Victory Capital Holdings, Inc. (VCTR) 2026 Q1 法說會逐字稿

Good morning, welcome to the Victory Capital first-quarter 2026 earnings conference call. All callers are in a listen only mode. 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. Please go ahead, Mr. Dennis.

早安，歡迎參加 Victory Capital 2026 年第一季財報電話會議。所有來電者目前皆為僅收聽模式。在公司預先準備的發言結束後，將進行問答環節。現在我將把電話交給幕僚長兼投資人關係總監 Matthew Dennis 先生。Dennis 先生，請開始。

Thank you, operator. Good morning, everyone. As many of you know, last month I shared that I’ll be retiring from Victory. It’s been a true privilege to serve on this management team and to be part of the ongoing sensational growth of the firm. This will be my final earnings cycle, and while I’ll certainly miss working alongside all of you, I’m excited to stay connected as an engaged shareholder and a proud, enthusiastic supporter of Victory’s continued success.

謝謝，接線員。各位早安。如各位所知，上個月我分享了我將自 Victory 退休的消息。能在這個管理團隊服務，並成為公司持續卓越成長的一部分，確實是一項殊榮。這將是我最後一次參與財報週期；雖然我一定會想念與各位並肩工作，但我也很期待以積極參與的股東身分保持聯繫，並以自豪且熱情的支持者身分，支持 Victory 持續成功。

One personal highlight for me was my first earnings call with this team and seeing the level of preparation, collaboration, and care that goes into every detail. That spirit has been consistent ever since, and it’s a big part of what I’ll miss the most.

對我而言，一個個人亮點是我第一次與這個團隊進行財報電話會議時，看到大家在每個細節上投入的準備程度、協作精神與用心。這種精神此後一直如一，也是我最會想念的很大一部分。

Many of you already know Carly, and for those of you who haven’t had the opportunity to meet her yet, I’m delighted to introduce her. Carly has supported me since joining Victory in 2023 as Director of Responsible Business. Prior to Victory, she led an investor relations team in the UK, she brings valuable experience and a very acute attention to detail that’ll serve you all well as I pass the baton. With that, it’s my pleasure to turn the call over to Carly Thomas, Director of Investor Relations and Responsible Business. Carly, we’re glad to have you here. Please go ahead.

許多人已經認識 Carly；而對於尚未有機會見到她的各位，我很高興向大家介紹她。Carly 自 2023 年加入 Victory 擔任負責任企業總監以來，一直協助我。在加入 Victory 之前，她在英國領導一個投資人關係團隊；她帶來寶貴的經驗以及非常敏銳的細節關注，當我交棒之後，這些都將讓各位受益良多。因此，我很高興把電話交給投資人關係暨負責任企業總監 Carly Thomas。Carly，我們很高興你加入。請開始。

Thanks, Matt, and congratulations. I have big shoes to fill, and I’m grateful for the example you’ve set over the past three years we’ve worked together. I’ve learned a great deal from you. To everyone on the call, on the webcast or reading along, I’m excited to work with you and continue building on the momentum Matt helped create.

謝謝你，Matt，也恭喜你。我要接下很大的責任，我也很感謝在我們過去三年共事期間，你所樹立的典範。我從你身上學到很多。對於所有正在參與電話會議、收看網路直播或同步閱讀的各位，我很期待與大家合作，並在 Matt 協助建立的動能基礎上持續推進。

Before I turn the call over to David Brown, I would like to remind you that during today’s conference call, we may make several forward-looking statements. Victory 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.

在我把電話交給 David Brown 之前，我想提醒各位，在今天的電話會議中，我們可能會做出若干前瞻性陳述。Victory Capital 的實際結果可能與這些陳述存在重大差異。請參閱我們向 SEC 提交的文件，其中列示部分可能導致實際結果與今日電話會議所表達內容出現重大差異的風險因素。

Victory Capital assumes no duty and does not undertake any obligation to update any forward-looking statements. Our press release, which was issued after the market closed yesterday, disclosed 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.

Victory Capital 不承擔、亦不負有更新任何前瞻性陳述的義務。我們在昨日收盤後發布的新聞稿，同時揭露了 GAAP 與非 GAAP 的財務結果。我們相信非 GAAP 指標有助於加深對我們業務與績效的理解。這些非 GAAP 指標與最可比 GAAP 指標之間的調節表，已包含於我們的財報新聞稿以及本次電話會議隨附的簡報投影片中的表格；兩者皆可於我們網站投資人關係專區 ir.vcm.com 取得。

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

現在我很高興把電話交給董事長兼執行長 David Brown。David。

Thanks, Carly. Matt, on behalf of the entire Victory Capital team, thank you. Your dedication, your professionalism, and the standard you set for how we engage with our shareholders and the investment community has been invaluable. We are deeply grateful, and we wish you all the best in this next chapter.

謝謝你，Carly。Matt，我代表整個 Victory Capital 團隊向你致謝。你的投入、你的專業，以及你在我們與股東及投資社群互動方式上所樹立的標準，都極其寶貴。我們由衷感謝，也祝福你在下一個篇章一切順利。

Good morning, all, and welcome to Victory Capital’s first-quarter 2026 earnings call. I’m joined today by Michael Policarpo, our President, Chief Financial and Administrative Officer, and of course, Matt and Carly.

各位早安，歡迎參加 Victory Capital 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁、財務長暨行政長 Michael Policarpo，當然還有 Matt 與 Carly。

I will start today with an overview of our first-quarter results, which I’m pleased to say were exceptional, while also highlighting a few specific areas of our business. After that, I will turn the call over to Mike to review the financial results in greater detail. Following our prepared remarks, we will be available to answer your questions.

我今天將先概述第一季的業績；我很高興地表示，表現非常出色，同時也會重點說明我們業務中的幾個特定領域。之後我會把電話交給 Mike，請他更詳細地說明財務結果。在我們預先準備的發言結束後，我們將回答各位的提問。

The quarterly business overview begins on slide 5. I want to start by saying that Q1 2026 was an exceptional quarter, one that set new records across multiple dimensions of our business. We achieved record long-term gross flows, record adjusted EBITDA, and record adjusted earnings per share all in the same quarter.

季度業務概覽從第 5 頁投影片開始。我想先說，2026 年第一季是非常卓越的一季，在我們業務的多個面向都創下新紀錄。我們在同一季度同時達成長期毛流入創新高、調整後 EBITDA 創新高，以及調整後每股盈餘創新高。

We also progressed meaningfully in several other strategic areas of our business that are reflected in our quarterly results. The results reflect the strength of the platform and our team’s ability to execute. We ended March with $313 billion in total client assets, slightly below the record quarter end level we achieved at year-end. Long-term gross flows reached $18.9 billion, which was up 11% from Q4 2025.

