Envestnet Inc (ENV) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Envestnet Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Brian Shipman, Head of Investor Relations. Thank you, Mr. Shipman, you may begin.

您好，歡迎來到 Envestnet 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，投資者關係主管 Brian Shipman 先生。謝謝您，希普曼先生，您可以開始了。

Good afternoon, everyone. Thank you for joining us on today's fourth quarter and full year 2022 earnings call.

大家下午好。感謝您參加今天的第四季度和 2022 年全年財報電話會議。

Before we begin, I'd like to point out that our earnings press release, supplemental presentation and associated Form 10-K can be found under the Investor Relations section of our website at envestnet.com. This call is being webcast live, and a replay will be available for 1 month on our website.

在我們開始之前，我想指出我們的收益新聞稿、補充介紹和相關的 10-K 表格可以在我們網站 envestnet.com 的投資者關係部分找到。此電話會議正在網絡直播，重播將在我們的網站上提供 1 個月。

During the call, we will be discussing certain forward-looking information. This information is based on our current expectations and is not a of future performance. I encourage you to review the cautionary statement on Slides 2 and 3 for the potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements. Further information can be found in our regular SEC filings.

在通話期間，我們將討論某些前瞻性信息。此信息基於我們當前的預期，而不是未來的表現。我鼓勵您查看幻燈片 2 和 3 中的警告聲明，了解可能導致實際結果與前瞻性聲明中表達的結果不同的潛在風險、不確定性和其他因素。更多信息可以在我們定期向美國證券交易委員會提交的文件中找到。

During the call, we will be referring to certain non-GAAP financial measures. Please refer to the appendix in our presentation for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. The presentation is also posted to the Envestnet Investor Relations website.

在電話會議期間，我們將提到某些非 GAAP 財務指標。請參閱我們演示文稿中的附錄，了解這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬情況。該演示文稿還發佈在 Envestnet 投資者關係網站上。

Joining me on today's call are Bill Crager, our Chief Executive Officer; and Pete D'Arrigo, our Chief Financial Officer. Bill and Pete will provide a company update as well as an overview of the company's fourth quarter and full year 2022 results. After our prepared remarks, we will open the call to your questions.

和我一起參加今天電話會議的還有我們的首席執行官 Bill Crager；和我們的首席財務官 Pete D'Arrigo。 Bill 和 Pete 將提供公司更新以及公司第四季度和 2022 年全年業績的概述。在我們準備好的評論之後，我們將開始回答您的問題。

(Operator Instructions) With that, I will turn the call over to Bill.

（操作員說明）有了這個，我會把電話轉給比爾。

Thank you, Brian, and thank you, everyone, for joining this evening. In 2021, Envestnet took a very deliberate stance and announced our strategy to invest in the economic opportunity inherent in our unparalleled client footprint and our breadth of services.

謝謝你，布賴恩，也謝謝大家參加今晚的活動。 2021 年，Envestnet 採取了非常慎重的立場，宣布了我們的戰略，即投資於我們無與倫比的客戶足跡和服務範圍所固有的經濟機會。

We knew that unlocking the revenue potential of a connected ecosystem would pay tremendous long-term dividends for our shareholders. We also knew that by doing so, we would experience a setback in the short-term results, but that would enable us to deliver the real value creation that is the goal of every sound investment in every resilient business.

我們知道，釋放互聯生態系統的收入潛力將為我們的股東帶來巨大的長期紅利。我們也知道，如果這樣做，我們會在短期結果中遇到挫折，但這將使我們能夠實現真正的價值創造，這是對每一個有彈性的企業進行每項穩健投資的目標。

We are here to tell you that through an exceedingly painful year on our industry, marked by stunning inflation, double-digit losses in both equity and fixed income markets and a dramatic shift away from an era of low capital cost, the soundness of Envestnet's vision is paying off.

我們在這裡告訴您，在我們行業經歷了極其痛苦的一年，以驚人的通貨膨脹、股票和固定收益市場的兩位數損失以及從低資本成本時代發生的巨大轉變為標誌，Envestnet 的願景是穩健的正在得到回報。

In our industry-leading account growth, deeper adviser penetration and the rapid expansion of higher-margin services and the realization of our vision around connected data-powered advice, we are demonstrating that by delivering enhanced value to our clients, we will truly capitalize on our market share.

在我們行業領先的客戶增長、更深入的顧問滲透和高利潤服務的快速擴張以及我們圍繞連接數據驅動的建議的願景的實現中，我們正在證明，通過為我們的客戶提供更高的價值，我們將真正利用我們的市場份額。

And in doing so, we are turning the corner on both margin and revenue growth and affirming the path to our long-term goals.

通過這樣做，我們正在扭轉利潤率和收入增長的轉折點，並確認實現我們長期目標的道路。

We have been clear and have delivered on our stated intentions. Those are: to maximize the investment plan we outlined in February of 2021, creating acceleration of our organic revenue and modernizing our platform for greater operating leverage; driving greater engagement and usage of the platform by our clients, taking advantage of new processes and technologies to enable greater expense discipline and reestablishing our margin expansion in 2023 and reaffirming our commitment to 25% adjusted EBITDA margins in 2025.

我們已經明確並兌現了我們聲明的意圖。它們是：最大化我們在 2021 年 2 月概述的投資計劃，加速我們的有機收入並使我們的平台現代化以提高運營槓桿；推動我們的客戶更多地參與和使用該平台，利用新流程和技術實現更嚴格的費用紀律，並在 2023 年重新擴大我們的利潤率，並重申我們對 2025 年調整後 EBITDA 利潤率達到 25% 的承諾。

Over the last year, we were there for our clients as they navigated through a period of deep market uncertainty and volatility. We delivered, managing increased volumes, enabling foundational account growth, offering them more choices to solve the challenges of a historically difficult market.

在過去的一年裡，我們幫助客戶度過了一段充滿不確定性和動蕩的市場。我們交付，管理增加的數量，實現基礎客戶增長，為他們提供更多選擇來解決歷史上困難市場的挑戰。

Also, we have heard over and over and over again how the evolution of Envestnet's offering is answering the strategic roadmaps of our -- that our clients have planned for their futures.

此外，我們一遍又一遍地聽到 Envestnet 產品的演變如何回應我們的戰略路線圖——我們的客戶為他們的未來製定的計劃。

We are delivering the leadership our clients want from us. With foresight in 2021 and from a position of strength, we knew we would create greater value by leveraging that market leadership and making our business resilient in all market cycles. We invested intentionally to modernize the platform into the cloud to better integrate with our clients.

我們正在提供客戶希望我們提供的領導力。憑藉對 2021 年的遠見和優勢地位，我們知道我們將通過利用市場領導地位並使我們的業務在所有市場週期中保持彈性來創造更大的價值。我們有意投資將平台現代化到雲中，以更好地與我們的客戶集成。

We're delivering in the marketplace with our new client portal, our data platform, a connected proposal generation tool and enhanced integrations.

我們通過我們的新客戶門戶、我們的數據平台、連接的提案生成工具和增強的集成在市場上交付。

Also, to increase our operating leverage, becoming more efficient as we streamline and automate more of our processes from daily reconciliations and service requests to compliance, reporting and client conversions, as well to accelerate high-margin businesses in our fiduciary solutions, integrating and enhancing technology with data into a broader set of client demanded offerings like direct indexing, tax overlay, RIA-managed accounts, digital insurance platform and retirement services.

此外，為了提高我們的運營槓桿，隨著我們簡化和自動化更多流程（從日常對賬和服務請求到合規、報告和客戶轉換）變得更加高效，並加速我們信託解決方案中的高利潤業務，整合和增強將數據技術融入更廣泛的客戶需求產品中，例如直接索引、稅收疊加、RIA 管理的賬戶、數字保險平台和退休服務。

Investing into this moment produces an unparalleled offering, coupled with extraordinary industry reach, creating what we believe is an outsized long-term opportunity for shareholders. We are more essential and more embedded into the workflows of our clients, we have delivered for them. We are aligned with and addressing how they win in the next transformation and wealth management. And that is the next super cycle of holistic, connected advice.

投資於這一刻會產生無與倫比的產品，再加上非凡的行業影響力，我們認為這為股東創造了一個巨大的長期機會。我們更重要，更深入地融入客戶的工作流程，我們已經為他們提供了服務。我們與他們保持一致並解決他們如何在下一次轉型和財富管理中獲勝。這就是下一個整體、關聯建議的超級週期。

We've earned the right and are going deeper to be an even more important part of how they grow, how they expand revenue, margin and enterprise value in their businesses. This is what our investments and our work are accomplishing.

我們已經贏得了權利，並且正在更深入地成為他們成長的更重要的一部分，他們如何擴大收入、利潤和企業價值。這就是我們的投資和工作正在取得的成果。

Our results prove the strength of our business, not despite but a recognition of the environment that we're operating in. Macro headwinds were numerous in 2022. A 60-40 portfolio was down 17%, its worst performance since the year 1937, and the NASDAQ was down more than 30%.

