Victory Capital Holdings Inc (VCTR) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Victory Capital fourth-quarter 2024 earnings conference call. (Operator Instructions)

早安，歡迎參加勝利資本 2024 年第四季財報電話會議。（操作員指令）

I will now turn the call over to Mr. Matthew Dennis, Chief of Staff and Director of Investor Relations. Please go ahead, Mr. Dennis.

現在我將把電話轉給辦公室主任兼投資者關係總監馬修·丹尼斯先生。請繼續，丹尼斯先生。

Thank you.

謝謝。

Before I turn the call over to David Brown, I would like to remind you that during today's conference call, we may make a number of forward-looking statements. Victory Capital's actual results may differ materially from these statements. Furthermore, please note that the ultimate completion of a transaction with Amundi remains subject to certain closing conditions. Please refer to our SEC filings for a list of some of the factors that may cause actual results to differ materially from those expressed on today's call. Victory Capital assumes no duty and does not undertake any obligation to update any forward-looking statements.

在我將電話轉給大衛布朗之前，我想提醒您，在今天的電話會議中，我們可能會做出一些前瞻性的陳述。Victory Capital 的實際結果可能與這些聲明有重大差異。此外，請注意，與 Amundi 的交易最終完成仍需遵守某些成交條件。請參閱我們的美國證券交易委員會文件，其中列出了可能導致實際結果與今天電話會議上所表達的結果有重大差異的一些因素。Victory Capital 不承擔更新任何前瞻性聲明的責任和義務。

Our press release that was issued after the market closed yesterday disclose both GAAP and non-GAAP financial results. We believe the non-GAAP measures enhance the understanding of our business and our performance. Reconciliations between these non-GAAP measures and the most comparable GAAP measures are included in tables that can be found in our earnings press release and in the slides accompanying this call, both of which are available on the Investor Relations portion of our website at ir.vcm.com.

我們昨天在市場收盤後發布的新聞稿披露了 GAAP 和非 GAAP 財務結果。我們相信非公認會計準則指標能夠增進我們對我們的業務和績效的了解。這些非 GAAP 指標與最具可比性的 GAAP 指標之間的對帳表包含在我們的收益新聞稿和本次電話會議附帶的幻燈片中，兩者均可在我們網站 ir.vcm.com 的投資者關係部分找到。

It is now my pleasure to turn the call over to David Brown, Chairman and CEO. David?

現在我很高興將電話轉給董事長兼執行長 David Brown。戴維？

Thanks, Matt. Good morning, and welcome to Victory Capital's fourth-quarter 2024 earnings call.

謝謝，馬特。早安，歡迎參加 Victory Capital 2024 年第四季財報電話會議。

I'm joined today by Michael Policarpo, our President, Chief Financial and Administrative Officer; as well as Matt Dennis, our Chief of Staff and Director of Investor Relations. I will start today by providing an overview of the fourth quarter and the full year 2024. After that, I will turn the call over to Mike to review the financial results in greater detail. Following our prepared remarks, Mike, Matt and I will be available to answer your questions.

今天與我一起出席的是我們的總裁、財務長和行政官 Michael Policarpo；以及我們的參謀長兼投資者關係總監 Matt Dennis。今天，我將首先概述第四季和 2024 年全年的情況。之後，我會將電話轉給麥克，讓他更詳細地回顧財務結果。在發表準備好的發言之後，麥克、馬特和我將回答大家的問題。

The quarterly business overview begins on slide 5. Long-term net flows improved in the fourth quarter, helped by accelerated gross sales. Although there was improvement, we are not at the level that the organization is fully capable of. That said, we are beginning to realize success from our prior investments in several areas with a good example being the acceleration of our growth in our ETF platform Victory shares.

季度業務概覽從第 5 張投影片開始。受總銷售額加速成長的推動，第四季長期淨流量有所改善。儘管有所進步，但我們尚未達到組織完全能夠達到的水平。話雖如此，我們開始從先前在多個領域的投資中取得成功，其中一個很好的例子就是我們的 ETF 平台勝利股份的成長加速。

During the fourth quarter and throughout the entire year, we achieved strong sales of our rules-based and active ETFs. These are high-margin products for us that are priced competitively with reasonable cost to manufacture and distribute. We ended December with $176.1 billion of total client assets, which was up $9.5 billion or 6% from the end of last year.

在第四季以及全年，我們基於規則和主動型ETF的銷售表現強勁。對我們來說，這些都是高利潤的產品，價格具有競爭力，製造和分銷成本合理。截至 12 月底，我們的客戶總資產為 1,761 億美元，較去年年底增加 95 億美元，增幅為 6%。

During the fourth quarter, average assets rose compared to the third quarter and our fee rate remained strong, resulting in record revenue for the quarter and full year. Our adjusted earnings per diluted share with tax benefit rose more than 7% to $1.45 in the quarter, which was also a record high and up 26% from $1.15 in last year's final quarter. Year-over-year adjusted earnings per diluted share rose 19% from $4.51 in 2023 to $5.36 in 2024.

第四季度，平均資產較第三季度增加，且我們的費率保持強勁，導致本季和全年收入創下歷史新高。本季度，我們的調整後每股攤薄收益（含稅收優惠）上漲超過 7%，至 1.45 美元，這也創下了歷史新高，較去年第四季的 1.15 美元上漲了 26%。經調整後每股攤薄收益年減 2023 年的 4.51 美元成長 19% 至 2024 年的 5.36 美元。

Adjusted EBITDA and adjusted EBITDA margin both set new quarterly records at $126 million and 54%, respectively. We are very pleased with our financial results in 2024, which was driven by our differentiated business platform and superior execution. Underneath all of this is an employee base, which I continue to believe is the best at what they do in the industry.

調整後 EBITDA 和調整後 EBITDA 利潤率均創下季度新高，分別達到 1.26 億美元和 54%。我們對 2024 年的財務表現非常滿意，這得益於我們差異化的業務平台和卓越的執行力。所有這一切的背後是一支員工隊伍，我始終相信他們是業界最優秀的。

Turning to our multifaceted strategic partnership with Amundi, we remain on track to close our acquisition by the end of this quarter. Based on our ongoing integration work, we are reaffirming the prior guidance of realizing $100 million in cost synergies by the end of our second year of ownership. These expense savings will be front-end loaded with the majority being realized during the first year after closing.

談到我們與 Amundi 的多面向策略合作夥伴關係，我們仍有望在本季末完成收購。根據我們正在進行的整合工作，我們重申先前的指導方針，即在我們擁有該公司的第二年結束時實現 1 億美元的成本協同效應。這些費用節省將是前期投入的，大部分將在交易結束後的第一年實現。

The Amundi US business continues to perform very well across the board. Based on publicly available data, net long-term flows into their US mutual funds totaled $2.6 billion in 2024. Our institutional business in the US as well as their non-US business also posted very strong sales for calendar year 2024 and both were net flow positive. Following the transaction's close, our non-US AUM is projected to total more than $45 billion.

