Virtus Investment Partners Inc (VRTS) 2024 Q4 法說會逐字稿

Good morning. My name is Dee Dee, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners' quarterly conference call. The slide presentation for this call is available in the Investor Relations section of the Virtus website, www.virtus.com. This call is being recorded and will be available for replay on the Virtus website.

早安.我的名字是 Dee Dee，今天我將擔任您的會議主持人。歡迎大家參加 Virtus Investment Partners 的季度電話會議。本次電話會議的幻燈片簡報可在 Virtus 網站 www.virtus.com 的投資者關係部分找到。本次通話正在錄音，可在 Virtus 網站上重播。

(Operator Instructions) I will now turn the conference to your host, Sean Rourke.

（操作員指示）現在我將會議轉給主持人 Sean Rourke。

Thank you and good morning, everyone on behalf of Virtus Investment Partners'. I'd like to welcome you to the discussion of our operating and financial results for the fourth quarter of 2024. Our speakers today are George Aylward, President and CEO; and Mike Angerthal, Chief Financial Officer. Following their prepared remarks, we will have a Q&A period.

我謹代表 Virtus Investment Partners 感謝大家，大家早安。歡迎您參加我們 2024 年第四季的營運和財務業績討論。今天的演講者是總裁兼執行長喬治·艾爾沃德 (George Aylward)；以及財務長 Mike Angerthal。在他們準備好的發言之後，我們將進行問答環節。

Before we begin, please note the disclosures on page 2 of the slide presentation. Certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and as such, are subject to known and unknown risks and uncertainties, including, but not limited to, those factors set forth in today's news release and discussed in our SEC filings. These risks and uncertainties may cause actual results to differ materially from those discussed in the statements.

在我們開始之前，請注意幻燈片簡報第 2 頁上的揭露。本次電話會議中討論的某些事項可能包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述，因此，受已知和未知風險和不確定性的影響，包括但不限於今天的新聞稿中闡明的因素以及我們向美國證券交易委員會提交的文件中討論的因素。這些風險和不確定性可能會導致實際結果與聲明中討論的結果有重大差異。

In addition to results presented on a GAAP basis, we use certain non-GAAP measures to evaluate our financial results. Our non-GAAP financial measures are not substitutes for GAAP financial results and should be read in conjunction with the GAAP results. Reconciliations of these non-GAAP financial measures to the applicable GAAP measures are included in today's news release and financial supplement, which are available on our website.

除了根據 GAAP 呈現的結果外，我們還使用某些非 GAAP 指標來評估我們的財務結果。我們的非 GAAP 財務指標無法取代 GAAP 財務結果，應與 GAAP 結果結合閱讀。這些非 GAAP 財務指標與適用的 GAAP 指標的對帳表包含在今天的新聞稿和財務補充文件中，可在我們的網站上查閱。

Now, I'd like to turn the call over to George. George?

現在，我想把電話轉給喬治。喬治？

Thank you, Sean and good morning everyone. I'll start with an overview of the results we reported this morning and then I'll turn it over to Mike for more detail. We continued to deliver strong financial and operating performance in the fourth quarter. Though our results did include net outflows largely due to a partial institutional redemption.

謝謝你，肖恩，大家早安。我將首先概述我們今天上午報告的結果，然後將交給麥克提供更多詳細資訊。我們在第四季度繼續實現強勁的財務和營運業績。儘管我們的結果確實包括了主要由於部分機構贖回而導致的淨流出。

Key highlights of the quarter included positive net flows in focus areas including ETFs, global funds and retail, separate accounts attractive investment performance across strategies, an operating margin at the highest level in 2.5 years. Ongoing introduction of new products and we ended the year in a net cash position with significant financial flexibility while continuing to return capital to share repurchases and our dividend.

本季的主要亮點包括 ETF、全球基金和零售等重點領域的淨流量為正，獨立帳戶在各個策略中的投資表現均頗具吸引力，營業利潤率達到 2.5 年來的最高水平。我們不斷推出新產品，並在年底時保持淨現金狀況，具有極大的財務靈活性，同時繼續返還資本以進行股票回購和股息。

As it relates to new product introductions, we remained active during the quarter in our focus areas. In ETFs following the launches earlier in the year of newly actively managed ETFs from Kane Anderson Rudnick and Alpha Simplex. In December, we introduced a new ETF from Sykes and have several others in development. The newest ETF invests in private credit collateralized loan obligations which Sykes is well positioned for is it currently manages nine CLOs with over $3 billion in assets and has over two decades of CLO experience.

由於與新產品的推出有關，我們在本季度仍然活躍於我們的重點領域。在 ETF 領域，繼今年稍早 Kane Anderson Rudnick 和 Alpha Simplex 相繼推出新主動式管理 ETF 之後。12 月份，我們推出了 Sykes 的新 ETF，另外還有幾款 ETF 正在開發中。最新的 ETF 投資於私人信貸抵押貸款債務，Sykes 在這方面佔據優勢，因為它目前管理著 9 個 CLO，資產總額超過 30 億美元，並且擁有 20 多年的 CLO 經驗。

We now offer 20 ETF for strategies and managers and have seen significant growth. While ETFs are currently a smaller part of our business at $3.1 billion, they have doubled in size over the past year with consistent organic growth and have generated over a half a billion dollars of sales in the fourth quarter alone. In addition to ETF introductions during the year, we launched four global funds adding to our lineup that continues to generate positive flows.

我們現在為策略和管理人員提供 20 種 ETF，並且取得了顯著的成長。儘管 ETF 目前只占我們業務的一小部分，規模為 31 億美元，但在過去的一年裡，其規模翻了一番，並保持了持續的有機增長，僅在第四季度就創造了超過 5 億美元的銷售額。除了年內推出的 ETF 之外，我們還推出了四檔全球基金，擴大了我們的產品線，並持續產生正向流量。

And for SMAs, we've developed a number of offerings across a variety of asset classes including more solution oriented multi-strategies, products. We continue to prioritize increasing the availability of our ETFs global funds and SMAs through intermediaries. Turning now to the results, total assets under management of $175 billion at December 31st decreased sequentially from $183.7 billion. Due to net outflows in institutional accounts and us retail funds partially offset by the positive net flows in ETFs. Global funds and retail separate accounts.

