SS&C Technologies Holdings Inc (SSNC) 2011 Q4 法說會逐字稿

Good afternoon. My name is Patrick and I will be your conference operator today. At this time I would like to welcome everyone to the SS&C Technologies fourth quarter and 2011 earnings conference call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. We will be taking questions in the order we receive them. Please note that this conference is being recorded and will be made available on SS&C's website, www.ssctech.com. I would now like to turn the call over to William C. Stone, Chairman and Chief Executive Officer. Mr. Stone, you may begin your conference.

午安.我叫派崔克，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 SS&C Technologies 第四季和 2011 年財報電話會議。此時所有參與者都處於只聽模式。稍後我們將進行問答環節。我們將按照收到問題的順序回答問題。請注意，本次會議正在錄製中，並將在 SS&C 網站 www.ssctech.com 上發布。 我現在想將電話轉給董事長兼執行長威廉·C·斯通 (William C. Stone)。史東先生，您可以開始會議了。

Thank you. Welcome, everybody, and thank you for joining us for our fourth quarter and full-year earnings call. I'm Bill Stone, Chairman and CEO of SS&C, and with me today is Norm Boulanger, our President and Chief Operating Officer, and Patrick Pedonti, our Chief Financial Officer. Before we get started we need to review the Safe Harbor statement. Various remarks we may make on this conference call about our future expectations, plans, and prospects constitute forward-looking statements for purpose of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. These are included in SS&C's filings with the Securities and Exchange Commission, in particular the Company's annual report on Form 10K for the year ended December 31, 2010.

謝謝。歡迎大家，並感謝您參加我們的第四季和全年財報電話會議。我是 SS&C 董事長兼執行長 Bill Stone，今天與我在一起的是我們的總裁兼營運長 Norm Boulanger 和我們的財務長 Patrick Pedonti。在開始之前，我們需要查看安全港聲明。我們在本次電話會議上可能就我們的未來期望、計劃和前景發表的各種言論均構成前瞻性陳述，以符合1995 年《私人證券訴訟改革法案》中的安全港條款。陳述中所顯示的結果有重大差異。這些內容包含在 SS&C 向美國證券交易委員會提交的文件中，特別是該公司截至 2010 年 12 月 31 日止年度的 10K 表格年度報告。

I'll give a brief overview of the quarter and year, and then I'll turn it over to Norm who will take you through some of the operational highlights, and then Patrick will take us through the financials. After that I will summarize some business highlights and we will open it up to questions. Let's begin with an overview of the fourth quarter and the full year. We're pleased to report that 2011 was another strong year for SS&C capped by another quarter of record Company revenue. In Q4, our revenues grew 11.1% or $9.6 million over the same period a year ago. Software enabled services revenue was up 13.1% in the fourth quarter to a historical high of $63.5 million, and revenues from software enabled services were 66.3% of total fourth quarter revenue. Our annual run rate basis of recurring revenue, which is defined as our maintenance and software enabled services was $83.3 million in Q4, an annual run rate of $33.2 million, which is an 11.5% increase from the $74.7 million and $298.5 - $298.9 million run rate in the same period of 2010.

我將簡要概述本季度和年度情況，然後將其交給 Norm，他將帶您了解一些營運亮點，然後帕特里克將帶我們了解財務狀況。之後我將總結一些業務亮點，然後我們將開放提問。讓我們先回顧一下第四季和全年的情況。我們很高興地報告，2011 年是 SS&C 又一個強勁的一年，公司收入又創下了季度記錄。第四季度，我們的營收比去年同期成長 11.1%，即 960 萬美元。軟體支援服務營收第四季成長 13.1%，達到 6,350 萬美元的歷史新高，軟體支援服務收入佔第四季總營收的 66.3%。我們的經常性收入（定義為我們的維護和軟體支援服務）的年度運行率基礎在第四季度為8330 萬美元，年運行率為3320 萬美元，比7470 萬美元和298.5 - 2.989 億美元的運行率成長了11.5% 2010年同期。

We believe this is an indicator of visibility -- is a very good indicator of visibility is our annual run rate basis of recurring revenue, and these are also GAAP numbers. Those are things that we will report in our SEC filings. Once again in 2011, we delivered record adjusted revenues up 12.7% to $370.9 million while sustaining robust 39% adjusted operating margins. We maintained our focus on the evolving market trends. For instance, we've spent the year working on some very exciting technological developments, which we'll be launching in 2012, including a number of different web portals and mobile delivery platforms.

我們相信這是一個可見性指標——一個非常好的可見性指標是我們經常性收入的年度運作率基礎，這些也是公認會計原則（GAAP）數字。這些是我們將在 SEC 文件中報告的內容。 2011 年，我們再次實現創紀錄的調整後營收成長 12.7%，達到 3.709 億美元，同時維持 39% 的強勁調整後營業利潤。我們繼續關注不斷變化的市場趨勢。例如，我們花了一年的時間致力於一些非常令人興奮的技術開發，我們將於 2012 年推出這些技術，包括許多不同的入口網站和行動交付平台。

In 2011, we also continued our approach of adding to our capabilities through acquisitions. BenefitsXML, a leading benefits administration platform based in Glastonbury, Connecticut. BDO Xavier Fund Administration Services, a Dublin-based fund administrator. The software assets of Teledata Communications, adding background search and credit retrieval software as a service solutions to our capabilities. And with that I'll turn it over to Norm.

2011 年，我們也持續透過收購來增強我們的能力。 BenefitsXML，一個位於康乃狄克州格拉斯頓伯里的領先福利管理平台。 BDO Xavier 基金管理服務公司是一家位於都柏林的基金管理公司。 Teledata Communications 的軟體資產，將後台搜尋和信用檢索軟體作為服務解決方案添加到我們的能力中。然後我會把它交給 Norm。

Thanks, Bill. We closed out 2011 with a solid quarter. As I look back on 2011, in SS&C's 25th year in business, I'm proud of SS&C's many accomplishments. We executed on a high-level all four quarters, growing revenue, and maintained industry-leading margins. We invested in our technology, enabling us to roll out new products and services. We launched our mobility strategy delivering innovative Cloud-based services, including wireless mobile apps and web-based portals.

謝謝，比爾。我們以穩健的季度業績結束了 2011 年。回顧 2011 年，也就是 SS&C 開展業務的第 25 個年頭，我為 SS&C 的許多成就感到自豪。我們四個季度的執行情況都很高，收入不斷增長，並保持了行業領先的利潤率。我們投資了我們的技術，使我們能夠推出新產品和服務。我們推出了行動策略，提供基於雲端的創新服務，包括無線行動應用程式和基於網路的入口網站。

We now have more than 20,000 users on our new fundservice.com portal. Our mobility strategy remains a focus in 2012 and will continue to be a differentiator. We launched three new service offerings, Global Wealth Platform for registered investment advisors, Assured Platform Upsource and Service for private entity firms, called TNR Shared Platform, and Global Markets risk. In addition, we released upgrades for many of our software products, including debt derivatives, CAMRA, LMS, Maximus, Pacer, and others. As Bill mentioned, we strengthened our offerings and our team through three acquisitions in 2011. In total, we grew our team by 6% over 2010. Expert people and technology are the (two underpins) of all our businesses and will continue to be an area of focus.

