Tradeweb Markets Inc (TW) 2025 Q1 法說會逐字稿

Good morning, and welcome to Tradeweb's first-quarter 2025 earnings conference call. As a reminder, today's call is being recorded and will be available for playback.

早上好，歡迎參加 Tradeweb 2025 年第一季財報電話會議。提醒一下，今天的通話正在錄音，可以播放。

To begin, I'll turn the call over to Managing Director of Investor Relations, Sameer Murukutla. Please go ahead.

首先，我會把電話轉給投資人關係總經理 Sameer Murukutla。請繼續。

Thank you, and good morning. Joining me today for the call are our CEO, Billy Hult, who will review our business results and key growth initiatives; and our CFO, Sara Furber, who will review our financial results. We intend to use the website as a means of disclosing material, nonpublic information and complying with our disclosure obligations under Regulation FD.

謝謝，早安。今天參加電話會議的還有我們的執行長 Billy Hult，他將回顧我們的業務成果和關鍵成長舉措；我們的財務長 Sara Furber 將回顧我們的財務表現。我們打算利用該網站作為揭露重大非公開資訊和遵守公平揭露規則規定的揭露義務的一種手段。

I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations, and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我想提醒您，本次演講和問答環節中的某些陳述可能與未來事件和預期有關，因此構成《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

Statements related to, among other things, our guidance are forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our earnings release, earnings presentation and periodic reports filed with the SEC.

與我們的指導等相關的陳述都是前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異。有關可能導致實際結果與前瞻性陳述不同的因素的資訊包含在我們向美國證券交易委員會提交的收益報告、收益報告和定期報告中。

In addition, on today's call, we will reference certain non-GAAP measures as well as certain market and industry data. Information regarding these non-GAAP measures, including reconciliations to GAAP measures is in our earnings release and earnings presentation. Information regarding market and industry data, including sources is in our earnings presentation.

此外，在今天的電話會議上，我們將參考某些非公認會計準則指標以及某些市場和行業數據。這些非 GAAP 指標的資訊（包括與 GAAP 指標的對帳）均包含在我們的收益報告和收益報告中。有關市場和行業數據（包括來源）的資訊都包含在我們的收益報告中。

Now let me turn the call over to Billy.

現在讓我把電話轉給比利。

Thanks, Sameer. Good morning, everyone, and thank you for joining our first quarter earnings call. Before I start, I'd like to congratulate our colleague, Ashley Serrao, on the birth of his second daughter and we're excited for his return following his paternity leave.

謝謝，薩米爾。大家早安，感謝大家參加我們的第一季財報電話會議。在開始之前，我想祝賀我們的同事 Ashley Serrao 的第二個女兒出生，我們很高興他休完陪產假後能夠回來。

I'm extremely proud of the Tradeweb team for delivering the best revenue quarter in our history. We achieved strong double-digit revenue growth for the seventh consecutive quarter. And for the first time we surpassed $500 million in quarterly revenues. This milestone is a testament to our team who have worked tirelessly to drive durable growth over many years.

我為 Tradeweb 團隊創造了歷史上最好的收入季度感到非常自豪。我們連續第七個季度實現了強勁的兩位數營收成長。我們的季度收入首次超過 5 億美元。這一里程碑證明了我們的團隊多年來不懈地努力，推動持久成長。

The first quarter was anything but quiet, marked by an evolving macro backdrop and geopolitical risks at every turn. Despite that, we believe technology continues to drive markets towards greater connectivity than ever before. We thrive in change and complexity, and we continue to invest into our strengths. We're on this continuous journey of learning, and we remain hyper focused on the next wave of growth and innovation across our global marketplaces.

第一季並不平靜，宏觀背景不斷變化，地緣政治風險層出不窮。儘管如此，我們相信科技將繼續推動市場實現比以往更大的連通性。我們在變化和複雜性中蓬勃發展，並不斷投資於我們的優勢。我們正處於不斷學習的旅程中，我們仍然高度關注全球市場的下一波成長和創新。

Diving into the first quarter. Strong client activity, share gains and our risk on environment drove 24.7% year-over-year revenue growth on a reported basis. We continue to balance investing for growth and profitability as adjusted EBITDA margins expanded by 88 basis points relative to the first quarter of 2024.

深入第一季。強勁的客戶活動、份額成長以及我們的環境風險推動了報告基礎上的 24.7% 的年收入成長。我們繼續平衡投資以實現成長和獲利，調整後的 EBITDA 利潤率較 2024 年第一季擴大了 88 個基點。

Turning to slide 5. Our rates business produced a record revenue quarter, driven by continued organic growth across swaps, global government bonds and mortgages. Credit was led by strength in munis and credit derivatives and further supported by growth across global corporate bonds.

翻到幻燈片 5。我們的利率業務創造了創紀錄的季度收入，這得益於掉期、全球政府債券和抵押貸款的持續有機成長。信貸受到市政債券和信貸衍生性商品的強勢推動，並受到全球公司債成長的進一步支持。

Money markets was led by the addition of ICD and aided by record quarterly revenues across global repos. Equities posted double-digit revenue growth led by growth in our global ETF and equity derivatives business. Finally, market data revenues were driven by growth in our LSEG market data contract and proprietary data products.

貨幣市場因 ICD 的加入而有所增長，並受到全球回購協議創紀錄的季度收入的推動。受全球 ETF 和股票衍生性商品業務成長的帶動，股票收入實現兩位數成長。最後，市場數據收入受到倫敦證券交易所市場數據合約和專有數據產品成長的推動。

Turning to slide 6. I will provide a brief update on two of our focus areas: US treasuries and ETFs, and then I will dig deeper into US credit and global interest rate swaps. Starting with US treasuries, we saw dramatic moves in the US treasury market. In fact, over 25% of the trading days in the quarter saw daily yield movements that were twice the historical average.

翻到幻燈片 6。我將簡要介紹我們關注的兩個領域：美國國債和 ETF，然後我將深入探討美國信貸和全球利率互換。從美國國債開始，我們看到美國國債市場發生了劇烈波動。事實上，本季超過 25% 的交易日的日收益率變動是歷史平均的兩倍。

Our first quarter market share of 23% drove record revenues, up 13% year-over-year. Our institutional business delivered record revenues as well with key performance indicators remaining strong. We hit another quarterly market share record, exceeding 50% for the fourth consecutive quarter in institutional US treasuries versus our main electronic competitor. Automation continues to be an important theme institutional US treasury AiEX average daily trade increasing by 15% year-over-year.

我們第一季的市佔率為 23%，推動了創紀錄的收入，年增 13%。我們的機構業務也實現了創紀錄的收入，關鍵績效指標保持強勁。我們創下了另一個季度市佔率記錄，與我們的主要電子競爭對手相比，美國機構國債的市佔率連續第四個季度超過 50%。自動化持續成為機構美國公債的重要主題，AiEX 平均每日交易量較去年同期成長 15%。

Turning to our US. Treasury wholesale business. We delivered the highest revenue quarter in our history. This was driven by record adoption of our streaming and sessions protocols, along with continued contributions from r8fin. Wholesale remains a key area of focus as we prioritize onboarding more liquidity providers and enhancing our various liquidity pools in line with our holistic strategy.

轉向我們的美國。庫存貨幣批發業務。我們實現了歷史上最高的季度收入。這是由我們的串流媒體和會話協議的創紀錄採用以及 r8fin 的持續貢獻所推動的。批發仍然是我們關注的重點領域，因為我們優先考慮引入更多的流動性提供者，並根據我們的整體策略增強我們的各種流動性池。

In equities, our ETF business generated record revenues as volatility increased over 50% during the quarter, and we continue to deepen our integration with our clients. Our efforts to broaden our equity presence beyond our flagship ETF franchise continues to pay off with record equity derivatives revenues up over 20% year-over-year.

在股票方面，由於本季波動性增加了 50% 以上，我們的 ETF 業務創造了創紀錄的收入，並且我們繼續深化與客戶的整合。我們致力於將股票業務拓展至旗艦 ETF 特許經營權之外，這項努力繼續帶來回報，創紀錄的股票衍生品收入同比增長超過 20%。

Looking ahead, we're continuing to make inroads by onboarding new clients and the pipeline remains strong as the benefits of our electronic solutions continue to resonate. A key competitive advantage has been our AiEX solution, with average daily trades increasing by over 100% year-over-year.

展望未來，我們將繼續透過吸收新客戶取得進展，並且隨著我們的電子解決方案的優勢繼續產生共鳴，管道仍然強勁。我們的 AiEX 解決方案是關鍵的競爭優勢，其每日平均交易量較去年同期成長超過 100%。

Turning to slide 7 for a closer look at credit. High single-digit revenue growth for the quarter was driven by strong double-digit gains in both credit derivatives and municipal bonds. Global cash credit delivered low single-digit revenue growth due to product and volume mix with retail credit revenues being down 20% year-over-year, primarily reflecting a risk-off tone among retail investors amid rising macro uncertainty. Additionally, the elevated volatility in March drove higher discounts being hit in our wholesale business.

請翻到幻燈片 7 來仔細查看信用。本季高個位數營收成長得益於信貸衍生性商品和市政債券強勁的兩位數成長。由於產品和交易量組合的原因，全球現金信貸收入實現了低個位數增長，而零售信貸收入同比下降 20%，這主要反映了宏觀不確定性上升背景下散戶投資者的避險情緒。此外，3 月波動性加劇導致我們的批發業務折扣增加。

Overall, automation continues to surge with global credit AiEX average daily trades increasing over 15% year-over-year. We achieved a record 9% block share in fully electronic US investment-grade trading and our second highest block share in US high yield at over 4%. This growth was driven by continued adoption of portfolio trading, RFQ, and sessions protocol. Our institutional credit business continues to scale as clients leverage our diverse suite of trading solutions.

整體而言，自動化程度持續飆升，全球信貸 AiEX 日均交易量較去年同期成長超過 15%。我們在美國全電子化投資等級交易中取得了創紀錄的 9% 的大宗份額，在美國高收益交易中取得了第二高的大宗份額，超過 4%。這一成長是由投資組合交易、RFQ 和會話協議的持續採用所推動的。隨著客戶利用我們多樣化的交易解決方案，我們的機構信貸業務不斷擴大。

Institutional RFQ average daily volume grew over 25% year-over-year with strong double-digit growth in both IG and high yield. Portfolio trading average daily volume also increased 10% year-over-year, with record volumes across both IG and high yield. During the quarter, we saw our largest portfolio trade by size and volume at over $8 billion in volume, involving over 3,500 line items.

