Envestnet Inc (ENV) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Envestnet First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Envestnet 2023 年第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Pete D'Arrigo, CFO. Thank you, Mr. D'Arrigo. You may begin.

現在我很高興向您介紹主持人、首席財務官 Pete D'Arrigo。謝謝你，達里戈先生。你可以開始了。

Good afternoon, everyone. Thank you for joining us on today's first quarter 2023 earnings call.

大家下午好。感謝您參加今天的 2023 年第一季度財報電話會議。

I'd like to begin by noting that our earnings press release, supplemental presentation and associated Form 10-Q will be available 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 under the Investor Relations section of our website as well.

首先我想指出的是，我們的收益新聞稿、補充演示文稿和相關的 10-Q 表格將在我們網站 envestnet.com 的投資者關係部分提供。本次電話會議正在進行網絡直播，我們網站的投資者關係部分也將提供為期 1 個月的重播。

During the call, we will be discussing certain forward-looking information. This information is based on our current expectations and is not a guarantee of future performance. I encourage you to review the cautionary statements on Slide 2 of the supplemental presentation 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.

在電話會議期間，我們將討論某些前瞻性信息。該信息基於我們當前的預期，並非未來業績的保證。我鼓勵您查看補充演示文稿幻燈片 2 上的警示性陳述，了解可能導致實際結果與前瞻性陳述所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 SEC 提交的文件中找到。

During this call, we will be referring to certain non-GAAP financial measures. Please refer to the non-GAAP disclosure statement on Slide 3 of the supplemental presentation for an explanation of the non-GAAP financial measures and to the appendix in our supplemental presentation for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。請參閱補充演示文稿幻燈片 3 上的非 GAAP 披露聲明，了解對非 GAAP 財務指標的解釋，並參閱我們補充演示文稿中的附錄，了解這些非 GAAP 財務指標與最直接可比的 GAAP 的調節表措施。

Joining me on today's call is Bill Crager, Envestnet's Chief Executive Officer. Bill and I will provide a company update as well as an overview of the company's first quarter 2023 results. After our prepared remarks, we will open the call to questions. (Operator Instructions)

參加今天電話會議的是 Envestnet 首席執行官 Bill Crager。比爾和我將提供公司最新情況以及公司 2023 年第一季度業績的概述。在我們準備好發言後，我們將開始提問。 （操作員說明）

And with that, I will turn the call over to Bill.

然後，我會將電話轉給比爾。

Thank you, Pete, and thank you, everyone, for joining us this evening.

謝謝皮特，也謝謝大家今晚加入我們。

In 2021, Envestnet took a very deliberate stance and announced our strategy to invest in the economic opportunity inherent in our unparalleled client footprint, breadth of services and industry leadership that's been driven by years of innovation. We understood better than anyone that our clients would need a partner to provide institutional scale that was connected to a powerful ecosystem that enables more holistic advice, connected to more services and more solutions.

2021 年，Envestnet 採取了非常審慎的立場，宣布了我們的戰略，即投資於我們無與倫比的客戶足跡、服務廣度和行業領導力所固有的經濟機會，這些都是由多年的創新推動的。我們比任何人都更清楚，我們的客戶需要一個合作夥伴來提供與強大生態系統相連的機構規模，從而提供更全面的建議、與更多服務和更多解決方案相連。

We are the category leader. We are deepening that position. We are extending market share. We are investing into the growth strategy for the industry and for Envestnet. Despite the macro environment, which includes ongoing banking upheaval, and banks do represent an important segment of our client base, the first quarter of 2023 saw very solid results with revenue essentially in line and EBITDA ahead of guidance. We've created leverage that will continue to drive Envestnet's top and bottom line.

我們是該類別的領導者。我們正在深化這一立場。我們正在擴大市場份額。我們正在投資該行業和 Envestnet 的增長戰略。儘管宏觀環境包括持續的銀行業動盪，而且銀行確實是我們客戶群的重要組成部分，但 2023 年第一季度的業績非常穩健，收入基本符合預期，息稅折舊攤銷前利潤 (EBITDA) 超出指引。我們已經創造了槓桿，將繼續推動 Envestnet 的營收和利潤。

We are just back from our annual client conference, our Elevate Summit in Denver, Colorado. A record number of advisers, home office decision-makers and our best partners engaged with our team there. Our clients are telling us that we are delivering a better experience with integrations that are driving business for them. They are saying our infrastructure is the best in the industry. We're delivering the most powerful operating system, enhancing the broadest set of marketplace solutions, empowering digital engagement tools to more easily connect advisers and clients all made more intelligent with our data.

我們剛剛從科羅拉多州丹佛市的年度客戶會議——Elevate 峰會回來。與我們團隊合作的顧問、總部決策者和最佳合作夥伴的數量創下了紀錄。我們的客戶告訴我們，我們正在通過集成提供更好的體驗，從而推動他們的業務發展。他們說我們的基礎設施是業內最好的。我們正在提供最強大的操作系統，增強最廣泛的市場解決方案，使數字參與工具能夠更輕鬆地連接顧問和客戶，所有這些都通過我們的數據變得更加智能。

I heard this over and over again in Denver. By utilizing the Envestnet technology, advisers can spend more time offering holistic, connected advice, driving deeper client engagement and growth. Our clients are playing back for us the benefits of our strategy, and it is translating to significant activity in our platform and increased consolidation of their business with us.

我在丹佛一遍又一遍地聽到這句話。通過利用 Envestnet 技術，顧問可以花更多時間提供全面、互聯的建議，推動更深層次的客戶參與和增長。我們的客戶正在為我們帶來我們戰略的好處，這正在轉化為我們平台上的重大活動以及他們與我們的業務的進一步整合。

For more than the past 20 years, Envestnet has been creating long-term value for stakeholders by allocating capital to enable market position and growth, driving industry innovation, creating scale and building sustainable competitive advantage. That's why we increased our investments 2 years ago, and it is paying off, both in the deepening market position we have, but as importantly, in the operating leverage we're creating to drive sustained profitability growth. While at the same time, we're managing costs as we historically have during both good markets and difficult market periods.

過去 20 多年來，Envestnet 一直通過配置資本以實現市場地位和增長、推動行業創新、創造規模和建立可持續競爭優勢，為利益相關者創造長期價值。這就是我們兩年前增加投資的原因，而且我們的市場地位不斷加深，而且同樣重要的是，我們為推動持續盈利增長而創造的運營槓桿也取得了回報。與此同時，我們正在像過去在市場繁榮時期和困難時期那樣管理成本。

Our investment cycle is mostly complete, but we still have some work to do. And while we're executing on our plan, we're also making sustained progress towards our margin expansion goals, building on EBITDA growth again this quarter.

我們的投資週期已基本完成，但我們仍有一些工作要做。在執行計劃的同時，我們也在實現利潤率擴張目標方面取得持續進展，本季度 EBITDA 再次實現增長。

Market dynamics are important to understand, and I want to frame the environment we operate in, despite the headwinds of the macro period that we're experiencing. This is a growth market. In the U.S., financial advisers managed an estimated $27 trillion of assets, and the market continues to expand.

理解市場動態很重要，儘管我們正在經歷宏觀時期的逆風，但我想構建我們所處的運營環境。這是一個增長的市場。在美國，財務顧問管理著大約 27 萬億美元的資產，而且市場還在不斷擴大。

What's encouraging is that investors and willingness to pay for advice has increased significantly over the last decade and it's highest among consumers in their 30s. This opportunity is a tailwind for Envestnet's growth. First, the independent advice channel, where we have our strongest positioning, is growing faster than the overall market.

令人鼓舞的是，投資者和為諮詢付費的意願在過去十年中顯著增加，並且在 30 多歲的消費者中最高。這個機會是 Envestnet 發展的順風車。首先，我們擁有最強定位的獨立諮詢渠道的增長速度快於整體市場。

Secondly, in these channels, fee-based assets, currently just over half of the industry's total, continues to gain ground. And when you zoom in on those fee-based assets, managed accounts and UMA specifically are growing the fastest. In all industry segments, which also includes technology-enabled offerings and more and more industry utilization of data and insights, the market is moving in Envestnet's direction.

