WisdomTree Inc (WT) 2024 Q2 法說會逐字稿

Greetings, and welcome to the WisdomTree Q2 2024 earnings call. (Operator Instructions)

您好，歡迎參加 WisdomTree 2024 年第二季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Zaloom, Head of Corporate Communications. Thank you, Jessica. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，企業傳播主管 Jessica Zaloom。謝謝你，潔西卡。你可以開始了。

Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

早安.在開始之前，我想引用今天演示中提供的法律免責聲明。本簡報可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation and in the Risk Factors section of WisdomTree's annual report on Form 10-K for the year ended December 31, 2023, and quarterly report on Form 10-Q for the quarter ended March 31, 2024.

許多因素可能導致實際結果與前瞻性陳述中討論的結果存在重大差異，包括但不限於本演示文稿中以及 WisdomTree 10-K 表格年度報告的風險因素部分中提出的風險截至2023年12月31日的年度報告，以及截至2024年3月31日的季度10-Q表季度報告。

WisdomTree assumes no duty and does not undertake to update any forward-looking statements. Now it is my pleasure to turn the call over to WisdomTree's CFO, Bryan Edmiston.

WisdomTree不承擔任何責任，也不承諾更新任何前瞻性陳述。現在我很高興將電話轉給 WisdomTree 的財務長 Bryan Edmiston。

Thank you, Jessica, and good morning, everyone. I'll be covering our second-quarter results, along with commentary on our forward-looking guidance before turning the call over to Jarrett and Jono for additional updates on our business.

謝謝你，潔西卡，大家早安。在將電話轉給賈勒特和喬諾以獲取有關我們業務的更多最新資訊之前，我將介紹我們的第二季業績以及對我們前瞻性指導的評論。

We ended the quarter with record AUM of $109.7 billion, driven primarily by favorable market conditions. And while our flows were largely muted during the quarter due to outflows from our commodity products, which tend to be tactical in nature, we continue observing strong engagement in our US-listed ETFs, and offshore UCITS ETF suite. These products generated a combined $1.9 billion of net inflows during the quarter and nearly $4.2 billion of net inflows year-to-date, representing an 11% annualized pace of year-to-date organic growth.

本季結束時，我們的資產管理規模達到創紀錄的 1,097 億美元，主要是由於有利的市場條件。儘管由於大宗商品產品的資金流出（本質上往往是戰術性的），我們的資金流在本季度基本上平靜，但我們繼續觀察到我們在美國上市的 ETF 和離岸 UCITS ETF 套件的強勁參與度。這些產品在本季總共產生了 19 億美元的淨流入，年初至今產生了近 42 億美元的淨流入，相當於年初至今 11% 的年化有機成長速度。

Our flow profile over-the-course of the year has remixed our blended fee rate higher, averaging approximately 37 basis points during the quarter. Our record AUM continues to drive revenue growth and expanding margins, demonstrating the scalability of our business model.

我們全年的流量狀況使我們的混合費率重新提高，本季平均約為 37 個基點。我們創紀錄的資產管理規模持續推動營收成長和利潤率擴大，證明了我們業務模式的可擴展性。

Next slide. Revenues were $107 million during the quarter, an increase of 10.5% from the first quarter and up approximately 25% versus the prior-year quarter, driven by higher average AUM. We also observed an 87% increase in other revenue versus the first quarter due to updates in asset-based revenue arrangements on certain European listed products. Other revenue totaled $8.1 million this quarter and reflects ETP revenues captured away from the expense ratio, providing further revenue diversification.

下一張投影片。由於平均 AUM 較高，本季營收為 1.07 億美元，較第一季成長 10.5%，較去年同期成長約 25%。我們也觀察到，由於某些歐洲上市產品基於資產的收入安排的更新，其他收入較第一季成長了 87%。本季其他收入總計 810 萬美元，反映了從費用比率中獲得的 ETP 收入，進一步實現了收入多元化。

Looking back over the longer term, the magnitude of other revenue generated this quarter is almost five times what was realized in June of 2022. They are asset-based and transaction-based elements driving other revenue, and while difficult to forecast, we would suggest the magnitude of other revenue generated in this most recent quarter served as a fair approximation of what we could expect going forward.

從長遠來看，本季產生的其他收入規模幾乎是 2022 年 6 月實現的五倍。它們是基於資產和基於交易的元素，推動其他收入，雖然很難預測，但我們建議最近一個季度產生的其他收入的規模與我們未來的預期相當接近。

On a year-to-date basis, our revenues have grown 21.5%, and our adjusted operating margin was 32.6%, representing expansions of over 840 basis points versus the prior year were 480 basis points organically when adjusting for the impact of our gold royalty buyout, which was accomplished in May of last year. Our adjusted net income for the quarter was $27.1 million or $0.16 a share.

今年迄今，我們的營收成長了21.5%，調整後的營業利潤率為32.6%，與前一年相比，在調整黃金特許權使用費的影響後，有機增長了840 個基點，有機增長480 個基點收購已於去年5月完成。我們本季調整後的淨利潤為 2,710 萬美元，即每股 0.16 美元。

Next slide. Now a few comments on our forecasted guidance. We are updating our forecasted compensation expense guidance, which will be provided as a percentage of revenue going forward rather than as a range of fixed dollar amounts.

下一張投影片。現在對我們的預測指導進行一些評論。我們正在更新我們的預測薪酬支出指南，該指南將按未來收入的百分比提供，而不是一系列固定的美元金額。

Having taken into consideration a variety of scenarios, including the potential magnitude of our workflows over the course of the year, revenue and operating income growth, forecasted margin expansion, and our share price performance in relation to our peers, we currently estimate our comp-to revenue ratio to be 28% to 29% for the year. This range is largely aligned with current street estimates and would represent a compensation ratio lower than the 31.4% we realized last year.