對於 SMA，我們開發了涵蓋多種資產類別的一系列產品，包括更多面向解決方案的多策略產品。我們將繼續優先透過中介機構增加我們的 ETF、全球基金和 SMA 的可用性。現在來看看結果，截至 12 月 31 日，管理的總資產為 1,750 億美元，較上一季的 1,837 億美元有所下降。由於機構帳和美國零售基金的淨流出部分被ETF的正淨流入所抵銷。全球基金與零售獨立帳戶。

Sales of $6.4 billion compared with $6.6 billion in the third quarter. As higher institutional sales led by global equity and alternative strategies were offset by lower sales of US retail funds. For the full year total sales increased 3% to $26.8 billion. Total net outflows of $4.8 billion included the partial redemption institutional redemption excluding which net outflows were $1.5 billion and compared with $1.7 billion in the prior quarter.

銷售額為 64 億美元，而第三季為 66 億美元。由於全球股票和另類策略引領的機構銷售增加被美國零售基金銷售下降所抵銷。全年總銷售額成長 3% 至 268 億美元。總淨流出量為 48 億美元，其中包括部分贖回（機構贖回），不包括部分贖回，淨流出量為 15 億美元，而上一季為 17 億美元。

Reviewing by product in institutional, the net outflows of $3.8 billion were largely due to a $3.3 billion lower fee partial redemption of a multi manager mandate which the client added an additional sub-advisor resulting in reallocation from current sub-advisor. Excluding the partial redemption which was implemented and completed in the fourth quarter institutional net outflows were $0.5 billion. Retail separate accounts generated positive net flows of $1.1 billion and delivered 4% organic growth over the past year with consistent positive net flows in the intermediary sold channel and in our $9 billion wealth management business.

按機構產品進行審查，38 億美元的淨流出主要是由於 33 億美元的較低費用部分贖回了多經理授權，而客戶增加了額外的子顧問，從而導致當前子顧問的重新分配。扣除第四季實施並完成的部分贖回，機構淨流出為5億美元。零售獨立帳戶產生了 11 億美元的正淨流量，並在過去一年中實現了 4% 的自然成長，中介銷售通路和我們 90 億美元的財富管理業務的淨流量持續為正。

Open-end fund net outflows of $1.1 billion were essentially unchanged sequentially consistent with market trends US retail fund net outflows were driven by equity strategies partially offset by positive net flows in fixed income. ETFs and global funds generated $0.4 billion and $0.1 billion in positive net flows respectively. In terms of what we're seeing in January, US retail fund flows are tracking similarly to the fourth quarter including continued positive net flows in fixed income and ETFs are actually running ahead of the average monthly flows of the fourth quarter.

開放式基金淨流出量為 11 億美元，與上一季基本持平，與市場趨勢一致，美國零售基金淨流出主要受股票策略推動，但固定收益的正淨流入部分抵消了這一影響。ETF 和全球基金分別產生了 0.4 億美元和 0.1 億美元的正淨流量。從一月份的情況來看，美國零售基金流動與第四季度類似，固定收益和 ETF 的淨流入繼續保持正增長，實際上超過了第四季度的平均月流入量。

For institutional known redemptions for the first quarter modestly exceed known wins with the wins representing several different managers and strategies. In terms of our financial results, we delivered strong earnings and margin growth for the quarter and for the full year on higher average AUM levels and ongoing expense management. With higher revenues and discipline around discretionary spending which resulted in a reduction in other operating expenses for the full year.

對機構而言，第一季已知的贖回額略高於已知的贏利額，這些贏利額代表了許多不同的經理和策略。就我們的財務業績而言，由於平均 AUM 水平較高以及持續的費用管理，我們本季度和全年實現了強勁的盈利和利潤增長。由於收入增加和對可自由支配支出的約束，全年其他營運費用減少了。

The operating margin of 35.1% reached its highest level since the second quarter of 2022 and was up sequentially from 34.4%. Earnings per share is adjusted of $7.50 increased 8% in the third quarter to the highest level since the first quarter of 2022. And for the full year earnings per share grew 20%. Turning out of capital, we ended the year with a solid balance sheet including a net cash position of 30 million while having consistently returned capital to shareholders and invested in the growth of the business.

35.1%的營業利潤率達到2022年第二季以來的最高水平，較上季上升34.4%。調整後每股收益為 7.50 美元，第三季成長 8%，達到 2022 年第一季以來的最高水準。全年每股收益成長20%。在資本耗竭的情況下，我們在年底擁有穩健的資產負債表，包括 3,000 萬的淨現金狀況，同時持續向股東返還資本並投資於業務成長。

During the year we repurchased, or net settled over 250,000 shares for $57 million and raised the quarterly dividend by 18% representing the seventh consecutive annual dividend increase.

本財年，我們以 5,700 萬美元回購或淨結算了超過 250,000 股股票，並將季度股息提高了 18%，這是連續第七年增加年度股息。

With that, I'll turn the call over to Mike. Mike?

說完這些，我將把電話轉給麥克。麥克風？

Thank you, George. Good to be with you all this morning. Starting with our results on slide, seven assets under management. Our total assets under management declined 5% sequentially to $175 billion at December 31st due to net outflows and negative market performance.

謝謝你，喬治。很高興今天早上和大家在一起。從幻燈片上的結果開始，我們管理七項資產。由於淨流出和市場表現不佳，截至 12 月 31 日，我們管理的總資產環比下降 5% 至 1,750 億美元。

Average assets under management increased 3% to $182.1 billion with ending assets 4% below the quarter's average. Compared with the prior year period AUM increased $2.7 billion or 2% due to market performance. Our assets under management represent a broad range of products and asset classes. By product institutional is our largest category at 34% of AUM retail separate accounts including wealth management at 28% and us retail funds at 27%.

平均管理資產成長 3% 至 1,821 億美元，期末資產比本季平均低 4%。與去年同期相比，由於市場表現，AUM 增加了 27 億美元，即 2%。我們管理的資產涵蓋廣泛的產品和資產類別。按產品劃分，機構是我們最大的類別，佔 AUM 零售獨立帳戶的 34%，其中包括財富管理（28%）和美國零售基金（27%）。

The remaining 11% comprises closed end funds, global funds and ETFs. We are also diversified within asset classes, inequities between international and domestic and within domestic well represented amongst mid small and large cap strategies. And fixed income is well diversified of prostration, credit quality and geography. We continue to have compelling long-term relative investment performance across products and strategies.

