WisdomTree Inc (WT) 2024 Q3 法說會逐字稿

Greetings, and welcome to the WisdomTree third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Jeremy Campbell, Head of Investor relations. Thank you, Jeremy Campbell. You may begin.

您好，歡迎參加 WisdomTree 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係主管 Jeremy Campbell。謝謝你，傑瑞米坎貝爾。你可以開始了。

Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed, informed leading statements, including but not limited to the risks set forth in the presentation in the risk factor section of WisdomTree's annual report on Form 10-K for the year ended 12/31/ 2023, and in subsequent reports filed with or furnished to the Securities and Exchange Commission.

早安.在開始之前，我想引用今天演示中提供的法律免責聲明。本簡報可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。許多因素可能導致實際結果與所討論的結果、知情的主要陳述存在重大差異，包括但不限於 WisdomTree 年度報告 10-K 表格的風險因素部分中列出的風險2023 年12 月31 日，以及隨後向美國證券交易委員會提交或提供的報告中。

WisdomTree assumes no duty and does not undertake to update any forward-looking statement. Now, my pleasure to turn the call over to WisdomTree CFO, Bryan Edmiston.

WisdomTree不承擔任何責任，也不承諾更新任何前瞻性聲明。現在，我很高興將電話轉給 WisdomTree 財務長 Bryan Edmiston。

Thank you, Jeremy, and good morning everyone. I'll be covering our third quarter results along with commentary on our forward-looking guidance. Before turning the call over to Jarrett and Jono for additional updates on our business. We ended the quarter with record AUM of $112.6 billion, notwithstanding the $2.4 billion of outflows we observed during the third quarter.

謝謝傑里米，大家早安。我將介紹我們第三季的業績以及對我們前瞻性指導的評論。在將電話轉給賈勒特和喬諾之前，請先了解我們業務的更多最新情況。儘管我們在第三季觀察到 24 億美元的資金流出，但本季末我們的資產管理規模達到了創紀錄的 1,126 億美元。

The outflows were largely from our currency hedged Japan product, DXJ, our floating rate treasury product, USFR, and tactical commodity trading. While floats proved to be a headwind this quarter, favorable market conditions ultimately drove our AUM higher and to record levels.

資金流出主要來自我們的貨幣對沖日本產品 DXJ、浮動利率國債產品 USFR 和戰術商品交易。儘管浮存被證明是本季的阻力，但有利的市場條件最終推動我們的資產管理規模上升並達到創紀錄的水平。

We also remained very active on the capital management front. Over the last year and a half, we've delivered highly accretive transactions, including the retirement of our gold royalty obligation, and the repurchase of preferred stock from the World Gold Council, which was accomplished on favorable terms.

我們在資本管理方面也仍然非常活躍。在過去的一年半中，我們完成了高度增值的交易，包括取消我們的黃金特許權使用費義務，以及從世界黃金協會回購優先股，這是在優惠條件下完成的。

During this quarter, we repurchased the preferred stock convertible into 14.75 million shares of common stock from ETFS capital for $144 million or $9.75 per share. This transaction had no restrictions and has no impact on ETFS capital's voting threshold which remains at approximately 10% of shares outstanding.

本季度，我們以 1.44 億美元或每股 9.75 美元的價格從 ETFS 資本中回購了可轉換為 1,475 萬股普通股的優先股。此交易沒有任何限制，也不影響 ETFS 資本的投票門檻，該門檻仍維持在流通股的 10% 左右。

Our decision to pursue this repurchase was preconditioned on our ability to achieve an accretive outcome. This required us to raise financing through the issuance of new convertible notes and afforded us the opportunity to retire a substantial portion of our notes maturing in 2028, which we're currently in the money.

我們決定進行此次回購的前提是我們有能力實現增值成果。這要求我們透過發行新的可轉換票據來籌集資金，並使我們有機會贖回大部分將於 2028 年到期的票據，目前我們處於資金狀態。

We also repurchased 5.7 million shares of our common stock in connection with the raise. Taken all together, we raised an incremental $240 million of convertible notes while reducing the interest rate from 5.75% to 3.25%, and increase in the conversion price from $9.54 to $11.82. The proceeds from the financing were used to reduce our diluted shares by approximately $20 million and ultimately led to a 9% accretive transaction.

我們也回購了與此融資相關的 570 萬股普通股。總而言之，我們籌集了 2.4 億美元的增量可轉換票據，同時將利率從 5.75% 降低至 3.25%，並將轉換價格從 9.54 美元提高至 11.82 美元。融資所得款項用於減少我們約 2000 萬美元的稀釋股份，並最終實現 9% 的增值交易。

Our record AUM continues to drive revenue growth and expanding margins while capital management actions further accelerate EPS growth. Next slide. Our adjusted revenues were $109.4 million during the quarter, an increase of 2.3% from the second quarter and up approximately 20.5% versus the prior year quarter driven by higher average AUM.

我們創紀錄的資產管理規模持續推動營收成長和利潤率擴大，而資本管理行動進一步加速每股盈餘成長。下一張投影片。本季調整後營收為 1.094 億美元，比第二季成長 2.3%，由於平均 AUM 較高，比去年同期成長約 20.5%。

The comparison versus the prior year quarter also includes higher other revenues attributable to our European listed products, which have grown meaningfully and represents substantial revenue capture away from the expense ratio, providing further revenue diversification.

與去年同期相比，我們的歐洲上市產品帶來的其他收入也有所增加，這些產品已顯著增長，代表著從費用比率中獲取了大量收入，從而進一步實現了收入多元化。

On a year-to-date basis, our adjusted revenues have grown over 20%, and our adjusted operating margin was 34.3% representing expansion of over 820 basis points versus the prior year or 590 basis points organically, when adjusting for the impact of our gold royalty buyout, which was accomplished in May of last year.

今年迄今為止，我們調整後的收入增長了20% 以上，調整後的營業利潤率為34.3%，與上年相比增長了820 個基點，在根據我們的影響進行調整後，有機增長了590 個基點。

Our adjusted net income for the quarter was $28.8 million or $0.18 per share. Next slide. Now, a few comments on our forecasted guidance. Our discretionary spending was $45.4 million a year-to-date. We are narrowing our full year discretionary spending guidance to range from $62 million to $65 million, previously $64 million to $68 million.

