2025-01-21 The Charles Schwab Corporation (SCHW) Q4 2024 Earnings Call Transcript

The Charles Schwab Corporation (NYSE:SCHW) 2025 Winter Business Update Conference Call January 21, 2025 8:30 AM ET

Company Participants

Jeff Edwards - Head, Investor Relations

Rick Wurster - President & Chief Executive Officer

Mike Verdeschi - Chief Financial Officer

Conference Call Participants

Steve Chubak - Wolfe Research

Ken Worthington - JPMorgan

Brennan Hawken - UBS

Dan Fannon - Jefferies

Brian Bedell - Deutsche Bank

David Smith - Truist Securities

Ben Budish - Barclays

Bill Katz - TD Cowen

Devin Ryan - Citizens JMP

Alex Blostein - Goldman Sachs

Kyle Voigt - KBW

Jeff Edwards

Good morning, everyone, and welcome to Schwab's 2025 Winter Business Update. This is Jeff Edwards, Head of Investor Relations, and we're coming to you live from the frozen tundra of Westlake, Texas. I'm joined in the room today with a slightly different, but hopefully still very familiar group, President and now CEO, Rick Wurster, as well as our CFO, Mike Verdeschi.

大家早上好，欢迎参加嘉信理财2025年冬季业务更新会。我是投资者关系负责人杰夫·爱德华兹，今天我们从德克萨斯州的冰封冻原——西湖镇为大家现场直播。我今天与一组略有不同但希望大家依然熟悉的团队一同出席，他们是我们的总裁兼新任首席执行官里克·伍斯特，以及首席财务官迈克·韦尔德斯基。

Hopefully, everyone has had an opportunity to review our strong results for the fourth quarter and full year 2024 that were posted earlier this morning. During our time together today, the team will take a look back at 2024 and discuss key drivers that helped us build momentum through the year, as well as highlight the opportunities they see to continue driving growth across the firm in 2025 and beyond.

希望大家已经有机会查看我们今天早上发布的2024年第四季度和全年强劲业绩。在今天的会议中，团队将回顾2024年，总结推动我们全年持续发展的关键因素，并重点介绍他们认为可以在2025年及未来进一步推动公司增长的机会。

Before we dive into the good stuff, let's quickly run through a few housekeeping items. The slides for today's business update will be posted to the usual spot on the IR website at the end of the prepared remarks. During Q&A, please respect the "one question, no follow-up" rule. Though, as always, we encourage you to jump back into the queue to ask another question if time permits. And of course, the IR team is available to assist with any questions following today's update.

在进入精彩内容之前，让我们快速浏览几个行政事项。今天业务更新的幻灯片将在正式发言结束后上传到投资者关系网站的常规位置。在问答环节，请大家遵守“一次一个问题，不追问”的规则。当然，如果时间允许，我们欢迎您重新排队提问。另外，投资者关系团队会在今天的更新会后随时解答您的问题。

Lastly, before we start, let's spend a minute on the ever important forward-looking statements page, which exists to remind us all that outcomes can differ from expectations, so please keep in touch with our disclosures.

最后，在开始之前，我们先花一分钟时间浏览一下非常重要的前瞻性声明页面。这个页面提醒我们，实际结果可能与预期有所不同，因此请关注我们的披露内容。

And with that, it looks like we're all set to begin. So, let me turn it over to Rick.

说到这里，看来我们已经准备就绪。接下来，我将时间交给里克。

Rick Wurster

Thank you, Jeff. And hello, everyone. Welcome to the call.

谢谢你，杰夫。大家好，欢迎参加今天的电话会议。

This is my first opportunity to speak with all of you in my new role. I'm very grateful to Walt, to Chuck, and the Board for entrusting me with this responsibility, and I know I have big shoes to fill. I love our company and the work we do for clients. And as you'll hear from me today, I couldn't be more excited about the opportunities we have in front of us.

这是我第一次以新角色与大家交流。我非常感谢沃尔特、查克以及董事会对我的信任，将这一职责托付于我。我深知这是一份重大的责任。我热爱我们的公司以及我们为客户所做的工作。正如您今天会从我这里听到的那样，我对未来的机遇感到无比兴奋。

For the last 50 years, our purpose at Schwab has been to champion our clients' goals with passion and integrity, helping people invest and grow their wealth, whether investing directly or through an adviser. We've had a relentless focus on serving our clients and meeting their evolving needs across our retail, advisor services, and workplace businesses. I can assure you that our focus remains unchanged as we move into 2025 and beyond.

在过去50年里，嘉信理财的使命始终是以热忱和诚信支持客户的目标，无论是直接投资还是通过顾问，我们都帮助人们投资和实现财富增长。我们始终专注于服务客户，满足他们在零售、顾问服务和职场业务领域不断变化的需求。我可以向您保证，这一专注在2025年及未来不会改变。

I believe you should come away from this morning's discussion hearing three key messages. First, we delivered strong results across multiple measures in a transition year where we completed the largest integration in the history of the industry. The one word summary of our year quarter is growth.

我希望大家在今天上午的讨论中能够了解三个关键信息。首先，在这个过渡之年，我们在多个指标上都取得了强劲的业绩，并完成了行业历史上最大规模的整合。我们这一年的关键词就是“增长”。

Net new assets growth was strong, up 20% for the year and 51% for the quarter. Total new brokerage accounts in 2024 were up 10% from the prior year. Revenue was up 4% for the year and up 20% over the fourth quarter of 2023. Fourth quarter earnings per share increased nearly 50% on an adjusted basis versus Q4.

净新增资产增长强劲，全年增长20%，季度增长51%。2024年新增经纪账户总数较去年增长10%。全年收入增长4%，而与2023年第四季度相比，2024年第四季度收入增长20%。按调整后基准计算，第四季度每股收益增长近50%。

Clients were active. We had strong levels of trading activity, record engagement with our trading, coaching, and education, and record flows into our managed investing and lending solutions. Client promoter scores reached all-time highs for the firm. I'd also note that client cash grew in the fourth quarter and supplemental borrowing is down to $50 billion. Finally, we grew our capital ratios to our target levels.

客户表现活跃。我们的交易活动水平强劲，交易、辅导和教育的参与度创下新高，托管投资和贷款解决方案的资金流入也创历史新高。客户推荐分数达到了公司历史新高。此外，值得一提的是，客户现金在第四季度有所增长，而补充借款下降至500亿美元。最后，我们将资本比率提高到了目标水平。

The second message I hope you take away is that with these strong results, momentum is continuing to build. We are in a position of strength and poised for liftoff in 2025. With integration behind us, we are focused on helping our clients while growing and deepening relationships. I'd highlight two points on client growth.

第二个希望大家记住的信息是，凭借这些强劲的业绩，我们的势头正在不断增强。我们处于强势地位，2025年蓄势待发。随着整合工作告一段落，我们专注于为客户提供服务，同时努力发展并深化客户关系。在客户增长方面，我想强调两个要点。

First, we believe our NNA and account growth will accelerate in 2025 just as it did in 2024. As we move past the integration, we remain confident in our ability to progress back into our long-term 5% to 7% growth range.

首先，我们相信净新增资产（NNA）和账户增长将在2025年加速，与2024年的表现类似。随着整合工作的完成，我们对恢复到长期5%到7%的增长区间充满信心。

Second, we believe there is an opportunity to grow revenue by doing more for our existing 43 million client accounts in the areas of wealth, banking, and trading. We also refer to this as win-win monetization.

其次，我们认为通过在财富管理、银行和交易领域为现有的4300万个客户账户提供更多服务，可以带来收入增长。我们称之为“双赢的货币化”。

We have consistently demonstrated that when we have compelling Schwab capabilities, products, and solutions for clients, our clients love to engage. Good examples are Wasmer, Schwab Wealth Advisory, and our lending solutions. And when you look at our traders, thinkorswim adoption is up over 60% year-over-year on desktop and mobile. As our clients engage, they achieve better outcomes and are more satisfied. We attract more of their assets and earn more revenue from the assets we do hold.

我们已经多次证明，当嘉信理财为客户提供有吸引力的能力、产品和解决方案时，客户会非常愿意参与。例如，Wasmer、嘉信财富咨询（Schwab Wealth Advisory）以及我们的贷款解决方案都是很好的例子。再看看我们的交易客户，thinkorswim平台在桌面端和移动端的使用量同比增长超过60%。随着客户的参与，他们实现了更好的结果，并更加满意。我们吸引了更多客户资产，同时从我们持有的资产中赚取了更多收入。

NNA remains an important metric, and we are confident in our organic growth. And at the same time, we are also focused on new account growth, revenue on client assets, revenue growth, and earnings growth. We expect strong growth for both revenue and earnings as we project our supplemental borrowing to diminish significantly in 2025 and our investments in deepening client relationships to continue to pay off. And we're poised for greater capital return during 2025.

净新增资产（NNA）仍然是一个重要的指标，我们对有机增长充满信心。同时，我们也关注新增账户增长、客户资产收入、收入增长和盈利增长。我们预计收入和盈利都将强劲增长，因为我们预计2025年补充借款将显著减少，而我们在深化客户关系方面的投资将持续带来回报。此外，我们准备在2025年实现更高的资本回报。

And the third message I hope you walk away with today is our future is bright. With a relentless focus on our clients, we are continuing to innovate with solutions, capabilities, and experiences to meet clients' evolving needs, fueling our long-term profitable growth.

第三个希望大家记住的信息是，我们的未来充满光明。我们始终专注于客户，不断创新解决方案、能力和体验，以满足客户不断变化的需求，从而推动我们的长期盈利增长。

2024 was a strong year for markets, in part helped by the easing of rates by the Federal Reserve. Within Schwab, it was a year of client transitions as we successfully completed the largest brokerage conversion in the history of our industry. In total, through the integration, we welcomed over 17 million Ameritrade client accounts and brought nearly $2 trillion in assets to Schwab. We did so near flawlessly and with less client attrition than forecasted.

2024年是市场表现强劲的一年，部分原因是美联储的降息政策。在嘉信理财内部，这是一个客户过渡的年份，我们成功完成了行业历史上最大规模的经纪业务转换。通过整合，我们接收了超过1700万个Ameritrade客户账户，并将近2万亿美元的资产带入嘉信理财。我们几乎完美地完成了这一过程，客户流失率低于预期。

It was also a year of leadership transitions where we executed on our long-standing and thoughtful succession planning. Through it all, with "through client-size" as our guide, we delivered exceptional results across multiple measures.