東方匯理美國業務持續全面表現優異。根據公開數據，2024 年流入其美國共同基金的長期淨資金總額為 26 億美元。我們在美國的機構業務以及其非美國業務在 2024 日曆年的銷售也非常強勁，淨流量均為正。交易結束後，我們的非美國資產管理規模預計將總額超過 450 億美元。

Most of the non-US assets can be segmented into the following buckets: third-party distribution platforms, institutional investors or various large banking and financial network spread throughout the world. Moreover, these assets are sitting in primarily usage or institutional separately managed accounts. The non-US business has been a consistent strong area of organic growth, registering positive net flows since Amundi acquired the business in 2017.

大多數非美國資產可分為以下幾類：第三方分銷平台、機構投資者或遍佈全球的各種大型銀行和金融網路。此外，這些資產主要存放在使用或機構單獨管理的帳戶中。非美國業務一直是有機成長的強勁領域，自 2017 年 Amundi 收購該業務以來一直錄得正淨流量。

With the addition of Victory managed strategies post close to the product lineup, the broader product set is anticipated to accelerate growth of these non-US assets. Investment performance in Amundi US also remained very strong throughout the year. At year-end, 61% of mutual fund AUM was rated four or five stars overall by Morningstar.

隨著勝利管理策略加入產品陣容中，更廣泛的產品組合預計將加速這些非美國資產的成長。東方匯理美國基金的投資表現全年也保持強勁。截至年底，61% 的共同基金 AUM 被晨星評為四星或五星。

On slide 6, we provide an update on VictoryShares, our ETF platform. To date, we have increased our ETF AUM to close to $12 billion. We started with less than $200 million of ETF AUM when we acquired the capability in 2015. Since then, AUM has increased primarily as a result of organic growth as we have launched innovative new products and increased our distribution reach on various intermediary platforms over the years.

在幻燈片 6 上，我們提供了有關我們的 ETF 平台 VictoryShares 的最新資訊。迄今為止，我們已將 ETF AUM 增至近 120 億美元。當我們在 2015 年獲得該能力時，我們的 ETF AUM 規模還不到 2 億美元。自那時起，隨著我們多年來推出創新新產品並擴大在各種中介平台上的分銷範圍，AUM 主要透過有機成長而增加。

You can see from the graphic on this slide that this AUM growth has accelerated recently, and we look forward to continuing accelerating this momentum. Increasing investor demand for solutions-oriented and active ETFs and aligns perfectly with our core strength of delivering alpha and/or targeted outcomes through proven investment capabilities. We will continue to grow AUM by leveraging the portfolio management expertise of our investment franchises and solutions platform coupled with our deep distribution coverage, which now includes dedicated ETF sales and marketing resources.

您可以從這張投影片的圖表中看到，AUM 的成長速度最近有所加快，我們期待繼續加快這一勢頭。投資者對以解決方案為導向且主動型 ETF 的需求不斷增加，這與我們透過經過驗證的投資能力提供阿爾法和/或目標結果的核心優勢完美契合。我們將利用我們的投資特許經營和解決方案平台的投資組合管理專業知識以及我們深入的分銷覆蓋範圍（現在包括專門的 ETF 銷售和營銷資源）來繼續增加 AUM。

Our active ETFs provide investors with access to fixed income and equity strategies and a tax-efficient and liquid ETF structure. These active ETF products are net flow positive, meet our margin criteria, and we look forward to continue launching new products to maintain our momentum. Additionally, Amundi US currently has no ETF offerings, and we are evaluating which of their investment strategies have the best opportunity to be successful within an ETF wrapper and view this as an additive growth opportunity post the close of the acquisition.

我們的主動型 ETF 為投資者提供固定收益和股票策略以及稅收效率高、流動性強的 ETF 結構。這些主動型ETF產品的淨流量為正，符合我們的保證金標準，我們期待繼續推出新產品以維持我們的發展動能。此外，Amundi US 目前沒有提供 ETF，我們正在評估他們的哪些投資策略最有可能在 ETF 包裝中取得成功，並將其視為收購完成後的額外成長機會。

Turning to slide 7, you can see our updated capital allocation details. During the fourth quarter, we returned a total of $132.4 million to shareholders. After being restricted from executing open market share repurchases through the first nine months of the year, we repurchased 1.5 million shares during the fourth quarter. In December, our Board authorized a new $200 million share repurchase program, thereby allowing us to remain flexible and opportunistic.

翻到第 7 張投影片，您可以看到我們更新的資本配置詳情。第四季度，我們向股東返還了總計1.324億美元。在被限制在今年前九個月執行公開市場股票回購之後，我們在第四季回購了 150 萬股。12 月份，我們的董事會批准了一項新的 2 億美元股票回購計劃，使我們能夠保持靈活性和機會性。

Since our IPO, we have repurchased 18.2 million shares at an average price of $30.30 per share. Based on today's share price, our repurchase activity has resulted in an extremely attractive return for shareholders. We also announced a 7% increase in our quarterly cash dividend.

自首次公開發行以來，我們已以每股 30.30 美元的平均價格回購了 1,820 萬股。根據今天的股價，我們的回購活動為股東帶來了極具吸引力的回報。我們也宣布季度現金股利增加 7%。

Moving to slide 9. Our investment performance remained strong, with two-thirds of our AUM in mutual funds and ETFs earning overall four- or five-star ratings by Morningstar for the period ending on December 31. This is broadly diversified, encompassing 45 distinct products. Over the key three- and five-year periods, 59% and 73% of our total AUM outperformed their respective benchmarks.

移至幻燈片 9。我們的投資表現依然強勁，截至 12 月 31 日，我們資產管理規模的三分之二的共同基金和 ETF 獲得了晨星的四星或五星評級。產品種類繁多，涵蓋 45 種不同的產品。在關鍵的三年和五年期間，我們總 AUM 的 59% 和 73% 的表現超過了各自的基準。

With that, I will turn the call over to Mike to go through the quarter and full-year financial results in greater detail. Mike?

說完這些，我將把電話轉給麥克，讓他更詳細地介紹本季和全年的財務表現。麥克風？

Thanks, Dave, and good morning, everyone.

謝謝，戴夫，大家早安。

The financial results review begins on slide 11. Average assets under management rose 2% in the fourth quarter to $176 billion, and our fee realization increased for the quarter, driving revenue up to $232.4 million, which is the highest quarterly revenue in our history. For the full year, we generated record high revenue of $893 million, which was a 9% increase from 2023. Fourth-quarter GAAP operating income was $111.7 million, which was up 29% from the same quarter last year.