本季調整後淨利為 2,880 萬美元，即每股 0.18 美元。下一張投影片。現在，對我們的預測指導進行一些評論。今年迄今為止，我們的可自由支配支出為 4540 萬美元。我們將全年可自由支配支出指引範圍從先前的 6,400 萬美元縮小到 6,800 萬美元，從 6,200 萬美元縮小到 6,500 萬美元。

The range considers fourth quarter seasonality, and is also largely dependent on the magnitude of marketing spend associated with WisdomTree prime over the remainder of the year. Our annual adjusted interest expense guidance is being updated to be approximately $16 million previously $14 million, due to the incremental debt raised to facilitate the repurchase of preferred stock from ETFS Capital, as well as the repurchase of 5 million shares of common stock as well.

該範圍考慮了第四季度的季節性，並且在很大程度上取決於今年剩餘時間與 WisdomTree prime 相關的行銷支出規模。由於為促進從 ETFS Capital 回購優先股以及回購 500 萬股普通股而籌集的增量債務，我們的年度調整後利息支出指導將更新為約 1600 萬美元，之前為 1400 萬美元。

Our adjusted interest expense run rate should be about $5 million per quarter which is a reminder excludes interest costs we are required to impute under GAAP related to our interest-free financing of the shares we purchased from the World Gold Council last November.

我們調整後的利息費用運行率應約為每季500 萬美元，這需要提醒大家，這不包括我們根據GAAP 要求估算的利息成本，這些利息成本與我們去年11 月從世界黃金協會購買的股票的無息融資相關。

Our interest income year-to-date was $4.6 million, and we are updating our interest income guidance for the year to be about $6 million, previously $5 million based upon the magnitude of our forecasted interest earning assets. And our weighted average diluted shares were $156.7million during the third quarter. We anticipate our weighted average diluted shares to be 147 million to 148 million in the fourth quarter, taking into consideration the full quarter impact of the 20 million shares repurchased in August.

我們年初至今的利息收入為 460 萬美元，根據我們預測的生息資產規模，我們將今年的利息收入指引更新為 600 萬美元左右，之前為 500 萬美元。第三季我們的加權平均稀釋股份為 1.567 億美元。考慮到 8 月回購的 2,000 萬股股票對整個季度的影響，我們預計第四季度的加權平均稀釋股票將為 1.47 億至 1.48 億股。

As a reminder, this guidance does not take into consideration any variability in shares associated with our convertible notes. Our compensation gross margin, third party distribution, and tax guidance remains unchanged from last quarter.

提醒一下，本指南沒有考慮與我們的可轉換票據相關的股票的任何變化。我們的薪酬毛利率、第三方分配和稅收指引與上季保持不變。

That's all I have. I will now turn the call over to Jarrett.

這就是我所擁有的一切。我現在將把電話轉給賈勒特。

Thank you, Bryan, and good morning, everyone. As Bryan noted the third quarter was driven by falling interest rates, a weaker dollar profit taking in commodities and typical summer seasonality which weighed on our net flows. However, despite these headwinds, we made meaningful progress across several fronts and ended the quarter at record levels.

謝謝布萊恩，大家早安。正如布萊恩指出的那樣，第三季的推動因素包括利率下降、大宗商品美元獲利回吐疲軟以及典型的夏季季節性因素，這對我們的淨流量造成了壓力。然而，儘管存在這些阻力，我們在多個領域取得了有意義的進展，並在本季度結束時達到了創紀錄的水平。

During the quarter, we achieved record AUM of $113 billion. Highlighting the sturdiness of our business model and the strength of our product offering. Our disciplined execution, and years of smart management are paying off as we also recorded our highest revenue figures to date and continued expanding our operating margins.

本季度，我們的資產管理規模達到創紀錄的 1,130 億美元。強調我們業務模式的穩健性和產品供應的實力。我們嚴格的執行和多年的明智管理正在得到回報，我們也創下了迄今為止最高的收入數據，並繼續擴大我們的營業利潤。

Scale benefits and cost discipline helped us deliver over 800 basis points of operating margin expansion compared to the same period last year. This margin growth coupled with strategic actions such as the issuance of the convertible note and the simultaneous stock buyback that Brian mentioned significantly boosted shareholder value. This transaction alone resulted in a 9% boost to earnings versus prior forecast.

規模效益和成本控制幫助我們實現營業利潤率比去年同期成長超過 800 個基點。這種利潤成長加上布賴恩提到的發行可轉換票據和同步股票回購等策略行動，顯著提高了股東價值。僅此一筆交易就使收益比之前的預測增長了 9%。

Overall, our focus on growth, margin expansion, smart capital management, and strategic growth initiatives helped drive an 80% increase in earnings versus the year ago period. Looking ahead, we remain optimistic about our global product suite, and our alignment with key secular growth drivers in both wealth and asset management.

總體而言，我們對成長、利潤擴張、智慧資本管理和策略成長計畫的關注幫助推動了獲利比去年同期成長了 80%。展望未來，我們對我們的全球產品組合以及我們與財富和資產管理領域的主要長期成長驅動力的一致性保持樂觀。

One of those secular drivers is our models business driven by continued demand for flexible and efficient portfolio solutions. We continue to expand our accessible market with a number of advisors able to access our models set to grow from 70,000 to 85,000 in the coming weeks.

這些長期驅動因素之一是我們的模型業務，其驅動力是對靈活高效的投資組合解決方案的持續需求。我們將繼續擴大我們的可訪問市場，讓能夠訪問我們模型的顧問數量在未來幾週內從 70,000 個增加到 85,000 個。

In addition to expanding our reach, deepening penetration within the existing advisor base remains a priority. The number of advisors actively using at least one of our models grew to more than 2,500 this quarter, reflecting steady progress. There's still ample room for growth in building stronger relationships and broadening adoption continue to be key objectives.

除了擴大我們的影響力之外，加深對現有顧問基礎的滲透仍然是我們的首要任務。本季度，積極使用我們的至少一種模型的顧問數量已增至 2,500 多名，反映出穩步進展。在建立更牢固的關係和擴大採用方面仍然有足夠的成長空間仍然是關鍵目標。

By fostering these deeper relationships, we are enhancing asset retention and generating more predictable higher quality revenue streams. In summary, despite market dynamics and seasonality, this was a strong quarter, achieving record AUM expanding margins, and delivering robust earnings growth. As we move forward, we will continue to align with key secular growth drivers, and we will continue to leverage our scalable model and exercise disciplined expense and capital management.

