SS&C Technologies Holdings Inc (SSNC) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the SS&C Technologies Second Quarter 2022 Earnings Conference Call. (Operator Instructions) It is now my pleasure to turn today's call over to Justine Stone, Head of Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。我叫布倫特，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 SS&C Technologies 2022 年第二季財報電話會議。 （操作員說明） 現在，我很高興將今天的電話轉給投資者關係主管賈斯汀·斯通 (Justine Stone)。請繼續。

Hi, everyone. Welcome, and thank you for joining us for our Q2 2022 earnings call. I'm Justine Stone, Investor Relations for SS&C Technologies.

大家好。歡迎並感謝您參加我們的 2022 年第二季財報電話會議。我是 SS&C Technologies 投資者關係部的 Justine Stone。

With me today is Bill Stone, Chairman and Chief Executive Officer; Rahul Kanwar, President and Chief Operating Officer; and Patrick Pedonti, our Chief Financial Officer.

今天與我在一起的是董事長兼執行長比爾‧史東 (Bill Stone)；拉胡爾‧坎瓦爾 (Rahul Kanwar)，總裁兼營運長；和我們的財務長帕特里克·佩東蒂（Patrick Pedonti）。

Before we get started, let's review the safe harbor statement. Please note that various remarks we make today about future expectations, plans and prospects, including financial outlook we provide, constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

在開始之前，讓我們回顧一下安全港聲明。請注意，我們今天對未來預期、計劃和前景所做的各種評論，包括我們提供的財務前景，構成了 1995 年《私人證券訴訟改革法案》中安全港條款的前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent annual report on Form 10-K, which is on file with the SEC and can also be accessed on our website.

由於各種重要因素的影響，實際結果可能與這些前瞻性陳述所表明的結果存在重大差異，包括我們向 SEC 備案的最新 10-K 表格年度報告的風險因素部分中討論的因素，以及也可以在在我們的網站上訪問。

These forward-looking statements represent our expectations only as of today July 27, 2022. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so.

這些前瞻性陳述僅代表我們截至 2022 年 7 月 27 日的預期。雖然該公司可能選擇更新這些前瞻性陳述，但它明確表示不承擔任何這樣做的義務。

During today's call, we will be referring to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP financial measures is included in today's earnings release, which is located in the Investor Relations section of our website at www.ssctech.com.

在今天的電話會議中，我們將提及某些非公認會計準則財務指標。這些非 GAAP 財務指標與可比較 GAAP 財務指標的對帳已包含在今天的收益發布中，該發布位於我們網站 www.ssctech.com 的投資者關係部分。

In the third quarter 2021, we entered into a joint venture named DomaniRx LLC, which we are the more majority interest holder and primary beneficiary. All earnings figures discussed today, including operating income, EBITDA, net income and EPS are attributable to SS&C based on the ownership interest retained by SS&C.

2021年第三季度，我們成立了一家名為DomaniRx LLC的合資企業，我們是該合資企業的多數股權持有人和主要受益人。今天討論的所有獲利數據，包括營業收入、EBITDA、淨利潤和每股收益，均根據 SS&C 保留的所有權權益歸屬於 SS&C。

I will now turn the call over to Bill.

我現在將把電話轉給比爾。

Thanks, Justine, and thanks, everyone, for joining. Our results for the first quarter are $1.33 billion and adjusted revenue, up 5.5% and $1.10 in adjusted diluted earnings per share, down 11%.

謝謝賈斯汀，也謝謝大家的加入。我們第一季的業績為 13.3 億美元，調整後營收成長 5.5%，調整後稀釋每股收益 1.10 美元，下降 11%。

Adjusted consolidated EBITDA was $464.3 million for the quarter, and our EBITDA margin was 35.4%. Continued elevated labor prices, higher-than-expected interest rates, FX headwinds and a weaker economic backdrop, put pressure on our results versus our expectations. Our first quarter adjusted organic revenue was up 2.2%.

本季調整後的綜合 EBITDA 為 4.643 億美元，我們的 EBITDA 利潤率為 35.4%。勞動力價格持續上漲、利率高於預期、外匯逆風和經濟背景疲軟，對我們的業績帶來了超乎預期的壓力。我們第一季調整後的有機收入成長了 2.2%。

Our Alternatives, Intralinks and Advent businesses continued to be the growth leaders. Ex the impact of our health care business, our Q2 '22 organic growth in Financial Services about 94% of our revenue was up 4.4%. SS&C generated net cash from operating activities of $446.5 million for the 6 months ended June 30. We were restricted from buying back stock in Q2 '22 due to some M&A discussions, which have ended and we paid down $234.7 million in debt.

我們的 Alternatives、Intralinks 和 Advent 業務仍然是成長的領先者。除醫療保健業務的影響外，我們22年第二季金融服務的有機成長約占我們營收的94%，成長了4.4%。截至6 月30 日的6 個月，SS&C 的經營活動產生的淨現金為4.465 億美元。由於一些併購討論已經結束，我們在22 年第二季度回購股票的能力受到限制，我們還清了2.347億美元的債務。

Our consolidated net leverage ratio now stands at 3.45, and our secured net -- our net secured leverage ratio was 2.48x consolidated EBITDA and our goal is to reduce leverage to 3 or less. Overall, our business is seeing more headwinds than we initially expected, especially compared to '21.

我們的合併淨槓桿率現在為 3.45，我們的擔保淨槓桿率是合併 EBITDA 的 2.48 倍，我們的目標是將槓桿率降低到 3 或更低。整體而言，我們的業務遇到的阻力比我們最初預期的要多，尤其是與 21 年相比。

We believe there are 3 main challenges affecting our revenue growth, the weakness in the health care business, while somewhat expected as we invest in DomaniRx, which will continue to be 100 to 200 basis headwind to total company organic growth.

我們認為，影響我們營收成長的主要挑戰有 3 個：醫療保健業務的疲軟，儘管我們投資 DomaniRx 時有所預期，但該公司將繼續對該公司整體有機成長構成 100 至 200 個基點的阻力。

We have a lot of faith in Domani and what it can deliver in 2023 and beyond, and development is currently on target for broad scale release on 1/1/'24. Second, the full [dent] M&A market is affecting Intralinks by about $20 million from our original plan. They're still growing close to 15% and has -- still has excellent margins.

我們對 Domani 及其在 2023 年及以後所能提供的服務充滿信心，目前的開發目標是在 2024 年 1 月 1 日大規模發布。其次，整個併購市場對 Intralinks 的影響比我們最初的計畫減少了約 2,000 萬美元。他們的成長率仍然接近 15%，並且仍然擁有出色的利潤率。

And despite the dip in DOY, total deal value, Intralinks continues to gain market share and expect to continue to grow in about the 15% level. Lastly, the Financial Services business has taken the brunt of the FX impact. As many of you know, the dollar has been unprecedentedly strong and we expect an additional $28 million in FX headwinds in the second half.

