Victory Capital Holdings Inc (VCTR) 2025 Q2 法說會逐字稿

Good morning and welcome to the Victory Capital second-quarter 2025 earnings conference call.

早安，歡迎參加勝利資本 2025 年第二季財報電話會議。

(Operator Instructions) Following the company's prepared remarks, there will be a question-and-answer session. I will now turn the call over to Mr. Matthew Dennis, Chief of Staff and Director of Investor Relations.

（操作員指示）在公司準備好的發言之後，將有一個問答環節。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。

Please go ahead, Mr. Dennis.

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. Mary Capital's actual results may differ materially from these statements. Please refer to our SEC filings for a list of some of the risk 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。Mary Capital 的實際結果可能與這些聲明有重大差異。請參閱我們向美國證券交易委員會提交的文件，其中列出了可能導致實際結果與今天電話會議上表達的結果大不相同的一些風險因素。Victory Capital 不承擔任何義務，也不承擔任何前瞻性聲明的任何責任。

Our press release which 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 section of our website at ir.vcm.com. It is now my pleasure to turn the call over to David Brown, Chairman and CEO.

我們的新聞稿是在昨天收盤後發布的，披露了 GAAP 和非 GAAP 財務結果。我們相信非公認會計準則衡量標準能夠增強我們對業務和績效的了解。這些非 GAAP 指標與最具可比性的 GAAP 指標之間的對帳包含在表格中，可在我們的收益新聞稿和本次電話會議的幻燈片中找到。以上兩份文件均可在我們網站ir.vcm.com的投資者關係板塊查閱。現在，我很高興將電話會議轉給董事長兼執行長David Brown。

David.

大衛。

Thanks, Matt.

謝謝，馬特。

Good morning, and welcome to Victory Capital's Second Quarter 2025 Earnings Call. 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 with a business overview of our second quarter. 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.

早安，歡迎參加勝利資本 2025 年第二季財報電話會議。今天與我一起出席的還有我們的總裁、財務和行政官 Michael Policarpo，以及我們的總參謀長兼投資者關係總監 Matt Dennis。今天我將首先介紹我們第二季的業務概況。之後，我會將電話轉給麥克，讓他更詳細地審查財務結果。在我們準備好發言之後，麥克、馬特和我將回答你們的問題。

The quarterly business overview begins on slide 5. Total client assets increased by 76% quarter-over-quarter, reaching more than $300 billion, which is a record high for a quarter end. Our sales momentum continued with quarterly gross long-term flows accelerating to $15.4 billion and net outflows coming in at just $660 million.

季度業務概覽從幻燈片 5 開始。客戶總資產季增 76%，達到 3,000 多億美元，創下季末歷史新高。我們的銷售動能持續，季度長期總流量加速至 154 億美元，淨流出僅 6.6 億美元。

This was the third consecutive quarter of improving long-term flows on both a gross and net basis. We are encouraged by our current trajectory and further by the sustained underlying momentum we have in several products and capabilities, including our fixed income, global equity and ETF strategies.

這是長期流量連續第三個季度在總額和淨額基礎上都有所改善。我們目前的發展軌跡令我們感到鼓舞，而且我們在多種產品和能力（包括固定收益、全球股票和 ETF 策略）方面擁有持續的潛在勢頭。

Adjusted EBITDA was $179 million in the quarter which equates to an adjusted EBITDA margin of 50.8%. This was slightly higher than anticipated due to a positive asset mix and realization of certain fees produced annually, but realized this quarter. This caused a slight increase in our revenue and fee rate.

本季調整後的 EBITDA 為 1.79 億美元，相當於調整後的 EBITDA 利潤率為 50.8%。由於積極的資產組合和每年產生的某些費用的實現，這一數字略高於預期，但本季度已實現。這導致我們的收入和費率略有增加。

Second quarter adjusted net income with tax benefit was $133 million or $1.57 per diluted share. We successfully closed on our multifaceted strategic transaction with Amundi on April 1, which included the acquisition of the Amanda US business, and the reintroduction of the Pioneer Investments brand as our newest investment franchise.

第二季調整後的淨收入（含稅收優惠）為 1.33 億美元，即每股攤薄收益 1.57 美元。我們於 4 月 1 日成功完成與 Amundi 的多方面策略交易，其中包括收購 Amanda US 業務，以及重新推出 Pioneer Investments 品牌作為我們最新的投資特許經營權。

This resulted in significantly increasing our size and scale while also substantially enhancing the diversification of our business. We are now managing assets for investors in 60 countries and have exciting new investment capabilities in fixed income and numerous equity asset classes. The integration work is progressing very nicely.

這不僅顯著增加了我們的規模，也大大增強了我們業務的多樣化。我們目前為 60 個國家的投資者管理資產，並在固定收益和眾多股票資產類別中擁有令人興奮的新投資能力。整合工作進展非常順利。

By the end of the second quarter, we had achieved $70 million of net expense synergies on a run rate basis. This represents nearly two-thirds of the total $110 million of net expense synergies that we expect to achieve within the first 2 years of ownership. The remaining $40 million of net expense synergies will be front-end loaded with approximately $30 million being realized within the next 3 quarters and the remaining $10 million over the following 12 months.

截至第二季末，我們已按運行率實現了 7,000 萬美元的淨費用綜效。這幾乎占我們預計在擁有所有權後的前兩年內實現的 1.1 億美元淨費用綜效的三分之二。剩餘的 4,000 萬美元淨費用綜效將先期實現，其中約 3,000 萬美元將在未來 3 個季度內實現，剩餘的 1,000 萬美元將在接下來的 12 個月內實現。

Beyond integration, we've expanded our product range by launching the first ETF managed by Pioneer on our VictoryShares ETF platform in June. The VictoryShares Pioneer Asset-based income ETF [CI], is an actively managed ETF that targets premium yields available within selected securitized credit markets, giving investors access to private credit like characteristics in a listed liquid ETF [wrapper].

