AMK - Earnings call transcript Q2 2022 | AssetMark Financial Holdings, Inc.

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Operator

Good afternoon, everyone, and welcome to AssetMark's Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. Today's call is being recorded.

Now I'd like to turn the call over to Taylor Hamilton, Head of Investor Relations. Mr. ahead, go Please Hamilton.

Taylor Hamilton

afternoon conference welcome call. Good quarter AssetMark's XXXX earnings everyone you. to and second Thank

they results Joining Natalie provide XXXX. Financial Today, Wolfsen; are an and discuss me AssetMark's business Chief Officer, Chief update to Gary outlook quarter the second for Executive AssetMark's Officer, will and the for Zyla.

introductory our up open for call Following the we'll remarks, questions.

IR ir.assetmark.com. It that reference during We will can accessed also Gary be have at Natalie an and Web on our earnings prepared remarks. site presentation their

Before I'd conference certain are as statements started, materially. this we made forward-looking statements differ outlook could of our forward-looking that get call, note to like results and These during only call this date represent actual the statements.

adjusted are and of and EBITDA income, risk all during press financial required I'll our non-GAAP non-GAAP with net margin discussing colleagues. on Additionally, we'll associated call, our EBITDA, today's away. adjusted which conference Please information filings factors Natalie, ahead for take release be and and go earnings information. forward-looking refer metrics. SEC financial over to turn the adjusted net it business, to more call to my statements, With related disclosures that, revenue,

Natalie Wolfsen

rates quarter financials. five discuss evolve on than quarter our a and the My operating TAMP discuss and impact the everyone more and and the key to our to our we strategy. our turn to second today and market welcome call by will to second remarks for volatility prepared the Hello on Taylor. executing Gary I'll having a Thanks, evolution AssetMark's of to the earnings rising becoming of everyone hope I of results I'm to summer. call. on call, is great focus growth continue on After how components over finished, financial

realized Slide key on results We starting second X. quarter. financial in metrics among the many record So

we XX% up line, year-over-year. revenue of the On realized top record XXX.X million,

realizing the was also we the adjusted of our EBITDA adjusted as company. for as realized almost highest full XX.X%, while million, of public On as XX.X of quarter million, line, record XX.X we for year income a XXXX. EBITDA the reported bottom much margin net Reported

Our is and factor ability than record driving more results. for in X,XXX households to XXX,XXX be ability our a advisors the achieve than our more to these TAMP

Now let's X. turn to Slide

year, acquisition Over contribution the our revenue have Voyant from greater rates last with spread continue interest as diversified we've rise. revenue the realized to of and

Adhesion I'm advisors the direction in will growing the the Wealth, serve We have add pleased flexibility lay the announced only unbundled acquisition how continue of company groundwork which extremely This and have to to advisor outsourcing RIA accelerated serve company channel. modular more be through more the option. including accomplished we've channels, positioned capabilities, and provide advisors, what will enhanced going. we more with also the is a to

Continued execution components than five to more growth a will TAMP of evolution on being come. the strategy the our of further in years our

update As every strategy. provide we me growth quarter, an on do our let

In better technologies, transformational to The RIA are a varying of outsourced overlay Adhesion's June, leading advisors and and providing Wealth, or services, and XXX a technology we advisors by X,XXX believe growing affiliations is enables growth-oriented this they across component, enterprises acquisition RIAs while engagement AssetMark. for We deliver platform X, asset program. advisors. to over managed managers. successfully practices accounts the RIA, fee-based catering Slide to to outcomes their Adhesion trading new is mature investor client management on first solutions of announced acquisition meet wealth where provider

me why. Let explain

with drive flexible the expanding and of serve purpose-built an of First, further rapidly Adhesion that strengthen solutions scale. market addition will the efficiency ability to growth, our RIA ecosystem

calls, to the As RIA are advisors earnings more and we've more moving previous channel. discussed in

and offering technology to unbundled at a outsourcing a assemble practice investment us enable versus AssetMark delegating. will including flexible those range that modular and approach, and to their a solutions lays Second, providing themselves for to through This prefer more for acquisition Adhesion. through the solutions groundwork provide fully of advisors broader the

