2024-04-15 The Charles Schwab Corporation (SCHW) Q1 2024 Earnings Call Transcript

The Charles Schwab Corporation (NYSE:SCHW) Spring Business Update Conference Call April 15, 2024 9:00 AM ET

查尔斯·施瓦布公司（纽约证券交易所：SCHW）2024 年 4 月 15 日上午 9:00 举行春季业务更新电话会议

Company Participants 公司参与者

Jeff Edwards - Head of Investor Relations

杰夫·爱德华兹 - 投资者关系负责人

Walt Bettinger - Co-Chairman and CEO

沃尔特·贝廷格 - 联席主席兼首席执行官

Rick Wurster - President

Rick Wurster - 总裁

Peter Crawford - CFO

彼得·克劳福德 - 首席财务官

Conference Call Participants

电话会议参与者

Ken Worthington - JPMorgan

肯·沃辛顿 - 摩根大通

Steven Chubak - Wolfe Research

史蒂文·楚巴克 - 沃尔夫研究

Alex Blostein - Goldman Sachs

亚历克斯·布洛斯坦 - 高盛

Brennan Hawken - UBS

布伦南·霍肯 - 瑞银 UBS

Devin Ryan - Citizens JMP

Brian Bedell - Deutsche Bank

布莱恩·贝德尔 - 德意志银行

Bill Katz - TD Cowen

比尔·卡茨 - TD Cowen

Kyle Voigt - KBW

凯尔·福格 - KBW

Jeff Edwards 杰夫·爱德华兹

Good morning, everyone, and welcome to the Schwab 2024 Spring Business Update. This is Jeff Edwards, Head of Investor Relations and I'm joined today by our Co-Chairman and CEO, Walt Bettinger; President, Rick Wurster; and CFO, Peter Crawford.

大家早上好，欢迎参加施华洛世奇 2024 年春季业务更新。我是投资者关系负责人杰夫·爱德华斯，今天与我们一起的有联席主席兼首席执行官沃尔特·贝廷格，总裁瑞克·沃斯特和首席财务官彼得·克劳福德。

As you saw in earnings today, we had a nice strong start to the year, so there's plenty to cover today. But before jumping in, let's quickly cover off a few of the typical housekeeping items. The slides for today's business update will be posted to the IR website at the start of Peter's remarks. Q&A is still one question, no follow-up and let's try to limit the six and seven part questions if possible. Of course, we always encourage you to jump back in the queue if additional questions come to mind.

正如您今天在收益中所看到的，我们在今年有一个良好而强劲的开局，所以今天有很多内容要讨论。但在开始之前，让我们快速梳理一下一些典型的日常事项。今天业务更新的幻灯片将在彼得发言开始时发布到 IR 网站上。问答环节仍然是一个问题，不跟进，并且让我们尽量限制六七部分的问题。当然，如果您有额外的问题，请随时排队提问。

And as always, please don't hesitate to contact the Schwab IR team regarding any clarifying or some of the more tactical questions. And finally, the ever present wall of words that showcases our forward-looking statements and remind us that the future is indeed uncertain, so please stay up to date with our disclosures.

请随时联系施瓦布 IR 团队，以解决任何需要澄清或更具战术性的问题。最后，请注意我们永远存在的一堵词墙，展示了我们的前瞻性声明，并提醒我们未来的确是不确定的，请随时关注我们的披露信息。

And with that, I'll turn it over to Walt.

随着这个，我将把话题转给沃尔特。

Walt Bettinger 沃尔特·贝廷格

Thank you, Jeff, and good morning, everyone. Thanks for joining us for our April business update. So we began welcoming, the majority of our employees back to the office last October 1st. And as a result, I began traveling the country, hosting town halls and round tables to meet many of the employees who had joined us both before or during the pandemic and hear from them. In addition, I shared some of my perspectives on the economic environment, the strength of the Schwab franchise and my confidence for the future.

谢谢大家，杰夫，早上好。感谢大家参加我们的四月业务更新。因此，我们从去年 10 月 1 日开始欢迎大多数员工回到办公室。作为结果，我开始在全国各地举办市政厅和圆桌会议，与许多在疫情期间或之前加入我们的员工见面并听取他们的意见。此外，我分享了一些关于经济环境、施瓦布品牌实力以及我对未来的信心的看法。

After having lived and worked through many economic cycles, I shared with our people that right when things often seem the darkest, they tend to turn around and begin to appear brighter. Of course, I didn't know last fall just how accurate that would turn out to be. It's a wonderful lesson in not overreacting to things that are outside our control.

经历了许多经济周期的生活和工作后，我与我们的团队分享，当事情看起来最黑暗的时候，往往会开始变得更加明亮。当然，我不知道去年秋天这种说法会变得如此准确。这是一个很好的教训，不要对我们无法控制的事情反应过度。

As I sit here today and of course, recognizing that there are certain environmental and geopolitical risks that remain the green shoots of a turnaround in the environment are appearing and we're seeing it positively impacting virtually every area at Schwab, from investor engagement to net new assets to client cash realigning to capital building and, of course, to revenue and earnings.

当我坐在这里今天，当然，认识到仍然存在一定的环境和地缘政治风险，环境好转的绿色苗芽正在出现，我们看到它积极影响着施瓦布的几乎每个领域，从投资者参与到净新增资产，再到客户现金重新配置、资本建设，当然还有收入和盈利。

Combined with the timelessness of our through client size strategy and the hard work of our incredible team of Schwab employees, my optimism for the future is strong. Of course, we didn't simply wait around and wait for a better environment. Our teams have been hard at work on key areas like the Ameritrade integration, enhancing our digital capabilities and platforms and delivering the world class level of service our clients have grown to trust and expect from us. So let's go ahead and dig into the first quarter of the year.

结合我们通过客户规模战略的持久性以及施瓦布员工团队的辛勤工作，我对未来充满乐观。当然，我们并没有坐等更好的环境出现。我们的团队一直在努力工作，关注关键领域，如美利达整合，提升我们的数字能力和平台，并提供客户已经信任并期待的世界级服务水平。让我们继续深入了解今年第一季度。

Inflation remained at relatively moderate levels during the quarter, down substantially from just over a year or two ago. And even as the market reduced expectations for the pace and extent of fed easing due to the stubborn inflation readings, the equity markets continued to move higher during the quarter. Investor sentiment continued its recovery with the bull bear spread maintaining its recent strong position. And not surprisingly, traders also began to become more active per our Schwab Trading Index or STAX looking for opportunities to benefit from the improving overall sentiment.

通货膨胀在本季度保持相对温和的水平，较一两年前大幅下降。尽管市场由于顽固的通货膨胀数据而降低了对联邦储备缩减速度和幅度的预期，股市在本季度继续上涨。投资者情绪继续恢复，看涨看跌差保持最近的强势位置。毫不奇怪，交易员也开始更加活跃，根据我们的施华洛世奇交易指数（STAX）寻找从整体情绪改善中获益的机会。

They're encouraged by the improving environment, our clients became even more engaged in the markets, with daily average trades up 15% over the prior quarter, client borrowing or margin balances up 9% in one quarter alone. Total client interactions with Schwab were up 17%. And as they engaged more, they also took the opportunity to seek our help more often with net flows into our investment advisory solutions up almost 70% quarter-over-quarter. All these metrics reinforce the confidence our clients have in us and each of them provide support for our optimistic view of the future.

受到改善的环境鼓舞，我们的客户更加投入市场，日均交易量比上一季度增加了 15％，客户借款或保证金余额仅一个季度就增加了 9％。客户与施瓦布的总互动次数增加了 17％。随着他们参与更多，他们也更多地利用机会寻求我们的帮助，投资咨询解决方案的净流入量几乎比上一季度增加了 70％。所有这些指标都强化了我们的客户对我们的信心，每一个指标都为我们对未来的乐观看法提供了支持。

Now as we progress through the quarter, we were gratified to see a resumption in the strong organic growth we've been able to produce for many decades. Highlighted by core net new assets for the quarter just shy of a $100 billion and with the month of March particularly encouraging with about $45 billion of core NNA, and that's a 6% annualized growth rate. New brokerage accounts also grew to over 1 million in the quarter. That's the first time that we've exceeded 1 million since the initial quarter of last year.

随着我们进入本季度，我们很高兴看到我们数十年来一直能够产生强劲有机增长的势头得到恢复。本季度核心净新增资产接近 1000 亿美元，尤其令人鼓舞的是三月份的表现，核心净新增资产约 450 亿美元，年增长率达到 6%。新开设的经纪账户数量也在本季度超过了 100 万。这是自去年初季度以来首次超过 100 万。

Our progress in net new assets during the quarter was due at least in part to a slowing of the level of expected asset attrition from the Ameritrade integration. Although we continue to expect to see some degree of attrition throughout the balance of this year, overall attrition from former Ameritrade clients continues to moderate and remains below the levels that we anticipated when we announced the acquisition in late 2019.

我们在本季度净新增资产方面取得的进展至少部分归因于美林证券整合预期资产流失水平的减缓。尽管我们仍然预计在今年余下的时间里会看到一定程度的流失，但来自前美林证券客户的整体流失仍在逐渐减少，并且仍低于我们在 2019 年底宣布收购时预期的水平。

A major factor in the falling attrition is, of course, that clients become accustomed to the Schwab platform as well as they recognize that many of the prior Ameritrade platform features we have built into the Schwab platforms. I'll go ahead and share a little bit more around the details of how former Ameritrade retail clients are responding post conversion in terms of their promoter scores, when I move to the next slide.

客户流失下降的一个主要因素当然是，客户逐渐习惯了施瓦布平台，并认识到我们已经将许多以前的美利达平台功能整合到施瓦布平台中。当我转到下一张幻灯片时，我将继续分享关于前美利达零售客户在转换后如何回应的细节，包括他们的推荐者评分。

So speaking of retail client promoter scores, we achieved record levels as measured in the first quarter. Our overall score was 69, and interestingly, with our premier fee based advisory solution, Schwab Wealth Advisory, which some of you may know by its former name of Schwab Private Client, it reached a promoter score of 80.