機構 RFQ 日均交易量年增超過 25%，其中 IG 和高收益均實現強勁的兩位數成長。投資組合交易日均交易量也比去年同期成長了 10%，投資等級 (IG) 和高收益產品的交易量均創下歷史新高。本季度，我們最大的投資組合交易規模和交易量超過 80 億美元，涉及 3,500 多個項目。

AllTrade had a strong quarter with nearly $220 billion in volume, up almost 10% year-over-year. Our all-to-all average daily volume grew over 25% year-over-year. The team remains focused on expanding our network and increasing the number of responders on the AllTrade platform. In the first quarter, the average number of responses per all-to-all inquiry remained steady year-over-year.

AllTrade 本季表現強勁，交易量接近 2,200 億美元，較去年同期成長近 10%。我們的日均交易量較去年同期成長超過 25%。團隊仍然專注於擴大我們的網路並增加 AllTrade 平台上的回應者數量。第一季度，全口徑問詢的平均回覆數量與去年同期相比保持穩定。

Lastly, sessions average daily volume grew nearly 10% year-over-year. Looking ahead, US credit remains a key area of focus, and we're confident in the longer-term revenue wallet in this asset class and the way we're positioned across all client channels. Since 2019, we have made meaningful progress, growing our fully electronic US credit market share by 1,100 basis points. This growth has come from putting clients first across the full ecosystem, and we continue to recognize the critical role our dealer partners play.

最後，日均會話量較去年同期成長近 10%。展望未來，美國信貸仍是重點領域，我們對這一資產類別的長期收入以及我們在所有客戶管道中的定位充滿信心。自 2019 年以來，我們取得了重大進展，美國全電子信貸市佔率成長了 1,100 個基點。這種成長源於整個生態系統將客戶放在首位，並且我們繼續認識到經銷商合作夥伴所發揮的關鍵作用。

As we've successfully reached critical scale in our credit franchise, we are evolving our pricing model by introducing subscription fees and increasing minimum floors with certain dealers. When we were building a business like credit, it was natural for dealers to start with a fully variable pricing model as they were unsure whether the platform would succeed. As our business has scaled and becomes a large part of the broader trading ecosystem. A mix of variable and fixed pricing becomes a mutually beneficial model across our credit business to incentivize long-term growth and innovation.

由於我們的信用特許經營權已成功達到關鍵規模，我們正在透過引入訂閱費和提高某些經銷商的最低價格來改善我們的定價模式。當我們建立信貸這樣的業務時，經銷商自然會採用完全可變的定價模式，因為他們不確定平台是否會成功。隨著我們的業務規模不斷擴大，並成為更廣泛的貿易生態系統的重要組成部分。浮動定價和固定定價相結合成為我們信貸業務的互惠模式，以激勵長期成長和創新。

In addition, as we have grown significantly, we are also able to rebalance the revenue model by introducing or optimizing variable buy-side fees, ensuring we're capturing the full value we deliver across both sides of the marketplace and maximizing our opportunity for the revenue pool. We also understand that our role in the market isn't one size fits all and varies by channel.

此外，隨著我們的顯著成長，我們還能夠透過引入或優化可變的買方費用來重新平衡收入模式，確保我們能夠捕捉到我們在市場雙方提供的全部價值，並最大限度地提高我們的收入池機會。我們也明白，我們在市場中的角色並不是千篇一律的，而是因通路而異。

While the institutional channel is the holy grail of the industry wallet, it relies on the risk management that occurs in the wholesale channel. Given this, we offer pricing incentives in wholesale to support our dealer clients risk management, which, in turn, strengthens our collective ability to execute on our future growth opportunities in the institutional channel.

雖然機構管道是行業錢包的聖杯，但它依賴批發管道中的風險管理。有鑑於此，我們在批發方面提供價格激勵，以支持我們的經銷商客戶進行風險管理，這反過來又增強了我們在機構通路中實現未來成長機會的集體能力。

We believe there is still a long runway for growth with plenty of opportunity to innovate alongside both buy side and dealer clients. We're currently working on the next generation of our institutional portfolio trading offering, focusing on enabling clients to build customized criteria-based portfolio trades. On the wholesale side, we're working with clients to improve post sessions match rates that are actively exploring new dealer-initiated workflow solutions as the dealer community looks for faster and more efficient ways to recycle risk.

我們相信，成長空間仍然很大，買方和經銷商客戶都有足夠的創新機會。我們目前正在開發下一代機構投資組合交易產品，重點是幫助客戶建立基於客製化標準的投資組合交易。在批發方面，我們正在與客戶合作，以提高會後匹配率，並積極探索新的經銷商發起的工作流程解決方案，因為經銷商社群正在尋求更快、更有效的方式來回收風險。

Beyond US credit, we're continuing to prioritize our emerging markets credit expansion efforts. Our goal is to build a robust end-to-end trading solution focused on onboarding both global and local dealers while expanding our local network to deepen market connectivity.

除了美國信貸之外，我們還將繼續優先考慮新興市場的信貸擴張工作。我們的目標是建立一個強大的端到端交易解決方案，專注於吸收全球和本地經銷商，同時擴大我們的本地網路以深化市場連通性。

We expect to launch our Saudi Arabian offering in the coming months and are making steady progress in onboarding local dealers across several key EM regions. While still early in the journey, EM credit revenues grew nearly 20% year-over-year in the first quarter, signaling strong momentum.

我們預計將在未來幾個月推出沙烏地阿拉伯產品，並在幾個主要新興市場的本地經銷商加入方面取得穩步進展。儘管仍處於起步階段，但新興市場信貸收入在第一季同比增長近 20%，顯示出強勁的發展勢頭。

Moving to slide 8. Global swaps delivered record revenues driven by a combination of strong client engagement amid a dynamic macro backdrop, a favorable mix shift towards risk trading and a 2% increase in weighted average duration.

移至幻燈片 8。全球掉期交易實現了創紀錄的收入，這得益於動態宏觀背景下強勁的客戶參與度、向風險交易的有利組合轉變以及加權平均久期增加 2%。

Altogether, global swaps revenues grew over 40% year-over-year. our core risk market share, which excludes compression trading was second highest ever, rising over 250 basis points year-over-year. Total market share declined from 22% to 21% largely due to a significant reduction in US and European client-related compression volumes, which carry much lower fee rates. During the quarter, we achieved the second highest share in our history across other G11 and EM denominated currencies.

整體而言，全球掉期營收年增超過 40%。我們的核心風險市佔率（不包括壓縮交易）達到歷史第二高，較去年同期成長超過 250 個基點。總市佔率從 22% 下降到 21%，主要原因是美國和歐洲客戶相關的壓縮量大幅減少，而這些壓縮量的費率則低得多。本季度，我們在其他 G11 和 EM 計價貨幣中的份額達到了歷史上第二高。

The first quarter truly showcased the diversity of our global swaps revenue base not just across currencies, but across a broad and expanding client set. We posted record institutional swap revenues with new highs across US, European, Sterling, G11 and EM swaps. This growth was supported by an 11% increase in active clients. Importantly, client growth was broad-based, spanning hedge funds, bank clients, asset managers and insurance firms as we continue to deepen our global relationships across a wide range of clients.

第一季真正展現了我們全球掉期收入基礎的多樣性，不僅涵蓋不同貨幣，還涵蓋廣泛且不斷擴大的客戶群。我們的機構掉期收入創歷史新高，美國、歐洲、英鎊、G11 和新興市場掉期收入都創下歷史新高。這一增長得益於活躍客戶數量增加 11%。重要的是，隨著我們繼續深化與廣泛客戶的全球關係，客戶成長基礎廣泛，涵蓋對沖基金、銀行客戶、資產管理公司和保險公司。

Finally, we continue to make progress across emerging market swaps and our rapidly growing RFM protocol. Our first quarter EM swaps revenue rose over 60% year-over-year, and we believe there is still significant room to grow given the low levels of electronification. Our RFM protocol saw average daily volume rise over 70% year-over-year with adoption picking up.

最後，我們繼續在新興市場掉期和快速發展的 RFM 協議方面取得進展。我們第一季的新興市場掉期營收年增超過 60%，我們認為，鑑於電子化程度較低，仍有很大的成長空間。我們的 RFM 協議日均交易量年增超過 70%，採用率也不斷提高。

Overall, we believe the long-term growth potential for swaps revenue is significant. We're excited about the opportunity to deliver more solutions across both the cleared and uncleared swaps markets. With the cleared swaps market, still only about 30% electronified, there is substantial room to further digitize manual workflows. As global fixed income markets and the broader swaps landscape continue to grow, we see meaningful opportunity to support our clients through deeper automation and innovation.

整體而言，我們認為掉期收入的長期成長潛力巨大。我們很高興有機會為清算和非清算掉期市場提供更多解決方案。由於清算掉期市場電子化程度仍只有 30% 左右，因此在進一步數位化手動工作流程方面還有很大的空間。隨著全球固定收益市場和更廣泛的掉期格局持續成長，我們看到了透過更深入的自動化和創新來支持客戶的重大機會。

And with that, let me turn it over to Sara to discuss our financials in more detail.

接下來，讓我將話題交給 Sara，讓她更詳細地討論一下我們的財務狀況。

Thanks, Billy, and good morning. As I go through the numbers, all comparisons will be to the prior year period, unless otherwise noted.

謝謝，比利，早安。當我查看這些數字時，除非另有說明，所有比較都將與去年同期進行。

Slide 9 provides a summary of our quarterly earnings performance. As Billy recapped earlier, this quarter, we saw record revenues of $510 million that were up 24.7% year-over-year on a reported basis and 25.8% on a constant currency basis. We derived approximately 40% of our first quarter revenues from international clients and recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in euros.

幻燈片 9 概述了我們的季度獲利表現。正如比利早些時候所回顧的那樣，本季度，我們的收入達到創紀錄的 5.1 億美元，按報告基礎計算同比增長 24.7%，按固定匯率計算增長 25.8%。我們第一季約 40% 的收入來自國際客戶，約 30% 的收入基礎是以美元以外的貨幣計價的，主要是歐元。

Our variable revenues increased by 27% and total trading revenues increased by 24%. Total fixed revenues related to our four major asset classes were up 14% on a reported basis and 15% on a constant currency basis. Rates fixed revenue growth was primarily driven by an increase in minimum fee floors for certain dealers and by the addition of dealers to our mortgage and US government bond platforms. Credit fixed revenue growth was primarily driven by the migration of certain dealers to a subscription fee model and by prior increases to our subscription fees in 2024. Other trading revenues were up 8%.

