Virtu Financial Inc (VIRT) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Virtu Financial 2024 third quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Virtu Financial 2024 年第三季業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Andrew Smith, Head of Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係主管安德魯史密斯。請繼續。

Thank you, Anton, and good morning, everyone. Thank you for joining us. Our third quarter results were released this morning and are available on our website. With us on this morning's call, we have Mr. Douglas Cifu, our Chief Executive Officer; Mr. Joseph Molluso, our Co-President and Co-Chief Operating Officer; and Ms. Cindy Lee, our Chief Financial Officer. We will begin with prepared remarks and then take your questions.

謝謝你，安東，大家早安。感謝您加入我們。我們的第三季業績已於今天上午發布，可在我們的網站上查看。出席今天早上電話會議的有我們的執行長 Douglas Cifu 先生； Joseph Molluso 先生，我們的聯合總裁兼聯席營運長；以及我們的財務長 Cindy Lee 女士。我們將從準備好的演講開始，然後回答您的問題。

First, a few reminders. Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events and are, therefore, subject to risks, assumptions and uncertainties, which may be outside the company's control. Please note that our actual results and financial condition may differ materially from what is indicated in these forward-looking statements.

首先，有幾點提醒。今天的電話會議可能包含前瞻性陳述，這些陳述代表了 Virtu 目前對未來事件的信念，因此受到風險、假設和不確定性的影響，這些風險、假設和不確定性可能超出了公司的控制範圍。請注意，我們的實際結果和財務狀況可能與這些前瞻性聲明中所示的內容有重大差異。

It is important to note that any forward-looking statements made on the call are based on information presently available to the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press release and encourage you to review the description of risk factors contained in our annual report, Form 10-K and other public filings.

值得注意的是，電話會議中所做的任何前瞻性陳述均基於公司目前掌握的信息，我們不承諾在新信息出現時更新或修改任何前瞻性陳述。我們建議您參閱我們新聞稿中的免責聲明，並鼓勵您查看我們的年度報告、10-K 表格和其他公開文件中包含的風險因素描述。

During today's call, in addition to GAAP measures, we may refer to certain non-GAAP measures, including adjusted net trading income, adjusted net income, adjusted EBITDA and adjusted EBITDA margin. These non-GAAP measures should be considered as supplemental to and not as superior to financial measures as reported in accordance with GAAP. We direct listeners to consult the Investor portion of our website, where you'll find additional supplemental information referred to on this call as well as reconciliation of non-GAAP measures to the equivalent GAAP term in the earnings materials and with an explanation of why we deem this information to be meaningful as well as how management uses these measures.

在今天的電話會議中，除了 GAAP 指標外，我們還可能參考某些非 GAAP 指標，包括調整後淨交易收入、調整後淨利潤、調整後 EBITDA 和調整後 EBITDA 利潤率。這些非公認會計原則措施應被視為根據公認會計原則報告的財務措施的補充，而不是優於其。我們引導聽眾諮詢我們網站的投資者部分，您可以在其中找到本次電話會議中提到的其他補充信息，以及非 GAAP 指標與收益材料中等效 GAAP 術語的對賬，並解釋我們為什麼這樣做認為這些資訊有意義以及管理階層如何使用這些措施。

And with that, I'd like to turn the call over to Doug.

說到這裡，我想把電話轉給道格。

Good morning, and thank you, Andrew. This morning, we reported our third quarter results. For the quarter ended September 30, Virtu earned $0.82 of adjusted EPS on $6.1 million per day of adjusted net trading income. We generated a 55% EBITDA margin and $215 million of EBITDA both on an adjusted basis. We delivered strong performance this quarter in both our customer and non-customer market making businesses. We continue to progress our growth initiatives with strong performances in crypto options and ETF blocks.

早安，謝謝你，安德魯。今天早上，我們報告了第三季業績。截至 9 月 30 日的季度，Virtu 調整後每股收益為 0.82 美元，調整後淨交易收入為每天 610 萬美元。我們的 EBITDA 利潤率為 55%，調整後的 EBITDA 為 2.15 億美元。本季我們在客戶和非客戶做市業務方面均取得了強勁的業績。我們繼續推進我們的成長計劃，在加密貨幣選擇權和 ETF 區塊方面表現強勁。

Our businesses performed well against headline volatility and volume metrics across the globe. Our Virtu Execution Services business was flat quarter-over-quarter, which we count as a solid performance given the muted environment for institutional volumes. We will talk more about VES in a minute.

我們的業務在全球範圍內的整體波動和交易量指標方面表現良好。我們的 Virtu 執行服務業務季度環比持平，考慮到機構交易量低迷的環境，我們將其視為穩健的業績。我們稍後將詳細討論 VES。

Overall, these results are especially impressive considering that global volumes remain quite low. US equity share volume and notional turnover were down 4% and 1%, respectively, versus the second quarter. Volumes in notional in Europe were down 20% and 9% versus the second quarter, while volumes in Asia Pacific were up about 4%.

總的來說，考慮到全球銷量仍然很低，這些結果尤其令人印象深刻。與第二季相比，美國股票交易量和名目成交量分別下降 4% 和 1%。歐洲名目交易量較第二季下降 20% 和 9%，而亞太地區交易量則成長約 4%。

Beginning this quarter, again, with Virtu Execution Services, our business performed very well. Adjusted net trading income was essentially flat from the second quarter, delivering $100 million of ANTI or $1.6 million per day. This performance, combined with a similar result in the second quarter represents the highest levels of daily adjusted net trading income since the second quarter of 2022, when volumes were 10% higher and volatility was 61% higher.

從本季開始，憑藉 Virtu Execution Services，我們的業務表現再次非常出色。調整後的淨交易收入與第二季基本持平，ANTI 收益為 1 億美元，即每天 160 萬美元。這一表現與第二季度的類似結果相結合，代表了自 2022 年第二季度以來每日調整後淨交易收入的最高水平，當時交易量增加了 10%，波動性增加了 61%。

I spoke last quarter about how Virtu's scaled operations afford us the unique ability to continually invest in our global multi-asset class platform to meet clients' needs. We have evidence that our multiyear investments are yielding positive results as demonstrated through third-party validation and recent client successes. A major contributor to this is what we are calling Virtu Technology Solutions, a trading and a data analytics infrastructure offering for growing midsized and/or major regional broker-dealers.