剩餘的 11% 包括封閉式基金、全球基金和 ETF。我們還在資產類別、國際和國內之間的不平等以及國內的中小型和大型股策略中實現了多樣化。固定收益在份額、信用品質和地理方面呈現良好的多樣化。我們在產品和策略方面持續保持著令人矚目的長期相對投資績效。

As of December 31st, 72% of rated retail fund assets and 32 funds had four or five stars and 90% were in three, four or five star funds. In addition, 64% of fund AUM outperformed the median of their peer groups over the five-year period and 84% of retail separate account assets have beaten benchmarks over the same five-year period. ETFs have also had strong performance with 91% of ETF assets exceeding median peer performance for the three-year period and 10 of our 14 rated ETFs were rated three, four or five stars.

截至 12 月 31 日，評級零售基金資產中有 72% 和 32 檔基金獲得四星或五星評級，其中三星、四星或五星基金佔 90%。此外，64% 的基金 AUM 在五年內表現優於同類基金的中位數，84% 的零售獨立帳戶資產在同一五年內超過基準水準。ETF 表現也十分強勁，91% 的 ETF 資產在三年內超過同業平均表現，我們評級的 14 檔 ETF 中有 10 檔獲得三星、四顆星或五星評級。

Across all products 58% of AUM at December 31st, were beating their benchmarks over the five-year period. Turning to slide 8 as it flows, total sales of $6.4 billion were down modestly from $6.6 billion in the prior quarter. As higher institutional sales were offset by lower sales of retail separate accounts. Institutional sales of $1.6 billion increased from $1.2 billion driven by higher sales of global equity and alternative strategies. Retail, separate account sales of $1.8 billion declined sequentially from $2.3 billion.

截至 12 月 31 日，所有產品的 AUM 中有 58% 超過了五年期間的基準水準。翻到第 8 張投影片，總銷售額為 64 億美元，較上一季的 66 億美元略有下降。由於機構銷售額的增加被零售獨立帳戶銷售額的下降所抵銷。受全球股票和另類策略銷售額增加的推動，機構銷售額從 12 億美元增至 16 億美元。零售獨立帳戶銷售額為 18 億美元，較上一季的 23 億美元下降。

As higher sales in the wealth management business were more than offset by lower intermediary sold sales. Particularly in certain SMID-cap equity offerings which were soft closed in the prior quarter. Open-end fund sales of $3 billion were essentially unchanged with higher ETF sales offset by lower sales of US retail funds. For ETFs sales of $0.5 billion increased 13% sequentially and were up significantly from $0.1 billion in the prior year period with particularly strong sales of our preferred stock utilities and senior loans ETFs.

財富管理業務銷售額的增加被中介銷售額的下降所抵銷。特別是在上一季軟結束的某些中小型市值股票發行中。開放式基金銷售額為 30 億美元，基本上保持不變，ETF 銷售額增加，但美國零售基金銷售額下降抵消了這一影響。ETF 銷售額為 5 億美元，季增 13%，較去年同期的 1 億美元大幅成長，其中優先股公用事業和高級貸款 ETF 的銷售尤為強勁。

We continue to prioritize further availability of our ETFs through intermediaries. Global fund sales of $275 million were relatively unchanged sequentially. And up 40% from the prior-year period led by domestic equity strategies. Total net outflows of $4.8 billion compared with $1.7 billion last quarter and were in large part due to the partial institutional redemption, excluding which net outflows were $1.5 billion. Net flows continued to be positive in ETFs global funds and retail separate accounts reviewing by product, institutional net outflows of $3.8 billion were largely due to the $3.3 billion lower fee partial redemption.

我們將繼續優先考慮透過中介機構進一步提供我們的 ETF。全球基金銷售額為 2.75 億美元，與上一季基本持平。在國內股票策略的帶動下，較去年同期成長了 40%。總淨流出為 48 億美元，而上季為 17 億美元，這在很大程度上是由於部分機構贖回，不包括這部分淨流出為 15 億美元。以產品來看，ETF全球基金及零售獨立帳戶的淨流量持續為正，機構淨流出38億美元，主要由於33億美元的較低費用部分贖回。

Excluding that redemption, institutional net outflows were $0.5 billion which compared with $1.1 billion in the prior quarter. By strategy within institutional, we had positive net flows in international equity and alternatives. As always, institutional flows will fluctuate depending on the timing of client actions. Retail separate accounts continued to generate positive net flows in both the intermediary sold channel and in our wealth management business totaling $0.1 billion in the quarter and with a full year organic growth rate of 3.9%.

不包括該贖回，機構淨流出為 5 億美元，而上一季為 11 億美元。根據機構內部策略，我們在國際股票和另類投資方面獲得了正的淨流量。與往常一樣，機構流量將根據客戶行動的時間而波動。零售獨立帳戶繼續在中介銷售管道和財富管理業務中產生正淨流量，本季總計 0.1 億美元，全年有機成長率為 3.9%。

For open-end funds net outflows of $1.1 billion were at essentially the same level as the prior quarter with positive net flows and fixed income and SMID-cap equity. Within open-end funds, ETFs and global funds continued to generate double digit organic growth rates. ETF positive net flows of $0.4 billion represented the highest quarterly level with an organic growth rate of 67%. Over the past year EFT and AUM has doubled $3.1 billion with an organic growth rate of 84%.

開放式基金的淨流出量為 11 億美元，與上一季基本持平，其中固定收益和中小型市值股票的淨流量為正。在開放式基金中，ETF和全球基金持續實現兩位數的有機成長率。ETF 正淨流量為 4 億美元，創下季度最高水平，有機成長率為 67%。在過去的一年裡，EFT 和 AUM 增加了一倍，達到 31 億美元，有機成長率為 84%。

Global fund net flows of $0.1 billion represented organic growth of 10% for the quarter and for the full year generated an organic growth rate of 9%. I would also note that for fixed income offerings in total net flows continue to be positive in the quarter as well as for the full year. Turning to slide 9, investment management fees as adjusted of $192.2 million increased $6.7 million or 4%. Reflecting the increase in average assets under management and a stable fee rate.