will historically, RIAs. of through as expand modular greatly valued total and AssetMark outsourced-oriented addressable focused million our Xx more our between we'll XXX a Adhesion's practice by Adhesion. been total put, have by addressable sizes institutional, advisor through market with this provides the acquisition million. Third, platform XX market, on we've expanded offering, RIAs larger flexible Simply

client will solutions, direct advisors existing by benefit transition, services practice value-added indexing, AssetMark's including reporting. and delivering Lastly, acquisition and the administration, analytics tax portfolio

to second half in the We and to year. to expect AssetMark's its first year accretive of full the Adhesion be close in earnings

X. to Slide Turning

The is to advisors deliver to been and the wellness year differentiated a acquisition second Voyant, experience greatly financial of which since It's component clients. has accelerated we've vision. holistic our of their closed our growth one strategy

to quarter, number from also positive, enterprise licenses. the continues make client has meaningful as over Voyant Voyant enterprise acceleration Voyant Canada, business, relationships to signed year, approximately SMB, last number be growth in enterprise are and and up Feedback growth revenue, open of key which Enterprise XX%, Voyant's up our up realized make which consumer an and last and SMB in XX In X% the the of pleased with the remaining advisor see back XX% revenue, mid-sized respectively. Over we licenses, year. subscription or advisors the both geographies are in a year-over-year. small we and expect up are of second licenses, subscription the new up. of and Voyant

component the varying third advisors and The stages more our growth generations. strategy across spectrum, is enable to life of to serve wealth investors

turn X. Slide Let's to

already well to Values-Driven wide provide Most investment XX,XXX over market curated I'd million how year's during launched with materials. additions are totaling strategies Investment as in of which seeing our inception. ESG been update suite resources managers. proposals September, recent submitted We're on addition which to Last we managed Program, this submitted. These asset selection as ESG SMAs, of their from cover of styles, we new early actively our and launched supporting clients four our professionally used have advisors over adoption platform by advisors two a XXX with our since This our an breadth volatility. a of and classes, proposals like highlight robust asset advisors a launched we and $XXX educational recently, quarter,

can so a offering Slide growth clients clients seen We advisors can continue the with In needed continue their and to January the is we tool type on our to and we volatility quarter, advisors we advisors strategy, guide their second focus this them an includes streamline context, and a In effective timely digital for informed, provide their competent, XX environment in time on and launched businesses advisors advisors timely scale to the to this so there by that confronting provide Being update greatest market This why a comfort resources provide of financial lead conversion. like the market for resources prospecting turnkey also of strong our consistent designed year, for would to with to manner. of navigate couple guidance a why fourth new persistent grow AssetMark educate they prospecting on opportunity and is to clients launched and as months. and their clients programs. first years. education toolkit, for help advisors, more X, advisors continue to quarter component Their launched financial is for of and which connect our volatility recent help we've our choose be in value. solutions have are when there advisors. win and and are stay offerings they for advisor most their clients volatile insights We and over volatility prove I The capability provide in two to an last advisors. curated drive to times. the

over advisors our generated tools. program, their helps the are our high-quality leads in still February, relationships In XXX with we platform While advisors build a marketing suite early and all-in-one this marketing with financial robust that launched ready-to-use tool of using business launch. advantage since actively an grow innings,

are grow of growth scale has a dedicate to extremely resources cost continue key platform our and here. and strategy, early, our and of this component While still as positive leveraging and both hundreds time we is savings. advisors advisors our advisors cite been feedback Helping

the last have expanded fact, year, over we business In our XX%. over consulting by team

component improve The to our investors businesses. strategy their expand to strategic final pursue Slide transactions ability advisors' by of that X. turning growth serve assets Now is capabilities and and to adding

are remain focused feel very I've previous and to M&A only disciplined a on that our earnings platform. we buy As buyer, for a strong fit capabilities would looking calls, be on we mentioned

outlook updated dive deeper Now the for us second call quarter results to take a turn then will Gary, and an I'll who into our XXXX. over through