除了整合之外，我們還在 6 月在 VictoryShares ETF 平台上推出了第一隻由 Pioneer 管理的 ETF，擴大了我們的產品範圍。VictoryShares Pioneer 資產收益 ETF [CI] 是一種主動管理 ETF，其目標是在選定的證券化信貸市場中獲得優質收益，讓投資者能夠獲得上市流動 ETF [包裝器] 中的私人信貸類特徵。

In addition to the Victory Shares Pioneer asset-based income ETF, we also expanded our free cash flow series of ETFs with the launch of the VictoryShares International free cash flow ETF ticker IFLO and the Victory Shares international free cash flow growth ETF, ticker, GRIN. These products are designed to complement our existing free cash flow ETFs and deliver enhanced diversification.

除了 Victory Shares Pioneer 資產收益 ETF 之外，我們還擴展了我們的自由現金流系列 ETF，推出了 VictoryShares International 自由現金流量 ETF（股票代碼：IFLO）和 Victory Shares 國際自由現金流成長 ETF（股票代碼：GRIN）。這些產品旨在補充我們現有的自由現金流 ETF 並實現增強的多樣化。

Our ETF platform continued to deliver strong results in the second quarter, consistent with the past couple of years. The first half of this year, our ETF platform posted positive net flows of more than $4 billion, bringing our ETF assets under management to $15 billion at the end of June. This is up nearly 90% from the same time last year. Keep in mind, these are competitively priced products that meet our margin requirements. The process of creating numerous vintage victory strategies in UCITS vehicles for delivery to investors outside of the US by Amundi's distribution team is ongoing.

我們的 ETF 平台在第二季持續取得強勁業績，與過去幾年保持一致。今年上半年，我們的ETF平台淨流入超過40億美元，截至6月底，我們的ETF資產管理規模達到150億美元。這比去年同期增長了近 90%。請記住，這些是符合我們的保證金要求且價格具有競爭力的產品。Amundi 的分銷團隊正在創建多種 UCITS 工具中的經典勝利策略，以交付給美國以外的投資者。

In coordination with Amundi, we've identified our first go-to-market products and expect to have registrations completed in the next few quarters. In the institutional channel, we are live and our products are available, and we are working very hard to educate the Amundi sales force, respond to RFPs and client inquiries and assist in marketing our strategies throughout their vast distribution network. We are very optimistic about the opportunity to expand business around the globe.

在與 Amundi 的協調下，我們確定了首批上市產品，並預計在未來幾季內完成註冊。在機構通路中，我們已上線並可提供產品，我們正在努力培訓 Amundi 銷售人員、響應 RFP 和客戶詢問，並協助在其龐大的分銷網絡中營銷我們的策略。我們對拓展全球業務的機會非常樂觀。

In conjunction with product development and growth efforts, we work hard to ensure our investment capabilities are aligned with client demand, preferences and market opportunities. During the quarter, we carefully evaluate existing products and liquidated several upscale mutual funds in ETFs. We also made the decision to close our [NewBridge], [Sofas] and THB investment franchises which collectively managed less than $1 billion of AUM or 0.3% of our total assets at quarter end. This is slightly accretive and will allow us the opportunity to allocate more resources to other parts of our business that will help foster future growth.

結合產品開發和成長努力，我們努力確保我們的投資能力與客戶需求、偏好和市場機會保持一致。在本季度，我們仔細評估了現有產品，並清算了幾檔 ETF 中的高檔共同基金。我們還決定關閉我們的 [NewBridge]、[Sofas] 和 THB 投資特許經營權，這些特許經營權管理的資產管理規模總計不到 10 億美元，佔本季度末我們總資產的 0.3%。這略有增值，並將使我們有機會將更多資源分配到業務的其他部分，從而有助於促進未來的成長。

On slide 7, we show our firm line investment performance. 57 mutual funds and ETFs, representing 64% of the AUM with Star ratings were rated overall 4 or 5 stars by Morningstar. Majority of our AUM and strategies are also outperforming benchmarks across all time frames shown here. Moreover, based on total return rankings, more than 50% of our mutual fund and ETF AUM and is ranked in the top quartile in its respective Morningstar category for the important 3- and 5-year periods.

在投影片 7 上，我們展示了我們的公司線投資績效。 57 檔共同基金和 ETF（佔 AUM 的 64%）被晨星評為 4 星或 5 星。我們的大部分 AUM 和策略在所有時間範圍內也都表現優於基準。此外，根據總回報排名，我們的共同基金和 ETF AUM 中有超過 50% 在重要的 3 年和 5 年期間均位列各自晨星類別的前四分之一。

With the Amundi transaction now complete and delivering the expected financial benefits through increased earnings and cash flow, I'm pleased to announce that our Board has authorized an increase to our share repurchase plan from $200 million to $500 million, the largest in our history. The future prospects for our business are quite encouraging and I believe the intrinsic value of these opportunities is not currently reflected in our share price.

隨著 Amundi 交易的完成，並透過增加收益和現金流帶來預期的財務收益，我很高興地宣布，我們的董事會已批准將我們的股票回購計畫從 2 億美元增加到 5 億美元，這是我們歷史上最大的一筆回購。我們業務的未來前景相當令人鼓舞，我相信這些機會的內在價值目前尚未反映在我們的股價上。

Lastly, we are extremely active from an acquisition perspective, evaluating potential opportunities. The caring environment is very conducive for executing a transaction, and I continue to believe that industry consolidation will accelerate over the next few years. Our proven track record, business model, and what our platform has to offer potential acquisition candidates as compelling, unique and value added.

最後，從收購的角度來看，我們非常積極地評估潛在的機會。關懷的環境非常有利於執行交易，我仍然相信未來幾年產業整合將會加速。我們已證明的業績記錄、商業模式以及我們的平台能夠為潛在收購對象提供引人注目、獨特且具有附加價值的產品。

This along with our strengthened financial position, has me very encouraged about our ability to continue to execute on our strategic value-creating acquisitions in the short, medium and long-term time frames. With that, I will turn the call over to Mike to go through the quarterly results in greater detail.