说到零售客户推广者评分，我们在第一季度取得了创纪录的水平。我们的总体评分为 69，有趣的是，我们的高级基于费用的咨询解决方案 Schwab Wealth Advisory，一些人可能知道它的前身是 Schwab Private Client，它达到了 80 的推广者评分。

I think what's particularly interesting here is that we achieved this lofty score in a solution where clients are paying fees for our advice and guidance. It's clearly a reflection of just how far we have come at Schwab from our roots as purely a discount broker and the appreciation our clients have to be investments we've made and building our modern wealth management capabilities. Of course, we still offer world-class service for self-directed investors and an incredible value for fee conscious investors but the diversification of our model is building.

我认为这里特别有趣的是，我们在一个客户为我们的建议和指导付费的解决方案中取得了这么高的分数。这显然反映了我们在施瓦布从纯粹的折扣经纪商起步以来取得的进步，以及我们的客户对我们所做的投资和建立现代财富管理能力的赞赏。当然，我们仍然为自主投资者提供世界一流的服务，为注重费用的投资者提供令人难以置信的价值，但我们模式的多样化正在建立。

Now as I mentioned earlier, we're also tracking our promoter scores for former Ameritrade retail clients who converted over to the Schwab platform. Now what we see there is an initial dip in those scores, probably to be expected given the changes that they face. They have to learn a new mobile app, a new website and the like. But over a fairly short period of time, their scores begin trending toward our historic scores for Schwab clients. 90 days post conversion, their scores increase on average about 25 points and after nine months, their scores have improved about 45 points. I think these results are another testament to the quality of integration and conversion work that's been done by our dedicated people who've been working on the Ameritrade conversion.

正如我之前提到的，我们还在追踪已转移到施瓦布平台的前美林证券零售客户的推广者评分。现在我们看到的是这些评分最初出现下降，这可能是可以预料到的，考虑到他们面临的变化。他们必须学习一个新的移动应用程序，一个新的网站等等。但在相当短的时间内，他们的评分开始朝着我们施瓦布客户的历史评分趋势发展。转换后的 90 天内，他们的评分平均增加约 25 分，而九个月后，他们的评分提高了约 45 分。我认为这些结果是对我们致力于美林证券转换工作的专业人员所做的整合和转换工作质量的又一证明。

And while mentioning the strength of our offerings for retail investors, we continue to be recognized by independent third parties for the quality of our platform and service. I do want to call out a special mention of the success we're achieving in our 401(k) and defined contribution business that operates under our workplace financial services arm. The premier evaluation of service providers in that industry is done by PLANSPONSOR Magazine, and they again recognize Schwab with the highest number of best-in-class awards for the seventh consecutive year, and that's more than two times the number of best-in-class awards compared to the second place finisher. A relatively remarkable run of recognition and a challenging business line where bigger is often mistaken as better.

在提及我们为零售投资者提供的实力时，我们继续受到独立第三方对我们平台和服务质量的认可。我想特别提及我们在 401(k)和定义出资业务方面取得的成功，该业务由我们的工作场所金融服务部门运营。该行业中服务提供商的首要评估由《PLANSPONSOR Magazine》完成，他们再次认可施华洛世奇连续第七年获得最多的最佳奖项，这比第二名获得者的最佳奖项数量多出两倍以上。这是一个相对显著的认可记录，也是一个挑战性的业务领域，其中更大往往被误认为更好。

And then lastly from a third-party recognition standpoint, we were honored when JD Power named Ameritrade and Schwab as number one and number two in their satisfaction survey for self-directed investors. Ameritrade's number one ranking reflects the highest they have ever scored and it was clearly aided by the multiple Schwab enhancements that we've made to the client experience for Ameritrade users. A couple of those being the addition of our Schwab security guarantee and a substantial reduction in the speed to answer client phone calls. I think this recognition illustrates the power of the combined platforms and our decision as part of the integration to go with the best of both in design. I understand that this approach added some time to our integration efforts, but I'm confident it will pay dividends for years to come.

最后，从第三方认可的角度来看，当 JD Power 将美林证券和施瓦布评为自主投资者满意度调查中的第一和第二名时，我们感到荣幸。美林证券的第一名反映了他们有史以来得分最高，显然受益于我们为美林证券用户提供的多项施瓦布增强措施。其中一些措施包括我们的施瓦布安全保障的增加以及大幅缩短客户电话接听速度。我认为这种认可展示了合并平台的力量，以及我们在整合过程中选择设计上的最佳方案的决定。我明白这种方法会增加我们整合工作的时间，但我相信这将在未来几年带来丰厚回报。

Before I turn it over to Rick, I'd like to spend just a moment commenting on the final client transition group that is planned to convert over to Schwab next month as well as maybe summarize the overall Ameritrade integration. Next month, we'll convert the last 10% of Ameritrade client accounts and assets but this group is incredibly important and it's also unique. It's made up of our most active traders and many are power users of the thinkorswim platform.

在我把话题转交给瑞克之前，我想花一点时间评论下下个月计划转换到施瓦布的最终客户过渡团队，也许总结一下整体的美利达整合。下个月，我们将转换美利达客户账户和资产的最后 10%，但这个团队非常重要，也很独特。他们由我们最活跃的交易员组成，其中许多人是 thinkorswim 平台的高级用户。

For these clients, the conversion experience should go relatively smoothly because unlike the prior four transition groups for this group, the client experience is essentially unchanged. They'll continue to have access to the trading platform, TOS that they have historically utilized while also adding all of the features and benefits of Schwab. In terms of the clients and the overall integration effort and as largely expected after initial settling in period, clients in our transition groups are engaging with Schwab and the expanded array of capabilities we offer. These clients are now beginning to bring new assets to us and their trading volumes now exceed the levels of trading they were doing pre-conversion when they were exclusively at Ameritrade.

对于这些客户来说，转换体验应该会相对顺利，因为与此前为这一群体进行的四次过渡群体不同，客户体验基本保持不变。他们将继续使用他们过去一直使用的交易平台 TOS，同时还将获得所有施瓦布的功能和优势。就客户和整体整合工作而言，在最初的适应期之后，客户群体与施瓦布以及我们提供的更多能力进行了互动，这在很大程度上是预期之中的。这些客户现在开始向我们带来新资产，他们的交易量现在超过了在转换前他们在美利达独家交易时的交易水平。

And we're not saying that all integration-related asset attrition is over just yet. But as we've shared previously, when all is said and done, we expect to have performed in line or even better than the levels of client asset and revenue attrition that we projected when we announced the acquisition in late 2019.

我们并不是说所有与整合相关的资产流失问题已经结束了。但正如我们之前所分享的，最终，我们预计在客户资产和收入流失方面的表现将与我们在 2019 年底宣布收购时预测的水平相符甚至更好。

In my opinion, the combination of the best of Ameritrade with the best of Schwab sets the bar for anyone serving retail investors and independent investment advisers alike. Our combination of platform, service, dedicated relationships, investment advisory for retail clients and expertise serving independent investment advisers is a powerful combination for driving future growth.

在我看来，将美利达最好的部分与施瓦布最好的部分结合起来，为为零售投资者和独立投资顾问提供服务的任何人设定了标杆。我们的平台、服务、专注关系、零售客户投资咨询以及为独立投资顾问提供服务的专业知识的结合，是推动未来增长的强大组合。

So Rick, let me turn it over to you for some more discussion on our efforts and results during the first quarter.

瑞克，让我把话题转给你，讨论一下我们在第一季度的努力和成果。

Rick Wurster

Thanks, Walt and hello, everyone. Now we're coming out of the first quarter with strong momentum in our four strategic priority areas, as we continue to focus on driving scale and efficiency, win-win monetization, meaning the personalized needs of our client segments and delivering brilliantly on the basics that our clients expect.

谢谢，沃尔特，大家好。现在我们在四个战略重点领域取得了强劲的动力，继续专注于推动规模和效率，实现双赢的货币化，满足我们客户群体的个性化需求，并在客户期望的基本要求上表现出色。

Let me start with scale and efficiency. Scale and efficiency has been a key enabler of our success and our ability to disrupt the industry. Looking back to 2013, expense per account has come down 23%. In inflation-adjusted terms, we've cut the expense to serve an account roughly in half. At the same time, as you can see on the right-hand side of the page, we have an expense advantage against our competitors. This means more of our clients' wealth is working towards meeting their goals. This is a hallmark of our business model and a driver of the virtuous cycle because it means we can reinvest back in our clients over time.

让我从规模和效率开始。规模和效率一直是我们成功的关键推动因素，也是我们颠覆行业的能力。回顾到 2013 年，每个账户的费用下降了 23%。根据通货膨胀调整后，我们将为一个账户提供服务的费用大致减少了一半。与此同时，正如您在页面右侧所看到的，我们在费用方面具有优势，超过了我们的竞争对手。这意味着我们客户财富中更多的资金正在用于实现他们的目标。这是我们商业模式的特点，也是良性循环的推动因素，因为这意味着我们可以随着时间的推移重新投资于我们的客户。

With our consistent focus on expense discipline and scale combined with the synergies from the Ameritrade conversion and continuously improving our operations, we are able to drive down costs. As we look forward, we'll fully realize our planned synergies from the Ameritrade integration and we'll invest in AI. We'll invest in end-to-end process transformation and we'll invest in technology enhancements to add to our expense advantage, while making sure we continue to deliver a no-trade-offs experience to clients.

通过我们持续专注于费用纪律和规模，结合从美利达转换中获得的协同效应以及不断改进我们的运营，我们能够降低成本。展望未来，我们将充分实现从美利达整合中计划的协同效应，并将投资于人工智能。我们将投资于端到端流程转型，将投资于技术增强以增加我们的费用优势，同时确保我们继续为客户提供无折衷的体验。

Enhancing our wealth and lending offerings remains an important win-win monetization opportunity. We're making progress on both fronts. Our clients continue to seek out our advisory solutions in record numbers and we have made a number of important advancements in our lending capabilities, which clients have really appreciated.

