Enfusion Inc (ENFN) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Enfusion's first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，女士們，先生們。謝謝你的支持。歡迎參加 Enfusion 2024 年第一季財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Bill Wright, Head of Investor Relations, to begin.

我現在想將電話轉給投資者關係主管比爾·賴特 (Bill Wright)。

Good morning, and thank you, operator. We welcome you to Enfusion's first quarter 2024 earnings conference call. Hosting today's call are Oleg Movchan, Enfusion's Chief Executive Officer; Brad Herring, Enfusion's Chief Financial Officer; and Neal Pawar, Enfusion's Chief Operating Officer.

早安，謝謝你，接線生。我們歡迎您參加 Enfusion 2024 年第一季財報電話會議。今天的電話會議由 Enfusion 首席執行官 Oleg Movchan 主持； Brad Herring，Enfusion 財務長； Neal Pawar，Enfusion 營運長。

Please note our quarterly shareholder letter, which includes our quarterly financial results has been posted to our Investor Relations website. I would like to remind you that today's call may contain forward looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available in the Investor Relations section of our website.

請注意我們的季度股東信函，其中包括我們的季度財務業績，已發佈在我們的投資者關係網站上。我想提醒您，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中列出的風險和不確定性，這些風險和不確定性可在我們網站的投資者關係部分找到。

Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them following today's call, except as required by law.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性聲明僅代表今天，本公司不承擔任何義務或意圖在今天的電話會議後更新這些聲明，除非法律要求。

In addition, today's call may include non-GAAP measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliation to the nearest GAAP measures can be found in today's quarterly shareholder letter, which is available on the company's website.

此外，今天的電話會議可能包括非公認會計原則措施。這些措施應被視為對 GAAP 財務措施的補充而不是替代。您可以在今天的季度股東信中找到與最接近的公認會計原則（GAAP）衡量標準的調節，該信可在公司網站上找到。

With that, I'd like to turn the call over to Oleg to begin.

接下來，我想將電話轉給奧列格開始。

Good morning, and thank you for joining us today to discuss our results for the first quarter of 2024. I'd like to start by sharing my excitement about the direction of our business in our team's ability to execute on our strategy.

早安，感謝您今天加入我們討論我們 2024 年第一季的業績。首先，我想分享一下我對我們團隊執行策略的能力的業務方向的興奮。

As you will hear from me as well as our COO, Neal Pawar; and CFO, Brad Herring shortly. The value proposition we have shared with all of you in the investment community and bring to market every day is resonating. And I'm incredibly proud of everyone at Enfusion for their hard work and dedication.

正如您將聽到我以及我們的營運長 Neal Pawar 所說的那樣；不久將任命首席財務官布拉德·赫林 (Brad Herring)。我們與投資界的所有人分享並每天推向市場的價值主張引起了共鳴。我為 Enfusion 的每個人的辛勤工作和奉獻精神感到無比自豪。

I'd also like to thank those of you who attended our first ever Investor Day on March 19 in Fort Lauderdale. We're grateful for a terrific turnout and engagement from shareholders and research analysts who spent the time to learn more about our story.

我還要感謝參加 3 月 19 日在勞德代爾堡舉行的首屆投資者日活動的人。我們感謝股東和研究分析師的踴躍參與和參與，他們花時間更了解我們的故事。

For those of you who could make our presentation can be found on the Investor Relations section of our website where you can see how we outlined all the key factors in place for Enfusion to achieve our revenue growth goal of 20%-plus in the medium term, which we define as 2025 to 2027.

對於那些能夠發表我們演講的人，可以在我們網站的投資者關係部分找到我們如何概述 Enfusion 實現中期 20% 以上收入增長目標的所有關鍵因素，我們將其定義為 2025 年至 2027 年。

We believe that current macro trends will support and enhance our overall value proposition. In Enfusion platform will be the last upgrade our clients will ever need. As for the first quarter of 2024, we're off to a great start with 33 new client wins. We're on track to achieve the full year financial guidance we laid out for you at our prior earnings call and investor day.

我們相信當前的宏觀趨勢將支持並增強我們的整體價值主張。Enfusion 平台將是我們的客戶需要的最後一次升級。2024 年第一季度，我們贏得了 33 個新客戶，並取得了良好的開端。我們預計將實現我們在先前的財報電話會議和投資者日為您制定的全年財務指導。

On the call today, we will share several proof points that confirmed Enfusion's continued move upmarket while deepening our relationship with existing clients. I'm also pleased to share that client onboarding satisfaction scores are at three year highs. For those familiar with our story know that this has been an area of focus and investment in, I'm delighted that our clients are seeing results.

在今天的電話會議上，我們將分享幾個證據，證實 Enfusion 繼續向高端市場進軍，同時加深我們與現有客戶的關係。我還很高興地告訴大家，客戶的入職滿意度得分達到了三年來的最高點。熟悉我們故事的人都知道，這一直是我們重點關注和投資的領域，我很高興我們的客戶看到了成果。

Now let me walk you through some key highlights from the first quarter. Our economic trajectory remained on plan in Q1 '24 as we reported $48.1 million in revenue, delivering 17.3% year-over-year growth. First quarter adjusted EBITDA totaled $9.2 million, translating into an adjusted EBITDA margin of 19.1%. Brad will provide a deeper discussion on financials later.

現在讓我向您介紹第一季的一些關鍵亮點。我們的經濟軌跡仍符合 24 年第一季的計劃，營收為 4,810 萬美元，年增 17.3%。第一季調整後 EBITDA 總計 920 萬美元，調整後 EBITDA 利潤率為 19.1%。布拉德稍後將就財務問題進行更深入的討論。

More broadly speaking, the industry backdrop remains volatile. We witnessed the typical seasonal volatility in December, which included the combination of year-end fund closures and consolidations, followed by new fund launches in January. This year was no different. The 33 new clients we signed during the first quarter is up from the 27 we signed last year in the first quarter, bringing our total client count to 868.

更廣泛地說，產業背景仍然不穩定。我們在 12 月見證了典型的季節性波動，其中包括年底基金關閉和合併，以及隨後在一月份推出的新基金。今年也不例外。我們第一季簽約的新客戶數量為 33 名，比去年第一季簽約的 27 名有所增加，使我們的客戶總數達到 868 名。

Not surprisingly, launches represented a higher mix in Q1 representing 55% of new client wins this quarter. We expect the mix will balance out more with a higher percentage of conversions throughout 2024.

毫不奇怪，第一季的新客戶投放比例更高，佔本季新客戶數量的 55%。我們預計，到 2024 年，這種組合將更加平衡，轉換率更高。

Moving onto ACV, it increased sequentially from $219,000 to $226,000, a record in our recent history, representing 3.2% quarter over quarter and 7.8% year-over-year growth. As we successfully protect and grow our market share in Enfusion's core hedge fund segments, our expansion upmarket will broaden our client base, resulting in higher ACVs as we continue to add larger asset managers to our portfolio mix.

轉向 ACV，它從 219,000 美元連續增加到 226,000 美元，創下了我們近期歷史的記錄，季度環比增長 3.2%，同比增長 7.8%。隨著我們成功地保護和擴大我們在Enfusion 核心對沖基金領域的市場份額，我們的高端市場擴張將擴大我們的客戶群，隨著我們繼續在我們的投資組合中添加更大的資產管理公司，從而帶來更高的ACV。

These larger new accounts deliver more stable revenue profile and offer a great opportunity to expand our offering with additional product functionality and managed services, which will support NDR expansion over time. Stated differently, as the ACV of our client base improves over time. So too, will the overall business level economics.

這些規模更大的新客戶帶來了更穩定的收入狀況，並提供了一個絕佳的機會來透過額外的產品功能和託管服務來擴展我們的產品，這將支援NDR 隨著時間的推移而擴展。換句話說，隨著時間的推移，我們客戶群的 ACV 會持續提高。整體業務層面的經濟狀況也是如此。

Shifting gears, let me provide you with a few notable client wins across geographies from the first quarter. In the Americas, revenue grew 16% year-over-year, up slightly from the fourth quarter. New wins were a combination of market share gains in several new fund launches which is normal in Q1 due to seasonality.

換個話題，讓我為您提供第一季以來在各個地區贏得的一些著名客戶。在美洲，營收年增 16%，較第四季略有成長。新的勝利是幾隻新基金發行中市場份額增長的綜合結果，由於季節性原因，這在第一季是正常的。

I'm thrilled to announce that we welcomed Foundation Credit as a new clients. Foundation Credit is a prominent New York-based credit focused alternative asset manager with $1.7 billion AUM specializing in municipal credit and infrastructure debt markets.

我很高興地宣布，我們歡迎 Foundation Credit 成為我們的新客戶。Foundation Credit 是一家總部位於紐約的著名信貸另類資產管理公司，資產管理規模達 17 億美元，專門從事市政信貸和基礎設施債務市場。

In order to earn their business, our team designed a customized solution that will consolidate and replace multiple pre-existing systems across trade capture, portfolio management, risk and the tracking of credit agreement terms and conditions.

為了贏得他們的業務，我們的團隊設計了一個客製化的解決方案，該解決方案將整合和替換多個現有系統，涉及交易捕獲、投資組合管理、風險以及信貸協議條款和條件的追蹤。

Historically, Foundation Credit was tasked with coordinate and workflows across several siloed legacy providers on a daily basis. Foundation Credit will now be able to enjoy one centralized view across its entire business. This is an exciting signing in another validation of our ability to deliver customized solutions that support and drive productivity for complex credit managers.

從歷史上看，Foundation Credit 的任務是每天協調多個孤立的遺留提供者的工作流程。Foundation Credit 現在將能夠享受整個業務的集中視圖。這是一次令人興奮的簽約，再次驗證了我們提供客製化解決方案的能力，這些解決方案支援並提高複雜信貸經理的生產力。

Another notable win this quarter, we just signed a multinational New York-based alternative investment management company specializing in credit with over [$100 billion] in AUM in multiple business leads across the capital structure. This client recently acquired an equity business from an investment bank and chose to implement Enfusion to the right front, middle and back office operational efficiencies.