这也是领导层过渡的一年，我们成功实施了长期且深思熟虑的继任计划。在整个过程中，以“以客户为中心”为指导，我们在多个指标上交出了卓越的成绩单。

When we measure our growth, we look holistically at client growth, adoption and usage of our solutions and capabilities, as well as our financial growth. And 2024 was a year of robust growth across all major fronts.

在衡量我们的增长时，我们从整体上考量客户增长、解决方案和能力的采纳与使用，以及我们的财务增长。2024年在所有主要领域都实现了强劲增长。

From a client perspective, we drove meaningful growth in NNA and new brokerage accounts in 2024 with good momentum into 2025. As you can see on the page, core NNA reached $367 billion for the year, up 20% over 2023. We attracted nearly $115 billion in NNA in the fourth quarter, up 51% from the prior year. We're more than a year out from the advisor services conversion, and we've seen NNA in that segment return to normalized growth levels.

从客户的角度来看，我们在2024年推动了净新增资产（NNA）和新增经纪账户的显著增长，并在2025年延续了良好的势头。正如您在页面上看到的那样，2024年的核心净新增资产达到3670亿美元，比2023年增长20%。我们在第四季度吸引了近1150亿美元的净新增资产，同比增长51%。顾问服务的转换已经过去一年多，我们看到该领域的净新增资产已恢复到正常增长水平。

Within our retail segment, we're making progress in returning to normalized growth in NNA, as you would expect, only six months removed from the most complex part of the transition. Retail core NNA grew by over 50% versus the prior-year quarter and nearly 20% for the year.

在零售业务方面，我们正在逐步恢复净新增资产的正常增长，这符合预期，因为距离过渡中最复杂的部分完成仅有六个月。零售核心净新增资产同比增长超过50%，全年增长接近20%。

We are making solid progress in growing our relationships with legacy Ameritrade. Specifically, legacy Ameritrade NNA continues to increase, and these clients are engaging in advice and banking beyond our estimates, which is a positive sign for the future. And notably, Schwab clients are adopting the best of Ameritrade's offer. 25% of thinkorswim users are now legacy Schwab clients.

在与原Ameritrade客户建立关系方面，我们取得了显著进展。具体而言，原Ameritrade的净新增资产持续增长，这些客户在顾问服务和银行业务中的参与度超出了我们的预期，这对未来是一个积极的信号。此外，嘉信理财的客户正在采用Ameritrade的最佳服务。目前有25%的thinkorswim用户是原嘉信理财客户。

This is exactly where we expected to be at this point past the integration, where legacy Ameritrade clients are now used to our platform, and we're building and deepening relationships. As this continues, we fully expect to return to our organic growth rate of 5% to 7%, and we are confident we'll see meaningful asset growth in 2025 that will bring us closer to these levels. The more time we spend with legacy Ameritrade clients, the more NNA they are bringing and the more they are engaging in our solutions.

这正是我们在整合后这一阶段的预期表现。原Ameritrade客户已适应我们的平台，我们正在建立并深化关系。随着这一趋势的持续发展，我们完全有信心恢复到5%到7%的有机增长率，并相信2025年将实现显著的资产增长，使我们接近这一目标。我们与原Ameritrade客户互动的时间越多，他们带来的净新增资产就越多，并且他们对我们解决方案的参与度也在不断提升。

At the same time, we're continuing to deepen relationships with Schwab clients. It is an exciting time for our growth at Schwab. And it is important to emphasize, while NNA and account growth are important, we are also focused on other measures of growth for the firm.

与此同时，我们也在不断深化与嘉信理财客户的关系。对于嘉信理财来说，这是一个激动人心的增长时期。需要强调的是，虽然净新增资产和账户增长非常重要，但我们同样关注公司其他方面的增长指标。

Clients continue to do more and more with us. This is a reflection of the trust they place in us, the success we are having in serving them, and an indicator of our ability to drive future profitable growth. In 2024, clients engaged strongly in our trading, wealth, and lending solutions. Daily average trades grew nearly 10% year-over-year. Managed investing net flows reached a record $55 billion in 2024, up nearly 70% over last year and 80% for the quarter. Our pledged asset line balances increased to $17 billion, up more than 25% year-over-year.

客户与我们的互动越来越多，这反映了他们对我们的信任，以及我们在服务客户方面取得的成功，同时也表明我们有能力推动未来的盈利增长。2024年，客户在我们的交易、财富和贷款解决方案中表现出强劲的参与度。日均交易量同比增长近10%。托管投资净流入达到创纪录的550亿美元，同比增长近70%，季度增长80%。我们的质押资产贷款余额增至170亿美元，同比增长超过25%。

These growth measures show we are broadening and deepening relationships with our clients, doing more to meet their evolving needs and helping them conduct more of their financial lives in one place with us. This is an important source of revenue growth for us in the future. And more importantly, it helps our clients achieve better financial outcomes for their families and for themselves.

这些增长指标表明，我们正在拓宽和深化与客户的关系，通过更多方式满足他们不断变化的需求，并帮助他们将更多的财务事务集中在我们这里完成。这将成为我们未来收入增长的重要来源。更重要的是，这帮助我们的客户为他们的家庭和自己实现了更好的财务成果。

With meaningful client solutions growth, you can see on the page, we've also delivered growth in revenue and earnings. Fourth quarter total revenue was up 20% over the prior year and up 10% sequentially over the third quarter of 2024. Adjusted earnings per share were $1.01 for the fourth quarter, up 49% over the prior year and up 31% sequentially over Q3. Adjusted pre-tax margins came in at 46.6% for the fourth quarter and 42.5% for the full year, fueled by our revenue growth and disciplined expense management.

随着客户解决方案的显著增长，正如页面所示，我们的收入和盈利也实现了增长。第四季度的总收入同比增长20%，环比2024年第三季度增长10%。第四季度调整后的每股收益为1.01美元，同比上涨49%，环比第三季度增长31%。第四季度调整后的税前利润率为46.6%，全年为42.5%，得益于我们的收入增长和严格的费用管理。

IBKR是75-76%，存在结构性的劣势。

As you can see with this holistic picture of our profitable growth, we are turning the page on our 2024 transition year in a position of strength. And we believe we are well positioned for liftoff in 2025 across the multiple measures I just discussed. There are several reasons for our confidence.

通过这一全面的盈利增长图景可以看到，我们在2024年的过渡之年以强劲的状态翻开了新篇章。我们相信，在刚才讨论的多个指标上，我们已为2025年的腾飞做好充分准备。我们对这一信心有以下几个原因。

First, we are a leader in the two fastest-growing segments in our industry, and we have a value proposition that we believe sets the standard for the industry.

首先，我们是行业中两个增长最快领域的领导者，并且我们的价值主张树立了行业标杆。

Second, our business fundamentals are healthy. Clients are trading more, borrowing more, and seeking more advised solutions.

其次，我们的业务基本面健康。客户的交易、借贷和顾问解决方案的需求都在增加。

Third, our client base is diverse and growing across age groups and wealth segments. We are winning with RIAs of all sizes. We are attracting younger investors, with 33% of our new-to-firm retail households under the age of 30, and more than 50% under the age of 40. The percentage of new-to-firm retail households classified as traders is growing. And higher net-worth clients, who comprise 70% of our retail assets, continue to turn to Schwab for their more complex financial and wealth management needs.

第三，我们的客户群体多元化，并在各年龄层和财富分层中不断增长。我们在各种规模的注册投资顾问（RIA）中都取得了成功。我们吸引了更多年轻投资者，33%的新加入零售家庭年龄在30岁以下，超过50%年龄在40岁以下。被归类为交易者的新加入零售家庭比例也在增长。高净值客户（占我们零售资产的70%）继续选择嘉信理财来满足他们更复杂的财务和财富管理需求。

Fourth, with that backdrop and positive momentum, we're playing offense and leaning further into investments that will fuel our profitable growth across all measures. In combination, investments within our four strategic focus areas will help us serve our clients' evolving needs, make it easier for them to do business with us, and help us operate even more efficiently.

第四，在这种背景和积极的势头下，我们正积极进取，加大投资力度，以推动我们在所有指标上的盈利增长。我们在四大战略重点领域的投资将共同帮助我们满足客户不断变化的需求，让他们与我们合作更加便利，并提升我们的运营效率。

Growing and deepening client relationships is our first focus area. Over the past couple of years, we've made investments in our trading, wealth, and lending offers, and those efforts are paying off with the type of growth I've shared. In 2025, we'll make even more investments to deepen and expand relationships. We will hire hundreds of new financial consultants and expand our physical branch network in a meaningful and thoughtful way in the year ahead.

发展和深化客户关系是我们的首要重点领域。在过去几年中，我们在交易、财富和贷款产品方面进行了投资，这些努力正在通过我分享的增长成果得到回报。在2025年，我们将进一步加大投资力度，以深化和扩大客户关系。我们计划在未来一年招聘数百名新的财务顾问，并以有意义和深思熟虑的方式扩展我们的实体分支网络。

增加更多的骗子。

We're making incremental investments in marketing and advertising to raise awareness of Schwab among retail investors and advisors alike. We'll continue to enhance our capabilities and solutions for client segments with specific needs with investments in our trader offer, our wealth offer, and our ultra-high-net-worth capabilities for RIA and retail clients. This includes enhancing our alternative investment solutions and expanding our lending capabilities, as well as our tax, trust, and estate tools.

我们正在增加市场营销和广告的投资，以提高嘉信理财在零售投资者和顾问中的知名度。我们将继续通过对交易服务、财富服务以及针对RIA和零售客户的超高净值能力的投资，提升我们为特定需求客户群体提供的服务能力和解决方案。这包括增强我们的另类投资解决方案，扩展我们的贷款能力，以及改进税务、信托和遗产工具。

Our award-winning bank was purpose-built for investors and helps us stand apart by offering among the lowest lending rates in the industry, FDIC-insured cash, access to pledged asset lines in a day, and strong transactional capabilities. In combination with our fixed income and money fund capabilities, there is no better place for liquid assets than here at Schwab.