儘管我們的經營環境得到認可，但我們的業績證明了我們業務的實力。2022 年宏觀逆風無數。60-40 的投資組合下降了 17%，這是自 1937 年以來最糟糕的表現，並且納斯達克指數下跌超過 30%。

Importantly, the U.S. retail asset management industry saw over $500 billion of net outflows across the combination of long-term mutual funds and ETFs and an organic growth rate last year of negative 1.7% compared to a growth rate of 3.5% in 2021. That is more than a 5% swing.

重要的是，美國零售資產管理行業的長期共同基金和 ETF 組合的淨流出超過 5000 億美元，去年的有機增長率為負 1.7%，而 2021 年的增長率為 3.5%。也就是說超過 5% 的波動。

In the face of the market we experienced in 2022, our operating results signal the progress our business is making. Envestnet posted $132 billion of total platform net flows, including $57 billion from AUM/A.

面對我們在2022年經歷的市場，我們的經營業績標誌著我們的業務正在取得進展。 Envestnet 公佈的平台淨流量總額為 1320 億美元，其中包括來自 AUM/A 的 570 億美元。

Our 7% organic growth is a very strong result. Consider it that for a cohort of large wealth management firms that have reported fourth quarter results thus far, organic fee-based asset growth fell substantially year-over-year to 4% on average.

我們 7% 的有機增長是一個非常強勁的結果。考慮一下，對於迄今為止已公佈第四季度業績的一批大型財富管理公司而言，基於費用的有機資產增長率同比大幅下降至平均 4%。

In the AUM/A bucket, Envestnet posted $32 billion of AUM net flows or 9% organic growth, reflecting continued uptake of our fiduciary solutions, which typically carry more attractive fee rates than AUA. These results are significantly higher than the marketplace data that we track. Our clients are valuing in using our platform more and more, creating cross-sell and bundled pricing opportunities for us.

在 AUM/A 類別中，Envestnet 公佈了 320 億美元的 AUM 淨流量或 9% 的有機增長，反映了我們的信託解決方案的持續採用，這些解決方案的費率通常比 AUA 更具吸引力。這些結果明顯高於我們追踪的市場數據。我們的客戶越來越重視使用我們的平台，為我們創造交叉銷售和捆綁定價的機會。

Over the last year, the number of platform accounts grew to more than 18 million that we serve, an increase of over 5%. AUM/A accounts per adviser grew 9% last year. Last year, over 130 firms on the Envestnet platform adopted a new AUM program. Over 2,000 advisers using Envestnet proprietary-managed portfolio for the very first time.

去年，我們服務的平台賬戶數量增長超過 1800 萬，增幅超過 5%。去年每位顧問的 AUM/A 賬戶增長了 9%。去年，Envestnet 平台上的 130 多家公司採用了新的 AUM 計劃。超過 2,000 名顧問首次使用 Envestnet 專有管理的投資組合。

Over 100 new solution amendments were signed across client enterprises, providing thousands and thousands of advisers with access to the cutting-edge features, available through Envestnet, ultimately expanding their options to better serve their clients.

客戶企業簽署了 100 多項新的解決方案修正案，使成千上萬的顧問能夠訪問 Envestnet 提供的尖端功能，最終擴大了他們的選擇範圍，以更好地為客戶服務。

We have signed several new contracts across the business from our financial planning business to Data and Analytics to the core Envestnet wealth platform. We are successfully expanding the footprint of distribution, and we are importantly going deeper by expanding our services to existing clients. These results are beginning to drop to the bottom line. We have turned the corner on improving profitability.

從我們的財務規劃業務到數據和分析，再到核心 Envestnet 財富平台，我們已經在整個業務範圍內簽署了幾份新合同。我們正在成功地擴大分銷足跡，重要的是，我們正在通過將我們的服務擴展到現有客戶來更深入地發展。這些結果開始下降到底線。我們已經扭轉了提高盈利能力的轉折點。

Our guidance in 2023, which is based on markets as of December 31, calls for margin expansion of around 200 basis points, which would bring the margin to approximately 20% for the year.

我們基於截至 12 月 31 日的市場的 2023 年指引要求利潤率擴大約 200 個基點，這將使全年利潤率達到約 20%。

Factors underlying this margin expansion in 2023 incorporated the anticipated pressure that we'll see on revenue growth, countered by greater operating efficiency, given our investments, as well is taking tangible steps we have to reduce expenses with laser-sharp focus on the most important priorities.

2023 年利潤率增長的潛在因素包括我們將看到的收入增長的預期壓力，考慮到我們的投資，更高的運營效率抵消了這一壓力，以及我們必須採取切實措施來減少開支，並將激光集中在最重要的事情上優先事項。

In 2022, we streamlined the business to drive greater connectivity, client responsiveness and organizational efficiency.

2022 年，我們簡化了業務，以提高連接性、客戶響應能力和組織效率。

We see the collective benefit of all of our businesses working together and the investments made to strengthen the platform and create seamless, personalized connected experiences. We are driving delivery of hyper personalization, which is a critical, critical secular trend for the industry.

我們看到我們所有業務的共同利益以及為加強平台和創造無縫、個性化連接體驗而進行的投資。我們正在推動超個性化的交付，這對行業來說是一個至關重要的長期趨勢。

One example is our Wealth Data Platform, which utilizes our data and connects that data to our next-generation proposal tool in our financial planning software, and those offerings and technologies then connect to a broadening array of portfolio solutions.

一個例子是我們的財富數據平台，它利用我們的數據並將該數據連接到我們財務規劃軟件中的下一代提案工具，然後這些產品和技術連接到範圍更廣的投資組合解決方案。

The interconnectivity of this environment is what drives accelerated usage and more profitable growth for our clients and for Envestnet. Add on to this interconnectivity the unique capability we have here at Envestnet to provide our clients with extraordinary insights to better serve their clients.

這種環境的互連性推動了我們的客戶和 Envestnet 的加速使用和更有利可圖的增長。除了這種互連性之外，我們在 Envestnet 還擁有獨特的能力，可以為我們的客戶提供非凡的見解，從而更好地為他們的客戶服務。

We are now serving over 20 million personalized actionable insights a day versus 11 million insights a day last year. We have created the foundation for Envestnet's accelerated revenue growth that we articulated 2 years ago. The progress we have made puts us in a competitively differentiated place just as the industry is beginning to transition to a more holistic advice model. This would not have been possible without the investments we have made.

我們現在每天提供超過 2000 萬個個性化的可操作見解，而去年每天提供 1100 萬個見解。我們為 Envestnet 兩年前闡明的加速收入增長奠定了基礎。我們取得的進步使我們在競爭中脫穎而出，而這個行業正開始過渡到更全面的建議模型。如果沒有我們所做的投資，這是不可能的。

The resulting opportunities to drive our organic growth rate from this interconnectivity and data-driven personalization are numerous, and they're meaningful. We're using our platform to help our clients move brokerage assets to managed accounts, using our insights, scaling and client engagement tools and streamlining workflows.

從這種互連性和數據驅動的個性化中推動我們有機增長率的機會很多，而且它們很有意義。我們正在使用我們的平台幫助我們的客戶將經紀資產轉移到託管賬戶，利用我們的洞察力、擴展和客戶參與工具以及簡化工作流程。

One particular client has seen an increase in their firm's managed account flows by 35% quarter-over-quarter. Another client grew their converted assets by more than 100% year-over-year after enabling this powerfully connected program. These are just two examples of how our strategy is working.

一個特定的客戶發現他們公司的管理賬戶流量環比增長了 35%。在啟用這個強大的連接程序後，另一位客戶的轉換資產同比增長了 100% 以上。這些只是我們戰略運作方式的兩個例子。

If you use an actual BD example, extrapolating the conversion rates that we're seeing in asset pool size, we can model out the opportunity for Envestnet to translate into approximately $5 million of incremental organic revenue growth this year. But that will grow substantially over the next years.

如果您使用一個實際的 BD 示例，推斷我們在資產池規模中看到的轉換率，我們可以模擬出 Envestnet 今年轉化為約 500 萬美元增量有機收入增長的機會。但這將在未來幾年大幅增長。

Other focus points we've highlighted for you in the past, the number of managed accounts on our RIA platform has grown 150% year-over-year, and the number of advisers utilizing this offering is up 44% since last year. The number of advisers selling overlay offerings is up 26%, while the number of accounts with overlay attached to the account is up 33% over the last year.