本季另一個值得注意的勝利是，我們剛剛簽署了一家總部位於紐約的跨國另類投資管理公司，專門從事信貸業務，其資產管理規模超過[1000 億美元]，在整個資本結構中擁有多個業務領先優勢。該客戶最近從一家投資銀行收購了股權業務，並選擇實施 Enfusion 以提高前、中、後台的營運效率。

Shortly after the completion of the Enfusion front-to-back implementation, they recognized the opportunity to drive similar efficiency with its structured credit business, which trades across asset and mortgage-backed securities.

在完成 Enfusion 從前到後的實施後不久，他們認識到有機會透過其跨資產和抵押貸款支持證券進行交易的結構性信貸業務來提高類似的效率。

At their request, Enfusion designed an end-to-end workflow from pre-trade compliance, trade capture, real-time IBOR and shadow books, all with an open framework to integrate to third party, best of breed risk providers. This is a prime example of our technology's broad adaptability and flexibility. Importantly, it's a reflection on Enfusion's team ability to think outside the box and deliver creative and customized solutions to large investment managers.

根據他們的要求，Enfusion 設計了一個從交易前合規、交易捕獲、即時 IBOR 和影子帳本的端到端工作流程，所有這些都具有開放框架，可與第三方、最佳風險提供者整合。這是我們技術廣泛的適應性和靈活性的一個典型例子。重要的是，這反映了 Enfusion 團隊跳出框框思考並向大型投資經理提供創意和客製化解決方案的能力。

In Asia Pacific, revenue grew 13% year-over-year, which is up 7% last quarter, but below the 20% growth of last year. Not surprisingly, given the geopolitical and macroeconomic backdrop in the region, we continue to see capital outflows from China and Hong Kong into Singapore, Middle East and Australia.

在亞太地區，營收年增 13%，較上季成長 7%，但低於去年 20% 的增幅。考慮到該地區的地緣政治和宏觀經濟背景，我們繼續看到資本從中國和香港流出到新加坡、中東和澳大利亞，這並不奇怪。

Given our strong brand and market position in APAC, we remain the partner of choice for new fund launches and seeing strong growth opportunities with large asset managers outside of China and Hong Kong.

鑑於我們在亞太地區強大的品牌和市場地位，我們仍然是新基金推出的首選合作夥伴，並看到中國和香港以外的大型資產管理公司的強勁成長機會。

We are delighted to add a high pedigreed launch to our client base with the addition of Chikara Investment Management. Our ability to consistently win managers such as Chikara validates the value proposition we deliver to high-quality asset managers. This type of wins confirm that our product and client strategy are continuing to help us win in the traditional asset management segment.

我們很高興透過 Chikara Investment Management 的加入，為我們的客戶群增添了一個高品質的產品。我們能夠持續贏得 Chikara 等管理公司的青睞，這驗證了我們為高品質資產管理公司提供的價值主張。這種類型的勝利證實了我們的產品和客戶策略正在繼續幫助我們在傳統資產管理領域中取得勝利。

In Europe, Middle East and Africa, revenue grew 29% year-over-year in the first quarter, up from 24% growth last quarter as Europe continues to be our fastest growing region. Not surprisingly, we continue to win our traditional bread-and-butter investment management accounts in the European money centers, but we're also making inroads geographically beyond the UK market with 44% of new clients coming from outside the UK.

在歐洲、中東和非洲，第一季營收年增 29%，高於上季的 24%，因為歐洲仍然是我們成長最快的地區。毫不奇怪，我們繼續在歐洲貨幣中心贏得傳統的主要投資管理帳戶，但我們也在英國市場以外的地區取得進展，44% 的新客戶來自英國以外的地區。

On a client level basis, we were pleased to see a few credit fund wins in Europe, one new family office in Switzerland and several accounts expansions. Given our European momentum, we plan dedicate additional resources to further expand our market presence in Continental Europe and Middle East.

在客戶層面，我們很高興看到在歐洲贏得了一些信貸基金，在瑞士建立了一個新的家族辦公室，並擴大了幾個帳戶。鑑於我們在歐洲的發展勢頭，我們計劃投入更多資源，進一步擴大我們在歐洲大陸和中東的市場份額。

A unique client expansion story, I'm excited to share with you is ICP Asset Management, an asset manager backed by the Norwegian industrial investment company, Aker and led by Yngve Slyngstad, who was the former CEO of Norges Bank Investment Management.

我很高興與您分享 ICP Asset Management 的一個獨特的客戶拓展故事，這是一家由挪威工業投資公司 Aker 支持的資產管理公司，由挪威銀行投資管理公司前首席執行官 Yngve Slyngstad 領導。

ICP Asset Management has an existing Enfusion client that recently acquired and established Swedish asset manager, Norron, to form a single Nordic firm with a global reach. The ambition is to create unique products that provide exposure to the whole energy transition.

ICP資產管理公司現有的Enfusion客戶最近收購並成立了瑞典資產管理公司Norron，以形成一家具有全球影響力的北歐公司。我們的目標是創造獨特的產品，以適應整個能源轉型。

The newly combined firm evaluated both its incumbent solutions and current market offerings and elected to broaden its commitment to Enfusion as its PMS across products, geographies and asset classes. ICP once again is a clear proof point that not only can we land and expand, but also take share from our largest competitors.

新合併的公司評估了其現有解決方案和當前市場產品，並選擇擴大對 Enfusion 的承諾，將其作為跨產品、地理和資產類別的 PMS。ICP再次明確證明我們不僅可以落地、擴張，還可以從最大的競爭對手手中奪取份額。

I would like to draw your attention to the strong geographic diversification benefits that Enfusion business delivers. While growth in the APAC region slows, our revenue engine in EMEA is more than compensating for the dynamic, resulting in overall growth acceleration and margin expansion. We will continue to adjust our go-to-market strategy and execution tactics to reflect market opportunities on a global basis.

我想提請您注意 Enfusion 業務所帶來的強大的地理多元化優勢。雖然亞太地區的成長放緩，但我們在歐洲、中東和非洲地區的收入引擎足以彌補這一動態，從而實現整體成長加速和利潤率擴張。我們將繼續調整我們的市場策略和執行策略，以反映全球市場機會。

At this time, I'd like to have Neal Pawar, our Chief Operating Officer, make a few comments on product and partnerships.

這次，我想請我們的營運長 Neal Pawar 對產品和合作夥伴關係發表一些評論。

Thank you, Oleg and thank you to everyone for the warm greeting at our Investor Day. Just prior to today's call, Oleg and I returned from visiting Enfusion offices in Hong Kong, Singapore and Sydney. My trip to Asia closes out the opportunity to spend time with our colleagues around the globe and to meet with a fantastic group of clients who have entrusted Enfusion to provide them the mission-critical software and connectivity to operate their businesses.

謝謝奧列格，也謝謝大家在我們投資人日的熱情問候。就在今天的電話會議之前，奧列格和我剛剛參觀完 Enfusion 在香港、新加坡和雪梨的辦事處回來。我的亞洲之旅結束了與我們世界各地的同事共度時光的機會，並會見了一群出色的客戶，他們委託 Enfusion 為他們提供關鍵任務軟體和連接來運營他們的業務。

Our clients in the APAC region represent 28% of our client base in total and includes a cross-section of hedge funds, asset managers and family offices. It's been an amazing experience and gave me a firsthand chance to not only understand market nuances in this region, but equally to see our team's dedication and drive.

我們在亞太地區的客戶占我們客戶群總數的 28%，包括對沖基金、資產管理公司和家族辦公室。這是一次令人驚嘆的經歷，讓我有機會不僅了解該地區市場的細微差別，而且同樣看到了我們團隊的奉獻精神和動力。

On our previous earnings call, we discussed how the addition of the Portfolio Workbench product has helped us to win new accounts in the fourth quarter of '23, such as the Utah Retirement Systems. In this past quarter, the value of having this product in our offering allowed us to expand our relationships with some existing accounts.

在我們先前的財報電話會議上，我們討論了投資組合工作台產品的添加如何幫助我們在 2023 年第四季度贏得新客戶，例如猶他州退休系統。在過去的這個季度，我們產品中包含該產品的價值使我們能夠擴大與一些現有客戶的關係。

One client story that perfectly illustrates our ability to grow our business with existing clients, which I'm pleased to share with you is that of Trium. Trium Capital is a London-based multi-boutique hedge funds with $2.1 billion assets under management.

Trium 的一個客戶故事完美地說明了我們與現有客戶一起發展業務的能力，我很高興與您分享這個故事。Trium Capital 是一家總部位於倫敦的多精品對沖基金，管理著 21 億美元的資產。

Trium portfolio managers specialized in a variety of trading strategies, including event-driven, emerging market macro and ESG long short equity, which offer to institutional investors in Irish UCITS, Cayman offshore and single managed account formats, either as a standalone investment or as a multi-manager products.

Trium 投資組合經理專門從事各種交易策略，包括事件驅動、新興市場宏觀和ESG 多頭空頭股票，這些策略向愛爾蘭UCITS、開曼離岸和單一管理帳戶格式的機構投資者提供，無論是作為獨立投資還是作為多經理產品。

We're particularly excited about this win as it is a textbook example of our land-and-expand strategy. Trium launched a single new fund with Enfusion in Q2 2021, as their existing solution could not handle the range of financial instruments required. After two years on the platform, Trium COO chose to implement Enfusion's full front-to-back capabilities across the entire portfolio, encompassing over 20 funds and accounts in Q3 2023.

我們對這次勝利感到特別興奮，因為這是我們土地擴張策略的教科書範例。Trium 於 2021 年第二季與 Enfusion 推出了單一新基金，因為他們現有的解決方案無法處理所需的金融工具範圍。在該平台上工作兩年後，Trium 營運長選擇在 2023 年第三季在整個投資組合中實施 Enfusion 的完整前端到後端功能，涵蓋 20 多個基金和帳戶。

In Q1 of 2024, Trium decided to further expand its relationship with Enfusion by onboarding a related entity TCN Wealth to our platform. We're so grateful for our growing partnership with Trium.

