Enfusion Inc (ENFN) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Enfusion's third-quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，早安。感謝您的支持。歡迎參加 Enfusion 2024 年第三季財報電話會議。（操作員指令）

As a reminder, this conference call is being recorded. I'd now like to turn the call over to Bill Wright, head of investor relations, to begin.

提醒一下，本次電話會議正在錄音。現在我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 third-quarter 2024 earnings conference call.

早上好，謝謝接線生。歡迎您參加 Enfusion 2024 年第三季財報電話會議。

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. Please note, our quarterly shareholder letter, which includes our quarterly financial results, has been posted to our investor relations website.

今天的電話會議主持人是 Enfusion 的首席執行官 Oleg Movchan； Enfusion 財務長 Brad Herring；以及 Enfusion 首席營運長 Neal Pawar。請注意，我們的季度股東信函（包含我們的季度財務表現）已發佈至我們的投資者關係網站。

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. 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.

我想提醒您，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受多種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所述及的風險和不確定性，這些文件可在我們網站的投資者關係部分查閱。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。這些前瞻性陳述僅代表截至今日的觀點，除非法律另有規定，否則本公司不承擔在今天的電話會議之後更新這些陳述的任何義務或意圖。

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準則指標。這些指標應被視為 GAAP 財務指標的補充，而不是替代。您可在今天的季度股東信中找到與最近的 GAAP 指標的對帳表，該信件可在公司網站上找到。

And now, I would like to turn the call over to Oleg to begin.

現在，我想請奧列格開始發言。

Good morning, and thank you for joining us today to discuss our results for the third quarter of 2024. This quarter was about execution of our long-term strategy. We are pleased to see that our initiatives over the past several quarters are aligning and starting to add up. Throughout the year, we have been delivering new products that allow us to attract and retain larger up-market clients in line with our strategy to expand into higher-value market segments.

早安，感謝您今天加入我們討論 2024 年第三季的業績。本季致力於執行我們的長期策略。我們很高興地看到，過去幾季我們的舉措正在協調一致並開始取得成效。全年我們不斷推出新產品，以使我們能夠吸引和留住更大的高端客戶，這符合我們向高價值細分市場擴張的策略。

We will discuss some of these product developments and subsequent wins, or proof points, on our call today. As you can see from our third-quarter 2024 earnings release published earlier this morning, we reported a strong quarter with 15% top-line growth and narrowed our 2024 full-year guidance, which Brad will discuss later.

我們將在今天的電話會議上討論其中一些產品的開發和後續勝利或證明點。正如您從我們今天早上發布的 2024 年第三季度收益報告中看到的那樣，我們報告了一個強勁的季度，營收增長了 15%，並縮小了 2024 年全年預期，Brad 將在稍後討論。

We also remain on track to deliver on our medium-term guidance of 20% to 22% revenue growth rate over the 2025, 2027 period. Our confidence in achieving our mid-term guidance is based on our ability to win new business by broadening our product offering to capture up-market opportunities while further expanding our geographic footprint.

我們也有望實現 2025 年至 2027 年期間 20% 至 22% 的營收成長率的中期目標。我們對實現中期指引的信心是基於我們能夠透過拓寬產品供應來抓住高端市場機會並進一步擴大我們的地理覆蓋範圍來贏得新業務。

I believe we can accomplish this because we are already doing it, as our investments in platform capabilities result in broad product adoption. We are capturing new business today that was previously out of reach due to our expanded product suite and global reach. Our more than 1,100 employees are constantly striving to deliver the last upgrade our clients will ever need.

我相信我們能夠實現這一目標，因為我們已經在這樣做了，我們對平台能力的投資帶來了廣泛的產品採用。由於我們擴大了產品系列並擴大了全球影響力，我們現在正在獲得以前無法獲得的新業務。我們擁有 1,100 多名員工，始終致力於為客戶提供所需的最新升級。

Now let me walk you through some key financial highlights from the third quarter. We delivered $51.2 million in revenue in Q3 2024, representing 15% year-over-year growth. Third-quarter adjusted EBITDA totaled $11.1 million, translating to a healthy adjusted EBITDA margin of 21.8%. Brad will provide a deeper dive on financials later. We signed 38 new clients in Q3 2024, up from the 37 signed in Q3 2023. This brings our total client count to 894, another firm record.

現在讓我向您介紹第三季的一些關鍵財務亮點。2024 年第三季度，我們的營收為 5,120 萬美元，年增 15%。第三季調整後 EBITDA 總計 1,110 萬美元，調整後 EBITDA 利潤率健康達到 21.8%。布拉德稍後將對財務問題進行更深入的探討。我們在 2024 年第三季簽約了 38 位新客戶，高於 2023 年第三季簽約的 37 位。這使我們的客戶總數達到 894 個，又創下了新高。

The strong US launch market we highlighted in the first half of the year continued into Q3. We captured 8 new launches, totaling 31 year-to-date in the Americas, which puts us on track for our best year since 2021, which had 35 new launches. Fund launch wins tend to originate from portfolio managers that have a strong loyalty to Enfusion brand from their previous firms.

我們在今年上半年強調的美國發射市場的強勁勢頭持續到了第三季。我們捕獲了 8 艘新船，今年迄今為止美洲地區的新船總數達到 31 艘，這使我們有望創下 2021 年以來最好的一年（2021 年捕獲了 35 艘新船）。基金發行的成功往往源自於對先前公司 Enfusion 品牌高度忠誠的投資組合經理人。

From a customer account standpoint, in Q3, launches represent 53% of new clients versus 47% for conversions. However, from a booking standpoint, launches represent 38%, while conversions represent 62% of bookings, as conversions are typically much larger accounts.

從客戶帳戶的角度來看，在第三季度，啟動客戶佔新客戶的 53%，而轉換客戶佔 47%。然而，從預訂的角度來看，啟動佔預訂的 38%，而轉換佔預訂的 62%，因為轉換通常是更大的帳戶。

Overall, ACV for the firm rose to $229,000 in Q3, which is another firm record, and it represents 5.7% year-over-year growth. Several of our new account wins this quarter are direct results of our expanded product shelf and continued client adoption.

總體而言，該公司的 ACV 在第三季上漲至 229,000 美元，創下另一項紀錄，年增 5.7%。我們本季贏得的幾位新客戶直接得益於我們擴大的產品範圍和持續的客戶採用。

As you have heard me say many times, our new product rollout this year, including our Portfolio Workbench tool, has been central to our strategy in expanding up markets, leading to larger and more profitable relationships with more stable revenue profiles.

正如您多次聽我說過的那樣，我們今年推出的新產品，包括我們的 Portfolio Workbench 工具，對於擴大市場規模至關重要，有助於建立更大、更有利可圖的關係並帶來更穩定的收入狀況。

The second release of our Portfolio Workbench tool, in Q2, included additional enhancements that expanded our serviceable time and allowed us to win accounts in the third quarter that were previously out of reach. We're very excited to see these efforts materialize. Importantly, as we roll out premium features that enhance our offering portfolio construction, we expect to see revenue expansion in both the front and back book.

我們在第二季度發布了 Portfolio Workbench 工具的第二個版本，其中包含額外的增強功能，延長了我們的服務時間，並使我們在第三季度贏得了之前無法觸及的帳戶。我們非常高興看到這些努力得以實現。重要的是，隨著我們推出增強我們產品組合建構的高級功能，我們預計前後帳簿的收入都會增加。

Allow me to provide you with a few notable client wins across geographies from this quarter. In the Americas, revenue grew 17% year-over-year, up significantly from 10% last year and up from 15% last quarter. The following wins illustrate how the product investment has been unlocking new clients for Enfusion.

請允許我向您提供本季在各個地區取得的一些值得注意的客戶業績。在美洲地區，營收年增 17%，較去年的 10% 和上季的 15% 大幅成長。以下成功案例說明了產品投資如何為 Enfusion 贏得新客戶。

Credit fund formations have remained strong this year, and we continue expanding our market share in this segment. I'm thrilled to announce that Enfusion signed Agile Investment Management. Agile Investment Management is a Florida-based institutional asset management fixed income firm with about $650 million in assets under management and assets under administration.

今年信貸基金組成保持強勁，我們繼續擴大該領域的市場份額。我很高興地宣布 Enfusion 簽了 Agile Investment Management。Agile Investment Management 是一家總部位於佛羅裡達州的機構資產管理固定收益公司，管理的資產和管理的資產約為 6.5 億美元。

The Agile investment process combines top-down and bottom-up analysis with the team's commitment to comprehensive risk management. In identifying opportunities to generate attractive income streams, the Agile team maintains the constant focus on risk management that has defined in Genesys signature style for almost 40 years.

敏捷投資流程將自上而下和自下而上的分析與團隊對全面風險管理的承諾相結合。在尋找機會創造有吸引力的收入來源時，敏捷團隊始終專注於近 40 年來 Genesys 標誌性風格的風險管理。

When Agile was appointed sub-advisor to the IA Clarington Core Plus Bond Fund, they needed to ensure that they had a technology partner that was able to drive operational efficiencies across the front office while operating on a modern platform that could scale with them into the future. They chose Enfusion.

當 Agile 被任命為 IA Clarington Core Plus Bond Fund 的次級顧問時，他們需要確保擁有一個技術合作夥伴，該合作夥伴能夠在可隨他們一起擴展的現代平台上運營，同時推動整個前台的營運效率。他們選擇了 Enfusion。

Agile will utilize Enfusion's OMS broadly, including portfolio workbench for cash flow rebalancing, pre-trade compliance, cash ladder reporting, and managed services offering. This is a very exciting win as we continue to grow our momentum in the institutional asset management space.