上個季度我曾談到 Virtu 的規模化營運如何為我們提供獨特的能力，持續投資我們的全球多元資產類別平台，以滿足客戶的需求。我們有證據表明，我們的多年投資正在產生積極的成果，第三方驗證和最近客戶的成功證明了這一點。對此的一個主要貢獻者是我們所謂的 Virtu 技術解決方案，這是一種為成長中的中型和/或主要區域經紀交易商提供的交易和數據分析基礎設施。

VTS allows us to distribute our scale technology efficiently and strategically to other brokers, empowering them with leading technology to better serve their clients in a cost-effective manner. Along with our global suite of multi-asset-class enabled products and solutions, we expect to continue growing our VES business long-term.

VTS 使我們能夠有效率且策略性地向其他經紀商分發我們的規模技術，為他們提供領先的技術，以經濟高效的方式更好地服務客戶。憑藉我們的全球多資產類別產品和解決方案套件，我們預計將繼續長期發展我們的 VES 業務。

In addition to our VTS offering, we expect our growth to be fueled by our flagship products and solutions, including industry standard datalytics -- data analytics platform, global workflow and execution management systems or Triton and our world class of trading algos.

除了我們的VTS 產品之外，我們預計我們的成長將由我們的旗艦產品和解決方案推動，包括行業標準數據分析——數據分析平台、全球工作流程和執行管理系統或Triton 和我們世界級的交易演算法。

Our multi-asset-class EMS platform, Triton, covers equities, fixed income, FX and derivatives. And our next-generation algos integrate machine learning techniques to further align our clients' investment decisions with their implementation results. Additionally, we are focused on increasing our reach in regions and markets previously underpenetrated by Virtu, such as the Middle East, India and Japan as well as expanding into new client segments in existing markets to efficiently address opportunities to offer technology solutions.

我們的多元資產類別 EMS 平台 Triton 涵蓋股票、固定收益、外匯和衍生性商品。我們的下一代演算法整合了機器學習技術，以進一步使客戶的投資決策與其實施結果保持一致。此外，我們也致力於擴大Virtu 先前未滲透的地區和市場（例如中東、印度和日本）的影響力，並擴展到現有市場中的新客戶群，以有效地抓住提供技術解決方案的機會。

In the past few months, we've seen several client wins in VES, as we increase and expand our client relations. These wins include adoption of our new Switcher algo, developed with machine learning and allows Virtu to increase its position on broker trade rankings across global clients. We've seen increasing adoption of VTS, as I mentioned earlier. And while it is still early days, our new agency fixed income RFQ offering is in production and growing.

在過去的幾個月裡，隨著我們增加和擴大我們的客戶關係，我們在 VES 中看到了一些客戶的成功。這些勝利包括採用我們透過機器學習開發的新 Switcher 演算法，使 Virtu 能夠提高其在全球客戶經紀商交易排名中的地位。正如我之前提到的，我們已經看到 VTS 的採用越來越多。雖然現在還處於早期階段，但我們新的代理固定收益詢價產品已經投入生產並不斷成長。

The senior hires, we made to help us address this important opportunity, had been in place for most of 2024 now and are leading key efforts to broaden the distribution of our offerings. I have mentioned before, we are as excited about the future of this business as ever. As always, our VES business has anchored in long-term partnerships, and our revolving offerings are driven by client demand and built on our global multi-asset-class scalable technology.

我們為幫助我們抓住這一重要機會而聘請的高級員工目前已在 2024 年的大部分時間就位，並正在領導擴大我們產品分銷的關鍵工作。我之前提到過，我們對這項業務的未來一如既往地感到興奮。一如既往，我們的 VES 業務以長期合作夥伴關係為基礎，我們的循環產品由客戶需求驅動，並建立在我們的全球多資產類別可擴展技術的基礎上。

Turning to market making. Our business performed very well in the third quarter with our customer and noncustomer market making businesses, both delivering a solid quarter. We continue to improve our team's cross-desk internalization enhancements to help us manage risk and to explore ways to reduce our trading costs and address more of the opportunities we see in the market.

轉向做市。我們的客戶和非客戶做市業務在第三季表現非常出色，季度業績均表現強勁。我們繼續改進團隊的跨部門內部化增強功能，以幫助我們管理風險並探索降低交易成本並抓住我們在市場上看到的更多機會的方法。

Our Asia and US equity segments showed particularly strong performance this quarter. For our customer market making business, the market opportunities, as measured through July and August, [605] reports, suggests an elevated opportunity of about 9% compared to the second quarter. However, based on preliminary 605 reports for September, the opportunity declined significantly in September, reducing the quarter-over-quarter increase in quoted spread to a low single-digit percentage.

我們的亞洲和美國股票部門本季表現尤其強勁。對於我們的客戶做市業務，[605] 報告顯示，根據 7 月和 8 月衡量的市場機會，與第二季度相比，機會增加了約 9%。然而，根據 9 月的初步 605 報告，該機會在 9 月大幅下降，將報價價差的季度環比增幅降至較低的個位數百分比。

As we expand the products and markets we trade, we remain very well positioned to capitalize on future volatility and opportunities. We continue to deliver success in new areas, where we had no presence, only a short few years ago. Our organic growth initiatives generated $632,000 per day in adjusted net trading income this quarter contributing about 10% of our ANTI.

隨著我們擴大交易的產品和市場，我們仍然能夠很好地利用未來的波動和機會。我們繼續在幾年前我們還沒有涉足的新領域取得成功。本季度，我們的有機成長計劃每天產生 632,000 美元的調整後淨交易收入，約占我們 ANTI 的 10%。

I will highlight results from the standout performance this quarter. Building our global options capabilities continues to be a top priority. Our Growing Options business delivered a strong performance in the quarter. In addition to our US cash equity options, we are leveraging our growing capabilities and options to target global opportunities by optimizing the brokers we're using, increasing our local data center footprint and streamlining our technical integrations within local markets.