財務結果回顧從第 11 頁開始。第四季平均管理資產成長 2%，達到 1,760 億美元，本季我們的費用實現量增加，推動收入達到 2.324 億美元，這是我們歷史上最高的季度收入。全年我們創造了 8.93 億美元的歷史新高，較 2023 年成長 9%。第四季 GAAP 營業收入為 1.117 億美元，較去年同期成長 29%。

GAAP earnings per diluted share was $1.17 for the fourth quarter and $4.38 for the full year. Year over year, GAAP earnings rose more than 40% from $3.12 per diluted share for 2023. Adjusted EBITDA was $125.5 million in the fourth quarter, which was 3% higher than in the third quarter and adjusted EBITDA margin expanded 30 basis points to 54%.

第四季 GAAP 每股攤薄收益為 1.17 美元，全年 GAAP 每股稀釋收益為 4.38 美元。與去年同期相比，2023 年 GAAP 每股攤薄收益從 3.12 美元增加了 40% 以上。第四季調整後 EBITDA 為 1.255 億美元，較第三季成長 3%，調整後 EBITDA 利潤率擴大 30 個基點至 54%。

Adjusted net income with tax benefit rose to a record $95.1 million in the quarter. This was up 7% from the third quarter and 24% higher than last year's fourth quarter. For the full year, we generated adjusted net income with tax benefit of $353.1 million, which was up 15% from the prior year.

本季度，調整後淨收入（含稅收優惠）上升至創紀錄的 9,510 萬美元。這比第三季成長了 7%，比去年第四季成長了 24%。全年我們實現調整後淨收入（含稅收優惠）3.531億美元，較上年增長15%。

Turning to the balance sheet. Our cash balance at the end of the year was $127 million, following the return of $132.4 million to shareholders in the form of share repurchases and cash dividends in the fourth quarter. Our net leverage ratio was unchanged at 1.7 times from Q3, driven by growth in earnings and a modest debt paydown of $20 million in December.

轉向資產負債表。我們在年底的現金餘額為 1.27 億美元，其中第四季以股票回購和現金股利的形式向股東返還了 1.324 億美元。我們的淨槓桿率與第三季相比保持不變，為 1.7 倍，這得益於盈利增長及 12 月份 2,000 萬美元的小幅債務償還。

Finally, yesterday, we also announced that the Board authorized a 7% dividend increase, raising the quarterly dividend to $0.47 per share. The first-quarter dividend will be paid on March 10 to shareholders of record at the close of business on February 18.

最後，昨天我們也宣布董事會批准將股息提高 7%，將季度股息提高至每股 0.47 美元。第一季股利將於 3 月 10 日支付給 2 月 18 日營業結束時登記在冊的股東。

Turning to slide 12. You can see that while average assets rose from the third quarter, total client assets declined by just under 3% during the period, driven primarily by market action to end the year at $176.1 billion. Our AUM continues to be diversified from both a distribution channel perspective as well as by investor type within each channel and by asset class and investment vehicle.

翻到第 12 張投影片。您可以看到，雖然平均資產較第三季有所增加，但在此期間總客戶資產卻下降了近 3％，這主要是受市場走勢的影響，年底總客戶資產為 1,761 億美元。我們的 AUM 繼續從分銷管道角度、每個管道內的投資者類型以及資產類別和投資工具角度實現多樣化。

Post closing of the Amundi transaction, we intend to add a new category here that breaks out the non-US client portion of our AUM. We believe having a significant portion of AUM from investors outside the US provide another dimension of diversification and potential growth for our business.

在完成 Amundi 交易後，我們打算在此新增一個新類別，以分居我們 AUM 中的非美國客戶部分。我們相信，擁有來自美國以外投資者的大部分資產管理規模將為我們的業務提供另一個維度的多元化和潛在成長。

On slide 13, we cover long-term asset flows. Several of our investment franchises and our VictoryShares ETF platform continued to generate positive long-term net flows in the quarter. Victory Income Investors posted its fourth consecutive quarter of positive net flows and its eighth consecutive quarter of positive net flows in the intermediary channel, where we have been gaining shelf space for the past several years. For the full year, Integrity, NEC, RS Global, our VictoryShares ETF platform also achieved positive net long-term flows. 2025 is off to a strong start.

在投影片 13 中，我們討論了長期資產流動。我們的幾項投資特許經營權和 VictoryShares ETF 平台在本季繼續產生正的長期淨流量。Victory Income Investors 連續第四個季度實現正淨流量，連續第八個季度在中間通路實現正淨流量，過去幾年來，我們在中間通路一直佔據著越來越重要的地位。全年來看，Integrity、NEC、RS Global、我們的VictoryShares ETF 平台也實現了長期淨流入。 2025年開局強勁。

Our long-term flows for the month of January have improved substantially and has flipped to be slightly positive. And our one but not yet funded pipeline is as large as it has ever been as we look forward. The majority of the one but not yet funded pipeline should fund in 2025, and it is well diversified from a franchise and channel perspective. Our outlook for organic growth is encouraging as we consider current business momentum and the closing of the Amundi transaction and what that will contribute to our organic growth profile.

我們一月份的長期流量已經大幅改善並略微轉為正值。我們期待著我們的一個尚未獲得資助的管道能夠像以前一樣大規模。大部分尚未獲得資金支持的項目應會在 2025 年獲得資金支持，而且從特許經營和通路的角度來看，它的多樣化程度很高。考慮到當前的業務發展勢頭和 Amundi 交易的完成以及這將對我們的有機增長狀況做出的貢獻，我們對有機增長的前景是令人鼓舞的。

Slide 14 shows a steady increase in sequential revenue during 2024. Our average fee rate was 52.5 basis points in the fourth quarter, which is up 4 basis points from the third quarter and remains within our expected range. For the full year, revenue rose by 9% from 2023.

投影片 14 顯示 2024 年連續收入穩定成長。我們第四季的平均費率為52.5個基點，較第三季上升4個基點，仍在我們的預期範圍內。就全年而言，營收較2023年成長9%。

Slide 15 highlights expenses recorded during the quarter. Total GAAP expenses were $133.8 million for the quarter. The increase from the third quarter was driven primarily by the reversal of earn-out accruals in the third quarter. Excluding this non-cash adjustment in Q3, total expenses increased less than $1 million quarter over quarter and variable expenses calibrated with our increase in AUM and revenues. We incurred $2.8 million in acquisition-related expenses in the fourth quarter, predominantly related to the Amundi transaction.

投影片 15 重點介紹了本季記錄的費用。本季 GAAP 總支出為 1.338 億美元。第三季的成長主要由於第三季獲利應計項目的逆轉。除第三季的非現金調整外，總支出季增不到 100 萬美元，變動支出與我們的 AUM 和收入的成長保持一致。我們在第四季發生了 280 萬美元的收購相關費用，主要與 Amundi 交易有關。

On a cash basis, our compensation expense was 23.8%, which is in line with our guidance. Consistent with lower interest rates, we experienced a decrease in interest expense during the fourth quarter. Our average interest rate declined by 33 basis points from 5.25% in the third quarter to 4.92% in the fourth quarter.