儘管 DOY（總交易價值）有所下降，Intralinks 仍繼續獲得市場份額，並預計將繼續以 15% 左右的水平增長。最後，金融服務業務首當其沖地受到匯率影響。正如許多人所知，美元空前堅挺，我們預計下半年外匯逆風將額外增加 2,800 萬美元。

On the expense side, our labor costs remain elevated, but there are signs of this plateauing. We communicated bonuses in the second round of merit increases in March and April, which has curbed some of the attrition, along with our employee focus initiatives, which we have highlighted in our slide deck.

在費用方面，我們的勞動成本仍然很高，但有趨於穩定的跡象。我們在三月和四月的第二輪績效加薪中傳達了獎金，這抑制了一些人員流失，同時我們也強調了我們在幻燈片中強調的以員工為中心的舉措。

We'll be tightly controlling our cost for the remainder of the year. Real estate reductions, IT spending and implementing Blue Prism's digital workers throughout our operations will drive our margins back up to historical levels exiting the year.

我們將在今年剩餘時間內嚴格控製成本。房地產減少、IT 支出以及在整個營運過程中實施 Blue Prism 的數位化員工將使我們的利潤率回升至今年以來的歷史水平。

I'll now turn it over to Rahul to discuss the quarter in more detail.

我現在將把它交給拉胡爾，以更詳細地討論該季度。

Thanks, Bill. Our business remains resilient in the face of macroeconomic challenges that manifested in Q2.

謝謝，比爾。面對第二季出現的宏觀經濟挑戰，我們的業務仍保持彈性。

As you noted, Bill, foreign exchange headwinds impacted our international business with the largest impact to our European agency and wealth revenue streams. Intralinks is also seeing some muting in the demand environment due to a reduction in M&A volumes, but grew 14.2% in Q2.

正如您所指出的，比爾，外匯逆風影響了我們的國際業務，對我們的歐洲機構和財富收入流影響最大。由於併購數量減少，Intralinks 的需求環境也有所減弱，但第二季增加了 14.2%。

The Alternatives business demonstrated our long-standing thesis that diversification among fund types, asset classes and our commercial models gives us a strong hedge against market pressures. The Alternatives business grew nicely despite some impact to new fund launches and fund inflows.

另類業務證明了我們長期以來的論點，即基金類型、資產類別和商業模式的多元化使我們能夠強有力地對沖市場壓力。儘管新基金發行和資金流入受到一些影響，另類業務仍成長良好。

GoCentral continues to roll out new functionality, enabling more efficiencies in daily processing and NABs and providing an important market differentiator in our sales process. We now have 69 clients on GoCentral in production, totaling 1,500 funds with an approximate AUM of over $300 billion.

GoCentral 不斷推出新功能，提高日常處理和 NAB 的效率，並為我們的銷售流程提供重要的市場差異化優勢。目前，我們在 GoCentral 上擁有 69 個生產客戶，總計 1,500 個基金，資產管理規模約超過 3,000 億美元。

As in our Financial Markets business had a strong quarter in the wake of market volatility and are well positioned to take advantage of shifting investment strategies given the breadth of our product offering. DomaniRx joint venture also notes continues to make progress. The new cloud-based system can now successfully execute a financial cycle, and we have completed the [initial] build and configuration of the API gateway and developer portal.

正如我們的金融市場業務在市場波動後的季度表現強勁一樣，鑑於我們產品供應的廣度，我們處於有利地位，可以利用不斷變化的投資策略。 DomaniRx 合資企業也指出繼續取得進展。新的基於雲端的系統現在可以成功執行財務週期，並且我們已經完成了 API 網關和開發人員入口網站的[初始]建置和配置。

We have accelerated our go-to-market plans and DomaniRx can now be delivered in the modular fashion sold as individual products, including finance, drug management and communications hub for existing SS&C health clients and prospects starting in Q4 2022.

我們加快了上市計劃，DomaniRx 現在可以以模組化方式作為單獨產品銷售，包括從 2022 年第四季開始為現有 SS&C 健康客戶和潛在客戶提供財務、藥物管理和通訊中心。

SS&C private markets grew 15% in the second quarter despite a slowdown in fundraising following several years of elevated activity. Prospects and clients and private markets are more than ever looking to partner with key service providers that can drive efficiencies utilizing technology, expertise and data.

儘管在經歷了幾年的活動活躍之後融資放緩，但 SS&C 私募市場第二季度增長了 15%。潛在客戶、客戶和私人市場比以往任何時候都更希望與能夠利用技術、專業知識和數據提高效率的關鍵服務提供者合作。

Private credit and hybrid funds are a particularly attractive subsegment. We continue to innovate in this space incorporating Geneva and other leading technologies and have multiple large private credit deals in the pipeline. Now I will mention some key deals for Q2. A $42 billion AUM hedge fund, an existing Geneva user chose SS&C's tax optimizer to replace a big floor accounting firm solution.

私人信貸和混合基金是特別有吸引力的細分市場。我們繼續在這一領域進行創新，結合日內瓦和其他領先技術，並正在進行多項大型私人信貸交易。現在我將提到第二季的一些關鍵交易。資產管理規模達 420 億美元的對沖基金，日內瓦的現有用戶選擇 SS&C 的稅務優化器來取代大型會計師事務所的解決方案。

An existing retirement client extended their TRAC-4 account record-keeping services with SS&C to service a recently acquired business, an existing GIDS client added SS&C event center services, a large customer added our transfer agency services for retail alternatives for their nontraded real estate investment trust.

現有退休客戶將其TRAC-4 帳戶記錄保存服務擴展到SS&C，以服務於最近收購的企業；現有GIDS 客戶添加了SS&C 活動中心服務；一位大客戶添加了我們為其非交易房地產投資提供零售替代方案的過戶代理服務相信。

An existing customer extended their Silvan, Porsche and Recon licenses to a newly acquired division, significantly improving their workflow. An investment manager in Australia is seeking to transform its operating model to gain operational efficiency and provide improved services shows SS&C's Aloha due to its advanced technology and our global wealth expertise.

現有客戶將其 Silvan、Porsche 和 Recon 許可證擴展到新收購的部門，從而顯著改善了他們的工作流程。澳洲的一家投資管理公司正在尋求轉變其營運模式，以提高營運效率並提供改進的服務，這表明 SS&C 憑藉其先進的技術和我們的全球財富專業知識而獲得了 Aloha。

A large U.S. insurer chose SS&C's Singularity after a multiyear sales process. The Dutch private equity firm launching a registered investment fund for the first time chose SS&C for interval fund services and retail all transfer agency services.

經過多年的銷售過程，一家美國大型保險公司選擇了 SS&C 的 Singularity。這家荷蘭私募股權公司首次推出註冊投資基金，選擇SS&C提供區間基金服務和零售所有過戶代理服務。

I will now turn it over to Patrick to run through the financials.