Gary Zyla

you, Thank to call. all and on good Natalie, the those afternoon

metrics. quarter second testament As quarter many just base is key and lifts among of line to our record Natalie our mentioned, and financial ability [ph]. more for a top a to than This than our be more the advisors X,XXX TAMP a direct XXX,XXX-household a was bottom

our period on a talk then about as outlook for conclude Starting asset net expenses quarter I net flows impacted on XXXX. billion Slide platform the then usual, and with with billion our will a assets and loss for update start were billion, and As our the $XX.X Net by platform $X.X second of $XX.X is X.X%. discussion fees. revenue, of Annualized billion our quarter XX, for an $X.X earnings. assets, percentage market were flow will beginning in of are I year.

the the extremely sidelines. growth, first organic market are volatility and sit money of We to XXXX of our continues given that half on pleased with the amount

with clients markets. volatile the continue them and need resources their through We engaged to provide to uncertain they and well these stay advisors with our lead

us among to wallet share has to Natalie other advisors. from new things, As and our this, of existing advisors allowed win mentioned, continue

the our turn In turn or quarter, XX. advisors, metrics. our NPAs. to we now XXX to producing Let's second new attention advisor Slide Please added

the is million over our growth define point assets $X platform. in and advisors always We as our engaged it growing As further platform a drive to our that number our crucial its of focus we key those in management, as is financials. in business for engaged on out, are

by Our below to This total advisors quarter, $X in the million X,XXX. dropped reflects engaged who due offset advisors engaged quarter, by quarter, of advisors depreciation. XXX were second the market new the XX end

up engaged our assets. XX% advisors make Our platform of

up over is to powerful families. to The American XX% a households. that impacting to households to and of dream XXX,XXX. quarter number close financial think hopes is It AssetMark the year-over-year is million Turning of

discuss record Now this to to which XX let's a was turn quarter's million. Slide revenue, $XXX

As subscription-based we expenses. related XX% our the of on focus net of year-over-year, variable of XX% million, was net revenue $XXX from was driven a spread-based to which $XX and which was a revenue million, up the revenue, XXXX, second XXX% million, by revenue, up robust In net up addition you which record the is $X.X million. revenue Voyant, asset-based know, quarter $X.X and which was

my increased revenue Voyant's XX some impacted provide will I net pressure. on details foreign market financials. and Later quarter, walk. rates volatility was during impact prepared Slide revenue year-over-year with This our our detail remarks, how exchange

the by million driven of generated shows, revenue the $XX in $X.X year-over-year, growth, in waterfall additional asset expenses. revenue net to up asset-based which increase Also was impact our million a As reduction adding in net net our is revenue.

other point, As and expectations. increase additional providers. Voyant savings primarily with $X.X revenue Year-over-year X that in another revenue, line added our our restructuring basis was from the our revenue is Subscription Voyant's drove fee a well. in reminder, in consulting this compression agreements as by ongoing driven is million revenue approximately with line

revenue yield spread-based points almost from to to in XX XX $X million average improvement our Lastly, points. basis year-over-year the basis due increased

expenses. discuss let's Now

to up Turning increase were year-over-year Quarterly XX% and expense compensation to Total million expenses million $XX.X adjusted quarter-over-quarter. by operating XX% $XXX increased went a million, in $X.X XX. SG&A. increase million X% driven $X expenses down year-over-year and a to in Slide

We adjustments total our quarter. added million back comprised a through run of $X.X items. is quickly me pre-tax, Let the which of three for

million First, forward. anticipate share-based in be $X run quarterly we non-cash just the going million $X compensation, under rate to

of amortization expense to expenses million acquisitions. adjustment $X.X Second prior to related is

this to rate run XXXX. expect our We throughout quarterly be

and reorganization related to pandemic. costs Lastly, to one-time $X.X cost million primarily and integration related the

to the Now in discuss earnings turn XX our Slide to let's quarter.