我們過去為您強調的其他重點，我們的 RIA 平台上的託管賬戶數量同比增長 150%，使用該產品的顧問數量自去年以來增長了 44%。銷售覆蓋產品的顧問數量增加了 26%，而賬戶上附加覆蓋的賬戶數量比去年增加了 33%。

In our direct index offering, accounts are up 30% year-over-year, and the number of advisers have grown 48% year-over-year. This is an incredibly impressive growth in the face of the market we experienced last year and demonstrates our ability to execute on our strategy. We do anticipate asset growth in these solutions to be up nearly 50% in the year ahead.

在我們的直接指數發行中，賬戶同比增長 30%，顧問數量同比增長 48%。面對我們去年經歷的市場，這是一個令人難以置信的令人印象深刻的增長，並展示了我們執行戰略的能力。我們確實預計這些解決方案的資產增長在未來一年將增長近 50%。

We're having similar success through key initiatives that deliver efficiencies in automation internally. We expect a lower recurring adjusted operating expenses, and this is meaningful, given the inflationary pressures of the macro environment we're in and also increasing volumes that we continue to serve. We reduced our nonpeople expenses, in addition to lowering our head count, in both U.S. and India.

我們通過在內部提高自動化效率的關鍵舉措取得了類似的成功。我們預計經常性調整後的運營費用會降低，這是有意義的，因為我們所處的宏觀環境存在通脹壓力，而且我們繼續服務的數量也在增加。除了減少美國和印度的員工人數外，我們還減少了非人員支出。

On December 1, we completed the transition of our Data and Analytics operations to Tata Consultancy Services. As a result, we expect to realize savings this year of between $10 million to [$13 million], a number that will increase over the coming years as our account base continues to grow.

12 月 1 日，我們完成了數據和分析業務向塔塔諮詢服務的過渡。因此，我們預計今年將實現 1000 萬至 [1300 萬美元] 的節省，隨著我們的客戶群持續增長，這一數字在未來幾年還會增加。

Since the beginning of 2022, we reduced our real estate footprint by 30%. By the end of first quarter '23, we will be down by 45%. The scale we have created, a scale, we believe, no one can match, will deliver more efficiency as our clients continue to do more on our platform.

自 2022 年初以來，我們將房地產足跡減少了 30%。到 23 年第一季度末，我們將下降 45%。隨著我們的客戶繼續在我們的平台上做更多事情，我們創造的規模，我們相信沒有人能比得上這一規模，將提供更高的效率。

Here are some extraordinary examples. In 2022, we achieved a new milestone. We processed 220 million trade orders, representing a 31% increase from 2021, all while reducing our expense to serve this critical function. We helped our clients trade historically high volumes as we administered more portfolios than any client platform in the United States.

這裡有一些非同尋常的例子。 2022年，我們實現了一個新的里程碑。我們處理了 2.2 億個貿易訂單，比 2021 年增長了 31%，同時減少了我們為這一關鍵職能服務的費用。由於我們管理的投資組合比美國任何客戶平台都多，因此我們幫助客戶實現了歷史最高交易量。

We've created modernized scale that meets the critical needs of our clients. This is the objective of any company's modernization efforts, and yet it is hard to achieve. But this leverage is just beginning for us. There is so much more to come.

我們創造了滿足客戶關鍵需求的現代化規模。這是任何公司現代化努力的目標，但它很難實現。但這種影響力對我們來說才剛剛開始。還有很多事情要做。

Here's another example. Every day, our system evaluates 233 million account details to identify instances where accounts are out of alignment with their firm's investment policy rules. This is the essence of scale, the essence of service. This is the power of investment, helping our clients in truly essential ways.

這是另一個例子。每天，我們的系統都會評估 2.33 億個賬戶詳細信息，以確定賬戶不符合其公司投資政策規則的情況。這就是規模的本質，服務的本質。這就是投資的力量，以真正重要的方式幫助我們的客戶。

Once again, our volumes are way up year-over-year, while our cost to serve this function is down. In a regulated industry, these types of unique services have inherent essential value. As our clients rely on our platform more and more, we have created scale and while we are also driving meaningful cost efficiency in how we serve them.

再一次，我們的銷量同比增長，而我們服務這一職能的成本卻下降了。在受監管的行業中，這些類型的獨特服務具有內在的基本價值。隨著我們的客戶越來越依賴我們的平台，我們創造了規模，同時我們也在為他們提供服務的方式上推動有意義的成本效率。

As part of our long-term strategy, we're achieving higher operating efficiency for our business, and we constantly look for new opportunities to strengthen our business model. A missing element of the Envestnet business model has been the ability to complete the service cycle for our clients and generate incremental ways to monetize our services.

作為我們長期戰略的一部分，我們正在為我們的業務實現更高的運營效率，並且我們不斷尋找新的機會來加強我們的業務模式。 Envestnet 商業模式缺少的一個要素是能夠為我們的客戶完成服務週期，並產生增量方式來通過我們的服務獲利。

Last quarter, we announced our partnership with FNZ, which will create a fully end-to-end digital environment that will automate and scale our clients' engagement with our company. The technology integration is underway, and we are on track to be in the marketplace by the second half of this year.

上個季度，我們宣布與 FNZ 建立合作夥伴關係，這將創建一個完全端到端的數字環境，使我們的客戶與我們公司的互動自動化並擴大規模。技術整合正在進行中，我們有望在今年下半年進入市場。

This is a significant step forward for our clients, for the industry and allows us to go deeper and enable us to pursue new revenue opportunities that are associated with custody, which we've never had the opportunity to do before.

對於我們的客戶和行業而言，這是向前邁出的重要一步，使我們能夠更深入地探索與託管相關的新收入機會，這是我們以前從未有過的機會。

Begin to size that opportunity, consider that over the last 3 years, Envestnet has averaged over $200 billion of gross flows onto our platform. In the future, for every 10% of these flows we capture, we believe we could earn an incremental $10 million to $20 million of revenue with very attractive margins.

開始衡量這個機會，考慮到在過去 3 年中，Envestnet 平均有超過 2000 億美元的總流量流入我們的平台。未來，對於我們捕獲的這些流量中的每 10%，我們相信我們可以賺取 1000 萬至 2000 萬美元的增量收入，並且利潤率非常誘人。

During the quarter, we also strengthened our balance sheet by repurchasing the bulk of our 2023 convertible notes and issuing 2027 convertible notes, which we completed this past November.

在本季度，我們還通過回購大部分 2023 年可轉換票據和發行 2027 年可轉換票據來加強我們的資產負債表，我們在去年 11 月完成了這些工作。

This extends our maturities, placing Envestnet in a strong financial position to continue executing our growth strategy and to prudently pursue attractive acquisitions and partnerships that may arise in the marketplace.

這延長了我們的期限，使 Envestnet 處於強大的財務狀況，可以繼續執行我們的增長戰略，並謹慎地尋求市場上可能出現的有吸引力的收購和合作夥伴關係。

In short, in 2021, Envestnet, we set our course. In 2022, we executed on it. We accelerated several investments to modernize the platform, to go deeper with our clients to drive sustained revenue growth for the company and lift the ceiling for margin growth.

簡而言之，在 2021 年，Envestnet，我們設定了路線。 2022 年，我們執行了它。我們加快了數項投資，以實現平台現代化，與客戶深入合作，推動公司收入持續增長，並提高利潤率增長的上限。

We have strengthened our position in the marketplace, and we are winning new mandates. We've turned the corner towards the margin expansion we are committed to. Despite headwinds from the global capital markets, we will continue to drive towards accelerated growth and are committed to achieving adjusted EBITDA margins of 25% in 2025.

我們鞏固了我們在市場上的地位，並且正在贏得新的授權。我們已經轉向我們承諾的利潤率擴張。儘管來自全球資本市場的逆風，我們將繼續推動加速增長，並致力於在 2025 年實現 25% 的調整後 EBITDA 利潤率。

We're executing the strategy we set out for investors, and we believe the results will create material value over the next quarters and next years ahead.

我們正在執行我們為投資者制定的戰略，我們相信結果將在未來幾個季度和未來幾年創造物質價值。

I'd now like to turn the call over to Pete, who will provide details on this quarter's performance and our outlook for 2023.

我現在想把電話轉給皮特，他將提供本季度業績的詳細信息和我們對 2023 年的展望。

Thank you, Bill, and good afternoon, everyone. Our fourth quarter and full-year results continue to demonstrate the strength in our business model.

謝謝你，比爾，大家下午好。我們的第四季度和全年業績繼續證明我們商業模式的實力。

For the fourth quarter, both the revenue and adjusted EBITDA were essentially in line with our guidance, although modestly impacted by a onetime customer correction with a long-standing client, which was unforeseen at the time we gave guidance this past November. Despite this, our results were solid, especially given the market headwinds and economic environment we faced throughout 2022.