增强我们的财富和贷款产品仍然是一个重要的双赢变现机会。我们在这两个方面都取得了进展。我们的客户继续以创纪录的数量寻求我们的咨询解决方案，我们在贷款能力方面取得了许多重要进展，客户对此非常感激。

In the first quarter, we saw a record $14 billion in net flows into our advisory solutions, a 60% increase over last year. We have seen continued interest in our flagship wealth offering, Schwab Wealth Advisory, along with increased interest in Wasmer and Schwab personalized indexing.

在第一季度，我们看到咨询解决方案创纪录的净流入达到了 140 亿美元，较去年增长了 60%。我们看到我们的旗舰财富产品 Schwab Wealth Advisory 持续受到关注，同时对 Wasmer 和 Schwab 个性化指数投资也有增加的兴趣。

Schwab Wealth Advisory attracted a record $4.4 billion in net flows for the first quarter with approximately 30% of those enrollments coming from legacy Ameritrade households, which to us demonstrates the power of the opportunity ahead of us as we introduce more Ameritrade clients to the breadth of all we have to offer.

施瓦布财富咨询在第一季度吸引了创纪录的 44 亿美元净流入，其中约 30%的新客户来自传统的美利达家庭，这向我们展示了当我们向更多美利达客户介绍我们所提供的所有内容时，我们面临的机会的力量。

Demand for our Wasmer Schroeder fixed income strategies continues to be strong with $2.3 billion of net flows, which is up 55% over last year. And as Walt highlighted earlier, the clients in these wealth offers are our happiest clients at Schwab. These solutions consistently achieve our highest Client Promoter Scores. As we look forward, we are investing to add capabilities to our wealth and advice platform to support our accelerated growth.

我们 Wasmer Schroeder 固定收益策略的需求持续强劲，净流入达 23 亿美元，较去年增长 55%。正如 Walt 之前强调的，这些财富产品的客户是施瓦布最满意的客户。这些解决方案始终获得我们最高的客户推荐者评分。展望未来，我们正在投资增加财富和建议平台的能力，以支持我们的加速增长。

Turning now to client segmentation. While we will always meet the needs of the full spectrum of investors, we continue to provide tailored offers for specific client segments. The specialized experiences we recently launched for retail high-net-worth clients, which we call Schwab Private Client Services and Schwab Private Wealth Services are just two examples. Our high-net-worth and ultra-high-net-worth client segments are among the fastest growing at Schwab and they represent approximately three quarters of our total retail client assets today. And the specialized service models that we launched last year are serving these clients well.

现在转向客户细分。虽然我们始终会满足各类投资者的需求，但我们继续为特定的客户群提供量身定制的服务。我们最近为零售高净值客户推出的专业体验，即施瓦布私人客户服务和施瓦布私人财富服务，就是其中两个例子。我们的高净值和超高净值客户群是施瓦布增长最快的客户群之一，它们如今约占我们总零售客户资产的四分之三。去年推出的专门服务模式为这些客户提供了良好的服务。

In the first quarter, the team serving these clients answered calls on average in less than 10 seconds and 80% of the calls were resolved by the rep who first answered the phone without needing to transfer the client to another rep or group. We are adding to our product and advice capabilities for these clients with the anticipated rollout this year of an alternatives platform for retail investors. We've also launched our investor advantage pricing for clients and are working on additional lending capabilities to meet this client segment's needs.

在第一季度，为这些客户提供服务的团队平均在不到 10 秒内接听电话，80%的电话由首次接听电话的代表解决，无需将客户转接给另一位代表或组。我们正在为这些客户增加产品和建议能力，预计今年推出零售投资者的替代平台。我们还为客户推出了投资者优势定价，并正在努力开发额外的贷款能力，以满足这一客户群体的需求。

We're also continuing to invest to provide a trader client experience that is unparalleled in our industry with our Schwab trading powered by Ameritrade offer. The first quarter, we saw robust trading activity across the board, including strong continued engagement from our Ameritrade clients. Traders at Schwab have access to the thinkorswim trading platforms as well as specialized service teams and tailored education for traders of all levels of expertise and sophistication. And this is an area that we continue to invest in to maintain and expand our advantage. We doubled the number of Schwab households this quarter they used thinkorswim. We believe that our trading offer has never been stronger in terms of our execution, our platform, our service and the combined research that we offer to our clients through the research and educational capabilities of both Schwab and Ameritrade.

我们还在继续投资，为交易客户提供无与伦比的体验，我们的 Schwab 交易由 Ameritrade 提供支持。第一季度，我们看到各方面都有强劲的交易活动，包括我们的 Ameritrade 客户持续积极参与。Schwab 的交易员可以访问 thinkorswim 交易平台，以及专门的服务团队和为各级别和复杂程度的交易员量身定制的教育。这是我们继续投资以保持和扩大我们优势的领域。本季度使用 thinkorswim 的 Schwab 家庭数量翻了一番。我们相信，就我们的执行能力、平台、服务以及我们通过 Schwab 和 Ameritrade 的研究和教育能力为客户提供的综合研究而言，我们的交易优势从未如此强大。

Turning now to Brilliant Basics. We want to delight our clients with exceptional experiences in every interaction they have with us at Schwab, and we want to be the easiest place in the industry for our clients to do business. This means that we're continuing to make investments to enhance the investor experience for all of our clients. This includes digital interactions like our streamlined digital onboarding for RIAs, where they can now open and fund multiple accounts in just minutes or in our enhanced pledged asset line process, where we can now process a pledged asset line in just minutes for most loans.

转向 Brilliant Basics。我们希望在每次与我们在施华洛世奇的互动中，为客户提供卓越的体验，并且我们希望成为行业中客户最轻松办理业务的地方。这意味着我们将继续投资，以提升所有客户的投资者体验。这包括数字互动，比如我们为 RIAs 提供的简化数字化入职流程，他们现在可以在几分钟内开立和资助多个账户，或者我们增强的质押资产贷款流程，我们现在可以在大多数贷款中仅需几分钟处理质押资产贷款。

For the pledged asset line, the client experience is usually a conversation with their FC or their RIA to discuss the product, to discuss the rate and what assets they'd like to pledge. Clients then get a DocuSign e-mail asking them to sign to apply for the loan. The time from that e-mail to the e-mail that says the line open and is ready to draw is just about three to five minutes. The feedback from our clients on this process has been off the charts.

对于质押资产额度，客户通常会与他们的财务顾问或注册投资顾问进行对话，讨论产品、利率以及他们想要质押的资产。然后客户会收到一封 DocuSign 电子邮件，要求他们签署申请贷款。从那封邮件到通知额度已开通并可以提取资金的邮件之间的时间大约只有三到五分钟。我们的客户对这个流程的反馈一直非常高。

We have also worked hard on our digital experiences to be as welcoming as possible to Ameritrade clients by incorporating the features and functionality that's of greatest importance to them. We've also enhanced our move money and self-service capabilities and incorporated DocuSign into our commonly used forms. And it also means we're providing access and intuitive experiences when and where our clients want to engage with us. Whether that's in one of our 380 branches, whether it's on the phone where clients can expect their calls to be answered in less than a minute or whether it's online through our Schwab Intelligent Assistant.

我们还在努力改进数字体验，尽可能地让美利达客户感到受欢迎，通过整合对他们最重要的功能和功能。我们还增强了资金转移和自助服务能力，并将 DocuSign 纳入我们常用的表单中。这也意味着我们在客户希望与我们互动的时间和地点提供访问和直观体验。无论是在我们的 380 家分支机构中，还是在电话中，客户可以期待在不到一分钟内接听电话，或者是通过我们的 Schwab Intelligent Assistant 在线上。

With -- through clients' eyes as our foundation, investors continue to turn to us to serve their wealth management and investing needs through all market cycles. We are both ready for the final Ameritrade conversion group and ready to push forward on our four strategic focus areas to serve our clients. We believe we are well positioned to meet the evolving needs of clients and deliver organic growth in line with our historical levels.

以客户为中心，投资者继续寻求我们在各种市场周期中为他们提供财富管理和投资需求的服务。我们已准备好进行最终的美利达转换，并准备在我们的四个战略重点领域上推进，以服务我们的客户。我们相信我们已经做好了满足客户不断变化需求并实现符合历史水平的有机增长的准备。

And with that, I'll turn it over to Peter.

随着这个，我将把话题转给彼得。

Peter Crawford 彼得·克劳福德

Thank you very much, Rick. So you all heard Kurt -- Walt and Rick talked about our increasing momentum in the market driven by our no-trade-offs positioning and the satisfaction and loyalty of our existing clients; the significant progress we've made with the Ameritrade integration and the success we're having in string to unlock the substantial opportunities the combination enables and our progress and plans around our four strategic priorities, which we're confident will allow us to continue growing with both our existing clients and new to firm.

非常感谢，瑞克。所以你们都听到库尔特说的了 -- 瓦尔特和瑞克谈到了我们在市场上不断增长的动力，这是由我们的无权衡定位和现有客户的满意度和忠诚度所推动的；我们在美利达整合方面取得的重大进展以及我们正在努力解锁这一组合带来的重大机遇的成功；以及我们在四个战略重点方面的进展和计划，我们相信这将使我们能够继续与我们现有的客户和新客户一起增长。

In my time today, I'll review our solid first quarter financial performance. I'll provide an update on some of the key factors influencing our near-term story and I'll share some high-level thoughts on the rest of 2024, though recognizing that it's still early in the year, so we won't be sharing updated mathematical illustrations until July.

在今天的时间里，我将回顾我们稳健的第一季度财务表现。我将更新一些影响我们短期故事的关键因素，并分享一些关于 2024 年其余时间的高层思考，尽管我们意识到今年仍处于早期阶段，因此我们将等到 7 月才分享更新的数学插图。

The important point is that we sit here today, one year removed from the events surrounding the regional banking crisis, we are in a very strong position with nearly all key business and financial indicators improving, in some cases, substantially. We've seen meaningful progress back towards our historical pace of organic growth, a continued moderation of client cash realignment activity with the pace slowing even faster than our expectations. A further reduction in the usage of supplemental borrowing, revenue and earnings that have bounced up from the prior quarter with much more room to grow throughout this year and beyond. Continued expense discipline with head count down modestly from year-end and a full 10% lower from the year-ago levels. And finally, a continued increase in our capital levels, both our regulatory levels and those inclusive of AOCI.