我們的可變收入增加了 27%，總交易收入增加了 24%。我們四大資產類別相關的總固定收入按報告基礎計算增長了 14%，以固定匯率計算增長了 15%。固定利率收入的成長主要得益於某些交易商的最低費用下限的提高，以及我們的抵押貸款和美國政府債券平台增加交易商。信貸固定收入的成長主要是由於某些經銷商轉向訂閱費模式以及我們 2024 年訂閱費的上調。其他交易收入成長8%。

As a reminder, this line fluctuates as it reflects revenues tied to periodic technology enhancements performed for our retail clients. This quarter's adjusted EBITDA margin of 54.6% increased by 125 basis points on a reported basis when compared to our 2024 full year margins.

提醒一下，這條線波動是因為它反映了與我們的零售客戶定期進行的技術改進相關的收入。本季調整後的 EBITDA 利潤率為 54.6%，與 2024 年全年利潤率相比，報告基礎上增加了 125 個基點。

Moving on to fees per million on slide 10 and a highlight of the key trends for the quarter. You can see slide 16 of the earnings presentation for additional detail regarding our fee per million performance this quarter. For cash rate products, average fees per million were down 8%, primarily due to negative mix shift changes within US government bonds and lower European government bond fee per million.

繼續討論第 10 張投影片上的每百萬費用以及本季主要趨勢的重點。您可以參閱收益報告的第 16 張投影片，以了解有關本季每百萬費用表現的更多詳細資訊。對於現金利率產品，每百萬平均費用下降 8%，主要原因是美國政府債券的組合出現負面變化，以及歐洲政府債券每百萬費用下降。

For long-tenor swaps, average fees per million were up 42%, primarily due to a decline in compression activity and greater risk-taking volumes. For cash credit, average fees per million decreased 11% due to a mix shift away from retail, the migration of certain dealers from fully variable plans to fixed and dealers in our wholesale channel hitting volume to your discounts given the elevated volatility in March.

對於長期掉期，每百萬的平均費用上漲了 42%，這主要是由於壓縮活動的減少和風險承擔量的增加。對於現金信貸，由於組合從零售轉移、某些經銷商從完全可變計劃轉向固定計劃，以及鑑於 3 月份波動性加劇，我們批發渠道中的經銷商的銷量達到折扣水平，每百萬的平均費用下降了 11%。

For cash equities, average fees per million increased 17% due to a mix shift towards EU ETFs, which carry a relatively higher fee per million. And finally, with money markets, average fees per million increased 54%, primarily due to the inclusion of ICD and were partially offset by a mix shift towards repos, which carry a comparatively lower fee per million.

對於現金股票，由於投資組合轉向每百萬費用相對較高的歐盟 ETF，每百萬平均費用增加了 17%。最後，貨幣市場每百萬的平均費用增加了 54%，這主要是由於納入了 ICD，但部分抵消了向回購的組合轉變，因為回購每百萬的費用相對較低。

Slide 11 details our adjusted expenses. At a high level, the scalability and variable nature of our expense base allows us to continue to invest for growth and grow margins. We have maintained a consistent philosophy here. Adjusted expenses for the first quarter increased 22% on a reported and 23% on a constant currency basis.

投影片 11 詳細說明了我們的調整後費用。從高層次來看，我們費用基礎的可擴展性和可變性使我們能夠繼續投資於成長並增加利潤。我們在這裡始終秉持著一貫的理念。第一季調整後支出按報告數字計算增加了 22%，以固定匯率計算增加了 23%。

Given the strong environment to invest for long-term growth, during the first quarter, we continued investments in digital assets, consulting and client relationship development. Adjusted compensation costs grew 24% with the vast majority as a result of discretionary and performance-related compensation and the addition of ICD. Technology and communication costs increased 35%, primarily due to our previously communicated investments in data strategy and infrastructure.

鑑於長期成長投資的強勁環境，在第一季度，我們繼續對數位資產、諮詢和客戶關係發展進行投資。調整後的薪酬成本增加了 24%，其中絕大部分是由於自由裁量權和績效相關的薪酬以及 ICD 的增加。技術和通訊成本增加了 35%，這主要是由於我們先前傳達的對資料策略和基礎設施的投資。

Adjusted professional fees grew 19% mainly due to an increase in tech consultants as we augment our offshore technology operations and build incremental scalability. Adjusted general and administrative costs decreased 11% due to favorable movements in FX that resulted in approximately a $2.9 million gain in the first quarter of '25 versus approximately a $900,000 gain in the first quarter of '24. This was partially offset by a pickup in travel and entertainment.

調整後的專業費用增加了 19%，主要是因為我們擴大了離岸技術業務並建立了增量可擴展性，導致技術顧問數量增加。調整後的一般及行政費用下降了 11%，原因是外匯的有利變動導致 25 年第一季收益約為 290 萬美元，而 24 年第一季收益約為 90 萬美元。但旅遊和娛樂業的回昇在一定程度上抵消了這一成長。

Slide 12 details capital management and our guidance. On our cash position and capital return policy. We ended the first quarter in a strong position with $1.3 billion in cash and cash equivalents, and free cash flow reached approximately $834 million for the trailing 12 months. Our net interest income of $13.3 million decreased due to a combination of lower cash balances and interest yields. With this quarter's earnings, the Board declared a quarterly dividend of $0.12 per Class A and Class B shares, up 20% year-over-year.

投影片 12 詳細介紹了資本管理和我們的指導。關於我們的現金狀況和資本回報政策。我們在第一季結束時保持強勁勢頭，擁有 13 億美元的現金和現金等價物，過去 12 個月的自由現金流達到約 8.34 億美元。由於現金餘額和利息收益率下降，我們的淨利息收入減少 1,330 萬美元。根據本季的收益，董事會宣布季度股息為每股 A 類和 B 類股票 0.12 美元，年增 20%。

Turning to guidance for 2025. We continue to expect adjusted expenses to range from $970 million to $1.03 billion. We continue to believe we can drive margin expansion compared to 2024, and although it will be more modest compared to last year since we expect to capitalize on the anticipated healthy revenue environment by accelerating investments to support our current and future organic growth.

轉向2025年的指導。我們繼續預期調整後的支出將在 9.7 億美元至 10.3 億美元之間。我們仍然相信，與 2024 年相比，我們可以推動利潤率擴張，儘管與去年相比，利潤率會更加溫和，因為我們希望透過加快投資來支持我們當前和未來的有機成長，從而利用預期的健康收入環境。

We expect our CapEx spend to increase as the year progresses into our previously communicated range. We continue to expect 2025 revenues generated under the master data agreement with LSEG to be approximately $90 million.

我們預計，隨著時間的推移，我們的資本支出將進入我們先前公佈的範圍，並隨之增加。我們仍然預計，2025 年與 LSEG 簽訂的主資料協議產生的收入將達到約 9,000 萬美元。

And as Billy highlighted, we expect a modest shift between our credit fixed and variable fees in this year. In the second quarter, we expect our credit fixed revenues to increase by approximately $6 million to $7 million from the first quarter up 62% at the midpoint due to the expected introduction of minimum fee floors and the migration of certain dealers to subscription fees.

正如比利所強調的，我們預計今年我們的信貸固定費用和浮動費用之間將出現適度變化。在第二季度，我們預計我們的信貸固定收入將比第一季增加約 600 萬美元至 700 萬美元，中位數成長 62%，原因是預計將引入最低費用下限，以及某些經銷商轉向訂閱費。

We would expect the shift in 2Q to be total revenue neutral, resulting in a corresponding $6 million to $7 million drop in variable credit fees, equivalent to approximately a $9 drop in our cash credit fee per million from first-quarter levels. As a reminder, fee per million is really variable fee per million, calculated as variable revenues over total volume.

我們預計第二季的變化對總收入沒有影響，導致浮動信貸費用相應下降 600 萬至 700 萬美元，相當於我們每百萬現金信貸費用較第一季下降約 9 美元。提醒一下，每百萬的費用實際上是每百萬的可變費用，以可變收入除以總量來計算。

Now I'll turn it back to Billy for concluding remarks.

現在我把話題交還給比利，請他做總結發言。

Thanks, Sara. We want to build upon the success of the present by continuing to be an ambitious company. We continue to focus on moving more voice and paper markets to more transparent markets and pivoting into new markets organically or via M&A. Every day, we ask ourselves what is the special sauce that we can provide to the market to make our clients search for liquidity more efficient.

謝謝，薩拉。我們希望繼續成為一家雄心勃勃的公司，在現有的成功基礎上再接再厲。我們將繼續致力於將更多的語音和紙質市場轉變為更透明的市場，並透過有機方式或併購方式轉向新市場。我們每天都會問自己，我們可以為市場提供什麼特別的資源，讓我們的客戶更有效地尋找流動性。

I want to briefly touch on the market conditions in April. Macro uncertainty and the emergence of a global trade war trigger rapid repricing of risk across both equity and fixed income markets. While conditions may have felt stressed, our clients remained highly engaged on the platform. As many of our large dealer clients noted during their earnings calls, we continue to see an active and resilient two-way market.

我想簡單談談四月份的市場狀況。宏觀不確定性和全球貿易戰的出現引發了股票和固定收益市場風險的快速重新定價。儘管情況可能會讓人感到壓力，但我們的客戶仍然高度參與該平台。正如我們的許多大型經銷商客戶在收益電話會議上指出的那樣，我們繼續看到一個活躍且有彈性的雙向市場。

We believe moments like April clearly demonstrate how both dealer and buy-side clients have been investing in their electronic trading workflows. In today's environment where the long-term impacts of deglobalization on growth, inflation and the overall rate outlook remain uncertain, we see an even greater need for a resilient and efficient electronic trading ecosystem.