我們也在其他幾個策略性領域取得實質進展，並反映在本季業績之中。這些成果反映了平台的實力，以及我們團隊的執行能力。我們在 3 月底的客戶資產總額為 3,130 億美元，略低於我們在去年年底所達成的季度期末紀錄水準。長期毛流入達 189 億美元，較 2025 年第四季成長 11%。

To put that in perspective, this is 104% higher than in the same quarter last year and reflects the continued momentum of our expanded US distribution platform, our growing international distribution channel, and the ongoing strength of our VictoryShares ETF platform. At an annualized run rate of approximately $76 billion, or roughly 24% of long-term AUM, we believe we are generating gross sales at a level that can support positive organic growth over time as we continue to invest and integrate sales and marketing resources from our Pioneer acquisitions.

為了提供一些背景，這比去年同期高出 104%，反映了我們擴大的美國通路平台持續增長的動能、日益成長的國際通路，以及 VictoryShares ETF 平台持續強勁的表現。以年化推算約 760 億美元（約占長期 AUM 的 24%）的運行速度來看，我們認為我們目前的毛銷售水準，足以在未來隨時間推進支持正向的有機成長；同時，我們也將持續投資並整合 Pioneer 併購案所帶來的銷售與行銷資源。

Long-term net flows improved meaningfully during the quarter. The trajectory here is encouraging, with multiple investment franchises and VictoryShares ETFs generating positive net flows. Additionally, our international distribution channel continues to yield positive flows even as we are just beginning to get Vintage Victory products launched and into the channel.

本季長期淨流量顯著改善。這一趨勢令人鼓舞，因為多個投資事業體與 VictoryShares ETF 都產生了正向淨流入。此外，即使我們才剛開始將 Vintage Victory 產品推出並導入該通路，我們的國際通路仍持續帶來正向資金流入。

From a financial perspective, adjusted EBITDA reached $204 million, and our adjusted EBITDA margin came in at 52.6%. We are particularly proud of these results because they demonstrate the resilience of our operating model and the exceptional people who run it day in and day out. The consistency of our margin speaks for itself. Above 49% every single quarter since 2020, and above 50% in the majority of them.

從財務角度來看，調整後 EBITDA 達 2.04 億美元，調整後 EBITDA 利潤率為 52.6%。我們對這些成果特別自豪，因為它們展現了我們營運模式的韌性，以及每天推動其運作的卓越人才。我們利潤率的一致性不言自明。自 2020 年以來每一季都高於 49%，且其中多數季度高於 50%。

That does not happen by accident. It is the direct result of a purposefully designed, highly efficient, scalable platform utilizing technology and smart strategic outsourcing, which affords us the ability to invest in the areas that matter the most for future growth while allowing us to maintain the discipline that defines how we run the business.

這並非偶然。這是刻意設計、極高效率且可擴展的平台所帶來的直接結果；該平台運用科技與精準的策略性外包，使我們能夠投資於對未來成長最重要的領域，同時維持我們經營業務方式所體現的紀律。

Adjusted earnings per diluted share with tax benefit were $1.82, up 2% from Q4 and 34% higher than Q1 of last year. We also continue to return meaningfully capital to shareholders. I will cover this in more detail later, but we repurchased a quarterly record of 2 million shares of VCTR common stock during the quarter, and combined with our dividend, returned $185 million to shareholders.

含稅務利益的稀釋後每股調整後盈餘為 1.82 美元，較第四季成長 2%，並較去年第一季高出 34%。我們也持續以具規模的方式向股東回饋資本。我稍後會更詳細說明，但本季我們回購了創季度紀錄的 200 萬股 VCTR 普通股，並結合股利，合計向股東返還 1.85 億美元。

As we step back and look at where we are as a company, Q1 2026 reflects the continued payoff of the strategic investments we have made in distribution, technology, product development, and people, as well as the transformational impact of the Pioneer acquisition and the Amundi distribution partnership. The integration is substantially complete. We are on track with our synergies, and the benefits are evident in our results.

當我們退一步回顧公司目前所處的位置時，2026 年第一季反映出我們在通路、科技、產品開發與人才方面所做的策略性投資持續帶來回報，同時也展現了收購 Pioneer 以及與 Amundi 的通路合作夥伴關係所帶來的轉型性影響。整合工作已大致完成。我們的協同效益進展符合預期，其效益已在我們的業績中清楚可見。

Turning to slide 6, I want to provide an update on our VictoryShares ETF platform, which continues to be one of the most exciting growth engines in our business. ETF AUM ended the quarter at over $20 billion, up 7% quarter-over-quarter and 53% year-over-year. That is a remarkable pace of growth and reflects both the quality of our product lineup and the investments we have made in distribution. Our ETF AUM CAGR since 2017 is 28%. We see no signs of that momentum slowing.

接著看第 6 頁投影片，我想就我們的 VictoryShares ETF 平台提供最新進展；該平台持續是我們業務中最令人振奮的成長引擎之一。ETF 管理資產規模（AUM）於季末超過 200 億美元，季增 7%，年增 53%。這是非常驚人的成長速度，反映出我們產品線的品質以及我們在通路上的投資。自 2017 年以來，我們 ETF AUM 的年複合成長率（CAGR）為 28%。我們未見這股動能有任何放緩跡象。

Net flows for the quarter were $1.3 billion, continuing the strong organic growth trajectory. Our Free Cash Flow ETF suite continues to generate consistent inflows. Our fixed income ETFs remain in demand across the intermediary channel. We are winning new shelf space and home office recommendations, and our sales team continues to deepen relationships with key platform partners and financial advisors.

本季淨流入為 13 億美元，延續強勁的有機成長軌跡。我們的 Free Cash Flow ETF 系列持續帶來穩定的資金流入。我們的固定收益 ETF 在中介通路仍維持強勁需求。我們正在爭取新的上架版位與總部（home office）推薦，而我們的銷售團隊也持續深化與主要平台合作夥伴及財務顧問的關係。

Lastly, I would also like to remind you that our average ETF fee rate is 35 basis points with margins that meet our firm-wide requirements. Internationally, I’m pleased to report that we have commenced selling our US-listed ETFs across Asia, which represents a new distribution channel for this business.

最後，我也想提醒各位，我們 ETF 的平均費率為 35 個基點，且利潤率符合公司整體的要求。在國際方面，我很高興報告我們已開始在亞洲銷售於美國上市的 ETF，這代表該業務新增了一個通路。

The early reception has been positive, and as we develop this channel, we think there is a great opportunity to expand our client base to include investors outside the US. In addition, we are close to having our ETFs available for sale in certain countries in Latin America, which would represent another new geography for this platform.

初期市場反應正面，隨著我們持續發展此通路，我們認為有很大的機會將客戶基礎擴展至美國以外的投資人。此外，我們也接近在拉丁美洲部分國家開放銷售我們的 ETF，這將為該平台帶來另一個新的地理市場。

Looking ahead, we also filed three new ETF products with the SEC during the first-quarter, with additional launches planned throughout 2026. Product development remains active, and we continue to identify opportunities to expand our suite in ways that are aligned with client demand.