我們新的fundservice.com 入口網站現在擁有超過20,000 名用戶。我們的行動策略仍然是 2012 年的焦點，並將繼續成為差異化因素。我們推出了三項新服務：面向註冊投資顧問的全球財富平台、面向私人實體公司的有保障的平台資源和服務（稱為 TNR 共享平台）以及全球市場風險。此外，我們也發表了許多軟體產品的升級版，包括債務衍生性商品、CAMRA、LMS、Maximus、Pacer 等。正如Bill 所提到的，我們在2011 年透過三項收購增強了我們的產品和團隊。 ），並將繼續成為我們的支柱。

Some notable wins in Q4 include a Georgia charter financial insured bank, selected for our [short-term] trades through FX solutions for FX processing. United Nations Federal Credit Union replaced its legacy system with cameras for its FX processing requirements. California-based insurer selected Sylvan to perform performance and composite reporting for its trust business. Fulcrum Asset Management, a London-based multi-asset class manager chose Recon to manage its complex counterparty relationships. The largest financial group in northern Europe will use ePages to build and run client reported websites allowing users to schedule investment reports and customize them as specific investors in the investor communities.

第四季度的一些值得注意的勝利包括一家佐治亞州特許金融保險銀行，該銀行被選為我們透過外匯處理解決方案進行的[短期]交易。聯合國聯邦信用合作社用攝影機替換了其舊系統，以滿足其外匯處理要求。總部位於加州的保險公司選擇 Sylvan 為其信託業務執行績效和綜合報告。總部位於倫敦的多元資產類別管理公司 Fulcrum Asset Management 選擇 Recon 來管理其複雜的交易對手關係。北歐最大的金融集團將使用 ePages 建立和運行客戶報告網站，允許用戶安排投資報告並根據投資者社群中的特定投資者進行客製化。

A Singapore-based global foundry also selected ePages to manage its consolidated reporting requirements pulling data from various databases. As more than 5 million customers in Malaysia, public and (inaudible) selected Zoologics online course work to provide continuing education and training for their bank employees. This will allow them to become more productive and better serve their clients. Last, a New York-based registered investment advisor, which manages $20 billion in assets under management for accounts that range from $1 million to $100 million selected Global Wealth Platform for end to end portfolio management. Before I conclude, I want to share that we are planning to have a breakfast briefing on March 29th in New York City for a new service we're offering to help clients comply with Form PF.

一家總部位於新加坡的全球鑄造廠也選擇了 ePages 來管理其從各種資料庫提取資料的綜合報告要求。由於馬來西亞有超過 500 萬客戶，公眾和（聽不清楚）選擇了 Zoologics 線上課程，為其銀行員工提供繼續教育和培訓。這將使他們更有生產力並更好地為客戶服務。最後，一家總部位於紐約的註冊投資顧問選擇全球財富平台進行端到端投資組合管理，該投資顧問管理著 200 億美元的資產，帳戶規模從 100 萬美元到 1 億美元不等。在結束之前，我想告訴大家，我們計劃於 3 月 29 日在紐約市舉行早餐簡報會，介紹我們提供的一項新服務，以幫助客戶遵守 PF 表格。

Form PF is a new SEC reporting requirement (to help) with the fund advisors managing hedge funds, private equity funds, and other private funds that meet certain asset thresholds. SS&C Solution is Cloud-based and offers clients access to every aspect of data collection, work flow management, and submission of Form PF online. The web-based solutions plus complex fund structures and multiple asset types and data sources. SS&C's personnel assist in the filing by collecting and enriching the data, linking SS&C's proprietary risk solutions, and presenting clients with a consolidated form for review. SS&C's Form PF solution can be used by current fund administrator clients as well as standalone basis by funds that use other third-party administrators or an in-house process. And now, I'll turn it over to Patrick to talk about the financial highlights.

PF 表格是 SEC 的一項新報告要求（旨在幫助基金顧問管理對沖基金、私募股權基金和其他滿足特定資產門檻的私募基金）。 SS&C 解決方案基於雲端，讓客戶能夠存取資料收集、工作流程管理和線上提交 PF 表格的各個方面。基於網路的解決方案加上複雜的基金結構和多種資產類型和資料來源。 SS&C 的人員透過收集和豐富數據、連結 SS&C 的專有風險解決方案以及向客戶提供綜合表格以供審核來協助歸檔。 SS&C 的 Form PF 解決方案可供目前基金管理人客戶使用，也可供使用其他第三方管理人或內部流程的基金獨立使用。現在，我將把它交給帕特里克來談談財務亮點。

Thanks, Norm. Results for the fourth quarter were GAAP revenue of $94 - $95.7 million and reported GAAP net income of $13.3 million, and diluted EPS of $0.16. Revenue increased $9.6 million or 11.1% from Q4, 2010. Excluding acquisition revenue and a negative impact of foreign currency, organic revenue increased 6.9% in Q4. Acquisitions during the period contributed $3.8 million and foreign currency negatively impacted us by $100,000. The business has strong growth in the funds services businesses provided to alternative fund managers.

謝謝，諾姆。第四季的業績為 GAAP 收入 94 - 9570 萬美元，報告的 GAAP 淨利潤為 1330 萬美元，攤薄後每股收益為 0.16 美元。 營收較 2010 年第四季成長 960 萬美元，即 11.1%。在此期間的收購貢獻了 380 萬美元，外匯對我們造成了 10 萬美元的負面影響。該業務在向另類基金經理提供的基金服務業務方面增長強勁。

Software enabled services was $63.5 million, an increase of 13.1%. Excluding acquisitions and the change in foreign currency, software enabled services organic revenue grew 9.9%. The fund administration business in that segment grew 20.8% in the period. Adjusted operating income for the fourth quarter was $38.4 million, an increase of $4.3 million or 12.6% from the fourth quarter of 2010. Operating income margins increased to 40.1% from 39.6% in Q4, '10 as gross margins improved for software enabled services, professional services, and maintenance. Operating income as a percent of revenue remain unchanged at about 20.6%. Sequentially, operating margins improved from 39.9% in Q3, 2011 due to improvement in operating expenses.

軟體支援的服務為 6,350 萬美元，成長 13.1%。不計入收購和外匯變動，軟體支援的服務有機收入成長了 9.9%。該部門的基金管理業務同期成長了 20.8%。第四季調整後營業收入為3,840 萬美元，比2010 年第四季增加了430 萬美元，增幅為12.6%。增至40.1%，專業服務、維護。營業收入佔收入的百分比維持不變，約 20.6%。隨後，由於營運費用的改善，營運利潤率較 2011 年第三季的 39.9% 有所提高。

Consolidated EBITDA defined in note three of our financial statements was $39.6 million or 41.3% of adjusted revenue, an improvement of $4.1 million or 11.4% compared to Q4, '10. Net interest expense for the quarter was $2.8 million and includes $356,000 of non-cash amortized financing costs. Interest expense was down $3.6 million from Q4, 2010 as we paid down net $191 million in debt since December 31, 2010. We recorded a tax provision in the quarter of 27.8% and an effective rate for the full year of 31%. Adjusted net income as defined in note four of our financial statements was $23.3 million, and adjusted diluted EPS was $0.29. The adjusted net income excludes $9.4 million of amortization of intangible assets, $4.3 million of stock-based comp, $1.9 million loss and extinguishment of debt as a result of the redemption we did in the fourth quarter, and $1.5 million of unusual and nonrecurring expenses, mostly related to some severance payments and acquisition earnout adjustment and foreign currency losses.