考慮到各種情況，包括我們一年中工作流程的潛在規模、收入和營業收入成長、預測利潤率擴張以及我們相對於同行的股價表現，我們目前估計我們的公司全年營收比例為28%至29%。這一範圍與目前街道估計基本一致，且補償率低於我們去年實現的 31.4%。

Our discretionary spending was $30.5 million year-to-date. We are reiterating our full-year discretionary spending guidance of $64 million to $68 million. The range is largely dependent on the magnitude of marketing spend associated with WisdomTree Prime over the remainder of the year, as we continue testing messages to further define our target customers while enhancing the app with additional features.

今年迄今為止，我們的可自由支配支出為 3,050 萬美元。我們重申全年可自由支配支出指引為 6,400 萬至 6,800 萬美元。該範圍很大程度上取決於今年剩餘時間內與 WisdomTree Prime 相關的行銷支出規模，我們將繼續測試訊息以進一步定義我們的目標客戶，同時透過附加功能增強應用程式。

Due to seasonality, the discretionary spend for the remainder of the year will likely be more skewed toward the fourth quarter. We reported a gross margin of 81.2% in the second quarter, and we are updating our gross margin guidance to be between 80% and 81% for the year, a 1 percentage point improvement considering current AUM levels and higher forecasted other revenue going forward.

由於季節性原因，今年剩餘時間的可自由支配支出可能會更傾向於第四季。我們報告第二季的毛利率為81.2%，我們正在將今年的毛利率指引更新為80% 至81% 之間，考慮到目前的AUM 水準和對未來其他收入的更高預測，提高了1 個百分點。

If AUM scales higher from continued organic flow growth or favorable market conditions, we would anticipate further gross margin expansion. Our third-party distribution expense was $5 million year-to-date. We are maintaining our guidance of $10 million to $11 million for the year. We are also maintaining our annual adjusted interest expense guidance of $14 million.

如果資產管理規模因持續的有機流量成長或有利的市場條件而擴大，我們預期毛利率將進一步擴大。今年迄今為止，我們的第三方分銷費用為 500 萬美元。我們維持今年 1,000 萬至 1,100 萬美元的指導。我們也維持 1400 萬美元的年度調整後利息支出指引。

As a reminder, our adjusted interest expense guidance is exclusive of any interest costs we are required to impute under GAAP related to our interest-free financing of the shares we repurchased from the World Gold Council last November.

提醒一下，我們調整後的利息支出指導不包括我們根據 GAAP 要求估算的與我們去年 11 月從世界黃金協會回購的股票的無息融資相關的任何利息成本。

Our interest income year-to-date was $2.8 million, and we are maintaining our interest income guidance for the year to be about $5 million based upon the magnitude of our forecasted interest-earning assets.

我們年初至今的利息收入為 280 萬美元，根據我們預測的生息資產規模，我們將今年的利息收入指引維持在 500 萬美元左右。

Our adjusted tax rate was 25% in the second quarter and our guidance of 24% to 25% remains unchanged, and our weighted average diluted shares were $165.9 million year-to-date and our guidance of $166 million to $168 million for the year remains unchanged as well.

我們第二季調整後的稅率為25%，我們的指引為24% 至25% 保持不變，我們年初至今的加權平均稀釋股份為1.659 億美元，我們的今年指引為1.66 億至1.68 億美元保持不變也不變。

As a reminder, this guidance does not take into consideration any variability in shares associated with our convertible notes. Our current stock, which is approaching $11 per share is higher than the 954 conversion price related to convertible notes scheduled to mature in 2028.

提醒一下，本指南沒有考慮與我們的可轉換票據相關的股票的任何變化。我們目前的股票接近每股 11 美元，高於與計劃於 2028 年到期的可轉換票據相關的 954 轉換價格。

While our notes require principals to be paid in cash, our diluted shares would need to be increased for any incremental shares associated with the conversion option once our stock price exceeds $9.54 per share. An illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with the conversion option going forward.

雖然我們的票據要求本金以現金支付，但一旦我們的股價超過每股 9.54 美元，我們的稀釋股票就需要增加與轉換選項相關的任何增量股票。我們的收益報告中包含一個插圖，以幫助量化與未來轉換選項相關的增量股票。

That's all I have. I will now turn the call over to Jarret.

這就是我所擁有的一切。我現在將把電話轉給賈勒特。

Thank you, Bryan, and good morning, everyone. In the second quarter, WisdomTree had another strong quarter of AUM growth and expanding operating margins, all while continuing to ramp up our efforts in tokenized assets and blockchain-enabled finance, which we expect will open up new revenue opportunities for us in the coming years.

謝謝布萊恩，大家早安。第二季度，WisdomTree 的AUM 再實現強勁成長，營業利潤率不斷擴大，同時繼續加大在代幣化資產和區塊鏈金融方面的努力，我們預計這將在未來幾年為我們帶來新的收入機會。

In the quarter, we generated $340 million of net inflows, but the underlying trends were even more impressive. To start, we experienced meaningful flows into our more strategic product lineup in the US and into our UCITS business in Europe, where we have achieved 11% annualized organic growth this year.

本季度，我們產生了 3.4 億美元的淨流入，但基本趨勢更令人印象深刻。首先，我們在美國更具策略性的產品陣容和歐洲的 UCITS 業務中經歷了有意義的資金流入，今年我們在歐洲實現了 11% 的年化有機成長。

Further over the past several quarters, net inflows have come into higher fee funds, which has provided a boost to our blended fee rate, which now stands at 37 basis points, expanding from 36 basis points last year.

此外，在過去的幾個季度中，淨流入資金流入了收費較高的基金，這提振了我們的混合費率，目前混合費率從去年的 36 個基點擴大至 37 個基點。

Finally, while we continue to see growth across current customers as measured by average funds held per customer and total AUM per customer, we're also seeing healthy growth in new customers, which gives us confidence in continued growth going forward.

