Envestnet Inc (ENV) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Envestnet Second Quarter 2023 Earnings Conference Call.

您好，歡迎參加 Envestnet 2023 年第二季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Mr. Pete D'Arrigo, CFO. Mr. D'Arrigo, you may begin.

（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，首席財務官 Pete D'Arrigo 先生。達里戈先生，您可以開始了。

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

大家下午好。感謝您參加今天的 2023 年第二季度財報電話會議。

Before we begin, I'd like to point out that our earnings press release, supplemental presentation and associated Form 10-Q 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 under the Investor Relations section of our website as well.

在開始之前，我想指出，我們的收益新聞稿、補充演示文稿和相關的 10-Q 表格可以在我們網站 envestnet.com 的投資者關係部分找到。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 Slides 2 and 3 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. During this call, we will be referring to certain non-GAAP financial measures. Please refer to the appendix in our supplemental presentation for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

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 和 3 中的警示性陳述，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。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。請參閱我們補充演示文稿中的附錄，了解這些非公認會計原則財務指標與最直接可比的公認會計原則指標的調節表。

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 second quarter 2023 results. After our prepared remarks, we will open the call to questions. During the Q&A, please limit yourself to one question plus one follow-up. You may get back into the queue if you have additional questions.

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 年第二季度業績的概述。在我們準備好發言後，我們將開始提問。在問答過程中，請將自己限制在一個問題和一個後續問題上。如果您還有其他問題，可以返回隊列。

With that, I will turn the call over to Bill.

這樣，我就把電話轉給比爾。

Thank you, Pete, and thank you, everyone, for joining us tonight.

謝謝皮特，也謝謝大家今晚加入我們。

Envestnet is executing on its strategic plan that creates differentiated value for our customers and will continue to drive long-term value for our shareholders with industry-leading scale and operating efficiency. We're on the path we set forth for driving sustained revenue growth and margin expansion.

Envestnet正在執行其戰略計劃，為我們的客戶創造差異化價值，並將繼續以行業領先的規模和運營效率為我們的股東帶來長期價值。我們正走在推動持續收入增長和利潤擴張的道路上。

In the second quarter, we posted adjusted revenue of $312.5 million, adjusted EBITDA of $57.8 million and adjusted EPS of $0.46. We have intentionally invested and today, we are seeing the benefit of the integrated ecosystem. This is the future of our business. It has deepened our competitive advantage, deepened our relationships with our clients and our partners, and the investments are scaling our bottom line.

第二季度，我們公佈調整後收入為 3.125 億美元，調整後 EBITDA 為 5780 萬美元，調整後每股收益為 0.46 美元。我們有意進行投資，今天，我們看到了集成生態系統的好處。這是我們業務的未來。它加深了我們的競爭優勢，加深了我們與客戶和合作夥伴的關係，並且這些投資正在擴大我們的利潤。

Pete will go into greater detail in his remarks. So let me spend a few moments on what we, as the largest scale player in WealthTech, are seeing in the market and within our business. The WealthTech market is rapidly moving and Envestnet has been ahead of the curve and investing in the environment and scale necessary to capture more of the economic opportunity. We've been exactly right in our focus of modernizing and expanding our ecosystem of intelligent data, integrated technology networked to the broadest set of solutions. We're becoming more essential to our partners, driving their growth and productivity while creating more distance from our competitors.

皮特將在他的講話中詳細闡述。因此，讓我花一些時間來談談我們作為財富科技領域最大的參與者，在市場和我們的業務中所看到的情況。財富科技市場正在迅速發展，而 Envestnet 一直處於領先地位，並投資於捕捉更多經濟機會所需的環境和規模。我們的重點是現代化和擴展我們的智能數據生態系統、與最廣泛的解決方案聯網的集成技術。我們對我們的合作夥伴變得越來越重要，推動他們的增長和生產力，同時拉開與競爭對手的距離。

As industry consultant, Joel Bruckenstein told InvestmentNews in May, people underestimate how challenging it is to build something like Envestnet. Envestnet has finally made major strides bringing together all of their silos. I don't think anybody else is close. I'd like to share an example of how this is playing out in the market and how it will benefit our clients and shareholders in the future. A client of ours, a broker-dealer, independent financial group, which has $40 billion of assets and hundreds of advisers has contracted to use the entirety of our platform and ecosystem of Envestnet solutions.

作為行業顧問，Joel Bruckenstein 在 5 月份告訴 InvestmentNews，人們低估了建立像 Envestnet 這樣的東西的挑戰性。 Envestnet 終於在將所有孤島整合在一起方面取得了重大進展。我認為沒有其他人接近。我想分享一個例子，說明這在市場上的表現以及它將如何使我們的客戶和股東在未來受益。我們的客戶是一家經紀交易商、獨立金融集團，擁有 400 億美元的資產和數百名顧問，已簽約使用我們的整個平台和 Envestnet 解決方案生態系統。

This includes all of our platforms and services, our Data & Analytics, our complete suite of financial planning technology, our investment solutions and related technologies and our broader network of exchanges. This is a great example of the value created by putting the pieces of Envestnet together into an integrated environment. And it extends our revenue opportunity with clients that go all in with us by about 25% before factoring the uptake of additional asset management and fiduciary solutions.

這包括我們所有的平台和服務、我們的數據和分析、我們全套的財務規劃技術、我們的投資解決方案和相關技術以及我們更廣泛的交易網絡。這是將 Envestnet 的各個部分整合到一個集成環境中所創造的價值的一個很好的例子。在考慮採用額外的資產管理和信託解決方案之前，它使我們與全力支持我們的客戶的收入機會增加了約 25%。

We're getting more of these types of engagements in our renewal pipeline. Sure, not every client will use every Envestnet solution, but more and more are engaging deeply with our capabilities, providing continued and accelerated revenue opportunities for us.

我們的續訂渠道中正在增加更多此類活動。當然，並不是每個客戶都會使用所有 Envestnet 解決方案，但越來越多的客戶深入了解我們的能力，為我們提供持續和加速的收入機會。

The headline for Envestnet is that we are leveraging the investments we've made. We're growing market share while benefiting from a stronger Q2 market. But the market benefit was neutralized by overall challenging industry net flow environment, and our D&A research business has faced significant headwinds, but we are on the path to stabilization and restoration in this business.

Envestnet 的標題是我們正在利用我們所做的投資。我們正在擴大市場份額，同時受益於更強勁的第二季度市場。但市場效益被整體充滿挑戰的行業淨流量環境所抵消，我們的D&A研究業務也面臨著巨大的阻力，但我們該業務正走在穩定和恢復的道路上。

Tonight, we'll focus our prepared remarks to talk about the industry and market context and what it means in terms of revenue growth and why we are optimistic for the trajectory of our business. We'll spend time on the D&A business to explain the dynamics, the challenges we're facing and the progress the business is making to restore growth over the current coming months. And importantly, we'll spend time on expenses. We're very focused on managing our bottom line, driving margin expansion and cash flow, and we'll discuss how we will exit 2023 as investments flow through to productivity and scale, resulting in greater profitability.

今晚，我們將重點討論準備好的演講，討論行業和市場背景、這對收入增長意味著什麼，以及為什麼我們對我們的業務發展軌跡持樂觀態度。我們將花時間討論 D&A 業務，解釋未來幾個月的動態、我們面臨的挑戰以及業務為恢復增長所取得的進展。重要的是，我們會花時間在開支上。我們非常專注於管理我們的利潤，推動利潤率擴張和現金流，我們將討論如何在 2023 年結束時投資轉向生產力和規模，從而實現更大的盈利能力。

Our Wealth business is building share in an environment of stubbornly low net industry asset flows, a headwind is carried over from 2022. We continue to execute, and we're doing what we said we would do, putting us in a powerful position just as the wealth market accelerates with a more integrated environment than we had predicted. There's real pressure on other participants in this space today as we move ahead into areas of significant impact by data intelligence, while others are trying to solve problems that are scaled areas of advantage for us.

我們的財富業務正在行業淨資產流量持續偏低的環境中擴大份額，2022 年的逆風依然存在。我們繼續執行，我們正在做我們說過要做的事，使我們處於有利地位，就像財富市場的發展速度比我們預期的更加一體化。今天，當我們進入數據智能具有重大影響的領域時，這個領域的其他參與者面臨著真正的壓力，而其他參與者正在努力解決對我們有利的規模化領域的問題。

Envestnet drives and we benefit from strong secular tailwinds that are powering the industry in the quarters and years ahead. Increasing demand for financial advice, growth with independent adviser channel, fee-based and managed accounts and UMAs. These are the growth engines for the industry. In all industry segments, which also includes technology-enabled offerings and more and more industry utilization of data and insight, the market is moving in our direction. We are capitalizing by gaining share.

Envestnet 推動著我們，我們受益於強勁的長期順風，這些順風將在未來幾個季度和幾年為該行業提供動力。對財務建議的需求不斷增加，獨立顧問佢道、收費和管理賬戶以及 UMA 的增長。這些都是行業的增長引擎。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洞察力，市場正在朝著我們的方向發展。我們通過獲得份額來資本化。

In the second quarter, our net flows from AUM&A were $10 billion, representing an organic asset growth rate of 5%. 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 once again in Q2 and multiple wealth firms reported seeing low investor buying activity given the debt ceiling overhang and other factors, a trend that seemed most pronounced among high net worth investors.