全球基金淨流量為 1 億美元，代表本季有機成長率為 10%，全年有機成長率為 9%。我還要指出的是，固定收益產品的總淨流量在本季以及全年持續保持正成長。第 9 頁，調整後的投資管理費為 1.922 億美元，增加了 670 萬美元，即 4%。反映平均管理資產的增​​加及費率的穩定。

The average fee rate of 42 basis points was unchanged from 41.9 basis points in the prior quarter. Excluding performance fees which totaled $1.6 million the average fee rate was 41.7 basis points also essentially unchanged sequentially. Looking ahead, we believe an average fee rate in the range of 41 basis points to 42 basis points is reasonable for modeling purposes. With performance fees of $3 million to $5 million per year, incremental to that range. As always, the fee rate will be impacted by markets and the mix of assets

平均費率為 42 個基點，與上一季的 41.9 個基點持平。不包括總計 160 萬美元的績效費，平均費率為 41.7 個基點，與上一季基本持平。展望未來，我們認為，41個基點至42個基點範圍內的平均費率對於建模目的是合理的。每年的績效費為 300 萬至 500 萬美元，並逐步增加至該範圍。與往常一樣，費率將受到市場和資產組合的影響

Slide 10, shows the five-quarter trend in employment expenses. Total employment expenses as adjusted of $104.3 million increased 2% sequentially due to higher profit based variable incentive compensation and as a percentage of revenues, they were 49.2% down 80 basis points. Looking ahead, it would be reasonable to anticipate employment expenses to continue to be in a range of 49% to 51% of revenues. As always, it will be variable based on market performance in particular, as well as profits and sale. For modeling purposes, the first quarter will also include seasonal employment expenses which are incremental to this outlook.

投影片 10 顯示了就業費用五個季度的趨勢。調整後的總僱用費用為 1.043 億美元，環比增長 2%，原因是基於利潤的可變激勵薪酬增加，佔收入的百分比為 49.2%，下降 80 個基點。展望未來，合理預期是就業費用將繼續佔收入的 49% 至 51% 之間。像往常一樣，它會根據市場表現以及利潤和銷售額而變化。為了建立模型，第一季還將包括季節性就業費用，這對該前景來說是增量。

Turning to slide 11, other operating expenses as adjusted continued to be in a relatively stable range as we have offset increasing costs with expense management for the quarter. Other operating expenses were $31 million, up from $29.8 million reflecting higher facility costs and a seasonal increase in distribution related travel activities. For the full year other operating expenses declined modestly even with the first full year impact of an additional manager. As a percentage of fourth quarter revenues other operating expenses were 14.6% essentially unchanged from the third quarter and down from 16.1% in the prior-year period.

轉到第 11 頁，調整後的其他營運費用繼續處於相對穩定的範圍內，因為我們已透過本季度的費用管理抵消了不斷增加的成本。其他營運費用為 3,100 萬美元，高於 2,980 萬美元，這反映了設施成本的提高和分銷相關旅行活動的季節性增加。即使第一年增加了一名經理，全年其他營運費用仍略有下降。其他營運費用佔第四季營收的百分比為 14.6%，與第三季基本持平，低於去年同期的 16.1%。

Looking ahead a quarterly range of $30 million to $32 million is reasonable for modeling purposes. All else being equal. Slide 12, illustrates the trend in earnings. Operating income as adjusted of $74.5 million increased $4 million or 6% sequentially due to higher average assets under management. The operating margin as adjusted of 35.1% increased from 34.4% in the third quarter with an incremental margin of 58%. On a full year basis, the operating margin increased 100 basis points over the prior year period.

展望未來，3000萬至3200萬美元的季度範圍對於建模目的是合理的。在其他所有條件相同的情況下。投影片 12 展示了收益趨勢。調整後的營業收入為 7,450 萬美元，由於平均管理資產增加，比上一季增加了 400 萬美元，增幅為 6%。調整後營業利益率為 35.1%，高於第三季的 34.4%，增量利潤率為 58%。從全年來看，營業利潤率比去年同期增加了 100 個基點。

With respect to non-operating items, interest and dividend income increased by $1 million primarily reflecting higher CLO interest income. For modeling purposes, the fourth quarter level of interest and dividend income is reasonable going forward. Interest expense declined by $0.8 million reflecting a lower effective interest rate on our term loan. Non-controlling interests which reflect minority interest in one of our managers were lower sequentially by $0.5 million.

對於非營業項目，利息和股息收入增加了 100 萬美元，主要反映了 CLO 利息收入的增加。為了建立模型，第四季度的利息和股息收入水準是合理的。利息支出減少了 80 萬美元，反映出我們的定期貸款的實際利率下降。反映我們一位經理的少數股權的非控制權益比上一季減少了 50 萬美元。

Primarily due to the increase in our ownership of the manager during the prior quarter. Net income as adjusted of $7.50 per diluted share increased 8% from $6.92 in the third quarter. For the full year diluted earnings per share increased 20%. In terms of GAAP results, net income per share of $4.66 decreased from $5.71 per share in the third quarter and included $0.72 of expense related to the increase in fair value of minority interests $0.41 of realized and unrealized losses on investments. $0.27 of CLO expenses and $0.17 of expense related to fair value adjustments of contingent consideration.

主要是由於上一季我們對經理的所有權增加了。調整後每股淨利潤為 7.50 美元，較第三季的 6.92 美元成長 8%。全年每股攤薄收益成長20%。就 GAAP 結果而言，每股淨利潤 4.66 美元，低於第三季的每股 5.71 美元，其中包括與少數股東權益公允價值增加相關的 0.72 美元費用，以及投資的已實現和未實現損失 0.41 美元。 0.27 美元的 CLO 費用和 0.17 美元的與或有對價的公允價值調整相關的費用。

Slide 13, shows the trend of our capital liquidity and select balance sheet items. Cash and equivalents increased sequentially to $265.9 million from $195.5 million at September 30th. In addition, we had $140 million of seed capital investments to support growth initiatives and $142 million of other investments primarily in our managed COS. Working capital was $134.5 million up 24% from $108.5 million as cash generated more than offset return of capital to shareholders and debt repayment.

投影片 13 展示了我們的資本流動性和選定資產負債表項目的趨勢。現金和等價物從 9 月 30 日的 1.955 億美元環比增加至 2.659 億美元。此外，我們還擁有 1.4 億美元的種子資本投資來支持成長計劃，以及 1.42 億美元的其他投資，主要用於我們管理的 COS。營運資本為 1.345 億美元，較 1.085 億美元增加 24%，因為產生的現金超過了股東資本回報和債務償還。

During the fourth quarter, we repurchased 52,176 shares of common stock for $12.5 million. We also made a $5.7 million payment on our term loan. At December 31st, Gross Debt to EBITDA was 0.7 times and we ended the year in a net cash position of $29.8 million. We generated $88 million of EBITDA in the fourth quarter up 5% sequentially due to higher average AUM and up 14% from the prior year level.