2024 年第一季度，Trium 決定將相關實體 TCN Wealth 納入我們的平台，進一步擴大與 Enfusion 的關係。我們非常感謝與 Trium 不斷發展的合作夥伴關係。

The timing of the wins this quarter was not a coincidence. We saw several conversion wins that were aided by our ability to rapidly release new versions of our software, thus being able to respond to clients' ever evolving needs.

本季獲勝的時機並非巧合。我們看到了一些成功的轉換，這得益於我們快速發佈軟體新版本的能力，從而能夠回應客戶不斷變化的需求。

We can't overemphasize the competitive edge of Enfusion's multi-tenanted SaaS model. If you were at our Investor Day, you heard a few of our clients explain how they don't want to orchestrate and manage software system upgrades, nor do they want to have to wait months or years to have the latest version.

我們怎麼強調 Enfusion 多租戶 SaaS 模式的競爭優勢都不為過。如果您參加我們的投資者日，您會聽到我們的一些客戶解釋他們如何不想編排和管理軟體系統升級，也不想等待數月或數年才能獲得最新版本。

This past quarter Enfusion rolled out 205 enhancements and features across our portfolio management and order management systems. And all of our clients benefited from these upgrades simultaneously, ensuring everyone is constantly running the latest version of our platform.

上個季度，Enfusion 在我們的投資組合管理和訂單管理系統中推出了 205 項增強功能和功能。我們所有的客戶同時受益於這些升級，確保每個人都不斷運行我們平台的最新版本。

Moving on to market expansion, as Oleg mentioned earlier, 44% of our Europe, Middle East and Africa business came from outside the UK in Q1 '24, which is up from 27% in Q1 '23. This is in line with our plan to expand into Continental Europe. Many of you had the opportunity to meet Lotte Tonsberg at our Investor Day, where she moderated a fireside chat with two of our clients.

繼續進行市場擴張，正如奧列格之前提到的，24 年第一季我們歐洲、中東和非洲業務的 44% 來自英國以外的地區，高於 23 年第一季的 27%。這符合我們向歐洲大陸擴張的計劃。你們中的許多人都有機會在我們的投資者日見到 Lotte Tonsberg，她主持了與我們的兩位客戶的爐邊談話。

Lotte runs our European sales team. And under her leadership, we're seeing deeper market penetration, a trend we expect to continue. For example, the ICP expansion was the fifth consecutive quarter in which we won new business in Scandinavia.

樂天負責管理我們的歐洲銷售團隊。在她的領導下，我們看到了更深層的市場滲透，我們預計這一趨勢將持續下去。例如，ICP擴張是我們連續第五個季度在斯堪的納維亞半島贏得了新業務。

Lastly, I'd like to touch on our overall services. As we mentioned last quarter, we have accelerated the onboarding cycle. As someone who's had to manage many upgrades and switches over my career on the buy side, I understand how important switching costs are to our clients. We believe that the cost to switch to Enfusion, both in time and effort is already materially lower than our competitors.

最後，我想談談我們的整體服務。正如我們上季度提到的，我們加快了入職週期。作為一個必須在買方管理許多升級和轉換職業生涯的人，我了解轉換成本對我們的客戶有多重要。我們相信，改用 Enfusion 的時間和精力成本已經大大低於我們的競爭對手。

We continue to focus on this by putting emphasis on our inbound and outbound interfaces as well as our flexible reporting solution. Getting clients up and running faster and more efficiently that never has wide reaching benefits. One obvious one is, as we onboard clients faster, we're able to recognize revenue more quickly.

我們繼續關注這一點，重點關注我們的入站和出站介面以及靈活的報告解決方案。讓客戶更快、更有效率地啟動和運行，這永遠不會帶來廣泛的效益。一個明顯的事實是，隨著我們更快吸引客戶，我們能夠更快地確認收入。

As an additional benefit, we've seen the clients with high onboarding satisfaction scores can be more receptive to purchasing additional products or services from us. While client onboarding satisfaction scores are at a three-year high, we continue to respond to our clients' feedback and find ways to continue to improve our service here.

作為額外的好處，我們發現具有高入職滿意度分數的客戶更願意從我們這裡購買額外的產品或服務。雖然客戶入職滿意度得分達到三年來的最高水平，但我們將繼續回應客戶的回饋，並尋找繼續改進我們服務的方法。

And now I'll turn back to Oleg to discuss market dynamics.

現在我將回到奧列格討論市場動態。

As for market dynamics, we've seen an inflection from year end from closures in December to new fund launches in January. We have been seeing capital flows shift out of China and Hong Kong and into Singapore, India, Japan and Dubai. Although we believe Hong Kong remains the core operating hub for fund managers.

至於市場動態，我們看到從年底到 12 月關閉到 1 月新基金推出的變化。我們看到資本從中國大陸和香港轉移到新加坡、印度、日本和杜拜。雖然我們相信香港仍然是基金經理人的核心營運中心。

We observed more activity in Dubai recently as it has been a destination for both intellectual and investment capital and we're evaluating opportunities in this market. China was a little quieter during this first quarter due to the Lunar New Year as well as some funding delays from newly launched investment funds in the UK. We expect to see activity ramp up after this events.

我們最近在杜拜觀察到更多的活動，因為它一直是知識和投資資本的目的地，我們正在評估這個市場的機會。由於農曆新年以及英國新推出的投資基金的一些融資延遲，中國第一季的表現稍微平靜下來。我們預計在此事件發生後活動將會增加。

And now let me discuss our strategic focus. We are pleased with the start of 2024 with healthy new client growth and customer onboarding satisfaction at three year highs. The Enfusion team remains laser focused on product innovation, customer satisfaction and creating superior value for our shareholders. We continue to view our best return on investment capital and investments in our product and people, which has been in motion and will continue throughout 2024.

現在讓我討論一下我們的策略重點。我們對 2024 年開始感到高興，新客戶健康成長，客戶入職滿意度達到三年來的最高水準。Enfusion 團隊始終專注於產品創新、客戶滿意度以及為股東創造卓越價值。我們繼續期待投資資本以及對產品和人員的投資獲得最佳回報，這一目標一直在進行，並將持續到 2024 年。

Our product team and software engineers are relentlessly working in synchrony to deliver new capabilities and workflows for our clients with a focus on traditional asset managers.

我們的產品團隊和軟體工程師正在不懈地同步工作，為我們的客戶提供新的功能和工作流程，並專注於傳統的資產管理公司。

Our focus on operational efficiencies through our product platform development is designed to provide our clients with more capabilities to self-customize their systems, enable our team to deliver best in class client services in a cost and time efficient manner. We believe this will result in shorter completion times, minimize help desk interaction and wait times and greater customer satisfaction.

我們透過產品平台開發注重營運效率，旨在為我們的客戶提供更多自我客製化系統的能力，使我們的團隊能夠以成本和時間高效的方式提供一流的客戶服務。我們相信這將縮短完成時間，最大限度地減少服務台互動和等待時間，並提高客戶滿意度。

In closing, I'm delighted with our first quarter results, but even more pleased with our team's ability to execute. We have the product offerings to win new business and to land and expand with our current accounts.

最後，我對我們第一季的業績感到滿意，但更對我們團隊的執行能力感到滿意。我們提供的產品可以贏得新業務並透過我們的經常帳戶獲得和擴張。

Our strategic roadmap and the revenue trajectory affords us the ability to invest in our account management and managed service teams as we simultaneously expand Enfusion's platform and product capabilities.

我們的策略路線圖和收入軌跡使我們有能力投資於我們的客戶管理和託管服務團隊，同時擴展 Enfusion 的平台和產品功能。

When added together, we believe this creates value for our clients and accelerate scale, expense margins and drives efficiency. We believe our disciplined approach to capital allocation and the relentless focus on our technology capabilities puts Enfusion on the path to be a Rule of 40 company over the medium term.

綜合起來，我們相信這將為我們的客戶創造價值，並加速規模、費用利潤率和提高效率。我們相信，我們嚴格的資本配置方法和對技術能力的不懈關注使 Enfusion 能夠在中期內成為 40 強公司。

I will now turn the call over to Brad to discuss our financials.

我現在將把電話轉給布拉德，討論我們的財務狀況。

Thank you, Oleg, and thanks, everyone, for joining us this morning. On behalf of Enfusion's 1,100-plus global employees, I have the privilege to report another solid quarter that reflects market-leading growth combined with continued expansion of our profitability profile.

謝謝奧列格，也謝謝大家今天早上加入我們。我代表 Enfusion 的 1,100 多名全球員工，榮幸地報告又一個穩健的季度，反映了市場領先的成長以及我們獲利狀況的持續擴大。

For the first quarter we generated revenue of $48.1 million, an increase of 17% over the same quarter last year. This quarter's revenue performance continues the trend of expanding our growth rate by adding 260 basis points over the growth rate we reported for Q4 of 2023.

第一季我們的營收為 4,810 萬美元，比去年同期成長 17%。本季的營收表現延續了成長率擴大的趨勢，比我們報告的 2023 年第四季成長率增加了 260 個基點。

Referring back to the discussions we had in our last earnings call, and at our Investor Day on the designation between front and back book, a 17% growth rate in the quarter consisted of approximately 14% contribution from the front book and approximately 3% of growth coming from the back book.

回顧我們在上次財報電話會議上以及在投資者日關於封面和封底之間指定的討論，本季度 17% 的增長率包括來自封面的約 14% 的貢獻和來自封面的約 3% 的貢獻。成長來自於背書。

While both of these figures are within the expected ranges we discussed at our Investor Day meeting, we are watching the patterns in the back book drivers as Q1 churn and downgrades came in slightly higher than the normal seasonal pattern we would have expected to see.

雖然這兩個數字都在我們在投資者日會議上討論的預期範圍內，但我們正在觀察後台帳簿驅動因素的模式，因為第一季的流失和降級略高於我們預期的正常季節性模式。

As a reminder, I would encourage listeners on the call to review the materials from our Investor Day that lay out our discussion on front and back book revenue projections and those materials are posted on our IR website.