Agile 將廣泛利用 Enfusion 的 OMS，包括用於現金流再平衡、交易前合規、現金階梯報告和託管服務產品的投資組合工作台。這是一個非常令人興奮的勝利，因為我們在機構資產管理領域的發展勢頭持續增強。

Another notable win up market this quarter, which I am pleased to share, demonstrates our continued expansion in the institutional asset manager space. Frontier Global Partners is among the latest to partner with Enfusion and enhance their investment trading and operations.

我很高興與大家分享本季另一個值得注意的上漲市場，這顯示我們在機構資產管理領域的持續擴張。Frontier Global Partners 是最新與 Enfusion 合作並增強其投資交易和營運的公司之一。

Frontier's strategies invest not only in Frontier markets, but also global, international, and international small-cap equity markets, and it was imperative that they partner with a firm that has the security coverage. Frontier was an opportunity we nearly lost two years ago, but we stayed in contact with them periodically.

Frontier 的策略不僅投資於前沿市場，還投資於全球、國際和國際小型股市場，因此必須與擁有證券覆蓋範圍的公司合作。兩年前我們幾乎失去了 Frontier 的機會，但我們仍定期與他們保持聯繫。

Then recently, unhappy with their existing provider, they came back to us realizing their business needs lined up with Enfusion's build of our portfolio workbench, which allows dynamic portfolio rebalancing workflows coupled with a robust compliance engine.

最近，他們對現有的供應商不滿意，於是回到我們這裡，意識到他們的業務需求與 Enfusion 構建的投資組合工作台相一致，該工作台允許動態投資組合再平衡工作流程與強大的合規引擎相結合。

The compliance engine provides transparency into the data, which their legacy provider could not support. This is a very exciting win with a prestigious and well-known asset manager in the institutional asset management space. As we've stated throughout the year, we have made a concerted effort to win more institutional asset management, and I'm pleased with the team's effort, execution, and most importantly, results.

合規引擎提供了數據的透明度，這是其傳統提供者無法支援的。這是我們與機構資產管理領域一位享有盛譽的知名資產管理公司達成的一項非常令人興奮的勝利。正如我們全年所說的那樣，我們已齊心協力贏得更多的機構資產管理，我對團隊的努力、執行以及最重要的結果感到滿意。

Turning towards EMEA, revenue grew 22% year over year in Q3 2024, down modestly from the last quarter, as we saw an unusually high amount of involuntary churn at the end of Q2 and beginning of Q3. These closures impacted the growth trajectory for the quarter, but Q3 was also the best quarterly bookings in EMEA in our history. Signing several large new asset managers is a positive leading indicator for future growth.

轉向 EMEA，2024 年第三季營收年增 22%，較上一季略有下降，因為我們看到第二季末和第三季初非自願流失率異常高。這些關閉影響了本季的成長軌跡，但第三季也是我們歷史上 EMEA 地區最好的季度預訂量。簽約幾家大型新資產管理公司對於未來的成長來說是一個積極的領先指標。

As a reminder, Europe has a diverse mix of financial institutions, and Scandinavia continues to be a growth region for us. We won another account in Norway this quarter with Fearnley Asset Management. This is a newly formed asset management arm of Astrup Fearnley AS, and will be trading long-short equity and credit. The Astrup Fearnley group represents over a century of history, growth, and excellence in the areas of shipping and offshore services. Enfusion's presence continues to expand within the Norwegian asset management industry.

需要提醒的是，歐洲擁有多元化的金融機構，而斯堪的納維亞半島對我們來說仍然是一個成長區域。本季我們與 Fearnley Asset Management 在挪威贏得了另一位客戶。這是 Astrup Fearnley AS 新成立的資產管理部門，將進行多空股票和信貸交易。Astrup Fearnley 集團在航運和海上服務領域擁有超過一個世紀的歷史、發展和卓越成就。Enfusion 在挪威資產管理產業的影響力持續擴大。

As mentioned in our Q2 call, we have been focused on the Middle East, and specifically Dubai. As a result of these efforts, I'm happy to share that we closed another account in Dubai. We are pleased to announce that Magellan Capital, a prolific several hundred million dollar multi-strategy launch in Dubai, has selected Enfusion to support our complex asset classes and workflow requirements. This win is a further testament to Enfusion's success and continued growth presence in the Middle East.

正如我們在第二季電話會議上提到的，我們一直專注於中東，特別是杜拜。由於這些努力，我很高興地告訴大家，我們在杜拜關閉了另一個帳戶。我們很高興地宣布，在杜拜發行數億美元多策略的知名公司麥哲倫資本 (Magellan Capital) 已選擇 Enfusion 來支援我們複雜的資產類別和工作流程要求。這場勝利進一步證明了 Enfusion 在中東地區的成功和持續成長。

Lastly, with our London space, we're proud to announce that TT International, an alpha-driven specialist investment manager, has selected Enfusion as their strategic partner for PMS, OEMS, accounting, and portfolio construction and rebalancing. Following a thorough market evaluation, their decision to replace multiple existing systems with our front-to-back solution underscores their confidence in our platform. The partnership is set to boost operational efficiency, streamline workflows, and enhance straight-through processing.

最後，憑藉我們在倫敦的業務，我們很自豪地宣布，以阿爾法為導向的專業投資管理公司 TT International 已選擇 Enfusion 作為其 PMS、OEMS、會計以及投資組合構建和再平衡方面的戰略合作夥伴。經過全面的市場評估後，他們決定用我們的前端到後端解決方案取代多個現有系統，這表明他們對我們平台的信心。此次合作旨在提高營運效率、簡化工作流程並增強直通式處理。

Turning to Asia Pacific, revenue grew 6% year over year, moderating from 10% year-over-year growth last quarter. As you may recall, we have highlighted the capital outflows and geopolitical trends in ATT&CK for the past few quarters, and given those macro headwinds, we're pleased with these results. We continue to sustain healthy growth through the market share gains among traditional and hybrid asset managers as we weather the macro conditions that are impacting the hedge fund market.

談到亞太地區，營收年增 6%，低於上一季 10% 的年成長。您可能還記得，過去幾季我們一直強調 ATT&CK 的資本外流和地緣政治趨勢，考慮到這些宏觀不利因素，我們對這些結果感到滿意。在經受住影響對沖基金市場的宏觀條件考驗的同時，我們繼續透過傳統和混合資產管理公司的市場份額成長來維持健康成長。

The following client win is a good representation of how we continue to diversify our business. Guosen is among the latest institutional asset managers to partner with Enfusion and enhance their investment management operations. Guosen is a Chinese financial services company with services from sales side, sales and trading, research, investment banking, to buy side, asset management, and private equity investments.

以下客戶的成功很好地體現了我們如何持續實現業務多元化。國信是最新與 Enfusion 合作並增強其投資管理業務的機構資產管理公司之一。國信是一家中國金融服務公司，提供銷售方、銷售和交易、研究、投資銀行、買方、資產管理和私募股權投資等服務。

Enfusion was selected as the primary technology and services provider to help them grow and scale their asset management division. The advantage they see from Enfusion is our all-in-one design to help seamlessly connect their front office trading and operation teams, and it allows them to replace two of their incumbent systems, including their order management system and accounting system, which will optimize their total cost of ownership.

Enfusion 被選為主要技術和服務提供者，幫助他們發展和擴大資產管理部門。他們從 Enfusion 中看到的優勢在於我們的一體化設計，有助於無縫連接他們的前台交易和營運團隊，並允許他們替換現有的兩個系統，包括訂單管理系統和會計系統，從而優化他們的整體擁有成本。

Another key win this quarter and proof point demonstrating our continuing market leadership position in Hong Kong was a $500 million AUM long-short equity manager with offices in China and Hong Kong. It is among the latest investment managers to partner with Enfusion to enhance their investment operations.

本季的另一個重要勝利以及證明我們繼續保持香港市場領導地位的證明是一家在中國內地和香港設有辦事處、資產管理規模達 5 億美元的多空股票管理公司。它是最新與 Enfusion 合作以增強其投資業務的投資管理公司之一。

Enfusion has been selected as the primary technology and services provider to help them grow and scale their investment business. They chose Enfusion due to the functionality of our EMS feature within the mobile app and also pre-trade compliance checks helping ensure they're always trading within their compliance and regulation.

Enfusion 被選為主要技術和服務提供者，幫助他們發展和擴大投資業務。他們之所以選擇 Enfusion，是因為我們行動應用程式中的 EMS 功能以及交易前合規檢查功能有助於確保他們始終在合規和監管範圍內進行交易。

At this time, I'd like to have Neal Pawar, our COO, to make a few comments on product and services.

現在，我想請我們的營運長尼爾·帕瓦爾 (Neal Pawar) 對產品和服務發表一些評論。

Thank you, Oleg. This month marks my first full year at Enfusion. Over the past year, a major area of focus for us has been to add capacity to our product and engineering teams so that we can increase the velocity of adding new capabilities for our clients. This is key so that we have more tools to unlock new client opportunities, helping our front book, as well as capabilities to offer our existing clients, helping grow our back book.

謝謝你，奧列格。這個月是我在 Enfusion 工作滿一週年。在過去的一年裡，我們關注的一個主要領域是增加我們的產品和工程團隊的能力，以便我們可以加快為客戶增加新功能的速度。這是關鍵，這樣我們就有了更多的工具來發掘新的客戶機會，幫助我們的前台業務，同時也有能力為現有客戶提供服務，幫助增加我們的後台業務。

This past quarter, we have added several product enhancements for the portfolio workbench, including most recently, native rebalancing of fixed income portfolios. A great advantage of our weekly release cadence is that we are routinely pushing out new features to clients, something that is extremely helpful, especially when developing a new product like the Portfolio Workbench.