以現金計算，我們的薪資費用為 23.8%，符合我們的預期。由於利率下降，我們第四季的利息支出也下降了。我們的平均利率從第三季的5.25%下降了33個基點至第四季的4.92%。

On slide 16, we highlight our non-GAAP metrics. Our reported $1.45 adjusted net income with tax benefit per diluted share is the highest level in our history, and is up 7% from the prior record of $1.35 per diluted share reported for the third quarter. For the full year, adjusted net income with tax benefit per diluted share was $5.36 and 19% higher than $4.51 per diluted share in 2023.

在投影片 16 上，我們重點介紹了非 GAAP 指標。我們報告的調整後每股攤薄淨利潤（含稅收優惠）為 1.45 美元，創歷史新高，較第三季報告的每股攤薄淨利潤 1.35 美元上漲 7%。全年調整後每股攤薄淨利潤（含稅收優惠）為 5.36 美元，較 2023 年的每股攤薄淨利潤 4.51 美元高出 19%。

Adjusted EBITDA and adjusted EBITDA margin were also company records at $125.5 million and 54%, respectively. On a year-over-year basis, our adjusted EBITDA grew by 14% to $476 million in 2024. And adjusted EBITDA margin expanded by 230 basis points to 53.2%.

調整後的 EBITDA 和調整後的 EBITDA 利潤率也創下了公司歷史新高，分別為 1.255 億美元和 54%。與去年同期相比，我們的調整後 EBITDA 成長了 14%，到 2024 年達到 4.76 億美元。調整後的 EBITDA 利潤率擴大 230 個基點，至 53.2%。

Finally, turning to slide 17. We generated $92 million in cash flow from operations during the quarter, and our leverage ratio remained at 1.7 times, which is down from 2.1 times at the beginning of the year. We paid down $20 million of debt in the quarter and our $100 million credit facility remains undrawn.

最後，翻到第 17 張投影片。我們在本季產生了 9,200 萬美元的營運現金流，我們的槓桿率保持在 1.7 倍，低於年初的 2.1 倍。我們在本季償還了 2000 萬美元的債務，還有 1 億美元的信用額度尚未提取。

That concludes our prepared remarks. I will now turn it back over to the operator for questions.

我們的準備好的演講到此結束。現在我將把問題轉回給接線生。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示） 高盛的 Alex Blostein。

This is Anthony on for Alex. It's nice to see the organic growth profile improving in January. And I guess as we look out into 2025, what strategies do you expect to be most in favor and contribute the most to organic growth?

這是安東尼 (Anthony) 代替亞歷克斯 (Alex)。很高興看到一月份有機成長狀況有所改善。我想，展望 2025 年，您認為哪些策略最受歡迎、對有機成長貢獻最大？

It's Dave. A couple of pieces to that question. The first piece, just Victory. As we said in our prepared remarks, our VictoryShares ETF platform is doing really well. We're seeing strong growth there.

是戴夫。關於該問題，有幾點看法。第一件，只是勝利。正如我們在準備好的發言中所說，我們的 VictoryShares ETF 平台表現得非常好。我們看到那裡出現了強勁的成長勢頭。

And I would expect that to continue throughout the year. Additionally, in our institutional channel, we're seeing a lot of opportunities. We have a large one but not yet funded part of our pipeline is there in that channel in a few different franchises. And then bringing on Amundi and Amundi's organic growth profile, where they have had net flow positive in '24. They're off to a great start in '25 in really all of their channels, coupled with what we have -- the opportunities we have, we think putting that together will be where we see the growth.

我預計這種情況將持續一整年。此外，在我們的機構管道中，我們看到了許多機會。我們有一個很大的但尚未獲得資金的部分管道，我們的管道包括幾個不同的特許經營商。然後介紹 Amundi 和 Amundi 的有機成長概況，他們在 24 年實現了淨流量為正。2025 年，他們在所有管道上都有了一個很好的開端，再加上我們擁有的機會，我們認為將這些結合起來，我們將看到成長。

That's helpful. And I guess as a follow-up, on the Amundi deal, I guess from a revenue perspective, like what sort of revenue synergies do you expect? And how soon do you expect to see like the flow benefits from the distribution partnership?

這很有幫助。我想作為對 Amundi 交易的後續關注，從收入角度來看，您預計會產生什麼樣的收入綜效？您預計多久能從分銷合作中看到流量效益？

It's Mike. I think with respect to the distribution agreement, just a reminder, we've really established a 15-year exclusive distribution agreement with Amundi where active traditional products will be pushed, if you will, through their global distribution network. As we mentioned in the prepared remarks, that channel exists today with the Amundi US products and is currently organic growth positive. As we think about the addition of Victory products to that distribution network, we're excited.

是麥克。關於分銷協議，我想提醒一下，我們實際上已經與 Amundi 建立了為期 15 年的獨家分銷協議，如果您願意的話，可以透過他們的全球分銷網絡推廣活性傳統產品。正如我們在準備好的評論中提到的那樣，該管道目前存在於 Amundi US 產品中，並且目前呈現有機增長態勢。當我們想到將勝利產品添加到該分銷網絡時，我們感到非常興奮。

We're still working on the -- which products will be launched and which products will be pushed through that distribution channel, but we spent a lot of time really evaluating and understanding the needs of clients globally. And as we move forward, we know it will be additive to the overall growth profile, organic growth profile for Victory. We're not in a position today to provide specifics around that. But as we close the transaction, we'll come out with more specifics related to that. But again, we're excited about being able to add a strong Victory product through that sizable distribution network.

我們仍在研究哪些產品以及透過該分銷管道推銷哪些產品，但我們花了大量時間真正評估和了解全球客戶的需求。隨著我們不斷前進，我們知道它將對勝利的整體成長狀況和有機成長狀況起到補充作用。我們今天無法提供有關該問題的具體細節。但隨著交易的完成，我們將公佈更多與此相關的具體資訊。但是，我們仍然很高興能夠透過龐大的分銷網絡增加強大的勝利產品。

Ken Warrington, JPMorgan.

摩根大通的肯‧沃靈頓。

This is Michael Cho in for Ken. I just wanted to touch on margins. Victory's margins just seem to continue to rise every quarter. So without asking about the new long-term targets or anything like that. I was just wondering if you could talk through any margin differences across the different products or vehicles.

這是 Michael Cho 代替 Ken 做的。我只是想談一下邊緣問題。Victory 的利潤率似乎每季都在持續上升。因此，無需詢問新的長期目標或類似的事情。我只是想知道您是否可以談談不同產品或車輛之間的利潤差異。

And I think you called out in your comments that maybe the rules-based ETFs are higher-margin products. So I'm just kind of curious if you could flush that commentary out into kind of broader perspective of maybe margin differences or nuances that we should consider in light of the 2025 flows comment you just made as well.