第二季度，我們來自 AUM&A 的淨流量為 100 億美元，有機資產增長率為 5%。這些流動非常健康，尤其是在更廣泛的行業背景下。例如，整個行業的長期共同基金和ETF 流量在第二季度再次基本持平，多家財富公司報告稱，鑑於債務上限懸而未決和其他因素，投資者購買活動較低，這一趨勢在高淨值人士中似乎最為明顯投資者。

Looking at our annualized organic growth rates for public companies that have reported so far, the average growth was between 1% and 5% compared to our 5% organic growth. I think it's very useful to look at longer-term trends regarding flows for some added perspective.

看看我們迄今為止報告的上市公司的年化有機增長率，平均增長率在 1% 到 5% 之間，而我們的有機增長率為 5%。我認為，關注流量的長期趨勢以獲得一些額外的視角非常有用。

Looking at our AUM net flows compared to those of the managed account industry overall, we've gained 70 basis points of share in the last few years. Compared to our publicly traded [TAM peers], our AUM&A flows in dollars have been about 7x larger than their combined flows over the last 3 years. These types of flows get reflected in more activity by more advisers utilizing more of our services.

與整個管理賬戶行業的資產管理規模淨流量相比，我們在過去幾年中獲得了 70 個基點的份額。與我們公開交易的 [TAM 同行] 相比，我們的 AUM&A 美元流量比過去 3 年的總流量高出約 7 倍。這些類型的流動反映在更多顧問利用我們更多服務的更多活動中。

In the second quarter, the number of accounts on our platform grew 5% year-over-year to 18.7 million and AUM&A accounts grew 7% year-over-year per adviser. The outperformance of the industry in flows and the growth activity on the platform are leading indicators of our business. Over the last couple of years, assets, accounts and advisers are all up in our higher-margin tax, direct indexing and high net worth solutions. Active advisers selling these solutions have grown 61% over the last 18 months. In tandem, the gross profit is projected to grow by 26% from '22 to' 23. And over the next few years, we expect a 40% CAGR for these solutions. As industry asset flows normalize, there's an important dynamic of play for us. The share gains, account adviser growth will translate to accelerated revenue growth.

第二季度，我們平台上的賬戶數量同比增長 5%，達到 1870 萬個，每位顧問的 AUM&A 賬戶同比增長 7%。行業的流量表現和平台的增長活動是我們業務的領先指標。在過去的幾年裡，資產、賬戶和顧問都在我們利潤率較高的稅收、直接指數和高淨值解決方案中有所增長。過去 18 個月裡，銷售這些解決方案的活躍顧問數量增長了 61%。與此同時，毛利潤預計將從“22”增長到“23”26%。未來幾年，我們預計這些解決方案的複合年增長率為 40%。隨著行業資產流動正常化，我們面臨著重要的競爭動力。份額增長、客戶顧問增長將轉化為收入加速增長。

The revenue story for Envestnet is grounded in these higher-margin solutions in data and technology-enabled adoption and cross-sell. Over time, we see fee rates expanding as we cross-sell more solutions. Let me share a few examples of this in practice. The promise of data in the wealth business is paying off. It is a leading capability for us a differentiator and it drives longer-term flows to higher-margin solutions.

Envestnet 的收入故事基於這些在數據和技術支持的採用和交叉銷售中利潤率更高的解決方案。隨著時間的推移，隨著我們交叉銷售更多的解決方案，我們發現費用率不斷上升。讓我分享一些實踐中的例子。財富行業數據的承諾正在得到回報。對於我們來說，這是一種領先能力，能夠推動差異化因素，推動長期資金流向利潤率更高的解決方案。

Our enterprise-wide reporting solution, which aggregates both managed and held-away accounts and generates them into opportunities, has meaningfully increased its pipeline into double-digit millions, while launching 2 firms this quarter with over $35 billion of assets collectively. The Envestnet Wealth data offering provides tremendous value by creating more visibility across more assets that ultimately will use our platform to be managed assets. The industry has taken notice. Our Insights Engine was named the best AI-based solution for financial services at the AI Breakthrough Award. An important use case is one of our leading clients who plans to share an additional $150 billion in off-platform assets through the data platform by the end of the year. This allows Envestnet to consolidate more assets and drive more cross-sell opportunities. From a financial standpoint, every 10% of these assets we convert represents a roughly $9 million gross profit opportunity for Envestnet, assuming a 6 basis point net fee.

我們的企業級報告解決方案匯總了託管賬戶和保留賬戶並將其轉化為機會，已有意義地將其渠道增加到數百萬美元，同時在本季度推出了2 家公司，總資產超過350 億美元。 Envestnet Wealth 數據產品通過為更多資產創建更多可見性來提供巨大的價值，這些資產最終將使用我們的平台來管理資產。業界已經註意到了這一點。我們的洞察引擎在人工智能突破獎中被評為最佳基於人工智能的金融服務解決方案。一個重要的用例是我們的一個領先客戶，他計劃在今年年底之前通過數據平台額外分享 1500 億美元的平台外資產。這使得 Envestnet 能夠整合更多資產並推動更多交叉銷售機會。從財務角度來看，假設淨費用為 6 個基點，我們每轉換 10% 的資產就為 Envestnet 帶來約 900 萬美元的毛利潤機會。

We're also working closely with our asset manager and client partners to drive mutually beneficial outcomes. The Insights Engine identifies engagement strategies for over $1 trillion of brokerage to manage an adviser as portfolio manager opportunities on our platform. We're working with partners and their distribution teams to maximize this opportunity. For every $100 billion of brokerage to manage flows, that equates to roughly $60 million of gross profit to Envestnet, assuming a 6 basis point net fee. We continue to innovate and connect all the pieces of Envestnet together to drive greater productivity and growth for the firms and advisers who use our platform.

我們還與我們的資產管理公司和客戶合作夥伴密切合作，以推動互惠互利的結果。洞察引擎確定了超過 1 萬億美元經紀業務的參與策略，以在我們的平台上管理顧問作為投資組合經理的機會。我們正在與合作夥伴及其分銷團隊合作，以最大限度地利用這一機會。假設淨費用為 6 個基點，每 1000 億美元的經紀業務用於管理流量，相當於 Envestnet 的毛利潤約為 6000 萬美元。我們不斷創新並將 Envestnet 的所有部分連接在一起，以提高使用我們平台的公司和顧問的生產力和增長。

Our modernized proposal tool is connected to the entire ecosystem of solutions, including PMC, portfolios and services. It's connected to our exchanges, tax and FSP overlay and analytics. This has opened more and more opportunities, and we see that client firms have turned on 25% more of these solutions this year versus the prior year. We continue to make progress on unique custody options through our partnership with FNZ. We talked a lot about this, and the benefit it will provide our clients with an option for a more digital environment and capturing the economics of cash through this partnership fills the gap we have had and creates a long-term benefit for Envestnet and our shareholders.

我們的現代化提案工具連接到整個解決方案生態系統，包括 PMC、產品組合和服務。它與我們的交易所、稅務和 FSP 覆蓋和分析相關。這帶來了越來越多的機會，我們發現客戶公司今年啟用的此類解決方案比去年增加了 25%。通過與 FNZ 的合作，我們繼續在獨特的託管選項方面取得進展。我們對此進行了很多討論，它將為我們的客戶提供更加數字化環境的選擇，並通過這種合作夥伴關係獲取現金經濟效益，從而填補我們的空白，並為 Envestnet 和我們的股東創造長期利益。

As we've integrated the ecosystem, it is accelerating our pipeline, driving value for our clients and creating bundling and pricing opportunities for Envestnet. Our strategy and more importantly, our execution is working in the marketplace. We've created the most seamless operating system networked to the broadest set of solutions with digital and data-driven engagement tools is increasing client engagement, helping them be more productive, which drives more cross-sell and assets on the Envestnet platform.

隨著我們整合生態系統，它正在加速我們的管道，為我們的客戶帶來價值，並為 Envestnet 創造捆綁和定價機會。我們的戰略，更重要的是，我們的執行力正在市場中發揮作用。我們創建了最無縫的操作系統，通過數字和數據驅動的參與工具與最廣泛的解決方案聯網，提高了客戶參與度，幫助他們提高生產力，從而推動 Envestnet 平台上更多的交叉銷售和資產。

Now let's spend a few moments on the Data & Analytics business. As I spoke about just a few moments ago, what we have created in the wealth market is competitively unique, is being well received and adopted and is foundational to the long-term advantages as we serve the industry. While other participants in this space work to figure out and build feature sets and configurability, things that we have long delivered at scale to our customers, we are able to move to AI-driven insights that drive greater adoption for a vast set of solutions.

現在讓我們花一些時間討論數據和分析業務。正如我剛才所說，我們在財富市場上創造的產品具有獨特的競爭優勢，受到廣泛歡迎和採用，是我們服務於該行業的長期優勢的基礎。雖然這個領域的其他參與者致力於找出和構建功能集和可配置性，而我們長期以來一直向客戶大規模交付這些東西，但我們能夠轉向人工智能驅動的見解，從而推動大量解決方案的更廣泛採用。

That said, in the non-wealth parts of the data business, we continue to see challenges, particularly in our data research business. This has been a resilient headwind for us. An increasingly competitive market, coupled with the decline in the quality of users in our data set has pressured revenue in the business for several quarters. We indicated we would experience weakness in the first half of 2023 with stabilization coming in the second half of the year.