提醒一下，我鼓勵電話會議的聽眾查看投資者日的資料，其中列出了我們對帳面收入預測和帳面收入預測的討論，這些資料發佈在我們的投資者關係網站上。

First quarter ARR was $190.5 million, up 14% year-over-year and 3% higher than what we reported in the fourth quarter of last year. As a quick reminder from our last earnings call, going forward, we are only reporting a single NDR figure that captures both voluntary and involuntary churn in order to simplify our messaging to investors.

第一季 ARR 為 1.905 億美元，年增 14%，比我們去年第四季報告的數據高出 3%。作為我們上次財報電話會議的一個快速提醒，展望未來，我們僅報告一個包含自願和非自願流失的 NDR 數據，以簡化我們向投資者傳達的訊息。

Our NDR for the quarter was 103%, which is up 80 basis points from what we reported last quarter. As we talked about last quarter, the consolidation of UBS and CS will continue to impact our NDR until it annualizes in Q4 of this year.

我們本季的 NDR 為 103%，比上季報告上升 80 個基點。正如我們上季度談到的，瑞銀和中信證券的合併將繼續影響我們的 NDR，直到今年第四季實現年度化。

The impact of the UBS, CS consolidation on Q1 was a headwind of 60 basis points compared to 70 basis points last quarter. We are still targeting an NDR to expand to 106% to 107% as we close out 2024. Our reported adjusted gross profit increased by 17% year-over-year to $32.6 million.

瑞銀、CS 整合對第一季的影響為 60 個基點，而上季為 70 個基點。我們的目標仍然是在 2024 年結束時將 NDR 擴大到 106% 至 107%。我們報告的調整後毛利年增 17%，達到 3,260 萬美元。

This represents an adjusted gross margin in the quarter of [68%], which is down 40 basis points from Q1 of last year. The year-over-year margin impact represents a combination of slightly higher infrastructure costs to support our push upmarket in the traditional asset manager segment, combined with improved operating leverage from client service and onboarding personnel.

這意味著本季調整後的毛利率為 [68%]，比去年第一季下降了 40 個基點。同比利潤率影響體現在基礎設施成本略高，以支持我們在傳統資產管理領域推動高端市場，以及客戶服務和入職人員營運槓桿的提高。

Adjusted EBITDA for the quarter was $9.2 million, up 61% compared to Q1 of 2023. This represents an adjusted EBITDA margin of 19%, which is up over 500 basis points from the same period a year ago. The improvement over Q1 of last year was due to increased scale from our SG&A functions, reduced provisions on receivables and lower spend on third-party service providers.

該季度調整後 EBITDA 為 920 萬美元，較 2023 年第一季成長 61%。這意味著調整後的 EBITDA 利潤率為 19%，比去年同期成長了 500 個基點以上。與去年第一季相比的改善是由於我們的 SG&A 職能規模擴大、應收帳款撥備減少以及對第三方服務提供者的支出減少。

Referencing the margin guidance, we provided in our Q4 call where I discussed a target of 16% to 17% for the quarter, I would like to call out that there was approximately 150 basis points of margin benefit or roughly $600,000 in the quarter from non-recurring savings that will not repeat throughout the remainder of the year.

參考我們在第四季度電話會議中提供的利潤指引，我在其中討論了本季度16% 至17% 的目標，我想指出的是，本季度非營利利潤大約有150 個基點，即大約600,000 美元。

Adjusted free cash flow for the quarter was negative $1.2 million. The decrease in adjusted free cash flow from Q4 of 2023 is due to the timing of our 2023 annual incentives that were paid out in the first quarter. For the trailing four quarters, our adjusted free cash conversion was 47%.

該季度調整後自由現金流為負 120 萬美元。調整後自由現金流較 2023 年第四季有所下降，是由於我們在第一季支付了 2023 年年度激勵措施。在過去的四個季度中，我們調整後的自由現金轉換率為 47%。

Note that, there was a onetime $1.5 million distribution payment made to FTV Capital that we discussed in Q2 of 2023, which reduced our free cash flow conversion by 4%. GAAP net income for the quarter was negative $800,000, which results in a GAAP EPS of negative [1p] per share.

請注意，我們在 2023 年第二季度討論過向 FTV Capital 一次性支付了 150 萬美元的分配款項，這使我們的自由現金流轉換減少了 4%。該季度 GAAP 淨利潤為負 800,000 美元，導致 GAAP 每股收益為負 [1p]。

Similar to last quarter, we do not have anything significant to report with respect to our balance sheet or capital structure. We ended the quarter with approximately $33 million in cash and cash equivalents with no outstanding debt.

與上季類似，我們沒有任何關於資產負債表或資本結構的重要報告。本季結束時，我們擁有約 3,300 萬美元的現金和現金等價物，沒有未償債務。

Our cash balance, combined with $100 million of capacity on our revolver gives us adequate liquidity to support both our organic and inorganic growth objectives that we discussed at our Investor Day in March.

我們的現金餘額加上 1 億美元的左輪手槍容量，為我們提供了充足的流動性，以支持我們在 3 月份的投資者日討論的有機和無機增長目標。

Moving on to guidance, I will reiterate the full year guidance we provided in our previous call. As a reminder, that guidance included revenues between $200 million and $210 million, adjusted EBITDA between $40 million and $45 million and a free cash conversion rate between 50% and 55%. For modeling purposes, we continue to expect stock-based compensation to land between $19 million and $20 million for the full year.

談到指導，我將重申我們在上次電話會議中提供的全年指導。需要提醒的是，該指引包括 2 億至 2.1 億美元之間的收入、4,000 萬至 4,500 萬美元之間的調整後 EBITDA 以及 50% 至 55% 之間的自由現金轉換率。出於建模目的，我們繼續預計全年股票薪酬將在 1,900 萬美元至 2,000 萬美元之間。

With that, we'd like to open it up the call to questions. Operator, please go ahead.

至此，我們想開始提問。接線員，請繼續。

(Operator Instructions) Michael Infante, Morgan Stanley.

（操作員指令）Michael Infante，摩根士丹利。

Hi, everyone, thanks for taking our question. Oleg and Neal, I'm curious how you're thinking about resource allocation with the sales force. Generally, you obviously talked about some of the different geographic revenue exposure, but I'm curious like ability to toggle that depending on what you're seeing in various regions would be helpful.

大家好，感謝您提出我們的問題。奧列格和尼爾，我很好奇你們如何考慮銷售人員的資源分配。一般來說，您顯然談到了一些不同的地理收入風險，但我很好奇，根據您在不同地區看到的情況進行切換的能力會有所幫助。

Yeah. Hi, this is Neal. In terms of the sales force right now, we're obviously looking to expand, particularly in Europe. We see a lot of opportunity in our core segments. And you know, the recent wins that we talked about on the call a few minutes ago are a result of our continued emphasis in that region.

是的。嗨，這是尼​​爾。就目前的銷售隊伍而言，我們顯然正在尋求擴張，特別是在歐洲。我們在核心領域看到了很多機會。你知道，我們幾分鐘前在電話會議上談到的最近的勝利是我們持續重視該地區的結果。

Fortunately, we're not doing that at the expense of other regions. And so, I would say in Asia Pacific, we're not growing our investments in our sales force significantly. Obviously, for macroeconomic reasons that Oleg talked about, things have slowed down a little bit there.

幸運的是，我們這樣做並沒有以犧牲其他地區為代價。因此，我想說，在亞太地區，我們並沒有大幅增加對銷售團隊的投資。顯然，由於奧列格談到的宏觀經濟原因，那裡的情況已經放緩了一些。

And in the US, we're still pushing as we continue to grow into the sort of higher ACV, more complex, larger client segments. So very much a focus on North America and Europe and yeah, continuing to invest.

在美國，我們仍在努力向更高 ACV、更複雜、更大的客戶群發展。因此，我們非常關注北美和歐洲，是的，繼續投資。

That's helpful. I appreciate it. And nice to see the KPI acceleration really across our NDR and ACV. I wanted to ask on the full year outlook, I know somewhat early in the year, but given the performance in the quarter, particularly around profitability, I was curious how you would frame the previously provided outlook for us and whether or not the outperformance in the quarter either leaves you more convicted and the '24 outlook or potentially tracking towards the higher end of it? Thanks.

這很有幫助。我很感激。很高興看到我們的 NDR 和 ACV 的 KPI 確實加速了。我想問一下全年前景，我在今年早些時候就知道了，但考慮到本季度的表現，特別是在盈利能力方面，我很好奇您將如何為我們制定之前提供的前景，以及是否表現出色這個季度要么讓你更加確信 24 年的前景，要么可能朝著更高端的方向發展？謝謝。

Hey, Michael, this is Brad. I'll take that. One of the things I did mention on the call, we did have a few non-recurring things that help with the profitability of the quarter, our mission as the call specifically. But outside of that, I think first quarter is a little early to declare victory.

嘿，邁克爾，這是布拉德。我會接受的。我在電話會議上提到的一件事是，我們確實有一些非經常性的事情有助於提高本季的獲利能力，這是我們電話會議的具體使命。但除此之外，我認為第一節宣布勝利還為時過早。

So we looked good. We like the way the trends are playing out, but we're a little bit cautious on a couple of little things I mentioned around where we saw churn and some other things coming for the first quarter, but we feel really good about our guidance for the full year. We're just going to see how that plays out. But we just want to be up -- we don't want get ahead of ourselves this early in the year.

所以我們看起來不錯。我們喜歡趨勢的發展方式，但我們對我提到的一些小事情持謹慎態度，我們看到第一季出現客戶流失和其他一些事情，但我們對我們的指導感到非常滿意全年。我們只是要看看結果如何。但我們只是想起床——我們不想在今年這麼早就超前。

Makes sense. Thanks, guys.