我们屡获殊荣的银行是专为投资者设计的，通过提供业内最低的贷款利率、受FDIC保险的现金、一天内即可获得质押资产贷款以及强大的交易能力，使我们脱颖而出。结合我们的固定收益和货币基金能力，没有比嘉信理财更适合管理流动资产的地方了。

银行和储户的利益不一致，银行和券商的结合可能有内生性的矛盾。

We'll continue to invest in our industry-leading trader offer, including expanding 24/5 trading, launching spot crypto trading when and if regulations make it permissible, and continuing to invest in our trading, education, and coaching, which is a key differentiator.

我们将继续投资于行业领先的交易服务，包括扩大24/5交易范围，在法规允许的情况下推出现货加密货币交易，以及继续投资于我们的交易、教育和辅导服务，这是我们的重要差异化优势。

In advisor services, we are adding support and capabilities for RIAs of all sizes while also helping new advisors transition to independence. And we'll continue our multiyear effort to introduce even more workplace clients to our investing and wealth management capabilities.

在顾问服务方面，我们正在为各种规模的RIA提供支持和能力，同时帮助新顾问向独立运营过渡。我们还将继续推进多年的努力，向更多的职场客户推广我们的投资和财富管理能力。

Our second strategic focus area is creating value through scale and efficiency. In 2024, we captured 100% of the Ameritrade run rate expense synergies. We invested in new technologies and capabilities that help our employees do their jobs more efficiently. We increased usage of Schwab Knowledge Assistant by 90% in 2024, which is our AI technology supporting the efficiency of our service professionals.

我们的第二个战略重点是通过规模和效率创造价值。2024年，我们实现了Ameritrade运营成本协同效应的100%。我们投资于新技术和新能力，以帮助员工更高效地完成工作。我们在2024年将Schwab Knowledge Assistant的使用率提高了90%，这是一项支持服务专业人员提升效率的人工智能技术。

Through these efforts and others, we're able to drive down our cost per client account, which has decreased more than 25% in the last decade. On an inflation-adjusted basis, cost per account has decreased nearly 50%. This focus helps us keep costs low for our clients while also enabling us to invest in our highest priority growth opportunities.

通过这些努力以及其他措施，我们成功降低了每个客户账户的成本，在过去十年中下降了超过25%。按通胀调整后，每个账户的成本下降了近50%。这一专注帮助我们为客户保持低成本，同时也使我们能够投资于最优先的增长机会。

微不足道。

In 2025, these critical efforts will continue. We'll invest in continued process transformation and systems modernization. We'll continue to invest in AI and other technology to help employees across the firm do their jobs more efficiently. These efforts benefit our clients by making it easier to work with us, benefit our employees by making their jobs easier, and also free up expense capacity to fund our growth.

在2025年，这些关键努力将继续推进。我们将继续投资于流程转型和系统现代化。我们还将继续投资于人工智能和其他技术，以帮助公司各部门的员工更高效地完成工作。这些努力不仅让客户与我们合作更加便利，也让员工的工作更轻松，同时释放出更多的费用空间以支持我们的增长。

Our third strategic focus area is delivering on the brilliant basics for our clients, which is one of the most effective ways we can build trust and nurture client loyalty. Simply put, we strive to make it easy for clients to work with us in every interaction, in every channel. And we delivered for clients in 2024, which you can see with our record client satisfaction scores. In 2025, delivering on the brilliant basics remains a top priority. Everything we do is oriented towards setting our client service and experience apart.

我们的第三个战略重点是为客户提供卓越的基础服务，这是建立信任和培养客户忠诚度最有效的方法之一。简单来说，我们努力在每一次互动、每一个渠道中让客户与我们合作变得更容易。2024年，我们在这方面取得了出色的成绩，这从创纪录的客户满意度分数中可见一斑。2025年，提供卓越基础服务仍然是我们的首要任务。我们所做的一切都旨在使我们的客户服务和体验脱颖而出。

Finally, we can't serve our clients without our highly engaged, dedicated employee base that provides our exceptional client service and experience. In 2025 and beyond, we'll continue to invest in our people to deliver the differentiated service that our clients value and that sets us apart.

最后，我们无法在没有高度投入和敬业员工团队的情况下为客户提供服务。正是他们带来了卓越的客户服务和体验。2025年及以后，我们将继续投资于员工，以提供客户高度认可的差异化服务，并使我们独树一帜。

With a clear purpose and relentless focus on clients, it is an exciting time for Schwab. In 2024, we delivered strong growth across multiple measures during our transition year. With strong competitive positioning, healthy business fundamentals, and a growing and diverse client base, momentum is continuing to build. 2025 is a lift-off year. As we look to the long-term, we're confident our continued investments in innovation will drive client growth, solutions growth, and financial growth through the cycle.

怀着明确的目标和对客户的始终如一的专注，现在是嘉信理财令人振奋的时刻。在2024年这一过渡之年，我们在多个指标上实现了强劲增长。凭借强劲的竞争地位、健康的业务基本面以及不断增长且多元化的客户群体，我们的势头正在不断增强。2025年是一个腾飞之年。展望长期未来，我们相信持续的创新投资将推动客户增长、解决方案增长以及贯穿周期的财务增长。

And with that, I will turn it over to Mike to share more detail on our financial picture.

接下来，我将把时间交给迈克，由他来分享我们财务状况的更多细节。

Mike Verdeschi

Thank you, Rick. And I could not agree more about how exciting of a time it is for Schwab right now, both in terms of what the firm has accomplished during 2024 and the tremendous opportunity still ahead of us.

谢谢你，里克。我完全同意，现在对嘉信理财来说是一个令人振奋的时刻，无论是2024年我们所取得的成就，还是我们面前的巨大机会。

As Rick mentioned, although 2024 was a year of transition, we were able to deliver meaningful growth across the firm. Investors opened over 4 million new accounts during the year and brought an increasing amount of assets to Schwab. Clients further deepened their relationships with us as they took advantage of the breadth of modern wealth solutions available on our platform. And we delivered strong revenue and earnings expansion over the course of the year.

正如里克提到的，尽管2024年是一个过渡之年，我们仍然在全公司范围内实现了显著增长。投资者在这一年开设了超过400万个新账户，并将越来越多的资产带入嘉信理财。客户在利用我们平台上丰富的现代财富解决方案的同时，也进一步深化了与我们的关系。而且，我们在全年实现了收入和盈利的强劲增长。

2024 brought encouraging trends around transactional cash levels. Realignment activity continued to decelerate as we moved towards more business-as-usual client activity. At the same time, we made meaningful progress on reducing the level of bank supplemental funding to approximately $50 billion, down about 50% from peak levels. And our capital ratios increased within our targeted operating range.

2024年，在交易现金水平方面出现了令人鼓舞的趋势。随着我们转向更加常态化的客户活动，资金重置活动继续减速。同时，我们在降低银行补充融资水平方面取得了显著进展，降至约500亿美元，比峰值减少了约50%。此外，我们的资本比率也在目标运营范围内有所提高。

In summary, our success during 2024 enables us to enter this year with a lot of momentum, and we have a clear plan to drive meaningful business and financial growth in 2025 and beyond.

总之，我们在2024年的成功使我们能够以强劲的势头进入新的一年，同时我们也制定了清晰的计划，以在2025年及未来推动显著的业务和财务增长。

Before we share some thoughts about the future, let's review our strong 2024 results. Revenue for 4Q totaled $5.3 billion, a year-over-year increase of 20% as we benefited from growth across all line items. The leveling-off of cash realignment activity, the continued reduction in higher-cost bank supplemental funding, and healthy margin balance growth helped 4Q net interest revenue increase 19% versus the prior year. While a second consecutive year of 20%-plus equity market appreciation, coupled with clients' increased utilization of our modern wealth solutions, pushed asset management and administration fees to a new record.

在谈论未来之前，让我们回顾一下我们在2024年的出色业绩。第四季度收入总计53亿美元，同比增长20%，这得益于所有业务线的增长。现金重置活动的趋于平稳、高成本银行补充融资的持续减少以及健康的保证金余额增长，使第四季度净利息收入同比增长19%。同时，连续第二年超过20%的股市升值，再加上客户对我们现代财富解决方案使用的增加，使资产管理和行政费用创下新纪录。

4Q trading revenue grew by 14% versus the fourth quarter of 2023, which benefited from a step-up in client trading volumes as investor sentiment improved further. While bank deposit account fees moved higher to an improved net yield as a growing percentage of the balances have converted to the floating rate bucket.

2024年第四季度的交易收入同比2023年第四季度增长了14%，得益于客户交易量的增加以及投资者情绪的进一步改善。同时，银行存款账户费用有所上升，净收益率得到改善，因为越来越多的余额转入浮动利率类别。

Now, looking at expenses, fourth quarter adjusted expenses came in flat on both the sequential and year-over-year basis, helping full year 2024 adjusted expense growth to finish in line with our expectations of approximately 2%. During a transitional year, we continued to invest to drive growth and to enhance our client offering, while at the same time, drive incremental scale and efficiency.

现在来看费用，第四季度的调整后费用在环比和同比方面均保持持平，使得2024全年调整后费用增幅与我们预期的约2%一致。在这一过渡年份中，我们持续投资以推动增长和提升客户服务，同时提高规模和效率。

In all, the fourth quarter represented a strong finish to the year, with significant top-line growth plus expense discipline producing a quarterly adjusted pre-tax profit margin approaching 47% and adjusted earnings per share of $1.01. While 4Q EPS included $0.03 from certain items, exiting the year with a run rate of around $1 demonstrates the progress we made toward our financial objectives and sets the stage for strong growth in 2025 and beyond.

总的来说，第四季度为全年画上了一个强劲的句号，显著的营收增长加上费用控制使季度调整后的税前利润率接近47%，调整后的每股收益达到1.01美元。尽管第四季度每股收益包括某些项目的0.03美元，但以接近1美元的运行率结束全年，展示了我们在实现财务目标方面取得的进展，并为2025年及以后的强劲增长奠定了基础。

Finally, the firm's full year financial results reflect the progress made across all aspects of the business during this past year. 2024 revenue reached $19.6 billion, up 4% year-over-year, which adjusted expense growth finished in line with expectations at approximately 2%, resulting in adjusted pre-tax margin expanding to 42.5% and earnings per share increasing to $3.25.