也就是說，在數據業務的非財富部分，我們繼續看到挑戰，特別是在我們的數據研究業務中。這對我們來說是一個有彈性的逆風。市場競爭日益激烈，加上我們數據集中用戶質量的下降，幾個季度給業務收入帶來壓力。我們表示 2023 年上半年將出現疲軟，下半年將趨於穩定。

We've been focused and purposeful on restoring our data sets. We have made significant progress and will be back in a position of strength with the best quality, the best quantity of data that we've ever seen. Those data sets are in production, and we're testing with clients and will be live by the end of this year. This is why we feel good that the business is stabilizing and leading to stronger interest and higher renewals and pricing. The remainder of the year should have promising bookings for this business that will point to restoration of the revenue in 2024 and beyond.

我們一直專注並有目的地恢復我們的數據集。我們已經取得了重大進展，並將以我們所見過的最好的質量、最好的數據量重新回到優勢地位。這些數據集正在生產中，我們正在與客戶進行測試，並將於今年年底上線。這就是為什麼我們對業務趨於穩定並帶來更強烈的興趣以及更高的續訂和定價感到滿意。今年剩餘時間裡，該業務的預訂量應該會有希望，這將意味著 2024 年及以後收入將恢復。

Next, I'd like to provide some thoughts around expenses and reiterate our conviction in achieving a 25% adjusted EBITDA margin in 2025. In 2022, our adjusted EBITDA margin was 17.8%. In the first half of 2023, we expanded the margin by 90 basis points compared to the first half of 2022, despite macro headwinds. This performance has been driven by a combination of expense discipline and investments we have made to modernize our platform. In the back half of 2023, we expect to drive even stronger margin expansion helped by incremental efficiency initiatives. For the full year of 2023, we're now expecting to generate margin expansion of 270 basis point, which is at the midpoint of our guidance range, putting us at around 20.5% for the year.

接下來，我想就費用提供一些想法，並重申我們在 2025 年實現 25% 調整後 EBITDA 利潤率的信念。2022 年，我們調整後 EBITDA 利潤率為 17.8%。儘管存在宏觀阻力，2023 年上半年我們的利潤率仍比 2022 年上半年擴大了 90 個基點。這一業績是由費用紀律和我們為實現平台現代化而進行的投資共同推動的。 2023 年下半年，我們預計在增量效率舉措的幫助下，利潤率將實現更強勁的增長。對於 2023 年全年，我們目前預計利潤率將擴大 270 個基點，這是我們指導範圍的中點，全年利潤率約為 20.5%。

On the expense side, the key takeaway is that we've exited the investment cycle and are focused on managing all expenses, which include personnel, vendors, G&A costs, while not wavering from our key strategic initiatives, client support and product delivery commitment. As our investments take root, here are the specific expense actions we've taken, and we'll continue to enact. Our onshore head count is lower year-to-date by 5%.

在費用方面，關鍵的一點是我們已經退出了投資週期，並專注於管理所有費用，包括人員、供應商、一般行政費用，同時堅定不移地堅持我們的關鍵戰略舉措、客戶支持和產品交付承諾。隨著我們的投資紮根，以下是我們已採取的具體費用行動，我們將繼續實施。今年迄今，我們在岸員工人數減少了 5%。

As we noted last quarter, we have taken action by restructuring, combining teams, now joined by the unified technology work that we've done. And we've been very judicious about selected hires. We've reduced the first half real estate occupancy spend by 27% and marketing by 33% as we use Data & Analytics to more efficiently target our efforts. Both areas are targeted for additional efficiency in the second half of the year.

正如我們上季度指出的那樣，我們採取了重組、合併團隊等行動，現在還加入了我們所做的統一技術工作。我們對招聘人員的選擇非常明智。由於我們使用數據和分析來更有效地確定我們的工作目標，因此我們將上半年的房地產入住支出減少了 27%，營銷支出減少了 33%。這兩個領域的目標是在今年下半年提高效率。

In total, adjusted expenses are down 3% in the first half of 2023, with 7% year-over-year reductions targeted in the second half of the year. All of this equates to full year adjusted expenses excluding cost of revenue being down 5% year-over-year. The entire organization is focused on managing our expenses, while making sure our priorities are fully aligned with the needs of our clients and drivers of financial results for the company.

總體而言，2023 年上半年調整後費用將下降 3%，下半年的目標是同比減少 7%。所有這些相當於全年調整後費用（不包括收入成本）同比下降 5%。整個組織專注於管理我們的開支，同時確保我們的優先事項完全符合客戶的需求和公司財務業績的驅動因素。

Looking beyond 2023. There is additional room to expand margins. We are confident in revenue growth acceleration via our solutions and more normalized industry flows. Despite challenges in the market and in the non-wealth D&A segment, we continue to make considerable progress on our plan and remain committed to our 25% adjusted EBITDA margins in 2025. We have modernized our platform, expanded our solutions, connected the pieces of Envestnet, drive greater adoption and engagement from our clients. As we operate in this stage of our cycle, we continue to focus on our core strategy, while we review areas that are noncore to the business. We're disciplined in our expense and capital allocation to accelerate our earnings and free cash flow in the coming quarters.

展望 2023 年以後。利潤率還有進一步擴大的空間。我們對通過我們的解決方案和更加規範的行業流程加速收入增長充滿信心。儘管市場和非財富D&A 領域面臨挑戰，但我們繼續在計劃上取得重大進展，並繼續致力於在2025 年實現25% 的調整後EBITDA 利潤率。我們實現了平台現代化，擴展了解決方案，將各個部分連接起來Envestnet，推動客戶的更大採用和參與。當我們在周期的這個階段運營時，我們將繼續專注於我們的核心戰略，同時審查業務的非核心領域。我們嚴格控制開支和資本配置，以加快未來幾個季度的盈利和自由現金流。

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

我現在想將電話轉給皮特，他將在我們對今年剩餘時間的展望中提供有關本季度業績的詳細信息。

Thank you, Bill. Our second quarter results provide evidence of how the business is progressing through this phase of our investments. As expected, we are seeing margins expand compared to 2022, while we are effectively managing our expenses. While the macro economy performed well in the quarter, the wealth industry continued to experience dampened flows, while advisers and firms remain cautious during this recovery. Our expectations for 2023 were that the year was to be one of execution and delivery with the anticipated result of margin expansion, which we are demonstrating. Further, as Bill described, we are continuing to see positive signs for future revenue growth in both segments.

謝謝你，比爾。我們第二季度的業績提供了我們這一階段投資的業務進展情況的證據。正如預期的那樣，與 2022 年相比，我們的利潤率有所擴大，同時我們正在有效地管理我們的支出。儘管本季度宏觀經濟表現良好，但財富行業的資金流動繼續受到抑制，而顧問和公司在本次復蘇期間仍保持謹慎態度。我們對 2023 年的期望是，這一年將成為執行和交付的一年，並實現利潤率擴張的預期結果，我們正在展示這一點。此外，正如比爾所描述的，我們繼續看到這兩個領域未來收入增長的積極跡象。

For the second quarter, revenue came in at the low end of our guidance range. Adjusted EBITDA was above the high end of the range. Adjusted revenue was approximately $312.5 million, adjusted EBITDA was $57.8 million, while adjusted EPS was $0.46. Our guidance for Q3 and for the full year is laid out in the earnings release and in the supplemental presentation. Overall, the environment in Q2 continued to present challenges for clients and prospective clients, impacting both segments of our business as well as both asset-based and subscription revenue.

第二季度的收入處於我們指導範圍的低端。調整後的 EBITDA 高於該範圍的高端。調整後收入約為 3.125 億美元，調整後 EBITDA 為 5780 萬美元，調整後每股收益為 0.46 美元。我們對第三季度和全年的指導在收益發布和補充演示中列出。總體而言，第二季度的環境繼續給客戶和潛在客戶帶來挑戰，影響了我們的兩個業務部門以及基於資產和訂閱的收入。

While industry-wide flows remain under pressure, our wealth segment continued to experience positive net flows in our asset-based products, although the mix of flows has not been as favorable for our average fee rate. Our guidance for the rest of the year reduces our outlook for net flows and mix from what we had previously expected. At this point, these updated assumptions for the rest of the year are offsetting higher revenue from Q2 capital markets increases. We expect subscription revenue in the wealth segment to grow at mid- to upper single digits organically for 2023. The Data & Analytics segment had challenges in research as well as delays with bank and tech clients. The emerging wealth channel is showing positive signs, but is still a relatively smaller part of that segment. While we have lowered our G&A forecast for the rest of 2023, there are positive signs in the segment's bookings and client pipeline.