重要的一点是，我们今天坐在这里，距离围绕区域银行危机的事件已经过去一年，我们处于非常强势的位置，几乎所有关键的业务和财务指标都在改善，有些情况下甚至是显著改善。我们看到了朝着历史有机增长步伐的有意义进展，客户现金重新调整活动持续减缓，速度甚至比我们的预期更快。辅助借款使用进一步减少，收入和盈利已经从上一季度反弹，并且在今年及以后有更大增长空间。继续控制开支，员工人数从年底略微减少，比去年同期降低了整整 10%。最后，我们的资本水平持续增加，无论是我们的监管水平还是包括 AOCI 在内的水平。

Now back in January, Walt and I both said that 2024 is likely to be somewhat of a transitional year from a financial standpoint, but along with steadily improving financial results, the bridge from what proved to be a challenging 2023 to what we believe is a very promising future ahead. One quarter of the way through the year that transition is well on its way, as our core earnings power is becoming less obscured by some of the near-term headwinds and our long-term financial formula that you're all familiar with growth in the client franchise, driving scale in the business, leading to improving financials and ultimately, capital return re-enters the picture.

现在回到一月份，沃尔特和我都说，从财务角度来看，2024 年可能会是一个过渡性的一年，但随着财务业绩稳步改善，从我们认为前景非常光明的 2023 年的挑战到我们认为前景非常光明的未来的桥梁。年初的一个季度过去了，这种过渡正在顺利进行，我们的核心盈利能力正在逐渐摆脱一些短期阻力，我们长期的财务公式，您都熟悉的客户特许经营增长，业务规模扩大，导致财务状况改善，最终，资本回报重新进入视野。

As Walt mentioned, the first quarter has been characterized by a supportive macro backdrop, increased engagement and solid organic growth. We saw that reflected in external benchmarks, such as the S&P 500 as well as key drivers of our business performance, including trading activity up 15% from the first quarter -- sorry, fourth quarter of 2023 and margin balances up 9% sequentially as well.

正如沃尔特所提到的，第一季度的特点是宏观背景支持良好，参与度增加和有力的有机增长。我们看到这一点体现在外部基准上，如标普 500 指数，以及我们业务表现的关键驱动因素，包括交易活动比 2023 年第一季度增长了 15% -- 抱歉，与 2023 年第四季度相比，保证金余额也按顺序增长了 9%。

That constructive foundation paved the way for our financial performance to improve significantly from the fourth quarter with $4.7 billion of revenue driven by a 5% sequential increase in net interest revenue and a record $1.3 billion of asset management and admin fees, an adjusted pretax margin of roughly 41%, up nearly 500 basis points sequentially and adjusted EPS of $0.74, up $0.06 from the prior quarter, a demonstration of the leverage our model provides as the headwinds we've been facing begin to abate.

那个建设性的基础为我们的财务表现铺平了道路，第四季度的收入达到了 47 亿美元，受益于净利息收入环比增长 5%和创纪录的 13 亿美元的资产管理和行政费用，调整前税前利润率约为 41%，环比增长近 500 个基点，调整后每股收益为 0.74 美元，比上一季度增加了 0.06 美元，显示了我们模式提供的杠杆效应，随着我们一直面临的逆风开始减弱。

Now turning our attention to the balance sheet. Total assets dropped by 5% driven by the pay down of parent-level debt and the continuation, albeit at a much slower pace of the client cash realignment activity we've experienced roughly two years. We saw a notable reduction in activity from January to February and March. And the overall level of realignment in the quarter was more than 80% less than the same quarter in 2023. And within the bank was an amount that we could support with the cash flow from the investment portfolio. And that allowed us to reduce our usage of supplemental borrowing by nearly $9 billion during the quarter, bringing the total down roughly $25 billion from the peak last May.

现在让我们转向资产负债表。总资产下降了 5%，这是由于偿还母公司债务以及客户现金重新调整活动的继续，尽管速度要慢得多，我们大约两年前经历过这种活动。我们看到从一月到二月和三月的活动明显减少。本季度的整体重新调整水平比 2023 年同期减少了 80%以上。在银行内部，我们可以用投资组合的现金流支持的金额。这使我们在本季度几乎减少了近 90 亿美元的额外借款使用，使总额从去年五月的峰值下降了大约 250 亿美元。

And finally, despite increasing rates during the quarter, our capital position continues to get even stronger with our consolidated Tier 1 leverage ratio rising to 8.8% and our adjusted Tier 1 leverage ratio, inclusive of AOCI and therefore, what our binding constraint would be if we lose the AOCI opt-out at Schwab Bank now at 5.7%, meaning that we're now above what will likely be the new well-capitalized standard at our banks over four years ahead of the earliest anticipated implementation date.

最后，尽管本季度利率上升，我们的资本状况仍在不断加强，我们的综合第一层资本杠杆比率上升至 8.8％，我们的调整后第一层资本杠杆比率，包括 AOCI，因此，如果我们在施瓦布银行失去 AOCI 选择权，我们的约束将是什么，现在为 5.7％，这意味着我们现在高于我们银行可能在四年内最早预期的实施日期之前的新的充足资本标准。

During last quarter's update, we talked about the slowing pace of client cash realignment but we also shared our expectation that we're likely to see some typical seasonal activity to start the year. And that's indeed been the case. And while clients continue to engage in the market, both the number of newer realigners and the size of those realignment events continues to trend lower, bringing us ever closer to the point where any residual activity among existing clients will be more than offset by the contribution of cash from new accounts and making client cash realignment a story that we're optimistic will soon move to the back pages.

在上个季度的更新中，我们谈到客户现金重新配置的步伐放缓，但我们也分享了我们预计在年初可能会看到一些典型的季节性活动。事实果然如此。虽然客户继续参与市场，但新重新配置者的数量和重新配置事件的规模继续下降，使我们越来越接近这样一个点：现有客户的任何剩余活动都将被新账户的现金贡献所抵消，使客户现金重新配置的故事很快将转移到后面的页面。

Now as we turn our attention from the solid quarter we just completed what we expect to be a very bright future, we expect our net interest margin to expand through 2024 and 2025 and approached 3% by the end of 2025, driven mostly by the pay down supplemental borrowing. Now the actual pace of paying off that borrowing will be influenced, of course, by the level of deposit growth but also by the growth of margin balances. And why is that?

现在，当我们将注意力从刚刚完成的强劲季度转向我们预期将会是一个非常光明的未来时，我们预计我们的净利差将在 2024 年和 2025 年扩大，并在 2025 年底接近 3%，主要受到偿还补充借款的推动。现在，当然，偿还这些借款的实际速度将受到存款增长水平以及保证金余额增长的影响。为什么会这样呢？

Given the way that the liquidity ratio or LCR rule works for every dollar of margin balance growth, we need an extra roughly $1.50 of client cash of the broker-dealers. And that requires us to reroute some client cash balances from bank sweep to the broker-dealer cash solution. And those are balances that we'd otherwise have used to pay down the supplemental borrowing. But I want to make very clear that increased margin loans expand both our net interest margin and our net interest revenue. We are happy to carry some of these supplemental borrowings at roughly 5-ish percent to support lending activity that currently generates closer to 8%.

鉴于流动性比率或 LCR 规则的运作方式，对于每增加一美元的保证金余额，我们需要额外大约 1.50 美元的经纪商客户现金。这要求我们将一些客户现金余额从银行扫描转移到经纪商现金解决方案。这些是我们本来打算用来偿还额外借款的余额。但我要非常明确地指出，增加的保证金贷款既扩大了我们的净利息差，也扩大了我们的净利息收入。我们很乐意以大约 5%左右的利率承担一些这些额外借款，以支持目前产生接近 8%的放贷活动。

Now on the expense side, we continue to maintain spending discipline with the objective of flattish expenses year-over-year. Even as we have grown accounts and assets during the quarter, average head count dropped roughly 3% from the fourth quarter and is down nearly 10% year-over-year. But of course, the ultimate path of expenses will depend to a certain extent on some volume-related factors such as trading and equity market valuations which, of course, correspond to revenue.

现在在支出方面，我们继续保持支出纪律，目标是使支出年度保持基本平稳。尽管在本季度我们增加了账户和资产，但平均人数比上一季度下降了大约 3%，与去年同期相比下降了近 10%。当然，支出的最终路径在一定程度上将取决于一些与交易和股票市场估值相关的因素，这些因素当然与收入相对应。

And finally, we continue to expect strong growth revenue and earnings through the year with an exit velocity in the fourth quarter substantially higher than where we are today and the potential for continued sequential growth in 2025 and beyond.

最后，我们继续预计全年收入和收益将保持强劲增长，第四季度的退出速度将大幅高于我们今天的水平，并有望在 2025 年及以后实现持续的顺序增长。

Now one final but important point I would make, the long-term NIM expectation I communicated is based off the dot plot forecast from a few weeks ago in anticipation that we'd see interest rates come down in the coming years. And to the extent those rates stay higher for longer that is a good thing for our business. We are asset-sensitive. A continuation of higher rates means higher yields on the -- a little bit more than 1/3 of our assets that are floating, margin loans, lend -- pledged asset lines cash, et cetera, and potentially, more time for us to capitalize on higher rates once we resume our investment activity following the pay down of our supplemental borrowing. So again, if we don't see 150 basis points of easing by the end of 2025, as the Fed suggested a few weeks ago, our net interest margin could actually exceed that 3% figure above all else being equal.