我們財務報表附註三所定義的合併 EBITDA 為 3,960 萬美元，佔調整後收入的 41.3%，與 10 年第四季相比增加了 410 萬美元，佔 11.4%。本季淨利息支出為 280 萬美元，其中包括 356,000 美元的非現金攤提融資成本。利息支出比2010 年第四季減少了360 萬美元，因為我們自2010 年12 月31 日以來還清了淨額1.91 億美元的債務。效率為31%。我們財務報表附註四中定義的調整後淨利潤為 2,330 萬美元，調整後稀釋每股收益為 0.29 美元。調整後的淨利潤不包括940 萬美元的無形資產攤銷、430 萬美元的股票補償、由於我們在第四季度進行的贖回而導致的190 萬美元的損失和債務清償，以及150 萬美元的非常規和非經常性費用，主要與一些遣散費和收購收益調整以及外匯損失有關。

For the year, adjusted revenue was $370.9 million, an increase of $41.8 million or 12.7%. Excluding acquisitions and impact of foreign exchange, organic revenue for the full year increased 5.9%. Adjusted operating income was $146 million or 39.4% of revenue, an increase of 12.9% compared to 2010. Adjusted net income increased $20.8 million or 32% from $65.6 million in 2010 to $86.5 million in 2011. Adjusted diluted EPS for the full year was $1.07. We ended the year with $40.3 million in cash and $100 million of debt for a net debt position of $59.7 million. We had a very strong operating cash flow year. We generated $110.4 million of operating cash flow, a $34.8 million or 46% improvement of 2010.

全年調整後收入為 3.709 億美元，增加 4,180 萬美元，即 12.7%。剔除收購及外匯影響，全年有機收入成長 5.9%。調整後營業收入為1.46 億美元，佔營收的39.4%，比2010 年成長12.9%。 。年底，我們擁有 4,030 萬美元現金和 1 億美元債務，淨債務部位為 5,970 萬美元。我們的經營現金流非常強勁。 我們產生了 1.104 億美元的營運現金流，比 2010 年增加了 3,480 萬美元，即 46%。

This strong improvement in operating cash flow as a result of improved earnings, excluding non-cash items, and a significant improvement in working capital management. We continue to use operating cash flow to acquire business and pay down debt. Highlights of cash used for the year are $133 million we used to pay down the sub-debt, $157 million used to pay the term debt, which we used cash and the proceeds from the new revolver. We paid interest of $4.2 million for the full year, and we paid taxes of $25.2 million compared to $18.3 million in 2010. We spent $20.6 million on acquisitions, including Benefits XML, TCI, and the Ireland fund administration business. We ended the accounts receivable DSO on 12-31 at 44 days, and that's compared to 48 days in December 2010.

營運現金流的強勁改善得益於收益的提高（不包括非現金項目）以及營運資本管理的顯著改善。我們繼續使用經營現金流來收購業務並償還債務。今年使用的現金重點是我們用來償還次級債務的 1.33 億美元，用來償還定期債務的 1.57 億美元，我們使用了現金和新左輪手槍的收益。我們全年支付了 420 萬美元的利息，繳納了 2,520 萬美元的稅款，而 2010 年為 1,830 萬美元。我們於 12 日至 31 日結束了應收帳款 DSO，期限為 44 天，而 2010 年 12 月為 48 天。

Capital expenditures and internal use software were $6.2 million for the year or 1.7% of revenue, which was mostly for IT equipment and facilities expansion, mostly in New York City. In addition, we capitalized $1.4 million of internal use software. Option exercise proceeds for the year were $8.8 million, and the option tax benefit was $7.7 million. Our current expectation for the first quarter of 2012 is revenue in the range of $94 million to $97 million. Adjusted net income of $22.8 million to $23.9 million, and outstanding diluted shares of 82.2 million to 82.7 million.

本年度資本支出和內部使用軟體為 620 萬美元，佔收入的 1.7%，主要用於 IT 設備和設施擴建，主要在紐約市。此外，我們也對內部使用軟體進行了 140 萬美元的資本化。本年度選擇權行使收益為 880 萬美元，選擇權稅優惠為 770 萬美元。我們目前對 2012 年第一季營收的預期為 9,400 萬美元至 9,700 萬美元。調整後淨利為 2,280 萬美元至 2,390 萬美元，稀釋後流通股數為 8,220 萬股至 8,270 萬股。

For the full year, we expect revenue in the range of $398 million to $408 million. Adjusted net income in the range of $99.5 million to $103.5 million. Outstanding diluted shares to be approximately 83 million to 84.5 million. We expect cash from operating activities for the full-year to be the range of $115 million to $120 million, and capital expenditures to be approximately 2.2% to 2.7% of revenue. Now I will turn it over to Bill.

我們預計全年營收在 3.98 億美元至 4.08 億美元之間。調整後淨利潤在 9,950 萬美元至 1.035 億美元之間。攤薄後發行在外的股份約8,300萬股至8,450萬股。我們預計全年經營活動現金將在 1.15 億至 1.2 億美元之間，資本支出約為收入的 2.2% 至 2.7%。現在我將把它交給比爾。

Thanks, Patrick. Looking towards 2012 and beyond, we feel pretty optimistic. For the full year of 2012, as Patrick said, we're guiding revenue to be $398 million to $408 million and we're cautiously optimistic about the technology recovery, and we continue to see requests from financial services across all of our verticals. We're also seeing clients becoming increasingly comfortable using our software enabled services model to execute on their complex accounting and reporting requirements. Form PF is just one example of that and I believe that the [Faka] requirements is going to be another.

謝謝，派崔克。展望 2012 年及以後，我們感到相當樂觀。 正如帕特里克所說，我們預計 2012 年全年收入為 3.98 億美元至 4.08 億美元，我們對技術復甦持謹慎樂觀態度，並且我們繼續看到來自所有垂直行業的金融服務的請求。我們也看到客戶越來越習慣使用我們的軟體支援的服務模型來執行其複雜的會計和報告要求。 PF 表格只是其中一個例子，我相信 [Faka] 要求將是另一個例子。

Not only are we well-positioned to understand the technical aspects of this model, but we also offer our clients a deep understanding of the financial markets, consulting and also accountings. Finally, you have seen a press release we issued regarding GlobeOp Financial Services. We're not in a position on this call or otherwise to comment on any such potential transaction, cannot respond to any questions on the subject; and therefore, request you direct questions to the subject of this earnings call. Also any guidance we supply on this call does not reflect the consummation of any such transaction or any related expenses. We will now take questions.