透過培養這些更深層的關係，我們正在增強資產保留並產生更可預測的更高品質的收入流。總而言之，儘管存在市場動態和季節性因素，但本季仍表現強勁，資產管理規模創歷史新高，利潤率不斷擴大，盈利增長強勁。隨著我們的前進，我們將繼續與關鍵的長期成長驅動因素保持一致，我們將繼續利用我們的可擴展模型並實施嚴格的費用和資本管理。

I'll now turn it over to Jono to share more about our strategic initiatives.

現在我將把它交給喬諾來分享更多有關我們策略舉措的資訊。

Thank you, Jarrett. Good morning, everyone, and thank you for joining us. I'm pleased to share WisdomTree third-quarter results, and provide an update on the progress we've made. As already discussed, we generated strong earnings this quarter and while the market has its challenges, we remain confident in our positioning and the steps we are taking to shape the future.

謝謝你，賈勒特。大家早安，感謝您加入我們。我很高興分享 WisdomTree 第三季的業績，並提供我們所取得進展的最新資訊。正如已經討論過的，我們本季實現了強勁的盈利，儘管市場面臨挑戰，但我們對我們的定位和塑造未來所採取的步驟仍然充滿信心。

Our assets under management reached a record $113 billion. Our operating margin expanded by 800 basis points to a 37.3% operating margin in the quarter, and we saw earnings per share grow by 80% year over year.

我們管理的資產達到創紀錄的 1,130 億美元。本季我們的營業利潤率擴大了 800 個基點，達到 37.3%，每股收益較去年同期成長 80%。

These results underscore our disciplined execution and the strength of our business model. While today's call reflects strong financial performance, I want to focus on an area that we believe will be transformative for WisdomTree in the future tokenization. We are positioning ourselves as an early mover in this space, and our strategy is anchored around three distinct platforms, WisdomTree Prime, WisdomTree Connect, and both are built on top of our third, the token issuance platform.

這些結果凸顯了我們嚴格的執行力和我們業務模式的優勢。雖然今天的電話會議反映了強勁的財務業績，但我想重點關注我們認為將在未來代幣化中為 WisdomTree 帶來變革的領域。我們將自己定位為該領域的先行者，我們的策略以三個不同的平台為基礎：WisdomTree Prime、WisdomTree Connect，這兩個平台都建立在我們的第三個平台（代幣發行平台）之上。

Let's start with an update on WisdomTree Prime or direct retail platform. Many of you are already familiar with Prime, which is designed to bring blockchain enabled finance directly to consumers. We are on track to make Prime available across the US by year end, and we're continuing to build momentum by adding valuable features to enhance the user experience.

讓我們從 WisdomTree Prime 或直營零售平台的更新開始。你們中的許多人已經熟悉 Prime，它旨在將區塊鏈支援的金融直接帶給消費者。我們預計在年底前在美國推出 Prime，並且我們將繼續透過添加有價值的功能來增強用戶體驗來增強勢頭。

For example, we recently launched dynamic spending, functionality that allows customers to spend directly from their money market fund balances via a debit card. This is just the beginning. We are planning to expand dynamic spending to other asset classes soon, and our product road roadmap is robust with several exciting updates on the horizon.

例如，我們最近推出了動態支出功能，讓客戶透過金融卡直接從貨幣市場基金餘額中支出。這只是開始。我們計劃很快將動態支出擴展到其他資產類別，我們的產品路線圖非常穩健，即將出現一些令人興奮的更新。

Now let me introduce a newer component to our tokenization vision WisdomTree Connect. The vision for WisdomTree Connect is to enable customers over time to interact with any WisdomTree issued token in any wallet across supported blockchains.

現在讓我向我們的代幣化願景 WisdomTree Connect 介紹一個更新的元件。WisdomTree Connect 的願景是讓客戶隨著時間的推移能夠跨受支援的區塊鏈與任何錢包中的任何 WisdomTree 發行的代幣進行互動。

WisdomTree Connect marks the first time WisdomTree digital funds will be available directly to clients with their own wallet infrastructure including businesses and other institutional users. WisdomTree Connect is our business-to-business platform for tokenized product distribution, but also sets WisdomTree up to serve many other use cases in the future.

WisdomTree Connect 標誌著 WisdomTree 數位基金首次直接向擁有自己的錢包基礎設施的客戶提供，包括企業和其他機構用戶。WisdomTree Connect 是我們用於代幣化產品分發的企業對企業平台，同時也使 WisdomTree 能夠在未來服務許多其他用例。

We announced WisdomTree Connect just a few weeks ago and I'm happy to report that it is now live and is already onboarding institutional users. Finally, let's talk about our infrastructure that underlies these customer facing platforms, our token issuance platform. This platform represents our ability to tokenize a broad range of product either for ourselves or on behalf of others.

幾週前我們發布了 WisdomTree Connect，我很高興地向大家報告，它現在已上線，並且已經吸引了機構用戶。最後，讓我們來談談這些面向客戶的平台的基礎設施，也就是我們的代幣發行平台。該平台代表了我們為自己或代表他人對廣泛產品進行代幣化的能力。

The vertical integration of our tech stack is a key advantage allowing us to expand our blockchain enabled products week without relying on external partners. Looking ahead, the token Issuance platform could open up additional growth opportunities for WisdomTree, whether through tokenization as a service or other ancillary revenue streams.

我們技術堆疊的垂直整合是一個關鍵優勢，使我們能夠在不依賴外部合作夥伴的情況下擴展我們的區塊鏈產品週。展望未來，代幣發行平台可以為 WisdomTree 帶來額外的成長機會，無論是透過代幣化即服務或其他輔助收入流。

We see significant potential in these three platforms as we continue to scale and innovate to meet the needs of this exciting emerging opportunity. Together, WisdomTree Prime, WisdomTree Connect, and the token issuance platform form the backbone of our tokenization strategy. While we aren't disclosing every initiative because of competitive considerations, I want to emphasize that we are making substantial progress behind the scenes.

我們看到這三個平台的巨大潛力，因為我們不斷擴展和創新，以滿足這一令人興奮的新興機會的需求。WisdomTree Prime、WisdomTree Connect 和代幣發行平台共同構成了我們代幣化策略的支柱。雖然出於競爭考慮，我們並未揭露每項舉措，但我想強調的是，我們正在幕後取得實質進展。

The optionality embedded in these platforms is considerable and we believe they will create meaningful revenue opportunities. Looking ahead, we remain optimistic. The steps we are taking now are laying a foundation for sustainable growth long term.