我們相信，四月這樣的時刻清楚地表明了經銷商和買方客戶如何投資於他們的電子交易工作流程。在當今環境下，去全球化對成長、通膨和整體利率前景的長期影響仍不確定，我們認為更需要一個有彈性、高效的電子交易生態系統。

Our clients are the lifeblood of Tradeweb. We believe the global multi-asset footprint we've built is one of our strongest competitive advantages. We feel very confident in our long-term growth outlook, we remain focused on driving innovation and value across the global markets, further enhancing our one-stop shop offering, both organically and inorganically to support all four of our client channels.

我們的客戶是 Tradeweb 的命脈。我們相信，我們建立的全球多元資產足跡是我們最強大的競爭優勢之一。我們對我們的長期成長前景非常有信心，我們將繼續專注於推動全球市場的創新和價值，進一步增強我們的一站式服務，包括有機和無機服務，以支持我們所有的四個客戶管道。

With an important month and trading day left in April, which tends to be one of our strongest revenue days, overall revenue growth is trending approximately 30% higher relative to April 2024. Revenue growth this month is being impacted by one less trading day.

四月是重要的月份和交易日，也是我們收入最強勁的日子之一，整體營收成長趨勢與 2024 年 4 月相比高出約 30%。本月收入成長受到交易日減少的影響。

Focusing on average daily revenue, we are trending higher than the first quarter as momentum in the business continues. The diversity of our growth remains a theme as we are seeing double-digit volume and revenue growth across all four asset classes. Our IG shares trending below March levels, while our high-yield share is tracking ahead of March levels.

關注平均每日收入，隨著業務動能的持續，我們的收入趨勢將高於第一季。我們成長的多樣性仍然是一個主題，因為我們看到所有四個資產類別的交易量和收入都實現了兩位數的成長。我們的 IG 股票趨勢低於 3 月的水平，而我們的高收益股票趨勢高於 3 月的水平。

Finally, I would like to conclude my remarks by welcoming Rich Repetto to our Board of Directors. Rich is known to many of you on this call and brings more than 25 years of industry experience to our Board and a valuable perspective. I'd also like to thank our clients for their business and partnership in the quarter. and recognize my colleagues for their efforts that contributed to the record quarterly revenues and volumes at Tradeweb.

最後，我想以熱烈歡迎 Rich Repetto 加入我們的董事會來結束我的演講。參加這次電話會議的許多人都認識里奇，他為我們的董事會帶來了超過 25 年的行業經驗和寶貴的見解。我還要感謝我們的客戶在本季的業務和合作，並認可我的同事們為 Tradeweb 創下季度收入和交易量紀錄所做的努力。

With that, I will turn it back to Sameer for your questions.

說完這些，我將把話題轉回給 Sameer，回答您的問題。

Thanks, Billy. (Event Instructions) Operator, you can now take our first question.

謝謝，比利。（活動說明）接線員，現在您可以回答我們的第一個問題。

(Operator Instructions) Chris Allen, Citi.

（操作員指示）花旗銀行的克里斯艾倫 (Chris Allen)。

Billy, I was wondering if you could dig into the rate market commentary a little bit more. Wondering kind of the overall health of the rate market here, any impact of the move and the long end of the curve on customers. Any color on the basis swap spread trades? And lastly, from a current positioning perspective, how are people thinking about duration of risk appetite here?

比利，我想知道您是否可以更深入地了解利率市場評論。想知道這裡的利率市場的整體健康狀況，以及這項措施和曲線的長期端對客戶有何影響。基本掉期價差交易有任何顏色嗎？最後，從目前的定位角度來看，人們如何看待風險偏好的持續時間？

Yes. Chris, how are you? Hopefully, you can hear me okay, like a combination of the Knicks losing last night plus my allergies has me a little horse, and I hope you're doing well. So I think if you remember well, when we did the r8fin acquisition a little while ago on the earnings call, I talked about the fact that I thought it was a good time to place a bet in the rates market.

是的。克里斯，你好嗎？希望您能聽到我的聲音，就像昨晚尼克斯輸球加上我的過敏讓我有點煩躁，我希望您一切都好。所以我想如果你還記得的話，當我們不久前在收益電話會議上收購 r8fin 時，我談到我認為現在是押注利率市場的好時機。

And then on the last earnings call, I remember Alex asked a question about our interest rate swap business, and I've made another point with Sara around -- I think it was a good point in time to be in the rates business. I'm not right all the time, definitely right about that.

然後，在上次收益電話會議上，我記得亞歷克斯問了一個關於我們的利率掉期業務的問題，而且我向薩拉提出了另一個觀點——我認為現在是進入利率業務的好時機。我並不總是正確的，但在這一點上我絕對是正確的。

As we kind of think about what happened through the month of April, but really that sort of day after the Monday after Liberation Day, I think the sort of words like unprecedented we've kind of all been through the Lehman sale in '08, COVID March of 2020, we're talking about kind of headline kind of historic moves.

當我們思考整個四月份發生的事情時，但實際上在解放日後的那個星期一之後的那種日子，我想到諸如史無前例之類的詞，我們都經歷過 2008 年雷曼兄弟的拋售，2020 年 3 月的新冠疫情，我們談論的是某種具有歷史意義的重大舉措。

And so we would kind of characterize it in a very simple way, like a massive drawdown in risk assets alongside a weaker dollar, sharply higher rates and volatility exacerbated by sort of levered position unwinds right? And then big, big position reversals.

因此，我們可以用一種非常簡單的方式來描述它，例如風險資產的大幅減少，以及美元的疲軟，利率的急劇上升和波動性因槓桿頭寸的平倉而加劇，對嗎？然後出現大幅的立場逆轉。

So the way we kind of think about it, obviously, is the 30-year treasury yield it was the largest weekly move higher since 1982. I think I was in seventh grade. I know Sara was not even born yet. US high-yield spreads widened by 150 basis points over a two-week period. That's the largest two-week spread widening outside of the crisis and that COVID period of time, largest mortgage base is widening since COVID. These are like, again, unprecedented moves.

因此，我們顯然認為，30 年期公債殖利率出現了自 1982 年以來最大的單週漲幅。我想我當時上七年級。我知道薩拉當時還沒出生。美國高收益債券利差在兩週內擴大了 150 個基點。這是危機和 COVID 時期之外最大的兩週利差擴大，也是自 COVID 以來抵押貸款基數最大的擴大。這又是前所未有的舉措。

And as that volatility played out, I would say, Chris, we kind of did what you would expect, which is we paid very intense attention to platform reliability and the underlying plumbing of the market function. We have been investing as a company in infrastructure for these moments of stress.

隨著這種波動的出現，我想說，克里斯，我們做了你所期望的事情，那就是我們非常關注平台的可靠性和市場功能的底層管道。為了應對這些緊張時刻，我們公司一直在對基礎設施進行投資。

And the good news, I would say, is that our clients stayed engaged and for sure, electronically oriented. And without any concept you know us well without any concept of kind of victory lap, but as the leading REITs marketplace, my feeling is we excelled.

我想說的是，好消息是我們的客戶仍然保持參與，並且肯定是以電子為導向的。雖然你們對我們很了解，但我們也不知道我們有什麼勝利慶祝的概念，但作為領先的房地產投資信託基金 (REIT) 市場，我的感覺是我們表現出色。

So in April, three days in a row of volumes above $3 trillion a day. On the automation front, which is something we watch closely, I think an important indication of how we think about client stickiness. April average daily trades utilizing AiEX grew over 20% versus the first quarter of '25. That's an important stat. And so I think what we're seeing is as the industry standard of the REIT's business like stickiness, frontline stickiness around automation. And so you asked a great question, and I think it's essentially kind of where do we go from here.

因此，4 月份，連續三天的每日交易量都超過 3 兆美元。在自動化方面，這是我們密切關注的，我認為這是我們如何看待客戶黏著度的重要指標。與 25 年第一季相比，4 月 AiEX 的日均交易量增加了 20% 以上。這是一個重要的數據。因此，我認為我們所看到的是房地產投資信託基金業務的行業標準，例如黏性、圍繞自動化的第一線黏性。所以你問了一個很好的問題，我認為這個問題的本質是我們從現在開始要去哪裡。

And as we kind of think about where we go from here, I think it's important for us to really kind of say something in a very straightforward way, which is the market function held up. It was resilient, right? So we looked at like the bid ask. It obviously got more expensive in areas of the curve where you would expect it to get more expensive but it held up. We look at things like cover prices and the ability for liquidity to move and that kind of held up. We looked at how our pricing updates occurred and that held up.

當我們思考下一步該怎麼做時，我認為我們必須以非常直接的方式表達出一些觀點，那就是市場功能得以維持。它很有彈性，對吧？因此我們觀察了買賣價差。顯然，在曲線上那些你預計會變得更貴的區域，它的價格也變得更貴了，但它仍然保持了原樣。我們關注諸如覆蓋價格和流動性流動能力等因素。我們研究了價格更新的發生情況以及更新情況。

So when you think about a market function that preserves that was resilient. And then you think about kind of where we're headed from here. I would say headed from here a little bit more of the same potentially, right? So tariffs can and will continue to drive market volatility period, right?

因此，當您考慮維持這種功能的市場功能時，它是有彈性的。然後你就會思考下一步我們要去哪裡。我想說，從這裡開始可能會有更多相同的情況，對嗎？所以關稅能夠並且將繼續推動市場波動，對嗎？

Tariffs on, tariffs off, uncertainty, right? There's going to be this continued focus on lower rates that will be offset by the reality that inflation remains high above the Fed target okay, debate will continue. Instinct is as that debate continues, this is very good for the forward macro-outlook of our rates business, right?

徵收關稅、取消關稅，都是不確定的，對吧？人們將繼續關注降低利率，但通膨仍然高於聯準會目標的現實將抵消這一關注，爭論將繼續。直覺是，隨著這場辯論的繼續，這對我們利率業務的未來宏觀前景非常有利，對嗎？

And so we're going to continue to focus on working with our clients, managing our clients through this period of volatility as partners. We're a very focused company. And my very strong instinct is as the rates leader, we're going to continue to prosper in the environment going forward. So a challenging market, a challenging time, we're engaged and focused and looking forward to continue to excel in a way that you would expect us to. And thanks for the question.

因此，我們將繼續專注於與客戶合作，以合作夥伴的身份幫助客戶度過這段動盪時期。我們是一家非常專注的公司。我的強烈直覺是，作為利率領導者，我們將在未來的環境中繼續繁榮。因此，在一個充滿挑戰的市場、充滿挑戰的時代，我們全心投入、專注，並期待繼續以您所期望的方式取得卓越成就。感謝您的提問。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

A couple of questions on credit pricing, where do you think you are in the transition from variable to fixed pricing with the dealers that began this quarter? And then can you expand upon your comments around the timing of why now in terms of these changes starting to pick up?