我們不僅能夠很好地了解該模型的技術方面，而且還可以為客戶提供對金融市場、諮詢和會計的深入了解。最後，您已經看到了我們發布的有關 GlobeOp Financial Services 的新聞稿。我們無法就本次電話會議或以其他方式對任何此類潛在交易發表評論，也無法回答有關該主題的任何問題；因此，請您就本次財報電話會議的主題直接提問。 此外，我們在本次電話會議中提供的任何指導並不反映任何此類交易或任何相關費用的完成。我們現在將接受提問。

Thank you. (Operator Instructions) Our first question comes from Glenn Fodor from Morgan Stanley. Your line is open.

謝謝。 （操作員說明）我們的第一個問題來自摩根士丹利的 Glenn Fodor。 您的線路已開通。

Good evening. Thanks for taking my question. Not going in the direction of GlobeOp but just thinking about expansion into other geographies, does your action on GlobeOp signal how you could enter other geographies? With separate acquisitions would you -- other areas of the world would it be a large acquisition like that, or is every market going to be different?

晚安.感謝您提出我的問題。不是朝著 GlobeOp 的方向發展，而是考慮向其他地區擴張，您對 GlobeOp 的行動是否預示著您可以如何進入其他地區？ 透過單獨的收購，世界其他地區會不會是這樣的大型收購，或是每個市場都會有所不同？

As I said at the end, we're not going to comment on GlobeOp whatsoever. SS&C has done acquisitions in Amsterdam, Ireland, and we have also opened up offices in Kuala Lumpur. We have obtained offices in Sydney and Tokyo in the past. So I don't think we view our geographical expansion in any way, shape, or form from any one perspective. We're trying to grow as a Company and get good business wherever we go around the world.

正如我最後所說，我們不會對 GlobeOp 發表任何評論。 SS&C 在愛爾蘭阿姆斯特丹進行了收購，我們也在吉隆坡開設了辦事處。我們過去曾在雪梨和東京設立辦事處。因此，我認為我們不會從任何一個角度以任何方式、形式或形式來看待我們的地理擴張。我們正在努力發展成為一家公司，並在世界各地獲得良好的業務。

Okay. And then regarding the investments in emerging initiatives, the mobile and online's obviously good to see. Just wondering if you can quantify for us how much you spent over your baseline regular investment schedule in 2011 or a similar figure for 2012?

好的。然後就新興舉措的投資而言，行動和線上顯然是值得關注的。只是想知道您能否為我們量化一下您在 2011 年基準定期投資計劃或 2012 年類似數字上花費了多少錢？

Yes. I would just say that we put a team of people on the mobility. We have probably put -- it is less than $5 million, but it is probably in excess of a couple of million.

是的。 我只想說，我們派了一個團隊來負責流動性。我們可能投入了不到 500 萬美元，但可能超過幾百萬美元。

That's helpful. Thank you.

這很有幫助。 謝謝。

Thank you. (Operator Instructions) Bryan Keane, Deutsche Bank

謝謝。 （操作員指示）Bryan Keane，德意志銀行

Hello. This is [Ashish Chhabra] calling on behalf of Bryan Keane. A quick question on fund administration. You have highlighted that fund administration was pretty strong in the quarter driven by alternate fund managers. I was wondering if you could just give us some color on what drove the strength? How much came from acquisitions versus organic growth? And even within the organic growth, how much was it helped by the strength in the AUM? I believe that AUM has been really strong over the last couple of months, and how much of it came from new clients? And how should we think about it going forward?

你好。我是 [Ashish Chhabra] 代表布萊恩·基恩打來的電話。關於基金管理的一個簡單問題。您強調指出，在替代基金經理人的推動下，本季基金管理相當強勁。我想知道您能否給我們一些關於推動力量的因素的資訊？有多少來自收購與有機成長？即使在有機成長中，AUM 的實力對它有多大幫助？我相信過去幾個月的資產管理規模確實非常強勁，其中有多少來自新客戶？未來我們該如何思考它？

I'll comment first and then Norm or Patrick. I believe the 20.8% increase in fund administration was literally all organic. And of that 20.8%, I would say that probably in excess of 50% or 60% were new clients, and of the last 40% or so would be current clients that launched additional funds or new asset growth in our client funds. So we are optimistic. We have quite a strong platform across hedge fund, fund to fund, and private equity fund, and we believe that we are well-positioned. Norm?

我會先發表評論，然後是諾姆或帕特里克。我相信基金管理費用 20.8% 的增長實際上完全是有機的。在這 20.8% 中，我想說可能超過 50% 或 60% 是新客戶，最後 40% 左右是現有客戶，他們在我們的客戶基金中推出了額外的基金或新的資產成長。所以我們很樂觀。我們在對沖基金、基金對基金和私募股權基金方面擁有相當強大的平台，我們相信我們處於有利地位。規範？

The only thing I would add to that is those new customers were distributed across different types of funds, as Bill mentioned including private equity. So we feel like the opportunity in that space is really good for us. And we've got pretty good track record, so we're comfortable that we have some great opportunities to execute on this year.

我唯一要補充的是，這些新客戶分佈在不同類型的基金中，正如比爾所提到的，包括私募股權基金。所以我們覺得這個領域的機會對我們來說真的很好。我們已經取得了相當好的業績記錄，所以我們很高興今年有一些很好的執行機會。

Thanks.

謝謝。

And the organic growth of 20% is pretty much a continuation of what we've seen over the last three or four quarters. It has been growing organically 18% to 20%.

20% 的有機成長幾乎是我們過去三、四個季度所看到的延續。它的有機增長率為 18% 至 20%。

Thanks for the color. On the professional services also, we saw good strength in the quarter. It continued like last three quarters of double-digit growth. And if you could just provide some more color on what is driving that strength and how should we think about the segment going forward? Should we think about similar double-digit growth, low teens, high teen growth going forward as well?

謝謝你的顏色。在專業服務方面，我們在本季看到了良好的實力。與過去三個季度一樣，它繼續保持兩位數的成長。如果您能提供更多關於推動這種優勢的因素的信息，以及我們應該如何考慮該細分市場的未來發展？我們是否應該考慮未來類似的兩位數成長、低青少年成長、高青少年成長？

I think the best way to look at professional services is it is really a function of new sales. And then on the makeup of those new organizations, whether they are large implementation or not, that number will vary. But we feel like that is a pretty stable part of our revenue stream, but I would not look at it as a -- something that we can expect to grow on its own, it is really tied to new acquisitions of outsourcing customers and licensed customers.

我認為看待專業服務的最佳方式是它實際上是新銷售的函數。然後，根據這些新組織的組成，無論它們是否是大型實施，這個數字都會有所不同。但我們覺得這是我們收入流中相當穩定的一部分，但我不會將其視為我們可以期望自行成長的東西，它實際上與新收購的外包客戶和授權客戶有關。

Sure. One final question for me. On the international business, some companies have highlighted or called out weakness in the European financial services. And I believe you generated roughly 10% to 11% of your revenue in Europe. Have you seen any weakness in demand in Europe?