這些平台中嵌入的可選性相當大，我們相信它們將創造有意義的收入機會。展望未來，我們保持樂觀。我們現在採取的步驟正在為長期永續成長奠定基礎。

With our tokenization strategy in place along with our ongoing focus on innovation, and customer centric product development in the global ETF industry, we believe WisdomTree is particularly well positioned to capitalize on the evolving financial landscape. Thank you.

憑藉我們的代幣化策略以及我們對全球 ETF 行業創新和以客戶為中心的產品開發的持續關注，我們相信 WisdomTree 處於特別有利的地位，可以利用不斷變化的金融格局。謝謝。

Operator, please turn the call over to our Head of Investor Relations, Jeremy Campbell to take some questions from our shareholders.

接線員，請將電話轉給我們的投資者關係主管 Jeremy Campbell，回答我們股東的一些問題。

All right, thanks, Jono, and good morning, everybody. Some of the prior quarters, we're going to take a couple of questions from the retail shareholders, and then open it up to the analyst community on the lines.

好的，謝謝喬諾，大家早安。在之前的一些季度中，我們將從散戶股東那裡提出一些問題，然後在線上向分析師群體開放。

So I'm going to direct this first question to Jeremy Schwartz, our Global CIOe and question for Jeremy is what are the implications of the election on your broad market outlook for the next year and WisdomTree's product suite in particular?

因此，我將向我們的全球首席資訊長傑里米·施瓦茨(Jeremy Schwartz) 提出第一個問題，傑里米的問題是這次選舉對你們明年的廣泛市場前景，特別是WisdomTree 的產品套件有何影響？

All right, Jeremy, very good question. The most topical things around the election and the current market I think center on three core issues. One, first, the US markets look more expensive than normal and that implies a little bit lower forward-looking returns than they've experienced.

好吧，傑里米，非常好的問題。我認為圍繞選舉和當前市場最熱門的事情集中在三個核心問題上。首先，美國市場看起來比正常情況更昂貴，這意味著前瞻性回報比以往經歷的要低。

You had debt and deficits abound and all forecasts regardless of the election outcomes say we still have a lot of debt issuance and there are sustainability questions around that and how do countries manage these kind of debt loads and deficits? Well, it tends to be inflation and people countries tend to inflate away debt. So there's no question investors are looking for assets that protect from inflation, especially right now.

債務和赤字比比皆是，無論選舉結果如何，所有預測都表明我們仍然有大量債務發行，並且圍繞這一點存在可持續性問題，各國如何管理此類債務負擔和赤字？嗯，這往往是通貨膨脹，而人民國家往往會透過通貨膨脹來消除債務。因此，毫無疑問，投資者正在尋找能夠抵禦通膨的資產，尤其是現在。

And with deficit concerns, you want less exposure to the long end of the bond market. The book I co-authored with Professor Siegel, Stocks for the Long Run, shows why we think stocks are the ultimate inflation hedge as companies pass along higher input costs for higher prices.

出於對赤字的擔憂，您希望減少對長期債券市場的投資。我與西格爾教授合著的《長期股票》一書解釋了為什麼我們認為股票是最終的通膨對沖工具，因為公司將更高的投入成本轉嫁給更高的價格。

So stocks we see as real assets and the ultimate real asset, but commodities in our book of commodity business like gold, you see that moving substantially higher this year, is proving a very useful inflation hedge with all the extra geopolitical conflicts we have around the world and the debt concerns and the inflation concerns.

因此，我們將股票視為實體資產和最終的實體資產，但在我們的商品業務中，像黃金這樣的商品，你會發現今年的價格大幅走高，事實證明，在我們周圍存在的所有額外地緣政治衝突中，它是一種非常有用的通膨對沖工具。

We see clients still under allocated to commodities at large and we have opportunities to grow that space globally. But at a high level, I love our positioning of our AUM and revenue breakdown, given those three central considerations for the market, particularly when you think about a standard 60, 40 stock bond portfolio for the markets at large.

我們發現客戶對大宗商品的分配仍然不足，我們有機會在全球擴大這一空間。但在較高層面上，考慮到市場的這三個核心考慮因素，我喜歡我們對 AUM 和收入細分的定位，特別是當您考慮整個市場的標準 60、40 股票債券投資組合時。

Our run rate revenues now, 70% global stocks, 20% commodities, a little bit less than 10% fixed income skewed to short duration solutions, which is very attractive given that market cycle and the market backdrop. And on valuations, while the S&Ps 22 times earnings, the US is definitely the best growth market in the world, higher multiples, bring higher risk of disappointment.

我們現在的運行率收入，70%的全球股票，20%的大宗商品，略低於10%的固定收益偏向短期解決方案，考慮到市場週期和市場背景，這是非常有吸引力的。而就估值而言，雖然標普本益比為22倍，但美國絕對是全球成長最好的市場，本益比越高，帶來失望的風險就越高。

When you look at our $60 billion in equities that we manage, we have an aggregate P/E ratio of just 16 times earnings across that $60 billion and that's a 6.5% earnings yield versus something like 4.6% for the S&P 500. That's a quite attractive value proposition for our equity book of business. On fixed income, after the Fed cut 50 basis points, there's a lot of commentary about adding to duration.

當你看到我們管理的600 億美元股票時，你會發現我們在這600 億美元中的總市盈率僅為市盈率的16 倍，即6.5% 的收益率，而標準普爾500 指數的收益率約為4.6%。對於我們的股票業務來說，這是一個非常有吸引力的價值主張。在固定收益方面，聯準會降息50個基點後，有許多關於增加久期的評論。

Our economics team advised that was wrong. The yield curve remains inverted, that is not its natural state. We do not think the inversion will last forever. Our senior economist, again, Professor Siegel, has said the 10-year should become un-inverted and move closer to 4.5% to 5%, and so while we diversified our fixed income exposures as a firm, we've had more launches, innovative interesting solutions to add duration.