關於信用定價的幾個問題，您認為從本季開始，經銷商的定價從浮動到固定的轉變處於什麼階段？然後，您能否進一步闡述為什麼這些變化現在才開始顯現？

Sure. Dan, how are you? Good question. Let me maybe start, for a quick second, high level and a combination of Sara and I are going to kind of tackle this one with you. But I start with this kind of concept that you've heard me talk about and Sara talked about how the credit market specifically requires this concept of balance, right?

當然。丹，你好嗎？好問題。讓我先從高層次開始，我和 Sara 的結合將與您一起解決這個問題。但我從你們聽我談論的這種概念開始，薩拉談到信貸市場具體需要這種平衡概念，對嗎？

And so from our perspective, very clearly, dealers are fundamentally important to everything we do, period. And as you know well, dealers have been sort of the story is that dealers have been the sort of most historically resistant to change and the electronification of markets. And our approach has always been to bring them in as our strongest, most important partners, right?

因此，從我們的角度來看，很明顯，經銷商對於我們所做的一切至關重要。眾所周知，經銷商一直是歷史上最受抵制變革和市場電子化的群體。我們的做法一直是把他們當作我們最強大、最重要的合作夥伴，對嗎？

And so when I say that, what I mean is we want them front edge on the platform, participating to provide liquidity front edge all the time. And we're always going to stay leading with our top of two partners on idea generation. And that's a very, very important kind of point, I think, right? That's the tenet for how we built our credit business. And quite honestly, it's dependent for how we built all of the markets at Tradeweb, right? It's an advantage for us, right?

所以當我這麼說的時候，我的意思是我們希望他們站在平台的前沿，並始終參與提供流動性的前沿。我們將始終與我們的兩位頂級合作夥伴一起在創意生成方面保持領先地位。我認為這是一個非常非常重要的觀點，對吧？這就是我們建立信貸業務的宗旨。老實說，這取決於我們如何在 Tradeweb 上建立所有市場，對嗎？這對我們來說是一個優勢，對吧？

And so the other piece of it that I would say, which you also know well, is we've always taken the sort of strategic point that we want to kind of play across the entire market structure spectrum. And so when I say that, I mean the retail piece, the wholesale piece and the institutional piece. And we do that really for kind of two reasons, right?

所以我想說的另一點，你們也很清楚，我們始終堅持這樣的戰略觀點，即我們希望在整個市場結構範圍內發揮作用。所以當我這麼說的時候，我指的是零售部分、批發部分和機構部分。我們這樣做其實有兩個原因，對嗎？

First of all, maybe most importantly, we have a strong belief here that market structure and micro market structure shifts. And we've seen that shift take place in government bonds. We've seen that shift take place in credit and we want to play a part in all of these liquidity components period, right?

首先，也許最重要的是，我們堅信市場結構和微觀市場結構正在改變。我們已經看到政府公債發生了這種轉變。我們已經看到信貸領域發生了這種轉變，我們希望在所有這些流動性組成部分中發揮作用，對嗎？

And the other thing I would say is that we feel very strongly that we can compete independently in all three of those segments. So obviously, in credit, we have a long-standing role on the wholesale side, working with the dealers.

我想說的另一件事是，我們非常堅信我們可以在這三個領域獨立競爭。顯然，在信貸方面，我們在批發方面發揮長期作用，與經銷商合作。

And my very strong instinct around that is that where the footprint is smaller and you have a smaller network of clients, we want to make sure that we remain at that partner and win the long game and position ourselves to sustainably scale our business, okay?

我對此的強烈直覺是，如果足跡較小，客戶網絡較小，我們希望確保我們繼續保持該合作夥伴並贏得長期競爭，並使我們自己能夠可持續地擴大業務規模，好嗎？

And so given the depth of our client relationships and our footprint in all three of these channels, we understand, I think, clearly, that the wholesale channel is essential in going after how we characterize to you the big prize, which has and continues to be the institutional channel.

因此，鑑於我們與客戶關係的深度以及我們在這三個管道的影響力，我認為我們清楚地認識到，批發管道對於我們向您展示的大獎至關重要，而大獎一直是並將繼續是機構管道。

And so to that end, we have worked with our clients in the wholesale space as volume has been growing consistently to shift gradually towards fixed fees, which lays how we describe to you the ground work for this collaboration, if that makes sense, right?

因此，為了達到這個目的，我們與批發領域的客戶合作，隨著批發量的持續增長，我們逐漸轉向固定費用，這就是我們向您描述這次合作的基礎工作，如果這有意義的話，對嗎？

And if you want to maybe pick up some of that, Sara?

薩拉，你是否想了解一些？

Sure. Maybe I'll hit a little bit more just in terms of timing, Dan. So everything Billy has framed is really important. Given the size of our credit business, we think it's positive to increase the percent of recurring revenues given the scale, showing the strength and commitment to our platform from both the dealers Billy mentioned, across institutional and wholesale.

當然。丹，也許我會在時間安排上再多打一點。所以 Billy 所構想的一切都非常重要。考慮到我們信貸業務的規模，我們認為增加經常性收入的百分比是積極的，這表明 Billy 提到的機構和批發經銷商對我們平台的實力和承諾。

Just in terms of context, it looked in the first quarter a year ago '24, our credit fixed or recurring revenues as a percent of total credit revenues was less than 7%. And you can compare that across the other asset classes and see that it's quite low relative to the other mix in terms of recurring versus variable. And so we worked with our dealers and with our clients to shift towards that more recurring nature in revenue. And we alluded to in our remarks, like you'll see more of that shift in the second quarter.

僅從背景來看，去年 24 年第一季度，我們的信貸固定或經常性收入佔總信貸收入的百分比不到 7%。您可以將其與其他資產類別進行比較，發現相對於其他組合而言，其經常性與可變性比率相當低。因此，我們與經銷商和客戶合作，轉向更具經常性的收入。我們在評論中提到，您將在第二季度看到更多這樣的轉變。

So that 7% probably trends closer to 13% by the end of the second quarter. I think that will be more in line with our other businesses, and importantly, the largest part of that shift in the second quarter is really around increasing minimums.

因此，到第二季末，7% 的成長率可能會接近 13%。我認為這將與我們的其他業務更加一致，重要的是，第二季轉變的最大部分實際上是提高最低限度。

So increasing the floors and the commitment of our dealers and is really revenue neutral, as we discussed. I think importantly, it still leaves 85% of our credit revenue fully variable, which leaves lots of room for strong revenue growth with volume. And in fact, in April, we saw double-digit revenue growth in credit.

因此，正如我們所討論的，增加經銷商的樓層和承諾實際上對收入沒有影響。我認為重要的是，我們的信貸收入中仍有 85% 是完全可變的，這為收入的強勁增長留下了很大的空間。事實上，四月份，我們看到信貸收入實現了兩位數的成長。

So I think overall, we believe these changes set up our credit growth algo really well to continue by growing our market share and our revenue in partnership with dealers and clients and really pursue the 50% of the market that remains on the phone while increasing that penetration of those higher fee per million businesses that we're still working on in RFQ and all-to-all. So hopefully, that gives you a little bit of sense around timing and the bigger picture. And thanks, Dan.

因此我認為總體而言，我們相信這些變化為我們的信貸成長演算法提供了良好的基礎，透過與經銷商和客戶合作增加我們的市場份額和收入，並真正追求剩餘的 50% 的電話市場，同時提高那些每百萬收費更高的企業的滲透率，我們仍在 RFQ 和全對全方面努力。所以希望這能讓您對時間和全局有一點了解。謝謝你，丹。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Just staying on the credit business, maybe for another minute. I was hoping you guys could discuss the announcement that came out at securities earlier effectively pitching to banks to handle their bond trades.

就繼續談信用業務，也許再等一分鐘。我希望你們能夠討論一下早些時候證券市場上發布的公告，該公告有效地向銀行推銷如何處理他們的債券交易。

And I guess, what are the implications for the e-trading of credit broadly and trade it specifically and then maybe a follow-up, just to Dan's question around the kind of revenue growth, algo discussion within credit. It sounds like you don't think this will cap the opportunity set for Tradeweb when it comes to more volume-driven businesses, obviously, some of that shifts to fixed now. So maybe just expand a little bit on that and how you view the credit the growth algo in the next couple of years.

我想，這對信貸電子交易有何影響，特別是對信貸交易有何影響，然後也許可以跟進一下丹關於信貸收入增長、算法討論的問題。聽起來您不認為這會限制 Tradeweb 在更多以數量為導向的業務方面的機會，顯然，其中一些現在已經轉向固定。因此，也許可以稍微擴展一下這一點，以及您如何看待未來幾年的信貸成長演算法。

Yes. Alex I'm going to Let Sara kind of hit that second point about the cap. But yes, obviously, some of those moves that we've been doing have been actually sort of almost to kind of attack the wallet in the best way, and Sara will kind of talk about that, but it's a good question about Citadel.

是的。亞歷克斯，我要讓薩拉談談關於上限的第二點。但是的，顯然，我們一直在做的某些舉動實際上幾乎是以最好的方式攻擊錢包，Sara 會談論這一點，但這是關於 Citadel 的一個好問題。

And I'm not sure you asked a good question. I'm not sure if it's completely necessarily oriented all towards credit in terms of the overall ambitions of Citadel and how they're looking at some of the partnerships, I think that they're looking to create. But at the end of the day, as you know well, we formed a very strong partnership with Citadel kind of across the board.

我不確定你是否問了一個好問題。我不確定就 Citadel 的總體目標以及他們如何看待一些合作關係而言，這是否完全必然以信貸為導向，我認為他們正在尋求建立一些合作關係。但最終，如您所知，我們與 Citadel 建立了非常牢固的全面合作夥伴關係。

And the overall instinct is that they kind of started off in government bonds and then hitting into global swaps and now moving into credit, they're going to be, quite frankly, competitive. And I think the instinct is the orientation is that Citadel sees significant opportunity in some ways to broaden out the dealer group and do direct business with clients as some of the European banks have shrunk their presence in these markets. And I think first and foremost, their game plan is about providing those clients direct liquidity and I think that they're putting the time and energy and the effort and the technology to do that.