這一點，加上我們財務狀況的增強，讓我對我們在短期、中期和長期內繼續執行創造戰略價值的收購的能力感到非常鼓舞。說完這些，我將把電話轉給麥克，讓他更詳細地介紹季度業績。

Mike.

麥克風。

Thanks, Dave, and good morning, everyone.

謝謝，戴夫，大家早安。

The financial results review begins on slide 9. This quarter's results reflect the closing of the Amundi transaction on April 1, and it is the first quarter that includes the results from the Pioneer Investments business. I will provide additional color in several areas to highlight what are permanent changes and those that are onetime in nature.

財務結果回顧從第 9 張投影片開始。本季的表現反映了 4 月 1 日 Amundi 交易的結束，也是包含先鋒投資業務表現的第一個季度。我將在幾個區域提供額外的顏色來突出顯示哪些是永久性的變化以及哪些是一次性的變化。

Revenue increased to $351.2 million, which was up 60% from the first quarter. Average assets for the second quarter rose to $285 billion which was 64% higher quarter-over-quarter. The realized fee rate of 49.4 basis points in the quarter was down from the first quarter, which was expected, but not down as much as anticipated. This quarter's fee rate was positively impacted by a better-than-anticipated asset mix and the realization of certain annual fees this quarter. For the third quarter and beyond, we would expect the fee rate to be in the range of 46 to 47 basis points.

營收增至 3.512 億美元，較第一季成長 60%。第二季平均資產增至 2,850 億美元，較上季成長 64%。本季實現費用率為 49.4 個基點，低於第一季度，符合預期，但降幅不如預期。本季的費率受到好於預期的資產組合和本季某些年度費用的實現的正面影響。對於第三季及以後，我們預計費率將在 46 至 47 個基點之間。

Our second quarter GAAP results included $53 million of acquisition-related restructuring and integration costs, which was up from less than $10 million in the first quarter. This resulted in GAAP operating margin of 26.8%. Our adjusted EBITDA was $178.5 million, which is 53% higher than in the first quarter. Adjusted EBITDA margin came in at 50.8%. We are still maintaining our long-term adjusted EBITDA margin guidance at 49%. Adjusted net income of tax benefit rose to $132.8 million or $1.57 per diluted share.

我們第二季的 GAAP 業績包括 5,300 萬美元的收購相關重組和整合成本，高於第一季的不到 1,000 萬美元。這使得 GAAP 營業利潤率達到 26.8%。我們的調整後 EBITDA 為 1.785 億美元，比第一季高出 53%。調整後的 EBITDA 利潤率為 50.8%。我們仍將長期調整後的 EBITDA 利潤率預期維持在 49%。調整後的稅收優惠淨收入增至 1.328 億美元，即每股攤薄收益 1.57 美元。

As disclosed in yesterday's press release, the Board authorized an increase in our existing share repurchase plan to $500 million. This allows us to maintain flexibility in our capital strategy with more capacity for opportunistic open market purchases of our stock. We repurchased 439,000 shares during the second quarter. Combined with dividends, we returned a total of $71 million of capital to shareholders in the quarter. The Board also declared the regular quarterly cash dividend of $0.49 that will be payable on September 25 to shareholders of record on September 10.

正如昨天的新聞稿所披露的，董事會批准將我們現有的股票回購計畫增加到 5 億美元。這使我們能夠保持資本策略的靈活性，並有更多能力在公開市場上機會性地購買我們的股票。我們在第二季回購了 439,000 股。加上股息，我們在本季向股東返還了總計 7,100 萬美元的資本。董事會也宣布，定期季度現金股利為 0.49 美元，將於 9 月 25 日支付給 9 月 10 日登記在冊的股東。

We held $108 million of cash at the end of the quarter, and our net leverage ratio improved to 1.2 times, which is our lowest level of leverage since our initial IPO. On Slide 10, you can see the added diversification in our total client assets afforded by the transaction. In addition to diversification in the US across channels, client types and asset classes, our mix of business has been improved by a meaningful diversification into non-US geographies. As of the end of the quarter, we have just over 16% of our total client assets with investors in 60 countries outside of the United States and anticipate the sales efforts here will be an important part of our future growth.

截至本季末，我們持有 1.08 億美元現金，淨槓桿率改善至 1.2 倍，這是我們首次公開募股以來的最低槓桿水平。在第 10 張投影片上，您可以看到此交易為我們的總客戶資產帶來的多樣化。除了在美國跨通路、客戶類型和資產類別實現多元化之外，我們還透過向美國以外地區的有意義的多元化改善了業務組合。截至本季末，我們的客戶資產總額中超過 16% 來自美國以外 60 個國家的投資者，我們預計這裡的銷售工作將成為我們未來成長的重要組成部分。

Our long-term asset flows improved on all metrics, as you can see on Slide 11. We have substantially increased the size and scale of our US intermediary and institutional sales teams through the acquisition and are now acquiring and leveraging more data and have even deeper platform relationships that are helping fuel increased sales.

正如您在投影片 11 中所看到的，我們的長期資產流動在所有指標上都有所改善。透過此次收購，我們大幅擴大了美國中介和機構銷售團隊的規模，目前正在獲取和利用更多數據，並擁有更深層的平台關係，有助於推動銷售額的成長。

Gross sales of $15.4 billion represent more than 20% of AUM on an annualized basis. which should position us well in the future from an organic growth perspective. Net sales have improved for the third consecutive quarter, which continues to have us encouraged for the future. During the quarter, positive net sales were generated by integrity, Pioneer and RS Global as well as our VictoryShares ETF platform.

154 億美元的總銷售額佔年化 AUM 的 20% 以上。從有機成長的角度來看，這將為我們未來的發展奠定良好的基礎。淨銷售額連續第三個季度成長，這讓我們對未來充滿信心。本季度，誠信、先鋒、RS Global 以及我們的 VictoryShares ETF 平台均實現了正淨銷售額。

Turning to slide 12, total revenue jumped 60% from the prior quarter with the addition of the Pioneer Investments business. Additionally, our average AUM increased to $285 billion.

