you, Natalie's to to want Wealth all call. I and team. the Thank afternoon those to Adhesion Natalie, on the good echo welcome
We excited the so AssetMark join have to are family.
now we XXXX year was for record As another AssetMark. mentioned,
my During today, share our and XXXX results I remarks with quarter will outlook. fourth highlight you our
money lower market said, strong is as from to assets Starting to billion All Wealth pressured assets million. of that than adviser we by in environment. depreciated platform X.X% are and and of to levels. satisfaction. full billion $X.X for relative $XXX were continues sidelines was of $X.X as all, coming sign assets and $X.X volatility the rates of with net those Adhesion our due given of $XX.X billion continue which platform second, impact our coming Net percentage Net a platform the on market on of our a and up for quarterly the are the flows on to Fourth the still are XX. beginning redemption Slide lower flows period X%. But in XX%, assets production were flows billion. be on net of year to XXXX quarter year-over-year last are net flows sit market XXXX quite year to current at flow pleased that decreased includes Quarter-over-quarter acquisition year, a
now metrics. added discuss new adviser quarter. producing our NPAs the or XXX We Let's in advisers
positions events close and on existing acquisition continuing us strategy. on increased stay doubling areas We focused which share our wallet both new are marketing flips. and down adviser believe to to win of our We advisers advisers on and will digital focusing from advisers, positively existing future well impact these of to
the of adviser engaged count, we the quarter fourth at our advisers On total show Slide engaged was XX, end X,XXX.
During the core adviser is XXX and increase appreciation advisers. engage our This added growth. market by quarter, we driven acquisition,
our the appreciation Adhesion, on engaged as $X XXX, time the qualify of due XX moved a XX of platform the of status their were for miners and million our to from who platform. result advisers acquisition core of back first threshold AssetMark were the that were above XXX asset Specifically, market growth for organic the
Our advisers up of XX% of for platform using XX% engaged account and assets. advisers platform make all our our
the as a it focus always, its advisers of further management is our number engaging growing to and growth of As is key business crucial for financials. drive
the up households the our asset activated platform. on our XX% almost growth, number third households not to number addition gives measure accounts, way we In to year-over-year we and of level advise of XXX,XXX. are The the keep
to platform. nearly XX,XXX added mentioned, Natalie As Adhesion acquisition the households of our
this $XXX was to which quarter's let's discuss revenue, million. to Now Slide record turn a XX
know, you net our revenue on related we of focus expenses. As variable
net of year-over-year the spread-based our impacted record million, net $XX the XX% the was quarter revenue than depreciation. is This revenue, or more in year details decline market which XX which by was For This Slide million revenue from $XXX year-over-year. our was offset a driven ago. a asset-based walk. primarily up fourth revenue, XXXX, up XXx
driven waterfall XXX on points reduction yield XXX just in income, we up improved a the $X.X and Year-over-year spread asset-based net shows, points. over net increase year-over-year As revenue million went in basis by contributing mainly rent discussed. our to expenses. revenue basis which to
providers. by ongoing reminder, a is with restructuring driven savings As agreements an is that primarily there
down compression year-over-year, driven primarily driven flat fee was was driven the which foreign year-over-year, of by $X.X Subscription pressure. by by exchange assets. revenue half XX decline billable basis million The was in billion revenue year-over-year points, primarily from Adhesion. $X.X Voyant Asset-based was
Excluding approximately was revenue the impact XX% of year-over-year. FX, up subscription
geographies. both in we in and Natalie high encouraged existing geographies growth are expansion Voyant's prospects, As mentioned, by their potential
increased largely cash. corporate about million higher year-over-year, $X.X other The interest income driven income our on by earned
the emphasize the our since growth then expenses, platform revenue add asset-based This the In our had during market revenue discussing in a in to different over best for total different as revenue past spread-based year of accounting net Market $XX market net platform sixth I year for conditions. was under over assets impact. story. XXXX. for revenue net a equity total Before us revenue. to quite X record $X the years net helped our asset-based billion net want number impact stability XXXX revenue loss revenue. of We U.S. of with a XX%, fell from we of strong very driven XXXX, XX% billion a $XX In of XXXX, caused by assets was percentage million revenue year, an yet another record experienced AssetMark
numbers. in X For we years grow market have been completely year, able been have each last the X And to environment. to revenue record the different restate,
equity not continues We Voyant grow, are excited correlated that revenue revenue is about diversification to it to as revenue will the resiliency or market model it provide further of industry. our
expenses. discuss let's Now
million. to driven SG&A a Slide SG&A. operating up adjusted X.X% X% increase driven by million expenses $XX.X increased year-over-year. through and costs. for headcount the Compensation increased flat compensation. was run by variable by by quickly We year-over-year, will travel quarter. lower offset and our always, expense that event I cost were primarily million, total $XXX expenses Turning was year-over-year in increased to year-over-year Quarterly XX% increase The adjustments was to in XX, $X.X our