說得通。多謝你們。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, guys. It's [Faith] on for Dylan. I'm just looking at that ACV metric, given your guys with push upstream with larger asset managers, what's the importance of these customers and how should we expect the balance of ACV growth versus maybe new logo adds going forward? Is it can be fairly balanced given the long tail opportunity or what's the right way of thinking about this?

大家好。迪倫的[信仰]已開啟。我只是在關注 ACV 指標，考慮到你們的人員與大型資產管理公司一起向上游推進，這些客戶的重要性是什麼？考慮到長尾機會，它是否可以相當平衡，或者思考這個問題的正確方法是什麼？

Hi, Faith, this is Oleg here. So look, of course, naturally, as we move upstream and sell into more complex, larger funds, institutional asset managers, ACV will go up. I would encourage you and everyone else to think about ACV in a very -- in a more granular way.

嗨，菲斯，我是奧列格。所以，當然，當我們向上游移動並出售給更複雜、更大的基金、機構資產管理公司時，ACV 將會自然上漲。我鼓勵你和其他人以一種非常——更細緻的方式來思考 ACV。

We have a large chunk of customers that pay us above [$500,000], but a lot of our clients pay us in on [$250,000] a year or less. And so, that portion of our portfolio over time will shrink. But it will shrink disproportionately. And so, the idea is the averages are sort of difficult to interprets across the entire client base.

我們有很大一部分客戶支付給我們的費用超過 [500,000 美元]，但我們的許多客戶每年支付給我們的費用為 [250,000 美元] 或更少。因此，隨著時間的推移，我們投資組合的這一部分將會縮小。但它會不成比例地縮小。因此，我們的想法是，整個客戶群的平均值很難解釋。

So we are very focused on growing that portion of the portfolio with larger clients. But in this particular case, one of the reasons you want others because some of the clients will have much lower ACV churn and of course, mathematically it yields higher ACV as well.

因此，我們非常注重與更大的客戶一起擴大投資組合的這一部分。但在這種特殊情況下，您想要其他客戶的原因之一是因為某些客戶的 ACV 流失率要低得多，當然，從數學上講，它也會產生更高的 ACV。

Thanks for color. And then if I could squeeze in one more, just thinking about the partnership ecosystem angle. As you expand your value proposition and address more components of these traditional asset manager workflows. I'm wondering how you guys think of leveraging this channel to support incremental capacity or value services they can offer customers through different integration?

謝謝你的顏色。然後，如果我可以再擠進一個，只需考慮合作夥伴生態系統的角度。隨著您擴展價值主張並解決這些傳統資產管理工作流程的更多元件。我想知道你們如何看待利用這個管道來支持他們可以透過不同的集成為客戶提供的增量容量或價值服務？

Great question. So a couple of things I'll say, and maybe Neal can chime in here (technical difficulty) those relationships to us -- given us one is just a pure referral type relationships. And we do it both ways. No different entities refer clients to us and vice versa.

很好的問題。所以我要說幾件事，也許尼爾可以在這裡插話（技術難度）這些與我們的關係——考慮到我們的關係只是純粹的推薦類型關係。我們同時採用兩種方式。沒有任何不同的實體將客戶推薦給我們，反之亦然。

The other way, we think about it as when we actually have a joint value proposition with another solution provider, and we go to market together and enhance or accentuate value proposition to the client. And there is no abundance of examples there.

另一方面，我們認為當我們實際上與另一個解決方案提供者有共同的價值主張時，我們一起進入市場並增強或強調對客戶的價值主張。那裡沒有太多的例子。

We're talking about some entities to help us sell content, help us on risk models, help us sell data and vice versa. We've seen opportunities -- we help those partners where they provide certain capabilities like optimizers risk models, performance attribution where they see clients that still live on this outdated compartmentalized technology world where we can bring value to the table.

我們談論的是一些幫助我們銷售內容、幫助我們建立風險模型、幫助我們銷售數據的實體，反之亦然。我們看到了機會——我們幫助那些合作夥伴提供某些功能，例如優化器風險模型、績效歸因，他們看到客戶仍然生活在這個過時的劃分技術世界中，我們可以為他們帶來價值。

Yeah. Maybe just to add to that, this is Neal. I'll give you a couple of examples here. So this company called FundApps that we have a partnership with. They provide trade reporting to regulators. It's a great example of leveraging the partnership with them to quickly add capabilities that we don't need to build ourselves and that we can quickly provide to our clients.

是的。也許只是補充一下，這是尼爾。我在這裡給你幾個例子。我們與這家名為 FundApps 的公司有合作關係。他們向監管機構提供貿易報告。這是一個很好的例子，利用與他們的合作關係來快速添加我們不需要自己構建並且可以快速提供給客戶的功能。

But with a deep integration, clients would much prefer to use industry tested data pipelines and connections and not have to manage sort of a myriad of numerous data vendor connections themselves.

但透過深度集成，客戶更願意使用經過行業測試的數據管道和連接，而不必自己管理無數的數據供應商連接。

Another great example is Backstop. It's a CRM solution used within the hedge fund community that we've integrated into the platform. So we have a number of others like this, and we're investing in building more because we think this is a really sensible way to provide value to our clients.

另一個很好的例子是 Backstop。這是對沖基金社群中使用的 CRM 解決方案，我們已將其整合到該平台中。因此，我們還有很多類似的項目，我們正在投資建立更多項目，因為我們認為這是為客戶提供價值的真正明智的方式。

All right. Thanks.

好的。謝謝。

Jeffrey lane, Stifel.

傑弗裡·萊恩，斯蒂菲爾。

Hi, guys. Thanks for taking the question here. It's Parker, you referenced switching time and costs being lower with Enfusion. Has that been the primary impediment for these asset managers that you're looking to convert in the past? Or is there a other dynamics at play?

嗨，大家好。感謝您在這裡提出問題。我是 Parker，您提到 Enfusion 可以降低切換時間和成本。這是否是您過去尋求轉型的資產管理公司面臨的主要障礙？還是還有其他動力在運作？

So let me start now with our usual fashion, Neal will complement my answer. So the impediments, many things right, both risk and cost of translation. When we talk to larger clients, it's almost that the pain that they currently incurred, and everybody acknowledges is that do you incur a lot of pain with everything they run should exceed there sort of concern about risk and visibility into our onboarding process.

現在讓我從我們通常的時尚開始，尼爾將補充我的答案。因此，障礙很多，包括翻譯的風險和成本。當我們與大客戶交談時，幾乎就是他們目前所遭受的痛苦，每個人都承認，他們所經營的一切所帶來的痛苦應該超過對我們入職流程的風險和可見性的擔憂。

Then they just cannot help but make a choice and decide to switch. We also approach this in a modular fashion. So in addition to our ability to onboard clients and comprehensive way. We offer sort of just the same way we do the products kind of land-and-expand approach where we either onboard a portion of the organization when it was broken down by asset class and product by division.

然後他們就會情不自禁地做出選擇並決定改變。我們也以模組化的方式解決這個問題。因此，除了我們吸引客戶的能力和全面的方式之外。我們提供的方式與產品類型的土地和擴張方法相同，我們要么在按資產類別和產品按部門細分時加入組織的一部分。

And then go sort of horizontally or we start with portfolio management system that evolved traditional default approach. And then we continue to integrate both up and down way of accounting.

然後橫向發展，或者我們從發展傳統預設方法的投資組合管理系統開始。然後我們繼續整合向上和向下的核算方式。

But switching costs are super important where we're investing in product and platform that enable us to do data migration and onboarding work much more efficiently and on the flip side using the enable clients to use exactly the same tools to sell service and do so.

但是，當我們投資產品和平台時，轉換成本非常重要，這些產品和平台使我們能夠更有效地進行資料遷移和入職工作，而另一方面，使客戶能夠使用完全相同的工具來銷售服務並如此做。

Yeah, just to add to that, Oleg, I would say that our average implementation time over the past four quarters for clients who are switching or converting to Enfusion has ranged between seven to nine months, which we think is pretty good.

是的，補充一點，Oleg，我想說的是，過去四個季度我們為轉換或轉換到 Enfusion 的客戶的平均實施時間在七到九個月之間，我們認為這相當不錯。

There's obviously more work we want to do to bring that down, but it's worth mentioning that for clients who are switching to non-SaaS companies, just procuring hardware can be 50% to 80% of that timeframe alone.

顯然，我們還需要做更多的工作來降低這種情況，但值得一提的是，對於轉向非 SaaS 公司的客戶來說，光是採購硬體就需要花費 50% 到 80% 的時間。

And then when you factor in the potential supply chain shortages with chips, and we saw this over the pandemic and now with the AI computing demands trying to just get the hardware to run the software can often eat up the majority of that timeframe. Obviously, as a SaaS native platform, that's not a challenge for us and our clients are able to reap the benefits by getting onto the platform sooner.

然後，當你考慮到晶片的潛在供應鏈短缺時，我們在大流行期間看到了這一點，現在隨著人工智慧運算的需求，試圖讓硬體來運行軟體通常會佔用大部分時間。顯然，作為 SaaS 原生平台，這對我們來說不是一個挑戰，我們的客戶能夠透過更快地進入該平台來獲得收益。

Very interesting. Neal, maybe just to stay with you here. You called out some nuances in the APAC market. I was wondering if you can go a layer deeper there on what those nuances look like and how they impact your view on the market opportunity and more importantly, deal cycles that you're seeing in that region?

很有意思。尼爾，也許只是為了和你待在這裡。您指出了亞太市場的一些細微差別。我想知道您是否可以更深入地了解這些細微差別，以及它們如何影響您對市場機會的看法，更重要的是，您在該地區看到的交易週期？

Well, let me first maybe make a comment just on some of the nuances I was referring to and then perhaps Oleg talk more about the macro picture that we saw when we were together in APAC last week. What we've noticed as we talk to clients in the region is that even just when you look at the way swap trades finance today, you look at some of the compliance rules there, they're very different.