翻到第 12 張投影片，隨著先鋒投資業務的加入，總收入較上一季成長了 60%。此外，我們的平均資產管理規模增加至 2,850 億美元。

On slide 13, you can see our expense details for the quarter. GAAP expenses increased by $125 million, reflecting the normalized higher operating expenses with the Pioneer Investments business as well as a number of onetime items that will not be recurring in future periods. Our integration efforts are progressing as planned, and we are well underway in executing our operating model.

在第 13 張投影片上，您可以看到我們本季的支出明細。GAAP 費用增加了 1.25 億美元，反映了先鋒投資業務正常化的較高營運費用以及一些在未來期間不會重複出現的一次性項目。我們的整合工作正按計畫進行，我們的營運模式執行也進展順利。

As a result, we've achieved nearly two-thirds or $70 million on a run rate basis of the total expected net expense synergies of $110 million after just our first 90 days of ownership. Over the next 3 quarters, we anticipate another $30 million of net expense synergies to be realized and then the remaining $10 million to be realized over the next 12-month period, which will take us to the second anniversary of the closing of the transaction.

因此，在我們擁有該公司僅 90 天之後，我們就實現了預期淨費用協同效應總額 1.1 億美元的近三分之二或 7000 萬美元（按運行率計算）。在接下來的三個季度中，我們預計將實現另外 3000 萬美元的淨費用協同效應，然後在接下來的 12 個月內實現剩餘的 1000 萬美元，這將使我們迎來交易完成兩週年。

Included in acquisition, restructuring and integration expenses are certain onetime items related to the transaction, including legal, advisory and proxy-related costs of completing the transaction as well as certain costs to achieve the net expense synergies, which are front-end loaded. We expect to see these onetime costs decline over the period we recognize the net expense synergies.

收購、重組和整合費用包括與交易相關的某些一次性項目，包括完成交易的法律、諮詢和代理相關費用以及實現淨費用協同效應的某些成本，這些成本都是前端加載的。我們預計，在我們實現淨費用綜效的期間內，這些一次性成本將會下降。

As expected, our cash compensation remained relatively consistent as a percentage of revenue. The acquisition and transaction-related compensation is noncash and reflects post-transaction expense associated with fully funded deferred compensation plans inherited as part of the transaction that will run off over the next several years.

正如預期的那樣，我們的現金薪酬佔收入的百分比保持相對穩定。收購和交易相關的補償是非現金的，反映了作為交易的一部分繼承的全額資助的遞延補償計劃相關的交易後費用，這些費用將在未來幾年內耗盡。

During the quarter, we recorded approximately $27 million in nondeductible expenses on a tax basis related to the Amundi transaction. This resulted in an effective tax rate of 32.5% in the quarter. On a go-forward basis, our normal effective tax rate will be approximately 25%, which is unchanged from previous guidance.

在本季度，我們記錄了與 Amundi 交易相關的約 2700 萬美元的稅基不可扣除費用。這導致本季有效稅率為 32.5%。從未來來看，我們的正常有效稅率將約為 25%，與先前的指引保持不變。

Turning to slide 14, we cover our non-GAAP metrics. This presentation removes much of the accounting noise and provides a clear picture of our results and business performance. While our adjusted net income rose 57%, reflecting the economics of the Pioneer Investments business and the benefits of our operating model due to the transaction structure, we did not receive a step-up of acquired intangible assets.

翻到第 14 張投影片，我們介紹了非 GAAP 指標。該簡報消除了許多會計噪音，並清楚地展示了我們的業績和業務績效。雖然我們的調整後淨收入成長了 57%，反映了先鋒投資業務的經濟效益以及交易結構為我們的營運模式帶來的好處，但我們並沒有獲得收購無形資產的提升。

As such, our cash tax benefit of $10.2 million was unchanged relative to prior quarters. Adjusted EBITDA increased 53% to $178.5 million. Adjusted net income per diluted share increased 15% to $1.57 from $1.36.

因此，我們的現金稅收優惠為 1,020 萬美元，與前幾季相比沒有變化。調整後的 EBITDA 成長 53%，達到 1.785 億美元。調整後每股攤薄淨收益從 1.36 美元成長 15% 至 1.57 美元。

Wrapping up on slide 15, the balance sheet is stronger than ever. Our debt-to-equity ratio improved to 0.39, and our net leverage ratio went from 1.7 times at the end of the first quarter to 1.2 times and providing us with the financial flexibility to execute on our inorganic growth strategy. Our interest expense was unchanged from the first quarter, and our interest coverage ratio was nearly 14 times in the period.

總結第 15 張投影片，資產負債表比以往任何時候都更加強勁。我們的負債權益比率改善至 0.39，淨槓桿率從第一季末的 1.7 倍上升至 1.2 倍，為我們執行無機成長策略提供了財務彈性。我們的利息支出與第一季相比沒有變化，本季的利息覆蓋率接近14倍。

Recognizing our continuing strong financial position, last month, Moody's upgraded the outlook on our credit rating from stable to positive. We expect to continue to return capital via buybacks and dividends while simultaneously pursuing growth initiatives and reinvesting in the business going forward. Our cash generation is such that we can effectively balance strategic internal investments, pursue inorganic opportunities and deliver shareholder returns. With that, we will open the call for questions.

由於認識到我們持續強勁的財務狀況，上個月穆迪將我們的信用評級展望從穩定上調至正面。我們預計將繼續透過回購和股息返還資本，同時追求成長計畫並對未來的業務進行再投資。我們的現金產生能力使我們能夠有效平衡策略性內部投資、尋求無機投資機會並為股東帶來回報。接下來，我們將開始提問。

Operator.

操作員。

(Operator Instructions) Randy Binner, B. Riley.

（操作員指示）Randy Binner，B. Riley。

I have a couple. The first is obviously well covered good quarter.