最后，公司全年财务业绩反映了过去一年业务各方面取得的进展。2024年的收入达到196亿美元，同比增长4%，调整后的费用增长与预期的约2%一致，调整后的税前利润率扩大至42.5%，每股收益增至3.25美元。

Moving to our balance sheet. We continue to support our clients, with both margin and bank loans to clients up significantly during the year, including 34% growth in margin balances at the broker dealer and low-double-digit bank loan growth with an over $1 billion increase in PAL balances in the fourth quarter alone.

再来看我们的资产负债表。我们继续支持客户，年内客户的保证金和银行贷款均显著增长，其中经纪商的保证金余额增长34%，银行贷款实现了低两位数的增长，仅第四季度PAL余额就增加了超过10亿美元。

We saw a continuation of the build in transactional sweep cash during the fourth quarter, including $25 billion of net inflows in December. This strong seasonal inflow during the last month of the year is consistent with the historical trends. And if history remains a guide, we would anticipate much of this seasonal build to flow back out into the markets during the first couple of months of 2025.

我们在第四季度继续看到交易清算现金的积累，其中12月的净流入达到250亿美元。年末最后一个月的强劲季节性流入符合历史趋势。如果历史可作参考，我们预计其中大部分季节性积累将在2025年头几个月重新流入市场。

The combination of the principal and interest coming off of the securities portfolio plus the cash inflow on the full quarter enabled us to reduce high-cost supplemental funding at the banks.

证券组合的本金和利息收入加上整个季度的现金流入，使我们能够减少银行的高成本补充资金。

Double-clicking into our progress on reducing bank supplemental funding, following the $15 billion paydown during the fourth quarter, we have now cut the level of higher cost supplemental funding in half from its peak level in May 2023. Due to a range of factors, including typical seasonality, we would not necessarily expect to reduce funding levels by the same magnitude every quarter, however, as we move forward, we do expect to make additional progress each quarter until the supplemental funding at the banks is reduced to a level consistent with our diversified long-term funding profile.

深入探讨我们在减少银行补充资金方面的进展，继第四季度偿还150亿美元后，我们目前已将高成本补充资金的水平从2023年5月的峰值削减了一半。受多种因素影响，包括典型的季节性因素，我们不一定会在每个季度都以相同幅度降低资金水平，但展望未来，我们预计每个季度都将取得进一步进展，直至银行的补充资金降至与我们多元化长期融资结构一致的水平。

Finally, our capital levels moved to within the adjusted Tier 1 leverage objective of 6.75% to 7%. It is important to note the continued build of capital driven by our strong earnings as well as accretion of unrealized marks, even while long-term rates moved higher during the quarter. In 4Q, the pull to par of those unrealized marks alone offset the capital impact of the sharp rise in interest rates across the curve.

最后，我们的资本水平达到了调整后的一级杠杆目标的6.75%至7%。需要注意的是，即使季度内长期利率上升，我们仍通过强劲的收益和未实现收益的积累不断增强资本水平。在第四季度，仅未实现收益的价值回归就抵消了利率曲线全线上涨对资本的影响。

Shifting the focus to 2025, we expect our momentum from 2024 to carry over into this year, with strong client growth and deeper relationships as we continue to meet the evolving needs of individual investors and the advisors who serve them. We expect this will translate into meaningful and diversified financial growth as well.

将目光转向2025年，我们预计2024年的发展势头将延续至今年，客户的强劲增长以及更深入的关系将继续满足个人投资者及其顾问不断变化的需求。我们预计这也将转化为有意义且多元化的财务增长。

As is the case in any year, our financial outcomes will be influenced by a range of factors, including the path of interest rates, equity market performance, as well as client engagement and activity levels. Therefore, our 2025 financial scenario is grounded in several key macroeconomic assumptions: we include one 25-basis-point cut to the Fed's target rate, bringing the upper bound to 4.25% by the end of 2025; equity market returns consistent with the long-term average of 6.5%; and client trading activity and mix remaining generally in-line with 4Q '24 levels.

与任何一年一样，我们的财务结果将受到多种因素的影响，包括利率路径、股市表现以及客户参与度和活动水平。因此，我们对2025年的财务预测基于几个关键的宏观经济假设：假设美联储目标利率下调25个基点，到2025年底上限降至4.25%；股票市场回报率与长期平均值6.5%一致；客户交易活动和组合大体与2024年第四季度水平保持一致。

Against this type of macro backdrop, we would expect total revenue growth of 13% to 15% in 2025. This scenario also results in continued reduction of bank supplemental funding, full year net interest margin of 2.55% to 2.65%, with average 4Q 2025 NIM expanding through the 2.8% level. Also, full year 2025 interest-earning assets are expected to decline slightly year-over-year as we prioritize the continued paydown of higher cost supplemental funding at the banks.

在这样的宏观背景下，我们预计2025年总收入将增长13%至15%。这一情景还将带来银行补充资金的持续减少，全年净利息收益率预计在2.55%至2.65%之间，2025年第四季度平均净利息收益率将突破2.8%。此外，2025年全年计息资产预计同比略有下降，因为我们优先考虑继续偿还银行的高成本补充资金。

理性在某类文化中是背景的颜色。

From a 2025 expense perspective, we still anticipate mid-single-digit growth relative to 2024 or somewhere within the 4.5% to 5.5% range. In terms of expense planning for the year, as Rick outlined earlier, we are playing offense and taking steps to further accelerate client, solution and financial growth. Therefore, we have aligned our spending plan to our key strategic initiatives with a significant portion earmarked for growth, including hiring FCs and other client-facing personnel, expanding the breadth of solutions we offer investors, as well as leaning into targeted marketing and advertising initiatives.

从2025年的费用角度来看，我们仍预计相较于2024年将实现中个位数的增长，增幅约在4.5%至5.5%之间。就全年费用规划而言，正如Rick先前所述，我们采取积极策略并采取措施进一步加速客户、解决方案和财务的增长。因此，我们将支出计划与关键战略举措对齐，其中很大一部分资金用于增长，包括招聘财务顾问（FC）和其他面向客户的人员、扩大为投资者提供的解决方案范围，以及加强针对性的营销和广告活动。

Beyond growth, we are also continuing to invest in our firm scale and efficiency, which offers both near- and long-term benefits. And we will keep investing in other key fundamentals, such as continuing to advance our technology stack and, of course, our people who are foundational in driving our best-in-class service experience.

除了增长，我们还将继续投资于公司规模和效率，这将带来短期和长期的收益。同时，我们将继续投资于其他关键基础领域，例如不断提升我们的技术架构，以及最重要的，我们的员工，他们是推动我们一流服务体验的基石。

One reminder on expenses, we'd expect outlays during the year to remain generally consistent with the historical cadence, with slightly higher levels in the first quarter due to typical seasonal factors.

关于费用的一个提醒，我们预计全年支出将与历史节奏基本一致，第一季度的支出水平略高，主要是由于典型的季节性因素。

So, bringing this all together, the combination of strong top-line growth and balanced expense management implies healthy margin expansion into the upper 40%s, with fourth quarter adjusted pre-tax margins approaching 50%. If you follow the math all the way down to the bottom-line, this full year scenario implies potential adjusted earnings in the $4.10 to $4.20 area, which would represent year-over-year earnings growth of around 25% to 30%. While rates, client activity and other variables may differ from our financial scenario, we are confident in our ability to drive strong financial outcomes across a range of environments.

综合来看，强劲的收入增长与平衡的费用管理相结合，表明利润率将健康扩张至40%后段，第四季度调整后的税前利润率接近50%。如果从数字计算到最终结果，这一全年情景表明调整后的潜在收益在4.10美元至4.20美元之间，这将意味着每股收益同比增长约25%至30%。尽管利率、客户活动及其他变量可能与我们的财务情景有所不同，但我们对在多种环境下实现强劲财务成果的能力充满信心。

PE（FWD）24.20，IBKR是27.57，这一点差距远远不够有吸引力。

Before we move away from the scenario, we thought it might be helpful to provide a set of static revenue sensitivities based on year-end 2024 levels in an effort to help you adjust estimates and shape your own view around 2025. Please don't hesitate to reach out to the IR team with any questions about these sensitivities or certain underlying assumptions for the 2025 financial scenario.

在结束情景讨论之前，我们认为基于2024年末水平提供一组静态收入敏感性分析可能会有所帮助，以协助您调整预估并形成对2025年的看法。如对这些敏感性分析或2025年财务情景的某些基本假设有任何疑问，请随时联系投资者关系团队。

As mentioned, now that we have moved to within our adjusted Tier 1 operating range, we expect to pivot and begin to look across our capital framework. To many of you, this will be a familiar framework. As always, our top capital priority is to support long-term business growth. To the extent we have excess capital beyond our needs, we have sought throughout our history to return to stockholders through a variety of means, including our common dividend, which historically has risen alongside GAAP earnings, preferred security redemptions considering costs and an optimized equity funding mix, as well as opportunistic stock buybacks.

如前所述，现在我们已经进入调整后一级运营范围内，我们预计将转向并审视我们的资本框架。对许多人来说，这将是一个熟悉的框架。一如既往，我们的资本首要任务是支持长期业务增长。如果我们有超出需求的多余资本，我们历来通过多种方式回馈股东，包括普通股股息（历史上与GAAP收益同步增长）、根据成本和优化的股权融资结构进行优先股赎回，以及有机会时的股票回购。

As I noted back in October, in the very near-term, there's another consideration, our continued progress on further reducing bank supplemental funding. To the extent we continue to make the expected progress on our key financial objectives, it is reasonable to believe we will commence various forms of capital return over the course of 2025.

正如我在10月份提到的，在短期内，还有一个需要考虑的因素是，我们在进一步减少银行补充资金方面的持续进展。如果我们在关键财务目标上继续取得预期进展，那么相信在2025年期间我们将开始进行多种形式的资本回报。

As excited as we are about 2025, we do not view this current year as our final destination. With our long-term diversified model intact, we are equally enthusiastic about the tremendous long-term opportunity in front of us. Given our attractive value proposition and leadership position within the two fastest-growing segments of the U.S. wealth market, we expect to generate healthy organic account and asset growth as we serve an increasing number of investors with our suite of modern wealth management solutions across advice, lending, trading and asset management.