上個季度，我們為投資組合工作台增加了幾項產品增強功能，包括最近的固定收益投資組合的本土再平衡。我們每週發布節奏的一大優勢是我們會定期向客戶推出新功能，這非常有用，尤其是在開發像 Portfolio Workbench 這樣的新產品時。

We can also report a strong rate of mobile adoption for the Workbench, which is a good reminder that portfolio managers are increasingly looking for ways to manage their portfolios while they're on the road.

我們也可以報告 Workbench 的行動採用率很高，這很好地提醒我們，投資組合經理越來越多地尋找在旅途中管理投資組合的方法。

As you heard from Oleg, the workbench continues to play a part in Enfusion landing several new asset management clients this quarter, for whom some of the workbench capabilities were table stakes. The addition of these customers is a nice proof point of how the Workbench is helping us grow our front book and it's expanding our serviceable TAM.

正如您從 Oleg 那裡聽到的，工作台繼續在 Enfusion 本季度吸引幾位新資產管理客戶的過程中發揮作用，對於這些客戶來說，一些工作台功能是必需的。這些客戶的加入很好地證明了 Workbench 如何幫助我們發展業務並擴大我們的可服務 TAM。

We have also delivered the first in a series of upgrades to our managed service offering. As we've mentioned previously, our managed services provides our clients a dedicated team that operates as an extension of the client's organization, providing accounting and operational support for the client's shadow accounts.

我們也對託管服務產品進行了一系列升級的首次升級。正如我們之前提到的，我們的託管服務為客戶提供了一支專門的團隊，該團隊作為客戶組織的延伸，為客戶的影子帳戶提供會計和營運支援。

This quarter, we beta released a highly visual and intuitive set of dashboards for managed service clients to better track and measure their team's work product. This release went out to a subset of our managed service clients and is the first significant technical enhancement we've made to this service since it was first launched.

本季度，我們為託管服務客戶發布了一套高度視覺化和直覺的儀表板測試版，以便更好地追蹤和衡量其團隊的工作成果。此版本已向我們的部分託管服務客戶發布，也是該服務自首次推出以來我們對其進行的首次重大技術改進。

It is by no means the last. We are adding a number of new features to our managed service platform in the coming months. We're very focused on improving both the client and operations user experience while also increasing productivity and hence margins for the managed service business. These enhancements will also give us new product capabilities for us to upsell to clients who do not leverage our managed services today.

這絕對不是最後一次。我們將在未來幾個月內為我們的託管服務平台添加許多新功能。我們非常注重改善客戶和營運使用者的體驗，同時提高生產力，進而提高託管服務業務的利潤率。這些增強功能也將為我們提供新的產品功能，以便我們向目前未利用我們的託管服務的客戶進行追加銷售。

We have also released a complete reboot to our online documentation, a system we call Violet. We have over 75 clients in the beta release of Violet and the feedback loop this has generated is helping prioritize what we will cover next.

我們也發布了線上文件的全面重啟，我們稱之為 Violet 的系統。我們在 Violet 測試版中擁有超過 75 位客戶，由此產生的回饋循環有助於確定我們下一步要涵蓋的內容的優先順序。

Having all of our documentation in Violet has given us the opportunity to leverage AI so clients and employees can ask questions through the search and get answers along with links to source documents to solve the problems. Violet is broadly regarded as a huge upgrade over our previous documentation, and we will be closing the beta and rolling it out to all clients in Q4.

將所有文件儲存在 Violet 中使我們有機會利用人工智慧，以便客戶和員工可以透過搜尋提出問題並獲得答案以及來源文件的連結來解決問題。Violet 被廣泛認為是我們先前文件的巨大升級，我們將在第四季度結束測試並向所有客戶推出。

Over the past year, you've also heard about some of the talent we've brought into the firm. We have added several senior hires to the product team investing in key areas including compliance, OEMS, data, user experience and analytics. Of course, product works in lockstep with our engineering team where we've also been investing more capacity.

在過去的一年裡，您也聽說了我們為公司引進的一些人才。我們已為產品團隊招募了幾名高階員工，投資於合規性、OEMS、數據、使用者體驗和分析等關鍵領域。當然，產品的工作與我們的工程團隊步調一致，我們也一直在向工程團隊投入更多的產能。

We recently announced the appointment of Arman Artuc to head of engineering. Arman will oversee the continued scaling of our engineering teams as they work on delivering our product roadmap. Arman comes to us from Arman comes to us from Instinet where he served as managing director global head of liquidity technologies leading the development of low latency algorithmic trading systems. Arman's arrival is at a perfect time as we have grown our engineering organization by 40 people year to date.

我們最近宣布任命 Arman Artuc 為工程主管。Arman 將監督我們的工程團隊持續擴大規模，並致力於實現我們的產品路線圖。Arman 來自 Instinet，他曾擔任該公司的董事總經理和流動性技術全球主管，領導低延遲演算法交易系統的開發。Arman 的到來恰逢其時，因為我們的工程組織今年迄今已成長了 40 人。

Overall, we are pleased with the new velocity that we're gaining in our product and engineering throughput and as you can see we're putting it to good use. We remain committed to continuing to enhance our platform so we can provide our clients with the last upgrade they will ever need.

總的來說，我們對產品和工程吞吐量所取得的新速度感到滿意，正如您所看到的，我們正在充分利用它。我們將繼續致力於繼續加強我們的平台，以便為我們的客戶提供他們所需的最後的升級。

And with that let me turn it back over to Oleg.

現在讓我把話題轉回給奧列格。

Thank you, Neal. As for market dynamics the strong US launch market has continued and we're on track to have our highest US launch win count since 2021. As you may expect, the Americas is our largest region and generated a 200 basis point sequential improvement which we see as a big contributor.

謝謝你，尼爾。就市場動態而言，美國發射市場持續強勁，我們有望實現自 2021 年以來美國發射成功次數的最高紀錄。正如您所預料的，美洲是我們最大的地區，連續成長了 200 個基點，我們認為這是一個巨大的貢獻者。

I'm excited to share that our EMEA sales team recorded its highest ever new client quarterly bookings in the third quarter with an average deal size in EMEA at two times the average deal size from as recently as the first quarter of 2023.

我很高興地告訴大家，我們的 EMEA 銷售團隊在第三季創下了有史以來最高的新客戶季度預訂量，EMEA 的平均交易規模是 2023 年第一季平均交易規模的兩倍。

Looking beyond our core markets of the US, UK, and Hong Kong we continue to generate healthy geographic expansion. In particular, 32% of our new clients added in the third quarter came from outside of these core markets, well above our previous average of 19% since Q1 2021.

除了我們在美國、英國和香港等核心市場之外，我們還將繼續實現健康的地域擴張。特別是，我們第三季新增的客戶中有 32% 來自這些核心市場之外，遠高於 2021 年第一季以來 19% 的平均值。

From a product standpoint, we saw 84% of new clients choosing to include our OEMS, the highest quarterly average since Q4 2021 and well above our historic average of 75%. Hence new accounts are growing in size on the front office side which improves unit economics and quality and growth of the front book.

從產品角度來看，我們看到 84% 的新客戶選擇採用我們的 OEMS，這是自 2021 年第四季以來的最高季度平均值，遠高於我們 75% 的歷史平均水平。因此，前台新帳戶的規模不斷增長，從而提高了單位經濟效益以及前台帳簿的品質和成長。

As our growth momentum in the Middle East continues to be strong as reflected in our recent wins, we have been evaluating an expansion of our corporate footprint in Dubai. We view the region as strategically important for Enfusion as we follow the flows of talent and capital.

正如我們最近的勝利所反映的，我們在中東的成長勢頭持續強勁，我們一直在評估擴大我們在杜拜的公司足跡。我們認為該地區對於 Enfusion 具有重要的戰略意義，因為我們關注人才和資本的流動。

Additionally, our team continues to work on designing our product roadmap to capture the private credit time segment. We view credit instrument data as the main pain point for the market participants and will build our new product roadmap in private markets around an integrated data strategy and related workflows.

此外，我們的團隊繼續致力於設計我們的產品路線圖，以捕捉私人信用時間段。我們將信用工具資料視為市場參與者的主要痛點，並將圍繞綜合資料策略和相關工作流程在私人市場建立我們的新產品路線圖。

In conclusion, everything we have been doing the past several quarters is aligning and adding up. As you just heard from Neal, we're executing in our product roadmap an upmarket strategy which we laid out at our Investor Day early this year.

總而言之，過去幾季我們所做的一切都是協調和累積的。正如您剛才從尼爾那裡聽到的，我們正在產品路線圖中執行今年早些時候在投資者日上提出的高端策略。

Our successful execution is reflected by increased ACVs, revenue growth, and expansion of our footprint in the institutional market segment as evidenced by our marquee client wins. The products we've rolled out in 2024 have been well received by existing clients and have positioned our sales team to bring in new upmarket clients.

我們的成功執行體現在 ACV 的增加、收入的成長以及我們在機構市場領域的足跡的擴大，而我們贏得的大客戶就是明證。我們在 2024 年推出的產品受到了現有客戶的一致好評，並使我們的銷售團隊能夠吸引新的高端客戶。

The key new multi-billion-dollar clients we won this quarter such as TT International were previously out of reach and now serve as proof points of Enfusion product adoption and hence our growth in the institutional asset management segment.

本季我們贏得的價值數十億美元的關鍵新客戶（例如 TT International）以前是遙不可及的，現在成為 Enfusion 產品採用的證明點，因此也是我們在機構資產管理領域成長的證明點。

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

現在我將把電話轉給布拉德，討論我們的財務狀況。

Thanks, Oleg, and thank you everyone for joining us this morning. For the third quarter, we generated revenue of $51.2 million, an increase of 15% over the same quarter last year. Referring to the same descriptors we used in our discussions at investor day and on previous calls our 15% growth for the quarter consisted of 14% from the front book and 1% from the back book.