展望未來，我們也在第一季向美國證券交易委員會（SEC）申報了三檔新的 ETF 產品，並規劃在 2026 年期間推出更多新產品。產品開發仍然活躍，我們持續尋找機會，以符合客戶需求的方式擴充我們的產品組合。

Slide 7 highlights our international distribution platform, which continues to gain traction. At quarter end, we had $55 billion of assets under management from clients outside the US across 60 countries, with 29 of those countries now having more than $100 million in assets under management in Victory products. Importantly, our international channel was net flow positive again in Q1 2026 and is net flow positive since we closed the Pioneer acquisition.

第 7 頁投影片重點介紹我們的國際通路平台，該平台持續取得進展。截至季末，我們在 60 個國家擁有來自美國以外客戶的 550 億美元管理資產（AUM），其中有 29 個國家在 Victory 產品的管理資產已超過 1 億美元。重要的是，我們的國際通路在 2026 年第一季再次呈現淨流入，自完成 Pioneer 收購以來亦維持淨流入。

I want to take a moment to provide some context on where we are in the development of this channel because I think it is important to appreciate both the progress we have made and the significant opportunity that lies ahead. The Amundi sales force is a large and highly capable global distribution engine, and they are quickly learning about Victory Capital and our investment franchises.

我想花一點時間說明我們在此通路發展上的現況背景，因為我認為理解我們已取得的進展以及未來龐大的機會都很重要。Amundi 的銷售團隊是一個規模龐大且能力卓越的全球通路引擎，他們也正在快速熟悉 Victory Capital 以及我們的投資品牌（franchises）。

Building conviction in a new product set, completing the necessary due diligence, and educating platforms, financial advisors, consultants, and institutional clients across dozens of markets around the world is a multi-year journey. Everything is going as planned, and the structural foundation is firmly in place, which we are building on. We have a 15-year strategic distribution agreement with Amundi, under which Victory Capital serves as their exclusive provider of US-manufactured traditional active investment solutions.

在全球數十個市場建立對新產品組合的信心、完成必要的盡職調查，並對平台、財務顧問、顧問公司與機構客戶進行教育，是一段需要多年投入的旅程。一切都按計畫進行，結構性的基礎已穩固到位，我們正以此為基礎持續推進。我們與 Amundi 簽訂了為期 15 年的策略性通路協議，依該協議，Victory Capital 為其美國製造（US-manufactured）的傳統主動式投資解決方案之獨家供應商。

We have a Victory Capital sales team located in major geographies supporting the Amundi sales infrastructure, as well as a sales support group here in the US. And we now manage 23 UCITS products spanning equities, fixed income, and global multi-asset strategies, giving the Amundi sales force a diversified and growing product set to work with.

我們在主要地區配置了 Victory Capital 的銷售團隊，以支援 Amundi 的銷售基礎設施，並在美國本土設有銷售支援團隊。目前我們管理 23 檔 UCITS 產品，涵蓋股票、固定收益與全球多元資產策略，讓 Amundi 的銷售團隊能運用一套多元且持續成長的產品組合。

We are planning additional UCITS launches in 2026, including additional strategies from Vintage Victory investment franchises, with priorities driven by bottom-up demand signals from Amundi’s local distribution teams. The product set is expanding, the sales teams are getting up to speed, and the momentum is building. We look forward to reporting on our progress here as this channel continues to grow.

我們規劃在 2026 年推出更多 UCITS 產品，包括來自 Vintage Victory 投資品牌的更多策略；其優先順序由 Amundi 各地通路團隊自下而上的需求訊號所驅動。產品組合正在擴大，銷售團隊也逐步上手，動能持續累積。隨著此通路持續成長，我們期待在此向各位回報我們的進展。

Turning to slide 9, investment performance improved during the first-quarter and remains excellent across the platform. As of March 31, 2026, 58 mutual funds and ETFs earned four or five-star overall ratings from Morningstar, representing 68% of our rated AUM. This performance reflects broad-based strength across our investment franchises. When we look at performance against benchmarks, the picture is equally compelling.

接著看第 9 頁投影片，第一季投資績效有所改善，且整體平台表現依然優異。截至 2026 年 3 月 31 日，共有 58 檔共同基金與 ETF 獲得晨星（Morningstar）四星或五星的整體評等，占我們具評等 AUM 的 68%。此績效反映我們各投資品牌的全面性實力。若以相對基準（benchmarks）的表現來看，同樣相當亮眼。

71% of our AUM outperformed over the one-year period, 67% over 3 years, 68% over 5 years, and an impressive 81% over the 10-year period. On a strategy count basis, 69%, 67%, 70%, and 70% of strategies outperformed over those same periods. Investment performance is the foundation of everything we do. The results we are reporting today reflect the talent and discipline of our investment professionals across all our investment franchises, and we remain deeply committed to delivering excellent investment outcomes for our clients.

我們的 AUM 中，有 71% 在一年期表現優於基準，三年期為 67%，五年期為 68%，而十年期更高達 81%。以策略數量計算，在相同期間內，分別有 69%、67%、70% 與 70% 的策略表現優於基準。投資績效是我們一切工作的基礎。我們今天所報告的成果，反映出我們各投資品牌之投資專業團隊的才華與紀律；我們也將持續堅定致力於為客戶提供卓越的投資成果。

Slide 10 covers our long-term growth and capital allocation strategy. Since our IPO in 2018, we have returned $1.4 billion to shareholders through a combination of share repurchases and dividends. That is a remarkable figure when you consider that we received just $157 million in net proceeds from the IPO back in February of 2018. During the first-quarter, we repurchased 2 million shares of VCTR common stock. This reflects our conviction in the value of our stock and our commitment to returning capital to shareholders when the opportunity presents itself.

第 10 頁投影片說明我們的長期成長與資本配置策略。自 2018 年 IPO 以來，我們透過股票回購與股利的組合，已向股東返還 14 億美元。考量到我們在 2018 年 2 月 IPO 的淨募資僅 1.57 億美元，這是一個相當驚人的數字。第一季期間，我們回購了 200 萬股 VCTR 普通股。這反映出我們對公司股價價值的信心，以及在機會出現時向股東返還資本的承諾。

Combined with our dividend, we returned $185 million to shareholders in the quarter alone, and over the trailing 12 months, we have returned $512 million of capital to shareholders, more than $6 per share. I also want to highlight that since April 1, 2025, the date we closed the Pioneer acquisition, we have repurchased approximately 5 million shares of VCTR common stock. That represents approximately 22% of the 22.9 million shares that we issued to Amundi as consideration for the transaction.