第四季度，我們以 1,250 萬美元回購了 52,176 股普通股。我們還償還了 570 萬美元的定期貸款。截至 12 月 31 日，總債務與 EBITDA 的比率為 0.7 倍，年底我們的淨現金狀況為 2,980 萬美元。由於平均 AUM 較高，我們第四季的 EBITDA 為 8,800 萬美元，比上一季成長 5%，且比去年同期成長 14%。

We have adequate levels of working capital and modest leverage, providing financial flexibility to continue to invest in the business return capital and repay debt. In terms of cash balances. In the first quarter, we will make our annual incentive payments typically our highest cash usage of the year and we will also make the annual revenue participation payment which we expect will be similar to last year's level of $24 million.

我們擁有充足的營運資金和適度的槓桿率，提供了財務靈活性，可以繼續投資於業務回報資本並償還債務。就現金餘額而言。在第一季度，我們將支付年度獎勵金，這通常是我們一年中現金使用量最高的金額，我們還將支付年度收入參與金，預計該金額將與去年的 2,400 萬美元水平相似。

The bulk of the remaining revenue participation obligation will be paid in the first quarter of next year. I would also note that our intangible assets continue to provide a cash tax benefit which is not included in our earnings per share as adjusted. The NPV of the tax asset is approximately $114 million or $16 on a per share basis.

剩餘收入參與義務的大部分將於明年第一季支付。我還要指出的是，我們的無形資產繼續提供現金稅收優惠，但這並未包含在我們調整後的每股盈餘中。該稅務資產的淨現值約為 1.14 億美元，或每股 16 美元。

And with that, let me turn the call back over to George. George?

說完這些，讓我把電話轉回給喬治。喬治？

Thank you, Mike. So we will now take your questions. Dee Dee, would you open up the lines, please?

謝謝你，麥克。現在我們將回答你們的問題。Dee Dee，你能開啟線路嗎？

(Operator Instructions) Ben Budish, Barclays.

（操作員指示）巴克萊銀行的本·布迪什 (Ben Budish)。

Hi, good morning and thanks for taking the question. Maybe just to kick it off can you talk a little bit? How you're thinking about how the year may unfold. I know, the last couple of years has been very strong S&P performance. I know you guys tend to say you tend to see things shake out a little bit better in your non-correlated strategies when the markets are a little frothier.

大家早安，感謝您回答這個問題。也許只是為了開始，你能聊一會兒嗎？您如何思考新的一年將會如何展開。我知道，過去幾年標準普爾表現非常強大。我知道你們往往會說，當市場泡沫稍微大一點時，你們的非相關策略就會讓事情變得更好。

I know you indicated January, I think flow is looking similar to Q4. Where do you see yourself as sort of best positioned for the year? You kind of gave us some color on ETFs retail SMAs but maybe from a, sort of strategic or asset class perspective. How do you think about the best opportunities in '25?

我知道您提到的是一月份，我認為流量看起來與第四季度相似。您認為自己今年的最佳狀態是什麼？您為我們介紹了一些有關 ETF 零售 SMA 的詳細信息，但也許是從戰略或資產類別的角度來看。您認為 25 年的最佳機會是什麼？

No, it's a great question and, predicting how 2025 is going to play out in the market is going to be quite a challenge. So I think as we've kind of looked through it, part of the purpose of our strategy is to have those diversified offerings. So whether there is an opportunity to go to certain of the risk assets in terms of equities, again, we have good offerings or if there's, searches for other income and fixed income strategies outside of cash, we have the fixed income.

不，這是一個很好的問題，預測 2025 年的市場將如何發展將是一個巨大的挑戰。所以我認為，正如我們所看到的，我們策略的目的之一就是提供多樣化的產品。因此，無論是否有機會投資股票方面的某些風險資產，我們都有很好的產品或尋找現金以外的其他收入和固定收益策略，我們都有固定收益。

So again, fundamentally, we want to be able to try to take advantage of whichever way that goes. What we're currently seeing and we sort of referenced, the continued positive flows in fixed income and I think that's continuing on. And right now, all else being equal, we continue to see those as the opportunities where we're having the most conversations and even seeing, some mandates into some of the fixed income asset classes that were previously out of favor.

因此，從根本上來說，我們希望能夠嘗試利用任何可行的方式。我們目前看到並提到的是，固定收益持續呈現正向流動，我認為這種情況還會持續下去。而現在，在其他所有條件相同的情況下，我們繼續將這些視為機會，我們正在進行最多討論，甚至看到一些授權進入一些以前不受歡迎的固定收益資產類別。

So that could certainly be an interesting area where we'd love to see that emerge because we have some really interesting offerings. So it's good to see the positive flows we've had in fixed income it would be nice to see them broaden out and particularly in other areas such as the global funds as well as some of those institutional mandates. So again, our goal is, where wherever the preferences are to make sure that we're meeting the demand and that's really where we see a lot of the new product introductions is we're really trying to introduce strategies into those structures that people are gravitating towards.

所以這肯定是一個有趣的領域，我們很高興看到它的出現，因為我們有一些非常有趣的產品。因此，很高興看到我們在固定收益領域獲得了積極的資金流入，並希望看到這些資金流入範圍擴大，特別是在其他領域，例如全球基金以及一些機構授權。因此，我們的目標是，無論人們的偏好如何，我們都要確保滿足需求，而這正是我們看到許多新產品推出的地方，我們確實在嘗試將策略引入人們所傾向的那些結構中。

Which again leads you to the ETFs and for us, the global funds and more the institutional offerings and obviously seeing less of the demand for the traditional open end fund structure.

這又將你引向 ETF，而對我們來說，全球基金和更多的機構產品，顯然對傳統開放式基金結構的需求較少。

Understood, and maybe just one follow up and how are you thinking about use of capital this year? And clearly, we've seen a pretty fairly steady pace of stock reperches, your dividend increase has been, quite robust. The M&A question is sort of always out there. So I guess the things that are sort of like the knowns, seed capital for new products, things like that and then any color on what may be in the M&A pipeline.