好吧，首先讓我對我提到的一些細微差別發表評論，然後奧列格可能會更多地談論我們上週在亞太地區相聚時看到的宏觀情況。當我們與該地區的客戶交談時，我們注意到，即使你看看今天掉期交易的融資方式，看看那裡的一些合規規則，它們也是非常不同的。

If there was one message that we heard loud and clear, and we hear this from our European clients as well. It's the EU is not one country and APAC is not one country. And so, as we went across those regions and talk to clients in each region, we recognize that there are just differences in the way products trade and the way they're financed that we need to make sure the system can handle so that -- especially those who are using us for their accounting, do not have to do a lot of adjustments at month-end to trying to align their books relative to their custodians or the prime brokers or admins.

如果我們聽到了響亮而清晰的訊息，那麼我們也從歐洲客戶那裡聽到了這個訊息。歐盟不是一個國家，亞太地區也不是一個國家。因此，當我們穿越這些地區並與每個地區的客戶交談時，我們認識到產品貿易方式和融資方式存在差異，我們需要確保系統能夠處理這樣的情況——尤其是那些使用我們進行會計處理的人，無需在月底進行大量調整，以嘗試使他們的帳簿與託管人、主要經紀人或管理員保持一致。

So those market nuances are a lot of the nuances I was referring to. But I think your question is the right one, which is there's also a sort of macro economic trend that we witness, particularly in APAC. And I'll hand it over to Oleg to share his thoughts on that.

因此，這些市場細微差別就是我所指的許多細微差別。但我認為你的問題是正確的，我們也看到了宏觀經濟趨勢，特別是在亞太地區。我將把它交給奧列格來分享他對此的想法。

Yeah. Thanks, Neal. So it's consistent theme. People on the back of fundamental concerns about geopolitics, China economy slowdown and just being able to extract and protect capital in the region. We're seeing capital (technical difficulty) Singapore and Italy showed our cases and also from an investment opportunity perspective on investment managers that typically kind of presented themselves as sort of given exposure to APAC as one holistic region, they tried to differentiate within that block you have focused on countries like India and Japan versus just being highly levered to China and Hong Kong.

是的。謝謝，尼爾。所以這是一致的主題。人們對地緣政治、中國經濟放緩以及能否在該地區提取和保護資本感到基本擔憂。我們看到資本（技術難度）新加坡和義大利展示了我們的案例，並且從投資經理的投資機會角度來看，這些投資經理通常將自己視為對亞太地區作為一個整體區域的特定敞口，他們試圖在該區域內實現差異化你們專注於印度和日本等國家，而不是僅僅對中國和香港進行高槓桿投資。

However, having said that we still see that the Hong Kong remains pretty strong operating base for many APAC centric managers. As you know, we have a very strong brand equity in Hong Kong, specifically but as we reiterated multiple times, we expand our presence around Hong Kong to cover APAC broadly and have shifted our attention to the Middle East as part of our EMEA portfolio.

然而，話雖如此，我們仍然認為，對於許多以亞太地區為中心的管理公司來說，香港仍然是相當強大的營運基礎。如您所知，我們在香港擁有非常強大的品牌資產，但正如我們多次重申的那樣，我們擴大了在香港的業務範圍以廣泛覆蓋亞太地區，並將我們的注意力轉移到中東，作為我們歐洲、中東和非洲投資組合的一部分。

Got it. Thanks for the feedback here.

知道了。感謝您的回饋。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great, thank you. I know you talked about seven to nine months of implementation time. Any sense of the fees associated with that cost saving? Is that changed much just given some of that efficiencies they bring in there?

太好了謝謝。我知道您談到了七到九個月的實施時間。您是否了解與節省成本相關的費用？考慮到他們帶來的一些效率，情況是否發生了很大變化？

Hi, Kevin. Can you repeat the question? We can't hear you well.

嗨，凱文。你能重複一下這個問題嗎？我們聽不清楚你說話。

Yeah, just the cost of the implementations, I know you talked about seven to nine months. What's been the average implementation cost? And what type of cost savings you're clients seeing is you folks driving more and more efficiencies in the channel?

是的，只是實施成本，我知道你談到了七到九個月。平均實施成本是多少？您的客戶看到了哪些類型的成本節省，你們推動了通路效率的不斷提升？

Well, if you look at the implementation costs vary from client to client. The kind of seven to nine months, that's an average number as well. That help to sort of peel it back a little bit and see what complexity of different plans actually could drive the cost. I don't think it can be just summed up to dollar amounts.

嗯，如果你看看實施成本因客戶而異。七到九個月的那種，這也是一個平均數字。這有助於稍微剝離一下，看看不同計劃的複雜性實際上會增加成本。我認為這不能簡單地用美元來概括。

We will look at the relationship with clients on a holistic basis. So it just becomes part of it. I will probably emphasize the actual risk assessments. And the clients, sometimes it means that if they want to take a little longer instead of some 9 months, they want to take 12 months just to make sure everything is smooth and everything is in production and they can go live, they will take long, right?

我們將全面審視與客戶的關係。所以它只是成為其中的一部分。我可能會強調實際的風險評估。對於客戶來說，有時這意味著如果他們想要花更長的時間而不是9 個月，他們想要花12 個月來確保一切順利，一切都在生產中並且可以上線，他們將需要很長時間， 正確的？

So when people think about, I mean, Neal spend his life time thinking about the risk. When they think about that portion a lot of different things factor into this, it's hardware, it's software and data sets, how much data you need to actually migrate from the legacy systems to us, what modules you want to migrate?

因此，當人們想到時，我的意思是，尼爾一生都在思考風險。當他們考慮這一部分時，會考慮許多不同的因素，包括硬體、軟體和數據集，您需要實際從遺留系統遷移多少數據，您想要遷移哪些模組？

So it's a multidimensional question but we sort of price that elements of the -- of our relationship with the clients from a holistic perspective, not on a stand-alone basis.

所以這是一個多維度的問題，但我們從整體角度而不是單獨的角度來定價我們與客戶關係的要素。

And maybe the only thing I'd add to what Oleg said is where we see the most savings for clients. Since it's often hard to tell exactly what the savings are, because obviously, we don't get much transparency into what their pre-existing cost structures were.

也許我對奧列格所說的唯一要補充的是我們看到為客戶節省最多的地方。因為通常很難確切地知道節省了多少，因為顯然，我們對他們預先存在的成本結構沒有太多透明度。

But having been on the other side of the table, I can tell you that like when a client adopts our portfolio management tools our other management tools and our accounting tools, they're obviously going to see a much bigger savings because they're typically replacing three or more independent systems that they have to keep synchronized and reconciled and mutually consistent, which they can then replace with a single IBOR that fuels all three of those key components. So there is obviously a scaling factor to those savings given -- depending on how wide a range of our products set they adopt.

但站在桌子的​​另一邊，我可以告訴你，就像當客戶採用我們的投資組合管理工具、我們的其他管理工具和我們的會計工具時，他們顯然會看到更大的節省，因為他們通常取代三個或更多獨立系統，這些系統必須保持同步、協調和相互一致，然後他們可以用單一的 IBOR 來取代這些系統，為所有這三個關鍵組成部分提供動力。因此，這些節省顯然有一個比例因子——取決於他們採用的我們產品的範圍有多大。

Very helpful. And then, Brad, can you just remind us, the $600,000 of non-recurring savings in the quarter, what exactly was that?

很有幫助。然後，Brad，您能否提醒我們，本季 60 萬美元的非經常性儲蓄到底是什麼？

The biggest one had to do with the provision for receivables. We did a really good job in the last two quarters of 2023 with our collections. So that then translates into the calculations you used for your reserves. So we actually ended up in a credit position on our provision for the quarter. That's actually reduced it.

最大的一個與應收帳款撥備有關。2023 年最後兩個季度，我們的產品系列做得非常好。這樣就可以轉換為您用於儲備的計算。因此，我們實際上在本季的撥備中處於信用狀態。這實際上減少了​​。

We don't see that kind of continuing. We're going to go back to normal provisioning against our open receivables, which is a very small number. But given the fact of how good it was in Q3 and Q4 from a collection perspective, it actually took us from a debit to a credit position in Q1. I just don't see that recurring. So we wanted to call that out.

我們看不到這種情況會持續下去。我們將針對未清應收帳款恢復正常撥備，這是一個非常小的數字。但考慮到從收款角度來看，第三季和第四季的情況有多好，它實際上使我們在第一季從借方變為貸方。我只是沒有看到這種情況再次出現。所以我們想大聲疾呼。

Thank you.

謝謝。

Alexei Gogolev, J.P. Morgan.

阿列克謝‧戈戈列夫，摩根大通。

Hi, Oleg, at the Investor Day, you mentioned that you we already possess quite a lot of capability to cover for traditional asset manager and those asset classes, but you were saying that you need further product build-out for investment decision making processes. So could you maybe talk about probably a product buildout here? And when do you think you can meet those customer needs?

嗨，奧列格，在投資者日上，您提到我們已經擁有相當多的能力來涵蓋傳統資產管理公司和這些資產類別，但您說您需要為投資決策流程進一步建立產品。那麼您能在這裡談談產品的擴充嗎？您認為什麼時候可以滿足這些客戶需求？

Yeah, sure. Actually, I will let Neal to deep dive into that. I would say there are two elements here, right, just broadly. One thing is investment decision making part that you just mentioned that has to do with on one hand, absorbing information about expected returns, both at asset class level and at the security and instrument level and incorporate that into portfolio construction and then translating that into portfolio implementation which is, as we discussed many times, this is what Portfolio Workbench is all about.

好，當然。事實上，我會​​讓尼爾深入探討這一點。我想說這裡有兩個要素，對，只是廣義的。一件事是您剛才提到的投資決策部分，一方面需要吸收有關資產類別層面以及證券和工具層面的預期回報的信息，並將其納入投資組合構建中，然後將其轉化為投資組合正如我們多次討論的那樣，這就是投資組合工作台的全部內容。

Right now, it's in the release in first version where you basically can do heuristic portfolio construction, ad hoc and then you apply compliance rules and then rebalance the portfolio according with the next stage will be a little more sophisticated and the benchmark will be taken into account.