加上我們的股利，本季單季即向股東返還 1.85 億美元；在過去 12 個月期間，我們已向股東返還 5.12 億美元資本，折合每股超過 6 美元。我也想強調，自 2025 年 4 月 1 日（我們完成 Pioneer 收購之日）以來，我們已回購約 500 萬股 VCTR 普通股。這約相當於我們在該交易中作為對價發行給 Amundi 的 2,290 萬股之約 22%。

That said, I want to be clear about our capital allocation priorities. Strategic acquisitions remain our best and primary use of capital. Our buyback program is meaningful and ongoing, but is complementary to, not a substitute for, our long-term inorganic growth strategy. We evaluate capital deployment on a facts and circumstances basis, and our flexible balance sheet gives us the ability to pursue multiple objectives simultaneously.

話雖如此，我想清楚說明我們的資本配置優先順序。策略性併購仍是我們資本運用的最佳且最主要用途。我們的回購計畫具重要規模且持續進行，但它是對我們長期非有機成長策略的補充，而非替代。我們會依事實與情況評估資本部署，而我們具彈性的資產負債表使我們能同時追求多項目標。

Turning to slide 11, I want to spend a few minutes on our acquisition strategy because it remains an important input into how we think about creating long-term value for shareholders. Inorganic growth is a strategic priority, and our pipeline of acquisition opportunities is extensive, and we are very active. The environment for transactions in our sector remains highly favourable.

接著看第 11 頁投影片，我想花幾分鐘談談我們的併購策略，因為這仍是我們思考如何為股東創造長期價值的重要因素。非有機成長是策略重點，我們的併購機會管線相當廣泛，且我們非常積極。我們產業的交易環境仍然相當有利。

The structural forces driving consolidation, increasing regulatory complexity, technology requirements, distribution access, and scale economics are only becoming more pronounced. That backdrop creates compelling opportunity for a well-capitalized, proven acquirer like Victory Capital. Our approach has always been, and will remain, disciplined. We evaluate every opportunity against a clear set of strategic and financial criteria, and we will not compromise those standards.

推動整併的結構性力量、日益增加的監管複雜度、科技需求、通路取得，以及規模經濟效益，都只會愈發明顯。在此背景下，對於像 Victory Capital 這樣資本充足且具成功併購經驗的收購方而言，將創造極具吸引力的機會。我們的做法一向是、也將持續保持紀律。我們會以一套明確的策略與財務標準評估每一個機會，且不會在這些標準上妥協。

Every acquisition we have made has been strategically grounded, designed to improve our overall platform, enhance our distribution capabilities, diversify our client base, or add complementary investment capabilities. The financial benefits are a positive outcome, not the starting point. Importantly, this remains a highly fragmented industry, and there are a lot of opportunities to better our company via acquisitions. In fact, I would stress we have more opportunities today than we have ever had as we review our pipeline and our current discussions.

我們所進行的每一項收購皆以策略為根基，旨在提升我們的整體平台、強化我們的通路分銷能力、使客戶基礎更多元，或增添互補性的投資能力。財務效益是正向的結果，而非出發點。重要的是，這仍是一個高度分散的產業，透過收購來強化我們公司的機會很多。事實上，我要強調的是，當我們檢視目前的案源管線與正在進行的討論時，我們今天擁有的機會比以往任何時候都更多。

We have the ability to pursue multiple opportunities at the same time, and that is exactly what we have done over the years and what we are doing today. That said, we have the patience and discipline to wait for the right opportunity and the financial strength to move decisively when one presents itself.

我們有能力同時追求多個機會，而這正是我們多年來一直在做、且今天仍在做的事。話雖如此，我們也有耐心與紀律等待合適的機會，並具備在機會出現時果斷出手的財務實力。

We have a tremendous business today that is positioned very well in the market to deliver for our clients and our shareholders in a very positive way. The exact timing of any given transaction is always difficult to predict, but our track record of consistent, superior execution over more than a decade gives me great confidence in our ability to continue delivering transformational growth through M&A as we work our way to our $1 trillion in assets under management goal.

我們目前擁有一個非常出色的業務，在市場上的定位十分良好，能以非常正面的方式為客戶與股東創造價值。任何一筆交易的確切時點一向難以預測，但我們十多年來持續且卓越的執行紀錄，讓我對我們能夠持續透過併購（M&A）帶來轉型式成長、並朝著管理資產規模（AUM）達到1兆美元的目標邁進充滿信心。

With that, I will turn the call over to Mike, who will go through the financial results in more detail. Mike.

接下來，我把電話會議交給Mike，他將更詳細地說明財務結果。Mike。

Thanks, Dave, and good morning, everyone. The financial results review begins on slide 13. Total revenue came in at $388 million, up 4% from the fourth-quarter and 77% compared to the first-quarter of last year. Adjusted EBITDA reached $204 million, and adjusted EBITDA margin was 52.6%. Adjusted net income with tax benefit was $153 million or $1.82 per diluted share, up 34% from the same quarter last year.

謝謝你，Dave，各位早安。財務結果回顧從第13頁投影片開始。總營收為3.88億美元，較第四季成長4%，較去年第一季成長77%。調整後EBITDA達2.04億美元，調整後EBITDA利潤率為52.6%。含稅務利益的調整後淨利為1.53億美元，或每股稀釋後盈餘1.82美元，較去年同期成長34%。

With the Pioneer integration substantially complete and our distribution investments beginning to gain traction, we are starting to see the earnings power of the business. We returned $185 million to shareholders in the quarter, a combination of our quarterly dividend and the repurchase of 2 million shares of VCTR common stock.

隨著Pioneer整合大致完成，且我們在通路分銷上的投資開始見到成效，我們正開始看到這項業務的獲利能力。本季我們回饋股東1.85億美元，包含季度股利以及回購200萬股VCTR普通股。

The board also approved an increase in our regular quarterly cash dividend to $0.50 per share, payable on June 25 to shareholders of record on June 10. The balance sheet is in excellent shape with a net leverage ratio of 1.1 times, which gives us the flexibility to pursue all our capital allocation objectives simultaneously.

董事會也核准將我們例行的季度現金股利提高至每股0.50美元，將於6月25日支付給6月10日登記在冊的股東。資產負債表狀況極佳，淨槓桿比率為1.1倍，使我們能同時靈活推進所有資本配置目標。

On slide 14, we show our total client assets at quarter end. We ended March with $313 billion in total client assets. Our AUM remains well-diversified across the US retail, US institutional, US direct, and international channels. One data point I would like to highlight on this slide is the continued growth of our international business. We now have clients in 60 countries, and 29 of those countries have more than $100 million in AUM with us.