尽管我们对2025年充满期待，但我们并不将这一年视为最终目标。在保持长期多元化模式完好的情况下，我们对眼前巨大的长期机遇同样充满热情。鉴于我们吸引力十足的价值主张和在美国财富市场两个增长最快细分领域的领导地位，我们预计在为越来越多的投资者提供涵盖咨询、贷款、交易和资产管理的现代财富管理解决方案时，将实现健康的有机账户和资产增长。

多元化的本质是性格上的缺陷。

This enables us to deepen client relationships while further diversifying our revenues.

这使我们能够深化客户关系，同时进一步多元化我们的收入来源。

And of course, we continue to invest to support our long-term growth trajectory, while at the same time, driving enhanced scale and efficiency, which helps to further enhance our leading cost to serve. This combination of diversified revenue growth and disciplined expense management positions us to drive incremental margin expansion through the cycle.

当然，我们将继续投资以支持长期增长轨迹，同时提升规模和效率，从而进一步提高我们的领先服务成本效益。这种多元化收入增长与严格费用管理的结合，使我们能够在周期中推动利润率的逐步扩张。

Guided by our balance sheet principles, we'll maintain the resources needed to support client growth while returning excess capital to shareholders inclusive of opportunistic buybacks.

在资产负债表原则的指导下，我们将维持支持客户增长所需的资源，同时将多余资本回馈股东，包括有机会时的股票回购。

To wrap up, during a transitional year, we achieved significant progress on all fronts in 2024, client base, product and solution set and financial results. This momentum has carried over into 2025 and helps position us for further substantial growth in the year ahead.

总结一下，在过渡的一年中，我们在2024年各个方面都取得了显著进展，包括客户基础、产品和解决方案集以及财务业绩。这种势头已延续到2025年，并有助于我们在未来一年实现更大幅度的增长。

And importantly, our confidence regarding 2025 stems from the durability of our model, meaning we can drive strong year-over-year financial growth across a wide range of environments and with the key components of our diversified financial model intact: healthy organic growth, deepening client relationships and, therefore, revenue from multiple sources, expense discipline and efficient deployment of the firm's capital and liquidity.

重要的是，我们对2025年的信心源于我们模式的持久性，这意味着我们能够在广泛的环境下实现强劲的年度财务增长，同时保持多元化财务模式的关键组成部分完好无损：健康的有机增长、深化的客户关系以及由此带来的多元化收入来源、严格的费用控制和高效的资本及流动性部署。

We have a tremendous opportunity to continue to meet the evolving needs of our clients and deliver profitable growth through the cycle.

我们有巨大的机会继续满足客户不断变化的需求，并在整个周期中实现盈利增长。

With that, Jeff, I'll hand it back to you.

说到这里，Jeff，我将话筒交还给你。

Jeff Edwards

Thank you, Rick and Mike. Operator, can you please open up the line and remind everyone how they can ask a question?

杰夫·爱德华兹

谢谢，Rick 和 Mike。操作员，您能否请打开线路并提醒大家如何提问？

Question-and-Answer Session

问答环节

Operator

Thank you. We will now begin our question-and-answer session. [Operator Instructions] Our first question comes from Steve Chubak with Wolfe Research. Your line is open.

操作员

谢谢。我们现在将开始问答环节。[操作员指示] 我们的第一个问题来自Wolfe Research的Steve Chubak。您的线路已打开。

Steve Chubak

Hi. Good morning, Rick. Good morning, Mike. So, wanted to start with a question on the NNA target. So, Rick, you noted RIA is delivering organic growth in line with the target range. You're seeing some recovery or normalization of retail flows. And just looking at the results this year, RIA hit 5%, retail was closer to 3.5%. Just given RIA is only at the lower end of that target range, the gap in retail is still fairly wide. Why is that 5% to 7% still the appropriate NNA target? And it might be helpful if you could just unpack some of the building blocks supporting the closure of that gap.

史蒂夫·楚巴克

你好，早上好，Rick 和 Mike。我想从一个关于NNA目标的问题开始。Rick，您提到RIA的有机增长符合目标范围。您还提到零售资金流正在恢复或正常化。从今年的结果来看，RIA达到了5%，而零售接近3.5%。鉴于RIA仅处于目标范围的低端，零售的差距仍然相当大。为什么5%到7%仍然是适当的NNA目标？如果可以的话，您能否详细说明一些支持缩小这一差距的构建模块？

Rick Wurster

Steven, thanks for the question. I'll highlight a couple of points about our growth. The first thing is, this is where we expected to be following a historically large integration. We moved a quarter of our assets, nearly 50% of our brokerage accounts, we moved them from one experience to a completely different experience. And I think what you're noting in those numbers is a reflection of the fact that we have gone from negative flows with our Ameritrade clients as we expected some outflows at the beginning of the integration, towards slightly positive to more and more positive.

里克·沃斯特

史蒂夫，谢谢你的问题。我将重点谈谈我们的增长。首先，这是我们在历史性大规模整合后预期达到的水平。我们转移了四分之一的资产，接近50%的经纪账户，从一种体验完全转变为另一种体验。我认为，你提到的这些数字反映了这样一个事实：我们已经从Ameritrade客户的负流出（整合初期预期会有一些资金外流）逐步转向略微正流入，并进一步实现了更多正流入。

And importantly, we're also seeing as we engage with these Ameritrade clients, that they are doing more and more business with us. In fact, roughly a third of the flows into our solutions were driven by Ameritrade clients. So, we're exactly where we thought we would be in this transition, which is taking a set of clients from -- that represent half of our brokerage accounts, from one experience to a different experience, getting them used to that, getting them comfortable with that, and importantly, building a relationship with those clients so they have the same trust and confidence that they had in the firm they worked with for years, that they have with Schwab. And that is paying off, and we're seeing growth of that group accelerate.

更重要的是，我们还看到，当我们与这些Ameritrade客户互动时，他们与我们的业务往来越来越多。事实上，大约三分之一流入我们解决方案的资金是由Ameritrade客户推动的。因此，在这一过渡阶段，我们正处在预期的位置，也就是将一组客户（他们代表我们一半的经纪账户）从一种体验转变为另一种体验，让他们逐渐适应、感到舒适，并且更重要的是，与这些客户建立关系，使他们对Schwab产生与他们多年来信任的公司相同的信任和信心。这种努力正在取得成效，我们看到这一客户群的增长在加速。

And the reason that's so important, Steven, is because when we look broadly at our Schwab clients, our growth is consistent with the historical range we've talked about. So, it's really going to be important that we nail it for these Ameritrade clients. We are investing in more and more relationships and more in our physical footprint because we think that will help accelerate the building of trust between us and some of those legacy clients.

史蒂夫，这一点非常重要，因为当我们广泛审视Schwab客户时，我们的增长与我们提到的历史范围一致。因此，确保对这些Ameritrade客户的服务成功至关重要。我们正在加大对关系建立的投资，并扩展我们的线下网络，因为我们认为这将有助于加速我们与部分原始客户之间信任的建立。

Lastly, I would encourage investors to think about our growth picture broadly. We're not stepping away from our NNA historical range in any way. We continue to know how important that is and critical to the success and growth of our firm. At the same time, I really think it's important to broaden how we think about Schwab's growth. We have an enormous growth platform in front of us, serving the 43 million client accounts that we have -- actually 44 million client accounts that we have today, serving those more deeply.

最后，我建议投资者从更广泛的角度看待我们的增长前景。我们没有以任何方式偏离NNA的历史范围。我们深知这一点的重要性，并且这是公司成功与增长的关键。同时，我认为拓宽我们对Schwab增长的思考方式也非常重要。我们面前有一个巨大的增长平台，为我们现有的4300万（实际上是4400万）客户账户提供更深入的服务。

To me, it's a little bit akin to what Apple has done outside of the iPhone growth. They've found many, many ways to grow with their existing client base. And to me, we're in the exact same spot, with a multitude of ways we can help clients, whether it's helping them in the bull market for advice that exists, whether it's helping them meet their lending solutions where we lend to only a fraction of the clients at our firm and we could be doing more and we built and progress towards being able to do more. There's opportunities for us in trading. There's opportunities for us to support RIAs in tax, trust and estate like services. So, there is just a plethora of ways we can do more for our existing 44 million client accounts.

对我来说，这有点类似于苹果在iPhone增长以外的表现。他们找到了许多与现有客户群共同增长的方法。而对我来说，我们正处于完全相同的位置，有多种方式可以帮助客户，无论是帮助他们在现有的牛市咨询市场中，还是满足他们的贷款需求（我们目前仅为公司一小部分客户提供贷款服务，我们完全可以做得更多，而且我们已经在构建并朝着这个方向努力）。我们在交易中有机会，在支持RIA的税务、信托和遗产等服务中也有机会。因此，我们有很多方法可以为现有的4400万客户账户提供更多服务。

So, I think it's really important, when you think about our growth, to think about both of those, getting to the 5% to 7%, which we expect to, and growing more broadly with our 44 million client accounts.

因此，我认为在考虑我们的增长时，必须同时考虑这两方面，即达到我们预期的5%到7%，并且在与我们的4400万客户账户的更广泛增长中实现更多。

这个增长速度约等于整体股市的年增长速度，不如S&P500的10%，商业上的规则是不进则退。

Operator

Thank you. Our next question comes from Ken Worthington with JPMorgan. Your line is open.

操作员

谢谢。我们的下一个问题来自摩根大通的Ken Worthington。您的线路已打开。

Ken Worthington

Hi. Good morning. Thanks for taking the question. I wanted to maybe dig into the alternative buildout for retail and the program that you're trying to build together. I think part of the plan was to begin launching alts for part of the retail customer base last quarter. So, what does Schwab currently offer for retail clients in alternatives today? How do you see the timetable for that buildout? And I know that the RIAs have access to alts already, but you do have more curated programs, like INTF, that could be impactful. What are your aspirations for alts on the advisor side?