我有一對。第一個顯然是覆蓋良好的季度。

On slide 13, and maybe this question is for Mike. But we added back those nonrecurring expenses in the quarter. I just -- I know this nets in the overall synergy guidance, but just -- can you give us a sense of like that -- how quickly some of those onetime costs wind down in the fully reported number? Is it kind of dramatic into third and fourth quarter or is that more of a gradual kind of ongoing expense for those items for the rest of the year?

在第 13 張投影片上，也許這個問題是問 Mike 的。但我們在本季又增加了這些非經常性支出。我只是——我知道這涵蓋了整體協同指導，但是——您能否讓我們了解一下——在完整報告的數字中，這些一次性成本下降的速度有多快？第三季和第四季的支出是否增加，還是說這些項目在今年剩餘時間內會逐漸增加？

Randy, thanks for the question.

蘭迪，謝謝你的提問。

In Q2, we had, I think, the number of $53 million of acquisition restructuring and transaction-related costs, 26 million of that is truly deal related and onetime with respect to closing the deal. So I think of adviser, legal, proxy, insurance-related costs that are all onetime of nature and will not recur. And then in addition to that, we did have about $14 million of expense really associated with the extraction of the synergies to date. And I think we put a total out there of about $30 million in total. We expect to see -- to realize the synergies. So we're about halfway there.

我認為，在第二季度，我們的收購重組和交易相關成本為 5,300 萬美元，其中 2,600 萬美元是真正與交易相關的，並且是一次性的，與完成交易有關。所以我認為顧問、法律、代理、保險相關的費用都是一次性的，不會重複發生。除此之外，到目前為止，我們確實花費了約 1,400 萬美元來發揮協同效應。我認為我們總共投入了大約 3000 萬美元。我們期望看到——實現協同效應。我們已經完成了一半了。

And then yes, the other item, I think, which we mentioned in the prepared remarks, there's compensation-related expense that we back about $13 million to get to the $53 million. And that really is related to a fully funded deferred comp plan that we inherited as part of the transaction. and that will run off over the next couple of years, but that really is truly noncash and retentive in nature. It was part of the economics of the transaction that we acquired in the balance sheet.

是的，我想，我們在準備好的評論中提到的另一件事是與薪酬相關的費用，我們支持了大約 1300 萬美元，以達到 5300 萬美元的目標。這實際上與我們作為交易的一部分繼承的全額資助的遞延補償計劃有關。這將在未來幾年內耗盡，但這實際上是非現金的，本質上是保留的。這是我們在資產負債表中獲得的交易經濟學的一部分。

So that one will continue for the next couple of years and will be different levels based on mark-to-market of those deferred comp plans and some amortization. So the bottom line is it will start to decline. There's definitely one time in Q2, and then we'll start to see them decline over the next several quarters as well and not be anywhere near the --

因此，這種情況將在未來幾年繼續下去，並將根據遞延補償計劃和一些攤銷的市價調整到不同的水平。所以底線是它將開始下降。第二季度肯定有一次，然後我們會看到它們在接下來的幾個季度也開始下滑，而且不會接近--

Yes.

是的。

I mean, we'll exclude it, but we still need to a -- so that's super helpful. And then -- actually just a higher-level question, and maybe this is for Dave. I know we knew that fixed income was going to be a really big part of the asset mix pro forma this deal, but just looking at the model, it just gets big. And I heard the prepared remarks about some newer products that are kind of more private return oriented.

我的意思是，我們會將其排除在外，但我們仍然需要——所以這非常有幫助。然後——實際上只是一個更高層次的問題，也許這是給戴夫的。我知道我們知道固定收益將成為這筆交易資產組合中非常重要的一部分，但僅從模型來看，它就變得很大。我聽到了關於一些更注重私人回報的新產品的準備好的發言。

But just kind of like standard fixed income, just kind of curious if you have a view of kind of how that product sets fitting in, given kind of market volatility, interest rate uncertainty, stake flat, that kind of thing. If you just have a view on like -- does that make those flows more? Do you think the growth there is better or worse or just be kind of curious because that's going to be a really important piece of the pie.

但就像標準固定收益一樣，我只是好奇您是否對該產品如何適應市場波動、利率不確定性、股權平倉等情況有什麼看法。如果您只是這樣認為——這是否會使這些流量更大？您認為那裡的成長是更好還是更壞，或者只是有點好奇，因為那將是一個非常重要的組成部分。

First, let me say, we love the fixed income asset class in general. I think over the years, we have acquired a lot of assets and a lot of capabilities in the fixed income asset class. We have two franchises today. You have the Victory Income Investors and then you have Pioneer Investments, which a portion of that manages fixed income. We are covering a lot of the different sleeves within fixed income. And so I really think the environment as it changes, as it evolves, we have a really good product set for any environment.

首先，我要說的是，我們總體上喜歡固定收益資產類別。我認為多年來，我們在固定收益資產類別中累積了大量資產和能力。我們今天有兩個特許經營權。您有勝利收入投資者 (Victory Income Investors)，然後還有先鋒投資 (Pioneer Investments)，其中一部分負責管理固定收益。我們涵蓋了固定收益領域的許多不同部分。因此，我真的認為，隨著環境的變化和發展，我們為任何環境提供了一套非常好的產品。

I think as you know, we have active ETFs, better fixed income. We have usage that are fixed income. And then we have institutional separate accounts and we're also in the retirement channel as well from a fixed income perspective. So we're well covered from a product perspective, from a distribution perspective, and the performance across the board with our two franchises is excellent. So it's an area that we were very purposeful in growing.

我想如你所知，我們有主動型 ETF，有更好的固定收益。我們的用途是固定收入。然後，我們有機構獨立帳戶，從固定收益的角度來看，我們也處於退休管道。因此，從產品角度和分銷角度來看，我們的覆蓋範圍都很廣，而且我們兩個特許經營權的整體表現非常出色。因此，這是我們非常有目的地發展的領域。

And I see that as an important piece to our growth going forward. And I think going forward, just really from an active versus passive perspective, fixed income over the years, historically, and I think as you look forward, investors have done very well being active. So we view that as an area where we have great active teams in an area where we think we can grow.