儘管全行業的流量仍然面臨壓力，但我們的財富部門的資產型產品繼續經歷正的淨流量，儘管流量組合對我們的平均費率並不那麼有利。我們對今年剩餘時間的指導意見降低了我們對淨流量和組合的預期，低於我們之前的預期。目前，今年剩餘時間的這些最新假設正在抵消第二季度資本市場增長帶來的更高收入。我們預計，到 2023 年，財富領域的訂閱收入將以中位數到高個位數的有機增長。數據與分析領域在研究方面面臨挑戰，以及銀行和科技客戶的延誤。新興的財富渠道正在顯示出積極的跡象，但仍佔該細分市場相對較小的一部分。雖然我們下調了 2023 年剩餘時間的一般管理費用預測，但該部門的預訂和客戶渠道出現了積極跡象。

For the third quarter, we expect adjusted revenue to be between $316 million and $319 million, adjusted EBITDA to be between $64 million and $66 million and adjusted EPS to be between $0.52 and $0.54. For the full year, we are modifying our adjusted revenue guidance to between $1.252 billion and $1.259 billion, adjusted EBITDA to a range of $255 million and $260 million, and adjusted EPS of $2.09 and $2.15. 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 June 30.

對於第三季度，我們預計調整後收入將在3.16 億美元至3.19 億美元之間，調整後EBITDA 將在6400 萬美元至6600 萬美元之間，調整後每股收益將在0.52 美元至0.54 美元之間。對於全年，我們將調整後的收入指引修改為12.52 億美元至12.59 億美元之間，調整後的EBITDA 至2.55 億美元至2.6 億美元之間，調整後的每股收益為2.09 美元至2.15 美元。我們的指引一如既往，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 6 月 30 日的市場水平。

Turning to the balance sheet. We ended March with $59 million in cash and debt of $913 million, making our net leverage ratio just below 3.9x adjusted EBITDA. In June, we paid down the remaining $45 million outstanding on our 2023 convertible notes using our revolving credit facility. As of June 30, only $20 million remained drawn on the revolver, and that $20 million has been paid down in July. We expect our high point for the leverage ratio to be March 31 of this year, dropping below 3.5x EBITDA by the end of the year. We expect to continue to reduce our leverage ratio and improve our balance sheet with growing EBITDA going forward.

轉向資產負債表。截至 3 月份，我們的現金為 5900 萬美元，債務為 9.13 億美元，使我們的淨槓桿率略低於調整後 EBITDA 的 3.9 倍。 6 月份，我們使用循環信貸額度償還了 2023 年可轉換票據的剩餘 4500 萬美元未償付款項。截至 6 月 30 日，左輪手槍只剩下 2000 萬美元，而這 2000 萬美元已於 7 月份支付。我們預計槓桿率的高點將於今年 3 月 31 日出現，到年底將降至 3.5 倍 EBITDA 以下。我們預計將繼續降低杠桿率並改善資產負債表，同時 EBITDA 不斷增長。

One last point to note, we expect to see an increase in cash taxes paid in 2023, related to the legislative change, eliminating the immediate deductibility of research and development expenses effective for tax year of 2022. We'll have an estimated payment in Q3 of approximately $13 million, which is higher than our quarterly expectation going forward in the near future. We paid cash taxes of around $2 million to $3 million quarterly over recent years, and we expect that to go up to $4 million to $6 million quarterly for the near term. Again, all related to this legislative change from 2022.

最後一點需要注意的是，我們預計 2023 年支付的現金稅將有所增加，這與立法變化有關，取消了 2022 納稅年度有效的研發費用的立即扣除。我們將在第三季度進行估計付款約1300萬美元，高於我們近期的季度預期。近年來，我們每個季度繳納的現金稅約為 200 萬至 300 萬美元，我們預計近期每個季度將增至 400 萬至 600 萬美元。同樣，所有這些都與 2022 年起的立法變化有關。

Thank you again 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.

再次感謝您對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 executing on our strategic plan. We're on the path we set forth for driving sustained revenue growth and margin expansion. While creating greater demand and engagement from our clients and a significant competitive advantage in the marketplace. We continue to gain share with industry-leading flows and are addressing the challenges in the data research business. We will continue to be laser-focused on our expenses and have confidence in the revenue upside through our network of solutions, data and technology.

謝謝你，皮特。 Envestnet 正在執行我們的戰略計劃。我們正走在推動持續收入增長和利潤擴張的道路上。同時創造更大的客戶需求和參與度，並在市場上獲得顯著的競爭優勢。我們繼續在行業領先的流程中獲得份額，並正在應對數據研究業務中的挑戰。我們將繼續專注於我們的支出，並對通過我們的解決方案、數據和技術網絡實現收入增長充滿信心。

As always, I'd like to thank every member of the Envestnet team. Hard work, dedication to our clients, industry-leading innovation, these are the hallmarks of a great organization, and I'm appreciative every day for your excellence. And to our clients, thank you for the trust you put in us and the partnership to drive greater growth for your business and better outcomes for your clients. It is extraordinary what we are doing together.

一如既往，我要感謝 Envestnet 團隊的每一位成員。勤奮工作、對客戶的奉獻、行業領先的創新，這些都是偉大組織的標誌，我每天都對你們的卓越表現表示讚賞。對於我們的客戶，感謝您對我們的信任以及我們的合作夥伴關係，以推動您的業務取得更大的增長並為您的客戶帶來更好的成果。我們一起做的事情是非同尋常的。

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

現在我將把它交還給接線員詢問。

(Operator Instructions) And our first question comes from the line of Michael Cho with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Michael Cho。

My first question, I just wanted to touch on kind of the industry flow trends that you highlighted. So you talked about kind of that sentiment leading into investment as well, I guess -- and really carrying on from 2022. I guess, in your mind and from your speed, I mean, what do you think is prolonging that friction in the space and for investment as well in terms of kind of industry adviser and AUM flows. And really what causes it to normalize from here? And what does normalized mean in your mind?

我的第一個問題，我只想談談您強調的行業流動趨勢。所以我想，你也談到了這種導致投資的情緒——而且從2022 年開始確實如此。我想，從你的想法和速度來看，我的意思是，你認為是什麼在延長這個領域的摩擦以及行業顧問類型和資產管理規模流量方面的投資。究竟是什麼導致它從這裡開始正常化？在您看來，標準化意味著什麼？

Yes. Thank you, Michael. I hope you're doing well. It has been a stubborn, I think in my prepared remarks, I used the word stubborn, and it's been a very stubborn dynamic. And yes, the first half of the year has been a healthy first half for the capital markets. But as you know, it's been pretty narrow, right? So the leaders of the market are concentrated in a couple of stocks, and so that the broader market really hasn't participated along with that narrow group.

是的。謝謝你，邁克爾。我希望你一切都好。這是一種頑固，我認為在我準備好的發言中，我使用了頑固這個詞，這是一種非常頑固的動力。是的，今年上半年對於資本市場來說是一個健康的上半年。但正如你所知，它的範圍相當狹窄，對吧？因此，市場的領先者集中在幾隻股票上，因此更廣泛的市場實際上並沒有與這一狹窄的群體一起參與。

And what's been interesting because whenever we've had a healthier market, it correlates to increased flows, increased account opening, and that has not been the case this time. And I think it goes back and it really tells you very clearly that there's an alternative out there, and that alternative are yield assets, whether that's cash, fixed income, the yields are higher with a higher interest rate. We spend a lot of time focused on the industry data.

有趣的是，每當我們有一個更健康的市場時，它就會與流量增加、開戶增加相關，但這次情況並非如此。我認為它可以追溯到，它確實非常清楚地告訴你，有一種替代方案，而這種替代方案就是收益資產，無論是現金、固定收益，利率越高，收益率就越高。我們花了很多時間關注行業數據。

In the industry data, Q2 ICI, mutual fund, ETF data, you're negative in 2Q, which is surprising given the health of the overall market or the returns of the -- the headline return on the overall market. And we dig in, we look at a lot of survey data and surveys particularly around the high net worth category are even more deeply negative. And then you dig in and you look at some of the public comps that we study, whether that's a wealth management firm or whether that's an asset management firm. And those growth rates have been really kind of suppressed. So it's -- this is not an Envestnet issue. It's an industry issue.

在行業數據、第二季度 ICI、共同基金、ETF 數據中，第二季度的數據為負，考慮到整體市場的健康狀況或整體市場的整體回報率，這是令人驚訝的。我們深入研究，查看了大量調查數據，特別是圍繞高淨值人群的調查甚至更加負面。然後你深入研究，看看我們研究的一些上市公司，無論是財富管理公司還是資產管理公司。這些增長率確實受到了抑制。所以這不是 Envestnet 的問題。這是一個行業問題。

I speak to a lot of leaders in the business, whether leading asset management firms, wealth management firms, and there is some head rubbing out there on, okay, why is that catalyst? How does it begin to turn? I think it turns, Michael, as you broaden out the participation in the overall market and the rate overhangs there, the question -- the government's debt issue was there in the quarter, you've got kind of this recessionary overhang that certain banks continue to talk about. And so there's a risk off. You've got an alternative in cash and you need to broaden out the participation of market -- in the market for the flows to respond.

我與很多業內領導者交談過，無論是領先的資產管理公司還是財富管理公司，他們都在思考，好吧，為什麼這是催化劑？它是如何開始轉動的？我認為，邁克爾，當你擴大對整個市場的參與以及那裡的利率懸而未決時，問題是——政府的債務問題在本季度就出現了，某些銀行繼續存在這種衰退懸而未決的問題談談關於。因此存在風險。你有現金的替代方案，你需要擴大市場的參與範圍——市場的參與，讓資金流做出反應。

All of that said, I look at how Envestnet is performed, and I'm looking at our overall organic growth rate, which is at the upper tier of any firm that we really take a close look at. And then I look particularly in some of these higher value services. And yes, they're not meeting our expectation as to what we thought when the market began to turn that would be a quicker restoration towards flows. But we're doing really well there. We've enrolled or have active advisers over the last 18 months of 61% growth in number of advisers using these solutions.