在第14頁投影片，我們展示季末的客戶總資產。我們在3月底的客戶總資產為3,130億美元。我們的AUM在美國零售、美國機構、美國直銷及國際通路之間仍維持良好多元分散。我想在這頁特別強調的一個數據點，是我們國際業務的持續成長。我們目前在60個國家擁有客戶，其中有29個國家在我們這裡的AUM超過1億美元。

As Dave described, we are still in the early stages of developing this channel, and the trajectory is very encouraging. Our long-term flows are shown on slide 15. Long-term gross flows of $18.9 billion were the highest quarterly gross sales in our history. This marks the fourth consecutive quarter of gross flows at or above $15 billion. Net flows improved meaningfully during the quarter, coming in at negative $457 million, and we are encouraged by the trend pointing towards sustained positive organic growth as our distribution investments continue to be realized and our momentum broadens.

如Dave所述，我們仍處於開發此通路的早期階段，而其發展軌跡令人非常鼓舞。我們的長期資金流向顯示於第15頁投影片。長期產品總流入（gross flows）為189億美元，創下公司史上單季最高總銷售額。這也代表總流入連續第四季達到或高於150億美元。本季淨流量明顯改善，為淨流出4.57億美元；隨著通路投資持續落地、動能擴大，我們對趨勢朝向可持續的正向有機成長感到鼓舞。

Multiple investment franchises and platforms contributed positive net flows in the quarter, including Pioneer Investments, Trivalent, RS Global, VictoryShares ETFs, and WestEnd Advisors. This breadth of positive contributors is exactly what we have been working towards, and it reflects the diversity and quality of our investment platform. Our international channel was also net flow positive in Q1 and since the Pioneer acquisition.

本季有多個投資品牌與平台貢獻了正向淨流入，包括Pioneer Investments、Trivalent、RS Global、VictoryShares ETF，以及WestEnd Advisors。這種正向貢獻者的廣度正是我們一直努力的方向，也反映出我們投資平台的多元性與品質。我們的國際通路在第一季以及自收購Pioneer以來也維持淨流入為正。

Our firm-wide won but not yet funded pipeline remains significant, spanning multiple franchises and distribution channels. We expect this to provide additional support to our flow results as mandates fund over the coming quarters.

全公司層面已得標但尚未撥款的案源管線仍相當可觀，涵蓋多個投資品牌與分銷通路。我們預期隨著未來幾季委任案陸續到位並開始撥款，將為我們的資金流向表現提供額外支撐。

Slide 16 provides additional detail on revenue. As I mentioned, our quarterly revenue of $388 million was a record for the company. We saw an increase of $13.9 million quarter-over-quarter. Year-over-year revenue was up 77%, a reflection of the transformational impact of the Pioneer acquisition.

第16頁投影片提供營收的更多細節。如我所提，我們單季營收3.88億美元創下公司紀錄。營收較前一季增加1,390萬美元。年增77%的營收，反映了收購Pioneer所帶來的轉型性影響。

Our average fee rate of 47.6 basis points was at the high end of our guidance range, and we continue to expect the fee rate to remain in the 46-47 basis point range going forward, reflecting the current mix of our diversified business. The stability of our fee rate through significant changes in our AUM composition, including the Pioneer acquisition, the growth in our ETF platform, and various product launches, speaks to the quality and balance of our product, client, and vehicle mix.

我們的平均費率為47.6個基點，位於指引區間的高端；我們仍預期未來費率將維持在46至47個基點區間，反映目前多元化業務的組合。在AUM組成出現重大變化（包括收購Pioneer、ETF平台成長以及多項產品推出）的情況下，我們費率仍能保持穩定，顯示我們在產品、客戶與載體（vehicle）組合上的品質與均衡。

Turning to expenses on slide 17. Total operating expenses were $228.8 million in the first-quarter, up from $220.9 million in Q4. The sequential increase was primarily driven by two factors. First, the seasonal reset of annual payroll taxes and employee benefits that occurs every first-quarter.

接著看第17頁投影片的費用。第一季總營運費用為2.288億美元，高於第四季的2.209億美元。此一季對季的增加主要由兩項因素驅動。第一，是每年第一季會發生的年度薪資稅與員工福利的季節性重置。

Second, a modest increase in acquisition, restructuring, and integration costs. Cash compensation as a percentage of revenue was 24% in the quarter, reflecting the seasonal payroll dynamics I mentioned. On a normalized basis, we continue to expect cash compensation to run in the low to mid-20s as a percentage of revenue.

第二，是收購、重整與整合成本的小幅增加。本季現金薪酬占營收比重為24%，反映我剛提到的季節性薪資動態。在常態化基礎上，我們仍預期現金薪酬占營收比重將落在20%出頭至20%中段。

On synergies, we have now achieved approximately $104 million of the expected $110 million in total net expense synergies from the Pioneer acquisition, which closed just 12 months ago. The integration is substantially complete, and we are well-positioned to capture the remaining synergies over the course of 2026. I want to take a step back and explain what this net synergy achievement represents. We acquired a business that significantly increased the size and scale of our company and will be fully integrated in less than two years. We are exceeding many of our financial objectives while also globalizing our business through the international distribution channel, which has been net flow positive since the close of the acquisition.

關於綜效，我們目前已實現約1.04億美元，接近Pioneer收購案預期總計1.10億美元的淨費用綜效；該交易距今僅在12個月前完成。整合已大致完成，我們也具備良好條件在2026年期間取得剩餘綜效。我想退一步說明，這項淨綜效達成代表什麼。我們收購了一項顯著提升公司規模與量體的業務，並將在不到兩年的時間內完成全面整合。我們在全球化業務方面也取得進展，透過國際分銷通路推動，而該通路自收購完成以來一直維持淨流入為正；同時，我們也超越了多項財務目標。

Moreover, the Pioneer Investments franchise has been net flow positive since we closed the acquisition, and we have launched new products for the franchise, specifically the first ETF managed from the platform. Lastly, we are simultaneously investing in the future growth of the entire business by adding significant resources to our sales and marketing functions across every distribution channel.

此外，Pioneer Investments這個投資品牌自我們完成收購以來一直維持淨流入為正，我們也為該品牌推出新產品，特別是平台上首檔由該平台管理的ETF。最後，我們也同步投資於整體業務的未來成長，在各個分銷通路的銷售與行銷職能上增加大量資源。

Turning to our non-GAAP metrics on slide 18. Adjusted EBIT of $204 million and an adjusted EBITA margin of 52.6% represent the continued strength and consistency of our platform. As noted, 19 of the last 23 quarters have delivered margins above 50% and all have been above 49%. This consistency through different market cycles, multiple acquisitions, and while making significant investments in our platform is what distinguishes our business model from many others in our industry. Adjusted net income with tax benefit of $153.2 million, or $1.82 per diluted share, was up 2% from Q4 and 34% from Q1 of last year.