我認為這是我們未來發展的重要因素。我認為，展望未來，從主動與被動的角度來看，多年來固定收益的歷史來看，我認為展望未來，投資者在主動方面做得非常好。因此，我們認為這是一個我們擁有優秀活躍團隊的領域，也是我們可以發展的領域。

Michael Cho, JPMorgan.

摩根大通的 Michael Cho。

I just wanted to start with the month Amundi partnership.

我只是想從本月的 Amundi 合作開始。

I mean, Dave, you kind of talked through a number of different places where you're starting to either launch or in the process of launching some different products and initiatives. I was hoping you could flesh out a little bit more around your here for the uplift to victory as it relates to non-US distribution, either for current products and again, as well as some of the key focus areas that you highlighted as well.

我的意思是，戴夫，你談到了多個不同的地方，在這些地方你要么開始推出，要么正在推出一些不同的產品和計劃。我希望您能更詳細地闡述您在非美國分銷方面取得勝利的舉措，包括現有產品以及您強調的一些關鍵關注領域。

Sure. thanks for the question. Let me start off on a higher level. The strategic partnership with Amundi really has given us the ability to sell our products outside of the US to really all through Europe and also through Asia.

當然。謝謝你的提問。讓我從更高的層次開始。與 Amundi 的戰略合作夥伴關係確實使我們能夠將我們的產品銷往美國以外的整個歐洲和亞洲。

That -- if you think about where we start with that, the Pioneer investment franchise has a lot of their products already in Amundi's distribution system throughout Europe and throughout Asia. We're going to continue to support that, invest in it, launching new products off of the Pioneer investment franchise. That has grown over the years, and we think that will continue to grow going forward.

如果你想想我們從哪裡開始，先鋒投資特許經營權的許多產品已經在 Amundi 遍布歐洲和亞洲的分銷系統中。我們將繼續支持並投資於此，並推出先鋒投資特許經營的新產品。多年來，這一數字一直在增長，我們認為未來還將繼續增長。

Immediately on April 1, all of victories, vintage victories products were available from an institutional perspective throughout Europe, throughout Asia really throughout all of the Amundi's distribution network institutionally. We're working with them today around marketing, RFPs, client discussions meeting clients, and we view that as a channel where it's immediately available, we're educating, and we think that there's going to be a lot of growth there.

從 4 月 1 日起，所有勝利系列和經典勝利系列產品均可從整個歐洲、整個亞洲（實際上整個 Amundi 分銷網絡）的機構角度購買。我們今天正在與他們合作進行行銷、RFP、客戶討論和會見客戶，我們認為這是一個可以立即使用的管道，我們正在進行教育，我們認為那裡將會有很大的成長。

What we're also working on in parallel with that is launching registered products outside of the US for new pioneer investment strategies, but also for vintage victory strategies. As I said in the prepared remarks, will complete the beginning of those registrations for the products we're going to start out with through the end of this year. And I think going into '26 is where we'll start to see some progress there. These products will be registered, a lot of them in usage formats.

同時，我們也正在努力在美國以外推出新先鋒投資策略以及經典勝利策略的註冊產品。正如我在準備好的演講中所說的那樣，我們將在今年年底前完成即將推出的產品的註冊工作。我認為進入 26 年我們將開始看到一些進展。這些產品將會被註冊，其中許多都是使用格式。

And a Amundi's distribution network is just vast all throughout Europe and really throughout Asia. So we're super excited about that. I think going forward, today, it's 16% of our client assets. I think we Amundi money for clients in 60 countries. I think that number is going to grow.

Amundi 的經銷網絡遍佈整個歐洲乃至整個亞洲。所以我們對此感到非常興奮。我認為，展望未來，今天，它占我們客戶資產的 16%。我認為我們為 60 個國家的客戶提供了 Amundi 資金。我認為這個數字還會成長。

And I think over time, as we execute it will grow significantly. It's a big portion of our story of how we think we're going to grow our business and globalize our business. But we're in the very early stages. And you can see through our results that it's beginning it will begin to come through, and we're really encouraged by it.

我認為隨著時間的推移，隨著我們的執行，它將顯著增長。這是我們關於如何發展業務和實現業務全球化的故事的重要組成部分。但我們還處於非常早期的階段。您可以從我們的結果中看到，它正在開始實現，並將開始實現，我們對此感到非常鼓舞。

If I could just follow up with a quick numbers question just on margins. Just wondering if there was an incremental margin impact from -- during the quarter from the higher fee event that you experienced that created the outlook for the 2Q fee rate?

如果我可以跟進一個關於利潤率的快速數字問題。只是想知道，本季您經歷的費用上漲事件是否對利潤率產生了增量影響，從而影響了第二季度的費率前景？

And then just near term, if you look ahead, we have more cost synergies coming on board and a number of different initiatives. I know you reiterate the 49% long-term margin, but kind of curious how you're thinking in terms of kind of near-term margins ahead, just given the benefits coming on board soon.

就短期而言，如果展望未來，我們將實現更多的成本綜效，並推出一系列不同的措施。我知道您重申了 49% 的長期利潤率，但有點好奇您如何看待未來的近期利潤率，因為很快就會帶來好處。

Well, I think you identified our over 50% margins for the first quarter after the acquisition, which we're quite pleased with. We've kept our guidance at 49%. The margins will ebb and flow going forward as we continue to invest in the business. We have executed really well. and we have exceeded those -- that guidance, but we're going to keep our guidance at 49%.

嗯，我想您已經確認了我們收購後第一季的利潤率超過 50%，我們對此非常滿意。我們維持 49% 的預期。隨著我們繼續對業務進行投資，利潤率將會隨之起伏。我們的執行非常好，並且已經超出了預期，但我們將把預期保持在 49%。

It doesn't mean that there won't be quarters where we're above.

這並不意味著我們不會在某些季度表現優異。

From a synergy perspective, a couple of things to note that the $70 million net expense synergy that we referenced is on a run rate basis. So not all of those costs are reflected actually in the quarter. And then the remaining $40 million of net expense synergies, we'll get $30 million of that out over the next 9 months. And after the really the 1-year anniversary, the next 12 months, we'll get the next $10 million out.