我將重點介紹本季的出色表現。建立我們的全球選擇權能力仍然是首要任務。我們的成長期權業務在本季表現強勁。除了我們的美國現金股票選擇權之外，我們還利用我們不斷增長的能力和選擇權，透過優化我們使用的經紀商、增加我們的本地資料中心覆蓋範圍以及簡化我們在本地市場內的技術整合來瞄準全球機會。

We continue to grow in ETF block by onboarding new clients and broadening our distribution. In addition, our growing symbol and underlier coverage capabilities have opened the door for broader relationships with ETF issuers and fund managers, enabling us to service their regular trading and rebalance execution needs.

透過引入新客戶和擴大我們的分銷範圍，我們在 ETF 領域繼續成長。此外，我們不斷增長的符號和底層覆蓋能力為與 ETF 發行人和基金經理建立更廣泛的關係打開了大門，使我們能夠滿足他們的常規交易和重新平衡執行需求。

Our crypto market making business continue to pace. Spot Bitcoin ETF volumes were up about 2% compared to Q2. And the new spot Ethereum ETFs are trading about 50% to 60% as many shares as the spot at Bitcoin ETFs. US options on crypto ETFs are getting closer to launching, and it is a natural extension of our crypto and options market making abilities to support these exciting products. We continue to expand our crypto market making efforts by supporting new listed products and thoughtfully adding new exchanges and tokens.

我們的加密貨幣做市業務持續發展。比特幣 ETF 現貨交易量較第二季成長約 2%。新的以太坊 ETF 現貨交易量約為比特幣 ETF 現貨交易量的 50% 至 60%。美國加密貨幣 ETF 選擇權即將推出，這是我們支持這些令人興奮的產品的加密貨幣和選擇權做市能力的自然延伸。我們透過支持新上市產品並深思熟慮地添加新的交易所和代幣，繼續擴大我們的加密貨幣市場。

As we grow, we continue to build out our cross-product internalization capabilities, which allow us to be more competitive, keep more of the spread and reduce trading fees.

隨著我們的成長，我們不斷建立跨產品內部化能力，這使我們更具競爭力，保持更多點差並降低交易成本。

With that, I will turn it over to Jeff.

這樣，我就把它交給傑夫。

Thank you, Doug. I'll just pick up on the market environment this quarter, which was mixed and very similar to the prior quarter. Compared to the lows of the second quarter, realized volatility of the S&P 500 was up about 52%. However, it's important to note, it's only up about half as much if you exclude the significant volatility in the first week of August.

謝謝你，道格。我將簡單介紹本季的市場環境，市場環境好壞參半，與上一季非常相似。與第二季的低點相比，標準普爾 500 指數的實際波動率上升了約 52%。然而，值得注意的是，如果排除八月第一週的大幅波動，這一數字只上漲了一半左右。

US equity volumes were down 4%, and US option volumes were up almost 7%. Retail activity indicators in the US were also mixed. The IBKR equity share volume was down 6% versus the second quarter, and the 605 spread opportunity through August was up 9%. But as Doug noted, the preliminary 605 report for September suggests that the full quarter-over-quarter change will be in the low-single digits.

美國股票交易量下降 4%，美國選擇權交易量成長近 7%。美國的零售活動指標也好壞參半。IBKR 股票交易量較第二季下降了 6%，截至 8 月的 605 價差機會上漲了 9%。但正如 Doug 指出的那樣，9 月的初步 605 報告表明，整個季度環比變化將是低個位數。

Global equity volume was also mixed with the realized volatility of EURO STOXX Index up 28%; and then, Nikkei up 168% in FIC markets. FX volumes were mixed. Energy volumes were up 5%, while high-yield credit volumes were down 3% versus second quarter. At September 30, 2024, our total trading capital, which is on slide 14 in the supplement, stood at $1.8 billion. Our incremental returns on capital, as you can see, remain excellent over a long-term basis, demonstrating our service-oriented model and our ability to use our capital prudently.

全球股票交易量也參差不齊，歐元斯托克指數的實際波動率上漲了 28%；隨後，FIC 市場日經指數上漲 168%。外匯交易量漲跌互現。與第二季相比，能源交易量增加了 5%，而高收益信貸交易量則下降了 3%。截至 2024 年 9 月 30 日，我們的總交易資本（見增刊第 14 張投影片）為 18 億美元。正如您所看到的，我們的增量資本回報率長期保持優異，這證明了我們以服務為導向的模式以及我們審慎使用資本的能力。

To that end, in the third quarter, we used a portion of our free cash flow to repurchase 1.7 million shares at an average price of $28.80 per share. To date, we have repurchased 49 million shares at an average price of $25.24 per share. The quarter end share count was 161 million shares outstanding, bringing our buybacks on target to fit within the range as we have set forth publicly. Since we initiated our share repurchase program, we have repurchased 18.8% of the fully diluted shares of Virtu that's net after new issuances.

為此，在第三季度，我們使用部分自由現金流以每股 28.80 美元的平均價格回購了 170 萬股股票。迄今為止，我們已以每股 25.24 美元的平均價格回購了 4,900 萬股股票。季末流通股數為 1.61 億股，使我們的回購目標符合我們公開設定的範圍。自從我們啟動股票回購計畫以來，我們已經回購了 Virtu 完全稀釋後新發行淨股的 18.8%。

Our share repurchase program year-to-date is within the guidelines we've published. Results from the market-related businesses like ours will always vary with volumes and volatility, but slides 8 and 9 illustrate the sustained earnings power of our business and the positive operating leverage we enjoy from prudent capital management as well as our growth initiatives and the cumulative impact of the share repurchases.

我們今年迄今的股票回購計畫符合我們發布的指導方針。像我們這樣與市場相關的業務的結果總是會隨著交易量和波動性而變化，但幻燈片8 和9 說明了我們業務的持續盈利能力以及我們從審慎的資本管理以及我​​們的增長計劃和累計收益中享有的積極的營運槓桿。

On the expense side, our adjusted cash operating expenses were $173 million in the third quarter. Our run rate cash OpEx is up about 5% year-over-year, consistent with the prior guidance. Our cash compensation ratio was 23%, and our total compensation ratio was 28% for the quarter compared to 26% and 32%, respectively, for the full year of 2023.

在費用方面，第三季調整後的現金營運費用為 1.73 億美元。我們的運行率現金營運支出較去年同期成長約 5%，與先前的指引一致。本季我們的現金薪酬比例為 23%，總薪酬比例為 28%，而 2023 年全年分別為 26% 及 32%。

We expect cash operating expenses to remain within the recent historical range, and we expect the cash compensation ratio to also remain within historical norms. Regarding our total cash operating expenses going forward, we continue to assume a low single-digit overall increases in non-compensation expense.