謝謝，奧列格，也謝謝大家今天早上加入我們。第三季度，我們的營收為 5,120 萬美元，比去年同期成長 15%。參考我們在投資者日和之前的電話會議討論中所使用的相同描述，我們本季 15% 的增長包括來自前賬簿的 14% 和來自後賬簿的 1%。

Our front book continues to show strength as our value proposition continues to resonate across our growing TAM segments. Specifically, our year-to-date bookings are running 16% over where they were at the same time last year and continue to represent a good mix of new launches and conversions off of our competitors.

隨著我們的價值主張繼續在不斷增長的 TAM 領域產生共鳴，我們的前作繼續展現出強勁的勢頭。具體來說，我們今年迄今的預訂量比去年同期增長了 16%，並且繼續保持著新房推出和競爭對手轉化的良好組合。

Additionally, we continue to see our product initiatives such as Portfolio Workbench bearing fruit and allowing us to win accounts that previously passed on Enfusion as a provider. The back book contributed 1% growth in Q3 on a year-over-year basis.

此外，我們繼續看到我們的產品計劃（例如 Portfolio Workbench）取得成果，並幫助我們贏得先前拒絕選擇 Enfusion 作為供應商的客戶。與去年同期相比，第三季的帳本收入成長了 1%。

Moderation in the back book is coming from two primary sources. First, in Asia, we are seeing a lower net between upsells and downgrades which we refer to as our net organic growth which shouldn't be a surprise given the recent geopolitical headwinds.

後書中的節制主要來自兩個面向。首先，在亞洲，我們看到銷售量上升和銷售下降之間的淨值較低，我們稱之為淨有機成長，考慮到最近的地緣政治逆風，這並不奇怪。

We are also seeing general softness and organic growth amongst our domestic hedge fund clients. The feedback we have heard is that our clients have put extra scrutiny on their OpEx spend ahead of the uncertainty with the upcoming election. Despite recent slowdowns, we continue to expect that back book growth will contribute 3% to 5% of our overall growth going forward just as I communicated at our investor day earlier this year.

我們也看到國內對沖基金客戶整體呈現疲軟和有機成長。我們聽到的反饋是，我們的客戶在即將到來的選舉的不確定性之前對他們的營運支出進行了額外的審查。儘管近期有所放緩，但我們仍預計帳面成長將為我們未來整體成長貢獻 3% 至 5%，正如我在今年稍早的投資者日上所說的那樣。

Going forward, we believe this temporary softness in our back book will be more than offset by the upcoming product deployment Neil spoke of as well as accelerated pricing actions across our customer base. Third quarter ARR was $202.7 million, up 14% year over year and 4% higher than what we reported in Q2. We're proud to say that this represents the first time our ARR has crossed the $200 million mark.

展望未來，我們相信，尼爾提到的即將推出的產品部署以及在整個客戶群中加速的定價行動將足以抵消我們後期銷售的暫時疲軟。第三季的 ARR 為 2.027 億美元，年增 14%，比第二季報告的數字高出 4%。我們很自豪地說，這是我們的 ARR 首次突破 2 億美元大關。

Our NDR for the quarter was 102% which is down 1 percentage point from the previous quarter. Consistent with the discussion on revenues for the quarter, NDR was negatively impacted by the lower growth from the back book as well as by consolidation of two large broker dealer customers which reduced our NDR by approximately 60 basis points in the quarter. As a reminder, that impact will roll off in Q4 of this year.

本季的 NDR 為 102%，比上一季下降了 1 個百分點。與本季營收討論一致，NDR 受到後期帳簿成長放緩以及兩家大型經紀商客戶合併的負面影響，導致本季我們的 NDR 減少了約 60 個基點。提醒一下，影響將在今年第四季顯現。

Our adjusted gross profit increased by 17% year over year to $35.2 million. This represents an adjusted gross margin in the quarter of 68.8% which is up 79 basis points over Q3 of last year and represents the third quarter of sequential expansion in adjusted gross margins. We are pleased by this performance which is in line with our expectations given the investments we made in early 2023 in client services.

我們的調整後毛利年增17%至3520萬美元。這意味著本季調整後的毛利率為 68.8%，比去年第三季上升了 79 個基點，也是調整後毛利率連續第三季擴大。考慮到我們在 2023 年初對客戶服務所做的投資，我們對此表現感到滿意，這符合我們的預期。

Adjusted EBITDA for the quarter was $11.1 million, up 36% compared to the same quarter last year. This represents an adjusted EBITDA margin of 21.8% which is up over 320 basis points from the same period a year ago. The improvement over Q3 of last year was due to continued scale from our SG&A functions and lower corporate costs.

本季調整後 EBITDA 為 1,110 萬美元，較去年同期成長 36%。這意味著調整後的 EBITDA 利潤率為 21.8%，比去年同期高出 320 個基點。與去年第三季相比，業績的改善得益於我們的銷售、一般及行政管理職能的持續擴大以及企業成本的降低。

Adjusted free cash flow for the quarter was $13.7 million for a free cash flow conversion in the quarter of 123%. This pattern of over 100% conversion in the quarter is consistent with Q3 results over the past few years and is driven by normal cyclicality of our net working capital.

本季調整後的自由現金流為 1,370 萬美元，本季自由現金流轉換率為 123%。本季轉換率超過 100% 的模式與過去幾年第三季的業績一致，是由我們的淨營運資本的正常週期性所驅動的。

For the trailing four quarters, our adjusted free cash flow conversion was at 53% . Gap net income for the quarter was $2.0 million which on an average share count of 129 million shares results in a gap EPS of $0.02 per share. Adjusted net income of $5.9 million on the same share count produces an adjusted EPS of $0.05 per share.

過去四個季度，我們的調整後自由現金流轉換率為 53%。本季 Gap 淨收入為 200 萬美元，以平均股數 1.29 億股計算，Gap 每股收益為 0.02 美元。以相同股份數量計算，調整後淨收入為 590 萬美元，調整後每股收益為 0.05 美元。

We ended the quarter with approximately $48 million in cash and cash equivalents with no outstanding debt. Our cash balance combined with $100 million of capacity on our revolver continues to give us adequate liquidity to support both our organic and inorganic growth objectives that we discussed at our investor day in March.

本季結束時，我們的現金和現金等價物約為 4,800 萬美元，且沒有未償還債務。我們的現金餘額加上 1 億美元的循環信貸容量繼續為我們提供充足的流動性，以支持我們在 3 月份投資者日討論的有機和無機增長目標。

Moving on to guidance, I want to take a minute to summarize year-to-date performance and tighten up our estimates for the full year. I mentioned for the last two quarters a few important trends that highlight our current year revenue performance.

談到指引，我想花一點時間來總結今年迄今為止的表現並收緊我們對全年的預測。我提到了過去兩個季度的一些重要趨勢，這些趨勢凸顯了我們今年的營收表現。

So to summarize, new client wins continue to drive strong growth while our back book growth is temporarily moderated. I've mentioned in previous calls that while new customer signings in the front book take several quarters to convert into booked revenue, the moderation and back book trends have more near-term impact. With that context and given visibility into Q4, we are tightening our full year revenue guidance to a range of $202 million to $205 million.

總而言之，新客戶的加入持續推動強勁成長，而我們的舊帳成長則暫時放緩。我在之前的電話會議中提到過，雖然前期訂單中的新客戶簽約需要幾個季度才能轉化為預定收入，但緩和和後期訂單趨勢對短期的影響更大。基於此背景並考慮到第四季的前景，我們將全年營收預期收緊至 2.02 億美元至 2.05 億美元之間。

Our trends in profitability continue to improve due to disciplined cost management and investment decisions. We're therefore tightening our EBITDA guidance to land between $41 million and $45 million. At the midpoint, this represents an EBITDA margin of 21.1%, which is consistent with our original full-year guide.

由於嚴格的成本管理和投資決策，我們的獲利趨勢持續改善。因此，我們收緊了 EBITDA 預期，將目標定在 4,100 萬美元至 4,500 萬美元之間。中間值代表 EBITDA 利潤率為 21.1%，與我們最初的全年指引一致。

With regard to free cash flow conversion, we are reiterating our original guidance range of 50% to 55%. We're not tightening this range given the variability we typically see in cash inflows and outflows at year end. For modeling purposes, we continue to expect stock-based compensation for 2024 to land between $19 million and $20 million.

關於自由現金流轉換，我們重申原來的 50% 至 55% 的指導範圍。考慮到年底現金流入和流出通常存在的變化，我們不會縮小這個範圍。為了建立模型，我們繼續預期 2024 年的股票薪酬將在 1,900 萬美元至 2,000 萬美元之間。

We'd now like to open up the call to questions. Operator, please go ahead.

我們現在想開始提問。接線員，請繼續。

(Operator Instructions) Michael Infante, Morgan Stanley.

（操作員指示） 摩根士丹利的 Michael Infante。

Hey, guys. Thanks for taking my question. I just wanted to first start with the exploration of strategic alternatives. It's clear the business isn't being valued like a high-teens grower with really strong margin expansion. So Oleg, it would be great to get your thoughts just on the state of the business today and how you think about some of the boundary conditions that might dictate your decision on whether or not the business stays public or private. Thanks.

嘿，大家好。感謝您回答我的問題。我只是想先探索戰略替代方案。顯然，該企業的估值並不像利潤率成長強勁的高成長率企業。所以 Oleg，我很想聽聽您對當前業務狀況的看法，以及您如何看待一些可能決定您決定公司是否保持上市或私有化的邊界條件。謝謝。

Thanks, Michael. To start as a matter of policy, we don't comment on, on the rumors as I've been saying all along and this remains to be true today. The management team and the board are focused on creating shareholder value long term and that's what we're focused on.

謝謝，麥可。首先，根據政策，我們不對謠言發表評論，正如我一直說的那樣，今天仍然如此。管理團隊和董事會致力於長期創造股東價值，這也是我們關注的重點。

Understood. Two-part question on '25 here, to the extent I can. Obviously, you alluded to confidence in the release and the midterm outlook.