整體來看，他們從政府公債起步，然後進入全球掉期市場，現在又進入信貸市場，坦白說，他們將具有競爭力。我認為，本能的導向是，由於一些歐洲銀行已經縮減了在這些市場的影響力，Citadel 在某些方面看到了擴大經銷商集團並與客戶直接開展業務的重大機會。我認為，首先，他們的計劃是為這些客戶提供直接流動性，我認為他們正在投入時間、精力、努力和技術來做到這一點。

As they're doing that, my other instinct is they're looking to create maybe some other avenues to create distribution by working with some of the dealers and the banks that maybe don't have the level of sophistication and pricing that Citadel does and they don't need me to talk about the fact that, that might be a good game plan. It probably is.

當他們這樣做的時候，我的另一個直覺是，他們可能正在尋求透過與一些經銷商和銀行合作來創造其他分銷管道，這些經銷商和銀行可能沒有像 Citadel 那樣的複雜程度和定價，他們不需要我談論這個事實，這可能是一個很好的遊戲計劃。可能是的。

The general view here is all of this is quite good for our business. We've been in close contact with them, Alex, in a way that you would expect. We think the concept of Citadel continuing to provide strong pricing and credit allows for more velocity in that market. And we feel like the ambition they have in the space is good for us. And so the dialogue remains very, very strong with them. They're continuing to make strong progress in credit and also, as you know, be a leading dealer in the rate side of the business.

整體來看，這一切對我們的業務來說都是非常有利的。亞歷克斯，我們一直以你所期望的方式與他們保持密切聯繫。我們認為，Citadel 繼續提供強勁定價和信用的理念將提高該市場的發展速度。我們覺得他們在該領域的雄心壯志對我們有利。因此，與他們的對話仍然非常密切。他們在信貸領域繼續取得強勁進展，而且如你所知，他們在利率業務方面也處於領先地位。

So feeling quite good as some of these technology oriented market makers continue to make investments in this space, that this plays out quite well for us. And I do think it’s a matter of time before there become more firms oriented like Citadel that continue to enter into these spaces, mostly because to your question, which Sarah is gonna answer, the wallet is strong.

因此，隨著一些以技術為導向的市場製造商繼續在這個領域進行投資，我們感覺非常好，這對我們來說非常好。我確實認為，像 Citadel 這樣以技術為導向的公司繼續進入這些領域只是時間問題，主要是因為對於你的問題（Sarah 將會回答），他們的錢包很雄厚。

And I think that’s a really important kind of component to this, That wallet around the client dealer space in the business is quite strong. And that does feed back to your question about our willingness to 100 protect our reach into that piece of the wallet. And you take a little bit from there, Sara.

我認為這是其中非常重要的一個組成部分，客戶經銷商領域的資金實力非常雄厚。這確實回答了您的問題，關於我們是否願意 100% 保護我們對錢包的掌控。你從那裡拿了一點東西，莎拉。

And you take a little bit from there, Sara.

你從那裡拿了一點東西，莎拉。

Yeah. No, I appreciate that, Alex. I mean, I think like really simply put, the notion of having 85% of the fees, more than 85% be variable in nature, really show that there's really no constraint in terms of the revenue growth. I think it's a balanced business. You want to create stickiness, and you want recurring revenue, coupled with the ability as volumes grow and as new protocols get developed to participate in that upside, we like that mix of [$15.85] and think that does a long way away from having a capped revenue opportunity.

是的。不，我很感激，亞歷克斯。我的意思是，我認為簡單地說，85% 的費用，超過 85% 的費用本質上是可變的，這確實表明收入成長方面沒有任何限制。我認為這是一個平衡的生意。您希望創造黏性，並且希望獲得經常性收入，再加上隨著交易量的增長和新協議的開發而參與其中的能力，我們喜歡 [15.85 美元] 的組合，並認為這與獲得上限收入機會還有很長的路要走。

I think as it relates to the algo for credit, it's probably very similar for many of our businesses, but it's really around driving market share, introducing new protocols, and growing and adding new clients. When we think about how we drive market share and add new clients, we've talked a lot about our investments, and the great news is we have such a profitable model that we've really been able to accelerate a lot of investment in this space.

我認為，就信貸演算法而言，它可能與我們的許多業務非常相似，但它實際上是為了推動市場份額、引入新協議以及發展和增加新客戶。當我們思考如何擴大市場份額和增加新客戶時，我們談論了很多有關投資的話題，好消息是我們擁有如此有利可圖的模式，以至於我們確實能夠加速這一領域的大量投資。

We see technology through things like all-to-all responder technology that we're adding as well as people like some of the regional salespeople that we've been talking about really helping drive -- nothing happens overnight. I wish it did, but really helped drive that market share opportunity in some of the most lucrative protocols that are out there, as I mentioned, RFQ and all-to-all.

我們透過諸如我們正在添加的全對全響應技術之類的技術以及像我們一直在談論的真正有助於推動的一些區域銷售人員之類的人員來看待技術——沒有什麼是一朝一夕就能實現的。我希望它確實如此，但確實有助於推動一些最有利可圖的協議的市場份額機會，正如我所提到的，RFQ 和全對全。

Importantly, new protocols are a huge opportunity in credit. And we've talked about 50% of the market really remaining more voice oriented. That's really dealer-initiated flows and opportunities that we see. We like our positioning, given the strength of our wholesale business. And we see strides that we are making there to really partner with the dealers and innovate around things like dealer RFQ and dealer-initiated flows through our PT business and our wholesale business. So I think the algo is really important, and I think we're really feeling strong about that balance of 15% recurring in 80% -- 85% plus being variable in nature.

重要的是，新協議為信貸帶來了巨大的機會。我們已經討論過，50% 的市場實際上仍然更加以語音為導向。這確實是我們所看到的經銷商發起的流程和機會。鑑於我們批發業務的實力，我們喜歡我們的定位。我們看到，我們正在取得長足進步，真正與經銷商合作，並透過我們的 PT 業務和批發業務在經銷商 RFQ 和經銷商發起的流程等方面進行創新。所以我認為演算法非常重要，而且我認為我們對 15% 的循環率、80% 到 85% 的變異性之間的平衡非常有信心。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Billy, I was wondering if you could talk a bit about the recent launch of portfolio trading for European government bonds. I'm curious, how does the use case compare to credit? What does it mean for the ultimate level of electronification? Is there a place for this sort of protocol in the US where it's more homogenous? And lastly, would there be any fee rate implications if those were to really pick up that we should keep in mind?

比利，我想知道您是否可以談談最近推出的歐洲政府債券投資組合交易。我很好奇，用例與信用相比如何？對於電子化的終極水準來說意味著什麼？在美國，是否存在一個更同質的協議場所？最後，如果這些因素真的上升，是否會產生任何我們應該牢記的費用率影響？

Yeah, it's a good question. So we do try to like talk about Tradeweb as being an innovative company, and that is important to us and we work with our clients on important enhancements. And I think as you've heard us talk about this, like portfolio trading is kind of like top of the list of something that we've done. We're also just like super practical.

是的，這是個好問題。因此，我們確實嘗試將 Tradeweb 描述為一家創新公司，這對我們很重要，我們與客戶合作進行重要的改進。我想，正如您聽到我們談論的那樣，投資組合交易是我們所做的事情中最重要的。我們也非常務實。

So when something is working, we're like how do we scale this technology into other areas, right? And so from our perspective, kind of portfolio trading kind of is a perfect example of that. Like this is working really, really well for us in US credit. It's a differentiator for us. We're the leader here, like where else can we scale this into. And so great coordination inside of the company because we do have a very strong kind of global lens here.

因此，當某項技術發揮作用時，我們會想如何將這項技術擴展到其他領域，對嗎？因此，從我們的角度來看，投資組合交易就是一個很好的例子。這對我們在美國信貸方面確實起到了非常好的作用。這對我們來說是一個差異化因素。我們是這裡的領導者，還能將其擴展到哪裡呢？公司內部的協調非常好，因為我們確實擁有非常強大的全球視野。

And so it was a matter of time before we figured out that, obviously, from our perspective, portfolio trading would have a very strong impact into our European government bond product. Our clients historically, in a lot of ways, have been under resourced around technology. the instinct is they're getting more sophisticated now around that search for liquidity.

因此，我們發現這只是時間問題，顯然，從我們的角度來看，投資組合交易會對我們的歐洲政府公債產品產生非常大的影響。從歷史上看，我們的客戶在許多方面都缺乏技術資源。直覺是，他們現在在尋求流動性方面變得更加老練。

So traders have begun to transcend how we think about this concept of like market silos. And I think portfolio trading in a good way, kind of exemplifies how we talk about the concept of technology being able to break down barriers and kind of harmonize execution flows, and I'm talking in kind of interesting techno-speak.

因此，交易者已經開始超越我們對市場孤島概念的思考。我認為投資組合交易是一種很好的方式，它反映了我們如何談論科技能夠打破障礙並協調執行流程的概念，我用一個有趣的技術術語來談論。

But I think we're positioned well to develop these solutions across asset classes. And in Europe, one of the things you have, which you know well which is a concept of intra-European sovereign curves. And clients do tend to look at relative value trades across those curves. So those become inclinations in terms of how portfolio trading will work. And so there was no way to really do, electronically, all or nothing lists across those curves.

但我認為我們已做好準備，可以跨資產類別開發這些解決方案。在歐洲，你們所了解的一個概念就是歐洲內部主權曲線。客戶確實傾向於關注這些曲線上的相對價值交易。因此，這些就成為投資組合交易如何運作的傾向。因此，根本就沒有辦法以電子方式真正製作出跨越這些曲線的「全部或全部不」的清單。

And so pragmatically, we solve the problem which I think is something that we do well. And so we have Enrico Bruni, running our international business; Troy Dixon, running our US business now. He's got a very strong kind of mortgage background. As you know, we're going to spend a lot of time thinking about things like will portfolio trading work well for US spread-based products.

因此，我們務實地解決了這個問題，我認為這是我們做得很好的事情。因此，我們現在有恩里科·布魯尼 (Enrico Bruni) 負責我們的國際業務；特洛伊·迪克森 (Troy Dixon) 負責我們的美國業務。他有非常強大的抵押貸款背景​​。如您所知，我們將花費大量時間思考諸如投資組合交易是否適合美國價差產品等問題。

I think an example would be like specified pools, which we think fits that model kind of well. And so the company is focused on these kind of continued innovation, capital I. But we're also just like trying to be like super pragmatic, what's working and how do we apply what's working into other markets and let's be resourceful about that.