其次，在這些渠道中，目前僅佔行業總量一半以上的收費資產繼續增長。當你放大這些收費資產時，管理賬戶和 UMA 的增長速度最快。在所有行業領域，包括技術支持的產品以及越來越多的行業利用數據和見解，市場正在朝著 Envestnet 的方向發展。

We're capitalizing by gaining share. In the first quarter, net flows from AUM/A were $20 billion, representing an annualized organic asset growth rate of 11%. These flows are very healthy, especially in the context of the broader industry. For example, long-term mutual fund and ETF flows across the industry were essentially flat in the first quarter.

我們通過獲得份額來資本化。第一季度，AUM/A 淨流量為 200 億美元，年化有機資產增長率為 11%。這些流動非常健康，尤其是在更廣泛的行業背景下。例如，第一季度整個行業的長期共同基金和 ETF 流量基本持平。

Looking at annualized organic asset growth for public companies that have reported thus far this quarter, the average growth was between 2% and 6% compared to our 11%. That is considerable outperformance, which we've been delivering quarter after quarter.

縱觀本季度迄今為止公佈的上市公司的年化有機資產增長率，平均增長率在 2% 至 6% 之間，而我們的增長率為 11%。這是相當大的表現，我們每個季度都在實現這一目標。

This is reflected in more activity, utilizing more services by more advisers. In the first quarter, the number of accounts on our platform grew 4% year-over-year to 18.5 million, and AUM/A accounts per adviser grew 6% year-over-year. Our personalized investment solutions like direct indexing and overlay services continues to grow new advisers and new accounts.

這體現在更多的活動、更多顧問利用更多的服務。第一季度，我們平台上的賬戶數量同比增長 4%，達到 1850 萬個，每位顧問的 AUM/A 賬戶同比增長 6%。我們的個性化投資解決方案（例如直接索引和覆蓋服務）不斷增加新顧問和新賬戶。

We've been investing to modernize the platform to deliver for our clients and better integrate their workflows, increasing our operating leverage through automation and processes and monetizing higher-margin solutions. On the revenue side, yes, we'll be challenged by choppy markets, but we are gaining share, and that will drive faster organic growth rate in more normalized conditions.

我們一直在投資對平台進行現代化改造，以便為客戶提供服務並更好地集成他們的工作流程，通過自動化和流程提高我們的運營槓桿，並通過更高利潤的解決方案貨幣化。在收入方面，是的，我們將受到動蕩的市場的挑戰，但我們正在獲得份額，這將在更正常化的條件下推動更快的有機增長率。

We're going deeper with more clients, cross-selling more solutions in our renewals and winning new logos and new conversions, as well, our pipelines and bookings are up significantly since last year. Let me share a few highlights of the impact that we're seeing this year.

我們正在與更多客戶進行更深入的合作，在續訂中交叉銷售更多解決方案，並贏得新徽標和新轉化，自去年以來，我們的渠道和預訂量顯著增加。讓我分享一下我們今年所看到的影響的一些亮點。

Our high net worth solutions. These are comprised of our investment specialists who construct custom portfolios for advisers and their clients. These solutions leverage all the investment products on our platform. To highlight their growth, last year, we had $4.5 billion in gross flows from a universe of approximately 12,000 advisers who had access to our high net worth program. In the first quarter of this year, we drove $1.3 billion of flows and project $6 billion in flows in 2023 with a footprint of now approximately 30,000 advisers.

我們的高淨值解決方案。這些人員由我們的投資專家組成，他們為顧問及其客戶構建定制投資組合。這些解決方案利用我們平台上的所有投資產品。為了凸顯他們的增長，去年我們從大約 12,000 名顧問獲得了 45 億美元的總流量，他們可以參與我們的高淨值計劃。今年第一季度，我們帶來了 13 億美元的流量，預計 2023 年流量將達到 60 億美元，目前約有 30,000 名顧問。

We're increasing firm and adviser access and increasing the penetration of existing high net worth advisers by upselling tax overlay and direct indexing. We expect flows to continue to grow, and these solutions carry an average fee rate of 20 to 30 basis points.

我們正在通過增加稅收疊加和直接索引來增加公司和顧問的訪問權限，並提高現有高淨值顧問的滲透率。我們預計流量將繼續增長，這些解決方案的平均費率為 20 至 30 個基點。

In the RIA channel, where we have over 2,000 firms using our software, we are leveraging our integrated platform to expand the adoption of investment management solutions. We currently have $6 billion of assets, and we forecast $10 billion by the end of this year. As we sell our managed account product, we'll be able to cross-sell additional investment solutions, increasing our revenue opportunity by 10 to 15 basis points. We're also beginning to drive adoption of other solutions such as alternatives, insurance and credit.

在 RIA 渠道中，有 2,000 多家公司使用我們的軟件，我們正在利用我們的集成平台擴大投資管理解決方案的採用。我們目前擁有 60 億美元的資產，預計到今年年底將達到 100 億美元。當我們銷售管理賬戶產品時，我們將能夠交叉銷售其他投資解決方案，從而將我們的收入機會增加 10 到 15 個基點。我們還開始推動其他解決方案的採用，例如替代方案、保險和信貸。

The retirement space is another important growth segment for Envestnet. Fundamentally, we're making it easier for our core segment of advisers beyond just retirement specialists to provide 401(k) solutions to their end business-owning clients. We're capturing the regulatory tailwind created by the SECURE Act 2.0 and delivering a simpler, integrated technology and data platform.

退休空間是 Envestnet 的另一個重要增長領域。從根本上說，我們正在讓我們的核心顧問部門（不僅僅是退休專家）更輕鬆地向其最終企業客戶提供 401(k) 解決方案。我們正在抓住 SECURE Act 2.0 帶來的監管順風，並提供更簡單的集成技術和數據平台。

We're winning new mandates. We're winning new logos, including agreements with a global wirehouse, and recently announced a partnership with Empower, one of the largest retirement plan service providers in the United States. The adviser footprint, including newly signed firms, is at 30,000, providing a lift in subscription revenue and expands the opportunity for Envestnet's fiduciary solutions with fees that range from 3 to 9 basis points.

我們正在贏得新的任務。我們正在贏得新徽標，包括與一家全球電線公司的協議，並且最近宣布與美國最大的退休計劃服務提供商之一 Empower 建立合作夥伴關係。顧問覆蓋範圍（包括新簽約的公司）為 30,000 家，這提高了訂閱收入，並擴大了 Envestnet 信託解決方案的機會，費用從 3 到 9 個基點不等。

Lastly, in our wealth data platform, we've launched an integrated holistic data environment delivered through digital experiences that make our analytics even more actionable. Our client and prospect pipeline had doubled since September because we are able to cross-sell very unique capabilities like our Insights Engine.

最後，在我們的財富數據平台中，我們推出了通過數字體驗提供的集成整體數據環境，使我們的分析更具可操作性。自 9 月份以來，我們的客戶和潛在客戶渠道增加了一倍，因為我們能夠交叉銷售非常獨特的功能，例如我們的洞察引擎。

The feedback from our clients last week at our Elevate Summit was outstanding as firms want to get insights into their advisers' hands as soon as possible. Here's why: today, we are publishing 24 million of these insights today across 96 different use cases. Networked to our broad range of solutions, Insights can drive, on average, a 31% organic deeper wallet share revenue gain in an adviser's practice, while they deliver better client outcomes and more use of Envestnet solutions.

上週在我們的 Elevate 峰會上，客戶的反饋非常出色，因為公司希望盡快了解顧問的意見。原因如下：今天，我們發布了 96 個不同用例的 2400 萬條見解。通過與我們廣泛的解決方案聯網，Insights 可以在顧問的實踐中平均推動 31% 的有機更深層次錢包份額收入增長，同時提供更好的客戶成果和更多地使用 Envestnet 解決方案。

Today, we serve 106,000 financial advisers on our platform. Today, we know we can grow the average adviser by 31%. And today, more of our clients are asking us to connect them to the Insights Engine because we can help them grow and, in turn, Envestnet grows. In all of these important segments, the tangible proof of our investments, integrating our data and our technology is giving us the right to win and go deeper with more clients.