我現在將把它交給帕特里克來處理財務狀況。

Thank you. Results for the second quarter were GAAP revenues of $1,328.7 billion, GAAP net income of $110.6 million and diluted earnings per share of $0.42. Adjusted revenues were $1,330 million, including the impact of the adoption of revenue standard 606 and for acquired deferred revenue adjustments for the acquisition.

謝謝。第二季業績為 GAAP 營收 13,287 億美元，GAAP 淨利為 1.106 億美元，攤薄後每股收益為 0.42 美元。調整後收入為 13.3 億美元，包括採用收入標準 606 的影響以及收購的遞延收入調整的影響。

Adjusted net income was $289.6 million. Adjusted revenue was up 5.5%. Adjusted operating income decreased 8.2% and adjusted diluted EPS was $1.10, an 11.3% decrease over Q2 2021. Adjusted revenue increased $69 million or 5.5% in Q2.

調整後淨利為 2.896 億美元。調整後營收成長 5.5%。調整後營業收入下降 8.2%，調整後攤薄每股收益為 1.10 美元，比 2021 年第二季下降 11.3%。第二季調整後收入增加 6,900 萬美元，即 5.5%。

Our acquisitions contributed $65.6 million. Foreign exchange had an unfavorable impact of $24 million or 1.9% in the quarter. Adjusted organic revenue increased on a constant currency basis was 2.2%. We had strength across several product lines, including Alternatives, Intralinks, Ads and the Advent businesses. Ad strength was impacted by weakness in our GIDS transfer agency business and health care businesses.

我們的收購貢獻了 6560 萬美元。外匯對本季的不利影響為 2,400 萬美元，即 1.9%。調整後有機收入以固定匯率計算成長 2.2%。我們在多個產品線都有優勢，包括替代品、內部連結、廣告和 Advent 業務。廣告實力受到 GIDS 轉讓代理商業務和醫療保健業務疲軟的影響。

Adjusted operating income for the second quarter was $455.3 million, a decrease of $40.5 million or 8.2% in the second quarter of 2021. Adjusted operating margins were 34.2% in the second quarter of '22 compared to 39.3% in the second quarter of 2021.

第二季調整後營業收入為4.553 億美元，比2021 年第二季減少4,050 萬美元，下降8.2%。2022 年第二季調整後營業利潤率為34.2%，而2021 年第二季為39.3% 。

Expenses increased 8.1% on a constant currency basis. Acquisitions added $67.8 million in expenses and foreign currency decreased costs by $20.6 million. Our cost structure was impacted by wage inflation, high recruiting costs, and higher staff to support our businesses.

以固定匯率計算，費用增加 8.1%。收購增加了 6,780 萬美元的費用，外幣費用減少了 2,060 萬美元。我們的成本結構受到工資上漲、招聘成本高以及支持業務的人員增加的影響。

Net interest expense for the second quarter was $67.7 million and includes $3.9 million of noncash amortized financing costs and OID. The average rate in the quarter, including the senior notes was 3.45% compared to 3.02% in the second quarter of 2021.

第二季淨利息支出為 6,770 萬美元，包括 390 萬美元的非現金攤提融資成本和 OID。本季的平均利率（包括優先票據）為 3.45%，而 2021 年第二季為 3.02%。

We recorded a GAAP tax provision of $45.2 million or 29.1% of pretax income. Adjusted net income, as defined in Note 4 in the earnings release was $289.6 million and adjusted EPS was $1.10. The effective tax rate used for adjusted net income was 26%. Diluted shares decreased to $263.9 million from $267.6 million in Q1. The impact of option exercises was offset by the decrease in the average share price during the quarter.

我們的 GAAP 稅項準備金為 4,520 萬美元，佔稅前收入的 29.1%。調整後淨利（如收益發布附註 4 所定義）為 2.896 億美元，調整後每股收益為 1.10 美元。用於調整後淨利的有效稅率為26%。稀釋後股份從第一季的 2.676 億美元減少至 2.639 億美元。期權行使的影響被本季平均股價的下跌所抵消。

On our balance sheet and cash flow, we ended the second quarter with $438.3 million of cash and cash equivalents and $7.4 million of gross debt. Net debt has defined our credit agreement, which excludes cash and cash equivalents of $148.3 million held by DomaniRx was $7.1 billion as of June 30.

在我們的資產負債表和現金流方面，第二季末我們的現金和現金等價物為 4.383 億美元，總債務為 740 萬美元。截至 6 月 30 日，淨債務定義了我們的信貸協議，其中不包括 DomaniRx 持有的 1.483 億美元現金和現金等價物，該協議為 71 億美元。

Operating cash flow in the 6 months ended June 30 was $447.5 million, a $114.8 million decrease compared to the same period in 2021. During the 3 months ended June 30, we paid down $234.7 million of debt. Operating cash flows were down as a result of several factors, including payment of transaction expenses associated with the Blue Prism acquisition of approximately $67 million, which includes amounts paid by Blue Prism in the post-acquisition period and our operating activities compared to last year.

截至 6 月 30 日的 6 個月，營運現金流為 4.475 億美元，與 2021 年同期相比減少 1.148 億美元。截至 6 月 30 日的 3 個月，我們償還了 2.347 億美元的債務。營運現金流下降是由於多種因素造成的，包括支付與 Blue Prism 收購相關的交易費用約 6,700 萬美元，其中包括 Blue Prism 在收購後期間支付的金額以及我們與去年相比的營運活動。

Overall, for acquisitions year-to-date, we've paid $1.597 billion, that includes Blue Prism, Hubwise, O'Shares and MineralWare and that number is net of cash acquired. Treasury stock buybacks were $170.9 million for purchase of 2.3 million shares in the 6 months. We did not buy any shares in the second quarter of 2022.

總體而言，今年迄今為止，我們已支付了 15.97 億美元的收購費用，包括 Blue Prism、Hubwise、O'Shares 和 MineralWare，該數字是扣除收購的現金後的淨額。 6 個月內，庫存股回購金額為 1.709 億美元，購買了 230 萬股。我們在 2022 年第二季沒有買任何股票。

In the 6 months, we've declared and paid $102.4 million of common stock to adds as compared to $82.1 million last year, an increase of 24.6%. Total interest paid in the quarter was $112.6 million, and that compares to $97.8 million in 2021.

在這 6 個月裡，我們已向公司宣告並支付了 1.024 億美元的普通股，與去年的 8,210 萬美元相比，成長了 24.6%。本季支付的利息總額為 1.126 億美元，而 2021 年為 9,780 萬美元。

In the 6 months this year, we've paid $156.5 million of income taxes compared to $144.2 million in the same period last year. Our accounts receivable DSO ticked up a little in the quarter up to 55.9 days compared to 52.7 days as of March 2022.