我認為一個例子就像指定的池，我們認為它非常適合該模型。因此，公司專注於這種持續的創新，資本 I。但我們也試著變得非常務實，什麼是有效的，我們如何將有效的方法應用到其他市場，讓我們在這方面發揮資源優勢。

And so I think in a good way, hopefully, that's an example of how we just think about kind of continuing to expand our technology across different markets. And good to hear your voice, and thanks for the question.

因此，我認為從好的方面來說，希望這是我們如何考慮繼續將我們的技術擴展到不同市場的一個例子。很高興聽到您的聲音，感謝您的提問。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

On the regulatory front, if this administration were to loosen up banking regulations, could you discuss how you might benefit from that, what that can mean for turnover? And I'm thinking specifically just about capital requirements for holding treasuries.

在監管方面，如果本屆政府放鬆銀行監管，您能否討論一下您將從中受益嗎？這對營業額意味著什麼？我具體考慮的是持有國債的資本要求。

Great. Jeff, I'll take that one. Nice to hear your voice. I think it's a great question. At a high level, we think changes to the SLR ratio could be one of the most impactful changes to increase the resilience and liquidity of the treasury market and a strong positive for us, it means banks can have more capital to hold US treasuries. And really, that allows them to facilitate more trading which should lead to lower yields and improved market depth, which we think is one of the strongest platforms and rates for us is a real positive.

偉大的。傑夫，我想要這個。很高興聽到你的聲音。我認為這是一個很好的問題。從高層次來看，我們認為 SLR 比率的變化可能是提高國債市場彈性和流動性的最有影響力的變化之一，對我們來說是一個很大的利好，這意味著銀行可以有更多的資本來持有美國國債。事實上，這使得他們能夠促進更多的交易，從而降低收益率並提高市場深度，我們認為這是最強大的平台之一，對我們來說利率是一個真正的利好。

Maybe just like backing up for everyone who isn't totally familiar with it, I think -- SLR is a supplementary leverage ratio and where banks loosening that means reducing the required percentage of capital that they're holding against bank assets. Importantly, SLR, unlike other measures, is risk insensitive, meaning all securities, whether they be corporate bonds or treasuries with different maturities contribute equally to that measure.

也許就像對所有不完全熟悉它的人來說的支持一樣，我認為——SLR 是一種補充槓桿率，而銀行放鬆這一規定意味著降低其持有的針對銀行資產的資本要求百分比。重要的是，與其他指標不同，SLR 對風險不敏感，這意味著所有證券（無論是公司債還是不同期限的國債）對該指標的貢獻都是相同的。

And so today, having about the same level of capital potentially for lower revenue margin market-making businesses in the US treasuries as a bank might have to hold against higher revenue higher-margin businesses like high-yield credit as an example, allows our view that when these constraints are lifted for those banks that were constrained on the ratio, they can and do typically hold larger treasury positions. That's the reason we think they can facilitate more turnover and improve liquidity, narrowing bid-ask.

因此，今天，一家銀行為美國國債中較低收入利潤率的做市業務持有的資本水平可能與為高收益信貸等較高收入高利潤率的業務持有的資本水平大致相同，這使得我們認為，當這些限制解除時，那些受比率限制的銀行可以並且通常確實持有更大的國債頭寸。這就是我們認為它們可以促進更多營業額、提高流動性、縮小買賣價差的原因。

I think probably the best data point to look at when you're trying to assess like what's the implication in terms of the multiple on turnover and every market is different, I would go back to COVID when the Fed exempted treasury is from the SLR requirement.

我認為，當您試圖評估營業額倍數的含義時，最好的數據點可能是查看它，因為每個市場都是不同的，當聯準會豁免國債不受 SLR 要求約束時，我會回到 COVID。

And in that circumstance, you saw very specifically SLR-constrained banks really increase their treasury positions and turnover and lower their profit margins. And there's a lot of like research out there by the Fed where you can look at those assumptions. But generally speaking, we're always a proponent of regulation that increases transparency and liquidity across markets, and we think this is going to be a strong positive for our business.

在這種情況下，您會看到受到 SLR 限制的銀行確實增加了其財務部位和周轉率，並降低了其利潤率。聯準會已經進行了很多類似的研究，你可以從中檢驗這些假設。但總的來說，我們始終支持提高市場透明度和流動性的監管，我們認為這將對我們的業務產生巨大的正面影響。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

I wanted to hear your thoughts on changes to perception of US exceptionalism. So how does the selloff in the US treasury market, depreciation of the dollar, potential deterioration in the US exceptionalism, influence Tradeweb's business, maybe not just in rates, but maybe your other asset classes as well.

我想聽聽您對美國例外論觀念變化的看法。那麼，美國國債市場的拋售、美元的貶值、美國例外論的潛在惡化將如何影響 Tradeweb 的業務？可能不只是利率，還可能影響您的其他資產類別。

Good question, Ken. And sort of as you're framing it, you're kind of talking about sort of what we've gone through in April the concept of a weaker dollar kind of sharply higher rates than the way I was describing before. And there's this concept obviously, of what are we talking about here, right? Are we talking about a sort of classic kind of unwind in risk?

問得好，肯。正如您所說，您是在談論我們在四月份經歷的美元貶值，利率比我之前描述的要高得多。顯然，我們在這裡談論的是一個這樣的概念，對吧？我們談論的是一種典型的風險放鬆嗎？

Or are we talking about something more? And when you are kind of asking the question about like something more, I think sort of what you're asking a little bit, quite honestly, is there damage to the brand? Is there damage to the US brand?

還是我們在談論更多的事情？當您問一些更深入的問題時，我認為您問的有點坦白，品牌是否受到了損害？美國品牌受損了嗎？

That's really kind of like the question sort of that you're asking, I think. And the inclination kind of we have here is no but the fact that you're asking the question probably means something, right? And so look, eyes wide open, I said before, we're in kind of historic unprecedented zones. And so you take kind of nothing off the table.

我認為這確實有點像您要問的問題。我們在這裡傾向於不，但你問這個問題的事實可能意味著什麼，對嗎？所以，睜大眼睛看，我之前說過，我們正處於歷史上前所未有的區域。因此你並沒有從中得到任何好處。

I don't know if you had a chance to see Mike Hudsall from PIMCO talk about a version of this question on CNBC last Friday, but he was talking about the way that the market was functioning that made him feel positive that we had not done sort of any kind of real damage to the brand. But we have to kind of understand that when you're in unprecedented zones, you have to be prepared for anything.

我不知道您是否有機會看到太平洋投資管理公司 (PIMCO) 的 Mike Hudsall 上週五在 CNBC 上談論這個問題的某個版本，但他談論的是市場運作的方式，這讓他感到自信，我們沒有對品牌造成任何真正的損害。但我們必須明白，當你處於前所未有的境地時，你必須做好一切準備。

So I do come back to this concept that we have this very diverse business here. And so when we think about our business, you know this. But like our rates business drove our growth in 2024 but our credit business drove our growth in 2021, equities in '20 and '22, money markets in '23, that tells you a bit about this kind of diversification story around our business.

所以我確實回到了這個概念，即我們這裡的業務非常多樣化。因此，當我們考慮我們的業務時，您知道這一點。但是，就像我們的利率業務推動了我們 2024 年的成長，我們的信貸業務推動了我們 2021 年的成長，2020 年和 22 年的股票業務推動了我們成長，2023 年的貨幣市場業務推動了我們成長一樣，這多少說明了我們業務的多元化故事。

Our international business represents 38% of our revenues in the first quarter. That's up from basically less than 30% in 2016. And I'd like to talk about the fact that like our EM revenues are up over -- I think it's up over almost 55% year-over-year in the first quarter.

我們的國際業務佔第一季營收的38%。這比 2016 年的不到 30% 有所上升。我想說的是，我們的 EM 收入在第一季同比增長了近 55%。

So that becomes the concept of this global marketplace. And then what we talk about a lot is this one-stop shop for fixed income, where the markets are more connected than ever. And these become big, big principles as we navigate through kind of historic moments in the market.

這就是全球市場的概念。我們經常談論的是固定收益的一站式服務，其中的市場比以往任何時候都更加緊密地聯繫在一起。當我們經歷市場的歷史性時刻時，這些就成為非常重要的原則。

And so I think your question is really, really important. Hopefully, I'm answering it in a really direct way. We love the fact that we have this leading US rates platform. We think this is going to be the marketplace going forward. But the concept of us having this significantly strong international business is a big piece of the Tradeweb story that sometimes does get lost in the sauce of US rates and credit and the ability that we have to differentiate ourselves as this global platform is a big deal. So you're asking a really good question, Ken, as always, and thank you.

所以我認為你的問題非常非常重要。希望我能以非常直接的方式回答這個問題。我們很高興擁有這個領先的美國利率平台。我們認為這將成為未來的市場。但是，我們擁有如此強大的國際業務這一概念是 Tradeweb 故事的重要組成部分，有時會在美國利率和信貸的衝擊下迷失，而我們作為這個全球平台脫穎而出的能力卻意義重大。所以你問了一個非常好的問題，肯，一如既往，謝謝你。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Just a question on digital assets. I think the areas that you're investing in. I was hoping you could talk about your strategy there where you see some of the most compelling use cases and as you think about the tokenization and blockchain solutions and opportunities there, what room blocks or hurdles limit this from being a reality today? And how do you see that being overcome?

這只是關於數位資產的一個問題。我認為您正在投資的領域。我希望您能談談您的策略，您看到了一些最引人注目的用例，當您考慮標記化和區塊鏈解決方案和機會時，哪些空間障礙或障礙限制了它成為現實？您認為該如何克服這個問題？

Yeah, it's a good question. So like at our core, you know this, like we're a technology company, right? And so we say that we're a technology company. And so we've always kind of prioritize, I think, from our perspective, partnering with our clients to help make their workflows more efficient, and you've heard us kind of talk that way.