现在我要强调的最后一个但重要的观点是，我所传达的长期 NIM 预期是基于几周前的点阵预测，预计我们将在未来几年看到利率下降。在更长时间内，如果这些利率保持较高水平，这对我们的业务是有利的。我们是资产敏感型。利率继续上升意味着我们约三分之一的浮动资产，如保证金贷款、质押资产线、现金等，将获得更高的收益，而且可能会有更多时间让我们在偿还补充借款后恢复投资活动时从更高的利率中获利。因此，如果我们在 2025 年底之前没有看到 150 个基点的宽松，正如几周前美联储所暗示的那样，那么在其他一切条件相等的情况下，我们的净利差实际上可能会超过上述的 3%。

Despite -- and finally, despite long-term rates that moved higher during the quarter, our capital ratios have continued to grow with our banks now all measurably above the well-capitalized level, even if AOCI is included. And we continue to expect our consolidated adjusted Tier 1 leverage ratio to reach the upper 6% range by the end of 2024, at which point we'll be in a position to at least consider potential options for resuming further capital return. And that paves the way for return to our long-term financial formula, one that combines our position as the premier asset gatherer in our industry with a track record of consistent 5% to 7% organic growth through the cycle, industry-leading client loyalty, a leadership position in the two fastest growing segments within wealth management and significant opportunity in front of us.

尽管在本季度长期利率上升的情况下，我们的资本比率仍在不断增长，我们的银行现在全部都明显高于充足资本水平，即使包括 AOCI 在内。我们继续预计，到 2024 年底，我们的调整后的一级杠杆比率将达到 6%以上的上限范围，届时我们将至少考虑恢复进一步资本回报的潜在选择。这为我们回归长期财务公式铺平了道路，这个公式将我们作为行业内首要资产聚集者的地位与在整个周期内保持 5%至 7%有机增长的稳定记录相结合，行业领先的客户忠诚度，以及在财富管理领域两个增长最快细分市场的领导地位和我们面前的巨大机遇。

Our diversified revenue model allowing us to convert asset growth into revenue growth with contributions from net interest revenue, asset management fees and trading and over the next several years, a major tailwind in the form of NIM expansion, a focus on disciplined expense management, highlighted by a recognition that our low-cost structure is a big competitive advantage as Rick talked about and a scalable business model that enables both margin expansion over time and investments to continue to grow the business and a business model that can combine that strong organic growth and revenue growth with more meaningful capital return as our capital levels inclusive of AOCI march higher. This is a formula that has worked in the past and it's every bit as relevant today as ever.

With that, I'll turn it over to Jeff to facilitate our Q&A.

有了这个，我将把话题交给杰夫来主持我们的问答环节。

Question-and-Answer Session

问答环节

A - Jeff Edwards

Operator, can you please check the queue and see if we have any questions?

操作员，请检查队列，看看我们是否有任何问题？

Operator 操作员

[Operator Instructions] And our first question comes from Ken Worthington with JPMorgan.

【操作员指示】我们的第一个问题来自摄派摩根的肯·沃辛顿。

Kenneth Worthington 肯尼斯·沃辛顿

You paid down $2.4 billion of Federal Home Loan Bank borrowing, $9.1 billion of CDs this quarter, so $11.5 billion in total. Is this the pace of borrowing pay down that you would expect for the next couple of quarters? And to what extent are the higher markets and greater asset levels and the solid volume helping to boost the pace of payback versus your initial expectations?

您在本季度偿还了 24 亿美元的联邦住房贷款银行借款，91 亿美元的存单，总计 115 亿美元。这种偿还借款的速度是否符合您对未来几个季度的预期？高市场、更高资产水平和稳定的交易量在多大程度上有助于加快偿还速度，超过了您最初的预期？

Peter Crawford 彼得·克劳福德

Yes, Ken. So we're certainly -- our priority is to pay down the supplemental borrowings, both the CDs and the FHLB, as quickly as we possibly can. And the pace of paying that down is really driven by the -- as I mentioned in my comments both the levels of transactional cash that we see as well as the mix of that transactional cash between the bank and the broker-dealer. So we'll do it as quickly as we can. To the extent that we see greater contributions from new accounts and a greater level of deposit growth that will accelerate that.

是的，肯。因此，我们的首要任务是尽可能快地偿还补充借款，包括存单和 FHLB。偿还速度实际上受到驱动，正如我在评论中提到的，主要取决于我们看到的交易现金水平以及该交易现金在银行和经纪商之间的比例。我们会尽快偿还。如果我们看到新账户的贡献增加以及存款增长水平提高，那将加快偿还速度。

In terms of the market engagement in the strong markets, it's really sort of two forces going on there. When markets are higher and moving higher, we do see clients more likely to change their asset allocation and move into the equity markets and that ends up being a negative for some of that cash. On the other hand, when markets are higher, clients are more engaged and so they're more likely to add to their accounts with money from outside of Schwab. And so that's certainly a positive for us as well.

就强劲市场的市场参与而言，实际上存在两股力量。当市场走高并继续上涨时，我们确实看到客户更有可能改变其资产配置并转向股票市场，这最终对一些现金构成了负面影响。另一方面，当市场走高时，客户更加参与，因此更有可能通过外部资金向其账户增加资金，这对我们来说当然也是一个积极因素。

Operator 操作员

Our next question is from Steven Chubak with Wolfe Research.

我们下一个问题来自沃尔夫研究的史蒂文·楚巴克。

Steven Chubak 史蒂文·楚巴克

So I wanted to ask a question on the sweep cash growth algorithm. Just given sorting is in the very late innings, the second derivative on sweep cash is steadily improving, was hoping you could speak to the proportion of new cash dollars are getting deployed into money market versus bank sweep and how that informs expectations for when sweep deposits could not only stabilize but actually begin to inflect positively.

所以我想问一个关于扫描现金增长算法的问题。鉴于排序已经处于非常后期，扫描现金的二阶导数稳步改善，希望您能谈谈新现金美元投入货币市场与银行扫描的比例，以及这如何影响对扫描存款何时不仅能够稳定，而且实际上开始呈现积极变化的预期。

Peter Crawford 彼得·克劳福德

Yes. So Steven, I would say that when you look at the new accounts, you tend to over time, look a lot like the existing accounts. They come in with a heavier portion of cash than -- but we are seeing some of the new accounts kind of realigning ahead of bringing that money -- that business to Schwab.

是的。所以史蒂文，我想说的是，当你看新账户时，随着时间的推移，它们很大程度上看起来很像现有账户。它们带来的现金比例更高，但我们看到一些新账户在将资金带到施瓦布之前进行了一些重新调整。

One of the things we saw in this last quarter, for example, is we saw that our transferred accounts dollars were actually a higher portion of our net new assets than they've been for last year. That is a good thing. I mean that means we are winning business from competitors. Clients are entrusting us and choosing to ship more of their business to Schwab versus our competitors. But that also means that some of that net new assets is coming in the form of securities and mutual funds, et cetera. So it really depends.

例如，在上个季度我们看到的一件事是，我们发现我们转移的账户资金实际上占我们净新增资产的比例比去年更高。这是一件好事。我的意思是这意味着我们正在从竞争对手那里赢得业务。客户正在信任我们，并选择将更多业务转移到施瓦布，而不是我们的竞争对手。但这也意味着一些净新增资产是以证券和共同基金等形式进入的。所以这真的取决于情况。

Our expectation, of course, is we will see that the realignment among the existing clients continue to moderate not necessarily go to zero, but continue to moderate and then get offset by -- as we see growth from contribution of cash from new accounts over time and we'll see a resumption of deposit growth. And over time, our transactional cash will grow with the growth in accounts and the growth of our total assets.

我们的预期当然是，我们将看到现有客户之间的重新调整继续逐渐减少，不一定会降至零，但会继续逐渐减少，然后通过新账户的现金贡献带来增长来抵消，随着时间的推移，我们将看到存款增长的恢复。随着账户和总资产的增长，我们的交易现金也将随之增长。

Operator 操作员

Our next question comes from Alex Blostein with Goldman Sachs.

我们下一个问题来自高盛的 Alex Blostein。

Alexander Blostein 亚历山大·布洛斯坦

Could you guys expand a little bit more on the capital return priorities as you make your way back to higher capital ratios as you pointed out over the last couple of quarters? Would the preference be to a larger buyback, maybe kind of how we saw in the past or something else?

你们能否在回到较高资本比率的过程中更详细地扩展一下资本回报优先事项？是否更倾向于更大规模的股票回购，或者类似我们过去看到的情况？

Peter Crawford 彼得·克劳福德

So certainly, capital return it remains a very important part of our financial formula. We've obviously paused our buyback at the moment to enable us to more quickly grow into what we expect will be our new capital requirements. But our baseline forecast anticipates that our capital level is growing inclusive of AOCI growing to the levels that we had excluding AOCI previously. And at that point, we expect to be in a position to at least consider, as I mentioned, returning more capital to our stockholders.

因此，资本回报仍然是我们财务公式中非常重要的一部分。显然，我们目前已暂停回购，以便更快地发展成我们预期的新资本需求。但我们的基准预测预计，我们的资本水平正在增长，包括 AOCI 增长到之前不包括 AOCI 的水平。在那时，我们期望能够至少考虑，正如我提到的，向我们的股东返还更多资本。

Again, it's not -- we've always said our buyback is opportunistic, not programmatic, not automatic. And in terms of our capital return priorities, we always consider a few different things. We look, of course, at our dividend, which tends to grow with growth in earnings. We look at doing common buybacks. And then, of course, we also look at preferred redemptions as well. And we'd want to look at the full landscape, I guess, if you will and also take into consideration as we do so, the interest rate environment, what we're seeing from clients, the level of supplemental borrowing we have outstanding and so forth. But those are all the different aspects, the different vehicles that we consider as we think about capital return. But again, capital return is a very, very important part of our financial formula and something we think, as you look over time, will continue to be very, very important for the company.

再次强调，我们一直说我们的回购是机会主义的，而不是程序化的，也不是自动的。在我们的资本回报优先事项方面，我们总是考虑几个不同的因素。我们当然会关注我们的股息，它往往会随着收入增长而增长。我们会考虑进行普通股回购。当然，我们也会考虑优先股赎回。我们希望全面考虑整个情况，同时也要考虑我们所处的利率环境，客户的需求，我们尚未偿还的额外借款水平等等。但这些都是我们在考虑资本回报时考虑的不同方面、不同工具。但再次强调，资本回报是我们财务公式中非常重要的一部分，我们认为随着时间的推移，它将继续对公司非常重要。

Jeff Edwards 杰夫·爱德华兹

Hi, operator. We have a few questions that have kind of trickled in over the course of the day on the console here, so maybe let's insert one. Maybe this one is for Walt. Recognizing this is a bit of a topic to jour across most industries, could you spend a minute talking about the role of AI or artificial intelligence in Schwab's go-forward strategy?