我認為您在評論中指出，基於規則的 ETF 可能是利潤率較高的產品。所以我只是有點好奇，您是否可以從更廣泛的角度闡述這一評論，也許是利潤差異或細微差別，我們應該根據您剛才對 2025 年流量的評論來考慮這些差異或細微差別。

Sure, Michael. As we think about our operating platform and the business structure that we have, I think we've identified and said that greater than two-thirds of our expenses are variable. And that really comes with having a single operating platform to allow us to leverage and invest really once across all franchises, all vehicles, inclusive of our ETFs, mutual funds, institutional business, retail SMA and model delivery business. So that single platform really allows for significant scale.

當然，邁克爾。當我們考慮我們的營運平台和業務結構時，我想我們已經確定並表示，超過三分之二的支出是可變的。這實際上意味著擁有一個單一的營運平台，使我們能夠真正利用和投資所有特許經營權、所有工具，包括我們的 ETF、共同基金、機構業務、零售 SMA 和模型交付業務。因此，單一平台確實可以實現顯著的規模。

And as we look at how we've derived that expense base with greater than two-thirds being variable, the ETF business is just as profitable as the rest of the business, despite having slightly lower revenue realization. And again, the ETFs that Dave mentioned in the prepared comments, they're not passive ETFs, they're active and rules based that have a fair revenue realization to them. And when we apply, if you will, the business infrastructure across that, we still maintain very strong margins competitive to any other distribution channel in any other product vehicle that we have.

當我們觀察如何得出超過三分之二可變的費用基礎時，我們會發現 ETF 業務的獲利能力與其他業務一樣強，儘管其收入實現率略低。再說一次，戴夫在準備好的評論中提到的 ETF，它們不是被動的 ETF，而是主動的、基於規則的 ETF，可以實現公平的收入。如果您願意的話，當我們應用跨越該業務基礎設施時，我們仍然能夠保持非常強勁的利潤率，與我們擁有的任何其他產品載體中的任何其他分銷渠道具有競爭力。

So it really is that single platform and a variable expense model that we think drives the current margins that we have and continue to drive the investments that we're making to support future growth.

因此，我們認為，單一平台和可變費用模型真正推動了我們目前的利潤率，並將繼續推動我們為支持未來成長而進行的投資。

Great. And if I could just quickly follow up. You mentioned pipeline or one not yet funded pipeline in terms of kind of the largest ever. I was wondering if you can kind of provide any context or color around the pipeline as it sits today? And any color on the composition of that institutional pipeline.

偉大的。如果我可以快速跟進的話。您提到了有史以來最大的管道或尚未獲得資助的管道。我想知道您是否可以提供一些有關目前管道狀況的背景或情況？以及該機構管道組成的任何顏色。

Sure. It's Mike. We don't necessarily provide the specifics. But I think in Dave's comments, he mentioned it's as large as we've ever seen it in the history of the business, which is very compelling as we sit here today. It's also not just a particular product or franchise.

當然。是麥克。我們不一定會提供具體細節。但我認為，戴夫在評論中提到，這是我們在業務歷史上見過的規模最大的一次，這對我們今天來說非常引人注目。它也不僅僅是一種特定的產品或特許經營權。

It stems across a number of different franchises as well as different channels, so both intermediary and institutional business. And then within institutional, the sub channels are also represented. We expect that the pipeline from a one-not-funded perspective, most, if not all of that, will fund in 2025. And it, again, is broad-based across a number of different franchises and products within franchises.

它源自於多個不同的特許經營權以及不同的管道，因此既包括中介業務，也包括機構業務。然後在機構內部，子通路也有體現。我們預計，從尚未獲得資金支持的角度來看，大部分（如果不是全部的話）資金將在 2025 年到位。而且，它廣泛地涵蓋了許多不同的特許經營權以及特許經營權內的產品。

Kenneth Lee, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Kenneth Lee。

Just following up on the Amundi and the potential introduction of Victory products in the non-US distribution. Assuming you've selected certain products, how rapidly in terms of time frames, could you potentially introduce products? What are the key gating factors? Is there any kind of regulatory or product design or vehicle selection that we should think about?

只是跟進 Amundi 和在非美國分銷中可能推出的 Victory 產品。假設您已經選擇了某些產品，那麼就時間範圍而言，您能以多快的速度推出這些產品？關鍵的控制因素有哪些？我們是否應該考慮任何類型的監管、產品設計或車輛選擇？

Yes. That will happen really throughout 2025 and into '26 for the Victory products. I would expect after we close, most of the flow will come through the existing or the legacy Amundi US products that are already into the channels already have the products registered, established, sales force educated on them. And so that will continue and accelerate with our investment in that channel.

是的。對於 Victory 產品來說，這一目標將在 2025 年至 2026 年真正實現。我預計，在我們結束後，大部分的流量將透過現有或傳統的 Amundi US 產品流入，這些產品已經進入管道，產品已經註冊、建立，銷售人員也已經接受過相關培訓。隨著我們對該管道的投資，這一進程將繼續並加速。

And then as '25 moves through, I would anticipate that we have the legacy Victory products registered, educating the sales force, and then getting momentum in the different geographies and really seeing a benefit as we end '25 and go into '26.

然後隨著 25 年的到來，我預計我們將註冊傳統的 Victory 產品，培訓銷售人員，然後在不同的地區獲得發展勢頭，並在 25 年結束進入 26 年時真正看到效益。

Each geography is going to have its own set of regulatory rules, we'll be registering different products. On the institutional side, it will be educating the sales force. So it will be a large effort around that. But the great part about this is today, as Amundi US stands, they have the infrastructure, they're successful in selling the products outside the US.

每個地區都有自己的一套監管規則，我們將註冊不同的產品。從機構方面來看，它將對銷售人員進行培訓。因此我們需要為此做出巨大的努力。但今天最棒的部分是，正如 Amundi US 所言，他們擁有基礎設施，並且成功地在美國以外銷售產品。

It has been growing. I think I referenced in my prepared remarks, since the acquisition of Amundi in 2017, Amundi US. They have been positive from a sales perspective. So we'll just be plugging into that and really accelerating that and then introducing our products. But as we look out and we get out of the quarters when we start to look in the future from a year's perspective, we think it's going to be a really compelling growth opportunity for us, diversify our business and really differentiate us from many other USanagers to have this kind of distribution channel outside the US for a US-based manager.

它一直在增長。我想我在準備好的發言中提到過，自 2017 年收購 Amundi 以來，Amundi US 就一直是如此。從銷售角度來看，他們的表現很正面。因此，我們只需投入其中並真正加速這一進程，然後推出我們的產品。但當我們從季度的角度開始展望未來時，我們認為這對我們來說將是一個非常引人注目的成長機會，使我們的業務多樣化，並真正使我們與許多其他美國經理人區分開來，為美國經理人提供這種在美國以外的分銷管道。

Great. Very helpful there. And then just changing over to another topic on the M&A opportunity there. You previously mentioned that there could be some additional opportunities over the near term. Just wanted to get a little bit more color in terms of how active is the discussions pipeline that you're having?