今年 6 個月內，我們繳了 1.565 億美元的所得稅，而去年同期為 1.442 億美元。我們的應收帳款 DSO 在本季度略有上升，達到 55.9 天，而截至 2022 年 3 月為 52.7 天。

Capital expenditures and capitalized software were totaled $85.9 million or 3.3% of adjusted revenue. Spending was predominantly for capitalized software and IT infrastructure. In our LTM consolidated EBITDA that we use for covenant compliance was $2.456 billion as of June. And based on a net debt of $7.1 million, our total leverage ratio was 3.45x and secured leverage 2.48x as of June 30.

資本支出和資本化軟體總計 8,590 萬美元，佔調整後收入的 3.3%。支出主要用於資本化軟體和 IT 基礎設施。截至 6 月份，我們用於遵守契約的 LTM 綜合 EBITDA 為 24.56 億美元。截至 6 月 30 日，基於 710 萬美元的淨債務，我們的總槓桿率為 3.45 倍，擔保槓桿率為 2.48 倍。

On outlook for the remainder of the year, a couple of -- I'll go through a couple of assumptions. We have assumed that foreign currency exchange will be at current levels for the remainder of the year. We've assumed average interest rates will increase 100 bps in the third quarter, an additional 50 bps in the fourth quarter. We expect to reduce our cost structure through staff reductions, productivity improvement, facility reduction and controlling variable expenses to improve our operating margins.

關於今年剩餘時間的前景，我將做一些假設。我們假設今年剩餘時間內外匯兌換將維持在目前水準。我們假設第三季平均利率將上升 100 個基點，第四季再上升 50 個基點。我們期望透過裁員、提高生產力、減少設施和控制可變費用來降低成本結構，以提高我們的營業利潤率。

And we'll continue to invest in our business in the long term with capital expenditures and cap software of approximately 3.4%. On cash flow, we will focus on improving our working capital requirements to generate cash. In addition, we are recapitalizing one of our real estate joint ventures to generate approximately $70 million of cash distribution.

我們將繼續對我們的業務進行長期投資，資本支出和軟體上限約為 3.4%。在現金流方面，我們將專注於提高營運資金需求以產生現金。此外，我們正在對一家房地產合資企業進行資本重組，以產生約 7,000 萬美元的現金分配。

I would also assume we'll continue to allocate free cash flow to both debt and stock buyback and we'll use a tax rate of 26% on an adjusted basis. So for the third quarter of 2022, we expect revenues in the range of $1.324 billion to $1.364 billion. That will result in adjusted organic growth in the range of 1.6% to 4.8%.

我還假設我們將繼續將自由現金流分配給債務和股票回購，並且我們將在調整後使用 26% 的稅率。因此，我們預計 2022 年第三季的營收將在 13.24 億美元至 13.64 億美元之間。這將導致調整後的有機成長在 1.6% 至 4.8% 之間。

Adjusted net income in the range of $302 million to $318 million, and diluted shares in the range of $263.2 million, $262.7 million. For the full year of 2022, we expect revenue in the range of $5.320 billion to $5.406 billion. Adjusted organic growth in the range of 0.6% to 4.8%, adjusted net income in the range of $1.256 billion to $1.297 billion and diluted shares in the range of $264.6 million to $263.6 million.

調整後淨利潤在 3.02 億美元至 3.18 億美元之間，稀釋後股份在 2.632 億美元至 2.627 億美元之間。 2022 年全年，我們預計營收在 53.20 億美元至 54.06 億美元之間。調整後的有機成長率為 0.6% 至 4.8%，調整後淨利潤為 12.56 億美元至 12.97 億美元，稀釋後股份為 2.646 億美元至 2.636 億美元。

And on operating cash flow for the full year, we expect operating cash flow to be in the range of $1.180 billion to $1.220 billion.

就全年經營現金流而言，我們預計經營現金流將在11.8億美元至12.20億美元之間。

And I'll turn it over to Bill for final comments. Thank you.

我會將其交給比爾徵求最終意見。謝謝。

Thanks, Patrick. We appreciate your continued interest in SS&C, and we believe we're on the right track to deliver stronger revenue growth and a more digitized workforce, which will be a lower expense base.

謝謝，派崔克。我們感謝您對 SS&C 的持續關注，我們相信我們正走在正確的軌道上，實現更強勁的收入成長和更數位化的員工隊伍，這將是一個更低的費用基礎。

Our Deliver Conference is the first week in October, and we hope to see you in Orlando. I'll now open it up to questions.

我們的交付會議是十月的第一周，我們希望在奧蘭多見到您。現在我將開放提問。

(Operator Instructions) Your first question comes from the line of Alex Kramm with UBS Financial.

（操作員說明）您的第一個問題來自 UBS Financial 的 Alex Kramm。

There was a comment in the deck, I think, around like stepping up conversations on pricing with your clients. So just hoping that you can flesh this out a little bit more.

我認為，甲板上有一條評論，類似於加強與客戶的定價對話。所以只是希望你能把這個內容充實一點。

And in particular, maybe remind us what you thought at the beginning of the year, pricing could add and how maybe those fresh discussions could maybe change that number? And then most importantly, is that already reflected in your updated organic growth guide? Or could that be incremental to what you just laid out?

特別是，也許可以提醒我們您在年初的想法，定價可能會增加，以及這些新的討論可能會如何改變這個數字？最重要的是，這是否已經反映在您更新的自然成長指南中？或者這可以是您剛剛制定的內容的增量嗎？

Well, I think, Alex, that we have incorporated some price increases into our guidance and we are implementing as we speak and we have implemented. And I think we have CPI (inaudible) most of our license maintenance and obviously, CPI is quite a bit higher than it was over the last few years. And then also, we've had individual businesses raising prices throughout. And I think Rahul might have a few numbers on that.

好吧，我認為，亞歷克斯，我們已經將一些價格上漲納入了我們的指導中，我們正在實施，我們已經實施了。我認為我們的大部分許可證維護都有 CPI（聽不清楚），顯然，CPI 比過去幾年要高得多。此外，我們還有個別企業在整個過程中提高價格。我認為拉胡爾可能有一些這方面的數字。

Yes. I think where we have CPI, obviously, we're in the range of -- it's CPI plus 3, CPI plus 4 and some of those numbers look like anywhere between 7% and 10%.

是的。我認為，顯然，我們的 CPI 處於 CPI 加 3、CPI 加 4 的範圍內，其中一些數字看起來介於 7% 到 10% 之間。

We're also doing -- going back to customers as we've talked about with price increases, where contracts are renewing or where just in the context of the inflationary environment makes sense. And in general, I would say we're targeting 5 to 7 or higher percentage increases. Now this is an ongoing conversation and in some cases, we'll end up a little better. And in some cases, we'll end up a little bit worse. And as Bill noted, some of that has already been reflected in the future forecast.

我們也在做——回到客戶，就像我們談到的價格上漲、合約續約或在通貨膨脹環境下有意義的情況一樣。總的來說，我想說我們的目標是成長 5 到 7 或更高的百分比。現在這是一個持續的對話，在某些情況下，我們最終會好一點。在某些情況下，我們的結局會更糟。正如比爾所指出的那樣，其中一些已經反映在未來的預測中。

Okay. Fair enough. And then maybe just quick one. You mentioned no buybacks this quarter because of M&A discussions. Maybe anything to flesh out there in general? Maybe what kind of areas you've been looking at?