嗨，操作员。今天在控制台上出现了一些问题，也许我们可以插入一个。也许这个问题是给沃尔特的。认识到这在大多数行业都是一个话题，您能花一分钟谈谈 AI 或人工智能在施瓦布的未来战略中的作用吗？

Walt Bettinger 沃尔特·贝廷格

You're right. There's an incredible amount of hype that you have to sort through here. But we do believe that AI has a lot of long-term potential for us in making a difference in serving our various client segments. I think it -- for us, it can really impact the efficiency of service as well as enhance digital experiences for our clients. At the same time, we tend to believe that it will be the marriage of AI with humans that will deliver best for our clients.

你说得对。在这里，有大量的炒作需要筛选。但我们确信人工智能对我们在为各种客户群体提供服务方面具有长期潜力。我认为，对我们来说，它确实可以提高服务效率，同时增强客户的数字体验。与此同时，我们倾向于认为，人工智能与人类的结合将为我们的客户带来最佳效果。

Of course, we have been very active in the use of AI for things like security and fraud detection for a number of years. And of course, the challenge is there. It's also being leveraged by bad actors. So there's a constant effort to stay a couple of steps ahead there from a security and fraud detection.

当然，多年来我们一直非常积极地利用人工智能来进行安全和欺诈检测等工作。当然，挑战是存在的。坏人也在利用它。因此，我们需要不断努力保持在安全和欺诈检测方面领先几步。

I think from a productivity and efficiency standpoint, big opportunities are there. And a very simple example is take the difference between someone answering a client call who has a year of experience versus someone that has 20 years of experience that gap today, even with access to our knowledge center capability, likely exists just given the difference in tenure and experience. I would expect that gap to close dramatically given some of the projects and initiatives that we have going on with AI today that will provide real-time knowledge support for all of our reps.

从生产力和效率的角度来看，存在着巨大的机遇。一个非常简单的例子是，一个有一年经验的人接听客户电话与一个有 20 年经验的人之间的差距，即使有我们的知识中心能力，今天这种差距可能仍然存在，仅仅是因为在任职时间和经验上的差异。我期望这种差距会在我们目前正在进行的一些涉及人工智能的项目和倡议的支持下得到极大缩小，这将为我们所有的代表提供实时知识支持。

When you switch over to something like generative AI, I think it's going to be a while to watch that technology mature. I know that may not match some of the hype that we hear some speaking of. But I think that technology will need to mature. There will be a lot of work that will go on with regulators along the way to ensure that we can deliver for clients without some of the inherent biases that you sometimes see.

当您转向诸如生成式人工智能之类的技术时，我认为需要一段时间来观察该技术的成熟。我知道这可能与我们听到一些人炒作的内容不符。但我认为这项技术需要成熟。在这个过程中，将会有很多与监管机构合作的工作，以确保我们可以为客户提供服务，而不会出现有时会看到的固有偏见。

But AI is a big, big opportunity for us to further delight our clients to deliver on the Brilliant Basics that Rick spoke of and continue to ensure fairness and transparency and accountability with AI usage as we navigate the opportunities that will be present there.

但是，人工智能对我们来说是一个巨大的机遇，可以进一步让我们的客户感到满意，实现里克所说的出色基础，并继续确保在利用人工智能时公平、透明和负责任，以便在那里出现的机遇中前行。

Operator 操作员

And our next question comes from Brennan Hawken with UBS.

我们的下一个问题来自瑞银的布伦南·霍肯。

Brennan Hawken 布伦南·霍肯

Given that today is April 15 and we have our taxes due, hoping that you could give us an update around what trends you've seen around tax payments month to date and maybe an early read on how this tax season compares with other tax seasons you've seen.

鉴于今天是 4 月 15 日，我们的税款到期，希望您能就迄今为止的税款支付趋势以及本税季与您见过的其他税季相比提供更新。

Peter Crawford 彼得·克劳福德

Sure, Brennan. So we're still not all the way through -- obviously, through the tax season. But I would say on the whole this tax season is proceeding, generally speaking consistent with our expectations. It looks a lot more like tax seasons from years prior to '22 and '23 with more of our clients' cash being in money funds. A lot more of the tax payments are being paid by -- through redemptions of those money funds, again, not surprisingly. So, overall consistent with what we've seen and again in previous years before '22 and '23.

当然，布伦南。所以我们还没有完全度过——显然，还没有度过税季。但总体而言，我会说这个税季正在进行，总体上符合我们的预期。与之前'22 和'23 年更像的税季，更多的客户现金存放在货币基金中。更多的税款是通过这些货币基金的赎回支付的，这并不奇怪。总体而言，与我们之前在'22 和'23 年之前看到的情况一致。

Operator 操作员

Our next question comes from Devin Ryan with Citizens JMP.

我们下一个问题来自 Citizens JMP 的 Devin Ryan。

Devin Ryan 德文·瑞安

So you guys have about $350 billion more in money market balances today than you guys did at the beginning of 2022 when the Fed policy shifted. So if the path of interest rates is lower from here, how sticky are those balances? And do you think your money flowing out of money market funds over time, is that a net opportunity for Schwab or is it drag? I guess it would just seem to matter where some of that money would flow. So it'd be great to get an update there given how large those balances are today?

所以你们今天的货币市场余额比 2022 年初联邦政策转变时多了大约 3500 亿美元。所以如果利率路径从这里开始下降，这些余额有多难移动？你们认为随着时间推移，你们的资金从货币市场基金流出，这对施瓦布是净机会还是拖累？我想这似乎取决于这些资金将流向何处。鉴于今天这些余额有多大，了解最新情况将是很好的。

Peter Crawford 彼得·克劳福德

Yes. So I guess I would want to split that into two pieces. You're right. So obviously, balances of money funds are certainly a lot higher today than they were a few years ago and obviously higher than when we were in the zero interest rate environment. To the extent that money -- so it depends on why that money is flowing out of money funds. If it's flowing out of money funds into the equity markets, in the mutual funds, et cetera, of course, it then depends on what the vehicle is. If it's flowing out of money funds into cash on our balance sheet, then clearly, that's a positive for us from a revenue standpoint.

是的。所以我想我会把它分成两部分。你是对的。显然，货币基金的余额今天肯定比几年前高得多，显然也比我们处于零利率环境时高得多。就资金流出货币基金的原因而言，这取决于资金流向何处。如果资金从货币基金流向股票市场、共同基金等，那么这取决于资金流向的是什么工具。如果资金从货币基金流向我们资产负债表上的现金，那显然从收入的角度来看，这对我们是有利的。

What I'd say is if interest -- our expectation is if interest rates fall modestly under 100 basis points or something like that you'd see a -- over time, you'd see a little bit of a shift in the proportion of cash that's sitting in those transactional cash solutions like bank sweep and the broker-dealer cash solution versus money funds. It's not going to happen immediately. It's not like people sell their money funds when rates fall by 75 basis points. But what happens is if they need cash, they may sell a money fund. And if they want to -- if the cash accumulates, then maybe on the margin somewhat less likely to put that into a money fund. And so over time, you see that shift change slightly.

我想说的是，如果利率下降了一点点，比如低于 100 个基点，我们的预期是，随着时间的推移，你会看到像银行扫描和经纪商现金解决方案这样的交易性现金解决方案中现金比例会有一些变化，相对于货币基金。这不会立即发生。当利率下降了 75 个基点时，人们不会立即卖掉他们的货币基金。但会发生的是，如果他们需要现金，他们可能会卖出货币基金。如果现金积累起来，那么也许在边际上更不太可能将其投入货币基金。因此，随着时间的推移，你会看到这种变化略微发生变化。

Where you see a much more dramatic impact would be if -- of course, if rates fall back to levels that we saw in 2020 and 2021. That tends to be the period of time where you'd see a much more significant reduction or shift from money funds onto transactional cash. And the nice thing about that -- is -- that is something where -- in an environment like that, where spreads on some of our floating rate assets compress, having more of that cash on our balance sheet allows us to offset some or all of that impact. So it is sort of some dry powder, if you will that helps mitigate the revenue -- potential revenue impact from a very low interest rate environment.

如果利率回落至 2020 年和 2021 年的水平，您将看到更加显著的影响。那往往是您会看到更显著的资金基金向交易性现金转移或减少的时期。而其中的好处是，在这样的环境中，我们浮动利率资产的利差收窄，拥有更多现金在我们的资产负债表上可以抵消部分或全部的影响。因此，这种现金可以帮助缓解来自极低利率环境的潜在收入影响，可以说是一种干粉。

Jeff Edwards 杰夫·爱德华兹

I'm going to push out one more of those console questions here. I think this one is for Rick. It was great to see the interest from the Ameritrade side in terms of enrollments in Schwab Wealth Advisory. Maybe a little more color about what other advice solutions they're gravitating towards?

我打算在这里再提出一个游戏机问题。我认为这个问题是给瑞克的。很高兴看到美林证券方面对施瓦布财富咨询的注册人数表现出的兴趣。也许可以多谈谈他们对其他咨询解决方案的偏好？

Rick Wurster

Jeff, maybe before I dive into the wealth solutions they're gravitating towards, I'll just make a comment about the overall integration. We've gone through now four transition weekends. We'll have our fifth coming up shortly. From an operational standpoint, those have gone exceptionally well. And as Walt shared earlier, the more time Ameritrade clients spend at Schwab, the happier they become, as you see the robust expansion in their Client Promoter Scores.