肯·沃辛顿

你好，早上好。感谢回答我的问题。我想深入了解零售业务的另类投资构建以及你们正在尝试构建的计划。我记得计划的一部分是在上个季度为部分零售客户群体推出另类投资。那么，Schwab目前为零售客户提供了哪些另类投资？您如何看待这一构建的时间表？我知道RIA已经可以访问另类投资，但你们确实有更多精选的项目，比如INTF，这可能会产生影响。那么你们对顾问端的另类投资有什么期望？

Rick Wurster

Thanks for the question, Ken. Let me start by putting the retail alternatives launch into context. It is a really important part of our offering for high net worth and ultra-high net worth clients, an area where we are doing really well with clients and continue to broaden out how we serve them and what we can offer to them, to make sure that our offer for those clients continues to be the strongest in the industry.

里克·沃斯特

谢谢你的问题，Ken。我先谈谈零售另类投资的背景。这是我们为高净值和超高净值客户提供服务的一个非常重要的部分。在这一领域，我们与客户合作表现优异，并不断拓宽服务方式和提供的内容，以确保我们为这些客户提供的服务在行业中始终处于领先地位。

In October, we launched alternatives to a very limited group of clients. We will launch in the first half of this year much more broadly to our retail client base. In terms of what that offer entails, we have five or six different categories of alternatives that we're making available. That includes private equity, private credit, hedge funds, long/short and exchange funds, which allow you to exchange a concentrated position for a diversified portfolio. That's roughly the range of alts that we'll have. With each of those categories, we'll start with somewhere between one and three offerings within each of those categories. That will grow over time and the menu will broaden.

去年10月，我们向一小部分客户推出了另类投资。今年上半年，我们将向更广泛的零售客户群体推出。就提供的内容而言，我们计划提供五到六个类别的另类投资，包括私募股权、私人信贷、对冲基金、多空策略以及交换基金（允许客户用集中的头寸交换多元化的投资组合）。这大致是我们提供的另类投资范围。在每个类别中，我们将从1到3种产品开始，随着时间的推移，选择范围将会扩大。

Standing behind each of those categories, we've hired a team of alternative specialists that are available to spend time with our clients to help them answer their questions and to make sure they find their way to the investment that's most suitable for them and their goals and objectives, working with our financial consultants.

在每个类别背后，我们已经聘请了一支另类投资专家团队，他们可以花时间与客户交流，解答他们的问题，并确保他们与我们的理财顾问合作找到最适合他们目标的投资。

In terms of the timetable, I think I highlighted it, first half of this year, we should be fully launched in retail. That's our expectation.

至于时间表，我想已经提到，今年上半年我们应该会在零售市场全面推出。这是我们的预期。

As it relates to advisor services, there's lots of opportunities for there as well. As you mentioned, our advisor clients do custody a fair amount of alternative assets with us, and we also have different alternatives programs that we make available here at Schwab. I think the opportunity going forward is for us to be -- offer a more curated set of alternatives to our advisors and to be bringing them to those advisor clients as opposed to primarily being in a position of just custodying the assets. The reason that's important is that we can help our advisors find suitable alternatives, and at the same time, it's beneficial to our economics to be -- to offer that to our advisor clients.

至于顾问服务，这里也有很多机会。正如你提到的，我们的顾问客户确实将大量的另类资产托管在我们这里，我们在Schwab也提供各种另类投资项目。我认为未来的机会在于为顾问提供更精心挑选的另类投资项目，并将其提供给顾问客户，而不仅仅是专注于托管资产。这样做的重要性在于，我们可以帮助顾问找到合适的另类投资，同时这对我们的经济效益也有利。

So, I think alts is a growing area for the industry, an area where we now see ourselves being quite competitive, and an area where we are bolstering our ability to be the leading place for high net worth and ultra-high net worth investors in our country.

因此，我认为另类投资是一个正在增长的行业领域，我们现在认为自己在该领域具有相当的竞争力，并且我们正在加强能力，成为国内高净值和超高净值投资者的首选平台。

有点怀疑，另类投资相当于重度整容的女性，弄好了也行，但是弄不好毁容的概率更高，高很多，很可能是给自己找麻烦的业务。

Operator

Thank you. Our next question comes from Brennan Hawken with UBS. Your line is open.

操作员

谢谢。我们的下一个问题来自瑞银的Brennan Hawken。您的线路已打开。

Brennan Hawken

Good morning. Thanks for taking my question. Mike, you spoke to capital returns increasing here in 2025, particularly given the adjusted leverage ratio inside your targeted range. Could you speak specifically to appetite if we end up seeing TD? TD has sort of made some public comments about their stake. And if they come to market, the appetite and ability to participate in any kind of secondary from a large [owner] (ph)? Thank you.

布伦南·霍肯

早上好。感谢回答我的问题。Mike，您提到2025年资本回报的增加，尤其是在调整后的杠杆比率进入目标范围内的情况下。您能否具体谈谈，如果TD有意出售股份，您是否有兴趣参与任何大股东的二级市场交易？谢谢。

Mike Verdeschi

Hi, Brennan. Thank you for the question. And, again, not much I would say on this topic, for obvious reasons. And hard to comment in any definitive way on that, but if you look back at history at similar types of situations when we're given the appropriate time and opportunity to evaluate, this tends to be a situation we like to be part of. But again, I won't go beyond that at this point. We feel very good about the progress we've made broadly. And as you note, we are building capital, and we are now in that targeted operating range. Thank you for the question.

迈克·维尔德斯基

你好，布伦南。谢谢你的问题。显然，在这个话题上我能说的有限，也很难做出任何明确的评论。但如果回顾类似情况的历史，在有适当的时间和机会进行评估时，我们通常会愿意参与这样的情况。但目前我不会对此进一步置评。总体而言，我们对取得的进展感到非常满意。如你所提到的，我们正在积累资本，并且现在已经进入目标运营范围。谢谢你的问题。

Operator

Thank you. Our next question comes from Dan Fannon with Jefferies. Your line is open.

操作员

谢谢。我们的下一个问题来自杰富瑞的Dan Fannon。您的线路已打开。

Dan Fannon

Thanks. Good morning. Mike, I was hoping you could talk about client cash trends. We obviously saw the normal seasonality in December. And as I think you said in your prepared remarks, expect some of that to go back in as we start the year here. But as you look beyond the first couple of months, how are you thinking about client cash levels? And do you think the cash holding is still a theme here as we think about 2025 more broadly?

丹·范农

谢谢，早上好。Mike，我希望您能谈谈客户现金趋势。我们显然在12月份看到了正常的季节性变化。正如您在准备好的发言中提到的，我们预计这些现金中的一部分会在年初重新投入。但如果展望前几个月之后，您如何看待客户的现金水平？您认为现金持有仍然是2025年的一个主题吗？

Mike Verdeschi

Thank you for the question. Really based on everything we've seen over the past couple of quarters, would be suggestive that we're entering that more normalized environment for client cash. If you just go back to the previous year, the first half of the year was really that continued normalization of realignment. And of course, the second half of the year, we did see two consecutive quarters of cash growth.

迈克·维尔德斯基

谢谢你的问题。根据我们过去几个季度所看到的一切，这表明我们正在进入一个更正常化的客户现金环境。如果回顾上一年，上半年实际上是持续的重新调整的正常化过程。当然，在下半年，我们确实看到了连续两个季度的现金增长。

And while that December number reflects seasonality, again, more indicative of that normalized environment, I think as you go forward, I think of that deposit level, of course, in part being influenced by new account growth. Of course, there will be other macroeconomic variables like the role of central banks as well impacting levels of liquidity in the system, but I do think we are in that more normalized environment at this time.

虽然12月份的数据反映了季节性因素，但这再次表明了正常化的环境。我认为未来，存款水平当然部分会受到新账户增长的影响。当然，还会有其他宏观经济变量，例如中央银行的作用也会影响系统中的流动性水平，但我确实认为我们目前处于一个更正常化的环境中。

Of course, as we've always seen month-to-month, quarter-to-quarter, you will see impacts of seasonality, but again, I would suggest we are in that more normalized environment, that's -- we're encouraged by the last couple of quarters.

当然，正如我们一直看到的那样，月度和季度之间会受到季节性的影响，但我再次认为我们处于一个更正常化的环境中——过去几个季度的数据让我们备受鼓舞。

Operator

Thank you. Our next question comes from Brian Bedell with Deutsche Bank. Your line is open.

操作员

谢谢。我们的下一个问题来自德意志银行的Brian Bedell。您的线路已打开。

Brian Bedell

Great. Thanks. Good morning, folks. Maybe just to back -- maybe tie two questions together, just on the deposit formation, just the question you just answered, Mike. Maybe just -- what you envision as the organic contributor to that deposit formation given the efforts and the focus on generating greater NNA this year?

And then, do you think you can get back to that 5% level at some point this year? I know the 5% to 7% is sort of the long-term target, but just looking at the development with that and the new products you're offering, including the alts platform, do you think you can get back to that 5% range, say, sometime as early as the second half?

布莱恩·贝德尔

好的，谢谢。早上好，各位。或许可以将两个问题联系起来，关于存款形成的部分，刚刚Mike回答的问题。您如何看待今年在努力和专注于创造更高NNA的背景下，有机增长对存款形成的贡献？

此外，您认为今年能否在某个时间点回到5%的水平？我知道5%到7%是一个长期目标，但从其发展情况以及你们正在推出的新产品（包括另类投资平台）来看，您是否认为最早在今年下半年可以回到5%的范围？

Mike Verdeschi

Hi. Thanks for the question. It's Mike. I'll take the first part of that and then Rick can pick up the second part of that question. Again, we're encouraged by the trends we're seeing in deposits, two consecutive quarters of growth. And as I highlighted, I think the account growth that we've seen historically really is associated with that new account openings. And the portion of assets that come to us that's in the form of cash. And of course, there could be a percentage that's off-balance sheet versus on-balance sheet. But again, we're seeing indicators that the realignment activity has certainly has decelerated last year, and we're looking at that new account formation now being the driver of that cash.

迈克·维尔德斯基

你好，谢谢你的问题。我是Mike。我来回答第一个部分，然后Rick会回答第二部分。再次强调，我们对存款趋势感到鼓舞，连续两个季度实现增长。正如我之前提到的，我认为我们历史上观察到的账户增长主要与新账户开立相关，以及以现金形式进入我们的资产部分。当然，这部分资产中可能有一部分在资产负债表外，而另一部分在资产负债表内。但我们确实看到了一些迹象表明，去年重新调整的活动明显放缓，而我们现在将新账户形成视为现金的主要驱动力。

And keep in mind, it's been a long time since the Fed had hiked rates previously. Of course, the Fed began lowering rates at the back end of the year. And so, we think, again, that's represents a lower propensity to realign. So again, encouraging trends.