我們預計現金營運支出將保持在近期歷史範圍內，我們預計現金薪酬比率也將保持在歷史正常水平內。關於我們未來的現金營運支出總額，我們繼續假設非薪酬支出整體成長幅度較低。

And with that, to conclude the prepared remarks, I will turn it over to our Chief Financial Officer, Cindy Lee. Cindy?

最後，我將把準備好的演講稿交給我們的財務長辛蒂李 (Cindy Lee)。辛蒂？

Thank you, Joe. Good morning, everyone. On slide 3 of our supplemental materials, we provided a summary of our quarterly performance. For the third quarter of 2024, our adjusted net trading income or ANTI, which represents our trading gains, net of direct trading expenses, totaled $388 million or $6.1 million a day.

謝謝你，喬。大家早安。在補充資料的幻燈片 3 上，我們提供了季度業績摘要。2024 年第三季度，我們的調整後淨交易收入或 ANTI（扣除直接交易費用後的交易收益）總計 3.88 億美元，即每天 610 萬美元。

Market making adjusted net trading income was $288 million or $4.5 million per day. Execution services adjusted net trading income was $100 million or $1.6 million per day. Our third quarter 2024 normalized adjusted EPS was $0.82. Adjusted EBITDA was $215 million for the third quarter of 2024, and our adjusted EBITDA margin was 55.4%.

做市商調整後的淨交易收入為 2.88 億美元，即每天 450 萬美元。執行服務調整後的淨交易收入為 1 億美元，即每天 160 萬美元。我們的 2024 年第三季標準化調整後每股收益為 0.82 美元。 2024 年第三季調整後 EBITDA 為 2.15 億美元，調整後 EBITDA 利潤率為 55.4%。

On slide 11, we provided a summary of our operating expense results. For the third quarter of 2024, we recorded $190 million of adjusted operating expenses. We continue to maintain an efficient cost structure and disciplined expense management, which has helped us to control our operating expenses during the inflationary environment. Financing interest expense was $24 million per day for the third quarter 2024.

在投影片 11 上，我們提供了營運費用結果摘要。2024 年第三季度，我們記錄了 1.9 億美元的調整後營運費用。我們繼續保持高效的成本結構和嚴格的費用管理，這有助於我們在通膨環境下控制營運費用。2024 年第三季的融資利息支出為每天 2,400 萬美元。

With the benefit of our recent refinance and the interest rate swap contracts that we entered in the prior years, our blended interest rate was approximately 7.3% for our long-term debt in aggregate. We remain committed to our $0.24 per quarter dividend, and combined with our share repurchase program, demonstrates our continued commitment to return capital to our shareholders.

由於我們最近的再融資和前幾年簽訂的利率掉期合同，我們的長期債務總計混合利率約為 7.3%。我們仍然致力於每季 0.24 美元的股息，並結合我們的股票回購計劃，表明我們繼續致力於向股東返還資本。

And now I would like to turn the call over to the operator for Q&A.

現在我想將電話轉給接線員進行問答。

(Operator Instructions)

（操作員說明）

The first question comes from Patrick Moley from Piper Sandler.

第一個問題來自 Piper Sandler 的 Patrick Moley。

Our question comes from Ken Worthington from JPMorgan.

我們的問題來自摩根大通的肯·沃辛頓。

Hi, good morning. Thanks for taking the question. Maybe first, we're seeing a proliferation of brokers offering retail investors access to options and now futures. This seems to play directly into the business model of Virtu. Are futures products developing the same payment for order process that we see in equities? And how is the attractiveness of futures trading for Virtu versus, say, options and equities just based on a profitability basis?

嗨，早安。感謝您提出問題。也許首先，我們看到越來越多的經紀商為散戶投資者提供選擇權和現在的期貨。這似乎直接影響了 Virtu 的商業模式。期貨產品是否正在開發與我們在股票中看到的相同的訂單支付流程？與僅基於獲利能力的選擇權和股票相比，Virtu 期貨交易的吸引力如何？

Yeah. Thanks, Ken. And it's a keen observation. Obviously, we've been following that closely. And I think -- as you suggest that it's an exciting opportunity for us, I mean, I think it's very complementary to what we do in our existing cash equities wholesale business, in that we have connectivity and relationships with all of the aforementioned retail broker dealers.

是的。謝謝，肯。這是一種敏銳的觀察。顯然，我們一直在密切關注這一點。我認為，正如您所說，這對我們來說是一個令人興奮的機會，我的意思是，我認為這與我們現有的現金股票批發業務非常互補，因為我們與所有上述零售經紀商都有聯繫和關係經銷商。

We've been in the prior night, and now, Virtu have been doing business with these firms for, in some cases, 20, 30 years, and they're very, very confident in our ability to provide efficient two-sided liquidity to these clients' needs. I think, certainly, if you have active day traders that are looking for more intraday leverage, perhaps the futures products and derivative products are more attractive. We see that with our retail offerings and our retail clients in Asia, in particular, I would say, in Japan, in particular, where there's a very active CFD market. So, yes, we think it's complementary. We're excited about it.

我們前一天晚上就已經說過了，現在，Virtu 已經與這些公司開展業務，在某些情況下，已經有20、30 年了，他們對我們為客戶提供高效的雙向流動性的能力非常非常有信心。我認為，當然，如果您有活躍的日內交易者正在尋求更多的日內槓桿，也許期貨產品和衍生產品更具吸引力。我們在亞洲的零售產品和零售客戶中看到了這一點，特別是在日本，那裡的差價合約市場非常活躍。所以，是的，我們認為這是互補的。我們對此感到興奮。

We don't think it's going to cannibalize the cash equities business. It's probably a different sleeve, if you will, of retail investor that's more of an active day trader as opposed to a more casual retail trader for lack of a better description. So it's an exciting opportunity for us to continue to partner with these great retail firms that we've had great long-term relationships with. And I think it's underappreciated that, that really is a customer service business in part.