當然。最後一個問題要問我。在國際業務方面，一些公司強調或指出了歐洲金融服務業的弱點。我相信你們大約 10% 到 11% 的收入來自歐洲。 您是否看到歐洲需求疲軟？

Yes. This is Bill Stone. I would say that Europe, as everyone knows, is going to some transitioning periods. So we have seen some softness, particularly in the banking sector. But we do see strength in the alternative sector, and we're pretty excited about having Punit Satsangi come on board and help us drive in that space. And we're cautiously optimistic we will see some progress this year.

是的。 這是比爾·斯通。我想說，眾所周知，歐洲正在經歷一些轉型期。因此，我們看到了一些疲軟，特別是在銀行業。但我們確實看到了另類領域的實力，我們非常高興 Punit Satsangi 加入並幫助我們在這個領域取得進展。我們對今年會看到一些進展持謹慎樂觀的態度。

Thanks.

謝謝。

Our next question comes from Terry Tillman from Raymond James. Your line is open.

我們的下一個問題來自雷蒙德·詹姆斯的特里·蒂爾曼。 您的線路已開通。

Yes. Thanks. Good afternoon. Thanks for taking my questions. Bill, first question, you had provided a little bit of commentary at the end of prepared remarks about recovery and some cautious optimism. I guess more specifically, could you talk about overall RFP activity and how that looks? And just the early demand trends for kind of newer stuff before it hits the pipeline? How it looks in the final three months of the year even going into now versus maybe the midpoint of 2011 or after 3Q?

是的。 謝謝。午安. 感謝您回答我的問題。比爾，第一個問題，您在準備好的有關復甦的評論和一些謹慎樂觀的言論結束時提供了一些評論。我想更具體地說，您能談談總體 RFP 活動以​​及它的情況嗎？以及在新產品上市之前的早期需求趨勢？與 2011 年中點或第三季之後相比，今年最後三個月甚至現在的情況如何？

Well, Terry, I think the biggest thing that we see is that the financial services sector continues to be under some stress, right. They have Basel III accords. They have Dodd Frank. They have additional capital requirements. They have the mortgage settlement. They have every taxing authority in the world trying to get more taxes. So they are under stress.

特里，我認為我們看到的最大的事情是金融服務業繼續面臨一些壓力，對吧。他們有巴塞爾協議III。他們有多德·弗蘭克。他們有額外的資本要求。他們有抵押貸款結算。他們讓世界上每個稅務機關都試圖獲得更多的稅收。所以他們壓力很大。

And one of the good things for us is although that does not drive demand on their expansion, it does drive demand on their trying to manage their costs. And when you start trying to manage your costs in large-scale organizations, often they look at their overhead. And their overhead often is the middle and back office, which we offer those services on an outsourced basis, which gives those large financial institutions a lot of flexibility to use our third party capabilities to turn a fixed cost into a variable cost. So we are seeing an awful lot of demand from that side of the equation.

對我們來說，好處之一是，雖然這不會推動他們擴張的需求，但確實會推動他們嘗試管理成本的需求。當您開始嘗試管理大型組織的成本時，他們通常會考慮管理費用。他們的管理費用通常是中後台，我們在外包的基礎上提供這些服務，這為那些大型金融機構提供了很大的靈活性，可以使用我們的第三方功能將固定成本轉變為可變成本。因此，我們看到了來自等式這一側的大量需求。

Okay. And I guess you provided total revenue guidance, but given you have a four different line items, maybe you could help us a little bit on just a general expectation on the relationship of your software enabled services growth assumptions for '13 -- or '12 I should say; even if just a general direction as opposed to the total revenue that you have actually specifically guided to.

好的。我猜您提供了總收入指導，但考慮到您有四個不同的行項目，也許您可以幫助我們對“13”或“12”軟體支援的服務成長假設之間的關係進行總體預期我應該說;即使只是一個總體方向，而不是您實際具體指導的總收入。

Again, Terry, I think that what you see over the last several years will be a continuation in 2012. The software as a service, the ASP capabilities, the BPO capabilities, the ability to take burden off of our clients is what is driving our clients' profitability, and I think that is something that is going to continue. Most people are not doing large-scale software development inside of individual financial services companies. And the second thing that they're not trying to do is build more infrastructure. They're trying to build the revenue streams and they're trying to really manage their cost streams. And I think that is going to continue and I think it will continue to show up, primarily in the software enabled services line.

Terry，我認為您在過去幾年中所看到的情況將在 2012 年得到延續。這種情況將會持續下去。大多數人並不是個人金融服務公司內部進行大規模軟體開發。他們不想做的第二件事是建造更多的基礎設施。他們正在努力建立收入流，並努力真正管理其成本流。我認為這種情況將繼續下去，並將繼續出現，主要是在軟體支援的服務領域。

I guess conversely though, should we think of license revenue folks that want to buy it and work with it internally? I mean is that going to be a drag in 2012 -- kind of a meaningful drag or how do we actually model that line item?

但我想相反，我們是否應該考慮想要購買它並在內部使用它的許可證收入人員？我的意思是，這在 2012 年會是一個拖累嗎？

We -- again, if you went back over the last several years, I would say that that number -- we have more salespeople and we have more products. It is not a big number. We ought to be able to hit what we did in '11, and we probably ought to be able to do a little bit better.

我們——再說一次，如果你回顧過去幾年，我會說這個數字——我們有更多的銷售人員，我們有更多的產品。這並不是一個大數字。我們應該能夠達到 11 年的水平，而且我們可能應該能夠做得更好一點。

Okay. I guess just one more question. It's a really strong number; the 21% growth. Could you expand a little bit more on that? Is that the private equity and fund to funds, and hedge fund businesses all combined? I guess that is the first part, and then have a follow up on that.

好的。我想還有一個問題。這是一個非常強勁的數字； 21%的成長。您能否對此進行更多擴展？這是私募股權、基金對基金、對沖基金業務的全部合併嗎？我想這是第一部分，然後是後續部分。

The answer to that first part is yes.

第一部分的答案是肯定的。

Okay. Well, so that's really strong growth. The overall organic growth is 10%, so is it the ASP or just the hosting business that is just dragging down the reported growth for the SES business?

好的。嗯，這是非常強勁的成長。整體有機成長為 10%，那麼到底是 ASP 還是託管業務拖累了 SES 業務的報告成長？

It's primarily the ASP business for large scale institutional asset managers, which has been relatively flat.

主要是大型機構資產管理公司的 ASP 業務，一直相對穩定。

Okay, got it. All right, thanks a lot.

好，知道了。好的，非常感謝。

Our next question comes from Sterling Auty from JPMorgan. Your line is open.

我們的下一個問題來自摩根大通的斯特林·奧蒂。 您的線路已開通。

Yes, thanks. In your prepared remarks you called out the strength in the fund administration business. I'm curious about the last couple of quarters, you talked about I think some of the loan administration, some of the other products and solutions. How did they perform in the quarter?