此外，请记住，美联储之前已经很长时间没有加息了。当然，美联储在去年年底开始降息。因此，我们认为这意味着重新调整的倾向较低。所以，再次强调，这是一种令人鼓舞的趋势。

Rick Wurster

And Brian, I'll take the part on NNA and highlight two things. First, we expect to make progress this year. So, we finished the year at 4.3% for the year in terms of percentages. We expect that to be higher in 2025. We are also confident that over the long run, 5% to 7% remains the right number. And our goal this year is to make progress towards that, for all the reasons that I mentioned earlier.

里克·沃斯特

布莱恩，我来回答NNA的部分，并强调两点。首先，我们预计今年会取得进展。我们在去年以4.3%的年度百分比结束。我们预计2025年这个数字会更高。我们也确信从长期来看，5%到7%仍然是正确的目标。今年我们的目标是朝着这一目标取得进展，正如我之前提到的所有原因一样。

Operator

Thank you. Our next question comes from David Smith with Truist Securities. Your line is open.

操作员

谢谢。我们的下一个问题来自Truist Securities的David Smith。您的线路已打开。

David Smith

Good morning. Back on the topic of the buyback, can you give us a sense of how low supplemental funding has to get before you can resume that? And on a related note, is there an upper bound that you see to the adjusted AOCI above which just you would feel compelled to repurchase shares?

大卫·史密斯

早上好。关于股票回购，您能否告诉我们补充融资需要降到什么水平才能恢复回购？另一个相关问题是，您是否认为调整后的AOCI有一个上限，超过该上限时您会觉得有必要回购股票？

Mike Verdeschi

David, in terms of the supplemental borrowings, again, we saw very good progress in the reduction in the quarter. Again, that is a combination of the cash that came in over the course of the quarter as well as, of course, the principal and interest proceeds coming off of the investment portfolio. So, as I look out over the course of the year, we expect to make that steady progress in reducing that supplemental funding consistently.

迈克·维尔德斯基

大卫，关于补充借款的问题，我们在本季度减少补充融资方面确实取得了非常好的进展。这主要得益于本季度流入的现金以及投资组合带来的本金和利息收入。因此，展望全年，我们预计将在持续减少补充融资方面取得稳定的进展。

And I think -- what I would ask you to keep in mind is that we don't intend to bring supplemental funding down to zero. We want to see continued progress, but for the purpose of good liquidity management practices, we do want to keep funding diversification in place. We'll bring that bank supplemental funding down to minimum levels, but we want to keep that operational. We want to keep that flexibility. That's consistent with good, sound liquidity management. So, I don't look at that as a gating factor over the course of the year necessarily. We want to see that progress. But again, the endpoint is certainly not zero.

我希望您记住的是，我们并不打算将补充融资降至零。我们希望看到持续的进展，但出于良好的流动性管理实践的考虑，我们希望保持资金来源的多样化。我们会将银行补充融资降至最低水平，但仍希望保持其运营和灵活性。这与良好且稳健的流动性管理一致。因此，我不认为这一点在全年会成为限制性因素。我们希望看到进展，但最终目标显然不是零。

Operator

Thank you. Our next question comes from Ben Budish with Barclays. Your line is open.

操作员

谢谢。我们的下一个问题来自巴克莱的Ben Budish。您的线路已打开。

Ben Budish

Hi. Good morning, and thank you for taking the question. I wanted to just ask about the OpEx growth for next year. I think there's a couple of one-time items in 2024. I was under the impression there would be a little bit of expense synergies that will still be incremental going into next year. And the mid-single-digit sort of number feels a little bit more in line. I know there's some other factors too, like some of the exchange fees around trading volumes, but just curious if there's anything else going on. Any other sort of like one-time items to think about? And how you would compare next year's guide in the context of your sort of longer-term financial formula? Thank you.

本·布迪什

你好，早上好，谢谢回答我的问题。我想问一下明年的运营费用（OpEx）增长。我认为2024年有一些一次性项目，我印象中明年仍会有一些增量的费用协同效应。而中个位数的增长似乎更加符合预期。我知道还有一些其他因素，比如与交易量相关的交易所费用，但我好奇是否还有其他正在发生的事情？有没有其他需要考虑的一次性项目？您如何将明年的指导目标与贵公司的长期财务公式进行比较？谢谢。

Mike Verdeschi

Thank you. So, for that expense, we talked about mid-single-digits at 4.5% to 5.5%. We feel very good about that range. Again, we're in a position where we want to invest in growth. We want to invest the solutions and the capabilities that we're providing to clients. And importantly, we're also investing in that efficiency. And again, that is going to enable us to recycle that efficiency and to continue to grow, while at the same time, ensuring that we're maintaining that low cost to serve, while at the same time achieving our financial outcomes.

迈克·维尔德斯基

谢谢。关于费用增长，我们提到中个位数的增幅在4.5%到5.5%之间。我们对这一范围感到非常满意。同样地，我们希望在增长方面进行投资，投资于我们为客户提供的解决方案和能力。而且，重要的是，我们也在投资于效率。再次强调，这将使我们能够循环利用这些效率并继续增长，同时确保我们维持低服务成本，并实现我们的财务目标。

I don't think there's anything too substantial in that range that really, when I look at that range, I'm thinking about that combination of investing in our growth, while at the same time, maintaining that discipline. Certainly, you did see some of a pickup given the volumes. So, of course, that is incorporated into that expense number. And of course, with the back end of the year with the continued good engagement and, certainly, what we're expecting this year, that continued engagement, that we'll see that as a component of the spend for 2025 as well.

我认为在这一范围内并没有太大的异常，当我审视这一范围时，我更多地考虑了投资增长与保持纪律的结合。当然，由于交易量的增加，你确实看到了一些提升，因此这已经包含在费用数字中。而且，在今年年底的良好客户参与度基础上，以及我们对今年预期的持续参与，这也将成为2025年支出的一部分。

Operator

Thank you. Our next question comes from Bill Katz with TD Cowen. Your line is open.

操作员

谢谢。我们的下一个问题来自TD Cowen的Bill Katz。您的线路已打开。

Bill Katz

Okay. Thank you very much, and congrats again both you guys on your new positions, again. Just sticking with the balance sheet for a moment. I think you mentioned it's going to be about flattish year-on-year. Can you talk to us through a little bit in terms of the ins and outs, and how you sort of see it? I think on the prior management, there was sort of a conversation about potentially shrinking the balance sheet longer term. Just wondering how we should be thinking about that once you get on the other side of the supplemental reduction. And is this just a replacement opportunity of migrating down from securities into bank loans? And how should we think about maybe the long-term opportunity for NIM? Thank you.

比尔·卡茨

好的，非常感谢，并再次恭喜你们两位的新职位。关于资产负债表的问题，我记得你提到它将同比基本持平。您能否谈谈资产负债表的一些进出情况，以及您对此的看法？在前任管理层下，好像曾讨论过长期可能会缩小资产负债表。我想知道在补充融资减少之后，我们应该如何看待这一点。这是否只是从证券转向银行贷款的一次替代机会？我们又该如何看待净息差（NIM）的长期机会？谢谢。

Mike Verdeschi

Bill, thank you. First of all, when I think about the balance sheet over the course of 2025, again, that balance sheet is going to be a reflection of how our clients engage us. And of course, we've been very focused on meeting their evolving needs. We've seen good momentum in margin lending, good momentum in our bank offerings as well. So, we do believe, over the course of the year, we're going to see a reflection of that activity. Of course -- and we're also expecting to see that improved liability mix. Again, very focused on bringing down the supplemental borrowings. We're seeing that realignment. We're away from that stabilization to back to a more normalized environment. So, I think that's at the core of how I see the balance sheet evolving.

迈克·维尔德斯基

比尔，谢谢你的问题。首先，当我考虑2025年的资产负债表时，它将反映客户如何与我们互动。当然，我们一直非常专注于满足客户不断变化的需求。我们在保证金贷款和银行产品方面都看到了良好的势头。因此，我们确实相信，在全年中，这种活动将反映在资产负债表上。当然，我们还预计将看到负债结构的改善。我们非常专注于降低补充借款水平。我们看到了一种调整趋势，逐渐从稳定化过渡到更正常化的环境中。所以，我认为这是我对资产负债表演变的核心看法。

When I think about the comments about the balance sheet size, just taking a step back. Again, we are a growth firm. We are focused on growth and meeting the evolving needs of our clients. That bank platform, as Rick mentioned earlier, that's an important platform for achieving our strategic objectives. So, we're going to grow client loans, we're going to meet those needs. Of course, there's a part of that balance sheet, the supplemental borrowings, that we are bringing down with intent.

当我考虑资产负债表规模的相关评论时，回过头来看，我们是一家成长型公司。我们专注于增长并满足客户不断变化的需求。正如Rick之前提到的，那些银行平台是实现我们战略目标的重要平台。所以，我们将继续扩大客户贷款规模，以满足这些需求。当然，资产负债表的一部分是我们有意减少的补充借款。

But might you find yourself in a situation one day, again, going back a few years where lots of liquidity is coming into the system, might you want to have the tactical flexibility to move some liquidity off balance sheet if it made sense for clients, if it made sense for the economics, that might be a capability that would give us some flexibility. But again, our strategy is growth. I think what that capability does of moving more liquidity off balance sheet, it just gives you flexibility to operate across a range of environments.

但或许有一天，你可能会面临一种情况，类似几年前，大量流动性进入系统。如果这样做对客户和经济效益有意义，你可能希望拥有将部分流动性从资产负债表中移出的战术灵活性。这种能力将为我们提供一定的灵活性。不过，再次强调，我们的战略是增长。我认为这种将更多流动性移出资产负债表的能力，仅仅是让我们能够在各种环境下更灵活地运营。

Operator

Thank you. Our next question comes from Devin Ryan with Citizens JMP. Your line is open.