我們的經濟團隊認為這是錯誤的。殖利率曲線仍然倒掛，這不是它的自然狀態。我們認為這種反轉不會永遠持續下去。我們的高級經濟學家西格爾教授再次表示，10 年期國債應該不會倒轉，並接近4.5% 至5%，因此，在我們作為一家公司多元化固定收益投資的同時，我們也推出了更多的產品，創新有趣的解決方案可以增加持續時間。

We're also quite happy with the exposures that we have, and where our book of business is today. We see the $6 trillion money market funds still growing. We see a compelling case for them to keep growing. Banks don't pay you appropriate interest rates on the vast majority of their client accounts. So there's opportunities still to grow USFR, our floating rate treasury TF.

我們對我們所擁有的曝光度以及我們今天的業務狀況也非常滿意。我們看到 6 兆美元的貨幣市場基金仍在成長。我們看到了他們繼續增長的令人信服的理由。銀行不會向您的絕大多數客戶帳戶支付適當的利率。因此，我們的浮動利率國庫 TF 仍有機會成長 USFR。

It's been a compelling solution for advisors who want to earn better returns in their cash. And you heard Jono talk about the debit card, that is also quite an exciting technology we could leverage across our client base spending off of higher earning assets. So that's also quite exciting. But in summarizing, for the election, for the current backdrop, we think we're very well positioned to address all the client needs, looking ahead.

對於想要獲得更好現金回報的顧問來說，這是一個引人注目的解決方案。你聽到 Jono 談論借記卡，這也是一項非常令人興奮的技術，我們可以利用我們的客戶群從高收益資產中支出。所以這也非常令人興奮。但總而言之，對於選舉，對於當前的背景，我們認為我們非常有能力滿足所有客戶的需求，並展望未來。

Great, thanks Jeremy. I'm going to direct this next question to our President and COO, Jarrett Lilien. Jarrett, the question is, can WisdomTree still expand operating margins from current levels?

太好了，謝謝傑里米。我將把下一個問題轉給我們的總裁兼營運長 Jarrett Lilien。Jarrett，問題是，WisdomTree 還能在目前水準上擴大營業利潤嗎？

Yeah, thanks. Look, operating margins are something that we pay close attention to, and we think we have years of margin expansion ahead of us. And that is due to our confidence, our confidence in growth, but coupled with our high incremental margins, which are over 50%. And our confidence and growth stems from having a really broad and deep product set, product suite that we feel can win business in any market environment.

是的，謝謝。看，營業利潤率是我們密切關注的事情，我們認為我們還有多年的利潤率擴張前景。這是由於我們的信心，我們對成長的信心，以及我們超過 50% 的高增量利潤率。我們的信心和成長源於擁有真正廣泛而深入的產品組合，我們認為這些產品組合可以在任何市場環境中贏得業務。

But then just jumping on to what Jeremy was just talking about, our outlook for the market seems to fit extremely well with our product suite. And then we've got our models business, that provides steady and sticky flows, our leadership and tokenization.

但接下來就跳到傑瑞米剛才所說的，我們對市場的前景似乎與我們的產品套件非常契合。然後我們有了我們的模型業務，它提供穩定和黏性的流量、我們的領導力和代幣化。

So, we have all of these growth initiatives that give us a lot of confidence in continued growth. And again, you take strong growth prospects, you couple those with high incremental margins and smart management, and the result is again, our confidence in margin growth that will continue to expand for the next several years.

因此，我們所有這些成長舉措讓我們對持續成長充滿信心。再一次，你將強勁的成長前景與高增量利潤和明智的管理結合起來，結果再次是，我們對未來幾年利潤成長的信心將繼續增強。

Great, thanks, Jarrett. Operator. Please feel free to open up the lines to field some questions from our analysts.

太好了，謝謝，賈勒特。操作員。請隨時撥打電話回答我們分析師的一些問題。

Thank you. And I'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。我將主持問答環節。（操作員說明）

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Good morning. Thanks for taking my question. Interesting to see the expansion that you laid out on Prime. I don't think that you've indicated this in the past, but maybe as you continue to expand the use cases, we can get a little greater color into what kind of impact the Prime investments are having on the P&L. What's, a rough approximation for annual spend on this continued development?

早安.感謝您提出我的問題。很高興看到你們在 Prime 上推出的擴充包。我認為您過去沒有指出過這一點，但也許隨著您繼續擴大用例，我們可以更深入地了解 Prime 投資對損益表的影響。這項持續開發的年度支出的粗略估算是多少？

Brian, do you want to take this?

布萊恩，你想拿這個嗎？

Yeah. Our forecast they were forecasted to be low in the low to mid-20s for, for this year, Brennan.

是的。我們預計布倫南今年的收入將在 20 多歲左右。

Okay. Okay. Got it. I think, that's up from a few years ago where I want to say it was like high teens?

好的。好的。知道了。我想，這比幾年前有所提高，我想說這就像高中生一樣？

It was high teens. correct. That's right.

那是十幾歲的時候。正確的。這是正確的。

Okay, great. Thanks. And then do you guys have any stats or indications -- of course, it's too early for the new B2B. But the consumer platform has been out there for a few years now, what statistics can you share that would suggest the take up rate, and where consumers are and how it's resonating so that we can understand, what the RO I has been on this?

好的，太好了。謝謝。然後你們有沒有任何統計數據或跡象——當然，對於新的 B2B 來說現在還為時過早。但是消費者平台已經存在了幾年了，您可以分享哪些統計數據來表明使用率，消費者在哪裡以及它如何引起共鳴，以便我們能夠了解，RO I 在這方面做了什麼？

Thanks Brennan. So, as we said, I think on last call, we'll update our statistics on digital asset on Q4 as we give guidance for the year ahead and we'll establish a baseline on digital assets. And though we began rolling out Prime about a year ago, it's still only in something like 85% of the country.

謝謝布倫南。因此，正如我們所說，我認為在最後一次電話會議上，我們將更新第四季度的數位資產統計數據，為未來一年提供指導，並將建立數位資產的基準。儘管我們大約一年前開始推出 Prime 服務，但仍然只在全國 85% 左右的地區推廣。

So, it has been a challenging regulatory environment to roll this out to, has taken longer than we anticipated. To that earlier question about the elections, we do think the upcoming election will be constructive for the development of digital assets going forward, regardless of who wins, maybe particularly if Trump wins, but regardless of who wins, and so, we'll give you more guidance on the next call.