偉大的。非常有幫助。然後轉到另一個有關併購機會的主題。您之前提到近期可能會有一些額外的機會。只是想更詳細地了解你們的討論管道有多活躍？

And what are your thoughts in terms of the outlook for potential M&A this year?

您對今年潛在併購的前景有何看法？

I think building on some of the comments I've made over the previous quarters, we are very busy from a discussion perspective, I think the industry is primed for a lot of consolidation. And I think you're starting to see that, and I think it will accelerate in '25 and really in the out years. And we will participate in that after we closed the acquisition, our balance sheet, our leverage will go down quite significantly. Our balance sheet will be primed. And I would anticipate that we would be as active as anybody in the industry.

我認為，基於我在前幾個季度所發表的一些評論，從討論的角度來看，我們非常忙碌，我認為該行業已經為大量整合做好了準備。我想你已經開始看到這一點了，而且我認為這種趨勢將在2025年甚至未來幾年加速。我們將參與其中，在完成收購後，我們的資產負債表和槓桿率將大幅下降。我們的資產負債表將會準備好。我預計我們會像業內任何人一樣活躍。

I think our platform is super attractive for the right kind of partner, and we are willing participant in the consolidation.

我認為我們的平台對於合適的合作夥伴來說非常有吸引力，我們願意參與整合。

And so my anticipation is that we are going to continue down the path we've had over the years. and that has been -- really been very acquisitive. And so that's where we are today. And we're super excited about it as well. The discussions we're having, the opportunities are as compelling as I've ever seen in my career when I look at the opportunities and the discussions we're having.

因此，我預計我們將繼續沿著多年來一直走的道路前進。而且這確實非常具有獲取性。這就是我們今天所處的境況。我們對此也感到非常興奮。當我回顧我們所進行的討論和機會時，我發現我們所進行的討論和機會是我職業生涯中所見過的最引人注目的。

Étienne Ricard, BMO Capital Markets.

Ãtienne Ricard，BMO 資本市場。

Okay. Just to circle back on operating margins. I'm curious to hear relative to the 49% target that you have, in what areas of the organization have you seen better-than-expected operating leverage? And just to circle back on Amundi, what's giving you the confidence that current systems in place can handle a much larger AUM base?

好的。回到營業利益率的問題。我很好奇，相對於您設定的 49% 的目標，在組織的哪些領域您看到了好於預期的經營槓桿？回到 Amundi 的問題，是什麼讓您有信心現有系統可以處理更大規模的 AUM 基數？

It's Mike. Yes, I would say we are -- I mentioned before kind of the single operating platform that we run. It is world-class. It is highly scalable in the nature of how we have designed it. We leverage significant partner relationships that allow us to onboard and integrate M&A and have done so since the beginning of the business model back in 2013.

是麥克。是的，我想說我們是——我之前提到過我們運行的單一操作平台。它是世界一流的。從我們的設計本質上來說，它具有高度的可擴展性。我們利用重要的合作關係，使我們能夠參與和整合併購，自 2013 年商業模式開始以來我們就一直這樣做。

So that gives us the confidence along with the people and the experience that we have that we can and have assessed, if you will, the current Amundi US business to be able to put that onto the platform, make the investments that we need to for areas where there is differentiation from a product perspective or a client perspective and continue to operate the business long term at the margins that we've identified that are robust and probably at the top of the industry.

因此，這給了我們有信心，加上我們擁有的人才和經驗，我們可以並且已經評估了當前的 Amundi 美國業務，以便能夠將其放到平台上，在產品角度或客戶角度存在差異的領域進行我們需要的投資，並繼續以我們認為強勁的、可能處於行業領先地位的利潤率長期運營該業務。

So that long-term 49% guidance is still something that we're confident in, even post onboarding the Amundi transaction. There's really nothing in the Amundi US business that is significantly differentiated. We're a traditional active asset management business. And so we feel very confident that post the integration, we'll be able to operate the business at the long-term margins, still making the investments in areas that we believe will provide long-term organic growth.

因此，即使在加入 Amundi 交易後，我們仍然對 49% 的長期指導目標充滿信心。東方匯理美國業務其實並沒有什麼顯著的差異化。我們是一家傳統的主動資產管理公司。因此，我們非常有信心，整合後，我們將能夠以長期利潤率經營業務，同時仍在我們認為能夠實現長期有機成長的領域進行投資。

Those investments that we've made and continue to make support data, Dave mentioned ETF specialists with respect to distribution and marketing, technology support. We're continuing to invest in the intermediary distribution channel.

我們已經進行並將繼續進行的投資將支援數據，戴夫提到了與分銷和行銷以及技術支援相關的 ETF 專家。我們將繼續投資中間分銷管道。

And really, all of those investments that we're making and will continue to make through the Amundi US transaction will continue to position us to be well positioned for continued M&A as well as organic growth.

事實上，我們透過 Amundi US 交易進行的所有投資以及將繼續進行的投資將繼續使我們處於有利地位，能夠繼續進行併購以及有機成長。

Great. I appreciate the details. Switching on net flows. You've seen demand for some of your global strategies on the non-US side. Can you share more details as to what explains this relatively stronger performance?

偉大的。我很欣賞這些細節。開啟網路流量。您已經看到美國以外地區對您的一些全球策略的需求。您能否分享更多細節來解釋這種相對較強的表現？

Yes. So the -- where we've seen strength in the global equity and international equity segment of our business really has been with respect to the RS Global product. That product has outstanding short- and long-term investment performance. They've got a very differentiated investment process that has allowed them to continue to perform excellently throughout all market cycles over the last decade plus. And we're seeing significant opportunities both on the institutional side as well as on the intermediary side with respect to that product offering because of the strong performance, because of the depth of the team, because of the strength of the team.

是的。因此，我們業務的全球股票和國際股票領域的實力確實與 RS Global 產品有關。本產品短期及長期投資績效優異。他們擁有非常差異化的投資流程，這使得他們在過去十多年的所有市場週期中繼續表現出色。由於強勁的表現、團隊的深度和實力，我們看到該產品在機構方面和中介方面都存在重大機會。

And really, they've just continued to perform very well, which has led to a significant amount of opportunities.

事實上，他們的表現一直非常出色，這為他們帶來了大量的機會。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

This is Nathan on for Ben. Can you provide a mark-to-market on Amundi since our last update? What does AUM look like and how are flows trending?