最後，雖然我們繼續看到現有客戶的成長（以每位客戶持有的平均資金和每位客戶的總資產管理規模來衡量），但我們也看到新客戶的健康成長，這讓我們對未來的持續成長充滿信心。

Models also continue to be a steady growth driver. As a reminder, our approach is to grow the number of advisers who have access to our models while also further penetrating this accessible market and growing the number of advisers actively using WisdomTree models.

車型也持續成為穩定的成長動力。提醒一下，我們的方法是增加可以使用我們模型的顧問數量，同時進一步滲透這個可訪問的市場並增加積極使用 WisdomTree 模型的顧問數量。

Last quarter, I mentioned that our accessible market stood at 70,000 advisers and that we expected it to grow to about 80,000 advisers by year-end. I'm happy to report that we now have new partnerships in hand, which will take our accessible market to over 85,000 advisers and nearly $18 trillion of assets by year-end.

上個季度，我提到我們的開放市場有 70,000 名顧問，我們預計到年底將成長到約 80,000 名顧問。我很高興地向大家報告，我們現在已經有了新的合作夥伴關係，這將使我們的市場在年底前擁有超過 85,000 名顧問和近 18 兆美元的資產。

Further, the stability and predictability of our pipeline continues to hold as we continue to add new adviser model users at our expected pace of approximately $250 per quarter, while our model AUM continues to grow at a rate of 10% to 12% of US ETF flows.

此外，我們的管道的穩定性和可預測性繼續保持，因為我們繼續以每季度約250 美元的預期速度添加新的顧問模型用戶，而我們的模型AUM 繼續以美國ETF 的10% 至12% 的速度成長流動。

We're also ramping up our portfolio consultation service, where we assist advisers who build their own client portfolios and are looking for help in improving risk-adjusted returns. This is another tool in our portfolio solutions offering that helps to generate sticky flows and assets that are stackable on top of our already strong organic growth profile.

我們也加強了投資組合諮詢服務，幫助顧問建立自己的客戶投資組合，並尋求協助以提高風險調整後的回報。這是我們的投資組合解決方案中的另一個工具，有助於產生黏性流量和資產，這些流量和資產可以疊加在我們已經強勁的有機成長概況之上。

Here, our models team analyzes each portfolio and recommends enhancements. We have recently improved our review process greatly increasing our capacity and efficiency, reducing turnaround times from a couple of weeks to a couple of days, allowing us to service a greater number of advisers and drive further net inflows.

在這裡，我們的模型團隊分析每個投資組合併提出改進建議。我們最近改進了審核流程，大大提高了我們的能力和效率，將週轉時間從幾週縮短到幾天，使我們能夠為更多數量的顧問提供服務並進一步推動淨流入。

Speaking of efficiency, it was another strong quarter of margin expansion, achieved by expanding our other revenue streams on top of disciplined expense management. On the revenue side, we've been proactive with our European counterparties, and we've been able to capture additional asset and transaction-based revenue streams that we previously did not share in.

說到效率，這是利潤率又一個強勁增長的季度，這是透過在嚴格的費用管理基礎上擴大我們的其他收入來源來實現的。在收入方面，我們一直積極主動地與歐洲對手方合作，並且我們已經能夠獲得我們以前沒有分享過的額外資產和基於交易的收入流。

As Bryan mentioned, this quarter's approximate $8 million run-rate-seen to sustainable going forward each quarter, which is roughly double the 2023 run rate and almost five times the 2022 and earlier year run rates. We also showcased margin expansion once again in the quarter, with our margins up 570 basis points from last quarter and up over 800 basis points year-over-year, delivering Q2 operating margins of 35.3%.

正如 Bryan 所提到的，本季的營運費用約為 800 萬美元，預計每季可持續發展，這大約是 2023 年運行費用的兩倍，幾乎是 2022 年及早年運行費用的五倍。本季我們也再次展示了利潤率擴張，利潤率較上季增長 570 個基點，年增超過 800 個基點，第二季營業利潤率為 35.3%。

This margin expansion is a combination of disciplined expense management, but also a function of scale. Based on our 50% plus incremental margin, we see a meaningful opportunity for further margin expansion in the years to come.

這種利潤率的擴張是嚴格的費用管理的結合，也是規模的函數。基於我們 50% 以上的增量利潤率，我們看到了未來幾年進一步擴大利潤率的有意義的機會。

In conclusion, we are generating strong revenue growth from flows, from market, and from opening up new revenue streams. With well-managed expenses and scale benefits, we are expanding our operating margins. And all of that translates into an accelerated pace of earnings growth and strong returns for shareholders.

總之，我們正在透過流量、市場和開闢新的收入來源來實現強勁的收入成長。憑藉管理良好的費用和規模效益，我們正在擴大我們的營業利潤率。所有這些都轉化為獲利成長的加速和股東的強勁回報。

And with that, I will now turn it over to Jono.

現在，我將把它交給喬諾。

Thank you, Jarrett, and hello, everyone. Today, I will be brief. WisdomTree continues to thrive with record assets under management. Our efficiency, once again on display as margins have expanded by over 800 basis points from last year, achieving over a 35% operating margin for the second quarter.

謝謝賈勒特，大家好。今天，我將簡短發言。WisdomTree 繼續蓬勃發展，管理資產創紀錄。我們的效率再次得到體現，利潤率較去年增長了 800 多個基點，第二季營業利潤率超過 35%。

Earnings per share was up 78% year-over-year and 33% sequentially. Momentum remains strong. As I reflect on both our prior accomplishments and the opportunities ahead of us, with only 300 employees worldwide, I'm not only proud of how much WisdomTree has accomplished but that we have achieved success so efficiently and ahead of the curve.