明白，也許只需要一個後續問題，如何考慮今年的資本運用？顯然，我們看到股票回購的速度相當穩定，股利成長也相當強勁。併購問題始終存在。所以我猜這些事情有點像已知信息，新產品的種子資金，諸如此類的事情，然後是有關併購渠道中可能存在的任何細節。

Yes. So on the whole capital again, we'll continue to, since we generate a nice level of cash earnings and we're currently, have a lower level of leverage, we have the flexibility to continue to look at things like returning capital as well as to your point investing in the growth of the business, which really does really get down to the seed. And generally, we have been very good in terms of managing and recycling RC but you know, as those opportunities for, future products arise, that is one of the utilizations we would consider in terms of using some of the cash if we were, to offer a product that needed C for a period of time

是的。因此，就整個資本而言，我們將繼續這樣做，因為我們產生了良好的現金收益水平，而且我們目前的槓桿率較低，我們可以靈活地繼續考慮諸如資本回報以及投資於業務增長之類的事情，這確實涉及到種子階段。總體而言，我們在管理和回收 RC 方面做得非常好，但你知道，隨著未來產品機會的出現，這是我們考慮使用部分現金的方式之一，如果我們要提供在一段時間內需要 C 的產品

Again, I do think we have the flexibility to manage all of those areas. And again, we've been, I think we've shown that we believe fundamentally that return of capital is an important part of our strategy. Going to the M&A and it has been a period of time since our last transaction, I think as we've said before, we continue to be very active in terms of evaluating opportunities. We do think there are things that could be additive to our business.

再次強調，我確實認為我們有能力靈活地管理所有這些領域。而且，我認為我們已經表明，我們從根本上相信資本回報是我們策略的重要組成部分。談到併購，距離我們上一次交易已經有一段時間了，我想正如我們之前所說的那樣，我們仍然非常積極地評估機會。我們確實認為有些東西可以對我們的業務有所補充。

We will, we generally look at M&A in terms of only those things which we believe have, of high value strategically to enhance, the value of the business. So we don't, we will not do M&A for the sake of doing M&A we do think there are interesting opportunities out there and we'll continue to evaluate those.

我們通常只從策略角度看待那些我們認為具有高價值、能夠提升企業價值的事物。因此，我們不會為了併購而進行併購，我們確實認為外面有有趣的機會，我們會繼續評估這些機會。

I understood. Thanks so much for taking my questions.

我明白了。非常感謝您回答我的問題。

Yes, you're welcome. Thank you.

是的，別客氣。謝謝。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thank you, good morning. I heard some of your comments on January flows to date on retail ETS in institutional and I know it's early in the quarter. But can you just put a finer point on your comments excluding the partial redemption in the fourth quarter? Our flows better than January compared to the fourth quarter?

謝謝，早安。我聽到了您對 1 月份迄今為止機構零售 ETS 流量的一些評論，我知道現在還處於本季度初期。但是，您能否更詳細地闡述您的評論，排除第四季度的部分贖回？與第四季相比，我們的流量比一月份好嗎？

Yes. And again, as you stated, January is only one month and, and who knows how the rest of the quarter will shape out but yeah, I mean, the retail funds are kind of looking very similar to what we've seen. We're happy that the ETFs which have really had a strong quarter are actually running ahead you. Our ETFs which were, $3.1 billion at the end of the year, I believe as of yesterday, they were $3.4 billion. So we're happy that that has continued. We hope it continues through the, through the rest of the quarter.

是的。再說一次，正如您所說，一月只有一個月，誰知道本季度剩餘時間的情況會如何，但是，是的，我的意思是，零售基金看起來與我們所看到的非常相似。我們很高興看到本季表現強勁的 ETF 實際上已經領先你們。我們的 ETF 規模在年底為 31 億美元，我相信截至昨天，這一數字已達到 34 億美元。我們很高興這種情況能夠持續下去。我們希望這種勢頭能持續到本季的剩餘時間。

And then again, the trajectory that we've seen, we've continuously had generally positive flows in retail, separate accounts, global funds that has not changed and institutional, I think the indication we gave you is from what's known, it's modestly more outflows than inflows. So yes, that would be better obviously than the fourth quarter, but a lot of the fourth quarter was that one large partial redemption and I think it's important.

再說了，從我們所看到的軌跡來看，零售、獨立帳戶、全球基金的資金流入一直呈正增長趨勢，這一點沒有變化，而機構資金的流入，我認為我們給出的跡像是從已知的情況來看，流出量略多於流入量。所以是的，這顯然比第四季要好，但第四季的大部分時間都是一次大規模的部分贖回，我認為這很重要。

To look at that as an isolated incident, given the backdrop of that, which was really a multi manager product where they added a advisor and then had to reallocate from the other remaining advisors, which was one of them was ours.

將此視為一個孤立事件，考慮到當時的背景，這實際上是一款多經理產品，他們增加了一名顧問，然後必須從其他剩餘的顧問中重新分配，其中一位是我們的。

Thanks George, appreciate that. On the $3.3 billion partial redemption, institutional, it was partial. So can you provide how much is the whole relationship and your confidence that this is just a one-time redemption here.

謝謝喬治，我很感激。對於 33 億美元的部分贖回，機構而言，這是部分的。那麼您能否提供整個關係的程度以及您對這只是一次性救贖的信心。

Well, I mean, it's a big and it's an important relationship. And again, as we indicated in our remarks, it was a result of an additional manager into the existing multi manager. So we and all of the other managers, therefore, had reduced amounts of assets. We continue to view it as a good relationship where it's been a significant, grower of assets for us over the period of time. So I'm not reading anything into the reallocation to an additional manager into the future of that relationship. It's a really good relationship.

嗯，我的意思是，這是一種很大而且重要的關係。正如我們在評論中所指出的，這是在現有的多名經理中增加了一名經理的結果。因此，我們和所有其他經理的資產數量都減少了。我們仍然認為這是一種良好的關係，長期以來，這種關係為我們的資產帶來了巨大的成長。因此，我不會對未來與額外經理的重新分配做出任何解釋。我們的關係確實很好。

Thank you, George. I appreciate you taking my questions.

謝謝你，喬治。感謝您回答我的問題。

Bradley Hay, TD Cowen

布拉德利·海伊（Bradley Hay），TD Cowen

Hi, good morning. It's Bradley Hay on for Bill Katz. Has there been any change around your thinking for tax reporting in particular? Is there potential to adjust your non-GAAP ETS to incorporate the tax shield rather than displaying it separately? If so, what are some of the key considerations?

嗨，早安。布拉德利·海伊 (Bradley Hay) 替換比爾·卡茨 (Bill Katz)。您對稅務報告的想法有什麼特別的改變嗎？是否有可能調整您的非 GAAP ETS 以納入稅盾而不是單獨顯示它？如果是，那麼主要需要考慮哪些因素？

No, and that's a really good question. And I think as you heard in our comments, Mike was again reminding people about the tax attributes and the we firmly believe there is economic value in those and that's why we do try to make sure that we provide the transparency of what that value is in terms of the gross level in and even Q1 if you wanted to think about it on a per share basis per se. And as we indicated, it is not currently something we adjust for in our non-GAAP measures.