這是 Nathan 代替 Ben 表演的。您能提供我們上次更新以來 Amundi 的市價嗎？AUM 是什麼樣的以及流量趨勢如何？

Yes. So as Dave mentioned in our prepared remarks, the Amundi US business for 2024 was net flow positive in what you can see publicly in their mutual fund business, the flows were roughly $2.6 billion net flow positive across their fixed income, multi-asset and equity products. We also highlighted that there are other distribution channels, which really was that global network was positive organic growth as well, and those trends have continued into January.

是的。因此，正如戴夫在我們準備好的評論中提到的那樣，從其共同基金業務公開顯示的情況來看，Amundi 美國 2024 年的業務淨流量為正值，其固定收益、多資產和股票產品的淨流量約為 26 億美元。我們也強調了其他分銷管道，實際上全球網路也實現了積極的有機成長，而且這些趨勢一直持續到 1 月。

At year-end, the AUM was approximately $114 billion for Amundi US, which, again, as we mentioned, the performance of the Amundi US business throughout 2024 really outpaced our expectations and what we diligenced. So we're super excited to have tailwinds in that business as it comes on to our platform, and we continue to look at organic growth opportunities post the transaction.

截至年底，Amundi US 的 AUM 約為 1140 億美元，正如我們所提到的，Amundi US 業務在 2024 年全年的表現確實超出了我們的預期和我們的努力。因此，我們非常高興該業務在我們的平台上順利開展，並且我們將繼續尋找交易後的有機成長機會。

And I would add -- it's Dave. I would add a few more things. I'd say, one, going into '25, they still have that net flow positive. It's net flow positive on the mutual fund side. You can see that publicly for January.

我想補充一下——他是戴夫。我想補充幾點。我想說，首先，進入25年，他們的淨流量仍然為正。共同基金方面的淨流量為正。您可以在一月份公開看到它。

The investment performance is still strong. And I would reiterate what Mike said, which is this is a business that has really picked up momentum in '24 and going into '25. And it is exceeding what we anticipated. So from our perspective, when we diligenced the business, we thought it was great and has now exceeded that, and we're super excited about that and really excited to bring it on to our platform, combined forces and really, I think, provide a trajectory that's much more positive from a net flow perspective, putting our organizations together.

投資表現依然強勁。我想重申麥克所說的話，那就是這項業務在 2024 年和 2025 年確實獲得了發展勢頭。這超出了我們的預期。因此，從我們的角度來看，當我們盡職調查業務時，我們認為它很棒，現在已經超越了這一點，我們對此感到非常興奮，並且非常高興將其帶到我們的平台上，聯合力量，我認為，從淨流量的角度來看，真的提供了一個更積極的軌跡，將我們的組織整合在一起。

One of the great benefits of this transaction is we are going to have a larger US intermediary sales effort. And from an FTE perspective, from a partnership with platform perspective, from a marketing perspective, and that should benefit our entire platform, not just the legacy Amundi US and not just a few products, but we should see it across our entire platform.

這次交易的一大優點是我們將在美國擴大中介銷售力度。從 FTE 的角度來看，從與平台的合作的角度來看，從行銷的角度來看，這應該會使我們的整個平台受益，而不僅僅是傳統的 Amundi US 和一些產品，而是我們應該在整個平台上看到它。

Can you also provide an update on flows at Sycamore in particular? I recall that the franchise was a source of some of your outflows last year. So can you just remind us of some of the dynamics there?

您能否具體提供有關 Sycamore 流量的最新情況？我記得特許經營權是你去年部分資金流出的來源之一。那麼您能否提醒我們那裡的一些動態呢？

We don't provide specific flows on each franchise. Sycamore is one of our larger franchises. It is an excellent long-term investment performance. And it has a really big client following on the intermediary side and on the institutional side. It is a franchise that has had some outflows.

我們不提供每個特許經營權的具體流程。Sycamore 是我們較大的特許經營店之一。這是一項極為出色的長期投資表現。它在中介機構和機構方面都擁有大量客戶。這是一家已經出現資金流出的特許經營店。

But long term, we're not concerned with the franchise at all. It is an excellent investment team. They have an excellent investment process. It's a deep. And I'd say anything that's going on in Sycamore is really just a small cycle in a much longer-term positive cycle for them.

但從長遠來看，我們根本不關心特許經營權。這是一個非常優秀的投資團隊。他們擁有出色的投資流程。它很深。我想說 Sycamore 發生的任何事情實際上都只是他們長期正向循環中的一個小循環。

Ben Rubin, UBS.

瑞銀的本·魯賓。

My first one is on the ETF business. VictoryShares had over $1 billion of flows in fourth quarter, stronger than your recent quarters and a much better 2024 overall, which you brought in your prepared remarks. So I'm just curious what products or strategies are driving that improvement? And then also, what are your expectations for active ETFs going into 2025?

我的第一個問題是關於ETF業務。VictoryShares 在第四季度的流量超過 10 億美元，比最近幾季的表現要強勁，而且 2024 年的整體表現要好得多，您在準備好的發言中已經提到了這一點。所以我只是好奇什麼產品或策略推動了這種改善？另外，您對 2025 年主動型 ETF 有何期望？

Sure. So in '24, we had a few ETFs that really did well, and I think started to emerge. And I would bucket them first, our group of fixed income active ETF run by our Victory Income Investors franchise. There are a number of ETFs there that were net flow positive. And really with the market tailwinds and our ability to get them across our distribution system, have really started to pay back.

當然。因此在 24 年，我們有一些表現良好的 ETF，我認為它們開始嶄露頭角了。我首先會將它們分成幾類，它們是我們的 Victory Income Investors 特許經營公司經營的一組固定收益主動型 ETF。有許多 ETF 的淨流量為正。事實上，隨著市場的順風和我們在整個分銷系統中推廣產品的能力的增強，我們已真正開始獲得回報。

And I expect that to continue in '25. The launch really of our free cash flow series, group of ETFs led by, what we call flow, which is VFLO SFLO, which is Slow and then also a few other ones that we've just launched and will be launching around our free cash flow series. We've had seen very good flows from that perspective. Four of our five top sellers in '24 were actually active. And even our passive ETFs really are not passive from a beta replication perspective.

我預計這種情況將在2025年繼續下去。我們真正推出的自由現金流系列，是由我們所謂的流量主導的一組 ETF，即 VFLO SFLO，它是 Slow，然後還有一些我們剛剛推出並將圍繞我們的自由現金流系列推出的其他 ETF。從這個角度來看，我們已經看到了非常好的流程。在我們 1924 年最暢銷的五本書中，有四本實際上都是活躍的。即使我們的被動型 ETF，從 beta 複製的角度來看確實不是被動的。

Our passive ETFs are really rules-based and thematic type ETFs that really compete with active products. A good example is VFLO. It's a 50 stock portfolio. It's priced like an active product. Acts like an active, we just use rules to express our investment thesis.