好的。很公平。然後也許只是快一點。您提到由於併購討論，本季沒有回購。也許有什麼可以充實的？也許您一直在關注哪些領域？

And then just to clarify, was that to buy something? Or are you actually looking to maybe divest some businesses, if you can be that specific.

然後澄清一下，這是買東西嗎？或者您是否真的希望剝離某些業務（如果您能說得那麼具體的話）。

Yes. Well, it really -- we don't really comment on what we're buying or selling, Alex. But we look at our portfolio all the time. And we're pretty interested in being able to bolster our private markets business. We're excited about some of the new stuff we're doing in TAC. And we continue to look at unique asset classes that we think our clients may be moving more strongly into.

是的。嗯，確實如此，我們不會真正評論我們購買或出售的東西，亞歷克斯。但我們一直在審視我們的投資組合。我們對能夠加強我們的私募市場業務非常感興趣。我們對 TAC 中所做的一些新工作感到很興奮。我們繼續關注我們認為我們的客戶可能會更強烈地進入的獨特資產類別。

So we have a variety of different conversations going on at any one time. And I think we thought that there was a pretty good chance that something would happen, and that's why we felt like we had material nonpublic information, so we didn't trade our stock. But those conversations have ended. And I would guess that we will be active in Q3 in stock buybacks.

因此，我們隨時都會進行各種不同的對話。我認為我們認為很有可能會發生一些事情，這就是為什麼我們覺得我們擁有重要的非公開訊息，所以我們沒有交易我們的股票。但這些談話已經結束了。我猜我們將在第三季積極​​進行股票回購。

Sounds good. Just thought I'd go check if there was more to disclose.

聽起來不錯。只是想我會去檢查一下是否還有更多資訊要透露。

Your next question is from the line of Peter Heckmann with D.A. Davidson.

你的下一個問題來自 Peter Heckmann 和 D.A.戴維森。

Bill, can you comment on what do you think is the bottom in terms of year-over-year growth in health care? Are we seeing it this quarter? Is that -- are the client losses fully reflected?

比爾，您能否評論一下您認為醫療保健同比增長的底部是什麼？我們這個季度會看到這種情況嗎？客戶的損失是否充分反映？

Well, I think that as we start showing some of the modules of DomaniRx, we will start getting kind of a reversal of trend. And that's why we have such a focus on that. For health care to be down the 24% it was, we had some more attrition than we really didn't expect. But again, it's 6% of our revenue or so.

好吧，我認為當我們開始展示 DomaniRx 的一些模組時，我們將開始出現某種趨勢的逆轉。這就是為什麼我們如此關注這一點。醫療保健費用下降了 24%，我們的人員流失量比我們真正預期的要多。但同樣，它占我們收入的 6% 左右。

And so while -- hey, we don't like reductions in revenue in anything, but we're pretty optimistic that we're spending a lot of money. There's a lot of interest in that health care business and there has been ever since we bought DST. So I think we have a lot of optionality when it comes to health care. And to date, we have felt like owning it is a lot better than divesting it.

因此，嘿，我們不喜歡任何方面的收入減少，但我們對花費大量資金感到非常樂觀。自從我們收購 DST 以來，人們對醫療保健業務很感興趣。所以我認為在醫療保健方面我們有很多選擇。到目前為止，我們覺得擁有它比剝離它要好得多。

Got it. Got it. And if we thought about the health care business without the attrition, can you give us an idea of how revenue would look just based on the underlying metrics? Would this be -- I mean, is attrition the main issue here? Or is there also an issue around number of prescriptions processed or claims or covered lives?

知道了。知道了。如果我們考慮沒有人員流失的醫療保健業務，您能否告訴我們僅基於基本指標的收入會是什麼樣子？這會是——我的意思是，人員流失是這裡的主要問題嗎？或者是否還存在有關處理的處方數量或索賠或承保生命的問題？

Yes. I think that the biggest driver is the number of claims we adjudicate and pay. And that's probably the biggest driver on the revenue. And we're probably -- we've been up close to $500 million range, and we're probably down in the $380 million, $390 million.

是的。我認為最大的推動因素是我們裁決和支付的索賠數量。這可能是收入的最大推動力。我們可能 - 我們已經接近 5 億美元的範圍，我們可能會下降 3.8 億美元、3.9 億美元。

But with Domani, we expect a large uptick in that. As always, there's a lot of regulation of PBMs and fees that they charge and different states have different rules. And so we're constantly monitoring that and being able to comply with new rules all the time. And in general, they are not -- the new rules are not revenue enhanced. So we deal with that regulatory environment as well.

但對多馬尼來說，我們預期這一數字會大幅上升。像往常一樣，PBM 及其收取的費用有很多監管，不同的州有不同的規則。因此，我們不斷監控這一點，並且能夠始終遵守新規則。總的來說，新規則並沒有增加收入。因此，我們也應對這種監管環境。

Your next question comes from the line of Andrew Schmidt with Citi.

你的下一個問題來自花旗銀行的安德魯‧施密特 (Andrew Schmidt)。

I wanted to dig in a little bit on the DST Financial Services. And I know you partially mentioned this, but if you could just talk a little bit more in depth to what drove the step down in organic growth in the second quarter. And then based on implementation and sales pipeline, how you're thinking about growth in this business in the back half and into next year?

我想深入了解 DST 金融服務。我知道您部分提到了這一點，但您能否更深入地談談推動第二季度有機成長下降的原因。然後，根據實施和銷售管道，您如何看待下半年和明年該業務的成長？

Well, we have very robust pipelines, and we have a reasonably strong backlog of projects that we're implementing now that should get -- give us some lift. I think the challenge on some of this is these are very large organizations and the implementations are sometimes drawn out.

嗯，我們有非常強大的管道，而且我們現在正在實施的專案積壓相當多，應該會給我們帶來一些提升。我認為其中一些挑戰是這些組織非常大，而且實施有時會很拖延。

And again, they're still our customers, and we support them all the way through the process. But sometimes, the rev rec gets delayed. I would say that we think that the ability for us to deploy digital workers throughout our business is to help us both in our sales pipeline development as well in our -- in reducing the rate of increase of personnel.

再說一遍，他們仍然是我們的客戶，我們在整個過程中為他們提供支援。但有時，轉速記錄會延遲。我想說的是，我們認為，我們在整個業務中部署數位化員工的能力將有助於我們的銷售管道開發以及降低人員成長率。

So we think we have identified several hundred FTEs that these digital workers are going to be able to be substituted for. So instead of hiring another 350, we think we're going to be able to deploy digital workers in order to satisfy those needs. And these are in like reconciliations, break resolution and different things, compliance with Blue Sky laws and so forth and so on. So we're very optimistic about our margin rebounding back to our historical levels.