對了謝謝。在您準備好的發言中，您強調了基金管理業務的優勢。我對過去幾個季度感到好奇，我認為您談到了一些貸款管理、一些其他產品和解決方案。他們本季的表現如何？

Well, we had good strength in the loan business primarily on the strength of some professional services on big licenses that we had sold in previous quarters. But we have a number of whales in our pipeline. It is really harpooning those whales and getting them into the fold. And I would say that in the fourth quarter, we were disappointed on a couple of whales; but we do not lose them, they just went back out to sea for little bit. But we think they will resurface here, hopefully shortly.

嗯，我們在貸款業務方面擁有良好的實力，主要是因為我們在前幾個季度出售的大型許可證上提供了一些專業服務。但我們的管道中有很多鯨魚。它實際上是在用魚叉捕鯨並讓它們進入圈子。我想說的是，在第四季度，我們對一些鯨魚感到失望；但我們並沒有失去他們，他們只是回到了海上。但我們認為他們很快就會在這裡重新出現。

But that has been a pretty strong business for us. And we also have high hopes for our property management business, which had a strong quarter in Q4. Our Skyline software had a good quarter in Q4 and we're bringing out some new products and service in that area, and we are optimistic about it as well.

但這對我們來說是一項相當強勁的業務。我們也對我們的物業管理業務寄予厚望，該業務在第四季度表現強勁。我們的 Skyline 軟體在第四季度表現不錯，我們在該領域推出了一些新產品和服務，我們對此也持樂觀態度。

And as we look at 2012 in kind of the asset management part of your business, how do we balance -- volumes have not been tremendous in the markets versus assets under management looks like it is firming up for you versus new customer additions that you are winning. So how do we kind of reconcile those three pulling factors or levers in your growth in the business for 2012?

當我們回顧2012 年你們業務的資產管理部分時，我們如何平衡——市場上的交易量並不是很大，而管理下的資產看起來對你們來說正在鞏固，而新客戶的增加卻是你們正在增加的。那麼，我們該如何協調 2012 年業務成長的這三個拉力因素或槓桿呢？

I still think that the primary drive will be new customers across all the different asset management categories that we do. And we think that is going to be driven mostly that the technology that we are bringing out into the marketplace, we believe we're first to the marketplace. As Norm mentioned in his remarks, we have 20,000 people using our portals now. So there's a tremendous acceptance in what we are doing and the value that it gives to our various clients when they walk in to see one of their clients or walk in to see one of their prospects. They are right in with just information that is minutes old, right.

我仍然認為主要驅動力將是我們所做的所有不同資產管理類別的新客戶。我們認為這主要是由我們引入市場的技術所驅動的，我們相信我們是第一個進入市場的。正如 Norm 在演講中提到的，現在有 20,000 人使用我們的入口網站。因此，當我們的各種客戶走進去見他們的一位客戶或走進去見他們的潛在客戶時，我們正在做的事情以及它給他們帶來的價值得到了極大的認可。他們所掌握的只是幾分鐘前的信息，對吧。

So they're able to walk in with their iPad, make their pitch, talk about the latest thing that happened to their investor or their client. And that is really resonating with the marketing arms of these asset managers, the asset collectors, as well as the operations people that get to be able to do their work when their coming in on the train or going home on the train, it extends peoples' days. These are highly educated valuable employees, and we're making it a much more productive workforce for our client.

因此，他們能夠帶著 iPad 走進去，進行推銷，談論發生在他們的投資者或客戶身上的最新事情。這確實引起了這些資產管理者、資產收集者以及運營人員的營銷部門的共鳴，他們在乘火車進來或乘火車回家時能夠完成工作，它擴展了人們的工作範圍。這些員工都是受過高等教育的有價值的員工，我們正在使他們成為客戶生產力更高的員工隊伍。

And last question is more housekeeping. Patrick, what should we be thinking in terms of the tax rate here for 2012?

最後一個問題是更多的內務管理。 派崔克，我們該如何考慮 2012 年的稅率？

We think the tax rate will be about the same, 31% to 32% on an effective GAAP basis. But I think I mentioned on -- as far as cash flow's concerned, we paid $25 million in cash taxes in 2011, and we got about an $8 million benefit from option exercises. So we don't expect that -- we had the secondary in 2011. If that does not repeat, then probably the benefit from option exercises won't be as high in 2012 as 2011.

我們認為，按照有效公認會計原則 (GAAP) 計算，稅率將大致相同，為 31% 至 32%。但我想我提到過——就現金流而言，我們在 2011 年繳納了 2500 萬美元的現金稅，並且我們從期權行使中獲得了大約 800 萬美元的收益。因此，我們預期 2011 年不會發生這種情況。

Got it. Thank you.

知道了。謝謝。

Our next question comes from Patrick Cebrzynski from William Blair & Co. Your line is open.

我們的下一個問題來自 William Blair & Co. 的 Patrick Cebrzynski。

Hello, it's Bhavan Suri here. Bill, can you hear me?

大家好，我是 Bhavan Suri。比爾，你聽得到我說話嗎？

Sure, Bhavan.

當然，巴萬。

Hey. Thanks for taking my question. Just continuing on the mobile application access. Some of the competitors have sort of come out with some mobile applications. Just wondering as you roll out this capability, specifically to some of the portfolio management applications out there, just if Norm could drill a little bit into the functionality and the differentiation here.

嘿。 感謝您提出我的問題。只需繼續移動應用程式訪問即可。一些競爭對手已經推出了一些行動應用程式。只是想知道當您推出此功能時，特別是針對一些投資組合管理應用程序，Norm 是否可以深入了解此處的功能和差異化。

Well, the first differentiation is that it is really tied to a pre-GlobeOp service offering that we are delivering our clients, right. So it's one thing to sit technology on top of a report, but you have got to be about to provide the daily navs and some of the more complex liquidity information our clients are looking for. So it is very robust capability underneath the covers. That is the first differentiation. Then trying to display that in a way that really no matter where you are, you have information at your disposal, whether it is through a web portal on your PC, or whether it's on an iPad or your iPhone or an Android application.

嗯，第一個區別是它確實與我們為客戶提供的前 GlobeOp 服務產品有關，對吧。 因此，將技術置於報告之上是一回事，但您必須提供每日導航以及我們的客戶正在尋找的一些更複雜的流動性資訊。因此，它背後的功能非常強大。這是第一個區別。然後嘗試以一種真正無論您身在何處，都可以使用資訊的方式來顯示該訊息，無論是透過 PC 上的門戶網站，還是在 iPad、iPhone 或 Android 應用程式上。

So it is really the combination of the technology being added to a very sophisticated robust service offering that we think is the differentiator. The other distinction in that is SS&C owns really almost all the software we use to provide these services, SS&C owns. So we believe as we continue to invest in those applications to provide more robust services to our clients, and then conveying that information in a more technological sophisticated way, we think that overall is the differentiator on our package.