adjusted Second and adjusted year-over-year XXXX quarter was EBITDA $XX.X the highest company's industry. million, in EBITDA XX% up quarterly our

this EBITDA growing adjusted a our expenses. and management quarter to of up XX.X%, EBITDA testament flexibility diversification disciplined XXX our was the and basis our Adjusted margin with pleased a extremely year-over-year. is for the are robust record which quarter, a revenue points We

based a on $X.XX net million of income was or record almost quarter is reported the This for for income net reported share Our was full $XX.X equal million, the million. diluted record share. per the income the XXXX, year $XX.X count second while our second for quarter to XX.X a adjusted quarter

XX.X%. full for Our unchanged adjusted at the year rate is tax effective

color, further XX. walk on Slide the net adjusted income please For see

balance at the Now let's sheet. look second items. highlight two I quarter would

to continue million second position to ending cash, with in $XX.X and a great we generating First, adding the job $XXX.X cash of cash. do quarter million our quarter-over-quarter

is we Additionally, have facility credit our the available still $XXX to that company. million in

the Our key as remains strategy. us for our cash balance, give low the component well flexibility of deals, in cash which will focus growth and M&A important future debt as leverage, deploying an

business. revenue capital we Second be are point the expenditures, million continue on or we our X.X% as the improve in second X% $XX capital in expenditures the in spend technology In investments balance create new the our scale, primarily long-term XXXX, revenue. quarter, expecting our sheet, In invest to of capital was reflect of total to improve capabilities, service. to total about future

XXXX I hikes financials. remiss think impact of will our be the clarity not on discuss our market we volatility I future rate to outlook, how some about Before on provide and

XX. to annual the on Slide spread-based left-hand point basis the column revenue. our Turning impact The funds a rate shows Fed increase in of XX

volatility. influenced interest This due proprietary Company of or than our changes held cash at insured by amount Trust Company. rate Currently, X% investors strategists significantly and total is reminder, of Trust this the to assets, allocating AssetMark spread-based revenue at a deposit, higher cash of X.X%. cash to much As more the cash during portion the historical ICD, is by market was

of impact point in basis increase to For would revenue. X.X% spread-based rate, million modeling equate $X.X number revenue additional using the a an Fed to funds in XX purposes, which annual show we are

Now let's revenue. turn to asset-based the impact on our

global S&P domestic fixed and equating a our XX% As assets equity reminder, platform the view XXX. a to of we income, XX% approximate X.X as to blend beta

this to global a we show on of to portfolio X.XX% diversifying XX/XX asset-based the impact I are in revenue. revenue, want our committed While our that declined

no would Assuming fee decline the revenue platform current to assets million. future we asset-based billion asset-based our of impact X.XX% and a compression, $X.X $XX by set

Fed hikes offset some a So our the between and XX the in inflection a funds simply We'd put, rate this that interest assets. hope increase platform market provides in clarity rate point basis point X.XX% regarding depreciation could volatility.

Slide to our XX an provide expectations. Finally, update let's turn to on XXXX

Despite track as pleased to we flexibility in well margin have a that in market of our expense our the I we model, continued reaffirming We for business have record given as volatility, that strong are bill advance outlook expansion EBITDA am the management. and earnings announce target year.

Let me share some perspective on this.

three of billing for we collected of advance, As a in result have already year. revenue the quarters

as by previously we approximately While we in in assets due are rapid Last amount increases billion revenue interest quarter, platform contribution as of than a lost from in getting more point greater and the in point Company. second in basis assuming have about in market Trust we funds basis interest expected X% rates year. increase basis greater have point spread-based we to the well a end two already XX $XX AssetMark we raise time the increases in cash Fed would and XX by in year rates seven the this a May But XX seen June increases rate July. were spoke, the of

most end the over Now to expect X.XX%. rates year

a from all to XX% build As we to result XX% XX%. expectation to narrowing XX% of our are this, revenue

to expense Turning outlook. our

slightly will that to outpace XX% not from that remain to our growth to down volatility are due expense outlook we growth expense revenue disciplined timing XX%. growth. Our is our expectations to the base. revising XX% and Voyant note narrow of range down contract, XX% revenue to model our a so our coming It important has in of expense With flexibility market also we will

our market concluding possibility year and of and track and margin XX% I'll reaffirming Lastly, the With the for a Natalie double bottom in EBITDA are points. basis year of to back extremely adjusted growth we remarks. on pleased are strong it for for XXXX. digits about EBITDA over expansion the we top that, hand record XXX growing line for outlook Despite conditions, are