每股盈餘較去年同期成長 78%，較上季成長 33%。勢頭依然強勁。當我反思我們先前的成就和我們面前的機會時，我們在全球只有 300 名員工，我不僅為 WisdomTree 所取得的成就感到自豪，而且為我們如此高效和領先地取得了成功。

WisdomTree continually strives to be forward-looking in our mission, and those efforts are bearing fruit today while also setting the company up for success in the future. Nearly five years ago, we launched our first crypto ETPs in Europe and began strategically thinking about opportunities in both tokenization and blockchain-enabled finance.

WisdomTree 不斷努力在我們的使命中保持前瞻性，這些努力在今天取得了成果，同時也為公司未來的成功奠定了基礎。大約五年前，我們在歐洲推出了第一個加密 ETP，並開始策略性地思考代幣化和區塊鏈支援的金融領域的機會。

Although the lengthy regulatory process has taken longer than we initially anticipated, my optimism and confidence about the opportunity ahead is greater today than when we first began the journey. As we've mentioned on prior calls, we are pursuing both business-to-business and direct-to-consumer efforts. On the B2B side, we expect to provide a broader update next quarter when our institutional platform is expected to go live.

儘管漫長的監管過程花費的時間比我們最初預期的要長，但我今天對未來機會的樂觀和信心比我們剛開始這趟旅程時更大。正如我們在先前的電話會議中所提到的，我們正在進行企業對企業和直接面向消費者的努力。在 B2B 方面，我們預計下季度我們的機構平台預計上線時將提供更廣泛的更新。

On WisdomTree Prime, our direct-to-consumer effort, we are now live in 44 states and available to nearly 80% of the US population, with more to come in the near future. Early marketing campaigns are proven key learnings, allowing us to tighten our client segment focus, and allowing us to test newer approaches like reward offers and in-app marketing campaigns.

在我們直接面向消費者的 WisdomTree Prime 上，我們目前已在 44 個州開展業務，為近 80% 的美國人口提供服務，並且在不久的將來還會推出更多服務。早期的行銷活動被證明是關鍵的經驗教訓，使我們能夠加強對客戶群的關注，並允許我們測試獎勵優惠和應用程式內行銷活動等新方法。

With the marketing campaigns really in the early stages and the institutional platform launching in the next few months, it is still too early to share any new digital asset metrics. However, we are committed to begin sharing more metrics with you early next year in line with the timing of our 2025 guidance.

由於行銷活動確實處於早期階段，機構平台將在未來幾個月內推出，因此分享任何新的數位資產指標還為時過早。不過，我們致力於根據 2025 年指南的時間安排，並於明年初開始與您分享更多指標。

As I continue to mention in recent quarters, it's a very exciting time for WisdomTree. We have record assets under management, a meaningful margin expansion opportunity, and leverage to secular shifts in ETFs and tokenization. Thank you.

正如我在最近幾季中不斷提到的那樣，這對 WisdomTree 來說是一個非常令人興奮的時刻。我們擁有創紀錄的管理資產、有意義的利潤擴張機會，以及 ETF 和代幣化長期轉變的槓桿作用。謝謝。

Operator, would you please turn the call over to our Head of Investor Relations, Jeremy Campbell, and we will take some questions from our retail shareholders.

接線員，請將電話轉給我們的投資人關係主管 Jeremy Campbell，我們將回答散戶股東的一些問題。

Hey, thank you, Jono, and good morning, everybody. Per usual, we will take a couple of questions here from retail shareholders and then kick it over to you guys to ask some questions to the management. So first one, Jono, I'll direct this one to you is, what is the company's five-year plan?

嘿，謝謝你，喬諾，大家早安。按照慣例，我們將在這裡回答散戶股東的幾個問題，然後交給你們向管理階層提出一些問題。Jono，第一個問題是，公司的五年計畫是什麼？

Thank you, Jeremy. WisdomTree is blessed in that we compete in many of the most exciting areas of asset management. And by that, I mean, global ETFs, models, and solutions plus tokenization and blockchain-enabled finance.

謝謝你，傑瑞米。WisdomTree 很幸運，我們在許多最令人興奮的資產管理領域中競爭。我的意思是，全球 ETF、模型和解決方案以及代幣化和區塊鏈支援的金融。

When you try looking out five years, it's always about getting the prioritization of investments, right, that you're able to grow today and be in a position to grow tomorrow or five years out. If you look back five years, we did get our prioritization of investments right, and we executed.

當你嘗試展望五年時，總是要優先考慮投資，對吧，你今天能夠成長，並且能夠在明天或五年後成長。如果你回顧五年，我們確實正確地確定了投資的優先順序，而我們執行了。

This quarter's results proves that. This quarter also proves how well our business model scales. So if you're looking out five years from now, it's continued execution against our current strategic initiatives, continued expansion of the global ETF lineup, grow our global AUM of ETFs through stellar performance, what we call modern alpha, and it's working, and it's driving results in our proprietary funds.

本季的業績證明了這一點。本季也證明了我們的業務模式的擴展能力。因此，如果您展望五年後，我們將繼續執行我們當前的策略舉措，持續擴大全球ETF 產品陣容，透過出色的表現（我們稱之為現代阿爾法）來增加我們的全球ETF 資產管理規模，而且它正在發揮作用，並且它推動了我們自營基金的表現。

It's also having our team, our fantastic sales, marketing, and research teams work together to drive growth. Very important to us is that we continue to grow our UCITS lineup and our AUM in Europe just generally. UCITS have grown from yearly zero AUM five years ago to nearly $7 billion today.

它還讓我們的團隊，我們出色的銷售、行銷和研究團隊共同努力推動成長。對我們來說非常重要的是，我們繼續擴大我們在歐洲的 UCITS 陣容和資產管理規模。UCITS 的資產管理規模已從五年前的每年零成長到如今的近 70 億美元。

We're very, very bullish on what the next five years in usage will be, and we need to continue to expand our portfolio solutions franchise to a much larger percentage of our overall AUM, leading to even greater stability of inflows as well as just greater stability of AUM.