明白了。就我所能，這裡是關於 '25 的兩部分問題。顯然，您暗示了對發布和中期前景的信心。

But maybe just given some of the back-book trends, I know, Brad, you mentioned confidence in being able to recover to that 3% to 5% range, but to the extent that we don't get back there, how do you think about the combination of some of the accelerated pricing actions and the new product developments you alluded to to deliver on the medium-term outlook for next year specifically?

但也許只是考慮到一些後台趨勢，我知道，布拉德，您提到有信心能夠恢復到 3％ 到 5％ 的範圍，但如果我們沒有回到那個範圍，您如何看待一些加速定價行動和您提到的新產品開發的結合，具體來說，以實現明年的中期前景？

And even if we don't deliver on that two-handle for next year and it's something like high-teens, the incremental margins for this year at 39%, even if you hold those assumptions steady for next year, seems like you should still be able to deliver on outperformance in terms of Rule of 40 for next year. Is that generally fair, or what nuance would you add to that? Thanks.

即使我們明年無法實現這兩個目標，而且利潤率只有十幾歲左右，但今年的增量利潤率為 39%，即使你對明年保持這些假設不變，看起來你仍然應該能夠按照 40 規則在明年實現優異表現。這總體上公平嗎，或者您想添加什麼細微差別？謝謝。

Hey, Michael. It's Brad. Thanks for the question. Couple parts. So one, when you think about 2025, one of the things that I mentioned was that gives us the confidence. We've got so many more levers to pull when we go into 2025.

嘿，麥可。是布拉德。謝謝你的提問。幾部分。所以，當你想到 2025 年時，我提到的事情之一就是這給了我們信心。邁入 2025 年，我們還有許多事情要做。

I want to pause just for a second to make sure everybody can understand the impact of some of the hires that Neal has made on his team, whether it's the product team, whether it's the transformation team, whether it's new head of managed services, new head of engineering. We've got a very different team on the field going into 2025 than we had starting in 2024.

我想暫停一下，確保每個人都能理解尼爾招募的一些人員對他的團隊的影響，無論是產品團隊、轉型團隊、新的託管服務主管還是新的工程主管。2025 年，我們的陣容與 2024 年相比有很大不同。

So that gives us a lot of confidence of knowing that we've got opportunities to get product in the market. We've got opportunities to explore the pricing opportunities I mentioned. There's also a dynamic around, when you go up market, we've got much more white space in our customers. So that gives us a much more bigger TAM to work with internally on our back book.

因此，我們非常有信心，知道我們有機會將產品推向市場。我們有機會探索我提到的定價機會。還有一種動態情況是，當你進入高端市場時，我們在客戶方面擁有更多的空白。這樣，我們就有更大的潛在可用資源來進行內部帳簿管理。

So at the end of the day, we've got a number of levers to pull going into 2025 that, candidly, we didn't have going into 2024. So I think more levers to pull gives us much more confidence going in in terms of back book performance for 2025.

所以最終，我們在進入 2025 年時需要利用一些槓桿，坦白說，我們在進入 2024 年時還不具備這些槓桿。因此，我認為，採取更多措施會讓我們對 2025 年的表現更有信心。

Going into your question around profitability, I agree 100%. We've always focused on our pass-through rates. We've always focused on allowing a fair amount of our incremental revenue to flow through into margins. So we still stand by picking up those couple hundred basis points of margin improvement into 2025 just based on that continued philosophy that we all use internally.

關於獲利能力的問題，我完全同意。我們始終關注我們的傳遞率。我們一直致力於讓相當一部分增量收入流入利潤。因此，我們仍然堅持到 2025 年將利潤率提高幾百個基點，這僅基於我們內部一直沿用這個理念。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen. I appreciate the question. Maybe sticking on that thread from Brad, but posing it for Oleg or Neal. With that recent slew of new key hires, how do you think about the evolution of the executive team and maybe the importance in the background that each of those have doing this at scale as you think about incremental confidence and your push up market and the economic shift of the model here?

嘿，先生們。我很感謝你提出這個問題。也許堅持布拉德的那個線索，但為奧列格或尼爾擺姿勢。隨著最近一系列新的關鍵員工的聘用，您如何看待管理團隊的演變，以及在您考慮增量信心、推動市場和模式的經濟轉變時，每個人大規模地開展這項工作在背景中的重要性？

Yep. So let me cover the high-level executive hires and Neal may comment more on a deeper level of the organization. One big issue that I highlighted is that as we are thinking about expanding into institutional asset management market, we will have to think through our brand design and brand positioning and corresponding go-to-market strategy.

是的。因此，讓我來介紹一下高層管理人員的聘用，尼爾可能會對該組織的更深層次發表更多評論。我強調的一個大問題是，當我們考慮擴展到機構資產管理市場時，我們必須仔細考慮我們的品牌設計和品牌定位以及相應的市場進入策略。

And so looking for senior hires on marketing side is one of the top priorities. The same goes for some elements of the product revenue organization, basically aligning the firm to be able to capture that opportunity set as well as possible.

因此，尋找行銷方面的高階人才是首要任務之一。產品收入組織的某些要素也是如此，基本上使公司能夠盡可能地抓住這些機會。

Yeah. And with a lot of the new hires, senior hires have come in over the past year, we're seeing the ability now for us to make a good investment in improvements to our managed services, continuing to build out our workbench and also continuing to build out our marketplace where we offer partnerships to companies that have capabilities that are of interest to our clients that we can sell to them through a revenue share with Enfusion.

是的。隨著過去一年中大量新員工和高級員工的加入，我們現在有能力對託管服務的改進進行良好的投資，繼續建立我們的工作台，並繼續建立我們的市場，在該市場中，我們與擁有客戶感興趣的能力的公司建立合作夥伴關係，我們可以透過與 Enfusion 的收入分成將這些技術出售給他們。

So we're re-shelving the shelves of the product organization so that we have a lot more product on the shelf to sell to our existing clients. And we expect that to have a positive uplift on the back book as we look into 2025.

因此，我們重新整理產品貨架，以便貨架上有更多的產品可以出售給現有客戶。我們預計，展望 2025 年，這將對帳面收入產生正面的影響。

Okay, great. And then you guys did call out as well to, again, being included in more RFPs as this trend up market continues. Wondering, and you called out kind of the bookings momentum too, but if you could give us kind of a general sense of the kind of pipeline trajectory there, how you're seeing the conversion trends as well too.

好的，太好了。然後你們也再次呼籲，隨著這種市場上升趨勢的持續，你們將被納入更多的 RFP 中。我很好奇，您也提到了預訂勢頭，但您是否可以給我們大致介紹一下那裡的頻道軌跡，以及您如何看待轉換趨勢。

So being included in those conversations, understanding they're naturally a bit more elongated sales cycles by nature, but how you think about kind of the evolution of the conversion trends there as well as the platform continues to mature, and the value proposition continues to compound. Thank you.

因此，參與這些對話，理解它們自然而然地會延長銷售週期，但你如何看待那裡的轉換趨勢的演變，以及平台的不斷成熟和價值主張的不斷複合。謝謝。

Yeah, we're seeing roughly around 30%, 40% conversion for qualified opportunities in the up market space. And in particular, what's been very helpful there in terms of opening up those opportunities has been the workbench.

是的，我們看到高端市場中合格機會的轉換率約為 30% 到 40%。特別是，工作台在開拓這些機會方面提供了很大的幫助。

And I think as Oleg highlighted earlier in the call, specific functionality in the workbench has unlocked individual client opportunities. And bear in mind, some of these are features that have only been released in the last few months.

我認為，正如 Oleg 在通話中早些時候強調的那樣，工作台中的特定功能已經釋放了個人客戶的機會。請記住，其中一些功能是最近幾個月才發布的。

And so one of the great advantages again, and I know I often say this, but one of the great advantages of having that regular cadence of being able to push out new features weekly is that you will not see the growth in these areas as a step change. You're going to see numerous incremental proof points that show that we're executing on the strategy and able to win those clients that perhaps we wouldn't have been able to win two or three years ago.

因此，再次說明最大的優勢之一，我知道我經常這麼說，但是每周定期推出新功能的一大優勢是，你不會看到這些領域的增長是階躍變化。您將會看到無數逐漸增加的證據點，這些證據顯示我們正在執行我們的策略並且能夠贏得那些兩、三年前我們可能無法贏得的客戶。

And just one layer on top of this, this is not just about conversions and move up market. The product design and strategy that Neal's team is executing on also lays the foundation for eventual premium products and price increases. So actually create value for the firm that way, as opposed to simply using it as a mechanism to unlock a new market segment.

在此之上還有一層，這不僅涉及轉換和高端市場。尼爾團隊正在執行的產品設計和策略也為最終的高端產品和價格上漲奠定了基礎。因此，這實際上是為公司創造價值，而不是簡單地將其用作開拓新細分市場的機制。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yeah. Hi guys. Thanks for taking the question this morning. Neal, you talked about a series of upgrades in the managed services piece. I think that's the first stuff you've done since it was launched. That response to feedback you're getting out there from clients, or is that more about going on an offense and identifying opportunities to do more and potentially extract some additional revenue from that?

是的。嗨，大家好。感謝您今天上午回答這個問題。尼爾，您談到了託管服務部分的一系列升級。我認為這是自從它推出以來你做的第一件事。您是從客戶那裡得到的回饋做出的回應，還是更多地採取攻勢並尋找機會做更多的事情並從中獲得一些額外的收入？

That's a great question. It's a combination of both. We've been talking to all of our managed service clients and getting feedback on what they want to see more of. And in general, we've heard from them that they want more visual and more interactive ways of working with the team that's an extension of their own team. And so a lot of the tech upgrades that are coming out are very much in response to that.