如今，我們在平台上為 106,000 名財務顧問提供服務。如今，我們知道顧問的平均數量可以增加 31%。如今，越來越多的客戶要求我們將他們連接到 Insights Engine，因為我們可以幫助他們成長，進而幫助 Envestnet 成長。在所有這些重要領域，我們的投資、整合我們的數據和技術的切實證明使我們有權利贏得更多客戶並與更多客戶進行更深入的合作。

On the expense side, we've been modernizing our platform to drive greater operating leverage while managing controllable costs in the near term. Our investment cycle peaked in 2022. For 2023, our forecast for adjusted operating expenses is down approximately 4% year-over-year despite the inflationary environment.

在費用方面，我們一直在對我們的平台進行現代化改造，以提高運營槓桿，同時在短期內管理可控成本。我們的投資週期在 2022 年達到頂峰。對於 2023 年，儘管存在通脹環境，但我們對調整後運營費用的預測仍同比下降約 4%。

We are continuing to gain efficiency from modernization. We processed another record number of trades last quarter, 58 million, with lower headcount and fewer errors as we continue to automate service requests and reduce the number of support tickets that we serve. We continue to reduce our real estate footprint and optimize our office space. Occupancy costs are down 35% since 2021.

我們正在繼續從現代化中提高效率。上季度我們處理的交易數量再創新高，達到 5800 萬筆，隨著我們繼續自動化服務請求並減少我們提供的支持請求數量，人員數量減少，錯誤也減少。我們繼續減少房地產佔地面積並優化辦公空間。自 2021 年以來，入住成本下降了 35%。

We are doing more for more clients than ever before, but we are doing it with more and more streamlined operating infrastructure and fewer personnel. Our data business has begun to leverage an outsourced environment. Our wealth business is beginning to leverage our modernization efforts. The benefits of each of these are just beginning to be experienced in our service model and in our financial results.

我們正在為比以往更多的客戶做更多的事情，但我們是通過越來越精簡的運營基礎設施和更少的人員來做到這一點的。我們的數據業務已經開始利用外包環境。我們的財富業務正開始利用我們的現代化努力。這些好處剛剛開始在我們的服務模式和財務業績中體現出來。

Bottom line is this: we're driving multiple new higher-margin revenue streams, leveraging investments for operating efficiency while carefully managing expenses. All of this will propel us towards our 25% adjusted EBITDA margin target by 2025. We will keep innovating and adding to our ecosystem to drive more and more engagement on the platform, creating greater value for our clients and creating greater distance from our competitors.

底線是：我們正在推動多個新的更高利潤的收入來源，利用投資提高運營效率，同時仔細管理費用。所有這些都將推動我們實現到 2025 年調整後 EBITDA 利潤率為 25% 的目標。我們將不斷創新並豐富我們的生態系統，以推動平台上越來越多的參與，為我們的客戶創造更大的價值，並與我們的競爭對手拉開更大的距離。

Let me take a moment to share some very tangible examples. We invested in our next-generation proposal engine, which is a critical piece of technology and at the center of driving more utilization of the platform. And this is rolled out, and by the end of the year, it will be live in 5,000 firms covering 77,000 financial advisers.

讓我花點時間分享一些非常具體的例子。我們投資了下一代提案引擎，這是一項關鍵技術，也是推動平台更多利用的核心。這項服務已經推出，到今年年底，它將在 5,000 家公司中上線，涵蓋 77,000 名財務顧問。

This is so important because this proposal engine not only has best-in-class user experience, it also allows for personalization of portfolios at scale by fully integrating the entirety of the Envestnet ecosystem. That's data plus planning, network to all of our solutions, investments, insurance, credit, the entirety of what we offer being available to all of our advisers that speeds adoption, reduces administrative friction and is just one of the ways we are enabling service and operating scale for our company.

這非常重要，因為該提案引擎不僅具有一流的用戶體驗，還可以通過完全集成整個 Envestnet 生態系統來大規模個性化投資組合。這是數據加規劃、連接我們所有解決方案、投資、保險、信貸的網絡，我們提供的全部內容可供所有顧問使用，從而加快採用速度、減少管理摩擦，這只是我們提供服務和服務的方式之一。我們公司的經營規模。

Our partnership with FNZ is creating tremendous interest in the marketplace and was the highlight in standing-room-only discussion at the summit. Together, we are solving real challenges for the industry, and the work we're doing with FNZ is on schedule. We are hitting all the milestones on our road map to build out an end-to-end Envestnet plus FNZ technology option. And we expect to be in the market by the end of this year and see gaining traction starting in 2024.

我們與 FNZ 的合作關係引起了市場的極大興趣，並成為峰會上僅站著討論的亮點。我們正在共同解決行業面臨的真正挑戰，並且我們與 FNZ 的合作正在按計劃進行。我們正在實現路線圖上的所有里程碑，以構建端到端 Envestnet 加 FNZ 技術選項。我們預計將於今年年底進入市場，並從 2024 年開始獲得關注。

To put a little perspective or color around it, in the RIA world, all economics related to custody average around 15 basis points and in the broker-dealer market, around 9 basis points. With FNZ, we'll begin to participate in those economics for the first time. And the opportunity that we have is significant, exemplified by the $1 trillion plus of annual gross flows that runs through our platform every year.

稍微解釋一下，在 RIA 世界中，所有與託管相關的經濟學平均約為 15 個基點，而在經紀自營商市場中，約為 9 個基點。通過 FNZ，我們將首次開始參與這些經濟活動。我們擁有的機會是巨大的，每年通過我們平台的年總流量超過 1 萬億美元就是例證。

We are making considerable progress. Our clients are leaning in with us, and we're going deeper. I am super energized by the progress we've made and the validation the market is reflecting to us. It's important to understand the impact Envestnet is making for our clients as we deliver our results.

我們正在取得長足的進步。我們的客戶正在向我們靠攏，而我們正在走得更深入。我們所取得的進步以及市場向我們反映的驗證讓我感到非常振奮。在我們交付結果時，了解 Envestnet 對我們客戶產生的影響非常重要。

I'll turn the call now over to Pete, who will provide details on this quarter's performance and our outlook for the rest of the year.

我現在將電話轉給皮特，他將提供有關本季度業績的詳細信息以及我們對今年剩餘時間的展望。

Thank you, Bill. Our first quarter results continue to reflect the impact of our strategy and the anticipated progression from 2022 into 2023.

謝謝你，比爾。我們第一季度的業績繼續反映了我們戰略的影響以及 2022 年至 2023 年的預期進展。

During the first quarter, the economic environment brought further uncertainty with regard to continued market volatility, inflation, liquidity of regional banks and so on. Our first quarter further demonstrates the attractiveness of our business model and the impact of the actions we've taken amidst this current economic environment.

一季度，經濟環境帶來的不確定性進一步增加，市場持續波動、通脹、地區銀行流動性等。我們的第一季度進一步證明了我們商業模式的吸引力以及我們在當前經濟環境下採取的行動的影響。

As we think about the first quarter and the rest of 2023, I want to remind you of the context of our financial performance. In 2021, we announced a long-range plan to better organize and streamline the company, working more deeply with our clients and in more ways, ultimately paving the way for longer-term, sustainable revenue growth and higher levels of profitability. We began these investments in 2021 and had them fully included in our operating expense base in 2022.

當我們思考 2023 年第一季度和剩餘時間時，我想提醒您我們財務業績的背景。 2021年，我們宣布了一項長期計劃，以更好地組織和精簡公司，以更多方式與客戶進行更深入的合作，最終為長期、可持續的收入增長和更高水平的盈利能力鋪平道路。我們於 2021 年開始這些投資，並於 2022 年將其完全納入我們的運營費用基礎。

Now 2023 becomes a year focused on execution and delivery with the anticipated result of margin expansion. We saw the beginning of this in Q4 2022 and continuing sequentially into the first quarter of 2023. For the first quarter, although the challenging environment continued to have an impact on our clients, adjusted revenue was approximately $299 million, and adjusted EBITDA was $55.4 million and adjusted EPS was $0.46 in Q1.