不，這是一個非常好的問題。我想，正如你在我們的評論中聽到的那樣，麥克再次提醒人們注意稅收屬性，我們堅信其中具有經濟價值，這就是為什麼我們確實試圖確保提供透明度，說明該價值在總水平方面是多少，甚至在第一季度，如果你想按每股基礎來考慮的話。正如我們所指出的，這不是我們目前在非公認會計準則指標中調整的內容。

We do periodically reevaluate our non-GAAP measures and I think we have one or two peers that may include that in their measure. So we'll, -- we continue to evaluate that again, our goal is to make sure we provide our results and our operations and in the best way we can to make it as transparent and clear and again, that is something that has true economic value to shareholders. So we will continue to at a minimum to highlight that and point that.

我們確實會定期重新評估我們的非公認會計準則指標，我認為有一兩個同行可能會將其納入他們的指標中。因此，我們會繼續評估這一點，我們的目標是確保我們提供我們的成果和運營，並以最好的方式使其盡可能透明和清晰，而且這對股東來說具有真正的經濟價值。因此，我們至少會繼續強調這一點並指出這一點。

I think as George indicated, we did and have in the past disclosed a value ascribed to the tax assets, which is important given its benefit on a cash flow generation perspective. I think any time you evaluate the non-GAAP and as George alluded to, there's some divergence in practice, but any adjustments that come across the GAAP versus non-GAAP, you want to make sure that there's transparency in that and that adjustments are appropriate. So we'll continue to evaluate it but at this point, it's just reiterating that the value is there and that we're that investors are well aware of that element of value in the stock. I would appreciate that.

我認為正如喬治所指出的，我們過去確實披露過歸屬於稅收資產的價值，這一點很重要，因為它從現金流產生的角度有益。我認為，任何時候評估非公認會計準則時，正如喬治所提到的，實踐中都會存在一些分歧，但對公認會計準則與非公認會計準則進行的任何調整，你都希望確保其中的透明度以及調整的適當性。因此，我們會繼續對其進行評估，但目前，我們只是重申其價值是存在的，並且投資者非常清楚股票的價值因素。我將非常感激。

Okay, great thank you. And then one follow up following on a prior question, could you perhaps dig in a bit more on the M&A side, particularly for liquid ALTs generally speaking, what are you seeing in the market in terms of deal opportunities and multiple expectations and where that may differ?

好的，非常感謝。然後接著上一個問題，您能否再深入探討一下併購方面的問題，特別是對於流動性 ALT 而言，您在市場上看到了哪些交易機會和多重預期，以及它們可能存在哪些不同？

In terms of the kinds of areas that are interesting and I think as we've previously kind of indicated, we have a really good collection of traditional public market managers in terms of equity and fixed income. And we continue to believe that clients will benefit from access to more of the private market capabilities. So that is an area that we're believe is a is very good fit for us. In terms of bringing those types of capabilities and strategies to market obviously, that is very similar to others in the industry who are all interested in looking for ways to optimize that.

就有趣的領域而言，我認為正如我們之前指出的那樣，我們在股票和固定收益方面擁有一群非常優秀的傳統公開市場經理人。我們始終相信，客戶將從獲得更多私人市場能力中受益。因此我們相信這個領域非常適合我們。顯然，在將這些類型的能力和策略推向市場方面，這與業內其他人非常相似，他們都對尋找優化方法感興趣。

So that continues to be a high area of interest and again, some of those capabilities in terms of, multiples, the valuations that people attribute to, some of the traditional long only strategies are lower than the multiples that are currently being attributed to some of those private market strategies. So again, as we evaluate our opportunities, we think through that and ultimately, with the goal of enhancing our own long-term valuation and our own trading multiple.

因此，這仍然是人們高度關注的領域，而且，就倍數而言，人們賦予某些傳統多頭策略的估值，其某些能力低於目前賦予某些私人市場策略的倍數。因此，當我們評估我們的機會時，我們會仔細考慮這一點，最終的目標是提高我們自己的長期估值和我們自己的交易倍數。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, it's Michael Cyprys. Can you guys hear me? Okay.

嘿，我是 Michael Cyprys。你們聽得到我的聲音嗎？好的。

Yes, you can.

是的，你可以。

Great. Thank you so much. Just a question M&A just curious how much time you guys are spending on that now versus say 3 months to 6 months ago, and maybe you can give a little perspective on the pipeline. What that looks like, how you're thinking about acquisitions versus partnership versus JBs. Where you think these strategic opportunities, most be might be most additive to the platform and as you think about the financial flexibility, you guys are under one turn of gross leverage. How comfortable would you be taking that? Above two turns or said another way, how high would you be comfortable taking that in a hypothetical transaction?

偉大的。太感謝了。只是一個問題，M&A，只是好奇你們現在花了多少時間與 3 個月到 6 個月前相比，也許你可以對渠道給出一些看法。這看起來像什麼，你是如何考慮收購、合作和 JB 的。您認為這些策略機會最有可能是對平台最具附加價值的，而當您考慮財務靈活性時，您就處於總槓桿之下。您接受這個會感覺舒服嗎？以上兩次轉變，或者換句話說，在假設的交易中，您願意接受多高的轉變？

No, and you had a bunch in there. So I'm going to try to hit each of those and please circle back if I miss an element of that. In terms of how active we've been, which was kind of interesting and I think I did comment, it's been a while since we've actually closed and announced a transaction, but I would say we've been just as active in terms of conversations and evaluations as we have ever been. And in fact, some ways, maybe even slightly more.

不，你那裡有一堆。因此我將盡力滿足每一個要求，如果我遺漏了某個元素，請再回來。就我們的活躍程度而言，這很有趣，我想我確實評論過，距離我們實際完成和宣布交易已經有一段時間了，但我想說，我們在對話和評估方面一直和以前一樣活躍。事實上，在某些方面，甚至可能更多。

I think like everyone, we're being very thoughtful in how we consider what types of transactions we want to do, particularly for those that might be related to leveraging private market types of capabilities. Again, I think there's been a lot of that activity, some of it has been successful, some of it has been less successful. So we do want to make sure we approach it in a way that makes sense. In terms of how we look at that, as we've always said, is we're flexible in our approach to partnering.