我們非常非常看好未來五年的使用情況，我們需要繼續將我們的投資組合解決方案特許經營權擴大到我們整體資產管理規模的更大比例，從而帶來更大的資金流入穩定性以及AUM 更穩定。

We execute against our early leadership position to drive a footprint or a sizable footprint in tokenized assets and blockchain able finance. It's a priority that we grow that business line profitably and that it accelerates our overall growth rates. And as always, we need to do all of that in a very disciplined approach to expenses. But if we continue to do all of that, we'll see much higher AUM.

我們根據我們早期的領導地位來執行，以推動代幣化資產和區塊鏈金融領域的足跡或相當大的足跡。我們的首要任務是使該業務線實現盈利並加快我們的整體成長率。像往常一樣，我們需要以非常嚴格的支出方式來完成所有這些工作。但如果我們繼續這樣做，我們將看到更高的資產管理規模。

It will translate into much higher margins that are materially higher than where we are today and drive accelerated growth in earnings per share, which should hopefully continue to lead to a meaningful appreciation in our stock like we've seen in the last four, five years. I think that answers the question, Jeremy.

這將轉化為比我們今天高得多的利潤率，並推動每股收益的加速成長，這有望繼續導致我們的股票大幅升值，就像我們在過去四到五年中看到的那樣。我認為這回答了問題，傑里米。

Great. Thanks, Jono. Well, we'll cut it there on that one. So operator, please feel free to open up the lines to questions from the analyst community.

偉大的。謝謝，喬諾。好吧，我們就在那一個地方剪掉它。因此，營運商請隨時開放熱線回答分析師社群的問題。

(Operator Instructions)

（操作員說明）

Michael Grondahl, Northland Securities.

邁克爾‧格隆達爾 (Michael Grondahl)，北國證券。

Congratulations on a nice quarter. On the models and their accessibility increasing to 85,000 advisers on year-end, what was the driver of that? Was that a couple of wins? And then secondly, could you just talk about how penetration of those accessible advisers is going?

恭喜您度過了一個美好的季度。截至年底，這些模型及其可近性已增至 85,000 名顧問，其驅動因素為何？這是幾場勝利嗎？其次，您能否談談這些平易近人的顧問的滲透率如何？

Jarrett, why don't you start?

賈勒特，你為什麼不開始呢？

Sure. You pretty much put your finger on it on growing the accessible market that's a couple of additional wins on a couple of additional major platforms. And so we've anticipated a number of wins, but a couple of them came sooner than even we had planned. So great news there.

當然。你幾乎把注意力放在了擴大可訪問市場上，這是在幾個額外的主要平台上取得的額外勝利。因此，我們預計會取得一些勝利，但其中一些勝利甚至比我們計劃的還要早。真是個好消息。

Your next part of your question is really also very important and where a big part of our focus is every model win is really a two-part project. One, you've got to win with the organization and get on the platform. And then number two, once you're on the platform, it's sort of hand-to-hand combat, and you've got to then work on the individual advisers.

你問題的下一部分確實也非常重要，我們關注的很大一部分是每個模型的勝利實際上都是一個由兩部分組成的項目。第一，你必須贏得組織的支持並登上這個平台。第二，一旦你進入平台，這就像一場肉搏戰，然後你必須與個別顧問合作。

So that's where we are now. That's where the focus is. And that's going quite well also, where the pace of bringing on new advisers each quarter continues as we expected. But I will say that's an area of increased focus.

這就是我們現在的處境。這就是重點所在。而且進展也相當順利，每季引進新顧問的步伐都按照我們的預期繼續進行。但我想說的是，這是一個更受到關注的領域。

Again, in that two-part battle, early, the majority of focus was let's get on more platforms. Let's have more advisers have access to our models. We're now shifting the focus really to let's start penetrating even quicker than we are today, but both sides are going quite well.

同樣，在這場分為兩部分的戰鬥中，早期的主要焦點是讓我們進入更多平台。讓更多顧問能夠存取我們的模型。我們現在正在真正轉移焦點，讓我們開始比今天更快滲透，但雙方都進展順利。

And I'll just add that our pipeline is as strong as it's ever been. I don't think we've ever been as confident about the pipeline of penetration. So thanks for the question, Mike.

我只想補充一點，我們的管道一如既往地強大。我認為我們對滲透管道從未如此有信心。謝謝你的提問，麥克。

Yes. And I'd just add one other quick thing. When you look at it, 85,000 advisers, that's about 28% of the advisers in the US So there's still room to go there, but that 28% controls $18 trillion of advised assets in the country, which is two-thirds of the advised assets. So we've done a great job of penetrating the accessible market and now the focus, again, really shifts more to penetration.

是的。我只想添加另一件事。你看一下，85,000 名顧問，大約占美國顧問的 28%，所以還有空間，但這 28% 控制著全國 18 兆美元的顧問資產，佔顧問資產的三分之二。因此，我們在滲透可訪問市場方面做得很好，現在重點再次真正轉向滲透。

Thanks, guys.

謝謝，夥計們。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究中心。

Appreciate it. Just want to challenge you guys a little bit on the European fund outflows. It looks like the commodity and currency funds have seen outflows for 15 of the past 17 quarters. It seems like there is something going on there that I don't know if it's broken or a little bit more than a tactical play. But can you perhaps further color about what you guys are doing to perhaps reverse that trend?

欣賞它。只是想就歐洲資金外流向你們提出一點挑戰。過去 17 個季度中，有 15 個季度商品和貨幣基金出現資金外流。似乎那裡發生了一些事情，我不知道它是否被破壞了，或者不僅僅是一個戰術遊戲。但您能否進一步說明您們正在採取哪些措施來扭轉這一趨勢？

I'm going to just start and then Jarrett, maybe you could jump in. When you really look at our European footprint, it's got an extraordinary overweight commodities, and we knew that with the acquisition of ETF securities five years ago that our number purpose would post acquisition other than integrating it and cutting costs and all that was to diversify revenue away from just gold and broad commodities, and we've been doing it. It's just that it's still much larger than the rest of the suite of becoming smaller.