Natalie Wolfsen

to Thank the now begin call thanks questions to call operator I'll today. answers. the prepared back turn concludes and on our and the you, and Gary, This our everyone remarks,

Operator

you. Thank Instructions]. [Operator

Patrick, O’Shaughnessy open. Our Raymond comes James. first is from line your question Patrick with now

Patrick O’Shaughnessy

surprised afternoon, to net guys. $X that of bit could large million a was Good little of in the Hi. accelerate it growth revenue which I revenue it Curious advisors business? to the generated XXXX, given Adhesion. in about number only has How distribution. see AssetMark that

Natalie Wolfsen

Gary the provides Thanks, But and AssetMark of then about Patrick. of the combination specifics to businesses I'll get revenue. Institutional. two and of the hand of start menu that RIAs. off and to a services for about we're all, really The first Adhesion combination question, Adhesion excited the full to

hand, bundled, also does On support have much but solutions is advisors advisors their scale scale hand, highly those one provides the outsourced on management. to They both. outsourcing their parts it for pick and and outsourcing that business. finding fully you through you outsource Adhesion Rather a management, have outsourcing investment the they AssetMark, Adhesion their the to choose And solutions allows of continue of want way business than we're other own advisors management. that drives their which to business. What use, investment investments other is key and of and fully at in drive and and do AssetMark perform is investment among continue want to many fully to advisors part to can advisors,

of menu to the AssetMark from. And gives so full Adhesion the and choose combination advisors

worlds. Gary talk by that But calls. about growth And with that on want that offering of so both and receive that that, in a in AssetMark come a services, the streamlining combination; hand to to off Adhesion types growth revenue. I and our More are want system system leads drive both Adhesion leads advisor drive of is to advisors earnings plan will that to to combination the are in future best the how

Gary Zyla

Hi, Patrick.

to revenue the somewhere talk value that more can to available, and are high level, there. about services, How about talking more value XX basically basis look right. in take I are $X of right, we're numbers, represents We'll to in that? a and these probably future, going or it revenue points, to going blended on expand million to think the the expand add about that's right, the of we what on we chain we're more but assets the simple rate it,

And or taking into to where or go to We the that teens the to basis are to Adhesion with amazing day XX platform assets able we so we to at that profitable that as but to one believe helps. part Obviously, revenue of whatnot? be two that points synergies Adhesion? that the great that are accelerate companies, way bring the advisor second we going the growth work of through well. we really they [indiscernible] as base, how believe we that we're base one, create between our the going and scale increase on can advisor now on is create scale Hopefully, the focus the best can is have

Patrick O’Shaughnessy

very Thank you. helpful. That's

Natalie Wolfsen

Gary. Thanks, And then --

Patrick O’Shaughnessy

Sorry, Natalie, go ahead.

Natalie Wolfsen

I a I larger that Patrick, advisor average just is wanted than was Adhesion and size much serves thing to other point to just say -- going AssetMark. the out

the both we and offer firms from think the Adhesion more increase type can effort. result, services currently the development so in of are many a we AssetMark, flipside to little down assets And a through development go we are of add that that revenue is, or that points we yield can across said, just The there as that offering Gary as product of bit. basis that

Patrick O’Shaughnessy

it's particularly as you today later? do Would or pace in net than much. then to maybe Thank improves, annualized environment the July well I and obviously those below that up challenging pick quarters, few in sentiment with you'll you And you market XX% expect then of sooner persist right see of next very the it. this rally think rather flows flows for guess now. so net flows, a terms pretty Got net and

Natalie Wolfsen

and growth, as is future unfamiliar the clear higher very it at to that predict thing unfamiliar and seem can't to relates markets right One which advisors we're certainly in inflation that now to lower does is environment, a AssetMark. investors. the We