是的，這是個好問題。所以從本質上講，您知道，我們是一家科技公司，對吧？所以我們說我們是一家科技公司。因此，我認為，從我們的角度來看，我們始終優先考慮與客戶合作，幫助他們提高工作流程的效率，您也聽過我們這樣談論。

And so the strategy carries through like 100% consistently to our approach to digital assets and other emerging technologies. So we're investing with the goal of creating a distributed ecosystem that democratizes these global financial markets, allowing participants to interoperate seamlessly, efficiently and at scale.

因此，該策略 100% 貫穿我們對數位資產和其他新興技術的態度。因此，我們投資的目標是創建一個分散式生態系統，使全球金融市場民主化，讓參與者能夠無縫、有效率、大規模地進行互動。

And so you're right, the client interest in digital assets continues to grow. I think we're pretty in a lot of ways, kind of eyes wide open and that we're taking a pretty deliberate approach through investing in infrastructure and partnerships. I think we're positioned very, very well to support our clients as this landscape continues to evolve. We have invested alongside kind of our -- I used expression like Smart Money clients, but we've invested alongside our Smart Money clients, like BlackRock, like Goldman, on this.

所以你說得對，客戶對數位資產的興趣持續成長。我認為我們在很多方面都非常開闊，並且透過投資基礎設施和合作夥伴關係採取了非常謹慎的方式。我認為，隨著情況的不斷發展，我們已準備好為客戶提供非常良好的支援。我們與我們的——我用“Smart Money”這樣的表達方式來表達，但我們與我們的“Smart Money”客戶（如貝萊德、高盛）一起進行了投資。

And I think you're going to see more investments from us in the future. I think we're a little bit moving from this concept of being, I kind of say, to Sara like the Switzerland around the space to like let's pick some where we think the winners are. And I do think when you think about the sort of guardrails around kind of collateral management, we feel like there will be winners. And so we're going to kind of like think like weigh in on where we think that those winners live.

我認為未來你會看到我們做更多投資。我認為我們正在從這個概念轉變，就像薩拉所說的那樣，圍繞著瑞士這個空間，讓我們挑選一些我們認為的贏家。我確實認為，當你考慮圍繞抵押品管理的護欄時，我們覺得會有贏家。因此，我們會思考一下獲勝者住在哪裡。

And then we look at the sort of the reality of some of the markets that we live and breathe in, really benefiting from some of this enhancement and they can be markets like the TBA mortgage market or the repo market, and we look forward to playing that leadership role as these markets move maybe from a settlement perspective in a different direction but it's an exciting time around the space. We have some of our best thinkers kind of working at it on the company and the kind of partners to help us navigate, I think, that you would expect us to. So feeling good about directionally kind of where we're headed there.

然後，我們看看我們所生活和呼吸的一些市場的現實情況，它們確實受益於這種增強，它們可能是 TBA 抵押貸款市場或回購市場等市場，我們期待著發揮領導作用，因為這些市場可能從結算角度朝著不同的方向發展，但這是一個令人興奮的時刻。我們公司擁有一群最優秀的思想家，還有合作夥伴來幫助我們導航，我想這也是您所期望的。因此，對於我們前進的方向，我感覺很好。

Maybe just one other point I'd add on that is, I think, it's a unique technology, and was definitely, as Billy said, partnered with what we think is smart money. But we've also really gotten our hands dirty from a technology perspective.

我可能只想補充一點，我認為這是一項獨特的技術，而且正如比利所說，它肯定與我們認為的聰明錢合作。但從技術角度來看，我們也確實付出了極大的努力。

And so we've made investments, but we also are internally very close and part of building technology that's well integrated with these aspects like blockchain. So it's not from an far when Billy says, like we're really spending time and our smartest people are on it. It's really to make sure it's well integrated with all the plumbing we already have.

因此，我們進行了投資，但我們內部也非常密切地參與建立與區塊鏈等方面很好地結合的技術。所以，當比利說我們確實在花時間並且我們最聰明的人都在做這件事時，這並不是遙不可及的。這實際上是為了確保它與我們現有的所有管道很好地結合在一起。

Richard Fellinger, Autonomous Research.

理查德·費林格（Richard Fellinger），自主研究。

I wanted to ask one on capital allocation. So excess cash continues to build on the balance sheet. And given M&A has historically been the priority after organic growth, just curious how the current market uncertainty informs your appetite for deals today? And if those conversations have gotten easier or harder with the unique environment we're in, and if it has become harder, at what point would you consider being more opportunistic on the buyback to kind of weigh out the current uncertainty?

我想問一個關於資本配置的問題。因此，資產負債表上的過剩現金不斷增加。鑑於併購歷來是有機成長後的優先事項，我只是好奇當前的市場不確定性如何影響您今天對交易的興趣？如果在我們所處的獨特環境下，這些對話變得更容易或更難，如果變得更加困難，那麼您會在什麼時候考慮在回購方面採取更多機會主義，以權衡當前的不確定性？

Good question. It's going be like, again, like a nice combination of Sara, of me and you on this one. But I think we would start with a very straightforward comment, which is M&A continues to be our preferred use of cash. But we're going to apply the kind of rigor around that, that you would expect us to, right, which is, first of all, and I say this loudly and Sara says this loudly as well like the culture around M&A is extremely, extremely important to us.

好問題。這會再次成為 Sara、我和你的完美結合。但我認為我們應該從一個非常直接的評論開始，那就是併購仍然是我們首選的現金用途。但我們將採取您所期望的那種嚴謹態度，對吧，首先，我大聲地說，Sara 也大聲地說，併購文化對我們來說極為重要。

And then we look for kind of networks that we think are under resourced around technology, and that's the simple lens that we apply all the time. My general instinct is kind of twofold on this. One is putting forward the kind of organic growth numbers that we put forward leads to momentum and the ability to do larger and more interesting kinds of deals.

然後，我們尋找那些我們認為在技術方面資源不足的網絡，這就是我們一直應用的簡單視角。對此我一般有兩種看法。一是提出我們提出的有機成長數字，這將帶來動力和進行更大、更有趣的交易的能力。

And then the other thing I would say is, as a public company, the ability to have a good track record around doing deals and Sara has been at the front of this integrating and doing good deals, I think, gives us, again, this continued momentum to do something. So I'm feeling personally optimistic and excited about the future around M&A.

我想說的另一件事是，作為一家上市公司，我們在交易方面擁有良好的業績記錄，而 Sara 一直處於整合和完成良好交易的前沿，我認為這再次為我們提供了繼續做某事的動力。因此，我個人對併購的未來感到樂觀和興奮。

Sara, you take this from me now.

薩拉，現在你把這個從我這裡拿走。

Sure. I mean, I think let me hit a little bit on the share repurchase question that you asked. I think we've been really consistent and Billy and I have both been completely consistent about this. The waterfall of how we want to allocate capital remains the same.

當然。我的意思是，我想讓我稍微談談您提出的股票回購問題。我認為我們一直保持一致，我和比利對此也一直保持著完全一致的意見。我們希望如何分配資本的流程保持不變。

So organic and then as Billy mentioned, M&A, then share repurchases and dividends. Share repurchases for us, we're committed to offsetting any dilution from equity comp. But really beyond that, the opportunistic part of share repurchases will be a function of looking at accretion. And so obviously, we want to be disciplined around that topic.

因此，正如 Billy 所提到的，首先是有機的，然後是併購，然後是股票回購和股息。對我們來說，股票回購致力於抵消股權補償的任何稀釋。但實際上，除此之外，股票回購的機會主義部分將是專注於增值的功能。因此，顯然，我們希望在這個問題上保持紀律。

As it relates to M&A, I think there's a couple of interesting points to add to what Billy said. We're focused on strategy, right, and the strategic benefit of pursuing whether it's a large acquisition or an investment or a partnership, has not to change month-to-month quarter-to-quarter based on the environment.

就併購而言，我認為對比利所說的還有幾點有趣的補充。我們專注於策略，對的，追求的策略利益，無論是大型收購、投資或合作，都不會根據環境而逐月、逐季地改變。

That said, I think given our balance sheet, which is quite strong with $1.3 billion of cash, $500 million undrawn revolver and no debt, we remain probably amongst a relative positioning of pretty nimble relative to other acquirers.

話雖如此，我認為考慮到我們的資產負債表相當強勁，擁有 13 億美元現金、5 億美元未提取循環信貸額度且沒有債務，與其他收購者相比，我們可能仍處於相對靈活的地位。

And I think we like that seat in terms of our ability to be opportunistic to pursue things that strategically makes sense over the long term. Things that expand our client network, Billy has talked about digital. We've talked about private credit before. I think strategy is the most important thing that to focus on I do say all of that and being CFO, financial discipline is really important, especially when you have $1.3 billion sitting on the balance sheet and no debt.

我認為我們喜歡這個席位，因為我們有能力抓住機會，追求具有長期戰略意義的事情。擴大我們的客戶網絡的事情，比利談到了數位化。我們之前討論過私人信貸。我認為戰略是需要重點關注的最重要的事情，我確實這麼說過，作為首席財務官，財務紀律非常重要，尤其是當你的資產負債表上有 13 億美元而沒有債務時。

And we remain very committed to being disciplined, in particular, we want to make sure that we're growing revenue. These transactions would have to be accretive to both revenue and/or earnings growth. And we've talked about EPS accretion being something that we look at as a hurdle over the near term for transactions. So with that in mind, we like our positioning, and we think strategy is really important, but we feel quite nimble and the ability to be opportunistic.

我們仍然致力於嚴格遵守紀律，特別是要確保我們的收入持續成長。這些交易必須能夠增加收入和/或獲利的成長。我們已經討論過，每股盈餘成長是我們認為短期內交易的障礙。因此，考慮到這一點，我們喜歡我們的定位，我們認為策略非常重要，但我們感覺自己相當靈活，並且有能力抓住機會。

Thank you. I would now like to turn the call back over to Billy Hult for any closing remarks.

謝謝。現在我想將電話轉回給 Billy Hult，請他做最後發言。

Thank you all for joining us this morning. Excellent questions, and hopefully, we always answer genuinely and transparently. We appreciate your time. Again, a special congratulations to our friend Ashley for his baby. We know he's listening and thanks very much, and everyone, have a great day. Thank you all.

感謝大家今天上午參加我們的活動。這些問題非常好，希望我們能真誠透明地回答。感謝您的時間。再次特別恭喜我們的朋友 Ashley 喜得貴子。我們知道他在聽，非常感謝，祝大家有美好的一天。謝謝大家。

Thank you.

謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。