現在，2023 年成為專注於執行和交付的一年，預計將實現利潤率擴張。我們在 2022 年第四季度看到了這種情況的開始，並連續持續到 2023 年第一季度。在第一季度，儘管充滿挑戰的環境繼續對我們的客戶產生影響，但調整後的收入約為 2.99 億美元，調整後的 EBITDA 為 5540 萬美元第一季度調整後每股收益為 0.46 美元。

Our guidance for Q2 and the rest of 2023 is laid out in the earnings release and in the supplemental presentation. Overall, the economic environment in Q1 produced a difficult time for clients and prospective clients, impacting both segments of our business with extended decision-making processes and ultimately prolonged sales cycles in some cases. This dynamic affected both segments and asset-based subscription and professional services revenue in Q1.

我們對第二季度和 2023 年剩餘時間的指導已在收益發布和補充演示文稿中列出。總體而言，第一季度的經濟環境給客戶和潛在客戶帶來了困難，影響了我們的兩個業務部門，導致決策流程延長，並最終在某些情況下延長了銷售週期。這種動態影響了第一季度的細分市場以及基於資產的訂閱和專業服務收入。

While industry-wide flows remain under pressure, the wealth segment continues to experience positive net flows in our asset-based products. Subscription and professional services revenue was relatively more impacted by the economy. Our outlook for the rest of the year takes further onboarding delays throughout the rest of the year into consideration, to some extent, offsetting higher revenue from Q1 capital markets increases.

儘管全行業的資金流動仍然面臨壓力，但財富領域的資產型產品繼續出現正的淨流量。訂閱和專業服務收入受經濟影響相對更大。我們對今年剩餘時間的展望將今年剩餘時間的入職延遲考慮在內，這在一定程度上抵消了第一季度資本市場增長帶來的更高收入。

The Data & Analytics segment had a number of potential and existing clients affected by the regional banking crisis. We saw a number of smaller tech clients put a hold on data spending due to liquidity challenges. However, we remain encouraged by the level of interest and the progress we're making in building the overall pipeline.

數據與分析部門的許多潛在和現有客戶受到區域銀行危機的影響。我們看到許多規模較小的科技客戶由於流動性挑戰而暫停了數據支出。然而，我們仍然對人們的興趣程度和我們在建設整體管道方面取得的進展感到鼓舞。

For the second quarter, we expect adjusted revenue to be between $312 million and $315 million, adjusted EBITDA to be between $55 million and $57 million, and adjusted EPS to be $0.45 to $0.46. For the full year, we are raising our revenue guidance to be between $1.26 billion and $1.27 billion, adjusted EBITDA to a range of $253 million and $260 million, and EPS of $2.11 and $2.19.

對於第二季度，我們預計調整後收入將在 3.12 億美元至 3.15 億美元之間，調整後 EBITDA 將在 5500 萬美元至 5700 萬美元之間，調整後每股收益將在 0.45 美元至 0.46 美元之間。對於全年，我們將收入指引提高至 12.6 億美元至 12.7 億美元，調整後的 EBITDA 至 2.53 億美元至 2.6 億美元，每股收益為 2.11 美元至 2.19 美元。

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 March 31. Also, Q2 carries with it a seasonal increase in professional services revenue and cost of revenue related to the Elevate Summit.

我們的指導一如既往，不假設資本市場較上一季度末發生任何變化，而是基於截至 3 月 31 日的市場水平。此外，第二季度專業服務收入和與提升峰會。

Turning to the balance sheet, we ended March with $53 million in cash and debt of $938 million, making our net leverage ratio just below 4x EBITDA. Seasonally, the first quarter is always the highest use of cash as we pay the majority of our incentive compensation in Q1 as well as the most significant vesting dates for employee equity compensation, giving rise to high employment taxes due.

轉向資產負債表，截至 3 月份，我們的現金為 5,300 萬美元，債務為 9.38 億美元，這使得我們的淨槓桿率略低於 EBITDA 的 4 倍。從季節性來看，第一季度始終是現金使用最多的季度，因為我們在第一季度支付了大部分激勵薪酬，也是員工股權薪酬最重要的歸屬日期，從而導致了高額的就業稅。

Additionally, as we've managed through the impact to our asset-based revenue from declining capital markets in 2022, Q4 of last year and Q1 of this year also carried with it elevated severance expense, which we expect to decline in the last 3 quarters of the year. We expect our high point for the leverage ratio to be in the first half of the year, dropping below 3.5x by the end of the year.

此外，由於我們已經克服了 2022 年資本市場下滑對資產收入的影響，去年第四季度和今年第一季度的遣散費也隨之增加，我們預計遣散費將在過去三個季度下降今年的。我們預計槓桿率的高點將出現在上半年，到年底將降至 3.5 倍以下。

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 final remarks.

感謝您對 Envestnet 的支持。在我們開始問答之前，我將把它轉回給比爾，讓他做最後的評論。

Thank you, Pete. Envestnet is succeeding in a challenging market by delivering what we've committed to. Our business is executing on this strategy, and we have a leading competitive position in a growing marketplace.

謝謝你，皮特。 Envestnet 通過兌現我們的承諾，在充滿挑戰的市場中取得了成功。我們的業務正在執行這一戰略，並且我們在不斷增長的市場中擁有領先的競爭地位。

We're delivering significantly for all stakeholders. This is through our deep understanding of the marketplace, our drive to serve our clients today and into the future through the dedication and hard work of our team. We're managing expenses and leveraging our investments in scale to drive organic growth and margin expansion. We are building on the progress that we've invested in, driving margin expansion throughout 2023 and reaffirming our goal of 25% adjusted EBITDA margins in 2025.

我們正在為所有利益相關者做出重大貢獻。這是通過我們對市場的深刻理解，通過我們團隊的奉獻和辛勤工作，我們為今天和未來的客戶提供服務的動力。我們正在管理費用並利用規模投資來推動有機增長和利潤率擴張。我們正在投資的基礎上再接再厲，推動 2023 年利潤率擴張，並重申 2025 年調整後 EBITDA 利潤率達到 25% 的目標。

We're doing what we said we would do. We are modernizing the platform and integrating it for our clients. We're increasing our operating leverage, becoming more efficient. We're also going deeper with clients and growing higher-margin solutions. I want to thank our clients for the trust they put in us. They recognize the value we provide for them today and into the future.

我們正在做我們說過要做的事。我們正在對該平台進行現代化改造並為我們的客戶進行集成。我們正在提高運營槓桿，變得更加高效。我們還與客戶進行更深入的合作，開發利潤率更高的解決方案。我要感謝客戶對我們的信任。他們認識到我們為他們今天和未來提供的價值。

I also want to add a very special note of immense gratitude to retiring Director Ross Chapin. He's been a tremendous steward of the business and an incredible support to Envestnet during the highs of this incredible journey as well as an essential pillar in the company's hardest days following the death of Jud Bergman. At every turn, Ross has been a driver and a tremendous steward on behalf of the company and our shareholders.

我還想對即將退休的導演羅斯·查平表示非常特別的感謝。他是公司的出色管理者，在這段令人難以置信的旅程的巔峰期間為 Envestnet 提供了令人難以置信的支持，並且在 Jud Bergman 去世後公司最困難的日子裡成為了重要的支柱。在每一個轉折點上，羅斯都是公司和股東的推動者和出色的管家。

Finally, to the Envestnet team, every day you execute, building, innovating, enhancing the advice to drive the success of our clients and millions and millions of end consumers, and you are driving the success of our business. As one client of ours said to me last week at the conference, what you are doing is extraordinary. I thank you.

最後，對 Envestnet 團隊來說，你們每天都在執行、構建、創新和增強建議，以推動我們的客戶和數以百萬計的最終消費者的成功，你們也在推動我們業務的成功。正如我們的一位客戶上週在會議上對我說的那樣，您所做的事情非常出色。我謝謝你。

Now I'll hand it over to the operator for questions.

現在我將其交給接線員詢問。

(Operator Instructions) Our first question comes 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 證券的 Devin Ryan。

This is actually Michael Falco filling in for Devin. Maybe to start, you had a pretty healthy quarter of asset flows and grew new accounts, but there has been some press to the earnings cycle around tech budgets overall being under pressure across enterprises. Are you seeing this in the financial advice space? And can you give us a little bit of flavor for where demand for your solutions is strongest and maybe where it's weakest, both by product and by channel?