a point at the share-based of of million back total X the quarter million will likely which from million items: XXXX, to under compensation, $X.X we anticipate comprised per compensation. noncash noncash increase of rate at just to second we be pretax, run added ongoing $X.X We share-based half First, share-based this in which of is $X
Second to as This to was integration is adjustment expenses $X.X primarily Wealth. acquisitions, Adhesion $X.X of adjustment to primarily and The related includes onetime for costs million costs. fees. such reorganization expenses label related and professional million
Lastly, of of XXXX, $X.X million. expect amortization. about we quarterly rate acquisition-related million the In $X.X run this
earnings our to Slide XX to Now let's the turn quarter. discuss for
adjusted Fourth was XX% up year-over-year. EBITDA $XX.X record quarter million, XXXX a
EBITDA our Adjusted our EBITDA of income annual to the and extremely our to management points grew is well which pleased diversification quarter, above was basis Xx a net year margins In the basis a of and million, base. XX.X%, $XX.X for our disciplined points. robust for XX.X%. expense $XXX full was target XXXX. we the XXX year, and our XXX year year-over-year income million XX are and reported to points with recorded target up flexibility net adjusted full growing basis than quarter, full testament XXX We margin this adjusted EBITDA the for revenue the to more
per $XX.X quarter share share. of income based This was quarter $XX.X fourth $X.XX on Adjusted count diluted net the million or fourth for million. is the
Our XX.X% the pretax growth rate of XX%, the for adjusted due income tax from credits is to tax our and now effective in up full deductions. growth outpacing the year
income please For walk [indiscernible], see the net adjusted XX. on Slide
reported at Now items. X sheet. the I'll look quarter let's highlight fourth balance
cash we First, million the , have We do $XX in generating asset job at ended company. fourth $XXX of million available the a quarter a our and to for still in this million to continue in great we cash. paying $XXX facility credit Adhesion. that's cash
lot facility our ability balance, deals, of cash us a of focus dry key future and as a which generate important remains cash our for powder our M&A an credit strong growth Our strategy. to component gives
reflect primarily investments improving and our on creating new which capabilities, expenditures, capital Second, service. scale long-term focused increasing
capital capital total guidance within revenue. of the million X.X% well to For total spend was previous were X% XXXX, or revenue, quarter, X.X% total expenditures of our $XX.X fourth our In of revenue. X% of
capital largest focused and reflects improving for within We our our in focus and do will run of the of efforts while the maintaining investments replatforming productivity combine have our The business solutions parameters. our initiatives. a rate advisers. productivity capital continued Our in between all continue primarily projects, X% other revenue. build on spend replatforming efforts, we In X% capital and this we our new constant total initiatives XXXX, XXXX,
XX. that. meaningful Slide would to in I impact how like our maintain make to Turning to we results and on financial some a to that spread commentary provide continues look
earn spreads Company, as a Trust of to ability owning custodian, result Our AssetMark our or ATC. direct own our
know, of function by the at is can and rates. interest of held spread-based ATC you amount revenue As investments a
discuss cash percentage quarter, to assets the elevated. In and fourth let's of the balances. total ATC remained First, cash
without level Over more time, revert we to it expect normalized a to X.X%.
The Fed January. fourth now rates. highly income. rates increases for during our to forever. Turning interest high more spread and rate growth The are These rates beneficial attention once in increased quarter the stay Xx will the not of
growth As fourth a of the in deposits we X.XX new added as to X.XX%. have fixed million of fixed-term XX% of cash started and a December of cash quarter, our $XXX ATC is terms and rate fixed to term result, a deploy portion contracts. added rate we XX, In And of agreements. insured years maturity of rate that
we into As a of have reminder, rate terms. ATC XX% the to placing at fixed up optionality
the rate calls. We on deployment on terms will into continue to earnings update future fixed of straight the cash
Finally, to let's XXXX discuss XX our to turn Slide outlook.
growth, financial asset continued with from club our company and revenue growth growth of the of starts adoption Our model Voyant. SaaS-based the and
We revenue. subscription-based trend have discussed and already
focus on me let So asset factors.
net lower in to earlier remarks, prepared discussed production. my pressured be flows As by continue core
expectation. to in fee of XXXX growth which in net slightly subscription in low teens full growth Driven mined includes our platform Our in about XX-plus XXs. the growth by assumes compression, basis expectation year percent, This high X growth revenue revenue of which spread high we is a and a revenue, was organic to of of modest fuel X.X%. revenue, asset list be and market Adhesion point regular the growth offset asset is expect our
SG&A consist the of We high operating in a SG&A, our have compensation increase and set which to teens. expenses,
into as the and clarity the and and full is from increase growth our is X/X Our adviser due adviser increase driven Adhesion. billing to benefits is technology impact About of acquisition, investments program by replace. being the strategic about initiatives, year-over-year X/X such of the volume system remainder our talent
disciplined is closely revenue As not expense will growth. growth expenses our and a and our reminder, let outpaced managed, our we
improved on focused revenue always, realizing our earnings. we are and on margin As growing
back adjusted to year. XXX EBITDA up her hand And to points year-over-year, will XX%-plus we Natalie over remarks. margin and expect our for and We I between be XX it expect for the basis with expansion concluding that,