杰夫，也许在我深入探讨他们倾向于的财富解决方案之前，我只是想就整体整合发表一下评论。我们现在已经经历了四个过渡周末。第五个即将到来。从运营的角度来看，这些过渡非常顺利。正如沃尔特之前分享的，客户在施瓦布停留的时间越长，他们就会变得越快乐，你会看到他们的客户推荐者评分得到了强劲的增长。

We're now getting to what I think is the most exciting part of the combination, which is the ability to introduce the combined capabilities of our two firms to both sets of clients. And we've seen the number of Schwab clients that are using thinkorswim, we saw those double in the first quarter. So our Schwab clients are taking advantage of one of the great capabilities of Ameritrade, which was its trading and educational platform. And we're seeing the same thing happen for Ameritrade clients.

我们现在进入我认为是组合中最令人兴奋的部分，即能够向两家公司的客户介绍我们两家公司的综合能力。我们看到施瓦布客户使用 thinkorswim 的数量在第一季度翻了一番。因此，我们的施瓦布客户正在利用美利达的一个伟大能力，即其交易和教育平台。我们也看到同样的情况发生在美利达客户身上。

Our wealth platform, we think is incredibly strong. And we've been able to introduce it to the Ameritrade clients through our relationship building and through a different approach to engaging with clients that's holistic and wealth and financial planning-oriented. And that has led to much greater engagement and wealth solutions among Ameritrade clients than in the past. In fact, we've seen 97% of legacy Ameritrade FCs have opened up some form of wealth or advice solutions in the first quarter.

我们认为我们的财富平台非常强大。通过我们的关系建立和与客户互动的不同方式，我们已经成功向美利达客户推介了这一平台，这种方式是全面的、以财富和财务规划为导向的。这导致美利达客户在财富解决方案上的参与度大大提高，超过了以往。事实上，我们看到 97%的传统美利达 FC 在第一季度开展了某种形式的财富或建议解决方案。

In terms of your specific question, what they're gravitating towards, Jeff, the majority of the assets are going towards full-service wealth solutions either our Schwab Wealth Advisory capability or our Schwab Advisor Network, which makes RIAs available to our clients. They've also gravitated towards Schwab Personalized Indexing and to Wasmer Schroeder. So those would be the four, but the majority of flows are going to full-service wealth. And that's exactly the power of the combination that we thought we'd see and we're seeing it. And what's most gratifying about that for us is that on the other end of that is a client who's like we're making a big difference in. So we're excited about these trends.

就您具体的问题而言，杰夫，大部分资产都流向了全方位财富解决方案，要么是我们的施瓦布财富咨询能力，要么是我们的施瓦布顾问网络，这使得 RIA 可供我们的客户使用。他们还倾向于选择施瓦布个性化指数和 Wasmer Schroeder。所以这四个方面，但大部分资金流向全方位财富。这正是我们认为会看到的组合力量，我们正在看到。对我们来说最令人满意的是，在这背后是一个客户，他们感受到我们正在做出的重大改变。因此，我们对这些趋势感到兴奋。

Operator 操作员

And our next question is from Brian Bedell with Deutsche Bank.

我们的下一个问题来自德意志银行的 Brian Bedell。

Brian Bedell 布莱恩·贝德尔

Maybe just back on the balance sheet, Peter in relation to the tax season. Assuming, obviously, that we'd get a contraction in the balance sheet in the month of April just given tax season but can you talk a little bit more about investing client risk on behavior investing in assets and then that coming more from the money market funds versus the transactional cash? And maybe just your confidence that the earning assets could rebuild throughout the year back to 1Q levels at the end of March or even potentially exceed that?

也许只是回到资产负债表上，彼得关于税季的问题。假设，显然，我们会在四月份的资产负债表中出现收缩，仅仅是因为税季，但您能否再谈一下关于投资客户风险行为投资在资产上，然后这更多地来自货币市场基金而不是交易性现金？也许您可以谈一下您对收益资产能否在整个年度内重建至 3 月底的 1Q 水平甚至可能超过这一水平的信心？

Peter Crawford 彼得·克劳福德

Yes. So I'm not sure entirely -- I guess what I'd say is, let me just try to answer your question maybe a little bit higher level, so -- without making serve prediction around where we're going to end the year, right? Back in January, we shared those mathematic illustrations steering clear of giving you a specific prediction. And the reason we did that is because the actual pace of deposit growth depends on a number of factors that are frankly hard to anticipate, right? It depends on what's going to happen with interest rates, investor sentiment, the pace of new account formation and the level of the contribution of cash from those new accounts. And those same dynamics are true today.

是的。所以我不完全确定——我想我会这样说，让我试着用一个稍微高层次的方式来回答你的问题，所以——不会围绕我们将在年底结束的地方做出具体预测，对吧？在一月份，我们分享了那些数学插图，避免给你一个具体的预测。我们这样做的原因是因为存款增长的实际速度取决于一些难以预料的因素，对吧？这取决于利率的走势、投资者情绪、新账户形成的速度以及这些新账户中现金的贡献水平。而这些动态因素今天仍然存在。

As I mentioned, our clients -- in a strong equity market, clients tend to be net buyers of equities, although the impact is probably not as great as you might think. Oftentimes, when I look at the daily flows of into and out of equities. And oftentimes, you'll see our clients buying equities on those down days because they end up seeing it as an opportunity to step into the market and buy the dip if it -- as it were.

正如我所提到的，我们的客户——在一个强劲的股票市场中，客户往往是股票的净买家，尽管影响可能没有你想象的那么大。往往当我看每日股票的流入和流出时，你会看到我们的客户在那些下跌的日子购买股票，因为他们认为这是一个进入市场并买入低点的机会。

I think the more significant impact is that at a time when the markets are -- when clients are feeling more enthusiastic, when investor sentiment is higher, they do tend to put more money into their accounts, both cash as well as they're more engaged in their accounts. And what we've seen over time is that when clients are more engaged in the investing process that is a period of time when we tend to win that -- when clients sort of pick up their head and sort of look around and say, I want to invest they tend to shop around a little bit more and in those situations, we tend to be a winner in terms of business. And so that, I think is part of the reason that we've seen a very strong transfer of accounts this quarter and we're gratified by that and hope that continues.

我认为更重要的影响是，在市场处于--客户感到更加热情、投资者情绪更高的时候，他们往往会向他们的账户投入更多资金，无论是现金还是更加积极参与他们的账户。随着时间的推移，我们发现当客户更加投入投资过程时，那是我们往往赢得胜利的时期--当客户抬起头来四处张望并表示，我想要投资时，他们往往会多逛逛，而在这些情况下，我们往往会在业务方面获胜。因此，我认为这是我们在本季度看到账户转移非常强劲的原因之一，我们对此感到满意，并希望这种情况持续下去。

Operator 操作员

Our next question is from Bill Katz with TD Cowen.

我们的下一个问题来自 TD Cowen 的比尔·卡茨。

Bill Katz 比尔·卡茨

Maybe just to mix up the topics a little bit. Peter just coming back to expense guide for a moment. Q1 tends to be rather seasonally strong just given FICA and sort of payroll increases, et cetera. The 2.8 sort of annualized out to just over $11 billion, but just given head count reduction year-to-date and seasonal dynamics, how should we be thinking about the sort of full year bogey right now and the incremental margin on revenues?

也许只是为了稍微改变一下话题。彼得只是暂时回到费用指南。鉴于 FICA 和薪资增加等因素，第一季度往往季节性较强。2.8 年化后的数字超过 110 亿美元，但考虑到截至目前的员工人数减少和季节性动态，我们应该如何考虑目前全年的目标和收入的增量边际？

Peter Crawford 彼得·克劳福德

So Bill, we'll provide an updated expense outlook in our July update. As I mentioned in my prepared remarks, we're targeting flattish expense growth. We've definitely taken steps to limit our expenses and have been very disciplined in terms of the hiring and so forth. And that's why you've seen our overall labor equivalents come down from the end-of-year levels.

所以比尔，我们将在七月更新中提供最新的费用展望。正如我在我的准备好的讲话中提到的，我们的目标是费用增长基本持平。我们确实已经采取措施限制我们的费用，并在招聘等方面非常有纪律性。这就是为什么你看到我们的整体劳动力等价物从年底水平下降。

Over the course of this year, we'll continue to capture some of the remaining expense synergies related to the Ameritrade integration with the expectation that we'll have fully captured those on a run rate basis by the end of this year. I'm not going to get into sort of exactly timing around sort of when in the year we're going to capture those expense synergies but that's certainly our expectation. So we're targeting flattish expense growth.

在今年的过程中，我们将继续捕捉与美利达整合相关的剩余费用协同效应，预计到今年年底我们将完全实现这些效应。我不会详细讨论我们何时会实现这些费用协同效应，但这确实是我们的期望。因此，我们的目标是将费用增长控制在基本持平水平。

As you know, Bill, from following our company for a while, there are some expenses that grow and fall with levels of client engagement, things like trading. There's trading pass-through expenses that are aligned with revenue. There's third-party expenses that go up and down based on equity market valuations. There's, of course, our bonus funding, which goes up and down based off of our financial performance. So those are a little bit harder to gauge. But again, if they're going up that's certainly good from a revenue standpoint. But our objective right now is -- and continues to be to very disciplined on expenses and with the objective of maintaining that in a flattish level for the full year.

正如你所知，比尔，通过一段时间对我们公司的关注，有一些费用会随着客户参与程度的增减而增减，比如交易等。有与收入对齐的交易透支费用。有根据股票市场估值波动而上下波动的第三方费用。当然，我们的奖金资金也会根据我们的财务表现而上下波动。因此，这些有点难以衡量。但再次强调，如果它们在增加，从收入的角度来看当然是好事。但我们目前的目标是——并将继续保持非常谨慎地控制费用，并致力于全年将其保持在一个基本稳定的水平。

Jeff Edwards 杰夫·爱德华兹

Another question from the console here, this one is from Chris Ryan at Barclays. Walt, maybe you could start with this one. It's a question on retail competitive landscape. There's competitors that have been in the market with fairly attractive deposit matches, which appear to be driving cash inflows for the firms. Is this something that the firm is worthy of some sort of competitive response? Or is it something that Schwab isn't really worried about?