因此，推出這項服務的監管環境充滿挑戰，花費的時間比我們預期的要長。對於先前有關選舉的問題，我們確實認為即將到來的選舉將對未來數位資產的發展具有建設性，無論誰獲勝，也許特別是如果川普獲勝，但無論誰獲勝，因此，我們都會給出下次通話時請您提供更多指導。

Okay. Didn't mean to try to front run there. And yeah, to that point, Jono I saw it's, available in New York, I just downloaded this morning. So, looking forward to checking it out. Thanks.

好的。並不是有意要搶先一步。是的，到目前為止，喬諾，我看到它在紐約可用，我今天早上剛下載。所以，期待著檢查一下。謝謝。

Good. Thank you. Appreciate it.

好的。謝謝。欣賞它。

George Sutton, Craig Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. I'm a WisdomTree Prime user here in Minnesota. So I wondered if Jarrett could answer relative to what will soon be 85,000 advisors, what is currently 2,500 of those advisors using your models? Can you just talk about what is the midterm expectation for where that penetration can grow.

謝謝。我是明尼蘇達州的 WisdomTree Prime 用戶。所以我想知道 Jarrett 是否可以回答相對於即將達到 85,000 名顧問的情況，目前使用您的模型的顧問中有 2,500 名是多少？您能否談談滲透率成長的中期預期是什麼？

You've talked about trillions of dollars sort of being exposed as opportunity there. Just want to get a sense of what you're thinking more in a mid-term basis.

你談到了數萬億美元的機會。只是想了解您在中期的更多想法。

Yeah, this is Jarrett. So you put your finger on it. We've been focused on a couple of things, growing that accessible market and actually, it's grown bigger. We've had some nice wins there. We had been talking about that being 70,000 and now we've got that to 85,000.

是的，這是賈勒特。所以你把手指放在上面。我們一直專注於幾件事，擴大可訪問的市場，實際上，它變得更大了。我們在那裡取得了一些不錯的勝利。我們之前討論的是 70,000，現在我們已經達到 85,000。

And actually, I think that will continue to grow as well, but the rubber really hits the road with our penetration. And last year, we added 1,000 advisors, and I think that's a reasonable baseline. I'd hope we could actually do better than that as we get sort of better at onboarding.

事實上，我認為這也會繼續增長，但隨著我們的滲透，橡膠確實上路了。去年，我們增加了 1,000 名顧問，我認為這是一個合理的基準。我希望隨著我們在入職方面做得更好，我們實際上可以做得更好。

But as I've talked about many times before, there are really multiple wins. You first have to win to get yourself on the platform and then you need to really go into hand to hand combat and win each advisor. So we've had great success with those first wins getting on the platforms and now we're also having success with that hand to hand combat. So there's momentum building, but I think a baseline expectation, you could use 1,000 a year.

但正如我之前多次談到的，確實有多次勝利。你必須先獲勝才能進入平台，然後你需要真正進行肉搏戰並贏得每位顧問。因此，我們在平台上取得了第一場勝利，取得了巨大的成功，現在我們在肉搏戰中也取得了成功。所以勢頭正在增強，但我認為基準預期是，你每年可以使用 1,000 個。

But I will say that we recently added an expanded portfolio consultation service, which I believe will lead to wider model adoption as well. So, I mean, it's an area that we've invested in like Jarrett had said on the earlier question and the baseline is 1,000 new advisors a year.

但我要說的是，我們最近增加了擴展的投資組合諮詢服務，我相信這也將導致更廣泛的模型採用。所以，我的意思是，這是我們投資的一個領域，就像 Jarrett 在之前的問題中所說的那樣，基線是每年 1,000 名新顧問。

Yeah. And again, that's why I think it's a good baseline. But our hope would be even to be able to do better net because as we get in there, we learn more about how to more quickly interact, how to better service things like Jono just mentioned, the consultations.

是的。再說一次，這就是為什麼我認為這是一個很好的基準。但我們甚至希望能夠做得更好，因為當我們進入那裡時，我們會更多地了解如何更快地互動，如何更好地為喬諾剛才提到的諮詢服務。

That's a great example of a takeaway from onboarding, that there are additional services that we can provide that make us a better partner. So, we're still very happy, very encouraged, and very optimistic about the growth here.

這是一個很好的例子，說明我們可以提供額外的服務，使我們成為更好的合作夥伴。所以，我們對這裡的成長仍然感到非常高興、非常鼓舞、非常樂觀。

Great. And then just my second and last question for Jono, relative to, broadening out WisdomTree Prime or adding WisdomTree Connect. It's interesting because you're also bringing down your guidance a little bit for discretionary spend. So, I wondered if you could just sort of give us a sense of, are there new efficiencies you're finding or is it just holding off on some of the marketing spend until you have the national distribution?

偉大的。接下來是我向 Jono 提出的第二個問題，也是最後一個問題，涉及擴展 WisdomTree Prime 或新增 WisdomTree Connect。這很有趣，因為您也稍微降低了可自由支配支出的指導。所以，我想知道您是否可以讓我們了解一下，您是否發現了新的效率，或者只是推遲了一些行銷支出，直到您擁有全國發行版為止？

There's definitely more efficiencies. We're constantly looking at efficiencies. It's a constant part of the job. And we -- the business model is certainly showing that as we scale it's just a very strong business model. There is a little bit of the rolling out Prime a little more slowly as it's taken longer to get the full rollout of states as well as additional services.

效率肯定更高。我們不斷關注效率。這是工作的一個固定組成部分。我們的商業模式無疑地表明，隨著我們規模的擴大，它只是一個非常強大的商業模式。Prime 的推出速度有點慢，因為全面推出各州以及其他服務需要更長的時間。

But it's very much as it was at the beginning of last year, when we gave the guidance that it would be a very iterative approach to the rollout. It'll be the same next year as well. I don't want to front run the guidance, but we're still in a very early stages, but still very optimistic.

但這與去年年初非常相似，當時我們給出了指導，這將是一種非常迭代的推出方法。明年也一樣。我不想搶在指導之前，但我們仍處於非常早期的階段，但仍然非常樂觀。

And Jono, if I could jump in here. Hey, it's Will Peck, Head of Digital Assets. I mean, one of the great things with WisdomTree Connect is that it's great to get that platform out there. That's always been part of the plans, part of the investment we've been making in this platform, and that's not reliant on kind of discretionary marketing spend, right?