我要開始了，然後賈勒特，也許你可以插嘴。當你真正審視我們在歐洲的足跡時，你會發現它擁有超重的大宗商品，而且我們知道，透過五年前收購ETF 證券，我們的數位目的將是收購後的目標，而不是整合它和削減成本，所有這些都是為了實現收入多元化不僅僅是黃金和廣泛的大宗商品，我們一直在這樣做。只是它仍然比變小的套件中的其他部分大得多。

So that's all the insights that I have on it. Jarrett is there more that you'd like to add? Jarrett, if you are, you're on mute.

這就是我對此的所有見解。Jarrett 您還有什麼要補充的嗎？賈勒特，如果你是，那麼你就處於靜音狀態。

Yes. Thanks, Jono. It was on mute. Yes, just piling on really two things. But first is the sort of tactical nature of the commodity suite that Jono mentioned and the way that people that invest in commodities use them.

是的。謝謝，喬諾。當時是靜音狀態。是的，只是堆積了兩件事。但首先是喬諾提到的商品套件的戰術性質以及投資商品的人們使用它們的方式。

And when you see generally pricing going up, clients are selling into it. And when prices are coming down, clients are buying into that, and that's the sort of tactical nature. So that is the nature of a large part of the suite.

當你看到價格普遍上漲時，顧客就會買進。當價格下降時，客戶就會買入，這就是戰術性質。這就是套件很大一部分的本質。

We also have to look at the UCITS business, which is separate from that, and that's been an area of focus for us that, as Jono already mentioned, it grew from zero several years ago to nearly $7 billion today. And then finally, if you look at a big part of what we talked about in the prepared comments was, on the other revenue side.

我們還必須專注於與此不同的 UCITS 業務，這一直是我們關注的一個領域，正如 Jono 已經提到的，它從幾年前的零增長到今天的近 70 億美元。最後，如果你看看我們在準備好的評論中討論的大部分內容是在收入的另一方面。

So the overall revenue capture is actually very healthy. And actually, overall, you put that all together, it's the opposite of broken, Europe is a high contributor to our overall results and is going fantastically well.

因此，整體收入實際上非常健康。事實上，總的來說，你把所有這些放在一起，這與破碎相反，歐洲對我們的整體表現做出了很大貢獻，而且進展得非常順利。

Perfect. Thanks. And that other income is a great surprise for the quarter. I know investors appreciate that. If I can switch gears and one follow-up question actually going back to the modeling. You guys are making great progress in the US with the advisers. How about with Europe? Is Europe an opportunity down the road? Or is that also where you guys are working at right now as well?

完美的。謝謝。其他收入對於本季來說是一個巨大的驚喜。我知道投資者對此表示讚賞。如果我可以換個思路，接下來的問題其實會回到建模上。你們在美國和顧問們一起取得了很大的進展。與歐洲怎麼樣？歐洲是未來的機會嗎？或者這也是你們現在工作的地方嗎？

Jarrett?

賈勒特？

Yes. Yes, it's up. And again, two quick things here. It is an opportunity that we're looking at. The nature of the market is a little different, a little more fragmented, a little different in terms of servicing advisers.

是的。是的，已經起來了。再說一遍，這裡有兩件事。這是我們正在尋找的機會。市場的性質有些不同，更分散，在顧問服務方面也有些不同。

But nonetheless, it is an opportunity. And in the quarter, we actually announced a deal in Europe where we're now providing our models on a platform partner. And that's the first over there. And it's just an example of, yes, there is more opportunity internationally, and that is part of the next frontier for us on models.

但儘管如此，這也是一個機會。在本季度，我們實際上宣布了在歐洲的一項交易，我們現在在平台合作夥伴上提供我們的模型。這是那裡的第一個。這只是一個例子，是的，國際上有更多的機會，這是我們模型下一個前沿領域的一部分。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

George Sutton, Craig Hallum.

喬治·薩頓，克雷格·哈勒姆。

Hey, good morning, guys. Logan on for George. He's actually down at the Bitcoin Conference in Nashville right now. And then kind of piggybacking off that first question that was asked relative to the models. One of the things that we've kind of been taking away from that conference is that the Bitcoin ETFs could be making their way into, some of those kind of the mega shops could be making their way into their models in the next six months. I'm just wondering if you guys are feeling that same demand or kind of how you see that playing out?

嘿，早上好，夥計們。洛根替下喬治。事實上，他現在正在納許維爾舉行的比特幣會議上。然後順便提一下與模型相關的第一個問題。我們從這次會議中學到的一件事是，比特幣 ETF 可能會進入其中，其中一些大型商店可能會在未來六個月內進入他們的模型。我只是想知道你們是否也有同樣的需求或你們如何看待這種情況？

Jeremy, would you want to touch on that?

傑里米，你想談談這個嗎？

Sure. Yes, this is Jeremy Schwartz, our Global CIO. We have been actually run, and we were first perhaps launch a suite of plus crypto models. And so we've been running some models that have things like a 5% allocation to Bitcoin, and we did it from a 60-40 perspective, where at that point, we so when we first launched it, we thought bonds were less attractive, and we did the 60-40 funding it from bonds and then we did an 80-20 model where we funded it from stocks with more risk.

當然。是的，我是 Jeremy Schwartz，我們的全球資訊長。我們已經實際運行了，我們可能首先推出了一套加密貨幣模型。所以我們一直在運行一些模型，例如比特幣的 5% 分配，我們是從 60-40 的角度來做的，在這一點上，當我們第一次推出它時，我們認為債券的吸引力較小，我們用債券提供了60-40 的資金，然後我們用風險更大的股票提供了80-20 的資金。

So we've been managing these. We'll think about it from our full model suite. We've had it in, we have another model that we have launched recently called our geopolitical risk aware model, where we have allocations to Bitcoin in some of those. So I'd say we're already sort of in a leadership way already including these in some of our model portfolios already.