操作员

谢谢。我们的下一个问题来自Citizens JMP的Devin Ryan。您的线路已打开。

Devin Ryan

Great. Good morning, Rick and Mike. Thanks for the update. So, a question on spot crypto. Obviously, fast-growing part of the market, high percentage of trading revenue for some other brokerages. And I know Schwab clients currently have access to ETFs and some other proxies. But how are you guys thinking about the incremental opportunity for Schwab? Do you have any sense of the demand that you can frame for us? And then, from a timing perspective, what are you currently expecting? And are you ready to move forward once there is a green light or some sign that you can do this? Thank you.

德文·瑞安

好的，早上好，Rick和Mike。感谢更新。我想问一个关于现货加密货币的问题。这显然是市场中快速增长的一部分，对某些其他经纪公司来说，占了很高比例的交易收入。我知道Schwab的客户目前可以接触到ETF和其他一些替代产品。但你们如何看待Schwab的增量机会？能否为我们框定一些需求的概念？此外，从时间上来看，你们目前的预期是什么？一旦获得“绿灯”或其他可以开展业务的信号，你们是否已准备好推进？谢谢。

Rick Wurster

Devin, thanks for the question on crypto. We're doing really well in crypto. We have a lot of ways to meet our clients' needs. ETFs, the crypto ETFs have really grown on our platform. You can buy futures, you can invest in a variety of closed-end funds and different products that will meet clients' needs. We have a crypto site that we attract clients to. And in fact, in the fourth quarter, we had a 400% increase in the number of visitors to our crypto site. 70% of those visitors were prospects.

里克·沃斯特

德文，谢谢你关于加密货币的问题。我们在加密货币领域表现得非常出色。我们有很多方式来满足客户的需求。加密货币ETF在我们的平台上增长迅速。客户可以购买期货，可以投资于各种封闭式基金和其他能够满足客户需求的产品。我们还有一个加密货币网站来吸引客户。事实上，在第四季度，我们的加密货币网站访问量增加了400%。其中70%的访问者是潜在客户。

So, it just shows you that when investors in the marketplace are thinking about crypto, they want to be able to work with Schwab, and I think those numbers reflect that. We had a 200% increase in new account applications tied into clients that came to our crypto site. So, we're doing a lot for clients in this space today. We do want to have the ability to offer spot crypto. And our expectation is that at some point the regulations around crypto are going to allow us to do that. And when we do, we expect to launch not long after.

这表明，当市场上的投资者考虑加密货币时，他们希望能够与Schwab合作，我认为这些数字反映了这一点。我们来自加密货币网站的客户关联新账户申请增加了200%。因此，我们今天已经在这一领域为客户做了很多工作。我们确实希望能够提供现货加密货币服务。我们的预期是，在某个时间点，加密货币的相关法规会允许我们这样做。一旦获得批准，我们预计很快就会推出相关服务。

So, from a timing perspective, some of that -- it will depend, one, on when that regulation is changed, and two, when we're ready to go, but our expectation would be it would be sometime in 2025.

因此，从时间上来看，一部分取决于法规何时发生变化，另一部分取决于我们何时准备好。但我们的预期是，这可能会在2025年的某个时候实现。

And we're excited to be in the marketplace because we think clients will want to hold crypto at Schwab because it's a place they can trust, it's a place where they do a lot of business. And we think that will drive clients to crypto, just as it did in the fourth quarter with a 400% increase in the number of clients hitting on our crypto sites. So, we think we're well positioned in this space.

我们很高兴能够进入这个市场，因为我们认为客户会希望在Schwab持有加密货币，因为这里是一个他们可以信赖的地方，是他们进行大量业务的地方。我们认为，这将推动客户进入加密货币领域，正如第四季度我们加密货币网站访问量增长400%那样。因此，我们认为我们在这个领域处于良好的位置。

Operator

Thank you. Our next question comes from Alex Blostein with Goldman Sachs. Your line is open.

操作员

谢谢。我们的下一个问题来自高盛的Alex Blostein。您的线路已打开。

Alex Blostein

Hey, good morning. Thank you for the question. Could you guys spend a minute on your securities portfolio strategy as you roll through 2025? I guess, maybe just a reminder how much principal and interest you expect the securities portfolio to generate? And ultimately, how do you expect that to flow down either to paying down supplemental borrowings? And I guess, at what point do you feel like you could start to reinvest back in the securities portfolio? Thanks.

亚历克斯·布洛斯坦

你好，早上好。谢谢回答我的问题。你们能否花一点时间谈谈2025年你们的证券投资组合策略？也许可以提醒我们一下，预计证券投资组合将产生多少本金和利息收入？最终，你们打算如何将这些资金用于偿还补充借款？此外，你们认为什么时候可以开始重新投资于证券投资组合？谢谢。

Mike Verdeschi

Thank you. So, I would say on the quarter, we've been around that $10 billion range for the principal and interest coming off of the portfolio and, as we highlighted, being used to pay down the supplemental borrowings. And so, over the course of the year, that is going to be a priority for the continued use of those proceeds to pay down those borrowings, make continued progress there.

迈克·维尔德斯基

谢谢。本季度，我们的证券投资组合产生的本金和利息大约在100亿美元左右，正如我们之前强调的，这些资金主要用于偿还补充借款。因此，在全年中，继续使用这些收入偿还借款将是我们的优先事项，并在这一领域持续取得进展。

Again, in this environment now where rates seemingly at least the latest forwards are indicating that perhaps the Fed target rate won't come down as much as perhaps was contemplated at some point last year. At some point in the future, we would be in a position where we're reinvesting in that portfolio. Again, the near-term though, we're going to be very focused on paying down the supplemental borrowings.

此外，在目前的环境下，最新的远期利率表明，美联储目标利率可能不会像去年某些时候预计的那样大幅下降。在未来的某个时间点，我们将会重新投资于该投资组合。不过，在短期内，我们仍将非常专注于偿还补充借款。

Longer term, I would say that allocation, similar to what we've done in the past, we're going to stay in highly liquid, high-credit quality, treasuries, agencies. And I've talked about how we think about the range of that duration of that portfolio also operating in a range that really contemplates the composition of liability. So, I think we're in a real good position to continue to use those proceeds to pay down supplemental. And then, over time, investing -- reinvesting in that securities portfolio, which at these levels in market rates would be much more accretive than what the yields are today in that portfolio.

从长期来看，我们的配置将类似于过去，专注于高流动性、高信用质量的国债和机构债。我之前也提到过，我们如何根据负债构成来规划投资组合的久期范围。所以，我认为我们目前的状况很好，可以继续使用这些收入偿还补充借款。随后，随着时间的推移，将重新投资于证券投资组合，而在当前的市场利率水平下，这种投资的回报率将远高于投资组合中目前的收益率。

99.8%的企业都是卡着脖子，99.8%的个人也一样。

Jeff Edwards

Operator, I think we have time for one final question.

杰夫·爱德华兹

操作员，我认为我们还有时间回答最后一个问题。

Operator

Thank you. Our last question comes from Kyle Voigt with KBW. Your line is open.

操作员

谢谢。我们的最后一个问题来自KBW的Kyle Voigt。您的线路已打开。

Kyle Voigt

Hi, good morning. Mike, maybe I can just ask another follow-up on the securities portfolio. Just wondering if you could provide some updated thoughts on the potential for securities repositioning. Does the recent positive trajectory on sweep cash balances, lower supplemental funding and the current reinvestment rate levels with yields moving higher make this a more attractive option now than even compared to a quarter ago? And given the progress you've made with the balance sheet already, could you just outline any remaining concerns with potentially executing this in 2025?

凯尔·沃伊特

你好，早上好。Mike，我能否就证券投资组合再追问一个问题？您是否可以提供一些关于证券重新定位潜力的最新看法？最近清算现金余额的积极趋势、更低的补充融资以及当前收益率上升的再投资水平，是否使这一选项相比一个季度前更具吸引力？鉴于您在资产负债表上取得的进展，能否概述2025年可能执行这一计划的任何剩余顾虑？

Mike Verdeschi

Thank you for the question. As we've talked about in the past with the securities portfolio, we're just very mindful of doing something that creates headlines and disrupts the trust that we have with our -- that our clients have in us. So, we've been reluctant to do that at this time. That being said, we're keeping a close eye on that portfolio and its performance. Restructuring is not something we're taking off the table. We do evaluate that.

迈克·维尔德斯基

谢谢你的问题。正如我们过去谈到的证券投资组合，我们非常谨慎，避免做一些可能引发媒体关注并破坏客户对我们的信任的事情。因此，目前我们对这种操作持保留态度。尽管如此，我们一直密切关注该投资组合及其表现。重组并未完全排除在外，我们确实在评估这一可能性。

But I think you raised an important point, which is, if you think about the proceeds of a portfolio sale, how might you use that? One of our priorities is to continue to make progress on the reduction of supplemental borrowings. And we are making that progress just after the principal and interest payments, and certainly, alongside cash stabilization. So, that is an important consideration. And of course, we're mindful of the level of rates in the marketplace as well and what the trajectory of that rate market may look like over the course of the year. So, I think at this point, we feel good about the strategy that is unfolding.

不过，我认为你提到了一个重要的点，那就是如果出售投资组合所得收益，我们如何利用这些资金？我们的优先事项之一是继续在减少补充借款方面取得进展。而且，我们确实在本金和利息支付之后，以及现金稳定的基础上取得了这些进展。所以，这是一个重要的考量因素。当然，我们也非常关注市场利率水平，以及全年利率市场可能的走势。因此，我认为我们目前对正在实施的策略感到满意。

Rick Wurster

Thanks, Mike, and thanks to all of you for your questions. Thank you for your engagement.

I'd like to wrap up where I started. It's an exciting time for Schwab. We delivered strong growth across multiple measures in 2024. We are in a position of strength and poised for lift-off into 2025. And it is full steam ahead as we focus on serving our clients and accelerating our profitable and holistic growth for the long term and through the cycle.

Thank you all for joining us. I hope you all have a good day. Take care.

里克·沃斯特

谢谢你，Mike，也感谢各位提出的问题，谢谢大家的参与。

最后我想回到最初提到的内容。对Schwab来说，这是一个令人兴奋的时刻。我们在2024年多个维度实现了强劲增长。我们处于优势地位，并准备在2025年全面起飞。在未来，我们将全速前进，专注于服务客户，推动长期和周期内的盈利性和全面增长。

感谢大家的参与。祝各位度过美好的一天。保重。

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