這是一個很好的問題。這是兩者的結合。我們一直在與所有託管服務客戶進行交流，並獲取他們希望看到更多內容的回饋。總體而言，我們從他們那裡聽說，他們希望透過更直觀、更具互動性的方式與作為他們自己團隊延伸的團隊進行合作。許多正在出現的技術升級都是為了應對這種情況。

But at the same time, and we talked about this a little bit in the investor day earlier this year, we also acknowledge that the way we built the managed service business still has some elements that are more manual than frankly we would like. And so we've been investing over the past year in improving the tooling.

但與此同時，我們在今年早些時候的投資者日上談到了這一點，我們也承認，我們建立託管服務業務的方式仍然存在一些比我們所希望的更手動的元素。因此，我們在過去的一年裡一直在投資改進工具。

So not only the client experience improves, but also our employees that work on it, their experience improves. And most importantly, their productivity improves, which also means that we'll be able to get much better margins out of that business as well.

因此，不僅客戶體驗得到改善，而且從事此項工作的員工的體驗也得到改善。最重要的是，他們的生產力提高了，這也意味著我們能夠從該業務中獲得更好的利潤。

Got it. One quick follow-up for Brad. Looking at the HCV distribution by the size of client you have here, you've had a really solid trend towards those 500,000 cohort customers. Should we think about that trend line just continuing here? Should there be any reasons for that to moderate based on the lead distribution you have and what's in the pipeline today?

知道了。對布拉德有一個快速的跟進。從您這裡的客戶規模來看 HCV 分佈，您會發現針對這 500,000 個同類客戶的趨勢非常穩固。我們是否應該認為該趨勢線就此延續？根據您掌握的線索分佈情況以及目前的通路情況，是否有理由對此進行緩和？

No, Parker. In fact, it's a slide we're trying to get people to focus on. I think we certainly expect those trends to continue. And I think one of the big points we want to make sure people leave this call and reading that page takeaway is that this is not a new trend. This has been going on for some time and we expect that trend to continue.

不，帕克。事實上，這是我們試圖讓人們關注的幻燈片。我想我們確實希望這些趨勢能夠持續下去。我認為，我們要確保人們在結束本次通話並讀完該頁面後能夠明白的一點是，這並不是一個新趨勢。這種情況已經持續了一段時間，我們預計這種趨勢將會持續下去。

Kevin McVeigh, UBS.

瑞銀的凱文麥克維 (Kevin McVeigh)。

Great. Thanks. Hey, is there any way to think about how many modules you're bringing to market today? I guess as opposed to maybe at the time of IPO and what that can mean in terms of all-in, if clients were to use them all, what that would mean as opposed to maybe at the time of IPO, just to try to dimensionalize that a little bit?

偉大的。謝謝。嘿，有沒有辦法想想今天你要向市場推出多少個模組？我想，與 IPO 時相比，如果客戶全部使用它們，那麼與 IPO 時相比，這意味著什麼？只是嘗試稍微將其維度化一點？

Yeah, sure. So, you rewind three years back and basically our modular, the nature of our product wasn't that modular. We have core EMS offering and then we had an OEMS product on top of it. And that basically was two ways for us to make money. And then the third one was managed services. Today, we're setting the foundation for doing more than that.

是的，當然。因此，回顧三年前，基本上我們的模組化，我們產品的性質並不是那麼模組化。我們有核心的 EMS 產品，並且在此基礎上還有 OEMS 產品。這基本上是我們賺錢的兩種方式。第三個是託管服務。今天，我們正在為做更多的事情奠定基礎。

We don't like to express the value that our system delivers as modular. However, clients get the platform and then they expand the footprint within the platform from PMS. They integrate the accounting module and then accounting capability, and then they expand the presence with OEMS and other things.

我們不喜歡將我們的系統所提供的價值表達為模組化。然而，客戶獲得了平台，然後他們透過 PMS 擴展了平台內的足跡。他們整合了會計模組和會計能力，然後透過 OEMS 和其他方式擴大業務。

The path forward, as Neal articulated earlier, is not just about that. It's about building new products and capabilities. So first foray is a portfolio workbench on the front. But at some point, we will be more aggressive in, number one, creating premium features, including portfolio risk management, optimization, factor attribution, things like that.

正如尼爾先前所闡述的，前進的道路不僅僅如此。這是關於建立新產品和新能力。因此，首先要嘗試的是前端的投資組合工作台。但在某個時候，我們將更積極地創建高階功能，包括投資組合風險管理、最佳化、因素歸因等。

So everything that happens both pre and post-investment decision-making, reach your functionality on EMS. In fact, it's sort of been a bit more offensive as far as OEMS is concerned, and actually offering a standalone product.

因此，投資決策前和投資決策後發生的一切事情都會影響 EMS 的功能。事實上，就 OEMS 而言，它有點更具攻擊性，而且實際上提供的是獨立的產品。

And other things, Neal mentioned a couple of things about marketplace. So we're gearing up on creating a more universal, comprehensive framework so we don't just build our own products and distribute it using our network, but also bring external partners and have this kind of revenue sharing or partnership agreements where it can enrich clients' experience and create value.

其他方面，尼爾提到了一些有關市場的事情。因此，我們正準備創建一個更通用、更全面的框架，這樣我們不僅能夠建立自己的產品並使用我們的網路進行分銷，而且還能夠引入外部合作夥伴並達成這種收入分成或合作協議，從而豐富客戶的體驗並創造價值。

And then just in terms of the client hesitancy around the election, was there anything that they pointed to just more recently? Because obviously there's -- we've been in an election cycle for a couple of quarters now. Just anything that they were highlighting the concern in terms of switching?

那麼就客戶對選舉的猶豫而言，他們最近是否指出了什麼問題？因為顯然，我們已經進入了幾個季度的選舉週期。他們是否強調了有關轉換的擔憂？

We did not say anything. I had several conversations with clients. I mean, people are positioned, I think, well as you know, markets are pretty efficient in terms of pricing. And so bearing any world is sort of falling apart post election, I think people are just thinking ahead and what will happen.

我們什麼也沒說。我與客戶進行了幾次交談。我的意思是，我認為，人們的定位是，如你所知，市場在定價方面是相當有效的。因此，在選舉後，任何世界都會分崩離析，我認為人們只是在思考未來會發生什麼。

I will say, the conversations about interest rate environments just lead to more and more consensus around elevated volatility levels in the marketplace, which is good for all constituents, including hedge funds. So they're just one color I can offer at this point.

我想說的是，有關利率環境的討論只會引發越來越多關於市場波動性上升的共識，這對包括對沖基金在內的所有成分來說都是有利的。所以目前我只能提供一種顏色。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hi, this is [Elise Kenner] on for Alexei Gogolev. My first question was, can you discuss where you're at in terms of conversations with third party consultants and system integrators as you move up market?

大家好，我 [Elise Kenner]，為 Alexei Gogolev 報道。我的第一個問題是，您能否談談您在進軍市場的過程中與第三方顧問和系統整合商的對話情況？

Yeah, absolutely. We've been, if you go onto our public social media feed, you'll see we've been actually hosting webinars with a number of the system integrators.

是的，絕對是如此。如果您造訪我們的公開社群媒體，您會發現我們實際上一直在與許多系統整合商一起舉辦網路研討會。

So it's an education process where on the one hand, obviously we need to make sure that the integrators understand Enfusion's capabilities, we're newer to some of them. So we're spending a lot of time with them so that as they manage RFPs on behalf of their clients, they know where to insert an Enfusion into the process and perhaps where not to.

因此這是一個教育過程，一方面，我們顯然需要確保整合商了解 Enfusion 的功能，我們對其中一些功能還比較陌生。因此，我們花了很多時間與他們在一起，以便當他們代表客戶管理 RFP 時，他們知道在流程中的哪個位置插入 Enfusion，以及在哪個位置不插入。

So that's been going really well. And we've been using the opportunity to talk to their clients through these webinars that we've done with them. And we're starting to see the fruits of that. We've got a few opportunities that have, that they've brought to us and likewise opportunities that we've brought to them. So still in the early innings, but up to a really positive start. And we recognize that this is going to be a super important channel for us as we continue that upmarket move in 2025.

一切進展順利。我們一直利用與他們一起舉辦的網路研討會的機會與他們的客戶進行交談。我們已開始看到其成果。他們為我們帶來了一些機會，同樣，我們也為他們帶來了一些機會。雖然仍處於早期階段，但開局非常積極。我們認識到，隨著我們在 2025 年繼續進入高端市場，這將成為我們極其重要的管道。

Got it. Thank you. And then for my second question, in 3Q '24, there wasn't really much sequential growth of ACV. Could you provide more color on this dynamic as typically you report around 2.5% to 3% sequential ACV growth in a given 3Q?

知道了。謝謝。然後對於我的第二個問題，在 24 年第三季度，ACV 並沒有真正實現太大的連續成長。您能否就這一動態提供更多細節，因為您通常會報告在給定的第三季度中 ACV 連續增長率約為 2.5% 到 3%？

Yeah, ACV is going to move around a little bit. It's not going to be as linear on a quarterly basis. That's why if you look at the charts we put out of the earnings material, we go back four quarters, there's going to be some bouncing around.

是的，ACV 會稍微移動一下。它不會按季度呈線性變化。這就是為什麼如果你看我們從收益資料中得出的圖表，回顧前四個季度，你會發現有一些波動。

It's a question of who comes in, who churns, who starts to monetize. Because remember, even a big booking doesn't start to get included in that ACV or ARR calc until they're in the modernization mode. So there'll be a little bouncing around across the quarters, but over four quarter trends, you're still going to see that expansion.