綜上所述，我關注的是 Envestnet 的表現，我關注的是我們的整體有機增長率，這在我們真正密切關注的任何公司中都處於較高水平。然後我特別關注其中一些更高價值的服務。是的，當市場開始轉向時，它們並沒有達到我們的預期，即流量會更快恢復。但我們在那裡做得非常好。在過去 18 個月裡，我們已經招募或擁有了活躍的顧問，使用這些解決方案的顧問數量增長了 61%。

And if I dig in and I look at each of these types of capabilities, the direct index capability, for instance, 41% growth in assets, 26% accounts, 47% in the advisers year-to-date or year-over-year growth rate that's impressive. And so we're chipping away. We're doing what we're doing. I think we're at the upper tier of the growth in the flows in the industry.

如果我深入研究並查看每種類型的能力，直接指數能力，例如，今年迄今為止或同比資產增長 41％，賬戶增長 26％，顧問增長 47％增長率令人印象深刻。所以我們正在努力。我們正在做我們正在做的事情。我認為我們處於行業流量增長的較高水平。

And returning back to the conversations I have with the asset manager partners who distribute with us, a lot of the feedback is that we continue to lead. When they look at the flow rates that are coming into different environments across the wealth industry, Envestnet is performed probably at the top tier of those types of opportunities or distribution points for the asset manager community. It's on a comparative basis that we're doing well. It's not on actual basis compared to what we were hopeful as the market began to restore, you'd see a restoration of flows.

回到我與與我們一起分銷的資產管理合作夥伴的對話，很多反饋都是我們繼續領先。當他們查看進入整個財富行業不同環境的流量時，Envestnet 可能處於資產管理社區此類機會或分配點的頂層。從比較的角度來看，我們做得很好。與我們在市場開始恢復時所希望的情況相比，這並不是基於實際情況，你會看到流量的恢復。

Great. And I guess just for my follow-up, kind of switch gears on the other part -- on your D&A business. I appreciate all the commentary there and some of the near-term puts and takes you walk through. So I'm just kind of curious what you're hearing from clients as well. I mean is it kind of clients kind of delaying purchasing decisions? Or just is it really just a matter of product pipeline? And just kind of curious on, again, from your seat in terms of what you're hearing from clients and some sentiment there for Envestnet's products.

偉大的。我想這只是為了我的後續行動，在另一部分——你的 D&A 業務上進行切換。我很欣賞那裡的所有評論以及一些近期的看跌期權並帶您瀏覽。所以我也很好奇你從客戶那裡聽到了什麼。我的意思是，客戶是否會推遲購買決定？或者這真的只是產品管道的問題嗎？再次，我對您從客戶那裡聽到的信息以及對 Envestnet 產品的一些看法感到好奇。

Great. Thanks, Michael. I'll spend a minute on the D&A business, and I'll kind of walk through kind of what we're seeing. In the wealth market with our wealth data product, there's high demand. There's a deep pipeline. They're really good bookings. There's good adoption, and firms that are adopting, particularly in this brokerage to manage where we're looking at kind of the firm's broadest set of data, and we're moving assets into -- beginning to move assets into more managed account environment. Those firms are top-tier growers for us. It's having an effect, and that effect is great data to return back to the marketplace, say, hey, firms that are using this are growing at a faster rate, here are some numbers. And so we're very bullish there.

偉大的。謝謝，邁克爾。我將花一點時間討論 D&A 業務，並大致介紹一下我們所看到的情況。在財富市場上，我們的財富數據產品有很高的需求。有很深的管道。他們的預訂確實很好。有很好的採用率，而且公司正在採用，特別是在經紀業務中，我們正在研究公司最廣泛的數據集，並且我們正在將資產轉移到 - 開始將資產轉移到更受管理的賬戶環境中。這些公司對我們來說是頂級種植者。它正在產生效果，這種效果是返回市場的重要數據，比如說，嘿，使用它的公司正在以更快的速度增長，這裡有一些數字。所以我們非常看好這一點。

And again, I'd reiterate that the pipeline is strong and the bookings are strong. The usage as it goes up is driving a faster result for our clients. So we're very enthusiastic about the wealth data offering. The bank market, as you know, has had a tough, very difficult first half of the year. There's some delays on a particular client deployment, and that's impacted our outlook for the rest of the year.

我再次重申，渠道很強大，預訂也很強勁。隨著使用量的增加，我們的客戶可以更快地獲得結果。因此，我們對財富數據產品非常熱衷。如您所知，銀行市場今年上半年經歷了艱難、非常困難的時期。特定客戶端部署出現一些延遲，這影響了我們對今年剩餘時間的展望。

And then in the FinTech market, particularly the larger FinTech-type companies, which utilize our verification business, there's lower volume. And that's also had an impact and impacts our outlook for the rest of the year. The real challenge, though, I'll put a circle around the research business. And in that research business, what we do is we de-identify data, we use -- we look at underlying consumer activity separated from -- separated into kind of generic data sets. We share that with a universe of asset managers to utilize that to help understand momentum or activity for a particular company.

然後在金融科技市場，特別是利用我們的驗證業務的大型金融科技類型公司，數量較低。這也對我們今年剩餘時間的前景產生了影響。不過，真正的挑戰是我將圍繞研究業務進行討論。在這項研究業務中，我們所做的就是對數據進行去識別化，我們使用——我們觀察潛在的消費者活動，將其分離成某種通用數據集。我們與眾多資產管理公司分享這一信息，以幫助了解特定公司的勢頭或活動。

It's been a very useful capability and something that we really innovated in that space, and we're a leader in that space. But over the years, there's been competition. And the competition began to match our data set and in fact, our data set was degrading over the last couple years, given the data makeup and the characteristic makeup that we were able to utilize and share with our research clients. That said, so that's been a focus of ours. Focus of ours has been to restore that data set to improve it and to create a characteristic set that was once again unique and preferenced or kind of more competitive than what was in the marketplace. That can't happen overnight. It happens over quarters.

這是一項非常有用的功能，也是我們在該領域真正創新的東西，我們是該領域的領導者。但多年來，競爭一直存在。競爭開始與我們的數據集相匹配，事實上，考慮到我們能夠利用並與研究客戶共享的數據構成和特徵構成，我們的數據集在過去幾年中正在退化。也就是說，這一直是我們的重點。我們的重點是恢復該數據集以對其進行改進，並創建一個特徵集，該特徵集再次獨特且受青睞，或者比市場上的數據更具競爭力。這不可能在一夜之間發生。它發生在幾個季度內。

And I would tell you that as we get to this year versus the beginning of the year to when we end the year, contracted in the door being processed and beginning to be shared with our research data client is a data set that has profoundly been enhanced in the many, many, many millions of users and many, many, many millions of characteristics that have real value because of geographic reasons, because of demographic reasons. And it is now I believe the high watermark for the quality of data that we're able to provide to our research clients and the high watermark for the quantity of data that we'll be able to share with our research clients.

我想告訴你，當我們從今年年初到年底時，正在處理並開始與我們的研究數據客戶共享的合同是一個已經得到了深刻增強的數據集由於地理原因、人口統計原因，數以百萬計的用戶和數以百萬計的特徵具有真正的價值。現在我相信我們能夠向我們的研究客戶提供的數據質量達到了高水平，並且我們能夠與我們的研究客戶共享的數據數量達到了高水平。

So that doesn't solve the short-term revenue headwind that we faced in the first half of the year. I believe over the last couple of earnings calls, I've called out that the first half is going to be weak and that we'd begin to see stabilization in restoration as we got to the back half of the year. I'm reiterating that outlook that the first half of the year was the challenge in that research business. But then now as we've acquired, processed, beginning to share that level of data with our research clients, we believe that, that business will be stabilized and that towards the end of the year, we'll start to see a restoration of the revenue for that research business. I hope that's helpful.

因此，這並不能解決我們上半年面臨的短期收入逆風。我相信在過去的幾次財報電話會議中，我已經指出上半年將會疲軟，並且隨著下半年的到來，我們將開始看到經濟復甦的穩定。我重申，今年上半年是研究業務面臨的挑戰。但現在，隨著我們已經獲取、處理並開始與我們的研究客戶共享該級別的數據，我們相信業務將會穩定下來，到今年年底，我們將開始看到業務的恢復該研究業務的收入。我希望這有幫助。

And our next question is from Devin Ryan with JMP Securities.

我們的下一個問題來自 JMP 證券的 Devin Ryan。

I guess first question, just kind of hitting on expenses. And if I look at the guidance for the third quarter, I think it implies for the fourth quarter, something like $0.64 to $0.70 for fourth quarter EPS. And so it implies a pretty nice step-up in EPS in the third quarter, and so it sounds like that's expense driven primarily. And so just trying to think about some of the moving parts there. So there's kind of 2 things going on there. These efficiencies are driving, but then I think there's also a little bit of timing or seasonal dynamics. So just trying to think about the kind of pieces to getting to a better expense level at the end of the year based on some of the things you said. And then maybe a little bit earlier, but just thinking about a jumping off point for 2024, just given the expenses are obviously in focus.