我想，就像所有人一樣，我們都在認真考慮要進行哪些類型的交易，特別是那些可能與利用私人市場類型的能力相關的交易。再說一次，我認為已經開展了很多此類活動，有些取得了成功，有些則不太成功。所以我們確實希望確保以合理的方式來處理這個問題。就我們如何看待這一點而言，正如我們一直所說，我們在合作方式上是靈活的。

Our goal will be to find the right partner and if that right partner is, the transaction structure is a an acquisition of a majority or minority or whether it's a JV. We evaluate all of those different types of structures because in some cases, the might the best relationship structure for the best offering may be more of JV and minority as opposed to. A majority interest, particularly with some of the types of capabilities that you see out in the private markets, so I think we keep ourselves flexible to that.

我們的目標是找到合適的合作夥伴，如果找到合適的合作夥伴，交易結構就是收購多數股權、少數股權或是合資企業。我們評估所有這些不同類型的結構，因為在某些情況下，與最佳產品相比，最佳關係結構可能更多的是合資和少數股權。多數股權，特別是您在私人市場中看到的某些類型的能力，所以我認為我們對此保持靈活性。

In terms of our current levels of leverage again, we, -- we're manage our balance sheet specifically to, not only protect the business but to give us that flexibility when those opportunities come. And I think, currently right now our turn, -- we're below one and we have net cash at this point. For the right as we evaluate a transaction, we would look at it in terms of what is the long-term value that it creates. And generally, that would mean that there could be the initiation of a transaction being at the higher end of a leverage multiple, which again, I don't think we've been at probably for 5 years or 6 years or even more than that. Did I get all your points?

就我們目前的槓桿水平而言，我們管理資產負債表的目的不僅是為了保護業務，而且是為了在機會來臨時給予我們靈活性。我認為，目前輪到我們了——我們的現金低於 1，目前我們有淨現金。當我們評估一筆交易時，我們會從它所創造的長期價值的角度來看它。一般來說，這意味著交易可能會以槓桿倍數的較高端開始，而我認為，我們可能已經 5 年、6 年甚至更長時間沒有達到這個水平了。我理解你所有的觀點了嗎？

You did. And I would just ask a follow up if I could on that. Just curious as you think about a sense of likelihood for something to materialize over the next 12 months. And if so, as you think about that, where do you feel more confident on that materializing?

你做到了。如果可以的話，我想就此提出後續問題。只是好奇，您想想想未來 12 個月內某件事實現的可能性。如果是這樣，當您考慮這一點時，您對實現這一點更有信心嗎？

Yes, I can't give any indication of that again. Like a lot of people, there's lots of conversations going on, there's lots of opportunities, a lot of people are having those conversations. Many of them will, get generally won't go anywhere or they materialize. So yes, I'm not giving any specifics around my expectations of when we'll have something again. We'll only consider doing a transaction if we conclude that one is the right thing and the right fit for us and the right way to create shareholder value.

是的，我無法再做出任何暗示。就像很多人一樣，有很多對話正在進行，有很多機會，很多人正在進行這些對話。其中許多都會發生，但一般不會發生，或者它們會實現。所以是的，我沒有具體說明我對何時會再次有事發生的期望。只有當我們認定某項交易是正確的、適合我們且能夠創造股東價值的正確方式時，我們才會考慮進行交易。

Understood. So I'll maybe ask a different follow up instead since we didn't answer that one, just given broader advances in data science and AI was hoping maybe you could talk a little bit about how you're investing in technology to enhance the investment engines across the organization and support Alpha Generation.

明白了。因此，我可能會問一個不同的後續問題，因為我們沒有回答這個問題，只是考慮到數據科學和人工智慧的更廣泛進步，希望您可以談談您如何投資技術以增強整個組織的投資引擎並支援 Alpha Generation。

How do you see that evolving in the near-term versus the long-term and as a sort of multi affiliate boutique firm, how do you sort of best harness that? Is it some sort of shared services at the center or do you think about it at each and every individual franchise? So sort of going about it in their own unique manner?

您認為短期和長期內這一趨勢將如何發展？作為一家多分支機構的精品公司，您如何才能最好地利用這一趨勢？這是中心的某種共享服務嗎，還是你們在每個單獨的特許經營店都考慮這種服務？那麼以他們自己獨特的方式來處理這件事嗎？

Well, on the first part, -- again, there, I think there's, -- there are potentially incredible opportunities, utilizing some of these technologies that have developed. And I think like a lot of people, we're being very thoughtful. In terms of how we evaluate and do research in that area. As each of our managers is a little different so getting to the second part of your question. We generally, we provide from an infrastructure standpoint, a lot of the information technology capabilities and tools and assets, but each of the managers their strategies in different ways.

嗯，關於第一部分，我再說一遍，我認為，利用已經開發的一些技術，存在著潛在的難以置信的機會。我想，和很多人一樣，我們也是非常深思熟慮的。關於我們如何評估和研究該領域。由於我們的每位經理都有點不同，所以我們要回答問題的第二部分。我們通常從基礎設施的角度提供大量的資訊技術能力、工具和資產，但每個經理的策略都不同。

So we do currently have managers that are utilizing, very sophisticated types of quantitative and strategies that are in that range. So each of the managers may employ them in a slightly different way and several of them, we are currently doing some evaluations of different things but before we introduce anything into an investment process, obviously, as you would expect, we're going to want to make sure that there's been a lot of thought and work put behind that. But it each of them could be applied slightly differently depending upon the nature of our, of a specific manager or strategy.

因此，我們目前確實有一些管理人員正在利用非常複雜的量化類型和策略。因此，每位經理可能會以略有不同的方式使用它們，其中有幾個，我們目前正在對不同的事情進行一些評估，但在我們將任何東西引入投資流程之前，顯然，正如你所期望的那樣，我們會想確保我們在這方面投入了大量的思考和工作。但根據我們的具體經理或策略的性質，它們各自的應用可能會略有不同。

Okay, thanks.

好的，謝謝。

Okay, thank you.

好的，謝謝。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Aylward.

謝謝。我們的問答環節到此結束。現在我想將會議交還給艾爾沃德先生。

Thank you, Dee Dee, and I want to thank everyone for joining us today and obviously certainly encourage you to reach out if you have any other further questions. Thank you.

謝謝你，Dee Dee，我要感謝大家今天的到來，如果您還有其他問題，我當然鼓勵您與我們聯繫。謝謝。

That concludes today's call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。