現在，它在第一個版本中，您基本上可以臨時進行啟發式投資組合構建，然後應用合規性規則，然後根據下一階段重新平衡投資組合，該階段將更加複雜，並且將考慮基準帳戶。

So you can actually rebalance the portfolios on a relative basis and then we will evolve the process to allow for more quantitative driven systematic portfolio optimizations with constraints.

因此，您實際上可以在相對基礎上重新平衡投資組合，然後我們將改進流程，以允許在約束條件下進行更多定量驅動的系統投資組合最佳化。

\So this is sort of portfolio construction and then the portfolio implementation piece dimension has to do with just scale in the system so that we can apply much more complex pre and post-trade compliance rules, much more complex compliance logic and much more complex and high-level scale allocation capability where we were just dealing with pro rata allocation for like 20 SMAs for hedge funds but with like [50,000, 100,000] accounts each of which have on investment guidelines, constraint limits and so on, so forth.

因此，這是一種投資組合構建，然後投資組合實施部分的維度與系統中的規模有關，以便我們可以應用更複雜的交易前和交易後合規規則、更複雜的合規邏輯以及更複雜和更複雜的規則。

So on that front, we definitely at a lot of work to do. But the good news for us is that architecture of the system is set up very well. So it's just a matter of us investing time, money and making the product better.

因此，在這方面，我們肯定還有很多工作要做。但對我們來說好消息是系統架構設定得很好。所以這只是我們投入時間、金錢並讓產品變得更好的問題。

Yeah, I think I think you covered most of it. The only things I would add, I would say is especially in the institutional segment, we have a lot of demand for institutions to be able to do a lot more self-service. On the platform today, there are a number of things.

是的，我想你已經涵蓋了大部分內容。我唯一要補充的是，特別是在機構領域，我們對機構有很多需求，希望它們能提供更多的自助服務。今天的平台上有很多東西。

For example, in our compliance suite where to make a change, you have to log a ticket with our support desk, and we make the change for you. Larger, more complex clients want more control over that themselves. That's something that we're starting to rollout.

例如，在我們的合規套件中，要進行更改，您必須向我們的支援台記錄票證，我們會為您進行更改。更大、更複雜的客戶希望自己擁有更多的控制權。這就是我們開始推出的東西。

And then just maybe to quickly address your question on the time line aspect. As we've mentioned, the fact that we do weekly releases, we're pushing these things out incrementally all the time. I mean, it's going to take us a couple of years for us to be able to say we handle every single nuance of every single market for every single client type.

然後也許可以快速解決您關於時間軸方面的問題。正如我們所提到的，事實上我們每週都會發布版本，我們一直在逐步推出這些內容。我的意思是，我們需要幾年的時間才能說我們能夠處理每個客戶類型的每個市場的每一個細微差別。

But the good news is as we onboard more clients, that tends to drive our prioritization queue because we want to make sure that we have the functionality that they need to go live. And then as we add those features to the platform, other clients get the benefit of it, and it makes the platform more attractive for future clients to be onboarded too.

但好消息是，隨著我們吸引更多客戶，這往往會推動我們的優先順序隊列，因為我們希望確保我們擁有他們上線所需的功能。然後，當我們將這些功能添加到平台時，其他客戶也會從中受益，這也使該平台對未來客戶的加入更具吸引力。

Great. Thank you for that, Neal. And Brad, if I could maybe ask you about the comments you made regarding the elevated churn in the first quarter? Does that impact your outlook for the normalized churn level that you mentioned earlier in the year, I think it was about 4% to 5%.

偉大的。謝謝你，尼爾。布拉德，我能否問一下您對第一季客戶流失率上升的評論？這是否會影響您對今年早些時候提到的正常化客戶流失水平的展望，我認為約為 4% 至 5%。

No, it doesn't. There's normally a seasonal patterns of churn in Q1. That tends to be the highest churn quarter as customers kind of go through the previous year and who survived and who doesn't. There was a little higher, but what I'd call out the account number was a little higher than we anticipated, but the impact wasn't as much as you would have associated with those counts because what turned out was really small clients.

不，事實並非如此。第一季通常會出現季節性的流失模式。這往往是客戶流失率最高的季度，因為客戶會經歷去年的情況，以及誰倖存下來，誰沒有。有一點高，但我所說的帳號比我們預期的要高一點，但影響並不像你想像的那麼大，因為結果是真正的小客戶。

So it's a combination of who churned and then what's the impact of that churn. So that's what we're watching closely. We just wanted to call it out to say they're something we're looking at.

因此，這取決於誰流失了以及流失的影響是什麼。這就是我們正在密切關注的。我們只是想大聲說出我們正在關注的東西。

Great. Thank you very much.

偉大的。非常感謝。

Thank you, Alex.

謝謝你，亞歷克斯。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good morning. Thank you. Perhaps for Oleg or Neal to start. Remind us how you think about the monetization strategy around Portfolio Workbench, how much does that help you in terms of deal sizes when you land, how much of that contribute to NRR, just a little bit on how you think about charging for that.

早安.謝謝。也許由奧列格或尼爾開始。提醒我們您如何看待投資組合工作台的貨幣化策略，這對您登陸時的交易規模有多大幫助，其中對 NRR 的貢獻有多大，以及您如何考慮為此收費。

So well, thank you very much. This is actually a topic de jour for us at Enfusion. So as you know, traditionally, our pricing model has been very simple and sort of generic, right, basically price per license, price per seat, and then we make money on broker connections.

那麼，非常感謝。這其實是我們 Enfusion 的一個日常話題。如您所知，傳統上，我們的定價模型非常簡單，並且有點通用，對，基本上是每個許可證的價格，每個席位的價格，然後我們透過經紀人連接賺錢。

So as we enrich the platform and make it more sort of, I would say, multilayered, right? We need to strike a balance between the fact that we have like a SaaS technology process architecture driven SaaS model with the fact that now instead of just making the system better, we actually develop and premium features and differentiated features that actually not clients have a lot of plans use are not non-core plantation revaluation, not all plans you are willing and able to pay for it.

因此，當我們豐富平台並使其更加多層時，我想說，對吧？我們需要在以下事實之間取得平衡：我們擁有SaaS 技術流程架構驅動的SaaS 模型，而現在我們不僅僅是讓系統變得更好，我們實際上開發了優質功能和差異化功能，而這些功能實際上不是客戶擁有的使用的計劃不是非核心種植園重估，也不是您願意並且能夠支付的所有計劃。

So we are kind of doing a wholesale revision of how we actually go to market in a particular for larger clients. So this is a big, big topic of discussion for us. It definitely will resolve in one way or the other. It will result in more granular pricing, in better economics for the full for us, but also better alignments with the clients, right? Because we can't simply just continue to make the system better without reflecting it in our part.

因此，我們正在對我們實際進入市場的方式進行大規模修改，特別是針對大客戶。所以這對我們來說是一個非常非常大的討論主題。它肯定會以一種或另一種方式解決。這將帶來更精細的定價，為我們帶來更好的經濟效益，同時也能更好地與客戶保持一致，對嗎？因為我們不能簡單地繼續讓系統變得更好而不在我們的部分反映出來。

Maybe just to answer that in a more immediate sense, the new features in the Portfolio Workbench are helping us win new business that we wouldn't normally win if we didn't have this functionality. So that's already contributing to our revenue story.

也許只是為了更直接地回答這個問題，投資組合工作台中的新功能正在幫助我們贏得新業務，如果我們沒有這個功能，我們通常不會贏得這些業務。所以這已經為我們的收入做出了貢獻。

It's also given us the opportunity to expand our relationship with existing clients. So we've had clients look at the functionality and then want to add that to their suite. And thus, that adds more seats within that client and thus also drives additional revenue.

它還使我們有機會擴大與現有客戶的關係。因此，我們讓客戶查看了該功能，然後希望將其添加到他們的套件中。因此，這會在該客戶中增加更多席位，也將帶來額外收入。

And then obviously for us, we're also getting tremendous validation on the product market fit for that product, which -- while that in itself doesn't directly contribute to revenue, it gives us tremendous conviction that we're moving that product in the right direction and making it fit for purpose for obviously this larger segment that we're growing into.

顯然，對於我們來說，我們也獲得了適合該產品的產品市場的巨大驗證，儘管這本身並沒有直接貢獻收入，但它讓我們堅信我們正在將該產品推向市場。適合我們正在成長的這個更大的細分市場的目的。

And just to give you all for clarity, this is all the logic that I discussed, and Neal just outlined is not Portfolio Workbench specific business and I hope that understood across the board because of other differentiated product offerings in the pipeline, there are not enough generic. And so the same framework will and should apply when we price those layers of functionality on a full-quarter basis.

為了讓大家清楚起見，這就是我討論的所有邏輯，尼爾剛剛概述的不是投資組合工作台特定業務，我希望大家全面理解，因為管道中還有其他差異化產品，還沒有足夠的通用的。因此，當我們在整個季度的基礎上對這些功能層進行定價時，同樣的框架將會並且應該適用。

Thank you. I appreciate the color. The follow-up is for Brad on how to think about seasonality of the business. And specifically, as we see companies move up market concerns that seasonality tends to shift more back half weighted because larger deals tend to get done more in the back half of the year.

謝謝。我很欣賞它的顏色。布拉德的後續內容是如何考慮業務的季節性。具體來說，當我們看到公司提高市場擔憂時，季節性因素往往會更向後轉移，因為較大的交易往往會在下半年完成更多。

Is that something that you're observing or have observed over the last couple of years with your pipeline and help us think about how you think about the changing seasonality of Enfusion as you move upmarket?

這是您在過去幾年中觀察到的或在您的管道中觀察到的事情嗎？

It's a great question. If you think about it, let's talk about it in the front-book, back-book delineation we gave before. In the back book, you don't see much seasonality other than what I mentioned, Q1 tends to be a quarter where customers kind of reassess their cost structure, whether it's they survive or not, which is the churn comment I made. But also, whether they do some downgrading along the way, that typically is a little bit more heavily weighted in the first quarter even in the first half of the year.