我們認為這不會蠶食現金股票業務。如果你願意的話，這可能是散戶投資者的不同袖子，它更像是活躍的日內交易者，而不是更隨意的散戶交易者，因為缺乏更好的描述。因此，這對我們來說是一個令人興奮的機會，可以繼續與這些與我們有良好長期合作關係的優秀零售公司合作。我認為人們沒有充分認識到，這實際上在某種程度上是一項客戶服務業務。

Obviously, price matters a lot. But we get scored by all of our retail brokers on uptime and customer service and all of those things. And so it is very much a white glove business for us, and that goes back to 20, 30 years, the folks that we inherited -- the wonderful folks that we inherited from Knight Capital that continued to provide that service to these customers. So as they expand offerings, that's great for Virtu.

顯然，價格很重要。但我們所有的零售經紀商都會在正常運作時間和客戶服務等方面對我們進行評分。因此，這對我們來說是一項白手套業務，這可以追溯到 20、30 年前，我們繼承的人——我們從 Knight Capital 繼承的優秀人才繼續為這些客戶提供服務。因此，隨著他們擴大產品範圍，這對 Virtu 來說是件好事。

Okay. Great. Just a modeling question, brokerage costs were at the highest level since COVID. We've definitely seen some bigger activity quarters since then with low brokerage costs. So, was there anything about the mix of business that through brokerage costs higher this quarter? And how do we think about the go forward?

好的。偉大的。只是一個建模問題，經紀成本處於新冠疫情以來的最高水準。從那時起，我們確實看到了一些更大的活動季度，而且經紀成本較低。那麼，本季的業務組合是否有導致經紀成本上升的因素？我們如何看待未來的發展？

Yeah. No, it's a great observation. It's a great question. It's one of the quirks, unfortunately, of the Section 31 fees. You probably know how they work. Actually, they are a transaction tax. They shouldn't call them Section 31 fees, they are transaction tax and they're sort of measured. They're very lumpy because they're measured in arrears by statute, and the theory is they're supposed to fund the SEC. So yes, we are funding the agency that then goes and tries to do bad things to the market ironically. But that rate changes twice a year. And so it's not as smooth as it, otherwise, would be.

是的。不，這是一個很棒的觀察。這是一個很好的問題。不幸的是，這是第 31 條費用的怪癖之一。您可能知道它們是如何工作的。實際上，它們是交易稅。他們不應該將其稱為第 31 條費用，它們是交易稅，並且是經過衡量的。它們非常不穩定，因為根據法規它們是按欠款來衡量的，而且理論上它們應該為 SEC 提供資金。所以，是的，我們正在資助這個機構，然後諷刺的是，該機構卻試圖對市場做壞事。但這個比率每年變化兩次。所以它並不像本來應該的那麼順利。

So if you -- you can kind of go back in history and smooth it out and see what a normalized Section 31 fee would be, and I suppose in a perfect world, that -- if they had like a more normalized one, you wouldn't see the ups and downs within our adjusted net trading P&L. I think on top of that, yes, we started to pay some cash fees, unfortunately, as well. which were not hugely significant in the quarter, but that kind of was started up in earnest in September. So those are the two items.

因此，如果你 - 你可以回顧歷史並平滑它，看看標準化的第 31 條費用會是多少，我想在一個完美的世界中， - 如果他們有一個更標準化的費用，你就不會在我們調整後的淨交易損益中看不到起伏。我認為最重要的是，不幸的是，我們也開始支付一些現金費用。這在本季並不是非常重要，但這種活動是在 9 月認真啟動的。這就是這兩個項目。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員說明）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Doug, hope everyone is doing well. Our question is on your organic growth businesses. So in the quarter, we monitored three big positive drivers, the Ethereum ETF launches, strong ETF volumes and also record index option activity. So we were a little surprised to see a sequential decline in ANTI, so I was wondering if you could talk about what drove this.

早安，道格，希望大家一切順利。我們的問題是關於您的有機成長業務。因此，在本季度，我們監測了三大正面驅動因素：以太坊 ETF 的推出、強勁的 ETF 交易量以及創紀錄的指數選擇權活動。因此，我們對 ANTI 的連續下降感到有點驚訝，所以我想知道您是否可以談談是什麼推動了這一趨勢。

Yeah. It's a good question. Thank you, Craig. I think the biggest driver was probably within crypto, where we saw a pretty significant drop off in Bitcoin ETF, ADV. Andrew is telling me it was down about 11% quarter-over-quarter. So there's that. And I think within the index options family, obviously, volume is important, but we obviously internally measure spread of those products, and spread was down quarter-over-quarter as well. So that's the opportunity set for a market maker, as you know. So it's not just X times Y equals Z. And in this instance, the Y decreased. So those are the two big drivers of it.

是的。這是一個好問題。謝謝你，克雷格。我認為最大的推動因素可能是加密貨幣領域，我們看到比特幣 ETF、ADV 大幅下跌。安德魯告訴我，季度環比下降了約 11%。所以就是這樣。我認為在指數選擇權系列中，交易量顯然很重要，但我們顯然在內部衡量了這些產品的利差，而且利差也逐季下降。如您所知，這就是為做市商提供的機會。所以不只是 X 乘以 Y 等於 Z。所以這是它的兩個主要驅動因素。

Again, nothing alarming from our perspective. We continue to perform and continue to grow. And certainly, we're optimistic as we continue to expand those businesses, particularly in options, where we now have a meaningful Asian options business, which is now contributing daily adjusted net trading income. And we're guardedly optimistic as we continue to grow that business, particularly in Japan and India, and the investments that we've made in those areas will pay off in future quarters.

同樣，從我們的角度來看，沒有什麼值得警惕的。我們繼續表現並繼續成長。當然，我們對繼續擴大這些業務感到樂觀，特別是在選擇權方面，我們現在擁有有意義的亞洲選擇權業務，目前正在貢獻每日調整後的淨交易收入。隨著我們繼續發展該業務，特別是在日本和印度，我們持謹慎樂觀的態度，我們在這些領域所做的投資將在未來幾季獲得回報。

And just for my follow-up, we now have a final SEC equity market structure proposal, so I wanted to see if you could give us your updated view on the Reg NMS amendments on the market at large and how it will impact Virtu.