接著看第18頁投影片的非GAAP指標。調整後EBIT為2.04億美元，調整後EBITA利潤率為52.6%，代表我們平台持續展現強勁與一致性。如前所述，過去23個季度中有19個季度的利潤率高於50%，且全部都高於49%。在不同市場循環、多次收購，以及我們對平台進行重大投資的同時仍能保持這種一致性，正是我們商業模式有別於同業許多公司的關鍵。含稅務利益的調整後淨利為1.532億美元，或每股稀釋後盈餘1.82美元，較第四季成長2%，較去年第一季成長34%。

Finally turning to slide 19. Our balance sheet and capital management position remain strong and provide us with significant strategic flexibility. At March 31, 2026, we had $76 million of cash, $980 million of debt, and a net leverage ratio of 1.1 times. Our $100 million revolving credit facility remains undrawn.

最後轉到第19頁投影片。我們的資產負債表與資本管理狀況仍然穩健，並為我們提供顯著的策略彈性。截至2026年3月31日，我們持有7,600萬美元現金、9.8億美元債務，淨槓桿比率為1.1倍。我們的1億美元循環信貸額度仍未動用。

Cash interest expense declined again in the quarter to $14 million, reflecting the benefit of the refinancing we completed in Q3 2025 that lowered our borrowing cost by 35 basis points through reducing our interest rate. On capital return, as Dave highlighted, we repurchased 2 million shares during Q1, and combined with dividends, returned $185 million to shareholders. Over the trailing 12 months, we have returned $512 million to shareholders, more than $6 per diluted share. We believe this context is important and reflects our commitment to creating shareholder value through disciplined capital allocation.

本季現金利息費用再度下降至1,400萬美元，反映我們於2025年第三季完成的再融資所帶來的效益，透過降低利率使借款成本下降35個基點。在資本回饋方面，如Dave所強調，我們在第一季回購200萬股，並結合股利，合計向股東返還1.85億美元。在過去12個月，我們已向股東返還5.12億美元，攤薄後每股超過6美元。我們認為這樣的背景很重要，並反映我們透過嚴謹的資本配置致力於創造股東價值的承諾。

Looking ahead, our capital allocation philosophy is grounded in flexibility and discipline. We evaluate our capital deployment on an ongoing basis, informed by the facts and circumstances at any given time. Our primary objective remains the execution of accretive strategic acquisitions that make our business better.

展望未來，我們的資本配置理念以彈性與紀律為基礎。我們會在任何特定時間點，依據當時的事實與情況，持續評估資本部署。我們的首要目標仍是執行具增益性的策略性併購，讓我們的業務變得更好。

Our buyback program is active and meaningful, and our dividend provides a consistent return to shareholders. The strength of our free cash flow generation and our healthy balance sheet gives us the ability to pursue all these objectives simultaneously. With that, I will turn the call back to the operator for questions.

我們的庫藏股回購計畫正在進行且具實質規模，而我們的股利也為股東提供一致的回報。我們強勁的自由現金流創造能力與健康的資產負債表，使我們能夠同時追求所有這些目標。接下來我把電話交回給接線員進行提問。

(Operator instructions)

(接線員指示)

Michael Cho, J.P. Morgan.

Michael Cho，摩根大通。

Hi, good morning, Dave, and Mike. Thanks for taking my question. I just wanted to touch on one of the areas you highlighted during your prepared remarks on ETFs. It’s clearly seen extremely strong growth over the years, and you continue to launch. It’s, you know, it’s still less than 10% of AUM today. I have a question is, you know, are there opportunities that might further energize growth here in this successful segment that you’ve seen? When you think about strategy, you know, what are the priorities kind of over the launch over the next 12-18 months?

嗨，早安，Dave 和 Mike。謝謝讓我提問。我想談一下你們在事先準備的發言中提到的ETF其中一個面向。這些年來它顯然成長非常強勁，而且你們也持續推出新產品。不過你知道，它目前仍不到AUM的10%。我的問題是，在你們看到這個成功的板塊之後，是否還有機會能進一步帶動這裡的成長動能？當你們思考策略時，未來12到18個月在產品推出方面的優先順序大概是什麼？

Good morning, Michael. It’s Dave. Let me start off. We have seen great growth on our ETF platform. We’ve seen that in a number of different areas on the intermediary side. Our client base and the platforms that we’re on have been expanding. Ad then we’re also getting additional products on those platforms.

早安，Michael。我是Dave。我先開始回答。我們的ETF平台確實看到很好的成長。在通路端（intermediary side）的多個領域也都看得到。我們的客戶基礎以及我們所上架的平台都在擴大。此外，我們也在這些平台上增加更多產品。

In our prepared remarks, I spoke about expanding the distribution outside the US. Today, our ETFs are available throughout Asia. We’re opening up some countries in Latin America. That will help us with our growth. We’re launching new products. We mentioned that we launched the first ETF off the Pioneer franchise platform. We’ll launch additional ones and we will expand out some other investment strategies as well into an ETF wrapper.

在我們的準備發言中，我提到要把銷售通路擴展到美國以外。目前，我們的ETF在亞洲各地都可供投資。我們也正在開放拉丁美洲的一些國家。這將有助於我們的成長。我們也在推出新產品。我們提到已在Pioneer品牌平台上推出第一檔ETF。我們還會推出更多，並且也會把其他投資策略以ETF包裝形式擴展出去。

So we’ll have product expansion and development. We’re putting distribution resources from a people perspective, from investment in our distribution partners and from a marketing perspective. So, it’ll be multifaceted on how we grow the business. We’re super excited about it. There is industry tailwind as well. And then I think our product set really matches well with what’s happening in the industry, where people are looking for solutions and really moving away from just ETFs as beta exposure.

因此我們會進行產品擴張與開發。在通路方面，我們會投入資源：包括人員配置、對通路夥伴的投資，以及行銷層面。所以，我們將以多面向方式來推動業務成長。我們對此非常興奮。產業也有順風。此外，我認為我們的產品組合也非常契合產業正在發生的變化：人們在尋找解決方案，並且真的正在從僅把ETF當作beta曝險的做法轉移。

And then lastly, and I always like to remind this, is, you know, our average fee on our ETF platform is 35 basis points, which very much looks and acts like an active product. So it matches our fee rate requirements and really matches our margin requirements as well as a firm.

最後，我也總是喜歡提醒的一點是，我們ETF平台的平均費率是35個基點，這在很大程度上看起來、運作起來都像主動式產品。因此它符合我們對費率水準的要求，也同樣符合公司對利潤率的要求。

Great. No, thanks for that, David. If I could just follow up on your last point or last topic on fee rates, and not specific to ETFs, but just more broadly for Victory Capital in general. Can you just talk through Michael Policarpo, I think you gave some commentary on mix for fee rates. I was wondering if you could just talk through what supported the fee rate expansion quarter-over-quarter and if there’s any performance fees or anything like that in there. Then why would you expect it to compress from here, you know, just given the normalized range of 46 to 47 you highlighted, other than the mix that you called out. Thanks.