因此，我們認為真正的差異化因素是將技術與非常複雜、強大的服務產品結合。另一個區別是 SS&C 幾乎擁有我們用於提供這些服務的所有軟體。 因此，我們相信，隨著我們繼續投資這些應用程序，為客戶提供更強大的服務，然後以技術更複雜的方式傳達這些訊息，我們認為總體而言，這是我們的差異化優勢。

The other thing, Bhavan, I would tell you is that SS&C runs its own models for evaluation. So stuff like double mean reversion and zero coupon curve construction, being able to value hard to value assets in a very sophisticated way. So secondly, being able to do things like provide liquidity as Norm said to private equity funds, daily liquidity on private equity. You've got to value those assets, you've got to understand where all the liquidity is in order to be able to provide that. And then the last thing is, that sophistication around subscriptions and redemptions in our investor services side of the business also allows us to deliver more information to those people than any of our competitors, in our opinion.

Bhavan，我要告訴你的另一件事是 SS&C 運行自己的評估模型。像是雙均值回歸和零息曲線建構這樣的東西，能夠以非常複雜的方式對難以評估的資產進行估值。其次，能夠像規範對私募股權基金所說的提供流動性，為私募股權提供日常流動性。你必須評估這些資產，你必須了解所有流動性在哪裡，以便能夠提供這些資產。最後一件事是，我們認為，我們投資者服務業務方面的認購和贖回的複雜性也使我們能夠比我們的任何競爭對手向這些人提供更多的資訊。

And I'll add one more thing to think about. Time to market, right. Because we own the technology, we control the developers. With our ability to build out the Form PF offering, we believe we're ahead of our competition in that right now. We are getting some great momentum in that space, and we actually signed up a new client fairly recently. But that is going to be critical when there's an opportunity to be able to move quickly enough to take advantage.

我還要補充一件需要考慮的事情。上市時間到了，對吧。因為我們擁有技術，所以我們控制開發人員。憑藉我們建立 Form PF 產品的能力，我們相信我們目前在這方面領先於競爭對手。我們在這個領域取得了一些巨大的進展，而且我們最近還簽了一個新客戶。但當有機會能夠足夠快地採取行動以利用這一機會時，這一點就至關重要。

And we are demoing voice rack, right. So you can just talk to your machine and say, hey, I want to see all my securities in the chemical sector. Or I want to see all my securities with more than a 2% yield. I want to see all my securities with less than a 10 PE, right, and up at pops. So there's a lot of stuff that we are doing that we think constantly increases the difference between us and our competitors.

我們正在演示語音架，對吧。所以你可以對你的機器說，嘿，我想看看我在化學領域的所有證券。或者我希望看到我的所有證券的收益率都超過 2%。我希望看到我的所有證券的本益比都低於 10，對，甚至更高。因此，我們正在做很多事情，我們認為這些事情會不斷增加我們與競爭對手之間的差異。

That's really helpful, thanks. And then as you look at the sales process, you talked about a few walls in the pipeline, and you've talked about license continuing to be reasonable through '12. I guess, Bill, as you look at the sales force and you push the sales force, do you incentivize him to sell the SaaS or software-enabled services more, or do you not care, or sort of how does that play out during the sales process?

這真的很有幫助，謝謝。然後，當您查看銷售流程時，您談到了管道中的一些障礙，並且您談到了許可證在 12 年之前仍然是合理的。我想，Bill，當你觀察銷售人員並推動銷售人員時，你是否會激勵他更多地銷售 SaaS 或軟體支援的服務，或者你是否不關心，或者在銷售過程中這會如何發揮作用？流程？

Primarily, Bhavan, we are selling to very high-powered people, right. The challenge with trying to sell you when you have decided you want to license, and now I'm going to try to sell you off of it. Or you have decided you want to outsource, and I'm going to try to sell you on a license. So we don't try to really influence your decision other than to show you what we have, give you the pluses and minuses of what we do, and then have in a consultative way, have you make the best decision for you. Otherwise we get ourselves into a situation where we are trying to put a round peg in a square hole, or square peg in a round hole. So just really doesn't quite work.

Bhavan，我們主要是向權力非常大的人銷售產品，對吧。當你決定要獲得許可時，嘗試向你推銷是一個挑戰，現在我將嘗試向你推銷它。或者您已經決定要外包，而我將嘗試向您出售許可證。因此，我們不會試圖真正影響您的決定，只是向您展示我們擁有的東西，向您提供我們所做的事情的優點和缺點，然後以協商的方式讓您做出最適合您的決定。否則，我們就會陷入這樣的境地：我們試著將圓釘放入方孔中，或將方釘放入圓孔中。所以真的不太有效。

So we're much more -- we don't incent the sales people one way or the other, although I will tell you, that the marketplace is saying that they are in the investment business. They are not in the back office business. They are not in the IT business. They are not in the settlement business. They are not in the collateral movement business. There an asset selection business, asset allocation business, strategic asset allocation business, and they are in the returns business. So I think that really pushes them more and more to push overhead out of their businesses.

所以我們的意義遠不止這些——我們不會以某種方式激勵銷售人員，儘管我會告訴你，市場說他們從事的是投資業務。他們不從事後台業務。他們不從事 IT 行業。他們不從事結算業務。他們不從事抵押品移動業務。有資產精選業務、資產配置業務、策略性資產配置業務，都是收益業務。所以我認為這確實促使他們越來越多地將管理費用從業務中剝離。

That's fair. And then one last housekeeping question for Patrick here. Guidance suggests a nice uptick and EBITDA margin here at the high end of the range. I guess the question I was having is if you are revising sort of your target EBITDA margin, you sort of said in the 40% range and when acquisitions come it will be lower, but you sort of hit that. Any color around that and sort of where that might go longer term?

這還算公平。然後是派崔克的最後一個家政問題。指引顯示，EBITDA 利潤率將大幅成長，且處於區間的高端。我想我遇到的問題是，如果你正在修改你的目標 EBITDA 利潤率，你說過在 40% 的範圍內，當收購到來時它會更低，但你有點達到了這個目標。周圍有什麼顏色以及可能長期發展的地方嗎？

Well, in 2012 on the high-end, we do expect probably around 50 basis points improvement in EBITDA margins over 2011. Obviously one of the significant improvements is the significant reduction in interest expense from 2010 to 20 -- from 2011 to 2012. EBITDA margins should continue to go up without any impact of acquisitions that could potentially be done in '12. Okay. Thanks for taking my questions. I appreciate it.

嗯，在高端，我們確實預計2012 年EBITDA 利潤率可能比2011 年提高約50 個基點。 。好的。感謝您回答我的問題。我很感激。

Our next question comes from Bryan Keane from Deutsche Bank. Your line is open.

我們的下一個問題來自德意志銀行的布萊恩·基恩。 您的線路已開通。

Hi. This is Ashish Chhabra once again. I had a quick housekeeping question regarding the currency impact. I just wanted to understand what are your assumptions for currency impact especially because of the dollar strengthening against the Canadian dollar and euro?

你好。這又是阿希什‧查布拉 (Ashish Chhabra)。 我有一個關於貨幣影響的快速內務問題。我只是想了解您對貨幣影響的假設是什麼，特別是因為美元兌加幣和歐元走強？

We have pretty much assumed for the quarter and the year, that currencies would stay at about where they have been so far this year, average wise.