因此，我們認為我們已經確定了數百名 FTE 可以被這些數位員工取代。因此，我們認為我們將能夠部署數位化員工來滿足這些需求，而不是再僱用 350 人。這些包括和解、違反決議和其他事情、遵守藍天法等等。因此，我們對利潤率反彈至歷史水準非常樂觀。

And like I said, we've had some FX headwinds. We've had labor becoming dominant and therefore, having way higher wage rates than has been the norm over the last 5 or 10 years. And even with all of this, we run at 35% margin. So we have an excellent business that I think over the next number of quarters will just be more excellent.

正如我所說，我們遇到了一些外匯阻力。我們已經讓勞動力佔據主導地位，因此工資率比過去 5 年或 10 年的常態要高得多。即便如此，我們的利潤率仍是 35%。因此，我們的業務非常出色，我認為在接下來的幾個季度中，我們的業務將會更加出色。

Got it. I appreciate the detailed response. And then this is a related question, but I recall last quarter, the retention issues were having an impact on implementation. And it seems like that was starting to get smoothed out.

知道了。我很欣賞詳細的回覆。這是一個相關的問題，但我記得上個季度，保留問題對實施產生了影響。這似乎開始變得順利。

But if you could just give us an update in terms of where we're at in terms of just stabilizing just the workforce and the implementation time lines across the business, that would be helpful.

但是，如果您能為我們提供有關我們在穩定員工隊伍和整個業務的實施時間表方面的最新進展，那將會很有幫助。

Well, it's not the hemorrhage that it was in the -- towards the back half of the first quarter and the beginning of the second quarter. It's not quite that. Obviously, you've seen slowdowns in a lot of the major companies in their hiring and also a number of them that have announced cutbacks, those kinds of things tend to give people pause, right?

嗯，這不是第一節後半段和第二節開始時的出血。事實並非如此。顯然，你已經看到許多大公司的招募速度放緩，而且其中一些公司還宣布了裁員，這類事情往往會讓人猶豫，對嗎？

You don't really want to switch jobs and then be subject to a risk. People also like working for us because we are profitable, and we do realize our biggest asset is our people. And so we've done a number of things, and you can see some of it in (inaudible) that we put together.

你真的不想換工作然後承受風險。人們也喜歡為我們工作，因為我們有利可圖，而且我們確實意識到我們最大的資產是我們的員工。因此，我們做了很多事情，您可以在我們整理的（聽不清楚）中看到其中的一些內容。

But we're really optimistic about what Blue Prism is going to be able to do for us. I was on a call with a prospect today on Blue Prism. And I think it -- again, SS&C is making big investments, big investment in this business because we believe accounting is not going away.

但我們對 Blue Prism 能夠為我們做的事情感到非常樂觀。今天我在 Blue Prism 上與一位潛在客戶通電話。我認為，SS&C 正在對這項業務進行大量投資，因為我們相信會計不會消失。

We don't think tax returns are going away or financial statements are going away or any of the other of the mission-critical things we do are going away. So [these are 3 core] to the Sky, but we'll be at still about $5.3 billion or so in revenue at the end of this year, maybe better. And I don't think that we're anywhere near what we can be, and we're expecting us to execute better.

我們不認為報稅表會消失，財務報表會消失，或我們所做的任何其他關鍵任務都會消失。因此，[這些是天空的 3 個核心]，但到今年年底我們的收入仍將達到 53 億美元左右，也許更好。我認為我們還沒有達到我們能夠達到的目標，我們期望我們能做得更好。

But the first thing you got to do is you got to maintain your workforce and you got to focus on customer service. And so that's what we've been doing. We have spent tremendous amounts of money on our selling and marketing and R&D. I think R&D is up about 18%. I think our sales and marketing is up about 40%. So I think we are spending the money. I think we're spending it wisely and we expect it to pay dividends.

但你要做的第一件事是維持你的員工隊伍，你必須專注於客戶服務。這就是我們一直在做的事情。我們在銷售、行銷和研發上花費了大量資金。我認為研發成長了約 18%。我認為我們的銷售和行銷成長了約 40%。所以我認為我們正在花錢。我認為我們的支出是明智的，我們期望它能帶來紅利。

Your next question comes from the line of Patrick O'Shaughnessy with Raymond James.

你的下一個問題來自帕特里克·奧肖內西和雷蒙德·詹姆斯的對話。

So you guys -- your presentation notes that you're committed to reducing your debt in a rising interest rate environment. But on the call today, you also indicated that you look to be active in the share repurchase market. How do you think about balancing those priorities right now?

所以你們——你們的簡報指出，你們致力於在利率上升的環境中減少債務。但在今天的電話會議上，您也表示您希望積極參與股票回購市場。您現在如何考慮平衡這些優先事項？

Carefully, right? So we'll look at it depending on how much cash we generate. But I would guess that we'll probably -- right now, I think our forecast has this at about 50-50. 50% debt reduction, 50% stock buybacks.

仔細一點吧？因此，我們將根據我們產生的現金量來考慮它。但我猜想我們可能會——現在，我認為我們的預測約為 50-50。減少50%的債務，回購50%的股票。

But that could fluctuate as much as 15%. So it could be 65-35. It just depends on what happens with either market.

但這可能波動高達 15%。所以可能是 65-35。這僅取決於兩個市場的情況。

Got it. That's helpful. And Patrick, maybe a question for you. Do you have a general rule of thumb for how much a given change in FX would impact the company's EBITDA or EPS?

知道了。這很有幫助。派崔克，也許有個問題想問你。對於匯率的特定變化會對公司的 EBITDA 或 EPS 產生多大影響，您是否有一般的經驗法則？

For the second quarter?

第二季？

Just in general, but I mean, in the second quarter, if you have that, but just in general, dollars.

總的來說，但我的意思是，在第二季度，如果你有美元的話，但只是一般而言。

Yes. I mean in the second quarter, the impact of the EPS was probably somewhere around $0.01 to $0.015 negative to EPS. And I would suspect it'd be -- based on where current exchange rates are today, it'd be pretty similar in the third quarter and fourth quarter.

是的。我的意思是，在第二季度，每股盈餘的影響可能約為 0.01 至 0.015 美元，對每股盈餘產生負面影響。我懷疑，根據目前的匯率，第三季和第四季的情況會非常相似。

Your next question is from the line of James Faucette with Morgan Stanley.

您的下一個問題來自摩根士丹利的 James Faucette。

It's [Michael] on for James. I just wanted to hit on the sort of like the hedge fund backdrop quickly. Obviously, we've seen the number of launches slowing but you've also seen the size of those launches also decreasing.

由[邁克爾]代替詹姆斯。我只是想快速了解對沖基金的背景。顯然，我們已經看到發布數量放緩，但您也看到這些發布的規模也在減少。

So just anecdotally, how are you sort of performing in the blue-chip launches? What's your share capture and sort of how are you thinking about hedge funds in general in this current environment?