很好。不，謝謝你，David。如果我可以追問你最後一點、也就是費率的部分——不是特指ETF，而是更廣泛地針對Victory Capital整體。你能否談談Michael Policarpo，我記得你對費率的組合（mix）有一些評論。我想了解本季費率季對季擴張是由什麼支撐的，裡面是否包含任何績效費或類似項目。另外，為什麼你會預期接下來會壓縮——考量你提到的常態區間是46到47，除了你指出的組合因素之外，還有其他原因嗎？謝謝。

Good morning, Mich. Thanks for the question. You know, I think we’ve said our fee rates has really been a driver based on kind of the asset class, product mix, client mix, distribution channel, and vehicle mix that we have. I think as we sit here today, we’ve been pretty consistent over the last 12 months post the Pioneer Investments acquisition in the 46 to 47 basis point range, plus or minus a little bit depending upon, as you, as I called out, the asset mix or the client mix.

早安，Mich。謝謝你的問題。你知道，我想我們一直說，我們的費率主要是由我們所擁有的資產類別、產品組合、客戶組合、銷售通路以及載體（vehicle）組合所驅動。我想以目前來看，在完成Pioneer Investments併購後的過去12個月，我們一直相當一致地維持在46到47個基點的區間，會因為如你所說、我也提到的資產組合或客戶組合而上下略有波動。

In Q1, we did have some annual fees that we record that really are fees that get us to our standard rack rates. There’s just an accounting that we record them in the first-quarter. And so we look at that over the course of a normalized period, and we’re still in that long-term 46-47 basis point range. The areas of growth from a business perspective, we highlighted our international distribution channel. We also highlighted, and you just asked the question to Dave about our ETF growth.

在第一季，我們確實認列了一些年度費用，這些費用本質上是讓我們達到標準牌告費率（rack rates）的費用。只是會計處理上，我們在第一季認列。因此我們會以一段常態化期間來看待，而我們仍在長期的46到47個基點區間內。從業務成長角度，我們強調了國際通路。我們也強調了——而你剛剛也問Dave——我們的ETF成長。

Those fees are still supportive of our overall fee rate, and we’re comfortable with that guidance as we look out based on the growth that we foresee, to still have that 46-47 basis point range. Again, I think one thing we always highlight when we talk about our fee rate is the margin. Everything we do, channel, client, vehicle, meets the margin requirements that we have.

這些費用仍然支撐我們整體費率，我們也對這項指引感到放心；依據我們預期的成長來看，我們仍可維持在46到47個基點的區間。再說一次，我想我們在談費率時總會強調的一點是利潤率。我們所做的每一件事——通路、客戶、載體——都符合我們的利潤率要求。

We’ll continue to look at that as we move forward, but we’re really happy with where the margins have been and will continue to be.

我們會在往前推進時持續檢視，但我們對目前的利潤率表現、以及未來將持續維持的狀況都非常滿意。

Benjamin Budish, Barclays.

Benjamin Budish，巴克萊。

Hi, this is Nathan on for Ben. Just to follow up on the fee rate dynamic here, can you just speak more about the annual fees that the firm has included, and just like the guidance around the total revenue? We understand that it has been guiding to 46 to 47 for a while now, at least from Q2, and it’s due to like asset mix and client mix. It seems as if like the firm consistently outperforms this metric or the guidance. Just wanted to have a little bit more color on what you guys are seeing in the annual fee portion, please. Thank you.

嗨，我是Nathan，代Ben提問。延續費率動態的問題，你能否再多談一些公司所包含的年度費用，以及對總營收的指引說法？我們理解你們至少從第二季起就一直指引在46到47，原因是資產組合與客戶組合。但看起來公司似乎經常在這個指標或指引上表現得更好。想請你們就年度費用這一塊目前看到的情況提供更多細節。謝謝。

Thanks. It’s not much more to add from the last question, I would say, or the last answer that we provided. We’re still comfortable with the 46 to 47 basis point range from a long-term guidance perspective. Any of the annual fees that we record in a particular quarter are pretty immaterial to the overall business. Again, those fees are really just getting us back to kind of our standard rack rates with some of the clients that we have. So nothing to add at this point in time. I think if we continue to see changes in the dynamics from an asset class or a vehicle perspective, we can evaluate it, but we’re comfortable with the 46 to 47 basis points.

謝謝。我想，從上一個問題或我們上一個回答來看，沒有太多可以補充的。從長期指引的角度來看，我們仍然對46到47個基點的區間感到安心。我們在某一季度入帳的任何年度費用，對整體業務而言都相當不具重大性。再次強調，這些費用主要只是讓我們與部分客戶回到我們的標準牌告費率水準。所以目前沒有要補充的。我認為如果我們持續看到在資產類別或投資載體面向的動態有所變化，我們可以再評估，但我們對46到47個基點仍然感到安心。

Thank you. Just can you speak more about the one but unfunded channel? Is there a way to size up how large that is for the business?

謝謝。能否再多談談「已簽但尚未出資」這個通路？有沒有辦法估算它對業務而言的規模有多大？

It’s Dave. Our one but not yet funded business. We don’t guide on a number. I can tell you that it’s widespread on a number of different franchises and platforms and a number of different channels. Where we’re seeing strength is on the ETF side, on the global products side, both on Pioneer Investments and from RS Investments perspective, Trivalent Investments, WestEnd Advisors, also on the Pioneer Investments multi-asset and fixed income, and also on the equity side. All three of their major platforms.

我是Dave。關於我們「已簽但尚未出資」的業務。我們不會對外提供一個數字指引。我可以告訴你，它分布在多個不同的事業線與平台，以及多個不同的通路。我們看到強勁的地方包括ETF端、全球產品端，涵蓋Pioneer Investments以及RS Investments的產品觀點，還有Trivalent Investments、WestEnd Advisors；同時也包括Pioneer Investments的多元資產與固定收益，以及股票端。他們三個主要平台皆是如此。

So we’re very excited about, as we said in our prepared remarks, about really the trajectory of gross and net flows. We have excellent investment performance, that’s the beginning of it and we’ve really taken the time to invest in our distribution channels. We’ve increased the investment. We’ve increased our FTE in almost all of the channels. And so we think we’re pretty well-positioned to continue kind of the growth in from a flow perspective. The one but not yet funded book really supports that.

因此我們對（如同我們在事先準備的發言中所說）總申購與淨流量的走勢軌跡感到非常振奮。我們有優異的投資績效，這是起點；而且我們也確實花時間投資在我們的銷售通路。我們增加了投資。我們在幾乎所有通路都增加了全職人力（FTE）。因此我們認為，從資金流向的角度來看，我們已相當具備條件，能夠延續這種成長。「已簽但尚未出資」的存量確實支撐了這一點。

Kenneth Lee, RBC.