We type some this haven't in been environment time. of for quite

they through environment investors of much whole generation this all. of fact, managed In advisors, particular at and haven't type of this

their in And possible resources effort tools like so make assets they being need fewer takes their and environments to ability less have depreciating advisors decisions conversations like macro really to support they perhaps and cetera. investors that so of absorb your than you're amount important it's best sure does sold, large as to times. And grow, being their for clients the to this those and advisors influences to bonuses takes away the conversations XXXX, make the supporting in really, the businesses et from with they were uncertain it time with in clients

gets more they're being AssetMark lead new this So and what best market clients. possible times compression example when focus advisors our in placed referrals XXXX, impact advisor making with then the do at that And the in we year investors. We and we the saw XXXX. and in results flows this an and and and supporting environment in for on record in like making recovery their dollars the that comfortable flow of the is and sure on growth impact

But coming what fundamentals exactly business that of Patrick, extremely know, don't do strong. we to quarters. expect the our are the in I So know

last number and over we've fact, year, quality added accounts. In advisors over over XX,XXX producing of We've added new households. XXX the the high also

asset for good and business. really numbers are So underneath flow net AssetMark the the fundamentals

Patrick O’Shaughnessy

Got much. it. Thank you very

Operator

you. Thank

Ryan, Bailey is from Sachs. Our next line question now Ryan open. your comes with Goldman

Ryan Bailey

households think. ties last like point increased looks It advisor Hi, count I quarter-over-quarter, as even everyone. This into total fell. that

seeing from households, existing adding volatility. the market base you're terms wondering during could to So the even I new was in speak you of if advisor what

Natalie Wolfsen

to the to start hand of I'll total about will advisors. Gary talk then I number Yes. and that off answer,

not growth the more in much challenging support, is have that decisions help the see household find that they they and because did need times is the they profound much advisors make and During environment this that consequences. who we more volatility, market many need reason investors like out felt previously

winning to households. That And transitioning just necessarily so household And part net away because a are you out advice model. great many advisors new of the That's these asset to household doesn't the make depressed. right The an try and as you lag. impression values with then like to because new their why in these a recover flow new what because is the and is growth of there's sort there see as opportunity and has households, a see see into growth markets new lag instances, they these and advisor asset advisor values are clients translate recover.

that's so happening bit necessarily that little through we right our with count flowing household about our count growth And new you see our what's the flow in short to why a but don't then, why on Gary, And net talk advisor don't growth term. platform, advisor you and see now?

Gary Zyla

Hi, talk Ryan. Nice to to you again.

really And engaged the than overall, XXX us think, is count, growth that of A count in and million are $X.X have they're net households. did they're slow be lot rate below engaged flows more still flows We important our went net advisors the down right. because level; advisors us, quarter. total total the still much the households not of our even quarter-over-quarter, for going new billion to advisor math, bringing with count on. X bringing dropped the advisors. advisor household engaged our our or most by That's relatively a for has I advisor is count, metric advisors

that's the right. market. almost in count advisor more relevant we in sometimes new why XX to the business organic that we And growth the understanding noise also has advisor advisors, than about in talk so there we engaged count in brought highlighted overall the engaged Again, household count. Again, the the that's

impact, market about X% up didn't the go by engaged advisors quarter-over-quarter we as well. have Excluding still our just

Natalie Wolfsen

year-over-year. And just some on X.X% down count said, while what of just less then, advisors. it's marginally, little It's flat. And we Gary advisor our amount our have a in Ryan, than churn do disengaged building is up

rising, advisor rising said, with have So and disengaged some then that count is left as quality our platform. advisors our are the engaged Gary

Ryan Bailey

strong think not about forward have it. I the XXXX. of very even Gary, a happy the revenues, Got be may then, Understood. But forecasting And question. cuts you this direction for spread now though in we is curve too outlook

of or as advisory there is in rates interest any extending peers some space? your in So locking duration, the do