從綜效的角度來看，需要注意的幾點是，我們提到的 7,000 萬美元淨費用綜效是基於運行率的。因此，並非所有這些成本都會在本季得到實際反映。然後，在剩餘的 4,000 萬美元淨費用綜效中，我們將在未來 9 個月內獲得其中的 3,000 萬美元。在一周年紀念日之後，也就是接下來的 12 個月，我們將拿出下一筆 1000 萬美元。

We can't predict what quarter that will happen and what the margins will look like. But I think as we've talked about for a long time, our business, we run our business looking at margins. We have set up our operating model to have two-thirds of our expense approximately be variable. So it allows us to really focus on margins. And I think the 49% guidance that we've kept really gives us the ability to continue to invest in our business.

我們無法預測哪個季度會發生這種情況以及利潤率會是多少。但我認為，正如我們長期以來所談論的，我們的業務是著眼於利潤率來經營的。我們已經建立了營運模式，其中大約三分之二的支出是可變的。因此，它使我們能夠真正專注於利潤。我認為我們保持的 49% 的指導確實使我們有能力繼續投資於我們的業務。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯·布洛斯坦。

Just moving out maybe a little bit, it seems like there's lots of progress, lots of exciting things happening on the product development side as Pioneer kind of comes into the fold here. If you look at the firm's flows over the last few quarters and over the last couple of years, maybe generally slightly negative, you guys are closer to breakeven now. If all goes well, what is sort of the aspirational organic growth do you see in the business as these assets all come together.

只是稍微往外走一點，似乎有很多進展，隨著先鋒公司的加入，產品開發方面發生了很多令人興奮的事情。如果你看一下公司過去幾季和過去幾年的流量，可能總體上略微呈負值，但你們現在已經接近收支平衡了。如果一切順利，當這些資產整合在一起時，您認為業務將實現什麼樣的理想有機成長？

Alex, it's Dave. So I think first, you've seen the improvement over the last few quarters. And this quarter, we were net outflow $660 million, which is 23 basis points or 92 basis points on an annualized basis, which has improved. It's not where we want to be. We had $15.4 billion of gross flows, which is quite significant.

亞歷克斯，我是戴夫。所以我認為首先，你已經看到了過去幾季的改善。本季度，我們的淨流出為 6.6 億美元，即 23 個基點或以年率計算為 92 個基點，情況有所改善。這不是我們想要的。我們的總流量為 154 億美元，這是相當可觀的。

Quarter over quarter, it's the highest amount of gross flows we've ever had, an organization. So when we look forward, as we globalize our business as we continue to expand our product set, we want to be able to grow the business organically. That is our goal. I think we are in best position we've ever been in our organization's history to do that.

與上一季相比，這是我們組織有史以來的最高總流量。因此，當我們展望未來時，隨著我們業務的全球化以及我們產品系列的不斷擴展，我們希望能夠有機地發展業務。這就是我們的目標。我認為，我們目前正處於組織歷史上最好的位置。

The industry has some headwinds but there are a lot of areas with tailwinds, and I think we have products that are in the areas with tailwinds. So our goal is to consistently grow quarter-over-quarter organically. I think we've made big, big steps to getting there. One of the things we mentioned in our prepared remarks is we've increased the size and the scale of our US intermediary sales efforts, and that comes from a marketing from an FTE from purchasing data from entering into partnerships with important providers.

這個行業有一些逆風，但也有很多領域有順風，我認為我們的產品處於順風領域。因此，我們的目標是逐季度持續有機成長。我認為我們已經朝著這個目標邁出了巨大的一步。我們在準備好的演講中提到的一件事是，我們增加了美國中介銷售工作的規模，這來自於透過購買數據與重要供應商建立合作關係進行的 FTE 行銷。

And then on the institutional side, we've increased the size of our team there. So we are investing in distribution. I think you're starting to see some of that in the numbers. And I think as we move forward, also factoring in our efforts outside of the US and that kind of getting -- speeding up over time, I think we're going to be in a great position to grow our business organically.

在機構方面，我們擴大了那裡的團隊規模。因此我們正在投資分銷。我想你已經開始從數字中看到一些這樣的情況了。我認為，隨著我們不斷前進，同時考慮到我們在美國以外的努力以及隨著時間的推移而加速的步伐，我認為我們將處於一個很好的位置來有機地發展我們的業務。

All right. Fair enough. Mike, one quick cleanup question for you. Can you just specify the amount of benefit in revenues you guys got from a onetime or the seasonal performance fee benefit that you mentioned? I know you said the fee rate improved because of the mix shift as well as the seasonal realization event.

好的。很公平。麥克，我想問你一個簡短的清理問題。能否具體說明您提到的一次性或季節性績效費用收益所帶來的收入收益金額？我知道您說過費率的提高是因為組合變化以及季節性實現事件。

Could you just classify the dollar amount of that event?

您能對該事件的金額進行分類嗎？

Yes. There -- Alex, it's hard to do because there's a bunch of different components that factor into it, right? So it's not just -- there's asset mix, there's client mix. There's channel mix that I think as we look at Q2, we're actually all positive factors in leading ahead of the 46 to 47 basis point guidance. And then we did have some revenue realization that was, if you will, onetime in nature.

是的。那裡——亞歷克斯，這很難做到，因為其中涉及很多不同的因素，對吧？所以這不僅僅是——有資產組合，還有客戶組合。我認為，當我們展望第二季時，通路組合實際上都是領先 46 至 47 個基點指導的積極因素。然後我們確實實現了一些收入，如果你願意的話，本質上是一次性的。

I would think if you look at all of those things, we're going to have some ebb and flow going forward. So not easy to quantify. It's immaterial ultimately, to the nature of what we saw at the 49.4 basis points. But again, we just kept guiding to the 46%, 47%. But even that, I think we'll have some upside based on asset mix -- the equity markets were strong.