有趣的是，你們在藍籌股發行的表現如何？您的份額是多少？在當前環境下您對對沖基金的整體看法如何？

Do you want to take that, Rahul?

你想接受這個嗎，拉胡爾？

Sure. I think what we're seeing is what we tend to see in periods of market volatility and when people come into pressure, which is more viewed as the leader in the fund administration space and in the hedge fund space as well as private equity.

當然。我認為我們所看到的是在市場波動時期和人們面臨壓力時往往會看到的情況，這更多地被視為基金管理領域、對沖基金領域以及私募股權領域的領導者。

And so we actually tend to perform better in terms of market share in these kinds of environments. We saw that in the financial crisis in '08, '09, and we're seeing that again. So as you know, there aren't as many new launches. And the ones that are aren't as large, but most of our revenue capture is new clients and conversions and takeaways as opposed to new launches, which take generally some period of time before they become material to us.

因此，在此類環境中，我們實際上往往在市場佔有率方面表現較好。我們在 08、09 年的金融危機中看到了這一點，而我們將再次看到這一點。如您所知，新推出的產品並不多。雖然規模沒有那麼大，但我們的大部分收入來自新客戶、轉換和外賣，而不是新產品的發布，後者通常需要一段時間才能對我們產生實質影響。

And so that process is going pretty well, and we're winning our share of what's out there in the marketplace. And if anything strengthening and we expect that as things turn around, that will be pretty positive for us.

因此，這個過程進展順利，我們正在贏得市場份額。如果有任何加強，我們預計隨著情況好轉，這對我們來說將是相當積極的。

Great. And then just quickly, I saw on the deck that you're also looking at headcount in Blue Prism specifically. Can you just comment on the nature of those potential headcount reductions? Is that sort of back-office staff? Is it quota-carrying sales reps? How should we think about that?

偉大的。然後很快，我在平台上看到你們也特別關注了 Blue Prism 中的員工人數。您能否評論一下這些潛在裁員的性質？是這樣的後台人員嗎？是有配額的銷售代表嗎？我們該如何思考這個問題？

Yes, we almost never cut back on (inaudible) salespeople. I think this is much more on, as you combine these companies, right, there's a number of functions that are duplicative. And so we're moving relatively quickly on being able to reduce that headcount, whether that's in legal, finance, IT and other support organizations. But we're excited about what we have with Blue Prism and what our opportunities are.

是的，我們幾乎從不削減（聽不清楚）銷售人員的數量。我認為這更多的是，當你把這些公司結合起來時，有很多功能是重複的。因此，我們正在相對快速地減少人員數量，無論是在法律、財務、IT 或其他支援組織中。但我們對 Blue Prism 所擁有的一切以及我們的機會感到興奮。

Your next question is from the line of Chris Donat with Piper Sandler.

您的下一個問題來自 Chris Donat 和 Piper Sandler。

Bill, I wanted to ask another question on the price increases you're putting in related to inflation and other things. I'm just curious if you can give us some color on the receptivity from your clients.

比爾，我想問另一個關於您與通貨膨脹和其他因素相關的價格上漲的問題。我只是好奇您能否向我們介紹一下您客戶的接受程度。

I would imagine, given the market conditions, they have very little appetite for the price increases, but they recognize the inflation side of it for you. Just wondering how they're reacting to it. Is it grudgingly or with a lot of pushback? Just some color would be helpful.

我想，考慮到市場狀況，他們對價格上漲的興趣很小，但他們認識到通貨膨脹的一面。只是想知道他們對此有何反應。是勉強還是有很多阻力？只需一些顏色就會有所幫助。

Yes. I mean you kind of characterized it. Nobody particularly likes to have price increases. At the same time, they want their current team to be well paid and well respected. So -- and they realize that that's not for free.

是的。我的意思是你描述了它的特徵。沒有人特別喜歡漲價。同時，他們希望目前的團隊能夠得到高薪並受到尊重。所以——他們意識到這不是免費的。

And so I think that -- this is an industry that is populated by big boys and girls, and we're certainly not mega tech companies that walk in and say, 25% more, take or leave it. That's not our MO. And so they know that we're really just passing on the inflation that's hitting us. And our guess is, is that they're trying to pass on expense increases that they have.

所以我認為，這是一個充滿大男孩和女孩的行業，我們當然不是走進來說，增加 25%，接受或離開的大型科技公司。那不是我們的行事方式。所以他們知道我們實際上只是在轉嫁正在打擊我們的通貨膨脹。我們的猜測是，他們正試圖轉嫁費用增加。

So it's a natural cycle, and you do it with as much sensitivity as you can and with a little bit of determination and persistence. So I think it's going pretty well, and I think our people understand that these are the things that are going to kind of maintain our bonus structure and our ability to compensate well.

所以這是一個自然的循環，你要盡可能地敏感，並且有一點決心和毅力。所以我認為一切進展順利，我認為我們的員工明白這些事情將維持我們的獎金結構和我們良好補償的能力。

Okay. And then for my follow-up, wanted to see if I'm connecting things correctly here. You've got the cost controls and reducing your real estate footprint. Separately, you've got under HR initiatives, the hybrid work and you've made some comments about having some employee attrition, but I think, you said you think it's plateauing. Is the hybrid work initiative and the real estate footprint, are those related issues? Are they really separate?

好的。然後對於我的後續行動，想看看我在這裡是否正確連接了東西。您可以控製成本並減少房地產足跡。另外，您已經制定了人力資源計劃、混合工作，並且您對員工流失發表了一些評論，但我認為，您說您認為情況已趨於穩定。混合工作計劃和房地產足跡是否相關？他們真的分開了嗎？

Well, if people don't come into the office, which they don't, I would say they're related, right? So we don't need real estate footprint that we have, and we're doing much more of a hoteling concept rather than everybody having their office or their own space.

好吧，如果人們不來辦公室（他們確實不會來），我會說他們是相關的，對嗎？因此，我們不需要我們擁有的房地產足跡，我們更多的是做酒店概念，而不是每個人都有自己的辦公室或自己的空間。

So that's just changed the way we work, and we're trying to be as flexible as we can be as long as we can maintain customer service and be able to hit our deliverables and meet our growth targets. But yes, for sure, they're related.

因此，這改變了我們的工作方式，只要我們能夠維持客戶服務並能夠實現我們的可交付成果並實現我們的成長目標，我們就會盡可能保持靈活性。但是，是的，可以肯定的是，它們是相關的。

Your next question is from the line of Kevin McVeigh with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的凱文·麥克維 (Kevin McVeigh)。

Is there any way to think about, maybe this is for Patrick, what the cost controls, what the impact is on the guidance -- the revised guidance, I guess, maybe start there? And is that fully in it? Or any way to think about how that comes in over the course of the year?