對於第四季度，收入和調整後的 EBITDA 基本符合我們的指導，儘管受到與長期客戶的一次性客戶修正的適度影響，這在我們去年 11 月給出指導時是無法預料的。儘管如此，我們的業績還是穩健的，尤其是考慮到我們在整個 2022 年面臨的市場逆風和經濟環境。

Adjusted revenue was $292.9 million for the fourth quarter and $1.240 billion for the year. Adjusted EBITDA was $53.8 million for the quarter and $220.1 million for the full year, while adjusted EPS was $0.45 in Q4 and $1.86 for the full year 2022.

第四季度調整後收入為 2.929 億美元，全年為 12.40 億美元。本季度調整後的 EBITDA 為 5380 萬美元，全年為 2.201 億美元，而調整後的每股收益在第四季度為 0.45 美元，2022 年全年為 1.86 美元。

Our guidance for 2023 is laid out in the earnings release and in the earnings supplemental presentation, but I want to provide some context for our outlook.

我們對 2023 年的指導已在收益發布和收益補充報告中列出，但我想為我們的前景提供一些背景信息。

Prior-year comparable quarters in the Wealth segment will be difficult for at least the first half of 2023, primarily due to the impact the markets had on asset-based revenue. As asset values were coming down last year, the revenue impact flows through subsequent quarters, namely carrying through to this year.

至少在 2023 年上半年，財富部門的上一年可比季度將很困難，這主要是由於市場對基於資產的收入的影響。由於去年資產價值下降，收入影響會延續到隨後的幾個季度，即延續到今年。

Using market levels as of December 31, the annualization of the 2022 market impact would present roughly a 3 to 4 percentage point headwind to our 2023 growth rate relative to 2022.

使用截至 12 月 31 日的市場水平，2022 年市場影響的年化將對我們 2023 年相對於 2022 年的增長率造成大約 3 到 4 個百分點的逆風。

While industry flows remain under pressure, Envestnet continues to experience market share gains and positive net flows. We expect to continue to see a modest uptick in our average fee rate over the course of this year along with flows weighted more toward our AUM solutions.

雖然行業流量仍然面臨壓力，但 Envestnet 繼續獲得市場份額增長和正淨流量。我們預計今年我們的平均費用率將繼續適度上升，同時流量更多地傾向於我們的 AUM 解決方案。

The Data and Analytics segment continues to face headwinds within its revenue base that we have discussed previously, primarily in research. However, as this segment completes its transformation, we anticipate improved financial results later in 2023 with a robust pipeline of new and existing client firms.

數據和分析部門在我們之前討論過的收入基礎中繼續面臨阻力，主要是在研究方面。然而，隨著該部門完成轉型，我們預計 2023 年晚些時候財務業績將有所改善，新客戶和現有客戶公司將擁有強大的渠道。

Despite the near-term challenges to top line growth, we expect to increase our adjusted EBITDA margin in 2023 compared to 2022 by around 200 basis points.

儘管近期收入增長面臨挑戰，但我們預計 2023 年調整後的 EBITDA 利潤率將比 2022 年提高約 200 個基點。

With that context in mind, we expect adjusted revenues to be between $1.240 billion and $1.260 billion in 2023. Adjusted EBITDA is expected to be between $242 million and $252 million in 2023, reflecting the margin expansion compared to 2022, both Bill and I alluded to previously.

考慮到這一背景，我們預計 2023 年調整後的收入將在 12.4 億美元至 12.6 億美元之間。預計 2023 年調整後的 EBITDA 將在 2.42 億美元至 2.52 億美元之間，反映出與 2022 年相比的利潤率擴張，比爾和我都提到之前。

Our guidance, as always, does not assume any changes in the capital markets from prior quarter end and is based on market levels as of December 31. Many sell-side analysts include market contributions in their models. However, we do not assume any benefit from the market in our guidance.

我們的指引一如既往地假設資本市場自上一季度末以來沒有任何變化，並且基於截至 12 月 31 日的市場水平。許多賣方分析師在他們的模型中包括了市場貢獻。但是，我們不假設我們的指導從市場中受益。

Given that, we estimate that the reported revenue growth rate assumed within our guidance is lower than the consensus revenue, primarily because of the difference in this assumption, which is always most pronounced early in the year.

鑑於此，我們估計在我們的指導下假設的報告收入增長率低於共識收入，這主要是因為這種假設的差異，這種差異在年初總是最為明顯。

Bill discussed the number of actions we took during 2022 to reduce our overhead. Given the ongoing uncertainty in the economy, we have taken additional steps this year to prudently manage expenses where possible.

比爾討論了我們在 2022 年為減少開銷而採取的行動數量。鑑於經濟持續存在的不確定性，我們今年採取了額外措施，盡可能審慎地管理開支。

As a result, we are extremely confident in our ability to deliver margin expansion in 2023. The 80 basis point adjusted EBITDA margin increased year-over-year in Q4 compared to Q4 of 2021, is evidence of the progress we're making and supports our view that we are well positioned for increasing profitability as we head into 2023 and beyond.

因此，我們對我們在 2023 年實現利潤率擴張的能力充滿信心。與 2021 年第四季度相比，第四季度調整後的 EBITDA 利潤率同比增長 80 個基點，證明了我們正在取得的進展並支持我們認為，隨著我們進入 2023 年及以後，我們已經做好了提高盈利能力的準備。

Turning to the balance sheet. We ended December with $162 million in cash and debt of $938 million, making our net leverage ratio approximately 3.5x EBITDA. In November, we completed a new 5-year convertible note issuance in the amount of $575 million. At the same time, we repurchased $300 million of our convertible notes due in 2023 and $200 million of notes due in 2025, effectively extending the maturity out to 2027.

轉向資產負債表。截至 12 月，我們擁有 1.62 億美元的現金和 9.38 億美元的債務，使我們的淨槓桿率約為 3.5 倍 EBITDA。 11 月，我們完成了 5.75 億美元的新 5 年期可轉換票據發行。與此同時，我們回購了 2023 年到期的 3 億美元可轉換票據和 2025 年到期的 2 億美元票據，有效地將到期日延長至 2027 年。

Thank you for your support of Envestnet. And before we open it up for Q&A, I'll turn it back to Bill for his closing remarks.

感謝您對 Envestnet 的支持。在我們打開它進行問答之前，我會把它轉回 Bill 的結束語。

Thank you, Pete. We are succeeding in a challenging market by delivering what we've committed to. Our business is executing on the strategy we presented to investors 2 years ago. It is clear in the operating results we're reporting this evening.

謝謝你，皮特。通過兌現我們的承諾，我們正在充滿挑戰的市場中取得成功。我們的業務正在執行我們 2 年前向投資者介紹的戰略。我們今晚報告的運營結果很明顯。

We have furthered the resilience and value of the business by managing expenses alongside leveraging our investments in core capabilities and scale to propel organic growth and margin expansion. We're doing this by modernizing the platform into the cloud, increasing our operating leverage by becoming more efficient, going deeper with clients and growing high-margin businesses. .

我們通過管理費用以及利用我們對核心能力和規模的投資來推動有機增長和利潤率擴張，從而進一步提高了業務的彈性和價值。我們通過將平台現代化到雲中來實現這一目標，通過提高效率、更深入地了解客戶和發展高利潤業務來提高我們的運營槓桿。 .

We have turned the corner with a foundation for revenue growth and margin expansion, building on what we delivered in the fourth quarter of 2022, reestablishing our margin expansion in 2023 and reaffirming our goal of 25% adjusted EBITDA margins in 2025. We're doing what we said we would do.

在我們 2022 年第四季度交付的成果的基礎上，我們已經為收入增長和利潤率擴張奠定了基礎，在 2023 年重新實現了利潤率擴張，並重申了我們在 2025 年調整後 EBITDA 利潤率達到 25% 的目標。我們正在做我們說過我們會做的。

I want to close by thanking our clients for the trust -- amazing trust that they put in us. They recognize the value we provide for them for the long term, and it drives us.

最後，我想感謝我們的客戶對我們的信任——他們給予我們的驚人信任。他們認識到我們為他們提供的長期價值，並以此為動力。

And finally, I want to thank the Envestnet team. Every day you deliver, you build, you innovate, you're enhancing advice that drives the success of our clients and millions and millions of end consumers. It is extraordinary work, and I'm very proud of it, and I want to thank you.

最後，我要感謝 Envestnet 團隊。每天您交付、構建、創新，您都在增強建議，從而推動我們的客戶和數百萬最終消費者取得成功。這是一項非凡的工作，我為此感到非常自豪，我要感謝你們。

Now I'll hand the call back to the operator for questions. Thank you very much.

現在我會將電話轉回接線員詢問問題。非常感謝。

(Operator Instructions) And our first question is from the line of Devin Ryan with JMP Securities.