Kenneth Lee，RBC。

Good morning, thanks for taking my question. Just one on capital management and potential for inorganic growth opportunities there. Obviously very meaningful share purchases in the quarter. Should we interpret that as a signal that perhaps maybe an opportunity for inorganic growth is perhaps not really imminent, or is that the not the right takeaway there? Thanks.

早安，謝謝讓我提問。我想問一題關於資本管理以及非有機成長機會的可能性。本季有非常顯著的庫藏股買回。我們是否應將此解讀為：非有機成長的機會可能短期內並不迫切，還是這樣解讀不正確？謝謝。

No, it’s absolutely not the right takeaway. We are opportunistic with buying our shares. We want to own our shares. We think there’s great value in owning our shares and the earnings power of our company. So when we have the cash available and we think we have the ability to do a lot of different things with our capital, we’ll buy our shares. We’ve done it aggressively. We have a lot of capacity and a lot of dry powder, but as I said in the prepared remarks, our number one use of our capital is to do strategic acquisitions and we are in a really great environment from an acquisitive perspective.

不，這絕對不是正確的解讀。我們在買回自家股票方面是採取機會主義。我們希望持有我們的股票。我們認為持有我們的股票很有價值，也看好公司獲利能力。因此當我們有可用現金，且我們認為資本可以用來做很多不同的事情時，我們就會買回股票。我們確實是積極地在做。我們有很大的能力與充足的「乾粉」（可動用資金），但如同我在事先準備的發言中所說，我們資本運用的第一優先是進行策略性併購，而從併購角度來看，我們正處在非常好的環境。

There are lots of pressures on many traditional asset management firms and we are a proven acquirer. We’re going to use our capital to buy businesses. And when we’re not buying businesses or in coordination with buying businesses where we have extra capital, we will buy our shares cause we think there’s a lot of value in them.

許多傳統資產管理公司正面臨各種壓力，而我們是經驗證的併購者。我們會運用資本去收購業務。而當我們沒有在收購業務，或是在收購業務的同時仍有額外資本時，我們就會買回自家股票，因為我們認為它們很有價值。

Great. That’s very helpful. And one follow-up, if I may. Just wanted to dig into some of the comments, I think it was in the prepared remarks, about adding some more sales and marketing resources across the various channels there. Wonder if you could just flesh that out a little bit more. Is this driven more by product specialization, or just want to get a little bit more details around what’s driving this? Thanks.

很好。這非常有幫助。如果可以的話我再追問一題。我想更深入了解一些評論，我想是在事先準備的發言中提到的：在各個通路增加更多銷售與行銷資源。想請你再多補充一些細節。這主要是由產品專業化所驅動，還是有其他因素？想了解背後的驅動原因。謝謝。

It’s really on a number of different fronts. First, as we see our international channel expand, we’re adding resources to support the growth there and so we’re adding resources in the field and really also from a support structure. And as we grow our intermediary distribution, we’re adding resources to deal with marketing, digital marketing, support of the platform, support of different channels within the intermediary side, and that’s from a technology perspective and also from a people perspective.

這其實是多個面向共同推動。首先，隨著我們的國際通路擴張，我們正在增加資源以支援那邊的成長，因此我們在前線增加資源，也在支援架構上增加資源。另外，隨著我們擴大中介通路（intermediary distribution），我們也在增加資源來處理行銷、數位行銷、平台支援，以及中介端不同子通路的支援；這包含技術面，也包含人力面。

So it’s a number of different channels, and something that I think that we’re going to continue to do over time, we’re going to continue to invest in distribution, continue to invest in servicing clients, and continue to invest in our ability to get new clients.

所以這涵蓋多個不同通路，而且我認為我們會隨時間持續這麼做：持續投資於通路建設、持續投資於客戶服務，並持續投資於我們獲取新客戶的能力。

Alexander Blostein.

Alexander Blostein。

Hey. Good morning. This is Anthony on for Alexander Blostein. I wanted to click into the like M&A attempt of Janus earlier in the quarter and I guess my question is, what was the rationale behind the deal? Just given the size and fairly similar overlap product mix of the two firms. And then maybe just as a follow-up, like on the forward pipeline, should we expect a similar size deal and maybe product mix?

嗨。早安。我是Anthony，代Alexander Blostein提問。我想追問本季稍早對Janus的那次併購嘗試；我的問題是，這筆交易背後的理由是什麼？尤其考量到兩家公司規模以及產品組合相當類似、重疊度也高。另外追問一下，關於未來的併購管線，我們是否應預期類似規模的交易，以及可能類似的產品組合？

So I think the Janus opportunity was well covered in the press. We thought the Janus opportunity, buying that business would create a phenomenal business coming out the other side, and it was a business that we thought we could buy, and it would make our company better. And as far as looking forward, we’ve guided towards a $1 trillion goal of assets under management. We’re looking at larger acquisitions. We’re also looking at, I’d say, smaller strategic acquisitions maybe to fill in certain products that we don’t have or certain things we’re trying to accomplish. But our acquisition focus is definitely on the larger side. But we’re going to be opportunistic.

我想Janus的機會在媒體上已經有充分報導。我們認為Janus這個機會——收購那項業務——將會在整合後打造出一家非常出色的公司；而且我們認為那是一項我們有機會買下來、並能讓公司變得更好的交易。至於往前看，我們已提出資產管理規模（AUM）達到1兆美元的目標。我們正在看更大型的併購。同時我們也在看一些較小的策略性併購，用來補足我們目前沒有的某些產品，或達成我們想完成的某些目標。但我們的併購重點確實偏向較大型。不過我們也會把握機會。

As I said in my prepared remarks, we’re extremely active. We have the ability to work on multiple things at the same time, and we have significant capacity. And so we’re in a great spot. We can do something very large, like a Janus. We can do something strategic that maybe is smaller and we are talking to a lot of different people. But the number one thing for us is any acquisition we’re going to do, we start off from a strategic lens, and it has to make our company better. And from there, we do our diligence, and we have our KPIs that we need to hit to do it in acquisition.

如同我在事先準備的發言中所說，我們非常積極。我們有能力同時推進多個案子，而且我們的資本能力相當充足。因此我們處在很好的位置。我們可以做像Janus那樣非常大型的交易。我們也可以做一些策略性的、可能較小的交易；而且我們正在與很多不同的人洽談。但對我們而言最重要的是：任何我們要做的併購，都會先從策略角度出發，必須能讓公司變得更好。接著我們會做盡職調查，並且有我們需要達成的KPI，才能完成這項併購。

Thank you. That’s it for me. And congratulations Matt, on your retirement.

謝謝。我這邊就到這裡。也恭喜Matt退休。

(Operator instructions)

（接線員指示）

There are no further questions at this time. We have reached the end of the Q&A. This concludes today’s call. Thank you for attending. You may now disconnect.

目前沒有其他問題。我們已到達問答環節的結尾。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。