控制台上又有一个问题，这个问题来自巴克莱的克里斯·瑞安。沃尔特，也许你可以先回答这个问题。这是关于零售竞争格局的问题。市场上有一些竞争对手提供相当有吸引力的存款匹配，这似乎正在推动公司的现金流入。公司是否值得做出某种竞争性回应？还是说施瓦布并不真的担心这个问题？

Walter Bettinger 沃尔特·贝廷格

Let me first say that the least innovative thing any company can do in our industry is to buy business by giving someone cash. It is certainly a strategy that some firms employ. It is not a sustainable strategy over any period of time. It is not a sustainable strategy when you're talking about meaningful dollars. There have been some rare circumstances where we have chosen on certain clients to respond to those offers. When we have responded, we have been able to retain the clients that we wanted to retain for about 15% of what maybe an alternative firm might be offering in terms of cash, which I think is an interesting reflection of the way the client values the difference in their experience. There have been some clients that we have let go without offering any incentive to stay. Generally speaking, those are clients who have chosen to move assets that they have no intention of trading with or doing anything different with.

首先让我说，我们行业中任何公司可以做的最不创新的事情就是通过给予现金来购买业务。这确实是一些公司采用的策略。这不是一种持续的策略，无论是在任何时间段内。当涉及到有意义的资金时，这也不是一种可持续的策略。在某些罕见的情况下，我们选择对某些客户做出回应。当我们做出回应时，我们能够保留我们想要保留的客户，而这可能只是其他公司提供的现金的大约 15%，我认为这反映了客户对他们体验差异的价值看法。有一些客户我们让其离开而没有提供任何留下的激励。一般来说，这些客户选择转移资产，而他们并没有打算进行交易或做任何不同的事情。

So as an example, a client might have a significant holding in a given stock of Microsoft, NVIDIA, something like that. And they'll take advantage of one of these offers and move those individual positions while leaving the rest of their assets at Schwab. Knowing that they're not going to liquidate or trade or do anything with those assets and proactively telling us that as soon as the required holding period expires, they'll move those assets back to Schwab.

例如，客户可能在微软、英伟达等某只股票中持有大量股份。他们会利用这些优惠之一，调整这些个别头寸，同时将其余资产留在施瓦布。他们知道他们不会清算、交易或对这些资产采取任何行动，并主动告诉我们，一旦要求的持有期到期，他们将把这些资产转回施瓦布。

So again, it's something that goes on in our industry and we watch it very, very closely but it is not innovative and it is not sustainable as a means to grow. The only way to grow is to delight clients, offer them no trade-offs, operate your business through clients' eyes. That's the only way to have any form of sustainable organic growth. And we like our track record at that and are incredibly optimistic about our future with those approaches.

所以，这是我们行业中正在发生的事情，我们非常密切关注，但这并不是创新的，也不是可持续的增长手段。增长的唯一途径是让客户满意，为他们提供无需权衡的选择，通过客户的视角经营您的业务。这是实现任何形式的可持续有机增长的唯一途径。我们喜欢我们在这方面的记录，并对我们未来采取这些方法感到非常乐观。

Operator 操作员

And our next question is from Kyle Voigt with KBW.

我们的下一个问题来自 KBW 的 Kyle Voigt。

Kyle Voigt 凯尔·福格

Just given the steady progress now on supplemental funding pay down and as we look out over the next 12 months or so, it seems that we could be a zone whereby the securities book is no longer in runoff and you begin to reinvest or even grow the book. I'm wondering if we could get an update on how you're thinking about the ideal structure of securities portfolio in terms of fixed float mix and duration over the medium term. And should we expect any changes to your historical views on balance sheet structure as we get towards growing total interest-earning assets once again?

鉴于目前在补充资金偿还方面取得了稳步进展，展望未来 12 个月左右，似乎我们可能会进入一个证券账面不再处于逐渐减少状态的区域，并开始重新投资或甚至扩大账面。我想知道您对中期内证券投资组合的理想结构，包括固定浮动比例和久期，有何看法。随着我们逐渐增加利息收入资产，我们是否应该预期您对资产负债表结构的历史观点会有任何变化？

Peter Crawford 彼得·克劳福德

Sure. So we're still going through the process of thinking through that. You're right, we will be in a position, of course, to resume our reinvestment. I would characterize the sort of balance sheet changes being evolutionary versus revolutionary, we've always assumed that when we lose the AOCI opt-out that we would need to be very mindful about the size and duration of our available-for-sale portfolio given the potential variability -- capital variability that would create. And so I think you'll see us take some steps to manage that duration appropriately.

当然。所以我们仍在思考这个过程。你是对的，当然，我们将有能力恢复我们的再投资。我会将资产负债表变化描述为进化性而非革命性的，我们一直假设当我们失去 AOCI 选择退出时，我们需要非常谨慎地考虑我们可供出售投资组合的规模和持续时间，考虑到可能产生的资本变动性。因此，我认为你会看到我们采取一些措施来适当管理这段时间。

What that does in terms of if you think about our overall consolidated asset duration of sort of 2 to 2.5 years, sort of top of the house that's still really a TBD. But I think on the AFS portfolio, again, you'll see us take steps to manage that. As I say, I think the overall changes, they are going to be evolutionary versus, again, not revolutionary.

就整体资产持续时间而言，如果你考虑我们的整体资产持续时间大约为 2 至 2.5 年，那么在总部层面上，这仍然是一个待定的问题。但我认为在可供出售金融资产组合方面，你会看到我们采取措施来管理这一点。正如我所说，我认为整体变化将是渐进的，而不是革命性的。

Jeff Edwards 杰夫·爱德华兹

Looks like we have maybe time for one last question. So just given the continued interest here, maybe we'll do this last one from the console. And maybe Walt, you could start off. Just around the general approach that clients are taking on their cash and the continued evolution of those realignment trends more recently.

看起来我们可能还有时间再问一个问题。鉴于大家持续的兴趣，也许我们可以从控制台上进行最后一个提问。也许沃尔特，你可以开始。关于客户在现金方面采取的一般方法，以及最近这些重新调整趋势的持续演变。

Walter Bettinger 沃尔特·贝廷格

Yes. And of course, Peter touched a little bit on it on the earlier question around equity trades. I think if you look at the supplemental metrics that we provide with our earnings, it really tells an important story that the notion of client cash realigning is a story of 2022 and the early parts of 2023.

是的。当然，彼得在之前关于股票交易的问题上稍微提到了一点。我认为，如果您查看我们在财报中提供的补充指标，它真的讲述了一个重要的故事，即客户现金重新调整的概念是 2022 年和 2023 年初的故事。

When I look at overall balance sheet cash over the last six months, it's down $8 billion. And at the same time, if I look over the last six months, for example, adjusted large capitalization stock purchases, which is the largest category by far of equity trades that clients do with us, those are up $25 billion. And so the concept of realigning is just sort of one that has played itself out. We were very early in the process. We were very proactive at reaching out to our clients, encouraging them to move their non-transactional or what we call investment cash into higher-yielding alternatives. Not surprising when you're proactive and explain the benefit of that to a client, they take advantage of it. And they did, and they did early in the process. And today, that's just not a meaningful part of our story.

当我看过去六个月的资产负债表现金总额时，它下降了 80 亿美元。同时，如果我看过去六个月，例如，客户与我们进行的调整后的大型资本股票购买，这是客户与我们进行的股票交易中最大的类别，这些上升了 250 亿美元。因此，重新调整的概念只是一个已经发生的事情。我们在这个过程中非常早就开始了。我们积极主动地与客户联系，鼓励他们将非交易性或我们称之为投资性现金转移到收益更高的替代方案中。当你积极主动并向客户解释这样做的好处时，并不奇怪，他们会利用这一机会。他们确实这样做了，并且在这个过程中很早就这样做了。如今，这已经不是我们故事的一个重要部分。

One last comment on it. I know there were past periods where people try to equate the growth in purchase money funds to impact around client cash realigning. And I know Peter was particularly clear in emphasizing the danger and doing so that they really weren't correlated. Again, go back over those last six months, where balance sheet cash went down about $8 billion in total, purchase money funds is up $80 billion. So there's really no correlation there at this point in time. The story of client cash realigning has played out.

关于这个问题的最后一条评论。我知道过去有人试图将购买货币基金的增长与客户现金重新调整的影响相提并论。我知道彼得特别明确地强调了这样做的危险，实际上它们并没有相关性。再次回顾过去的六个月，资产负债表现金总额下降了约 80 亿美元，购买货币基金增加了 800 亿美元。因此，目前在这一点上实际上没有相关性。客户现金重新调整的故事已经发生。

Jeff Edwards 杰夫·爱德华兹

Great, Walt. I'll turn it over here to Peter to close this up.

太好了，沃尔特。我会把这交给彼得来结束这个事情。

Peter Crawford 彼得·克劳福德

All right. Well, thank you, Jeff and Rick and Walt, and thank you all very much for joining us and hearing our thoughts on the state of our business and the opportunities in front of us. We're certainly gratified by the momentum we're building and the progress we're making on the integration of Ameritrade and really unleashing as Rick talked about, the potential of the combined firm, the resumption of our historical organic growth rate and really unlocking that core earnings power. We're certainly mindful that we have a lot of work ahead of us, but we're really excited about the future. And we're looking forward to sharing more about what fuels that excitement at our Investor Day in May next month. I hope to see many of you there. Thanks, everyone.

好的。嗯，谢谢 Jeff、Rick 和 Walt，非常感谢大家加入我们，听取我们对业务状况和面临的机遇的看法。我们对我们正在建立的势头和我们在整合 Ameritrade 方面取得的进展感到满意，真正释放了 Rick 所谈到的合并公司的潜力，恢复了我们历史有机增长率，并真正释放了核心盈利能力。我们当然意识到我们面临着大量工作，但我们对未来感到非常兴奋。我们期待在下个月五月的投资者日上分享更多关于激发这种兴奋的内容。希望能在那里见到你们中的许多人。谢谢大家。

Operator 操作员

Thank you. That does conclude today's conference. Thank you all for participating. You may disconnect at this time.

谢谢。今天的会议到此结束。感谢大家的参与。您可以在此时断开连接。

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