（操作員說明）我們的第一個問題來自 JMP 證券公司的 Devin Ryan。

This is actually Michael Falco standing in for Devin. I wanted to start on the growth outlook. In the presentation, you highlighted a number of areas that are going to drive an acceleration in revenue growth to your mid-teens target, including RIA retirement and insurance on the AUM side and then wealth, data aggregation and partnerships on the subscription side.

這實際上是 Michael Falco 代替 Devin。我想從增長前景開始。在演示中，您強調了一些將推動收入加速增長以實現您的中期目標的領域，包括 AUM 方面的 RIA 退休和保險，然後是訂閱方面的財富、數據聚合和合作夥伴關係。

So I'm curious within that, what do you view as the maybe couple of most compelling opportunities that you expect are going to drive the bulk of that growth?

所以我對此很好奇，您認為哪些可能是您期望的最引人注目的機會將推動大部分增長？

Thank you, Michael. I look at the momentum that we exited 2022 with in some of these growth areas. And what we've seen is a pretty significant uptick in some key areas. Let me spotlight first, our high net worth offering. And that simply is an outsourced consulting service that we work with advisers to help them serve higher net worth clients. .

謝謝你，邁克爾。我看看我們在其中一些增長領域中 2022 年退出的勢頭。我們所看到的是在一些關鍵領域出現了相當顯著的增長。讓我首先關注我們的高淨值產品。這只是一項外包諮詢服務，我們與顧問合作，幫助他們為更高淨值的客戶提供服務。 .

And in that area, where our basis point range is somewhere between 20 basis points to 35 basis points, we have more than doubled the number of advisers who have access to that program during 2022. Our flows are up significantly in that program as we enter 2023.

在那個領域，我們的基點範圍在 20 個基點到 35 個基點之間，我們在 2022 年期間將能夠訪問該計劃的顧問數量增加了一倍以上。隨著我們進入，我們在該計劃中的流量顯著增加2023.

Anecdotally, I'd just add that through the middle of February here, our flows are probably up 55% year-over-year early in the year in this solution. And so it's got a very high revenue contribution and a very significant EBITDA contribution.

有趣的是，我只想在這裡補充說，到 2 月中旬，我們的流量可能在今年早些時候在此解決方案中同比增長 55%。因此，它有非常高的收入貢獻和非常重要的 EBITDA 貢獻。

I spotlighted RIA managed accounts on the prepared remarks and how we've greatly enhanced the assets that we serve and accounts that we serve by 150% in that category in 2022 and also adviser growth of 44% last year.

我在準備好的評論中重點介紹了 RIA 管理的賬戶，以及我們如何在 2022 年大大提高我們服務的資產和我們服務的賬戶在該類別中的 150%，以及去年顧問增長 44%。

So we have more users utilizing that solution, which is driving from off of our subs base. So they're using our technology, but now we're introducing asset-based product to them that they're utilizing at an increasing rate. Again, as we turn the corner from '22 to '23, we exited the year with a lot of momentum, and we're seeing continued uptake in RIA managed accounts.

因此，我們有更多的用戶使用該解決方案，這是從我們的潛艇基地推動而來的。所以他們正在使用我們的技術，但現在我們正在向他們介紹他們正在以越來越高的速度使用的基於資產的產品。再一次，當我們從 22 年轉入 23 年時，我們以強勁的勢頭結束了這一年，我們看到 RIA 管理賬戶的持續增長。

On the insurance business, which we spotlight there, we were working off a small base as we got into the year last year, but we were up 500x in managed assets in our insurance platform, and we exited with the highest momentum of the year.

在我們重點關注的保險業務方面，我們去年進入一年時基數很小，但我們保險平台的管理資產增長了 500 倍，我們以今年最高的勢頭退出。

So we rolled into 2023 with pretty extraordinary momentum there. We've clearly kind of reached the corner on that business and becoming the foundational tool for annuity-based, especially fee-based annuity, product in the industry.

因此，我們以非凡的勢頭進入了 2023 年。我們顯然已經在該業務上走到了盡頭，並成為行業中基於年金，尤其是收費年金產品的基礎工具。

What's so interesting there is that 98% of the assets that we're serving today on that annuity platform, they're fee-based annuities. That's the inverse of the entire market. And it's where the industry has really wanted to get to, to more aligned fee-based type annuity products.

有趣的是，我們今天在該年金平台上提供的 98% 的資產都是收費年金。這與整個市場相反。這是行業真正想要達到的目標，即更加一致的收費型年金產品。

So we're -- 98% of our assets that we grew last year are fee-based. And those are more valuable. They've got recurring revenue. They're good for the adviser. They're good for their relationship. They're good for the manufacturer. And they are also a good -- a very strong contributor to Envestnet.

所以我們——我們去年增長的資產中有 98% 是收費的。而那些更有價值。他們有經常性收入。他們對顧問有好處。他們對他們的關係有好處。它們對製造商有好處。他們也是一個很好的 - Envestnet 的一個非常強大的貢獻者。

To give you a sense of kind of the opportunity pool that we believe we have in the insurance platform, in 2023, we'll onboard our largest clients to date to use and have access to the insurance platform. And as part of that, what we do, Michael, is we bring the back book of insurance business onto Envestnet. We use our data engine to evaluate opportunities for advisers.

為了讓您了解我們相信我們在保險平台中擁有的機會池，我們將在 2023 年讓我們迄今為止最大的客戶使用並訪問保險平台。作為其中的一部分，邁克爾，我們所做的就是將保險業務的舊書帶入 Envestnet。我們使用我們的數據引擎來評估顧問的機會。

And so by the end of last year, we had built that back book business up to about $27 billion. Our anticipation is that will grow by 3x this year. So we're seeing a lot of use across these solutions, growing use and growing availability to the number of advisers and then growing use of these solutions by advisers.

因此，到去年年底，我們已經建立了高達約 270 億美元的舊書業務。我們預計今年將增長 3 倍。因此，我們看到這些解決方案的大量使用，越來越多的顧問使用和增加可用性，然後越來越多的顧問使用這些解決方案。

I think one of the headline numbers that I spend a lot of time thinking about, and I cited this in the prepared remarks, last year -- in last year's market, accounts per adviser were up 9% year-over-year.

我認為我花了很多時間思考的標題數字之一，我在準備好的評論中引用了這一點，去年——在去年的市場中，每個顧問的賬戶同比增長 9%。

So what we set out to do was to introduce more capabilities to advisers to centralize their usage within the Envestnet ecosystem, and that is clearly working. We [defined] the tape pretty significantly with adviser usage and adviser account growth in 2022. And that rolls in with a lot of momentum as we get to 2023.

因此，我們著手做的是為顧問引入更多功能，以將他們的使用集中在 Envestnet 生態系統中，這顯然是有效的。我們[定義]了 2022 年顧問使用率和顧問賬戶增長的顯著增長。到 2023 年，這將帶來很大的動力。

Great. That's excellent color. And then for my follow-up, I appreciate we're very early in the journey in the custody. But can you give any perspective on how you're thinking about the economics there and then the addressable market for Envestnet relative to the broader custody market as a whole?

偉大的。那是極好的顏色。然後對於我的後續行動，我很高興我們在監護權的旅程中還很早。但是，您能否就您如何看待那裡的經濟學以及相對於整個更廣泛的託管市場的 Envestnet 可尋址市場給出任何觀點？

Yes. I think first off, from a service standpoint, let's just kind of set the stage for everyone. What this is, is an integrated, fully digital environment from the Envestnet ecosystem. So the account opening, the account administration, the account servicing becomes really streamlined.

是的。我認為首先，從服務的角度來看，讓我們為每個人做好準備。這是來自 Envestnet 生態系統的一個集成的、完全數字化的環境。因此，開戶、賬戶管理、賬戶服務變得非常精簡。

Administratively, we're extracting a lot of the cost that advisers have to open and manage accounts and connecting from the front of the process all the way back through to the execution and storage of the assets.

在管理上，我們正在提取顧問開立和管理賬戶以及從流程前端一直連接到資產的執行和存儲所需的大量成本。

That is differentiated. It's also real-time, Michael. So the data that flows back and forth between the FNZ back end and the Envestnet platform will not happen in a batch process, but it will happen continuously throughout the day, and that is also a differentiated capability that we're excited about.

即有區別。這也是實時的，邁克爾。所以在FNZ後端和Envestnet平台之間來回流動的數據不會以批處理的方式發生，而是全天持續不斷地發生，這也是我們感到興奮的差異化能力。

And as we've introduced this to our clients around certain programs that we'll roll out, there's been a really strong feedback in response from our client set.

當我們圍繞我們將推出的某些計劃向我們的客戶介紹這一點時，我們的客戶群給出了非常強烈的反饋。

But the one area I would really spotlight that we were outperformed in 2022 is cash. We don't have a vehicle to monetize cash on our platform. And if you look at the surrounding comps to Envestnet, the growth and the real kind of lift that those businesses experienced in 2022 is right there. It's in cash.