我想第一個問題是關於開支的。如果我看一下第三季度的指導，我認為這意味著第四季度的每股收益約為 0.64 至 0.70 美元。因此，這意味著第三季度每股收益將出現相當不錯的增長，聽起來這主要是由費用驅動的。所以只是嘗試思考其中的一些活動部件。所以那裡發生了兩件事。這些效率正在推動，但我認為還有一點時間或季節性動態。因此，只是根據您所說的一些事情，考慮一下在年底達到更好的費用水平的哪些部分。然後可能會更早一些，但考慮到 2024 年的起點，考慮到支出顯然是焦點。

Yes. So this is Pete. Thanks, Devin. You've caught kind of the highlights on the expense side. It's not entirely expense-driven. There is some revenue growth assumptions that kind of meet sort of our ongoing growth trajectory, although we've obviously pulled things down a little bit from what our prior expectations were.

是的。這就是皮特。謝謝，德文。您已經註意到了費用方面的一些亮點。這並不完全是費用驅動的。有一些收入增長假設符合我們持續的增長軌跡，儘管我們顯然比之前的預期有所下降。

But yes, on the expense side, it's a couple of things. It's the activities that Bill mentioned that is going to kind of lower our run rate. And then there is that seasonality aspect where we typically see the fourth quarter come in a little bit lower and then probably in Q1, it comes in a little bit higher, but still a general run rate is going to be significantly lower compared to where we have been in 2022. So I'll let Bill get into the higher level strategy on that.

但是，是的，在費用方面，有幾件事。比爾提到的活動會降低我們的運行率。然後是季節性方面，我們通常會看到第四季度的情況會稍低一些，然後可能在第一季度，它會稍高一些，但總體運行率仍然會明顯低於我們的情況已經是2022 年了。所以我會讓Bill 討論這方面的更高級別的策略。

Right. So Devin, so a couple of things that will happen between now and the end of the year. As you know, we've kind of -- we're factoring in the overall flow rates, and it's just not the flow rate. It's kind of the fee dynamic to that flow rate, where the assets are coming from and kind of what solutions they're coming into and that really modified our guidance for the rest of the year.

正確的。德文，從現在到今年年底將會發生一些事情。如您所知，我們將總體流量考慮在內，但它不是流量。這是流量的費用動態、資產來自哪里以及它們將採用什麼解決方案，這確實改變了我們今年剩餘時間的指導。

But there are real kind of interesting and notable revenue opportunities that will begin to come to fruition as we get to the fourth quarter of the year. Included in that are how we're partnering with asset managers and pulling them in a little bit more closely to the engagement strategy that we have across the span of our business that will generate -- begin to generate additional revenue, high-margin revenue as we get to 4Q.

但當我們進入今年第四季度時，真正有趣且值得注意的收入機會將開始實現。其中包括我們如何與資產管理公司合作，並讓他們更加接近我們在整個業務範圍內製定的參與策略，這將開始產生額外的收入，高利潤收入我們到了第四季度。

The other dynamic is we get to 4Q on the revenue side will be our partnership with Empower for the retirement business begins towards the end of the year. So those are dynamics that are kind of the pluses where some of the headwinds that we're factoring in on our guide are very much industry flow assumption that we've experienced in the first half of the year.

另一個動態是，我們在第四季度的收入方面將是我們與 Empower 的退休業務合作夥伴關係將於今年年底開始。因此，這些動態是一種優勢，我們在指南中考慮的一些不利因素很大程度上是我們在今年上半年經歷的行業流動假設。

And we don't want to be ahead of whenever that trend begin transition, we're going to be observers and say, hey, this is the overall health of the marketplace and then we'll modify to make sure that we're in line with when the restoration of flows begins to happen. But I do want to highlight or call out some of these other revenue opportunities that we see coming before the end of the year, and then we'll be ongoing as we roll into '24.

我們不想在趨勢開始轉變時走在前面，我們將成為觀察者並說，嘿，這是市場的整體健康狀況，然後我們將進行修改以確保我們處於領先地位與流量開始恢復的時間一致。但我確實想強調或指出我們認為在今年年底之前將出現的一些其他收入機會，然後我們將在進入 24 年後繼續進行。

On the expense side, look, this is a very focused organization. We're focused on a couple of things. One is that the wealth market, we believe that we are deeply establishing a competitive advantage, given the integration work we've done and how we've injected the data into that environment to help power the growth and efficiency of our clients. So that's a big deal.

從費用方面來看，這是一個非常專注的組織。我們專注於幾件事。一是財富市場，考慮到我們所做的整合工作以及我們如何將數據注入該環境以幫助推動客戶的增長和效率，我們相信我們正在深入建立競爭優勢。所以這是一件大事。

And so the focus on the wealth market, we think, creates material and long-term competitive advantage for Envestnet to continue to win share and continue to grow, will power our growth. And connected to that is the focus on the execution of the strategy. A couple of years ago, we said this is where the industry was headed. And it is exactly where the industry is headed. It is a more integrated holistic wealth environment and utilizing data, technology and a connection to a broader set of solutions, and that's exactly what we're delivering to our clients. Clients are reflecting that back to us, and they're utilizing more in a holistic way.

因此，我們認為，對財富市場的關注將為 Envestnet 創造物質和長期的競爭優勢，使其繼續贏得份額並繼續增長，這將為我們的增長提供動力。與此相關的是對戰略執行的關注。幾年前，我們說過這就是該行業的發展方向。這正是該行業的發展方向。這是一個更加綜合的整體財富環境，利用數據、技術以及與更廣泛的解決方案的連接，而這正是我們為客戶提供的服務。客戶將這一點反饋給我們，他們正在以整體的方式利用更多。

But really very important, important, important is our focus on margin and expenses. And so we're focused. Our priority list is pretty sharp. It's pretty tight. We're delivering on it. And then when we look around the firm, we're managing expenses in every corner to make sure that we are going to deliver on that 25% adjusted EBITDA by 2025. That's a high watermark that we believe that can sustain from a profitability standpoint, and we're making progress. We're going to make progress this year despite some of the headwinds, we're going to make important progress as well in 2024. We'll roll into '24 in a strong position to make that progress.

但真正非常重要、重要、重要的是我們對利潤和費用的關注。所以我們很專注。我們的優先級列表非常明確。非常緊。我們正在兌現這一承諾。然後，當我們環顧公司時，我們正在管理各個方面的費用，以確保我們將在2025 年之前實現25% 的調整後EBITDA。這是一個高水位，我們相信從盈利的角度來看可以維持這一水平，我們正在取得進展。儘管存在一些阻力，我們今年仍將取得進展，我們也將在 2024 年取得重要進展。進入 24 年，我們將處於有利地位來取得這一進展。

Okay. Terrific. And then just a follow-up on some of the cross-sell opportunities. Obviously, you guys have been talking a lot about Insights Engine and it does seem like a differentiated offering and win-win for both you and advisers and so -- and ultimately, clients as well. So I'm just trying to think about the ability to really get more traction there to kind of accelerate the cross-sell opportunity. Is it just more an education aspect of just getting in front of folks and make sure they understand the capability? Because again, it seems like it would sell itself, but at the same time, how do you accelerate that growth? And how do you get it through another step function higher, if you will?

好的。了不起。然後是一些交叉銷售機會的後續行動。顯然，你們一直在談論 Insights Engine，它似乎確實是一個差異化的產品，對您和顧問以及最終的客戶來說都是雙贏的。因此，我只是想思考是否有能力真正獲得更多吸引力，以加速交叉銷售機會。僅僅是在人們面前並確保他們了解該功能的教育方面嗎？因為，它似乎會自行出售，但與此同時，你如何加速這種增長？如果你願意的話，你如何讓它通過另一個更高的階躍函數？

Yes, that's awesome, Devon. And so there is -- I said it there when I was talking about the data business, a high degree of interest in it. The pipeline is strong, the bookings are strong, and usage is beginning to -- usage is picking up and as the usage picks up, you get some really great return data, meaning firms that are utilizing the Insights Engine are just growing faster than other firms. There's a great marketing story there, and it's an important one. It's fact-based and databased. And so we're excited about that.

是的，那太棒了，德文郡。所以我在談論數據業務時就說過，人們對它有很高的興趣。管道很強大，預訂量很大，使用量也開始增加——使用量正在增加，隨著使用量的增加，您會得到一些非常好的返回數據，這意味著使用洞察引擎的公司比其他公司增長得更快公司。這裡有一個很棒的營銷故事，而且是一個重要的故事。它是基於事實和數據庫的。所以我們對此感到興奮。

One of the things that we are also, and this is connected to another important focus of ours, which is pricing. And as we move forward on renewals for our clients and contracts, you will see the data Insights Engine bundled in with an increased fee from a licensing endpoint -- on the licensing contracts in those renewals. And so what we're doing is we're bundling that data into our base products, whether it's trading, rebalancing, reporting, et cetera. and the value add for us is incremental higher sub rate.