我們的被動型 ETF 實際上是基於規則和主題類型的 ETF，能夠與主動型產品競爭。一個很好的例子就是 VFLO。這是一個包含50檔股票的投資組合。它的定價就像一種活躍產品。就像主動一樣，我們只是用規則來表達我們的投資論點。

And in '25, we're off to a tremendous start on the ETF side, and I anticipate that is going to accelerate as we move through the year. There's great market tailwinds from what's happening in the industry, plus the way we're positioned.

在 25 年，我們在 ETF 方面取得了良好的開端，我預計，隨著時間的推移，這一發展勢頭將會加速。行業動態以及我們的定位為市場帶來了巨大的順風。

And lastly, I would add, we have invested from a sales perspective on the ETF side. We now have ETF sales specialists. We're focusing some of our marketing efforts there. We're expanding our distribution platform relationships on the ETF side. So we really believe that VictoryShares is going to be a big part of our future, and it's going to help us drive organic growth.

最後，我想補充一點，我們從銷售角度對 ETF 方面進行了投資。我們現在有ETF銷售專家。我們正集中一些行銷力量在那裡。我們正在擴大ETF方面的分銷平台關係。因此，我們確實相信 VictoryShares 將成為我們未來的重要組成部分，並且它將幫助我們推動有機成長。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

This is Anna on for Mike. Just a question on capital allocation. How should we think about this going forward, just given the dividend and also the new buyback program? How should we think about timing of completion of the program? And how are you also thinking about debt paydown and scope for the dividend over time?

我是麥克的安娜。這只是一個關於資本配置的問題。考慮到股利和新的回購計劃，我們應該如何考慮未來的發展？我們應該如何考慮完成該計劃的時間？您如何考慮隨著時間的推移償還債務和分配股息的範圍？

Yes. I'll start off on this, and Mike can fill in afterwards. First and foremost, our use of capital is to do accretive acquisitions. I mean that is the most important thing for us and the most strategic thing for us, and I think that has the potential for the highest shareholder return. We have been able to balance that while also increasing our dividend over the years and buying back our stock.

是的。我先開始講這個，然後 Mike 可以接著講。首先，我們對資本的用途是進行增值收購。我的意思是，這對我們來說是最重要的事情，也是最具戰略意義的事情，我認為這有可能為股東帶來最高的回報。多年來，我們一直能夠平衡這一點，同時增加股息並回購股票。

Both buying back our stock and our dividend program are ancillary ways of returning capital. We love buying our stock. We think the stock is undervalued based on today and based on the future. And we also like returning capital through dividends, and you can see the increase in really our historic history of increasing the dividend over the years.

回購股票和股利計畫都是回報資本的輔助方式。我們喜歡買我們的股票。我們認為，無論從目前或未來來看，該股都被低估了。我們也喜歡透過股利返還資本，從我們多年來增加股利的歷史來看，你可以看到股利確實在不斷增加。

We are -- as I said earlier, we are going to participate in acquisitions. We're having really compelling discussions. And our balance sheet is really -- the first use of our balance sheet is going to be able to execute on those acquisitions. Depending on how that goes, that will drive our buyback program that will drive our dividend program. But we believe that we can balance all of that out as we've done in the past.

正如我之前所說，我們將參與收購。我們正在進行非常引人注目的討論。我們的資產負債表實際上——我們的資產負債表的第一個用途是能夠執行這些收購。根據進展情況，這將推動我們的回購計劃，進而推動我們的股利計劃。但我們相信，我們可以像過去一樣平衡所有這些。

And I would anticipate looking forward, our Board put in a $200 million program to buy our stock. We're going to be opportunistic. We're going to look at the facts on a daily basis, and we'll execute it on where it makes sense. And we'll continue to look at increasing the dividend, assuming that we can balance out the acquisition side.

我預計，我們的董事會將投入 2 億美元來購買我們的股票。我們將抓住機會。我們將每天專注於事實，並在合理的情況下執行。我們將繼續考慮增加股息，假設我們能夠平衡收購方面。

Great. And then maybe a follow-up on WestEnd. Can you just update us on how the investment performance is trending there? And how that's contributing to flows? And then also maybe on how you're expanding wallet with existing advisers and how that's evolving?

偉大的。然後也許是對 WestEnd 的後續報導。您能否向我們介紹那裡的投資表現趨勢？這對流量有何貢獻？然後也許您還想談談如何與現有顧問一起擴大錢包以及它是如何發展的？

Sure. So since we acquired WestEnd, they have been net flow positive. Their performance in 2024 was not up to the standard that we had hoped. It is having a much better start in 2025. We have expanded quite significantly the number of advisers since we've acquired the business that they're doing business with pretty extensively.

當然。自從我們收購 WestEnd 以來，他們的淨流量一直是正的。他們在 2024 年的表現並沒有達到我們所希望的標準。2025 年它的開局會好得多。自從我們收購了與他們有廣泛業務往來的公司以來，我們已經大幅擴大了顧問的數量。

And we've also expanded the number of platforms that they're doing business on. And so there's a great opportunity there. We think with the improvement in investment performance the market dynamics for their products. And we've also launched a number of new products for them, including an ETF that has gotten a lot of traction.

我們也擴大了他們開展業務的平台數量。因此，這是一個很好的機會。我們認為隨著投資績效的提高，其產品的市場活力也會增強。我們還為他們推出了許多新產品，其中包括一隻受到廣泛關注的 ETF。

The ETF is MODL. We're pretty bullish on the opportunity to grow WestEnd. And we're also -- we also know from an investment perspective, they're excellent at what they do, and we're starting to see some of the investment performance return to the levels that we expect of them.

該 ETF 為 MODL。我們對於 WestEnd 的發展機會感到非常樂觀。而且從投資角度來看，我們也知道他們在自己的領域非常出色，我們開始看到部分投資績效恢復到了我們預期的水平。

And that concludes our Q&A session. I will now hand it over to David Brown for any closing remarks. David?

我們的問答環節到此結束。現在我將把發言權交給戴維·布朗，請他作最後發言。戴維？

Thank you, and thank you for your interest in Victory Capital. Next week, we will be attending the UBS Financial Services Conference as well as the BofA Securities 2025 Financial Services Conference in Miami. And next month, we will be at the RBC 2025 Global Financial Institutions Conference in New York. We hope to see you at one of those events and hope you have a great rest of the day. In the interim, please if you have any questions, please feel free to contact us at any time.

謝謝您，感謝您對勝利資本的關注。下週，我們將參加在邁阿密舉行的瑞銀金融服務會議以及美國銀行證券 2025 金融服務會議。下個月，我們將參加在紐約舉行的 RBC 2025 全球金融機構會議。我們希望在某一次活動中見到您，並希望您度過愉快的一天。在此期間，如果您有任何疑問，請隨時與我們聯繫。

Thank you.

謝謝。

This concludes the meeting. Thank you all for joining. You may now disconnect.

會議到此結束。感謝大家的加入。您現在可以斷開連線。