但我真正要強調的一個領域是現金，我們在 2022 年表現出色。我們沒有在我們的平台上將現金貨幣化的工具。而且，如果您查看 Envestnet 的周邊公司，就會發現這些企業在 2022 年經歷的增長和真正的提升就在那裡。是現金。

So we believe that given our enhanced service model, the digitization of this administration of accounts, the real-time nature of it, the cost effectiveness and embeddedness of it, we believe that we will flow assets beginning here in 2023 and that they will contribute to the top line and then significantly to the bottom line.

因此，我們相信，鑑於我們增強的服務模型、這種賬戶管理的數字化、它的實時性、成本效益和它的嵌入性，我們相信我們將從 2023 年開始在這裡流動資產，它們將做出貢獻到頂線，然後顯著到底線。

And I cited kind of a use case, where if you look at our gross flows on an annual basis of $200 billion, we won't capture 100% of those, we won't capture the majority of those, but we will capture a percentage of those. And those will contribute significantly the overall growth rate of the company from a revenue standpoint, but importantly, as well to the bottom line.

我舉了一個用例，如果你看看我們每年 2000 億美元的總流量，我們不會捕獲其中的 100%，我們不會捕獲其中的大部分，但我們會捕獲那些的百分比。從收入的角度來看，這些將對公司的整體增長率做出重大貢獻，但重要的是，對底線也是如此。

And our next question is from Surinder Thind with Jefferies.

我們的下一個問題來自 Jefferies 的 Surinder Thind。

A bit of a housekeeping question to start. Can you talk about the breakdown in terms of the growth outlook for next year in terms of the AUM/A segment versus subscription and licensing and maybe even a level deeper than that on subscription licensing and also the inorganic contribution next year?

有點管家的問題開始。你能否談談明年 AUM/A 部分與訂閱和許可的增長前景的細分，甚至可能比訂閱許可和明年的無機貢獻更深層次？

Yes. So this is Pete, Surinder. When we think about the organic contribution, of course, the market impact has a carryover effect, I mentioned a bit of that in the script. That is a headwind of, as we said, 3 to 4 percentage points. That's all going to be AUA-based. But on the AUA basis, it's a higher percentage, right, because the 3% to 4% is on the total asset base.

是的。這是 Pete，Surinder。當我們考慮有機貢獻時，當然，市場影響會產生延續效應，我在劇本中提到了一點。正如我們所說，這是 3 到 4 個百分點的逆風。這一切都將基於 AUA。但在 AUA 的基礎上，這是一個更高的百分比，對，因為 3% 到 4% 是在總資產基礎上。

So again, in the range of AUA asset-based revenue for the year to be about flat, which we think translates to around 6% growth. And then on the subs side, it's in the range of mid-single digits, 4% to 6% maybe.

因此，今年基於 AUA 資產的收入範圍內將持平，我們認為這將轉化為約 6% 的增長。然後在潛艇方面，它在中個位數的範圍內，可能是 4% 到 6%。

And the wealth side is growing a little bit faster than the D&A side. We talked a little bit, and we've talked over the past few quarters about kind of working through some challenges and the headwinds, which are persisting into 2023. We do expect, as we leave 2023, we'll be at a much higher growth rate than we're entering 2023 for all of that subs business.

財富方面的增長速度比 D&A 方面快一點。我們談了一點，在過去的幾個季度裡，我們談到瞭如何應對一些挑戰和逆風，這些挑戰和逆風一直持續到 2023 年。我們確實預計，當我們離開 2023 年時，我們將處於更高的水平比我們進入 2023 年所有潛艇業務的增長率還要高。

That's helpful. And then taking a bit of a longer-term view here, as you kind of work through the changes to your operating structure, is the goal here that we should see some stability by 2025 on a run rate basis here? I kind of look at the differences between the GAAP and the non-GAAP earnings, and that spread continues to grow.

這很有幫助。然後在這裡從長遠來看，當你通過改變你的運營結構來工作時，這裡的目標是到 2025 年我們應該在運行率的基礎上看到一些穩定嗎？我有點看 GAAP 和非 GAAP 收益之間的差異，這種差異繼續擴大。

And at that point, how should we think about your target for organic growth over the next few years? You had laid out kind of a plan at the beginning of the investment cycle. And where do you think that you guys can get to from an organic growth perspective on a sustainable basis?

到那時，我們應該如何考慮您未來幾年的有機增長目標？您在投資週期開始時制定了某種計劃。從可持續的有機增長角度來看，您認為你們可以到達哪裡？

Yes. Thank you, Surinder. This is Bill. So let me just take kind of a higher view, and then I'm going to get to the details in your question. And it's worth spending just a minute on it because I think the '22 environment and just setting it into a competitive context is probably important to do.

是的。謝謝你，蘇林德。這是比爾。因此，讓我從更高的角度來看，然後我將詳細介紹您的問題。值得花一分鐘時間，因為我認為 '22 環境並將其置於競爭環境中可能很重要。

The company, Envestnet, outperformed from an account growth, a net flow growth, usage growth any of the kind of comps that we may -- that we track, $57 billion in AUM/A net flows in 2022. I mean that was down 35% from the year before. Why? Well, the market has a lot to do with that, but also the industry has been significantly impacted from a flow standpoint.

該公司 Envestnet 在賬戶增長、淨流量增長、使用量增長方面表現優於我們可能追踪的任何一種組合，2022 年 AUM/A 淨流量為 570 億美元。我的意思是下降了 35比前一年的百分比。為什麼？好吧，市場與此有很大關係，但從流量的角度來看，該行業也受到了重大影響。

And I cited the industry data of a negative 1.7% net outflows in 2022. We fought tape. We outperformed significantly and said at the top tier in the results that we were able to bring on to the platform, it is in foundational to the organic growth that this company will generate in the future.

我引用了 2022 年淨流出負 1.7% 的行業數據。我們與磁帶作鬥爭。我們的表現顯著優於其他公司，並在我們能夠為平台帶來的頂級結果中表示，這是該公司未來將產生的有機增長的基礎。

Some other data points that I think are important. 6 publicly traded wealth management companies saw their net flows declined -- [re-declined] by 35%. Six publicly traded wealth management companies, they saw their net flows drop by 50%, average of 50% in 2022. Asset managers, publicly traded asset managers that we track, they saw their net flows declined by 70% last year.

我認為重要的其他一些數據點。 6 家上市財富管理公司的淨流量下降了——[再次下降]35%。六家上市的財富管理公司，他們的淨流量下降了 50%，2022 年平均下降了 50%。資產管理公司，我們跟踪的上市資產管理公司，他們去年的淨流量下降了 70%。

There are 2 publicly traded TAMs that we track and look at closely, their range of flow degradation last year is between 40% and 60%. We outperformed.

我們密切跟踪和觀察了 2 家公開交易的 TAM，它們去年的流量下降範圍在 40% 到 60% 之間。我們表現出色。

And it's really important because what that does is it adds more accounts, more advisers using our services, but at reduced values inside those accounts. And as the market stabilizes and the market expands, that will drive accelerated growth, organic growth for the company.

這真的很重要，因為這樣做會增加更多賬戶，更多顧問使用我們的服務，但這些賬戶內的價值會降低。隨著市場的穩定和市場的擴大，這將推動公司的加速增長和有機增長。

So we've been gaining share. We've been growing our account pool pretty substantially last year, growing the number of users or users of our solutions in a really difficult market. So when I look at our organic growth rate year-over-year, '21 to '22, we went from 13% to 7% AUM/A organic growth. That is much -- it's certainly a step back in '22. But competitively, it is a significant outperformance.

所以我們一直在增加份額。去年我們的賬戶池一直在大幅增長，在一個非常困難的市場中增加了我們解決方案的用戶或用戶數量。因此，當我查看我們的有機增長率，從 21 年到 22 年，我們的 AUM/A 有機增長從 13% 上升到 7%。太多了——這肯定是 22 年的倒退。但在競爭中，這是一個顯著的表現。

So I talked to Michael -- answer Michael's question about some of the things that will contribute to the organic growth going forward, we left the year -- last year with tremendous momentum in these higher value -- tend to be higher-revenue, higher-margin solutions.

所以我和邁克爾談過——回答邁克爾關於一些將有助於未來有機增長的事情的問題，我們離開了這一年——去年在這些更高的價值方面有著巨大的勢頭——往往是更高的收入，更高-保證金解決方案。

And the adoption rate, the floor plan or the footprint of our distribution grew substantially. And then the usage is growing very substantially from an adviser standpoint, and you can see it in our account growth.

我們的發行版的採用率、平面圖或占地面積大幅增長。從顧問的角度來看，使用量正在大幅增長，您可以在我們的賬戶增長中看到這一點。

And then if you look at our sequence of 2023, Surinder, it's important to note that we'll exit the year with double-digit growth. And that is as we burn off the comps of ['22 over '20 to '23]. And also we begin to overcome the impact of the market last year. So it's not a question of if we get there, it's a question of we need a bit of help from a stabilization in the market.