這實際上是邁克爾·法爾科（Michael Falco）代替德文（Devin）。也許一開始，你有一個相當健康的季度資產流動並增加了新賬戶，但圍繞技術預算的盈利週期在企業整體上面臨著一些壓力。您在財務諮詢領域看到過這種情況嗎？您能否向我們介紹一下，按產品和渠道，哪些方面對您的解決方案的需求最強，哪些方面可能最弱？

Yes, Michael, I would say -- I would characterize it this way. I would say that there is very, very strong activity deep in our pipeline. So late-stage pipeline and our bookings are up significantly as we look towards the end of 1Q.

是的，邁克爾，我會說——我會這樣描述它。我想說的是，我們的管道深處有非常非常強大的活動。因此，隨著我們展望第一季度末，後期管道和我們的預訂量顯著增加。

Why is that? Because there's keen interest in a lot of the subs' capabilities that we offer. Our data -- our wealth data platform, our financial planning capabilities and in our RIA technologies, particularly, are all showing really strong signs of strength. Where the headwind is going to be through the year is in the bank segment as both on the data side of our business and the wealth side of our business, as we deploy new clients, new logos who are in that pipeline to be deployed, we'll push them out a few quarters as we kind of work with them to make sure that everyone's got the focus on the project.

這是為什麼？因為人們對我們提供的許多潛艇功能非常感興趣。我們的數據——我們的財富數據平台、我們的財務規劃能力，特別是我們的 RIA 技術，都顯示出非常強勁的實力跡象。今年的逆風將出現在銀行部門，無論是在我們業務的數據方面還是在我們業務的財富方面，當我們部署新客戶、新標識時，我們正在部署管道中，我們我們會將他們推遲幾個季度，因為我們會與他們合作，以確保每個人都專注於該項目。

And then also on the data side, we've got a pretty healthy business in the banking segment. And there's been -- well, the pipelines and bookings are pretty encouraging there. Again, we anticipate some delay in new logo rollout in that segment.

然後在數據方面，我們在銀行領域的業務也相當健康。嗯，那裡的管道和預訂非常令人鼓舞。同樣，我們預計該細分市場新徽標的推出會有所延遲。

Sure. That makes sense. And then maybe for my follow-up, just switching gears a little bit, there's been a ton of attention around artificial intelligence and new applications in the market. I know that's an area you've been focused on for some time. But maybe remind us how you think about the potential applications for AI for Envestnet over time and how you would tie that to either existing or new revenue opportunities for the firm.

當然。這就說得通了。然後也許對於我的後續行動，只是稍微改變一下方向，市場上的人工智能和新應用程序受到了大量關注。我知道這是您一段時間以來一直關注的領域。但或許可以提醒我們，隨著時間的推移，您如何看待 Envestnet 人工智能的潛在應用，以及如何將其與公司現有或新的收入機會聯繫起來。

And then related, you mentioned gaining efficiency from modernization. As you look deeper into the model, are there ways that AI applications can actually drive a more efficient expense base, whether that's by doing more with your people or just helping drive efficiencies more broadly?

然後相關的，你提到從現代化中提高效率。當您更深入地研究該模型時，人工智能應用程序是否可以通過某種方式真正推動更高效的支出基礎，無論是通過與員工一起做更多事情，還是只是幫助更廣泛地提高效率？

Yes, absolutely, Michael. And I think in this category, we're really kind of carving a leadership position in being stewards in the data and thinking very responsibly about the use of AI. But the ways that we're using it today is in looking at our data set, and our data set spans from people's daily financial activity through our traditional Yodlee capability into the wealth or portfolio strategy and beyond into the plan, financial plan.

是的，絕對是，邁克爾。我認為在這個類別中，我們確實在數據管理者方面佔據了領導地位，並非常負責任地思考人工智能的使用。但我們今天使用它的方式是查看我們的數據集，我們的數據集從人們的日常金融活動到我們傳統的 Yodlee 功能，再到財富或投資組合策略，再到計劃、財務計劃。

So we can connect people's daily financial lives to their long-term goals. And by doing that, we can create insights or suggestions for financial advisers to more deeply engage their customers, and we're doing that at scale. So today, we'll publish 24 million of those insights for our network, and that ranges across just shy of 100 different use cases. The use case might be around taxes or about risk or about insurance coverage, et cetera, et cetera.

因此，我們可以將人們的日常財務生活與其長期目標聯繫起來。通過這樣做，我們可以為財務顧問提供見解或建議，以更深入地吸引他們的客戶，而且我們正在大規模地這樣做。因此，今天，我們將為我們的網絡發布 2400 萬條見解，涵蓋近 100 個不同的用例。用例可能與稅收、風險或保險範圍等有關。

So we're surfacing these insights. And that way, the adviser can do more for their client and pinpoint these opportunities to go deeper. When we looked at the macro set of the insights that we're creating and we look at our financial advisers, same-store or going deeper with their current clients that are on the Envestnet platform, we saw that they could grow an average of 31% based on the insights we surface for them today. So they're being -- that's highly coveted information because it's clients they work with and services they can provide that, that client is likely in need of.

所以我們正在展示這些見解。這樣，顧問就可以為客戶做更多的事情，並找到這些機會進行更深入的研究。當我們審視我們正在創建的宏觀洞察以及我們的財務顧問、同店或深入了解 Envestnet 平台上的當前客戶時，我們發現他們平均可以增長 31 % 基於我們今天為他們提供的見解。所以他們是——這是非常令人垂涎的信息，因為他們可能需要與他們合作的客戶以及他們可以提供的服務。

And so what that does, as we look at the data even more closely, we see that advisers who are using those insights, Michael, are growing faster than the other advisers on our platform. I mentioned that last week, we were at our annual conference in Denver, Colorado, standing room only at any session that was related to our data platform and to our Insights Engine.

那麼，當我們更仔細地查看數據時，我們發現使用這些見解的顧問邁克爾比我們平台上的其他顧問增長得更快。我提到上週，我們在科羅拉多州丹佛市舉行的年度會議上，只有在與我們的數據平台和洞察引擎相關的任何會議上才有站位。

Firms, advisers want the insights in their hands, and so there's growing demand. And at the back end of that pipeline or the top end of that pipeline for our wealth data platform and insights is very, very strong. And so we'll be deploying that wealth data platform and insights to more and more firms and more and more advisers this quarter, next quarter and beyond. So we're very encouraged by it.

公司、顧問希望掌握自己的見解，因此需求不斷增長。在我們的財富數據平台的管道後端或管道頂端，洞察力非常非常強大。因此，我們將在本季度、下季度及以後向越來越多的公司和越來越多的顧問部署財富數據平台和見解。所以我們對此感到非常鼓舞。

But at the end of the day, what I think a really important message is around AI is money equals trust. And at the end of the day, that human adviser is going to be the navigator, is going to be the steward of that relationship. The scale that AI provides to them is going to be the support mechanism that they'll lean back on and utilize more and more with them in the cockpit, with them at the helm in that relationship with the household. And that's really what we're enabling.

但歸根結底，我認為圍繞人工智能的一個真正重要的信息是金錢等於信任。最終，人類顧問將成為這種關係的導航者、管理者。人工智能為他們提供的規模將成為他們在駕駛艙中越來越多地依賴和利用的支持機制，讓他們在與家庭的關係中掌舵。這確實是我們正在實現的目標。

From an administrative or operating standpoint, absolutely, when we look at our business, it's administrative-heavy where regulated business processes need to be repeated and scaled. And so again, just given our data heritage, which is unique in the industry, we are building that deeply into our modernization efforts so that we can scale and respond to service issues, support tickets, routinized type administrative processes in ways that utilizes the technology and our intelligence versus more and more personnel. And that's really just beginning to be realized inside the business.