問題在於誰加入、誰流失、誰開始獲利。因為請記住，即使是大額預訂，也只有在進入現代化模式後才會開始納入 ACV 或 ARR 計算中。因此，各個季度之間會出現一些波動，但從四個季度的趨勢來看，你仍然會看到這種擴張。

Yeah. And just one more element to that, I mean, investments that Neal mentioned that we're making in managed services, the framework that Brad helped us set out in front and back book dynamic, the managed services piece should help us accelerate the front book monetization. So as we get more and larger complex clients, we should be able to onboard them quicker and more efficiently, which should then, of course, translate into the back book and create higher ACV quicker.

是的。還有一個要素，我的意思是，尼爾提到的我們在託管服務方面的投資，布拉德幫助我們在前台和後台動態中製定的框架，託管服務部分應該可以幫助我們加速前台書籍的貨幣化。因此，隨著我們獲得越來越多、越來越大的複雜客戶，我們應該能夠更快、更有效地接納他們，這當然會轉化為後台帳簿，並更快地創造更高的 ACV。

Gabriella Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriella Borges)。

Hi, good morning. Thanks for taking the question. I have a question for Neal or for Oleg. I think about the success you've had with Portfolio Workbench and how much of a needle mover that's been with landing upmarket.

嗨，早安。感謝您回答這個問題。我有一個問題想問尼爾 (Neal) 或奧列格 (Oleg)。我想到您在 Portfolio Workbench 上取得的成功，以及它對進入高端市場起到了多大的推動作用。

Maybe expand that for us a little bit as we think about the cadence of product innovation that you've been talking about for the last 45 minutes. What have we wanted to products that we should be looking at or product enhancements that we should be looking at that you think move the needle most with your move upmarket over the next couple of years?

當我們思考您在過去 45 分鐘內一直在談論的產品創新節奏時，也許可以稍微擴展一下這一點。我們希望關注哪些產品，或我們應該關注哪些產品增強功能，您認為這些功能在未來幾年內對您的高端市場發展最有推動作用？

Yeah, let me -- thanks for the question. Let me, let me outline a couple of things. First of all -- and we've talked about this a little bit in the past, but to share some more color on it, as we think about the Workbench and as you've seen from some of the opportunities that the Workbench has helped us unlock, we've still very much been playing catch up in some of that functionality and adding capabilities that some of the clients that we've been winning believe are table stakes.

是的，讓我—感謝您的提問。讓我概述一下幾件事。首先 - 我們過去已經談論過這個問題，但為了分享更多的細節，當我們思考 Workbench 時，正如您從 Workbench 幫助我們解鎖的一些機會中看到的那樣，我們仍然在某些功能上努力追趕，並增加了一些我們贏得的客戶認為是必需的能力。

In 2025, we see that trend moving more into offense than defense, where we start to offer capabilities in the Workbench, mostly around more complex portfolio construction, the use of capabilities like factor models and optimizers for portfolio construction, where we start to charge for those incremental features. So that's one example through the lens of the Workbench.

到 2025 年，我們看到這種趨勢將更多地轉向進攻而不是防守，我們開始在 Workbench 中提供各種功能，主要圍繞更複雜的投資組合構建，使用因子模型和優化器等功能進行投資組合構建，我們開始對這些增量功能收費。這是透過 Workbench 看到的一個例子。

I think outside of the Workbench, other products where we're busy at work, also aside from managed services, which we've already talked about, I would talk a little bit about our analytics and data platform. We're just seeing more and more feedback from clients that they want to run more complex analytics on their own data. Enfusion, like most systems, is a transactional based system.

我認為除了 Workbench 之外，我們在工作中忙於的其他產品，以及我們已經討論過的託管服務之外，我會談談我們的分析和資料平台。我們看到越來越多的客戶回饋，他們希望對自己的數據執行更複雜的分析。Enfusion 與大多數系統一樣，是一個基於事務的系統。

And so we don't encourage clients to run really large, complex analytics, including the type of analytics you run for artificial intelligence against a transactional data store. And so we are encouraging them to move to use our data warehouse and our analytics product, which is hosted inside of Google's cloud. And obviously, there's an additional upsell component with that as well.

因此，我們不鼓勵客戶運行真正龐大、複雜的分析，包括針對事務資料儲存運行的人工智慧分析類型。因此，我們鼓勵他們轉而使用我們的資料倉儲和分析產品，該產品託管在 Google 雲端。顯然，這也有額外的追加銷售部分。

The last thing I'll say is the marketplace, while still in its early innings, has tremendous potential for us, as it allows us to offer our clients a much wider range of complementary products that don't compete with the core Enfusion platform, but give clients additional capabilities around, for example, treasury and collateral management and margin calculation that they can add on to Enfusion with a revenue share to Enfusion in the process.

我最後要說的是，儘管市場仍處於早期階段，但對我們來說具有巨大的潛力，因為它使我們能夠為客戶提供更廣泛的互補產品，這些產品不會與核心 Enfusion 平台競爭，但可以為客戶提供額外的功能，例如，財務和抵押品管理以及保證金計算，他們可以將這些功能添加到 Enfusion 中，並在這一過程中與 Enfusion 共享收入。

Absolutely, that makes sense. The follow-up is for Oleg and Brad. So I'm thinking about some of the leadership changes that you've made over the last year. And then, Oleg, I think you just mentioned Brad introducing the front book versus back book dynamics. What I want to ask you is how that's changing some of your planning and some of your forecasting processes for 2025.

絕對有道理。後續是針對奧列格和布拉德的。所以，我正在思考你在過去一年中所做的一些領導層變動。然後，奧列格，我想你剛才提到布拉德介紹了前書與後書的動態。我想問的是，這將如何改變你們對 2025 年的一些規劃和預測過程。

So we'd love any commentary that you're willing to provide on how the planning process, how the forecasting process has evolved over the last year or two, and some of the things that maybe you are more focused on now versus in prior planning years. Thank you.

因此，我們希望您能就規劃流程、過去一兩年內預測流程的演變情況以及與前幾年的規劃相比您現在可能更關注的一些事項提供任何評論。謝謝。

Great question, Gabriella, because that is certainly a process that changes pretty substantially as a byproduct of all these hires. What it's done is it's opened up much more kind of cross-corporate involvement in our planning processes. We get much more visibility of what we think is happening. And that's both from a front book and a back book perspective, right?

加布里埃拉，這個問題問得很好，因為這個過程肯定會隨著所有這些招募而發生相當大的變化。它的作用是，它為我們的規劃流程帶來了更多跨企業的參與。我們對正在發生的事情有了更清晰的認識。這既是從前書的角度來看的，也是從後書的角度來看的，對嗎？

I mean, I think when you think about what we're looking at in terms of pipeline, what we're looking at in terms of closure rates, we've opened up a lot of our Salesforce capabilities. We've got different modules in there that we're utilizing.

我的意思是，我認為當你思考我們在頻道方面關注什麼、我們在關閉率方面關注什麼時，我們已經開放了很多 Salesforce 功能。我們正在利用其中的不同模組。

And then how it translates into much more specific timeframes around product rollout, the sequencing of how that product rollout begins to monetize. It's really strongly a byproduct of a lot of these folks that Neal has brought in, which is why I mentioned them as to a key driver, not only of back book opportunities, but also in terms of just our visibility to see it, our ability to measure it and our ability to deploy on a much more granular basis.

然後它如何轉化為產品推出的更具體的時間表，以及產品推出如何開始盈利的順序。這實際上是尼爾引進的許多人的副產品，這就是為什麼我提到他們是一個關鍵驅動因素，不僅是後續書籍機會，而且只是我們的可見性，我們衡量它的能力以及我們在更細緻的基礎上部署的能力。

So your point is spot on. We will have better visibility on forecasting. We will have better visibility on product rollout, and we will have better visibility on how we guide the markets accordingly.

所以你的觀點是正確的。我們將對預測有更好的了解。我們將對產品推出有更好的了解，我們將對如何相應地引導市場有更好的了解。

And we're just beginning. I mean, you're going to see a much broader universe of talent that come to Enfusion from our competitors, from buy side, sell side, that bring a lot of mistakes from their past lives, track record, and just as important a culture, which we're very, very focused on Enfusion.

我們才剛開始。我的意思是，你會看到來自我們競爭對手的更廣泛的人才來到 Enfusion，來自買方，賣方，他們帶來了過去生活中的很多錯誤、業績記錄，以及同樣重要的文化，我們非常非常關注 Enfusion 的文化。

So we actually need to infuse Enfusion the past and move forward with people that actually have experience executing an institutional asset management market and executing at scale. As we add revenue to the business, we need operators that were in their seats growing the business from $200 million revenue to $300 million, $400 million, $500 million.

因此，我們實際上需要將過去的經驗融入 Enfusion，並與真正具有執行機構資產管理市場和大規模執行經驗的人員一起前進。隨著我們增加業務收入，我們需要能夠將業務收入從 2 億美元增加到 3 億美元、4 億美元、5 億美元的營運商。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, good morning. Hey, guys, thanks for taking the questions. I wanted to ask a question on ARR and the fact that when I listen to the prepared remarks, the new deal commentary sounds really strong. But when I look at ARR, it did decelerate in the quarter to slightly below 13% from slightly above in the last quarter.

是的，早安。嘿，夥計們，感謝你們回答這些問題。我想問一個關於 ARR 的問題，事實上，當我聽準備好的發言時，我發現新政評論聽起來非常有力。但當我查看 ARR 時，它在本季度確實從上一季的略高減速至略低於 13%。

So maybe you could talk about what are some of the underlying drivers or metrics outside of ARR that's giving you the confidence in the revenue growth acceleration that's embedded in the guide? I heard earlier, maybe that 500,000 ACV metric, is that one of the key metrics we should be looking at? Thanks.