我們幾乎假設本季和今年的貨幣匯率將維持在今年迄今的平均值。

Okay thanks. That helps.

好的謝謝。這有幫助。

Our next question comes from Ross MacMillan from Jefferies. Your line is open.

我們的下一個問題來自 Jefferies 的 Ross MacMillan。 您的線路已開通。

Thanks a lot. So I think this quarter was another quarter where you saw an improvement in your organic growth rate. I think that's the second quarter in a row we have seen that; and I apologize, I got on a little late, you may have discussed it. But when we think about your calendar '12 guidance, how should we think about that organic growth? And the reason I'm asking is obviously historically you kind of talked about double-digit. We've seen more in the kind of mid to upper single digit, and I'm just curious as to kind of where you think we are headed in the current calendar year? Thanks.

多謝。因此，我認為本季是有機成長率改善的另一個季度。我認為這是我們連續第二個季度看到這種情況；我很抱歉，我來得有點晚，你們可能已經討論過了。但是，當我們考慮您的日曆 '12 指導時，我們應該如何考慮有機增長？我問的原因顯然是歷史上你談過兩位數。我們已經看到更多中高個位數的數字，我只是好奇您認為我們在本日曆年的發展方向是什麼？謝謝。

Well, based on the guidance that we gave of $398 million to $408 million, and assuming that there is no FX impact compared to '11, organic growth would be about -- when you exclude the acquisitions that are rolling into '12, organic growth will be about -- somewhere around 6.5% to 9%.

好吧，根據我們給出的 3.98 億美元至 4.08 億美元的指導，並假設與 11 年相比沒有外匯影響，有機增長約為——當您排除進入 12 年的收購時，有機增長大約是6.5 % 到9% 左右。

Okay. And what are the biggest factors on those ranges? Obviously new customer adds are the biggest driver of growth, but are there any other things we should be thinking about that can move those numbers around?

好的。這些範圍內最大的因素是什麼？顯然，新客戶的增加是成長的最大推動力，但我們是否應該考慮其他任何事情來改變這些數字？

Well, obviously, the economy can make a difference, right. If you get a really robust economy, you're going to move those things up 2 or 3 points, I think. But we are also not forecasting an extremely robust economy in 2012, particularly in financial services. So I think until the profit streams of large scale investment banks and commercial banks are clearer, I think you're going to find them to be cautious.

嗯，顯然，經濟可以發揮作用，對吧。我認為，如果經濟真正強勁，這些因素就會提高 2 或 3 個百分點。但我們也預測 2012 年經濟不會極為強勁，尤其是在金融服務業。所以我認為，在大型投資銀行和商業銀行的利潤流變得更加清晰之前，我認為你會發現他們會保持謹慎。

And if you're going to cut all the risk out of those businesses, you're going to cut out most of the profits. So I think it is something to see whether or not that is a temporary or a long-term trend. And I think under either circumstance, I think SS&C will do well because if they're not going to allow them to make enough money, then all those really smart people are going to open up their own private equity, fund to funds, and hedge funds and we're going to be there to help them.

如果你要消除這些業務的所有風險，你就會減少大部分利潤。所以我認為這是否是暫時的還是長期的趨勢值得一看。我認為無論哪種情況，我認為 SS&C 都會做得很好，因為如果他們不允許他們賺到足夠的錢，那麼所有那些真正聰明的人都會開放自己的私募股權、基金對基金和對沖資金，我們將在那裡幫助他們。

That make sense. And then I just had a generic question I guess about the fund admin business. And that market, you are a participant, there are some big players in that market. What are the dynamics when we think about the scale issue -- the scale question? In other words, you have got really good solutions, but they're just bigger players that can maybe do things around pricing or have other ways to leverage their position. How do you think about competing with those guys today, and how do you do that, if you will -- if they're being very price aggressive?

有道理。然後我有一個關於基金管理業務的一般性問題。而那個市場，你就是一個參與者，那個市場裡有一些大的參與者。當我們思考規模問題時，動力是什麼？換句話說，你已經有了非常好的解決方案，但他們只是更大的參與者，可能可以圍繞定價做一些事情，或者有其他方式來利用他們的地位。你如何看待今天與這些人競爭？

Well, Ross, nobody can be quite as aggressive on pricing. We have 39% operating margins. Go check everybody else's, right. So we can cut our prices 15% and then be at their margins, right. So I don't necessarily think that there's anyone else's size. This isn't a size game, this is a technology game. And the more technology we can bring out, the more robust our offering is going to be and the more our clients are going to be more satisfied.

好吧，羅斯，沒有人能在定價上如此激進。我們的營業利益率為 39%。去檢查一下其他人的吧。所以我們可以將價格降低 15%，然後保持利潤，對吧。所以我不一定認為還有其他人的尺寸。 這不是規模遊戲，這是技術遊戲。我們推出的技術越多，我們的產品就越強大，我們的客戶就越滿意。

And when the multiple hedge fund managers are on the train going back to Connecticut and a couple of them are still trading with their iPad app that we have delivered to them and they're able to do everything that they want, and the other ones are on their phone trying to figure out what's going on, I think we have a competitive advantage. And I think as we continue to do that, it will become increasingly obvious that how nimble you are, how quick you are, how able -- how much technology you can bring to the table that works. It has got to work, it's got to be simple, it has got to work. I think IBM is a great company, but now Apple's market cap is bigger. But Apple is what, 30 years old; and Google is only 10. So I don't necessarily know about size when it comes to technology is really the driver. I think much more so it is paying attention, listening to customers, and delivering what the customers need, and sometimes that takes expertise on our side as well as the customer's expertise.

當多名對沖基金經理在返回康乃狄克州的火車上時，其中一些人仍在使用我們提供給他們的 iPad 應用程式進行交易，他們能夠做他們想做的一切，而其他人則透過他們的電話試圖弄清楚發生了什麼，我認為我們有競爭優勢。我認為，當我們繼續這樣做時，你會變得越來越明顯，你有多靈活，你有多快，你有多能幹——你可以帶來多少有用的技術。它必須有效，它必須簡單，它必須有效。我認為IBM是一家偉大的公司，但現在蘋果的市值更大。但蘋果就是這樣，30歲了；而Google只有 10 名。我認為更重要的是專注、傾聽客戶的意見並提供客戶所需的東西，有時這需要我們方面的專業知識以及客戶的專業知識。

Okay. Great. Thank you very much.

好的。偉大的。 非常感謝。

This ends our Q&A session. I will turn it back to Mr. Bill Stone.

我們的問答環節到此結束。我會把它轉回給比爾·斯通先生。

Thank you. And thanks, everybody. And we look forward to talking to you at the end of Q1.

謝謝。謝謝大家。我們期待在第一季末與您交談。

Ladies and gentlemen, thanks for participating in today's program. This concludes the program. You may all disconnect.

女士們、先生們，感謝您參加今天的節目。程式到此結束。你們都可以斷開連線。