從管理或運營的角度來看，絕對是，當我們審視我們的業務時，管理工作非常繁重，需要重複和擴展受監管的業務流程。同樣，鑑於我們在行業中獨一無二的數據遺產，我們正在將其深入構建到我們的現代化工作中，以便我們能夠以利用技術的方式擴展和響應服務問題、支持票證、常規類型的管理流程以及我們的情報與越來越多的人員的對比。這在企業內部才剛剛開始實現。

You look at, I noted in my prepared remarks, a record number of trades last quarter. And guess what, 58 million trade blocks, fewer service tickets, a decline, and also support requests. We did that with lower personnel and a lower degree of errors across that enormous trading activity. How do we do that? We use the intelligence of the platform plus the experts that we have that execute that volume. And that's just one example of many that's kind of beginning to really take root inside the company.

我在準備好的發言中指出，你看，上季度的交易數量創下了紀錄。你猜怎麼著，5800 萬個貿易區塊，更少的服務票，下降，而且還有支持請求。我們在龐大的交易活動中以更少的人員和更低的錯誤率做到了這一點。我們該怎麼做呢？我們利用平台的智能以及執行該卷的專家。這只是眾多開始在公司內部紮根的例子之一。

Our next question comes from Michael Cho with JPMorgan.

我們的下一個問題來自摩根大通的 Michael Cho。

I just wanted to touch on the FNZ partnership. Bill, you mentioned it's a packed room at the conference, and you can appreciate the -- some of the numbers you gave. But I guess my question is, again, I'm just trying to get a better sense, you mentioned second half for rollout of the custody platform by the end of '23.

我只是想談談 FNZ 的合作夥伴關係。比爾，你提到會議上擠滿了人，你可以欣賞你提供的一些數字。但我想我的問題是，我只是想更好地理解，你提到下半年將在 23 年底推出託管平台。

And I guess I'm just curious kind of in terms of rolling it out to clients and the rollout plan once the solution is live, I mean, if you could just kind of give us any color around there and then also the contribution to top line and margin. It seems all incremental to the 2025 plan, but we appreciate any color there, too.

我想我只是對向客戶推出它以及解決方案上線後的推出計劃感到好奇，我的意思是，如果您能給我們提供任何顏色，然後也為頂部做出貢獻線和邊距。這似乎都是 2025 年計劃的增量，但我們也欣賞其中的任何顏色。

Yes, that's awesome, Michael. And in Denver, those rooms were full because the reality is we're solving -- this partnership begins to solve some hard problems for our clients and really for the industry. And it's 2023, but the average time to open a new account, many times, it's 5 -- lasts for 5 business days. With our partnership, you bring that down to a couple of minutes, right?

是的，那太棒了，邁克爾。在丹佛，這些房間都滿了，因為現實是我們正在解決——這種夥伴關係開始為我們的客戶和整個行業解決一些難題。現在是 2023 年，但開設新賬戶的平均時間很多時候是 5——持續 5 個工作日。通過我們的合作，您可以將時間縮短到幾分鐘，對吧？

So it becomes a more real-time, fully digital, paperless environment that streamlines account opening; that provides real-time activity, so the trades that are made during the day are made during the day; and the execution happens for a customer in seconds, not in a batch in the overnight; and then the service cycle also becomes sped because it's all connected to workflows, right?

因此，它變成了一個更加實時、完全數字化、無紙化的環境，簡化了開戶流程；提供實時活動，因此白天進行的交易都是在白天進行的；客戶的執行在幾秒鐘內完成，而不是在一夜之間批量執行；然後服務週期也會加快，因為它都連接到工作流程，對嗎？

So what this is, is really next-generation capability that catches up to the 2023 expectation that we have everywhere else in our lives. When we ask something -- the machine to do something, it does something. And so we're excited about it. And I think I go back to last week, which was a terrific week for our company, that the interest from our customers, both large and small, is very high because this not only takes time, it takes a lot of labor. And there's probably a higher degree of error rate or administrative patch-up that you have to do on a large, large number of accounts as you go to administrate, serve, open accounts.

所以，這確實是下一代能力，可以滿足我們生活中其他地方對 2023 年的期望。當我們要求機器做某事時，它就會做某事。所以我們對此感到興奮。我想我回到了上週，這對我們公司來說是非常棒的一周，我們大大小小的客戶的興趣都非常高，因為這不僅需要時間，還需要大量的勞動力。當您管理、服務、開立帳戶時，您可能必須對大量帳戶進行更高程度的錯誤率或管理修補。

So this is going to take a lot of friction out. And really, I think of it as just the viscosity of the account opening or access to our network of solutions will speed because of the relationship with FNZ. But FNZ is just a choice. It's just going to be an option for firms to utilize. We continue to have very deep and good relationships and great partnerships with all the custodians that we work with, pretty much the entire industry, and enable those for our customers.

所以這會消除很多摩擦。事實上，我認為由於與 FNZ 的關係，開戶或訪問我們的解決方案網絡的粘度將會加快。但FNZ只是一個選擇。這只是公司可以利用的一個選擇。我們繼續與所有與我們合作的託管人（幾乎整個行業）保持著非常深厚和良好的關係和良好的合作夥伴關係，並為我們的客戶提供支持。

From a rollout standpoint, I'd say we're exactly on schedule. We've hit all the milestones that we need to from a project standpoint. We will do a reasonably -- probably a contained deployment of the partnership to select clients by year-end. And so to look forward, you look for a contribution of revenue and EBITDA from this partnership in 2024, beginning in 2024, as we get going.

從推出的角度來看，我想說我們完全按計劃進行。從項目的角度來看，我們已經實現了所需的所有里程碑。我們將在年底前對合作夥伴關係進行合理的、可能是封閉的部署，以選擇客戶。因此，展望未來，從 2024 年開始，從 2024 年開始，您會期待這種合作夥伴關係帶來收入和 EBITDA 的貢獻。

The other note I'd really just kind of emphasize here, through the partnership, we're not taking on a ton of costs, right?

我想在這裡強調的另一點是，通過合作夥伴關係，我們不會承擔大量成本，對嗎？

We thought about this in lots of ways on how we enable this environment for our customers and do that through partnership versus taking on the administrative burden and the administrative kind of responsibility that FNZ, who is expert in global and has really cracked some hard problems around the globe, they're great at it and will be our partner here. So as we roll this out, I see a good adoption, I see interest in what we're doing, I see it also being pretty high-margin revenue for us as we get going.

我們從很多方面思考瞭如何為我們的客戶創造這樣的環境，並通過合作夥伴關係來做到這一點，而不是承擔行政負擔和行政責任，FNZ 是全球專家，並且確實解決了一些難題。全球，他們非常擅長，並將成為我們在這裡的合作夥伴。因此，當我們推出此功能時，我看到了很好的採用，我看到了人們對我們正在做的事情的興趣，我發現隨著我們的發展，它對我們來說也是相當高的利潤收入。

Our next question is from Alex Kramm with UBS.

我們的下一個問題來自瑞銀集團的 Alex Kramm。

Simple one to start, just on the updated guidance, I mean, obviously, EBITDA and EBITDA margin came up for the full year. Nice to see that. But the question is really, is this just the market performance? Or are there some other things contributing here maybe on the cost side? So maybe just run through the delta here as we saw it.

首先很簡單，就更新後的指導而言，我的意思是，顯然，全年的 EBITDA 和 EBITDA 利潤率都出現了增長。很高興看到這一點。但問題是，這真的只是市場表現嗎？或者還有其他一些因素可能會在成本方面做出貢獻嗎？所以也許就像我們看到的那樣穿過這裡的三角洲。

Well, I mean, mechanically, it's mostly the way we've reforecast. As I kind of discussed in the prepared remarks, there is upside from the guidance, and there is a little bit offsetting that based on some of the onboarding delays that we've forecast. We've kind of pushed things out maybe a quarter to 2, probably less than 2 on average, 2 at the extreme for certain expected new clients and new logos. But as we've adjusted that, that is all of what's reflected in the guidance, both the markets as well as the client impact.