我們也是其中之一，這與我們的另一個重要關注點相關，即定價。隨著我們繼續為客戶和合同續訂，您將在這些續訂的許可合同上看到數據洞察引擎與來自許可端點的增加的費用捆綁在一起。因此，我們正在做的是將這些數據捆綁到我們的基礎產品中，無論是交易、再平衡、報告等等。對我們來說，增值是增量更高的子費率。

But the real kind of objective there is to drive more and more usage of the data platform, which will drive more and more kind of adoption of these higher-value fiduciary solutions that we provide. So it is embedded in the strategy, it's embedded in the platform, it's embedded in our go-to-market, is going to be embedded in our pricing.

但真正的目標是推動數據平台的使用越來越多，這將推動我們提供的這些更高價值的信託解決方案得到越來越多的採用。因此，它嵌入到戰略中，嵌入到平台中，嵌入到我們的市場推廣中，也將嵌入到我們的定價中。

And our next question is from Pete Heckmann with D.A. Davidson.

我們的下一個問題來自皮特·赫克曼 (Pete Heckmann) 和 D.A.戴維森。

I just wanted to follow-up a little bit on the custody opportunity. We're getting closer to that. I just wanted to see the feedback you're getting from clients, where you're getting the most interest and if possible, if you can help us start to handicap or size the opportunity and how that might roll on and kind of what it looks like in terms of maybe the amount of revenue and the incremental margins involved.

我只是想跟進一下託管機會。我們離那個目標越來越近了。我只是想看看您從客戶那裡得到的反饋，您對哪些方面最感興趣，如果可能的話，您是否可以幫助我們開始限製或評估機會，以及機會如何發展以及它看起來是什麼樣子比如收入金額和涉及的增量利潤。

Great. Thank you, Peter. Yes. No, it's been -- so we're continuing to be leaned in. And I talked about focused on priorities. One of those focuses is clearly the integration work and work that we have going on with FNZ, which I have spoken about in the past. Just for those of you who are not completely up to speed, FNZ is new U.S. entrant, a global firm has done a really great work on creating a more digital environment for the custody business and we're partnering with them.

偉大的。謝謝你，彼得。是的。不，是這樣——所以我們將繼續努力。我談到了專注於優先事項。其中焦點之一顯然是整合工作以及我們與 FNZ 正在進行的工作，我過去曾談到過這一點。對於那些還不完全了解情況的人來說，FNZ 是美國的新進入者，一家全球性公司在為託管業務創建更加數字化的環境方面做了非常出色的工作，我們正在與他們合作。

Today, we trade, Peter, as you know, to the industry, right? So every sort of custodian or trust system that's out there, we're connected to and our clients are able to utilize those. FNZ's another option, but it's an interesting option because in that option, it is fully digital, real-time account opening, real-time exchange of data versus a batch process, which is how much of the industry works today. In the relationship with FNZ, we'll be able to garner economics that we have not been able to participate in the past. Those are from a custody standpoint, but they're also from cash management and other feature sets that come along with a custody offering.

今天，彼得，正如你所知，我們與行業進行貿易，對嗎？因此，我們連接到各種託管或信任系統，並且我們的客戶能夠利用它們。 FNZ 是另一種選擇，但它是一個有趣的選擇，因為在該選擇中，它是完全數字化、實時開戶、實時數據交換而不是批處理，這就是當今行業的運作方式。在與FNZ的關係中，我們將能夠獲得過去無法參與的經濟。這些是從託管的角度來看的，但它們也來自現金管理和託管產品附帶的其他功能集。

If you look at -- I've said this in the past, kind of in the past is, hey, look, I feel very, very good about the Envestnet position. I feel very good about the Envestnet business model, but our Achilles heel has been that we have not been able to serve cash, and that this is going to resolve that for us. And that will become a revenue generator versus assets or dollars that are moved away to be served side of our ecosystem. So this is a good opportunity for us.

如果你看一下——我過去說過，嘿，看，我對 Envestnet 的地位感覺非常非常好。我對 Envestnet 的商業模式感覺非常好，但我們的致命弱點是我們無法提供現金，而這將為我們解決這個問題。這將成為收入來源，而不是轉移到我們生態系統一側的資產或美元。所以這對我們來說是一個很好的機會。

I would also say, and I think I've said it maybe on a prior earnings call is I believe that the digital nature of what FNZ is doing in the marketplace will bring other firms along. And that has been the case. So as we lean in with FNZ, we have very strong and very deep partnerships with the other custodians and working with the other custodians to figure out how to digitally connect to the Envestnet world to streamline account opening administration, et cetera. I think it's all very interesting in work that we're excited to engage with those partners.

我還想說，我想我可能在之前的財報電話會議上說過，我相信 FNZ 在市場上所做的事情的數字本質將帶動其他公司的發展。情況就是如此。因此，當我們與 FNZ 合作時，我們與其他託管人建立了非常強大和深入的合作夥伴關係，並與其他託管人合作找出如何以數字方式連接到 Envestnet 世界，以簡化賬戶開立管理等。我認為工作非常有趣，我們很高興與這些合作夥伴合作。

We -- I think the way to think about the economics really is that if you look at a gross sale number of gross assets that flow between the Tamarac platform and the Envestnet platform during the course of the year, it's been running at about $1 trillion between Tamarac platform and the Envestnet core platform, $200 billion of that would be on the kind of the Envestnet platform. If we're able to convert 10% of that -- those dollars on the $200 billion, then you're talking about a $10 million to $20 million run rate of revenue that we'll be able to generate there.

我們——我認為思考經濟學的方式實際上是，如果你看看這一年中 Tamarac 平台和 Envestnet 平台之間流動的總資產的銷售總額，它的規模約為 1 萬億美元在Tamarac 平台和Envestnet 核心平台之間，其中2000 億美元將用於Envestnet 平台。如果我們能夠將其中的 10% 轉換為 2000 億美元，那麼我們將能夠在那裡產生 1000 萬至 2000 萬美元的運行收入。

So it's meaningful. It's also very high margin as we're successful there. In the market, I would say there's been a lot of interest, and it's one of the service challenges our industry has in a multi-custody world is, hey, I've got to operate these different ways of opening accounts and servicing, administrating. This is more turnkey. It's purely digital. It's real time. And that's a promise or a perspective that has not been presented really to the advice industry before. And so there's a lot of interest. We'll have early successes in 2024. So there's definitely a '24 story, not a '23 story and we'll get going -- beginning to build business there in 2024.

所以這是有意義的。由於我們在那裡取得了成功，因此利潤率也非常高。在市場上，我想說有很多興趣，這是我們行業在多託管世界中面臨的服務挑戰之一，嘿，我必須操作這些不同的方式來開設賬戶和服務，管理。這更加交鑰匙。它是純數字的。這是實時的。這是一個以前從未真正向諮詢行業提出過的承諾或觀點。所以人們對此很感興趣。我們將在 2024 年取得早期成功。因此，肯定有一個 24 歲的故事，而不是 23 歲的故事，我們將繼續前進——在 2024 年開始在那裡開展業務。

Great. Great. That's helpful. And then I assume custody is one of these buckets, but can you just remind us of some of the larger buckets of how you're thinking about returning to 25% EBITDA margin by 2025. I think that's something like 400, 500 basis points. And I guess, how do you think about expense controls, expense reduction versus high incremental revenue in terms of hitting that goal?

偉大的。偉大的。這很有幫助。然後我假設託管是其中之一，但您能否提醒我們一些更大的方面，即您如何考慮到 2025 年將 EBITDA 利潤率恢復到 25%。我認為這大約是 400、500 個基點。我想，在實現這一目標方面，您如何看待費用控制、費用減少與高增量收入？

Yes. So we -- we're gaining share. We're driving more into these high-value solutions. Those carry higher gross net for us. And as we get a normalization or restoration of some degree of flows in the wealth markets, it will be there. There's a lot of cash on the sidelines. There's a lot of money that is waiting to be put to work. That will be from a percentage and market share standpoint, more likely to be in the Envestnet environment than kind of a competing platform.

是的。所以我們——我們正在獲得份額。我們正在加大力度開發這些高價值解決方案。這些為我們帶來了更高的總淨值。當我們財富市場的流動達到一定程度的正常化或恢復時，它就會在那裡。場外還有大量現金。還有大量資金等待投入使用。從百分比和市場份額的角度來看，這更有可能是在 Envestnet 環境中，而不是在某種競爭平台中。

So we feel very good about the position that we've put ourselves because the work that we've done is the advantage of the platform, made it easier to open accounts and to drive towards these higher-value solutions, and we're using the data insights to really kind of motivate them. There'll be more and more adoption of those over the next couple of years. So our growth will be ahead of market, and we believe long term, with a restoration, we're not going to back away from this idea that we'll be a strong teams grower in a normalized market.

因此，我們對自己的定位感到非常滿意，因為我們所做的工作是平台的優勢，使開立賬戶和推動這些更高價值的解決方案變得更容易，並且我們正在使用數據洞察確實能激勵他們。在接下來的幾年裡，這些技術將會被越來越多的人採用。因此，我們的增長將領先於市場，我們相信，從長遠來看，隨著經濟的複蘇，我們不會放棄這樣的想法，即我們將成為正常化市場中強大的團隊種植者。

In the meantime, we'll grow ahead of the market and that growth will drop more meaningfully over time to the bottom line. Why? Because we've created -- in the investment cycle and in the modernization cycle, we've created a tremendous amount of efficiency in our operations. I'll give you an example. Last quarter, we had one of our largest trading quarters in our history, top 5 or so. And we did that with exactly flat headcount, didn't add any head count as the volumes are very significant. And we had 25% fewer traders.