Gary Zyla

rates at It's in that, very or We're something, are early that aware XXXX probably some of come point, at cognizant down well could right. point, as probably interesting. late Yes. that some of we and

could You whatever to thinks target long-term turn see be that the yet. not to I'll get is. have that back we the honest, done Fed

into the looked the a muting exposure. asset-based asset having a It's our a over reduce hedge have great such for it. Ryan, hedge It's on time is We interesting. versus to -- There your volatility that thinking, on nice is it trade-off of that. base

are looking we we have yet, so we And at can if but not it, it. done that it talk more but about into we actually go

Ryan Bailey

Thank it. you. Got

Operator

Thank you.

line comes from Gerald open. question O’Hara Gerald, is Jefferies. next Our with your now

Gerald O’Hara

was Gary, the access, shutting the Voyant the and market, evening, and the Great. one too Thanks to from Is think revenue that soon that contribution good Canadian contribution? perhaps it to of suppose down previously you. to prior some revenue revisit folks. borders discussed I for especially for I

Gary Zyla

Hi, question. very Gerry. How It's you're doing? fair a

year, in last we're not thinking we way annualized the because year, think $XX talked the about now it I but us, we of half it contributing excited basis. year, that due we again, little we're Canada, bit, that discussed in very prospects And said, England rate run Canada. That they're slowdown not to an primarily the only had to a about quite on in about. Natalie million for have now, Voyant about last at

pandemic, delay is maybe And think one-year it is slow rollout. to by about Voyant one due kind of Gerry a revenue that the time to so And the due way the to that, growth the year, us we be trajectory, planned. growth get to later we'll that to we that million in back will get to run on rate, trajectory growth organic the the back which this track $XX have

Gerald O’Hara

to that's profile of Okay, grind upward out quarter. XX of sort of to strong adjusted that XX next that look EBITDA margins, EBITDA continuing prohibit in the clearly, would margin from then margins, perhaps And months? we over sort Anything as the helpful. kind

Gary Zyla

interest the a But numbers, you We little very was job then great, I good on guess did great our primarily for guess. in I'll right, Natalie, up is on if what and quarter strategy, start I is of driven needed our kind follow Gerry, bit management. margin. can a by Revenue a expense would say this I rates.

was revenue is of be slight wouldn't great, why at increase back, we third a not a equity. step basis our was I increase, talking quarter XXX a surprised margin quarter into because for now just so point lower about kind We're tough if year Second XXX a quarter saw in much quarter-over-quarter for the a going billing level. point we're QX XQ. which basis takes full

going investments to said, still -- have on management, to focused are are being balance that expense future. trying in we for we're the now we So all making the

together math which do all we're that so year leave point you basis And will why is a targeting increase, going XXX full math. to the

strategic going we're on page? same I your revenue. a The revenue investments our due are third know, Natalie, and the there. I pressure from other fourth to back thoughts But make the sure on to don't I'll on step be the naturally XQ asset-based quarter guess side probably on pause any

Natalie Wolfsen

Yes.

that share we'll tremendous like margin make that sure And have future invest to are we where our a and clearly investing expand we given there's business now. said, you. with future expansion. advance we to to together that all future future, a will great our margins, So for and year, for coming an year able opportunity, correct, we what growth. make bill in still is margins But, In the our opportunity, want growth If we think in big to make Gary of business, think and we work absolutely as as Gary ability we the amount said right the a think and Gary's are in sure in and choose to objectives strategic we the because of investments that team because and we're are to we that expanding set lay that have lead out. are we we I, achieving outsized may that it's we're years. we'll the for our initiatives is any given growth feel a and initiatives

Gerald O’Hara

the taking afternoon. for Thanks great. this questions Okay,

Operator

currently Thank no There are in questions queue. no Instructions]. questions in you. There [Operator are queue. further currently

will to pass back remarks. conference over or I any for additional So Natalie the closing

Natalie Wolfsen

all in Thanks We forward conferences. at you Have a again to person seeing everyone investor great day. call today. the on upcoming to look

Operator

today's Thank you. call. concludes That participation. XXXX AssetMark earnings Financial Holdings you for Thank your

You may lines. your now disconnect

AssetMark Financial (AMK) 7 Aug 222022 Q2 Earnings call transcript