嗯，我的意思是，從機械角度來說，這主要是我們重新預測的方式。正如我在準備好的評論中所討論的那樣，該指導意見有其好處，並且根據我們預測的一些入職延遲，有一點抵消作用。對於某些預期的新客戶和新徽標，我們可能將事情推遲了四分之一至 2 個，平均可能不到 2 個，極端情況下為 2 個。但隨著我們對此進行調整，這就是指南中反映的全部內容，包括市場和客戶影響。

Yes. And Alex, the only -- what I'd add on the expense side is what we're tactically being very, very conscious of, every cost across the company, but you're also beginning to see some of that operating leverage that we have spoken about. And the automation of our processes is beginning to take root. What you get this year is kind of the full year benefit from the Tata relationship on the data side and the ops modernization that we're beginning to effect in the wealth business.

是的。亞歷克斯，我在費用方面唯一要補充的是，我們在戰術上非常非常意識到整個公司的每一項成本，但你也開始看到我們的一些運營槓桿都談到過。我們流程的自動化已經開始紮根。今年，您將受益於塔塔在數據方面的關係以及我們開始在財富業務中實施的運營現代化，從而帶來全年收益。

And so as we kind of roll through '23, we are operating in a pretty kind of unknown climate, operating climate, especially this banking issue is resilient. This is core to our client base. And so at the top line, we're being thoughtful about when we're going to onboard some of these new clients. On the bottom line, we're just executing. This is just simply us executing and the platform beginning to respond to the enhancements and the decisions that we've made, and that will roll through '24 and will roll into '25, which we reiterated our adjusted EBITDA of 25% by 2025.

因此，當我們進入 23 年時，我們正處於一種相當未知的環境中運營，尤其是銀行業問題具有彈性。這是我們客戶群的核心。因此，在最重要的方面，我們正在考慮何時接納其中一些新客戶。歸根結底，我們只是在執行。這只是我們的執行，平台開始對我們所做的增強和決策做出響應，這將持續到 24 年，並將持續到 25 年，我們重申到 2025 年調整後的 EBITDA 為 25%。

And then secondly, I think also a quick one, but year-to-date, and then maybe this is not completely new, but clearly, we've been finding ourselves in a different type of fixed income environment. Rates are much higher. Behavior is changing, I assume, also on the adviser side. So just -- maybe just review what you're seeing out there. Maybe the summit actually had something on that, I assume.

其次，我認為這也是一個快速的過程，但從今年開始，也許這並不是全新的，但顯然，我們發現自己處於一種不同類型的固定收益環境中。利率要高得多。我認為，顧問方面的行為正在發生變化。所以，也許只是回顧一下你所看到的情況。我想，也許這次峰會確實涉及到了這一點。

So is there more reallocation to fixed income because of the higher rates? And if so, does that change the pricing environment? Anything we should be watching out for as maybe flows go into different directions than they were over the last decade or so that we've been following the company?

那麼，是否會因為利率上升而導致更多的資金重新分配到固定收益呢？如果是這樣，這會改變定價環境嗎？我們應該注意什麼，因為資金流向的方向可能與過去十年左右不同，因此我們一直在關注該公司？

Yes. It's a great observation, Alex. And I think across the board, behaviorally, things are changing, right? So you've got -- you have your bank deposits. The bank deposits are going to money markets. You look at the flows in the money markets year-to-date or by quarter end, I mean they're very significant, up 12%, I think, quarter-over-quarter. And we track a lot of data.

是的。這是一個很好的觀察，亞歷克斯。我認為從行為上來說，一切都在發生變化，對嗎？所以你有——你有銀行存款。銀行存款將流向貨幣市場。你看看貨幣市場今年迄今或季末的流量，我的意思是它們非常顯著，我認為比上一季度增長了 12%。我們跟踪大量數據。

So what we're able to see, Alex, is what was interesting, and this doesn't -- I'm going to get to your answer, but just an anecdote, I think, that is interesting for analysts on the call is that we can see where the bank deposits and the transition of dollars that went very quickly to the money market from banks to money markets. And particularly of interest to us was that the high net worth did that. So the beyond secured deposits at the banks had a high outflow to money markets, whereas the average or lower deposit value kind of stayed put.

所以，亞歷克斯，我們能看到的是有趣的事情，但這不是——我將得到你的答案，但我認為，這只是一個軼事，對電話會議上的分析師來說很有趣的是我們可以看到銀行存款以及美元從銀行到貨幣市場的快速轉移。我們特別感興趣的是高淨值人士做到了這一點。因此，銀行的超擔保存款大量流出到貨幣市場，而平均或較低的存款價值則保持不變。

So they moved at a 3% rate, where the higher deposit moved at a 40% rate. So that's a very significant shift of money, right? So now the adviser is in the mix on that. And they're looking at the overall allocation of that client. They're looking at the returns that you can get from cash and also from fixed -- short-term fixed income instruments to longer-term fixed income instruments. So we are seeing a rebalancing. We're seeing a flow there.

因此，他們的利率為 3%，而較高的存款利率為 40%。所以這是一個非常重大的資金轉移，對嗎？所以現在顧問也參與其中。他們正在研究該客戶的總體分配。他們正在研究您可以從現金以及固定（短期固定收益工具到長期固定收益工具）中獲得的回報。所以我們看到了重新平衡。我們看到那裡有一股流動。

But we've also innovated, as part of the overall fiduciary work that we've done, kind of this idea that we can ladder bonds and we can specialize and uniquely position bond portfolios for more and more clients. And so in our DI business, we are seeing flow into that product, which is kind of commensurate with an equity-based direct index type portfolio.

但作為我們所做的整體信託工作的一部分，我們也進行了創新，即我們可以階梯式債券，我們可以為越來越多的客戶專門化和獨特地定位債券投資組合。因此，在我們的 DI 業務中，我們看到資金流入該產品，這與基於股票的直接指數型投資組合相當。

So nothing on the fee side we should be worried about or anything else as allocation change?

那麼我們應該擔心費用方面的問題或分配變化的其他問題嗎？

No, not meaningful. No. It's good for advisers to be able to provide advice in this market because what they're able to do is look -- what this is motivating advisers do. Again, a conversation I had, I don't know how many times, dozens and dozens since March 10 in Silicon Valley, is that this is really taking a consumer, their clients and asking their adviser to take a broader look at all their money.

不，沒有意義。不。對於顧問來說，能夠在這個市場上提供建議是件好事，因為他們能夠做的就是觀察——這會激勵顧問做些什麼。再說一次，我不知道自 3 月 10 日以來在矽谷進行過多少次談話，這實際上是在讓消費者、他們的客戶要求他們的顧問更廣泛地審視他們所有的錢。

I've got the money at the bank here, what do I do? And that question is really motivating more of this holistic kind of connected advice. They're using money markets that is not necessarily a real benefit to Envestnet, but that money is going to go and it's going to come back into a more holistic advice package that, that adviser is going to offer them.

我在銀行里有錢，我該怎麼辦？這個問題確實激發了更多這種整體性的相互聯繫的建議。他們使用的貨幣市場不一定會給 Envestnet 帶來真正的好處，但這些錢將會消失，並會回到顧問將向他們提供的更全面的建議包中。

Next question comes from Surinder Thind with Jefferies.

下一個問題來自 Surinder Thind 和 Jefferies。

I guess I'd like to start with a question about the subscription licensing business and, more specifically, the data and analytics. Just given the challenging environment that you've cited, how should we think about the subsegment on a go-forward basis here? Meaning that given contracts, I assume, have been renewed at this point, so should revenues be stable on a quarter-over-quarter basis going forward? Or how should we think about that?

我想我想從有關訂閱許可業務的問題開始，更具體地說，是數據和分析。鑑於您所提到的充滿挑戰的環境，我們應該如何在未來的基礎上考慮這個細分市場？這意味著我認為目前已經續簽了合同，那麼未來收入是否應該保持季度環比穩定？或者說我們應該如何思考這個問題？

So Surinder, I think that there have been headwinds on the subs side in the data business, particularly as I look at the research business, I'd circle that one; and then I would say what we saw in the first quarter was VC- or PE-backed fintech type companies that are data consumers absolutely rattled by what occurred at SVB as we got to the end of the quarter and I'd say going in -- just that we've probably seen the delinquency rate on those smaller fintech companies rise a bit over the quarter because of the economic condition, right? So that's a headwind, but the predominant headwind remains in the research business.