作為我的後續行動，我們現在有了最終的 SEC 股票市場結構提案，所以我想看看您是否可以向我們提供您對整個市場的 Reg NMS 修正案的最新看法以及它將如何影響 Virtu。

And then can you give us a sense of how big your on-exchange market making business is to help us size up the risk? Specifically, we're roughly looking for how much income you're receiving from on-exchange rebates.

那麼您能否為我們介紹一下您的場內做市業務有多大，以幫助我們評估風險？具體來說，我們正在粗略地了解您從交易所回扣中獲得了多少收入。

Yeah. Great. It's a great question. Obviously, we followed it closely, filed comment letters. And our overall view is that the final rule, if you will, which I don't think, but there's been one litigation filed. So I don't know if it ever was going to be final, final. We'll see how it works out in the courts. But we think it's a bad result for the market. I have said many times, we are not a rebate trading firm, we are a net payer of exchange holding fees. So the reduction of the rebate won't impact us from an adjusted net trading income perspective.

是的。偉大的。這是一個很好的問題。顯然，我們密切關注並提交了評論信。我們的總體觀點是最終規則，如果你願意的話，我不認為這是最終規則，但已經提起了一項訴訟。所以我不知道它是否會是最終的。我們將看看法庭上的結果如何。但我們認為這對市場來說是一個糟糕的結果。我已經說過很多次了，我們不是返傭交易公司，我們是持倉費用的淨支付者。因此，從調整後的淨交易收入的角度來看，回扣的減少不會對我們產生影響。

I always kind of scratch my head at people suggesting, "Hey, we just collect rebates", nothing wrong with that. We just never figured out the way to become a net rebate trading firm as a market maker. There's a suggestion because obviously, the quoted spread is going to be reduced in a significant and not a lot of names. I think -- but paired with the liquidity incentives, i.e., the rebates being significantly reduced down to $10 million, we think that maybe some spreads will narrow, but a lot of them will actually widen because people underestimate the value, if you will, that those rebates provide to the marketplace. And so you may have nominally tighter spreads in some names.

我總是對人們的建議感到摸不著頭腦，“嘿，我們只是收取回扣”，這沒什麼不好。我們只是一直沒有想出如何成為一家淨回扣交易公司作為做市商。之所以有這樣的建議，是因為顯然，報價的價差將會在相當大的而非很多的名稱中減少。我認為，但與流動性激勵相結合，即回扣大幅減少至 1000 萬美元，我們認為也許一些利差會縮小，但很多利差實際上會擴大，因為人們低估了價值，如果你願意的話，這些回扣提供給市場。因此，某些名稱的價差名義上可能會更窄。

But to the extent institutional investors want to access any meaningful liquidity, they're going to have to -- they'll be forced to go out a number of ticks. And so the net effect is -- and this is why a lot of our institutional clients are very, very happy that you'll see more trades going through multiple price levels, which creates more volatility, and we think larger orders will actually have increased transaction costs.

但如果機構投資者想要獲得任何有意義的流動性，他們將不得不這樣做——他們將被迫退出一些價格變動。因此，淨效應是——這就是為什麼我們的許多機構客戶非常非常高興您會看到更多的交易經歷多個價格水平，這會產生更大的波動性，我們認為更大的訂單實際上會增加交易成本。

So whatever compromise our friends at the SEC thought that they were crafting, we don't think that they got right, and we think there's going to be a lot of unintended consequences. I mean, net-net to the firm, there are some positives in terms of our ability because we -- on the retail wholesale side, as I've said many times, we don't internalize 100% of the orders we received.

因此，無論我們在 SEC 的朋友們認為他們正在策劃什麼妥協，我們都不認為他們是對的，而且我們認為這將會產生許多意想不到的後果。我的意思是，對於公司來說，我們的能力有一些積極的一面，因為我們——在零售批發方面，正如我多次說過的那樣，我們並沒有 100% 內部化我們收到的訂單。

We still are obligated to price improve and pay payment for order flow on some of those orders. So our ability to access liquidity at a cheaper price because spreads have been narrowed is a strong net positive to the firm. But again, overall, I mean, for our institutional clients, we think this -- the proposal is going to ultimately end up being a net negative. And if the intent was, which I think it was, to drive more liquidity to exchanges and away from dark markets, I think, Gensler failed. I think the result of this will be that there will be less liquidity driven to exchanges. And it's yet another example, just like MiFID II, of regulators trying to pick winners and losers and whiffing and actually having the opposite result.

我們仍然有義務提高價格並支付其中一些訂單的訂單流費用。因此，由於利差縮小，我們能夠以更便宜的價格獲得流動性，這對公司來說是一個強大的淨積極因素。但總的來說，我的意思是，對於我們的機構客戶來說，我們認為該提案最終將成為淨負面結果。如果意圖是（我認為是這樣）將更多的流動性引入交易所並遠離黑暗市場，我認為 Gensler 失敗了。我認為這樣做的結果將是流入交易所的流動性將會減少。這又是一個例子，就像 MiFID II 一樣，監管機構試圖挑選贏家和輸家，但實際上卻得到了相反的結果。

Thank you, Doug.

謝謝你，道格。

(Operator Instructions)

（操作員說明）

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Good morning, everyone. I wanted to dig in a little bit on options. Just wondering, obviously, you talked about the APAC opportunity. Just wondering, a, how is the progress going in the US options market specifically, which is obviously a competitive marketplace? And then how would you frame the opportunity set moving forward in terms of international versus US? There's a great opportunity set international.

大家早安。我想深入研究一下選項。只是想知道，顯然，您談到了亞太地區的機會。只是想知道，美國選擇權市場的進展如何，這顯然是一個競爭激烈的市場？那麼，您將如何建立國際與美國面向向前發展的機會集？國際上有一個很好的機會。

Yes. Thanks, Chris. It's a really good question. I mean the 800-pound gorilla, obviously, elephant in the room, what other bad analogy can I use is becoming a retail options wholesaler? It remains in our medium- to long-term plans. We've made investments, and we've ramped up on exchange trading in a number of symbols. As you're aware, all of those transactions, unlike in cash equities, happen on options exchanges. There's been a further proliferation. I've lost count of how many options exchanges there are. I think we're up to 18 now or maybe 19, I can't quite remember. So that's an opportunity.