所以我們一直在管理這些。我們將從我們的完整模型套件中考慮它。我們已經有了它，我們最近推出了另一個模型，稱為地緣政治風險意識模型，其中我們在其中一些模型中配置了比特幣。所以我想說，我們已經處於領先地位，已經將這些納入我們的一些模型組合中。

Got it. Appreciate it. And just one other. I know you've talked about kind of the prime offering and kind of slowly ramping the marketing spend there. Is there a point at which you guys really start to pick that up? Is there something that would trigger that?

知道了。欣賞它。還有另外一個。我知道您已經談到了主要產品和慢慢增加那裡的行銷支出。你們有沒有在某個時刻真正開始意識到這一點？有什麼東西會觸發這個嗎？

Will, do you want to start?

威爾，你想開始嗎？

Yes, hey, it's Will Peck, Head of Digital Assets. Yes. I mean I think as we continue to get full state coverage, if you look at the map, there's a big stake missing in Texas. So we continue to get full state coverage and continuing to expand kind of the full product feature offering that we have in WisdomTree plan, we'll continue to increase that marketing spend.

是的，嘿，我是數位資產主管 Will Peck。是的。我的意思是，我認為隨著我們繼續獲得全州覆蓋，如果你看一下地圖，你會發現德克薩斯州缺少很大一部分。因此，我們將繼續獲得全州覆蓋，並繼續擴展 WisdomTree 計劃中提供的完整產品功能，我們將繼續增加行銷支出。

And I think it's just continuing to do it to manage all that way. Like we mentioned in the prepared remarks, we're actually seeing great results so far, declining cost of customer acquisition, accelerating open account growth. So continuing to lead into that and growth in there.

我認為只要繼續這樣做就能以這種方式管理。正如我們在準備好的評論中提到的，到目前為止，我們實際上看到了很好的成果，客戶獲取成本下降，賒銷帳戶成長加速。因此，繼續引領這一領域並實現成長。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, good morning. This is Anna Lee on for Mike. Just curious your view on strategic or inorganic growth opportunities, whether it be through an acquisition or a partnership or JV. What are you looking at? And how much time are you guys spending here? Thanks.

嘿，早安。這是麥克的安娜李。只是好奇您對策略或無機成長機會的看法，無論是透過收購、合作還是合資。你在看什麼？你們在這裡花了多少時間？謝謝。

I'll start. We're always trying to be opportunistic. We look at a lot of things. We're very, very selective, but I will say that whether it's through M&A, like what we did to build out our -- we made two acquisitions to build out Europe as a base -- we've made investments to help us facilitate the launch of the digital asset platforms.

我開始吧。我們總是試圖投機取巧。我們關注很多事情。我們非常非常有選擇性，但我要說的是，無論是透過併購，就像我們為建立我們所做的那樣——我們進行了兩次收購，以將歐洲建立為基地——我們進行了投資來幫助我們促進數位資產平台的推出。

So I think that there are opportunities, but I would say it's primary. I think for us, primary is our organic growth, and we have a very high hurdle for M&A. Our acquisitions have actually been highly accretive, not so easy to accomplish through acquisitions, but if we can find a way to really strategically position ourselves better, you know that we do look out to where we think sort of the pump is going and we want to always strengthen that position.

所以我認為有機會，但我想說這是主要的。我認為對我們來說，首要的是我們的有機成長，我們的併購障礙非常高。我們的收購實際上是高度增值的，透過收購來完成並不那麼容易，但如果我們能找到一種方法，真正在戰略上更好地定位自己，你知道我們確實會關注我們認為的泵的發展方向，並且我們想要始終加強這一地位。

So I think that answers the question. Is there anything, Jarrett, you might want to add?

所以我認為這回答了問題。賈勒特，您還有什麼要補充的嗎？

Jono, it's Bryan. I think the other thing that I would just point out, we've been very episodic in the recent past. If you recall, just a year ago, we bought out our gold royalty obligation of that highly accretive transaction for us. We bought back preferred shares from the World Gold Council that we had previously issued on favorable terms. And we've been buying back stock over the course of the past few years as well and paying down some debt.

喬諾，我是布萊恩。我想我要指出的另一件事是，我們最近的情況非常不穩定。如果你還記得，就在一年前，我們買斷了這項為我們帶來高度增值的交易的黃金特許權使用費。我們從世界黃金協會回購了先前以優惠條件發行的優先股。在過去的幾年裡，我們也一直在回購股票並償還一些債務。

So it's not just as it relates to this on the acquisition front, but if you think through the capital management priorities as well, we just don't want you to lose sight on that.

因此，這不僅與收購方面的問題有關，而且如果您也考慮到資本管理的優先事項，我們只是不希望您忽略這一點。

Great point Bryan, thanks for adding that.

布萊恩，說得好，感謝您補充這一點。

Perfect. And then maybe just a follow-up, could you guys give us an update on new product creation, and maybe talk about kind of your key areas of focus and where you see the most opportunity?

完美的。然後也許只是一個後續行動，你們能給我們介紹一下新產品創建的最新情況嗎？

Jeremy, would you take that? But obviously, you could only talk about -- you can't give your secrets away, but please take it Jeremy.

傑里米，你願意接受嗎？但顯然，你只能談論——你不能洩露你的秘密，但請接受，傑里米。

Yes, I'd say we've been very focused on core exposures and continue to diversify the product set. I think high level, we are as diversified as a business as we've been when you look at it holistically with U.S. and Europe.