有沒有什麼方法可以考慮，也許這對派崔克來說，成本控制是什麼，對指導有何影響——我想，修訂後的指導可能從那裡開始？這完全在其中嗎？或者有什麼方法可以思考這一年的情況如何？

Yes. I think if you look at the baseline costs for Q2, we've got in the back half of the year about $50 million in cost reductions, of which you think about $25 million have already been completed.

是的。我認為，如果你看一下第二季的基準成本，我們在今年下半年就削減了大約 5000 萬美元的成本，其中大約 2500 萬美元已經完成。

And then the rest is mostly reducing -- continuing to reduce facilities and productivity improvement with the Blue Prism product and then holding back as much as possible on other discretionary spending.

然後剩下的大部分是減少——繼續減少設施和透過 Blue Prism 產品提高生產力，然後盡可能地減少其他可自由支配的支出。

That's helpful. And then it looks like the revenue retention and the AUA really kind of hung in there despite the market volatility. Anything to call out there?

這很有幫助。儘管市場波動，但看起來收入保留和 AUA 確實保持不變。那裡有什麼要喊的嗎？

I'm sorry, can you repeat that?

抱歉，您能再說一次嗎？

Bill, it looks like the revenue retention rates improved from Q1 to Q2. And then the AUA was actually flat sequentially despite the market volatility. Anything to call out amongst clients, just anything in particular that drove that?

比爾，看起來收入保留率從第一季到第二季有所提高。儘管市場波動，但 AUA 實際上環比持平。有什麼需要向客戶提出的，有什麼特別的推動因素嗎？

I think what Rahul said earlier about in these kind of tumultuous times, people like quality. We think that's going to help us over the next couple of years. There's been an awful lot of acquisitions in the fund services space and extremely high prices paid and SS&C has not been much of a participant in that.

我認為拉胡爾之前就說過，在這個動盪的時代，人們喜歡品質。我們認為這將在未來幾年對我們有所幫助。基金服務領域發生了大量的收購，並且支付了極高的價格，而 SS&C 並沒有太多參與其中。

We think that's going to put some of our competitors under immense strain and we think we'll be a beneficiary of that. And that shields up in our AUA as well.

我們認為這將使我們的一些競爭對手承受巨大的壓力，我們認為我們將成為其中的受益者。這也保護了我們的 AUA。

(Operator Instructions) Your next question comes from the line of Jeff Schmitt with William Blair.

（操作員說明）您的下一個問題來自 Jeff Schmitt 和 William Blair 的對話。

On Blue Prism, it sounds like it's performing better out of the gate than you expected. Yes, and maybe I missed it, but do you have an update on your revenue growth in EBITDA margin projections for that company?

在 Blue Prism 上，聽起來它的表現比您預期的要好。是的，也許我錯過了，但是您有關於該公司 EBITDA 利潤率預測的收入成長的最新資訊嗎？

I think you were expecting like 15% to 20% top line and then you thought you can get the 30% to 40% margins by maybe, it was, 2024 exit. Is that still the case or do you see any change to that?

我認為您預計收入將達到 15% 到 20%，然後您認為到 2024 年退出時您可能會獲得 30% 到 40% 的利潤率。情況仍然如此嗎？或者您認為情況有什麼變化嗎？

Yes. I think in the second quarter, Blue Prism grew right at 17%. That was maybe about what we expected, maybe a little bit better. And I think they kind of -- a couple of million dollars in operating losses. We expect them to move to profitability in the second half of this year and probably end the year at about 10%.

是的。我認為第二季 Blue Prism 的成長率為 17%。這也許符合我們的預期，也許更好一點。我認為他們有幾百萬美元的營運損失。我們預計他們將在今年下半年實現盈利，年底盈利率可能達到 10% 左右。

We think next year, they'd be up to about 25% and then around 40% in 2024, which are our corporate averages, and we're pretty optimistic. And we're really optimistic about what it's going to do for our own business besides all the customers we're going to be able to really help.

我們認為明年這一數字將達到 25% 左右，然後到 2024 年將達到 40% 左右，這是我們公司的平均水平，我們非常樂觀。除了我們能夠真正幫助的所有客戶之外，我們對它為我們自己的業務帶來的好處感到非常樂觀。

Right, right. That's helpful. And on the health care business, if the client loss is there, are those mainly for the medical claims part of the business, not the pharmacy claims?

是的是的。這很有幫助。而在醫療保健業務上，如果有客戶損失，這些損失主要是業務的醫療索賠部分，而不是藥品索賠嗎？

I'm just curious how big of a difference sort of the margins are in those 2 businesses. Like how much -- just trying to get a sense on how much EBITDA you're losing if that's sort of the medical claims business that's -- that you're losing there.

我只是好奇這兩項業務的利潤率有多大差異。就像你在那裡損失了多少——只是想知道你損失了多少 EBITDA（如果這是醫療索賠業務的話）。

Yes. The business as a whole still remains profitable, pretty profitable, actually. And we are -- as we have had some attrition in our client base, we've had some attrition in our workforce.

是的。整個業務仍然保持盈利，實際上相當盈利。我們的客戶群出現了一些流失，我們的員工團隊也出現了一些流失。

So we're trying to maintain that kind of profitability ratio. And obviously, the DomaniRx is $1 billion of (inaudible) and our 2 partners. And so we remain pretty optimistic because that's a pretty big bet for us.

因此，我們正在努力維持這種獲利率。顯然，DomaniRx 是我們 2 個合作夥伴的 10 億美元（聽不清楚）。所以我們仍然非常樂觀，因為這對我們來說是一個相當大的賭注。

And at least what we see in the marketplace today, there's not going to be a competitor to DomaniRx when we come out of the gate. And that's what gives us the optimism, right? I mean we're not in general -- we're a bunch of accountants and systems people, right?

至少從我們今天在市場上看到的情況來看，當我們走出大門時，不會有 DomaniRx 的競爭對手。這就是讓我們樂觀的原因，對吧？我的意思是我們不是一般人——我們是一群會計師和系統人員，對吧？

So in general, we're pretty silver when it comes to those kinds of things. And we don't just take fires. We like to place pretty strategic bets that we expect great returns on.

所以總的來說，當涉及到這些事情時，我們是相當銀牌的。我們不只是接火。我們喜歡進行相當策略性的押注，並期望獲得豐厚的回報。

There are no further questions at this time. I will now turn the call back over to Mr. Bill Stone.

目前沒有其他問題。我現在將把電話轉回給比爾·斯通先生。

Again, we appreciate all of the interest that all of you show. And obviously, we hope to improve upon our results. And as I said, right, we've had a lot of headwinds in the second quarter and we still came out with about 35% EBITDA margins. And we look forward to talking to you at the end of October, and we hope to see all of you in Orlando. So thanks again. Bye.

我們再次感謝大家表現出的興趣。顯然，我們希望改善我們的結果。正如我所說，我們在第二季度遇到了很多阻力，但我們的 EBITDA 利潤率仍然約為 35%。我們期待在十月底與您交談，並希望在奧蘭多見到大家。所以再次感謝。再見。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們、先生們，感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線。