我認為，如果你看看所有這些事情，我們會發現未來我們將會經歷一些起伏。因此不容易量化。最終，這對我們在 49.4 個基點所看到的性質來說並不重要。但同樣，我們只是繼續引導到 46%、47%。但即便如此，我認為基於資產組合，我們還將獲得一些上行空間——股票市場表現強勁。

We saw some more retail flow and retail assets that we had anticipated that guide higher from a basis point perspective. So I think we're not able to easily break that out for you.

我們看到了一些我們預期的零售流量和零售資產，從基點角度來看，它們會走高。所以我認為我們無法輕易地為您解決這個問題。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

I just wanted to maybe press on that last point a little bit more, you did mention that there was a specific onetime kind of realization related fee. Could you maybe talk about the nature of -- if you're not able to quantify what the number was, could you maybe talk about like the nature of what that was exactly I think in your prepared remarks, you mentioned that it's something that kind of happens annually, but happened to crystallize this quarter? And any color on what the margin benefit might have been in the quarter would be helpful.

我只是想再強調最後一點，你確實提到有一個特定的一次性實現相關費用。您能否談談其性質——如果您無法量化這個數字，您能否談談其確切的性質？我認為在您準備好的發言中，您提到過這種事情每年都會發生，但恰好在本季度具體化？任何有關本季度利潤收益的詳細資訊都會有所幫助。

Sure. Yes. So I think, as we said, it's really about how we are able to recognize certain revenue and revenue realization associated with certain products that we have. So that's the nature, if you will, Ben, of kind of what we highlighted. Again, there's an element of asset mix, I would point to as well that leans positively as well for the quarter.

當然。是的。所以我認為，正如我們所說的，這實際上是關於我們如何能夠識別與我們擁有的某些產品相關的某些收入和收入實現。所以，本，如果你願意的話，這就是我們所強調的本質。再次，我想指出，資產組合因素也對本季產生了正面影響。

So it really has to do with accounting from a revenue realization perspective. We've highlighted in the past we have some fulcrum fees. We've highlighted that there are some annual fees that we receive that are not necessarily tied to performance. That's how I would categorize these.

因此，從收入實現的角度來看，這確實與會計有關。我們過去曾強調我們有一些支點費用。我們已經強調，我們收到的一些年費不一定與業績掛鉤。這就是我對這些進行分類的方式。

And then your second question with respect to impact to margins, I think I would highlight our operating model. we talked that we are very margin focused. And so from a low feed product to a high-fee product to annualized revenue, asset mix, all of that calibrates with our variable cost structure that we have. So there really wasn't a significant impact to our overall margins as a result because of how the expenses are offset to Anthony change in revenue.

然後，您的第二個問題是關於對利潤率的影響，我想我會強調我們的營運模式。我們說過我們非常注重利潤率。因此，從低費用產品到高費用產品，再到年化收入、資產組合，所有這些都與我們的變動成本結構一致。因此，由於費用被安東尼的收入變化所抵消，因此對我們的整體利潤率並沒有產生重大影響。

Okay, that's helpful.

好的，這很有幫助。

Maybe just a separate follow-up. You talked a lot about confidence in the flows. Can you maybe talk about what flows look like maybe sequentially through the quarter? How is July shaping up what the kind of most recent momentum looks like just coming into Q3 here?

也許只是單獨的後續行動。您談了很多關於對流程的信心。您能否談談本季的流量狀況如何？七月份的情況如何，與剛進入第三季的最新動能相比如何？

Thanks for the question, Ben.

謝謝你的提問，本。

We are still integrating our sales teams, so on the intermediary side, that's going to be a buildup. Same thing on the institutional side. And as I discussed earlier on the call, really the same thing on the international side. So as every week and every month goes forward, we're getting more integrated, more educating of our sales force, and so I anticipate the ramp-up to continue to occur.

我們仍在整合我們的銷售團隊，因此在中間商方面，這將是一個累積的過程。機構方面的情況也一樣。正如我之前在電話中討論的那樣，國際方面的情況確實也是如此。因此，隨著每周和每月的推進，我們的整合度會越來越高，對銷售人員的培訓也會越來越到位，因此我預期銷售量還會繼續成長。

Maybe another way of saying it is we're not hitting on all cylinders today, yet we still have really, really good results. I'd say we're ahead of where I thought we would be, but we've got a lot of work to do. And this quarter was a pretty volatile quarter starting in April, where we started off to where we had did. So there's a lot of volatility. And I think we worked our way through it really, really nicely.

也許換句話說，我們今天並沒有全力以赴，但我們仍然取得了非常非常好的結果。我想說我們已經超出了我的預期，但我們還有很多工作要做。從四月開始，這個季度就變得相當動盪，我們一開始的情況就是如此。因此存在很大的波動性。我認為我們已經非常非常順利地解決了這個問題。

As far as the third quarter, it's too early to tell. We don't get into kind of monthly or updates from a flow perspective as you see a lot of things happen on a weekly basis. So I would say, bigger picture, as we end the year, and go through the rest of this year. I think we're going to ramp up our sales efforts. And I'd leave you with that I think we're ahead of where we thought we would be.

至於第三季的情況，現在下結論還為時過早。從流程角度來看，我們不會進行每月或更新，因為您會看到很多事情都是每週發生的。所以我想說，當我們結束這一年並度過今年剩餘的時間時，我們要有更大的眼光。我認為我們將加大銷售力度。我想告訴你們的是，我認為我們已經超出了我們的預期。

And I think the outlook is -- we're really, really excited about the outlook from a flow and organic growth perspective over the short, medium and long term.

我認為前景是——從短期、中期和長期的流量和有機成長角度來看，我們對前景感到非常興奮。

Seeing as we have no further questions for today, this concludes the Q&A session and today's conference call.

鑑於我們今天沒有其他問題，問答環節和今天的電話會議到此結束。

We would like to thank everyone for their participation.

我們感謝大家的參與。

You may now disconnect your lines. Have a pleasant day.

現在您可以斷開線路了。祝您有個愉快的一天。