還有喬諾，如果我能跳到這裡的話。嘿，我是數位資產主管 Will Peck。我的意思是，WisdomTree Connect 的一大優點就是能夠推出這個平台。這一直是計劃的一部分，是我們在這個平台上進行的投資的一部分，並且不依賴可自由支配的營銷支出，對吧？

That's a people kind of a brand business where we've got lots of one on one relationships able to get different sort of institutional and platform sales. So that's something we're excited about, which should have a relatively high ROI in terms of getting customers on that platform.

這是一種以人為本的品牌業務，我們有很多一對一的關係，能夠獲得不同類型的機構和平台銷售。所以這是我們感到興奮的事情，在吸引客戶進入該平台方面應該具有相對較高的投資回報率。

Thanks for that, Will.

謝謝你，威爾。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

Hey, good morning. Thanks for taking the question. When we look at the 2,500 advisors that are using at least one of your models, just curious how embedded you are with that group of 2,500 advisors? In other words, I guess, as you look across, what portion have adopted your models across most of the book versus what portion of those 2,500 advisors have more limited usage of your models from their customer set? And what are some of the steps that you can take to drive greater penetration and adoption even within that 2,500 advisor force?

嘿，早安。感謝您提出問題。當我們查看至少使用您的一個模型的 2,500 名顧問時，我們只是好奇您在這 2,500 名顧問中的融入程度如何？換句話說，我猜，正如您所看到的，本書的大部分內容都採用了您的模型，而這2,500 名顧問中的哪一部分在其客戶群中對您的模型的使用更為有限？即使在 2,500 名顧問隊伍中，您也可以採取哪些步驟來推動更大的滲透率和採用率？

Jared, do you mind if I start? It's early days, it's early days in the models business and there definitely is a snowballing effect. And so to your question of how we penetrated the 2,500 advisors, it's early days with many of them. Performance has been very strong, and we are anticipating those 2,500 advisors will continue to roll our model's business out more broadly to their full book of business. So, to that point, very early. But Jarrett, please add anything.

賈里德，你介意我開始嗎？現在還處於早期階段，模特兒產業還處於早期階段，而且肯定會產生滾雪球效應。因此，對於您提出的關於我們如何滲透 2,500 名顧問的問題，對於其中許多顧問來說，現在還處於早期階段。業績非常強勁，我們預計這 2,500 名顧問將繼續將我們模型的業務更廣泛地擴展到他們的整個業務。所以，到那時為止，還很早。但是賈勒特，請添加任何內容。

The only thing I would just add is, again, we always talk about positioning ourselves in front of the major secular moves in the industry. One of them, you could say is tokenization. Another one obviously is ETFs, but another one is the use of models by financial advisors. And so, we're out in front of a trend, the money is moving in that direction.

我唯一要補充的是，我們總是談論在行業重大長期變化面前定位自己。其中之一，你可以說是標記化。另一種顯然是 ETF，但另一種是財務顧問對模型的使用。因此，我們正處於趨勢的前面，資金正在朝那個方向移動。

So, the advisors that we are working towards some are new advisors, who are starting their practice and they'll be models only, and we're in with them early and we'll grow as they grow. And with others, we're transitioning, we're helping them transition from many models or no real centralized model to more of a centralized that makes them more scalable and more effective.

因此，我們正在培養的顧問中有一些是新顧問，他們正在開始實踐，他們只是模特，我們很早就與他們合作，我們將隨著他們的成長而成長。對於其他人，我們正在轉型，我們正在幫助他們從許多模型或沒有真正集中的模型過渡到更集中的模型，這使他們更具可擴展性和更有效。

So, I agree entirely Jono, its early days, but we're there at the early stages of advisors utilizing models, and so we will penetrate more. We're seeing that and we're also seeing that as our advisors grow, we grow.

所以，我完全同意喬諾，它還處於早期階段，但我們正處於顧問利用模型的早期階段，因此我們將滲透更多。我們看到了這一點，我們也看到隨著我們的顧問的成長，我們也在成長。

And just any sense on how much that's contributing to flows? I think you mentioned $3.5 billion of AUM across these models today with the 2,500 advisors. Just how much to flows, how is that progressing? How persistent is that? What sort of volatility do you see associated with that?

是否知道這對流量的貢獻有多大？我想您今天提到了 2,500 名顧問在這些模型中的資產管理規模達 35 億美元。到底有多少流量，進展如何？這是多麼的執著？您認為與此相關的波動性是如何的？

Generally we've said between 10% and 12%. And again, I'd like to see that percentage increase, but that's been holding as a as a pretty good proxy.

一般來說我們說的是10%到12%之間。再說一次，我希望看到這個百分比增加，但這一直是一個很好的替代指標。

Great. And if I could just ask a follow up question on the digital funds that you launched the digital money market fund, I think you mentioned it's available for clients including institutions, just curious what sort of feedback you're hearing so far on the institutional customer side.

偉大的。如果我可以問一個關於您推出數位貨幣市場基金的數位基金的後續問題，我想您提到它可供包括機構在內的客戶使用，只是好奇您到目前為止在機構客戶方面聽到了什麼樣的回饋邊。

Maybe talk about your approach to building out that customer set a bit more and what's the scope for or interest in partnering with other maybe intermediary platforms, including those in the digital space that have large retail customer sets?

也許可以談談您建立更多客戶群的方法，以及與其他可能的中介平台（包括那些擁有大量零售客戶群的數位空間中的平台）合作的範圍或興趣是什麼？

Will, can you take that?

威爾，你能接受嗎？

Yeah, definitely. So right now, there's $177 billion in stablecoins, USD, stablecoins worldwide, and we've got $2 billion in tokenized treasury money market funds, a lot of that being kind of from offshore jurisdiction. So, I expect over time, the stablecoin market is going to continue to grow, and we're also going to see a much higher penetration of yield bearing assets like this, which really serves a similar need, but is a much better product in a lot of ways than what you're seeing out there.

是的，絕對是。因此，目前全球有 1,770 億美元的穩定幣、美元、穩定幣，我們有 20 億美元的代幣化國庫貨幣市場基金，其中許多來自離岸司法管轄區。因此，我預計隨著時間的推移，穩定幣市場將繼續增長，我們也將看到像這樣的收益資產的滲透率更高，這確實滿足了類似的需求，但在比你看到的還有很多方法。

So right now, we're seeing a lot of great kind of initial demand for this type of product that's really meeting a need for the crypto native community, and we're looking forward to continuing to move the ball forward there.