然後，如果你看看我們 2023 年的順序，Surinder，重要的是要注意我們將以兩位數的增長結束這一年。那就是我們燒掉 ['22 over '20 to '23] 的補償。我們也開始克服去年市場的影響。所以這不是我們能否到達那裡的問題，而是我們需要從市場穩定中獲得一些幫助的問題。

And as the market stabilizes, we believe we're going to see the 15% organic revenue growth rate that we committed to, and we believe we'll achieve that by 2025, given a stable or stabilized market.

隨著市場穩定，我們相信我們將看到我們承諾的 15% 的有機收入增長率，並且我們相信我們將在 2025 年實現這一目標，前提是市場穩定或穩定。

So it's a long answer, but I think it's important to provide that context. We are making progress in that growth strategy that will drive long-term value and long-term growth for the company. We're more deeply positioned with our customers, and we're getting more usage from advisers in higher-value solutions. That's exactly what we set out to do.

所以這是一個很長的答案，但我認為提供這種背景很重要。我們正在推動公司的長期價值和長期增長的增長戰略取得進展。我們與客戶的定位更加深入，我們在更高價值的解決方案中從顧問那裡得到更多的使用。這正是我們打算要做的。

And Surinder, just following up on that, you did ask about the acquired revenue in '22 and '23. The timing of the acquisitions we had was basically middle of the year. So if you add them all together, they came on at a run rate of about $10 million. So acquired revenue was about $5 million in 2022, $5 million in 2023. And then we're already starting to see sprouts and really good opportunities for growth in those acquired businesses, both in D&A and in the wealth side.

Surinder，就此而言，您確實詢問了 22 年和 23 年的收購收入。我們的收購時間基本上是在年中。因此，如果將它們加在一起，它們的運行率約為 1000 萬美元。因此，2022 年的收購收入約為 500 萬美元，2023 年為 500 萬美元。然後我們已經開始看到這些收購業務的萌芽和真正好的增長機會，無論是在 D&A 還是在財富方面。

And then you had one other question, Surinder, regarding free cash flow and how we view kind of that expense set for the company. As we've made the investments, we brought down EBITDA. But we -- what -- other things that come along with that is we've recruited over 1,000 kind of value driving -- future value-driving individuals into the company who are more data-driven, data science, UX, APIs, coders, et cetera.

然後你有另一個問題，Surinder，關於自由現金流以及我們如何看待公司的這種費用設置。當我們進行投資時，我們降低了 EBITDA。但是我們 - 隨之而來的其他事情是我們已經招募了超過 1,000 種價值驅動 - 未來價值驅動的個人進入公司，他們更加數據驅動，數據科學，UX，API，編碼員等等。

We used -- as you look at the '22 number, we use stock-based comp to incent everybody to align the team into our objectives. That will be managed on a go-forward basis.

我們使用 - 當您查看 22 年的數字時，我們使用基於股票的補償來激勵每個人使團隊與我們的目標保持一致。這將在前進的基礎上進行管理。

We use CapEx as we're capitalizing more software, as we're pulling more and more of our environment into the cloud, [their] capitalized cost to come with that. That will level off and begin to come down as we reach the back half or the back end of our investment cycle.

我們使用資本支出是因為我們正在將更多軟件資本化，因為我們將越來越多的環境拉入雲中，[他們的] 資本化成本隨之而來。當我們到達投資週期的後半部分或後端時，這將趨於平穩並開始下降。

And then you look at the consolidation costs or the restructure costs that the company, we've gone through a very substantial integration of the company. And with that comes transitions for individuals that we've brought the organization more tightly together.

然後你看看公司的整合成本或重組成本，我們經歷了非常實質性的公司整合。隨之而來的是個人的轉變，我們將組織更緊密地結合在一起。

And we've also separated from individuals as we've gone through that. And so those are all kind of part of the process as you go through an investment program.

在經歷這些過程中，我們也與個人分離。因此，當您完成投資計劃時，這些都是流程的一部分。

So yes, we're very aware of it. It's a very important priority as we manage our way through the back end of this investment cycle, and you'll see improvement in those costs as well as we get through the year and into '24 and '25.

所以是的，我們非常清楚這一點。這是一個非常重要的優先事項，因為我們在這個投資週期的後端管理我們的方式，你會看到這些成本的改善以及我們度過這一年並進入 24 和 25 年。

(Operator Instructions) Our next question is from Michael Cho with JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 Michael Cho。

This is [Madeline] on for Mike. Can you share some trends you're seeing in the Data and Analytics business in terms of new user growth trends, utilization and yield per user? And maybe also discuss the sales cycle and renewal timelines you're seeing in that business today as well.

這是邁克的[瑪德琳]。您能否分享一些您在數據和分析業務中看到的新用戶增長趨勢、利用率和每用戶收益方面的趨勢？也許還可以討論您今天在該業務中看到的銷售週期和續訂時間表。

Madeline, thank you for your question. Overall, the data business, what we saw last year was we have signed a significant number of new logos. We have increased in our user -- users on the data platform, lower yield per user as we saw higher components of usage in areas that just have lower yield per user versus things like account verification in other areas. Our larger fintech clients have kind of slowed in that area.

瑪德琳，謝謝你的問題。總體而言，數據業務，我們去年看到的是我們簽署了大量新標識。我們增加了我們的用戶 - 數據平台上的用戶，每個用戶的收益率較低，因為我們看到在每個用戶收益率較低的領域中使用的組件比其他領域的帳戶驗證等更高。我們較大的金融科技客戶在該領域的發展速度有所放緩。

So we saw really good momentum, I would say, overall in new client sign-ups, user growth. And I think that kind of bodes well for our future in that business. I'm also -- I also pay quite a bit of attention to how we exit the year.

所以我們看到了非常好的勢頭，我想說，總體上在新客戶註冊和用戶增長方面。我認為這預示著我們在該行業的未來。我也是——我也非常關注我們如何結束這一年。

And we exited the year in our data business with a far, far stronger pipeline of institutional opportunities and also fintech opportunities than we started the year. And as we look at our business, we see the pipeline kind of growing anywhere from 2x to 10x, depending on the capability within the data business.

與年初相比，我們在數據業務中退出了這一年，機構機會和金融科技機會的管道要強大得多。當我們審視我們的業務時，我們看到管道的增長速度從 2 倍到 10 倍不等，具體取決於數據業務的能力。

Most interested or most kind of where we're really seeing the queue deepen and our onboarding accelerate is in something that we call the Wealth Data Platform. We've been talking quite a bit about that, that is assembling all the data for our enterprise and RIA clients, helping to normalize that, helping to reconcile and enrich that and then publish it out into the adviser's ecosystem.

我們真正看到隊列加深和入職加速的最感興趣或最類型的地方是我們稱之為財富數據平台的東西。我們一直在談論這個問題，那就是為我們的企業和 RIA 客戶收集所有數據，幫助規範化，幫助協調和豐富這些數據，然後將其發佈到顧問的生態系統中。

Into that, we provide insights or recommendations, if you will, on how that adviser can better manage or engage their clients, and we're seeing a pretty significant uptick in the clients that we're onboarding as well as the pipeline.

如果您願意，我們會就該顧問如何更好地管理或吸引他們的客戶提供見解或建議，並且我們看到我們正在入職的客戶以及管道中的客戶數量有了顯著的增加。

I would say that between 4Q of '22 and 1Q here, where we sit in February, we've seen a doubling of that opportunity set for us. So there's lots of interest and lots of very good traction as we get to the introduction and rollout of our Wealth Data Platform with our customers.

我想說的是，在 22 年的第四季度和我們二月份的第一季度之間，我們已經看到為我們設定的機會增加了一倍。因此，當我們與客戶一起介紹和推出我們的財富數據平台時，有很多興趣和很多非常好的牽引力。

From there, Madeline, what's important to realize is that as we offer the Wealth Data Platform. It connects back to our entire ecosystem of technology and solutions. So it will drive faster adoption of those high-value asset-based solutions that I spoke about earlier.

從那裡，馬德琳，重要的是要意識到我們提供財富數據平台。它連接回我們的整個技術和解決方案生態系統。因此，它將推動更快地採用我之前談到的那些基於高價值資產的解決方案。

And really, the data is, looking across today, 91 different opportunity sets for advisers that range from -- we talked about in the prepared remarks, moving brokerage assets to managed assets, but can go to, how can I consolidate a loan portfolio for a client? How can I help a client optimize their insurance portfolio? Things like that, that are really helpful for the adviser.

