one of our plan sponsors get acquired, eventually the acquirer consolidates the plans. In certain instances, we're giving the opportunity to compete for the combined plan. And in certain instances, the acquirer makes the decision that they automatically want to consolidate with their incumbent target date fund provider.

是的。就第四季的業務活動而言，我認為情況相對簡單明了。當我們的某位計劃發起人被收購時，收購方最終會將這些計劃合併。在某些情況下，我們會提供機會讓參與者競標合併方案。在某些情況下，收購方會決定自動與現有目標日期基金提供者合併。

So -- I mean at the end of the day, that kind of really use all the color on mat that I have. I also really have any more color on the dynamic in the marketplace outside of saying that we're seeing less interest in new opportunities for fully active target date fund and a significant increase in opportunities in blend and hybrid.

所以——我的意思是，歸根結底，這算是真正用完了我所有的墊子上的顏色。除了指出市場對完全主動目標日期基金的新機會興趣減少，以及混合型和混合型基金的機會顯著增加之外，我對市場動態也沒有更多細節可說。

I think to some extent, that's a reflection of where the market has been, where the power of the returns in the market cap-weighted benchmarks, particularly in U.S. large-cap equity. Ultimately, if that market dynamic changes and you have a backdrop that is more conducive to alpha generation from active management, then I think the fully active proposition will have more of an opportunity to stand out and be differentiated.

我認為這在某種程度上反映了市場的走向，以及市值加權基準指數（尤其是美國大盤股）的回報。最終，如果市場動態發生變化，市場環境更有利於主動管理產生超額收益，那麼我認為完全主動策略將有更大的機會脫穎而出，實現差異化。

In terms of the pipeline for target date funds, it would again be consistent with the comment. The overall activity is robust, but we have more interest and more opportunity in blend and hybrid than we do in fully active.

就目標日期基金的儲備情況而言，這與先前的評論一致。整體市場活動強勁，但我們對混合型和雜交型製藥的興趣和機會比對全活性製藥更大。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

Most of mine have been asked. Just a quick follow-up on that again. Can you remind -- on the target, can you remind on the cadence each year on when those lumpier plan losses can occur. I know mostly December, but I seem to remember there are a couple of other months where they can come through in the past as well?

我的大部分問題都被問過了。再簡單跟進一下。你能提醒一下嗎——關於目標，你能提醒一下每年計畫中那些較大損失可能發生的節奏嗎？我知道主要是在十二月，但我好像記得過去還有其他幾個月也可能發生過這種情況？

Yes. Outside of elevated activity around year-end, I would say that it really -- there really is no specific seasonality to plan activity and it really can happen throughout the course of the year.

是的。除了年底前後活動增加之外，我認為活動安排並沒有什麼特定的季節性，它真的可以在一年中的任何時候進行。

I'm showing no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

我目前沒有其他問題要問。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。