是的，我想說我們一直非常專注於核心業務，並繼續使產品組合多樣化。我認為，從高水準來看，我們作為一家企業的多元化程度與美國和歐洲的整體水準一樣。

We started off very value focused in the US, and we're all waiting for the major value rotation in the market. But we've been increasingly focused on the quality franchise within WisdomTree quality dividend growth, but now also quality growth.

我們一開始非常關注美國的價值，我們都在等待市場的主要價值輪換。但我們越來越關注WisdomTree 內的優質特許經營品質股息成長，但現在也關注品質成長。

So we launched quality at CDRW in the US at the end of 2022 right after the big bear market in tech. That funds now up to almost $0.5 billion. We further launched that in Europe to get the global synergies, but we launched mid and small cap versions of that in the US, so sort of rounding out the product suite.

因此，在科技大熊市之後，我們在 2022 年底在美國 CDRW 上推出了 Quality。目前這筆資金已達近 5 億美元。我們在歐洲進一步推出了該產品，以獲得全球協同效應，但我們在美國推出了該產品的中小型版本，從而完善了產品套件。

We've been focused on thematics as part of that franchise of growth products as well. And in Europe, we continue to have very strong flows and continue to launch a lot of interesting products. We launched a megatrend product that is a collection of themes. All trying to get diversified exposure.

我們也一直專注於作為成長產品系列的一部分的主題。在歐洲，我們繼續擁有非常強勁的流量，並繼續推出許多有趣的產品。我們推出了一款大趨勢產品，它是一系列主題的集合。所有人都試圖獲得多元化的曝光。

And so I think we're doing a lot in things like our efficient core family to give room for alternatives. We did that in the US, some of our performing products this year have been in that efficient core with gold overlays in the US, but they also then launched efficient core for the US markets over in Europe. I think we're going to do more with that concept. But yes, we'll continue to execute and try to diversify the overall product mix that we have.

因此，我認為我們在高效的核心家族等方面做了很多工作，為替代方案提供了空間。我們在美國做到了這一點，今年我們的一些表現出色的產品已經在美國採用了帶有金色覆蓋層的高效核心，但他們隨後也在歐洲為美國市場推出了高效核心。我認為我們將圍繞這個概念做更多的事情。但是，是的，我們將繼續執行並嘗試使我們擁有的整體產品組合多樣化。

Since we started the firm, it was 20 years ago, we actually had quite a broad suite of funds. We're always looking to strategically fill out and strengthen our product set. But really, much of our focus is to just grow our funds to $10 billion, more $10 billion funds. I think we have a lot of potential in the existing suite, and we can do a lot more with it.

自從 20 年前我們創辦公司以來，我們實際上擁有相當廣泛的資金。我們一直致力於策略性地充實和加強我們的產品系列。但實際上，我們的重點是將我們的資金增加到 100 億美元，甚至更多 100 億美元。我認為我們現有的套件有很大的潛力，我們可以用它做更多的事情。

Chris Kotowski, Oppenheimer.

克里斯·科托夫斯基，奧本海默。

Yes, good morning. Most of mine have been asked, but I was just curious on the other revenues, if you could flush that out a little bit more, like is that pure incremental revenue? And I'm just wondering if you're generally guiding to 50% incremental margins. Are these like 50% margin dollars? Or is it like 100% pure incremental? And then as an analyst, I always trying to model every line item P-times-Q and over time, does that grow, and does it grow with European AUM? Or what does it grow with if it grows?

是的，早安。我的大多數人都被問過，但我只是對其他收入感到好奇，如果你能把它再沖掉一點，例如這是純粹的增量收入嗎？我只是想知道你們是否普遍指導 50% 的增量利潤。這些是 50% 的保證金嗎？還是100%純增量？然後，作為一名分析師，我總是嘗試對每個訂單項目 P-time-Q 進行建模，隨著時間的推移，它會增長嗎？或者說如果它生長的話，它會隨著什麼而成長呢？

Great question. Chris.

很好的問題。克里斯.

Yes, I'll take that question. So as it relates to just run rate, I think there's a couple of different elements going through other revenue. And there certainly is a mix of asset-based elements and there's transaction-based elements.

是的，我會回答這個問題。因此，由於它與運行率相關，我認為其他收入還涉及幾個不同的因素。當然，存在著基於資產的元素和基於交易的元素的混合。

So on the asset base side, if AUM were to grow, we may see a little bit of an uplift in other revenue. I don't want to necessarily assume that at this time, I think the $8 million run rate that we said in the prepared remarks, is a fair place to be when thinking about how to model this going forward for the time being.

因此，在資產基礎方面，如果資產管理規模成長，我們可能會看到其他收入略有上升。我不想必然地假設，在這個時候，我認為我們在準備好的評論中所說的 800 萬美元運行費在考慮暫時如何對此進行建模時是一個公平的地方。

It is largely there really isn't much of an expense offset. I mean the only thing I could say is when it comes to compensation, our comp plans are very performance -based. So if there's a little bit more revenue. That might mean there's a little bit of incremental comp associated with that as well, but it clearly much healthier than a 50% incremental margin when thinking about the impact of the other revenue.

很大程度確實沒有太多的費用抵消。我的意思是，我唯一能說的是，在薪酬方面，我們的薪酬計畫非常基於績效。所以如果收入多一點的話。這可能意味著也會有一些與之相關的增量補償，但在考慮其他收入的影響時，它顯然比 50% 的增量利潤健康得多。

Okay. Great. Thank you. That's it for me.

好的。偉大的。謝謝。對我來說就是這樣。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Jonathan Steinberg for closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給喬納森·斯坦伯格以供結束評論。

Thank you, everybody. We appreciate your time and your support. We'll speak to you next quarter. Enjoy your beautiful Friday in the summer. Bye, everybody.

謝謝大家。我們感謝您的時間和支持。我們將在下個季度與您交談。享受夏日美麗的星期五。再見，大家。

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。