實際上，今天的數據是，為顧問提供 91 個不同的機會集，範圍從——我們在準備好的發言中談到，將經紀資產轉移到管理資產，但可以去，我如何整合貸款組合一個客戶？我如何幫助客戶優化他們的保險組合？諸如此類的事情，對顧問來說真的很有幫助。

The last point I would make is around the research business. And the research business for analysts and investors to realize is we use our data in a anonymized -- deidentified way that helps create insights for asset management firms to make investment decisions.

我要說的最後一點是圍繞研究業務。分析師和投資者要意識到的研究業務是，我們以匿名的方式使用我們的數據——去識別化的方式有助於為資產管理公司創造洞察力以做出投資決策。

And that business has been a headwind for us. It's been a significant headwind for Envestnet and for the data business because there's been increased competition in that space. And really, over the last 3 years, we haven't had a substantial upgrade in the data product itself.

而這項業務一直是我們的逆風。這對 Envestnet 和數據業務來說是一個重大的阻力，因為該領域的競爭越來越激烈。實際上，在過去 3 年中，我們的數據產品本身並沒有進行實質性升級。

And so we've -- what we found is that we're -- we've got pretty good retention from a client standpoint, but those contracts have been renewed at reduced rates.

所以我們 - 我們發現我們 - 從客戶的角度來看，我們有很好的保留率，但這些合同已經以較低的價格續簽。

We've made a lot of progress there. And so as we look at the second half of '23, we fully anticipate that, that research business is going to begin to post growth versus some of the pull that we felt from that business. And it's because we have improved the data set.

我們在那裡取得了很多進展。因此，當我們展望 23 年下半年時，我們完全預計，研究業務將開始增長，而我們從該業務中感受到的一些拉動。這是因為我們改進了數據集。

We are offering new features and functions that are differentiated to the data that is existing in the market. And the response so far has been pretty important for our clients.

我們正在提供與市場上現有數據不同的新特性和功能。到目前為止，回應對我們的客戶來說非常重要。

In Q1, again, year-to-date, I think it's February 23, so between the beginning of the year and February 23, our pipeline and our interest from clients is 2x what it was as we ended '22. So it is -- the interest in our data set and the research product is growing materially. And I think it bodes very well for the back half of the year when we think about the research data business.

在第一季度，今年迄今為止，我認為是 2 月 23 日，所以在年初和 2 月 23 日之間，我們的管道和客戶的興趣是我們結束 22 時的兩倍。確實如此——對我們的數據集和研究產品的興趣正在大幅增長。當我們考慮研究數據業務時，我認為這對今年下半年來說是個好兆頭。

And your next question is from Patrick O'Shaughnessy with Raymond James.

你的下一個問題來自 Patrick O'Shaughnessy 和 Raymond James。

Can you speak to the thought process behind the share repurchases that you executed in the fourth quarter and then your capacity and willingness to continue repurchases as we move into 2023?

您能否談談您在第四季度執行的股票回購背後的思考過程，以及您在我們進入 2023 年時繼續回購的能力和意願？

Yes. So we were kind of tracking throughout -- really, we got the authorization a couple of years ago and have been tracking opportunistically as the price dipped. Obviously, in 2022, there were periods throughout that we took advantage and bought in some shares.

是的。所以我們一直在跟踪——真的，我們在幾年前獲得了授權，並且隨著價格下跌一直在機會主義地跟踪。顯然，在 2022 年，我們在整個過程中都利用了一些時間併購買了一些股票。

And in the fourth quarter, in conjunction with the debt issuance, the convertible note issuance, we wanted to do as much as we could to both return capital to shareholders as well as mitigate some of the share dilution that comes along with convertible note issuance. So we were a little more aggressive in the fourth quarter to do that.

在第四季度，結合債券發行、可轉換票據發行，我們希望盡可能多地向股東返還資本，並減輕可轉換票據發行帶來的部分股份稀釋。所以我們在第四節更加積極地做到了這一點。

I think, going forward, again, we will continue to be opportunistic. We have run up towards the end, although we do still have some capacity with the authorization from the Board. And as we see opportunities, we're certainly -- would consider going back and asking for a greater authorization from our Board.

我認為，展望未來，我們將再次保持機會主義。我們已經接近尾聲了，儘管在董事會的授權下我們仍然有一些能力。當我們看到機會時，我們當然會考慮回過頭來向我們的董事會尋求更大的授權。

Got it. And then obviously, this past quarter, there was some public filings by an activist shareholder. Can you characterize your interactions with impact of capital? And where do you see this heading?

知道了。然後很明顯，在上個季度，一位維權股東提交了一些公開文件。你能用資本的影響來描述你的互動嗎？你在哪裡看到這個標題？

Thanks, Patrick. It's Bill. Yes. Of course, we're aware of the filings and publications that [Impactive] has published. And I think I'd take it a step back and just kind of talk about -- 2 years ago, we were investing so that we could bring the parts of Envestnet together, we could leverage the power of data to drive growth, we could solve the opportunities and issues that our clients have and deepen our competitive advantage. We've done those things. And it took investment dollars to do it.

謝謝，帕特里克。是比爾。是的。當然，我們知道 [Impactive] 發布的文件和出版物。而且我想我會退後一步，只是談論 - 2 年前，我們進行了投資，以便我們可以將 Envestnet 的各個部分整合在一起，我們可以利用數據的力量來推動增長，我們可以解決客戶的機會和問題，深化我們的競爭優勢。我們已經做了那些事情。並且需要投資資金才能做到這一點。

We said we'd, also 2 years ago, create sustained operating leverage for the company. I talked about it in the prepared remarks that we want to lift the ceiling for margin expansion for the company. And I think we're really creating the environment to do that. We're automating more of our servicing.

兩年前我們也說過，我們會為公司創造持續的經營槓桿。我在準備好的講話中談到了我們要提高公司利潤率擴張的上限。我認為我們真的在創造環境來做到這一點。我們正在使更多的服務自動化。

We've transitioned and rebalanced the kind of the organization to value creation and value extraction versus administration. And you're beginning to see, and we're beginning in our outlook, beginning to deliver the benefits of those things.

我們已經將組織類型轉變為價值創造和價值提取，而不是管理，並進行了重新平衡。你開始看到，我們開始在我們的前景中，開始提供這些東西的好處。

And so my strong belief -- and of course, we had the opportunity to talk to lots of investors over the last quarter at the end of 2022. And what I hear is the drive towards greater profitability and delivering on free cash flow. And as we turn the corner here and get into the into 2023, we've given guidance around our margin expectations.

因此，我堅信——當然，我們有機會在 2022 年底的最後一個季度與許多投資者交談。我聽到的是提高盈利能力和實現自由現金流的動力。當我們在這裡拐彎進入 2023 年時，我們已經就我們的利潤率預期給出了指導。

I talked a bit about how we'll continue to manage on those free cash flow items, and you'll see though there's benefit that lies ahead for us in '23 there, there's a lot of alignment, Patrick.

我談到了我們將如何繼續管理這些自由現金流項目，你會看到雖然 23 年我們有很多好處，但帕特里克有很多一致性。

And I think that at the end of the day, I believe that what we've done here is that we've created alignment for our customers in what they need and how we brought the company and our capabilities together, and that's been very well received.

而且我認為歸根結底，我相信我們在這裡所做的是，我們已經為我們的客戶創造了他們需要的東西以及我們如何將公司和我們的能力結合在一起，這非常好已收到。

And I believe, beginning in the fourth quarter of last year and now we will execute it on a go-forward basis, there's going to be really a high degree of alignment with our shareholders. And I say that at a high kind of encompassing level there, but there's a lot of alignment. And I believe it's how we're operating the business. And I believe that, that is something that investors are going to benefit as we go forward.

而且我相信，從去年第四季度開始，現在我們將在前進的基礎上執行它，我們的股東將真正高度一致。我說的是在一個很高的包容層次上，但是有很多一致性。我相信這就是我們經營業務的方式。我相信，隨著我們的前進，投資者將從中受益。

There are no further questions at this time. I would like to turn the floor back over to Bill Crager for closing remarks.

目前沒有其他問題。我想將發言權轉回 Bill Crager 的閉幕詞。

I want to thank everybody this evening for joining us. Again, I'd like to thank very much our shareholders for your support of Envestnet. Thanks, once again, the team here at Envestnet, who has done a tremendous job in bringing the parts of our company more closely together to deliver real benefit to the marketplace and our customers as well as provide what I believe will be a long-term value creation for our shareholders.

我要感謝大家今晚加入我們。再次，我要非常感謝我們的股東對 Envestnet 的支持。再次感謝 Envestnet 的團隊，他們在將我們公司的各個部分更緊密地結合在一起方面做了大量工作，為市場和我們的客戶帶來了真正的利益，並提供了我認為將是長期的為我們的股東創造價值。

Thank you very much. I look forward to speaking to you next quarter.

非常感謝。我期待著下個季度與您交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。