是的。謝謝，克里斯。這是一個非常好的問題。我的意思是 800 磅重的大猩猩，顯然，房間裡的大象，我還能用什麼其他糟糕的比喻來成為零售期權批發商呢？它仍然在我們的中長期計劃中。我們已經進行了投資，並增加了許多交易品種的交易所交易。如您所知，與現金股票不同，所有這些交易都發生在期權交易所。出現了進一步的擴散。我已經記不清有多少個期權交易所了。我想我們現在已經18歲或19歲了，我不太記得了。所以這是一個機會。

So that's certainly in the medium to long-term plans, and we've expanded our symbol range. I think there are parts of the world, particularly in Asia. I mentioned India, Korea, Japan, some of the smaller countries like Malaysia, et cetera, had small options, businesses as well. But we think that's an opportunity. So we've built capability out there. Again, it's Virtu 101 blocking and tackling. It's understanding the market. It's finding the right local broker partner. It's setting up a data center. It's tuning our connectivity to the exchange.

所以這肯定是在中長期計劃中，而且我們已經擴大了我們的符號範圍。我認為世界上有些地方，特別是亞洲。我提到印度、韓國、日本、馬來西亞等一些較小的國家，也有很小的選擇和業務。但我們認為這是一個機會。所以我們已經在那裡建立了能力。再一次，這是 Virtu 101 的攔網和搶斷。就是了解市場。它正在尋找合適的本地經紀合作夥伴。它正在建立一個數據中心。它正在調整我們與交易所的連接。

Every marketplace is different. Every marketplace has a nuance. It's getting people on the ground in Mumbai that understand the ins and outs of how the technology of the various exchanges work there. It's stuff we've been dealing for the last 16 years exceptionally well here with Virtu. It's kind of the last inch of the market, and that's what we're really, really good at. And so quarters will fluctuate up and down.

每個市場都是不同的。每個市場都有細微差別。它讓孟買的人們了解當地各種交易所的技術如何運作的細節。過去 16 年來，我們一直在 Virtu 的幫助下處理得非常好。這是市場的最後一英寸，而這正是我們真正非常擅長的。因此季度會上下波動。

But long term, we've made the investments, we're committed to it, we've been successful. It's a margin that's typical to the rest of our proprietary noncustomer trading businesses. So we're very, very pleased with the results. And it's just another example of what global scale and having a large global firm with great trading infrastructure provides to you. So medium to long term, continue to be optimistic about it.

但從長遠來看，我們已經進行了投資，我們致力於此，我們已經取得了成功。這是我們其他自營非客戶交易業務的典型保證金。所以我們對結果非常非常滿意。這只是全球規模和擁有一家擁有良好貿易基礎設施的大型跨國公司為您提供的另一個例子。所以中長期來看，繼續看好。

Thanks. And just wanted to revisit Ken's question earlier, just on the retail features activity, is there a wholesale market making opportunities and more than that on exchange opportunity? And then how are you thinking about the incremental opportunity from players such as Robinhood, adding index index options moving forward?

謝謝。只是想重新審視一下 Ken 之前提出的問題，就零售功能活動而言，是否存在批發做市機會以及比交換機會更多的機會？那麼，您如何看待 Robinhood 等參與者帶來的​​增量機會，以及未來增加指數選擇權的機會？

Yeah. I mean, the index options is obviously really, really exciting to us because that's kind of right in our wheelhouse. And Robinhood is a terrific -- I mean it's a terrific firm and a great partner of ours, and we do a lot of really great interesting things with them.

是的。我的意思是，指數選擇權顯然對我們來說真的非常令人興奮，因為這正是我們的職責所在。Robinhood 是一家了不起的公司，我的意思是它是一家了不起的公司，也是我們偉大的合作夥伴，我們與他們一起做了很多非常有趣的事情。

Future is a little more different because those need to be executed. It's a different marketplace, needs to be executed on the CME or one of the futures exchanges. We don't have any concern that it really competes.

未來會有所不同，因為這些需求被執行。這是一個不同的市場，需要在 CME 或期貨交易所之一執行。我們不擔心它真的有競爭。

As I said earlier in an answer to a question that, I think, Ken asked, we think this is a different subgroup, if you will, within their client base. It's more of an active trader that wants to get a little more leverage. Again, anything that kind of expands the pie and expands interest and gets more eyeballs, if you will, at our retail broker partners, ultimately is a good thing for the firm.

正如我之前在回答一個問題時所說的那樣，我認為，肯問，我們認為這是他們客戶群中的一個不同的子群體（如果你願意的話）。這更像是一個活躍的交易者想要獲得更多的槓桿。再說一次，任何能夠擴大蛋糕、擴大興趣並吸引更多眼球的事情，如果你願意的話，在我們的零售經紀合作夥伴中，最終對公司來說都是一件好事。

Thanks, guys.

謝謝，夥計們。

Thanks, Chris.

謝謝，克里斯。

(Operator Instructions)

（操作員說明）

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yeah, good morning. Thanks for taking the question. Sorry about the disconnect earlier. I just had one on a regulatory question. The latest implementation or phase of the OCC intraday margin rule, that they proposed that's aimed at addressing some of the perceived risks around 0DTE. Just wondering if this is something that's on your radar at all and what impact you expected to have on trading volumes, not only 0DTE, but possibly across other asset classes as well if margin goes up across the industry? Thanks.

是的，早安。感謝您提出問題。很抱歉之前斷線了。我剛剛收到一個關於監管問題的答案。他們提議的 OCC 日內保證金規則的最新實施或階段旨在解決 0DTE 周圍的一些已知風險。只是想知道這是否在您的關注範圍內，以及如果整個行業的利潤率上升，您預計會對交易量產生什麼影響，不僅是 0DTE，還可能對其他資產類別產生影響？謝謝。

Patrick, you're really trying to like dive deep here and get me on one. I love it. Good thing, the guys prepare me for all this stuff. Look, we've looked at it. We think it's very unlikely to have any direct impact to Virtu. The FINRA capital rules already stipulate that members maintain capital adequacy to settle all positions. And based on our understanding, the new margin changes for the zero-dated options are effectively just moving up delivery times. It's really just a timing difference. We don't think it's an overall capital difference. I mean, Joe, you've looked at this more closely. Would you agree with that?