這是一個很好的問題。如果你想一下，我們就在之前的前書、後書的分割中來談談。在後面的書中，除了我提到的之外，你看不到太多季節性因素，第一季往往是客戶重新評估其成本結構的季度，無論他們能否生存，這就是我對客戶流失的評論。而且，無論他們是否在過程中進行一些降級，通常在第一季甚至上半年都會受到更大的影響。

When you go to the front book, there's definitely some seasonality there. You tend to see less for booking in the Q4 -- I'm sorry in Q1, as customers are coming out of the prior year and then that begins to pick up more in the back half.

當你翻閱封面時，你會發現那裡肯定有一些季節性。你往往會看到第四季度的預訂量減少——我很抱歉第一季的預訂量，因為客戶從上一年開始流失，然後在下半年開始增加。

What Neil mentioned earlier, when you get into some of the implementation times, they get longer with the asset managers, it begins to monetize for us a little smoother. So what you don't see is necessarily a bunch of bookings in the second half of the year.

正如尼爾之前提到的，當你進入一些實施時間時，他們與資產管理公司的合作時間會更長，我們的貨幣化開始變得更加順利。所以你看不到的一定是下半年的大量預訂。

And then revenue gets accelerated in the second half of the year because the revenue from those longer-term booking clients that take longer to board tends to drag out for what we mentioned 7 to 9 months. So while there's some seasonal pattern in the booking itself, how it affects revenue is not near as significant,

然後，收入在下半年加速成長，因為那些需要更長時間登機的長期預訂客戶的收入往往會拖延我們提到的 7 到 9 個月。因此，雖然預訂本身存在一些季節性模式，但它對收入的影響並不那麼重要，

Yeah. I would like to actually emphasize that because this analysis we've seen in the past in the US in how we think about it on a go-forward basis. In the past that seasonality has been more related to the hedge funds, to launches for closures to capital flows in and out of the space.

是的。我實際上想強調這一點，因為我們過去在美國看到過這種分析，我們如何在未來的基礎上思考它。過去，季節性更與對沖基金有關，與關閉該領域資本流動的啟動有關。

As we go into more traditional segments, what Brad has described, I would expect to be prevalent framework for us from a seasonality perspective. As bookings sort of stagger, the onboardings will stagger as well, right?

當我們進入更傳統的細分市場時，正如布拉德所描述的那樣，我希望從季節性角度來看，這將成為我們流行的框架。隨著預訂量的錯開，入職也會錯開，對嗎？

And so, once we kind of dial in and perfect that machine, hopefully then boardings themselves will start flowing up to the revenue. And we will start converting bookings into revenue in a way that is much smoother and kind of smooths those seasonality patterns, if you will, as part of our revenue recognition.

因此，一旦我們撥入並完善機器，希望登機本身將開始增加收入。作為我們收入確認的一部分，我們將開始以更順暢的方式將預訂轉化為收入，並且可以平滑這些季節性模式（如果您願意的話）。

Thank you. Appreciate the color.

謝謝。欣賞顏色。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yeah. Hey, guys. Thanks for taking the questions. I wanted to circle back on the guidance, the reiteration of the guidance range of $200 million to $210 million for this year. The reason why I ask is the guidance tells really two stories here. In the low end of the guide growth deceleration story for 2024, while the high end is a much more attractive story of growth acceleration.

是的。大家好。感謝您提出問題。我想回顧一下指導意見，重申今年的指導範圍為 2 億至 2.1 億美元。我之所以問這個問題，是因為指南實際上講述了兩個故事。2024 年指南的低端成長減速故事，而高端則是更具吸引力的成長加速故事。

So as I look at the key metrics here, ARR and NRR clients and average contract value, maybe help us will take one or two of those metrics, the key metrics going forward to help us triangulate where you could end up in the 2024 guidance?

因此，當我查看此處的關鍵指標（ARR 和 NRR 客戶以及平均合約價值）時，也許可以幫助我們採用其中一兩個指標，未來的關鍵指標可以幫助我們三角測量 2024 年指導中的最終結果？

Hey, Koji, this is Brad. I'll take that up. It's exactly why we put a range on it. There's still -- we're one quarter in. We still got three quarters left to play out. So we want to -- we're watching a lot of things. We're watching our booking patterns. We're walking the back book, we're watching our front book revenue production.

嘿，Koji，這是布拉德。我會接受的。這正是我們為其設定範圍的原因。還有──我們還剩四分之一。我們還剩下四分之三的比賽時間。所以我們想要──我們正在觀察很多事情。我們正在關注我們的預訂模式。我們正在關注後面的書，我們正在關注前面書的收入生產。

Any one of those in combination starts to give some insight on full year. ARR is a good number to look at. That's a good indication of how the book is performing in and of itself.

其中任何一個組合起來都會開始提供對全年的一些見解。ARR 是一個值得關注的數字。這很好地表明了這本書本身的表現。

But we're a little bit noncommittal at this point to kind of placed it in the range or we certainly wanted to make sure we reaffirmed our guide to provide confidence for this group that we do feel comfortable with the range we provided. But we've still got a long way to go.

但我們目前對將其置於範圍內有點不置可否，或者我們當然希望確保我們重申我們的指南，以便為該組提供信心，讓我們相信我們確實對我們提供的範圍感到滿意。但我們還有很長的路要走。

So I would look at ARR. I would look at the patterns in NDR. I mean, that's probably the two best numbers, I would look at if I was in your seat.

所以我會去看ARR。我會查看 NDR 中的模式。我的意思是，這可能是最好的兩個數字，如果我坐在你的座位上，我會去看看。

That makes sense. Thank you for that. And a follow-up. And maybe just kind of digging in deeper on the demand environment. Just from a holistic level, let's say, the market are very similar. It's what we've been seeing over the past six months, and we'll just project that out over the next 24 months. Does that potentially change the way you think about the growth algorithm for the business?

這就說得通了。謝謝你。以及後續行動。也許只是更深入地挖掘需求環境。僅從整體層面來看，市場非常相似。這是我們在過去 6 個月中看到的情況，我們將在接下來的 24 個月內進行預測。這是否可能改變您對業務成長演算法的思考方式？

No, not at all. I mean, it's the same approach, the same machine you have. We discussed it at multiple occasions, basically client retention plus net new growth. And we just have to get better at retaining clients and capturing more economics with the clients, and that will get us to a Rule of 40 combined with new sales and traditional asset management market. It's relatively simple growth algorithm.

一點都不。我的意思是，這是相同的方法，您擁有相同的機器。我們在多個場合討論過這個問題，基本上是客戶保留加上淨新增長。我們只需要更好地留住客戶並為客戶帶來更多經濟效益，這將使我們達到 40 條規則，與新的銷售和傳統資產管理市場相結合。這是相對簡單的成長演算法。

And maybe just to add, we're seeing clients still are under fee pressure. They're still under budget constraints. And so, when they look at their total cost of ownership of their systems, they're still looking for ways they can operate their platform more efficiently.

也許只是補充一下，我們發現客戶仍然面臨費用壓力。他們仍然受到預算限制。因此，當他們考慮系統的總擁有成本時，他們仍在尋找更有效地運作平台的方法。

And obviously, Enfusion gives them an option to do that in a very different way. And so, we don't see that changing in the foreseeable future. And we think that that works well, given our business model.

顯然，Enfusion 為他們提供了以非常不同的方式做到這一點的選擇。因此，我們認為這種情況在可預見的未來不會改變。考慮到我們的商業模式，我們認為這很有效。

Yeah. And look at our book mix evolves over time and covered balance in our launches versus conversions. This quarter, we had a pretty good quarter in terms of launches, there is nothing to be ashamed of. We control that market space. We defend the market share, and we grow market share there, although as you know, our strategic direction is to expand around that, APAC slowdown, EMEA reaccelerated.

是的。看看我們的書籍組合隨著時間的推移而演變，以及我們的發布與轉換之間的平衡。本季度，我們在發布方面表現相當不錯，沒有什麼好羞恥的。我們控制著這個市場空間。我們捍衛市場份額，並擴大那裡的市場份額，儘管如您所知，我們的戰略方向是圍繞這一點進行擴張，亞太地區經濟放緩，歐洲、中東和非洲地區重新加速。

So there is this diversification benefit that our strategy that delivers can potentially fall apart, and everything would go bad. Of course, we have all lived through [1998, 2008] and COVID enviroment. And as we discussed, especially in those situations oftentimes, it's a great opportunity for Enfusion to shine and capture these downside convexity profile our business.

因此，我們所提供的多元化策略可能會崩潰，一切都會變得糟糕。當然，我們都經歷過[1998、2008]和新冠病毒環境。正如我們所討論的，特別是在經常出現的情況下，這是 Enfusion 發光並捕捉我們業務的這些下行凸性的絕佳機會。

Got it. Thanks, guys. Thanks for taking the questions.

知道了。多謝你們。感謝您提出問題。

And at this time, there are no further questions. I will turn the call back over to Oleg for any closing remarks.

而此時，已經沒有其他問題了。我會將電話轉回給奧列格，讓其發表結束語。

Well, thank you so much for insightful questions, for the framework for keeping us in our tools and focus on what matters. We, of course, remain very excited about what Enfusion is, what it's going to be, and we feel strongly that we are differentiated vis a vis our competition.

嗯，非常感謝您提出富有洞察力的問題，感謝您提供的框架讓我們能夠使用我們的工具並專注於重要的事情。當然，我們仍然對 Enfusion 是什麼、它將是什麼感到非常興奮，我們強烈感覺到我們與競爭對手相比是有差異化的。

So there's a lot of work to do for us to capture full potential of what this company can be, but we are absolutely focused on creating shareholder value and making sure we deliver our promises to the shareholders.

因此，我們還有很多工作要做，才能充分發揮這家公司的潛力，但我們絕對專注於創造股東價值，並確保我們兌現對股東的承諾。

This concludes today's Enfusion's '24 earnings conference call. Thank you for joining. You may now disconnect.

今天的 Enfusion '24 財報電話會議到此結束。感謝您的加入。您現在可以斷開連線。