與此同時，我們的增長將領先於市場，並且隨著時間的推移，增長將更有意義地下降至利潤。為什麼？因為我們在投資週期和現代化週期中創造了巨大的運營效率。我給你舉個例子。上個季度，我們迎來了歷史上最大的交易季度之一，排名前 5 名左右。我們以完全持平的員工人數做到了這一點，沒有增加任何員工數量，因為數量非常大。我們的交易員減少了 25%。

So we're doing what we're doing. The scale is growing, and we're doing it on normalized lower head count across the business, and we're doing it more effectively. And that, you can see it in our trading, you can see it in our -- across the administrative parts of our business. We'll be able to do more because of the AI and the cloud work that we've done with fewer personnel costs to serve the business, which will drive higher margin.

所以我們正在做我們正在做的事情。規模正在不斷擴大，我們在整個業務中以標準化的較低人員數量來做到這一點，而且我們做得更有效。你可以在我們的交易中看到它，你可以在我們業務的管理部分看到它。由於人工智能和雲工作，我們能夠以更少的人員成本來為業務提供服務，因此我們將能夠做更多的事情，這將帶來更高的利潤。

And then the last thing I'd say is that I said it just before, is focus, focus, focus on prioritization and focus on where we're spending money. And again, the modernization of the platform has connected our operating environments. We don't need 3 trading teams. We don't need 3 performance reporting teams. You can start to consolidate those groups into best in the industry talent and get the real scale and quality that Envestnet known for.

我要說的最後一件事是我之前說過的，就是專注，專注，專注於優先順序，專注於我們花錢的地方。平台的現代化再次連接了我們的操作環境。我們不需要 3 個交易團隊。我們不需要 3 個績效報告團隊。您可以開始將這些團隊整合為業內最優秀的人才，並獲得 Envestnet 聞名的真正規模和質量。

So there is -- as we normalize markets, we're going to grow the EBITDA and profitability of the company that will be delivered. And I will reiterate that the 25% adjusted EBITDA will come no matter what the top line does. We will deliver that commitment to investors. And so there is the flexibility and room to do it. We don't want to disrupt the work that we're doing. So we're very focused on executing on it, but we're also very committed to the 25% adjusted EBITDA.

因此，當我們實現市場正常化時，我們將提高將交付的公司的 EBITDA 和盈利能力。我要重申，無論營收如何，25% 的調整後 EBITDA 都會出現。我們將向投資者兌現這一承諾。因此，這樣做有靈活性和空間。我們不想擾亂我們正在進行的工作。因此，我們非常專注於執行它，但我們也非常致力於 25% 的調整後 EBITDA。

Okay. It's great to hear the confidence, and we'll look forward to seeing that progress.

好的。很高興聽到這樣的信心，我們期待看到這一進展。

(Operator Instructions) And our next question comes from the line of Surinder Thind with Jefferies.

（操作員說明）我們的下一個問題來自 Surinder Thind 和 Jefferies 的線路。

I guess for the first question, I'm just trying to get a sense of -- you talked about having exited the investment cycle and you're now focused on the managing expenses. So if you move forward on trying to sell more of your high value-added fiduciary solutions, is it just that there's a bit more handholding that's kind of required at this stage with clients? Is it a bit of a macro issue? How should we think about the dynamic of where growth is currently versus where you want it to be?

我想對於第一個問題，我只是想了解一下——您談到已經退出投資週期，而您現在專注於管理費用。因此，如果您繼續嘗試銷售更多高附加值信託解決方案，是否只是在現階段需要與客戶進行更多的溝通？這是一個宏觀問題嗎？我們應該如何考慮當前增長狀況與您希望的增長狀況之間的動態變化？

Yes. It's very market related, Surinder. So exiting '22, you've got, as I said, a healthier market from a headline standpoint, the returns are positive. It's green, right? But it's very narrow. And so when advisers look at it at portfolios in a holistic way, and they're thinking about diversification and not concentration. And so when you're thinking about the financial advice and how it ties to a financial plan, you automatically have a reasonably conservative posture.

是的。這與市場密切相關，Surinder。因此，正如我所說，從 22 世紀退出以來，從總體角度來看，你已經擁有了一個更健康的市場，回報率為正。它是綠色的，對吧？但它非常狹窄。因此，當顧問以整體方式看待投資組合時，他們考慮的是多元化而不是集中化。因此，當您考慮財務建議及其與財務計劃的關係時，您自然會採取相當保守的態度。

On the other hand, you've got alternatives now. You've got cash yielding. You've got other fixed income kind of yields that are pretty steady, that are much higher than they've been for more than a decade, and they're also safer. And so advisers are waiting for that catalyst. They're waiting for that moment where the market broadens out and they put the money to work.

另一方面，你現在有其他選擇。你有現金收益。其他固定收益類型的收益率相當穩定，遠高於十多年來的水平，而且也更安全。因此，顧問們正在等待這種催化劑。他們正在等待市場擴大並投入資金的那一刻。

Now all that said, I'm going to give you a couple of statistics. In our direct index business, which we're one of the leaders in the industry, we're significantly growing assets, year-over-year growth of 41%. Account numbers are up 26% year-over-year in adviser usage, new advisers using that platform, advisers are up 47%. So in the market environment, we continue to chip away. We've broadened our footprint and opportunity set by contracting with more firms that have access to the product, advisers are using it, 47% more adviser year-over-year, but the account flow isn't all there. And I think that when the catalyst occurs, you're going to see the benefit, an accelerated benefit across our platform, particularly in these high-value personalized solution, which is exactly where the market is headed, and that's how we've positioned ourselves.

綜上所述，我將向您提供一些統計數據。在我們的直接指數業務中，我們是行業的領導者之一，我們的資產顯著增長，同比增長 41%。顧問使用人數同比增長 26%，使用該平台的新顧問數量增長了 47%。所以在市場環境下，我們不斷地蠶食。通過與更多能夠使用該產品的公司簽訂合同，我們擴大了我們的足跡和機會，顧問正在使用該產品，顧問數量同比增加了 47%，但賬戶流量並不全部存在。我認為，當催化劑出現時，您將看到好處，整個平台的加速好處，特別是在這些高價值的個性化解決方案中，這正是市場的發展方向，這就是我們的定位我們自己。

That's helpful. And then you also made a comment. I only caught part of it. So apologies if it's just a clarification question here. But I heard you mentioned something about reviewing noncore areas of the business. Can you elaborate on that, please?

這很有幫助。然後你也發表了評論。我只捕捉到了一部分。如果這只是一個澄清問題，我深表歉意。但我聽說你提到了一些關於審查業務非核心領域的事情。您能詳細說明一下嗎？

Sure. Thank you, Surinder. I'd use the word focus, and that we're focused on the wealth market. We're focused on bringing the parts of our business together to really exert the competitive advantage that we have invested in. And that is what we've got the company tuned into and tuned on to. That is what we're delivering and focused on.

當然。謝謝你，蘇林德。我會用“焦點”這個詞，我們專注於財富市場。我們專注於將我們業務的各個部分整合在一起，以真正發揮我們所投資的競爭優勢。這就是我們讓公司適應和調整的。這就是我們正在提供和關注的目標。

So as we go through that and you get to this stage of an investment cycle, you start to really -- again, the word focus. What are those areas that contribute to that mission and what are the areas that might not participate and not be closely aligned enough from an adjacency to be focused on to be investing in to build markets outside of that core focus. And that's exactly where we're at, at the moment, is really doing those evaluations and thinking through, okay, what adds to the competitive long-term advantage of what we've built from a wealth standpoint, and what is not core. And that's exactly what it is.

因此，當我們經歷這一過程並且進入投資週期的這個階段時，您再次開始真正關注“焦點”這個詞。哪些領域有助於實現這一使命，哪些領域可能不會參與，並且與相鄰領域的聯繫不夠緊密，無法重點投資以建立核心重點之外的市場。這正是我們目前所處的位置，正在真正進行這些評估並思考，好吧，什麼可以增加我們從財富角度建立的長期競爭優勢，什麼不是核心。事實就是如此。

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

目前沒有其他問題。我想請首席執行官 Bill Crager 先生髮表結束評論。

Thank you, Camilla. As we wrap up, I just want to again thank all of my colleagues at Envestnet. You do an extraordinary job, and the work that we're doing is making a difference. I think our partners, thank our customers and clients for your partnership. Together, we're changing the way advice is offered to millions and millions of households. I also want to thank our shareholders for your commitment to Envestnet, and I'm looking forward to seeing you and talking to you all next quarter. Thank you.

謝謝你，卡米拉。在我們結束時，我想再次感謝 Envestnet 的所有同事。你們的工作非常出色，而我們正在做的工作正在發揮作用。我認為我們的合作夥伴感謝我們的客戶和客戶的合作。我們正在共同改變向數以百萬計的家庭提供建議的方式。我還要感謝我們的股東對 Envestnet 的承諾，我期待著下個季度見到你們並與你們交談。謝謝。

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