那麼，也許您可以談談除了 ARR 之外，還有哪些潛在驅動因素或指標讓您對指南中所包含的收入成長加速充滿信心？我之前聽說過，也許 500,000 ACV 指標是我們應該關注的關鍵指標之一嗎？謝謝。

Yeah, hey, Koji, this is Brad. Yeah, I'll take that. So when you look at ARR, remember it's a snapshot in time. So you're right, we've seen a lot of really strong bookings. We saw some really strong bookings in Q3, for example. But if those bookings haven't started to monetize yet, which may take 30 to 60 days when the implementation fees will start, that would not be included in ARR yet.

是的，嘿，Koji，這是布拉德。是的，我接受。因此，當您查看 ARR 時，請記住它是一個時間快照。您說得對，我們看到了很多非常強勁的預訂。例如，我們在第三季看到了一些非常強勁的預訂量。但如果這些預訂尚未開始貨幣化，則可能需要 30 到 60 天的時間才能開始收取實施費用，因此這些預訂尚未包含在 ARR 中。

So there's a little bit of a timing impact of how some of these bookings kind of manifest themselves in ARR. But they will be in ARR very soon. In fact, we monitor another statistic internally called CAR, which is a contracted ARR. And that's where you can kind of see the difference between those two. So ARR is important, but I think when you look at it over any sequential quarter, you can get a little bit of noise just based on timing.

因此，這些預訂如何在 ARR 中體現出來，會對時間產生一點影響。但他們很快就會進入 ARR。事實上，我們內部監控另一個稱為 CAR 的統計數據，即合約規定的 ARR。這就是您可以看到兩者之間的差異的地方。因此 ARR 很重要，但我認為當你查看任何連續季度的數據時，你會根據時間得到一點噪音。

When you look at going forward with the guide, I think I'll reiterate a couple of those points. When you go into next year, there's a couple of things that really give us conviction about getting back into our, primarily our backbook targets in the mid-teens because that's where kind of our current -- our current gap sits.

當您考慮繼續執行該指南時，我想我會重申其中的幾點。當進入明年時，有幾件事確實讓我們有信心回到我們的目標，主要是在十五六歲時，因為那就是我們目前的差距所在。

I would be paying close attention to that overall ACB number. I would be paying attention to a net organic growth number, which we'll be talking about. I'll be paying attention to churn, which is returned largely to historical levels. So I feel good about that number.

我會密切關注總體 ACB 數據。我會關注淨有機成長數字，我們將來會討論這個主題。我將專注於客戶流失率，其已基本恢復到歷史水平。所以我對這個數字感到很滿意。

But to grow that number, I think you're looking at penetration and managed services, which we'll be talking about. We're going to be talking about product deployment and cross-sell within our base. It just boils down to the comment I made a minute ago, which we have so many more tools in the toolbox going into 2025 than we had in 2024, that puts us in a very offensive position rather than kind of sitting back in more of a defensive position against seeing what clients do in a macro environment.

但為了增加這個數字，我認為你正在考慮滲透率和託管服務，我們將要討論這個。我們將討論我們基地內的產品部署和交叉銷售。歸根結底就是我剛才的評論，即到 2025 年，我們的工具箱中擁有的工具比 2024 年多得多，這使我們處於非常有利的進攻地位，而不是處於不利的防守地位，不去觀察客戶在宏觀環境中的行為。

Got it, Brad. No, thanks so much for that. And just one follow-up here. When I look at net revenue retention, listen to all the commentary, the Q&A, it does seem to imply that net revenue retention is potentially bottom tier in the third quarter.

明白了，布拉德。不，非常感謝。這裡僅剩一個後續問題。當我查看淨收入保留率、聽取所有的評論和問答時，它似乎確實意味著淨收入保留率在第三季度可能處於最低水平。

Just curious in looking at the guidance and kind of the factors of the next several quarters, is that a fair assumption? Or if it is going to contract what are some of the things that we should be aware of? Thank you so much for taking the questions.

只是好奇，看看接下來幾季的指導和因素，這是一個合理的假設嗎？或者如果它要收縮我們應該注意哪些事項？非常感謝您回答這些問題。

No, great, great question. I think I would say with the last couple quarters, we've seen it [102%, 103%]. We haven't seen it dip below that. So I feel like it's reached a bottom point. We have seen some trends start to improve or at least stabilize. We've seen, I've mentioned the upsells have kind of slowed down to some degree. Downgrades have largely stabilized.

不，這個問題問得非常好。我想說的是，在過去幾個季度裡，我們已經看到了這一點[102%，103%]。我們還沒有看到它跌破這個水平。所以我覺得它已經到達底點了。我們看到一些趨勢開始改善或至少趨於穩定。我們已經看到，我曾提到追加銷售在某種程度上已經放緩。降級情況已基本穩定。

Churn has largely stabilized to even starting to improve. It's hard to bet going forward, but given what we're seeing today, we certainly don't see it dropping anymore from here. And that's also why we pay attention a little bit more to that backbook component. I'll offer up to this call that NDR, because of the way our client growth has been so rapid, it actually represents about 80% of our clients.

客戶流失率已基本穩定，甚至開始改善。很難預測未來的走勢，但從我們今天看到的情況來看，我們肯定不會再下跌了。這也是為什麼我們更加關注帳簿組件的原因。我在本次電話會議上表示，由於我們的客戶成長如此迅速，NDR 實際上代表了我們約 80% 的客戶。

So you get a little bit of skew in NDR number just based on what client pools are in a 12-month look back versus the backbook, which is 100% inclusion. And don't forget also, Koji, we will get about 60 basis points of pickup in Q4 when that UBS CS impact rolls off.

因此，僅根據 12 個月回顧中的客戶池與 100% 包含的帳簿，NDR 數字就會有一點偏差。另外，Koji，請不要忘記，當瑞銀 CS 影響消退時，我們將在第四季度獲得約 60 個基點的回升。

So I think in the next quarter is we should certainly see a slight pickup. We're trying to figure out we've got targets for a bigger pickup than just the 60 basis points. And then going into 2025 is where we start to see that number really start to accelerate for all those reasons we walked through.

因此我認為下個季度我們肯定會看到略微的回升。我們正在努力確定比 60 個基點更大的成長目標。然後到 2025 年，我們會開始看到這個數字因為我們經歷過的所有原因而真正開始加速成長。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thanks. Good morning, everyone. Just first off, you said the Americas are on track for the best launch market since 2021. Just curious if you could parse that out a little bit. Is this the best launch market for Enfusion or the industry more generally? And then can you discuss what you believe some of the factors are that are driving an increase in launches and if you think that could be sustainable over the next few quarters?

謝謝。大家早安。首先，您說美洲有望成為 2021 年以來最好的發射市場。我只是好奇你是否可以稍微分析一下這一點。這是 Enfusion 或整個行業的最佳發布市場嗎？然後，您能否討論一下您認為推動發射數量增加的一些因素，以及您是否認為這種趨勢在未來幾季內可以持續？

Thank you. Hi, Cris. Oleg here. Happy to take the questions. So, there's nothing more granular than that from my perspective. So this is just a regional thing, as we discussed. People are just deploying capital in Americas much more aggressively and taking capital away from APAC. We do see some more interesting capital deployments in Europe as well. But America is interesting one of the most interesting environments for launches we've ever seen.

謝謝。你好，克里斯。這裡是奧列格。很高興回答這些問題。所以，從我的角度來看，沒有比這更細微的事了。正如我們所討論的，這只是一個地區性問題。人們只是在更積極地向美洲部署資本，並將資本從亞太地區轉移出去。我們確實也看到歐洲一些更有趣的資本配置。但美國是我們所見過的最有趣的發射環境之一。

I've spoken with some some of the people in the industry. Looks like people are looking to put capital to work in strategies where volatility is a friend as well as private credit. Credit strategy is a typically short volatility strategy, but it's a very hot area. A lot of people are either looking to launch new funds or deploying private credit strategies within their hedge fund offerings or within vehicles.

我與一些業內人士進行了交談。看起來人們正在尋求將資本投入到波動性與私人信貸同樣重要的策略中。信用策略是一種典型的短期波動性策略，但這是一個非常熱門的領域。許多人要么希望推出新的基金，要么在其對沖基金產品或投資工具中部署私人信貸策略。

And typical sort of launches that trade macro or multi-strat that typically tend to be longer volatility than other strategies are involved. So this is sort of the high-level picture. I think overall, it's good for us. It's good for the market. And we just kept hearing it. We're a de facto default system for launches in many different cases, as you know. But for us, it's just at this point, it's a current perimeter. It's a homeland, so to speak.

典型的推出是交易宏觀或多策略，其波動性通常比其他策略更長。這是一種高層的圖片。我認為總的來說，這對我們有好處。這對市場有利。我們一直聽到這個說法。如您所知，我們是許多不同情況下啟動的事實上的預設系統。但對我們來說，這只是目前的情況，是一個目前的邊界。可以這麼說，這裡就是祖國。

Our eyes are on the future, and we're looking at that marketplace, not just on a standalone basis, but on part of the overall portfolio of strategies and products that the institutional asset management industry offers alongside with loan only, fixed income equities, liquid asset classes, and then the liquid private equity and private credit.

我們的目光放眼未來，我們不只是從獨立的角度看待市場，而是關注機構資產管理行業提供的整體策略和產品組合的一部分，以及貸款、固定收益股票、流動資產類別，然後是流動私募股權和私人信貸。

That concludes our Q&A session. We'll now turn the conference back over to Oleg Movchan for closing remarks.

我們的問答環節到此結束。現在我們將會議交還給 Oleg Movchan 進行結束語。

Thank you all for very thoughtful questions. I thought it was helpful, and I look forward to reconnecting with you shortly for the follow-ups.

感謝大家提出非常深思熟慮的問題。我認為這很有幫助，並期待很快與您重新聯繫以進行後續跟進。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。