因此，蘇林德（Surinder），我認為數據業務中的訂閱者方面存在逆風，特別是當我關注研究業務時，我會圈出這一點；然後我想說的是，我們在第一季度看到的是由風險投資或私募股權支持的金融科技類型公司，這些公司是數據消費者，當我們到了季度末時，SVB 發生的事情絕對讓他們感到不安，我想說 - - 只是我們可能已經看到，由於經濟狀況，這些小型金融科技公司的拖欠率在本季度略有上升，對吧？所以這是一個逆風，但主要的逆風仍然是研究業務。

But as we look forward, here are a couple of things that you should know. We have onboarded, contracted, onboarded data sets that really create a distinctive advantage for our overall data research product. Utilizing data from a consumer base is very interesting to the research consumers who typically are hedge funds. And that data set really enriches the Envestnet offering. I would say, over the last 3 years, the Envestnet data set has been fairly constant, and there's been competitive data sets that they became choice in the marketplace.

但當我們展望未來時，您應該了解以下幾件事。我們擁有已加入、已簽約、已加入的數據集，這些數據集確實為我們的整體數據研究產品創造了獨特的優勢。對於通常是對沖基金的研究消費者來說，利用消費者群體的數據非常有趣。該數據集確實豐富了 Envestnet 的產品。我想說，在過去 3 年裡，Envestnet 數據集相當穩定，並且有一些有競爭力的數據集成為市場上的選擇。

So as we get to the back half of this year, not the second quarter, but as we get to the back half of this year, we see a -- we're very encouraged by both the deep pipeline on the research side, given the enhancement to the data set, and also the bookings that also give us a lot of encouraging kind of outlook for 3Q and then more significantly in 4Q around the subs rate for research. And that has been the real challenge that we've had for a long time.

因此，當我們進入今年下半年，不是第二季度，而是當我們進入今年下半年時，我們看到——我們對研究方面的深入管道感到非常鼓舞，因為數據集的增強以及預訂也給我們帶來了許多令人鼓舞的第三季度前景，然後在第四季度圍繞研究訂閱率更加顯著。這是我們長期以來面臨的真正挑戰。

But the things that have occurred, I'll just repeat them, is we've enhanced the data set. It's a very attractive and interesting consumer base for the users of the research product. And we think we have a competitively differentiated offering. And that is resonating and visible, to me anyway, deep in our pipeline and in our increased bookings as we got to the end of the quarter last quarter.

但我想重複一下，已經發生的事情是我們增強了數據集。對於研究產品的用戶來說，這是一個非常有吸引力且有趣的消費者群。我們認為我們擁有具有競爭力的差異化產品。無論如何，對我來說，這在我們的管道深處以及上季度末我們增加的預訂量中引起了共鳴和可見。

Got it. That's actually really helpful. And then switching to kind of the AUM/A business and the disclosures that you provide on Slide 11 and more specifically related to the first-party managed assets. Can you talk a little bit about the account growth that you're seeing there? Because first-party managed assets are a subsegment of the AUM/A segment. And so when I look at the growth rate in the accounts at 1% this quarter, it's below the actual AUM account growth. So just any color there would be helpful.

知道了。這實際上非常有幫助。然後切換到 AUM/A 業務類型以及您在幻燈片 11 上提供的披露，更具體地說，與第一方管理資產相關。您能談談您在那裡看到的帳戶增長情況嗎？因為第一方管理資產是 AUM/A 細分市場的一個子細分市場。因此，當我查看本季度賬戶增長率 1% 時，它低於實際 AUM 賬戶增長率。所以任何顏色都會有幫助。

Yes, absolutely, Surinder. So there's -- the dynamic there is -- and I'd like to look at the glass always more than half full. So we have built the leading strategist marketplace in the industry, period. And that is part of that strategist offering is the Envestnet PMC mutual fund strategies for wrap accounts, right? And so the marketplace has really shifted towards ETF-based portfolios. And so there's a headwind for our proprietary wrap-type portfolios and outflows for the mutual fund offering.

是的，絕對如此，蘇林德。所以，這就是——動態——我想看看杯子總是有一半以上滿的。因此，我們建立了行業內領先的策略師市場。 Envestnet PMC 共同基金策略是針對打包賬戶的策略師產品的一部分，對吧？因此，市場確實已轉向基於 ETF 的投資組合。因此，我們專有的包裝型投資組合和共同基金產品的資金流出面臨著阻力。

That said, just recently, we launched our first ETFs. And those -- so those portfolios will begin to transition to more ETF-based portfolios, be able to bring down the internal cost of those and regain some competitiveness there. So there's a headwind that we've been managing. I mean the good news is that we've got this extraordinary marketplace that we've built. And we're competing against everybody that the negative is that we've seen some headwinds in our proprietary portfolios, but enhancing those so that we can regain some traction.

也就是說，就在最近，我們推出了第一隻 ETF。這些投資組合將開始轉向更多基於 ETF 的投資組合，能夠降低這些投資組合的內部成本並重新獲得一些競爭力。因此，我們一直在應對逆風。我的意思是，好消息是我們已經建立了這個非凡的市場。我們正在與所有人競爭，負面因素是我們在專有投資組合中看到了一些阻力，但我們正在加強這些阻力，以便我們能夠重新獲得一些吸引力。

That is grouped in with the solutions and services that I highlighted in the call: our direct indexing, our high net worth as well as our overlay capabilities. And there, we're adding advisers at a very rapid rate who are adding accounts at a faster rate, and those accounts contain assets at depressed values but are adding assets at a faster rate than any of the flows on our platform. And that is what we've been focused on.

這與我在電話中強調的解決方案和服務歸為一類：我們的直接索引、我們的高淨值以及我們的覆蓋能力。在那裡，我們正在以非常快的速度添加顧問，他們以更快的速度添加賬戶，這些賬戶包含價值較低的資產，但添加資產的速度比我們平台上的任何流量都快。這就是我們一直關注的重點。

We keep really focused in piling assets, accounts and advisers onto the platform. And I've called that in the past as this coiled spring. But what's really important, Surinder, is that we're stacking these new opportunities that we've focused on, and they're kind of connecting to each other. And this is building momentum and really a lot of enthusiasm.

我們一直專注於將資產、賬戶和顧問堆積到平台上。我過去將其稱為螺旋彈簧。但真正重要的是，Surinder，我們正在疊加我們關注的這些新機會，並且它們之間存在某種聯繫。這正在積聚動力和極大的熱情。

Last week in Denver, it was loud and clear, interest in DI, interest in overlay, interest in high net worth, interest in retirement, interest in RIA type managed accounts. So this momentum in DI overlay, high net worth, RIA, fiduciary, retirement, in our insurance platform, in FDx, those are really important. And they've been kind of surfaced, I also noted and I spent time on the proposal tool, modernized into more accessible environment, and we expect that, that will continue to build. So the headwind or the growth in accounts is really mitigated by the outflows in our mutual fund wrap portfolios, carry lower basis points than the other products I just highlighted for you.

上週在丹佛，人們對 DI 感興趣，對覆蓋感興趣，對高淨值感興趣，對退休感興趣，對 RIA 類型管理賬戶感興趣。因此，DI 覆蓋、高淨值、RIA、信託、退休、我們的保險平台、FDx 等方面的勢頭非常重要。我還指出，它們已經浮出水面，我花了時間研究提案工具，將其現代化為更易於訪問的環境，我們預計這將繼續發展。因此，我們的共同基金組合投資組合的資金流出確實緩解了逆風或賬戶增長，其基點比我剛才向您強調的其他產品要低。

(Operator Instructions) There are no further questions at this time. I would like to turn the floor back over to CEO, Bill Crager, for closing comments.

（操作員說明） 目前沒有其他問題。我想請首席執行官比爾·克拉格 (Bill Crager) 發表結束評論。

Thank you, Camilla. I want to thank everybody for your support of Envestnet, and I look forward to speaking with all of you next quarter. Thank you very much. Have a very good evening, and we'll talk to you next quarter. Thank you.

謝謝你，卡米拉。我要感謝大家對 Envestnet 的支持，我期待著下個季度與大家交談。非常感謝。祝您度過一個愉快的夜晚，我們將在下個季度與您交談。謝謝。

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

謝謝。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。