因此，現在，我們看到對此類產品的大量初始需求，這些產品真正滿足了加密原生社群的需求，我們期待著繼續推動這一進程。

Any interest scope for partnerships with direct-to-consumer intermediary platforms that may have interest in this? Seems like this could be an interesting product fit nicely on some of those platforms.

與可能對此感興趣的直接面向消費者的中介平台建立合作關係有什麼興趣範圍？看起來這可能是一個有趣的產品，非常適合其中一些平台。

100% I mean, I think the B2B2C model and this is exactly what WisdomTree Connect opens up for us. So, there's a lot of initial early conversations on that now. And I expect over time that's going to really pick up going forward.

100% 我的意思是，我認為 B2B2C 模式，這正是 WisdomTree Connect 為我們打開的大門。因此，現在對此有很多初步的早期對話。我預計隨著時間的推移，這種情況將會真正好轉。

Great.

偉大的。

Great. And we're onboarding customers already since we launched it just a few weeks ago.

偉大的。自從幾週前推出以來，我們已經開始吸引客戶。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey, guys, thanks. Two questions. One is just any new or newer ETFs just to call out how they're doing, what kind of reception you're seeing? And then secondly, you've clearly had some really nice momentum here in the business. What is kind of two priorities you guys have for '25, to kind of keep this momentum going? Thank you.

嘿，夥計們，謝謝。兩個問題。一是任何新的或更新的 ETF，只是為了說明它們的表現如何，您看到了什麼樣的反應？其次，你在這個行業顯然擁有一些非常好的勢頭。為了保持這種勢頭，你們 25 年的兩個優先事項是什麼？謝謝。

Jeremy, would you talk about Q growth and maybe something else that you might want to highlight?

Jeremy，您能談談 Q 成長以及您可能想強調的其他內容嗎？

Sure. Yeah, I mentioned in my opening comments about the market backdrop, just the valuations on our whole book of business being 16 times the market at 22 times. But we did launch one of our franchises is quality and we've always had a quality dividend franchise.

當然。是的，我在開場白中提到了市場背景，我們整個業務的估值是市場的 16 倍，是市場的 22 倍。但我們確實推出了優質的特許經營權之一，而且我們一直擁有優質的股息特許經營權。

Our largest fund in the US is quality dividend growth. It's approaching $15 billion in equity in US assets with a decade history, but a lot of feedback is can you apply your quality franchise to the growth side of the universe. And when you look at how QGRW launched at the end of 2022, so it's not quite even two years old, it's got about $0.5 billion now in the US.

我們在美國最大的基金是優質股息成長基金。它的美國資產權益已接近 150 億美元，已有 10 年的歷史，但許多反饋是你能否將你的優質特許經營權應用到宇宙的成長方面。當你看看 QGRW 是如何在 2022 年底推出的，所以它還不到兩年的時間，它現在在美國的收入約為 5 億美元。

t's been beating the NASDAQ, which has been one of the toughest benchmarks to beat. And it held a lot of the sort of large magnificent seven stocks, but it won't always. It's got a bunch of proprietary screens to try to identify the best growth stocks in the market, and it will be interesting to see as that evolves over time. But it's been a strong performer since launch, both from an actual relative performance versus the NASDAQ, but also from an AUM perspective.

它一直在擊敗納斯達克指數，這是最難擊敗的基準之一。它持有大量大型七隻股票，但情況並非總是如此。它有一堆專有的螢幕來嘗試識別市場上最好的成長型股票，隨著時間的推移，看到這種情況的發展將會很有趣。但自推出以來，無論是從與納斯達克的實際相對錶現來看，還是從資產管理規模的角度來看，它都表現強勁。

We launched it in Europe. And so I think we're very excited about that, which leverages the core WisdomTree process. And then we're doing other really interesting things in Europe. We're doing a lot more with Thematics. We were excited about a new megatrend fund that's sort of rotating between Thematics and performance has been strong.

我們在歐洲推出了它。所以我認為我們對此感到非常興奮，它利用了核心 WisdomTree 流程。然後我們在歐洲做了其他非常有趣的事情。我們在主題方面做了很多事情。我們對一個新的大趨勢基金感到興奮，它的主題和業績之間的輪換一直很強勁。

We're excited about where that's going to go. And crypto in Europe has been one of the leading platforms for crypto products in Europe. We have good expectations for that continuing next year.

我們對它的發展方向感到興奮。歐洲的加密貨幣一直是歐洲領先的加密產品平台之一。我們對明年的這種情況持續抱持良好的期望。

Thanks, Jeremy. Mike, what was the second half of your question?

謝謝，傑里米。麥克，你問題的後半部是什麼？

Yeah, just, hey, you guys have had really nice momentum in the business to keep that momentum going. What are two major priorities for 2025 as you kind of start to look forward?

是的，只是，嘿，你們在行業中擁有非常好的勢頭，可以保持這種勢頭。當您開始展望 2025 年時，兩個主要優先事項是什麼？

We're going to give our guidance next quarter, but I would just say that we'll continue on the secular trends that we've invested against for the last few years. So, we're going to continue to invest in product globally. We're going to continue to invest in our portfolio solutions.

我們將在下個季度給予指導，但我只想說，我們將繼續遵循過去幾年投資所針對的長期趨勢。因此，我們將繼續在全球範圍內投資產品。我們將繼續投資於我們的產品組合解決方案。

We're going to continue to roll out digital assets and tokenization of functionality and lastly, always watch for creating additional efficiencies throughout the business. So, I think it'll be more of the same.

我們將繼續推出數位資產和功能標記化，最後，始終專注於在整個業務中創造額外的效率。所以，我認為情況會更加相似。

Fair enough. It's working. Thanks guys.

很公平。它正在發揮作用。謝謝你們。

Thank you. I appreciate that.

謝謝。我很欣賞這一點。

Thank you. We have reached the end of our question-and-answer session. I would now like to hand the call back over to Jonathan Steinberg for any closing comments.

謝謝。我們的問答環節已經結束。我現在想將電話轉回給喬納森·斯坦伯格（Jonathan Steinberg）以徵求結束意見。

I just want to thank all of you for your time and consideration, and we will speak to you next quarter. Have a great day, everybody.

我只想感謝大家的時間和考慮，我們將在下個季度與您交談。祝大家有美好的一天。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。