派崔克，你真的很想深入這裡並讓我穿上一件。我喜歡它。好東西，夥計們讓我為所有這些事情做好準備。瞧，我們已經看過了。我們認為這不太可能對 Virtu 產生任何直接影響。FINRA 資本規則已規定會員維持資本充足率以結算所有部位。根據我們的理解，零日期選擇權的新保證金變化實際上只是延長了交貨時間。這實際上只是時間上的差異。我們認為這不是整體資本差異。我的意思是，喬，你已經更仔細地研究過這個問題了。你同意嗎？

Yes. I mean we obviously have a -- we're not direct members. We clear through a third party. So I think -- we think it's manageable.

是的。我的意思是，我們顯然不是直接成員。我們透過第三方進行清算。所以我認為——我們認為這是可以管理的。

Okay, great thank you.

好的，非常感謝。

Thanks, Patrick.

謝謝，派崔克。

(Operator Instructions)

（操作員說明）

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning, guys. Question on just slide 8. I know this is you guys who have had this framework for some time. But given you've strung together three quarters in a row that are pretty strong results, how -- when you think about the buyback, do you become valuation sensitive at all? Or is it just more of an output based upon what ANTI is doing?

謝謝。早安，夥計們。關於投影片 8 的問題。我知道你們已經使用這個框架有一段時間了。但考慮到你已經連續三個季度取得了相當強勁的業績，當你考慮回購時，你是如何變得對估值敏感的呢？或者它只是更多地基於 ANTI 正在做的事情的輸出？

I think it's just an incremental investment question. I appreciate that our stock has gone up. And so it's -- we're buying back less shares at every target amount here. We made a strategic decision when we embarked on this journey, I think, in the fourth quarter of 2020, that we were going to set these targets and that we were going to just dollar cost average our stock given how volatile it's been, and we look at this as an investment, right? So our stock is in the low-30s now. We've bought back almost 20% of the company at $25. We compare. We're shareholders, and we want to create value, right? So we look at this as a value creation exercise.

我認為這只是一個增量投資的問題。我很高興我們的股票上漲了。所以，我們在每個目標數量上回購的股票數量都減少了。當我們踏上這趟旅程時，我們做出了一個策略決策，我認為，在2020 年第四季度，我們將設定這些目標，考慮到股票的波動性，我們將僅以美元成本平均計算我們的股票，而且我們將此視為一項投資，對嗎？所以我們的庫存現在在 30 左右。我們以 25 美元的價格回購了該公司近 20% 的股份。我們比較。我們是股東，我們想要創造價值，對吧？因此，我們將此視為一項價值創造活動。

And if there was an incremental opportunity that's in front of us, whether organic or inorganic, where we thought the value exceeded the buying back our shares at $30, we would pivot. But for the near term and the midterm, yes, this is what we see in front of us, and we're going to continue to execute on it.

如果我們面前有一個增量機會，無論是有機的還是無機的，我們認為其價值超過了以 30 美元回購股票的價格，我們就會轉向。但對於近期和中期而言，是的，這就是我們所看到的，我們將繼續執行它。

It doesn't mean that we're not excited about the growth opportunities, but we're adequately capitalized, we're adequately resourced. And we're going to -- so we're going to continue at these levels to meet these targets. I expect in 2024, when it's all said and done, we'll be -- obviously, it depends on where we come out in net trading income. But at these run rate levels of net trading income, I expect that we're going to be at the high end of the guidance.

這並不意味著我們對成長機會不感到興奮，而是我們資本充足，資源充足。我們將繼續在這些層面上實現這些目標。我預計到 2024 年，當一切塵埃落定時，我們將會——顯然，這取決於我們的淨交易收入。但按照這些淨交易收入的運行率水平，我預計我們將處於指導的高端。

Great. That's helpful. And then just also on expenses. You guys have been pretty consistent in your messaging there, just thinking given, again, a good backdrop for you year-to-date. As we think about the fourth quarter, the cash comp versus comp ratio dynamic, just a little bit of color there and any other seasonal expenses that we might be -- should be thinking of?

偉大的。這很有幫助。然後還有費用。你們在那裡傳達的訊息非常一致，只是想再次為你們今年迄今為止提供了一個良好的背景。當我們考慮第四季度時，現金補償與補償比率的動態，只是一點色彩以及我們可能應該考慮的任何其他季節性費用？

Yeah. No, I mean, comp isn't seasonal, where we try to accrue because we try to accrue appropriately. I mean, we have to accrue appropriately. And comp -- getting compensation right is a huge priority for us. We want -- we've always been within this comp ratio. And I think when we are in an environment that's not as robust or even sort of middle of the road, like we've been in, we try to take care of people and compensate them well, even in the down years, and I think that's allowed us to kind of maintain where we are.

是的。不，我的意思是，補償不是季節性的，我們試圖積累，因為我們試圖適當地積累。我的意思是，我們必須適當地累積。而補償－獲得正確的補償是我們的首要任務。我們希望——我們一直處於這個補償比率之內。我認為，當我們所處的環境不像我們所處的那樣強勁，甚至有點中間路線時，我們會盡力照顧人們並給予他們良好的補償，即使是在經濟低迷的年份，我認為這讓我們能夠保持現狀。

We've hired an enormous amount of people in the past three years. We've significantly upgraded our talent, and we will continue to do that. And there's pressure on cost all the time. We manage our market data plant, we manage our infrastructure, we manage our overhead actively. And I think the guidance has been pretty consistent for a long time. And I think we stayed within it, and we expect to stay within it.

過去三年我們僱用了大量人員。我們已經顯著提升了我們的人才，並且我們將繼續這樣做。而且成本壓力始終存在。我們管理我們的市場數據工廠，我們管理我們的基礎設施，我們積極管理我們的管理費用。我認為長期以來，指導方針一直非常一致。我認為我們一直在其中，我們期望留在其中。

Thank you. The question-and-answer session is now closed. I will now turn it over to Doug Cifu for closing remarks.

謝謝。問答環節現已結束。現在我將把它交給 Doug Cifu 作結束語。

Thank you, Anton, and thank you, everybody, for joining us today. We look forward -- everybody enjoy the holidays and the end of the year, we look forward to speaking with you early in 2025. Have a great day.

謝謝安東，也謝謝大家今天加入我們。我們期待 - 每個人都享受假期和年底，我們期待在 2025 年初與您交談。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。